The District is a local government and political subdivision of the State of Colorado. According to state law, the District is required to comply with state law for local governments regarding its financial matters. These laws require, among other things:

1)      Annual budgets must be prepared in open public meetings each year, with notice of public hearing published in advance.

2)      The District cannot spend any funds that are not appropriated by the Board of Directors in the annual budget or budget amendment.

3)      The District’s annual financial statements must be audited each year by an independent auditor and the audit report submitted to the Office of the State Auditor.

4)      The District can only invest public funds as allowed by law, and only authorized banks or similar financial institutions qualifying as depositories under the Public Deposit Protection Act may hold District funds.

5)      The District cannot enter into any multiple fiscal year obligation without complying with state law. This includes: all debt and taxes must be authorized by voters in elections that comply with the Taxpayer Bill of Rights (TABOR); debt may not exceed limits set in the service plan and state law; any multiple-year contracts other than voter-authorized debt must be subject to annual appropriations (i.e., either the Board must set aside funds in advance to cover the entire contract or in subsequent years the Board can decide whether or not to fund the contract).


The District’s financial filings are available to the public. Copies of the following are on the website in the Document Center:

                Current year 2022 Budget
                2021 Financial Statements (unaudited at this time – audit is in process)
                2020 Audited Financial Statement
                Most recent month’s draft financial statements approved by the Board

Copies of the District’s annual budgets are other documents are available on the Colorado Local Government Information System at this link:

The District’s audits from 2016 forward are available on the Colorado Office of State Auditor website at this link:


A copy of the District’s investment policy, adopted April 2022, is available on the website.


The District originally issued $12,140,000  of bonds on April 14, 2004. This was when the developers and associates controlled the Board, before there were any homeowners residing in the District. The original debt was issued at 7% interest and was due in 30 years (December 2033).  From 2004 until 2010, the District did not have sufficient tax base to pay interest as it accrued and therefore interest compounded through 2010. As of January 1, 2012, approximately $15 million of principal, accreted interest, and current interest was due on the debt, and at 7% interest it was projected that the District would not be able to fully repay the debt (included prior year accreted compound interest) until December 2036.

In August, 2012, the District refinanced its debt with $16,130,000 of Series 2012A and Series 2012B bonds. The bonds were issued to Colorado Business Bank (“CoBiz”). The first $10 million was the Series 2012A and the remaining $6,130,000 was the Series 2012B. The interest rate on the Series 2012A and 2012B bonds was set at 2.8% through December 1, 2020. On December 1, 2020, the interest rate would adjust based on a formula tied to the 7-year LIBOR rate. The bonds fully matured in December 2032. The refinancing transaction resulted in a net present value savings of $4.5 million over the life of the bonds, and an anticipated shortening of the maturity by 4 years.

In February 2017, the District issued $2 million of 5-year notes to CoBiz bank to cover the cost of the Newbridge infrastructure pursuant to an agreement with the new developers. The District had foreclosed on a lien for fees owed when the prior developer failed and did not complete the development. The District entered into an agreement with the new developer to complete the development infrastructure for an amount not to exceed $2 million.  In addition, the developer would pay monthly fees owed and pay the District a negotiated price for the lots. The 2017 Notes were issued at an interest rate of 2.25% with final maturity December 2021.

In December 2020, the interest rate reset on the Series 2012A and Series 2012B bonds to 2.71% which was significantly less than what had been estimated when the bonds were issued (anticipated rate was 4.81%).

In December 2021, the District made the last payments on the 2012B bonds and the 2017 Note. As of January 2022, the District’s outstanding principal amount of debt is $9,795,000 and is scheduled to be paid in full as of December 1, 2032. The interest rate on the debt is fixed at 2.71% until maturity.

In April 2022, interest rates on US Government securities and US agency securities rose sharply so that the District could invest some of its debt service cash needed to pay future debt installments at a rate higher than 2.71%.


In 2018, the voters of the District decided to allow all of its operating costs to be paid by property taxes and eliminate monthly fees. At that time, homeowners were paying $576 per year in fees and property taxes of 50.000 mills. The property taxes were mostly for debt service.  The District capped the total mill levy for both debt service and operations at 57.556 mills. The District eliminated monthly fees beginning January 1, 2019.

The total charges imposed by the District (fees and taxes combined) in 2022, together with debt compared to assessed value, compares to neighboring districts as shown on the spreadsheet on the website. As of January 1, 2022, the District had a ratio of debt to assessed value of 17.81% which is the second-lowest among nearby districts (only Tallyn’s Reach #2 is lower). The total cost for Tollgate Crossing homeowners with a $500,000 home is $1,859 per year, compared to an average of $2,654.70 for neighboring districts. Only Conservatory is lower in total annual taxes and fees ($1,684.33), although Conservatory debt does not mature until 2047 compared to 2032 for Tollgate Crossing.

Beginning in 2004, most newly created metropolitan districts in Aurora are required to impose an Aurora Regional Improvements (ARI) property tax levy. This tax starts at approximately 1.15 mills and increases over 40 years to as much as the average debt service mill levy (which may be 50 mills or more). The ARI tax continues to be imposed for up to 10 years after the district repays its debt.

Tollgate Crossing, however, does NOT pay an ARI tax. When the District’s service plan was amended in 2012, Tollgate Crossing did not agree to include the ARI tax in the service plan amendment, unlike several districts (such as Conservatory) that did agree to impose this tax.