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HomeMy WebLinkAbout1997 f I \ j 1 , " ! '{ 1 i L CITY OF WHEAT RIDGE, COLORADO , r it COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED DECEMBER 31, 1997 t Ii PREPARED BY THE CITY TREASURER'S DEPARTMENT CITY OF WHEAT RIDGE, COLORADO GENERAL PURPOSE FINANCIAL STATEMENTS December 3 1, 1997 TABLE OF CONTENTS INTRODUCTORY SECTION PAGE Transmittal Letter I - VI Directory ofPnnclpal City Officials va FINANCIAL SECTION Independent Auditors' Report 1 GENERAL PURPOSE FINANCIAL STATEMENTS Combmed Balance Sheet - All Fund Types and Account Groups 2 Combmed Statement of Revenues, Expenditures and Changes m Fund Balance - All Governmental Fund Types 3 Combmed Statement of Revenues, Expenditures and Encumbrances - Budget and Actual - All Governmental Fund Types 4 Combmed Statement of Revenues, Expenses and Changes m Retained Earrungs/ Fund Balance - Proprietary and PensIOn Trust Funds 5 Statement of Cash Flows - Internal Service Fund 6 Notes to Financial Statements 7 - 21 COMBINING, INDIVIDUAL FUND AND ACCOUNT GROUP STATEMENTS AND SCHEDULES Special Revenue Funds Combmmg Balance Sheet 22 Combllllllg Statement of Revenues, Expenditures and Changes in Fund Balance 23 Open Space - Schedule of Revenues, Expenditures and Encumbrances - Budget and Actual 24 Police Building - Schedule of Revenues, Expenditures and Encumbrances - Budget and Actual 25 Pohce InvestigatIOn - Schedule of Revenues, Expenditures and Encumbrances- Budget and Actual 26 T ABLE OF CONTENTS (Continued) PAGE FINANCIAL SECTION (Contmued) COMBINING, INDIVIDUAL FUND AND ACCOUNT GROUP STATEMENTS AND SCHEDULES (Contmued) Special Revenue Funds (Contmued) Park AcqUlsltlOn - Schedule of Revenues, Expenditures and Encumbrances - Budget and Actual 27 Building DemolitIOn - Schedule of Revenues, Expenditures and Encumbrances - Budget and Actual 28 Seruor/Teen Center - Schedule of Revenues, Expenditures and Encumbrances - Budget and Actual 29 Muruclpal Court - Schedule of Revenues, Expenditures and Encumbrances - Budget and Actual 30 Tree Plantmg - Schedule of Revenues, Expenditures and Encumbrances - Budget and Actual 3 1 Richards/Hart Improvement - Schedule of Revenues, Expenditures and Encumbrances - Budget and Actual 32 Parks and RecreatIOn Damage DepOSit - Schedule of Revenues, Expenditures and Encumbrances - Budget and Actual 33 Wheat RIdge Town Center - Schedule of Revenues, Expenditures and Encumbrances - Budget and Actual 34 EqUlpment - Schedule of Revenues, Expenditures and Encumbrances - Budget and Actual 35 Conservation Trust - Schedule of Revenues, Expenditures and Encumbrances - Budget and Actual 36 Computer - Schedule of Revenues, Expenditures and Encumbrances - Budget and Actual 37 RecreatIOn Center - Schedule of Revenues, Expenditures and Encumbrances - Budget and Actual 38 T ABLE OF CONTENTS (Contmued) PAGE FINANCIAL SECTION (Contmued) COMBINING, INDIVIDUAL FUND AND ACCOUNT GROUP STATEMENTS AND SCHEDULES (Contlllued) Debt Service Funds Combming Balance Sheet 39 Combllling Statement of Revenues, ExpendItures and Changes III Fund Balance 40 Incremental Sales Tax Bond Fund - Schedule of Revenues, Expenditures and Changes III Fund Balance - Budget and Actual 41 SpeCial Improvement Dlstnct No 1987-1 - Schedule of Revenues, Expenditures and Changes III Fund Balance - Budget and Actual 42 Compensated Absences - Schedule of Revenues, Expenditures and Changes m Fund Balance - Budget and Actual 43 Proprietary Fund Rtsk Financmg Insurance Reserve Internal ServIce Fund - Schedule of Revenues, Expenditures and Changes m Retamed Earnmgs - Budget and Actual 44 Fiduciary Funds Combming Balance Sheet 45 Combmmg Statement of Changes m Assets and Liabilities - All Agency Funds 46 General Fixed Assets Account Group Schedule of Changes III General Fixed Assets - by Source 47 Schedule of General Fixed Assets by Function and Activity 48 SUPPLEMENTARY INFORMATION Annual Statement of Receipts and Expenditures for Roads, Bndges and Streets 49 - 51 TABLE OF CONTENTS (Contmued) PAGE STATISTICAL SECTION Assessed and Estimated Actual Value of Taxable Property 52 General Governmental Revenue by Source 53 - 54 General Governmental Tax Revenue by Source 55 - 56 Property Tax Levies and Collections - General Fund 57 ComputatiOn of Legal Debt Margm 58 Revenue Bond Coverage Sales Tax Revenue Bonds 59 .... 7500 WEST 29TH AVENUE . The City of WHEAT RIDGE, COLORADO 80215 CW'heat GRidge May 5, 1998 The Honorable Mayor Cerveny, 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, 1997 The CIty Treasurer's Office and the CIty Manager's Office prepared thIS report. 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 m all materIal respects and is reported m a manner desIgned to present faIrly the financial position and results of operations of the CIty of Wheat RIdge. We have included all disclosures necessary to enable the reader to gam an understandmg of the City's financial and operational activitIes. This report is presented in three sectIOns as follows: 1 Introductory Section, which includes transmittal letters, orgamzatlOn chart, and lIst of prIncIpal officials. 2. Financial Section, whIch includes the financial statements, supplementary schedules, and the audItor's report on the financial statements and schedules. 3 StatIstical SectIon, which mcludes selected operational and financial mformation, generally presented on a multi-year basis. i (303) 234-5900 . ADMINISTRATION FAX. 234-5924 . POLICE DEPARTMENT FAX. 235-2949 ACCOUNTING SYSTEM AND BUDGETARY CONTROL In developing and evaluatmg the City's accounting system, consideration is given to the adequacy of mternal controls. Internal accounting controls are designed to provIde reasonable, but not absolute, assurance regarding the safeguarding of assets against loss from unauthorized use or dIsposition and the reliability of financial records for prepanng financial statements and maintaining accountability for assets. The concept of reasonable assurance recognizes that the cost of a control should not exceed the benefits likely to be derived and the evaluatlOn of costs and benefits reqmres estlmates 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 operatlOns. Fund accounting IS designed to show legal compliance and to aid financial management by segregating transactions related to certain government functlOns or actlvitles. The City has a general fund where all the current operatlOns of the City are recorded; a capItal projects fund where all major drainage, street, traffic, and bmldmg projects are recorded, and 23 other smaller funds are established for a particular purpose. The two account groups - fixed assets and general long-term debt - are concerned only with the measurement of financial positlon and thus do not record results of operations. The budget process begms in April and ends with the adoption by CIty Council before December 15 each year. Budgets are adopted on a NON-GAAP baSIS using the encumbrance basis of accountmg, except the Debt Service and Internal Service Funds whIch are GAAP basis. The level of budgetary control (the level at which expenditures and encumbrances cannot legally exceed the appropriated amount) is established at the individual fund level. The budget IS then mtegrated into the formal accountmg system January I of each year If during the fiscal year, the CIty AdmmistratlOn determines that there are available for appropriatlOn revenues m excess of those estimated in the budget, the Council, by resolution, may make supplemental appropnatlOns 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 $11,792,738 in 1997, an increase of 2.19% over 1996 The amount of revenues from varIOus sources and the increase (decrease) over last year are shown in the following table' Increase Percentage Revenues Percentage (Decrease) Increase By Source 1997 Amount of Total From 1996 (Decrease ) Taxes $ 8,336,235 70 69% $127,742 1.56% License & Permits 521,110 442 138,378 3616 Intergovernmental 1,653,157 1402 26,357 1 62 Charges for Services 512,237 4.34 50,985 II 05 Fines & Forfeitures 541.466 4.59 (13,771) (2.48) Interest Income 145,159 1.23 (26,746) (15 56) Other Revenue 83.374 0.7! (50.339) (37.65) TOTAL $11,792,738 100 00% $252,606 2.19% The major source of revenue for the City of Wheat Ridge is retml sales and use tax ($5,962,260) This compnses 50.56% of total current General Fund revenue. The one percent (1 %) Genera! Fund sales tax revenues for 1997 were $4,088,914, an increase of9.52% or $355,267 over 1996 collections. General Fund use tax revenues for 1997 were $1,873,346, a decrease of9.0% under 1996 collections (specific decreases were professional 53%, auto 4%, and increases m retail 19%, and bUlldmg 4%). Current property tax collections for 1997 were 99.52% 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, 1996 and 1997 at 2.714 mills. Expenditures for general governmental functions (General Fund only) totaled $12,285,194 m 1997, an mcrease of 6.85% over 1996 Increases or (decreases) in levels of expenditures for major functions of the City over the past year are shown m the following table. Expenditure Increase Percentage Activity Percentage (Decrease) Increase By Function 1997 Amount Of Total From 1996 (Decrease) General Government $ 1,987,547 16.18% $266,889 15.51% Planning & Develop. 526,192 4.28 (100,188) (1599) Public Safety 4,776,493 38.88 247,168 546 Public Works 2,292,549 18.66 196,699 9.39 Parks & Recreation 2,039,738 16.60 243,012 13.53 Other 617,668 503 (5,975) ( 96) Capital Outlay 45.007 .37 (60.087) (57.17) TOTAL $12,285,194 100.00% $ 787.518 6.85% iii PENSION FUNDING POLICIES The CIty participates m three mandatory and two deferred compensatIOn plans. All full-time sworn police officers participate in a smgle 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 (lCMA), 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 ADMINISTRATION The CIty may use debt financmg when either long-term capital projects are desired, or when It can be determined that future CItizens will receIve a benefit from the Improvement. ..... Sales Tax Revenue Bonds were Issued August 12, 1988, for $2.99 million. These bonds, rated "A" by Moody's, were sold to finance capItal projects budgeted in the Capital Projects Fund. These bonds were refinanced on August 1, 1993, with a new issue for $3.21 mIllIon with an average interest rate of 3 8%. The new bond issue will mature m 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 hfe of the new Issue. This bond issue is accounted for m the Debt ServIce Fund. .... The CIty has entered into several lease agreements for financing the acquisition of equipment includmg vehIcles, 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 mto ItS first long-term bonded indebtedness m 1988 On June 24, 1988, $1.25 million in Special Assessment Bonds were issued for the payment of part of the construction costs of local Improvements in the newly created Special Improvement District No. 1987 -1 By passage of Ordinance 751, Series of 1988, the City Council caused assessments to be Imposed agamst the real property included in the District especially benefited by the improvements. The assessments are to be paid in ten amortized annual installments of principal and mterest, 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 ongmally estimated. RECREA nON CENTER On November 4, 1997, the citizens of Wheat RIdge overwhelmingly passed a referendum directing the City of Wheat Ridge to construct and operate a public recreation center for all ages. iv To pay for the constructIOn of the public recreation center, the referendum also approved an Increase of 1/2% in the retail sales and use tax imposed by the City The tax increase was Initiated January 1, 1998 and sunsets December 31, 2002, or when $12,350,000 has been collected, whichever comes first. CASH MANAGEMENT It is the responsibility of the City Treasurer to invest all Idle funds and cash withIn each fund. The City of Wheat Ridge has formally adopted the prudent Investor rule as a guide to the Treasurer's Office in making municipal investments to maximize yield while mimmlzing nsk. 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 securIties of the U.S Government and Its agencies, in conformance with the Colorado Public Deposit ProtectIOn Act (PDP A) reqUIrements. The City Treasurer monitors the mterest rates on a daily baSIS. Relatively small amounts of Idle cash are maIntamed m 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 1997, the City's mvestment in certificates of depOSit (CD), local government Investment pools (LGIP) and government secuntJes varied in stated Interest rates from 5 05% to 9 0%, and 3 00% to 4.65% in savmgs and money market accounts, respectively. The City's investment portfolIo indicates investments throughout 1997 averaged 34% In U.S. Government secunties, 51 % in LGIPs and 15% m CDs, money market accounts or savings accounts. RISK MANAGEMENT -- The City IS exposed to various risks of loss related to torts, thefts and damage to, or destruction of assets, error or omiSSIOns, injuries to employees, or acts of God. The City of Wheat Ridge takes seriously the need for a strong risk management program. The City's program includes periodic review of all policies, procedures and activities. Legal review of all contracts, an active employee safety committee, employee training, review of insurance coverage, and other ongoing loss control activities are also employed. Workmg closely with our msurers and attorneys, the City acts quickly to resolve any known nsk management problems. The City participates in an msurance pool With other Colorado mumcipalities for liability and property insurance in excess of self-insured retentions, and workers' compensatIOn coverage The Colorado Intergovernmental Rlsk Sharing Agency (CIRSA) is a separate and mdependent legal entity v RESERVE POLICY The City of Wheat Ridge mamtams at least an eight percent (8% of expenditures) general fund balance which serves as an encumbered cash reserve in the General Fund. The CIty Manager plans for a twenty percent cash reserve balance each year. The City Council will annually specify the amount to be placed m 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 admmistrative departments of the City An mdependent certIfied publIc accountant selected by the City Council has performed this requirement and the auditor's opinion has been included in thIS report. ACKNOWLEDGMENTS I would like to express my apprecIation to Linda Stengel, Chief Accountant, Maggie Walters, Accounting TechmcIan, and to Bill Powell, Budget/Finance ASSIstant who assIsted the audItors in preparmg thIs report. Additionally, I would like to recognize the efforts of Linda Stengel, whose Immaculate record keeping greatly expedIted the audIt process. Special thanks are extended to members of the mdependent Certified Public Accounting firm of Johnson, Holscher & Company, P C., for the exemplary fashIOn in which they accomplished the 1997 audit. Respectfully submitted, ~ (](fl' ? oKLo- Ron Patera City Treasurer vi CITY OF WHEAT RIDGE PRINCIP AL CITY OFFICIALS MAYOR Gretchen Cerveny CITY COUNCIL District 1 District 2 Jerry Ditullio Lloyd Donnely Ken Siler Ralph Mancmelli CITY CLERK MUNICIPAL JUDGE CITY TREASURER CITY ATTORNEY CITY MANAGER DIRECTOR OF PLANNING DIRECTOR OF PARKS & RECREATION DIRECTOR OF PUBLIC WORKS CHIEF OF POLICE BUDGETIFINANCE ASSISTANT PERSONNEL ASSISTANT PURCHASING AGENT CHIEF ACCOUNTANT Vll District 3 Donald Eafanti Janelle Shaver Wanda Sang Randall DavIs Ron Patera Gerald Dahl Robert C Middaugh Alan White Gary Wardle Robert Goebel Jack Hurst William W Powell Patncia Crew Mia Mascltelli Lmda Stengel District 4 Claudia Worth Ten Dalbec FINANCIAL SECTION Johnson, Holscher & company, P.C. Certified Pubiic Accountants Honorable Mayor and Members of the City Council City of Wheat R1dge Wheat Ridge, Colorado INDEPENDENT AUDITORS' REPORT We have audited the accompanying general purpose financial statements of the City of Wheat Ridge. Colorado, as of and for the year ended December 31, 1997, as listed m the table of contents. These general purpose financial statements are the responsibihty of the City'S management. Our responsibihty IS to express an opmion on these general purpose financial statements based on our audit. We conducted our audit m accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtam reasonable assurance about whether the general purpose financial statements are free of material misstatement. An audit includes exammmg, on a test baSIS, eVidence supporting the amounts and disclosures m the general purpose financial statements. An audit also mcludes assessmg the accounting pnnclples used and Significant estimates made by management, as well as evaluating the overall general purpose financial statement presentation. We beheve that our audit proVides a reasonable baSIS for our opmion. In our opmlOn, the general purpose finanCial statements referred to above present fairly, in all matenal respects, the financial pOSition of the City of Wheat Ridge, Colorado, as of December 31, 1997, and the results of ItS operatIOns and cash flows of its proprietary fund type for the year then ended in conformity with generally accepted accountmg principles. Our audit was conducted for the purpose of forming an opinion on the general purpose financial statements taken as a whole. The combining, mdivldual fund and account group statements and schedules and supplementary informatIOn hsted in the table of contents are presented for purposes of additIOnal analysis and are not a requITed part of the general purpose financial statements of the City of Wheat Ridge, Colorado Such Information has been subjected to the auditing procedures applied m the audit of the general purpose financial statements and, in our opinion, IS fairly presented in all material respects m relatIOn to the general purpose financial statements taken as a whole. The statlstlcallnformation mcluded m the comprehensive annual financial report was not audited by us, and accordmgly, we do not express an opinion on it. ~, lfit,du", h;7~, (lG February 27, 1998 Member of the American Institute of Certified Public Accountants Member of the private Companies Practice section Member of the SEC Practice section S975 Greenwood Plaza Blvd., Suite 140 Greenwood viilage, co 80111 (303)694.2727 Fax (303)694-3172 GENERAL PURPOSE FINANCIAL STATEMENTS The General Purpose Financial Statements provide a financial overview of the City's operations. These financial statements present the financial positIOn, operating results, and cash flows, where applicable, of all funds and account groups as of December 31, 1997. CITY OF WHEAT RIDGE, COLORADO COMBINED BALANCE SHEET ALL FUND TYPES AND ACCOUNT GROUPS December 3 1, 1997 The accompanymg notes are an mtegral part of the fmanclal statements. 2 FIDUC]ARY PROPRIETARY FUND TYPES ACCOUNT GROUPS FUND TYPE TRUST AND GENERAL GENERAL TOTALS INTERNAL AGENCY FIXED LONG- TERM (MEMORANDUM ONL Y) SERVICE FUND FUNDS ASSETS DEBT 1997 1996 ---.----. ---,--- .- $ 314,116 $ 10,748,303 $ $ $ 19,701,621 $ 19,785,935 825,910 816,000 2.322,305 3,626,710 819.959 190,537 612,337 910,111 993.800 40.000 321,982 321,982 25,223,972 25,223,972 23,355,097 619,500 619.500 650,014 ----- -- 2,077,320 2,077J]-SJ 3,028,825 $ .. JL'LllQ. $ 10.748,303 $ 25,223.972 $ 2,696,820 $ 53,518,706 $ 52725,211 $ 1,916 $ $ $ $ 345,047 $ 288.348 164.996 121.208 157.797 157,797 65,578 356 612,337 910,111 100,000 100,000 273,000 993,800 40.000 825,910 816,000 486,854 51 1,099 504,999 157,500 157,500 175,000 27,466 27 ,466 37,342 2,025,000 2,025,000 2,985,000 101,916 158,153 2,696,820 5,920,952 ~16,586 25,223,972 25,223,972 23,355,097 212,200 212,200 195,507 2,062,940 1,582,156 993,800 40,000 1,615,735 1,665.377 490,286 461,402 10,590,150 10,590,150 8.579 135 524,000 524,000 129,214 188,612 5,755,457 9,917 ,339 212,200 10,590,150 25,223,972 47,597,754 46,508,625 $ 314116 $ 10 748.303 $ 25 223 972 $ 2 696 820 $ 53 518 706 $ 52 725 211 CITY OF WHEAT RIDGE, COLORADO .cOMBINED STATEMENT OF REVENUES EXPENDITURES AND CHANGES IN FUND BALANCE ALL GOVERNMENTAL FUND TYPES Year Ended December 31, 1997 GOVERNMENTAL FUND TYPES SPECIAL DEBT CAPITAL GENERAL REVENUE SERVICE PROJECT~ REVENUES Taxes $ 8,336,235 $ 308,996 $ $ 4,193749 Lrcenses and Perrmts 521,110 Intergovernmental 1.653,157 1,183,007 Charges for ServIces 512,237 47,397 Fmes and Fortcllures 541,466 Speewl Assessments 17488 Intcrest 145 159 139.037 50,! U4 812,b88 ( >ther 83,374 192.548 ,8.1~ 1 TOTAL REVENUES -.11222,,738 1 ,780,985 , 67.5')2 5J)44,(,(~ LXPENDITURES l ulTent General Government 1,987,547 65,202 Planmng and Development 526,192 245,328 Pohcc 4,776,493 9,350 Pubhc Works 2,292,549 Parks and Rccreal10n 2,039,738 1,086,807 Other 617,668 69,608 104.842 CapItal Outlav 45,007 1,678,193 4 ~nO,240 Debt Servrce Pnnclpal 960,000 Interest and hseal Charges 118,613 TOTAl J:XPENDITURES 12.285,194 3,084,880 U 48~nL 4" <)'75) 182 EXCESS m REVENUES OVER (UNDER) EXPENDITURES ( 492,456) ~UOJ-,g95) ( 1 ,080.6121 69.52() OTHER FINANCING SOURCES (USES) Operatmg Transfers In 1,524,650 1,397.622 I 077 ,025 Operatmg Transfers Out (380,325 ) ( 924,528) (2b,910) (2,667.534 ) TOT AI. OTHER FINANCING SOURCES (USES) 1,144,325 473,094 1,050,115 ---.i2}J(j7.53,4) EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES AND OTHER USES 651,869 (830,80 I ) (30,514) 12,598,008 ) FUND BALANCE, BEGINNING 4.320,339 3.776,204 650,014 _ 5632,32') FUND BALANCE. ENDING $ 4 972 208 $ 2 945 403 $ 61 9 500 $ 3034321 - The accompanymg notes are an mtegral part of the financIal statements, 3 TOTAL~ iMEMORANDUM QN1.Y) _~9'J7 _ _I99~ $ 12,838 980 $ 521,110 2,836,164 559 634 541,466 17,488 I 146988 224g93 12,919,696 382,732 2,979,602 521,549 555,237 79,668 6'J2,\l66 __ 2\l7,348 18,685,Y23 _ ~,n7.8Y~ 2,052.749 1 759,975 771.52U 666,710 - 4,785);43 4.541,689 2.292,549 2,095.850 3 12('.545 3,068,737 792.118 681,119 6.593,440 6,135,376 960,000 220,000 - 1.lli,6l} _.l11.4 97 lL493J77 19.302,953 _J.2,8117 454) j,965.05,5} 3 999,297 2,562,780 lL299297j .-l2,562,780) -.--.- (2,807,454) \965,(55) ___ 1'!,378,886 _ lS,343z+ 1 $ Il.571,4~2 $ 1~37~6 -..--- CITY OF W!1EAT RIDGE. COLORADO COMBINED STATEMENT OF REVENUES EXPENDITURES AND E.l'iCUMBRANCES BUDGEl AND ACTUAL ALL OOVERNMENT AL FUND TYPES Year Ended December 3 I, 1997 TOTAL REVENUES GENERAL V ARIANCE- FA VORAB\'~ BUDGET - ACTUAL lUNtA VURABLI' 1 - ---- ----- - $ 8,406,050 $ 8,336,235 $ Im.8l51 518.750 521,110 2,360 1,547 602 1,653,1 57 105.555 51\,425 512,237 812 512,000 54 1 ,466 294(,(, 175,OOU 145,1 5') 1298411 ~-- 9.8-200U 83,374 ll462hl ~1<768,827 -- lL792I3S __23~911 RLVENUES Taxes L,censes and Penmts Intergovernmental Charges lelr ServIces hnes and ForfeItures "'pcCIal Assessments Intel est t lther EXPENDITURES !\ND ENCUMBRANCES Current Llene-ral C,ovcmmenl I'laruung and Development PolIce Pubhc Works Parks and RecreatIOn Ulher Capllal Oulla\' Debt ServIce Pnnelpal Interest and hscal Charges 2,127,126 1.987.547 139.579 484 848 467,186 17 662 4,963,770 4,775,499 188.271 2,424,698 2.292.005 132,6\), 2,088,687 2.038827 498611 684.535 610,589 73 946 40.567 45 om (44401 TOTAl (HHER FIN!\NC]NG SOURCES (USES) "--- - - J2-,SH,23 I __ 12.2 I G,6()(1 -- 597_571 ( I ,042,194,) _~ ~3.92:!l 62 L482 1,524,650 1,524 650 ( 1.374,125) __J)~0,325) 993.800 150.525 _-1144,325 - 922,800 ~ (894JU92 _ _7~Q,403 $ L615~282 TOTAl. EXPENDITURES AND ENCUMBRANCES LXCESS m REVLNUES OVER {I INDER 1 EXPEND1TURES AND ENCUMBRANCES OTHER FINANCIN(i SOURCES (USES) Uperatmg Transfers In Uperatmg. Transfers Out EXCESS 01. REVENUES AND OTHER SOURCES OVER (1JNDER) EXPENDlTI TRIoS. ENCUMBRANCES AND OTHER USES $ ADJI TSTMENTS TO (jAAP BASIS l',I1cumbrancl:s Pnor Year Current Year TOTAL ADJUSTMENTS (84,42]) 15,887 t68,5341 EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES, ENCUMBRANCES AND OTHER USES IGAAPBASISI $_65186-'L The accompanymg notes arc an mtegral part of the fmancml statements 4 SPECIAL REVENUE DEBT SERVICE CAPITAL PROJECTS V ARIANCE- V ARIANCE- V ARlANCE- FAVORABLE FAVORABLE FAVORABLE BUDGET ACTUAL (UNFAVORABLE) BUDGET ACTUAL (UNFAVORABLE) BUDGET ACTUAL (UNFAVORABLE) $ 299,204 $ 308,996 $ 9,792 $ $ $ $ 3,920,000 $ 4,193,749 $ 273,749 1,754,650 1,183,007 (571,643) 58,000 47,397 (10,603) 17,488 17,488 37,280 139,037 101,757 30,910 50,104 19,194 1,268,115 812,688 (455,427) 62,040 102,548 40,508 -- 15,000 38,171 23.171 2,211,174 1,780,985 (430,189) -~ 67,592 36.682 ~,203,115 5,044,608 (158,507) 80,630 42,757 37,873 193,460 245.328 (51,868) 25,000 9,350 15,650 1,920,755 1,398,671 522,084 70,000 69,608 392 120,000 104,842 15,158 2,339,710 1,687,401 652,309 6,088,154 4,913,131 1,175,023 960,000 960,000 ,97,325 118,613 ~_~,lll, -----~ 4,559,555 3,383,507 1,176,048 1,327,325 ---1J 48,221 179,104 6,208,154 5,017,973 ~J!L (2,348,381) (1,602,522) 745,859 (1,296,415) (1,080,629) 215,786 ~5,039) 26,635 1,031,674 2,391,422 1,397,622 (993,800) 1,077,025 1,077,025 (924,528) (924,528) (26,910) (26,910) -- (2,075,1l5) (2,667,534) (592,419) I ,466 894 473 094 (993 800) 1,050,115 1,050115 (2,075,115) (2.667,534) (592,419) $ (881 487) (1,129,428)$ (247941) $ 1246 300) (30,514) $ 215786 $ (1 080 154) (2,640,899) $ 439255 (329,840) (1,375,695) 628,467 1,418586 298,627 -- 42,891 $ (&1080n $ (30514) $ 12 598 008) CITY OF WHEAT RIDGE, COLORADO COMBINED STATEMENT OF REVENUEs'EXPENSES AND CHANGES IN RETAINED EARNINGS/FUND BALANCI: PROPRIETARY AND PENSION TRUST FUNDS Year Ended December 31, 1997 PROPRIETARY FIDUCIARY FUND TYPI: FUND TYPE TUTALS INTERNAL POLlCE IMEMORAN[)U~ ONI Y I SERVICE PENSION ]997 1'!'!6 ---- UPERATING REVENUES Insurance Reimbursements $ 216,988 $ $ 216,988 $ 2216'!1 Employer ContributlOns 267,383 267,383 253.467 Employee ContributlOns 309 ,804 309)W4 289.20X TUTAI (JPERATING REVENUE~ ___ll6.9~8 577,IX7 794,175 /().f 1()() OPERA TlNG EXPENSES lnsurance PremIums 69,819 W.XI9 Insurance Clanns 151,662 151.662 28(i.4X I Benelit Pavments 398.50] 398.501 456.72X AdmmlstralIve Charges --- 48.789 48,789 3U.39X TOTAL OPERATING I:XPENSES 221.48 I 447,290 b68.7}.l 773~b()7 UPJ:RATlNG INCOMl:-, (LOSS) _j4.493) 129.897 125L404 (9,241) NON-UPERATING REVENUES (EXPENSES) Interest 21,186 1,205.895 1.227.08 I 71,1 I'!I Investment Income 675,223 ()75,223 428.17'1 TOTAL NON-OPERATING REVENUES (EXPENSES) 11.186 1,881,118 1,90V()4_ [,189)64 NI-:T INCOME [6,693 2,011,0[5 2.027 .708 [ IXU 123 RETAINED I:ARNINGSIFUND BALANCE, BEGINNING 195,507 8,579.135 8,7 74,,ti4,2 L594_5~ RETAINED EARNINGS/FUND BALANCl::, ENDING $ 212 200 $ _-.lI,L590 150. $ 10 802 350 $ 8,771J>.42 The accompanymg notes are an mtegra1 part of the fmanclal statements, 5 CITY OF WHEAT RIDGE, COLORADO ST A TEMENT OF CASH FLOWS LNTERNAL SERVICE FUND Year Ended December 3 ], ] 997 Increase (Decrease) m Cash and Cash EqUlvalents Cash Flows from Opcratmg ActivitIes Cash RcceIved from Other Funds Cash Paid to SupplIers Nct Cash Provldcd (Used) by Operatmg ActivItIes lash Flo\\s horn Invcstmg AclivIlies Intcrcst Rccclvcd Net Lash Provided bv Investmg Actlvllies NET INCREASE (DECREASE) IN CASH AND CASH EQUlV ALENTS C^SI I i\ND C^SH EQUIVALENTS, BEGINNING l^SH AND CASH I:cQU]V ALENTS, ENDING RECONCILIATION OF OPERATING LOSS TO NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES Operatmg Loss ^djustments to Rcconcile Operatmg Loss to Net Cash ProVided (Used) hy Operatmg ActIVItIes Changes m ^ssets and LlabihtIes ^ccounts Payable Claims Payable Nct Cash Provldcd (Used) hy Operatmg Aclivllies 1997 19CJti $ 216,988 $ 22I.A')] _ ~"589J 172.59')) (2I6,WD I49} 1')2 21.]86 21J()5 ~86 21 iUS (l,)5415) 170,9'7 . _._~~O9~53] 33')J ,4 $ 314 116 $ 50'),5, I $ (4,493) $ (047,)0) (3910K) ( In,OOO) 213)\82 $__l2..lQ,60IJ $ .H.'2Jll):; 6 The accompanymg notes are an integral part of the fmancIal statements. CITY OF WHEAT RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS December 31, 1997 NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The City of Wheat fudge, Colorado was mcorporated m August, 1969, and became a home rule City m 1976 as defined by Colorado ReVised Statutes The CIty IS governed by a Mayor and eight-member Council elected by the residents The accountmg polIcies of the City of Wheat RIdge, Colorado (the City) conform to generally accepted accountmg pnnclples as applIcable to governments, The followmg IS a summary of the more slgmficant poliCies REPORTING ENTITY In accordance with Governmental Accountmg Standards, the City has conSIdered the possibilIty of mcluslOn of additional entities m ItS general purpose fmanclal statements The defimtlOn of the reportmg entIty IS based pnmarily on finanCIal accountabilIty The City IS financially accountable for orgamzations that make up ItS legal entity It IS also finanCIally accountable for legally separate orgaruzat!Ons If CIty offiCials appomt a votmg maJonty of the orgaruzat!On's goverrung body and eIther It IS able to Impose ItS will on that orgaruzatlon or there is a potential for the orgaruzatlOn to prOVide speCific finanCIal benefits to, or to Impose specific finanCial burdens on, the City The CIty may also be finanCially accountable for governmental orgaruzatlOns that are fiscally dependent upon It Based on the application of thiS critena, the City mcludes the Wheat RIdge EconomIc and ReVitalization CommiSSion (ED ARC) wlthm its reportmg entity EDARC was created to redevelop or rehabilItate certam blighted area of the City The EDARC Board of Comrruss!Oners are appomted by the City Mayor and CounciL Council approval IS reqUired for EDARC's budget The finanCIal mformat!On of ED ARC IS blended mto the City's finanCIal statements as a speCial revenue fund. FUNDS AND ACCOUNT GROUPS The accounts of the City are organIzed on the baSIS of funds and account groups, each of whIch IS conSIdered a separate accountmg entIty The operations of each fund are accounted for With a separate set of self-balancmg accounts that compnse ItS assets, Itabihties, fund eqUity, revenues, and expenditures, or expenses, as appropnate Government resources are allocated to, and accounted for m mdivldual funds, based upon the purposes for whtch they are to be spent and the means by which spending actiVitIes are controlled. The vanous funds are grouped m the finanCIal statements m thiS report, mto fund types and broad fund categones as follows 7 CITY OF WHEAT RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS December 31, 1997 NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Contmued) FUNDS AND ACCOUNT GROUPS (Contmued) GOVERNMENTAL FUNDS All governmental funds are accounted for on a spending or "financial flow" measurement focus, Tills means that only current assets and current liabilities are generally Included on the balance sheet. Their reported fund balance (net current assets) IS considered a measure of "avaIlable spendable resources" Governmental fund operating statements present Increases (revenue and other financing sources) and decreases (expenditures and other financing uses) In net current assets, Accordingly, they are SaId to present a summary of sources and uses of "available spendable resources" dunng a penod. General Fund -- The General Fund IS the general operatmg fund of the City It IS used to account for all financial resources except those reqUIred to be accounted for m another fund, Special Revenue Funds -- Special Revenue Funds are used to account for the collectIOn and disbursement of specific revenue sources, Debt Service Funds -- Debt Service Funds are used to account for the accumulation of resources for, and the payment of, long-term obhgatlOn pnnclpal, Interest, and related costs, Capital Projects Funds -- Capital Projects Funds are used to account for the acqUIsItIOn or constructIon of property and facihties, PROPRIETARY FUND 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 FIDUCIARY FUNDS Trust and Agency Funds -- Trust and Agency Funds are used to account for assets held by the City in a trustee capacity or as an agent for indIViduals, pnvate orgaruzatlOns, other governments, and/or other funds 8 NOTE 1: CITY OF WHEAT RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS December 3 1, 1997 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) FUNDS AND ACCOUNT GROUPS (ContInued) ACCOUNT GROUPS General Fixed Asset Account Group -- Fixed assets used In governmental fund type operatIOns (general fixed assets) are accounted for m the General Fixed Asset Account Group, rather than In the governmental funds, No deprecIatIon has been provIded on general fixed assets General Long-Term Debt Account Group -- Long-term liabilitIes expected to be financed from governmental funds are accounted for In the General Long-Term Debt Account Group, not In the governmental funds The account groups are not "funds" They are concerned only wIth the measurement of finanCIal posItIOn, They are not mvolved wIth measurement of results of operatIOns, BASIS OF ACCOUNTING The accounting and finanCial reportmg treatment applied to a fund IS determIned by Its measurement focus, All governmental funds are accounted for USIng a current finanCIal resources measurement focus With thIS measurement focus, only current assets and current liabilitIes generally are mcluded on the balance sheet. Operatmg statements of these funds present Increases (i,e , revenues and other financing sources) and decreases (1.e , expendItures and other financIng uses) in net current assets The propnetary fund and pensIOn trust fund are accounted for on a flow of economIc resources measurement focus With thIS measurement focus, all assets and all liabilities aSSOCIated WIth the operatIOn of these funds are mcluded on the balance sheet. Fund eqUIty for the propnetary fund (i,e, net total assets) IS segregated mto contributed capItal and retained earnings components Propnetary fund type operatmg statements present Increases (e g., revenues) and decreases (e,g" expenses) In net total assets The accountmg and reportmg treatment applied to the tixed assets and long-term liabilItIes assocIated WIth a fund are determmed by ItS measurement focus The modified accrual baSIS of accountmg IS used by all governmental funds and the agency fund Under the modIfied accrual baSIS of accountmg, revenues are recognized when susceptible to accrual (i,e" when they become both measurable and available) "Measurable" means the amount of the transactIOn can be determmed and "avaIlable" means collectible within the current penod or soon enough thereafter to be used to pay the liabilities of the current penod. Expenditures are generally recogruzed when the related fund liabilIty IS Incurred. 9 CITY OF WHEAT RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS December 31, 1997 NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) BASIS OF ACCOUNTING (Contmued) Those revenues susceptible to accrual are sales taxes, property taxes, franchise taxes, mterest, and grants. Fines and permit revenues are not susceptible to accrual as they generally are not measurable until received in cash. The accrual basis of accountmg is used by all proprietary and penSiOn trust fund types. Under this method, revenues are recogmzed when earned and expenses are recogmzed at the time liabilitIes are incurred. For Its proprietary fund type, the CIty has elected not to apply Financial Accountmg Standards Board (F ASB) statements and interpretatiOns issued after November 30, 1989 Agency Funds are custodial in nature and do not mvolve measurement of the results of operatiOns. Deferred revenues arise when a potential revenue does not meet both the "measurable" and "available" cnteria for recognition in the current period. Deferred revenues also arise when resources are received by the City before it has a legal claim to them, as when grant momes are received prior to the incurrence of qualifying expenditures. In subsequent pen ods, when both revenue recognition criteria are met, or when the City has a legal claim to the resources, the lIability for deferred revenue is removed from the balance sheet and revenue is recognized. BUDGETS The City follows these procedures in establishmg the budgetary data reflected m the financial statements: o In September, the City AdmimstratIOn submits to the City Council a proposed operating budget for the fiscal year commencing the following January 1. The operatmg budget includes proposed expenditures and the means of financing them. o Public hearings are conducted to obtain taxpayer comments. o Prior to December 31, the budget is legally enacted through passage of an ordinance. 10 CITY OF WHEAT RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS December 31, 1997 NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) BUDGETS (ContInued) o Any budget revisions that alter the total expenditures of any fund must be approved by the City Council. o Budgets are legally adopted for all funds of the CIty except the Trust and Agency Funds Budgets for the General, Special Revenue, Capital Projects and Internal Service Funds are adopted on a non-GAAP basIs USIng the encumbrance method Budgetary compansons presented for the Debt Service Funds are presented on a basis consistent with generally accepted accountIng pnnclples (GAAP) o Budgeted amounts In the financial statements are as ongInally adopted or as amended by the City Council. All appropnatlOns lapse at year end Colorado governments may not legally exceed budgeted appropnatlons by fund, CASH AND INVESTMENTS Cash eqUIvalents Include Investments with onginal maturitIes of three months or less, Investments in the PensIOn Trust and Agency Funds are recorded at market value All other Investments are recorded at cost. INTERFUND RECEIV ABLESIPA YABLES Dunng the course of operations, numerous transactIOns occur between mdivldual funds, The resultIng receivables and payables are classIfied on the balance sheet as "due from other funds" and "due to other funds" because they are short-term In nature Noncurrent portIOns oflong-term Interfund loan receivables are reported as advances and are offset equally by a fund balance reserve account which Indicates that they do not constitute expendable available financial resources and therefore are not available for appropnatIon FIXED ASSETS Property and eqUIpment acqUIsitions made by the governmental funds are accounted for as expenditures of the fund, and are then capitalized In the general fixed assets account group All purchased property and eqUIpment are valued at cost, while donated assets are valued at their estimated fair market value as of the date received as a donatIOn The City capitalizes all assets valued at $500 or greater With a hfe In excess of one year 11 CITY OF WHEAT RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS December 3 1, 1997 NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Contmued) FIXED ASSETS (Contmued) Public domain ("infrastructure") general fixed assets conslstmg of roads, bndges, curbs and gutters, streets and sidewalks, dramage systems and lightmg systems are not capitalized, as these assets are Immovable and of value only to the City No depreciatIOn IS provided on the general fixed assets COMPENSATED ABSENCES Employees of the City are allowed to accumulate unused vacatIOn and Sick time up to a maximum based on years of service Upon termmatlOn of employment from the City, an employee will be compensated for all accrued vacatIOn time at their current pay rate Employees hired pnor to February 12, 1990 will be compensated for accrued Sick time exceeding 60 days at one-half their current rate of pay Accumulated unpaid vacation and Sick pay is accrued when earned, Amounts expected to be pmd With expendable financial resources are recorded as a liability of the Compensated Absences Debt Service Fund. Accumulated pay not expected to be paid from available resources is reported m the General Long-Term Debt Account Group LONG- TERM OBLIGA TIONS Long-term debt IS recogmzed as a liability of a governmental fund when due, or when resources have been accumulated m the debt service fund for payment early m the followmg year For other long-term obligatIOns, only that portIOn expected to be financed from expendable finanCial resources IS reported as a fund liability of a governmental fund The remmnmg portion of such obligatIOns IS reported m the General Long-Term Debt Account Group Long-term liabilities expected to be financed from propnetary fund operations are accounted for m that fund, FUND EQUITY Reserves represent those portions offund eqUity not appropnable for expenditure or legally segregated for a specific future use, DeSignated fund balances represent tentative plans for future use of finanCial resources, 12 CITY OF WHEAT RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS December 31, 1997 NOTE 1: SUMMARY OF .SIGNIFICANT ACCOUNTING POLICIES (ContInued) PROPERTY TAXES Property taxes are leVIed on November I and attach as an enforceable hen on property on January I Taxes are payable in full on April 30 or in two installments on February 28 and June 15 The County Treasurer's office collects property taxes and rerruts to the City on a montWy basis. Slllce property tax revenues are collected in arrears dunng the succeeding year, a receIVable and corresponding deferred revenue are recorded at December 3 I As the tax IS collected III the succeeding year, the deferred revenue IS recogmzed as revenue and the receIvable IS reduced, CONTRABAND FORFEITURES The Colorado Contraband Forfeiture Act allows law enforcement agencies to retalll proceeds from the seizure of contraband, These proceeds are not subject to appropnatlOn in the budget process. COMPARATIVE DATA Comparative total data for the pnor year has been presented In the accompanYIng financial statements III order to prOVide an understanding of changes In the City's finanCial pOSitIOn and operatIOns. However, comparative (i,e" presentation of pnor year totals by fund type) data has not been presented III each of the statements SInce their InclUSIOn would make the statements unduly complex and difficult to read, TOTAL COLUMNS ON COMBINED STATEMENTS - OVERVIEW Total columns on the CombIned Statements - Overview are captioned "Memorandum Only" to indicate that they are presented only to facilitate financial analysis, Data III these columns do not present financial position, results of operations, or cash flows in conformity With generally accepted accounting principles, Neither IS such data comparable to a consolidation, Interfund elIminations have not been made III the aggregatIOn of thiS data, 13 CITY OF WHEAT RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS December 31, 1997 NOTE 2: DEPOSITS AND INVESTMENTS A summary of deposits and mvestments as of December 31, 1997 follows Petty Cash Cash Deposits Investments $ 1,670 1,898,633 1 8 123 300 $ 20,023.603 The above amounts are classified m the combined balance sheets as follows Cash and Investments Restncted Cash and Investments $ 19,701,621 321 982 $ 20,023,603 Cash Deposits The Colorado Public Deposit ProtectIOn Act, (PDP A) reqUires that all umts of local government deposIt cash m eligible public depositones ElIgibilIty IS determmed by state regulations, Amounts on deposit in excess offederal insurance levels must be collateralIzed by elIgible collateral as determmed by the PDP A. The finanCial mstltutlOn IS allowed to create a smgle collateral pool for all public funds held, The pool IS to be mamtamed by another instItutIOn, or held m trust for all the uninsured publIc deposits as a group The market value of the collateral must be at least equal to 102% of the unmsured depOSits DepOSits are categonzed to give an mdicatlon ofnsk assumed by the government at the end of the year Category 1 mcludes deposits that are insured, Category 2 mcludes collateralized deposits with securities held by the pledgmg institutIOn's trust department or agent III the City's name, and Category 3 includes uncollateralIzed, unmsured depOSits At December 31, 1997, the City's cash deposits had a carrying amount of $1,898,633, and a corresponding bank balance as follows Insured (Category 1) Deposits Collateralized in Smgle InstItution Pools (Category 2) $ 372,258 1819918 Total Cash Deposits $ 2.192.176 14 NOTE 2: CITY OF WHEAT RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS December 3 I, 1997 DEPOSITS AND INVESTMENTS (Contmued) Investments Colorado statutes specIfy wluch Instruments units of local government may Invest, whIch Include o ObligatIOns of the United States and certain U S government agency's secuntles o Certain internatlonal agency secuntIeS o General obligatIOn and revenue bonds ofU S local government entItIes o Bankers' acceptances of certain banks o Commercial paper o Local government Investment pools o Wntten repurchase agreements collateralized by certain authonzed secuntles o Certain money market funds o Guaranteed Investment contracts The City's mvestments are categonzed below to gIve an indIcatIOn of the level of secunty assumed at year end, Category 1 -- Investments that are msured or registered or for whIch the secuntles are held by the City or Its agent In the City's name Category 2 -- Unmsured and unregistered Investments for whIch the secuntIeS are held by the counterparty's trust department or agent m the City's name Category 3 -- Urunsured and unregistered mvestments for whIch the secuntles are held by the counterparty's trust department or by Its agent, but not In the City's name Total Carrying Balance (Category 1 ) Market Value U S Treasury SecuritIes $ 2 405 823 $ 3 486 409 15 CITY OF WHEAT RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS December 31, 1997 NOTE 2: DEPOSITS AND INVESTMENTS (ContInued) Investments (ContInued) At December 31, 1997, the City had Invested $1,033,145 and $4,094,182, respectively, In the Colorado Government LiqUid Asset Trust (Colotrust), and the Colorado Surplus Asset Fund Trust (CSAFE), Investment velucles established for local government entItles m Colorado to pool surplus funds The Trusts operate Similarly to a money market fund and each share IS equal III value to $1 00 Investments of the Trusts mclude U S Treasury bills, notes and note stnps, and repurchase agreements collateralized by U S Treasury seCUrItIes A deSIgnated custodial bank proVIdes safekeepmg and depOSItory servIces to the Trusts m connectIOn WIth the direct mvestment and WIthdrawal functIOns of the Trusts Substantially all secuntles owned by the Trusts are held by the Federal Reserve Bank m the account mamtamed for the custodial banle The custodian's mternal records IdentIfy the Investments owned by the Trusts, At December 31,1997, the CIty's pensIOn plan assets were mvested In vanous mutual funds The carryIng and market values of these funds were $10,590,150 These mvestments are not categonzed smce the underlymg secuntles cannot be deternuned Restricted Cash and Investments Cash and mvestments of$321,982 have been restncted III the Incremental Sales Tax Bond Debt ServIce Fund for future debt servIce of the 1993 Sales Tax Revenue Refundmg Bonds NOTE 3: FIXED ASSETS A summary of changes In the General Fixed Assets Account Group IS as follows Balance Balance I II /97 AddItions DeletIOns 12/31/97 Land $ 4,243,711 $ 1,024,444 $ $ 5,268,1 55 BuildIngs 4,851,924 4,85 1,924 Streets and Improvements 9,116,150 91,113 84,812 9,122,45 I EqUipment 5143312 1,287639 449 509 5981442 Total General Fixed Assets $ 23.355,097 $ 2.403.196 $ 534.321 $ 25.223,972 16 CITY OF WHEAT RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS December 3 1, 1997 NOTE 4: LONG-TERM DEBT General Long-Term Debt Account Group Followmg is a summary of General Long-Term Debt Account Group transactions for the year ended December 31, 1997 Balance Balance 1/1/97 AdditIOns Payments 12/31197 Revenue Bonds $ 2,985,000 $ $ 960,000 $2,025,000 Capital Lease 37,342 9,876 27,466 Compensated Absences 481,497 5,357 486,854 Developer Agreement 175000 17500 157 500 Total $ 3.678.839 $ 5,357 $ 987.376 $2.696,820 Revenue Bonds The City Issued $3,210,000 Sales Tax Revenue Refunding Bonds, Senes 1993, to refund the City's 1988 Sales Tax Revenue Bonds, which funded certam street Improvements Pnncipal payments are due annually on December 1, and mterest payments are due seml- annually on June I and December 1, through 1999 Interest accrues at rates rangmg from 2 45% to 4 1 % per annum, Annual debt servlce reqUirements for the bonds are as follows Year Ended December 31, PrinCipal Interest Total 1998 $ 1,000,000 $ 81,025 $ 1,081,025 1999 1,025000 42 025 1 067,025 Total Debt Service ReqUirements $ 2.025.000 $ 123.050 $ 2,148.050 Capital Leases The City entered into vanous lease purchase agreements to purchase office copiers Monthly payments of pnncipal and mterest accruing at rates rangmg from 6 5% to 9%, are payable through 2000 The outstanding balances of the leases are recorded in the General Long-Term Debt Account Group Future nurnmum lease payments are as follows 17 CITY OF WHEAT RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS December 3 1, 1997 NOTE 4: LONG-TERM DEBT (Continued) Capital Leases (Continued) Year Ended December 31 1998 1999 2000 $ 12,132 11,457 8,656 Total Mimmum Lease Payments 32,245 Less Interest (4779) Present Value of Future Mimmum Lease Payments $ 27.466 Developer Agreement On JanuaIY 13, 1997, the Wheat RIdge Economic and RevitalizatIOn Commission agreed to compensate the Wheat RIdge Marketplace for certain costs Incurred In the development of the project The full amount of the agreement, $175,000, IS due and payable wIthin 10 years No Interest accrues on the obligatIOn. NOTE 5: RISK MANAGEMENT The City IS exposed to vanous nsks of loss related to torts; theft of, damage to, and destructIOn of assets; errors and omiSSions, Injuries to employees, and natural disasters The City has agreed to self-Insure claims for general liability, automobile liability, law enforcement liability, and public offiCials error and omiSSions liability to a maximum of $150,000 per occurrence, Self-insurance activities are accounted for In the Internal ServIce Fund, Changes In claims payable were as follows ClaIms Payable, January I Incurred but Unreported Claims and Adjustments Claims PaId Claims Payable, December 31 1997 $ 273,000 151,662 (324 662) $ 100.000 1996 $ 100,000 286,481 (I 13 48 I ) $ 273.000 For excess liability, property and workers compensatIon claims, the City IS Involved WIth the Colorado Intergovernmental RIsk Sharing Agency (CIRSA), a separate and Independent governmental and legal entIty formed by Intergovernmental agreement by member mUlliclpalitles pursuant to the provIsion of24-10-115 5, Colorado RevIsed Statutes (1982 Replacement Volume) and Colorado ConstItution, Article XIV, SectIon 18(2) 18 CITY OF WHEAT RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS December 31, 1997 NOTE 5: RISK MANAGEMENT (ContInued) The purposes of ClRSA are to provide members defined liability, property, and workers compensation coverages and to assist members to prevent and reduce losses and mJunes to mUniCIpal property and to persons or property which nught result In claims beIng made agaInst members of ClRSA, their employees and officers, It IS the Intent of the members of ClRSA to create an entity In perpetUIty which will admmlster and use funds contributed by the members to defend and mdemnlfy, m accordance with the bylaws, any member of CIRSA agamst stated liability of loss, to the limit of the financial resources of CIRSA It IS also the mtent of the members to have CIRSA provide contmuIng stability and availability of needed coverages at reasonable costs All mcome and assets of ClRSA shall be at all times dedicated to the exclUSive benefit of ItS members CIRSA IS a separate legal entity and the City does not approve budgets nor does It have ability to Significantly affect the operations of the Unit. The City carnes commercial Insurance for other nsks of loss, Includmg employee health Insurance NOTE 6: RETIREMENT COMMITMENTS Police Purchase Pension Plan The City contributes to a smgle employer defined contribution money purchase pension plan on behalf of sworn police officers, totaling 62 particIpants at December 31, 1997 Employees are reqUIred to contribute 10% of their compensatIon to the Plan, and the City contributes 10% The contribution reqUIrements of Plan members and the CIty are established and may be amended by the City CounciL Employees may also make voluntary contributions to the Plan but may not contribute In excess of 15% of their compensation to the Plan, Employees become vested m City contributions to the Plan at 40% after 4 years of servIce, 45% after 5 years, 50% after 6 years, and an additIOnal 10% each year thereafter All of the Plan mvestments at December 31, 1997, of$l 0,590,150 are managed by Norwest Investment ServIces, Inc, The Plan IS included in the financial statements as a Pension Trust Fund 19 CITY OF WHEAT RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS December 3 I, 1997 NOTE 6: RETIREMENT COMMITMENTS (Continued) Department Head Pension Plan City department heads participate In a multiple-employer defined contributIOn pensIOn plan after one year of employment. Department heads are reqUired to contribute 4% of theIr compensatIOn to the Plan and the City contributes 5% The contributIOn reqUirements of Plan members and the City are established and may be amended by the City Council Employees become vested in all contributions to the Plan immediately All ofthe Plan Investments are managed by The International City Managers' ASSOCiatIOn (lCMA) Employee Pension Plan The City contributes to a multIple-employer defined contributIOn pension plan on behalf of all employees, except polIce officers and department heads, after one year of employment. The Plan had 112 participants at December 31, 1997 Employees are reqUired to contribute 4% of their compensation to the Plan, and the City contributes 4% The contributIon reqUIrements of Plan members and the City are established and may be amended by the CIty CounciL Employees become vested In City contributIOns to the Plan at 20% annually All of the Plan Investments are managed by The Colorado County Officials and Employees Retirement ASSOCiatIOn (CCOERA) NOTE 7: EXPENDITURES IN EXCESS OF BUDGETED AMOUNTS AND NEGA TIVE FUND BALANCE For the year ended December 31, 1997, the Wheat Ridge Town Center SpeCial Revenue Fund actual expenditures exceeded the amounts budgeted by $57,868 The Recreation Center Special Revenue Fund had a negative fund balance of$342,578 at December 31, 1997 This IS expected to reverse as amounts are accumulated to construct a new recreatIOn center 20 CITY OF WHEAT RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS December 31, 1997 NOTE 8: COMMITMENTS AND CONTINGENCIES Tabor Amendment -- Colorado voters passed an amendment to the State ConstItution, ArtIcle X, Section 20, wluch has several hmitations, includmg revenue raIsing, spendlllg abilitIes, and other specIfIC requirements of state and local governments The Amendment requITes, WIth certain exceptIOns, advance voter approval for any new tax, tax rate Illcrease, mill levy above that for the pnor year, extensIOn of an expIring tax, or tax pohcy change directly causIng a net tax revenue gain to the City Revenue in excess of the fiscal year spending limit must be refunded In the next fiscal year unless voters approve retentIOn of such revenue The City's management believes It IS III compliance WIth the provIsIons of the Amendment. However, the Amendment IS complex and subject to InterpretatIOn, Many of ItS proVISIons may reqUIre JudiCIal Illterpretatlon. The City has established an emergency reserve, representIng 3% of quahfYing expendItures, as reqUIred by the Amendment. At December 31, 1997, the emergency reserve of$524,000 was recorded In the General Fund, LitIgatIon -- The City is involved In vanous laWSUIts, The outcome of thIs htlgatlOn cannot be detemuned at thIs time, COImmtments -- EDARC has entered mto an agreement WIth Wheat Ridge Marketplace, to pay to the developer Incremental property tax revenue denved from the property through December 31, 2006, not exceeding $750,000 Dunng 1997, the City paid or accrued for payment $164,559 under thIS agreement. 21 COMBINING, INDIVIDUAL FUND AND ACCOUNT GROUP STATEMENTS AND SCHEDULES SPECIAL REVENUE FUNDS Special Revenue Funds account for the proceeds of specific revenue sources that are legally restncted to expenditures for specific purposes, the City has 15 special revenue funds Open Space Fund - the CIty, along with Jefferson County and adjacent Colorado mumclpalltIes, have agreed to Jomtly 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 Building Fund - accounts for 1/2 cent sales tax collected for the constructIOn of the police department building additIOn, Police Investigation Fund - accounts for assets seized by the City's Pollce 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/Teen Center Fund - accounts for contributions and related expenditures made to the Wheat RIdge Commumty 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 RichardsIHart Improvement Fund - expenditures In thiS fund will be used to upgrade and Improve Richards/Hart Estate Parks and Recreation Damage Deposit Fund - momes 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 Conservation Trust Fund - accounts for funds received and restncted 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, Recreation Center Fund - accounts for 1/2 cent sales tax collected for the constructIOn of the recreation center CITY OF WHEAT RIDGE, COLORADO SPECIAL REVENUE FUNDS COMBINING BALANCE SHEET Decembcr 31, 1997 OPEN POLICE POLICe PARK SP ACE BUILDING INVESTIGATION AC(21JISITION -_.._~ ASSETS Cash and Investments $ 37,512 $ 845,131 $ 72,558 $ 61,633 ReceIvables PropertY Taxes Intcrgc)"cmmentaI 1 ,520,096 ( Jther 3.917 Due from Other runds 110 TOTAL ASSETS $ t;;57 :608 $ 8490048 $ }2668 $ _2L(;}3 LIABILITIES AND FUND EQUITY LIABILITIES Accounts Pavablc $ $ $ $ Accrued Expenses 22,095 Due to Othcr Funds 593,608 Advances from Other Funds De1'crred Revenue ~-- TOTAl,IJABLLITIES 615,703 FUND EQUITY Fund Balances Rcserved for encumbrances 56,801 182,026 26,632 Unreserved 885,104 667,022 72,668 ~__J2,OU 1 TOTAL FUND EQUITY 941,905 849,048 72,668 61.~1l TOTAL L1ABLLITIES AND FUND EQUITY $ I 557 ,608 $ 849048 $ 72.668 $ 61.633 See the accompanymg Independent Auditors' Report. 22 CITY OF WHEAT RIDGE, COLORADO ALL SPECIAL REVENUE FUNDS COMBINING STATEMENT OF REVENUES. EXPENDITURES AND CHANGES IN FUND BALANCE Year Ended December 31, ] 997 OPEN POLICE POLICE PARK SPACE BUILDING INVESTIGATION ACQUISITION REVENUES Taxes $ $ $ $ Intergovernmental 819,3]6 Charges for Services 375 Interest 46,269 996 2,319 Other 40,006 TOTAL REVENUES 819,3]6 46.269 41,002 2,694 EXPENDITURES Current General Government Planrung and Development Police 9,350 Parks and Recreal10n 830,405 3,722 Capital Outlay 86,I 25 TOTAL EXPENDITURES 830,405 86,I 25 9,350 3,722 EXCESS OF REVENUES OVER (UNDER) EXPENDITURES (11,089) (39,856) 31 ,652 (1,028) OTHER FINANCING SOURCES (USES) Operating Transfers In 50,882 Operatmg Transfers Out (874,650) TOTAL OTHER FINANCING SOURCES (USES) (874,650) 50,882 EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES AND OTHER USES (885,739) (39,856) 31,652 49,854 FUND BALANCE, BEGINNING ] ,827 ,644 888,904 4],0]6 11,779 FUND BALANCE, ENDING $ 94 1,905 $ 849048 $ 72 668 $ 6 1,633 See the accompanying Independent Auditors' Report, 23 I~I ~ >- o >- ~ 8 ~ 8 ~j ~JI ~ ~~0~1 ~I ~ I~ ~ :~~~I ~jl ~ Z 90::: ..,. >-", 'C ~ z :2' u'" :;lu ~I 8 ~I ~f ~I u z o r: <<>- ~ ~:g 0\ B3~ ~ Z 8 u zl '" ~I ~- ~ W I ~ {-: ~l. ~^ ~ ~ f---< ~ Z ~; s::: ~ ~ BI 0' :;; '" 15 w ~I :n ~E=:t.:)t: ~ ~~~2 ~ ~ 0 i'J1 ; >-1 ~. ti~o '" ~ 0' ~ ~ t; '0. :;l>- ~ >-:':i -' 0. ~ oJ I e' i~1 ~ ~~l ~. ~ ~I CJ51 ~ 2; E r--" ~c5 :oaJ '"0 , 00 ~ c ,~ ~ c , '" '" '" N e, ~, 'n 'C N '" N m ~11 I, " ~ m '" 'C m ~ <Iii 00 ~ ~ 7 ~ :J; 7 ~ ~ ~ 7 ~I 811 ~ ~jl " Ii ~ N 'C 'D ~I " II ~ o 00 0 0, 00 ~ ' ;;\ 25 25 ;'!, ~ ~si= e:; ~ 0' ~,":s.~!il.i'\1 ~I .0 N r-,...., 0\ wl 00 N:;;: ~:':, ~1 ~ '" ,.; ~ , n ~ ~ ~ :;:i 00 00 N, ~ ~ c , '" 00 s;' ~ 'i'\1 :;: ~ :;: , 0' , ~ 7 ,.; '" , '" N m- 7 ~I t~1 f !j ~ '" '" 00 m ~ ~ !~I ~j ~ ~ ~ ~~ ~ N <~I "<t ~!j ~ ~I liDli ~ ~ '" m 'C 00 ~ e, m 'C 0'N N8 7 m '" N '" '" ~ ~ b~! ~ ~ ~~1' ~ ~ r-....., 0 0 N ~ r- t~ ~ ~ ~ e, '~ ~I : .... ,~ ~ ~ -;: ;! ~ 7 '~! ~ ~~I II .... 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"' ~ c' = ;::;1 ~~ - =1 00 ~' =1 - , I ~~ I C/O ~ ~ Z 'n ~I ~j ~l = '-0: ~11 00 , ~~ 'j oD ~I z~ oS I '-0' dO , 0"' I I cow 0 "" I CITY OF WHEAT RIDGE, COLORADO OPEN SPACE SCHEDULE OF REVENUES, EXPENDITURES AND ENCUMBRANCES BUDGET AND ACTUAL Year Ended December 3 ], 1997 1997 -----'illDGEI_ A<:;TUAL_ V ARIANCE- FAVORABLE _--199L__ (UNFAVQRABLm _ACTUAL REVENUES Intergovernmental $_ _IA)4,650_ $ _~'L3IQ $ (QJ~l1) $ __---2~2I 0_ TOTAL REVENUES _JA34,650 __~19J.12- -16I5J334) __ 96811 0 EXPENDITURES Current Parks and Recreation 1,043,508 870,728 _ ___172,780 _I,(JJL119 TOTAL EXPENDITURES 1,043,508 870,72~ _ 172,780 ~03],419 EXCESS OF REVENUES OVER (UNDER) EXPENDITURES 391,142 (51,412) _ ~442,554) _~~9) OTHER FINANCING SOURCES (USES) Operating Transfers In Operating Transfers Out (874,650) (874,650) 601,000 (350,000) TOTAL OTHER FINANCING SOURCES (USES) _ _--18]~65Q) (874,650) 251,000 EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES AND OTHER USES $ ____J483 508) _~2.6,062} L--1442.554) _187,791 ADJUSTMENTS TO GAAP BASIS Encumbrances Prior Year Current Year (16,478) 56,801 (2,037) 15,478 TOTAL ADJUSTMENTS _40,323 _)3,441 EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES AND OTHER USES (GAAP BASIS) $ _ J8_85 739) $_~ 2Q1231 See the accompanying Independent Auditors' Report, 24 CITY OF WHEAT RIDGE, COLORADO PQLlCE13JllLDlliQ SCHEDULE OF REVENUES, EXPENDITURES AND ENCUMBRANCES BUDGET AND ACTUAL Year Ended December 31, 1997 TOTAL REVENUES 1997 V ARlANCE- FAVORABLE 1996 BUDGET ACTUAL (UNFAYQRABLE) _ ACTUAL $ $ $ $ 749,180 46,269 _~,269 77,497 __ 4(i,269 - <lQ,2~ __82<s,677 600,000 __ 4L04} __~58~53_ ILO~831 _ 60Q,Q9(L __~l,Q4L _-----.s58, 953 1,019,83t $----1600~Q) 5,222 $ _~ 60;;.222 __(193,154) REVENUES Taxes lnterest EXPENDITURES Capital Outlay TOTAL EXPENDITURES EXCESS OF REVENUES OVER (UNDER) EXPENDITURES ADJUSTMENTS TO GAAP BASIS Encumbrances Prior Year Current Year TOTAL ADJUSTMENTS (227,104) (J ,041,781) ] 82,026 _ ~4,047 ____{45,OL8) (847,734) $ ~39.856) $ ---CLl)40.888) EXCESS OF REVENUES OVER (UNDER) EXPENDITURES (GAAP BASIS) See the accompanying Independent Auditors' Report. 25 CITY OF WHEAT RIDGE, COLORADO POLICEJNVEBTlQAIION SCHEDULE OF REVENUELEXPENDITURES AND ENCUMBRANCES BUDGET AND ACTUAL Year Ended December 31,1997 TOTAL REVENUES 1997 V ARlANCE- FAVORABLE .- 1996 BUDGET -.AC:TUAL (UNF A VORABLID ACTUAL_ $ $ $ $ 13,484 1,000 996 (4) 836 __-.1,()00 40,006 __~006 3,000 41,002 38,002 _ _ ~4,320 REVENUES Intergovernmental Interest Other EXPENDITURES Current Police TOTAL EXPENDITURES __]J.,OO~ 9.,350 1~650 - 12,lQ'1 -- 22Jl00 9,350 Jj,650 12].64 $ (22.000) $ 31,652 $~cJ3,652 $=----12& EXCESS OF REVENUES OVER (UNDER) EXPENDITURES See the accompanying Independent Auditors' Report, 26 CITY OF WHEAT RIDGE, COLORADO PARK ACQUISITION SCHEDULE OF REVENUES, EXPENDITURES AND ENCUMBRANCES BUDGET AND ACTUAL Year Ended December 31, 1997 ---1997 V ARIANCE- FAVORABLE 1996 BUDGET -.--- ACTUAL (UNFAVORABLE) ACTUAL REVENUES Charges for Services $ 3,000 $ 375 $ (2,625) $ 2,325 Interest 660 _1,3~ 1,659 ~6li TOTAL REVENUES 3,660 2,694 (966) _--2,008 EXPENDITURES Current Parks and Recreation - _62,664 30,354 32,310 __ ~ 0,000 TOTAL EXPENDITURES __ ()L66~ 3_00351 - -32J10 --1Q,QOO EXCESS OF REVENUES OVER (UNDER) EXPENDITURES (59,004 ) ~7M0) 31 ,344 (6,991) OTHER FINANCING SOURCES Operating Transfers In _ 5_0,882_ 50,882 TOT AL OTHER FINANCING SOURCES ~882 ~8l!2 ~._-- - - - EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES $ (8122) 23,222 $ 31.344 (6,992) ADJUSTMENTS TO GAAP BASIS Encumbrances Prior Year Current Year 26,63:2 - -"- TOTAL ADJUSTMENTS 26,632 EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES (GAAP BASIS) $ ~49,854 $~~L6.99:D See the accompanying Independent Auditors' Report, 27 CITY OF WHEAT RIDGE, COLORADO BUILDING DEMOLITION SCHEDULE OF REVENUES, EXPENDITURES AND ENCUMBRANCES IillDGET AND ACTUAL Year Ended December 31, 1997 _~ _~__ 1997 ~~GET REVENUES Interest Other $ 400 TOTAL REVENUES 400 EXPENDITURES Current Planning and Development ___6~OOO TOTAL EXPENDITURES ____Q,Oil_O_ EXCESS OF REVENUES OVER (UNDER) EXPENDITURES $ (5,600) V ARIANCE- FAVORABLE (UNF A VORAB1E) ACTUAL -_.~- $ 995 $ 173 ___l,168 595 173 768 -~Q.Q - ---.- ____MOQ $ -LUi8 $ See the accompanying Independent Auditors' Report. 28 6.768 1996 ACTUAL ____u___ $ 803 803 164 164 ~-- $ 639. REVENUES Interest Other TOTAL REVENUES EXPENDITURES Current Parks and Recreation TOTAL EXPENDITURES CITY OF WHEAT RIDGE, COLORADO SENIOR/TEEN CENTER SCHEDULE OF REVENUES. EXPENDITURES AND ENCUMBRANCES BUDGET AND ACTUAL Year Ended December 3 I, 1997 ~9) -- V ARlANCE- FAVORABLE -~~-- ~DgET . _ ACTlJAL_ ill1'JF AVOB,ABLE) _ACTUAL $ 300 $ 272 $ (28) $ 261 _ !hi00 __I 1,090 ~,590 _2,091 _._8,~OO 11,362 2,562 9,352 ~IQ,QOO 8,213 1,787 ~03 10,000 8,213 1,787 __ _ ll, 9(j1. EXCESS OF REVENUES OVER (UNDER) EXPENDITURES $ (1.200) $ 3.149 $ $ (2.55Jj ,,~9 See the accompanying Independent Auditors' Report, 29 CITY OF WHEAT RIDGE, COLORADO MUNICIPAL COURT SCHEDULE OF REVENUES, EXPENDITURES AND ENCUMBRANCES BUDGET AND ACTUAL Year Ended December 31, 1997 1997 --- V ARlANCE- FAVORABLE 1996 BUDGET _6CTU~L illNF A VORAAW ACTUAL REVENUES Charges for Services $ 55,000 $ 47,022 $ (7,978) $ 55,332 Interest ___ 2,00Q __3,607_ _MQL __ 'L)07 -- TOTAL REVENUES ROOO __ 50,629 _ _LQ.,371) 58,039 --.- ---.- EXPENDITURES Current General Government 8Q,630 42,757 37,873 ~~,624 TOTAL EXPENDITURES 80,630 42,757 _ )1~73. -99,624 EXCESS OF REVENUES OVER (UNDER) EXPENDITURES (23,630) 7,872 31,502 ___ (8,585) OTHER FINANCING SOURCES (USES) Operating Transfers In 12,000 12,00~ ---.- -~ TOTAL OTHER FINANCING SOURCES (USES) __ lb.OOO 12,000 -~- EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES $ (I 16.lQ) 19,872 $ __3 I ,50~ ~,585) ADJUSTMENTS TO GAAP BASIS Encwnbrances Prior Year (27,307) Current Year 4,862 27,307 TOTAL ADJUSTMENTS (22,4~ 27,307 EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES (GAAP BASIS) $ (2.573) $ 18.722 See the accompanying Independent Auditors' Report, 30 CITY OF WHEAT RIDGE, COLORADO TREE.PLANTING SCHEDULE OF REVENUES EXPENDITIlRES AND ENCUMBRANCES BUDGET AND ACTUAL Year Ended December 3 1, 1997 TOTAL REVENUES 1997 V ARIANCE- FAVORABLE 1996 BUDGET ACTUAL (UNFAVORABIJ~) ACTUAL $ 20.,0.0.0. $ 10.,250. $ (9,750.) $ 5,0.0.0. 2,0.0.0. 7,0.27 5,0.27 3,245 15,0.0.0. _ 17,439 2,439 16,238 37,0.0.0. 34,716_ (2,2~'!) __ 24,18l REVENUES lntergovenunental Interest Other EXPENDITURES Current Parks and Recreation ~ 16~54l _ 114,118 .~~5~5 __5~~ TOTAL EXPENDITURES 169,543 114,448 55,0.95 54,754 EXCESS OF REVENUES OVER (UNDER) EXPENDITURES ~132,543) ~__llV3n _~,1UL (3o.,27D OTHER FINANCING SOURCES Operating Transfers In _ 43,443_ _ 43,442- . 87,623 TOTAL OTHER FINANCING SOURCES 43,443 43,443 - -- 87,623 EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES $~89.1o.O) ------.--1.36,289 ) L_~!U.L 57,352 ADJUSTMENTS TO GAAP BASIS Encumbrances Prior Year Current Year (28,815) 31,553 28,8Ji. TOTAL ADJUSTMENTS ----1,lJ8 28,815 EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES (GAAP BASIS) $__(~3.,ill) $ 861.67 See the accompanying Independent Auditors' Report, 31 REVENUES Interest Other TOTAL REVENUES EXPENDITURES Current Parks and Recreation TOTAL EXPENDITURES CITY OF WHEAT RIDGE, COLORADO RICHARDSIHART IMPROVEMENT SCHEDULE OF REVENUES, EXPENUUURES aND ENCUMBRh.NCES BUDGEI.AND ACTUAL Year Ended December 31, 1997 1997 V ARIANCE- FAVORABLE ]996 BUDGET ACTUAL (UNFAVORABLE) ACTUAL $ 200 $ 152 $ (48) $ 139 2,640 2,640 2,640 2,840 2,]9L (48) 2,779 _~QOO 2,522 __L8R _un _~478 7,000 2.522 ~78 ~- - 1,824 EXCESS OF REVENUES OVER (UNDER) EXPENDITURES $~J1.l~ $ 270 $ =~ 4.430 $ 955 See the accompanying Independent Auditors' Report, 32 REVENUES Interest Other TOTAL REVENUES EXPENDITURES Current Parks and Recreation TOTAL EXPENDITURES CITY OF WHEAT RIDGE, COLORADO PARKS AND RECREATIQ1'LDAMAGE DEPOSIT SCHEDULE DF REVENUES EXPENDlTURE~ EtlCllMJ3RANCES BllDGET ANDACIUAL Year Ended December 3], 1997 1997 V ARIANCE- FAVORABLE _1996 _ BUDGET ~CTUe..L (UNFAVORABI"f) __ACTUAl- $ 220 $ 363 $ 143 $ 293 15,000 7,650 (7,350) 14,300 ]5,220 8,0]3 (7 ,207) _]4,593 l2J)00 6,383 8,617 - _~55~~ - -..- ]5,000 6~_ 8,6]7 _13,55JL $ 220 $ =J~JL $ ____1,410 $ 1043 - EXCESS OF REVENUES OVER (UNDER) EXPENDITURES See the accompanying Independent Auditors' Report. 33 CITY OF WHEAT RIDGE, COLORADO WHEAT RIDGE TOWN CENTER SCHEDULE OF REVENUES, EXPENDITURES AND ENCUMBRANCES BUDGET AND ACTUAL Year Ended December 3 I, 1997 TOTAL REVENUES 1997 ---- V ARIANCE- FAVORABLE -----199L_ BUDGET ACTUAL (UNF A VQRABLl,J ACTUAL -- $ 299,204 $ 308,996 $ 9,792 $ 181,564 7,500 3,789 (3,7] 1) 1,128 _-----148 _~6,704 312,785 --~ 182,840 REVENUES Taxes Interest Other EXPENDITURES Current Planning and Development TOTAL EXPENDITURES 187,160 245,328 (57,8@ (57,868) 40,166 187,460 245,328 _ 4Q,16~ EXCESS OF REVENUES OVER (UNDER) EXPENDITURES $~=_LI9.244 $ __ 67A5~ $ (51,787) $ 142674 See the accompanying Independent Auditors' Report. 34 CITY OF WHEAT RIDGE, COLORADO EQUIPMENT SCHEDULE OF REVENUES. EXPENDITURES AND ENCUMBRANCES BUDGET AND ACIUAL Year Ended December 31, 1997 ~--- 1997 V ARIANCE- FAVORABLE 1996 ---.- BUDGET ACTUAL QJNF A VORABLE) ACTUAL REVENUES Interest $ 5,000 $ 17,304 $ ]2,304 $ 6,8]4 Other 18,900 __ 22,555 3,655 20,832 TOTAL REVENUES __23,900 ~859 ]5,959 __17,646 - -------. EXPENDITURES Capital Outlay 434,000 395,546 __38,454 _ 323,3n TOTAL EXPENDITURES 434,.000 395,546 38,4~~ 323,372 EXCESS OF REVENUES OVER (UNDER) EXPENDITURES (410,100) -- (355,687) 54,4I:t (295,726) OTHER FINANCING SOURCES Operating Transfers In 325,000 _)75,000 _._-~- 375,000 TOTAL OTHER FINANCING SOURCES 375,000 375,000 ------. ----1}5,000 EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES $ (35 100) $= __ 19.313 $ ~54.413 $ 79,274 See the accompanying Independent Auditors' Report, 35 CITY OF WHEAT RIDGE, COLORADO ffiNSERV A nON TRUST SCHEDULE OF REVENUES, EXPENDITURES AND ENCUMBRAN~ BUDGET AND ACTUAL Year Ended December 3 I, 1997 1997 V ARIANCE- FAVORABLE 1996 BUDGET ACTUAL (UNFAVORABLE) ~ ACTliA1__ REVENUES Intergovernmental $ 300,000 $ 353,44 I $ 53,44 ] $ 302,508 Interest 15,000 31,288 _~~288 _ 22,95~ TOTAL REVENUES - 31 ~,OOO 384J29 _ 69,729 __)25,462 -- EXPENDITURES Current Parks and Recreation __~3,040 366,On 247,01'( ---1@Jl93 TOTAL EXPENDITURES 613,040 _~023 247,017 160,893 EXCESS OF REVENUES OVER (UNDER) EXPENDITURES ~298,040) 18,706 3]6,746 164,569 OTHER FINANCING SOURCES (USES) Operating Transfers Out ~(49,87~ (49,878) TOTAL OTHER FINANCING SOURCES (USES) (49,878) _J,49,878) EXCESS OF REVENUES OVER (UNDER) EXPENDITURES AND OTHER USES $ (347.91~ (31,172) $ ~6.746 ~164,569_ ADIUSTMENTS TO GAAP BASIS Encumbrances Prior Year (30,136) (59,060) Current Year 272,307 29,136 TOTAL ADJUSTMENTS 242,17] (29).9M) EXCESS OF REVENUES OVER (UNDER) EXPENDITURES AND OTHER USES (GAAP BASIS) $ 210.999 $ .~ 134645 See the accompanying Independent Auditors' Report. 36 CITY OF WHEAT RIDGE, COLORADO CQMPUTER SCHEDULE QFREVENUES, EXPENDIIlL.RE~ND ENCUMBRANCES BUDGET AND ACTUAL Year Ended December 31, 1997 1997 V ARIANCE- FAVORABLE 1996 BUDGET ACTUAL illNF A VORABLE) ACTUAL REVENUES Interest $ 3,000 $ 8,672 $ 5,672_ $ 5,]94 TOTAL REVENUES 3,000 8,672 _~,672 5,194 EXPENDITURES Capital Outlay __28'LOOO - _23] ,044 52,956 _~~92 TOTAL EXPENDITURES 284,000 ~ 231 L044 _~52,')56 ~_ 225,992 EXCESS OF REVENUES OVER (UNDER) EXPENDITURES _(281,000) _____Qn,372) _-----18,628 (220,798) OTHER FINANCING SOURCES Operating Transfers In 284,000 284,000 236,040 TOTAL OTHER FINANCING SOURCES 284,000 284,000 236,040 EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES $ 3000 6 ] ,628 $ _ 58628 15,242 ADJUSTMENTS TO GAAP BASIS Encumbrances Prior Year (32,376) Current Year 2.Q,3~ TOTAL ADJUSTMENTS _:?6,376 (32,376) EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES (GAAP BASIS) $ __88.004 $ (17.134) See the accompanying Independent Auditors' Report, 37 CITY OF WHEAT RIDGE, COLORADO RECREATION CENTER SCHEDULE OFREVENUES EXPENDITURES AND ENCUMBRANCES BUDGET AND ACTUAL Year tnded December 31, ] 997 ]997 -- BUDGET --- V ARIANCE- FAVORABLE LUNFA VORABLE) -- -- ~CTUAL REVENUES Interest Other $ $ ] 5,984 $ 995 15,984 995 TOTAL RLVENUES _,~7~ 1637') EXPENDITURES l UlTcnt Parks ano RecreatIon CapItal Outla) 1112 L1lQ.. 1,019,764 _1,94t' l1L2illO 11119.76'1. 1<)46 (1,021,710) (l,002,7812 _L8,925 ---1626,097 632.297 223,800 ] ,626,097 632,297 _ 993,800 TOTAl EXPENDITURES eXCESS OF REVENUES OVER (UNDER) EXPENDITURES OTHER FINANCING SOURCES OperatIng Transfers In TOTAL OTHER FINANCING SOURCES EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES _ (370,48~} $ l~74 875 ) $ 604387 ADJ1JSTMENTS TO GAAP BASIS Encumbrances Pnor Year C urrcnt Year _27.910 TOTAL ADJUSTMENTS _ 27,910 LXCESS m REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES (GAAP BASIS) $__ (342 578) See the aeeompanymg Independent Auditors' Report. 38 199b ACTUAl - -- - $ $ DEBT SERVICE FUNDS The Debt Service Funds are used to account for financIal resources to be used for the accumulatIOn of resources for and payment of general long-term debt pnncipal, 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 distnct bond Issue of 1988 Compensated Absences - accounts for funds received from the General Fund to pay compensated absences of the City's employees CITY OF WHEAT RIDGE, COLORADO DEBT SERVICE FUNDS COMBINING BALANCE SHEET December 31, 1997 SPECIAL INCREMENTAL IMPROVEMENT SALES TAX DISTRICT COMPENSA TED 50T ALS BOND - NO 1987-1 ABSENC~ 1997 -~~ -----..- ASSETS Cash and Investments $ 112,452 $ 5],232 $ 153,459 $ 3]7,143 $ 348,234 Restricted Cash and Investments 321,982 321,982 321,982 Due from Other Funds 4,620 4,620 3,300 TOTAL ASSETS $ 439054 $~ 51~232_ $ 153.459 $ 643.745 $ 673,516 --- LIABILITIES AND FUND EQUITY LIABILITIES Accrued Compensated Absences $ $ $ 24,245 $ 24,245 $ 23,502 TOTAL LIABILITIES - 24,245 2'hJ~ 23,502 ~--- FUND BALANCE Reserved for Debt Service 439,054 51,232 490,286 461,402 Unreserved Designated for Compensated Absences ]29,214 129,214 _11l8,612 Total Fund Equity 439,054 51 ,232 129,214 619,500 650,014 TOTAL LIABILITIES AND FUND EQUITY $ 439.054 $ 51.232 $ 153.459 $ 643.745 $ 673.516 See the accompanying Independent Auditors' Report. 39 CITY OF WHEAT RIDGE, COLORADO DEBT SERVICE FUNDS COMBINING STATEMENT OF REVENUES EXPENDITURES AND CHANGES IN FUND BALANCE Year Ended December 31, 1997 SPECIAL INCREMENTAL IMPROVEMENT TOTALS SALES TAX DISTRICT COMPENSATED BOND NO. 1987-1 ABSENCES 1997 1996 REVENUES Special Assessments $ $ 17,488 $ $ 17,488 $ 79,668 Interest 37,557 2,337 10,210 50,104 75.276 TOTAL REVENUES 37,557 19,825 ]0,210 67,592 154,944 EXPENDITURES Current Other 69,608 69,608 57.476 Debt Service Principal 960,000 960,000 220,000 Interest and Fiscal Charges 117,325 1,288 118,613 133.497 TOTAL EXPENDITURES 1 ,077,325 1,288 69,608 l,148,221 410,973 - - EXCESS OF REVENUES OVER lUNDER) EXPENDITURES ( 1,039,768) 18,537 (59,398) (1,080,629) (2511,029) OTHER FINANCING SOURCES (USES) Operating Transfers In 1,077 ,Q25 1,077,025 240.740 Operating Transfers Out (26,910) (26,910) TOTAL FINANCING SOURCES (USES) 1.050.115 1 ,050,115 240.740 EXCESS OF REVENUFS AND OTHER SOURCES OVER (UNDER) EXPENDITURES AND OTHER USES 10,347 18,537 (59,398) (30,514) (15,289 ) FUND BALANCE, BEGINNING 428,707 32,695 188,612 650,014 665,303 FUND BALANCE. ENDING $ 439.054 $ 51.232 $ 129,214 $ 619,500 $ 650.014 See the accompanying Independent Auditors' Report. 40 CITY OF WHEAT RIDGE, COLORADO INCREMENTAL SALES TAX BOND Ell'ID SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE BUDGET AND ACTUAL Year Ended December 31, 1997 1997 V ARIANCE- FAVORABLE 1996 ~DGET __ACTUAL (UNF A VORABLE) ACTUAL -.- -- REVENUES Interest $ 26,91fL $ 3l5R $ 10,647 $ 34,575 TOTAL REVENUES 26,910 37,557 ]QM2 ___34,575 EXPENDITURES Debt Service Principal 960,000 960,000 75,000 Interest and Fiscal Charges ___Ill,3Q 117,325 ] ]9,950 TOTAL EXPENDITURES 1 ,077 ,325 1,077,325 194,950 EXCESS OF REVENUES OVER (UNDER) EXPENDITURES (1,050,415) (1,039,768) 10,647 (160,375) OTHER FINANCING SOURCES (USES) Operating Transfers In 1,077,025 1,077,025 167,740 Operating Transfers Out (26,910) _ (2~-'.9J - _._~- --- TOTAL FINANCING SOURCES (USES) 1,050,115 -',050, I ] 5 .~- 167,740_ EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES AND OTHER USES (300) 10,347 10,647 7,365 FUND BALANCE, BEGINNING 426,543 428,707 2,164 421,342 FUND BALANCE, ENDING $ 426.243 $ 439.054 $ 12.811 $ __428.701 See the accompanying Independent Auditors' Report, 41 CITY OF WHEAT RIDGE, COLORADO SPECIAL IMPROVEMENT DISTRICT NO, 1987- I SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE BUDGET AND ACTUAL Year Ended December 31, 1997 1997 _.~--- V ARIANCE- FAVORABLE 1996 BUDGET ACTUAL -- .-- ill1':lF A VORABLE) ACTUAL REVENUES Special Assessments $ $ 17,488 $ 17,488 $ 79,668 Interest - V3Z _ 1J)7 30,227_ - - ----- TOTAL REVENUES - --- - ___ _ I ~82~ ____ li,825 __109,89~ -- EXPENDITURES Debt Service Principal 145,000 Interest and Fiscal Charges 180,00~ 1,288 ]7~J712 13,542 TOTAL EXPENDITURES 180,000 1,288 178,712 ] 58,547 EXCESS OF REVENUES OVER (UNDER) EXPENDITURES ( 180,000) ]8,537 198,537 (48,652) FUND BALANCE, BEGINNING ~ 80,00lL 32,695 (147,305) 81,347 FUND BALANCE, ENDING $ --- $~=~L23~ $ _ ~j 1234 $ 32 695 See the accompanying Independent Auditors' Report. 42 CITY OF WHEAT RIDGE, COLORADO COMPENSATED ABSENCES SCHEDULE OF REVENUES EXPENDITURES AND CHANGES IN FUND BALANCE BUDGET AND ACTUAL Year Ended December 31, ]997 1997 ----- V ARlANCE- FAVORABLE 19<J6 BUDGET ---ACTUAL_ - ----- (illJFAVORABLE) ACTUAL REVENUES Interest $ 4,000 $ IQ,2IQ $ 6"210 $ 1\l,474 - TOT AL REVENUES _ 4.000 10.210 _()) 10 10474 Eli.'PENDITURES Current Other _ 70.0Q(L _ _69.60S 392 57,476 TOT AL Eli.'PENDlTURES 70,000 _ _ 69.608 392 57,476 EXCESS OF REVENUES OVER (UNDER) EXPENDITURES (66.000) (59.398) 6602 (47002) OTHER FINANCING SOURCES Operating Transfers In -- ---,-- 7\000 TOT AL FINANCING SOURCES -_._~ _71,OOO EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES (66,000) (59,398) 6.602 25998 FUND BALANCE. BEGINNING _~l'l I 88.6JL 8"39lt 162,614 FUND BALANCE. ENDING $ 114214 $ ~:z9214 $ _15JHHL $ 188,1'\ 2 ---- -- See the accompanying Independent Auditors' Report 43 PROPRIETARY 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 fisk financmg activities through ItS recording of claims expenses and liabilities and charges to other funds for costs, CITY OF WHEAT RIDGE, COLORADO INTERNAL SERVICE-.fllli12 RlSK FINANCING INSURANCE RESERY_EEllli2 SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN RETAINED EARNINGS BUDGET AND ACTUAL Year Ended December 3 1, 1997 1997 V ARIANCE- FAVORABLE 1996 BUDGET ACTUAL (UNFAVORABLE) ACTUAL OPERA TlNG REVENUES Insurance Reimbursements $ ] 95,000 $ 216,988 $ 21,988 $ 221,691 Interest 6,000 21,186 15,186 ___lU9~ TOTAL OPERATING REVENUES 201,000 238,174 37,174 ~42,996 . OPERATING EXPENDITURES Insurance Premiums 100,000 69,819 30,]8] Insurance Claims 37~LOOiL 151,662 221138 __ --..186,481 TOTAL OPERATING EXPENDITURES _ 475.,000 221,481 253,519 ~86,481 EXCESS OF REVENUES OVER (UNDER) EXPENDITURES (274,000) ]6,693 290,693 (43,485) RETAINED EARNINGS, BEGINNING 278,491 195,507 (82,984 ) 238,992 RETAINED EARNINGS, ENDING $ 4.491 $ 2]2200 $ 207,702. $ 195.507 See the accompanying Independent Auditors' Report, 44 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 two agency funds Pension Trust Fund Police Pension - accounts for morues received from Plan partIcIpants and City contributIOns, The funds are held m trust for dIsbursement to qualIfied partIcIpants upon leavmg the plan or upon qualIfied retirement Agency Funds Public Works Escrow - accounts for funds receIved pnor to the Issuance of certam constructIOn permits, to guarantee the work reqUIred by the permIt. Upon completIOn, the funds are returned CA TV (Cable Television) Property Damage - accounts for funds receIved from the cable televIsion permittee for settlement of mmor unresolved claIms agaInst the permIttee for damage to pnvate property CITY OF WHEAT RIDGE, COLORADO FIDUCIARY FUNDS COMBINING BALANCE SHEET December 3 I, ] 997 PENSION AGENCY TRUST PUBLIC CATV POLICE WORKS PROPERTY TOTALS PENSION ESCROW ~~MAGE ~2L~_ 1996 -- ASSETS Cash and Investments $ 10,590, I 50 $ 153,150 $ 5,003 $ 10,748,303 $ 8,644,206 Due From Other Funds 7 TOTAL ASSETS $ 10590.150 $_----153.150 $ 5003 $ ~~8 303 $ 8.644 2 I3 LIABILITIES AND FUND EQUITY LIABILITIES Refundable Escrow Deposits $ $ 152,797 $ 5,000 $ 157,797 $ 65,078 Due to Other Funds _-----2~ 3 356 TOTAL LIABILITIES 153,150 5,003 158,153 65,078 FUND EQUITY Fund Balance Reserved for Employee Retirement __1<2,590,150 ------ JP,:;~QJ2() 8,579,135 TOTAL LIABILITIES AND FUND EQUITY $ 10.590.150 $ ]53.150 $ 5003 $ 10748.303 $~44.213 See the accompanying Independent Auditors' Report. 45 CITY OF WHEAT RIDGE, COLORADO FIDUCIARY FUNDS COMBINING STATEMENT QF CHANGES IN ASSETS AND LIABILITIES ALL AGENCY FUNDS Year Ended December 3], ] 997 Balance Balance January I, December 3 ], ]99L- Additions Deletions 1997 -,---- Public Works Escrow Fund ASSETS Cash and Investments $ 60,071 $ 200,129 $ 107,050 $ 153,150 Due from Other Funds 7 7 Total Assets $ 60.078 $_2QfU29 $ 107 .057 $ 153,150 LIABILITIES Refundable Escrow Deposits $ 60,078 $ 199,776 $ 107,057 $ 152,797 Due to Other Fund 353 353 Total Liabilities $ 60,078 $ 200.129 $ ] 07.057 $ 153.150 CATV Property Damage Fund ASSETS Cash and Investments $ 5,000 $ 3 $ $ 5,003 Due from Other Funds ~-,-~-- ---- Total Assets $_..2..000 $ ----~ $ - $ 5003 ----,---- --------- LIABILITIES Refundable Escrow Deposits $ 5,000 $ $ $ 5,000 Due to Other Fund 3 3 Total Liabilities $ 5.000 $ 3- $ $ 5.003 Totals ASSETS Cash and Investments $ 65,07] $ 200,132 $ ]07,050 $ 158,153 Due from Other Funds 7 7 Total Assets $ 65.078 $ 200,132 $ 107057 $ 158.153 LIABILITIES Refundable Escrow Deposits $ 65,078 $ 199,776 $ 107,057 $ 157,797 Due to Other Fund 356 356 --------- Total Liabilities $ 65.07~ $ 200.l}2 $ ] 07 057 $ 158153 See the accompanying Independent Auditors' Report. 46 GENERAL FIXED ASSETS ACCOUNT GROUP The General Fixed Assets Account Group records changes in the City's ownership of and investment in capital assets, including land, buildings, improvements to land and buildings, streets, brIdges, curbs and gutters, drainage systems, Iightmg systems, and other equipment, the lives of which are greater than one year and whose costs exceeds $500. CITY OF WHEAT RIDGE, COLORADO GENERAL FIXED ASSETS ACCOUNT GROUP SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS - BY SOURCE Year Ended December 31, 1997 Balance Balance January I, December 31, 1997 Additions Deletions 1997 SOURCE General Government Treasurer $ 12,337 $ $ 2,992 $ 9,345 City Administrator 295,072 146,994 87,676 354,390 City Clerk 16,467 16,467 Municipal Court 32,531 2,450 550 34,431 Building 3,975,048 13,416 23,866 3,964,598 Community Development 54,483 1,763 56,246 TOTAL 4,385,938 164,623 115,084 4,435,477 Public Safety Police Chief 121,207 1,975 640 122,542 Police Administrative Services 96,507 3,850 14,658 85,699 Animal Enforcement 119,253 62,433 56,820 Communications 693,028 197,021 496,007 DAR.E. 37,175 13,835 51,010 Police Records 16,328 5,144 21,472 Police Training 762 762 Police Patrol 305,013 98,939 42,650 361,302 Criminal Investigation 126,228 44,878 22,146 148,960 Police Traffic Unit 68,463 15,543 3,600 80,406 Civil Disaster 895 895 TOTAL 1,584,859 184,164 343,910 1,425,113 Public Works Administration 8,669,420 1,400 8,668,020 Engineering 259,561 24,166 7,250 276,477 Street Maintenance 1,090,957 298,182 119,204 1,269,935 Traffic Maintenance 286,067 30,440 7,845 308,662 Shops 361,206 141,358 219,848 TOTAL 10,667,211 352,788 277 ,057 10,742,942 Parks and Recreation Administration 4,777,727 1,879,960 1,355 6,656,332 Recreation 1,066,004 2,099 4,085 1,064,018 Parks Maintenance 848,180 38,868 12,136 874,912 TOTAL 6,691,911 I ,920,927 17,576 8,595,262 Wheat Ridge Town Center 25,178 25,178 TOTAL GENERAL FIXED ASSETS $ 23 355.097 $ 2.622.502 $ 753 627 $ 25 223 972 See the accompanying Independent Auditors' Report. 47 CITY OF WHEAT RIDGE. COLORADO GENERAL FIXED ASSETS ACCOUNT GROUP SCHEDULE OF GENERAL FIXED ASSETS BY FUNCTION AND ACTIVITY December 31. 1997 STREETS AND LAND BUILDINGS IMPROVEMENTS EQUII'MENI -"-_.- FUNCTION AND ACTIVITY General Government Treasurer $ $ $ $ 9 '145 City Administrator 354.3911 City Clerk 16467 Municipal Court 344'1 I Building 3,611,081 91.113 262AII4 Community Development ---- _56~L46 TOTAL 3.611.081 _21113 733,283 Public Safcty Police Chief 2.761 381 119,398 Police Administrative Services 2.059 X3 (All Animal Enforcement 56 X20 Communications 496,(J07 D A.RE. 51.010 Police Records 21.472 Police Training Police Patrol 36U02 Criminal Investigation 148.l)(,1I Police Traffic Unit XOAO(, Civil Disaster 895 TOTAL 2,761 2A42 1~419,(!JO_ Public Works Administration 530.350 8.137,670 Engineering 69.807 206670 Street Maintenance 1.269935 Traffic Mamtenance 30X 662 Shops 60.000 159,848 TOTAL 590,350 69,807 ~37,670 I. 945.,ll5 Parks and Recreation Administration 4,590.837 223.005 762.739 1079751 Recreation 39.618 888,904 12,589 122.9117 Parks Maintenance 47.350 56.366 115.898 _ 655.228 -.--, TOTAL 4,677.805 IJ68,275 891,226 _I,857,95!> Wheat Rid\!,e Town Center 25.178 TOTAL GENERAL FIXED ASSETS $ 5 268.155 $ 4,851,924 $ '!,I22 451 $ _5 98 U42 See the accompanying Independent Auditors' Report. 48 TOT ALS -.lMEMORANDUrvLOI'l1Y ~ 1997 1996 --- - - -------- $ 9.345 354,390 16.467 34431 3 964.598 _ 5li,24~ 4..4 3. 5A 77 122.542 85 699 56.8211 496.1107 51.010 21472 '16 1.302 148,960 811A06 895 . 1.425.113 $ 12.337 295,072 16.467 32,531 3.975.048 _ --'4.483 4~385. 938 121.207 96.507 119.253 693 028 37 175 16,328 762 305.013 126.228 68.463 895 1.584,859 8.668,1120 8.669.420 276477 259,561 1.269,935 1.\)90.957 30S 662 286.067 _--.l19,ll48 3612206_ _10,742,942 10,667.211_ 6,656.332 4,777.727 1.0M,OIS 1,066,004 874,912 - 848.180 -.li,59,;,,162_ 6,691.91 L - --'5)78 25,llS $ __~,22} nL $ _ 23 355.09L SUPPLEMENTARY INFORMATION COUNTIES, CITIES, & TOWNS ANNUAL STATEt\'1ENT OF RECEIPTS & EXPENDITURES FOR ROADS, BRIDGES AND STREETS COUNTY/CITYffOWN CITY OF WHEAT RIDGE CALENDAR YEAR OF REPORT: 1997 (ROUND AllAMOU/'.'TS TO NEAREST DOUAR) I. SCHEDULE OF RECEIPTS FOR ROAD, BRIDGE AND STREET PURPOSES A. LOCAL SOURCES 1 Propeny Tax/Special Assessments 'i90.783 2 General Fund AppropriaDons Cost reimbursement 3 Othcr(specify) c;trppt r:l1t o 29,311 ",7'i7 4 Traffic Fines 324,688 5 Sales Tax 4.088.907 Roa~~idge 378,216 662,025 o 6a. From County (specify) Auto Use Tax b. Cityffown (Specify) 7. Bond Proceeds (net of issuance cost) 0 8 Note Proceeds (net of issuance cost) 0 9 SpccificOwnershipTaxes 73,145 TOTAL (A) WCALSOURCES 6,180,327 B. PRIV ^ TE CONTRIBtmONS 0 C. STATE SOURCES J-lighwayUsers Tax 897,276 2 MOlar V chicle Registration Fees 111,054 3 Other (specify) o TOTAL (C) STATE SOURCES 1,008,330 D. FEDERAL SOURCES I Forcst Service 0 2. Mineral Leasing 0 3 Payments in !Jeu of Taxes 0 4 FEMA 0 5 HUD 0 6 Other (specify) 0 TOTAL (0) FED SOURCES 0 E. TOTAL RECEIPTS (A+B+C+D) 7,188,657 L.JlI'<SPENT BALANCES BEGINNING OF YEAR (must C{jual ending balance of previous year) G. TOTAL RECEIPTS AND BALANCES (E+F) (Revised 2/98) 49 o 7,188,657 CITY OF WHEAT RIDGE 1997 II. SCHEDULE OF EXPENDITURES FOR ROAD, BRIDGE AND STREET PURPOSES .\ DmECT HIGHWAY EXPENDITURES I RIght-of-Way 2 Vrcliminary and Consrruction Engrneerrng 3 T 0(31 Construction A. Capacity Improvements B System Preservation C Safety Improvements -4 Maintenance of Condiuon 5 S now and Ice Removal 6 Traffic Services 7 Admi nisrration S Traffic Enforcement 6,068 19,552 o 2,239,616 133,646 2,131,470 37,300 173,054 676,015 694,911 TOTAL (A) DIRECT HIGH\\' A Y EXPENDITURES 6,111,632 B_ DEBT PA YMENTS ON BONDS AND NOTES I Interest on Bonds '2 Imerest on Notcs .3 Redemption on Bonds (net value) -4 Redemption on Notes (net value) 117,025 o %0.000 o TOTAL(B)DEBTPA~ 077 07 'i C. PA YMENTS TO OTHER GOVERNMENTS I a. To County (specify) b To City (specify) 2 To DepL of Trans. o o o TOTAL (C) PAYMENTS TO OTHER GOVERNMENTS o D_ OTHER illGHW A Y PURPOSES (spe<:ify) o E_ TOTAL EXPENDITURES (A+B+C+D) 7,188,657 o F. BALANCES END OF YEAR (unspent receipts) G. TOTAL EXPENDITURES AND BALANCES (E+F) 7,188,657 (Revised 2198) 50 CITY OF WH~AT RIDGE 1997 III. SCHEDULE OF CHANGE IN DEBT STATUS FOR ROAD, BRIDGE AND STREET OBLIGATIONS (show all entries at par ,'alue; face alDount of issue) BONDS NOTES A. BONDS AND NOTES OUTSTANDING BEGINNING OF YEAR 7.gP,').OOO B. AMOUNT ISSUED DURING YEAR (par "alue) 1 Onginal issues this year :2. Refunding ISSUes o o C AMOVl\'T REDEEMED DURING YEAR (par value) 1 From curren! receipts or reserves 2 From refunding issues 960,000 o D BONDS AND NOTES OUTSTANDING END OF YEAR 2,025,000 NOTE: .... TOTAL RECEIPTS & BALANCES MUST EQUAL TOTAL EXPENDITURES & BALANCES *** PLEASE GIVE TIlE NAME AND PHONE NUMBER OF THE PERSON TO CONT ACf FOR QUESTIONS REGARDING TIlE REPORT NAME. Linda Stengel, Chief Accountant PHONE. 303-235-2817 Revised (2/98) 51 STATISTICAL SECTION CITY OF WHEAT RIDGE, COLORADO ASSESSED AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY LAST TEN FISCAL YEARS (UNAUDITED) Fiscal rurr Assessed Valuation 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 $ 253,324,240 $ 235,939,530 232,394,250 210,683,130 213,727,940 209.434,190 210.478.200 218,408,520 225,668,720 258,349,980 Estimated Actual Value U25,885,511 1,072,452,409 1,056,337.500 964,579,282 973.871,091 1,197.923.557 1.205,829 176 1.466,715,750 1475,180.027 1,731.072.652 Ratio of Total Assessed to Total Estimated Actual Value 22.50% 22.00% 22.00% 2184% 21 95% 17 48% 1746% 1489% 15.30% 1492% Notes: A. Jefferson County is the collection agent for the city of Wheat Ridge and. as such. could not separate Teal 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 52 CITY OF WHEAT RIDGE, COLORADO GENERAL GOVERNMENTAL REVENUE BY SOURCE LAST TEN FISCAL YEARS (UNAUDITED) Fiscal Licenses Inter- Year Taxes and Permits govt:mmental 1988 $ 7,393,814 270,142 $ 1.744,146 1989 5,171,317 <AJ 225,961 1,998,907 1990 5,736,579 332,499 1.810,246 1991 6,463,943 324,026 2.092.622 1992 6,712,572 344,309 1.897.279 1993 7,005,422 291.983 1,372,789 1994 7,448,440 333,660 1,430,934 1995 7,985,931 349,910 1,517 ,277 1996 8.208,493 382,732 1.626.800 1997 8,336,235 521.110 1,653,157 Notes: Includes the General Fund only A. One-half of the total sales tax revenue are accounted for in the Capital Projects Fund beginning in 1989 Source' City of Wheat Ridge audited financial statements, 1988 - 1997 53 Charges for Fines and Services Forfeitures Interest Other Total $ 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 10,238,80 I 408,747 398.777 325,831 99.673 11,086,146 461,252 555,237 171,905 133,713 11.540,132 512,237 541,466 145.159 83,374 11.792,738 54 CITY OF WHEAT RIDGE, COLORADO GENERAL GOVERNMENTAL TAX REVENUE BY SOURCE LAST TEN FISCAL YEARS (UNAUDITED) Liquor and Fiscal Property Telephone Auto Year Tax Occupation Ownership 1988 $ 545,964 $ 183,773 $ 44,895 1989 542,580 172,901 46,986 1990 567,756 178,929 47,208 1991 564,389 175,326 49,973 1992 560,570 173,188 53,689 1993 569,769 181,593 55,050 1994 562,661 179,987 64,196 1995 561,053 190,575 62,197 1996 578,012 190,575 67,421 1997 596,828 249,397 73,145 Notes: Includes the General Fund only A. One-half of the total sales tax revenue are accounted for in the Capital Projects Fund beginning in 1989 Source: City of Wheat Ridge audited financial statements, 1988 - 1997 55 Lodgers Franchise and Sales Tax Use Tax Tax Admissions Total -- $ 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 4,088.914 1.923.346 819,111 585.494 8.336.235 56 CITY OF WHEAT RIDGE, COLORADO PROPERTY TAX LEVIES AND COLLECTIONS - GENERAL FUND LAST TEN FISCAL YEARS Fiscal Year (UNAUDITED) Percent of Current Percentage Delinquent Total Total Tax Total Tax of Levy Tax Tax Collechons Tax Levy CollectIOns Collected CollectIOns CollectIOns to Levy tA) $ 545,454 $ 544,869 99 89% 1,095 $ 545,964 100 09% 562,472 543,462 96.62% (822) 542,580 96 46% 568,30 I 561,551 98.81% (6,205) 567,756 99 90% 568,30 ] 561,537 98.81% 2,852 564,389 99.3]% 568,30 I 560,570 9864% 840 561,410 98.79% 568,30 I 569,769 100 02% 569,769 100 00% 569,360 564,513 9914% (1,852) 562,661 98.82% 568,195 563,402 9916% (2,349) 561,053 98.23% 593,069 580,601 97.89% (735) 579,866 97 77% 599,725 596,828 99.52% 71 596,899 99.53% ]988 ]989 1990 ]991 1992 1993 1994 1995 1996 1997 Notes: A Net pnor year tax abatements and adjustments due to revaluatIOn of property m Jefferson County Source Jefferson County Assessors' Office and the CIty of Wheat Ridge audIted fmancial statements, 1988 - 1997 57 CITY OF WHEAT RIDGE, COLORADO COMPUTATION OF LEGAL DEBT MARGIN December 31, 1997 (UNAUDITED) Computal1on ofmaxunum debt allowed 1997 estunated actual valuation Legal debt hmlt percentage per CIty Charter S 12.7 Legal debt hmlt Amount of debt outstandmg Total bonded debt Less' Revenue Bonds $ 2,025,000 (2,025,000) Net general obhgal1on bonded debt outstandmg Legal debt hmlt Legal debt margm None: The City Charter Legal Debt margm IS also subJect to the State Consl1tul1on Section 20, ArtIcle X, "Taxpayers Bill of RIghts" (TABOR) under whIch no debt has been authonzed. Source CIty of Wheat RIdge charter and Jefferson County Assessor's office. 58 $ 1,731 072,652 3% $ 51 ,932.180 o $ o 51,932,180 $ 51,932,180 Fiscal Year 1988 1989 1990 1991 19')2 1993 1994 1995 1996 1997 Notcs Source' CITY OF WHEAT RIDGE. COLORADO REVENUE BOND COVERAGE SALES TAX REVENUE BONDS LAST TEN FISCAL YEARS (UNAUDITED) Sales tax revenue m both the General Fund and the Capital Projects Fund are mcluded smce debt servICe IS paId WIth sales tax proceeds. City of Wheat RIdge audited fmanclal statements, 1988 - 1997 59