Attachment A - 2025 Budget and Meeting Minutes

Attachment A – 2025 Budget and Meeting Minutes

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STATE OF COLORADO COUNTY OF BOULDER

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KNOLLWOOD METROPOLITAN DISTRICT

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MINUTES OF SPECIAL BOARD MEETING

The Board of Directors (the “Board”) of Knollwood Metropolitan District, Boulder County, Colorado (the “District”) held a special board meeting on December 10, 2024 at 8:30 am at Dietze and Davis, PC, 2060 Broadway, Suite 400, Boulder, CO 80302. The following members of the Board attended the meeting: Tracy Mayo, Alan Teran, Laura Erben and R Mark Schoenhals, thus constituting a quorum. Also in attendance was Carolyn Steffl, General Counsel for the District from Dietze and Davis, PC and Colonel Barry S. Baer, Secretary and Assistant Treasurer. The meeting was called to order by President Teran. Upon motion, second, and unanimous vote, the Board approved the minutes from the Board meetings held on June 5, 2024, June 25, 2024 and September 24, 2024. Next Col. Baer provided an operations report, including an update on the entrance project. Then, Col. Baer provided the financial report, including general and debt service funds. Upon motion, second and unanimous vote, the Board approved the payables as presented. Next, the Board held a public hearing on a proposed amendment to the 2024 budget. Col. Baer walked the Board through the amendment to the 2024 budget, which includes a supplemental appropriation of $32,000 from reserve funds to the General Fund for expenses that were not anticipated when the 2024 budget was adopted and which generally relate to the dissolution of the District. There were no members of the public present, so the budget hearing was closed. Upon motion, second and unanimous vote, the Board approved a Resolution Adopting Amended Budget and Supplemental Appropriation for 2024. Then, the Board held a public hearing on the proposed 2025 budget. Col. Baer presented the budget, which consists of the General Fund and the Debt Service Fund. The General Fund includes costs related to the dissolution of the District and transition of the Board to the City Council from a combination of reserve funds and mill levies. The Debt Service Fund includes loan payments, from a combination of beginning balance funds and mill levies for the year 2024 for collection in 2025. There were no members of the public present, so the budget hearing was closed. Upon motion, second and unanimous vote, the Board approved a Resolution to Adopt a Budget and Appropriate Funds for 2025 and a second Resolution to Set the Mill Levy for 2024 for collection in 2025. The Board proceeded to consider a Meetings Resolution for 2025, presented by Attorney Steffl. The Board set only one regular meeting, for February 28, 2025 at 8:30 AM at the offices of

Dietze and Davis, located at 2060 Broadway, Suite 400, Boulder, Colorado. Upon motion, second and unanimous vote, the Resolution was approved. Ms. Steffl next presented an Election Resolution for 2025. Ms. Steffl informed the Board that a regular Directors’ election was scheduled for May 6, 2025. In the event that a majority of the eligible electors voting in the District’s special election on dissolution vote in favor of dissolution, the City Council of the City of Boulder would take over as the Board of Directors of the District. Therefore, there would be no requirement to hold the election on May 6, 2025. Upon motion, second and unanimous vote, the Board approved an election resolution for the May 6th regular election, in the event that it would be held. Next, attorney Steffl provided the Board with an update on the Petition for Dissolution of the District for all purposes except as set forth in the Dissolution Plan, the upcoming special dissolution election, and the transition of Board to City Council (if the voters vote in favor of dissolution). The Board discussed that they would like to adopt a Resolution in Support of Dissolution of the District. Upon motion, second and unanimous vote, the Resolution was approved. Attorney Steffl then provided an update on Knollwood Community, Inc. There was no further business to come before the Board, and the meeting was adjourned. Date approved: April 9, 2025 Col. Barry S. Baer, Secretary

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