The Town of Snowmass Village
Section 4 – Policies: Fiscal Control and Accounting
The TOSV and Village Shuttle manage all transportation related revenue and expenditures in
accordance with federal, state and local guidelines, as highlighted in the Town’s financial policies
and procedures. This includes creating and managing separate cost centers for contract services,
grant revenue, and capital purchases (vehicles, facilities, etc.). The TOSV adheres to GAAP
(Generally Accepted Accounting Principles) for its financial management.
Any revenues of the Town’s transportation program, such as those generated from Contracts or
Agreements with the Aspen Skiing Company and the regional transportation authority (RFTA) for
service are for the benefit of the transportation program. Revenues generated are credited
within the cost centers for the Transportation Department on the general ledger. This is
consistent with the FTA Master Agreement.
The Transportation Director develops the annual budget for the TOSV Village Shuttle
Transportation Program. The budget then receives approval from the Town Manager and Finance
Director, before going to the Town Council for final approval and adoption.
The TOSV Finance Director processes all accounts receivable, accounts payable, and general
ledger entries for the Transportation Department.
The Transportation Director receives a monthly general ledger actual vs. budget report from the
Finance Director and is responsible for monitoring the budget for the Transportation
Department. Per the Common Grant Rule, of which FTA grant funds are governed, sub-recipients
must prepare and perform an actual vs. budgeted analysis monthly. The Transportation Director
monitors actual revenue and costs against the annual budget on a monthly basis. The comparison
includes all specific revenue generated and grant revenue. Expenses include all operating
expenses, vehicle maintenance expenses, and capital purchases.
The Transportation Director is responsible for seeking monthly reimbursement against all
FTA/CDOT operating and administrative grant contracts. The Transportation Director must
submit monthly reimbursement requests according to CDOT guidelines, which includes
submitting for expense reimbursement within 60 days of the close of the month. Per the
Common Grant Rule, the Transportation Director and Finance Director must maintain accounting
records to support grant reimbursement claims made to the state. Records include source
documentation such as canceled checks, paid bills, payrolls, time and attendance records, and
any contracts for subcontractors. Monthly reimbursement grant files include all source
documentation to support a reimbursement request. The Transportation Director seeks
reimbursement for eligible costs against the grant contract and does not charge multiple revenue
sources for the same cost.
The TOSV completes a Comprehensive Annual Financial Report and Audit on a yearly basis. This
report is audited by a certified independent accounting firm. Audits and reports are available to
the State and FTA on an annual basis as requested. If the TOSV expends more than $750,000 in Village Shuttle Policies and Procedures 34all federal grant funding sources in a given year, the TOSV will have a single audit performed and those results will be submitted to CDOT upon completion.
Village Shuttle transit services operate with no rider fares and drivers are not required to handle
or deposit revenue, therefore there is no requirement for cash handling procedures.
The Transportation Director follows the Town’s purchasing policies and implements procedures
in accordance with Federal procurement requirements.