VVMC Update – by Chris Neuswanger

by  Chris Neuswanger

Chris-Neuswanger-22OCT2016The 3rd quarter financials of the Vail Valley Medical  Center were just released, and I thought a community update might be in order.  The VVMC does not release these (even if requested) to the public but they can be found on line with the mandatory public record bond disclosures required by the VVMC issuing $100 million in bonds to help pay for the new construction at the hospital (which is now about $120,000,000 over budget).

The VVMC continues to make profits at a record breaking pace and assets continue to increase.  Revenues for VVMC are up slightly showing an increase for 9 months of $3.2mm over the same period last year, or a 2% growth rate.  This is indicative and verifiable evidence of the VVMC’s assertions that they kept price increases to about 2% over last year. 

Profit wise the VVMC has made tax free net income  and other non-operating income (such as interest and dividends) of $39,182,672  for the first nine months of its fiscal year.  That is an increase of $4.9mm of 15% over the same period last year. The VVMC has eclipsed it previous profit margins of last year, making a record shattering 28% of gross revenues as net income over the 25% for the first 3 quarters of last year, and is on track to surpass its’ overall average profit margin for last year of 24%.  Historically the profits of the VVMC have grown about five times faster than revenues, now they are growing seven times faster.

Typically non-profit hospitals generate from 2% to 7% profit margins, using standards developed by the American Hospital Association as measurement guidelines.  Historically, the 4th quarter (which we are now in, has been one of the most profitable for the VVMC, making it likely it will substantially surpass its previous year excess revenues of $52 million.

Liquid assets (which include investments, cash, and net pledges, but not bond proceeds, real estate or inventories) equal $280,060,592.  That is a increase $8.8million from a year ago.

In addition, the VVMC is making all this money tax free, they do not pay a cent towards the schools, roads and government services. By comparison, property taxes on a 300 sq foot  commercial office condo in Avon run nearly $1,000 per year but the VVMC which holds real estate and personal business property worth hundreds of millions of dollars does not pay a penny.  Every cent of the $52million in profits the VVMC made last year was exempt from Federal and state income taxes.  Purchases of supplies and inventory worth tens of millions was exempt from state and local sales taxes.

To learn more about the finances of the VVMC and view a full copy of the quarterly financial report visit: http://www.vvmcmoney.com

Chris Neuswanger

“The mountain mortgage guy”

Macro Financial Group

150 E Beaver Creek Blvd, Avon CO

970-748-0342-voice

Colorado license LMB100011589  NMLS 243369

Regulated by the Colorado Dept. of Regulatory agencies

Bruce Carey – ECT’s Pick for our next District Attorney

by  Clayton Moore

This is an easy one.  ECT picks Bruce Carey as our choice for the next 5th Judicial District – District Attorney.

Bruce-Carey-PhotoColorado’s 5th Judicial District includes (Eagle, Summit, Lake and Clear Creek) Counties – and all their Courtrooms.

Bruce has also earned the endorsements of our current Eagle County (elected) Sheriff (James Van Beek) and former 5th Judicial District Attorney – Mark Hurlbert.  Bruce is also a U.S. Veteran.

ECT spoke to a lot of folks including current District Court Judges – for their recommendation for our next DA.

Bruce was the favorite.  ECT not allowed to mention the names of these Judges.  So we wont.

Bruce’s decades of experience in our Criminal Justice system – and sense of fair play – win the day for the ECT’s endorsement of Bruce Carey.  Bruce also has a sense of Humor – ECT believes helps add perspective in a demanding job.

JUST REMEMBER – faithful ECT readers – you always want to be a friend of the D.A. – just don’t become – one of his customers!

Photo Credit:  Vail Daily – October 18th Issue

 

 

 

 

 

 

Eagle County – Divided

by  Clayton Moore

Eagle County – Divided?  Well the Hatfields and the McCoys had nothing on each other – when compared with Eagle County, Colorado today.

Eagle-County-Logo-LeftThe evidence of this (competing Tax Feuds?) will be delivered to you via U.S. Mail this week, when your Ballot arrives.  It’s due back by Tuesday, November 8th 2016 – National Election day.

This week the ECT will share some of the TAX FACTS about this election – that neither the Hatfields nor McCoys seems to want to expose.

Ballot Issue (1A) – wants you to vote yourself a tax increase in order to support – “More Affordable Workforce Housing.”  Part of the money raised targeted to “buy land” to put Affordable Workforce Housing on.

KEEP IN MIND:  You’re already paying Eagle County Taxes – to take developable land OFF THE MARKET.  It’s called the Eagle County Open Space Tax – and your paying that today!  And tomorrow, too!

CONGRATULATIONS EAGLE COUNTY! – your own County Government hasEagle-County-Logo-Right-Side grown so BIG – they they want you to pay to take developable land OFF THE MARKET – at the same time – you’ll be paying new Taxes to BUY LAND on the Market – to be developed!  It’s True, and the ECT insists this is NUTS.

Next up: Ballot Issue (3A & 3B) – our Public School District’s proposed Tax increase – is the largest proposed Tax Increase in the history of Eagle County.  The projected repayment cost of 3B alone (it’s in the Ballot language) is $233 Million – that will be attached to your Residential and Commercial Property…until the next time our School District – insists they have to have more of your families and business hard earned income.

ECT Question:  How does raising your Property Taxes – make anything more affordable?  Don’ worry Renters!  Your current Landlord will have something to say about your next years, Rent – if this new Tax passes…

Ballot Issue (1B) – Wants to Tax you an additional $32.7 Million for the purpose of expanding the “Eagle Valley Bike Trail”.  ECT hopes our readers already own a Mountain or Street Bike – because if all these other Ballot Issues pass – it’s unlikely you’ll be able to afford even a “used bike” in the months and years to come.

TAX FACT:  Even if all these proposed New Taxes (were defeated) your Taxes are already GUARANTEED TO GO UP!

How So?  Because the Eagle County Voters – approved a Tax Increase for the Ambulance District as well as the Eagle River Fire District – LAST MAY 2016.  That increase won’t be incurred (read: felt) until your new Property Tax Bill arrives in January 2017!!!

TAX FACT:  Recall how Beaver Creek Resort reacted when May 2016 County Voters voted to increase their cost to run a Ski Resort – Beaver Creek quickly decided to charge ($10.00/day) for Skier Parking – that was formerly, FREE.

ASK YOURSELF:  What the cost of YOUR Snowboarding or Skiing might be raised to should all these proposed new Taxes, pass.  It’s a safe bet that Vail Resorts – will pass on their increased costs (due to Higher Taxes) next year.

ECT will not tell voters “how to vote”.  Only consider points made here – “Cause and Effect” is an economic reality.  One wonders if our School District is teaching our kids about the economic realities of “Cause and Effect”.

All Eagle County, Colorado – School District Salaries posted Online

by     Information from our Eagle County Public School District

First things First.  Thank you Eagle County School District for responding to an “open records request” for this information.  All of our Public School District Employees are paid by the Eagle County Property Taxpayers – making each one of them, YOUR EMPLOYEE.

It is therefore REASONABLE to make this Public Record information available – to the Eagle County voters – when they are being asked to pay more Taxes – to support our Public School District.  ECT will NOT tell Voters how to vote on this Issue.

(Click Here) to download the entire Public School Payrollorganized from the Top Down (890 Employees).  The ECT does not have any specific financial information to share about our School Districts – Benefits (Healthcare, Dental) nor District Pensions at this time.

Per below – 80% of the entire School District Annual Budget is (consumed by) their Salaries, Benefits and EXISTING Debt Service.  Ballot Issue 3B – proposes to increase that Debt Service by an estimated $233 Million more…that will be attached to your Residential and Commercial Property.

This ECSD pie chart from Ms. Sandra Mutchler – CFO Eagle County Public School District.  A very nice lady by the way.

ECSD-Budget

(Click On the Table Below)

ECSD-Payroll

School District’s Superintendent Salary & Benefits

Credit – for this documented information – given to Superintendent Dr. Jason Glass and School District/CFO  – Ms. Sandra Mutchler

Dr. Glass:   “Typically, we figure benefit costs at 33% on top of Salary when budgeting for total compensation costs. Schools are required to offer health and retirement plans — it’s not an optional expense we can cut”.

Our School District reported that our Superintendent – Dr. Jason Glass receives an annual salary of $195,500.00.  Add to that $64,515.00 (33% in Benefits) and an additional/presumed (unknown) amount as a (performance bonus?) for achieving and improving certain test scores of our Students in the District.

Minimum total annual salary:  $260,015.00   ECT suggests that the Dr. Jason Glass family can reasonably afford all these proposed new tax increases.  Can your family?

Below is from a recent/published “straight talk” from Dr. Glass.

ECT finds Dr. Glass number of 33% noticeably higher (more than double) than the number the District’s CFO ( Ms. Sandra Mutchler) passed on to the ECT at 16% in her Pie Chart. (Click Here)

Glass's-Straight-Talk

Outside of our School District (that teaches roughly 9 months of the year) – does anyone know any other Eagle County business (today) that offers their employees a Benefits package of 33% of their Annual Salary?

Just asking.

More Curious Election FACTS:   In November 2006 Eagle County Voters rejected a ballot issue (1A) that would have caused County Taxpayers to pay more in Taxes on what is collectively known today as “Early Childhood Development”.  (Click Here)  Their Ballot Issue/plan was to collect then spend new Taxes on/for children not old enough to attend Public School in Kindergarten.  Recall that Colorado State Statute provides for a “free” and legal Public School Education for children once old enough to attend K-12.  Their (1A) Ballot issue (it didn’t pass) would have LEGALLY allowed your Tax money to be spent on children before they were old enough to attend Public School Kindergarten.

Now 10 Years Later (2016):  Our Eagle County School District is paying Ms. Shelley Smith a reported annually Salary of $84,541.29 for her services as our Administrator of “Early Childhood Education”.

ECT certain Ms. Smith is a very nice lady and works very hard.

ECT just can’t figure out why our School District is paying for Services – earlier rejected by the Voters in 2006.  Can you?  Ms. Smith’s hire date reported to be 7/6/2009.

-CM

 

 

 

 

Take an afternoon Break – at Beaver Lake

by   Jimmy Olsen Photography

Reasonable Hiking still possible this time of year.  A quick Hike up to Beaver Lake above Beaver Creek – an especially good idea.   As a reward after Hiking a few miles, back down into Beaver Creek – a Broncos game on the (HD tele) at the Beaver Creek Chop House with a friendly Bartender – offering a warm October’s afternoon – drink specials.  Amen.  A relaxing off season – and still confortable – Sunday afternoon Hike.

Take-A-Break-At-Beaver-Lake-9OCT2016

 

Dirty Little Secret – in Ballot Issue (1A)

by  Clayton Moore

If you’re still wondering how a Ballot Issue (1A) is going to promote more “Affordable Housing” here in Eagle County (by Raising Taxes even higher)…the ECT this week – will ask you to consider ANOTHER FACT about Ballot Issue – (1A).  Per the highlighted Ballot Language below…some of this proposed new Tax Money – can be used to “Acquire Land for Future Housing Units”.

HEY!  WAIT A MINUTE HERE!

Ballot-Issue-1A-ExposedDoesn’t Eagle County (already) have a Tax – an “Open Space” Tax – uniquely designed to take Millions of your Tax Money – for the sole purpose of removing Developable Land off the Market – to be permanently used as Eagle County “Open Space”?

Fact is:  Eagle County Employee (Toby Sprunk) is Eagle County’s “Open Space” Director at over $100K/year!  (Click Here).  Toby isn’t going anywhere as far as the ECT knows – and neither is Toby’s “Open Space Tax” you’re already paying!  Regardless if (1A) passes or not – you’re going to keep paying Taxes for more Eagle County “Open Space”.

Does this (1A) Ballot Issue make any sense to you – Eagle County Taxpayer?  Pay an existing Tax for more “Open Space” at the same time – you’re being asked to pay a NEW TAX designed to buy land – to put Affordable Housing on it?  Honestly, who thinks is is a good idea?  Rod Serling?  Seriously, the ECT is only asking Eagle County voters to THINK ABOUT what you are being asked to pay for.

ECT’s Advice:  Don’t be a “Dummy”.  Understand what you’re being asked to Vote and then Pay for.  Read the Ballot Language.

 

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