HomeMy WebLinkAbout1994
CITY OF WHEAT RIDGE, COLORADO
COMPREHENSNE ANNUAL FINANCIAL REPORT
FOR THE YEAR ENDED DECEMBER 31,1994
Prepared by the City Treasurer's Department
CITY OF WHEAT RIDGE, COLORADO
TABLE OF CONTENTS
DECEMBER 31, 1994
INTRODUCTORY SECTION
Letter of Transmittal
Memorandum - City Administrator
Organizational Chart
List of Principal Officials
i-v
vi-viii
ix
x
FINANCIAL SECTION
Independent Auditor's Report
1
General Purpose Financial Statements
Combined Balance Sheet - All Fund Types and Account Groups
Combined Statement of Revenue, Expenditures and Changes in Fund
Balances - All Governmental Fund Types
Combined Statement of Revenue, Expenditures, Encumbrances and
Changes in Fund Balances - Budget and Actual - All
Governmental Fund Types
Statement of Revenue, Expenses and Changes in Fund
Balance - Police Pension Fund
Notes to Financial Statements
2-5
6-7
8-10
11
12-27
Combining, Individual Fund and Account Group Statements and Schedules
Special Revenue Funds
Combining Balance Sheet 28-31
Combining Statement of Revenue, Expenditures and Changes in
Fund Balances 32-35
Combining Schedule of Revenue, Expenditures, Encumbrances
and Changes in Fund Balances - Budget and Actual 36-46
Debt Service Funds
Combining Balance Sheet 47
Combining Statement of Revenue, Expenditures and Changes in
Fund Balance 48
Combining Schedule of Revenue, Expenditures and Changes in
Fund Balances - Budget and Actual 49-51
Fiduciary Funds
Combining Balance Sheet 52-53
Combining Statement of Changes in Assets and Liabilities -
All Agency Funds 54-55
General Fixed Asset Account Group
Comparative Schedule of General Fixed Assets by Source 56
Schedule of Changes in General Fixed Assets by Function
and Activity 57
Schedule of General Fixed Assets by Function and Activity 58-59
Supplemental Information
Counties, Cities and Towns Annual Statement of Receipts and
Expenditures for Roads, Bridges and Streets
60-63
(Continued)
CITY OF WHEAT RIDGE, COLORADO
TABLE OF CONTENTS
DECEMBER 31, 1994
(Continued)
STATISTICAL SECTION
Assessed and Estimated Actual Value of Taxable Property
General Governmental Expenditures by Function
General Governmental Revenue by Source
General Governmental Tax Revenue 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
Revenue Bond Coverage Sales Tax Revenue Bonds
Demographic Statistics
Construction, Property Value and Bank Deposits
Miscellaneous Statistics
64
65-66
67-68
69-70
71-72
73
74
75
76
77
78
79
INTRODUCTORY SECTION
TELEPHONE: (303) 234-5900
7500 WEST 29TH AVENUE. WHEAT RIDGE, COLORADO 80215
The City of
GWheat
GRidge
July 7, 1995
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, 1994, 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 and benefits requires
estimates and judgements by management.
The City of Wheat Ridge uses funds and account groups to report on its
financial position and the results of its operations. Fund accounting
is designed to demonstrate legal compliance and to aid financial
management by segregating transactions related to certain government
functions or acti vi ties. The City has a general fund where all the
current operations of the City are recorded; a capital projects fund
where all major drainage, street, traffic, and building projects are
recorded; and 15 other smaller funds established for a particular
purpose. The two account groups - fixed assets and general long-term
debt - are concerned only with the measurement of financial position
and thus do not record results of operations.
The budget process begins in April and ends with the adoption by City
Council prior to December 15 of each year. Budgets are adopted on a
NON-GAAP basis using the encumbrance basis of accounting, except for
the Debt Service Funds which are GAAP basis.
i
The level of budgetary control (the level at which expenditures and
encumbrances 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 related
to unperformed contracts for goods or services. Open encumbrances are
reported as reservations of fund balance at year end.
GENERAL GOVERNMENTAL FUNCTIONS
Revenues for general governmental functions (General Fund only)
totaled $10,238, 80l in 1994, an increase of 7.72% over 1993. The
amount of revenues from various sources and the increase (decrease)
over last year are shown in the following table:
INCREASE PERCENTAGE
REVENUES PERCENTAGE (DECREASE) INCREASE
BY SOURCE 1994 AMOUNT OF TOTAL FROM 1993 (DECREASE)
Taxes $ 7,448,440 72.75% $443,018 6.32%
Licenses & Permits 333,660 3.26 41,677 14.27
Intergovernmental 1,430,934 13.97 58,145 4.23
Charges for Services 383,185 3.74 72,727 23.42
Fines & Forfeitures 377,415 3.69 80,892 27.28
Interest Income 158,206 1. 55 69,313 77 .97
Other Revenue 106.961 1.04 (31.680) (22.85)
TOTAL $10,238,801 100.00 $734,092 7.72
The major source of revenue for the City of Wheat Ridge is retail
sales and use tax ($5,266,962). This comprises 5l.44% of total current
General Fund revenue. The one percent (1%) General Fund sales tax
revenues for 1994 were $3,650,712, an increase of 9.35% or $312,373
over 1993 collections. General Fund use tax (auto, building,
professional and retail) revenues for 1994 were $1,616,251, an
increase of 3.38% or $52,893 over 1993 collections.
Current property tax collections for 1994 were 98.8% 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, the mill levy remained
unchanged for 1993 and 1994 at 2.714 mills.
ii
Expendi tures for general governmental functions (General Fund only)
totaled $10,028,177 in 1994, an increase of 8.25% over 1993. Increases
or (decreases) in levels of expenditures for major functions of the
City over the past year are shown in the following table:
EXPENDITURE INCREASE PERCENTAGE
ACTIVITY PERCENTAGE (DECREASE) INCREASE
BY FUNCTION 1994 AMOUNT OF TOTAL FROM 1993 (DECREASE)
General Government $ 1,4l2,339 14.08% $174,235 14.07%
Planning & Develop. 468,565 4.67 ( 67,931) (l2.66)
Public Safety 3,949,084 39.38 370,136 10.34
Public Works 1,936,078 19.31 147,494 8.24
Parks & Recreation 1,472,941 14.68 123,031 9.11
Other 707,829 7.06 38,298 5.72
Capital Outlay 81. 341 .82 ( 20.842) (20.39)
TOTAL $10,028,177 lOO.OO $764,421 8.25%
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 join the Colorado County
Officials and Employees Retirement Association (CCOERA) plan after one
year of service with the City. These employees contribute four-percent
(4%) of their annual salary to the plan, which the City also matches.
DEBT ADMINISTRATION
The City may use debt financing when either long-term capital projects
are desired, or when it can be determined that future citizens will
receive a benefit from the improvement.
Sales Tax Revenue Bonds were issued August 12, 1988, for $2.99
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 gain (difference between
the present values of the old and new debt service payments) of
approximately $245,000 over the life of the new issue. This bond issue
is accounted for in the Debt Service Fund.
The City has entered into several lease agreements for financing the
acquisi tion of equipment including vehicles, a telephone 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
year's payments only.
iii
Wheat Ridge entered into its first long-term bonded indebtedness in
1988. On June 24, 1988, $1.25 million in Special Assessment bonds were
issued for the payment of part of the construction costs of local
improvements in the newly created Special Improvement District No.
1987-1. By passage of Ordinance 751, Series of 1988, the City Council
caused assessments to be imposed against the real property included in
the District especially benefited by the improvements. The assessments
are to be paid in ten amortized annual installments of principal and
interest, and are certified to the County Treasurer annually for
payment with the property tax assessments. The City has no obligation
for payment of the debt on these bonds and acts as agent for the
property owners and bondholders.
CASH MANAGEMENT
It is the responsibility of the City Treasurer to invest all idle
funds and cash within each fund. The City of Wheat Ridge has formally
adopted the prudent investor rule as a guide to the Treasurer's Office
in making municipal investments to maximize yield while minimizing
risk. The prudent investor rule states "that investments shall be made
with the exercise of that judgement and care, under circumstances then
prevailing, which men of prudence, discretion and intelligence
exercise in the management of their own affairs not for speculation
but for investment, considering the probable safety of their capital
as well as the probable income to be derived". City funds may be
invested in insured savings and money market accounts, certificates of
deposit, securities of the U.S. Government and its agencies, in
conformance with the Colorado Public Deposit Protection Act
requirements. The City Treasurer monitors the interest rates on a
daily basis.
Relatively small amounts of idle cash are maintained in checking
accounts to cover checks written. Savings and money market accounts
are insured by the F.D.I.C. and in conformance with P.D.P.A. At the
end of 1994, the City's investment in certificates of deposit and
government securities varied in interest rates from 5.07% to 9.0%, and
3.0% to 4.0% in savings and money market accounts, respectively. The
City's investment portfolio indicates investments throughout 1994
averaged 90% in U. S. Government securities and 10% in C. D. 's, money
market or savings accounts.
RISK MANAGEMENT
The City is exposed to various risks of loss related to torts, thefts
of damage to, or destruction of assets; error or omissions, injuries
to employees; or acts of God.
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
iv
participates in a joint venture with other Colorado municipalities for
liability and property insurance, and workers' compensation. The
Colorado Intergovernmental Risk Sharing Agency (CIRSA) is a separate
and independent governmental and legal entity.
RESERVE POLICY
The City of Wheat Ridge maintains at least an eight percent (8%)
general fund balance which serves as an encumbered cash reserve in the
General Fund. The fund balance for 1990 was twenty-three percent
(23.27%) of budget; 1991 was twenty-eight percent (28.43%) of budget;
1992 was twenty-seven percent (27.27%); 1993 was thirty-nine percent
(38.91%); and 1994 at forty-one percent (40.90%) of budget. The City
Administrator plans for a fifteen percent cash reserve balance each
year. The City Council will annually specify the amount to be placed
in the Fund Balance and the excess of accumulated reserve funds is
then transfered to the Capital Improvement Fund.
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 departments of the City. An
independent certified public accountant selected by the City Council
has performed this requirement and the auditor's opinion has been
included in this report.
AWARDS
The Government Finance Officers Association of the United States and
Canada (GFOA) awards a Certificate of Achievement for Excellence in
Financial Reporting to local governmental entities for their
Comprehensive Annual Financial Report. The City of Wheat Ridge has
received this award for four consecutive years (1989, 1990, 1991 &
1992). The City did not submit the Comprehensive Annual Financial
Report (CAFR) to GFOA for 1993.
ACKNOWLEDGMENTS
I would like to express my appreciation to Linda Stengel, Chief
Accountant and to members of the accounting staff, 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 Van Schooneveld & Co., Inc. for
the manner in which they accomplished the 1994 audit.
Respectfully submitted,
)b; ~(~
City Treasurer
v
CITY OF WHEAT RIDGE
MEMORANDUM
TO:
Mayor and city council
Robert C. Middaugh, City Administrator
FROM:
SUBJ:
ANNUAL FINANCIAL REPORT - 1994
DATE:
July 10, 1995
In accordance with state statutes and local Charter provisions, the
Annual Financial report of the City of Wheat Ridge as of
December 31, 1994, and for the fiscal year then ended, is hereby
transmitted for your attention.
The annual financial report also contains a letter of transmittal
from the City Treasurer. The City Treasurer's letter of
transmittal deals with the city's presentation of data and the
appropriate internal accounting controls for which his office is
responsible.
In working with the City's external auditing firm, it is my belief
that all disclosures necessary to enable the reader to gain the
maximum understanding of the City's financial affairs have been
included.
GENERAL FINANCIAL OVERVIEW:
As indicated by the following financial statements, the City's
overall financial status is sound. At the present time, the City
of Wheat Ridge enjoys fund balances in all of the major operating
accounts of the City that provide for long term stability and
fiscal security for the City of Wheat Ridge.
In calendar year 1994, the financial statements will indicate that
the City General Fund fund balance has increased through under
expending the annual budget and receiving more revenues than were
originally anticipated. The combined effect of an under expended
budget and additional revenues has helped to stabilize a projected
trend in which the City's fund balance would have eroded in future
years due to an imbalance between revenues and expenditures. The
financial change in 1994 is a positive trend which is projected to
continue in 1995. Calendar years 1996 and 1997 are less certain
but it does appear that an imbalance of revenues and expenditures
(higher expenditures than revenues) will occur but not be as
pronounced as originally was projected several years earlier.
The staff and auditors analysis of revenues and expenditures for
1994 has revealed that the City is in compliance with limitations
imposed through the State Constitution (Tabor). Projections also
indicate that compliance with limitations can be achieved in 1995.
vi
In part the economic condition of the city of Wheat Ridge is
affected by the city's business economy and projects currently
being undertaken in the city of Wheat Ridge.
ECONOMIC OUTLOOK AND CONDITION:
Wheat Ridge is primarily a residential suburban community bordered
by the cities of Denver, Edgewater, ~akewood, and Arvada. A,small
portion of unincorporated proper~y l~es ~o the west of the ~~ty of
Wheat Ridge and is currently be~ng cons~dered for annexatlon and
development potential by the city of Wheat Ridge. City growth into
the unincorporated area lying west of the City of Wheat Ridge can
be a factor for future long term prospects of the City and
continued stability and development of our business community.
The health and stability of the City's business community is
largely tied to how existing developed areas are utilized and
redeveloped. The city has been fortunate in the last year to see
important redevelopment projects come to fruition which are and
will continue to have positive impacts on the City's overall
economic condition. During the past year the City has seen the
redevelopment project at 38th and Wadsworth (Safeway) begin with
completion anticipated in 1995. This has been a long awaited
project in the community and one which will have an impact on the
immediate area as well as adjacent commercial areas. In 1994, the
City also saw the expansion of the Applewood Shopping Center to
provide for an enlargement of one of the City's largest tax paying
entities (Walmart) as well as the completion of amenities in the
area to address neighborhood concerns and to improve the aesthetics
of the overall shopping center.
Several other important projects were being discussed at the end of
1994 and into 1995 which will come to fruition in 1995 or are
anticipated to do so. These projects include a major expansion of
the Coors glass manufacturing facility, an expansion of the King
Soopers at 38th and Sheridan and a major housing development at
38th and Miller Court.
With increased City attention in the area of economic development,
specifically with the employment of an economic development
coordinator and the approval of an economic development strategic
plan, the City's outlook for continued stable economic conditions
and business vitality is positive. Given that the city does depend
heavily on its business community to subsidize government services,
it is important that the continued focus or emphasis be maintained
by the city of Wheat Ridge in sustaining economic vitality within
the community.
OTHER CITY INITIATIVES:
In 1994, the City continued the CAP (Community Awareness and
Participation program) with increased success. The CAP program has
helped to focus the City'S attention on improving customer service
and in building a stronger connection to the community.
vii
As in previous years, the city council ha~ been a~le to maintain
the level of services offered to the communlty and ln some areas to
enhance the level of service which is offered. specifically, the
city council has added to the Police Department and their ability
to provide service within the community.
As in previous years, the city has undertaken major capital
improvements on a cash basis. In 1994, major projects included
construction of drainage and street improvements at 38th and
Youngfield; school sidewalk improvement project on Independence
between 47th and 48th Avenue; significant curb, gutter, and
sidewalk repair, including handicapped accessibility improvements;
and a significant expenditure in preventative maintenance,
specifically in the area of slurry seal. Also in 1994, the roof to
the existing city Hall was replaced.
Voters in a November election approved the expenditure of 2.5
million dollars ln order to expand and renovate the Police
Department and also to provide a new communication system. These
improvements are badly needed and will significantly improve the
ability of the Police Department to provide police services within
the community. As the Police Department is viewed as an essential
service, such an investment by the voters will provide long term
benefits for community stability and well being.
In 1994, the City acquired a major parcel of property for the
city's parks system on the existing Greenbelt in the vicinity of
41st and Kipling. The acquisition of the approximately 14 acres of
property helps to fill a hole in the Greenbelt system and will add
to the amenity already in existence and valued by the community.
CONCLUSION:
City law requires that the financial statements of the City of
Wheat Ridge be audited by an independent certified public
accountant selected by the Wheat Ridge City Council. This
requirement has been complied with and our auditor's opinions are
included in the financial sections of this report. As the Council
is aware, the firm of Van Schoonveld and Company was selected for
completion of the city's annual audit and their expertise has been
sincerely appreciated by the city of Wheat Ridge staff.
The preparation of the annual financial report could not have been
accomplished without the devotion of significant time and effort of
the City Treasurers office and my Budget and Finance Assistant. My
compliments and appreciation to all those involved in the
preparation of this report.
Respectfully submitted,
Robert C. Middaugh
city Administrator
M7.7
~c
viii
CITY OF WHEAT RIDGE
ELECTORATE
I
CITY
CITY .....YOR TRE"'SURER CLERK
COUNCIL
I I
CITY "UNICIP"'L CITY
... TTORNEY JUDGE AD"INISTR"'TOR
BUDGET
PURCHASING
DATA PROC.
BLDG. .....INT.
PERSONNEL
ECO. DEVEL.
VOLUNTEERS
I I J I
PARKS PLANNING PUBLIC
AND "'ND POLlCE
RECRE... Tl ON DEVELOP"ENT WORKS
VANCE T. EDWARDS
TONY SOLANO
RAE JEAN BEHM
CLAUDIA WORTH
CITY CLERK
WANDA SANG
CITY ATTORNEY
KATHRYN SCHROEDER
OFFICIALS
CITY OF WHEAT RIDGE
MAYOR
DAN WILDE
CITY COUNCIL
DISTRICT I
DISTRICT II
DISTRICT III
DISTRICT IV
CITY ADMINISTRATOR
ROBERT C. MIDDAUGH
DIRECTOR OF PLANNING & DEVELOPMENT
DIRECTOR OF PARKS & RECREATION
CHIEF OF POLICE
DIRECTOR OF PUBLIC WORKS
BUDGET/FINANCE ASSIS;~T
PERSONNEL ASSISTANT
PURCHASING AGENT
x
JEAN FIELDS
KEN SILER
DON EAFANTI
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
\G..an
6~~~~:~:!~..and Co., Inc.
Principals
Jack C. Schroeder
Larry R. Beardsley
Richard M. Carlson
INDEPENDENT AUDITOR'S REPORT
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 and for the year ended December 31, 1994,
as listed in the foregoing Table of Contents. These financial statements are
the responsibility of the City's management. Our responsibility is to express
an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards requ ire that we pl an and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall 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 at December 31, 1994 and the results of its operations for
the year then ended, inconformity wi th generally accepted account i ng pri nc i p 1 es.
Our audit was made for the purpose of forming an opinion on the general purpose
financial statements taken as a whole. The combining and individual fund and
individual account group financial statements and schedules and supplemental
information, as listed in the Table of Contents, are presented for purposes of
legal compliance and 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, are fairly
stated in all material respects in rel ation to the general purpose financial
statements taken as a whole. The statistical section, as listed in the Table of
Contents, has not been audited by us and, accordingly, we do not express an
opinion thereon.
J~
June 13, 1995
6000 Greenwood Plaz.a Blvd., 11110
Greenwood Village, CO 80111-4817
(303) 779-4000
FAX 770-9276
Members: American institute of Certified Public Accountants - S.E.C and Private Practice Sections
Colorado Society ot Lcrtified Pub\ic Accountantr
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 Oecember 31, 1994
and for the year then ended.
CITY OF WHEAT RIDGE, COLORADO
COMBINED BALANCE SHEET - ALL FUND TYPES AND ACCOUNT GROUPS
ASSETS AND OTHER DEBITS
ASSETS
Cash
Investments
Restricted investments
Accounts receivable
Property taxes
Special assessments
Intergovernmental
Other
Interest receivable
Due from other funds
Inventory
Fixed assets
OTHER DEBITS
Amount available in Debt
Service Fund
Amount to be provided for
retirement of general
long-term debt
Total assets and
other debits
DECEMBER 31, 1994
Governmental Fund Types
Speci a 1 Debt Capita 1
General Revenue Service Projects
$ 909,184 $ 472,381 $ 20,548 $
3,461.584 994,477 625,179 5,795,212
321,982
571,000 96,000
384,727
119,426 461,049
59,402 50
20,199 2,970 359 11 ,606
438,524 3,805 660
156,432
$5,735,751 $2.030,732 $1,353,455 $5.806.818
-2-
Fiduciary
Fund Type
Trust and
Agency
$ 73,523 $
6,900,677
18,192
12
Account Groups
General General
Fixed Long-Term
Assets Debt
Total
(Memorandum
Only)
1994
$ 1,475,636
17,777,129
321,982
667,000
384,727
580,475
59,452
53,326
443,001
156,432
19,010,597
951,675
3.270.183
$6.992.404 $19.010.597 $4.221.858 $45.151.615
$
19,010,597
951,675
3.270.183
(Continued)
-3-
CITY OF WHEAT RIDGE, COLORADO
COMBINED BALANCE SHEET - ALL FUND TYPES AND ACCOUNl GROUPS
DECEMBER 31, 1994
(Continued)
Governmental Fund Types
LIABILITIES, EQUITY Special Debt Capital
AND OTHER CREDITS Genera 1 Revenue Service Projects
LIABILITIES
Accounts payable $ 378,746 $ 18,915 $ $
Retainage payable 30,082
Deferred compensation
payable
Refundable escrow deposits 500
Due to other funds 4,477 438,498
Deferred revenue 571 ,000 96,000 384,727
Accrued vacation and sick
pay 17,053
Capital 1 eases
Bonds payable
Total liabilities 954,723 553,413 401, 780 30,082
EQUITY AND OTHER CREDITS
Investments in general
fixed assets
Fund balances
Reserved for
Encumbrances 5,281 169,837 1,285,944
Capital projects 2,604,152
Debt service 812,662
Inventory 156,432
Retirement plans
Emergencies 300,000
Unreserved
Designated for sub-
sequent years'
expenditures 253,139 358,963 1,886,640
Designated for com-
pensated absences 139,013
Undesignated 4,066.176 948.519
Total equity and
other credits 4.781,028 1.477 .319 951.675 5,776,736
Total liabilities,
equity and
other credits $5.735,751 $2.030,732 $1,353,455 $5,806,818
-4-
Fiduciary
Fund Type
Trust and
Aqency
$
1,069,865
73,509
26
1.143,400
5,849,004
Account Groups
Genera 1 Genera 1
Fixed Long-Term
Assets Debt
$
19,010,597
5,849,004 19,010,597
$
429,485
37,373
3,755,000
4,221,858
Total
(Memorandum
Only)
1994
$ 397,661
30,082
1,069,865
74,009
443,001
1,051,727
446,538
37,373
3,755,000
7,305,256
19,010,597
1,461,062
2,604,152
812,662
156,432
5,849,004
300,000
2,498,742
139,013
5,014,695
37,846.359
$6,992,404 $19,010,597 $4.221.858 $45.151,615
The accompanying notes are an integral part of the financial statements.
-5-
CITY OF WHEAT RIDGE, COLORADO
COMBINED STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCES -
ALL GOVERNMENTAL FUND TYPES
YEAR ENDED DECEMBER 31, 1994
Total revenue
Special
Genera 1 Revenue
$ 7,448,440 $ 99,915
333,660
1,430,934 709,778
383,185 58,152
377,415
158,206 57,132
106,961 81. 437
10,238.801 1.006,414
REVENUE
Taxes
Licenses and permits
Intergovernmental
Charges for services
Fines and forfeitures
Special assessments
Interest
Other
EXPENDITURES
Current
General government
Planning and development
Police
Public works
Parks and recreation
Other
Capital outlay
Debt service
Principal
Interest and fiscal charges
Total expenditures
Excess (deficiency) of revenue over
expenditures
1,412,339 120,216
468,565 154,701
3,949,084 26,360
1,936,078
1,472,941 721,784
707,829
81,341 550,509
10.028.177 1.573,570
210,624 567,156)
OTHER FINANCING SOURCES (USES)
Transfers in
Transfers (out)
Total other financing sources (uses)
936,000
427,675)(
508,325
768,390
286.000)
482.390
EXCESS (DEFICIENCY) OF REVENUE AND OTHER
FINANCING SOURCES OVER EXPENDITURES AND
OTHER FINANCING USES
FUND BALANCE - BEGINNING OF YEAR - AS RESTATED
FUND BALANCE - END OF YEAR
718,949 84,766)
4,062,079 1.562.085
$ 4.781.028 $1.477.319
-6-
Total
(Memorandum
Debt Capital Only)
Service Projects 1994
$ $3,650,712 $11,199,067
333,660
172,104 2,312,816
441,337
377 ,415
124,470 124,470
160,872 217,990 594,200
43,783 232,181
285.342 4,084,589 15,615,146
1,532,555
623,266
3,975,444
1,936,078
2,194,725
63,648 771,477
1,785,652 2,417,502
55,000 55,000
175.257 175,257
293,905 1, 785,652 13,681,304
8,563) 2,298,937 1,933,842
178,564 1,882,954
( 1.169.279)( 1,882.954)
178.564 ( 1,169,279)
170,001 1,129,658 1,933,842
781,674 4,647.078 11.052.916
$ 951,675 $5.776.736 $12.986,758
The accompanying notes are an integral part of the financial statements.
-7-
CITY OF WHEAT RIDGE, COLORADO
COMBINED STATEMENT OF REVENUE, EXPENDITURES, ENCUMBRANCES
AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
ALL GOVERNMENTAL FUND TYPES
YEAR ENDED DECEMBER 31, 1994
REVENUE
Taxes
Licenses and permits
Intergovernmental
Charges for services
Fines and forfeitures
Special assessments
Interest
Other
Total revenue
EXPENDITURES AND ENCUMBRANCES
Current
General government
Planning and development
Police
Public works
Parks and recreation
Other
Capital outl ay
Debt service
Principal
Interest and fiscal charges
Total expenditures and
encumbrances
EXCESS (DEFICIENCY) OF REVENUE
OVER EXPENDITURES AND ENCUMBRANCES
OTHER FINANCING SOURCES
Transfers in
Transfers (out)
Total other financing sources
EXCESS (DEFICIENCY) OF REVENUE AND
OTHER FINANCING SOURCES OVER
EXPENDITURES, ENCUMBRANCES AND
OTHER FINANCING USES ($
ADJUSTMENTS TO GAAP BASIS
Encumbrances
Prior year, paid current year
Current year outstanding
Total adjustments
EXCESS (DEFICIENCY) OF REVENUE
AND OTHER FINANCING SOURCES
OVER EXPENDITURES AND OTHER
FINANCING USES (GAAP) BASIS
Amended
Budget
$ 7,172,935
302,700
1,220,000
397,500
358,000
105,000
97,300
9,653,435
1,463,899
594,854
4,037,823
2,092,250
1,562,437
767,500
42,689
10,561,452
908,017)
936,000
427,085)(
508,915
399,102)
-8-
General Fund
Actual
$ 7,448,440
333,660
1,430,934
383,185
377 ,415
158,206
106,961
10,238,801
1,417,178
468,565
3,949,084
1,936,078
1,472,941
707,829
81,341
10,033,016
Var;ance-
Favorable
(Unfavorable)
$
275,505
30,960
210,934
14,315)
19,415
53,206
9,661
585,366
46,721
126,289
88,739
156,172
89,496
59,671
38,652)
528,436
205,785 1,113,802
936,000
427,675) 590)
508,325 590)
714,110 $ 1,113,212
442)
5,281
4,839
$
718,949
Spec; a 1 Revenue Debt Service Fund
Variance- Variance-
Amended Favorable Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable)
$ 105,000 $ 99,915 ($ 5,085) $ $ $
912,451 709,778 ( 202,673)
45,640 58,152 12,512
105,000 124,470 19,470
43,090 57,132 14,042 90,955 160,872 69,917
71 ,250 81,437 10 ,187
1 , 177 , 431 1.006,414 171,017} 195,955 285,342 89,387
227,200 119, 096 108,104
602,710 154,701 448,009
23,000 26,360 3,360}
1,014,729 494,461 520,268
60,000 63,648 3,648}
568,165 540,736 27,429
160,000 55,000 105,000
176,473 175,257 1,216
2,435,804 1,335,354 1,100,450 396,473 293,905 102,568
( 1,258,373)( 328,940} 929,433 200,518)( 8,563} 191,955
767,800 768,390 590 151,653 178,564 26,911
( 411,065)( 286,OOO} 125,065
356,735 482,390 125,655 151. 653 178 , 564 26,911
($ 901,638)
153,450 $ 1,055,088 ($ 48,865)
170,001 $ 218,866
(
(
408,053)
169,837
238,216)
($ 84,766)
$ 170,001
(Continued)
-9-
Fund
Variance-
Favorable
(Unfavorable)
CITY OF WHEAT RIDGE, COLORADO
COMBINED STATEMENT OF REVENUE, EXPENDITURES, ENCUMBRANCES
AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
ALL GOVERNMENTAL FUND TYPES
YEAR ENDED DECEMBER 31, 1994
(Continued)
Capital Projects
Amended
Budqet
Actual
REVENUE
Taxes $ 3,600,000 $ 3,650,712 $
Licenses and permits
Intergovernmental 172,104
Charges for services
Fines and forfeitures
Interest 150,000 217,990
Other 290,000 43,783
Total revenue 4,040,000 4,084,589
EXPENDITURES AND ENCUMBRANCES
Current
General government
Planning and development
Police
Public works
Parks and recreation
Other
Capital outlay 3,225,602 2,858,863
Debt service
Principal retired
Interest and fiscal charges
Total expenditures and
encumbrances 3,225,602 2,858,863
EXCESS (DEFICIENCY) OF REVENUE
OVER EXPENDITURES AND ENCUMBRANCES 814,398 1,225,726
OTHER FINANCING SOURCES
Transfers in
Transfers (out) 801,653)( 1,169,279)
Total other financing sources( 801,653)( 1,169,279)
EXCESS (DEFICIENCY) OF REVENUE AND
OTHER FINANCING SOURCES OVER
EXPENDITURES, ENCUMBRANCES AND
OTHER FINANCING USES $ 12,745 56,447 $
ADJUSTMENTS TO GAAP BASIS
Encumbrances
Prior year, paid current year 212,733)
Current year outstanding 1,285,944
Total adjustments 1,073,211
EXCESS (DEFICIENCY) OF REVENUE
AND OTHER FINANCING SOURCES
OVER EXPENDITURES AND OTHER
FINANCING USES (GAAP) BASIS $ 1,129,658
50,712
172,104
67,990
246,217)
44,589
366,739
366,739
411,328
367,626)
367,626)
43,702
The accompanying notes are an integral part of the financial statements.
-10-
CITY OF WHEAT RIDGE, COLORADO
STATEMENT OF REVENUE, EXPENSES AND CHANGES IN FUND BALANCE -
POLICE PENSION FUND
YEAR ENDED DECEMBER 31, 1994
OPERATING REVENUE
Contributions
Employer
Employee - Mandatory
Employee - Voluntary
Total operating revenue
$ 222,534
222,534
25,669
470,737
OPERATING EXPENSES
Benefit payments
Administrative charges
Total operating expenses
395,820
33,703
429,523
41,214
OPERATING INCOME
NONOPERATING INCOME
Interest
Securities (loss)
Total nonoperating (loss)
309,438
( 443,704)
( 134,266)
( 93,052)
5,942,056
$5,849,004
NET (LOSS)
FUND BALANCE - BEGINNING OF YEAR
FUND BALANCE - END OF YEAR
The accompanying notes are an integral part of the financial statements.
-11-
CITY OF WHEAT RIDGE, COLORADO
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1994
NOTE 1) DEFINITION OF REPORTING ENTITY
The City of Wheat Ridge, Colorado (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-Administrator form of government
and prov i des the fo 11 owi ng servi ces as authori zed by its charter:
public safety, parks and recreation, public improvements and general
administrative services, including financial, planning and development,
and municipal court services.
The City follows the Governmental Accounting Standards Board (GASB)
accounting pronouncements which provide guidance for determining which
governmental activities, organizations and functions should be included
within the financial reporting entity. GASB pronouncements set forth
the financial accountability of a governmental organization's elected
governing body as the basic criterion for including a possible component
governmental organization in a primary government's legal entity.
Financial accountability includes, but is not limited to , appointment
of a voting majority of the organization's governing body, ability to
impose its will on the organization, a potential for the organization to
provide specific financial benefits or burdens and fiscal dependency.
Included within the City's reporting entity (in blended presentation as
a spec i a 1 revenue fund) is the Wheat Ri dge Economi c Development and
Revitalization Commission (Wheat Ridge Town Center). The Commission was
created to redevelop or rehabilitate certain blighted areas of the City.
The Commission is governed by a Board of Commissioners who are appointed
by the Mayor of the City and approved by City Council. The Commission's
annual budget must be approved by the City Council and the City provides
administrative support to the Commission.
The City is a participant in the Jefferson County Household Hazardous
Storage Authority (Authority). The Authority provides a facility where
household hazardous waste can be safely collected, stored and disposed
of offs ite for res i dents of Jefferson County. The City cont ri buted
~26~801 fo~ operation ?nd construction of the facility during 1994 which
1S 1mmater1al to the C1ty. The Authority is not providing an additional
financial benefit or obligation to the City. Separate audited financial
statements for the Authority may be obta i ned from the Colorado State
Auditor's office.
-12-
NOTE 2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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 expend itures or expenses, as accounted for in i nd i vi dua 1
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 fi nanc i a 1 statements in th is report, into six
generic fund types and two broad fund categories as follows:
a) Governmental Fund Types
General Fund - The General Fund is the general operating fund of the
City. It is used to account for all fi nanc i a 1 resources except
those required to be accounted for in other funds.
Special Revenue Funds - Special Revenue Funds are used to account
for the proceeds of specific revenue sources (other than expendable
trusts or major capital projects) that are legally restricted to
expenditures for specified purposes.
Debt Service Funds - The Debt Service Funds are used to account for
the accumul at i on of resources for, and the payment of long-term
obligation principal, interest and related costs.
Capital Projects Fund - Capital Projects Fund is used to account for
financial resources to be used for the acquisition or construction
of major capital facilities.
Fiduciary Funds
Trust and Agency Funds - Trust and Agency Funds are established to
record transactions relating to assets held by the City in the
capacity of trustee, custodian or agent for individual, governmental
entities and nonpublic organizations.
b) Basis of Accounting
The modified accrual basis of accounting is followed in the
governmental fund types and agency funds. Revenue is recorded when
susceptible to accrual, i.e., both measurable and available.
Available means collectible within the current period or soon enough
thereafter to be used to pay liabilities of the current period. The
major sources of revenue which are susceptible to accrual are
property taxes and sales and use taxes. Expenditures, other than
interest on long-term obligations are recorded when the liability
is incurred or the long-term obligation paid.
The accrual bas i s of account i ng is ut il i zed in the pens i on trust
fund. Revenue is recognized when earned and expenses are recognized
when the liability is incurred.
-13-
c) Budgets
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 and funds appropriated through passage of a budget
resolution. The appropriation is at the total fund expenditures and
encumbrances level and lapses at year end. The City Council must
approve revisions that change total appropriation or transfers as
to any fund. The City Admi n i st rator is authori zed to transfer
amounts within an individual fund.
In addition to the operating budget, a five year capital improvement
program is proposed by the City Administrator and adopted by City
Council. This program identifies projected expenditures and
anticipated revenue by fund. The program is revised and extended
annua 11 y . The City Council adopts the program as a p 1 ann i ng
document but does not appropri ate the mult i -year expenditures.
Annual installments to the identified projects are appropriated in
the annual operating budgets or by supplemental appropriations.
Appropri at ions are controlled by encumbrance account i ng and the
budget is only amended in conformity with Colorado Revised Statutes,
which requires a resolution approved by City Council amending the
budget and a resolution appropriating funds for expenditure,
encumbrance and transfer.
The budgets are adopted on a Non-GAAP basis using the encumbrance
basis of accounting, except for the Debt Service Funds which are
GAAP basis. Budgetary amounts, included in the financial
statements, are as originally adopted or as amended by City Council.
Supplemental appropriations changes made to the original budget for
each fund were as follows:
-14-
Fund
General Fund $
Special Revenue Funds
Open space
Insurance reserve
Police investigation
Senior center
Municipal court
Tree planting
Richards Hart
improvement
Parks and recreation
damage depos it
Wheat Ridge Town
Center
Equipment
Wheat Ridge Post
Office
Conservation Trust
Computer
Debt Service Fund
Incremental Sales Tax
Bond
Special Improvement
District No. 1987-1
Compensated absences
Capital Projects Fund
Original
Appropriations
10,872,110 $
996,000 (
185,000
23,000
7,000
49,360 (
24,400
3,000
23,250
127,844
384,080
10,000
215,000
160,435
$
206,473
156,910
60,000
5,232,368 (
18,736,230 ($
Supplemental
Appropriations
(Recisions)
116,427 $
13,000)
2,000)
2,200
599,931
13,490
32,879
5,000
1,205,113)
450,186) $
Amended
Appropriations
10,988,537
983,000
185,000
23,000
7,000
47,360
26,600
3,000
23,250
727,775
397,570
10,000
247,879
165,435
206,473
156,910
60,000
4,027,255
18,286,044
The Police Investigation Fund, Building Demolition Fund, Compensated
Absences Fund, Richards/Hart Improvement Fund, Senior Center Fund
and the Capital Projects Fund overexpended or overencumbered their
appropriations which may be a violation of the City's charter.
d) Property Taxes
Property taxes are levied by the City Council. The levy is based
on assessed valuations determined by the County Assessor generally
as of January 1 of each year. The levy is normally set by December
15 by certification to the County Commissioners to put the tax lien
on the individual properties as of January 1 of the following year.
The County Treasurer collects the determi ned taxes duri ng the
ensuing calendar year. The taxes are payable by April or if in
equal installments, at the taxpayers election, in February and June.
Delinquent taxpayers are notified in August and generally sales of
the tax 1 i ens on deli nquent propert i es are held in November or
December. The County Treasurer remits the taxes collected monthly
to the City.
Property taxes, net of estimated uncollectible taxes, are recorded
initially as deferred revenue in the year they are levied and
measurable. The deferred property tax revenue are recorded as
revenue in the year they are available or collected.
-15-
e) Short-Term Interfund Receivables/Payable
During the course of operations, numerous transactions occur between
individual funds. These receivables and payables are classified as
"due from" or "due to" other funds on the balance sheet.
f) Inventories
Inventory is valued at the lower of cost or market using the first-
in, fi rst-out method. Inventory in the General Fund cons i sts of
expendable supplies held for consumption. The cost is recorded as
an expenditure at the time individual inventory items are consumed
rather than when purchased.
g) General Fixed Assets
General fixed assets are not capital ized 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 capitalized. 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 d i scont i nue recordi ng the cost of all 1 and
improvements.
The Jefferson County, Colorado Open Space Program acquires land for
public enjoyment (e.g., parks, playgrounds, lakes, etc.) and then
donates the property to the City for use as pub 1 i c 1 and. The
property is recorded at the cost recorded by the Open Space Program.
City expend itures for th is program are rei mbursed by Jefferson
County.
h) Compensated Absences
Vested or accumulated sick leave that is expected to be liquidated
with expendable ava il ab 1 e fi nanc i a 1 resources is reported in the
Compensated Absences 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.
-16-
i) Long-Term Obligations
Long-term debt is recognized as a liability of a governmental fund
when due, or when resources have been accumul ated in the Debt
Service Fund for payment early in the following year. For other
long-term ob 1 i gat ions, only that port i on expected to be fi nanced
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.
j) Fund Equity
Reservations of fund balance indicate that portion of fund balance
which is legally segregated for a specific purpose. Unreserved-
designated fund balance indicates the City's intention of future
utilization of such funds beyond the current fiscal year. Future
utilization is generally approved through the budget process and is
subject to change by the City.
Reserved Fund Balance
The reserved fund balance in the Capital Projects Fund Type in the
amount of $2,604,152 is to be used exc 1 us i ve ly for the eventual
replacement of equipment, buildings and infrastructure or the
payment of debt service.
The reserved fund balance in the Debt Service Fund in the amount of
$812,662 is to be used for repayment of bond principal, interest and
associated costs.
An amount of the fund balance equal to the reported inventory is
reserved to indicate that the inventory does not constitute
spendable resources even though the inventory is a component of net
assets.
Encumbrances outstand i ng, at year end, are reserved and do not
constitute expenditures or liabilities.
Article X, Section 20 of the Constitution of the State of Colorado
requi res the City to estab 1 ish Emergency Reserves (see Note 9).
$300,000 of the fund balance has been reserved in compliance with
this requirement.
Designated Fund Balance
The amount classified as "designated for subsequent year's
expenditures" at December 31, 1994, represents the amount
appropriated for use in the budget for the year ending December 31,
1995.
The amount classified as "designated for compensated absences" has
been designated for the future payment of compensated absences.
-17-
k) Interfund Transactions
Quasi-external transactions are accounted for as revenue or
expendi tures. Transact ions that const itute re i mbursements to a fund
for expenditures initially made from it, that are properly
applicable to another fund, are recorded as expenditures in the fund
that is reimbursed. All other interfund transactions, except quasi-
external transactions and reimbursements, are reported as transfers.
Nonrecurring or nonroutine permanent transfers of equity are
reported as residual equity transfers. All other interfund
transfers are reported as operating transfers.
1) Totals (Memorandum Only)
Total columns on the combined statements are captioned "(Memorandum
Only)" because they do not represent consolidated financial
information and are presented only to faci 1 itate financi al analysi s.
Data in these columns do not present financial position or results
of ope rat ions, inconformity wi th generally accepted account i ng
principles. Interfund eliminations have not been made in the
aggregation of this data.
NOTE 3) CASH AND INVESTMENTS
Cash Deposits
The Colorado Publ ic 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 for all
the uninsured public deposits as a group is to be maintained by another
institution or held in trust. The market value of the collateral must
be at least equal to the aggregate uninsured deposits.
The State Regulatory Commissions for banks and financial services are
required by Statute to monitor the naming of eligible depositories and
reporting of the uninsured deposits and assets maintained in the
collateral pools.
At December 31, 1994, the City's cash deposits had a bank balance and a
carrying balance as follows:
Carrying Bank
Balance Balance
Cash on hand $ 1,755 $
Insured deposits 455,875 456,075
Deposits collateralized in single
institution pools 1,018,006 1,254,211
$1,475,636 $ 1,710,286
-18-
Investments
Colorado statutes specify investment instruments meeting defined rating
and risk criteria in which local governments may invest which include:
Obligations of the United States and certain U.S. government
agency securities
Certain international agency securities
General obligation and revenue bonds of U.S. local government
entities
Bankers' acceptances of certain banks
Commercial paper
Written repurchase agreements collateralized by certain
authorized securities
Certain money market funds
Guaranteed investment contracts
Local government investment pools
The City's investments are recorded at cost, except for pension funds
which are recorded at market value. The investments are categorized
below to give an indication of the level of credit risk assumed by the
City at year end. Category 1 includes investments that are insured or
registered or for which the securities are held by the entity or its
agent in the City's name. Category 2 includes uninsured and
unregi stered investments for wh i ch the securit i es are held by the
counterparty's trust department or agent in the City's name. Category
3 includes uninsured and unregistered investments for which the
securities are held by the counterparty, or by its trust department or
agent but not in the City's name.
Investments in local government investment pools or in money market
funds are not categorized because they are not evidenced by securities
that exist in physical or book entry form.
Cateqory Carrying Market
Cateqorized 1 -L 3 Amount Value
U.S. Treasury Strips $ $ $1,435,415 $ 1,435,415 $ 2,639,200
U.S. Treasury Bills
and Notes 3,631,284 3,631, 284 3,655,668
Total categorized $ -0- $ -0- $5,066,699 5,066,699 6,294,868
=
Not Subject to
Categorization:
Local government
investment pools
Money market funds
Deferred compensation plan (valued
at market)
Total investments
6,131,736
5,830,812
1,069,864
13,032,412
$18,099,111
6,131,736
5,830,812
1, 069 , 864
13,032,412
$19,327,280
-19-
As of December 31, 1994, the City has invested $1,883,595 in the
Colorado Local Government Liquid Asset Trust (the Trust) and $4,248,141
in Colorado Surplus Asset Fund Trust (CSAFE), investment vehicles
established for local government entities in Colorado to pool surplus
funds. The Trust and CSAFE operate similarly to a money market fund
and each share is equal in value to $1.00. The Trust offers shares in
two portfolios, COLOTRUST and COLOTRUST PLUS+. Investments of
COLOTRUST and CSAFE cons i st of U. S. Treasury bi 11 s, notes and note
strips and repurchase agreements collateralized by U.S. Treasury
securities. COLOTRUST PLUS+ may also invest in certain obligations of
U.S. government agencies, highest rated commercial paper and repurchase
agreements collateralized by certain obligations of U.S. government
agencies. A designated custodial bank provides safekeeping and
depos i tory servi ces to the Trust and CSAFE in connect i on with the
direct investment and withdrawal fund ions of the Trust and CSAFE.
Substantially all U.S. government securities owned by the Trust and
CSAFE and repurchase agreement co 11 atera 1 are held by the Federal
Reserve Bank in the account ma i nta i ned for the custodial bank. The
custod i an's i nterna 1 records i dent i fy the investments owned by the
Trust and CSAFE. All of the City's investment in the Trust was
maintained in the COLOTRUST portfolio.
Total cash deposits
Total investments
$ 1,475,636
18,099, III
$19,574,747
Cash deposits and investments are reflected on the December 31, 1994
balance sheet as follows:
Unrestricted
Cash
Investments
Restricted investments
$ 1,475,636
17,777,129
321, 982
$19,574,747
Restricted investments consist of bond proceeds reserved for payment of
principal and interest on the 1993 Sales Tax Revenue Refunding Bonds
(see Note 5).
NOTE 4) CHANGES IN GENERAL FIXED ASSETS
The changes in general fi xed assets for the year ended December 31,
1994 are as follows:
Balance at Additions Deletions Balance at
January 1, and and December 31,
1994 Transfers Transfers 1994
Land $ 2,478,250 $ $ $ 2,478,250
Buildings 3,011,262 3,011,262
Streets and
improvements 9,117,469 9, 117,469
Equipment 4,303,839 525,767 425,990 4,403,616
$18,910,820 $ 525,767 $ 425,990 $19,010,597
-20-
NOTE 5)
LONG-TERM OBLIGATIONS
The following is an analysis of changes in long-term obligations for
the year ended December 31, 1994:
Balance at Balance at
January 1, December 31,
1994 Additions Reductions 1994
(Restated)
Revenue bonds $ 3,190,000 $ $ 55,000 $ 3 , 13 5,000
Special Assess-
ment Bonds 620,000 620,000
3,810,000 55,000 3,755,000
Capital lease 57,312 19,939 37,373
Compensated
absences 352,443 77 ,042 429,485
$ 4,219,755 $ 77 , 042 $ 74,939 $ 4,221,858
Sales Tax Revenue Refunding Bonds
$3,210,000 Sales Tax Revenue Refunding Bonds, dated August 1, 1993
consisting of fully registered bonds due in increasing amounts annually
through December 15, 1999 with interest at 3.20% to 4.10%. The bonds
are not subject to early redemption. The Bonds are payable solely out
of the City's Capital Projects Fund from the revenue derived from 1/2
of the City's 2% sales tax.
Special Assessment Bonds
$1,250,000 Special Assessment Bonds for Special Improvement District
No. 1987-1, dated June 1, 1988. The bonds are due October 1, 1998,
interest payable semiannually at 7.50% to 8.25%. Bonds are callable at
par at any semiannual interest payment date in numerical order.
The special assessment bonds and the interest thereon are special
limited obligations of the City and are payable solely from the special
assessments levied against the assessable land in the improvement
district. The bonds are additionally secured by the City's covenant
that, whenever three-fourths of the bonds of an issue have been paid
and for any reason the remaining assessments therefore are not
collected in time to pay the remaining bonds and interest thereon, then
the C ity shall pay the bonds when due and any interest thereon and
shall reimburse itself by collecting the unpaid assessments due the
improvement district. The City may also levy property taxes on all
taxab 1 e property in the C Hy at a rate not to exceed 2 mi 11 s to
maintain current payments of interest and equal annual payments of
principal on the bonds.
-21-
Assuming the Specia1 Assessment Bonds are redeemed prior to maturity,
as anticipated by the City, estimated principal and interest
requirements for bonds payable are as follows:
Special
Revenue Bonds Assessment Bonds
Year Principal Interest Principal Interest Total
1995 $ 75,000 $122,050 $ 220,000 $ 40,951 $ 458,001
1996 75,000 119,650 125,000 32,557 352,207
1997 960,000 117,025 130,000 22,558 1,229,583
1998 1,000,000 81,025 145,000 11 , 963 1,237,988
1999 1, 025,000 42,025 1,067,025
$3,135,000 $481,775 $ 620,000 $108,029 $4,344,804
Capital Leases
The City has entered into several 1 ease agreements for fi nanc i ng the
acquisition of equipment including copiers and telecommunications
equi pment. These 1 ease agreements qual ify as cap ita 1 1 eases 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, 1994 as recorded in the General Long-term Account Group:
Year ending December 31,
1995
1996
1997
Total minimum lease payments
Less amount representing interest
Present value of future minimum
lease payments
$32,938
6,912
4,502
44,352
6,979
$37,373
Compensated Absences
As of December 31, 1994, accrued sick pay in the amount of $17,053 was
recorded in the Compensated Absences Fund which will ultimately
liquidate the liability.
As of December 31, 1994, accrued holiday and vacation pay in the amount
of $429,485 was recorded in the long-term debt account group, since the
liability is not expected to be liquidated with expendable available
financial resources.
-22-
NOTE 6)
NOTE 7)
INTERFUND TRANSFERS
A summary of interfund transfers is as follows:
Transfer Out Transfer In
Fund
General
Special revenue
Tree planting
Open space
Computer Fund
Equipment
Wheat Ridge Post Office
Insurance reserve
Municipal court
$
427,675 $ 936,000
16,650
286,000
160,435
330,715
10,000
250,000
590
286,000 768,390
178,564
Debt service
Capital project
1,169,279
$ 1,882,954 $ 1,882,954
EMPLOYEE BENEFIT PLANS
a) Police Pension Plan
All full-time sworn City police officers, except the Chief of
Police, are covered by the 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,
1994 was $2,225,340, the City's total payroll was $6,493,936.
There are 59 employees participating in this plan.
Employee contributions are fully vested when paid. Employees and
the City each cont ri bute 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. Forfeitures from the nonvested portion of
termi nated employees accounts are used to pay admi n i strat i ve
expenses of the plan.
During the year ended December 31, 1994, contributions totaling
$222,534 from the City and $222,534 from employees were made in
accordance with the provisions of the Plan. $25,669 of voluntary
employee contributions were also made.
Eligibility for benefits may commence at age 55 or upon completion
of 25 years of services.
-23-
b) Colorado County Officials and Employees Retirement Association
All employees, except pol ice offi cers are req~i red to jo in. the
plan (CCOERA), a Statewide local government mul~l-employer deflned
contribution plan. The plan covers all Clty empl~yees and
employees become participants after one year of serVlce. The
payroll for employees, covered by this Plan, for the year ended
December 31, 1994 was $2,931,400. There are 106 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.
During the year ended December 31, 1994, contributions totaling
$117,256 from the City and $117,256 from employees were made in
accordance with the provisions of the Plan.
Benefits depend solely on amounts contri buted to the plan plus
investment earnings.
c) Deferred Compensation Plans
The City has two deferred compensation plans created in accordance
with Internal Revenue Code Section 457. The plans are
administered by the International City Managers Association (ICMA)
and Colorado County Officials and Employees Retirement Association
(CCOERA). Participation in the plan is optional for most
employees. The plan allows the employees to defer a portion of
their salary until future years. The deferred compensation is not
available to employees until termination, retirement or death or
unforeseen emergencies.
There are four employees participating in the ICMA plan on a
mandatory bas is. The employees and the City are requ i red to
contribute 4% of the employees annual salary. Other City
employees are contributing on a voluntary basis. These
contributions are not matched by the City.
All amounts of compensation deferred under the plans, all property
and ri ghts purchased with those amounts and all income
attributable to such assets are (until paid or made available to
the employee or their beneficiary) solely the assets of the City
(without being restricted to the provisions of benefits under the
plans), subject only to the claims of the City's general
cred itors. Part i c i pants' ri ghts under the plans are equal to
those of general creditors of the City in an amount equal to the
fair market value of the deferred account for each participant.
It is the opinion of the City's management that the City has no
liability for losses under the plans but does have the duty of due
care that would be required of an ordinary prudent investor. The
City believes that it is unlikely that it will use the assets to
satisfy the claims of general creditors in the future.
-24-
NOTE 8)
RISK MANAGEMENT
The City is exposed to various risks of loss related to torts, thefts
of damage to, or destruction of assets; errors or omissions; injuries
to employees; or acts of God.
The City is a member of the Colorado I ntergovernmenta 1 Risk Shari ng
Agency (CIRSA). CIRSA is a joint self insurance pool created by
intergovernmental agreement of over 100 municipalities to provide
property, general and automobile liability and public officials
coverage to its members. CIRSA is governed by a seven member Board
elected by and from its members.
Coverage is provided through pooling of self-insured losses and the
purchase of excess insurance coverage. CIRSA has a legal obligation
for claims against its members to the extent that funds are available
in its annually established loss fund and that amounts are available
from insurance providers under excess specific and aggregate insurance
contracts. Losses incurred in excess of loss funds and amounts
recoverable from excess insurance are direct liabilities of the
part i c i pat i ng members. CI RSA has i ndi cated that the amount of any
excess losses would be billed to members in proportion to their
cont ri but ions in the year such excess occurs, although it is not
legally required to do so.
The City's annual contribution to CIRSA amounted to $35,844 for 1994.
A summary of audited financial information for CIRSA as of and for the
year ended December 31, 1994 is as follows:
Assets
$43,286,826
$15,948,087
27,338,739
$43,286,826
Liabilities
Member's equity
Revenue
Member contributions earned (net of
excess insurance premiums of
$1,466,914)
Investment income
$ 9,248,905
2,163,739
11,412,644
4,328,837
$ 7,083,807
Expenses
Excess of revenue over expenses
There is no long-term debt outstanding. The above liabilities
represent incurred claims and an estimated liability for incurred but
not reported claims at December 31, 1994.
-25-
NOTE 9) CONTINGENCIES
Tax, Spending and Debt Limitations
In November 1992 the voters of Colorado approved Amendment 1, commonly
known as the T~Xpayer's Bill of Rights (TABOR), which adds a new
Section 20 to Article X of the Colorado Constitution. TABOR contains
tax, spending, revenue and debt limitations which apply to the State of
Colorado and all local governments.
Enterprises, defined as government-owned businesses authorized. to issue
revenue bonds and receiving less than 10% of annual revenue ln grants
from all state and local governments combined, are excluded from the
provisions of TABOR.
The initial base for local government spending and revenue limits is
1992 Fiscal Year Spending. Future spending and revenue limits are
determined based on the prior year's Fiscal Year Spending adjusted for
allowable increases based upon inflation and local growth. Fiscal Year
Spending is generally defined as expenditures plus reserve increases
with certain exceptions. Revenue in excess of the Fiscal Year Spending
1 imit must be refunded unless the voters approve retention of such
revenue.
TABOR requ ires 1 oca 1 governments to estab 1 i sh Emergency Reserves.
These reserves must be at least 2% of Fiscal Year Spending (excluding
bonded debt service) in 1994 and 3% thereafter. Local governments are
not allowed to use the emergency reserves to compensate for economic
conditions, revenue shortfalls, or salary or benefit increases.
TABOR requires, with certain exceptions, voter approval prior to
imposing new taxes, increasing a tax rate, increasing a mill levy above
that for the prior year, extending an expiring tax, or implementing a
tax policy change directly causing a net tax revenue gain to any local
government.
Except for bon? :efinanc~ngs at lower interest rates or adding
emplo~ees to eXl~tlng ~enslon plans, TABOR specifically prohibits the
c~eatlon of multlple-flscal year debt or other financial obligations
Wl thout voter approval or without i rrevocab ly p 1 edgi ng present cash
reserves for all future payments.
The City's management believes it is in compliance with the provisions
of TABOR. However, TABOR is complex and subject to i nterpretat ion.
Many of the provisions, including the interpretation of how to
calculate Fiscal Year Spending limits will require judicial
interpretation.
Lawsuits
The City is a defendant in various lawsuits. Although the outcome of
t~ese 1 awsu its is not presently determi nab 1 e, in the opi ni on of the
Clty .Attorney, the resolution of these matters will not have a
materlally adverse effect on the financial condition of the City.
-26-
NOTE 10) PRIOR YEAR RESTATEMENT
Deferred Compensation Plans
The City has a deferred compensation pension plan which had not been
disc 1 osed in pri or years. A ret roact i ve adj ustment of $41,587 was
applied to the December 31, 1993 fund balance of the Deferred
Compensation Agency Fund. The effect of the restatement is as follows:
Deferred Compensation Fund balance -
December 31, 1993 as previously reported
CCOERA plan assets
Deferred Compensation Fund balance -
December 31, 1993, as restated
$950,450
41,587
$992,037
Special Improvement District
Effect i ve January 1, 1994, the City changed the method of account i ng
for Special Improvement District No. 1987-1 (SID No. 1987-1) to include
it as a blended component unit reported as a debt service fund instead
of an agency fund. Therefore, the December 31, 1993 balances have been
restated as follows:
ASSETS
As Reported
Agency Fund
December 31
1993
As Reported
Debt
Service Fund
December 31
1993
Investments
Cash
Interest receivable
Special Assessment receivable
Total assets
$ 153,721 $
64,520
189
$ 218,430 $
153,721
64,520
189
509,197
727,627
LIABILITIES
Due to special district $ 218,430 $
Deferred revenue
Total liabilities 218,430
Fund balance
Total liabilities and fund balance $ 218,430 $
509,197
509,197
218,430
727,627
The General Long-Term Obligations Account Group has also been restated
to reflect the debt outstanding for SID No. 1987-1 as of December 31,
1993 (see Note 5).
-27-
COMBINING, INDIVIDUAL FUND AND ACCOUNT GROUP
STATEMENTS AND SCHEDULES
SPECIAL REVENUE FUNDS
Special Revenue Funds account for the proceeds of specific revenue sources that
are legally restricted to expenditures for specific purposes. The City has 15
special revenue funds.
Open Space Fund - the City, along with Jefferson County and adjacent Colorado
municipal ities, have agreed to jointly develop "Open Space". The City is
reimbursed, by the County, for certain expenditures incurred in this regard.
Insurance Reserve Fund - is used to pay for insurance premi urn for property,
liability, boiler, excess crime, community service 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 City's Police
Department.
Park Acquisition Fund - accounts for revenue 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 Court Fund - is used for equipment maintenance, office furniture, victim
services and miscellaneous court and probation expenses.
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.
Wheat Ridge Town Center Fund - accounts for revenue received and designated for
economic development by the Wheat Ridge Economic Development and Revitalization
Commission.
Equipment Fund - has been established to purchase and lease vehicles.
Wheat Ri dge Post Offi ce Fund - mon i es in th is fund are used to pay expenses
related to restoring the old post office.
Conservation Trust Fund - accounts for funds received and restricted as to use in
the acquisition, development and maintenance of park and recreation sites pursuant
to Colorado Revised Statutes.
Computer Fund - has been established to purchase and lease computers.
CITY OF WHEAT RIDGE, COLORADO
SPECIAL REVENUE FUNDS
COMBINING BALANCE SHEET
DECEMBER 31, 1994
Open Insurance Police
ASSETS Space Reserve Investigation
CURRENT ASSETS
Cash $ 12,346 $ $ 38,466
Investments 382,793
Accounts receivable
Property taxes
Intergovernmental 461,049
Other 50
Interest receivable
Due from other funds
Total current assets $ 473,395 $ 382,793 $ 38,516
LIABILITIES AND FUND EQUITY
LIABILITIES
Accounts payable $ 18,915 $ $
Due to other funds 433,609 3,031
Deferred revenue
Total liabilities 452,524 3,031
FUND EQUITY
Fund balances
Reserved for encumbrances 56,542
Unreserved
Designated for subsequent year's
expenditures 129,300 9,500
Undesignated (deficit) 35,671) 253,493 25,985
Total fund equity 20,871 382,793 35,485
Total liabilities and
fund equity $ 473,395 $ 382,793 $ 38,516
-28-
Park Buil di n9 Seni or Muni ci pa 1 Tree Ri chards/Hart
Acquisition Demolition Center Court Planting Improvement
$
17,744 $ 15,163 $11 ,034 $ 40,859 $ 4,063 $
15,885
6,539
$
17,744 $ 15,163 $11,034 $ 40,859 $ 19,948 $
6,539
$
$
$
$
$
$
150
9,600 8,676 1,600 4,385
17,744 5,563 2,208 40,859 18,348 2,154
17,744 15,163 11,034 40,859 19,948 6,539
$ 17,744 $ 15, 163 $11, 034 $ 40,859 $ 19,948 $ 6,539
(Continued)
-29-
CITY OF WHEAT RIDGE, COLORADO
SPECIAL REVENUE FUNDS
COMBINING BALANCE SHEET
DECEMBER 31, 1994
(Continued)
Parks and Wheat
Recreation Ridge
Damage Town
ASSETS Deposit Center Equipment
CURRENT ASSETS
Cash $ 1,052 $ 300,106 $
Investments 266,528 21,292
Accounts receivable
Property taxes 96,000
Intergovernmental
Other
Interest receivable
Due from other funds 3,805
Total current assets $ 1,052 $ 666,439 $ 21,292
LIABILITIES AND FUND EQUITY
LIABILITIES
Accounts payable $ $ $
Due to other funds 549
Deferred revenue 96,000
Total liabilities 549 96,000
FUND EQUITY
Fund balances
Reserved for encumbrances
Unreserved
Designated for subsequent year's
expenditures
Undesignated (deficit) 503 570,439 21. 292
Total fund equity 503 570,439 21,292
Total liabilities and
fund equity $ 1,052 $ 666,439 $ 21,292
-30-
Wheat Ridge Conservation T ota 1
Post Office Trust Computer 1994
$ 8,647 $ 16,362 $ $ 472,381
4,029 294,225 9,725 994,477
96,000
461,049
50
2,970 2,970
3,805
$ 12,676 $ 313,557 $ 9,725 $ 2,030,732
$
$
$
$ 18,915
438,498
96,000
553,413
1,309
1,309
2,200 110,057 888 169,837
3,902 190,000 2,000 358,963
6,574 12,191 6,837 948,519
12,676 312,248 9,725 1,477 ,319
$ 12,676 $ 313,557 $ 9,725 $ 2,030,732
-31-
CITY OF WHEAT RIDGE, COLORADO
SPECIAL REVENUE FUNDS
COMBINING STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCES
YEAR ENDED DECEMBER 31, 1994
Open Insurance Police
Space Reserve Investigation
REVENUE
Taxes
Intergovernmental
Charges for services
Interest
Other
$ $ $
465,725
Total revenue
14,750
10,346
465,725 25,096
31,120
493
31,613
EXPENDITURES
Current
General government
Planning and development
Police
Parks and recreation
Capital outl ay
Total expenditures
88,686
26,360
441,594
441,594
88,686
26,360
EXCESS (DEFICIENCY) OF REVENUE
OVER EXPENDITURES
24,131
63,590)
5,253
OTHER FINANCING SOURCES (USES)
Operating transfers in
Operating transfers (out) ( 286,000)
Total financing sources (uses) ( 286,000)
250,000
250,000
EXCESS (DEFICIENCY) OF REVENUE AND
OTHER FINANCING SOURCES
OVER EXPENDITURES AND OTHER
FINANCING USES
FUND BALANCE (DEFICIT) -
BEGINNING OF YEAR
FUND BALANCE - END OF YEAR
261,869)
186,410
5,253
282 ,7 40
196,383
30.232
35,485
$ 20,871 $ 382,793 $
-32-
Park. Building Senior Municipal Tree Richards/Hart
Acquisition Demolition Center Court Planting Improvement
$ $ $ $ $ $
2,250 53,262 2,640
404 427 259 776 853 195
10,786 3,739
2,654 427 11,045 54,038 4,592 2,835
31,530
1,925
8,037 13,647 3,098
700
1,925 8,037 32,230 13,647 3.098
2,654 ( 1,498 ) 3,008 21,808 9,055)( 263)
590 16,650
590 16,650
2,654
1,498) 3,008
22,398
7,595
263)
15,090
16.661 8,026
18.461
12,353
$
17,744 $ 15.163 $11,034 $ 40,859 $ 19,948 $
6.802
6,539
(Continued)
-33-
CITY OF WHEAT RIDGE, COLORADO
SPECIAL REVENUE FUNDS
COMBINING STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCES
YEAR ENDED DECEMBER 31, 1994
(Continued)
Parks and
Recreation
Damage
Deposit
Wheat
Ridge
Town
Center
EQuipment
REVENUE
Taxes
Intergovernmental
Charges for services
Interest
Other
Total revenue
$ $ 99,915 $
41 18,276
15,871
15,912 118,191
5,644
33 , 677
39,321
EXPENDITURES
Current
General government
Planning and development
Police
Parks and recreation
Capital outlay
Total expenditures
152,776
15,355
15,355
152,776
386,187
386,187
EXCESS (DEFICIENCY) OF REVENUE
OVER EXPENDITURES
OTHER FINANCING SOURCES (USES)
Operating transfers in
Operating transfers (out)
Total financing sources (uses)
557
34,585)(
346,866)
330,715
330,715
EXCESS (DEFICIENCY) OF REVENUE AND
OTHER FINANCING SOURCES
OVER EXPENDITURES AND OTHER
FINANCING USES
FUND BALANCE (DEFICIT) -
BEGINNING OF YEAR
FUND BALANCE - END OF YEAR
557 ( 34,585)(
16,151)
$
54) 605,024
503 $ 570,439 $
37,443
21,292
-34-
Wheat Ridge Conservation T ota 1
Post Office Trust Computer 1994
$ $ $ $ 99,915
212,933 709,778
58,152
238 12,525 2,251 57,132
6,518 500 81.437
6,756 225,958 2,251 1,006,414
120,216
154,701
26,360
240,053 721,784
10,661 152,961 550,509
10,661 240,053 152,961 1,573,570
3,905)( 14,095)( 150,710)( 567,156)
10,000 160,435 768,390
( 286,000)
10,000 160,435 482,390
6,095
14,095)
9,725 (
84,766)
~
6,581
12,676 $
326,343
1,562,085
312,248 $ 9,725 $ 1,477,319
-35-
CITY OF WHEAT RIDGE, COLORADO
SPECIAL REVENUE FUNDS
COMBINING SCHEDULE OF REVENUE, EXPENDITURES, ENCUMBRANCES
AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
YEAR ENDED DECEMBER 31, 1994
Variance-
Amended Favorable
Budget Actua 1 (Unfavorable)
$ $
702,451 465,725 ( 236,726)
REVENUE
Taxes
Intergovernmental
Charges for services
Interest
Other
$
Total revenue
702,451
EXPENDITURES AND ENCUMBRANCES
Current
General government
Planning and development
Police
Parks and recreation
Cap ita lout 1 ay
Total expenditures and
encumbrances
697,000
697,000
EXCESS (DEFICIENCY) OF REVENUE
OVER EXPENDITURES AND ENCUMBRANCES
OTHER FINANCING SOURCES (USES)
Operating transfers in
Operating transfers (out)
Total financing sources
(uses)
EXCESS (DEFICIENCY) OF REVENUE
AND OTHER FINANCING SOURCES
OVER EXPENDITURES,
ENCUMBRANCES AND OTHER
FINANCING USES
ADJUSTMENTS TO GAAP BASIS
Encumbrances
Prior year, paid current year
Current year outstanding
Total adjustments
5,451
(
(
286,000)(
286,000)(
($ 280,549)(
EXCESS (DEFICIENCY) OF REVENUE AND
OTHER FINANCING SOURCES OVER
EXPENDITURES AND OTHER FINANCING
USES (GAAP) BASIS
-36-
Open Space
465,725
236,726)
221,576
475,424
221,576
475,424
244,149
238,698
286,000)
286,000)
41,851) $ 238,698
(
(
276,560)
56,542
220,018)
($
261,869)
Insurance Reserve
Variance-
Favorable
Budget Actual (Unfavorable)
Police Investigation
Variance-
Favorable
Budget Actual (Unfavorable)
$
$ $ $ $ $
31 , 120 31,120
5,700 14,750 9,050 500 493 ( 7)
10,346 10,346 15,000 ( 15,000)
5,700 25,096 19,396 15,500 31,613 16,113
185,000
87,566
97,434
23,000
26,360 (
3,360)
185,000
87,566
97,434
23,000
26,360
3,360)
179,300)(
62,470)
116,830
7,500)
5,253
12,753
250,000
250,000
250,000
250,000
$ 70,700
187,530 $ 116,830 ($
7,500)
5,253 $
12,753
( 1,120)
( 1,120)
$ 186,410
$
5,253
(Continued)
-37-
CITY OF WHEAT RIDGE, COLORADO
SPECIAL REVENUE FUNDS
COMBINING SCHEDULE OF REVENUE, EXPENDITURES, ENCUMBRANCES
AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
YEAR ENDED DECEMBER 31, 1994
(Continued)
REVENUE
Taxes
Intergovernmental
Charges for services
Interest
Other
Park Acquisition
Variance-
Favorable
Budget Actual (Unfavorable)
$
$
$
Total revenue
800
2,300
3 ,100
2,250
404
2,654
2,250
396)
2,300)
446)
EXPENDITURES AND ENCUMBRANCES
Current
General government
Planning and development
Police
Parks and recreation
Capital outl ay
Total expenditures
and encumbrances
EXCESS (DEFICIENCY) OF REVENUE
OVER EXPENDITURES AND ENCUMBRANCES
OTHER FINANCING SOURCES (USES)
Operating transfers in
Operating transfers (out)
Total financing sources
(uses)
3,100
2,654
446)
EXCESS (DEFICIENCY) OF REVENUE
AND OTHER FINANCING SOURCES
OVER EXPENDITURES,
ENCUMBRANCES AND OTHER
FINANCING USES
ADJUSTMENTS TO GAAP BASIS
Encumbrances
Prior year, paid current year
Current year outstanding
Total adjustments
$
3,100
2,654 ($
446)
EXCESS (DEFICIENCY) OF REVENUE AND
OTHER FINANCING SOURCES OVER
EXPENDITURES AND OTHER FINANCING
USES (GAAP) BASIS
$
2,654
-38-
BuildinQ Demolition
Variance-
Favorable
BudQet Actual (Unfavorable)
$ $
$
405 427
405 427
1,925 (
1,925)
1,925
1. 925)
405 (
1,498)
1,903)
$
405 (
1,498) ($
1 , 903) $
($
1,498)
(Continued)
22
22
BudQet
$
250
7,000
7,250
7,000
7,000
250
250
-39-
Senior Center
Variance-
Favorable
Actual (Unfavorable)
$
$
259
10,786
11,045
9
3,786
3,795
8,187
1,187)
8,187 (
1,187)
2,858
2,608
2,858 $
2,608
150
150
$
3,008
CITY OF WHEAT RIDGE, COLORADO
SPECIAL REVENUE FUNDS
COMBINING SCHEDULE OF REVENUE, EXPENDITURES, ENCUMBRANCES
AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
YEAR ENDED DECEMBER 31, 1994
(Continued)
Municipal Court
Variance-
Amended Favorabl e
Budget Actual (Unfavorable)
REVENUE
Taxes
Intergovernmental
Charges for services
Interest
Other
$
Total revenue
EXPENDITURES AND ENCUMBRANCES
Current
General government
Planning and development
Police
Parks and recreation
Capital outl ay
Total expenditures and
encumbrances
EXCESS (DEFICIENCY) OF REVENUE
OVER EXPENDITURES AND ENCUMBRANCES
OTHER FINANCING SOURCES (USES)
Operating transfers in
Operating transfers (out)
Total financing sources
(uses)
EXCESS (DEFICIENCY) OF REVENUE
AND OTHER FINANCING SOURCES
OVER EXPENDITURES,
ENCUMBRANCES AND OTHER
FINANCING USES $
ADJUSTMENTS TO GAAP BASIS
Encumbrances
Prior year, paid current year
Current year outstanding
Total adjustments
EXCESS (DEFICIENCY) OF REVENUE AND
OTHER FINANCING SOURCES OVER
EXPENDITURES AND OTHER FINANCING
USES (GAAP) BASIS
-40-
$
$
43,000
5,160
48, 160
53,262
776 (
54,038
42,200
31,530
5,160
47,360
700
32,230
800
21,808
590
590
800
22,398 $
$
22,398
10,262
4,384)
5,878
10,670
4,460
15,130
21,008
590
590
21,598
Tree Planting Richards/Hart Improvement
Variance- Variance-
Amended Favorable Favorable
Budget Actua 1 (Unfavorable) Budget Actual (Unfavorable)
$ $ $ $ $ $
2,640 2,640
75 853 778 75 195 120
9,950 3,739 ( 6,211)
10,025 4,592 ( 5,433) 2,715 2,835 120
26,600
13,647
12,953
3,000
3,098
98)
26,600
13,647
12,953
3,000
3,098
98)
16,575)(
16,650
9,055)
16,650
7,520
285 )(
263)
22
16,650
16,650
$
75
7,595 $
7,520 ($
285)(
263) $
22
$
7,595
($
263)
(Continued)
-41-
CITY OF WHEAT RIDGE, COLORADO
SPECIAL REVENUE FUNDS
COMBINING SCHEDULE OF REVENUE, EXPENDITURES, ENCUMBRANCES
AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
YEAR ENDED DECEMBER 31, 1994
(Continued)
Parks and Recreation Damage Deposit
Variance-
Favorable
Budget Actual (Unfavorable)
REVENUE
Taxes
Intergovernmental
Charges for services
Interest
Other
Total revenue
$
$
$
100
22,000
22,100
41
15,871
15,912
59)
6,129)
6 , 188)
EXPENDITURES AND ENCUMBRANCES
Current
General government
Planning and development
Police
Parks and recreation
Capital outlay
Total expenditures and
encumbrances
23,250
15,355
7,895
23,250
15,355
7,895
EXCESS (DEFICIENCY) OF REVENUE
OVER EXPENDITURES AND ENCUMBRANCES
OTHER FINANCING SOURCES (USES)
Operating transfers in
Operating transfers (out)
Total financing sources
(uses)
1,150)
557
1,707
EXCESS (DEFICIENCY) OF REVENUE
AND OTHER FINANCING SOURCES
OVER EXPENDITURES,
ENCUMBRANCES AND OTHER
FINANC ING USES ($
ADJUSTMENTS TO GAAP BASIS
Encumbrances
Prior year, paid current year
Current year outstanding
Total adjustments
EXCESS (DEFICIENCY) OF REVENUE AND
OTHER FINANCING SOURCES OVER
EXPENDITURES AND OTHER FINANCING
USES (GAAP) BASIS
1,150)
557 $
1,707
$
557
-42-
Wheat Ridge Town Center Equipment
Variance- Variance-
Amended Favorable Amended Favorable
Budget Actual (Unfavorable) Budget Actua 1 (Unfavorable)
$ 105,000 $ 99,915 ($ 5,085) $ $ $
20,000 18,276 ( 1,724 ) 3,000 5,644 2,644
10,000 33,677 23,677
125,000 118,191 ( 6,809) 13,000 39,321 26,321
602,710 152,776 449,934
397,570 386 ,187 11,383
602,710 152,776 449,934 397,570 386,187 11 ,383
477,710) ( 34,585) 443,125 384,570)( 346,866) 37,704
330,715 330,715
( 125,065) 125,065
( 125,065) 125,065 330,715 330,715
($ 602,775)(
34,585) $ 568,190 ($ 53,855)(
16,151) $
37,704
($ 34,585)
($ 16,151)
(Continued)
-43-
CITY OF WHEAT RIDGE, COLORADO
SPECIAL REVENUE FUNDS
COMBINING SCHEDULE OF REVENUE, EXPENDITURES, ENCUMBRANCES
AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
YEAR ENDED DECEMBER 31, 1994
REVENUE
Taxes
Intergovernmental
Charges for services
Interest
Other
Total revenue
EXPENDITURES AND ENCUMBRANCES
Current
General government
Planning and development
Police
Parks and recreation
Capital outlay
Total expenditures
EXCESS (DEFICIENCY) OF REVENUE
OVER EXPENDITURES AND ENCUMBRANCES
OTHER FINANCING SOURCES (USES)
Operating transfers in
Operating transfers (out)
Total financing sources
(uses)
EXCESS (DEFICIENCY) OF REVENUE
AND OTHER FINANCING SOURCES
OVER EXPENDITURES,
ENCUMBRANCES AND OTHER
FINANCING USES
ADJUSTMENTS TO GAAP BASIS
Encumbrances
Prior year, paid current year
Current year outstanding
Total adjustments
EXCESS (DEFICIENCY) OF REVENUE AND
OTHER FINANCING SOURCES OVER
EXPENDITURES AND OTHER FINANCING
USES (GAAP) BASIS
(Continued)
Wheat Ridge Post
Offi ce
Variance-
Favorable
(Unfavorable)
Budget
Actua 1
$
$
$
25
25
238
6,518
6,756
213
6,518
6,731
10,000
10,000
1,709
1,709
8,291
8,291
9,975)(
1,535)
8,440
10,000
10,000
10,000
10,000
$
8,465 $
25
8,440
II
(
(
4,570)
2,200
2,370)
$
6,095
-44-
Conservation Trust Computer
Var;ance- Var;ance-
Amended Favorable Amended Favorable
Budget Actua 1 (Unfavorable) Budget Actua 1 (Unfavorable)
$ $ $ $ $ $
210,000 212,933 2,933
7,000 12,525 5,525 2,251 2,251
500 500 5,000 ( 5,000)
217 , 000 225,958 8,958 5,000 2,251 ( 2,749)
247,879 224,307 23,572
165,435 153,849 11 , 586
247,879 224,307 23,572 165,435 153,849 11 ,586
30,879) 1,651 32,530 160,435)( 151,598) 8,837
160,435 160,435
160,435 160,435
($ 30,879)
1,651 $
32,530 $
-0-
8,837 $
8,837
(
(
125,803)
110,057
15,746)
888
888
($ 14,095)
$
9,725
(Continued)
-45-
CITY OF WHEAT RIDGE, COLORADO
SPECIAL REVENUE FUNDS
COMBINING SCHEDULE OF REVENUE, EXPENDITURES, ENCUMBRANCES
AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
YEAR ENDED DECEMBER 31, 1994
(Continued)
Total
Variance-
Amended Favorable
Budget Actual (Unfavorable)
REVENUE
Taxes $ 105,000 $ 99,915 ($ 5,085)
Intergovernmental 912,451 709,778 ( 202,673)
Charges for services 45,640 58,152 12,512
Interest 43,090 57,132 14,042
Other 71,250 81.437 10,187
Total revenue 1,177,431 1.006,414 171,017)
EXPENDITURES AND ENCUMBRANCES
Current
General government 227,200 119,096 108,104
Planning and development 602,710 154,701 448,009
Police 23,000 26,360 3,360)
Parks and recreation 1,014,729 494,461 520,268
Capital outl ay 568,165 540,736 27,429
Total expenditures and
encumbrances 2,435,804 1,335,354 1.100,450
EXCESS (DEFICIENCY) OF REVENUE
OVER EXPENDITURES AND ENCUMBRANCES 1,258,373)( 328,940) 929,433
OTHER FINANCING SOURCES (USES)
Operating transfers in 767,800 768,390 590
Operating transfers (out) 411,065)( 286,000) 125,065
Total financing sources
(uses) 356,735 482,390 125,655
EXCESS (DEFICIENCY) OF REVENUE
AND OTHER FINANCING SOURCES
OVER EXPENDITURES,
ENCUMBRANCES AND OTHER
FINANCING USES ($ 901,638) 153,450 $ 1,055,088
ADJUSTMENTS TO GAAP BASIS
Encumbrances
Prior year, paid current year 408,053)
Current year outstanding 169,837
Total adjustments 238,216)
EXCESS (DEFICIENCY) OF REVENUE AND
OTHER FINANCING SOURCES OVER
EXPENDITURES AND OTHER FINANCING
USES (GAAP) BASIS ($ 84,766)
-46-
DEBT SERVICE FUNDS
The Debt Service Funds are used to account for financial resources to be used
for the accumul at i on of resources for and payment of general long-term debt
principal, interest and related costs.
Incremental Sales Tax Bond Fund accounts for funds received from one-half of
the City's sales tax receipts. The funds will be used to retire the sales tax
revenue refunding bond issue.
Special Improvement District No. 1987-1 - accounts for special assessments
co 11 ected and remi tted to the City for a spec i a 1 improvement d i stri ct bond
issue of 1988.
Compensated Absences accounts for funds received from the General Fund to pay
compensated absences of the City's employees.
CITY OF WHEAT RIDGE, COLORADO
DEBT SERVICE FUNDS
COMBINING BALANCE SHEET
DECEMBER 31, 1994
Special
Incremental Improvement
Sales Tax District Compensated Total
ASSETS Bond No. 1987-1 Absences 1994
CURRENT ASSETS
Cash $ 1,176 $ 19,372 $ $ 20,548
Investments 89,428 379,685 156,066 625,179
Interest receivable 93 266 359
Special assessments receivable 384,727 384,727
Due from other funds 660 660
Restricted investments 321,982 321,982
Total current assets $ 413,339 $ 784,050 $ 156,066 $ 1,353,455
LIABILITIES AND FUND EQUITY
LIABILITIES
Deferred revenue $ $ 384,727 $ $ 384,727
Accrued vacation and sick pay 17 ,053 17,053
Total liabilities 384,727 17,053 401,780
FUND BALANCE
Reserved for debt service 413,339 399,323 812,662
Unreserved
Designated for compensated absences 139,013 139,013
Total liabilities and
fund equ ity $ 413,339 $ 784,050 $ 156,066 $ 1,353,455
-47-
CITY OF WHEAT RIDGE, COLORADO
DEBT SERVICE FUNDS
COMBINING STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE
YEAR ENDED DECEMBER 31, 1994
Special
Incremental Improvement
Sales Tax District Compensated Total
Bond No. 1987-1 Absences 1994
REVENUE
Special assessments $ $ 124,470 $ $ 124,470
Interest 46,671 107,422 6,779 160,872
Total revenue 46,671 231,892 6,779 285,342
EXPENDITURES
Current
Other 63,648 63,648
Debt service
Principal 55,000 55,000
Interest and fiscal charges 124,258 50,999 I75,257
Total expenditures I79,258 50,999 63,648 293,905
EXCESS (DEFICIENCY) OF REVENUE
OVER EXPENDITURES 132,587) 180,893 56,869)( 8,563)
OTHER FINANCING SOURCES
Operating transfers in 178,564 I78,564
Total financing sources 178,564 I78,564
EXCESS (DEFICIENCY) OF REVENUE AND
OTHER FINANCING SOURCES OVER
EXPENDITURES 45,977 180,893 56,869) 170,001
FUND BALANCE - BEGINNING OF YEAR -
AS RESTATED 367,362 218,430 195,882 781,674
FUND BALANCE - END OF YEAR $ 413,339 $ 399,323 $ 139,013 $ 951,675
-48-
CITY OF WHEAT RIDGE, COLORADO
DEBT SERVICE FUNDS
COMBINING SCHEDULE OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCES -
BUDGET AND ACTUAL
YEAR ENDED DECEMBER 31, 1994
Incremental Sales Tax Bond Fund
Variance-
Favorable
Budget Actual (Unfavorable)
REVENUE
Special assessments
Interest
Total revenue
$
30,910
30,910
EXPENDITURES
Current
Other
Debt service
Principal
Interest and fiscal charges
Total expenditures
55,000
124,563
179,563
EXCESS (DEFICIENCY) OF REVENUE
OVER EXPENDITURES
148,653}(
OTHER FINANCING SOURCES
Operating transfers in
Total financing sources
151,653
151,653
EXCESS (DEFICIENCY) OF REVENUE AND
OTHER FINANCING SOURCES OVER
EXPENDITURES
3,000
FUND BALANCE - BEGINNING OF YEAR -
AS RESTATED
FUND BALANCE - END OF YEAR
700,105
$
$
46,671
46,671
15,761
15,761
55,000
124,258
179,258
305
305
132,587)
16,066
178,564
178,564
26,911
26,911
45,977
42,977
367,362
332,743}
$ 703,105 $ 413,339 ($ 289,766)
-49-
Special Improvement
District No. 1987-1
Variance-
Favorable
Budget Actual (Unfavorable)
Compensated Absences
Variance-
Favorable
Budget Actual (Unfavorable)
$ 105,000 $ 124,470 $
54,345 107,422
159,345 231,892
19,470 $
53,077
72,547
$
$
5,700
5,700
6,779
6,779
1,079
1,079
60,000 63,648 ( 3,648)
105,000 105,000
51,910 50,999 911
156,910 50,999 105,911 60,000 63,648 3,648)
2,435 180,893 178,458 54,300)( 56,869) 2,569)
2,435
180,893
178,458
54,300)(
56,869)
2,569)
222,436
218,430
$ 224,871 $ 399,323
$
4,006)
174,452
204,000
195,882
(
($
8,118)
10,687)
$ 149,700 $ 139,013
(Continued)
-50-
CITY OF WHEAT RIDGE, COLORADO
DEBT SERVICE FUNDS
COMBINING SCHEDULE OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCES -
BUDGET AND ACTUAL
YEAR ENDED DECEMBER 31, 1994
(Continued)
Budget
REVENUE
Special assessments
Interest
Total revenue
$
105,000 $
90,955
195,955
EXPEND ITURES
Current
Other
Debt service
Principal
Interest and fiscal charges
Total expenditures
60,000
160,000
176,473
396,473
EXCESS (DEFICIENCY) OF REVENUE
OVER EXPENDITURES
OTHER FINANCING SOURCES
Operating transfers in
Total financing sources
200,518)(
151.653
151.653
EXCESS (DEFICIENCY) OF REVENUE AND
OTHER FINANCING SOURCES OVER
EXPENDITURES
FUND BALANCE - BEGINNING OF YEAR -
AS RESTATED
FUND BALANCE - END OF YEAR
48,865)
1.126,541
Total
Actual
124,470 $
160,872
285,342
63,648
55,000
175,257
293,905
8,563)
178,564
178,564
170,001
781,674
Variance-
Favorable
(Unfavorable)
19,470
69,917
89,387
3,648)
105,000
1,216
102,568
191,955
26,911
26,911
218,866
$ 1,077,676 $ 951,675 $ 126,001
344,867)
-51-
FIDUCIARY FUNDS
Trust and Agency Funds are used
trustee capacity or as an agent.
agency funds.
to account for assets held by the City in a
The City has one pension trust fund and four
Pension Trust Fund
Police Pension - accounts for monies received from Plan participants and City
contributions. The funds are held in trust for disbursement to qualified
participants upon leaving the plan or upon qualified retirement.
Agency Funds
Publ i c Works Escrow - accounts for funds recei ved pri or 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
deferred compensat ion plans estab 1 i shed under Sect ion 457 of the Internal Revenue
Code.
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.
CITY OF WHEAT RIDGE, COLORADO
FIDUCIARY FUNDS
TRUST AND AGENCY FUNDS
COMBINING BALANCE SHEET
DECEMBER 31, 1994
Pension
Trust Agency
Public
Police Works Deferred
ASSETS Pension Escrow Compensation
CURRENT ASSETS
Cash $ $ 68,535 $
Investments 5,830,812 1,069,865
Interest receivable 18,192
Due from other funds
Total current assets $5,849,004 $ 68,535 $ 1,069,865
LIABILITIES AND FUND EQUITY
LIABILITIES
Deferred compensation payable $ $ $ 1,069,865
Refundable escrow deposits 68,509
Due to other funds 26
Total liabilities 68,535 1,069,865
FUND EQUITY
Fund balance
Reserved for
Retirement plans 5,849,004
Total fund equity 5,849,004
Total liabilities and fund equity $5,849,004 $ 68,535 $ 1, 069,865
-52-
CATV
Property
Damage 1994
$ 4,988 $ 73,523
6,900,677
18,192
12 12
$ 5,000 $6,992,404
$ $1,069,865
5,000 73,509
26
5,000 1,143,400
5,849,004
5,849,004
$ 5,000 $6,992,404
-53-
CITY OF WHEAT RIDGE, COLORADO
F IDUC IARY FUNDS
COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
ALL AGENCY FUNDS
YEAR ENDED DECEMBER 31, 1994
Assets
Due from
Cash and Other T ota 1
Investments Funds Assets
Public Works Escrow Fund
Balance January 1, 1994 $ 64,427 $ $ 64,427
Additions (reductions) 4,108 4,108
Balance December 31, 1994 $ 68,535 $ -0- $ 68,535
Deferred compensation
Balance January 1, 1994 $ 992,037 $ $ 992,037
Additions (reductions) 77 ,828 77 ,828
Balance December 31, 1994 $ 1,069,865 $ -0- $1,069,865
CATV Property Damage Fund
Balance January 1, 1994 $ 5,000 $ $ 5,000
Additions (reductions) ( 12) 12
Balance December 31, 1994 $ 4,988 $ 12 $ 5,000
Totals
Balance January 1, 1994 $ 1,061,464 $ $1,061,464
Additions (reductions) 81,924 12 81. 936
Balance December 31, 1994 $ 1.143,388 $ 12 $1,143,400
-54-
LIABILITIES
Refundable Due
Escrow Due to to Other Total
Deposits Employees Fund Liabil ities
$ 64,427 $ $ $ 64,427
4,082 26 4,108
$ 68,509 $ -0- $ 26 $ 68.535
$ $ 992,037 $ $ 992,037
77 . 828 77 ,828
$ -0- $1,069,865 $ -0- $ 1.069.865
$ 5,000 $ $ $ 5,000
$ 5,000 $ -0- $ -0- $ 5,000
$ 69,427 $ 992,037 $ $ 1,061,464
4.082 77.828 26 81.936
$ 73,509 $1.069.865 $ 26 $ 1.143.400
-55-
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.
CITY OF WHEAT RIDGE, COLORADO
GENERAL FIXED ASSETS ACCOUNT GROUP
COMPARATIVE SCHEDULE OF GENERAL FIXED ASSETS BY SOURCE
DECEMBER 31, 1994
GENERAL FIXED ASSETS
Land
Buildings
Streets and improvements
Equipment
Total
Investment in general fixed assets from
Assets contributed to the City
Acquired by various funds
Total
-56-
$ 2,478,250
3,011,262
9, 117,469
4,403,616
$19,010.597
$10,157,465
8.853,132
$19,010.597
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, 1994
Function and activity
General government
City Council
Treasurer
Mayor
City Administrator
Attorney
City clerk
Municipal court
Building
Community development
Total
Public safety
Police chief
Police administrative
services
Animal park enforce
Communications
O.A.R.E.
Civil di saster
Police records
Police training
Police patrol
Criminal investigation
Police traffic unit
Total
Public works
Administration
Engineering
Street maintenance
Traffic maintenance
Shops
T ota 1
Parks and recreation
Administration
Recreation
Parks maintenance
Total
Total general fixed
assets
Genera 1
Fixed
Assets
January 1,
1994
$ 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
Additions
and
Transfers
in
31,131
1,970
2,373
779
19,592
55,845
1,685
8,411
43,516
18,300
219
247
130,012
65,771
17,203
285,364
8,169
49,462
20,240
3,567
81,438
2,112
3,726
97,282
103,120
$18,910,820 $ 525,767
-57-
Deletions
and
Transfers
out
$
786 $
1,193
166
122,077
10,223
305
34,966
169,716
1,400
21,433
96,617
3,099
600
219
4,136
943
128,447
1,326
19,377
47,056
568
6,573
74,900
20,728
1,084
31,115
52,927
General
Fixed
Assets
December 31,
1994
272
39,645
864
123,274
211
12,787
32,787
2,124,812
67,029
2,401.681
157,682
55,578
314,447
194,190
21,666
895
19,235
1,251
207,521
129,933
44,070
1,146.468
8,681,438
235,714
1,037,816
287,835
329,676
10,572,479
3,001,561
1,045,015
843,393
4,889,969
$ 425,990 $ 19,010,597
CITY OF WHEAT RIDGE, COLORADO
GENERAL FIXED ASSETS ACCOUNT GROUP
SCHEDULE OF GENERAL FIXED ASSETS BY FUNCTION AND ACTIVITY
YEAR ENDED DECEMBER 31, 1994
Function and activity
General government
City counci 1
Treasurer
Mayor
City administrator
Attorney
City clerk
Municipal court
Buil di ng
Community development
Total
Public safety
Police chief
Police administrative services
Animal park enforce
Communications
D.A.R.E.
Civil di saster
Police records
Police training
Police patrol
Criminal investigation
Police traffic unit
Total
Public works
Administration
Engineering
Street maintenance
Traffic maintenance
Shops
Total
Parks and recreation
Administration
Recreation
Parks maintenance
Total
Total general fixed assets
Streets
and
Land Buildings Improvements
$
$ $
1,840,227
1, 840.227
2,761
2 ,761
530,350
69,807
60.000
660,157
1,731,126
39,617
47,350
1,818,093
223,005
888,903
56,366
1,168,274
83 , 411
83 . 411
383
2,059
2.442
8,140,389
8,140,389
762,739
12,589
115,899
891,227
$ 2.478.250 $ 3,011,262 $ 9,117,469
-58-
Equipment Total
$ 272 $ 272
39,645 39,645
864 864
123,274 123,274
211 211
12,787 12,787
32,787 32,787
201,174 2,124,812
67,029 67,029
478,043 2.401.681
154,538 157,682
53,519 55,578
314,447 314,447
194,190 194,190
21,666 21,666
895 895
19,235 19,235
1,251 1,251
207,521 207,521
129,933 129,933
44.070 44,070
1, 141.265 1,146,468
10,699 8,681,438
165,907 235,714
1,037,816 1,037,816
287,835 287,835
269,676 329,676
1.771 , 933 10.572,479
284,691 3,001,561
103,906 1,045,015
623 , 778 843,393
1,012,375 4,889,969
$ 4.403,616 $19,010,597
-59-
SUPPLEMENTAL INFORMATION
REPORT A
COUNTIES, CITIES, & TOWNS ANNUAL STATEMENT OF RECEIPTS
& EXPENDlruRES FOR ROADS, BRIDGES A~l) STREETS
COUNTY/CITYfTOWN'
City of Wheat Ridge
CALENDAR YEAR OF REPORT
1994
ROUND ALL AMOUNTS TO mAREST DOLLA.R
I SCHEDULE OF RECEIPTS FOR ROAD, BRIDGE AND STREET PURPOSES
A LOCAL SOURCES
1 Property Tax/Special Assessments
$ 148.669
2. General Fund Appropriations
3 Other lspecify)Street Cut
13.122
225,756
1,125,784
4. Traffic Fines
S. Sales Tax
6a. From County (specify)Road/Bridge
Auto Use
b. CityfTown (Specify) City EdQP-
water
7 Bond Proceeds (net of issuance cost)
353,535
bIb,},);!
]46.011
8. Note Proceeds (net of issuance cost)
9 Specific Ownership Taxes
TOTAL (A) LOCAL SOURCES
$2.631.218
B PRIVATE CONTRlBUTlONS 0
C STATE SOURCES
Highway Users Tax
$ 761. 935
o
2. Motor Vehicle Registration Fees
1/0.470
3 Other (specify) CDOT
26.0gj
TOTAL (C) STATE SOURCES
gOR.4g6
D,FEDERALSOURCES
1. Forest Service
o
o
2. Mineral Leasing
o
o
3 Payments in Lieu of Taxes
o
o
4 Other (specify)
o
TOTAL (D) FED SOURCES
o
E TOTAL RECEIPTS (A+B+C+D) $3.539,714
F, UNSPENT BALANCES BEGINNING OF YEAR 0
(must equal endlIlg balance of prevIOus year)
G, TOTAL RECEIPTS AND BALANCES (E+F) $3.539,714
(Revised 1(95)
A-13
-60-
REPORT A
(con't)
n. SCHEDULE OF EXPENDIn.7RES FOR ROAD. BRIDGE AND S'IXEET PURPOSES
A. DIRECT HlOHWA Y EXPENDmJRES
1. PJ&bt-of-Way
2. Preliminary and CoDSlnlction Engineering
3. ConstrUction
4. Maintenance ofCoodition
S. Snow aDd Ice Removal
6. Traffic Services
7. Adminis1rItiOll
I. Traffic Enforcemeut
TOTAL (A) DIRECT HIGHWAY EXPENDIlURES
B. DEBT PAYMENTS ON BONDS AND NOTES
1. Interest on Bonds
2. Interest on Notes
3. Redemption on Bonds (net value)
4. Redemption on Notes (net value)
TOTAL (B) DEBT PAYMENTS
C. PAYMENTS TO OnIER GOVERNMENTS
lL To County (specify)
b. To City (specify) Edgewater
2. To Dept. of Trans.
TOTAL (C) PAYMENTS TO OmER GOVERNMENTS
.' D. OTHER HIOHW A Y PURPOSES
(specify)
E. TOTAL EXPENDmJRES (A+B+C+D)
F. BALANCES END OF YEAR
(unspent receipts)
G. TOTAL EXPENDIlURES AND BALANCES (E+F)
(Revised 119S)'
$ 23.960
1. J~.J
634,413
968.949
23,611
205.739
557.832
849.467
3.265.566
5 17?QOf\
0
c;c:; nnn
n
5; ??7 QnR
$ 0
29.870
16.370
$ 46.240
$ 0
$3.539.714
$
o
51. ~1q. 714
A-14
-61-
REPORT A
(can't)
m. SCHEDULE OF CHANGE IN DEBT ST A ros FOR ROAD. BRIDGE AND STREET OBLlGA nONS
(show all entries at par value; face amount of issue)
A. BONDS AND NOTES OUTSTANDING BEGINNING OF YEAR
BONDS
$3,810,000
NOTES
B. AMOUNT ISSUED DURING YEAR (par value)
1. Original issues this year
2. Refunding issues
o
o
C. AMOUNT REDEEMED DURING YEAR (par value)
1. From current ~eipts or reserves
2. From refunding issues
55.000
o
D. BONDS AND NOTES OUTSTANDING END OF YEAR
$3.755.000
-' NOTE:
... TOTAL RECEIPTS & BALANCES MUST EQUAL TOTAL EXPENDITURES & BALANCES ...
PLEASE GIVE THE NAME AND PHONE NUMBER OF THE PERSON TO com ACT FOR QUESTIONS REGARDING
THE REPORT.
NAME:
Linda Stengel
PHONE:
(303) 235-2817
Revised (1195)
A-IS
-62-
CAPITAL OUTLAY EXPENDITURES FOR HPMS
CALENDER YEAR 1994
COUNTY, CITY TOWN OF Wheat Ridge
ROUND ALL AMOUNTS TO NEAREST DOLLAR
----
CAPITAL OUTIA Y ROAD OR STREET #] ROAD OR STREET 114 ROAD ORSTREET liS
NAME AND NUMBER NAME AND NUMBER NAME AND NUMBER
Independence & Jay ,i. 38th & Cody/Kipling 26th Ave. & 44th Av~
CONSTRUCTION
PROJECT Street Improvements Reconstruction Overlay
IMPROVEMNT TYPE 33 32 ~8
TOTAL COST $330,209 $ 4.570 $325,189
CONSTRUCTION
PROJECT
IMPROVEMENT TYPE
TOTAL COST
CONSTRUCTION
PROJECT
IMPROVEMENT TYPE
TOTAL COST
CONSTRUTION
PROJECT
IMPROVEMENT TYPE
TOTAL COST
CONSTRUCTION
PROJECT
IMPROVEMENT TYPE
TOTAL COST
#2 & #3 not used
TOTAL CONSTRUCTION PROJECTS S
659,968
TOTAL CONSTRUCTION PROJECTS MUST EQUAL THE CONSTRUCTION EXPENDITIJRES (R.O.W., PRELIMINAR'I
AND CONSTRUCTION ENGINEERING, AND COSNTRUCTION) ON THE RECEIPTS AND EXPENDITURES REPORT
(Revised 1195)
8-7
-63-
ST A TISTICAL SECTION
CITY OF WHEAT RIDGE, COLORADO
ASSESSED AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY
1992
1993
1994
LAST TEN FISCAL YEARS
(Unaudited)
Ratio
of Total
Assessed
to Total
Assessed Estimated Estimated
Valuation Actual Value Actual Value
$142,459,340 $ 569,837,360 25.00%
145,389,150 581,556,600 25.00
261,992,340 1,114,861,021 23.50
253,324,240 1,125,885,511 22.50
235,939,530 1,072,452,409 22.00
232,394,250 1,056,337,500 22.00
210,683,130 964,579,282 21.84
213,727,940 973,871,091 21.95
209,434,190 1,197,923,557 17.48
210,478,200 1,205,829,176 17.45
Fiscal
Year
1985
1986
1987
1988
1989
1990
1991
Notes:
A. Jefferson County is the collection agent for the City of Wheat Ridge and,
as such, could not separate real property, personal property and exempt
property. The amounts shown above represents 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 2001.
Source: Jefferson County Assessor's Office
-64-
CITY OF WHEAT RIDGE, COLORADO
GENERAL GOVERNMENTAL EXPENDITURES BY FUNCTION
LAST TEN FISCAL YEARS
(Unaudited)
Fiscal Genera 1 Planning and Public
Year Government Development Safety
1985 $ 979,111 $ 704,111 $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
1994 1,532,555 623,266 3,975,444
Source:
Includes the General, Special Revenue and Debt Service Funds, but
excluding the SID 1987 Debt Service Fund.
City of Wheat Ridge audited financial statements, 1985 - 1994.
Notes:
-65-
Public Parks and Debt
Works Recreation Service Other T ota 1
$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 2,205,524 172,305 725,186 10,418,245
1,936,078 2,194,725 179,258 1,403,327 11,844,653
-66-
CITY OF WHEAT RIDGE, COLORADO
GENERAL GOVERNMENTAL REVENUE BY SOURCE
LAST TEN FISCAL YEARS
(Unaudited)
Fiscal Licenses Inter-
Year Taxes and Permits governmental
1985 $7,440,861 $ 215,851 $ 1,154,850
1986 7,531,653 223,959 1,304,977
1987 7,320,112 246,513 1,655,083
1988 7,393,814 270,142 1,744,146
1989 5,171 ,317(A) 225,961 1,998,907
1990 5,736,579 332,499 1,810,246
1991 6,463,943 324,026 2,092,622
1992 6,712,572 344,309 1,897,279
1993 7,005,422 291,983 1,372,789
1994 7,448,440 333,660 1,430,934
Notes: Includes the General Fund only.
(A) One-half of the total sales tax revenue are accounted for in the Capital
Projects Fund beginning in 1989.
Source: City of Wheat Ridge audited financial statements, 1985 - 1994.
-67-
Charges for Fines and
Services Forfeitures Interest Other Total
$ 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
383,185 377 ,415 158,206 106,961 10,238,801
-68-
CITY OF WHEAT RIDGE, COLORADO
GENERAL GOVERNMENTAL TAX REVENUE BY SOURCE
LAST TEN FISCAL YEARS
(Unaudited)
Fi sca 1 Property Telephone Auto
Year Tax Occupation Ownership
1985 $ 478,447 $ 152,977 $ 48,061
1986 494,847 161,693 47,165
1987 502,269 177 , 486 44,926
1988 545,964 183,773 44,895
1989 542,580 172,901 46,986
1990 567,756 178,929 47,208
1991 564,389 175,326 49,973
1992 560,570 173,188 53,689
1993 569,769 181,593 55,050
1994 562,661 179,987 64, 196
Notes: Includes the General Fund only.
(A) One-half of the total sales tax revenue are accounted for in the Capital
Projects Fund beginning in 1989.
Source: City of Wheat Ridge audited financial statements, 1985 - 1994.
-69-
lodgers
Franchise and
Sales Tax Use Tax Tax Admissions Total
$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
3,650,712 1,616,251 826,983 547,650 7,448,440
-70-
CITY OF WHEAT RIDGE, COLORADO
PROPERTY TAX RATES - DIRECT AND OVERLAPPING GOVERNMENTS
LAST TEN FISCAL YEARS
(Unaudited)
Be 11 a ire
Fiscal City of Jefferson R-l School Sanitation
Year Wheat Ridge County District District
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
1994 2.714 25.584 52.276 0.000
Notes: All numbers shown are mill levies (amounts assessed per $1,000)
Source: Jefferson County Assessors' Office
-71-
North West Urban
Fruitdale Lal<ewood Drainage Va 11 ey Westridge Wheat Ridge Wheat Ridge
Sanitation Sanitation and Flood Water Sanitation Fire Sanitation
District District Control District District Protection District
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
4.266 7.727 0.780 1.885 8.028 4.880 3.592
-72-
CITY OF WHEAT RIDGE, COLORADO
PROPERTY TAX LEVIES AND COLLECTIONS - GENERAL FUND
LAST TEN FISCAL YEARS
(Unaudited)
Percent of
Percentage Delinquent Total Tax
Fiscal T ota 1 Current Tax of Levy Tax Total Tax Co 11 ect ions
Year Tax levy Collections Collected Collections Collections to Levy
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
1994 569,360 564,513 99.14 ( 1,852) 562,661 98.82
Notes: (A)
Net pri or year tax abatements and adjustments due to reva 1 uat i on of
property in Jefferson County.
Source:
Jefferson County Assessors' Office and the City of Wheat Ridge audited
financial statements, 1985 - 1994.
-73-
Fi sca 1
Year
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
Notes:
Source:
CITY OF WHEAT RIDGE, COLORADO
SPECIAL IMPROVEMENT DISTRICT 1987-1
BILLINGS AND COLLECTIONS
LAST TEN FISCAL YEARS
(Unaudited)
Current Current
Assessments Assessments
Due Collected
Ratio of
Co 11 ect ions
to
Amounts Due
$
$
%
1,250,000 221,388 17.71
164,538 176,479 107.26
164,538 164,538 100.00
167,000 181,523 108.70
167,000 195,516 117 . 08
167,000 121,787 72.93
105,000 124,470 118.54
In 1988, the city issued $1,250,000 in special assessment debt. The
property owners were offered the option to pay their pro rata 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.
City of Wheat Ridge audited financial statements, 1985 - 1994.
-74-
CITY OF WHEAT RIDGE, COLORADO
COMPUTATION OF LEGAL DEBT MARGIN
DECEMBER 31, 1994
(Unaudited)
Computation of maximum debt allowed
1994 estimated actual valuation
Legal debt limit percentage per City Charter ~12.7
Legal debt 1 imit
Amount of debt outstanding
Total bonded debt
Less: Revenue Bonds
Special Assessment Bonds
$3,755,000
( 3, 13 5, 000)
( 620,000)
Net general obligation bonded debt
outstanding
-0- $
Legal debt 1 imit
Legal debt margin
$1,205,829,176
3%
$ 36,174,875
-0-
36,174,875
$ 36,174,875
Note: The City Charter Legal Debt margin is also subject to the State
Constitution Section 20, Article X, "Taxpayers Bill of Rights" (TABOR)
under which no debt has been authorized.
Source: City of Wheat Ridge charter and Jefferson County Assessor's office.
-75-
CITY OF WHEAT RIDGE, COLORADO
REVENUE BOND COVERAGE SALES TAX REVENUE BONDS
LAST TEN FISCAL YEARS
(Unaudited)
Fi sca 1 Sales Tax Debt Service Requirements
Year Revenue Principal Interest Total
1985 $5,061,288 $ $ $
1986 5,050,875
1987 4,902,053
1988 5,083,240
1989 5,509,944 96,088 210,925
1990 5,461,862 210,925 210,925
1991 5,771,952 210,925 210,925
1992 6,321,351 210,925 210,925
1993 6,533,217 20,000 152,305 172,305
1994 6,740,566 55,000 124,258 179,258
Coverage
%
26.12
25.89
27.36
29.97
26.37
37.60
Notes: Sales tax revenue in both the General Fund and the Capital Projects
Fund are included since debt service is paid with sales tax proceeds.
Source: City of Wheat Ridge audited financial statements, 1985 - 1994.
-76-
CITY OF WHEAT RIDGE, COLORADO
Fi sca 1
Year
Population
30,280 $ 12,828
1985
1986
30,480
29,506
29,864
30,013
29,419
29,419
30,192
31,477
32,215
1987
1988
1989
1990
1991
1992
1993
1994
N/A: Not Available.
DEMOGRAPHIC STATISTICS
LAST TEN FISCAL YEARS
Per
Capita
Income
12,828
12,977
13 , 000
13,664
16,392
17,693
15,451
17,523
17,509
(Unaudited)
Medial
Age
34
34
35
35
35
32
37
37
38
37
Average
Number
of Years
of Formal Schoo 1 Unemp 1 oyment
Schooling Enrollment Rate
12.8
12.8
12.8
13.0
13.0
13.2
13.2
13.2
13.2
N/A
4,663
4,337
4,562
4,658
5,048
4,454
4,750
5,415
5,748
6,839
4.80%
6.40
5.60
5.80
4.50
3.90
4.20
5.00
4.20
5.00
Source: The 1990 Census Bureau stat i st i cs, the Center for Bus i ness and
Economic Forecasting, Jefferson County Planning Department, Jefferson
County School District R-1 and DRCOG.
-77-
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 Actua 1 Wheat Ridge
Year Units Value Units Value Property Value Bank Deposits
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 6 5,410,278 21 3,285,850 1,197,923,557 10,500,000
1994 18 5,338,887 27 2,730,000 1,205,829,176 65,438,026
Source: City of Wheat Ridge Building Department, Jefferson County Assessor's
office and local bank statements of condition.
-78-
CITY OF WHEAT RIDGE, COLORADO
MISCELLANEOUS STATISTICS
LAST TEN FISCAL YEARS
(Unaud ited)
Date of Incorporation
Form of Government
Area
Population (Est.)
1969
Mayor - Council
9.1 Sq. Miles
30,192
Employees
Elected
Appointed
11
170.1
Fire Protection (1)
Number of stations
Number of fire fighters and officers
(exclusive of volunteer fire
fighters)
2
1
Police Protection
Number of stations
Number of police officers
1
60
Education (1)
Private and Parochial
Public Elementary Schools
Public Junior High Schools
Public High School
Local Streets
Mil es of streets
Number of street lights
Number of traffic controlled
locations
4 (1,119 students)
6 (2,337 students)
2 (1,242 students)
1 (2,141 students)
Building Permits Issued
129
1,728
49
2,285
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
2
1
9
16 w/125.75 Acres
5.5 miles (approx. 300 acres)
27,707
537,537
(1) Facilities and services not included in the reporting entity.
Source: City of Wheat Ridge, Jefferson County School District R-1, Wheat Ridge
Fire Protection District and Jefferson County Public Library.
-79-