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CITY OF WHEAT RIDGE
WHEAT RIDGE, COLORADO
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED
DECEMBER 31, 1990
PREPARED BY:
James O. Malone
City Treasurer
Bernadette J. Kimmey
Finance Assistant
Gruen1er & Associates, P.C.
Certified Public Accountants
CITY OF WHEAT RIDGE
WHEAT RIDGE, COLORADO
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED DECEMBER 31, 1990
TABLE OF CONTENTS
INTRODUCTORY SECTION
Letters of Transmittal:
City Administrator
City Treasurer
Organizational Chart
List of Principal Officials
Government Finance Officers Association Certificate of
Achievement for Excellence in Financial Reporting
FINANCIAL SECTION
Independent Auditors' Report
General Purpose Financial Statements:
sheet - all fund types and
Combined balance
account groups
Combined statement
and changes in fund
fund types
of revenues, expenditures
balances - all governmental
Combined statement of revenues, expenditures
and changes in and changes in fund balances -
budget (non-gaap basis) and actual all
governmental fund types
Comparative statement of revenues, expenses and
changes in fund balances - pension trust fund
Notes to the financial statements
Page No.
1 - 3
4 - 8
9
10
11
13 - 14
15
16 - 19
20 - 21
22 - 25
26
27 - 43
CITY OF WHEAT RIDGE
WHEAT RIDGE, COLORADO
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED DECEMBER 31, 1990
TABLE OF CONTENTS
(Continued)
Supplemental information combininq, individual
fund and account qroup statements and schedules
General fund:
Page No.
Comparative balance sheets
Comparative statements of revenues, expenditures
and changes in fund balances
Schedules of revenues, expenditures and changes
in fund balance - budget (non-gaap basis) and
actual
44
45
46
47
Special revenue funds:
Combining balance sheets
Combining statement of revenues, expenditures
and changes in fund balance
48
49
50 - 51
52 - 53
Combining schedules
and changes in fund
basis) and actual
Debt service fund:
of revenues, expenditures
balance - budget (non-gaap
54 - 59
60
61
...
Comparative balance sheet
Statement of revenues, expenditures and changes
in fund balance - budget (gaap basis) and actual
Capital projects fund:
Comparative balance sheet
62
63
64
Comparative statement of revenues, expenditures
and changes in fund balances 65
Schedules of revenues, expenditures and changes
in fund balance budget (non-gaap basis) and
actual 66
CITY OF WHEAT RIDGE
WHEAT RIDGE, COLORADO
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED DECEMBER 31, 1990
TABLE OF CONTENTS
(Continued)
Supplemental information combininq, individual
fund and account qroup statements and schedules
(continued)
Fiduciary funds:
Combining balance sheets
Combinin9 statement of changes in assets and
liab~lities - all agency funds
General fixed assets account group:
Comparative schedule of general fixed assets -
by source
Schedule of general fixed assets by function and
activity
Schedule of changes in general fixed assets by
function and activity
STATISTICAL SECTION
Property tax levies and collections
General governmental expenditures by function
General governmental revenues by source
General governmental tax revenues by source
Property tax rates - direct and overlapping governments
Assessed and estimated actual value of property
Principal taxpayers
Special assessment billings and collections
Computation of legal debt margin
Computation of direct and overlapping bonded debt
Page No.
67
68 - 69
70 - 71
72
73
74
75
77
78 - 79
80 - 81
82 - 83
84 - 85
86
87
88
89
90
CITY OF WHEAT RIDGE
WHEAT RIDGE, COLORADO
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED DECEMBER 31, 1990
TABLE OF CONTENTS
(Continued)
STATISTICAL SECTION - (Continued)
Ratio of annual debt service for general bonded debt
to total general governmental expenditures
Ratio of net bonded debt to assessed value and net
bonded debt per capita
Revenue bond coverage - sales tax revenue bonds
Demographic statistics
Construction, property value, and bank deposits
Miscellaneous statistics
SINGLE AUDIT SECTION
Independent auditors' report on internal controls
(accounting and administrative)--based on a study and
evaluation made as a part of an audit of the general
purpose financial statements and the additional tests
required by the single audit act
Independent auditors' report
structure related matters
statement audit conducted
"government auditing standards"
internal control
in a financial
accordance with
on
noted
in
Independent auditors' report on compliance with laws
and regulations based on an audit of financial
statements performed in accordance with "government
auditing standards"
Inde~endent auditors' report on
requ~rements applicable to nonmajor
assistance program transactions
Schedule of federal financial assistance
compliance with
federal financial
Independent auditors' report on schedule of federal
financial assistance
Page No.
91
92 - 93
94
95
96
97
99 - 101
102 - 103
104
105
106 - 107
108
Introductory Section
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GRidge
April 21, 1991
The Honorable Mayor Wilde, and
Members of the City Council
City of Wheat Ridge
Wheat Ridge, Colorado
Dear Mayor and Members of City Council:
In accordance with state statutes and local charter provisions, I hereby
transmi t the annual financial report of the City of Wheat Ridge as of
December 31, 1990, 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, are accurate in
all material aspects; are 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
recommended by the Government Finance
States and Canada. In accordance with
report consists of four 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 demographic and other
miscellaneous information; and the
(4) Single Audit Section, in compliance with the Single
Audit Act of 1984, for all federal grants.
accordance with the guidelines
Officers Association of the United
these guidelines, the accompanying
This report
conformance
Standards.
THE REPORTING ENTITY AND ITS SERVICES
includes all of the funds and account groups of the City in
with Governmental Accounting and Financial Reporting
Services provided by the City include public safety(police only), public
works (streets, traffic, public improvements), parks and recreation,
planning and zoning, and general administrative services.
"The ('arnutIPI1 ('11\"
- 1
The R-1 School District provides all educational services to the
students within Jefferson County, Colorado. The R-1 School District is
the reporting entity and is not a part of the City of Wheat Ridge.
Additionally, numerous special districts provide water, sanitation, and
fire protection services, all of which are their own reporting entities.
ECONOMIC CONDITION AND OUTLOOK
Wheat Ridge is primarily a residential suburban community bound on three
sides by the cities of Denver, Lakewood, and Arvada. Unincorporated
Jefferson County lies to the west. Interstate 70, which is Colorado's
maj or east-west highway, passes through Wheat Ridge on the north and
west. This highway is a major link between Stapleton International
Airport, downtown Denver, receational areas in the Rocky Mountains. As
there is little room for outward growth, redevelopment of existing areas
comprises the new construction in Wheat Ridge. During the past year,
commercial construction included the start of a large medical office
building on the Lutheran Medical Center campus, a convenience store/gas
station/car wash, an appliance service store, and a camper sales and
service building.
Wheat Ridge is known for its business stability. The major property tax
payers include a brewery glass container plant, three shopping centers,
a psychiatric hospital and a medical office building, 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 discount general merchandise store.
By using conservative revenue estimates and monthly monitoring of
expenditures throughout 1990, the City was able to add an additional
$792,242 to the General Fund carryover fund balance from 1989. The 1991
budget maintains the current level of services while keeping
expenditures to a minimum. It is a balanced budget, and the staff
remains committed to that goal. Wheat Ridge still boasts one of the
lowest sales and property tax rates in the metro area.
MAJOR INITIATIVES
In March, 1989 the City Council approved the first participant in the
Enhanced Sales Tax Incentive Program (ESTIP). Applewood Village Shopping
Center has agreed to perform certain public related improvements at the
shopping center to encourage expansion o~ retail sales tax businesses in
Wheat Ridge. In return, the City will share in the sales tax collected
from the shopping center over an established base amount for the next
ten years. Payouts to date total $375,800.
A joint project with the City of Lakewood to reconstruct 32nd Avenue
between Youngfield and Simms was completed in 1990. Federal grant funds
have been approved to continue the reconstruction between Simms and
Kipling Streets through 1991. The City will contribute one-half to the
$2.5 million dollar project.
Revitalization of 38th Avenue began with community meetings in 1989 and
construction will continue through 1994. The segment between Wadsworth
Boulevard and Pierce Street was completed in 1990, except for a final
layer of asphalt to be applied in the spring of 1991. The segment
2
between Pierce street and Sheridan Boulevard will be completed next, as
it includes a major portion of the businesses in Wheat Ridge. Improving
streets, sidewalks and landscaping in this vi tal area of Wheat Ridge
will provide an attractive and viable business district while adding to
our sales tax base. Wadsworth to Kipling will be the next phase of the
construction, then Kipling to Parfet will finish the scheduled 38th
Avenue project in 1994.
Through the Jefferson County Open Space Program, Wheat Ridge's
attributable share of available funds was $1.05 million as of January 1,
1990. The money, which is derived from a $.005 sales tax levied by
Jefferson County especially for this program can be used for land
development and related park maintenance expenditures. The major use of
funds during 1990 included the reconstruction of Paramount Park and the
construction of new facilities in Prospect Park. Additional land was
acquired adjacent to Wheat Ridge Park.
City Council approved the funding for a Drug Abuse Resistance Education
(D.A.R.E.) program starting in June of 1990. One sworn police officer
has been assigned to this program which emphasizes sixteen weeks of
education to 6th grade students in three of the Wheat Ridge elementary
schools.
The Wheat Ridge Coalition received an additional $16,400 in grant money
from the Colorado Department of Health for alcohol and drug prevention,
intervention, and high risk youth prevention services for the 1990-91
school year. This is the third year for the awarding of grant monies for
the Drug Coalition.
During 1989, the City Council passed a resolution banning the purchase
of non-biodegradable products, such as styrofoam cups, by the City. In
1990, as a measure to continue this effort, the City started recycling
all paper products. Even though only $64.11 has been received from the
recycling program, a total of 2,200 pounds of paper have been recycled
that would otherwise have been destroyed.
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 opinions are included in the financial and single audit
sections of this report.
The preparation of this annual financial report could not have been
accomplished without the dedication of the City Treasurer I s office. I
express my appreciation to all involved for their continued efforts in
the management of the City's accounting and financial programs.
Respectfully submitted,
~~~
-M~ael . Smith,
City A lnistrator
3
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~heat
<Ridge
April 22, 1991
The Honorable Mayor Wilde,
Wheat Ridge City Council, and
City Administrator
City of Wheat Ridge
Wheat Ridge, Colorado
Dear Mayor and Members of City Council:
The Comprehensive Annual Financial Report of the City of Wheat Ridge,
for the fiscal year ended December 31, 1990, 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 the safeguarding of assets against loss
from unauthorized use or disposition and the reliability of financial
records for preparing financial statements and maintaining
accountability for assets. The concept of reasonable assurance
recognizes that the cost of a control should not exceed the benefits
likely to be derived and the evaluation of costs and benefits requires
estimates and judgements by management.
The City of Wheat Ridge uses funds and account groups to report on its
financial position and the results of its operations. Fund accounting
is designed to demonstrate legal compliance and to aid financial
management by segregating transactions related to certain government
functions or acti vi ties. The City has a general fund where all the
current operations of the City are recorded; a capital projects fund
where all major drainage, street, traffic, and building projects are
recorded; and 13 other smaller funds established for a particular
purpose. The two account groups - fixed assets and general long-term
debt - are concerned only with the measurement of financial position
and thus do not record results of operations.
The budget process begins in April and ends with the adoption by City
Council prior to December 15 of each year. The budget document is
prepared on a generally accepted accounting principles (gaap) basis,
excepting the General, Capital Project, Open Space and Capital
Improvement funds which are adopted on a non-gaap basis. The level of
budgetary control (the level at which expenditures cannot legally
exceed the appropriated amount) is established at the
department/division level within an individual fund. The budget is then
integrated into the formal accounting system January 1 of each year.
Supplementary budgets and appropriations must be adopted by resolution
at a City Council meeting and publication of the proposed resolution
must appear in a local newspaper in conformity with local budget law
and Colorado Revised Statutes. Additional budgetary control is
maintained by the encumbrance of purchase amounts prior to the release
'"The Carnatwn ('11'."
4
of purchase orders to vendors. Encumbrances present commitments related
to unperformed contracts for goods or services. Open encumbrances are
reported as reservations of fund balance at year end.
GENERAL GOVERNMENTAL FUNCTIONS
Revenues for general governmental functions (General, Special Revenue
and Debt Service funds) totaled $8,799,185 in 1990, an increase of
2.89% over 1989. The amount of revenues from various sources and the
increase (decrease) over last year are shown in the following table:
INCREASE PERCENTAGE
REVENUES PERCENTAGE (DECREASE) INCREASE
BY SOURCE 1990 AMOUNT OF TOTAL FROM 1989 (DECREASE)
Taxes $5,736,579 65.19% $ 565,262 9.85 %
Licenses & Permits 332,499 3.78 106,538 32.04
Intergovernmental 1,810,246 20.57 (188,661) (10.42)
Charges for Services 236,700 2.69 (268,067) ( 53. 11 )
Fines & Forfeitures 396,718 4.51 7,118 1. 79
Interest Income 188,835 2.15 19,135 10.13
Other Revenue 97.608 loll 13.209 13.53
TOTAL $8,799,185 $ 254,534
The major source of revenue for the City of Wheat Ridge is retail sales
and use tax. This comprises forty-three percent (43%) of total current
General Fund revenue. The one percent (1%) General Fund sales tax
revenues for 1990 were $2,730,931, a decrease of 0.87% or $24,041 from
1989 collections. General Fund use tax (auto, building, professional
and retail) revenues for 1990 were $1,185,551, an increase of 79.95% or
$526,721. Prior to 1989, one-half or 1% of the total sales tax
collected was accounted for in the Capital Improvement Fund (a special
revenue fund). This fund was closed December 31, 1988. The Capital
Projects Fund now accounts for this sales tax and is not included in
this table.
Current property tax collections for 1990 were 98.8% of the tax levy.
The mill levy was set at 2.082 mills for 1988; increased to 2.2665
mills in 1989; and raised to 2.418 mills in 1990 to stay within the
property tax limitation set by state statute.
The hailstorm on July 11, 1990 resulted in many roofs needing to be
replaced and bringing in unexpected revenue in contractor's licenses
and building permits.
Fleet maintenance expenses were charged to the Fleet Maintenance/Shops
Division in 1990. Prior to that time, fleet maintenance expenses were
being reimbursed under charges for services by each division.
Expenditures for general governmental functions totaled $8,966,635 in
1990, an increase of 1.4% over 1989. Increases or (decreases) in
levels of expenditures for major functions of the City over the past
year are shown in the following table:
5
EXPENDITURE INCREASE PERCENTAGE
ACTIVITY PERCENTAGE (DECREASE) INCREASE
BY FUNCTION 1990 AMOUNT OF TOTAL FROM 1989 (DECREASE)
Current:
General Government $1,073,469 11.97% $ 21,307 1.99 %
Planning & Develop. 466,862 5.21 20,198 4.33
Public Safety 3,161,272 35.26 (32,859) ( 1. 04 )
Public Works 1,883,838 21. 01 (176,825) (9.39)
Parks & Recreation 1,537,240 17.14 459,188 29.87
Other 632,529 7.05 (166,252) (26.28)
Debt Service 211. 425 2.36 250 0.12
TOTAL $8,966,635 $ 125,007
The large increase in Parks and Recreation expenditures for 1990 is due
to the Conservation Trust fund being restated as a special revenue
rather than an expendable trust fund. Otherwise, there were no major
changes in expenditures for 1990.
PENSION FUNDING POLICIES
The City participates in three mandatory and voluntary pension plans.
All full-time, sworn police officers participate in a single employer
defined contribution money purchase plan. The employee contributes ten
percent (10%) of annual salary, and the City contributes ten percent
( 10%). Three department heads and the City Administrator contribute
four-percent (4%) and five-percent (5%) respectively, to the
International City Managers Association (ICMA), I.R.C. Section 457
retirement plan. The City matches these amounts. The remainder of the
full-time permanent employees are required to join the Colorado County
Officials and Employees Retirement Association plan after one year of
service with the City. These employees contribute four-percent (4%) of
their annual salary to the plan, which the City also matches.
DEBT ADMINISTRATION
The City may use debt financing when either long-term capital projects
are desired, or when it can be determined that future citizens will
receive a benefit from the improvement.
Sales Tax Revenue bonds were issued August 12, 1988, for $2.99 million.
These bonds, rated "A" by Moody's, were sold to finance capital
projects budgeted in the Capital Projects Fund. These bonds will be
repaid over the next ten years through a one-percent (1%) share of the
sales tax collections. Projects include 32nd Avenue and 38th Avenue
reconstruction. As of December 31, 1990, Wheat Ridge has a $90 per
capita debt ratio. This bond issuance makes up 9.29% of the legal debt
limited by City Charter and a maximum of $28.75 million remains
available for future bond issuances. This bond issuance is accounted
for in the Debt Service Fund.
The City has entered into several lease agreements for financing the
acquisition of equipment including a street sweeper, a telephone system
and several copiers. The lease agreements specifically state that the
leases can be cancelled at any time if the City Council does not
appropriate funds for that purpose. Funds are budgeted and encumbered
for that years payments only.
6
Wheat Ridge entered into its first long-term bonded indebtedness in
1988. On June 24, 1988, $1.25 million in Special Assessment bonds were
issued for the payment of part of the construction costs of local
improvements in the newly created Special Improvement District No.
1987-1. By passage of Ordinance 751, Series of 1988, the City Council
caused assessments to be imposed against the real property included in
the District specially benefitted by the improvements. The assessments
are to be paid in ten amortized annual installments of principal and
interest, and are certified to the County Treasurer annually for
payment with the property tax assessments. The City has no obligation
for payment of the debt on these bonds and thus is recorded in an
agency fund.
CASH MANAGEMENT
It is the responsibility of the City Treasurer to invest all idle funds
and cash within each fund. The City of Wheat Ridge has formally adopted
the prudent investor rule as a guide to the Treasurer's Office in
making municipal investments to maximize yield while minimizing risk.
City funds may be invested in insured savings and money market
accounts, certificates of deposit, securities of the U. S. Government
and its agencies, repurchase agreements, and three local government
investment pools, in conformance with the Colorado Public Deposit
Protection Act requirements. The City Treasurer monitors the interest
rates on a daily basis.
Relatively small amounts of idle cash are maintained in checking
accounts to cover checks written. Savings and money market accounts
must be insured by the F .D. I. C. At the end of 1990, the City's
investment in certificates of deposit and government securities varied
in interest rates from 7.32% to 9.0%, and 5.0% to 6.65% in savings and
money market accounts, respectively. The City's investment portfolio
indicates investments were 94% in U.S. Government securities and 6% in
money market or savings accounts, as of December 31, 1990.
RISK MANAGEMENT
The City of Wheat Ridge takes seriously the need for a strong risk
management program. The City's program includes periodic review of all
policies, procedures and activities. Legal review of all contracts, an
active employee safety committee, employee training, review of
insurance coverage, and other ongoing loss control activities are also
employed. Working closely with our insurers and attorneys, the City
acts quickly to resolve any known risk management problems. The City
participates in a joint venture with other Colorado municipalities
for liability and property insurance, and workers' compensation.
The Colorado Intergovernmental Risk Sharing Agency (CIRSA) is a
separate and independent governmental and legal entity.
RESERVE POLICY
The City of Wheat Ridge maintains at least an eight percent ( 8%)
contingency reserve in the General Fund with the 1988 fund balance
being at nineteen percent (19%); 1989 at eighteen percent (18%); and
1990 at twenty-nine percent (29%). The City Administrator plans for a
fifteen percent reserve balance each year. This represents the amount
7
reserved for such items as emergency expenditures,
absences, and salaries budgeted but not allocated.
compensated
INDEPENDENT AUDIT
Colorado state statutes and the Wheat Ridge city charter require an
annual audit of the books of account, financial records, and
transactions of all administrative departments of the City. An
independent certified public accountant selected by the City Council
has performed this requirement and the auditor's opinion has been
included in this report. In addition, the 1990 report contains a Single
Audit Section which is required when participating in a non-major
Federal financial assistance program.
AWARDS
The Government Finance Officers Association 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. The City of Wheat Ridge received this award for
fiscal year 1989. 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 (GAAP), 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 assisted the
audi tors in preparing this report. Special thanks are extended to
members of the independent Certified Public Accounting firm of Gruen1er
and Associates, P.C., for the manner in which they accomplished the
1990 audit.
Respectfully submitted,
~.~~
City Treasurer
8
CITIZENS OF WHEAT RIDGE
CITY
[COUNCIL
I
I
L______
MUNICIPAL:
JUDGE ~
. ~uniciPal
CITY I
ATTORNEY I
CITY i
ADMINISTRATOR I
I
Court-'
PLANNING &
DEVELOPMENT
Building In.pection
Building Maintenance
'tCiVil Di.a.ter
Code Enforcement
Planning , Zoning
i
~ Accounting
tAUdit
t-Budget
[Data Proce..ing
Purcha.ing
Sale. Tax
Switchboard
Per.onnel
PARKS &
RECREATION
,
[Park. Maintenance
, Fore.try
Recreation
9
I I
II
CITY
CLERK
~
CITY
TREASURER
POLICE
Ani.al/Park.
Enforceaent
Co_unication.
lnve.tigation
Patrol , Traffic
Record.
Support Service.
PUBLIC
WORKS
Engineering
l Fleet Maintenance
Street Maintenance
Traffic Maintenance
OFFICIALS
CITY OF WHEAT RIDGE
MAYOR
Dan Wilde
CITY COUNCIL
Larry Merkl
Kent Davis
Elise Brougham
Phillip Edwards
District I
District II
District III
District IV
CITY CLERK
Wanda Sang
CITY A ITORNEY
John E. Hayes
Ronald Selstad
Anthony Flasco
Donald Eafanti
William Shanley
CITY TREASURER
James O. Malone
MUNICIPAL JUDGE
Randall J. Davis
CITY ADMINISTRATOR
Michael J. Smith
DIRECTOR OF PLANNING AND DEVELOPMENT
DIRECTOR OF PARKS AND RECREATION
CHIEF OF POLICE
DIRECTOR OF PUBLIC WORKS
FINANCE ASSISTANT
10
Glen Gidley
Gary Wardle
Jack A. Hurst
Robert Goebel
Bernadette J. Kimmey
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
City of Wheat Ridge,
Colorado
For its Comprehensive Annual
Financial Report
for the Fiscal Year Ended
December 31, 1989
A Certificate of Achievement for Excellence in Financial
Reporting is presented by the Government Finance Officers
Association of the United States and Canada to
government units and public employee retirement
systems whose comprehensive annual financial
reports (CAFR's) achieve the highest
standards in government accounting
and financial reporting.
~IC.~
President
jJff;r/~
Executive Director
11
12
Financial Section
3201 E. Third Avenue
Denver Colorado 80206
(303) 388.4181
FJ\X(303) 388.4182
= GRUENLER &
= ASSOCIATES
118 Sixth Street, 25C
Glenwood Springs, Colorado 81601
(303) 945.2695
INDEPENDENT AUDITORS' REPORT
To the City Council
City of Wheat Ridge, Colorado
We have audited the accompanying general purpose financial
statements of the City of Wheat Ridge, Colorado, as of December
31, 1990, and for the year then ended, as listed in the table of
contents. These general purpose financial statements are the
responsibility of th~ City of Wheat Ridge, Colorado, management.
Our responsibility 1S to express an opinion on these general
purpose financial statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the general purpose financial statements are free of material
misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the general
purpose financial statements. An audit also includes assessing
the accounting principles used and significant estimates made by
management, as well as evaluating the overall general purpose
financial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.
In our opinion, the general purpose financial statements referred
to above present fairly, in all material respects, the financial
position of the City of Wheat Ridge, Colorado, as of December 31,
1990, and the results of the operations of its pension trust fund
for the year then ended in conformity with generally accepted
accounting principles.
Our audit was conducted for the purpose of forming an opinion on
the general purpose financial statements taken as a whole. The
comb1ning and individual fund and account group financial
statements and schedules listed in the table of contents are
presented for purposes of additional analrsis and are not a
required part of the general purpose financ1al statements of the
Cit~ of Wheat Ridge, Colorado. Such information has been
subJected to the aud1ting procedures applied in the audit of the
general purpose financial statements and, in our o~inion, is
fairly presented in all material respects in relat10n to the
general purpose financial statements taken as a whole.
Certified Public Accountants
Members of American Institute of Certified Public Accountants DIVISiOn for CPA Firms
Colorado Society of Certified Public Accountants
Governmental FlnancdBlfficers Association
Our audit was made for the purpose of forming an opinion on the
general ~urpose financial statements taken as a whole. The
accompany~ng introductory section and statistical information
listed ~n the table of contents is ~resented for purposes of
additional analysis and is not a requ~red part of the general
purpose financ~al statements of the City of Wheat Ridge,
Colorado. Such information has not been subjected to the
auditing procedures applied in the audit of the general purpose
financial statements of the City of Wheat Ridge, Colorado, and
accordingly, we express no opinion on it.
April 8, 1991
~~~ ~C\~, ~. c..
14
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, 1990.
15
CITY OF WHEAT RIDGE, COLORADO
COMBINED BALANCE SHEET
ALL FUND TYPES AND ACCOUNT GROUPS
DECEMBER 31, 1990
(With comparative totals for December 31, 1989)
ASSETS AND OTHER DEBITS
ASSETS
Cash and equivalents
Investments
Accounts receivable:
State
County government
Other
Special assessments
Due from:
Other funds
Plan trustee
Inventory
Restricted:
Cash
Investments
Fixed assets
OTHER DEBITS
Amount available in debt
service fund
Amount to be provided for:
retirement of general
long-term debt
TOTAL ASSETS
General
$ 314,638
1,870,190
18,128
631,006
41,845
174,558
138,293
23,487
100,000
$ 3,312,145
Governmental
Special
Revenue
$ 233,041
135,634
66,539
$ 435,214
Fund Types
Debt
Service
$ 47,175
299,000
$ 346,175
The accompanying notes are an integral part of this statement.
16
Capital
Project
$
4,088,111
14,111
$ 4,102,222
Fiduciary Account Groups
Fund Type General General Totals
Trust and Fixed Long-Term (Memorandum Only)
Agency Assets Debt 1990 1989
$ 140,388 $ $ $ 735,242 $ 1.938,435
118,814 6,212,749 5,211,609
18,128 30,298
697,545 701,388
692 56,648 129,572
819,208
10,396 184,954 76,872
5,458,227 5,458,227 5,248,063
138,293 42,404
23,487 69,826
399,000 399,000
18,321,370 18,321,370 18,059,496
346,175 346,175 343,157
3,038,673 3,038,673 2,989,854
$ 5,728,517 $ 18,321,370 $ 3,384,848 $ 35,630,491 $ 36,059,183
(Continued on next page)
17
CITY OF WHEAT RIDGE, COLORADO
COMBINED BALANCE SHEET
ALL FUND TYPES AND ACCOUNT GROUPS
DECEMBER 31, 1990
(Con tinued)
(With comparative totals for December 31, 1989)
General
Governmental Fund
Special
Revenue
Types
Debt
Service
Capital
Project
LIABILITIES, FUND EQUITY
AND OTHER CREDITS:
LIABILITIES
Accounts payable:
Trade
Restricted assets
Refundable escrow
Employees
Accrued payroll benefits
Advance contributions
Refundable escrow deposits
Due to:
Other funds
Special District
Deferred revenue:
Property taxes
Capital leases
Bonds payable
$
11,298
16,623
21. 223
127,677
15,851
$ 16,694
$
$
64,147
10,397
170,906
3,655
568,301
Total liabilities
771,370
187,600
67,802
FUND EQUITY AND OTHER CREDITS
Investment in general
fixed assets
Fund balances:
Reserved for:
Encumbrances 97,877 35,577 1,206,330
Capital projects 743,695
Debt service 346,175
Inventory 138,293
Retirement plans
Unreserved:
Designated for
subsequent years'
expenditures 1,922,887 109,157 305,574
Undesignated 381,718 102,880 1,778,821
Total equity and
other credits 2,540,775 247,614 346,175 4,034,420
TOTAL LIABILITES,
FUND EQUITY AND
OTHER CREDITS $ 3, ;312, 145 $ 435,214 $ 346,175 $ 4,102,222
The accompanying notes are an integral part of this statement.
18
Fiduciary
Fund Type
Trust and
Agency
Account
General
Fixed
Assets
Groups
General
Long-Term
Debt
Totals
(Memorandum only)
1990 1989
$ $ $ $ 92,139 $ 13,661
16,623 31,359
21,223 35,644
574,651 702,328 659,745
260,442 276,293 276,904
11,293 11,293 11,293
95,521 95,521 87,607
184,958 76,872
174,769 174,769 1,250,000
568,301 574,538
134,406 134,406 80,403
2,990,000 2,990,000 2,990,000
856,234 3,384,848 5,267,854 6,088,026
.....
18,321,370
18,321,370
4,872,283
1,339,784
743,695
346,175
138,293
4,872,283
2,337,618
2,263,419
4,872,283
18,321,370
30,362,637
$ 5,728,517
$ 18,321,370
$ 3,384,848
$ 35,630,491
19
18,059,496
230,795
2,108,223
343,157
42,404
4,687,966
3,204,604
1,294,512
29,971,157
$ 36,059,183
CITY OF WHEAT RIDGE, COLORADO
COMBINED STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
ALL GOVERNMENTAL FUND TYPES
FOR THE FISCAL YEAR ENDED DECEMBER 31, 1990
(With comparative totals for December 31, 1989)
REVENUES
Taxes
Licenses and permits
Intergovernmental
Charges for services
Fines and forfeitures
Interest
Other
Total revenue
EXPENDITURES
Curren t :
General government
Planning and development
Police
Public works
Parks and recreation
Other
Capital outlay
Debt service:
Bond interest
Total expenditures
EXCESS (DEFICIENCY) OF
REVENUES OVER EXPENDITURES
OTHER FINANCING SOURCES (USES)
Transfers in (out) - net
Capital lease
EXCESS (DEFICIENCY) OF
REVENUES AND OTHER FINANCING
SOURCES OVER EXPENDITURES
AND OTHER FINANCING USES
Fund balances,
beginning of year
FUND BALANCES, END OF YEAR
General
Special
Revenue
$ 5,736,579
332,499
1,397,679
235,575
396,718
141,884
91, 426
$
428,759
1,125
16,911
6,182
8,332,360
452,977
1,073,469
464,694
3,161,209
1,766,061
1,127,544
626,044
90,184
21,916
2,168
440,078
8,309,205
464,162
...
23,155
(11,185)
759,997
90,184
(262,160)
873,336
(273,345)
1,667,439
520,959
$ 2,540,775
$
247,614
The accompanying notes are an integral part of this statement
20
Totals
Debt Capital (Memorandum Only)
Service Project 1990 1989
$ $ 2,730,931 $ 8,467,510 $ 7,926,290
332,499 225,961
45,260 1,871,698 2,219,404
236,700 504,767
396,718 389,600
30,443 257,760 446,998 387,492
23,125 120,733 109,695
30,443 3,057,076 11,872,856 11,763,209
1,073,469 1,052,162
464,694 446,664
3,183,125 3,194,131
1,768,229 1,901,466
1,567,622 1,115,805
500 626,544 799,031
2,990,796 3,080,980 1,710,827
210,925 210,925 210,925
~- 211,425 2,990,796 11,975,588 10,431,011
(180,982) 66,280 (102,732) 1,332,198
184,000 (724,000) (42,163)
90,184
3,018
(657,720)
(54,711)
1,332,198
343,157
4,692,140
7,223,695
5,891,497
$ 346,175
$ 4,034,420
$ 7,168,984
$ 7,223,695
21
CITY OF WHEAT RIDGE, COLORADO
COMBINED STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCES
BUDGET (NON-GAAP BASIS) AND ACTUAL
ALL GOVERNMENTAL FUND TYPES
FOR THE FISCAL YEAR ENDED DECEMBER 31, 1990
General Fund
Variance
Favorable
Budget Actual ( Unfavorable)
$ 5,398,351 $ 5,736,579 $ 338,228
263,500 332,499 68,999
1,321,121 1,397,679 76,558
213,500 235,575 22,075
385,725 396,718 10,993
85,000 141,884 56,884
35,000 91,426 56,426
7,702,197 8,332,360 630,163
REVENUES
Taxes
Licenses and permits
Intergovernmental
Charges for services
Fines and forfeitures
Interest
Other
Total revenue
EXPENDITURES
Current:
General government
Planning and development
Police
Public works
Parks and recreation
Other
Capital outlay
Debt service:
Bond interest
1,136,647
488,885
3,201,189
1,907,246
1,142,256
2,029,115
Total expenditures
9,905,338
EXCESS (DEFICIENCY) OF
REVENUES OVER EXPENDITURES
(2,203,141)
OTHER FINANCING SOURCES
Transfers in (out)
Capital lease
760,000
EXCESS (DEFICIENCY) OF
REVENUES AND OTHER FINANCING
SOURCES OVER EXPENDITURES AND
OTHER AND OTHER FINANCING
USES (BUDGETARY BASIS)
$ (1,443,141)
ADJUSTMENTS TO GAAP BASIS
Encumbrances:
Prior year paid in current
year
Current year outstanding
Total adjustments
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES
OVER EXPENDITURES AND OTHER
FINANCING USES (GAAP BASIS)
Fund balances, beginning of year
FUND BALANCES, END OF YEAR
1,073,469
464,694
3,152,055
1,861,043
1,119,915
628,939
90,184
8,390,299
(57,939)
759,997
90,184
792.242
(16,783)
97,877
81,094
873.336
1,667.439
$ 2,540,775
The accompanying notes are an integral part of this statement.
22
63,178
24,191
49,134
46,203
22,341
1,400,176
(90,184)
1.515,039
2.145,202
(3 )
90,184
$ 2,235,383
Special Revenue
Variance
Favorable
Budget Actual (Unfavorable)
$ $ $
1,315,000 428,759 (886,241)
700 1,125 425
10,675 16,911 6,236
7,000 6,182 ( 818)
1,333,375 452,977 (880,398)
25,600
17,062
1,213,772
21,916
2,168
194,797
3,684
14,894
1,018,975
1,256,434
218,881
1,037,553
76,941
234,096
157,155
(220,000)
(262,160)
(42,160)
$ (143,059)
(28,064)
$
114,995
(280,858)
35,577
(245,281)
(273,345)
520,959
$ 247,614
(Continued on next page)
23
CITY OF WHEAT RIDGE, COLORADO
COMBINED STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCES
BUDGET (NON-GAAP BASIS) AND ACTUAL
ALL GOVERNMENTAL FUND TYPES
FOR THE FISCAL YEAR ENDED DECEMBER 31, 1990
( Continued)
Debt Service Fund
BUdget
Actual
Variance
Favorable
(Unfavorable)
REVENUES
Taxes
Licenses and permits
Intergovernmental
Charges for services
Fines and forfeitures
Interest
Other
$
$
$
500
30,443
29,943
Total revenue
500
30,443
29,943
EXPENDITURES
Curren t:
General government
Planning and development
Police
Public works
Parks and recreation
Other
Capital outlay
Debt service:
Bond interest
500
500
210,925
210,925
Total expenditures
211,425
211,425
EXCESS (DEFICIENCY) OF
REVENUES OVER EXPENDITURES
(210,925)
(180,982)
29,943
OTHER FINANCING SOURCES
Transfers in (out)
Capital lease
210,925
184,000
(26,925)
EXCESS (DEFICIENCY) OF
REVENUES AND OTHER FINANCING
SOURCES OVER EXPENDITURES AND
OTHER FINANCING USES
(BUDGETARY BASIS)
$
3,018
$
3,018
ADJUSTMENTS TO GAAP BASIS
Encumbrances:
Prior year paid in current
year
Current year outstanding
Total adjustments
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES
OVER EXPENDITURES AND OTHER
FINANCING USES (GAAP BASIS)
3,018
Fund balances, beginning of year
343,157
FUND BALANCES, END OF YEAR
$
346,175
The accompanying notes are an integral part of this statement.
24
Capital Project
Variance
Favorable
Budget Actual ( Unfavorable)
$ 2,900,000 $ 2,730,931 $ (169,069)
288,640 45,260 (243,380)
185,000 257,760 72,760
25,000 23,125 (1,875)
3,398,640 3,057,076 (341,564 )
5,013,727
3,708,699
1,305,028
5,013,727
3,708,699
1,305,028
(1,615,087)
(651,623)
963,464
(750,925)
(724,000)
26,925
$ (2,366,012)
(1,375,623)
$
990,389
(488,427)
1,206,330
717,903
( 657,720)
4,692,140
$ 4,034,420
25
CITY OF WHEAT RIDGE, COLORADO
COMPARATIVE STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN FUND BALANCES
PENSION TRUST - POLICE PENSION FUND
FOR THE FISCAL YEAR ENDED DECEMBER 31, 1990
1990
OPERATING REVENUES:
Contributions:
Employer
Employee - mandatory
Employee voluntary
$
170,932
170,932
14,803
Total operating revenues
356,667
OPERATING EXPENSES:
Benefit payments
Administrative charges
247,169
27,150
Total operating expenses
274,319
OPERATING INCOME (LOSS)
82,348
NONOPERATING INCOME (EXPENSE)
Interest
Securities gain (loss)
344,415
(242,471)
Total nonoperating income (expense)
101,944
NET INCOME (LOSS)
184,292
Fund balance, beginning of
year
4,699,284
FUND BALANCE, END OF YEAR
$ 4,883,576
1989
$
165,656
165,656
16,117
347,429
99,046
37,562
136,608
210,821
428,886
53,235
482,121
692,942
4,006,342
$ 4,699,284
The accompanying notes are an integral part of this statement.
26
CITY OF WHEAT RIDGE, COLORADO
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 1990
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accounting policies of the City of Wheat Ridge, Colorado,
(The City), conform to generally accepted accounting principles
as applicable to governments. The following is a summary of the
more significant policies consistently used in the preparation
of the City's financial statements.
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. The
City is 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 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 the account groups included in this report were
included in last year's report. The Police Investigation
Fund, a special revenue fund, was created by action of City
Council during 1990. The Conservation Trust Fund was formerly
reported as an expendable trust fund is now reported as a
special revenue fund.
The following governmental units are excluded from the
financial statements of the City because each has an
independently elected board of directors with separate
taxing authority and accountability for financial matters:
27
CITY OF WHEAT RIDGE, COLORADO
NOTES TO THE FINANCIAL STATEMENTS
Jefferson County
Wheat Ridge Water District
Wheat Ridge School District R-l
Valley Water District
Westridge Sanitation
Wheat Ridge Economic Development and
Commission
Bellaire Sanitation District
Fruitdale Sanitation District
North West Lakewood Sanitation District
Urban Drainage and Flood Control District
Wheat Ridge Fire Protection
Wheat Ridge Sanitation District
Valley Water District
Revitalization
B. Fund accounting
The accounts of the City are organized on the basis of funds
and account groups, each of which is consic' ~red a separate
accounting entity. The operations of 'ach fund are
accounted for with a separate set of self-ba ,ncing accounts
that comprise its assets, liabilities, fund quity, revenue,
and expenditures, or expenses, as accou'ted for in
individual funds based upon the purposes for which they are
to be spent and the means by which spendinc activities are
controlled. The various funds are grouped .n the financial
statements in this report, into five generic fund types and
two broad fund categories as follows:
Governmental funds
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.
Special revenue funds account for the proceeds of
specific revenue sources that are legally restricted to
expenditures for specific purposes. The City has seven
special revenue funds.
Debt Service fund accounts for the
resources for, and payment of general
principal, interest and related costs.
accumulation of
long-term debt
Capital pro;ect
used for the
capital facilities
proprietary funds).
fund - accounts
acquisition or
(other than
for financial resources
construction of major
those financed by
28
CITY OF WHEAT RIDGE, COLORADO
NOTES TO THE FINANCIAL STATEMENTS
Fiduciarv funds Fiduciary funds account for assets held by
the City in a trustee capacity. Pension funds are accounted
for in essentially the same manner as a proprietary fund,
that it's operations are financed and operated in a manner
similar to private business enterprise, since capital
maintenance is critical. Agency funds are generally used to
account for assets that the City holds on behalf of others as
their agent.
C. Basis of accounting
The accounting and financial reporting treatment applied to a
fund is determined by its measurement focus. All
governmental funds are accounted for using a current
financial resources measurement focus. With this measurement
focus, only current assets and current liabilities generally
are included on the balance sheet. Operating statements of
these funds present increases (i.e., revenues and other
financing sources) and deceases (i.e., expenditures and other
financing uses) in net current assets.
The modified accrual basis of accounting is used by all
governmental fund types. Under the modified accrual basis
of accounting, revenues are recognized when susceptible to
accrual (i. e., when they become measurable and available).
"Measurable" means the amount of the transaction can be
determined and "available" means collectible within the
current period or soon enough thereafter to pay liabilities
of the current period. A one year availability period is
used for revenue recognition for all governmental fund
revenue. Expenditures are recorded when the related fund
liability is incurred.
Those revenues susceptible to accrual are franchise fees,
property, road and bridge, cigarette and highway users taxes.
Fines, permits and sales tax revenues are not susceptible to
accrual because generally they are not measurable until
received in cash.
The City reports deferred revenue on its combined balance
sheet. Deferred revenues arise when a potential revenue does
not meet both the "measurable" and "available" criteria for
recognition in the current period. In subsequent periods,
when both revenue recognition criteria are met, or when the
government has a legal claim to the resources, the liability
for deferred revenue is removed from the combined balance
sheet and revenue is recognized.
D. Budgets
Budgets of the debt service and pension funds are adopted on
a basis consistent with generally accepted accounting
29
CITY OF WHEAT RIDGE, COLORADO
NOTES TO THE FINANCIAL STATEMENTS
principles, all other fund budgets are adopted on a Non-GAAP
basis. Annual appropriated budgets are adopted for all
funds, except the fudiciary, trust and agency funds. All
annual appropriations lapse at fiscal year end.
Encumbrances present commitments related to unperformed
contracts for goods or service. Encumbrance accounting, under
which purchase orders, contract and other commitments for the
expenditure of resources are recorded to reserve that portion
of the applicable appropriations, is utilized in the
governmental funds. Encumbrances outstanding at year end are
reported as reservations of fund balances and do not
constitute expenditures or liabilities because the
commitments will be honored during the subsequent year.
E. Cash, and cash equivalents, restricted cash - investments
Cash and cash equivalents include cash on hand and demand
deposits with a maturity of three months or less.
Investments include amounts on deposit with an investment
pool or are held by trustees of the pension funds. Investment
pool amounts are stated at cost, investments of the pension
plan and the IRC Code Section 457 deferred compensation plan
are stated at market.
General fund cash 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 Council
cannot be contacted, the Mayor and the City Administrator can
approve expenditures, subject to a report to City Council.
Debt service fund cash is restricted for the repayment of
bonded debt of the City.
F. 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
30 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.
G. Short-term inter fund receivables/payables
During the course of operations, numerous transactions occur
between individual funds. These receivables and payables are
classified as "due from" or "due to" other funds on the
balance sheet.
30
CITY OF WHEAT RIDGE, COLORADO
NOTES TO THE FINANCIAL STATEMENTS
H. Inventory
Inventory is valued at cost, which approximates market, using
the first-in/first-out (FIFO) method. The cost of the general
fund inventories are recorded as expenditures when consumed
rather than when purchased.
I. General fixed assets
General fixed assets are not capitalized in the funds used to
acquire or construct them. Instead, capital acquisition and
construction are reflected as expenditures in governmental
funds, and related assets are in the general fixed assets
account group. All purchased fixed assets are valued at
cost where historical records are available and at an
estimated historical cost where no historical records exist.
Donated fixed assets are valued at their estimated fair value
on the date received. Pubic domain ( "infrastructure" )
general fixed assets consisting of roads, bridges, curbs and
gutters, streets and sidewalks, drainage systems and
lighting systems are not capitalized, as these assets are
immovable and of value only to the government. Assets in the
general fixed assets account group are not depreciated.
Land improvements transferred to the City from Jefferson
County from 1969 to 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, Colorado 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. City expenditures for this program
are reimbursed by Jefferson County.
J. Compensated absences
Vested or accumulated sick leave that is expected to be
liquidated with expendable available financial resources, or
whose current portion is not determinable, are reported in
the general fund. No liability is recorded for nonvesting
accumulating rights to receive sick pay benefits.
Amounts of vested or accumulated holiday and vacation leave
that are not expected to be liquidated with expendable
available financial resources are reported in the general
long-term debt account group. No expenditure is reported for
these amounts.
31
CITY OF WHEAT RIDGE, COLORADO
NOTES TO THE FINANCIAL STATEMENTS
K. Accrued salaries and wages
The accrued salaries and benefits result from timing
differences between the time when employees are paid and the
end of the fiscal year. The total accrued salaries and
benefits are paid during the first pay period in the
following year. The entire liability will be liquidated with
expendable available resources and is reported in the general
fund.
L. Long-term obligations
Long-term debt of a governmental fund is reported in the
general long-term debt account group.
M. Fund equity
Reserves represent those portions of fund equity not
appropriated for expenditures or legally segregated for a
specific future use. Designated fund balances represent
tentative plans for future use of financial resources, based
upon budgeted cash (fund balance) carryovers. The City
designates a portion of unreserved fund balances in an amount
equal to the budgeted individual carryover fund balance based
upon the City's budget for the subsequent fiscal year.
Encumbrances outstanding and inventory, at year end, are
reserved, they do not constitute expenditures or liabilities.
The fund balance of the debt service and pension fund are
reserved because the balances are legally restricted to
provide for the future payments (bonded debt and retirement
benefits).
N. Interfund transactions
Quasi-external transactions are accounted for as revenues,
expenditures or expenses. Transactions that constitute
reimbursements to a fund for expenditures/expenses initially
made from it that are properly applicable to another fund,
are recorded as expenditures/expenses in the reimbursing
fund and as reductions of expenditures/expenses in the fund
that is reimbursed. All other interfund transactions, except
quasi-external transactions and reimbursements, are reported
as transfers. Nonrecurring or non-routine permanent
transfers to equity are reported as residual equity
transfers. All other interfund transfers are reported as
operating transfers.
32
CITY OF WHEAT RIDGE, COLORADO
NOTES TO THE FINANCIAL STATEMENTS
O. Memorandum only - total columns
Total columns on the general purpose 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. Neither are
such data comparable to a consolidation. Inter fund
eliminations have not been made in the aggregation of this
data.
P. 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.
Comparative data in the supplemental information, special
revenue and fiduciary funds, has been restated to reflect the
reporting of the Conservation Trust Fund as a special revenue
fund, it was formerly reported as an expendable trust fund.
2. LEGAL COMPLIANCE - BUDGETS
A. 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 October 15, the City Administrator (an appointed
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, includes proposed expenditures and the means of
financing. No budgets are prepared for the fudiciary funds
which are custodial in nature.
Public hearings are held at the regular City council
meetings to obtain taxpayer input. Prior to December 15,
the budget is legally enacted through passage of a budget
resolution. The City Council must approve revisions that
change total expenditures or transfers as to any fund. The
City Administrator is authorized to transfer amounts within
an individual 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.
33
CITY OF WHEAT RIDGE, COLORADO
NOTES TO THE FINANCIAL STATEMENTS
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.
Appropriations are controlled by encumbrance accounting and
the budget is only amended in conformity with Colorado
Revised Statutes, which require a resolution approved by City
Council amending the budget and a resolution appropriating
funds for expenditure. The City Charter requires a balanced
budget.
B. Budget basis of accounting
The Individual and Combined Statements of Revenues,
Expenditures and Changes in Fund Balances for the
governmental fund types include comparisons to budget. The
budgets are adopted on a GAAP basis, eX,cept as previously
noted. Budgetary amounts, included ~n the financial
statements, are as originally adopted or as amended by City
Council.
3. ASSETS
A. Cash and cash equivalents, investments
Cash and cash equivalents
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 the aggregate uninsured deposits.
Deposits are categorized to give an indication of risk
assumed by the government at the end of the year. Category
1 includes deposits that are insured, Category 2 includes
collateralized deposits held by the pledging institution's
department or agent in the City's name, Category 3 includes
uncollateralized, uninsured deposits. At December 31, 1990,
the City deposits are categorized as follows:
34
CITY OF WHEAT RIDGE, COLORADO
NOTES TO THE FINANCIAL STATEMENTS
Bank Carrying
Balance Balance
Petty cash $ $ 1,505
Categorized deposits:
Deposits covered by federal
insurance - Category 1 116,386 116,386
Deposits collateralized in a
single institution pool(s)
Category 2 834,280 642,345
Total S 950,666 S 758,731
Investments
Colorado
defined
entities
statutes specify investment instruments, meeting
rating and risk criteria, in which local government
may invest.
Obligations of the United States and certain agencies
thereof,
certain international agency securities,
general obligation and revenue bonds of united States local
government entities,
bankers acceptances of certain banks,
commercial paper,
local government investment pools
written repurchase agreements collateralized by certain
authorized securities,
certain money market funds,
guaranteed investment contracts.
The City's investments are categorized below to give an
indication of the level of credit risk assumed by the City.
All City investments, except amounts in investment pools, are
Category 2 ( collateralized investments held by the pledging
institution's trust department or agent in the City's name).
The allowed categories include local government investment
pools. The City invests in three such investment pools, The
Colorado Local Government Liquid Asset Trust (COLOTRUST),
Jefferson County Surplus Funds Trust (JEFFTRUST) and the
35
CITY OF WHEAT RIDGE, COLORADO
NOTES TO THE FINANCIAL STATEMENTS
Colorado Surplus Asset Fund Trust (C-SAFE). Investments in
the pools are not categorized because the investments are
not evidenced by securities that exist in physical or book
entry form.
As of December 31, 1990 the City's investments are
categorized as follows:
Category 2 - obligations of the united
States government
Total
$ 2,249,025
664,513
2,026,228
1,671,983
S 6,611,749
Investment pools:
COLOTRUST
JEFFTRUST
C-SAFE
B. Restricted cash and investments
Included in
equivalents
investments
the
and
which
preceding categorization of cash,
investments are restricted cash
is composed of the following amounts:
cash
and
Emergency restricted
Debt service repayment
Court bond account
Richards/Hart estate
Drug abuse
Sales tax escrow for (ESTIP) program
$ 100,000
299,000
16,386
4,127
2,427
547
Total
S 422,487
The debt service repayment restriction represents 10% of the
original principal balance due on the $ 2,990,000 as required
by the terms of the bond issue.
C. Receivables
Receivables at December 31, 1990 consist of the following:
Deferred taxes $
State of Colorado
Jefferson County
Franchise fees
Other
Special Capital
General Revenue Proiect
568,301 $ $
18,128
43,720 66,539
27,200
7,394 14,804
664,743 S 66,539 S 14 , 804
Total S
36
CITY OF WHEAT RIDGE, COLORADO
NOTES TO THE FINANCIAL STATEMENTS
Amounts due from Jefferson County include taxes collected and
amounts due from Jefferson County Open Space Program. City
Open Space expenditures in the amount of $ 66,539 had not
been reimbursed by the County as of December 31, 1990. The
above amounts are deemed fully collectible, accordingly no
provision has been made for bad debts.
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
in the General Fund as a receivable and a deferred revenue
in the amount of $ 568,301.
D. Changes in general fixed assets
The changes in general fixed assets for the year ended
December 31, 1990 are as follows:
Balance Additions Deletions Balance
January 1, and Tran- and Tran- December 31,
1990 sfers in sfers out 1990
Land $ 2,448,290 $ $ $ 2,448,290
Buildings 3,011,262 3,011,262
Streets 9,117,469 9,117,469
Equipment 3,482,475 566,479 304,605 3,744,349
Total S 18,059,496 S 566,479 S 304,605 S 18,321,370
4. LIABILITIES
A. General government long-term debt
Compensated absences
As of December 31, 1990, accrued sick pay in the amount of
$ 15,851 was recorded in the general fund which will
ultimately liquidate the liability.
As of December 31, 1990, accrued holiday and vacation pay
in the amount of $ 260,442 was recorded in the long-term
debt account group, the liability is not expected to be
liquidated with expendable available financial resources.
General obliaation revenue bonds
General obligation revenue bonds are direct obligations and
pledge the full faith and credit of the City. General
obligation bonds outstanding had a principal balance of
$ 2,990,000, with an interest rate of 7.06%. Annual debt
37
CITY OF WHEAT RIDGE, COLORADO
NOTES TO THE FINANCIAL STATEMENTS
service requirements to maturity for the bonds including
interest of $ 1,698,555 are as follows:
Fiscal year ending
December 31,
1991
1992
1993
1994
Thereafter
Total
Total
$ 210,925
210,925
210,925
210,925
3,844,855
S 4,688,555
Capital leases
The City has entered into several lease agreements for
financing the acquisition of equipment including a street
sweeper, copiers and telecommunications equipment. These
lease agreements qualify as capital leases for accounting
purposes (titles transfer at the end of the lease terms) and,
therefore, have been recorded at the present value of the
future minimum lease payments as the date of their inception.
The following is a schedule of the future minimum lease
payments under these capital leases, and the net present
value of the net minimum lease payments at December 31, 1990,
as recorded in the general long-term account group:
Fiscal year ending
December 31, 1990
1991
1992
1993
1994
Thereafter
$ 47,083
35,310
33,411
27,492
25,937
169,233
34,827
S 134,406
Total minimum lease payments
Less: amount representing interest
Present value of future minimum lease
payments
Chanaes in aeneral lona-term liabilities
During the year ended December
changes occurred in liabilities
long-term debt account group:
31, 1990,
reported
the following
in the general
38
CITY OF WHEAT RIDGE, COLORADO
NOTES TO THE FINANCIAL STATEMENTS
Balance Balance
January 1, Additions Reductions December 31,
Compensated
absence $ 262,608 $ $ 2,166 $ 260,442
Bonds
payable 2,990,000 2,990,000
Capital
Lease 80,403 90,184 36,181 134,406
TOTAL S 3,333,011 S 90,184 S 38,347 S 3,384,848
B. Special Assessment Bonds
Special assessment bonds, issued June
7.50%, principal balance due December
The City is not obligated within
constitutional or statutory limitation
1, 1988, interest at
31, 1990, $ 895,000.
the meaning of any
or provision.
5. INTER FUND ASSETS/LIABILITIES
A summary of inter fund receivables and payables is as follows:
Fund Receivable Payable
General $ 174,529 $ 10,397
Special Revenue:
Park Acquisition 1,379
Open Space 168,401
Senior Center 1,123
Capital Projects 3,655
Fiduciary
Public Works Escrow 60
Special Improvement 10,366
Total S 184,955 S 184,955
6. CONTINGENT LIABILITIES
The City is a defendant in various lawsuits. Although the outcome
of these lawsuits is not presently determinable, in the opinion of
the City attorney the resolution of these matters will not have an
material adverse effect on the financial condition of the City.
39
CITY OF WHEAT RIDGE, COLORADO
NOTES TO THE FINANCIAL STATEMENTS
7. EMPLOYEE RETIREMENT SYSTEMS
Police Pension Plan
Plan description and provisions:
All full time sworn City police officers are covered by the
plan (Police Pension Plan), a single employer defined
contribution money purchase plan. The payroll for employees,
covered by this Plan, for the year ended December 31, 1990 was
$ 1,911,526 the City'S total payroll was $ 4,912,238. There
are 59 employees participating in this plan.
Employee contributions are fully vested when paid. Employees
and the City each contribute 10 % of the employees annual
salary, employees may increase their contribution to 15%. City
contributions and Plan income vest at 40%, 45%, and 50% during
the fourth through sixth years respectively and thence at the
rate of 10% per year.
Contributions required and contributions made:
During the year ended December 31, 1990, contributions
totaling $ 170,932 City and $ 185,735 employees - were made in
accordance with the provisions of the Plan. Current membership
in the Plan is comprised of the following:
Group
December 31,
1990
Retirees and beneficiaries currently
receiving benefits
o
Vested terminated employees
o
Active employees:
Fully vested
Nonvested
20
39
Eligibility for benefits may commence at age 55, or upon
completion of 25 years of service.
Colorado Count v Officials and EmDlovees Retirement Association
Plan description and provisions:
Employees and officers of the City are required to Jo~n the
plan (CCOERA), a state wide local government multi-employer
defined contribution plan. The plan covers all City employees,
excepting those that have chosen to join the IRC Code Section
457 Plan. The payroll for employees, covered by this Plan, for
the year ended December 31, 1990 was $ 2,318,517 the City's
40
CITY OF WHEAT RIDGE, COLORADO
NOTES TO THE FINANCIAL STATEMENTS
total payroll was $ 4,912,238. There are 98 employees
participating in this plan.
Employee contributions are fully vested when paid. Employees
and the City each contribute 4 % of the employees' annual
salary. City contributions and Plan income vest at 10 % per
year. In the event of City withdrawal from CCOERA all
participants would vest at 100 % of all contributions and
income.
Contributions required and contributions made:
During the year ended December 31, 1990, contributions
totaling $ 83,086 City and $ 90194 employees - were made in
accordance with the provisions of the Plan. Current membership
in the CCOERA is comprised of the following:
Group
December 31,
1990
Retirees and beneficiaries currently
receiving benefits
o
Vested terminated employees
o
Active employee:
Fully vested
Nonvested
11
87
Benefit payments are determined as of the date of retirement,
termination, death or disability.
Retirement Plan, Internal Revenue Code Section 457
Plan description and provisions:
Employees not joining CCOERA, may as an alternative
participate in an IRC Section - 457 Plan. The payroll for
employees, covered by this Plan, for the year ended December
31, 1990 was $ 400,957 the City's total payroll was
$ 4,912,238. There are 4 employees participating in this plan
on a mandatory basis.
Employee and City contributions are fully vested upon
termination, retirement, death or disability. Employees and
the City are required to contribute 4% or 5% of the employees
annual salary. Other City employees are contributing on a
voluntary basis, these contributions are not matched by the
City.
41
CITY OF WHEAT RIDGE, COLORADO
NOTES TO THE FINANCIAL STATEMENTS
IRC-457 requires that the assets of the plan remain the
property of the City until paid or made available to the
participants, subject only to the claims of the City's general
creditors, until paid or made available to the participating
employees. In addition the City has fiduciary responsibility
for the assets of the plan which are managed by an independent
trustee.
Contributions required and contributions made:
During the year ended December 31, 1990,
totaling $ 8,052 City and $ 8,052 employees
accordance with the provisions of the Plan.
contributions
- were made
in
8. JOINT VENTURES
Insurance pools
Pursuant to an inter local agreement authorized by state
statute, the City joined the Colorado Intergovernmental Risk
Sharing Agency (CIRSA) to provide insurance coverage. Members
of the board of directors are nominated and elected by members
to two year, staggered terms and meet at least monthly to
direct operations. CIRSA budgets are funded by contributions
from member governments. The City's share of assets,
liabilities and fund equity as of December 31, 1989 (latest
available information) is as follows:
%
Pool A - general liability
Loss fund
Federal Acts/Out-of-State
Reserve fund
Operating
Pool B - worker's compensation
Operating
Loss fund
Mandatory surplus
.0316423
.0367798
.0316795
.0219728
.0493054
.0398635
.0419891
Summary financial information is as follows:
Pool A
Pool B
$ 3,270,664
91,271
$ 3,361,935
$ 3,259,181
102,754
$ 3,361,935
Cash and investments
Other assets
$ 17,546,488
769,898
$ 18,316,386
$ 10,933,602
7,382,784
$ 18,316,386
Liabilities
Members fund balance
42
CITY OF WHEAT RIDGE, COLORADO
NOTES TO THE FINANCIAL STATEMENTS
Total revenue
Total expenses
Change in accounting for
reserves
$ 7,362,292
6,252,464
$ 3,565,670
3,876,639
118,000
Excess of revenue over
expenses
S 1,109,828
S
(192,969)
Investment pools
The City participates in three investment pools. The pools are
an investment vehicle established for local government entities
in Colorado to pool surplus funds for investment purposes under
the provisions of the Colorado Revised Statutes. Summary
financial information and the City's share of net assets as of
and for the fiscal year ended (for which information is
available) are as follows:
COLOTRUST
JEFFTRUST
C-SAFE
Fiscal year ended
12-31-90
12-31-90
12-31-90
Statement of net assets
Cash and investments
Other assets
$ 577,709,204 $ 156,559,370 $ 102,528,614
1,025,513 142,424 1,793,990
Less: liabilities
578,734,717
3,647,598
156,701,794
326,262
104,322,604
40,947
Net assets
S 575,087,119 S 156,375,532 S 104,281,657
Outstanding shares
573,951,839
156,375,532
104,281,657
Net asset value
$ 1. 00
$ 1. 00
$ 1. 00
City's share of net
assets
.0012 %
.0130 %
.0160 %
Investment income
$ 46,390,975 $ 12,037,987 $
7,066,864
Total expenses
2,331,839
1,250,890
320,029
6,746,835
Net investment income S 44,059,136 S 10,787,097 S
43
SUPPLEMENTAL INFORMATION - COMBINING,
INDMDUAL FUND, AND ACCOUNT
GROUP FINANCIAL STATEMENTS AND SCHEDULES
The following combining, individual fund, and account group financial
statements and schedules are presented for purposes of additional
analysis and are not a required part of the general purpose financial
statements of the City.
44
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.
45
CITY OF WHEAT RIDGE, COLORADO
GENERAL FUND
COMPARATIVE BALANCE SHEETS
DECEMBER 31, 1990 AND 1989
ASSETS
Cash and equivalents
Investments
Accounts receivable:
State
County government
Other
Due from other funds
Inventory
Restricted assets:
Cash
Investments
TOTAL ASSETS
LIABILITIES AND FUND BALANCES
LIABILITIES
Accounts payable:
Trade
Restricted assets
Refundable escrow
Employees
Accrued payroll benefits
Due to:
Other funds
Deferred revenue:
Property tax
Total liabilities
FUND BALANCES
Reserved for:
Encumbrances
Inventory
Unreserved
Designated for subsequent
years' expenditures
Undesignated
Total fund balances
TOTAL LIABILITIES AND
FUND BALANCES
1990
$ 314,638
1,870,190
18,128
631,006
41,845
174,558
138,293
23,487
100,000
$ 3,312,145
$ 11,298
16,623
21,223
127,677
15,851
10,397
568,301
771,370
97,877
138,293
1,922,887
381,718
2,540,775
$ 3,312,145
46
1989
$ 1,167,207
300,000
30,298
642,628
31,425
67,691
42,404
69,826
100,000
$ 2,451,479
$ 8,055
31,359
35,644
110,966
14,296
9,182
574,538
784,040
17,042
42,404
1,443,144
164,849
1,667,439
$ 2,451,479
CITY OF WHEAT RIDGE, COLORADO
GENERAL FUND
COMPARATIVE STATEMENTS OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCES
FOR THE FISCAL YEARS ENDED DECEMBER 31, 1990 AND 1989
REVENUES
Taxes
Licenses and permits
Intergovernmental
Charges for services
Fines and forfeitures
Interest
Other
Total revenue
EXPENDITURES
Curren t :
General government
Planning and development
Police
Public works
Parks and recreation
Other
Capital outlay
Total expenditures
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
OTHER FINANCING SOURCES
Transfers in
Capital lease
,,1
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES
OVER EXPENDITURES AND OTHER
FINANCING USES
Fund balances, beginning of year
FUND BALANCES, END OF YEAR
1990 1989
$ 5,736,579
332,499
1,397,679
235,575
396,718
141,884
91,426
8,332,360
1,073,469
464,694
3,161,209
1,766,061
1,127,544
626,044
90,184
8,309,205
23,155
759,997
90,184
873,336
1,667,439
$ 2,540,775
47
$ 5,171,318
225,961
1,392,579
504,767
389,600
136,238
79,303
7,899,766
1,052,162
446,664
3,194,131
1,797,330
1,068,367
798,781
8,357,435
(457,669)
720,001
262,332
1,405,107
$ 1,667,439
CITY OF WHEAT RIDGE, COLORADO
GENERAL FUND
SCHEDULE OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCES
BUDGET (NON GAAP) AND ACTUAL
FOR THE FISCAL YEAR ENDED DECEMBER 31, 1990
(With comparative actua1s for December 31, 1989)
Total revenue
Variance
Favorable
Budget Actual ( Unfavorable) 1989
S 5,398,351 $ 5,736,579 S 338,228 S 5,171,318
263,500 332,499 68,999 225,961
1,321,121 1,397,679 76,558 1,392,579
213,500 235,575 22,075 504,767
385,725 396,718 10,993 389,600
85,000 141,884 56,884 136,238
35,000 91,426 56,426 79,303
7,702.197 8,332,360 630,163 7,899,766
REVENUES
Taxes
Licenses and permits
Intergovernmental
Charges for services
Fines and forfeitures
Interest
Other
EXPENDITURES
Current:
General government
Planning and development
Police
Public works
Parks and recreation
Other
Capital outlay
1,136,647 1,073,469 63,178 1,047,676
488,885 464,694 24,191 446,664
3,201,189 3,152,055 49,134 3,177,122
1,907,246 1,861,043 46,203 1,791,459
1,142,256 1,119,915 22,341 1,075,995
2,029,115 628,939 1,400,176 796,457
90,184 (90,184)
9,905,338 8,390,299 1,515,039 8,335,373
(2,203,141) (57,939) 2,145,202 (435,607)
760,000 759,997 ( 3 ) 720,001
90,184 90,184
Total expenditures
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
OTHER FINANCING SOURCES
Transfers 1n
Capital lease
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES
OVER EXPENDITURES AND OTHER
FINANCING USES (BUDGETARY
BASIS)
$ (1,443,141)
792,242
$
2,235,389
284,394
ADJUSTMENTS TO GAAP BASIS
Encumbrances:
Prior year paid in current year
Current year outstanding
(16,783)
97,877
(39,104)
17, 042
Total adjustments
81,094
(22,062)
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES
OVER EXPENDITURES AND OTHER
FINANCING USES (GAAP BASIS)
873,336
262,332
Fund balances, beginning of year
1,667,439
1,405,107
FUND BALANCES, END OF YEAR
$ 2,540,775
$ 1,667,439
48
SPECIAL REVENUE FUNDS
Special Revenue funds account for the proceeds of specific
sources that are legally restricted to expenditures for
purposes. The City has seven special revenue funds:
revenue
specific
Capital Improvement fund - was established to account for the funds
received as a result of a one percent increase in the City's sales
tax. The fund was closed in 1988, a residual fund balance is carried
to fund the completion of certain projects began before December 31,
1988.
Open Space fund - the City along with Jefferson County and adjacent
Colorado cities have agreed to jointly develop "open space". The
City is reimbursed, by the County, for certain expenditures incurred
in this regard.
Senior Center fund accounts for contributions, and related
expenditures, made to the Wheat Ridge Community Center.
Park Acquisition fund - accounts
for use in the acquisition
improvements.
for revenues received and designated
of additional parks and related
Building Demolition fund is a revolving fund that charges property
owners for City expenses incurred in the demolition of buildings.
Conservation Trust
as to use in the
conservation sites
fund - accounts for funds received and restricted
acquisition, development and maintenance of new
pursuant to Colorado Revised Statutes.
Police Investigation fund - accounts for all proceeds from seizures
and forfeitures of property pursuant to C.R.S. 16-13-302 and 501 to
be used solely by the police department for purposes other than
meeting normal operating needs.
49
CITY OF WHEAT RIDGE, COLORADO
SPECIAL REVENUE FUNDS
COMBINING BALANCE SHEETS
DECEMBER 31, 1990
(With comparative totals for December 31, 1989)
Open
Space
ASSETS
Cash and equivalents
Investments
Accounts receivable:
County government
$
175,803
66,539
Total assets
$
242,342
LIABILITIES AND FUND EQUITY
LIABILITIES
Interest payable
Due to other fund
$
16,694
168,402
Total liabilities
185,096
FUND EQUITY
Fund balances:
Reserved for encumbrances
Unreserved:
Designated for subsequent
years' expenditures
Undesignated (deficit)
26,402
30,844
Total fund equity
TOTAL LIABILITES
AND FUND EQUITY
57,246
$
242,342
50
Conservation
Trust
$
20,559
123,163
$
143,722
$
9,175
84,391
50,156
143,722
$
143,722
Police
Investigation
$
8,456
$
8,456
$
8,456
8,456
$
8,456
Total
Park Building Senior Capital 1989
ACquisition Demolition Center Improvement 1990 (Restated)
$ 1,383 $ 15,167 $ 11,673 $ $ 233,041 $ 295,493
12,471 135,634 239,957
66,539 58,760
$ 1,383 $ 15,167 $ 11,673 $ 12,471 $ 435,214 $ 594,210
1,380
1.124
$ 16,694
170,906
$
5,581
67,670
$
$
$
$
1,124
187,600
73,251
1,380
35,577 44,050
15,167 9,599 109,157 142,432
3 950 12,471 102,880 334,477
'"
3 15,167 10,549 12,471 247,614 520,959
$ 1,383 $ 15,167 $ 11,673 $ 12,471 $ 435,214 $ 594,210
51
CITY OF WHEAT RIDGE, COLORADO
SPECIAL REVENUE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES
FOR THE FISCAL YEAR ENDED DECEMBER 31, 1990
(With comparative totals for December 31, 1989)
Open
Space
Conservation
Trust
REVENUES
Intergovernmental
Charges for services
Interest
Other
$
118,547
$ 294,020
13,849
Total revenues
294,020
132,396
EXPENDITURES
Police
Public works
Parks and recreation
242,331
147,258
Total expenditures
242,331
147,258
EXCESS (DEFICIENCY) OF REVENUE
OVER EXPENDITURES
51,689
(14,862)
OTHER FINANCING (USES)
Operating transfers (out)
(219,997)
EXCESS (DEFICIENCY) OF REVENUE
AND OTHER FINANCING SOURCES
OVER EXPENDITURES AND OTHER
FINANCING USES
(168,308)
(14,862)
Fund balance, beginning of year
225,554
158,584
FUND BALANCE, END OF YEAR
$ 57,246
$
143,722
52
Police
Investigation
$
16,192
404
16,596
21,916
21,916
(5,320)
13,776
..,
8,456
$
8,456
Total
Park Building Senior Capital 1989
Acquisition Demolition Center Improvement 1990 (Restated)
$ $ $ $ $ 428,759 $ 606,328
1,125 1,125 98,604
1,195 1,018 445 16,911 10,949
6,182 6,182 3,525
2,320 1,018 6,627 452,977 719,406
21,916
2,168 22,795 24,963
23,917 3,777 417,283 310,771
23,917 2,168 3,777 22,795 464,162 310,771
(21,597) (1,150) 2,850 (22,795) (11,185) 408,635
(55,939) (262,160) (1,296,649)
(21,597)
(1,150)
2,850
(78,734)
(273,345)
(888,014)
21,600
16,317
7,699
91,205
520,959
1,408,973
$
3
$
15,167
$ 10,549
$
12,471
$ 247,614
$
520,959
53
CITY OF WHEAT RIDGE, COLORADO
SPECIAL REVENUE FUNDS
COMBINING SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
BUDGET (NON-GAAP) AND ACTUAL
FOR THE FISCAL YEAR ENDED DECEMBER 31, 1990
Open Space
Budget
Actual
Variance
Favorable
(Unfavorable)
REVENUES
Intergovernmental
Charges for services
Interest
Other
$ 1,190,000
$
294,020
$
(895,980)
Total revenues
1,190,000
294,020
(895,980)
EXPENDITURES
Police
Public works
Parks and recreation
970,000
67,925
902,075
Total expenditures
970,000
67,925
902,075
EXCESS (DEFICIENCY) OF REVENUE
OVER EXPENDITURES
220,000
226,095
6,095
OTHER FINANCING SOURCES (USES)
Operating transfers in (out)
(220,000)
(219,997)
3
EXCESS (DEFICIENCY) OF REVENUE
AND OTHER FINANCING SOURCES
OVER EXPENDITURES AND OTHER
FINANCING USES (BUDGETARY
BASIS)
$
6,098
$
6,098
ADJUSTMENTS TO GAAP BASIS
Encumbrances:
Prior year paid in current
year
Current year outstanding
(200,808)
26,402
Total adjustments
(174,406)
EXCESS (DEFICIENCY) OF REVENUE
AND OTHER FINANCING SOURCES
OVER EXPENDITURES AND OTHER
FINANCING USES (GAAP BASIS)
(168,308)
Fund balance, beginning of year
225,554
Residual equity transfer (to)
other fund
FUND BALANCE, END OF YEAR
$
57,246
54
Conservation Trust Police Investigation
Variance Variance
Favorable Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable)
$ 100,000 $ 118,547 $ 18,547 $ 25,000 $ 16,192 $ (8,808)
7,500 13,849 6,349 600 404 (196)
107,500 132,396 24,896 25,600 16,596 (9,004)
25,600 21,916 3,684
208,644 99,178 109,466
208,644 99,178 109,466 25,600 21,916 3,684
(101,144) 33,218 134,362 (5,320) (5,320)
13,776 13,776
$ (101,144)
33,218
$
134,362
$
8,456
$
8,456
(57,255)
9,175
(48,080)
(14,862)
8,456
158,584
$ 143,722
$
8,456
(continued on next page)
55
CITY OF WHEAT RIDGE, COLORADO
SPECIAL REVENUE FUNDS
COMBINING SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
BUDGET (NON-GAAP) AND ACTUAL
FOR THE FISCAL YEAR ENDED DECEMBER 31, 1990
(continued)
Park Acquisition
Total revenues
Variance
Favorable
Budget Actual (Unfavorable)
$ $ $
700 1,125 425
1,500 1,195 DOS}
2,200 2,32Q 120
REVENUES
Intergovernmental
Charges for services
Interest
Other
EXPENDITURES
Police
Public works
Parks and recreation
24,428
23,917
511
Total expenditures
24,428
23,917
511
EXCESS (DEFICIENCY) OF REVENUE
OVER EXPENDITURES
(22,228)
(21,597)
631
OTHER FINANCING SOURCES (USES)
Operating transfers in (out)
EXCESS (DEFICIENCY) OF REVENUE
AND OTHER FINANCING SOURCES
OVER EXPENDITURES AND OTHER
FINANCING USES (BUDGETARY
BASIS)
$
(22,228)
(21,597)
$
631
ADJUSTMENTS TO GAAP BASIS
Encumbrances:
Prior year paid in current
year
Current year outstanding
Total adjustments
EXCESS (DEFICIENCY) OF REVENUE
AND OTHER FINANCING SOURCES
OVER EXPENDITURES AND OTHER
FINANCING USES (GAAP BASIS)
(21,597)
Fund balance, beginning of year
21,600
Residual equity transfers (to)
other fund
FUND BALANCE, END OF YEAR
$
3
56
Building Demolition Senior Center
Variance Variance
Favorable Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable)
$ $ $ $ $ $
875 1,018 143 200 445 245
7,000 6,182 ( 818)
875 1,018 143 7,200 6,627 (573)
17,062
2,168
14,894
10,700
3,777
6,923
17,062
2,168
14,894
10,700
3,777
6,923
(16,187)
(1,150)
15.037
(3,500)
2,850
6,350
$
(16,187)
(1,150)
$
15,037
$ (3,500)
2,850
$
6,350
(1,150)
2,850
16,317
7,699
$ 1-,167
$ 10,549
57
(continued on next page)
CITY OF WHEAT RIDGE, COLORADO
SPECIAL REVENUE FUNDS
COMBINING SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
BUDGET (NON-GAAP) AND ACTUAL
FOR THE FISCAL YEAR ENDED DECEMBER 31, 1990
(continued)
Capital Improvement
Budget
Actual
Variance
Favorable
(Unfavorable)
REVENUES
Intergovernmental
Charges for services
Interest
Other
$
$
$
Total revenues
EXPENDITURES
Police
Public works
Parks and recreation
Total expenditures
EXCESS (DEFICIENCY) OF REVENUE
OVER EXPENDITURES
OTHER FINANCING SOURCES (USES)
Operating transfers (out)
(55,939)
(55,939)
EXCESS (DEFICIENCY) OF REVENUE
AND OTHER FINANCING SOURCES
OVER EXPENDITURES AND OTHER
FINANCING USES (BUDGETARY
BASIS)
$
(55,939)
$
(55,939)
ADJUSTMENTS TO GAAP BASIS
Encumbrances:
Prior year paid in current
year
Current year outstanding
(22,795)
Total adjustments
(22,795)
EXCESS (DEFICIENCY) OF REVENUE
AND OTHER FINANCING SOURCES
OVER EXPENDITURES AND OTHER
FINANCING USES (GAAP BASIS)
(78,734)
Fund balance, beginning of year
91,205
Residual equity transfers (to)
other fund
FUND BALANCE, END OF YEAR
$
12,471
58
Total
Variance
Favorable
Budget Actual (Unfavorable)
$ 1,315,000 $ 428,759 $ (886,241)
700 1,125 425
10,675 16,911 6,236
7,000 6,182 ( 818)
1,333,375 452,977 (880,398)
25,600 21,916 3,684
17,062 2,168 14,894
1,213,772 194,797 1,018,975
1,256,434 218,881 1,037,553
76,941 234,096 157,155
(220,000) (262,160) (42,160)
$ (143,059)
(28,064)
$
114,995
(280,858)
35,577
(245,281)
(273,345)
520,959
$ 247,614
59
DEBT SERVICE FUND
Debt Service funds are used to account for financial resources to be
used for the accumulation of resources for, and payment of general
long-term debt principal, interest and related costs. The City has one
Debt Service fund.
Incremental Sales Tax Bond fund - accounts
percent of the City's sales tax receipts.
retire the general obligation revenue bond
for funds received from one
The funds will be used to
issue.
60
CITY OF WHEAT RIDGE, COLORADO
DEBT SERVICE FUND
INCREMENTAL SALES TAX BOND FUND
COMPARATIVE BALANCE SHEETS
DECEMBER 31, 1990 AND 1989
1990 1989
ASSETS
Cash and Equivalents $ 47,175 $ 44,157
Restricted assets:
Investments 299,000 299,000
Total assets $ 346,175 $ 343,157
FUND EQUITY
Fund balance:
Reserved for:
Debt service $ 346,175
$ 343,157
Total fund equity $ 346,175
$ 343,157
61
CITY OF WHEAT RIDGE, COLORADO
DEBT SERVICE FUND
INCREMENTAL SALES TAX BOND FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET (GAAP BASIS) AND ACTUAL
FOR THE FISCAL YEAR ENDED DECEMBER 31, 1990
(With comparative totals for December 31, 1989)
Budget
REVENUES
Interest
$
500
Total revenues
500
EXPENDITURES
Other
Bond interest
500
210,925
Total expenditures
211,425
EXCESS (DEFICIENCY) OF
REVENUE OVER EXPENDITUES
(210,925)
OTHER FINANCING SOURCES
Operating transfers in
210,925
EXCESS (DEFICIENCY) OF
REVENUE AND OTHER
SOURCES OVER EXPENDITUES
Fund balance, beginning
of year
FUND BALANCE, END OF YEAR
$
Actual
$ 30,443
30,443
500
210,925
211,425
(180,982)
184,000
3,018
343,157
$ 346,175
62
Variance
Favorable
(Unfavorable)
$
29,943
29,943
29,943
(26,925)
3,018
343,157
$
346,175
1989
Actual
$ 30,583
30,583
250
210,925
211,175
(180,592)
184,000
3,408
339,749
$ 343,157
CAPITAL PROJECTS FUND
Capital projects funds are
used for the construction
(other than those financed
one capital project fund.
-
used to account for financial resources to be
or acquisition of major capital facilities
by proprietary or trust funds). The City has
63
CITY OF WHEAT RIDGE, COLORADO
CAPITAL PROJECTS FUND
COMPARATIVE BALANCE SHEETS
DECEMBER 31, 1990 AND 1989
ASSETS
Cash and Equivalents
Investments
Accounts receivable:
Other
Due from other funds
Total assets
LIABILITIES AND FUND EQUITY
LIABILITIES
Accounts payable
Due to other funds
Total liabilities
FUND EQUITY
Fund balance:
Reserved for:
Encumbrances
Capital projects
Unreserved:
Designated for
subsequent years'
expenditures
Undesignated
Total fund equity
Total liabilities and
fund equity
1990
$
4,088,111
14,111
$ 4,102,222
$
64,147
3,655
67,802
1,206,330
743,695
305,574
1,778,821
4,034,420
$ 4,102,222
64
1989
$ 300,000
4,288,012
94,946
9,182
$ 4,692,140
$
169,703
2,108,223
1,619,028
795,186
4,692,140
$ 4,692,140
CITY OF WHEAT RIDGE, COLORADO
CAPITAL PROJECT FUND
COMPARATIVE STATEMENTS OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
FOR THE FISCAL YEARS ENDED DECEMBER 31, 1990 AND 1989
REVENUES
Taxes
Intergovernmental
Interest
Other
Total revenues
EXPENDITURES
Capital outlay
EXCESS (DEFICIENCY) OF REVENUES OVER
EXPENDITUES
OTHER FINANCING SOURCES (USES)
Operating transfer in
Operating transfers (out)
Total other financing
sources (uses)
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES
OVER EXPENDITURES AND OTHER
USES
Fund balance beginning of year
FUND BALANCE, END OF YEAR
1990
$ 2,730,931
45,260
257,760
23,125
3,057,076
2,990,796
66,280
(724,000)
(724,000)
(657,720)
4,692,140
$ 4,034,420
65
1989
$ 2,754,972
123,464
210,702
24,316
3,113,454
1,541,124
1,572,330
1,076,649
(684,000)
392,649
1,964,979
2,727,161
$ 4,692,140
CITY OF WHEAT RIDGE, COLORADO
CAPITAL PROJECT FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
BUDGET (NON-GAAP BASIS) AND ACTUAL
FOR THE FISCAL YEAR ENDED DECEMBER 31, 1990
(With comparative totals for December 31, 1989)
Budget
REVENUES
Taxes
Intergovernmental
Interest
other
$ 2,900,000
288,640
185,000
25,000
Total revenues
3,396,640
EXPENDITURES
Capital outlay
5,013,727
EXCESS (DEFICIENCY) OF
REVENUE OVER EXPENDITUES
(1, 615, 087)
OTHER FINANCING SOURCES (USES)
operating transfer in
operating transfers (out)
(750,925)
Total other financing
sources (uses)
(750,925)
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES
OVER EXPENDITURES OTHER
USES (BUDGETARY BASIS)
$ (2,366,012)
ADJUSTMENTS TO GMP BASIS
Encumbrances:
Current year outstanding
Prior year paid in current year
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES
OVER EXPENDITURES AND OTHER
USES (GMP BASIS)
Fund balance beginning of year
FUND BALANCE, END OF YEAR
Actual
$ 2,730,931
45,260
257,760
23,125
3,057,076
3,708,699
(651,623)
(724,000)
(724,000)
(1,375,623)
(488,427)
1,206,330
(657,720)
4,692,140
$ 4,034,420
66
Variance
Favorable
(Unfavorable)
$
(169,069)
(243,380)
72,760
(1,875 )
(341,564)
1, 305, 028
963,464
26,925
26,925
$
990,389
1989
Actual
$ 2,754,972
123,464
210,702
24,316
3,113,454
1.710,827
1,402,627
1,076,649
(684,000)
392,649
1,795,276
169,703
1,964,979
2,727,161
$ 4,692,140
FIDUCIARY FUNDS
Trust and agency funds are used to account for assets
in a trustee capacity or as an agent. The City has
fund, and four agency funds.
held by the City
one pension trust
Pension trust funds
Police Pension - accounts for monies received from Plan
and City contributions. The funds are held in
disbursement to qualified participants upon leaving the
qualified retirement.
participants
trust for
plan or upon
Aqency funds
Public Works Escrow - 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.
Deferred Compensation - accounts for employee and matching
contributions for a deferred compensation plan established
Section 457 of the Internal Revenue Code.
City
under
Special
property
issue of
Improvement District
taxes received for
1988.
- accounts for special assessment
a special improvement district bond
CATV (Cable Television) Property Damage
received from the cable television permittee for
unresolved claims against the permittee for
property.
accounts for funds
settlement of minor
damage to private
67
CITY OF WHEAT RIDGE, COLORADO
FIDUCIARY - TRUST AND AGENCY FUNDS
COMBINING BALANCE SHEET
DECEMBER 31, 1990
(With comparative totals for December 3l, 1989)
Pension
Trust
Police
Pension
ASSETS
Cash and Equivalents
Investments
Accounts receivable:
Other
Accrued interest
Due from:
Other funds
Plan trustee
$
4,883,576
TOTAL
$ 4,883,576
LIABILITIES AND FUND EQUITY
LIABILITIES
Accounts payable
Advance contributions
Refundable escrow deposits
Due to:
Other funds
Special District
Employees
$
11,293
Total liabilities
11,293
FUND EQUITY
Fund balances:
Reserved for:
Retirement plans
4,872,283
Total fund equity
TOTAL LIABILITES
AND FUND EQUITY
4,872,283
$ 4,883,576
68
Agency
Public Special CATV Totals
Works Deferred Improvement Property 1989
Escrow Compensation District Damage 1990 (Restated)
$ 92,961 $ $ 44,927 $ 2,500 $ 140,388 $ 131,578
118,814 118,814 383,640
819,208
692 692 3,201
60 10,336 10,396
574,651 5,458,227 5,248,063
$ 93,021 $ 574,651 $ 174,769 $ 2,500 $ 5,728,517 $ 6,585,690
69
CITY OF WHEAT RIDGE, COLORADO
FIDUCIARY FUNDS
COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
ALL AGENCY FUNDS
FOR THE YEAR ENDED DECEMBER 31, 1990
Cash
And
Investments
PUBLIC WORKS ESCROW FUND
Balance January 1, 1990
$
85,127
Additions (reductions)
7,834
Balance December 31, 1990
$
92,961
DEFERRED COMPENSATION
Balance January 1, 1990
$
548,779
Additions (reductions)
25,872
Balance December 31, 1990
$
574,651
SPECIAL IMPROVEMENT DISTRICT
Balance January 1, 1990
(Restated) $
427,591
Additions (reductions)
(263,158)
Balance December 31, 1990
$
164,433
CATV PROPERTY DAMAGE FUND
Balance January 1, 1990
$
2,500
Additions (reductions)
Balance December 31, 1990
$
2,500
TOTALS
Balance January 1, 1990
(Res ta ted)
$ 1,063,997
Additions (reductions)
(229,452)
Balance December 31, 1990
$
834,545
70
Assets
Due From
Other
Funds
$
60
$
60
$
$
$
10,336
$
10,336
$
$
$
10,396
$
10,396
Total
Assets
$
85,127
7,894
$
93,021
$
548,779
25,872
$
574,651
$
427,591
(252,822)
$
174,769
$
2,500
$
2,500
$ 1,063,997
(219,056)
$
844,941
Liabili ties
Refundable Due to Due to
Escrow Due To Other Special Total
Deposits Employees Fund District Liabilities
$ 85,107 $ $ 20 $ $ 85,127
7,914 (20) 7,894
$ 93,021 $ $ $ $ 93,021
$ $ 548,779 $ $ $ 548,779
25,872 25,872
$ $ 574,651 $ $ $ 574,651
$
$
$
$
427,591
$
427,591
(252,822)
(252,822)
$
$
$
$
174,769
$
174,769
$ 2,500
$
$
$
$
2,500
$ 2,500
$
$
$
$
2,500
$ 87,607
$ 548,779
$
20
$
427,591
$ 1,063,997
7,914
25,872
(20)
(252,822)
(219,056)
$ 95,521
$ 574,651
$
$
174,769
$
844,941
71
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.
72
CITY OF WHEAT RIDGE, COLORADO
COMPARATIVE SCHEDULE OF GENERAL FIXED ASSETS
BY SOURCE
DECEMBER 31, 1990 AND 1989
1990 1989
GENERAL FIXED ASSETS
Land $ 2,448,290 $ 2,448,290
Buildings 3,011,262 3,011,262
Streets and improvements 9,117,469 9,117,469
Equipment 3,744,349 3,482,475
Total $ 18,321,370 $ 18,059,496
INVESTMENT IN GENERAL
FIXED ASSETS FROM:
Assets contributed
to the City $ 10,157,465 $ 10,157,465
Acquired by various
funds 8,163,905 7,902,031
Total $ 18,321,370 $ 18,059,496
-
73
CITY OF WHEAT RIDGB, COLORADO
SCHEDULE of' GENERAL FIXED ASSE1.'S
BY FUNCTION AND ACTIVITY
DECEMBER 31, 1990
streets
And
Land Building Improvements Equipment Total
Function and Activity
General Government
city Council $ 1,179 1,179
Treasurer 199,531 199,531
Mayor 1,030 1,030
city Administrator 7,775 7,775
Attorney 211 211
city Clerk. 19,925 19,925
Municipal Clerk 19,721 19,721
Building 1,840,227 83,412 203,182 2,126,821
Planning/Development 79,062 19,062
civil disAster 5,440 5,440
Total 1,940,227 93,412 537,055 2,460,694
Public Safety
Police administration 2,761 384 345,675 348,820
support services 2,060 139,641 141,701
operations 414,777 414,777
step/traffic 7,945 7,945
D.A.R.E 1,046 1,046
Total 2,761 2,444 909,084 914,289
Public Works
Administration 530,350 8,140,389 49,944 8,720,683
Engineering 69,807 143,781 213,588
street maintenance 1,024,794 1,024,794
Traffic maintenance 194,542 194,542
Shops 60,000 122,715 182,715
Total 660,157 8,140,389 1,535,716 10,336,322
ParKS and Recreation
Administration 1,701,166 223,004 762,738 336,414 3,023,322
Recreation 39,617 888,904 12,588 60,954 1,002,063
Parke maintenance 47,350 56,366 115,898 365,066 584,680
Total 1,188,133 1,168,274 891,224 762,434 4,610,065
Total General rheel beet. $ 2,448,290 $ 3,011,262 $ 9,117,469 $ 3,744,349 $ 18,321,310
74
CITY OF WHEAT RIDGE, COLORADO
SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS -
BY FUNCTION AND ACTIVITY
FOR THE YEAR ENDED DECEMBER 31, 1990
Function and Activity
General Government
City Council
Treasurer
Mayor
City Administrator
Attorney
City Clerk
Municipal Clerk
Building
Planning/Development
Civil disaster
Total
Public Safety
Police administration
Support services
Operations
Step/Traffic
D.A.R.E.
Total
-
Public Works
Administration
Engineering
Street maintenance
Traffic maintenance
Shops
Total
Parks and Recreation
Administration
Recreation
Parks maintenance
Total
General
Fixed
Assets
January 1,
1990
$ 1,178
196,642
1,030
8,774
211
20,699
29,345
2,132,881
88,470
5,439
2,484,669
452,827
64,886
322,021
5,624
845,358
8,720,951
195,030
880,005
142,821
235,326
10,174,133
3,041,386
996,449
517,501
4,555,336
Total General Fixed Assets $ 18,059,496
Additions
And
Transfers
In
$
16,368
409
1,237
2,968
20,982
15,159
78,188
96,609
2,321
1,046
193,323
9,825
33,723
152,587
65,074
17,924
279,133
250
5,614
67,177
73,041
$ 566,479
75
Deletions
And
Transfers
Out
$
13,478
1.407
774
10,861
6,060
12,377
44,957
119,165
1,372
3,854
124,391
10,094
15,165
7,798
13,353
70,534
116,944
18,313
18,313
$ 304,605
General
Fixed
Assets
December 31,
1990
$ 1,178
199,532
(377)
9,183
211
19,925
19,721
2,126,821
79,061
5,439
2,460,694
348,821
141,702
414,776
7,945
1,046
914,290
8,720,682
213,588
1,024,794
194,542
182,716
10,336,322
3,023,323
1,002,063
584,678
4,610,064
$ 18,321.370
-----~
76
Statistical Section
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
Fiscal Tax Tax of Levy Tax Tax Collections
Year Levy Collections Collected Collections Collections to Levy
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
1984 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
1988 545,454 544,869 99.9 1,095 545,964 100.1
1989 562,472 543,462 96.6 (822) A 542,580 96.5
1990 568,301 561,551 98.8 6,205 A 567,756 99.9
A. Net prior year tax abatements and adjustments due to revaluation of
property in Jefferson County.
Source: Jefferson County Assessors' office and the City of Wheat Ridge
audited financial statements, 1981-1990.
77
CITY OF WHEAT RIDGE, COLORADO
GENERAL GOVERNMENTAL EXPENDITUP~S BY FUNCTION
LAST TEN FISCAL YEA2S
(UNAUDITED)
Fiscal General Planning & Public Public
Year Government Development Safety Works
1981 $ 734,335 $ 293,261 $ 1,762,605 $ 3,559,565
1982 807,314 311,314 2,005,761 3,873,695
1983 960,936 363,633 2,203,666 4,924,061
1984 1,216,737 479,165 2,336,067 5,612,992
1985 979,111 704,111 2,443,412 5,515,839
1986 1,031,810 621,583 2,871.557 5,558,628
1987 1,015,245 857,971 2,848,032 4,022,861
1988 991,362 459,939 3,040,648 4,057,897
1989 1,052,162 446,664 3.194,131 2,060,663 A
1990 1,073,469 464,694 3,183,125 1,768,229
NOTES: Includes the general. special revenue, and debt ser-
vice funds.
A. The Capital Improvements Fund (a special revenue
fund was closed during 1988).
B. The Conservation Trust Fund was changed from an
expendable trust to a special revenue fund for
1990.
Source: City of Wheat Ridge audited financial statements,
1981-1990.
78
Parks & Debt
Recreation Service Other Total
$ 722,164 $ $ 208,096 $ 7,280,026
804,408 244,651 8,047,143
920,197 343,878 9,716,371
996,174 323,433 10,964,568
1.079,096 592,996 11,314,565
1.185,245 582,198 11,851,021
1.099,137 698,392 10,541, 638
1,182,160 96,088 537,895 10,365,989
1,078,052 211,175 798,781 8,841,628
1,567,622 B 210,925 716,728 8,984,792
7Q
CITY OF WHEAT RIDGE, C'')LORADO
GENERAL GOVERNMENTAL REVENUES BY SOURCE
LAST TEN FISCAL YEARS
(UNAUDITED)
Charges
Fiscal Licenses Intergov- for
Year Taxes & Permi ts ernmental Services
1981 $ 5,789,891 $ 155,234 ::, 1,422,121 $ 164,709
1982 6,514,760 125,112 1,094,860 174,938
1983 6,768,083 185,267 1,194,589 206,243
1984 7,358,947 238,948 1,560,986 194,095
1985 7,440,861 215,851 1,154,850 192,463
1986 7,531,653 223,959 1,304,977 495,051
1987 7,320,112 246,513 1,655,083 504,482
1988 7,477,204 I 270,142 1,744,146 469,973
1989 5,171,317 A 225,961 1.998,907 504,767
1990 5,736,579 332,499 1. 826, 438 236,700
Notes: Includes general, special revenue, and debt service
funds.
A. One half of 1% of sales tax revenues are accounted
for in the Capital Project Fund starting in 1989.
Source: City of Wheat Ridge audited financial statements,
1981-1990.
so
Fines &
Forfeitures Interest Other Total
$ 69,752 $ 897,163 $ 2,862 $ 8,501,732
90,151 816,995 41, 797 8,858,613
120,657 553,205 140,870 9,168,914
110,212 604,458 80,281 10,147,927
115,653 455,488 57,737 9,632,903
132,573 260,042 724,920 10,673,175
130,311 191,331 382,877 10,430,709
266,251 180,942 58,732 10,467,390
389,600 169,700 84,399 8,544,651
396,718 189,238 97,608 8,815,780
81
CITY OF WHEAT RIDGE, COLORADO
GENERAL GOVERNMENTAL TAX REVENUES
LAST TEN FISCAL YEARS
(UNAUDITED)
Liquor &
Fiscal Property Telephone Auto Sales
Year Taxes Occupation Ownership Tax
1981 ~ 443,284 ~ 132,981 $ 42,460 $ 3,864,923
~ ~
1982 442,347 139,730 39,077 4,584,320
1983 455,015 137,505 44,499 4,693,198
1984 494,092 143,907 43,411 5,203,793
1985 478,447 152,977 48,061 5,061,288
1986 494,847 161, 693 47,165 5,050,875
1987 502,269 177,486 44,926 4,902,053
1988 545,964 183,773 44,895 5,083,240
1989 542,580 172,901 46,986 2,754,972 A
1990 567,756 178,929 47,208 2,730,931
Notes: Includes general, special revenue, and debt service
funds.
A. One-half of l% sales tax earmarked for capital
projects fund created in 1989.
Source: City of Wheat Ridge audited financial statements,
1981-1990.
i1?
Lodgers &
Use Franchise Admissions
Tax Tax Excise Total
$ 733,882 $ 572,361 $ $ 5,789,891
631,103 678,183 6,514,760
736,933 700,933 6,768,083
849,723 624,021 7,358,947
758,177 941,911 7,440,861
743,125 778,004 255,944 7,531,653
674,346 735,196 283,836 7,320,112
660,152 622,393 253,397 7,393,814
658,830 745,403 249,645 5,171,317
1,185,551 724,078 302,126 5,736,579
-
-
-
83
CITY OF WHEAT RIDGE, COLORADO
PROPERTY TAX RATES - DIRECT AND OVERLAPPING GOVERNMENTS
LAST TEN FISCAL YEARS
(UNAUDITED)
City of School Belaire Fruitdale
Fiscal Wheat Jefferson District Sanitation Sanitation
Year Ridge County R-1 District District
1981 3.500 18.810 52.270 27.240 6.550
1982 3.500 20.810 54.110 29.100 6.020
1983 3.500 24.150 59.760 30.720 5.020
1984 3.500 24.090 58.690 32.870 5.100
1985 3.500 25.040 61.550 35.920 4.720
1986 3.500 28.790 63.730 38.410 4.720
1987 2.020 17.140 36.630 18.172 2.683
1988 2.265 18.890 40.312 24.332 3.210
1989 2.418 22.021 44.147 25.824 3.600
1990 2.458 23.602 42.207 28.000 3.925
Note: All numbers shown are Mill Levys (amounts assessed per
$1,000)
Source: Jefferson County Assessors' Office
84
Urban
North West Drainage wheat Wheat
Lakewood & Flood Valley Westridge Ridge Ridge
Sanitation Control Water Sanitation Fire Sanitation
District District District District Protection District
5.390 0.900 4.980 6.970 2.990 2.500
5.770 0.900 4.560 6.970 3.160 2.940
5.950 0.900 3.780 8.810 3.180 2.930
6.890 0.900 4.110 9.490 3.520 3.260
7.360 0.900 4.070 9.490 3.690 3.450
8.060 1.000 4.180 9.490 3.910 3.690
4.570 0.518 2.408 5.463 2.240 1. 943
5.157 0.577 2.643 6.405 2.597 2.488
5.157 0.668 2.204 6.853 3.060 2.790
6.791 0.699 1.710 7.361 3.178 3.004
85
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
1981 $ 127,448,920 $ 424,829,691 30.0 %
1982 131,113.740 437,045,756 30.0
1983 145,391, 770 484,634,387 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 261,992,340 1,114,861,021 23.5
1988 253,324,240 1,125,885,511 22.5
1989 235,939,530 1,072,452,409 22.0
1990 232,394,250 1,056,337,500 22.0
NOTES:
A. Jefferson County is the collection agent for the City
of Wheat Ridge, and as such could not separate real
property, personal property, and exempt property.
The amounts shown above represent all types of
property.
B. properties within the City are assessed by the
Jefferson County Assessor on January 1, of each year.
For 1990 the property was assesed at 22.0% of the
estimated actual value based on the period from July
1988 to June 1989.
Source: Jefferson County Assessors' office.
86
CITY OF WHEAT RIDGE, COLORADO
PRINCIPAL TAXPAYERS
DECEMBER 31, 1990
(UNAUDITED)
Percentage
Assessed of Total
Taxpayer Type of Business valuation Valuation
Adolph Coors Company Glass Container Mfg. $ 2,675,728 1. 15 %
Applewood Village Shopping Center 1,034,172 0.45
Lutheran Medical Center Medical Office Bldg. 647,576 0.28
Psychiatric Hospital
Leaf Inc. Candy Mfg. 404,845 0.17
Kipling Ventures Ltd. Commercial Bldgs. 283,800 0.12
Great American Bank Apartment Complex 280,297 0.12
Commonwealth Life Insurance Shopping Center 277,545 0.12
Lutheran Brotherhood Shopping Center 277,441 0.12
American Lodging Motels 270,579 0.12
Andrew Leslie Metzger Motel 254,134 0.11
Total $ 6,406,117 2.76 %
Source: Jefferson County Assessors' Office.
87
CITY OF WHEAT RIDGE, COLORADO
SPECIAL ASSESSMENT BILLINGS AND COLLECTIONS
LAST TEN FISCAL YEARS
(UNAUDITED)
Current Current Ratio of
Fiscal Assessments Assessments Collections
Year Due Collected to Amount Due
1981 $ $ %
1982
1983
1984
1985
1986
1987
1988 1,250,000 221,388 .18
1989 164,538 176,479 107.26
1990 164,538 164,538 100.00
Note: In 1988 the City issued $1,250,000 in special
assessment debt. The property owners were
offered the option to pay their prorata share
of the assessment over the next ten years of
the entire balance in 1988 less a 5% discount.
The City collected $83,390 from the assessed
district and an additional $137,998 from the
bond proceeds applied against the debt in a
negotiated settlement with two of the affected
property owners.
Source: City of Wheat Ridge audited financial statements,
1981-1990.
88
CITY OF WHEAT RIDGE, COLORADO
COMPUTATION OF LEGAL DEBT MARGIN
DECEMBER 31, 1990
(UNAUDITED)
Computaion of maximum debt allowed:
1990 estimated actual valuation
Legal debt limit percentage
$ 1,056,337,500
3 %
Legal debt limit
$
31,690,125
Amount of Debt outstanding:
Total bonded debt
$
2,990,000
Less: Funds available in debt service fund
(47,175)
Net bonded debt outstanding
2,942,825
Legal debt limit
31,690,125
Legal debt margin
$
28,747,300
-
Source: City of Wheat Ridge Charter and Jefferson County
Assessors' Office
-
89
CITY OF WHEAT RIDGE, COLORADO
COMPUTATION OF DIRECT AND OVERLAPPING BONDED DEBT
DECEMBER 31, 1990
(UNAUDITED)
Gross
Debt
Taxing Authority Outstanding
Percentage
Applicable
to City
Overlapping
Debt
Applicable
to City
$ 9,163,890
84,000
62,335
9,310,225
2,990,000
$ 12,300,225
School District R-l $ 132,810,000
6.9 %
Valley Water District 105,000
80.0
Westridge Sanitation 685,000
9.1
Total overlapping debt
City of Wheat Ridge
2,990,000
100
Total direct and overlapping debt
Source: The taxing authorities listed above and the Jefferson
County Assessors' Office.
90
CITY OF WHEAT RIDGE, COLORADO
RATIO OF ANNUAL DEBT SERVICE FOR GENERAL BONDED DEBT
TO TOTAL GENERAL GOVERNMENTAL EXPENDITURES
LAST TEN FISCAL YEARS
(UNAUDITED)
Ratio of
(Bj Debt Service
(A) Total to Total
Total General General
Fiscal Debt Governmental Governmental
Year Principal Interest Service Expenditures Expenditures
1981 $ $ 7,280,026 %
1982 8,047,143
1983 9,716,371
1984 10,964,568
1985 11,314,565
1986 11,851,021
1987 10,541,638
1988 96,088 96,088 10,365,989 0.93
1989 210,925 210,925 8,841,628 2.39
1990 210,925 210,925 8,966,635 2.35
-
NOTES: This table excludes special assessment debt
A. Excludes bond issuance and other costs
B. Includes general, special revenue, and debt service
funds.
Source: City of Wheat Ridge audited financial statements,
1981-1990.
91
CITY OF WHEAT RIDGE, COLORADO
RATIO OF NET BONDED DEBT TO ASSESSED VALUE
AND NET BONDED DEBT PER CAPITA
LAST TEN FISCAL YEARS
(UNAUDITED)
Gross
Fiscal Assessed Bonded
Year population value Debt
1981 30,250 127,448,920 $
1982 30,293 131,113,740
1983 30,336 145,391,770
1984 30,280 138,806,980
1985 30,280 142,459,340
1986 30,480 145,389,150
1987 29,506 261,992,340
1988 29,864 253,324,240 2,990,000
1989 30,013 235.939,530 2.990,000
1990 29,419 232,394,250 2,990,000
NOTES: Gross bonded debt does not include special
assessment bonds.
Source: City of Wheat Ridge audited financial
statements, 1981-1990
92
Debt
Service
Funds
Available
$
339,749
343,157
346,175
Net
Bonded
Debt
$
2,650,251
2,646,843
2,643,825
Ratio
of Net
Bonded
Debt to
Assessed
Value
1. 05
1.12
1.13
93
Net
Bonded
Debt
Per
Capita
%
$
89
88
90
CITY OF WHEAT RIDGE, COLORADO
REVENUE BOND COVERAGE
SALES TAX REVENUE BONDS
LAST TEN FISCAL YEARS
(UNAUDITED)
Sales
Fiscal Tax Debt Service Requirements
Year Revenues Principal Interest Total Coverage
1981 $ 3,864,923 $ $ $
1982 4,584,320
1983 4,693,198
1984 5,203,793
1985 5,061,288
1986 5,050,875
1987 4,902,053
1988 5,083,240 96,088 96,088 52.90
1989 5,509,944 210,925 210,925 26.12
1990 5,461,862 210,925 210,925 25.89
Note: Sales tax revenues are included since debt service is
paid with sales tax proceeds.
Source: City of Wheat Ridge audited financial statements,
1981-1990.
94
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 Age Schooling Enrollment Rate
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 34 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
1988 29,864 13,000 35 13.0 4,658 5.8
1989 30,013 13,664 35 13.0 5,048 4.5
1990 29,419 16,392 32 13.2 4,454 3.9
Source: The 1990 Census Bureau statistics, the Center for Business
and Economic Forecasting, Jefferson County Planning Dep-
artment, and the Jefferson County School District R-1.
95
CITY OF WHEAT RIDGE, COLORADO
CONSTRUCTION, PROPERTY VALUE, AND BANK DEPOSITS
LAST TEN FISCAL YEARS
( UNAUDITED)
commercial Residential
Construction Construction
Number Number Estimated Total
Fiscal of Estimated of Estimated Actual Wheat Ridge
Year Units Value Units Value Property Value Bank Deposits
1981 22 $13,562,824 151 $ 5,703,199 $ 424,829,691 $ 64,562,000
1982 5 3,339,102 197 5,795,927 437,045,756 82,479,000
1983 12 5,964,496 357 9,765,110 484,634,387 98,124,000
1984 12 3,720,831 224 9,282,037 462,689,934 115,456,000
1985 9 6,210,435 186 6,848,498 474,866,841 124,733,000
1985 12 7,382,110 56 2,770,741 484,630,500 145,302,000
1987 4 3,272,180 63 4,828,885 1,114,861,021 756,995,487
1988 11 1,996,272 14 1,838,209 1,125,885,511 132,468,920
1989 11 2,629,566 14 1,700,028 1,072,452,409 131,969,885
1990 13 4,238,919 11 1,598,372 1,056,337,500 138,171,196
Source: The City of Wheat Ridge Building Department, Jefferson County
Assessors' Office, and local bank statements of condition.
96
CITY OF WHEAT RIDGE, COLORADO
MISCELLANEOUS STATISTICS
DECEMBER 31, 1990
(UNAUDITED)
Date of Incorporation
Form of Government
Area
Population (1990 Census)
Employees:
Elected
Appointed
Fire Protection: (1)
Number of stations 2
Number of fire fighters and officers 1
(exclusive of volunteer fire fighters)
Police Protection:
Number of stations
Number of police officers
Education: (1)
Private and Parochial
Public Elementary Schools
Public Junior High Schools
Public High School
Local Streets:
Miles of streets
Number of street lights
Number of traffic controlled locations
Building Permits Issued
Recreation and Culture:
Community Centers
Outdoor Swimming Pool
Tennis Courts
Parks (developed and undeveloped)
Greenbelt trail system
Libraries (1)
Number of Volumes
Jefferson County Library System
1969
Mayor - Council
9.1 Sq. Miles
29,419
11
164.75
1
58
4 (592 students)
6 (2,094 students)
2 (1,034 students)
1 (1,326 students)
129
1,492
49
80
2
1
9
16 w/124.5 Acres
5 miles (Approx. 300 Acres)
1
27,707
537,537
(1) Facilities and services not included in the reporting entity
Source: City of Wheat Ridge, Jefferson County School District R-1,
Wheat Ridge Fire Protection District and Jefferson County
Public Library
97
---
-
-
98
/---
Single Aud\t section
-m
- -
- ~o ==
- ~ --
= ---'- --
- -^>
- -
- -
3201 E. Third Avenue
Denver, Colorado 80206
(303) 388-4181
FAX (303) 388-4182
= GRUENLER &
= ASSOCIATES
118 Sixth Street, 25C
Glenwood Springs, Colorado 81601
(303) 945-2695
INDEPENDENT AUDITORS' REPORT ON INTERNAL CONTROLS
(ACCOUNTING AND ADMINISTRATIVE)--BASED ON A STUDY
AND EVALUATION MADE AS A PART OF AN AUDIT OF
THE GENERAL PURPOSE FINANCIAL STATEMENTS AND
THE ADDITIONAL TESTS REQUIRED BY THE SINGLE AUDIT ACT
To the City Council
City of Wheat Ridge, Colorado
We have audited the general purpose financial statements of the
City of Wheat Ridge, Colorado, for the year ended December 31,
1990, and have issued our report thereon dated April 8, 1991. As
part of our audit, we made a study and evaluation of the internal
control systems, including ap~l~cable internal administrative
controls, used in administer~ng federal financial assistance
programs to the extent we considered necessary to evaluate the
systems as required by generally accepted auditing standards,
"Government Auditing Standards," issued by the Comptroller
General of the united States, the Single Audit Act of 1984, and
the provisions of OMB Circular A-128, "Audits of State and Local
Governments." For the purpose of this report, we have classified
the significant internal accounting and administrative controls
used in administerin9 federal financial assistance programs in
the following categor~es:
Accounting controls:
Revenue, receipts
Receivables
Property and equipment
Debt and debt service
Billin9s
Expend~tures for goods
and services
Cash and cash equivalents
Inventory
Payables and accrued liabilities
Fund balance
Payroll
Grants and similar programs
General Requirements:
Political activity
Cash management
Specific Requirements:
Types of service
Reporting
Drug free workplace
Civil rights
Drug free workplace
Eligibility
Allowable cost
Certified PubliC Accountants
Members of American Institute of Certified PubliC Accountants ~ DIVision for CPA Firms
Colorado Society of C"rtifled Public Accountants
Governmental FinancE99!flcers Association
The management of the City of Wheat Ridge, Colorado, is
responsible for establishing and maintaining internal control
systems used in administering federal financial assistance
programs. In fulfilling that responsibility, estimates and
judgments by management are required to assess the expected
benefits and related costs of control procedures. The objectives
of internal control systems used in administering federal
financial assistance programs are to provide management with
reasonable, but not absolute, assurance that, with respect to
federal financial assistance pr09rams, resource use is consistent
with laws, regulations, and po11cies; resources are safeguarded
against waste, loss, and misuse; and reliable data are obtained,
maintained, and fairly disclosed in reports.
Because of inherent limitations in any system of internal
accountin9 and administrative controls used in administering
federal f1nancial assistance programs, errors or irregularities
may nevertheless occur and not be detected. Also, projection of
any evaluation of the systems 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 included all of the ap~licable control categories
listed in the first paragraph. Dur1ng the year ended December
31, 1990, the City of Wheat Ridge, Colorado, had no major federal
financial assistance programs and expended 62 percent of its
total federal financial assistance under the, State and Community
Highway Safety Program, a nonmajor federal financial assistance
pr09ram. with respect to internal control srstems used in
adm1nistering this nonmajor federal financ1al assistance
programs, our study and evaluation included considering the types
of errors and irregularities that could occur, determining the
internal control procedures that should prevent or detect such
errors and irregularities, determining whether the necessary
procedures are prescribed and are being followed satisfactorily,
and evaluating any weaknesses.
with respect to the internal control systems used solely in
administering the other nonmajor federal financial assistance
programs of the City of Wheat Ridge, Colorado, our study and
evaluation was limited to a preliminary review of the systems to
obtain an understanding of the control environment and the flow
of transactions through the accounting system. Our study and
evaluation of the internal control systems used solely in
administering the nonmajor federal financial assistance programs
of the City of Wheat Ridge, Colorado, did not extend beyond this
preliminary review phase.
Our study and evaluation was more limited than would be necessary
to ex~ress an opinion on the internal control systems used in
admin1stering the federal financial assistance programs of the
City of Wheat Ridge, Colorado. Accordingly, we do not express an
100
opinion on the internal control systems used in adrninisterin9 the
federal financial assistance programs of the City of Wheat Rldge,
Colorado.
Also, our audit, made in accordance with the standards mentioned
in the first paragraph, would not necessarily disclose material
weaknesses in the internal control systems, for which our study
and evaluation was limited to a preliminary review of the
systems, as discussed in the fifth paragraph of this report.
This report does not
financial statements
Colorado, compliance
1991.
affect our reports on the general purpose
and on the the Citr of Wheat Ridge,
with laws and regulatlons dated April 8,
This report is intended solely for the use of management, the
u.s. Department of Transportation and the Colorado State
Auditors Office. This restriction is not intended to limit the
distribution of this report, which, upon acceptance by the City
of Wheat Ridge, Colorado, is a matter of public record.
April 8, 1991
~~",-~f~~,~, ~L.
101
3201 E. Third Avenue
Denver, Colorado 80206
(303) 388-4181
FJ\X(303) 388-4182
= GRUENLER &
= ASSOCIATES
118 Sixth Street, 25C
Glenwood Springs, Colorado 81601
(303) 945-2695
INDEPENDENT AUDITORS' REPORT ON INTERNAL CONTROL
STRUCTURE RELATED MATTERS NOTED IN A FINANCIAL
STATEMENT AUDIT CONDUCTED IN ACCORDANCE
WITH "GOVERNMENT AUDITING STANDARDS"
To the City Council
City of Wheat Ridge, Colorado
We have audited the general purpose financial statements of the
City of Wheat Ridge, Colorado, for the year ended December 31,
1990, and have issued our report thereon dated April 8, 1991.
We conducted our audit in accordance with generally accepted
auditing standards, "Government Auditing Standards," issued by
the Comptroller General of the United States, and the provisions
of Office of Management and Budget Circular A-128, "Audits of
State and Local Governments." Those standards and OMB Circular
A-128 require that we plan and perform the audit to obtain
reasonable assurance about whether the general purpose financial
statements are free of material misstatement.
In planning and performing our audit of the general purpose
financial statements of the City of Wheat Ridge, Colorado, for
the year ended December 31, 1990, we considered its internal
control structure in order to determine our auditing procedures
for the purpose of expressing our o~inion on the general purpose
financial statements and not to provlde assurance on the internal
control structure.
The management of the City of Wheat Ridge, Colorado, is
responsible for establishing and maintaining an internal control
structure. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected
benefits and related costs of internal control structure policies
and procedures. The objectives of an internal control structure
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 acce~ted accounting
principles. Because of inherent limitations In any internal
control structure, errors or irregularities may nevertheless
occur and not be detected. Also, projection of any evaluation of
the structure to future periods is subject to the risk that
procedures may become inadequate because of changes in conditions
or that the effectiveness of the design and operation of policies
and procedures may deteriorate.
Certified PubliC Accountants
Mpmbers of American Institute of Certified Public Accountants - DivIsion for CPA Firms
Colorado Society of Certified PubliC Accountants
Governmental FinancaOll,cers Association
For the purpose of this
significant internal control
the following categories.
report, we have classified the
structure policies and procedures in
Revenue, receipts
Receivables
Property and equipment
Debt and debt service
BillinC}s
Expendltures for goods
and services
Cash and cash equivalents
Inventory
Payables and accrued liabilities
Fund balance
Payroll
Grant and similar programs
For all of the control categories listed above, we obtained an
understanding of the design of relevant policies and procedures
and whether they have been placed in operation, and we assessed
control risk.
Our consideration of the internal control structure would not
necessarily disclose all matters ln the internal control
structure that might be material weaknesses under standards
established by the American Institute of Certified Public
Accountants. A material weakness is a re~ortable condition in
which the design or operation of the speclfic internal control
structure elements does not reduce to a relatively low level the
risk that errors or irregularities in amounts that would be
material in relation to the general purpose financial statements
being audited may occur and not be detected within a timely
period by employees in the normal course of performinC} their
assigned functions. We noted no matters involving the lnternal
control structure and its operation that we consider to be
material weaknesses as defined above.
This report is intended for the information of management, the
u.s. Department of Transportation and the Colorado State
Auditors Office. This restriction is not intended to limit the
distribution of this report, which, upon acceptance by the City
of Wheat Ridge, Colorado, is a matter of public record.
April 8, 1991
bULQ",-0 ~I~~' ~.L .
103
3201 E. Third Avenue
Denver, Colorado 80206
(303) 388-4181
FAX 13031 388-4182
= GRUENLER &
= ASSOCIATES
118 Sixth Street, 25C
Glenwood Springs, Colorado 81601
13031945-2695
INDEPENDENT AUDITORS' REPORT ON COMPLIANCE WITH
LAWS AND REGULATIONS BASED ON AN AUDIT
OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE
WITH "GOVERNMENT AUDITING STANDARDS"
To the City Council
City of Wheat Ridge, Colorado
We have audited the general purpose financial statements of the
City of Wheat Ridge, Colorado, as of and for the year ended
December 31, 1990, and have issued our report thereon dated April
8, 1991.
We conducted our audit in accordance with generally accepted
auditing standards, "Government Auditing Standards," issued by
the Comptroller General of the United States, and the provisions
of Office of Management and Budget Circular A-128, "Audits of
state and Local Governments." Those standards and OMB Circular
A-128 require that we plan and perform the audit to obtain
reasonable assurance about whether the general purpose financial
statements are free of material misstatement.
Compliance with laws, regulations, contracts, and grants
applicable to the City of Wheat Ridge, Colorado, is the
responsibility of the City of Wheat Ridge, Colorado, management.
As part of our audit, we assessed the risk that noncompliance
with certain provisions of laws, regulations, contracts, and
grants could cause the financial statements to be materially
misstated. We concluded that the risk of such material
misstatement was sufficiently low that it was not necessary to
perform tests of the the City'S compliance with such provis~ons
of laws, regulations, contracts, and grants.
However, in connection with our audit, nothing came to our
attention that caused us to believe that the City of Wheat Ridge,
Colorado, had not complied, in all material respects, with the
laws, regulations, contracts, and grants referred to in the
preceding paragraph.
This report is intended for the information of management, the
U.s. Department of Transportation and the Colorado State
Auditors Office. This restriction is not intended to limit the
distribution of this report, which, upon acceptance by the City
of Wheat Ridge, Colorado, is a matter of public record.
April 8, 1991
~W\'\.~f, ~Dt:J~, ~c:.
Certltled Public Accountants
Members of American Institute of Certified Public Accountants - DiVISion for CPA Firms
Colorado Society of Certified Public Accountants
Governmental Finance liUkers Association
3201 E. Third Avenue
Denver, Colorado 80206
(303) 388-4181
FAX (303) 388-4182
= GRUENLER &
= ASSOCIATES
118 Sixth St reet. 25C
Glenwood Springs, Colorado 81601
(303) 9452695
INDEPENDENT AUDITORS' REPORT ON COMPLIANCE
WITH REQUIREMENTS APPLICABLE TO NONMAJOR FEDERAL FINANCIAL
ASSISTANCE PROGRAM TRANSACTIONS
To the City Council
City of Wheat Ridge, Colorado
In connection with our audit of the 1990 general purpose
financial statements of the City of Wheat Ridge, Colorado, and
with our study and evaluation of the City of Wheat Ridge,
Colorado, internal control systems used to administer federal
financial assistance programs, as required by Office of
Management and Budget Circular A-128, "Audits of State and Local
Governments," we selected certain transactions applicable to
certain nonmajor federal financial assistance programs for the
year ended December 31, 1990.
As required by OMB Circular A-128, we have performed auditing
procedures to test compliance with the requirements governing
types of services allowed or unallowed and eligibility that are
applicable to those transactions. Our procedures were
substantially less in scope than an audit, the objective of which
is the expression of an opinion on the City of Wheat Ridge,
Colorado, compliance with these requirements. Accordingly, we do
not express such an opinion.
With respect to the items tested, the results of those procedures
disclosed no material instances of noncompliance with the
requirements listed in the preceding paragraph. With respect to
items not tested, nothing carne to our attention that caused us to
believe that the City of Wheat Ridge, Colorado, had not complied,
in all material respects, with those requirements.
This report is intended for the information of management, the
u.s. Department of Transportation, and Colorado State Auditors
Office. This restriction is not intended to limit the
distribution of this report, which, upon acceptance by the City
of Wheat Ridge, Colorado, is a matter of public record.
April 9, 1991
~\\lll~~~o",k. ~L
Certltied Public Accountants
Members of American Institute of Certltied Public Accountants - DiVISion for CPA Firms
Colorado Society of Certified PubliC Accountants
Governmental Flnanc<3. OOicers Association
CITY OF WHEAT RIDGE, COLORADO
SECHEDULE OF FEDERAL FINANCIAL ASSISTANCE
FOR THE YEAR ENDED DECEMBER 31, 1990
U.S. Department of Health and
Human Services
Alcohol and Drug Abuse and
Mental Health Services
Block Grant
U.S. Department of Education
Drug Free Schools
U.S. Department of Transportation
Passed through State Department
of Highways
State and Community Highway
Safety
Federal
CFDA
Number
13.992
13.992
84.186
20.600
106
Pass-
Through
Grantor's
Number
DOH 88-195
Grant
Year
FY 1989-90
FY 1990-91
FY 1989-90
1988/91
Grant
Amount
$
12,375
16,400
14,060
268,109
(Accrued)
Deferred
Revenue
1-1-90
$ (1,050)
(765)
$ (1,815)
Revenue
$ 12,036
11,865
34,783
$ 58.684
107
Expenditures
$
10,986
1,870
11,100
38,699
$
62,655
(Accrued)
Deferred
Revenue
12-31-90
$
(1,870)
(3,916 )
$ (5,786)
3201 E. Third Avenue
Denver, Colorado 80206
(3031 388-4181
FAX (3031 388-4182
= GRUENLER &
= ASSOCIATES
118 Sixth Street, 25C
Glenwood Springs, Colorado 81601
(303) 945-2695
INDEPENDENT AUDITORS' REPORT ON SCHEDULE OF FEDERAL
FINANCIAL ASSISTANCE
To the City Council
City of Wheat Ridge, Colorado
We have audited the general purpose financial statements of the
City of Wheat Ridge, Colorado, for the year ended December 31,
1990, and have issued our report thereon dated April 8, 1991.
These general purpose financial statements are the responsibility
of the City of Wheat Ridge, Colorado, management. Our
responsibility is to express an opinion on these general purpose
financial statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards, "Government Auditing Standards," issued by
the Comptroller General of the United States, and the provisions
of Office of Management and Budget Circular A-128, "Audits of
State and Local Governments." Those standards and OMB Circular
A-128 require that we plan and perform the audit to obtain
reasonable assurance about whether the general purpose financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence su~porting the amounts and
disclosures in the general purpose flnancial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audit provides a reasonable basis for our opinion.
Our audit was conducted for the purpose of forming an opinion on
the general purpose financial statements of the City of Wheat
Ridge, Colorado, taken as a whole. The accompanying schedule of
federal financial assistance is presented for purposes of
additional analysis and is not a required part of the general
purpose financial statements. The information in that schedule
has been subjected to the auditing procedures applied in the
audit of the general purpose financial statements and, in our
opinion, is falrly presented in all material respects in relation
to the general purpose financial statements taken as a whole.
April 8, 1991
~fl-W"~ F~Da~. ~.C
Certified PubliC Accountants
----
Members ot American Institute ot Certified Public Accountants DiviSion for CPA Firms
Colorado Society of Certjfif.oPubllc Accountants
Governmental Financ4~,cers Association