HomeMy WebLinkAbout1996
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"b~MP~II~lc~~ItN'i,~'H.\1llNUAL.F~iJ.~~..,CI.. ' , REPOR
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,,", ,. :'dEMlED:UICEMBER31 1996
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:PREPARED 13Y THE CIty tREASURER'S DEPARTMENT
wn
6~~~~i~~:!~~and Co., Inc.
Principals
Jack C. Schroeder
Larry R. Beardsley
Richard M. Carlson
Mark D Elmshauser
Kevin F Collins
April 7, 1997
City Council
City of Wheat Ridge, Colorado
We have audited the financial statements of the City of Wheat Ridge for the year ended December
31, 1996. During the course of our audit, we noted the following matter which we feel will
improve the City's financial reporting practices and procedures. It does not include our comments
on the strengths of the City's practices and procedures which we also observed.
While the matters we will mention are not significant enough to change our opinion on your
fmancial statements, they are in need of your attention.
SPECIAL IMPROVEMENT DISTRICT NO. 1987-1
During 1996, the City paid these bonds in full and have chosen not to collect the remaining
assessment due the City. Since money remains in this fund, we encourage the City to determine
a legal use for the remaining fund balance and close out this fund.
POLICE BUILDING FUND TAX
The City discontinued current collection of the sales and use tax for the police building expansion
beginning May 1, 1996. However, collection of this tax continues by the City via audits and late
payments. The November 6, 1996 election to retain amounts in excess of the original $2,500,000
amount restricts all amounts collected for police computer and communications equipment and
facilities. We encourage the City to continue to account for these collections as required by the
approved election question.
AMENDMENT ONE (TABOR) COMPLIANCE
The calculation of Fiscal Year Spending has not been clearly defmed by court rulings or
legislation. Thus, the City must continue to make certain interpretations of the law as to how to
calculate the spending limit. We encourage the City to continue to monitor court and legislative
actions closely to determine the impact to the City's interpretations of TABOR provisions.
We wish to express our appreciation for the courtesy and cooperation extended to us by the
personnel of the City during our audit. If we can be of any assistance to you in implementing the
above recommendations, or if any clarification of the recommendations is needed, we will be
pleased to discuss them with you at your convenience.
VM--l~ cuul~/k.
Certified Public Accountants
6000 Greenwood Plaza Blvd., #110
Greenwood Village, CO 80111-4817
(303) 779-4000
FAX 770-9276
Members: American Institute of Certified Public Accountants - S.E.e. and Private Practice Sections
Colorado Society of Certified Public Accountants
.
CITY OF WHEAT RIDGE, COLORADO
TABLE OF CONTENTS
DECEMBER 31, 1996
INTRODUCTORY SECTION
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
I-Vll
Vlll
IX
1
2-5
6-7
8-10
11
12
13-28
29-32
33-36
37-47
48-49
50-51
52-54
55
56-57
58-59
CITY OF WHEAT RIDGE, COLORADO
.
TABLE OF CONTENTS
DECEMBER 31, 1996
(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
60
61
62-63
Supplemental Infonnation
Counties, Cities and Towns Annual Statement of Receipts and
E;'<penditures for Roads, Bridges and Streets
64-66
STATISTICAL SECTION
Assessed and Estimated Actual Value of Taxable Property
67
General Governmental Expenditures by Function
68-69
General Governmental Revenue by Source
70-71
General Governmental Tax Revenue by Source
72-73
Property Tax Rates - Direct and Overlapping Governments
74-75
Property Tax Levies and Collections - General Fund
76
Special Improvement District 1987-1 - Billings and Collections
77
Computation of Legal Debt Margin
78
Revenue Bond Coverage Sales Tax Revenue Bonds
79
80
Demographic Statistics
Construction, Property Value and Bank Deposits
81
Miscellaneous Statistics
82
(Continued)
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CITY OF WHEAT RIDGE, COLORADO
TABLE OF CONTENTS
DECEMBER 31, 1996
(Continued)
Page
REPORTS REQUIRED BY THE SINGLE AUDIT ACT OF 1984
Independent Auditor's Report on Supplementary Schedule
of Federal Financial Assistance
83
Schedule of Federal Financial Assistance
84-85
Internal Control Structure
Independent Auditor's Report on the Internal Control Structure
Based on an Audit of the Financial Statements Performed in
Accordance with Goverrunenr Auditing Standards
86-87
Independent Auditor's Report on the Internal Control Structure
Used in Administering Federal Financial Assistance Programs
88-90
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 Goverrunent Auditing Standards 91
Independent Auditor's Report on Compliance with General
Requirements Applicable to Federal Financial Assistance Programs 92
Independent Auditor's Report on the Compliance with Specific
Requirements Applicable to Nonmajor Federal Financial
Assistance Program Transactions 93
Schedule of Findings and Questioned Costs 94
.
INTRODUCTORY SECTION
TELEPHONE. (303) 234-5900
7500WEST29THAVENUE · WHEATRIDGE,COLORADOB0215
The City of
.
GWheat
GRidge
May 21, 1997
The Honorable Mayor Wilde,
Wheat Ridge City Council, and
City Manager
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, 1996. 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
financial information, generally presented on a multi-year basis.
i
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ACCOUNTING SYSTEM AND BUDGETARY CONTROL
In developing and evaluating the City's accounting system, consideration is given to
the adequacy of internal controls. Internal accounting controls are designed to provide
reasonable, but not absolute, assurance regarding the safeguarding of assets against
loss from unauthorized use or disposition and the reliability of financial records for
preparing financial statements and maintaining accountability for assets. The concept
of reasonable assurance recognizes that the cost of a control should not exceed the
benefits likely to be denved 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 23 other smalIer 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 and Internal Service
Funds which are GAAP basis.
The level of budgetary control (the level at which expenditures and encumbrances
cannot legalIy exceed the appropriated amount) is established at the individual fund
level. 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
$Il,540,132 in 1996, an increase of6.50% over 1995 The amount of revenues from
various sources and the increase (decrease) over last year are shown in the followmg
table
Increase Percentage
Revenues Percentage (Decrease) Increase
By Source 1996 Amount of Total From 1995 (Decrease)
Taxes $ 8,208,493 71.13% $472,856 6Il%
License & Permits 382,732 3.32 32,822 9.38
Intergovernmental 1,626,800 14 10 109,523 7.21
Charges for Services 461,252 400 52,505 1284
Fines & Forfeitures 555,237 481 156,460 39.23
Interest Income 171,905 148 (153,926) 8954
Other Revenue 133713 1 16 34 040 3415
TOTAL $]],540,132 100 00% $704,280 6.50%
The major source of revenue for the City of Wheat Ridge is retail sales and use tax
($5,792,357). This comprises 5019% of total current General Fund revenue. The
one percent (1%) General Fund sales tax revenues for 1996 were $3,733,647, an
increase of2.28% or $85,128 over 1995 collections. General Fund use tax revenues
for 1996 were $2,058,710, an increase of 15.6% over 1995 collections (specific
increases were professional 40%, retail 15%, and decreases in auto 12%, and building
31%).
Current property tax collections for 1996 were 96 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, 1995, and 1996 at 2.714 mills.
iii
Expenditures for general governmental functions (General Fund only) totaled
$11,497,67tim 1996, an mcrease of7.22% over 1995 Increases or (decreases) in
levels of expenditures for major functions of the City over the past year are sho"WTl m
the following table
Expenditure Increase Percentage
Activity Percentage (Decrease) Increase
By Function 1996 Amount Of Total From 1995 (Decrease)
General Government $ 1,720,658 14 97% ($1 14,827) (6.26%)
Planning & Develop 626,380 5.45 138,078 28.28
Public Safety 4,529,325 39.39 362,986 871
Public Works 2,095,850 18.23 3,547 17
Parks & Recreation 1,796,726 1562 249,224 16 Il
Other 623,643 543 138,770 2862
Capital Outlay 105 094 91 (3 763) (3 46)
TOTAL $11,497,676 100.00% $774,015 7.22%
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%). Four
department heads contribute four-percent to the International City Managers
Association (ICMA), I.R.C Section 401 deferred compensation plan and the City
contributes five-percent to this plan. 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 ADMINISTRA nON
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 of3.8%. The new bond issue will
mature in 1999 and the City has obtained an economic gain (difference between the
present values of the old and new debt service payments) of approximately $245,000
over the life of the new issue. This bond issue is accounted for in the Debt Service
Fund.
lV
The City has entered into several lease agreements for financing the acqUisition of
equipment iacluding 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. Funds are budgeted and
encumbered for that year's payments only
Wheat Ridge entered into its first long-term bonded indebtedness in 1988. On June
24, 1988, $1.25 million in Special Assessment Bonds were issued for the payment of
part ofthe construction costs oflocal improvements in the newly created Special
Improvement District No 1987-1 By passage of Ordinance 751, Series of 1988, the
City Council caused assessments to be imposed against the real property included in
the District especially benefited by the improvements. The assessments are to be paid
in ten amortized annual installments of principal ~nd interest, and are certified to the
County Treasurer annually for payment with the property tax assessments. The City
has no obligation for payment of the debt on these bonds and acts as agent for the
property owners and bondholders. Substantial prepayments were made during 1996
and the outstanding bonded debt for SID was retired as of October 1, 1996, two years
earlier than originally estimated.
CASH MANAGEMENT
It is the responsibility of the City Treasurer to invest all idle funds and cash Wlthin
each fund. The City of Wheat Ridge has formally adopted the prudent investor rule as
a guide to the Treasurer's Office in making municipal investments to maximize yield
while minimizing risk. The prudent investor rule states "that investments shall be
made with the exercise of that judgement and care, under circumstances then
prevailing, which men of prudence, discretion and intelligence exercise in the
management of their own affairs not for speculation but for investment, considering
the probable safety of their capital as well as the probable income to be derived" City
funds may be invested in insured savings, money market accounts, certificates of
deposit, and secunties of the U S Government and its agencies, in conformance with
the Colorado Public Deposit Protection Act (PDPA) requirements. The City
Treasurer monitors the interest rates on a daily ba$is.
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 1996, the City's
investment in certificates of deposit and government securities varied in stated interest
rates from 505% to 9.0%, and 300% to 4 65% in savings and money market
accounts, respectively The City's investment portfolio indicates investments
throughout 1996 averaged 97% in US Government securities and 3% in cash, money
market or savings accounts.
v
RISK MANAGEMENI
~
The City is exposed to various risks ofloss related to torts, thefts and damage to, or
destruction of assets; error or omissions, injuries to employees; or acts of God.
The City of Wheat Ridge takes seriously the need for 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 (Crn..SA) 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 9%) of expenditures;
1994 was forty-one percent (40.9%) of expenditures; and 1995 at thirty-five percent
(34.6%) of expenditures and 1996 is at 37.6 percent. 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, financial records, and transactions of all administrative
departments of the City. An independent certified public accountant selected by the
City Council has performed this requirement and the auditor's opinion has been
included in this report.
AWARDS
The Government Finance Officers Association of the United States and Canada
(GFOA) awards a Certificate of Achievement for Excellence in Financial Reporting to
local governmental entities for their Comprehensive Annual Financial Report. The
City of Wheat Ridge has received this award for four consecutive years (1989, 1990,
1991 and 1992). The city did not submit the Comprehensive Annual Financial Report
(CAFR) to GFOA for 1993, 1994 or 1995.
Vl.
ACKNOWLEDGMENTS
"
I would like to express my appreciation to Lmda Stengel, Cluef 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 finn of Van Schooneveld & Co., Inc. for the
manner in which they accomplished the 1996 audit
Respectfully submitted,
~o~
City Treasurer
vii
CITY OF WHEAT RIDGE
.
ELECTORATE
I
CITY MAYOR CITY TREASURER
CLERK COUNCIL
I I
CITY MUNICIPAL CITY
ATTORNEY JUDGE MANAGER
BUDGET
PURCHASING
DATA PROC
BLDG. MAINT.
PERSONNa
ECO DEYa
VOLUNTEERS
PARKS PLANNING PUBLIC
AND AND POLICE WORKS
RECREATION DEVELOPMENT
Ylll
CITY OF WHEAT RIDGE
. ELECTED OFFICIALS
MAYOR
DAN WILDE
CITY COUNCIL
JERRY DITULLIO DISTRICT 1 JEAN FIELDS
KEN SILER DISTRICT 2 TONY SOLANO
DONALD EAF ANTI DISTRICT 3 JANELLE SHAVER
CLAUDIA WORTH DISTRICT 4 TERI DALBEC
CITY CLERK
WANDA SANG
CITY TREASURER
JAMES MALONE
MUNICIPAL JUDGE
RANDALL DAVIS
CITY ATTORNEY
GERALD DAHL
CITY MANAGER
ROBERT C. MIDDAUGH
DIRECTOR OF PLANNING
DIRECTOR OF PARKS & RECREATION
DIRECTOR OF PUBLIC WORKS
CHIEF OF POLICE
BUDGET/FINANCE ASSISTANT
PERSONNEL ASSISTANT
PURCHASING AGENT
CHIEF ACCOUNTANT
GLEN GIDLEY
GARY WARDLE
ROBERT GOEBEL
JACK HURST
WILLIAM W. POWELL
PATRICIA CREW
PAUL EDWARDS
LINDA STENGEL
IX
.
FINANCIAL SECTION
wn
. 6~'~~d~~~';~!~o"and Co., Inc.
PrinClpals
Jack C Schroeder
Larrv R. B.:ardst-:y
Richard M. (,,[;on
Mark D Elm5h~us-=r
Kevin F (011<0.;
Il'.'DEPL,\1)E.'1,T AUDITOR'S REPORT
City Council
Cit) 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, 1996, as I.J.sted 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 fInancial 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 fInancial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.
In our opinion, the general purpose fInancial statements referred to above present fairly, in all
material respects, the fmancial position of the City of Wheat Ridge, Colorado at December 31,
1996 and the results of its operations and the cash flows of its proprietary fund type for the year
then ended, in conformity with generally accepted accounting principles.
In accordance with Governmenr Auditing Standards, we have also issued a report dated April 7,
1997 on our consideration of the City's internal control structure and a report dated April 7, 1997
on its compliance with laws and regulations.
Our audit was made for the purpose of forming 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 information, as listed in the Table of Contents, are
presented for purposes of legal compliance and additional analysis and are not a required part of
the general purpose financial statements of the City of Wheat Ridge, Colorado. Such information
has been subjected to the auditing procedures applied in the audit of the general purpose financial
statements and, in our opinion, are fairly stated in all material respects in 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.
V~l~~G.J~N:
April 7, 1997
6000 Greenwood Plaza Blvd.. 11110
Greenwood Village. CO 80111-4817
(303) 779-4000
FAX 770-9276
~lt:mbct): Amcric:1n Institute of Certified Publi~ Accountants - S.E.C. and Pri\'3tc Practice: Sections
Colorado SOCl\~=ty of Certific:d Public Accountants
CITY OF WHEAT RIDGE, COLORADO
COMBINED B;UANCE SHEET - ALL FUND TYPES AND ACCOUNT GROUPS
DECEMBER 31, 1996
Governmental Fund Types
Special Debt Capital
ASSETS AND OTHER DEBITS C..eneral Revenue Service Pro i ects
ASSETS
Cash $ 317,041 $ 422,536 $ 1,694 $
Investments 2,397,173 1,846,784 346,540 5,300,430
Restricted Investments 321,982
Accounts receivable
Property taxes 605,000 211,000
Other taxes 507,709 401,138
Special assessments
Intergovernmental 369,333 2,348,530
Other 152,123 1,510
Interest receivable 9,474 5,192 22,238
Interfund loan 40,000
Due from other funds 806,804 100,000 3,300
Fixed assets
OTHER DEBITS
Amount available in Debt
Service Fund
Amount to be provided for
retirement of general
long-term debt
Total assets and --.
other debits $5204.657 $4 935 552 $ 673.516 $5 723 806
-2-
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GENERAL PURPOSE FINANCIAL STATEMENTS
The general purpose fmancial statements provide a financial 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 of December 31, 1996 and for the year then ended.
-
.,
Proprietary
Fund Type
Internal
Service
Fund
Fiduciary
Fund Type
Account Groups
General General
Fixed Lmg-Term
A'iSets Debt
Totals
(Memorandum Only)
1996 1995
Trust
and Agency
S $ 65,071 $ $ $ 806,342 $ 1,374,404
509,531 10,209,700 20,610,158 19,630,035
321,982 321,982
816,000 686,000
908,847 1,178,265
259,785
2,717,863 2,091,681
153,633 171,526
36,904 55,031
40,000 30,000
7 910,111 690,486
23,355,097 23,355,097 20,541,432
650,014
650,014
665,303
3 028 825
3.028 825
3 007 782
$ 509531 $10274778 $23355097 $ 3678839 $54355776 $ 50703712
(Continued)
-3-
CITY OF WHEAT RIDGE, COLORADO
C01v1BINED BfJANCE SHEET - ALL FUND TYPES AND ACCOUNT GROUPS
DECEMBER 31, 1996
(Continued)
G.()vernmental Fund Types
LIABILITIES, EQUITY Special Debt Capital
AND OTHER CREDITS C..eneral Revenue Service Projects
LIABILITIES
Accounts and claims payable $ 54,304 $ 135,400 $ $ 57,620
Retainage payable
Court bonds payable 31,304
Accrued payroll 89,904
Deferred compensation payable
Refundable escrow deposits 500
Interfund loan 40,000
Due to other funds 103,306 772,948 33,857
Deferred revenue 605,000 2Il ,000
Accrued vacation and sick pay 23,502
Capital leases
Bonds payable
Developer agreement payable
Total liabilities 884 318 I 159 348 23 502 91 477
EQUITY AND OTHER CREDITS
Investments in general fIxed assets
Retained earnings
Fund balances
Reserved for
Encumbrances 84,421 294,783 1,202,952
Capital projects 1,665,377
Debt service 461,402
Retirement plans
Emergencies 524,000
Unreserved
Designated for subsequent
year's expenditures 202,388 950,648 2,764,000
Designated for compensated
absences 188,612
Undesignated 3 509 530 2 530 773
Total equity and other
credits 4 320 339 3 776 204 650 014 5 632 329
Total liabilities, equity
and other credits $5 204657 $4935 552 $ 673 516 $5723 806
-4-
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Proprietary Fiduciary
Fund Type Fund Type Account Groups
Internal General General Totals
Service Trust Fixed Long- Term Memorandum Only)
Fund and Agency Assets Debt 1996 1995
$ 314,024 $ $ $ $ 561,348 $ 392,151
7,636
31,304 29,572
89,904
1,630,565 1,630,565 1,373,521
65,078 65,578 60,078
40,000 30,000
910,111 690,486
816,000 945,785
481,497 504,999 454,658
37,342 37,342 34,933
2,985,000 2,985,000 3,205,000
175 000 175 000
314 024 I 695 643 3 678 839 7 847 15] 7 223 820
23,355,097 23,355,097 20,541,432
195,507 195,507 238,992
1,582,156 2,285,198
1,665,377 4,053,053
461,402 502,689
8,579,135 8,579,135 7,355,527
524,000 560,000
3,917,036 3,196,559
188,612 162,614
6 040 303 4 583 828
195 507 8579 ]35 23 355 097 46 508 625 43 479 892
$ 509 531 $10274778 $23 355 097 $ 3.678 839 $ 54 355 776 $ 50 703 712
The accompanying notes are an integral part of the financial statements.
-5-
CITY OF WHEAT RIDGE, COLORADO
COMBINED STA1JTh1ENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND
BALANCES - ALL GOVERNMENTAL FUND TYPES
YEAR ENDED DECEMBER 31,1996
Special
G.eneral Revenue
REVENUE
Taxes $ 8,208,493 $ 930,744
Licenses and permits 382,732
Intergovernmental 1,626,800 1,301,262
Charges for servIces 461,252 60,297
Fines and forfeitures 555,237
Special assessments
Interest 171,905 122,654
Other 133713 61 969
Total revenue 11540,132 2 476 926
EXPENDITURES
Current
General government 1,720,658 39,317
Planning and development 626,380 40,330
Police 4,529,325 12,364
Public works 2,095,850
Parks and recreation 1,796,726 1,272,011
Other 623,643
Capital outlay 105,094 2,451,021
Debt service
Principal
Interest and fiscal charges
Total expenditures 11 497 676 3 815 043
Excess (deficiency) of revenue over expenditures 42 456 (1 338 117)
OTHER FINANCING SOURCES (USES)
Transfers in 1,022,377 1,299,663
Transfers (out) (987 663) (368 277)
Total other financing sources (uses) 34 714 931 386
EXCESS (DEFICIENCY) OF REVENUE AND OTHER
FINANCING SOURCES OVER EXPENDITURES
AND OTHER FINANCING USES 77 , 170 (406,731)
FUND BALANCE - BEGINNING OF YEAR 4 243 169 4 182935
FUND BALANCE - END OF YEAR $ 4 320 339 $ 3 776 204
-6-
.
Totals
Debt Capital (Memorandum Only)
Service Projects 1996 1995
S $ 3,780,459 S 12,919,696 $13,744,701
382,732 349,910
51,540 2,979,602 2,727,265
521,549 463,669
555,237 398,777
79,668 79,668 145,625
75,276 322,231 692,066 820,347
11 666 207 348 235 461
154 944 4 165 896 18337898 18885755
1,759,975 1,888,899
666,710 1,201,251
4,541,689 4,182,320
2,095,850 2,092,303
3,068,737 1,999,841
57,476 681,Il9 537,644
3,579,261 6,135,376 5,893,116
220,000 220,000 550,000
133 497 133 497 165 197
410 973 3 579 261 19.302953 18510571
(256 029) 586.635 (965 055) 375 184
240,740 2,562,780 2,094,724
(1 206 84Q) (2 562 780) (2 094 724)
240 740 (I 206 840)
(15,289)
665 303
650014 $
(620,205)
6 252 534
5 632 329
(965,055) 375,184
15 343 941 14968 757
$ 14378886 $ 15 343941
$
The accompanying notes are an integral part of the financial statements.
-7-
CITY OF WHEAT RIDGE, COLORADO
COMBINED STATEMENT OF REVENUE, EXPENDITURES, ENCUMBRANCES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
~
ALL GOVERNMENTAL FUND TYPES
YEAR ENDED DECEMBER 31, 1996
G.eneral
Variance-
Amended Favorable
Budget Actual (Unfavorable)
REVENUE
Taxes $ 7,947,825 $ 8,208,493 $ 260,668
Licenses and permits 322,600 382,732 60,132
Intergovernmental 1,598,889 1,626,800 27,911
Charges for services 486,250 461,252 (24,998)
Fines and forfeitures 455,000 555,237 100,237
Special assessments
Interest 150,000 171,905 21,905
Other 83 000 133 713 50713
Total revenue II 043 564 11 540 132 496 568
EXPENDITURES AND ENCUMBRANCES
Current
General government 1,784,078 1,720,659 63,419
Planning and development 765,771 682,093 83,678
Police 4,797,842 4,530,319 267,523
Public works 2,295,103 2,110,494 184,609
Parks and recreation 1,875,078 1,799,424 75,654
Other 665,464 630,722 34,742
Capital outlay 149,493 105,094 44,399
Debt service
Principal
Interest and fiscal charges
Total expenditures and
encumbrances 12.332 829 11 578 805 754 024
EXCESS (DEFICIENCY) OF REVENUE
OVER EXPENDITURES AND
ENCUMBRANCES (J 289 265) (38 673) 1 250 592
OTHER FINANCING SOURCES
Transfers in 1,004,100 1,022,377 18,277
Transfers (out) (994 663) (987663) 7000
Total other financing sources (uses) 9437 34714 25 277
EXCESS (DEFICIENCY) OF REVENUE
AND OTHER FINANCING SOURCES
OVER EXPENDITURES, ENCUMBRANCES
AND OTHER FINANCING USES $ (J 279 828) (3 959) $ 1 275 869
ADJUSTMENTS TO GAAP BASIS
Encumbrances
Prior year, paid current year (3,292)
Current year outstanding 84421
Total adjustments 81 129
EXCESS (DEFICIENCY) OF REVENUE
AND OTHER FINANCING SOURCES
OVER EXPENDITIJRES AND OTHER
FINANCING USES (GAAP) BASIS $ 77 170
-8-
~
Special Revenue Debt Service
Variance- Variance-
Amended Favorable Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable)
$ 934,204 $ 930,744 $ (3,460) $ $ $
1,255,265 1,301,262 45,997
58,340 60,297 1,957
175,000 79,668 (95,332)
99, 120 122,654 23,534 44,610 75,276 30,666
156 085 61969 (94 116)
2503014 2 476 926 (26 088) 219610 154 944 (64 666)
56,485 66,624 (10,139)
107,693 40,330 67,363
25,000 12,364 12,636
2,361,012 1,284,343 1,076,669
65,000 57,476 7,524
2,904,140 1,570,911 1,333,229
220,000 220,000
129 181 133 497 (4316)
5 454 330 2 974 572 2479 758 414181 410 973 3208
(2951 316) (497 646) 2 453 670 (194 571) 056 029) (61 458)
1,299,663 1,299,663 240,740 240,740
(350 545) (368 277) (17 732)
949118 931 386 (17 732) 240 740 240740
$ (2 002 198)
433 740 $ 2 435 938 $
46 169
(15 289) $
(61 458)
(1,135,254)
294 783
(840 471)
$ (406731)
$
(15289)
(Continued)
-9-
CITY OF WHEAT RIDGE, COLORADO
COMBINED STATEMENT OF REVENUE, EXPENDITURES, ENCUMBRANCES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
~ ALL GOVERNMENTAL FUND TYPES
YEAR ENDED DECEMBER 31, 1996
(Continued)
Capital Pniject..
Variance-
Amended Favorable
Budget Actual (Unfavorable)
REVENUE
Taxes $ 3,690,000 $ 3,780,459 $ 90,459
Licenses and permits
Intergovernmental 51,540 51,540
Charges for services
Fines and forfeitures
Interest 218,000 322,231 104,231
Other 119271 11666 (J 07 605)
Total revenue 4 027 ')71 4 165 896 138 625
E.WENDITURES AND ENCUMBRANCES
Current
General government
Planning and development
Police
Public works
Parks and recreation
Other
Capital outlay 4,604,142 3,830,259 773,883
Debt service
Principal
Interest and fiscal charges
Total expenditures and
encumbrances 4604 142 3 830 259 773 883
EXCESS (DEFICIENCY) OF REVENUE
OVER EXPENDITURES AND
ENCUMBRANCES (576871) 335 637 912 508
OTHER FINANCING SOURCES
Transfers in
Transfers (out) (J 206 840) (J 206 840)
Total other financing sources (uses) (] 206 840) (] 206 840)
E.XCESS (DEFICIENCY) OF REVENUE
AND OTHER FINANCING SOURCES
OVER EXPENDITURES, ENCUMBRANCES
AND OTHER FINANCING USES $ (] 783711) (871 203) $ 912 508
ADJUSTME~lS TO GAAP BASIS
Encumbrances
Prior year, paid current year (951,954)
Current year outstanding I 202 952
Total adjustments 250998
E.XCESS (DEFICIENCY) OF REVENUE
AND OTHER FINANCING SOURCES
OVER EXPENDITURES AND OTHER
FINANCING USES (GAAP) BASIS $ (620 205)
The accompanying notes are an integral part of the financial statements.
-10-
CITY OF WHEAT RIDGE, COLORADO
COI\{BINED STATEMENT OF REVENUE, EXPENSES AND
CHANGES IN RETAINED EARNINGS/FUND BALANCES -
PROPRIETARY FUND TYPE AND POUCE PENSION FUND
YEAR ENDED DECEMBER 31, 1996
Proprietary Fiduciary
Fund Type Fund Type Totals
Internal Police (Memorandum Only)
Service Pension 1996 1995
OPERATING REVENUE
Insurance billings to other funds $ 50,000 $ $ 50,000 $ 2,000
Insurance reimbursements 171,691 171,691 203,410
Contributions
Employer 253,467 253,467 235,981
Employee - Mandatory 253,467 253,467 235,981
Employee - Voluntary 35 741 35 741 26,945
Total operating revenue 221 691 542,675 764 366 704 3 I 7
OPERATING EXPENSES
Insurance claims 286,481 286,481 370,503
Benefit payments 456,728 456,728 224,395
Administrative charges 30 398 30,308 36 160
Total operating expenses 286 481 487 126 773 607 631,058
OPERATING INCOME (LOSS) (64 790) 55 549 (9 241) 73 259
NONOPERATING INCOME
Interest 21 ,305 739,886 761,191 334,403
Investment income 428 173 428 173 955.060
Total nonoperating
Income 21 305 I 168,059 1 189 364 1 289,463
NET INCOME (LOSS) (43,485) 1,223,608 1,180,123 1,362,722
RETAINED EARNINGS/FUND
BALANCEBEGINNlNG
OF YEAR 238 992 7 355 527 7594519 6.231 ,797
RETAINED EARNINGS/
FUND BALANCE -
END OF YEAR $ 195 507 $8579 135 $8.774642 $7594519
The accompanying notes are an integral part of the financial statements.
-] 1-
CITY OF WHEAT RIDGE, COLORADO
PROPRIETARY FUND TYPE
"
INTERNAL SERVICE FUND
STATEMENT OF CASH FLOWS
YEAR ENDED DECEMBER 31, 1996
CASH FLOWS FROM OPERATING ACTIVITIES
(Loss) from operations
Adjustments to reconcile (loss) from operations to net
cash provided by operating actiVIties
Increase in accounts payable
Total adjustments
Net cash provided by operating activities
$ (64.790)
213 882
213 882
149092
21 305
21 305
170,397
339 134
$ 509 531
CASH FLOWS FROM INVESTING ACTIVITIES
Interest received
Net cash provided by investing activities
NET INCREASE 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 financial statements.
-12-
NOTE 1)
NOTE 2)
CITY OF WHEAT RIDGE, COLORADO
..
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1996
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-Manager form of government and provides the following services as
authorized by its charter: public safety, parks and recreation, public improvements
and general administrative services, including financial, planning and development,
and municipal court services.
The City follows the Governmental Accounting Standards Board (GASB)
accounting pronouncements which provide guidance for determining which
governmental activities, organizations and functions should be included within the
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's governing body,
ability to impose its will on the organization, a potential for the organization to
provide specific financial benefits or burdens and fiscal dependency.
Included within the City's reporting entity 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 Commission is blended as the Wheat Ridge Town
Center Special Revenue Fund.
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 $2,505 for operation and construction
of the facility during 1996 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.
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
spent63.l1d 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 financial 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-term 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 to follow Governmental Accounting Standards Board
pronouncements. Therefore, statements issued by the Financial Accounting
Standards Board after November 30, 1989 are not applied.
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 individuals, governmental entities and
nonpublic organizations.
b) Basis of Accounting
The modified accrual basis of accounting is followed in the governmental
fund types and agency funds. Revenue is recorded when susceptible to
accrual, i.e., both measurable and available. Available means collectible
within the current period or soon enough thereafter to be used to pay
liabilities of the current period. The major sources of revenue which are
susceptible to accrual are property taxes and sales and use taxes.
Expenditures, other than interest on long-term obligations are recorded
when the liability is incurred or the long-term obligation paid.
-14-
The accrual basis of accounting is utilized in the proprietary fund type and
.. pensIOn trUst fund. Revenue is recognized when earned and expenses are
recogruzed 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 15, the City Manager (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 Manager is
authorized to transfer amounts within an mdividual fund.
In addition to the operating budget, a five year capital improvement
program is proposed by the City Manager 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 on a GAAP basis.
-15-
Budgetary amounts, included in the fmancial statements, are as originally
~ adopted or as amended by City Council. Supplemental appropnations
changes made to the original budget for each fund were as follows:
Supplemental
Original Appropriations Amended
:EYnd Appropriations (Recisions) Appropriations
General Fund $ 12,530,195 $ 797,297 $ 13 ,327,492
Special Revenue Funds
Open space 1,559,616 651,644 2,21I,260
Police investigation 25,000 25,000
Park acquisition 10,000 10,000
Senior center 12,000 12,000
Mumcipal court 86,485 86,485
Tree planting 47,000 85,873 132,873
Richard Hart improvement 6,000 6,000
Parks and recreation damage
deposit 15,500 15,500
Wheat Ridge Town Center 113,460 (1I,730) 101,730
Equipment 363,500 363,500
Wheat Ridge Post Office 545 545
Conservation Trust 180,000 143,379 323,379
Computer 236,040 236,040
Building demolition 5,963 5,963
Police building 2,274,600 2,274,600
Debt Service Fund
Incremental Sales Tax Bond 195,950 195,950
Special Improvement DIstrict
No. 1987-1 153,231 153,231
Compensated absences 65,000 65,000
Capital Projects Fund 5,127,740 683,242 5,810,982
Proprietary Fund
Risk Financing Insurance Reserve 315,000 315,000
The Special Improvement District No. 1987-1 Fund and the Wheat Ridge
Post Office 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.
-16-
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 I 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
August and generally sales of the tax liens on delinquent properties 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.
t) 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-term 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
where historical records are available and at an estimated historical cost
where no historical records exist. Donated fixed assets are valued at their
estimated fair value on the date received. Public domain ("infrastructure")
general fixed assets consisting of roads, bridges, curbs and gutters, streets
and sidewalks, drainage systems and lighting systems are capitalized.
Assets in the General Fixed Assets Account Group are not depreciated.
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 financial resources is reported in the Compensated
Absences Fund. No liability is recorded for nonvesting accumulating rights
to receive sick pay benefits.
-17-
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 general long-term debt account group No expenditures are
reported for these amounts until paid in the respective funds.
i) Long- Term Obligations
Long-term debt is recognized as a liability of a governmental fund when
due. For other long-term obligations, only that portion expected to be
financed 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-Term Debt Account Group
j) Fund Equity
Reservations of fund balance indicate that portion of fund balance which is
legally segregated for a specific purpose. Unreserved - designated fund
balance indicates the City's intention of future utilization of such funds
beyond the current fiscal year. Future utilization is generally approved
through the budget process and is subject to change by the City.
Reserved Fund Balance
The reserved fund balance in the Capital Projects Fund Type in the amount
of $1,665,377 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
$461,402 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). $524,000 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, 1996, represents the amount appropriated for use in the
budget for the year ending December 31, 1997.
The amount classified as "designated for compensated absences" has been
designated for the future payment of compensated absences.
-18-
NOTE 3)
k) Interfund Transactions
~
Quasi-external transactions are accounted for as revenue or expenditures.
Transactions that constitute reimbursements to a fund for expenditures
initially made from it, that are properly applicable to another fund, are
recorded as expenditures in the fund that is reimbursed. All other interfund
transactions, except quasi-external transactions and reimbursements, are
reported as transfers. Nonrecurring or nonroutine permanent transfers of
equity are reported as residual equity transfers. All other interfund
transfers are reported as operating transfers.
I) Totals (Memorandum Only)
Total columns on the combined statements are captioned "(Memorandum
Only)" because they do not represent consolidated financial information and
are presented only to facilitate financial analysis. Data in these columns do
not present fmancial position or results of operations, in conformity 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 determined
by state regulators. Amounts on deposit in excess of federal insurance levels must
be collateralized. The eligible collateral is determined by the PDPA. PDPA
allows the institution to create a single collateral pool for all public funds. The
pool for all the uninsured public deposits as a group is to be maintained by another
institution or held in trust. The market value of the collateral must be at least equal
to the aggregate uninsured deposits.
The State Regulatory Commissions for banks and 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, 1996, the City's cash deposits had a bank balance and a carrying
balance as follows:
Carrying Bank
Balance Balance
Cash on hand $ 1,610 $
Insured deposits 174,058 174,378
Deposits collateralized in single
institution pools 630674 900 810
$ 806 342 $ 1 075 188
-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 1 includes investments that
are insured or registered or for which the securities are held by the entity or its
agent in the City's name. Category 2 includes uninsured and 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 form.
Categorized
Category Carrying Market
1 2 3 Amount Value
$ $ $1,244,880 $ 1,244,880 $ 2,770,148
2 277 358 299 982 2577.340 2 579 567
$ 2 277 358 $ -0- $ I 544 862 3 822 220 5349715
U. S. Treasury Strips
U.S. Treasury Bills
and Notes
Total categorized
Not Subiect to
Categorization
Local government investment pools
Money market mutual funds
Deferred compensation plan (recorded at market)
Total investments
6,900,220
8,579,135
1 630 565
I7 109 920
$ 20 932 140
6,900,220
8,579,135
1 630 565
I7 109920
$ 22 459 635
Total cash deposits
Total investments
$ 806,342
20932 140
$ 21 738482
-20-
As of December 31, 1996, the City has invested $2,283,094 in the Colorado Local
GovetI1Il1ent Liquid Asset Trust (the Trust) and $4,617,126 in Colorado Surplus
Asset Fund Trust (CSAFE), investment vehicles established for local government
entities in Colorado to pool surplus funds. The Trust and CSAFE operate similarly
to a money market fund and each share is equal in value to $1.00. The Trust
offers shares in two portfolios, COLOTRUST 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'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.
Cash deposits and investments are reflected on the December 31, 1996 balance
sheet as follows:
Unrestricted
Cash
Investments
Restricted investments
$ 806,342
20,610,158
321 982
$ 21.738.482
Restricted investments consist of bond proceeds reserved for payment of principal
and interest on the 1993 Sales Tax Revenue Refunding Bonds (see Note 5).
NOTE 4)
CHANGES IN GENERAL FIXED ASSETS
The changes in general fixed assets for the year ended December 31, 1996 are as
follows:
Balance at Balance at
January December
1. 1996 - Additions Deletions 31. 1996
Land $ 3,308,489 $1,005,029 $ 69,807 $ 4,243,711
Buildings 3,011 ,262 1,840,662 4,851,924
Streets and improvements 9, Il7,469 7,233 8,552 9,116,150
Equipment 4,665,298 1,140,541 662,527 5,143,312
Construction in progress 438914 438 914
$ 20541 432 $3993465 $ 1 179 800 $ 23 355 097
-21-
NOTE 5)
Effective January 1, 1996, the City increased the capitalization level of City
prope4ty from $100 to $500. All assets prevIOusly capitalized at a value less than
$500, a total of $360,450, were deleted from the General Fixed Asset Account
Group.
LONG-TERM OBLIGATIONS
The following is an analysis of changes in long-term obligations for the year ended
December 31, 1996.
Balance at Balance at
January December
1. 1996 Additions Reductions 31, 1996
Revenue bonds $ 3,060,000 $ $ 75,000 $ 2,985,000
Special Assess-
ment Bonds 145 000 145 000
3,205,000 220,000 2,985,000
Capital leases 34,933 14,600 12,191 37,342
Compensated
absences 433,152 48,345 481,497
Developer
agreement 175 000 175 000
$ 3 673 085 $ 237 945 $ 232 19 I $ 3 678 839
Sales Tax Revenue Refunding Bonds
$3,210,000 Sales Tax Revenue Refunding Bonds, dated August I, 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.
The City's revenue bonds will mature as follows:
Principal
Interest
Total
1997 $ 960,000 $ 117,02S
1998 1,000,000 81,025
1999 I 025 000 42 025
$ 2 985 000 $ 240 075
Special Assessment Bonds
$ 1,077,025
1,081,025
1 067 025
$ 3 225 075
$1,250,000 Special Assessment Bonds for Special Improvement District No. 1987-
1, dated June 1, 1988. The bonds were due October 1, 1998, interest payable
semiannually at 7.50% to 8.25%. These bonds were paid in full during 1996.
-22-
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 term) and, therefore, have been recorded at the present value of
the future minimum lease payments at the date of their inception. The following
is a schedule of the future minimum lease payments under these capital leases, and
the net present value of the net minimum lease payments at December 31, 1995 as
recorded in the General Long-term Account Group:
Year ended December 31,
1997
1998
1999
2000
Total minimum lease payments
Less amount representing interest
Present value of future minimum lease payments
$
16,634
12,132
11,457
8656
48,879
1 I 537
37 342
$
Compensated Absences
As of December 31, 1996, accrued sick pay in the amount of $23,502 was
recorded in the Compensated Absences Fund which will ultimately liquidate the
liability.
As of December 31, 1996, accrued holiday and vacation pay in the amount of
$481,497 was recorded in the long-term debt account group, since the liability is
not expected to be liquidated with expendable available financial resources.
Developer Agreement
The Wheat Ridge Economic Development and Revitalization Commission has
agreed to pay a developer of certain property in the City $175,000 by November
1, 2006 for reimbursement of redevelopment costs incurred. The obligation does
not bear interest.
-23-
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, 1996 was $2,534,670, the City's total payroll
was $7,422,939. There are 62 employees participating in this plan.
Employee contributions are fully vested when paid. Employees and the
City each contribute 10% of the employees' annual salary, employees may
increase their contribution to 15 %. City contributions and plan income vest
at 40%,45% and 50% during the fourth through sixth years, respectively,
and thereafter at the rate of 10% per year. Forfeitures from the nonvested
portion of terminated employees accounts are used to pay administrative
expenses of the plan.
During the year ended December 31, 1996, contributions totaling $253,467
from the City and $253,467 from employees were made in accordance with
the provisions of the Plan. $35,741 of voluntary employee contributions
were also made.
Eligibility for benefits may commence at age 55 or upon completion of 25
years of services. Benefits depend solely on amounts contributed to the
plan plus investment earnings.
-24-
b) Colorado County Officials and Employees Retirement Association
..
All employees, except police officers and department heads, are required
to join the plan (CCOERA), a Statewide local government multi-employer
defined 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, 1996
was $3,211,950. There are 112 employees participating in this plan.
Employee contributions are fully vested when paid. Employees and the
City each contribute 4% of the employees' annual salary. City
contributions and plan income vest at 10% per year. In the event of City
withdrawal from CCOERA, all participants would vest at 100% of all
contributions and income.
During the year ended December 31, 1996, contributions totaling $128,478
from the City and $128,478 from employees were made in accordance with
the provisions of the Plan.
Benefits depend solely on amounts contributed to the plan plus investment
earnmgs.
c) Department Head Pension Plan
The department heads of the City participate in a defmed contribution plan
maintained and administered by the International City Managers'
Association. Employees become participants after one year of
employment. The payroll for employees, covered by this Plan, for the year
ended December 31, 1996 was $263,120. Under this plan, 4% of the
employees' compensation is withheld and remitted to the plan administrator
along with a payment of 5 % from the City. All contributions, plus
earnings, become vested immediately.
During the year ended December 31, 1996, contributions totaling $13,156
from the City and $10,525 from employees were made in accordance with
the provisions of the plan.
Benefits depend solely on amounts contributed to the plan plus investment
earnings.
d) Deferred Compensation Plans
The City has two deferred compensation plans created in accordance with
Internal Revenue Code Section 457. The plans are administered by the
International City Managers Association (ICMA) and Colorado County
Officials and Employees Retirement Association (CCOERA). Participation
in the 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.
-25-
NOTE 8)
There are four employees participating in the ICMA plan on a mandatory
.. basis. The employees and the CIty are requrred 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' 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' s management that the City has no !lability 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.
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 and has established an internal service fund to provide for the claims.
For liability claims in excess of $150,000 up to $5,000,000 and for property and
workers' compensation 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 $342,684 for 1996.
-26-
Audited financial information for 1996 for CIRSA is not presently available. The
City lias not been informed of any excess losses that may have been incurred by the
pool. Summary audited fmancial information for 1995 is as follows:
Assets
$ 48 022 504
Liabilities
Members' equity
$15,148,642
32 873 862
$ 48 022 504
Revenue
Member contributions earned (net of excess
insurance premiums of $1,609,778)
Investment income
$ 8,804,204
2 802 680
11 606 884
Expenses
4318624
$ 7 788 260
Excess of revenue over expenses
There is no long-term debt outstanding. The above liabilities represent incurred
claims and an estimated liability for incurred but not reported claims at December
31, 1995.
Claims Liability - Internal Service Fund
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 years ended
December 31, 1996 and 1995:
1996 1995
Claims liability at beginning of year $ 100,000 $ -0-
Current year claims and changes in estimates 286,481 368,503
Claims payments (113 481) (268 503)
Claims liability at end of year $ 273 000 $ 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.
-27-
NOTE 9)
CONTlNGENCIES 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 determined based on the prior year's Fiscal Year
Spending adjusted for allowable increases based upon inflation and local growth.
Fiscal Year Spending is generally defined as expenditures plus reserve increases
with certain exceptions. Revenue in excess of the Fiscal Year Spending 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
compensate for economic conditions, revenue shortfalls, or salary or benefit
lIlcreases.
The City's management believes it is in compliance with the provisions of TABOR.
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.
Lawsuits
The City is a defendant in various lawsuits. Although the outcome of these
lawsuits is not presently determinable, in the opinion of the City Attorney, the
resolution of these matters will not have a materially adverse effect on the financial
condition of the City.
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.
-28-
..
COMBINING, INDIVIDUAL FUND AND ACCOUNT GROUP
ST A TEMENTS 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 formula.
Police Investigation Fund - accounts for assets seized by the City's Police Department.
Park Acquisition Fund - accounts for revenue received and designated for use in the acquisitIOn
of additional parks and related improvements.
Building Demolition Fund - is a revolving fund that charges property owners for City expenses
incurred in the demolition of buildings.
Senior Center Fund - accounts for contributions and related expenditures made to the Wheat
Ridge Community Center.
Municipal Court Fund - is used for equipment maintenance, office furniture, victim services and
miscellaneous court and probation expenses.
Tree Planting Fund - is used for two types of tree planting programs, street trees and park trees.
Richards/Hart Improvement Fund - expenditures in this fund will be used to upgrade and
improve RichardslHart Estate.
Parks and Recreation Damage Deposit Fund - monies in this fund are damage deposits that are
paid to the Parks and Recreation Department for rental of park pavilions, park shelters and facility
rentals.
Wheat Ridge Town Center Fund - accounts for revenue received and designated for economic
development by the Wheat Ridge Economic Development and Revitalization Commission.
Equipment Fund - has been established to purchase and lease vehicles and equipment.
Wheat Ridge Post Office Fund - monies in this fund are used to pay expenses related to restoring
the old post office. This fund was closed in 1996.
Conservation Trust Fund - accounts for funds received and restricted as to use in the acquisition,
development and maintenance of park and recreation sites pursuant to Colorado Revised Statutes.
Computer Fund - has been established to purchase and lease computers.
Police Building Fund - accounts for 1/2 cent sales tax collected for the construction of the police
department building addition.
CITY OF WHEAT RIDGE, COLORADO
.. SPECIAL REVENUE FUNDS
COMB~NGBALANCESHEET
DECEMBER 31, 1996
Open Police Police
ASSETS Space Building Investigation
CURRENT ASSETS
Cash $ 316,767 $ $ 42,704
Investments 888,496
Accounts receivable
Property taxes
Intergovernmental 2,348,530
Other
Interest receivable 3,914
Due from other funds
Total current assets $ 2 665 297 $ 892 41 0 $ 42 704
LIABILITIES AND F1JND EQUITY
LIABILITIES
Accounts payable $ 66,393 $ 3,506 $
Interfund payable
Due to other funds 771,260 1,688
Deferred revenue
Total liabilities 837 653 3506 1,688
FUND EQUITY
Fund balance
Reserved for encumbrances 15,478 194,047
Unreserved
Designated for subsequent year's
expenditures 600,000 22,000
Undesignated 1 812 166 94 857 19016
Total fund equity 1 827 644 888 904 41.016
Total liabilities and fund equity $ 2 665 297 $ 892 410 $ 42 704
-29-
..
Richards/
Park Building Senior Municipal Tree Hart
Acquisition Demolition Center Court Planting Improvement
$ $ $ 11,953 $ $ $ 4,265
11,779 16,520 66,131 121,653
440
$ 11. 779 $
16 520 $
11 953 $
66 131 $ 121 653 $
4705
$
$
164 $
3,640 $
6,574 $
$
164
3640
6574
27,307 28,815
6,340 5,600 1,200 11 ,630 66,000 4,160
5439 10 756 7 113 20 620 26 838 545
11 779 16 356 8313 59.557 121 653 4705
$ 11. 779 $ 16520 $ 11 953 $ 66 131 $ 121 653 $ 4705
(Continued)
-30-
CITY OF WHEAT RIDGE, COLORADO
.. SPECIAL REVENUE FUNDS
COMB~NGBALANCESHEET
DECEMBER 31, 1996
(Continued)
Parks and
Recreation Wheat Ridge
Damage Town
ASSETS Deposits Center EQuipment
CURRENT ASSETS
Cash $ $ 45,044 $
Investments 3,337 1,028 146,512
Accounts receivable
Property taxes 211,000
Intergovernmental
Other 1,070
Interest receivable
Due from other funds 100 000
Total current assets $ 3337 $ 358 142 $ 146512
LIABILITIES AND FUND EQUITY
LIABILITIES
Accounts payable $ $ $
Interfund loan 40,000
Due to other funds
Deferred revenue 211 000
Total liabilities 251 000
FUND EQUITY
Fund balances
Reserved for encumbrances
Unreserved
Designated for subsequent year's
expenditures 35,100
Undesignated 3.337 107 142 III 412
Total fund equity (deficit) 3337 107 142 146512
Total liabilities and fund equity $ 3337 $ 358 142 $ 146512
-31-
..
Wheat
Ridge Conservation Totals
Post Office Trust Computer 1996 1995
$ $ 1,803 $ $ 422,536 $ 383,747
521,642 69,686 1,846,784 2,256,707
211,000 93,000
2,348,530 1,742,452
1,510 228,743
1,278 5,192 7,573
100 000 241 515
$ -0- $ 524 723 $ 69 686 $ 4 935 552 $ 4 953.737
$ $ 26,437 $ 28,686 $ 135,400 $ 242,895
40,000 30,000
772,948 404,907
211 000 93 000
26 437 28 686 1 159348 770 802
29,136 294,783 1,182,741
198,618 950,648 1,579,459
270.532 41 000 2 530 773 1 420 735
498 286 41 000 3 776 204 4 182 935
$ -0- $ 524 723 $ 69 686 $ 4 935 552 $ 4 953.737
-32-
..
CITY OF WHEAT RIDGE, COLORADO
SPECIAL REVENUE FUNDS
COMBINING STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCES
YEAR ENDED DECEMBER 31, 1996
Open
Space
Police
Building
REVENUE
Taxes
Intergovernmental
Charges for services
Interest
Other
$ $ 749,180 $
968,210
77,497
968210 826677
Total revenue
EXPENDITURES
Current
General government
Planning and development
Police
Parks and recreation
Capital outlay
Total expenditures
1,017,978
1.867 565
1 017 978 1 867 565
EXCESS (DEFICIENCY) OF REVENUE
OVER EXPENDITURES
OTHER FlNANClNG SOURCES (USES)
Operating transfers in
Operating transfers (out)
Total fmancing sources (uses)
(49 768) (l 040 888)
601,000
(350 000)
251 000
EXCESS (DEFICIENCY) OF REVENUE
AND OTHER FlNANClNG SOURCES
OVER EXPENDITURES AND OTHER
FlNANClNG USES 201,232 (1,040,888)
FUND BALANCE BEGlNNlNG OF YEAR 1 626412 1 929792
FUND BALANCE - END OF YEAR $ 1 827 644 $ 888 904 $
-33-
Police
Investigation
13,484
836
14 320
12,364
12 364
1 956
1,956
39 060
41 016
..
Richards!
Park Building Senior Municipal Tree Hart
Acquisition Demolition Center Court Planting Improvement
$ $ $ $ $ $
5,000
2,325 55,332 2,640
683 803 261 2,707 3,245 139
9091 16 238
3008 803 9352 58 039 24 483 2779
39,317
164
10,000 11 ,903 25,939 1,824
10000 164 11 903 39 317 25 939 I 824
(6 992) 639 (2551) 18 722 (1 456) 955
87,623
87 623
(6,992)
18 771
$ 1 1 779 $
639
(2,551)
18,722
40 835
86,167
35 486
955
15 717
16 356 $
10864
8313 $
59 557 $ 121 653 $
3750
4705
(Continued)
-34-
- - - - --- --.-.-
CITY OF WHEAT RIDGE, COLORADO
SPECIAL REVENUE FUNDS
C01\1BINING STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCES
YEAR ENDED DECEMBER 31,1996
(Continued)
Parks and Wheat
Recreation Ridge
Damage Town
Deposit Center EQuipment
REVENUE
Taxes $ $ 181,564 $
Intergovernmental
Charges for services
Interest 293 1,128 6,814
Other 14 300 148 20 832
Total revenue 14.593 182 840 27 646
EXPENDITURES
Current
General government
Planning and development 40,166
Police
Parks and recreation 13,550
Capital outlay 323 372
Total expenditures 13.550 40 166 323 372
EXCESS (DEFICIENCY) OF REVENUE
OVER EXPENDITURES 1043 142 674 (295 726)
OTHER FINANClNG SOURCES (USES)
Operating transfers in 375,000
Operating transfers (out)
Total fmancing sources (uses) 375 000
EXCESS (DEFICIENCY) OF REVENUE
AND OTHER FINANClNG SOURCES
OVER EXPENDITURES AND OTHER
FINANClNG USES 1,043 142,674 79,274
FUND BALANCE (DEFICIT) -
BEGlNNlNG OF YEAR 2294 (35 532) 67 238
FUND BALANCE - END OF YEAR $ 3337 $ 107 142 $ 146512
-35-
..
Wheat
Ridge Conservation Totals
Post Office Trust Computer 1996 1995
$ $ $ $ 930,744 $ 2,334,214
12,060 302,508 1,301,262 1,154,987
60,297 54,922
100 22,954 5,194 122,654 85,076
1 360 61 969 86 676
13 520 325,462 5 194 2 476 926 3 715 875
39,317 53,414
40,330 712,949
12,364 15,981
190,817 1,272,011 452,339
1.716 258 368 2 451 021 1 063319
1 716 190 817 258 368 3815043 2 298 002
11 804 134 645 (253 174) (1 338 117) 1 417 873
236,040 1,299,663 753,004
(18 277) (368 277) (350 000)
(18 277) 236 040 931 386 403 004
(6,473)
134,645
(17,134) (406,731) 1,820,877
6473
363 641
58 134 4 182,935 2362058
$ -0- $ 498286 $ 41 000 $ 3776204 $ 4 182935
-36-
CITY OF WHEAT RIDGE, COLORADO
SPECIAL REVENUE FUNDS
COMBINING ~CHEDULE OF REVENUE, EXPENDITURES, ENCUMBRANCES
AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
YEAR ENDED DECEMBER 31,1996
REVENUE
Taxes $
Intergovernmental
Charges for services
Interest
Other
Total revenue
EXPE1~ITURES 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 FINANClNG 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
FlNANClNG 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
FlNANClNG USES (GAAP) BASIS
-37-
Amended
Budget
925,265
925.265
1,861,260
1.861.260
(935 995)
601,000
(350 000)
251.000
(684.995)
Open Space
Actual
$
968,210
968 210
1,031,419
1 031 419
(63,209)
601,000
(350 000)
251 000
187.791
(2,037)
15 478
13.441
$ 201 232
Variance-
Favorable
(Unfavorable)
$
42,945
42 945
829,841
829841
872 786
$
872 786
..
Police Building Police Investigation
Variance- Variance-
Favorable Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable)
$ 755,000 $ 749,180 $ (5,820) $ $ $
15,000 13 ,484 (1,516)
60,000 77,497 17,497 4,000 836 (3,164)
73 600 (73 600)
888 600 826 677 (61 923) 19000 14 320 (4 680)
25,000 12,364 12,636
2 274 600 1 019831 I 254 769
2 274 600 I 019 831 1 254 769 25 000 12 364 12 636
(1 386 000) (193 154) 1 192 846 (6 000) 1 956 7 956
$ (1,386 000)
(193 154) $
192846 $
(6000)
1 956 $
7956
(1,041,781)
194 047
(847 734)
$ (1 040 888)
$
1 956
(Continued)
-38-
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 31,1996
(Continued)
REVENUE
Taxes
Intergovernmental
Charges for services
Interest
Other
Total revenue
EXPENDTI1JRES AND ENCUMBRANCES
Current
General government
Planning and development
Police
Parks and recreation
Capital outlay
Total expenditures and
encumbrances
EXCESS (DEF1CIENCY) OF REVENUE
OVER EXPENDTI1JRES AND
ENCUMBRANCES
OTHER FINANClNG SOURCES (USES)
Operating transfers in
Operating transfers (out)
Total fmancing sources (uses)
EXCESS (DEF1CIENCY) OF REVENUE
AND OTHER FINANClNG SOURCES
OVER EXPENDTI1JRES,
ENCUMBRANCES AND OTHER
FINANClNG USES $
ADJUSTMENTS TO GAAP BASIS
Encumbrances
Prior year, paid current year
Current year outstanding
Total adjustments
EXCESS (DEF1CIENCY) OF REVENUE
AND OTHER FINANClNG SOURCES
OVER EXPENDTI1JRES AND OTHER
FlNANClNG USES (GAAP) BASIS
-39-
Park Acquisition
Budget
Variance-
Favorable
(Unfavorable)
Actual
$
$
$
1,000
800
2,325
683
1,325
(117)
I 800
3008
1 208
10,000
10,000
10000
10 000
(8 200)
(6 992)
1 208
(8 200)
(6 992) $
I 208
$
(6 992)
..
Building Demolition
Variance-
Favorable
Budget Actual (Unfavorable)
Senior Center
Budget
Variance-
Favorable
Actual (Unfavorable)
$
$
$
$
$
$
803
803
(400)
403
400
8500
8900
261
9091
9352
(139)
591
452
400
400
803
5,963 164 5,799
12,000 11 ,903 97
5963 164 5799 12 000 1 1 903 97
(5 563) 639 6202 (3 100) (2 551) 549
$
(5 563)
639 $
6 202 $
(3 100)
(2,551) $
549
$
639
$
(2 551)
(Continued)
-40-
CITY OF WHEAT RIDGE, COLORADO
SPECIAL REVENUE FUNDS
COMBININGtSCHEDULE OF REVENUE, EXPENDITURES, ENCUMBRANCES
AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
YEAR ENDED DECEMBER 31,1996
(Continued)
Municipal Court
Variance-
Favorable
Budget Actual (Unfavorable)
REVENUE
Taxes $ $ $
Intergovernmental
Charges for services 54,700 55,332 632
Interest 5,000 2,707 (2,293)
Other
Total revenue 59 700 58.039 (l 661)
EXPE.L~ITURES AND ENCUMBRANCES
Current
General government 56,485 66,624 (10,139)
Planning and development
Police
Parks and recreation
Capital outlay 30 000 30 000
Total expenditures and
encumbrances 86 485 66 624 19861
EXCESS (DEFICIENCY) OF REVENUE
OVER EXPENDITURES AND
ENCUMBRANCES (26 785) (8 585) 18 200
OTHER FlNANClNG SOURCES (USES)
Operating transfers in
Operating transfers (out)
Total fmancing sources (uses)
EXCESS (DEFICIENCY) OF REVENUE
AND OTHER FlNANClNG SOURCES
OVER EXPENDITURES,
ENCUMBRANCES AND OTHER
FlNANClNG USES $ (26 785) (8 585) $ 18 200
ADJUSTMENTS TO GAAP BASIS
Encumbrances
Prior year, paid current year
Current year outstanding 27.307
Total adjustments 27 307
EXCESS (DEFICIENCY) OF REVENUE
AND OTHER FlNANClNG SOURCES
OVER EXPENDITURES AND OTHER
FINANCING USES (GAAP) BASIS $ 18722
-41-
..
Tree Planting Richards/Hart Improvement
Variance- Variance-
Amended Favorable Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable)
$ $ $ $ $ $
5,000 5,000
2,640 2,640
2,000 3,245 1,245 200 139 (61)
22 985 16238 (6 74I)
24 985 24 483 (502) 2840 2779 (61)
132,873 54,754 78,119 6,000 1,824 4,176
132 873 54 754 78 119 6000 1 824 4176
(107 888) (30271) 77 617 (3 160) 955 4 115
87,623 87,623
87 623 87 623
$ (20 265)
57 352 $
77 617 $
(3 160)
955 $
4 115
28815
28815
$
86 167
$
955
(Continued)
-42-
CITY OF WHEAT RIDGE, COLORADO
SPECIAL REVENUE FUNDS
COMBINING ilCHEDULE OF REVENUE, EXPENDITURES, ENCUMBRANCES
AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
YEAR ENDED DECEMBER 31, 1996
(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 FINANClNG SOURCES (USES)
Operating transfers in
Operating transfers (out)
Total financing sources (uses)
EXCESS (DEFICIENCY) OF REVENUE
AND OTHER FINANClNG SOURCES
OVER EXPENDITURES,
ENCUMBRANCES AND OTHER
FINANClNG USES $
ADJUSTMENTS TO GAAP BASIS
Encumbrances
Prior year, paid current year
Current year outstanding
Total adjustments
EXCESS (DEFICIENCY) OF REVENUE
AND OTHER FINANClNG SOURCES
OVER EXPENDITURES AND OTHER
FINANCING USES (GAAP) BASIS
-43-
Parks and Recreation Damage Deposit
Variance-
Favorable
Budget Actual (Unfavorable)
$
$
220
15 500
15 720
293
14 300
14 593
73
(l 200)
(l 127)
15,500
13,550
1,950
15500
13550
1950
220
1 043
823
220
1 043 $
823
$
1 043
..
Wheat Ridge Town Center Equipment
Variance- Variance-
Amended Favorable Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable)
$ 179,204 $ 181,564 $ 2,360 $ $ $
1,000 1,128 128 5,000 6,814 1,814
148 148 35 100 20 832 (14 268)
180 204 182 840 2636 40 100 27 646 (12 454)
101,730 40,166 61,564
363 500 323 372 40 128
10 1 730 40166 61 564 363 500 323 372 40 128
78 474 142 674 64200 (323 400) (295 726) 27 674
375,000 375,000
375 000 375 000
$
78 474
142 674 $
64 200 $
51600
79 274 $
27.674
$
142 674
$
79 274
(Continued)
-44-
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, 1996
(Continued)
Wheat Ridge Post Office
Variance-
Favorable
Budget Actual (Unfavorable)
REVENUE
Taxes $ $ $
Intergovernmental 12,060 12,060
Charges for services
Interest 100 100
Other 1 360 1 360
Total revenue 13 520 13 520
EXPENDITURES AND ENCUMBRANCES
Current
General government
Planning and development
Police
Parks and recreation
Capital outlay 1 716 (1 716)
Total expenditures and
encumbrances 1 716 (I 716)
EXCESS (DEFICIENCY) OF REVENUE
OVER EXPENDITURES AND
ENCUMBRANCES 11 804 11 804
OTHER FINANClNG SOURCES (USES)
Operating transfers in
Operating transfers (out) (545) (18 277) (17 732)
Total fmancing sources (uses) (545) (18 277) (17 732)
EXCESS (DEFICIENCY) OF REVENUE
AND OTHER FINANClNG SOURCES
OVER EXPENDITURES,
ENCUMBRANCES AND OTHER
FINANClNG USES $ (545) (6 473) $ (5 928)
ADJUSTMENTS TO GAAP BASIS
Encumbrances
Prior year, paid current year
Current year outstanding
Total adjustments
EXCESS (DEFICIENCY) OF REVENUE
AND OTHER FINANClNG SOURCES
OVER EXPENDITURES AND OTHER
FINANClNG USES (GAAP) BASIS $ (6 473)
-45-
..
Conservation Trust Computer
Variance- Variance-
Amended Favorable Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable)
$ $ $ $ $ $
315,000 302,508 (12,492)
18,000 22,954 4,954 2,500 5,194 2,694
333 000 325 462 n 538) 2500 5 194 2694
323,379 160,893 162,486
236 040 225 992 1 0 048
323 379 160 893 162 486 236 040 225 992 10 048
9621 164 569 154 948 (233 540) (220 798) 12742
236,040 236,040
236 040 236 040
$ 9621 164 569 $ 154.948 $ 2500 15 242 $ 12 742
(59,060) (32,376)
29 136
(29 924) (32 376)
$ 134645
$ (17 134)
(Continued)
-46-
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, 1996
(Continued)
Total
Variance-
Amended Favorable
Budget Actual (Unfavorable)
REVENUE
Taxes $ 934,204 $ 930,744 $ (3,460)
Intergovernmental 1,255,265 1,301,262 45,997
Charges for services 58,340 60,297 1,957
Interest 99,120 122,654 23,534
Other 156 085 61 969 (94 116)
Total revenue 2 503 014 2 476 926 (26 088)
EXPENDITURES AND F.J.~CUMBRANCES
Current
General government 56,485 66,624 (10,139)
Planning and development 107,693 40,330 67,363
Police 25,000 12,364 12,636
Parks and recreation 2,361,012 1,284,343 1,076,669
Capital outlay 2904 140 1 570 911 1 333 229
Total expenditures and
encumbrances 5 454 330 2 974 572 2 479 758
EXCESS (DEFICIENCY) OF REVENUE
OVER EXPENDITURES AND
ENCUMBRANCES (2 951 316) (497 646) 2 453 670
OTHER FINANClNG SOURCES (USES)
Operating transfers in 1,299,663 1,299,663
Operating transfers (out) (350 545) (368 277) (17 732)
Total fmancing sources (uses) 949 118 931 386 (I7 732)
EXCESS (DEFICIENCY) OF REVENUE
AND OTHER FINANClNG SOURCES
OVER EXPENDITURES,
ENCUMBRANCES AND OTHER
FINANClNG USES $ (2002 198) 433 740 $ 2 435 938
ADJUSTMENTS TO GAAP BASIS
Encumbrances
Prior year, paid current year (1,135,254)
Current year outstanding 294 783
Total adjustments (840471)
EXCESS (DEFICIENCY) OF REVENUE
AND OTHER FINANCING SOURCES
OVER EXPENDITURES AND OTHER
FINANClNG USES (GAAP) BASIS $ (406731)
-47-
..
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'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.
-48-
..
Totals
1996 1995
$ 1,694 $ 18,108
346,540 344,368
321,982 321,982
371
259,785
3300 1 980
$ 673 516 $ 946 594
$ $ 259,785
23 502 21 506
23.502 281 291
461,402 502,689
188612 162 614
650014 665 303
$ 673 516 $ 946 594
-49-
CITY OF WHEAT RIDGE, COLORADO
DEBT SERVICE FUNDS
..
COMBINING STATEMENT OF REVENUE, EXPENDITURES AND
CHANGES IN FUND BALANCE
YEAR ENDED DECEMBER 31, 1996
REVENUE
Special assessments
Interest
Total revenue
EXPENDITURES
Current
Other
Debt service
Principal
Interest and fiscal charges
Total expenditures
EXCESS (DEFICIENCY) OF
REVENUE OVER EXPENDITURES
OTHER FlNANClNG SOURCES
Operating transfers in
Total fmancing sources
EXCESS (DEFICIENCY) OF REVENUE
AND OTHER FINANCING
SOURCES OVER EXPENDITURES
FUND BALANCE - BEGlNNlNG OF
YEAR
FUND BALANCE - END OF YEAR
Incremental
Sales
Tax Bond
Special
Improvement
District Compensated
No. 1987-1 Absences
$
79,668 $
30 227
109 895
10.474
10.474
$
34 575
34 575
57,476
75,000
1 19 950
194 950
145,000
13,547
158547
57 476
(160 375)
(47.002)
(48 652)
167740
167,740
73 000
73.000
7,365
(48,652)
25,998
421 342
81 347
162 614
$ 428 707 $
32695 $ 188 612
-50-
..
Totals
1996 1995
$ 79,668 $ 145,625
75 276 100 831
154 944 246 456
57,476 52,771
220,000 550,000
133 497 165.197
410 973 767 968
(256 029) (521 512)
240 740 235 140
240740 235 140
(15,289)
(286,372)
$
665 303
650.014 $
951 675
665 303
-51-
CITY OF WHEAT RIDGE, COLORADO
DEBT SERVICE FUNDS
..
COMBINING SCHEDULE OF REVENUE, EXPENDITURES AND CHANGES IN FUND
BALANCES - BUDGET AND ACTUAL
YEAR ENDED DECEMBER 31,1996
Incremental Sales Tax Bond Fund
Variance-
Favorable
Budget Actual (Unfavorable)
REVENUE
Special assessments
Interest
$
30 910
30 910
Total revenue
EXPENDITURES
Current
Other
Debt service
Principal
Interest and fiscal charges
Total expenditures
75,000
120 950
195 950
EXCESS (DEFICIENCY) OF REVENUE
OVER EXPENDITURES
OTHER FlNANClNG SOURCES
Operating transfers in
Total financing sources
(165 040)
167740
167.740
EXCESS (DEFICIENCY) OF REVENUE
AND OTHER FlNANClNG SOURCES
OVER EXPENDITURES
FUND BALANCE - BEGlNNlNG OF
YEAR
2,700
434 826
FUND BALANCE - END OF YEAR
$
$
34 575
34 575
3665
3665
75,000
Il9 950
194 950
1 000
1000
(160 375)
4 665
167 740
167 740
7,365
4,665
421 342
(13 484)
(8 819)
$ 437 526 $ 428 707 $
-52-
..
Special Improvement
District No. 1987-1
Variance-
Favorable
(Unfavorable)
Actual
Compensated Absences
Variance-
Favorable
Budget Actual (Unfavorable)
Amended
Budget
$ 175,000 $
8000
183 000
79,668 $
30 227
109 895
(95,332) $
22 227
(73 105)
$
$
5700
5700
10 474
10474
4774
4774
65,000 57,476 7,524
145,000 145,000
8231 13547 (5 316)
153 231 158 547 (5 316) 65 000 57 476 7524
29 769 (48 652) (78421) (59 300) (47 002) 12298
73 000 73 000
73 000 73 000
29,769
(48,652)
(78,421)
13,700
25,998
12,298
65 122
81 347
16225
161 570
162614
1 044
$
94 891 $
32 695 $
(62 196) $ 175270 $ 188,612 $
13,342
(Continued)
-53-
..
CITY OF WHEAT RIDGE, COLORADO
DEBT SERVICE FUNDS
COMBINING SCHEDULE OF REVENUE, EXPENDITIJRES AND CHANGES IN FUND
BALANCES - BUDGET AND ACTUAL
YEAR ENDED DECEMBER 31, 1996
(Continued)
Totals
Budget
Actual
REVENUE
Special assessments
Interest
$ 175,000 $
44 610
219 610
79,668 $
75 276
154 944
Total revenue
EXPENDITURES
Current
Other
Debt service
Principal
Interest and fiscal charges
Total expenditures
65,000
220,000
129 181
414 181
57,476
220,000
133 497
410 973
EXCESS (DEFICIENCY) OF REVENUE
OVER EXPENDITURES
(194571)
(256 029)
OTHER FINANClNG SOURCES
Operating transfers in
Total fmancing sources
240 740
240 740
240 740
240 740
EXCESS (DEFICIENCY) OF REVENUE
AND OTHER FINANClNG SOURCES
OVER EXPENDITURES
FUND BALANCE - BEGlNNING OF
YEAR
46,169
(15,289)
661 518
665 303
FUND BALANCE - END OF YEAR
Variance-
Favorable
(Unfavorable)
(95,332)
30 666
(64 666)
7,524
(4 316)
3208
(61 458)
(61,458)
3785
$ 707 687 $ 650014 $ (57 673)
-54-
..
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.
'-
-----
CITY OF WHEAT RIDGE, COLORADO
INTERNAL SERVICE FUND
..
RISK FINANCING INSURANCE RESERVE FUND
SCHEDULE OF REVENUE, EXPENDITuRES AND CHANGES IN
FUNDS AVAILABLE - BUDGET AND ACTUAL
YEAR ENDED DECEMBER 31, 1996
Variance-
Favorable
Budget Actual ill nfa vorable}
OPERATlNG REVENUE
Insurance billings to other funds $ 50,000 $ 50,000 $
Insurance reimbursements 136,000 171,691 35,691
Interest 6000 21,305 15.305
Total operating revenue 192 000 242.996 50.996
OPERATlNG EXPENDITURES
Insurance claims 315000 286,481 28 519
Total operating expenditures 315,000 286 481 28 519
EXCESS OF REVENUE (UNDER)
EXPENDITURES (123,000) (43,485) 79,515
FUNDS AVMLABLE-BEGlNNlNG
OF YEAR 267 493 238 992 (28 501)
FUNDS A V MLABLE - END OF
YEAR $ 144 493 $ 195.507 $ 51 014
-55-
..
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 work 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 1996 1995
$ 5,000 $ 65,071 $ 59,588
10,209,700 8,709,465
19,583
7
$ 5000 $ 10 274 778 $ 8 788 636
$ $ 1,630,565 $ 1,373,521
5,000 65,078 59,578
10
5 000 1 695 643 I 433 109
8 579 135
8 579 135
7 355 527
7 355 527
$ 5 000 $ 10 274 778 $ 8 788 636
-57-
CITY OF WHEAT RIDGE, COLORADO
..
FIDUCIARY FUNDS
COMBINING STATEMENT OF CHANGES IN ASSETS AND UABILITIES
ALL AGENCY FUNDS
YEAR ENDED DECEMBER 31, 1996
Assets
Due from
Cash and Other Total
Investments Funds Assets
Public Works Escrow Fund
Balance January 1, 1996 $ 54,587 $ $ 54,587
Additions 57,655 7 57,662
(Deletions) (52 171) (52 171)
Balance December 31, 1996 $ 60.071 $ 7 $ 60 078
Deferred compensation
Balance January 1, 1996 $ 1,373,521 $ $ 1,373,521
Additions 282,638 282,638
(Deletions) (25 594) (25 594)
Balance December 31, 1996 $ I 630 565 $ -0- $ 1.630.565
CATV Property Damage Fund
Balance January 1, 1996 $ 5,001 $ $ 5,001
(Deletions) (1) (1)
Balance December 31, 1996 $ 5000 $ -0- $ 5000
Totals
Balance January 1, 1996 $ 1,433,109 $ $ 1,433,109
Additions 340,293 7 340,300
(Deletions) (77 766) (77 766)
Balance December 31, 1996 $ 1 695 636 $ 7 $ 1 695 643
-58-
..
Liabilities
Refundable
Escrow Due to Due to Total
Deposits Employees Other Fund Liabilities
$ 54,578 $ $ 9 $ 54,587
57,662 57,662
(52 162) (9) (52 162)
$ 60 078 $ -0- $ -0- $ 60 078
$ $ 1,373,521 $ $ 1,373,521
282,638 282,638
(25.594) (25 594)
$ -0- $ I 630 565 $ -0- $ I 630 565
$ 5,000 $ $ 1 $ 5,001
(1) (I)
$ 5000 $ -0- $ -0- $ 5000
$ 59,578 $ 1,373,521 $ 10 $ 1,433,109
57,662 282,638 340,300
(52 162) (25 594) (10) (77 766)
$ 65 078 $ 1 630 565 $ -0- $ 1 695.643
-59-
..
GENERAL FIXED ASSETS ACCOUNT GROUP
The General Fixed Assets Account Group records changes in the City's ownership of and
lIlvestment 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 $500.
CITY OF WHEAT RIDGE, COLORADO
.. GENERAL FIXED ASSETS ACCOUNT GROUP
COMPARATIVE SCHEDULE OF GENERAL FIXED ASSETS BY SOURCE
DECEMBER 31, 1996
GENERAL FIXED ASSETS
Land
Buildings
Streets and improvements
Equipment
Total
$ 4,243,711
4,851,924
9,116,150
5 143312
$ 23 355 097
Investment in general fixed assets from
Assets contributed to the City
Acquired by various funds
Total
$ 10,495,127
12 859 970
$ 23 355 097
-60-
CITY OF WHEAT RIDGE, COLORADO
GENERAL FIXED ASSETS ACCOUNT GROUP
..
SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS BY FUNCTION AND ACTIVITY
YEAR ENDED DECEMBER 31, 1996
General
Fixed Assets
January 1,
1996
Function and activity
General government
City Council
Treasurer
Mayor
City Manager
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
Additions
and
Transfers
In
Deletions
and
Transfers
Out
General
Fixed
Assets
December
31. 1996
S 272 $ $ 272 $
19,474 7,137 12,337
864 864
233,320 109,038 47,286 295,072
211 211
17 , 665 2,398 3,596 16,467
41 ,640 9,109 32,531
2,124,812 1,946,897 96,661 3,975,048
438,914 438,914
71 375 3260 20 152 54 483
2 948 547 2 061 593 624 202 4 385 938
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
10732626
3,817,01l
1,035,785
867 936
5 720 732
25 178
$ 20541,432
-61-
43,750
486,603
15,442
132,391
774
678 960
53,828
143,515
16,750
3469
217 562
1,005,550
49,412
45 448
1 100 410
$4058525
34,790 121,207
7,628 96,507
19,881 119,253
4,897 693,028
1,766 37,175
895
1,325 16,328
489 762
121,806 305,013
6,690 126,228
742
8436 68 463
208 450 1 584 859
8,551 8,669,420
33,473 259,561
176,429 1,090,957
37,978 286,067
26 546 361 206
282977 10 667 21 I
44,834 4,777,727
19,193 1,066,004
65 204 848 180
129 231 6 691 911
25 178
$ 1 244 860 $ 23 355 097
CITY OF WHEAT RIDGE, COLORADO
.. GENERAL FIXED ASSETS ACCOUNT GROUP
SCHEDULE OF GENERAL FIXED ASSETS BY FUNCTION AND ACTIVITY
YEAR ENDED DECEMBER 31,1996
Land
Buildings
Streets and
Improvements
Function and activity
General government
City Council
Treasurer
Mayor
City administrator
Attorney
City clerk
Municipal court
Building
Construction in process
Community development
Total
$
$ $
3,611,081
83,411
3611 081
83 411
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 and maintenance
Total
Wheat Ridge Town Center
Total general fixed assets
2,761
383
2,059
2761
2442
530,350
8,139,070
69,807
60 000
590 350
3,566,393
39,618
47 350
3 653 361
69 807
223,005
888,064
56 366
I 168275
4 851 924 $
8 139070
$ 4243711 $
762,739
12,589
115 899
891 227
9 116 150
-62-
..
Totals
(Memorandum Only)
Equipment 1996 1995
$ $ S 272
12,337 12,337 19,474
864
295,072 295,072 233,320
211
16,467 16,467 17 , 665
32,531 32,531 41,640
280,556 3,975,048 2,124,812
438,914
54 483 54 483 71 375
69 I 446 4 385 938 2 948 547
118,063 121,207 155,997
94,448 96,507 60,385
119,253 119,253 139,134
693,028 693,028 211,322
37,175 37,175 23,499
895 895 895
16,328 16,328 17,653
762 762 1,251
305,013 305,013 294,428
126,228 126,228 132,144
742
68 463 68 463 76 899
I 579 656 1 584 859 1 114349
8,669,420 8,677,971
189,754 259,561 239,205
1,090,957 1,090,957 1,123,871
286,067 286,067 307,296
30 I 206 361 206 384 283
I 867 984 10 667 211 10732626
225,590 4,777,727 3,817,011
124,893 1,066,004 1,035,785
628 565 848 I 80 867 936
979 048 6 69 I 911 5 720 732
25 178 25 178 25 178
$ 5 143312 $ 23 355 097 $ 20 541 432
-63-
..
SUPPLEMENT AL INFORMATION
COUNTIES. CITIES. & TOWNS Ao"<NU..u. ST A TE.\1ENT OF RECEIPTS
& EXPENDrruRES FOR ROADS. BRIDGES A1ID STREETS
..
COUNTI /CITY rroWN.
City or wneat Ridge
CA.i.El'.'DAR YEAR OF REPORT:
1996
ROUND All AMOUNTS TO NEARFST roll AR
L SCHEDULE OF RECEIPTS FOR ROAD. BRIDGE AND S1REET PURPOSES
A LOCALSOURCES
t. Properry Tax.tSpecial As.s=ts
o
'2. General Fund Appropriwoos
cost-reimbursement
3. Other (specify) Srrepr Cut
SID Assessments & interest
4. Traffic Fmes
o
1,540
41,272
10),//!J/
255,196
5. Sales Tax
3 .672 , 867
Oa. FromCoonry(specify) Road/Bridge 364,779
Auto Use Tax bS/,)iU
b. Ciryffown (Specify)
7. Bond Proceeds (Det of issuaoc.e cost)
8. NOle Proceeds (net ofissumce cost)
9. Specific Ownership Taxes
67,421
TOTAL (A) LOCAL SOURCES
5,196,372
..
3.. PRIY ATE CONTRrBImONS
E TOTAl RFrFWTS (A+B+C+D)
F FNSPFNT BAIANrFS BEGINNING OF YFAR
(must equal ending balance of p~ous )':3!)
G TnT AI RFrFWTS AND BIU-AN("ES (E+F)
(Revised If}6)
C STATE SOlIRCF~S
1. Highway Users Tax
834,935
2. Motor Vehicle Registration F=
108,534
3. Other (specify) CDOT
50,000
TOTAL(C) STATE SOURCES
993,469
D FFDERALSOlIRCES
o
o
1. Forest Service
o
o
2. MinenI Leasing
o
o
3. Pa)1DCllS in lieu ofTaxc::s
4. Other (specify)
TOTAL(D) FED.SOURCES
o
o
o
6,189,841
o
6,189,841
-64-
eIIT OF wtiLU RIDGE
YE_';"~ 1996
( corl't)
IT. SCHEDUlE 0\ EXPENDITURES FDR ROAD. BRJDGE AND S1REET PURPOSES
A. DIRECT HIGH"W A Y EXPENDmJRES
1. Right-of-Way
2. Preliminary and Coos:ructioo Eogin=i.ng
3. CaoslIUCooo
4. Ma.in!= of CooditiOll
5. Snow and Io: R=oval
6. Traffic Servi=
7. Administrarion
8. Tr.1ffic Enfar=c:nt
22.033
90.8)0
1, 820 . 646
1, 769,299
20,862
143.500
640.486
1,328.214
TOTAL (A) DIRECT HlGHW A Y EXPENDlT1JRES
5,835.890
B. DEBT PAYMENTS ON BONDS AND NOTES
I. Interest on Bonds
2_ Inlc:rest on N 0le5
3. Redemption on Boods (oer value)
4. Redemption on N<Xe5 (net value)
133,497
o
??O,OOO
o
TOTAL~)DEBTPAYMENTS
",.497
C. PAYMENTS TO OTIiER GOVERNMENTS
13... To County (specify)
b. To City (specify)
2. To DcpL ofTrans.
()
()
't':;'l
TOTAL (C) PAYMENTS TO OTHER GOVERNMENTS
454
D. OTIiER HIGH"W A Y PURPOSES
(specify) .
o
E. TOTALEXPENDmJRES (A+B+C+D)
6,189,841
F. BALANCES END OF YEAR
(unspent rcccipts)
o
G. TOTALEXPENDmJRES AND BALANCES (E+F)
6.189,841
(Revised 11']6)
-65-
CITY 0: wnEAT RIDGE
E..-\...q, 1996
(COO'()
..
ill.. SOtEDULE OF Ql...l.NGE IN DEBT 5T A TU5 FOR ROAD. BRIDGE AND STREET OBUGA nONS
(show all c:nmes ar par val\.~: face amount of issue)
BONDS
NOTES
A. BONDS AN!) NOTES OUTSTANDING BEGINNING OF YEAR
3,205,000
B. AMOUNT ISSUED DURING YEAR (par value)
1. Origiml issues this )Car
2. Refunding issues
o
o
C. AMOUNT REDEEMED DURING YEAR (par value)
1. From CUITeIl[ receipts or r=ves
2. From refuodi.og issues
220.000
o
2.985.000
D. BONDS AND NOTES OUTSTANDING END OF YEAR
NOTE:
... TOTAL RECEIP'rS & BALANCES MUST EQUAL TOTALEXPENDl11JRES & BALANCES".
PLEASE GIVE TIiE NAME AND PHONE NUMBER OF TIiE PERSON TO CONTACT FOR QUESTIONS REGARDING TIiE
REPORT.
NAME:
Linda Stengel
PHONE;
(303) 235-2817
Revised (1/96)
-66-
..
STATISTICAL SECTION
CITY OF WHEAT RIDGE, COLORADO
ASSESSED 4ND 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
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
1996 223,253,950 1,475,180,027 15.13
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
-67-
CITY OF WHEAT RIDGE, COLORADO
GE.NJ;FAL GOVERNMENTAL EXPENDITURES BY FUNCTION
1993
LAST TEN FISCAL YEARS
(Unaudited)
General Planning and Public
G-overnment Development Safety
$ 1,015,245 $ 857,971 $ 2,848,032
991,362 459,939 3,040,648
1,052,162 446,664 3,194,131
1,073,469 466,862 3,161,272
1,176,115 524,215 3,512,515
1,277,604 545,496 3,675,408
1,371,059 559,760 3,595,827
1,443,869 623,266 3,975,444
1,888,899 1,201,251 4,182,320
1,759,975 666,710 4,541,689
Fiscal
Year
1987
1988
1989
1990
1991
1992
1994
1995
1996
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, 1987 - 1996.
-68-
..
Public Parks and Debt
Works Recreation Service Other Total
$4,022,861 $ 1,099,137 $ $ 698,392 $ 10,541,638
4,057,897 1,182,160 96,088 537,895 10,365,989
2,060,663 1,078,052 211,175 798,781 8,841,628
1,883,838 1,537,240 211,425 632,529 8,966,635
1,791,074 1,624,833 210,925 691,942 9,531,619
2,061,221 1,538,701 211,950 971,375 10,281,755
1,788,584 2,205,524 172,305 725,186 10,418,245
1,936,078 2,194,725 179,258 1,403,327 11,755,967
2,092,303 1,999,841 715,197 537,644 12,617 ,455
2,095,850 3,068,737 194,950 681 , 119 13,009,030
-69-
CITY OF WHEAT RIDGE, COLORADO
..
GENERAL GOVERNMENTAL REVENUE BY SOURCE
1987
LAST TEN FISCAL YEARS
(Unaudited)
Licenses Inter-
Taxes and Permits governmental
$ 7,320,112 $ 246,513 $ 1,655,083
7,393,814 270,142 1,744,146
5,171,317(A) 225,961 1,998,907
5,736,579 332,499 1,810,246
6,463,943 324,026 2,092,622
6,712,572 344,309 1,897,279
7,005,422 291,983 1,372,789
7,448,440 333,660 1,430,934
7,985,931 349,910 1,517,277
8,208,493 382,732 1,626,800
Fiscal
Year
1988
1989
1990
1991
1992
1993
1994
1995
1996
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, 1987 - 1996.
-70-
..
Charges
for Fines and
Services Forfeitures Interest Other Total
$ 504,482 $ 130,311 $ 191,331 $ 382,877 $ 10,430,709
469,973 266,251 180,942 58,732 10,384,000
504,767 389,600 169,700 84,399 8,544,651
236,700 396,718 188,835 97,608 8,799,185
264,388 283,240 176,167 127,480 9,731,866
304,036 250,499 112,805 170,816 9,792,316
310,458 296,523 88,893 138,641 9,504,709
383,185 377 ,415 158,206 106,961 10,238,801
408,747 398,777 325,831 99,673 II ,086, 146
461,252 555,237 171,905 133,713 11,540,132
-71-
CITY OF WHEAT RIDGE, COLORADO
..
GENERAL GOVERNMENTAL TAX REVENUE BY SOURCE
LAST TEN FISCAL YEARS
Fiscal
Year
(Unaudited)
Property
Tax
$ 502,269 $
545,964
542,580
567,756
564,389
560,570
569,769
562,661
561,053
578,012
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
Notes: Includes the General Fund only.
Telephone Auto
Occupation Ownership
177 ,486 $ 44,926
183,773 44,895
172,901 46,986
178,929 47,208
175,326 49,973
173,188 53,689
181,593 55,050
179,987 64,196
190,575 62, 197
190,575 67,421
(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, 1987 - 1996.
-72-
..
Lodgers
Franchise and
Sales Tax Use Tax Tax Admissions Total
$4,902,053 $ 674,346 $ 735,196 S 283,836 $ 7,320,112
5,083,240 660,152 622,393 253,397 7,393,814
2,754,972(A) 658,830 745,403 249,645 5,171,317
2,730,931 1,185,551 724,078 302,126 5,736,579
2,885,976 1,724,086 756,410 307,782 6,463,942
3,269,706 1,531,200 738,133 386,086 6,712,572
3,266,609 1,694,755 810,169 427,477 7,005,422
3,650,712 1,616,251 826,983 547,650 7,448,440
3,648,519 1,844,393 891,032 537,868 7,735,637
3,733,647 2,166,468 906,914 565,456 8,208,493
-73-
CITY OF WHEAT RIDGE, COLORADO
PROPERTY..TAX RATES - DIRECT AND OVERLAPPING GOVERNMENTS
LAST TEN FISCAL YEARS
(Unaudited)
City of Bellaire
Fiscal Wheat Jefferson R-l School Sanitation
Year Ridge County District District
1987 2.020 17.140 36.630 18.172
1988 2.265 18.890 40.132 24.332
1989 2.418 22.021 44.147 25.824
1990 2.458 23.602 42.207 28.000
1991 2.714 25.584 44.421 10.000
1992 2.714 25.584 52.276 4.593
1993 2.714 25.584 52.276 0.000
1994 2.714 25.584 52.276 0.000
1995 2.714 25.584 50.708 0.000
1996 2.714 25.978 49.961 0.000
Notes: All numbers shown are mill levies (amounts assessed per $1,000)
Source: Jefferson County Assessors' Office
-74-
..
North West Urban Wheat Wheat
Fruitdale Lakewood Drainage VaUey Westridge Ridge Ridge
Sanitation Sanitation and Flood Water Sanitation Fire Sanitation
District District Control District District Protection District
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 6791 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
4.062 0.000 0.780 1.817 8.028 4.500 3.592
-75-
CITY OF WHEAT RIDGE, COLORADO
PROPERTY TAX LEVIES AND COLLECTIONS - GENERAL FUND
..
LAST TEN FISCAL YEARS
(Unaudited)
Percent of
Current Percentage Delinquent Total Total Tax
Fiscal Total Tax of Levy Tax Tax Collections
Year Tax Levy Collections Collected Collections Collections to Levy
(A)
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) 542,580 96.46
1990 568,301 561,551 98.81 (6,205) 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
1996 593,069 580,601 97.89 (735) 579,866 97.77
Notes: (A) Net prior year tax abatements and adjustments due to revaluation of property in
Jefferson County.
Source: Jefferson County Assessors' Office and the City of Wheat Ridge audited financial
statements, 1987 - 1996.
-76-
CITY OF WHEAT RIDGE, COLORADO
..
SPECIAL IMPROVEMENT DISTRICT 1987-1
BILLINGS AND COLLECTIONS
LAST TEN FISCAL YEARS
(Unaudited)
Fiscal
Year
Current
Assessments
Due
Assessments
Collected
Ratio of
Collections
to
Amounts Due
1987
1988
1989
$ $ %
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
104,993 79,668 75.88
1990
1991
1992
1993
1994
1995
1996
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.
During 1996, the debt was paid in full and the City ceased collecting assessments.
Source: City of Wheat Ridge audited financial statements, 1987 - 1996.
-77-
..
CITY OF WHEAT RIDGE, COLORADO
COMPUTATION OF LEGAL DEBT MARGIN
DECEMBER 31, 1996
(Unaudited)
Computation of maximum debt allowed
1996 estimated actual valuation
Legal debt limIt percentage per City Charter ~ 12.7
$ 1,475,180,027
3%
Legal debt limit
$
44 255 401
Amount of debt outstandmg
Total bonded debt
Less: Revenue Bonds
$
2,985,000
2 985 000
-0- $
-0-
Net general obligation bonded debt outstanding
Legal debt limit
44 255 401
Legal debt margin
$
44 255 401
Note: The City Charter Legal Debt margin is also subject to the State Constitution Section 20,
Article X, "Taxpayers Bill of Rights" (TABOR) under which no debt has been
authorized.
Source: City of Wheat Ridge charter and Jefferson County Assessor's office.
-78-
CITY OF WHEAT RIDGE, COLORADO
REVENUE BOND COVERAGE SALES TAX REVENUE BONDS
..
LAST TEN FISCAL YEARS
(Unaudited)
Fiscal Sales Tax Debt Service Requirements Coverage
Year Revenue Principal Interest Total Factor
1987 $ 4,902,053 $ $ $
1988 5,083,240
1989 5,509,944 96,088 96,088 57.34
1990 5,461,862 210,925 210,925 25.91
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 37.92
1994 6,740,566 55,000 124,258 179,258 37.60
1995 7,297,038 75,000 122,350 197,350 36.98
1996 7,467,294 75,000 119,650 194,950 38.30
Notes: Sales tax revenue in both the General Fund and the Capital Projects Fund are included
since debt service is paid with sales tax proceeds.
Source: City of Wheat Ridge audited financial statements, 1987 - 1996.
-79-
CITY OF WHEAT RIDGE, COLORADO
DEMOGRAPHIC STATISTICS
..
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
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 N/A 6,839 3.00
1995 29,625 15,451 36 N/A 6,105 2.80
1996 30,192 15,451 36 N/A 7,008 3.42
N/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.
-80-
CITY OF WHEAT RIDGE, COLORADO
CON~TRUCTION, PROPERTY VALUE AND BANK DEPOSITS
LAST TEN FISCAL YEARS
(Unaudited)
Commercial Residential
Construction Construction
Num- Nurn- Estimated Total
Fiscal her of Estimated her of Estimated Actual Wheat Ridge
Year Units Value Units Value Property Value Bank Deposits
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
1996 39 10,903,575 53 5,177,893 1,475,180,027 563,508,030
Source: City of Wheat Ridge Building Department, Jefferson County Assessor's office and
local hank statements of condition.
-81-
CITY OF WHEAT RIDGE, COLORADO
MISCELLANEOUS STATISTICS
..
LAST TEN FISCAL YEARS
(Unaudited)
Date of Incorporation
Form of Government
Area
Population (Est.)
1969
Council - Manager
9.1 Sq. Miles
30,192
Employees
Elected
Appointed
11
178
Fire Protection (1)
Number of stations
Number of fIre fighters and officers
(exclusive of volunteer fire fighters)
2
1
Police Protection
Number of stations
Number of police officers
1
63
Education (1)
Private and Parochial
Public Elementary Schools
Public Junior High Schools
Public High School
4 (1,356 students)
6 (2,281 students)
2 (1,260 students)
1 (2, III students)
Local Streets
Miles of streets
Number of street lights
Number of traffic controlled locations
129
1,728
42
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/163 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 and the State Demographer's Office.
-82-
\@n
. 6~'~~d~r;"~A;':!~n,,an d Co., Inc.
Principals
Jack C. Schroed<r
Larrv R. B<ardskv
Richard M. Carlson
~lark D Elmshaus<r
Kevin F Collins
City Council
City of Wheat Ridge, Colorado
We have audited the general purpose fmancial statements of the City of Wheat Ridge, Colorado
for the year ended December 31, 1996 and have issued our report thereon dated April 7, 1997.
The general purpose fmancial statements are the responsibility of the City's management. Our
responsibility is to express an opinion on the general purpose 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 perform the audit to obtain reasonable assurance about whether the
general purpose fmancial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in the general purpose
financial statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall fmancial statement
presentation. We believe that our audit provides a reasonable basis for our opinion.
Our audit was made for the purpose of forming an opinion on the general purpose fmancial
statements of the City of Wheat Ridge, Colorado taken as a whole. The accompanying Schedule
of Federal Financial Assistance is presented for purposes of additional analysis and is not a
required part of the fmancial statements. The information in that schedule has been subjected to
the auditing procedures applied in the audit of the general purpose fmancial statements and, in our
opinion, is fairly presented in all material respects in relation to the general purpose fmancial
statements taken as a whole.
v~l~~~./~.
April 7, 1997
6000 Greenwood Plaza Blvd., #110
Greenwood Village, CO 80111-4817
(303) 779-4000
FAX 770-9276
Members: American [nstitute of Certified Public Accountants - S.E.C. and Private Practice Sections
Colorado Socic:ty of Certified Public Ac:countJ.nts
CITY OF WHEAT RIDGE, COLORADO
SCHEDULE OF FEDERAL FINANCLAJ- ASSISTANCE
..
YEAR ENDED DECafBER 31, 1996
Federal
CFDA No.
Program
or Award
Amount
U.S. Department of Tustice
COPS Fast
16.710 $ 150,000 S
Comprehensive Communities Program (CCP)
Community Watch
16.200
1,999
2,000
1,025
Fanny Pack for Elderly
16.200
16.200
Stamp grant
Selective Enforcement and Education
Mountain Bike Patrol
16.200
2,000
Total CCP
Total U.S. Department of Justice
U.S. Department of Housin~ and Urban
Development
Community Development Block Grant
14.218
30,000
Total Schedule of Federal Awards
-84-
Cash!
Accrued or
(Deferred)
Revenue
at December
31. 1995
9765
9765
$
9765
..
Cash
Received
Disburse-
ments!
Expenditures
Cash!
Accrued or
(Deferred)
Revenue
at December
31. 1996
s
41 064 S
64 014 $
28 755
835 1,955 1,120
1,278 1,278
936 936
2000 2000
4113 6 169 2056
49 177 70213 30811
30 000
79 177 S
30 000
100223 S
$
30 811
-85-
..
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 A UDITING STANDARDS
wn
. 6~'~~d<;'~~~'~~~ffiand Co., Inc.
Principals
Jack C. Schroeder
Larry R. Beardsl<y
Richard M. Carlson
Mark D Elmshauser
Kevin 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, 1996 and have issued our report thereon dated April
7, 1997.
We conducted our audit in accordance with generally accepted auditing standards and Government
Audiring Sranaards, 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 establishing 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, 1996, 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 iriternal control structure. Accordingly, we do not express such an opinion.
6000 Greenwood Plaza Blvd., /1110
Greenwood Village, CO 80111-4817
(303) 779-4000
FAX 770-9276
Members: Amc:rican lnstitute of Certilied Public Accountants. S.E.C. and Private Practice Sections
Colorado Society of Certified Public Accountants
Page Two
City Council
City of Wheat Ridie, 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 operation 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 7, 1997.
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.
VOA l~ ~ Cn'/~~
April 7, 1997
-87-
..
INDEPENDENT AUDITOR'S REPORT ON INTERNAL
CONTROL STRUCTURE USED IN ADMINISTERING FEDERAL
FINANCIAL ASSISTANCE PROGRAMS
wn
t)Chooneveld and Co., Inc.
.. Certified Public Accountants
Principals
Jack C. Schroed<r
Larry R. B<ardsl<,'
Richard M. Carlson
~tark D Elmshauser
Kevin F CoUms
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, 1996 and have issued our report thereon dated April
7, 1997.
We conducted our audits in accordance with generally accepted auditing standards; Government
Auditing Standards, issued by the Comptroller General of the United States; and Office of
M~<>ement and Budget (OMB) Circular A-128, Audits of State and Local Governments. Those
standards and OMB Circular A-128 require that we plan and perform the audit to obtain
reasonable assurance about whether the general purpose fmancial statements are free of material
misstatement and about whether the City of Wheat Ridge, Colorado, complied with laws and
regulations, noncompliance with which would be material to a federal fmancial assistance
program.
In planning and performing our audit for the year ended December 31, 1996, we considered the
internal control structure of the City of Wheat Ridge, Colorado in order to determine our auditing
procedures for the purpose of expressing our opinions on the general purpose fmancial statements
of the City of Wheat Ridge, Colorado and to report on the internal control structure in accordance
with OMB Circular A-128. This report addresses our consideration of internal control structure
policies and procedures relevant to compliance with requirements applicable to federal fmancial
assistance programs. We have addressed internal control structure policies and procedures
relevant to our audit of the general purpose fmancial statements in a separate report dated April
7, 1997.
The management of the City of Wheat Ridge, Colorado is responsible for establishing and
maintaining an internal control structure. In fulfilling this responsibility, estimates and
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, 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 and that federal
fmancial assistance programs are managed in compliance with applicable laws and regulations.
Because of inherent limitations in any internal control structure, errors, irregularities, or instances
of noncompliance 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.
6000 Greenwood Plaza Blvd.. #110
Greenwood Village, CO 80111-4817
(303) 779-4000
FAX 770-9276
Members: Amc:ric:ln Institute: of Ccrtilied Public Accountants. S.E.C. and Private Practice Sections
Colorado Society of Certified Public Account..J.nts
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
Cash receipts, 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, 1996, the City of Wheat Ridge, Colorado had no major
federal financial assistance programs and expended 64 % of its total under the following nonmajor
program:
COPS Fast Grant, CFDA Number 16.710
We performed 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 for 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.
-89-
Page Three
City Council
City of Wheat Ridge, Colorado
..
Our consideration of the internal control policies and procedures used in administering federal
fmancial 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 penod 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
7, 1997.
This report is intended for the informatlon 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.
VnA l~~Co./~~.
April 7. 1997
-90-
..
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 A UDITING STANDARDS
wn
t)chooneveld and Co., Inc.
~ Certified Public Accountants
Principals
Jack C. Schroed~r
Larry R. Beardsky
Richard M Carlson
Mark D Elmshauser
Kevin 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, 1996 and have issued our report thereon dated April
7, 1997.
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 perform the audit to obtain reasonable assurance about whether the
general purpose flllancial 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 fmancial 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 flllancial 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.
y~ 1~ ~Ct, /!ML
April 7, 1997
6000 Greenwood Plaza Blvd., 11110
Greenwood Village, CO 80111-4817
(303) 779-4000
FAX 770-9276
Members: ..\menC3n Institute of Certified Public Accountants. S.E.C. and Private: Practice Sections
Colorado Society of Certified Public Accountants
..
INDEPENDENT AUDITOR'S REPORT ON COMPLIANCE
WITH GENERAL REQUIREMENTS
APPLICABLE TO FEDERAL FINANCIAL
ASSISTANCE PROGRAMS
wn
. 6~~<:'~::,i~A~:"!9}nd Co., Inc.
Principals
Jack C. Schroea<r
Larry R_ Bearciky
Richard M_ Carlion
Mark D Elmshaus.r
Kevin F Coliins
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, 1996 and have issued our report thereon dated April
7, 1997.
We have applied procedures to test the City's compliance with the following requirements
applicable to its federal financial assistance program which is identified in the Schedule of Federal
Financial Assistance for the year ended December 31, 1996.
. 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 opinion 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 immaterial 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.
~ClA--l~~~./~AtC.
April 7, 1997
6000 Greenwood Plaza Blvd.. 11110
Greenwood Village. CO 80111-4817
(303) 779-4000
FAX 770-9276
\tcmbcrs: Amerlc:ln institute of Certified Public Accountants. S.E.C. ~lnd Private Practice Sections
Colorado Society of Certified Public AccountantS
..
INDEPENDENT AUDITOR'S REPORT ON COMPLIANCE
WITH SPECIFIC REQUIREMENTS APPLICABLE TO
NONMAJOR FEDERAL FINANCIAL ASSISTANCE
PROGRAM TRANSACTIONS
I
wn
. 6~'~~d~~~A~~~~",~n d Co., Inc.
Principals
Jack C. Schroeder
Larry R. Beardslev
RIchard \1. Carlson
~lark D 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, 1996 and have issued our report thereon dated April
7, 1997.
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 Circular
A-128, Audits of State and Local Govemmenrs, we selected certain transactions applicable to
certain nonmajor federal fmancial assistance programs for the year ended December 31, 1996.
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. Accordingly, we do not express such an opinion.
With respect to the items tested, the results of those procedures disclosed no material instances of
noncompliance with the requirements listed in the preceding paragraph. With respect to items not
tested, nothing 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 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.
VQA l~JCo./k.
April 7, 1997
6000 Greenwood Plaza Blvd.. ;1110
Greenwood Village. CO 80111-4817
(303) 779-4000
FAX 770-9276
Members: Amc:rican lnstitute of Certified Public Accountants. S. E.C. and Pri...utc Practice Sections
Colorado Society of Certified Public AccQuntJnts.
em" OF WHEAT RIDGE, COLORADO
SCHEDULE OF HNDINGS AND QUESTIONED COSTS
..
YEA..R Th"'DED DECElvrnER 31, 1996
Finding-fIll oncompliance
Questioned Costs
We noted that each quarterly Financial Status Report
was not submitted in the required period of 45 days
after the quarter ended.
None
"Management Response
The City will attempt to submIt the Financial Status
Reports on a more timely basis.
Finding fIll oncompliance
We noted that line (9) of the Request for Payment
forms reflected the amount for which federal forms
have been requested and should have been the total
amount of federal funds spent to date.
None
Mana~ement Respon~e
The City will correct its reporting on aU future
Request for Payment forms.
Prior Ye<lr Findings
The prior year's findings relating to the financial status report, workmen's compensation allocation
and the drug-free work-place policy have been corrected.
-94-