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Home My WebLink About2000 ~ Swanhorst, Dragon & Cutler LLC \ ,"',I"'d I'uhi. A.""",t""" March 23, 2001 Honorable Mayor and Members of the City Council City of Wheat Ridge Wheat Ridge, Colorado We have audIted the general purpose financIal statements of the City of Wheat RIdge for the year ended December 31, 2000, and have Issued our report thereon dated March 23, 2001 ProfessIOnal standards require that we proVide you with the follOWIng informatIon related to our audit. Our Responsibility under Generally Accepted Auditing Standards As stated In our agreement, our responsibility, as described by professional standards, is to plan and perform our audIt to obtain reasonable, but not absolute, assurance about whether the general purpose financial statements are free of material misstatement. Because ofthe concept of reasonable assurance and because we did not perform a detailed examInatIOn of all transactions, there is a risk that material errors, Irregularities, or illegal acts, including fraud and defalcations, may eXIst and not be detected by us. As part of our audit, we conSIdered the Internal control of the City of Wheat Ridge. Such considerations were for the purpose of determining our audIt procedures and not to provide any assurance concerning such Internal control. Significant Accounting Policies Management has the responsibilIty for selection and use of appropnate accountIng polIcies. In accordance with the terms of our engagement letter, we will advise management about the appropriateness of accounting policies and their application. The significant accounting poliCIes used by the City of Wheat Ridge are described in Note 1 to the general purpose financial statements. During the year ended December 31,2000, the City mcreased the capitalIzation limit for fixed assets from $500 to $1,500 No other accountmg policies were adopted and the applicatIOn of eXlstmg polIcies was not changed during the year ended December 31, 2000 We noted no transactions entered into by the City of Wheat Ridge during the year that were both significant and unusual. and of which, under professional standards, we are required to inform you, or transactions for which there is a lack of authoritative guidance or consensus. R400 E. Crcscent Parkway. SUltC 600. Greenwood VIllage, CO ROllI. (720) 52S-4306 Fax (720) 52R-4307 Accounting Estimates Accounting estimates are an integral part of the general purpose financial statements prepared by management and are based on management's current judgments. Certain accounting estimates are partIcularly sensitIve because of theIr significance to the general purpose financial statements and because of the possibility that future events affecting them may differ significantly from management's current judgments. We evaluated the key factors and assumptions used to develop the estimates in determinIng that they are reasonable in relation to the financial statements taken as a whole. Significant Audit Adjustments For purposes ofthis letter, professional standards define a significant audit adjustment as a proposed correction of the general purpose financial statements that, in our judgment, may not have been detected except through our auditing procedures. We proposed no audit adjustments that we belIeve have a significant effect on the City's financial reporting process. Disagreements with Management For purposes of this letter, professional standards define a disagreement with management as a matter, whether or not resolved to our satisfaction, concerning a financial accounting, reporting, or auditing matter that could be significant to the general purpose financial statements or the auditors' report. We are pleased to report that no such disagreements arose during the course of our audIt. Consultations with Other Independent Accountants In some cases, management may decide to consult with other accountants about auditing and accounting matters, similar to obtaining a "second opinion" on certain situations. If a consultation involves application of an accounting principle to the City's general purpose financial statements or a determinatIOn of the type of auditors' opinion that may be expressed on those statements, our professional standards require the consulting accountant to check with us to determIne that the consultant has all the relevant facts. To our knowledge, there were no such consultations with other accountants. Issues Discussed Prior to Acceptance of Independent Auditors We generally discuss a variety of matters, including the application of accounting principles and auditing standards, with management pnor to acceptance as the City's auditors. However, these discussions occurred in the normal course of our professional relationshIp and our responses were not a condition to our accepting the engagement. Difficulties Encountered in Performing the Audit We encountered no significant difficulties while performing our audit. However, we would like to bring the following Items to the attention of management and the Council. 2 Fund Structure and Transfers Between Funds As we have discussed in previous years, the City accounts for many separate funds. Many of the activities m these funds could be accounted for in the General Fund. Maintaining these numerous funds requires much additional tIme and effort for the accountmg and budget staff. In addition, many transfers are made between funds, which further complicates the accounting system. We recommend that the fund structure of the City be evaluated before the next budget cycle, to elIminate unneeded funds. Grant Reimbursements For two consecutive years, the City has not requested reimbursement for the COPS grants for the entire year, untIl after the end of the year Most grants allow periodic reimbursements so the City is not required to fund the grant expenditures for long periods of time. We would suggest that all grant reimbursements be submitted on a timely basis, eIther monthly or quarterly This would allow the CIty to use, and earn lllterest on, these monies, rather than subsidizing the grant programs. Buildmg Permit Revenue The CIty'S building permit system IS not integrated with the general ledger As a result, it is dIfficult to determine if fees collected by the building department are deposited into the bank, and recorded in the general ledger Also, the building permit system appears to be outdated and difficult to use when information is needed. The City may want to consider updating the building permit system and integrating It WIth the general ledger Conclusion We would like to thank Ron Patera, Linda Stengel, and the City staff for their assistance and cooperation during the audit. Everyone at the City was very helpful. This information is intended solely for the use of management and the City Council of the CIty of Wheat Ridge, and is not intended to be and should not be used by anyone other than these specified parties. Very truly yours, ~~(~U&- Swanhorst, Dragon & Cutler LLC 3 CITY OF WHEAT RIDGE, COLORADO GENERAL PURPOSE FINANCIAL ST A TEMENTS December 31,2000 TABLE OF CONTENTS PAGE INTRODUCTORY SECTION Transmittal Letter I - VI Directory of PnnClpal City Officials VII FINANCIAL SECTION Independent Auditors' Report GENERAL PURPOSE FINANCIAL STATEMENTS Combined Balance Sheet - All Fund Types and Account Groups 2 Combined Statement of Revenues, Expenditures and Changes In Fund Balance - All Governmental Fund Types " .) Combined Statement of Revenues, Expenditures and Encumbrances - Budget and Actual - All Governmcntal Fund Types 4 Statement of Revenues, Expenses and Changes in Retained Earnings - Internal Service Fund 5 Statement of Cash Flows - Internal Service Fund 6 Statement of Changes In Plan Net Assets - PensIOn Trust Fund 7 Notes to FinanCIal Statements 8 - 22 COMBINING, INDIVIDUAL FUND AND ACCOUNT GROUP STATEMENTS AND SCHEDULES Special Revenue Funds Combll1l11g Balance Sheet 23 - 24 Combining Statement of Revenues, Expenditures and Changes in Fund Balance 25 - 26 Open Space - Statement of Revenues, Expenditures and Encumbrances - Budget and Actual 27 Police Buildll1g - Statement of Revenues, Expenditures and Encumbrances - Budget and Actual 28 Police Investigation - Statement of Revenues, Expenditures and Encumbrances - Budget and Actual 29 TABLE OF CONTENTS (Continued) FINANCIAL SECTION (Contl11ued) COMBINING INDIVIDUAL FUND AND ACCOUNT GROUP STATEMENTS AND SCHEDULES , ( Continued) Special Revenue Funds (Contl11ued) Park AcqUISition - Statement of Revenues, Expenditures and Encumbrances - Budget and Actual Building DemolItion - Statement of Revenues, Expenditures and Encumbrances - Budget and Actual Sel1lor/Teen Center - Statement of Revenues, Expenditures and Encumbrances- Budget and Actual MUl1lclpal Court - Statement of Revenues, Expenditures and Encumbrances - Budget and Actual Tree Plantl11g - Statement of Revenues, Expenditures and Encumbrances - Budget and Actual Richards/Hart Improvement - Statement of Revenues, Expenditures and Encumbrances- Budget and Actual Parks and RecreatIOn Damage Deposit - Statement of Revenues, Expenditures and Encumbrances - Budget and Actual Wheat Ridge Town Center - Statement of Revenues, Expenditures and Encumbrances _ Budget and Actual Equipment - Statement of Revenues, Expenditures and Encumbrances - Budget and Actual Conservation Trust - Statement of Revenues, Expenditures and Encumbrances _ Budget and Actual Computer - Statement of Revenues, Expenditures and Encumbrances - Budget and Actual Recreation Center Construction - Statement of Revenues, Expenditures and Encumbrances - Budget and Actual PAGE 30 31 "7 .)~ "" .).) 34 35 36 37 38 39 40 41 TABLE OF CONTENTS (Contl11ued) PAGE FINANCIAL SECTION (Contll1ued) COMBINING, INDIVIDUAL FUND AND ACCOUNT GROUP STATEMENTS AND SCHEDULES (Continued) Special Revenue Funds (Continued) Baugh House - Statement of Revenues, Expenditures and Encumbrances - Budget and Actual 42 Hotel/Motel - Statement of Revenues, E:-.pendltures and Encumbrances - Budget and Actual 43 Underground Cable - Statement of Revenues, Expcndltures and Encumbrances - Budget and Actual 44 RecreatIOn Center Operatll1g - Statement of Revenues, Expenditures and Encumbrances - Budget and Actual 45 Debt Service Funds Combl11ing Balance Sheet 46 Combinl11g Statement of Revenues, Expenditures and Changes in Fund Balance 47 Incremental Sales Tax Bond Fund - Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual 48 Compensated Absences - Statement of Revenues, Expenditures and Changes 111 Fund Balance - Budget and Actual 49 Proprietary Fund Risk Financing Insurance Reserve Internal Service Fund - Statement of Revenues, Expenditures and Changes 111 Retall1ed Earmngs - Budget and Actual 50 Fiduciary Funds Combil1lng Balance Sheet 51 Combimng Statement of Changes 111 Assets and LiabilIties - All Agency Funds 52 TABLE OF CONTENTS (Continued) PAGE FINANCIAL SECTION (Contl11ued) COMBINING, INDIVIDUAL FUND AND ACCOUNT GROUP STATEMENTS AND SCHEDULES (Contll1ued) General Fixed Assets Account Group Schedule of Changes in General Fixed Assets - by Source 53 Schedule of General Fixed Assets by Function and ActiVity 54 SUPPLEMENTARY INFORMA nON Local Highway Finance Report 55 - 56 STATISTICAL SECTION Assessed and Estimated Actual Value of Taxablc Property 57 General Govenul1ental Revenue by Source 58 - 59 General Governmental Tax Revenue by Source 60 - 61 Property Tax LevIes and CollectIOns - General Fund 62 ComputatlOn of Legal Debt Margll1 63 Revenue Bond and Certificates of ParticipatIOn Coverage 64 The City of 7500 WEST 29TH AVENUE . WHEAT RIDGE, COLORADO 80215 GWheat 'Ridge May 30, 200 I Thc Honorable Mayor Cerveny, Wheat Ridge City Council, and City Manager City of Wheat Ridge Wheat Ridge, Colorado Dear Mayor and mcmbers of City Counell' We are pleased to transmit the Comprehensive Annual FlI1aneial Report of the City of Wheat Ridge for the fiseal year ended December 31, 2000 The City Trcasurer's Office and the City Managcr's Office prcpared tlllS rcport. ResponsibilIty for both the accuracy of the data, and the complctcness and falrncss of thc prcsentatlOn, includll1g all disclosures, rests with the City To the best of our knowledge and belIcf, thc enclosed data is accurate 111 all matenal respects and is reported m a manner dcslgned to prescnt faIrly the financial posItion and results of operatIOns of thc CIty of Wheat RIdge. We havc II1cluded all disclosures necessary to enable the reader to gam an understandll1g of the City's financial and opcratlOnal activities. This report IS presented m thrce sectIOns as follows: Introductory ScctlOn, whIch II1cludcs transmlttallettcrs, orgamzatlOn chart, and l1st of pnnclpal officlals. 2 Fll1ancIaI SectIOn, \\ hlch Il1cludes the finanCIal statements, supplcmcntary scheduics, and the audItor's report on the financial statemcnts and schedules. 3 Statistical Scction, which includes selected opcratlOnal and financIalll1formatlon, generally presented on a multI-year baSIS. (303) 234-5900 . ADMINISTRATION FAX. (303) 234-5924 . POLICE DEPARTMENT FAX. (303) 235-2949 ACCOUNTING SYSTEM AND BUDGETARY CONTROL In developing and evaluatmg the City's accountmg system, consideratIOn IS given to the adequacy of lI1ternal controls. Internal accountmg controls are designed to provide reasonable, but not absolute, assurance regarding the safeguardmg of assets against loss from unauthorized use or disposition and thc reltabtlity of finanCial records for prepanng finanCial statements and mall1tamll1g accountabtllty for assets The concept of reasonable assurance recognizes that the cost of a control should not exceed the benefits likely to be derived and the evaluation of costs and benefits requires estimates and judgements by management. The City of Wheat Ridge uses funds and account groups to report on ItS finanCial position and the results of its operations. Fund accounting IS designed to show legal compliance and to aid finanCial management by segregatwg transactIOns related to certain government functions or activities. The City has a general fund where all the currcnt operatIons of the City are recorded, a capital projects fund where all major drainage, street, traffic, and bUlldwg 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 concerncd only With the measurement of financIal pOSitIOn and thus do not record results of operations. The budget process begms 111 Apnl and ends with the adoption by CIty Councll before December 15 each year. Budgets are adopted on a NON-GAAP basIs uSll1g the encumbrance basIs of accounting, 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 appropnated amount) IS establtshed at the mdlvidual fund level. The budget IS then mtegrated mto the formal accountmg system January I of each year. If dunng the fiscal year, the City Admmlstratlon determll1es that there are available for appropnatlOn revenues in excess of those estImated 111 the budget, the CounCil, by resolution, may make supplemental appropnatlOns for the year up to the amount of the excess. AdditIOnal budgetary contraIlS mall1tamed by the encumbrance of purchase amounts prior to the release of purchase orders to vendors. Encumbrances present COml11ltments related to unperformed contracts for goods or services. Open encumbrances are reported as reservatIons of fund balance at year end. II GENERAL GOVERNMENT FUNCTIONS Revenues for general governmental functions (General Fund only) totaled $13,373,463 in 2000, a decrease of I 13% under 1999 collections. The amount of revenues from various sources and the increase (decrease) over last year are shown in the followmg table' Increase Percentage Revenues Percentage (Dccrease) Incrcase Bv Source 2000 Amount of Total From 1999 (Decrease ) Taxes $ 9,453,901 70 69% $(27,238) (0.29)% License & Permits 527,396 394 1.097 0.21 Intergovernmental 1,856,785 13 88 72,964 409 Charges for Services 448,321 3.35 (90,681 ) (1682) Fines & Forfeitures 567,582 4.24 (112,268 ) (16.51) Interest Income 400,421 299 90,536 29.22 Other Revenue 119,463 0.89 (87,121) (42.17) TOTAL $13,373,463 100 00% $ (152,711) (1 13)% The major source of revenue for the City of Wheat Ridge is retail sales and use tax ($7,032,859). This compnses 52 59% of total current General Fund revenue The one percent (1 %) General Fund sales tax revenues for 2000 were $4,835,372, an ll1crease of3 53% or $164,931 over 1999 collections. General Fund use tax revenues for 2000 were $2,197,487 a decrease of 9.33% under 1999 collectIOns. Current property tax collectIOns for 2000 were 98.55% of the tax levy Due to the City's fairly strong sales tax revenues, property owners enjoy a very 10"" mill levy relative to the surrounding communities. Expenditures for general governmental functions (General Fund only) totaled $14,414,419 in 2000, an increase of 8 07% over 1999 Increases or ( decreases) 111 levels of expenditures for major functIOns of the City over the past year are shown 111 the followll1g table Expenditure Increase Percentage Activity Percentage (Decrease) Increase By Function 2000 Amount Of Total From 1999 (Decrease) General Government $ 2,325,594 1613% $ 307,433 15.23% Planning & Develop 638,552 443 6,360 101 Public Safety 5,344,654 3708 134,686 2.59 Public Works 2,622,754 18.20 162,937 662 Parks & Recreation 2,414,733 1675 123,761 540 Other 1.068,132 7.41 341.251 46.95 TOTAL $14,414,419 100 00% $1,076,428 807% 111 PENSION FUNDING POLICIES The City particIpates Il1 three mandatory and two defen'ed compensatIOn plans. All full-time sworn polIce officers participate 111 a slI1glc employer defined contribution money purchase plan. The employee contributcs tcn perccnt (10%) of annual salary, and the City contributes ten percent (10%). Four department heads contribute four-perccnt to the InternatIOnal City Managers ASSOCIatIOn (ICMA), I.R.C. Section 40 I deferrcd compensation plan and the City contributes five-percent to this plan. The remainder of the full-tune permanent employees are reqUired to JOll1 the Colorado County OffiCials and Employees Retirement ASSOCiation (CCOERA) plan after one year of service WIth the City These cmployees contribute four- percent (4%) of their annual salary to thc plan, which the City also matches. DEBT ADMINlSTRA nON The City may use debt financll1g when either long-tcrm capital projects are deSired, or when It can be dctcrmll1ed that future Citizens Will receive a benefit from the Improvement. The City has entered mto several lease agreements for financll1g the acquisitIon of eqUipment lI1cludll1g vehIcles, and copy machll1es. The Icase agreements specifically state that the lease can be canccled at any time If the City Council does not appropnate funds for that purpose Funds are budgeted and cncumbered for that year's payments only. RECREA TION CENTER On November 4, 1997, the citizens of Wheat Ridge overwhelmmgly passed a referendum dlrectmg the City of Wheat Ridge to construct and operate a public recreation center for all ages. To pay for the construction of the publIc recreation center, the rcferendum also approved an ll1crease of 1/2% 111 the retatl sales and use tax unposed by the City. The tax increase was 1I11tIated January I, 1998 and sunsets December 31, 2002, or when $12,350,000 has been collected, whichever comes first. To expedite the construction of the facilIty, the City entered into a lease/purchase transaction, whereby the City issues CertIficates of ParticipatIOn. The net proceeds, together With other available funds of the City, wIiI be used to finance the construction of the facilIty. On August 9, 1998, the City Issued and sold $14,820,000 Certificates of PartiCipation. CASH MANAGEMENT It IS the responsibilIty of the City Treasurer to lI1vest 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 m making mumclpal 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 111 the management of their own affairs not for speculation but for IV lI1vestment, consldenng the probable safety of theIr capital as well as the probable mcome to be denved." City funds may be lI1vested in lI1sured savings, money market accounts, certificates of deposit, and secuntles of the U S Government and its agencies, m conformance with the Colorado Public Deposlt 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 checkmg accounts to cover checks wntten. Savmgs and moncy market accounts are lI1sured up to F.D.I.C lImits and are collateralized in conformance wlth POP A. At the end of 2000, the City's mvestment in certificates of depOSit (CD), local government invcstment pools (LGIP) and government securities vaned m stated mterest rates from 6 48% to 6 73%, and 2 75% to 6 63% in savings and money market accounts, rcspectlvely. The City's invcstment portfolIo indicates mvestments at the of 2000, were 42% m US Government securities, 34 % m LGIPs and 24% m CDs, money market accounts or savmgs accounts. RISK MANAGEMENT The City IS exposed to vanous nsks of loss rclated to torts, thefts and damage to, or destruction of asscts, error or omiSSIOns, lI1Juncs to cmployees; or acts of God. - The City of Wheat Ridge takes senously the nced for a strong risk management program. The City'S program lI1cludes pcnodlc review of all policies, procedures and activities. Legal review of all contracts, an active employee safety C0l111111ttee, employee trainmg, reVIew of insurance coverage, and other ongomg loss control actIvIties are also cmployed. Working closely With our lI1surers and attorneys, the City acts qUickly to resolve any known nsk management problems. The City participates m an I11surance pool with other Colorado muniCipalities for liabilIty and property insurance 111 excess of self-lI1sured retentIOns, and workers' compensation coverage. The Colorado Intergovernmental Risk Shanng Agency (CIRSA) IS a separate and mdependent legal entity RESERVE POLICY - The City of Wheat Ridge maintall1s at least an eight percent (8% of expenditures) general fund balance which serves as an encumbered cash rescrve 111 the General Fund. The City Council plans for at least a twenty percent cash reserve balance each year Currently the general fund balance stands at 52%, stated as a percentage of general fund 2000 actual expenditures. 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 Statutcs 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 lI1dependent certified public accountant selccted by the City Council has performed thiS reqUirement and the auditor's opll1lOn has been mcluded m this report. v ACKNOWLEDGMENTS I would like to express my appreciatIOn to LlI1da Stengel, Chief Accountant who assisted the auditors m preparIng tIllS report. Additionally, I would like to recogl1lze the efforts ofLmda Stengel, whose Immaculate record keepmg greatly expedited the audit process. Special thanks are cxtended to membcrs of the mdependent Certified PublIc Accountll1g firm of Swanhorst, Dragon, & Cutler LLC, for the excmplary fashIOn m which they accomplIshed the 2000 audit. Respectfully submitted, {X~ p~ Ron Patera City Treasurer VI District 1 Jerry DitullIo Vance Edwards CITY CLERK MUNICIPAL JUDGE CITY TREASURER CITY ATTORNEY CITY MANAGER DIRECTOR OF PLANNING CITY OF WHEAT RIDGE PRINCIPAL CITY OFFICIALS MAYOR Gretchen Cerveny CITY COUNCIL District 2 District 3 Ken SIler Ralph Mancinelll Janelle Shaver Odarka Flglus Wanda Sang Randall DavIs Ron Patera Gerald Dahl Vacant Alan White DIRECTOR OF PARKS & RECREATION Vacant DIRECTOR OF PUBLIC WORKS CHIEF OF POLICE Robert Goebel Jack Hurst BUDGET/FINANCE ASSISTANT PERSONNEL ASSIST ANT PURCHASING AGENT CHIEF ACCOUNT ANT WillIam W Powell Karen Croom Linda Tnmble Lmda Stengel Vll District 4 Claudia Worth Harry Hanley FINANCIAL SECTION ~1 e t7'1 ). S"anhorst, Dragon & Cutler LLC Honorable Mayor and Membcrs of the Clty CouncIl CIty of Wheat Ridge Wheat Ridge. Colorado INDEPENDENT AUDITORS' REPORT We have audited the accompanYll1g general purpose financIal statements of the City of Wheat Ridge, Colorado, as of and for thc ycar cndcd Dcccmbcr 31 , 2000. as hstcd m thc tablc of contcnts. Thcsc gcncral purpose financial statcmcnts arc thc rcsponsiblllty of thc CIty's managcmcnt. Our rcsponslbIllty IS to express an Opll110n on these general purpose financIal statements based on our audIt. We conductcd our audit m accordance wIth generally acccptcd audltll1g standards. Those standards require that we plan and pcrform thc audit to obtall1 reasonable assurancc about whether the general purpose financial statements are free of matenal misstatement. An audit lI1cludes e:-.amll1ing, on a test basIs. eVidence supportll1g the amounts and disclosures 111 the general purpose financIal statements An audit also lI1cludes assessing the accountll1g pnnclples used and slgl1lficant estimates made by managcmcnt. as wcll as evaluatmg thc ovcrall gcncral purpose financIal statement presentatIOn. Wc bclIeve that our audIt provides a reasonable basIs for our Opll1lon. In our opll1ion, the general purpose finanCIal statcmcnts referred to above present fairly, 111 all matenal respects, the finanCIal position of the City of Whcat Ridge, Colorado, as of December 31, 2000. and the results of ItS operations and cash flows of ItS propnetary fund type for the year then ended 111 conformity with generally accepted accountll1g pnnclples. - Our audIt was conducted for the purpose of fornung an opll1lOn on the general purpose finanCIal statemcnts taken as a whole The combll1mg, Il1dlVldual fund and account group statemcnts and schedulcs and supplementary informatIOn listed in the tablc of contents are presented for purposes of additional analysIs and are not a reqlllred part of the general purpose financial statements of the City of Wheat Ridge, Colorado Such information has been subJccted to the audltll1g procedures applied 111 the audit of the general purpose finanCIal statements and, 111 our Op111l0n, is fairly presented 111 all material rcspccts 111 relatIon to the general purpose finanCIal statements tak.en as a whole The statisticalll1formatlOn lI1cluded in the comprehenSive annual financial report was not audited by us, and accordll1gly, we do not express an opll1lOn on It. ~ ~t {ttffit. L-U- March 23,2001 ~400 r Crcsccnt Park\\a\ . SUltC (,()() . Cll'Ccll\\ood VIllage. CO ~()]]] . i7::'O) 5::'X-4306 Fax 17::'0) 52X-4307 GENERAL PURPOSE FINANCIAL STATEMENTS The General Purpose FinancIal Statcments proVide a financIal overVlev. of the City's operations. These financial statements present the financIal positIOn, operating rcsults, and cash flows, where applIcable, of all funds and account groups as of December 3 I , 2000 CITY OF WHEAT RIDGE, COLORADO COMBINED BALANCE SHEET ALL FUND TYPES AND ACCOUNT GROUPS December 3 I, 2000 The accompanying notes are an integral part of the financial statements. 2 FIDUCIARY PROPRIETARY FUND TYPES ACCOUNT GROUPS FUND TYPE TRUST AND GENERAL GENERAL TOTALS ----"- INTERNAL AGENCY FIXED LONG-TERM (MEMORANDUM ONLY) SERVICE FUND FUNDS ASSETS DEBT 2000 1999 - $ 363,090 $ 12,533,926 $ $ $ 32,911,887 $ 31,136,927 873,939 877 ,845 746,702 1,353,773 1,866,340 1,773.391 15,168 698,049 1,523,646 4,285,073 43,190,447 43,190,447 37,337,234 31,988 31,988 540,245 ~6,794 12,076,794 12,593,206 $ 363,090 $ 12,533,926 $ _43,190~47 $ ~08, 782 $ n236,911 $ . 90,595,743 -- $ 412 $ $ $ $ 314,133 $ 900,984 215,061 223,488 148,669 196,707 202,584 525 15,168 698,049 100,000 100.000 100,000 873,939 877 ,845 586,282 607,490 563,560 52,500 52,500 87,500 - 11,4 70,0~ 11,470,000 12,505,000 100,412 149,194 12,108,782 13,844,998 16,159,010 43,190,447 43,190,447 37,337,234 262,678 262,678 82,961 1,750,484 2,816,086 1,269,297 l,322,006 487,529 12,384,732 12,384,732 ] 5,377,868 580,000 580,000 31,988 52,716 ~-- 19,922,282. 16,380,333 262,678 12,384,732 _~90,447 79,391,913 ~,436,733 ---- $ ----.l63,O90 $ _ . .12,533,926 $ 43,190"j47_ $ 12,108,7jlL $ 93,236,9LL $ 9_o..~5,743 CITY OF WHEAT RIDGE, COLORADO COMBINED STATEMENT OF REVENUES EXPENDITURES AND CHANGES IN FUND BALANCE ALL GOVERNMENTAL FUND TYPES Year Ended December 31, 2000 GOVERNMENTAL FUND TYPES ---- SPECIAL DEBT CAPITAL GENERAL REVENUE SERVICE PROJECTS REVENUES --- -..--- -- Taxes $ 9,453,901 $ 3,867,596 $ $ 4,946,7 I 4 Licenses and Permits 527 ,396 Intergovernmental 1,856,785 1,892,564 Charges for Services 448,32 I 1,418,702 Fines and Forfeitures 567.582 Interest 400,421 812,067 8,227 124,628 Other 119,463 112,156 17,278 TOTAL REVENUES 13,373,869 8,103,085 8,227 5,088,620 EXPENDITURES Current General Government 2,325,594 44,406 Planning and Development 638,552 22 I ,064 Police 5,344,654 188,712 Public Works 2,622,754 Parks and Recreation 2,414,733 2,370,518 Other 1,068, I 32 116,078 Capital Outlay 2,126,940 3,530,345 Debt Service Principal 1,035,000 Interest and Fiscal Charges 543,443 TOTAL EXPENDITURES 14,414,419 6,530,083 116,078 3,530,345 --------- ~ EXCESS OF REVENUES OVER (UNDER) EXPENDITURES (1,040,550) 1,573,002 (107,851) ~?8,275 --------------- OTHER FINANCING SOURCES (USES) Operating Transfers In 1,621,500 1,920,505 90,000 Operating Transfers Out (388,145) (1,279,860 ) (l,964,()()0) TOTAL OTHER FINANCING SOURCES (USES) 1,233,355 640,645 90,000 ~?64,000) EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES AND OTHER USES 192,805 2,213,647 (17,851) (405,725) FUND BALANCE, BEGINNING 7,300,236 11,373,168 540,245 2,357,531 Residual Equity Transfer In lOut) __L4~0,406) 490,406 FUND BALANCE, ENDING $ 7,493~041 $ 13~~~815 $ _J1,988 $ 2,442>212 The accompanying notes are an integral part of the financial statements. 3 TOTALS (MEMORANDUM ONLY) 2000 1999 $ ] 8,268,211 527,396 3,749,349 1,867,023 567,582 1,345,343 24!,82'7- 26,573,801 $ 18,105,847 526,299 3,297,605 594,315 679,850 1.263.265 541,962 25,009,143 2,370,000 2,067,764 859,616 821,919 5,533,366 5,236,147 2,622,754 2,463,229 4,785,251 2,863,955 1,184,210 825,767 5,657,285 14, ]65,050 1,035,000 2,025,000 543,443 627,018 ---,~ _ 24,590,925 }J ,095,849 1,982,876 (6,086,706) 3,632,005 4,982,226 (3,632,005) ( 4,982,226) -- 1,982,876 21,571,180 $ ~554,056 (6,086,706 ) 27,657,886 $ _J1,571,1~ CITY OF WHEAT RIDGE. COLORADO COMI31NED STATEMENT OF REVENUES EXPENDITURES AND ENCUMBRANCES BUDGET AND ACTUAL ALL GOVERNMENT AI. FUND TYPES '1 ear Ended December 31 2000 GENERAL SPECIAL REVENUE V ARIANCE- FAVORABLE BUDGET ACTUAL (\JNFAYQRAI3LE) BUDGET ACTUAL ------ REVENUES Taxes $ 9,283,420 $ 9,453,901 $ 170,481 $ 3.817.500 $ 3.867.596 Licenses and Permits 517.800 527,396 9.596 Intergovernmental 1,951709 1.856,785 (94,924 ) 3,310,739 1,892.564 Charges for Services 586.928 448,321 ( 138,607) 1.200,359 1.418,702 Fines and Forfeitures 715.000 567.582 (147,418) Interest 240.000 400.421 160,421 166.589 812.067 Other 79.000 119~463 40,463 279.207 _1~2,Jl~ TOTAL REVENUES 13.373.857 13,373,869 12 8.774,394 8.103.085 EXPENDITURES AND ENCUMBRANCES Current General Government 2,599 713 2.317,598 282.115 65.900 44,306 Planning and Development 714.829 638,552 76,277 243.570 223.692 Police 5,657.094 5.345,898 31 I 196 384,434 188.712 Public Works 2,848,619 2.622,754 225.865 Parks and Recreation 2,653,255 2,476.250 177.005 4,215.522 2,429.955 Other I 134,485 1,068,132 66,353 Capital Outlay 1,607.836 807.218 Debt Service Principal 1.035.000 1.035.000 Interest and Fiscal Charges 544.2 I 8 543,443 TOTAL EXPENDITURES AND ENCUMBRANCES 15,607,995 14,469184 1,138,8IL 8,096,480 5.272.326 -------- EXCESS OF REVENUES OVER (UNDER) EXPENDITURES AND ENCUMBRANCES (2,234.138) ( 1,09',315) 1,138,823 677,914 2,830.759 OTHER FINANCING SOURCES (USES) Operating Transfers In 1.62 I ,500 1.621.500 1,503 145 1.920,505 Operating Transfers Out 1388.145) _(,381;.145) (1.279,860) (1,279.860) TOTAL OTHER FINANCING SOURCES (USES) 1,233,355 1.233,355 223,285 640.645 EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES. ENCUMBRANCES AND OTHER USES $ _lLQ~o,783) 138.040 $ IJ 38,1123 $ 901)99 3471,404 ----- ADJUSTMENTS TO GAAP BASIS Encumbrances Prior Year (50.992) (1,729,569) Current Year 105.757 __~JJll_ TOTAL ADJUSTMENTS 54,765 (1,257,757) EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES AND OTHER USES (GAAP BASIS) $ 192.805 $ ~?_WLQj7_ The accompanying notes are an integral part of the financial statements. 4 CITY OF WHEA T RIDGE, COLORADO STATEMENT OF REVENUES. EXPENSES AND CHANGES IN RETAINED EARNINGS INTERNAL SERVICE FUND Year Ended December 31, 2000 2000 1999 OPERA TING REVENUES Insurance Reimbursements $ 374,812 $ 127,801 OPERA TING EXPENSES Insurance Premiums 87,758 80,240 Insurance Claims 13 I ,048 292, I 50 TOT AL OPERATING EXPENSES 218,806 372,390 OPERATING INCOME (LOSS) 156,006 (244,589) NON-OPERA TING REVENUES (EXPENSES) Interest 23,711 15,216 NET INCOME 179,717 (229,373) RETAINED EARNINGS, BEGINNING 82,961 3 12,334 ---------~ RETAINED EARNINGS, ENDING $ 262,678 $ 82,96L The accompanying notes are an integral part of the financial statements. 5 CITY OF WHEAT RIDGE, COLORADO ST A TEMENT OF CASH FLOWS INTERNAL SERVICE FUND Year Ended December 3 I, 2000 Increase (Decrease) in Cash and Cash Equivalents 2000 1999 Cash Flows from Operating Activities Cash Received from Other Funds $ 374,812 $ 127,801 Cash Paid to Suppliers (220,860) (372,2_601 Net Cash Provided (Used) by Operaling Activities 153,952 (244,459) Cash Flows From Investing Activities Interest Received 23,71 I 15,216 NET INCREASE (DECREASE) IN CASH AND CASH EQUIV ALENTS 177,663 (229,243 ) CASH AND CASH EQUIVALENTS, BEGINNING 185,427 414,670 CASH AND CASH EQUIVALENTS, ENDING $ 363,090 $ 185,427 RECONCILlA TION OF OPERA TING INCOME (LOSS) TO NET CASH PROVIDED (USED) BY OPERA TING ACTIVITIES Operating Income (Loss) $ 156,006 $ (244,589) Adjustments to Reconcile Operating Income (Loss) to Net Cash Provided (Used) by Operating Activities Changes in Assets and Liabilities Accounts Payable (2,054) 130 Net Cash Provided (Used) by Operating Activities $ _m,95~ $ (244,459) The accompanying notes are an integral part of the financial statements. 6 CITY OF WHEAT RIDGE, COLORADO STATEMENT OF CHANGES IN PLAN NET ASSETS PENSION TRUST FUND Year Ended December 31, 2000 2000 1999 --..-- ADDITIONS Employer Contributions $ 288, I 80 $ 285,864 Employee Contributions 288, ] 80 285,864 Employee Voluntary Contributions 56,124 45,865 -.---- TOTAL CONTRIBUTIONS 632,484 617,593 Investment Income Net Appreciation in Fair Value of Investments (1,431,335) 3,728,567 Interest 41,425 ] 36,373 - ~- NET INVESTMENT INCOME ~1,389,9]0) 3,864,940 --- TOTAL ADDITIONS (757'426) 4,482,533 DEDUCTIONS Benefit Payments 2,204,265 1,873,195 Administrative Charges 31,445 47,248 TOTAL DEDUCTIONS 2,235,710 1,920,443 NET INCREASE (2,993,136) 2,562,090 NET ASSETS HELD IN TRUST FOR PENSION BENEFITS, BEGINNING 15,377,868 12,815,778 NET ASSETS HELD IN TRUST FOR PENSION BENEFITS, ENDING $ ] 2,384,732 $ 15,l'77, 868 - ---. ---.- The accompanying notes are an integral part of the financial statements. 7 NOTE 1: CITY OF WHEAT RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS December 3 I. 2000 SUMMARY OF SIGNIFICANTACCOUNTING POLICIES The City of Wheat Ridge, Colorado was incorporated m August. 1969, and became a home rule city m 1976 as defincd by Colorado ReVised Statutes. The City is governed by a Mayor and eight-member Council elected by the residents. The accountll1g polICies of the City of Wheat Ridge, Colorado (the City) conform to generally accepted accountmg prinCiples as applicable to governments. The followmg IS a summary of the more SIgnificant polIcies. REPORTING ENTITY In accordance With Governmental Accountmg Standards, the City has considered the possibIlity of mcluslOn of additIOnal entities 111 its general purpose finanCial statements. The defimtlOn of the reportll1g entity IS based prImarily on finanCIal accountability The City IS finanCIally accountable for orgal1lzatlOns that make up ItS legal entity It IS also finanCIally accountable for legally separate organizatIOns IfClty offiCials appomt a votll1g majority of the orgamzatlOn's governing body and eIther it is able to Impose its wIll on that orgamzatlOn or there IS a potential for the orgamzatlOn to prOVide speCific finanCIal benefits to, or to Impose speCIfic finanCIal burdens on, the City The City may also be finanCIally accountable for governmental orgal1lzations that are fiscally dependent upon It. Based on the applIcatIOn OfthlS cntcna, the City mcludes the Wheat Ridge Urban Renewal Authonty (the Authority) wlthll1 ItS reporting entity The Authority was created to redevelop or rchabIlitate certam blIghted areas of the City The Authonty Board members are appomted by the City Mayor and CouncIl City CouncIl approval IS reqUired for the Authonty's budget. The financial information of the Authority is blended lI1to the City's financial statements as a speCIal revenue fund. FUNDS AND ACCOUNT GROUPS The accounts of the City are orgal1lzed on the baSIS of funds and account groups, each of which is conSidered a separate accountll1g entity The operatIOns of each fund are accounted for with a separate set of self-balancing accounts that compnse its assets, lIabilities, fund eqUity, revenues, and expenditures, or expenses, as appropriate Government resources are allocated to, and accounted for in individual funds, based upon the purposes for which they are to be spent and the means by which spendmg activities are controlled. The vanous funds are grouped in the finanCial statements m this report, into fund types and broad fund catcgones as follows 8 NOTE 1: CITY OF WHEAT RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS December 31, 2000 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Contll1ued) FUNDS AND ACCOUNT GROUPS (Continued) GOVERNMENTAL FUNDS All governmental funds are accounted for on a spendll1g or "financial flow" measurement focus. ThiS means that only current assets and current lIabilities are generally included on the balance sheet. Their reported fund balancc (net current assets) IS considered a measure of "available spendable resources" Governmental fund operatll1g statements present increases (revenue and other financll1g sources) and decreases (expenditures and other financll1g uses) in net current assets. Accordll1gly, they are Said to present a summary of sources and uses of "available spendable resources" dunng a penod. General Fund n The General Fund is the general operating fund of the City It is used to account for all finanCIal resources except those reqUIred to be accounted for 111 another fund. Special Revenue Funds n SpeCial Revcnue Funds are used to account for the collectIOn and disbursement of specific revenue sources. Debt Service Funds n Debt Service Funds are used to account for the accumulatIOn of resources for, and the payment of, long-term oblIgation prinCipaL interest, and related costs. Capital Projects Funds n Capital Projects Funds are used to account for the acqUIsItIOn or constructIOn of property and facilIties. PROPRIETARY FUND Internal Service Fund n 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 n 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 organizatIons, other governments, and/or other funds. 9 NOTE 1: - CITY OF WHEAT RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS December 31, 2000 SUMMARY OF SIGNIFIC4NT ACCOUNTING POLICIES (Contll1ued) FUNDS AND ACCOUNT GROUPS (Contll1ued) ACCOUNT GROUPS Gencral Fixed Asset Account Group u Fixed assets used 111 governmental fund type operatIOns (general fixed assets) are accounted for 111 the General Fixed Asset Account Group, rather than 111 the governmental funds. No deprecIation has been provlded on general fixed assets. General Long-Term Dcbt Account Group u Long-term lIabilIties expected to be financed from governmental funds are accounted for 111 the General Long-Term Debt Account Group, not 111 the governmental funds. The account groups are not "funds" They are concerned only With the measurement of finanCIal posItion. They arc not lI1volved With measurement of results of operatIOns. BASIS OF ACCOUNTING The accountll1g and financial reportll1g treatment applIed to a fund IS determll1ed 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 gencrally are Il1cluded on the balance sheet. Operatll1g statements of these funds present lI1creases (I e., revenues and other financll1g sources) and decreases (i.e , expenditures and other financll1g uses) 111 nct 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 included on the balance sheet. Fund eqUIty for the propnetary fund (I.e., net total assets) is segregated Il1to contributed capital and retamed earnings components. Propnetary fund type operatmg statements present lI1creases (e.g., revenues) and dccreases (e.g., expenses) m net total assets. The modified accrual basis of accountll1g is used by all governmental funds and the agency fund. Under the modified accrual basis of accounting, revenues are recognized when susceptible to accrual (i.e., when they become both measurable and available). "Measurable" means the amount of the transactIOn can be determined and "available" means collectible wlthll1 the cun'ent penod or soon enough thereafter to be used to pay the lIabIlities of the currcnt penod. Expenditures are generally recognized when the related fund lIabilIty IS lI1curred. 10 NOTE 1: CITY OF WHEAT RIDGE, COLORi-'\DO NOTES TO FINANCIAL STATEMENTS Del:ember 31, 2000 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Contmued) BASIS OF ACCOUNTING (Contmued) The accounting and reportll1g treatment applIed to the fixed assets and long-term liabilitIes associated with a fund are determined by ItS measurement focus. Those revenues susceptible to accrual are sales taxes, property taxes, franchise taxes, interest, and grants. FlI1es and permit revenues are not susceptible to accrual as they generally are not measurable untIl receIved m cash. The accrual baSIS of accountmg IS used by all propnetary and pension trust fund types. Under thiS method, revenues are recognized when earned and expenses are recogl1lzed at the tune lIabilIties are incurred. For its proprietary fund type, the City has elected not to apply Financial Accountmg Standards Board (F ASB) statements and mterpretatlOns Issued after November 30, 1989 Agency Funds are custodIal 111 nature and do not mvolve measurcment of the results of operations. - Deferred revenues anse when a potentia] revenue does not meet both the "measurable" and "avaIlable" cnteria for recognitIOn m the current penod. Deferred revenues also arisc when resources are received by the City before it has a legal claun to them, as when grant mOllles are received pnor to the mcurrence of qualIfymg expenditures. In subsequent penods, when both revcnue recogllltlOn cntena are met, or when the CIty has a legal claIm to the resources, thc lIabIlIty for dcferrcd revenue lS removed from the balance sheet and revenue is recognized. BUDGETS The City follows these procedures m establishing the budgetary data reflected in the finanCial statements' o In September, the City AdmmistratJon submits to the City CouncIl a proposed operatll1g budget for the fiscal year commencmg the following January 1 The operating budget includes proposed expenditures and the means offinancmg them. o PublIc heanngs are conducted to obtain taxpayer comments. o Prior to Decembcr 31. the budget IS legally enacted through passage of an ordmance 11 NOTE 1: - CITY OF WHEAT RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS December 31, 2000 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) BUDGETS (Continued) o Any budget reVISions that alter the total cxpendltures 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, SpeClal Revenue, and Capital ProJects Funds are adopted on a non-GAAP basis using the encumbrance method. Budgetary comparisons presented for the Debt Service and Internal Service Funds are presented on a basIs consistent with generally accepted accountmg pnnClples (GAAP) o Budgeted amounts 111 the finanClal statements are as ongll1ally adopted or as amended by the City CouncIl All approprIatIOns lapse at year end. Colorado governments may not legally exceed budgeted approprIatIOns by fund. CASH AND INVESTMENTS Cash equivalents include Investments with original maturities of three months or less. Investments are recorded at fair value INTERFUND RECEIV ABLES/PAY ABLES During the course of operations, numerous transactions occur between individual funds. The resultll1g receivables and payables are classified on the balance sheet as "due from other funds" and "due to other funds" because they are short-term 111 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 appropnatlOn. 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 $1,500 or greater with a life In excess of one year 12 NOTE 1: CITY OF WHEAT RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS December 31,2000 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) FIXED ASSETS (Contll1ued) Public domall1 ("infrastructure") general fixed assets consisting of roads, bndges, curbs and gutters, strects and sidewalks, drainage systems and IIghtmg 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 COMPENSA TED 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 exceedmg 60 days at one-half their current rate of pay - Accumulated unpaid vacatIOn and Sick pay IS accrued when earned. Amounts expected to be paid 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 in the General Long-Term Debt Account Group. LONG-TERM OBLIGATIONS Long-term debt is recognlzed as a liabilIty of a governmental fund when due, or when resourCes have been accumulated 111 the debt service fund for payment carly 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 remainmg portion of such obligations IS reported in the General Long-Term Debt Account Group Long-term liabilIties expected to be financed from proprietary fund operations are accounted for in that fund. FUND EQUITY Reserves represent those p0l11Ons of fund 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. 13 NOTE 1: CITY OF WHEAT RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS December 31, 2000 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) PROPERTY TAXES Property taxes are leVied on November I and attach as an enforceable lIen on property on January I Taxes are payable Il1 full on Apnl30 or 111 two lI1stallments on February 28 and June 15 The County Treasurer's oftlcc collccts property taxes and remits to the City on a monthly baSIS. SlI1ce property tax revenues are collected Il1 arrcars dUrIng the succeedmg year, a receivable and correspondll1g deferred revenue are recorded at December 31 As the tax IS collected m the succeeding year, the defcrred revenue IS recognized as revenue and the receivable IS reduced. CONTRABAND FORFEITURES The Colorado Contraband ForfeIture Act allows law enforcement agenclcs to retall1 proceeds from the seizure of contraband. These transactIons are recorded Il1 the PolIce InvestIgatIOn Special Revenue Fund. COMPARATIVE DATA ComparatIve total data for the pnor year has been presented Il1 thc accompanYing financial statements 111 order to proVide an understandmg of changes m the City's financial positIOn and operations. However, comparatIve (I e., presentatIOn of pnor year totals by fund type) data has not been presented 111 each of the statements sll1ce their lI1c\usion would make the statements unduly complex and dIfficult to read. TOTAL COLUMNS ON COMBINED STATEMENTS Total columns on the Combined Statements are captioned "Memorandum Only" to indicate that they are presented only to facilItate finanCIal analYSIS. Data 111 thcse columns do not present financial position, results of operations, or cash flows 111 conformity with generally accepted accounting pnnclples. NeIther IS such data comparable to a consolidatIOn. Interfund elIminatIOns have not been made 111 the aggregatIOn of this data. 14 NOTE 2: CITY OF WHEAT RIDGE. COLORADO NOTES TO FINANCIAL STATEMENTS December 31,2000 DEPOSITS AND INVESTMENTS A summary of deposits and mvestments as of December 31, 2000 follows Petty Cash Cash Deposits Investments $ 2,345 2,803,080 31.630,1 08 S 34.435.533 The above amounts are classified 111 the combll1ed balance sheets as follows Cash and Investments Restncted Cash and Investments $ 32,911,887 1.523.646 $ 34.435.533 Cash Deposits The Colorado PublIc DepOSit Protection Act, (PDP A) reqUIres that all umts of local government depOSit cash in elIgible publIc depositones. EligibIlity is determined by state regulatIOns. Amounts on deposit m excess of federal msurance levels must be collateralIzed by elIgible collateral as determmed by the PDP A. The financial institutIOn IS allowed to create a sll1gle collateral pool for all publIc funds held. The pool IS to be main tamed by another institutIOn, or held m trust for all the unmsured public deposits as a group The market value of the collateral must be at least equal to 102% of the unmsured deposIts. Deposits are categorized to give an mdication of risk assumed by the government at the end of the year Category 1 lI1cludes deposits that are insured, Category 2 includes collateralIzed depOSits With securities held by the pledgll1g institution's trust department or agent 111 the City's name, and CategOlY 3 lI1cludes uncollateralized, ul1lnsured deposits. At December 31,2000, the City's cash depOSits had a carrymg amount of$2,803,080, and a corresponding bank balance as follows Insured (Category 1) DepOSits Collateralized In Smgle Institution Pools (Category 2) $ 400,000 2.795.759 Total Cash DepOSits $ 3.195,759 15 NOTE 2: CITY OF WHEAT RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS December 31,2000 DEPOSITS AND INVESTMENTS (Continued) Investments Colorado statutes specify which lI1struments units oflocal government may lI1vest, whIch mclude o ObligatIOns of the Umted States and certam U.S government agency securities o Certall1 mternatlOnal agency secunttes o General obligatIOn and revenue bonds of U S local government entities o Bankers' acceptances of certall1 banks o CommerCial paper o Local government lI1vestment pools o Written repurchase agreements collateralIzed by certain authonzed securities o Certall1 money market funds o Guaranteed investment contracts The City's lI1vestments arc categonzed below to give an lI1dlcatlOn of the level of secunt) assumed at year end. Categmy 1 n Investments that are msured or registered or for which the secuntles are held by the Clt) or Its agent in the City's name. Category 2 n Uninsured and unregistered lI1vestments for which the secuntles are held by the counterparty's trust department or agent in the City's name CategOlY 3 -- Unmsured and unregistered lI1vestments for which the secuntles are held by the counterparty's trust department or by Its agent, but not In the City's name. Fair Value (Category I) U S Agency Secuntles Repurchase Agreements, collateralized by securities with a fair value of $1 ,526,000 $ 8,184,517 1.482,000 $ 9.666.517 16 NOTE 2: CITY OF WHEAT RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS December 31, 2000 DEPOSITS AND INVESTMENTS (Continued) Investments (Continued) At December 31,2000, the City had invested $4,426,996 and $2,692,363, respectively, 111 the Colorado Government LiqUId Asset Trust (Colotrust), and the Colorado Surplus Asset Fund Trust (CSAFE), lI1vestment vehicles establIshed for local government entities in Colorado to pool surplus funds. The Trusts operate similarly to a money market fund and each share is equal 111 value to $100 Investments of the Trusts lI1clude U S Treasury bills, notes and note stnps, and repurchase agreements collateralIzed by U S Treasury securities. A designated custodial bank proVIdes safekeepll1g and depository services to the Trusts 111 connectIOn With the direct investment and Withdrawal functions of the Trusts. SubstantIally all securities owned by the Trusts are held by the Federal Reserve Bank 111 the account mamtained for the custodial bank. The custodian's internal records identifY the investments owned by the Trusts. In addItIon, the City had invested $2,459,500 111 money market accounts. At December 31, 2000, the City's pensIOn plan assets were lI1vested in vanous mutual funds. The faIr value of these funds was $12,384,732 These investments are not categonzed sll1ce the underlYll1g secuntIes cannot be determined. Restricted Cash and Investments Cash and lI1vestments of $1,523.646 representing the proceeds of the 1998 certificates of participation have been restricted 111 the RecreatIOn Center Special Revenue Fund. NOTE 3: FIXED ASSETS A summary of changes in the General Fixed Assets Account Group IS as follows. Balance Balance 12/31/99 AdditIOns DeletIOns 12/31/00 Land $ 5,793,096 $ 3,911,880 $ $ 9,704,970 BUildings 4,851,924 12,463,801 17,315,725 Streets and Improvements 8,707,499 8,707,499 Equipment 6,471,636 990,611 7,462,247 Construction in Progress 11.513,079 11.513.079 Total General Fixed Assets $ 37.337.234 $ 17.366.292 $ 1 1.S 13.079 $ 43.190.447 17 NOTE 3: NOTE 4: CITY OF WHEAT RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS December 31, 2000 FIXED ASSETS (Continued) The City'S fixed asset capitalization polIcy was increased to $1,500 during the year endll1g December 31, 2000 As a result, beginning balances for the general fixed asset account group have been restated by $575,881 LONG-TERM DEBT General Long-Term Debt Account Group Following is a summary of General Long-Term Debt Account Group transactions for the year ended December 31, 2000 Balance Balance 12/31/99 AddItIOns Pavments 12/31/00 Certificates of PartiCIpatIOn $ 12,505,000 $ $ 1,035,000 $ 11,470,000 Compensated Absences 540,951 45.331 586,282 Developer Agreement 87.500 35.000 52,500 Total $ 13.133,451 $ 45,331 $ 1.070,000 $ 12.108.782 Certificates of Participation The City Issued $14,820,000 Certificates of PartiCipation, Senes 1998, to finance the constructIOn of a recreatIOn faCIlIty Pnnclpal payments are due annually on December 15, and interest payments are due semi-annually on June 15 and December 15, through 2008 Interest accrues at rates rangmg from 3.55% to 4 6%. Annual debt service reqUIrements for the certificates of partiCipatIOn are as follows Year Ended December 31 , PnnClpal Interest Total 2001 $1,080,000 $ 497,817 $ 1,577,817 2002 1,120,000 454,617 1,574,617 2003 1,165,000 408,137 1,573,137 2004 1,215,000 359,207 1,574,207 2005 1,270,000 307,570 1,577,570 Thereafter 5.620.000 579.240 6.1 99,240 Total Debt Service ReqUIrements $ 11,470,000 $ 2.606,588 $ 14,076.588 ] 8 NOTE 4: NOTE 5: CITY OF WHEAT RIDGE. COLORADO NOTES TO FINANCIAL STATEMENTS December 31. 2000 LONG-TERM DEBT (Continued) Developer Agreement On January 13, ] 997, the Urban Renewal Authonty agreed to compensate the Wheat Ridge Marketplace for certain costs incurred In the development of the project. The full amount ofthe agreement, $175,000, IS due and payable wlthll1 ] 0 years At December 3],2000 the City had paid $122,500 under this agreement. No mterest accrues on the obligatIOn. RISK MANA GEMENT The CIty IS exposed to variOUS riSKS of loss related to torts, theft of, damage to, and destructIOn of assets, errors and omissions; lI1junes 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 c1mms payable were as follows. Claims Payable, January] Incurred but Unreported Claims and Adjustments Claims Paid 2000 $ 100,000 13],048 (131.048) 1999 $ 100,000 292,150 (292,150) Claims Payable, December 31 $ 100,000 $ 100,000 For excess lrabIlIty, property and workers compensation claims. the City IS ll1volved WIth the Colorado Intergovernmental Risk Shanng Agency (CIRSA), a separate and lI1dependent governmental and legal entity formed by mtergovernmental agreement by member mUl1IclpalItIes pursuant to the proVision of24-l 0-115.5, Colorado Revised Statutes (1982 Replacement Volume) and Colorado ConstitutIOn, Article XIV, Section 18(2). The purposes of CIRSA are to provide members defined liability, property, and workers compensation coverages and to assist members to prevent and reduce losses and Injuries to muniCipal property and to persons or property which might result in claims bemg made agamst members of CIRSA, theIr employees and officers. It IS the intent of the members of CIRSA to create an entity in perpetuity which will administer and use funds contributed by the members to defend and indemnify, In accordance with the bylaws, any member of CIRSA agamst stated lIabIlity of loss, to the limit of the financial resources of CIRSA. It IS also the ll1tent of the members to have CIRSA provide contll1uing stabilIty and avaIlabilIty of needed coverages at reasonable costs. Allll1come and assets of CIRSA shall be at all times dedicated to the eXC]USlve benefit of ItS members. 19 NOTE 5: NOTE 6: - CITY OF WHEAT RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS December 31, 2000 RISK MANAGEMENT (Continued) 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 umt. The City carnes commercialll1surance for other nsks of loss, Including employee health lI1surance. RETIREMENT COMMITMENTS Police Pension Plan The City contributes to a s1I1g1e employer defined contribution money purchase pensIOn plan on behalf of sworn polIce officers. 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 ] 5% of their compensatIOn to the Plan. Dunng the year ended December 31, 2000, the City and employees made contributions to the Plan of $288,180 and $344,304, respectively The City made all reqUIred contributions to the Plan. Employees become vested 111 Cjty contnbutlOns to the Plan at 40% after 4 ycars of service, 45% after 5 years, 50% after 6 years, and an additional 10% each year thereafter All ofthe Plan II1vestments at December 31, 2000 of$12,3 84,732 are managed by Charles Schwab The Plan IS included 111 the financial statements as a PensIOn Trust Fund. 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. During the year ended December 31, 2000, the City and employees made contributions to the Plan of $2] ,794 and $14,805, respectively The City made all reqUired contnbutlOns to the Plan. Employees become vested In all contributions to the Plan immediately All of the Plan II1vestments are managed by The International City Managers' AssociatIon (ICMA) 20 NOTE 6: NOTE 7: NOTE 8: CITY OF WHEAT RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS December 31, 2000 RETIREMENT COMMITMENTS (Continued) 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. 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 DUrIng the year ended December 31,2000, the City and employees made contributions to the Plan of$173,516 and $173,516, respectively The City made all reqUIred contributions to the Plan. Employees become vested m City contributIOns to the Plan at 20% annually All ofthe Plan investments are managed by The Colorado County Officials and Employees Retirement AssociatIOn (CCOERA) NEGA TIVE FUND BALANCE At December 31,2000, the Baugh House Fund had a negative fund balance of$547, which may Violate State statutes. COMMITMENTS AND CONTINGENCIES Tabor Amendment u Colorado voters passed an amendment to the State Constitution, Article X, Section 20, which has several limitations, lI1c1udIng revenue raising, spending abilities, and other specific reqUIrements of state and local governments. The Amendment requires, with certall1 exceptions, advance voter approval for any new tax, tax rate increase, mill levy above that for the pnor year, extension of an expiring tax, or tax polIcy change directly causing a net tax revenue gain to the City. Revenue in excess of the fiscal year spendmg limit must be refunded in the next fiscal year unless voters approve retention of such revenue. The City's management believes it is In compliance With the provisions of the Amendment. However, the Amendment is complex and subjcct to interpretation. Many of its provisions may require Judicial interpretation. The City has establIshed an emergency reserve, representing 3 % of qualIfymg expenditures, as reqUIred by the Amendment. At December 31,2000, the emergency reserve of$580,000 was recorded in the General Fund. Litigation -- The City is involved in various lawsuits. The outcome of this litigation cannot be determmed at tllls time. 21 NOTE 8: CITY OF WHEAT RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS December 31, 2000 COMMITMENTS AND CONTINGENCIES (Continued) Commitments n The Urban Renewal Authonty has entered ll1to an agreement with Wheat Ridge Marketplace to pay to the developer the ll1cremental property tax revenue denved from the property through December 31,2006, not exceedmg $750,000 At December 31, 2000, the City had paId $603,818 under tlllS agreement. 22 COMBINING, INDIVIDUAL FUND AND ACCOUNT GROUP STA TEMENTS AND SCHEDULES SPECL4L REVENUE FUNDS Special Revenue Funds account for the proceeds of spcc dlc revenuc sourccs that are legally restnctcd to expenditures for specific purposes. the City has the following spec tal revenue funds. Open Space Fund - the City, along with Jefferson County and adjacent Colorado municipalities, have agreed to jointly 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 y, cent sales ta:-. collected for the construction of the police department building addition. Police Investigation Fund - accounts for assets seized by the City's Police Department. Park Acquisition Fund - accounts for revenue received and designated for use 111 the acqUIsition of additional parks and related improvements. Building Demolition Fund - IS a revolving fund that charges property owners for City expenses II1curred 111 the demolition of butldll1gs. Senior/Teen Center Fund - accounts for contributions and related e:-.penditures made to the Wheat Ridge Commul1lty Center Municipal Court Fund - is used for equipment maintenance, office furl1lture, 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. RichardslHart Improvement Fund - expenditures Inlhis fund wtll bc used to upgrade and improve Richards/Hart Estate. Parks and Recreation Damage Deposit Fund - monies 111 this fund are damage deposits that are paid to the Parks and Recreation Department for rental of park pavilions, park shelters and factllty rentals. Wheat Ridge Urban Renewal Authority - accounts for revenue received and designated for economic development by the Wheat Ridge Urban Renewal Authonty Board of Commissioners. Equipment Fund - has been established to purchase and lease vehicles and equipment. Conservation Trust Fund - accounts for funds received and restricted 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 Construction Fund - accounts for 'h cent sales tax collected for the construction of the recreation center, and debt service for the related dcbt. Baugh House Fund - accounts for transactions related to the historic Baugh House HotellMotel Fund - accounts for 5% lodgers tax revenue and related expenditures. Underground Cable Fund - accounts for amounts budgcted for burying utility cable Recreation Center Operating Fund - accounts for recreation center revenue and recreation program expenditures. CITY OF WI lEA T RIDGE. COLORADO SPECIAL REVENUE FUNDS COMBINING BALANCE SHEET December 3 I. 2000 OPEN POLICE POLICE PARK SPACE BUILDING INVESTIGATION ACQUISlTlON -~ ASSETS Cash and Investments $ 269,887 $ 3 I 5,097 $ 183,573 $ 6,766 Rcceivables Property Taxes Intergovernmental 181.410 Other Due from Other Funds Restricted Cash and Inveslmenls TOTAL ASSETS $ 451.297 $ 315.097 $ 183.573 $ 6,766 LIABILITIES AND FUND EQUITY LIABILITIES Accounts Payable $ 847 $ $ 108 $ Accrued Expenses Due to Other Funds 1,009 Deferred Revenue TOTAL LIABILITIES 847 1.117 FUND EQUITY Fund Balances Reserved for Encumbrances 25.147 252.426 Unreserved 425,303 62,671 182,456 6.766 TOTAL FUND EQUITY 450.450 315.097 182.456 6,766 TOTAL LIABILITIES AND FUND EQUITY $ 451,297 $ 315.097 $ 183.573 $ 6.766 (Continued) See the accompanying Independent Audilors' Report. 23 PARK.S AND RIClIARDS/ RECREATION BUILDING SENIOR/TEEN MUNICIPAL TREE HART DAMAGE DEMOLITION CENTER COURT PLANTING IMPROVEMENT DEPOSITS $ 20,273 $ 38.368 $ 68.416 $ 52.028 $ 28.444 $ 23,483 1,666 980 $ 20,273 $ 38.368 $ 68.416 $ 53,694 $ 2J.424 $ 23,483 $ $ $ 6.046 $ 93 $ 294 $ 644 12.443 644 6.046 12.536 294 I 162 20,273 37.724 62.370 41.158 27.968 23.483 20,273 37,724 62.3 70 41,158 29,130 23,483 $ ~73 $ 38.368 $ 68.416 $ 53,69~ $ 29 424 $ _~3.483 ASSETS Cash and Investments Receivables Property Taxes Intergovernmental Other Due from Other Funds Restricted Cash and Investments TOTAL ASSETS LIABILITIES AND FUND EQUITY LIABILITIES Accounts Payable Accrued Expenses Due to Other Funds Deferred Revenue TOTAL LIABILITIES FUND EQUITY Fund Balances Reserved for Encumbrances Unreserved TOTAL FUND EQUITY TOTAL LIABILITIES AND FUND EQUITY CITY OF WHEAT RIDGE, COLORADO SPECIAL REVENUE FUNDS COMBINING BALANCE SHEET December 31,2000 (Continued) URBAN RENEWAL AUTHORITY $ 530.461 J:9UIPMENT $ 203,811 230.000 $ 760,461 $ 203.811 $ 230.000 230.000 2,628 527,833 530,461 $ 760,461 $ 8i8 818 70.351 132,642 202.993 $ 203,811 See the accompanying Independent Audilors' Report 24 CONSERVATION TRUST COMPUTER $ 106,079 $ 106.079 $ 75,900 30,179 106.079 $ _~~07<) $ 157.618 $ 157.618 $ 6,439 6,439 151,179 151.179 $ 157,618 -- RECREATION RECREATION CENTER BAUGH HOTEL! UNDERGROUND CENTER TOTALS CONSTRUCTION HOUSE MOTEL CABLE OPERATING 2000 1999 - $ 7,801,551 $ $ 735,939 $ 352,980 $ 421,736 $ 11,316.510 $ 6,577,870 230,000 230,000 32.847 135.345 349,602 83] .462 407,478 32.114 8.000 450,238 354,054 35,305 ~3,646 1.523.646 4,285,073 $ 9,765,522 $ --- $ 903.398 $ 352,980 $ 429,736 $ L3~869.996 $ _11.313,764 $ 2,113 $ $ 295 $ $ 1,404 $ 18,457 $ 653,324 2,671 17.410 20,081 41,623 547 14.643 15,649 230.000 230.000 2.113 547 2.966 18.814 283.181 940,596 42,440 1,758 471,812 1,729,569 9,720,969 (2,305) 900.432 352,980 410.922 13,115,003 9,643,599 -- 9,763,409 _C547) 900.432 352.980 410,922 13.586,815 11,373,168 $ ~.?-,522 $ $ 903.398 $ 352,980 $ 429,736 $ I 3~. 869,996 $ L211L7~4 CITY OF WHEAT RIDGE, COLORADO SPECIAL REVENUE FUNDS COMBINING STATEMENT OF REVENUES. EXPENDITURES AND CHANGES [N FUND BALANCE Year Ended Dcccmbcr 31 2000 OPEN POLlCE POLlCE PARK SPACE BU[LDlNG INVESTIGA nON ACQUISITION REVENUES ----------- Taxes $ $ $ $ Intergovernmental 1,404,653 37,779 Charges for Services Interest 67,033 19.222 8.[50 396 Other 6.400 22.549 TOTAL REVENUES 1,4 78.086 57.001 30,699 396 EXPENDITURES Current General Government Planning and Developmenl Police 19,757 Parks and Recreation 1,027,75 [ Bond Issue Costs Capital Outlay 24,830 Debt Service Principal Interest ---". TOTAL EXPENDITURES 1.027.75 [ 24,830 19.757 EXCESS OF REVENUES OVER (UNDER) EXPENDITURES 450,335 32.17[ 10.942 396 OTHER F[NANCING SOURCES (USES) Operating Transfers In 67,000 4,197 Operating Transfers Out (975,360) TOTAL OTHER FINANCING SOURCES (USES) (908.360) 4.[97 EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES AND OTHER USES (458,025) 36,368 10,942 396 FUND BALANCE, BEGINNING 908,475 278,729 171,514 6,370 -----.- ---- FUND BALANCE, ENDING $ 450&() $ 3 15,097 $ ~2,456 $ _ 6,766 -,- (Conlinued) See Ihe accompanying Independent Audilors' Report. 25 44 406 25.261 69.919 4.670 11,350 25.261 44,406 69,919 4.670 11,350 -- 1,189 (5.101 ) (463) (56,555) 11,453 11.661 22,311 41.500 ( 10,000) - 22.311 31.500 1,189 17,210 (463) (25.055) 11.453 11,661 19,084 20,514 62,833 _66,213 17,677 11,822 37,724 $ 62.370 $ 4~,158 $ _29,130 $ _. 23,483 $ 20,273 $ CITY OF WHEAT RlDGE, COLORADO ALL SPECIAL REVENUE FUNDS COMBINING STATEMENT OF REVENUES EXPENDITURES AND CHANGES IN FUND BALANCE Year Ended December 31. 2000 (Continued) URBAN RENEWAL CONSERV A nON AUTHORITY EQUIPMENT TRUST COMPUTER REVENUES ----- --~~-~ Taxes $ 337.033 $ $ $ Intergovernmental 294.145 Charges for Services Interest 29.671 17.572 8,893 13.015 Other 9,370 ----- TOTAL REVENUES 366,704 26.942 303,038 13.015 EXPENDITURES Currenl General Government Planning and Development 221.064 Police Parks and Recreation 88.441 Bond Issue Costs Capilal Outlay 363.165 175,160 Debt Service Principal Interest TOTAL EXPENDITURES 221,064 363,165 88,441 175.160 EXCESS OF REVENUES OVER (UNDER) EXPENDITURES 145.640 (336.223 ) 214.597 ( 162,145) OTHER FINANCING SOURCES (USES) Operating Transfers In 425.000 203,100 Operating Transfers OUI (54,500) (190,000) TOTAL OTHER FINANCING SOURCES (USES) (54.500) 425.000 ( 190,000) 203,100 EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES AND OTHER USES 91.140 88,777 24,597 40,955 FUND BALANCE, BEGINNING 439,321 114,216 81,482 110,224 --.- FUND BALANCE, ENDING $ 530,461 $ =~~-202,993 $ 106,079 $ ,_12Lll~ -- See the accompanying Independent Auditors' Report, 26 RECREA TlON RECREA TION CENTER BAUGH HOTEL! UNDERGROUND CENTER TOTALS CONSTRUCTION HOUSE MOTEL CABLE OPERA TlNG 2000 1999 ------ --------- $ 3,001,147 $ $ 529.416 $ $ $ 3.867,596 $ 3.832,653 10,000 6,975 135.346 1,892,564 1.513,784 1.378.709 1.418,702 55,313 563.750 227 33,916 14,935 22.393 812,067 793.217 6.000 4,500 2.100 112,156 248,986 -------- 3,580,897 7.202 703.178 14.935 1.403.202 8,103,085 6,443,953 ------ 44,406 39,959 221,064 189,447 168.955 188,712 24.658 15.835 1.127.291 2,370,518 570.077 1,501,830 61.955 2,126,940 11,037,759 1,035,000 1.035,000 1,000,000 543.443 543.443 584.693 _.~--------, --- ---- 3.080,273 15,835 168,955 61.955 1.127.291 6.530.083 13.446,593 500.624 (8,633 ) 534.223 (47.020) 275.911 1.573.002 .. (7,002,640) ------------ 687,360 2,500 67,537 400.000 1.920.505 2,097,827 (50,000) (1.279,860) ( 1,630,888) 687.360 2,500 17,537 400.000 640,645 466,939 1.187,984 (6,133) 551,760 352.980 275,911 2,213.647 (6,535,701) 8,575,425 5.586 348.672 135.011 ------------------- 11,373,168 17,908,869 410,921_ $ 13,586,815 $..--l1373,1~ ------- $ 9.763,409 $ u(547) $ 900,432 $ 352,980 $ CITY OF WHEAT RIDGE, COLORADO OPEN SPACE SCHEDULE OF REVENUES EXPENDITURES AND ENCUMBRANCES BUDGET AND ACTUAL Year Ended December 31. 2000 2000 V ARIANCE- FAVORABLE 1999 BUDGET ACTUAL (UNFAVORA!3LE) ACTUAL REVENUES Intergovernmenlal $ 2,483,500 $ 1,404.653 $ (1,078,847) $ 949.809 Inlerest 67,033 67,033 Other 38,067 6,400 (31.~6D TOTAL REVENUES 2.521.567 1,478.086 ~1,043,48]) 949,809 EXPENDITURES Currenl Parks and Recreation 2.246.U 14 1,033,048 1,212,966 417,434 EXCESS OF REVENUES OVER (UNDER) EXPENDITURES 275.553 445,038 169 485 532.375 ---~ OTHER FINANCING SOURCES (USES) Operating Transfers In 67.000 67,000 502.3 13 Operaling Transfers OUI ~75.360) (975.360) (I,g7].209) TOTAL OTHER FINANCING SOURCES (USES) (908,360) (908,360) (570,896) EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES AND OTHER USES $ (632,807) (463,322) $ - 169,485 (38,521) ADJUSTMENTS TO GAAP BASIS Encumbrances Prior Year (19.850) (37,334) Current Year 25,147 19,850 ---- TOTAL ADJUSTMENTS 5,297 ~},484) -------- ----- EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES AND OTHER USES (GAAP BASIS) $ ~58LOm $ l56.0@ See the accompanying Independent Auditors' Report. 27 CITY OF WHEAT RIDGE, COLORADO POLICE BUILDING SCHEDULE OF REVENUES. EXPENDITURES AND ENCUMBRANCES BUDGET AND ACTUAL Year Ended December 31, 2000 2000 ---- .- -~ V ARIANCE- FAVORABLE 1999 BUDGET ACTUAL (UNF A VORABLE) ACTUAL -- -~ REVENUES Intergovernmental $ 37,789 $ 37,779 $ ( 10) $ 283,398 Interest 3,000 19,222 16,222 26,243 Other 90,000 (90,000) _..-- TOT AL REVENUES 130,789 57,001 (7~,788) 309,641 EXPENDITURES Capital Outlay 464,895 464,895 980,961 -- --- EXCESS OF REVENUES OVER (UNDER) EXPENDITURES (334,1 Q6) ~O()l :391,107 (6}1,320) OTHER FINANCING SOURCES (USES) Operating Transfers In 4,197 4,197 EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES AND OTHER USES $ (32~,909J 61,198 $ 321107 ---- --- - ADJUSTMENTS TO GAAP BASIS Encumbrances Prior Year (277,256) (20,102) Current Year 252,426 277 ,256 TOTAL ADJUSTMENTS (24,832) 257,154 EXCESS OF REVENUES OVER (UNDER) EXPENDITURES (GAAP BASlS) $ 36,368 $ _(il4,166) See the accompanying Independent Auditors' Report. 28 CITY OF WHEAT RIDGE, COLORADO POLICE INVESTIGATION SCHEDULE OF REVENUES, EXPENDITURES AND ENCUMBRANCES BUDGET AND ACTUAL Year Ended December 3 I, 2000 TOTAL REVENUES 2000 - V ARIANCE- FAVORABLE 1999 BUDGET ACTUAL (UNF A VO~BLE) ACTUAL $ 1,500 $ 8,150 $ 6,650 $ 1,718 25,000 22,549 (2,45l) _ _lO5,2ll 26,500 30,699 ~- __~5>- ~- ] 06,949 REVENUES Interest Other EXPENDITURES Current Police 75,000 19,757 55,243 24,658 EXCESS OF REVENUES OVER (UNDER) EXPENDITURES $ ( 48,50Q) $_ 10,942 -------- $ 59,442 $ 82,22L - - See the accompanying Independent Auditors' Report. 29 CITY OF WHEAT RIDGE, COLORADO PARK ACOU[SITION SCHEDULE OF REVENUES. EXPENDITURES AND ENCUMBRANCES BUDGET AND ACTUAL Year Ended December 3 [, 2000 2000 -- V ARIANCE- FAVORABLE 1999 BUDGET ACTUAL ---- ------ (UNFA VORABLE) ACTUAL REVENUES Interest $ 250 $ 396 $ 146 $ 280 Other [,000 (1.000) 1.200 TOTAL REVENUES 1.250 396 (854) [,480 EXPENDITURES Current Parks and Recreation (198) 198 EXCESS OF REVENUES OVER (UNDER) EXPENDITURES $ t,250 594 $ (656) 1,480 ADJUSTMENTS TO GAAP BAS[S Encumbrances Prior Year ([98) (198) Current Year 198 TOTAL ADJUSTMENTS ([98) EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES (GAAP BASIS) $ _n 396 $ ~() See the accompanying Independent Audilors' Report. 30 REVENUES Interesl EXPENDITURES Current Planning and Development EXCESS OF REVENUES OVER (UNDER) EXPENDITURES CITY OF WHEAT RIDGE, COLORADO BUILDING DEMOLITION SCHEDULE OF REVENUES. EXPENDITURES AND ENCUMBRANCES BUDGET AND ACTUAL Year Ended December 31, 2000 2000 V ARIANCE- FA VORABLE 1999 ---- BUDGET ACTUAL (UNFAVORABLE) ACTUAL $ 1,000 $ 1,189 $ 189 $ 901 2,000 2,000 $ (I,OOQ) $ 1,189 $ $ 2,11;<) 901 See the accompanying Independent Auditors' Report. 31 CITY OF WHEAT RIDGE, COLORADO SENIOR/TEEN CENTER SCHEDULE OF REVENUES. EXPENDITURES AND ENCUMBRANCES BUDGET AND ACTUAL Year Ended December 3 I, 2000 2000 BUDGET ACTUAL REVENUES Interest Other $ 300 14,500 $ ],2] 1 18,949 TOT AL REVENUES 14,800 20,160 EXPENDITURES Current Parks and Recreation 39,511 25,261 EXCESS OF REVENUES OVER (UNDER) EXPENDITURES (24,711) (5,101 ) OTHER FINANCING SOURCES (USES) Operating Transfers In 22.31 I 22,3] ] EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES AND OTHER USES $ {l,400) $ 17,2lQ See the accompanying Independent Auditors' Report. 32 V ARIANCE- FAVORABLE (UNF A VO~ABLE) $ 91 I 4,449 5.360 14,25Q 19,610 $ 19,610 1999 ACTUAL $ 473 21,528 22,001 /3,662 8,339 $ 8,339 CITY OF WHEAT RIDGE, COLORADO MUNICIPAL COURT SCHEDULE OF REVENUES EXPENDITURES AND ENCUMBRANCES BUDGET AND ACTUAL Year Ended December 3 I, 2000 2000 V ARIANCE- FAVORABLE ]999 BUDGET ACTUAL (UNF A VORABLE) ACTUAL REVENUES Charges for Services $ 51,000 $ 39,993 $ (] 1,007) $ 45,208 Interest 3,000 3,950 950 3,020 - ----- TOTAL REVENUES 54,000 43,943 (10,057) 48,228 EXPENDITURES Current General Government 65,900 44,306 21,594 40,059 EXCESS OF REVENUES OVER (UNDER) EXPENDITURES (11,900) (363) 11,537 8,]69 OTHER FINANCING SOURCES (USES) Operating Transfers Out - --------- (16,345) EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES $ __LI1900) (363) $ 11,537 _ (8,176) ADJUSTMENTS TO GAAP BASIS Encumbrances Prior Year (100) Current Year 100 TOTAL ADJUSTMENTS (109) 100 EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES (GAAP BASIS) $ (463) $ iJhQ7QJ See the accompanying Independent Auditors' Report. 33 CITY OF WI lEA T RIDGE, COLORADO TREE PLANTING SCHEDULE OF REVENUES. EXPENDITURES AND ENCUMBRANCES BUDGET AND ACTUAL Year Ended December 31, 2000 2000 V ARIANCE- I' A VORABLE 1999 BUDGET ACTUAL (UNFA VORABLE) ACTUAL REVENUES Intergovernmental $ $ 2.166 $ 2,166 $ 2,560 Interest 3,000 4,244 1,244 4,298 Other 17,000 6.954 (10,046) 10,687 TOTAL REVENUES 20,000 13.364 (6,636) 17,545 -- EXPENDITURES Currenl Parks and Recreation 107,360 69,919 37,441 36.150 EXCESS OF REVENUES OVER (UNDER) EXPENDITURES (87,360) (56,555) 30,805 (18,605) ----------- OTHER FINANCING SOURCES Operating Transfers In 41,500 41,500 20,000 Operating Transfers Out (10,000) (IO,CLoo) ( 10,000) TOTAL OTHER FINANCING SOURCES (USES) 31,500 31,500 10,000 EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES $ (55.860) (25,055) $ 30>805 ____ (8,6051 ADJUSTMENTS TO GAAP BASIS Encumbrances Prior Year (2,689) Current Year TOTAL ADJUSTMENTS (2,689) EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES (GAAP BASIS) $ (25,055) $ iLL294) See the accompanying Independenl Audilors' Report. 34 CITY OF WHEAT RIDGE, COLORADO RICHARDS/HART IMPROVEMENT SCHEDULE OF REVENUES. EXPENDITURES AND ENCUMBRANCES BUDGET AND ACTUAL Y car Ended December 31, 2000 2000 V ARIANCE- FA VORABLE 1999 BUDGET ACTUAL (UNFAVORABLE) ACTUAL REVENUES Intergovernmental $ 37,500 $ 1,500 $ (36,000) $ 6,000 Interest 250 1,023 773 454 Other 10,640 13,600 2.960 16,949 TOTAL REVENUES 48,390 16,123 (32,267) 23,403 EXPENDITURES Current Parks and Recreation 50.000 5,832 44.168 10.750 EXCESS OF REVENUES OVER (UNDER) EXPENDITURES $ (1,610J 10,291 $ 11,901 12,653 - --------------- ADJUSTMENTS TO GAAP BASIS Encumbrances Prior Year Current Year 1,162 TOTAL ADJUSTMENTS 1,162 EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES (GAAP BASIS) $ 11,453 $ 12.653 See the accompanying Independent Auditors' Report. 35 REVENUES Interest Other TOTAL REVENUES EXPENDITURES Current Parks and Recreation CITY OF WHEAT RIDGE, COLORADO PARKS AND RECREATION DAMAGE DEPOSIT SCHEDULE OF REVENUES. EXPENDITURES AND ENCUMBRANCES BUDGET AND ACTUAL Year Ended December 31, 2000 2000 ______n_______ ____n__________ V ARIANCE- FAVORABLE 1999 ----------- BUDGET ACTUAL (UNFAVO.RABl:E) ACTUAL $ 220 $ 1,277 $ 1,057 $ 567 14.000 21,734 7,734 12,747 14.220 23.01 I 8,791 13,314 14,000 11,350 2,650 10,300 EXCESS OF REVENUES OVER (UNDER) EXPENDITURES $ $ 220 $ $ 11,661 11,441 3,014 See the accompanying Independent Auditors' Report. 36 CITY OF WHEAT RIDGE. COLORADO URBAN RENEWAL AUTHORITY SCHEDULE OF REVENUES EXPENDITURES AND ENCUMBRANCES BUDGET AND ACTUAL Year Ended December 31, 2000 2000 V ARIANCE- FAVORABLE 1999 BUDGET ACTUAL (lJNFA VORABLE) ACTUAL REVENUES Taxes $ 330.000 $ 337.033 $ 7.033 $ 326,709 Interest ]0.000 29.671 19.671 9,955 Other 26] TOTAL REVENUES 340.000 366.704 26.704 336,925 EXPENDITURES Current Planning and Development 241,570 223.692 17,878 189.447 EXCESS OF REVENUES OVER (UNDER) EXPENDITURES 98.430 143.0]2 44,582 ]47,478 OTHER FINANCING SOURCES Operating Transfers Out (54.500) . (24.500) EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES $ 43.930 88.512 $ 44.582 147.478 --. ADJUSTMENTS TO GAAP BASIS Encumbrances Prior Year Currenl Year 2.628 TOTAL ADJUSTMENTS 2.628 -. EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES (GAAP BASIS) $ 91.l40 $ 147.478 See the accompanying Independent Auditors' Report. 37 CITY OF WIIEA T RIDGE, COLORADO EOUIPMENT SCHEDULE OF REVENUES EXPENDITURES AND ENCUMBRANCES BUDGET AND ACTUAL Year Ended December 3 I, 2000 2000 V ARIANCE- FA VORABLE 1999 BUDGET -- ACTUAL (UNF A VQI"ABLE) ACTUAL REVENUES Interesl $ 5,569 $ 17.572 $ 12,003 $ 9,670 Other 23.500 9,370 (14,130) 70,883 TOTAL REVENUES __29,06" 26,942 (2,127) 80,553 EXPENDITURES Capital OUllay 469,000 433,5 16 35.484 444,144 EXCESS OF REVENUES OVER (UNDER) EXPENDITURES (439,931 ) (406,574) 33.357 (363,591 ) OTHER FINANCING SOURCES Operating Transfers In 425,000 425,000 375,000 EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES $ _ (l4~93l) 18.426 $ 33,357 11,409 ADJUSTMENTS TO GAAP BASIS Encumbrances Prior Year (85,740) Current Year 70.3 51 TOTAL ADJUSTMENTS 70,351 _____ (8~:740) EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES (GAAP BASIS) $ 88,777 $ __J74~33 I J See the accompanying Independent Auditors' Report. 38 CITY OF WHEAT RIDGE, COLORADO CONSERVATION TRUST SCHEDULE OF REVENUES EXPENDITURES AND ENCUMBRANCES BUDGET AND ACTUAL Year Ended December 3\, 2000 2000 V ARIANCE- FA VORABLE 1999 BUDGET ACTUAL (UNFA VORABLE) ACTUAL REVENUES Intergovernmental $ 603.750 $ 294,145 $ (309.605) $ 25 I .267 Interesl 5,000 8.893 3.893 12,856 Other 3,500 ------------ TOTAL REVENUES 608,750 303,038 (305.712) 267,623 EXPENDITURES Current Parks and Recreation 495,141 157.452 337,689 25.000 EXCESS OF REVENUES OVER (UNDER) EXPENDITURES 113.609 145.586 3 I. 977 242,623 OTHER FINANCING SOURCES (USES) Operating Transfers Oul (190,000) (190.000) _ (320,}~5) EXCESS OF REVENUES OVER (UNDER) EXPENDITURES AND OTHER USES $ (76,391) (44.414) $ 31.977 ___(77.682) ------ ADJUSTMENTS TO GAAP BASIS Encumbrances Prior Year (6.889) (16,206) Current Year 75,900 6.889 ______u_____ ____ _ TOTAL ADJUSTMENTS 69.01 I (9,317) EXCESS OF REVENUES OVER (UNDER) EXPENDITURES AND OTHER USES (GAAP BASIS) $ 24,597 $ _~86.999) See the accompanying Independenl Auditors' Report. 39 CITY OF WI lEA T RIDGE, COLORADO COMPUTER SCHEDULE OF REVENUES. EXPENDITURES AND ENCUMBRANCES BUDGET AND ACTUAL Year Ended December 31. 2000 2000 ------------ V ARIANCE- FA VORABLE 1999 BUDGET ACTUAL (UNFAVORABLE) ACTUAL REVENUES Interesl $ 7,500 $ 13,015 $ 5,515 $ 7,889 EXPENDITURES Capilal Outlay 299,630 171,810 127.820 147.857 EXCESS OF REVENUES OVER (UNDER) EXPENDITURES (292,130) (158,795) 133,335 ( 139,968) OTHER FINANCING SOURCES Operating Transfers In 203.100 203, I 00 135,000 EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES $ (89,030) il4,3Q~ $ 133,]35 (4,968) ADJUSTMENTS TO GAAP BASIS Encumbrances Prior Year (3.350) (2,889) Current Year 3,350 TOTAL ADJUSTMENTS (3,350) 461 EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES (GAAP BASIS) $ 40,955 $ (4,597J See the accompanying Independent Auditors' Report. 40 CITY OF WHEAT RIDGE, COLORADO RECREATION CENTER CONSTRUCTION SCHEDULE OF REVENUES. EXPENDITURES AND ENCUMBRANCES BUDGET AND ACTUAL Year Ended December 3\, 2000 2000 V ARIANCE- FA VORABLE 1999 BUDGET ACTUAL (UNFAVORABLE) ACTUAL REVENUES Taxes $ 2,987,500 $ 3,001.147 $ 13,647 $ 2,968.563 Inlergovernmental 10,000 10,000 10,000 Interest 100,000 563,750 463.750 708,207 Other 16,000 6,000 ( 10"000) 6,000 TOTAL REVENUES 3,103,500 3,580&()~ 477,397 3,692,zI~ EXPENDITURES Capital Outlay 177,918 127,564 50,354 3,837,553 Debt Service Principal 1,035,000 1,035.000 1,000,000 Interest and Fiscal Charges 544,218 543,443 775 584,693 TOTAL EXPENDITURES 1,757136 1,706,007 51,129 5,422,246 EXCESS OF REVENUES OVER (UNDER) EXPENDITURES 1,346,364 1,874,890 528,526 (\ ,729,4762 OTHER FINANCING SOURCES Operating Transfers In 270.000 687,360 417,360 915,514 EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES AND OTHER USES $ 1,616,364 2,562,250 $ 945,886 (813,962) Prior Year (1,416,706) (7,211,325) Current Year 42,440 I,4~6,706 TOTAL ADJUSTMENTS (I ,3I~26(j) (5,794,619) EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES (GAAP BASIS) $ 1.187,984 $ (6,608,581 ) See the accompanying Independent Auditors' Report. 41 CITY OF WHEAT RIDGE, COLORADO BAUGH HOUSE SCHEDULE OF REVENUES EXPENDITURES AND ENCUMBRANCES BUDGET AND ACTUAL Year Ended December 31, 2000 2000 V ARIANCE- FAVORABLE 1999 BUDGET ACTUAL (UNF A VORABLE) ACTUAL REVENUES Intergovernmental $ 75,000 $ 6,975 $ (68,025) $ 10,750 Interest 1,000 227 (773) 607 Other 25,000 (25,000) TOT AL REVENUES 101,000 7.202 (93,798) 11,357 EXPENDITURES Capital Outlay 106,393 12,373 94,020 28,158 EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES AND OTHER USES _ (5,393) _J5,~71) 222 (16,801) OTHER FINANCING SOURCES Operating Transfers In 2,500 2,500 EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES AND OTHER USES $ (2.893) (2,671) $ 222 (16,801) Prior Year (5,220) Current Year 1,758 5,220 TOT AL ADJUSTMENTS (3,462) 5,220 EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES (GAAP BASIS) $ ~6,133) (11,581} See the accompanying Independent Auditors' Report. 42 CITY OF WHEAT RIDGE, COLORADO HOTEL / MOTEL SCHEDULE OF REVENUES EXPENDITURES AND ENCUMBRANCES BUDGET AND ACTUAL Year Ended December 31, 2000 REVENUES Taxes Intergovernmental Interest Other TOTAL REVENUES EXPENDITURES Police Capital Outlay TOT AL EXPENDITURES EXCESS OF REVENUES OVER (UNDER) EXPENDITURES OTHER FINANCING SOURCES (USES) Operating Transfers In Operating Transfers Out TOT AL OTHER FINANCING SOURCES (USES) EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES $ 2000 BUDGET ACTUAL $ $ 529,416 135,346 33,916 4,500 500,000 73,200 25,000 4.500 602,700 703,1~ 309,434 168,955 309,434 168,955 293,266 534,223 67,537 ~O,OOO) 67,537 ~50-,000) 17,537 17,537 3 IOJ03 $ 551,760 $ See the accompanying Independent Auditors' Report. 43 V ARIANCE- FA VORABLE (lJj\)F A VORABLE) $ 29,416 62,146 8,916 100,478 140,479 140,479 240,957 240,957 1999 ACTUAL $ 537,381 5,360 ~2,741 4,500 4,500 538,241 (189,569) JI89,569) $ 348,672 CITY OF WHEAT RIDGE, COLORADO UNDERGROUND CABLE SCHEDULE OF REVENUES. EXPENDITURES AND ENCUMBRANCES BUDGET AND ACTUAL Year Ended December 3 I, 2000 2000 V ARIANCE- FAVORABLE BUDGET ACTUAL (UNFA VOR.p.BLg_ REVENUES Interest $ $ 14,935 $ 14,935 TOT AL REVENUES 14,935 14,935 EXPENDITURES Capital Outlay 90,000 61,955 28,045 EXCESS OF REVENUES OVER (UNDER) EXPENDITURES (90,000) (47,020) 42,980 OTHER FINANCING SOURCES Operating Transfers In 400,000 400,000_ TOTAL OTHER FINANCING SOURCES 400,000 400,000 EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES $ 310,000 $ 352,9~_ $ 42,980 See the accompanying Independent Auditors' Report. 44 CITY OF WHEAT RIDGE, COLORADO RECREA TlON CENTER OPERA TlNG SCHEDULE OF REVENUES EXPENDITURES AND ENCUMBRANCES BUDGET AND ACTUAL Year Ended December 31, 2000 REVENUES Charges for Services Interest Other TOT AL REVENUES EXPENDITURES Current Parks and Recreation EXCESS OF REVENUES OVER (UNDER) EXPENDITURES OTHER F[NANC[NG SOURCES (USES) Operating Transfers In Operating Transfers Out TOT AL OTHER FINANCING SOURCES (USES) EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES $ 2000 BUDGET ACTUAL $ $ 1, ] 49,359 ],378,709 22,393 2,100 1'149,359 1,403,202 ] ,263,496 1,]27,291 (I [4,[37) J75,')ll ill 4,1)7) $ _ 275,91 I -- -- -- See the accompanying Independent Auditors' Report. 45 V ARIANCE- FAVORABLE (U1'JF A VOR~Bl.J:::) $ 229,350 22,393 ~IOO ___ 253,843 ] 36,205 390,04! $ 390,048 1999 ---- ACTUAL $ 10,105 719 _ 10,824 4,353 6,471 ] 50,000 i2J,460) 128,540 $ 135,011 - 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 salcs tax rcvenue refundll1g bond Issue TI1IS fund was closed during the year endmg December 31, 2000 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 Decem ber 31, 2000 INCREMENTAL SALES TAX COMPENSA TED TOTALS BOND ABSENCES 2000 1999 ASSETS Cash and Investments $ $ 53,196 $ 53,196 $ 562,854 TOTAL ASSETS $ $ 53.196 $ 53,196 $ 562,854 --..- LIABILITIES AND FUND EQUITY LIABILITIES Accrued Compensated Absences $ $ 21,208 $ 21,208 $ 22,609 FUND BALANCE Reserved for Debt Service 487,529 Unreserved Designated for Compensated Absences 31,988 31,988 52,716 Total Fund Equity 31,988 31,988 540,245 TOTAL LIABILITIES AND FUND EQUITY $ $ 53,196 $ 5),126 $ 562,854 See the accompanying Independent Auditors' Report. 46 CITY OF WHEA T RIDGE, COLORADO DEBT SERVICE FUNDS COMBINING ST A TEMENT OF REVENUES EXPENDITURES AND CHANGES IN FUND BALANCE Year Ended December 31, 2000 INCREMENTAL TOTALS SALES TAX COMPENSA TED BOND ABSENCES 2000 1999 -- -- -- REVENUES Interest $ 2,877 $ 5,350 $ 8,227 $ 32,440 EXPENDITURES Current Other 116,078 ] 16,078 98,886 Debt Service Principal 1,025,000 Interest and Fiscal Charges -- 42,325 TOTAL EXPENDITURES 116,078 116,078 1,166,21 I ---- EXCESS OF REVENUES OVER (UNDER) EXPENDITURES 2,877 (110,728) (107,851 ) (1,133,771 ) OTHER FINANCING SOURCES (USES) Operating Transfers In 90,000 90,000 !,I 17 ,025 ---- EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES AND OTHER USES 2,877 (20,728) (17,851) (16,746) FUND BALANCE, BEGINNING 487,529 52,716 540,245 556,991 Residual Transfer In (Out) ( 49_0,406) ( 490,406) FUND BALANCE, ENDING $ $ ,II,9~8 $ 31,988 $ 540,2~ See the accompanying Independent Auditors' Report. 47 CITY or WIIEA T RIDGE, COLORADO INCREMENTAL SALES TAX BOND fUND SCHEDULE Or REVENUES EXPENDITURES AND CHANGES IN FUND BALANCE BUDGET AND ACTUAL Year Ended December 31, 2000 2000 --- V ARIANCE- I' A VORABLE 1999 BUDGET ACTUAL UNFA VORABLE) ACTUAL -- --- REVENUES Interest $ $ 2.877 $ 2,877 $ 27,195 TOTAL REVENUES 2.877 2,877 27,195 EXPENDITURES Debt Service Principal 1,025,000 Interest and Fiscal Charges 42,325 TOTAL EXPENDITURES 1,067,325 EXCESS OF REVENUES OVER (UNDER) EXPENDITURES 2,877 2,877 (1,040,130) -.-- OTHER FINANCING SOURCES (USES) Operating Transfers In ------- - 1,067,025 EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES AND OTHER USES 2,877 2.877 26,895 FUND BALANCE, BEGINNING 213,488 487,529 274,041 460,634 Residual Equit) Transfer Out (490,407) (490,406 ) FUND BALANCE, ENDING $ (276,919] $ $ 276.919 $ 487,529 See the accompanying Independent Auditors' Report. 48 CITY or WIIEA T RIDGE. COLORADO COMPENSATED ABSENCES SCHEDULE OF REVENUES. EXPENDITURES AND CHANGES IN FUND BALANCE BUDGET AND ACTUAL Year Ended December 31. 2000 2000 V ARIANCE- r A VORABLE 1999 BUDGET ACTUAL UNF /\ VORABLE) ACTUAL -- REVENUES Interest $ 5.000 $ 5,350 $ 350 $ 5,245 EXPENDITURES Current Olher 120,000 116,078 3.922 98,886 EXCESS or REVENUES OVER (UNDER) EXPENDITURES (115,000) (110,728) 4,272 (93,641) OTHER FINANCING SOURCES Operating Transfers In 90,000 90,000 50,000 EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES (25,000) (20,728) 4,272 (43,641) FUND BALANCE. BEGINNING 45,357 52,716 7,359 96,357 FUND BALANCE, ENDING $ 20,35L $ 3 I. 988 $ 11.63 I $ 52.216 See the accompanying Independent Auditors' Report. 49 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 rIsk financll1g activIties through ItS recording of claims expenses and habJlltles and charges to other funds for costs. CITY OF WHEAT RIDGE, COLORADO INTERNAL SERVICE FUND RISK FINANCING INSURANCE RESERVE FUND SCHEDULE OF REVENUES. EXPENDITURES AND CHANGES IN RETAINED EARNINGS BUDGET AND ACTUAL y car Ended December 3 I, 2000 2000 ---- V ARIANCE- FA VORABLE 1999 BUDGET ACTUAL (UNFA VORABLE) ACTUAL --------- OPERATING REVENUES Insurance Reimbursements $ 367,000 $ 374,812 $ 7.812 $ 127,801 Interesl __10,000 23,711 13,711 15,216 -------- TOTAL OPERATING REVENUES 377,000 398,523 21,523 143,Ol7 OPERATING EXPENDITURES Insurance Premiums 189.000 87,758 101,242 80,240 Insurance Claims 300,000 131,048 168,952 292, I 50 TOTAL OPERATING EXPENDITURES 489,000 218,806 270,194 372,390 -- EXCESS OF REVENUES OVER (UNDER) EXPENDITURES (112,000) 179717 291,717 (229,373 ) RETAINED EARNINGS, BEGINNING - 153,334 82,9~ (70,373 ) 312,334 RETAINED EARNINGS, ENDING $ 41,3,34 $ 262,678 $ 221)44 $ 82,961 See the accompanying Independent Auditors' Report. 50 FIDUCIARY FUNDS Trust and Agency Funds are used to account for assets held by the CIty 111 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 mOl1les received from Plan participants and City contributIOns. The funds are held in trust for disbursement to qualified participants upon leavll1g the plan or upon qualified retirement. Agency Funds Public Works Escrow - accounts for funds recel\'ed pnor to the Issuance of ccrtall1 constructIOn permits, to guarantee the work reqUired by the permit. Upon completIOn, thc funds are returned, - CA TV (Cable Television) Property Damage - accounts for funds received from the cable televIsIOn permittee for settlement of mmor unresolved claims agamst the permittee for damage to pnvate property CITY OF WHI:A T RIDGE, COLORADO FIDUCIARY FUNDS COMBlNING BALANCE SHEET December 31, 2000 PENSION AGENCY TRUST PUBLIC CATV POLICE WORKS PROPERTY TOTALS - PENSION ESCROW DAMAGE 2000 1999 ASSETS Cash and Investmenls $ 12"384,7:32 $ ~3,669 $ ~52i $ 12,533,926 $ 15,530)30 LIABILITIES AND FUND EQUITY LIABILITIES Refundable Escrow Deposits $ $ 143.669 $ 5,000 $ 148,669 $ 152,513 Due to Olher Funds 525 525 349 TOTAL LIABILITIES 143,669 5,525 149,194 152,862 FUND EQUITY Fund Balance Reserved for Employee Retirement 12,384,732. 12,384,732 15,377,868 TOTAL LIABILITIES AND FUND EQUITY $ 12.384,732 $ 143,669 $ 5,.525. $ 12,533,926 $ 15,530,730 See Ihe accompanying Independent Audilors' Report. 51 CITY OF WHEAT RIDGE, COLORADO FIDUCIARY FUNDS COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES ALL AGENCY FUNDS Year Ended December 3 I, 2000 Balance Balance January I, December 3 I, 2000 Additions Deletions 2000 Public Works Escrow Fund ASSETS Cash and Investments $ 147,51~ $ 43,7<l<L $ 47,584 $ 143,669 -- LIABILITIES Refundable Escrow Deposits $ 14],513 $ __ 43,740 $ 47,584 $ 143,669 -- CATV Property Damage Fund ASSETS Cash and Investments $ 5,349 $ 176 $ $ _5,525 ---. LIABILITIES Refundable Escrow Deposits $ 5.000 $ $ $ 5,000 Due to Other Fund 349 176 525 Total Liabilities $ 5,349 $ 176 $ $ 5.525 Totals ASSETS Cash and Inveslments $ 152,8(;2 $ 43.916 $ _ 47,584 $ L49) 94 LIABILITIES Refundable Escrow Deposits $ 152,513 $ 43,740 $ 47,584 $ 148,669 Due to Olher Fund 349 176 525 Total Liabilities $ 15:2,862 $ 43,916 $ 47,5~ $ 119,194 See the accompanying Independent Auditors' Report. 52 GENERAL FIXED ASSETS ACCOUNT GROUP The General Fixed Assets Account Group records changes 111 the CIty's ownership of and investment in capital assets, lI1cludll1g land, bUlldll1gs, Improvements to land and bUlldmgs, and equipment, the lives of which are greater than one year and whose costs exceed $1,500 CITY OF WHEA T RIDGE, COLORADO GENERAL FIXED ASSETS ACCOUNT GROUP SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS - B't SOURCE Year Ended December 31, 2000 Balance January 1, Balance 2000 December 3], (As Restate<ll Additions Deletions 2000 SOURCE General Government Treasurer $ 9,298 $ $ $ 9,298 City Administrator 275,900 56,737 332,637 City Clerk 14,842 14,842 Municipal Court 23,670 3,432 27,102 Building 3,960,055 14,979 3,975,034 Community Development ~~,282 52,282 TOTAL 4,336,047 75,148 4,411,195 Public Safety Police Chief 97,335 97,335 Police Administrative Services 78,367 52,420 130,787 Animal Enforcement 90,783 90,783 Communications 493,873 493,873 D.A.R.E. 32,71 ] 32,71 ] Police Records 17,033 17,033 Police Patrol 335,142 335,142 Criminal Investigation 144,339 54,843 199,]82 Police Traffic Unit 134,798 3,505 138,303 Civil Disaster TOTAL 1,424,381 110,768 ~,535,149 Public Works Administration 8,659,526 8,659,526 Engineering 232,063 42,981 275,044 Street Maintenance 1,379,053 71,700 1,450,753 Traffic Maintenance 309,042 17,200 326,242 Shops 193,323 _}9J15 232,5] 8 TOTAL 10,773,007 17l.()76 I 0,9~4,083 Parks and Recreation Administration 7,181,594 3,887,341 11,068,935 Recreation 12,583,933 1,503,477 14,087,410 Parks Maintenance ],013,09'L 105,403 ],]] 8,4')7 ~ - TOTAL 20,778,62 I ----1,496,2~] 26,274,842 Wheat Ridge Town Center 25,178 ---- 25,]78 TOTAL GENERAL FIXED ASSETS $ 37,3J2,~~ $ ~l3->ll3 $ $ _ 43-,-190,447 See the accompanying Independent Auditors' Report. 53 CITY OF WHEAT RIDGE, COLORADO GENERAL FIXED ASSETS ACCOUNT GROUP SCHEDULE OF GENERAL FIXED ASSETS BY FUNCTION AND ACTIVITY December 31, 2000 STREETS AND LAND BUILDINGS IMPROVEMENTS FUNCTION AND ACTIVITY General Government Treasurer $ $ $ City Administrator City Clerk Municipal Court Building 3,611,081 91,113 Community Development TOTAL 3,611,081 91,113 Public Safety Police Chief 2,761 383 Police Administrative Services 2,059 Animal Enforcement Communications D.A.R.E. Police Records Police Patrol Criminal Investigation Police Traffic Unit TOTAL 2,761 2,442 Public Works Administration 530,350 7,722,717 Engineering 69,807 Street Maintenance Traffic Maintenance Shops 84,539 TOTAL 614,889 69,807 7,722,717 Parks and Recreation Administration 9,003, I 19 223,005 762,739 Recreation 39,618 13,352,705 12,589 Parks Maintenance 47,3~ 56,3~ 115,899 TOTAL 9,090,087 13,632,076 891,227 ----..- Wbeat Ridge Town Center TOT AL GENERAL FIXED ASSETS $ 9,704}176 $ JLll5,725 $ 8, 707,4'22- -- See the accompanying Independent Auditors' Report. 54 TOT ALS (MEMORANDUM ONL YLn 1999 EQUIPMENT 2000 (As Restated) $ 9,298 $ 9,298 $ 9,298 332,637 332,637 275,900 14,842 14,842 14,842 27,102 27,102 23,670 272,840 3,975,034 3,960,055 __52,282 52,~~ ~,282 709,001 4,411,195 4,336,047 94,191 97,335 97,335 128,728 130,787 78,367 90,783 90,783 90,783 493,873 493,873 493,873 32,711 32,711 32,711 17 ,033 17,033 17,033 335,142 335,142 335,142 199,182 199,182 144,339 138,303 138,303 134,798 1,529,946 1,535,149 1,424,381 - 406,459 8,659,526 8,659,526 205,237 275,044 232,063 1,450,753 1,450,753 1,379,053 326,242 326,242 309,042 147,979 232,518 193,323 --.- __~,536,670 1 0,944,083 10,773,OQL 1,080,072 11,068,935 7,181,594 682,498 14,087,410 12,583,933 898,882 1,118,497 1,013,094 ~661,4~ 26,274,8~~ 20,778,621_ 25,178 25,17~ 25,178 ---- $ 7,462~7_ $ ~,1~447 $ 37,337,234. -.- -- SUPPLEMENTARY INFORM A TION City or (ount\ CITY OF ~~EAT RIDGE ': L\r, r:"UIM, December 20110 li'rePJred 8\ Lind:> Stenael, Chief Accountant Phone. 303-235-281 b 1" ~ n:.H.L r Tl'r' hu; .:1.:11 !'lr Ihl' 11111\rIT,;\l~(~ll L(lIICl'~IUI11" ,,",;.:n:I'.cd [u .\"L'f:!c:': ,S, 'c!f' :111"\1:1.: LOC \L IIIGH\\.\ \' rI'\Ai'.CE REPORT Tnrs Inf"l'I1l.\tiun I-rom The Record.s OfleXJl1lple - (Il) of or Count:. of J CITY OF \-JHEAT RIDGE - h'rl~~ '\pp;uvc:..: ( !\ Il\ '\;(' ~ I :::::.., HI ~ ~ I. DISPOSITIO'\ OF IIIGII\\ .\.) -LSER RE\'ENl:E~\ V .\.IL\BLE FOR LOC .\L GOVERl\\IE:\T E:\.PE:\DlTl'RE ITE:Vl A. Local i\Iotor-Fuel Taxes B. Local i\I otor-" chicle Taxes C. Receipts from State lIighway- liseI' Taxes D. ReceIpts from Federal Hiuhwav o " Administration i Total reeei ts avadabie "l \linlls amount used for collection ex enses ~ iVlinus 311h. unt used (or nonhiuhw3V umoscs ..f iVlinus amoullt llsed for mass t:-;:msit K~m;:lIndCr use' lor hlgl1\\'JY purposes ~~~i1I~t~id~j~;J II. RECEIPTS FOR RO.\D -\:\D STREET PCRPOSES II. DISBl'RSDIE:'>:TS FOR RO-\D AND STREET PURPOSE ",:VIOU-:\T J~~:::c~r.~~;~~/)':,.;:. ":"~.;(? ;~~~~{l;~;;~~;~~t~1~f,tj;~i;\;il:;~:::1;;i 3 A. Rccei ts from local sources. Local hi~11\Iay-user taxes 3. "Iotor I-uel I from Item I '\.5 I b "Iotor Vehicle l.from Ilcm I.B.5 c. '1'ot:llla.~b ) "I CJeneral fund.11 rn riJ.tions 3 Other local im osts I from a~c 2) 4 \ lisccllancous local reeei ts t from pace 0) 5 Transfers from toll facilities I) Proceeds of sJ.\c of bonds and notes. a. Bonds - Onginal Issues b Bonds - Refund1l1~ issues e. Notes d. Tntalla....b -:.1 7 Total II IhrouQh 0) Il. Private Contributions C. Receipts from State government (from page 2) D. Receipts from Federal Gm ernment (from D.1l!e 21 otal receIpts (A. I + " FOR:\I FH\\-\-536 (Rcy.12-96) I'KE\IOL'S EDI'1'IO'\S OBSOLOETE 1 55 )3t:=:":.ii:.;:t <"};::::.;;.::::~:~:~.. ~:;'L:::;':'::: ,-'.: ~:~{ ...~~{.:~~:/ o ::~::~:.~:~:?::::~;?: .' :?::::-~ ;~"=*::::~~.:'.: o o o o 6,201,285 Closin~ Debl ("eXI Pagel CITY OF \mEAT RIDGE LOCAL IlIGmv "- Y FI;\i "-NeE REPORT STATic:. Colorado YE.'\R END[0iG (mm,YJ): December 2000 II. RECEIPTS FOR ROAD AND STREET PURPOSES - DETAIL A.3. Other local im osts: a. Pro eJ1v Taxes and Assesments b Other local imposts: I Sales Taxes 2. Traffic Fines 3 Specific Ownershi Tax 4 Motor Vehicle Registration 5 From Cities/Counties 6 Total (1 through 5) c. Total (a. + b ) ~ I AA. Miscellaneous local reeei ltS: a. Intcrcsl on investments bOther c. Transfers d. Ca ital Credits e. Sale of Assets frees/Licenses/Permits g. Service Performed h. Refunds of Ex cnditures i. Tota] (a. through h.) 28 o o 28,856 (Corrv forward to p:1I!C I) ITEM D. Rceci ts from Federal Government ] FHWA (from Item 1.0.5) 2. Other Federal agencies: a. Forest Service b FEMA c. HUD d. Mineral Leasing e. Pav Lieu of Tax f Other Federal g. Total (a. through f) Total (1 + 2.g) 111. DlSBURSEMEl'ITS FOR ROAD Al'ID STREET PURPOSES - DETAIL .. ON NA T]ONAL HIGHWAY SYSTEM (a) orr NATIONAL HIGHW"Y SYSTEM (b) TOTAL (c) A.1. C~ it~1 outl~)': a. Right-Of-Wa, Costs b Engineering Costs c. Construction. (11. Ca acily Improvements (2). System Preservation (3). Safety And Other (4). Total Construction (1)+(2)+(3) d. Total Ca ital Outlay (Lines l.a. -'- 1 h + l.cA) Notes and Comments: FOR!'!I FIIVv A-536 (Rev.12-96) PREVIOUS EDITIONS OBSOLOETE 2 56 STATISTICAL SECTION Fiscal Year 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 Notes: A. B CITY OF WHEAT RIDGE, COLORADO ASSESSED AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY LAST TEN FISCAL YEARS (UNAUDITED) Assessed Valuation $ 210,683,130 $ 213,727,940 209,434,190 210,478,200 218,408,520 225,668,720 258,349,980 263,531,500 298,151,840 303,991,980 Estimated Actual Value 964,579,282 $ 973,871,091 1,197,923,557 1,205,829,176 1,466,715,750 1,475,180,027 1,731,072,652 1,751,299,092 2.016,737,030 2,045,045,488 Jefferson County is the collection agent for the City of Wheat Ridge and, as such, could not separate real property, personal property and exempt property The amounts shown above represents all types of property Properties within the City are assessed by the Jefferson County Assessor on January I of each year Source: Jefferson Counly Assessor's Office 57 Ratio of Total Assessed 10 Total Estimated Actual Value 21.84% 2195% 1748% 1746% 14.89% 15.30% 14.92% 1505% 1478% 14.86% CITY OF WHEAT RIDGE, COLORADO GENERAL GOVERNMENTAL REVENUE BY SOURCE LAST TEN FISCAL YEARS (UNAUDITED) Fiscal Licenses Inter- Year Taxes (A) and Permits gove~l1mental 1991 $ 6,463,943 $ 324,026 $ 2,092,622 1992 6,712,572 344,309 1,897,279 1993 7,005,422 291,983 \ ,372,789 1994 7,448,440 333,660 1,430,934 1995 7,985,931 349,910 \ ,5\7,277 1996 8,208,493 382,732 1,626,800 \997 8,336,235 52] ,110 \ ,653.157 1998 8,942,83\ 566,341 1,733,602 1999 9,48\,139 526,299 \,783,82\ 2000 9,453,901 527,396 1,789,295 Notes: Includes the General Fund only A. Forty percent and twenty percent of the total sales tax revenue are accounled for in the Capital Projects and Recreation Center Construction Funds, respectively Source: City of Wheat Ridge audited financial statements, 1991 - 2000 58 Charges for Fines and Services Forfeitures Interest Other Total $ 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 11,792,738 519,887 666.731 248,396 172,659 12,850,447 539,002 679,850 309,885 206,584 13,526,580 448,321 567,582 400,421 119,463 13,306,379 59 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 OwnershiI'_ 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 1998 618,297 243,972 73,496 1999 618,603 256,489 81,208 2000 626,098 248,872 78,757 Notes: Includes the General Fund only A. Forty percent and twenty percent of the total sales tax revenue are accounted for in the Capital Projects and Recreation Center Construction Funds, respectively Source: City of Wheat Ridge audited financial statements. 1991 - 2000 60 Lodgers Franchise and Sales l'ax (A) Use Tax Tax Admissions Total $ 2,885,976 $ 1,724,086 $ 756,4] 0 $ 307,782 6,463,942 3,269,706 ] ,531 ,200 738,] 33 386,086 6,7]2,572 3,266,609 1,694,755 8]0.]69 427,477 7,005,422 3,650,712 ],616,251 826,983 547,650 7,448,440 3,648,519 1,844,393 89] ,032 537,868 7,735,637 3,733,647 2,] 66,468 906,914 565,456 8,208,493 4,088,914 ] ,923,346 819,] 1] 585,494 8,336,235 4,383,632 2,] 78,958 83] ,252 6] 3,224 8,942,831 4,670,441 2,423,665 847,075 583,658 9,48],139 4,835,372 2,197,487 888,909 578,406 9,453,901 - 61 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 Collections Tax Levy Collections Coli ected Collections Collections to Levy -----.-- - (A) $ 568,30 I $ 561,537 98.81% 2,852 $ 564,389 99.31% 568,301 560,570 98.64% 840 561,410 98 79% 568,301 569,769 100.02% 569,769 100 00% 569,360 564,513 9914% (1,852) 562,661 98.82% 568,195 563,402 9916% (2,349) 56 I ,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% 633,629 635,258 100.26% 1,653 636,911 100.52% 643,807 634,493 98.55% 1,600 636,093 98.80% 647,845 638,465 98.55% 2.191 640,656 98.89% 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 Notes: A. Net prior year tax abalements and adjustments due to revaluation of property in Jefferson County Source: Jefferson County Assessors' Office and the Cily of Wheat Ridge audited financial statements, 1991 - 2000 62 CITY OF WHEAT RIDGE, COLORADO COMPUTATION OF LEGAL DEBT MARGIN December 31, 2000 (UNAUDITED) Computation of maximum debl allowed 2000 estimated actual valuation Legal debt limit percentage per City Charter 912.7 $ 2,045,045,488 3% Legal debt limit $ . ~,351 ,365.. Amount of debt outstanding Total bonded debt Less: Revenue Bonds $ Net general obligation bonded debt outstanding $ Legal debt limit 6 I ,35 I ,365 _._-~ - Legal debt margin $ _6],351,365 Note: The City Charter Legal Debt margin is also subject to the State Constitution Section 20, Article X, "Taxpayers Bill of Rights" (TABOR) under which no debt has been authorized. Source: City of Wheat Ridge charter and Jefferson County Assessor's office. - 63 Fiscal Year 1991 1992 1993 1994 1995 ]996 1997 1998 1999 2000 Noles: Source: CITY OF WHEAT RIDGE, COLORADO REVENUE BOND AND CERTIFICATES OF PARTICIPATION COVERAGE LAST TEN FISCAL YEARS (UNAUDITED) Sales Tax _Debt Service Requi~ments Coverage Revenue Principal Inlerest Total Factor ----- ----- $ 5,771,952 $ $ 210,925 $ 210,925 $ 27.36 6,321,351 210,925 210,925 29.97 6,533,217 20,000 152,305 172,305 37.92 6,740,566 55,000 124,258 179,258 37.60 7,297,038 75,000 122,350 197,350 36.98 7,467,294 75,000 119,650 194,950 38.30 8,177,821 960,000 117,025 1,077 ,025 7.59 10,896,486 2,315,000 365,474 2,680,474 4.06 ] 1,734,002 2,025,000 619,742 2,644,742 444 12,150,325 1,035,000 539,218 1,574,218 772 Sales tax revenue in the General, Capital Projects, and Recreation Center Construction Funds are included since debt service is paid with sales tax proceeds. City of Wheat Ridge audited financial statements, 1991 - 2000 64