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Home My WebLink About1978 FINANCIAL STATEMENTS AND AUDITORS' REPORT CITY OF WHEAT RIDGE, COLORADO DECEMBER 31,1978 FORTNER-HAUBER Certified Public Accountants A Professional Corporation FINANCIAL STATEMENTS AND AUDITORS' REPORT CITY OF WHEAT RIDGE, COLORADO December 31, 1978 ~ 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, EXPENDITURES, AND ENCUMBRANCES 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 20 GENERAL FIXED ASSETS FINANCIAL STATEMENTS STATEMENT OF GENERAL FIXED ASSETS STATEMENT OF CHANGES IN GENERAL FIXED ASSETS - BY FUNCTION AND ACTIVITY 22 23 NOTES TO FINANCIAL STATEMENTS 25 ~~ER-HAUBER Cerllfled Public Accountants A Professional Corporation The Honorable 01iver 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, 1978, included in this report on pages 9 through 31. 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 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, 1978, 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 es- sential for a fair presentation of financial position and re- sults of operations, have been subjected to the audit proce- dures 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 a a whole. -:t~I(""" tro.M.\'\A- Denver, Colorado February 28, 1979 910 15th Street - Suite 630 - Denver, Colorado 80202 - (303) 893-1707 SUPPLEMENTAL COMBINED FINANCIAL STATEMENTS -4- .. .. """ .. I I I I I I N N I I I OOM N .-< ~ .-< .-< Mo-- .-< m'O+' ~ ~ ~ '" '" 00 0-- '" 0 " ~ 0 0 "'.. 0 C.,..., Ul '" '" ..0 '" ore", " N N 00" N .-< .-< .- U> U> U> 00 ..'" M 0 '" .. M NO 00'- " "' 0-- M N 0 M Q,~re Ul<" U> U> U> U> 0 '0 o--.-<e- M 00 00 0 0 00 '0 C 000--00 I I '" I '" N I 0 I I e- '" m m >,~ 00--.-< "' '" "' "' "' "' ~ U'O 0 8 +' C C .."'''' .-< 0-- N .-< .-< .-< OJ ~ ~ " "'MN '" 00 0-- '" 0 OJ 00 " ",re '" 0-- '" 0-- U :z: e- ~'" Ul '" 8 U> U> U> U> .-< ~ OJ '" U '0 Z .-< 'M '" M <" CI '-<0 M .. 0--"'''' N .. '" " '-<0 I '" I I I e- '-<.-<N I I .-< 0-- +' Ol ~ .-< "0 M 0-- "''''"' .. 0-- m .0 m ~ Cl E ~'O MO 0 M "'00'" 00 M .c OJ ~ ~ C '-<0 .-< N N",M '" N S Z U C " o--M 0 '-<0-- 0 0 ~ ~ ore '" Ol Cl " N N 0 '" 0 U> U> U> U> >, U +' 'M U Ul 8 OJ Ul Ul '" o "" .0 m +' > ...... ..-1 ~ ~ o ~ U 0. aJ"O (lJ (1J ...-! C I-.a '0 .0" m'" +' '" > 00 o ...-l lo-l Q) ~ ~ ~ o:l tIl u.c (I) rJl (lJUlQ).j..I.j.J+J (l).j.J.j.J l-lO C Q) .;.J I'll C ....... {/) o u (]J (fJ E U'} c:.,-4 E.j.J 0"0 I'll -~.j.Jc:l-lQ) ".-; Ul::l~::I"O .c.o.J(l)Q j..j<lJ tIl ,.. :> U Q) U :< I'll (!) c: U ::I u.r-! uU~<tCl"':;(i.. ~! ., ;; ~~l e~ v Ul OJ U Z ~i:l OlU ",Z "'" UCI Z'" OJOl -Cl UlZ OJ" Hre 8 ~Cl HZ Ol'" '" ~ CI ~ +' ~ ~ ~ m '0 o " '" 'M C '" 'M '0 .-< C m m ~ ~ +' ~ '0 ~ C Q) c:+J Q) rl::l:J 0" .0"'0 1'0 Ul c: rJJ :>. H rJl C:'rl W n:l Q) Q) 0 U Q..,.c U,..-l.j..l C .wC.wCIlJ {/'JOrcl::lQ)...-! .w l-I.o E I1J .c::: 0.0.,.., +J.o ::l oW E lo-l Ul o ::l.j..l OJ "0 U <1J () C > C U ::l c: 0 c: ::l 4;OWUH(I. I "' I ~~ER HAUBER 1".,.,,1',1 ,e City of Wheat Ridge, Colorado COMBINED STATEMENT OF REVENUES, EXPENDITURES, ENCUMBRANCES AND TRANSFERS Year ended December 31, 1978 Trust and Special General Agency Revenue Fund Funds Funds Revenues Taxes $ 2,583,662 $ $ 1,334,758 Licenses and permits 96,307 Intergovernmental revenue 719,290 32,278 162,435 Charges for services 51,629 75 Fines and forfeitures 55,258 Interest income 69,020 40,190 55,228 Rentals and leases 5,670 Miscellaneous income 214,948 4,256 Pension plan contributions 87,042 Donations 144 Total revenues 3,795,784 159,654 1,556,752 Transfers from other funds 185,179 Total revenues and transfers 3,795,784 159,654 1,741,931 Expenditures and encumbrances General government 638,787 Public safety 1,091,526 Public works 707,406 Parks and recreation 431,370 Capital acquisitions l10,874 Capital construction projects 8,000 957,336 Withdrawals 8,926 Other expenditures 304,604 4,358 (85,392) Total expenditures and encumbrances 3,173,693 21,284 982,818 Transfers to other funds l85,l79 Total expenditures, en- cumbrances and transfers 3,358,872 21,284 982,818 EXCESS OF REVENUES AND TRANSFERS OVER EXPENDI- TURES, ENCUMBRANCES, AND TRANSFERS $ 436,912 $ 138,370 $ 759,113 -6- ~~ER HAUBER City of Wheat Ridge, Colorado COMBINED STATEMENT OF CHANGES IN FUND BALANCES Year ended December 31, 1978 Trust and Special General Agency Revenue Fund Funds Funds Fund balances at January 1, 1978 $ 661,500 $ 533,200 $ 325,481 Excess of revenues and trans- fers over expenditures, en- cumbrances and transfers 436,912 138,370 759,113 Fund balances at December 3l, 1978 $ 1,098,412 $ 671,570 $ 1,084,594 -7- FINANCIAL STATEMENTS GENERAL FUND -8- ~~ER HAUBER City of Wheat Ridge, Colorado General Fund BALANCE SHEET December 31, 1978 ASSETS Cash Operating accounts Savings accounts (note B) Certificates of deposit Accounts receivable $ 6,038 1,707,373 300,000 2,013,411 10,363 $ 2,023,774 LIABILITIES, ENCUMBRANCES AND FUND BALANCE Liabil i ties Accounts payable Trade accounts Payroll taxes withheld Other Total liabilities $ 92,519 32,988 1,410 126,917 758,919 885,836 Due to Capital Improvement Fund Commitments (note N) Encumbrances outstanding 39,526 Fund balance 1,098,412 $ 2,023,774 The accompanying notes are an integral part of this statement. -9- ~~ER HAUBER ','1". , , City of Wheat Ridge, Colorado General Fund STATEMENT OF REVENUES, EXPENDITURES, ENCUMBRANCES AND TRANSFERS COMPARED WITH BUDGET Year ended December 31, 1978 Ac tual over (under) Budget Actual budget (note L) Revenues Taxes $ 2,254,756 $ 2,583,662 $ 328,906 Licenses and permits 99,583 96,307 (3,276) Intergovernmental revenue 776,797 7l9,290 (57,507) Charges for services 49,4l6 51,629 2,213 Fines and forfeitures 56,700 55,258 (1,442) Interest income 22,000 69,020 47,020 Rentals and leases 5,670 5,670 Miscellaneous revenue (note D) 195,304 214,948 19,644 Total revenues 3,454,556 3,795,784 341,228 Expenditures and encumbrances General government 702,432 638,787 (63,645) Public safety 1,l79,3l5 1,091,526 (87,789) Public works 923,323 707,406 (215,917) Parks and recreation 647,474 43l,370 (2l6,104) Nondepartmental expenditures (note M) 478,333 304,604 (l73,729) Total expenditures and encumbrances 3,930,877 3,173,693 (757,l84) Transfers to Capi tal Improve- ment Fund l85,179 l85,179 Total expenditures, en- cumbrances and transfers 4,116,056 3,358,872 (757,l84) EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDI- TURES, ENCUMBRANCES AND TRANSFERS $ (66l,500) $ 436,9l2 $ 1,098,412 The accompanYIng notes are an integral part of this statement. -10- ~~ER HAUBER City of Wheat Ridge, Colorado General Fund STATEMENT OF CHANGES IN FUND BALANCE Year ended December 31, 1978 Fund balance at January 1, 1978 $ 66l,500 Excess of revenues over expenditures, encum- brances and transfers 436,912 $ 1,098,412 Fund balance at December 31, 1978 The accompanying notes are an integral part of this statement. -ll- FINANCIAL STATEMENTS TRUST AND AGENCY FUNDS -l2- c 0 'M :1\ :1 :11 " .. 'I 0 m"'O 'M I 0 > ~ C .-< "' ~ " " N ~~.. .. ~8 c U> U> U> U> 0 U ~ "" ~II 'I ~ 00 'I 00 ~II 0 ~ N , , N S 0'0 "' "' " C " U " 0-- 0-- ..-.1 tI'lli. '" oo .-<OJ .0 U> U> U> U> " 0, 0 '0 ~ " ~ 0 ~ NM'-< 0-- M '" '" '" .-< '0 C C 00..e- oo "' M M M 0 C 00 ~ 0 .. '" 0-- .-< "' '" '" '" U " 0-- IS..-.I '0 re 8 '" ~ ~ C '" '" .-< '" '" '" OJ .-< " C " M N '" '" '" ~ >, OJ .... Q.JtI.. '" '" '" '" '" u :z: .-<0, '0 C Ul .-< 0 U> U> U> U> 'M ~ M 0, '" ~ OJ " U " C " Z ., ~ m '0 '" .0 E ~ c CI S ~ .c ~ '" ~ 01''-< 0-- M 00 00 0 0 00 " S Ol U '-<0--1' 00 "' '" N 0 0-- '" m " ~ .-< 001' .-< U1 "' "' "' "' "' " '" ~ Cl ~ ~ 0 " " "'"'''' '" .-< 0-- N .-< .-< " 0 oo M N '" 00 0-- '" ~ >, ,.. 8 '" 0-- '" 0-- 'M " .c 'M U> U> U> U> " U '" 0 " ~ m Q, .-< m ~ Ul '" OJ ~ U " Z C I "'Ul 'M " "'OJ OlU C ~ >:Z ~ m ~ ~ """ " 'M .-< UCI 'M 0 Ul " " .Q Z'" ~ ~ 8 'M 'M m OJOl 0 '" m OJ ~ ~ > Q, C Ul 0 " 'M -Cl ~ 'M ~ Ul Q, " U ~ <nZ '0 '0 ., '" ~ ~ UI ~ U OJ" C " " '0 o ~ ~ Hre ~ m 0 c ~ u " 8 0 " C ""'" " ~Cl ~ ~ o c 0 " C " HZ U " '" U " ~ ~ ~ ~"" ~ " C U 0 ~ E ~ Ol ., 0 'M m U ~ I C ~ '" ~ >, u" " ~ ~ ~ ~ ~ c "'m~ ~ ~ " CI ~.-< ~ u ~ c u " > c ~.o u c Q, ..... 00..... c 0 'M 'M ~ C ~ E " "'''' ~'" "'0 ~ .-< 0 lIJ C'.-.l E '0 'M C ~ m u <, !-l.!'-l +J " ~ .-< " .Q .0 u ~l ~ > ~ ~Ul " 'M '" E m ..c: o..lIJ ill ~ ~ .0 ~ " '0 "' UlOV'lU >" u m<" u C ~ ~l m C u 'M C " .c U H '" CI OJ re 8 ~, ~I 01 01 'I '" "' 'I :1 :11 .-< ~~ I , M 0-- 0 N '" " ~ 0 "' '" .. '0 " ~'O C" > C '0 N ::> U o " " '"'" -.0 U> U> " ~ " 'I ~II " .- U> m > " ~ 'I ~ ~~ ':-1 "' 0 'I "' "' ;1 ;11 C I N 0 N NI 0 '" "' .. .. U '0" 00 '" 0 " 0 .-< Ol C U> Ul OJ U :i! '" Ol .-< "f .-<.-<'" 00 01 .. "' '" 00 .,. .-< '" '" " ~ ~ N N oot N "'.. 01 'N", 00 "' " " ~'O ","'00 '" 0--'-< 00 "'01 N "' U " > C '0 Z '0 U 0" " MMM 0 '" 0 00.. 01 t- O OJ C'" -.0 ....N .-< M "' .-< 01 '0 00 " .-< .-< .-< m Cl 0-- '" ~ Z '" U> 0 ~ '" .-< C .-< '0 8 0 0 C UlOJ 'M .-<.-<'" 00 01" "' "'''' .. .- OJ" .-< ~ .-< NNOO N "'.. 01 N", 00 "' '" "'Cl M C '" ",",00 '" 0--'-< 00 "'01 N "' "" ~ ::> 0 >, 80l " 0, " 010101 0 '" 0 00 .. 01 0-- '" U ~ ~ U ....N .-< M "' .-< 01 '0 C Clo: .0 ~ '" .-< .-< .-< 'M ~ Z8 E " '" '" OJH ~ C U> U> '" o,S u ~ C " >< ~ E ~ m '0 OJCl Cl 0 E ~ C OJ U ~ .c '" .", '0 'M ~ " S Ul'" ~ .-< '" " OJ", '0 0 ,I ,I 'I 'I ,II " '" ~ "'" C 0, , , , , ~ 0 " ZO ~ '0" ~ OJU ~ 0 ~ >, 8 :> " Ol C U> U> 'M " OJ m .c 'M <" ~ " U >< '" '" 0 0 8 .-<.-<~~ 0 0.. .. 0"'00 ~ 0 " Z NNo-- N "'.. '" ON"' e- " OJ .-< ",",N M .-<.-< '" 0"'01 01 m '" '" Q, OJ " MMN '" 0 '" 00 00 .. 00 8 0 ....M .-< .. "' 01 .-< '" 8 .-< .-< .-< '" 8 ~ Ul U> U> '" " ~ , C " .. ~ C .-< E Ul 'M I Q, OJ ~ 0 ~ U C 0'-< " Z m u ~ C '"'''' C > '" OZ<" ~ "'~Q, roOl ~ lo-l "O.~ -0,'" m OJ .0 U ~ ><x" E '1J..-( 0 Urou ~ ~ 0 ::>c:" ~ Z Z 0 " '0 U ro ~ " ro",ro " 0 m ~ c ro " ~OJ 0 C ~ ~ ~C:Q, 'M U:>Cl C 0 ::> 0 '0 HOZ .-< C 'O'.-i >< C '" '" '" ~ 0 ~ c".o 0 OJUl C C U > m'M Q, ClOJUl 'M 0 ~ ~ ~ ~ " -"OJ >, 'M ~'" ~ OOo.-l.-l ~ Z<" C " ~ 0 ~ ~ " m 0 UlOJ" m " >, " c .-< " tJ' ~ u .-< Ul:>8 Q, .0 o ~ ~o '" " u m C '" OJOJ~ E UJ -.-.4 >..-1 .j...I ~'M " " '" ~ m " U <"Cl 0 W I-l +J 0.. n:I ~" 0 'M '0 " 0 >U ~Cl 0..1:1... ~ H ~ ~ ~ " .c <" OJ 8 ~~NER HAUBER ,'".,,1 "A City of Wheat Ridge, Colorado Trust and Agency Funds STATEMENT OF CHANGES IN FUND BALANCES Year ended December 31, 1978 Policemen's Conservation Pension Trust Total Fund Fund Fund balances at January l, 1978 $ 533,200 $ 532,385 $ 815 Excess of revenues over expenditures and en- cumbrances 138,370 l37,551 819 Fund balances at December 31, 1978 $ 671,570 $ 669,936 $ 1,634 The accompanying notes are an integral part of this statement. -15- ~~NER HAUBER City of Wheat Ridge, Colorado Trust and Agency Funds STATEMENT OF CHANGES IN CASH BALANCE Year ended December 31, 1978 Public Works Escrow Fund Rece ipts Refundable escrow deposits $ 28,962 Disbursements Refund of deposits 9,940 EXCESS OF RECEIPTS OVER DISBURSEMENTS 19,022 Cash balance at January 1, 1978 68,506 Cash balance at December 31, 1978 $ 87,528 The accompanying notes are an integral part of this statement. -16- FINANCIAL STATEMENTS SPECIAL REVENUE FUNDS -17- " 0 0 '" '" 0 '" 0 '" c , , 0 0 .-< .-< .. 00 '" .-< .-< ~ 0 0 '" '" 00 .-- N '" ~ E ,,~'O 0 0 00 00 '" .. .. 00 .~ :> c 0 0 "' "' 01 "' '" "' 0,00 "' "' e- N N '" N m~," Uo, E ~ U> U> U> U> C 0 'M " ..!o:: ...-i ro .-- ,I .-- ,I ~II ~I ~II ~ ~ C '" I '" m"..-l ::l 00 00 ,"0," 0' U> U> U> U> U '" 0 ",00 M .. .-- r- .-- '0 .-< ~ '" '-<01 N 00 0 0 0 m m OC'O '-<0 .-< N .. .. .. ~ ~ C'r-! C 0 ~ ~ '" ~ 0 '" '" 01 '" '" '" .-< '0 'O:>rrlLi. '" '" "' .-< .-< .-< 0 C 00 ~O.c .-< .-< .- U> U> U> OJ .-< ~ ~ OJ '" 0 :z: '0 C Ul .-< 'M ~ 01 NOOO 0 .. '" 01 0 '" .. 01 <" " OJ '-<00 N 00 .-< N .. 00 '" N " ~ U " 000 0 N '" N 00 r- "' N C " '" Z ~ .-< ~ m '" .0 ~ '-<"'0 r- 01 00 '" '" .. .. '" E ~ .-< CI E " "'0 '" "' "' .-- 01 "' 00 r- ~ .c m '" ~ 0 "' "' .-- 01 N 0 01 " S 'M Ol U 8 m u ~ " '" ~ Cl ~ 0 0, U> U> U> U> Ul ~ >, 'M " .c 'M " U '" 0 " ~ ~ 0, .-< ~ ~ Ul '" OJ ~ U " I Z " ~i:l 'M 0 OlU C ",Z ~ " "'" C U'" 0 Ul " ~ Z'" ~ 8 'M E OJOl '" m OJ ~ C C Ul 0 ~ -Cl 'M ~ Ul 0, ~ '0 UlZ '0 ~ '" ~ > " OJ" C " " '0 0 " ~'" ~ 0 C '" '" 8 ~ " c ""'" ~Cl .-< ~ o c 0 .-< .-< ..,Z .0 " '" U 0 m m ~'" m 0 " U 0 ~ ~ ~ Ol >, 0 'M m U ~ 0 ~ '" m ~ >, u" '0 C ~ 0, ~ ~ c ",mm ~ ~ CI ~ ~ u ~ c u '" " ~ ~ u c 0, ....... 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Z " ~ OJ ~ '0" '" '" '" "' '" 0 ~ '" '0 " 0 .. .. .. '" '" N '" OJ ~ Ole .-< .-< .-< .-< .-< ~ I 8 '" V> U> " '" '" " .-< 8 'M I Ul 00"' 00",,,, N '" .-< "'.. N 00 M "'M NO--", '" 0-- 01 MI'- '" .-< .-< C .-< 0--" N N 0-- .-< '" 01 00 01 00 .-< m m " "'N '" .,. '" "' .-< 0--0 "' N '" . 0 01'" "' "' 00 .. "' .-< 00 00 "' ~ 8 M'-< "' .-< I'- "'.-< '" I'- m .-< .-< ~ U> U> ~ " 0 c " '" '" ~ c 0 c , 'M ~ .-< '0 'M 0 " ~ ~ ~ ,. Cl >, ~ ro " ..., 'M ~" " ~ uo Z c " U ~ m I U " 0 " U Z:z;p::~ m c 'M ~ C " .,.-l r-i C " " OJ "'OJ 0, ~" > ~ c ~ ~ ~ ~m- " m ~ :>UlUl E e c <\) ~ ~ ~ ~ ..., 'M ..., 'M" UtllOWW 0 " . E ~ ~ " '" " '0 ~ " C ~ '0.0 .....,w P:::U U " e 0 ~ ~ c c ~ c s:: 0' III III C E rr..t)OO::iZ U . C 0 " ~ e ~ ~ ro o tIl u E !-l ~ " ~~~~~ ro > ~ c ~ c > 0 > ~ u+..ll\l+J::J o,U o 1lJ..-! 0 ~ ~ " ~'" ~ ~ U "" xc _>~Cla::l ~ x "'> '" > " '" " ~ ~ Q)r-i ill...... rei-pol ~ ~ WOOZ~ .c ~ ~ 0'" ~ " " U l\l'r"\ lIS o..'U trJ~ZWb 8 +J...... 01 U) Ul ~ .-< ~ .-< ~ " C::+JQ+lQ./C '-<'0 ~c..~~~ m m ~ ~ m ~ ~ ~ " 1'Cl..... ~ -,-I '0 ill me Q.ltI)\..l.QJl-IO'1~ " ~ "" -.-4 l-I P. 0. 0.. c: 0.. " m U08Wti] ::J1JJ~+J\ll-~Q.I 0 ",'0 0 'O..orcl 100 0 X C ,..-po 1\l.1J ra.a 8 ~ c 8 cEU UZ 8 OJ Q.ln:lQ)+Jj:;.c+J c" . " ~ cnli.. U'llo....UO ~'" 0,0 ~ ~ " <" 8 OJ " c '" 0-< 0 .-< ~ 00 0 '" m g "' f- N ,,~'O -..-I :> C; '" .-- .. 0,0" '" '" '" m"," N "" '" Uo, g U> U> ~ C 0 'M " .!.(....."C N ~I ~II " ~ C N 1tI...., =' 00 "'~'" 0' U> U> U '" OJ U Z 0 '" 0 r- .-- '0 CI .-< ~ '" .-- 01 <:> m '" m "C'O 0 "- .. ~ OJ ~ C".-i C; 0 ~ ~ ~ " ~ 00 .-< '" .-< '0 Cl '0 >m," "' "" .-< 0 C Z 00 ~..c .- U> .-< ~ ~ Z '" " ~ '0 C .-< 'M ~ V> 01 .-< 01 .. '" > OJ 00 .-< '" " ~ " " .. .-< "' t: " '" Z ~ .-< ~ m '" .0 m "' '" .. E . .-< '" E " N '" 00 ~ .c m U ~ 0 01 f- 0 " S 'M U 8, m u '" . " '" ~ 0 Cl ~ 0 0, U> '" Ul E-< ~ >< Z 'M " OJ .c 'M '" " U OJ 8 '" '" 0 8 " Ul ~ m 0, .-< ~ m ~ ~ > '" 0 00 ~ .-- " , ~ '" C 0 00 ~ ~ .-< ,~ N .-- <lJ ~ I '" '" U C .-< ~ c: .-< m c: ~ M ~ " ~ .-< ".A " ~ " g . m >, ~ .0 ~ '0 U S ~ m c c ~ . " m ~ u " c: ~ 0 ~ ~'tl Cl C .., ~ C '" " ~ " <' C ~ C ~ . ~ 'M > ~ ~ >, ~ ~ " <lJ C U ~ " u m c " c: 0, m '" 'M ~ E .-< 0'0 .-< 0 m c: ~ u ffijl .a ~ ~ .0 u ~ 0, ~ ~l! '0 ~ " '" ~ C U ~ c: ffiH " " ~ .c ~zil '" OJ '" 8 ~\' .'" j FINANCIAL STATEMENTS GENERAL FIXED ASSETS -21- ~~ER HAUBER City of Wheat Ridge, Colorado STATEMENT OF GENERAL FIXED ASSETS December 31, 1978 General fixed assets (note A2) Land Equipment Highways, streets and storm sewers $ 3,290,336 1,102,075 8,113,713 S 12,506,l24 Investment in general fixed assets Cost and estimated cost of assets acquired by various funds of the city Assets contributed to the city $ 4,047,739 8,458,385 $ l2,506,124 The accompanying notes are an integral part of this statement. -22- MMI.DN .. ".-< MOONOO N ~M I.DI.D.",rrl .-< . ~ 00 ~C""l...-l\.Cl '" U~r-- ~ONrrl 0 C.o '" NC""lI.DM on ~E.-< .-< ~ .-< OON N ~ U .-< Ol ~ 0 U> U> ~ 00--0-- .. C 00"'0-- .-< 0 "'01'" 0 'M " "''''''' N U 0-- '" " .-< .-< '0 ~ U> U> Cl ~ C 0 ~I ~II 'M , I , " " Ul .0 8 'M OJ ~ ~ Ul C " U> U> Ul 0 C '" 'M 0 0 " U '0 0 00 'M ~ OJ 0-- '0 " ",.. '" '0 0 ~8 .-< ...; .-< '"~ f"N...-lO 0 0 :> ~"=tf"Ll'l .- 'M "Z e " ~ '" '" ~ '" " Z U U> U> C " HZ ~ . ~ 0 Cl e ~ UlH ~ .c OJ8 '0 " S "U ~ \.ClOONN 00 m ZZ '0 " 1.D000rrlM N " '" "''' C m.-< Mf'Ll'lN '" ~ 0 0:'" ~ U ~ :>,00 "=t1.D'<:t'OO M ~ >, ,.. ~ U "r-- r--NI.DO'I '" 'M " ,"Ol m C ~'" "",0 .-< .c 'M 0 ~ m ".-< " U ,.. .-< C OON .-< 8 ~ ~ .-< '" Z Ol.., 0 OJ U> U> '" " OJ ~ 8 ~ '" 0, 8 Ul .-< . ~ '" ~ " I C 'M 01 N C , m " ~ '" ~ ~ ~" " " C 0 ~ ~ C ~ E ~ C '" m ~ >, C ~,,~ 'M '0 >~-" >, . 0'" " C " O'mo m 'M ~ ~ 0, "'.-< E m U U 0 ~ lo-I.......... tIl U "'QJ............~ U lo-I C:.!LO lo-I m QJ QJ ::;I ::;I "' c:t!JPdl.,P- ~ ~ ~ .c " 8 ..~ NOTES TO FINANCIAL STATEMENTS -24- ~~NER HAUBER City of Wheat Ridge, Colorado NOTES TO FINANCIAL STATEMENTS December 31, 1978 NOTE A - SUMMARY OF ACCOUNTING POLICIES A summary of the significant accounting policies consis- tently applied in the preparation of the accompanying fi- nancial 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 publication Governmental Accounting, Auditing and Financial Reporting, as amended by the industry audit guide, Audits of State and Local Governmental Units, pre- pared by the American Institute of Certified Public Ac- countants Committee on Governmental Accounting and Audit- ing, and the Home Rule Charter of the City of Wheat Ridge which was approved by the voters of the City on February 21, 1978. 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 estimated 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 gen- eral fixed asset group of accounts. -25- ~~ER HAUBER I',r, ,\ City of Wheat Ridge, Colorado NOTES TO FINANCIAL STATEMENTS (CONTINUED) December 31, 1978 NOTE B - RESTRICTED CASH The City Council has designated $90,000 of General Fund cash for emergency situations effecting the lives and pro- perty of the citizens of the City of Wheat Ridge. Expendi- tures of this cash must be approved in advance by members of counc i l, or if they cannot be con tac ted, the Mayor or City Administrator is authorized to approve disbursements provided a full report of the expenditures is made at the next regular Council meeting. The funds are invested in an interest bearing depository account. NOTE C - 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 bond Publishing Retirement and pension contributions Workmen's compensation Unemployment compensation $ 5,000 8,576 84,lOO 7,7l5 117,000 17,138 NOTE D - SALE OF BUILDING During 1978, the city sold the Police Community Building for $l87,446. The cost of the building including improve- ments made since acquisition, was $l59,000. Proceeds from the sale have been included in miscellaneous revenue of the General Fund. NOTE E - 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 Decem- ber 31, 1978 totaled $43,521. The acutarially computed value of unfunded prior service cost under this plan as of -26- ~~ER HAUSER City of Wheat Ridge, Colorado NOTES TO FINANCIAL STATEMENTS (CONTINUED) December 31, 1978 NOTE E - PENSION PLANS (CONTINUED) January 1, 1978 (the date of the most recent actuarial re- port) was $322,265. No provision has yet been made for amortization of this unfunded prior service cost. On De- cember 20, 1978, the City Council approved ordinance No. 304 which empowered Council with the authority to establish annual contributions not to exceed 10% of salaries of all full-time, sworn police officers of the Police Department of the City, and all Police Dispatchers employed prior to January 1, 1979. This ordinance became effective January 1, 1979. Effective May 1,1975, the city elected to participate in the Colorado County Officials and Employees Retirement As- sociation Retirement Plan. This plan covers nonpolice em- plyees. Contributions by the participants under this plan are required in amounts equal to 4% of compensation re- ceived from the city. The city is required to make contri- butions in amounts equal to that of the participants. Con- tributions by the city for the year ended December 31, 1978 totaled $15,764. There is no liability for benefits under this program beyond the city's matching payment. NOTE F - 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 construction permits. These funds are then re- funded upon approval of the Director of Public Works fol- lowing satisfactory completion of all required work. NOTE G - 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, devel- opment and maintenance 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. -27- ~~ER HAUBER City of Wheat Ridge, Colorado NOTES TO FINANCIAL STATEMENTS (CONTINUED) December 31, 1978 NOTE H - FEDERAL REVENUE SHARING FUND (CONTINUED) 4. Expenditures Expenditures for the year ended December 31, 1978 were for: Capital Expenditures Multipurpose and general government Public safety $ 70,162 35,222 $ l05,384 NOTE I - PARK ACQUISITION FUND The Park Acquis i tion Fund was establ ished 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 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 Ci ty Council. NOTE K - CITY HALL FUND The City Hall Fund was established by the city in 1977 to provide for an accounting of money received from the United States Department of Commerce, Economic Development Admini- stration under the Local Public Works Capital Development and Investment Act of 1976. Construction of the City Hall was completed in 1978 and $700,959 of accounts payable and encumberances as of December 31, 1977 were paid during 1978. Following completion of construction, the City Hall Fund was eliminated. -28- ~~ER HAUBER City of Wheat Ridge, Colorado NOTES TO FINANCIAL STATEMENTS (CONTINUED) December 31, 1978 NOTE H - 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 ordin- ary and necessary maintenance and operating expenses and capital expenditures authorized by law. The act also specifies certain restrictions and procedural require- ments with which the city has complied during the year. 2. Segregation of Accounts The Federal Revenue Sharing Fund is maintained as an in- dependent fiscal and accounting entity with a self-bal- anc ing set of accoun ts record ing cash and/or other re- sources together wi th all related 1 iabil i ties, obl iga- tions, reserves, and equities which are segregated for the purpose of accounting for all resources received un- der 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 main- tained 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. -29- ~~ER HAUBER City of Wheat Ridge, Colorado NOTES TO FINANCIAL STATEMENTS (CONTINUED) December 31, 1978 NOTE L - APPROPRIATIONS Estimated revenues and appropriations included companying financial statements are based upon as revised by City Council. in the ac- the budget The original budget Series of 1977. The within expenditure tions. was adopted by Resolution No. 537, City Council enacted various revisions categories through subsequent resolu- The total revised budget for all funds, except the Police- men's Pension Find, as adopted by the City Council pro- vided: Current estimated revenues Fund balance carryover from 1977 $ 5,322,679 919,700 Total resources available for appropriation $ 6,242,379 Appropriated for current expenditures $ 6,242,379 All departments and funds of the city operated within the budgetary constraints placed upon them by City Council. Budgets were not provided for the Policemen's Pension Fund since, in the opinion of the Ci ty Attorney, this fund is not under the control of the City Council and, therefore, is not subject to the budgetary requirements of the Colo- rado Statutes. -30- ~~NER HAUBER City of Wheat Ridge, Colorado NOTES TO FINANCIAL STATEMENTS (CONTINUED) December 3l, 1978 NOTE M - NONDEPARTMENTAL EXPENDITURES Nondepartmental expenditures consist of the following: General Capital Improvement Fund Retiremen t contri- bu tions $ 117,000 $ Health and life insurance 85,038 Workmen's compen- sation 17 , l38 Insurance and bonds 79,777 Special services l7,858 Deferred compensation 2,200 Cancellation of prior years' encumbrances (14,437) (79,902) $ 304,604 $(79,902) NOTE N - COMMITMENTS AND CONTINGENCIES Federal Revenue Sharing Fund $ (5,490) $(5,490) As of December 31, 1978, the city employees had accrued vacation and sick pay as follows: Vacation and holiday pay Sick pay $ 74,159 199,767 $ 273,926 No provision has been made for these commitments in the fi- nancial statements for the year ended December 31, 1978. -31- ~~ER HAUBER City of Wheat Ridge, Colorado NOTES TO FINANCIAL STATEMENTS (CONTINUED) December 31, 1978 NOTE N - COMMITMENTS AND CONTINGENCIES (CONTINUED) The city is currently in litigation regarding the denial of a rezoning request to an applicant. The applicant appealed to the Jefferson County District Court of Appeals and the city's decision was overturned. The city has subsequently appealed this decision to the Colorado Court of Appeals. At the present time, no estimate of the amount of potential loss can be made; the City Attorney believes that the possibility of a reversal of the District Court's decision exists. A former police reserve officer has filed a sex discrimina- tion complaint against the Police Department. Again, the City Attorney believes the likelihood of a favorable out- come in this matter is good; however, should an unfavorable outcome result, the amount of potential loss would not ex- ceed $10,000. Certain other claims, suits and complaints arising in the ordinary 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 ef- fect on the financial position or results of operations of the city if disposed of unfavorably. -32- MEMORANDUM OF ADVISORY COMMENTS CITY OF WHEAT RIDGE, COLORADO DECEMBER 31,1978 FORTNER-HAUBER Certified Public Accountants A Professional Corporation MEMORANDUM OF ADVISORY COMMENTS CITY OF WHEAT RIDGE, COLORADO December 31, 1978 ~~ER_HAUBER Cerlifled Public Accountants A Professional Corporation 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, 1978, and have issued our report thereon dated February 28, 1979. As part of our examination, we made a study and evaluation of the city's system of internal accounting control to extent we considered necessary to evaluate the system as required by generally accepted auditing standards. Under these stand- ards, the purposes of such evaluation are to establish a basis for reliance on the system of internal accounting con- trol 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 s ta temen ts. 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 910 15th Street - Suite 630 - Denver, Colorado 80202 - (303) 893-1707 ~~ER HAUBER disposition, and the reliability of financial records for preparing financial statements and maintaining accountability for assets. The concept of reasonable assurance recognizes that the cost of a 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. There are inherent limitations that should be re- cognized in considering the potential effectiveness of any system of internal accounting control. In the performance of most control procedures, errors can result from misunder- standing of instructions, mistakes of judgment, carelessness, or other personal factors. Control procedures whose effec- tiveness depends upon segregation of duties can be circum- vented by collusion. Similarly, control procedures can be circumvented intentionally by management either with respect to the execution and recording of transactions or with re- spect to the estimates and judgments required in the prepara- tion of financial statements. Further, projection of any evaluation of internal accounting control to future periods is subject to the risk that the procedures may become inade- quate because of changes in conditions and that the degree of compliance with the procedures may deteriorate. -2- :hjNER HAUB,R Our examination of the financial statements made in accordance with generally accepted aud i ting standards, In- eluding the study and evaluation of the city's system of in- ternal accounting control for the year ended December 31, 1978, 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 im- proving city operations in terms of documentation, economy and efficiency: DISPOSITION OF PRIOR YEAR'S ACCOUNTING AND CLERICAL COMMENNTS Fixed Assets Last year it was suggested that the detailed fixed asset records be reconciled at least annually to the control accounts. It lS our understanding that the city plans to be- g in accounting for fixed assets on its new computer system dur ing 1979. This will greatly strengthen and simplify the accounting for fixed assets. -3- ~~ER HAUBER Revenue Sharing Due to the changing auditing and accounting re- quirements for revenue sharing funds, we suggested that an officer be responsible for reading all Revenue Sharing liter- ature and reports to insure the city maintains compliance with the appropriate regulations. During 1978, the city's Director of Administrative Services assumed these responsibi- lities. CURRENT YEAR ACCOUNTING AND CLERICAL COMMENTS Sick Pay Beginning January 1, 1979, Social Security contributions were increased to l2.26% of the first $22,900 of an employee's wages (from 12.1% of the first $17,700). One-half of this contribution is paid by the ci ty and the other half by the employee. At the present time, the city is withholding and remitting Social Security tax on amounts paid to employees for sick pay. If a qualified sick pay plan is filed with the State of Colorado, the city need not pay this tax on sick pay. This could result ln a savings to both the city and its employees. We suggest the city's personnel office study the benefits of establishing a sick pay plan to determine the amount of savings which could be derived for the city and its employees. -4- ~~ER HAUSER Returned Checks Each year the city receives a few checks which are returned due to insufficient funds in the payee's checking account. After most attempts to collect the funds have been exhausted, the checks accumulate in an account in the General Fund. Al though the dollar amount in this account is not great at this time, we suggest the City Treasurer establish a pol icy to determine when these checks are uncollectible and then provide for a timely write off. Petty Cash Funds Cash receipts are received by the Parks and Recre- ation Department and maintained in a petty cash drawer. When the cash builds up, it is deposited with the Treasurer's Of- fice. At the present time, there is no limit established for the amount of cash which can be kept in the drawer before it lS deposited. To strengthen the controls surrounding the collection and transfer of these cash receipts, we suggest a dollar limit be established for the cash fund and a deposit be made whenever the drawer reaches this limit. Also, checks received by the Parks and Recreation Department are not stamped with the city's endorsement until they are turned over to the Treasurer. To decrease the pos- sibility of the checks being cashed by someone other than the city, the checks should be stamped with the city's "For De- posit Only" endorsement as soon as they are received by the Parks and Recreation Department. -5- ~~ER HAUBER Police Pension Fund To improve reporting of pension account balances within the Police Pension Fund, we suggest the city consider maintaining these accounts, by each individual, on the city's computer system. These account balances could then be up- dated on a monthly or quarterly basis. This would enable the reader of the computer reports to know the exact amount of each participant's account balance and simplify the payment of account balances upon termination. Payroll Since a large portion of the city's budget is spent on salaries and wages, strong internal controls surrounding these expenditures is essential. To strengthen the controls of the payroll function, we suggest that on a regular basis, the distribution of payroll checks be supervised or made by someone other than the department head, to insure that pay- ments are not being made to nonexistent employees. CURRENT YEAR MANAGEMENT AND ADMINISTRTIVE COMMENT Physical Arrangement of Treasurer's Office The physical arrangement of the new Treasurer's of- fice does not appear to be conducive to good internal con- trols due to the number of individuals passing by and having -6- ~~NER HAUBER potential access to the cashier's cage. Also, with the addi- tion of the new computer equipment and the additional data processing personnel who may be needed, the Treasurer's of- fice is going to become extremely crowded. We suggest a plan be developed for the physical re- arrangement of the Treasurer's Office which will restrict the traffic near the cashier's cage and provide adequate working space for accounting and data processing personnel. 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. The members of the city staff that we met were quite helpful and considerate in meeting our requests for in- formation and data. If we can be of further service to you, please don't hesitate to contact us. ~~- \-\D.M.~- Denver, Colorado February 28, 1979 -7- REPORT ON COMPLIANCE CITY OF WHEAT RIDGE, COLORADO FEDERAL REVENUE SHARING ACCOUNT NO 06-2-030-802 DECEMBER 31,1978 FORTNER-HAUBER Certified Public Accountants A Professional Corporation ~~ER-HAUBEA Certified Public Accountants A Professional Corporation 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, 1978 and have issued our report thereon dated February 28, 1979. Our examination was made in accordance with generally accep- ted 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 examintion, 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 Stan- dards for Revenue Sharing and Anti-recession Fiscal Assis- tance 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-9 with the audited re- cords 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. Differences between the data on Bureau of Census Form RS-9 and the records of the City of Wheat Ridge, Colorado for the year ended December 31, 1978 have been detailed in Schedule I of this report. One complaint regarding sexual discrimination has been filed with the Equal Employment Opportunity Commission. No decision re- garding this complaint has been rendered by the Commission as of December 31, 1978. 1-0~ <" - \\o.u."'...... Denver, Colorado February 28, 1979 910 15th Street - SUite 630 - Denver Colorado 80202 - (303) 893-1707 :hiER HAUBER SCHEDULE I City of Wheat Ridge, Colorado Revenue Sharing Fund SUMMARY OF DATA SUBMITTED TO THE BUREAU OF THE CENSUS Year ended December 3l, 1977 Reported Corrected to Census Difference Amount PART I l. Property taxes $ 422,575 $ $ 422,575 2. Sales taxes (a) General sales tax 2,687,498 2,687,498 (e) Public utilities tax 343,068 343,068 3. Licenses, permits and other taxes (d) Other l03,052 103,052 PART II From state l. General support ( b) All other 211,506 211,506 2. Streets and highways 305,275 305,275 8. All other 28,241 28,241 From other local governments l. General support (b) All other 2l0,572 (210,572) 2. Streets and highways 2l0,572 210,572 From federal government (directly) 6. State and local fiscal assistance 148,Ol9 (3,575) 144,444 8. All other 650,000 3,575 653,575