HomeMy WebLinkAbout1995
CITY OF WHEAT RIDGE, COLORADO
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE YEAR ENDED DECEMBER 31,1995
Prepared by the City Treasurer's Department
CITY OF WHEAT RIDGE, COWRADO
TABLE OF CONTENTS
DECEMBER 31, 1995
ThITRODUCTORYSECTION
Letter of Transmittal
Organizational Chart
List of Principal Officials
FINANCIAL SECTION
Independent Auditor's Report
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
Combined Statement of Revenue, Expenses and Changes in
Retained Earnings/Fund Balances - Proprietary Fund Type and
Police Pension Fund
Statement of Cash Flows - Proprietary Fund Type
Notes to Financial Statements
Combining, Individual Fund and Account Group Statements and Schedules
Special Revenue Funds
Combining Balance Sheet
Combining Statement of Revenue, Expenditures and Changes in
Fund Balances
Combining Schedule of Revenue, Expenditures, Encumbrances
and Changes in Fund Balances - Budget and Actual
Debt Service Funds
Combining Balance Sheet
Combining Statement of Revenue, Expenditures and Changes
in Fund Balance
Combining Schedule of Revenue, Expenditures and Changes in
Fund Balances - Budget and Actual
Internal Service Fund
Schedule of Revenue, Expenditures and Changes in Funds
Available - Budget and Actual
Fiduciary Funds
Combining Balance Sheet
Combining Statement of Changes in Assets and Liabilities -
All Agency Funds
(Continued)
Page
}-Vll
viii
IX
1
2-5
6-7
8-10
11
12
13-29
30-33
34-37
38-48
49-50
51-52
53-55
56
57-58
59-60
CITY OF WHEAT RIDGE, COLORADO
TABLE OF CONTENTS
DECEMBER 31,1995
(Continued)
Page
General Fixed Asset Account Group
Comparative Schedule of General Fixed Assets by Source
Schedule of Changes in General Fixed Assets by Function
and Activity
Schedule of General Fixed Assets by Function and Activity
61
62
63-64
Supplemental Information
Counties, Cities and Towns Annual Statement of Receipts and
Expenditures for Roads, Bridges and Streets
65-68
STATISTICAL SECTION
General Governmental Expenditures by Function
69
70-71
Assessed and Estimated Actual Value of Taxable Property
General Governmental Revenue by Source
72-73
General Governmental Tax Revenue by Source
74-75
Property Tax Rates - Direct and Overlapping Governments
76- 77
Special Improvement District 1987-1 - Billings and Collections
Computation of Legal Debt Margin
78
79
80
Property Tax Levies and Collections - General Fund
Demographic Statistics
81
82
83
Revenue Bond Coverage Sales Tax Revenue Bonds
Construction, Property Value and Bank Deposits
Miscellaneous Statistics
84
(Continued)
CITY OF WHEAT RIDGE, COLORADO
TABLE OF CONTENTS
DECEMBER 31, 1995
(Continued)
Page
REPORTS REQUIRED BY THE SINGLE AUDIT ACT OF 1984
Independent Auditor's Report on Supplementary Schedule
of Federal Financial Assistance
Schedule of Federal Financial Assistance
85
86-87
Internal Control Structure
Independent Auditor's Report on the Internal Control Structure
Based on an Audit of the Financial Statements Performed in
Accordance with Government Auditing Standards 88-89
Independent Auditor's Report on the Internal Control Structure
Used in Administering Federal Financial Assistance Programs 90-92
Compliance
Independent Auditor's Report on Compliance with Laws,
Regulations, Contracts and Grants Based on an Audit of
General Purpose Financial Statements Performed in Accordance
with GovernmentAuditing Standards 93
Independent Auditor's Report on Compliance with General
Requirements Applicable to Federal Financial Assistance Programs 94
Independent Auditor's Report on the Compliance with Specific
Requirements Applicable to Nonmajor Federal Financial
Assistance Program Transactions 95
Schedule of Findings and Questioned Costs 96
INTRODUCTORY SECTION
TELEPHONE: (303) 234-5900
7500 WEST 29TH AVENUE . WHEAT RIDGE, COLORADO 80215
The City of
GWheat
'Ridge
May 15, 1996
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:
We are pleased to transmit the Comprehensive Annual Financial Report of the City
of Wheat Ridge for the fiscal year ended December 31, 1995 This report was
prepared by the City Treasurer's Office and the City Administrator's Office.
Responsibility for both the accuracy of the data, and the completeness and fairness of
the presentation, including all disclosures, rests with the City. To the best of our
knowledge and belief, the enclosed data is accurate in all material respects and is
reported in a manner designed to present faIrly the financial position and results of
operations of the City of Wheat Ridge, All disclosures necessary to enable the reader
to gain an understanding of the City's financial and operational activities have been
included.
This report is presented in three sections as follows:
1. Introductory Section, which includes transmittal letters, organization
chart, and list of principal officials.
2. Financial Section, which includes the financial statements and
supplementary schedules, as well as the auditor's report on the
financial statements and schedules.
3. Statistical Section, which includes selected operational and
fmancial information, generally presented on a multi-year basis.
i
ACCOUNTING SYSTEM AND BUDGETARY CONTROL
In developing and evaluating the City's accounting system, consideration is given to
the adequacy of mternal controls, Internal accounting controls are designed to
provide reasonable, but not absolute, assurance regardmg the safeguarding of assets
against loss from unauthorized use or disposition and the reliability of financial
records for preparing financial statements and maintaining accountability for assets.
The concept of reasonable assurance recognizes that the cost of a control should not
exceed the benefits likely to be derived and the evaluation of costs and benefits
requires estimates and Judgements by management.
The City of Wheat Ridge uses funds and account groups to report on its financial
position and the results of its operations, Fund accounting is designed to demonstrate
legal compliance and to aid financial management by segregating transactions related
to certain government functions or activities, The City has a general fund where all
the current operations of the City are recorded; a capital projects fund where all major
drainage, street, traffic, and building projects are recorded; and 19 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 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.
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.
ii
GENERAL GOVERNMENT FUNCTIONS
Revenues for general governmental functions (General Fund only) totaled
$10,835,832 in 1995, an increase of 5.83% over 1994 The amount ofrevenJes from
various sources and the increase (decrease) over last year are shown in the following
table:
Increase Percentage
Revenues Percentage (Decrease) Increase
By Source 1995 Amount of Total From 1994 (Decrease)
Taxes $ 7,735,637 71.39% $287,197 3.86%
License & Permits 349,910 3.23 16,250 4.87
Intergovernmental 1,517,277 14.00 86,343 6.03
Charges for Services 408,747 3.77 25,562 6.67
Fines & Forfeitures 398,777 3.68 21,362 5.66
Interest Income 325,831 301 167,625 105.95
Other Revenue 99.673 ,92 ( 7.288) (6,81)
TOTAL $10,835,852 100.00% $597,051 5.83%
The major source of revenue for the City of Wheat Ridge is retail sales and use tax
($5,430,140). This comprises 50,11 % of total current General Fund revenue. The
one percent (1 %) General Fund sales tax revenues for 1995 were $3,648,519, a
decrease of .06% or $2,193 over 1994 collections, General Fund use tax revenues for
1995 were $1,781,621, an increase of 10.2% over 1994 collections (specific increases
were auto 1 %, building 115%, professional 21 %, and a decrease in retail use tax of
17%).
Current property tax collections for 1995 were 98.0% 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, 1994, and 1995 at 2.714 mills.
iii
Expenditures for general governmental functions (General Fund only) totaled
$10,723,661 in 1995, an increase of6.94% over 1994. 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 1995 Amount Of Total From 1994 (Decrease)
General Government $ 1,835,485 1711% $423,146 29.96%
Planning & Develop. 488,302 4.55 19,737 4.21
Pubhc Safety 4,166,339 38.86 217,255 5.50
Public Works 2,092,303 19.51 156,225 8,07
Parks & Recreation 1,547,502 1443 74,561 506
Other 484,873 4.52 ( 222,956) (31,50)
Capital Outlay 108.857 1.02 27.516 33.83
TOTAL $10,723,661 100.00% $695,484 6.94%
PENSION FUNDING POLICIES
The City participates in three mandatory and voluntary pension or deferred
compensation 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 deferred compensation 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 betwe\=n
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,
iv
The City has entered into several lease agreements for financing the acquisition of
equipment including vehicles, a telephone system and copy machines, The lease
agreements specifically state that the lease can be canceled at any time if the City
Council does not appropriate funds for that purpose. FWlds are budgeted and
encumbered for that year's payments only,
Wheat Ridge entered mto its first long-term bonded mdebtedness in 1988. On June
24, 1988, $1.25 million in Special Assessment Bonds were issued for the payment of
part of the construction costs oflocal 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 obhgation for payment of the debt on these bonds and acts as agent for
the property owners and bondholders. Substantial prepayments were made during
1995 and the outstanding bonded debt for SID as of December 31, 1995, was
$145,000.
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 savmgs, money market accounts, certificates
of deposit, and securities of the U.S. Government and its agencies, in conformance
with the Colorado Public Deposit Protection Act (PDPA) 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 up to F.D.I.C.
limits and are collateralized in conformance with PDP A. At the end of 1995, the
City's investment in certificates of deposit and government securities varied in stated
interest rates from 5.32% to 9.0%, and 3.25% to 4.75% in savings and money market
accounts, respectively. The City's investment portfolio indicates investments
throughout 1995 averaged 90% in U.S. Government securities and 10% in C.D.'s,
money market or savings accounts.
v
RISK MANAGEMENT
The City is exposed to various risks of loss related to torts, thefts and damage to, or
destruction of assets; error or omissions, mjuries to employees; or acts of God.
The City of Wheat Ridge takes senously the need for strong risk management
program. The City's program includes periodic review of all policies, procedures and
activities, Legal review of all contracts, an active employee safety committee,
employee training, review of insurance coverage, and other ongoing loss control
activities are also employed, Working closely with our insurers and attorneys, the
City acts qUIckly to resolve any known risk management problems. The City
participates in an insurance pool with other Colorado municipalities for liability and
property insurance in excess of self-insured retentions, and workers' compensation
coverage. The Colorado Intergovernmental Risk Sharing Agency (CIRSA) is a
separate and independent governmental and legal entity,
RESERVE POLICY
The City of What Ridge maintains at least an eight percent (8% of expenditures)
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
expenditures; 1991 was twenty-eight percent (28.43%) of expenditures; 1992 was
twenty-seven percent (27.27%) of expenditures; 1993 was thirty-nine percent
(38.91%) of expenditures; 1994 was forty-one percent (40,90%) of expenditures; and
1995 at thirty-five percent (34.64%) 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 transferred 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, fmancial 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, 19QO,
1991 and 1992). The city did not submit the Comprehensive Annual Financial
Report (CAFR) to GFOA for 1993 or 1994,
vi
ACKNOWLEDGMENTS
I would like to express my appreciation to Linda Stengel, Chief Accountant and to
members of the accounting staff, and to the administrative staff 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 1995 audit.
Respectfully submitted,
(1.~~1 //1~
Xa::s 0, Malone
City Treasurer
vii
CITY OF WHEAT RIDGE
ELECTORATE
I
CITY
CITY MAYOR TREASURER CLERK
COUNCIL
I I
CITY MUNICIPAL CITY
ATTORNEY JUDGE ADMINISTRATOR
BUDGET
PURCHASING
DATA PROC.
BLDG. MAINT.
PERSONNEL
ECO DEVEL.
VOLUNTEERS
I I I I
PARKS PLANNING PUBLIC
AND AND POll CE
RECREATION OEVELOPMENT WORKS
viii
CITY OF WHEAT RIDGE
ELEcrED OFFICIALS
MAYOR
Dan Wilde
CIIY COUNCIL
Jean D Fields DISTRICT I Jerry DiTullio
Ken Siler DISTRICT n Tony Solano
Don Eafanti DISTRICT ill Janelle Shaver
Claudia Worth DISTRICT N Teri Dalbec
CIIY CLERK
Wanda Sang
CIIY TREASURER
James O. Malone
MUNICIPAL JUDGE
Randall J. Davis
CIIY ATTORNEY
Gerald Dahl
CIIY ADMINISTRATOR
Robert C. Middaugh
DIRECTOR OF PLANNING
Glen Gidley
DIRECTOR OF PARKS & RECREA110N
Gary Wardle
DIRECTOR OF PUBliC WORKS
Robert Goebel
CHIEF OF POliCE
Jack Hurst
BUDGET/FINANCE ASSISTANT
William W Powell
PERSONNEL ASSISTANT
Patricia Crew
PURCHASING AGENT
Paul Edwards
CHIEF ACCOUNTANT
Linda Stengel
ix
FINANCIAL SECTION
wn
6~~~~~i~~~~"and Co., Inc.
Principals
Jack C. Schroeder
Larry R. Beardsley
Richard M. Carlson
Mark 0 Elmshauser
Kevin F Collins
INDEPENDENT AUDITOR'S REPORT
City Council
City of Wheat Ridge, Colorado
We have audited the accompanying general purpose fmancial statements of the City of Wheat
Ridge, Colorado as of and for the year ended December 31, 1995, as listed in the foregoing Table
of Contents, These fmancial statements are the responsibility of the City's management. Our
responsibility is to express an opinion on these fmancial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards and Government
Auditing Standards, issued by the Comptroller General of the United States. Those standards
require that we plan and perfonn 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 fmancial statements. An audit also
includes assessing the accounting principles used and significant estimates made by management,
as well as evaluating the overall fmancial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.
In our opinion, the general purpose fmancial statements referred to above present fairly, in all
material respects, the fmancial position of the City of Wheat Ridge, Colorado at December 31,
1995 and the results of its operations and the cash flows of its proprietary fund type for the year
then ended, in confonnity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report dated April 10,
1996 on our consideration of the City's internal control structure and a report dated April 10, 1996
on its compliance with laws and regulations.
Our audit was made for the purpose of fonning an opinion on the general purpose fmancial
statements taken as a whole. The combining and individual fund and account group fmancial
statements and schedules and supplemental infonnation, 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 infonnation
has been subjected to the auditing procedures applied in the audit of the general purpose fmancial
statements and, in our opinion, are fairly stated in all material respects in relation 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.
VQA1~J Co'Jj~.
April 10, 1996
6000 Greenwood Plaza Blvd., #110
Greenwood Village, CO 80111-4817
(303) 779-4000
FAX 770-927(,
Members: American Institute of Certified Public Accountants - S. E.C. and Private Practice Sections
Colorado Society of Certified Public Accountants
GENERAL PURPOSE FINANCIAL STATEMENTS
The general purpose fmancial statements provide a fmancial overview of the City's operations.
These financial statements present the fmancial position, operating results and cash flows, where
applicable, of all funds and account groups as.ofDecember 31, 1995 and for the year then ended.
CITY OF WHEAT RIDGE, COLORADO
COMBINED BALANCE SHEET - ALL FUND TYPES AND ACCOUNT GROUPS
DECEMBER 31, 1995
Governmental Fund '(ypes
Special Debt Capital
ASSETS AND OTHER DEBITS General Revenue Service Proiects
ASSETS
Cash $ 912,961 $ 383,747 $ 18,108 $
Investments 2,129,628 2,256,707 344,368 5,850,733
Restricted investments 321,982
Accounts receivable
Property taxes 593,000 93,000
Other taxes 520,127 228,743 429,395
Special assessments 259,785
Intergovernmental 349,229 1,742,452
Other 171,526
Interest receivable 5,387 7,573 371 22,117
Interfund loan 30,000
Due from other funds 446,991 241,515 1,980
Fixed assets
OTHER DEBITS
Amount available in Debt
Service Fund
Amount to be provided for
retirementofgener.il
long-tenn debt
Total assets and
other debits $S 158849 $4953.737 $ 946 594 $6302245
-2-
Proprietary Fiduciary
Fund '(ype Fund '(ype
Internal
Service Trust
Fund and Agency
$ $ 59,588 $
339,134 8,709,465
19,583
Account Groups
General General
Fixed Long-Term
Assets Debt
$
20,541,432
665,303
3,007.782
Totals
(Memorandum Only)
1995 1994
As Restated
$ 1,374,404 $ 1,475,636
19,630,035 17,777,129
321,982 321,982
686,000 667,000
1,178,265 974,150
259,785 384,727
2,091,681 2,127,549
171 ,526 59,452
55,031 53,326
30,000
690,486 443,001
20,541,432 19,811,436
665,303
951,675
3.007,782
3,270,183
$ 339.134 $ 8 788 636 $20 541 432 $ 3 673 085 $ 50703 712 $ 48 317 246
(Continued)
-3-
CITY OF WHEAT RIDGE, COLORADO'
COMBINED BALANCE SHEET - ALL FUND TYPES AND ACCOUNT GROUPS
DECEMBER 31,1995
(Continued)
C..overnmental Fund 1'ypes
LIABILITIES, EQUITY Special Debt Capital
AND OTHER CRRnITS General Revenue Service Pro i ects
LIABILITIES
Accounts and claims payable $ 78,686 $ 242,895 $ $
Retainage payable 7,636
Deferred compensation payable
Refundable escrow deposits 500
Interfund loan 30,000
Due to other funds 243,494 404,907 42,075
Deferred revenue 593,000 93,000 259,785
Accrued vacation and sick pay 21,506
Capital leases
Bonds payable
Total liabilities 915,680 770.802 281,29] 49,711
EQUITY AND OTHER CREDITS
Investments in general fixed assets
Retained earnings
Fund balances
Reserved for
Encumbrances 3,445 1,182,741 1,099,012
Capital projects 4,053,053
Debt service 502,689
Retirement plans
Emergencies 560,000
Unreserved
Designated for subsequent
year's expenditures 516,631 1,579,459 1,100,469
Designated for compensated
absences 162,614
Undesignated 3,163.093 ] ,420,735
Total equity and other
credits 4.243,169 4,182,935 665,303 6,252,534
Tota11iabilities, equity
and other credits $5.158849 $4.953 737 $ 946594 $6302245
-4-
Proprietary Fiduciary
Fund 1)'pe Fund Type Account Groups
Internal General General Totals
Service Trust Fixed Long-Term (Memorandum Only)
Fund and Agency A..sets Debt 1995 1994
As Restated
$ 100,142 $ $ $ $ 421,723 $ 397,661
7,636 30,082
1,373,521 1,373,521 1,069,865
59,578 60,078 74,009
30,000
10 690,486 443,001
945,785 1,051,727
433,152 454,658 446,538
34,933 34,933 37,373
3,205,000 3,205,000 3,755.000
100.142 1.433,109 3,673,085 7,223.820 7,305.256
20,541,432 20,541,432 19,811,436
238,992 238,992 382,793
2,285,198 1,461,062
4,053,053 3,015,763
502,689 812,662
7,355,527 7,355,527 5,849,004
560,000 300,000
3,196,559 3,139,442
162,614 139,013
4 583,828 6,100.815
238.992 7,355,527 20,541,432 43.479 892 41,011 ,990
$ 339 134 $ 8 788 636 $20.541 432 $ 3 673 085 $ 50.703.712 $ 48317.246
The accompanying notes are an integral part of the fmanciai statements.
-5-
Totals
Debt Capital (Memorandum Only)
Service Proj ects 1995 1994
As Restated
$ $ 3,674,850 $ 13,744,701 $11,349,779
349,910 258,308
55,001 2,727,265 2,640,623
463,669 441,337
398,777 377,415
145,625 145,625 124,470
100,831 308,609 820,347 579,450
49 ]]2 235 46] 22],835
246.456 4,087.572 ]8,885.755 15.993,2]7
1,888,899 1,693,869
1,201,251 623,266
4,182,320 3,975,444
2,092,303 1,924,212
1,999,841 2,207,560
52,771 537,644 771,477
4,720,940 5,893,116 2,880,679
550,000 550,000 55,000
165,197 165.]97 ] 75 257
767.968 4,720.940 18,5]057] 14.306,764
(52] .512) (633.368) 375,184 1.686,453
235,140 11,580 2,094,724 1,632,954
0,3]4.025) 0,094,724) (1,632,954)
235,140 0,302 445)
(286,372) (1,935,813) 375,184 (1,686,453)
951,675 6,188,347 14,968,757 13,282,304
2,000.000
$ 665.303 $ 6.252.534 $ 15.343.94] $ 14 968 757
The accompanying notes are an integral part of the fmancial statements.
-7-
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CITY OF WHEAT RIDGE, COWRADO
COMBINED STATEMENT OF REVENUE, EXPENDITURES, ENCUMBRANCES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
ALL GOVERNMENTAL FUND TYPES
YEAR ENDED DECEMBER 31,1995
General
Variance-
Amended Favorable
Bud~et Actual (Unfavorable)
REVENUE
Taxes $ 7,430,079 $ 7,735,637 $ 305,558
Licenses and permits 246,100 349,910 103,810
Intergovernmental 1,243,400 1,517,277 273,877
Charges for services 505,600 408,747 (96,853)
Fines and forfeitures 379,500 398,777 19,277
Special assessments
Interest 110,000 325,831 215,831
Other 39 600 99 673 60 073
Total revenue 9 954 279 10 835,852 881 573
EXPENDITURES AND ENCUMBRANCES
Current
General government 1,927,499 1,833,649 93,850
Planning and development 519,620 488,302 31,318
Police 4,314,569 4,166,339 148,230
Public works 2,236,438 2,092,303 144,135
Parks and recreation 1,643,697 1,547,502 96,195
Other 573,160 484,873 88,287
Capital outlay 129,789 108,857 20,932
Debt service
Principal
Interest and fiscal charges
Total expenditures and
encumbrances 11 344 772 10721 825 622947
EXCESS (DEFlCIENCY) OF REVENUE
OVER EXPENDITURES AND
ENCUMBRANCES (1 390 493) 114 027 1 504 520
OTHER FINANCING SOURCES
Transfers in 1,095,000 1,095,000
Transfers (out) (430699) (430699)
Total other financing sources (uses) 664 301 664 301
EXCESS (DEFlCIENCY) OF REVENUE
AND OTHER FINANCING SOURCES
OVER EXPENDITURES, ENCUMBRANCES
AND OTHER FINANCING USES $ (726 192) 778 328 $ I 504 520
ADJUSTMENTS TO GAAP BASIS
Encumbrances
Prior year, paid current year (5,281)
Current year outstanding :1 445
Total adjustments (J 836)
EXCESS (DEFlCIENCY) OF REVENUE
AND OTHER FINANCING SOURCES
OVER EXPENDITURES AND OTHER
FINANCING USES (GAAP) BASIS $ 776 492
-8-
Special Revenue Debt Service
Variance- Variance-
Amended Favorable Amended Favorable
Bud~et Actual (Unfavorable) Budeet Actual (Unfavorable)
$ 1,875,321 $ 2,334,214 $ 458,893 $ $ $
892,060 1,154,987 262,927
61,640 54,922 (6,718)
115,000 145,625 30,625
83,585 85,076 1,491 83,080 100,831 17,751
66 092 86,676 20 584
2 978 698 3 715 875 737 177 198 080 246456 48 376
57,165 53,414 3,751
684,788 712,949 (28,161)
25,000 15,981 9,019
1,564,937 383,316 1,181,621
110,000 52,771 57,229
3,439,369 2,168,367 1,271,002
550,000 550,000
166,605 165197 1,408
5 771 259 3 334 027 2 437 232 826 605 767 968 58 637
(2792561) 381 848 3 174409 (628 525) (521,512) 107 013
753,004 753,004 235,140 235,140
(367 654) (350 (00) 17 654
385,350 403 004 17654 235 140 235 140
$ (2407 211)
784 852 $ 3 192 063 $ (393 385)
(286,372) $
107013
(146,716)
1 182741
1 036 025
$ 1 820 877
$ (286 372)
(Continued)
-9-
CITY OF WHEAT RIDGE, COWRADO
COMBINED STATEMENT OF REVENUE, EXPENDITURES, ENCUMBRANCES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
ALL GOVERNMENTAL FUND TYPES
YEAR ENDED DECEMBER 31,1995
(Continued)
Capital Proiect~
Variance-
Amended Favorable
Buda:et Actual (Unfavorable)
REVENUE
Taxes $ 3,490,000 $ 3,674,850 $ 184,850
Licenses and permits
Intergovernmental 55,001 55,001
Charges for services
Fines and forfeitures
Interest 150,000 308,609 158,609
Other 38 500 49112 10,612
Total revenue 3 678 500 4,087 572 409 072
EXPENDITURES AND ENCUMBRANCES
Current
General government
Planning and development
Police
Public works
Parks and recreation
Other
Capital outlay 5,906,147 4,986,334 919,813
Debt service
Principal
Interest and fiscal charges
Total expenditures and
encumbrances 5 906 147 4,986334 919813
EXCESS (DEFICIENCY) OF REVENUE
OVER EXPENDITURES AND
ENCUMBRANCES (Z 227 647) (898 76:4) 1.328,885
OTHER FINANCING SOURCES
Transfers in 11,580 11 ,580
Transfers (out) (I 314025) (1,314025)
Total other financing sources (uses) (1 302 445) (I 302 445)
EXCESS (DEFICIENCY) OF REVENUE
AND OTHER FINANCING SOURCES
OVER EXPENDITURES, ENCUMBRANCES
AND OTHER FINANCING USES $ (3 530 092) (2.201 207) $ 1 328 885
ADJUSTMENTS TO GAAP BASIS
Encumbrances
Prior year, paid current year (833,618)
Current year outstanding I 099 012
Total adjustments 265 394
EXCESS (DEFICIENCY) OF REVENUE
AND OTHER FINANCING SOURCES
OVER EXPENDITURES AND OTHER
FINANCING USES (GAAP) BASIS $ (] 935813)
The accompanying notes are an integral part of the fmanciaI statements.
-10-
CITY OF WHEAT RIDGE, COLORADO
COMBINED STATEMENT OF REVENUE, EXPENSES AND
CHANGES IN RETAINED EARNINGS/FUND BALANCES -
PROPRIETARY FUND TYPE AND POllCE PENSION FUND
YEAR ENDED DECEMBER 31, 1995
Proprietary Fiduciary
Fund'I'ype Fund'I'ype Totals
Internal Police (Memorandum Only)
Service Pension 1995 1994
As Restated
OPERATING REVENUE
Insurance billings to other funds $ 2,000 $ $ 2,000 $ 250,000
Insurance reimbursements 203,410 203,410
Contributions
Employer 235,981 235,981 222,534
Employee - Mandatory 235,981 235,981 222,534
Employee - Voluntary 26,945 26,945 25,669
Total operating revenue 205,410 498,907 704,317 720,737
OPERATING EXPENSES
Insurance claims 370,503 370,503 78,340
Benefit payments 224,395 224,395 395,820
Administrative charges 36,160 36,160 33,703
Total operating expenses 370 503 260,555 631,058 507,863
OPERATING INCOME (LOSS) (165,093) 238,352 73,259 212,874
NONOPERATING INCOME
Interest 21,292 313,111 334,403 324,188
Securities income (loss) 955,060 955,060 (443.704)
Total nonoperating
income (loss) 21,292 1 268,171 1 289.463 (119.516)
NET INCOME (LOSS) (143,801) 1,506,523 1,362,722 93,358
RETAINED EARNINGS/FUND
BALANCE BEGINNING
OF YEAR - AS RESTATED 382 793 5,849.004 6,231 797 6,138.439
RETAINED EARNINGS-
END OF YEAR $ 238 992 $7355.527 $7594519 $6231.797
The accompanying notes are an integral part of the fmancial statements.
-11-
CITY OF WHEAT RIDGE, COWRADO
PROPRIETARY FUND TYPE
INTERNAL SERVICE FUND
STATEMENT OF CASH FLOWS
YEAR ENDED DECEMBER 31,1995
CASH FLOWS FROM OPERATING ACTIVITIES
(Loss) from operations
Adjustments to reconcile (loss) from operations to net
cash (used) by operating activities
Increase in accounts payable
Total adjustments
Net cash (used) by operating activities
CASH FLOWS FROM INVESTING ACTIVITIES
Interest received
Net cash provided by investing activities
$ (165,093)
100 142
100,142
(64,951)
21 ,292
21,292
(43,659)
382 793
$ 339,134
NET (DECREASE) IN CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS - BEGINNING OF YEAR
CASH AND CASH EQUIVALENTS - END OF YEAR
The accompanying notes are an integral part of the fmancial statements.
-12-
NOTE 1)
l' lTE 2)
CITY OF WHEAT RIDGE, COWRADO
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31,1995
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 fonn of government and provides the following
services as authorized by its charter: public safety, parks and recreation, public
improvements and general administrative services, including fmancial, planning
and development, and municipal court services.
The City follows the Governmental Accounting Standards Board (GASB)
accounting pronouncements which provide guidance for detennining which
governmental activities, organizations and functions should be included within the
fmancial reporting entity. GASB pronouncements set forth the fmancial
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 I s governing body,
ability to impose its will on the organization, a potential for the organization to
provide specific fmancial benefits or burdens and fiscal dependency.
Included within the City I s reporting entity (in blended presentation as the Wheat
Ridge Town Center Special Revenue Fund) is the Wheat Ridge Economic
Development and Revitalization Commission (Commission). 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 offsite for residents
of Jefferson County. The City contributed $10,526 for operation and construction
of the facility during 1995 which is immaterial to the City. The Authority is not
providing an additional financial benefit or obligation to the City. Separate audited
financial statements for the Authority may be obtained from the Colorado State
Auditor's office. I
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 expenditures or expenses, as
-13-
-\
accounted for in individual funds based upon the purposes for which they are to be
spent and the means by which spending activities are controlled. The various funds
are grouped, in the financial statements in this report, into seven generic fund types
and three 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 fmancial 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
accumulation of resources for, and the payment of long-tenn obligation
principal, interest and related costs.
Capital Projects Fund - Capital Projects Fund is used to account for
fmancial resources to be used for the acquisition or construction of major
capital facilities.
Proprietary Fund Type
Internal Service Fund - The Internal Service Fund accounts for goods and
services provided to other departments or funds of the City on a cost-
reimbursement basis.
The City has elected not to apply statements issued by the Financial
Accounting Standards Board after November 30, 1989. Governmental
Accounting Standards Board pronouncements on accounting and fmancial
reporting for proprietary activities are followed.
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-tenn obligations are recorded
when the liability is incurred or the long-tenn obligation paid.
-14-
The accrual basis of accounting is utilized in the proprietary fund type and
pension tIUst fund. Revenue is recognized when earned and expenses are
recognized when the liability is incurred.
c) Budgets
The City conforms to the following procedures, in compliance with
Colorado Revised Statutes, in establishing the budgetary data reflected in
the fmancial statements:
Prior to October IS, 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 fmancing
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 Administrator is
authorized to transfer amounts within an individual fund.
In addition to the operating budget, a five year capital improvement
program is proposed by the City Administrator and adopted by City
Council. This program identifies projected expenditures and anticipated
revenue by fund. The program is revised and extended annually. The City
Council adopts the program as a planning document but does not
appropriate the multi-year expenditures. Annual installments to the
identified projects are appropriated in the annual operating budgets or by
supplemental appropriations.
Appropriations are controlled by encumbrance accounting and the budget
is only amended in conformity with Colorado Revised Statutes, which
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 and Internal Service
Fund which are GAAP basis. Budgetary amounts, included in the fmancial
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:
-15-
Eund
General Fund
Special Revenue Funds
Open space
Police investigation
Senior center
Municipal court
Tree planting
Richard Hart improvement
Parks and recreation damage
deposit
Wheat Ridge Town Center
Equipment
Wheat Ridge Post Office
Conservation Trust
Computer
Building demolition
Police building
Debt Service Fund
Incremental Sales Tax Bond
Special Improvement District
No. 1987-1
Compensated absences
Capital Projects Fund
Proprietary Fund
Risk Financing Insurance Reserve
Original,
Appropriations
$ 11,280,918 $
1,475,000
25,000
18,126
48,115
22,150
7,225
15,000
614,759
408,500
20,738
358,000
240,175
10,000
197,050
159,035
110,000
5,665,140
155 000
" 20 829.931 $
Supplemental
Appropriations
(Recisions)
494,553 $
10,000
3,000
60,029
33,885
6,175
16,436
2,746,600
360,520
1,555,032
17000
5 303 230 $
Amended
Appropriations
11,775,471
1,475,000
25,000
18,126
58,115
25,150
7,225
15,000
674,788
442,385
26,913
374,436
240,175
10,000
2,746,600
197,050
519,555
110,000
7,220,172
172.000
26 133 161
The Risk Financing Insurance Reserve Fund, Wheat Ridge Town Center
Fund and the Incremental Sales Tax Bond Fund overexpended or
overencumbered their appropriations which may be in violation of the
City's charter.
d) Cash Equivalents
For purposes of the statement of cash flows, the City considers cash
deposits and highly liquid investments with a maturity of three months or
less when purchased, to be cash equivalents.
e) 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 determined taxes during 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
-16-
August and generally sales of the tax liens on delinquent prope~ies 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.
o 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. Short-tenn interfund
loans are classified as "interfund loans".
g) General Fixed Assets
General fIxed assets are not capitalized in the funds used to acquire or
construct them. Instead, capital acquisition and construction are reflected
as expenditures in governmental funds and related assets are in the General
Fixed Assets Account Group. All purchased fIxed assets are valued at cost
w here historical records are available and at an estimated historical cost
where no historical records exist. Donated ftxed 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.
The Jefferson County, Colorado Open Space Program acquires land for
public enjoyment (e.g., parks, playgrounds, lakes, etc.) and then donates
the property to the City for use as public land. The property is recorded at
the cost recorded by the Open Space Program.
h) Compensated Absences
Vested or accumulated .sick leave that is expected to be liquidated with
expendable available fmancial 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 fmancial resources are
reported in the generallong-tenn debt account group. No expenditures are
reported for these amounts.
-17-
i) Long-Term Obligations
Long-tenn debt is recognized as a liability of a governmental fund when
due or when resources have been accumulated in the Debt Service Fund
,
for payment early in the following year. For other long-tenn obligations,
only that portion expected to be fmanced from expendable available
fmancial resources is reported as a liability of a governmental fund. The
remaining portion of such obligations is reported in the General Long- Tenn
Debt Account Group.
j) Fund Equity
Reservations of fund balance indicate that portion of fund balance which is
legally segregated for a specific puxpose. Unreserved - designated fund
balance indicates the City I 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 $4,053,053 is to be used exclusively 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
$502,689 is to be used for repayment of bond principal, interest and
associated costs.
Encumbrances outstanding, at year end, are reserved and do not constitute
expenditures or liabilities.
Article X, Section 20 of the Constitution of the State of Colorado requires
the City to establish Emergency Reserves (see Note 9). $560,000 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, 1995, represents the amount appropriated for use in the
budget for the year ending December 31, 1996.
The amount classified as "designated for compensated absences" has been
designated for the future payment of compensated absences.
Deficits
The Wheat Ridge Town Center Fund, a Special Revenue Fund, had a
deficit fund balance as of December 31, 1995.
-18-
NOTE 3)
k) Interfund Transactions
Quasi-external transactions are accounted for as revenue or expendi~res.
Transactions that constitute reimbursements to a fund for expendltures
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 penn anent transfers of
equity are reported as residual equity transfers. All other interfund
transfers are reported as operating transfers.
1) Reclassifications
For comparability, the 1994 figures have been reclassified where
appropriate to confonn with the 1995 fmancial statement presentation.
m) Totals (Memorandum Only)
Total columns on the combined statements are captioned "(Memorandum
Only)" because they do not represent consolidated financial infonnation and
are presented only to facilitate financial analysis. Data in these columns do
not present fmancial position or results of operations, in confonnity with
generally accepted accounting principles. Interfund eliminations have not
been made in the aggregation of this data.
CASH AND INVESTMENTS
Cash Deposits
The Colorado Public Deposit Protection Act (PDPA) requires that all units of local
government deposit cash in eligible public depositories. Eligibility is detennined
by state regulators. Amounts on deposit in excess of federal insurance levels must
be collateralized. The eligible collateral is detennined 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 marl<:et value of the collateral must be at least equal
to the aggregate uninsured deposits.
The State Regulatory Commissions for banks and fmancial 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, 1995, the City's cash deposits had a bank balance and a carrying
balance as follows:
Cash on hand
Insured deposits
Deposits collateralized in single
.institution pools
Carrying Bank
Balance Balance
$ 1,810 $
193,235 193,713
1.179.359 1,612.122
$ 1.374 404 $ 1 805.835
-19-
Investments
Colorado statutes specify investment instruments meeting defmed 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 mutual funds
Guaranteed investment contracts
Local government investment pools
The City's investments are recorded at cost, except for investments in the pension
fund and the deferred compensation agency fund 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 I 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 unregistered
investments for which the securities 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 mutual
funds are not categorized because they are not evidenced by securities that exist in
physical or book entry fonn.
U.S. Treasury Strips
U.S. Treasury Bills
and Notes
Total categorized
Category Carrying Market
1 2 3 Amount Value
$ $ $1,335,609 $ 1,335,609 $ 2,832,915
1 656,832 299,982 I 956 814 1,985 525
$ 1 656 832 $ -0- $1 635.591 3.292,423 4,818.440
Cate:orized
Not SulUect to
Cat~orization
Total investments
7,950,129
7,335,944
1,373,521
16.659,594
$ 19.952017
7,950,129
7,335,944
1,373 521
16,659.594
$ 21 478 034
Local government investment pools
Money market mutual funds
Deferred compensation plan (valued at market)
As of December 31, 1995, the City has invested $3,098,042 in the Colorado Local
Government Liquid Asset Trust (the Trust) and $4,852,087 in Colorado Surplus
Asset Fund Trust (CSAFE), investment vehicles established for local government
entities in Colorado to pool sUIplus funds. The Trust and CSAFE operate similarly
-20-
to a money market fund and each share is equal in value to $1.00. The Trust
offers shares in two portfolios, COLOTRUST PRIME and COLOTRUST PLUS + .
Investments of COLOTRUST PRIME and CSAFE consist of U.S. Treasury bills,
notes and note strips and repurchase agreements collateralized by U. S. Treasury
securities. COLOTRUST PLUS + and CSAFE may also invest in certain
obligations of U.S. government agencies and repurchase agreements collateralized
by certain obligations of U.S. government agencies. COLOTRUST PLUS + may
also invest in highest rated commercial paper. A designated custodial bank
provides safekeeping and depository services to the Trust and CSAFE in
connection with the direct investment and withdrawal functions of the Trust and
CSAFE. Substantially all U.S. government securities owned by the Trust and
CSAFE and repurchase agreement collateral are held by the Federal Reserve Bank
in the account maintained for the custodial bank. The custodian I s internal records
identify the investments owned by the Trust and CSAFE. All of the City's
investment in the Trust was maintained in the COLOTRUST PRIME portfolio.
Police Pension Fund investments consist of the money market mutual funds shown
above and are held by a third party trustee.
Total cash deposits
Total investments
$ 1,374,404
19.952,017
$21,326421
Cash deposits and investments are reflected on the December 31, 1995 balance
sheet as follows:
Unrestricted
Cash
Investments
Restricted investments
$ 1,374,404
19,630,035
321,982
$ 41,326 421
NOTE 4)
~cted investments consist of bond proceeds reserved for payment of principal
and mterest on the 1993 Sales Tax Revenue Refunding Bonds (see Note 5).
CHANGES IN GENERAL FIXED ASSETS
The changes in general fIxed assets for the year ended December 31, 1995 are as
follows:
Land
Buildings
Streets and improvements
Equipment
Construction in progress
Balance at
January Balance at
1, 1995 - December
As Restated Additions Deletions 31, 1995
$ 3,279,089 $ 29,400 $ $ 3,308,489
3,011,262 3,011 ,262
9,117,469 9,117,469
4,403,616 608,238 346,556 4,665,298
438,914 438,914
$ 19811 436 ~ 1 076 552 $ 346.556 $ 20 541.432
-21-
NOTE 5)
The General Fixed Asset Account Group has been restated to reflect land acquired
by Jefferson County on behalf of the City in previous years.
WNG- TERM OBLIGATIONS
The following is an analysis of changes in long-tenn obligations for the year ended
December 31, 1995:
Balance at Balance at
January December
1, 1995 Additions Reductions 31. 1995
Revenue bonds $ 3,135,000 $ $ 75,000 $ 3,060,000
Special Assess-
ment Bonds 620 000 475,000 145,000
3,755,000 550,000 3,205,000
Capital leases 37,373 26,481 28,921 34,933
Compensated
absences 429.485 3,667 433,152
$ 4.221 858 $ 30.148 $ 578.921 $ 3.673.085
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 City
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 taxable property in the City at a rate not to exceed 2
mills to maintain current payments of interest and equal annual payments of
principal on the bonds.
-22-
Assuming the Special 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 Bond.. Assessment Bonds
fia.r Principal Interest Principal Interest Total
1996 $ 75,000 $ 119,650 $ 145,000 $ 11,600 $ 351,250
1997 960,000 117,025 1,077,025
1998 1,000,000 81,025 1,081,025
1999 1,025,000 42.025 1 067,025
$ 3 060.OQQ $ 359 725 $ 145 000 ~ 11. 600 $ 3 576.325
Capital Leases
The City has entered into several lease agreements for fmancing the acquisition of
equipment including copiers and telecommunications equipment. These lease
agreements qualify as capital leases for accounting purposes (titles transfer at the
end of the lease tenn) 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, 1995 as
recorded in the General Long-tenn Account Group:
Year ended December 31,
1996
1997
1998
1999
2000
Total minimum lease payments
Less amount representing interest
Present value of future minimum lease payments
$
14,160
11,750
7,248
6,573
5,819
45,550
10.617
34 933
$
Compensated Absences
As of December 31, 1995, accrued sick pay in the amount of $21,506 was
recorded in the Compensated Absences Fund which will ultimately liquidate the
liability .
As of December 31, 1995, accrued holiday and vacation pay in the amount of
$433,152 was recorded in the long-tenn debt account group, since the liability is
not expected to be liquidated with expendable available fmancial resources.
-23-
NOTE 6) INTERFUND TRANSFERS
A summary of interfund transfers is as follows:
Transfer Out Transfer In
Fund
General $ 430.699 $ 1095,000
Special Revenue
Open space 350,000
Police building 85,000
Tree planting 16,000
Parks and recreation damage deposit 1,860
Equipment 408,885
Wheat Ridge post office 3,084
Computer 238,175
350,000 753,004
Debt service
Incremental sales tax bond 170,140
Compensated absence 65.000
235 140
Capital project 1 314.025 11 580
$ 2.094724 $ 2 094 724
NOTE 7) EMPWYEE 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 defmed contribution
money purchase plan. The payroll for employees, covered by this plan, for
the year ended December 31, 1995 was $2,359,810, the City's total payroll
was $6,913,789. There are 62 employees participating in this plan.
Employee contributions are fully vested when paid. Employees and the
City each contribute 10% ofthe 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 tenninated employees accounts are used to pay
administrative expenses of the plan.
During the year ended December 31, 1995, contributions totaling $235,981
from the City and $235,981 from employees were made in accordance with
the provisions of the Plan. $26,945 of voluntary employee contributions
were also made.
Eligibility for benefits may commence at age 55 or upon completion of 25
years of services.
-24-
b) Colorado County Officials and Employees Retirement Association
All employees, except police officers are required to join the plan
(CCOERA), a Statewide local government multi-employer defmed
contribution plan. The plan covers all City employees and employees
become participants after one year of service. The payroll for employees,
covered by this Plan, for the year ended December 31, 1995 was
$3,027,350. There are 109 employees participating in this plan.
Employee contributions are fully vested when paid. Employees and the
City each contribute 4 % of the employees I 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, 1995, contributions totaling $121,094
from the City and $121,094 from employees were made in accordance with
the provisions of the Plan.
Benefits depend solely on amounts contributed 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 (lCMA) and Colorado County
Officials and Employees Retirement Association (CCOERA). Participation
in the plans is optional for most employees. The plans allow 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
basis. The employees and the City are required 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
rights 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
creditors. Participants I rights 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 I 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.
-25-
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 has a self-insured retention on its liability claims up to $150,000 per
occurrence. For claims in excess of $150,000 up to $5,000,000 and for property
claims, the City is a member of the Colorado Intergovernmental Risk Sharing
Agency (CIRSA). CIRSA is a joint self insurance pool created by
intergovernmental agreement of 214 municipalities to provide property, general
and automobile liability, workers compensation 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 participating
members. CIRSA has indicated that the amount of any excess losses would be
billed to members in proportion to their contributions in the year such excess
occurs, although it is not legally required to do so.
The City's annual contribution to CIRSA amounted to $58,538 for 1995.
Audited financial infonnation for 1995 for CIRSA is not presently available. The
City has not been infonned of any excess losses that may have been incurred by the
pool. Summary audited fmancial infonnation for 1994 is as follows:
Assets
$ 43286.826
$ 15,948,087
27,338,739
$ 43.286826
Liabilities
Members' 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-tenn debt outstanding. The above liabilities represent incurred
claims and an estimated liability for incurred but not reported claims at December
31, 1994. .
-26-
NOTE 9)
Claims Liability
A claims liability is reported when it is probable that a loss has occurred and the
amount of loss can be reasonably estimated. The liability is estimated based upon
the experience of the City and trends in costs of services. Estimates are revised as
changes in these factors occur and such revisions are reflected in operations of the
current period. Liabilities include an amount for claims that have been incurred
but not reported.
The following represents the changes in the claims liability for the year ended
December 31, 1995:
Claims liability at beginning of year
Current year claims and changes in estimates
Claims payments
Claims liability at end of year
$ -0-
368,503
(268,503)
$ 100 000
The City continues to carry commercial insurance coverage for other risks of loss
including employee health and accident insurance. Settled claims have not
exceeded this commercial coverage in any of the past three fiscal years.
CONTINGENCIES AND COMMITMENTS
Tax, Spending and Debt Limitations
Article X, Section 20 of the Colorado Constitution, commonly known as the
Taxpayer's Bill of Rights (TABOR) contains tax, spending, revenue and debt
limitations which apply to the State of Colorado and all local governments.
Spending and revenue limits are detennined based on the prior year's Fiscal Year
Spending adjusted for allowable increases based upon inflation and local growth.
Fiscal Year Spending is generally defmed as expenditures plus reserve increases
with certain exceptions. Revenue in excess of the Fiscal Year Spending limit must
be refunded unless the voters approve retention of such revenue.
TABOR requires local governments to establish Emergency Reserves. These
reserves must be at least 3% of Fiscal Year Spending (excluding bonded debt
service). Local governments are not allowed to use the emergency reserves to
~ompensate for economic conditions, revenue shortfalls, or salary or benefit
mcreases.
The City's management believes it is in compliance with the provisions of T~OR.
However, TABOR is complex and subject to interpretation. Many of the
provisions, including the interpretation of how to calculate Fiscal Year Spending
limits will require judicial interpretation.
-27-
Lawsuits
The City is a defendant in various lawsuits. Although the outcome of these
lawsuits is not presently detenninable, in the opinion of the City Attorney, the
resolution of these matters will not have a materially adverse effect on the fmancial
condition of the City.
Commitments
The Wheat Ridge Economic Development and Revitalization Commission
(Commission) has entered into an agreement with a developer of certain property
in the City. The Commission will pay the developer incremental property tax
revenue derived through December 31,2006, from the property being developed,
in an amount not to exceed $750,000. The obligation will only be paid if
incremental property tax revenue is derived.
NOTE 10) RESTATEMENT OF PRIOR YEAR'S BALANCES
An accounting policy change was adopted during 1995 to conform to the provisions
of Government Accounting Standards Board (GASB) Statement No. 22.
Retroactive adjustments were applied to the December 31, 1993 fund balance of
the General, Capital Projects and Open Space Fund for December 1993 sales, use
and certain other taxes collected in 1994 and for the City I S attributable share of
Open Space Funds held by Jefferson County as of December 31, 1993.
The City also changed its method of accounting for inventory from the
consumption method to the purchases method.
The effect of the restatement is as follows:
General
Fund
Capital
Projects
Fund
Open Space
Fund
Fund balance as of December 31, 1993, as
previously reported $ 4,062,079 $ 4,647,078 $ 282,740
December 1993 taxes collected in 1994 770,363 407,967
Inventory balance as of December 31, 1993 (168,296)
Additional attributable share of open space
funds at December 31, 1993 1,415,737
Fund balance at December 31, 1993,
as restated 4,664,146 5,055,045 1,698,477
Excess revenue over (under) expenditures and
other fInancing (uses) - Year ended December
31, 1994, as previously reported 718,949 1,129,658 (261,869)
-28-
Capital
General Projects Open Space
Fund Fund Fund
Net inventory change during 1994 11 ,865
Net sales and other taxpayer assessed revenue
change during 1994 71,717 3,644
Net Jefferson County Open Space revenue
change during 1994 (148r2Q5)
Fund balance at December 31,
1994, as restated $ 5 466.677 $ 6 188.347 $ 1 288.403
In accordance with GASB No. 10, the City changed the accounting and reporting
for risk fmancing and insurance operations. An internal service fund has been
established to pay and record costs for property and liability claims and insurance
and to bill and collect payment from other funds on a cost reimbursement basis.
Insurance operations that were fonnerly reported in the special revenue fund, the
insurance reserve fund, have been moved to the Risk Financing Insurance Reserve
Fund.
-29-
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 municipalities,
have agreed to jointly develop "Open Space". The cost of such development is funded by a
County sales tax which is shared with the City under a deferred fonnula.
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.
RichardslHart Improvement Fund - expenditures in this fund will be used to upgrade and
improve RichardsIHart Estate.
Parks and Recreation Damage Deposit Fund - monies in this fund are damage deposits that are
paid to the PaIKs 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 and equipment.
Wheat Ridge Post Office Fund - monies in this fund are used to pay expenses related to restoring
the old post office.
Conservation Trost 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.
Police Building Fund - accounts for 1/2 cent sales tax collected for the construction of the police
department building addition.
-30-
Richards!
Park Building Senior Municipal Tree Hart
Acquisition Demolition Center Court Planting Improvement
$ $ $ 10,911 $ $ $ 3,750
18,771 15,717 41,660 35,486
~ 18.771 $
15.717 ~
10911 $
41.660 $
35.486 $
3750
$
$
$
47 $
825 $
$
47 825
8,200 5,563 4,900 26,785 23,000 3,160
10.571 10.154 5,964 14,050 12,486 590
18,771 15.717 10,864 40.835 35,486 3.750
$ 18.771 $ .15.717 $ 10.911 $ 41.660 $ 35 486 $ 3.750
(Continued)
-31-
CITY OF WHEAT RIDGE, COWRADO
SPECIAL REVENUE FUNDS
COMBINING BALANCE SHEET
DECEMBER 31,1995
(Continued)
-32-
Wheat
Ridge Conservation Totals
Post Office Trust Computer 1995 1994
As Restated
$ $ 1,256 $ $ 383,747 $ 472,381
6,473 360,718 58,804 2,256,707 611 ,684
93,000 96,000
1,742,452 1,728,581
228,743 50
1,667 7,573 2,970
241,515 3,805
$ 6473 $ 363 641 ~ 58.8Q4 $ 4 953 737 $ 2.915.471
$ $ $ 670 $ 242,895 $ 18,915
30,000
404,907 438,498
93.000 96,000
670 770,802 553,413
64,928 32,376 1,182,741 169,837
545 12,000 1,579,459 999,663
5,928 286,713 25,758 1,420 735 1,192.558
6473 363,641 58,134 4 182,935 2,362,058
$ 6473 $ 363 641 $ 58 804 $ 4 953 737 $ 2915 471
-33-
CITY OF WHEAT RIDGE, COLORADO
SPECIAL REVENUE FUNDS
COMBINING STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCES
YEAR ENDED DECEMBER 31,1995
Open Police Police
Space Building Investigation
REVENUE
Taxes $ $ 2,239,887 $
Intergovernmental 796,500 18,868
Charges for services
Interest 40,518 688
Other 3,301
Total revenue 796,500 2 283,706 19,556
EXPENDITURES
Current
General government
Planning and development
Police 15,981
Parks and recreation 108,491
Capital outlay 438,914
Total expenditures 108491 438,914 15 981
EXCESS (DEFICIENCY) OF REVENUE
OVER EXPENDITURES 688,009 1,844,792 3,575
OTHER FINANCING SOURCES (USES)
Operating transfers in 85,000
Operating transfers (out) (350,000)
Total fmancing sources (uses) (;350,000) 85.000
EXCESS (DEFICIENCY) OF REVENUE
AND OTHER FINANCING SOURCES
OVER EXPENDITURES AND OTHER
FINANCING USES 338,009 1,929,792 3,575
FUND BALANCE BEGINNING OF YEAR ~
AS RESTATED 1 288,403 35,485
FUND BALANCE (DEFICIT) ~
END OF YEAR $ ] 626.412 $ 1 929 792 $ 39.060
-34-
Richards!
Park Building Senior Municipal Tree Hart
Acquisition Demolition Center Court Plantina: Improvement
$ $ $ $ $ $
5,000
375 51,907 2,640
652 554 344 1,967 1,739 176
9.152 4.717
1,027 554 9.496 53,874 11,456 2.816
53,414
9,666 11,918 5,605
484
9,666 53.898 11,918 5.605
1,027 554 (170) (24) (462) (2,789)
16,000
16.000
1,027
554
(170)
(24)
15,538
(2,789)
17 744
15,163
11 034
40,859
19.948
6539
~ 18.771 $
15.711 $
10864 $
40 835 $
35.486 $
3.750
(Continued)
-35-
CITY OF WHEAT RIDGE, COLORADO
SPECIAL REVENUE FUNDS
COMBINING STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCES
YEAR ENDED DECEMBER 31,1995
(Continued)
Parks and
Recreation
Damage
Deposit
Wheat
Ridge
Town
Center
REVENUE
Taxes
Intergovernmental
Charges for services
Interest
Other
$
$ 94,327 $
187 12,651
10,850
11 ,037 106.978
Total revenue
EXPENDITURES
Current
General government
Planning and development
Police
Parks and recreation
Capital outlay
Total expenditures
712,949
11,106
11 ,106
712,949
EXCESS (DEF1CIENCY) OF REVENUE
OVER EXPENDITURES
OTHER FINANCING SOURCES (USES)
Operating transfers in
Operating transfers (out)
Total fmancing sources (uses)
(69)
(605,971)
1,860
1,860
EXCESS (DEF1CIENCY) OF REVENUE
AND OTHER FINANCING SOURCES
OVER EXPENDITURES AND OTHER
FINANCING USES
1,791
(605,971)
FUND BALANCE (DEF1CIT) -
BEGINNING OF YEAR - AS
RESTATED
FUND BALANCE (DEF1CIT) -
END OF YEAR
503
570,439
$
2 294 $ (35 532) $
-36-
Equipment
3,000
56,926
59,926
422,865
422,865
(362,939)
408,885
408,885
45,946
21.292
67.238
Wheat
Ridge Conservation Totals
Post Office Trust Computer 1995 1994
As Restated
$ $ $ $ 2,334,214 $ 99,915
334,619 1,154,987 1,037,585
54,922 58,152
273 22,327 85,076 42,382
1,730 86.676 71.091
2.003 356.946 3.715,875 1,309,125
53,414 31,530
712,949 154,701
15,981 26,360
305,553 452,339 734,619
11,290 189 766 1 063.319 1.013.686
11,290 305,553 189.766 2,298,002 1,960 896
(9,287) 51,393 (189,766) 1,417 ,873 (651,771)
3,084 238,175 753,004 518,390
(350 0(0) (286,000)
3,084 238 175 403.004 232,390
(6,203)
51,393
48,409
1,820,877
(419,381)
12,676
312 .248
9,725
2 362.058
2781,439
$ 6.473 $ 363.641 $ 58.1M $ 4182 935 ~ 2.362.058
-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 31,1995
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 and
encumbrances
EXCESS (DEFICIENCY) OF REVENUE
OVER EXPENDITURES AND
ENCUMBRANCES
OTHER FINANCING SOURCES (USES)
Operating transfers in
Operating transfers (out)
Total fmancing sources (uses)
EXCESS (DEFICIENCY) OF REVENUE
AND OTHER FINANCING SOURCES
OVER EXPENDITURES,
ENCUMBRANCES AND OTHER
FINANCING USES $
ADJUSTMENTS TO GAAP BASIS
Encumbrances
Priory~,pIDdcurrenty~
Current y~ outstanding
Total adjustments
EXCESS (DEFICIENCY) OF REVENUE
AND OTHER FINANCING SOURCES
OVER EXPENDITURES AND OTHER
FINANCING USES (GAAP) BASIS
Open Space
Budget
Actual
Variance-
Favorable
(Unfavorable)
$ $ $
705,000 796,500
91,500
705,000
796.500
91 500
1,125,000
73,877
1,051,123
1.125 000
73,877
1,051,123
(420,000)
722,623
1,142,623
(350,000)
(350,000)
(350 000)
(350,000)
070 (00)
372 623
$ 1 142 623
(45,214)
10,600
(34,614)
$
338.009
-38-
Police Building Police Investigation
Variance- Variance-
Amended Favorable Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable)
$ 1,745,000 $ 2,239,887 $ 494,887 $ $ $
15,000 18,868 3,868
52,350 40,518 (11,832) 500 688 188
3,301 3.301
1.797,350 2,283.706 486,356 15 500 19,556 4,056
25,000 15,981 9,019
2.746.600 1,513,751 1,232,849
2.746,600 1,513.751 1,232,849 25,000 15,981 9,019
(949,250) 769,955 1,719,205 (9,500) 3,575 13,075
85,000 85,000
85,000 85.000
$ (864.250)
854,955 ~ 1.719.205 ~
(9 500)
3,575 $
13 075
1 074,837
1,074 837
$ 1.929.792
$
3575
(Continued)
-39-
CITY OF WHEAT RIDGE, COWRADO
SPECIAL REVENUE FUNDS
COMBINING SCHEDULE OF REVENUE, EXPENDITURES, ENCUMBRANCES
AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
YEAR ENDED DECEMBER 31, 1995
(Continued)
Park Acquisition
Budget
Actual
Variance-
Favorable
(Unfavorable)
REVENUE
Taxes
Intergovernmental
Charges for services
Interest
Other
$
$
$
375
652
375
652
Total revenue
EXPENDITURES AND ENCUMBRANCES
Current
General government
Planning and development
Police
Parks and recre<\tion
Capital outlay
Total expenditures and
encumbrances
EXCESS (DEFICIENCY) OF REVENUE
OVER EXPENDITURES AND
ENCUMBRANCES
OTHER FINANCING SOURCES (USES)
Operating transfers in
Operating transfers (out)
Total fmancing 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
1,027
1.027
r
l
1,027
1,027
-0-
1,027 $
1027
$
1.027
-40-
Building Demolition
Variance-
Favorable
Budget Actual (Unfavorable)
$
400
400
10,000
10,000
(9,600)
$
(9 600)
$
$
$
$
554
154
554
154
10,000
Budget
250
9,200
9450
18,126
10,000
554
10,154
18,126
(8,676)
554 $
10 154 $
554
(Continued)
-41-
(8 676)
Senior Center
Variance-
Favorable
Actual (Unfavorable)
$
$
344
9 152
9496
94
(48)
46
9,516
8,610
9.516
8,610
(20)
8,656
(20) $
8656
(150)
(150)
$
(} 70)
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 31,1995
(Continued)
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 and
encumbrances
EXCESS (DEFICIENCY) OF REVENUE
OVER EXPENDITURES AND
ENCUMBRANCES
OTHER FINANCING SOURCES (USES)
Operating transfers in
Operating transfers (out)
Total fmancing sources (uses)
EXCESS (DEFICIENCY) OF REVENUE
AND OTHER FINANCING SOURCES
OVER EXPENDITURES,
ENCUMBRANCES AND OTHER
FINANCING USES $
ADJUSTMENTS TO GAAP BASIS
Encumbrances
Priory~,pIDdcurrenty~
Current y~ outstanding
Total adjustments
EXCESS (DEFICIENCY) OF REVENUE
AND OTHER FINANCING SOURCES
OVER EXPENDITURES AND OTHER
FINANCING USES (GAAP) BASIS
Municipal Court
Amended
Budget
Variance-
Favorabl~
(Unfavorable)
Actual
$
$
$
59,000
5,000
51,907
1,967
(7,093)
(3,033)
64,000
53.874 (10,126)
57,165
53,414 3,751
950
484 466
53,898 4,217
58,] 15
5,885
(24) (5,909)
5885
(24) $ (5 909)
$
(24)
-42-
Tree Planting Richard..lHart Improvement
Variance- Variance-
Amended Favorable Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable)
$ $ $ $ $ $
5,000 5,000
2,640 2,640
700 1,739 1,039 200 176 (24)
6,850 4717 (2,133)
7,550 ] ],456 3,906 2,840 2.816 (24)
25,150 11,918 13,232 7,225 5,605 1,620
25 150 11.918 13,232 7,225 5,605 1,620
(17,600) (462) 17,138 (4,385) (2,789) 1,596
16,000 16,000
16,000 16,000
$
(1 600)
15,538 $
17 138 $
(4385)
(2.789) ~
1.596
$
15.538
$
(2 789)
(Continued)
-43-
CITY OF WHEAT RIDGE, COWRADO
SPECIAL REVENUE FUNDS
COMBINING SCHEDULE OF REVENUE, EXPENDITURES, ENCUMBRANCES
AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
YEAR ENDED DECEMBER 31, 1995
(Continued)
REVENUE
Tues $
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 and
encumbrances
EXCESS (DEFICIENCY) OF REVENUE
OVER EXPENDITURES AND
ENCUMBRANCES
OTHER FINANCING SOURCES (USES)
Operating transfers in
Operating transfers (out)
Total fmancing sources (uses)
EXCESS (DEFICIENCY) OF REVENUE
AND OUlliK 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
Parks and Recreation Damage Deposit
Variance-
Favorable
Budget Actual (Unfavorable)
$
$
35
15,000
15,035
187
10 850
11.037
152
(4,150)
<3,998)
15,000
11,106
3,894
15,000
11.1 06
3,894
35
1,860
(69)
1,860
(104)
1,860
1.860
1.895
1,791 $
(104)
$
1 791
-44-
Wheat Ridge Town Center Equipment
Variance- Variance-
Amended Favorable Amended Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable)
$ 130,321 $ 94,327 $ (35,994) $ $ $
13 ,000 12,651 (349) 3,000 3,000
33.500 56,926 23,426
143,321 106.978 (36,343) 36,500 59.926 23,426
674,788 712,949 (38,161)
442.385 422.865 19,520
674.788 712,949 (38,161) 442,385 422.865 19.520
(531,467) (605,971) (74,504) (405,885) (362,939) 42,946
408,885 408,885
408,885 408 885
$ (531,467)
(605,971) $
<74 504) $
3000
45,946 $
42 946
$ (605 971)
$ 45.946
(Continued)
-45-
CITY OF WHEAT RIDGE, COWRADO
SPECIAL REVENUE FUNDS
COMBINING SCHEDULE OF REVENUE, EXPENDITURES, ENCUMBRANCES
AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
YEAR ENDED DECEMBER 31,1995
(Continued)
Wheat Rida:e Post Office
Variance-
Amended Favorable
Budget Actual (Unfavorable)
REVENUE
Taxes $ $ $
Intergovernmental 12,060 (12,060)
Charges for services
Interest 150 273 123
Other 1,542 1.730 188
Total revenue 13 752 2003 (11 749)
EXPENDITURES AND ENCUMBRANCES
Current
General government
Planning and development
Police
Parks and recreation
Capital outlay 9.259 9 125 134
Total expenditures and
encumbrances 9,259 9,125 134
EXCESS (DEFICIENCY) OF REVENUE
OVER EXPENDITURES AND
ENCUMBRANCES 4,493 (7,122) (11,615)
OTHER FINANCING SOURCES (USES)
Operating transfers in 3,084 3,084
Operating transfers (out) (17 654) 17.654
Total fmancing sources (uses) (14,570) 3,084 17.654
EXCESS (DEFICIENCY) OF REVENUE
AND OTHER FINANCING SOURCES
OVER EXPENDITURES,
ENCUMBRANCES AND OTHER
FINANCING USES $ nO.077) (4,038) $ 6039
ADJUSTMENTS TO GAAP BASIS
Encumbrances
Priory~,pmdcurrenty~ (2,165)
Current y~ outstanding
Total adjustments (2,165)
EXCESS (DEFICIENCY) OF REVENUE
AND OTHER FINANCING SOURCES
OVER EXPENDITURES AND OTHER
FINANCING USES (GAAP) BASIS $ (6 203)
-46-
Amended
Budget
Conservation Trust
Variance-
Favorable
(Unfavorable)
Computer
Actual
Budget
Variance-
Favorable
Actual (Unfavorable)
$
$
$
$
$
$
160,000
8,000
168,000
334,619
22,327
356.946
174,619
14,327
188,946
374,436 271 ,294 103,142
240,175 222,142 18,033
374,436 271.294 103 142 240,175 222,142 18,033
(206,436) 85,652 292,088 (240,175) (222,142) 18,033
238,175 238,175
238,175 238.175
$ (206.436) 85,652 $ 292 08~ $ (2.000) 16.033 $ 18 033
(99,187)
64,928 32 376
(34 259) 32,376
~
51 393
$
48.409
(Continued)
-47-
CITY OF WHEAT RIDGE, COWRADO
SPECIAL REVENUE FUNDS
COMBINING SCHEDULE OF REVENUE, EXPENDITURES, ENCUMBRANCES
AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
YEAR ENDED DECEMBER 31, 1995
(Continued)
Total
Variance-
Amended Favorable
Budget Actual (Unfavorable)
REVENUE
Taxes $ 1,875,321 $ 2,334,214 $ 458,893
Intergovernmental 892,060 1,154,987 262,927
Charges for services 61,640 54,922 (6,718)
Interest 83,585 85,076 1,491
Other 66,092 86.676 20,584
Total revenue 2,978.698 3,715.875 737,177
EXPENDITURES AND ENCUMBRANCES
Current
General government 57,165 53,414 3,751
Planning and development 684,788 712,949 (28,161)
Police 25,000 15,981 9,019
Parks and recreation 1,564,937 383,316 1,181,621
Capital outlay 3.439,369 2,168,367 1.271,002
Total expenditures and
encumbrances 5.771.259 3,334,027 2 437,232
EXCESS (DEF1CIENCY) OF REVENUE
OVER EXPENDITURES AND
ENCUMBRANCES (2,792,561 ) 381,848 3,174,409
OTHER FINANCING SOURCES (USES)
Operating transfers in 753,004 753,004
Operating transfers (out) (367,654) (350,000) 17,654
Total fmancing sources (uses) 385 350 403.004 17,654
EXCESS (DEF1CIENCY) OF REVENUE
AND OTHER FINANCING SOURCES
OVER EXPENDITURES,
ENCUMBRANCES AND OTHER
FINANCING USES $ (2.407.211) 784,852 $ 3 ]92063
ADJUSTMENTS TO GAAP BASIS
Encumbrances
Priory~,pmdcurrenty~ (146,716)
Current y~ outstanding 1,182,741
Total adjustments 1 036 025
EXCESS (DEF1CIENCY) OF REVENUE
AND OTHER FINANCING SOURCES
OVER EXPENDITURES AND OTHER
FINANCING USES (GAAP) BASIS $ ] 820.877
-48-
DEBT SERVICE FUNDS
The Debt Service Funds are used to account for fmancial resources to be used for the
accumulation 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 I 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 collected and
remitted to the City for a special improvement district 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, COWRADO
DEBT SERVICE BJNDS
COMB~NGBALANCESHEET
DECEMBER 31,1995
Special
Incremental Improvement
Sales Tax District Compensated
ASSETS Bond No. 1987-1 Absences
CURRENT ASSETS
Cash $ 16,498 $ 1,610 $
Investments 80,790 79,458 184,120
Restricted investments 321,982
Interest receivable 92 279
Special assessments receivable 259,785
Due from other funds 1,980
Total current assets $ 421 342 $ 341 132 $ 184 120
LIABILITIES AND FUND EQUITY
LIABILITIES
Deferred revenue $ $ 259,785 $
Accrued vacation and sick pay 21,506
Total liabilities 259,785 21,506
FUND BALANCE
Reserved for debt service 421,342 81,347
Unreserved
Designated for compensated absences 162614
Total liabilities and fund equity $ 421 342 ~ 341,132 $ 184 120
-49-
Total.,
1995 1994
$ 18,108 $ 20,548
344,368 625,179
321,982 321,982
371 359
259,785 384,727
1,980 660
$ 946594 $ 1 353.455
$ 259,785 $ 384,727
21,506 17.053
281,291 401,780
502,689 812,662
162 614 139,013
$ 946.594 $ 1,353 455
-50-
CITY OF WHEAT RIDGE, COWRADO
DEBT SERVICE FUNDS
COMBINING STATEMENT OF REVENUE, EXPENDITURES AND
CHANGES IN FUND BALANCE
YEAR ENDED DECEMBER 31,1995
Special
Incremental Improvement
Sales District Compensated
Tax Bond No. 1987-1 Absences
REVENUE
Special assessments $ $ 145,625 $
Interest 35,213 54,246 11,372
Total revenue 35,213 199,871 11.372
EXPENDITURES
Current
Other 52,771
Debt service
Principal 75,000 475,000
Interest and fiscal charges 122,350 42,847
Total expenditures 197,350 517.847 52,771
EXCESS (DEFICIENCY) OF
REVENUE OVER EXPENDITURES (162,137) (317 ,976) (41,399)
OTHER FINANCING SOURCES
Operating transfers in 170,140 65,000
Total fmancing sources 170,140 65,000
EXCESS (DEFICIENCY) OF REVENUE
AND OTHER FINANCING
SOURCES OVER EXPENDITURES 8,003 (317,976) 23,601
FUND BALANCE - BEGINNING OF
YEAR 413,339 399,323 139,013
FUND BALANCE - END OF YEAR $ 421 342 ~ 8] .347 $ 162 614
-51-
Totals
1995
1994
$
145,625 $
100,831
246.456
124,470
160.872
285.342
52,771 63,648
550,000 55,000
165.197 175,257
767 968 293.905
(521,512) (8,563)
235,140 178,564
235 140 178 564
(286,372)
170,001
$
951.675
665 303 $
781,674
951.675
-52-
CITY OF WHEAT RIDGE, COWRADO
DEBT SERVICE FUNDS
COMBINING SCHEDULE OF REVENUE, EXPENDITURES AND CHANGES IN FUND
BALANCES - BUDGET AND ACTUAL
YEAR ENDED DECEMBER 31,1995
Incremental Sales Tax Bond Fund
Variance-
Favorable
Budget Actual (Unfavorable)
REVENUE
Special assessments $ $ $
Interest 30,910 35,213 4,303
Total revenue 30,910 35,213 4,303
EXPENDITURES
Current
Other
Debt service
Principal 75,000 75,000
Interest and fiscal charges 122,050 122.350 (300)
Total expenditures 197,050 197,350 (300)
EXCESS (DEFICIENCY) OF REVENUE
OVER EXPENDITURES (166,140) (162,137) 4,003
OTHER FINANCING SOURCES
Operating transfers in 170.140 170,140
Total fmancing sources 170 140 170 140
EXCESS (DEFICIENCY) OF REVENUE
AND OTHER FINANCING SOURCES
OVER EXPENDITURES 4,000 8,003 4,003
FUND BALANCE - BEGINNING OF
YEAR - AS RESTATED 796,3]2 413,339 (382,973)
FUND BALANCE - END OF YEAR $ 800 312 $ 421 342 $ (378970)
-53-
Special Improvement
District No. 1987-1
Variance-
Favorable
(Unfavorable)
Actual
Compensated Absences
Variance-
Favorable
Budget Actual (Unfavorable)
Amended
Budget
$ 115,000 $
46,470
161,470
145,625 $
54 246
199,871
30,625 $
7776
38,401
$
$
5,700
5,700
1 I .372
11,372
5,672
5,672
110,000 52,771 57,229
475,000 475,000
44,555 42,847 1. 708
519,555 517,847 1,708 110.000 52 771 57,229
(358,085) (317,976) 40,109 (104,300) (41,399) 62,901
65.000 65,000
65,000 65 000
(358,085)
(317,976)
40,109
(39,300)
23,601
62,901
41 238 ~
399 323
81 347 $
150,870
139,013
(I I ,857)
51,044
399,323
$
40.109 $
III 570 ~ 162614 $
(Continued)
-54-
CITY OF WHEAT RIDGE, COWRADO
DEBT SERVICE FUNDS
COMBINING SCHEDULE OF REVENUE, EXPENDITURES AND CHANGES IN FUND
BALANCES - BUDGET AND ACTUAL
YEAR ENDED DECEMBER 31,1995
(Continued)
Budget
REVENUE
Special assessments
Interest
$
Il5,000 $
83,080
198 080
Total revenue
EXPENDITURES
Current
Other
Debt service
Principal
Interest and fiscal charges
Total expenditures
IlO,ooo
550,000
166,605
826,605
EXCESS (DEFICIENCY) OF REVENUE
OVER EXPENDITURES
OTHER FINANCING SOURCES
Operating transfers in
Total fmancing sources
(628,525)
235,140
235,140
EXCESS (DEFICIENCY) OF REVENUE
AND OTHER FINANCING SOURCES
OVER EXPENDITURES
(393,385)
FUND BALANCE - BEGINNING OF
YEAR - AS RESTATED
FUND BALANCE - END OF YEAR
1,346,505
Totals
Actual
145,625 $
100,831
246,456
52,771
550,000
165 197
767.968
(521,512)
235,140
235.140
(286,372)
951.675
Variance-
Favorable
(Unfavorable)
30,625
17,751
48,376
57,229
1,408
58,637
107,013
107,013
(394.830)
$ 953 120 $ 665.303 $ (287,817)
-55-
INTERNAL SERVICE FUND
The Internal Service Fund accounts for services provided by one department to other departments,
on a cost reimbursement basis.
Risk Financing Insurance Reserve Fund - This fund is used to account for risk fmancing
activities through its recording of claims expenses and liabilities and charges to other funds for
costs.
FIDUCIARY FUNDS
Trust and Agency Funds are used to account for assets held by the City in a trustee capacity or
as an agent. The City has one pension trust fund and four agency funds.
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
Public Works Escrow - accounts for funds received prior to the issuance of certain construction
permits, to guarantee the worlc required by the permit. Upon completion, the funds are returned.
Deferred Compensation - accounts for employee and matching City contributions for deferred
compensation plans established under Section 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.
FIDUCIARY FUNDS
Trust and Agency Funds are used to account for assets held by the City in a trustee capacity or
as an agent. The City has one pension trust fund and four agency funds.
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
Public Works &crow - accounts for funds received prior to the issuance of certain construction
permits, to guarantee the worl< required by the permit. Upon completion, the funds are returned.
Deferred Compensation - accounts for employee and matching City contributions for deferred
compensation plans established under Section 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.
CATV
Property Totals
Damage 1995 1994
$ 5,001 $ 59,588 $ 73,523
8,709,465 6,900,677
19,583 18,192
12
$ 5.001 $ 8 788.636 $ 6.992 404
$
$ 1,373,521 $ 1,069,865
5,000 59,578 73,509
1 10 26
5.001 1,433,109 1 r 143.400
7.355,527
7,355.527
5.849,004
5.849,004
$ 5 001 $ 8.788.636 $ 6.992.404
-58-
CITY OF WHEAT RIDGE, COWRADO
FIDUCIARY FUNDS
COMBINING STATEMENT OF CHANGES IN ASSETS AND liABiliTIES
ALL AGENCY FUNDS
YEAR ENDED DECEMBER 31,1995
Assets
Due from
Cash and Other Total
Investments Funds Assets
Public Works Escrow Fund
Balance January 1, 1995 $ 68,535 $ $ 68,535
Additions (reductions) (13,948) (13 948)
Balance December 31, 1995 $ 54 587 $ -0- $ 54587
Deferred compensation
Balance January 1, 1995 $ 1,069,865 $ $ 1,069,865
Additions (reductions) 303 656 303.656
Balance December 31, 1995 $ 1,373 521 $ -0- $ 1.373 521
CATV Property Damage Fund
Balance January 1, 1995 $ 4,988 $ 12 $ 5,000
Additions (reductions) 13 (12) 1
Balance December 31, 1995 $ 5.001 $ -0- $ 5001
Totals
Balance January 1, 1995 $ 1,143,388 $ 12 $ 1,143,400
Additions (reductions) 289,721 (12) 289 709
Balance December 31, 1995 $ 1,433 109 $ -0- $ 1,433 109
-59-
Liabilities
Refundable
Escrow Due to Due to Total
Deposits Employees Other Fund Liabilities
$ 68,509 $ $ 26 $ 68,535
(13 931) (17) (13 948)
$ 54.578 $ -0- $ 9 $ 54.587
$ $ 1,069,865 $ $ 1,069,865
303,656 303,656
$ -0- $ 1.373 521 $ -0- $ 1,373521
$ 5,000 $ $ $ 5,000
1 1
$ 5000 $ -0- $ 1 $ 5001
$ 73,509 $ 1,069,865 $ 26 $ 1,143,400
(13 931) 303,656 (16) 289 709
$ 59.578 $ 1.373.521 $ 10 $ 1.433 109
-60-
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, COWRADO
GENERAL FIXED ASSETS ACCOUNT GROUP
COMPARATIVE SCHEDULE OF GENERAL FIXED ASSETS BY SOURCE
DECEMBER 31, 1995
GENERAL FIXED ASSETS
Land
Buildings
Streets and improvements
Equipment
Construction in progress
Total
$ 3,308,489
3,011 ,262
9,117,469
4,665,298
343,022
$ 20 445.540
Investment in general fIxed assets from
Assets contributed to the City
Acquired by various funds
Total
$ 10,495,127
9 950.413
$ 20 445 540
-61-
CITY OF WHEAT RIDGE, COWRADO
GENERAL FIXED ASSETS ACCOUNT GROUP
SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS BY FUNCTION AND ACTIVITY
YEAR ENDED DECEMBER 31, 1995
General
Fixed Assets
January 1,
1995
A., Restated
Function and activity
General government
City Council
Treasurer
Mayor
City Administrator
Attorney
City clerk
Municipal court
Building
Construction in process
Community development
Total
Public safety
Police chief
Police administrative services
Animal park enforce
Communications
D.A.R.E.
Civil disaster
Police records
Police training
Police patrol
Criminal investigation
Investigations
Police traffic unit
Total
Public works
Administration
Engineering
Street maintenance
Traffic maintenance
Shops
Total
Parks and recreatIon
Administration
Recreation
Parks maintenance
Total
Wheat Ridge Town Center
Total general fIxed assets
$ 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
3,802,400
1,045,015
843 393
5,690,808
$ 19.811 436
-62-
Additions
and
Transfers
In
799
110,110
5,725
15,068
438,914
18 228
588.844
5,482
4,556
29,913
2,080
644
87,546
2,940
742
32,829
166,732
28,391
156,281
23,367
126,316
334,355
36,376
3,791
33 125
73,292
25, ] 78
$ 1.188 401
Deletions
and
Transfers
Out
$
20,970
64
847
6,215
13,882
41,978
1,685
675
179,869
12,781
247
2,226
639
729
]98,851
3,467
24,899
70,226
3,907
71,709
174,208
21,765
13,021
8582
43,368
$ 458 405
General
Fixed
Assets
December
31. 1995
$ 272
19,474
864
233,320
211
17,665
41,640
2,124,812
438,914
71.375
2.948.547
155,997
60,385
139,134
211,322
23,499
895
17,653
1,251
294,428
132,144
742
76.899
1,114,349
8,677 ,971
239,206
1,123,871
307,295
384.283
10,732.626
3,817 ,011
1,035,785
867 936
5,720.732
25,178
$ 20.541 432
CITY OF WHEAT RIDGE, COWRADO
GENERAL FIXED ASSETS ACCOUNT GROUP
SCHEDULE OF GENERAL FIXED ASSETS BY FUNCTION AND ACTIVITY
YEAR ENDED DECEMBER 31,1995
Streets and
Land Buildings Improvements
Function and activity
General government
City Council $ $ $
Treasurer
Mayor
City administrator
Attorney
City clerk
Municipal court
Building 1,840,227 83,411
Construction in process 438,914
Community development
Total 2.279,141 83 411
Public safety
Police chief 2,761 383
Police administrative services 2,059
Animal park enforce
Communications
D.A.R.E.
Civil disaster
Police records
Police training
Police patrol
Criminal investigation
Investigations
Police traffic unit
Total 2,761 2442
Public works
Administration 530,350 8,140,389
Engineering 69,807
Street maintenance
Traffic maintenance
Shops 60,000
Total 660,157 8 140389
Parks and recreation
Administration 2,561,365 223,005 762,739
Recreation 39,617 888,903 12,589
Parks and maintenance 47,350 56,366 Il5 899
Total 2 648 332 1 168,274 891 227
Wheat Ridge Town Center
Total general fIxed assets $ 3 308.489 $ 3 450 176 $ 9 117 469
-63-
Totals
(Memorandum Only)
Equipment 1995 1994
$ 272 $ 272 $ 272
19,474 19,474 39,645
864 864 864
233,320 233,320 123,274
211 2Il 211
17,665 17,665 12,787
41,640 41 ,640 32,787
201,174 2,124,812 2,124,812
438,914
71,375 71 375 67.029
585 995 2,948,547 2.401 681
152,853 155,997 157,682
58,326 60,385 55,578
139,134 139,134 314,447
211,322 211,322 194,190
23,499 23,499 21,666
895 895 895
17,653 17,653 19,235
1,251 1,251 1,251
294,428 294,428 207,521
132,144 132,144 129,933
742 742
76.899 76 899 44,070
1,109.146 1,114,349 1.146.468
7,232 8,677 ,971 8,681,438
169,398 239,205 235,714
1,123,871 1,123,871 1,037,816
307,296 307,296 287,835
324,283 384 283 329,676
1 932,080 10 732,626 10,572 479
269,902 3,817,011 3,001,561
94,676 1,035,785 1,045,015
648 321 867 936 843 393
1.012,899 5.720732 4889.969
25 178 25.178
$ 4 665 298 $ 20541 432 $ 19,010,597
-64-
SUPPLEMENTAL INFORMATION
REPORT A
COUNTIES, CITIES, & TOWNS ANNUAL STATEMENT OF RECEIPTS
& EXPENDITURES FOR ROADS, BRIDGES AND STREETS
COUNTY ICITY rrOWN
City of Wheat Ridge
CALENDAR YEAR OF REPORT
1995
ROUND ALL AMOUNTS TO NEAREST DOLLAR
1. SCHEDULE OF RECEIPTS FOR ROAD, BRIDGE AND STREET PURPOSES
A LOCAL SOURCES
1 Property Tax/Special Assessments
192,541
2. General Food Appropriations
street cut permits
3. Other (specify) cost reimburse.
SID Special Assessments &
4. Traffic Fines Interest
o
42, 577
97.802
235,041
?1R,/i1/i
5 Sales Tax
3.6111,67f3
Road/
6a. From County (specify) Br; rle;9
Auto Use
b. CityrroWII (Specify)
JSJ.g2~
625,990
n
7 Bond Proceeds (net of issuance cost) 0
S. Note Proceeds (net of issuance cost) 0
9 Specific Ownership Ta.-<es 62, 197
TOTAL (A) LOCAL SOURCES 5,490,086
B PRIVATE CONTRIBUTIONS
E TOTAL RECEIPTS (A+B+C+D)
F UNSPENT BALANCES BEGINNING OF YEAR
(must equal ending balance of prevIOus year)
G TOTAL RECEIPTS AND BALANCES (E+F)
(Revised 1 (96)
C. STATE SOURCES
Highway Users Tax
803,625
2. Motor Vehicle Registration Fees
105,918
3 Other (specify) CDOT
1,701
TOTAL (C) STATE SOURCES
911.244
D FEDERAL SOURCES
I Forest Service
o
2. Mmeral Leasing
o
o
3. Payments in Lieu of Taxes
4 Other (specify)
o
TOTAL (D) FED SOURCES
o
o
6,401,330
o
6,401,330
A-12
-65-
SUPPLEMENTAL INFORMATION
REPORT A
(con'l)
II. SCHEDULE OF EXPENDITURES FOR ROAD. BRIDGE AND STREET PURPOSES
A. DIRECT HIGHWAY EXPENDITURES
1. Right-of-Way
2. Preliminary and Construcuon Engineering
3 Construction
4 Maintenance of Condition
5. Snow and Ice Removal
6. Traffic Services
7 Administration
8. Traffic Enforcement
TOTAL (A) DIRECT l-llGHW A Y EXPENDITURES
B. DEBT PAYMENTS ON BONDS AND NOTES
I 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 OTHER GOVERNMENTS
la. To County (specify)
b. To City (specifY)
2. To Dept. of.Trans.
TOTAL (C) PAYMENTS TO OTHER GOVERNMENTS
D OTHER HIGHWAY PURPOSES
(specifY)
E. TOTAL EXPENDITURES (A+B+C+D)
F BALANCES END OF YEAR
(unspent receipts)
G. TOTAL EXPENDITURES AND BALANCES (E+F)
(Revised 1196)
A-13
-66-
316,138
J, YJ';I
2,':>77 ,6':>':>
1. 124.946
18.525
163.151
607.221
1\74.1\27
') IlRIl,40?
164,897
o
550,000
o
714,897
o
o
31
31
o
6,401,330
o
6,401,330
REPORT A
(con't)
m. SCHEDULE OF CHANGE IN DEBT STATUS FOR ROAD. BRIDGE AND STREET OBLIGATIONS
(show all entries at par val ue; face amount of issue)
A. BONDS AND NOTES OUTSTANDING BEGINNING OF YEAR
BONDS
3,755,000
NOTES
B. AMOUNT ISSUED DURING YEAR (par value)
I. Original issues this year
2. Refunding issues
o
o
C. AMOUNT REDEEMED DURING YEAR (par value)
1 From current receipts or reserves
2. From refunding issues
550,000
o
D BONDS AND NOTES OUTSTANDING END OF YEAR
3,205,000
NOTE:
*.. TOTAL RECEIPTS & BALANCES MUST EQUAL TOTAL EXPENDITURES & BALANCES ..*
PLEASE GIVE THE NAME AND PHONE NUMBER OF THE PERSON TO CONTACT FOR QUESTIONS REGARDING THE
REPORT
NAME.
Linda Stengel
PHONE:
(303) 235-2817
Revised (1196)
A-14
-67-
REPORT B
CAPITAL OUTLAY EXPENDITURES FOR HPMS
CALENDER YEAR 1995
COUNTY. CITY TOWN OF Jefferson County, City of Wheat Ridge
ROUND ALL AMOUNTS TO NEAREST DOLLAR
CAPITAL OUTLAY ROAD OR STREET ROAD OR STREET ROAD OR STREET
NAME AND NUMBER NAME AND NUMBER NAME AND NUMBER
CONSTRUCTION
PROJECT 38th Avenue 38th & Sheridan 1995 Overlay
IMPROVEMENT TYPE 33 84 78
TOTAL COST S2.149 272 S':\<;? ()QF. <: 1 t;Q "'.0
CONSTRUCTION
PROJECT Traffic Signal 1995 Local Streets 1994 Local Street
IMPROVEMENT TYPE $71,620 $147,160 $33.608
TOTAL COST
CONSTRUCTION
PROJECT
IMPROVEMENT TYPE
TOTAL COST
CONSTRUTION
PROJECT
IMPROVEMENT TYPE
TOTAL COST
CONSTRUCTION
PROJECT
IMPROVEMENT TYPE
TOTAL COST
TOTAL CONSTRUCTION PROJECTS $
2,897,732
TOTAL CONSTRUCTION PROJECTS MUST EQUAL mE CONSTRUCTION EXPENDITURES (RO W. PRELIMINARY
AND CONSTRUCTION ENGINEERING, AND COSNTRUCTION) ON THE RECEIPTS AND EXPENDITURES REPORT
(Revised \196)
B-7
-68-
~
~
t
STATISTICAL SECTION
CITY OF WHEAT RIDGE, COWRADO
ASSESSED AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY
LAST TEN FISCAL YEARS
(Unaudited)
Ratio
of Total
Assessed
to Total
Fiscal Assessed Estimated Estimated
Year Valuation Actual Value Actual Value
1986 $ 145,389,150 $ 581,556,600 25.00%
1987 261,992,340 1,114,861,021 23.50
1988 253,324,240 1,125,885,511 22.50
1989 235,939,530 1,072,452,409 22.00
1990 232,394,250 1,056,337,500 22.00
1991 210,683,130 964,579,282 21.84
1992 213,727,940 973,871,091 21.95
1993 208,626,330 1,197,923,557 17 .48
1994 209,357,070 1,205,829,176 17 .45
1995 218,522,250 1,466,715,750 14.89
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.
Source: Jefferson County Assessor's Office
-69-
CITY OF WHEAT RIDGE, COLORADO
GENERAL GOVERNMENTAL EXPENDITURES BY FUNCTION
LAST TEN FISCAL YEARS
(Unaudited)
Fiscal General Planning and Public
Year Government Development Safety
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 1,443,869 623,266 3,975,444
1995 1,888,899 1,201,251 4,182,320
Notes: Includes the General, Special Revenue and Debt Service Funds, but excluding the SID
1987 Debt Service Fund.
Source: City of Wheat Ridge audited fmancial statements, 1985 - 1995.
-70-
Public Parks and Debt
Works Recreation Service Other Total
$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 2Il,175 798,781 8,841,628
1,883,838 1,537,240 2Il ,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 11,755,967
2,092,303 1,999,841 715,197 537,644 12,617,455
-71-
CITY OF WHEAT RIDGE, COWRADO
GENERAL GOVERNMENTAL REVENUE BY SOURCE
LAST TEN FISCAL YEARS
(Unaudited)
Fiscal Licenses Inter-
Year Taxes and Permits governmental
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
1995 7,985,931 349,910 1,517,277
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 fmancial statements, 1985 - 1995.
-72-
Charges
for Fines and
Services Forfeitures Interest Other Total
$ 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 Il2,80S 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
408,747 398,777 325,831 99,673 11,086,146
-73-
CITY OF WHEAT RIDGE, COWRADO
GENERAL GOVERNMENTAL TAX REVENUE BY SOURCE
LAST TEN FISCAL YEARS
(Unaudited)
Fiscal Property Telephone Auto
Year Tax Occupation Ownershlp
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
1995 561,053 190,575 62,197
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 fmancial statements, 1985 - 1994.
-74-
Lodgers
Franchise and
Sales Tax Use Tax Tax Admissions Total
$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
2,7S4,972(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
3,648,519 2,094,687 891,032 537,868 7,985,931
-75-
CITY OF WHEAT RIDGE, COLORADO
PROPERTY TAX RATES - DIRECT AND OVERLAPPING GOVERNMENTS
LAST TEN FISCAL YEARS
(Unaudited)
City of BeUaire
Fiscal Wheat Jefferson R-l School Sanitation
Year Ridge County District Di'itrict
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 25.5 84 52.276 4.593
1993 2.714 25.584 52.276 0.000
1994 2.714 25.584 52.276 0.000
1995 2.714 25.584 50.708 0.000
Notes: All numbers shown are mill levies (amounts assessed per $1,000)
Source: Jefferson County Assessors' Office
-76-
North West Urban Wheat Wheat
Fruitdale Lakewood Drainage Valley Westridge Ridge Ridge
Sanitation Sanitation and Flood Water Sanitation Fire Sanitation
District Di'itrict Control District Di'itrict Protection District
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
4.178 7.727 0.780 1.879 8.028 4.820 3.592
-77-
CITY OF WHEAT RIDGE, COWRADO
PROPERTY TAX LEVIES AND COLLECTIONS - GENERAL FUND
LAST TEN FISCAL YEARS
(Unaudited)
Percent of
Current Percentage Delinquent Total Total Tax
Fiscal Total Tax of Levy Tax Tax Collections
Year Tax Levy Collections Collected Collections Collections to Levy
1986 $ 499,738 $ 494,608 98.97% 238 $ 494,846 99.02%
1987 500,630 501,449 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
1995 568,195 563,402 99.16 (2,349) 561,053 98.23
Notes: (A) Net prior year tax abatements and adjustments due to revaluation of property in
Jefferson County.
Source: Jefferson County Assessors' Office and the City of Wheat Ridge audited fmancial
statements, 1985 - 1995.
-78-
CITY OF WHEAT RIDGE, COWRADO
SPECIAL IMPROVEMENT DISTRICT 1987-1
BILUNGS AND COLLECTIONS
LAST TEN FISCAL YEARS
(Unaudited)
Fiscal
Year
Current
Assessments
Due
Assessments
Collected
Ratio of
Collections
to
Amounts Due
1986
$
$
%
1987
1993
1994
1995
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
115,387 145,625 126.21
1988
1989
1990
1991
1992
Notes: 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.
Source: City of Wheat Ridge audited rmancial statements, 1985 - 1995.
-79-
CITY OF WHEAT RIDGE, COLORADO
REVENUE BOND COVERAGE SALES TAX REVENUE BONDS
LAST TEN FISCAL YEARS
(Unaudited)
Fiscal Sales Tax Debt Service Requirements
Year Revenue Principal Interest Total Coverage
1986 $ 5,050,875 $ $ $ %
1987 4,902,053
1988 5,083,240
1989 5,509,944 96,088 210,925 26.12
1990 5,461,862 210,925 210,925 25.89
1991 5,771,952 210,925 210,925 27.36
1992 6,321,351 210,925 210,925 29.97
1993 6,533,217 20,000 152,305 172,305 26.37
1994 6,740,566 55,000 124,258 179,258 37.60
1995 7,297,038 55,000 123,563 178,563 40.86
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 fmancial statements, 1985 - 1995.
-81-
CITY OF WHEAT RIDGE, COWRADO
DEMOGRAPIDCSTATISTICS
LAST TEN FISCAL YEARS
(Unaudited)
Average
Number
Per of Years
Fiscal Capita Median of Formal School Unemploy-
Year Population Income Age Schooling Enrollment ment Rate
1986 30,480 $ 12,828 34 12.8 4,337 6.40%
1987 29,506 12,977 35 12.8 4,562 5.60
1988 29,864 13,000 35 13.0 4,658 5.80
1989 30,013 13,664 35 13.0 5,048 4.50
1990 29,419 16,392 32 13.2 4,454 3.90
1991 29,419 17,693 37 13.2 4,750 4.20
1992 30,192 15,451 37 13.2 5,415 5.00
1993 31,477 17,523 38 13.2 5,748 4.20
1994 32,215 17,509 37 NtA 6,839 3.00
1995 29,625 15,451 36 NtA 6,105 2.80
Nt A: Not Available.
Source: The 1990 Census Bureau statistics, the Center for Business and Economic Forecasting,
Jefferson County Planning Department, Jefferson County School District R-l and
DRCOG.
-82-
CITY OF WHEAT RIDGE, COLORADO
CONSTRUCTION, PROPERTY VALUE AND BANK DEPOSITS
LAST TEN FISCAL YEARS
(Unaudited)
Commercial Residential
Construction Construction
Num- Num- Estimated Total
Fiscal ber of Estimated ber of Estimated Actual Wheat Ridge
Year Units Value Units Value Property Value Bank D~osits
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
1995 28 5,932,234 35 2,938,646 1,466,715,750 521,178,000
Source: City of Wheat Ridge Building Department, Jefferson County Assessor's office and
local bank statements of condition.
-83-
CITY OF WHEAT RIDGE, COWRADO
MISCELLANEOUS STATISTICS
LAST TEN FISCAL YEARS
(Unaudited)
Date of Incorporation
Form of Government
Area
Population (Est.)
1969
Mayor - Council
9.1 Sq. Miles
30,192
Employees
Elected
Appointed
Fire Protection (1)
Number of stations
Number of fIre fighters and officers
(exclusive of volunteer fIre fighters)
11
175.6
2
1
Police Protection
Number of stations
Number of police officers
1
63
Education (1)
Private and Parochial
Public Elementary Schools
Public Junior High Schools
Public High School
Local Streets
Miles of streets
Number of street lights
Number of traffIc controlled locations
4 (1,119 students)
6 (2,337 students)
2 (1,242 students)
1 (2,141 students)
129
1,728
49
Building Permits Issued
2,386
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
17 w/157 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-l, Wheat Ridge Fire Protection
District and Jefferson County Public Library.
-84-
INDEPENDENT AUDITOR'S REPORT ON SUPPLEMENTARY
SCHEDULE OF FEDERAL FINANCIAL ASSISTANCE
CITY OF WHEAT RIDGE, COWRADO
SCHEDULE OF FEDERAL FINANCIAL ASSISTANCE
YEAR ENDED DECEMBER 31, 1995
Federal
CFDA No.
Program
or A ward
Amount
U.S. DE:partment of Justice
COPS Fast
16.710 $ 150,000 $
-86-
Cash/
Accrued or
(Deferred)
Revenue
at December
31. 1994
-0-
Cash
Received
$
25 545 $
Disburse-
ments!
Expenditures
31 310 $
Cash!
Accrued or
(Deferred)
Revenue
at December
31. 1995
9761
-87-
INTERNAL CONTROL STRUCTURE
INDEPENDENT AUDITOR'S REPORT ON THE INTERNAL
CONTROL STRUCTURE BASED ON AN AUDIT OF GENERAL
PURPOSE FINANCIAL STATEMENTS
PERFORMED IN ACCORDANCE WITH
GOVERNMENT AUDITING STANDARDS
wn
6~~?d~!l:~,~2~",~nd Co., Inc.
Principals
Jack C. Schroeder
Larry R. Beardsley
RIchard M. Carlson
Mark D Elmshauser
K.e;in F Collins
City Council
City of Wheat Ridge, Colorado
We have audited the general purpose financial statements of the City of Wheat Ridge, Colorado
as of and for the year ended December 31, 1995 and have issued our report thereon dated April
10, 1996.
We conducted our audit in accordance with generally accepted auditing standards and Government
Auditing Srando.rds, issued by the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable assurance about whether the
general purpose fmancial statements are free of material misstatement.
The management of the City of Wheat Ridge, Colorado is responsible for establ1shing and
maintaining an internal control structure In fulfilling this responsibility, estimates and
judgements by management are required to assess the expected benefits and related costs of
internal control structure policies and procedures. The objectives of an internal control structure
are to provide management with reasonable, but not absolute, assurance that assets are safeguarded
against loss from unauthorized use or disposition and that transactions are executed in accordance
with management's authorization and recorded properly to permit the preparation of general
purpose financial statements in accordance with generally accepted accounting principles. Because
of inherent limitations in any internal control structure, errors or irregularities may nevertheless
occur and not be detected. Also, projection of any evaluation of the structure to future periods
is subject to the risk that procedures may become inadequate because of changes in conditions or
that the effectiveness of the design and operation of policies and procedures may deteriorate.
In planning and performing our audit of the general purpose fmancial statements of the City of
Wheat Ridge, Colorado for the year ended December 31, 1995, we obtained an understanding of
the internal control structure. With respect to the internal control structure, we obtained an
understanding of the design of relevant policies and procedures and whether they have been placed
in operation, and we assessed control risk in order to determine our auditing procedures for the
purpose of expressing our opinion on the general purpose fmancial statements and not to provide
an opinion on the internal control structure. Accordingly, we do not express such an opinion.
6000 Greenwood Plaza Blvd., :;110
Greenwood Ylllage, CO 80111-4817
(303) 779-4000
FAX 770-9276
Members: American Institute of Certified Public Accountants - S.E.C. and Private Practice Sections
Colorado Socielv of Certiflcd Public Accountant:-.
Page Two
City Council
City of Wheat Ridge, Colorado
Our consideration of the internal control structure would not necessarily disclose all matters in the
internal control structure that might be material weaknesses under standards established by the
American Institute of Certified Public Accountants. A material weakness is a condition in which
the design or pperation of one or more of the internal control structure elements does not reduce
to a relatively low level the risk that errors and irregularities in amounts that would be material
in relation to the general purpose financial statements being audited may occur and not be detected
within a timely period by employees in the normal course of performing their assigned functions.
We noted no matters involving the internal control structure and its operations that we consider
to be material weaknesses as defmed above
However, we noted certain matters involving the internal control structure and its operation that
we have reported to the management of the City of Wheat Ridge, Colorado in a separate letter
dated April 10, 1996
This report is intended for the information of the City Council, management of the City, the U.S.
Department of Justice and other state organizations. However, this report is a matter of public
record and its distribution is not limited.
v~ 1~ ~ 0:J'j ~~.
April 10, 1996
-89-
INDEPENDENT AUDITOR'S REPORT ON INTERNAL
CONTROL STRUCTURE USED IN ADMINISTERING FEDERAL
FINANCIAL ASSISTANCE PROGRAMS
Page Two
City Council
City of Wheat Ridge, Colorado
For the purpose of this report, we have classified the significant internal control structure policies
and procedures used in administering federal fmancial assistance programs in the following
categories:
1) Accounting Transaction Class
Cash disbursements, expenditures, accounts payable, other liabilities
Ca~' 'eceipts, revenue, accounts receivable
Payroll
2) Controls Used in Administering Federal Programs
General Requirements
Political activity
Civil Rights
Cash management
Federal fmancial reports
Allowable costs/cost principles
Drug-free workplace
Administrative requirements
Specific Requirements
Types of costs allowed or unallowed
Reporting
Claims for reimbursements
For all the internal control structure categories listed above, we obtained an understanding of the
design of relevant policies and procedures and determined whether they have been placed in
operation and we assessed control risk.
During the year ended December 31, 1995, the City of Wheat Ridge, Coloado had no major
federal financial assistance programs and expended 100% of its total under the following nonmajor
program:
COPS Fast Grant
We perfonned tests of controls, as required by OMB Circular A-128, to evaluate the effectiveness
of the design and operation of internal control structure policies and procedures that we considered
relevant to preventing or detecting material noncompliance with specific requirements, general
requirements and requirements governing claims fOT advances and reimbursements and amounts
claimed or used for matching that are applicable to the aforementioned nonmajor programs. Our
procedures were less in scope than would be necessary to render an opinion on these internal
control structure policies and procedures. Accordingly, we do not express such an opinion.
-91-
Page Three
City Council
City of Wheat Ridge, Colorado
Our consideration of the internal control policies and procedures used in administering federal
financial assistance would not necessarily disclose all matters in the internal control structure that
might constitute material weaknesses under standards established by the American Institute of
Certified Public Accountants. A material weakness is a reportable condition in which the design
or operation of one or more of the internal control structure elements does not reduce to a
relatively low level the risk that noncompliance with laws and regulations that would be material
to a federal financial assistance program may occur and not be detected within a timely period by
employees in the normal course of performing their assigned functions. We noted no matters
involving the internal control structure and its operations that we consider to be material
weaknesses as defmed above.
We noted other matters involving the internal control structure and its operation that we have
reported to the management of the City of Wheat Ridge, Colorado in a separate letter dated April
10, 1996.
This report is intended for the information of the City Council, management of the City, the U.S.
Department of Justice and other state organizations. However, this report is a matter of public
record and its distribution is not limited.
v~ l~~Co.)~MC.
April 10, 1996
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COMPLIANCE
INDEPENDENT AUDITOR'S REPORT ON COMPLIANCE
WITH LAWS, REGULATIONS, CONTRACTS AND
GRANTS BASED ON AN AUDIT OF GENERAL
PURPOSE FINANCIAL STATEMENTS
PERFORMED IN ACCORDANCE WITH
GOVERNMENT AUDITING STANDARDS
wn
6~'~~~~i~~;,~~..and Co., Inc.
Principals
Jack C. Schroeder
Larry R. Beardsley
Richard M. Carlson
"tark D Elmshauser
Kevin F Coll,"s
City Council
City of Wheat Ridge, Colorado
We have audited the general purpose fmancial statements of the City of Wheat Ridge, Colorado
as of and for the year ended December 31, 1995 and have issued our report thereon dated April
10, 1996.
We conducted our audit in accordance with generally accepted auditmg standards and Government
Auditing Standards, issued by the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable assurance about whether the
general purpose fmancial statements are free of material misstatement.
Compliance with laws, regulations, contracts and grants applicable to the City of Wheat Ridge,
Colorado is the responsibility of the City's management. As part of obtaining reasonable
assurance about whether the general purpose fmandal statements are free of material
misstatement, we performed tests of the City's compliance with certain provisions of laws,
regulations, contracts and grants. However, the objective of our audit of the fmancial statements
was not to provide an opinion on overall compliance with such provisions. Accordingly, we do
not express such an opinion.
The results of our tests disclosed no instances of noncompliance that are required to be reported
herein under Government Auditing Standards.
This report is intended for the information of the City Council, management of the City, the U. S
Department of Justice and other state organizations. However, this report is a matter of public
record and its distribution is not limited.
v~ l~ ~ to. J ~"'-C.
April 10, 1996
6000 Greenwood Plaza Blvd., #110
Greenwood Village, CO 80111-4817
(303) 779-4000
FAX 770-9276
Members: American lnstitute of Certified Public Accountants - S.E.C. and Private Practice Sections
Colorado SOCiel\ of Certifu:d Public '\ccouolants
INDEPENDENT AUDITOR'S REPORT ON COMPLIANCE
WITH GENERAL REQUIREMENTS
APPLICABLE TO FEDERAL FINANCIAL
ASSIST ANCE PROGRAMS
wn
6~.~~!l~~.~1~,~nd Co., Inc.
Principals
Jack C. Schroeder
Larry R. Beardsley
Richard M. Carlson
Mark D Elmshauser
KevlO F Collins
City Council
City of Wheat Ridge, Colorado
We have audited the general purpose fmancial statements of the City of Wheat Ridge, Colorado
as of and for the year ended December 31, 1995 and have issued our report thereon dated April
10, 1996.
We have applied procedures to test the City's compliance with the following requirements
applicable to its federal financial assistance program which is identified m the Schedule of Federal
Financial Assistance for the year ended December 31, 1995.
. Political activity
. Civil Rights
. Cash management
. Federal fmancial reports
. Allowable costs and cost principles
. Drug-free workplace
. Administrative
Our procedures were limited to the applicable procedures described in the Office of Management
and Budget's Compliance Supplement for Single Audits of State and Local Governments. Our
procedures were substantially less in scope than an audit, the objective of which is the expression
of an opiruon on the City's compliance with the requirements listed in the preceding paragraph.
Accordingly, we do not express such an opinion.
With respect to the items tested, the results of those procedures disclosed no material instances of
noncompliance with the requirements listed in the second paragraph of this report. With respect
to items not tested, nothing came to our attention that caused us to believe that the City of Wheat
Ridge, Colorado had not complied, in all material respects, with those requirements. However,
the results of our procedures disclosed immatenal instances of noncompliance with those
requirements which are described in the accompanying Schedule of Findings and Questioned
Costs.
This report is intended for the information of the City Council, management of the City, the U. S.
Department of Justice and other state organizations. However, this report is a matter of public
record and its distribution is not limited.
'lOA\. ,k~ o.J ~'/ ~.
April 10, 1996
6000 Greenwood Plaza Blvd.. 11110
Greenwood Vlllage. CO 80111-4817
(03) 779-4000
F <\X 770-9276
~tembers: American Institute of Certified Public Accountants - S.E.C. and Private Practice Sections
Colorado Society at Cenifll:d Public Accountants
INDEPENDENT AUDITOR'S REPORT ON COMPLIANCE
WITH SPECIFIC REQUIREMENTS APPLICABLE TO
NONMAJOR FEDERAL FINANCIAL ASSISTANCE
PROGRAM TRANSACTIONS
wn
6~'~~~~i~.;;,!~~and Co., Inc.
Principals
Jack C. Schroeder
Larry R. Beardsley
Richard M. Carlson
Mark 0 Elmshauser
Kevin F Collms
City Council
City of Wheat Ridge, Colorado
We have audited the general purpose fmancial statements of the City of Wheat Ridge, Colorado
as of and for the year ended December 31, 1995 and have issued our report thereon dated April
10, 1996.
In connection with our audit of the general purpose fmancial statements of the City of Wheat
Ridge, Colorado and with our consideration of the City's control structure used to administer
federal financial assistance programs, as required by Office of Management and Budget Crrcular
A-128, Audits of Stare and Local Governments, we selected certain transactions applicable to
certain nonmajor federal fmancial assistance programs for the year ended December 31, 1995.
As required by OMB Circular A-128, we have performed auditing procedures to test compliance
with the requirements governing types of services allowed or unallowed; reporting and matching
requirements that are applicable to those transactions. Our procedures were substantially less in
scope than an audit, the objective of which is the expression of an opinion on the City's
compliance with these requirements. Accordmgly, we do not express such an opinion.
With respect to the items tested, the results of those procedures disclosed no material instances of
noncompliance with the requirements listed in the preceding paragraph. With respect to items not
tested, nothing came to our attention that caused us to believe that the City of Wheat Ridge,
Colorado, had not complied, in all material respects, with those requirements. However, the
results of our procedures disclosed immaterial instances of noncompliance with those
requirements, which are described in the accompanying Schedule of Findmgs and Questioned
Costs.
This report is intended for the information of the City Council, management of the City, the U.S.
Department of Justice and other state organizations. However, this report is a matter of public
record and its distribution is not limited.
v~l~~lc./-l~.
April 10, 1996
6000 Greenwood Plaza Blvd., 11110
Greenwood Village. CO 80111-4817
(303) 779-4000
FAX 770-9276
~1embers: -\merican lnstitute of Certified Public .\ccountants ~ S.E.C and Private Practic~ S~clions
ColofJ.dl) SOC1~t: of CertIfied Pub\lc >\ccount..H1t~
CITY OF WHEAT RIDGE, COWRADO
SCHEDULE OF FINDINGS AND QUESTIONED COSTS
YEAR ENDED DECEMBER 31, 1995
Findine/N oncompliance:
Questioned Costs
We noted line IDa of the Financial Status Report, dated
February 12, 1996 was understated by $6.00
None
Manaeement's RespoD-"e
Management will contact the granting agency to determine
if the additional $6.00 can be included in the next report or
if an amended report needs to be rued.
Findine/N oncompliance
We noted that the City was not including an amount for None
worker's compensation as an outlay of the program
even though it was budgeted and approved by the granting
agency.
Manaeement's Response
Management will begin including the cost related to
worker's compensation as an outlay of the program.
Finding/Noncompliance
The current Drug-Free Workplace policy does not
comply with the requirements of the Act.
None
Manaeement's Response
The City will review its policy and update as
necessary to comply with the Act.
-96-