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HomeMy WebLinkAbout1999 CITY OF WHEAT RIDGE, COLORADO GENERAL PURPOSE FINANCIAL STATEMENTS December 3 1, 1999 T ABLE 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 Combmed 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 in Retained Earnmgs- Internal Service Fund 5 Statement of Cash Flows - Internal Service Fund 6 Statement of Changes m Plan Net Assets - Pension Trust Fund 7 Notes to Financial Statements 8 - 21 COMBINING, INDIVIDUAL FUND AND ACCOUNT GROUP STATEMENTS AND SCHEDULES Special Revenue Funds Combming Balance Sheet 22 Combming Statement of Revenues, Expenditures and Changes m Fund Balance 23 Open Space - Schedule of Revenues, Expenditures and Encumbrances - Budget and Actual 24 Pohce Buildmg - Schedule of Revenues, Expenditures and Encumbrances - Budget and Actual 25 Pohce InvestigatIOn - Schedule of Revenues, Expenditures and Encumbrances - Budget and Actual 26 T ABLE OF CONTENTS (Continued) PAGE FINANCIAL SECTION (Continued) COMBINING, INDIVIDUAL FUND AND ACCOUNT GROUP STATEMENTS AND SCHEDULES (Continued) Special Revenue Funds (Continued) Park AcqUIsition - Schedule of Revenues, Expenditures and Encumbrances - Budget and Actual 27 Building DemolitIOn - Schedule of Revenues, Expenditures and Encumbrances - Budget and Actual 28 Semor/Teen Center - Schedule of Revenues, Expenditures and Encumbrances - Budget and Actual 29 Mumclpal Court - Schedule of Revenues, Expenditures and Encumbrances - Budget and Actual 30 Tree Planting - Schedule of Revenues, Expenditures and Encumbrances - Budget and Actual 3 I Rtchards/Hart Improvement - Schedule of Revenues, Expenditures and Encumbrances _ Budget and Actual 32 Parks and Recreation Damage DepOSit - Schedule of Revenues, Expenditures and Encumbrances - Budget and Actual 33 Wheat RIdge Town Center - Schedule of Revenues, Expenditures and Encumbrances _ Budget and Actual 34 EqUIpment - Schedule of Revenues, Expenditures and Encumbrances - Budget and Actual 35 Conservation Trust - Schedule of Revenues, Expenditures and Encumbrances - Budget and Actual 36 Computer - Schedule of Revenues, Expenditures and Encumbrances - Budget and Actual 37 Recreation Center Construction - Schedule of Revenues, Expenditures and Encumbrances - Budget and Actual 38 Baugh House - Schedule of Revenues, Expenditures and Encumbrances - Budget and Actual 39 TABLE OF CONTENTS (Continued) PAGE FINANCIAL SECTION (Continued) COMBINING, INDIVIDUAL FUND AND ACCOUNT GROUP STATEMENTS AND SCHEDULES (Continued) Special Revenue Funds (Continued) Hotel/Motel - Schedule of Revenues, Expenditures and Encumbrances - Budget and Actual 40 Recreation Center Operating - Schedule of Revenues, Expenditures and Encumbrances - Budget and Actual 41 Debt Service Funds Combining Balance Sheet 42 Combining Statement of Revenues, Expenditures and Changes In Fund Balance 43 Incremental Sales Tax Bond Fund - Schedule of Revenues, Expenditures and Changes In Fund Balance - Budget and Actual 44 Compensated Absences - Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual 45 Proprietary Fund RIsk Financing Insurance Reserve Internal Service Fund - Schedule of Revenues, Expenditures and Changes in Retained Earnings - Budget and Actual 46 Fiduciary Funds Combining Balance Sheet 47 Combming Statement of Changes m Assets and Liabilities - All Agency Funds 48 General Fixed Assets Account Group Schedule of Changes in General Fixed Assets - by Source 49 Schedule of General Fixed Assets by Function and ActiVity 50 SUPPLEMENTARY INFORMATION Annual Statement of Receipts and Expenditures for Roads, Bndges and Streets 51 - 53 T ABLE OF CONTENTS (Continued) STATISTICAL SECTION Assessed and EstImated Actual Value of Taxable Property General Governmental Revenue by Source General Governmental Tax Revenue by Source Property Tax Levies and Collections - General Fund Computation of Legal Debt Margin Revenue Bond Coverage Sales Tax Revenue Bonds SINGLE AUDIT SECTION Independent Auditors' Report on Compliance and on Internal Control Over Financial Reporting Based on an Audit of Financial Statements Performed In Accordance with Government Auditing Standards Independent Auditors' Report on Compliance with Requirements Applicable to Each Major Program and Internal Control Over Compliance In Accordance with OMB Circular A-l33 Schedule of Findings and Questioned Costs Independent Auditors' Report on Schedule of Expenditures of Federal Awards Schedule of Expenditures of Federal Awards PAGE 54 55 - 56 57 - 58 59 60 61 62 63 - 64 65 66 67 The City of 7500 WEST 29TH AVENUE . WHEAT RIDGE, COLORADO 80215 CWheat GRidge May 23, 2000 The Honorable Mayor Cerveny, Wheat Ridge City Council, and City Manager City of Wheat Ridge Wheat Ridge, Colorado Dear Mayor and members of City Council. We are pleased to transmit the Comprehensive Annual Financial Report of the City of Wheat Ridge for the fiscal year ended December 31, 1999. The City Treasurer's Office and the City Manager's Office prepared this report. Responsibility for both the accuracy of the data, and the completeness and fairness of the presentation, including all disclosures, rests with the City. To the best of our knowledge and belief, the enclosed data is accurate in all material respects and is reported in a manner designed to present fairly the fmancial position and results of operations of the City of Wheat Ridge. We have included all disclosures necessary to enable the reader to gam an understanding of the City's fmanclal and operational activities. This report IS presented m three sections as follows: Introductory Section, which includes transmittal letters, organization chart, and list of principal officials. 2. Financial Section, which includes the fmancial statements, supplementary schedules, and the auditor's report on the fmancial statements and schedules. 3 Statistical Section, which includes selected operational and fmancial information, generally presented on a multi-year basis. i (303) 234-5900 . ADMINISTRATION FAX. 234-5924 POLICE DEPARTMENT FAX. 235-2949 ACCOUNTING SYSTEM AND BUDGETARY CONTROL In developmg and evaluatmg the City's accounting system, consideration IS gIVen to the adequacy of internal controls. Internal accounting controls are designed to provide reasonable, but not absolute, assurance regarding the safeguarding of assets agamst loss from unauthorized use or disposition and the reliability of fmancial records for preparing fmancial statements and mamtammg accountability for assets. The concept of reasonable assurance recognizes that the cost of a control should not exceed the benefits likely to be derived and the evaluation of costs and benefits requITes estrrnates and judgements by management. The City of Wheat Ridge uses funds and account groups to report on ItS fmancial position and the results of its operations. Fund accounting is designed to show legal compliance and to aid fmancial management by segregating 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 drainage, 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 fmancIaI position and thus do not record results of operations. The budget process begins in April and ends with the adoption by City Council before December 15 each year. Budgets are adopted on a NON-GAAP basis using the encumbrance basis of accounting, except the Debt Service and Internal Service Funds which are GAAP basis. The level of budgetary control (the level at which expenditures and encumbrances cannot legally exceed the appropriated amount) is established at the individual fund level. The budget is then integrated into the formal accounting system January 1 of each year. If during the fiscal year, the City Administration determines that there are available for appropriation revenues m excess of those estimated in the budget, the Council, by resolutIOn, may make supplemental appropnations for the year up to the amount of the excess. Additional budgetary control is maintained by the encumbrance of purchase amounts prior to the release of purchase orders to vendors. Encumbrances present commitments related to unperformed contracts for goods or services. Open encumbrances are reported as reservations of fund balance at year end. ii GENERAL GOVERNMENT FUNCTIONS Revenues for general governmental functions (General Fund only) totaled $13,526,580 m 1999, an 1l1crease of 5.26% over 1998 The amount of revenues from vanous sources and the increase (decrease) over last year are shown in the followmg table Increase Percentage Revenues Percentage (Decrease) Increase Bv Source 1999 Amount of Total From 1998 (Decrease ) Taxes $ 9,481,139 70.09% $538,308 6.02% License & Permits 526,299 389 (40,042) ( 7 07) Intergovernmental 1,783,821 13.19 50,219 2.90 Charges for ServIces 539,002 398 19,115 3.68 Fines & Forfeitures 679,850 5.03 13,119 1.97 Interest Income 309,885 2.29 61,489 2475 Other Revenue 206.584 1.53 33,925 19.65 TOTAL $13,526,580 100 00% $676,133 5.26% The major source of revenue for the City of Wheat Ridge is retail sales and use tax ($7,094,106) ThIS comprises 52.45% of total current General Fund revenue. The one percent (1 %) General Fund sales tax revenues for 1999 were $4,670,441, an increase of 6.54% or $286,809 over 1998 collectIOns. General Fund use tax revenues for 1999 were $2,423,665 an increase of 11.23% over 1998 collections (a specific decrease was in building 29%, with increases in retail 13%, professional 58% and auto 6%). Current property tax collections for 1999 were 98.55% of the tax levy. Due to the City's fairly 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 $13,337,991 in 1999, an increase of 5.29% over 1998. Increases or (decreases) in levels of expenditures for major functions of the City over the past year are shown in the following table: Expenditure Increase Percentage Activity Percentage (Decrease) Increase Bv Function 1999 Amount Of Total From 1998 (Decrease ) General Government $ 2,018,161 15.13% $(67,000) (3.21)% Planning & Develop. 632,192 4.74 38,954 6.57 Public Safety 5,209,968 39.06 458,122 9.64 PublIc Works 2,459,817 1844 31,878 1.30 Parks & Recreation 2,290,972 17.18 188,594 8.97 Other 726,881 5.45 19,755 2.79 CapItal Outlay TOTAL $13,337,991 100.00% $ 670,303 5.29% iii PENSION FUNDING POLICIES The City partiCIpates m three mandatory and two deferred compensation plans. All full-trrne sworn police officers participate in a single employer defmed contribution money purchase plan. The employee contributes ten percent (10%) of annual salary, and the City contributes ten percent (10%) Four department heads contribute four-percent to the International City Managers Association (lCMA), I.R.C. Section 401 deferred compensation plan and the City contributes five-percent to this plan. The remainder of the full-time permanent employees are requITed to join the Colorado County OffiCIalS and Employees Retirement Association (CCOERA) plan after one year of serVIce WIth the City These employees contribute four- percent (4%) of their annual salary to the plan, which the City also matches. DEBT ADMINISTRATION The City may use debt fmancing when either long-term capital projects are desired, or when it can be determined that future citizens will receive a benefit from the improvement. Sales Tax Revenue Bonds were issued August 12, 1988, for $2.99 million. These bonds, rated "A" by Moody's, were sold to fmance capital projects budgeted in the CapItal Projects Fund. These bonds were refmanced on August I, 1993, with a new issue for $3.21 million WIth an average interest rate of 3.8%. The bond Issue matured in 1999 and the City has obtained an economic gain (dIfference between the present values of the old and new debt service payments) of approxinIately $245,000 over the life of the new Issue. This bond issue is accounted for in the Debt SerVIce Fund. The City has entered into several lease agreements for fmancing the acquisition of equipment including vehicles, and copy machines. The lease agreements specifically state that the lease can be canceled at any time if the City Council does not appropriate funds for that purpose. Funds are budgeted and encumbered for that year's payments only. RECREATION CENTER On November 4, 1997, the citizens of Wheat Ridge overwhelmingly passed a referendum directing the City of Wheat Ridge to construct and operate a public recreatIOn center for all ages. To pay for the construction of the public recreation center, the referendum also approved an mcrease of 1/2% in the retail sales and use tax imposed by the City. The tax increase was initiated January 1,1998 and sunsets December 31, 2002, or when $12,350,000 has been collected, whichever comes fITst. 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 fmance 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 invest all idle funds and cash wIthm each fund. The City of Wheat RIdge has formally adopted the prudent investor rule as a guide to the Treasurer's Office in making municipal investments to maxirrnze yield while mininuzing risk. The prudent investor rule states "that investments shall be made wIth the exerCIse of that Judgement and care, under circum~tances then prevailing, which men of prudence, dIscretion and illtelligence exercise ill the management of their own affaITs not for speculation but for mvestment, considering the probable safety of their capItal as well as the probable income to be derived." City funds may be invested in insured savmgs, money market accounts, certificates of depOSit, and securities of the U,S. Government and its agencies, in conformance with the Colorado Public Deposit Protection Act (PDP A) requirements. The City Treasurer monitors the interest rates on a daily basis. RelatIvely small amounts of idle cash are maintained in checking accounts to cover checks written. Savings and money market accounts are insured up to F.D.I.C. limits and are collateralized in conformance with PDPA. At the end of 1999, the City's investment in certificates of deposit (CD), local government investment pools (LGIP) and government securities varied in stated interest rates from 5.03% to 6.20%, and 2.75% to 5 08% in savings and money market accounts, respectively. The City's mvestment portfolio indicates investments throughout 1999 averaged 27% in V.S Government securities, 32 % in LGIPs and 41 % 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 orrnssions, injuries to employees, or acts of God. The City of Wheat Ridge takes seriously the need for a strong risk management program The City's program includes periodic review of all policies, procedures and activities. Legal review of all contracts, an active employee safety committee, employee training, review of insurance coverage, and other ongoing loss control activities are also employed. Working closely with our insurers and attorneys, the City acts quickly to resolve any known risk management problems. The City participates in an insurance pool with other Colorado municipalities for liability and property insurance in excess of self-insured retentions, and workers' compensation coverage. The Colorado Intergovernmental Risk Sharing Agency (CIRSA) is a separate and independent 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 in 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, fmancIaI records, and transactIons of all admmistrative departments of the City. An mdependent certified public accountant selected by the City Council has performed this requirement and the auditor's opinIOn has been included in this report. ACKNOWLEDGMENTS I would like to express my appreciation to Linda Stengel, Chief Accountant, Maggie Walters, Accounting Technician, and to Bill Powell, Budget/Finance Assistant who assisted the auditors in preparing 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 independent Certified Public Accounting frrm of Johnson, Holscher & Company, P c., for the exemplary fashion in which they accomplished the 1999 audit. 6rfull~ Ron Patera City Treasurer vi CITY OF WHEAT RIDGE PRINCIPAL CITY OFFICIALS MAYOR Gretchen Cerveny CITY COUNCIL District 1 District 2 Jerry Ditullio Vance Edwards 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 Janelle Shaver Odarka Figlus Wanda Sang Randall Davis Ron Patera Gerald Dahl Vacant Alan WhIte Gary Wardle Robert Goebel Jack Hurst William W Powell Patocla Crew Mia Mascitelli Lmda Stengel District 4 Claudia Worth Harry Hanley 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 accompanying general purpose financial statements of the City of Wheat RIdge, Colorado, as of and for the year ended December 31, 1999, as listed in the table of contents. These general purpose financial statements are the responsibility of the City's management. Our responsibihty is to express an opllllon on these general purpose financial statements based on our audIt. We conducted our audit m accordance With generally accepted auditing standards. Those standards reqUIre that we plan and perform the audit to obtam reasonable assurance about whether the general purpose financial statements are free of material misstatement. An audit mcludes exammmg, on a test baSIS, eVidence supportmg the amounts and disclosures in the general purpose financial statements. An audit also mcludes assessing the accountmg principles used and Significant estrrnates made by management, as well as evaluatmg the overall general purpose finanCial statement presentation. We beheve that our audit proVIdes a reasonable baSIS for our opmlOn. In our opinion, the general purpose financial statements referred to above present faIrly, in all matenal respects, the financIal pOSition of the City of Wheat Ridge, Colorado, as of December 31, 1999, and the results of its operatIOns and cash flows of ItS propnetary fund type for the year then ended in conformity With generally accepted accountmg pnnclples. In accordance WIth Government Auditing Standards, we have also issued our report dated February 25, 2000, on our conSideratIon of the City of Wheat RIdge, Colorado's internal control structure over finanCial reporting and our tests of ItS compliance with certam proviSIOns of laws, regulatIOns, contracts and grants That report IS an integral part ofan audit performed in accordance with Government Auditing Standards and should be read m conjunctIOn with this report m conSIdering the results of our audit. 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 m 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 mformatlOn has been subjected to the auditmg procedures apphed In the audit of the general purpose finanCial statements and, m our opinion, 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 opmlOn on It. ~, IP/$du-? f ~~ I fe-. February 25, 2000 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 Villa9", CO 80111 13u31694-2727 Fax 13031694-3172 GENERAL PURPOSE FINANCIAL STATEMENTS The General Purpose Financial Statements provIde a financIal overview of the CIty'S operatIons. These financial statements present the financial pOSItIon, operating results, and cash flows, where applIcable, of all funds and account groups as of December 31, 1999 CITY OF WHEAT RIDGE, COLOR}\])() COMBINED BALANCE SHEET ALL FUND TYPES AND ACCOUNT GROUPS Dccember 3 L 1999 GOVERNMENTAL FUND TYPES SPECIAL DEBT CAPITAL GENERAL REVENUE SERVICE PROJECTS ASSETS Cash and Investments $ 5,84 I ,9 I 4 $ 6,577 ,870 $ 562,854 $ 2,438,132 Accounts Receivable Property Taxes 647,845 230,000 Intergovernmental 401,61 I 83 1,462 585,561 Other 867,516 354,054 19,470 Due From Other Funds 662,744 35,305 Restncted Cash and Investments 4,285,073 Property and EqUIpment Amount Available m Debt Service Funds Amount to be ProVIded for Retirement of General Long-Term Debt TOTAL ASSETS $ 8,421,630 $ 12,313,764 $ 562,854 $ 3,043,163 LIABILITIES AND FUND EQillTY LIABILITIES Accounts Payable $ 206,308 $ 653,324 $ $ 38,886 Accrued Expenses 181,865 41,623 Refundable DepOSIts 50,071 Due to Other Funds 35,305 15,649 646,746 Claims Payable Deferred Revenue 647,845 230,000 Accrued Compensated Absences 22,609 Developer Agreement Payablc Capital Leases Certificates of PartIcipation Bonds Payable TOTAL LIABILITIES 1,121,394 940,596 22,609 685,632 FUND EQUITY Investment in General Fixed Assets Retained Earnings Fund Balance Reserved for Encumbrances 50,992 1,729,569 1,035,525 Reserved for CapItal Projects 1,322,006 Reserved for Debt Service 487,529 Reserved for Employee RetIrement Reserved for Emergencies 580,000 Umeserved Designated for Compensated Absences 52,716 Undeslgnated 6,669,244 9,643,599 TOTAL FUND EQillTY 7,300,236 11,373,168 540,245 2,357,531 TOTAL LIABILITIES AND FUND EQillTY $ 8,421,630 $ ~13,764 $ 562,854 $ 3,043,163 The accompanymg notes are an integral part of the financial statements. 2 FIDUCIARY PROPRIETARY FUND TYPES ACCOUNT GROUPS FUND TYPE TRUST AND GENERAL GENERAL TOTALS INTERNAL AGENCY FIXED LONG-TERM ~MORANDUM ONLY) SERVICE FUND FUNDS ASSETS DEBT 1999 1998 ----.- $ 185,427 $ 15,530,730 $ $ $ 31,136,927 $ 24,215,127 877,845 852,812 1,8 I 8,634 2,240,876 1,24 I ,040 1,153,114 698,049 409,393 4,285,073 14,423,698 37,913,115 37,913,115 27,904,952 540,245 540,245 556,991 12,593,206 12,593,206 14,635,193 $ 185,427 $ 15,530,730 $ 37,913,115 $ 13,133,451 $ ~,104,134 $ 86,3 92, 156 $ 2,466 $ $ $ $ 900,984 $ 659,128 223,488 168,856 152,513 202,584 294,887 349 698,049 409,393 100,000 100,000 100,000 877 ,845 852,812 540,951 563,560 543,497 87,500 87.500 122,500 20,133 12,505,000 12,505,000 13,505,000 1,025,000 102,466 152,862 13,133,451 16,159,010 17,701,206 37,913,115 37,913,115 27,904,952 82,961 82,961 312,334 2,816,086 8,018,803 1,322,006 2,477,235 487.529 460,634 15,377,868 15,377,868 12,815,778 580,000 524,000 52,716 96,357 82,961 16,312,843 16,080,857 15,377,868 37,913,115 74,945,124 68,690,950 $ 185,427 $ 15,530,730 $ 37,913,115 $ 13,133,451 $ ,91,104,134 $ 86,392,156 en" Of- WI lEA'!' RIDGE, COLORADO COMBINED ST ATEMI':NT OF REVENUES EXPENDITURES AND CHANGES IN FUND BA1.ANCE AI L GOVERNMENTAL FUND TYPES Ycar Ended December3 L 1999 GOVERNMENTAL FUND TYPES SPECIAL DEBT CAPITAL GENERAL REVENUE SERVICE PROJECTS REVENUES Taxes $ 9,481,l39 $ 3,832,653 $ $ 4,792,055 LICenses and Permits 526,299 Intergovernmental 1,783,821 L513,784 Charges for Services 539,002 55,313 Fines and Forfeitures 679,850 Interest 309,885 793,2l7 32,440 l27,723 Other 206,584 248,986 ~_.__.__._._~ 86,392 TOTAL REVENUES 13,526,580 6,443,953 32,440 5,006,170 EXPENDmJRES Current General Government 2,027 ,805 39,959 Planning and Development 632,472 189,447 Police 5,211,489 24,658 Public Works 2,463,229 Parks and Recreation 2,293,878 570,077 Other 726,881 98,886 Capital Outlay 11,037,759 3,127,291 Debt Service Principal 1,000,000 1,025,000 Interest and Fiscal Charges 584,693 42,325 TOTAL EXPENDmJRES 13,355,754 13,446,593 1,l66,2~ 3,127,291 EXCESS OF REVENUES OVER (UNDER) EXPENDmJRES l70,826 (7,002,640) (1,133,771 ) 1,878,879 OTHER FINANCING SOURCES (USES) Bond Proceeds Bond Discount Operaling Transfers In 1,767,374 2,097,827 1,l17,025 Operating Transfers Out (722,313) (l,630,888) (2,629,025) TOTAL OTHER FINANCING SOURCES (USES) 1,045,061 466,939 1,1l7,025 _(2,629,025) EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPb'NDmJRES AND OTIffiR USES 1,215,887 (6,535,701 ) (16,746) (750,146) FUND BALANCE, BEGINNING 6,084,349 l7,908,869 556,991 3,107,677 FUND BALANCE, ENDING $ 7,300,236 $ 11,373,168 $ 540,245 $ 2,357,531 The accompanying notes are an integral part of the financial statements. 3 TOTALS (MEMORANDUM ONLY) 1999 1998 2,067,764 2,127,370 821,919 800,723 5,236,147 4,760,220 2,463,229 2,427,939 2,863,955 3,282,267 825,767 1,1 00, 124 14,165,050 6,356,725 2,025,000 2,315,000 627,018 368,060 31,095,849 23,538,428 (6,086,706) 822,813 14,820,000 (69,382) 4,982,226 3,410,377 (4,982,226) (3,410,377) 14,750,618 $ 18,105,847 526,299 3,297,605 594,315 679,850 1,263,265 541,962 25,009,143 (6,086.706) 27,657,886 $ 21,5ZLI~0 $ 16,429,264 566,341 4,111,579 572,522 666,731 1,616,776 398,028 24,361,241 15,573,431 12,084,455 $ 27,657,886 CITY OF WHEAT RIDGE. COLORADO COMBlC:ED STATEMENT or REVENUES EXPENDITURES AND ENC\JMBR:\l"CES BUDGET A};D ACTUAL ALL GOVERl"MEl"TAL Fe TND TYPES '< ear Ended December 31, 1999 GENERAL SPECIAL REVENUE V ARIANCE- FA VORABLF BUDGET ACTUAL NFA VORABLE) BUDGET ACTUAL -- ~- -- REVENUES Taxes $ 8,766,150 $ 9,481,139 $ 714,989 $ 3,283,600 $ 3,832,653 Licenses and Permits 512,350 526,299 13,949 Intergovernmental 1,829,118 1,783,821 (45,297) 2,107,791 1,S13,784 Charges for Services 651,010 539,002 (112,008) 54,800 55.313 Fines and Forfeitures 682,500 679,850 (2,650) Interest 180,000 309,885 129,885 415,785 793,217 Other 80,000 206,584 126,584 113,150 248,986 ~,- TOTAL REVENUES 12,701,128 13,526,580 825,452 5,975,126 6,443,953 EXPENDITIJRES AND ENCUMBRANCES Current General Government 2,188,975 2,035 092 153,883 63,700 40.059 Planning and Development 684,149 632,472 51,677 228,200 189,447 Police 5,503,278 5,224,484 278,794 30,000 24,658 Public Works 2,710,327 2,463,229 247.098 Parks and Recreation 2,476,469 2,312,710 163,759 1,493,476 517,649 Other 798,237 726,881 71,356 Capital Outlay 5,942,046 5,443,173 Debt Service Principal 1,000,000 1,000,000 Interest and Fiscal Charges 584,693 584,693 TOT AI. EXPENDITURES AND ENCUMBRANCES 14,361,435 13,394,868 966,567 9,342,115 7,799,679 EXCESS OF REVENUES OVER (lINDER) E.XPENDITURES AND ENCUMBRANCES (1,660,307) 131,712 ~2,019 (3,366,989) ~355,726) OTHER FINANCING SOURCES (USES) Bond Proceeds Bond Discount Operating Transfers In 1,767,374 1,767,374 2,097,827 2,097,827 Operating Transfers Out (802,313 ) (722,313) 80,000 (1.630,888) (1,630,888) -~ TOTAl. OTHER FINANCING SOURCES (USES) 965,061 1,045,061 80,000 466,939 466,939 EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES, ENCUMBRANCES AND OTHER USES $ (695,246) I.I 76, 773 $ 1,872,019 $ (2,900,050) (888,787) ADJUSTMENTS TO GAAP BASIS Encumbrances Prior Year (11,878) (7,376,483) Current Year 50,992 1.729,569 TOTAl. ADJUSTMENTS 39,114 (5,646,914) EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES. ENCUMBRANCES AND OTHER USES (GAAP BASIS) $ 1,215,887 $ (6,535,701) The accompanying notes are an integral part of the financial statements. 4 1,145,435 1,117,025 (28,410) ~3.455) 13,455 (2,629,025) (2,629,025) -~ 1,131,980 1,117,025 (14,955) (2,629,025) (2,629,025) -- S 2,011,263 $ (11,935) (16,746) $ (4,811) $ (2,025,500J (1,155,229) $ _ 870,271 (630,442) 1,035,525 405,083 $~B0 $ (750,146) l ITY OJ- V,rHEA T RlDCiL, COLC JRADO STATEMENT OF REVENUES. EXPENSES AND CHANCihS IN RETAINED LARNINGS INTERNAl. SERVICE FUND Year Endcd Dcccmber 3 I, 1999 1999 1998 OPERATING REVENUES Insurance Rerrnbursements $ 127,801 $ 220,242 OPERATING EXPENSES Insurance Premlllffis 80,240 89,777 Insurance Claims 292,150 48,675 --- TOTAL OPERATING EXPENSES 372,390 ] 38.452 OPERATING INCOME (lDSS) (244,589) 8] ,790 NON-OPERATING REVENUES (EXPENSES) Interest ]5,216 ]8,344 NET INCOME (229,373) 100,134 RETAINED EARNINGS, BEGINNING 312,334 212,200 RETAINED EARNINGS, ENDING $ 82,961 $ 312,334 The aeeompanymg notes are an integral part of the financial statements. 5 CITY OJ- WIlLAT RlDGF" CUl.URADO ST^ TEMENT OF C^SH FI .OWS INTERN^L SERVICI' FUND Year Ended Dcccmber 31, 1999 Increase (Decreasc) In Cash and Cash EqUIvalents Cash Flows tram Operating ActlVlties Cash Recel ved from Othcr Funds Cash Paid to Supphers Net Cash Provided (Used) bv OperatIng Acl1VIl1es Cash Flows From InvestIng Acl1vll1es Intcrcst Recclved NET INCREASE (DECREASE) IN CASH AND CASH EQUIV ALENTS CASH AND CASH EQUIV ALENTS, BEGINNING CASH AND CASH EQUIVALENTS, ENDING RECONCILIATION OF OPERATING INCOME (LOSS) TO NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES OperatIng Income (Loss) Adjustments to Reconcile Operating Income (Loss) to Nel Cash Provided (Used) by OperatIng ActiVIties Changcs In Assets and Llabihl1es Accounts Payable Net Cash ProVided (Used) by OperatIng ActlVlties 1999 19% $ 127,801 $ 22U242 ~72,260) 1138,032 ) -- (244,459) 82,210 J5,216 18,344 (229,243) IUO,554 414,670 314,116 $ 185,427 $ _ _ 414,6}~ $ (244,589) $ 81,790 130 42U $ ~44 422l $ 82,210 The accompanYIng notes are an Integral part of the fInancial statements. 6 ADDITIONS Emplovcr ContributIOns Emplovee ContributIOns Employec Voluntary ContributIOns TOTAL CONTRIBUTIONS ClTY m WHEAT RiDGE COLORADO ~TA TEMENT m CHANGES IN PLAN NET ASSETS PEN~]ON TRUST FUND Year Tended Decemo<.:r 31, 1999 InveslincntIncomc Nel ApprecwtlOn m F arr Valuc oflnveslinenls Intercst NET INVESTMENT INCOME TOTAL ADDITIONS DEDUCTIONS Benefil Pa\llicnts AdmmIstratIve Charges TOTAL DEDUCTIONS NET INCREASE NET ASSETS HELD IN TRUST FOR PENSION BENEFITS, BEGINNING 1999 $ 285,864 $ 285,864 45,865 --.--- 617,593 ----- 3,728,567 136,373 - ---- 3,864,940 -- 4,482,533 -- 1,873,\ 95 47,248 -' - L920A43 2,562,090 12,815,778 _..~ ~ 1998 271,406 271 ,406 45,094 587,906 1710,\20 801,508 2,511,628 --~.- 3,099,534 8384\() 35,496 873,906 2.225,b28 $ 15.377,8~ $ 12,8]5,778 10,590,\ 50 -- --------- NET ASSETS HEI.D IN TRUST FOR PENSION BENEFITS, ENDING The accompanymg notes are an integral part of the fmancial slatements 7 NOTE 1: CITY OF WHEAT RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS December 3 I, 1999 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The City of Wheat RIdge, Colorado was incorporated 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 accounting 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 significant policies. REPORTING ENTITY In accordance wIth Governmental Accountmg Standards, the City has conSidered the possibihty of inclusIOn of additIOnal entities m its general purpose financial statements The defimtIon of the reportmg entIty is based primarily on financial accountability The City is financially accountable for organizations that make up its legal entity It IS also finanCially accountable for legally separate organizations If City officIals appoint a voting majonty of the orgaruzatlOn's governing body and either It IS able to impose ItS will on that orgaruzatlOn or there IS a potential for the organization to provide specific financIal benefits to, or to impose specific finanCIal burdens on, the City The City may also be finanCIally accountable for governmental organizatIons that are fiscally dependent upon it. Based on the application of this criteria, the City Includes the Wheat Ridge Econormc and RevitalizatIon Comrmssion (EDARC) wIthin its reporting entity EDARC was created to redevelop or rehabilitate certain blighted areas of the City The EDARC Board of Comrmssioners are appointed by the City Mayor and Council. Council approval IS reqUIred for EDARC's budget. The financial mformation 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 organized on the basIs of funds and account groups, each of whIch IS conSIdered a separate accountmg entIty The operations of each fund are accounted for wIth a separate set of self-balancmg accounts that compnse ItS assets, liabilItIes, fund eqUIty, revenues, and expenditures, or expenses, as appropriate Government resources are allocated to, and accounted for in indIVidual funds, based upon the purposes for which they are to be spent and the means by whIch spending activIties are controlled. The vanous funds are grouped in the financIal statements in thIs report, Into fund types and broad fund categories as follows 8 NOTE 1: CITY OF WHEAT RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS December 31, 1999 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) FUNDS AND ACCOUNT GROUPS (Continued) 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 Included on the balance sheet. TheIr reported fund balance (net current assets) is consIdered a measure of "available spendable resources" Governmental fund operating statements present Increases (revenue and other financing sources) and decreases (expenditures and other financing uses) In net current assets. Accordingly, they are Said to present a summary of sources and uses of "available spendable resources" dunng a period. General Fund -- The General Fund IS the general operatmg fund of the City It IS used to account for all finanCIal resources except those reqUIred to be accounted for III another fund. Special Revenue Funds -- Special Revenue Funds are used to account for the collectIOn and disbursement of specific revenue sources. Debt Service Funds -- Debt Service Funds are used to account for the accumulation of resources for, and the payment of, long-term obligation prinCipal, Interest, and related costs. Capital Projects Funds -- Capital Projects Funds are used to account for the acqUIsitIon 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 mdivlduals, pnvate orgamzatIons, other governments, and/or other funds 9 NOTE 1: CITY OF WHEAT RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS December 3 ], 1999 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Contmued) FUNDS AND ACCOUNT GROUPS (Contmued) 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 reportmg treatment applied to a fund is detennined by Its measurement focus. All governmental funds are accounted for using a current financial resources measurement focus. With this measurement focus, only current assets and current liabilities generally are included 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 liabilIties 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 mto contributed capital and retaIned earnings components. Propnetary fund type operatmg statements present increases (e.g., revenues) and decreases (e.g., expenses) in net total assets The accounting and reporting treatment applied to the fixed assets and long-term habilIues aSSOCiated With a fund are determmed 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 accountmg, revenues are recogmzed 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 WIthIn the current period or soon enough thereafter to be used to pay the liabilities of the current penod. Expenditures are generally recogmzed when the related fund liabihty is Incurred. ]0 NOTE 1: CITY OF WHEAT RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS December 3 1, 1999 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) BASIS OF ACCOUNTING (Continued) Those revenues susceptible to accrual are sales taxes, property taxes, franchise taxes, Interest, and grants. Fines and permIt revenues are not susceptible to accrual as they generally are not measurable until receIved In cash The accrual baSIS of accounting IS used by all propnetary and penSIOn trust fund types. Under thiS method, revenues are recognized when earned and expenses are recognized at the tIme liabihties are incurred. For its proprietary fund type, the City has elected not to apply FinancIal Accounting Standards Board (F ASB) statements and InterpretatIons 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" criteria for recognitIOn in 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 pnor to the incurrence of qualifYing expenditures. In subsequent penods, when both revenue recogmtIOn cnteria 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 establishmg the budgetary data reflected In the financial statements' o In September, the City Admimstratlon submits to the City Council a proposed operatIng budget for the fiscal year commencmg the followmg January 1 The operatmg budget Includes proposed expendItures and the means of finanCing them. o Public hearmgs are conducted to obtain taxpayer comments. o Prior to December 31, the budget is legally enacted through passage of an ordinance o Any budget reviSIOns that alter the total expenditures of any fund must be approved by the City CounciL I I NOTE 1: CITY OF WHEAT RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS December 3 I, 1999 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 compansons presented for the Debt Service Funds are presented on a basIs consistent with generally accepted accounting pnnclples (GAAP) o Budgeted amounts in the financial statements are as origmally adopted or as amended by the City Council. All appropnatlOns lapse at year end. Colorado governments may not legally exceed budgeted appropriatIons by fund. CASH AND INVESTMENTS Cash eqUIvalents Include Investments WIth onginal matuntIes of three months or less Investments are recorded at fair value INTERFUND RECEIVABLES/PA YABLES Dunng the course of operatIOns, numerous transactIons occur between indiVidual funds. The resulting receIvables and payables are classIfied on the balance sheet as "due from other funds" and "due to other funds" because they are short-term in nature Noncurrent portions oflong-term interfund loan receivables are reported as advances and are offset equally by a fund balance reserve account which indicates that they do not constItute expendable available finanCIal resources and therefore are not available for appropnation. FIXED ASSETS Property and eqUIpment acqUisitions made by the governmental funds are accounted for as expenditures of the fund, and are then capitalized in the general fixed assets account group All purchased property and equipment are valued at cost, while donated assets are valued at their estimated fair market value as of the date received as a donatIOn The CIty capitalizes all assets valued at $500 or greater WIth a life m excess of one year 12 NOTE 1: CITY OF WHEAT RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS December 31, 1999 SUMMARY OF SIGNIF/C'ANT ACCOUNTING POLICIES (ContInued) FIXED ASSETS (Continued) Public domam ("infrastructure") general fixed assets consisting of roads, bndges, curbs and gutters, streets and sidewalks, drainage systems and hghtIng systems are not capItalIzed, as these assets are Immovable and of value only to the City No depreCIation is provided on the general fixed assets COMPENSATED ABSENCES Employees of the City are allowed to accumulate unused vacation and sick tIme up to a maximum based on years of service Upon termination of employment from the City, an employee will be compensated for all accrued vacation tIme at their current pay rate Employees hIred prior to February 12, 1990 will be compensated for accrued sick time exceeding 60 days at one-half theIr current rate of pay Accumulated unpaId vacation and sick pay IS accrued when earned. Amounts expected to be paId WIth expendable finanCIal resources are recorded as a liability of the Compensated Absences Debt ServIce Fund. Accumulated pay not expected to be paid from available resources IS reported In the General Long-Term Debt Account Group LONG-TERM OBLIGATIONS Long-term debt IS recognized as a hability of a governmental fund when due, or when resources have been accumulated In the debt servIce fund for payment early in the follOWing year For other long-term obligatIOns, only that portIOn expected to be financed from expendable finanCial resources is reported as a fund lIabihty of a governmental fund. The remammg 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 In 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 l3 NOTE 1: CITY OF WHEAT RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS December 31, 1999 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) PROPERTY TAXES Property taxes are levied on November 1 and attach as an enforceable hen on property on January I Taxes are payable In full on April 30 or In two Installments on February 28 and June IS The County Treasurer's office collects property taxes and remits to the CIty on a monthly baSIS. SInce property tax revenues are collected In arrears dUrIng the succeedIng year, a receIvable and correspondIng deferred revenue are recorded at December 3 I As the tax IS collected In the succeedIng year, the deferred revenue IS recognized as revenue and the receivable is reduced CONTRABAND FORFEITURES The Colorado Contraband Forfeiture Act allows law enforcement agencies to retam proceeds from the seizure of contraband. These transactions are recorded In the Pohce InvestIgatIOn SpeCial Revenue Fund COMPARATIVE DATA Comparative total data for the prIor year has been presented In the accompanYIng financial statements In order to proVIde an understandIng of changes In the Clty's financial pOSitIOn and operatIOns However, comparatIVe (i.e , presentatIon of pnor year totals by fund type) data has not been presented In each of the statements smce theIr InclUSIOn would make the statements unduly complex and difficult to read. TOTAL COLUMNS ON COMBINE]) STATEMENTS Total columns on the CombIned Statements are captIOned "Memorandum Only" to Indlcate that they are presented only to facihtate financial analYSIS Data In these columns do not present financial pOSitIOn, results of operatIOns, or cash flows In conformlty With generally accepted accountIng pnnclples Neither is such data comparable to a consohdatlOn Interfund elllmnatlons have not been made in the aggregation of thIS data 14 NOTE 2: CITY OF WHEAT RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS December 3 I, 1999 DEPOSITS AND INVESTMENTS A summary of deposits and Investments as of December 3 I, 1999 follows Petty Cash Cash Deposits Investments $ 1,655 3,175,471 32,244 874 $ 35.422,000 The above amounts are classified in the combined balance sheets as follows' Cash and Investments Restncted Cash and lnvestments $31,136,927 4,285,073 $ 35.422,000 Cash Deposits The Colorado PublIc Deposit ProtectIOn Act, (PDPA) requires that all Ul1lts of local government deposit cash m elIgible pubhc deposltones ElIgibilIty IS determmed by state regulations Amounts on deposit ll1 excess offederal msurance levels must be collateralIzed by elIgible collateral as determmed by the PDP A. The finanCial InstltutlOl1 IS allowed to create a smgle collateral pool for all publIc funds held The pool IS to be mamtamed by another institutIOn, or held ll1 trust for all the unll1sured publIc depOSits as a group The marl--et value of the collateral must be at least equal to 102% of the umnsured depOSits. DepOSits are categonzed to give anll1dicatlon ofnsk assumed by the government at the end of the year Category J mcludes depOSits that are Insured, CategOl) ;; mcludes collateralized depOSits \\llth secuntles held by the pledging Il1stltutlOn's trust department or agent III the City'S name, and ('{[teROI)' 3 IIlcludes uncollaterahzed, ul1lnsured depOSits At December 31, 1999, the City'S cash depOSIts had a carryll1g amount of $3, 175,471, and a correspondlllg bank balance as follows Insured (Category I) DepOSits Collateral1zed m Smgle InstitutIon Pools (Category 2) :); 328,719 3025,967 Total Cash DepOSIts $ 3,354,686 15 NOTE 2: CITY OF WHEAT RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS December 3 I, 1999 DEPOSITS AND INVESTMENTS (Continued) lnvestments Colorado statutes specify which Instruments units ofIocal government may mvest, which include o ObligatIOns of the United States and certam US government agency securIties U Celiam mternatlOnal agency SeCUrItIes o General obhgatlon and revenue bonds ofU S local government entitles o Bankers' acceptances of certalll banks o C ommercral paper o Local government Investment pools o Wntten repurchase agreements collateralized by certam authonzed secuntles Certam money market funds o Guaranteed lIlvestment contracts The City's Illvestments are categonzed below to give an lIldicatlOn of the level ofsecunty assumed at year end CalcgOlY J -- Investments that are lIlsured or registered or for whIch the secuntles are held by the City or Its agent III the City's name CalegOJY:; -- Unmsured and unregistered lIlvestments for whIch the seCUrItIes are held by the counterparty' s trust department or agent 111 the City's name ('alcWNY 3 -- Umnsured and unregIstered mvestments for which the secuntles are held by the counterparty's trust department or by Its agent, but not m the City's name FaIr Value (Categorv 1 ) U S Agency Secuntles Repurchase Agreements, collaterahzed by secuntles WIth a tinr value of $4,5') I ,630 $ 3,984,712 4,246,89(> $ 8,23 1 .608 16 NOTE 2: NOTE 3: CITY Of WHEAT RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS December 31, 1999 DEPOSITS AND INVESTMENTS (Continued) Investments (Continued) At December 31, 1999, the City had Invested $1,720,754 and $3,388,645, respectively, In the Colorado Government LIqUId Asset Trust (Colotrust), and the Colorado Surplus Asset Fund Trust (CSAFE), ll1vestment vehicles establIshed for local government entitles In Colorado to pool surplus funds. The Trusts operate Similarly to a money market fund and each share IS equal III value to $ 1 00 Investments of the Trusts Include U S Treasury bills, notes and note stnps, and repurchase agreements collateralIzed by U S Treasury secuntles A deSignated custodial bank provides safekeepll1g and depOSitory services to the Trusts III connectIOn With the direct Investment and WIthdrawal functions of the Trusts. Substantially all secuntles owned by the Trusts are held by the Federal Reserve Bank 111 the account mall1tall1ed for the custodial bank The custodian's ll1ternal records Identlfy the 1I1vestments owned by the Trusts 1n addition, the Cay had Invested $3,525,999 111 money market accounts At December 31, 1999, the City's pension plan assets were Investedm vanous mutual funds The carrying and market values of these funds were $15,377,868 These ll1vestments are not categonzed Sll1ce the underlymg secuntles cannot be determined Restricted Cash and Investments Cash and ll1vestments of $4,285,073 representll1g the procceds of the 1998 cel11ficates of part\clpatlon have been restncted 111 the Recreatlon Center Special Revenue Fund FIXED ASSET....' A summary of changes 111 the General Fixed Assets Account Group 1S as follows Balance Balance 12/31/98 Additions Deletions 12/31/99 Land S 5,793,096 $ $ S 5,793,096 BUlldlllgs 4,851,924 4,851,924 Streets and Improvements 9,122,451 C1,122,45 ] EqUipment 6,256,574 696,270 320,279 6632,565 Construction 111 Progress 1 880.907 9637 177 ] I 51307'1 Total General Fixed Assets $ 27.904.952 $ 10.328.442 $ 320.279 $ 37.913.115 17 NOTE 4: CITY OF WHEAT RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS December 31, 1999 LONG-TERM DEBT General Long-Term Debt Account Group FollOWing IS a summary of General Long-Term Debt Account Group transactIons for the year ended December 31, 1999 Balance Balance 12/31/98 AdditIOns Payments 12/3 1/99 Certificates of ParticipatIOn $ 13,505,000 $ $ 1,000,000 $ 12,505,000 Revenue Bonds 1,025,000 1,025,000 Capital Lease 20,133 20,133 Compensated Absences 519,551 21,400 540,951 Developer Agreement 122 500 35 000 87.500 Total $15.192.184 $ 21.400 $ 2.080.133 $ 13.133.451 Certificates of Participation The City Issued $14,820,000 Certificates of Parilcipatlon, Senes 1998, to finance the construction of a recreatIon facihty PnnClpal payments are duc annually on December 15, and Interest payments are due semi-annually on June 15 and December 15, through 20m; Interest accrues at rates rangll1g from 3 55% to 4 6% Revenue Bonds The CIty Issued $3,210,000 Sales Tax Revenue Refundll1g Bonds, Senes 1993. to refund the CIty's 1988 Sales Tax Revenue Bonds, which funded certall1 street ll11prOvements PnncIpal payments are due annually on December 1, and lt1terest payments are due semi- annually on June I and December I, through 1999 Interest accrues at rates rangltlg from 245% to 4 JOo per annum Annual debt service reqUIrements for the certificates of participatIon are as follows Year Ended December 3 I , Pnnclpal Interest Total 2000 $ 1,035,000 $ 539,217 $ U74,217 2001 1,080,000 497,817 U77,817 2002 1,120,000 454,617 U74,617 2003 1,\65,000 408, ] 37 1,573, ]37 2004 1,215,000 359,207 1,574,207 Thereafter 6890,000 886,810 7776810 Total Debt Service ReqUIrements $ 12.505.000 $ 3.145.805 $ 15,650.805 18 NOTE 4: NOTE 5: CITY OF WHEAT RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS December 3 l, 1999 LONG-TERM DEBT (Contll1ued) Developer Agreement On January 13, 1997, the Wheat Ridge Economic and RevitalIzatIOn Commission agreed to compensate the Wheat Ridge Marketplace for certam costs mcurred III the development of the project The full amount of the agreement, $ ] 75,000, IS due and payable wlthll1 10 years No Il1terest accrues on the obhgation RISK MANA GEMENT The City IS exposed to vanous nsks of loss related to torts, theft of, damage to, and destruction of assets, errors and OmISSions, Il1Junes to employees, and natural disasters The CIty has agreed to se1f-111sure claIms for general lIability, automobile habihtv, la\v enforcement habihty, and public ofilcIals error and omISSions habIlIty to a maXlIl1um of $150,000 per occurrence Self-Insurance activities are accounted for m the Internal ServIce fund Changes Il1 claims payable were as follows ClaIms Payable, January I Incurred but Unrep0l1ed Claims and AdJustments Claims PaId Claims Payable, December 3 ] 1999 $ ]00,000 292,150 (292]50) $ 100,000 1998 $ 100,000 48,675 -----1~ 8 ~6 7 5) $ 100,000 for excess liabilIty, property and workers compensatIon claIms, the CIty IS mvolved With the Colorado Intergovernmental RISk Shanng Agency (CIRSA), a separate and mdependent governmental and legal entity formed by mtergovernmental agreement by member mUl11clpahtles pursuant to the provIsion of 24-1 0-115 _\ Colorado ReVised Statutes (1982 Replacement Volume) and Colorado ConstItutIOn, ArtIcle XIV, SectIOn] 8(2) The purposes of cm. SA are to prOVide members defined lIabilIty, property, and workers compensation coverages and to assist members to prevent and reduce losses and Il1Junes to mUl1lclpal propel1" and to persons or property which mIght result 111 claims bell1g made agall1st members of Cl R~A, their employees and ofticers It IS the intent of the members of CTRSA to create an entity m perpetuity whIch will ac!mll1lstcr and use func!s contributed by the members to defend and Il1deml11fy, In a~corc!ance With the bylaws, any member of CIRSA agamst stated hablhty of loss, to the 111111t of the finanCIal resources of ClRSA It IS also the mtent of the mcmbers to have CIRSA prOVIde contll1ull1g stabilIty and availabilIty of needed coverages at reasonable costs Allll1come and assets ofCIRSA shall be at all times dedicated to the exclUSive benefit of ItS members 19 NOTE 5: NOTE 6: CITY OF WHEAT RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS December 3 I, 1999 RISK MANAGEMENT (Contmued) CIRSA IS a separate legal entlty and the CIty does not approve budgets nor does It have ability to sIglllficantly affect the operations of the Ul)It The City carnes commercial l11surance for other rIsks of loss, I11cludll1g employee health 1l1surance RETfREMEl\T COMMIT/'dENT.,)' Police Purchase Pension Plan The City contributes to a smgle employer defined contributIOn money purchase pension plan on behalf of sworn pohce officers Employees are reqUired to contribute 1000 of theIr compensation to the Plan, and the City contributes 100/0 The contributIon requIrements of Plan members and the City are estabhshed and may be amended by the CIty Council Employees may also make voluntary contributions to the Plan but may not contribute 111 excess of 150" of their compensatIOn to the Plan DUring the year ended December 3 I, ] 999, the City made all reqUIred contributions Employees become vested m City contributions to the Plan at 40% after 4 years of serVIce, 450/0 after 5 years, 50% after 6 years, and an addItional 10% each year thereafter All of the Plan mvestments at December 31, 1999, of $15,3 77,868 are managed by Charles Schwab The Plan IS mcluded m the financIal statements as a Pensl0n Trust Fund Department Head Pension Plan City depatiment heads palilcIpate 111 a multiple-employer defined contributIOn pensIon plan after one year of employment Department heads are reqUired to contribute 400 of their compensation to the Plan and the CIty contributes 5" 0 The contributIon rcquIrements of Plan members and the CIty are established and may be amended by the CIty Council DUring the year ended December:; 1, 1009, the CIty made all reqUired contributIOns Employees become vested 111 all contributIons to the Plan Immecltately All of the Plan 111vcstments are managed by The InternatIonal CIty Managers' /\SSOCIatIon (lCI\'lA) 20 NOTE 6: NOTE 7: CITY OF WHEAT RIDGE, COLORADO NOTES TO FINANCIAL STATEMENTS December 31, 1999 RETIREMENT COMMITMENTS (Continued) 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 established and may be amended by the City Council. During the year ended December 31, 1999, the City made all reqUIred contributIOns. Employees become vested In City contributIOns to the Plan at 20% annually All ofthe Plan lllvestments are managed by The Colorado County OffiCIals and Employees RetIrement ASSOCIatIOn (CCOERA) COMMITMENTS AND CONTINGENC1ES Tabor Amendment n Colorado voters passed an amendment to the State ConStItutIOn, Article X, Section 20, which has several hmltations, including revenue raising, 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 expmng tax, or tax policy change dIrectly caUSing a net tax revenue galll to the City Revenue in excess of the fiscal year spending lmut must be refunded In the next fiscal year unless voters approve retentIOn of such revenue The CIty's management beheves It IS m comphance wIth the provIsions of the Amendment. However, the Amendment IS complex and subject to interpretatIOn. Many of ItS provIsions may reqUIre JudiCial mterpretatlOn. The City has established an emergency reserve, representing 3% of qualIfymg expenditures, as reqUIred by the Amendment. At December 31, 1999, the emergency reserve of $524,000 was recorded m the General Fund. LitigatIOn n The City IS Illvolved III vanous lawsuits. The outcome of thIs litigatIon CanIlOt be deterllUned at thiS tIme Commitments -- EDARC has entered into 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, 1999, the CIty had paid $467,860 under thIS agreement. 21 COMBINING, INDIVIDUAL FUND AND ACCOUNT GROUP STATEMENTS AND SCHEDULES SPECIAL REVENUE FUNDS Spcclal Rcvcnuc Funds account for thc proceeds of spccIfIc rcvcnuc sourccs that arc lcgall} rcstncted to cxpcndIturcs for spccIfic purposcs. thc CIty has 18 spccIal rcvcnuc funds Open Space Fund - thc Clt}, along With Jcffcrson County and adJaccnt Colorado munlclpalltlcs, havc agrccd to Jomtly dcvclop "Opcn Space" Thc cost of such dcvclopment is funded by a Count} salcs tax which IS sharcd wIth thc City undcr a dcfcrrcd formula. Police Building Fund - accounts for Y2 ccnt salcs tax collcctcd for thc constructIOn ofthc polIcc dcpartmcnt buildmg addItIOn. Police Investigation Fund - accounts for assets scizcd by thc CIty'S PolIce Dcpartmcnt. Park Acquisition Fund - accounts for revcnuc received and deSIgnated for usc m the acquiSitIOn of addItIOnal parks and rclatcd llllprovcmcnts. Building Demolition Fund - IS a rcvolving fund that chargcs property owners for CIty cxpcnscs Incurrcd In thc dcmolition of buildings. Seniorrreen Center Fund - accounts for contributIOns and rclated cxpcnditures madc to thc Whcat Ridgc Community Ccntcr Municipal Court Fund - IS uscd for cqUlpmcnt mamtcnancc. officc furniturc, VIctim SCrvlCCS and mIsccllaneous court and probatIOn cxpcnses. Tree Planting Fund - IS used for two types of tree plantIng programs, street trees and park trees. Richards/Hart Improvement Fund - expenchtures m thIS fund will be used to upgrade and llllprove Richards/Hart Estatc Parks and Recreation Damage Deposit Fund - monies m thIs fund are damage depOSIts that are paid to the Parks and Recreation Department for rental of park pavilIons, park shelters and facility rcntals. Wheat Ridge Town Center Fund - accounts for revenue received and deSIgnated for econonuc dcvelopment by the Wheat Ridge Econonuc Development and RevitalIzatIOn CommiSSion. Equipment Fund - has been establIshed to purchase and lease vehIcles and eqUIpment. Conservation Trust Fund - accounts for funds receIVed and restncted as to use m the acqUISItIon, development and mamtenancc of park and recreatIOn sites pursuant to Colorado ReVised Statutes. Computer Fund - has been establIshed to purchase and lease computers. Recreation Center Construction Fund - accounts for 1/2 cent sales tax collected for the constructIOn of the recreatIon centcr, and debt service for the related debt. Baugh House Fund - accounts for transactIons related to the hlstonc Baugh House. HotellMotel Fund - accounts for 5% lodgers tax revenue and related expenditures. Recreation Center Operating Fund - accounts for recreation center revenue and recreatIon program expenditures. CITY OF WHEAT RIDGI'" COLORADO SPECIAL REVENUE FUNDS COMBINING BAI ANCF SHEET December 31. 1999 OPEN POLICE POLICE PARK BUILDING SPACE BUILDING INYESTlGA TlON ACQUISITION DEMOLITION ASSETS Casb and Investments $ 116.634 $ 279,127 $ 174,620 $ 6,370 $ 19,084 Receivables Property Taxes Intergovernmental 798,159 Other Due from Other Funds 35,305 Restricted Cash and Investments TOTAL ASSETS $ 950,098 $ 279,127 $ 174,620 $ 6,370 $ 19,084 LIABILITIES AND FUND EQUITY LIABILITIES Accounts Payable $ $ 398 $ $ $ Accrued Expenses 41,623 Due to Other Funds 3,106 Deferred Revenue TOTAL LIABILITIES 41,623 398 3,106 FUND EQUITY Fund Balances Reserved for Encumbrances 19,850 277,256 198 Unreserved 888,625 1,473 171.514 6,172 19,084 TOTAL FUND EQUITY 908,475 278,729 171,514 6,370 19,084 TOTAL LIABILITIES AND FUND EQUITY $ 950,098 $ 279,1~L $ 174,620 $ 6,370 $ 19,084 See the accompanying Independent Auditors' Report. 22 I I ~ I~ ~ ,'" , " N I~ I~ ;;:j~ .~ ~ ~ I~ I'~ :l:i ~'" ~ ~ w '" ~ ~ I I~ I~ t 18 ~ I~ , ~ I~ ~ I~ wt iio ~ ~' .~ ~ ~~ ~~ , '~ ,~ ~ I~ ~ 'i I I ,: I~ I~~ , I~ '. w !:j ~ I~~ 0 ~ ~ C~ ~ ~ " 1"0 ~ ~ .~ ~~ I~ g 00' 00 J~ ~ I I; I " ~~B I~ It ~ ~~~ ~ ~ j' ~ 0 ~ I'-c", ~ :;:"0 :; "" IE I: t , I~ , I ~ ~ I, I t ~cR~ I~ Ie I, ~~~;-; I~ CS::>'" " I~ ~ ~~ ~a""';>- ~~ 1-: tr. 0 7. !~ " " "/0 1 I~ Q~~~ f~ I~ ~ ~ ~ ~ ~~gP 1.-.1 ~ ~'ZtT'I:: -~ I~ '~ ; -~ ~~ Ig I~ I'" 52 ~ ~ ~ ~ ~ ~ ~ o~ 1: ~ ~ 8 :: ~ ~ .a~ 7 ,g :~ ,~ ~ I " I~ I~ I; 1 z ~~ ~ N '" I.w~ ",,,, c ~ 155 ~ ~ ~ ~ 0 ~ t o~ H~ :~ i~ ~ , ~ i (5 7 ~ il~ Ii I,~ ~ I, Ii ~ I~ i:l ~ 0 .~ '* ~, 0 i3 c r. ~ ~ = < i ~()~ Iw ~"'''' ~ ~ N ~ :~ * ~ ~ o .~ 2::ig: ~ ~ ~ i?'.'>" ~ ~ :; ~ ~ ~~ .~ ON ~~ O"'~ 3 ~"'- " ~ ~ '00 ~ 0 z z II; , I, I~ I~ I I~ I t I Ix ~ I~ N 0" - CC I, N "g ~C ; ~ 0 m::c 0 ~ ~ i 1 I~ I I I~ x 'w i-::: I~ ~ r~ ~ l~ I~ ~ ~ ~ ~ ~ " ~ ~, ,. . - 'co If~ I Ii I I~ L I i I, I~ r. ~ I" ~ ~ It 0 ;:~i:' :;, ~'g 110 I...,;;:j:; i' <~ :2'" -' ;Cl ~ ~ !! II I~ I~ I~ I 1 I~ = , . I~ t .~~ ~ ~I ~ -It-.JOC<.-l i.~.k~~ O...\C'C ~ :;t ~ '3~t ~ ~~~ci~ is -1""-1\0 IC"'. -J w.... w -; 0 -; I I ~ :I~ i I~ I~ ,- ~3Q\~ N _ I N w I~ II~ :~ I~ I~ ~ INS ~~~oc~~ '~~~ .~~ I'.: ~- ~ I~ ~.g~.g ~ ICl'g ~~~'i~~ I~ 1 ii$ 18 ~ 0 I~ ~ ~ =i?; CITY OF WHEAT RIDGE, COLORADO OPEN SPACE SCHEDULE OF REVENUES EXPENDlTIJRES AND ENCUMBRANCES BUDGET AND ACTUAL Year Ended December 31, 1999 1999 V ARIANCE- FAVORABLE 1998 BUDGET ACTUAL (UNFAVORABLE) ACTUAL REVENUES Intergovenunenta1 $ 1,014,541 $ 949,809 $ (64,732) $ 1,027,873 EXPENDITURES Current Parks and Recreation 769,752 417,434 352,318 660,831 EXCESS OF REVENUES OVER (UNDER) EXPENDITURES 244,789 532,375 287,586 367,042 OTHER FINANCING SOURCES (USES) Operating Transfers In 502,313 502,313 25,000 Operating Transfers Out (1,073,209) (1,073,209) (350,000) TOTAL OTHER FINANCING SOURCES (USES) ( 570,896) (570,896) (325,000) EXCESS OF REVENUES AND OTIIER SOURCES OVER (UNDER) EXPENDITURES AND OTHER USES $ (326,107) (38,521 ) $ 287 ,586 42,042 ADmSTMENTS TO GAAP BASIS Encumbrances Prior Year (37,334) (56,801 ) Current Year 19,850 37,334 TOTAL ADmSTMENTS (17,484) (19,467) EXCESS OF REVENUES AND OTIIER SOURCES OVER (UNDER) EXPENDITURES AND OTHER USES (GAAP BASIS) $ (56,005) $ 22,575 See the accompanying Independent Auditors' Report. 24 ~ I ~~ I ~ I~ 0 ~ I~ 0 0 ~ "- O' .~ ~ I~ ~. 0 0 ~ ~ ~ ~ < nC OZ . . . ~1j ~ ~ ~ ~ ~- ~ ~~ ~o ~ ~o ~~ ~ ~ ~ . . ~ ~ ~~ . '0 ... ~ ~ c, ~. . ~ " g' ~ 0 I~ ~ I ~ I 'ii ~ I I ~- ,~ I~ ~ ~~ i'''' ~. -~ ~~ !:::l ~ ~ ~ 10 0 ~ ~ ~ I 1- ~~ S ' = Gl;..>"" lfi tl ~ .~ aa;g~ zO la I.~ l~ ~ (0 ~ . ~ ~ 3~~ 0 0 ~ t }: "g ~ ;j"is ,- 0 ~ ~ I i Il~ I~ I. s I I" ~ ~ ~ r~ ~ " i:;; z ~ ~ ~ n II I 0 z , ~" I~ '. ~ ~~ ~i c~ i~ .~ "" ~9 0 z l; l- iB < 0 I'~'~ 0 0 ~ ~ ~~ ~ ~ ~- 0 0 ~ ~o ~ ~ I ~ n ~ l~ I; ~ \1 ~ I'~~ ~ ~ ",r'J("J -~ ~ ~ ;;j~~ ~~ c..;;> ~~ ,~ ~ t~, ~ nt"'h-J I~ _0 I~ ::3"5 .~ o z z 11,. ! I I ~g I I~ ~ i.~ i 0> ~ I. . cC I;; I~~ [. "0 '~ ~ .~ I~ . ~ ~~ I- .0 ~ ~ I! I~ ?:.'6 . ~ ~~ ~ '" ~, ~ ~r ~. I~ ll~ I~ , I~ I ~~ \ 10 ~ i '00 I~ . ''f ~ ~~~ ~~~ ~ f~ 1= . I~ N .. ~ ~ I( I~ ~ ..........l>Y> ~ ~ w:-; :::ltl ~ l~ 0'.... ........... '-""'.l>._C i~ ~ oo.,c..'l..> " ~~~~~ ~ I~ O.:.t-.:/N lil1 010"""" ~ I.a : ~ III II Ii I~ II~ I~ ~.~ ~ 00......... b~~.~ I~ ~~~ 0....00- 0'.... N '" CITY OF WHEAT RIDGE, COLORADO ALL SPECIAL REVENUE FUNDS COMBINING STATEMENT OF REVENUES EXPENDITURES AND CHANGES IN FUND BALANCE Year Ended December 31,1999 OPEN POLICE POLICE PARK BUILDING SPACE BUILDING INVESTIGATION ACQUISITION DEMOLITION REVENUES Taxes $ $ $ $ $ Intergovenunental 949,809 283,398 Charges for Services Interest 26,243 1,718 280 901 Other 105,231 1,200 TOTAL REVENUES 949,809 309,641 106,949 1,480 901 EXPENDITURES Current General Government Planning and Development Police 24,658 Parks and Recreation 434,918 Bond Issue Costs Capital Outlay 723,807 Debt Service Principal Interest TOTAL EXPENDITURES 434,918 723,807 24,658 EXCESS OF REVENUES OVER (UNDER) EXPENDITURES 514,891 (414,166) 82,291 1,480 901 OTHER FINANCING SOURCES (USES) Bond Proceeds Bond Discount Operating Transfers In 502,313 Operating Transfers Out (1,073,209) TOTAL OTHER FINANCING SOURCES (USES) (570,896) EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES AND OTHER USES (56,005) (414,166) 82,291 1,480 901 FUND BALANCE, BEGINNING 964,480 692,895 89,223 4,890 18,183 FUND BALANCE, ENDING $ 908,475 $ 278,729 $ 171,514 $ 6,370 $ 19,084 See the accompanying Independent Auditors' Report. 23 CITY OF WI ILA T RIDGL, COLOI~AD() POLICE BUILDING SCHEDULE OF RFVENl JE~, EXPENDITURES MID ENCUMBRANCES BUDGET AND ACTUAL Year Ended December 3 I, ] 999 ]999 V ARIANCb- FA VORABLF 1998 BUDGET ACTUAL (UNFA VORABLE) ACTUAL REVENUES Intergovernmental $ 284,250 $ 283,3 98 $ (852) $ Interest 20,000 26,243 6,243 42,093 TOTAL REVENUES 304,250 309,641 5,391 42,093 ~- --------- EXPENDITURES Capital Outlay 1,192,413 __~{),9~ 211,452 36,322 EXCESS OF REVENUES OVER (UNDER) EXPENDITURES $~8~.I63) (671,320) $ 216,843 5,771 ADJUSTMENTS TO GAAP BASIS Encumbrances Pnor Year (20,102) ( 182,026) Current Y car 277 ,256 20,102 TOTAL ADJUSTMENTS 257,154 (161,924) ----. ----- EXCESS OF REVENUES OVER (UNDER) EXPENDITURES (GAAP BASIS) $ (414,166) $ ~J53) See the accompanying Independent Auditors' Report 25 CITY ()I. W]n~^r Rll)lil L'lllllRADlJ PULICE INV~,STlGATlUN SL'HED\ ILL uF REVENllT'S, EXPENDITURES AND ENCUMBRANCES BUDGET AND ACllJAL Year Ended December, I, 1999 TOTAL REVENUES 1999 -".-- -~ V N~IANCE- FAVORABLE 1998 - -- B1 JDGET ACTUAl. (lJNF A VORABLE) ACTUAL -~- $ 850 $ !J18 $ 868 $ 1,203 _10,000 105231 95,231 23.726 10,850 106,949 96,099 24,929 -,- REVENUES Interest Other DCPENDITIJRES Current Pollee 30,00,Q, 24,65~ 5,342 8.374 EXCESS OF REVENUES OVER (UNDER) EXPENDITURES $ iI9,1~0) $ _82,291 $ 101.441 --- $ _...l~-? 5 5 See the aecompanymg Independent Auditors' Report. 26 crn OF WHeAl KlDGE. COLORADO PARK ACOUISITION SCIIEDULL or REVENUES EXPENDITURES AND ENCUMBRANCES BUDGET AND ACTUAL Year Ended December 31, 1999 1999 --.----- VARlANCE- FAVORABLE 1998 ACTUAL (UillA VORABLE) ---- BUDGET ACTUAL ~_._--- REVENUES Intergovernmental $ $ $ $ 50,882 Interest 1,000 280 (720) 1,399 Other 1,200 1,200 TOTAL REVENUES 1,000 1,480 480 52,28 I EXPENDITURES Current Parks and Recreation 31708 --...-- --- --- EXCESS OF REVENUES OVER (UNDER) EXPENDITURES LOOO 1,480 480 20,573 OTHER HNANCING SOURCES OperatIng Transfers Out (50,882) EXCESS OF REVENUES AND OIlIER SOURCES OVER (UNDER) EXPENDITURES $ I,OO~ 1,480 $ 480 (30,309) -- ADmSTMENTS TO GAAP BASIS Encumbrances Pnor Y car (198) (26,632) Current Year 198 198 --- TOTAL ADmSTMENTS (26,434) EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES (GAAP BASIS) $ _J,480 $ (56,743) See the accompanying Independenl Auditors' Report. 27 REVENUES Interest EXPENDITURES C urrenl Planmng and Development EXCESS OF REVENUES OVER (UNDER) EXPENDnLffiES CITY OF WIlLA T RIDGE. COLORi\DO BlnLDING DEMOLITION SCHEDULE OF REVENUES EXPENDITURES i\ND ENCUMBRANCES BUDGET AND ACTUAL Year Ended December 31, 1999 1999 VARIANCE- FAVORABLE 199X BUDGET ACTUAL (UNFA VORABLE) ACTUAL $ 800 $ 901 $ lOl $ 909 2,OQ~ 2,0011 2511 $ (1,200) $ $ 90J 2,lOl $ 659 See the accompanying Independent Auditors' Report. 28 REVENUES Interest Other TOTAL REVENUES EXPENDITURES Current Parks and Recreation CITY 01- WI lEAl' RlDGL, COLORADO SENIOR/TEEN CENrER SCllEm JJ'!, Of REVENUES EXPENDITURES AND ENCUMBRANCES BUDGET AND ACTUAL Year Ended December 3 I, ] 999 1999 V ARlANCE- FAVORABLE 1998 BUDGET ACTUAL (DNF A VORABLE) ACTUAL --- - $ 300 $ 473 $ 173 $ 33U 14,5UO 21,528 7,028 IBI6 ----- ]4,80U _ 22,0~ 7,201 14,246 15,200 _13,662 1,538 13,533 EXCESS Of REVENUES OVER ILJNDER) EXPENDITlJRES $ ( 400) $ $ $ 713 _~,m 8,339 See the accompanying Independent Auditors' Report. 29 CITY 0]' WHl.:Ar Rll)GL COLORAIX) MUNICIPAL COURT SCHEDUI,E OJ- RI:VENUES EXPENDITURES AND ENCUMBRANCES BUDGET AND ACTUAL Year Ended December 3 L 1999 1999 V ARlANCE- FAVORABLE 1998 BUDGET ACTUAL (UNFAVORABLE) ACTUAL REVENUES Charges for Services $ 54,800 $ 45,208 $ (9,592) $ 52,635 Interest 3,000 3,020 20 3,249 ----- TOTAL REVENUES 57,800 48,228 (9,572) 55,884 ~-- ~~ EXPENDITURES ClUTent General Goverrunent 63,700 40,059 23,641 37,097 -"--.-.---- EXCESS Of REVENUES OVER (1JNDER) EXPENDITURES (5,900) 8,169 14,069 18,787 OTHER FINANCING SOURCES (USES) Operating Transfers Out (16,345) (16,345) EXCESS OF REVENUES AND OTIIER SOURCES OVER (1JNDER) EXPENDITURES $ g2,l45) (8,176) $ 14,069 18,787 ------ ADNSTMENTS TO GAAP BASIS Encumbrances Prior Year 14,862) ClUTent Year 100 TOTAL ADNSTMENTS 100 (4,862) --.-- EXCESS OF REVENUES AND OTIIER SOURCES OVER (UNDER) EXPENDITURES (GAAP BASIS) $ (8,076) $ 13,925 --. ~--~- See the accompanying Independent Auditors' Report. 30 CITY 01 WIllA] R]])GI COLORADO TREt PLANTING SC}lJ])ULI, OF REVENUES EXPENDInJRES AND ENCUMBRANCES BUDGET AND ACTUAL Year Ended December 31, 1999 1999 V ARlANCE- FAVORABLE 1998 BUDGET ACTUAL LUNFA VORABLE) ACTUAL -- REVENUES Intergovernmental $ 2,000 $ 2,560 $ 560 $ Interest 10,000 4,298 (5,702) 5,244 Other 10,450 10,687 237 12,077 --- TOTAL REVENlJES 22,450 __ ~'!2. (4,905) 17.321 --------~ EXPENDITURES Current Parks and Recreation 91,325 36,150 55,175 15,552 ---- EXCESS OF REVENUES OVER (UNDER) EXPENDITURES (68,875) (18,6051 50,270 1769 OTIIER FINANCING SOURCES Operating Transfers In 20,000 20,000 16,SOO Operating Transfers Out (10,000) (10,000) TOTAL alliER FINANCING SOURCES (USES) 10,000 10,000 16.500 EXCESS OF REVENUES AND OTIIER SOURCES OVER (UNDER) EXPENDTILffiES $ _08,875) (8,605) $ 50,270 18,269 ADJUSTMENTS TO GAAP BASIS Encwnbrances Pnor Year (2,689) (31,5531 Current Year 2,689 TOTAL ADJUSTMENTS (2,689) (28,864 ) EXCESS OF REVENUES AND OTIIER SOURCES OVER (UNDER) EXPENDTILffiES (GAAP BASIS) $ (11,294) $ __~10,59:~) See the accompanying Independent Auditors' Report. 31 REVENUES Intergovernmental Interest Other TOTAL REVENUES EXPENDITURES Current Parks and Recreation CITV OF WIILAT RID(1L COLORN)() RICI IARDSIJ-IART IMPROVEMENT SCHED1JU: OF RLVENUES EXPENDITURES AND ENClJM8RANCLS BUDGET AND ACTUAL Vear Ended December 31, 1999 1999 -- V ARlf\NCE- FAVORABLE 199R -~._--_.- BUDGET ACTUAL (UNF A VORAB~E) ACTUAL $ $ 6,000 $ 6,000 $ 170 454 284 138 11,000 16,949 5,949 2,640 ---- -----~~ 11,170 23,403 12,233 2,778 ~-- 12,000 10,750 1,250 2,729 EXCESS OF REVENUES OVER (UNDER)EXPENDnnJRES $ (830) $ $ ____ 13,483 $ 49 12,653 See the accompanying Independent Auditors' Report. 32 REVENUES Interest Other TOTAL REVENUES EXPENDlTURES Current Parks and Recreahon CITY m Wlll'Al' RlDCiL CULURJ\l)U PARK:-- AND RECREATION DAMAGE DEPOSIT SCllEDlJ1J-, m REVENUES, EXPENDlTURE~ AND ENClJMBRANCFS BUDGET AND ACTUAL Y car Ended December 3 I, 1999 1999 ~- - ---- V ARIANCE- FAVORABLE 1998 BUDGET ACTUAL (UNFAVORABLE) ACTUAL -- --- -- $ 325 $ 567 $ 242 $ 475 15,000 \2,747 ___(2,:!:j3) 11,541 ~- 15,325 13,314 _~IJl 12,016 19,60~ 10,300 9,300 -~ 8,175 -.- EXCESS OF REVENUES OVER (UNDER) EXPENDITURES $ (4,275) $ $ J,28~ $ 3,841 3,014 See the accompanying Independent Auditors' Report. 33 CITY OF \VIDAJ' RIDGE. COLOIW)() WHtAT RIDGE TOWN CFNTER SCHWlJLE OJ. REVENur,S, EXPENDITURES AN)) ENCUMBRANCES BUDGET AND ACTUAL Year Ended December 31, 1999 TOTAL REVENUES 1999 -- - V ARlANCE- FAVORABLE 1998 BUDGET ACTIJAL (lJNF A VORABLE) ACTUAL - -- - $ 309,000 $ 326,709 $ 17,709 $ \41 098 6,000 9,955 3,955 10703 261 261 428 -- - ~-~._- _3J5,000 336,925 _21,925 352,229 REVENUES Taxes lnteres! Other I:XPENDffURES Current Planning and Development EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDInJRES 226,200 189,447 36 753 207,485 88,800 147,478 58,678 144,744 ---- ------127,5(0) $ 88,800 $ 147,478 $ 58,678 $ ] ]7,244 ---- -- EXCESS OF REVENUES OVER (UNDER) EXPENDlTURES OTHER FINANCING SOURCES Operating Transfers Out See the accompanying lndependent Auditors' Report. 34 CITY m WlllcAT RllKiL COLOIWXl EQUIPMENT SCIU=nlITX or: REVENUES EXPENDHURES AND ENCUMBRANCES BUDGET AND ACTUAL Year Ended December 31, 1999 1999 --- -- V ARIANCE- FA VORABLE 1998 mIDGET ACTUAL (UNFAVORABLE) ACTUAL REVENUES Interest $ 9,000 $ 9,670 $ 670 $ 11,670 Other 52,200 70,883 18,683 38,689 ---- TOTAL REVENUES 61,200 80,553 19,353 50,3~~ EXPENDTIlJRES Capital Outlay 460,000 444,144 15,856 488,377 --- EXCESS OF REVENUES OVER (UNDER) EXPENDmJRES (398,800) (363,591 ) 35,209 (438,018 ) OTIffiR FINANCING SOURCES Operating Transfers In 375,000 375,000 -~~._- 375,00U EXCESS OF REVENUES AND OTIffiR SOURCES OVER (UNDER) EXPENDmJRES $ (23,800) 11,409 $ 35,209 ~QI8) ADmSTMENTS TO GAAP BASIS Encumbrances Prior Y car (85740) Current Year 85 740 TOTAL ADmSTMENTS .--.-i85 , 740) 85,740 EXCESS OF REVENUES AND OTIffiR SOURCES OVER (UNDER) EXPENDITURES (GAAP BASIS) $ (74,331) $ 22,722 ~--- See the accompanying Independent Auditors' Report. 35 CITY m WHEAl RIDGE. COLOIW)() CONSERVATION TRUST SCH]])ULI:: 01 REVENUES EXPENDrrURES AND ENCUMBRANCES BUDGET AND ACTUAL Year Ended December 31, 1999 1999 ----- VARIANCE- FAVORABLE 1998 BUDGET ACTUAL (UNFAVORABLE) ACTUAL --- -~ REVENUES Intergovernmental $ 702,000 $ 251,267 $ (450,733 ) $ 280 422 Interest 8,000 12,856 4,856 21,228 Other 3,500 3,500 TOTAL REVENUES 710,000 267,623 (442,377) 301 ,650 EXPENDmJRES Current Parks and Recreation 577,000 25,000 ~,OOO ]()(J,3 5 3 -,. EXCESS OF REVENUES OVER (UNDER) EXPENDITURES 133,000 242,623 109,623 195,297 OTHER FINANCING SOURCES (USES) Operating Transfers Out (320,305) (320,305) (480,000) EXCESS OF REVENUES OVER (UNDER) EXPENDITURES AND OTHER USES $ ~7,305) (77,682 ) $ 109,6ll. (284,703) ._- ADJUSTMENTS TO Gi\AP BASIS Encumbrances Prior Year (16,206) (272,307) Current Year 6,889 ](,,206 TOTAL ADJUSTMENTS (9,317) ~~,lOl) EXCESS OF REVENUES OVER (UNDER) EXPENDrfURES AND OTHER USES (GAAP BASIS) $ (86,999) $ (540,804 ) See the accompanying Independent Auditors' Report. 36 CITY OJ. WHEAT RIDGE, COLORADO COMPUTER SCHEDUtE OF REVENUES EXPENDITURES AND ENCUMBRANCES BUDGET AND ACTUAL Year Ended December 31, 1999 1999 V ARlANCE- FAVORABLE 1998 BUDGET ACTIJAL (UNFAVORABLE) ACTIJAL REVENUES Interest $ 4,500 $ 7,889 $ 3,389 $ 7,001 EXPENDITURES Capital Outlay 169,610 147,857 21,753 177,787 EXCESS OF REVENUES OVER (UNDER) EXPENDITURES (165,110) (139,968) 25,142 (170,786) OTIIER FINANCING SOURCES Operating Transfers In 135,000 135,000 180,000 EXCESS OF REVENUES AND OTIIER SOURCES OVER (UNDER) EXPENDITURES $ (30,110) (4,968) $ 25,142 9,214 ADmSTMENTS TO GAAP BASIS Encumbrances Prior Year Current Year (2,889) 3,350 (26,376 ) 2,889 (23,487) TOTAL ADmSTMENTS 461 EXCESS OF REVENUES AND OTIIER SOURCES OVER (UNDER) EXPENDITURES (GAAP BASIS) $ (4,507) $ (14,273) See !he accompanying Independent Auditors' Report. 37 CITY OF WHEAT RIDGL, COLORADO Rl:CREATION CENTER CONSTRUCTION SCHEDULE OF REVENUES EXPENDITURES AND ENCUMBRANCES BUDGET AND ACTUAL Year Ended December 31, 1999 1999 V ARlANCE- FAVORABLE 1998 BUDGET ACTUAL (UNFA VORABLE) ACTUAL REVENUES Taxes $ 2,470,100 $ 2,968,563 $ 498,463 $ 2,693,364 Intergovernmental 10,000 10,000 993,800 Interest 326,840 708,207 381,367 409,916 Other 6,000 6,000 10 TOTAL REVENUES 2,796,940 ~,692,770 895,830 4,097,090 EXPENDITURES Bond Issue Costs 318,482 Capital Outlay 4,035,523 3,837,553 197,970 9,064,322 Debt ServIce Principal 1,000,000 1,000,000 1,315,000 Interest and Fiscal Charges 584,693 584,693 286,735 TOTAL EXPENDITURES 5,620,216 5,422,246 197,970 10,984,539 EXCESS OF REVENUES OVER (UNDER) EXPENDITURES (2,823,276) (1,729,476) 1,093,800 (6,887,449) OTHER FINANCING SOURCES Bond Proceeds 14,820,000 Bond Discount (69,382) Operating Transfers In 915,514 915,514 480,000 TOTAL OTHER FINANCING SOURCES (USES) 915,514 915,514 15,230,618 EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES AND OTHER USES $ (1,907,762) (811,962) $ _ 1,093,800 8,343,169 Prior Year (7,211,325) (27,910) Current Year 1,416,706 7,211,325 TOTAL ADJUSTMENTS (5,794,619) 7,183,415 EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES (GAAP BASIS) $ (6,608,581) $ 15,526,584 See the accompanying Independent Auditors' Report. 38 CITY OF WHEAT RIDGE, COLORADO BAUGH HOUSE SCHEDULE OF REVENUES, EXPENDIllJRES AND ENCUMBRANCES BUDGET AND ACllJAL Year Ended December 31, 1999 1999 V ARIANCE- FAVORABLE 1998 BUDGET ACTUAL (UNFAVORABLE) ACTUAL REVENUES Intergovernmental $ 105,000 $ 10,750 $ (94,250) $ 25,000 Interest 607 607 1,062 Other 1,247 TOTAL REVENUES 105,000 11,357 (93,643) 27,309 EXPENDITIJRES CapItal Outlay 80,000 28,158 51,842 10,142 EXCESS OF REVENUES AND OTIffiR SOURCES OVER (UNDER) EXPENDITIJRES AND OTIffiR USES $ 25,000 (16,801) $ (41,801) 17 ,167 Pnor Year Current Year 5,220 TOTAL ADJUS1MENTS 5,220 EXCESS OF REVENUES AND OTIffiR SOURCES OVER (UNDER) EXPENDITIJRES (GAAP BASIS) $ (11,581) See the accompanying Independent Auditors' Report. 39 CITY Of WHEAl' RIIXil'. COLURAIX) HOTEL I MOTEL SCHEDULE: 01' REVENtfl':S EXPENDTIlJRES AND ENCUMBRANCES BUDGET AND ACTUAL Year Ended December 31. 1999 1999 V J\RJANCE- FAVORABLE BUDGET ACTUN. _ (UNl-J\ VO!<J\BI.:E2 REVENUES Taxes $ 504,500 $ 537,381 $ 32,881 Interest 25,000 5J60 (19,640) TOT J\L REVENUES 529,500 542,741 13,241 EXPENDITURES Capital Outlay 4,500 4.500 EXCESS OF REVENUES OVER (UNDER) EXPENDITURES 525,000 538,241 13,241 OTHER FINANCING SOURCES lUSES) Operating Transfers Out (189.569) (189,569) EXCESS OF REVENUES AND OTHER SOURCES OVER lUNDER) EXPENDTIlJRES $ ~,~~}~5,~ll $ 348,672 $ 13,241 See the accompanying Independent Auditors' Report 40 CITY Ol WHtAT RmGE. COLORADO RLCRcAnON CENTER OPERATING SCHEDULE Of REVENUES EXPENDfnlRES AND ENCUMBRANCES BUDGET AND ACTUAL Year Ended December 3 I ] 999 TOTAL REVENUES 1999 --~ ~- VARIANCE- FAVORABLE BUDGET ACTUAL (UNF ^ VORABLE) - $ $ 10,105 $ 10,105 719 719 -~~ 10.824 10,824 REVENUES Charges for Services Interest EXPENDITURES Current Parks and RecreatIOn TOTAL OTHER FlNANClNG SOURCES (USES) 8.599 4,353 ~~- - - (8.599 ) 6A71 -- 150,000 150,000 (21,460) !21A60) 128,540 __128,540 $ 119,941 $ 13~,0IL $ 4,246 EXCESS OF REVENUES OVER (UNDER) EXPENDnlJRES 15,070 OTIIER FlNANClNG SOURCES (USES) Operating Transfers In Operating Transfers Out EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDnlJRES 15,070 See the accompanving 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 refundmg bond issue Compensated Absences - accounts for funds received from the General Fund to pay compensated absences of the City's employees. CITY m WHEAl RmGrH COLORADO DEBT SERVICE FUNDS COMBININ(, BALANCE SHEET December 31. 1999 INCREMENTAL SALES TAX COMPENSATED TOTALS -..--. ~ H BOND ABSENCES 1999 1998 - ------- ASSETS Cash and Investments $ 487,529 $ 75,325 $ 562,854 $ 242,823 Restricted Cash and Investments 337,835 Other Receivables 279 --- --- -- - ------- TOTAL ASSETS $ 487,529 $ 75,325 $ 562,854 $ 580,937 LIABILITIES AND FUND EQUITY LIABILITIES Accrued Compensated Absences $ $ 22,609 $ 22,609 $ 23 946 FUND BALANCE Reserved for Debt Service 487,529 487,529 460,634 Unreserved Designated for Compensated Absences 52,716 52,716 96,357 Total Fund Equity 487,529 52,716 540,245 556,991 ---.-.- ---~.- ----------- TOTAL LIABILITIES AND FUND EQUITY $ 487,529 $ 75,325 $ 562,85" $ n~1l(),937 ~-----~ "----,-._-_..- - See the accompanying Independent Auditors' Report. 42 CITY or WHLAI RIDGE. COl.ORAIX) DEBT SERVICE FUNDS COMI3INJNG ST AIEMENT OF REVENUES EXPENDITURES AND CHANGES IN FUND BALANCE Year Ended December 3l. 1999 INCREMENTAL TOTALS SALES TAX COMPENSATED BOND ABSENCES 1999 199X -- REVENUES Interest $ 27 ,195 $ 5,245 $ 32,440 $ 43,6X7 EXPENDITURES Current Other 9X,886 98,886 74,516 Debt Service Principal 1,025,000 1,025000 1,000,000 Interest and Fiscal Charges 42,325 42,325 X 1,325 --- TOTAL EXPENDffiJRES 1,067,325 98,886 1,166,211 1,155,841 -------- EXCESS OF REVENUES OVER (UNDER) EXPENDITURES ( 1,040,130) (93,641) (1,133, T71l (1 ,112,15~1 OTHER FINANCING SOURCES (USES) Operating Transfers In 1,067,025 50,000 1,117,025 1,1 02,570 Operating Transfers Out _Q2,925) TOTAL FINANCING SOURCES (USES) 1,067,025 50,000 1,117,025 1,049,645 ~,-- EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDflURES AND OTHER USES 26,895 (43,641 ) (16746) (62,509 ) F1JND BALANCE, BEGINNING 460,634 96,357 556,991 619,500 FUND BALANCE, ENDING $ 487,529 $ 52,7~ $ 540,245 $ 556,991 See the accompanying Independent Auditors' Report. 43 REVENUES Interest Olher TOTAL REVENUES EXPENDITURES Debt Service PrincIpal Interest and Fiscal Charges TOTAL EXPENDmJRES EXCESS OF REVENUES OVER(UNDER)EXPEND~S OTHER FINANCING SOURCES (USES) Operating Transfers In Operating Transfers Out TOTAL FINANCING SOURCES (USES) CITY Or: WIlLA] R]])GE. COLORADO INCREMENTAL SALES TAX BOND FUND SC1IEDULE OF REVENUES EXPENDrnm.ES AND CHANGES IN FUND BALANCE BUDGET AND ACTUAL Year Ended December 31 1999 EXCESS OF REVENUES AND OTHER SOURCES OVER(UNDER)E^~END~S AND OTHER USES FU}ij)BALANCE,BEG~G FUND BALANCE, ENDING 1999 BUDGET ACTUAL $ 26,910 1,500 $ 27,195 28,410 ~-- ~ 27,195 1,025,000 42,325 1,025,000 42,325 1,067,325 1,067,325 -- - ~}8,915) (1,040,130 ) \,095,435 ~Q3,455) 1,067,025 1,081,980 _1,067,02~ 43,065 26,895 --170,423 460,634 $ 213,488 $ _ 487-,529 See lhe accompanving Independent Auditors' Report. 44 V ARIANCE- FAVORABLE (UNF A VORA!3LEJ $ 285 (1,50Q..) (1,215) (121~ (28,410) 13,455 (14,955) -- --. (16,170) 290,21 \ $ 274,041 1998 --- -. ACTUAL $ 35,335 35,335 1,000,00U 81,325 1,081,325 U ,045,990 I 1,067,570 1,067,570 21,580 439,054 $ 460,634 CITY m WHEAT RIDGE, COLOR4J)() COMPENSATED ABSENCES SCHEDlnJ' OF REVENUES EXPENDrnJRES AND CHANGES IN rUND BALANCE BUDGET AND ACTUAL Year Ended December 31, 1999 1999 VARIANCE- FA VOll.ABLE 199X BUDGET ACTUAL (UNFAVORABLE) ACTUAL REVENUES Interest $ 5,000 $ 5,245 $ 245 $ 6,659 EXPENDITURES Current Other 110,000 98,886 ]],114 74,516 EXCESS OF REVENUES OVER (UNDER) EXPENDnLJRES ( 105,000) (93,641) 11,359 (67,857) OTIIER FINANCING SOURCES Operating Transfers In 50,000 50,000 35,000 EXCESS OF REVENUES AND OTIIER SOURCES OVER (UNDER) EXPENDITURES (55,000) (43,641) 11,359 (32,857) FUND BALANCE, BEGINNING 95,814 96,357 543 129,214 FUND BALANCE, ENDING $ 40,8]4 $ 52,716 $ ] 1,902 $ 96,357 ~_._--..__.__.- ~--------- See the accompanying Independent Auditors' Report 45 PROPRlET ARY FUND The IntemaJ 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 financing actIvIties through its recordmg of claims expenses and liabilities and charges to other funds for costs. CHY OF WilLA], RIDGL COLORADO INTERNM" SERVICL FUND IUS!\. FINi\NCING INSURANCL RESERVE FUND SCIlEDULL OJ- REVENUES EXPENDITURES AND CHANGES IN RETAINED EARNINGS BUDGET AND ACTUAL Year Ended Dccember 3 L 1999 1999 - - VARIANCE- FAVORABLE 1998 BUDGET ACTUAL (UNFAVORABLE) ACTUAL OPERATING REVENUES Insurance Reimbursements $ 180,000 $ 127,801 $ (52,199) $ 220,242 Interest 10,000 15,216 5,216 18,344 TOTAL OPERATING REVENUES 190,000 143,017 (46,983) 238,586 OPERATING EXPENDITURES Insurance Premiums 90,000 80,240 9,760 89 777 Insurance C launs 400,000 292,150 107,850 48,675 TOTAL OPERATING EXPENDITURES 490,000 372,390 117,610 ] 38,452 ----..._--- EXCESS OF REVENUES OVER (UNDER) EXPENDHURES (300,000) (229,373) 70,627 100,134 RETAINED EARNINGS, BEG1NNlNG 310,200 312,334 2,134 212,200 RETAINED EARNINGS, ENDING $ 10,200 $ 82,961 $ 72,761 $ ____112,334 See the accompanying Independent Auditors' Report. 46 FIDUCIARY FUNDS Trust and Agency Funds are used to account for assets held by the City In a trustee capacity or as an agent The City has one pension trust fund and two agency funds. Pension Trust Fund Police Pension - accounts for monies received from Plan partIcIpants and City contributions. The funds are held In trust for disbursement to qualified participants upon leaving the plan or upon qualified retirement Agency Funds Public Works Escrow - accounts for funds received pnor to the issuance of certain constructIon permits, to guarantee the work reqUIred by the permit Upon completion, the funds are returned. CA TV (Cable Television) Property Damage - accounts for funds received from the cable televiSIOn permittee for settlement of fnlnor umesolved claims against the permittee for damage to pnvate property CITY 01. WIIEAl'RIDG1-" COLORi\DO FIDUCIAl{ Y FUNDS COMBINING BALANCE SHEET December 3] 199Y PENSION AGENCY TRUST PUBLIC CATV POLICE WORKS PROPERTY TOTALS ~--- PENSION ESCROW DAMAGE 1999 199R ---- ASSETS Cash and Investments $ 15,377,868 $ _ 147,513 $ ~- 5,34~ $ 15,530,73lL $ I3,080,72l LIABILI11ES AND FUND EQUITY LIABILITIES Refundable Eserow Deposits $ $ 147,513 $ 5,000 $ 152,513 $ 264 765 Due to Other F Ullds 349 349 17R TOTAL LIABILITIES 147,513 5,349 152,862 264,943 FUND EQUITY FUlld Balance Reserved for Emplovee Retirement 15,377,868 15,377,R68 ~2.8I5,77R TOTAL LIABILITIES AND FUND EQUITY $ 15,3T7,R68 $ 147,513 $ 5,34~ $ 15,530,7~ $ ~},ORO,721 See the accompanying Independent Auditors' Report~ 47 CITY or WIILAT RlDGL COLORADO FIDUCIARY FUNDS COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES ALL AGENCY FUNDS Year Ended December 1 I, 1999 Balance Balance January] , ecembeI j J 1999 Addll10ns Delel10ns 1999 Public Works Escrow Fund ASSETS Cash and Inves1ments $ ~ 259,76_5 $ 162,541 $ ~:Q4,7.92 $ __lj7,ill LIABILITIES Refundable Escrow DeposIts $ ~ 259,7(55 $ 162,541 $ 27<(,793 $ 147,513 - ~ CATV Property Damage Fund ASSETS Cash and Investments $ 5,178 $ 171 $ $ 5,349 LIABILITIES Refundable Escrow Deposits $ 5,000 $ $ $ 5,000 Due to Other Fund 178 171 349 ~-- Total Llabihl1es $ ~~,J7~ $ 171 $ $ 5349 -- -- Totals ASSETS Cash and Inves1ments $ 264,94l $ 162,712 $ 274,793 $ 152,862 -.- -.-- LIABILITIES Refundable Escrow DepOSIts $ 264,765 $ 162,541 $ 274,793 $ 152,513 Due 10 Other Fund 178 171 349 -~.~ Total Lmbihl1es $ 264,943 $ 16U12_ $ 274,793 $ __)52,862 See the accompanymg Independent Auditors' Report. 48 GENERAL FIXED ASSETS ACCOUNT GROUP The General Fixed Assets Account Group records changes in the City's ownershIp of and Investment In capital assets, Including land, buildings, Improvements to land and buildings, streets, bndges, curbs and gutters, dramage systems, lighting systems, and other equipment, the lives of whIch are greater than one year and whose costs exceed $500 CHV OF WIlI'AI' RIIXJL, COLOR^])() GENERAL FIXED ASSETS ACCOUNT GROUP SCIILDULL OF CHANGES IN GENElW, FIXED ASSETS - BY SOURCE Vear Ended December' I, 19YQ Balance Balance January 1, December '1 1999 Additions DeletIOns 1999 -- - ----- SOURCE General Government Treasurer $ 12,699 $ $ $ 12,6Y9 Cily Administrator 410,498 53,780 464,278 City Clerk 18,637 18,637 Municipal Court 28,071 1,309 29,380 Building 3,964,598 3,%4598 Community Development 62,984 2,842 65,826 TOTAL 4,497,487 57,931 4,555,41~ -- -. Public Safety Police Clucl' 122542 11,749 110,793 Police Administrative Services 88,078 17,255 14,602 90,731 Arumal Enforcement 71,592 35,699 14,968 92,323 Communications 496,007 496,007 DAR.E 49,041 13835 35,206 PolIce Records 18,644 18,644 Police Patrol 326202 132,928 121,127 338,003 Criminallnvcstigation 150,605 37,133 28,977 158,761 Police Traffic Unit 86,005 62,956 7,859 141,102 Civil Disaster 1,710 1,710 TOTAL 1,410,426 285,971 213,117 1,483,280 Public Works Administration 8,668,020 8,668,020 Engineering 292,660 292,660 Street Mainlenance 1,342,875 128,446 50355 1,420,966 Traffic Mainlenance 329,604 9,585 33Y,189 Shops 258,661 2,870 20,553 240,978 TOTAL 10,891,820 ]40,901 70.908 10,961,813 ---- Parks and Recreation Admirustration 9,062,179 9,666,249 18,728,428 Recreation 1,074,862 23531 1,098,3Y3 Parks Maintenance 943,000 153,859 36,254 1,060 605 -- TOTAL 11080,041_ ~843,632- 36,254 20,887,4~ Wheat Ridge Town Center 25,178 -- 25,178 TOTAL GENERAL FIXED ASSETS $ 27,904,952 $ _ 10,328,442 $ _320,27<) $ 37,911) 15 See the accompanying Independent Auditors' Report 49 CITY OF WHEAT RIDGE. COLORADO GENERAL FIXED ASSETS ACCOUNT GROUP SCHEDULE or GENERAL FIXED ASSETS BY FUNCTION AND ACTIVITY December 31 1999 STREETS AND LAND BUILDINGS IMPROVEMEN!S FUNCTION AND ACTIVITY General Government Treasurer $ $ $ Citv Administrator City Clcrk MUI11clpal Court Building 3,6] ],081 9],113 Community Development ~-- --. - TOTAL 3,6] 1,081 91,] 13 Public Safety Police Chie! 2,76] 383 Police Administrative Services 2,059 Animal Enforcemcnt Communications DARE. Police Records Police Patrol Criminallnvcstigation Police Traffic Unit I'D lnvestigations Civil Disaster TOTAL 2.76] 2,442 Public Works AdmirustratlOn 530,350 8,137,669 Engmecring 69,807 Street Mamtenance Traffic Mamtenance Shops 60,000 TOTAL 590,350 69,807 8,]37,669 Park.. and Recreation Administration 5,] ]5,778 223,005 762,739 RecreatlOn 39,6]8 888,904 12,589 Parks Mamtenance 47,350 56,366 ] 15,899 --- TOTAL 5,202,746 1,168,275 891,227 Wheat Ridge Town Center -~-"- TOTAL GENERAL FIXED ASSETS $ 5,793,096 $ 4,851,924 $ ~1}2~~1 See the accompanying Independent Auditors' Report. 50 TOTALS CONSTRUCTION (MEMORANDUM ONL Yl EQUIPMENT IN PROGRESS --- ~- --..-- 1999 1998 -- -,~ -- -- -------- - $ 12,699 $ $ 12,699 $ 12,699 464,279 464,279 410,499 18,635 18,635 18,636 29,381 29,381 28,07] 262,404 3,964,598 3,964,598 65,826 65,826 62,984 ---- -- 853,224 4,555,4~ 4,497,487 107,649 II 0,793 122,542 88,671 90,730 88,077 92,324 92,324 71,593 496,007 496,007 4%,007 35,206 35,206 49,041 18,645 18,(,45 18,645 338,01)3 338,1103 326,202 ]58,761 158,761 150.605 141,101 141,101 86,004 815 815 815 895 895 895 ----- - - 1,478,077 _~'41\3,28Q, IAlO 426 ----- 8/,68,1119 8,668,019 222,R52 292.659 292,659 \,4211,967 1,420,967 J ,342,876 139 ] 90 339,190 329,605 18(),978 240,978 258,66 I -- --- 2,]63,987 10 96 um ]1),891,820 --- --- j 1 ]3,827 11,513079 IS,728.428 90(,2,179 ]57,281 1,098,392 ],074,861 S41J,991 I,060,6D6 943,001 2,IILiJ99 11,513,079 2U,887 426 11 080,041 25,178 ]5,178 25,178 $ 6.632,565 $ 11,5J3,079 $ 37,')11 ] 15 $ 27,904,952 SUPPLEMENTARY INFORMATION COUNTIES, CITIES, & TOWNS ANNUAL STATEMENT OF RECEIPTS & EXPENDITURES FOR ROADS, BRIDGES AND STREETS COUNTY~Tyb-OWN: WHEAT RIDGE (Please circle county, city, or town) CALENDAR YEAR OF REPORT ]999 (ROUND ALL A.HOU:VTS TO NEAREST DOLLAR) 1. SCHEDULE OF RECEIPTS FOR ROAD, BRIDGE AND STREET PURPOSES A. LOCAL SOURCES C. STATE SOURCES I Property Tax/Special Assessments 612,313 ] Highway Users Tax 1,001,002 2. General Fund Appropriations 0 2. Motor Vehicle Registration Fees 111,630 cost reimb 8,644 0 3 Other (specify) street cut '11) 643 3 Other (specify) , 4 Traffic Fines 1h7,Qln TOTAL (C) STATE SOURCES 1,112,632 5 Sales Tax 3,056,324 6a. From County (specify) Road/~ridge Mg; 5~g D. FEDERAL SOURCES Auto se b CityfTown (specify) 0 ] Forest Service 0 7 Bond Proceeds (net of issuance cost) n 2. Mineral Leasing 0 8 Note Proceeds (net of issuance cost) n 3 Payments in Lieu of Taxes 0 9 Specific Ownership Taxes 81, 208 4 FEMA 0 5 HUD 0 6 Other (specify) 0 TOTAL (A) LOCAL SOURCES 5,432,863 TOTAL (D) FED SOURCES 0 B. PRIVATE CONTRIBUTIONS 0 E. TOTAL RECE]PTS (A+B+C+D) 6,545,495 F. UNSPENT BALANCES BEGINNING OF YEAR (must equal ending balance of previous year) o G. TOTAL RECEIPTS AND BALANCES (E+F) (Revised 02/00) 6,545,495 51 II. SCHEDULE OF EXPENDITURES FOR ROAD, BRIDGE AND STREET PURPOSES A. DIRECT HIGHWAY EXPENDITURES I Right-of. Way 2. Preliminary and Construction Engineering A. Construction - Capacity Improvements B. Construction - System Preservation C. Construction - Safety Improvements 3. Total Construction 4. Maintenance of Condition 5. Snow and Ice Removal 6 Traffic Services 7 Administration 8. Traffic Enforcement o n o 1,290,966 411,029 1,701,995 1,604,454 15,829 297,570 724,242 1,134,380 TOTAL (A) DIRECT HIGHWAY EXPENDITURES 5,478,470 B. DEBT PAYMENTS ON BONDS AND NOTES I Interest on Bonds 2. Interest on Notes 3 Redemption on Bonds (net value) 4 Redemption on Notes (net value) 42,025 o 1,025,000 o TOTAL (B) DEBT PAYMENTS 1,067,025 Co PAYMENTS TO OTHER GOVERNMENTS la. To County (specify) b. To City (specify) 2. To Dept. of Trans. o o o TOTAL (C) PAYMENTS TO OTHER GOVERNMENTS o D. OTHER HIGHWAY PURPOSES (specify) o E. TOTAL EXPENDITURES (A+B+C+D) 6,545,495 F. BALANCES END OF YEAR (unspent receipts) o G. TOTAL EXPENDITURES AND BALANCES (E+F) 6,545,495 (Revised 02/00) 52 III. SCHEDULE OF CHANGE IN DEBT STATUS FOR ROAD, BRIDGE AND STREET OBLIGA nONS (show all entries at par value; face amount of issue) BONDS NOTES A. BONDS & NOTES OUTSTANDING BEGINNING OF YEAR 1,025,000 B. AMOUNT ISSUED DURING YEAR (par value) Original issues this year o Refunding issues o C. AMOUNT REDEEMED DURING YEAR (par value) From current receipts or reserves 1,025,000 From refunding issues o D. BONDS AND NOTES OUTSTANDING END OF YEAR o NOTE: *** TOTAL RECEIPTS & BALANCES MUST EQUAL TOTAL EXPENDITURES & BALANCES *** PLEASE GIVE THE FOLLOWING INFORMATION FOR THE PERSON TO CONTACT FOR QUESTIONS REGARDING THE REPORT. NAME: Linda Stengel, Chief Accountant PHONE: 303-235-2817 FAX: 303-234- 5924 lindas@ci.wheatridge.co.us E-MAIL: Revised (02/00) 53 STATISTICAL SECTION Fiscal Year ]990 1991 1992 1993 1994 1995 1996 1997 1998 1999 Notes: A. B CITY OF WHEAT RIDGE, COLORADO ASSESSED AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY LAST TEN FISCAL YEARS (UNAUDITED) Assessed Valualion $ 232,394,250 $ 210,683,130 213,727,940 209,434,190 210,-178,200 218,408,520 225,668,720 258,349,980 263,531,500 298.151,840 Estimated Aclua1 Value 1,056,337,500 $ 964,579,282 973,871,091 1,197,923,557 1,205,829,176 1.466.715,750 1,-175,180,027 1,731,072.652 1,751,299,092 2,016,737,030 Ratio of Total Assessed 10 Tolal Eslimaled Actual Value 22.00% 2184% 2195% 1748% 1746% 148901., 15.30% 1492% 15 05'Yo 1478% 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 Janual') 1 of each year Source' JcfIerson Counly Assessor's Offiee 54 CITY OF WHEAT RIDGE, COLORADO GENERAL GOVERNMENTAL REVENUE BY SOURCE LAST TEN FISCAL YEARS (UNAUDITED) Fiscal LIcenses Inter- Year Taxes (A) and Penmts governmental --~~ ]990 $ 5,736,579 $ 332,499 $ ],8] 0,246 1991 6,463,943 324,026 2,092,622 1992 6,7] 2,572 344,309 1,897,279 19'i3 7,005,422 291,983 ] ,372,789 ]994 7,448,440 333660 ] ,430,934 1995 7,985,93 ] 349,9]0 1,517,277 19% 8,208,493 382,732 1,626 800 1997 8,336,235 521,1 ]0 1,653,157 1998 8,942,83 ] 566,341 ],733,602 ]999 9,481,] 39 526,299 ] ,783,821 Notes' Includes the General Fund onh A. One-half oflhe total sales ta:o. revenue are accounted for m the CapItal Projects Fund begmnmg m 1989 Source CIty of Wheat RIdge audited fmanelal stalements, 1990 - 1999 55 Charges for Fines and Scr\'lces Forfeltures Intcrest Othcr Total - ~ $ 236,700 $ 396,718 $ 188,835 $ 97,608 $ 8,799,185 264,3 88 283,240 176,167 127,480 9,731,866 304,OJ6 250,499 ] 12,805 170,816 9,792,3 ]6 310,458 296,523 88,893 138,64 ] 9,504,709 383,185 377,415 158,206 106,961 10,238,801 408,747 398777 325,831 99,673 11,086 ]46 461,252 555,237 171 ,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 12,850,447 539,002 679,850 309,885 206,584 13,526,580 56 CITY OF WHEAT RIDGE, COLORADO GENERAL GOVERNMENTAL TAX REVENUE BY SOURCE LAST TEN FISCAL YEARS (UNAUDITED) Fiscal Year LIquor and Property Telephone Auto Ta;.. Oceupal1on OwnershIp _ $ 567,756 $ 178,929 $ 47,208 564,389 175,326 49,973 560,570 173,188 53,689 569,769 ]81,593 55,050 562,661 179,987 64,1 96 561,053 190,575 62,\97 578,012 190,575 67,421 596,828 249,397 73,145 618,297 243,972 73,496 618,603 256.489 81,208 1990 1991 1992 1993 1994 1995 1996 1997 ]998 1999 Notes: Includes the General Fund only A One-half of the total sales ta" revenue are accounted for m the CapItal Projects Fund beginnmg m 1989 Source: CIty of Wheat RIdge audIted financIal statements, 1990 - 1999 57 Lodgers FranchIse and Sales Tax (A) Use Tax Tax Admissions Total $ 2,730,931 $ 1,185,551 $ 724,078 $ 302,126 $ 5,736,579 2,885,976 1,724,086 756 410 307,782 6,463,942 3,269,706 1,531,200 738,133 386,086 6,712,572 3,266,609 1,694,755 810169 427,477 7,005,422 3,650,712 1,616,251 826,983 547,650 7,448 440 3,648,519 1,844,393 891 032 537,868 7,735,637 3,733,647 2,166,468 906,914 565,456 8,208,493 4088,914 1,923,346 819,111 585,494 8,336,235 4,383,632 2,178,958 831,252 613,224 8,942,831 4.670,441 2,423,665 847,075 583,658 9,481,139 58 l [T'1 UI. \V1ILAT RlDGL COl.ORADO PROPERTY lAX LEVIES AND COLLECTIONS - GENERAl. FUND LAST TEN fISCAL yt~ARS Fiscal Year (UNAUDITED) Pel cent of Current Percentage Delinquent Tolal Tota[ Tax Total Tax of Levy Tax Tax CollectIons Iill\. Le~ Collectlons Collected Collectlons Collections to LcVY ----- ---- - - (A) $ 568,30 I $ 561,55 I 98.81% ( 6,2(5) $ 567,756 99 90% 568,30 I 561,537 9881% 2,852 564,389 99310/" 568,30 I 560,570 98.64% 840 561,410 9879% 568,301 569,769 100 02% 569,769 ]0000% 569,360 564,513 9914% (] ,852) 562,661 98 82% 568,195 563,402 9916% (2,349) 561,053 98.23% 593,069 580,601 97 89% (735) 579,866 97 77% 599,725 596,828 99.52% 71 596,899 99.53% 633,629 635,258 100.26% 1,653 636,911 100.52% 643,807 634,493 98.55% 1,600 636,093 98 80% 1990 ]991 1992 1993 1994 1995 1996 1997 1998 1999 Notes: A Net prIor year tax abatements and adjustments due to revaluation of property in Jefferson County Source: Jeffcrson County Assessors' Office and the City of Wheat R.1dge audIted finanCIal statements, 1990 - 1999 59 CITY OJ' WIllAl RlIXi[ LOIORADO COMPlT"IArION m LeGAL DEBT MARCilN Computahon of maXlffiWTI debt allowed 1999 eshmated actual valuahon Legal dcbt hmlt percentage per City Charter 912.7 Legal debt lumt AmOlll1t of debt outstanding Total bonded debt Less: Revcnue Bonds Net general obligahon bonded debt outstandmg Legal debt limit Legal debl margin December 3 I 1 999 (UNAUDITED) $ Nole The City Charter Legal Debt margin is also subJecl to the Slate Constituhon Sechon 20, Article X, "Taxpayers Bill of Rights" (TABOR) lll1der whleh no debt has been authonzed Source Clty of Wheat Rldge charter and Jefferson County Assessor's office. 60 $ 2,016,737Jl30 3% $ 60,502, III $ 60,502, III $ 60,502,111 Fiscal Year 1990 199] 1992 ]993 1994 ]995 1996 1997 ]998 1999 Notes: Source: CITY OJ- WI [LAT RIDGL COI.ORADO REVENUE BOND COVERAGL SAI.ES TAX REVENUE BONDS LAST TEN FISCAL YEARS (UNAUDITED) Sales Tax _Debt Service ReqUirements Coverage -~- Revenue Prinepa] Interest Tota] Factor $ 5,461,862 $ $ 2]0,925 $ 2]0,925 $ 259] 5,771,952 210,925 2]0.925 27.36 6,321,351 210,925 210,925 2997 6,533,217 20,000 ] 52,305 172,305 3792 6,7 40,566 55,000 124,258 ] 79,258 3760 7,297,038 75,000 ] 22,3 50 197,350 36.98 7,467,294 75,000 ]] 9,650 194,950 38.30 8 177,821 960,000 117 ,025 1,077,025 7.59 ] 0,896,486 2,3] 5,000 365,474 2,680,474 406 11,734,002 2,025,000 6] 9,742 2,644,7 42 444 Sales tax revenue in both the Genera] Fund and the Capital Projects Fund are included smce debt service IS paid With sales tax proceeds. City of Wheat Ridge audited fmanelal statements, ] 990 - 1999 61 SINGLE AUDIT 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 ON COMPLIANCE AND ON INTERNAL CONTROL OVER FINANCIAL REPORTING BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS We have audited the general purpose financIal statements of the CIty of Wheat Ridge, Colorado, as of and for the year ended December 31, 1999, and have Issued our report thercon dated February 25,2000 We conducted our audit m accordance WIth generally accepted auditing standards and the standards applIcable to fmanclal audits contamed m Government Auditing Standards, Issued by the Comptroller General of the Uruted States. ComplIance As part of obtaIning reasonable assurance about whether the City of Wheat Ridge, Colorado's general purpose fmanclal statements are free of matenal misstatement, we performed tests of Its compliance WIth certam provisions of laws, regulatIons, contracts and grants, noncompliance WIth whIch could have a direct and matenal effect on the determmatlOn of financial statement amounts. However, providing an oplIDon on complIance with those proVISIOns was not an objective of our audit and, accordingly, we do not express such an opimon. The results of our tests disclosed no mstances of noncomplIance that are reqwred to be reported under Government Auditing Standards Intemal Control Over FinanCial Reportmg In planrung and perfomung our audit, we conSIdered the City of Wheat Ridge, Colorado's mtemal control over finanCIal reportIng m order to determme our auditing procedures for the purpose of expressing our opmlOn on the general purpose finanCial statements and not to proVIde assurance on the mtemal control over finanCial reportmg. Our consIderatIOn of the internal control over financial reportIng would not necessarily disclose all matters m the mtemal control over finanCIal reportIng that nught be matenal weaknesses. A matenal weakness IS a conrutlOn m wluch the design or operatIOn of one or more of the mtemal control components does not reduce to a relatively low level the nsk that misstatements m amounts that would be matenal m relatIon to the general purposc fmancial statements bcing audited may occur and not be detected WIt!un a tImely penod by employees m the normal course of performmg theIT assigned functIOns. We noted no matters mvolvmg thc intemal control over fmancial reportmg and its operatIOn that we consider to be matenal weaknesses. However, we noted other matters mvolvmg thc internal control over finanCial reportmg that we have reported to management of the City of Wheat Ridge, Colorado, m a separate letter dated February 25,2000 Ibis report IS mtended solely for the mformation and use of the City Council and management of the CIty of Wheat Ridge, Colorado, and federal awarding agencies and pass-through entItIes and is not mtended to be and should not be used by anyone othcr than these specified partIes. ~//f&dw1-f ~~/PC. February 25,2000 Member of the American Institute of Certified Public Accountants Member of the Private Companies Practice Section Member of the SEC Practice Section 62 5975 Greenwood Plaza Blvd.. Suite 140 Greenwood Villag~ CO B0111 (3u31694-2727 Fax (303)694-3172 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 ON COMPLIANCE WITH REQUIREMENTS APPLICABLE TO EACH MAJOR PROGRAM AND INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WITH OMB CIRCULAR A-I33 Compliance We have audIted the compliance of the City of Wheat Ridge, Colorado with the types of complIance requITements described m the U S. Office of Management and Budget (OMB) Circular A-I33 Compliance Supplement that are applicable to its major federal program for the year ended December 31, 1999 The City of Wheat RIdge, Colorado's major federal program is IdentIfied In the summary of auditors' results section of the accompanymg schedule of findings and questIOned costs. Compliance With the requirements oflaws, regulations, contracts and grants applicable to its major federal program is the responsibility of the City of Wheat Ridge, Colorado's management. Our responsibility IS to express an opinion on the City of Wheat RIdge, Colorado's compliance based on our audit. We conducted our audit of comphance m accordance with generally accepted audIting standards; the standards applicable to financial audits contained In Government Auditing Standards, issued by the Comptroller General ofthe United States, and OMB Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations. Those standards and OMB Circular A-13 3 reqUIre that we plan and perform the audit to obtain reasonable assurance about whether noncompliance with the types of compliance requirements referred to above that could have a direct and material effect on a maJor federal program occurred An audit mcludes exanumng, on a test baSIS, eVidence about the City of Wheat RIdge, Colorado's compliance with those requirements and perforrrung such other procedures as we conSidered necessary In the circumstances. We beheve that our audit proVIdes a reasonable baSIS for our opinion. Our audit does not provide a legal detennmatIOn on the City of Wheat Ridge, Colorado's compliance With those reqUIrements. In our opmIon, the City of Wheat Ridge, Colorado complied, III all material respects, with the reqUIrements referred to above that are applicable to its major federal program for the year ended December 31, 1999 Internal Control Over Compliance The management of the CIty of Wheat Ridge, Colorado IS responsible for establishIng and maintaining effective Internal control over compliance with requirements of laws, regulations, contracts and grants applicable to federal programs. In planning and performIng our audit, we considered the City of Wheat RIdge, Colorado's internal control over comphance with reqUIrements that could have a direct and matenal effect on a major federal program III order to deterrrune our auditmg procedures for the purpose of expresslllg our opinion on compliance and to test and report on Internal control over compliance In accordance With OMB Circular A-133 Member of the American Institute of Certified PUblic Accountants Member of the Private Companies Practice Section Member of the SEC Practice Section 63 5975 Greenwood Plaza Blvd., Suite 140 Greenwood villag'!, CO 80111 (3u3l694-2727 Fax (303)694-3172 Our conSideratIOn of the Internal control over comphance would not necessarily disclose all matters In the Intemal control that might be matenal weaknesses A matenal weakness IS a condItIOn In which the design or operation of one or more of the Internal control components does not reduce to a relatIvely low level the nsk that noncomplIance with applIcable reqUIrements oflaws, regulations, contracts and grants that would be matenalm relatIon to a major federal program bemg audited may occur and not be detected within a timely period by employees In the normal course of performmg their assigned functions. We noted no matters mvolvmg the internal control over compliance and its operation that we consider to be matenal weaknesses Tills report IS intended solely for the information and use of the CIty Council and management of the CIty of Wheat Ridge, Colorado, and federal awarding agencies and pass-through entIties and IS not mtended to be and should not be used by anyone other than these specIfied parties. ~(&~~.,~~*'- February 25, 2000 64 CITY OF WHEAT RIDGE, COLORADO Schedule of Findings and Questioned Costs December 31,1999 Summary of Auditors' Results Financial Statements Type of audItors' report Issued unqualified Internal control over financial reporting: Material weaknesses Identified? yes Reportable conditIons IdentIfied that are not considered to be matenal weaknesses? yes Noncompliance material to financial statements noted? yes - Federal Awards Internal control over major programs . Material weaknesses IdentIfied? yes Reportable condItions identified that are not considered to be matenal weaknesses? yes Type of auditors' report issued on comphance for major programs. unquahfied Any audit findings disclosed that are reqUIred to be reported In accordance With sectIon 51O(a) of Circular A-l33? yes IdentificatIOn of major program. 16 710 Community Onented PoliCing ServIces Dollar threshold used to distinguish between type A and type B programs $300,000 Auditee qualified as low-risk audItee? yes 65 x x x x x x x no no no no no no no 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 ON SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS We have audited the general purpose financIal statements of the City of Wheat Ridge, Colorado, as of and for the year ended December 31, 1999, and have issued our report thereon dated February 25,2000 These general purpose financIal statements are the responsibility of the City of Wheat RIdge, Colorado's management. Our responsibility IS to express an opInion on these general purpose financial statements based on our audit. We conducted our audit m accordance with generally accepted auditing standards, Government Auditing Standards, issued by the Comptroller General of the United States, and the proVISIOns of Office of Management and Budget Circular A-l33, Audits of States, Local Governments, and Non-Profit Organizations Those standards and OMB Circular A-l33 require that we plan and perform the audit to obtain reasonable assurance about whether the general purpose financial statements are free of matenal misstatement. An audit includes examining, on a test baSIS, evidence supporting the amounts and disclosures in the general purpose financIal statements. An audIt also mcludes assessing the accounting princIples used and sIgmficant estimates made by management, as well as evaluating the overall financial statement presentation We belIeve that our audit proVIdes a reasonable basis for our OpinIOn. Our audit was conducted for the purpose of forming an opInion on the general purpose financIal statements of the City of Wheat RIdge, Colorado taken as a whole. The accompanymg schedule of expendItures of federal awards IS presented for purposes of additional analYSIS and is not a reqUIred part of the general purpose finanCIal statements. The informatIon m this schedule has been subjected to the audItmg procedures applied In the audit of the general purpose financIal statements and, m our OpIniOn, IS fairly presented In all matenal respects in relation to the general purpose finanCial statements taken as a whole ~I IU~~ 1{ ~'"7/;0 February 25,2000 Member of the American Institute of Certified Public Accountants Member of the Private Companies Practice Section Member of the SEC Practice Section 66 5975 Greenwood Plaza Blvd.. Suite 140 Greenwood VillagE;, CO 80111 (3v3)694-2727 Fax (303)694-3172 L ITY ()I< WllloAT RID(J~. COLORAl)( ) SCHEDULE m EXPENDITURES OJ- FEDERAl. ^ WARDS Year hnded December 3 I. 1999 See the aeeompanymg Independent Auditors' Report. 67