Lorson Ranch: source and finance-review packet

Prepared October 18, 2026. This packet collects source pages, calculations, and unresolved questions. Keep the district, record year, and source link with any figure you share.

The original reconciliation is dated December 31, 2024; the added annual summary is dated December 31, 2025. Budget figures remain 2026 plans.

Source questions and limits

Questions still unresolved

MD 4 maturity date: the 2024 and 2025 audits report December 15, 2057 for the Series 2022B bonds; the 2026 townhall slide reports December 15, 2027. Signed bond terms or an official correction are needed to resolve the difference.
MD 4 / 2024, PDF page 20 · MD 4 / 2025, PDF page 20 · townhall / 2026, slide 16
MD 6 maturity date: the 2025 audit lists October 22, 2025 as both the note date and maturity date, while reporting its balance as due after one year at December 31, 2025. The signed note and any amendments are needed to verify the date.
MD 6 / 2025, PDF page 19 · MD 6 / 2025, PDF page 7
MD 6 later refinancing: a closing or payoff statement is needed to connect the 2026 refinancing figures to the 2025 year-end balance. The amounts describe different dates and may use different measures.
MD 6 / 2025, PDF page 19 · MD 6 / 2025, PDF page 20 · MD 6 / 2025, PDF page 7

The available documents do not settle these questions. The signed terms and closing records are still needed.

Why different reporting dates need a payoff schedule

The audit reports $45,993,000 refinanced and $3,635,665 remaining in 2026. Together these equal $49,628,665, which is $1,603,313 above the $48,025,352 reported at December 31, 2025. That comparison alone does not show an error. A closing or payoff schedule is needed before attributing the difference to interest, costs, or new principal.

Principal, interest, and other limits on the totals

Infrastructure received is not ordinary cash spending

In 2025, MD 1 reported receiving $47,210,168 of infrastructure assets from MD 6. The statement records capital outlay and an equal capital dedication under other financing sources. That amount is not ordinary cash operating spending.

MD 1 / 2025, PDF page 21 · MD 1 / 2025, PDF page 10

A lower balance is not always principal repaid

At December 31, 2025, MD 1 reported bond principal of $9,840,166. Its 2025 schedule shows a $1,787,000 reduction in accrued interest, not principal.

MD 1 / 2025, PDF page 21

MD 6 principal and interest are separate

At December 31, 2025, MD 6 reported $47,210,168 in principal plus $815,184 in interest already owed, totaling $48,025,352. The $80,000,000 authorization ceiling is a separate figure, not the balance owed.

MD 6 / 2025, PDF page 19

Bond principal and developer repayments have different labels

MD 4 reported $970,000 of bond-principal expenditure in 2025. Bond-interest expenditures were $1,862,172 for senior bonds and $1,239,358 for subordinate bonds. The $10,498,885 developer-advance repayment appears separately under other financing uses; it is outside the expenditure total shown here.

MD 4 / 2025, PDF page 10

Other financing uses are separate from expenditures

MD 3 reported a $2,398,790 developer-advance repayment in 2025 under other financing uses. It is separate from the $5,786,745 expenditure total shown here.

MD 3 / 2025, PDF page 10

Amounts due within one year are separate

At December 31, 2025, MD 2 reported $15,552,792 due after one year and a separate $244,758 due within one year. The amount due after one year does not include both categories.

MD 2 / 2025, PDF page 7

Transfers between districts remain in the gross totals

In 2025, MD 3 reported $1,521,419 plus $2,197,210 in expenditures to MD 4. MD 4 reported matching revenue of $3,718,629. Adding district totals keeps these transfers in the sums; it does not show only money entering or leaving the seven districts as a group.

MD 3 / 2025, PDF page 10 · MD 4 / 2025, PDF page 10

How the figures were compared

An automated reviewer compared selected figures with source pages and recalculated totals on October 18, 2026. A person did not repeat that comparison. The linked record controls if they differ.

The run used saved copies of 15 documents: 2024 and 2025 financial records and the 2026 townhall presentation. It compared annual totals, 35 historical expense lines, and the arithmetic for eight grouped obligation rows. Where extracted text was unreadable, it used images of the source pages. It did not search for newer records or check every claim in the source ledger.

The run recorded 81 source-value comparisons as matches and 18 arithmetic checks as passing. These are counts of checks, not an accuracy score. Source references and unresolved findings remain available in the downloadable results.

Download the finance checks, source references, and unresolved findings (JSON) · See these findings in detailed records

Follow-up: 2025 state filings compared

After the initial district-website check, all seven 2025 processed filings were found in the Colorado state auditor portal. The new annual summary is source-linked and the worksheet for further review now covers 22 claims. The original 2024 review remains below as dated history.

Read the 2025 results and limitations · Download 2025 figures and exact pages

The 2025 audits confirm the MD3 and MD4 draws and disclose the MD6 May 2026 refunding. MD4's 2025 audit again lists the subordinate maturity as December 15, 2057; the presentation conflict remains. Obtain executed terms to resolve it. MD6's note text states an October 22, 2025 maturity while reporting it noncurrent at year end; verify the executed note rather than guessing a correction.

Initial district-website check

Financial statements, budgets and notices

At the October 18, 2026 check, the district website linked 2024 financial records, 2026 final budgets and 2026 transparency notices. All 23 previously retained PDFs match their August 15 SHA-256 hashes. No 2025 financial statements or 2027 budgets were found on those district listing pages. This is a bounded search, not proof that no other filing exists.

District document listings

Later debt information

The May 27, 2026 townhall presentation reports MD2 principal of $15,175,000 as of March 31, 2026 (slide 10); MD3 draw of $4,596,000 on October 22, 2025 (slide 13); MD4 senior draw of $8,301,675 on October 22, 2025 and subordinate principal of $14,504,000 as of March 31, 2026 (slide 16); and MD6 issuance of $45,993,000 on May 20, 2026 (slide 19). These figures are attributed to the presentation and its stated dates. They do not replace the year-end figures in the views.

Official townhall slides (PowerPoint)

MD4 maturity conflict

Slide 16 lists December 15, 2027 for the subordinate bond; the 2024 audit PDF p. 20 lists December 15, 2057. Do not silently correct either record or treat the difference as an amendment. Obtain the executed bond terms and any amendments. The existing no-payment scenario remains an illustration using the 2024 audit, not a current balance or forecast.

MD4 audit, PDF p. 20; Slides 16 and 19

MD6 authorization versus issuance

The May 14 agenda proposes consideration of a maximum $46,500,000 refunding issue. The later presentation reports a different issued amount. An agenda, authorization ceiling and issued principal are different facts. Obtain the signed resolution, closing documents and later financial record before updating totals.

May 14 agenda, item 6(a); May 27 presentation, slide 19

County-hosted 2025 report

The March 26, 2026 county service-plan packet contains an MD6 annual-report/disclosure form labeled calendar year 2025 beginning at PDF p. 106. The packet also includes proposed terms and a draft BOCC resolution. This is an additional research source, not a seven-district 2025 audit or proof that every proposed term was adopted.

County packet, PDF p. 106

Roster dates

The April 1, 2026 MD3 agenda and townhall slide 2 list five occupied positions; the roster webpage checked October 18, 2026 listed a vacancy. The effective dates of those rosters still need confirmation. Names remain masked in DataSplinter.

MD3 April agenda; Current roster page

How the eight rows connect to the district totals

These are eight grouped rows, not a count of every separate agreement. Five rows describe bonds; three group developer advances. MD1 and MD4 each combine capital and regional capital advances. The original displayed amounts use different measures and should not be added as total debt.

The worksheet adds excluded interest and premium, then subtracts amounts due within one year. The result is the $117,655,354 reported as due after one year. It excludes the $215,210 current portion and future interest not yet accrued. The worksheet remains open for further source checks and corrections.

Wide table: scroll sideways on small screens, or download the CSV below.

2024 figures and explicit adjustments, in dollars
District / grouped row	Displayed amount	Meaning	Adjustment	Due after one year	Source
MD 1 / Series 2012 Bonds	$9,840,166	Bond principal; interest excluded	+$3,349,818 interest; +$0 premium; -$0 current principal; -$0 current premium	$13,189,984	PDF p. 21
MD 1 / Grouped capital and regional developer advances	$21,181	Two advance principal balances; interest excluded	+$14,944 interest; +$0 premium; -$0 current principal; -$0 current premium	$36,125	PDF p. 21
MD 2 / Series 2016 Bonds	$15,350,000	All year-end principal, including current portion; premium excluded	+$0 interest; +$662,760 premium; -$175,000 current principal; -$40,210 current premium	$15,797,550	PDF p. 20
MD 3 / Series 2022 Bonds	$23,875,000	Drawn bond principal at year end	+$0 interest; +$0 premium; -$0 current principal; -$0 current premium	$23,875,000	PDF p. 19
MD 3 / Developer advance - capital	$994	Advance principal; interest excluded	+$2,397,742 interest; +$0 premium; -$0 current principal; -$0 current premium	$2,398,736	PDF p. 19
MD 4 / Series 2022A senior bonds	$32,958,325	Drawn bond principal at year end	+$0 interest; +$0 premium; -$0 current principal; -$0 current premium	$32,958,325	PDF p. 19
MD 4 / Series 2022B subordinate bonds	$16,400,000	Bond principal	+$0 interest; +$0 premium; -$0 current principal; -$0 current premium	$16,400,000	PDF p. 19
MD 4 / Grouped capital and regional developer advances	$12,999,634	Principal 10,749,259 plus accrued interest 2,250,375 already included	+$0 interest; +$0 premium; -$0 current principal; -$0 current premium	$12,999,634	PDF p. 19

MD2: $15,350,000 + $662,760 - $175,000 - $40,210 = $15,797,550. MD4 advances already include $2,250,375 accrued interest; do not add it again.

Instructions for a future independent reviewer

Use a finance-literate reviewer other than the original extractor. Record their name, role, review date, scope and relevant relationships. Do not fill in approval in advance.
Retrieve each original source and compare its SHA-256 with the manifests. Record changes; a matching hash proves only identical bytes.
Recompute all 22 claims in the worksheet from their source pages. Check district, fiscal period, accounting basis, formulas, rounding and exclusions.
Reconcile each obligation row and district subtotal. Distinguish principal, accrued interest, premium, current portions and future interest. Keep the obligation claim provisional until issues are resolved.
Check MD5's conflicting levy narrative and certificate; mixed audit/exemption reporting bases; interdistrict double-counting; MD3 roster differences; and the 33-period illustrative scenario.
Resolve later debt records separately. Use the seven linked 2025 filings; obtain 2026 interim statements, draw confirmations, MD6 closing documents and MD4 maturity terms. Check the state auditor and DOLA filing systems; all seven 2025 processed state-auditor filings were checked in the follow-up; DOLA and EMMA coverage remains incomplete.
For each claim enter accept, revise or unresolved, recomputed value, evidence and exceptions. Sign only the claims actually reviewed. Preserve unresolved items and prior versions.

Working files

PDF page numbers count from the first page of the file and may differ from printed page numbers. If a link does not jump to the page, enter the listed number in your PDF viewer. CSV files open in spreadsheet software; the JSON download contains the structured check results.

Review boundary

Checked the district's document, financial statement, budget, annual report, transparency and meeting listings, plus targeted public searches and the county packet. HTML pages changed bytes since August, which can reflect layout or content changes. All 23 original PDFs were unchanged. Later records found here may predate the earlier retrieval; discovery today does not establish when they were posted. No balances were replaced with presentation estimates.

Version: provenance-2026.10.18.2. The original obligation claim and five new claims were reviewed October 18; the other historical claim-review dates remain August 15. Source-check dates describe the records examined, not a new search each time this page is opened.

Source coverage: dates still unverified

This review uses the linked district records and state filings. We have not verified the signed documents needed to resolve the MD 4 and MD 6 maturity-date questions. The dates reported by the available sources remain labeled with their sources; we have not selected a final maturity date.

During the October 18, 2026 review, access to MD 6 documents on Electronic Municipal Market Access (EMMA), the Municipal Securities Rulemaking Board (MSRB) disclosure website, required accepting its website terms. Those terms were not accepted, so those documents were not examined. Their contents remain outside this review.

See the Lorson Ranch district website for district records and the district public-records request information for requesting signed documents. We will update the findings when the relevant signed documents or an official clarification can be checked.

DataSplinter is independent of the districts. Original records remain the authority. This is a reading aid, not an audit, a tax quote, or professional advice.