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HomeMy WebLinkAbout10/13/20086:30 p.m. Pre-Meeting A~01rl CITY COUNCIL MEETING CITY OF WHEAT RIDGE, COLORADO 7500 WEST 29TH AVENUE, MUNICIPAL BUILDING October 13. 2008 7:00 p.m. Individuals with disabilities are encouraged to participate in all public meetings sponsored by the City of Wheat Ridge. Call Heather Geyer, Public Information Officer, at 303-235-2826 at least one week in advance of a meeting if you are interested in participating and need inclusion assistance. CALL TO ORDER PLEDGE OF ALLEGIANCE ROLL CALL OF MEMBERS APPROVAL OF MINUTES OF September 22. 2008 PROCLAMATIONS AND CEREMONIES MADD Award Proclamation for National Save For Retirement Week, October 19-25, 2008 CITIZENS' RIGHT TO SPEAK Citizens, who wish, may speak on any matter not on the Agenda for a maximum of 3 Minutes and sign the Public Comment Roster. 2. Citizens who wish to speak on Agenda Items, please sign the GENERAL AGENDA ROSTER or appropriate PUBLIC HEARING ROSTER before the item is called to be heard. APPROVAL OF AGENDA PUBLIC HEARINGS AND ORDINANCES ON SECOND READING Item 1. Public Hearing on proposed 2009 Budget. CITY COUNCIL AGENDA: October 13, 2008 Page -2- DECISIONS. RESOLUTIONS. AND MOTIONS Item 2. Presentation of Comprehensive Annual Financial Report. Item 3. Approve Quit Claim Deed for Youngfield Street Wastewater Metering Station to the Metro Wastewater Reclamation District and accept Quit Claim Deed for abandoned Youngfield Street Wastwater Metering Station. CITY MANAGER'S MATTERS CITY ATTORNEY'S MATTERS ELECTED OFFICIALS' MATTERS ADJOURNMENT PROCLAMATION NATIONAL SAVE FOR RETIREMENT WEEK OCTOBER 19-25,2008 WHEREAS, the cost of retirement continues to rise in the United States and the need for greater savings grows; AND WHEREAS, many employees may not be aware of their retirement savings options or may not be taking full advantage of their workplace defined contribution plans to the full extent allowed by law; AND WHEREAS, all workers, including public and private sector employees, employees of tax-exempt organizations and self-employed individuals can benefit from increased awareness of the need to save for retirement. FURTHER, let it be resolved that I, Jerry DiTullio, the Mayor of Wheat Ridge do hereby proclaim the week of October 19-25, 2008, to be National Save for Retirement Week. DONE AND RESOLVED THIS 13TH DAY OF OCTOBER, 2008 ~~YI Mayor ATTEST Michael Snow, City Clerk CITY OF WHEAT RIDGE, COLORADO September 22, 2008 Mayor DiTullio called the Regular City Council Meeting to order at 7:00 p.m. Councilmembers present: Karen Adams, Karen Berry, Dean Gokey, Lena Rotola, Wanda Sang, Mike Stites, and Terry Womble. Also present: City Clerk, Michael Snow; City Manager, Randy Young; City Treasurer, Larry Schulz; City Attorney, Gerald Dahl; Director of Community Development, Kenneth Johnstone; Director of Public Works, Tim Paranto; Chief of Police, Dan Brennan; staff; and interested citizens. Council Member Tracy Langworthy was absent. APPROVAL OF MINUTES OF August 25, 2008 Motion by Mrs. Sang for approval of the Minutes of August 25, 2008; seconded by Mr. Gokey; carried 7-0. PROCLAMATIONS AND CEREMONIES Recognition of Jefferson County Housing Authority: Alan Feinstein and Henry Weingardt of the Jefferson County Housing Authority were recognized for the many years of positive contributions and service they provide the community. Cheryl Brungardt and Lena Rotola spoke on behalf of the recipients and the work of JCHA. Proclamation: National Planning Month Mrs. Wheat Ridge, Karen Thaler, read the Proclamation recognizing the contributions made by the Planning Commission and Community Development Planners to the progress of our City. Mr. Johnstone was present to acknowledge the Proclamation and informed Citizens of the City's plans to form a citizen committee for the purpose of updating the City's Comprehensive Plan. The Community Development Department is soliciting applications from interested citizens through October 14t , 2008. Proclamation: Constitution Week 2008 Karen Thaler read the Proclamation recognizing the monumental creation of our Country's Constitution and reaffirming the ideals laid out in that document. CITY COUNCIL MINUTES: September 22, 2008 2 APPROVAL OF THE AGENDA Motion by Mr. Stites to pull Item 2 from the Agenda, per the request of the applicant; seconded by Mrs. Rotola; carried 7-0. Motion by Mrs. Sang to pull Item 5; seconded by Mr. Gokey; carried 4-3 with Council Members Rotola, Adams and Berry voting No. CITIZENS' RIGHT TO SPEAK No citizens were present to speak. EXECUTIVE SESSION Executive session under Charter Section 5.7(b)(1) and CRS 24-6-402(4)(b) for legal advice on specific legal questions: El Dorado litigation. Motion by Mr. Stites to adjourn to the Executive Session and further moved to return to the Regular Meeting at the close of the Executive Session; seconded by Mr. Gokey; carried 7-0. Mayor DiTullio called for the Executive Session at 7:11 pm Executive Session was held. The Regular meeting resumed at 7:54pm. Item 1. CONSENT AGENDA A. Resolution No. 49-2008 - A Resolution finding a petition for annexation of a parcel of land located in Section 19, Township 3 South, Range 69 West of the Sixth Principal Meridian, County of Jefferson, State of Colorado, to be in substantial compliance with Section 31-12-107(1), Colorado Revised Statutes and setting a public hearing date to consider the annexation. (Case No. ANX -08-01) B. Resolution No. 50-2008 - A Resolution finding a petition for annexation of a parcel of land located in Section 19, Township 3 South, Range 69 West of the Sixth Principal Meridian, County of Jefferson, State of Colorado, to be in substantial compliance with Section 31-12-107(1), Colorado Revised Statutes and setting a public hearing date to consider the annexation. (Case No. ANX -08-02) C. Resolution No. 51-2008 - A Resolution adopting the 2008 Memorandum of Understanding (MOU) among the following members of the Jefferson County Emergency Communications Authority: the City of Wheat Ridge, the City of Lakewood and the West Metro Fire Protection District, concerning the shared use of certain recording system servers. CITY COUNCIL MINUTES: September 22, 2008 D. Resolution No. 52-2008 - A Resolution approving an Amendment to the Intergovernmental Agreement between Jefferson County, the City of Arvada, the City of Lakewood, the City of Wheat Ridge, the City of Golden, and the City of Westminster for the Implementation of a County- Wide Dog Licensing Program. E. Approval of Award ITB-08-34 - Emergency Warning System in the total amount not-to-exceed $103,898.98. Consent Agenda was introduced and read by Mr. Stites. Motion by Mr. Stites for approval of the Consent Agenda; seconded by Mrs. Sang; carried 7-0. ORDINANCES ON FIRST READING 3 Item 2. Council Bill No. 17-2008 - An Ordinance providing for the approval of a change of zoning from Residential-One (R-1) and Agriculture-One (A-1) to Planned Residential Development and for approval of an Outline Development Plan for property located at 11885 W. 38th Avenue (Case No. WZ-07-06/Ashton Woods Homes/Doud Overlook Item 2 was pulled from the Agenda to be rescheduled at a later meeting date. DECISIONS. RESOLUTIONS. AND MOTIONS Item 3. Resolution No. 53-2008 - A Resolution amending the fiscal year 2008 Capital Investment Program Fund Budget to reflect the approval of a supplemental budget appropriation in an amount of $77,300 and approving the award of RFP-08-31 Kipling Corridor Blight Study, as amended, to Matrix Design Group, Inc., in a not-to-exceed amount of $127,300 for the purposes of conducting a conditions survey of the 1-70 Corridor and the Kipling Corridor and an Urban Renewal Plan for the Youngfield Street/Highway 58 Corridor Resolution 53-2008 was introduced by Mrs. Adams, who read the Executive Summary. Motion by Mrs. Adams to approve Resolution 53-2008; seconded by Mr. Stites; carried 6-1 with Mr. Womble voting No. CITY COUNCIL MINUTES: September 22, 2008 Item 4. Resolution No. 54-2008 - A Resolution by the Mayor and City Council of the City of Wheat Ridge supporting Ballot Measures 2A, 2B and 2C. Resolution 54-2008 was introduced by Mrs. Berry, who read the Executive Summary. Motion by Mrs. Berry to approve Resolution 54-2008; seconded by Mrs. Sang; carried 7-0. Item 5. Approval of Award for RFQ-08-28 - Comprehensive Plan Update to Clarion Associates in an amount not to exceed $150,000. Item 5 was pulled from the Agenda. ELECTED OFFICIALS' MATTERS 4 Mr. Snow reminded citizens of the approaching October 6th deadline to register to vote in the upcoming November 4th, 2008 Election. Registration forms can be picked up and filed at the City Clerk's Office or downloaded from the Internet at www.voteneffco.com and mailed to the County Clerk's Office. Also, citizens can expect an Election Information booklet mailed from the County to voters' households later in the month with explanations and Pro and Con arguments on each ballot question. Mr. Snow also informed citizens of the upcoming Wheat Ridge Election Forum hosted by Wheat Ridge United Neighborhoods on Monday, September 29th, 2008. The Forum will take place from 7-10pm in the Council Chambers at City Hall and be broadcast live on Government Access Channel 8. All candidates on the November ballot have been invited to speak as well as speakers Pro and Con for each ballot question including State, County, School District and City of Wheat Ridge ballot questions. Mrs. Berry spoke of the years of the Council and City Administration working towards revitalizing the City and committing to updating the Comprehensive Plan. She expressed her concern and disappointment in Council voting to remove from tonight's Agenda the consideration to fund the Comprehensive Plan update service in Item 5. Mrs. Berry asked Council to consider the implications if they don't support the NRS goals now - that they may as well not support 2020 with any funding because they won't succeed without this commitment. Mr. Gokey expressed his concern for the current budget situation as his reason for not considering funding the Comprehensive Plan Update consultant fees. Mrs. Sang said the reason she made the motion to remove Item 5 from the agenda was because of current state of the City's budget and wished to wait for the result of some pending events that will affect the budget, namely the election and the results of the City ballot issues, before she considers the item. At that time, the Council will have gone through the Budget to see where that stands for 2009 and can make a better-informed decision based on that information. CITY COUNCIL MINUTES: September 22, 2008 Mrs. Rotola doesn't believe the Council does what they're supposed to do. The funding for the Comprehensive Plan update service was only $150,000, and we won't know about the budget until Mr. Goff and Mr. Young tells them. She believes Council Members that had a concern about it should have brought it up at the Study Session rather than making it a surprise tonight. Mr. Stites informed citizens of the ceremony to rededicate the athletic fields at Wheat Ridge High School and encouraged community members to attend to show their support. As always, Mr. Stites asked citizens to 'find it and buy it in Wheat Ridge". Mrs. Adams thanked citizens for coming to the community meeting held in District III. She also thanked staff for supporting the $150k in 2008 budget to get the Comprehensive Plan process working. Mrs. Adams then asked the City Attorney about when the Council may bring this up for reconsideration. Mr. Dahl informed Mrs. Adams that only a member on the prevailing side of a Council decision may reconsider the item at tonight's meeting or next regular meeting. Mrs. Adams then expressed her wishes that one of those Council Members would reconsider their vote tonight. Mr. Womble attended a successful event recently at Shampooch. He commended the company on their hard work and expressed hope they do this event again in the future. Mayor DiTullio asked if anyone on Council was wishing to reconsider their vote on removing Item 5. No members offered to do so. Mr. DiTullio identified several block parties that took place throughout the City recently and thanked those neighbors for supporting neighborhood with these positive events. Meeting adjourned at 8:21 p.m Michael Snow, City Clerk APPROVED BY CITY COUNCIL ON OCTOBER 13,2008 BY A VOTE OF to Mike Stites, Mayor pro tem The preceding Minutes were prepared according to §47 of Robert's Rules of Order, i.e. they contain a record of what was done at the meeting, not what was said by the members. Recordings and DVD's of the meetings are available for listening or viewing in the City Clerk's Office, as well as copies of Ordinances and Resolutions. -I ,I, City of ~WheatR~dge ITEM NO:_ REQUEST FOR CITY COUNCIL ACTION i OR, 0 COUNCIL MEETING DATE: October 13, 2008 TITLE: PUBLIC HEARING ON THE PROPOSED 2009 BUDGET ® PUBLIC HEARING ❑ ORDINANCES FOR 1 ST READING (Date: ) ❑ BIDS/MOTIONS ❑ ORDINANCES FOR 2ND READING ❑ RESOLUTIONS Quasi-Judicial: ❑ Yes No ~ 0,(,:J~A Deputy City Manager 11 EXECUTIVE SUMMARY: City Manage Sections 10.7 and 10.9 of the Wheat Ridge City Code require that a public hearing on the proposed budget be held before its final adoption and that the budget be adopted by resolution on or before the final day (December 15, 2008) established by statute for the certification of the next year's tax levy to the county. A public hearing has been scheduled for the October 13, 2008 City Council meeting to receive input from citizens on the budget. Adoption of the 2009 Budget has been scheduled for the October 27, 2007 City Council meeting. The proposed 2009 Budget includes $26,477,653 in expenses in the General Fund; $4,649,000 in expenses in the Capital Investment Program (CIP) Fund; and $5,299,546 in expenses in the Special Revenue Funds, not including transfers, for a total budget of $36,426,199. The proposed 2009 Budget is available for review at the following locations: Wheat Ridge Library 5475 W. 32 Avenue Wheat Ridge Community/Senior Center 6363 W. 35th Avenue Wheat Ridge Recreation Center 4005 Kipling Street Wheat Ridge City Hall City Clerk's Office 7500 W. 29u Avenue The 2009 Proposed Budget is also available for purchase for $10.00 from the City Clerk's Office and the proposed budget and a PowerPoint presentation of the budget is available for review at www.ci.wheatridge.co.us. COMMISSION/BOARD RECOMMENDATION: None STATEMENT OF THE ISSUES: The 2009 budget process started in June of 2008 with a City Council strategic planning process to review and update the City's vision and goals. The Wheat Ridge Vision 2020 is, Wheat Ridge is a Family Oriented Residential Community with a range of Quality Homes, mixed use Urban Villages and Quality Retail serving our residents and serving as unique regional destinations. Our residents have Great Access to Denver and the mountains, enjoy an Active Lifestyle, share Small-Town Values and take Pride in Our Community. Wheat Ridge - A Great Place to Live! Wheat Ridge's goals for the period of 2009 to 2014 are: 1. City Services 2. Sustainable Growth 3. Economic Vitality 4. Quality of Life 5. Civic Engagement In July and again in August, City Council held a public meeting to allow citizens to provide input on the budget. The proposed 2009 Budget was distributed to City Council and made available to the public on September 26th. On October 6th, staff presented the proposed 2009 Budget to City Council at a budget retreat. A public hearing is scheduled for the October 13th City Council meeting and adoption of the 2009 Budget is scheduled for October 27th. After receiving direction from City Council at the October 6d' budget retreat, an additional $203,000 was cut from the 2009 Proposed Budget. Those cuts include the following: Training $5,000 Conferences and Meetings $14,000 July 4's Fireworks $6,000 Jefferson County Symphony contribution $3,000 Municipal Court Organizational Assessment $15,000 Bicycle Master Plan $50,000 Street Corridor Design $40,000 Speed Trailers $30,000 Police Evidence Building HVAC (already budgeted in CIP) $40,000 Total $203,000 ALTERNATIVES CONSIDERED: None FINANCIAL IMPACT: None None Report Prepared by: Patrick Goff, Deputy City Manager Reviewed by: Randy Young, City Manager Attachments: 1. Budget Summary by Fund of 2009 Proposed Budget Operating Funds General $5,503,802 + $26,982,020 = Fund Balance Percentage Capital Funds Capital Investment Program $3,445,167 + $1,400,000 = $4,845,167 Special Revenue Funds Police Investigation $64,995 + $1,000 = $65,995 - Open Space $316,505 + $1,610,000 = $1,926,505 - Municipal Court $59,471 + $44,500 = $103,971 - Richards Hart Estate $11,742 + $14,500 = $26,242 - Conservation Trust $380,225 + $472,000 = $852,225 - Equipment Replacement $201,900 + $2,000 = $203,900 - Crime Prevention $252,172 + $346,500 = $598,672 - Recreation Center $2,398,947 + $2,110,523 = $4,509,470 - $27,577,653 = $4,908,169 17.8% _ $196,167 $10,000 = $55,995 $1,522,533 = $403,972 $79,500 = $24,471 $16,700 = $9,542 $725,000 = $127,225 $0 = $203,900 $371,962 = $226,710 $2.573.851 = $1.935 619 9 Revenues & Expenditures Summary Budget Summary by Fund ATTACHMENT 1 Budget Summary by Fund Total Operating Funds $5,503,802 + $26,982,020 = $32,485,822 - $27,577,653 = $4,908,169 Total Capital Funds $3,445,167 + $1,400,000 = $4,845,167 - $4,649,000 = $196,167 Total Special Revenue Funds $3,685,957 + $4,601,023 = $8,286,980 - $5,2992546 = $2,987,434 CIty Of WheatP.-idge ITEM NO: pC~ t REQUEST FOR CITY COUNCIL ACTION COUNCIL MEETING DATE: October 13, 2008 TITLE: ACCEPTANCE OF THE 2007 COMPREHENSIVE ANNUAL FINANCIAL REPORT (CAFR) ❑ PUBLIC HEARING ❑ ORDINANCES FOR 1ST READING (Date: ) ® BIDS/MOTIONS ❑ ORDINANCES FOR 2ND READING ❑ RESOLUTIONS Quasi-Judicial: ❑ Yes No I Deputy City Manager City Manage EXECUTIVE SUMMARY: Section 10. 15 of the Municipal Charter for the City of Wheat Ridge requires that an independent audit be performed annually of all City accounts. The CPA firm of Swanhorst & Company, LLC performed the audit of the City's financial statements for the year ended December 31, 2007. As is reported in the attached Management Letter from Swanhorst & Company, the following conclusions were reached from the audit: 1. "We noted no transactions entered into by the City during the year that were both significant and unusual, and of which, under professional standards, we are required to inform you, or transactions for which there is a lack of authoritative guidance or consensus, except as follows. During 2007, the City added infrastructure assets, which primarily include streets and stormwater systems, acquired or constructed since 1980 to its financial statements, as required by the accounting standards. As a result, capital assets and net assets increased by approximately $10 million." 2. "We evaluated the key factors and assumptions used to develop the estimates in determining that they are reasonable in relation to the basic financial statements taken as a whole" 3. "We provided management with a schedule of audit adjustments. In our judgment, none of the adjustments we proposed, whether recorded or unrecorded by the City, either individually or in the aggregate, indicate matters that could have a significant effect on the City's financial reporting process." 4. "We are pleased to report that no such disagreements [with management] arose during the course of the audit." 5. "We encountered no significant difficulties while performing the audit. The audit process was delayed somewhat because of the extensive work related to the identification and compilation of the City's infrastructure assets." A representative from Swanhorst & Company will be at the October 13, 2008 City Council meeting to present the 2007 CAFR to City Council for acceptance. COMMISSION/BOARD RECOMMENDATION: N/A STATEMENT OF THE ISSUES: For the year ended December 31, 2007 the auditors have made the following recommendations: 1. "The City proposed and adjustment to the prior period financial statements to remove street maintenance costs.that had been reported as capital assets, totaling $45 million. These capital assets are only reported on the City's government-wide financial statements, not the fund financial statements. However, we recommend that the City improves the policies and procedures in place to identify and record capital assets. 2. We continue to find instances where purchasing card transactions are not supported by itemized receipts, as required by the City's policy. In addition, internal controls in place are not adequate to ensure that all purchases are reviewed and approved by a supervisor. We again recommend that the City review the policies and procedures in place over purchasing card transactions and revise them where necessary to ensure the City's risk of unauthorized purchases is at an acceptable level. 3. The City tracks its capital assets using a manual spreadsheet. We recommend that the City utilize the capital assets module on its accounting system to account for these capital assets. This will make the capital assets records more consistent and reliable. 4. Similar to last year, the City Council approved supplemental budget appropriations for the Conservation Trust and Police Investigations Funds, representing prior year encumbrances that were not spent. The supplemental appropriations resulted in a final budget that approved expenditures in excess of the resources available, including revenues and fund balance. We recommend that similar supplemental appropriations be approved only if adequate resources are available, which should be documented in the budget resolution. 5. We again recommend that the City establish a procedure whereby one person or department monitors all grants received by the City. This will ensure that all reimbursements are received timely and reporting to oversight entities is accurate." Staff agrees with and supports the recommendations from Swanhorst & Company LLC. Procedures are currently being identified to address each recommendation. ALTERNATIVES CONSIDERED: None FINANCIAL IMPACT: The contract for audit services with Swanhorst & Company, LLC is for an amount not to exceed $19,500 which was budgeted as part of the 2008 budget. RECOMMENDED MOTION: "I move to accept the 2007 Comprehensive Annual Financial Report from Swanhorst & Company, LLC." or, "I move to deny acceptance of the 2007 Comprehensive Annual Financial Report from Swanhorst & Company, LLC for the following reason(s) Report Prepared by: Linda Stengel, Accounting Supervisor Reviewed by: Patrick Goff, Deputy City Manager ATTACHMENTS: 1. 2007 Management Letter 2. 2007 CAFR Swanhorst & Company LLC ceNred Public Accountants September 11, 2008 Honorable Mayor and Members of the City Council City of Wheat Ridge Wheat Ridge, Colorado We have audited the financial statements of the City of Wheat Ridge (the "City") as of and for the year ended December 31, 2007, and have issued our report thereon dated September 11, 2008. Professional standards require that we provide you with the following information related to our audit. Our Responsibility under Generally Accepted Auditing Standards As stated in our engagement letter, our responsibility, as described by professional standards, is to plan and perform our audit to obtain reasonable, but not absolute, assurance about whether the financial statements are free of material misstatement. Because an audit is designed to provide reasonable, but not absolute, assurance and because we did not perform a detailed examination of all transactions, there is a risk that material misstatements or noncompliance may exist and not be detected by us. In addition, an audit is not designed to detect immaterial misstatements or violations of laws or regulations that do not have a direct and material effect on the financial statements. In planning and performing our audit of the financial statements, we considered the City's internal control as a basis for designing our auditing procedures for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the City's internal control. Accordingly, we do not express an opinion on the effectiveness of the City's internal control. Significant Accounting Policies Management has the responsibility for selection and use of appropriate accounting policies. In accordance with the terms of our engagement letter, we will advise management about the appropriateness of accounting policies and their application. The significant accounting policies used by the City are described in Note 1 to the financial statements. We noted no transactions entered into by the City during the year that were both significant and unusual, and of which, under professional standards, we are required to inform you, or transactions for which there is a lack of authoritative guidance or consensus, except as follows. During 2007, the City added infrastructure assets, which primarily include streets and stormwater systems, acquired or constructed since 1980 to its financial statements, as required by the accounting standards. As a result, capital assets and net assets increased by approximately $10 million. Issues Discussed Prior to Acceptance of Independent Auditors We generally discuss a variety of matters, including the application of accounting principles and auditing standards, with management each year prior to acceptance as the City's auditors. However, these discussions occurred in the normal course of our professional relationship and the responses were not a condition to our retention. 8400 E. Crescent Parkway • Suite 600 • Greenwood Village, CO 80111 • (720) 528-4306 Fax: (720) 528-4307 ATTACHMENT 1 Accounting Estimates Accounting estimates are an integral part of the financial statements prepared by management and are based on management's current judgments. Certain accounting estimates are particularly sensitive because of their significance to the financial statements and because of the possibility that future events affecting them may differ significantly from management's current judgments. We evaluated the key factors and assumptions used to develop the estimates in determining that they are reasonable in relation to the financial statements taken as a whole. Significant Audit Adjustments For purposes of this letter, professional standards define a significant audit adjustment as a proposed correction of the financial statements that, in our judgment, may not have been detected except through our auditing procedures. We provided management with a schedule of audit adjustments. An audit adjustment may or may not indicate matters that could have a significant effect on the City's financial reporting process (that is, cause future financial statements to be materially misstated). Management has determined that the effects of the uncorrected misstatements are immaterial, both individually and in the aggregate, to the financial statements taken as a whole. In our judgment, none of the adjustments we proposed, whether recorded or unrecorded by the City, either individually or in the aggregate, indicate matters that could have a significant effect on the City's financial reporting process. The City proposed an adjustment to the prior period financial statements to remove street maintenance costs that had been reported as capital assets, totaling $4.5 million. These capital assets are only reported on the City's government- wide financial statements, not the fund financial statements. However, we recommend that the City improve the policies and procedures in place to identify and record capital assets. Disagreements with Management For purposes of this letter, professional standards define a disagreement with management as a matter, whether or not resolved to our satisfaction, concerning a financial accounting, reporting, or auditing matter that could be significant to the financial statements or the auditors' report. We are pleased to report that no such disagreements arose during the course of our audit. Consultations with Other Independent Accountants In some cases, management may decide to consult with other accountants about auditing and accounting matters, similar to obtaining a "second opinion" on certain situations. If a consultation involves the application of an accounting principle to the City's financial statements or a determination of the type of auditors' opinion that may be expressed on those statements, our professional standards require the consulting accountant to check with us to determine that the consultant has all the relevant facts. To our knowledge, there were no such consultations with other accountants. Difficulties Encountered in Performing the Audit We encountered no significant difficulties in performing our audit. The audit process was delayed somewhat because of the extensive work related to the identification and compilation of the City's infrastructure assets. Other Information Purchasine Card Transactions We continue to find instances where purchasing card transactions are not supported by itemized receipts, as required by the City's policy. In addition, internal controls in place are not adequate to ensure that all purchases are reviewed and approved by a supervisor. We again recommend that the City review the policies and procedures in place over purchasing card transactions and revise them where necessary to ensure the City's risk of unauthorized purchases is at an acceptable level. Capital Assets The City tracks its capital assets using a manual spreadsheet. We recommend that the City utilize the capital assets module on its accounting system to account for these capital assets. This will make the capital assets records more consistent and reliable. Budget Compliance Similarto lastyear, the City Council approved supplemental budget appropriations for the Conservation Trust and Police Investigation Funds, representing prior year encumbrances that were not spent. The supplemental appropriations resulted in a final budget that approved expenditures in excess of the resources available, including revenues and fund balance. We recommend that similar supplemental appropriations be approved only ifadequate resources are available, which should be documented in the budget resolution. Grants We again recommend that the City establish a procedure whereby one person or department monitors all grants received by the City. This will ensure that all reimbursements are received timely and reporting to oversight entities is accurate. Conclusion We would like to thank Larry Schultz, Patrick Goff, Linda Stengel, and the City staff for their assistance and cooperation during the audit. Everyone at the City was very helpful. This report is intended solely for the information and use of the City Council and management of the City of Wheat Ridge, and is not intended to be and should not be used by anyone other than these specified parties. Very truly yours, 8)VAt 4'vr Swanhorst & Company LLC of wke2t 2007 Financial 9- 0 •a 0 0 d 0 0 d 01 V d ec ■ Y O } 01 C •N 7 O O ry7 V L }01 d m ■ Strong Partnership Between City, F L~qe Statements ATTACHMENT 2 CITY OF WHEAT RIDGE, COLORADO FINANCIAL STATEMENTS December 31, 2007 This page intentionally left blank TABLE OF CONTENTS PAGE INTRODUCTORY SECTION Directory of Principal City Officials FINANCIAL SECTION Independent Auditors' Report Management's Discussion and Analysis i - ix Basic Financial Statements Statement of Net Assets I Statement of Activities 2 Balance Sheet - Governmental Funds 3 Statement of Revenues, Expenditures and Changes in Fund Balances - Governmental Funds 4 Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities 5 Notes to Financial Statements 6-16 Required Supplementary Information Budgetary Comparison Schedule - General Fund 17 Budgetary Comparison Schedule - Open Space Fund 18 Budgetary Comparison Schedule - Conservation Trust Fund 19 Budgetary Comparison Schedule - Recreation Center Operating Fund 20 Notes to Required Supplementary Information 21 Combining and Individual Fund Financial Statements and Schedules Combining Balance Sheet - Nonmajor Governmental Funds 22 Combining Statement of Revenues, Expenditures and Changes in Fund Balances - Nonmajor Governmental Funds 23 Budgetary Comparison Schedule - Police Investigation Fund 24 Budgetary Comparison Schedule - Senior Center Fund 25 TABLE OF CONTENTS (Continued) FINANCIAL SECTION (Continued) PAGE Combining and Individual Fund Financial Statements and Schedules (Continued) Budgetary Comparison Schedule - Municipal Court Fund 26 Budgetary Comparison Schedule - Richards/Hart Improvement Fund 27 Budgetary Comparison Schedule - Crime Prevention Fund 28 Budgetary Comparison Schedule - Capital Projects Fund 29 Budgetary Comparison Schedule - Wheat Ridge Urban Renewal Authority 30 COMPLIANCE SECTION Local Highway Finance Report 31 - 32 IN'T'RODUCTORY SECTION This page intentionally left blank CITY OF WHEAT RIDGE, COLORADO PRINCIPAL CITY OFFICIALS December 31, 2007 MAYOR Jerry DiTullio CITY COUNCIL District 1 District 2 District 3 Karen Berry Dean Gokey Karen Adams Terry Womble Wanda Sang Mike Stites CITY CLERK Michael Snow MUNICIPAL JUDGE Christopher Randall CITY TREASURER Larry Schulz CITY ATTORNEY Gerald Dahl CITY MANAGER Randy Young DEPUTY CITY MANAGER Patrick Goff ACCOUNTING SUPERVISOR Linda Stengel DIRECTOR OF COMMUNITY DEVELOPMENT Kenneth Johnstone DIRECTOR OF PARKS & RECREATION Joyce Manwaring DIRECTOR OF PUBLIC WORKS Timothy Paranto CHIEF OF POLICE Daniel G. Brennan HUMAN RESOURCE MANAGER Karen Croom PURCHASING AND CONTRACTING AGENT Linda Trimble District 4 Lena Rotola Tracy Langworthy This page intentionally left blank FINANCIAL SECTION This page intentionally left blank li&(+ Swanhorst & Company LLC Cenificd Public Acmuntants Honorable Mayor and Members of the City Council City of Wheat Ridge Wheat Ridge, Colorado INDEPENDENT AUDITORS' REPORT We have audited the accompanying financial statements ofthe governmental activities, the discretely presented component unit, each major fund, and the aggregate remaining fund information of the City of Wheat Ridge, as of and for the year ended December 31, 2007, which collectively comprise the basic financial statements ofthe City of Wheat Ridge, as listed in the table of contents. These financial statements are the responsibility of the City of Wheat Ridge's management. Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating theoverall financialstatement presentation. We believe that our audit provides a reasonable basis for our opinions. In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the discretely presented component unit, each major fund, and the aggregate remaining fund information of the City of Wheat Ridge, as of December 31, 2007, and the respective changes in financial position for the year then ended in conformity with accounting principles generally accepted in the United States of America. As discussed in Note 9 to the financial statements, the City of Wheat Ridge added infrastructure assets acquired before January 1, 2003, to the financial statements for the year ended December 31, 2007. The management's discussion and analysis and required supplementary information listed in the table of contents are not a required part of the basic financial statements but are supplementary information required by the Governmental Accounting Standards Board. We have applied certain limited procedures, which consisted principally of inquiries of management regarding the methods of measurement and presentation of the supplementary information. However, we did not audit the information and express no opinion on it. Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the City of Wheat Ridge's basic financial statements. The combining and individual fund financial statements and schedules and local highway finance report listed in the table of contents are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. September 11, 2008 8400 E. Crescent Parkway • Suite 600 • Greenwood Village, CO 80111 • (720) 528-4306 Fax: (720) 528-4307 This page intentionally left blank Management's Discussion and Analysis As management of the City of Wheat Ridge, we offer this narrative overview and analysis of the financial activities of the City of Wheat Ridge for the fiscal year ended December 31, 2007. Please read it in conjunction with the City's financial statements, which follow this section. Financial Highlights • The assets of the City of Wheat Ridge exceeded its liabilities at the close of fiscal year 2007 by $72.4 million (net assets). Of this amount, $11.3 million (unrestricted net assets) may be used to meet the City's ongoing obligations to citizens and creditors. • At the close of fiscal year 2007, the City of Wheat Ridge's governmental funds reported combined ending fund balances of $15.5 million, an increase of $1.6 million in comparison with the prior year. Approximately 79%, $12.2 million is available for spending at the government's discretion (unreserved fund balance). • At the end of the fiscal year 2007, unreserved fund balance for the general fund was $4.9 million, or 21 % of total general fund expenditures. • General fund actual revenues were $314,634 less than final budgeted revenue for the fiscal year 2007 and actual expenditures were $1.9 million less than final budgeted expenditures. Overview of the Financial Statements This discussion and analysis are intended to serve as an introduction to the City of Wheat Ridge's basic financial statements. The basic financial statements comprise three components: 1) government-wide financial statements, 2) fund financial statements, and 3) notes to the financial statements. This report also contains other supplementary information in addition to the basic financial statements themselves. Government-wide financial statements. The government-wide financial statements report information on all activities of the City and its component unit (Wheat Ridge Urban Renewal Authority). The statement of net assets includes all of the City's assets and liabilities. All of the current year's revenues and expenses are accounted for in the statement of activities regardless of when cash is received or paid. The statement of net assets presents information on all of the.City of Wheat Ridge's assets and liabilities, with the difference between the two reported as net assets. Over time, increases or decreases in net assets may serve as a useful indicator of whether the financial position of the City of Wheat Ridge is improving or deteriorating. The statement of activities presents information showing how the City of Wheat Ridge's net assets changed during fiscal year 2007. All changes in net assets are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses reported in this statement for some items will result in cash flows in future fiscal periods (e.g., uncollected taxes and earned but unused vacation leave). The government-wide financial statements include not only the City itself, but also a legally separate Urban Renewal Authority for which the City is financially accountable. The governmental activities of the City include general government, community development, police, public works, and parks and recreation. Fund financial statements. The fund financial statements provide more detailed information about the City's most significant funds - not the City as a whole. Funds are accounting devices that the City uses to keep track of specific sources of funding and spending for particular purposes. • Some funds are required by State law and bond covenants. • The City Council establishes other funds to control and manage money for particular purposes (like the Recreation Center Operating Fund) or to show that it is properly using certain taxes and grants (like the Conservation Trust Fund). The City has one type of fund: Governmental funds - All of the City's basic services are included in governmental funds, which focus on (1) how cash and other financial assets can readily be converted to cash flow in and out and (2) the balances left at year-end that are available for spending. Consequently, the governmental funds statements provide a detailed short-term view that helps determine whether or not there are more or fewer financial resources that can be spent in the near future to finance the City's programs. Because this information does not encompass the additional long-tern focus of the government-wide statements, additional information at the bottom of the governmental funds statement, or on the subsequent page, is provided to explain the relationship (or differences) between them. Financial Analysis of the City as a Whole Net assets. As noted earlier, net assets may serve over time as a useful indicator of a government's financial position. In the case of the City of Wheat Ridge, assets exceeded liabilities by $72,405,278 at the close of the 2007 fiscal year. By far the largest portion of the City of Wheat Ridge's net assets (80%) reflects its investment in capital assets (e.g., land, buildings, machinery, and equipment). The City of Wheat Ridge uses these capital assets to provide services to citizens; consequently, these assets are not available for future spending. An additional portion of the City of Wheat Ridge's net assets (5%) represents resources that are subject to external restrictions on how they may be used (open space and parks, police investigations, crime prevention activities, government access channel and emergency reserves). The remaining balance of unrestricted net assets ($11,276,735) may be used to meet the City's obligations to citizens and creditors. ii At the end of the current fiscal year, the City of Wheat Ridge is able to report positive balances in net assets for the City as a whole, as well as for its governmental funds as a whole. The same situation held true for the prior fiscal year. City of Wheat Ridge Net Assets Governmental Current and other assets Capital assets Total assets Long-term liabilities outstanding Other liabilities Total liabilities Net assets: Invested in capital assets, net of related debt Restricted Unrestricted Total net assets $57,820,301 $57,803,023 $76,230,821 $74,316,110 $964,454 $856,451 $2,861,089 $2,494,250 $3,825,543 $3,350,701 $57,820,301 $57,803,023 $3,308,242 $1,729,108 Changes in Net Assets Governmental activities. • Governmental-type Activities increased the City's total net assets by $1.4 million primarily due to an increase of cash and investments. • Unrestricted net assets decreased by approximately 1.0% in 2007. iii City of Wheat Ridge Changes in Net Assets Governmental Activities 2007 2006 Revenues Program Revenues Charges for services $4,904,720 $4,213,674 Operating grants and contributions $1,916,146 $1,904,709 Captial grants and contributions $2,892,064 $1,925,861 General Revenues Property taxes $711,523 $703,303 Sales taxes $15,563,543 $15,307,483 Use taxes $3,291,166 $2,233,746 Franchise taxes $1,145,227 $1,198,672 Othertaxes $1,466,583 $1,369,343 Investment earnings $682,909 $646,579 Miscelleneous $506,845 $500,070 Total revenues $33,080,726 $30,003,440 Expenses General Government $9,585,120 $8,573,904 Community Development $721,804 $689,545 Police $8,176,302 $7,447,566 Public Works $5,654,452 $7,116,197 Parks and Recreation $7,503,179 $6,009,265 Total expenses $31.640.857 $29,836,477 Increases in net assets $1,439,869 $166,963 Net assets, beginning $70.965.409 $70,798,446 Net assets, ending $72,405.278 $70,965409 • Charges for services increased by approximately $691,000 primarily due to an increase in building permit fees and plan review fees for the Lutheran Hospital expansion project. In addition, fine and forfeiture revenue increased due to the police department being fully staffed which allowed reassignment of officers to the Traffic Unit. • Capital grants and contributions increased by about $960,000 due to the value of land donated by Coors and Jefferson County for the Cabela's project. • Use tax revenue increased by approximately $1.0 million primarily due to the Lutheran Hospital expansion project and the Cabela's project transportation improvements. • General Government expenses include budgets for the City Treasurer, Legislative Services, Finance, Economic Development, City Manager, City Attorney, City Clerk's Office, Municipal Court, Administrative Services, Human Resources, Community Support, Sales Tax, Purchasing and Contracting, Information Technology and Central Charges. • Total expenses increased by about $1.8 million primarily due to an increase of $500,000 for the annual contribution to Wheat Ridge 2020, an increase in staffing of iv 1.5 FTE's; annual employee compensation plan market adjustments and reconstruction of the Anderson Park outdoor pool. Revenues by Source - Governmental Activities Investment earnings Miscelleneous Charges for Othertaxes 21% 15% services 4.4% 14.7% Franchise taxes Operating grants 3.5% d 'b t; Use taxes 10.0% an contra u ions 5.8% Capital grants and contributions 5.3% Derty taxes 2.2% I v Sales taxes 47.1% Financial Analysis of the City's Funds The focus of the City of Wheat Ridge's governmental funds is to provide information on near-term inflows, outflows, and balances of spendable resources. Such information is useful in assessing the City of Wheat Ridge's financing requirements. In particular, unreserved fund balance may serve as a useful measure of a government's net resources available for spending at the end of the fiscal year. As of the end of fiscal year 2007, the City of Wheat Ridge's governmental funds reported combined ending fund balances of $15.5 million, an increase of $1.6 million in comparison with the prior year. Approximately 79% of this total amount ($12.2 million) constitutes unreserved fund balance, which is available for spending at the City's discretion. The remainder of fund balance is reserved to indicate that it is not available for new spending because it has already been committed 1) for open space and parks ($2,033,052);.2) for police investigations ($91,289); 3) for crime prevention activities ($233;076); 4) for government access channel ($115,825) and 5) for state mandated emergency reserves ($835,000). The general fund is the chief operating fund of the City of Wheat Ridge. At the end of fiscal year 2007, unreserved fund balance of the general fund was $4.9 million, while total fund balance reached approximately $5.8 million. As a measure of the general fund's liquidity, it may be useful to compare both unreserved fund balance and total fund balance to total fund expenditures. Unreserved fund balance represents 21 % of total general fund expenditures, while total fund balance represents 25% of that same amount. General Fund Budgetary Highlights The original budget was amended by City Council for a total of $1,037;979 in supplemental budget appropriations throughout the 2007 fiscal year. These amendments can be briefly summarized as follows: • $249,746 allocated for prior encumbrances • $240,917 allocated for Urban Renewal Authority sales tax increment • $207,465 allocated for 2007 market increase to compensation plan • $108,000 allocated for the snow fighting chemicals • $72,000 allocated for fleet fuel • $43,000 allocated for abatement of building code violations • $35,961 allocated for the acceptance of various grants • $35,000 allocated for Police patrol sedan replacement • $22,716 allocated for Administrative Model Process • $15,674 allocated for Channel 8 equipment and software • $7,500 allocated for Carnation Festival A j Capital Asset and Debt Administration Capital assets. The City of Wheat Ridge's investment in capital assets for its governmental activities as of December 31, 2007 amounts to $57.8 million (net of accumulated depreciation). This investment in capital assets includes land, artwork, land improvements, buildings, vehicles, machinery and equipment, infrastructure and software. Major capital asset events during the 2007 fiscal year totaled $3.5 million and included the following: • Land in the amount of $1,282,658 o Land donated by Coors and Jefferson County for the Cabela's project • Construction in Progress in the amount of $762,461 o Anderson Park Pool renovation o Richard Hart Estate renovations o Creekside Park restroom • Land Improvements in the amount of $49,539 o Charlie Brown Bridge redecking • Buildings in the amount of $145,107 o Municipal Court carpet replacement o Recreation Center carpet replacement o Senior Center roof replacement o Anderson Building roof replacement o Building security system • Vehicles in the amount of $415,801 o Police patrol units, police motorcycle, chipper unit, asphalt roller, trailer Machinery and Equipment in the amount of $811,453 o Information technology hardware o Police Department radio equipment o Evidence room lockers o Survey equipment o Nema controller cabinet o Traffic signal equipment o Radar display boards o City Hall HVAC chillers o New telephone system o Panorama and Steven's Elementary park equipment o Riding mower o Mail tabber machine o Lateral file system Software in the amount of $41,198 o Police Department Net Motion o Public Works Signview/Marking View o Weblink o Network Analysis vii City of Wheat Ridge's Capital Assets (net of depreciation) Governmental Activities 2007 2006 Land $10,162,034 $8,879,376 Artwork $39,295 $39,295 Construction in Progress $762,461 $0 Land improvements $3,544,201 $3,799,781 Buildings $13,361,613 $13,737,733 Vehicles $1,389,504 $1,389,624 Machinery and equipment $3,014,316 $2,522,976 Infrastructure $25,405,733 $27,300,654 Software $141,11 44 $133,584 Total Capital Assets $57,820,301 $57,803,023 Long-term debt. At the end of the 2007 fiscal year, the City of Wheat Ridge had total long-term debt outstanding of $964,454. Of this amount, $228,739 is due within one year. This total debt represents compensated absences, which are expected to be liquidated primarily with revenues of the General Fund, and insurance claims payable. Economic Factors and Next Year's Budgets and Rates The City's sales and use tax rate for 2008 is 3 percent. The mill levy is 1.830 mills. Both rates are among the lowest in the Denver metro area. Effective January 1, 2006, City Council has unofficially committed $1.5 million a year for five consecutive years to fund the Wheat Ridge 2020 organization. Wheat Ridge 2020 is a new community-based, nonprofit development corporation created to facilitate and partner in neighborhood and commercial projects that implement the Neighborhood Revitalization Strategy (NRS) adopted by Wheat Ridge City Council in July 2005. The adopted 2008 fiscal year budget is $35.4 million. It includes a $26.9 million operating budget and a $4.6 million capital investment budget. During the 2007 fiscal year, unreserved fund balance in the General Fund decreased to $5.7 million. The 2008 General Fund budget was adopted by utilizing approximately $860,000 of this fund balance. The City Council will be proposing two bond questions at the November 2008 election. The first question concerns the authorization of a 0.6% temporary sales and use tax rate increase and revenue bonds in an amount not to exceed $33,435,000 for reconstruction and streetscaping of portions of West 38 h Avenue. The second question concerns the authorization of a temporary mill levy increase and general obligation bonds in an amount not to exceed $9,255,000 for neighborhood flood control and storm drainage improvements. viii Requests for Information This financial report is designed to provide a general overview of the City of Wheat Ridge's finances for those with an interest in the City's finances. Questions concerning any of the information provided in this report or requests for additional financial information should be addressed to: Deputy City Manager City of Wheat Ridge 7500 W. 29 h Avenue Wheat Ridge, Colorado 80033 ix This page intentionally left blank BASIC FINANCIAL STATEMENTS This page intentionally left blank CITY OF WHEAT RIDGE, COLORADO STATEMENT OF NET ASSETS December 31, 2007 ASSETS Cash and Investments Receivables Accounts Property Taxes Intergovernmental Accrued Interest - Due from Primary Government Capital Assets, Not Being Depreciated Capital Assets, Net of Accumulated Depreciation TOTAL ASSETS LIABILITIES Accounts Payable Due to Component Unit I Refundable Deposits Deferred Revenues Noncurrent Liabilities Due Within One Year Due in More Than One Year TOTAL LIABILITIES NET ASSETS Invested in Capital Assets Restricted for Open Space and Parks Restricted for Police Investigations Restricted for Crime Prevention Activities Restricted for Government Access Channel Restricted for Emergencies Unrestricted TOTAL NET ASSETS PRIMARY GOVERNMENT COMPONENT UNIT GOVERNMENTAL URBAN RENEWAL ACTIVITIES AUTHORITY $ 14,762,792 $ 1,198,022 2,103,840 - 776,714 - 689,329 - 77,845 - 341,100 10,963,790 - 46,856,511 - 76,230,821 1,539,122 1,440,604 49,314 341,100 - 291,301 788,084 228,739 735,715 3,825,543 49,314 57,820,301 2,033,052 - 91,289 233,076 115,825 835,000 - 11,276,735 1,489,808 $ 72,405,278 $ 1,489,808 The accompanying notes are an integral part of the financial statements. CITY OF WHEAT RIDGE, COLORADO . STATEMENT OF ACTIVITIES Year Ended December 31, 2007 PROGRAM REVENUES OPERATING CAPITAL CHARGESFOR GRANTSAND GRANTSAND FUNCTIONS/PROGRAMS EXPENSES SERVICES CONTRIBUTIONS CONTRIBUTIONS PRIMARY GOVERNMENT Governmental Activities General Government $ 9,585,120 $ 251,079 $ 303,286 $ Community Development 721,804 1,039,043 - - Police 8,176,302 1,052,462 45,312 - Public Works 5,654,452 39,429 1,530,944 1,294,527 Parks and Recreation 7,503,179 2,522,707 36,604 1,597,537 Total Primary Government $ 31,640,857 $ 4,904,720 $ 1,916,146 $ 2,892,064 COMPONENT UNIT Urban Renewal Authority $ 83,424 $ $ $ GENERALREVENUES Property Taxes Sales Taxes Use Taxes Franchise Taxes Other Taxes Investment Earnings Miscellaneous TOTAL GENERAL REVENUES CHANGE IN NET ASSETS NET ASSETS, Beginning, as Restated NET ASSETS, Ending The accompanying notes are an integral part of the financial statements. 2 NET (EXPENSE) REVENUE AND CHANGES IN NET ASSETS PRIMARY COMPONENT GOVERNMENT UNIT GOVERNMENTAL URBAN RENEWAL ACTIVITIES AUTHORITY $ (9,030,755) $ - 317,239 - (7,078,528) - (2,789,552) - (3,346,331) - (21,927,927) - (83,424) 711,523 344,345 15,563,543 341,100 3,291,166 - 1,145,227 1,466,583 - 682,909 22,746 506,845 - 23,367,796 708,191- 1,439,869 624,767 70,965,409 865,041 $ 72,405,278 $ 1,489,808 CITY OF WHEAT RIDGE, COLORADO BALANCESHEET GOVERNMENTALFUNDS December 31, 2007 RECREATION OPEN CONSERVATION CENTER GENERAL SPACE TRUST OPERATING ASSETS Cash and Investments $ 4,282,318 $ 1,808,187 $ 830,842 $ 2,548,837 Receivables Accounts 2,062,687 9,000 - - Property Taxes 776,714 - Intergovernmental 520,289 169,040 - Accrued interest - - - 33,841 TOTAL ASSETS $ 7,642,008 $ 1,986,227 $ 830,842 $ 2,582,678 LIABILITIES AND FUND BALANCE LIABILITIES Accounts Payable $ 394,728 $ 454,025 $ 320,992 $ 31,462 Due to Component Unit 341,100 - - _ Refundable Deposits 291,301 - - - - Deferred Revenues Property Taxes 776,714 - Other - 2,370 9,000 - - TOTAL LIABILITIES 1,806,213 463,025 320,992 31,462 FUND BALANCES Reserved for Open Space and Parks - 1,523,202 509,850 - Reserved for Police Investigations Reserved for Crime Prevention Activities - - Reserved for Government Access Channel 115,825 - Reserved for Emergencies - 835,000 - - - - Unreserved, reported in General Fund 4,884,970 - - Special Revenue Funds - - - 2,551,216 Capital Projects Fund TOTAL FUND BALANCES 5,835,795 1,523,202 509,850 2,551,216 TOTAL LIABILITIES AND FUND BALANCES $ 7,642,008 $ - - 1,986,227 $ 830,842 $ 2,582,678 Amounts Reported for Governmental Activities in the Statement of Net Assets are Different Because: Total Fund Balances of Governmental Funds Capital assets used in governmental activities are not financial resources and, therefore, are not reported in the funds. Long-term liabilities, including claims payable $103,344 and compensated absences $861,110, are not due and payable in the current year and, therefore, are not reported in the funds. Net Assets of Governmental Activities The accompanying notes are an integral part of the financial statements. 3 OTHER CAPITAL GOVERNMENTAL PROJECTS FUNDS TOTALS $ 4,847,035 $ 445,573 $ 14,762,792 12,861 19,292 2,103,840 - - 776,714 689,329 44,004 - 77,845 $ 4,903,900 $ 464,865 $ 18,410,520 $ 232,204 $ 7,193 $ 1,440,604 - 341,100 - - 291,301 - - 776,714 - - 11,370 232,204 7,193 2,861,089 - - 2,033,052 91,289 91,289 233,076 233,076 - 115,825 835,000 - 4,884,970 - 133,307 2,684,523 4,671,696 - 4,671,696 4,671,696 457,672 15,549,431 $ 4,903,900 $ 464,865 $ 18,410,520 $ 15,549,431 57,820,301 (964,454) $ 72,405,278 CITY OF WHEAT RIDGE, COLORADO STATEMENT OF REVENUE EXPENDITURES AND CHANGES IN FUND BALANCES GOVERNMENTAL FUNDS Year Ended December 31, 2007 - RECREATION OPEN CONSERVATION CENTER GENERAL SPACE TRUST OPERATING REVENUES Taxes $ 21,650,737 $ - $ _ $ _ Licenses and Permits 1,072,097 Intergovernmental - 1,786,122 1,189,478 408,058 10,000 Charges for Services 981,248 - - 2,003,360 Fines and Forfeitures 776,313 - _ _ _ Investment Earnings 246,544 33,458 26,421 128,552 Miscellaneous 489,098 3,000 12,045 2,000 TOTAL REVENUES 27,002,159 1,225,936 446,524 2,143,912 EXPENDITURES Current General Government 8,968,626 - _ _ Community Development 720,125 - _ _ Police - 7,548,470 - _ _ Public Works 3,563,950 - _ Parks and Recreation 2,833,005 1,072,441 642,287 2,031,557 Capital Outlay TOTAL EXPENDITURES 23,634,176 1,072,441 642,287 2,031,557 EXCESS OF REVENUES OVER (UNDER) EXPENDITURES 3,367,983 153,495 (195,763) 112,355 OTHER FINANCING SOURCES (USES) Transfers In - 985,372 300,000 - Transfers Out (4,085,372) _ _ _ TOTAL OTHER FINANCING SOURCES (USES) (4,085,372) 985,372 300,000 - NET CHANGE IN FUND BALANCES (717,389) 1,138,867 104,237 112,355 FUND BALANCES, Beginning 6,553,184 384,335 405,613 2,438,861 FUND BALANCES, Ending $ 5,835,795 $ 1,523,202 $ 509,850 $ 2,551,216 The accompanying notes are an integral part of the financial statements. 4 OTHER CAPITAL GOVERNMENTAL PROJECTS FUNDS - TOTALS $ 210,922 $ 316,383 $ 22,178,042 1,072,097 11,869 914 3,406,441 - 13,923 2,998,531 - 166,557 942,870 230,064 17,870 682,909 11,035 517,178 452,855 526,682 31,798,068 37,102 9,005,728 - - 720,125 - 327,914 7,876,384 - 3,563,950 - 56,423 6,635,713 2,352,337 - - 2,352,337 2,352,337 421,439 ` 30,154,237 (1,899,482) 105,243 1,643,831 2,800,000 - 4,085,372 (4,085,372) 2,800,000 i - - 900,518 105,243 1,643,831 3,771,178 352,429 13,905,600 $ 4,671,696 $ 457,672 $ 15,549,431 CITY OF WHEAT RIDGE, COLORADO RECONCILIATION OF THE STATEMENT OF REVENUES EXPENDITURES AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES Year Ended December 31, 2007 Amounts Reported for Governmental Activities in the Statement of Activities are Different Because: Net Change in Fund Balances of Governmental Funds $ 1,643,831 Capital outlays to purchase or build capital assets are reported in governmental funds as expenditures. However, for governmental activities those costs are shown in the statement of net assets and allocated over their estimated useful lives as annual depreciation expense in the statement of activities. This is the amount by which capital outlay $3,508,217 exceeded depreciation expense ($3,456;434) and loss on disposal ($34,505) during the current year. 17,278 Repayments of long-term debt are expenditures in the governmental funds, but they reduce long-tern liabilities in the statement of net assets and do not affect the statement of activities. This amount represents the increase in claims payable ($103,344) and compensated absences ($117,896). (221,240) Change in Net Assets of Governmental Activities $ 1,439,869 The accompanying notes are an integral part of the financial statements. 5 CITY OF WHEAT RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS December 31, 2007 NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The City of Wheat Ridge, Colorado (the "City") was incorporated in August, 1969, and became a home rule city in 1976, as defined by Colorado Revised Statutes. The City is governed by a Mayor and eight-member Council elected by the residents. The accounting policies of the City conform to generally accepted accounting principles as applicable to government entities. The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting principles. Following is a summary of the more significant policies: Reporting Entity The financial reporting entity consists of the City and organizations for which the City is financially accountable. All funds, organizations, institutions, agencies, departments and offices that are not legally separate are part of the City. In addition, any legally separate organizations for which the City is financially accountable are considered part of the reporting entity. Financial accountability exists if the City appoints a voting majority of the organization's governing board and is able to impose its will on the organization, or if the organization provides benefits to, or imposes financial burdens on, the City. Based on the application of this criteria, the City includes the following discretely presented component unit in its reporting entity. The Wheat Ridge Urban Renewal Authority (the "Authority") was created to redevelop or rehabilitate certain blighted areas within the City. The Authority:board members are appointed by the Mayor and City Council. Government-wide and Fund Financial Statements The government-wide financial statements (i.e., the statement of net assets and the statement of activities) report information on all activities of the City and its component unit. For the most part, the effect of interfund activity has been removed from these statements. Exceptions to this general rule are charges for interfund services that are reasonably equivalent to the services provided. Governmental activities normally are supported by taxes and intergovernmental revenues. The statement of activities demonstrates the degree to which the direct expenses of the given function or segment are offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment. Program revenues include 1) charges to customers who purchase, use, or directly benefit from goods, services, or privileges provided by a given function or segment and 2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular function or segment. Taxes and other items not properly included among program revenues are reported instead as general revenues. Internally dedicated resources are reported as general revenues rather than as program revenues. Separate financial statements are provided for governmental funds. Major individual funds are reported as separate columns in the fund financial statements. 6 CITY OF WHEAT RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS December 31, 2007 NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Measurement Focus, Basis of Accounting, and Financial Statement Presentation The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis ofaccounting. Revenues are recorded when earned and expenses are recorded when the liability is incurred, regardless of the timing of related cash flows. Property taxes are recognized as revenues in the year for which they are levied. Grants and similar items are recognized as revenues as soon as all eligibility requirements imposed by the provider have been met. Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available. Revenues are considered to be available when they are collected within the current year or soon enough thereafter to pay liabilities of the current year. For this purpose, the City considers revenues to be available if they are collected within 60 days of the end of the current year. Property taxes, specific ownership taxes, sales taxes, grants, and interest associated with the current year are considered to be susceptible to accrual and so have been recognized as revenues of the current year. All other revenues are considered to be measurable and available only when cash is received by the City. Expenditures generally are recorded when a liability is incurred, as under accrual accounting. However, debt service expenditures, as well as expenditures related to compensated absences, are recorded only when payment is due. Private-sector standards of accounting and financial reporting issued prior to December 1, 1989, generally are followed in the government-wide financial statements to the extent that those standards do not conflict with or contradict guidance of the Governmental Accounting Standards Board. When both restricted and unrestricted resources are available for use, it is the City's practice to use restricted resources first, then unrestricted resources as they are needed. The City reports the following major governmental funds: The General Fund is the general operating fund of the City. It is used to account for all financial resources except those required to be accounted for in another fund. The Open Space Fund accounts for Jefferson County open space sales tax revenues that are shared with the City and restricted for open space and parks expenditures. CITY OF WHEAT RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS . December 31, 2007 NOTE1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Measurement Focus, Basis ofAccounting, and Financial Statement Presentation (Continued) The Conservation Trust Fund accounts for State of Colorado lottery revenues that are shared with the City and restricted for open space and parks expenditures. The Recreation Center Operating Fund accounts for the operations of the recreation center. The Capital Projects Fund is used to account for the acquisition or construction of major capital assets. Assets, Liabilities and Net Assets/Fund :Balances Cash and Investments - Investments are reported at fair value. Receivables - Receivables consist of sales and use taxes, lodging taxes, and other miscellaneous receivables. Receivables are reported at their gross value and, where appropriate, are reduced by the estimated portion that is expected to be uncollectible. Capital Assets - Capital assets, which include property, equipment, and all infrastructure owned by the City, are reported in the government-wide financial statements. Capital assets are defined by the City as assets with an initial, individual cost of more than $5,000 and an estimated useful life in excess of one year. Such assets are recorded at historical cost or estimated historical cost if purchased or constructed. Donated capital assets are recorded at estimated fair market value at the date of donation. The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend asset lives are not capitalized. Capital assets of the City are depreciated using the straight-line method over the following estimated useful lives. Land Improvements 25 years Buildings 10 - 40 years Vehicles, Machinery and Equipment 3 - 40 years Infrastructure 20 - 40 years Software 5 years Deferred Revenues - Deferred revenues include grant funds that have been collected but the corresponding expenditures have not been incurred. Property taxes earned but levied for a subsequent year are also recorded as deferred revenues in the financial statements. CITY OF WHEAT RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS December 31, 2007 NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Assets, Liabilities and Net Assets/Fund Balances (Continued) Compensated Absences - Employees of the City are allowed to accumulate unused vacation and sick time up to a maximum based on years of service. Upon termination of employment from the City, an employee will be compensated for all accrued vacation time at their current pay rate. A long-term liability has been reported in the government-wide financial statements for the accrued vacation time. Long-Term Debt - In the government-wide financial statements, long-term debt and other long- term obligations are reported as liabilities. In the fund financial statements, governmental funds recognize long-term liabilities only when payment is due. Payments oflong-term debt are reported as current expenditures. NetAssets/Fund Balances - In the government-wide financial statements, net assets are restricted when constraints placed on the net assets are externally imposed. In the fund financial statements, governmental funds report reservations of fund balance for amounts that are not available for appropriation or are legally restricted by outside parties for use for a specific purpose. Property Taxes Property taxes attach as an enforceable lien on property on January 1 and are levied the following January 1. Taxes are payable in full on April 30 or in two installments on February 28 and June 15. The County Treasurer's office collects property taxes and remits to the City on a monthly basis. Since property tax revenues are collected in arrears during the succeeding year, a receivable and corresponding deferred revenue are reported at year end. Contraband Forfeitures The Colorado Contraband Forfeiture Act allows law enforcement agencies to retain proceeds from the seizure of contraband. These transactions are reported in the Police Investigation Special Revenue Fund. CITY OF WHEAT RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS December 31, 2007 NOTE 2: CASH AND INVESTMENTS At December 31, 2007, the City had the following cash and investments. Primary Government Petty Cash $ 2,925 Cash Deposits 4,334,374 Investments 10,425,493 Total $ 14,762,792 Component Unit Cash Deposits $ 1,174,683 Investments 23,339 Total $ 1,198,022 Cash Deposits The Colorado Public Deposit Protection Act (PDPA) requires that all local government entities deposit cash in eligible public depositories. Eligibility is determined by State regulations. Amounts on deposit in excess of federal insurance levels must be collateralized by eligible collateral as determined by the PDPA. PDPA allows the financial institution to create a single collateral pool for all public funds held. The pool is to be maintained by another institution, or held in trust for all the uninsured public deposits as a group. The market value of the collateral must be at least equal to 102% of the uninsured deposits. At December 31, 2007, the City and the Authority had bank deposits of $4,261,602 and $1,074,683, respectively, collateralized with securities held by the financial institutions' agents but not in their name. Investments The City and the Authority are required to comply with State statutes which specify investment instruments meeting defined rating, maturity and concentration risk criteria in which local governments may invest. State statutes do not address custodial risk. The City has further restricted the investments of the City to the following. • U.S. Treasury Obligations • Federal Instrumentality Securities • Prime Commercial Paper • Local Government Investment Pools • Certificates of deposit or savings accounts in state or national banks and savings and loans 10 CITY OF WHEAT RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS December 31, 2007 NOTE 2: CASH AND INVESTMENTS (Continued) Investments (Continued) The City had the following investments at December 31, 2007: Investment Maturities (in Years) S&P Less Total Investment Type Rating Than 1 1-3 3-5 Value Money Market Funds - AAA $ 44,384 - - 44,384 U.S. Agency Securities AAA 1,604,938 959,203 1,491,644 4,055,785 Local Government Investment Pools AAA 6,348,663 6,348,663 Total $ 7,997,985 $ 959,203 $ .1.491.644 $ 10,448,832 Interest Rate Risk - State statutes limit investments in U.S. Agency securities to an original maturity of five years unless the governing board authorizes the investment for a period in excess of five years. Credit Risk - State statutes limit investments in U.S. Agency securities to the highest rating issued by two or more nationally recognized statistical rating organizations (NRSROs). State statutes also limit investments in money market funds to those that maintain a constant share price, with a maximum remaining maturity in accordance with Rule 2a-7, and either have assets of one billion dollars or the highest rating issued by a NRSRO. Custodial Credit Risk - At December 31, 2007, the City's investments in U.S. Agency securities were held by the counterparty (broker), but not in the City's name. Concentration of Credit Risk - State statutes do not limit the amount the City may invest in one issuer. At December 31, 2007, the City's investments in the Federal Home Loan Bank, Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation were 25%, 8% and 6%, respectively, of the City's total investments. Local Government Investment Pool - At December 31, 2007, the City had $3,920,446 and $2,404,878, respectively, invested in the Colorado Local Government Liquid Asset Trust (Colotrust), and the Colorado Surplus Asset Fund Trust (CSAFE). The Authority had $23,339 invested in Colotrust. The Pools are investment vehicles established for local government entities in Colorado to pool surplus funds. The State Securities Commissioner administers and enforces the requirements of creating and operating the Pools. The Pools operate similarly to a money market fund and each share is equal in value to $1.00. The Pools are rated AAAm by Standard and Poor's. Investments of the pools are limited to those allowed by State statutes. A designated custodial bank provides safekeeping and depository services in connection with the direct investment and withdrawal functions. The custodian's internal records identify the investments owned by the participating governments. 11 CITY OF WHEAT RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS December 31, 2007 NOTE 3: CAPITAL ASSETS Capital asset activity for the year ended December 31, 2007, is summarized below. Balances - As Restated Balances - 12/31/06 Additions Deletions 12/31/07 Governmental Activities Capital Assets, Not Being Depreciated Land $ 8,879,376 $ 1,282,658 $ - $ 10,162,034 Artwork 39,295 39,295 Construction in Progress 762,461 762,461 Total Capital Assets, Not Being Depreciated 8,918,671 2,045,119 10,963,790 Capital Assets, Being Depreciated Land Improvements 5,422,344 49,539 - 5,471,883 - Buildings 19,319,617 145;107 19,464,724 Vehicles 3,757,269 415,801 184,989 3,988,081 Machinery and Equipment 3,745,036. 811,453 - 4,556,489 Infrastructure 62,642,822 - - 62,642,822 Software 150,484 41,198 - 191,682 Total Capital Assets, Being Depreciated 95037 572 1,463,098 184,989 96,315,681 Less Accumulated Depreciation Land Improvements 1,622,563 305,119 - 1,927,682 Buildings 5,581,884 521;227 - 6,103,111 Vehicles 2,367,645 381,416 150,484 2,598,577 Machinery and Equipment 1,222,060 320,113 - 1,542,173 Infrastructure 35,342,168 1,894,921 - 37,237,089 Software 16,900 33,638 50,538 Total Accumulated Depreciation 46,153,220 3,456,434 150,484 49,459,170 Total Capital Assets, Being Depreciated, Net 48,884,352 (1,993,3361 34,505 46,856,511 Governmental Activities Capital Assets, Net $ 57,803,023 $ 51,783 $ 34,505 $ 57,820,301 Depreciation expense was charged to programs of the City as follows: General Government Community Development Police Public Works Parks and Recreation Total $ 231,374 1,679 265,413 2,090,502 867,466 $ 3,456,434 12 CITY OF WBEAT RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS December 31, 2007 NOTE 4: NOTE 5: NOTE 6: LONG-TERM DEBT Following is a summary of long-term debt transactions of the City for the year ended December 31, 2007. Balances Balances Due Within 12/31/06 Additions Payments 12/31/07 One Year Governmental Activities Compensated Absences $ 743,214 $ 132,775 $ 14,879 $ 861,110 $ 125,395 Claims Payable 113.237 739.661 749.554 103,344 103.344 Total $ 856.451 $ 872,436 $ 764,433 $ 964.454 $ 228.739 Compensated absences are expected to be liquidated primarily with revenues ofthe General Fund. INTERFUND TRANSFERS Interfund transfers for the year ended December 31, 2007, were as follows: Transfers In Transfers Out Amount Open Space Conservation Trust Capital Projects Total General General General $ 985,372 300,000 2,800,000 $ 4,085,372 The General Fund annually transfers to the Capital Projects Fund the amounts needed for capital projects. The General Fund also contributed to the Open Space and Conservation Trust Funds for the renovation of the Anderson Park pool. RISK MANAGEMENT The City is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors and omissions; injuries to employees; and natural disasters. The City has agreed to self-insure for general liability claims to a maximum of $150,000, automobile, property and physical damage claims to a maximum of $10,000, and workers compensation claims to a maximum of $5,000 per occurrence. Changes in claims payable for the years ended December 31, 2007 and 2006, were as follows: 2007 2006 Claims Payable, January 1 htcurred Claims Claims Paid Claims Payable, December 31 13 $ 113,237 $ 106,308 739,661 621,046 (749,554) (614,117) $ 103,344 L --j][3,237 CITY OF WHEAT RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS December 31, 2007 NOTE 6: RISK MANAGEMENT (Continued). For excess liability, property and workers compensation claims, the City is involved with the Colorado Intergovernmental Risk Sharing Agency (CIRSA), a separate and independent governmental and legal entity formed by intergovernmental agreement by member municipalities pursuanttothe provisions of24-10-115.5, Colorado Revised Statutes (1982 Replacement Volume) and the Colorado Constitution, Article XIV, Section 18(2). The purposes of CIRSA are to provide members defined liability, property, and workers compensation coverages and to assist members to prevent and reduce losses and injuries to municipal property and to persons or property which might result in claims being made against members of CIRSA, their employees and officers. It is the intent of the members of CIRSA to create an entity in perpetuity which will administer and use funds contributed by the members to defend and indemnify, in accordance with the bylaws, any member of CIRSA against stated liability of loss, to the limit of the financial resources of CIRSA. It is also the intent of the members to have CIRSA provide continuing stability and availability of needed coverages at reasonable costs. All income and assets of CIRSA shall be at all times dedicated to the exclusive benefit of its members. CIRSA is a separate legal entity and the City does not approve budgets nor does it have ability to significantly affect the operations of the unit. NOTE 7: RETIREMENT COMMITMENTS Police Pension Plan The City contributes to a single-employer defined contribution money purchase pension plan on behalf of sworn police officers. The Plan is administered by the International City/County Management Association (ICMA). Employees are required to contribute 10% of their compensation to the Plan, and the City contributes 10%. Employees become vested in City contributions to the Plan at 20% annually, beginning in the third year of employment. The contribution requirements of Plan members and the City are established and may be amended by the CityCouncil. During the year ended December 31, 2007, the City and employee contributions to the Plan were $441,348 and $441,348, respectively, equal to the required contributions. Department Head Pension Plan City department heads participate in a multiple-employer defined contribution pension plan upon employment with the City. The Plan is administered by ICMA. Department heads are required to contribute 4% of their compensation to the Plan and the City contributes 5%. Employees become vested in all contributions to the Plan immediately. The contribution requirements ofPlan members and the City are established and may be amended by the City Council. During the year ended December 31, 2007, the City and employee contributions to the Plan were $39,855 and $26,835, respectively, equal to the required contributions. 14 CITY OF WHEAT RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS December 31, 2007 NOTE 7: RETIREMENT COMMITMENTS (Continued) Employee Pension Plan The City contributes to a multiple-employer defined contribution pension plan on behalf of all employees; except sworn personnel and department heads, after one year of employment. The Plan is administered by the Colorado County Officials and Employees Retirement Association (CCOERA). Employees are required to contribute 4% of their compensation to the Plan, and the City contributes 4%. Employees become vested in City contributions to the Plan at 20% annually after one year of employment. The contribution requirements of Plan members and the City are established and maybe amended by the City Council. During the year ended December 31, 2007, the City and employee contributions to the Plan were $244,388 and $244,388, respectively, equal to the required contributions. NOTE 8: COMMITMENTS AND CONTINGENCIES Tabor Amendment Colorado voters passed an amendment to the State Constitution, Article X, Section 20, which has several limitations, including revenue raising, spending abilities, and other specific requirements of state and local governments. The Amendment requires, with certain exceptions, advance voter approval for any new tax, tax rate increase, mill levy above that for the prior year, extension of an expiring tax, or tax policy change directly causing a net tax revenue' gain to the City. Revenue in excess of the fiscal year spending limit must be refunded in the next fiscal year unless voters approve retention of such revenue. The City's management believes it is in compliance with the provisions of the Amendment. However, the Amendment is complex and subject to interpretation. Many of its provisions may require judicial interpretation. In November, 2006, voters agreed to allow the City to spend all revenues generated during 2006 and each subsequent year for police protection, street construction - repair and maintenance, parks and recreation - trails and open space, capital projects, and other basic municipal services, without limitation. The City has established an emergency reserve, representing 3% of qualifying expenditures, as required by the Amendment. At December 31, 2007, the emergency reserve of $835,000 was reported as a reservation of fund balance in the General Fund. Litigation The City is involved in various litigation. The outcome of this litigation cannot be determined at this time. 15 CITY OF WHEAT RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS December 31, 2007 NOTE 9: RESTATEMENT During the year ended December 31, 2007, the City added infrastructure assets purchased or constructed prior to January 1, 2003, to its financial statements, and removed construction in progress incorrectly capitalized in prior years. Net assets at December 31, 2006, were restated to reflect these changes, as follows: Net Assets, December 31, 2006, as Originally Stated $ 60,861,686 Construction in Progress (4,580,230) Infrastructure 44,785,428 Accumulated Depreciation (30,101,475) Net Assets, December 31, 2006, as Restated $ 70,965.409 16 This page intentionally left blank REQUIRED SUPPLEMENTARY INFORMATION This page intentionally left blank CITY OF WHEAT RIDGE, COLORADO BUDGETARY COMPARISON SCHEDULE GENERAL FUND Year Ended December 31, 2007 ORIGINAL FINAL BUDGET BUDGET REVENUES Taxes $ 22,334,254 $ 22,334,254 Licenses and Permits 948,700 948,700 Intergovernmental - 1,973,846 1,988,927 Charges for Services 835,762 835,762 Fines and Forfeitures 689,000 689,000 Investment Earnings 210,000 210,000 Miscellaneous 310,150 310,150 TOTALREVENUES 27,301,712 27,316,793 EXPENDITURES Current General Government Community Development Police Public Works Parks and Recreation 9,109,863 944,510 7,848,228 3,543,005 3,056,106 9,494,317 955,134 8,115,056 3,798,392 3,176,792 TOTAL EXPENDITURES EXCESS OF REVENUES OVER (UNDER) EXPENDITURES OTHER FINANCING SOURCES (USES) Transfers Out NET CHANGE IN FUND BALANCE 24,501,712 2,800,000 25,539,691 1,777,102 (2,800,000) (4,085,372) (2,308,270) $ 21,650,737 $ 1,072,097 1,786,122 981,248 776,313 246,544 489,098 27,002,159 8,968,626 720,125 7,548,470 3,563,950 2,833,005 23,634,176 3,367,983 (4,085,372) (717,389) VARIANCE Positive (Negative) (683,517) 123,397 (202,805) 145,486 87;313 36,544 178,948 (314,634) 525,691 235,009 566,586 234,442 343,787 1,905,515 1,590,881 1,590,881 FUND BALANCE, Beginning 7,626,431 7,626,431 6,553,184 (1,073,247) FUND BALANCE, Ending $ 7,626,431 $ 5,318,161 $ 5,835,795 $ 517,634 See the accompanying Independent Auditors' Report. 17 CITY OF WHEAT RIDGE, COLORADO BUDGETARY COMPARISON SCHEDULE OPEN SPACE FUND Year Ended December 31, 2007 REVENUES Intergovernmental Investment Earnings Miscellaneous TOTAL REVENUES EXPENDITURES Current Parks and Recreation - TOTAL EXPENDITURES EXCESS OF REVENUES OVER (UNDER) EXPENDITURES OTHER FINANCING SOURCES Transfers In NET CHANGE IN FUND BALANCE FUND BALANCE, Beginning FUND BALANCE, Ending VARIANCE ORIGINAL FINAL Positive BUDGET BUDGET ACTUAL (Negative) $ 1,000,000 $ 1,300,000 $ 1,189,478 $ (110,522) 2,000 2,000 33,458 31,458 - - 3,000 3,000 1,002,000 1,302,000 1,225,936 (76,064) 964,727 2,293,610 1,072,441 1,221,169 964,727 2,293,610 1,072,441 1,221,169 37,273 (991;610) 153,495 1,145,105 - 985,372 985,372 - 37,273 (6,238) 1,138,867 1,145,105 222,471 222,471 384,335 161,864 $ 259,744 $ 216,233 $ 1,523,202 $ 1,306,969 See the accompanying Independent Auditors' Report. 18 CITY OF WHEAT RIDGE, COLORADO BUDGETARY COMPARISON SCHEDULE CONSERVATION TRUST FUND Year Ended December 31, 2007 VARIANCE ORIGINAL FINAL Positive BUDGET BUDGET ACTUAL (Negative) REVENUES Intergovernmental $ 380,000 $ 466,329 $ 408,058 $ (58,271) Investment Earnings 4,000 4,000 26,421 22,421 Miscellaneous - - 12,045 12,045 TOTALREVENUES 384,000 470,329 446,524 (23,805) EXPENDITURES Current Parks and Recreation 450,000 1,011,421 642,287 369,134 EXCESS OF REVENUES OVER (UNDER) EXPENDITURES (66,000) (541,092) (195,763) 345,329 OTHER FINANCING SOURCES Transfers In 300,000 300,000 - NET CHANGE IN FUND BALANCE (66,000) (241,092) 104,237 345,329 FUND BALANCE, Beginning 117,405 117,405 405,613 288,208 FUND BALANCE, Ending $ 51,405 - $ (123,687) $ 509,850 $ 633,537 See the accompanying Independent Auditors' Report. 19 CITY OF WHEAT RIDGE, COLORADO BUDGETARY COMPARISON SCHEDULE RECREATION CENTER OPERATING FUND Year Ended December 31, 2007 VARIANCE ORIGINAL FINAL Positive REVENUES BUDGET BUDGET ACTUAL (Negative) Intergovernmental $ - $ - $ 10,000 $ 10 000 Charges for Services 1,998,212 1,998,212 2,003,360 , 5 148 Investment Earnings 90,000 90,000 128,552 , 38 552 Miscellaneous - - 2,000 , 2,000 TOTALREVENUES 2,088,212 2,088,212 2,143,912 55,700 EXPENDITURES Current Parks and Recreation 2,322,694 2,332,990 2,031,557 301,433 TOTAL EXPENDITURES 2,322,694 2,332,990 2,031,557 301,433 NET CHANGE IN FUND BALANCE (234,482) (244,778) 112,355 357,133 FUND BALANCE, Beginning 2,268,783 2,268,783 2,438,861 170,078 FUND BALANCE, Ending $ 2,034,301 $ 2,024,005 $ 2,551,216 $ 527,211 See the accompanying Independent Auditors' Report. 20 CITY OF WHEAT RIDGE, COLORADO NOTES TO REQUIRED SUPPLEMENTARY INFORMATION December 31, 2007 NOTE 1: STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY Budgets and Budgetary Accounting State statutes require that all funds have legally adopted budgets and appropriations. Total expenditures may not exceed the amount appropriated at the fund level. Budgets are adopted for all funds of the City on a basis consistent with generally accepted accounting principles (GAAP). The City follows these procedures in establishing the budgetary data reflected in the financial statements: • In September, City administration submits to the City Council a proposed operating budget for the fiscal year commencing the following January L The operating budget includes proposed expenditures and the means of financing them. • Public hearings are conducted to obtain taxpayer comments. • Prior to December 31, the budget is legally enacted through passage of a resolution. • Revisions that alter the total expenditures of any fund must be approved by the City Council. • All appropriations lapse at fiscal year end. Legal Compliance For the year ended December 31, 2007, the Conservation Trust and Police Investigation Fund budgets allowed for expenditures in excess of the resources available, including revenues and fund balance. In addition, the Senior Center Fund expenditures exceeded the amounts budgeted by $8,461. These may be violations of State statute. 21 This page intentionally left blank COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS AND SCHEDULES CITY OF WHEAT RIDGE, COLORADO COMBINING BALANCE SHEET NONMAJOR GOVERNMENTAL FUNDS December 31, 2007 ASSETS Cash and Investments Receivables Accounts TOTAL ASSETS LIABILITIES AND FUND BALANCES LIABILITIES Accounts Payable TOTAL LIABILITIES FUND BALANCES Reserved for Police Investigations Reserved for Crime Prevention Activities Unreserved, Reported in Special Revenue Funds TOTAL FUND BALANCES TOTAL LIABILITIES AND FUND BALANCES POLICE SENIOR MUNICIPAL INVESTIGATION CENTER COURT $ 91,289 $ $ 71,495 $ 91,289 $ $ 71,495 $ - $ - $ 5,430 5,430 91,289 - - 66,065 91,289 - - 66,065 $ 91,289 $ $ 71,495 See the accompanying Independent Auditors' Report. 22 i l RICHARDS/ HART CRIME IMPROVEMENT PREVENTION TOTALS $ 67,242 $ 215,547 $ 445,573 - 19,292 19,292 $ 67,242 $ 234,839 $ 464,865 $ $ 1,763 $ 7,193 1,763 7,193 - - 91,289 233,076 233,076 67,242 - 133,307 67,242 233,076 457,672 $ 67,242 $ 234,839 $ 464,865 CITY OF WHEAT RIDGE, COLORADO COMBINING STATEMENT OF REVENUES EXPENDITI iRES AND CHANGES IN FUND BALANCES NONMAJOR GOVERNMENTAL FUNDS Year Ended December 31, 2007 POLICE SENIOR MUNICIPAL INVESTIGATION CENTER COURT REVENUES Taxes $ _ $ _ $ _ Intergovernmental Charges for Services _ Fines and Forfeitures 66,666 - 31,516 Investment Earnings 915 309 3,755 Miscellaneous 702 10,333 TOTALREVENUES 68,283 10,642 35,271 EXPENDITURES Current General Government - - 37,102 Police 2,572 - _ Parks and Recreation - 38,461. - TOTAL EXPENDITURES 2,572 38,461 37;102 NET CHANGE IN FUND BALANCES 65,711 (27,819) (1,831) FUND BALANCES, Beginning - 25,578 27,819 67,896 FUND BALANCES, Ending $ 91,289 $ $ 66 065 See the accompanying Independent Auditors' Report. 23 RICHARDS/ HART CRPa IMPROVEMENT PREVENTION TOTALS $ $ 316,383 $ 316,383 914 914 13,923 - 13,923 - 68,375 166,557 3,526 9,365 17,870 11,035 17,449 395,037 526,682 - 37,102 - 325,342 327,914 17,962 - 56,423 17,962 325,342 421,439 (513) 69,695 105,243 67,755 163,381 352,429 $ 67,242 $ 233,076 $ 457,672 CITY OF WHEAT RIDGE, COLORADO BUDGETARY COMPARISON SCHEDULE POLICE INVESTIGATION FUND Year Ended December 31, 2007 VARIANCE ORIGINAL FINAL Positive BUDGET BUDGET ACTUAL (Negative) REVENUES Fines and Forfeitures $ - $ - $ 66,666 $ 66,666 Investment Earnings 100 100 915 815 Miscellaneous - - 702 702 TOTAL REVENUES 100 100 68,283 68,183 EXPENDITURES - Current Police 15,000 41,490 2,572 38,918 NET CHANGE IN FUND BALANCE (14,900) (41,390) 65,711 107,101 FUND BALANCE, Beginning 15,060 15,060 25,578 10,518 FUND BALANCE, Ending $ 160 $ (26,330) $ 91,289 $ 117,619 See the accompanying Independent Auditors' Report. 24 CITY OF WHEAT RIDGE, COLORADO BUDGETARY COMPARISON SCHEDULE SENIOR CENTER FUND Year Ended December 31, 2007 ORIGINAL VARIANCE AND FINAL Positive BUDGET ACTUAL (Negative) REVENUES Investment Earnings $ 300 $ 309 $ 9 Miscellaneous 11,400 10,333 (1,067) TOTALREVENUES 11,700 10,642 (1,058) EXPENDITURES Current Parks and Recreation 30,000 38,461 (8,461) NET CHANGE IN FUND BALANCE (18,300) (27,819) (9,519) FUND BALANCE, Beginning 21,178 27,819 6,641 FUND BALANCE, Ending $ 2,878 $ $ (2,878) See the accompanying Independent Auditors' Report. 25 CITY OF WHEAT RIDGE, COLORADO BUDGETARY COMPARISON SCHEDULE MUNICIPAL COURT FUND Year Ended December 31, 2007 VARIANCE ORIGINAL FINAL Positive BUDGET BUDGET ACTUAL (Negative) REVENUES Fines and Forfeitures $ 62,000 $ 62,000 $ 31,516 $ (30,484) Investment Earnings 1,500 1,500 3,755 2,255 TOTAL REVENUES 63,500 63,500 35,271 (28,229) EXPENDITURES Current General Government 60,250 70,578 37,102 33,476 NET CHANGE IN FUND BALANCE 3,250 (7,078) (1,831) 5,247 FUND BALANCE, Beginning 8,680 8,680 67,896 59,216 FUND BALANCE, Ending $ 11,930 $ 9,602 $ 66,065 $ 64,463 See the accompanying Independent Auditors' Report. 26 CITY OF WHEAT RIDGE, COLORADO BUDGETARY COMPARISON SCHEDULE RICHARDSMARTIMPROVEMENTFUND Year Ended December 31, 2007 VARIANCE ORIGINAL FINAL Positive BUDGET BUDGET ACTUAL (Negative) REVENUES Intergovernmental $ 47,000 $ 47,000 $ - $ (47,000) Charges for Services 10,000 10,000 13,923 3,923 Investment Earnings 2,400 2,400 3,526 1,126 TOTAL REVENUES 59,400 59,400 17,449 (41,951) EXPENDITURES Current Parks and Recreation 65,000 84,717 17,962 66,755 NET CHANGE IN FUND BALANCE (5,600) (25,317) (513) 24,804 FUND BALANCE, Beginning - 61,457 61,457 67,755 6,298 FUND BALANCE, Ending $ 55,857 $ 36,140 $ 67,242 $ 31,102 See the accompanying Independent Auditors' Report. 27 CITY OF WHEAT RIDGE, COLORADO BUDGETARY CQAVARISON SCHEDULE CRIME PREVENTION FUND Year Ended December 31, 2007 VARIANCE ORIGINAL FINAL Positive BUDGET BUDGET ACTUAL (Negative) REVENUES Taxes $ 250,000 $ 250,000 $ 316,383 $ 66,383 Intergovernmental - - 914 914 Fines and Forfeitures 35,000 35,000 68,375 33,375 Investment Earnings 5,000 5,000 9,365 4,365 TOTAL-REVENUES 290,000 290,000 395,037 105,037 EXPENDITURES Current Police 359,032 365,681 325,342 40,339 NET CHANGE IN FUND BALANCE (69,032) (75,681) 69,695 145,376 FUND BALANCE, Beginning 88,837 88,837 163,381 74,544 FUND BALANCE, Ending $ 19,805 $ 13,156 $ 233,076 $ 219,920 See the accompanying Independent Auditors' Report. 28 CITY OF WHEAT RIDGE, COLORADO BUDGETARY COMPARISON SCHEDULE CAPITAL PROJECTS FUND Year Ended December 31, 2007 REVENUES Taxes Intergovernmental Investment Earnings TOTALREVENUES EXPENDITURES Capital Outlay TOTAL EXPENDITURES EXCESS OF REVENUES OVER (UNDER) EXPENDITURES OTHER FINANCING SOURCES Transfers In NET CHANGE IN FUND BALANCE FUND BALANCE, Beginning FUND BALANCE, Ending VARIANCE ORIGINAL FINAL Positive BUDGET BUDGET ACTUAL (Negative) $ 180,000 $ 180,000 $ 210,922 $ 30,922 10,000 10,000 11,869 1,869 70,000 70,000 230,064 160,064 260,000 260,000 452,855 192,855 5,061,000 5,573,097 2,352,337 3,220,760 5,061,000 5,573,097 2,352,337 3,220,760 (4,801,000) (5,313,097) (1,899,482) 3,413,615 2,800,000 2,800,000 2,800,000 - (2,001,000) (2,513,097) 900,518 3,413,615 2,609,017 2,609,017 3,771,178 1,162,161 $ 608,017 $ 95,920 $ 4,671,696 $ 4,575,776 See the accompanying Independent Auditors' Report. 29 CITY OF WHEAT RIDGE, COLORADO BUDGETARY COMPARISON SCHEDULE WHEAT RIDGE URBAN RENEWAL AUTHORITY Year Ended December 31, 2007 VARIANCE - ORIGINAL FINAL Positive BUDGET BUDGET ACTUAL (Negative) REVENUES Taxes $ 364,000 $ 364,000 $ 685,445 $ 321,445 Investment Earnings 8,500 8,500 22,746 14,246 TOTALREVENUES 372,500 372,500 708,191 335,691 EXPENDITURES Current Community Development 131,900 131,900 83,424 48,476 NET CHANGE IN FUND BALANCE 240,600 240,600 624,767 384,167 FUND BALANCE, Beginning 991,643 870,554 865,041 .(5,513) FUND BALANCE, Ending $ 1,232,243 $ 1,111,154 $ 1,489,808 $ 378,654 See the accompanying Independent Auditors' Report. 30 COMPLIANCE SECTION This page intentionally left blank The Public report burden for this information collection is estimated to avemee 380 hours annually Financial Planning 02101 Fonn # 350-050-36 City or County: City of Wheat Ridge LOCAL HIGHWAY FINANCE REPORT YEAR ENDING : December 2007 This Information From The Records Of (example -City of _ or County of Prepared By: Linda Stengel, Accounting Supervisor Phone: 303-235-2817 1. DISPOSITION OF HIGHWAY-USER REVENUES AVAILABLE FOR LOCAL GOVERNMENT EXPENDITURE A. Local B. Local C. Receipts from D. Receipts from ITEM Motor-Fuel Motor-Vehicle State Highway- Federal Highway Taxes Taxes User Taxes Administration 1. Total receipts available 2. Minus amount used for collection ex cues 3. Minus amount used for nonhi wa u oses 4. Minus amount used for mass transit Remainder use or highway u oses II. RECEIPTS FOR ROAD AND STREET PURPOSES III. DISBURSEMENTS FOR ROAD AND STREET PURPOSES - ITEM AMOUNT ITEM AMOUNT A. Receipts from local. sources: Ar. Local hi hwa disbursements: 1. Local hi wa -user taxes 1. Ca ital oalla from page 2 - -0 a. Motor Fuel from Item I.A.5. 2. Maintenan ce:: 1 878 920 b Motor Vehicle from Item I.B 5 3 Road and street services: . . . . c.-Total a+b. a ' Traffic control operations 124 732 2. General fund -appropriations b. Snow and ice removal 166,355 3. Other local imposts from page 2 31179,963 c. Other 4. Miscellaneous local receipts from page 2 545,127 d. Total a. through c. 291,087 5. Transfers from toll facilities 4. General administration & miscellaneous 702,185 6. -Proceeds of sale of bonds and notes: 5. Highway law enforcement and safety 1 1,689,116 a. Bonds - Original Issues 6. Total 1 throu 5 4,561,308 b. Bonds - Refunding Issues - B.- Debt service on local obligations: c. Notes 1. Bonds: d. Total a.+b.+c. - 0 a. Interest 7. Total 1 through 6 3,725,090 b. Redemption B. Private Contributions a. + b: 0 C. Receipts from State government 2. Notes: from Page 2 836 218. st D. Receipts from Federal Government m tion fr oma e 2 j . + b. 0 . ota receipts. + + + c+ .c C. Po State for hi hwa s D. Po toll facilities rsements + 15.3 + + 0) 1 4,7 IV. LOCAL HIGHWA Y DEBT STATUS (Show all entries at par) Opening Debt Amount Issued Redemptions Closin Debt A. Bonds (Total) 0 1. Bonds Refundin Portion 11. ores ota V. LOCAL ROAD AND STREET FUND BALANCE A. Be innin Balance B. Total Recei is C. Total Disbursemen D. Ending Balance E. Reconciliation 4,561,308 4,561,308-11 1 0 Notes and Comments: FORM FHWA-536 (Rev. 1-05) PREVIOUS EDITIONS OBSOLETE (Next Page) 31 07wheat_hud STATE: Colorado LOCAL HIGHWAY FINANCE REPORT YEAR ENDING (mm/yy): December 20Q7 11. RECEIPTS FOR ROAD AND STREET PURPOSES - DETAIL ITEM - AMOUNT ITEM AMOUNT A.3. Other local imposts: A.4. Miscellaneous local receipts: a. Property Taxes and Assessments 704,409 a. Interest on investments b. Other local imposts: b. Traffic Fines & Penalities 499,773 1. Sales Taxes 2 ,475,55.5 c. Parkin Garage Fees 2. Infrastructure & Impact Fees - d. Parkin Meter Fees 3. Liens e. Sale of Surplus Proe 4. Licenses f Charges for Services 33,485 5. S cific Ownership &./or Other - . Other Misc. Receipts 11,869 6. To[al 1. throu 5. 2,475,555 h. Other c. Total (a.+ b. 3179,963 i. Total a. through h. 545,127 C forward to age 1 (Caffy forward to page l ITEM AMOUNT ITEM AMOUNT C. Recei is from State Government D. Receipts from Federal Government 1. Hi wa -user taxes 1. FH WA from Item LD.S. 2. State eneral funds 2. Other Federal agencies: 3. Other State funds a. Forest Service Em a. State bond proceeds b. FEMA b. Project Match c. HUD c. Motor Vehicle Re istrations - d. Federal Transit Admin d. Other (Specify) e. U.S. Co Ts of Engineers - e. Other (Specify) f Other Federal 1. Total a. through e. 0 R. Total a. through f. 0 4. Total 1.+2.+3. 836218 3. Total 1:+2: (Carry forward to e 1 III. DISBURSEMENTS FOR ROAD AND STREET PURPOSES - DETAIL ON NATIONAL OFF NATIONAL HIGHWAY. HIGHWAY TOTAL SYSTEM SYSTEM a b- c A.I. Capital outla : a. ffi t-Of-Wa Costs 0 b. En ineerin Costs 0 c. Construction: ] .New Facilities 0 Capacity - Improvements - - - 2. 0 - (3). System Preservation 0 (4). System Enhancement & O eration - 0 5. Total Construction 1+ 2+ 3+ 4 - 0 0 0 d. Total Capital Outlay (Lines l.a. + 1.b. + 1.c.5 0 0 0 C forward to a e I Notes an omments vwi va rnna-oou tnvv.r-65) FRtl ViVUS BVI I IVNS UBSULI IE 32 City of ~WheatWdge ITEM NO: 31 REQUEST FOR CITY COUNCIL ACTION ~b'~~ ~'^xa ,y.v G COUNCIL MEETING DATE: October 13, 2008 TITLE: APPROVE QUIT CLAIM DEED FOR YOUNGFIELD STREET WASTEWATER METERING STATION TO THE METRO WASTEWATER RECLAMATION DISTRICT AND ACCEPT QUIT CLAIM DEED FOR ABANDONDED YOUNGFIELD STREET WASTEWATER METERING STATION ❑ PUBLIC HEARING ❑ ORDINANCES FOR 1sT READING (mm/dd/yyyy) ® BIDS/MOTIONS ❑ ORDINANCES FOR 2ND READING (mm/dd/yyyy) ❑ RESOLUTIONS Quasi-judicial: ❑ YESG~//G/ ® NO Director of Publ' Works City Manage EXECUTIVE SUMMARY: In conjunction with the widening of Youngfield Street in 2006, a wastewater metering station was relocated. The Intergovernmental Agreement with the Metro Wastewater Reclamation District required that the new metering vault be transferred from the City to the District by deed. The attached Quit Claim Deed provides this transfer. A second deed, relinquishing the District's interest in the old metering station, is also included. Staff recommends that the Deed from the City to the District be approved by the City Council. Staff recommends that the City Council authorize the Mayor to accept the Quit Claim Deed from the District to the City once it is executed by the District. N/A STATEMENT OF THE ISSUES: The Metro Wastewater Reclamation District operates a metering station in Youngfield Street. The design for the widening of Youngfield Street required that the metering vault be relocated to remove it from under the new pavement. The vault and equipment have now been accepted by the District and it is appropriate to transfer the facility to the District. The District is also prepared to Quit Claim the old vault to the City to provide a clear understanding of title to the old metering facilities. ALTERNATIVES CONSIDERED: None. FINANCIAL IMPACT: Approval of this Quit Claim Deed will have no net cost to the City. "I move to approve the Quit Claim Deed for the Youngfreld Street wastewater metering station. I further move to authorize the Mayor to accept a Quit Claim Deed from the Metro Wastewater Reclamation District for an abandoned wastewater metering station." or "I move to not approve the Quit Claim Deed for the Youngfreld Street wastewater metering station because „ Report Initiated by: Tim Paranto, Director of Public Works Report Prepared by: Tim Paranto, Director of Public Works ATTACHMENTS: 1. Quit Claim Deed to Metro Wastewater District 2. Quit Claim Deed from the Metro Wastewater District ATTACHMENT NO.9 QUIT CLAIM DEED (Metro District Grantor) THIS DEED, Made this day of , 2008, between METRO WASTEWATER RECLAMATION DISTRICT, a metropolitan sewage disposal district duly organized under the laws of the State of Colorado, Grantor, and the City of Wheat Ridge, a home rule Municipal Corporation of the State of Colorado, Grantee. WITNESSETH, That the said Grantor, for and in consideration of the sum of Ten Dollars ($10.00) and other valuable consideration to the said Grantor in hand paid by the said Grantee, the receipt Whereof is hereby confessed and acknowledged, hath remised, released, sold, conveyed and quit claimed, and by these presents doth remise, release, sell, convey and QUIT CLAIM unto the said Grantee, its assigns forever, all the right, title, interest, claim and demand which the Grantor hath in and to the following described sewer, pipeline, meter facility, and appurtances situate, lying and being in the County of Jefferson and State of Colorado, to wit: See EXHIBIT A attached hereto and made a part hereof. TO HAVE AND TO HOLD the same, together with all and singular the appurtenances and privileges thereunto belonging, or in anywise thereunto appertaining, and all the estate, right, title, interest and claim whatsoever, of the said Grantor, either in law or equity, to the only proper use, benefit and behoof of the said Grantee, and its assigns forever. IN WITNESS WHEREOF, The said Grantor hath caused its name to be hereunto subscribed by its Manager, the day and year first above written. GRANTOR: METRO WASTEWATER RECLAMATION DISTRICT By: District Manager -1- ATTACHMENT 1 STATE OF COLORADO ) ss. County of ) The foregoing instrument was acknowledged before me this - day of , by Catherine Gerali, District Manager of Metro Wastewater Reclamation District. My notarial commission expires: Witness my hand and official seal. Notary Public Address: This Deed shall not be a valid conveyance until accepted by Jerry DiTullio. Mayor of the City of Wheat Ridge Accepted this day of 2008. City of Wheat Ridge By APPROVED AS TO FORM: Di ct Le al Counsel Mayor -2- JDM-9/30/02 LandAcgAtRdoc Cm 0 x w W ® I I I ~ L S U w I I I I~ ~ _ a 6 ~ ~ ~ o~ j6 I R z ¢ pb_ \ ° L I /1 3 S S I ~ i (n ~ anwv ~ egU u T i ovvo. - (7 Y • r & a y L{V M„ _ ~ ~ 3 ~ l~ p f w i 1 y 9 a ~ uSm J I 1 ~ 3 II . i ~ x lL + 5 ' ~ i a l I n e ;I z y ~ ~ u i p y 3 ~ N P I ' „ ' A .m 3 = Q N m ~W R + V c E W Z " ~ $ ~ I Z a. g S 1 .Z. 0 00 ZQ ! e w I ' n, -ue e G ~ ' I c Z as I m : g a I Ell k $ E E E S E E 8 1 . 0 3 ATTACHMENT NO. 10 QUIT CLAIM DEED (Metro District Grantee) THIS DEED, Made this day of 2008, between the City of Wheat Ridge a home rule Municipal Corporation of the State of Colorado, a political subdivision of the State of Colorado, Grantor, and METRO WASTEWATER RECLAMATION DISTRICT; 0450 York Street, Denver, Colorado 80229-7499, a metropolitan sewage disposal district duly organized under the laws of the State of Colorado, Grantee, pursuant to and through the exercise of Grantee's eminent domain authority; WITNESSETH, that the Grantor, for and in consideration of the sum of Ten Dollars ($10.00) and other valuably consideration to the said Grantor in hand paid by the said Grantee, the receipt whereof is hereby confessed and acknowledged, hath remised, released, sold, conveyed and quitclaimed, and by these presents doth remise, release, sell, convey and QUIT CLAIM, unto the said Grantee, its assigns forever, all right, title interest, claim and demand which the Grantor hath in and to the metering facility, new pipeline and appurtenances ("Metering Facility"), situate, lying, and being in the City of Wheat Ridge, Jefferson County, State of Colorado, on the real property described on Exhibit B, attached hereto, it being the intent of the Grantor, however, that Grantor QUIT CLAIM its interest in the Metering Facility only and not the real property described herein, on which it is located. See EXHIBIT B attached hereto and made a part hereof. TO HAVE AND TO HOLD the same, together with all and singular the appurtenances and privileges thereunto belonging, or in anywise thereunto appertaining, and all the estate, right, title, interest and claim whatsoever, of the said Grantor, either in law or equity, to the only proper use, benefit and behoof of the said Grantee, and its assigns forever. IN WITNESS WHEREOF, The said Grantor hath caused its name to be hereunto subscribed by its Mayor, and its corporate seal to be hereunto affixed, attested by its City Clerk, the day and year first above written. Attest: Grantor: City of Wheat Ridge By: By: Michael Snow, City Clerk Jerry DlTullio, Mayor -1- ATTACHMENT 2 STATE OF COLORADO ) ) ss. County of ) The foregoing instrument was acknowledged before me and Michael Snow, City Clerk this day of _ 2008, by Jerry DiTullio, Mayor of the City of Wheat Ridge, My notarial commission expires: Witness my hand and official seal. Notary Public Address: This Deed shall not be a valid conveyance until accepted by the Metro Wastewater Reclamation District. Accepted this _ day of _ 2008. By APPROVED AS TO FORM: iJo egal Counsel METRO WASTEWATER RECLAMATION DISTRICT District Manager -2- JDM-9/3=2 LandAcgAttto.doc S e a 5 1" - ...I ~ ° I I ~ m ~I w u y v, u I t o r. I ~ o 0 0 0 I Ag f Y & s y^ zZ . I g R ~ a ~ _ Z a.l I s y ~ a w I ~ 0 P A ~ - n a I • m A i 0 l I d E Ir . I I© ~ s l ~ b G • / R 4 ~ I I I ~XEW YX I I ~ io E ff X 1 yy e~ 1 o r ppR 1 I y Y I YH P R 1 -r ~ ~ ~ te ~ I I I Z a e j . I g J O on. n9' w °m.Npei I X a ~ L ~ r . F S K Y F ~ ~ ~ ~ w ~ ' I m o M 6 g _,a~ ~ I I`~ I m m ° a I. I i n n _ I I g ~ ~ ~ o a hi F F T I . I . I p X 2 m_ D~