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CITY OF WHEAT RIDGE, COLORADO
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COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE YEAR ENDED DECEMBER 31, 1997
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PREPARED BY THE CITY TREASURER'S DEPARTMENT
CITY OF WHEAT RIDGE, COLORADO
GENERAL PURPOSE FINANCIAL
STATEMENTS
December 3 1, 1997
TABLE OF CONTENTS
INTRODUCTORY SECTION
PAGE
Transmittal Letter
I - VI
Directory ofPnnclpal City Officials
va
FINANCIAL SECTION
Independent Auditors' Report
1
GENERAL PURPOSE FINANCIAL STATEMENTS
Combmed Balance Sheet - All Fund Types and Account Groups
2
Combmed Statement of Revenues, Expenditures and Changes m Fund Balance -
All Governmental Fund Types
3
Combmed Statement of Revenues, Expenditures and Encumbrances - Budget
and Actual - All Governmental Fund Types
4
Combmed Statement of Revenues, Expenses and Changes m Retained Earrungs/
Fund Balance - Proprietary and PensIOn Trust Funds
5
Statement of Cash Flows - Internal Service Fund
6
Notes to Financial Statements
7 - 21
COMBINING, INDIVIDUAL FUND AND ACCOUNT GROUP STATEMENTS AND SCHEDULES
Special Revenue Funds
Combmmg Balance Sheet
22
Combllllllg Statement of Revenues, Expenditures and Changes in Fund Balance
23
Open Space - Schedule of Revenues, Expenditures and Encumbrances - Budget
and Actual
24
Police Building - Schedule of Revenues, Expenditures and Encumbrances - Budget
and Actual
25
Pohce InvestigatIOn - Schedule of Revenues, Expenditures and Encumbrances-
Budget and Actual
26
T ABLE OF CONTENTS
(Continued)
PAGE
FINANCIAL SECTION (Contmued)
COMBINING, INDIVIDUAL FUND AND ACCOUNT GROUP STATEMENTS AND SCHEDULES
(Contmued)
Special Revenue Funds (Contmued)
Park AcqUlsltlOn - Schedule of Revenues, Expenditures and Encumbrances -
Budget and Actual 27
Building DemolitIOn - Schedule of Revenues, Expenditures and Encumbrances -
Budget and Actual 28
Seruor/Teen Center - Schedule of Revenues, Expenditures and Encumbrances -
Budget and Actual 29
Muruclpal Court - Schedule of Revenues, Expenditures and Encumbrances -
Budget and Actual 30
Tree Plantmg - Schedule of Revenues, Expenditures and Encumbrances - Budget
and Actual 3 1
Richards/Hart Improvement - Schedule of Revenues, Expenditures and Encumbrances -
Budget and Actual 32
Parks and RecreatIOn Damage DepOSit - Schedule of Revenues, Expenditures and
Encumbrances - Budget and Actual 33
Wheat RIdge Town Center - Schedule of Revenues, Expenditures and Encumbrances -
Budget and Actual 34
EqUlpment - Schedule of Revenues, Expenditures and Encumbrances - Budget
and Actual 35
Conservation Trust - Schedule of Revenues, Expenditures and Encumbrances -
Budget and Actual 36
Computer - Schedule of Revenues, Expenditures and Encumbrances - Budget
and Actual 37
RecreatIOn Center - Schedule of Revenues, Expenditures and Encumbrances - Budget
and Actual 38
T ABLE OF CONTENTS
(Contmued)
PAGE
FINANCIAL SECTION (Contmued)
COMBINING, INDIVIDUAL FUND AND ACCOUNT GROUP STATEMENTS AND SCHEDULES
(Contlllued)
Debt Service Funds
Combming Balance Sheet
39
Combllling Statement of Revenues, ExpendItures and Changes III Fund Balance
40
Incremental Sales Tax Bond Fund - Schedule of Revenues, Expenditures and
Changes III Fund Balance - Budget and Actual
41
SpeCial Improvement Dlstnct No 1987-1 - Schedule of Revenues, Expenditures
and Changes III Fund Balance - Budget and Actual
42
Compensated Absences - Schedule of Revenues, Expenditures and Changes m Fund
Balance - Budget and Actual
43
Proprietary Fund
Rtsk Financmg Insurance Reserve Internal ServIce Fund - Schedule of Revenues,
Expenditures and Changes m Retamed Earnmgs - Budget and Actual
44
Fiduciary Funds
Combming Balance Sheet
45
Combmmg Statement of Changes m Assets and Liabilities - All Agency Funds
46
General Fixed Assets Account Group
Schedule of Changes III General Fixed Assets - by Source
47
Schedule of General Fixed Assets by Function and Activity
48
SUPPLEMENTARY INFORMATION
Annual Statement of Receipts and Expenditures for Roads, Bndges and Streets
49 - 51
TABLE OF CONTENTS
(Contmued)
PAGE
STATISTICAL SECTION
Assessed and Estimated Actual Value of Taxable Property
52
General Governmental Revenue by Source
53 - 54
General Governmental Tax Revenue by Source
55 - 56
Property Tax Levies and Collections - General Fund
57
ComputatiOn of Legal Debt Margm
58
Revenue Bond Coverage Sales Tax Revenue Bonds
59
....
7500 WEST 29TH AVENUE
.
The City of
WHEAT RIDGE, COLORADO 80215 CW'heat
GRidge
May 5, 1998
The Honorable Mayor Cerveny,
Wheat RIdge City Council, and
CIty Manager
City of Wheat Ridge
Wheat RIdge, Colorado
Dear Mayor and members of City CouncIl.
We are pleased to transmIt the ComprehensIve Annual FinancIal Report of the CIty of Wheat
RIdge for the fiscal year ended December 31, 1997 The CIty Treasurer's Office and the CIty
Manager's Office prepared thIS report. ResponsibIlity for both the accuracy of the data, and the
completeness and faIrness of the presentation, including all disclosures, rests with the CIty To
the best of our knowledge and belIef, the enclosed data is accurate m all materIal respects and is
reported m a manner desIgned to present faIrly the financial position and results of operations of
the CIty of Wheat RIdge. We have included all disclosures necessary to enable the reader to gam
an understandmg of the City's financial and operational activitIes.
This report is presented in three sectIOns as follows:
1 Introductory Section, which includes transmittal letters, orgamzatlOn
chart, and lIst of prIncIpal officials.
2. Financial Section, whIch includes the financial statements,
supplementary schedules, and the audItor's report on the
financial statements and schedules.
3 StatIstical SectIon, which mcludes selected operational and
financial mformation, generally presented on a multi-year basis.
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(303) 234-5900 . ADMINISTRATION FAX. 234-5924 . POLICE DEPARTMENT FAX. 235-2949
ACCOUNTING SYSTEM AND BUDGETARY CONTROL
In developing and evaluatmg the City's accounting system, consideration is given to the
adequacy of mternal 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 prepanng 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 evaluatlOn of costs
and benefits reqmres estlmates 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 operatlOns. Fund accounting IS designed to show legal compliance and to aid
financial management by segregating transactions related to certain government functlOns or
actlvitles. The City has a general fund where all the current operatlOns of the City are recorded; a
capItal projects fund where all major drainage, street, traffic, and bmldmg projects are recorded,
and 23 other smaller funds are established for a particular purpose. The two account groups -
fixed assets and general long-term debt - are concerned only with the measurement of financial
positlon and thus do not record results of operations.
The budget process begms in April and ends with the adoption by CIty Council before December
15 each year. Budgets are adopted on a NON-GAAP baSIS using the encumbrance basis of
accountmg, except the Debt Service and Internal Service Funds whIch are GAAP basis.
The level of budgetary control (the level at which expenditures and encumbrances cannot legally
exceed the appropriated amount) is established at the individual fund level. The budget IS then
mtegrated into the formal accountmg system January I of each year If during the fiscal year, the
CIty AdmmistratlOn determines that there are available for appropriatlOn revenues m excess of
those estimated in the budget, the Council, by resolution, may make supplemental appropnatlOns
for the year up to the amount of the excess. Additional budgetary control is maintained by the
encumbrance of purchase amounts prior to the release 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.
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GENERAL GOVERNMENT FUNCTIONS
Revenues for general governmental functions (General Fund only) totaled $11,792,738 in 1997,
an increase of 2.19% over 1996 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 1997 Amount of Total From 1996 (Decrease )
Taxes $ 8,336,235 70 69% $127,742 1.56%
License & Permits 521,110 442 138,378 3616
Intergovernmental 1,653,157 1402 26,357 1 62
Charges for Services 512,237 4.34 50,985 II 05
Fines & Forfeitures 541.466 4.59 (13,771) (2.48)
Interest Income 145,159 1.23 (26,746) (15 56)
Other Revenue 83.374 0.7! (50.339) (37.65)
TOTAL $11,792,738 100 00% $252,606 2.19%
The major source of revenue for the City of Wheat Ridge is retml sales and use tax ($5,962,260)
This compnses 50.56% of total current General Fund revenue. The one percent (1 %) Genera!
Fund sales tax revenues for 1997 were $4,088,914, an increase of9.52% or $355,267 over 1996
collections. General Fund use tax revenues for 1997 were $1,873,346, a decrease of9.0% under
1996 collections (specific decreases were professional 53%, auto 4%, and increases m retail
19%, and bUlldmg 4%).
Current property tax collections for 1997 were 99.52% of the tax levy The mill levy was set at
2.418 mills for 1990, increased to 2.458 mills in 1991, and raised to 2.714 mills in 1992. To stay
within the property tax limitation set by state statute, the mill levy remained unchanged for 1993,
1994, 1995, 1996 and 1997 at 2.714 mills.
Expenditures for general governmental functions (General Fund only) totaled $12,285,194 m
1997, an mcrease of 6.85% over 1996 Increases or (decreases) in levels of expenditures for
major functions of the City over the past year are shown m the following table.
Expenditure Increase Percentage
Activity Percentage (Decrease) Increase
By Function 1997 Amount Of Total From 1996 (Decrease)
General Government $ 1,987,547 16.18% $266,889 15.51%
Planning & Develop. 526,192 4.28 (100,188) (1599)
Public Safety 4,776,493 38.88 247,168 546
Public Works 2,292,549 18.66 196,699 9.39
Parks & Recreation 2,039,738 16.60 243,012 13.53
Other 617,668 503 (5,975) ( 96)
Capital Outlay 45.007 .37 (60.087) (57.17)
TOTAL $12,285,194 100.00% $ 787.518 6.85%
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PENSION FUNDING POLICIES
The CIty participates m three mandatory and two deferred compensatIOn plans. All full-time
sworn police officers participate in a smgle employer defined contribution money purchase plan,
The employee contributes ten percent (10%) of annual salary, and the City contributes ten
percent (10%). Four department heads contribute four-percent to the International City
Managers Association (lCMA), I.R.C. Section 401 deferred compensation plan and the CIty
contributes five-percent to this plan. The remainder of the full-time permanent employees are
required to Join the Colorado County Officials and Employees Retirement ASSOCIatIOn
(CCOERA) 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 financmg 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 were refinanced on August 1, 1993, with a new issue for $3.21 mIllIon with an
average interest rate of 3 8%. The new bond issue will mature m 1999 and the CIty has obtained
an economic gain (difference between the present values of the old and new debt service
payments) of approxImately $245,000 over the hfe of the new Issue. This bond issue is
accounted for m the Debt ServIce Fund.
....
The CIty has entered into several lease agreements for financing the acquisition of equipment
includmg vehIcles, and copy machines. The lease agreements specIfically state that the lease can
be canceled at any time if the City Council does not appropriate funds for that purpose. Funds
are budgeted and encumbered for that year's payments only.
Wheat RIdge entered mto ItS first long-term bonded indebtedness m 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 agamst the real property included in the District especially benefited by the
improvements. The assessments are to be paid in ten amortized annual installments of principal
and mterest, 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 acts as
agent for the property owners and bondholders. Substantial prepayments were made during 1996
and the outstanding bonded debt for SID was retired as of October 1, 1996, two years earlIer than
ongmally estimated.
RECREA nON CENTER
On November 4, 1997, the citizens of Wheat RIdge overwhelmingly passed a referendum
directing the City of Wheat Ridge to construct and operate a public recreation center for all ages.
iv
To pay for the constructIOn of the public recreation center, the referendum also approved an
Increase of 1/2% in the retail sales and use tax imposed by the City The tax increase was
Initiated January 1, 1998 and sunsets December 31, 2002, or when $12,350,000 has been
collected, whichever comes first.
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 mimmlzing nsk.
The prudent Investor rule states "that investments shall be made with the exercise of that
judgement and care, under circumstances then prevailIng, which men of prudence, discretion and
Intelligence exercise In the management of their own affairs not for speculation but for
investment, considering the probable safety of their capital as well as the probable Income to be
derived." City funds may be invested In insured savings, money market accounts, certificates of
deposit, and securIties of the U.S Government and Its agencies, in conformance with the
Colorado Public Deposit ProtectIOn Act (PDP A) reqUIrements. The City Treasurer monitors the
mterest rates on a daily baSIS.
Relatively small amounts of Idle cash are maIntamed m checkIng accounts to cover checks
WrItten. Savings and money market accounts are insured up to F.D.I.C. limits and are
collateralized in conformance with PDP A. At the end of 1997, the City's mvestment in
certificates of depOSit (CD), local government Investment pools (LGIP) and government
secuntJes varied in stated Interest rates from 5 05% to 9 0%, and 3 00% to 4.65% in savmgs and
money market accounts, respectively. The City's investment portfolIo indicates investments
throughout 1997 averaged 34% In U.S. Government secunties, 51 % in LGIPs and 15% m CDs,
money market accounts or savings accounts.
RISK MANAGEMENT
--
The City IS exposed to various risks of loss related to torts, thefts and damage to, or destruction
of assets, error or omiSSIOns, injuries to employees, or acts of God.
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
coverage, and other ongoing loss control activities are also employed. Workmg closely with our
msurers and attorneys, the City acts quickly to resolve any known nsk management problems.
The City participates in an msurance pool With other Colorado mumcipalities for liability and
property insurance in excess of self-insured retentions, and workers' compensatIOn coverage
The Colorado Intergovernmental Rlsk Sharing Agency (CIRSA) is a separate and mdependent
legal entity
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RESERVE POLICY
The City of Wheat Ridge mamtams at least an eight percent (8% of expenditures) general fund
balance which serves as an encumbered cash reserve in the General Fund. The CIty Manager
plans for a twenty percent cash reserve balance each year. The City Council will annually
specify the amount to be placed m the Fund Balance and the excess of accumulated reserve funds
is then transferred to the Capital Improvement Fund.
INDEPENDENT AUDIT
Colorado state statues and the Wheat Ridge City Charter require an annual audit of the books of
account, financIal records, and transactIOns of all admmistrative departments of the City An
mdependent certIfied publIc accountant selected by the City Council has performed this
requirement and the auditor's opinion has been included in thIS report.
ACKNOWLEDGMENTS
I would like to express my apprecIation to Linda Stengel, Chief Accountant, Maggie Walters,
Accounting TechmcIan, and to Bill Powell, Budget/Finance ASSIstant who assIsted the audItors
in preparmg thIs report. Additionally, I would like to recognize the efforts of Linda Stengel,
whose Immaculate record keeping greatly expedIted the audIt process. Special thanks are
extended to members of the mdependent Certified Public Accounting firm of Johnson, Holscher
& Company, P C., for the exemplary fashIOn in which they accomplished the 1997 audit.
Respectfully submitted,
~
(](fl' ? oKLo-
Ron Patera
City Treasurer
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CITY OF WHEAT RIDGE
PRINCIP AL CITY OFFICIALS
MAYOR
Gretchen Cerveny
CITY COUNCIL
District 1
District 2
Jerry Ditullio
Lloyd Donnely
Ken Siler
Ralph Mancmelli
CITY CLERK
MUNICIPAL JUDGE
CITY TREASURER
CITY ATTORNEY
CITY MANAGER
DIRECTOR OF PLANNING
DIRECTOR OF PARKS & RECREATION
DIRECTOR OF PUBLIC WORKS
CHIEF OF POLICE
BUDGETIFINANCE ASSISTANT
PERSONNEL ASSISTANT
PURCHASING AGENT
CHIEF ACCOUNTANT
Vll
District 3
Donald Eafanti
Janelle Shaver
Wanda Sang
Randall DavIs
Ron Patera
Gerald Dahl
Robert C Middaugh
Alan White
Gary Wardle
Robert Goebel
Jack Hurst
William W Powell
Patncia Crew
Mia Mascltelli
Lmda Stengel
District 4
Claudia Worth
Ten Dalbec
FINANCIAL SECTION
Johnson, Holscher & company, P.C.
Certified Pubiic Accountants
Honorable Mayor and Members of the City Council
City of Wheat R1dge
Wheat Ridge, Colorado
INDEPENDENT AUDITORS' REPORT
We have audited the accompanying general purpose financial statements of the City of Wheat Ridge.
Colorado, as of and for the year ended December 31, 1997, as listed m the table of contents. These
general purpose financial statements are the responsibihty of the City'S management. Our responsibihty
IS to express an opmion on these general purpose financial statements based on our audit.
We conducted our audit m accordance with generally accepted auditing standards. Those standards
require that we plan and perform the audit to obtam reasonable assurance about whether the general
purpose financial statements are free of material misstatement. An audit includes exammmg, on a test
baSIS, eVidence supporting the amounts and disclosures m the general purpose financial statements. An
audit also mcludes assessmg the accounting pnnclples used and Significant estimates made by
management, as well as evaluating the overall general purpose financial statement presentation. We
beheve that our audit proVides a reasonable baSIS for our opmion.
In our opmlOn, the general purpose finanCial statements referred to above present fairly, in all matenal
respects, the financial pOSition of the City of Wheat Ridge, Colorado, as of December 31, 1997, and the
results of ItS operatIOns and cash flows of its proprietary fund type for the year then ended in conformity
with generally accepted accountmg principles.
Our audit was conducted for the purpose of forming an opinion on the general purpose financial
statements taken as a whole. The combining, mdivldual fund and account group statements and
schedules and supplementary informatIOn hsted in the table of contents are presented for purposes of
additIOnal analysis and are not a requITed part of the general purpose financial statements of the City of
Wheat Ridge, Colorado Such Information has been subjected to the auditing procedures applied m the
audit of the general purpose financial statements and, in our opinion, IS fairly presented in all material
respects m relatIOn to the general purpose financial statements taken as a whole.
The statlstlcallnformation mcluded m the comprehensive annual financial report was not audited by us,
and accordmgly, we do not express an opinion on it.
~, lfit,du", h;7~, (lG
February 27, 1998
Member of the American Institute of Certified Public Accountants
Member of the private Companies Practice section
Member of the SEC Practice section
S975 Greenwood Plaza Blvd., Suite 140
Greenwood viilage, co 80111
(303)694.2727
Fax (303)694-3172
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, operating results, and cash flows, where applicable,
of all funds and account groups as of December 31, 1997.
CITY OF WHEAT RIDGE, COLORADO
COMBINED BALANCE SHEET
ALL FUND TYPES AND ACCOUNT GROUPS
December 3 1, 1997
The accompanymg notes are an mtegral part of the fmanclal statements.
2
FIDUC]ARY
PROPRIETARY FUND TYPES ACCOUNT GROUPS
FUND TYPE TRUST AND GENERAL GENERAL TOTALS
INTERNAL AGENCY FIXED LONG- TERM (MEMORANDUM ONL Y)
SERVICE FUND FUNDS ASSETS DEBT 1997 1996
---.----. ---,--- .-
$ 314,116 $ 10,748,303 $ $ $ 19,701,621 $ 19,785,935
825,910 816,000
2.322,305 3,626,710
819.959 190,537
612,337 910,111
993.800 40.000
321,982 321,982
25,223,972 25,223,972 23,355,097
619,500 619.500 650,014
----- -- 2,077,320 2,077J]-SJ 3,028,825
$ .. JL'LllQ. $ 10.748,303 $ 25,223.972 $ 2,696,820 $ 53,518,706 $ 52725,211
$ 1,916 $ $ $ $ 345,047 $ 288.348
164.996 121.208
157.797 157,797 65,578
356 612,337 910,111
100,000 100,000 273,000
993,800 40.000
825,910 816,000
486,854 51 1,099 504,999
157,500 157,500 175,000
27,466 27 ,466 37,342
2,025,000 2,025,000 2,985,000
101,916 158,153 2,696,820 5,920,952 ~16,586
25,223,972 25,223,972 23,355,097
212,200 212,200 195,507
2,062,940 1,582,156
993,800 40,000
1,615,735 1,665.377
490,286 461,402
10,590,150 10,590,150 8.579 135
524,000 524,000
129,214 188,612
5,755,457 9,917 ,339
212,200 10,590,150 25,223,972 47,597,754 46,508,625
$ 314116 $ 10 748.303 $ 25 223 972 $ 2 696 820 $ 53 518 706 $ 52 725 211
CITY OF WHEAT RIDGE, COLORADO
.cOMBINED STATEMENT OF REVENUES EXPENDITURES
AND CHANGES IN FUND BALANCE
ALL GOVERNMENTAL FUND TYPES
Year Ended December 31, 1997
GOVERNMENTAL FUND TYPES
SPECIAL DEBT CAPITAL
GENERAL REVENUE SERVICE PROJECT~
REVENUES
Taxes $ 8,336,235 $ 308,996 $ $ 4,193749
Lrcenses and Perrmts 521,110
Intergovernmental 1.653,157 1,183,007
Charges for ServIces 512,237 47,397
Fmes and Fortcllures 541,466
Speewl Assessments 17488
Intcrest 145 159 139.037 50,! U4 812,b88
( >ther 83,374 192.548 ,8.1~ 1
TOTAL REVENUES -.11222,,738 1 ,780,985 , 67.5')2 5J)44,(,(~
LXPENDITURES
l ulTent
General Government 1,987,547 65,202
Planmng and Development 526,192 245,328
Pohcc 4,776,493 9,350
Pubhc Works 2,292,549
Parks and Rccreal10n 2,039,738 1,086,807
Other 617,668 69,608 104.842
CapItal Outlav 45,007 1,678,193 4 ~nO,240
Debt Servrce
Pnnclpal 960,000
Interest and hseal Charges 118,613
TOTAl J:XPENDITURES 12.285,194 3,084,880 U 48~nL 4" <)'75) 182
EXCESS m REVENUES OVER (UNDER)
EXPENDITURES ( 492,456) ~UOJ-,g95) ( 1 ,080.6121 69.52()
OTHER FINANCING SOURCES (USES)
Operatmg Transfers In 1,524,650 1,397.622 I 077 ,025
Operatmg Transfers Out (380,325 ) ( 924,528) (2b,910) (2,667.534 )
TOT AI. OTHER FINANCING SOURCES (USES) 1,144,325 473,094 1,050,115 ---.i2}J(j7.53,4)
EXCESS OF REVENUES AND OTHER
SOURCES OVER (UNDER) EXPENDITURES
AND OTHER USES 651,869 (830,80 I ) (30,514) 12,598,008 )
FUND BALANCE, BEGINNING 4.320,339 3.776,204 650,014 _ 5632,32')
FUND BALANCE. ENDING $ 4 972 208 $ 2 945 403 $ 61 9 500 $ 3034321
-
The accompanymg notes are an mtegral part of the financIal statements,
3
TOTAL~
iMEMORANDUM QN1.Y)
_~9'J7 _ _I99~
$ 12,838 980 $
521,110
2,836,164
559 634
541,466
17,488
I 146988
224g93
12,919,696
382,732
2,979,602
521,549
555,237
79,668
6'J2,\l66
__ 2\l7,348
18,685,Y23 _ ~,n7.8Y~
2,052.749 1 759,975
771.52U 666,710
- 4,785);43 4.541,689
2.292,549 2,095.850
3 12('.545 3,068,737
792.118 681,119
6.593,440 6,135,376
960,000 220,000
- 1.lli,6l} _.l11.4 97
lL493J77 19.302,953
_J.2,8117 454) j,965.05,5}
3 999,297 2,562,780
lL299297j .-l2,562,780)
-.--.-
(2,807,454) \965,(55)
___ 1'!,378,886 _ lS,343z+ 1
$ Il.571,4~2 $ 1~37~6
-..---
CITY OF W!1EAT RIDGE. COLORADO
COMBINED STATEMENT OF REVENUES EXPENDITURES AND E.l'iCUMBRANCES
BUDGEl AND ACTUAL
ALL OOVERNMENT AL FUND TYPES
Year Ended December 3 I, 1997
TOTAL REVENUES
GENERAL
V ARIANCE-
FA VORAB\'~
BUDGET - ACTUAL lUNtA VURABLI' 1
- ---- ----- -
$ 8,406,050 $ 8,336,235 $ Im.8l51
518.750 521,110 2,360
1,547 602 1,653,1 57 105.555
51\,425 512,237 812
512,000 54 1 ,466 294(,(,
175,OOU 145,1 5') 1298411
~-- 9.8-200U 83,374 ll462hl
~1<768,827 -- lL792I3S __23~911
RLVENUES
Taxes
L,censes and Penmts
Intergovernmental
Charges lelr ServIces
hnes and ForfeItures
"'pcCIal Assessments
Intel est
t lther
EXPENDITURES !\ND ENCUMBRANCES
Current
Llene-ral C,ovcmmenl
I'laruung and Development
PolIce
Pubhc Works
Parks and RecreatIOn
Ulher
Capllal Oulla\'
Debt ServIce
Pnnelpal
Interest and hscal Charges
2,127,126 1.987.547 139.579
484 848 467,186 17 662
4,963,770 4,775,499 188.271
2,424,698 2.292.005 132,6\),
2,088,687 2.038827 498611
684.535 610,589 73 946
40.567 45 om (44401
TOTAl (HHER FIN!\NC]NG SOURCES (USES)
"--- - -
J2-,SH,23 I __ 12.2 I G,6()(1 -- 597_571
( I ,042,194,) _~ ~3.92:!l 62 L482
1,524,650 1,524 650
( 1.374,125) __J)~0,325) 993.800
150.525 _-1144,325 - 922,800
~ (894JU92 _ _7~Q,403 $ L615~282
TOTAl. EXPENDITURES AND ENCUMBRANCES
LXCESS m REVLNUES OVER
{I INDER 1 EXPEND1TURES AND ENCUMBRANCES
OTHER FINANCIN(i SOURCES (USES)
Uperatmg Transfers In
Uperatmg. Transfers Out
EXCESS 01. REVENUES AND OTHER SOURCES OVER (1JNDER)
EXPENDlTI TRIoS. ENCUMBRANCES AND OTHER USES $
ADJI TSTMENTS TO (jAAP BASIS
l',I1cumbrancl:s
Pnor Year
Current Year
TOTAL ADJUSTMENTS
(84,42])
15,887
t68,5341
EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER)
EXPENDITURES, ENCUMBRANCES AND OTHER USES
IGAAPBASISI
$_65186-'L
The accompanymg notes arc an mtegral part of the fmancml statements
4
SPECIAL REVENUE DEBT SERVICE CAPITAL PROJECTS
V ARIANCE- V ARIANCE- V ARlANCE-
FAVORABLE FAVORABLE FAVORABLE
BUDGET ACTUAL (UNFAVORABLE) BUDGET ACTUAL (UNFAVORABLE) BUDGET ACTUAL (UNFAVORABLE)
$ 299,204 $ 308,996 $ 9,792 $ $ $ $ 3,920,000 $ 4,193,749 $ 273,749
1,754,650 1,183,007 (571,643)
58,000 47,397 (10,603)
17,488 17,488
37,280 139,037 101,757 30,910 50,104 19,194 1,268,115 812,688 (455,427)
62,040 102,548 40,508 -- 15,000 38,171 23.171
2,211,174 1,780,985 (430,189) -~ 67,592 36.682 ~,203,115 5,044,608 (158,507)
80,630 42,757 37,873
193,460 245.328 (51,868)
25,000 9,350 15,650
1,920,755 1,398,671 522,084
70,000 69,608 392 120,000 104,842 15,158
2,339,710 1,687,401 652,309 6,088,154 4,913,131 1,175,023
960,000 960,000
,97,325 118,613 ~_~,lll, -----~
4,559,555 3,383,507 1,176,048 1,327,325 ---1J 48,221 179,104 6,208,154 5,017,973 ~J!L
(2,348,381) (1,602,522) 745,859 (1,296,415) (1,080,629) 215,786 ~5,039) 26,635 1,031,674
2,391,422 1,397,622 (993,800) 1,077,025 1,077,025
(924,528) (924,528) (26,910) (26,910) -- (2,075,1l5) (2,667,534) (592,419)
I ,466 894 473 094 (993 800) 1,050,115 1,050115 (2,075,115) (2.667,534) (592,419)
$ (881 487) (1,129,428)$ (247941) $ 1246 300) (30,514) $ 215786 $ (1 080 154) (2,640,899) $ 439255
(329,840) (1,375,695)
628,467 1,418586
298,627 -- 42,891
$ (&1080n $ (30514) $ 12 598 008)
CITY OF WHEAT RIDGE, COLORADO
COMBINED STATEMENT OF REVENUEs'EXPENSES
AND CHANGES IN RETAINED EARNINGS/FUND BALANCI:
PROPRIETARY AND PENSION TRUST FUNDS
Year Ended December 31, 1997
PROPRIETARY FIDUCIARY
FUND TYPI: FUND TYPE TUTALS
INTERNAL POLlCE IMEMORAN[)U~ ONI Y I
SERVICE PENSION ]997 1'!'!6
----
UPERATING REVENUES
Insurance Reimbursements $ 216,988 $ $ 216,988 $ 2216'!1
Employer ContributlOns 267,383 267,383 253.467
Employee ContributlOns 309 ,804 309)W4 289.20X
TUTAI (JPERATING REVENUE~ ___ll6.9~8 577,IX7 794,175 /().f 1()()
OPERA TlNG EXPENSES
lnsurance PremIums 69,819 W.XI9
Insurance Clanns 151,662 151.662 28(i.4X I
Benelit Pavments 398.50] 398.501 456.72X
AdmmlstralIve Charges --- 48.789 48,789 3U.39X
TOTAL OPERATING I:XPENSES 221.48 I 447,290 b68.7}.l 773~b()7
UPJ:RATlNG INCOMl:-, (LOSS) _j4.493) 129.897 125L404 (9,241)
NON-UPERATING REVENUES (EXPENSES)
Interest 21,186 1,205.895 1.227.08 I 71,1 I'!I
Investment Income 675,223 ()75,223 428.17'1
TOTAL NON-OPERATING REVENUES
(EXPENSES) 11.186 1,881,118 1,90V()4_ [,189)64
NI-:T INCOME [6,693 2,011,0[5 2.027 .708 [ IXU 123
RETAINED I:ARNINGSIFUND BALANCE,
BEGINNING 195,507 8,579.135 8,7 74,,ti4,2 L594_5~
RETAINED EARNINGS/FUND BALANCl::,
ENDING $ 212 200 $ _-.lI,L590 150. $ 10 802 350 $ 8,771J>.42
The accompanymg notes are an mtegra1 part of the fmanclal statements,
5
CITY OF WHEAT RIDGE, COLORADO
ST A TEMENT OF CASH FLOWS
LNTERNAL SERVICE FUND
Year Ended December 3 ], ] 997
Increase (Decrease) m Cash and Cash EqUlvalents
Cash Flows from Opcratmg ActivitIes
Cash RcceIved from Other Funds
Cash Paid to SupplIers
Nct Cash Provldcd (Used) by Operatmg ActivItIes
lash Flo\\s horn Invcstmg AclivIlies
Intcrcst Rccclvcd
Net Lash Provided bv Investmg Actlvllies
NET INCREASE (DECREASE) IN CASH AND CASH EQUlV ALENTS
C^SI I i\ND C^SH EQUIVALENTS, BEGINNING
l^SH AND CASH I:cQU]V ALENTS, ENDING
RECONCILIATION OF OPERATING LOSS TO NET CASH PROVIDED (USED) BY
OPERATING ACTIVITIES
Operatmg Loss
^djustments to Rcconcile Operatmg Loss to Net
Cash ProVided (Used) hy Operatmg ActIVItIes
Changes m ^ssets and LlabihtIes
^ccounts Payable
Claims Payable
Nct Cash Provldcd (Used) hy Operatmg Aclivllies
1997 19CJti
$ 216,988 $ 22I.A')]
_ ~"589J 172.59'))
(2I6,WD I49} 1')2
21.]86 21J()5
~86 21 iUS
(l,)5415) 170,9'7
. _._~~O9~53] 33')J ,4
$ 314 116 $ 50'),5, I
$
(4,493) $
(047,)0)
(3910K)
( In,OOO)
213)\82
$__l2..lQ,60IJ $
.H.'2Jll):;
6
The accompanymg notes are an integral part of the fmancIal statements.
CITY OF WHEAT RIDGE, COLORADO
NOTES TO FINANCIAL STATEMENTS
December 31, 1997
NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The City of Wheat fudge, Colorado was mcorporated m August, 1969, and became a
home rule City m 1976 as defined by Colorado ReVised Statutes The CIty IS governed by
a Mayor and eight-member Council elected by the residents
The accountmg polIcies of the City of Wheat RIdge, Colorado (the City) conform to
generally accepted accountmg pnnclples as applIcable to governments, The followmg IS
a summary of the more slgmficant poliCies
REPORTING ENTITY
In accordance with Governmental Accountmg Standards, the City has conSIdered the
possibilIty of mcluslOn of additional entities m ItS general purpose fmanclal statements
The defimtlOn of the reportmg entIty IS based pnmarily on finanCIal accountabilIty The
City IS financially accountable for orgamzations that make up ItS legal entity It IS also
finanCIally accountable for legally separate orgaruzat!Ons If CIty offiCials appomt a votmg
maJonty of the orgaruzat!On's goverrung body and eIther It IS able to Impose ItS will on that
orgaruzatlon or there is a potential for the orgaruzatlOn to prOVide speCific finanCIal benefits
to, or to Impose specific finanCial burdens on, the City The CIty may also be finanCially
accountable for governmental orgaruzatlOns that are fiscally dependent upon It
Based on the application of thiS critena, the City mcludes the Wheat RIdge EconomIc and
ReVitalization CommiSSion (ED ARC) wlthm its reportmg entity EDARC was created to
redevelop or rehabilItate certam blighted area of the City The EDARC Board of
Comrruss!Oners are appomted by the City Mayor and CounciL Council approval IS reqUired
for EDARC's budget The finanCIal mformat!On of ED ARC IS blended mto the City's
finanCIal statements as a speCial revenue fund.
FUNDS AND ACCOUNT GROUPS
The accounts of the City are organIzed on the baSIS of funds and account groups, each of
whIch IS conSIdered a separate accountmg entIty The operations of each fund are
accounted for With a separate set of self-balancmg accounts that compnse ItS assets,
Itabihties, fund eqUity, revenues, and expenditures, or expenses, as appropnate
Government resources are allocated to, and accounted for m mdivldual funds, based upon
the purposes for whtch they are to be spent and the means by which spending actiVitIes are
controlled. The vanous funds are grouped m the finanCIal statements m thiS report, mto
fund types and broad fund categones as follows
7
CITY OF WHEAT RIDGE, COLORADO
NOTES TO FINANCIAL STATEMENTS
December 31, 1997
NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Contmued)
FUNDS AND ACCOUNT GROUPS (Contmued)
GOVERNMENTAL FUNDS
All governmental funds are accounted for on a spending or "financial flow" measurement
focus, Tills means that only current assets and current liabilities are generally Included on
the balance sheet. Their reported fund balance (net current assets) IS considered a measure
of "avaIlable spendable resources" Governmental fund operating statements present
Increases (revenue and other financing sources) and decreases (expenditures and other
financing uses) In net current assets, Accordingly, they are SaId to present a summary of
sources and uses of "available spendable resources" dunng a penod.
General Fund -- The General Fund IS the general operatmg fund of the City It IS used to
account for all financial resources except those reqUIred to be accounted for m another
fund,
Special Revenue Funds -- Special Revenue Funds are used to account for the collectIOn
and disbursement of specific revenue sources,
Debt Service Funds -- Debt Service Funds are used to account for the accumulation of
resources for, and the payment of, long-term obhgatlOn pnnclpal, Interest, and related
costs,
Capital Projects Funds -- Capital Projects Funds are used to account for the acqUIsItIOn
or constructIon of property and facihties,
PROPRIETARY FUND
Internal Service Fund -- The Internal Service Fund accounts for goods and servIces
proVided to other departments or funds of the City on a cost-reimbursement basIs
FIDUCIARY FUNDS
Trust and Agency Funds -- Trust and Agency Funds are used to account for assets held
by the City in a trustee capacity or as an agent for indIViduals, pnvate orgaruzatlOns, other
governments, and/or other funds
8
NOTE 1:
CITY OF WHEAT RIDGE, COLORADO
NOTES TO FINANCIAL STATEMENTS
December 3 1, 1997
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
FUNDS AND ACCOUNT GROUPS (ContInued)
ACCOUNT GROUPS
General Fixed Asset Account Group -- Fixed assets used In governmental fund type
operatIOns (general fixed assets) are accounted for m the General Fixed Asset Account
Group, rather than In the governmental funds, No deprecIatIon has been provIded on
general fixed assets
General Long-Term Debt Account Group -- Long-term liabilitIes expected to be
financed from governmental funds are accounted for In the General Long-Term Debt
Account Group, not In the governmental funds
The account groups are not "funds" They are concerned only wIth the measurement of
finanCIal posItIOn, They are not mvolved wIth measurement of results of operatIOns,
BASIS OF ACCOUNTING
The accounting and finanCial reportmg 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 mcluded on the balance sheet. Operatmg statements of these
funds present Increases (i,e , revenues and other financing sources) and decreases (1.e ,
expendItures and other financIng uses) in net current assets
The propnetary fund and pensIOn trust fund are accounted for on a flow of economIc
resources measurement focus With thIS measurement focus, all assets and all liabilities
aSSOCIated WIth the operatIOn of these funds are mcluded on the balance sheet. Fund eqUIty
for the propnetary fund (i,e, net total assets) IS segregated mto contributed capItal and
retained earnings components Propnetary fund type operatmg statements present
Increases (e g., revenues) and decreases (e,g" expenses) In net total assets
The accountmg and reportmg treatment applied to the tixed assets and long-term liabilItIes
assocIated WIth a fund are determmed by ItS measurement focus
The modified accrual baSIS of accountmg IS used by all governmental funds and the agency
fund Under the modIfied accrual baSIS of accountmg, revenues are recognized when
susceptible to accrual (i,e" when they become both measurable and available)
"Measurable" means the amount of the transactIOn can be determmed and "avaIlable"
means collectible within the current penod or soon enough thereafter to be used to pay the
liabilities of the current penod. Expenditures are generally recogruzed when the related
fund liabilIty IS Incurred.
9
CITY OF WHEAT RIDGE, COLORADO
NOTES TO FINANCIAL STATEMENTS
December 31, 1997
NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
BASIS OF ACCOUNTING (Contmued)
Those revenues susceptible to accrual are sales taxes, property taxes, franchise taxes,
mterest, and grants. Fines and permit revenues are not susceptible to accrual as they
generally are not measurable until received in cash.
The accrual basis of accountmg is used by all proprietary and penSiOn trust fund types.
Under this method, revenues are recogmzed when earned and expenses are recogmzed at
the time liabilitIes are incurred.
For Its proprietary fund type, the CIty has elected not to apply Financial Accountmg
Standards Board (F ASB) statements and interpretatiOns issued after November 30, 1989
Agency Funds are custodial in nature and do not mvolve measurement of the results of
operatiOns.
Deferred revenues arise when a potential revenue does not meet both the "measurable" and
"available" cnteria for recognition in the current period. Deferred revenues also arise
when resources are received by the City before it has a legal claim to them, as when grant
momes are received prior to the incurrence of qualifying expenditures. In subsequent
pen ods, when both revenue recognition criteria are met, or when the City has a legal claim
to the resources, the lIability for deferred revenue is removed from the balance sheet and
revenue is recognized.
BUDGETS
The City follows these procedures in establishmg the budgetary data reflected m the
financial statements:
o
In September, the City AdmimstratIOn submits to the City Council a proposed
operating budget for the fiscal year commencing the following January 1. The
operatmg budget includes proposed expenditures and the means of financing them.
o
Public hearings are conducted to obtain taxpayer comments.
o
Prior to December 31, the budget is legally enacted through passage of an ordinance.
10
CITY OF WHEAT RIDGE, COLORADO
NOTES TO FINANCIAL STATEMENTS
December 31, 1997
NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
BUDGETS (ContInued)
o Any budget revisions that alter the total expenditures of any fund must be approved
by the City Council.
o Budgets are legally adopted for all funds of the CIty except the Trust and Agency
Funds Budgets for the General, Special Revenue, Capital Projects and Internal
Service Funds are adopted on a non-GAAP basIs USIng the encumbrance method
Budgetary compansons presented for the Debt Service Funds are presented on a
basis consistent with generally accepted accountIng pnnclples (GAAP)
o Budgeted amounts In the financial statements are as ongInally adopted or as amended
by the City Council. All appropnatlOns lapse at year end Colorado governments
may not legally exceed budgeted appropnatlons by fund,
CASH AND INVESTMENTS
Cash eqUIvalents Include Investments with onginal maturitIes of three months or less,
Investments in the PensIOn Trust and Agency Funds are recorded at market value All
other Investments are recorded at cost.
INTERFUND RECEIV ABLESIPA YABLES
Dunng the course of operations, numerous transactIOns occur between mdivldual funds,
The resultIng receivables and payables are classIfied on the balance sheet as "due from other
funds" and "due to other funds" because they are short-term In nature
Noncurrent portIOns oflong-term Interfund loan receivables are reported as advances and
are offset equally by a fund balance reserve account which Indicates that they do not
constitute expendable available financial resources and therefore are not available for
appropnatIon
FIXED ASSETS
Property and eqUIpment acqUIsitions made by the governmental funds are accounted for as
expenditures of the fund, and are then capitalized In the general fixed assets account group
All purchased property and eqUIpment are valued at cost, while donated assets are valued
at their estimated fair market value as of the date received as a donatIOn The City
capitalizes all assets valued at $500 or greater With a hfe In excess of one year
11
CITY OF WHEAT RIDGE, COLORADO
NOTES TO FINANCIAL STATEMENTS
December 3 1, 1997
NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Contmued)
FIXED ASSETS (Contmued)
Public domain ("infrastructure") general fixed assets conslstmg of roads, bndges, curbs and
gutters, streets and sidewalks, dramage systems and lightmg systems are not capitalized,
as these assets are Immovable and of value only to the City
No depreciatIOn IS provided on the general fixed assets
COMPENSATED ABSENCES
Employees of the City are allowed to accumulate unused vacatIOn and Sick time up to a
maximum based on years of service Upon termmatlOn of employment from the City, an
employee will be compensated for all accrued vacatIOn time at their current pay rate
Employees hired pnor to February 12, 1990 will be compensated for accrued Sick time
exceeding 60 days at one-half their current rate of pay
Accumulated unpaid vacation and Sick pay is accrued when earned, Amounts expected to
be pmd With expendable financial resources are recorded as a liability of the Compensated
Absences Debt Service Fund. Accumulated pay not expected to be paid from available
resources is reported m the General Long-Term Debt Account Group
LONG- TERM OBLIGA TIONS
Long-term debt IS recogmzed as a liability of a governmental fund when due, or when
resources have been accumulated m the debt service fund for payment early m the followmg
year For other long-term obligatIOns, only that portIOn expected to be financed from
expendable finanCial resources IS reported as a fund liability of a governmental fund The
remmnmg portion of such obligatIOns IS reported m the General Long-Term Debt Account
Group Long-term liabilities expected to be financed from propnetary fund operations are
accounted for m that fund,
FUND EQUITY
Reserves represent those portions offund eqUity not appropnable for expenditure or legally
segregated for a specific future use, DeSignated fund balances represent tentative plans for
future use of finanCial resources,
12
CITY OF WHEAT RIDGE, COLORADO
NOTES TO FINANCIAL STATEMENTS
December 31, 1997
NOTE 1: SUMMARY OF .SIGNIFICANT ACCOUNTING POLICIES (ContInued)
PROPERTY TAXES
Property taxes are leVIed on November I and attach as an enforceable hen on property on
January I Taxes are payable in full on April 30 or in two installments on February 28 and
June 15 The County Treasurer's office collects property taxes and rerruts to the City on
a montWy basis.
Slllce property tax revenues are collected in arrears dunng the succeeding year, a receIVable
and corresponding deferred revenue are recorded at December 3 I As the tax IS collected
III the succeeding year, the deferred revenue IS recogmzed as revenue and the receIvable IS
reduced,
CONTRABAND FORFEITURES
The Colorado Contraband Forfeiture Act allows law enforcement agencies to retalll
proceeds from the seizure of contraband, These proceeds are not subject to appropnatlOn
in the budget process.
COMPARATIVE DATA
Comparative total data for the pnor year has been presented In the accompanYIng financial
statements III order to prOVide an understanding of changes In the City's finanCial pOSitIOn
and operatIOns. However, comparative (i,e" presentation of pnor year totals by fund type)
data has not been presented III each of the statements SInce their InclUSIOn would make the
statements unduly complex and difficult to read,
TOTAL COLUMNS ON COMBINED STATEMENTS - OVERVIEW
Total columns on the CombIned Statements - Overview are captioned "Memorandum
Only" to indicate that they are presented only to facilitate financial analysis, Data III these
columns do not present financial position, results of operations, or cash flows in conformity
With generally accepted accounting principles, Neither IS such data comparable to a
consolidation, Interfund elIminations have not been made III the aggregatIOn of thiS data,
13
CITY OF WHEAT RIDGE, COLORADO
NOTES TO FINANCIAL STATEMENTS
December 31, 1997
NOTE 2: DEPOSITS AND INVESTMENTS
A summary of deposits and mvestments as of December 31, 1997 follows
Petty Cash
Cash Deposits
Investments
$ 1,670
1,898,633
1 8 123 300
$ 20,023.603
The above amounts are classified m the combined balance sheets as follows
Cash and Investments
Restncted Cash and Investments
$ 19,701,621
321 982
$ 20,023,603
Cash Deposits
The Colorado Public Deposit ProtectIOn Act, (PDP A) reqUires that all umts of local
government deposIt cash m eligible public depositones ElIgibilIty IS determmed by state
regulations, Amounts on deposit in excess offederal insurance levels must be collateralIzed
by elIgible collateral as determmed by the PDP A. The finanCial mstltutlOn IS allowed to
create a smgle collateral pool for all public funds held, The pool IS to be mamtamed by
another instItutIOn, or held m trust for all the uninsured publIc deposits as a group The
market value of the collateral must be at least equal to 102% of the unmsured depOSits
DepOSits are categonzed to give an mdicatlon ofnsk assumed by the government at the end
of the year Category 1 mcludes deposits that are insured, Category 2 mcludes
collateralized deposits with securities held by the pledgmg institutIOn's trust department or
agent III the City's name, and Category 3 includes uncollateralIzed, unmsured depOSits
At December 31, 1997, the City's cash deposits had a carrying amount of $1,898,633, and
a corresponding bank balance as follows
Insured (Category 1)
Deposits Collateralized in Smgle InstItution Pools (Category 2)
$ 372,258
1819918
Total Cash Deposits
$ 2.192.176
14
NOTE 2:
CITY OF WHEAT RIDGE, COLORADO
NOTES TO FINANCIAL STATEMENTS
December 3 I, 1997
DEPOSITS AND INVESTMENTS (Contmued)
Investments
Colorado statutes specIfy wluch Instruments units of local government may Invest, whIch
Include
o ObligatIOns of the United States and certain U S government agency's secuntles
o Certain internatlonal agency secuntIeS
o General obligatIOn and revenue bonds ofU S local government entItIes
o Bankers' acceptances of certain banks
o Commercial paper
o Local government Investment pools
o Wntten repurchase agreements collateralized by certain authonzed secuntles
o Certain money market funds
o Guaranteed Investment contracts
The City's mvestments are categonzed below to gIve an indIcatIOn of the level of secunty
assumed at year end,
Category 1 -- Investments that are msured or registered or for whIch the secuntles are held
by the City or Its agent In the City's name
Category 2 -- Unmsured and unregistered Investments for whIch the secuntIeS are held by
the counterparty's trust department or agent m the City's name
Category 3 -- Urunsured and unregistered mvestments for whIch the secuntles are held by
the counterparty's trust department or by Its agent, but not In the City's name
Total
Carrying
Balance
(Category 1 )
Market
Value
U S Treasury SecuritIes
$ 2 405 823
$ 3 486 409
15
CITY OF WHEAT RIDGE, COLORADO
NOTES TO FINANCIAL STATEMENTS
December 31, 1997
NOTE 2: DEPOSITS AND INVESTMENTS (ContInued)
Investments (ContInued)
At December 31, 1997, the City had Invested $1,033,145 and $4,094,182, respectively, In
the Colorado Government LiqUid Asset Trust (Colotrust), and the Colorado Surplus Asset
Fund Trust (CSAFE), Investment velucles established for local government entItles m
Colorado to pool surplus funds The Trusts operate Similarly to a money market fund and
each share IS equal III value to $1 00 Investments of the Trusts mclude U S Treasury bills,
notes and note stnps, and repurchase agreements collateralized by U S Treasury seCUrItIes
A deSIgnated custodial bank proVIdes safekeepmg and depOSItory servIces to the Trusts m
connectIOn WIth the direct mvestment and WIthdrawal functIOns of the Trusts Substantially
all secuntles owned by the Trusts are held by the Federal Reserve Bank m the account
mamtamed for the custodial banle The custodian's mternal records IdentIfy the Investments
owned by the Trusts,
At December 31,1997, the CIty's pensIOn plan assets were mvested In vanous mutual
funds The carryIng and market values of these funds were $10,590,150
These mvestments are not categonzed smce the underlymg secuntles cannot be deternuned
Restricted Cash and Investments
Cash and mvestments of$321,982 have been restncted III the Incremental Sales Tax Bond
Debt ServIce Fund for future debt servIce of the 1993 Sales Tax Revenue Refundmg
Bonds
NOTE 3: FIXED ASSETS
A summary of changes In the General Fixed Assets Account Group IS as follows
Balance Balance
I II /97 AddItions DeletIOns 12/31/97
Land $ 4,243,711 $ 1,024,444 $ $ 5,268,1 55
BuildIngs 4,851,924 4,85 1,924
Streets and Improvements 9,116,150 91,113 84,812 9,122,45 I
EqUipment 5143312 1,287639 449 509 5981442
Total General Fixed Assets $ 23.355,097 $ 2.403.196 $ 534.321 $ 25.223,972
16
CITY OF WHEAT RIDGE, COLORADO
NOTES TO FINANCIAL STATEMENTS
December 3 1, 1997
NOTE 4: LONG-TERM DEBT
General Long-Term Debt Account Group
Followmg is a summary of General Long-Term Debt Account Group transactions for the
year ended December 31, 1997
Balance Balance
1/1/97 AdditIOns Payments 12/31197
Revenue Bonds $ 2,985,000 $ $ 960,000 $2,025,000
Capital Lease 37,342 9,876 27,466
Compensated Absences 481,497 5,357 486,854
Developer Agreement 175000 17500 157 500
Total $ 3.678.839 $ 5,357 $ 987.376 $2.696,820
Revenue Bonds
The City Issued $3,210,000 Sales Tax Revenue Refunding Bonds, Senes 1993, to refund
the City's 1988 Sales Tax Revenue Bonds, which funded certam street Improvements
Pnncipal payments are due annually on December 1, and mterest payments are due seml-
annually on June I and December 1, through 1999 Interest accrues at rates rangmg from
2 45% to 4 1 % per annum,
Annual debt servlce reqUirements for the bonds are as follows
Year Ended December 31, PrinCipal Interest Total
1998 $ 1,000,000 $ 81,025 $ 1,081,025
1999 1,025000 42 025 1 067,025
Total Debt Service ReqUirements $ 2.025.000 $ 123.050 $ 2,148.050
Capital Leases
The City entered into vanous lease purchase agreements to purchase office copiers
Monthly payments of pnncipal and mterest accruing at rates rangmg from 6 5% to 9%, are
payable through 2000 The outstanding balances of the leases are recorded in the General
Long-Term Debt Account Group Future nurnmum lease payments are as follows
17
CITY OF WHEAT RIDGE, COLORADO
NOTES TO FINANCIAL STATEMENTS
December 3 1, 1997
NOTE 4: LONG-TERM DEBT (Continued)
Capital Leases (Continued)
Year Ended December 31
1998
1999
2000
$
12,132
11,457
8,656
Total Mimmum Lease Payments
32,245
Less Interest
(4779)
Present Value of Future Mimmum Lease Payments
$
27.466
Developer Agreement
On JanuaIY 13, 1997, the Wheat RIdge Economic and RevitalizatIOn Commission agreed to
compensate the Wheat RIdge Marketplace for certain costs Incurred In the development of
the project The full amount of the agreement, $175,000, IS due and payable wIthin 10
years No Interest accrues on the obligatIOn.
NOTE 5: RISK MANAGEMENT
The City IS exposed to vanous nsks of loss related to torts; theft of, damage to, and
destructIOn of assets; errors and omiSSions, Injuries to employees, and natural disasters
The City has agreed to self-Insure claims for general liability, automobile liability, law
enforcement liability, and public offiCials error and omiSSions liability to a maximum of
$150,000 per occurrence, Self-insurance activities are accounted for In the Internal ServIce
Fund, Changes In claims payable were as follows
ClaIms Payable, January I
Incurred but Unreported Claims and Adjustments
Claims PaId
Claims Payable, December 31
1997
$ 273,000
151,662
(324 662)
$ 100.000
1996
$ 100,000
286,481
(I 13 48 I )
$ 273.000
For excess liability, property and workers compensatIon claims, the City IS Involved WIth the
Colorado Intergovernmental RIsk Sharing Agency (CIRSA), a separate and Independent
governmental and legal entIty formed by Intergovernmental agreement by member
mUlliclpalitles pursuant to the provIsion of24-10-115 5, Colorado RevIsed Statutes (1982
Replacement Volume) and Colorado ConstItution, Article XIV, SectIon 18(2)
18
CITY OF WHEAT RIDGE, COLORADO
NOTES TO FINANCIAL STATEMENTS
December 31, 1997
NOTE 5: RISK MANAGEMENT (ContInued)
The purposes of ClRSA are to provide members defined liability, property, and workers
compensation coverages and to assist members to prevent and reduce losses and mJunes to
mUniCIpal property and to persons or property which nught result In claims beIng made
agaInst members of ClRSA, their employees and officers,
It IS the Intent of the members of ClRSA to create an entity In perpetUIty which will
admmlster and use funds contributed by the members to defend and mdemnlfy, m accordance
with the bylaws, any member of CIRSA agamst stated liability of loss, to the limit of the
financial resources of CIRSA It IS also the mtent of the members to have CIRSA provide
contmuIng stability and availability of needed coverages at reasonable costs All mcome and
assets of ClRSA shall be at all times dedicated to the exclUSive benefit of ItS members
CIRSA IS a separate legal entity and the City does not approve budgets nor does It have
ability to Significantly affect the operations of the Unit.
The City carnes commercial Insurance for other nsks of loss, Includmg employee health
Insurance
NOTE 6: RETIREMENT COMMITMENTS
Police Purchase Pension Plan
The City contributes to a smgle employer defined contribution money purchase pension plan
on behalf of sworn police officers, totaling 62 particIpants at December 31, 1997
Employees are reqUIred to contribute 10% of their compensatIon to the Plan, and the City
contributes 10% The contribution reqUIrements of Plan members and the CIty are
established and may be amended by the City CounciL
Employees may also make voluntary contributions to the Plan but may not contribute In
excess of 15% of their compensation to the Plan,
Employees become vested m City contributions to the Plan at 40% after 4 years of servIce,
45% after 5 years, 50% after 6 years, and an additIOnal 10% each year thereafter
All of the Plan mvestments at December 31, 1997, of$l 0,590,150 are managed by Norwest
Investment ServIces, Inc, The Plan IS included in the financial statements as a Pension Trust
Fund
19
CITY OF WHEAT RIDGE, COLORADO
NOTES TO FINANCIAL STATEMENTS
December 3 I, 1997
NOTE 6: RETIREMENT COMMITMENTS (Continued)
Department Head Pension Plan
City department heads participate In a multiple-employer defined contributIOn pensIOn plan
after one year of employment. Department heads are reqUired to contribute 4% of theIr
compensatIOn to the Plan and the City contributes 5% The contributIOn reqUirements of
Plan members and the City are established and may be amended by the City Council
Employees become vested in all contributions to the Plan immediately
All ofthe Plan Investments are managed by The International City Managers' ASSOCiatIOn
(lCMA)
Employee Pension Plan
The City contributes to a multIple-employer defined contributIOn pension plan on behalf of
all employees, except polIce officers and department heads, after one year of employment.
The Plan had 112 participants at December 31, 1997 Employees are reqUired to contribute
4% of their compensation to the Plan, and the City contributes 4% The contributIon
reqUIrements of Plan members and the City are established and may be amended by the CIty
CounciL
Employees become vested In City contributIOns to the Plan at 20% annually
All of the Plan Investments are managed by The Colorado County Officials and Employees
Retirement ASSOCiatIOn (CCOERA)
NOTE 7: EXPENDITURES IN EXCESS OF BUDGETED AMOUNTS AND NEGA TIVE FUND
BALANCE
For the year ended December 31, 1997, the Wheat Ridge Town Center SpeCial Revenue
Fund actual expenditures exceeded the amounts budgeted by $57,868
The Recreation Center Special Revenue Fund had a negative fund balance of$342,578 at
December 31, 1997 This IS expected to reverse as amounts are accumulated to construct
a new recreatIOn center
20
CITY OF WHEAT RIDGE, COLORADO
NOTES TO FINANCIAL STATEMENTS
December 31, 1997
NOTE 8: COMMITMENTS AND CONTINGENCIES
Tabor Amendment -- Colorado voters passed an amendment to the State ConstItution,
ArtIcle X, Section 20, wluch has several hmitations, includmg revenue raIsing, spendlllg
abilitIes, and other specIfIC requirements of state and local governments The Amendment
requITes, WIth certain exceptIOns, advance voter approval for any new tax, tax rate Illcrease,
mill levy above that for the pnor year, extensIOn of an expIring tax, or tax pohcy change
directly causIng a net tax revenue gain to the City
Revenue in excess of the fiscal year spending limit must be refunded In the next fiscal year
unless voters approve retentIOn of such revenue The City's management believes It IS III
compliance WIth the provIsIons of the Amendment. However, the Amendment IS complex
and subject to InterpretatIOn, Many of ItS proVISIons may reqUIre JudiCIal Illterpretatlon.
The City has established an emergency reserve, representIng 3% of quahfYing expendItures,
as reqUIred by the Amendment. At December 31, 1997, the emergency reserve of$524,000
was recorded In the General Fund,
LitIgatIon -- The City is involved In vanous laWSUIts, The outcome of thIs htlgatlOn cannot
be detemuned at thIs time,
COImmtments -- EDARC has entered mto an agreement WIth Wheat Ridge Marketplace, to
pay to the developer Incremental property tax revenue denved from the property through
December 31, 2006, not exceeding $750,000 Dunng 1997, the City paid or accrued for
payment $164,559 under thIS agreement.
21
COMBINING, INDIVIDUAL FUND AND ACCOUNT GROUP
STATEMENTS AND SCHEDULES
SPECIAL REVENUE FUNDS
Special Revenue Funds account for the proceeds of specific revenue sources that are legally restncted
to expenditures for specific purposes, the City has 15 special revenue funds
Open Space Fund - the CIty, along with Jefferson County and adjacent Colorado mumclpalltIes, have
agreed to Jomtly develop "Open Space" The cost of such development IS funded by a County sales tax
which IS shared with the City under a deferred formula
Police Building Fund - accounts for 1/2 cent sales tax collected for the constructIOn of the police
department building additIOn,
Police Investigation Fund - accounts for assets seized by the City's Pollce Department
Park Acquisition Fund - accounts for revenue received and designated for use In the acqUisitIOn of
additIOnal parks and related improvements
Building Demolition Fund - IS a revolving fund that charges property owners for City expenses Incurred
In the demolitIOn of bUIldings
Senior/Teen Center Fund - accounts for contributions and related expenditures made to the Wheat
RIdge Commumty Center
Municipal Court Fund - IS used for eqUipment maIntenance, office furniture, VictIm services and
mIscellaneous court and probatIOn expenses,
Tree Planting Fund - IS used for two types of tree plantIng programs, street trees and park trees
RichardsIHart Improvement Fund - expenditures In thiS fund will be used to upgrade and Improve
Richards/Hart Estate
Parks and Recreation Damage Deposit Fund - momes In thiS fund are damage depOSits that are paid
to the Parks and Recreation Department for rental of park pavilions, park shelters and facility rentals
Wheat Ridge Town Center Fund - accounts for revenue received and deSignated for economic
development by the Wheat RIdge Economic Development and Revitalization Commission.
Equipment Fund - has been established to purchase and lease vehicles and equipment
Conservation Trust Fund - accounts for funds received and restncted as to use In the acqUISItion,
development and maIntenance of park and recreation sites pursuant to Colorado ReVised Statutes,
Computer Fund - has been established to purchase and lease computers,
Recreation Center Fund - accounts for 1/2 cent sales tax collected for the constructIOn of the recreation
center
CITY OF WHEAT RIDGE, COLORADO
SPECIAL REVENUE FUNDS
COMBINING BALANCE SHEET
Decembcr 31, 1997
OPEN POLICE POLICe PARK
SP ACE BUILDING INVESTIGATION AC(21JISITION
-_.._~
ASSETS
Cash and Investments $ 37,512 $ 845,131 $ 72,558 $ 61,633
ReceIvables
PropertY Taxes
Intcrgc)"cmmentaI 1 ,520,096
( Jther 3.917
Due from Other runds 110
TOTAL ASSETS $ t;;57 :608 $ 8490048 $ }2668 $ _2L(;}3
LIABILITIES AND FUND EQUITY
LIABILITIES
Accounts Pavablc $ $ $ $
Accrued Expenses 22,095
Due to Othcr Funds 593,608
Advances from Other Funds
De1'crred Revenue ~--
TOTAl,IJABLLITIES 615,703
FUND EQUITY
Fund Balances
Rcserved for encumbrances 56,801 182,026 26,632
Unreserved 885,104 667,022 72,668 ~__J2,OU 1
TOTAL FUND EQUITY 941,905 849,048 72,668 61.~1l
TOTAL L1ABLLITIES AND FUND EQUITY $ I 557 ,608 $ 849048 $ 72.668 $ 61.633
See the accompanymg Independent Auditors' Report.
22
CITY OF WHEAT RIDGE, COLORADO
ALL SPECIAL REVENUE FUNDS
COMBINING STATEMENT OF REVENUES. EXPENDITURES AND
CHANGES IN FUND BALANCE
Year Ended December 31, ] 997
OPEN POLICE POLICE PARK
SPACE BUILDING INVESTIGATION ACQUISITION
REVENUES
Taxes $ $ $ $
Intergovernmental 819,3]6
Charges for Services 375
Interest 46,269 996 2,319
Other 40,006
TOTAL REVENUES 819,3]6 46.269 41,002 2,694
EXPENDITURES
Current
General Government
Planrung and Development
Police 9,350
Parks and Recreal10n 830,405 3,722
Capital Outlay 86,I 25
TOTAL EXPENDITURES 830,405 86,I 25 9,350 3,722
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES (11,089) (39,856) 31 ,652 (1,028)
OTHER FINANCING SOURCES (USES)
Operating Transfers In 50,882
Operatmg Transfers Out (874,650)
TOTAL OTHER FINANCING SOURCES
(USES) (874,650) 50,882
EXCESS OF REVENUES AND OTHER
SOURCES OVER (UNDER)
EXPENDITURES AND OTHER USES (885,739) (39,856) 31,652 49,854
FUND BALANCE, BEGINNING ] ,827 ,644 888,904 4],0]6 11,779
FUND BALANCE, ENDING $ 94 1,905 $ 849048 $ 72 668 $ 6 1,633
See the accompanying Independent Auditors' Report,
23
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CITY OF WHEAT RIDGE, COLORADO
OPEN SPACE
SCHEDULE OF REVENUES, EXPENDITURES AND ENCUMBRANCES
BUDGET AND ACTUAL
Year Ended December 3 ], 1997
1997
-----'illDGEI_
A<:;TUAL_
V ARIANCE-
FAVORABLE _--199L__
(UNFAVQRABLm _ACTUAL
REVENUES
Intergovernmental
$_ _IA)4,650_ $ _~'L3IQ $
(QJ~l1) $ __---2~2I 0_
TOTAL REVENUES
_JA34,650
__~19J.12- -16I5J334)
__ 96811 0
EXPENDITURES
Current
Parks and Recreation
1,043,508
870,728 _ ___172,780
_I,(JJL119
TOTAL EXPENDITURES
1,043,508
870,72~ _ 172,780
~03],419
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES
391,142
(51,412) _ ~442,554)
_~~9)
OTHER FINANCING SOURCES (USES)
Operating Transfers In
Operating Transfers Out
(874,650)
(874,650)
601,000
(350,000)
TOTAL OTHER FINANCING SOURCES (USES) _ _--18]~65Q)
(874,650)
251,000
EXCESS OF REVENUES AND OTHER
SOURCES OVER (UNDER) EXPENDITURES
AND OTHER USES $ ____J483 508)
_~2.6,062} L--1442.554)
_187,791
ADJUSTMENTS TO GAAP BASIS
Encumbrances
Prior Year
Current Year
(16,478)
56,801
(2,037)
15,478
TOTAL ADJUSTMENTS
_40,323
_)3,441
EXCESS OF REVENUES AND OTHER SOURCES
OVER (UNDER) EXPENDITURES
AND OTHER USES (GAAP BASIS)
$ _ J8_85 739)
$_~ 2Q1231
See the accompanying Independent Auditors' Report,
24
CITY OF WHEAT RIDGE, COLORADO
PQLlCE13JllLDlliQ
SCHEDULE OF REVENUES, EXPENDITURES AND ENCUMBRANCES
BUDGET AND ACTUAL
Year Ended December 31, 1997
TOTAL REVENUES
1997
V ARlANCE-
FAVORABLE 1996
BUDGET ACTUAL (UNFAYQRABLE) _ ACTUAL
$ $ $ $ 749,180
46,269 _~,269 77,497
__ 4(i,269 - <lQ,2~ __82<s,677
600,000 __ 4L04} __~58~53_ ILO~831
_ 60Q,Q9(L __~l,Q4L _-----.s58, 953 1,019,83t
$----1600~Q) 5,222 $ _~ 60;;.222 __(193,154)
REVENUES
Taxes
lnterest
EXPENDITURES
Capital Outlay
TOTAL EXPENDITURES
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES
ADJUSTMENTS TO GAAP BASIS
Encumbrances
Prior Year
Current Year
TOTAL ADJUSTMENTS
(227,104) (J ,041,781)
] 82,026 _ ~4,047
____{45,OL8) (847,734)
$ ~39.856) $ ---CLl)40.888)
EXCESS OF REVENUES OVER (UNDER)
EXPENDITURES (GAAP BASIS)
See the accompanying Independent Auditors' Report.
25
CITY OF WHEAT RIDGE, COLORADO
POLICEJNVEBTlQAIION
SCHEDULE OF REVENUELEXPENDITURES AND ENCUMBRANCES
BUDGET AND ACTUAL
Year Ended December 31,1997
TOTAL REVENUES
1997
V ARlANCE-
FAVORABLE .- 1996
BUDGET -.AC:TUAL (UNF A VORABLID ACTUAL_
$ $ $ $ 13,484
1,000 996 (4) 836
__-.1,()00 40,006 __~006
3,000 41,002 38,002 _ _ ~4,320
REVENUES
Intergovernmental
Interest
Other
EXPENDITURES
Current
Police
TOTAL EXPENDITURES
__]J.,OO~ 9.,350 1~650 - 12,lQ'1
-- 22Jl00 9,350 Jj,650 12].64
$ (22.000) $ 31,652 $~cJ3,652 $=----12&
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES
See the accompanying Independent Auditors' Report,
26
CITY OF WHEAT RIDGE, COLORADO
PARK ACQUISITION
SCHEDULE OF REVENUES, EXPENDITURES AND ENCUMBRANCES
BUDGET AND ACTUAL
Year Ended December 31, 1997
---1997
V ARIANCE-
FAVORABLE 1996
BUDGET -.---
ACTUAL (UNFAVORABLE) ACTUAL
REVENUES
Charges for Services $ 3,000 $ 375 $ (2,625) $ 2,325
Interest 660 _1,3~ 1,659 ~6li
TOTAL REVENUES 3,660 2,694 (966) _--2,008
EXPENDITURES
Current
Parks and Recreation - _62,664 30,354 32,310 __ ~ 0,000
TOTAL EXPENDITURES __ ()L66~ 3_00351 - -32J10 --1Q,QOO
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES (59,004 ) ~7M0) 31 ,344 (6,991)
OTHER FINANCING SOURCES
Operating Transfers In _ 5_0,882_ 50,882
TOT AL OTHER FINANCING SOURCES ~882 ~8l!2 ~._--
- -
-
EXCESS OF REVENUES AND OTHER
SOURCES OVER (UNDER) EXPENDITURES $ (8122) 23,222 $ 31.344 (6,992)
ADJUSTMENTS TO GAAP BASIS
Encumbrances
Prior Year
Current Year 26,63:2 -
-"-
TOTAL ADJUSTMENTS 26,632
EXCESS OF REVENUES AND OTHER SOURCES
OVER (UNDER) EXPENDITURES (GAAP BASIS) $ ~49,854 $~~L6.99:D
See the accompanying Independent Auditors' Report,
27
CITY OF WHEAT RIDGE, COLORADO
BUILDING DEMOLITION
SCHEDULE OF REVENUES, EXPENDITURES AND ENCUMBRANCES
IillDGET AND ACTUAL
Year Ended December 31, 1997
_~ _~__ 1997
~~GET
REVENUES
Interest
Other
$
400
TOTAL REVENUES
400
EXPENDITURES
Current
Planning and Development
___6~OOO
TOTAL EXPENDITURES
____Q,Oil_O_
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES
$
(5,600)
V ARIANCE-
FAVORABLE
(UNF A VORAB1E)
ACTUAL
-_.~-
$ 995 $
173
___l,168
595
173
768
-~Q.Q
-
---.-
____MOQ
$
-LUi8
$
See the accompanying Independent Auditors' Report.
28
6.768
1996
ACTUAL
____u___
$
803
803
164
164
~--
$
639.
REVENUES
Interest
Other
TOTAL REVENUES
EXPENDITURES
Current
Parks and Recreation
TOTAL EXPENDITURES
CITY OF WHEAT RIDGE, COLORADO
SENIOR/TEEN CENTER
SCHEDULE OF REVENUES. EXPENDITURES AND ENCUMBRANCES
BUDGET AND ACTUAL
Year Ended December 3 I, 1997
~9) --
V ARlANCE-
FAVORABLE -~~--
~DgET . _ ACTlJAL_ ill1'JF AVOB,ABLE) _ACTUAL
$ 300 $ 272 $ (28) $ 261
_ !hi00 __I 1,090 ~,590 _2,091
_._8,~OO 11,362 2,562 9,352
~IQ,QOO
8,213
1,787
~03
10,000
8,213
1,787
__ _ ll, 9(j1.
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES
$
(1.200) $
3.149 $
$
(2.55Jj
,,~9
See the accompanying Independent Auditors' Report,
29
CITY OF WHEAT RIDGE, COLORADO
MUNICIPAL COURT
SCHEDULE OF REVENUES, EXPENDITURES AND ENCUMBRANCES
BUDGET AND ACTUAL
Year Ended December 31, 1997
1997 ---
V ARlANCE-
FAVORABLE 1996
BUDGET _6CTU~L illNF A VORAAW ACTUAL
REVENUES
Charges for Services $ 55,000 $ 47,022 $ (7,978) $ 55,332
Interest ___ 2,00Q __3,607_ _MQL __ 'L)07
--
TOTAL REVENUES ROOO __ 50,629 _ _LQ.,371) 58,039
--.- ---.-
EXPENDITURES
Current
General Government 8Q,630 42,757 37,873 ~~,624
TOTAL EXPENDITURES 80,630 42,757 _ )1~73. -99,624
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES (23,630) 7,872 31,502 ___ (8,585)
OTHER FINANCING SOURCES (USES)
Operating Transfers In 12,000 12,00~ ---.- -~
TOTAL OTHER FINANCING SOURCES (USES) __ lb.OOO 12,000 -~-
EXCESS OF REVENUES AND OTHER
SOURCES OVER (UNDER) EXPENDITURES $ (I 16.lQ) 19,872 $ __3 I ,50~ ~,585)
ADJUSTMENTS TO GAAP BASIS
Encwnbrances
Prior Year (27,307)
Current Year 4,862 27,307
TOTAL ADJUSTMENTS (22,4~ 27,307
EXCESS OF REVENUES AND OTHER SOURCES
OVER (UNDER) EXPENDITURES (GAAP BASIS) $ (2.573) $ 18.722
See the accompanying Independent Auditors' Report,
30
CITY OF WHEAT RIDGE, COLORADO
TREE.PLANTING
SCHEDULE OF REVENUES EXPENDITIlRES AND ENCUMBRANCES
BUDGET AND ACTUAL
Year Ended December 3 1, 1997
TOTAL REVENUES
1997
V ARIANCE-
FAVORABLE 1996
BUDGET ACTUAL (UNFAVORABIJ~) ACTUAL
$ 20.,0.0.0. $ 10.,250. $ (9,750.) $ 5,0.0.0.
2,0.0.0. 7,0.27 5,0.27 3,245
15,0.0.0. _ 17,439 2,439 16,238
37,0.0.0. 34,716_ (2,2~'!) __ 24,18l
REVENUES
lntergovenunental
Interest
Other
EXPENDITURES
Current
Parks and Recreation
~ 16~54l _ 114,118
.~~5~5
__5~~
TOTAL EXPENDITURES
169,543 114,448
55,0.95
54,754
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES
~132,543) ~__llV3n
_~,1UL
(3o.,27D
OTHER FINANCING SOURCES
Operating Transfers In
_ 43,443_ _ 43,442-
. 87,623
TOTAL OTHER FINANCING SOURCES
43,443
43,443
-
--
87,623
EXCESS OF REVENUES AND OTHER
SOURCES OVER (UNDER) EXPENDITURES
$~89.1o.O)
------.--1.36,289 )
L_~!U.L
57,352
ADJUSTMENTS TO GAAP BASIS
Encumbrances
Prior Year
Current Year
(28,815)
31,553
28,8Ji.
TOTAL ADJUSTMENTS
----1,lJ8
28,815
EXCESS OF REVENUES AND OTHER SOURCES
OVER (UNDER) EXPENDITURES (GAAP BASIS)
$__(~3.,ill)
$
861.67
See the accompanying Independent Auditors' Report,
31
REVENUES
Interest
Other
TOTAL REVENUES
EXPENDITURES
Current
Parks and Recreation
TOTAL EXPENDITURES
CITY OF WHEAT RIDGE, COLORADO
RICHARDSIHART IMPROVEMENT
SCHEDULE OF REVENUES, EXPENUUURES aND ENCUMBRh.NCES
BUDGEI.AND ACTUAL
Year Ended December 31, 1997
1997
V ARIANCE-
FAVORABLE ]996
BUDGET ACTUAL (UNFAVORABLE) ACTUAL
$ 200 $ 152 $ (48) $ 139
2,640 2,640 2,640
2,840 2,]9L (48) 2,779
_~QOO
2,522
__L8R
_un _~478
7,000
2.522
~78
~- -
1,824
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES
$~J1.l~ $
270 $ =~ 4.430
$
955
See the accompanying Independent Auditors' Report,
32
REVENUES
Interest
Other
TOTAL REVENUES
EXPENDITURES
Current
Parks and Recreation
TOTAL EXPENDITURES
CITY OF WHEAT RIDGE, COLORADO
PARKS AND RECREATIQ1'LDAMAGE DEPOSIT
SCHEDULE DF REVENUES EXPENDlTURE~ EtlCllMJ3RANCES
BllDGET ANDACIUAL
Year Ended December 3], 1997
1997
V ARIANCE-
FAVORABLE _1996 _
BUDGET ~CTUe..L (UNFAVORABI"f) __ACTUAl-
$ 220 $ 363 $ 143 $ 293
15,000 7,650 (7,350) 14,300
]5,220 8,0]3 (7 ,207) _]4,593
l2J)00 6,383 8,617 - _~55~~
- -..-
]5,000 6~_ 8,6]7 _13,55JL
$ 220 $ =J~JL $ ____1,410 $ 1043
-
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES
See the accompanying Independent Auditors' Report.
33
CITY OF WHEAT RIDGE, COLORADO
WHEAT RIDGE TOWN CENTER
SCHEDULE OF REVENUES, EXPENDITURES AND ENCUMBRANCES
BUDGET AND ACTUAL
Year Ended December 3 I, 1997
TOTAL REVENUES
1997 ----
V ARIANCE-
FAVORABLE -----199L_
BUDGET ACTUAL (UNF A VQRABLl,J ACTUAL
--
$ 299,204 $ 308,996 $ 9,792 $ 181,564
7,500 3,789 (3,7] 1) 1,128
_-----148
_~6,704 312,785 --~ 182,840
REVENUES
Taxes
Interest
Other
EXPENDITURES
Current
Planning and Development
TOTAL EXPENDITURES
187,160
245,328
(57,8@
(57,868)
40,166
187,460
245,328
_ 4Q,16~
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES
$~=_LI9.244 $
__ 67A5~ $
(51,787) $
142674
See the accompanying Independent Auditors' Report.
34
CITY OF WHEAT RIDGE, COLORADO
EQUIPMENT
SCHEDULE OF REVENUES. EXPENDITURES AND ENCUMBRANCES
BUDGET AND ACIUAL
Year Ended December 31, 1997
~--- 1997
V ARIANCE-
FAVORABLE 1996
---.-
BUDGET ACTUAL QJNF A VORABLE) ACTUAL
REVENUES
Interest $ 5,000 $ 17,304 $ ]2,304 $ 6,8]4
Other 18,900 __ 22,555 3,655 20,832
TOTAL REVENUES __23,900 ~859 ]5,959 __17,646
- -------.
EXPENDITURES
Capital Outlay 434,000 395,546 __38,454 _ 323,3n
TOTAL EXPENDITURES 434,.000 395,546 38,4~~ 323,372
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES (410,100) -- (355,687) 54,4I:t (295,726)
OTHER FINANCING SOURCES
Operating Transfers In 325,000 _)75,000 _._-~- 375,000
TOTAL OTHER FINANCING SOURCES 375,000 375,000 ------. ----1}5,000
EXCESS OF REVENUES AND OTHER
SOURCES OVER (UNDER) EXPENDITURES $ (35 100) $= __ 19.313 $ ~54.413 $ 79,274
See the accompanying Independent Auditors' Report,
35
CITY OF WHEAT RIDGE, COLORADO
ffiNSERV A nON TRUST
SCHEDULE OF REVENUES, EXPENDITURES AND ENCUMBRAN~
BUDGET AND ACTUAL
Year Ended December 3 I, 1997
1997
V ARIANCE-
FAVORABLE 1996
BUDGET ACTUAL (UNFAVORABLE) ~ ACTliA1__
REVENUES
Intergovernmental $ 300,000 $ 353,44 I $ 53,44 ] $ 302,508
Interest 15,000 31,288 _~~288 _ 22,95~
TOTAL REVENUES - 31 ~,OOO 384J29 _ 69,729 __)25,462
--
EXPENDITURES
Current
Parks and Recreation __~3,040 366,On 247,01'( ---1@Jl93
TOTAL EXPENDITURES 613,040 _~023 247,017 160,893
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES ~298,040) 18,706 3]6,746 164,569
OTHER FINANCING SOURCES (USES)
Operating Transfers Out ~(49,87~ (49,878)
TOTAL OTHER FINANCING SOURCES (USES) (49,878) _J,49,878)
EXCESS OF REVENUES OVER (UNDER)
EXPENDITURES AND OTHER USES $ (347.91~ (31,172) $ ~6.746 ~164,569_
ADIUSTMENTS TO GAAP BASIS
Encumbrances
Prior Year (30,136) (59,060)
Current Year 272,307 29,136
TOTAL ADJUSTMENTS 242,17] (29).9M)
EXCESS OF REVENUES OVER (UNDER)
EXPENDITURES AND OTHER USES (GAAP BASIS) $ 210.999 $ .~ 134645
See the accompanying Independent Auditors' Report.
36
CITY OF WHEAT RIDGE, COLORADO
CQMPUTER
SCHEDULE QFREVENUES, EXPENDIIlL.RE~ND ENCUMBRANCES
BUDGET AND ACTUAL
Year Ended December 31, 1997
1997
V ARIANCE-
FAVORABLE 1996
BUDGET ACTUAL illNF A VORABLE) ACTUAL
REVENUES
Interest $ 3,000 $ 8,672 $ 5,672_ $ 5,]94
TOTAL REVENUES 3,000 8,672 _~,672 5,194
EXPENDITURES
Capital Outlay __28'LOOO - _23] ,044 52,956 _~~92
TOTAL EXPENDITURES 284,000 ~ 231 L044 _~52,')56 ~_ 225,992
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES _(281,000) _____Qn,372) _-----18,628 (220,798)
OTHER FINANCING SOURCES
Operating Transfers In 284,000 284,000 236,040
TOTAL OTHER FINANCING SOURCES 284,000 284,000 236,040
EXCESS OF REVENUES AND OTHER
SOURCES OVER (UNDER) EXPENDITURES $ 3000 6 ] ,628 $ _ 58628 15,242
ADJUSTMENTS TO GAAP BASIS
Encumbrances
Prior Year (32,376)
Current Year 2.Q,3~
TOTAL ADJUSTMENTS _:?6,376 (32,376)
EXCESS OF REVENUES AND OTHER SOURCES
OVER (UNDER) EXPENDITURES (GAAP BASIS) $ __88.004 $ (17.134)
See the accompanying Independent Auditors' Report,
37
CITY OF WHEAT RIDGE, COLORADO
RECREATION CENTER
SCHEDULE OFREVENUES EXPENDITURES AND ENCUMBRANCES
BUDGET AND ACTUAL
Year tnded December 31, ] 997
]997
--
BUDGET
---
V ARIANCE-
FAVORABLE
LUNFA VORABLE)
-- --
~CTUAL
REVENUES
Interest
Other
$
$
] 5,984 $
995
15,984
995
TOTAL RLVENUES
_,~7~
1637')
EXPENDITURES
l UlTcnt
Parks ano RecreatIon
CapItal Outla)
1112 L1lQ.. 1,019,764 _1,94t'
l1L2illO 11119.76'1. 1<)46
(1,021,710) (l,002,7812 _L8,925
---1626,097 632.297 223,800
] ,626,097 632,297 _ 993,800
TOTAl EXPENDITURES
eXCESS OF REVENUES OVER
(UNDER) EXPENDITURES
OTHER FINANCING SOURCES
OperatIng Transfers In
TOTAL OTHER FINANCING SOURCES
EXCESS OF REVENUES AND OTHER
SOURCES OVER (UNDER) EXPENDITURES
_ (370,48~} $
l~74 875 )
$
604387
ADJ1JSTMENTS TO GAAP BASIS
Encumbrances
Pnor Year
C urrcnt Year
_27.910
TOTAL ADJUSTMENTS
_ 27,910
LXCESS m REVENUES AND OTHER SOURCES
OVER (UNDER) EXPENDITURES (GAAP BASIS)
$__ (342 578)
See the aeeompanymg Independent Auditors' Report.
38
199b
ACTUAl
- -- -
$
$
DEBT SERVICE FUNDS
The 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 pnncipal, Interest and related costs
Incremental Sales Tax Bond Fund - accounts for funds received from one-half of the CIty's sales tax
receIpts The funds will be used to retire the sales tax revenue refunding bond Issue,
Special Improvement District No. 1987-1 - accounts for specIal assessments collected and remitted to
the City for a special Improvement distnct bond Issue of 1988
Compensated Absences - accounts for funds received from the General Fund to pay compensated
absences of the City's employees
CITY OF WHEAT RIDGE, COLORADO
DEBT SERVICE FUNDS
COMBINING BALANCE SHEET
December 31, 1997
SPECIAL
INCREMENTAL IMPROVEMENT
SALES TAX DISTRICT COMPENSA TED 50T ALS
BOND - NO 1987-1 ABSENC~ 1997 -~~
-----..-
ASSETS
Cash and Investments $ 112,452 $ 5],232 $ 153,459 $ 3]7,143 $ 348,234
Restricted Cash and Investments 321,982 321,982 321,982
Due from Other Funds 4,620 4,620 3,300
TOTAL ASSETS $ 439054 $~ 51~232_ $ 153.459 $ 643.745 $ 673,516
---
LIABILITIES AND FUND
EQUITY
LIABILITIES
Accrued Compensated Absences $ $ $ 24,245 $ 24,245 $ 23,502
TOTAL LIABILITIES - 24,245 2'hJ~ 23,502
~---
FUND BALANCE
Reserved for Debt Service 439,054 51,232 490,286 461,402
Unreserved
Designated for Compensated
Absences ]29,214 129,214 _11l8,612
Total Fund Equity 439,054 51 ,232 129,214 619,500 650,014
TOTAL LIABILITIES AND
FUND EQUITY $ 439.054 $ 51.232 $ 153.459 $ 643.745 $ 673.516
See the accompanying Independent Auditors' Report.
39
CITY OF WHEAT RIDGE, COLORADO
DEBT SERVICE FUNDS
COMBINING STATEMENT OF REVENUES EXPENDITURES
AND CHANGES IN FUND BALANCE
Year Ended December 31, 1997
SPECIAL
INCREMENTAL IMPROVEMENT TOTALS
SALES TAX DISTRICT COMPENSATED
BOND NO. 1987-1 ABSENCES 1997 1996
REVENUES
Special Assessments $ $ 17,488 $ $ 17,488 $ 79,668
Interest 37,557 2,337 10,210 50,104 75.276
TOTAL REVENUES 37,557 19,825 ]0,210 67,592 154,944
EXPENDITURES
Current
Other 69,608 69,608 57.476
Debt Service
Principal 960,000 960,000 220,000
Interest and Fiscal Charges 117,325 1,288 118,613 133.497
TOTAL EXPENDITURES 1 ,077,325 1,288 69,608 l,148,221 410,973
- -
EXCESS OF REVENUES
OVER lUNDER) EXPENDITURES ( 1,039,768) 18,537 (59,398) (1,080,629) (2511,029)
OTHER FINANCING SOURCES (USES)
Operating Transfers In 1,077 ,Q25 1,077,025 240.740
Operating Transfers Out (26,910) (26,910)
TOTAL FINANCING SOURCES (USES) 1.050.115 1 ,050,115 240.740
EXCESS OF REVENUFS AND OTHER
SOURCES OVER (UNDER)
EXPENDITURES AND OTHER USES 10,347 18,537 (59,398) (30,514) (15,289 )
FUND BALANCE, BEGINNING 428,707 32,695 188,612 650,014 665,303
FUND BALANCE. ENDING $ 439.054 $ 51.232 $ 129,214 $ 619,500 $ 650.014
See the accompanying Independent Auditors' Report.
40
CITY OF WHEAT RIDGE, COLORADO
INCREMENTAL SALES TAX BOND Ell'ID
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
Year Ended December 31, 1997
1997
V ARIANCE-
FAVORABLE 1996
~DGET __ACTUAL (UNF A VORABLE) ACTUAL
-.- --
REVENUES
Interest $ 26,91fL $ 3l5R $ 10,647 $ 34,575
TOTAL REVENUES 26,910 37,557 ]QM2 ___34,575
EXPENDITURES
Debt Service
Principal 960,000 960,000 75,000
Interest and Fiscal Charges ___Ill,3Q 117,325 ] ]9,950
TOTAL EXPENDITURES 1 ,077 ,325 1,077,325 194,950
EXCESS OF REVENUES
OVER (UNDER) EXPENDITURES (1,050,415) (1,039,768) 10,647 (160,375)
OTHER FINANCING SOURCES (USES)
Operating Transfers In 1,077,025 1,077,025 167,740
Operating Transfers Out (26,910) _ (2~-'.9J -
_._~- ---
TOTAL FINANCING SOURCES (USES) 1,050,115 -',050, I ] 5 .~- 167,740_
EXCESS OF REVENUES AND OTHER SOURCES
OVER (UNDER) EXPENDITURES
AND OTHER USES (300) 10,347 10,647 7,365
FUND BALANCE, BEGINNING 426,543 428,707 2,164 421,342
FUND BALANCE, ENDING $ 426.243 $ 439.054 $ 12.811 $ __428.701
See the accompanying Independent Auditors' Report,
41
CITY OF WHEAT RIDGE, COLORADO
SPECIAL IMPROVEMENT DISTRICT NO, 1987- I
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
Year Ended December 31, 1997
1997
_.~---
V ARIANCE-
FAVORABLE 1996
BUDGET ACTUAL -- .--
ill1':lF A VORABLE) ACTUAL
REVENUES
Special Assessments $ $ 17,488 $ 17,488 $ 79,668
Interest - V3Z _ 1J)7 30,227_
- - -----
TOTAL REVENUES - --- - ___ _ I ~82~ ____ li,825 __109,89~
--
EXPENDITURES
Debt Service
Principal 145,000
Interest and Fiscal Charges 180,00~ 1,288 ]7~J712 13,542
TOTAL EXPENDITURES 180,000 1,288 178,712 ] 58,547
EXCESS OF REVENUES
OVER (UNDER) EXPENDITURES ( 180,000) ]8,537 198,537 (48,652)
FUND BALANCE, BEGINNING ~ 80,00lL 32,695 (147,305) 81,347
FUND BALANCE, ENDING $ --- $~=~L23~ $ _ ~j 1234 $ 32 695
See the accompanying Independent Auditors' Report.
42
CITY OF WHEAT RIDGE, COLORADO
COMPENSATED ABSENCES
SCHEDULE OF REVENUES EXPENDITURES
AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
Year Ended December 31, ]997
1997
-----
V ARlANCE-
FAVORABLE 19<J6
BUDGET ---ACTUAL_ - -----
(illJFAVORABLE) ACTUAL
REVENUES
Interest $ 4,000 $ IQ,2IQ $ 6"210 $ 1\l,474
-
TOT AL REVENUES _ 4.000 10.210 _()) 10 10474
Eli.'PENDITURES
Current
Other _ 70.0Q(L _ _69.60S 392 57,476
TOT AL Eli.'PENDlTURES 70,000 _ _ 69.608 392 57,476
EXCESS OF REVENUES
OVER (UNDER) EXPENDITURES (66.000) (59.398) 6602 (47002)
OTHER FINANCING SOURCES
Operating Transfers In -- ---,-- 7\000
TOT AL FINANCING SOURCES -_._~ _71,OOO
EXCESS OF REVENUES AND OTHER SOURCES
OVER (UNDER) EXPENDITURES (66,000) (59,398) 6.602 25998
FUND BALANCE. BEGINNING _~l'l I 88.6JL 8"39lt 162,614
FUND BALANCE. ENDING $ 114214 $ ~:z9214 $ _15JHHL $ 188,1'\ 2
---- --
See the accompanying Independent Auditors' Report
43
PROPRIETARY FUND
The Internal Service Fund accounts for services provided by one department to other departments, on
a cost reimbursement basIs,
Risk Financing Insurance Reserve Fund - This fund IS used to account for fisk financmg activities
through ItS recording of claims expenses and liabilities and charges to other funds for costs,
CITY OF WHEAT RIDGE, COLORADO
INTERNAL SERVICE-.fllli12
RlSK FINANCING INSURANCE RESERY_EEllli2
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN RETAINED EARNINGS
BUDGET AND ACTUAL
Year Ended December 3 1, 1997
1997
V ARIANCE-
FAVORABLE 1996
BUDGET ACTUAL (UNFAVORABLE) ACTUAL
OPERA TlNG REVENUES
Insurance Reimbursements $ ] 95,000 $ 216,988 $ 21,988 $ 221,691
Interest 6,000 21,186 15,186 ___lU9~
TOTAL OPERATING REVENUES 201,000 238,174 37,174 ~42,996 .
OPERATING EXPENDITURES
Insurance Premiums 100,000 69,819 30,]8]
Insurance Claims 37~LOOiL 151,662 221138 __ --..186,481
TOTAL OPERATING EXPENDITURES _ 475.,000 221,481 253,519 ~86,481
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES (274,000) ]6,693 290,693 (43,485)
RETAINED EARNINGS, BEGINNING 278,491 195,507 (82,984 ) 238,992
RETAINED EARNINGS, ENDING $ 4.491 $ 2]2200 $ 207,702. $ 195.507
See the accompanying Independent Auditors' Report,
44
FIDUCIARY FUNDS
Trust and Agency Funds are used to account for assets held by the City In a trustee capacIty or as an
agent. The CIty has one pensIon trust fund and two agency funds
Pension Trust Fund
Police Pension - accounts for morues received from Plan partIcIpants and City contributIOns, The funds
are held m trust for dIsbursement to qualIfied partIcIpants upon leavmg the plan or upon qualIfied
retirement
Agency Funds
Public Works Escrow - accounts for funds receIved pnor to the Issuance of certam constructIOn permits,
to guarantee the work reqUIred by the permIt. Upon completIOn, the funds are returned
CA TV (Cable Television) Property Damage - accounts for funds receIved from the cable televIsion
permittee for settlement of mmor unresolved claIms agaInst the permIttee for damage to pnvate property
CITY OF WHEAT RIDGE, COLORADO
FIDUCIARY FUNDS
COMBINING BALANCE SHEET
December 3 I, ] 997
PENSION AGENCY
TRUST PUBLIC CATV
POLICE WORKS PROPERTY TOTALS
PENSION ESCROW ~~MAGE ~2L~_ 1996
--
ASSETS
Cash and Investments $ 10,590, I 50 $ 153,150 $ 5,003 $ 10,748,303 $ 8,644,206
Due From Other Funds 7
TOTAL ASSETS $ 10590.150 $_----153.150 $ 5003 $ ~~8 303 $ 8.644 2 I3
LIABILITIES AND FUND EQUITY
LIABILITIES
Refundable Escrow Deposits $ $ 152,797 $ 5,000 $ 157,797 $ 65,078
Due to Other Funds _-----2~ 3 356
TOTAL LIABILITIES 153,150 5,003 158,153 65,078
FUND EQUITY
Fund Balance
Reserved for Employee Retirement __1<2,590,150 ------ JP,:;~QJ2() 8,579,135
TOTAL LIABILITIES AND
FUND EQUITY $ 10.590.150 $ ]53.150 $ 5003 $ 10748.303 $~44.213
See the accompanying Independent Auditors' Report.
45
CITY OF WHEAT RIDGE, COLORADO
FIDUCIARY FUNDS
COMBINING STATEMENT QF CHANGES IN ASSETS AND LIABILITIES
ALL AGENCY FUNDS
Year Ended December 3], ] 997
Balance Balance
January I, December 3 ],
]99L- Additions Deletions 1997
-,----
Public Works Escrow Fund
ASSETS
Cash and Investments $ 60,071 $ 200,129 $ 107,050 $ 153,150
Due from Other Funds 7 7
Total Assets $ 60.078 $_2QfU29 $ 107 .057 $ 153,150
LIABILITIES
Refundable Escrow Deposits $ 60,078 $ 199,776 $ 107,057 $ 152,797
Due to Other Fund 353 353
Total Liabilities $ 60,078 $ 200.129 $ ] 07.057 $ 153.150
CATV Property Damage Fund
ASSETS
Cash and Investments $ 5,000 $ 3 $ $ 5,003
Due from Other Funds ~-,-~-- ----
Total Assets $_..2..000 $ ----~ $ - $ 5003
----,---- ---------
LIABILITIES
Refundable Escrow Deposits $ 5,000 $ $ $ 5,000
Due to Other Fund 3 3
Total Liabilities $ 5.000 $ 3- $ $ 5.003
Totals
ASSETS
Cash and Investments $ 65,07] $ 200,132 $ ]07,050 $ 158,153
Due from Other Funds 7 7
Total Assets $ 65.078 $ 200,132 $ 107057 $ 158.153
LIABILITIES
Refundable Escrow Deposits $ 65,078 $ 199,776 $ 107,057 $ 157,797
Due to Other Fund 356 356
---------
Total Liabilities $ 65.07~ $ 200.l}2 $ ] 07 057 $ 158153
See the accompanying Independent Auditors' Report.
46
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, brIdges, curbs
and gutters, drainage systems, Iightmg systems, and other equipment, the lives of which are greater than
one year and whose costs exceeds $500.
CITY OF WHEAT RIDGE, COLORADO
GENERAL FIXED ASSETS ACCOUNT GROUP
SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS - BY SOURCE
Year Ended December 31, 1997
Balance Balance
January I, December 31,
1997 Additions Deletions 1997
SOURCE
General Government
Treasurer $ 12,337 $ $ 2,992 $ 9,345
City Administrator 295,072 146,994 87,676 354,390
City Clerk 16,467 16,467
Municipal Court 32,531 2,450 550 34,431
Building 3,975,048 13,416 23,866 3,964,598
Community Development 54,483 1,763 56,246
TOTAL 4,385,938 164,623 115,084 4,435,477
Public Safety
Police Chief 121,207 1,975 640 122,542
Police Administrative Services 96,507 3,850 14,658 85,699
Animal Enforcement 119,253 62,433 56,820
Communications 693,028 197,021 496,007
DAR.E. 37,175 13,835 51,010
Police Records 16,328 5,144 21,472
Police Training 762 762
Police Patrol 305,013 98,939 42,650 361,302
Criminal Investigation 126,228 44,878 22,146 148,960
Police Traffic Unit 68,463 15,543 3,600 80,406
Civil Disaster 895 895
TOTAL 1,584,859 184,164 343,910 1,425,113
Public Works
Administration 8,669,420 1,400 8,668,020
Engineering 259,561 24,166 7,250 276,477
Street Maintenance 1,090,957 298,182 119,204 1,269,935
Traffic Maintenance 286,067 30,440 7,845 308,662
Shops 361,206 141,358 219,848
TOTAL 10,667,211 352,788 277 ,057 10,742,942
Parks and Recreation
Administration 4,777,727 1,879,960 1,355 6,656,332
Recreation 1,066,004 2,099 4,085 1,064,018
Parks Maintenance 848,180 38,868 12,136 874,912
TOTAL 6,691,911 I ,920,927 17,576 8,595,262
Wheat Ridge Town Center 25,178 25,178
TOTAL GENERAL FIXED ASSETS $ 23 355.097 $ 2.622.502 $ 753 627 $ 25 223 972
See the accompanying Independent Auditors' Report.
47
CITY OF WHEAT RIDGE. COLORADO
GENERAL FIXED ASSETS ACCOUNT GROUP
SCHEDULE OF GENERAL FIXED ASSETS BY
FUNCTION AND ACTIVITY
December 31. 1997
STREETS AND
LAND BUILDINGS IMPROVEMENTS EQUII'MENI
-"-_.-
FUNCTION AND ACTIVITY
General Government
Treasurer $ $ $ $ 9 '145
City Administrator 354.3911
City Clerk 16467
Municipal Court 344'1 I
Building 3,611,081 91.113 262AII4
Community Development ---- _56~L46
TOTAL 3.611.081 _21113 733,283
Public Safcty
Police Chief 2.761 381 119,398
Police Administrative Services 2.059 X3 (All
Animal Enforcement 56 X20
Communications 496,(J07
D A.RE. 51.010
Police Records 21.472
Police Training
Police Patrol 36U02
Criminal Investigation 148.l)(,1I
Police Traffic Unit XOAO(,
Civil Disaster 895
TOTAL 2,761 2A42 1~419,(!JO_
Public Works
Administration 530.350 8.137,670
Engineering 69.807 206670
Street Maintenance 1.269935
Traffic Mamtenance 30X 662
Shops 60.000 159,848
TOTAL 590,350 69,807 ~37,670 I. 945.,ll5
Parks and Recreation
Administration 4,590.837 223.005 762.739 1079751
Recreation 39.618 888,904 12,589 122.9117
Parks Maintenance 47.350 56.366 115.898 _ 655.228
-.--,
TOTAL 4,677.805 IJ68,275 891,226 _I,857,95!>
Wheat Rid\!,e Town Center 25.178
TOTAL GENERAL FIXED ASSETS $ 5 268.155 $ 4,851,924 $ '!,I22 451 $ _5 98 U42
See the accompanying Independent Auditors' Report.
48
TOT ALS
-.lMEMORANDUrvLOI'l1Y ~
1997 1996
--- - - --------
$
9.345
354,390
16.467
34431
3 964.598
_ 5li,24~
4..4 3. 5A 77
122.542
85 699
56.8211
496.1107
51.010
21472
'16 1.302
148,960
811A06
895
. 1.425.113
$ 12.337
295,072
16.467
32,531
3.975.048
_ --'4.483
4~385. 938
121.207
96.507
119.253
693 028
37 175
16,328
762
305.013
126.228
68.463
895
1.584,859
8.668,1120 8.669.420
276477 259,561
1.269,935 1.\)90.957
30S 662 286.067
_--.l19,ll48 3612206_
_10,742,942 10,667.211_
6,656.332 4,777.727
1.0M,OIS 1,066,004
874,912 - 848.180
-.li,59,;,,162_ 6,691.91 L
- --'5)78 25,llS
$ __~,22} nL $ _ 23 355.09L
SUPPLEMENTARY INFORMATION
COUNTIES, CITIES, & TOWNS ANNUAL STATEt\'1ENT OF RECEIPTS
& EXPENDITURES FOR ROADS, BRIDGES AND STREETS
COUNTY/CITYffOWN
CITY OF WHEAT RIDGE
CALENDAR YEAR OF REPORT: 1997
(ROUND AllAMOU/'.'TS TO NEAREST DOUAR)
I. SCHEDULE OF RECEIPTS FOR ROAD, BRIDGE AND STREET PURPOSES
A. LOCAL SOURCES
1 Propeny Tax/Special Assessments
'i90.783
2 General Fund AppropriaDons
Cost reimbursement
3 Othcr(specify) c;trppt r:l1t
o
29,311
",7'i7
4 Traffic Fines
324,688
5 Sales Tax
4.088.907
Roa~~idge 378,216
662,025
o
6a. From County (specify)
Auto Use Tax
b. Cityffown (Specify)
7. Bond Proceeds (net of issuance cost) 0
8 Note Proceeds (net of issuance cost) 0
9 SpccificOwnershipTaxes 73,145
TOTAL (A) WCALSOURCES 6,180,327
B. PRIV ^ TE CONTRIBtmONS 0
C. STATE SOURCES
J-lighwayUsers Tax
897,276
2 MOlar V chicle Registration Fees
111,054
3 Other (specify)
o
TOTAL (C) STATE SOURCES
1,008,330
D. FEDERAL SOURCES
I Forcst Service 0
2. Mineral Leasing 0
3 Payments in !Jeu of Taxes 0
4 FEMA 0
5 HUD 0
6 Other (specify) 0
TOTAL (0) FED SOURCES 0
E. TOTAL RECEIPTS (A+B+C+D) 7,188,657
L.JlI'<SPENT BALANCES BEGINNING OF YEAR
(must C{jual ending balance of previous year)
G. TOTAL RECEIPTS AND BALANCES (E+F)
(Revised 2/98)
49
o
7,188,657
CITY OF WHEAT RIDGE
1997
II. SCHEDULE OF EXPENDITURES FOR ROAD, BRIDGE AND STREET
PURPOSES
.\ DmECT HIGHWAY EXPENDITURES
I RIght-of-Way
2 Vrcliminary and Consrruction Engrneerrng
3 T 0(31 Construction
A. Capacity Improvements
B System Preservation
C Safety Improvements
-4 Maintenance of Condiuon
5 S now and Ice Removal
6 Traffic Services
7 Admi nisrration
S Traffic Enforcement
6,068
19,552
o
2,239,616
133,646
2,131,470
37,300
173,054
676,015
694,911
TOTAL (A) DIRECT HIGH\\' A Y EXPENDITURES
6,111,632
B_ DEBT PA YMENTS ON BONDS AND NOTES
I Interest on Bonds
'2 Imerest on Notcs
.3 Redemption on Bonds (net value)
-4 Redemption on Notes (net value)
117,025
o
%0.000
o
TOTAL(B)DEBTPA~
077 07 'i
C. PA YMENTS TO OTHER GOVERNMENTS
I a. To County (specify)
b To City (specify)
2 To DepL of Trans.
o
o
o
TOTAL (C) PAYMENTS TO OTHER GOVERNMENTS
o
D_ OTHER illGHW A Y PURPOSES
(spe<:ify)
o
E_ TOTAL EXPENDITURES (A+B+C+D)
7,188,657
o
F. BALANCES END OF YEAR
(unspent receipts)
G. TOTAL EXPENDITURES AND BALANCES (E+F)
7,188,657
(Revised 2198)
50
CITY OF WH~AT RIDGE 1997
III. SCHEDULE OF CHANGE IN DEBT STATUS FOR ROAD,
BRIDGE AND STREET OBLIGATIONS
(show all entries at par ,'alue; face alDount of issue)
BONDS
NOTES
A. BONDS AND NOTES OUTSTANDING BEGINNING OF YEAR
7.gP,').OOO
B. AMOUNT ISSUED DURING YEAR (par "alue)
1 Onginal issues this year
:2. Refunding ISSUes
o
o
C AMOVl\'T REDEEMED DURING YEAR (par value)
1 From curren! receipts or reserves
2 From refunding issues
960,000
o
D BONDS AND NOTES OUTSTANDING END OF YEAR
2,025,000
NOTE:
.... TOTAL RECEIPTS & BALANCES MUST EQUAL TOTAL EXPENDITURES & BALANCES ***
PLEASE GIVE TIlE NAME AND PHONE NUMBER OF THE PERSON TO CONT ACf FOR QUESTIONS REGARDING TIlE
REPORT
NAME.
Linda Stengel, Chief Accountant
PHONE.
303-235-2817
Revised (2/98)
51
STATISTICAL SECTION
CITY OF WHEAT RIDGE, COLORADO
ASSESSED AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY
LAST TEN FISCAL YEARS
(UNAUDITED)
Fiscal
rurr
Assessed
Valuation
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
$
253,324,240 $
235,939,530
232,394,250
210,683,130
213,727,940
209.434,190
210.478.200
218,408,520
225,668,720
258,349,980
Estimated
Actual Value
U25,885,511
1,072,452,409
1,056,337.500
964,579,282
973.871,091
1,197.923.557
1.205,829 176
1.466,715,750
1475,180.027
1,731.072.652
Ratio
of Total
Assessed
to Total
Estimated
Actual Value
22.50%
22.00%
22.00%
2184%
21 95%
17 48%
1746%
1489%
15.30%
1492%
Notes:
A. Jefferson County is the collection agent for the city of Wheat Ridge and. as such. could not separate Teal property.
personal property and exempt property The amounts shown above represents all types of property
B. Properties within the City are assessed by the Jefferson County Assessor on January 1 of each year
Source: Jefferson County Assessor's Office
52
CITY OF WHEAT RIDGE, COLORADO
GENERAL GOVERNMENTAL REVENUE BY SOURCE
LAST TEN FISCAL YEARS
(UNAUDITED)
Fiscal Licenses Inter-
Year Taxes and Permits govt:mmental
1988 $ 7,393,814 270,142 $ 1.744,146
1989 5,171,317 <AJ 225,961 1,998,907
1990 5,736,579 332,499 1.810,246
1991 6,463,943 324,026 2.092.622
1992 6,712,572 344,309 1.897.279
1993 7,005,422 291.983 1,372,789
1994 7,448,440 333,660 1,430,934
1995 7,985,931 349,910 1,517 ,277
1996 8.208,493 382,732 1.626.800
1997 8,336,235 521.110 1,653,157
Notes: Includes the General Fund only
A. One-half of the total sales tax revenue are accounted for in the Capital Projects Fund beginning in 1989
Source' City of Wheat Ridge audited financial statements, 1988 - 1997
53
Charges
for Fines and
Services Forfeitures Interest Other Total
$ 469,973 $ 266.251 $ 180,942 $ 58,732 $ 10,384,000
504,767 389.600 169,700 84,399 8,544,651
236,700 396.718 188.835 97,608 8.799,185
264.388 283,240 176.167 127,480 9,731.866
304,036 250,499 112.805 170,816 9,792.316
310,458 296,523 88.893 138,641 9,504,709
383.185 377,415 158,206 106.961 10,238,80 I
408,747 398.777 325,831 99.673 11,086,146
461,252 555,237 171,905 133,713 11.540,132
512,237 541,466 145.159 83,374 11.792,738
54
CITY OF WHEAT RIDGE, COLORADO
GENERAL GOVERNMENTAL TAX REVENUE BY SOURCE
LAST TEN FISCAL YEARS
(UNAUDITED)
Liquor and
Fiscal Property Telephone Auto
Year Tax Occupation Ownership
1988 $ 545,964 $ 183,773 $ 44,895
1989 542,580 172,901 46,986
1990 567,756 178,929 47,208
1991 564,389 175,326 49,973
1992 560,570 173,188 53,689
1993 569,769 181,593 55,050
1994 562,661 179,987 64,196
1995 561,053 190,575 62,197
1996 578,012 190,575 67,421
1997 596,828 249,397 73,145
Notes: Includes the General Fund only
A. One-half of the total sales tax revenue are accounted for in the Capital Projects Fund beginning in 1989
Source: City of Wheat Ridge audited financial statements, 1988 - 1997
55
Lodgers
Franchise and
Sales Tax Use Tax Tax Admissions Total
--
$ 5.083,240 $ 660,152 $ 622,393 $ 253,397 $ 7,393,814
2,754,972 (A) 658.830 745.403 249,645 5.171.317
2,730,931 1.185,551 724,078 302,126 5,736,579
2,885.976 1.724.086 756,410 307,782 6.463.942
3,269.706 1.531.200 738.133 386.086 6,712.572
3,266,609 1.694.755 810.169 427.477 7.005.422
3.650,712 1.616.251 826.983 547.650 7.448.440
3,648.519 1,844,393 891,032 537,868 7,735.637
3.733,647 2.166.468 906.914 565,456 8,208.493
4,088.914 1.923.346 819,111 585.494 8.336.235
56
CITY OF WHEAT RIDGE, COLORADO
PROPERTY TAX LEVIES AND COLLECTIONS - GENERAL FUND
LAST TEN FISCAL YEARS
Fiscal
Year
(UNAUDITED)
Percent of
Current Percentage Delinquent Total Total Tax
Total Tax of Levy Tax Tax Collechons
Tax Levy CollectIOns Collected CollectIOns CollectIOns to Levy
tA)
$ 545,454 $ 544,869 99 89% 1,095 $ 545,964 100 09%
562,472 543,462 96.62% (822) 542,580 96 46%
568,30 I 561,551 98.81% (6,205) 567,756 99 90%
568,30 ] 561,537 98.81% 2,852 564,389 99.3]%
568,30 I 560,570 9864% 840 561,410 98.79%
568,30 I 569,769 100 02% 569,769 100 00%
569,360 564,513 9914% (1,852) 562,661 98.82%
568,195 563,402 9916% (2,349) 561,053 98.23%
593,069 580,601 97.89% (735) 579,866 97 77%
599,725 596,828 99.52% 71 596,899 99.53%
]988
]989
1990
]991
1992
1993
1994
1995
1996
1997
Notes:
A Net pnor year tax abatements and adjustments due to revaluatIOn of property m Jefferson County
Source Jefferson County Assessors' Office and the CIty of Wheat Ridge audIted fmancial statements, 1988 - 1997
57
CITY OF WHEAT RIDGE, COLORADO
COMPUTATION OF LEGAL DEBT MARGIN
December 31, 1997
(UNAUDITED)
Computal1on ofmaxunum debt allowed
1997 estunated actual valuation
Legal debt hmlt percentage per CIty Charter S 12.7
Legal debt hmlt
Amount of debt outstandmg
Total bonded debt
Less' Revenue Bonds
$
2,025,000
(2,025,000)
Net general obhgal1on bonded debt outstandmg
Legal debt hmlt
Legal debt margm
None: The City Charter Legal Debt margm IS also subJect to the State Consl1tul1on Section 20,
ArtIcle X, "Taxpayers Bill of RIghts" (TABOR) under whIch no debt has been authonzed.
Source CIty of Wheat RIdge charter and Jefferson County Assessor's office.
58
$ 1,731 072,652
3%
$
51 ,932.180
o
$
o
51,932,180
$
51,932,180
Fiscal
Year
1988
1989
1990
1991
19')2
1993
1994
1995
1996
1997
Notcs
Source'
CITY OF WHEAT RIDGE. COLORADO
REVENUE BOND COVERAGE SALES TAX REVENUE BONDS
LAST TEN FISCAL YEARS
(UNAUDITED)
Sales tax revenue m both the General Fund and the Capital Projects Fund are mcluded smce debt servICe IS
paId WIth sales tax proceeds.
City of Wheat RIdge audited fmanclal statements, 1988 - 1997
59