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HomeMy WebLinkAbout1980 , -:]~E pO'R'f":O'IT;;t'E1hl<FIKO'PURL Ii:. ACCOUNT ANTS ~--~ -'~'j ,',x{~ ,.- _: -- .j:,-- ',-," "';"'" , -:.. ",".;t .._'~, -','" -':.':---" ~;;~. c"'j t', tHE CITY, OF WHEAT RIDG'ILCOLORADOo .. -- . FlN'ANG IAt STATEMENTS ,AND SUPPLEMENTARY LNFORf1AT10N '-"',' c_.;' .'. .. .~_C__' --'F' ~: .;.' >:J . ;*g~,~'~:END ED ,QE C E,MBER;"Hjfi~~U ,,' '~" " WITH, , :;.: ;.~ l't " "':' , ~ ' TABLE OF CONTENTS Report of certified public accountants Combined financial statements Combined balance sheet - all fund types and account groups Combined statement of revenues, expenditures, and changes in fund balances - all governmental fQnd types and expendable trust fund Combined statement of revenues, expenditures and encumbrances and changes in fund balances - budget and actual (budgetary basis - Note 1) - general, special revenue, and expendable trust funds Statement of revenues, expenses, changes in fund balance and changes in financial position - Policemen's Pension Fund Notes to financial statements - Supplementary information Financial statements - Special Revenue Funds Combining balance sheet - special revenue funds Combining statement of revenues, expenditures and changes in fund balances - special revenue funds Statement of revenues, expenditures and encumbrances, and changes in fund balance - budget (non-GAAP budgetary basis) and actual- federal revenue sharing fund Statement of revenues, expenditures and encumbrances, and changes in fund balance - budget (non-GAAP budgetary basis) and actual - park acquisition fund Statement of revenues, expenditures and encumbrances, and changes in fund balance - budget (non-GAAP budgetary basis) and actual - sales tax improvement fund - Supplementary information (continued) Financial statements - Trust and Agency Funds Combining balance sheet - fiduciary funds - trust and agency funds Financial statements - General Fixed Assets Statement of general fixed assets Statement of changes in general fixed assets by function and activity ... ... -... ------.....------.. -. ~.-. ~- -.--- ~ ,"- -.... ,~ '--, '.....l'- ........ ~ _ __ ~ '-~...... - \,.....':"~ \.-.::::..-...... - '-=-'- ~.' -. ~~ ~< ,< The Honorable Frank Stites, Mayor Members of City Council City of Wheat Ridge, Colorado We have examined the combined financial statements of the City of Whea t Hidge, Colorado as of and for the year ended December 31, 1980, as listed in the preceding table of contents. 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 combined financial stateme~ts mentioned above present fairly the financial position of the City of Wheat Ridge, Colorado at December 31, 1980, and the results of its operations and changes in financial position of its proprietary fund types for the year then ended, in conformity with generally accepted accounting principles applied on a a basis consistent with that of the preceding year, after giving retroactive effect to the change, with which we concur, in the method of accounting for encumbrances and property taxes as described in Note 8 to the financial statements. - - Our examination has been made for the purpose of forming an opinion on the combined financial statements, taken as a whole. The accompanying supplementary information as listed in the preceding table of contents is presented for purposes of addi tional analysis and is not a required part of the combined financial statements. Such information has been subjected to the auditing procedures applied in the examination of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. - a.tLh~~ March 13, 1981 .., H(l (H:1t:l> "'0" > j.....q') () ~ o 0 o lil ~ () 1-''' M- ~ o l:l ro I>> '" '" c ~~Z~ro+'rog ~ t:l" ro I-d tf.l C (") <: "'1 00 0"'''' '" '" ~ <'t. OroM-;:r ~ m 00 11 0 )-'. "'1 rl- C c.."'1H,QI>>Cf.lC:OOf-'- "''''''' ('t 1-" rl M- '"1 0 t:::l "'1 "d rt . t:l rtt-l)..-.. m ~ ~ 80"<0 e ro <+ ~P'Om('tl <+81-'-2; "'''H ctlcm<tlc..Orn CIlm8'1 CHIl lil 00 ~ '" ~ O<'t 0 <'t 00 00 <+00 o ~ <+ ., '" 0 r+ 1-" 0> r+ '1 t:r' 'cl CD lil 0'< I-lo <: "'1 rl rt ([l ... 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""0 8 CITY OF WHEAT RIDGE, COLORADO COMBINED STATEMENT OF REVENUES, EXPENDITURES, AND CHANGEQ IN FUND BALANCEQ - ALL GOVERNMENTAL FUND TYPES AND EXPENDABLE TRUST FUND Year ended December 31, 1980 Expendable Trust Governmental Fund Types Fund Conscr- Special va tion Total General Revenue Trust (MEmorandum Fund Fund Fund only) Revenues: Taxes $3,309,487 $1,695,009 $ $5,004,496 Licenses and permi ts 79,865 79,865 In t€rg;overnmental revenue 933,857 665,556 1,599,413 Charges for services 110,310 375 110,685 Fines and forfeitures 78,434 78,434 Interest incaoo 164,242 238,883 140 403,265 Rentals and leases 10,233 10,233 Miscellaneous incaoo 45,310 45,310 -- Total revenues 4,731,738 2,599,823 140 7,331,701 Expendi tures: General government 976,053 976,053 Public safety 1,598,132 1,598,132 Public \\Qrks 991,384 991,3&'Jc Parks and recreation 654,024 654,024 Capital acquisitions 2,030,443 4,098 2,034,541 Other expenditures 179,240 179,240 Total expenditures 4,398,833 2,030,443 4,098 6,433,374 Excess (deficiency) of revenues over expenditures 332,905 569,380 (3,958) 898,327 Fund balance a t January I, 1980, as previoosly reported 1,600,605 879,895 1,853 2,482,353 Accounting change (Note 8) 45,779 813,595 2,500 861 ,874 Fund balance at January 1, 1980, as adjusted 1,646,384 1,693,490 4,353 3,344,227 Fund balance at Lecember 31, 1980 $1.979 .289 $2.262.870 $ 395 $'1.2'12.554 See accompanying notes. CITY OF WHEAT RIDGE, COLORADO STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND BALANCE POLICEMEN'S PENSION FUND Year ended December 31, 1980 Revenues: Contributions (Note 3): Ci ty Employees State of Colorado Interest Miscellaneous income Total revenues $ 80,160 80,160 12,014 172,334 100,522 220 273,076 Expenses: Withdrawals by participants Insurance Total expenses 37,294 4,080 41,374 231,702 887,720 Net income Fund balance at January 1, 1980 Fund balance at December 31, 1980 $1.119.422 STATEMENT OF CHANGES IN FINANCIAL POSITION Year ended December 31, 1980 Source of funds: Net income $ 231,702 Uses of funds Increase in cash 231,702 859,980 Cash at January 1, 1980 Cash at December 31, 1980 $1.091.682 See accompanying notes. CITY OF WHEAT RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS December 31, 1980 1. Summary of significant accounting policies The accounting policies of the Ci ty of Wheat Ridge conform to generally accepted accounting principles as applicable to governments. The following is a summary of the more significant policies: Fund accounting: The accounts of the City are organized on the basis of funds and account groups, each of which is considered a separa te accounting en ti ty. The operations of each fund are accounted for with a separate set of sel f- balancing liabili ties, or expenses, accounts that comprise its assets, allocated fund equi ty, revenues, and expendi tures, as appropriate. Government resources are and accounted for in individual funds to based upon the purposes for which they are to be spent and the means by which spending activities are controlled. The various funds are grouped in the financial statements in this report as follows: a. The General Fund is used to account for all revenues and expendi tures applicable to the general operations of ci ty government which are not properly accounted for in another fund. All general operating revenues which are not restricted or designated as to use by outside sources are recorded in the General Fund. b. Special Revenue Funds are operating funds which the use of revenues is restricted designated by outside sources and include following: for or the CITY OF WHEAT RIDGE, COLOHADO NOTES TO FINANCIAL STATEMENTS December 31, 1980 1. Summary of significant accounting policies (continued) Fund accounting: (con~inued) b. (continued) Federal Revenue Sharing Fund The Federal Revenue Sharing Fund was established to account for 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. c. Trust and Agency Funds are used to account for assets held by the City as trustee or agent. Expendable trust funds are funds that can be used to supplement general governmental operations but with various restrictions placed on the use of funds by the grantor. Agency Funds are those in which assets are being held by the City in a fiduciary capacity. Funds included are as follows: Policemen's Pension Fund The Policemen's Pension Fund accoun t for funds received the City's General Fund Colorado and held in trust qualified participants. was established to from participants, and the State of for disbursement to Public Works Escrow Fund The Public Works Escrow Flmd was established to account for funds received as financial guarantees prior to the issuance of certain authorized construction permits. Upon completion of all required work under the permits, the funds are refunded. CITY OF WHEAT RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS December 31, 1980 1. Summary of significant accounting policies (continued) Fund accounting: (continued) c. (continued) Conservation Trust Fund The Conservation Trust Fund was established to accoun t for funds received and restric ted for use in the acquisition, development and maintenance of new conservation sites pLrsuant to Chapter 138-1-98 of the Revised Statutes of the State of Colorado. Park Acquisition Fund The Park Acquisition Fund was established to account for funds received and designated for use in the acquisition of additional parklands and improvements. Sales Tax Improvement Fund The Sales Tax Improvement Fund (formerly Capi tal Improvement Fund) was established to account for funds received as a result of a one percent increase in the City's sales tax. The expendi tures of this Fund are to be used for capi tal expenditures as approved by City Council. d. The General Fixed Assets Account Group is used to account for fixed assets acquired for general City purposes. e. The "Total" and "Total (Memorandum only)" columns contain the totals of the various funds of the Ci ty and the similar accounts of the above funds and accoun t groups. Since the use of the assets of certain of the funds is restricted as described above, such totaling is for convenience only and does not indica te that the combined assets are available in any manner other than that provided for by the related restrictions. CITY OF WHEAT RIDGE, COLO~A~O NOTES TO FINANCIAL STATEMENTS December 31, 1980 1. Summary of significant accounting policies (continued) General: The accounts of the General and Special Revenue Funds are maintained on the modified accrual basis. Under the modified accrual basis, expenditures are r'~corded at the time liabilities are incurred and revenues are recorded when received in cash, except for 0ertain revenues which are accrued when they are both measurable and available or have not been rece~ved at the normal time of receipt and certain grant revenues which are accrued when funds are expended or encumbered. Expenditures are recorded at the time a liabili ty is incurred. The Trust and Agency Funds (with minor exceptions) are maintained on the accrual basis. General fixed assets: Fixed assets acquired or constructed for general government services are recorded as expenditures in the funds making the expendi ture and capi talized at cost, except for land improvements, (e.g., highways, streets, sewers) in the General Fixed Asset Account Group. Land improvements transferred to the City from Jefferson County in 1969 have been recorded at the County's historical cost. Additions to land improvements from 1969 through 1976 have been recorded at cost. In 1977 the City elected to discontinue recording land improvements in the General Fixed Asset Account Group. CITY OF WHEAT RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS December 31, 1980 1. Summary of significant accounting policies (continued) General fixed assets: (continued) The Jefferson County Open Space Program acquires land for public enjoyment (e.g., parks, playgrounds, lakes, etc.) and then donates the land to the City for use as public land. The land is recorded at the cost of land to the Open Space Program. Deprecia tion has not been provided on assets in the General Fixed Asset Account Group. Accrued vacation and sick leave: City employees earn vacation leave which may be either taken or accumulated, up to a maximum amount, until paid upon termination or retirement. Unused sick leave may be accumulated up to established limits but is paid only upon retirement. Such amounts have not been accrued at December 31, 1980 (Note 6). Investments: Investments are carried at cost, which approximates market at December 31, 1980. Deferred revenues - property taxes: Property taxes are levied on December 31, of each year and attach as an enforceable lien on property as of January 1. It is the policy of thE: City to record the property tax receivables in the year in which the taxes are levied and to recognize the property tax revenues in the year in which the lien attaches on the property. CITY OF WHEAT RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS December 31, 1980 1. Summary of significant accounting policies (continued) Encumbrances: Encumbrances-commitments related to unperformed (executory) contracts for goods or services are recorded for budgetary control purposes in the governmental type funds. Encumbrances outstanding at year-end are reported as reservations of fund balance for subsequen t year expendi tures based upon the encumbered appropriation authority carried over. Encumbrances do not lapse at year-end for budgetary purposes and become part of the following year's appropriations. Budgets: The Combined Sta temen t of Revenues, Expendi tures and Encumbrances and Changes in Fund Balances - Budget and Actual All Governmental Fund Types and Expendable Trust Fund presents comparisons of the legally adopted budget with actual data on the (non-GAAP) budgetary basis which includes encumbrances. The data presented in the Combined Statements of Revenues, Expenditures and Changes in Fund Balances - All Governmental Fund Types differs because encumbrances are not considered expenditures until an actual liability is incurred. 2. Cash restriction The General Fund cash of $100,000 has been res tricted by Ci ty Council for emergency si tua tions affecting the lives and property of the Ci ty' s ci tizens. Expendi tures mus t be approved in advance by the City Council, or in situations - - CITY OF WHEAT RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS - December 31, 1980 ... 2. Cash restrictions (continued) - where members of City Council cannot be contacted, the Mayor and the City Administrator can approve expenditures, provided subsequent report is made at the next City Council neeting. ... ... 3. pension plans .. The Police Pension Plan of the City of Wheat Ridge, established in accordance with Colorado State Law, is a defined benefit plan which provides for retirement and disability benefits and covers substantially all uniformed employees. Participants are required to contribute up to 10% of their compensation from the City. Effective January 1, 1980, the City contributed 9%, an amount equal to the participants' contributions, and the State of Colorado ... ... ... contributed $12,014, which represents a fixed amount allocated to all applicable plans in the State. The Ci, t Y I S ... contributions to the plan for the year ended December 31, 1980 amounted to $80,160. .. ... The actuarially estimated minimum annual contribution of $176,719, includes current costs and amortization over forty years of prior service costs, for the year ended December 31, 1980 is based on an actuarial valuation as of January 1, 1978 (the date of the latest actuarial report). The total contributions to the plan for the year ended December 31, 1980, including employee, City and State contributions amounted to $172,334. The actuarially computed value of unfunded prior service costs as of January 1, 1978 was $322,265. .. .. .. .. CITY OF WHEAT RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS December 31, 1980 3. Pension plans (continued) Effective January 1, 1980, the State of Colorado established a Fire and Police Pension Fund which was intended to cover substantially all uniformed fire and police employees in the State. The City declined to participate in the state-wide pension fund but did made a contribution for new hires totaling $17,905 in compliance with State Statutes and subsequently request a refund. Pending legislation clarifying the withdrawal frJm the state-wide plan, the City is continuing to utilize its prior defined benefit plan. Upon clarification of the withdrawal procedures, the City plans to establish a defined contribution money purchase plan for its uniformed police employees. The City also participates in the Colorado County Officials and Employees Retirement Association Retirement Plan. This Plan covers non-police employees. The participants are required to contribute 4% (and can voluntarily contribute up to 10%) of their compensation from the City and the City contributes an amount equal to 4% of the employees' contributions. The City's contribution totaled $31,962 for the year ended December 31, 1980. The City has no liability under the Plan other than the matching payment. CITY OF WHEAT RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS December 31, 1980 4. Changes in General Fixed Assets A summary of changes in general fixed assets follows: Balance, Balance, January I:ecenber 1, 1980 Additions I:eletions 31, 1980 Land and buildings $ 4,236,636 $1,368,008 $133,541 $ 5,471,103 Equipnent 1,196,070 353,057 46,552 1,502,575 Highways, streets and s tonn se.vers 8,132,355 21,836 8,110,519 $13.565.061 $1.721.065 $201.929 ~15 .084 .197 5. Budgets Budget amounts reflected in the accompanying financial statements are based on the revised 1980 budget as adopted by the City Council. The revised budget for all funds except the Policemen's Pension Plan is as follows: 1980 estimated revenues Fund balance carryover from 1978 $6,588,337 2,205,062 '... Total revenues $8.793.399 $8.793.399 Total appropriations for 1980 expenditures A budget was not provided for the Policemen's Pension Fund because in the opinion of the City Attorney, this Fund is not under the control of City Council and, therefore, is not subject to the budgetary requirement of the Colorado Statutes. CITY OF WHEAT RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS December 31, 1980 6. Commitments and contingencies No provision has been made in the accompanying financial statements for vacation and sick pay accruals. At December 31, 1980 the accrued vacation and sick pay commitments are $108,493 and $316,367, respectively, or a total of $424,860. ~s of December 31, 1980 there are certain claims, suits and ecmplaints arising in the ordinary course of operations that n.IJ.ve been filed or are pending against the City. In the opinion of management, all such matters are adequately eovered by insurance, or if not so covered, are without meri t 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. 7. Leases In December 1979, the Ci ty entered into a four-year agreement to lease data processing equipment for rental payments totaling $18,397 annually. The agreement provides the lease is contingent upon the City's ability to fund the rental on a year-to-year basis. 8. Accounting change Effecti ve January 1, 1980, the Ci ty changed its method of accounting for encumbrances and property taxes, on a retroactive basis, to comply with the provisions of Sta temen t 1 Governmen tal Accounting and Financial Reporting Principles. The effect of the accounting change CITY OF WHEAT RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS December 31, 1980 8. Accounting change (continued) in the method of accounting for encumbrances for the year ended December 31, 1980, was to increase the excess of revenues over expenditures by $3,004 for the General Fund ~nd to decrease the excess of revenues over expenditures by $:308,195 for the Combined Special Revenue Fund. The effect of the accounting change in the metnod of accounting for property taxes at December 31, 1980 was to record property taxes receivable and deferred property taxes revenue totaling $444,397. SUPPLEMENTARY INFORMATION FINANCIAL STATEMENTS SPECIAL REVENUE FUNDS CITY OF WHEAT RIDGE, COLORDAO COMBINING BALANCE SHEET SPECIAL REVENUE FUNDS December 31, 1980 Total Federal Revenue Sharing Frmd Rtrk Acqui- si tion F'llld Sales Tax ImproveIrent Frmd ASSJ<.TS Qlsh: Oper~ting account $ 115 $ 115 $ $ SaVi:1gs account 78, 125 75,312 2,813 Certificates of deposit 1,532,094 100,000 1,432,094 Due fran other funds 359,416 359,416 Account.s receivable: U.S. Covernrrent 58,692 58,692 Sta te of OJlorado 235,687 235,687 --- $2.264.129 $234.119 ~~.u. $2.027 .197 LIABILITIES Liabili ties: Accounts payable $ 1,259 $ 350 $ $ 909 FUND ~UITY Frmd balances: Reserved for encumbrances Unreserved To tal fund balance 505,401 4,637 500,764 1,757,469 229,132 2,813 1,525,524 2,262,870 233,700 2,813 2,026,288 $2 .264 .129 $234.119 $2.813 $2.027.197 CITY OF WHEAT RIDGE, COLORADO COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE SPECIAL REVENUE FUNDS Year ended December 31, 1980 Federal Park Revenue Acqui-- Sales tax Sharing si ti.on improvenBnt Total Fund Fund Fund Revenues: --- Sales tax $1,695,009 $ $ $1,695,009 U.S. Government 228,028 228,028 State of (blorado 400,787 400,787 Urban lJrainage District 36,741 36,741 In terest incare 238,883 18,150 41 220,692 Charge3 for services 375 :)75 --- To tal revenues 2,599,823 246,178 116 2,353,229 Expenditures: Capital acquisitions 2,030,443 195,221 1,835,222 Total expenditures 2,030,443 195,221 1 ,835 ,222 Revenues over expendi tures and encumbrances 569,380 50,957 416 518 , 007 Fund balance a t January 1, 1980, as previously reported 879,895 181,346 2,397 696,152 Accounting change 813,595 1,446 812 , 129 Fund balance at January 1, 1980, as adjusted 1,693,490 182,812 2,397 1,508,281 Fund balance at fucember 31, 1980 $2.262.870 $233.7G9 $2.813 $2.026.288 CITY OF WHEAT RIDGE, COLORADO STATEMENT OF REVENUES, EXPENDITURES AND ENCUMBRANCES, AND CHANGES IN FUND BALANCE - BUDGET (NON-GAAP BUDGETARY BASIS) AND ACTUAL FEDERAL REVENUE SHARING FUND Year ended December 31, 1980 Variance favorable Budget Actual (unfavorable) RevenUEs: U.S. Government $175,640 $228,02a $ 52,388 Interest incane 2,500 18 , 15C~ 15,650 Total revenues 178,140 246,178 68,038 Expendi tures: capi tal aCXluisi tions 301,131 _198,39~~ 102,739 Total expenditures 301,131 198 , 39~~ 102 ,739 Excess (deficiency) of revenue over expenditures (122,991) 47,786 170,777 Fund balance at January 1, 1980 181 ,346 181,346 Fund balance at Decanber 31, 1980 $ 58.355 $229.132 $170.777 CITY OF WHEAT RIDGE, COLORADO STATEMENT OF REVENUES, EXPENDITURES AND ENCUMBRANCES, AND CHANGES IN FUND BALANCE - BUDGET (NON-GAAP BUDGETARY BASIS) AND ACTUAL PARK ACQUISITION FUND Year ended December 31, 1980 Variance favorable Budget Actual (unfavorable) Revenu(~s : In terest incaIe $ 100 $ 41 $ (59) Charges for services 1,300 375 (925) To tal revenues 1,400 416 (984) Expendi tures: Capital acquisitions 3,747 3,747 Total expenditures 3,747 3,747 Excess (deficiency) of revenues over expenditures (2,347) 416 2,763 Fund balance at January 1, 1980 2,397 2,397 Fund ffilance at December 31, 1980 $ 50 '" 2.813 $ 2.7G.;l '" ... ... CITY OF WHEAT RIDGE, COLORADO .. STATEMENT OF REVENUES, EXPENDITURES AND ENCUMBRANCES, AND CHANGES IN FUND BALANCE - BUDGET (NON-GAAP BUDGETARY BAolo) AND ACTUAL SALES TAX I MPP..OVEMENT FUND lIo Year ended December 31, 1980 ... Variance favorable .. Budget Ac tual (unfavorable) Revenues: Sales tax $1,772,000 $1,695,009 $ (76,991) .. State of Colorado 400,787 400,787 Urban Drainage District 447,500 36,741 (410,759) Interest incare 90,000 220,692 130,692 MisceUane<Xls incare 5,000 3,392 (1,608) .. Total revenues 2,314,500 2,356,621 42,121 .. Expenditures: Capi tal alXJ.uisi tions 3,010,651 1,527 ,248 1,483,402 Total expenditUl'es 3,010,651 1,527,249 1 ,483 ,402 .. Excess (deficiency) of revenues over expendi tures (696,151) 829,372 1,525,523 Fund balance at January 1, 1980 696 , 152 696 ,152 .. Fund balance at DeCEmber 31, 1980 $ 1 $1,525.524 $1.525.523 .. .. .. .. .. ,. .. " ro ;,? '" '8 " ~ ~ ro ro " 0" 0" ~ " I>< ... ... ro ~ 00 ~, ~, " ... n n ~ ... 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