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Home My WebLink About1977 FINANCIAL STATEMENTS AND AUDITORS' REPORT CITY OF WHEAT RIDGE, COLORADO December 31, 1977 CON TEN T S Page AUDITORS' REPORT 3 SUPPLEMENTAL COMBINED FINANCIAL STATEMENTS COMBINED BALANCE SHEET COMBINED STATEMENT OF REVENUES, EXPENDI- TURES, ENCUMBRANCES AND TRANSFERS COMBINED STATEMENT OF CHANGES IN FUND BALANCES 5 6 7 GENERAL FUND FINANCIAL STATEMENTS BALANCE SHEET STATEMENT OF REVENUES, EXPENDITURES, ENCUMBRANCES AND TRANSFERS COMPARED WITH BUDGET STATEMENT OF CHANGES IN FUND BALANCE 9 10 11 TRUST AND AGENCY FUNDS FINANCIAL STATEMENTS BALANCE SHEET STATEMENT OF REVENUES AND EXPENDITURES COMPARED WITH BUDGET STATEMENT OF CHANGES IN FUND BALANCES STATEMENT OF CHANGES IN CASH BALANCES 13 14 15 16 SPECIAL REVENUE FUNDS FINANCIAL STATEMENTS BALANCE SHEET STATEMENT OF REVENUES, EXPENDITURES, ENCUMBRANCES AND TRANSFERS COMPARED WITH BUDGET STATEMENT OF CHANGES IN FUND BALANCES 18 19 21 GENERAL FIXED ASSETS FINANCIAL STATEMENTS STATEMENT OF GENERAL FIXED ASSETS STATEMENT OF CHANGES IN GENERAL FIXED ASSETS - BY FUNCTION AND ACTIVITY 23 24 NOTES TO FINANCIAL STATEMENTS 26 FORTNER-HAUBER & CO., P.C. CERTIFIED PUBLIC ACCOUNTANTS The Honorable Oliver V. Phillips, Mayor Members of City Council City of Wheat Ridge, Colorado We have examined the financial statements of the various funds and balanced account groups of the City of Wheat Ridge, Colorado as of and for the year ended December 31, 1977, included in this report on pages 9 through 31. Our ex- amination was made in accordance with generally accepted audit- ing standards, and accordingly included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances. In our opinion, the financial statements referred to above present fairly the financial position of the various funds and balanced account groups of the City of Wheat Ridge, Colorado at December 31, 1977, and the results of their oper- ations for the year then ended, in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year. Our examination was made primarily for the purpose of formulating the opinion stated in the preceding paragraph. The supplemental combined financial statements included in this report on pages 5 through 7, although not considered essential for a fair presentation of financial position and results of operations, have been subjected to the audit pro- cedures applied in the examination of the basic financial statements. In our opinion, the supplemental statements are fairly stated in all material respects in relation to the basic financial statements taken as a whole. ::\cx\~~ ~*c:w..\.-u- \ ~ ~., ~. (. Denver, Colorado March 14, 1978 SUITE 630 . 9' 0 , STH STREET . DENVER. COLORADO 80202 . (303) 893-'707 SUPPLEMENTAL COMBINED FINANCIAL STATEMENTS -4- CH():xlC'C))> ~:vt::l:'>l-'("')O t:l :::I 0 C1J ~ 0 (J f-'. () ~ 0 :::I ro III Ii <:l "0 Ul ro ::s () >< n (Il (') <::l I-l U1 m(tln-(1) rl-O m >1 O(i)M-~ {1J{1Jl-\I1MI-i~ P. C I-b ~ lfJ 1-" co+- c+ 1-" < 0 \\l t::l {\)11:::SM-1-t, I-lSo'C1J nrl ?l p. 0 c+ e 1-'" 1-" (!l ~ 0 M'- (fJ {/J S CIl CD n nOM-HlM I:" rtJ J-" !:l?l c-+ n \-" 0 ::r I-j 'd H ([J ;:; 0 11 IT ("'f- " OI-i(TJ(Il!l' 6; C-+rlM\'tlmm p. 1-" t:l >1 rl-'<l m (ll tJ" () Ul ~ Ul m ~ ~ H ~ m m M ::s f-bt-'.Q' I:" C1J I-J f-" 0 "oq OpPl-' "'>-' W ~ M ~m S::O?l1i> 0"" rl-H>l' ,. p.~ 3 p.oq ZH " cr p. 00 m o'wm tH,j >1~>-' m 00 cr>1 >1 W UJ m p. m '0 t'i l' l' ~ OJ- " Ul C ,.., HH " '0 ,. m w 00 ~ " " '"'" ", ", ~ H> m '<l g:;bl <j " \ " ", W ~ ~ m ~ nt'i t1 '" Ul m H "'''' H , '" m 00'" m t'i ~ UJ w w ,. m Z rl- I:J Ul 0 <f> <f> <f> <f> ", l~ ~ rl- t \, .: 0 '<l I"" 0 ",0> '" ",.,. I:J '" 0 ...,J~I-"O >-' 0'" " " " OJ M NC)lc"J1-" "'.,. 0'" " " " >-' p.~ " Z '" 00-.:1(;.)00 ",.., 0'" " & '" ::r , , mmt!lcn ll-'~I 0'" >-' t:) m ...:]w-.lID 00 00> " " ~ OJ rl- ,. '" t'" '" H ,. ", Z P. <f> <f> <f> <f> \ " 0 '" ">1 ,... t'i " IIi ti ti \, "',... "''''' " '" 0> ",,,,,,, " " w .., UJ .,. 51' :' O>OOH ,,~rl- .., :0: 0 ",r> t'i 0 "'''' '" '" ,..."'''' W '<l " t'i H , , ",01 0 "" 10000-.1 ~ ,.., 0 "'''' '" '" ..,,...>-' P. ~ ~ p. 0 '" '" '" '" \~ \; IH \ _00 ","''0 '" ,... "'.., " ~ " '" "'''' .,.'" '" ~ '" " ~~~~ "'''' '" p. tj )-I. Ul C " (j)-.lU1(!) ..,'" ,... " I-' Imo~O ,,,,00 , 1 '" }-> O:ltD 0 "'''' '" <f> '" '" <f> IH "'''' U \ c ","'" ""," {(J .....::1 0'" m ~ " "'", " " ~ c+p.~ "'''' W I-' "'"'" III 1 I I I I I I "'''' City of Wheat Ridge, Colorado COMBINED STATEMENT OF REVENUES, EXPENDITURES, ENCUMBRANCES AND TRANSFERS Year ended December 31, 1977 Revenues Taxes Licenses and permits Intergovernmental revenue Charges for services Fines and forfeitures Interest income Miscellaneous income Pension plan contributions Donations Total revenues Transfers from other funds Total revenues and transfers Expenditures and encumbrances General government Public safety Public works Parks and recreation Capital acquisitions Capital construction projects Refunds Other expenditures Total expenditures and encumbrances Transfers to other funds Total expenditures, en- cumbrances and transfers EXCESS (DEFICIENCY) OF REVENUES AND TRANSFERS OVER EXPENDITURES, EN- CUMBRANCES AND TRANSFERS $ General Fund $ 2,306,557 103,052 727,353 49,130 54,886 74,779 16,702 3,332,459 95,000 3,427,459 612,984 1,039,401 511,142 767,969 315,827 3,247,323 270,276 3,517,599 Trust and Agency Funds $ 28,241 33,004 80,454 200 141,899 141,899 35,658 20,082 4,962 60,702 60,702 (90,140) $ 81,197 -6- Special Revenue Funds $ 1,146,584 1,498,019 1,745 2,646,348 270,276 2,916,624 10,480 110,954 2,511,781 (19,682) 2,613,533 95,000 2,708,533 $ 208,091 City of Wheat Ridge, Colorado COMBINED STATEMENT OF CHANGES IN FUND BALANCES Year ended December 31, 1977 Trust and Special General Agency Revenue Fund Funds Funds Fund balances at January 1, 1977 $ 748,247 $ 452,003 $ 117,390 Excess (deficiency) of revenues and transfers over expendi- tures, encumbrances and transfers (90,140) 81,197 208,091 Transfer to General Fund to close Mountain Bell Escrow Fund (note E) 3,393 Fund balances at December 31, 1977 $ 661,500 $ 533,200 $ 325,481 -7- FINANCIAL STATEMENTS GENERAL FUND -8- City of Wheat Ridge, Colorado General Fund BALANCE SHEET December 31, 1977 ASSETS Cash Operating accounts Savings accounts Certificates of deposit $ 46,704 1,430,642 300,000 1,777 ,346 14,740 $ 602 2,708 3,310 $ 1,795,396 Accounts receivable Due from other funds Conservation Trust Fund City Hall Fund LIABILITIES, RESERVE AND FUND BALANCE Liabilities Accounts payable Trade accounts Payroll taxes withheld Amounts due to employees (note N) Other $ 170,282 17,091 1,708 12,788 201,869 13,397 645,763 861,029 Contract retainage payable (note K) Due to Capital Improvement Fund Total liabilities Commitments (note N) Reserve for encumbrances 272 , 867 Fund balance 661,500 $ 1,795,396 The accompanying notes are an integral part of this statement. ,.., '" '" I:" ,. >-' 0 '" " " e' 0 p ~ m ~ Ul I:J:O~ 0 d<j otIJOm p. 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'" '" 0 " ro ro I-j ~ rl- ~ I-' City of Wheat Ridge, Colorado Trust and Agency Funds STATEMENT OF CHANGES IN FUND BALANCES Year ended December 31, 1977 Policemen's Conservation Pension Trust Total Fund Fund Fund balances at January 1, 1977 $ 452,003 $ 425,048 $ 26,955 Excess (deficiency) of revenues over expenditures 81,197 107,337 (26,140) Fund balances at December 31, 1977 $ 533,200 $ 532,385 $ 815 The accompanying notes are an integral part of this statement. -15- City of Wheat Ridge, Colorado Trust and Agency Funds STATEMENT OF CHANGES IN CASH BALANCES Year ended December 31, 1977 EXCESS OF RECEIPTS OVER DISBURSEMENTS Public Works Mountain Bell Escrow Escrow Fund Fund $ 53,296 $ 9,520 43,776 3,393 24,730 3,393 $ 68,506 $ Receipts Refundable escrow deposits Disbursements Refund of deposits Transfer to General Fund to close Mountain Bell Escrow Fund (note E) Cash balance at January 1, 1977 Cash balance at December 31, 1977 The accompanying notes are an integral part of this statement. -16- FINANCIAL STATEMENTS SPECIAL REVENUE FUNDS -17- ,.., ,.., t'i ,.., '" to' ~ ~ ~ " (l1 '" " 0'0 "''' ()HClJI-:l:jC/)<: " ~ O~~ ~ ~ ::Jt:lM-t1l~('D " '"':jOO:;DO Ul ~fU'"Cl(') o ro ~'-+p.lp.]--Ji::I 0 t<jC<:t:rjt:rj ,.., H> ,.., o p:I ~ pl "t1p. ,.., p.,., ,.., t-$ ('DM-ro roc 0 ::xJ~trJ<cn rl-(l1 0 " '" 0 P. l:l )oj 0' 'd 't:I "d I-j 1-" 0 (l1 0 (l'q"1({)'"'JUlq) 0 (/)OO::tlt:rjC/l ~ " " ~ ~" l-'.p..l'i"I-'l-""1I-"p.1 rt "" ~ rl- (l1 " " m 3 '" Z " 0 ~ m p." 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I-' UJ '" '" '" '" '" '" t'1 '" '" '" en '" :0 0 0 0 0 0 UJ '0 0 0 0 0 0 1 , 1 1 0 0 0 1 , , 0' 0 0 0 0 0 0 ~, '"' '<l '" '" '" " ~ eo I-' ,... ,... >-' I-' > I-' '" '" '" '" '" 0 '" '" '" '" '" rl- '" 0 0 0 0 0 " c '0 '" ~ 0 0 0 0 I-' '" 0 , 1 , , 0 0 0 , , , 01 0 0 0 0 0 '" '" cr~ > " " 0 0 II, I' I' I' I' \, p.~~ " , , , , 1 , 1 '" P. " " " " ~ " rl-~ I-' FINANCIAL STATEMENTS GENERAL FIXED ASSETS -22- City of Wheat Ridge, Colorado STATEMENT OF GENERAL FIXED ASSETS December 31, 1977 General fixed assets (note A2) Land and buildings Equipment Highways, streets and storm sewers Construction in progress Investment in general fixed assets Cost and estimated cost of assets acquired by various funds of the city Assets contributed to the city $ 1,391,359 861,249 8,113,713 797,607 $ 11,163,928 $ 2,705,543 8,458,385 $ 11,163,928 The accompanying notes are an integral part of this statement. -23- ,.., 0 p- m m ',Pd"dQO $ll ~ ~ (D m " f1 0' 0' 0 I-i " ?;"J-'I-'('[lp:l " Ul 1-'- f-'. ~ f--J 0 o " ~ a I-'Ho '0 ~ m ~, ~ o ~ (1q ::< ~ 11 I-+, 0 (t) '<l '7i'm~p. ~, m rl- m ~ '<l >1 ~ '" ~ 00 a 00 ~ " " 0 " rl- rl- rl-ffi " m ~ ~ " ~ ~ ~, ~ rl- , " '" '" ~ '" " 1 I-' [/J '0 ,.., ~ " ~ ,.., " '" '" 0 '" H> '" Z ,-<OJ ,.., 0 rl- ,... '" " "' >-', ::r ? r ~ I-' m 0 rl- ~, ,...,,~ " "'''' " 00 0 O"'W "''''~ ~ "' " t..HJl (0 ~ "'~0 () 0 00 '" I-'I-lll::>m "''<l (\) " "':0: H> rl- ~ C" " f-' otOOOIl::> ,..." P. ZZ '" rl- 00 f\:lO.t::.1-' . rl- " 00 ::r " ,... W\\jN~ P. ,..,t'1 m a ...,'" " " I:J 0 rl- " " z..., " " z '" " ,. >-', '" g. zo p. " " 1:Jt'1 '" ~ r:~""~" ~ "'" m Z " ~ m " ~ ~ "t'1 ,... (j)wt-J~ ~ ~ " 0," " p. >1 W ,..,,. () '" Wl-'~W " ~ ,... ""1:" 0 0 ...JI-'I-'O m I-' < I-' '" mt\Jl-'-.J ...,'" 0 ,. ,... ,..,H ~ P. '" "'''' '" p. .., '" p. ~, .., I:J 0 " '" '" 0 ~, " 0 0 [/J f-' ~~ ' " ~ '" '" rl- 00 t'1 .0 ~ ,.., ~, '" 00 cr W 1 , " '" rl- ~, 0 ~ m '" t:) m \\~ I, '" P. Of-' " 0 .,...,W rl- 00"'''' ~, ,,"'''' 0 ~ 00 "" '" t:J " '" f-' " '" ,... r " I-' ....a'" f-' 0"'''' "'t1~ '" mmN""-1 ~" 0 '" OOIol:>-Cj)~ .., ~ " '" NCJl-.JVJ W~ " 0H..') tP m ....'" 00 NNCQO':l NOTES TO FINANCIAL STATEMENTS -25- City of Wheat Ridge, Colorado NOTES TO FINANCIAL STATEMENTS December 31, 1977 NOTE A - SUMMARY OF ACCOUNTING POLICIES A summary of the significant accounting policies consistently applied in the preparation of the accompanying financial statements follows' 1. Basis of Accounting The accompanying financial statements have been prepared in accordance with the accounting principles promulgated by The National Committee on Governmental Accounting in its publi- cation Governmental Accounting, Auditing and Financial Reporting, as amended by the industry audit guide, Audits of State and Local Governmental Units, prepared by the American Institute of Certified Public Accountants Committee on Gov- ernmental Accounting and Auditing. 2. General Fixed Asset Group of Accounts Land, buildings and equipment purchased by the city since its inception in 1969 have been valued at historical cost. Those items transferred to the city from Jefferson County have been valued at the original cost to the county based on historical cost records. Highways, streets and storm sewers transferred to the city during 1969 by Jefferson County have been valued at the esti- mated cost to the county. All additions through 1976 have been valued at the actual cost to the city. During 1977, the city chose not to capitalize additional investments in these improvements in accordance with the accounting principles described in note Al above. Depreciation has not been provided on assets In the general fixed asset group of accounts. NOTE B - EXPENDITURE CLEARING ACCOUNTS Pursuant to the Uniform Classification of Accounts - Cities and Towns, the following information is provided: Description Total expenditures Annual audit Data processing Insurance and bonds Publishing Retirement and pension contributions Workmen's compensation Unemployment compensation $ 6,000 9,010 76,351 5,979 104,383 21,569 -26- City of Wheat Ridge, Colorado NOTES TO FINANCIAL STATEMENTS (CONTINUED) December 31, 1977 NOTE C - PENSION PLANS The City of Wheat Ridge Policemen's Pension Fund was estab- lished to account for contributions received under the plan for uniformed employees. Contributions by the participants under this plan are required in amounts equal to 5% of com- pensation received from the city. The city is required to make contributions in amounts equal to that of the partici- pants. Contributions by the city for the year ended December 31, 1977 totaled $40,227. The actuarially computed value of un- funded prior service cost under this plan as of January 1, 1976 (the date of the most recent actuarial report) was $257,428. No provision has yet been made for amortization of this unfunded prior service cost. Effective May 1, 1975, the city elected to participate in the Colorado County Officials and Employees Retirement Association Retirement Plan. This plan covers nonpolice employees. Contri- butions by the participants under this plan are required in amounts equal to 4% of compensation received from the city. The city is required to make contributions in amounts equal to that of the participants. Contributions by the city for the year ended December 31, 1977 totaled $14,043. There is no liability for benefits under this program beyond the city's matching pay- ment. NOTE D - PUBLIC WORKS ESCROW FUND The Public Works Escrow Fund was established by the city during 1973 to provide for an accounting of those monies received as financial guarantees prior to the issuance of certain construc- tion permits. These funds are then refunded upon approval of the Director of Public Works following satisfactory completion of all required work. NOTE E - MOUNTAIN BELL ESCROW FUND The Mountain Bell Escrow Fund was established by the city during 1974 to provide for an accounting of those monies received from the Mountain Bell Telephone Company. These funds represent un- claimed refunds due to customers of the telephone company who formerly resided in the city. In accordance with Chapter 40, Article 8, of the revised statutes of the State of Colorado the city held these monies for refund to any person who could p~ove a claim in a method satisfactory to the city. All remaining un- claimed monies became the property of the city on February 15, 1977 and were then transferred to the General Fund. -27- City of Wheat Ridge, Colorado NOTES TO FINANCIAL STATEMENTS (CONTINUED) December 31, 1977 NOTE F - CONSERVATION TRUST FUND The Conservation Trust Fund was established by the city during 1974 to provide for an accounting of those monies received and designated for use in the acquisition, development and main- tenance of new conservation sites pursuant to Chapter 138-1-98 of the revised statutes of the State of Colorado. The statutes also require that any unencumbered state monies must be returned to the State of Colorado on June 30 of the fifth year following receipt of the funds. NOTE G - FEDERAL REVENUE SHARING FUND 1. Purpose of Fund The Federal Revenue Sharing Fund was established by the city in 1972 to provide for an accounting of those funds received through the "State and Local Fiscal Assistance Act of 1972 as amended". In essence, this act provides funds to units of local governments to be used for ordinary and necessary maintenance and operating expenses and capital expenditures authorized by law. The act also specifies certain restrictions and procedural requirements with which the city has complied during the year. 2. Segregation of Accounts The Federal Revenue Sharing Fund is maintained as an independent fiscal and accounting entity with a self-balancing set of ac- counts recording cash and/or other resources together with all related liabilities, obligations, reserves, and equities which are segregated for the purpose of accounting for all resources received under Title I of the State and Local Fiscal Assistance Act of 1972, as amended, and the related expenditure and en- cumbrance of those resources. 3. Basis of Accounting The records of the Federal Revenue Sharing Fund are maintained on a modified accrual basis of accounting, whereby expenditures are recorded at the same time liabilities are incurred and revenues are recorded when received in cash, except for material or available revenues, which are accrued to properly reflect the revenues earned. -,)Q City of Wheat Ridge, Colorado NOTES TO FINANCIAL STATEMENTS (CONTINUED) December 31, 1977 NOTE G - FEDERAL REVENUE SHARING FUND (CONTINUED) 4. Expenditures Expenditures for the year ended December 31, 1977 were for. Capital Expenditures Multipurpose and general government Public transporation Public safety $ 46,667 9,000 55,187 $ 110.854 NOTE H - PARK ACQUISITION FUND The Park Acquisition Fund was established by the city in 1972 to provide for an accounting of those monies received and designated for use in the acquisition of additional parklands and improvements. NOTE I - ANTI-RECESSION FUND The Anti-Recession Fund was established by the city in 1976 to provide for an accounting of the monies received from the Federal Government in accordance with Title II of the "Public Works Em- ployment Act of 1976". Expenditures of this fund are to be used to provide employment within the city. NOTE J - CAPITAL IMPROVEMENT FUND The Capital Improvement Fund was established by the city in 1976 to provide for an accounting of the sales tax revenue received as a result of a one percent increase in the city sales tax approved by the electorate. Expenditures of this fund are to be used for capital expenditures as authorized by City Council. NOTE K - CITY HALL FUND The City Hall Fund was established by the city in 1977 to pro- vide for an accounting of money received from the United States Department of Commerce, Economic Development Administration under the Local Public Works Capital Development and Investment Act of 1976. The total grant is not to exceed $1,350,000 and expendi- tures of this fund are to be used for capital expenditures in connection with construction of the City Hall. Total estimated cost of construction of the City Hall is approximately $1,751,000, with the General Fund of the city providing the additional $401,000 necessary for the completion of the project. -29- City of Wheat Ridge, Colorado NOTES TO FINANCIAL STATEMENTS (CONTINUED) December 31, 1977 NOTE L - APPROPRIATIONS Estimated revenues and the appropriations included in the ac- companying financial statements are based upon the budget as revised by the City Council. The original budget was adopted by Resolution No. 476, Series of 1976. The City Council enacted various revisions within expenditure categories through subsequent resolutions. The revised budgets adopted by the City Council provided $3,907,955 for expenditures for general city operations. In addition, the revised budget provided for estimated revenues of $3,173,333 and $734,622 fund balance carryover from 1976. Budgets were not provided for the Policemen's Pension Fund since, in the opinion of the City Attorney, this fund is not under the control of the City Council and, therefore, is not subject to the budgetary requirements of the Colorado Statutes. NOTE M - NO~~EPARTMENTAL EXPENDITURES Nondepartmental expenditures consist of the following: Retirement contributions Health and life insurance Workmen's compensation Insurance and bonds Charter commission expenses Special services Deferred compensation Cancellation of prior years encumbrances General Fund $ 104,383 77,482 21,569 89,210 20,234 1,171 2,200 (422) $ 315,827 Capital Improvement Fund $ (19,682) $ (19,682) -30- City of Wheat Ridge, Colorado NOTES TO FINANCIAL STATEMENTS (CONTINUED) December 31, 1977 NOTE N - COMMITMENTS As of December 31, 1977, the city employees had accrued vaca- tion and sick pay as follows: Vacation and holiday pay Sick pay $ 59,378 175,515 Total $ 234,893 No provision has been made for these commitments in the finan- cial statements for the year ended December 31, 1977. On January 18, 1978, the Jefferson County Court interpreted the provision of the City of Wheat Ridge Ordinance No. 231 regarding the payment of accumulated sick pay time to city employees. The Court ruled that city employee plaintiffs were entitled to payment for sick time in excess of sixty days prior to April 4, 1977, since these amounts had vested in the employees prior to April 4, 1977, and could not be eliminated by city ordinance. Provision has been made for the amounts due to these employees in the financial statements for the year ended December 31, 1977. Certain other claims, suits and complaints arising in the ordi- nary course of city operations have been filed or are pending against the city. In the opinion of management, all such matters are adequately covered by insurance, or if not so covered, are without merit or are of such kind, or involved such amounts, as would not have a significant effect on the financial position or results of operations of the city if disposed of unfavorably. -31- FORTNER-HAUBER & CO., P.C. CERTIFIED PUBLIC ACCOUNTANTS The Honorable Oliver V. Phillips, Mayor Members of City Council City of Wheat Ridge, Colorado We have examined the financial statements of the various funds and balanced account groups of the City of Wheat Ridge, Colorado for the year ended December 31, 1977 and have issued our report thereon dated March 14, 1978. Our examination was made in accordance with generally accepted auditing standards and accordingly included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances. In connection with our examination, we also (1) per- formed tests of compliance with the Revenue Sharing and Anti- recession Fiscal Assistance Acts and regulations as required by Section II.C.3. and III.C.3. of the Audit Guide and Standards for Revenue Sharing and Anti-recession Fiscal Assistance Fund Recipients (Guide) issued by the Office of Revenue Sharing, u.S. Department of the Treasury, and (2) compared the data on Bureau of Census Form RS-900 with the audited records of the City of Wheat Ridge, Colorado as required by Section II.C.4. of the "Guide". Based on these procedures, we noted no instance of noncompliance with the regulations and no material differences between the data on Bureau of Census Form RS-900 and the records of the City of Wheat Ridge, Colorado for the year ended Decem- ber 31, 1977. However, one complaint regarding sexual discrim- ination has been filed with the Equal Employment Opportunity Commission. No decision regarding this complaint has been rendered by the Commission as of December 31, 1977. -::\OT~ - \\~"'- \ ~., P. (.. Denver, Colorado March 14, 1978 SUITE 630 . 910 15TH STREET . DENVER, COLORADO 80202 . (303) 893-1707 MEMORANDUM OF ADVISORY COMMENTS CITY OF WHEAT RIDGE, COLORADO December 31, 1977 FORTNER-HAUBER & CO., P.C. CERTIFIEC PUBLIC ACCOUNTANTS The Honorable Oliver V. Phillips, Mayor Members of City Council City of Wheat Ridge, Colorado We have examined the financial statements of the various funds and balanced account groups of the City of Wheat Ridge, Colorado for the year ended December 31, 1977, and have issued our report thereon dated March 14, 1978. As part of our examination, we made a study and evaluation of the city's system of internal accounting control to the extent we considered necessary to evaluate the system as required by generally accepted auditing standards. Under these standards, the purposes of such evaluation are to establish a basis for reliance on the system of internal accounting control in determining the nature, timing and extent of other auditing procedures that are necessary for expressing an opinion on the financial statements and to assist the auditor in planning and performing his examination of the financial statements. The objective of internal accounting control is to provide reasonable, but not absolute, assurances as to the safeguarding of assets against loss from unauthorized use or disposition, and the reliability of financial records for pre- paring financial statements and maintaining accountability for assets. The concept of reasonable assurance recognizes that the cost of a system of internal accounting control should not exceed the benefits derived and also recognizes that the evaluation of these factors necessarily requires estimates and judgments by management. SUITE 630 . 9'0 15TH STREET . DENVER. COLORADO 80202 . (303) 893- 1 707 There are inherent limitations that should be recog- nized in considering the potential effectiveness of any system of internal accounting control. In the performance of most control procedures, errors can result from misunderstanding of instructions, mistakes of judgment, carelessness, or other personal factors. Control procedures whose effectiveness depends upon segregation of duties can be circumvented by collusion. Similarly, control procedures can be circumvented intentionally by management either with respect to the execution and recording of trans- actions or with respect to the estimates and judgments required in the preparation of financial statements. Furthe~ projection of any evaluation of internal accounting control to future periods is subject to the risk that the procedures may become inadequate because of changes in conditions and that the degree of compliance with the procedures may deteriorate. Our examination of the financial statements made in accordance with generally accepted auditing standards, including the study and evaluation of the city's system of internal ac- counting control for the year ended December 31, 1977, that was made for the purposes set forth in the first paragraph of this report, would not necessarily disclose all weaknesses in the system because it was based on selective tests of accounting records and related data. However, such study and evaluation disclosed no conditions that we believe to be material weaknesses. However, the following comments may be of value to City Council and city management in improving city operations in terms of documentation, economy and efficiency: 3 DISPOSITION OF PRIOR YEAR'S ACCOUNTING AND CLERICAL COMMENTS Fixed Assets Last year it was suggested that expenditures for roads, bridges, curb and gutters, streets and sidewalks not be recorded in the General Fixed Asset Group of Accounts since it is no longer required by the A.I.C.P.A. Industry Audit Guide, Audits of State and Local Governmental Units. The city has established a policy following these suggestions, thereby simplifying and streamlining the past ac- counting procedures. Budgets In the previous year's comments, it was suggested that stronger financial management be exercised to control expenditures in excess of appropriations for accounts within department. The city appears to be monitoring expenditures in an exemplary manner at present. However, we suggest that a review be made by the appropriate city officials to determine whether the current level of city council involvement in monthly budgetary adjustments is required. Investment Controls Last year it was noted that one investment of the Policemen's Pension Fund was not registered in the city's name, but in bearer name, and as a measure of internal control over investments, the following alternative procedures were suggested: 4 Insure that only investments registered in the city's name are purchased and held, or Establish a custodial account with the regional Federal Reserve Bank, or a local bank, to hold all such bearer securities. As of the date of our examination, no changes have been made to the investment control procedures. However, at present, only one investment in the approximate amount of $26,000 is in bearer name. This security is maintained in a safety deposit box with restricted access. Certificate of Conformance Due to the superior quality of the financial manage- ment and accounting records of the City of Wheat Ridge, it was recommended that the city consider submitting an annual financial report to the Municipal Finance Officers Association of the United States and Canada (MFOA) for evaluation in order to ob- tain a Certificate of Conformance. The MFOA issues an indivi- dual Certificate of Conformance to a governmental entity when it has established that its financial report substantially con- forms to MFOA recommendations as embodied in the publication, Governmental Accounting, Auditing, and Financial Reporting (GAAFR). Obtaining a Certificate of Conformance is a significant achieve- ment since, on a nationwide basis, only 18% of those who apply are granted this certificate. In addition, relatively few Colorado governmental entities currently possess this certificate. 5 To obtain the Certificate of Conformance, the city must submit an annual report that contains supplementary data, both financial and narrative, in addition to the basic data contained in the report examined by Fortner-Hauber & Co., P.C. Although it was decided to submit financial reports to the Municipal Finance Officers Association, the financial personnel of the city were not able to prepare the reports due to other time constraints. CURRENT YEAR ACCOUNTING AND CLERICAL COMMENT Fixed Assets To increase controls over fixed assets, we suggest the detailed fixed asset records be reconciled at least annually to the control accounts. This procedure would further insure the integrity of the dollar amount of each year's fixed asset additions and deletions. CURRENT YEAR MANAGEMENT AND ADMINISTRATIVE COMMENT Revenue Sharing Effective January 1, 1977, significant changes were made regarding the auditing and accounting requirements for revenue sharing funds. Some of the changes are as follows: 1) The requirement for holding public meetings to discuss planned uses of revenue sharing funds and publishing notices of these meetings was expanded. 2) Local governments are no longer required to use their entitlements for specified categories of expenditures. 6 3) Planned use reports are no longer required to be filed with the Office of Revenue Sharing. 4) Discrimination prohibitions were expanded and strengthened. Due to recent turnovers of budgetary personnel the responsibility for reviewing these recent changes and making certain that all reports are filed and notices are published has been delegated to members of the city's ac- counting staff. Although no instances of noncompliance with the Revenue Sharing requirements have been noted in the past, we suggest that an appropriate officer be assigned the responsibility of reading all Revenue Sharing literature and reviewing all reports and notices of publications, in addition to advising city management of its responsibilities, to de- crease the possibility of noncompliance. With the impending move of city offices to the new City Hall, the existing internal accounting control policies and procedures and paperwork flow should be reevaluated in terms of the efficiency and economy resulting from the changed working conditions. At this same time, the city should evaluate the needs of the various operating departments for increased financial and statistical information and determine how these needs might best be met. It has been a pleasure to be associated with the City of Wheat Ridge in complying with the audit requirements placed on City Council by state and federal regulation. 7 The members of the city staff that we met were quite helpful and considerate in meeting our requests for information and data. If we can be of further service to you, please don't hesitate to contact us. :\-o~\~ _ ~~"'- ~ ~., p .c . Denver, Colorado March 14, 1978 8