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,DECEMBER 31. l'99S
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PREPARED BY THE CITY 'TREASURER'S DEPARTMENT
CITY OF WHEAT RIDGE, COLORADO
GENERAL PURPOSE FINANCIAL
STATEMENTS
December 31, 1998
TABLE OF CONTENTS
INTRODUCTORY SECTION
PAGE
Transmittal Letter
I - VI
Directory of PrinCipal City Officials
Vll
FINANCIAL SECTION
Independent Auditors' Report
GENERAL PURPOSE FINANCIAL STATEMENTS
Combined Balance Sheet - All Fund Types and Account Groups
2
Combined Statement of Revenues, Expenditures and Changes in Fund Balance -
All Governmental Fund Types
3
Combined Statement of Revenues, Expenditures and Encumbrances - Budget
and Actual - All Governmental Fund Types
4
Statement of Revenues, Expenses and Changes III Retained Earlllngs -
Internal ServIce Fund
5
Statement of Cash Flows - Internal Service Fund
6
Statement of Changes in Plan Net Assets - PensIOn Trust Fund
7
Notes to Financial Statements
8 - 22
Required Supplemental Information (Unaudited)
23
COMBINING, INDIVIDUAL FUND AND ACCOUNT GROUP STATEMENTS AND SCHEDULES
Special Revenue Funds
Combining Balance Sheet
24
Combining Statement of Revenues, Expenditures and Changes in Fund Balance
25
Open Space - Schedule of Revenues, Expenditures and Encumbrances - Budget
and Actual
26
Police Building - Schedule of Revenues, Expenditures and Encumbrances - Budget
and Actual
27
Police InvestigatIOn - Schedule of Revenues, Expenditures and Encumbrances -
Budget and Actual
28
TABLE OF CONTENTS
(Continued)
PAGE
FINANCIAL SECTION (Contmued)
COMBINING, INDIVIDUAL FUND AND ACCOUNT GROUP STATEMENTS AND SCHEDULES
(Contmued)
Special Revenue Funds (Continued)
Park Acquisition - Schedule of Revenues, Expenditures and Encumbrances -
Budget and Actual 29
Building DemolitIOn - Schedule of Revenues, Expenditures and Encumbrances -
Budget and Actual 30
Semor/Teen Center - Schedule of Revenues, Expenditures and Encumbrances -
Budget and Actual 3 ]
Mumcipal Court - Schedule of Revenues, Expenditures and Encumbrances -
Budget and Actual 32
Tree Plantmg - Schedule of Revenues, Expenditures and Encumbrances - Budget
and Actual 33
R1chardsIHart Improvement - Schedule of Revenues, Expenditures and Encumbrances -
Budget and Actual 34
Parks and RecreatIOn Damage DepOSit - Schedule of Revenues, Expenditures and
Encumbrances - Budget and Actual 35
Wheat Ridge Town Center - Schedule of Revenues, Expenditures and Encumbrances -
Budget and Actual 36
EqUipment - Schedule of Revenues, Expenditures and Encumbrances - Budget
and Actual 37
Conservation Trust - Schedule of Revenues, Expenditures and Encumbrances -
Budget and Actual 38
Computer - Schedule of Revenues, Expenditures and Encumbrances - Budget
and Actual 39
Recreation Center - Schedule of Revenues, Expenditures and Encumbrances - Budget
and Actual 40
Baugh House - Schedule of Revenues, Expenditures and Encumbrances - Budget
and Actual 4 ]
T ABLE OF CONTENTS
(Contmued)
PAGE
FINANCIAL SECTION (Contmued)
COMBINING, INDIVIDUAL FUND AND ACCOUNT GROUP STATEMENTS AND SCHEDULES
(Contmued)
Debt Service Funds
Combmmg Balance Sheet
42
Combmmg Statement of Revenues, Expenditures and Changes m Fund Balance
43
Incremental Sales Tax Bond Fund - Schedule of Revenues, Expenditures and
Changes m Fund Balance - Budget and Actual
44
Special Improvement Distnct No 1987-1 - Schedule of Revenues, Expenditures
and Changes m Fund Balance - Budget and Actual
45
Compensated Absences - Schedule of Revenues, Expenditures and Changes m Fund
Balance - Budget and Actual
46
Proprietary Fund
Risk Financing Insurance Reserve Internal Service Fund - Schedule of Revenues,
Expenditures and Changes in Retamed Earmngs - Budget and Actual
47
Fiduciary Funds
C ombmmg Balance Sheet
48
Combmmg Statement of Changes m Assets and Liabilities - All Agency Funds
49
General Fixed Assets Account Group
Schedule of Changes in General Fixed Assets - by Source
50
Schedule of General Fixed Assets by FunctIOn and ActIVity
51
SUPPLEMENTARY INFORMATION
Annual Statement of Receipts and Expenditures for Roads, Bndges and Streets
52 - 54
TABLE OF CONTENTS
(Continued)
PAGE
STATISTICAL SECTION
Assessed and Estimated Actual Value of Taxable Property
55
General Governmental Revenue by Source
56 - 57
General Governmental Tax Revenue by Source
58 - 59
Property Tax Levies and Collections - General Fund
60
ComputatIon of Legal Debt Margin
61
Revenue Bond Coverage Sales Tax Revenue Bonds
62
TELEPHONE: (303) 234-5900
7500WEST29THAVENUE . WHEATRIDGE,COLORAD080215
The City of
May 5, 1999
GWheat
'Ridge
The Honorable Mayor Cerveny,
Wheat Ridge City Council, and
City Manager
Ctty of Wheat Ridge
Wheat Ridge, Colorado
Dear Mayor and members of City Council
We are pleased to transmit the ComprehenSIve Annual Fmancial Report of the City of Wheat
Ridge for the fiscal year ended December 31, 1998 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, mcludmg all disclosures, rests with the City To the
best of our knowledge and belief, the enclosed data is accurate in all materIal respects and IS
reported m a manner designed to present fairly the financial pOSitIon and results of operations of
the City of Wheat RIdge We have mcluded all disclosures necessary to enable the reader to gam
an understandmg of the City's financial and operatIOnal activIties.
ThiS report IS presented m three sectIOns as follows.
Introductory SectIOn, which mcludes transmittal letters, orgamzatIon
chart, and list of prIncipal offiCials.
2. Fmanclal SectIOn, which mcludes 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 mformatlOn, generally presented on a multi-year baSIS.
i
ACCOUNTING SYSTEM AND BUDGETARY CONTROL
In develoPIng and evaluatIng the CIty'S accountmg system, consideratIon IS given to the adequacy
of mternal controls. Internal accountmg controls are designed to provIde reasonable, but not
absolute, assurance regardIng thc safeguardIng of assets agaInst loss from unauthonzed use or
dispOSitIOn and the reliability of financial records for prepanng financial statements and
mamtainmg accountability for assets. The concept of reasonable assurance recogmzes that the
cost of a control should not exceed the benefits likely to be denved and the evaluation of costs
and benefits reqUires estImates and Judgements by management.
The City of Wheat Ridge uses funds and account groups to report on ItS financial posItIon and the
results of ItS operatIons. Fund accountIng IS deSigned to show legal compliance and to aid
financial management by segregatmg transactIOns related to certam government functions or
activItIes. The City has a general fund where all the current operations of the CIty are recorded, a
capital projects fund where all major dramage, street, traffic, and building 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
pOSitIOn and thus do not record results of operatIOns.
The budget process begms m 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
accountIng, except the Debt Servtce and Internal Service Funds which are GAAP baSIS.
The level of budgetary control (the level at which expenditures and encumbrances cannot legally
exceed the appropnated amount) is established at the mdivldual fund level. The budget IS then
mtegrated mto the formal accountmg system January I of each year If dunng the fiscal year, the
City AdmInIstration determmes that there are available for appropnation revenues in excess of
those estImated m the budget, the Council, by resolutIOn, may make supplemental appropnatlOns
for the year up to the amount of the excess. Additional budgetary control IS mamtained 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 $12,850,447 m 1998,
an mcrease of 8 97% over 1997. The amount of revenues from vanous sources and the mcrease
(decrease) over last year are shown in the followmg table'
Increase Percentage
Revenues Percentage (Decrease) Increase
By Source 1998 Amount of Total From 1997 (Decrease )
Taxes $ 8,942,831 69.59% $606,596 7.28%
License & Perrmts 566,341 441 45,231 868
Intergovernmental 1,733,602 13 49 80,445 487
Charges for ServIces 519,887 405 7,650 1.49
FlUes & Forfeitures 666,731 5 19 125,265 23.13
Interest Income 248,396 1 93 103,237 71.12
Other Revenue 172.659 1.34 89.285 107.09
TOTAL $12,850,447 100.00% $1,057,709 897%
The major source of revenue for the City of Wheat Ridge IS retail sales and use tax ($6,562,590)
Thts comprIses 51,07% of total current General Fund revenue. The one percent (I %) General
Fund sales tax revenues for 1998 were $4,383,632, an increase of7.21% or $294,718 over 1997
collectIOns. General Fund use tax revenues for 1998 were $2,178,958 an mcrease of 13.29% over
1997 collectIOns (specific decreases were profeSSIOnal 53%, auto 4%, and mcreases in retail 19%,
and bUIlding 4%)
Current property tax collectIOns for 1998 were 100.26% of the tax levy Due to the City's strong
sales tax revenues, property owners enjoy a very low mill levy relative to the surrounding
communities.
Expenditures for general governmental functIOns (General Fund only) totaled $12,667,688 m
1998, an mcrease of 3 II % over 1997. Increases or (decreases) m levels of expenditures for
major functions of the City over the past year are shown m the followmg table'
Expenditure Increase Percentage
Activity Percentage (Decrease) Increase
Bv Function 1998 Amount Of Total From 1997 (Decrease )
General Government $ 2,085,161 1646% $266,889 15.51%
Planmng & Develop 593,238 468 (100,188) (15 99)
Public Safety 4,751,846 37.51 247,168 546
Public Works 2,427,939 1917 196,699 9.39
Parks & RecreatIOn 2,102,378 16,60 243,012 13.53
Other 707,126 5.58 (5,975) ( 96)
CapItal Outlay (45.007) 000.00)
TOTAL $12,667,688 100 00% $ 382,494 311%
iii
PENSION FUNDING POLICIES
The CIty participates m three mandatory and two deferred compensation plans. All full-time
sworn police officers participate m 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 (ICMA), LR.C Section 401 deferred compensation plan and the City contributes
five-percent to thIs plan. The remamder of the full-time permanent employees are reqUired to Jom
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 determmed 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 m the Capital Projects Fund.
These bonds were refinanced on August 1, 1993, with a new Issue for $3.21 million with an
average mterest 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 life of the new Issue This bond Issue IS accounted
for m the Debt Service Fund.
The City has entered mto several lease agreements for financmg the acqUiSitIOn of eqUipment
mcludmg vehicles, and copy machmes. The lease agreements specifically state that the lease can
be canceled at any time tf the City Council does not appropriate funds for that purpose. Funds are
budgeted and encumbered for that year's payments only
RECREATION CENTER
On November 4, 1997, the cItizens of Wheat Ridge overwhelmingly passed a referendum
dlrectmg the City of Wheat Ridge to construct and operate a public recreatIOn center for all ages.
To pay for the construction of the public recreation center, the referendum also approved an
mcrease of 1/2% m the retail sales and use tax Imposed by the City The tax mcrease was mltIated
January 1, 1998 and sunsets December 31,2002, or when $12,350,000 has been collected,
whichever comes first.
To expedite the construction of the facility, the City entered into a lease/purchase transaction,
whereby the City Issues Certificates of ParticipatIOn. The net proceeds, together with other
available funds of the City, will be used to finance the construction of the facility On August 9,
1998, the City Issued and sold $14,820,000 Certificates of Participation.
iv
CASH MANAGEMENT
It IS the responsibIlity of the CIty Treasurer to mvest all idle funds and cash wlthm each fund. The
City of Wheat Ridge has fonnally adopted the prudent mvestor rule as a guide to the Treasurer's
Office In makmg mumclpal mvestments to maximize yield whIle mimmlZlng rIsk. The prudent
Investor rule states "that investments shall be made with the exercise of that judgement and care,
under Clfcumstances then prevailing, which men of prudence, discretIOn and intelligence exercise
In the management of thetr own affaIrS not for speculation but for mvestment, conSiderIng the
probable safety of their capital as well as the probable mcome to be derIved." City funds may be
mvested m msured savmgs, money market accounts, certificates of deposit, and seCUrIties of the
U.S Government and Its agencies, m conformance with the Colorado Public Deposit Protection
Act (PDPA) reqUirements. The City Treasurer momtors the mterest rates on a dally basIs.
Relatively small amounts of Idle cash are mamtamed m checkmg accounts to cover checks
wntten. Savmgs and money market accounts are msured up to F.D.I C. limits and are
collateralized in conformance with PDP A. At the end of 1998, the City's investment m
certificates of deposit (CD), local government Investment pools (LGIP) and government securities
varied in stated mterest rates from 4 69% to 9 0%, and 275% to 460% m savmgs and money
market accounts, respecttvely The City's investment portfolio mdlcates mvestments throughout
1998 averaged 30% in U S Government securities, 55 % m LGIPs and 15% in 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, mjurIes 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 mcludes penodlc review of all poliCIes, procedures and activities. Legal review of
all contracts, an active employee safety committee, employee traming, review of msurance
coverage, and other ongoing loss control activities are also employed. Working closely With our
msurers and attorneys, the City acts qUickly to resolve any known risk management problems.
The City participates in an insurance pool With other Colorado muniCipalities for liability and
property insurance in excess ofself-msured retentIOns, and workers' compensation coverage. The
Colorado Intergovernmental Risk Sharing Agency (ClRSA) IS a separate and independent legal
entity
RESERVE POLICY
The City of Wheat Ridge maintains at least an eight percent (8% of expenditures) general fund
balance which serves as an encumbered cash reserve in the General Fund. The 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.
v
INDEPENDENT AUDIT
Colorado State Statutes and the Wheat Ridge City Charter reqUire an annual audit of the books of
account, finanCial records, and transactIOns of all admmlstratIve departments of the City An
mdependent certified public accountant selected by the City Council has performed this
reqUirement and the auditor's opmlOn has been included III this report.
ACKNOWLEDGMENTS
I would like to express my appreciation to Linda Stengel, Chief Accountant, Maggie Walters,
Accountmg TechnICian, and to Bill Powell, BudgetlFmance Assistant who aSSisted the auditors m
preparmg this report. Additionally, I would like to recognIze the efforts of Linda Stengel, whose
Immaculate record keepmg greatly expedited the audit process. Special thanks are extended to
members of the mdependent Certified Public Accountmg firm of Johnson, Holscher & Company,
P c., for the exemplary fashion m which they accomplished the 1998 audit.
Respectfully submitted,
%v r?~
Ron Patera
City Treasurer
vi
CITY OF WHEAT RIDGE
PRINCIP AL CITY OFFICIALS
MA YOR
Gretchen Cerveny
CITY COUNCIL
])istrict 1
District 2
Jerry Ditullio
Lloyd Donnely
Ken Siler
Ralph Mancinelli
CITY CLERK
MUNICIPAL JUDGE
CITY TREASURER
CITY ATTORNEY
CITY MANAGER
DIRECTOR OF PLANNING
DIRECTOR OF PARKS & RECREATION
DIRECTOR OF PUBLIC WORKS
CHIEF OF POLICE
BUDGET/FINANCE ASSISTANT
PERSONNEL ASSISTANT
PURCHASING AGENT
CHIEF ACCOUNTANT
VII
District 3
Donald Eafanti
Janelle Shaver
Wanda Sang
Randall DavIs
Ron Patera
Gerald Dahl
Robert C Middaugh
Alan Whtte
Gary Wardle
Robert Goebel
Jack Hurst
Wilham W Powell
Patncia Crew
Mia MasCltelli
Lmda Stengel
District .f
Claudia Worth
Ten Dalbec
FINANCIAL SECTION
Johnson, HOlscher & Company, P.C.
Certified Public Accountants
Honorable Mayor and Members of the City Council
City of Wheat Ridge
Wheat Ridge, Colorado
INDEPENDENT AUDITORS' REPORT
We have audited the accompanymg general purpose financial statements of the City of Wheat Ridge,
Colorado, as of and for the year ended December 31, 1998, as listed m the table of contents. These
general purpose financial statements are the responsibility of the City's management. Our responsibility
is to express an opinion on these general purpose financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards. Those standards
require that we plan and perform the audit to obtain reasonable assurance about whether the general
purpose financial statements are free of material misstatement. An audit mcludes examming, on a test
basis, eVidence supportmg the amounts and disclosures in the general purpose financial statements. An
audit also includes assessing the accounting principles used and sigmficant estimates made by
management, as well as evaluating the overall general purpose financial statement presentatiOn. We
believe that our audit provides a reasonable basis for our opinion.
In our opimon, the general purpose financial statements referred to above present fairly, in all materIal
respects, the financial pOSition of the City of Wheat Ridge, Colorado, as of December 31,1998, and the
results of Its operatIons and cash flows of its proprietary fund type for the year then ended in conformity
With generally accepted accounting principles.
Our audit was conducted for the purpose of forming an opinion on the general purpose financial
statements taken as a whole. The combining, individual fund and account group statements and
schedules and supplementary information listed in the table of contents are presented for purposes of
additional analysis and are not a required part of the general purpose financial statements of the City of
Wheat Ridge, Colorado. Such information has been subjected to the auditing procedures applied m the
audit of the general purpose financial statements and, in our opimon, is fairly presented in all materIal
respects in relatiOn to the general purpose financial statements taken as a whole.
The statistical information included in the comprehensive annual financial report was not audited by us,
and accordingly, we do not express an opinion on it.
~, fI;I~t::Wf f cPct~ I fJc..
March 5, 1999
Member of the American Institute of Certified PUblic Accountants
Member of the private Companies practice Section
Member of the SEC practice Section
5975 Greenwood Plaza Blvd.. Suite 140
Greenwood Village. 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, operatmg results, and cash flows. where applicable,
of all funds and account groups as of December 31, 1998
CITY OF WHEAT RIDGE, COLORADO
COMBINED BALANCE SHEET
ALL FlJ]\JD TYPES AND ACCOUNT GROUPS
Decembcr 31, 1998
The accompanying notes are an tntegral part of the financIal statements.
2
FIDUCIARY
PROPRIETARY FUND TYPES __ ACCOUNT GROUPS
Fl iND TYPE TRUST AND GENERAL GENERAL TOT ALS
---- -- ~
INTERNAL AGENCY FIXED LONG-TERM (MEMORANDUM ONL~
SERVICE FUND FUNDS ASSETS ------.I:2EBT _ 1998 1997
-----
$ 414,670 $ 13,080,721 $ $ 24,2]5,127 $ 20,214,644
852,812 825,910
2,240,876 2,322,305
1.153,114 819,959
409,393 612,337
993,800
14,423,698 321,982
27,904,952 27,904.952 25,223,972
556,991 556,991 619,500
--- -- 14,635,193 ---14,635,193 _ 2,077,320
$ _~ . 414,67~ $ 13 080.721 $ 27,904,952 $ 15.192.184 $ ~6,392,156 $ 54.0:21,72~
$ 2,336 $ $ $ $ 659,128 $ 345,047
168,856 1]6,877
264,765 294,887 205,916
178 409,393 612,337
100,000 100,000 100,000
993,800
852,812 825,910
519,55] 543.497 511,099
122,500 122,500 157.500
20,133 20.133 27,466
13,505,000 13,505,000
--"---- --' ~.02\OOO 1 ,025,000 2,025,QOO
_ --.101.3 32... __264,943 15,192,1~ 17,701.206 __ 5,nO,95:L
27,904,952 27,904,952 25,223,972
312,334 312,334 212,200
8,018,803 2,062,940
993,800
2,477,235 1,615,735
460,634 490,286
12,815,778 ]2,815,778 10,590,150
524,000 524,000
96,357 129,214
16,080,857 ~68A80_
---.ll2.3 3 4 12,815,778 27.904,952 68,690,950 _48,110.777
$ 414,670 $ 13080,721 $ 27,904.952 $ 15.192.184 $ ~392.156 $ 54031729
CITY OF WHEAT RIDGE, COLORADO
_COMBINEDSTATEMEtlJ OF REVENUES EXPENDIILJRES
AND CHANGES IN FUND BALANCE
t\LLGOVERNMENTAL FUND TYPES
Year Ended December 31, 1998
- - GOVERNMENT AI. FUND TYPES
SPECIAL DEBT CAPITAL
GENERAL REVENUE SERVICE PROJECTS
--
REVENUES
Taxcs $ 8,942,831 $ 3,034462 $ $ 4,451,971
Licenses and PermIts 566,341
Intcrgovernmental 1,733,602 2,377.977
Charges for ServIces 519,887 52,635
Fincs and ForfeItures 666,731
SpeCIal Assessments
Intcrest 248,396 516,620 43,687 808,073
Othcr 172,659 104,p4 - - -- _ ~21,O95
TOTAL REVENUES 12,850,447 6,085,968 431&~ __2.)81,139
EXPENDITURES
CUITent
General Government 2,085,161 42,209
Plannmg and Development 593,238 207,485
Pohce 4,751,846 8,374
Pubhc Works 2,427,939
Parks and RecreatIOn 2,102,378 1,179,889
Othcr 707,126 318,482 74,516
CapItal Outlay 2,683,064 3,673,661
Debt ServIce
Pnnclpal 1,315,000 1,000,000
Interest and Fiscal Charges 286,735 81,325
TOTAL EXPENDITURES 12,667,688 6.04\,238_ 1,155~4L _ ~1)jD,661
r::XCESS OF REVENUES OVER (UNDER)
EXPENDITURES ] 82,759_ 44,730 (1,112,154) I ,707,4 78
OTHER FINANCING SOURCES (USES)
Bond Procccds 14,820,000
Bond Discount (69,382)
Opcratmg Transfers In 1,150,882 1,076,500 1,1 02,570 80425
Operatmg Transfers Out (221 ,5Qill (908,382 ) (52,925 ) __lV27,570)
TOT AL OTHER FINANCING SOURCES (USES) 929,382 14,918,736 I ,049,645 (2,147,145)
EXCESS OF REVENUES AND OTHER
SOURCES OVER (UNDER) EXPENDITURES
AND OTHER USES U 12.141 14,963,466 ( 62,509) (439,6(,7)
FUND BALANCE, BEGINNING 4,972,208 2,945,403 619,500 3,547 ,344
FUND BALANCE, ENDING $ 6,084.349 $ 17908869 $ 556991 $ _ 3,107677
The accompanymg notes are an mtegral part ofthc finanCIal statements.
3
TOTALS
J.ME:MORANDUM ONL Y)_
1998 1997
-_._~.-
$ 16.429,264 $ 12)08,980
566.341 52],110
4.111,579 2.836,164
572.522 559,634
666,731 541,466
17,488
1,616776 1,146,988
_ 398,028_ 224,093
_)4J61~ ] 8,685,923
2,]27,370
800,723
4 760,220
2.427.939
3,282,267
!JOO,124
0.356725
2,315,000
368.060
_ n538,428
_ ~2V~13
14,820,000
(69.382)
3410.377
_0,410,377 )
1112.0,618
\ 5,573,431
_12,084,455
2,052,749
771,520
4,785,843
2,292,549
3.126,545
792,118
6,593,440
960,000
_11Jl,61l
---11,493,377
(2,807 ,45~
3,999,297
(3,999,29l}
(2,807.454 )
$c~2L65L886 $ 12 08~
14,891,909
cm OF WHEAT RIDGE, COLORADO
COMBINED ST A TEMENT OF REVENUES EXPENDITURES AND ENCUMBRANCES
BUDGET AND ACTUAL
ALL GOVFRNMfL'lT AI FUND TYPES
Year Ended December 31, 1998
TOTAL REVENUES
GENERAL-.
V ARIANCE-
FAVORABLE
BUDGET --A.CTU~ (UNF A VORABLEI
$ 8,376,781 S 8,942,831 S 566,050
443,250 566,341 123,091
1,763,660 1,733,602 (30,058)
544,484 519,887 (24,5971
550,000 666,731 116,731
175,000 248,396 73,396
78,000 172~ 94,659
11,931,175 12,850.447 919,272
2,054,939 2,085,685 (30,746)
652,352 593,238 59,114
5,012,788 4,751,846 260,942
2,558,739 2,413,839 144,900
2,177,655 2,111,945 65,710
821,679 707,126 114,553
REVENUES
Taxes
Licenses and Permits
Intergovernmental
Charges for Services
Fines and Forfeitures
Interest
Other
EXPENDITURES AND ENCUMBRANCES
Current
General Government
Planning and Development
Police
Public Works
Parks and Recreation
Other
Capital Ouday
Debt Service
Principal
Interest and Fiscal Charges
TOTAL EXPENDITURES AND ENCUMBRANCES
---13.278.152 12,663,679 614,473
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES AND ENCUMBRANCES
(1.346.977) _ 186,768 _.1,211.745
OTHER FINANCING SOURCES (USES)
Bond Proceeds
Bond Discount
Operating Transfers In
Operating Transfers Out
TOTAL OTHER FINANCING SOURCES (USES)
2,200,000 1,150,882 (1,049,118)
(385,000) (221,500) 163,500
1,815,000 929,382 (885,618)
S 468 023 1,116,150 S 648 127
(15.887)
11,878
_ (4,009)
S 1112141
EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER)
EXPENDITURES, ENCUMBRANCES AND OTHER USES
ADJUSTMENTS TO GAAP BASIS
Encumbrances
Prior Year
Current Year
TOT AL ADJUSTMENTS
EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER)
EXPENDITURES, ENCUMBRANCES AND OTHER USES
(GAAP BASIS)
The accompanying notes are an integral part of the financial statements.
4
SPECtAL REVENUE DEBT SERVICE CAPD'AL PR,(lJECTS
V ARIANCE- V ARlANCE- V ARlANCE-
FAVORABLE FAVORABLE FAVORABLE
ILUDGET ACTIJAL (UNFAVORABLE) BUDGET ACTIJAL (UNFAVORABLE) BUDGET ACTIJ AL (UNFAVORABLE)
3,321,704 S 3,059,462 S (262,242) S S S S 4,108,500 S 4,451,971 S 343,47\
1,311,000 2,302,095 991,095
50,475 52,635 2.160
56,175 516,620 460,445 22,955 43,687 20,732 1,285,570 808,073 (477,497)
249,040 104,274 (144,766) 50,000 121,095 71,095
4,988,394 6.035,086 1,046,692 22.955 43,687 20.732 5,444,070 5.381,139 (62,931)
79.000 37,097 41,903
282,150 207,735 74,415
15,000 8,374 6,626
1,909,550 838,881 1,070,669
318,482 81.000 74,5t6 6,484 70,000 70,000
10,833,489 10,095,432 738,057 4,860,014 2,885,517 1,974,497
1,315,000 1,315,000 1,000,000 1,000,000
286,735 ------186,735 81.325 81.325
15,039,406 12,789,254 2,250,152 1,162,325 1,155.841 6,484 4,930.0t4 2,885,517 2,044,497
(10.051,012) (6,754,168) 3,296,844 (1.139.370) (1,112.154) 27,216 514.056 2.495.622 1,981,566
14,750,618 14,820,000 69,382
(69,382) (69,382)
1,076,500 1,076,500 1,102,570 1,102,570 80,425 80,425
(857,628) (857 ,500) 128 (52,925) (52,925) (2,317,570) (2,227,570) 90.000
14,969,490 14,969,618 128 1,049,645 1,049,645 (2.237.145) (2,147,145) 90,000
S ~18 478 8,215,450 S 3 296 972 S (89 725) (62,509) S 27 216 S (1 723089) 348,477 S 2071 566
(628,467) (1,418,586)
7,376,483 630,442
6,748,016 (788.144)
S 14963466 S (62 509) S (439 667)
OPERATING REVENUES
Insurance Reimbursements
OPERATING EXPENSES
Insurance Premiums
Insurance Claims
TOTAL OPERATING EXPENSES
OPERATING INCOME (LOSS)
CITY OF WHEAT RIDGE. COLORADO
ST A TEMENT OF REVENUES, EXPENSES.
AN12 CHANGES.lli. RET AINED EARNINGS
INTERNAL SERYICE FUND
Year Ended December 31, 1998
NON-OPERATING REVENUES (EXPENSES)
Interest
NET INCOME
RETAINED EARNINGS. BEGINNING
RETAINED EARNINGS. ENDING
1998 1997 -
$ - - 220,242 $ - _21(;,988
89.777 69819
48.675 llli62
. 138.452 __n.l48 I
81.790 (4.493)
~344 - 2U8(,
](JO.134 16.693
212,200 -- 195.507
$ _=__JJU34_ $ ~~~:212>~()O
The accompanying notes are an integral part of the financial statements.
5
CITY OF WHEAT RIDGE. COLORADO
STATEMENT OF CASH FLOWS
INTERNAL SERVICE FUND
Year Ended December 3 L 1998
Increase (Decrease) in Cash and Cash Equivalents
C ash Flows from Operating Activities
Cash Received from Other Funds
Cash Paid to Suppliers
Net Cash Provided (Used) by Operating Activities
Cash Flows From Investing Activities
Interest Received
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
C ASH AND CASH EQUIVALENTS, BEGINNING
CASH AND CASH EQUIV ALENTS. ENDING
RECONCILIATION OF OPERATING LOSS TO NET CASH PROVIDED (USED) BY
OPERA TING ACTIVITIES
Operating Loss
Adjustments to Reconcile Operating Loss to Net
Cash Provided (Used) by Operating Activities
Changes in Assets and Liabilities
Accounts Payable
Claims Payable
Net Cash Provided (Used) by Operating Activities
- - 1998 1997 -,
$ 220,242 $ 216,988
(D8,03I) _(433,582)
82.210 (216,6111 )
18.344 _2l,l8()
100,554 (195415)
- 31Ul~ ~09,531
$ 414.67lL $ _ .:J.14.l1()
$
81.790 $ (4.491)
420 (39 !(8)
_ -.ill3jJlJOl
$~llb2JiL $~_@,6(1))
The accompanying notes are an integral part of the financial statements.
6
ADDITIONS
Employer Contributions
Employee Contributions
Employee Voluntary Contributions
TOTAL CONTRIBUTIONS
CITY OF WHEAT RIDGE, COLORADO
5T A TEMEl'IT OF CHANGES IN PLAN NET ASSETS
PENSION TRUST FUND
Year Ended December 31. 1998
Investment Income
Net Appreciation in Fair Value of Investments
Interest
NET INVESTMENT INCOME
TOT AL ADDITIONS
DEDUCTIONS
Benefit Payments
Administrative Charges
TOT AL DEDUCTIONS
NET INCREASE
NET ASSETS HELD IN TRUST FOR PENSION BENEFITS. BEGINNING
NET ASSETS HELD IN TRUST FOR PENSION BENEFITS. ENDING
1998 1997
$ 271.406 $ 267,383
271. 406 267.38:1
45~024 41.421
587,906 577.18]
1,710,120 675,223
- 801,508 .1.205.895
_ 2,51~2~ 1,881,118
3.099,534 20458"305
838,410 398.501
35.496 48.789
873,906 - 447.290
2.225.628 2.011,015
---1()j 9Q,l5JL _~72"13j
$ ~2.815.778 $ =--..1<122.W()
The accompanying notes are an integral part of the financial statements.
7
NOTE 1:
CITY OF WHEAT RIDGE, COLORADO
NOTES TO FINANCIAL STATEMENTS
December 31, 1998
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The City of Wheat Ridge, Colorado was mcorporated in August, 1969, and became a
home rule city in 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 prInCiples as applicable to governments The followmg IS
a summary of the more slgruficant polICies
REPORTING ENTITY
In accordance With Governmental Accountmg Standards, the City has conSidered the
possibilIty of mcluslOn of additional entities m ItS general purpose finanCial statements
The defimtlOn of the reportmg entity IS based pnmarily on finanCial accountabilIty The
CIty IS financially accountable for orgamzatlOns that make up ItS legal entity It tS also
finanCially accountable for legally separate orgamzatlons If City offiCials appomt a votmg
maJonty of the organization's governmg 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 orgamzatlOns that are fiscally dependent upon It
Based on the application of this cntena, the City mcludes the Wheat RIdge Economtc and
ReVItalizatIOn CommiSSion (EDARC) withm ItS reportmg entity EDARC was created to
redevelop or rehabilitate certain blighted areas of the City The EDARC Board of
ComffilsslOners are appomted by the City Mayor and CounciL Council approval IS reqUIred
for EDARC's budget. The finanCial mformatlOn of EDARC IS blended mto the City's
finanCial statements as a special revenue fund.
FUNDS AND ACCOUNT GROUPS
The accounts of the City are orgamzed on the basis of funds and account groups, each of
which is conSidered a separate accounting entity The operations of each fund are
accounted for With a separate set of self-balancing accounts that compnse ItS assets,
liabilIties, fund eqUIty, revenues, and expenditures, or expenses, as appropnate
Government resources are allocated to, and accounted for m indiVidual funds, based upon
the purposes for wluch they are to be spent and the means by which spendmg activities are
controlled. The vanous funds are grouped m the finanCial statements m thiS report, mto
fund types and broad fund categones as follows
8
NOTE 1:
CITY OF WHEAT RIDGE, COLORADO
NOTES TO FINANCIAL STATEMENTS
December 31, 1998
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
FUNDS AND ACCOUNT GROUPS (Contmued)
GOVERNMENTAL FUNDS
All governmental funds are accounted for on a spending or "financial flow" measurement
focus. ThIs means that only current assets and current liabilities are generally mcluded on
the balance sheet. Their reported fund balance (net current assets) is considered a measure
of "available spendable resources" Governmental fund operatmg statements present
Increases (revenue and other financmg sources) and decreases (expenditures and other
financmg uses) in net current assets. Accordmgly, they are said to present a summary of
sources and uses of "available spendable resources" dUrIng a perIod
General Fund -- The General Fund is the general operating fund of the City It tS used to
account for all financial resources except those required to be accounted for In another
fund.
Special Revenue Funds -- Spectal 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 oblIgatIOn prIncipal, interest, and related
costs
Capital Projects Funds -- Capital Projects Funds are used to account for the acqUlslttOn
or constructIOn of property and facilIties.
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 m a trustee capacity or as an agent for indiViduals, prIvate organIzatIOns, other
governments, and/or other funds.
9
CITY OF WHEAT RIDGE, COLORADO
NOTES TO FINANCIAL STATEMENTS
December 31, 1998
NOTE 1: 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 in 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 Involved with measurement of results of operatIOns.
BASIS OF ACCOUNTING
The accounting and finanCial reporting treatment applied to a fund IS determIned by Its
measurement focus, All governmental funds are accounted for USing a current finanCial
resources measurement focus. With tlus 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 (i.e ,
expenditures and other finanCIng uses) In net current assets
The proprietary fund and pension trust fund are accounted for on a flow of economIc
resources measurement focus. With thiS measurement focus, all assets and all Itabiltttes
associated with the operation of these funds are included on the balance sheet. Fund equity
for the propnetary fund (i.e , net total assets) is segregated into contributed capItal and
retamed earnings components. Propnetary fund type operatmg statements present
Increases (e g., revenues) and decreases (e g., expenses) In net total assets.
The accountmg and reportIng treatment applied to the fixed assets and long-term ltabilItles
associated with a fund are determined by ItS measurement focus.
The modified accrual baSIS of accounting IS used by all governmental funds and the agency
fund Under the modified accrual baSIS of accounting, 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 determined and "available"
means collectible Wlthin the current period or soon enough thereafter to be used to pay the
lIabihties of the current penod. Expenditures are generally recogmzed when the related
fund liability IS mcurred
10
NOTE 1:
CITY OF WHEAT RIDGE, COLORADO
NOTES TO FINANCIAL STATEMENTS
December 31, 1998
SUMMARY OF SIGNIFICANT ACCOUNTING POLIOES (Contmued)
BASIS OF ACCOUNTING (Contmued)
Those revenues susceptible to accrual are sales taxes, property taxes, franchtse taxes,
mterest, and grants. Fines and permit revenues are not susceptible to accrual as they
generally are not measurable until received m cash.
The accrual basIs of accountmg IS used by all propnetary and pension trust fund types
Under this method, revenues are recognized when earned and expenses are recogmzed at
the time liabilities are mcurred.
F or ItS propnetary fund type, the City has elected not to apply FinancIal Accountmg
Standards Board (F ASB) statements and mterpretatlOns Issued after November 30, 1989
Agency Funds are custodial in nature and do not involve measurement of the results of
operations.
Deferred revenues anse when a potential revenue does not meet both the "measurable" and
"available" cnteria for recogrutlOn ill the current penod. Deferred revenues also anse when
resources are received by the City before It has a legal claim to them, as when grant momes
are received prior to the mcurrence of qualifying expenditures. In subsequent penods,
when both revenue recogmtlon cntena 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 recogmzed.
BUDGETS
The City follows these procedures m establishing the budgetary data reflected m the
financial statements
o In September, the CIty AdrrumstratlOn submits to the City Council a proposed
operating budget for the fiscal year commencmg the following January I The
operating budget includes proposed expenditures and the means of financmg them.
o Public heanngs are conducted to obtaIn taxpayer comments.
o Prior to December 31, the budget is legally enacted through passage of an ordmance
o Any budget reVIsions that alter the total expenditures of any fund must be approved
by the City CounciL
II
CITY OF WHEAT RIDGE, COLORADO
NOTES TO FINANCIAL STATEMENTS
December 3 1, 1998
NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (ContInued)
BUDGETS (ContInued)
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 comparisons presented for the Debt Service Funds are presented on a
basIs consistent with generally accepted accountmg prInCiples (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 appropnations by fund.
CASH AND INVESTMENTS
Cash eqUivalents Include investments with origInal maturities of three months or less.
Investments are recorded at fmr value. During the year ended December 3 1. 1998, the City
adopted Governmental Accounting Standards Board Statement 31, Accounting and
Financial Reporting for Certain Investments and for External Investment Pools. As a
result, beginmng fund balance for the Capital Projects Fund was Increased by $513,023
INTERFUND RECEIVABLES/PAYABLES
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 mdicates that they do not
constitute expendable available financial resources and therefore are not available for
appropriation.
FIXED ASSETS
Property and equipment acquisitions made by the governmental funds are accounted for as
expenditures of the fund, and are then capitalized ill 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 life in excess of one year
12
CITY OF WHEAT RIDGE, COLORADO
NOTES TO FINANCIAL STATEMENTS
December 3 1, 1998
NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (ContInued)
FIXED ASSETS (Contmued)
Public domaIn ("infrastructure") general fixed assets consIstIng of roads, bndges, curbs and
gutters, streets and sidewalks, drainage systems and lightIng systems are not capttalized.
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 terminatIOn 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 stck ttme
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 paid With expendable financial resources are recorded as a liability of the Compensated
Absences Debt Servtce Fund. Accumulated pay not expected to be paid from available
resources IS reported in the General Long-Term Debt Account Group
LONG- TERM OBLIGA TIONS
Long-term debt IS recognized as a liability of a governmental fund when due, or when
resources have been accumulated III the debt service fund for payment early In 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
remairung portion of such obligations IS reported in the General Long-Term Debt Account
Group Long-term liabilities expected to be financed from propnetary fund operatIOns are
accounted for III that fund.
FUND EQUITY
Reserves represent those portions offund eqUity not appropriable for expenditure or legally
segregated for a specific future use. DeSignated fund balances represent tentative plans for
future use of finanCial resources
13
CITY OF WHEAT RIDGE, COLORADO
NOTES TO FINANCIAL STATEMENTS
December 31, 1998
NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Contmued)
PROPERTY TAXES
Property taxes are levied on November I and attach as an enforceable lien on property on
January 1 Taxes are payable in full on April 30 or m two mstallments on February 28 and
June 15 The County Treasurer's office collects property taxes and remits to the City on
a monthly baSIS
Smce property tax revenues are collected m arrears dunng the succeeding year, a receivable
and corresponding deferred revenue are recorded at December 3 I As the tax IS collected
m the succeeding year, the deferred revenue IS recognized as revenue and the recetvable IS
reduced.
CONTRABAND FORFEITURES
The Colorado Contraband Forfeiture Act allows law enforcement agencies to retain
proceeds from the seizure of contraband. These transactIons are recorded m the Police
Investigation Special Revenue Fund.
COMPARATIVE DATA
Comparative total data for the pnor year has been presented m the accompanymg financtal
statements m order to provide an understanding of changes m the Ctty's finanCial position
and operations. However, comparative (i.e., presentation ofpnor year totals by fund type)
data has not been presented m each of the statements since their mc1uslOn would make the
statements unduly complex and difficult to read.
TOTAL COLUMNS ON COMBINED STATEMENTS - OVERVIEW
Total columns on the Combmed Statements - Overview are captIoned "Memorandum
Only" to mdicate that they are presented only to facilitate financial analYSIS. Data m these
columns do not present financial pOSitIOn, results of operatIOns, or cash flows m conforlllity
With generally accepted accountmg principles Neither IS such data comparable to a
consolidation. Interfund ehmmatlOns have not been made In the aggregatIOn of this data.
14
CITY OF WHEAT RIDGE, COLORADO
NOTES TO FINANCIAL STATEMENTS
December 3 I, 1998
NOTE 2: DEPOSITS AND INVESTMENTS
A summary of deposits and mvestments as of December 3 I, 1998 follows
Petty Cash
Cash Deposits
Investments
$ 1,420
1,343,842
37293 563
$ 38.638.825
The above amounts are claSSified in the combmed balance sheets as follows
Cash and Investments
Restricted Cash and Investments
$ 24,215,127
14423,698
$ 38.638.825
Cash Deposits
The Colorado Public DepOSit Protection Act, (PDPA) reqUires that all UnIts of local
government deposit cash in eligible public depositOries Eligibility IS determmed by state
regulatIOns. Amounts on depOSit m excess offederal msurance levels must be collateralized
by eligible collateral as determmed by the PDP A. The financial mstltutlOn IS allowed to
create a single 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 UnInsured depOSits.
DepOSits are categorized to give an mdication of risk assumed by the government at the end
of the year Category I mcludes depOSits that are msured. Category 2 mcludes
collateralized depOSits with securities held by the pledgmg mstitutlOn's trust department or
agent m the City's name, and Category 3 includes uncollateralIzed, uninsured depOSits.
At December 31, 1998, the City's cash depOSits had a carrymg amount of$1 ,343,842, and
a corresponding bank balance as follows
Insured (Category I)
Deposits Collateralized in Smgle Institution Pools (Category 2)
$ 488,223
1 171617
Total Cash DepOSits
$ 1.659.840
15
CITY OF WHEAT RIDGE, COLORADO
NOTES TO FINANCIAL STATEMENTS
December 31, 1998
NOTE 2: DEPOSITS AND INVESTMENTS (Continued)
Investments
Colorado statutes specifY which instruments units of local government may lllvest, whIch
include'
o Obligations of the United States and certain U.S. government agency securities
o Certam international agency securities
o General obligation and revenue bonds ofU S local government entitles
o Bankers' acceptances of certain banks
o Commercial paper
o Local government investment pools
o Written repurchase agreements collateralized by certain authorized securities
o Certain money market funds
o Guaranteed investment contracts
The City's investments are categorized below to give an indicatIOn of the level of security
assumed at year end.
Category 1 -- Investments that are insured or registered or for which the securities are held
by the City or its agent in the City's name.
Category 2 -- Uninsured and unregistered investments for which the securities are held by
the counterparty's trust department or agent in the City's name.
Category 3 -- Uninsured and unregistered investments for which the seCUrIties are held by
the counterparty's trust department or by its agent, but not in the City's name.
Fair
Value
(Category 1)
U.S. Treasury Securities
U.S. Agency Securities
Repurchase Agreements, collateralized by
securities with a fair value of $13,937,433
$ 833,982
3,096,743
13.021.912
$ 16.952.637
16
CITY OF WHEAT RIDGE, COLORADO
NOTES TO FINANCIAL STATEMENTS
December 31, 1998
NOTE 2: DEPOSITS AND INVESTMENTS (Continued)
Investments (Continued)
At December 31, 1998, the City had invested $3,900,950 and $2,687,124, respectively, In
the Colorado Govemment LiqUId Asset Trust (Colotrust), and the Colorado Surplus Asset
Fund Trust (CSAFE), Investment vehicles established for local government entitIes In
Colorado to pool surplus funds. The Trusts operate smlilarly to a money market fund and
each share IS equal in value to $1 00 Investments of the Trusts Include U S Treasury bills,
notes and note stops, and repurchase agreements collateralIzed by U S Treasury secuntIes
A designated custodial bank provides safekeeping and depository services to the Trusts In
connection With the direct investment and withdrawal functions of the Trusts. SubstantIally
all secuotles owned by the Trusts are held by the Federal Reserve Bank In the account
mamtaIned for the custodial bank. The custodian's Internal records identify the mvestments
owned by the Trusts
In additIOn, the City had invested $937,074 in money market accounts.
At December 3 1, 1998, the City's pensIOn plan assets were Invested In vanous mutual
funds The carryIng and market values of these funds were $12,815,778
These investments are not categonzed since the underlying secuntles cannot be determmed.
Restricted Cash and Investments
Cash and Investments of$I,148,835 have been restocted In the Incremental Sales Tax
Bond Debt SefYlce Fund and the Capital Projects Fund for future debt service of the 1993
Sales Tax Revenue Refunding Bonds Cash and investments of$13,274,863 representmg
the proceeds of the 1998 certificates of partICipatIOn have been restncted m the RecreatIOn
Center Special Revenue Fund.
NOTE 3: FIXED ASSETS
A summary of changes in the General Fixed Assets Account Group is as follows
Balance Balance
12/31/97 Additions Deletions 12/31/98
Land $ 5,268,155 $ 524,941 $ $ 5,793,096
Buildings 4,851,924 4,851,924
Streets and Improvements 9,122,451 9,122,451
EqUipment 5,981,442 615,010 339,878 6,256,574
Construction III Progress I 880 907 ] 880 907
Total General Fixed Assets $ 25.223.972 $ 3.020.858 $ 339.878 $ 27.904.952
17
CITY OF WHEAT RIDGE, COLORADO
NOTES TO FINANCIAL STATEMENTS
December 31, 1998
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, 1998
Balance Balance
1/l/98 AdditIOns Payments 12/31198
Certificates of Participation $ $ 14,820,000 $ 1,3 15,000 $ 13,505,000
Revenue Bonds 2,025,000 1,000,000 1,025,000
CapItal Lease 27,466 7,333 20,133
Compensated Absences 486,854 32,697 519,551
Developer Agreement 157500 35,000 122500
Total $ 2.696.820 $ 14.852.697 $ 2.357 .333 $15.192.184
Certificates of Participation
The City Issued $14,820,000 Certificates of PartiCIpatIon, Series 1998, to finance the
constructIon of a recreation facility Pnnclpal payments are due annually on December 15.
and mterest payments are due semi-annually on June 15 and December 15, through 2008
Interest accrues at rates rangmg from 3 55% to 46%
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 certain street Improvements
Pnnclpal payments are due annually on December 1, and interest payments are due semI-
annually on June 1 and December 1, through 1999 Interest accrues at rates rangmg from
2 45% to 4 1 % per annum.
Annual debt service requirements for the certificates of participation and bonds are as
follows
Year Ended December 3 1, PrinCipal Interest Total
1999 $ 2,025,000 $ 619,742 $ 2,644,742
2000 1,035,000 539,217 1,574,217
2001 1,080,000 497,817 1,577,817
2002 1,120,000 454,617 1,574,617
2003 1,165,000 408,137 1,573,137
Thereafter 8,105.000 1,246017 9)51017
Total Debt Service Requirements $ 14.530.000 $ 3.765.547 $ 18.295.547
18
CITY OF WHEAT RIDGE, COLORADO
NOTES TO FINANCIAL STATEMENTS
December 31. 1998
NOTE 4: LONG-TERM DEBT (Continued)
Capital Leases
The City entered into vanous lease purchase agreements to purchase office copIers.
Monthly payments of principal and Interest accruing at rates ranging from 65% to 9%, are
payable through 2000 The outstanding balances of the leases are recorded In the General
Long-Term Debt Account Group Future mirumum lease payments are as follows
Year Ended December 31
1999
2000
$
11.457
8656
Total Mimmum Lease Payments
20,113
Less Interest
(5,056)
Present Value ofPuture Minimum Lease Payments
$
15,057
Developer Agreement
On January 13, 1997, the Wheat Ridge Economic and RevttalizatlOn 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 wlthm 10
years. No mterest 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 omisslOns; 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 OllliSSlOns 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
1998 1997
Claims Payable, January 1 $ 100,000 $ 273,000
Incurred but Unreported Claims and Adjustments 48,675 (21,338)
Claims PaId 148,675) 051 ,662)
Claims Payable, December 31 $ 100,000 $ 100,000
19
CITY OF WHEAT RIDGE, COLORADO
NOTES TO FINANCIAL STATEMENTS
December 31, 1998
NOTE 5: RISK MANAGEMENT (Contmued)
For excess liability, property and workers compensation claims, the City IS mvolved wtth the
Colorado Intergovernmental Risk SharIng Agency (CIRSA), a separate and mdependent
governmental and legal entity formed by mtergovernmental agreement by member
municipalities pursuant to the provision of 24-1 0-115 5, Colorado ReVIsed Statutes (1982
Replacement Volume) and Colorado Constitution, Article XIV. SectIOn 18(2)
The purposes of CIRSA are to proVide members defined liability, property, and workers
compensatIOn coverages and to assist members to prevent and reduce losses and inJunes to
mUlllclpal property and to persons or property which might result in claims bemg made
agamst members of CIRSA, their employees and officers.
It IS the mtent of the members of CIRSA to create an entity m perpetUity which will
admInister and use funds contributed by the members to defend and mdemlllfY, m accordance
With the bylaws, any member of CIRSA against stated liability of loss, to the limit of the
finanCial resources ofCIRSA It IS also the mtent of the members to have CIRSA proVide
contmumg stability and availability of needed coverages at reasonable costs All mcome and
assets of CIRSA 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 slglllficantly affect the operations of the Ulllt.
The City carnes commerCial insurance for other nsks of loss, mcludmg employee health
msurance.
NOTE 6: RETIREMENT COMMITMENTS
Police Purchase Pension Plan
The City contributes to a smgle employer defined contributIOn money purchase penston plan
on behalf of sworn police officers. Employees are reqUired to contribute 10% of theJf
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 m
excess of 15% of their compensation to the Plan
Employees become vested in 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, 1998, of $12,815,778 are managed by Norwest
Investment SefYlces, Inc. The Plan is included in the finanCial statements as a PensIOn Trust
Fund.
20
CITY OF WHEAT RIDGE, COLORADO
NOTES TO FINANCIAL STATEMENTS
December 31, 1998
NOTE 6: RETIREMENT COMMITMENTS (ContInued)
Department Head Pension Plan
City department heads participate In a multIple-employer defined contributIOn penston plan
after one year of employment Department heads are reqUired to contribute 4% of thetr
compensation to the Plan and the City contributes 5% The contribution reqUirements of
Plan members and the City are estabhshed and may be amended by the City CounciL
Employees become vested In all contributIons to the Plan Immediately
All of the Plan investments are managed by The lnternational City Managers' ASSOCiatIOn
(ICMA)
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
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 estabhshed
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: COMMITMENTS AND CONTINGENCIES
Tabor Amendment -- Colorado voters passed an amendment to the State ConstItutIOn,
ArtIcle X, SectIon 20, which has several hmitations, includIng revenue ralsmg, spendIng
abilitIes, and other specific reqUirements of state and local governments. The Amendment
reqUires, with certaIn exceptions, advance voter approval for any new tax, tax rate Increase,
mill levy above that for the pnor year, extension of an expiring tax, or tax policy change
directly causmg a net tax revenue gam to the City
Revenue in excess ofthe fiscal year spending li\TIlt must be refunded in the next fiscal year
unless voters approve retentIOn of such revenue The City's management believes It IS In
compliance With the provIsions of the Amendment. However, the Amendment IS complex
and subject to InterpretatIOn. Many of Its prOVISions may require JudiCial mterpretatlOn
21
CITY OF WHEAT RIDGE, COLORADO
NOTES TO FINANCIAL STATEMENTS
December 31, 1998
NOTE 7: COMMITMENTS AND CONTINGENCIES (Continued)
The City has established an emergency reserve, representing 3% of qualifying expenditures,
as required by the Amendment. At December 31, 1998, the emergency reserve of $524,000
was recorded in the General Fund.
Litigation -- The City is involved in various lawsUits. The outcome of this litigatIOn cannot
be determmed at this time.
Commitments -- EDARC has entered mto an agreement with Wheat Ridge Marketplace,
to pay to the developer incremental property tax revenue derived from the property through
December 31, 2006, not exceeding $750,000 At December 31, 1998, the City had paid
$278,580 under thiS agreement.
At December 31, 1998, the City had entered into additional contracts of approximately $7.2
million for the design and construction ofthe Recreation Center.
22
CITY OF WHEAT RIDGE, COLORADO
REOUIRED SUPPLEMENT AL INFORMATION
(Unaudited)
December 31, 1998
YEAR 2000 ISSUE
The Year 2000 Issue IS the result of shortcomings in many electronic data processing and other electromc
eqUipment that may adversely affect the City's operations.
The City has determined the various systems that may be affected by the Year 2000 issue and that are
necessary to conducting City operations. The following systems have been assessed, tested and meet
the criteria to operate in the Year 2000:
~ Financial Management System
~ Municipal Court System
~ All Network Servers
~ Heating, Ventilation and Air Conditioning System
~ Elevator
~ Telephone and Voice Mail
In additiOn, approximately 95% of the personal computers operating in the City facility are Year 2000
compliant. The City will replace the remaining 5% of the computers by June of 1999
The City is in the process of replacing the Police Department computer aided dispatch (CAD) and the
records management system (RMS). The eXisting legacy system IS outdated and the cost of correcting
the system to be withm the Year 2000 compliance factors is cost prohibitive. Due to this factor the City
will have new Police CAD & RMS systems in place and operating by August of 1999.
Due to the unprecedented nature of the Year 2000 issue, it's effects and the success of related
remediation efforts will not be measurable until the Year 2000 and thereafter Management cannot
assure that the City is or will be Year 2000 compliant, that remediation efforts will be totally successful
in whole or part, or that parties with whom the City conducts busmess with will be Year 2000 compliant.
23
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 16 special revenue funds.
Open Space Fund - the City, along wIth Jefferson County and adjacent Colorado mumclpalItles, 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 \I, cent sales tax collected for the constructIOn of the polIce
department buildmg addition.
Police Investigation Fund - accounts for assets seized by the City's PolIce Department.
Park Acquisition Fund - accounts for revenue received and designated for use m the acqUisitIOn of
addItional parks and related Improvements.
Building Demolition Fund - IS a revolvmg fund that charges property owners for City expenses mcurred
to 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 mamtenance, office furnIture, vlcttm servIces and
mIscellaneous court and probation expenses.
Tree Planting Fund - IS used for two types of tree planting programs, street trees and park trees.
Richards/Hart Improvement Fund - expenditures m thiS fund will be used to upgrade and Improve
Rtchards/Hart Estate
Parks and Recreation Damage Deposit Fund - momes m 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 velucles and eqUipment.
Conservation Trust Fund - accounts for funds received and restrIcted as to use m 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 \I, cent sales tax collected for the construction of the recreatIon
center
Baugh House Fund - accounts for transactIOns related to the historic Baugh House
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ALL SPECIAL REVENUE FUNDS
COMBINING STATEMENT OF REVENUES EXPENDITURES AND
CHANGES IN FUND BALANCE
Year Ended December 31, 1998
See the accompanying Independent Auditors' Report.
25
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~!,
CITY OF WHEAT RIDGE, COLORADO
OPEN SPACE
SCl:!.EDULE OF REVENUES EXPBND.....lIUEES AND ENCUMBRANCES
BllDGET AND ACTUAL
Year Ended December 31. 1998
REVENUES
Intergovernmental
EXPENDITURES
Current
Parks and Recreation
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES
OTHER FINANCING SOURCES (USES)
Operating Transfers In
Operating Transfers Out
TOT AL OTHER FINANCING SOURCES (USES)
1998
V ARIANCE-
FAVORABLE
{UNFAVORABLE)
91,873
965,988
_---.L057,861
EXCESS OF REVENUES AND OTHER
SOURCES OVER (UNDER) EXPENDITURES
AND OTHER USES $ (l 015 819) _ 42,042 $ L05ll61
ADJUSTMENTS TO GAAP BASIS
Encumbrances
Prior Year
Current Year
TOTAL ADJUSTMENTS
EXCESS OF REVENUES AND OTHER SOURCES
OVER (UNDER) EXPENDITURES
AND OTHER USES (GAAP BASIS)
BUDGET
ACTUAL
$_----2lMO~ $------.L027.8Z3 $
1,626.819
660.831
_~90.819)
367,042
25.000
---.0 5j)J)0Q}
25,000
~350,O()()}
(325.00Q)
(325,000)
(56,801)
_ -..lJ,334
(19.461)
$
22,575
See the accompanying Independent Auditors' Report.
26
1997
ACTUAL_
$ _ ,8,19,3]6
870.728
(51.412)
(.8.74.651lJ
_.-.llU4~50)
_(926.062)
(16478)
56.80)
-- ~~-
_ ...10J.V_
$
(885,739)
CITY OF WHEAT RIDGE, COLORADO
POLlCE BUILDING
SCI IEDULLQF REVENUES EXPENDITURES AND_ENCUMBRANCES
BUDGET AND ACTUhL
Year Ended December 31, 1998
1998
V ARlANC1:>
FAVORABLE 1997
BUDGET ACTUAL (UNFA VORABLE) . ACTUAL
- ---
REVENUES
Intcrcst $ 10,000 $ 42,093 $ 32,093 $ 46,269
Othcr 14,400 --.iJj,400) ~,-
TOTAL REVENUES 24 ,400 42,093 _--.11693 ---.-'l~69
EXPENDITURES
Carllal Outlay 943,047 36,322 906,725 _:'ll1J'l7
LXCESS OF REVENUES OVER
(UNDER) EXPENDITURES $ (918.647) _ 5,771 $ _. 924.418 5,222
ADJUSTMENTS TO GAAP BASIS
Encumbrances
Pnor Y car (182,026 ) (227,104 )
Cuncnt Year 20,102 1~l,026
TOT AL ADJUSTMENTS (161,924) ( 45,O.lID
EXCESS OF REVENUES OVER (UNDER)
EXPENDITURES (GAAP BASIS) $ (\ 56,153) $ . (39,g5.Q)
See the accompanying Independent Auditors' Report
27
CITY or WHEAT RIDGE, COLORADO
POLICE INVESTIGATION
SCHEDULE OF REVENUES EXPENDITURES AND ENCUMBRANCES
BUDGET AND ACTUAL
Year Ended December 31. 1998
TOTAL REVENUES
1998 .--
V ARIANCE-
FAVORABLE 1997
BUDGET ACTUAL (UNFAVORABLE) ACTUAL
-- -
$ 800 $ 1,203 $ 403 $ 996
10,000 23,726 13,726 40,OlJe,
10,800 24,929 14,129 41.002
REVENUES
In teres!
Uther
EXPENDITURES
Cuncnt
Police
15,000
__~,374
6,626
9,,1511
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES
$_L4.200) $
16555 $
20.755
$
31,652
See the accompanymg Independent Auditors' Report.
28
CITY OF WHEAT RIDGE, COLORADO
PARK ACQUISITION
::;'CHEDULEQF REVENUES EXPENDITURES AND ENCUMBRANCES
BUDGET AND ACJUAL
Year Ended December 31. 1998
1998 - -
V ARIANCE-
FA VORABLE 1997
-- ---
BUDGET ACTUAL (UNFA VORABLE) ACTUAL
_.~--
REVENUI:S
Charges tor Services $ 1,000 $ $ (1,000) $ 375
lnterest 725 1,399 674 2]J9
TOTAL REVENUES ],725 1,399 (326) 2.69:1
EXPENDITURES,
Cunen!
Parks and RecreatIon
40,156
31,708
_ 8,44S
__ ~OJ54
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES
(38,431 )
(30,309)
8,122
(27.6WI
OTHER FINANCING SOURCES
Operatmg Transfers In
_ _ 50,8S2
EXCESS OF REVENUES AND OTHER
SOURCES OVER (UNDER) EXPENDITURES
$
(38,43 ])
(30,30'1) $
JLill..
2JJ22
ADJUSTMENTS TO GAAP BASIS
Encumbranccs
Pnor Year
Cunent Y car
(26,632)
198
__ 222~.~
TUTAL ADJUSTMENTS
_(26,434)
_ 26,(,32
EXCESS OF REVENUES AND OTHER SOURCES
OVER (UNDER) EXPENDITURES (GAAP BASIS)
$ ----------1~
$
49,853
See the accompanymg Independent AudItors' Report.
29
CITY OF WHEAT RIDGE, COLORADO
BUILDING DEMOLITION
SCHEDULE OF REVENUES EXPENDITURES,ANDENCUMBRANCES
BUDGET AND ACTUAL
Year Ended December 31. 1998
rOTAL REVENUES
---" 1998
VARIANCE-
FAVORABLE -..-- 1997
BUDGET ACTUAL CUNF A VORABLEJ ACTUAL
------
$ 800 $ 909 $ 109 $ 995
- 171
---- -~- -- ---- -.
800 909 109 __ _-.116~
----
RLVENUES
Interest
Uther
EXPENDITURES
l urren t
Plannmg and Development
6,000
250
_ _5,750
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES
$
( 5 2,.QQ) $
659 $=. 5~S59
$
LJ6X
See the accompanymg Independent Auditors' Report
30
REVENUES
In tcrcst
Other
TUT AL REVENUES
LXPENDlTlJRES
Currcnt
Parks and Recreatton
CITY OF WIIEA T RIDGE, COLORADO
SENIOR/mEN CENTER
SCHEDULE OF REVENUES EXPENDITURES AND ENCUMBRANCES
BUDGET AND ACTUAL
Year Ended December 3 I, 1998
1998 -~,-
V ARlANCE-
FA VOI~LE 1997
BUDGET ACTUAL (UNFA VQRABLE) _ACTUAL
$ 400 $ 330 $ (0) $ "~"
.:...I~
] 1,000 13,916 _----.1)916_ IL,U90
11.400 14,246 2,849 -- ~IJb2
16,995
_ _--.!.1l3 3
_ 3,462_
~,2 J 3
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES
$
(5.595) $
7l:L $_~.. 6308
$
3,149
See the accompanymg Independent Auditors' Report.
31
CITY OF WHEAT RIDGE. COLORADO
MUNICIPAL COURT
SCHEDULE QF RE\!ENUES EXPENDITURES AND ENCUMBRANCI::S
BUDGET AND ACTUAL
Year Ended December 31, 1998
TOT AL REVENUES
1998 --~-
V AlUANCE-
FAVORABLE 1997
BUDGET ACTUAL (lLNF A VORABLE) . ACTUAl
$ 49,475 $ 52,635 $ 3,160 $ 47022
2,000 __ 3,242.. - 1,249 -- 3,()O7
51,475 55,884 4~409_ ._iQ,,62'J
REVENUES
Charges for ServIces
Intcrest
EXPENDITURES
Curren t
General Govcrnment
_ "';;9,000 _ -..J],097
2t903..
_ 42,757
EXCESS OF REVENUES OVER
I1JNDER) EXPENDITURES
(7,525) 18,787
26,312
7,872
OTHER FINANCING SOURCES (USES)
Uperatmg Transfers In
_ 12,000
eXCESS OF REVENUES AND OTHER
::'OURCE::' OVER (UNDER) EXPENDITURES
$
(7,525)
18,787 $ _26Jl~
19872
_ ...L..::::__
ADJUSTMENTS TO GAAP BASIS
tncumbrances
Pnor 1: car
Current Yem'
TOTAL ADJUSTMENTS
(4,862) (27,3071
-- 4J'.62_
(4,862J ..l22~45)
$ 13,925 $ (~.,,2 71)
EXCESS OF REVENUES AND OTHER SOURCES
OVER (UNDER) EXPENDITURES (GAAP BASIS)
See the accompanymg Independent Auditors' Report.
32
CITY m WHEAT RIDGE. COLORADO
IREE PLANTINQ
S.CHEDULE OF REVENUES EXPENDITURES AND ENCUMBRANCES
BUDGET AND ACTUAL
Year Ended December 31, 1998
1998
V ARIANCE-
I' A VORABLE 1997
BUDGET ACTUAL (UNF ^ VORABLEJ _ ACTUAL
~- - -- --
Illi VENUE S
Intcrgovcrnmental $ $ $ $ 10,251)
Interest 2,000 5,244 3,244 7.027
Uther 52,000 12,077 ~9231 17.439
TOT AL REVENUES 54,000 17 ,321 (36,679) _ 34,71(~
EXPENDITURES
CUlTcnt
Parks and RecreaUon ___12,000 15,552 59"44~,- 114j48
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES (21,000) 1,769 22,769 (79,732)
OTHER FINANCING SOURCES
Operatmg Transfers In 16,500 16,500 -- _ ~lli4}
EXCESS OF REVENUES AND OTHER
SOURCES OVER (UNDER) EXPENDITURES $ (4,500) 18,269 $ _ 22,769 ___j) 6,289 )
ADJUSTMENTS TO GAAP BASIS
tncumbrances
Pnor Year (31,553) 128.815)
C UlTent Year 2,689 31.553_
TOT At ADJUSTMENTS (28,864) _ . 2_71X
EXCESS OF REVENUES AND OTHER SOURCES
OVT:R (UNDER) EXPENDITURES (GAAP BASIS) $ (10595) $ ccU) 551 )
See the accompanymg Independent Auditors' Report.
33
REVENUES
Interest
Other
TOTAL REVENUES
EXPENDITURES
Current
Parks and Recreation
CITY OF WHEAT RIDGE, COLORADO
RICHARDSIHART IMPROVEMEN'{
SCHEDULE.DF REVENUE-.S....EXPENDITURES AND ENCUMBRANCES
BUDGET AND ACTUAL
Year Ended December 3 I, 1998
-- 1998 - ---
V ARIANCE-
FAVORABLE -- 1997
- ,-.-
BUDGET ACTUAL (1TNF A VORABLE) ACTUAL
$ 200 $ 138 $ (62\ $ 152
2,640 2,640 2",640
2,840 2,778 (62) 2.792
3,500
2,72'L
771
12.22
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES
$
(660) $
49 $~_70~
$ ~~_270
See the accompanying Independent Auditors' Report.
34
REVENUES
Interest
Other
TOTAL REVENUES
I:XPLNDITURES
Current
P arks and Recreallon
CITY OF WHEAT RIDGE. COLORADO
P ARKS AND RECREATION DAMAGE DEPQSIT
SCHEDULE OF REVENUES EXPENDITURES AND ENCUMBRANCES
BUDGET AND ACTUAL
Year Endcd December 31, 1998
1998
V ARlANCE-
FAVORABLE 1997
BUDGET ACTUAL (UNFAVORABLE) ACTUAL
$ 250 $ 475 $ 225 $ 363
15,500 11,54,L _(]JJ59) __ 7,65(J_
15,750 12,016 (3,7341 X,(Jl1
15,500
8,175
_ 7,;325_
__6)X3
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES
$
250 $
1,61()
3,841 $
$
3,59.1_
See the accompanymg Independent Auditors' Report.
35
CITY OF WHEAT RIDGE COLORADO
WHEAT_RIDGE TOWN CENTER
SCHEDULE OF REVENUES EXPENDITURES AND ENCUMBRANCBi
BUDGET AND ACTUAL
Year Ended December 31 1998
1998
BUDGET
V ARIANCE-
FAVORABLE
LUNFA VORABLEJ
ACTUAL
REVENUES
Taxes
Interest
Other
$
341,098 $
10,703
428
299.204 $
6,000
41,894
4,703
428
TOTAL REVENUES
_____:3.05,204
352,229
47.m5
EXPENDITURES
Current
Plannmg and Development
207 ,485
68,665
276,150
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES
29,054
144,744
115,690
ClTI-IER FINANCING SOURCES
Operatmg Transfers Out
(27 ,500)
(27 ,628)
128
LXCLSS OF REVENUES AND OTHER
SOURCES OVER (UNDER) EXPENDITURES $
I ,426 $
117,244 $~_1158I8
See the accompanymg Independent Auditors' Report.
36
1997
ACTUAL
- -
$
308,996
3789
_311.,785...
245J2~
(,7,457
L__ 67 4~
CITY OF WHEAT RIDGE, COLORADO
EQUIPMENT
SCHEDULE OF REVENUE...s,BXPENDITURES AND ENCUMBRMLCES
BUDGET AND ACTUAL
Year Ended December 3 J, J 998
---- 1998
--
V ARIANCE-
FAVORABLE 1997
BUDGET ACTUAL (UNFAVORABLE) ACTUAL
REVENUES
Interest $ 5,000 $ 11,670 $ 6,670 $ 17,304
Other 43,200 38,689 (4,511) J2,555
TOT AL REVENUES 48,200 -, 50,359 2,152. 39,859
EXPENDITURES
CapItal Outlay 506,119 ~88,377 17,742 395,546
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES (457,919) (438,018) 19,901 (355,687 )
OTHER FINANCING SOURCES
Operating Transfers In 375,000 375,000 375,000
EXCESS OF REVENUES AND OTHER
SOURCES OVER (UNDER) EXPENDITURES $ (82919) (63,018) $ _19901 19,313
ADJUSTMENTS TO GAAP BASIS
Encumbrances
Pnor Year
Current Year 85,740
TOTAL ADJUSTMENTS 85,740
--
EXCESS OF REVENUES AND OTHER SOURCES
OVER (UNDER) EXPENDITURES (GAAP BASIS) $ 2V22 $ _19,.ll3
See the accompanying Independent Auditors' Report.
37
CITY OF WHEAT RIDGE, COLORADO
CONSER V A TI0N TRUST
SCHEDULE OF REVENUES EXPENDITURES~AND ENCUMBRAl'l.CES
BUDGET AND ACJ'UAL
Year Ended December 3 I, 1998
TOTAL REVENUES
_.- .- 1998
V ARIANCL~
FAVORABLE 1997
_,~~m__
BUDGEL ACTUAL {UNFAVORABLE) ACTUAL
$ 300,000 $ 280.422 $ (19,578) $ 353.441
~(),OOO. 21,228 ),228 31 281-:
- - -..-- ,
320,000 301,650 (18.350) 384,729
REVENUES
Intergovernmental
Interest
EXPENDITURES
CUlTent
Parks and RecreatIon
_131,580
106,353
._ 25.'227_
366,023
[XCESS OF REVENUES OVER
(lINDER) EXPENDITURES
188.420
195,297
6,877
18,7l1h
OTHER FINANCING SOURCES (USES)
Operatmg Transfers Out
(480,000)
(480,000)
_ (49,8781
EXCESS OF REVENUES OVER (UNDER)
EXPENDITURES AND OTHER USES
$
(291 580)
(284,703) $
6877
_Ql,1721
ADJUSTMENTS TO GAAP BASIS
Encumbrances
Pnor Year
CUlTent Yeat
(272,307 )
16,206
(30,1361
_ 272,307
TOT AL ADJUSTMENTS
_ (256, lQlJ
_ 242,121
[XCESS OF REVENUES OVER (UNDER)
EXPENDITURES AND OTHER USES (GAAP BASIS)
$
(540,804)
$~ 21U~99(t
See the accompanying Independent Auditors' Report.
38
CITY OF WHEAT RIDGE, COLORADO
COMPUTER
~CHEDULE OF REVENUES EXPENDITURES AND ENCUMBRAtLCE~
BUDGET ANI> ",,"CTUAL
Year Ended December 31. I 998
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES
1998
V ARIANCE-
FA VORABLE 1997 -
---
BUDGET ACTUAL (UNF A VORABLEJ ACTUAL -
-. -~
$ 3.000 $ 7,001 $ -- 4" OOL $ _ _~_~72
_240,000 177 ,787 ~2L211 -- ~lllJ.!4
(237,000) (170,786) 66,214 (222,372\
180,000 - _180,000 ~84,OOO
$ ( 57 000) 9,21-L $ 66214 61,628
REVENUES
Interest
EXPENDITURES
Capital Outlay
OTHER FINANCING SOURCES
Operatmg Transfers In
EXCESS OF REVENUES AND OTHER
SOURCES OVER (UNDER) EXPENDITURES
AlJJ1JSTMENTS TO GAAP BASIS
Encumbrances
Pnor Year
Current Year
(26,376)
2,889
26}76.
TOTAL ADJ1JSTMENTS
(23,487J
_ _ 26J76
EXCESS OF REVENUES AND OTHER SOURCES
OVER (UNDER) EXPENDITURES (GAAP BASIS)
$= Jj4,2731
$ __~ 88 ()()4
See the accompanymg Independent Auditors' Report
39
CITY OF WJ-lEA T RIDGE, COLORADO
RECREATION CENTER
SCHEDULE OE.REVENUES EXPENDITURES AND ENCUMRRA~CES
BUDGET AND ACTUhL
Year Ended December 31. 1998
1998
--
V J\RIANCE-
FAVORABLE 1997
BUDGET ACTUAL (UNFAVORABLE) ACTUAL
REVENUES
Ta:-.es 3,022,500 $ 2.693,364 $ (329,136) $
Intergovernmental 993,800 993,800
Interest 409,916 409,916 15,9X4
Other 50,000 10 (49,990) 995
TOT AL REVENUES 3,072,500 4,097 ,090 I ,024,590 16,979
EXPENDITURES
Bond Issue Costs 318,482 318.482
CapItal Outlay 9,064,323 9,064,322 1,019764
Debt ServIce
Prmclpal 1,315,000 1,315,000
Intcrest 286,735 286,735 ~-
TOT AI. EXPENDITURES ~8_4.,540 10,984,539 1.019,764
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES 0.912,040) (6,887,449) 1,Q24.591 _L 1,002,2851
OTHER FINANCING SOURCES
Bond Proceeds 14,750,618 14,820,000 69,382
Bond DIscount (69,382) (69,382)
Opcratmg Transfers In 480,000 -----480,000. ---- ___Jill197,
TOTAL OTHER FINANCING SOURCES 15.230,6lli. 15,230,618 632).97
IUSES)
EXCESS OF REVENUES AND OTHER 7 .3] 8 578 8,343,169 $ I~024 591 (370A88i
-..-- -
SOURCES OVER (UNDER)
EXPENDITURES AND OTHER USES
Pnor Year (27,9]0)
Current Year 7 ,211,325 _17 ,91.0
TOTAL ADJUSTMENTS 7,183,415 27,910
EXCLSS OF REVENUES AND OTHER SOURCES
OVER (UNDER) EXPENDITURES (GAAP BASIS) $ 15 526 584 $ _ (342 578)
See the accompanying Independent Auditors' Report
40
REVENUES
Intergovernmental
Interest
Other
TOT AL REVENUES
[XPENDITURES
Current
General Government
Carllal Outlav
Tt IT AL EXPENDITURES
CITY OF WHEAT RIDGE, COLORADO
BAUGHJ:lilUSE
S('I-lEDULE OF REVENUES. EXPENDITURESAND ENCUMBRANCES
BUDGET AND ACTUAL
Year Ended December 3 I, 1998
1998
-- ------
V ARIANCE-
FA VORABLL
BUDGET ACTUAL (UNFAVORABL[)
$ 75,000 $ 25,000 $ (50,000)
5,000 1.062 (3,938)
50,300 1,247 (49.0531
---
130,300 27,309 (102,991 )
20,000 20,000
80,000 10,142 69,858
--
100,000 10,142 89.858
-- -
$ 30,300 $ _17,167_ $ ( 13,(33)
--
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES
See the accompanymg Independent Auditors' Report.
41
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 principal, interest and related costs.
Incremental Sales Tax Bond Fund - accounts for funds received from one-half of the City's sales tax
receipts The funds will be used to retire the sales tax revenue refunding bond issue
Special Improvement District No. 1987-1 - accounts for special assessments collected and remitted to
the City for a special improvement district bond Issue of 1988
Compensated Absences - accounts for funds received from the General Fund to pay compensated
absences ofthe City's employees.
CITY OF WIJEA T RIDGE, COLORADO
DEBT SERVICE FUNDS
COMBINING BALANCE SHEET
December 3 I, 1998
SPECIAL
INCREMENTAL IMPROVEMENT
SALES TAX DISTRICT COMPENSATED TOTALS
--
BOND NO, 1987-1 ABSENCES 1998 - 1997
-----
ASSETS
C ash and Investments $ 122,520 $ $ 120,303 $ 242,823 $ 317,143
RestrIcted Cash and Investments 337.835 337,835 321,9~2
Other ReceIvables 279 279
Due trom Other Funds -- 4,G21J
TOT AL ASSETS $ 460.634 $ $ 120.303 $ 580.937 $ 643745
LIABILITIES AND FUND
bQUlTY
LIABILITIES
Accrued Compensated Absences $ $ $ 23,946 $ 23,946 $ 24245
FUND BALANCE
Reserved for Debt ServIce 460,634 460,634 490)86
Umeserved
Deslgnatcd for Compensated
Absences 96,357 96,357 129,214
-
Total Fund EqUlty 460,634 96,357 - 556,991 .2J 9.500
TOTAl LIABILITIES AND
FliND EQUITY $ 460 634 $ $ 120303 $ 580,937 $ ~6~74~
See the accompanymg Independent Auditors' Report,
42
CITY OF WHEAT RIDGE, COLORADO
D_EBT SERVICE FUNDS
COMBlNING S11\ TEMENT OJ RF;;VENUES. EL(PENDITURI;;S
AND GIANQES IN FUND BALANCE
Year Ended December 3 I, 1998
SPECIAL
INCREMENTAL IMPROVEMENT TOTALS
SALES TAX DISTRICT COMPENSATED
BOND NO 19,[Z:L -.-MJSENCEL 1998 1997
REVENUES
'lpt.:cml Assessments $ $ $ $ $ J7 488
Interest 35335, 1.693 6,659 __43~7_ ~0J(J4
TOTAL REVENUES 35335 1,693 6,659 43,687 - -.!> U'J.2
eXPENDITURES
C UlTen t
Other 74,516 74,516 69,608
Debt Service
Prine I pal 1,000,000 t,000,1I00 960,01111
Interest and Fiscal Charges __81,325 -- 8 L,325, _1 IJL6 13,
TOTAL EXPENDITURES _ LQ81"l25 _74,516 LJ5 U!4 L _ .Ll48,W
EXCESS OF REVENUES
OVER (UNDER) EXPENDITURES _lLQ45,990) 1,693 ~7,857) --11JlW4J ll,080,629)
OTHER FINANCING SOURCES (USES)
Operatmg Transfers In 1,067,570 35,000 l,lO2,570 1,077,025
Operating Transfers Out ---- j2l,925) ~,925) (2.6,,'llOJ
TOTAL fiNANCING SOURCES (USES) --.L OQlj '7Q., _ -----L52,925) _35,000 --.LO~45 1..,050,115
EXCESS OF REVENUES AND OTHER
SOURCES OVER (UNDER)
EXPENDITURES AND OTHER USES 21,580 (51,232 ) (32,857) (62,509 ) 00,514 \
FUND HALANCE, BEGINNING 439,054 51,232 ---..119.1l4, ~~lL __ __,65.rWI~,
FUND BALANCE, ENDING $ _._460634 $ $__ , 96.357 $ _ 5~6 9~1 $ __ 61'U!!1J
See the accompanying Independent Auditors' Report.
43
CITY OF WHEAT RIDGE, COLORADO
INCREMENTAL SALES TAX BOND FUND
:iCHEDULE OF REVENUES, ExPENDITURES
AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
Year Ended December 31, 1998
-- 1998 - -
V ARIANCE-
FAVORABLE 1997 ,-
BUDGET ACTUAL (UNF A VORABLEJ ACTUAL
-----
REVENUES
Interest 18,955 $ 35,335 $ _IU80 $ 37,521
EXPENDITURES
Debt Service
Pnnclpal 1,000,000 1,000,000 960.000
Interest and Fiscal Charges 81,325 81,325 112]25
TOTAL EXPENDITURES -----.-l,()81 ,325 _lJ)81,325 ---.1971,3 25
EXCESS OF REVENUES
OVER (UNDER) EXPEND1TURES (1,062,370) ( I ,045,990) 16,380 _iLO:J<J,7(8)
OTHER FINANCING SOURCES (USES)
Opcratmg Transfers In 1,067,570 1,067,570 1,077 025
Uperatmg Transfers Out (2ti,~ 10)
TOT AL FINANCING SOURCES (USES) 1,067,570 1,067,570 I.05jJJ 15
EXCESS OF REVENUES AND OTHER SOURCES
OVER (UNDER) EXPENDITURES
AND OTHER USES 5,200 21,580 16,380 ]() 147
FUND BALANCE, BEGINNlNG ___221,01~ 439,054 (81,961 ) --------128,707
FUND BALANCE, ENDING 526215 $ 460 634 $ (65581 ) $ 439054
See the accompanying Independent Auditors' Report.
44
CITY OF WHEAT RIDGE, COLORADO
SPECIAL IMPROVEMENT DISTRICT NO. 198]-1
SCHEDULE OF REVEI'illES, EXPENDlTURES_
AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
Year Ended December 31. 1998
1998 __n___
V ARIANCE-
FAVORABLE 1997
BUDGET ACTUAL (UNF A VORABLKl .--ACTUAL _
REVENUES
Special Assessments $ $ $ $ 17488
Interest 1,69L ___1,693 2.337
TOTAL REVENUES 1~3 1,693 ---19B5
EXPENDITURES
Debt Service
Interest and Fiscal Charges 1,288
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES 1,693 1,693 18.537
OTHER FINANCING USES
Operating Transfers Out (52.925) (52,925) -
-
EXCESS OF REVENUES AND OTHER
SOURCES OVER (UNDER)
EXPENDITURES AND OTHER USES (52,925) (51,232) 1.693 18,537
FUND BALANCE. BEGINNING 5LVL 51.23L _---.12,695
FUND BALANCE, ENDING $ (52,925) $ $ 52 925 $ _ ---2L232
-------
See the accompanying Independent Auditors' Report.
45
CITY OF WI-IE^ T RIDGE, COLORADO
COMPENSATED ABSENCES
SCHEDULE OF REVENUES EXPENDITURES
A1ID CHANGES IN. FUND BALANCE
BUDGET A.ND ACTUAL
Year Ended December 3 I. I 998
1998
V ARIANCE-
FAVORABLE 1997
BUDGET ACTUAL (UNFA VORABLE) _ ACTUAl
--~
RIO VENUES
Interest $ 4,000 $ 6,659 $ 2,659 $ 10,21 (J
EXPENDITURES
Current
Other 81,000 74,5]6 - - 6,484 - 69,608
EXCESS OF REVENUES
OVER (UNDER) EXPENDITURES (77.000) (67,857) 9,143 (59,398)
OTHER FINANCING SOURCES
Upcratmg Transfers In _ 35,000 35,000 -~~-
EXCESS OF REVENUES AND OTHER SOURCES
OVER (UNDER) EXPENDITURES ( 42,000) (32,857) 9,143 (59,3981
FUND BALANCE, BEGINNING 131,612 129,214 (2,398) 188,612
FUND BALANCE, ENDING $ 89,612_ $ 96,357 $ 6,7 45 $ 129214
See the accompanymg Independent Audltors' Report
46
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 rIsk financmg actlvltteS
through ItS recordmg of claims expenses and liabilities and charges to other funds for costs
CITY OF WIlliA T RIDGE, COLORADO
INTERNAL SERVICE FUND
RISK FINANCING INSURANCE RESERVE FUND
SCHEDULE OF REVENUES EXPENDITURES
AND CHANGES IN RET AWED EARNINGS
BUDGET AND ACTUAL
Year Ended December 31, 1998
1998 - -
V ARIANCE-
FAVORABLE 1997
BUDGET ACTUAL (UNFAVORABLE) ACTUAl
---.~
OPERA TING REVENUES
Insurance Reimbursements $ 260,000 $ 220,242 $ (39,758) $ 216,988
Interest 10,000 _~44 _~4~ _-.lL18(,
TOTAL OPERATING REVENUES 270,000 238,586 (31,414) 238,174
OPERATING EXPENDITURES
Insurance PremIUms 200,000 89,777 110,223 69819
Insurance Claims 300,000 ~75 251,32=L 151,hh~
- -
TOTAL OPERATING EXPENDITURES 500,QOO 138,452 361,548 22L4~1
EXCESS m REVENUES OVER
(UNDER) EXPENDITURES (230,000) 100.134 330,134 16_693
RET AINED EARNINGS, BEGINN1NG 243 ,507 212,200 _ (31.307) J'!S,5()7
RETAINED EARNINGS, ENDING $ 13507 $ 312334 $ 298 827 $ ~. 2122QQ
See the accompanying Independent Auditors' Report.
47
FIDUCIARY FUNDS
Trust and Agency Funds are used to account for assets held by the City m 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 monies received from Plan participants and City contributIons. The funds
are held m trust for disbursement to qualified participants upon leaving the plan or upon qualified
retIrement.
Agency Funds
Public Works Escrow - accounts for funds received prior to the Issuance of certam constructIOn permIts,
to guarantee the work reqUired by the perlllit. Upon completion, the funds are returned
CATV (Cable Television) Property Damage - accounts for funds receIved from the cable teleVISIOn
peTlTIlttee for settlement of minor unresolved claims against the perlllittee for damage to pnvate property
CITY OF WlIEA T RIDGE, COLORADO
FIDUCIAR Y .fUNDS
COMBINING BALANCE SHEET
December 3 1, 1998
PENSION AGENCY
TRUST PUBLIC CATV
POLICE WORKS PROPERTY ----- TOTALS ---
PENSION ESCROW DAMAGE 1998 1997
-..----
^SSETS
Cash and InvesUTIents $~2 815 778_ $~976~ $ _5178 $ 13080721 $~ 10 74)\ 3(j2
- -
LIABILITIES AND FUND EQUITY
LIABILITIES
Refundable Escro\\ DeposIts $ $ 259,765 $ 5,000 $ 264,765 $ 157.797
Due to Other Funds 178 178 15()
~-_.-
TOT AI. LIABILITIES 259,765 5,178 264,943 158,153
FUND EQUITY
Fund Balance
Reserved for Employee Retirement 12,815,778 12,815,778 10,590,1511
TOT AI. LIABILITIES AND
FUND EQUITY $ 12815778 $ 259765 $ 5178 $ 13080721 $ 10748303
See the accompanymg Independent AudItors' Report.
48
CITY OF WHEAT RIDGE, COLORADO
FIDUClARY FUNDS
CQMBINING STATEMENT OF CBAN(}ES IN ASSETS AND LIABILlTIE},
ALL AGENCY FUND,S
Year Ended December 31, 1998
Balance l3alance
January I, December 3]
1998 Addil10ns --.1JeJel1ons ~ ~- 1998
Public Works Escrow Fund
ASSETS
Cash and Investments $ .. ]53.150_ $ 200 259 $ 93,644 $ _ 252,205
---..-----
LIABILITIES
Refundable Escrow DepOSits $ 152,797 $ 200,259 $ 93,291 $ 259765
Due to Othcr ]< und - 353 _.._~ 353 -~ _.-
Total LlUbihtIes $_ ] 53,li0 $ 200 259 $ 93 644 $ 259J~
CATV Propert)' Damage Fund
ASSETS
C ash and Investments $ 5003 $ _ __---.112.. $ ---- $ 5,l7~L
LIABILITIES
Refundable Escrow DepOSIts $ 5,000 $ $ $ 5000
Due to Other Fund 3 175 178
Total LlabihtIes $ 5.003 $ 175 $ .. $ _~~5J71t
-- ---
Totals
ASSETS
Cash and Investments $ 158153 $ 200 434 $ 93 644 $ 26~}
LIABILITIES
Refundable Escrow DepOSIts $ 157,797 $ 200,259 $ 93,291 $ 264,765
Due to Other Fund 356 175 353 178
Total LIabilitIes $ 158153 $_200434 $ __ 23,644 L_ 26'l943
See thc accompanying Independent Auditors' Report
49
GENERAL FIXED ASSETS ACCOUNT GROUP
The General Fixed Assets Account Group records changes m the City's ownership of and mvestment m
capItal assets, mcludmg land, buildmgs, Improvements to land and buildings, streets, bndges, curbs and
gutters. dramage systems, lightmg 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~AN.GES IN GENERAL FIXED ASSETS - BY SOURCE
Y car Ended Decembcr 3 I, 1998
Balance Balance
January I Deccmber 3\
1998 Addlhons Delehons 1998
----- ~._-- --
'inURCE
General Government
Treasurcr $ 9,345 $ 3.354 $ $ 12.699
lit, Admmlstrator 354,390 57,625 1,517 410,498
lit, Clerk 10,467 3,368 1,198 18,637
Mumclpal Court 34,431 6360 2X 071
Buildmg 3,964,598 3 ')64,598
Commumty Devclopment 56,249 _-----.MlL 693 - 62,')84
TOTAL _4AJ5,477 71,778 9,768 ------.i, ill, 4]7
Public Safety
Pollee ChIef 122,542 122,542
PolIec AdlIllmslratlve ServIces 85,699 3,193 814 88,078
i\mmal Enforcement 56,820 36,606 2].834 71,592
C ommunrcatlOns 496,007 496007
DARE. 51,010 1,969 49,041
PolIce Rccords 21,472 2.828 18,644
Pollee Patrol 361.302 35,]00 32(,,202
Cnmmallnveshgahon 148,960 1,645 l5U W5
PolIce Traffic Umt 80,406 12,994 7,395 86,005
CIVIl Disaster 895 8]5 _1,llU_
--
TOTAt 1,42~ 55,253 _~910_ _ --.J ,11 0,126
Public Works
Admmlstrahon 8,668,020 8,668,020
Engmeermg 276,477 16,972 789 292,6(,0
Street Mamtenance 1.269,935 319,414 246,474 1,342,875
Traffic Mamtenanee 308,662 28.406 7,464 32'),604
Shops 219,848 IIM~ 1.1644 _ _ 258,661
TOTAL ---.lQ,H2,942 477,249 3 28"l7 L ---.l ()J~ U~20
Parks and Recreation
i\dmlmstratlon 6,656,332 2,405,847 9,062,17')
RecreatIon 1,064,018 10,844 ] 074,862
Parks Mamtenance 874,912 83,357 _-.J 5,2,69 - _ 9i2,,000
TOTAl, 8,595,262 2,500,048 15,269 ._ --D,080,,()41
Wheat Ridge Town Center 25,178 2iJl~
TOT 1\1. GENERAL FIXED ASSETS $ 25.223.972 $ 3,104.J28 $ _423348 $ _)],2Q4,252
-~-- -
See the aecompanymg Independent Auditors' Report
50
FUNCTION AND ACTIVITY
General Government
Treasurer
City Administrator
City Clerk
Municipal Court
Building
Community Development
TOT AL
Public Safety
Police Chief
Police Administrative Services
Animal Enforcement
Communications
D A.RE
Police Records
Police Patrol
Criminal Investigation
Police Traffic Unit
PD Investigations
Civil Disaster
TOTAL
Public Works
Administration
Engineering
Street Maintenance
Traffic Maintenance
Shops
TOTAL
Parks and Recreation
Administration
Recreation
Parks Maintenance
TOTAL
Wheat Ridge Town Center
TOTAL GENERAL FIXED ASSETS
CITY OF WHEAT RIDGE. COLORADO
GENERAL FIXED ASSETS ACCOUNT GROllI'
SCHEDULE OF GENERAL FIXED_ ASSETS BY
FUNCTION AND ACTIVITY
December 31. 1998
LAND
5.793.096 $
See the accompanying Independent Auditors' Report.
51
BUILDINGS
$ $
3,611,081
3,61LQ81
2,761
STREETS AND
IMPROVEMENTS
91.113
91.113
383
2,059
4.851 924 $ ~ _91~-.i5l
TOTALS
CONSTRUCTION ~MORANDUM ONL-YL
EQ!JIPMEl'IT IN PROGRESS 1998 1997
12,699 $ $ 12.699 $ 9,345
410.499 410.499 354,390
18,636 18.636 16.467
28,071 28,071 34,431
262,404 3.964,598 3,964,598
62,9~ 62,984 56.246
__795.123 4.497,487 4.435,477
119.398 122.542 122.542
86,018 88,077 85,699
71.593 71,593 56.820
496.007 496,007 496,007
49041 49,041 51,010
18.645 18.645 21.472
326,202 326,202 361.302
150,605 150.605 148.960
86.004 86,004 80.406
815 815
895 895 895
--- --
-.1,405.223 ___1410.426 _10125,113
8.668,019 8.668.020
222,852 292.659 276.477
l.342,87ti 1,342.876 1,269,935
329.605 329,605 308.662
198,661 --- 258,661 219,848
2))93,994 10,891 ,820 --1Q, 742,942
1.079,750 1,880.907 9,062,179 6.656,332
133,750 1.074,861 1,064,018
< _723.386 - 943.001 874.912
<-
1.936,886 1,880,907 ll,080,041 8,595,262
_~78 25.178 25,178
6.256.574~ $ I 880 907 $ 27.904.952 $ 25.223.972
- -- -
SUPPLEMENTARY INFORMATION
COUNTIES, CITIES, & TOWNS ANNUAL STATEMENT OF RECEIPTS
& EXPENDITURES FOR ROADS, BRIDGES AND STREETS
COUNTY/CITYrroWN: CITY OF WHEAT RIDGE
CALENDAR YEAR OF REPORT: 1998
(ROUND All. AMOUNTS TO NEAREST DOIl.AR)
I. SCHEDULE OF RECEIPTS FOR ROAD, BRIDGE AND STREET PURPOSES
A. LOCAL SOURCES
1. Property Tax/Special Assessments
2. General Fund Appropriations
Cost Reimbursement
3. Other (specify) Strppt Ctlt
4. Traffic Fines
5. Sales Tax
Road/Bridge
6a. From County (specify) Auto U s e
b.C1tyITown(SpecUy)
7. Bond Proceeds (net of issuance cost)
8. N ole Proceeds (net of issuance cost)
9. Specific Ownership Taxes
TOTAL (A) LOCAL SOURCES
B. PRIVATE CONTRIBUTIONS
E. TOTAL RECEIPTS (A+B+C+D)
612,000
0
134,639
'50.151
161. '547
'1 "iR"i ?7/
421,748
780,965
0
0
0
73.496
6,021,818
F. UNSPENT BALANCES BEGINNING OF YEAR
(must equal ending balance of previous year)
G. TOTAL RECEIPTS AND BALANCES (E+F)
(Revised 3/99)
C. ST ATE SOURCES
1. Highway Users Tax 961,139
2. Motor Vehicle Registration Fees 112,776
3. Other (specify) 0
TOTAL (C) STATE SOURCES 1,073,915
D.FEDERALSOURCES
1. Forest Service 0
2. Mineral Leasing 0
3. Payments in lieu of Taxes 0
4. FEMA ()
5. HUD ()
6. Other (specify) 0
TOTAL (D) FED. SOURCES 0
o
7,095,733
o
7,095,733
52
CITY OF WHEAT RIDGE - 1998
II. SCHEDULE OF EXPENDITURES FOR ROAD, BRIDGE AND STREET
PURPOSES
A. DIRECT ffiGHW A Y EXPENDITURES
1 Right-of-Way
2. Preliminary and Construction Engineering
3 Total Construction
A. Capacity Improvements
B System Preservation
C. Safety Improvements
4. Maintenance of Condition
5 Snow and Ice Removal
6. Traffic Services
7. Administration
8. Traffic Enforcement
10,712
33,3b4
44,253
1.904.391
684,503
1,295,050
14,437
266,390
688,310
1,073,298
6.014,708
TOTAL (A) DIRECT mGHW A Y EXPENDmJRES
B. DEBT PAYMENTS ON BONDS AND NOTES
1. Interest on Bonds
2. Interest on Notes
3. Redemption on Bonds (net value)
4. Redemption on Notes (net value)
81. O~ S
o
nnn nnn
n
TOTAL(B)DEBTPA~S
1,081,025
C. PAYMENTS TO OTHER GOVERNMENTS
1 a. To County (specify)
b. To City (specify)
2. To Dept of Trans.
o
u
o
TOTAL(C) PAYMENTS TOOTI:lERGOVERNMENTS
D. OTHER ffiGHW A Y PURPOSES
(specify)
o
E. TOTAL EXPENDITURES (A+B+C+D)
7,095,733
F. BALANCES END OF YEAR
(unspent receipts)
o
G. TOTAL EXPENDITURES AND BALANCES (E+F)
7,095,733
(Revised 3/99)
53
CITY OF WHEAT RIDGE 1998
III. SCHEDULE OF CHANGE IN DEBT STATUS FOR ROAD,
BRIDGE AND STREET OBLIGATIONS
(show aU entries at par value; face amount of issue)
BONDS
NOTES
A. BONDS AND NOTES OUTSTANDING BEGINNING OF YEAR
2,025,000
B. AMOUNT ISSUED DURING YEAR (par value)
1. Original issues this year
2. Refunding issues
o
o
C. AM OUNT REDEEMED DURING YEAR (par value)
1. From current receipts or reserves
2. From refunding issues
1,000,000
o
D. BONDS AND NOTES OUTSTANDING END OF YEAR
1,025,000
NOTE:
... TOTAL RECEIPTS & BALANCES MUST EQUAL TOTAL EXPENDITURES & BALANCES ...
PLEASE GIVE THE NAME AND PHONE NUMBER OF THE PERSON TO CONTACT FOR QUESTIONS REGARDING THE
REPORT.
NAME:
Linda Stengel
(303) 235-2817
PHONE:
Revised (3/99)
54
STATISTICAL SECTION
Fiscal
Year
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
Notes:
A.
B
CITY OF WHEAT RIDGE. COLORADO
ASSESSED AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY
LAST TEN FISCAL YEARS
(UNAUDITED)
Assessed
Valuation
$ 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
263,531,500
Estimated
Actual Value
$ 1,072,452,409
1,056.337.500
964,579,282
973.871.09]
1.197.923.557
1.205,829,176
1.466.7]5.750
1,475,180,027
1.731.072.652
1,751,299,092
Ratio
of Total
Assessed
to Total
Estimated
Actual Value
- -- -
22.00'%
22.110%
21 84'Yo
2195%
1748%
1746%
1489%
15.30%
14 920/"
1505%
Jefferson County is the collection agent for the City of Wheat Ridge and, as such, could not separate real property,
personal property and exempt property The amounts shown above represents all types of property
Properties within the City are assessed by the Jefferson County Assessor on January I of each year
Source. Jefferson County Assessor's Office
55
CITY OF WHEAT RIDGE, COLORADO
GENERAL~RNMENTALREVENUEBYSOURCE
LAST TEN FISCAL YEARS
(UNAUDITED)
Fiscal Licenses Intcr-
Y~ Taxes and Pef\llits - gQvcmmental
1989 $ 5,171,317 ~A) $ 225,961 $ 1,998,907
1990 5,736,579 332A99 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 1,3 n 789
1994 7A48,440 333,660 IA30,934
1995 7,985,931 349,910 1,517,277
1996 8,208,493 382,732 1,626,800
1997 8,336,235 52\,110 1,653 157
1998 8,942,831 566,341 1,733,602
Notes Includes the General Fund only
A. One-half of the total sales tax revenue are accounted for in the Capital Projects Fund beginning in 1989
Source. City of Wheat Ridge audited fmancial statements, 1989 - 1998
56
Charges
for Fines and
S_ervices _ Forfeitures Interest Other Total
-~
$ 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 I L086.146
461,252 555,237 171.905 133,713 11.540,132
512,237 541,466 145,159 83,374 11,792,738
519,887 666,731 248,396 172,659 12,850A47
-
57
CITY OF WHEAT RIDGE, COLORADO
GENERAL GOVERNMENTAL TAX REVENUE BY SQURCE
----.--
LAST TEN FISCAL YEARS
(UNAUDITED)
Liquor and
Fiscal Property Telephone Auto
Y_car Tax Occupation _ Owne~h~
1989 $ 542,580 $ 172,901 $ 46,986
1990 567,756 178,929 47,208
1991 564,389 175,326 49,971
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
1<)96 578,012 190,575 67421
1<)97 596,828 249,397 73.145
1998 618,297 243,972 73,490
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, 1989 - 1998
58
Lodgers
Franchise and
Sales Tax Use Ta~ Tax Admissions Total
-- -- --
$ 2.754 972 ~A $ 658,830 $ 745.403 $ 249,645 $ 5.171,317
2.130,931 1,185,55 I 724,078 302,126 5,736,579
2,885,976 1,724,086 756AlO 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 427A77 7,005,422
3,650,712 1,616,251 826,983 547,650 7A48,440
3.648,519 1.844.393 891,032 537,868 7,735,637
3,733,647 2,166,468 906,914 565A56 8,208,493
4,088,914 1.923,346 819,111 585,494 8,336,235
4,383,632 2.178,958 831,252 613,224 8,942,831
59
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 Collections
Tax Levy Collections Collected Collections Collections to Levv
(A)
$ 562,4 72 $ 543,462 96 62% (822) $ 542,580 96 46%
568,301 561,551 98.81% (6,205) 567,756 99 90%
568,301 561,537 9881% 2,852 564,389 99.31%
568,301 560,570 98.64% 840 56IA1O 98 79%
568,301 569,769 100 02% 569,769 100 00%
569,360 564,513 99 14% (1,852) 562,661 98 82%
568,195 563,402 99 16% (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%
633,629 635,258 100.26% 1,653 636,911 100.52%
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
Notes:
A. Net prior year tax abatements and adjustments due to revaluation of property in Jefferson County
Source: Jefferson County Assessors' Office and the City of Wheat Ridge audited financial statements, 1989 - 1998.
60
CITY OF WHEAT RIDGE, COLORADO
COMPUT A TION OF LEGAL DEBT MARGIN
Computation of maximum debt allowed
1998 estimated actual valuation
Legal debt limit percentage per City Charter ~12.7
Legal debt limit
Amount of debt outstanding
Total bonded debt
Less: Revenue Bonds
Net general obligation bonded debt outstanding
Legal debt limit
Legal debt margin
December 31, 1998
(UNAUDITED)
$
1,025,000
(1,025,000)
Note. The City Charter Legal Debt margin is also subject to the State Constitution Section 20,
Article X, "Taxpayers Bill of Rights" (TABOR) under which no debt has been authorized.
Source: City of Wheat Ridge charter and Jefferson County Assessor's office.
61
$ 1,751,299,092
__ 3%
$
52,538,973
$
52,538,973
$
52,538,973
Fiscal
Year
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
Notes:
Source
CITY OF WHEAT RIDGE, COLORADO
REVENUE BOND COVERAGE SALES TAX REVENUE BONDS
LAST TEN FISCAL YEARS
(UNAUDITED)
Sales Tax Debt Service Requirements Coverage
Revenue Principal Interest Total Factor
$ 5,509,944 $ $ 96,088 $ 96,088 $ 57.34
5,461,862 210,925 210,925 2591
5,771,952 210,925 210,925 27.36
6,321,351 210,925 210,925 2997
6,533,217 20,000 152,305 172,305 3792
6,740,566 55,000 124,258 179,258 3760
7,297,038 75,000 122,350 197,350 3698
7,467,294 75,000 119,650 194,950 38.30
8,177,821 960,000 117,025 1,077,025 7.59
10,896,486 2)15,000 365,474 2.680,474 406
Sales tax revenue in both the General Fund and the Capital Projects Fund are included since debt service is
paid with sales tax proceeds.
City of Wheat Ridge audited financial statements, 1988 - 1998
62