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Comprehensive
Annual
Financial
Report
CITY OF WHEAT RIDGE
WHEAT RIDGE, COLORADO
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE YEAR ENDED
DECEMBER 31, 1987
AND
AUDITORS' REPORT
PREPARED BY
James Malone,
City Treasurer
Bernadette J. Kimmey
Budget/Finance Officer
Gruenler & Associates, P.C.
Certified Public Accountants
CITY OF WHEAT RIDGE
WHEAT RIDGE, COLORADO
TABLE OF CONTENTS
December 31, 1987
INTRODUCTORY SECTION
Officials - City of Wheat Ridge
Organization chart
Letter of transmittal - City Administrator
Letter of transmittal
City Treasurer
FINANCIAL SECTION
Report of Independent Auditor
General Purpose Financial Statements
Exhibit
Combined balance sheet - all fund types and
account groups
I
Combined statement of revenues, expenditures
and changes in fund balances - all governmental
fund types and expendable trust fund (GAAP basis)
2
Combined statement of revenues, expenditures
and changes in fund balances - budget and actual
(Non-GAAP basis) all governmental fund types
3
Statement of revenues, expenses and changes in fund
balances - police pension fund - trust fund
4
Statement of changes in financial position - police
pension fund - trust fund
5
Notes to financial statements
Page
1
2
3-5
6-9
11
13
14-15
16-17
18-19
20
21
22-34
CITY OF WHEAT RIDGE
WHEAT RIDGE, COLORADO
TABLE OF CONTENTS (continued)
December 31, 1987
FINANCIAL SECTION - (continued)
Supplemental information - combining, individual and
account qroup financial statements and schedules
Schedule
General fund
Comparative balance sheet
A-1
Statement of revenues, expenditures and
changes in fund balance - budget and
actual (Non-GAAP basis)
A-2
Special revenue funds
combining balance sheet
B-1
Combining statement of revenues, expenditures,
and changes in fund balances - budget and
actual (Non-GAAP basis)
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
liabili ties
C-2
General fixed assets account group
Schedule of changes in general fixed assets
- by source
D-1
Schedule of changes in general fixed assets by
function and activity
D-2
Schedule of general fixed assets by function and
activity
D-3
Page
35
36
37
38
39
40-41
42-45
46-49
50-51
53
54-55
56
57
58
59
60-61
CITY OF WHEAT RIDGE
WHEAT RIDGE, COLORADO
TABLE OF CONTENTS (continued)
December 31, 1987
STATISTICAL SECTION
Table
General fund expenditures by function
1
2
General fund revenues by source
Assessed and estimated actual value of
taxable property
3
Property tax rates - all overlapping
governments
4
Property tax levies and collections
- general fund
5
computation of legal debt margin
6
computation of overlapping debt
7
Demographic statistics
8
construction, property value and
bank deposits
9
Principal property taxpayers
10
Miscellaneous statistics
11
Page
63
64
65
66
67
68
69
70
71
72
73
Introductory Section
OFFICIALS
CITY OF WHEAT RIDGE
MAYOR
Dan Wilde
CITY COUNCIL
Larry Merkl District I Doris Ibbison
Kent Davis District II Tony Flasco
Nancy Snow District III Randy West
Claudia Worth District IV Moe Keller
CITY CLERK
CITY TREASURER
Wanda Sang
James O. Malone
CITY ATTORNEY
MUNICIPAL JUDGE
John E. Hayes
Anthony Zarlengo
CITY ADMINISTRATOR
Michael J. Smith
DIRECTOR OF COMMUNITY DEVELOPMENT
Charles H. Stromberg
DIRECTOR OF PARKS & RECREATION
Richard H. Bredt
CHIEF OF POLICE
Howard E. Jaquay
DIRECTOR OF PUBLIC WORKS
Ric Minetor
BUDGET/FINANCE OFFICER
Bernadette J. Kimmey
PERSONNEL ASSISTANT
patricia A. Crew
1
I CITIZENS OF WHEAT RIDGE
I I
- CITY 1--- MAYOR CITY
t--
COUNCIL CLERK
I I
L_____
MUNICIPAL CITY
JUDGE CITY ~ TREASURER
ADMINISTRA TOR
CITY Municipal Court J L Personnel
ATTORNEY
I I j
PLANNING & .-- FINANCE - PARKS & - POLICE PUBLIC WORKS
*
DEVELOPMENT RECREA TION
f- Building Inspection t-Accounting -Parks Maintenance & -Animal/Parks -Engineering
I- Building Maintenance I-Audit Forestry Enforcement Shops
I-Civil Disaster !-Budget -Recreation ~Communica tions Street Maintenance
t- Code Enforcement I-Data Processing Investigation Traffic Maintenance
l.. Planning & Zoning I-Purchasing f-Patrol & Traffic
\"'Switchboard f-Records
. C"C
Also provides staff services to Economic
Develooment & Revilillizillion Commission (FnARC)
Support Services
~
~
POBOX 638 TELEPHONE 3031237.6944
7500 WEST 29TH AVENUE . WHEAT RIDGE, COLORADO 80033
The City of
Apnl 1, 1988
~heat
'Ridge
The Honorable Mayor Wilde, and
Members of the City Council
City of Wheat Ridge
Wheat Ridge, Colorado 80034
Dear Mayor and Members of City Council:
In accordance with state statutes and local charter prOV1S10ns, I
hereby transmit the annual financial report of the City of Wheat
Ridge as of December 31, 1987, and for the fiscal year then
ended. Responsibility for both the accuracy of the presented data
and the completeness and fairness of the presentation, including
all disclosures, rests with the City. Management believes that
the data, as presented, is accurate in all material aspects; that
it is presented in a manner designed to fairly set forth the
financial activity of its various funds; and that all disclosures
necessary to enable the reader to gain the maximum understanding
of the City's financial affairs have been included.
Internal accounting controls are discussed by the City Treasurer
in his accompanying letter of transmittal, and within that
framework, I believe that the City's internal accounting controls
adequately safeguard assets and provide reasonable assurance of
proper recording of financial transactions.
This report has been prepared in accordance with the guidelines
recommended by the Government Finance Officers Association of the
United States and Canada. In accordance with these guidelines,
the accompanying report consists of three parts:
1) Introductory Section, including the City
Treasurer's letter of transmittal;
2) Financial Section, including the financial
statements, supplemental data on government and our
independent auditor's opinion;
3) Statistical Section, including a number of tables
of unaudited data depicting the financial history of
the government for the past ten years, information on
overlapping governments, and demographics and other
miscellaneous information.
THE REPORTING ENTITY AND ITS SERVICES
This report includes all of the funds and account groups of the
City. It includes all activities considered by the U.S. Census
Bureau to be part of (controlled by or dependent on) the City.
""The Carnation City"
,)
The R-l School District provides all educational serVices to the
students within the jurisdiction of the City of Wheat Ridge. The
R-l system is an independent special district and not part of the
City of Wheat Ridge. Additionally, numerous special districts
provide water and sanitation services and fire protection, and
are not included in the financial statements of this report.
The City provides municipal services which include public safety
(police only), public works (streets, traffic, public
improvements), parks and recreation, planning and zoning, and
general administrative services.
ECONOMIC CONDITION AND OUTLOOK
Wheat Ridge is primarily a residential suburban community bound
on three sides by Denver, Lakewood, and Arvada. Unincorporated
Jefferson County lies to the west. As there is no room for
outward growth, commercial and residential redevelopment of
existing areas comprises the new construction in Wheat Ridge.
Over the past two years, commercial construction included Craig
Chevrolet, Foothills Medical Center and Lutheran Medical Center
Psychiatric Hospital. Interstate 70, which is the state's major
east-west highway, passes through Wheat Ridge on the north and
west. This highway is a major link between Stapleton
International Airport, downtown Denver, and the Rocky Mountains.
Wheat Ridge is known for it's stability in business. The major
property tax payers include a brewery container plant and
transportation center, a shopping center, a large apartment
complex, and a candy manufacturing plant. Sales tax, our largest
source of revenue, is derived mainly from four supermarkets,
electricity/gas and telephone utilities, a liquor store, and a
drug store. Lutheran Medical Center employs an estimated 1,045
people, Adolph Coors Co. glass division follows with 450
employees, and Jolly Rancher candies has 250 employees.
Wheat Ridge maintains at least an eight percent (8%) contingency
reserve with the 1985 fund balance being thirty-three percent
(33%) of actual expenditures; 1986 at twenty percent (20%); and
1987 at thirteen percent (13%). The 1988 budget is best described
as maintaining the current level of services while keeping
expenditures to a minimum. This no-frills budget is based on
extremely conservative revenue estimates that I think we will
exceed. It is a balanced budget, and the staff remains committed
to that goal.
Although I believe we are not facing a financial crisis in the
immediate future, we must never become complacent. The Citizens'
Financial Advisory Committee will be helping us to examine future
revenue scenarios. I would emphasize that we must consider both
sides of the equation; the revenue received, and the service
level provided. As we look to the future, we must consider the
changing financial and community environment.
4
I believe
financial
future.
that the City of Wheat Ridge is in an excellent
condition today and will continue to be so ln the
MAJOR INITIATIVES
In 1987, the City of Wheat Ridge took a major step toward the
City's economic development plan. A consulting firm was
contracted to study the City, and based on an analysis of fifteen
economlC development initiatives under several criteria, ten high
priority strategies were identified. Objectives were defined and
a proposed implementation program was evaluated and set into
motion over the next three years.
Under medium-term initiatives, the Wheat Ridge Town Center will
be the focus of attention. Presently, this shopping center is
do~inated by fast-food restaurants, a supermarket, and a drug
store. With a thirty-five percent (35%) vacancy rate, attracting
new retail outlets to increase the sales tax base is a high
priority issue. Wheat Ridge Town Center was established as an
urban renewal area in 1981, and incorporates tax increment
financing through sales tax collections as a means of growth.
Long-term
Wadsworth
by working
sidewalks,
this vital
plans include revitalization of 38th Avenue between
and Sheridan Boulevards. Improving economic conditions
with individual businesses, resurfacing streets and
and landscaping, will attract and retain businesses ln
area of Wheat Ridge.
Financing alternatives would consist of using a sales tax sharing
program to fund capital improvements, and/or increasing the sales
tax to a level comparable with other cities.
CONCLUSION
State law requires that the financial statements of the City of
Wheat Ridge be audited by an independent certified public
accountant selected by the City Council. This requirement has
been complied with, and our auditor's opinion is included ln the
financial section of ths report.
The preparation of this annual financial report could not have
been accomplished without the dedicated effort of the City
Treasurer's Office. I express my appreciation to all involved for
their continued efforts in the management of the City's financial
programs.
Respectfully submitted,
~d/~
City Administrator
5
POBOX 638 TELEPHONE 303/237.6944
7500 WEST 29TH AVENUE . WHEAT RIDGE, COLORADO 80033
The City of
April 1, 1988
~heat
'Ridge
The Honorable Mayor Wilde,
Wheat Ridge City Council, and
City Administrator
City of Wheat Ridge
Wheat Ridge, CO 80034
Ladies and Gentlemen:
The Comprehensive Annual Financial Report of the City of Wheat
Ridge, for the fiscal year ended December 31, 1987, is submitted
herewith. This report was prepared by the City Treasurer's
Office.
ACCOUNTING SYSTEM AND BUDGETARY CONTROL
In developing and evaluating the City's accounting system,
consideration is given to the adequacy of internal controls.
Internal accounting controls are designed to provide reasonable,
but not absolute, assurance regarding: (1) the safeguarding of
assets against loss from unauthorized use or disposition; and (2)
the reliability of finanical records for preparing financial
statements and maintaining accountability for assets. The
concept of reasonable assurance recognizes that: (1) the cost of
a control should not exceed the benefits likely to be derived,
and (2) the evaluation of costs and benefits requires estimates
and judgements by management.
Budgetary control is maintained by the encumbrance of purchase
amounts prior to the release of purchase orders to vendors. Open
encumbrances are reported as reservations of fund balance at
December 31, 1987.
Meetings with department heads at the end of each month to
discuss the revenues and expenditures on a month-to-date and
year-to-date basis mandates department managers to spend budget
allowances only according to revised revenue projections.
GENERAL GOVERNMENTAL FUNCTIONS
Revenues for general governmental functions totaled $7,165,847 ~n
1987, an increase of .01% over 1986. General sales and use taxes
produced 42.99% of general revenues. The amount of revenues from
various sources and the increase (decrease) over last year are
shown in the following table:
~~The Carnation City"
n
INCREASE PERCENTAGE
PERCENTAGE (DECREASE) INCREASE
REVENUE SOURCE 1987 AMOUNT OF TOTAL FROM 1986 (DECREASE)
Taxes $4,823,971 67.32% $051,862) (3.05%)
Licenses & Permits 246,513 3 . 4 4 ~~ 22,554 10.0n
Intergovernmental
Revenues 1,267,817 17.69% 114,654 9.94%
Charges for Services 501,707 7.00% 7,106 1 .44 %
Fines & Forfeitures 130,311 1 .82 % (2,262) (1.71%)
Interest Income 102,318 1.43% (40,456) (28.34%)
Other Revenue 93,210 1.30 % 50,854 120.06;~
TOTAL $7,165,847 100.00% $ 588 0.01%
Current property tax collections were 99.33% of the tax levy; the
lowest percentage of the levy collected in the last ten years was
98.3% in 1984. The mill levy for the City has been 3.5 mills
since 1977 and has been utilized as a non-restricted general fund
revenue. Due to revaluation of Jefferson County property in 1987,
the mill levy was changed to 2.082 mills for 1988 to stay within
the 5.5% property tax limitation set by State Statute.
General fund sales tax revenues for 1987 were $2,405,909, a
decrease of 3.6% or $89,146 under the 1986 collections. General
fund use tax revenues for 1987 were $674,347, a decrease of 9.26%
or $68,778.
Intergovernmental revenues represented 17.69% of total general
governmental revenues compared with 16.80% in 1986. This increase
is due in part to a change in the distribution formula for State
Cigarette tax, County Road and Bridge tax, and State Highway
Users tax.
Expenditures for general governmental purposes totaled
$8,081,530, an increase Of .28% over 1986. Increases or
(decreases) in levels of expenditures for major functions of the
City over the preceding year are shown in the following table:
(NON-GAAP basis)
INCREASE PERCENTAGE
EXPENDITURE PERCENTAGE (DECREASE) INCREASE
ACTIVITY 1987 AMOUNT OF TOTAL FROM 1986 (DECREASE)
General Government $1,015,230 12.56% $(16,580) (1.61%)
Community Develop. 484,908 6.00% (75,900) 03.53%)
Pub 1 ic Safety 2,867,049 35.48% (4,508) ( . 16% )
Public Work s 1,931,706 23.90% 91,226 4.96%
Park s & Recreation 1,082,857 13.40% (89,337) (7.62%)
Other 699,779 8.66% 117,581 20.20%
TOTAL $8,081,530 100.00% 22,483 .28%
DEBT ADMINISTRATION
Since incorporation in 1969, it has been the policy of the City
of Wheat Ridge not to utilize bonded debt to finance
expenditures.
CASH MANAGEMENT
It is the policy of the City Treasurer to invest all idle funds.
Cash is usually invested within each fund. Occasionally, cash
from smaller funds will be pooled in order to maximize investment
leverage. The returns from pooled investments are distributed to
the participating funds at the end of the pooled investment
period.
The City of Wheat Ridge has formally adopted the prudent investor
rule as a guide to the Treasurer's Office staff in the handling
of municipal investments. City funds may be invested in
F.D.I.C./F.S.L.I.C. insured savings accounts, money market
accounts, certificates of deposit, and U.S. Government
securities. The City monitors the interest rates on a daily
basis.
Relatively small amounts of idle cash are maintained in checking
accounts to cover checks written. Certificates of deposit are
placed in bid amounts of $100,000. At the end of 1987, the City
had $894,811 invested ~n certificates of deposit earning interest
at rates varying from 6.45% to 9.00%, and $1,431,449 in money
market and savings accounts at varying interest rates.
CAPITAL IMPROVEMENT FUND
The City of Wheat Ridge has a Capital Improvement fund which ~s
funded by one-half of the City's sales tax revenues. The City has
never issued bonds for any capital projects, as it is the policy
to budget only for those projects which will be completed with
the funds available. The Capital Improvement fund balance as of
December 31, 1987 was represented by $525,000 in pooled U.S.
Government securities, and $1,000,000 in certificates of deposit.
It is important to note that all but $11,000 of the fund balance
is reserved to pay encumbered construction projects with work ~n
progress December 31, 1987.
URBAN RENEWAL AUTHORITY
The City of Wheat Ridge created the Wheat Ridge Urban Renewal
Authority in 1981. Under rulings made by the Governmental
Accounting Standards Board, the Urban Renewal Authority was
considered a part of the city government for purposes of
financial reporting, up until October 26, 1987, when it became a
separate entity under the name of Economic Development and
Revitalization Commission.
8
GENERAL FIXED ASSETS
The fixed assets of the City are those capital outlays used In
performance of general governmental functions. As of December 31,
1987, the General Fixed Asset group of accounts amounted to
$17,878,334. This amount represents the original cost or
estimated original cost of the assets.
INDEPENDENT AUDIT
Colorado state statutes and the Wheat Ridge city charter requlre
an annual audit of the books of account, financial records, and
transactions of all administrative departments of the City by
independent certified public accountants selected by the City
Council. This requirement has been complied with and the
auditor's opinion has been included in this report.
A WARD S
The City of Wheat Ridge has received the GFOA Distinguished
Budget Presentation Award for fiscal years 1986 and 1987.
Application for the 1988 budget document award has been made.
The Government Finance Officers Association (GFOA) of the United
States and Canada, awards a Certificate of Achievement for
Excellence in Financial Reporting to local governmental entities
for their Comprehensive Annual Financial Report. This report, for
fiscal year 1987, has been prepared in the format desired by GFOA
and has been submitted for their review. In order to be awarded a
Certificate of Achievement, a city must publish an easily
readable and efficiently organized comprehensive annual financial
report, which contents conform to program standards. Such reports
must satisfy both Generally Accepted Accounting Principles and
applicable legal requirements. A Certificate of Achievement is
valid for one year only.
ACKNOWLEDGEMENTS
I would like to express my appreciation to Bernadette Kimmey,
Finance Assistant, and to members of the accounting staff who
prepared this report. Special thanks are extended to members of
the independent Certified Public Accounting firm of Gruenler and
Associates, P.C. for the manner in which they accomplished the
1987 audit.
R~pectfullY submitted,
Co.pi~
City Treasurer
9
Financial Section
= 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 of and for the year ended
December 31, 1987 as listed in the 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 general purpose financial statements
referred to above present fairly the financial position of the City
of Wheat Ridge, Colorado as of December 31, 1987, and the results of
operations and changes in financial position of its Trust fund for
the year 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
accompanying financial information listed in the supporting
schedules 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 same 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.
March 21, 1988
~~~~//Jt
Certified Public Accountants
Members of American Institute of Certified Public Accountants
Colorado Society 0\ Cerlitied Public Accounts
Governmental Finance Officers Association
11
12
GENERAL PURPOSE FINANCIAL STATEMENTS
The General Purpose Financial Statements
overview of the city's operations. These
present the financial position and operating
and account groups as of December 31, 1987.
13
provide a financial
financial statements
results of all funds
CITY OF WHEAT RIDGE, COLORADO
COMBINED BALANCE SHEET - ALL FUND TYPES AND ACCOUNT GROUPS
DECEMBER 31, 1987
Governmental Fund Types
Special
General Revenue
ASSETS
Cash
Investments
Money purchase plan
Receivables:
State government
County government
Other
Due from other funds
Inventory, at cost
Restricted assets:
Cash (Note 2C)
Fixed assets
Amount to be provided for retirement
of general long-term debt
$ 891,101
$ 1,053,496
525,000
533,150
70,271
317 ,498
51,306
178,530
172,015
24,366
100,000
TOTAL ASSETS
$ 1,963,326
$ 1,953,407
LIABILITIES AND FUND EQUITY
LIABILITIES
Accounts payable
Refundable escrow deposits
Accrued payroll benefits
Due to other funds
Deferred revenue - property taxes
Notes payable - capital leases
107,426
79,748
24,823
533,150
271,278
Total liabilities
745,147
271,278
FUND EQUITY
Investment in general fixed assets
Fund Balance:
Reserved for:
Encumbrances
Inventory
Police retirement system
Unreserved:
Designated for subsequent years
expenditures
Undesignated
117,324
51,306
1,497,421
1,049,549
147,599
37,109
Total fund balance
1,218,179
1,682,129
Total fund equity
1,218,179
1,682,129
TOTAL LIABILITES AND FUND EQUITY
$ 1,963,326
$ 1,953,407
The accompanying notes are an integral part of this statement
14
Exhibit 1
Fiduciary
Fund Type Account Groups Total
Trust and General General Long- (Memorandum Only)
Agency Fixed Assets Term Debt 1987 1986
$ 297,354 $ $ $ 2,241,951 $ 2,945,753
525,000 175,000
4,017,205 4,017,205 3,361,684
178,530
705,165 521,124
70,271 14,483
457 342,321 85,829
51,306 54,225
100,000 100,000
17,878,335 17,878,335 17,766,862
343,948 343,948 351,284
$ 4,315,016 $ 11,878,335 $ 343,948 $ 26,454,032 $ 25,376,244
107,426 52,160
32,436 32,436 52,845
257,518 337,266 302,128
46,221 342,321 85,828
533,150 500,616
86,430 86,430 111,792
78,657 343,948 1,439,030 1,105,369
17 ,878,335 17 ,878,335 17,766,860
1,614,745 176,232
51,306 54,227
4,017,205 4,017 ,205 3,361,684
219,154 1,416,302 1,846,131
37,109 1,065,741
4,236,359 7,136,667 6,504,015
4,236,359 17,878,335 25,015,002 24,270,875
$ 4,315,016 $ 17 ,878,335 $ 343,948 $ 26,454,032 $ 25,376,244
15
CITY OF WHEAT RIDGE, COLORADO
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
ALL GOVERNMENTAL FUND TYPES AND EXPENDABLE TRUST FUND (GAAP BASIS)
YEAR ENDED DECEMBER 31, 1987
Governmental Fund Types
Special
General Revenue
REVENUES
Taxes
Licenses and permits
Intergovernmental
Charges for services
Fines and forfeitures
Interest
Other
$ 4,823,971
24b,513
1,267,817
501,707
130,311
102,318
93,210
Total revenues
7,165,847
EXPENDITURES
General government
Community development
Public safety
Public works
Parks and recreation
Capital outlay
Other
1,015,245
486,958
2,848,032
1,860,842
1,082,831
698,392
Total expenditures
7,992,300
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
(826,453)
OTHER FINANCING SOURCES (USES)
Operating transfers in
Operating transfers (out)
479,257
(143,254)
Total other financing
sources (uses)
336,003
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER SOURCES OVER
EXPENDITURES AND OTHER USES
(490,450)
FUND BALANCES, BEGINNING OF YEAR
1,708,629
FUND BALANCES, END OF YEAR
$ 1,218,179
The accompanying notes are an integral part of this statement.
16
$ 2,496,141
387,266
2,775
89,013
289,667
3,264,862
371,013
16,306
2,162,019
2,549,338
715,524
(336,004)
(336,004)
379,520
1,302,609
$ 1,682,129
Exhibit 2
Fiduciary
Fund Type Total
Expendable (Memorandum Only)
Trust 1987 1986
$ $ 7,320,112 $ 7,531,653
246,513 223,959
127 ,971 1,783,054 1,413,590
504,482 495,051
130,311 132,573
10,094 201,425 265,903
382,877 724,920
138 , 065 10,568,774 10,787,649
1,015,245 1,031,810
857,971 621,583
2,848,032 2,871,557
1,860,842 1,840,480
50,010 1,149,147 1,252,191
2,162,019 3,718,148
698,392 582,198
50,010 10,591,648 11,917 ,967
88,055 (22,874) (1,130,318)
479,257 84,054
(479,257) (84,054)
88,055
(22,874)
(1,130,318)
131,099
3,142,337
4,272,655
$
219,154
$ 3,119,463
$
3,142,337
l~
CITY OF WHEAT RIDGE, COLORADO
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
BUDGET (NON-GAAP BASIS) AND ACTUAL
GENERAL AND SPECIAL REVENUE FUND TYPES
YEAR ENDED DECEMBER 31, 1987
Budget
REVENUES
Taxes
Licenses and permits
Intergovernmental
Charges for services
Fines and forfeitures
Interest
Other
$ 5,321,259
300,005
1,286,682
516,871
130,000
165,500
93,980
Total revenues
7,814,297
EXPENDITURES
General government
Community development
Public safety
Public works
Parks and recreation
Capital outlay
Other
1,149,393
530,079
3,021,559
2,128,788
1,192,618
1,828,631
Total expenditures
9,851,068
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
(2,036,771)
OTHER FINANCING SOURCES (USES)
Operating transfers in
Operating transfers (out)
567,909
(75,000)
Total other financing
sources (uses)
492,909
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER SOURCES OVER
EXPENDITURES AND OTHER USES
(1,543,862)
FUND BALANCES, BEGINNING OF YEAR
1,543,862
FUND BALANCES, END OF YFAR
$
General Fund
Actual
Variance
Favorable
(Unfavorable)
$ 4,823,971
246,513
1,267,817
501,707
130,311
102,318
93,210
$
497,288
53,492
18,865
15,164
(311)
63,182
770
7,165,847
648,450
1,015,230
484,908
2,867,049
1,931,706
1,082,857
134,163
45,171
154,510
197,082
109,761
699 , 779
1,128,852
8,081,530
1,769,538
(915,683)
(1,121,088)
479,257
(143,254)
88,652
68,254
336,003
156,906
(579,679)
964,183
1,622,168
78,306
$ 1,042,489
$
1,042,489
The accompanying notes are an integral part of this statement.
18
Exhibit 3
Special Revenue Fund Types
Variance
Favorable
Budget Actual (Unfavorable)
$ 2,928,239 $ 2,496,141 $ (432,098)
413,589 387,266 (26,323)
700 2,775 2,075
55,450 89,013 33,563
855,000 289,667 (565,333)
4,252,978 3,264,862 (988,116)
372,425 367,759 4,666
37,487 16,306 21,181
4,596,829 3,582,958 (972,007)
5,006,741 3,967,023 (946,160)
(753,763 ) (702,161) 51,602
(454,738) (336,003) 118,734
(454,738) (336,003) 118,734
(1,208,501) (1,037,895) 170,336
1,208,501 1,194,216 (14,285)
$ $ 156,051 $ 156,051
19
CITY OF WHEAT RIDGE, COLORADO
Exhibit 4
STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND BALANCES
POLICE PENSION FUND - TRUST FUND
YEAR ENDED DECEMBER 31, 1987
1987
OPERATING REVENUES
Contributions (Note 2F):
City
Employees - mandatory
Employees - voluntary
$
153,571
153,571
17 ,812
Total contributions
324,954
Interest
Capital gain (loss)
435,969
( 37)
Total operating revenues
160,BB6
OPERATING EXPENSES
Withdrawals by participants
Trustee admininstrative charges
84,397
20,968
Total operating expenses
105,365
NET INCOME
655,521
FUND BALANCE, BEGINNING OF YEAR
3,361,684
FUND BALANCE, END OF YEAR
$ 4,017,205
1986
$
153,325
153,325
27,295
333,945
460,477
193
194,615
379,553
20,282
399,835
394,180
2,966,904
$ 3,361,684
The accompanying notes are an integral part of this statement.
20
Exhibi t 5
CITY OF WHEAT RIDGE, COLORADO
STATEMENT OF CHANGES IN FINANCIAL POSITION
POLICE PENSION FUND - TRUST FUND
YEAR ENDED DECEMBER 31, 1987
1987 1986
SOURCE OF FUNDS
Net lncome $ 655,521 $ 394,780
MONEY PURCHASE PLAN, BEGINNING
OF YEAR 3,361,684 2,966,904
MONEY PURCHASE PLAN, END OF YEAR $ 4,011,205 $ 3,361,684
The accompanying notes are an integral part of this statement.
21
CITY OF WHEAT RIDGE, COLORADO
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1987
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accounting policies of the
City), conform to generally
applicable to governments. The
significant policies consistently
financial statements.
City of Wheat Ridge, Colorado, (the
accepted accounting principles as
following is a summary of the more
used in the preparation of the
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. 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 unit, is included in
the City financial statements. Separate financial statements are
not issued for the Urban Renewal Fund, (also see note 6).
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 may 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
(also see note 6).
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 fund is the general operating fund of
the City. It is used to account for all financial resources
except those required to be accounted for in another fund.
7 7
~~
CITY OF WHEAT RIDGE, COLORADO
NOTES TO FINANCIAL STATEMENTS
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (continued)
B. Basis of presentation - fund accounting - (continued)
Governmental Funds - (continued)
General Fund - (continued)
On December 31, 1985 Council Resolution 757 authorized the
establishment of a Police Department Bond Trust. The City
collects cash bail 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, 1987, the fund had a cash balance and related
account payable of $ 325.
Special Revenue Funds - Special revenue funds are used to account
for the proceeds of specific revenue sources that are legally
restricted to expenditures for specific purposes. The City has
six special revenue funds.
Capital Improvement Fund - The
for funds received as a result
City's sales tax. Funds are
itures.
fund was established to account
of a one percent increase in the
only used for capital expend-
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 growth
over the 1981 base year from property taxes and from interest
interest on invested funds, (also see note 6).
Federal Revenue Sharing Fund - The fund accounts for monles
received through the "State and Local Fiscal Assistance Act of
1972". The Act provides funds 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.
Senior Center - The fund accounts for contributions
the Wheat Ridge Community Center. Expenditures
activities of the Center.
made to
support
Park Acquisition Fund - The fund accounts
and designated for the acquisition of
related improvements.
for revenues received
additional parks and
Building Demolition Fund - This revolving fund charges owners
for expenses incurred in the demolition of buildings.
" ~
~~
CITY OF WHEAT RIDGE, COLORADO
NOTES TO FINANCIAL STATEMENTS
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (continued)
B. Basis of presentation - fund accounting - (continued)
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 custodial in nature (assets equal liabilities)
and do not involve measurement of operations.
Trust and Agency Funds of the City include the following:
Police Pension (Trust) Fund - The fund accounts for funds
received from participants and City contributions from the
General Fund. The funds 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
funds received and restricted as to use in the acquisition,
development and maintenance of new conservation sites pursuant
to Colorado Revised Statutes.
Public Works Escrow (Agency) Fund - the fund accounts for funds
received, prior to the issuance of certain construction
permits, to guarantee the work required by the permit. Upon
completion the funds are returned.
CATV Property Damage (Agency) Fund The CATV (cable
television) fund accounts for funds 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.
Account Groups
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
24
CITY OF WHEAT RIDGE, COLORADO
NOTES TO FINANCIAL STATEMENTS
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (continued)
B. Basis of presentation - fund accounting - (continued)
Account Groups - (continued)
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 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 public land. The property is recorded at the
cost recorded by the Open Space Program.
Long term liabilities expected
funds are accounted for in the
not in the governmental funds.
to be
General
financed from governmental
Long-Term Account Group,
The two account groups are not "funds". They are concerned
with the measurement of financial position. They do not
involved with measurement of results of operations.
only
get
Total Columns on Combined Financial Statements
Total columns on the Combined Financial Statements are captioned
"Memorandum Only" to indicate that they are presented only to
facilitate 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.
25
CITY OF WHEAT RIDGE, COLORADO
NOTES TO FINANCIAL STATEMENTS
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (continued)
B. Basis of presentation - fund accounting - (continued)
Investments
Investments are stated at cost, which approximates market value,
and accrued interest receivable, (also see note 2A).
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 Citys' 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.
C. Basis of Accounting
Basis of accounting refers to when revenues and expenditures or
expenses are recognized in the accounts and reported in the
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.
Expenditures are generally recognized under the modified accrual
basis of accounting when the related fund liability is incurred.
Trust and Agency funds are used to account for
City in a trustee capacity. The Pension Trust
for using the accrual basis of accounting.
assets held by the
fund is accounted
Property Taxes
Property taxes are levied on December 15, of each year and attach
as an enforceable lien on property as of January 1. 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 will
be sold at public auction. The County bills and collects the
property taxes and remits collections to the City on a monthly
basis. No provision has been made for uncollected taxes, in that
the citys' experience indicates that all material amounts will be
collected and paid to the city.
26
CITY OF WHEAT RIDGE, COLORADO
NOTES TO FINANCIAL STATEMENTS
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (continued)
D. Budgetary Data
General Budget policies
The City conforms to the following procedures, in compliance with
Colorado Revised Statutes, in establishing the budgetary data
reflected in the financial statements:
Prior to September 1, the City Administrator (not an elected
official) submits a proposed operating budget for the fiscal
year commencing the following January 1, 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 1, 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 long-term additions to
the infrastructure are not accounted for through a Capital
Projects Fund.
Appropriations are controlled and
conformity with Colorado Revised
requires a balanced budget.
appropriations may violate Colorado
reported to the State Auditor.
the budget is only amended in
Statutes. The City Charter
Expenditures in excess of
Revised Statutes and must be
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 (non-GAAP) and
become part of the following year's appropriations.
27
CITY OF WHEAT RIDGE, COLORADO
NOTES TO FINANCIAL STATEMENTS
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (continued)
D. Budgetary Data - (continued)
Budget basis of accounting
The Individual and combined Statements of Revenues, Expenditures
and Changes in Fund Balances for the governmental fund types
included comparisons to budget. The budgets are adopted and
presented in the financial statements on the non-GAAP basis, the
budgets include encumbrances, but exclude other receivables,
accounts payable and accrued payroll benefits. Budgeted amounts
are as originally adopted or as amended by City Council.
E. Excess of expenditures over appropriations
See note 6.
2. DETAIL NOTES ON ALL FUNDS AND ACCOUNT GROUPS
ASSETS
A. Cash deposits and investments
Cash deposits
The Colorado Public Deposit Protection Act, (PDPA) requires that
all units of local government deposit cash in eligible public
depositories, eligibility is determined by state regulators.
Amounts on deposit in excess of federal insurance levels must be
collateralized. The eligible collateral is determined by the PDPA.
PDPA allows the institution to create a single collateral pool for
all public funds. The pool is to be maintained by another
institution or held in trust for all the uninsured public deposits
as a group. The market value of the collateral must be at least
equal to 100% of the uninsured deposits.
At December 31, 1987, the City cash deposits had a bank balance of
$ 2,547,473 and a corresponding carrying balance as follows:
Insured deposits
$ 1,013,401
Deposits collateralized in single
institution pool
Total cash and restricted cash
1,328,550
$ 2,341,951
28
CITY OF WHEAT RIDGE, COLORADO
NOTES TO FINANCIAL STATEMENTS
2. DETAIL NOTES ON ALL FUNDS AND ACCOUNT GROUPS - (continued)
ASSETS - (continued)
A. Cash deposits and investments - (continued)
Investments
Colorado statutes specify which instruments units
government may invest in, which include:
of local
Repurchase agreements,
Obligations of the United States or obligations unconditionally
guaranteed by the United States,
Obligations of the State of Colorado and most general obligations
of units of local government,
Federally insured mortgages and student loans,
Participation with other local governments in pooled investment
funds (trusts), these trusts are supervised by participating
governments, and must comply with the same restrictions on cash
deposits and investments.
The City's investments are categorized below to give an indication
of the level of security assumed at year end. All City investments
are held in Category 1, "investments that are insured or
registered for which securities are held by the entity or its agent
in the City's name". The carrying amount and market value are the
same.
Investments in pooled investment funds
(ColoTrust) .
$ 525,000
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 to the
property. Property taxes are reported as a receivable and a
deferred revenue in the amount of $ 533,150, (also see Note IC).
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
Citys' 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.
29
CITY OF WHEAT RIDGE, COLORADO
NOTES TO FINANCIAL STATEMENTS
2. DETAIL NOTES ON ALL FUNDS AND ACCOUNT GROUPS - (continued)
ASSETS - (continued)
D. Joint Ventures
On May 12, 1986 the City entered into a intergovernmental agreement
with the City of Lakewood, Colorado to improve certain streets
common to both cities. The Cities agreed to share the costs
equally. The project had a total budget of $ 851,000. Supervisory
functions were allocated based upon the agreement and amendments.
The project was completed in 1987. A summary of the 1987 activity
follows:
The changes in general fixed assets for the year ended December 31,
1987 are as follows:
Balance Balance
January 1, December 31,
1987 Additions Deletions 1987
Land $ 2,448,290 $ $ $ 2,448,290
Buildings 3,01l,262 3,01l,262
Improvements 1,009,568 1,009,568
Streets 8,106,465 8,106,465
Equipment 3,191,275 314,349 202,874 3,302,750
Total $ 17,766,860 $ 314,349 $ 202,874 $ 17,878,335
30
CITY OF WHEAT RIDGE, COLORADO
NOTES TO FINANCIAL STATEMENTS
2. DETAIL NOTES ON ALL FUNDS AND ACCOUNT GROUPS - (continued)
LIABILITIES
F. Pension plans
City police are covered by a defined contribution money purchase
plan (Police Pension Trust). Participants contribute 10% of their
compensation which the City matches; however, under certain
conditions, participants may contribute up to 15% of their
compensation. During 1987, the participants and the City each
contributed $ 153,571 to the Plan. The plan is administered by a
third party trustee.
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 City contributes 4% of the employees'
compensation. The City contributed $ 79,344 for the year ended
December 31, 1987. The City has no liability under the Plan other
than the matching payment.
G. Accrued salaries and payroll benefits
As of December 31, 1987 accrued salaries and related payroll taxes
were $ 66,893.
As of December 31, 1987, accrued sick pay of $ 12,855 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, 1987, accrued annual leave of $ 203,018 and
accrued holiday pay of $ 54,500 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.
H. Lease Obligations
The City is obligated, (as general fund liabilities), for certain
leases which have been capitalized. The leases are subject to the
appropriation of funds by the City. 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, based on the
City's incremental borrowing rate at the inception of the lease.
The future minimum lease obligations are as follows:
31
CITY OF WHEAT RIDGE, COLORADO
NOTES TO FINANCIAL STATEMENTS
2. DETAIL NOTES ON ALL FUNDS AND ACCOUNT GROUPS - (continued)
LIABILITIES - (continued)
H. Lease obligations - (continued)
Year ended December 31,
1988
1989
1990
1991
Present value of long-term obligation
under capital lease
$ 30,493
28,787
28,787
11,996
100,063
13,633
$ 86,430
Total minimum lease payments
Amount representing interest
I. Schedule of changes in General Long-Term Debt
Compensated
Leases Absences Total
Balance, beginning
of year $ 111,792 $ 239,492 $ 351,284
Additions 18,026 18,026
Deletions (25,362) (25,362)
Balance, end of year $ $86,430 $ 257,518 $ 394,672
J. Encumbrances outstanding
Encumbrances outstanding at December 31, 1987, by fund, are as
follows:
General
Special Revenue
Capital Improvement
$ 117,324
1,497,421
$ 1,614,745
~ 0
j~
CITY OF WHEAT RIDGE, COLORADO
NOTES TO FINANCIAL STATEMENTS
3. INTERFUND RECEIVABLES AND PAYABLES
A summary of interfund receivables and payables follows:
Receivable
Fund
General
Payable
$
317,498 $
24,823
Special revenue
Capital Improvement
Park Acquisition
Urban Renewal
Senior Center
269,323
75
24,291
1,955
Agency
Public Works
Conservation Trust
457
46,221
$ 342,321 $ 342,321
4. RESERVATION AND DESIGNATION OF FUND BALANCES
Encumbrances outstanding and inventory at year end are reported as
reservations of fund balances, they do not constitute expenditures or
liabili ties.
The Police Retirement System is reserved because the balance is
legally restricted to provide future benefit payments for the Police
upon retirement.
The City designates unreserved fund balances in an amount equal to
the budgeted individual carryover fund balance per the 1988 Budget.
5. BUDGETARY - GAAP REPORTING RECONCILIATION
The accompanying schedule presents comparisons of the legally adopted
budget, (more fully described in Note ID.) with actual data on a
budgetary basis for the General Fund, Capital Improvement, and Urban
Renewal Fund. Because accounting principles applied for purposes of
developing data on a budgetary basis differ significantly from those
used to present financial statements in conformity with GAAP, a
reconciliation of resultant basis, timing, perspective and entity
differences in the excess (deficiency) of revenues and other sources
of financial resources over expenditures and other uses of financial
resources for the year ended December 31, 1987 is presented below:
33
CITY OF WHEAT RIDGE, COLORADO
NOTES TO FINANCIAL STATEMENTS
5. BUDGETARY - GAAP REPORTING RECONCILIATION - (Continued)
General
Special
Revenue
Excess of
financial
and other
(budgetary
revenues and other sources of
resources over expenditures
uses of financial resources
basis)
$ (579,679)
$ (1,038,165)
Adjustments:
Encumbrances:
Prior year paid in current year
Current year outstanding
(28,095)
117,324
( 79 , 73 5 )-
1,497,421
Excess of revenues and other sources of
financial resources over expenditures
and other uses of financial resources
(GAAP basis) $ (490,450)
$
379,521
6. OTHER MATTERS
During the year the City signed an agreement with a new reporting
entity, the Economic Development and Revitalization Commission
(EDARC). EDARC will issue its own audit report, it is not
considered a component unit of the City.
Net assets of two projects formerly included in the City's Urban
Renewal Fund were transferred to EDARC. The cash transfer of
$315,936 was reported as an expenditure of the Urban Renewal Fund.
Accordingly the reported excess of expenditures over budget in the
Urban Renewal Fund does not constitute a violation of state
budgetary statutes.
7. LITIGATION
The City has been named in several lawsuits; however, the City
Attorney has estimated that those claims not covered by insurance
would not materially affect the financial statements of the City.
34
SUPPLEMENTAL INFORMATION - COMBINING, INDIVIDUAL,
AND ACCOUNT GROUP STATEMENTS AND SCHEDULES
The following combining, individual fund, and individual account
group financial statements are presented for purposes of additional
analysis and are not a required part of the general purpose
financial statements of the City.
35
GENERAL FUND
The General Fund accounts for all transactions of the City 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.
36
CITY OF WHEAT RIDGE, COLORADO
COMPARATIVE BALANCE SHEET
GENERAL FUND
DECEMBER 31, 1987 AND 1986
1987
ASSETS
Cash
Investments
Accounts receivable:
County government
Other
Due from other funds
Inventory, at cost
Restricted assets - cash
$
891,101
533,150
70,271
317 ,498
51,306
100,000
TOTAL ASSETS
$ 1,963,326
LIABILITIES AND FUND EQUITY
LIABILITIES
Accounts payable $
Accrued payroll benefits
Due to other funds
Deferred revenue - property taxes
107,426
79,748
24,823
533,150
Total liabilities
745,147
FUND EQUITY
Fund balance:
Reserved:
Reserved for encumbrances
Reserved for inventory
Unreserved:
Designated for subsequent
years expenditures
Undesignated
117,324
51,306
1,049,549
Total fund equity
1,218,179
TOTAL LIABILITIES
AND FUND EQUITY
$ 1,963,326
37
Schedule A-I
1986
$ 1,392,793
175,000
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
CITY OF WHEAT RIDGE, COLORADO
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL (NON-GAAP BASIS)
YEAR ENDED DECEMBER 31, 1987
With comparative actual amounts for year ended December 31, 1986
Budget
Actual
REVENUES
Taxes
Licenses and permits
Intergovernmental
Charges for services
Fines and forfeitures
Interest
Other
$ 5,321,259
300,005
1,286,682
516,871
130,000
165,500
93,980
$ 4,823,971
246,513
1,267,817
501,707
130,311
102,318
93,210
Total revenue
7,814,297
7,165,847
EXPENDITURES
General government
Community development
Public safety
Public works
Parks and recreation
Other
1,149,393
530,079
3,021,559
2,128,788
1,192,618
1,828,631
1,015,230
484,908
2,867,049
1,931,706
1,082,857
699,779
Total expenditures
9,851,068
8,081,530
EXCESS (DEFICIENCY) OF
REVENUES OVER EXPENDITURES
(2,036,771)
(915,683)
OTHER FINANCING SOURCES (USES):
Operating transfers in
Operating transfers (out)
567,909
(75,000)
479,257
(143,254)
Total other financing
sources (uses)
492,909
336,003
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER SOURCES OVER
EXPENDITURES AND OTHER USES
(1,543,862)
(579,679)
FUND BALANCES, BEGINNING OF YEAR
1,543,862
1,622,168
FUND BALANCES, END OF YEAR
$
$ 1,042,489
38
Variance
Favorable
(Unfavorable)
$
497,288
53,492
18,865
15,164
(311)
63,182
770
648,450
134,163
45,171
154,510
197,082
109,761
1,128,852
1,769,538
(1,121,088)
88,652
68,254
156,906
964,183
78,306
$
1,042,489
Schedule A-2
1986
Actual
$ 4,975,833
223,959
1,153,163
494,601
132,573
142,774
42,356
7,165,259
1,031,810
560,808
2,871,557
1,840,480
1,172,194
582,198
8,059,047
(893,788)
84,054
84,054
(809,734)
2,431,902
$ 1,622,168
SPECIAL REVENUE FUNDS
Special Revenue funds account for the proceeds of specific revenue
sources that are legally restricted to expenditures for specific
purposes.
The City has SlX special revenue funds:
The Capital Improvement
received as a result of a
tax. Funds are only used
Fund - The fund accounts
one-percent increase in the
for capital expenditures.
for funds
City's sales
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 incremental sales tax
growth over the 1981 base year from property taxes and from
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 Fund - The fund accounts for revenues received
and designated for use in 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.
SCHEDULE OF FEDERAL FINANCIAL ASSISTANCE
To account for nonmajor federal assistance.
39
CITY OF WHEAT RIDGE, COLORADO
SPECIAL REVENUE FUNDS
COMBINING BALANCE SHEET
DECEMBER 31, 1987
With comparative totals for the year ended December 31, 1986
ASSETS
Cash
Investments
Accounts receivable:
state government
County government
Due from other funds
TOTAL ASSETS
LIABILITIES AND FUND EQUITY
LIABILITIES
Accounts payable
Due to other funds
Total liabilities
FUND EQUITY
Fund balances:
Reserved for encumbrances
Unreserved:
Designated for subsequent
years expenditures
Undesignated
Total fund equity
TOTAL LIABILITIES
AND FUND EQUITY
Capital
Improvement
$ 1,000,000
525,000
178,530
172,015
$ 1,815,545
269,323
269,323
1,497,421
75,000
33,801
1,606,222
$ 1,815,545
40
Urban
Renewal
$
24,291
$
24,291
24,291
24,291
$
24,291
Federal
Revenue
Sharing
$
3,203
$
3,203
3,203
3,203
$
3,203
Schedule B-1
Senior Park Building Totals
Center Acquisition Demolition 1987 1986
$ 11,763 $ 24,018 $ 14,512 $ 1,053,496 $ 1,368,934
525,000
178,530
172,015 20,508
75 24,366
$ 11.763 $ 24.093 $ 14.512 $ 1.953.407 $ 1,389.442
1,955
271,278
1,094
85,746
1,955
271,278
86,840
1,497,421 143,998
6,500 24,093 14,512 147,599 339,615
3,308 37,109 818,989
9,808 24,093 14,512 1,682,129 1,302,602
$ 11.763 $ 24.093 $ 14.512 $ 1.953.407 $ 1.389.442
41
CITY Of' WHEAT RIDGE, COLORAOO
SPECIAL REVENUE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL (NON-GAAP BASIS)
YEAR ENDED DECEMBER 31, 1987
With comparative actual amounts for year ended December 31, 1986
42
43
Schedule B-2
Continued on next page
CITY OF WHEAT RIDGE, COLORADO
SPECIAL REVENUE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENUITURES AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL (NON-GAAP BASIS)
YEAR ENDED DECEMBER 31, 1987
With comparative actual amounts for year ended December 31, 1986
Park Acquisition
Budqet
Actual
Variance
Favorable
(Unfavorable)
IIEYEIlIES
Taxes
Intergovernmental
Charges for services
Interest
Other
$ $
$
700 2,775
500 1,212
2,075
712
ToW reVl!JlUeS
1.200 3.981
2.7fJl
KlPt:llJDlIIIIS
Community development
Parks and recreation
Capital outlay
20,932
20,932
ToW l!llpI!Dditures
20.932
20.932
Elm;!) (DF.FICJg;'f) OF
IIEYEIlIES OVI!R EJPIIIlDlllllS
(19,732)
3,981
23,TI9
0!IIEIl ~ &XJIICES:
Operating transfers in (out)
FUND BALANCES, BEGINNING
OF YEAR
19.732
20 .106
374
PIlI) RAr.-, IIJIJ OF YEIIl
$
$
24 .ll'i3 $
24.ll'i3
44
Schedule B-2
(continued )
Buildinq Demolition Total (Memorandum Onlv)
Variance Variance
Favorable Favorable 1986
Budqet Actual (Unfavorable ) Budqet Actual (Unfavorable) Actual
$ $ $ $ 2,928,239 $ 2,496,141 $ (432,098) $ 2,555,820
413,589 387,266 (26,323) 151,814
700 2,775 2,075 450
450 727 277 55,450 89,013 33,563 117,268
855.000 289,667 (565,333) 682.564
450 Tn zn 4.252.978 3 .264.862 (988.116) 3.507.916
13,905 13,905 372,425 367,759 4,666 60,775
37,487 16,306 21,181 13,051
4.596 .829 3,582,958 (972,007) 3,718,148
13 ,905 13.905 5.006.141 3.961.023 (946.160) 3.191.974
(13,455) Tn 14,182 (153,163) (102,161) 51,602 (284,058)
(454,738) (336,004) 118,734 (84,054)
13 .455 13,785 330 1.208.501 1. 194 ,216 (14.285) 1.562.328
$ $ 14.512 $ 14.512 $ $ 156.051 $ 156.051 $ 1.194.216
45
CITY OF WHEAT RIDGE, COLORADO
SPECIAL REVENUE FUNDS
COMPARATIVE BALANCE SHEETS
DECEMBER 31, 1987 AND 1986
ASSETS
Cash
Investments
Accounts receivable:
state government
County government
Due from other funds
TO'l'AL ASSETS
LIABILITIES AND FUND EQUITY
LIABILITIES
Accounts payable
Due to other funds
Total liabilities
FUND EQUITY
Fund balances:
Reserved for encumbrances
Unreserved:
Designated for subsequent
years expenditures
Undesignated
Total fund balances
TOTAL LIABILITIES
AND FOND EQUITY
Capital Improvement
1987 1986
$ 1,000,000
525,000
178,530
172,015
$ 1,875,545
269,323
269,323
1,497,421
75,000
33,801
1,606,222
$ 1,875,545
46
$ 944,896
20,508
$ 965,404
10,353
10,353
108,393
124,600
722,058
955,051
$ 965,404
Schedule B-3
Urban Renewal
1987 1986
Federal
Revenue Sharinq
1987 1986
$
$ 305,755
$
3,203
$ 65,256
24,291
$ 24,291
$ 305,755
$
3,203
$ 65,256
4
75,311
1,090
75,315
1,090
35,605
24,291 128,716 3,203 34,058
66 , 119 30,108
24,291 230,440 3,203 64,166
$ 24,291 $ 305,755 $ 3,203 $ 65,256
Continued on next page.
~:'
CITY OF WHEAT RIDGE, COLORADO
SPECIAL REVENUE FUNDS
COMPARATIVE BALANCE SHEETS
DECEMBER 31, 1987 AND 1986
Senior Center
1987 1986
ASSETS
Cash
Investments
Accounts receivable:
County government
Other
Due from other funds
$
11,763
$
19,136
TOTAL ASSETS
$
11,763
$
19,136
LIABILITIES AND FUND EQUITY
LIABILITIES
Accounts payable
Due to other funds
1,955
82
Total liabilities
1,955
82
FUND EQUITY
Fund balances:
Reserved for encumbrances
Unreserved:
Designated for subsequent
years expenditures
Undesignated
6,500
3,308
19,054
Total fund equity
9,808
19,054
TOTAL LIABILITES
AND FUND EQUITY
$
11,763
$
19,136
48
Park Acquisition
1937 1986
$ 24,018
75
$ 24,093
24,093
24,093
$ 24,093
$ 20,106
$ 20,106
19,732
374
20,106
$ 20,106
Schedule B-3
(continued)
Buildinq Demolition
1987 1986
$ 14,512
$ 14,512
14,512
14,512
$ 14,512
$ 13,785
$ 13,785
13 ,455
330
13,785
$ 13,785
49
CITY OF WHEAT RIDGE, COLORADO
SCHEDULE OF FEDERAL FINANCIAL ASSISTANCE
FOR THE YEAR ENDED DECEMBER 31, 1987
Federal
CFDA
Number
u.s. Department of Treasury
state and Local Government Fiscal
Assistance - Revenue Sharing 21.300
Pass-
Though
Grantor's
Number
50
Grant
Year
FY 1987 $
Grant
Amount
Accrued
Revenue
1-1-87
$ 64,166
Revenue
$
1,942
Expenditures
and
Transfers
$
62,905
Schedule B-4
Accrued
Revenue
12-31-87
$
3,203
51
s?
FIDUCIARY 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
Police Pension Fund The fund accounts for monies received
from Plan participants and City contributions from the General
Fund. The funds 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 funds received
and restricted for use in the acquisition, development and
maintenance of new conservation sites pursuant to Colorado
Revised Statutes.
Agency Funds
The Public Works Escrow Fund
received prior to the issuance of
to guarantee the work required by
the funds are returned.
The fund accounts for funds
certain construction permits,
the permit. Upon completion
The CATV (cable television) Property Damage Fund - The fund
accounts for funds 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.
53
CITY OF WHEAT RIDGE, COLORADO
FIDUCIARY FUNDS
COMBINING BALANCE SHEET
DECEMBER 31, 1987
With comparative totals for year ended December 31, 1986
Pension
Trust Fund
Police
Pension
Expendable
Trust Fund
Conservation
Trust
ASSETS
Cash $ $ 265,375
Money purchase plan 4,017,205
Due from other funds
TOTAL ASSETS $ 4,017,205 $ 265,375
LIABILITIES AND FUND EDQUITY
LIABILITIES
Refundable escrow deposits $ $
Due to other funds 46,221
Total liabilities 46,221
FUND EQUITY
Fund balances:
Reserved for police retirement
system 4,017,205
Unreserved:
Designated for subsequent
years' expenditures 219,154
Total fund equity 4,017,205 219,154
TOTAL LIABILITIES
AND FUND EQUITY $ 4,017,205 $ 265,375
54
Schedule C-1
Agency Funds
Public CATV Total
Works Property (Memorandum Only)
Escrow Damage 1987 1986
$ 29,479 $ 2,500 $ 297,354 $ 184,026
4,017 ,205 3,361,684
457 457
$ 29,936 $ 2,500 $ 4,315,016 $ 3,545,710
$
29,936
$
2,500
$
32,436
46,221
$
52,845
82
29,936
2,500
78,657
52,927
4,017,205
3,361,684
219,154
131,099
4,236,359
3,492,783
$
29,936 $
2,500
$ 4,315,016
$ 3,545,710
S5
Schedule C-2
CITY OF WHEAT RIDGE, COLORADO
AGENCY FUNDS
COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
FOR FISCAL YEAR ENDED DECEMBER 31, 1987
Balance Balance
January 1, December 31,
1987 Additions Deductions 1987
PUBLIC WORKS ESCROW FUND
ASSETS
Cash $ 50,358 $ 7,431 $ 28,310 $ 29,479
Due from other funds 457 457
TOTAL ASSETS $ 50,358 $ 7,888 $ 28,310 $ 29,936
LIABILITIES
Refundable escrow deposits $ 50,345 $ $ 20,409 $ 29,936
Due to other funds 13 13
TOTAL LIABILITIES $ 50,358 $ $ 20,422 $ 29,936
CATV PROPERTY DAMAGE FUND
ASSETS
Cash $ 2,569 $ $ 69 $ 2,500
LIABILITIES
Refundable escrow deposits $ 2,500 $ $ $ 2,500
Due to other funds 69 69
TOTAL LIABILITIES $ 2,569 $ $ 69 $ 2,569
56
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.
5:-
Schedule D-1
CITY OF WHEAT RIDGE, COLORADO
SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS - BY SOURCE
DECEMBER 31, 1987
Additions Deletions
Balance and and Balance
January 1, Transfers Transfers December 31,
1987 In out 1987
GENERAL FIXED ASSETS:
Land $ 2,448,2'30 $ $ $ 2,448,290
Buildings 3,011,262 3,011,262
Improvements 1,009,568 1,009,568
Streets 8,106,465 8,106,465
Equipment 3,191,273 314,349 202,874 3,302,750
Total $ 17,766,860 $ 314,349 $ 202,874 $ 17,878,335
INVESTMENT IN GENERAL
FIXED ASSETS FROM:
Assets contributed
to the City $ 10,156,579 $ $ $ 10,156,579
Acquired by various
funds 7,610,281 314,349 202,874 7,721,756
Total $ 17 , 766,860 $ 314,349 $ 202,874 $ 17,878,335
58
CITY OF WHEAT RIDGE, COLORADO
SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS
BY FUNCTION AND ACTIVITY
DECEMBER 31, 1987
Balance
January 1,
1987
General Government
City council $ 72,697 $
Treasurer 163,807
Mayor 1,680
City administrator 21,900
Attorney 211
City clerk 20,695
Municipal clerk 13 ,239
Total 294,229
Conmunity development 96,119
Public Safety
Police administration 413,860
Support services 48,992
Operations 189,321
Civil disaster 4,544
Total 656,717
Public Works
Administration 8,749,150
Engineering 166,889
Street maintenance 858,601
Traffic maintenance 115,036
Shops 168,323
Total 10,057,999
Parks and Recreation
Adminstration 3,006,422
Recreation 1,018,334
Parks maintenance 445,094
Forestry 51,981
Rangers 12,251
Total 4,534,082
other
Building 2,127,714
Total General Fixed Assets $ 17,766,860
Additions
and
Transfers
in
7,812
2,698
9,002
19,512
6,591
64,245
4,018
17 ,664
B5,927
12,795
32,104
13,731
52,303
110,933
4,185
3,081
82,066
89,332
2,054
$
314,349
S9
Deletions
and
Transfers
out
$
8,477
466
8,943
9,020
4,250
11,316
15,566
12,520
6,Sll
29,435
3,150
4,987
56,603
13,019
30,337
5,154
51,981
12,251
112,742
$
202,874
Schedule D-2
Balance
December 31,
1987
$
72,697
171,619
1,680
16,121
211
20,695
21,775
304,798
93,690
473,855
53,010
195,669
4,544
727 ,078
8,736,630
173,173
861,270
125,617
215,639
10,112,329
2,997,588
991,078
522 ,006
4,510,672
2,129,768
$ 17 ,878,335
CITY OF WHEAT RIDGE, COLORADO
SCHEDULE OF GENERAL FIXED ASSETS
BY FUNCTION AND ACTIVITY
DECEMBER 31, 1987
Total
General Government
City council
Treasurer
Mayor
City administrator
Attorney
City clerk
Municipal clerk
$
72,697
171,619
1,680
16,121
211
20,695
21,775
Total
304,798
Community development
93,690
Total
2,528,256
Public Safety
Police administration
Support services
Operations
Civil disaster
473,855
53,010
195,668
4,545
Total
727,078
Public Works
Administration
Engineering
Street maintenance
Traffic maintenance
Shops
8,736,630
173,173
861,270
125,617
215 , 639
Total
10 , 112,329
Parks and Recreation
Adminstration
Recreation
Parks maintenance
Forestry
Rangers
2,997,588
991,078
522,006
Total
4,510,672
Other
Building
2,129,768
Total General
Fixed Assets
$ 17,878,335
() 0
Land
$
530,350
69,807
60,000
660,157
1,701,166
39,617
47,350
1,788,133
$ 2,448,290
Schedule D-3
Buildings Improvements Streets Equipment
$ $ $ $ 72 ,697
171,619
1,680
16,121
211
20,695
21,775
304,798
93,690
1,840,227 83,412 604 ,617
2,761 384 470,710
2,060 50,950
195,668
4,545
2,761 2,444 721,873
33,924 8,106,465 65,891
103,366
861,270
125,617
155,639
33,924 8,106,465 1,311,783
223,004 762,738 310,680
888,904 12,588 49,969
56,366 114,462 303,828
1,168,274 889,788 664 ,477
1,840,227 83,412 206,129
$ 3,011,262 $ 1,009,568 $ 8,106,465 $ 3,302,150
61
----
b2
Statistical Section
Table
CITY OF WHEAT RIDGE, COLORADO
GENARAL FUND EXPENDITURES (NON-GAAP BASIS) BY FUNCTION
LAST TEN FISCAL YEARS
(UNAUDITED)
Fiscal General Community Public Pub lie Parks &
Year Government Development Safety Works Recreation Other Total
1978 $ 943,391 $ $ 1,091,526 $ 707,406 $ 431,370 $ $ 3,173,633
1979 726,494 233,663 1,403,831 806,805 552,629 3,723,42::
1980 883,372 271,921 1,598,132 991,384 654,024 4,398,833
1981 734,335 293,261 1,762,605 1,071,586 722,164 207,082 4,791,033
1982 807,314 311,314 2,005,761 1,308,280 804,408 243,544 5,480,621
1983 962,928 360,204 2,205,152 1,530,321 921,383 291,790 6,271,778
1984 1,228,869 476,656 2,340,767 1,855,061 997,960 32,382 6,931,695
1985 979,111 495,766 2,443,412 1,867,383 1,079,096 368,772 7,233,540
1986 1,031,810 560,808 2,871,557 1,840,480 1,172,194 582,198 8,059,047
1987 1,015,230 484,908 2,867,049 1,931,706 1,082,857 699,779 8,081,530
1-; 1-
Source: City of Wheat Ridge audited financial statements, 1978-1987.
63
Table 2
CITY OF WHEAT RIDGE, COLORADO
GENERAL FUND REVENUES BY SOURCE
LAST TEN FISCAL YEARS
(UNAUDITED )
Intergov- Charges
Fiscal Licenses ernmental for Fines & Miscel-
Year Taxes & Permits Revenues Services Forfeitures Interest 1aneous Total
1978 $ 2,583,662 $ 96 ,307 $ 719,290 $ 51,629 $ 55,258 $ 69,020 $ 220,618 $ 3,795,784
1979 2,934,279 110,542 807,380 55,768 59,050 114,296 737,207 4,318,522
1980 3,309,487 79,865 933,857 110,310 78,434 164,242 45,310 4,721,505
1981 3,857,430 155,734 811,413 145,631 69,752 456,195 5,495,655
1982 4,222,600 125,112 846,452 173,513 90,151 413,692 40,930 5,912,450
1983 4,346,971 185,267 946,012 176,660 120,657 272,229 99,454 6,147,250
1984 4,659,862 738,948 1,305,973 194,095 110,212 301 ,036 34,427 6,844,503
1985 4,829,408 215,851 1,154,850 192,463 115,653 222,708 29,254 6,760,187
1986 4,975,833 273,959 1,153,163 494,601 132,573 142,774 42,356 7,165,259
1987 4,873,971 246,513 1,267,817 501,707 130,311 102,318 93,210 7,165,847
Source: City of Wheat Ridge audited financial statements.
64
Table 3
CITY OF WHEAT RIDGE, COLORADO
ASSESSED AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY
LAST TEN FISCAL YEARS
(UNAUDITED)
Ratio of Total
Assessed to
Fiscal Assessed Estimated Total Estimated
Year Valuation Actual Value Actual Value
1978 $ 116,985,750 $ 389,952,500 30.0 %
1979 121,027,600 403,425,333 30.0
1980 126,819,040 422,730,133 30.0
1981 127,448,920 424,829,733 30.0
1982 131,113,740 437,045,800 30.0
1983 145,391,770 484,639,233 30.0
1984 138,806,980 555,227,920 25.0
1985 142,459,340 569,837,360 25.0
1986 145,389,150 581,556,600 25.0
1987 265,326,380 1,129,048,426 23.5
A. Jefferson County is the collection agent for the City, and as
such could not break out real property from personal property.
The amounts shown above represent both types of property.
B. Properties within the City are assessed by the Jefferson County
Assessor on January 1, of each year. For 1987 the property was
assesed at 23.5% of the assumed market value on January 1,
1984, the valuation date.
Source: Jefferson County Assessors' office.
65
Table 4
CITY OF WHEAT RIDGE, COLORADO
PROPERTY TAX RATES - ALL OVERLAPPING GOVERNMENTS
LAST TEN FISCAL YEARS
(UNAUDITED )
Urban Wheat
North West Drainage Ridge Wheat
City of School Belaire Fruitdale Lakewood & Flood Valley Westridge Fire Ridge
Fiscal Wheat Jefferson District Sanitation Sanitation Sanitation Control Weter Sanitation Protection Sanitation
Year Ridqe COlll1tv R-l District District District District District District District District
1978 3 500 14.260 49.220 13.400 7.080 3.450 0.440 3.850 5.690 2.520 3.000
1979 3.500 14.960 50.520 12.700 7.080 4.720 0.450 4.850 6.970 2.700 3 210
1980 3 500 16.710 54.570 13.620 6.540 4.980 0.880 4.320 6.970 2.800 2.500
1981 3.500 18.810 52.270 27.240 6.550 5.390 0.900 4.980 6.970 2 990 2 500
1982 3.500 20.810 54.110 29.100 6.020 5.770 0.900 4.560 6.970 3.160 2 940
1983 3.500 24.150 59.760 30.720 5.020 5.950 0.900 3.780 8.810 3 180 2.930
1984 3 500 24.090 58.690 32.870 5.100 6.890 0.900 4.110 9.490 3 520 3 260
1985 3.500 25.040 61. 550 35.920 4.720 7.360 0.900 4.070 9.490 3.690 3 450
1986 3.500 28.790 63.730 38.410 4.720 8.060 1.000 4.180 9.490 3.910 3.690
1987 2.082 17140 36.630 18.172 2.683 4.570 0.518 2.408 5.463 2240 1 943
Note: All numbers shown are Kill Levys (aIOOlll1tS assessed per $1,000)
Source: Jefferson County Assessors' Office
66
Table 5
CITY OF WHEAT RIDGE, COLORADO
PROPERTY TAX LEVIES AND COLLECTIONS - GENERAL FUND
LAST TEN FISCAL YEARS
(UNAUDITED)
Percent of
Total Current Percentage Delinquent Total Total Tax
F j scal Tax Tax of Levy Tax Tax Collections
Year Levy Collections Collected Collections Collections to Levy
1978 $ 390,237 $ 387,379 99.3 % $ 21 $ 387,400 99.3 %
L979 409,432 403,315 98.5 152 403,467 98.5
1980 423,671 416,965 98.4 2,408 419,373 99.0
1981 444,397 442,011 99.5 1,273 443,284 99.7
1982 446,001 441,997 99.1 350 442,347 99.2
1983 459,300 453,033 98.6 1,982 455,015 99.1
L984 485,824 477 , 500 98.3 172 477 ,672 98.3
1985 485,921 478,253 98.4 193 478,446 98.5
1986 499,738 494,608 99.0 238 494,846 99.0
1987 505,630 501,449 99.2 820 502,269 99.3
Source: Jefferson County Assessors' office and the City of Wheat Ridge audited
financial statements, 1978-1987.
6:
Table 6
CITY OF WHEAT RIDGE, COLORADO
COMPUTATION OF LEGAL DEBT MARGIN
DECEMBER 31, 1987
(UNAUDITED)
Computaion of maximum debt allowed:
1987 taxable assessed valuation
$ 265,326,380
Legal debt limit $ 265,326,380
Amount of Debt outstanding:
Total bonded debt $
Net bonded debt outstanding
Legal debt limit 265,326,380
Legal debt margln $ 265,326,380
b8
Table 7
CITY OF WHEAT RIDGE, COLORADO
COMPUTATION OF OVERLAPPING DEBT
DECEMBER 31, 1987
(UNAUDITED)
Overlapping
Gross Percentage Debt
Debt Applicable Applicable
Taxinq Authority Outstanding to city to City
Jefferson County $ 615,000 100.0 % $ 615,000
School District R-1 141,590,000 100.0 141,590,000
Valley Water District 800,000 80.0 640,000
Wheat Ridge Sanitation
District 890,000 100.0 890,000
Total overlapping debt $ 143,735,000
Source: The taxing authorities listed above and the Jefferson
County Assessors' Office.
09
Table 8
CITY OF WHEAT RIDGE, COLORADO
DEMOGRAPHIC STATISTICS
LAST TEN FISCAL YEARS
(UNAUDITED)
Average
Number of
Per Years of
Fiscal Capita Median Formal School Unemployment
Year Population Income Aqe Schoolinq Enrollment Rate
1978 30,121 $ 8,403 33 12.8 5,750 3.8 %
1979 30,164 9,329 33 12.8 5,455 3.3
1980 30,207 10,102 34 12.8 5,140 4.3
1981 30,250 10,940 34 12.8 4,808 4.5
1982 30,293 11 ,850 34 12.8 4,791 5.4
1983 30,336 12,440 35 12.8 4,653 5.3
1984 30,280 12,335 34 12.8 4,669 4.7
1985 30,280 12,828 34 12.8 4,663 4.8
1986 30,480 12,828 34 12.8 4,337 6.4
1987 29,506 12,977 35 12.8 4,562 5.6
Source: The 1980 Census Bureau statistics, the Colorado Division of Employment
and Training, and the Jefferson County School District R-1
~o
Table 9
CITY OF WHEAT RIDGE, COLORADO
CONSTRUCTION, PROPERTY VALUE, AND BANK DEPOSITS
LAST TEN FISCAL YEARS
(UNAUDITED)
Commercial Residential
Construction Construction Estimated
Nwnber Number Actual Total
Fiscal of Estimated of Estimated Property Bank
Year Units Value Units Value Value Deposits
1978 14 $ 2,089,877 19 $ 913,372 $ 389,952,500 $ 49,560,000
1979 16 5,148,178 82 2,078,171 403,425,333 53,467,000
1980 13 1,973,771 20 1,216,517 422,730,133 56,588,000
1981 22 13,562,824 151 5,703,199 424,829,733 64,562,000
1982 5 3,339,102 197 5,795,927 437,045,800 82,479,000
1983 12 5,964,496 357 9,765,110 484,639,233 98,124,000
1984 12 3,720,831 224 9,282,037 555,227,920 115,456,000
1985 9 6,210,435 186 6,848,498 569,837,360 124,733,000
1986 12 7,382,110 56 2,770,741 581,556,600 145,302,000
1987 4 3,272,180 63 4,828,885 1,129,048,426 756,995,487
Source: The City of Wheat Ridge Building Department, the Jefferson County
Assessors' Office, and local bank financial statements.
~l
CITY OF WHEAT RIDGE, COLORADO
PRINCIPAL PROPERTY TAXPAYERS
DECEMBER 31, 1987
(UNAUDITED)
Taxpayer
Assessed
Valuation
$ 9,769,817
3,700,095
1,566,116
1,434,763
1,172,328
1,413,727
1,364,023
1,311,055
1,304,428
1,244,025
Adolph Coors Company
Gerald M. Biehl
Lincoln Newgate Associates Ltd.
Leaf. Inc.
Denver Shopping Plaza Ltd.
Tri KB Investment Co.
FirstBank of Wheat Ridge N A
LIC Investments Inc.
Kipling Ventures Ltd.
Property Holding Company
Source: Jefferson County Assessors' Office.
.., "
,~
Table 10
Percentage
of Total
Valuation
3.68 %
1. 39
0.59
0.54
0.54
0.53
0.51
0.49
0.49
0.47
Table 11
CITY OF WHEAT RIDGE, COLORADO
MISCELLANEOUS STATISTICS
DECEMBER 31, 1987
(UNAUDITED)
Date of incorporation
Form of Government
Area
Miles of streets
Number of Street Lights
1969
Mayor - Council
9.1 Sq. Miles
120
1,341
Fire protection:
Number of stations 2
Number of fire fighters and officers 1
(excludes volunteer fire fighters)
Police protection:
Number of stations 1
Number of police officers 52
Education:
Attendance Centers
Elementary Schools
Junior High Schools
High Schools
5
4 (1,359 students)
2 (1,030 students)
2 (2,173 students)
Sewers:
Storm sewers
26.3 Miles
Building permits issued
121
Recreation and culture:
Number of parks
Number of Libraries
Number of Volumes
18 w/521 acres
1
35,000
Employees:
Elected
Appointed
11
158
~-
.)