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Home My WebLink About1982 -, - - - - CITY OF WHEAT RIDGE, COLORADO - COMPREHENSIVE ANNUAL FINANCIAL REPORT - Year Ended December 31, 1982 - Prepared by: - James Malone, City Treasurer - Daniel Dible. Budgetl Finance Assistant Weiss, Carr & Gruenler, P.C. Certified Public Accountants OFFICIALS CITY OF WHEAT RIDGE, COLORADO PAT AIELLO KENT DAVIS WILL BURT CLYDE HOBBS CITY CLERK WANDA SANG CITY ATTORNEY JOHN E. HAYES MAYOR FRANK STITES CITY COUNCIL DISTRICT I DISTRICT II DISTRICT III DISTRICT IV CITY ADMINISTRATOR THOMAS H. PALMER DIRECTOR OF COMMUNITY DEVELOPMENT. DIRECTOR OF PARKS AND RECREATION CHIEF OF POLICE. . DIRECTOR OF PUBLIC WORKS BUDGET/FINANCE ASSISTANT PERSONNEL ASSISTANT . . LARRY MERKL KEN LEWIS NANCY SNOW KAY ORE CITY TREASURER JAMES MALONE - MUNICIPAL JUDGE ANTHONY ZARLENGO - CHARLES H. STROMBERG .RICHARD H. BREDT HOWARD E. JAQUAY RODGER O. YOUNG DANIEL R. DIBLE PATRICIA A. CREW CITY OF WHEAT RIDGE, COLORADO COMPREHENSIVE ANNUAL FINANCIAL REPORT YEAR ENDED DECEMBER 31,1982 - TABLE OF CONTENTS _ INTRODUCTORY SECTION PAGE Title Page Officials Table of Contents Organizational Chart Report of City Administrator Report of City Treasurer 1 3 FINANCIAL SECTION - Report of Certified Public Accountants Combined Financial Statements: 9 - Combined Balance Sheet - All Fund Types and Account Groups 12 - Combined Statement of Revenues, Expenditures, and Changes in Fund Balances - All Governmental Fund Types and Expendable Trust Fund 14 - - Combined Statement of Revenues, Expenditures, and Changes in Fund Balances - Budget (Non-Gaap Budgetary Basis) and Actual - General and Special Revenue Funds 16 18 - Notes to Financial Statements .. - Financial Statements of Individual Funds: General Fund - Comparative Balance Sheet. . . . . . . . . . . 28 Statement of Revenues, Expenditures and Chances in Fund Balances - Budget and Actual . " 29 Statement of Expenditures Compared to Budget 30 Statement of Revenues Compared to Budget .. 32 Special Revenue Funds: Combining Balance Sheet. . . . . . . . . . 36 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances . . . . . . . . 38 Federal Revenue Sharing Fund: Comparative Balance Sheet . . . . 40 Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actua 1 . . . . . . . . . . . . 41 Park Acquisition Fund: Comparative Balance Sheet. . . . . 42 Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual . . . . 43 Capital Improvement Fund: Comparative Balance Sheet. . . . . 44 Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual . . . . 45 Building Demolition Fund: Comparative Balance Sheet. . . . . 46 Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual . . . . 47 Senior Center Fund: Comparative Balance Sheet. . . . . . . . . 48 Statement of Revenues, Expenditures and Chanqes in Fund Balance - Budget and Actual . . . . 49 Trust and Agency Funds: Combining Balance Sheet. . . . . . . . . . . . 52 Combining Statement of Revenues, Expenditures and Changes in Fund Balances . . . . . . . 54 Statement of Changes in Financial Position - Policemen's Pension Fund 56 ... GeDeral Fixed Assets Account Group: Schedule of General Fixed Assets by Function and Activity Schedule of General Fixed Assets by Function and Activity 58 59 STATISTICAL SECTION TABLE General Governmental Expenditures of Functions - Last Ten Fiscal Years 63 I General Revenues by Source - Last Ten Fiscal Years 64 I I Property Tax Levies and Collections - Last Ten Fiscal Years 65 III - Assessed and Estimated Actual Value of Taxable Property - Last Ten Fiscal Years 66 IV - Property Tax Rates - All Overlapping Governments - Last Ten Fiscal Years 67 V - Special Assessment Collections - Last Ten Fiscal Years 68 VI - Ratio of Net General Bonded Debt to Assessed Value and Net Bonded Debt per Capita - Last Ten Fiscal Years . 69 VII - Computation of Legal Debt Margin Computation of Overlapping Debt 70 71 V I I I IX - Ratio of Annual Debt Service Expenditures for General Bonded Debt to Total General Expenditures - Last Ten Fiscal Years 72 X - Demographic Statistics 73 XI Property Value, Construction and Bank Deposits - Last Ten Fiscal Years Principal Taxpayers 74 75 76 XII XII I XIV Miscellaneous Statistics w c..rJ o - 0: I- <( W :c :5; u.. o (f) z W N - I- - o I- I ~ 1>- a: I- UJ -..J Uo .....J - >-0 11-2 !~:J 100 I () r \ , 0: W a: >-:J '-W 10<( I W a: I- <D <D 0 0 c C t\l t\l C C <D ) <D .... ) .... c c 'co ) "co ,.. ~ >- ~ ... , ! -, ., 0: o l- e!: 0: >-1- I-Cf) - - Uz ~ (:) e!: ill <.9 o ; Z :J i:J J I~ l , ill I u I Z g> I U- I 0 ' I 0 I ~ I ~l ~ \ i Z I I >- - II . 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"IHEr, r '11",,1 U'l tiR,4DO 8003:: Tile Cr I, (If ~heat GRidge April 25, 1983 The Honorable Mayor Stites and Members of the City Council City of Wheat Ridge Wheat Ridge, Colorado 80034 Dear Mayor and Members of City Council: In accordance with state statutes and local charter provisions, I hereby transmit the annual financial report of the City of Wheat Ridge as of December 31, 1982, and for the fiscal year then ended. Responsibility for both the accuracy of the presented data and the completeness and fairness of the presentation, including all disclosures, rests with the City. Management believes that the data, as presented, is accurate in all material aspects; that it is presented in a manner designed to fair- ly set forth the financial position and results of operations of the City as measured by the financial activity of its various funds; and that all disclosures necessary to enable the reader to gain the maximum under- standing of the City's financial affairs have been included. In developing and evaluating the City's accounting system, consideration is given to the adequacy of internal accounting controls. Internal accounting controls are discussed by the City Treasurer in his accompany- ing letter of transmittal, and within that framework, I believe that the City's internal accounting controls adequately safeguard assets and provide reasonable assurance of proper recording of financial transactions. This report has been prepared for the first time in accordance with the guidelines recommended by the Municipal Finance Officers Association of the United States and Canada. The Municipal Finance Officers Associ- ation awards Certificates of Conformance to those governments whose annual financial reports are judged to conform substantially with high standards of public financial reporting including generally accepted accounting principles promulgated by the National Council on Govern- mental Accounting. It is my belief that the accompanying fiscal year 1982 financial report meets program standards and it will be submitted to the Municipal Finance Officers Association to determine its eligi- bility. In accordance with the above-mentioned guidelines, the accompanying report consists of three parts: I) Introductory section, including the City Treasurer's letter of transmittal. ""1 (' ('{" I,ll ,!!I!,IU!/ul! / '\' - 2 - 2) Financial section, including the financial state~'nts, supplemental data of the government and our indec "ndent auditor's oplnion. 3) Statistical section, including a number of tables of unaudited data depicting the financial history of the government for the past 10 years, information on overlapping governments, and demographics and other miscellaneous information. State law requires that the financial statements of the City of Wheat Ridge be audited by a certified public accountant selected by the City Council. This requirement has been complied with, and our auditor's opinion is included in the financial section of this report. The City of Wheat Ridge ended 1982 in a strong financial position. City expenditures were well managed in all City departments and pro- duced a savings of over $300,000 from the 1982 budgeted level in the General Fund alone. In 1982, General Fund revenue growth declined to 7.6% over the previous year. Fortunately, the City's past fiscal management policies have provided us with a general fund balance of over $3,000,000 and no outstanding debt. The management of these resources will become an increasingly important issue in the coming years. The preparation of this annual financial report could not have been accomplished without the dedicated effort of the City Treasurer's Office. The City Treasurer's Office, and particularly Jim Malone and Dan Dible, has been making significant progress in improving the financial management programs of the City. Sincerely, ~ ~ --~/ ,/ J ! U'7 >1,ir f tf, bdJ 7,': '--" Thomas H. Palmer City Administrator THP:ly ~) i X ~ f I j ~'J ~ 1101'-+ ;1 I I ill , ,yl_ ; 1 r j --i ~',j i I ~ . ',I i I ~heat GRidge April 25, 1983 The Honorable Mayor Stites, Wheat Ridge City Council, and City Administrator City of Wheat Ridge Wheat Ridge, Colorado 80034 Ladies and Gentlemen: The Comprehensive Annual Financial Report of the City of Wheat Ridge, for the fiscal year ended December 31, 1982, is submitted herewith. This report was prepared by the City Treasurer's Office. Responsi- bility for both the accuracy of the presented data and the completeness and fairness of the presentation, including all disclosures, rests with the City. We believe the data, as presented, is accurate in all mater- ial aspects; that it is presented in a manner designed to fairly set forth the financial position and results of operations of the City as measured by the financial activity of its various funds; and that all disclosures necessary to enable the reader to gain the maximum under- standing of the City's financial position have been included. ACCOUNTING SYSTEM AND BUDGETARY CONTROL - In developing and evaluating the City's accounting system, consideration is given to the adequacy of internal accounting controls. Internal accounting controls are designed to provide reasonable, but not absolute, assurance regarding: (l) the safeguarding of assets against loss from unauthorized use or disposition; and (2) the reliability of financial records for preparing financial statements and maintaining accountabili- ty for assets. The concept of reasonable assurance recognizes that: (I) the cost of a control should not exceed the benefits likely to be derived; and (2) the evaluation of costs and benefits requires estimates and judgments by management. All internal control evaluations occur within the above framework. We believe that the City's internal accounting controls adequately safe- guard assets and provide reasonable assurance of proper recording of financial transactions. Budgetary control is maintained by the encumbrance of estimated purchase amounts prior to the release of purchase orders to vendors. Open encum- brances are reported as reservations of fund balance at December 31, 1982. ~.Th(' (;nnWIIOll (:ily" - 2 - THE REPORTING ENTITY AND ITS SERVICES This report includes all of the funds and account groups of the City. It includes all activities considered by the U. S. Bureau of Census to be part of (controlled by or dependent on) the City. The R-I School District provides all educational services to students within the jurisdiction of the City of Wheat Ridge. The R-l system is an independent special district and not part of the city of Wheat Ridge. Fire protection is provided for the city of Wheat Ridge by the Wheat Ridge Fire Protection District, an independent special district. Additionally, numerous special districts provide water and sanitation services to the City of Wheat Ridge. Financial data for school, fire and special water and sanitation districts are not included in the financial statements in this report. The city provides municipal services which include public safety (police only), public works (streets, traffic, public improvements), parks and recreation, planning and zoning, and general administrative services. GENERAL GOVERNMENTAL FUNCTIONS Revenues for general governmental functions totaled $5,912,450 in 1982, an increase of 7.6 percent over 1981. General sales taxes produced 38.8 percent of general revenues compared to 35.2 percent last year. The amount of revenues from various sources and the increase over last year are shown in the following tabulation: Revenue Source Amount Percent of Total Increase/(decrease) from 1981 Taxes Licenses and permits Intergovernmental revenues Charges for services Fines and forfeits Interest income Miscellaneous revenue 4,222,600 125,112 846,452 173,513 90,151 413,692 40,930 71. 4% 2.2 14.3 2.9 1.5 7.0 . 7 365,170 ( 30,122) 35,039 27,882 20,399 5,217 6,790) Total $5,912,450 100.0% $416,795 Current property tax collections were 99.1% of the tax levy; the lowest percentage of the levy collected in the last ten years was 98.4 in 1980. The ratio of total collections (current and delinquent) to the current tax levy was 99.2 percent, a decrease of .5% from last year. The mill levy for the City has been 3.5 mills since 1977 and has been utilized as a non-restricted general fund revenue. Intergovernmental revenues represented 14.3 percent of total general governmental revenues compared with 14.8 percent in 1981. - 3 - Expenditures for general governmental purposes totaled $5,476,895, an increase of 14.3 percent over 1981. Increases in levels of expenditures for major functions of the City over the preceding year are shown in the following tabulation: Increase/(Decrease) from 1981 Function Amount Percent of Total General government Public safety Public works Parks and recreation $ 1,556,311 2,107,584 1,011,001 801,999 28.4% 38.5 18.5 14.6 $ 121,461 261,827 218,099 85,273 Total $ 5,476,895 100.0% $686,660 DEBT ADMINISTRATION Since incorporation in 1969, it has been the policy of the City of Wheat Ridge not to utilize bonded debt to finance expenditures. CASH MANAGEMENT ... It is the policy of the City Treasurer to invest all idle funds. Cash is usually invested within each fund; occasionally, cash from smaller funds will be pooled in order to maximize investment leverage; the returns from pooled investments are distributed to the participating funds at the end of the pooled investment period. - The City of Wheat Ridge has formally adopted the prudent investor rule as a guide to the City Treasurer's Office staff in the handling of municipal investments. City funds may be invested in F.D.I.C. savings accounts, certificates of deposit, U. S. Government Securities and Repurchase Agreements. The City monitors the certificate of deposit rates on a daily basis. - Relatively small amounts of idle cash are maintained in savings accounts until needed to cover checks. Certificates of deposit are placed in bid in amounts ranging from $100,000 to $750,000. At the end of 1982, the City had $3,626,955 invested in certificates of deposits earning interest at rates varying from 9.8% to 13.0%; $l,901,470 in money market accounts and $169,562 in a repurchase agreement. CAPITAL PROJECTS FUNDS The City of Wheat Ridge has a Capital Improvement Fund which is funded by one-half of the City's sales tax revenues. The City has never issued bonds for any capital project. The Capital Improvement Fund balances on hand on December 31, 1982 were represented by $2,446,873 in cash, entirely in certificates of deposits; $62,980 due from the County; and $466,456 due from other funds. It is important to note that $1,455,884 of this fund balance is reserved for encumbrances. "The CClrnalwn ClI\''' - 4 - GENERAL FIXED ASSETS The fixed assets of the City are those fixed assets used in performance of general governmental functions. As of December 3l, 1982, the General Fixed Assets of the City amounted to $15,743,5l3. This amount represents the original cost or estimated original cost of the assets. INDEPENDENT AUDIT Colorado State statutes and the city Charter require an annual audit of the books of account, financial records, and transactions of all administrative departments of the City by independent certified public accountants selected by the City Council. This requirement has been complied with and the auditor's opinion has been included in this report. CERTIFICATE OF CONFORMANCE The Municipal Finance Officers Association of the United States and Canada, awards a Certificate of Conformance in Financial Reporting to local governmental entities for their comprehensive annual financial report. This report, for the fiscal year ending 1982,has been prepared in the format desired by MFOA and has been submitted for their review. In order to be awarded a Certificate of Conformance, a city must publish an easily readable and efficiently organized comprehensive annual financial report, which contents conform to program standards. Such reports must satisfy both generally accepted accounting princi- ples and applicable legal requirements. A Certificate of Conformance is valid for one year only. ACKNOWLEDGMENTS I would like to express my appreciation to Mr. Dan Dible, Budget/ Finance Assistant, and the members of the accounting staff who prepared this report. Special thanks are extended to members of the Independent Certified Public Accounting Firm of Weiss, Carr and Gruenler, especially Mr. Don Gruenler,for the manner in which they accomplished the 1982 audit. Respectfully submitted, ~!!O~ City Treasurer _ _'.'I"~" WEISS CARR & GRUENLER, PC _ 'f!~'i}JuUic,sII~ 8751 East Hampden Avenue 0 Building B-1 0 Denver, Colorado 80231 0303/696-6992 The Honorable Mayor, Members of the City Council and City Administrator City of Wheat Ridge, Colorado We have examined the combined financial statements of the City of Wheat Ridge, Colorado and its combining and individual fund fi- nancial statements as of and for the year ended December 3l, 1982, as listed in the table of contents. Our examination was made in ac- cordance with generally accepted auditing standards and, accordingly, included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances. In our opinion, the combined financial statements referred to above present fairly the financial position of the City of Wheat Ridge, Colorado at December 31, 1982 and the results of its opera- tions and the changes in financial position of its Trust Fund for the year then ended, in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year. Also, in our opinion, the combining and individual fund finan- cial statements referred to above present fairly the financial posi- tion of the individual funds of the City of Wheat Ridge, Colorado at December 3l, 1982, in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year. Our examination was made for the purpose of forming an opinion on the combined financial statements taken as a whole and on the com- bining and individual fund financial statements. The accompanying financial information listed in supporting schedules in the table of contents is presented for purposes of additional analysis and is not a required part of the combined financial statements of the City of Wheat Ridge, Colorado. The information has been subjected to the same auditing procedures applied in the examination of the combined, combining, and individual fund financial statements and, in our opin- ion is fairly stated in all material respects in relation to the com- bined financial statements taken as a whole. w~ ~t, ~t.W.'I\..\u..., ~.L. February 1, 1983 Members of The American Institute of Certified Public Accountants and The Colorado Society of Certified Public Accountants 9 COMBINED FINANCIAL STATEMENTS - - - - - - - - - - 11 CITY OF WHEAT RIDGE, COLORADO COMBINED BALANCE SHEET ALL FUND TYPES AND ACCOUNT GROUP DECEMBER 31, 1982 Governmental Fund Types General ASSETS Cash (Note 2) Certificates of Deposit Money Purchase Plan (Note 3) Accounts Receivable: U.S. Government Jefferson County Due from Other Funds Restricted Assets: Cash (Note 2) Other Assets Fixed Assets $ 551,003 2,990,578 459,300 4,624 100,000 20,324 TOTAL $4,125,829 LIABILITIES Accounts Payable Due to Other Funds Deferred Revenues 103,153 466,636 459,300 1,029,089 Total Liabilities Commitments and Contingent Liabilities (Notes 5 and 6) FUND EQUITY Investments in General Fixed Assets Fund Balance: Reserved for Encumbrances Reserved for Police Retirement System Unreserved: Designated for Subsequent Years Expenditures Undesignated Total Fund Balance Total Fund Equity 44,255 2,500,000 _552,485 3,096,740 3,096,740 TOTAL $4,125,829 *See accompanying notes to Financial Statements. 12 Special Revenue $ 295,434 2,446,873 62,307 62,980 466,636 $3,334,230 - 171,885 7,360 179,245 - 1,473,585 - 907,156 774,244 3,154,985 3,154,985 $3,334,230 ALL FUND Fiduciary Fund Type Trus t and Agency $ 30,200 1,605,292 - - - $1,635,492 - CITY OF WHEAT RIDGE, COLORADO COMBINED BALANCE SHEET TYPES AND ACCOUNT GROUP DECEMBER 31, 1982 (Continued) Account Group General Fixed Assets $ 15,743,513 $15,743,513 Total (Memorandum Only) 1982 1981 $ 876,637 $ 848,964 5,437,451 4,656,578 1,605,292 1,375,870 62,307 62,033 522,280 446,001 471,260 89,8/+2 100,000 100,000 20,324 29,651 15,743,513 15,221,752 _$24,839,064 $22,830,691 13 CITY OF WHEAT RIDGE, COLORADO COMBINED STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - ALL GOVERNMENTAL FUND TYPES AND EXPENDABLE TRUST FUND YEAR ENDED DECEMBER 31, 1982 Governmental Fund Types Special General Revenue REVENUES Taxes $4,222,600 $2,292,160 Licenses and Permits 125,112 - Intergovernmental Revenue 846,452 248,408 Charges for Services 173,513 1,425 Fines and Forfeitures 90,151 Interest Income 413,692 403,303 - Miscellaneous Income 40,930 867 Total Revenues 5,912,450 2,946,163 - EXPENDITURES - General Government 1,559,361 33,730 Public Safety 2,100,235 42,985 Public Works 1,017,570 2,444,944 - Parks and Recreation 803,455 44,863 Total Expenditures 5,480,621 2,566,522 - EXCESS OF REVENUES OVER EXPENDITURES 431,829 379,641 - OTHER FINANCING SOURCES (USES): Operating Transfers - In Operating Transfers - Out EXCESS OF REVENUES AND FINANCING SOURCES OVER EXPEN- DITURES AND OTHER USES 431,829 379,641 FUND BALANCE, BEGINNING OF YEAR (Note 1) 2,664,911 2,775,344 FUND BALANCE, END OF YEAR $3,096,740 $3,154,985 *See accompanying notes to Financial Statements 14 CITY OF ~~EAT RIDGE, COLORADO CO}ffiINED STATEMENT OF REVENUES, EXPENDITURES, AND CHANCES IN Fmm BALANCES - ALL COVERNNENTAL FUND TYPES AND EXPENDABLE TRUST FUND (Continued) YEAR ENDED DECEMBER 31, 1982 Expendable Trust Fund Conservation Trust Totals (Hernorandum Only) 1982 1981 $ - $6,514,760 125,112 1,094,860 174,938 90,151 817,017 41,797 - - 22 - 22 ~858,635 - - 1,593,091 2,143,220 3,462,514 __~48,311. - ~047,143 $5,789,891 155,234 1,422,121 164,709 69,752 897,184 2,862 8,501,753 1,421,375 1,915,329 3,205,367 _737,955 7,280,026 - 22 811,492 1,221,727 - 84,518 ~._---~ (84,518) - 22 811L492 1,221,727 - 416 5,440,671 4,242,554 - $438 ~,2.52, 16~ $5,464,281 - 15 CITY OF WHEAT RIDGE, COLORADO COMBINED STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES-BUDGET (NON-GAAP BUDGETARY BASIS) fu~D ACTUAL - GENERAL AND SPECIAL REVENUE FUNDS YEAR ENDED DECEMBER 31, 1982 General Fund Variance Favorable Budget Actual (Unfavorable) REVENUES Taxes $4,240,200 $4,222,600 $ (17,600) Licenses and Permits 141,000 125,112 (15,888) - Intergovernmental Revenue 910,400 846,452 (63,948) Charges for Services 161,000 173,513 12,513 Fines and Forfeitures 73 , 000 90,151 17,151 - Interest Income 250,000 413,692 163,692 Miscellaneous Revenue 30,600 40,930 10,330 Total Revenues 5,806,200 5,912,450 106,250 - - EXPENDITURES General Government 1,710,009 1,556,311 153,698 Public Safety 2,190,481 2,107,584 82,897 Public Works 1,052,752 1,011,001 41,751 - Parks and Recreation 825,817 801,999 23,818 Contingency 2,379,241 2,379,241 - Total Expenditures 8,158,300 5,476,895 2,681,405 EXCESS (DEFICIC-JCY) OF REVENUE - OVER EXPENDITURES (2,352,100) 435,555 2,787,655 FUND BALANCE, BEGINNING OF YEAR 2,352,100 2,616,930 264,830 FUND BALANCE, END OF YEAR $ $3,052,485 $3,052,485 *See accompanying notes to Financial Statements 16 CITY OF ~lEAT RIDGE, COLORADO COMBINED STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES-BUDGET (NON-GAAP BUDGETARY BASIS) AND ACTUAL - (Continued) GENERAL AND SPECIAL REVENUE FUNDS YEAR ENDED DECEMBER 31, 1982 Special Revenue Fund Types Variance Favorable Budget Actual (Unfavorable) $2,313,500 $2,292,160 $ (21,340) 248,134 248,408 274 1,000 1,425 425 110,700 403,303 292,603 2,000 867 (1,133) - 2,675,334 ~6,163 270,829 - 56,550 44,144 12,406 53,775 42,985 10,790 - 3,187,484 2,526,277 661,207 55,350 _15)..>841 (98,491 ) - ~353,159 ~767 ,241- 585,912 - (677,825) 178,916 856,741 - _ 916,325 ~502,484 586,159 L 238,500 1,681,400 $1,442,900 - ~-- 17 CITY OF WHEAT RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1982 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accounting policies of the City of Wheat Ridge conform to ally accepted accounting principles as applicable to governments. following is a summary of the more significant policies: gener- The A. FUND ACCOUNTING The accounts of the City are organized on the basis of funds and account groups, each of which is considered a separate accounting en- tity. The operations of each fund are accounted for with a separate set of self-balancing accounts that comprise its assets, liabilities, fund equity, revenues, and expenditures, or expenses, as appropriate. Government resources are allocated to and accounted for in individual funds based upon the purposes for which they are to be spent and the means by which spending activities are controlled. The various funds are grouped, in the financial statements in this Leport, into three generic fund types as follows: - - - Governmental Fund Types - General Fund The General Fund is the operating fund of the City. It is used to account for all financial resources except those required to be accounted for in another fund. - Special Revenue Funds Special Revenue Funds are used to account for the proceeds of specific revenue sources (other than special assessments, expendable trusts, or major capital pro- jects) that are legally restricted to expenditures for specified purposes. Special Revenue Funds of the City include the following: - Federal Revenue Sharing Fund The Federal Revenue Sharing Fund was established to account for those funds received through the "State and Local Fiscal Assistance Act of 1972, as amended." This Act provides funds to units of local governments to be used for ordinary and necessary maintenance, operating expenses, and capital expenditures authorized by law. The Act also specifies certain restrictions and procedural requirements. 18 CITY OF WHEAT RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (Continued) Park Acquisition Fund The Park Acquisition Fund was established to account for funds received and designated for use in the acquisition of additional parklands and im- provements. ... Capital Improvement Fund The Capital Improvement Fund (formerly Sales Tax Improvement Fund) was established to account for funds received as a result of a one percent increase in the City's sales tax. The expenditures of this fund are to be used for capital expenditures as approved by City Council. ... ... Building Demolition Fund The Building Demolition Fund was established, during 1981, as a revolving fund. Structures are demolished at city expense, the property owner is then billed for the cost of demolition. ... ... Senior Center Fund The Senior Center Fund was established, during 1981, to account for contributions made to the Senior Center. The expenditures of this fund are used to support activities of the center. ... Fiduciary Fund Types ... ... Trust and Agency Funds Trust and Agency Funds are used to account for assets held by the City in a trustee capacity or as an agent. For the City, these funds include an Expendable Trust, a Pension Trust, and two Agency Funds. Expendable Trust Funds are accounted for in essentially the same manner as governmental funds. Pension Trust Funds are accounted for in essentially the same manner as proprietary funds since capital maintenance is critical. Agency Funds are custodial in nature (assets equal liabilities) and do not involve measurement of results of operations. Trust and Agency Funds of the City include the following: ... ... ... Policemen's Pension Fund Th~ Policemen's Pension Fund was established to account for funds received from participants, the City's General Fund and the State of Colorado. The funds are held in trust for disbursement to qualified participants upon leaving the plan or upon qualified retirement. ... 19 CITY OF WHEAT RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (Continued) Public Works Escrow Fund The Public Works Escrow Fund, an agency fund, was established to account for funds received as financial guarantees prior to the issuance of certain authorized construction permits. Upon completion of all required work under the permits, the funds are refunded. CATV Property Damage Fund The CATV (cable television) Property Damage Fund, an agency fund, was established to account for funds received from the cable television permittee for settle- ment of minor unresolved claims against the permittee for damage to private property. The fund was established with an initial funding of $5,000. The permittee is required to restore city paid settlements within fourteen days after notification. - Conservation Trust Fund -- The Conservation Trust Fund, an expendable trust fund, was established to account for funds received and restricted for use in the acquisition, development and maintenance of new conservation sites pursuant to Chapter 138-1-98 of the Revised Statutes of the State of Colorado. During 1982, and 1981, the only income for this fund was interest earned on savings accounts. There were no expend- itures. - - B. GENERAL FtXED ASSET GROUP OF ACCOUNTS Fixed assets used in governmental fund type operations are accounted for in the General Fixed Asset Group of Accounts, rather than governmental funds. No depreciation has been provided for on general fixed assets. - All fixed assets are valued at historical cost or estimated historical cost if actual historical cost is not available. Con- tributed fixed assets are valued at their estimated fair value on the date of gift. - Land improvements transferred to the City from Jefferson County in 1969, have been recorded at the County's historical cost, subsequent additions have been recorded at cost, until 1977, at which time the City elected to discontinue recording the cost of land improvements. The Jefferson County Open Space Program acquires land for public enjoyment (e.g., parks, playgrounds, lakes, etc.) and then donates the land to the City for use as public land. 20 CITY OF WHEAT RIDGE, COLORADO NOTES TO FINfu~CIAL STATEMENTS 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (Continued) The land is recorded at the cost of land to the Open Space Program. C. BASIS OF ACCOUNTING Basis of accounting refers to when revenues and expendi- tures or expenses are recognized in the accounts and reported in the financial statements. The General, Special Revenue, and Expendable Trust funds are accounted for using the modified accrual basis of account- ing. Their revenues are recognized when they become measurable and available as net current assets. Expenditures are generally recognized under the modified accrual basis. The Pension Trust Funds is accounted for using the accrual basis of accounting. ... ... D. BUDGETS The individual and combined statements of Revenues, Expenditures, and Changes in Fund Balance-Budget (non-GAAP Budgetary Basis) and actual for the General, Special Revenue and Expendable Trust Funds present comparisons of the legally adopted budget with actual data on the (non-GAAP) budgetary basis which includes encumbrances. All other statements exclude encumbrances, as required by GAAP (generally accepted accounting principles); expenditures are only recorded when the liability is incurred. ... ... E. ENCUMBRANCES Encumbrances, commitments related to unperformed (executory) contracts for goods or services, are recorded for budgetary control purposes in the general and special revenue funds. Encumbrances outstanding at year-end are reported as reserved for encumbrances since they do not constitute expenditures or liabilities. Encumbrances do not lapse at year-end for budgetary purposes and become part of the following year's appropriations. ... ... ... F. ACCRUED VACATION AND SICK LEAVE City employees earn vacation leave which may be either taken or accumulated, up to a miximum amount, until paid upon termination or retirement. Unused sick leave, in excess of 480 hours, may be converted to annual leave or cash upon retirement or termination. Police accumulate holiday pay for hours worked on holidays (see Note 5). 21 CITY OF HHEAT RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS 1. SDr~~RY OF SIGNIFICANT ACCOUNTING POLICIES - (Continued) - G. DEFERRED REVENUES - PROPERTY TAXES Property taxes are levied on December 31, of each year and attach as an enforceable lien on property as of January 1. It is the policy of the City to record the property tax receivables in the year in which the taxes are levied and to recognize the property tax revenues in the year in which the lien attaches on the property. H. TOTAL COLDrlNS ON cmmINING fu"lD cmmINED STATEHENTS Total columns are only presented to facilitGte financial analysis. Data in these columns do not present financial pos- itions in conformity with generally accepted accounting prin- ciples. Neither is such data comparable to a consolidation, interfund eliminations have not been made in the aggregation of this data. - 2. RESTRICTED ASSETS-CASH - General Fund cash of $100,000 has been restricted by City Council for emergency situations affecting the lives and property of the City's citizens. Expenditures must be approved in advance by the City Council, or in situations where members of City Council cannot be contacted, the Mayor and the City Administrator can approve expenditures, provided a subsequent report is made at the next City Council meeting. - - 3. PENSION PLANS - During 1981, the City withdrew from the state-wide defined benefit pension plan, with state permission, and instituted a defined contri- bution money purchase plan for its police employees. During 1981, each participant was required to contribute 9% of their compensation with a matching amount from the City. In 1982, the contribution in- creased to 10% from both the participant and the City. 10% is the maximum required contribution for the City; however, under certain conditions participants may contribute up to 15%. During 1982, the participants and the City each contributed $123,232 to the plan. - During 1981, various investments of the fund were converted to cash. $1,375,870 was transferred to the Equitable Life Assurance Society as trustee. Per an allocation of assets statement prepared by consulting actuaries a total of $1,454,824 was transferred. 22 CITY OF \\TREAT RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS 3. PENSION PL~~S - (Continued) The City also participates in the Colorado County Officials and Employees Retirement Association Retirement Plan. This Plan covers non-police employees. The participants are required to contribute 4% (and can voluntarily contribute up to 10%) of their compensation from the City, the City contributes an amount equal to 4% of the em- ployees compensation. The City's contribution totaled $48,190 for the year ended December 31, 1982. The City has no liability under the Plan other than the matching payment. 4. BUDGETS Budget amounts reflected in the accompanying financial statements are based on the revised 1982 budget as adopted by the City Council. The revised budget for all funds except the Policemen's Pension Plan is as follows: - 1982 Estimated Revenues Fund Balance Carryover from 1981 Total Revenues $ 8,471,309 3,268,425 ill, 739, 734 Total Appropriations for 1982 Expenditures _U~38(). 447 - - A budget was not provided for the Policemen's Pension Fund because in the opinion of the City Attorney, this Fund is not under the control of Citv Council and, therefore, is not subject to the budgetary require- ment of Colorado Statutes. This reporting is also consistent with generally accepted accounting principles. - 5. CO~1HITMENTS AND CONTIGENClES - No provision has been made in the accompanying financial statements for vacation, holiday, and sick pav accruals. At December 31, 1982, the accrued vacation pay commitment was $143,477, the accrued holiday commit- ment was $20,190, the accrued sick pay commitment for hours accrued in excess of 480 yours was $28,584, or a total of $195,151. - - As of December 31, 1982, there are certain claims, suits and com- plaints arising in the ordinary course of operations that have been filed or are pending against the City. In the opinion of management, all such matters are adequately covered by insurance, or if not so covered, are without merit or are of such kind, or involved such amounts, as would not have a significant effect on the financial position or results of operations of the City if disposed of unfavorably. 23 CITY OF IVREAT RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS 6. LEASES In December 1979, the City entered into a four-year agreement to lease data processing equipment for rental payments totaling $18,397 annually. The agreement provides the lease is contingent upon the City's ability to fund the rental on a year-to-year basls. 7. ENTITY ClliL~GES In prior years the funds of the Wheat Ridge Urban Renewal Authority were included in the City of Wheat Ridge's financial statement. During 1981, the city and the board of directors of the Wheat Ridge Urban Renewal Authority signed a cooperative agreement. Among other items the governing bodies determined that the Urban Renewal Authority would be reported as a separate entity apart from the City of Wheat Ridge. As of December 31, 1981, this fund had a balance of $21,616. The City of Wheat Ridge acts as fiscal agent for the authority and maintains all accounting records. In addition, the City Director of Community Development serves as director of the Urban Renewal Authority. As of January 1, 1982, the ending fund balance of the Senior Center fund was reclassified as deferred revenue in the amount of $1,994. 8. OTHER MATTERS - Council Resolution 757 authorized the establishment of a Police Department Bond Trust. Under this program (fund) the City would collect cash bonds from individuals arrested in the city and being held on warrants issued by other governmental units. The bond trust is a state- wide program. The activities of this fund are currently included in the general fund due to the limited size and number of transactions. The fund had a cash balance of $150.00 at December 31, 1982. - 24 FINANCIAL STATEMENTS - OF - - - INDIVIDUAL FUNDS - - - - 25 GENERAL FUND - - - - THE GENERAL FUND IS THE OPERATING }~ND OF THE CITY. IT IS USED TO ACCOUNT FOR ALL FINANCIAL RESOURCES EX- CEPT THOSE REQUIRED TO BE ACCOUNTED FOR IN ANOTHER FUND. - - - - - 27 CITY OF WHEAT RIDGE, COLORADO COMPARATIVE BALANCE SHEET GENERAL FUND DECEMBER 31, 1982, AND 1981 1982 1981 ASSETS Cash $ 551,003 $ 460,756 Certificates of Deposit 2,990,578 2,io2,241 Accounts Receivable: Jefferson County Property Taxes 459,300 446,001 Due from Other Funds 4,624 89,842 Restricted Assets-Cash 100,000 100,000 Other Assets 20,324 12,769 $4,125,811 $3,211,609 - TOTAL - LIABILITIES Accounts Payable 103,153 100,697 Due to Other Funds 466,636 Deferred Revenue-Property Taxes 459,300 446,001 - Total Liabilities 1,029,089 546,698 FUND EQUITY Fund Balance: - Reserved for Encumbrances 44,255 47,981 Unreserved: Designated for Subsequent Years Expenditures 2,500,000 2,352,100 Undesignated 552,485 264,830 Total Fund Balance 3,096,740 2,664,911 TOTAL _~4,12h829 $3,211,609 *See accompanying notes to Financial Statements 28 CITY OF WHEAT RIDGE, COLORADO GENERAL FUND STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES BUDGET (NON-GAAP BUDGETARY BASIS) AND ACTUAL YEAR ENDED DECEMBER 31, 1982 VARIANCE REVISED FAVORABLE 1981 BUDGET ACTUAL (UNFAVORABLE) ACTUAL REVENUES Taxes $4,240,200 $4,222,600 $ (17,600) $3,857,430 Licenses and Permits 141,000 125,112 (15,888) 155,234 Intergovernmental Revenue 910,400 846,452 (63,948) 811,413 Charges for Service 161,000 173,513 12,513 145,631 Fines and Forfeits 73,000 90,151 17,151 69,752 Interest Income 250,000 413,692 163,692 408,475 Miscellaneous Revenue 30,600 40,930 10,330 47,720 Total Revenues 5,806,200 5,912,450 106,250 5,495,655 EXPENDITURES - General Governmental 1,710,009 1,556,311 153,698 1,434,850 Public Safety 2,190,481 2,107,584 82,897 1,845,757 Public Horks 1,052,752 1,011 ,001 41,751 792,902 - Parks and Recreation 825,817 801,999 23,818 716,726 Contingency 2,379,241 2,379,241 Total Expenditures 8,158,300 5,476,895 2,681,405 4,790,235 - OTHER FINANCING SOURCES (USES) - Operating Transfers - In Operating Transfers - Out (19,000) EXCESS OF REVENUES ~~D FINANCING SOURCES OVER EXPENDITURES AND OTHER USES (2,352,100) 435,555 2,787,655 686,420 FUND BAL~~CE, BEGINNING OF YEAR 2,352,100 2,616,930 264,830 1,930,506 FUND BALANCE, END OF YEAR $ $3,052,485 $3,052,485 $2,616,926 29 CITY OF \{HEAT RIDGE, COLORADO GENERAL FUND STATE}lENT OF EXPENDITURES COMPARED TO BUDGET YEAR ENDED DECFJ-ffiER 31, 1982 \{ITH CO}WAfu\TIVE ACTUAL A}IOU~TS FOR YEAR ENDED DECfllBER 31, 1981 1982 City Council $ 50,090 $ 44,858 $ 5,232 $ 41,823 City Treasurer 186,601 183,713 2,888 156,319 Havor 21,481 20,437 1,044 17,474 City Administrator 75,039 55,629 19,410 79,094 City Attorney 65,550 65,125 425 56,139 City Clerk 127,156 120,281 6,875 111,126 Municipal Court 84,113 78,378 5,735 72,601 Administrative Services Administration 42,325 30,714 11,611 40,038 Purchasing 50,384 48,699 1,685 42,966 Personnel 84,837 77 , 669 7,168 67,367 Building Maintenance 78,284 73 , 680 4,604 64,334 Community Development Administration 58,978 54,447 4,531 50,070 Planning and Zoning 128,420 124,905 3,515 124,029 Shops 377,185 340,291 36,894 301,693 Carnation Festival 4,415 4,249 166 2,935 General Operation 275,151 233,236 41,915 206,842 $1,710,009 $1,556,311 $153,698 $1,434,850 Budge~ GEc;ERAL C;OVERNclENT PUBLIC SAFETY Police Administration Support Services Patrol and Traffic Technical Services Animal Control Building Inspection Code Enforcement Civil Disaster 85,068 501,903 1,127,813 280,723 44,923 89,002 51,049 10,000 $2,190,481 Actual 81,879 476,225 1,114,600 265,577 40,251 85,748 40,898 2,406 $2,107,584 * See accompanying notes to Financial Statements 30 Variance Favorable (Unfavorable) 1981 Actual - - - - - 3,189 25,678 13,213 15,146 4,672 3,254 10,151 7,594 $ 82,897_ 73,957 495,187 884,362 241,785 37,037 76,665 36,764 $1,845,757 CITY OF WHEAT RIDGE, COLORADO GENERAL FUND STATEMENT OF EXPENDITURES COMPARED TO BUDGET YEAR ENDED DECE~rnER 31, 1982 (Continued) WITH COMPARATIVE ACTUAL ~~OUNTS FOR YEAR ENDED DECEMBER 31, 1981 1982 Budget Actual Variance Favorable (Unfavorable) 1981 Actual PUBLIC WORKS Public Works Administration $ 86,940 $ 84,563 $ 2,377 $ 68,284 Engineering 234,368 228,237 6,131 364,336 Street Maintenance 635,070 607,482 27 ,588 306,879 Traffic Maintenance 96,374 90,719 5,655 53,403 $1,052,752 $l,On,OOl $ 41,751 $ 792,902 PARKS AND RECREATION - TOTAL 65,532 64,240 1,292 58,242 297,121 289,888 7,233 241,377 303,319 297,186 6,133 277,213 80,327 76,595 3,732 66,696 79,518 74,090 5,428 73,198 $ 825,817 $ 801,999 $ 23,818 $ 716,726 2,379,241 2,j79,241 $2,379,241 $2,379,241 $8,158,300 $5,476,895 $2,681,405 $4,790,235 - Parks and Recreation Administration Recreation Parks ~!aintenance Forestry Park Ranger - - CONTINGENCY - 31 CITY OF \fHEAT RIDGE, COLO~~DO GENERAL FUND STATEHENT OF REVENUES COHPARED TO BUDGET YEAR ENDED DECENBER 31, 1982 \HTH COHPARATTVE ACTUAL AHOUNTS FOR YEAR ENDED DECENBER 31, 1981 1982 Budget Actual Variance Favorable (Unfavorable) 1981 Actual TA.XES Real Property Tax $ 457,200 $ 442,347 $(14,853) $ 443,284 Liquor Occupation Tax 32,000 42,086 10,086 35,337 Vehicle ~vnership Tax 45,000 39,077 (5,923) 42,460 Sales Tax 2,313,500 2,292,160 (21,340) 1,932,461 I Use Tax 550,000 631,103 81,103 733,882 - Public Service Franchise Tax 740,000 678,183 (61,817) 572,361 Telephone Occupation Tax 102,500 97,644 (4,856) 97,644 $4,240, ~OO $4,222,600 $ (17 , 6Q9~ $3,857,430 LICENS ES & PERNITS - Amusement Machine License 5,000 9,575 4,575 5,853 Arborist License 600 655 55 680 Contractors License 24,000 30,863 6,863 20,738 - Liquor License Fees 3,000 3,165 165 3,039 Security Guard License 400 1,125 725 510 Building Permits 100,000 74,672 (25,328) 116,044 - Street Cut Permits 8,000 5,057 (2,943) 8,371 Cable Television Permits -0- -0- -0- -0- ------ $ 141,000 $ 125,112 $(15,888) $ 155,234 I - INTERGOVEfu~IENTAL REVENUE Cigarette Tax 213,000 195,973 (17,027) 197,350 Count,' Road and Bridge 197,000 211 ,532 14,532 201,248 Highway Users Tax 390,400 323,197 (67,203) 304,715 Motor Vehicle Registration 11 0,_000 115,750 5,750 108,100 $ 910,400 $ 846,452 $(6h948) $ 811,413 *See accompanying notes to Financial Statements 32 CITY OF WHEAT RIDGE, COLORADO GENERAL FUND STATEMENT OF REVENUES COMPARED TO BUDGET YEAR ENDED DECEMBER 31, 1982 (Continued) WITH COMPARATIVE ACTUAL A}10UNTS FOR YEAR ENDED DECEMBER 31, 1981 1982 Variance Favorable 1981 Budget Actual (Unfavorable) Actual CHARGES FOR SERVICES - Zoning Application Fees $ 6,000 $ 5,800 $ (200) $ 4,872 Liquor Hearing Fees 6,000 6,350 350 7,109 Parks & Recreation Fees 110,000 127,787 17,787 97,171 Swimming Pool Fees 35,000 28,215 (6,785) 32,790 Police Records Fees 4,000 5,361 1,361 3,688 $ 161,000 $ 173,513 $ 12,513 $ 145,631 - FINES AND FORFEITS - Municipal Court Fines 73,000 90,151 17,151 69,752 -$ 73,000 $ 90,151 $ 17,151 $ 69,752 INTEREST INCOME - Interest Earnings 250,000 413,692 163,692 408,475 $ 250,000 $413, 6-92 $163,692 $ 408,475 - MISCELLANEOUS REVENUE Rents 5,600 5,255 (345) 5,888 I - Miscellaneous Income 25,000 35,675 ~0,675 41,832 $ 30,600 $ 40,930 $ 10,330 $ 47,720 TOTAL $5,806,200 $5,912,450 $106,250 $5,495,655 - 33 SPECIAL REVENUE FUNDS - SPECIAL REVENUE FUNDS ARE USED TO ACCOUNT FOR THE PROCEEDS OF SPECIFIC REVENUE SOURCES (OTHER THAN SPECIAL ASSESSMENTS, EX- PENDABLE TRUST, OR MAJOR CAPITAL PROJECTS) THAT ARE LEGALLY RE- STRICTED TO EXPENDITURES FOR SPECIFIED PURPOSES. - - Federal Revenue Sharing Fund The Federal Revenue Sharing Fund was established to account for those funds received through the "State and Local Fiscal Assistance Act of 1972, as amended." This act provides funds to units of local governments to be used for ordinary and necessary maintenance, operating expenses, and capital expenditures author- ized by law. The Act also specifies certain restrictions and procedural requirements. - - - Park Acquisition Fund The Park Acquisition Fund was established to account for funds received and designated for use in the acquisition of additional park1ands and improvements. - Capital Improvement Fund The Capital Improvement Fund (formerly Sales Tax Improvement Fund) was established to account for funds received as a result of a one percent increase in the City's sales tax. The expenditures of this fund are to be used for capital expenditures as approved by City Council. - - - Building Demolition Fund The Building Demolition Fund was established, during 1981, as a revolving fund. Structures are demolished at city expense, the property owner is then billed for the cost of demolition. Senior Center Fund The Senior Center Fund was established, during 1981, to account for contributions made to the Senior Center. The expenditures of this fund are used to support activities of the center. 35 CITY OF WHEAT RIDGE, COLORADO SPECIAL REVENUE FUNDS COMBINING BALANCE SHEET DECEMBER 31, 1982 WITH COMPARATIVE TOTALS FOR DECEMBER 31, 1981 Federal Park Revenue Acqui- Capital Sharing sition Improvement Fund Fund Fund ASSETS Cash: Operating Account $ 115 $ $ Savings Account 260,748 15,981 Certificates of Deposit 2,446,873 Accounts Receivable: U.S. Government 62,307 - Jefferson County 62,980 Due from other Funds 466,456 TOTAL $323,170 $15,981 $2,976,309 LIABILITIES Accounts Payable $ 194 $ 250 $ 171 ,084 - Deferred Revenues Due to other Funds Total Liabilities 194 250 171,084 - FUND EQUITY Fund Balances: Reserved for Encumbrances 16,351 1,350 1,455,884 Unreserved Designated for subsequent years Expenditures 232,000 14,381 650,000 Undesignated 74,625 --- 699,341 Total Fund Balance 322,976 15,731 2,805,225 TOTAL $323,170 $15,981 $2,976,309 *See accompanying notes to Financial Statements 36 CITY OF ~~EAT RIDGE, COLORADO SPECIAL REVE~~E FUNDS COMBINING BALANCE SHEET (Continued) DECE}ffiER 31, 1982 \-lITH COHPARATIVE TOTALS FOR DECilffiER 31, 1981 Building Demolition Fund Senior Center Fund Totals 1982 1981 - $ $7,537 $ 7,652 $ 22,091 11 ,053 287,782 283,837 2,446,873 2,554,337 - 62,307 62,033 62,980 180 466,636 ,-- -~ ~--- - ';11,053 $7,7] 7 $3d34,;1)0 E~ 22 ,1.28 ------~- - " $ 357 $ 171 ,885 $ 36,567 , 7,360 7,360 86,777 - --- ----~--_.-._--- -------- -- ~~- ~12 ]79,245 _~_23 -,-344 --- ---- - 1,473,585 1,278.188 - 10,775 907,156 916,325 278 ____U 4 , 2_'0 _ 604 ,..i4_l - ---- ~,_~3 - -..---- ]_,}~,~~5 _h~~~-,-9_5!~ illJ~53 $7,717 $~334_,23Q $2,CJ22,298 ---~- ---- ---- --- 37 CITY OF WHEAT RIDGE, COLORADO SPECIAL REVENUE FUNDS COHBINING STATENENT OF REVENUES, EXPENDITURES, AND CHMGES IN FUND BALA.."lCES (NON-GAAP BUDGETARY BASIS) YEAR ENDED DECEHBER 31, 1982 WITH COMPARATIVE TOTALS FOR YEAR ENDED DECEMBER 31, 1981 Federal Revenue Sharing Fund REVENUES Sales Tax U.S. Government Jefferson County Urban Drainage District Hisce11aneous Income Interest Income Charges for Services $ 248,408 30,491 Total Revenues 278,899 EXPENDITURES General Government Public Safety Public Works Parks and Recreation 21,648 42,985 126,505 10,090 Total Expenditures 201,228 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES 77 ,671 OTHER FINANCING SOURCES (USES) Operating Transfers - In Operating Transfers - Out FUND BALA.."lCE, BEGINNING OF YEAR 228,954 FUND BALANCE, END OF YEAR $306,625 *See accompanying notes to Financial Statements 38 Park Acquisition Fund $ 1,157 1,425 2,582 9,243 9,243 (6,661) 21,042 $14,381 Capital Improvement Fund $2,292,160 - - 370,850 2,663,010 - - 22,496 2,399,744 133,401 - 2,555,641 - 107,369 - - - 1,241,972 $1,349,341 CITY OF WHEAT RIDGE, COLORADO SPECIAL REVENUE FUNDS CO~BINING STATEMENT OF REVENUES, EXPENDITURES, fu~D CHfu~GES IN FlmD BALANCES (Continued) (NON-GAAP BUDGETARY BASIS) YEAR ENDED DECEMBER 31, 1982 WITH COMPARATIVE TOTALS FOR YEAR ENDED DEC~rnER 31, 1981 Building Demolition Fund Senior Center Fund Totals 1982 1981 39 CITY OF IffiEAT RIDGE, COLORADO FEDERAL REVENUE SHARING FUND COMPARATIVE BALANCE SHEET YEARS ENDED DECEMBER 31, 1982 AND 1981 1982 1981 ASSETS Cash: Operating Account Savings Account Accounts Receivable: U.S. Government $ 115 260,748 62,307 Total Assets ~3,170 LIABILITIES Accounts Payable 194 Total Liabilities 194 FUND EQUITY Fund Balances: Reserved for Encumbrances Unreserved Designated for Subsequent Years Expenditures Undesignated 16,351 232,000 74,625 Total Fund Balance 322,976 TOTAL $323,170 *See accompanying notes to Financial Statements 40 $ 115 250,313 62,033 312,461 877 877 - 82,630 34,100 194,854 311,58~ $312,461 CITY OF WHEAT RIDGE, COLORADO FEDERAL REVENUE SHARING FUND STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE BUDGET ~~D ACTUAL (NON-GAAP BUDGETARY BASIS) YEAR ENDED DECEMBER 31, 1982 WITH COMPARATIVE ACTUAL AMOUNTS FOR YEAR ENDED DECEMBER 31, 1981 1982 21,550 2\ ,648 (98) 319 43,000 42,985 15 37,219 217,484 126,505 90,979 234,852 10,200 10,090 110 9,202 292 ,234 201,228 91,006 281,592 Budget Actual Variance Favorable (Unfavorable) - REVENUES Sales Tax Interest Income $ 274 20,491 $248,408 30,491 $248,134 10,000 Total Revenues 258,134 278,899 20,765 - - EXPENDITURES General Government Public Safety Public Works Parks and Recreation - Total Expenditures - EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES (34,100) 77 ,671 111,771 - OTHER FINANCING SOURCES (USES) Operating Transfers - In _ Operating Transfers - Out - FUND BALfu~CE, BEGINNING OF YEAR 34,100 228,954 194,854 FUND BALANCE, END OF YEAR $ $306,625 $306,625 *See accompanying notes to Financial Statements - 1981 Actual $238,1l2 43,302 281,414 (178) 229,132 $228,954 41 CITY OF WHEAT RIDGE, COLOfu\DO PARK AC~UISITION Fu~D COMPARATIVE BALANCE SHEET YEARS ENDED DECErlBER 31, 1982 AND 1981 1982 1981 ASSETS Cash: Savings Account $15,981 $21,-042 Total ,\ssets 15,981 21,-042 -- LIABILITI::S - Accounts Payable 250 ---- Total Liabilities 250 - FUND EQUITY Fund Balances: Reserved for Encumbrances 1,350 Unreserved: Designated for Subsequent Years Expenditures 14,381 22,000 Undesignated (958) Total Fund Balance 15,731 21,042 - TOTAL $15 , 'L81 ~~042 _._~ ~- *See accompanying notes to Financial Statements 42 CITY OF WHEAT RIDGE, COLORADO PARK ACQUISITION FUND STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE BUDGET AND ACTUAL (NON-GAAP BUDGETARY BASIS) YEAR ENDED DECEMBER 31, 1982 WITH COHPARATIVE ACTUAL AHOUNTS FOR YEAR ENDED DECE}1BER 31, 1981 1982 Budget Actual Variance Favorable (Unfavorable) 1981 Actual REVENUES Interest Income Charges for Services $ 740 19,078 $ 100 1,000 $ 1,157 1,425 $ 1,057 425 Total Revenues 1,100 2,582 1,482 19,818 EXPENDITURES Parks and Recreation 23,100 9,243 13,857 1,589 - Total Expenditures 23,] 00 9,243 13,857 1,589 - (DEFICIENCY) EXCESS OF REVENUES OVER EXPENDITURES (22,000 (6,661) 15,339 18,229 - OTHER FINk~CING SOURCES (USES) Operating Transfers - In Operating Transfers - Out FUND BALANCE, BEGINlUNG OF YEAR 22,000 21,042 (958) 2,813 - FUND BALANCE, END OF YEAR $ $14,381 $14,381 $21,042 *See accompanying notes to Financial Statements 43 CITY OF WHEAT RIDGE, COLORADO CAPITAL IMPROVEHENT FUND CO}WARATIVE BALANCE SHEET YEARS ENDED DECE}ffiER 31, 1982 AND 1981 1982 1981 ASSETS Cash: Certificates of Deposit Accounts Receivable: Jefferson County Due from Other Funds $2,446,873 $2,554,337 62,980 466,456 Total Assets ~26, 30~ ~~}ll LIABILITIES Accounts Payable Due to Other Funds 171,084 35,330 86,777 Total Liabilities 171,084 122-,-1.92 FUND EQUITY Fund Balances: Reserved for Encumbrances Unreserved: Designated for Subsequent Years Expenditures Undesignated TOTAL 1,455,884 1,190,258 - 650,000 850,000 699,341 391,972 ~05,2E 2,432,230 $2,976,309 $2,554,337 Total Fund Balance *See accompanying notes to Financial Statement 44 CITY OF ~~EAT RIDGE, COLORADO CAPITAL IMPROVEMENT FUND STATEMENT OF REVENUES, EXPENDITURES A."lD CHfu'1GES IN FUND BALANCE BUDGET AND ACTUAL (NON-GAAP BUDGETARY BASIS) YEAR ENDED DECEMBER 31, 1982 WITH COMPARATIVE ACTUAL AMOUNTS FOR YEAR ENDED DECEMBER 31, 1981 1982 Variance Favorable 1981 Budget Actual (Unfavorable) Actual REVENUES Sales Tax $2,313,500 $2,292,160 $ (21,340) $1,932,461 Jefferson County 353,026 - Urban Drainage District 19,570 Interest Income 100,000 370,850 270,850 396,292 Total Revenues 2,413,500 2,663,010 249,510 2,701,349 - EXPENDITURES - General Government 35,000 22,496 12,504 Public Works 2,970,000 2,399,774 570,256 2,916,865 Parks and Recreation 20,000 133,401 (113,401) 2,518 - Total Expenditures 3,025,000 2,555,641 469,359 2,g19,383 - (DEFICIENCY) EXCESS OF REVENUES OVER EXPENDITURES 611 ,500 107,369 718,869 (218,034) - OTHER FINA.'1CING SOURCES (USES) Operating Transfers - In Operating Transfers - Out (65,518) FUND BALANCE, BEGINNING OF YEAR 850,000 1,241,972 391,972 1,525,524 FUND BALA.'1CE, END OF YEAR $ 238,500 $1,349,341 $1,110,841 $1,241,972 *See accompanying notes to Financial Statements 45 CITY OF HHEAT ~IDGE-,-- C01~ORADQ BUILDING DEHOLITION FUND COMPARATIVE BALANCE SHEET YEARS ENDED DECErlBER 31, 1982 AND 1981 1982 1981 ASSETS Cash: Savings Account $11,053 $10,488 Total Assets 11,053 ~,,-s..8 -- --- - LIABILITIES Accounts Payable ~- Total Liabilities --- --- FUND EQUITY - Fund Balances: Reserved for Encumbrances Unreserved: - Designated for Subsequent Years Expf'nditures 10,775 10,225 Undesignated 278 263 -- - Total Fund Balance 11,053 10,488 TOTAL B_~53 $10,488 *See accompanying notes to Financial Statements 46 CITY OF WHEAT RIDGE, COLORADO BUILDING DEMOLITION FUND STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE BUDGET AND ACTUAL YEAR ENDED DECEMBER 31, 1982 WITH COMPARATIVE ACTUAL AMOUNTS FOR YEAR ENDED DECEMBER 31, 1981 1982 Budget Variance Favorable (Unfavorable) Actual - - REVENUES Interest Income 15 $ $ 550 $ 565 Total Revenues 550 565 15 1981 Actual $ 488 488 EXPENDITURES - ~ublic Safety 10,775 -- 10,775 Total Expenditures 10,775 10,775 -~ - EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES (10,225) 565 10,790 488 - OTHER FINANCING SOURCES (USES) - Operating Transfers-in 10,000 Operating Transfers-out - FUND BALANCE, BEGINNING OF YEAR 10,225 10,488 263 -- - FUND BALANCE, END OF YEAR $ $11,053 $11 ,053 $10,448 ~- --- - *See accompanying notes to Financial Statements - - 47 CITY OF WHEAT RIDGE, COLORADO SENIOR CENTER FUND COMPARATIVE BALANCE SHEET YEARS ENDED DECEMBER 31, 1982 AND 1981 1982 1981 ASSETS Cash: Operating Account $7,537 $ Savings Account 1,994 Due from Other Funds 180 - Total Assets ~17 1,994 LIABILITIES Accounts Payable Deferred Revenues 357 7,360 - 7,717 Total Liabilities FUND EQUITY Fund Balances: Reserved for Encumbrances Unreserved: Designated for Subsequent Years Expenditures Undesignated - 1,994 - 1,994 Total Fund Balance - TOTAL $7,717 $1,994 *See accompanying notes to Financial Statements 48 CITY OF WHEAT RIDGE, COLORADO SENIOR CENTER FUND STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE BUDGET AND ACTUAL YEAR ENDED DECEMBER 31, 1982 WITH COMPARATIVE ACTUAL AMOUNTS FOR YEAR ENDED DECEMBER 31, 1981 1982 Budget Actual REVENUES Miscellaneous Income Interest Income $2,000 50 $ 867 240 Total Revenues 2,050 1,107 - EXPENDITURES Parks and Recreation _2,050 _J..,Je07 Total Expenditures 2,05Q ~,107 - - EXCESS (DEFICIANCY) OF REVENUES OVER EXPENDITURES - OTHER FINANCING SOURCES (USES) Operating Transfers-in Operating Transfers-out - FUND BALANCE, BEGINNING OF YEAR - FUND BALANCE, END OF YEAR $ s - *See accompanying notes to Financial Statements - Variance Favorable (Unfavorable) $(1,133) 190 (943) 943 943 L___ 1981 Actual $2,862 146 3,008 1,014 1,014 1,994 $1,994 49 TRUST AND AGENCY FUNDS - - TRUST AND AGENCY FUNDS ARE USED TO ACCOUNT FOR ASSETS HELD BY THE CITY IN A TRUSTEE CAPACITY OR AS AN AGENT FOR THE CITY, THESE FUNDS INCLUDE AN EXPENDABLE TRUST, A PENSION TRUST, AND TWO AGENCY FUNDS. EX- PENDABLE TRUST FUNDS ARE ACCOUNTED FOR IN ESSENTIALLY THE SAME MANNER AS GOVERNMENTAL FUNDS. PENSION TRUST FUNDS ARE ACCOUNTED FOR IN ESSENT- IALLY THE SAME MANNER AS PROPRIETARY FUNDS, SINCE CAPITAL MAINTENANCE IS CRITICAL. AGENCY FUNDS ARE CUSTODIAL IN NATURE (ASSETS EQUAL LIA- BILITIES) AND DO NOT INVOLVE MEASUREl1ENT OF RESULTS OF OPERATIONS. - - - Policemen's Pension Fund The Policemen's Pension Fund was established co account for funds received from participants, the City's General Fund and the State of Colorado. The funds are held in trust for disbursement to qualified participants upon leaving the plan or upon qualified retirement. - - Public Works Escrow Fund The Public Works Escrow Fund, an agency fund, was established to account for funds received as financial guarantees prior to the issuance of certain authorized construction permits. Upon completion of all required work under the permits, the funds are refunded. - CATV Property Damage Fund The CATV (cable television) Property Damage Fund, an agency fund, was established to account for funds received from the cable television permittee faD settlement of minor unresolved claims against the permittee for damage to private property. The fund was established with an initial funding of $5,000. The permittee is required to restore city paid settle- ments within fourteen days after notification. - - - Conservation Trust Fund The Conservation Trust Fund, an expendable trust fund, was established to account for funds, received and restricted for use in the acquisition, development and maintenance of new conservation sites pursuant to Chapter 138-1-09 of the Revised Statutes of the State of Colorado. During 1981 and 1982 the only income for this fund was interest earned on savings accounts. There were no expenditures. - 51 52 CITY OF WHEAT RIDGE, COLORADO FIDUCIARY TRUST AND AGENCY FUNDS COMBINING BALANCE SHEET DECEMBER 31, 1982 WITH COMPARATIVE TOTALS FOR DECEMBER 31, 1981 *See accompanying notes to Financial Statements CITY OF WHEAT RIDGE, COLORADO FIDUCIARY TRUST AND AGENCY FUNDS COMBINING BALANCE SHEET (Continued) DECEMBER 31, 1982 WITH COMPARATIVE TOTALS FOR DECEMBER 31, 1981 Expendable Trust Fund - Conservation Trust Totals 1982 1981 - - $438 $ 5,851 $ 47,524 24,349 34,756 1,605,292 1,375,870 - ~-~- _16,882 $438 $1,635,492 $1,475,032 - $ - $ 25,138 $ 31,889 - 4,624 3,0~:2. 2921i2. __~4,954 - 1,605,292 1,439,662 438 438 416 - ------- 438 ..l....~_o.s , 730 ..l,440,07l3_ - $438 n~35 L~JJ g,Lf7~,-032 ~._-~~ -~-- - - - 53 CITY OF WHEAT RIDGE, COLORADO FIDUCIARY TRUST AND AGENCY FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES YEAR ENDED DECEMBER 31, 1982 Pension Trust Fund Agency Public Works Escrow Policemen's Pension REVENUES Intergovernmental Revenue Charges for Services Interest Income Miscellaneous Revenue City Contributions Employee Contributions State Contribution $ $ 215,397 22,098 123,232 123,232 1,559 8,150 Total Revenues 483,959 9,709 EXPENDITURES Refund of Deposits Refund of Contributions Miscellaneous Services & Charges 20,000 298,047 20,282 Total Expenses 318,329 20,000 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES 165,630 (10,291) FUND BALANCE, BEGINNING OF YEAR 1,439,662 34,954 FUND BALANCE, END OF YEAR $1,605,292 $24,663 *See accompanying notes to Financial Statements 54 Funds CATV Property Damage $ - 99 5,000 - - 5,099 - - 5,099 $5, 09~_ CITY OF \'11EAT RIDGE, COLORAD.o FIDUCIARY TRUST A~~ AGENCY FUNDS COHBINING STATEHENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES (Continued) YEAR ENDED DECEMBER 31, 1982 Expendable Trust Fund Conservation Trust ToJ:.a1 s 1982 1981 $ - s $ 22 217,077 195,214 35,248 35,322 123,232 97,681 123,232 97,681 11 ,996 - 22 --"2.8.., 789 437,894 ~ --- - 20,000 37,329 - 298,047 82,048 _~_:2..Q., 282 10,705 - ~}1.8_, 329 130,082 ~- - 22 J _~.O. ,_,,- 60 307,812 416 l,-4]_5,032 J,167,22.o $438 11.,_f135,4.92 $1,475,032 ~ ---- 55 CITY OF WHEAT RIDGE, COLORADO STATEMENT OF CHANGES IN FINANCIAL POSITION POLICEMEN'S PENSION FUND Year Ended December 31 1982 1981 SOURCE OF FUNDS Net Income Sale of U.S. Government Securities Increase in Accrued Interest 165,631 $ 320,240 26,187 (15,329) 331,098 $ 165,631 USE OF FUNDS Net Amounts Deposited with Plan Trustee - 1,588,411 INCREASE (DECREASE) IN CASH (1,422,780) 331,098 - CASH, BEGINNING OF YEAR 1,422,780 1,091,682 - CASH, END OF YEAR $ $1,422,780 - *See accompanying notes to Financial Statements 56 GENERAL FIXED ASSETS ACCOUNT GROUP - - - - - FIXED ASSETS OF A GOVERNMENTAL UNIT WHICH ARE NOT ACCOUNTED FOR IN AN ENTERPRISE, TRUST OR INTERNAL SERVICE FUND ARE ACCOUNTED FOR IN THE GENERAL FIXED ASSETS ACCOUNT GROUP. - - - - - 57 CITY OF WHEAT RIDGE, COLORADO SCHEDULE OF GENERAL FIXED ASSETS BY FUNCTION AND ACTIVITY YEAR ENDED DECEMBER 31, 1982 FUNCTION AND ACTIVITY Total Land Buildings Improvements Equipment General Government City Council $ 8,693 $ $ $ $ 8,693 City Treasurer 39,359 39,359 Mayor 5,180 5,180 City Administrator 19,353 19,353 City Attorney 11,318 11,318 City Clerk 28,542 28,542 Municipal Court 21,564 21,564 Administrative Services Administration 13,379 13,379 Purchasing 8,186 8,186 Personnel 13,506 13,506 Building Maintenance 1,861,283 1,840,227 8,575 12,481 Community Development Admin. 7,959 7,959 Planning and Zoning 20,379 20,379 Shops 578,771 60,000 518,771 Carnation Festival - General Operations Total General Governmental 2,637,472 1,900,227 8,575 728,670 - Public Safety Police Administration 21,274 3,145 18,129 Support Services 106,562 106,562 Patrol and Traffic 249,459 249,459 - Technical Services 59,220 59,220 Animal Control 9,315 9,315 Building Inspection 11 , 960 11,960 Code Enforcement 5,722 5,722 Civic Disaster 2,417 2,417 Total Public Safety 465,929 3,145 462,784 Public \\forks Public \\forks Administration 404,436 274,227 130,209 Engineering 349,291 349,291 Street Maintenance 8,098,947 7,158,975 939,972 Traffic Maintenance 138,476 138,476 Total Public Horks 8,991,150 7,433,202 1,557,948 Parks and Recreation Parks and Recreation Admin. 92,071 25,000 1,500 16,658 48,913 Recreation 498,098 198,235 39,617 39,526 220,720 Parks Maintenance 2,943,847 1,547,805 878,483 286,717 230,842 Forestry 58,696 58,696 Park Ranger 56,250 56,250 Total Parks and Recreation 3,648,962 1,771,040 919,600 342,901 615,421 TOTAL GENERAL FIXED ASSETS $15,743,513 $9,204,242 $2,819,827 $354,621 $3,364,823 *See accompanying notes to Financial Statements 58 CITY OF WHEAT RIDGE, COLORADO SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS BY FUNCTION AND ACTIVITY YEAR ENDED DECEMBER 31, 1982 FUNCTION AND ACTIVITY - General Government City Council City Treasurer Mayor City Administrator City Attorney City Clerk Municipal Court Administrative Services Administration Purchasing Personnel Building Maintenance Community Development Admins. Planning and Zoning Shops Carnation Festival General Operations Total General Government - - - Public Safety Police Adminstration Support Services Patrol and Traffic Technical Services Animal Control Building Inpsection Code Enforcement Civic Disaster Total Public Safety - - - Public Works Public Works Administration Engineering Street Maintenance Traffic Maintenance Total Public Works - - Parks and Recreation Parks and Recreation Admin. Recreation Parks Maintenance Forestry Park Ranger Total Parks and Recreation TOTAL GENERAL FIXED ASSETS General Fixed Assets 1/01/82 Additions Deductions $ 8,693 $ $ 38,429 930 5,180 19,303 50 11,318 27,753 789 21,564 13,298 81 8,186 13,172 334 1,814,113 47,170 7,859 100 19,649 730 552,778 26,467 474 2,561,295 76,651 474 19,013 104,745 222,899 55,182 9,315 11 ,960 5,722 2,417 443,385 2,261 1,817 30,372 4,038 38,488 3,812 _~ 812 7,118 8,882 40,921 56,897 2,329 2,329 $63,512 General Fixed Assets 12/31/82 $ 8,693 39,359 5,180 19,353 11 ,318 28,542 21,564 13,379 8,186 13,506 1,861,283 7,959 20,379 578,771 2,637,472 21,274 106,562 249,459 59,220 9,315 11 ,960 5,722 2,417 465,929 404,436 349,291 8,098,947 138,476 8,991,150 92,071 498,098 2,943,847 58,696 56,250 3,648,962_ $15,743,513 59 - Fiscal Year TABLE I CITY OF WHEAT RIIX;F., COIDRAOO GENERAL GOVERNMENTAL EXPENDITURES OF FUN:TIONS GENERAL FUND General Governrrental last Ten Fiscal Years Public Safety Public Works Parks & Fecreation Total - 1973 $ 269,566 $ 710,856 $ 619,148 $ 255,509 $ 1,855,079 1974 392,702 990,259 942,778 300,727 2,626,466 - 1975 439,292 1,013,304 755,440 311,359 2,519,395 - 1976 537,207 1,196,018 513,154 360,050 2,606,429 1977 292,233 1,039,401 511,142 767,969 3,247,745 - 1978 957,828 1,091,526 707,406 431,370 3,188,130 1979 960,157 1,403,831 806,805 552,629 3,723,422 - 1980 1,155,293 1,598,132 991,384 654,024 4,398,833 - 1981 1,434,850 1,84S,757 792,902 716,726 4,790,235 1982 1,556,311 2,107,584 1,011,001 801,999 5,476,895 ~--- ---- -~--- "-~._--- --- ~--,--,_. 63 0 0'1 (V) .--l 0'1 <;t N CO Lf) 0 CJ) CO CO \D 0'1 Lf) CO N (V) Lf) Lf) !j \D r- 0'1 CO <;t r- Lf) r- \D <;t - CO Lf) r- Lf) r- Lf) CO .--l Lf) N \D CO 0'1 0 N 0'1 .--l (V) 0'1 .--l 0 <;t \D .--l <;t r- (V) r- <;t 0'1 - - N N N (V) (V) (V) <;t <;t Lf) Lf) {l)- I 0 0 III 0 r- 0 <;t Lf) Lf) 0'1 CO E-< .--l CO <;t Lf) (V) N CO r- 0 0 d N N <;t N 0 .--l (V) .--l (V) <;t 0'1 (V) .--l r- \D 0 (V) 0'1 - - - - - - .--l <;t Lf) 0'1 \D 0 N Lf) 0 (V) .--l (V) .--l .--l N Lf) <;t <;t N {f} Lf) \D Lf) CO 0'1 0 \D N Lf) N - tl~ \D 0'1 r- CO r- N 0'1 <;t 0'1 0'1 .--l r- (V) CO r- 0 N N .--l \D - - - ~~ r- CO CO CO <;t 0'1 <;t <;t \D (V) N .--l .--l (V) r- \D .--l \D Lf) .--l .--l .--l <;t <;t H {I)- ~~ ~~ <;t .--l CO CO \D CO 0 <;t N .--l <Xl <;t 0 N CO Lf) Lf) (V) Lf) Lf) .--l CO .--l Lf) CO N 0 <;t r- .--l ~~ - - en ~H r- N 0 <;t <;t Lf) 0'1 CO 0'1 0 ~ (V) <;t Lf) <;t Lf) Lf) Lf) r- \D 0'1 ~~ - ~:~ ~ ~ {f} H .--l H <1l U ~ ;11 en - 'r-! 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'" ~ ~ ~ ~ '" ~ ~ ~ ,.--\ ,.--\ TABlE VIII CITY OF WHEAT RIDGE, COWRAOO <X'MPUTATION OF lEGAL DEBT MARGIN December 31, 1982 Assessed Value (1981 Assessed Valuation) Actual Value Debt Limit - 3 per cent of actual vallE Anount of debt applicable to debt limit 'Ibtal bonded debt (including special assessment bonds) Less Assets in debt service funds available for payment of principle Other deductions allowed by law $ - $ - 'Ibtal deductions 'Ibtal amount of debt applicable to debt limit Legal debt rrargin 70 $ - $ 131,113,740 437,045,756 13,111,374 - - - $ - $ 13,111,374 TABLE IX CITY OF WHEAT RIDGE, COIDRAOO CCWurATION OF OVERrl\PPING DEBT December 31, 1982 - J1JRISorCI'ION NET DEBT OUTSTANDING PERCENI'AGE APPLICABLE 'ill CITY OF WHEAT RIDGE AM)UNI' APPLICABLE 'ill CITY OF \~T RIDGE - - None - - - - - - - - 71 TABLE X CITY OF WHEAT RI[X;E, COWRAOO RATIO OF ANNUAL DEBT SERVICE EXPENDITURES FOR GENERAL BONDED DEBT 'ID TOI'AL GENERAL EXPENDrI'URES Last Ten Fiscal Years TOI'AL RATIO OF DEBT FISCAL TOI'AL DEBT GENERAL SERVICE 'ID GENERAL YEAR PRINCIPAL INI'EREST SERVICE EXPENDITURES (1) EXPENDITURES - 1973 $ 1,867,066 1974 2,588,688 - 1975 2,532,935 1976 2,592,716 - 1977 3,517 ,599 - 1978 3,358,872 1979 3.907,083 1980 4,401,837 1981 4,790,235 1982 5,476,895 - .- NOrE: (1) Includes General Fund only. 72 TABLE XI CITY OF ~~EAT RIDGE, COLORADO DEMOGRAPHIC STATISTICS Last Ten Fiscal Years FISCAL YEAR POPULATION (1) PER CAPITA INCOME EDUCATION LEVEL MEDIAN IN YEARS OF AGE FORMAL SCHOOLING % SCHOOL UNEMPLOYMENT ENROLLMENT RATE (2) 1973 29,907 $ 5,578 32 12.8 6,546 - % 1974 29,950 5,967 32 12.8 6,353 - 1975 29,993 6,356 32 12.8 6,285 5.7 1976 30,036 6,917 32 12.8 6,268 4.6 - 1977 30,078 7,477 33 12.8 6,015 4.5 1978 30,121 8,403 33 12.8 5,750 3.8 - 1979 30,164 9,329 33 12.8 5,455 3.3 - 1980 30,207 10,102 34 12.8 5,140 4.3 1981 30,250 10,940 34 12.8 4,808 4.5 - 1982 30,293 11,850 34 12.8 4,791 5.4 - SOURCES: (1) Census Bureau (2) Colorado Division of Employment & Training; this is Jefferson County data since no data for ~~eat Ridge is kept. 73 TABLE XII CITY OF WHEAT RICGE, COIDRAOO PffiPERrY VALUE, CONSTRUCTION Al,n BANK DEPOSITS Last Ten Fiscal Years CCMMERCIAL RESIDENTIAL mNSTRUCTION CONSTRUCTION BANK FISCAL NUMBER NUMBER DEPOSITS PffiPERrY YEAR OF UNITS VAIDE OF UNITS VALUE (In Thousands) VALUE * - 1973 16 $ 1,170,575 211 $ 2,604,490 $ 9,460 $ 216,143,345 1974 12 1,197,122 59 1,033,532 14,968 232,810,010 1975 12 778,707 36 964,848 20,243 252,907,875 - 1976 12 1, 842,998 50 1,535,239 27,109 261,631,341 1977 15 1,606,389 110 3,290,134 37,329 372,435,324 - 1978 14 2,089,877 19 913,372 49,560 389,952,461 1979 16 5,148,178 82 2,078,171 53,467 403,425,293 1980 13 1,973,771 20 1,216,517 56,588 422,730,091 - 1981 22 13,562,824 151 5,703,199 64,562 424,829,691 1982 ----L ~332.L.lQL 197 5, 79~927.. 82,479 437,045,756 - _.~--- ----- ---.- * Estimated actual value. Jefferson COlmty is the collection agent for the City of Wheat Ridge, and as such, =uld not provide historical data relating to commercial, residential, and nontaxable property as distinct entities. 74 TABLE XIII CITY OF WHEAT RIJ:X;E, COIDRADO PRINCIPAL TAXPAYERS December 31, 1982 - - PERCENTAGE ASSESSED OF TOI'AL TAXPAYER TYPE OF BUSINESS VALUATION VALUATION - Public Service Corrpany Utilities $ 3,054,220 2.33 % - Coors Container Co:tp. Brewery 1,729,670 1.32 Applewcxx1 Village Retail Sales 1,710,940 1. 30 - M::nmtain Bell Telephone utility 1,624,500 1.24 Francis I. Tsuzuki Developer 957,400 .73 - Lee R. Krmz Developer 852,300 .65 - Eagle Land Corrpany Developer 772,200 .59 3000 Limited Partnership Developer 591,300 .45 - Eugene Smaldone Developer 494,430 .38 Ranada Inn - I 70 West lodging 487,270 .37 - $ 12,274,230 9.36 % - - - 75 TABLE XIV CITY OF WffiAT RIrx;E, CDIDRAID MISCELLANEDUS STATISTICS Date of Incorp::>ration Form of Governrrent Area Miles of Streets Nurrber of Street Lights 1969 Mayor - Council 9.1 Sq. Miles 125 1,311 Fire Protection Number of Stations Ntmber of Firerren and Officers (exclusive of volunteer firemen) 2 1 Police Protection Number of Stations Ntmber of Policerren and Officers Education (elementary only) Attendance Centers Number of Classrooms (permanent) Number of Teachers Number of Students 1 52 - 6 101 120 - 1,798 - Municipal Water D=partrrent Ntmber of Consumers (1) Average Daily Consumption (1) Miles of Water Mains (1) - Se~rs Sanitary Se~rs (1) Storm Sewers 22.8 - Building Permits Issued 114 Pecreation and CUlture Nurnber of Parks Number of Libraries Number of Volurres 16 vI/506 Acres 1 35,000 Employees Classified Service Exerrpt 151 7 (1) 18 Water and Sanitation Districts lie within City of WlEat Ridge boundaries, with some districts overlapping into other municipalities, therefore, accurate data for Wheat Ridge is extremely difficult to obtain. 76 '.'C-f""-~ WEISS CARR & GRUENLER, P.C. c&.tifd fl'uIJ,u; d(~ 8751 East Hampden Avenue 0 Building B-1 0 Denver, Colorado 80231 0303/696-6992 February 1, 1983 The Honorable Mayor, Members of the City Council and City Administrator City of Wheat Ridge, Colorado Wheat Ridge, Colorado 80033 Dear Sirs: We have examined the financial statements of the City of Wheat Ridge, Colorado for the year ended December 31, 1982 and have issued our report thereon dated February 1, 1983. As a As a part of our examination, we made a study and evaluation of the City's system of internal accounting control to the extent we considered necessary to evaluate the system as required by generally accepted auditing standards. The purpose of our study and evaluation was to determine the nature, timing, and extent of the aUditing procedures necessary for expressing an opinion cn the City's financial statements. Our study was more limited than would be necessary to express an opinion on the system of internal accounting control taken as a whole. The elected and appointed officials of the City of Wheat Ridge are responsible for establishing and maintaining a system of internal accounting contro. In fUlfilling this responsi- bility, estimates and judgments by these officials are required to assess the expected benefits and related costs of control procedures. The objectives of a system are to provide the City of Wheat Ridge with reasonable, but not absolute, assurance that assets are safeguarded against loss from unauthorized use or Members of The American Institute of Certified Public Accountants and The Colorado Society of Certified Public Accountants disposition, and that transactions are executed in accordance with budgetary authorization and recorded properly to permit the preparation of financial statements in accordance with generally accepted accounting principles. Because of inherent limitations in any system of internal accounting control, errors or irregularities may nevertheless occur and not be detected. Also, projection of any evaluation of the system to future periods is subject to the risk that pro- cedures may become inadequate because of changes in conditions or that the degree of compliance with the procedures may deteri- orate. Our study and evaluation made for the limited purpose de- scribed in the first paragraph would not necessarily disclose all material weaknesses in the system. Accordingly, we do not express an opinion on the system of internal accounting control of City of Wheat Ridge taken as a whole. However, our study and evaluation disclosed no condition that we believed to be a mate- rial weakness. Our study did, however, reveal areas where we feel internal controls could be strengthened. These areas and our suggestions are outlined in the addendum to this letter. This report is intended solely for the use of management and should not be used for any other purpose. w~ ~ ~ bfu.U}.k. ~~L. -2- INTERNAL ACCOUNTING CONTROLS AND OTHER ACCOUNTING CONSIDERATIONS GENERAL We noted instances wherein revenues were being netted against expenditure accounts. This practice is to be avoided and when necessary the individual fund appropriations should be modified by statutory process. FUNDS The city is currently accounting for specialized revenue and expenditures through several small funds; namely building demolition, senior centers, public works escrow, CATV and Bond Trust. Most of these funds are really little more than clearing accounts. They require budgetary and accounting attentions that may be disproportionate to their usefulness as separate funds. We recommend that the city investigate the legality and feasibility of combining these funds into one general trust and agency fund or consolidating their activi- ties into the general fund. EMPLOYEE VACATIONS It is our understanding that the City personnel policy does not make vacations mandatory for any employee. We recommend that all city employees in fiduciary positions as to the record- ing of monetary transactions be required to take an annual vaca- tion. -3- GENERAL FIXED ASSETS Although the general fixed assets are maintained on the computer, the software does not interface with the programs that generate the general ledger for the other funds. We recommend that the director of data processing explore the possiblity of interfacing the two systems so that the purchase of long lived assets is automatically added to the general fixed asset group of accounts. ********** We would like to thank Mr. Malone and his conscientious and able staff who all made significant contributions in assisting us to complete the audit in an orderly and timely manner. All city employees with whom we came in contact were most courteous and helpful in assisting us with all procedures. -4- CITY OF WHEAT RIDGE, COLORADO ANNUAL FINANCIAL REPORT YEAR ENDED DECEMBER 31, 1982 TABLE OF CONTENTS Auditors' report . Combined statements Combined balance sheet-all fund types and account group Combined statement of revenues, expenditures, and changes in fund balances-all governmental fund types and expendable trust fund Combined statement of revenues, expenditures, and changes in fund balances-budget(non-GAAP budgetary basis) and actual-general and special revenue funds Statement of revenues, expenses, and changes in fund balance-Policemen's pension fund Statement of changes in financial position-Police- men's pension fund Notes to financial statements .. - Supporting schedules Financial statements of individual funds General fund: Comparative balance sheet Special revenue funds: Combining balance sheet Combining statement of revenues, expenditures, and Changes in fund balances Statement of revenues, expenditures, and changes in fund balance-budget(non-GAAP budgetary basis) and actual: Federal revenue sharing fund Park acquisision fund Capital improvement fund Building demolition fund Senior center fund Fiduciary trust and agency funds Combining balance sheet General fixed assets account group: Statement of general fixed assets by sources Statement of changes in general fixed assets by function and activity - ~ Exhibit 1 2 3 4 5 A-I B-1 B-2 B-3 B-4 B-S B-6 B-7 C-l D-l D-2 ""'.'C"-.:'{L WEISS CARR & GRUENLER, Pc. ce"'ufed Cfl'uIJk &4 crountan/6 8751 East Hampden Avenue 0 Building B-1 0 Denver, Colorado 80231 0303/696-6992 The Honorable Mayor, Members of the City Council and City Administrator City of Wheat Ridge, Colorado We have examined the combined financial statements of the City of Wheat Ridge, Colorado and its combining and individual fund fi- nancial statements as of and for the year ended December 31, 1982, as listed in the table of contents. Our examination was made in ac- cordance with generally accepted auditing standards and, accordingly, included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances. ... In our opinion, the combined financial statements referred to above present fairly the financial position of the City of Wheat Ridge, Colorado at December 31, 1982 and the results of its opera- tions and the changes in financial position of its Trust Fund for the year then ended, in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year. Also, in our opinion, the combining and individual fund finan- cial statements referred to above present fairly the financial posi- tion of the individual funds of the City of Wheat Ridge, Colorado at December 31, 1982, in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year. ... .. Our examination was made for the purpose of forming an opinion on the combined financial statements taken as a whole and on the com- bining and individual fund financial statements. The accompanying financial information listed in supporting schedules in the table of contents is presented for purposes of additional analysis and is not a required part of the combined financial statements of the City of Wheat Ridge, Colorado. The information has been subjected to the same auditing procedures applied in the examination of the combined, combining, and individual fund financial statements and, in our opin- ion is fairly stated in all material respects in relation to the com- bined financial statements taken as a whole. .. w~ Gw.-t. ~,^-\u-.., P:C. ~ February 1, 1983 Members of The American Institute of Certified Public Accountants and The Colorado Society of Certified Public Accountants rn ro ro ll> n n o S '0 ll> " '< ~- " "' " o IT ro '" IT o '" ~- " " " n ~- ll> >-- '" IT " IT ro S ro " IT '" .. ~ f R ~ o .. ~ ... '" o '" '" .... ... o ... '" ... '" ... 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CtD:;d OJp", r' to'" \Ot':I:j H.. oo"rn rvZ-:P " '" ",P" Z "n '" ~~ 80 "'" P'" r< H ,''' '" c: Z " to ro n ~- ~ r' n H 8 .. o '" ~ '" '" P 8 '" H " o '" n o r< o $l " o '" x ". ~- cr ~- " w CITY OF WHEAT RIDGE, COLORADO Exhibit 4 STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND BALANCE POLICEMEN'S PENSION FUND Year Ended December 31 1982 1981 OPERATING REVENUES Contributions (Note 3): City Employees State of Colorado Total operating revenues $ 123,232 $ 97,681 123,232 97,681 11,995 246,464 207,357 215,397 189,874 22,098 15,762 483,959 412,993 298,048 92,753 20,281 318,329 92,753 165,630 320,240 1,439,662 1,119,422 $1,605,292 $1,439,662 Interest Miscellaneous income OPERATING EXPENSES Withdrawals by participants Trustee administrative charges Total operating expenses NET INCOME FUND BALANCE, BEGINNING OF YEAR FUND BALANCE, END OF YEAR See accompanying notes to financial statements. CITY OF WHEAT RIDGE, COLORADO STATEMENT OF CHANGES IN FINANCIAL POSITION POLICEMEN'S PENSION FUND Exhibit 5 Year Ended December 31 1982 1981 SOURCE OF FUNDS Net income Sale of U.S. Government Securities Increase in accrued interest 165,631 1,588,411 (1,422,780) 331,098 $ 320,240 26,187 (15,329) 331,098 $ 165,631 OSE OF FONDS Net amounts deposited with plan trustee INCREASE (DECREASE) IN CASH CASH, BEGINNING OF YEAR 1,422,780 1,091,682 CASH, END OF YEAR $ $1,422,780 See accompanying notes to financial statements. CITY OF WHEAT RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1982 1. SUMMARY OF SIGNIFICANT ACCOUNTIHG POLICIES The accounting policies of the City of Wheat Ridge conform to generally accepted accounting principles as applicable to governments. The following is a summary of the more significant policies: A. FUND ACCOUNTING The accounts of the City are organized on the basis of funds and account groups, each of which is considered a sepa- rate accounting entity. The operations of each fund are accounted for with a separate set of self-balancing accounts that comprise its assets, liabilities, fund equity, revenues, and expenditures, or expenses, as appropriate. Government resources are allocated to and accounted for in individual funds based upon the purposes for which they are to be spent and the means by which spending activities are controlled. The various funds are grouped, in the financial statements in this report, into three generic fund types as follows: Governmental Fund Types General Fund The General Fund is the operating fund of the City. It is used to account for all financial resources except those required to be accounted for in another fund. ... Special Revenue Funds Special Revenue Funds are used to account for the proceeds of specific revenue sources(other than special assessments, expendable trusts, or major capital pro- jects) that are legally restricted to expenditures for specified purposes. Special Revenue Funds of the City include the following: Federal Revenue Sharing Fund The Federal Revenue Sharing Fund was estab- lished to account for those funds received through the "State and Local Fiscal Assistance Act of 1972, as amended." This Act provides funds to units of local governments to be used for ordinary and neces- sary maintenance, operating expenses, and capital expenditures authorized by law. The Act also speci- fies certain restrictions and procedural require- ments. CITY OF WHEAT RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS 1. SUMMARY OP SIGNIPICANT ACCOUNTIRG POLICIES-(Continued) Park Acquisition Fund The Park Acquisition Fund was established to account for funds received and designated for use in the acquisition of additional parklands and improve- ments. Capital Improvement Fund The Capital Improvement Fund (formerly Sales Tax Improvement Fund) was established to account for funds received as a result of a one percent increase in the City's sales tax. The expenditures of this fund are to be used for capital expenditures as approved by City Council. Building Demolition Fund The Building Demolition Fund was established, during 1981, as a revolving fund. Structures are demolished at city expense, the property owner is then billed for the cost of demolition. Senior Center Fund The Senior Center Fund was established, during 1981, to account for contributions made to the Senior Center. The expenditures of this fund are used to support activities of the center. Fiduciary Fund Types Trust and Agency Funds Trust and Agency Funds are used to account for as- sets held by the City in a trustee capacity or as an agent. For the City these funds include an Expendable Trust, a Pension Trust, and two Agency Funds. Expendable Trust Funds are accounted for in essentially the same manner as governmental funds. Pension Trust Funds are accounted for in essentially the same manner as proprie- tary funds since capital maintenance is critical. Agency Funds are custodial in nature(assets equal liabilities) and do not involve measurement of results of operations. Trust and Agency Funds of the City include the following: Policemen's Pension Fund The Policemen's Pension Fund was established to account for funds received from participants, the City's General Fund and the State of Colorado. The funds are held in trust for disbursement to qualified participants upon leaving the plan or upon qualified retirement. CITY OF WHEAT RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIBS-(Continued) Public Works Escrow Fund The Public Works Escrow Fund, an agency fund, was established to account for funds received as fi- nancial guarantees prior to the issuance of certain authorized construction permits. Upon completion of all required work under the permits, the funds are refunded. CATV Property Damage Fund The CATV (cable television) Property Damage Fund, an agency fund, was established to account for funds received from the cable television permittee for settlement of minor unresolved claims against the permittee for damage to private property. The fund was established with an initial funding of $5,000. The permittee is required to restore city paid set- tlements within fourteen days after notification. - Conservation Trust Fund The Conservation Trust Fund, an expendable trust fund, was established to account for funds received and restricted for use in the acquisition, develop- ment and maintenance of new conservation sites pursu- ant to Chapter 138-1-98 of the Revised Statutes of the State of Colorado. During 1982 and 1981 the only income for this fund was interest earned on savings accounts. There were no expenditures. - - B. GENERAL FIXED ASSET GROUP OF ACCOUNTS Fixed assets used in governmental fund type operations are accounted for in the General Fixed Asset Group of Ac- counts, rather than governmental funds. No depreciation has been provided for on general fixed assets. All fixed assets are valued at historical cost or esti- mated historical cost if actual historical cost is not avail- able. Contributed fixed assets are valued at their estimated fair value on the date of gift. Land improvements transferred to the City from Jefferson County in 1969 have been recorded at the County's historical cost, subsequent additions have been recorded at cost, until 1977 at which time the City elected to discontinue recording the cost of land improvements. The Jefferson County Open Space Program acquires land for public enjoyment (e.g., parks, playgrounds, lakes, etc.) and then donates the land to the City for use as public land. CITY OF WHEAT RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES-(Continued) The land is recorded at the cost of land to the Open Space Program. C. BASIS OF ACCOUNTING Basis of accounting refers to when revenues and expendi- tures or expenses are recognized in the accounts and reported in the financial statements. The General, Special Revenue, and Expendable Trust funds are accounted for using the modified accrual basis of ac- counting. Their revenues are recognized when they become measurable and available as net current assets. Expenditures are generally recognized under the modified accrual basis. The Pension Trust Fund is accounted for using the accrual basis of accounting. D. BUDGETS The individual and combined statements of Revenues, Ex- penditures, and Changes in Fund Balance-Budget(non-GAAP Bud- getary Basis) and actual for the General, Special Revenue and Expendable Trust Funds present comparisons of the legally adopted budget with actual data on the (non-GAAP) budgetary basis which includes encumbrances. All other statements ex- clude encumbrances, as required by GAAP (generally accepted accounting principles): expenditures are only recorded when the liability is incurred. E. ENCUMBRANCES Encumbrances, commitments related to unperformed(execu- tory) contracts for goods or services, are recorded for bud- getary control purposes in the general and special revenue funds. Encumbrances outstanding at year-end are reported as reserved for encumbrances since they do not constitute expen- ditures or liabilities. Encumbrances do not lapse at year- end for budgetary purposes and become part of the following year's appropriations. F. ACCRUED VACATION AND SICK LEAVE City employees earn vacation leave which may be either taken or accumulated, up to a maximum amount, until paid upon termination or retirement. Unused sick leave, in excess of 480 hours, may be converted to annual leave or cash upon re- tirement or termination. Police accumulate holiday pay for hours worked on hOlidays (see Note 5). CITY OF WHEAT RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES-(Continued) G. DEFERRED REVENUES-PROPERTY TAXES Property taxes are levied on December 31, of each year and attach as an enforceable lien on property as of January 1. It is the policy of the City to record the property tax receivables in the year in which the taxes are levied and to recognize the property tax revenues in the year in which the lien attaches on the property. H. TOTAL COLUMNS ON COMBINING AND COMBINED STATEMENTS Total columns are only presented to facilitate financial analysis. Data in these columns do not present financial positions in conformity with generally accepted accounting principles. Neither is such data comparable to a consolida- tion, inter fund eliminations have not been made in the aggre- gation of this data. 2. RESTRICTED ASSE'l'S-cA5B General Fund cash of $100,000 has been restricted by City Council for emergency situations affecting the lives and property of the City's citizens. Expenditures must be approved in advance by the City Council, or in situations where members of City Coun- cil cannot be contacted, the Mayor and the City Administrator can approve expenditures, provided a subsequent report is made at the next City Council meeting. 3. PDSIOH PLAHS - During 1981 the City withdrew from the state-wide defined benefit pension plan, with state permission, and instituted a defined contribution money purchase plan for its police em- ployees. During 1981 each participant was required to contribute 9% of their compensation with a matching amount from the city. In 1982 the contribution increased to 10% from both the partici- pant and the city. 10% is the maximum required contribution for the City; however, under certain conditions participants may con- tribute up to 15%. During 1982 the participants and the city each contributed $123,232 to the plan. During 1981 various investments of the fund were converted to cash. $1,375,870 was transferred to the Equitable Life Assur- ance Society as trustee. Per an allocation of assets statement prepared by consulting actuaries a total of $1,454,824 was trans- ferred. CITY OF WHEAT RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS 3. PENSION PLARS-(Continued) The City also participates in the Colorado County Officials and Employees Retirement Association Retirement Plan. This Plan covers non-police employees. The participants are required to contribute 4% (and can voluntarily contribute up to 10%) of their compensation from the City, the City contributes an amount equal to 4% of the employees' compensation. The City's contribution totaled $48,190 for the year ended December 31, 1982. The City has no liability under the Plan other than the matching payment. 4. BUDGETS Budget amounts reflected in the accompanying financial statements are based on the revised 1982 budget as adopted by the City Council. The revised budget for all funds except the Policemen's Pen- sion Plan is as follows: 1982 estimated revenues Fund balance carryover from 1981 Total revenues Total appropriations for 1982 expenditures $ 8,471,309 3,268,425 $11,739,734 $10,386,447 A budget was not provided for the Policemen's Pension Fund because in the opinion of the City Attorney, this Fund is not under the control of City Council and, therefore, is not subject to the budgetary requirement of Colorado Statutes. This reporting is also consistent with generally accepted accounting princi- ples. s. COIMI'J.'MENTS AND COR'l'IRGENCIES No provision has been made in the accompanying financial statements for vacation, hOliday, and sick pay accruals. At De- cember 31, 1982 the accrued vacation pay commitment was $143,477, the accrued holiday commitment was $20,390, the accrued sick pay commitment for hours accrued in excess of 480 hours was $28,584, or a total of $195,151. As of December 31, 1982 there are certain claims, suits and complaints arising in the ordinary course of operations that have been filed or are pending against the City. In the opinion of management, all such matters are adequately covered by insurance, or if not so covered, are without merit or are of such kind, or involved such amounts, as would not have a significant effect on the financial position or results of operations of the City if disposed of unfavorably. CITY OF WHEAT RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS 6. LEASES In December 1979, the City entered into a four-year agree- ment to lease data processing equipment for rental payments totaling $18,397 annually. The agreement provides the lease is contingent upon the City's ability to fund the rental on a year- to-year basis. 7 . ENTITY CHARGES In prior years the funds of the Wheat Ridge Urban Renewal Authority were included in the City of Wheat Ridge's financial statement. During 1981 the city and the board of directors of the Wheat Ridge Urban Renewal Authority signed a cooperative agree- ment. Among other items the governing bodies determined that the Urban Renewal Authority would be reported as a separate entity apart from the City of Wheat Ridge. As of December 31, 1981 this fund had a balance of $21,616. The City of Wheat Ridge acts as fiscal agent for the authority and maintains all accounting records. In addition, the City Director of Community Development serves as director of the Urban Renewal Authority. - As of January 1, 1982 the ending fund balance of the Service Center fund was reclassified as deferred revenue in the amount of $1,994. OTHER MATTERS 8. .. Council Resolution 757 authorized the establishment of a Police Department Bond Trust. Under this program (fund) the City would collect cash bonds from individuals arrested in the city and being held on warrants issued by other governmental units. The bond trust is a state-wide program. The activities of this fund are currently included in the general fund due to the limited size and number of transactions. The fund had a cash balance of $150.00 at December 31, 1982. .. SUPPLEMENTARY INFORMATION FINANCIAL STATEMENTS GENERAL FUND - .. CITY OF WHEAT RIDGE, COLORADO COMPARATIVE BALANCE SHEET GENERAL FUND DECEMBER 31, 1982 AND 1981 1982 ASSETS Cash Certificates of deposit Accounts receivable: Jefferson County property taxes Due from other funds Restricted assets-cash Other assets $ 551,003 2,990,578 459,300 4,624 100,000 20,324 TOTAL A-I 1981 $ 460,756 2,102,241 446,001 89,842 100,000 12,769 $4,125,829 $3,211,609 44,255 47,981 years 2,500,000 2,352,100 552,485 264,830 3,096,740 2,664,911 $4,125,829 $3,211,609 LIABILITIES Accounts payable Due to other funds Deferred revenue-property taxes Total liabilities $ 103,153 $ 466,636 459,300 1,029,089 FOND EQUITY Fund balance: Reserved for encumbrances Unreserved: Designated for subsequent expenditures Undesignated Total fund balance TOTAL 100,697 446,001 546,698 FINANCIAL STATEMENTS SPECIAL REVENUE FUNDS ~ "' 0 '" ~ C >i X Z 00," 0(1 O().. 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CITY OF WHEAT RIDGE, COLORADO B-3 FEDERAL REVENUE SHARING FUND STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE-BUDGET(NON-GAAP BUDGETARY BASIS)AND ACTUAL YEAR ENDED DECEMBER 31, 1982 Total revenues Variance favorable Budget Actual (unfavorable) $248,134 $248,408 $ 274 10,000 30,491 20,491 258,134 278,899 20,765 292,234 201,228 91,005 REVENUES U.S. Government Interest income EXPENDITURES Capital acquisitions EXCESS (DEFICIENCY) OF REVENUE OVER EXPENDITURES AND ENCUM- BRANCES FUND BALANCE, BEGINNING OF YEAR (34,100) 77,671 34,100 228,954 111,770 194,854 FUND BALANCE, END OF YEAR $ $306,625 $306,624 - CITY OF WHEAT RIDGE, COLORADO B-4 PARK ACQUISITION FUND STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE-BUDGET(NON-GAAP BUDGETARY BASIS) AND ACTUAL YEAR ENDED DECEMBER 31, 1982 Variance favorable Budget Actual (unfavorable) REVENUES Interest income $ 100 $ 1,157 $ 1,057 Sub division fees 1,000 1,425 425 Total revenues 1,100 2,582 1,482 EXPENDITURES Capital acquisitions 23,100 9,243 13,857 EXCESS(DEFICIENCY)OF REVENUE OVER EXPENDITURES AND ENCUMBRANCES (22,000) (6,661) 15,339 FUND BALANCE, BEGINNING OF YEAR 22,000 21,042 (958) FUND BALANCE, END OF YEAR $ $14,381 $14,381 - - CITY OF WHEAT RIDGE, COLORADO B-5 CAPITAL IMPROVEMENT FUND STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE-BUDGET(NON-GAAP BUDGETARY BASIS) AND ACTUAL YEAR ENDED DECEMBER 31, 1982 Total revenues Variance favorable Budget Actual (unfavorable) $2,313,500 $2,292,160 $ (21,340) 100,000 370,850 270,850 2,413,500 2,663,010 249,510 3,025,000 2,555,641 469,359 (611,500 ) 107,369 718,869 850,000 1,241,972 391,972 $ 238,500 $1,349,341 $1,110,841 REVENUES Sales tax Interest income EXPENDITURES Capital acquisitions EXCESS(DEFICIENCY)OF REVENUES OVER EXPENDITURES AND ENCUMBRANCES FUND BALANCE, BEGINNING OF YEAR FUND BALANCE, END OF YEAR CITY OF WHEAT RIDGE, COLORADO B-6 BUILDING DEMOLITION FUND STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE-BUDGET(NON-GAAP BUDGETARY BASIS) AND ACTUAL YEAR ENDED DECEMBER 31, 1982 Actual Variance favorable (unfavor able) Budget REVBHtJES Interest income L 550 10,775 $ 565 $ 15 EXPENDITURES 10,775 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES AND ENCUMBRANCES (10,225) 565 -- 10,790 FUND BALANCE, BEGINNING OF YEAR 10,225 10,488 $11,053 263 $11,053 PUND BALAHCE, END OF YEAR $ CITY OF WHEAT RIDGE, COLORADO B-7 SENIOR CENTER FUND STATEMENT OF REVENUE, EXPENDITURES, AND CHANGES IN FUND BALANCE-BUDGET(NON-GAAP BUDGETARY BASIS) AND ACTUAL YEAR ENDED DECEMBER 31, 1982 Total revenues variance favorable Budget Actual (unfavorable) $ 50 $ 240 $ 190 2,000 867 (1,133) 2,050 1,107 (943) 2,050 1,107 943 REVENUES Interest income Other EXPENDITURES Other EXCESS OF REVENUE OVER EXPENDITURES AND ENCUMBRANCES FUND BALANCE, BEGINNING OF YEAR FUND BALANCE, END OF YEAR $ $ - $ - FINANCIAL STATEMENTS FIDUCIARY TRUST AND AGENCY FUNDS " 1;; .... 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"''''00 w o::l -.J U1 tv N "''''N ~"'"' '" NO 0'1'" FINANCIAL STATEMENTS GENERAL FIXED ASSETS ACCOUNT GROUP CITY OF WHEAT RIDGE, COLORADO D-l STATEMENT OF GENERAL FIXED ASSETS BY SOURCES DECEMBER 31, 1982 GENERAL FIXED ASSE'l'S Land and buildings Equipment Highways, streets and storm sewers $ 5,890,004 1,742,990 8,110,519 $15,743,513 IRVESTMEN'l' IN GENERAL FIXED ASSE'l'S: Assets contributed to the City Cost and estimated cost of assets acquired by various funds of the City $10,156,579 5,586,934 ~15,743,513 Cl '0 '0 '0 Cl ~ ~ C c ro ~ 0- 0- ~ ~ "" .... .... ro 00 ~- ~- ~ n n ~ .... '" C5 ~ 00 "' 0 ~ '" " ~ ~ '" 0 '" "" m < 0 00 n- m '< ~ i:l ~ 3 0> ro '" ~ >,1 0> n- O> >,1 ;J> >,1 '" " '" 0 Z "' "' >-3 >-3 '" "' ;J>",O ",",'0 0 '0 .., ,"'00 .... ....~ ZC", '" '" .... "' w - n-'" OZ;J> "' ~ ,"OZ '" '" '" W A en ....c,.... 0>-3'" ;J> '" '" '" .... '" "'~~ "'OJ >,1 .... '" A '" ~ "'~~ OOrn ~cn ,"Z '" .... 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