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HomeMy WebLinkAbout1986 CITY OF WHEAT RIDGE WHEAT RIDGE, COLORAOO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 1986 AND AUDITORS' REPORT ~ - - - - - - - - = GRUENLER & - = ASSOCIATES Certified Public Accountants - - - - - CITY OF WHEAT RIDGE WHEAT RIDGE, COLORADO TABLE OF CONTENTS Auditors' Report Auditors' opinion on financial statements Auditors' report on compliance Auditors' report on internal accounting and and administrative control General Purpose Financial Statements: Combined balance sheet - all fund types and account groups Combined statement of revenues, expenditures and changes in fund balances - all governmental fund types and expendable trust fund Combined statement of revenues, expenditures and changes in fund balance - budget (GAAP basis) and actual Statement of revenues, expenses and changes in fund balance - police pension fund - trust fund Statement of changes in financial position - police pension fund - trust fund Notes to financial statements SUPPORTING SCHEDULES General fund: Comparative balance sheet Statement of revenues, expenditures and changes in fund balance - budget (GAAP basis) and actual Exhibit I 2 3 4 5 Schedule A-I A-2 TABLE OF CONTENTS (continued) Special revenue funds: Combining balance sheet B-1 Combining statement of revenues, expenditures, and changes in fund balances - budget (GAAP) basis and actual B-2 Comparative balance sheets B-3 Schedule of federal financial assistance B-4 Fiduciary funds: Combining balance sheet C-1 Combining statement of changes In assets and liabilities C-2 General fixed assets account group: Schedule of changes by sources D-1 Schedule by function and activity D-2 Schedule of changes - additions and deletions D-3 = GRUENLER & = ASSOCIATES 3201 E. Third Avenue Denver, Colorado 80206 (303) 388-4181 The Honorable Mayor Members of the City Council City Administrator City of Wheat Ridge, Colorado We have examined the general purpose financial statements of the City of Wheat Ridge, Colorado, as and for the year ending December 31, 1986 as listed in the table of contents. Our examination was made in accordance with generally accepted audi ting 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 general purpose financial statements referred to above present fairly the financial position of the City of Wheat Ridge, Colorado at December 31, 1986 and the resul ts of operations and the changes in financial position of its Trust fund for the period then ended, in conformity with generally accepted accounting principles applied upon a basis consistent with that of the preceding year. Our examination was made for the purpose of forming an opinion on the general purpose financial statements taken as a whole. The combining, individual fund, and individual account group financial statements and schedules listed in the table of contents are presented for purposes of additional analysis and are not a required part of the general purpose financial statements of the City of Wheat Ridge, Colorado. Such information has been subjected to the auditing procedures applied in the examination of the general purpose financial statements and, in our opinion, is fairly stated in all material respects in relation to the general purpose financial statements taken as a whole. b~~ c, (kOCJ~' ~ l . March 13, 1987 Certified Public Accountants Members of American Institute ot Cerfltied Publlc Accountants Colorado Society of Certified Public Accounts Governmental Finance Officers Association =-=-~== - -= -- - -- - =.... -J} = - - - - - == GRUENLER & = ASSOCIATES 3201 E. Third Avenue Denver, Colorado 80206 (303) 388-4181 AUDITORS' REPORT ON COMPLIANCE The Honorable Mayor Members of the City Council City Administrator City of Wheat Ridge, Colorado We have examined the general purpose financial statements of the City of Wheat Ridge, Colorado, as and for the year ended December 31, 1986, and we have issued our report thereon dated March 13, 1987. Our examination was made in accordance with generally accepted auditing standards; the standards for financial and compliance audits contained in the Standards for Audits of Governmental Organizations, Programs, Activities and Functions issued by the U.S. General Accounting Office; the Single Audit Act of 1984: and the provisions of OMB Circular A-128, Audits of State and Local Governments, and accordingly, included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances. The management of the City of Wheat Ridge, Colorado, is responsible for the City's compliance with laws and regulations. In connection with the examination referred to above, we selected and tested transactions and records from nonmajor federal financial assistance programs to determine the City's compliance with laws and regulations noncompliance with which we believe could have a material effect on the allowability of program expenditures. The results of the tests indicated that for the transactions and records tested, the City of Wheat Ridge, Colorado, complied with the laws and regulations referred to above. Our testing was more limited than would be necessary to express an opinion on whether the City of Wheat Ridge, Colorado, administered those programs in compl iance in all material respects wi th laws and regulations, noncompliance with which we believe could have a material effect Certitied Public Accountants Members 01 American Institute 01 Certltied Public Accountants Colorado Society of Certified Public Accounts Governmental Finance Ofticers Association on the allowability of program expenditures; however, with respect to the transactions that were not tested by us, nothing came to our attention to indicate that the City of Wheat Ridge, Colorado, had violated laws and regulations. March 13, 1987 solely for the use of management, the Office, and the cognizant federal audit used for any other purpose. ~~C{ \)N~;)W~~' ~. L. This report is intended Colorado State Auditor's agency and should not be = GRUENLER & = ASSOCIATES 3201 E. Third Avenue Denver, Colorado 80206 (303) 388-4181 AUDITORS' REPORT ON INTERNAL ACCOUNTING AND ADMINISTRATIVE CONTROL The Honorable Mayor Members of the City Council City Administrator City of Wheat Ridge, Colorado We have examined the general purpose financial statements of the City of Wheat Ridge, Colorado as and for the year ended December 31, 1986, and have issued our report thereon dated March 13, 1987. As part of our examination, we made a study and evaluation of the system of internal accounting control of the City of Wheat Ridge, Colorado, to the extent we considered necessary to evaluate the systems as required by generally accepted auditing standards and the standards for financial and compliance audits contained in the Standards for Audits of Governmental Organizations, Programs, Activities and Functions, issued by the U.S. General Accounting Office, the Single Audit Act of 1984, and the provisions of OMB Circular A-128. For the purposes of this report we reviewed the following categories: o Receivables o Cash receipts o Accounts payable o Cash disbursements o Payroll o Property and equipment o General ledger o Purchasing Our study included all of the control categories listed above. The purpose of our study and evaluation was to determine the nature, timing, and extent of the auditing procedures necessary for expressing an opinion on the entity's financial statements. Our study and evaluation was more limited than would be necessary to express an opinion on the system of internal accounting control taken as a whole or on any of the categories of controls identified above. Certified Public Accountants Members of American Institute of Certified Public Accountants Colorado Society of Certified Public Accounts Governmental Finance Officers AssoCiation The management of the City of Wheat Ridge, Colorado, is responsible for establishing and maintaining a system of internal accounting control. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of control procedures. The objectives of a system are to provide management with reasonable, but not absolute, assurance that assets are safeguarded against loss from unauthorized use or disposition, and that transactions are executed in accordance with management's authorization and recorded properly to permit the preparation of financial statements in accordance with generally accepted accounting principles. Because of the inherent limitations in any system of internal accounting control, errors or irregularities may nevertheless occur and not be detected. Also, projection of any evaluation of the system to future periods is subject to the risk that procedures may become inadequate because of changes in conditions or that the degree of compliance with the procedures may deteriorate. Our study and evaluation made for the limited purpose described in the first paragraph would not necessarily disclose all material weaknesses in the system. Accordingly we do not express an opinion on the system of internal accounting control of the City of Wheat Ridge, Colorado, taken as a whole or on any of the categories of controls identified in the first paragraph. However, our study and evaluation disclosed no conditions that we believe to be material weaknesses. March 13, 1987 solely for the use of management, the Office and the cognizant federal audit used for any other purpose. L~t/(k~~,~.C This report is intended Colorado State Auditor's agency and should not be GENERAL PURPOSE FINANCIAL STATEMENTS The General Purpose Financial Statements provide a financial overview of the City's operations. These financial statements present the financial position and operating results of all funds and account groups as of December 31, 1986. "''''~ """COM,....._ 0'" ~j '" "'<'.~1 ~j ... 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"'''' '" U '" '" '" "'~ '" ~ Q,Q, tlo 0 ! 00 z '" >ool ::> '" 0 W ... ... tn Exhibit 4 CITY OF WHEAT RIDGE, COLORADO STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND BALANCES POLICE PENSION FUND - TRUST FUND YEAR ENDED DECEMBER 31,1986 1986 1985 OPERATING REVENUES Contributions (Note 3): City Employees - mandatory Employees - voluntary Total operating revenues $ 153,325 $ 146,705 153,325 146,705 27,295 26,658 333,945 320,068 460,477 389,518 193 3,143 794,615 712,729 Interest Capital gains OPERATING EXPENSES Withdrawals by participants Trustee administrative charges Total operating expenses 379,553 187,334 20,282 17,202 399,835 204,536 394,780 508,193 2,966,904 2,458,711 $3,361,684 $2,966,904 NET INCOME FUND BALANCE, BEGINNING OF YEAR FUND BALANCE, END OF YEAR See accompanying notes to the financial statements. Exhibit 5 CITY OF WHEAT RIDGE, COLORADO STATEMENT OF CHANGES IN FINANCIAL POSITION POLICE PENSION FUND - TRUST FUND YEAR ENDED DECEMBER 31, 1986 1986 1985 SOURCE OF FUNDS Net income $ 394,780 $ 508,193 MONEY PURCHASE PLAN, BEGINNING OF YEAR 2,966,904 2,458,711 MONEY PURCHASE PLAN, END OF YEAR $3,361,684 $2,966,904 See accompanying notes to the financial statements. CITY OF WHEAT RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1986 I. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accounting policies of the City of Wheat Ridge, Colorado, the City, conform to generally accepted principles as applicable to governments. The following is a summary of the more significant policies. A. Principles used in determining the scope of the reporting entity for financial purposes. In conformance with Governmental Accounting and Financial Reporting Standards, the City of Wheat Ridge, Colorado, is the reporting entity for financial reporting purposes. In 1976 the City of Wheat Ridge became a "Home Rule City" (a municipal corporation) as defined by Colorado Revised Statutes, Title 31. The City is the lowest level of government having oversight responsibility and control over all activities within the geographical area organized as the City of Wheat Ridge, Colorado. The City is not included in any other governmental reporting entity because the City Council and certain officials are publicly elected , they are empowered to adopt a budget to expend City revenues, select management, significantly influence operations and are primarily accountable for fiscal matters. The Urban Renewal Fund, a component uni t, is included in the City financial statements. No other financial statements are issued for this component unit. The financial statements of the City include all funds and account groups that are controlled by or dependent upon the elected officials. Control by or dependence on the elected officials is determined on the basis of budget adoption, taxing authority, outstanding debt which could be secured by general obligation of the City, and the responsibility of the City to finance debt or make subsidies to funds and account groups. All funds and account groups included in this report were included in last year's report, except the Capital Projects Fund. The only project of the fund was completed as of December 31, 1985. CITY OF WHEAT RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (continued) B. Basis of presentation - fund accounting The accounts of the City are organized on the basis of funds and account groups, each of which IS considered a separate accounting entity. The operations of each fund are accounted for with a separate set of self-balancing accounts that comprise its assets, liabilities, fund equity, revenue, and expenditures, or expenses, as accounted for in individual funds 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, into three generic fund types and two broad fund categories as follows: Governmental Funds General Fund The general operating fund of the City. It all financial resources except accounted for in another fund. fund is the general is used to account for those requ i red to be On December 31, 1985 Council Resolution 757 authorized the establishment of a Police Department Bond Trust. The Ci ty collects cash ba i I bonds from individuals arrested in the City who are being held on warrants issued by other units of local government. The bond trust is a statewide program. The activities of this fund are currently included in the general fund due to the limited materiality of the fund. As of December 31, 1986 the fund had a cash balance and related account payable of $380. Special Revenue Funds - Special revenue funds are used to account for the proceeds of specific revenue sources that are legally restricted to expenditures for spec if ic purposes. The City has six special revenue funds. Capital Improvement Fund monies received as a result in the City's sales tax. capital expenditures. - The fund accounts for of a one percent increase Monies are only used for Urban Renewal Fund - The fund was established in 1981, with seed money from the City, to be responsible for and seek to accomplish the redevelopment and rehabilitation of blighted areas. Revenue is received from incremental sales tax CITY OF WHEAT RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (continued) B. Basis of presentation - fund accounting- (continued) growth, using 1981 as the base year, from property taxes and interest on invested funds. Federal Revenue Sharing Fund - The fund accounts for monIes receIved through the "State and Local Fiscal Assistance Act of 1972". The Act provides monies to units of local government to be used for ordinary and necessary maintenance, operating expenses, and capital expenditures as authorized by the Act, which also specifies certain restrictions and procedural requirements. Sen ior Center - The fund accounts for contributions made to the Wheat Ridge Community Center. Expenditures support activities of the Center. Park Acquisition Fund The fund accounts for revenues received and designated for the acquisition of additional parks and related improvements. Building Demolition Fund This revolving fund charges property owners for City expenses incurred in the demolition of buildings. Fiduciary Fund Types Trust and Agency Funds - Trust and Agency funds are used to account for assets held by the City in a trustee capacity or as an agent. City funds include a Pension Trust, an Expendable Trust Fund, and two Agency Funds. The Pension Trust Fund is accounted for in essentially the same manner as a proprietary fund, that is, operations are financed and operated in a manner similar to private business enterprise, since capital maintenance is critical. The Expendable Trust Fund is accounted for in essentially the same manner as governmental funds. Agency Funds are liabilities) and operations. custodial do not in nature (assets equal involve measurement of Trust and Agency Funds of the City include the following: CITY OF WHEAT RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (continued) B. Basics of presentation - fund accounting - (continued) Fiduciary Fund Types - (continued) Police Pension (Trust) Fund - The fund accounts for monies received from plan participants, and City contributions from the General Fund. The monies are held in trust for disbursement to participants upon their leaving the plan or upon qualified retirement. Conservation (Expendable) Trust Fund The fund accounts for monies received and restricted as to use in the acquisition, development and maintenance of new conservation sites pursuant to Colorado Revised Statutes, Title 138. Public Works Escrow (Agency) Fund - Accounts for monies received, prior to the issuance of certain construction permits, to guarantee the work required by the permit. Upon completion the monies are returned. CATV Property Damage (Agency) Fund - The CATV (cable television) fund accounts for monies received from the cable television permittee for settlement of minor unresolved claims against the permittee for damage to private property. The permittee is required to restore City paid settlements within fourteen days of notification. C. Fixed assets and long-term liabilities The accounting and reporting treatment applied to the fixed assets and long-term liabilities associated with a fund are determined by its measurement focus. All governmental funds are accounted for on a spending or "financial flow" measurement focus. This means that only current assets and current liabilities are generally included on their balance sheets. Governmental fund operating statements present increases (revenues and other financing sources) and decreases (expenditures and other financing uses) in net current assets. Fixed assets used in governmental fund type operations are accounted for in the General Fixed Asset Group of accounts rather than governmental funds. Public domain ("infrastructure") general fixed assets consisting of certain improvements other than buildings, including roads, bridges, curbs and gutters, street, drainage systems, and lighting systems, are capitalized along with CITY OF WHEAT RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (continued) C. Fixed assets and long-term liabilities - (continued) other general fixed assets. No depreciation has been provided for on general fixed assets. All fixed assets are valued at historical cost or estimated historical cost if actual historical cost is not available. Contributed fixed assets are valued at their estimated fair value on the date of gift. Generally, the City capitalizes acquisitions whose life exceeds one year and whose cost exceeds $200. Land improvements transferred to the City from Jefferson County in 1969, and through 1977, had been recorded at the County's cost. Subsequently, the City elected to discontinue recording the cost of all land improvements. The Jefferson County Open Space Program acquires land for public enjoyment (e.g., parks, playgrounds, lakes, etc.) and then donates the property to the City for use as publ ic land. The property is recorded at the cost recorded by the Open Space Program. Long term liabilities governmental funds are Long-Term Account Group, expected to accounted not in the be financed from for in the General governmental funds. The two concerned position. results of account groups are not "funds". They are only with the measurement of financial They do not get involved with measurement of operations. D. Basis of Accounting Basis of accounting refers to when revenues and expenditures or expenses are recognized in the accounts and reported in financial statements. Basis of accounting relates to the timing of the measurement made, regardless of the measurement focus applied. All governmental funds are accounted for using the modified accrual basis of accounting. Their revenues are recognized when they become measurable and available as net current assets, see also following notes. Expenditures are generally recognized accrual basis of accounting when liability is incurred. under the modified the related fund CITY OF WHEAT RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (continued) D. Basis of Accounting - (continued) Trust and Agency funds are used to account for assets held by the City in a trustee capacity. The Pension Trust fund is accounted for using the accrual basis of accounting. E. Investments Investments, certificates of deposit and the money purchase plan, are stated at cost, which approximates market value, and accrued interest receivable. F. Comparative Data Comparative total data for the prior year have been presented in the accompanying financial statements in order to provide an understanding of changes in the City's financial position and operations. Such data is not comparable to a consolidation because interfund eliminations have not been made in the aggregation of this data. G. Total Columns on Combined Statements-Overview Total columns on the Combined Statements-Overview are capt ioned "Memorandum Only" to indicate that they are presented only to facil i tate analysis. Data in these columns do not present financial position, results of operations, or changes in financial position in conformity with generally accepted accounting principles. H. Property Taxes Property taxes are levied on December 31, and attach as an enforceable lien on property as of January I. Taxes are due as of January 1 of the following year and are payable in full by July 31 if paid in installments or April 15 with a single payment. Taxes are delinquent as of August 1. If the taxes are not paid within subsequent statutory periods, the property is sold at public auction. Jefferson County bills and collects the property taxes and remits collections to the City on a monthly basis. I. Budgets and budgetary accounting The City compliance conforms with to the Colorado following Revised procedures, Statutes, in in CITY OF WHEAT RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (continued) I. Budgets and budgetary accounting - (continued) establ iShing the budgetary financial statements: data reflected in the Pr ior to September 1, the Ci ty Administrator (not an elected official) submits a proposed operating budget for the ~iscal ye~r commencing the following January I, to the CIty CouncIl (elected officials). The operating budget, for all funds except agency funds, includes proposed expenditures and the means of financing. Public hearings are held at the regular City council meetings to obtain taxpayer input. Prior to November I, the budget is legally enacted through passage of a budget resolution. The City Administrator is authorized to transfer budgeted amounts within the department of any fund. City Council must approve revisions that change total expenditures of any fund. In addition to the operating budget, a five-year Capital Improvement Program is proposed by the City Administrator and adopted by City Council. This program identifies projected expenditures and anticipated revenues by fund. The Program is revised and extended annually. The City Council adopts the program as a planning document but does not appropriate the multi-year expenditures. Annual installments to the identified projects are appropriated in the annual operating budgets or by supplemental appropriations. Thus major additions to the infrastructure are not normally accounted for through a Capital Projects Fund. Appropriations are controlled and the budget is only amended in conformity with Colorado Revised Statutes. The City Charter requires a balanced budget. Expenditure~ in excess of appropriations may violate Colorado revIsed Statutes and must be reported to the State Auditor (C.R.S. 24-1-607). The Individual and Combined Statements of Revenues, Expenditures and Changes in Fund Balances for the governmental fund types include comparisons to, budg~t. The budgets are adopted and presented in the fInancIal statements on the GAAP basis. Budg~ted amou~ts are as originally adopted or as amended by Clty CouncIl. CITY OF WHEAT RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (continued) J. Encumbrances Encumbrance accounting, under which purchase orders and other commitments related to unperformed (executory) contracts for goods or services, are recorded for budgetary control purposes in the General and special Revenue funds. Encumbrances outstanding at year-end are reported as reservations of fund balances since they do not constitute expenditures or liabilities. Encumbrances do not lapse at year-end for budgetary purposes and are reported as reservat ions of fund balance for subsequent year expenditures. 2. ASSETS The following notes apply to the assets of the various funds and account groups. A. Cash - deposits with financial institutions All funds of the City are deposited with an eligible public depository, as required by Colorado Revised statutes, 11-47-105, 1973. The deposits were covered by federal depository insurance or by pledged eligible collateral as required by Colorado Revised statutes. All collateralized securities are not held in the name of the City. Per the Governmental Accounting Standards Board, Statement Three, the deposits in excess of FDIC and FSLIC insurance, not collateralized in the name of the City, are deemed not collateralized. Deposits are maintained in seven financial institutions. Carrying Amount Bank Balance Insured (FDIC), (FSLIC) Collateralized in City's name Uncollateralized $ 774,040 1,924,296 522,417 $ 774,040 1,924,296 522,417 Total deposits $3,220,753 $3,220,753 CITY OF h'HEAT RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS 2. ASSETS - (continued) B. Property taxes - receivable It is the policy of the City to record the property tax receivable 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. The receivable of $500,616 is based upon budgeted net taxes to be received in 1987, see also Note l(H). C. Restricted assets - cash General Fund cash of $100,000 has been restricted by City Council for emergency situations affecting the lives and property of the City's citizens. Expenditures must be approved in advance by the City Council, or in situations where members of City Council cannot be contacted, the Mayor and the City Administrator can approve expenditures, provided a subsequent report is made at the next City Council meeting. D. Changes in general fixed assets The changes in general fixed assets for the year ended December 31, 1986 are as follows: Balance Balance January 1 , December 31, 1986 Additions Deletions 1986 Land $ 2,290,890 $ 157,400 $ $ 2,448,290 Buildings 3,011,262 3,011,262 Improvements 529,569 479,999 1,009,568 Streets 8,106,465 8,106,465 Equipment 2,806,849 1,413,072 1,028,646 3,191,275 Total $16,745,035 $2,050,471 $1,028,646 $17,766,860 3. LIABILITIES A. Pension plans City police are covered by a defined contribution money purchase plan (Police pension Trust). Participants con t rib ute 10% 0 f the ire om pen sat ion w hi c h the C i t Y matches; however, under certain conditions, participants may contribute up to 15% of their compensation. During 1986, the participants and the City each contributed $153,325 to the Plan. CITY OF WHEAT RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS 3. LIABILITIES - (continued) All other City employees participate in the Colorado County Officials and Employees Retirement Association Retirement Plan, a defined contribution plan. The participants are required to contribute 4% (and can voluntarily contribute up to 10%) of their compensation; the Ci ty contributes 4% of the employees I compensation. The City contributed $79,359 for the year ended December 31, 1986. The City has no liability under the Plan other than the matching payment. B. Accrued salaries and payroll benefits As of December 31, 1986 accrued salaries and related payroll taxes were $ 49,048. As of December 31, 1986, accrued sick pay of $ 13,588 was recorded as a current liability of the General fund. Based upon prior experience, this amount will normally be liquidated with expendable resources. Unused sick leave, in excess of 480 hours, may be converted to annual leave or cash, on an annual basis, retirement, or termination at half of its value. As of December 31, 1986, accrued annual leave of $208,377 and accrued holiday pay of $31,115 were recorded in the General Long-Term Debt Group of Accounts, these liabilities will be liquidated by the general fund. City employees earn vacation leave which may be either taken or accumulated, up to a maximum amount, until paid upon termination or retirement. Police accumulate holiday pay for hours worked on holidays. C. Lease obligations The City is obligated for certain leases which have been capitalized. The leases are subject to the yearly appropriation of funds from the general fund. In addition, one of the leases contains provisions for a scheduled early purchase option. Following is a schedule by year of future minimum payments under the capital lease, together with the present value, calculated on the City's incremental borrowing rate at the inception of the lease. The future minimum lease obligations are as follows: CITY OF WHEAT RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS 3. LIABILITIES - (continued) Year ended December 31, 1987 1988 1989 1990 1991 $ 35,614 30,493 28,787 28,787 11,996 Total minimum lease payments 135,677 Amount representing interest (23,885) Present value of long-term obligation under capital lease $111,792 D. Schedule of changes in General Long-Term Debt Compensated Leases Absences Total Balance, beginning of year $ 48,494 $209,428 $257,922 Additions 96,646 30,064 126,710 Deletions (33,348) (33,348) Balance, end of year $111,792 $239,492 $351,284 4. INTERFUND RECEIVABLES AND PAYABLES A summary of interfund receivables and payables follows: Fund Receivable Payable General $85,828 $ Special Revenue Capital Improvement Urban Renewal Senior Center 10,353 75,311 82 Agency Public Works CATV Property Damage 13 69 $85,828 $85,828 SUPPORTING SCHEDULES GENERAL FUND The General Fund accounts for all transactions of the Ci ty not required to be accounted for in other funds. This fund represents an accounting for the City's ordinary operations financed primarily from property and sales taxes. It is the most significant fund in relation to the City's overall operations. CITY OF WHEAT RIDGE, COLORADO COMPARATIVE BALANCE SHEET GENERAL FUND DECEMBER 31, 1986 AND 1985 ASSETS Cash Certificates of deposit Accounts receivable: Jefferson County property taxes Other Due from other funds Inventory Restricted assets- certificate of deposit TOTAL ASSETS LIABILITIES AND FUND EQUITY LIABILITIES Accounts payable Accrued payroll benefits Due to other funds Deferred revenue-property taxes Total Liabilities FUND EQUITY Fund balance: Reserved for encumbrances Reserved for inventory Unreserved: Designated for subsequent years expenditures Undesignated Total Fund Equity TOTAL 1986 $ 492,793 1,075,000 500,616 14,483 85,829 54,227 100,000 $2,322,948 $ 51,066 62,636 500,616 614,318 32,234 54,227 1,375,417 246,752 1,708,630 $2,322,948 Schedule A-I 1985 $ 7,675 2,449,566 498,608 9,351 245,419 42,051 100,000 $3,352,670 $ 71,681 13,606 250,411 498,608 834,306 45,906 1,712,860 759,598 2,518,364 $3,352,670 N I '" W .... ~ '0 W ;;;: U Ul ~ '" o ,.J o u '" " " .... '" ;;: '" :r '" '" o '" E-< .... U '" U Z '" :i! '" ~ [; z .... Ul- '" Ul '" .... ::>Ul E-< '" ....'" o i:i ~ 0. '" X" "'- . E-< Ul '" "'" ::>0 i:i 11: > '" '" '" o E-< Si >: '" E-< '" E-< Ul .... ~ ~B '" u '" '" oo '" --" ... w ... w '" w"'''' > c " 0::> '" M J: -" .... '" CO.... O('l"l MCO"3' OL!"lLf'l\.OU"'iOUi qoCOCO~I.Or--N .. ... ... .. .. .. .. O'\\I"l'l;f'NLI"lNO\ N....\l"'lO"l NN ooN............(\I .,. V> "3'NO....Ml"'>.C \'cMO\O)t'U"'IU'\ f'M........l.f"Io,,\lJ:) .. ... ... .. O'II.O....NNO<o::2' qo"3't-.....NN M __ (") V> .... ~ ~ -" U '" MQ'.l""'l....('I"')<qo\O MU"'tI.OOr--r--LI"l COC'l....I.Ol/'lr'M .. ... ... .. ... ... ... LI"lMl""'l<d"NNN ('.NLf'lC1'\l""'lqoq' O'\N...."3' .,. V> -" W '" '0 ,il !""'-....MOO....O O'IC'll.l'lNOMO U1NM'CfOf"'-Lf'l .. .. ... ... .. .. .. Lf'IO"3'NOMI"'-- Nr--NCO....I.OM MNN.........N '" V> <JJ <JJ <JJ W -" W'" ..... U::1 l::E..-l...-I +J lo-l ." > -..-I c1) +J J... (l) 0.. c ~ \l-l W <JJ ... '0 6 0 C C .. ~ ... W > -" o <JJ <JJ '" W W l-I C" Ul l-I l-l CV \..I V V Q.l +JtCC+J..c: C .c ...-1 C +J H U ~ H 0 <JJ I ~ <JJ C W W " U ~ .... E-< ,.J ... o .. '0 C ~ " oo ....I.ONM<"CN ....1.O....OOO"lr-- ....r--<rl""'lOr--- ... .. .. .. .. .. Q"ILI"lr""lr--O'ICO f-O'I<r\Ot-\O O\qo<rCCOM V> . N_ V> V> o '" " '" M M '" oo .,. N ------ LI"lCOLflCOr--M U"lt"--OCOl""'lCO C1'lNCOI.O\O"3' ... ... .. ... .. .. O\MI.O.....N.... ........I.OOM"3' ___N_l" '" '" N '" '" 0001'0"3'00 ..-OLnOOO"\O'I COCOLt"lqo......... .. .. ... ... ....O__ONN (""'I l.Or--qo r--a:> OLl"lCOCO....1.t) ..: N__ N '" oo ~ Lf'l\ONOO.......- I.OCO\O\Dl""'lCO t""-OM....CD\O .. .. ... .. ... .. ....""CON<o::2'M L/)r--M""ON OLl"lO"lONM ... .. ... .. NN.....N .,. ..: '" .. g ~ e ... ~ ~ -" C C W 0 ~ a. "j W 0 ~ e.... W C .. ... lo-l > >. () Q) Q) +J Ul ill ~!E~]i It! C U U !ro.I :::1''''',..-1 Ul ,.. I V e...-l,....., ~ 4> c: e.c.o l-l.c Q) 0 ;j ;j ", +J t.:l CJ p.. ~ ll. 0 ~ o .,. '" M M N " M '" M M " .,. '" .,. oo '" " o N M N N '" " 0 N '" oo M " .,. o '" '" o oo oo .,. oo '" " 0 M .,. '" oo oo M '" oo .,. M '" o '" o '" .,. N M " .,. N o '" .. ~ '... 1 .. ... s ~ I gj gJ C ~ ~... i; ~i tJ ~ Ii ~ 5~ ~~ e ~ ! .j ~~ ji .,. " '" '" .,. '" " " r- N M o r- '" r- .,. .,. M " '" o oo '" M .,. '" oo N N ~ 13 !!l I~ ~~ ~i ... ... ~i ~ ~ ~~ sa M <r .,. '" M 00 '" .,. '" N '" N V> '" N '" o M '" oo o " M N V> .,. -r> M 00 o M '" oo o " '" N V> '" M .,. '" oo N N V> '" '" '" '" '" o " z .... z z ~ " '" '" ~ I>- o ~ Ul '" u z '" ,.J '" '" o 5 '" ! ~ SPECIAL REVENUE FUNDS Special Revenue funds account revenue sources that are legally specific purposes. for the proceeds of specific restricted to expenditures for The City has six Special Revenue funds: The Capital Improvement Fund The fund accounts for monies received as a result of a one-percent increase in the City's sales tax. Monies are only used for capital expenditures. Urban Renewal Fund - The fund was established during 1981, with seed money from the City, to be responsible for and seek to accomplish the redevelopment and rehabilitation of blighted areas. Revenue is currently being received from a incremental sales tax growth, using 1981 as the base year, from property tax and interest on invested funds. Federal Revenue Sharing Fund The fund accounts for monies receIved through the "State and Local Fiscal Assistance Act of 1972". The Act provides funds to units of local governments to be used for ordinary and necessary maintenance, operating expenses, and capital expenditures authorized by the Act. The Act also specifies certain restrictions and procedural requirements. Senior Center Fund - The fund accounts for contributions made to the Wheat Ridge Community Center. The expenditures support activities of the center. Park Acquisition Funds The fund accounts for revenues received and designated for use in the acquisition of additional parks and related improvements. Building Demolition owners for City buildings. Fund - This revolving fund charges property expenses incurred in the demolition of SCHEDULE OF FEDERAL FINANCIAL ASSISTANCE To account for nonmajor federal assistance and to comply with the Single Audit Act and OMB Circular A-128. 'i r---ONiD .,.'" '" '" _r- M '" '" "'.,. '" "'''' r"-N....I.C .,. "'''' M '" _M .,. ~ '" M_ \I'l<o:tCOM r- "'.,. 0 '" r-r- r- r- "" '" . . . cO M '" .; M ",r- 0 .; " '" .,.'" 0_'" '" 'C M _ "''''- '" '" '" M r- '" ~ -.,. '" '" 0 '" - '" "'. ,C U '" '" '" '" 01 00 "" ~ +J 0 '" '" .,.'" 0 '" "'''' '" '" ... "'''' M'" 0 .,. "'.,. .,. '" -'" 0 .,. '" "'''' '" .,. Or- '" ":. "'''' '" .,. '" '" .,..,. 0 '" '" '" M '" '" '" '" .,.'" '" '" '" '" .,. M_ 0 '" .,.'" M M'" M M '" '" '" '" e "'0 '" '" '" 0 '" '" e." '" '" '" M '" '" ." +J r- ": .,.M r- r-. '0 ." "" .... 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I1J \ .... g"'<;' -' 1\ \~ "a ., " '" ~ \\ g! - ~ l\ '" ., '"d Q):)..o- 1l \..l ~ cO ~ "" Qj \ \oJ ~ 7 .- Ou.-l.OJ' '" ~~",.... U --- ';E.oJ;) ....'" ...'" 0 "'.... "'~ 0 .... '" ~ '" " ::> "'. "'.... ....'" ~i .. 3 ,.,'" '" .... 0 ....'" <J> U .....~ u'" .,; ~u oJ;) 0 ~'" ~ ~~ '" 0 .....0 '" .... 1>-0 ., ., .... '" ,.,'" ~ ., "" '.;( ~~ 0"" I>- ~ 0", '" "'.... 1>-", . ~ '0 1>-"" ;:.' ~ 0", ' tlC)\.I. Q) "" o;tl~O~ ",,,0 '" 0 ... .... ~.cC:~ .... ,.,.... c... i:-"' ~-;z; U 0", ~ ;z,0 0 ,,01>- U '" ..... ~ 0 ., ~ 0 ~.... ., '" ~~~ .... .,U ':l '" I>- ';E. .... ., u '" "" .... " 1>-.... ~ ... ., t";:. ,,'" ~ ~" III ~ ::> ..., " ... " " i" 0 " ~0 ~ 0.... ., , ... '" CO 0 ., ,'" ~ .. '" ., ..."", III ., '" C>o .... V" '" ~... '" ...... . ... 'J>'" . P F IDUC IARY FUNDS Trust and agency funds are used to account for assets held by the City in a trustee capacity or as an agent. The City has four such funds: Pension Trust Fund Pol ice Pension Fund The fund accounts for monies received from Plan participants and City contributions from the General Fund. The monies are held in trust for disbursement to qualified participants upon leaving the plan or upon qualified retirement. Expendable Trust Fund Conservation Trust Fund - The fund accounts for monies received and restricted for use in the acquisition, development and maintenance of new conservation site pursuant to Colorado Revised Statutes, Title 138. Agency Funds The Public Works Escrow Fund - Accounts received prior to the issuance of certain permits, to guarantee the work required by Upon completion the funds are returned. for monies construction the permit. The CATV (cable te lev is ion) Property Damaqe Fund - The fund accounts for monies received from the cable television permittee for settlement of minor unresolved claims against the permittee for damage to private property. The permittee is required to restore City paid settlements within fourteen days after notification. I " .~~ .c , ~1 - ~ 0 ~~ .c U 00....0 .c .c N '" ~ 0 '" .c ~ "' N "' '" .... '" '" N ~ '" .... ~ 00 - ""'" "' .... .c '" 000 '" .... .c .c '" ~ C- OO .c "' 00 N 0 "' .c N "' '" 0 - '" - - '" - ~ '" ,J;; e N '" N U - " <n- <n- <n- <n- '" " '" '" C 0 " ~ ;j ~j ~~ .... ~ 0 .c 0 "' N ~ 0 e N - ~ 00 00 ~.c O. .... 00 -0 .... aoo ~'" ~ "' N - "' ;E- 00 ~ "' .c ~ ~ - "' '" "' '" '" ",. <n- <n- <n- <n- "' '~ 00 '" '" 0'" '" '" '" > .c .c o.c -0 -0 .... ~ " "' I "' "' "' "' "'.. o..e . I "'U o " N N N N N C ~o <n- <n- <n- <n- '" " c.. ... ~ ~ "" u e C u ~ 00 00 "' '" 00 00 0 ~ ~ ..... '" 0 "' "' ~ - "' "' 0 u - -" ~ '" '" '" '" '" .. ~ .. "" ~ u 0 0 0 '" .... 0 " o '" 0 0 0 Ol c.. :>:Ol "' "' "' "' "' ,.., Ol '" <n- <n- <n- <n- O '" .c ~ U '" '" 00 '" 0 '" C Z Ol - ~ ~1 ~j Ol :::> U '" C '" '" '" '-' ... Z . ~ <lJ C 0 '" '" '" 0 .. - " - " ..... '" 0 I 0 0 - ><,.., '" <lJ ""... '" " . 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" ... ... <lJ U... .. .. ~ ~ '" '" <lJ " o '" ~ '" OJ '" 0 or:.. <lJ OJ " <lJ ~ ~ <lJ'" "'<lJ'" "'. ~ <lJ,J;; <lJ U a <lJ " '" '" u <lJ,J;; C'" '" <lJ > C ~ " ~ Cf.ltl'),....!,U ~ " <lJ <lJ ~ ~ "''' u " 1:1:I(:1:1.00 - > > .,.; <lJ ,,, ~ ..... 0.. .........." ..... " ... ~ '" '" '" >, ... ~I-i~o ::> "" <lJ <lJ <lJ <lJ <lJ ..... >, ioo-l ~ C .u 0' '" '" ... ~ 0 <fl,J;; '" <lJ ...l...l" '" '" <lJ <lJ C .... '" ~ C ........... ~ ~~'" '" :::> '" " ~ 0 ~~~ " <flU U;E 0 ~ ...l...l Schedule C-2 CITY OF WHEAT RIDGE, COLORADO AGENCY FUNDS COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES FOR THE YEAR ENDED DECEMBER 31, 1986 Balance January I, 1986 Additions Deductions Balance December 31, 1986 PUBLIC WORKS ESCROW FUND ASSETS Cash $ 20 $111,333 $ 60,995 $50,358 Certificate of deposit 86,132 86,132 TOTAL $86,152 $111,333 $147,127 $50,358 LIABILITIES Refundable escrow deposits $85,867 $ $ 35,522 $50,345 Due to other funds 285 272 13 TOTAL $86,152 $ $ 35,794 $50,358 CATV PROPERTY DAMAGE FUND ASSETS Cash $ 2,536 $ 33 $ $ 2,569 LIABILITIES Refundable escrow deposits $ 2,500 $ $ $ 2,500 Due to other funds 36 33 69 TOTAL $ 2,536 $ 33 $ $ 2,569 GENERAL FIXED ASSETS ACCOUNT GROUP The General Fixed Assets Account Group records changes in the City's ownership of and investment in capital assets including land, buildings, improvements to land and buildings, streets, bridges, curbs and gutters, drainage systems, lighting systems, and other equipment, the lives of which are greater than one year and whose cost exceeds $200. Schedule D-1 CITY OF WHEAT RIDGE, COLORADO SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS - BY SOURCES DECEMBER 31, 1986 GENERAL FIXED ASSETS: Land Buildings Improvements Streets Equipment $ 2,448,290 3,011,262 1,009,568 8,106,465 3,191,275 TOTAL $17,766,860 INVESTMENT IN GENERAL FIXED ASSETS FROM: Assets contributed to the City Acquired by various funds $10,156,579 7,6l0,281 TOTAL $17,766,860 ., c ~ !..... ... .~ ~ u > c ... 8 g ~ u ~ ... 00 III '" '" ... ., ~ Q,l...-j lo.l cu.... ~ ., c ~ ~ a. ., 0 '" -"'..... ... ... ~ ., ~ > 00 ..... ~ ....... () "0 C -'" ..... \-.l rl >. 5>'~~0'1.j..1 '0 QI rl 0.. !:; ..... ttl C U ...-j '.-.4 C lr-l l-I U"C:::l 0>.0 >..,.,(....-l E >. .j..I +J .j..I c..... e I'd ..... .+J ..... :::l :::l 0 :f:u<uXlnU ~ c o .~ ., '" ... ., 00 .~ c >0 .~ ., E ~ "" ... '" ~ ~ u U .~ '... ..... ... 0 ~o. 00 ~ u ... .~ ~ > ., ... 00 ~ 00 '" 00 C 00 o .~ +J ..-1 '0 ... ., &~~ '" ~ > ::J o.'r-! t/) 0 U ~ C o .~ ., .. '" ... ... ... ., i .~ C U .~ .... E ..."" ~.. ~ ~ u u c C '" '" C C ~ ~ ., ., C 0" C'r-! c..... ro: ..-4 Itl 5 ... E ~ U V +J ....; C Q) 1.1-I r.n .... Q) 1.1-I0.. 0'1 "., rei 0 C +J lo.l ..c j:zJenE-tU) ~ c o '... ., III ~ C ... 0 U .~ &! ~ ... '8 ~ III C .~ .. E "''0 ... .. ~ ~ U C '" C ~ ., C C o .~ ..... I'tI >. +J e l.. Ul '" .,... ill Ul Ul <I.l lo.l ~ Q) tJ'I U lo.l 104 C Q.) I'd 0 ttl ll:: Pl ta... cr: ~ ~ t/) ~ 5l >< ... .. ~ i " ~ Schedule D-3 CITY OF WHEAT RIDGE, COLORADO SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS ADDITIONS AND DELETIONS DECEMBER 31, 1986 Balance Additions Deletions Balance January 1, And And Decembe r 31, 1986 Transfers Transfers 1986 General Govern.ent Ci ty counci 1 $ 72,697 $ $ $ 72,697 Treasurer 29,165 135,379 737 163,807 Mayor 1,680 1,680 City administrator 28,326 770 7,196 21,900 Attorney 211 211 City clerk 20,146 549 20,695 Municipal clerk 9,670 4,258 689 13,239 Building 2,126,396 1,534 216 2,127,714 Community development 87,047 17,235 8,163 96,119 TOTAL 2,375,338 159,725 17,001 2,518,062 Public Safety Police administration 470,920 17,868 74,928 413,860 Support services 44,911 4,081 48,992 Operations 103,108 86,213 189,321 Civil disaster 7,698 3,154 4,544 TOTAL 626,637 108,162 78,082 656,717 Public Works Administration 9,220,649 3,837 475,336 8,749,150 Engineering 96,248 71,201 560 166,889 Street maintenance 66,008 794,719 2,126 858,601 Traffic maintenance 3,836 114,132 2,932 115,036 Shops 511,316 92,756 435,749 168,323 TOTAL 9,898,057 1,076,645 916,703 10,057,999 Parks and Recreation Adminstration 2,387,372 635,004 15,954 3,006,422 Recreation 1,012,541 6,423 630 1,018,334 Parks maintenance 396,500 48,870 276 445,094 Forestry 39,597 12,384 51,981 Rangers 8,993 3,258 12,251 TOTAL 3,845,003 705,939 16,860 4,534,082 TOTAL GENERAL FIXED ASSETS $16,745,035 $2,050,471 $1,028,646 $17,766,860