HomeMy WebLinkAbout1991
City of
Wheat Ridge
Colorado
COLOR~\)O 1991
Comprehensive
Annual Financial
Report
Fiscal year ended
December 31
CITY OF WHEAT RIDGE
WHEAT RIDGE, COLORADO
Comprehensive Annual Financial Report
For The Fiscal Year
Ended December 31, 1991
And
Auditors' Reports
PREPARED BY:
James G. Malone
City Treasurer
William Powell
Budget/Finance Officer
Linda Stengel
Chief Accountant
Gruenler & Associates. P.C.
Certified Public Accountants
CITY OF WHEAT RIDGE
WHEAT RIDGE, COLORADO
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED DECEMBER 31, 1991
TABLE OF CONTENTS
INTRODUCTORY SECTION
Letters of Transmittal:
City Administrator
City Treasurer
Organizational Chart
List of Principal Offica1s
GFOA Certificate of achievement for excellence in
financial reporting
FINANCIAL SECTION
Independent Auditors' Report
General Purpose Financial Statements:
Combined balance
account groups
Combined statement of revenues, expenditures
and changes in fund balances - all governmental
fund types and expendable trust fund
sheet - all fund types and
Combined statement of revenues, expenditures
and changes in and changes in fund balances -
budget (non-gaap basis) and actual - general,
special revenue, debt service and capital
project funds
Statement of revenues, expenses and changes in
fund balances - pension trust fund
Notes to the financial statements
Page No.
1 - 4
5 - 9
10
11
12
13 - 14
15
16 - 19
20 - 21
22 - 25
26
27 - 41
CITY OF WHEAT RIDGE
WHEAT RIDGE, COLORADO
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED DECEMBER 31, 1991
TABLE OF CONTENTS
(Continued)
Page No.
Supplemental information _ combininq, individual
fund and account qroup statements and schedules
General fund:
Comparative balance sheets
Comparative statements of revenues, expenditures
and changes in fund balances
Schedule of revenues, expenditures and changes
in fund balance - budget (non-gaap basis) and
actual
42
43
44
45
Special revenue funds:
Combining balance sneets
Combining statements of revenues, expenditures
and changes in fund balance
46
47
48 - 49
50 - 51
Combining schedules
and changes in fund
basis) and actual
Debt service fund:
of revenues, expenditures
balance - budget (non-gaap
52 - 57
58
Comparative balance sheets
Statement of revenues, expenditures and changes
in fund balance budget (GAAP basis) and
actual
59
Capital projects fund:
Comparative balance sheets
Comparative statement of revenues, expenditures
and changes in fund balances
Schedules of revenues, expenditures and changes
in fund balance - budget (non-gaap basis) and
actual
60
61
62
63
64
CITY OF WHEAT RIDGE
WHEAT RIDGE, COLORADO
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED DECEMBER 31, 1991
TABLE OF CONTENTS
(Continued)
Supplemental information
fund and account qroup
(continued)
Fiduciary funds:
Combining balance sheet
_ combininq, individual
statements and schedules
Page No.
65
66 - 67
Agency funds:
Combinin9 statement of changes ~n assets and
liabil~ties
68 - 69
70
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
71
72
73
STATISTICAL SECTION
Assessed and estimated actual value of taxable property
General governmental expenditures by function
General governmental revenues by source
75
76 - 77
78 - 79
80 - 8l
82 - 83
84
85
86
87
88
General governmental tax revenues
Property tax rates - direct and overlapping governments
Property tax levies and collections - general fund
Principal taxpayers
Special assessment billings and collections
Computation of legal debt margin
Computation of direct and overlapping debt
CITY OF WHEAT RIDGE
WHEAT RIDGE, COLORADO
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED DECEMBER 31, 1991
TABLE OF CONTENTS
(Continued)
STATISTICAL SECTION - (Continued)
Ratio of annual debt service for general bonded debt
to total general fund expenditures
Ratio of net bonded debt to assessed value and net
bonded debt per capita
Revenue bond coverage - sales tax revenue bonds
Demographic statistics
Property value, construction and bank deposits
Miscellaneous statistics
Independent auditors' report on supplementary information
statement of receipts and expenditures for roads, bridges
streets
Colorado Highway Department schedule of receipts and expend-
itures
Page No.
89
90 - 91
92
93
94
95
97
99 - 102
Introductory Section
P.O BOX 638 TELEPHONE 303/237.6944
7500 WEST 29TH AVENUE . WHEAT RIDGE, COLORADO 80033
The City of
~heat
'Ridge
June 3, 1992
The Honorable Mayor Winger and
Members of the City Council
City of Wheat Ridge
Wheat Ridge, CO
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, 1991, 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 wi thin that framework, I believe
that the City's internal accounting controls adequately safeguard assets
and provide reasonable assurance of proper recording of financial
transactions.
This report has been prepared in accordance with the guidelines recommended
by the Government Finance Officers Association of the United states and
Canada. In accordance with these guidelines, the accompanying report
consists of 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, demographic and other
miscellaneous information; and the
4. Single Audit Section, in compliance with the Single
Audit Act of 1984, for all federal grants.
"The CarnatLOn Clty"
1
Page 2
THE REPORTING ENTITY AND ITS SERVICES
This report includes all of the funds and account groups of the City in
conformance with Governmental Accounting and Financial Reporting Standards.
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 R-l School District provides all educational services to the students
within Jefferson County, Colorado. The R-l School District is the reporting
enti ty and is not a part of the City of Wheat Ridge. Addi tionally,
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, Edgewater, Lakewood and Arvada.
Unincorporated Jefferson County lies to the west. Interstate 70, which is
Colorado's major east-west highway, passes through Wheat Ridge on the north
and west. This highway is a major link between Stapleton International
Airport, downtown Denver and recreational 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 completion of a large medical office
building on the Lutheran Medical Center campus, a camper sales and service
building and the start of a large residential housing complex for seniors.
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, 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 1991 the City was able to add an additional
$874,340 to the General Fund carryover fund balance from 1990. The 1992
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 July 1991, the City Council approved the second participant in the
Enhanced Sales Tax Incentive Program (ESTIP). KGC Trust I has agreed to
perform certain public related improvements at the site of the owners' real
property to encourage expansion of retail sales tax businesses in Wheat
..,
Page 3
Ridge.
retail
Payout
In return, the City will share in the sales
business over an established base amount for
over ten years will be $337,225.
tax collected from the
the next ten years.
A joint proj ect with the City of Lakewood to reconstruct 32nd Avenue
between Youngfield and Simms was completed in 1990. Federal grant funds
were approved to continue the reconstruction between Simms and Kipling
Streets through 1991. The City contributed one-half to the $2.5 million
dollar project.
Revi talization 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. The segment between
Pierce street and Sheridan Boulevard was completed in 1991. Improving
streets, sidewalks and landscaping in this vital area of Wheat Ridge will
provide an attractive and viable business district while adding to our
sales tax base. Wadsworth to Cody will be the next phase of the
construction and the final phase, Holland to Kipling, will finish the
scheduled 38th Avenue project in 1994. Included in this revitalization of
38th Avenue between Sheridan Boulevard and Kipling Street is the
undergrounding of utility lines at a projected total cost of $2.7 million.
Through the Jefferson County Open Space Program, Wheat Ridge's
attributable share of available funds was $1.17 million as of January 1,
1991. 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 1991 included the construction of restrooms and a concession
stand in Wheat Ridge Park and improvement to the parking lot at R/H Estate.
Additional land was purchased for the greenbelt trailhead at 42nd & Kipling
Street, and the purchase of the DiGiacomo property.
Ci ty Council approved the funding for a Drug Abuse Resistance Education
(D.A.R.E.) program starting in June of 1990 and continued through 1991.
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 $10,000 in grant money
from the Colorado Department of Health for alcohol and drug prevention,
intervention and high risk youth prevention services for the 1991-92 school
year. This is the fourth year for the awarding of grant monies for the
Drug Coalition.
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.
3
Page 4
The preparation of this annual financial report could not have been
accomplished without the dedication of the City Treasurer'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,
de
~
Robert C. Middaug
City Administrator
4
P.O BOX 638 TELEPHONE 303/237-6944
7500 WEST 29TH AVENUE . WHEAT RIDGE, COLORADO 80033
The City of
~heat
'Ridge
June 2, 1992
The Honorable Mayor Winger,
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, 1991, 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 activities. 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
"The Carnation City"
s
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 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 Fund
$9,001,706, Special Revenue Fund - $699,328 and Debt Service Fund -
$30,832) totaled $9,731,866 in 1991, an increase of 10.60% over 1990.
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 1991 AMOUNT OF TOTAL FROM 1990 (DECREASE)
Taxes $6,463,943 66.42% $ 727,364 12.68%
Licenses & Permits 324,026 3.33 (8,473) (2.55)
Intergovernmental 2,092,622 21.50 282,376 15.60
Charges for Services 264,388 2.72 27,688 11. 70
Fines & Foreitures 283,240 2.91 (113,478) (28.60)
Interest Income 176,167 1. 81 (12,668) (6.71)
Other Revenue 127.480 1.31 29.872 30.60
TOTAL $9,731,866 100.00 $ 932,681 10.60
The maj or source of revenue for the City of Wheat Ridge is retail
sales and use tax ($4,610,062). This comprises fifty-one percent
(51%) of total current General Fund revenue. The one percent (1%)
General Fund sales tax revenues for 1991 were $2,885,976, an increase
of 5.68% or $155,045 over 1990 collections. General Fund use tax
(auto, building, professional and retail) revenues for 1991 were
$1,724,086, an increase of 45.42% or $538,535 over 1990 collections.
Current property tax collections for 1991 were 99.3% of the tax levy.
The mill levy was set at 2.2665 mills for 1989, increased to 2.418
mills in 1990, and raised to 2.458 mills in 1991 to stay within the
property tax limitation set by state statute.
The hailstorm on July 11, 1990 resulted in a carryover into 1991 of
many roofs needing to be replaced and bringing in unexpected revenue
in contractor's licenses and building permits.
6
Expenditures for general governmental functions totaled $9,531,619 in
1991, an increase of 6.3% over 1990. Increases or (decreases) in
levels of expenditures for major functions of the City over the past
year are shown in the following table:
EXPENDITURE INCREASE PERCENTAGE
ACTIVITY PERCENTAGE (DECREASE) INCREASE
BY FUNCTION 1991 AMOUNT OF TOTAL FROM 1990 (DECREASE)
General Government $1,176,115 12.34% $ 102,646 9.56%
Planning & Develop. 524,215 5.50 57,353 12.28
Public Safety 3,512,515 36.85 351,243 11.11
Public Works 1,791,074 18.79 (92,764) (4.92)
Parks & Recreation 1,624,833 17.05 87,593 5.70
Other 691,942 7.26 59,413 9.39
Debt Service 210.925 2.21 (500) ( .24)
TOTAL $9,531,619 100.00 $ 564,984 6.30
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 (CCOERA) 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 $2.9 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 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
capi ta debt ratio. This bond issuance makes up 9.13% of the legal
debt limited by City Charter and a maximum of $26.30 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 specifical1y state
that the lease can be cancelled at any time if the City Council does
~
I
not appropriate funds for that purpose.
encumbered for that years payments only.
Funds are budgeted and
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 especially benefi ted by the improvements. The
assessments are to be paid in ten amortized annual installment 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. The prudent investor rule states "that investments shall be
made with the exercise of that judgement and care, under circumstances
then prevailing, which men of prudence, discretion and intelligence
exercise in the management of their own affairs, not for speculation
but for investment, considering the probable safety of their capital
as well as the probable income to derived". 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 goverment investment pools, in
conformance wi th 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
are insured by the F.D.I.C. and in conformance with P.D.P.A. At the
end of 1991, the City's investment in certificates of deposit and
government securities varied in interest rates from 4.77% to 9.0%, and
3.92% to 5.83% in savings and money market accounts, respectively.
The City's investment portfolio indicates investments throughout 1991
averaged 86% in U.S. Government securities and 14% in money market or
savings accounts.
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
8
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 fourteen percent (14.58%) of budget; 1989 at eighteen percent
(18.67%) of budget; 1990 at twenty-five percent (25.65%)of budget; and
1991 at thirty percent (30.27%) of budget. The City Administrator
plans for a fifteen percent reserve balance each year. This
represents the amount reserved for such items as emergency
expenditures, compensated absences, and salaries budgeted but not
allocated.
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 1991 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 (GFOA) awards a Certificate of Achievement for Excellence in
Financial Reporting to local governmental enti ties for their
Comprehensive Annual Financial Report. The City of Wheat Ridge has
now received this award for two consecutive years (1989 & 1990). 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.
ACKNOWLEDGMENTS
I would like to express my appreciation to Linda Stengel, Chief
Accountant, and Bill Powell, Finance Assistant and to members of the
accounting staff who assisted the auditors in preparing this report.
Special thanks are extended to members of the independent Certified
Public Accounting firm of Gruenler and Associates, P. C., for the
manner in which they accomplished the 1991 audit.
Respectfully submitted.
~o.~~
City Treasurer
9
CITIZENS OF WHEAT RIDGE
CITY
COUNCIL.
I
L_____
- -I
I \
CITY
ADMINISTRATOR
MUNICIPAL I
JUDGE ~
;\ L unicipal
CITY
ATTORNEY
PLANNING &
DEVELOPMENT
Building In.pection
Building M.inten.nce
Civil Di...ter
Code Enforce.ent
Planning '- Zoning
\
Court~
~Accounting
Audit
Budget
Data proce..ing
Purchadnq
Sale. Tax
Switchboard
Per.onnel
PARKS &
RECREATION
,
(Park. Maintenance
'- rore.try
Recreation
10
I CITY
l CLERK
CITY i
TREASURER I
POLICE
l\.ni.al/Parka
Enforce.ent
Co_unication.
Inve.tiqation
Patrol '- Traffic
Record.
8upport 8ervice.
Engineering
rleet Maintenance
Street Maintenance
Traffic Maintenance
OFFICIALS
CITY OF WHEAT RIDGE
MAYOR
Ray J. Winger, Jr.
CITY COUNCIL
Vance Edwards
Kent Davis
Elise Brougham
Phillip Edwards
District I
District II
District III
District IV
CITY CLERK.
Wanda Sang
CITY ATTORNEY
John E. Hayes
Ronald Selstad
Anthony FIasco
Donald Eafanti
William Shanley
CITY TREASURER
James O. Malone
MUNICIPAL JUDGE
Randa11 J. Davis
CITY ADMINISTRATOR
Robert C. Middaugh
DIRECTOR OF PLANNING AND DEVELOPMENT
DIRECTOR OF PARKS AND RECREATION
CHIEF OF POLICE
DIRECTOR OF PUBLIC WORKS
FINANCE ASSISTANT
11
Glen Gidley
Gary Wardle
Jack A. Hurst
Robert Goebel
william powell
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, 1990
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.
President
Jfh/~
Executive Director
12
Financial Section
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
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, 1991, and for the year then ended, as listed in the table of
contents. 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 ~n 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,
1991, and the results of its operations 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
comb~ning 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 financ~al statements of the
Cit~ of Wheat Ridge, Colorado. Such information has been
subJected to the aud~ting procedures applied in the audit of the
general purpose financial statements and, in our o~inion, is
fairly presented in all material respects in relat~on to the
general purpose financial statements taken as a whole.
Certified Public Accountants
Members of American Institute of Certifieq 8ublic Accountants - Division for CPA Firms
Colorado Society of C~rtified Public Accountants
Governmental Finance Officers Association
Our audit was made for the purpose of forming an opinion on the
general ~urpose financial statements taken as a whole. The
accompanr~ng introductory section and statistical information
listed ~n the table of contents is ~resented for purposes of
additional analrsis 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.
~de/-z~? ~~/t/.
June 10, 1992
14
GENERAL PURPOSE FINANCIAL STATEMENTS
The general purpose financial statements provide a
the City's operations. These financial statements
position and operating results of all funds and
December 31, 1991.
15
financial overview of
present the financial
account groups as of
CITY OF WHEAT RIDGE, COLORADO
COMBINED BALANCE SHEET
ALL FUND TYPES AND ACCOUNT GROUPS
DECEMBER 31, 1991
(With comparative totals for December 31, 1990)
ASSETS AND OTHER DEBITS
ASSETS
Cash and equivalents
Investments
Accounts receivable:
State
County government
Other
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
$ 1,068,065
2,186,651
632,514
42,865
103,739
126,331
75,000
25,000
$ 4,260,165
Governmental
Special
Revenue
$ 186,586
115,557
109,045
$ 411,188
Fund Types
Debt
Service
$ 50,349
178
299,000
$ 349,527
The accompanying notes are an integral part of this statement.
16
Capital
Project
$
2,767,959
4,516
$ 2,772,475
Fiduciary Account Groups
Fund Type General General Totals
Trust and Fixed Long-Term (Memorandum Only)
Agency Assets Debt 1991 1990
$ 232,535 $ $ $ 1,537,535 $ 735,242
749,459 5,819,626 6,212,749
18,128
741,559 697,545
112,215 159,774 56,648
1 103,740 184,954
5,334,713 5,334,713 5,458,227
126,331 138,293
75,000 23,487
324,000 399,000
18,523,646 18,523,646 18,321,370
349,527 349,527 346,175
2,998,945 2,998,945 3,038,673
$ 6,428,923 $ 18,523,646 $ 3,348,472 $ 36,094,396 $ 35,630,491
(Continued on next page)
17
CITY OF WHEAT RIDGE, COLORADO
COMBINED BALANCE SHEET
ALL FUND TYPES AND ACCOUNT GROUPS
DECEMBER 31, 1991
(Continued)
(With comparative totals for December 31, 1990)
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
Total liabilities
FUND EQUITY AND OTHER CREDITS
Investment in general
fixed assets
Fund balances:
Reserved for:
Encumbrances
Capital projects
Debt service
Inventory
Retirement plans
Unreserved:
Designated for
subsequent years'
expenditures
Undesignated
Total equity and
other credits
TOTAL LIABILITES,
FUND EQUITY AND
OTHER CREDITS
General
Governmental
Special
Revenue
Fund Types
Debt
Service
$
349,527
349,527
$ 349,527
The accompanying notes are an integral part of this statement.
$
43,681
66,178
500
$ 13,307
166,390
103,711
568,301
845,050
117,01B
81,089
122,702
126,331
2,525,023
682,672
99,047
72,421
3,415,115
294,170
$ 4,260,165
$ 411,1BB
18
Capital
Project
$
2.424
2,424
585,893
2,100.320
25,419
58,419
2,770,051
$ 2,772,475
$ $ $ $ 59,412 $ 92,139
66,178 16,623
500 21,223
709,459 709,459 702,328
276,894 443,284 276,293
11,293 11,293 11,293
86,394 86,394 95,521
29 103,740 184,958
210,904 210,904 174,769
56B,301 568,301
81.578 81,578 134,406
2,990,000 2,990,000 2,990,000
1,01B,079 3.34B,472 5,331,043 5,267,B54
Fiduciary
Fund Type
Trust and
Agency
Account
General
Fixed
Assets
Groups
General
Long-Term
Debt
Totals
(Memorandum
1991
18,523,646
18,523,646
5,410,844
789,684
2,100,320
349,527
126,331
5,410.844
2,649,489
813,512
5,410,844
1B,523,646
30,763,353
$ 6, 42B, 923
$ 1B, 523, 646
$ 3,34B,472
$ 36,094,396
19
only)
1990
18,321,370
1,339,784
743,695
346,175
138,293
4,872,283
2,337,618
2,263,419
30,362,637
$ 35,630.491
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, 1991
(With comparative totals for December 31, 1990)
General
REVENUES
Taxes
Licenses and permits
Intergovernmental
Charges for services
Fines and forfeitures
Interest
Other
$ 6,463,943
324,026
1,415,407
262,588
283,240
132,869
119,633
Total revenue
9,001,706
EXPENDITURES
Curren t :
General government
Planning and development
Police
Public works
Parks and recreation
Other
Capital outlay
Debt service:
Bond interest
1,176,115
524,215
3,490,724
1,785,849
1.245,438
691,387
Total expenditures
8,913,728
EXCESS (DEFICIENCY) OF
REVENUES OVER EXPENDITURES
87,978
OTHER FINANCING SOURCES (USES)
Transfers in (out) - net
Capital lease
786.362
EXCESS (DEFICIENCY) OF
REVENUES AND OTHER FINANCING
SOURCES OVER EXPENDITURES
AND OTHER FINANCING USES
874,340
Fund balances.
beginning of year
2,540,775
294,170
FUND BALANCES, END OF YEAR
$ 3,415,115
Special
Revenue
$
677,215
1,800
12,466
7,847
699,328
21,791
5,225
379,395
406,411
292,917
(246,362)
46,555
247.615
$
The accompanying notes are an integral part of this statement.
20
Totals
Debt Capital (Memorandum Only)
Service Project 1991 1990
$ $ 2,885,977 $ 9,349,920 $ 8,467,510
324,026 332,499
266,494 2,359,116 1,871,698
264,388 236,700
283,240 396,718
30,832 179,073 355,240 446,998
15,415 142,895 120,733
30,832 3,346,959 13,078,825 11,872,856
1,176,115 1,073,469
524,215 464,694
3,512,515 3,183,125
1,791,074 1,768,229
1,624,833 1,567,622
555 691,942 626,544
3,887,328 3,887,328 3,080,980
210,925 210,925 210,925
211,480 3,887,328 13,41B,947 11,975,588
(180,648) (540,369) (340,122) (102,732)
184,000 (724,000) (42,163)
90,184
3,352
(1,264,369)
(340,122)
(54,711)
346,175
4,034,420
7,168,985
7,223,695
$ 349,527
$ 2,770,051
$ 6,828,863
$ 7,168,984
~1
CITY OF WHEAT RIDGE, COLORADO
COMBINED STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCES
BUDGET (NON-GAAP BASIS) ACTUAL
ALL GOVERNMENTAL FUND TYPES
FOR THE FISCAL YEAR ENDED DECEMBER 31, 1991
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
Total expenditures
EXCESS (DEFICIENCY) OF
REVENUES OVER EXPENDITURES
OTHER FINANCING SOURCES
Transfers in (out)
EXCESS (DEFICIENCY) OF
REVENUES AND OTHER FINANCING
SOURCES OVER EXPENDITURES AND
OTHER FINANCING USES
(BUDGETARY BASIS)
ADJUSTMENTS TO GUP 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 (GUP BASIS)
Budget
$
5,740,351
230,250
1,330,454
257,000
393,600
130,000
42,100
General Fund
Actual
$ 6,463,943
324,026
1,415,407
262,588
283,240
132,869
119,633
9,001,706
1,176,115
524,215
3,496,221
1,848,785
1,249,776
697,295
8,992,407
9,299
786,362
795,661
(2,151)
80,830
78,679
$
874,340
6,123,755
1,229,919
546,404
3,544,734
1,945,462
1,280,479
2,736,990
11,263,966
(3,160,233)
760,000
$ (2,400,233)
The accompanying notes are an integral part of this statement
.., 7
~ ~
Variance
Favorable
( Unfavorable)
$
723,592
93,776
84,953
5,588
(110,360)
2,869
77,533
877,951
53,804
22,189
48,513
96,677
30,703
2,039,695
2,291,561
3,169,532
26,362
$ 3,195.694
Special Revenue
Variance
Favorable
Budget Actual ( Unfavorable)
$ $ $
1,965,824 677,215 (1,288,609)
700 1,800 1,100
9.350 12,466 3,116
6,000 7,847 1,847
1,981,874 699,328 (1,282,546)
10,500
18,092
845,950
21,791
( 11,291)
18,092
421,587
424,363
874,542
446,154
428,388
1,107,332
253,174
(854,158)
(220,000)
(246,362)
(26,362)
....
$
887,332
6,812
$
(880,520)
(85,692)
125,435
39,743
$ 46,555
(Continued on next page)
..,~
...:J
CITY OF WHEAT RIDGE, COLORADO
COMBINED STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCES
BUDGET (NON-GAAP BASIS) ACTUAL
ALL GOVERNMENTAL FUND TYPES
FOR THE FISCAL YEAR ENDED DECEMBER 31, 1991
( Continued)
Debt Service Fund
Budget
Actual
Variance
Favorable
(Unfavorable)
REVENUES
Taxes
Licenses and permits
Intergovernmental
Charges for services
Fines and forfeitures
Interest
Other
$
$
$
5,000
30,832
25,832
Total revenue
5,000
30,832
25,832
EXPENDITURES
Curren t :
General government
Planning and development
Police
Public works
Parks and recreation
Other
Capital outlay
Debt service:
Bond interest
2,500
555
1,945
210,925
210,925
Total expenditures'
213,425
211,480
1,945
EXCESS (DEFICIENCY) OF
REVENUES OVER EXPENDITURES
(208,425)
(180,648)
27,777
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)
$
2,500
3,352
$
852
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)
$
3,352
The accompanying notes are an integral part of this statement
~4
Capital Project
Variance
Favorable
BUdget Actual (Unfavorable)
$ 2,900,000 $ 2,885,977 $ (14,023)
266,494 266,494
150,000 179,073 29,073
25,000 15,415 (9,585)
3,075,000 3,346,959 271,959
3,504,855
2,872,889
631,966
3,504,855
2,872,889
631,966
(429,855)
474,070
903,925
(540,000)
(724,000)
(184,000)
$ (969,855)
(249,930)
$
719,925
(64,090)
(950,349)
( 1,014,439)
$ (1,264,369)
25
CITY OF WHEAT RIDGE, COLORADO
COMPARATIVE STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN FUND BALANCES
PENSION TRUST - POLICE PENSION FUND
FOR THE FISCAL YEARS ENDED DECEMBER 31, 1991 AND 1990
1991
OPERATING REVENUES:
Contributions:
Employer
Employee - mandatory
Employee voluntary
$
177,233
177,233
14,032
Total operating revenues
368,498
OPERATING EXPENSES:
Benefit payments
Administrative charges
491,194
35,373
Total operating expenses
526,567
OPERATING INCOME (LOSS)
(158,069)
NONOPERATING INCOME (EXPENSE)
Interest
Securities gain (loss)
372,677
312,661
Total nonoperating income (expense)
685,338
NET INCOME (LOSS)
527,269
Fund balance, beginning of year
4,883,576
FUND BALANCE. END OF YEAR
$ 5,410,845
The accompanying notes are an integral part of this statement.
26
1990
$
170,932
170,932
14,803
356,667
247,169
27,150
274,319
82,348
344,415
(242,471)
101,944
184,292
4,699,284
$ 4,883,576
CITY OF
WHEAT RIDGE, COLORADO
NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1991
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accounting policies of the City of Wheat Ridge, Colorado, (The
Ci ty), conform to generally accepted accounting principals and
applicable to governments. The following is a summary of the more
significant policies consistently used in the preparation of the
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 Ci ty 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 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:
Jefferson County
Jefferson County School District R-1
Valley Water District
Westridge Sanitation District
Wheat Ridge Economic Development and Revitalization
Commission
Bellaire Sanitation District
Fruitdale Sanitation District
North West Lakewood Sanitation District
..,~
- I
CITY OF WHEAT RIDGE, COLORADO
NOTES TO THE FINANCIAL STATEMENTS
Urban Drainage and Flood Control District
Wheat Ridge Fire Protection
Wheat Ridge Sanitation District
B. Fund accounting
The accounts of the City are organized on the basis of funds
and account groups, each of which is considered a separate
accounting entity. The operations of each fund are accounted
for with a separate set of self-balancing accounts that
comprise its assets, liabilities, fund equity, revenue, and
expenditures, or expenses, as accounted for in individual funds
based upon the purposes for which they are to be spent and the
means by which spending activities are controlled. The various
funds are grouped in the financial statements in this report,
into 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 - account for the accumulation of resources
for, and payment of general long-term debt principal,
interest and related costs.
Capital project fund -
for the acquisition
facilities (other than
account for financial resources used
or construction of major capital
those financed by proprietary funds).
Fiduciary 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 its
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
28
CITY OF WHEAT RIDGE, COLORADO
NOTES TO THE FINANCIAL STATEMENTS
decreases (i.e., expenditures and other financing uses) ~n net
current assets.
The modified accrual basis of accounting ~s 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, sales, road and bridge, cigarette and highway users
taxes. Fines and permit 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 ha;; 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 fund are adopted on a
basis consistent with generally accepted accounting 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 and investments
Cash and cash equivalents include cash on hand
deposits with a maturity of three months or less.
include amounts on deposit with an investment pool
trustees of the pension funds. Investment pool
and demand
Investments
and held by
amounts are
29
CITY OF WHEAT RIDGE, COLORADO
NOTES TO THE FINANCIAL STATEMENTS
stated at cost, investments
Code Section 457 deferred
market.
of the pension plan and the IRC
compensation plan are stated at
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 15
with a single payment. Taxes are delinquent as of August 1. If
the taxes are not paid within subsequent statutory periods, the
property will be sold at public auction. The County bills and
collects the property taxes and remits collections to the City
on a monthly basis.
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.
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. Public 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
:;0
CITY OF WHEAT RIDGE, COLORADO
NOTES TO THE FINANCIAL STATEMENTS
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 Programs 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 expenditures are reported for these
amounts.
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 calendar 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 ~s 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) carryover. The Ci ty
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 calendar year.
31
CITY OF WHEAT RIDGE, COLORADO
NOTES TO THE FINANCIAL STATEMENTS
Encumbrances outstanding and inventories, at year end, are
reserved, and 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.
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. Interfund 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,
with Colorado Revised Statutes, in establishing
data reflected in the financial statements:
in compliance
the budgetary
Prior to October 15, the City Administrator (an appointed
official) submits a proposed operating budget for the fiscal
32
CITY OF WHEAT RIDGE, COLORADO
NOTES TO THE FINANCIAL STATEMENTS
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 fiduciary 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. 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, except as previously noted. Budgetary
amounts, included in the financial statements, are as
originally adopted or as amended by City Council.
3 . ASSETS
A. Cash and deposits
The Colorado Public Deposit Protection Act, (PDPA) requires
that all units of local government deposit cash in eligible
public depositories, eligibility is determined by state
regulators. Amounts on deposit in excess of federal insurance
levels must be collateralized. The eligible collateral is
determined by the PDPA. PDPA allows the institution to create a
single collateral pool for all public funds. The pool is to be
maintained by another institution, or held in trust for all the
uninsured public deposits as a group. The market value of the
collateral must be at least equal to the aggregate uninsured
deposits.
33
CITY OF WHEAT RIDGE, COLORADO
NOTES TO THE FINANCIAL STATEMENTS
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 then City's name, Category 3 includes uncollateralized,
uninsured deposits. At December 31, 1991, the City deposits are
categorized as follows:
Bank
Balance
Carrying
Balance
Petty cash
Categorized deposits:
Deposits covered by federal
insurance - Category 1 125,340
Deposits collateralized in a
single institution pool(s)
- Category 2 1. 603,193
1,505
125,340
Total S 1,728.533
1.485,690
1,612,535
B. Investments
Colorado
defined
entities
statutes specify investment
rating and risk criteria, in
may inve.st.
instruments, meeting
which local government
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.
The allowed categories include local government investment
pools. The City invests in three such investment pools, The
Colorado Government Liquid Asset Trust (COLOTRUST), Investment
Trust of Colorado (ITC) and 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.
34
CITY OF WHEAT RIDGE, COLORADO
NOTES TO THE FINANCIAL STATEMENTS
As of December 31, 1991, the City's investments are categorized
as follows:
Category 2 - obligations of the United
States government
Investment pools:
COLOTRUST
ITC
C-SAFE
$ 2,813,917
665,000
1,431,650
1,233,058
S 6,143,625
C. Restricted cash and investments:
Included in the preceding categorization of cash, cash
equivalents and investments are restricted cash and investments
which is composed of the following amounts:
Emergency restricted
Debt service repayment
Court bond account
Rich\Hart estate
Drug abuse
Sales tax set aside (ESTIP)
Total
$ 100,000
299,000
12,495
4,743
1,023
24,694
S 441,955
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.
D. Receivables
Receivables at December 31, 1991 consist of the following:
Special Capital
General Revenue proiect
Jefferson County $ 632,514 $ 109,045 $
Other 42,865 4.516
Total $ 675,379 S 109,045 S 4,516
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 $ 109,045 had not been
reimbursed by the County as of December 31, 1991. 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
receivable in the year in which the taxes
the
are
property tax
levied and to
35
CITY OF WHEAT RIDGE, COLORADO
NOTES TO THE FINANCIAL STATEMENTS
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.
E. Changes in general fixed assets
The changes in general fixed assets for the year ended December
31, 1991 are as follows:
Balance Balance
January 1, December 31,
1991 Additions Deletions 1991
Land $ 2,448,290 $ $ $ 2,448,290
Buildings 3,011,262 3,011,262
Streets 9,117,469 9,117,469
Equipment 3,744,349 415,151 212,875 3,946,625
Total S 18,321.370 S 415,151 $ 212,815 S 18,523,646
4. LIABILITIES
A. Compensated absences
As of December 31, 1991, accrued sick pay in the amount of
$ 12,857 was recorded in the general fund which will ultimately
liquidate the liability.
As of December 31, 1991, accrued holiday and vacation pay in
the amount of $ 276,894 was recorded in the long-term debt
account group, the liability is not expected to be liquidated
with expendable available financial resources.
B. General obligation 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
service requirements to maturity for the bonds including
interest of 1,487,660.
Fiscal year
ending
December 31,
1992
1993
1994
1995
Thereafter
Total
Total
$ 210,925
210,925
210,925
210,925
3,633,960
S 4,411,660
36
CITY OF WHEAT RIDGE, COLORADO
NOTES TO THE FINANCIAL STATEMENTS
c. 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
capi tal leases, and the net present value of the net minimum
lease payments at December 31, 1991, as recorded in the general
long-term account group:
Fiscal year
ending
December 31,
1992
1993
1994
1995
$
35,311
33,468
27,492
4,672
Total minimum lease payments
Less: amount representing interest
100,943
19,365
Present value of future
minimum lease payments
$
81,578
D. Changes in general long-term liabilities
During the year ended December 31, 1991, the following changes
occurred in liabilities reported in the general long-term debt
account group:
Balance
Januarv 1 Additions Reductions
Balance
December 31,
Compensated
absence $ 260,442 $ 16,452 $
Bonds
payable 2,990,000
Capital
Lease 134,405
$ 276,894
2,990,000
52,826 81,579
52,826 S 3,348,473
TOTAL
S 3,384,847 S 16,452 S
E. Special Assessment Bonds
Special assessment bonds, issued June 1, 1988, interest at
7.50%, principal balance due December 31, 1991, $ 810,000. The
City is not obligated within the meaning of any constitutional
or statutory limitation or provision.
~~
JI
CITY OF WHEAT RIDGE, COLORADO
NOTES TO THE FINANCIAL STATEMENTS
5. INTER FUND ASSETS LIABILITIES
A summary of inter fund receivables and payables is as follows:
Fund
General
Special Revenue:
Open Space
Capital Improvement
Fiduciary
Public Works Escrow
CATV Property Damage
Receivable
$ 103,739
$
1
103,740
Pavable
$
98,486
5,225
29
S 103,740
Total
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.
7. EMPLOYEE RETIREMENT SYSTEMS
A. 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, 1991 was
$ 2,063,236; the City's total payroll was $ 5,290,081. There
are 57 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, 1991, contributions
totaling $ 177,233 City and $ 191,266 employees - were made in
accordance with the provisions of the Plan. Current membership
in the Plan is comprised of the following:
38
CITY OF WHEAT RIDGE, COLORADO
NOTES TO THE FINANCIAL STATEMENTS
Group
Retirees and beneficiaries currently
receiving benefits
Vested terminated employees
Active employees:
December 31,
1991
Fully vested
Nonvested
21
36
Eligibility for benefits may commence at age 55, or upon
completion of 25 years of service.
B. Colorado County Officials and Employees Retirement Association
Plan description and provisions:
Employees and officers of the City are required to join the
pIan (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, 1991 was $ 3,168,742 the City's
total payroll was $ 5,290,081. There are 87 employees
participating in this plan.
Employee cont;ributions 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, 1991, contributions
totaling $ 85,078 City and $ 92,120 employees - were made in
accordance with the provisions of the Plan. Current membership
in the CCOERA is comprised of the following:
Group
December 31,
1991
Retirees and beneficiaries currently
receiving benefits
Vested terminated employees
Active employee:
Fully vested
Nonvested
19
68
Benefit payments are determined as of the date of retirement,
termination, death or disability.
39
CITY OF WHEAT RIDGE, COLORADO
NOTES TO THE FINANCIAL STATEMENTS
C. 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, 1991 was
$ 236,831 the City's total payroll was $ 5,290,081. 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.
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, 1991,
totaling $ 9,165 City and $ 9,165 employees
accordance with the provisions of the Plan.
contributions
- were made
in
8. JOINT VENTURES
A. 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 east 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, 1990 is as
follows:
Pool A - general liability
Loss fund
Federal Acts/Out-of-State
Reserve fund
%
.0271716
.0282114
.0268068
40
CITY OF WHEAT RIDGE, COLORADO
NOTES TO THE FINANCIAL STATEMENTS
Pool B - worker's compensation
Operating
Loss fund
Mandatory surplus
.0545143
.0440168
.0587185
Summary financial information is as follows:
Pool A Pool B
Cash and investments $ 17,546,488 $ 3,270,664
Other assets 769,898 91,271
S 18,316,386 S 3,361, 935
Liabilities $ 10,933,602 $ 3,259,181
Members fund balance 7,382,784 102,754
S 18,316,386 S 3,361,935
Total revenue $ 7,362,292 $ 3,565,670
Total expenses 6,252,464 3,876,639
Change in accounting for
reserves 118,000
Excess of revenue over
expenses S 1,109,828 S (192,969)
41
SUPPLEMENT AL 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.
42
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
overal operations.
43
CITY OF WHEAT RIDGE, COLORADO
GENERAL FUND
COMPARATIVE BALANCE SHEETS
DECEMBER 31, 1991 AND 1990
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
1991
$ 1,068,065
2,186,651
632,514
42,865
103,739
126,331
75,000
25,000
$ 4,260,165
$ 43,681
66,178
500
166,390
568,301
845,050
81, 089
126,331
2,525,023
682,672
3,415,115
$ 4,260,165
44
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
CITY OF WHEAT RIDGE, COLORADO
GENERAL FUND
COMPARATIVE STATEMENTS OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCES
FOR THE FISCAL YEARS ENDED DECEMBER 31, 1991 AND 1990
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
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES
OVER EXPENDITURES AND OTHER
FINANCING USES
Fund balances, beginning of year
FUND BALANCES, END OF YEAR
1991 1990
$ 6,463,943
324,026
1,415,407
262,588
283,240
132,869
119,633
9,001,706
1,176,115
524,215
3,490,724
1,785,849
1,245,438
691,387
B,913,728
87,978
786,362
874,340
2,540,775
$ 3,415,115
45
$ 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
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. 1991
(With comparative actuals for December 31, 1990)
Variance
Favorable
REVENUES Budget Actual (Unfavorable) 1990
Taxes $ 5,740,351 $ 6,463,943 $ 723,592 $ 5,736,579
Licenses and permits 230,250 324,026 93,776 332,499
Intergovernmental 1,330,454 1,415,407 84,953 1,397,679
Charges for services 257,000 262,588 5,588 235,575
Fines and forfeitures 393,600 283,240 (110,360) 396,718
Interest 130,000 132,869 2,869 141,884
Other 42,100 119,633 77,533 91,426
Total revenue 8,123,755 9,001,706 877,951 8,332,360
EXPENDITURES
current:
General government 1,229,919 1, 176, 115 53,804 1,073,469
Planning and development 546,404 524,215 22,189 464,694
Police 3,544,734 3,496,221 48,513 3,152,055
Public works 1,945,462 1,848,785 96,677 1,861,043
Parks and recreation 1,280,479 1,249,776 30,703 1,119,915
Other 2,736,990 697,295 2,039,695 628,939
Capital outlay 90,184
Total expenditures 11,283,988 8,992,407 2,291,581 8,390,299
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (3,160,233) 9,299 3,169,532 (57,939)
OTHER FINANCING SOURCES
Transfers in 760,000 786,362 26,362 759,997
Capital lease 90,184
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES
OVER EXPENDITURES AND OTHER
FINANCING USES (BUDGETARY
BASIS $ (2,400,233)
795,661
$ 3,195,894
792,242
ADJUSTMENTS TO GAAP BASIS
Encumbrances:
Prior year paid in current year
Current year outstanding
(2,151)
80,830
(16,783)
97,877
Total adjustments
78,679
81, 094
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES
OVER EXPENDITURES AND OTHER
FINANCING USES (GAAP BASIS)
874,340
873,336
Fund balances, beginnlna of year
2,540,775
1,667,439
FUND BALANCES, END OF YEAR
$ 3,415,115
$ 2,540,775
46
SPECIAL REVENUE FUNDS
Special Revenue funds account for the proceeds of specific
sources that are legally restricted to expenditures for
purposes. The City has five 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 city's have agreed to jointly develope "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
as to use in
conservation
Trust fund - accounts for funds received and restricted
the acquisition, development and maintenance of new
sites pursuant to Colorado Revised Statutes.
Police Investigation fund - accounts for assets seized by the Wheat
Ridge police department.
47
CITY OF WHEAT RIDGE, COLORADO
SPECIAL REVENUE FUNDS
COMBINING BALANCE SHEETS
DECEMBER 31, 1991
(With comparative totals for December 31, 1990)
Open
Space
ASSETS
Cash and equivalents
Investments
Accounts receivable:
County government
$
2,416
109,045
Total assets
$
111,461
LIABILITIES AND FUND EQUITY
LIABILITIES
Interest payable
Due to other fund
$
13,307
98,486
Total liabilities
111,793
FUND EQUITY
Fund balances:
Reserved for encumbrances
Unreserved:
Designated for subsequent
years' expenditures
Undesignated (deficit)
(332)
Total fund equity
(332)
TOTAL LIABILITES
AND FUND EQUITY
$
111.461
48
Conservation
Trust
$
146,161
103,085
$
249,246
$
115,455
87,104
46,687
249,246
$
249,246
Police
Investigation
$
12,845
$
12,845
$
12,845
12,845
$
12,845
Park Building Senior Capital Total
Acquisition Demolition Center Improvement 1991 1990
$ 1,874 $ 15,943 $ 7,347 $ $ 186,586 $ 233,041
12,472 115,557 135,634
109,045 66,539
$ 1,874 $ 15,943 $ 7,347 $ 12,472 $ 411,188 $ 435,214
$
$
$
$
5,225
$ 13,307
103,711
$ 16,694
170,906
5.225
117,018
187,600
7,247
122,702
35,577
1,874
11,943
4,000
99,047
72,421
109,157
102,880
7,347
1,874
15,943
7,347
7,247
294,170
247,614
$
1,874
$
15,943
$ 7,347
$
12,472
$ 411,188
$ 435,214
49
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, 1991
(With comparative totals for December 31, 1990)
Open
Space
Conservation
Trust
REVENUES
Intergovernmental
Charges for services
Interest
Other
$ 454,963
$
196,581
10,596
Total revenues
454,963
207,177
EXPENDITURES
Police
Public works
Parks and recreation
266,179
101,653
Total expenditures
266,179
101,653
EXCESS (DEFICIENCY) OF REVENUE
OVER EXPENDITURES
1B8,784
105,524
OTHER FINANCING (USES)
Operating transfers (out)
(246,362)
EXCESS (DEFICIENCY) OF REVENUE
AND OTHER FINANCING SOURCES
OVER EXPENDITURES AND OTHER
FINANCING USES
(57,578)
105,524
Fund balance, beginning of year
57,246
143,722
ReSidual equity transfer (to)
other fund
FUND BALANCE, END OF YEAR
$
249,246
(332)
$
so
Police
Investigation
$
25,671
509
26,180
21,791
21,791
4,389
4,389
8,456
$
12,845
Park Building Senior Capital Total
Acquisition Demolition Center Improvement 1991 1990
$ $ $ $ $ 677,215 $ 428,759
1,800 1,800 1,125
71 776 514 12,466 16,911
7,847 7,847 6,182
1,871 776 8,361 699,328 452,977
21,791 21,916
5,225 5,225 24,963
11,563 379,395 417,283
11,563 5,225 406,411 464,162
1,871 776 13,202) (5,225) 292,917 (11,185)
(246,362) (262,160)
1,871
776
(3,202)
(5,225)
46,555
(217,406)
3
15,167
10,549
12,472
247,615
520,959
(55,939)
$
1,874
$
15,943
$
7,347
$
7,247
$ 294,170
$
247,614
51
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, 1991
Open Space
Budget
Actual
Variance
Favorable
(Unfavorable)
REVENUES
Intergovernmental
Charges for services
Interest
Other
$ 1,765,428
$
454,963
$
(1,310,465)
Total revenues
1,765,428
454,963
(1,310,465)
EXPENDITURES
Police
Public works
Parks and recreation
650,000
203,718
446,282
Total expenditures
650,000
203,718
446,282
EXCESS (DEFICIENCY) OF REVENUE
OVER EXPENDITURES
1,115,428
251,245
(864,183)
OTHER FINANCING SOURCES (USES)
Operating transfers in (out)
(220,000)
(246,362)
(26,362)
EXCESS (DEFICIENCY) OF REVENUE
AND OTHER FINANCING SOURCES
OVER EXPENDITURES AND OTHER
FINANCING USES (BUDGETARY
BASIS)
$
895,428
4,883
$
(890,545)
ADJUSTMENTS TO GAAP BASIS
Encumbrances:
Prior year paid in current
year
Current year outstanding
(72,441)
9,980
Total adjustments
(62,461)
EXCESS (DEFICIENCY) OF REVENUE
AND OTHER FINANCING SOURCES
OVER EXPENDITURES AND OTHER
FINANCING USES (GAAP BASIS)
(57,578)
Fund balance, beginning of year
57,246
FUND BALANCE, END OF YEAR
$
(332)
52
Conservation Trust Police Investigation
Variance Variance
Favorable Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable)
$ 190,396 $ 196,581 $ 6,185 $ 10,000 $ 25,671 $ 15,671
7,500 10,596 3,096 500 509 9
191,896 207,117 9,281 10,500 26,180 15,680
10,500 21,791 (11,291)
179,200 209,082 (29,882)
179,200 209,082 (29,882) 10,500 21,791 (11,291)
18,696 (1,905) (20,601) 4,389 4,389
$
1B,696
(1,905)
$
(20,601)
$
4,389
$
4,389
(8,026)
115,455
107,429
105,524
4,389
143,722
8,456
$ 249,246
$ 12,845
(continued on next page)
S3
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, 1991
(continued)
Park ACquisition
Total revenues
Variance
Favorable
Budget Actual (Unfavorable)
$ $ $
700 1,800 1,100
50 71 21
750 1,B71 1,121
REVENUES
IntergOvernmental
Charges for services
Interest
Other
EXPENDITURES
Police
Public works
Parks and recreation
750
750
Total expenditures
750
750
EXCESS (DEFICIENCY) OF REVENUE
OVER EXPENDITURES
1,871
1,871
OTHER FINANCING SOURCES (USES)
Operating transfers in (out)
EXCESS (DEFICIENCY) OF REVENUE
AND OTHER FINANCING SOURCES
OVER EXPENDITURES AND OTHER
FINANCING USES (BUDGETARY
BASIS)
$
1, 871
$
1,871
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)
1,871
Fund balance, beginning of year
3
FUND BALANCE, END OF YEAR
$
1,874
54
Building Demolition Senior Center
Variance Variance
Favorable Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable)
$ $ $ $ $ $
900 776 (124) 400 514 114
6,000 7,847 1,847
900 776 (124) 6,400 B,361 1,961
18,092
18,092
16,000
11,563
4,437
18,092
18,092
16,000
11,563
4,437
(17,192)
776
17,968
(9,600)
(3,202)
6,398
$
17,968
$ (9,600)
(3,202)
$
6,398
$
(17,192)
776
776
(3,202)
15,167
10,549
$ 15,943
$ 7,347
(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, 1991
(continued)
Capital Improvement
Variance
Favorable
(Unfavorable)
REVENUES
Intergovernmental
Charges for services
Interest
Other
Budget
Actual
$
$
$
Total revenues
EXPENDITURES
Police
Public works
Parks and recreation
Total expenditures
EXCESS (DEFICIENCY) OF REVENUE
OVER EXPENDITURES
OTHER FINANCING SOURCES (USES)
Operating transfers in (out)
EXCESS (DEFICIENCY) OF REVENUE
AND OTHER FINANCING SOURCES
OVER EXPENDITURES AND OTHER
FINANCING USES (BUDGETARY
BASIS)
$
$
ADJUSTMENTS TO GAAP BASIS
Encumbrances:
Prior year paid in current
year
Current year outstanding
(5,225)
Total adjustments
(5,225)
EXCESS (DEFICIENCY) OF REVENUE
AND OTHER FINANCING SOURCES
OVER EXPENDITURES AND OTHER
FINANCING USES (GAAP BASIS)
(5,225)
Fund balance, beginning of year
12,472
FUND BALANCE, END OF YEAR
$
7,247
56
Total
Variance
Favorable
Budget Actual (Unfavorable)
$ 1,965,824 $ 677,215 $ (1,288,609)
700 1,800 1,100
9,350 12,466 3,116
6,000 7,847 1,847
1,981.874 699,328 (1,282,546)
10,500 21,791 (11,291)
18,092 18,092
845,950 424,363 421,587
874,542 446,154 428,388
1,107,332 253,174 (854,158)
(220,000) (246,362) (26,362)
$
887,332
6,812
$
(880,520)
(85,692)
125,435
39,743
46,555
247,615
$ 294,170
57
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.
58
CITY OF WHEAT RIDGE, COLORADO
DEBT SERVICE FUND
INCREMENTAL SALES TAX BOND FUND
COMPARATIVE BALANCE SHEETS
DECEMBER 31, 1991 AND 1990
1991 1990
ASSETS
Cash and Equivalents $ 50,349 $ 47,175
Accounts receivable 178
Restricted assets:
Investments 299,000 299,000
Total assets $ 349,527 $ 346,175
FUND EQUITY
Fund balance:
Reserved for:
Debt service $ 349,527 $ 346,175
Total fund equity $ 349,527 $ 346,175
59
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, 1991
(With comparative actual amounts for December 31, 1990)
REVENUES
Interest
- Total revenues
EXPENDITURES
Other
Bond interest
Total expenditures
EXCESS (DEFICIENCY) OF
REVENUE OVER EXPENDITUES
OTHER FINANCING SOURCES (USES)
Operating transfers in
Operating transfers (out)
Total financing
sources (uses)
EXCESS (DEFICIENCY) OF
REVENUE AND OTHER
SOURCES OVER EXPENDITUES
Fund balance, beginning
of year
FUND BALANCE, END OF YEAR
Budget
$
5.000
5,000
2,500
210,925
213,425
(208,425)
210,925
210,925
$
2,500
Actual
Variance
Favorable
(Unfavorable)
$ 30,832
$
25,832
30,B32
25,B32
555
210,925
1,945
211.480
1.945
(180,648)
27,777
210,910
(26,910)
( 15)
(26,910)
184,000
(26,925)
3,352
$
852
346,175
$ 349.527
60
1990
Actual
$ 30,443
30,443
500
210,925
211,425
(180,982)
184,000
184,000
3.018
343,157
$ 346,175
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
b1
CITY OF WHEAT RIDGE, COLORADO
CAPTAL PROJECTS FUND
COMPARATIVE BALANCE SHEETS
DECEMBER 31, 1991 AND 1990
ASSETS
Investments
Accounts receivable:
Other
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
1991
$ 2,767,959
4,516
$ 2,772,475
$
2,424
2.424
585,893
2.100,320
25,419
58,419
2,770,051
$ 2,772,475
b2
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
CITY OF WHEAT RIDGE, COLORADO
CAPTAL PROJECT FUND
COMPARATIVE STATEMENTS OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
FOR THE FISCAL YEARS ENDED DECEMBER 31, 1991 AND 1990
REVENUES
Taxes
Intergovernmental
Interest
Other
Total revenues
EXPENDITURES
Capital outlay
EXCESS (DEFICIENCY) OF REVENUES OVER
EXPENDITUES
OTHER FINANCING SOURCES (USES)
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
1991
$ 2,885,977
266,494
179,073
15,415
3,346,959
3,887,328
(540,369)
(724,000)
(724,000)
(1,264,369)
4,034,420
$ 2,770,051
63
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
CITY OF WHEAT RIDGE, COLORADO
CAPTAL PROJECT FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
BUDGET (NON-GAAP BASIS) AND ACTUAL
FOR THE FISCAL YEAR ENDED DECEMBER 31, 1991
(With comparative totals for December 31, 1990)
Variance
Favorable 1990
Budget Actual (Unfavorable) Actual
REVENUES
Taxes $ 2,900,000 $ 2,885,977 $ (14,023) $ 2,730,931
Intergovernmental 266,494 266,494 45,260
Interest 150,000 179,073 29,073 257,760
Other 25,000 15,415 (9,585 ) 23,125
Total revenues 3,075,000 3,346,959 271,959 3,057,076
EXPENDITURES
Capi tal outlay 3,504,855 2,872,889 631,966 3,708,699
EXCESS ( DEFICIENCY) OF
REVENUE OVER EXPENDITUES (429,855) 474,070 903,925 (651, 623)
OTHER FINANCING SOURCES (USES)
Operating transfers ( out) (540,000) (724,000) (184,000) (724,000)
Total other financing
sources ( uses) (540,000) (724,000) (184,000) (724,000)
EXCESS ( DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES
OVER EXPENDITURES OTHER
USES (BUDGETARY BASIS) S (969,855) (249,930) $ 719,925 (1,375,623)
ADJUSTMENTS TO GAAP BASIS
Encumbrances
Current year outstanding (64,090) (488,427)
Prior year, paid current year (950,349) 1,206,330
EXCESS ( DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES
OVER EXPENDITURES AND OTHER
USES (GAAP BASIS) (1,264,369) (657,720)
Fund balance beginning of year 4,034,420 4,692,140
FUND BALANCE, END OF YEAR $ 2,770,051 $ 4,034,420
b4
FIDUCIARY FUNDS
Trust and agency funds are used
in a trustee capacity or as an
fund, one expendable trust fund,
to account for assets held by the City
agent. The City has one pension trust
and four agency funds.
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
contributions for a deferred compensation plan
Section 457 of the Internal Revenue Code.
and matching
established
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
6S
CITY OF WHEAT RIDGE, COLORADO
FIDUCIARY - TRUST AND AGENCY FUNDS
COMBINING BALANCE SHEET
DECEMBER 31, 1991
(With comparative totals for December 31, 1990)
Pension
Trust
Police
Pension
ASSETS
Cash and Equivalents
Investments
Accounts receivable:
Other
Accrued interest
Due from:
Other funds
Plan trustee
$
87,424
5,334,713
TOTAL ASSETS
$ 5,422,137
LIABILITIES AND FUND EQUITY
LIABILITIES
Advance contributions
Refundable escrow depOSits
Due to:
Other funds
Employees
Special District
$
11,293
Total liabilities
11,293
FUND EQUITY
Fund balances:
Reserved for:
Retirement plans
5,410,844
Total fund equity
5,410,844
TOTAL LIABILITES AND FUND EQUITY
$ 5,422,137
66
Agency
Public Special CATV
Works Deferred Improvement Property Totals
Escrow Compensation District Damage 1991 1990
$ 83,923 $ $ 146,113 $ 2,499 $ 232,535 $ 140,388
709,459 40,000 749,459 118,814
24,613 24,613
178 87,602 692
1 1 10,396
5,334,713 5,458,227
$ 83,923 $ 709,459 $ 210,904 $ 2,500 $ 6,428,923 $ 5,728,517
$ $ $ $ $ 11,293 $ 11,293
83,894 2,500 86,394 95,521
29 29
709,459 709,459 574,651
210,904 210,904 174,769
83,923 709,459 210,904 2,500 1,018,079 856,234
5,410,844
4,872,283
5,410,844
4,872,283
$ 83,923
$
709,459
$
210,904
$ 2,500
$ 6,428,923
$ 5,728,517
67
CITY OF WHEAT RIDGE, COLORADO
FIDUCIARY FUNDS
COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
ALL AGENCY FUNDS
FOR THE YEAR ENDED DECEMBER 31, 1991
PUBLIC WORKS ESCROW FUND
Balance January 1, 1991
Additions (reductions)
Balance December 31, 1991
DEFERRED COMPENSATION
Balance January 1, 1991
Additions (reductions)
Balance December 31, 1991
SPECIAL IMPROVEMENT DISTRICT
Balance January 1, 1991
Additions (reductions)
Balance December 31, 1991
CATV PROPERTY DAMAGE FUND
Balance January 1, 1991
Additions (reductions)
Balance December 31, 1991
TOTALS
Balance January 1, 1991
Additions (reductions)
Balance December 31, 1991
Cash
And
Investments
$
92,961
(9,038)
$ 83,923
$ 574,651
134,808
$ 709,459
$ 164,433
21,680
$ 186,113
$
2,500
(1)
$
2,499
$ 834,545
147,449
$ 9B1,994
68
Assets
Due From
Other
Funds
$
60
(60)
$
$
$
$ 10,336
(10,336)
$
$
$
$ 10,396
(10,395)
$
Accounts
Receivable
$
$
$
$
$
24,791
$ 24.791
$
1
1
$
$
24,791
1
$ 24.791
Total
Assets
$
93,021
(9,098)
$
83,923
$
574,651
134,808
$
709,459
$
174,769
36,135
$
210,904
$
2,500
$
2,500
$
844,941
161,845
$ 1,006,786
Liabilities
Refunable Due to Due to
Escrow Due To Other Special Total
Deposits Employees Fund District Liabilities
$ 93,021 $ $ $ $ 93,021
(9,127) 29 (9,098)
$ 83,894 $ $ 29 $ $ 83,923
$
$ 574,651
134,808
$
$
$
574,651
134,808
$
$ 709,459
$
$
$
709,459
$
$
$
$
174,769
36,135
$
174,769
36,135
$
$
$
$
210,904
$
210,904
$ 2,500
$
$
$
$
2,500
$ 2,500
$
$
$
$
2,500
$ 95,521
(9,127 )
$ 574,651
134,808
$
$
174,769
36,135
$
844,941
161,845
29
$ 86,394
$ 709,459
$
29
$
210,904
$ 1,006,786
69
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.
70
CITY OF WHEAT RIDGE, COLORADO
COMPARATIVE SCHEDULE OF GENERAL FIXED ASSETS
BY SOURCE
DECEMBER 31, 1991 AND 1990
1991 1990
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 3,946,625 3,744,349
Total $ 18,523,646 $ 18,321,370
INVESTMENT IN GENERAL
FIXED ASSETS FROM:
Assets contributed
to the City $ 10,157,465 $ 10,157,465
Acquired by various
funds 8,366,181 8,163,905
Total $ 18,523,646 $ 18,321,370
71
CITY OF WHEAT RIDGE, COLORADO
SCHEDULE OF GENERAL FIXED ASSETS
BY FUNCTION AND ACTIVITY
DECEMBER 31, 1991
streets
And
Land Building Improvements Equipment Total
Function and Activity
General Government
City Council S S S S 1,178 S 1,178
Treasurer 205,817 205,817
Mayor 1,030 1,030
City Administrator 7,775 7,775
Attorney 211 211
City Clerk 18,757 18,757
Municipal Clerk 19,743 19,743
BUilding 1,840,227 83,412 203,182 2,126,821
Planning\Oevelopment 74,194 74,194
Total 1,840,227 83,412 531,887 2,455,526
Public Safety
Police administration 2,761 384 329,043 332,188
support services 2,060 104,721 106,781
operations 493,393 493,393
Step/traffic 15,340 15,340
D.A.R.E 1,046 1,046
Civil disaster 5,439 5,439
Total 2,761 2,444 948,982 954,187
Public Works
Administracion 530,350 8,140,389 43,031 8,713,770
Engineering 69,807 140,060 209,867
Street maintenance 1,015,515 1,015,515
Traffic maintenence 251,133 251,133
Shops 60,000 193,456 253,456
Total 660,157 8,140,389 1,643,195 10,443,741
Parks and Recreation
Administration 1,701, 166 223,004 762,738 315,176 3,002,084
Recreation 39,617 888,904 12,588 82,800 1,023,909
Parks maintenance 47,350 56,366 115,898 424,585 644,199
Total 1,788,133 1,168,274 891,224 822,561 4,670,192
Total General Fixed Assets $ 2,448,290 $ 3,011,262 $ 9,117,469 $ 3,946,625 $ 18,523,646
..,..,
I ~
CITY OF WHEAT RIDGE, COLORADO
SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS -
BY FUNCTION AND ACTIVITY
FOR THE FISCAL YEAR ENDED DECEMBER 31, 1991
Function and Activity
General Government
City Council
Treasurer
Mayor
City Administrator
Attorney
City Clerk
Municipal Clerk
Building
Planning\Development
Total
Public Safety
Police administration
Support services
Operations
Step/traffic
D.A.R.E.
Civil Disater
Total
Public Works
Administration
Engineering
Street maintenance
Traffic maintenence
Shops
Total
Parks and Recreation
Administration
Recreation
Parks maintenance
Total
General
Fixed
Assets
January 1,
1991
$ 1,178
199,531
1,030
7,775
211
19,926
19,721
2,126,821
79,062
2,455,255
348,821
141, 701
414,776
7,945
1,046
5,439
919,728
8,720,682
213,588
1,024,794
194,542
182,716
10,336,322
3,023,323
1,002,063
584,679
4,610,065
- Total General Fixed Assets $ 1B, 321, 370
Additions
And
Transfers
In
$
8,302
1, 885
3,825
14,012
12,549
11,957
123,462
7,395
155,363
10,883
3,375
68,100
71,760
154,118
10,292
21,B46
59,520
91,658
$ 415,151
73
Deletions
And
Transfers
Out
$
2,016
1,169
1,863
8,693
13,741
29,182
46,877
44.,845
120,904
6,912
14,604
12,654
11,509
1,020
46,699
31,531
31,531
$ 212,875
General
Fixed
Assets
December 31,
1991
$ 1,178
205,817
1,030
7,775
211
18,757
19,743
2,126,821
74,194
2,455,526
332,188
106,781
493,393
15,340
1,046
5,439
954,187
8,713,770
209,867
1,015,515
251,133
253,456
10,443,741
3,002,084
1,023,909
644,199
4,670,192
$ 18,523,646
...~
7!!,
Statistical Section
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
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
1991 210,683,130 964,579,282 21.9
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
Jefferson County Assessor on January
For 1991 the property was assessed
estimated actual value based on the
1989 to June 1990.
assessed by the
1, of each year.
at 21.9% of the
period from July
Source: Jefferson County Assessors' office.
75
CITY OF WHEAT RIDGE, COLORADO
GENERAL GOVERNMENTAL EXPENDITURES BY FUNCTION
LAST TEN FISCAL YEARS
(UNAUDITED)
Fiscal General Community Public Public
Year Government Development Safety Works
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
1990 1,073,469 466,862 3,161,272 1,883,838
1991 1,176,115 524,215 3,512,515 1,791,074
NOTES: Includes the general, special revenue, and
debt service funds.
Source: City of Wheat Ridge audited financial
statements, 1982-1991.
76
Parks &: Debt
Recreation Service Other Total
$ 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
1,537,240 211,425 632,529 8,966,635
1,624,833 210,925 691,942 9,531,619
~7
,
CITY OF WHEAT RIDGE, COLORADO
GENERAL GOVERNMENTAL REVENUES BY SOURCE
LAST TEN FISCAL YEARS
(UNAUDITED)
Charges
Fiscal Licenses Intergov- for
Year Taxes & Permits ernmental Services
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 7,477,204 270,142 1,744,146 469,973
1989 5,171,317 A 225,961 1,998,907 504,767
1990 5,736,579 332,499 1,810,246 236,700
1991 6,463,943 324,026 2,092,622 264,388
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, 1982-1991.
78
Fines &
Forfeitures Interest Other Total
$ 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
396,718 188,835 97,608 8,799,185
283,240 176,167 127,480 9,731,866
79
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
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
1990 567,756 178,929 47,208 2,730,931
1991 564,389 175,326 49,973 2,885,976
Notes: Includes general, special revenue, and debt
service funds.
A. One-half of 1% sales tax earmarked for capital
projects fund created in 1989.
Source: City of Wheat Ridge audited financial
statements, 1982-1991.
80
Lodgers &
Use Franchise Admissions
Tax Tax Excise Total
4 631,103 $ 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
A 658,830 745,403 249,645 5,171,317
1,185,551 724,078 302,126 5,736,579
1,724,086 756,410 307,782 6,463,942
81
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
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
1991 2,714 25.584 44.421 10.000 4.396
Note: All numbers shown are Mill Levys
(amounts assessed per $1,000)
Source: Jefferson County Assessers' Office
82
Urban
North West Drainage Wheat Wheat
Lakewood & Flood Valley Westridge Ridge Ridge
Sanitation Control Water Sanitation Fire Sanitation
District District District District Protection District
5.770 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
7.727 0.780 1. 949 8.028 3.757 3.595
83
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
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
1991 568,301 561,537 98.8 2,852 564,389 99.3
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 statments, 1982-1991.
84
CITY OF WHEAT RIDGE, COLORADO
Taxpayer
Adolph Coors Company
Applewood Village
Lutheran Medical Center
Leaf Inc.
Kipling Ventures Ltd.
Great American Bank
Lutheran Brotherhood
Commonwealth Life Insurance
American Lodging
Andrew Leslie Metzger
PRINCIPAL TAXPAYERS
DECEMBER 31, 1991
(UNAUDITED)
Type of Business
Glass Container Mfg.
Shopping Center
Medical Office Bldg.
Psychiatric Hospital
Candy Mfg.
Commercial Bldgs.
Apartment Complex
Shopping Center
Shopping Center
Motels
Motel
Total
Source: Jefferson County Assessors' Office.
8S
Percentage
Assessed of Total
Valuation Valuation
$ 9,576,300 0.99 ..
1,140,695 0.12
605,464 0.06
717,988 0.07
232,499 0.02
1,435,477 0.15
271,220 0.03
325,374 0.03
188,262 0.02
223,080 0.02
$14,716,359 1. 51 %
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
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
1991 167,000 181,523 114.68
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 or 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, 1982-1991.
86
CITY OF WHEAT RIDGE, COLORADO
COMPUTATION OF LEGAL DEBT MARGIN
DECEMBER 31, 1991
(UNAUDITED)
Computation of maximum debt allowed:
1991 estimated actual valuation
Legal debt limit percentage
$
964,579,282
3 ..
Legal debt limit
$
28,937,378
Amount of Debt outstanding:
Total bonded debt
$
2,990,000
Less: FundS available in debt service fund
(349.527)
Net bonded debt outstanding
2,640,473
Legal debt limit
28,937,378
Legal debt margin
$
26,296,905
Source: City of Wheat Ridge charter and Jefferson County
Assessors' Office
87
CITY OF WHEAT RIDGE, COLORADO
COMPUTATION OF DIRECT AND OVERLAPPING BONDED DEBT
DECEMBER 31, 1991
(UNAUDITED)
Taxing Authority
Gross
Debt
Outstanding
Percentage
Applicable
to City
Overlapping
Debt
Applicable
to City
School District R-l
$ 128,795,000
6.9 %
$
8,886,855
Total overlapping debt
8,B86,855
2,990,000
City of Wheat Ridge
2,990,000
100
Total direct and overlapping debt
$ 11,876,855
Source: The taxing authorities listed above and the Jefferson
County Assessors' Office.
88
CITY OF WHEAT RIDGE. COLORADO
RATIO
TO
OF ANNUAL DEBT SERVICE FOR GENERAL BONDED DEBT
TOTAL GENERAL GOVERNMENTAL EXPENDITURES
LAST TEN FISCAL YEARS
(UNAUDITED)
Ratio of
(B) Debt Service
(A) Total to Total
Total General General
Debt Government Government
Interest Service Expenditures Expenditures
$ 7,280,026
8,047,143
9,716,371
10,964,568
11,314,565
11,851,021
10,541,638
96,088 96,088 10,365,989 0.93
210,925 210,925 8,841,628 2.39
210,925 210,925 8,966,635 2.35
210,925 210,925 9,731,866 2.16
Fiscal
Year PrinCipal
1981 $
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
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,
1982-1991.
89
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
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
1991 29.419 210,683,130 2,990,000
NOTES: Gross bonded debt does not include
special assessment bonds.
Source: City of Wheat Ridge audited financial
statements, 1982-1991
90
Debt
Service
Funds
Available
$
339.749
343,157
346,175
349,527
Net
Bonded
Debt
$
2,650,251
2,646,843
2,643,825
2,640,473
Ratio
of Net
Bonded
Debt to
Assessed
Value
1. 05
1.12
1.13
1. 25
91
Net
Bonded
Debt
Per
Capita
%
$
89
88
90
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
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
1991 5,771,952 210,925 210,925 27.36
Note: Sales tax revenues are included since debt service is
paid with sales tax proceeds.
Source: City of Wheat Ridge audited financial statements,
1982-1991.
92
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
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
1991 29,419 17,693 37 13.2 4,750 4.2
Source: The 1990 Census Bureau statistics, the Center for
Business and Economic Forecasting, Jefferson County Planning
Department, and the Jefferson County School District R-l.
93
CITY OF WHEAT RIDGE, COLORADO
CONSTRUCTION, PROPERTY VALUE, AND BANK DEPOSITS
LAST TEN FISCAL YEARS
( UNAUDITED)
Commercial Residential
Construction Cons truction
Number Number Estimated Total
Fiscal of Estimated of Estimated Actual Wheat Ridge
Year Units Value Units Value Property Value Bank Deposits
1982 5 $ 3,339,102 197 $ 5,795,927 $ 437,045,756 S 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
1986 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
1991 35 7,899,120 13 2,023,015 964,579,282 137,170,000
Source: The City of Wheat Ridge Building Department, Jefferson County
Assessors' office, and local bank statements of condition.
94
CITY OF WHEAT RIDGE, COLORADO
MISCELLANEOUS STATISTICS
DECEMBER 31, 1991
(UNAUDITED)
Date of Incorporation
Form of Government
Area
Population (Est.)
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 (647 students)
6 (2,266 students)
2 (1,090 students)
1 (1,394 students)
129
1,722
49
2167
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
95
96
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 SUPPLEMENTARY INFORMATION
STATEMENT OF RECEIPTS AND EXPENDITURES
FOR ROADS, BRIDGES AND STREETS
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 December 31, 1991, and have
issued our re~ort thereon dated June la, 1992. These general
purpose financ~al 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. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made br management, as well as evaluating
the overall general purpose f~nancial statement presentation. We
believe that our audit provides a reasonable basis for our
opinion.
Our audit was made 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 statement of
"Counties, Cities, and Towns Annual statement of Receipts and
Expenditures for Roads, Bridges and Streets", is presented for
purposes of additional analys~s and is not a required ~art of the
general purpose financial statements. The informat~on in the
statement has been subjected to the auditing procedures applied
in the audit of the general purpose financial and is presented on
a basis of account~ng and format required by the Colorado
Department of Highways and is not intended to comply with
generally accepted accounting principles.
In our opinion, such information is fairly stated in all material
respects in relation to the general pur~ose financial statements
taken as a whole, on a basis of account~ng that is not intended
to comply with generally accepted accounting principles.
~?~p(.
June 10, 1992
Certified Public Accountants
Members of American Institute of Certified Public Accountants - Division for CPA Firms
Colorado Society of Certified Public Accountants
Governmental Fi~ce Officers Association
------
98
APPENDIX A
COUNTIES, CITIES, AND TOWNS ANNUAL STATEMENT OF REVENUES
AND EXPENDITURES FOR ROADS, BRIDGES AND STREETS
COUNTY/CmrrOWN: City of Wheat Ridge
CALENDAR YEAR OF REPORT: 1991
IU)lII\.U .\1.1. .\:\I0l1NTS I () NE,\IUSrU()I.I.'\I{
I. SCHEDULE OF REVENUES FOR ROAD, BRIDGE AND STREET PURPOSES
A. LOCAL SOURCES
C. STA TE SOURCES
l.Property Tax/Special Assessments
2.General Fund Aporooriations
.::;tTeet cut
3.0ther (specify) permits
4.Traffic Fines
276,148
o
l.Highway Users Tax
2.Motor Vehicle Registration Fees
3.0ther (specify)
650,129
]0?111
15,485
o
226,882
Road &
6a.From County(specify) Bridge
Auto use tax
b.City{fown(specifyJ. i tv () f
7. Bond Proceeds Lakewood
(ncl of isslWlCC COil)
8. Note Proceeds
(net of issuance cost)
9. Specific Ownership Taxes
(used for roads and streets)
440,969
463,549
? 11 0iR
TOTAL STATE SOURCES
D. FEDERAL SOURCES
752,462
o
5.Sales Tax
2,681,302
l.Forest Service
()
o
2.Mineral Leasing
3.Payments in Lieu of Taxes
4.0ther(specify)
o
o
o
()
49.973
TOTAL LOCAL SOURCES
4,365,346
TOTAL FEDERAL SOURCES
o
B. PRIV ATE CONTRWUTIONS
o
E. TOTAL REVENUES (Local + State + Federal)
F. UNSPENT BALANCES BEGINNING OF YEAR
(MUST EQUAL ENDING BALANCE OF PREVIOUS YEAR)
TOTAL REVENUES AND BALANCES (Total Revenues + Beginning Balance)
5,117,808
o
5,117,808
TOTAL IUo:\'EMIES I\HJST EQUAL TOTAL EXI'ENmnJRES
PLEASE GIVE THE NAME AND PHONE NUMBER
OF TIIE PERSON TO CONT ACf IN CASE WE HAVE
ANY QUESTIONS REGARDING TIllS REPORT.
(Revised 1192)
NAME Linda Stengel, Accountant
PHONE (303) 235-2817
99
APPENDIX B
CAPITAL OUTLAY EXPENDITURES FOR HPMS
CALENDAR YEAR 1991
COUNTY, CITY, TOWN OF City of Wheat Ridge
lio( 11\1) ,\1.1: ;(l\Ic'tIIN'I's...n Na-:.\IU~S'" 1l00.UI(
eAPIT AL OUTLAY:
CONSTRUCTION ROAD OR STREET 0 ROAD OR STREET 8 ROAD OR STREET .
PROJECI' NAME AND NUMBER NAME AND NUMBER NAME AND NUMBER
39TH AVENUE 32ND AVENUE 38TH AVENUE
(PIF'.RCE-SHERIDAN) (UNION-KIPLING) (WADSWORTH-DUDLEY)
IMP. TYPE IMP. TYPE 4 IMP. TYPE 4 IMP. TYPE 4
TOTAL COST S 1,666,848 S 6,849 S 130
CONSTRUCTION ROAD OR STREET ct ROAD OR STREET e ROAD OR STREET (I
PROJECT NAME AND NUMBER NAME At\fD NUMBER NAME AND NUMBER
38TH AVENUE
(\,' ?TH-PIERCE)
IMP. TYPE IMP. TYPE 4 IMP. TYPE IMP. TYPE
TOTAL COST S 524,843 $ $
CONSTRUCTION ROAD OR STREET tt ROAD OR STREET 0 ROAD OR STREET 0
PROJECT NAME AND NUMBER NAME AND NUMBER NAME AND NUMBER
IMP. TYPE IMP. TYPE IMP. TYPE IMP. TYPE
TOTAL COST S $ $
CONSTRUCTION ROADORSTREET aD ROAD OR STREET CD ROAD OR STREET ~
PROJECT NAME AND NUMBER NAME AND NUMBER NAME AND NUMBER
IMP. TYPE IMP. TYPE IMP. TYPE IMP. TYPE
TOTAL COST S $ $
CONSTRUCTION ROAD OR STREET . ROAD OR STREET ~ ROAD OR STREET .
PROJECI' NAME AND NUMBER NAME AND NUMBER NAME AND NUMBER
IMP. TYPE IMP. TYPE IMP. TYPE IMP. TYPE
TOTAL COST S S S
TOTAL CONSTRUCTION PROJECTS $
2,198,670
TOTAL CONSTRUCTION PROJEcrs MUST EQUAL THE CONSTRUCTION EXPENDITURES (ROW, PRELIMINARY
AND CONSTRUCTION ENGINEERING, AND CONSTRUCTION) ON THE RECIEPTS AND EXPENDITURES REPORT
(Revised 1192)
100
APPENDIX C
ANNUAL MAINTENANCE OF EFFORT
COMPLIANCE WORKSHEET
COUNTY /CITY /roWN
City of Wheat Ridge
CERTIFIED MAINTENANCE OF EFFORT $
1,842,750
192..l. MAINTENANCE OF EFFORT CALCULATION
SOIEDULE I
A. LOCAL SOURCES ADJUSTMENTS
1. Property tax/special assessment $ 276,148 $
2. General fund appropriation $ 0 $
3. Other $ 15,485 $
4. Traffic fines $ 226,882 $
5. Sales tax $2,681,302 $
6a. From county .$ 904,518 $
b.City/town $ 211,038 $
7. Specific ownership tax $ 49,973 $
8. Beginning balance $ 0 $
B. TOTAL SOURCES $ 4,365,346 $
C. ENDING BALANCE
D. MAINTENANCE OF EFFORT
TOTAL
$
$
$
$
$
$
$
$
$
$ 4,365,346
$ 0
$ 4,365,346
Please indicate if your Maintenance of Effort (item D) equals or exceeds your certified Maintenance of Effort
listed above: Yes ---K- No_.
If no, please attach an explanation of why this requirement can not be met.
N~e: Linda Stengel, Accountant
Phone(303) 235-2817
(Revised 1;'92)
101
IL SCHEDULE OF EXPENDITURES FOR ROAD, BRIDGE AND STREET PVRPOSES
COUNTY ROADS &
BRIDGE FUNDS HUT FUNDS OTHER FL'NDS TOTAL
A. DIRECT ffiGHW A Y EXPENDITURE 0 0 115,344 115,344
1. Right-of-Way 0 0 4,031 ".oTi'
2. Preliminary and ConstrUcuon Engmeenng
3. ConstrUcuon 0 0 2,079,295 2,079,295
4 Maintenance of Condition 198.289 198,289 3/L,972 768,550
5. Snow and lee Removal 1 L 66 1 lL , 66 1 0 23,322
6. Traffic Services 71 ~lh 71.416 68,316 211,148
7. Administrauon 159.603 182,183 107,483 449,269
8. Traffic Enforcement C 0 689,080 689.080
TOTAL DIRECT HlGllWAY EXPENDITURES 440,969 4fi3,549 3,435,521 4,340,UJ':/
B. DEBT PAYMENTS ON BONDS AND NOTES 210,92)
I. Interest on Bonds 0 0 210,925
2. Interest on Notes 0 0 0 0
3. Redemption on Bonds (net value) 0 0 0 IJ
4. Redempuon on Notes ,net value) 0 () 0 0
TOTAL DEBT PAYMENTS 0 I) 210,925 210,925
C. PAYMENTS TO OTHER GOVERNMENTS 0 0 0
la. To County (specify) 0
b. To City (specIfy) 0 0 0 u
2. To Depanment of Transportation 0 0 566,844 566,844
fOTAL PAYMENTS TO OTHER GOVERNMENTS 0 0 566,844 566,844
O. OTHER HIGHWAY PURPOSES
(SPECIFY) 0 0 0 0
440,969 463,549 4,213,290 5,117,808
E. TOTAL EXPENDITURES (A+B+C+D)
0 0 0 0
... BALANCES END OF YEAR
(Unspent revenues)
J. TOTAL EXPENDITURES AND BALANCES 440,969 463,549 4,213.290 5,117,808
(Total Expenditures + Ending Balance)
ill. SCHEDULE OF CHANGE IN DEBT STATUS OF ROAD, BRIDGE,
AND STREET OBLIGATIONS
(SHOW ALL ENTRIES AT PAR VALUE; THAT IS, AT THE FACE AMOUNT OF ISSUE)
BONDS NOTES
I.. BONDS AND NOTES OUTSTANDING BEGINNING OF YEAR
o
o
J. AMOUNT ISSUED DURING YEAR (PAR VALUE)
1. Original issues this year
o
o
2. Refunding issues
o
o
.:. AMOUNT REDEEMED DURING YEAR (PAR VALUE)
o
o
1. From current receipts or reserves
o
o
2. From refunding issues
o
o
102