HomeMy WebLinkAbout1993
CITY OF WHEAT RIDGE
WHEAT RIDGE, COLORADO
COMPREHENSIVE ANNUAL FINANCIAL REPORT
DECEMBER 31, 1993
CON TEN T S
INTRODUCTORY SECTION
Letter of Transmittal.
GFOA Certificate of Achievement
Organizational Chart
List of Principal Officials..
FINANCIAL SECTION
Report of Independent Certified Public Accountants
General-Purpose Financial Statements
Combined Balance Sheet All Fund Types and Account Groups
Combined Statement of Revenues, Expenditures and Changes in Fund Balances - All Governmental Fund Types
Combined Statement of Revenues, Expenditures and Changes In Fund Balances - Budget and Actual - All
Governmental Fund Types
Combined Statement of Revenues, Expenditures and Changes In Fund Balances - Police Pension Fund....
Notes To Financial Statements ..
Supplemental Information - Combining Individual Fund and Account Group
General Fund
Comparative Balance Sheet....
Comparative Statement of Revenue. Expenditures and Changes in Fund Balances
Schedule of Revenue. Expenditures and Changes in Fund Balances - Budget and Actual
Special Revenue Funds
Combining Balance Sheet
Combining Statement of Revenues. Expenditures and Changes in Fund Balance.
Combining Schedule of Revenues. Expenditures and Changes in Fund Balance - Budget and Actual
Debt SeIVice Fund - Incremental Sales Tax Bond Fund.
Combining Balance Sheet
Combining Statement of Revenues, Expenditures and Changes in Fund Balance....
Combining Schedule of Revenues. Expenditures and Changes in Fund Balance - Budget and Actual
Capital Projects Fund - Incremental Sales Tax Bond Fund
Comparative Balance Sheet....... ............
Comparative Statement of Revenues, Expenditures and Changes in Fund Balances.
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Fiduciarv Funds
Combining Balance Sheet
Combining Statement Changes in Assets and Liabilities - All Agency Funds
General Fixed Asset Account Group
Comparative Schedule of General Fixed Assets by Source
Schedule of Changes in General Fixed Assets by Function and Activity
Schedule of General Fixed Assets by Function and Activity
STATISTICAL SECTION
Assessed and Estimated Actual Value of Taxable Property
General Governmental Expenditures by Fund
General Governmental Revenues by Source
General Governmental Tax Revenues by Source
Property Tax Rates - Direct and Overlapping Governments
Property Tax Levies and Collections - General Fund.
Special Improvement District 1987-1 - Billings and Collections
Computation of Legal Debt Margin
Ratio of Annual Debt Service General Bonded Debt to Total General Government Expenditures
Ratio of Net Bonded Debt to Assessed Value and Net Bonded Debt Per Capita
Revenue Bond Coverage Sales Tax Revenue Bonds
Demographic Statistics
Construction. Property Value and Bank Deposits
Miscellaneous Statistics
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INTRODUCTORY SECTION
TELEPHONE: (303) 234-5900
7500WEST29THAVENUE · WHEATRIDGE,COLORAD080215
The City of
GWheat
GRidge
April 26, 1994
The Honorable Mayor Wilde,
Wheat Ridge City Council, and
City Administrator
City of Wheat Ridge
Wheat Ridge, Colorado
Dear Mayor and members of City Council:
The Comprehensive Annual Financial Report of the City of Wheat Ridge,
for the fiscal year ended December 31, 1993, is submitted herewith.
This report was prepared by the City Treasurer's office and the City
Administrator'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 end benefits requires
estimates and judgements by management.
The City of Wheat Ridge uses funds and account gre,ups to report on its
financial position and the results of its operations. Fund accounting
is designed to demonstrate legal compliance ar.d 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 b.Jilding projects are
recorded; and 14 other smaller funds establishl~d 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.
1
The level of budgetary control (the level at whicr. 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. If during the fiscal year, the City Administration determines
that there are available for appropriation revenues in excess of those
estimated in the budget, the Council, by resolution, may make
supplemental appropriations for the year up to the amount of the
excess. Additional budgetary control is maintained by the encumbrance
of purchase amounts prior to the release of purchase orders to
vendors. Encumbrances present commitments relc.ted to unperformed
contracts for goods or services. Open encumbrances are reported as
reservations of fund balance at year end.
GENERAL GOVERNMENTAL FUNCTION~.
Revenues for general governmental functions totaled $9,504,709 in
1993, an increase of 2.42% over 1992. The amount of revenues from
various sources and the increase (decrease) over last year are shown
in the following table:
U.CREASE PERCENTAGE
REVENUES PERCENTAGE (DECREASE) INCREASE
BY SOURCE 1993 AMOUNT OF TOTAL FFOM 1992 (DECREASE)
Taxes $7,005,422 73.70% $2~2,850 4.36%
Licenses & Permits 291,983 3.07 (:2,326) (15.19)
Intergovernmental 1,372,789 14.44 (~6,962) ( 2.62)
Charges for Services 310,458 3.27 19,022 6.52
Fines & Forfeitures 296,523 3.12 46,024 18.37
Interest Income 88,893 .94 (22,678) (20.32)
Other Revenue 138.641 1.46 -1.21.090 ) (13.20)
TOTAL $9,504,709 100.00 $224,840 2.42
The major source of revenue for the City of Wheat Ridge is retail
sales and use tax ($4,901,697). This comprises 51.57% of total current
General Fund revenue. The one percent (1%) Gen.:!ral Fund sales tax
revenues for 1993 were $3,338,339, an increase of 9.39% or $286,596
over 1992 collections. General Fund use ta{ (auto, building,
professional and retail) revenues for 1993 ~Bre $1,563,358, an
increase of 2.10% or $32,158 over 1992 collectionE.
Current property tax collections for 1993 were 99.9% of the tax levy.
The mill levy was set at 2.418 mills for 1990, increased to 2.458
mills in 1991, and raised to 2.714 mills in 1992. To stay within the
property tax limitation set by state statute, th.:! mill levy remained
unchanged for 1993 at 2.714 mills.
2
Expenditures for general governmental functions totaled $9,263,756 in
1993, a decrease of 9.23% over 1992. Increases or (decreases) in
levels of expenditures for major functions of tho City over the past
year are shown in the following table:
EXPENDITURE INCREASE PERCENTAGE
ACTIVITY PERCENTAGE ([ECREASE) INCREASE
BY FUNCTION 1993 AMOUNT OF TOTAL FROM 1992 (DECREASE)
General Government $ 1,238,104 13.37% $ 5,620 .45 -t
Planning & Develop. 536,496 5.79 3,518 .66
Public Safety 3,578,948 38.63 ( 21,296) .59)
Public Works 1,788,584 19.31 (162,382) 8.32)
Parks & Recreation 1,349,910 14.57 88,876 7.04
Other 669,531 7.23 (271,984) (28.88)
Capital Outlay 102.183 1.10 .0 97 . 578 ) (65.91)
TOTAL $ 9,263,756 100 . 00 ($:55,226) ( 5.65)
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 contribute four-percent 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 joir.. the Colorado County
Officials and Employees Retirement Association (CC:OERA) plan after one
year of service with the City. These employees cor.tribute four-percent
(4%) of their annual salary to the plan, which the City also matches.
DEBT ADMINISTRATION
The City may use debt financing when either long-term capital projects
are desired, or when it can be determined that future citizens will
receive a benefit from the improvement.
Sales Tax Revenue Bonds were issued August 12, 1988, for $2.99
million. These bonds, rated "A" by Moody's, were sold to finance
capital projects budgeted in the Capital Projects Fund. These bonds
were refinanced on August 1, 1993, with a new issue for $3.21 million
with an average interest rate of 3.8%. The new bond issue will mature
in 1999 and the City has obtained an economic gair. (difference between
the present values of the old and new debt service payments) of
approximately $245,000 over the next six years. This bond issue is
accounted for in the Debt Service Fund.
The City has entered into several lease agreemen.ts for financing the
acquisi tion of equipment including vehicles, a 1;elephone system and
copy machines. The lease agreements specifically state that the lease
can be cancelled at any time if the City Council does not appropriate
funds for that purpose. Funds are budgeted and encumbered for that
years payments only.
3
Wheat Ridge entered into its first long-term bonded indebtedness in
1988. On June 24, 1988, $1.25 million in Special P.ssessment bonds were
issued for the payment of part of the construction costs of local
improvements in the newly created Special Imprc,vement 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 benefited by the improvements. The assessments
are to be paid in ten amortized annual installmen.ts 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 thu:3 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 tts Treasurer's Office
in making municipal investments to maximize yield while minimizing
risk. The prudent investor rule states "that inve~tments 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 safl~ty of their capital
as well as the probable income to be derived". City funds may be
invested in insured savings and money market acco~.nts, certificates of
deposit, securities of the U.S. Government and its agencies, 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 Hi th P. D . P . A . At the
end of 1993, the City's investment in certificltes of deposit and
government securities varied in interest rates frc,m 3.10% to 9.0%, and
2.38% to 2.50% in savings and money market accounts, respectively. The
City's investment portfolio indicates investments throughout 1993
averaged 86% in U.S. Government securities and 14% in C.D. 's, 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 Colora~D municipalities for
liability and property insurance, and workers' compensation. The
Colorado Intergovernmental Risk Sharing Agency (CIRSA) is a separate
and independent governmental and legal entity.
4
RESERVE POLICY
The City of Wheat Ridge maintains at least an eight percent (8%) fund
balance which serves as an encumbered cash reS'3rve in the General
Fund. The fund balance for 1989 was sixteen percent (16.72%) of
budget; 1990 was twenty-three percent (23.27%) of budget; 1991 was
twenty eight percent (28.43%); 1992 was twenty seven percent (27.27%);
and 1993 at thirty nine percent (38.91%) of budget. The City
Administrator plans for a fifteen percent cash l~eserve balance each
year.
INDEPENDENT AUDIT
Colorado state statues and the Wheat Ridge city charter require an
annual audit of the books of account, financial records, and
transactions of all administrative departmentE of the City. An
independent certified public accountant selected by the City Council
has performed this requirement and the audi tor's opinion has been
included in this report.
AWARDS
The Government Finance Officers Association of the United States and
Canada (GFOA) awards a Certificate of Achievemer.t for Excellence in
Financial Reporting to local governmental emti ties for their
Comprehensive Annual Financial Report. The City of Wheat Ridge has now
received this award for four consecutive years (1989, 1990, 1991 &
1992). 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 c'nly.
ACKNOWLEDGMENTS
I would like to express my appreciation to Linda Stengel, Chief
Accountant and to members of the accounting st,'iff, and to William
Powell, Finance Assistant who assisted the auditors in preparing this
report. Special thanks are extended to members of the independent
Certified Public Accounting firm of Grant Thornton for the manner in
which they accomplished the 1993 audit.
Respectfully submitted,
~.~
City Treasurer
5
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. 1992
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 (CAFRs) achieve the highest
standards in government accounting
and financial reporting
~~~
President
ffh/~
Executive Director
6
CITY OF WHEAT RIDGE
CITY ADWINISTRATION
CITY
COUNCIL WAYOR f-
EXECUTI VE SENIOR
to- SECRETARY r- SECRETARY
(1) (1)
CITY
ADWINISTRATOR
FINANCEI PERSONNEL
8UDGET ASSISTANT
ASST. (1) (I)
ECONOWIC
DEVEL.
BLDG. PURCHASE SALES TAX SALES TAX DATA COORD. (1 )
MAl NT. AGENT AUD ITOR TECH. SYSTEMS
TECH. (I) (I) (1) (I) WGR. (1 )
PURCHASE CONTRACT DATA
CLERK AUD ITORS PROGRAWER
(I) (I)
VOLUNTEER
COORDINATOR
PARKS PLANNING PUBLIC
& & POLICE WORKS
RECREA TI ON DEVELOPMENT
7
OFFICIALS
CITY OF WHEAT RIDGE
MAYOR
DAN WILDE
CITY COUNCIL
VANCE T. EDWARDS
DISTRICT I
TONY SOLANO
DISTRICT II
RAE JEAN BEHM
DISTRICT III
CLAUDIA WORTH
DISTRICT IV
CITY CLERK
WANDA SANG
CITY ATTORNEY
KATHRYN SCHROEDER
CITY ADMINISTRATOR
ROBERT C. MIDDAUGH
DIRECTOR OF PLANNING & DEVELOPMENT
DIRECTOR OF PARKS & RECREATION
CHIEF OF POLICE
DIRECTOR OF PUBLIC WORKS
BUDGET/FINANCE ASSISTANT
PERSONNEL ASSISTANT
PURCHASING AGENT
8
JEAN FIELDS
KEN SILER
DON EAFANTI
DENNIS HALL
CITY TREASURER
JAMES o. MALONE
MUNICIPAL JUDGE
RANDALL J. DAVIS
GLEN GIDLEY
GARY WARDLE
JACK HURST
ROBERT GOEBEL
WILLIAM W. POWELL
PATRICIA CREW
PAUL EDWARDS
FINANCIAL SECTION
9
10
1660 Lincoln Street
Denver, CO 80264.2601
303861.5555
FAX 303 8314646
GrantThomton &
REPORT OF INDEPENDENT
CERTIFIED PUBLIC ACCOUNTANTS
Accountants and
Management Consultants
The U.S. Member Firm of
Grant Thornton International
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, 1993 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's
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 standard 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, 1993 and the results of its
operations for the year then ended, in conformity with generally accepted
accounting principles.
As discussed in note N, the City
its financial statements resulting in
increasing by $780,217.
reclassified and added certain funds in
beginning governmental fund balances
Our audit was made for the purpose of forming an opinion on the general-
purpose financial statements taken as a whole. The combining an~ individual fund
and account group financial statements and schedules listed ~n the table of
contents are presented for purposes of additional analysis and are not a required
part of the general-purpose financial statements of the City of Wheat Ridge,
Colorado. Such information has been subjected to the auditing procedures applied
in the audit of the general-purpose financial statements and, in our opinion, is
fairly stated in all material respects in relation to the general-purpose
financial statements taken as a whole.
4~iA~-fM
Denver, Colorado
March 11, 1994
11
THIS PAGE LEFT BLANK INTENTIONALLY
12
GENERAL-PURPOSE FINANCIAL STATEMENTS
The general-purpose financial statements provide a financial overview of
the City's operations. These financial statements present the financial
position and operating results of all funds and account groups as of
December 31, 1993 and for the year then ended.
13
City of Wheat Ridge, Colorado
COMBINED BALANCE SHEET ALL FUND TYPES AND ACCOUNT GROUPS
December 31, 1993
(With comparative totals for December 31, 1992)
Governmental Fund Tvpes
Special Debt Capital
General Revenue Service Proiect
ASSETS AND OTHER DEBITS
CURRENT ASSETS
Cash and cash equivalents $ 1,018,155 $ 768,747 $ 58,726 $
Investments 2,290,204 503,332 195,882 4,643,819
Accounts receivable
Interest 1,110
Intergovernmental 670,367 837,732
Other 56,612 93 3,259
Due from
Other funds 517,767 4,570
Inventory 168,296
Restricted
Cash 25,005
Investments 321,982
Fixed assets
OTHER DEBITS
Amount available in Debt
Service Fund
Amount to be provided for
retirement of general
long-term debt
Total assets $ 4.747.516 $ 2.114.381 $ 576.683 $ 4.647.078
The accompanying notes are in integral part of this statement.
14
Fiduciary
fund tvpe
Trust and
Agencv
Account
General
Fixed
Assets
groups
General
Long-term
Debt
Total
(memorandum only)
1993 1992
$ 133,947 $ $ $ 1,979,575 $ 2,285,896
7,046,227 14,679,464 13,415,075
189 1,299 82,173
1,508,099 959,532
59,964 66,308
6 522,343 327,742
168,296 161,158
25,005 27,409
321,982 299,000
18,910,820 18,910,820 18,783,615
563,244 563,244 600,861
3.036.511 3.036.511 2.737.955
$ 7.180.369 $ 18.910.820 $ 3.599.755 $ 41.776.602 $ 39.746.724
15
City of Wheat Ridge, Colorado
COMBINED BALANCE SHEET ALL FUND TYPES AND ACCOUNT GROUPS (CONTINUED)
December 31, 1993
(With comparative totals for December 31, 1992)
Governmental Fund Types
Special Debt Capital
General Revenue Service Pro;ect
LIABILITIES, FUND EQUITY
AND OTHER CREDITS
CURRENT LIABILITIES
Accounts payable $ $
Trade $ 29,254 34,529 $
Restricted assets 67,338 13,439
Refundable escrow 500
Employees
Accrued vacation and sick pay 15,468
Advance contributions
Refundable escrow deposits
Due to
Other funds 4,576 517,767
Special district
Deferred revenue
Property taxes 568,301
Capital leases
Bonds payable
Total liabilities 685,437 552,296 13,439
FUND EQUITY AND OTHER CREDITS
Investments in general
fixed assets
Fund balances
Reserved for
Encumbrances 442 436,081 811 ,482
Capital projects 2,343,228
Debt service 563,244
Inventory 168,296
Retirement plans
Emergency reserves 201,841
Unreserved
Designated for subsequent 396,110 62,204
years' expenditures 1,492,368
Undesignated 3.295.390 1. 063.800
Total equity and
other credits 4.062.079 1.562.085 563.244 4.647.078
Total liabilities,
fund equity and $ 4.747.S16 $ 2.114.381 $ 576.683 $ 4.647.078
other credits
The accompanying notes are an integral part of this statement.
16
Fiduciary
fund tVPe
Trust and
Agency
Account
General
Fixed
Assets
groups
General
Long-term
Debt
Total
(memorandum onlv)
1993 1992
$ $ $ $ 63,783 $ 170,440
80,777 53,559
500 500
950,450 950,450 825,380
352,443 367,911 309,696
11,293
69,433 69,433 69,950
522,343 577,742
218,430 218,430 253,739
568,301 567,573
57,312 57,312 55,521
3.190.000 3.190.000 2.990.000
1,238,313 3,599,755 6,089,240 5,885,393
18,910,820 18,910,820 18,783,615
1,248,005 594,244
2,343,228 1,673,949
563,244 600,861
168,296 161,158
5,942,056 5,942,056 5,929,032
201,84l
1,950,682 2,388,806
4.359.190 3.729.666
5.942.056 18.9l0.820 35.687.362 33.861.33l
$ 7.180.369 $ lfL91O.820 $ 3.'599.755 $ 41. 776.602 $ 39.746.724
17
City of Wheat Ridge, Colorado
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - ALL GOVERNMENTAL FUND TYPES
Year ended December 31, 1993
(With comparative totals for year ended December 31, 1992)
General
Revenues
Taxes
Licenses and permits
Intergovernmental
Charges for services
Fines and forfeitures
Interest
Other
$ 7,005,422
291,983
1,372,789
310,458
296,523
88,893
138.641
9.504.709
Total revenue
Expenditures
Current
General government
Planning and development
Police
Public works
Parks and recreation
Other
Capital outlay
Debt service
Principal retired
Interest and fiscal charges
Total expenditures
Excess (deficiency) of revenues
over expenditures
1,238,104
536,496
3,578,948
1,788,584
1,349,910
669,531
102,183
9.263.756
240,953
Other financing sources (uses)
Transfers in
Proceeds of refunding bonds
Transfers out
Payment to refunded bond escrow agent
Total other financing sources (uses)
766,000
(329,576)
436.424
EXCESS (DEFICIENCY) OF REVENUES AND
OTHER FINANCING SOURCES OVER
EXPENDITURES AND OTHER FINANCING USES
677 ,377
3.384.702
$ 4.062.079 $
Fund balance, beginning of year
Fund balance, end of year
The accompanying notes are an integral part of this statement.
18
Special
Revenue
$ 81,070
1,447,784
35,416
29,974
28.920
1. 623 .164
132,955
23,264
16,879
855,614
313,361
1.342.073
281,091
703,201
(266,000)
437.201
718,292
843.793
562.085
Total
Debt Capital (memorandum onlv)
Service Proiect 1993 1992
$ $ 3,530,540 $ 10,617,032 $ 9,764,2l7
291,983 344,309
220,598 3,041,171 2,098,023
345,874 304,036
296,523 250,499
30,153 159,867 308,887 259,929
130.323 297.884 207 . 977
30,153 4,041,328 15,199,354 13,228,990
1,371,059 1,232,484
559,760 532,978
3,595,827 3,625,388
1,788,584 1,955,170
2,205,524 1,679,514
55,655 725,186 942,540
2,653,453 3,068,997 1,262,887
20,000 20,000
152.305 152.305 210.925
227.960 2.653.453 13.487.242 11.441.886
(197,807) 1,387,875 1,712,112 1,787,104
184,000 1,653,201 1,219,610
3,155,439 3,155,439
(1,057,625) (1,653,201) (1,2l9,610)
(3.179.249) (3.179.249)
160.190 (1.057.625) (23.810)
(37,617) 330,250 1,688,302 l,787,104
600.861 4.316.828 9.146.184 7.359.080
$ ~('3.244 $ 4.647.078 $ 10.834.486 $ 9.146.184
19
City of Wheat Ridge, Colorado
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL - ALL GOVERNMENTAL FUND TYPES
Year ended December 31, 1993
General Fund
Variance
favorable
Budget Actual (unfavorable)
Revenues
Taxes $ 6,907,050 $ 7,005,422 $ 98,372
Licenses and permits 302,700 291,983 (10,717)
Intergovernmental 1,323,000 1,372,789 49,789
Charges for services 371,500 310,458 (61,042)
Fines and forfeitures 300,000 296,523 (3,477)
Interest 100,000 88,893 (11,107)
Other 68.220 138.641 70.421
Total revenue 9,372,470 9,504,709 132,239
Expenditures
Current
General government 1,372 , 109 1,238,104 134,005
Planning and development 575,859 536,496 39,363
Police 3,826,175 3,578,948 247,227
Public 'Works 2,011,055 1,788,584 222,471
Parks and recreation 1,423,392 1,349,910 73,482
Other 995,631 669,531 326,100
Capital outlay 102,183 (102,183)
Debt service
Principal retired
Interest and fiscal charges
Total expenditures 10.204.221 9.263.756 940.465
Excess (deficiency) of revenues
over expenditures (831,751) 240,953 1,072,704
Other financing sources
Transfers in 766,000 766,000
Proceeds of refunding bonds
Transfers (out) (327,846) (329,576) (l,730)
Payment of refunded bond escro'W agent
Total other financing sources 438.154 436.424 (1.730)
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES
OVER EXPENDITURES AND OTHER
FINANCING USES $ (393.597) $ 677 .377 $ 1.070.974
The accompanying notes are an integral part of this statement.
20
$ (738.247) $
718.292
$ 1. 456.539
$ (62.545) $
21
(17.617)
$
24.928
City of Wheat Ridge, Colorado
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL - ALL GOVERNMENTAL FUND TYPES (CONTINUED)
Year ended December 31, 1993
Capital Proiects Fund
Variance
favorable
Budget Actual (unfavorable)
Revenues
Taxes
Licenses and permits
Intergovernmental
Charges for services
Fines and forfeitures
Interest
Other
$ 3,500,000
220,598
150,000
525.000
4,395,598
Total revenue
Expenditures
Current
General government
Planning and development
Police
Public works
Parks and recreation
Other
Capital outlay
Debt service
Principal retired
Interest
5,115,065
Total expenditures
Excess (deficiency) of revenues
over expenditures
5.115.065
(719,467)
Other financing sources
Transfers in
Proceeds of refunding bonds
Transfers (out)
Payment to refunded bond escrow agent
(1,057,625)
Total other financing sources
(1.057 .625)
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES
OVER EXPENDITURES AND OTHER
FINANCING USES $(1. 777 .092) $
$ 3,530,540
220,598
$ 30,540
159,867
130.323
9,867
(394.677)
(354,270)
4,041,328
2,653,453
2,461,612
2.653.453
2.461.612
1,387,875
2,107,342
(1,057,625)
(1.057.625)
110.250 $ 2.107.342
The accompanying notes are an integral part of this statement.
22
City of Wheat Ridge, Colorado
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - POLICE PENSION FUND
Year ended December 31, 1993
(With comparative totals for year ended December 31, 1992)
1993 1992
Operating revenues
Contributions
Employer $ 201,705 $ 194,097
Employee - mandatory 201,705 194,097
Employee - voluntary 15.827 16.127
Total operating revenues 419,237 404,321
Operating expenses
Benefit payments 754,252 241,196
Administrative charges 86.996 37.894
Total operating expenses 841.248 279.090
Operating income (loss) (422,011) 125,231
Nonoperating income
Interest 317,875 358,075
Securities gain (loss) 117.160 34.881
Total nonoperating income 435.035 392.956
NET INCOME 13,024 518,187
Fund balance, beginning of year 5.929.032 5.410.845
Fund balance, end of year $ 5.942.0S6 $ 5.929.032
The accompanying notes are an integral part of this statement.
23
THIS PAGE LEFT BLANK INTENTIONALLY
24
City of Wheat Ridge, Colorado
NOTES TO FINANCIAL STATEMENTS
December 31, 1993
NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The City of Wheat Ridge, Colorado (the City) was incorporated in August, 1969.
The citizenry voted to become a home rule city in 1976 under the provisions of
Article XX of the Constitution of the State of Colorado. The City operates
under a Council-Mayor-Administration form of government and provides the
following services as authorized by its charter: public safety, parks and
recreation, public improvements, debt service and general administrative
services, including financial, planning and development, and municipal court
services.
The accounting policies of the City conform to generally accepted accounting
principles as applicable to governments in accordance with those promulgated by
the Governmental Accounting Standards Board (GASB). The following is a summary
of the more significant policies:
1. Reporting Entity
The City applies the criteria set forth in GASB Statement Number 14, The
Financial Reporting Entity, to determine which governmental organizations
should be included in the reporting entity. The inclusion or exclusion of
component units is based on the elected officials accountability to their
constituents. The financial reporting entity follows the same accountability.
In addition, the financial statements of the reporting entity should allow the
user to distinguish between the primary government (including its blended
component units, which are, in substance, part of the primary government) and
discretely presented component units. Criteria for inclusion of an entity
into the primary governmental unit (in blended or discrete presentation)
includes, but is not limited to, legal standing, fiscal dependency, imposition
of will and the primary recipient of services. The City presently has no
component units for which discrete presentation is required.
Included within the reporting entity (in blended presentation):
Wheat Ridge Economic Development and Revitalization Commission (Wadsworth Town
Center)
Excluded from the reporting entity:
Jefferson County School District R-l (School Districts) This is an
independent school district organized under State law. The City of Wheat
Ridge and the school district serve the same geographical areas. The school
district is governed by a separate Board of Education, which is totally
independent from the City. There is no fiscal interdependency between the
entities.
The Employee Pension Plans and the Police Pension Plan (Pension Plans) - The
assets of these Pension Plans are administered by an outside trustee
independent of the City. The City does not represent a dominant employer of
employees covered by a multi-employer public employee retirement system (PERS)
or agent multiple-employer PERS as described in generally accepted accounting
principles. All potential liabilities of the Plans are extinguished upon
payment by the City to the Plan Administrators.
Colorado Intergovernmental Risk Sharing Agency (CIRSA) - CIRSA, a separate and
independent governmental and legal entity, was formed by intergovernmental
agreement pursuant to State statute to provide members defined liability and
property coverages. The City is currently one of 121 members of CIRSA and has
no oversight responsibility over CIRSA.
25
City of Wheat Ridge, Colorado
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
December 31, 1993
NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
1. Reporting Entitv (Continued)
The following special districts are also excluded as they are separate,
independent governmental and legal entities and the City has no oversight
responsibility over them:
Wheat Ridge Sanitation District
Valley Water District
West ridge Sanitation District
Bellaire Sanitation District
Fruitdale Sanitation District
North West Lakewood Sanitation District
Urban Drainage and Flood Control District
Wheat Ridge Fire Protection
2. 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 eight 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 fourteen special revenue funds.
Debt Service Fund accounts for the accumulation of resources for and payment
of general long-term debt principal, interest and related costs.
Capital Project Fund accounts
acquisition or construction of
financed by proprietary funds).
Fiduciary Funds
for financial resources used for the
major capital facilities (other than those
Fiduciary Funds account for assets held by the City in a trustee capacity.
The City has one pension trust fund and four agency funds. Pension trust
funds are accounted for in essentially the same manner as a proprietary
fund, that is its operations are financed and operated in a manner similar
to a 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.
26
City of Wheat Ridge, Colorado
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
December 31, 1993
NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
3. 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 liabilities generally are included on the
balance sheet. Operating statements of these funds present increases (i.e.,
revenues and other financing sources) and decreases (i.e., expenditures and
other financing uses) in net current assets.
The modified accrual basis of accounting is used by all governmental fund
types. Under the modified accrual basis of accounting, revenues are
recognized when susceptible to accrual (i.e., when they become measurable and
available). "Measurable" means the amount of the transaction can be
determined and "available" means collectible within the current period or soon
enough thereafter to pay liabilities of the current period. A sixty day
availability period is used for revenue recognition for all governmental fund
revenue. Expenditures are recorded when the related fund liability is
incurred.
All pension trust funds are accounted for on a flow of economic resources
measurement focus. With this measurement focus, all assets and all
liabilities associated with the operation of these funds are included on the
balance sheet.
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 these are not measurable
until received in cash.
The accrual basis of accounting is utilized by pension trust funds. Under
this method, revenues are recorded when earned and expenses are recorded at
the time liabilities are incurred.
The City reports deferred revenue on its combined balance sheet. Deferred
revenues arise when a potential revenue does not meet both the "measurable"
and "available" criteria for recognition in the current period. In subsequent
periods, when both revenue recognition criteria are met, or when the
government has a legal claim to the resources, the liability for deferred
revenue is removed from the combined balance sheet and revenue is recognized.
4. Budgets
The budgets of all
accepted accounting
all funds, except
appropriations lapse
funds are adopted on a basis consistent with generally
principles. Annual appropriated budgets are adopted for
the Fiduciary, Trust and Agency Funds. All annual
at fiscal year end.
Encumbrances present commitments related to unperformed contracts for goods or
services. 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.
27
City of Wheat Ridge, Colorado
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
December 31, 1993
NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
5. Cash and Cash Eauivalents. Restricted Cash and Investments
Cash and cash equivalents include cash on hand and demand deposits with a
maturity of three months or less. Investments include amounts on deposit with
an investment pool and held by trustees of the pension funds. Investment pool
amounts are stated at cost, investments of the pension plan and the IRC Code
Section 457 deferred compensation plan are stated at market.
General Fund cash has been restricted by City Council for emergency situations
affecting the lives and property of the City's citizens. Expenditures must be
approved in advance by the City Councilor 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.
6. 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 April 30 or if paid in
installments, on February 28 and June 15. 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.
7. Short-term Interfund Receivables/Pavable
During the course of operations, numerous
individual funds. These receivables and payables
or "due to" other funds on the balance sheet.
transactions occur between
are classified as "due from"
8. Inventorv
Inventory is valued at cost, which approximates market, using the first-in,
first-out (FIFO) method. The cost of the general fund inventor~es are
recorded as expenditures when consumed rather than when purchased.
9. 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 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.
28
City of Wheat Ridge, Colorado
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
December 31, 1993
NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
9. General Fixed Assets (Continued)
The Jefferson County, Colorado Open Space Program acquires land for public
enjoyment (e.g., parks, playgrounds, lakes, etc.) and then donates the
property to the City for use as public land. The property is recorded at the
cost recorded by the Open Space Program. City expenditures for this program
are reimbursed by Jefferson County.
10. Compensated Absences
Vested or accumulated sick leave that is expected to be liquidated with
expendable available financial resources is 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.
11. 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.
12. Long-term Obligations
Long-term debt is recognized as a liability of a governmental fund when due,
or when resources have been accumulated in the Debt Service Fund for payment
early in the following year. For other long-term obligations, only that
portion expected to be financed from expendable available financial resources
is reported as a liability of a governmental fund. The remaining portion of
such obligations is reported in the General Long-term Debt Account Group.
13. Fund Eauitv
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 City designates a
portion of unreserved fund balances in an amount equal to the budgeted
individual carryover fund balance, based upon the City's budget for the
subsequent calendar year.
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).
29
City of Wheat Ridge, Colorado
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
December 31, 1993
NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
14. 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 residual equity transfers. All other
interfund transfers are reported as operating transfers.
15. Memorandum Only
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.
16. 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.
NOTE B - LEGAL COMPLIANCE - BUDGETS
General Budget Policies
The City conforms to the following procedures, in compliance with Colorado
Revised Statutes, in establishing the budgetary data reflected in the financial
statements:
Prior to October 15, the City Administrator (an appointed official) submits a
proposed operating budget for the fiscal year commencing the following
January 1, to the City Council (elected officials). The operating budget, for
all funds, includes proposed expenditures and the means of financing them. No
budgets are prepared for the pension and agency 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.
30
City of Wheat Ridge, Colorado
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
December 31, 1993
NOTE B - LEGAL COMPLIANCE - BUDGETS (CONTINUED)
General Budget Policies (Continued)
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.
The Police Investigation Fund and the Senior Center Fund overexpended their
budgets which may be a violation of State statute.
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 GAAP basis, except as previously noted. Budgetary
amounts, included in the financial statements, are as originally adopted or as
amended by City Council. Supplemental appropriations made to the original
budget for each fund were as follows:
Original Supplemental Amended
Fund appropriations appropriations appropriations
General Fund $ 9,847,121 $ 684,946 $ 10,532,067
Special Revenue Funds
Open space 1,476,000 154,800 1,630,800
Insurance reserve 300,000 300,000
Police investigation 15,260 15,260
Park acquisition 16,745 16,745
Building demolition 17,067 17,067
Senior center 8,000 8,000
Municipal court 30,728 4,675 35,403
Tree planting 34,973 995 35,968
Richards Hart improvement 4,103 4,103
Parks and recreation
damage deposit 24,000 24,000
Wadsworth Town Center 79,600 79,600
Equipment 316,600 5,500 322,100
Wheat Ridge Post Office 4,570 4,570
Conservation Trust 284,000 7,318 291,318
Debt Service Fund
Incremental Sales Tax Bond 218,455 218,455
Compensated absences 50,000 15,000 65,000
Capital Projects Fund 3.132.150 3.040.540 6.172.690
$ 15.554.802 $ 4.2]8.344 $ 19.773.146
31
City of Wheat Ridge, Colorado
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
December 31, 1993
NOTE C - ASSETS
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.
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 trust
department or agent under the PDPA, Category 3 includes uncollatera1ized,
uninsured deposits. At December 31, 1993, the City deposits are categorized as
follows:
Petty cash
Categorized deposits
Deposits covered by Federal insurance -
Category 1
Deposits collateralized in a single
institution pool(s) - Category 2
Total
Bank Carrying
balance balance
$ $ 1,555
537,447 537,663
1. 701. 087 1.465.362
$ 2.238.534 $ 2.004.580
Investments
Colorado statutes specify investment instruments, meeting defined rating and
risk criteria, in which local government entities may invest.
Obligations of the United States and certain agencies thereof
Certain International agency securities
General obligation and revenue bonds of United States local government
entities
. Bankers acceptances of certain banks
Commercial paper
Local government investment pools
Written repurchase agreements collateralized by certain authorized
securities
Certain money market funds
Guaranteed investment contracts
The allowed categories include local government investment pools. The City
invests in three such investment pools, the Colorado Government Liquid Asset
Trust (COLOTRUST), lCMA Retirement Trust (ICMA) and Colorado Surplus Asset Fund
Trust (CSAFE). Investments in the pools are not categorized because the
investments are not evidenced by securities that exist in physical or book entry
form. Cost and market are essentially equivalent.
32
City of Wheat Ridge, Colorado
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
December 31, 1993
NOTE C - ASSETS (CONTINUED)
Investments
The City's investments are categorized
of credit risk assumed by the City.
investment pools, are Category 2.
Category 1 investments that are insured or registered or for which the
securities are held by the City or its agent in the City's name.
below to give an indication of the level
All City investments, except amounts in
Category 2 - uninsured and unregistered investments for which the securities are
held by the counter party's trust department or agent in the City's name.
Category 3 - uninsured and unregistered investments for which the securities are
held by the counter party's trust department or agent but not in the City's
name.
Investments in local government investment pools, money market funds, or mutual
funds are not categorized because they are not evidenced by securities that
exist in physical or book entry form.
As of December 31, 1993, the City's investments are categorized as follows:
Category 2 - obligations of the United States
government
Investment pools
COLOTRUST
ICMA
CSAFE
$ 9,292,936
674,518
950,450
4.083.542
$ 15.001.446
Restricted Cash and Investments
Included in the preceding
investments are restricted
following amounts:
Debt service
Court bond
Sales tax set aside
Drug abuse
Recreation
categorization of cash, cash
cash and investments which is
equivalents
composed of
and
the
Total
$ 321,982
13,557
8,921
1,084
1.443
$ 346.987
33
City of Wheat Ridge, Colorado
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
December 31, 1993
NOTE D - CHANGES IN GENERAL FIXED ASSETS
The changes in general fixed assets for the year ended December 31, 1993 are as
follows:
Land
Buildings
Streets
Equipment
Total
Balance Balance
January 1, December 31,
1993 Additions Deletions 1993
$ 2,478,250 $ $ $ 2,478,250
3,011,262 3,011,262
9,117,469 9,117,469
4.176.634 644.663 517.458 4.303.839
$ 18.783.615 $ 644.663 $ 517.4'58 $ 18.910.820
NOTE E - LIABILITIES
Compensated Absences
As of December 31, 1993, accrued sick pay in the amount of $15,468 was recorded
in the General Fund which will ultimately liquidate the liability.
As of December 31, 1993, accrued holiday and vacation pay in the amount of
$352,443 was recorded in the long-term debt account group, the liability is not
expected to be liquidated with expendable available financial resources.
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 $3,190,000, with an average interest rate of 3.34%. Annual
debt service requirements to maturity for the bonds including interest of
$605,338 follows:
Fiscal year ending December 31,
1994
1995
1996
1997
1998
Thereafter
$ 178,563
197,050
194,650
1,077 ,025
1,081,025
1. 067 . 025
$ 3.795.338
34
City of Wheat Ridge, Colorado
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
December 31, 1993
NOTE E - LIABILITIES (CONTINUED)
Capital Leases
The City has entered into several lease agreements for financing the acquisition
of equipment including copiers and telecommunications equipment. These lease
agreements qualify as capital leases for accounting purposes (titles transfer at
the end of the lease term) and, therefore, have been recorded at the present
value of the future minimum lease payments at the date of their inception. The
following is a schedule of the future minimum lease payments under these capital
leases, and the net present value of the net minimum lease payments at
December 31, 1993 as recorded in the General Long-term Debt Account Group:
Fiscal year ending December 31,
1994
1995
1996
1997
Present value of future
minimum lease payments
$ 34,525
32,938
6,912
4.502
78,877
21.565
$ 57.312
Total m~n~mum lease payments
Less amount representing interest
Changes in General Long-term Liabilities
During the year ended December 31, 1993, the following changes occurred in
liabilities reported in the General Long-term Debt Account Group:
Balance Balance
January 1, December 31,
1993 Additions Reductions 1993
Compensated absence $ 293,295 $ 59,148 $ $ 352,443
Bonds payable 2,990,000 3,210,000 3,010,000 3,190,000
Capital lease 55.521 22.739 20.948 57.312
Total $ 3.338.816 $ 3.291. 887 $ 3.030.948 $ 3.599.7'5'5
35
City of Wheat Ridge, Colorado
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
December 31, 1993
NOTE F - INTERFUND ASSETS/LIABILITIES
A summary of interfund receivables and payable is as follows:
Receivable
Pavable
Fund
General
Special revenue
Wheat Ridge Post Office
Wadsworth Town Center
Open Space
Parks and Recreation Damage Deposit
Capital project
Fiduciary
Public works escrow
Total
$ 517,767 $ 4,576
4,570
211
516,296
1,260
6
$ S22.343 $ 522.343
NOTE G - INTERFUND TRANSFERS
A summary of interfund transfers is as follows:
Transfer Transfer
out in
Fund
General $ 329,576 $ 766,000
Special revenue
Tree planting 31,948
Open space 266,000
Richard Hart improvement 3,383
Parks and recreation damage deposit 600
Equipment 350,000
Wheat Ridge Post Office 4,570
Insurance reserve 300,000
Municipal court 12,700
Debt service 184,000
Capital project 1.057.625
Total $ 1.651.201 $ 1.653.201
NOTE H - 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 a materially adverse effect on the
financial condition of the City.
36
City of Wheat Ridge, Colorado
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
December 31, 1993
NOTE I - EMPLOYEE RETIREMENT SYSTEMS
Police Pension Plan
Plan Description and Provisions
All full-time sworn City police officers, except the Chief of Police, 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, 1993 was $2,333,094; the City's total
payroll was $5,876,282. There are 62 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 thereafter at the
rate of 10% per year.
Contributions Required and Contributions Made
During the year ended December 31, 1993, contributions totaling $201,705 from
the City and $217,532 from employees were made in accordance with the provisions
of the Plan. Current membership in the Plan is comprised of the following at
December 31, 1993:
Group
Retirees and beneficiaries currently
receiving benefits
Vested terminated employees
Active employees
Fully vested
Nonvested
28
34
Eligibility for benefits may commence at age 55 or upon completion of 25 years
of services.
Colorado County Officials and Employees Retirement Association
Plan Description and Provisions
Employees and officers of the City are required to Jo~n the plan (CCOERA), a
Statewide local government multi-employer defined contribution plan. The plan
covers all City employees. The payroll for employees, covered by this Plan, for
the year ended December 31, 1993 was $2,756,178 the City's total payroll was
$5,876,282. There are 104 employees participating in this plan.
Employee contributions are fully vested when paid. Employees and the City each
contribute 4% of the employees' annual salary. City contributions and Plan
income vest at 10% per year. In the event of City withdrawal from CCOERA, all
participants would vest at 100% of all contributions and income.
37
City of Wheat Ridge, Colorado
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
December 31, 1993
NOTE I - EMPLOYEE RETIREMENT SYSTEMS (CONTINUED)
Colorado County Officials and Employees Retirement Association (Continued)
Contributions Required and Contributions Made
During the year ended December 31, 1993, contributions totaling $104,936 from
the City and $114,621 from employees were made in accordance with the provisions
of the Plan. Those contributions represented 3.81% and 4.16% of covered
payroll, respectively. Current membership in the CCOERA is comprised of the
following at December 31, 1993:
Group
Retirees and beneficiaries currently
receiving benefits
Vested terminated employees
Active employees
Fully vested
Nonvested
30
74
Benefit payments are determined as of the date of retirement, termination, death
or disability.
Retirement Plan, Internal Revenue Code Section 457
Plan DescriPtion and Provisions
Employees may also participate in an IRC Section 457 Plan. The payroll for
employees, covered by this Plan, for the year ended December 31, 1993 was
$261,331. The City's total payroll was $5,876,282. 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, 1993, contribution totaling $8,957 from the
City and $9,598 from employees were made in accordance with the provisions of
the Plan. These contributions represented 3.43% and 3.67% of covered payroll,
respectively.
38
City of Wheat Ridge, Colorado
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
December 31, 1993
NOTE J - JOINT VENTURE
Insurance Pools
Pursuant to an interlocal agreement authorized by State statute, the City joined
the Colorado Intergovernmental Risk Sharing Agency (CIRSA) to provide insurance
coverage. Members of the Board of Directors are nominated and elected by
members to two year, staggered terms and meet at least monthly to direct
operations. CIRSA budgets are funded by contributions from member governments.
The City's share of assets, liabilities and fund equity as of December 31, 1992
is as follows:
Percentage
Pool A - general liability
Operating
Loss fund
Reserve fund
Pooled excess fund
.0228456
.0304872
.0258374
.0304523
Pool B - worker's compensation
Operating
Loss fund
Reserve fund
.0675038
.0512794
.0602946
Summary financial information is as follows:
Assets
Liabilities, including incurred but not
reported claims
Members fund balance
Revenues
Expenses
Net increase in members' fund balance
$ 28,336,604
9,358,757
18,977,847
9,657,580
4,605,737
5,051,843
NOTE K - DEFICIT FUND BALANCE
As of December 31, 1993, the Parks and Recreation Damage Deposit Fund had a
deficit fund balance of $54.
39
City of Wheat Ridge, Colorado
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
December 31, 1993
NOTE L - ADVANCE REFUNDING
On August 1, 1993, the City issued $3,210,000 Sales Tax Refunding Bonds with an
average interest rate of 3.8 percent to advance refund $2,990,000 outstanding
1988 Series bonds maturing in 1994 through 1999 with an average interest rate of
7.06%. The net proceeds of $3,210,000 were used to purchase U.S. government
securities which were placed in an irrevocable trust with an escrow agent to
provide for future debt service payments on the refunded portions of the 1988
Series bonds. As a result, the bonds maturing in the aforementioned years are
considered defeased and the liability for those bonds has been removed from the
General Long-term Debt Account Group balance sheet.
The City in effect reduced its aggregate debt service payments by $285,369 over
the next 6 years and obtained an economic gain (difference between the present
values of the old and new debt service payments) of $245,730.
NOTE M - RECENT STATE CONSTITUTIONAL AMENDMENT
In November, 1993, the Colorado Constitution was amended to add various revenue
and expenditure limits and new requirements on the City. For example, prior
voter approval is necessary to increase the City's real property tax revenues or
spending from one year to the next in excess of the rate of inflation plus a
"growth factor," based on the net percentage change in the actual value of all
real property within the City. Any new tax, tax rate increase, mill levy
increase, or extension of an expiring tax which causes a net tax revenue gain
requires voter approval. New long-term financial obligations also require voter
approval. The Colorado Constitution also requires that any revenue collected,
kept or spent in violation of these provisions must be refunded, with interest.
The City is committed to compliance with the requirements of the Amendment.
However, due to the broad general terms of the Amendment, the City has been
required to make certain interpretations of the Amendment's language in order to
prepare its annual budgets. As further information or rulings become available,
the City will re-evaluate its budget accordingly.
Article X, Section 20 of the Constitution of the State of Colorado requires the
City to establish Emergency Reserves. The City has designated $201,841 as
emergency reserves in compliance with this requirement.
NOTE N - RESTATEMENT OF PRIOR YEAR AMOUNTS
The financial statements at December 31, 1992 have been restated to reflect the
Conservation Trust Fund as a Special Revenue Fund instead of an Expendable Trust
Fund, the Compensated Absences Fund as a Debt Service Fund instead of an Agency
Fund and to add the Wadsworth Town Center Fund as a Special Revenue Fund under
the implementation of GASB 14. Governmental fund balances at January 1, 1993 of
$8,365,967 have increased $780,217 to a restated January 1, 1993 balance of
$9,146,184 for the following funds:
Special Revenue Fund
Conservation Trust Fund - Wadsworth Town Center
Debt Service Fund - Compensated Absences Fund
Expendable Trust and Conservation Trust Fund
$ 260,275
530,217
250,000
(260.275)
$ 780.217
40
SUPPLEMENTAL INFORMATION - COMBINING,
INDIVIDUAL FUND AND ACCOUNT GROUP
FINANCIAL STATEMENTS
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.
41
THIS PAGE LEFT BLANK INTENTIONALLY
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
overall operations.
43
City of Wheat Ridge, Colorado
GENERAL FUND
COMPARATIVE BALANCE SHEET
December 31, 1993
(With comparative totals for December 31, 1992)
1993
ASSETS
CURRENT ASSETS
Cash and cash equivalents
Investments
Accounts receivable
Interest
Intergovernmental
Other
Due from other funds
Inventory
Restricted assets
Cash
$ 1,018,155
2,290,204
1,110
670,367
56,612
517,767
168,296
25.005
$ 4.747.516
Total current assets
LIABILITIES AND FUND BALANCES
LIABILITIES
Accounts payable
Trade
Restricted assets
Refundable escrow
Accrued vacation
Due to other funds
Deferred revenue
Property tax
Total liabilities
$
29,254
67,338
500
15,468
4,576
568.301
685,437
FUND BALANCES
Reserved for
Encumbrances
Inventory
Emergency reserve
Unreserved
Designated for subsequent years' expenditures
Undesignated
Total fund balances
1992
$ 1,308,716
1,767,355
3,434
644,161
45,970
326,482
161,158
27.409
$ 4.284.685
$ 10,690
53,559
500
16,401
251,260
567.573
899,983
31,480
161,158
442
168,296
201,841
396,110
3.295.390
4.062.079 3.384.702
Total liabilities and
fund balance
3,192,064
$ 4.747.516 $ 4.284.685
44
City of Wheat Ridge, Colorado
GENERAL FUND
COMPARATIVE STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCES
Year ended December 31, 1993
(With comparative totals for year ended December 31, 1992)
1993 1992
Revenue
Taxes $ 7,005,422 $ 6,712,572
Licenses and permits 291,983 344,309
Intergovernmental 1,372,789 1,409,751
Charges for services 310,458 291,436
Fines and forfeitures 296,523 250,499
Interest 88,893 111,571
Other 138.641 159.731
Total revenue 9,504,709 9,279,869
Expenditures
Current
General government 1,238,104 1,232,484
Planning and development 536,496 532,978
Police 3,578,948 3,600,244
Public works 1,788,584 1,950,966
Parks and recreation 1,349,910 1,261,034
Other 669,531 941,515
Capital outlay 102.183 299.761
Total expenditures 9.263.756 9.818.982
Excess (deficiency) of revenues
over expenditures 240,953 (539,113)
Other financing sources (uses)
Transfers in 766,000 758,700
Transfers (out) (329.576) (250.000)
Total financing sources (uses) 436.424 508.700
EXCESS (DEFICIENCY) OF REVENUES AND
OTHER FINANCING SOURCES OVER
EXPENDITURES AND OTHER FINANCING
USES 677 ,377 (30,413)
Fund balances, beginning of year 3.384.702 3.415.115
Fund balances, end of year $ 4.062.079 $ 3.384.702
45
City of Wheat Ridge, Colorado
GENERAL FUND
SCHEDULE OF REVENUE, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
Year ended December 31, 1993
(With comparative totals for year ended December 31, 1992)
Variance
favorable
Budget Actual (unfavorable )
Revenue
Taxes
Property taxes $ 570,000 $ 569,769 $ (231)
Sales tax 2,963,000 3,266,609 303,609
Use tax 1,537,000 1,694,755 157,755
Other taxes 1. 837.050 1.474.289 (362.761)
Total taxes 6,907,050 7,005,422 98,372
Licenses and permits 302,700 291,983 (10,717)
Intergovernmental 1,323,000 1,372,789 49,789
Charges for services 371,500 310,458 (61,042)
Fines and forfeitures 300,000 296,523 (3,477)
Interest 100,000 88,893 (11,107)
Other 68.220 138.641 70.421
Total revenue 9,372,470 9,504,709 132,239
Expenditures
Current
General government 1,372,109 1,238,104 134,005
Planning and development 575,859 536,496 39,363
Police 3,826,175 3,578,948 247,227
Public works 2,011,055 1,788,584 222,471
Parks and recreation 1,423,392 1,349,910 73,482
Other 995,631 669,531 326,100
Capital outlay 102.183 002.183)
Total expenditures 10.204.221 9.263.756 940.465
Excess ( deficiency) of revenues
over expenditures (831,751) 240,953 1,072,704
Other financing sources (uses)
Transfers in 766,000 766,000
Transfers (out) (327.846) (329.576) (1.730)
Total financing sources (uses) 438.154 436.424 (1.730)
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES
OVER EXPENDITURES AND OTHER
FINANCING USES $ (393.597) 677 ,377 $ 1.070.974
Fund balance, beginning of year 3.384.702
Fund balance, end of year $ 4.062.079
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 14 special revenue funds:
Open Space Fund - the City, along with Jefferson County and adjacent
Colorado City's, has agreed to jointly develop "Open Space." The City
is reimbursed, by the County, for certain expenditures incurred in this
regard.
revenue
specific
Insurance Reserve Fund is used to pay for insurance pre~ium for
property, liability, boiler, excess crime, community serv~ce and
volunteer medical only coverage. This fund is also used to pay for
losses not covered by the City's insurance.
Police Investigation Fund - accounts for assets seized by the Wheat
Ridge Police Department.
Park Acquisition Fund - accounts for revenues received and designated
for use in the acquisition of additional parks and related improvements.
Building Demolition Fund - is a revolving fund that charges property
owners for City expenses incurred in the demolition of buildings.
Senior Center Fund - accounts for contributions and related expenditures
made to the Wheat Ridge Community Center.
Municipal
furniture,
expenses.
Court Fund is
victim services
used
and
for equipment
miscellaneous
maintenance, office
court and probation
Tree Planting Fund - is used for two types of tree planting programs,
street trees and park trees.
Richards/Hart Improvement Fund - expenditures in this fund will be used
to upgrade and improve Richards Hart Estate.
Parks and Recreation Damage Deposit Fund - monies in this fund are
damage deposits that are paid to the Parks and Recreation Department for
rental of park pavilions, park shelters and facility rentals.
Wadsworth Town Center Fund accounts for revenues received and
designated for economic development.
Equipment Fund - has been established to purchase and lease vehicles.
Wheat Ridge Post Office Fund - monies in this fund are used to pay
expenses related to restoring the old post office.
Conservation
to use in
conservation
Trust Fund - accounts for funds received and restricted as
the acquisition, development and maintenance of new
sites pursuant to Colorado Revised Statutes.
47
City of Wheat Ridge, Colorado
SPECIAL REVENUE FUNDS
COMBINING BALANCE SHEET
December 31, 1993
(With comparative totals for December 31, 1992)
Open Insurance Police
Space Reserve Investigation
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 2,561 $ $ 30,232
Investments 198,132
Accounts receivable
Intergovernmental 809,927
Due from other funds
Total current assets $ 812.488 $ 198.132 $ 30.232
LIABILITIES AND FUND EQUITY
LIABILITIES
Accounts payable $ 13 , 453 $ 1,749 $
Due to other funds 516.296
Total liabilities 529,749 1,749
FUND EQUITY
Fund balances
Reserved for encumbrances 296,208 1,120
Unreserved
Designated for subsequent years'
expenditures 7,500
Undesignated (deficit) 03.469) 195 .263 22.732
Total fund equity 282.739 196.383 30.232
Total liabilities and
fund equity $ 812.488 $ 198.132 $ 30.232
48
Park Building Senior
Acquisition Demolition Center
Municipal Tree Richards/Hart
Court Planting Improvement
$ 15,090
$ 16,661
$ 8,506
$ 25,691
$ 3,665
8,688
$ 6,802
$ 15.090
$ 16.661
$ WQ.6.
$ 25.691
$ 12.153
$ .6...Jl..Q2.
$
$
$ 480
$ 7,230
$
$
480
7,230
17,261
15.090 16.661 8.026 1.200 12.353 6.802
15.090 16.661 8.026 18.461 12.353 6.802
$ 15.090 $ 16.661 $ WQ.6. $ 25.691 $ 12.353 $ .6...Jl..Q2.
49
City of Wheat Ridge, Colorado
SPECIAL REVENUE FUNDS
COMBINING BALANCE SHEET (CONTINUED)
December 31, 1993
(With comparative totals for December 31, 1992)
Parks and Wadsworth
Recreation Town
Damage Deposit Center Equipment
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 1,206 $ 357,783 $
Investments 257,452 39,060
Accounts receivable
Intergovernmental
Due from other funds -
-
Total current assets $ L2Q6. $ 615.235 $ 39.060
LIABILITIES AND FUND EQUITY
LIABILITIES
Accounts payable $ $ 10,000 $ 1,617
Due to other funds 1. 260 211
Total liabilities 1,260 10,211 1,617
FUND EQUITY
Fund balances
Reserved for encumbrances
Unreserved
Designated for subsequent years'
expenditures 37,443
Undesignated (deficit) ~) 605.024
Total fund equity ~) 605.024 37.443
Total liabilities and
fund equity $ L2Q6. $ 615.215 $ 39.060
50
Wheat Ridge Conservation
Post Office Trust
1993
1992
$ 2,011 $ 298,539 $ 768,747 $ 332,872
503,332
27,805 837,732 315,371
4.570 4.570
$ .6.....5Jll $ 326.344 $ 2.114.381 $ 648.243
$ 34,529 $ 13,614
517.767 321.053
$
$
552,296
334,667
4,850 133,903 436,081 83,225
62,204 225,688
1.731 192.441 1. 063.800 4.663
6.581 326.344 1. 562.085 313.576
$ .6.....5Jll $ 326.344 $ 2.114.381 $ 648.243
51
City of Wheat Ridge, Colorado
SPECIAL REVENUE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
Year ended December 31, 1993
(With comparative totals for year ended December 31, 1992)
Open Insurance Police
Space Reserve Investigation
Revenues
Taxes $ $ $
Intergovernmental 1,217,861 18,809
Charges for services
Interest 1,584 519
Other 600
Total revenue 1,217,861 2,184 19,328
Expenditures
General government 105,801
Planning and development
Police 16,879
Public works
Parks and recreation 654,822
Capital outlay
Total expenditures 654.822 105.801 16.879
Excess (deficiency) of revenue
over expenditures 563,039 (103,617) 2,449
Other financing sources (uses)
Operating transfers in 300,000
Operating transfers (out) (266.000)
Total financing sources (uses) (266.000)
EXCESS (DEFICIENCY) OF REVENUE
AND OTHER FINANCING SOURCES
(USES) OVER EXPENDITURES AND
OTHER FINANCING USES 297,039 196,383 2,449
Fund balance, beginning of year (14,300) 27,783
Residual equity transfer (out)
Fund balance (deficit) , end of year $ 282.739 $ 196.181 $ 30.232
52
Park Building
ACQuisition Demolition
Senior Municipal Tree Richards/Hart
Center Court Planting Improvement
$ $ $ $ $ $
32,776 2,640
380 419 251 139 191 77
9.221 1.345 1.250
380 419 9,472 32,915 1,536 3,967
27,154
10,312 21,131 548
-
-
10.312 27.154 21.131 ~
380 419 (840) 5,761 (19,595) 3,419
12,700 31,948 3,383
- -
- -
- 12.700 31. 948 3.383
-
14,710
16,242
(840) 18,461 12,353 6,802
8,866
380 419
$ 15.090
$ 16.661
$ B....Q2.6. $ 18.461
$ 12.353
$ 6.....8..Q2
53
City of Wheat Ridge, Colorado
SPECIAL REVENUE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE (CONTINUED)
December 31, 1993
(With comparative totals for December 31, 1992)
Parks and
Recreation
Damage Deposit
Wadsworth
Town
Center
Revenues
Taxes
Intergovernmental
Charges for services
Interest
Other
$
$ 81,070
16,658
574
6
15.930
15,936
98,302
Total revenue
Expenditures
General government
Planning and development
Police
Public works
Parks and recreation
Capital outlay
23,264
16,590
231
23.495
Total expenditures
16.590
Excess (deficiency) of revenue
over expenditures
Other financing sources (uses)
Operating transfers in
Operating transfers (out)
Total other financing
sources (uses)
(654)
74,807
600
600
EXCESS (DEFICIENCY) OF REVENUE
AND OTHER FINANCING SOURCES
(USES) OVER EXPENDITURES AND
OTHER FINANCING USES
(54)
74,807
530,217
Fund balance, beginning of year
Residual equity transfer (out)
Fund balance (deficit), end of year
(54)
$ 605.024
$
54
Equipment
$
573
573
313.130
313.130
(312,557)
350,000
350.000
37,443
$ 37.443
Wheat Ridge Conservation Total
Post Office Trust 1993 1992
$ $ $ 81,070 $
2,000 209,114 1,447,784 687,383
35,416 12,600
11 9,166 29,974 9,413
- 28.920 11. 085
-
2,011 2l8,280 1,623,164 720,481
132,955
23,264
16,879 25,144
4,204
152,211 855,614 418,480
- 313.361
-
- 152.211 1.342.073 447.828
-
2,011 66,069 281,091 272,653
4,570 703,201
- (266.000) (246.000)
-
4.570 437.201 (246.000)
26,653
698,886
(7.247)
$ 1.562.085 $ 718.292
718,292
843,793
6,581
66,069
260,275
$ 6....ill
$ 326.344
55
City of Wheat Ridge, Colorado
SPECIAL REVENUE FUNDS
COMBINING SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
Year ended December 31, 1993
Revenues
T axe s
Intergovernmental
Charges for services
Interest
Other
Total revenue
Expenditures
General government
Planning and development
Police
Public works
Parks and recreation
Capital outlay
Total expenditures
Excess (deficiency) of revenue
over expenditures
Other financing sources (uses)
Operating transfers in
Operating transfers (out)
Total financing sources (uses)
EXCESS (DEFICIENCY) OF REVENUE
AND OTHER FINANCING SOURCES
(USES) OVER EXPENDITURES AND
OTHER FINANCING USES
Fund balance, beginning of year
Residual equity transfer (out)
Fund balance (deficit), end of year
Budget
Open Space
Actual
$
$
972,112 1,217,861
972,112
1,364,800
1. 364.800
(392,688)
(266.000)
(266.000)
$ (658.688)
56
1,217,861
654,822
654.822
563,039
(266.000)
(266.000)
297,039
(14,300)
$
282.739
Variance
favorable
(unfavorable )
$
245,749
245,749
709,978
709.978
955,727
$ 955.727
Insurance Reserve
Variance
favorable
Actual (unfavorable)
Budget
$
300,000
300.000
(300,000)
300,000
300.000
$
$
1,584
600
2,184
105,801
105.801
(103,617)
300,000
300.000
196,383
$ 196.181
$
1,584
600
2,184
194,199
194.199
196,383
$ 196.383
Police Investigation
Variance
favorable
Budget Actual (unfavorable)
$ $
20,000 18,809
500
20,500
15,260
15.260
5,240
$ 5.240
57
519
19,328
16,879
16.879
2,449
2,449
27,783
$ 30.232
$
(1,191)
19
(1,172)
(1,619)
( .hQl2.)
(2,791)
$ <.2.....1.2.1)
City of Wheat Ridge, Colorado
SPECIAL REVENUE FUNDS
COMBINING SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL (CONTINUED)
Year ended December 31, 1993
Park Acquisition
Variance
favorable
Budget Actual (unfavorable)
Revenues
Taxes
Intergovernmental
Charges for services
Interest
Other
$
$
$
2,300
590
380
(2,300)
(210)
Total revenue
2,890
380
(2,510)
Expenditures
General government
Planning and development
Police
Public works
Parks and recreation
Capital outlay
16,475
16,475
Total expenditures
Excess (deficiency) of revenue
over expenditures
16.475
16.475
(13,585 )
380
(13,965 )
Other financing sources (uses)
Operating transfers in
Operating transfers (out)
Total other financing sources (uses)
EXCESS (DEFICIENCY) OF REVENUE
AND OTHER FINANCING SOURCES
(USES) OVER EXPENDITURES AND
OTHER FINANCING USES
$(13.585)
380
14,710
$(13.965)
Fund balance, beginning of year
Residual equity transfer (out)
Fund balance (deficit), end of year
$ 15.090
58
Building Demolition
Variance
favorable
Budget Actual (unfavorable)
$ $
600 419
600 419
17,067
17.067
(16,467)
$(16.467)
419
419
16,242
$ 16.661
$
(181)
(181)
17,067
17.067
16,886
$ 16.886
Budget
$ $
Senior Center
Variance
favorable
Actual (unfavorable)
300 251
7.000 9.221
7,300 9,472
8,000
8.000
(700)
$
(700)
59
10,312
10.312
(840 )
(840)
8,866
$ 8.026
$
(49)
2.221
2,172
(2,312)
(2.312)
(140)
$ ---Lli.Q)
City of Wheat Ridge, Colorado
SPECIAL REVENUE FUNDS
COMBINING SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL (CONTINUED)
Year ended December 31, 1993
Municipal Court
Variance
favorable
Budget Actual (unfavorable)
Revenues
Taxes
Intergovernmental
Charges for services
Interest
Other
$
$
$
22,000
150
32,776
139
10,776
(11 )
Total revenue
22,150
32,915
10,765
Expenditures
General government
Planning and development
Police
Public works
Parks and recreation
Capital outlay
Total expenditures
35,403
27,154
8,249
35.403
27.154
8.249
Excess (deficiency) of revenue
over expenditures
(13,253)
5,761
19,014
Other financing sources (uses)
Operating transfers in
Operating transfers (out)
12,700
12,700
Total other financing sources (uses)
12.700
12.700
EXCESS (DEFICIENCY) OF REVENUE
AND OTHER FINANCING SOURCES
(USES) OVER EXPENDITURES AND
OTHER FINANCING USES
$
(553)
18,461
$ 19.014
Fund balance, beginning of year
Residual equity transfer (out)
Fund balance (deficit), end of year
$ 18.461
60
Tree Planting
Variance
favorable
Budget Actual (unfavorable)
Richards/Hart Improvement
Variance
favorable
Budget Actual (unfavorable)
$ $
$
$
$
$
75 191
2.950 1.345
3,025 1,536
116
0.605)
(1,489)
2,400
50
2,640
77
1.250
3,967
240
27
~
2,450
1,517
35,968 21,131 14,837 4,103 548 3,555
-
-
35.968 21.131 14.837 4.103 548 3.555
(32,943) (19,595) 13,348 (1,653) 3,419 5,072
31,948 31,948 1,653 3,383 1,730
-
-
31.948 31.948 1. 653 3.383 1. 730
$
(995 )
12,353
$ 13.348
6,802
$ 6......8..Q.2.
$ 12.351
$ 6.802
61
City of Wheat Ridge, Colorado
AND
SPECIAL REVENUE FUNDS
COMBINING SCHEDULE OF REVENUES, EXPENDITURES
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL (CONTINUED)
Year ended December 31, 1993
Parks and
Recreation Damage
Budget
Actual
Deposit
Variance
favorable
(unfavorable)
Revenues
Taxes
Intergovernmental
Charges for services
Interest
Other
$
$
$
Total revenue
25
23.400
23,425
6
15.930
15,936
(19)
(7.470)
(7,489)
Expenditures
General government
Planning and development
Police
Public works
Parks and recreation
Capital outlay
Total expenditures
Excess (deficiency) of revenue
over expenditures
24,000
16,590
7,410
24.000
16.590
7.410
(575)
(654)
(79)
Other financing sources (uses)
Operating transfers in
Operating transfers (out)
Total other financing sources (uses)
600
600
600
600
EXCESS (DEFICIENCY) OF REVENUE
AND OTHER FINANCING SOURCES
(USES) OVER EXPENDITURES AND
OTHER FINANCING USES
$
25
(54)
$ ---'..ll)
Fund balance, beginning of year
Residual equity transfer (out)
Fund balance (deficit), end of year
$
(54)
62
Wadsworth Town Center Equipment
Variance Variance
favorable favorable
Budget Actual (unfavorable) Budget Actual (unfavorable )
$ 130,494 $ 81,070 $(49,424) $ $ $
20,000 16,658 (3,342) 3,000 573 (2,427)
574 574 -
-
150,494 98,302 (52,192) 3,000 573 (2,427)
79,600
23,264
56,336
79.600
231
23.495
(231)
56 .105
322.100
322.100
313.130
313.130
~
~
70,894
74,807
3,913
(319,100)
(312,557)
6,543
350,000
350,000
350.000
350.000
$ 70.894
74,807
530,217
$ 1.913
$ 30.900
37,443
$ .6....ill.
$ 605.024
$ 37.443
63
City of Wheat Ridge, Colorado
SPECIAL REVENUE FUNDS
COMBINING SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL (CONTINUED)
Year ended December 31, 1993
Wheat Ridge Post Office
Variance
favorable
Budget Actual (unfavorable)
Revenues
Taxes
Intergovernmental
Charges for services
Interest
Other
$ $
2,000
11
$
2,000
11
Total revenue
2,011
2,011
Expenditures
General government
Planning and development
Police
Public works
Parks and recreation
Capital outlay
Total expenditures
4,570
- -
- -
4.570 -
-
(4,570) 2,011
4,570 4,570
- -
- -
4.570 4.570
4,570
4.570
Excess (deficiency) of revenue
over expenditures
6,581
Other financing sources (uses)
Operating transfers in
Operating transfers (out)
Total other financing sources (uses)
EXCESS (DEFICIENCY) OF REVENUE
AND OTHER FINANCING SOURCES
(USES) OVER EXPENDITURES AND
OTHER FINANCING USES
$-
6,581
$ .6......5.8.l
Fund balance, beginning of year
Residual equity transfer (out)
Fund balance (deficit), end of year
-
-
$~
64
Conservation Trust Total
Variance Variance
favorable favorable
Budget Actual (unfavorable) Budget Actual (unfavorable)
$ $ $ $ 130,494 $ 81,070 $ (49,424)
130,000 209,114 79,114 1,122,112 1,447,784 325,672
26,700 35,416 8,716
7,000 9,166 2,166 32,290 29,974 (2,316)
33.350 28.920 (4.430)
137,000 218,280 81,280 1,344,946 1,623,164 278,218
335,403 132,955 202,448
79,600 23,264 56,336
15,260 16,879 (1,619)
17 ,067 17,067
291,318 152,211 139,107 1,749,234 855,614 893,620
322.100 313.361 8.739
291.318 152.211 139.107 2.518.664 1.342.073 1.176.591
(154,318) 66,069 220,387 (1,173,718) 281,091 1,454,809
701,471 703,201 1,730
(266.000) (266.000)
435.471 437.201 1. 730
$(154.118)
66,069
260,275
$ 220.387
$ (718.247)
718,292 $ 1.456.539
843,793
$ 326.144
$ 1. 562.085
65
THIS PAGE LEFT BLANK INTENTIONALLY
66
DEBT SERVICE FUND
The Debt Service Fund is 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 for funds received from one
percent of the City's sales tax receipts. The funds 'Will be used to
retire the general obligation revenue bond issue.
Compensated Absences accounts for funds received from the General Fund
to pay compensated absences of the City's employees.
67
City of Wheat Ridge, Colorado
DEBT SERVICE FUNDS
COMBINING BALANCE SHEET
December 31, 1993
(With comparative totals for December 31, 1992)
Incremental
sales tax Compensated
bond absences 1993 1992
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 58,726 $ $ 58,726 $ 51,768
Investments 195,882 195,882 250,000
Accounts receivable - other 93 93 93
Restricted assets
Investments 321.982 321.982 299.000
Total current assets $ 380.801 $ 195.882 $ 576.681 $ 600.861
LIABILITIES AND FUND EQUITY
LIABILITIES
Restricted assets
Accrued interest $ 13,439 $ $ 13,439 $
FUND BALANCE
Reserved for debt service 367.362 195.882 563.244 600.861
Total liabilities and
fund equity $ 380.801 $ 195.882 $ 576.683 $ 600.861
68
City of Wheat Ridge, Colorado
DEBT SERVICE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCE
Year ended December 31, 1993
(With comparative totals for year ended December 31, 1992)
Incremental
sales tax Compensated
bond absences 1993 1992
Revenue
Interest $ 28,616 $ 1,537 $ 30,153 $ 29,284
Expenditures
Other 55,655 55,655 1,025
Principal retired 20,000 20,000
Interest and fiscal charges 152.305 152.305 210.925
Total expenditures 172.305 55.655 227.960 211.950
Excess (deficiency) of
revenue over
expenditures (143,689) (54,118) (109,807) (182,666)
Other financing sources (uses)
Operating transfers in 184,000 184,000 460,910
Proceeds of refunding bonds 3,155,439 3,155,439
Operating transfers (out) (26,910)
Payment to refunded bond
escrow agent (3.179.249) (3.179.249)
Total financing sources
(uses) 160.190 160.190 434.000
EXCESS (DEFICIENCY)
OF REVENUE AND OTHER
SOURCES OVER
EXPENDITURES 16,501 (54,118) (37,617) 251,334
Fund balance, beginning of year 350.861 250.000 600.861 349.527
Fund balance, end of year $ 367. '362 $ 195.882 $ S63.244 $ 600.861
69
City of Wheat Ridge, Colorado
DEBT SERVICE FUNDS
COMBINING SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCE - BUDGET AND ACTUAL
Year ended December 31, 1993
(With comparative totals for year ended December 31, 1992)
Incremental Sales Tax
Budget
Revenue
Interest
$ 30,910 $
Expenditures
Other
Principal retired
Interest and fiscal charges
Total expenditures
5,000
213.455
218.455
Excess (deficiency) of
revenue over
expenditures
Other financing sources (uses)
Operating transfers in
Proceeds of refunding bonds
Operating transfers (out)
Payment to refunded bond
escrow agent
(187,545)
184,000
Total financing sources
(uses)
184.000
EXCESS (DEFICIENCY)
OF REVENUE AND OTHER
SOURCES OVER
EXPENDITURES
$ (3.545)
Fund balance, beginning of year
Fund balance, end of year
70
1993
Actual
28,616
20,000
152.305
172.305
(143,689)
184,000
3,155,439
(3.179.249)
160.l90
$
16,501
350.861
367.362
Bond Fund
Variance
favorable
(unfavorable)
$
(2,294)
5,000
(20,000)
61.150
46.150
43,856
3,155,439
(3.179.249)
(23.810)
$
20.046
Compensated Absences Total
Variance Variance
favorable favorable
Budget Actual (unfavorable) Budget Actual (unfavorable)
$ 6,000 $ 1,537 $(4,463) $ 36,910 $ 30,153 $ (6,757)
20,000 (20,000)
65,000 55,655 9,345 70,000 55,655 14,345
- 213.455 152.305 61.150
-
65.000 55.655 ~ 283.455 227.960 55.495
(59,000) (54,118) 4,882 (246,545) (197,807) 48,738
184,000 184,000
3,155,439 3,155,439
(3.179.249) (3.179.249)
184.000 160.190 (23.810)
$ (59.000)
(54,118)
250.000
$ 195.882
$ .fL...8..82.
$
(62.545)
(37,617) $
600.861
563.244
24.928
$
71
THIS PAGE LEFT BLANK INTENTIONALLY
72
CAPITAL PROJECTS FUND
Capital Projects Funds are used to account for financial resources to be
used for the construction or acquisition of major capital facilities
(other than those financed by proprietary or trust funds). The City has
one capital project fund.
73
City of Wheat Ridge, Colorado
CAPITAL PROJECTS FUND
COMPARATIVE BALANCE SHEET
December 31, 1993
(With comparative totals for December 31, 1992)
1993 1992
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ $ 12,551
Investments 4,643,819 4,429,310
Accounts receivable
Other 3,259 5,004
Due from other funds 1. 260
Total current assets $ 4.647.078 $ 4.448.125
LIABILITIES AND FUND EQUITY
LIABILITIES
Accounts payable $ $ 125,993
Due to other funds 5.304
Total liabilities 131,297
FUND EQUITY
Fund balance
Reserved for
Encumbrances 811,482 479,539
Capital projects 2,343,228 1,673,949
Unreserved
Designated for subsequent year's
expenditures 1. 492.368 2.163.340
Total fund equity 4.647.078 4.316.828
Total liabilities and fund equity $ 4.647.078 $ 4.448.12~
74
City of Wheat Ridge, Colorado
CAPITAL PROJECTS FUND
COMPARATIVE STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
Year ended December 31, 1993
(With comparative totals for year ended December 31, 1992)
1993
Revenues
Taxes
Intergovernmental
Interest
Other
$ 3,530,540
220,598
159,867
130.323
Total revenues
4,041,328
Expenditures
Capital outlay
2.653.453
Excess (deficiency) of revenues
over expenditures
1,387,875
Other financing sources (uses)
Operating transfers (out)
0.057.625)
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES
OVER EXPENDITURES AND OTHER USES
330,250
4,316,828
Fund balance, beginning of year
Residual equity transfer in
Fund balance, end of year
$ 4.647.078
75
1992
$ 3,051,645
889
109,661
37.161
3,199,356
963.126
2,236,230
(696.700)
1,539,530
2,770,051
7.247
$ 4.316.828
City of Wheat Ridge. Colorado
CAPITAL PROJECTS FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCE - BUDGET AND ACTUAL
Year ended December 31, 1993
Variance
1993 favorable
Budget Actual (unfavorable)
Revenues
Taxes $ 3,500.000 $ 3,530,540 $ 30.540
Intergovernmental 220,598 220,598
Interest 150,000 159,867 9,867
Other 525.000 130.323 (394.677)
Total revenue 4,395,598 4,041,328 (354.270)
Expenditures
Capital outlay 5.115.065 2.653.453 2.461.612
Excess (deficiency)
of revenue over
expenditures (719,467) 1,387,875 2,107,342
Other financing sources (uses)
Operating transfers (out) (1.057 .625) (1.057 .625)
EXCESS (DEFICIENCY)
OF REVENUES AND
OTHER FINANCING
SOURCES OVER
EXPENDITURES AND
OTHER USES $(1.777.092) 330,250 $ 2.107.147
Fund balance, beginning
of year 4.316,828
Residual equity transfer in
Fund balance, end of year $ 4.647 07R
76
FIDUCIARY FUNDS
Trust and Agency Funds are used to account for assets held by the City
in a trustee capacity or as an agent. The City has one nonexpendable
trust fund, one expendable trust fund and four agency funds.
Nonexpendable Trust Fund
Police Pension - accounts for monies received
City contributions. The funds are held in
qualified participants upon leaving the
retirement.
from Plan participants and
trust for disbursement to
plan or upon qualified
Agency Funds
Public Works Escr~ - accounts for funds received prior to the issuance
of certain construction permits, to guarantee the work required by the
permit. Upon completion, the funds are returned.
Deferred Compensation accounts for employee and matching City
contributions for a deferred compensation plan established under Section
457 of the Internal Revenue Code.
Special Improvement District - accounts for special assessment property
taxes received for a special improvement district bond issue of 1988.
CATV (Cable Television) Property Damage - accounts for funds received
from the cable television permittee for settlement of minor unresolved
claims against the permittee for damage to private property.
77
City of Wheat Ridge, Colorado
FIDUCIARY FUNDS
TRUST AND AGENCY FUNDS
COMBINING BALANCE SHEET
December 31, 1993
(With comparative totals for December 31, 1992)
Pension
Trust
Police
Pension
Public
works
escrow
ASSETS
CURRENT ASSETS
Cash and cash equivalents
Investments
Accounts receivable
Intergovernmental
Other
Interest
Due from other funds
$ $ 64,427
5,942,056
Total current assets
6
$ 5.942.016 $ 64.411
LIABILITIES AND FUND EQUITY
LIABILITIES
Advance contributions
Refundable escrow deposits
Due to
Other funds
Employees
Special district
Total liabilities
$
$
64,433
64,33
FUND EQUITY
Fund balances
Reserved for
Encumbrances
Retirement plans
Unreserved
Designated for subsequent years'
expenditures
Undesignated
Total fund equity
Total liabilities and
fund equity
5,942,056
5.942.056
$ 5.942.016 $ 64.433
78
Agencv
Special
Deferred Improvement
compensation District
CATV
Property
damage
Total
1993
1992
$ $ 64,520 $ 5,000 $ 133,947 $ 280,018
950,450 153,721 7,046,227 6,718,021
15,241
189 189 78,739
- 6
-
$ 950.450 $ 218.430 $ 5-...QQ.Q $ 7.180.169 $ 7.092.019
$ $ $ $ $ 11,293
5,000 69,433 69,950
125
950,450 950,450 825,380
218.430 - 218.430 253.739
-
950,450 218,430 5,000 1,238,313 1,160,487
5,942,056
5,929,032
5.942.056
2.500
5.931.532
$ 9S0.450
$ 218.430
$ 5-...QQ.Q
$ 7,180.369 $ 7.092.019
79
City of Wheat Ridge, Colorado
FIDUCIARY FUNDS
COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
ALL AGENCY FUNDS
Year ended December 31, 1993
Assets
Due from
Cash and other Accounts Total
investments funds receivable assets
Public Works Escrow Fund
Balance January 1, 1993 $ 70,074 $ $ $ 70,074
Additions (reductions) (5.647) - - (5.647)
- -
Balance December 31, 1993 $ 64.427 $ - $ - $ 64.427
Deferred compensation
Balance January 1, 1993 $ 825,380 $ $ $ 825,380
Additions (reductions) 125.070 - - 125.070
- -
Balance December 31, 1993 $ 9~O.4~0 $ - $ - $ 950.450
Special improvement district $
Balance January 1, 1993 $ 253,546 $ 193 $ 253,739
Additions (reductions) (35.305) - ~) (35.309)
-
Balance December 31, 1993 $ 218.241 $ - $ .lli!l $ 218.430
CATV Property Damage Fund $ $ $ $ 2,501
Balance January 1, 1993 2,501
Additions (reductions) 2.499 - - 2.499
- -
Balance December 31, 1993 $ ~.OOO $ - $ - $ 5.000
Totals
Balance January 1, 1993 $ 1,151,50l $ $ 193 $ 1,151,694
Additions (reductions) 86.617 - ~) 86.613
-
Balance December 31, 1993 $ 1.238.1l8 $ - $ .lli!l $ 1.238.307
80
Liabilities
Refundable Due to Due to
escrow Due to other special Total
deposits eIDPlovees fund district liabilities
$ 69,950 $ $ 124 $ $ 70,074
(5.523) (124) (5.647)
$ 64.427 $ $ - $ $ 64.427
$ $ 825,380 $ $ $ 825,380
125.070 - 125.070
-
$ $ 950.450 $ - $ $ q~0.450
$ $ $ - $ 253,739 $ 253,739
- (35.309) (35.309)
-
$ $ $ -=-- $ 218.430 $ 718.430
$ 2,500 $ $ 1 $ $ 2,501
2.500 -.il) 2.499
$ 5.000 $ $ - $ $ 5.000
$ 72,450 $ 825,380 $ 125 $ 253,739 $ 1,151,694
<3.023) 125.070 (125 ) (35.309) 86.613
$ 69.427 $ 950.450 $ -=-- $ 218.430 $ 1.738.307
81
THIS PAGE LEFT BLANK INTENTIONALLY
82
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.
83
City of Wheat Ridge, Colorado
GENERAL FIXED ASSETS ACCOUNT GROUP
COMPARATIVE SCHEDULE OF GENERAL FIXED ASSETS BY SOURCE
December 31, 1993
(With comparative totals for December 31, 1992)
1993 1992
General fixed assets
Land $ 2,478,250 $ 2,478,250
Buildings 3,011,262 3,011,262
Streets and improvements 9,117,469 9,117,469
Equipment 4.303.839 4.176.634
Total $ 18.910.820 $ 18.781.615
Investment in general fixed assets from
Assets contributed to the City $ 10,157,465 $ 10,157,465
Acquired by various funds 8.753.355 8.626.150
$ 18.910.820 $ 18.783.615
84
City of Wheat Ridge, Colorado
GENERAL FIXED ASSETS ACCOUNT GROUP
SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS
BY FUNCTION AND ACTIVITY
Year ended December 31, 1993
General
fixed
assets
January 1,
1993
Function and activity
General government
City council
Treasurer
Mayor
City administrator
Attorney
City clerk
Municipal court
Building
Community development
$ 1,058 $
41,241
1,030
204,611
211
23,472
21,949
2,126,821
80.617
2,501,010
Total
Public safety
Police chief
Police administrative
services
Animal park enforce
Communications
D.A.R.E.
Civil disaster
Police records
Police training
Police operations
Police patrol
Criminal investigation
Police traffic unit
326,415
87,941
511,788
19,564
1,046
5,439
17,579
295
670
23,884
7.859
Total
1,002,480
Public works
Administration
Engineering
Street maintenance
Traffic maintenance
Shops
8,711,465
201,574
1,114,600
256,748
258.224
10,542,611
Total
Parks and recreation
Administration
Recreation
Parks maintenance
3,038,055
1,034,121
665.338
4.737.514
Total
Total general fixed
assets
$ 18.781.615
85
Additions
and
transfers
in
Deletions
and
transfers
out
$
371 774
9,609
2,432
9,758 988
2,788
17.216 15.430
36,954
5,806
152,556
3,366
6,786
1,004
76,839
45,247
19.951
311,555
45,682
38,568
11,713
78.002
173,965
2,043
8,252
111. 888
122.183
$ 644.657
22,412
169,018
25,147
100,724
18,347
446
4,544
5,130
295
833
324,484
28,701
334
117,758
298
3.544
150,635
19,921
19.921
$ 517 .452
General
fixe d
assets
December 31,
1993
$ 1,058
40,838
1,030
214,220
211
21,040
30,719
2,124,033
82.403
2,515,552
157,397
68,600
411,064
153,773
3,966
895
19,235
1,004
77,509
68,298
27.810
989,551
8,682,764
246,922
1,035,410
268,163
332.682
10,565,941
3,020,177
1,042,373
777 . 226
4.839.776
$ 18.910.820
City of Wheat Ridge, Colorado
GENERAL FIXED ASSETS ACCOUNT GROUP
SCHEDULE OF GENERAL FIXED ASSETS BY FUNCTION AND ACTIVITY
Year ended December 31, 1993
Streets
and
Buildings Land Improvements
Function and activity
General government $ $ $
City council
Treasurer
Mayor
City administrator
Attorney
City clerk
Municipal court
Building 1,840,227 83,411
Community development
Total 1,840,227 83,411
Public safety
Police chief 2,761 383
Police administrative
services 2,059
Animal park enforce
Communications
D.A.R.E.
Civil disaster
Police records
Police training
Police operations
Police patrol
Criminal investigation
Police traffic unit
Total 2,761 2,442
Public works
Administration 530,350 8,140,389
Engineering 69,807
Street maintenance
Traffic maintenance
Shops 60.000
Total 660,157 8,140,389
Parks and recreation
Administration 223,005 1,731,126 762,738
Recreation 888,903 39,617 12,588
Parks maintenance 56.366 47.350 115.899
Total 1.168.274 1.818.093 891.227
Total general fixed
assets $ 3.011.262 $ 2.478.250 $ 9.117.469
86
Eauipment Total
$ 1,058 $ 1,058
40,838 40,838
1,030 1,030
214,220 214,220
211 210
21,040 21,040
30,719 30,719
200,395 2,124,033
82.403 82.403
591,914 2,515,552
154,253 157,397
66,541 68,600
411,064 411,064
153,773 153,773
3,966 3,966
895 895
19,235 19,235
1,004 1,004
77,509 77 ,509
68,298 68,298
27.810 27.810
984,348 989,551
12,025 8,682,764
177,115 246,922
1,035,410 1,035,410
268,163 268,163
272.682 332.682
1,765,395 10,565,941
303,307 3,020,177
101,264 1,042,373
557 .611 777 . 226
962.182 4.839.776
$ 4.101.839 $ 18.910.820
87
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88
STATISTICAL SECTION
89
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90
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
1984 $ 138,806,980 $ 555,227,920 25.00 %
1985 142,459,340 569,837,360 25.00
1986 145,389,150 581,556,600 25.00
1987 261,992,340 1,114,861,021 23.50
1988 253,324,240 1,125,885,511 22.50
1989 235,939,530 1,072,452,409 22.00
1990 232,394,250 1,056,337,500 22.00
1991 210,683,130 964,579,282 21.84
1992 213,727,940 973,871,091 21. 95
1993 209,434,190 1,197,923,557 17.48
Notes:
A. Jefferson County is the collection agent for the City of Wheat Ridge
such, could not separate real property, personal property and
property. The amounts shown above represent all types of property.
B. Properties within the City are assessed by the Jefferson County Assessor on
January 1 of each year. For 1992, the property was assessed at 21.9% of the
estimated actual based on the period from July, 1990 to June 1001.
and, as
exempt
Source: Jefferson County Assessor's Office
91
City of Wheat Ridge, Colorado
GENERAL GOVERNMENTAL EXPENDITURES BY FUND
Last Ten Fiscal Years
(Unaudited)
Fiscal General Planning and Public
year government development safety
1984 $ 1,216,737 $ 479,165 $ 2,336,067
1985 979,111 704, III 2,443,412
1986 1,031,810 621,583 2,871,557
1987 1,015,245 857,971 2,848,032
1988 991,362 459,939 3,040,648
1989 1,052,162 446,664 3,194,131
1990 1,073,469 466,862 3,161,272
1991 1,176,115 524,215 3,512,515
1992 1,277,604 545,496 3,675,408
1993 1,371,059 559,760 3,595,827
Notes: Includes the General, Special Revenue and Debt Service Funds.
Source: City of Wheat Ridge audited financial statements, 1984-1993.
92
Public Parks and Debt
works recreation service Other Total
$ 5,612,992 $ 996,174 $ $ 323,433 $ 10,964,568
5,515,839 1,079,096 592,996 11 ,314,565
5,558,628 1,185,245 582,198 11,851,021
4,022,861 1,099,137 698,392 10,541,638
4,057,897 1,182,160 96,088 537,895 10,365,989
2,060,663 1,078,052 211,175 798,781 8,841,628
1,883,838 1,537,240 211 ,425 632,529 8,966,635
1,791,074 1,624,833 210,925 691,942 9,531,619
2,061,221 1,538,701 211,950 971,375 10,281,755
1,788,584 2,053,313 172,305 669,531 10,210,379
93
City of Wheat Ridge, Colorado
GENERAL GOVERNMENTAL REVENUES BY SOURCE
Last Ten Fiscal Years
(Unaudited)
1984
1985
1986
1987
1988
1989
1990
1991
1992
19.93
General Licenses
Taxes and permits Intergovernmental
$ 7,358,947 $ 238,948 $ 1,560,986
7,440,861 215,851 1,154,850
7,531,653 223,959 1,304,977
7,320,112 246,513 1,655,083
7,393,814 270,142 1,744,146
5,171,317 225,961(A) 1,998,907
5,736,579 332,499 1,810,246
6,463,943 324,026 2,092,622
6,712,572 344,309 1,897,279
7,005,422 291,983 1,372,789
Fiscal
year
Notes:
Includes the General and Special Revenue Funds.
A: One-half of the total sales tax revenues are accounted for in the
Capital Projects Fund beginning in 1989.
Source: City of Wheat Ridge audited financial statements, 1984-1993.
94
Charges for Fines and
services forfeitures Interest Other Total
$ 194,095 $ 110,212 $ 604,458 $ 80,281 $ 10,147,927
192,463 115,653 455,488 57,737 9,632,903
495,051 132,573 260,042 724,920 10,673,175
504,482 130,311 191,331 382,877 10,430,709
469,973 266,251 180,942 58,732 10,384,000
504,767 389,600 169,700 84,399 8,544,651
236,700 396,718 188,835 97,608 8,799,185
264,388 283,240 176,167 127,480 9,731,866
304,036 250,499 112,805 170,816 9,792,316
310,458 296,523 88,893 138,641 9,504,709
95
City of Wheat Ridge, Colorado
GENERAL GOVERNMENTAL TAX REVENUES BY SOURCE
Last Ten Fiscal Years
(Unaudited)
Fiscal
year
Property
Tax
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
$ 494,092
478,447
494,847
502,269
545,964
542,580
567,756
564,389
560,570
569,769
telephone
occupation
$ 143,907
152,977
161,693
177 ,486
183,773
172,901
178,929
175,326
173,188
181,593
Auto
ownership
$ 43,411
48,061
47,165
44,926
44,895
46,986
47,208
49,973
53,689
55,050
Includes the General and Special Revenue Funds.
A: One-half of the total sales tax revenues are accounted for in the
Capital Projects Fund beginning in 1989.
Source: City of Wheat Ridge audited financial statements, 1984-1993.
Notes:
96
Sales Use Franchise Lodgers and
tax tax tax admissions Total
$ 5,203,793 $ 849,723 $ 624,021 $ $ 7,358,947
5,061,288 758,177 941,911 7,440,861
5,050,875 743,125 778,004 255,944 7,531,653
4,902,053 674,346 735,196 283,836 7,320,112
5,083,240 660,152 622,393 253,397 7,393,814
2,754,972(A) 658,830 745,403 249,645 5,171,317
2,730,931 1,185,551 724,078 302,126 5,736,579
2,885,976 1,724,086 756,410 307,782 6,463,942
3,269,706 1,531,200 738,133 386,086 6,712,572
3,266,609 1,694,755 810,169 427,477 7,005,422
97
City of Wheat Ridge, Colorado
PROPERTY TAX RATES -
DIRECT AND OVERLAPPING GOVERNMENTS
Last Ten Fiscal Years
(Unaudited)
Bellaire
Fiscal City of Jefferson R-1 School Sanitation
year Wheat Ridge County District District
1984 3.500 24.090 58.690 32.870
1985 3.500 25.040 61.550 35.920
1986 3.500 28.790 63.730 38.410
1987 2.020 17.140 36.630 18.172
1988 2.265 18.890 40.132 24.332
1989 2.418 22.021 44.147 25.824
1990 2.458 23.602 42.207 28.000
1991 2.714 25.584 44.421 10.000
1992 2.714 25.584 52.276 4.593
1993 2.714 25.584 52.276 0.000
Notes: All number shown are mill levies (amounts assessed per $1,000)
Source: Jefferson County Assessors' Office
98
North West Urban
Fruitdale Lakewood Drainage Valley Westridge Wheat Ridge Wheat Ridge
Sanitation Sanitation and Flood Water Sanitation Fire Sanitation
District District Control District District Protection District
5.100 6.890 0.900 4.110 9.490 3.520 3.260
4.720 7.360 0.900 4.070 9.490 3.690 3.450
4.720 8.060 1.000 4.180 9.490 3.910 3.690
2.683 4.570 0.518 2.408 5.463 2.240 1.943
3.210 5.157 0.577 2.643 6.405 2.597 2.488
3.600 5.157 0.668 2.204 6.853 3.060 2.790
3.925 6.791 0.699 1.710 7.361 3.178 3.004
4.396 7.727 0.780 1. 949 8.028 3.757 3.595
4.266 7.727 0.780 1.885 8.028 3.700 3.595
4.266 7.727 0.780 1.885 8.028 3.700 3.592
99
City of Wheat Ridge, Colorado
PROPERTY TAX LEVIES AND COLLECTIONS -
GENERAL FUND
Last Ten Fiscal Years
(Unaudited)
Percent of
Current Percentage Delinquent Total total tax
Fiscal Total tax of levy tax tax collections
year tax levy collections collected collections collections to levy
1984 $ 485,824 $ 477 ,500 98.29 % 172 $ 477 ,672 98.32 %
1985 485,921 478,253 98.42 193 478,446 98.46
1986 499,738 494,608 98.97 238 494,846 99.02
1987 505,630 501,449 99.17 820 502,269 99.34
1988 545,454 544,869 99.89 1,095 545,964 100.09
1989 562,472 543,462 96.62 (822)(A) 542,580 96.46
1990 568,301 561,551 98.81 6,205 (A) 567,756 99.90
1991 568,301 561,537 98.81 2,852 564,389 99.31
1992 568,301 560,570 98.64 840 561,410 98.79
1993 568,301 569,769 100.02 569,769 100.00
Notes: (A) Net prior year tax abatements and adjustments due to revaluation of
property in Jefferson County.
Source: Jefferson County Assessors' Office and the City of Wheat Ridge audited
financial statements, 1984-1993.
100
City of Wheat Ridge, Colorado
SPECIAL IMPROVEMENT DISTRICT 1987-1
BILLINGS AND COLLECTIONS
Last Ten Fiscal Years
(Unaudited)
Current Current Ratio of
assessments assessments collections
Fiscal collected due
year due to amounts
1984 $ $ %
1985
1986
1987
1988 1,250,000 221,388 17.71
1989 164,538 176,479 107.26
1990 164,538 164,538 100.00
1991 167,000 181,523 108.70
1992 167,000 195,516 11 7 . 08
1993 167,000 121,787 72.93
Notes: In 1988, the City issued $1,250,000 in special assessment debt. The
property owners were offered the option to pay their pro rate 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, 1984-1993.
101
City of Wheat Ridge, Colorado
COMPUTATION OF LEGAL DEBT MARGIN
December 31, 1993
(Unaudited)
Computation of maximum debt allowed
1993 estimated actual valuation $ 1,197,923,557
Legal debt limit percentage 3 %
Legal debt limit $ 15.937.707
Amount of debt outstanding
Total bonded debt $ 3,190,000
Less available Debt Service Funds 367.362
Net bonded debt outstanding 2,822,638
Legal debt limit 35.937.707
Legal debt margin $ 33.115.069
Source: City of Wheat Ridge charter and Jefferson County Assessor's office.
102
City of Wheat Ridge, Colorado
RATIO OF ANNUAL DEBT SERVICE GENERAL BONDED
DEBT TO TOTAL GENERAL GOVERNMENT EXPENDITURES
Last Ten Fiscal Years
(Unaudited)
Ratio of debt
(A) (B) service to
Total Total general total general
Fiscal debt government government
year Principal Interest service expenditures expenses
1984 $ $ $ $ 10,964,568 %
1985 11,314,565
1986 11,851,021
1987 10,541,638
1988 96,088 96,088 10,365,989 0.93
1989 210,925 210,925 8,841,628 2.39
1990 210,925 210,925 8,966,635 2.35
1991 210,925 210,925 9,731,866 2.17
1992 210,925 210,925 9,792,316 2.15
1993 20,000 152,305 172,305 9,504,709 1. 81
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, 1984-1993.
103
City of Wheat Ridge, Colorado
RATIO OF NET BONDED DEBT TO ASSESSED VALUE AND
NET BONDED DEBT PER CAPITA
Last Ten Fiscal Years
(Unaudited)
Ratio of
net
Debt bonded Net
Gross Service Net debt to bonded
Fiscal Popula- Assessed bonded Funds bonded assessed debt per
year tion value debt available debt value capita
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 2,990,000 339,749 2,650,251 LOS 89
1989 30,013 235,939,530 2,990,000 343,157 2,646,843 1.12 88
1990 29,419 232,394,250 2,990,000 346,175 2,643,825 1.13 90
1991 29,419 210,683,130 2,990,000 349,527 2,640,473 1. 25 90
1992 30,192 213,727,940 2,990,000 350,861 2,639,139 1. 23 87
1993 31,477 209,434,190 3,190,000 367,362 2,822,638 1.35 90
Notes: Gross bonded debt does not include special assessment bonds.
Source: City of Wheat Ridge audited financial statements, 1984-1993.
104
City of Wheat Ridge, Colorado
REVENUE BOND COVERAGE SALES TAX REVENUE BONDS
Last Ten Fiscal Years
(Unaudited)
Sales
Fiscal tax Debt service reauirements
year revenue Principal Interest Total Coverage
1984 $ 5,203,793 $ $ $ %
1985 5,061,288
1986 5,050,875
1987 4,902,053
1988 5,083,240
1989 5,509,944 96,088 210,925 26.12 %
1990 5,461,862 210,925 210,925 25.89
1991 5,771,952 210,925 210,925 27.36
1992 6,321,351 210,925 210,925 29.97
1993 6,533,217 20,000 152,305 172,305 26.37
Notes: Sales tax revenues are included since debt service is paid with sales tax
proceeds.
Source: City of Wheat Ridge audited financial statements, 1984-1993.
105
City of Wheat Ridge, Colorado
DEMOGRAPHIC STATISTICS
Last Ten Fiscal Years
(Unaudited)
Average
number
of years
Fiscal Per capita Medial of formal School Unemployment
year Population income age schooling enrollment rate
1984 30,280 $ 12,335 34 12.8 4,669 4.70 %
1985 30,280 12,828 34 12.8 4,663 4.80
1986 30,480 12,828 34 12.8 4,337 6.40
1987 29,506 12,977 35 12.8 4,562 5.60
1988 29,864 13,000 35 13.0 4,658 5.80
1989 30,013 13,664 35 13.0 5,048 4.50
1990 29,419 16,392 32 13.2 4,454 3.90
1991 29,419 17,693 37 13.2 4,750 4.20
1992 30,192 15,451 37 13.2 5,415 5.00
1993 31,477 17,523 38 13.2 5,748 4.20
Source: The 1990 Census Bureau statistics, the Center for Business and Economic
Forecasting, Jefferson County Planning Department, and the Jefferson
County School District R-1.
106
City of Wheat Ridge, Colorado
CONSTRUCTION, PROPERTY VALUE AND BANK DEPOSITS
Last Ten Fiscal Years
(Unaudited)
Commercial Residential
construction construction
Number Number Estimated Total
Fiscal of Estimated of Estimated actual Wheat Ridge
year units value units value property value bank deposits
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
1992 7 14,589,907 203 11,202,696 973,871,091 356,375,348
1993 * * * 1,197,923,557 *
Source: City of Wheat Ridge Building Department, Jefferson County Assessor's
office and local bank statements of condition.
* Information not provided.
107
City of Wheat Ridge, Colorado
MISCELLANEOUS STATISTICS
Last Ten Fiscal Years
(Unaudited)
Date of Incorporation
Form of Government
Area
Population (Est.)
Employees
Elected
Appointed
Fire Protection (1)
Number of stations
Number of fire fighters and officers
(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
30,192
11
164.75
2
1
1
58
4 (614 students)
6 (2,257 students)
2 (1,157 students)
1 (1,387 students)
129
1,722
49
2,167
2
1
9
16 wf125.75 Acres
5.5 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-l, Wheat Ridge
Fire Protection District and Jefferson County Public Library.
108