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Home My WebLink About2002 City of Wheat Ridge Comprehensive Annual Financial Report December 31, 2002 CITY OF WHEAT RIDGE, COLORADO GENERAL PPRPOSE FINANCIAL ST A TEMENTS December 31, 2002 T ABLE OF CONTENTS PAGE INTHODUCTORY SECTION DIrectory of Principal Cit; OfficIals FINANCIAL SECTION Independent Auditors' Report GENERAL PURPOSE FINANCIAL STATEMENTS Combll1ed Balance Sheet - All Fund Types and Account Groups 2 Combll1ed Statement of Revenues. ExpendItures and Changes in Fund Balance - All Governmental Fund Types 3 Comhll1ed Statement of Revenues, Expenditures and Encumbrances - Budget and Actual - All Governmental Fund Types 4 Notes to FlI1ancial Statements 5 - 15 COMBINING, INDIVIDUAL FUND AND ACCOUNT GROUP STATEMENTS AND SCHEDULES Special Revenue Funds Combinll1g Balance Sheet 16 - ] 7 Combining Statement of Revenues, ExpendItures and Changes in Fund Balance 18 - 19 Open Space - Schedule of Revenues, Expenditures and Encumbrances - Budget and Actual 20 Police InvestIgation - Schedule of Revenues, ExpendItures and Encumbrances - Budget and Actual 21 Park AcqUISItIon - Schedule of Revenues, ExpendItures and Encumbrances - Budget and Actual 22 Senior/Teen Center - Schedule of Revenues, Expenditures and Encumbrances - Budget and Actual 23 MUl1lcipal Court - Schedule of Revenues, Expenditures and Encumbrances - Budget and Actual 24 Richards/Hart Improvement - Schedule of Revenues, ExpendItures and Encumbrances - Budget and Actual 25 T ABLE OF CONTENTS (Contll1ued) FINANCIAL SECTION (Contll1ued) COMBINING, INDIVIDUAL FUND AND ACCOUNT GROUP STATEMENTS AND SCHEDULES (Continued) Special Revenue Funds (Continued) Urban Renewal AuthorIty - Schedule of Revenues, Expcndltures and Encumbrances- Budget and Actual EquIpment - Schedule of Revenues, Expenditures and Encumbrances - Budget and Actual ConservatIOn Trust - Schedule of Revenues, Expenditures and Encumbrances - Budget and Actual Computer - Schedule of Revenues, Expenditures and Encumbrances - Budget and Actual Baugh House - Schedule of Revenues, Expenditures and Encumbrances - Budget and Actual Hotel/Motel - Schedule of Revenues, ExpendItures and Encumbrances - Budget and Actual Recreation Center Operating - Schedule of Revenues, Expenditures and Encumbrances - Budget and Actual Debt Service Fund RecreatIon Center - Schedule of Revenues, ExpendItures and Encumbrances - Budget and Actual General Fixed Assets Account Group Schedule of Changes in General Fixed Assets - by Source Schedule of General Fixed Assets by Function and ActiVIty SUPPLEMENTARY INFORMA TION Local HIghway Finance Report PAGE 26 27 28 29 30 31 32 33 34 35 36-37 T ABLE OF CONTENTS (Continued) PAGE STATISTICAL SECTION Assessed and Estimated Actual Value of Taxable Property 38 Genera] Governmental Revenue by Source 39 - 40 General Governmental Tax Revenue by Source 4] - 42 Property Tax Levies and Collections - General Fund 43 Computation of Legal Debt Margin 44 Certificates of Participation Coverage 45 CITY OF WHEAT RIDGE, COLORADO PRINCIPAL CITY OFFICIALS December 31, 2002 MAYOR Gretchen Cerveny CITY COUNCIL District 1 District '2 Jerry Ditullio Vance Edwards Dean Gokey Ralph ManclI1ellI CITY CLERK MUNICIP AL JllDGE CITY TREASURER CITY ATTORNEY CITY MANAGER DIRECTOR OF PLANNING DIRECTOR OF PARKS & RECREATION DIRECTOR OF PUBLIC WORKS CHIEF OF POLICE DIRECTOR OF ADMINISTRATIVE SERVICES HUMAN RESOURCE MANAGER PURCHASING AGENT ACCOUNTANT District 3 Davld Sc\melder Odarka Flglus Wanda Sang Charles Rose Ron Patera Gerald Dahl Randy Young Alan White Joyce Manwanng Timothy Paranto Jack Hurst Patrick Goff Karen Croom Linda Trimble Linda Stengel District 4 Lena Rotola Harry Hanley FINANCIAL SECTION Swanhorst & Cutler LLC (',.rl]II,',1 )',d'll, \LL(l,IIll~lllh Honorable Mayor and Members of the City Council CIty of Wheat Ridge Wheat Ridge, Colorado INDEPENDENT AUDITORS' REPORT We have audited the accompanY111g general purpose financial statcments of the City of Wheat Ridge, Colorado, as of and for the year ended December 31, :200:2, as listed in the table of contents These general purpose financial statements are the responsibility of the Clt)'S management. Our responsibllity IS to express an Op111lOl1 on these general purpose financial statements based on our audit. We conducted our audit m accordance With auditmg standards generally accepted In the lJnlled ':tates of Amenca. Those standards requlJ'(~ that we plan and pcrform the audll to obtam reasonable assurance about whether the general purpose finanCial statements are free ofmatcrial mISstatement. An audit Includes e:\amllllng, on a test baSIS, evidence supportmg the amounts and disclosures m the general purpose finanCial statements. An audit also includes assessmg the accountmg [lnnclples used and significant estimates made by management, as well as evaluating the overall general [lurpose finanlIal statement prcsentatlon We belIcv'e that our audit prOVides a reasonable basis for our opinion In our opinion, the general purpose finanCIal statements referred to above present fairly, in allmatenal respects, the finanCial pOSition of the City of Wheat Ridge, Colorado, as of December 3 1,2002, and the results of ItS operatlOns for the year then ended 111 conformity with aecountll1g principles generally accepted III the United States of Amenca. Our audit was conducted for the purpose offormmg an opmlon on the general purpose financial statements taken as a whole The combming, mdlvldual fund and aCC0unt group statements and schedules and supplementary mformatlOn listed m the table of contents are presented for purposes of additional analysis and an: not a reqUIred part of the :;eneral purpose finanCial statements of the City of Wheat Ridge, Colorado Such 111formatlon has been subjected to the auditing procedures appl ied in the audit of the general purpose financial statements and. 111 our opinion, is fairly presented m allmatenal respects In relation to the general purpose financial statements taken as a whole The statistical information mcluded in the comprehenSive annual finanCial report was not audited by us, and accordmgly, we do not express an opmion on it. ~r~tr.--{,. March 21. 2003 g400 E Crescent Parkway. SUite bOO. Greenwood Village, CO g0111 .0:20) 52R-4306 Fax (20) 5:28-4307 GENERAL PURPOSE FINANCIAL STATEMENTS The General Purpose Fmancla\ Statements provide a financial overvIew of thc City's operations These financial statements present the financIal position, operatll1g results, and cash flows, where applicable, of all funds and account groups as of December 31, 2002 CITY OF WHEA T RIDGE. COLORADO COMBINED BALANCE SHEET ALL FUND TYPES AND ACCOUNT GROUPS December 3 J 2002 The accompanying notes are an integral part of the financial stalements. 2 $ 47 421.239 47421.23Q -----.- $ 47 421,239_ $ 641.667 17.500 659.1 67 $ 1.033 121 348.527 214.900 6.369 192,793 950.420 659 447 17,500 $ 321.922 272.299 276,105 947 171,273 944,931 737.660 35.000 3 423.077 47.421.239 1.665,599 1 740.375 625.000 9.439,512 6U.891,725 10.390.000 H.150.l37 42.763,831 3,5]4,998 1.937,782 12,257.357 625.000 8.464 782 69.563.750 $ 65~167 $ 64,31i,!l02. $ 82,713,887 CITY OF WHEA T RIDGE, COLORADO C'O!\1B1'iED STA TE!\1PH OF REVENUES. EXPENDITURES AND CHANGES IN FUND BALANCE ALL GOVERNMENTAL FUND TYPES Year Ended December 3], 2002 GOVERNMENTAL FUND TYPES SPECIAL --.- DEBT CAPITAL GENERAL REVENUE SERVICE PROJECTS REVENUES - - - -- -- -~- Taxes $ 9679.949 $ 783 002 $ 798,145 $ 5 008.849 Licenses and Permits 760.950 Intergovernmental 1.857,717 1,656,314 12,154 228.07b Charges for Services 704,663 1,849,602 Fines and Forfeilures 792.350 39,298 lntereSl 157,994 61,220 547,263 82,744 Other 218,180 1.81,411.. 6.000 1,641 --"-- __n__ TOTAL REVENUES 14,171,803 ~0,842. .J.d.63,562 5,321,310 -~ EXPENDITURES Current General Government 4.065,565 37,455 Planning and Development 674,848 259,6 ]4 Police 6,270,] 30 345.089 Public Works 3,025,040 Parks and Recrealion 2,822,946 3,394,577 Other 373,562 Capital Outlay 569,843 49,976 6,042,603 Debt Service Principal 10,390,000 Interest and Fiscal Charges 460,527 TOTAL EXPENDITURES 17,232,09 ] 4,606,578 10,900,503 6,042,603 ------- EXCESS OF REVENUES OVER (UNDER) EXPENDITURES (3,060,288) (35,'7:3_!2 1<),536,941 ) (721,~931 OTHER FINANCING SOURCES (USES) Operating Transfers In 2,598,300 984.680 6],000 582,419 Operating Transfers Out .i.484,680) (918,3001 ~YI9) (~,241,920) TOT AL OTHER FI"iANC1NG SOURCES (USES) 2,113,620 66,380 (521,419) (] .6J8,5811 EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES AND OTHER USES ( 946,668) 30,649 (10058,360) (2,379,874) FUND BALANCE. Beginning 6,487,040 2,990,495 12,309,530 5.037.674 Residual Equity Transfer In (Out) 2,251,170 12,251,170) FUND BALANCE, Ending $ -----.1,540,371, $ 5,272,314 $ $ 2,657,800 The accompanying noles are an inlegral part of the financial stalcmenls. 3 TOTALS (MEMORANDUM O"iL Y) - ----- 2002 2001 $ 16,269 945 760,950 3,754,261 2,554,265 831,648 849,221 407.232 25,427,522 4,103,020 934,462 6,615,219 3,025,040 6,217,523 373,562 6,662,422 10,390,000 .. 460,517 38,78 1,775 (13,354,253 ) 4.226.399 (4,226,399) $ 18,820,489 761,440 3,187,117 2,316,201 703,046 1,211,614 451.446 ..--.2.2,45 I ,353 2.666,727 1,J 10,078 6.023410 2,723.041 4,718,120 1,265,633 4,197.504 1,080,000 503,889 24,288,402 --.- 3,162,951 5,170,526 (5,170,526 ) ( 13,354,253) 3,] 62,951 26,824,739 23,554,056 107,732 -.-- $ ~3,470,48~ $ _26,824,]39 CIT, OF WHEA T RIDGE. COLORADO COMBII'ED STATEMENT OF REVE"JIIES. EXPENDITURES AND ENCUMBRANCES BUDGET AND ACTUAL ALL GOVERNMENTAL FUND TYPES , ear Ended December 3 I 2002 GENERAl. SPECIAL REVENUE VARIANCE. FA VORABLE BUDGET ACTU I\L (UN I' 1\ VORABLE) BUDGET ACTUAL REVENUES ----..---- ---------------- Taxes S 10.016,075 $ 9.679949 $ (336.126) $ 870,000 $ 783 002 Licenses and Permits 473,20U 760.950 287,750 Intergovenunental 1.837.339 U57717 20.378 1 983,975 1.656.314 Charges for Services 548.100 704.663 156,563 1,697,625 1.849.213 Fines and Forfeitures 704.500 792.350 87,850 39.298 lnterest 300000 157,994 ( 142,006) 74,800 61,609 Other ~-.!53,000 218,180 65 180 189,389 181,411 TOTAL REVENUES 14,032,214 14,171,803 139,589 4.815,789 4,570,847 EXPENDITURES AND ENCUMBRANCES ( urrent General (iovcmment 4,884,542 4 128,499 756.043 75 450 37455 Plarming and Development 737,513 684,848 52,665 532,500 259 614 Police 6.667,016 6,319,076 347 940 439,]67 345 089 Public Works 3.218.319 3 025 040 193.279 Parks and Recreation 3,232,809 2,830,994 401,815 4,603,744 3 708,895 Other 413 695 367.965 45 730 Capital Outla\ 784.760 491615 Debt Service Principal Interest and Fiscal Charges TOTAL EXPENDITL'RES "'ND ENClIMBRANCES 19.153.894 17.356.422 1.797.4 72 6.435.621 4.842.668 ---- ---- ~-~ EXCESS OF REVENUES OVER (lINDER) EXPENDITURES AND ENCUMBRANCES (5.121.680) (3.184,619) 1.937.061 (1619,832) (271.821) ------,"--- OTHER FINANCING SOURCES (USES) Operating Transfers In 2.447.000 2,598.300 151.300 984.680 984.680 Operating Transfers Out HL~~..6.8.Q) "J484J'80) (9] 8,300) (918,300) TOTAL OTHER FINANCING SOURCES I USES) 1 ,962,320 2,113,620 151,300 66.380 66,380 ,,~ ---- EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES ENCUMBRANCES AND OTHER USES $ (3,159.360) u ( 1,()70,')99) $ 2.088,361 $ (L553,452J _ i,2D5.441) ADJUSTMENTS TO GAAP BASIS Encumbrances Prior l' ear (209,366) ( 178,387) Current Year 333,697 414,47,7 ------- TOT "'L ADJUSTMENTS 124,331 236,090 --- EXCESS OF REVENUES AND OTHER SOURCES OVER (lINDER) EXPENDITURES AND OTHER USES (GAAP BASIS) $ ---.1946.668) $ 30649 The accompanving notes are an integral part of the financial statements 4 DEBT SER VICE CAPITAL PROJECTS - -- VARIANCE. V AR1ANCE- VARIANCE. FA VORABLI: F 4 VORABLE F 4 VORABLE (UNFA VORABLE I BUDGET 4CTUAL (UNEA VORABLE) BUDGET ACTUAL (UNFAVORABLE) ---------- $ (86.998) $ 746.863 $ 798.145 $ 51,282 $ , 603.500 $ 5 008.849 $ (594,651) (327,661 ) 10.000 12.154 2,154 228.076 228.076 151,588 39,298 (13 191) 300.000 547,263 247,263 211.000 82,744 (128,256 ) (7,978) 6.000 6.000 10.000 1.641 (8,359) ----..---- _ (244.9421 1.056.863 1.363.562 }06,699 6,052.576 5,321,310 __.1731,266 ) - --- $ _1.348,0ll. $110.337,756) (10031.007) $ 306,749 $ (667,350) ( 197 407) $ 469,943 127,353) (3,099,8921 9 I 7425 __~2, 182.467) (27,353) $ IIO.05P20) $ (2.379.874) NOTE I: CITY OF WHEAT RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS Decem ber 3 I, 2002 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The City of Wheat Ridge, Colorado was incorporated 111 August, ] 969, and became a home rule Cll) III 1 976 as defined by Colorado RevIsed Statutes. The Clty IS governed by a Mayor and elght- member Council elected by the residents. The accounting poliCies of the City of Wheat Ridge, Colorado (the City) conform to generally accepted accountll1g pnnciples as applIcable to governments. The follov.ing is a summary of the more slgmficant polIcies. REPORTING ENTITY In accordance With governmental accounting standards, the City has considered the possibility of II1cluslOn of additional entitles III Its general purpose financial statements. The definition of the reporting entity is based primarily on financial accountability The City is financially accountable for orgamzations that make up its legal entity It is also financially accountable for legally separate orgaI1lzations If City officials appoint a voting majority of the orgaI1lza\1on's governing body and either it is able to impose ItS will on that organization or there IS a potential for the orgaI1lzatlon to provide specific finanCial benefits to, or to impose specific financial burdens on, the City The City may also be finanCially accountable for orgal1lzations that are fiscally dependent upon It. Blended Component Unit Wheat Ridge Urban Renewal Authority - The City includes the Wheat Ridge Urban Renewal Authonty (the Authonty) wlthlll its reporting entity The Authonty was created to redevelop or rehabilItate certalll blighted areas of the CIty The Authority Board members are appolllted by the City Mayor and Council City Council approval IS required for the Authonty's budget. The financial informatIon of the Authority is blended into the City's finanCial statements as a speCIal revenue fund FUNDS AND ACCOUNT GROUPS The accounts of the City are orgamzed on the basis of funds and account groups, each of which is considered a separate accounting entity, The operations of each fund are accounted for with a separate set of self-balancing accounts that comprise ItS assets, l1abJiitles, fund equity, revenues, and expenditures, or expenses, as appropriate Government resources are allocated to, and accounted for III indivldual funds, based upon the purposes for which they are to be spent and the means by which spendlllg activitIes are controlled The various funds are grouped III the finanCIal statements III this report, into fund types and broad fund categories as follows 5 NOTE 1: CITY OF WHEAT RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS December 31, 2002 SUMMARY OF SIGiVIF1CANT ACCOUNTING POLICIES (Contll1ued) FUNDS AND ACCOUNT GROUPS (Contll1ued) Governmental Funds All governmental funds are accounted for on a spendmg or "financial flow" measurement focus. This means that only current assets and current lIabilIties are generally lI1cluded on the balance sheet. Their reported fund balance (net current assets) is considered a measure of "available spendable resources" Governmental fund operatll1g statements present lI1creases ~revenue and other financll1g sources) and decreases (expendItures and other financing uses) in net current assets Accordingly, they are said to present a summary of sources and uses of "available spendable resources" during a period. General Fund -- The General Fund IS the general operatll1g fund of the CIty It IS used to account for all financial resources except those reqlJlred to be accounted for in another fund Special Revenue Funds -- Special Revenue Funds are used to account for the collectIon and disbursement of specific revenue sources. Debt Service Funds -- Debt Service Funds are used to account for the accumulation of resources for, and the payment of, long-term obligation prinCipal, interest, and related costs. Capital Projects Funds -- Capital Projects Funds are used to account for the acquisltlOn or construclion of property and facIlitIes. Account Groups General Fixed Asset Account Group -- Fixed assets used in governmental fund type operatlOns (general fixed assets) are accounted for in the General Fixed Asset Account Group, rather than 111 the governmental funds No depreciation has been provided on general fixed assets. General Lung-Term Debt Account Gruup -- Long-term liabilIties expected to be financed from governmental funds are accounted for in the General Long-Term Debt Account Group, not in the governmental funds. The account groups are not "funds" They are concerned only wIth the measurement offinancl3l positIon. They are not lI1\'olved with measurement of results of operations. 6 NOTE 1: CITY OF Wl-lEA T RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS December 3 I, 2002 SUMMARY OF SIGNIFlC4NT ACCOUNTING POLICIES (Continued) BASIS OF ACCOUNTING The accounting and financial reporting treatment applied to a fund IS detenmned by its measurement focus. All governmental funds are accounted for uSll1g a current financial resources measurement focus With this measurement focus, only current assets and current liabilities generally are inc luded on the balance sheet. Operating statements of these funds present increases (I e revenues and other financll1g sources) and decreases (i.e., expenditures and other finanCing uses) 111 net current assets. The modified accrual baSIS of accounting IS used by all governmental funds. Under the modified accrual baSIS of accounting, revenues are recognized when they become measurable and available as net current assets. Available means collected within the current period or expected to be collected soon enough thereafter to be used to pay liabilities of the current period, not to exceed sixty days Expenditures are generally recognized when the related fund liability IS II1curred. 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 arc sales taxes, property taxes, franchise taxes, II1terest, and grants. Fines and permit revenues are not susceptible to accrual as they generally are not measurable until received In cash. Deferred revenues arise when a potential rcvenue does not meet both the "measurable" and "available" cnteria for recognition In the current period. Deferred revenues also arise when resources are received by the City before it has a legal clal111 to them, as when grant monies are received prior to the II1currence of qualifying expenditures In subsequent pen ods, when both revenue recognition cntena are met. or \vhen the City has a legal claim to the resources, the liability for deferred revenue IS removed from the balance sheet and revenue IS recogl1lzed. BUDGETS The City follows these procedures In establishing the budgetary data reflected In the financial statements o In September, the City Administration submits to the City Council a proposed operating budget for the fiscal year commencing the following January I The operating budget includes proposed expenditures and the means of finanCing them. o Public hearings are conducted to obtain taxpayer comments o Prior to December 3], the budget is legally enacted through passage of an ordinance 7 N GTE 1: CITY OF WHEA T RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS December 31,2002 Sl.?I1MARY OF SlGN1FJC4NT ACCOUNTlNG POLlClES (Contlllued) BUDGETS ~Contlllued) o Any hudget reVISIOns that alter the total expenditures of any fund must be approved by the City Council o Budgets are legally adopted for all funds of the City Budgets for the General, Special Revenue, and Capital Projects Funds are adopted on a non-GAAP baSIS using the encumhrance method. Budgetary compansons presented for the Debt Service Fund are presented on a baSIS consistent with generally accepted accountmg principles (GAAP). o Budgeted amounts in the financial statements are as onginally adopted or as amended by the City Council. All appropriatIOns lapse at year end Colorado governments may not legally exceed budgeted appropriations by fund. C4.SH AND lNVESTMENTS Cash equivalents mclude IIlvestments WIth onginal maturities of three months or less. Investments are recorded at fair value lNTERFUND RECEJVABLESIPAYABLES Dunng the course of operations, numerous transactions occur between indiVidual funds. The resulting receIvables and payables are classified on the balance sheet as "due from other funds" and "due to other funds" because they are short-term III nature Noncurrent portions of long-term mterfund loan receIvables are reported as advances and are offset equally by a fund balance reserve account whIch mdlcates that they do not constItute expendable available financial resources and therefore are not available for appropriation 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 $5,000 or greater With a life III excess of one year Public domain ("infrastructure") general fixed assets consisting of roads, bndges, curbs and gutters, streets and SIdewalks, drainage systems and lighting systems are not capitalized, as these assets are 1Il1movable and of value on ly to the City No depreclatlon IS provided on the general fixed assets. 8 NOTE 1: CITY OF WHEAT RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS December 31, 2002 SUMMARY OF SiGNiFICANT ACCOUNTiNG POLiCIES (Contll1ued) COMPENSA TED ABSENCES Employees of the Clt) are allowed to accumulate unused vacation and sick time up to a maXImum based on years of service Upon termination of employment from the City, an employee wIll be compensated for all accrued vacation time at their current pay rate Employees hired prior to February 12, 1990 will be compensated for accrued sick time exceedll1g 60 days at one-half their current rate of pay Accumulated unpaid vacation and sick pay is accrued when earned In the governmental fund types, amounts expected to be paid from available resources is recorded as a liability of the individual fund. Accumulated pay not expected to be paid from available resources is reported in the General Long-Term Debt Account Group LONG- TERM OBLiGA TlONS Long-term debt is recognized as a lIability of a governmental fund when due, or when resources have been accumulated 111 the debt serVIce fund for payment early 111 the following year Forother 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 remaining portion of such obligations lS reported in the General Long-Term Debt Account Group Long-term liabilities expected to be financed from proprietary fund operations are accounted for 111 that fund. FUND EQUiTY Reserves represent those portions of fund eqlllty not appropriable for expenditure or legally segregated for a speCific future use Designated fund balances represent tentative plans for future use of financial resources. PROPERTY TAXES Property taxes are leVied on November] and attach as an enforceable lien on property on January ] Taxes are payable 111 full on April 30 or in two IIlstallments on February 28 and June 15 The County Treasurer's office collects property taxes and remits to the City on a monthly basis SlIlce property tax revenues are collected in arrears dUflng the succeeding year, a receivable and corresponding deferred revenue are recorded at December 3] As the tax is collected in the succeeding year, the deferred revenue is recognized as revenue and the receivable is reduced CONTRABAND FORFEiTURES The Colorado Contraband Forfeiture Act allows law enforcement agenCies to reta1l1 proceeds from the seizure of contraband These transactions are recorded in the Police InvestigatIOn SpeCial Revenue Fund 9 NOTE 1: NOTE 2: CITY OF WI-IEA T RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS December 31, 2002 SlJMMARY OF SlGN1FlC4NT ACCOUNTlNG POLlClES (Contmued) COMPARATlVE DATA Comparative total data for the pnor year has been presented m the accompanying financIal statements in order to provIde an understanding of changes in the City's financIal posItion and operatIons. However, comparatlVe (i e., presentatIOn of pnor year totals by fund type) data has not been prcsented III each of the statements slllce theIr inclusion would make the statcments unduly complex and dIfficult to read Certam prior year amounts have been reclassified where appropnate to conform with the current year financial statement presentation TOTAL COLUMNS ON COMBINED STATEMENTS Total columns on the Combmed Statements are captIOned "Memorandum Only" to IIldicate that they are presented only to facilItate financial analysis. Data 111 these columns do not present financial positIOn, results of operations, or cash flows III conformIty with generally accepted accountIllg pnnclples. Neither is such data comparable to a consolIdation Interfund elImmations have not been made m the aggregation of this data. DEPOS1TS AND INVESTMENTS A summary of deposits and investmcnts as of December 31,2002 follows Petty Cash Cash Deposlts Investments $ 2,275 8,889,795 4,150,756 Total $ ]3,042,826 Cash Deposits The Colorado PublIc Deposit ProtectIOn Act, (PDPA) requires that all units oflocal government depOSit cash in eligible public deposltones. Eligibility is determined by state regulatIons. Amounts on deposit III excess of federal IIlsurance levels must be collateralized by elIgible collateral as determllled by the PDPA. The financial institution is allowed to create a smgle collateral pool for all publIc funds held The pool is to be maintained by another institutIOn, or held in trust for all the uninsured public deposits as a group The market value of the collateral must be at least equal to 102% of the uninsured deposits. DepOSIts are categonzed to gl\:e an indication of risk assumed by the City at the end of the year Calegon I includes depOSits that are msured, ealegurv'2 includes collateralized depOSIts With securities held by the pledging institution's trust department or agent in the City's name, and Calegurv 3 IIlcludes uncollateralized, uninsured depOSIts. 10 NOTE 2: CITY OF WHEAT RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS December 31, 2002 DEPOSITS AND INVESTMENTS (Contlllued) At December 31, 2002, the City's cash deposits had a carrYlIlg amount of $8,889,795, and a correspondlllg bank balance as follows Insured (Category I) Deposits Collateralized in Slllgle Institution Pools (Category 2) $ 400,000 8,84],721 Total Cash Deposits $ 9,241,721 Investments Colorado statutes spec1f) which IIlstruments units oflocal government may invest, which Include o OblIgations of the Umted States and certain U.S government agency secunties o Certain international agency securities o General oblIgation and revenue bonds ofU.S local government entities o Bankers' acceptances of certain banks o Commercial paper o Local government investment pools o Written repurchase agreements collateralized by certain authorized securities o Certalllmoney market funds o Guaranteed investment contracts The City's IIlvestments are categorized below to give an Indication of the level of secunty assumed at year end. Category 1 Includes investments that are insured or registered or for which the securities are held by the City or its agent in the City'S name. Category 2 includes umnsured and unregistered investments for which the securities are held by the counterparty's trust department or agent III the City's name. CateKolY 3 IIlcludes unlllsured and unregistered IIlvestments for which the seCUrities are held by the counterparty's trust department or by its agent, but not in the City's name. Fair Value U S Agency Secunties (Category 1) $ ],011,556 At December 31, 2002, the City had IIlvested $] 44,571 and $283,073, respectively, in the Colorado Government LiqUid Asset Trust (Colotrust), and the Colorado Surplus Asset Fund Trust (CSAFE), 11lvestment vehicles establIshed for local government entities in Colorado to pool surplus funds. The Trusts are registered with the Colorado Securities CommiSSioner as reqUITed by State statute The Trusts operate similarly to a money market fund and each share IS equal III value to $1 00 Investments of the Trusts include US Treasury bills, notes and note strips, and repurchase agreements collateralized by U S Treasury securities. A deSignated custodial bank provides safekeeping and depOSitory services to the Trusts in connection With the direct IIlvestment and withdrawal functions of the Trusts. Substantially all securities owned by the Trusts are held by the Federal Reserve Bank In the account maintained for the custodial bank. The custodian's internal records identify the Investments owned by the Trusts. 11 CITY OF WHEAT RIDGE, COLORADO NOTES TO FINANCJAL STATEMENTS December 3],2002 NOTE 2: DEPOSITS AND INVESTMENTS (Contmued) In additiOn, the City had IIlvested $2,7] ] ,556 III money market accounts. These mvestments are not categonzed slIlce the underlying secunties cannot be determmed NOTE 3: FIXED ASSETS A summary of changes m the General Fixed Assets Account Group is as follows. Balance Balance 12/31/01 Additions Deletions J 2/31 /02 Land $ 10,701,848 $ 1,483,941 $ $ ]2,]85,789 Buddmgs 17,764,117 141,779 17,905,896 Streets and Improvements 9,216,620 2,982,515 12,]99,J35 EqUipment 5.081.246 431,938 382,765 5,130,419 Total General Fixed Assets S 42,763,831 $ 5,040,173 $ 382,765 $ 47,421,239 NOTE 4: 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 31,2002. Balance Balance 12/3] /01 AddItiOns Payments ] 2/3 ]/02 Certificates of Participation $ ] 0,390,000 $ $ ] 0,390,000 $ Compensated Absences 7] 8,643 76,976 641.667 Developer Agreement 35,000 17.500 17,500 Total $ II ,143,643 $ $ 10,484,476 $ 659,167 Certificates of Participation The City Issued $14,820,000 Certificates of Participation, Senes ] 998, to finance the construction of a recreation facihty The Certificates were fully redeemed and paid in full during 2002 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 of the agreement $ J 75,000, is due and payable \vithin 10 years. At December 3],2002, the City had paid $] 57,500 under thIS agreement. No interest accrues on the obligation. ]2 NOTE 5: NOTE 6: CITY OF WHEAT RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS December 3 I, 2002 R1SK MAN1GEMENT The City IS exposed to various risks of loss rclated \0 torts: theft of. damage to, and destruction of assets, errors and omISSions, mjuries to employees, and natural disasters. The City, has agreed to self-msure claims for general liability, automobile liabilil), law enforcement liability, and public officials error and omissions liability to a maXlIllUm of $1 50,000 per occurrence Changes 111 claims payable were as follows. 2002 2001 Claims Payable, January I $ 171,273 $ 100,000 Incurred but Unreported Claims and Adjustments 142,734 273,549 Claims Paid (121,214) (202,276) Claims Payable, December 3 I $ ]92,793 $ ]7],273 For excess liabilil), property and workers compensatIOn cl a liTIS, the City IS mvolved WIth the Colorado Intergovernmental Risk Sharing Agency (CIRSA), a separate and independent governmental and legal cntity formed by IIltergovernmental agreement by member muniCipalities pursuant to the proviSIOn of24-] 0-115.5, Colorado Revised Statutes (1982 Replacement Volume) and Colorado ConslltutlOn, Article XIV, Secl10n ] 8(2). Thc purposes of CIRSA are to prOVide members defined liability, property, and workers compensation coverages and to assist J1ll:mbers to prevent and reduce losses and mjuries to municipal property and to persons or property which might result 111 claims being made against members of CIRSA. thell' employees and officers. It IS the mtent of the members ofCIRSA to create an entIty 111 perpetuity which \vill admilllster and use funds contributed by the members to defend and mdemnify, in accordance With the bylaws, any member ofCIRSA agalllst stated liability of loss, to the limit of the finanCial resources ofCIRSA It is also the mtent of the members to have CIRSA provide continuing stability and availability of needed coverages at reasonable costs. All income and assets of CIRSA shall be at all times dedicated to the exclusive benefit of ItS members. CIRSA IS a separate legal entity and the CII)' does not approve budgets nor does it have ability to Significantly affect the operations of the unit. The City carnes commerCial insurance for other risks ofloss, including employee health 1I1surance RETlREMENT COMM1TMENTS Police Pension Plan The City contributes to a smgle employer defined contribution money purchase pension plan on behalf of sworn police officers. Employees are requlI'ed to contribute] 0% of theIr compensatIOn to the Plan, and the City contributes] 0% The contributIOn requirements of Plan members and the CIty are established and may be amended by the City Council Employees may also make voluntary contributIons to the Plan but may not contribute in excess of 15% of their compensation to the Plan. 13 NOTE 6: CITY OF WHEAT RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS December 31,2002 RETiREMENT COMMITMENTS (Contl11ued) Police Pension Plan (Contll1ued) DUTlng the year ended December 31,2002, the City and employees made contributions to the Plan of $319,544 and $384,116, respectively The City made all required contributions to the Plan. Employees become vested Il1 City contributions to the Plan at 40% after 4 years of service, 45% after 5 years; 50'~/o after 6 years, and an additIOnal 10% each year thereafter All of the Plan investments at December 31, 2002, of $] 0,600,178 are managed by Charles Schwab Department Head Pension Plan City department heads participate Il1 a multiple-employer defined contribution pension plan upon employment With the CIty 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 OUTIng the year ended December 31, 2002, the City and employees made contributions to the Plan of $30,199 and $24,015, respectively The City made all required contributions to the Plan Employees become vested 111 all contributions to the Plan Immediately All of the Plan investments are managed by the International City Managers' AssocIation (ICMA). 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 reqUJred 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, 2002, the City and employees made contributions to the Plan of $204,972 and $181,692, respectively The City made all required contributions to the Plan, Employees become vested 111 City contributions to the Plan at 20% annually All of the Plan investments are managed by The Colorado County Officials and Employees Retirement Association (CCOERA). 14 NOTE 7: CITY OF WHEAT RlDGE, COLORADO NOTES TO FINANCIAL STATEMENTS December 31, 2002 COMM17ME\'TS AND CONTINGENCIES Tabor Amendment -- Colorado voters passed an amendment to the State ConstItution, Article X, SectIOn 20, which has sevcrallimltatlons, including revenue raising, spendll1g abilities, and other specIfic reqUIrements of state and local governments. The Amendment requires, with certain nceptlons, advance voter approval for any ne\\ tax, tax rate increase, mill levy above that for the prior year extension of an expiring tax, or tax policy change directly causmg a net tax revenue gain to the City Revenue 111 excess of the fiscal year spending limit must be refunded in the next fiscal year unless voters approve retention of such revenue The City's management believes it is in compliance with the provisions of the Amendment. However, the Amendment IS complex and subJect to Illterpretatlon Many of Its provisIOns may require JudiCial interpretatIOn The City has established an emergency reserve, representing 3% of qualifying expenditures, as reqUired by the Amendment. At December 31, 2002. the emergency reserve of $625,000 was recorded as a reservation of fund balance in the General Fund Litigation -- The City is Illvolved III vanous laWSUits The outcome of thiS litigatIOn cannot be determined at this time Commitments -- The Urban Renewal Authonty has entered Illto an agreement with Wheat Ridge Marketplace to pay to the developer the incremental property tax revenue derived from thc property through December 31,2006, not exceedll1g $750,000 The final payment for thiS agreement was made 111 2002. 15 COMBINING. INDIVIDUAL H'ND AND ACCOUNT GROUP STATEMENTS AND SCHEDULES SPECIAL REVENUE FUNDS Special Revenue Funds account for the proceeds of specific revenue sources that arc legally restricted to expenditures for specific purposes. 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 Investigation Fund - accounts for assets seized by the City's Police Department. Park Acquisition Fund - accounts for revenue received and designated for use in the acquisition of additional parks and related improvements. Senior/Teen Center Fund - accounts for contributions and related expenditures made to the Wheat Ridge Community Center Municipal Court Fund - is used for equipment maintenance, office furniture. victim services and miscellaneous court and probation expenses. Richards/Hart Improvement Fund - expenditures in this fund will be used to upgrade and improve the Richards/Hart Estate. Wheat Ridge Urhan Renewal Authority - accounts for revenue received and designated for economic development by the Wheat Ridge Urban Renewal Authority 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. Baugh House Fund - accounts for transactions related to the historic Baugh House. HoteUMoteJ Fund - accounts for 5% lodgers tax revenue and related expenditures. Recreation Center Operating Fund - accounts for recreation center revenue and recreation program expenditures. CIT'! OF WHEAT RIDGE. COLORADO SPECIAL REVENUE FUNDS COMBINING BALANCE SHEET December 31. 2002 ( Continued) See the accompanying Independent Audilors' Report. 16 RICHARDS/ URBAN MUN1CIP"L HART RENEWAL CONSERV A TION COURT IMPROVEMENT AUTHORITY EQUIPMENT TRUST COMPUTER -- $ 82,597 $ 72.230 $ 275.359 $ 111,407 $ 262,878 $ 345.859 240.000 69 987 -----~ $ ___g,s97 $ 72,230 $ 585.346 $ _ 111,407 $ 262.878 $ 345.859 ~--- $ 6.105 $ 373 $ 7486 $ $ 207.594 $ 3 685 20,122 240,000 6.105 20,495 247,486 207,594 -_.---- 3,685 4471 47472 5 433 76.492 47.264 337,860 ] 11.407 7.812 336,74] - - ---. 76.492 51.735 337,860 ] 11,407 55.284 342.174 $ 82.597 $ 72.230 $ _ 585.3~6 $ J 11.407 $ 262.878 $ 345.859 -~ .-- ---- CITY OF WHEAT RIDGE, COLORADO SPECIAL REVENUE fUNDS COMBINING BALANCE SHEET December 3 I 2002 (Continued) RECREA TION BA11GH HOTEL; CENTER HOUSE MOTEL OPERA Tll'-iG ASSETS ------- Cash and 1 nvestments $ 35473 $ 94],9IU $ 2.69UU5 Receivables Propert: Taxes lntergmernmental Other __~,728 7U.427 TOTAL ASSETS $ 35.473 $ _ 966,63R $ .~,76~.D2 - LIABILITIES AND FUND EQUITr LIABILITIES '\ccounts Payable $ $ $ 7.878 i\ccrued Expenses 7.650 3 I 02D Due to Other Funds Deferred Revenue 21,120 -.~- TOTAL LIAlllLITIES 21 120 7,650 38.898 - ---.- Fl fl\JD EQLlJTr Fund Balances Reserved for Lncumbrance.s Unreserved 14.353 958,988 2,723.334 - -- TOTAL FUND EQUITY 14,353 958,988 2,723.334 ------- TOT 4L LIABILIT1ES AND FUND EQUITY $ 35.473 - $ 966,618 $ 2, ?62.~~2 __n____ ---- See the accompanying Independent Auditors' Report. 17 TOT ALS 2002 2001 $ 5.37IJ35 $ 2.886,083 240.000 246.005 95.155 230.000 ) 69,842 27.734 $ _n~952,495 $ _ 3.313.659 $ 353.900 $ 27461 38.670 31.756 6.369 947 28\ ,242 263 000 680,181 323,164 - -- 414477 4.857.837 ) 78.387 2.812.108 5,272,314 2,990,495 - -- $ 5952.495 $ ,...lll1,659 REVENUE5- Taxe, I ntergovernmenta\ ('barges for Service, Fines and Forfeitures Interest Other TOTAL REVENUES EXPENDITURES Current General Government Planning and Development Police Parks and Recreation Capital Outlay TOTAL EXPENDITURES EXCESS OF REVENUES OVER iUNDER) EXPENDITURES CITY OF WHEAT RIDGE. COLORADO SPECIAL REVENUE FUNDS COMBI',JINCi STATEMENT OF REVENUES. EXPENDITURES AND CHANGES IN FUND BALANCE Year Ended December 31 2002 OPEN ~PACE $ 1,054,447 4.698 1059145 629 108 629.108 430,U37 OTHER FINANCING SOURCES (USES) Operating Transfers In Operating Transfers Out 259.650 _ _1"7l.8.300) TOT'\L OTHER FINANCING SOURCFS (USES) EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES AND OTHER USES FUND BALANCE, Beginning Residual Equity Transfer Out FUND BALANCE, Ending 1458,650) 128,613) 445,511 s POLICE lNVESTI<jA TlON $ $ 1,772 5.540 7,312 32,U16 32,0]6 ------ 124.70<1) (24,704) 156,529 416,898 $~ 131.825 $ (Continued) 18 See the accompanying Independent Auditors' Report. PARK '\CQUISITlON 671 282 953 953 953 12,180 SEN10R/TEEN CENTER $ 839 20.040 20,879 33 024 33 024 112.1451 (12,145) 5U,976 13.133 $----.--l8,~31 5.348 7U44 $ 76.492 44.373 7,362 178.382 159.478 $ _ lL715 $ _ 337,860 -.--- --- -- {7,194} 118,601 $ 1] 1.407 (204,076) 259,360 $ 55.284 (5,859) 348.033 $ 342J14 CIT\ UF WHEAT RIDGE. COLORADO ALL SPECIAL REVENUE FU"DS ( O\1BINING STATEMENT UF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE year Ended December 31 2002 I Conlinued I RECRFA TION BAUGH HOTEL! CENTER HOUSE MOTEl OPERA TlNG REVENUES - -- Taxes $ $ 469 491 $ 1ntergovernmental II 880 88.225 Charges for Sen'iees 1.833 163 Fines and Forfeitures Interest 84] 18,829 10.694 Other TOTAL REVENlIES 12.721 576,545 1,843.857 EXPENDITURES Current General Government 1.680 Planning and Development Police 113 073 Parks and Recreation 1.823,986 Capital Outlay 10.200 TOTAL fXPENDlTURES I 1.880 313,073 1.823,986 ,- EXCESS OF REVENUES OVER (UNDER) EXPENDITURES 841 263.472 19.871 OTHER FINANCING SOURCES (\ I';ES) Operating Transfers In Operating Transfers Out 2.00,000] TOT4L OTHER FINANCING SOURCES (USES) J201l.~00) fX.l'ESS OF REVENUES AND OTHER SOURCES OVER \UNDER) EXPENDlTURES AND OTlIER USES 841 63,472 ]9,87] FUND BALANCE, Beginning 13.512 895,516 452,293 Residual Equity Transfer In 2.251.170 FUND BALANCE, Ending $ _ 14.353 $ 958,988 $ 3,723.334 See the accompanying 1ndependent Audilors' Report. 19 TOTALS --.----- 2002 2001 - $ 783,002 $ 854,869 1.656.314 1.367,622 1.849.602 1,720,810 39,298 61,220 148,135 181 4 11 101.601 4.570.847 4,193()37 -- -. -- 37455 259.614 345,089 3394,577 569.843 4,606.578 (35 731) 984,680 (918,300) 66.380 30.649 2.990,495 2,251,170 $ 5.272.314 $ 38333 465,536 357.384 2,184,611 1014,231 4 060.095 132,942 I 181 026 JU91.5001 (210474) - - ---- (77.532) 3.823406 __ (755,~29) b990,495 un OF WllEA T RlDGE. COLORADO OPEN SPACE SCHEDULF OF REVF"JuES. EXPENDITURES AND ENC\lMBRANCES BUDGET AND ACTUAL Year Ended Decemher 31 2002 2002 V ARIANCE- FA VORABLE 2001 BL1DGET "CTUAL I Ll1\'FA VORABLEI ACTUAL REVENUES In\ergovcrnmenlal $ 1.1150,11110 $ 1.1154447 $ 4447 $ 971 104 Interest 6.000 4,698 (1.302) 5 160 Other 5.600 -- TOTAL REVENUES 1,056.QQO 1.059. I 45 3 145 98Q~_ EXPENDITURES Current Parks and Recreation 974 150 973.999 151 308.166 -- E.\CESS OF REVENllES OVER (UNDER) EXPENDITURES 81,850 85,146 3,296 673.698 OTHER FINANCING SOURCES (lISES) Operating Transfers ]n 259,650 259 650 157,300 Operating Transfers Out 1718,300 ) (7] 8,300) ------' l\2 3,000) TOTAL OTHER FINANCING S0I1RCES (USES) 1458,650) --.J ~5_~650) (6657001 ---- EXCESS OF REVENUES AND OTHER SOlJRCES OVER (UNDER) EXPENDITURES AND OTHER USES $ ._~ (376,80_Q:! --.J 3 73 ,504 ) $ ~6. 7,998 - - ---- ADJUSTMENTS TO GAAP BASIS Encumbrances Prior Year (12,210) (25147) Current Year 357,101 12,210 TOTAL ADJUSTMENTS 344,891 112,9371 - EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDlTURES AND OTHER USES (GAAP BASISI $ (28,613 ) $ ~ - -~. Sce the accompanying Independent Auditors' Report. 20 CITY OF WHEAT RlDGE. COLORADO POLICE INVESTIGATION :;CIIED\JLE OF REVENUES. EXPENDITURES AND ENCUMBRANCES BUDGET AND ACTUAL 1 ear Ended December 3] 2002 TOTAL REVENUES 2002 VARIANCE- FA VORABLE 200] ~~~----- B1iDGET ACTUAL (UNF A VORABLE) ACTUAL $ 10.000 $ ],772 $ (8,228) $ 5,813 5.540 5.540 800 -- 10,000 7.3]2 (2.688) 6,613 ----~ REVENUES Interest Other EXPENDITURES Currenl Police 50,000 32.016 ] 7.984 32.540 EXCESS OF REVENUES OVER (UNDER) EXPENDITliRES $ (40.000) $ _J~.704) ----~ $ 15,296 $ (25,927J See the accompanying Independent ".uditors' Report. 21 CITY OF WHEAT RIDGE. COLORADO PARK ACOUIS1TION SCHEDULE OF REVENUES, EXPENDITURES AND ENCUMBRANCES BUDGET AND ACTUAL Year Ended December 31 2002 2002 -- V ARIANCE- FAVORABLE 2001 B\ 'DGET ACTUAL (UNF A VORABLE) ACTUAL - - --- - - REVENUES Charges for Services $ 1,000 5> 671 5> (329) $ 5.004 Interest 500 282 (21_8J 410 TOTAL REVENUES $ !.500 $ 953 $ (547) $ 5~4 --- 'icc the accompanying Independent Auditors' Report. 22 CITY OF Wl-lEA T RIDGE. COLORADO SENIOR/TEEN CENTER SCl-lEDl 'LE OF REVENUES, EXPENDIT\'RES AND ENCUMBRANCES BUDGET AND ACTUAL Y car Ended December 3 I 2002 2002 VARIANCE- FA vORABLE 200\ BUDGET ACTU <\1. (l'NFA VORABLE) ACTUAL -- - ,- - REVENllES Inlerest $ 800 $ 839 $ 39 $ 1.321 Other 16,500 20.040 3,540 18.'191 ------ ----- n TOTAL REVENUES 17,300 20,879 3,579 20,3 12 - ~-- _n______ ------ EXPENDITURES Current Parks and Recreation 50,125 11.595 38,530 28.489 ------- - EXCESS OF REVENUES OVER (UNDER) EXPENDITURES $ j1],825) '1,284 $ 42,109 (8,1771 - ---- <\DJlISTMENTS TO GAAP BASIS Encumbrances Prior 'year (21429) Current 'year 21429 TOTAL ADJUSTMENTS (21.4291 2\ 429 EXCESS OF RFVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES (GAAP BASIS) $ ,. _ (12,1 "l) $ 13,252 ---------- See the accompanying Independent Auditors' Report. 0" ~O REVENUES Fines and Forfeitures Interest TOTAL REVENUES EXPENDITURES Current General Government CITY or WHEA T RIDGE. COLORADO MUNICIPAL COURT SCHEDULE or REVENUES. EXPENDITURES AND ENCUMBRANCES BUDGET AND ACTUAL Year Ended December 31, 2002 2002 ---. V ARIANCE- FA VORABLE 2001 --- BllDGET ACTUAL (UNEA VORABLE) ACTUAL $ 43,300 $ 39,298 $ (4,002) $ 42.680 3,500 1~825 ( 1.675) 2,728 46.800 41.]23 (5.677) 45408 ---- 64,950 . 35,77~ ----19,175 36,634 EXCESS at REVENUES OVER (UNDER) EXPENDITURES $ (~150J $ 5,348 $ 23,498 $ 8,774 See the accompanying Independent Auditors' Report. 24 CITY OF WHEAT RIDGE, COLORADO RICHARDS/HART IMPROVEMENT ~CI lEDULE OF REVENUES EXPENDITURES AND ENCUMBRANCES BUDGET AND ACTUAL I car Ended December 31 2002 2002 -- v ARIANCE- FA VORABLE 2001 B11I)GET ACTUAL (\TNF^,VORABLE) ACTUAL REVENUES -- --.- - Intergovernmental $ 72.000 $ 31,204 $ (40,796 ) $ Charges for Services 14,640 15768 13.590 Inlerest 5,000 963 (4.037) 754 Other 388 TOTAL REVENUES 91,640 47,935 (43,705) ]4.732 EXPENDITURES Current Parks and Recreation 96.000 3.233 92,767 40.138 EXCESS OF REVENUES OVI:.R (UNDER) EXPENDITURES $ _(4,3601 44 702 $ 49.062 (25406) ADJUSTMENT~ TO GAAP BASIS Encumbrances Prior Year (4.800) (1 1621 Current Year 4471 4,800 TOTAL ADJUSTMENT~ (329) 3.638 EXCESS OF REVENUES AND OTHER SOURCES OVER (lTNDER) EXPENDITURES (GAAP BASIS) $ ~ 44,373 $ 1~1 , 7 ~8.) See the accompanying Independent Auditors' Report 25 crn OF WHEAT RIDGE. COLORADO URBAN RENE'-'AL AUTHORITY SCHEDULE OF REVENUES. EXPENDITURES AND ENCUMBRANCES BUDGET AND ACTUAL ., ear Ended December 3 I. 2002 2002 ----- ----- V ARIANCE- F '" VORABLE 2001 - . BLDGET ACTUAL (UNF A VORABLE'I ACTUAL -- - -- REVENIIES Taxes $ 350.000 $ 313.511 $ (36489) $ 356.450 Interest 5.000 3,506 (1494) ]8,103 Other 120.979 120,979 TOT AL REVENUES 475,979 437,996 (37,983) 374.553 -- --- -.- - EXPENDITURES Current Planning and Development 532.500 259,614 272.886 462,908 -~~-- --~- EXCESS OF REVENUES OVER (lINDER I EXPENDITURES (56,521 ) 178.382 234.903 (88.355 ) OTHER FINANCING SOURCES Operating Transfers Out (280.00G) -.- ExCESS OF REVENUES "'.ND OTHER SOURCES OVER (UNDER) EXPENDITURES $ 1~2.,~21 ) ] 78.3 82 $ 234,903 (368.355) --~- - -- ADJUSTMENTS TO GAAP BASIS Encumbrances Prior Year (2,628) Current Year -~. TOTAL ADJUSTMENTS (2.628) EXCESS OF RFVENUES AND OTHER SOURCES OVER (UNDER) FXPENlJITURES (GAAP BASIS) $ lls,m $ _ (370.9821 See the accompanying Independent "'.udiwrs' Report. 26 CITY OF WHEA T RIDGE. COLORADO EOUIPMENT SCHEDULE OF REVENUES. EXPENDITURES AND ENCUMBRANCES BUDGET AND ACTl JAL Year Ended December 31 2002 2002 V ARIANCE- FAVORABLE 2001 BUDGET ACTUAL (l 'NF"" VORABLE) ""CTUAL -- REVENUES Inleresl $ 9.000 $ 3480 $ (5,520) $ 9,894 Other 31.410 34,852 3.442 56276 TOTAL REVENUES 40.410 38,332 (2,078) 66,170 -- EXPENDITURES Capital Outlay 467.000 372,315 94.685 546,422 -~-- EXCESS OF REVENUES OVER (UNDER) EXPENDITLIRES (426,590) (333,983 ) 92.607 (480.252 ) OTHER FINANCING SOURCES Operating Transfers In 400,000 400,000 393,000 EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES $ .. (26,590) 66,0] 7 $ 92.607 (87.p2) ADJUSTMENTS TO GAAP BASIS Encumbrances Prior 'r ear (73211 ) (70,351) Current Year 73,211 TOTAL ADJUSTMENTS (73,21]) 2,860 EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES (GAAP BASIS) $ iU2..4) $ (84,392j <;ee the accompanying Independent Auditors' Report. 27 CITY OF WHEAT RIDGE, COLORADO CONSERVAT]ON TRUST SCHEDULE or REVEJ\UES, EXPENDITURES AND ENCUMBRANCES BUDGET AND ACTUAL Year Ended December 31 2002 2002 - ------ ..- -~------ V A.R1ANCE- FA VORABLE 2001 BUDGET ACTUAL (UNFAVORABLE) ACTUAL -------- --..- - REVENUES Inlergovcrnmental $ 806.250 $ 470.558 $ (335,692) $ 35] ,046 Interest 4.000 5,233 1.233 5,038 ---- ----- --~-- - -. - TOTAL REVEN\ rES 810,250 475 791 (3~4,459) 356.084 -- ---- EXPENDITURES Current Parks and Recreation 1 .448.780 896.082 552.698 126.3 85 ------_._~ -~ EXCESS or REVENUES OVER (UNDER \ EXPENDITURES (638,530) (420,29] ) 218.239 229.699 OTHER FINANCING SOllRCES rUSES) Operating Transfers In 225030 225 030 13,]95 Operating Transfers Out __()O,OOO) TOTAL OTHER FINANCING SOURCES (USES) 225.030 225,030 (56,805) --- EXCESS OF REVENUF~S AND OTHER SOURCES OVER (UNDER) EXPENDITURES AND OTHER \ lSES $ (413~.500) (195.2~ $ --.1lh23~ 172.894 ~ _._---~ ADJUSTMENTS TO GAAP BASIS Encumbrances Prior Year (56,28TI (75,900) Current Year 47,472 56.287 ---- ---- TOTAL ADJUSTME1':TS _(8,!llJ ) (19,613) - EXCESS OF REVENUES OVER (UNDER) EXPENDITURES AND OTHER USES (GAAP BASIS) $ _ (204,.076) $ 153,281 --.~- ------ -- See tbe accompanying ]ndependent Auditors' Report. 28 ClT, OF WHEAT RIDGE, COLORADO COMPUTER SCHEDULE OF REVEl\l'ES. EXPENDITURES AND ENC1.JMBRANCES BUDGET AND ACTUAL 'car Ended December 31 2002 2002 ---- \ i\RIANCE- FA VORABLE 2001 BLTDGET ACTUAL (\ INFA VORABLE) ACTUAL - -- - - ~.- -- ---- ---- REVENUES Interest $ $ 8,258 $ 8.258 $ ] 5,1 15 _u__ - - - EXPE:-.IDITURES Capital Outla) 248.260 1]6.600 131.660 -----..22 6 ,21~ . EXCESS OF REVENUES OVER (UNDER) EXPENDITURES (248,260 ) (108.342 ) 139,918 (211,096) OTHER FINANCING SOURCES Operating Transfers In 100.oao 100.000 405.000 ---- -,---- EXCESS or REVENUES AND OTHER SOlIRCES OVER (llJ'\DER) EXPENDITURES $ JJ48,2/iOJ (8,342) $ 139.918 193.904 ADJUSTMENTS TO GAAP BASIS Encumbrances Prior Year (2,950) Current Year 5433 2,950 ._~ TOT AL ADJUSTMENTS 2.483 2,950 -- EXCESS OF REVENUES AND OTHER SOURCES OVER (lTNDER) EXPENDlTURES (GAAP BASIS) $ (5,8i21 $ 196.854 See the accompanying Independent Auditors' Report. 29 CITY or WHEAT RlDGE:.. COLORADO RAI IUH HO\.JSE SCHEDULE or REVENUES, EXPENDITURES AND ENCUMBRANCES BUDGET AND ACTUAL 'year Ended December 31, 2002 2002 Bl,1DGET i\CTUAl REVENUES Intergo\ernmental Interest Other $ ] 1,88U 841 $ 49,725 500 2U.UOO TOTAL REVENUES 70,225 12,721 EXPENDITURES General G,wernmcnt Capiinl Outlay 10.500 69.500 1.680 2,700 TOTAL EXPENDITIIRES 80,000 4,380 rXCESS or REVENUES OVER (UNDER) EXPENDITlIRES $ _ _(9.775) ---- -- -- 8,341 ADJUSTMENTS TO GAAP BAS1S Encumbrances Prior Year Current 'year (7.500) TOT i\l /vDJUSTMENTS j2,500J EXCESS OF REVENUES AND OTIlER SOURCES OVER (UNDER) EXPENDITURES (GAAP BASIS) $ 841 See the accompanying 1ndependent Auditors' Report. 30 V ARIANCE- r i\ V ORABlE (lINFA V'9RAB!cE) $ (37.845) 341 (20JlOO) --- ( 57,504) 8,820 66,800 75,620 $ _.I8.llE>. 2001 i\CTlIAL $ 15080 678 15758 9199 (! 7581 7441 8,317 (1 758) 7,500 5,742 $ _ _~059 CITY OF WHEAT RIDGE, COLORADO HOTEL I MOTEL SCHEDULE OF REVENUES, EXPENDITURES AND ENCUMBRANCES BUDGET AND ACTUAL Year Ended December 31, 2002 2002 v ARIANCE- F<\VORABLE 2001 ----~ miDGET ACTUAL (UNFA VORABLE) ACTUAL - REVENUES Taxes $ 520.000 $ 469 491 $ ( 50,509) $ 498,4 1 9 lmergovernmental 6.000 88.225 82,225 8,894 Imerest 30.000 18.829 (11.171 ) 30,615 TOTAL REVENUES 556,000 576,545 20,545 537,928 -------- ----- EXPENDITURES Police 389.167 313,073 76,094 324,844 TOTAL EXPENDITURES 389167 313,073 76.094 324.844 --.- EXCESS OF REVENL1ES OVER (UNDER) EXPENDITURES 166,833 263472 96,639 213,084 OTHER FINANCING -;OURCES (USES) Operating Transfers Out (200,000 ) (200.000) (218,000 ) TOTAL OTHER FINANCING SOURCES (USES) (200,000 I ~O-'O.OO ) (218,000) EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES $ _~33,167) $ ..Jl1,4 72 $ ~'16,639 $ (4,916) See the accompanying lndependenl Auditors' Report. 31 REVENUES Charges for ~ervices Interest Olher TOTAL REVENUES EXPENDITURES C urrenl Parks and Recreation CITY OF WHEAT RIDGE. COLORADO RECREATION CENTER OPERA TING "CHEm :U: OF REVENUES, EX])ENDlT1.1RES AND ENCUMBRANCES BUDGET AND ACTUAL Year Ended December 31, 2002 BUDGET $ L654.325 I 654,325 2,034.689 EXCESS OF REVENUE~ OVER I L 'NDERI EXPENDITURES s ~. i380,3ii'\) S 2002 ACTU-\L $ 1.833,163 10,694 --.----- V -\R1ANCE- FA VORABLI: IUNF-\vORABLE) $ 178.838 10,694 L843,857 1.823,986 19.871 $ 189,532 210.703 400,235 32 See the accompanying Independent Auditors' Report. 2001 ACTUAL $ 1,659.536 19159 833 1,679.528 1.638,157 $ 41,37_1... DEBT SERVICE FUND The Debt Service Funds are lIsed to account for financIal resources to be used for the accumulation of resources for and payment of general long-term debt princIpaL interest and related costs. Recreation Center Fund - accounts for ;'1 cent sales tax collected for the payment of debt service for the recreation center The certdicates of particIpation were paid in full dunng 2002, and the fund residual was transferred to the RecreatIOn Center Operating Special Revenue Fund. (' ITY OF WHEAT RlDGE. COLORADO RECREAT]ON CENTER SCHEOl lLJc OF REVFNUES. EXPENDITURES AND ENCUMBRANCES BUDGET AND ACTUAL 't ear Ended December 31, 2002 2002 V ARIANCE- FA VORABLE 2UOI - BUDGET ACT\ IAL (UNFAVORABLl'.) ACTUAL -'-- REVENUES Taxes S 746.~63 $ 798.] 45 $ 51.282 $ 3,098,662 Intergovernmental 10000 12.154 2,154 ]0,000 Interest 300 000 547,263 247.263 665,498 Other 6.000 6.000 8,500 TOTAL REVENUES 1.056.863 1,363.562 306.699 3 7R2.66U EXPENDITURES Capital Outla:> 22,673 22.623 50 ,9,563 Debt Service Principal 10,390,000 10.390.000 I JI80,OOO Interest and Fiscal Charges 460.527 460,527 503.889 TOTAL EXPENDITURES 10,873,20U 10,873,150 50 1.623 452 --- - -- .- EXCESS OF REVENUES OVER (UNDER) EXPENDITURES 19.816,337) 19,509,588) 306,749 2,159,208 OTHER FrNANCING SOURCES Operating Transfers In 61,000 6LOOO 402,000 Operating Transfer Out (582,419) (582,419) _._"-- --- TOTAL OTHER FINANCING SOURCES (USES) (521,412) (521,419) 402,000 EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPEl'-:DITURES AND OTHER USES $ (10)3,7,72.6l UQ,O~ I ,007) $ 306,749 ~,561 ,208 ADJUSTMENTS TO GAAP BASIS Encumbrances Prior Year (27,353 ) (42,440) Current Year 1'7.'353 TOTAL ADJUSTMENTS (27,353 ) (15,087) EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES (GAAP BASIS) $ ( I 0,058.360) $ J516,121 - See the accompanying Independenl Auditors' Report 00 -'-' GENERAL FIXED ASSETS ACCOUNT GROUP The General FIxed Assets Account Group records changes m the CIty's ownership of and investment in capital assets, mcludmg land, buJldmgs, improvements to land and buJldmgs. and equIpment, the iJves of whIch are greater than one year and whose costs exceed $5,000 CITY OF WHEAT RIDGE, COLORADO GENERAL FIXED ASSETS ACCOUNT GROUP SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS - BY SOURCE Year Ended December 31, 2002 Balance Balance December 31, December 31 2001 Additions Deletions 2002 SOURCE General Government City Adminislrator $ 181,931 $ $ $ 181,931 Municipal Court 13,160 13,160 Building 3,976,829 3,976,829 Community Development 39,953 39,953 Total 4,211,873 4,211,873 ~------ ---- Public Safety Police Chief 63,717 63,717 Police Administrative Services 72,662 42,362 115,024 "'nimal Enforcement ] 11,232 111,232 Communications 486,603 486,603 DAR.E. 52,002 13,835 38,167 Police Records 6,503 6,503 Police Patrol 376,959 86,290 107,993 355,256 Criminal Investigation 252,024 103,284 56,109 299,199 Police Traffic Unit 102,138 17,910 __~~28 107,820 ----.--- Total 1,523,840 249,846 1<)0,10 1,583,521 Public Works Administration 8,642,260 8,642,260 Engineering 323,911 323,911 Street Maintenance 1,399,439 2,982,515 65,550 4,316,404 Traffic Maintenance 226,551 65,769 46,513 245,807 Shops 199,656 199,656 Total 10,791,817 3,048,284 1~2,063 .13,728,038 -------- Parks and Recreation Administration 11,106,405 157,249 6,310 ] 1,257,344 Recreation 14,060,616 1,550,235 15,610,851 Parks Maintenance ] ,044,102 34,559 74,227 1,004,434 --.--- - -- ---- Total 26,211,123 1,742,.o~ 80,537 ~'7,13'72,629 - ~~ Wheat Ridge Town Center 25,]78 25,178 TOTAL GENERAL FIXED "'SSETS $ 4~763,831 S 5,040,1]3 $ 382,765 $ 47,421,232. ----- ---- See the accompanying Independent AudilOrs' Report. 34 CITY OF WHEAT RIDGE, COLORADO GENERAL FIXED ASSETS ACCOUNT GROUP SCHEDULE OF GE"!ERAL FIXED ASSETS B) FUNCTION AND ACTIVITY December 31, 2002 See the accompanying Independent Auditors' Report. 35 TOT A LS (l\1EMORANDlIM ONL YI EQUIPlvlENT 2002 2001 . $ 181,931 $ ] 81,931 $ ]81,931 13,160 13,160 13 ,160 228,503 3,976,829 3,976,829 -- 39,953 39,953 39,953 --.-.- 463,547 4,2] ] ,873 _ 4,211,873 -- - 63,717 63,717 63,717 115,024 115,024 72,662 11 ],232 11 ],232 11 ],232 486,603 486,603 486,603 38,168 38,168 52,002 6,503 6,503 6,503 355,256 355,256 376,959 299,198 299,] 98 252,024 107,820 107,820 102,138 _.-- -_.~ ] ,583,521 1,583,521 ~,840 8,642,260 8,642,260 225,625 323,911 323,911 1,333,889 4,3 16,404 1,399,439 245,807 245,807 226,551 ~l2.llL 199,656 199,656 1,920,438 13,728,038 -.lQ,?()I-,~J7 251,571 11,257,344 1 1 106,405 170,372 15,610,851 14,060,6\6 715,792 - ] ,004,434 194'!,l02 1.l37,735_ 27 ,872,~29 26,211,123 25,178 25,178 25,178 $ 5,] 30,419 $ _ 4'7,421,239 $ 42,76M3l.. . SUPPLEMENTARY INFORMATION The ublic re art burden for this infonnation collection is estimated to avera e 380 hours annually Form Approved OMB No.2] 25.0032 City or COW1ty. LOCAL I-DGHW A Y FINANCE REPORT YEAR ENDING December 2002 Prepared By LINDA STENGEL, ACCOljNTANT Phone: 303-235-2817 Thls Information From The Records Of lexample - Clty of _ or County of CITY OF WHEAT RIDGE 1. D1SPOSITI ON OF HI GHW A Y -USER REVEI\TES A V AILABLE FOR LOCAL GOVERN:\1ENT EXPENDITURE ITEM A. Local Motor-Fuel Taxes B. Local Motor-Vehicle Taxes C. Receipts from State Hjghway- User Taxes D, Receipts from Federal Hjghway Administration 1 2. 3 4 ) --- ~ -- -~ - -- -- -- --- -- --- -- --- -- -- ~--- ~ ~ -- - -- --~-- --- ~-------------- - ~ - - - -- - -- --- - - - - - - ::.. -_ _ _ -:_ _::..--n _ - ;_'O:-=-~--:--c:__~ -:_-..:::.--- =---_ -=-~ ------ ~- =-_ --- --- --- - -- ~----- ---------------- --~----- -~--- ~-- - ---- -- -- ~~ -.-- ---- --- --- ---- ----~._----- ~-~--- - - -.-- --- --~--- --- ~- ----- -- ~ ---.- --- .--. -- - ----- ------ ...-. _.-- .--.- ---.----- --- --- --- -- - ~_ _ __ _ ______ _~_ __n__ _ ~______________ ____~__________n_ - -------- --- - ---- -- --- --- --------------------.------ --- - - ----~~ ---------~----------------- --._---- ------ - ~- . --~ ----- --- - -~---------------~-~ ~----- ---~------ ---- - -- - ---- - - - -- - ---- - -------- - ---~._- -- --- ------ ~---------- -,,::.=-- _ -__ ~__n __'-_=_ .__::......::_::.=-_~__::....-~_::.=._":.___=__::;____==___=~__-_=__-__.=..__ ---~-_._----- - - --- ---~-----~---------- --- ----------- ----- - - - -.- - - --- - - -- - - -- - --- - -- - ~ - - - - - --- -- - ____ __ 6__. ,____ ~ _ _~ ~__._ _ _ _____ _n_ _ _6.,..________~ _____ _____ __~__ _ _ _ ___ _ _ ____ -.,...- ---- - -- - -- - -- - --~_. - - - - - --.,...-- ~-~ - -..-- - ----- - ~ -- ~~-~-- ~-----~- II. RECEIPTS FOR ROAD AJ','D STREET FURPOSES ITEM A. Recei ts from local sources: Locallu hway.user taxes a. Motor Fuel (from ltem l.A5 ) b. Motor Vehicle (trom ltem l.B. 5 ) c. T olal (a. +b 2. General fund a ro riations 3 Other local imposts (from a e 2) 4 Miscellaneous local recei ts (from 5 Transfers from toll facihties 6 Proceeds of sale of bonds and notes a Bonds - Ori inallssues b Bonds - Refunding Issues c. Notes d. Total (a. + b. + c. 7 T olal (l throu h 6 B. Private Contributions C. Receipts from State government (from a e 2) D. Receipts from Federal Government (from a e 2 ota recci ts (A. + B. -~- --------- -- --- --- -- - - - -- - -- - ~ - -~--.-- - - - -- - ---- - --- -- -~-- ~ -- - ---- ~----~ ---- --------- - ------ ------~~ -- ---- -------- - ---- --------- - - --- -- - ~ -- -- ----- - ~--- ~-~- - -- - -- - ___ - n_ _ ~ _ ___ o o o o 7,620,925 ~ - ~ - -- - -- - --- - - - - -- - -- - ~ ----- --- --- - -~-- - --- - ---- - -- ------ ---- ~- - ~ - - - ~~ - -~ -- ~ --------~ Notes and Comments: V. LOCAL ROAD AND STREET FlTh'D BALANCE B Total Disbursement 8,657,260 E Reconciliation o -. - ~-- - - -- FORM FHWA-536 (Rev.12-96) PREVIOUS EDlTlONS OBSOLETE (Next Page) 36 LOCAL HIGHWAY FL~ANCE REPORT STATE Colorado YEAR E1\'DING (mrn/yy) December 2002 II. RECEIPTS FOR ROAD ~1XD STREET PURPOSES - DETAIL o forward to page I) AMOUNT I _ __ ___~ _ - - - - - . - - . - - . . . m. DISBURSEMENTS FOR ROAD AND STREET PURPOSES - DETAIL ON NATIONAL HIGHWAY SYSTEM (a) OFF NATIONAL HIGHWAY SYSTEM (b TOTAL A.I. - - --- - - - -----~- - ----- ----- - - - - ~ - - - -- --- - - - - - - - - -- - - - - -- -- - - - - - -- d. o o o 3.612481 466 030 4.078 5 Il 4,078,5 Il o 3,612,481 466 030 4,078,511 4.078.511 (Carry forward to a e 1) omments: - .- -- -- ---~~ ---~---- FORM FHWA-536 (Rev,12-96) PREV10US EDITIONS OBSOLETE 37 STATlSTlCAL SECTION Fiscal lear 1993 1994 1995 1996 ]997 1998 ]999 2000 2001 2002 Notes: <\. B CITY OF WHEAT RIDGE, COLORADO ASSESSED AND ESTlMA TED ACTUAL VALUE OF TAXABLE PROPERTY LAST TEN FISCAL YEARS tUNAUDlTED) Ratio of Total Assessed to Total Assessed Estimated Estimated Valuation Actual Value Actual Value - ---- - $ 209,434,1 90 $ 1,]97,923,557 $ 1748% 210,478,200 1,205,829,176 1746% 218,408,520 1,466,715,750 1489% 225668,720 1,475,180,027 ]5.30% 258,349,980 1,731,072,652 14.920/0 263,531,500 1 751,299,092 1 <; 050'0 298,151,840 2,016,737,030 1478% 303,991,980 2,045,045,488 1486% 366,666,430 2,590,584,239 ]4 \50/0 359773,070 2,603,897,658 1382% JetTerson 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 ahoye represents all types of property Properties within the City are assessed by tbe Jefferson County Assessor on January 1 of each year Source: Jefferson County Assessor's Office 38 CITY OF WHEAT RIDGE, COLORADO GENERAL GOVERNMENTAL REVENUE BY SOURCE LAST TEN FISCAL YEARS (UNAUDITED) Fiscal Licenses lnter- Year Taxes (AL and Permits governlllental 1993 $ 7,005,422 $ 291,983 $ 1,372,789 1994 7,448,440 333,660 I 430,934 1995 7,985,931 349,910 1,517 ,277 1996 8,208,493 382,732 1 626,800 1997 8,336,235 521,110 1653,157 1998 8,942.831 566,341 1,733,602 1999 9,481,139 526,299 1,783,821 2000 9,453,90 I 527 ,396 1,789,295 2001 9,766,410 761,440 1.809,495 2002 9,679,949 (B) 760,950 1,857,717 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 Debt Service Funds, respectively B Beginning April I, 2002, fifty percent of the total sales tax revenue is accounted for in the Capital Projects Fund Source' City of Wheat Ridge audited financial statements, ] 993 - 2002. 39 Charges for Fines and Services Forfeitures Interest Other Total ----- - .- - - $ 310.458 $ 296,523 S 88,893 $ 138,641 $ 9,504,709 383,185 377,415 158,206 106,961 10,238,801 408,747 398,777 325,831 99,673 1 1,086,146 461,252 555,237 171,905 133,713 11,540,132 512,237 541,466 145,159 83,374 1],792,738 5] 9,887 666,731 248,396 172,659 ]2,850,447 539002 679,850 309,885 206,584 13,526,580 448,321 567,582 400,421 119,463 13,306,379 595,39] 703,046 273,800 232.096 14,141,678 704.663 792,350 157,994 218,180 14,171,803 40 CITY OF WHEAT RlDGE, COLORADO GENERAL GOVERNMENTAL TAX REVENUE BY SOURCE LAST TEN FISCAL YEARS (UNAUDITED) Liquor and Fiscal Property Telephone Auto Year Tax Oc~upation O\Vne!ship 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 2001 628,435 251,118 82,418 2002 690,306 251,756 81,162 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 Debt Service Funds, respectively B Beginning April 1,2002. fifty percent of the total sales tax revenue is accounted for in the Capital Projects Fund. Source' City of Wheat Ridge audited financial statements, 1993 - 2002 41 Lodgers Franch ise and Sales ]'axlA) Use Tax Tax Admissions Total ---.-- $ 3,266,609 $ 1,694 755 $ 810,169 $ 427,477 $ 7,005,422 3,650,712 ] ,616,251 826,983 547,650 7,448,440 3,648,5] 9 1,844,393 891,032 537,868 7,735,637 3,733.647 2,1 66,468 906,914 565,456 8,208,493 4,088,914 1,923,346 819,] 11 585,494 8,336,235 4,383,632 2,178,958 831,252 6] 3,224 8,942,831 4,670,441 2,423 665 847 075 583,658 9481,]39 4.835,372 2,197487 888,909 578,406 9,453,901 4,997185 2,260,041 1002,610 544,603 9,766,410 4939,351 (Bi 2,337,912 865 410 514,052 9,679,949 42 Cln OF WHEAT RIDGE, COLORADO PROPERTY TAX LEVIES AND COLLECTIONS - GENERAL FUND LAST TEN FISCAL YEARS Fiscal 'r ear (UNAUDITED) Percent of Current Percentage Delinquent Total Total Tax Total Tax of Levy Tax Tax Collections Tax Levy Collections Collected Collections Collections t~ Levy - --- --- ---- - -- __n___ ._ (A) $ 568,301 $ 569,769 100 020/0 $ 569,769 ] 00 00% 569,360 564,5] 3 9914% (1,852) 562,661 98.82% 568,195 563,402 99 ]6% (2,349) 561 053 98.23% 593,069 580,601 97.89% ~735) 579,866 97 77% 599,725 596,828 99.52% 71 596,899 99.53% 633,629 635,258 100.26% 1,653 636,9] 1 100.52% 643,807 634,493 98.55% ],600 636,093 98.80% 647,845 638,465 98.55% 2.19] 640,656 98.89% 650,458 628,435 9661% 752 629,187 96 730'0 681,93] 690,306 101.23% 782 691,088 101.34% 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 Notes: 0,. Net prior year tax abatements and adjustments due to revaluation of property in Jefferson County Source' Jefferson County Assessors' Office and the City of Wheat Ridge audited financial statements, 1993 - 2002. 43 CITY OF WHEAT RIDGE, COLORADO COMPUTATION OF LEGAL DEBT MARGIN December 31, 2002 (UNAUDITED) Computation of Maximum Debt Allowed 2002 Estimated Actual Valuation Legal Debt Limit Percentage Per City Charter 912.7 $ 2,603,897,658 3% Legal Debt Limit $ 7~11~0 Amount of Debt Outstanding Total Bonded Debt Less: Revenue Bonds $ Net General Obligation Bonded Debt Outstanding $ Legal Debt Limit 78, I] 6,930 - - Legal Debt Margin $ 78,116,93Q 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. 44 Fiscal Year 1993 1994 1995 ]996 1997 1998 ]999 2000 2001 2002 Notes. A. Source: CIn OF WHEAT RIDGE, COLORADO CERTIFlCATES OF PARTICIPATION COVERAGE LAST TEN FlSCAL YEARS (UNAUDITED) Sales Tax -'pebt Servi~e Require211~n~ Coverage Revenue _Principal Interest Total Factor --"- - - ~ $ 6,533,217 $ 20,000 $ ] 52,305 $ 172,305 $ 3792 6,740,566 55,000 ] 24,258 179258 3760 7,297,038 75 000 122,350 ]97,350 36.98 7,467,294 75,000 119,650 194,950 38,30 8,177,821 960,000 ] ]7,025 1,077 ,025 7.59 10,896,486 2,315,000 365,474 2,680,474 4.06 11,734,002 2.025,000 619,742 2,644,742 444 ] 2, 150,325 1,035,000 539,218 1,574,218 772 13,093 032 1,080,000 497,818 1,577,818 8.30 10,515,723 (A) 10,390,000 (Al 454,618 10,844,618 0.97 Sales tax revenue in the General, Capital Projects, and Recreation Center Debt Service Funds are included since debt service is paid with sales tax proceeds. On April 1,2002 the ""In sales tax collected for repayment of the Recreation Cenler debt ceased and on December I, 2002, the City called and paid the remaining Recreation Center debt. City of Wheat Ridge audited financial statements, 1993 - 2002. 45