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ltnnual
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December 31
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CITY OF WHEAT RIDGE
WHEAT RIDGE, COLORADO
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED
DECEMBER 31, 1989
AND
AUDITORS' REPORTS
PREPARED BY:
James o. Malone
City Treasurer
Bernadette J. Kimmey
Budget/Finance Officer
Sybil Noss
Chief Accountant
Gruenler & Associates, P.C.
Certified Public Accountants
CITY OF WHEAT RIDGE
WHEAT RIDGE, COLORADO
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED DECEMBER 31, 1989
TABLE OF CONTENTS
INTRODUCTORY SECTION
Letters of Transmittal:
City Administrator
City Treasurer
Organizational Chart
List of Principal Officials
FINANCIAL SECTION
Independent Auditors' Report
General Purpose Financial Statements:
Combined balance
account groups
sheet - all fund types and
Combined statement of revenues, expenditures
and changes in fund balances - all governmental
fund types and expendable trust fund
Combined statement of revenues, expenditures
and changes in fund balances budget
(non-gaap basis) and actual - general, special
revenue, debt service and capital project
funds
Statement of revenues, expenses and changes in
fund balances - pension trust fund
Notes to the financial statements
Page No.
1-3
4-8
9
10
11-12
13
14-17
18-19
20-23
24
25-44
CITY OF WHEAT RIDGE
WHEAT RIDGE, COLORADO
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED DECEMBER 31, 1989
TABLE OF CONTENTS
(Continued)
Supplemental information combining, individual
fund and account group statements and schedules
General fund:
Comparative balance sheets
Comparative statements of revenues, expenditures
and changes in fund balances
Comparative schedules of revenues, expenditures
and changes in fund balance - budget (non-gaap
basis) and actual
Special revenue funds:
Combining balance sheets
Combining statements of revenues, expenditures
and changes in fund balance
...
Combining schedules
and changes in fund
basis) and actual
of revenues, expenditures
balance - budget (non-gaap
Debt service fund:
Comparative balance sheet
Comparative statement of revenues, expenditures
and changes in fund balance - budget and
actual
Capital projects fund:
Comparative balance sheet
Comparative statement of revenues, expenditures
and changes in fund balances
Comparative schedules
and changes in fund
basis) and actual
of revenues, expenditures
balance - budget (non-gaap
Page No.
45
46
47
48
49
51
52-53
54-55
56-59
60
61
62
63
64
65
66
CITY OF WHEAT RIDGE
WHEAT RIDGE, COLORADO
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED DECEMBER 31, 1989
TABLE OF CONTENTS
(Continued)
Supplemental information
fund and account group
- (Continued)
combining, individual
statements and schedules
Fiduciary funds:
Combining balance sheets
Agency funds:
Statement of changes in assets and liabilities
General fixed assets account group:
Comparative schedule of general fixed assets -
by source
Schedule of changes in general fixed assets by
function and activity
Schedule of general fixed assets by function
and activity
STATISTICAL SECTION
Property tax levies and collections
General governmental expenditures by function
General governmental revenues by source
General governmental tax revenues by source
Assessed and estimated actual value of property
Property tax rates - direct and overlapping governments
Principal taxpayers
Special assessment billings and collections
Computation of legal debt margin
Page No.
67
68-69
70-71 - I
72
73
74
75
77
78-79
80-81
82-83
84-85
86
87
88
89
CITY OF WHEAT RIDGE
WHEAT RIDGE, COLORADO
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED DECEMBER 31, 1989
TABLE OF CONTENTS
(Continued)
STATISTICAL SECTION - (Continued)
Computation of direct and overlapping debt
Ratio of annual debt service for general bonded debt
to total general fund expenditures
Ratio of net bonded debt to assessed value and net
bonded debt per capita
Revenue bond coverage - sales tax revenue bonds
Demographic statistics
Property value, construction and bank deposits
Miscellaneous statistics
...
SINGLE AUDIT SECTION AND STATEMENT REQUIRED REPORT SECTION
SINGLE AUDIT
Auditors' report on the internal control structure in
accordance with Governmental Auditing Standards
Auditors' report on internal controls (accounting and
administrative) - based on a study and evaluation made
as a part of an audit of the general purpose or basic
financial statements and the additional tests required
by the single audit act
Auditors' report on compliance based on an audit of
general purpose or basic financial statements performed
in accordance with Government Auditing Standards
Auditors' single audit
requirements applicable
program transactions
report on compliance with
to non major federal financial
Schedule of federal financial assistance
Page No.
90
91
92-93
94
95
96
97
99-100
101-103
104
105
106-107
Auditors' report on supplemental information - schedule
of federal financial assistance 108
CITY OF WHEAT RIDGE
WHEAT RIDGE, COLORADO
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED DECEMBER 31, 1989
TABLE OF CONTENTS
(Continued)
Page No.
STATE REQUIRED REPORT
109
Independent Auditors' Report on statements prepared for
the Colorado Department Highways 110
Counties, cities, and towns annual statement of receipts
and expenditures for roads, bridges and streets for the
calendar year 1989
111-112
Capital outlay expenditures for HPMS calendar year 1989
113
... I
;' ,JUL' .."_
~heat
<Ridge
April 17, 1990
The Honorable Mayor Wilde, and
Members of the City Council
City of Wheat Ridge
Wheat Ridge, Colorado
Dear Mayor and Members of City Council:
In accordance with state statutes and local charter provisions, I hereby
transmit the annual financial report of the City of Wheat Ridge as of
December 31, 1989, and for the fiscal year then ended. Responsibility
for both the accuracy of the presented data and the completeness and
fairness of the presentation, including all disclosures, rests with the
City. Management believes that the data, as presented, are accurate in
all material aspects; are presented in a manner designed to fairly set
forth the financial activity of its various funds; and that all
disclosures necessary to enable the reader to gain the maximum
understanding of the City's financial affairs have been included.
Internal accounting controls are discussed by the City Treasurer in his
accompanying letter of transmittal, and within that framework, I believe
that the City's internal accounting controls adequately safeguard assets
and provide reasonable assurance of proper recording of financial
transactions.
This report has been prepared in
recommended by the Government Finance
states and Canada. In accordance with
report consists of four parts:
(1) Introductory Section, including the City Treasurer's
letter of transmittal;
(2) Financial Section, including the financial statements,
supplemental data on government, and our independent
auditor's opinion;
(3) Statistical Section, including a number of tables of
unaudited data depicting the financial history of the
government for the past ten years, information on
overlapping governments, and demographic and other
miscellaneous information; and the
(4) Single Audit Section, in compliance with the Single
Audit Act of 1984.
accordance with the guidelines
Officers Association of the United
these guidelines, the accompanying
THE REPORTING ENTITY AND ITS SERVICES
This report includes all of the funds and account groups of the City in
conformance with Governmental Accounting and Financial Reporting
Standards.
Services provided by the City include public safety(police only), public
works (streets, traffic, public improvements), parks and recreation,
planning and zoning, and general administrative services.
Ih, ./1 '/U!!,!'I ('II\'''
1
The R-l School District provides all educational services to the
students within Jefferson COunty, Colorado. The R-l School District is
the reporting entity and is not a part of the City of Wheat Ridge.
Likewise, the Economic Development and Revitalization Commission was
founded in 1987 to redevelop certain commercial areas of Wheat Ridge.
Additionally, numerous special districts provide water, sanitation, and
fire protection services, all of which are their own reporting entities.
ECONOMIC CONDITION AND OUTLOOK
Wheat Ridge is primarily a residential suburban community bound on three
sides by the cities of Denver, Lakewood, and Arvada. Unincorporated
~8fferson County lies to the west. As there is little room for outward
qrowth, redevelopment of existing areas comprises the new construction
in Wheat Ridge. During the past year, commercial construction included
two convenience stores, a recreational vehicle park, and a large
addi tion to a nursing home. Interstate 70, which is Colorado's maj or
east-west highway, passes through Wheat Ridge on the north and west.
This highway is a major link between Stapleton International Airport,
downtown Denver, and the Rocky Mountains.
Vlheat Ridge is known for its business stability. The major property tax
payers include a brewery container plant, two shopping centers, a
psychiatric center and a medical office building, and a candy
manufacturing plant. Sales tax, our largest source of revenue, is
derived mainly from four supermarkets, electricity/gas and telephone
utili ties, a liquor store, and a discount general merchandise store.
Lutheran Medical Center employs an estimated 2,000 people, Adolph Coors
Co. glass division follows with 455 employees, and Jolly Rancher candies
has 275 employees.
Sales tax revenues for 1989 were $652,563 greater than 1988 revenues.
~'his increase was due mainly from the supermarkets generating an
average of 8% more sales tax; and, the electric/gas and telephone
utili ties an increased .5% 5.7%. The discount general merchandise
store was in business the full year of 1989, whereas the 1988 tax
comprised only eight months of sales. From the additional sales tax
received in 1989, the City Council allocated up to $125,000 to be paid
to City employees as a one-time only Contingent Compensation Program
payment for meritorious performance. The final amount issued to
employees was $103,200.
By using conservative revenue estimates and monthly monitoring of
expenditures throughout 1989, the City was able to add an additional
$320,000 to the General Fund carryover fund balance from 1988. With the
addition of a $.02 per gallon gasoline tax increase effective August 1,
1989 the amount of State Highway Users tax revenue was greater than
projected, and the State Traffic Enforcement Program increased municipal
court fine revenue 46% over 1988. The 1990 budget maintains the current
level of services while keeping expenditures to a minimum. It is a
balanced budget, and the staff remains committed to that goal. Wheat
Ridge still boasts one of the lowest sales and property tax rates in the
metro area.
2
MAJOR INITIATIVES
In March, 1989 the City Council approved the first participant in the
Enhanced Sales Tax Incentive Program (ESTIP). Applewood Village Shopping
Center has agreed to perform certain public related improvements at the
shopping center to encourage expansion of retail sales tax businesses in
Wheat Ridge. In return, the City will share in the sales tax collected
from the shopping center over an established base amount for the next
ten years. Payouts to date total $135,900.
A joint project with the City of Lakewood to reconstruct 32nd Avenue
between Youngfield and Simms was completed in 1989. Federal grant funds
have been approved to continue the reconstruction between Simms and
Kipling Streets. The City will contribute one-half to the $2.5 million
dollar project. Revitalization of 38th Avenue began in 1989 and will
continue through 1994. The segment between Wadsworth and Sheridan
Boulevards will be completed first, as it includes a major portion of
the businesses in Wheat Ridge. Improving streets, sidewalks and
landscaping in this vital area of Wheat Ridge will hopefully attract and
retain businesses while adding to our sales tax base. Wadsworth to
Kipling will be the next phase of the construction, then Kipling to
Parfet will finish the scheduled 38th Avenue project in 1994.
Through the Jefferson County Open Space Program, Wheat Ridge's
attributable share of available funds was $1.2 million as of January 1,
1989. The money, which is derived from a $.005 sales tax levied by
Jefferson County especially for this program can be used for land
development and related park maintenance expenditures. The major use of
funds during 1989 included the acquisition of the Bowser property for
additional greenbelt land, and the reconstruction of Paramount Park.
During 1989, the City Council passed a resolution banning the purchase
of non-biodegradable products, such as styrofoam cups, by the City. In
1990, as a measure to continue this effort, the City has started
recycling all paper products. This document, except for the transmittal
and auditors' letters, has been printed on recycled paper.
CONCLUSION
State law requires that the financial statements of the City of Wheat
Ridge be audited by an independent certified public accountant selected
by the City Council. This requirement has been complied with, and our
auditor's opinions are included in the financial and single audit
sections of this report.
The preparation of this annual financial report could not have been
accomplished without the dedication of the City Treasurer's office. I
express my appreciation to all involved for their continued efforts in
the management of the City's accounting and financial programs.
Respectfully submitted,
//;~~/'/ /./:/4-
MiQhael J./~mith,
City Administrator
3
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~heat
GRidge
April 17, 1990
The Honorable Mayor Wilde,
Wheat Ridge City Council, and
City Administrator
City of Wheat Ridge
Wheat Ridge, Colorado
Ladies and Gentlemen:
The Comprehensive Annual Financial Report of the City of Wheat Ridge,
for the fiscal year ended December 31, 1989, is submitted herewith.
This report was prepared by the City Treasurer's office.
ACCOUNTING SYSTEM AND BUDGETARY CONTROL
In developing and evaluating the City's accounting system,
consideration is given to the adequacy of internal controls. Internal
accounting controls are designed to provide reasonable, but not
absolute, assurance regarding the safeguarding of assets against loss
from unauthorized use or disposition and the reliability of financial
records for preparing financial statements and maintaining
accountability for assets. The concept of reasonable assurance
recognizes that the cost of a control should not exceed the benefits
likely to be derived and the evaluation of costs and benefits requires
estimates and judgements by management.
The City of Wheat Ridge uses funds and account groups to report on its
financial position and the results of its operations. Fund accounting
is designed to demonstrate legal compliance and to aid financial
management by segregating transactions related to certain government
functions or activities. The City has a general fund where all the
current operations of the City are recorded; a capital projects fund
where all major drainage, street, traffic, and building projects are
recorded; and 12 other smaller funds established for a particular
purpose. The two account groups - fixed assets and general long-term
debt - are concerned only with the measurement of financial position
and thus do not record results of operations.
The budget process begins in April and ends with the adoption by City
Council prior to December 15 of each year. The budget document is
prepared on a generally accepted accounting principles (gaap) basis,
excepting the General, Capital Project, Open Space and Capital
Improvement funds which are adopted on a non-gaap basis. The level of
budgetary control (the level at which expenditures cannot legally
exceed the appropriated amount) is established at the
department/division level within an individual fund. The budget is then
integrated into the formal accounting system January 1 of each year.
Supplementary budgets and appropriations must be adopted by resolution
at a City Council meeting and publication of the proposed resolution
must appear in a local newspaper in conformity with local budget law
and Colorado Revised statutes. Additional budgetary control is
maintained by the encumbrance of purchase amounts prior to the release
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4
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of purchase orders to vendors. Encumbrances present commitments related
to unperformed contracts for goods or services. Open encumbrances are
reported as reservations of fund balance at year end.
GENERAL GOVERNMENTAL FUNCTIONS
Revenues for general governmental functions (General, Special Revenue
and Debt Service funds) totaled $8,544,652 in 1989, a decrease of
18.37% from 1988. The amount of revenues from various sources and the
increase (decrease) over last year are shown in the following table:
INCREASE PERCENTAGE
REVENUES PERCENTAGE (DECREASE) INCREASE
BY SOURCE 1989 AMOUNT OF TOTAL FROM 1988 (DECREASE)
Taxes $5,171,318 60.52% $(2,305,886) (30.80)%
Licenses & Permits 225,961 2.64 (44,181) (16.36)
Intergovernmental 1,998,907 23.39 254,761 14.61
Charges for Services 504,767 5.91 34,794 7.40
Fines & Forfeitures 389,600 4.56 123,349 46.33
Interest Income 169,700 1. 99 ( 11,242 ) (6.21)
Other Revenue 84.399 .99 25.667 J~
TOTAL $8,544,652 100.00% $(1,922,738) (18.37)%
The major source of revenue for the City of Wheat Ridge is retail sales
and use tax. This comprises thirty-three percent (33%) of total current
General Fund revenue. The one percent ( 1%) General Fund sales tax
revenues for 1989 were $2,754,972, an increase of 8.14% or $207,422
over 1988 collections. General Fund use tax (auto, building and
professional) revenues for 1989 were $658,830, a decrease of .2% or
$1,322. Prior to 1989, one-half or 1% of the total sales tax collected
was accounted for in the Capital Improvement Fund (a special revenue
fund). This fund was closed December 31, 1988. The Capital Projects
Fund now accounts for this sales tax and is not included in this table.
Current property tax collections were 96.6% of the tax levy; the lowest
percentage collected in the last ten years. Due to revaluation of
Jefferson County property in 1987, some property tax payers were given
adjustments and abatements for prior years taxes which has resulted in
fewer collected dollars. The mill levy was set at 2.082 mills for 1988;
increased to 2.2665 mills in 1989; and raised to 2.418 mills in 1990 to
stay within the property tax limitation set by state statute.
Municipal Court revenue increased 46.33% over 1988 due to the State
Traffic Enforcement Program (STEP) which started 6/01/88 and will end
in 1990. The City shared in the cost of the program 25% the first year,
50% the second year, and will share 75% the third and final year of the
program.
Expenditures for general governmental functions totaled $8,841,628 in
1989, a decrease of 14.71% from 1988. Increases or (decreases) in
levels of expenditures for major functions of the City over the past
year are shown in the following table:
5
EXPENDITURE
ACTIVITY
BY FUNCTION
Current:
General Government
Planning & Develop.
Police
Public Works
Parks & Recreation
Other
Debt Service
TOTAL
1989 Al-10UNT
$1,052,162
446,664
3,194,131
2,060,663
1,078,052
798,781
211. 175
$8,841,628
PERCENTAGE
OF TOTAL
11 . 90%
5.05
36.13
23.31
12.19
9.03
2.39
100.00%
INCREASE
(DECREASE)
FROM 1988
$ 60,800
(13,275)
153,483
(1,997,234)
(104,108)
260,886
115.087
$(1,524,361)
PERCENTAGE
INCREASE
(DECREASE)
6.13%
(2.89)
5.05
(49.22)
(8.81)
48.50
119.77
(14.71)%
The significant change in expenditures between 1988 and 1989 in the
Public Works department was the closing of the Capital Projects Fund
December 31, 1988. As this was a special revenue fund, it was included
in this table in past years. With the issuance of bonded debt in 1988,
a Capital Projects Fund was created and all projects are now accounted
for in this fund.
Debt Service expenditures doubled with the payment of two bond interest
amounts in 1989 as opposed to one in 1988. Other expenditures include
the one-time payment to City employees from the salary reserve, and an
increase in uninsured losses payments because the City raised its
deductible amount on insurance.
PENSION FUNDING POLICIES
The City participates in three mandatory and voluntary pension plans.
All full-time, sworn police officers participate in a single employer
defined contribution money purchase plan. The employee contributes ten-
percent (10%) of annual salary, and the City contributes ten-percent
(10%). Two department heads and the City Administrator contribute four-
percent (4%) and five-percent (5%) respectively, to the International
City Managers Association (ICMA), I.R.C. Section 457 retirement plan.
The City matches these amounts. The remainder of the full-time
permanent employees are required to join the Colorado County Officials
and Employees Retirement Association plan after one year of service
with the City. These employees contribute four-percent (4%) of their
annual salary to the plan, which the City also matches.
DEBT ADMINISTRATION
The City may use debt financing when either long-term capital projects
are desired, or when it can be determined that future citizens will
receive a benefit from the improvement.
Sales Tax Revenue bonds were issued August 12, 1988, for $2.99 million.
These bonds, rated "A" by Moody's, were sold to finance capital
projects budgeted in the Capital Projects Fund. These bonds will be
repaid over the next ten years through a one-percent (1%) share of the
sales tax collections. Projects include 32nd Avenue and 38th Avenue
reconstruction. As of December 31, 1989, Wheat Ridge has a $88 per
capita debt ratio. This bond issuance makes up 9.3% of the legal debt
limited by City Charter and a maximum of $29.5 million remains
available for future bond issuances. This bond issuance is accounted
for in the Debt Service Fund.
6
The City has entered into several lease agreements for financing the
acquisition of equipment including a street sweeper and several
copiers. The lease agreements specifically state that the leases can be
cancelled at any time if the City Council does not appropriate funds
for that purpose. Funds are budgeted and encumbered for that years
payments only.
Wheat Ridge entered into its first long-term bonded indebtedness in
1988. On June 24, 1988, $1.25 million in Special Assessment bonds were
issued for the payment of part of the construction costs of local
improvements in the newly created Special Improvement District No.
1987-1. By passage of Ordinance 751, Series of 1988, the City Council
caused assessments to be imposed against the real property included in
the District specially benefitted by the improvements. The assessments
are to be paid in ten amortized annual installments of principal and
interest, and are certified to the County Treasurer annually for
payment with the property tax assessments. The City has no obligation
for payment of the debt on these bonds and thus is recorded in an
agency fund.
CASH MANAGEMENT
It is the responsibility of the City Treasurer to invest all idle funds
and cash within each fund. The City of Wheat Ridge has formally adopted
the prudent investor rule as a guide to the Treasurer's Office in
making municipal investments to maximize yield while minimizing risk.
City funds may be invested in insured savings and money market
accounts, certificates of deposit, securities of the U. S. Government
and its agencies, repurchase agreements, and three local government
investment pools, in conformance with the Colorado Public Deposit
Protection Act requirements. The City Treasurer monitors the interest
rates on a daily basis.
Relatively 3mall amounts of idle cash are maintained in checking
accounts to cover checks written. Savings and money market accounts
must be insured by the F.D.I.C. Certificates of deposit are placed in
bid amounts of $100,000, the maximum amount insured by the F.D.I.C. At
the end of 1989, the City's investment in certificates of deposit and
government securities varied in interest rates from 8.1% to 10.64%, and
5.0% to 6.65% in savings and money market accounts, respectively. The
Ci ty' s investment portfolio indicates investments were 78% in U. S.
Government securities, 5% in certificates of deposit, and 17% in money
market or savings accounts, as of December 31, 1989.
RISK MANAGEMENT
The City of Wheat Ridge takes seriously the need for a strong risk
management program. The City's program includes periodic review of all
policies, procedures and activities. Legal review of all contracts, an
active employee safety committee, employee training, review of
insurance coverag3, and other ongoing loss control activities are also
employed. Working closely with our insurers and attorneys, the City
acts quickly to resolve any known risk management problems. The City
participates in a joint venture with other Colorado municipalities
for liability and property insurance, and workers' compensation.
7
The Colorado Intergovernmental Risk Sharing Agency (CIRSA) is a
separate and independent governmental and legal entity.
RESERVE POLICY
The City of Wheat Ridge maintains at least an eight percent ( 8%)
contingency reserve in the General Fund with the 1987 fund balance
being at thirteen-percent (13%); 1988 at nineteen-percent (19%); and
1989 at eighteen-percent (18%). The City Administrator plans for a
fifteen-percent reserve balance each year. This represents the amount
reserved for such items as emergency expenditures, compensated
absences, and salaries budgeted but not allocated.
INDEPENDENT AUDIT
Colorado state statutes and the Wheat Ridge city charter require an
annual audit of the books of account, financial records, and
transactions of all administrative departments of the City. An
independent certified public accountant selected by the City Council
has performed this requirement and the auditor's opinion has been
included in this report. In addition, the 1989 report contains a Single
\udit Section which is required when participating in a non-major
Federal financial assistance program.
AWARDS
Also, GFOA awards a Certificate of Achievement for Excellence in
Financial Reporting to local governmental enti ties for thel.r
Comprehensive Annual Financial Report. This report, for fiscal year
1989, has been prepared in the format desired by GFOA and will be
submitted for their review. In order to be awarded a Certificate of
Achievement, a city must publish an easily readable and efficiently
organized comprehensive annual financial report, which contents conform
to program standards. Such reports must satisfy both Generally Accepted
Accounting Principles (GAAP), and applicable legal requirements. A
Certificate of Achievement is valid for one year only.
ACKNOWLEDGEMENTS
I would like to express my appreciation to Bernadette Kimmey,
Budget/Finance Assistant, to 3ybil Noss, Chief Accountant, and to
members of the accounting staff who prepared this report. Special
thanks are extended to members of the independe:1t Certified Public
Accounting firm of Gruenler and Associates, P. C., for the manner in
which they accomplished the 1989 audit.
Respectfully submitted,
---,
(, /)1 I"
\ J;J, " I-' '~M:~_
.Jarnes o. Malone
City Treasurer
8
CITY OF WHEAT RIDGE, COLORADO
ORGANIZATIONAL CHART
I CITIZENS OF WHEAT RIDGE
I MAYOR
- -\ I
~----------~
I
I
I
CITY 'I
ADMINISTRATOR
CITY !
COUNCIL r - - - - -
f- MUNICIPAL!
JUDGE n
I; LuniciPal
CITY
- ATTORNEY
...
...
-
Building In.pection
[Building Maintenance
Civil Diaa.ter
Code Eftforce.ent
Planning . Zoning
\
Court...
lAccounting
~Audit
[Budget
Oata Proce..ing
Purcha.ing
Sale. Tax
LSwitchboard
~
I I
~ CITY i
I TREASURER,
CITY
CLERK
Per.onnel
PARKS &
RECREATION
POLICE
[Park. Maintenance
. Fore.try
Recreation
Ani.al/Park.
Enforcement
Engineering
~Fleet Maintenance
tstreet Maintenance
Traffic Maintenance
Co_unicat1on.
Inveatigation
Patrol , Traffic
Recorda
Support Service.
9
OFFICIALS
CITY OF WHEAT RIDGE
MAYOR
DAN WILDE
LARRY MERKL
KENT DAVIS
ELISE BROUGHAM
PHILLIP EDWARDS
CITY COUNCIL
DISTRICT I
DISTRICT II
DISTICT III
DISTRICT IV
RONALD SELSTAD
ANTHONY FLASCO
DONALD EAFANTI
WILLIAM SHANLEY
CITY CLERK
WANDA SANG
CITY TREASURER
JAMES O. MALONE
- I
CITY ATTORNEY
JOHN E. HAYES
MUNICIPAL JUDGE
RANDALL J. DAVIS
CITY ADMINISTRATOR
MICHAEL J. SMITH
DIRECTOR OF PLANNING & DEVELOPMENT....................GLEN GIDLEY
DIRECTOR OF PARKS & RECREATION...................RICHARD H. BREDT
CHIEF OF POLICE.................................... . JACK A. HURST
DIRECTOR OF PUBLIC WORKS............................ROBERT GOEBEL
BUDGET/FINANCE ASSISTANT.....................BERNADETTE J. KIMMEY
PERSONNEL ASSISTANT..............................PATRICIA A. CREW
10
= GRUENLER &
= ASSOCIATES
3201 E. Third Avenue
Denver, Colorado 80206
(303) 388-4181
INDEPENDENT AUDITORS' REPORT
The Honorable Mayor
Members of City Council
City Administrator
Wheat Ridge, Colorado
We have audited the accompanying general purpose financial
statements of City of Wheat Ridge, Wheat Ridge, Colorado, as of
December 31, 1989 and for the year ended, as listed in the table
of contents. These general purpose financial statements are the
responsibility of the City of Wheat Ridge, Wheat Ridge, Colorado,
management. Our responsibility is to express an opinion on these
general purpose financial statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the general purpose financial statements are free of material
misstatement. An audit includes examining on a test basis,
evidence supporting the amounts and disclosures in the general
purpose financial statements. An audit also includes assessing
the accounting principles used and significant estimates made by
the management, as well as evaluating the overall general purpose
financial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.
-
In our opinion, the general purpose financial statements referred
to above present fairly, in all material respects, the financial
position of City of Wheat Ridge, Wheat Ridge, Colorado, as of
December 31, 1989, and the results of its operations of its trust
fund for the year then ended in conformity with generally
accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the
general purpose financial statements taken as a whole. The
combining, individual fund, and account group financial
statements and schedules listed in the table of contents are
presented for purposes of additional analysis and are not a
required part of the general purpose financial statements of City
of Wheat Ridge, Wheat Ridge, Colorado. Such information has been
subjected to the auditing procedures applied in the audit of the
general purpose financial statements and, in our opinion, is
fairly stated in all material respects in relation to the gene~al
purpose financial statements taken as a whole.
Certified Public Accountants
Members of American Institute of Certified Public Accountants
Colorado Society of Gloillified Public Accountants
Governmental Finance OJflcers Association
Our audit was made for the purpose of forming an opinion on the
general purpose financial statements taken as a whole. The
accompanying introductory, statistical, and single audit and
state required reports sections listed in the table of contents
is presented for purposes of additional analysis and is not a
required part of the general purpose financial statements of City
of Wheat Ridge, Wheat Ridge, Colorado. Such information has not
been subjected to the auditing procedures applied in the audit of
the general purpose financial statements of City of Wheat Ridge,
Wheat Ridge, Colorado, and accordingly, we express no opinion on
it.
~~\~~.~( .
March 16, 1990
-
12
GENERAL PURPOSE FINANCIAL STATEMENTS
The general purpose financial statements provide a financial overview of
the City's operations. These financial statements present the financial
position and operating results of all funds and account groups as of
December 31, 1989.
13
CITY OF WHEAT RIDGE, COLORADO
COMBINED BALANCE SHEET
ALL FUND TYPES AND ACCOUNT GROUPS
DECEMBER 31, 1989
(With comparative totals for December 31, 1988)
ASSETS AND OTHER DEBITS
ASSETS
Cash and equivalents
Investments
Accounts receivable:
state government
County government
Other
Special assessments
Due from:
other funds
Plan trustee
Inventory
Restricted:
Cash
Investments
Fixed assets
OTHER DEBITS
Amount available in debt
service fund
Amount to be provided for
retirement of general
long-term debt
TOTAL ASSETS
General
$ 1,167,207
300,000
30,298
642,628
31,426
67,690
42,404
69,826
100,000
$ 2,451,479
Governmental Fund
Special
Revenue
$ 280,037
91,204
58,760
$ 430,001
Types
Debt
Service
$ 44,157
299,000
$ 343,157
The accompanying notes are an integral part of this statement.
14
Capital
Pro4ect
$ 300,000
4,288,012
94,945
9,l82
$ 4,692,140
Fiduciary Account Groups Totals
Fund Type General General (Memorandum Only)
Trust and Fixed Long-term (Restated)
Aqency Assets Debt 1989 1988
$ 147,034 $ $ $ 1,938,435 $ 3,248,296
532,393 5 , 211 , 609 3,304,964
30,298
701,388 640,894
3,201 129,572 120,506
819,208 819,208 1,012,429
76,872 922,797
5,248,063 5,248,063 4,006,342
42,404 43,773
69,826 112,636
399,000
18,059,496 18,059,496 17 ,954,977
343,157 343,157 682,715
2,989,854 2,989,854 2,631,127
$ 6,749,899 $ 18,059,496 $ 3,333,011 $ 36,059.183 $ 34.681.456
15 (Continued on next page)
CITY OF WHEAT RIDGE, COLORADO
COMBINED BALANCE SHEET
ALL FUND TYPES AND ACCOUNT GROUPS
DECEMBER 31, 1989
(Continued)
(With comparative totals for December 31, 1988)
LIABILITIES, FUND EQUITY
AND OTHER CREDITS:
LIABILITIES
Accounts payable:
Trade
Restricted assets
Refundable escrow
Employees
Accrued payroll benefits
Advance contributions
Refundable escrow deposits
Due to:
Other funds
Special District
Deferred revenue:
Property tax
Capital leases
Bonds payable
Total liabilities
FUND EQUITY AND OTHER CREDITS
Investment in general
fixed assets
Fund balances:
Reserved for:
Encumbrances
Capital projects
Debt service
Inventory
Retirement plans
Unreserved:
Designated for
subsequent years'
expenditures
Undesignated
Total equity and
other credits
TOTAL LIABILlTES,
FUND EQUITY AND
OTHER CREDITS
General
$
8,055
31,359
35,644
110,966
14,296
Governmental Fund
Special
Revenue
$ 5,581
62,044
67,625
44,050
41,288
277,038
362,376
$ 430 ,001
Type s
Debt
Service
$
343,157
343,157
$ 343,157
10
The accompanying notes are an ~ntegral part of this statement.
9,182
574,538
784,040
17 ,042
42,404
1,443,144
164,849
1,667 ,439
$ 2,451,479
Capital
Prolect
$
169,703
2,108,223
1,619,028
795,186
4,692,140
$ 4,692,140
Fiduciary Account Groups Totals
Fund Type General General (Memorandum Only)
Trust and Fixed Long-term (Restated)
Aqency Assets Debt 1989 1988
$ 25 $ $ $ 13,661 $ 53,413
31,359 12,636
35,644 12,669
548,779 659,745 460,436
262,608 276,904 362,056
11,293 11,293
87,607 87,607 44,767
5,646 76,872 922,797
1,250,000 1,250,000 1,355,395
574,538 562,472
80,403 80,403 62,506
2,990,000 2,990,000 2.990.000
... 1, 903 , 350 3,333,011 3,098.026 6.839,147
18,059,496
18,059,496
4,687,966
230,795
2,108,223
343,157
42,404
4,687,966
lOl,144
57,439
3,204,604
1,294,512
4,846,549
18,059,496
29,971,157
$ 6,749,899
$ 18,059,496
$ 3,333.011
$ 33,069.183
I"
17 ,954,977
1,639,209
339,749
43,773
4,006,342
3,663,388
194,871
27,842.309
$ 34,681,456
CITY OF WHEAT RIDGE, COLORADO
COMBINED STATEMENT OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCES
ALL GOVERNMENTAL FUND TYPES AND EXPENDABLE TRUST FUND
FOR THE FISCAL YEAR ENDED DECEMBER 31, 1989
(With comparative totals for December 31, 1988)
REVENUES
Taxes
Licenses and permits
Intergovernmental
Charges for services
Fines and forfeitures
Interest
Other
Total revenue
EXPENDITURES
Current:
General government
Planning and development
Police
Public works
Parks and recreation
Other
Bond interest
Total expenditures
EXCESS (DEFICIENCY) OF
REVENUES OVER EXPENDITURES
OTHER FINANCING SOURCES (USES)
Transfers In (out) - net
Bond proceeds
Total other financing
source (uses)
EXCESS (DEFICIENCY) OF
REVENUES AND OTHER FINANCING
SOURCES OVER EXPENDITURES
AND OTHER FINANCING USES
Fund balances,
beginning of year
FUND BALANCES, END OF YEAR
General
$ 5,171,318
225,961
1,392,579
504,767
389,600
136,238
79,303
7,899.766
1,052,162
446,664
3,194,131
1,797,330
1,068,367
798,781
8,357,435
(457,669)
720,001
720.001
262,332
1,405,107
$ 1.667 .439
Governmental
Special
Revenue
$
606,328
2,879
5,096
614,303
263,333
9,685
273,018
341,285
(1,296,649)
(1.296,649)
(955,364)
1. 317 ,740
$
362,376
Fund Types
Debt
Service
Capital
Pro-ject
$
$ 2,754,972
123,464
30,583
210,702
24,316
30,583
3,113,454
1,541,125
250
210,925
211,175
1 ,541.125
(180,592)
1,572,329
184,000
392,648
184,000
392,648
3,408
1,964,977
339,749
2,727,161
$ 343.157
$ 4.692.138
The accompanying notes are an integral part of this statement.
18
Fiduciary
Fund Type
Expendable
Trust
$
97,033
8,070
105,103
Totals
(Memorandum Only)
(Restated)
1989 1988
$ 7,926,290 $ 7,393,814
225,%1 270,142
2,219,404 2,147,725
504,767 469,973
389,600 266,251
388,472 270,124
108.715 58,732
11,763,209 10,876,761
1,052,162 991,362
446,664 459,939
3,194,131 3,040,648
- 3,601,788 5,197,991
37,753 1,115,805 1,440,562
799,031 702,830
210,925 96,088
37,753 10,420,506 11,929,420
67,350 1,342,703 (1,052,659)
(421,919)
4,240,000
3,818,081
67,350
91,233
$ 158,583
1,342,703
2,765,422
5,880,990
3,126,073
$ 7,223,693
$ 5,891,495
19
2ITY OF WHEAT RIDGE, COLORADO
COMBINED STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCES
BUDGET (NON-GAAP BASIS) AND A2TUAL
ALL GOVERNMENTAL FUND TYPES
FOR THE FISCAL YEAR ENDED DECEMBER 31, 1989
Total revenue
General Fund
Variance
Favorable
Budqet Actual (Unfavorable)
$ 5,252,522 $ 5,171,318 $ (81,204)
260,000 225,961 (34,039)
1,291,500 1,392,579 101,079
504,300 504,767 467
303,000 389,600 86,600
74,157 136,238 62,081
35,488 79,303 43,815
7 ,720,967 7,899,766 178,799
REVENUES
Taxes
Licenses and permits
Intergovernmental
Charges for services
Fines and forfeitures
Interest
Other
EXPENDITURES
Current:
General government
Planning and development
Police
Public works
Parks and recreation
Other
1,036,698 1,047,676 (10,978)
484,723 446,664 38,059
3,144,625 3,177,122 (32,497)
2,028,289 1,791,459 236,830
1,103,313 1,075,995 27,318
1.818.947 796.457 1. 022.490
9,616,595 8,335,373 1.281,222
(1,895,628) (435,607) 1,460,021
869,788 720,001 (149,787)
Total expenditures
EXCESS (DEFICIENCY) OF
REVENUES OVER EXPENDITURES
OTHER FINANCING SOURCES
Transfers in (out)
EXCESS (DEFICIENCY) OF
REVENUES AND OTHER FINANCING
SOURCES OVER EXPENDITURES AND
OTHER AND OTHER FINANCING
USES (BUDGETARY BASIS)
ADJUSTMENTS TO GAAP BASIS
Encwnbrances:
Prior year paid in current
year
Current year outstanding
$ (1,025,840)
284,394
S 1,310,234
Total adjustments
(29,719)
7,657
(22,062)
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES
OVER EXPENDITURES AND OTHER
FINANCING USES (GAAP BASIS)
Fund balances, beginning of year
262,332
1,405,107
FUND BALANCES, END OF YEAR $ 1,667,439
'n
The accompanying notes are an integral part of this statement -
Special Revenue
Variance
Favorable
Budqet Actual (Unfavorable)
$ $ $
1,285,000 606,328 (678,672)
700 (700)
1,700 2,879 1,179
6,850 5.096 (1,754)
1,294,250 614,303 (679,947)
1,081,161 398,431 682,730
35,458 9,685 25,773
1,116,619 408 , 116 708,503
177,631 206,187 28,556
-
(220,000) ( 1,296,649) ( 1,076,649)
...
$
(42,369)
(1,090,462)
$ (1,048,093)
( 111,085)
246,183
135,098
(955,364)
1,317,740
$ 362,376
(Continued on next page) 21
CITY OF WHEAT RIDGE, COLORADO
COMBINED STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCES
BUDGET (NON-GAAP BASIS) AND ACTUAL
ALL GOVERNMENTAL FUND TYPES
FOR THE FISCAL YEAR ENDED DECEMBER 31, 1989
(Continued)
Debt Service Fund
Budqet
Actual
Variance
Favorable
(Unfavorable)
REVENUES
Taxes
Licenses and permits
Intergovernmental
Charges for services
Fines and forfeitures
Interest
Other
$
$
$
30,583
30,583
Total revenue
30.583
30,583
EXPENDITURES
Current:
General government
Planning and development
Police
Public works
Parks and recreation
Other
Total expenditures
210,925
210,925
211. 175
211,175
(250)
(250)
EXCESS (DEFICIENCY) OF
REVENUES OVER EXPENDITURES
(210,925)
(180,592)
30,333
OTHER FINANCING SOURCES
Transfers in (out)
210.925
184.000
(26,925)
EXCESS (DEFICIENCY) OF
REVENUES AND OTHER FINANCING
SOURCES OVER EXPENDITURES AND
OTHER AND OTHER FINANCING
USES (BUDGETARY BASIS)
ADJUSTMENTS TO GAAP BASIS
Encumbrances:
Prior year paid in current
year
Current year outstanding
$
3,408
$
3.408
Total adjustments
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES
OVER EXPENDITURES AND OTHER
FINANCING USES (GAAP BASIS)
3,408
FUND BALANCES, END OF YEAR
$
339,749
343.157
Fund balances, beginning of year
7 7
Capital Proiect
Variance
Favorable
Budqet Actual (Unfavorable)
$ 2,600,000 $ 2,754,972 $ 154,972
240,830 123,464 (117,366)
75,000 210,702 135,702
25,000 24,316 (684)
2,940,830 3,113,454 172,624
3,266,276 1,710,827 1,555,449
-
3,266,276 1. 710 ,827 1,555,449
-
(325,446) 1,402,627 1,728,073
-
(500,000) 392,649 892,649
$ (825,446)
1,795,276
$
2,620,722
169,703
169,703
1,964,979
2,727,161
$ 4,692,140
~ ~
_.'l
CITY OF WHEAT RIDGE, COLORADO
COMPARATIVE STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN FUND BALANCES
PENSION TRUST - POLICE PENSION FUND
FOR THE FISCAL YEAR ENDED DECEMBER 31, 1989
1989
OPERATING REVENUES:
Contributions:
Employer
Employee - mandatory
Employee - voluntary
$
165,656
165,656
16 ,117
Total operating revenues
347,429
OPERATING EXPENSES:
Benefit payments
Administrative charges
99,046
37,562
Total operating expenses
136 I 608
OPERATING INCOME (LOSS)
210,821
NONOPERATING INCOME:
Interest
Captial gain
428,886
53,235
Total nonoperating income
482,121
NET INCOME (LOSS)
692,942
Fund balance, beginning of
year
4,006,342
FUND BALANCE, END OF YEAR
$ 4,699,284
1988
$
161,879
161,879
14,689
338.447
625,590
20,510
646,100
(307,653)
281,172
15,618
296,790
(10,863)
4,017,205
$ 4,006,342
The accompanying notes are an integral part of this statement.
2~
CITY OF WHEAT RIDGE, COLORADO
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 1989
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accounting policies of the City of Wheat Ridge, Colorado, (the
City), conform to generally accepted accounting principles (GAAP) as
applicable to government units. The governmental Accounting Standards
Board (GASB) is the accepted standard setting body for establishing
governmental accounting and financial reporting principles. The
following is a summary of the more significant policies consistently
used in the preparation of the City's financial statements.
A. Principles used in determining the scope of the reporting entity
for financial purposes.
-
In conformance with Governmental Accounting and Financial Reporting
Standards, the City of Wheat Ridge, Colorado, is the reporting
entity for financial reporting purposes. The City of Wheat Ridge
is a "Home Rule City" (a municipal corporation) as defined by
Colorado Revised Statutes). The City is the lowest level of
government having oversight responsibility and control over all
activities within the geographical area organized as the City of
Wheat Ridge, Colorado. The City is not included in any other
governmental reporting entity because the City Council and certain
officials are publicly elected; they are empowered to adopt a
budget, to expend City revenues, select management, significantly
influence operations and are primarily accountable for fiscal
matters. The financial statements of the City include all funds
and account groups that are controlled by or dependent upon the
elected officials. Control by or dependence on the elected
officials is determined on the basis of budget adoption, taxing
authority, outstanding debt which may be secured by general
obligation of the City, and the responsibility of the City to
finance debt or make subsidies to funds and account groups.
-
-
All funds and account groups included in this report were included
in last year's report. The Open Space Fund is now reported as a
separate Special Revenue Fund; it was formerly included in the
Capital Improvement Fund (which is in the process of being closed
out). In addition, the Special Assessment fund was reclassified as
an Agency fund.
The foregoing criteria is used to determine whether an entity is a
component unit of another governmental entity or whether the agency
or organization should be included in reports of this reporting
entity.
~s
CITY OF WHEAT RIDGE, COLORADO
NOTES TO THE FINANCIAL STATEMENTS
Excluded from the reporting entity:
The following governmental units are excluded from the financial
statements of the City because each has an independently elected
board of directors with separate taxing authority and
accountability for financial matters, or fails to meet other
appropriate criteria for inclusion in the reporting entity (the
Wheat Ridge Economic Development and Revitalization Commission is
excluded based upon a legal opinion):
Jefferson County
Wheat Ridge School District R - 1
Valley Water District
Westridge Sanitation
Wheat Ridge Economic Development and Revitalization Commission
Bellaire Sanitation District
Fruitdale Sanitation District
North West Lakewood Sanitation District
Urban Drainage & Flood Control District
Wheat Ridge Fire Protection
Wheat Ridge Sanitation District
B. Fund accounting
The City uses funds and account groups to report on its financial I
position and the results of its operations. Fund accounting is -.
designed to demonstrate legal compliance and to aid financial
management by segregating transactions related to certain
government functions or activities.
A fund is a separate accounting entity with a self-balancing set of
accounts. An account group, on the other hand, is a financial
reporting device designed to provide accountability for certain
assets and liabilities that are not recorded in the funds because
they do not directly affect net expendable available financial
resources.
Funds are
fiduciary.
types".
classified into two
Each category, in turn,
categories: governmental and
is divided into separate "fund
Governmental funds
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 activities of the
Police Department Bond Trust, a statewide program for collection
of cash bail bonds, are currently included in the General fund
due to the limited materiality of the fund.
2b
CITY OF WHEAT RIDGE, COLORADO
NOTES TO THE FINANCIAL STATEMENTS
Special revenue funds - account for the proceeds of specific
revenue sources that are legally restricted to expenditures for
specific purposes. The City has five special revenue funds.
Debt service funds - account for funds used in the servicing of
general long-term debt. The City has one such fund.
Capital project funds - account
used for the acquisition or
facilities (other than those
trust funds).
for financial resources to be
construction of major capital
financed by proprietary funds and
Pension trust and agency funds
Pension trust funds are accounted for in essentially the same
manner as a proprietary fund, that it's operations are financed
and operated in a manner similar to private business enterprise,
since capital maintenance is critical. Funds are received from
participants and the City. The funds are held in trust for
disbursement to participants upon their leaving the plan or upon
qualified retirement.
Agency funds are generally used to account for assets that the
government holds on behalf of others as their agent.
-
C. Basis of accounting
...
The accounting and financial reporting treatment applied to a fund
is determined by its measurement focus. All governmental funds are
accounted for using a current financial resources measurement
focus. With this measurement focus only current assets and current
liabilities generally are included on the balance sheet. Operating
statements of these funds present increases (i.e., revenues and
other financing sources) and decreases (i.e., expenditures and
other financing uses) in net current assets.
Pension trust funds are accounted for
resources measurement focus. With this
assets and all liabilities associated with
funds are included on the balance sheet.
on a flow of economic
measurement focus, all
the operation of these
The modified accrual basis of accounting is used by all
governmental fund types, expendable trust funds and agency funds.
Under the modified accrual basis of accounting, revenues are
recognized when susceptible to accrual (i.e., when they become both
measurable and available). "Measurable" means the amount of the
CITY OF WHEAT RIDGE, COLORADO
NOTES TO THE FINANCIAL STATEMENTS
transaction can be determined and "available" means collectible
within the current period or soon enough thereafter to pay
liabilities of the current period. A one-year availability period
is used for revenue recognition for all governmental fund revenue.
Expenditures are recorded when the related fund liability is
incurred. Principal and interest on general long-term debt are
recorded as fund liabilities when due or when amounts have been
accumulated in the debt service fund for payments to be made in the
following year.
Those revenues susceptible to accrual are property taxes, franchise
fees, cigarette and highway users taxes. Fines, permits and sales
tax revenues are not susceptible to accrual because generally they
are not measurable until received in cash.
The accrual basis of accounting is utilized by pension trust funds.
Under this method, revenues are recorded when earned and expenses
are recorded at the time liabilities are incurred.
The City reports deferred revenue on its combined balance sheet.
Deferred revenues arise when a potential revenue does not meet both
the "measurable" and "available" criteria for recognition in the
current period. Deferred revenues also arise when resources are
received by the government before it has a legal claim to them. In
subsequent periods, when both revenue recognition criteria are met,
or when the government has a legal claim to the resources, the
liability for deferred revenue is removed from the combined balance
sheet and revenue is recognized.
D. Budgets
Budgets are adopted on a basis consistent with generally accepted
accounting principles, excepting the General, Capital Project,
Open Space and Capital Improvement funds which are adopted on a
non-gaap basis. Annual appropriated budgets are adopted for all
funds, excepting the Police Pension Fund, Agency Funds, and Capital
Improvement Funds. The Capital Improvement fund is in the process
of being closed. All annual appropriations lapse at fiscal year end.
Encumbrances present commitments related to unperformed contracts
for goods or services. Encumbrance accounting under which
purchase orders, contracts and other commitments for the
expenditure of resources are recorded to reserve that portion of
the applicable appropriations - is utilized in the governmental
funds. Encumbrances outstanding at year end are reported as
reservations of fund balances and do not constitute expenditures or
liabilities because the commitments will be honored during the
subsequent year.
23
CITY OF WHEAT RIDGE, COLORADO
NOTES TO THE FINANCIAL STATEMENTS
E. Cash, cash equivalents and investments
Cash and
well as
maturity
cash equivalents include
all highly liquid debt
of three months or less.
cash on hand, demand deposits as
instruments purchased with a
Investments are stated at
Investments of the I.R.C.
cost, which approximates market value.
Section 457 Plan are stated at market.
F. Property taxes
Property taxes are levied on December 15, of each year and attach
as an enforceable lien on property as of January 1. Taxes are due
as of January 1 of the following year and are payable in full by
July 31 if paid in installments or April 15 with a single payment.
Taxes are delinquent as of August 1. If the taxes are not paid
within subsequent statutory periods, the property will be sold at
public auction. The County bills and collects the property taxes
and remits collections to the City on a monthly basis.
G. Short-term interfund receivables/payables
During the course of operations, numerous
between individual funds. These receivables
classified as "due from other funds" or "due to
balance sheet.
transactions occur
and payables are
other funds" on the
H. Inventory
Inventory is valued at cost, which approximates market, using the
first-in/ first-out (FIFO) method. The cost of the General fund
inventories are recorded as expenditures when consumed rather than
when purchased.
I. Due from plan trustee
The amounts are composed of cash and securities, at market value,
held by the trustees for the pension plan and the IRC Code Section
457 deferred compensation plan.
J. Restricted assets - cash and investments
General fund cash has been restricted by City Council for emergency
situations affecting the lives and property of the City's citizens.
Expenditures must be approved in advance by the Council, or in
situations where members of Council cannot be contacted, the Mayor
and the City Administrator can approve expenditures, subject to a
report to City Council. In addition certain other funds are
restricted as further explained in the following notes to the
financial statements.
=9
CITY OF WHEAT RIDGE, COLORAOO
NOTES TO THE FINANCIAL STATEMENTS
K. Fixed assets
General fixed assets are not capitalized in the funds used to
acquire or construct them. Instead, capital acquisition and
construction are reflected as expenditures in governmental funds,
and related assets are in the general fixed assets account group.
All purchased fixed assets are valued at cost where historical
records are available and at an estimated historical cost where no
historical records exist. Donated fixed assets are valued at their
estimated fair value on the date received.
Pubic domain ("infrastructure") general fixed assets consisting of
streets (after 1977), roads, bridges, curbs and gutters, sidewalks,
drainage systems and lighting systems are not capitalized, as these
assets are immovable and of value only to the government.
Land improvements transferred
from 1969 to 1977 had been
Subsequently the City elected to
all land improvements.
to the City from Jefferson County
recorded at the County's cost.
discontinue recording the cost of
The Jefferson County Open Space Program acquires
enjoyment (e.g. parks, playgrounds, lakes, etc.)
the property to the City for use as public land.
recorded at the cost recorded by the Open Space
expenditures for this program are reimbursed by the
land for public
and then donates
The property is
Program. City
County.
Assets in the
depreciated.
general fixed assets account
group are not
L. Compensated absences
Accumulated sick leave that is expected to be liquidated with
expendable available financial resources are reported in the
general fund. In accordance with the provisions of the " Statement
of Financial Accounting Standards No. 43, Accounting for
Compensated Absences", no liability is recorded for nonvesting
accumulating rights to receive sick pay benefits.
Amounts of vested or accumulated holiday and vacation leave that
are not expected to be liquidated with expendable available
financial resources are reported in the general long-term debt
account group. No expenditure is reported for these amounts.
30
CITY OF WHEAT RIDGE, COLORADO
NOTES TO THE FINANCIAL STATEMENTS
M. Accrued salaries and wages
The accrued salaries and benefits result from a timing difference
between when employees are paid and the end of the fiscal year.
The total accrued salaries and benefits are paid during the first
pay period in the next year. The entire liability will be
liquidated with expendable available resources and is reported in
the General fund.
N. Long-term obligations
Long-term debt of a governmental fund is reported in the general
long-term debt account group.
O. Fund equity
Reservations of fund equity represent those portions of fund equity
not appropriated for expenditures or legally segregated for a
specific future use. Designated fund balances represent tentative
plans for future use of financial resources.
Encumbrances outstanding and
as reservations of fund
expenditures or liabilities.
inventory, at year
balances, they do
end, are reported
not constitute
The Police Pension (Trust) Fund
legally restricted to provide
Police upon retirement.
is reserved because the balance is
future benefit payments for the
The Debt Service fund balance is reserved because the balance is
legally restricted to provide for the retirement of debt principal,
interest, and related costs.
-
The City designates unreserved fund balances in an amount equal to
the budgeted individual carryover fund balance based upon the 1990
City budget.
P. Interfund transactions
Quasi-external transactions are accounted for as revenues or
expenditures. Transactions that constitute reimbursements to a
fund for expenditures initially made from it that are properly
applicable to another fund, are recorded as expenditures in the
reimbursing fund and as reductions of expenditures in the fund that
is reimbursed.
All other
transactions
Nonrecurring
reported as
transfers are
interfund transactions, except
and reimbursements, are reported
or nonroutine permanent transfers
residual equity transfers. All
reported as operating transfers.
quasi '-external
as transfers.
to equity are
other interfund
31
CITY OF WHEAT RIDGE, COLORADO
NOTES TO THE FINANCIAL STATEMENTS
Q. Memorandum only - total columns
Total columns on the general purpose financial statements are
captioned "memorandum only" to indicate that they are presented
only to facilitate analysis. Data in these columns do not present
financial position, results of operations or changes in financial
position in conformity with generally accepted accounting
principles. Neither are such data comparable to a consolidation.
Interfund eliminations have not been made in the aggregation of
this data.
R. Comparative data
Comparative total data for the prior year have been presented in
the accompanying financial statements in order to provide an
understanding of changes in the City's financial position and
operations. See also Note 9 to the Financial Statements.
2. LEGAL COMPLIANCE - BUDGETS
A. General budget policies
The City conforms to the following procedures, in
Colorado Revised Statutes, in establishing the
reflected in the financial statements:
compliance with
budgetary data
Prior to October 15, the City Administrator (an appointed
official) submits a proposed operating budget for the fiscal year
commencing the following January 1, to the City Council (elected
officials). The budget is prepared by fund, function and
activity, and includes information on the past year, current year
estimates and requested appropriations for the next fiscal year.
No budgets are prepared for the pension and agency funds which
are all custodial in nature. State Statutes do not require
budgets for such funds.
Public hearings are held at the regular City council meetings to
obtain taxpayer input. Prior to December 15, the budget is
legally enacted through passage of a resolution approving the
annual budget and appropriating funds for expenditures.
Council must approve revisions that change total expenditures or
transfers as to any fund. The City Administrator is authorized
to make function or activity transfers within an individual fund.
In addition
Improvement
adopted by
expenditures
to the operating budget, a five year Capital
Program is proposed by the City Administrator and
City Council. This program identifies projected
and anticipated revenues by fund. The Program is
- 0
.)~
CITY OF WHEAT RIDGE, COLORADO
NOTES TO THE FINANCIAL STATEMENTS
revised and extended annually.
program as a planning document
multi-year expenditures. Annual
projects are appropriated in the
supplemental appropriations.
The City Council adopts the
but does not appropriate the
installments to the identified
annual operating budgets or by
Appropriations are controlled by encumbrance accounting and the
budget is only amended in conformity with Colorado Revised
Statutes, which requires a resolution approved by City Council
amending the budget and a resolution appropriating funds for
expenditure. The City Charter requires a balanced budget.
B. Budget basis of accounting
The Individual and Combined Statements of Revenues, Expenditures
and Changes in Fund Balances for the governmental fund types
include comparisons to budget. The budgets are adopted on a
non-gaap basis, except as previously noted. Budget amounts,
included in the financial statements, are as originally adopted or
as amended by City Council.
...
C. Excess of expenditures over appropriations
...
The Debt Service fund incurred an immaterial unbudgeted expenditure
for trustee administration fees. The expenditure was budgeted in
another fund, but paid by the Debt Service Fund.
...
3 . ASSETS
A. Deposits and investments
...
Deposits and cash
The Colorado Public Deposit Protection Act, (PDPA) requires that
all units of local government deposit cash in eligible public
depositories, eligibility is determined by state regulators.
Amounts on deposit in excess of federal insurance levels must be
collateralized. The eligible collateral is determined by the PDPA.
PDPA allows the institution to create a single collateral pool for
all public funds. 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 the aggregate uninsured deposits.
Deposits are categorized to give an indication of risk assumed by
the government at the end of the year. Category 1 includes
deposits that are insured, Category 2 includes collateralized
deposits held by the pledging institution's department or agent in
the City's name, Category 3 includes uncollateralized, uninsured
deposits. At December 31, 1989, the City deposits are categorized
as follows:
3:;
CITY OF WHEAT RIDGE, COLORADO
NOTES TO THE FINANCIAL STATEMENTS
Bank
Balance
Carrying
Balance
Cash on hand
$
1,505
$
1,505
Categorized deposits:
Deposits covered by federal
insurance - Category 1
Deposits collateralized in a
single institution pool(s)
- Category 2
318,663
317,261
Total
1,718,421
$ 2,038,589
1,689,495
$ 2,008,261
Investments
Colorado statutes specify investment instruments, meeting defined
rating and risk criteria, in which local government entities may
invest:
obligations of the United States and certain U.S. government
agency's securities,
certain international agency securities,
general obligation and revenue bonds of U.s. local government
entities,
bankers acceptances of certain banks,
commercial paper,
local government investment pools,
written repurchase agreements
authorized securities,
collateralized
by
certain
certain money market funds,
guaranteed investment contracts.
The City's investments are categorized below to give an indication
of the level of credit risk assumed by the city at year end.
Category 2 - investments that are insured or registered or for
which the securities are held by the entity or its agent in the
City's name.
34
CITY OF WHEAT RIDGE, COLORADO
NOTES TO THE FINANCIAL STATEMENTS
The City participates in three investment pools, The Colorado
Government Liquid Asset Trust (COLOTRUST), The Jefferson County
Surplus Funds Trust (JEFFTRUST) and The Colorado Surplus Asset
Fund Trust (CSAFE). Investments in investment pools are not
categorized because the investments are not evidenced by
securities that exist in physical or book entry form (see also
Note 8, Joint Ventures).
At December 31, 1989, the city's investments are categorized as
follows:
Trust
Balance
Carrying
Balance
Category 2 - obligations of the
U.S. government
$ 2,555,975
$ 2,555,975
Investment pools:
COLOTRUST
JEFFTRUST
CSAFE
1,636,433
800,000
618,250
$ 5,610.658
1,636,433
800,000
618,250
$ 5,610,658
-
B. Restricted cash and investments
...
Restricted cash and investments at December 31, 1989 are composed of
the following:
-
Total restricted cash and investments
$ 100,000
35,143
17,261
14,098
3,324
169,826
299,000
$ 468,826
...
Restricted for emergency situations
Sales tax revenue set aside "ESTIP"
Court bond account
Police seizure account
Drug Coalition account
-
Total general fund
Debt service general obligation bond reserve
Debt Service fund cash of $ 299,000, 10% of the general obligation
revenue bond issue of $ 2,990,000, is legally restricted by the
terms of the bond issue. The amount is restricted for payment of
bond principal and interest until the bond issue is repaid.
J~
CITY OF WHEAT RIDGE, COLORAOO
NOTES TO THE FINANCIAL STATEMENTS
C. Receivables
Receivables at December 31, 1989 consist of the following:
Special Other
General Revenue Funds
Deferred taxes $ 568,301 $ $
State of Colorado 30,298
Jefferson County 74,327 58,760
City of Lakewood 84,181
Franchise fees 24,641
Other 6,785 13 ,965
Total $ 704,352 $ 58,760 $ 98,146
Amounts due from Jefferson County include taxes collected and
amounts due from the Jefferson County Open Space Program. City Open
Space expenditures in the amount of $ 58,760 had not been reimbursed
by the County as of December 31, 1989. The above amounts are deemed
fully collectable, accordingly no provision has been made for bad
debts.
It is the policy of the City to record the property tax receivable
in the year in which the taxes are levied and to recognize the
property tax revenues in the year in which the lien attaches to the
property. Property taxes are reported in the General Fund
as a receivable and a deferred revenue in the amount of
$ 568,301.
D. Changes in general fixed assets
The changes in general fixed assets for the year ended December 31,
1989 are as follows:
Balance Balance
January 1, December 31,
1989 Additions Deletions 1989
Land $ 2,448,290 $ $ $ 2,448,290
Buildings 3,011,262 3,011,262
Improvements 1,011,003 1,011,003
Streets 8,106,466 8,106,466
Equipment 3,377,956 235,337 130,818 3,482,475
Total $ 17 ,954,977 $ 235,337 $ 130.818 $ 18,059.496
36
CITY OF WHEAT RIDGE, COLORADO
NOTES TO THE FINANCIAL STATEMENTS
4. LIABILITIES
A. General government long-term debt.
Compensated absences
As of December 31, 1989, accrued sick pay in the amount of
$ 14,296 was recorded in the General Fund, which will ultimately
liquidate the liability.
As of December 31, 1989, accrued holiday and vacation pay in the
amount of $ 262,608 were recorded in the long-term debt account
group, the liability is not expected to be liquidated with
expendable available financial resources.
General obligation revenue bonds
General obligation revenue bonds are direct obligations and
pledge the full faith and credit of the City. General obligation
bonds outstanding are as follows:
Interest
Rate
Amount
General obligation revenue bonds
7.06 %
$ 2,990,000
...
Annual debt service requirements to maturity for the bonds
including interest of $ 1,909,480 are as follows:
Fiscal Year
Ending
December 31,
Total
1990
1991
1992
1993
Thereafter
$
210,925
210,925
210,925
210,925
4,055,780
$ 4,899,480
3-
CITY OF WHEAT RIDGE, COLORADO
NOTES TO THE FINANCIAL STATEMENTS
Capital leases
The City has entered into several lease agreements for financing
the acquisition of equipment including a street sweeper and
several copiers . These lease agreements qualify as capital
leases for accounting purposes (titles transfer at the end of the
lease terms) and, therefore, have been recorded at the present
value of the future minimum lease payments as of the date of
their inception. The following is a schedule of the future
minimum lease payments under these capital leases, and the net
present value of the net minimum lease payments at December 31,
1989, as recorded in General Long-Term Debt:
Fiscal year ending December 31,
1990
1991
1992
1993
Thereafter
Total minimum lease payments
Less: amount representing interest
Present value of future minimum lease
payments
Changes in general long-term liabilities
$
42,324
26,042
14,047
12,148
10,899
105,460
25,057
$
80,403
During the year ended December
occurred in liabilities reported
account group:
31, 1989, the following changes
in the general long-term debt
Balance
January 1
Compen.
absence $ 261,336
G.O.
bonds 2,990,000
Capital
lease 62,506
$ 3,313,842
Reductions
Additions
$
337,142
$
335,870
43,994
381,136
$
26,097
361,967
$
38
Balance
December 31
$ 262,608
2,990,000
80,403
$ 3,333,011
CITY OF WHEAT RIDGE, COLORADO
NOTES TO THE FINANCIAL STATEMENTS
B. Special Assessment bonds
The following is a schedule
bonds for which the City is
constitutional or statutory
of principal due on Special Assessment
not obligated within the meaning of any
limitation or provision.
Special Assessment bonds, issued June 1, 1988
interest at 7.50 %
$ 1,250,000
5. INTER FUND ASSETS/LIABILITIES
A summary of interfund receivables and payables follows:
Fund Receivable Payable
General $ 67,690 $ 9,182
- Special Revenue
Senior Center 470
Open Space 61,574
Capital Project 9,182
Agency
Conservation Trust 5,626
Public Works Escrow 20
$ 76,872 $ 76,872
6.
CONTINGENT LIABILITIES
-
Amounts received or receivable from grantor agencies are subject to
audit and adjustment by grantor agencies, principally the federal
government. Any disallowed claims, including amounts already
collected, may constitute a liability of the applicable funds. The
amount, if any, of expenditures which may be disallowed by the
grantor cannot be determined at this time although the government
expects such amounts, if any, to be immaterial.
The city is a defendant in various lawsuits. Although the outcome of
these lawsuits is not presently determinable, in the opinion of the
City attorney the resolution of these matters will not have a
material adverse effect on the financial condition of the government.
39
CITY OF WHEAT RIDGE, COLORAOO
NOTES TO THE FINANCIAL STATEMENTS
7. EMPLOYEE RETIREMENT SYSTEMS
Police Pension Plan
Plan description and provisions:
All full time sworn City police officers are covered by the
plan (Police Pension Plan), a single employer defined
contribution money purchase plan. The payroll for employees,
covered by this Plan, for the year ended December 31, 1989 was
$ 1,656,563 the City's total payroll was $ 4,869,412. There are
63 employees participating in this plan.
Employee contributions are fully vested when paid. Employees
and the City each contribute 10 % of the employees annual
salary, employees may increase their contribution to 15% . City
contributions and Plan income vest at 40%, 45%, and 50% during
the fourth through sixth years respectively and thence at the
rate of 10% per year.
Contributions required and contributions made:
During the year ended December 31, 1989, contributions
totaling $ 165,656 City and $ 181,773 employees - were made in
accordance with the provisions of the Plan. Current membership
in the Plan is comprised of the following:
Group
December 31,
1989
Retirees and beneficiaries currently
receiving benefits
o
Vested terminated employees
o
Active employees:
Fully vested
Nonvested
21
42
Eligibility for benefits may commence at age 55, or upon
completion of 25 years of service.
40
CITY OF WHEAT RIDGE, COLORAOO
NOTES TO THE FINANCIAL STATEMENTS
Colorado County Officials and Employees Retirement Association
Plan description and provisions:
Employees and officers of the City are required to ]Oln the
plan (CCOERA), a state wide local government multi-employer
defined contribution plan. The plan covers all City employees,
excepting those that have chosen to join the IRC Code Section
457 Plan. The payroll for employees, covered by this Plan, for
the year ended December 31, 1989 was $ 1,950,870. The City's
total payroll was $ 4,869,412. There are 89 employees
participating in this plan.
Employee contributions are fully vested when paid. Employees
and the City each contribute 4 % of the employees' annual
salary. City contributions and Plan lncome vest at 10 % per
year. In the event of City withdrawal from CCOERA all
participants would vest at 100 % of all contributions and
income.
Contributions required and contributions made:
...
During the year ended December 31, 1989, contributions
totaling $ 78,035 City and $ 78,035 employees - were made in
accordance with the provisions of the Plan. Current membership
in the CCOERA us comprised of the following:
-
Group
December 31,
1989
Retirees and beneficiaries currently
receiving benefits
o
Vested terminated employees
o
-
Active employee:
Fully vested
Nonvested
14
75
Benefit payments are determined as of the date of retirement,
termination, death or disability.
H
CITY OF WHEAT RIDGE, COLORADO
NOTES TO THE FINANCIAL STATEMENTS
Retirement Plan, Internal Revenue Code Section 457 (IRC-457)
Plan description and provisions:
Employees not joining CCOERA, may as an alternative participate
in an IRC Section - 457 Plan. The payroll for employees,
covered by this Plan, for the year ended December 31, 1989 was
$ 1147,917. The City's total payroll was $ 4,869,412. There are
3 employees participating in this plan on a mandatory basis.
Employee and City contributions are fully vested upon
termination, retirement, death or disability. Employees and
the City are required to contribute 4% or 5% of the employees
annual salary. Other City employees are contributing on a
voluntary basis, these contributions are not matched by the _ I
City.
IRC-457 requires that the assets of the plan remain the
property of the City until paid or made available to the
participants, subject only to the claims of the City's general
creditors. In addition the City has fiduciary responsibility
for the assets of the plan which are managed by an independent
trustee.
Contributions required and contributions made:
During the
totaling $
accordance
year ended December 31, 1989,
6,467 City and $ 6,467 employees
with the provisions of the Plan.
contributions
- were made in
8. JOINT VENTURES
Insurance pools
Pursuant to an interlocal agreement authorized by state statute, the
City joined the Colorado Intergovernmental Risk Sharing Agency
(CIRSA) to provide insurance coverage. Members of the board of
directors are nominated and elected by members to two year, staggered
terms and meet at east monthly to direct operations. CIRSA budgets
are funded by contributions from member governments. The City's
share of assets, liabilities and fund equity as of December 31, 1988
(latest available information) is as follows:
%
Pool A - general liability
Loss fund
Federal Acts/Out-of-State
Reserve fund
.0336078
.0314937
.0329723
42
CITY OF WHEAT RIDGE, COLORADO
NOTES TO THE FINANCIAL STATEMENTS
Pool B - worker's compensation
Operating
Loss fund
Mandatory surplus
.1068885
.1025054
.1025023
Summary financial information is as follows:
Excess of revenue over expenses
Pool A Pool B
$ 13,674,393 $ 1,029,268
702,888 109,733
$ 14,377,281 $ 1,139,001
$ 7,576,172 $ 843,278
6,801,109 295,723
$ 14,377,281 $ 1,139,001
$ 7,363,411 $ 1,455,397
3,098,393 1,278,073
$ 4,265,018 $ 177,324
Cash and investments
Other assets
Liabilities
Members fund balance
Total revenue
Total expenses
-
Investment pools
-
The City participates in three investment pools. The pools are an
investment vehicle established for local government entities in
Colorado to pool surplus funds for investment purposes under the
provisions of the Colorado Revised Statutes. Summary financial
information and the City's share of net assets as of and for the
fiscal year ended (for which information is available) are as
follows:
-
-
43
CITY OF WHEAT RIDGE, COLORADO
NOTES TO THE FINANCIAL STATEMENTS
Fiscal year ended
Statement of net assets
Cash and investments
Other assets
Less: liabilities
Net assets
Outstanding shares
Net asset value
City's share of net
assets
Investment income
Total expenses
Net investment income
COLOTRUST
12-31-88
$ 222,488,292
952,500
223,440,792
1,571,993
$ 221,868,799
221,788,574
$ 1. 00
.0074 %
JEFFTRUST
12-31-89
$ 69,323,957
576,798
69,900,755
209,487
$ 69,691,268
69,691,268
$ 1. 00
.0115 %
CSAFE
12-31-89
$ 53,540,834
507,292
54,048,126
37,270
$ 54,010,856
54,010,856
$ 1. 00
.0114 %
1,126,319
$ 16,268,374 $ 5,885,341 $ 4,402,065
843,740
164,948
$ 15,142,055 $ 5,041,601 $ 4,237,117
9. RESTATEMENT OF COMPARATIVE 1988 FINANCIAL STATEMENTS
The 1988 financial statements
Special Improvement District
Service Fund, and to report
Special Revenue Fund.
have been restated so as to report the
as an agency fund instead of as a Debt
the Open Space fund separately as a
44
- I
SUPPLEMENTAL INFORMATION - COMBINING, INDIVIDUAL FUND, AND ACCOUNT
GROUP FINANCIAL STATEMENTS AND SCHEDULES
The following combining, individual fund, and account group financial
statements and schedules are presented for purposes of additional
analysis and are not a required part of the general purpose financial
statements of the City.
...
...
~5
GENERAL FUND
The General Fund accounts for all transactions of the City not required
to be accounted for in other funds. This fund represents an accounting
for the City's ordinary operations financed primarily from property and
sales taxes. It is the most significant fund in relation to the City's
overall operations.
4b
CITY OF WHEAT RIDGE, COLORADO
GENERAL FUND
COMPARATIVE BALANCE SHEETS
DECEMBER 31, 1989 AND 1988
ASSETS
Cash and equivalents
Investments
Accounts receivable:
State government
County government
Other
Due from other funds
Inventory
Restricted assets:
Cash
Investments
TOTAL ASSETS
-
LIABILITIES AND FUND BALANCES
LIABILITIES
Accounts payable:
Trade
Restricted assets
Refundable escrow
Employees
Accrued payroll benefits
Due to:
Other funds
Deferred revenue:
Property tax
-
Total liabilities
FUND BALANCES
Reserved for:
Encumbrances
Inventory
Unreserved:
Designated for subsequent
years' expenditures
Undesignated
Total fund balances
TOTAL LIABILITIES AND
FUND BALANCES
1989
$ 1,167,207
300,000
30,298
642,628
31,425
67,691
42,404
69,826
100,000
$ 2,451,479
$
8,055
31,359
35,644
110,966
14,296
9,182
574,538
784,040
17,042
42,404
1,443,144
164.849
1, 667 .439
$ 2,451,479
4-
1988
$ 1,122,335
562,472
118,506
465,212
43,773
112,636
$ 2,424,934
$
41,039
12,636
12,669
87,934
12,786
290,291
562,472
1, 019,827
10,849
43,773
964,961
385,524
1, 405,107
$ 2.424.934
CITY OF WHEAT RIDGE, COLORADO
GENERAL FUND
COMPARATIVE STATEMENTS OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
FOR THE FISCAL YEARS ENDED DECEMBER 31, 1989 AND 1988
1989
1988
REVENUES
Taxes
Licenses and permits
Intergovernmental
Charges for services
Fines and forfeitures
Interest
Other
$ 5,171,318
225,961
1,392,579
504,767
389,600
136,238
79,303
$ 4,852,194
270,142
1,457,896
469,973
266,251
69,819
33.686
Total revenue
7.899.766
7,419,961
EXPENDITURES
Current:
General government
Planning and development
Police
Public works
Parks and recreation
Other
1,052,162
446,664
3,194,131
1,797,330
1,068,367
798,781
991,362
459,939
3,040,648
1,795,134
1,106,340
537,895
Total expenditures
8,357,435
7,931.318
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
(457,669)
(511,357)
OTHER FINANCING SOURCES
Transfers in
720,001
673,994
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES
OVER EXPENDITURES AND OTHER
FINANCING USES
262,332
162,637
Fund balances, beginning of year
Residual equity transfer from
other fund
1,405,107
1,218,179
FUND BALANCES, END OF YEAR
$ 1.667 .439
24.291
$ 1.405,107
48
CITY OF WHEAT RIDGE, COLORADO
GENERAL FUND
SCHEDULES OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCES
BUDGET (NON GAAP) AND ACTUAL
FOR THE FISCAL YEAR ENDED DECEMBER 31, 1989
(Wich comparative actuals for December 31, 1988)
REVENUES
Budqet
$ 5,252,522
260,000
1,291,500
504,300
303,000
74,157
35,488
7.720,967
Taxes
Licenses and permits
Intergovernmental
Charges for services
Fines and forfeitures
Interest
Other
Total revenue
...
EXPENDITURES
Current:
General government
Planning and development
Police
Public works
Parks and recreation
Other
Total expenditures
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
OTHER FINANCING SOURCES
Transfers in
869 , 788
1,036,698
484,723
3,144,625
2,028,289
1,103,313
1,818,947
9,616,595
(1,895,628)
-
EXCESS (DEFICIENCY) OF REVENUES
-
AND OTHER FINANCING SOURCES
OVER EXPENDITURES AND OTHER
FINANCING USES (BUDGETARY
BASIS $(1,025,840)
ADJUSTMENTS TO GAAP BASIS
Encumbrances:
Prior year paid in current year
Current year outstanding
Total adjustments
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES
OVER EXPENDITURES AND OTHER
FINANCING USES (GAAP BASIS)
Fund balances, beginning of year
Residual equity transfer from
other fund
FUND BALANCES, END OF YEAR
Actual
$ 5,171,318
225,961
1,392,579
504,767
389,600
136,238
79,303
7,899,766
1,047,676
446,664
3,177,122
1.791,459
1,075,995
796,457
8.335,373
(435,607)
720,001
284,394
(29,719)
7,657
(22,062)
262,332
1,405,107
$ 1,667 ,439
.+9
Varience
Favorable
(Unfavorable)
$
(81,204)
(34,039)
101,079
467
86,600
62,081
43,815
178,799
(10,978)
38,059
(32,497)
236,830
27,318
1,022,490
1, 281, 222
1,460,021
(149,787)
$ 1,310,234
1988
$ 4,852,194
270,142
1,457,896
469,973
266,251
69,819
33,686
7,419,961
994,672
456,989
3,031,367
1,714,887
1,100,390
538,833
7 ,837 ,138
(417 ,177)
673,994
256,817
(105,029)
10,849
(94,180)
162,637
1,218,179
24,291
$ 1,405,107
----------/
-
-
-
-
SO
SPECIAL REVENUE FUNDS
Special Revenue funds account for the proceeds of specific
sources that are legally restricted to expenditures for
purposes. The City has five special revenue funds:
revenue
specific
Capital Improvement fund
received as a result of
tax. The fund was closed
to fund the completion of
1988.
- was established to account for the funds
a one percent increase in the City's sales
in 1988, a residual fund balance is carried
certain projects began before December 31,
Open Space fund - the City
Colorado cities have agreed
City is reimbursed, by the
in this regard.
along with Jefferson County and
to jointly develop "open space".
County, for certain expenditures
adjacent
The
incurred
Senior Center fund accounts for contributions, and related
expenditures, made to the Wheat Ridge Community Center.
Park Acquisition fund - accounts
for use in the acquisition
improvements.
for revenues received and designated
of additional parks and related
Building Demolition fund - is a revolving fund that charges property
owners for City expenses incurred in the demolition of buildings.
...
-
:;1
CITY OF WHEAT RIDGE, COLORADO
SPECIAL REVENUE FUNDS
COMBINING BALANCE SHEETS
DECEMBER 31, 1989
(With comparative totals for December 31, 1988)
5::
Totals
Park Building 1988
Acquisition Demolition 1989 (Restated)
$ 21,600 $ 16,318 280,037 $ 47,802
91,204 1,830,458
58,760 78,422
5,930
$ 21, 600 $ 16,318 $ 430.001 $ 1,962,612
$
$
$ 5,581
62,044
$
12,374
632,498
67,625
644,872
- 44,050 1,461,066
21,600 16,188 41,288 47,327
130 277 , 038 (190,653)
21,600 16,318 362,376 1,317,740
$ 21,600 $ 16,318 $ 430,001 $ 1,962,612
S3
CITY OF WHEAT RIDGE, COLORADO
SPECIAL REVENUE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES
FOR THE FISCAL YEAR ENDED DECEMBER 31, 1989
(With comparative totals for December 31, 1988)
Capital
Improvement
Open
Space
REVENUES
Taxes
Intergovernmental
Interest
Miscellaneous
$
$
606,328
Total revenues
606,328
EXPENDITURES
Parks and recreation
Capital outlay
92,055
92,055
171,278
171,278
Total expenditures
EXCESS (DEFICIENCY) OF REVENUE
OVER EXPENDITURES
(92,055)
435,050
OTHER FINANCING (USES)
Operating transfers (out)
(1,076,649)
(220,000)
EXCESS (DEFICIENCY) OF REVENUE
AND OTHER FINANCING SOURCES
OVER EXPENDITURES AND OTHER
FINANCING USES
(1,168,704)
215,050
Fund balance, beginning of year
1,259,908
10,505
Residual equity transfer (to)
other fund
FUND BALANCE, END OF YEAR
$
91, 204
$ 225,555
54
Senior
Center
$
328
5,096
5,424
4,224
4,224
_I
1,200
-I
1,200
6,499
$ 7 ,699
Totals
Park Building 1988
Acquisition Demolition 1989 (Restated)
$ $ $ $ 2,541,620
606,328 572,500
1,571 980 2,879 87,443
5,096 25,046
1,571 980 614 , 303 3,226,609
5,461 9,685 75,820
263,333 2,325,119
- 5,461 273,018 2,400.939
(3,890) 980 341,285 825,670
(1,296,649) (1,161,874)
(3,890)
980
(955,364)
(336,204)
25,490
15,338
1,317,740
1,688,740
$
21,600
$
16.318
$
362,376
(24,291)
$ 1.328.245
ss
CITY OF WHEAT RIDGE, COLORADO
SPECIAL REVENUE FUNDS
COMBINING SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
BUDGET (NON-GAAP) AND ACTUAL
FOR THE FISCAL YEAR ENDED DECEMBER 31, 1989
Capital Improvement
Budqet
Actual
Variance
Favorable
(Unfavorable)
REVENUES
Taxes
Intergovernmental
Charges for services
Interest
Miscellaneous
$
$
$
Total revenues
EXPENDITURES
Public works
Parks and recreation
Capital outlay
Total expenditures
EXCESS (DEFICIENCY) OF REVENUE
OVER EXPENDITURES
OTHER FINANCING SOURCES (USES)
Operating transfers in (out)
( 1,076,649)
( 1,076,649)
EXCESS (DEFICIENCY) OF REVENUE
AND OTHER FINANCING SOURCES
OVER EXPENDITURES AND OTHER
FINANCING USES (BUDGETARY
BASIS)
$
(1,076,649)
$ (1,076.649)
ADJUSTMENTS TO GAAP BASIS
Encumbrances:
Prior year paid in current
year
Current year outstanding
(92,055)
Total adjustments
(92,055)
EXCESS (DEFICIENCY) OF REVENUE
AND OTHER FINANCING SOURCES
OVER EXPENDITURES AND OTHER
FINANCING USES (GAAP BASIS)
(1,168,704)
Fund balance, beginning of year
1,259,908
Residual equity transfer (to)
other fund
FUND BALANCE, END OF YEAR
$
5b
91.204
-
-
$
(12,103)
(19,030)
246,183
227,153
215,050
10,505
$ 225,555
$
(12 , 103)
5-
$
(1,600 )
1,200
1,200
6,499
$ 7 ,699
(continued on next page)
$
2,800
CITY OF WHEAT RIDGE, COLORADO
SPECIAL REVENUE FUNDS
COMBINING SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
BUDGET (NON-GAAP) AND ACTUAL
FOR THE FISCAL YEAR ENDED DECEMBER 31, 1989
(continued)
Park Acquisition
Total revenues
Budqet
$ $
700
1,500
2,200
Actual
Variance
Favorable
(Unfavorable)
REVENUES
Taxes
Intergovernmental
Charges for services
Interest
Miscellaneous
$
1,571
(700)
71
1,571
(629)
EXPENDITURES
Public works
Parks and recreation
Capital outlay
27 ,658
5,461
22,197
-
Total expenditures
27 .658
5.461
22.197
EXCESS (DEFICIENCY) OF REVENUE
OVER EXPENDITURES
(25,458)
(3,890)
21,568
OTHER FINANCING SOURCES (USES)
Operating transfers in (out)
EXCESS (DEFICIENCY) OF REVENUE
AND OTHER FINANCING SOURCES
OVER EXPENDITURES AND OTHER
FINANCING USES (BUDGETARY
BASIS)
ADJUSTMENTS TO GAAP BASIS
Encwnbrances:
Prior year paid in current
year
Current year outstanding
$ (25,458)
(3,890)
$
21,568
Total adjustments
EXCESS (DEFICIENCY) OF REVENUE
AND OTHER FINANCING SOURCES
OVER EXPENDITURES AND OTHER
FINANCING USES (GAAP BASIS)
(3,890)
Fund balance, beginning of year
25,490
Residual equity transfers (to)
other fund
FUND BALANCE, END OF YEAR
$
58
21, 600
Buildinq Demolition Totals
Variance Variance
Favorable Favorable
Budqet Actual (Unfavorable) Budqet Actual (Unfavorable)
$ $ $ $ $ $
1,285,000 606,328 (678,672)
700 (700)
850 980 130 2,550 2,879 329
6,000 5,096 (904)
850 980 130 1.294,250 614,303 (679,947)
16,161 16,161 16,161 16,161
35,458 9,685 25,773
1,065,000 398,431 666,569
-
16,161 16.161 1,116,619 408,116 708,503
-
( 15,311) 980 16.291 177,631 206,187 28,556
-
(220,000) (1,296,649) (1,076,649 )
-
...
$
(15,311)
980
$
16,291
$
(42,369)
(1,090,462) $ (1,048,093)
(111,085)
246,183
135,098
980
(955,364)
15,338
1,317,740
59
$
362,376
$
16,318
DEBT SERVICE FUND
Debt Service funds are used to account for financial resources to be
used for the accumulation of resources for, and payment of general
long-term debt principal, interest and related costs. The City has one
Debt Service fund.
Incremental Sales Tax Bond fund - accounts
percent of the City's sales tax receipts.
retire the general obligation revenue bond
for funds received from one
The funds will be used to
lssue.
bO
CITY OF WHEAT RIDGE, COLORADO
DEBT SERVICE FUND
INCREMENTAL SALES TAX BOND FUND
COMPARATIVE BALANCE SHEETS
DECEMBER 31, 1989 AND 1988
1989
1988
ASSETS
Cash $ 44,157 $ 40,749
Restricted assets:
Investments 299,000 299,000
Total assets $ 343,157 $ 339,749
FUND EQUITY
Fund balance:
Reserved for:
Debt service $ 343,157
Total fund equity $ 343,157
$ 339,749
$ 339,749
...
61
CITY OF WHEAT RIDGE, COLORADO
DEBT SERVICE FUND
INCREMENTAL SALES TAX BOND FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET (GAAP BASIS) AND ACTUAL
FOR THE FISCAL YEAR ENDED DECEMBER 31, 1989
(With comparative totals for December 31, 1988)
Budqet
Actual
REVENUES
Interest
$
$ 30,583
Total revenues
30,583
EXPENDITURES
Bond interest
Other
210,925
210,925
250
Total expenditures
211,175
210,925
EXCESS (DEFICIENCY) OF
REVENUE OVER EXPENDITUES
(210,925)
(180,592)
OTHER FINANCING SOURCES
Operating transfers in
210,925
184,000
EXCESS (DEFICIENCY) OF
REVENUE AND OTHER
SOURCES OVER EXPENDlTUES
3,408
Fund balance, beginning
of year
339,749
FUND BALANCE, END OF YEAR $
$ 343.157
02
Variance
Favorable
(Unfavorable)
$
30,583
30,583
(250)
(250)
30,833
(26,925)
3,408
339,749
$
343,157
1988
Actual
$ 13,918
13,918
96,088
96,088
(82,170)
421,919
339,749
$ 339,749
capital projects funds are
used for the construction
(other than those financed
one capital project fund.
...
CAPITAL PROJECTS FUND
used to account for financial resources to be
or acquisition of major capital facilities
by proprietary or trust funds). The City has
63
CITY OF WHEAT RIDGE, COLORADO
CAPITAL PROJECTS FUND
COMPARATIVE BALANCE SHEETS
DECEMBER 31, 1989 AND 1988
ASSETS
Cash
Investments
Accounts receivable:
Other
Due from other funds
Total assets
FUND EQUITY
Fund balance:
Reserved for:
Encumbrances
Capital projects
Unreserved:
Designated for
subsequent years'
expenditures
Undesignated
Total fund equity
1989
$ 300,000
4,288,012
94,945
9,182
$ 4,692,140
$ 169,703
2,108,223
1,619,028
795,186
$ 4,692,140
64
1988
$ 1,100,000
1,175,506
451,655
$ 2,727,161
$ 167,294
2,559,867
$ 2,727,161
CITY OF WHEAT RIDGE, COLORADO
CAPITAL PROJECT FUND
COMPARATIVE STATEMENTS OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
FOR THE FISCAL YEARS ENDED DECEMBER 31, 1989 AND 1988
1989
-
REVENUES
Taxes
Intergovernmental
Interest
Miscellaneous
$ 2,754,972
123,464
210,702
24,316
Total revenues
3,113,454
-
...
EXPENDITURES
Public works
Bond issue cost
1,541,124
Total expenditures
1, 541 , 124
-
EXCESS (DEFICIENCY) OF REVENUES OVER
EXPENDITUES
1,572,330
-
...
OTHER FINANCING SOURCES (USES)
General obligation bond proceeds
Specific assessment bond proceeds
Operating transfer in
Operating transfers (out)
1,076,649
(684,000)
-
Total other financing
sources (uses)
392,649
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES
OVER EXPENDITURES AND OTHER
USES
1,964,979
Fund balance, beginning of year
2,727,161
FUND BALANCE, END OF YEAR
$ 4,692,140
ll:o
1988
$
85,792
85,792
1,029,843
164,935
1, 194,778
(1,108,986)
2,990,000
1,250,000
267,880
(671,733)
3,836,147
2,727,161
$ 2,727 ,161
CITY OF WHEAT RIDGE, COLORADO
CAPITAL PROJECT FUND
SCHEDULES OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
BUDGET (NON-GAAP BASIS) AND ACTUAL
FOR THE FISCAL YEAR ENDED DECEMBER 31, 1989
(With comparative totals for December 31, 1988)
Variance
Favorable 1988
Budqet Actual (Unfavorable) Actual
REVENUES
Taxes $ 2,600,000 $ 2,754,972 $ 154,972 $
Intergovernmental 240,830 123,464 (117,366)
Interest 75,000 210,702 135,702 85,792
Miscellaneous 25,000 24,316 (684)
Total revenues 2,940,830 3,113,454 172,624 85,792
EXPENDITURES
Public works 3,266,276 1,710,827 1,555,449 1,197,137
Bond issue cost 164,935
Total expenditures 3,266,276 1. 710,827 1,555,449 1. 362,072
EXCESS (DEFICIENCY) OF
REVENUE OVER EXPENDlTUES (325,446) 1,402,627 1,728,073 (1,276,280)
OTHER FINANCING SOURCES (USES)
Bond proceeds:
General obligation 2,990,000
Special assessment 1,250,000
Operating transfer in 1,076,649 (1,076,649) 267,880
Operating transfers (out) (500,000) (684,000) (671,733)
Total other financing
sources (uses) (500,000) 392,649 892,649 3,836,147
C ...
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES
OVER EXPENDITURES OTHER
USES (BUDGETARY BASIS) $ (825,446) 1,795,276 $ 2,620,722 2,559,867
ADJUSTMENTS TO GAAP BASIS
Encumbrances:
Current year outstanding 169,703 167,294
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES
OVER EXPENDITURES AND OTHER
USES (GAAP BASIS) 1,964,979 2,727,161
Fund balance beginning of year 2,727,161
FUND BALANCE, END OF YEAR $ 4,692,140 $ 2,727,161
bb
FIDUCIARY FUNDS
Trust and agency funds are used
in a trustee capacity or as an
fund, one expendable trust fund,
to account for assets held by the City
agent. The City has one pension trust
and four agency funds.
Pension trust fund
Police Pension - accounts for monies received from Plan
and City contributions. The funds are held in
disbursement to qualified participants upon leaving the
qualified retirement.
participants
trust for
plan or upon
Expendable trust fund
Conservation Trust - accounts
to use in the acquisition,
conservation sites pursuant to
for funds received and restricted as
development and maintenance of new
Colorado Revised Statutes.
Agency funds
Public Works Escrow - accounts for funds received prior to the
issuance of certain construction permits, to guarantee the work
required by the permit. Upon completion the funds are returned.
Deferred Compensation - accounts for employee and matching
contributions for a deferred compensation plan established
Section 457 of the Internal Revenue Code.
City
under
-
Special
property
issue of
Improvement District
taxes received for
1988.
- accounts for special assessment
a special improvement district bond
-
CATV (cable television) Property Damage
received from the cable television permittee for
unresolved claims against the permittee for
property.
accounts for funds
settlement of minor
damage to private
be'
CITY OF WHEAT RIDGE, COLORADO
FIDUCIARY - TRUST AND AGENCY FUNDS
COMBINING BALANCE SHEET
DECEMBER 31, 1989
(With comparative totals for December 31, 1988)
ASSETS
Cash
Investments
Accounts receivable:
Other
Accrued interest
Due from:
Plan trustee
TOTAL
LIABILITIES AND FUND EQUITY
LIABILITIES
Accounts payable
Advance contributions
Refundable escrow deposits
Due to:
Employees
Other funds
Special District
Total liabilities
FUND EQUITY
Fund balances:
Reserved for:
Retirement plans
Unreserved:
Designated for subsequent
years expenditures
Undesignated
Total fund equity
TOTAL LIABILlTES
AND FUND EQUITY
Pension
Trust
Police
Pension
$
4,699,284
$ 4,699,284
$
25
11, 293
11,318
4,687,966
4,687,966
$ 4,699,284
(1 S
Expendable
Trust
Conservation
Trust
$
15,456
148,753
$
164,209
$
5,626
5,626
101,144
57,439
158,583
$
164,209
Aqency
Public Special CATV Totals
Works Deferred Improvement Property 1988
Escrow Compensation District Damaqe 1989 (Restated)
$ 85,127 $ $ 43,951 $ 2,500 $ 147,034 $ 937,410
383,640 532,393
819,208 819,208 1,012,429
3,201 3,201 2,000
548 , 779 5,248,063 4,006,342
$ 85,127 $ 548.779 $ 1,250,000 $ 2,500 $ 6,749.899 $ 5,958,181
$ $ $ $ $ 25 $
11,293
85,107 2,500 87,607 44,767
548,779 548,779 460,436
20 5,646 8
1,250,000 1,250,000 1,355,395
85,127 548 , 779 1,250,000 2,500 1,903,350 1,860,606
4,687,966
4,006,342
101,144
57,439
91,233
4,846,549
4,097,575
$ 85,127
$
548,779
$ 1.250,000
$ 2 . 500
$ 6,749 ,899
$ 5,958.181
h9
CITY OF WHEAT RIDGE, COLORADO
FIDUCIARY FUNDS - ALL AGENCY
COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
ALL AGENCY FUNDS
DECEMBER 31, 1989
Cash
And
Investments
PUBLIC WORKS ESCROW FUND
Balance January 1, 1989
$
40,275
Additions (reductions)
44,852
Balance December 31, 1989
$
85,127
DEFERRED COMPENSATION
Balance January 1, 1989
$
460,436
Additions (reductions)
88,343
548,779
Balance December 31, 1989
$
SPECIAL IMPROVEMENT DISTRICT
Balance January 1, 1989
(Restated) $
342,966
Additions (reductions)
84,625
Balance December 31, 1989
$
427,591
CATV PROPERTY DAMAGE FUND
Balance January 1, 1989
$
2,500
Additions (reductions)
Balance December 31, 1989
$
2,500
TOTALS
Balance January 1, 1989
(Restated)
$
846,177
Additions (reductions)
217,820
Balance December 31, 1989
$ 1,063,997
~o
Assets
Accounts
Receivable
$
2,000
(2,000)
$
$
$
$1,012,429
(190,020)
$ 822,409
$
$
$1,014,429
(192,020)
$ 822,409
$
$
$
$
Total
Assets
42,275
42,852
85,127
460,436
88,343
548,779
$ 1,355,395
(105,395)
$ 1,250,000
$
$
2,500
2,500
$ 1,860,606
25,800
$ 1,886,406
Liabili ties
Refundable Due to Due to
Escrow Due To Other Special Total
Deposits Employees Fund District Liabilities
$ 42,267 $ $ 8 $ $ 42,275
42,840 12 42,852
$ 85,107 $ $ 20 $ $ 85,127
$
$ 460,436
$
$
-
88,343
$
$ 548,779
$
$
-
$
$
$
$ 1,355,395
(105,395)
$ 1,250,000
-
$
$
$
$
2,500
$
$
$
$
2,500
$
$
$
$ 44,767
$ 460,436
$
8
$ 1,355,395
(105,395 )
$ 1,250,000
42.840
$ 87,607
88,343
$ 548,779
12
$
20
~l
$
460,436
88,343
$
548,779
$ 1,355,395
(105,395)
$ 1,250,000
$
2,500
$
2,500
$ 1,860,606
25,800
$ 1,886,406
GENERAL FIXED ASSETS ACCOUNT GROUP
The general fixed assets account group records changes in the City's
ownership of and investment in capital assets including land, buildings,
improvements to land and buildings, streets and other equipment the
lives of which are greater than one year and whose cost exceeds $ 200.
... I
~I
CITY OF WHEAT RIDGE, COLORADO
COMPARATIVE SCHEDULE OF GENERAL FIXED ASSETS
BY SOURCE
DECEMBER 31, 1989 AND 1988
1989 1988
GENERAL FIXED ASSETS
Land $
Buildings
Streets and improvements
Equipment
2,448,290
3,011,262
9,117,469
3,482,475
$
2,448,290
3,011,262
9,117,469
3,377,956
Total
$ 18,059,496
$ 17,954,977
INVESTMENT IN GENERAL
FIXED ASSETS FROM:
Assets contributed
to the City
Acquired by various
funds
$ 10,157,465
$ 10,157,465
7,902,031
7,797,512
...
Total
$ 18,059,496
$ 17,954,977
-
"
CITY OF WHEAT RIDGE, COLORADO
SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS -
BY FUNCTION AND ACTIVITY
FOR THE YEAR ENDED DECEMBER 31, 1989
General General
Fixed Additions Deletions Fixed
Assets And And Assets
January 1, Transfers Transfers December 31,
Function and Activity 1389 In Out 1989
General Government
City council $ 1,178 $ $ $ 1,178
Treasurer 173,782 29,567 6,707 196,642
Mayor 1,680 650 1,030
City administrator 8,628 674 527 8,775
Attorney 211 211
City clerk 20,699 20,699
Municipal court 21,775 7,570 29,345
Total 227,953 37 ,8ll 7.884 257,880
Planning and development 83,704 4.767 88 .4 71
Public Safety
Police administration 462,236 649 10,058 452,827
Support services 53,290 1l,596 64,886
Operations 303,342 88,403 69,724 322,021
Step/traffic 5,624 5,624
Civil disaster 4,544 895 5,439
Total 823,412 107,167 79.782 850,797
Pub lic Works
Administration 8,729,472 200 8,721 8,720,951
Engineering 193,568 1l,1l0 9,648 195,030
Street maintenance 864,678 15,432 105 880,005
Traffic maintenence 126,868 22,030 6,077 142,821
Shops 228,523 8,863 2,059 235,327
Total 10,143.109 57.635 26.610 10,174.134
Parks and Recreation
Administration 3,041,470 13,662 13,746 3,041,386
Recreation 991,835 5,583 969 996,449
Parks maintenance 5ll,471 6,030 517 ,501
Total 4.544,776 25 , 27 5 14,715 4,555.336
Other
Building 2,132,023 2,682 1.827 2.132.878
Total General Fixed Assets $ 17.954,977 $ 235.337 $ 130,818 $ 18,059.496
;~
CrT! OF WHEAT RIDGE, COLORADO
SCHEDULE OF GENERAL FIXED ASSETS
BY FUNCTION AND ACTIVITY
DECEMBER 31, 1989
Streets
And
Function and Activity Land Building Improvements Equipment Total
General Government
City council $ $ $ $ 1,178 $ 1,178
Treasurer 196,642 196,642
Mayor 1,030 1,030
City administrator 8,775 8,775
Attorney 211 211
City clerk 20,699 20,699
Minicipal clerk 29,345 29,345
Total 257,880 257,880
Planning and development 88 ,471 88 ,471
Public Safety
Police administration 2,761 384 449,682 452,827
Support services 2,060 62,826 64,886
Operations 322,021 322,021
Step/traffic 5,624 5,624
Ci viI disaster 5,439 5,439
Total 2,761 2,444 845,592 850 ,797
Public Works
Administration 530,350 8,140,389 50,212 8,720,951
Engineering 69,807 125,223 195,030
Street maintenance 880,005 880,005
Traffic maintenence 142,821 142,821
Shops 60,000 175,327 235,327
Total 660,157 8,140,389 1,373,588 10,174,134
Parks and Recreation
Administration 1,701,166 223,004 762,738 354,478 3,041,386
Recreation 39,617 888,904 12,588 55,340 996,449
Parks maintenance 47,350 56.366 115 .898 297,887 517,501
Total 1,788,133 1,168,274 891,224 707,705 4,555,336
other
Building 1,840,227 83,412 209,239 2,132,878
Total General Fixed Assets $ 2,448,290 $ 3,011 ,262 $ 9,117 ,469 $ 3,482,475 $ 18,059,496
~S
-
CITY OF WHEAT RIDGE, COLORADO
PROPERTY TAX LEVIES AND COLLECTIONS - GENERAL FUND
LAST TEN FISCAL YEARS
(UNAUDITED)
Percent of
Total Current Percentage Delinquent Total Total Tax
Fiscal Tax Tax of Levy Tax Tax Collections
Year Levy Collections Collected Collections Collections to Levy
1980 $ 423,671 $ 416,965 98.4 % $ 2,408 $ 419,373 99.0 %
1981 444,397 442,011 99.5 1,273 443,284 99.7
1982 446,001 441,997 99.1 350 442,347 99.2
1983 459,300 453,033 98.6 1,982 455,015 99.1
1984 485,824 477,500 98.3 172 477 ,672 98.3
1985 485,921 478,253 98.4 193 478,446 98.5
1986 499,738 494,608 99,0 238 494,846 99.0
1987 505,630 501,449 99.2 820 502,269 99,3
1988 545,454 544,869 99.9 1,095 545,964 100.1
1989 562,472 543,462 96.6 (882) A 542,580 96.5
-
A. Net prior year tax abatements and adjustments due to revaluation
of property in Jefferson County.
Source: Jefferson County Assessors' office and the City of Wheat Ridge audited
financial statments, 1979-1988.
CITY OF WHEAT RIDGE, COLORADO
GENERAL GOVERNMENTAL EXPENDITURES BY FUNCTION (1 )
LAST TEN FISCAL YEARS
(UNAUDITED)
Fiscal General Planning & Public
Year Government Development Police Works
1980 $ 976,053 $ ( 2 ) $ 1,598,132 $ 3,021,827
1981 734,335 293,261 1,762,605 3,559,565
1982 807,314 311,314 2,005,761 3,873,695
1983 960,936 363, -,3 2,203,666 4,924,061
1984 1,216,737 479,165 2,336,067 5,612,992
1985 979,111 704,111 2,443,412 5,515,839
1986 1,031,810 621,583 2,871,557 5,558,628
1987 1,015,245 857,971 2,848,032 4,022,861
1988 991,362 459,939 3,040,648 4,057,897
1989 1,052,162 446,664 3,194,131 2,060,663 (3 )
NOTES:
(1). Includes the general, special revenue, and
debt service funds.
(2). Planning and Development included in general
government in 1980.
(3). The Capital Improvement Fund (a special revenue
fund was closed out during 1989.
Source: City of Wheat Ridge audited financial
statements, 1980-1989.
~8
Parks & Debt
Recreation Service Other Total
$ 654,024 $ $ 179,240 $ 6,429,276
722,164 208,096 7,280,026
804,408 244,651 8,047,143
920,197 343,878 9,716,371
996,174 323,433 10,964,568
1,079,096 592,996 11,314,565
1,185,245 582,198 11,851,021
1,099,137 698,392 10,541,638
... 1,182,160 96,088 537,895 10,365,989
1,078,052 211,175 798,781 8,841,628
...
...
-9
CITY OF WHEAT RIDGE, COLORADO
GENERAL GOVERNMENTAL REVENUES BY SOURCE (1)
LAST TEN FISCAL YEARS
(UNAUDITED)
Charges
Fiscal Licenses Intergov- for
Year Taxes & Permits ernmental Services
1980 $ 5,004,496 $ 79,865 $ 1,599,413 $ 110,685
1981 5,789,891 155,234 1,422,121 164,709
1982 6,514,760 125,112 1,094,860 174,938
1983 6,768,083 185,267 1,194,589 206,243
1984 7,358,947 238,948 1,560,986 194,095
1985 7,440,861 215,851 1,154,850 192,463
1986 7,531,653 223,959 1,304,977 495,051
1987 7,320,112 246,513 1,655,083 504,482
1988 7,477,204 270,142 1,744,146 469,973
1989 5,171,318 (2 ) 225,961 1,998,907 504,767
Notes:
(1). Includes general, special revenue, and debt
service funds.
(2). One half of 1 % of sales tax revenues are accounted
for in the Capital Project Fund starting in
in 1989.
Source: City of Wheat Ridge audited financial
statements, 1980-1989.
80
Fines &
Forfeitures Interest Other Total
$ 78,434 $ 403,125 $ 55,543 $ 7,331,561
69,752 897,163 2,862 8,501,732
90,151 816,995 41,797 8,858,613
120,657 553,205 140,870 9,168,914
1l0,212 604,458 80,281 10,147,927
115,653 455,488 57,737 9,632,903
132,573 260,042 724,920 10,673,175
...
130,311 191,331 382,877 10,430,709
266,251 180,942 58,732 10,467,390
-
389,600 169,700 84,399 8,544,652
...
...
81
CITY OF WHEAT RIDGE, COLORADO
GENERAL GOVERNMENTAL TAX REVENUES ( 1 )
LAST TEN FISCAL YEARS
(UNAUDITED)
Liquor &
Fiscal Property Telephone Auto Sales
Year Taxes Occupation OWnership Tax
1980 $ 419,373 $ 138,240 $ 40,814 $ 3,390,017
1981 443,284 132,981 42,460 3,864,923
1982 442,347 139,730 39,077 4,584,320 - I
1983 455,015 137,505 44,499 4,693,198
1984 494,092 143,907 43,411 5,203,793
1985 478,447 152,977 48,061 5,061,288
1986 494,847 161,693 47,165 5,050,875
1987 502,269 177,486 44,926 4,902,053
1988 545,964 183,773 44,895 5,083,240
1989 542,580 172,901 46,986 2,754,972 ( 2 )
NOTES:
(1). Includes general, special revenue, and debt
service funds.
(2). One-half of 1% sales tax earmarked for capital
projects fund (created in 1989).
Source: City of Wheat Ridge audited financial
statements, 1980-1989.
82
Lodgers &
Use Franchise Admissions
Tax Tax Excise Total
$ 487,044 $ 529,008 $ $ 5,004,496
733,882 572,361 5,789,891
631,103 678,183 6,514,760
736,933 700,933 6,768,083
849,723 624,021 7,358,947
... 758,177 941,911 7,440,861
743,125 778,004 255,944 7,531,653
674,346 735,196 283,836 7,320,112
... 660,152 622,393 253,397 7,393,814
658,830 745,403 249,645 5,171,317
...
-
83
CITY OF WHEAT RIDGE, COLORADO
PROPERTY TAX RATES - DIRECT & OVERLAPPING GOVERNMENTS
LAST TEN FISCAL YEARS
(UNAUDITED)
City of School Belaire Fruitdale
Fiscal Wheat Jefferson District Sanitation Sanitation
Year Ridqe County R-1 District District
1980 3.500 16.710 54.570 13.620 6.540
1981 3.500 18.810 52.270 27.240 6.550
1982 3.500 20.810 54.110 29.100 6.020
1983 3.500 24.150 59.760 30.720 5.020
1984 3.500 24.090 58.690 32.870 5.100
1985 3.500 25.040 61. 550 35.920 4.720
1986 3.500 28.790 63.730 38.410 4.720
1987 2.020 17.140 36.630 18.172 2.683
1988 2.265 18.890 40.312 24.332 3.210
1989 2.418 22.021 44.147 25.824 3.600
Note:
All numbers shown are Mill Levys
(amounts assessed per $1,000)
Source: Jefferson County Assessors' Office
84
Lodgers &
Use Franchise Admissions
Tax Tax Excise Total
$ 487,044 $ 529,008 $ $ 5,004,496
733,882 572,361 5,789,891
631,103 678,183 6,514,760
736,933 700,933 6,768,083
849,723 624,021 7,358,947
758,177 941,911 7,440,861
743,125 778,004 255,944 7,531,653
-
674,346 735,196 283,836 7,320,112
660,152 622,393 253,397 7,393,814
658,830 745,403 249,645 5,171,317
-
83
CITY OF WHEAT RIDGE, COLORADO
PROPERTY TAX RATES - DIRECT & OVERLAPPING GOVERNMENTS
LAST TEN FISCAL YEARS
(UNAUDITED)
City of School Belaire Fruitdale
Fiscal Wheat Jefferson District Sanitation Sanitation
Year Ridqe County R-1 District District
1980 3.500 16.710 54.570 13.620 6.540
1981 3.500 18.810 52.270 27.240 6.550
1982 3.500 20.810 54.110 29.100 6.020
1983 3.500 24.150 59.760 30.720 5.020
1984 3.500 24.090 58.690 32.870 5.100
1985 3.500 25.040 61. 550 35.920 4.720
1986 3.500 28.790 63.730 38.410 4.720
1987 2.020 17.140 36.630 18.172 2.683
1988 2.265 18.890 40.312 24.332 3.210
1989 2.418 22.021 44.147 25.824 3.600
Note:
All numbers shown are Mill Levys
(amounts assessed per $1,000)
Source: Jefferson County Assessors' Office
84
Urban
North West Drainage Wheat Wheat
Lakewood & Flood Valley Westridge Ridge Ridge
Sanitation Control Water Sanitation Fire Sanitation
District District District District Protection District
4.980 0.880 4.320 6.970 2.800 2.500
5.390 0.900 4.980 6.970 2.990 2.500
5.770 0.900 4.560 6.970 3.160 2.940
5.950 0.900 3.780 8.810 3.180 2.930
6.890 0.900 4.110 9.490 3.520 3.260
7.360 0.900 4.070 9.490 3.690 3.450
8.060 1. 000 4.180 9.490 3.910 3.690
4.570 0.518 2.408 5.463 2.240 1. 943
5.157 0.577 2.643 6.405 2.597 2.488
- 5.157 0.668 2.204 6.853 3.060 2.790
...
85
CITY OF WHEAT RIDGE, COLORADO
ASSESSED AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY
LAST TEN FISCAL YEARS
(UNAUDITED)
Ratio of Total
Assessed to
Fiscal Assessed Estimated Total Estimated
Year Valuation Actual Value Actual Value
1980 $ 126,819,040 $ 422,730,133 30.0 0
'0
1981 127,448,920 424,829,691 30.0
1982 131,113,740 437,045,756 30.0
1983 145,391,770 484,634,387 30.0
1984 138,806,980 555,227,920 25.0
1985 142,459,340 569,837,360 25.0
1986 145,389,150 581,556,600 25.0
1987 261,992,340 1,114,861,021 23.5
1988 253,324,240 1,125,885,511 22.5
1989 235,939,530 1,072,452,409 22.0
A. Jefferson County is the collection agent for the City
of Wheat Ridge, and as such could not separate real
property, personal property, and exempt property.
The amounts shown above represent all types of
property.
B. Properties within the City are assessed by the
Jefferson County Assessor on January 1, of each year.
For 1989 the property was assesed at 22.0% of the
estimated actual value based on the entire year of
1987 and the first half of 1988.
Source: Jefferson County Assessors' office.
86
CITY OF WHEAT RIDGE, COLORADO
PRINCIPAL TAXPAYERS
DECEMBER 31, 1989
(UNAUDITED)
Percentage
Assessed of Total
Taxpayer Valuation Valuation
Adolph Coors Company $ 7,951,132 3.37 0
-0
Applewood Village 4,525,507 1. 92
Lutheran Medical Center 2,471,589 1. 05
Leaf Inc 1,509,751 0.64
Lutheran Brotherhood 1,489,316 0.63
Motel 6 Operating L.P. 1,128,235 0.48
E.E. LaMeres Revocable Trust 1,106,056 0.47
Tri KB Investment Inc. 1,075,288 0.46
Kipling Ventures Ltd. 1,069,243 0.45
Lincoln Newgate Assoc. Ltd. 1,055,538 0.45
... $ 23.381, 655 9.92
-
Source: Jefferson County Assessors' Office.
8-:'
CITY OF WHEAT RIDGE, COLORADO
SPECIAL ASSESSMENT BILLINGS AND COLLECTIONS
LAST TEN FISCAL YEARS
(UNAUDITED)
Current Current Ratio of
Fiscal Assessments Assessments Collections
Year Due Collected to Amount Due
1980 $ $ %
1981
1982
1983
1984
1985
1986
1987 _I
1988 221,388 n/a (1)
1989 164,538 176,479 7.26
NOTE:
(1). In 1988 the City issued $ 1,250,000 in
special assessment debt. The property
owners were offered the option to
to pay their prorata share of the
assessment over the next ten years
or the entire balance in 1988 less
a 5% discount.
Source: City of Wheat Ridge audited financial
statements, 1980-1989, and bond document.
88
CITY OF WHEAT RIDGE, COLORADO
COMPUTATION OF LEGAL DEBT MARGIN
DECEMBER 31, 1989
( UNAUDITED)
Computaion of maximum debt allowed:
1989 estimated actual valuation
Legal debt limit percentage
$ 1,072,452,409
3 %
Legal debt limit
$
32 .173.572
Amount of Debt outstanding:
Total bonded debt
$
2,990,000
Less: Funds available in debt service fund
(343,157)
Net bonded debt outstanding
2,646,843
Legal debt limit
32,173.572
...
Legal debt margin
$
29,526,729
-
-
Source: City of Wheat Ridge charter and Jefferson County
Assessors' Office.
S~
CITY OF WHEAT RIDGE, COLORADO
COMPUTATION OF DIRECT AND OVERLAPPING DEBT
DECEMBER 31, 1989
(UNAUDITED)
Overlapping
Gross Percentage Debt
Debt Applicable Applicable
Taxinq Authority Outstandinq to City to City
school District R-1 $ 136,135,000 6.9 g. $ 9,393,315
0
Valley Water District 310,000 80.0 248,000
Westridge Sanatation 720,000 9.1 65,520
Total overlapping debt 9,706,835
City of Wheat Ridge 2,990,000 100 2,990,000
Total direct and overlapping debt $ 12,696,835
- I
- I
Source: The taxing authorities listed above and the Jefferson
County Assessors' Office.
90
CITY OF WHEAT RIDGE, COLORADO
RATIO OF ANNUAL DEBT SERVICE FOR GENERAL BONDED DEBT (1 )
TO TOTAL GENERAL GOVERNMENTAL EXPENDITURES
LAST TEN FISCAL YEARS
(UNAUDITED)
Ratio of
(3 ) Debt Service
(2 ) Total to Total
Total General General
Fiscal Debt Government Government
Year Principal Interest Service Expenditures Expenditures
1980 $ $ 6,429,276 %
1981 7,280,026
1982 8,047,143
1983 9,716,371
1984 10,964,568
1985 11,314,565
-
1986 11,851,021
1987 10,541,638
1988 96,088 96,088 10,365,989 0.93
1989 210,925 210,925 8,841,628 2.39
-
NOTES:
(1) . Excludes special assessment debt.
(2) . Excludes bond issuance and other costs.
(3) . Includes general, special revenues, and debt service funds.
Source: City of Wheat Ridge audited financial statements, 1980-1989.
91
CITY OF WHEAT RIDGE, COLORADO
RATIO OF NET BONDED DEBT TO ASSESSED VALUE
AND NET BONDED DEBT PER CAPITA
LAST TEN FISCAL YEARS
(UNAUDITED)
Gross
Fiscal Assessed Bonded
Year Population Value Debt ( 1)
1980 30,207 $ 126,819,040 $
1981 30,250 127,448,920
1982 30,293 131,113,740
1983 30,336 145,391,770
1984 30,280 138,806,980
1985 30,280 142,459,340
1986 30,480 145,389,150
1987 29,506 261,992,340
1988 29,864 253,324,240 2,990,000
1989 30,013 235,939,530 2,990,000
NOTES:
(1) . Amount does not include special assessment
bonds.
Source: City of Wheat Ridge audited financial
statements 1980-1989.
92
Debt
Service
Funds
Available
$
-
-
339,749
343,157
-
Net
Bonded
Debt
$
2,650,251
2,646,843
Ratio
of Net
Bonded
Debt to
Assessed
Value
1. 05
1.12
93
%
Net
Bonded
Debt
Per
Capita
$
89
88
CITY OF WHEAT RIDGE, COLORADO
REVENUE BOND COVERAGE
SALES TAX REVENUE BONDS
LAST TEN FISCAL YEARS
(UNAUDITED)
Total
Sales
Fiscal Tax Debt Service Requirements
Year Revenues Principal Interest Total Coveraqe
1980 $ 3,390,017 $ $ $ - I
1981 3,864,923
1982 4,584,320
1983 4,693,198
1984 5,203,793
1985 5,061,288
1986 5,050,875
1987 4,902,053
1988 5,083,240 96,088 96,088 52.90
1989 5,509,944 210,925 210,925 26.12
NOTES:
Total Sales tax revenues are included since debt service
is paid with sales tax proceeds.
Source: City of Wheat Ridge audited financial statements,
1980-1989.
94
CITY OF WHEAT RIDGE, COLORADO
DEMOGRAPHIC STATISTICS
LAST TEN FISCAL YEARS
(UNAUDITED)
Average
Number of
Per Years of
Fiscal Capita Median Formal School Unemployment
Year Population Income Aqe Schoolinq Enrollment Rate
1980 30,207 $ 10,102 34 12.8 5,140 4.3
1981 30,250 10,940 34 12.8 4,808 4.5
1982 30,293 11,850 34 12.8 4,791 5.4
-
1983 30,336 12,440 34 12.8 4,653 5.3
1984 30,280 12,335 34 12.8 4,669 4.7
1985 30,280 12,828 34 12.8 4,663 4.8
- 1986 30,480 12,828 34 12.8 4,337 6.4
1987 29,506 12,977 35 12.8 4,562 5.6
1988 29,864 13 ,000 35 13.0 4,658 5.8
- 1989 30,013 13,664 35 13 .0 5,048 4.5
-
Source: The 1980 Census Bureau statistics, the Colorado Division of Employment
and Training, and the Jefferson County School District R-1
95
CITY OF WHEAT RIDGE, COLORADO
PROPERTY VALUE, CONSTRUCTION, AND BANK DEPOSITS
LAST TEN FISCAL YEARS
(UNAUDITED)
Commercial Residential
Construction Construction
Number Number Estimated Total
Fiscal of Estimated of Estimated Actual Wheat Ridge
Year Units Value Units Value Property Value Bank Deposits
1980 13 $ 1,973,771 20 $ 1,216,517 $ 422,730,091 $ 56,588,000
1981 22 13,562,824 151 5,703,199 424,829,691 64,562,000
1982 5 3,339,102 197 5,795,927 437,045,756 82,479,000
-
1983 12 5,964,496 357 9,765,110 484,634,387 98,124,000
1984 12 3,720,831 224 9,282,037 462,689,934 115,456,000
1985 9 6,210,435 186 6,848,498 474,866,841 124,733,000
1986 12 7,382,110 56 2,770,741 484,630,500 145,302,000
1987 4 3,272,180 63 4,828,885 1,114,861,021 756,995,487
1988 11 1,996,272 14 1,838,209 1,125,885,511 132,468,920
1989 11 2,629,566 14 1,700,028 1,072,452,409 131,969,885
Source: The City of Wheat Ridge Building Department, Jefferson County
Assessors' Office, and local bank financial statements.
96
CITY OF WHEAT RIDGE, COLORADO
MISCELLANEOUS STATISTICS
DECEMBER 31, 1989
(UNAUDITED)
Date of incorporation
Form of Government
Area
Population (Est.)
1969
Mayor - Council
9.1 Sq. Miles
30,013
Employees:
Elected
Appointed
11
161. 5
Fire protection: (1)
Number of stations 2
Number of fire fighters and officers 1
(exclusive of volunteer fire fighters)
Police protection:
Number of stations
Number of police officers
1
57
-
Education: (1)
Private and Parochial
Public Elementary Schools
Public Junior High Schools
Public High School
4 (595 students)
6 (2,026 students)
2 (1,021 students)
1 (1,406 students)
-
Sewers:
Storm sewers
29 Miles
-
Local Streets:
Miles of streets
Number of street lights
129
1,492
Building permits issued
89
Recreation and culture:
Community Centers
Outdoor Swimming Pool
Tennis Courts
Parks (developed and undeveloped)
Greenbelt trail system
Libraries(l)
Number of Volumes
4
1
9
16 w/124.5 Acres
5 miles (Approx. 300 Acres)
1
35,000
(1) Facilities and services not included in the reporting entity
Source: City of Wheat Ridge, Jefferson County School District R-1,
Wheat Ridge Fire Protection District and Jefferson County
Public Library
97
= GRUENLER &
= ASSOCIATES
3201 E. Third Avenue
Denver, Colorado 80206
(303) 388-4181
INDEPENDENT AUDITOR'S REPORT ON THE INTERNAL CONTROL
STRUCTURE IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS
The Honorable Mayor
Members of City Council
City Administrator
City of Wheat Ridge, Colorado
We have audited the general purpose financial statements of City
of Wheat Ridge, Wheat Ridge, Colorado as of and for the year
ended December 31, 1989 and have issued our report thereon dated
March 16, 1990.
We conducted our audit in accordance with generally accepted
auditing standards and Government Auditing Standards, issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the general purpose financial statements
are free of material misstatement.
In planning and performing our audit of the general purpose
financial statements of the City of Wheat Ridge, Wheat Ridge,
Colorado, for the year ended December 31, 1989, we considered its
internal control structure in order to determine our auditing
procedures for the purpose of expressing our opinion on the
general purpose financial statements and not to provide assurance
on the internal control structure.
The management of City of Wheat Ridge, Wheat Ridge, Colorado, is
responsible for establishing and maintaining a system of internal
control structure. In fulfilling this responsibility, estimates
and judgments by management are required to assess the expected
benefits and related costs of control procedures. The Objectives
of a system are to provide management with reasonable, but not
absolute, assurance that assets are safeguarded against loss from
unauthorized use or disposition, and that transactions are
executed in accordance with management's authorization and
recorded properly to permit the preparation of financial
statements in accordance with generally accepted accounting
principles. Because of inherent limitations in any system of
internal accounting control, errors or irregularities may
nevertheless occur and not be detected. Also, projection of any
Certified Public Accountants
Members ot American Institute 0\ Certilied PubliC Accountants - Division 0\ CPA Firms
Colorado Society of Certified PubliC Accountants
Governmental Finance Officers ASSOCiation
99
evaluation to the system to future periods is subject to the risk
that procedures may become inadequate because of changes in
conditions or that the effectiveness of the design and operation
of policies and procedures may deteriorate. For the purpose of
this report, we have classified the significant internal control
structure policies and procedures in the following categories:
o Cash and cash equivalents
o Investments
o Revenue, receivables, and
- governmental funds
o Expenditures for goods, services
and accounts payable
o Grants and similar programs
o Payroll and
liabi li ties
receipts 0 Inventory
o Property, equipment and
capital expenditures
o Debt and debt service
expenditures
related
For all of the internal control structure categories listed
above, we obtained an understanding of the design of relevant
policies and procedures and whether they have been placed in
operation, and we have assessed control risk.
Our study and evaluation made for the limited purpose described
in the first paragraph would not necessarily disclose all
material weaknesses in the system. Accordingly, we do not
express an opinion on the system of internal accounting control
of City of Wheat Ridge, Wheat Ridge Colorado, taken as a whole or
on any of the categories of controls identified in the first
paragraph.
However, our study and evaluation disclosed no condition that we
believe to be a material weakness.
This report is intended solely for the use of management, the
State Department of Highways, and the Colorado State Auditors
Office, and should not be used for any other purpose. This
restriction is not intended to limit the distribution of this
report, which, upon acceptance by City of Wheat Ridge, Wheat
Ridge, Colorado, is a matter of public record.
March 16, 1990 ~f\..W~ ~~, ~L.
- I
100
= GRUENLER &
= ASSOCIATES
3201 E. Third Avenue
Denver, Colorado 80206
(303) 388-4181
REPORT ON INTERNAL CONTROLS (ACCOUNTING AND ADMINISTRATIVE) - BASED ON
A STUDY AND EVALUATION MADE AS A PART OF AN AUDIT OF THE GENERAL
PURPOSE FINANCIAL STATEMENTS AND THE ADDITIONAL TESTS REQUIRED BY THE
SINGLE AUDIT ACT
The Honorable Mayor
Members of City Council
City Administrator
City of Wheat Ridge, Colorado
We have audited the general purpose financial statements of City of
Wheat Ridge, Wheat Ridge, Colorado as of and for the year ended December
31, 1989 and have issued our report thereon dated March 16, 1990. As
part of our audit, we made a study and evaluation of the internal
control systems, including applicable internal administrative controls,
used in administering federal financial assistance programs to the
extent we considered necessary to evaluate the systems as required by
generally accepted auditing standards, Government auditing standards,
issued by the Comptroller General of the United States, the Single Audit
Act of 1984, and the provisions of Office of Management and Budget
Circular A-128, "Audits of state and Local Governments." For the purpose
of this report, we have classified the significant internal accounting
and administrative controls used in administering federal financial
assistance programs in the following categories:
Accounting controls
Revenue, receipts
Receivables
Property and equipment
Debt and debt service
Billings
Expenditures for goods and
services
Cash and cash equivalents
Inventory
Payables and accrued liabilities
Fund balance
Payroll
Grant and similar programs
General Requirements
Political activity
Cash management
Civil rights
Federal financial reports
Specific Requirements
Types of services
Reporting
Eligibility
Certified Public Accountants
Members of American Ins\itute 01 Certified Public Accountants - DiVISion 01 CPA Firms
Colorado Society of Certified Public Accountants
Governmental Flnanc1 S)~iCerS Association
The management of City of Wheat Ridge, Wheat Ridge, Colorado, is
responsible for establishing and maintaining internal control systems
used in administering federal financial assistance programs. In
fulfilling that responsibility, estimates and judgments by management
are required to assess the expected benefits and related costs of
control procedures. The objective of internal control systems used in
administering federal financial assistance programs are to provide
management with reasonable, but not absolute, assurance that, with
respect to federal financial assistance programs, resource use is
consistent with laws, regulations, and policies; resources are
safeguarded against waste, loss, and misuse; and reliable and are
obtained, maintained, and fairly disclosed in reports.
Because of inherent limitations in any system of internal accounting and
administrative controls used in administering federal financial
assistance programs, errors or irregularities may nevertheless occur and
not be detected. Also, projection of any evaluation of the systems to
future periods is subject to the risk that procedures may become
inadequate because of changes in conditions or that the degree of
compliance with procedures may deteriorate.
Our study included all of the applicable control categories listed
above. During the year ended December 31, 1989, City of Wheat Ridge,
Wheat Ridge, Colorado, had no major federal financial assistance
programs and expended 91 % of its total federal financial assistance
under the following nonmajor federal assistance programs, State and
Community Highway Safety grant. With respect to internal control
systems used in administering these non-major federal financial
assistance programs, our study and evaluation included considering the
types of errors and irregularities that could occur, determining the
internal control procedures that should prevent or detect such errors
and irregularities, determining whether the necessary procedures are
prescribed and are being followed satisfactorily, and evaluation any
weaknesses.
With respect to the internal control systems used solely in
administering the other nonmajor federal assistance programs of City of
Wheat Ridge, Wheat Ridge, Colorado, our study and evaluation was limited
to a preliminary review of the systems to obtain an understanding of the
control environment and the flow of transactions through the accounting
system. Our study and evaluation of the internal control systems used
solely in administering the these nonmajor federal financial assistance
programs of City of Wheat Ridge, Wheat Ridge, Colorado, did not, did not
extend beyond this preliminary review phase.
Our study and evaluation was more limited than would be necessary to
express an opinion on the internal controls systems used in
administering the federal financial assistance programs of City of Wheat
Ridge, Wheat Ridge, Colorado. Accordingly, we do not express an opinion
on the internal control systems used in administering the federal
financial assistance programs of City of Wheat Ridge, Wheat Ridge,
Colorado. Further, we do not express an opinion on the control systems
used in administering the major federal assistance programs of City of
Wheat Ridge, Wheat Ridge, Colorado.
102
Also our audit, made in accordance with standards mention above, would
not necessarily disclose material weaknesses in the internal control
systems for which our study an devaluation was limited to a preliminary
review of the systems as discussed in the fifth paragraph of this
report.
However,
that we
financial
Colorado.
our study and evaluation and our audit disclosed no condition
believe to be a material weakness in relation to a federal
assistance program of City of Wheat Ridge, Wheat Ridge,
This report is intended solely for the use of management, the Colorado
Department of Highways, and the Colorado State Auditors Office, and
should not be used for any other purpose. This restriction is not
intended to limit the distribution of this report, which, upon
acceptance by City of Wheat Ridge, Wheat Ridge, Colorado, is a matter of
public record.
March 16, 1990
.1J~~ ~ ~u:\o..k. ~ l
103
= GRUENLER &
= ASSOCIATES
3201 E. Third Avenue
Denver, Colorado 80206
(303) 388-4181
INDEPENDENT AUDITORS' REPORT ON COMPLIANCE BASED ON
AN AUDIT OF GENERAL PURPOSE OR BASIC FINANCIAL STATEMENTS
PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS
The Honorable Mayor
Members of City Council
City Administrator
City of Wheat Ridge, Colorado
We have audited the general purpose financial
City of Wheat Ridge, Wheat Ridge, Colorado,
year ended December 31, 1989, and have issued
dated March 16, 1990.
statements of the
as of and for the
our report thereon
We conducted our audit was made in accordance with generally
accepted auditing standards and Government Auditing Standards,
issued by the Comptroller General of the United States. Those
standards require that we plan and perform the audit to obtain
reasonable assurance about whether the general purpose financial
statements are free of material misstatement.
Compliance with laws, regulations, contracts, and grants
applicable to City of Wheat Ridge, Wheat Ridge, Colorado, is the
responsibility of City of Wheat Ridge, Wheat Ridge, Colorado,
management. As part of obtaining reasonable assurance about
whether the general purpose financial statements are free of
material misstatement, we performed tests of the City's
compliance with certain provisions of laws, regulations,
contracts, and grants. However, our objective was not to provide
an opinion on overall compliance with such provisions.
This report is intended for the information of management, the
State Department of Highways, and the Colorado State Auditors
Office and should not be used for any other purpose. This
restriction is not intended to limit the distribution of this
report, which is a matter of public record.
.b~",\...... \' ~iJcuJv~J ~.( .
March 16, 1990
Certified Public Accountants
Members of American Institute 01 Certilied Public Accountants - DIVISion 01 CPA Firms
Colorado Society of Certilied Public Accountants
Governmental Finance Officers Assocla\ion
104
= GRUENLER &
= ASSOCIAmmEPENDENT AUDITORS' REPORT ON THE SINGLE AUDIT
REPORT ON COMPLIANCE WITH GENERAL REQUIREMENTS APPLICABLE TO
NONMAJOR FEDERAL FINANCIAL ASSISTANCE PROGRAM TRANSACTIONS
3201 E. Third Avenue
Denver, Colorado 80206
(303) 388-4181
The Honorable Mayor
Members of City Council
City Administrator
City of Wheat Ridge, Colorado
In connection with our audit of the 1989 general purpose
financial statements of the City of Wheat Ridge, Wheat Ridge,
Colorado, and with our study and evaluation of the City of Wheat
Ridge, Wheat Ridge, Colorado, internal control systems used to
administer federal financial assistance programs, as required by
Office of Management and Budget Circular A-128, "Audits of State
and Local Governments," we selected certain transactions
applicable to certain nonmajor federal financial assistance
programs for the year ended December 31, 1989.
As required by OMB Circular A-128, we have performed auditing
procedures to test compliance with the requirements governing
types of services allowed or unallowed; and eligibility that are
applicable to those transactions. Our procedures were
substantially less in scope than an audit, the objective of which
is the expression of an opinion on the City of Wheat Ridge, Wheat
Ridge, Colorado, compliance with those requirements.
Accordingly, we do not express such an opinion.
With respect to the items tested, the results of those procedures
disclosed no material instances of noncompliance with the
requirements listed in the preceding paragraph. With respect to
items not tested, nothing came to our attention that caused us to
believe that the City of Wheat Ridge, Wheat Ridge, Colorado, had
not complied, in all material respects, with those requirements.
However, the results of our procedures disclosed no instances of
noncompliance with those requirements.
This report is intended for the information of management, the
State Department of Highways, and the Colorado State Auditors
Office, and should no be used for any other purpose. This
restriction is not intended to limit the distribution of this
report, which is a matter of public record.
March 16, 1990 n \ (\ \ t\
~'f'-~ ': VJYo0~, ~L.
Certified Public Accountants
Members 01 American Institute 01 Cerlltied Public Accountants - Division of CPA Firms
Colorado Society of Certified Public Accountants
Governmental Finance Olticers Association
I()S
CITY OF WHEAT RIDGE, COLORADO
SECHEDULE OF FEDERAL FINANCIAL ASSISTANCE
FOR THE YEAR ENDED DECEMBER 31, 1989
Federal
CFDA
Number
Pass-
Through
Grantor's
Number
Grant
Year
U.S. Department of Health and
Human Services
Alcohol and Drug Abuse and
Mental Health Services
Block Grant
13.992
13.992
FY 1988-89
FY 1989-90
U.S. Department of Education
Drug Free Schools
84.186
FY 1989-90
U.S. Department of Transportation
Passed through State Department
of Highways
State and Community Highway
Safety
20.600
DOH 88-195
1988
10b
Grant
Amount
$
8,600
8,250
6,460
268,109
(Accrued)
Deferred
Revenue
1-1-89
$
$
3,797
3,797
Revenue
$
8,600
99,622
$ 108,222
10~
Expenditures
$
8,600
1,050
765
103,419
$
113,834
(Accrued)
Deferred
Revenue
12-31-89
$
(1,050)
(765)
$ (1,815)
= GRUENLER &
= ASSOCIATES
3201 E. Third Avenue
Denver, Colorado 80206
(303) 388-4181
INDEPENDENT AUDITORS' REPORT ON SUPPLEMENTARY
INFORMATION - SCHEDULE OF FEDERAL FINANCIAL ASSISTANCE
The Honorable Mayor
Members of City Council
City Administrator
City of Wheat Ridge, Colorado
We have audited the general purpose financial statements of City
of Wheat Ridge, Wheat Ridge, Colorado, for the year ended
December 31, 1989, and have issued our report thereon dated March
16, 1990. These general purpose financial statements are the
responsibility of the City of Wheat Ridge, Wheat Ridge, Colorado,
management. Our responsibility is to express an opinion on these
general purpose financial statements based on our audit.
- I
We conducted our audit in accordance with generally accepted
auditing standards and Government Auditing Standards, issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the general purpose financial statements
are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures
in the general purpose financial statements. An audit also
includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.
_I
Our audit was made for the purpose of forming an opinion on the
general purpose financial statements of the City of Wheat Ridge,
Wheat Ridge, Colorado, taken as a whole. The accompanying
schedule of federal financial assistance is presented for
purposes of additional analysis and is not a required part of the
general purpose financial statements. The information in that
schedule has been subjected to the auditing procedures applied in
the audit of the general purpose financial statements and, in our
opinion, is fairly stated in all material respects in relation to
the general purpose financial statements taken as a whole.
b~~~~",u~.PL
March 16, 1990
Cerllfied PubliC Accountants
Members oj American Institute 0\ Certi\led PubliC Accountants -.- Division 01 CPA Firms
Colorado Society of Certified Public Accountants
Governmental Finance Otficers Association
lU8
STATE REQUIRED REPORT
109
= GRUENLER&
= ASSOCIATES
3201 E. Third Avenue
Denver, Colorado 80206
(303) 388-4181
ON
INDEPENDENT AUDITORS' REPORT
STATEMENTS PREPARED FOR THE COLORAOO
DEPARTMENT OF HIGHWAYS
The Honorable Mayor
Members of City Council
City Administrator
Wheat Ridge, Colorado
We were engaged to audit the general purpose financial statements
of the City of Wheat Ridge, Colorado as of and for the year ended
December 31, 1989, as listed in the table of contents. These
financial statements are the responsibility of the City's
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
The accompanying statements were prepared
reporting practices prescribed or permitted
Highway Department, which is a basis of
generally accepted accounting principles.
in conformity with the
by the Colorado State
reporting other than
We were not able to
ourselves as to the
scope of our work was
we do not express, an
apply other auditing procedures to satisfy
amounts included in these statements, the
not sufficient to enable us to express, and
opinion on these statements.
This report is intended
management of the City
with the Colorado State
for any other purpose.
solely for the information and use of the
of Wheat Ridge, Colorado and for filing
Highway Department and should not be used
March 16, 1990
~~(~CI~'~C
Certllied PubliC Accountants
Members ot American Institute of Certl\ied PubliC Accountants - DIVision 0\ CPA Firms
Colorado Society of Certified PubliC Accountants
Governmental Finance Officers Association
110
APPENDIX A
COUNTIES, CITIES, AND TOWNS ANNUAL STATEMENT OF RECEIPTS
AND EXPENDITURES FOR ROADS, BRIDGES AND STREETS
This statement reflects receipts and expenditures for Road. Bridge and Street purposes as required by Sections 43-2-120. 43.2.132, and
42.2-232(6) Colorado Revised Statutes. It is not intended to comply with generally accepted accounting principles.
COUNTY/CITY rrOWN:
CTTY OF WHEAT RTIX;F. rm nRATY\
,
ACCOUNTING METHOD: Cash_ Accrual_ Modified Accrual~
CALENDAR YEAR OF REPORT: 1 qRq
IWlINJ) AU. AI\IOUNTS TO NEAIUSI' J)()U.,\It
I. SCHEDULE OF RECEIPTS FOR ROAD, BRIDGE AND STREET PURPOSES
A. LOCAL SOURCES B. STATE SOURCES
l.Propeny Tax/Special Assessments $ 5,917 l.Highway Users Tax
2.General Fund Appropriations -0- 2.Motor Vehicle Registration Fees
3.0ther (specify) Street Cut 19,810 3.0ther (specify)
Pemi ts
4. Traffic Fines 312.022
5.Sales Tax 1,476,446 TOTAL STATE SOURCES
6a.From Countyf~ci&~~t6 ~~~d~ ~H: ~~~ C. FEDERAL SOURCES
- b.Cityrrown(specify) -0- l.Forest Service
7. Bond Proceeds (net value) -0- 2.Mineral Leasing
8. Note Proceeds (net value) -0- 3.Payments in Lieu of Taxes ..
9. Specific Ownership Taxes 46,986 4.0ther(specify)
(Used for roads and streets)
-
TOTAL LOCAL SOURCES ?r7?F. r.::;7Ll TOTAL FEDERAL SOURCES
TOTAL RECEIPTS (Local + State + Federal)
BALANCES BEGINNING OF YEAR (MUST EQUAL ENDING BALANCE OF PREVIOUS YEAR)
TOTAL RECEIPTS AND BALANCES (Total Receipts + Beginning Balance)
TOTAl:'; RECEIPTS MUST EQUAL TOTAL EXPENDlTUlmS
PLEASE GIVE THE NAME AND PHONE NUMBER
OF THE PERSON TO CONT ACf IN CASE WE
HA VE ANY QUESTIONS REGARDING THIS REPORT.
NAME
Svbi1 Noss
PHONE
237-6944
111
580,147
101,703
-0-
681,850
-0-
-0-
-0-
-0-
-0-
3,408.Q4
1,041,072
4,449,496
II. SCHEDULE OF EXPENDITURES FOR ROAD, BRIDGE AND STREET PURPOSES
COUNTY ROADS &
BRIDGE FUNDS HUT FUNDS OTHER FUNDS TOT AL
A. DIRECT ffiGHWAY EXPENDITURE -0-
1. Right-of-Way -0- 2,137 2,137
2. Preliminary and Consuuction Engineering -0- -0- 177 '171 177 ,971
3. Consuuction -0- -0- 1 '71 ';~'1 "1 7' .5e9
4. Maintenance of Condition 210.680 210.fi80 -0- 421.3fiO
5. Snow and Ice Removal 32,007 32,007 -0- fi4.014
6. Traffic Services 74 ?;R 7<1 ?r;;R 1/4 74'1 r'd ?f
7. Administration _96..8.9.9- ?!;l ?O? -0- 3~ . _ 1
8. Traffic Enforcement 727,062 727.0fi2
TOTAL DIRECT HIGHWAY EXPENDITURES 413.844 'i80.14'7 ') ?Ol 'in~ 3,197.499
B. DEBT PAYMENTS ON BONDS AND NOTES 210,925 210,925
I. Interest on Bonds -0- -0-
2. Interest on Notes -0- -0- -0- -0-
3. Redemption on Bonds (net value) -0- -n- -0- -0-
4. Redemption on Notes (net value) -0- -0- -0- -0-
TOTAL DEBT PAYMENTS -n- -0- -0- ')10 '1?;
C. PAYMENTS TO OTHER GOVERNMENTS
II. To County(specify) -0- -0- -0- -n-
b. To Cityrrown(spccify) -0- -0- -0- -0-
2. To Department of Highways -0- -0- -0- -0-
TOTAL PAYMENTS TO OTHER GOVERNMENTS -0- -0- -0- -0-
D. OTHER HIGHWAY PURPOSES
(SPECIFY) -0- -0- -0- -0-
E. TOTAL EXPENDITURES (A+B+C+D) 413,844 580.147 2.414.411 3.408.424 - I
F. BALANCES END OF YEAR -0- -0- 1,041,072 1,041,072
.,.
G. TOTAL EXPENDITURES AND BALANCES 413,844
(Total Expenditures + Ending Balance) 580,147 3,455,505 4,449,496
III. SCHEDULE OF CHANGE IN DEBT STATUS OF ROAD, BRIDGE,
AND STREET OBLIGATIONS
(SHOW All ENTRIES AT PAR VALUE; THAT IS. AT THE FACE AMOUNT OF ISSUE)
BONDS NOTES
1,041,072 -0-
-0- -0-
-0- -0-
-0- -0-
-()- -(\-
1 . ('\,-1 , .07') Q-
A. BONDS AND NOTES OUTSTANDING BEGINNING OF YEAR
B. AMOUNT ISSUED DURING YEAR (pAR VALUE)
1. Original issues this year
2. Refunding issues
C. AMOUNT REDEEMED DURING YEAR (pAR VALUE)
1. From current receipts or reserves
2. From refunding issues
D. BONDS AND NOTES OUTSTANDING END OF YEAR
112
APPENDIX B
CAPITAL OUTLAY EXPENDITURES FOR HPMS
CALENDAR YEAR 1989
COUNTY. CITY. TOWN OF
CITY OF WHEAT RIIX;E, COLORADO
ROUND ALL AMOUNTS TO NEAREST DOLLAR
CAPITAL Ol'11..A Y:
-
CONSTRUCTION ROAD OR STREET 0 ROAD OR STREET Q ROAD OR STREET e
PROJECT NAME AND NUMBER NMIE AND NUMBER NAME AND NUMBER
West 32nd Avenue 1989 OVerlay ~~oject 1989 Curb &
V~". ..c, ,1,'1 t-" rTn;"n ;,,'" b;;:;t- r"t-t-~~
TOTAL COST $ 729,284 $ 201,575 $ 97,686
CONSTRUcrrON ROAD OR STREET 0 ROAD OR STREET " ROAD OR STREET 0
PROJECT NAME AND NUMBER NAME AND NUMBER NAME AND NUMBER
48th Avenue special ~~~er 1988 32nd l;:v~~ue &
lmnrovement Dlstrict I"" ' v"" . 1,'1
TOTAL COST $ 146,373 $ 40,583 $ 1,161
CONSTRUCTION ROAD OR STREET 0 ROAD OR STREET 0 ROAD OR STREET 0
PROJECT NAME AND NUMBER NAME AND NUMBER NAME AND NUMBER
38th Avenue 44th Avenue 32nd Avenue
Wadcwortil to Pierce YounQfie1d to Tabor rTn;~n t-" U;~l;n('T
TOTAL COST $ 2,137 $ 5,287 $ 57,558
CONSTRUCTION ROAD OR STREET 4l\) ROAD OR STREET 6) ROAD OR STREET ~
PROJECT NAME AND NUMBER NAME AND NUMBER NAME AND NUMBER
1988 Monumentation 1989 Monumentation 1989 ~gf1 Str~t
rovernen s
~
TOTAL COST $ 5,851 $ 62,451 $ 1,751
CONSTRUCTION ROAD OR STREET ID ROAD OR STREET (0 ROAD OR STREET 6>
PROJECT NAME AND NUMBER NAME AND NUMBER NAME AND NUMBER
TOTAL COST $ $ $
CONSTRUCTION ROAD OR STREET (I!) ROAD OR STREET <<I ROAD OR STREET <<\)
PROJECT NAME AND NUMBER NAME AND NUMBER NAME AND NUMBER
TOTAL COST $ $ $
-
TOT AL CONSTRUCTUION PROJECTS $
1,351,697
TOTAL CONSTRUCTION PROJECTS MUST EQUAL THE CONSTRUCTION EXPENDITURES (ROW, PRELIMINARY
AND CONSTRUCTION ENGINEERING, AND CONSTRUCTION) ON THE RECIEPTS AND EXPENDITURES REPORT
113