HomeMy WebLinkAbout2005
City of Wheat Ridge
2005 Financial Statements
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Quality Retail _ Great Access _ Active Lifestyle
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^prII 7, ::'006
Honorable Mayor and Members of the CIty Council
City of Wheat Ridge
Wheat Ridge. Colorado
We have audited the financIal statements of the CIty of Wheat Ridge (the "CIty'") for the year ended December 31
2005, and have issued our report thereon dated AprIl 7, 2006 ProfessIOnal standards reqlllre that we provIde you
WIth the followmg mformalIon related 10 our audit.
Our Responsibility under Generally Accepted Auditing Standards
As stated m our engagement letter, our responsibility, as described by professional standards, IS to plan and perform
our audit to obtain reasonable. but not absolute. assurance about whether the financIal statements are free of materIal
misstatement. Because an audit is designed to provide reasonable, but not absolute. assurance and because we dId
not perform a detailed exammatIOn of all transactIOns, there IS a rIsk that material misstatements or noncomplIance
may exist and not be detected by us. In addItIon. an audit IS not designed to detect immaterIal misstatements or
VIOlatIOns of laws or regulations that do not have a direct and materIal effect on the financial statements.
As part of our audit. we considered the mternal control of the CIty ~uch conSIderatIOns were for the purpose of
determmmg our audIt procedurcs and not to provIde any assurance concernmg such mternal control
Significant Accounting Policies
Management has the responsibIlIty for selectIOn and use of approprIate accounting policies. In accordance With the
terms of our engagement letter, we will adVIse management about the appropriateness of accountmg polIcIes and
their applicatIOn. The slgmficant accountmg policies used by the CIty are described Il1 Note I to the finanCIal
statements_ We noted no transactions entered into by the CIty dUrIng the year that were both slgmficant and unusual.
and of WhiCh, under profeSSIOnal standards, we arc reqUIred to Il1fonn you, or transactIOns for whIch there IS a lack
of authOrItatIve gUIdance or consensus.
Accounting Estimates
Accounting estimates are an integral part of the finanCial statements prepared by management and are based on
management's current Judgments Certain accountmg estImates are particularly sensitive becausc of their
slgmficanee to the financial statements and because of the possibilIty that future events affectll1g them may dIffer
slgmficantly from management's current judgments. We evaluated the key factors and assumptions used to develop
the estImates 111 determll1ing that they arc reasonable in relation to the financial statements taken as a whole
~4()O E Crcscent Parkway. 'luIte 600. CJI"Cenwood Villagc. CO XOl11 . (720) 52XA306 Fax (720) 52~-4307
Significant Audit Adjustments
For purposes of this letter. professIOnal standards define a significant audit adjustment as a proposed correctIOn of
the financial statcments that. III our Judgment, may not have been detected except through our audltll1g procedures.
We provided management with a schedule of audit adjustments An audIt adjustment mayor may not IIldlcate matters
that could have a slgl1lficant effect on the City's finanCial reportll1g process (that IS, cause future financial statements
to be materially misstated). Management has determllled that the effects of the uncorrected mIsstatements are
lInmatenal, both indIVIdually and III the aggregate, to the financial statements taken as a whole. In our Judgment,
none of the adjustments \\e proposed. whether recorded or unrecorded by the City, either individually or in the
aggregate. IIldlcate matters that could have a significant effect on the City's finanCial reporting process
Disagreements with Management
F or purposes of thIS letter, profeSSIOnal standards define a disagreement WIth management as a matter, whether or
not resolved to our satIsfaction, concefl1l11g a finanCIal accountlllg, reportll1g, or audltlllg matter that could be
slgl1lficant to the financial statements or the audItors' report. We are pleased to report that no such dIsagreements
arose dunng the course of our audit.
Consultations with Other Independent Accountants
In some cases. management may deCide to consult with other accountants about audltlllg and accountlllg matters.
snl1llar to obtamll1g a "second opll1lOn" on certalll SItuations. If a consultatIOn involves the application of an
accountll1g principle to the City' s financial statements or a determll1atlon of the type of auditors' opll1lOn that may
be expressed on those statements. our profeSSIOnal standards require the consultll1g accountant to check WIth us to
detennllle that the consultant has all the relevant facts. To our knowledge. there wcrc no such consultations With
other accountants.
Issues Discussed Prior to Acceptance of Independent Auditors
We generally discuss a vanety of matters, lI1cluding the application of accountll1g principles and auditing standards.
With management prior to acceptance as the City's audItors. However, these dIscussions occurred in the normal
course of our professional relationship and our responses were not a condItion to our acceptlllg the engagement.
Difficulties Encountered in Performing the Audit
We encountered no Significant difficulties while performll1g our audit.
Other Information
Sales Tax System
As mentioned last year, the CIty contll1ues to encounter problems WIth the HMS sales tax system. For example, the
system is unable to report year-to-date information on sales tax collections. In addItIon, It IS our understanding that
the City IS expecting to expand use of the system to collect public improvement fees. We encourage the City to
continue to mOl1ltor the system defiCIenCIes and report to the vendor It may also be beneficial to pursue other
systems that may provide better system capabilities and better vendor support.
Conclusion
We would like to thank Mary Cavarra, Patnck Goff, Linda Stengel, and the CIty staff for theIr assistance and
cooperation during the audit. Everyone at the City was very helpful.
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This report IS Intended solely for the informatIon and use of the CIty Council and management of the City of Wheat
Ridge. and IS not intended to he and shoulclnol he used hy anyone other than these speCIfied partIes.
Very truly yours,
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Swanhorst & Company LLC
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CITY OF WHEAT RIDGE, COLORADO
FINANCIAL STATEMENTS
December 31, 2005
TABLE OF CONTENTS
PAGE
INTRODUCTORY SECTION
Directory of Principal City Officials
FINANCIAL SECTION
Independent Auditors' Report
Management's Discussion and AnalysIs
a - I
Basic Financial Statements
Statement of Net Assets
Statement of Activities
2
Balance Sheet - Governmental Funds
3
Statement of Revenues, Expenditures and Changes in Fund Balances-
Governmental Funds
4
Reconciliation of the Statement of Revenues, Expenditures and Changes in
Fund Balances of Governmental Funds to the Statement of Activities
5
Notes to Financial Statements
6 - 16
Required Supplementary Information
Budgetary Companson Schedule - General Fund
17
Budgetary Comparison Schedule - Recreation Center Operating Fund
18
Notes to Required Supplementary Information
19
Combining and Individual Fund Statements and Schedules
Combining Balance Sheet - Nonmajor Governmental Funds
20
Combining Statement of Revenues, Expenditures and Changes in Fund Balances -
Nonmajor Governmental Funds
21
Open Space - Budgetary Comparison Schedule
22
Police Investigation - Budgetary Comparison Schedule
23
Senior Center - Budgetary Comparison Schedule
24
Municipal Court - Budgetary Comparison Schedule
25
CITY OF WHEAT RIDGE, COLORADO
PRINCIPAL CITY OFFICIALS
December 3 I, 2005
MAYOR
Jerry DiTullio
CITY COUNCIL
District I
District 2
Karen Berry
Terry Womble
Dean Gokey
Wanda Sang
CITY CLERK
MUNICIPAL JUDGE
CITY TREASURER
CITY ATTORNEY
CITY MANAGER
DEPUTY CITY MANAGER
ACCOUNTING SUPERVISOR
DIRECTOR OF COMMUNITY DEVELOPMENT
DIRECTOR OF PARKS & RECREATION
DIRECTOR OF PUBLIC WORKS
CHIEF OF POLICE
HUMAN RESOURCE MANAGER
PURCHASING AND CONTRACTING AGENT
District 3
Karen Adams
Mike StItes
Pam Anderson
Christopher Randall
Mary Cavarra
Gerald Dahl
Randy Young
Patrick Goff
Linda Stengel
Alan White
Joyce Manwaring
Timothy Paranto
Daniel G. Brennan
Karen Croom
Linda Trimble
District 4
Lena Rotola
Larry Schulz
FINANCIAL SECTION
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Honorable Mayor and Members of the City Council
City of Wheat Ridge
Wheat Ridge, Colorado
INDEPENDENT AUDITORS' REPORT
We have audited the accompanying financial statements of the governmental activities, the discretely presented component
unit, each major fund and the aggregate remaining fund information of the City of Wheat Ridge, Colorado, as of and for
the year ended December 31,2005, which collectively comprise the basic financial statements of the City of Wheat Ridge,
Colorado, as listed in the table of contents. These financial statements are the responsibility of the City of Wheat Ridge,
Colorado's management. Our responsibility is to express opinions on these financial statements based on our audit.
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We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those
standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit
provides a reasonable ba~is for our opinions.
In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial
position of the governmental activities, the discretely presented component unit, each major fund and the aggregate
remaining fund information of the City of Wheat Ridge, Colorado, as of December 3 l, 2005, and the respective changes
in financial position for the year then ended in conformity with accounting principles generally accepted in the United States
of America.
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The management's discussion and analysis and required supplementary information listed in the table of contents are not
a required part of the basic financial statements but are supplementary information required by the Governmental
Accounting Standards Board. We have applied certain limited procedures, which consisted principally of inquiries of
management regarding the methods of measurement and presentation of the supplementary information. However, we did
not audit the information and express no opinion on it.
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Our audit was conducted for the purpose offorming opinions on the financial statements that collectively comprise the City
of Wheat Ridge, Colorado's basic financial statements. The combining and individual fund statements and schedules and
supplemental information listed in the table of contents are presented for purposes of additional analysis and are not a
required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in
the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic
financial statements taken as a whole.
~{ CMf~ ~l.&
April 7, 2006
R400 t Crescent Parkway. SUIte 600. Greenwood Village. CO XOl \ I. (720) 52~-4306 Fax (no) 52~-43117
Management's Discussion and Analysis
As management of the CIty of Wheat RIdge, we offer this narrative overvIew and
analysis of the financial actIvities of the City of Wheat Ridge for the fiscal year ended
December 31, 2005 Please read it In conjunctIon with the City's financial statements,
whIch follow this sectIOn.
Financial Highlights
· The assets of the City of Wheat RIdge exceeded its liabilities at the close of fiscal
year 2005 by $57 8 million (net assets). Of this amount, $14.8 million (unrestricted
net assets) may be used to meet the CIty'S ongoing oblIgations to citIzens and
credItors.
· At the close of fiscal year 2005, the City of Wheat Ridge's governmental funds
reported combined ending fund balances of$16.9 million, an increase of$3 8 million
in comparIson with the pnor year. Approximately 91 %, $15.5 mIllIon is available for
spending at the government's dIscretion (unreserved fund balance)
· At the end of the fiscal year 2005, unreserved fund balance for the general fund was
$6.6 mIllion, or 34% of total general fund expenditures.
· General fund actual revenues were $4.1 million more than final budgeted revenue for
the fiscal year 2005 and actual expenditures were $1.9 mIllion less than final
budgeted expenditures.
Overview of the Financial Statements
This dIscussion and analysis are Intended to serve as an IntroductIOn to the City of Wheat
Ridge's baSIC financial statements. The basic financial statements comprise three
components: 1) government-wide financial statements, 2) fund financial statements, and
3) notes to the financIal statements. This report also contains other supplementary
information in addition to the basic financial statements themselves.
Government-wide financial statements. The government-wide financial statements
report information on all activities of the City and its component umt (Wheat Ridge
Urban Renewal Authority) The statement of net assets includes all of the City's assets
and liabIlities. All of the current year's revenues and expenses are accounted for in the
statement of activities regardless of when cash is received or paId.
The statement of net assets presents information on all of the CIty of Wheat Ridge's
assets and liabilities, with the difference between the two reported as net assets. Over
time, increases or decreases in net assets may serve as a useful indicator of whether the
financial position of the City of Wheat Ridge is improving or deteriorating.
The statement of activities presents information showing how the City of Wheat Ridge's
net assets changed during fiscal year 2005. All changes In net assets are reported as soon
as the underlying event giving rise to the change occurs, regardless of the timing of
related cash flows. Thus, revenues and expenses reported In this statement for some items
a
will result in cash flows in future fiscal periods (e.g., uncollected taxes and eamed but
unused vacation leave).
The government-wide financial statements include not only the City Itself, but also a
legally separate Urban Renewal Authority for which the City IS financially accountable.
The governmental activities of the City include general government, community
development, police, publIc works, and parks and recreation.
Fund financial statements. The fund financial statements provide more detailed
information about the City's most significant funds - not the City as a whole. Funds are
accounting devices that the City uses to keep track of specIfic sources of funding and
spending for particular purposes.
. Some funds are required by State law and bond covenants.
. The City Council establishes other funds to control and manage money for particular
purposes (like the Recreation Center Operating Fund) or to show that it is properly
using certain taxes and grants (like the Conservation Trust Fund)
The City has one type of fund:
Governmentalfunds - All of the City's basIC services are included in governmental
funds, which focus on (1) how cash and other financial assets can readily be converted to
cash flow in and out and (2) the balances left at year-end that are available for spending.
Consequently, the governmental funds statements provide a detailed short-term view that
helps determine whether or not there are more or fewer financial resources that can be
spent in the near future to finance the City's programs. Because this information does not
encompass the additional long-term focus of the governrnent-wide statements, additIOnal
information at the bottom of the governmental funds statement, or on the subsequent
page, is proVIded to explain the relationshIp (or differences) between them.
Financial Analysis of the City as a Whole
Net assets. As noted earlier, net assets may serve over time as a useful indicator of a
government's financial position. In the case of the CIty of Wheat Ridge, assets exceeded
liabilities by $57,767,534 at the close of the 2005 fiscal year.
By far the largest portion of the City of Wheat Ridge's net assets (72%) reflects its
investment in capital assets (e.g., land, buildings, machinery, and equipment). The City of
Wheat Ridge uses these capital assets to provide services to citizens; consequently, these
assets are not available for future spending.
An additional portIOn of the City of Wheat Ridge's net assets (3%) represents resources
that are subject to external restrictions on how they may be used (open space and parks,
police investigations, RichardsIHart estate, hotel/motel police actIvities, government
b
access channel and emergency reserves). The remammg balance of unrestricted net assets
($14,767,240) may be used to meet the City's obligatIOns to citizens and creditors.
At the end of the current fiscal year, the CIty of Wheat Ridge IS able to report positive
balances In net assets for the City as a whole, as well as for Its governmental funds as a
whole. The same situation held true for the prior fiscal year.
City of Wheat Ridge Net Assets
Current and other assets
Capital assets
Total assets
Long-term liabilities outstanding
Other liabilities
T otalliabilities
Net assets:
Invested in capital assets, net of
related debt
Restricted
Unrestricted
Total net assets
Governmental Activities
2005 2004
$18,944,942 $14,740,570
$41,539,717 $39,894,101
$60,484,659 $54,634,671
$695,518 $572,911
$2,021,607 $1,640,162
$2,717,125 $2,213,073
$41,539,717
$1,460,577
$14,767,240
$57,767,534
$39,894,101
$1,661,958
$10,865,539
$52,421,598
Changes in Net Assets
Governmental activities.
. Governmental-type Activities increased the CIty'S total net assets by $5.3 million.
. A key element of the increase in total net assets was the increase in the City's sales
and use tax rate from 2% to 3% effectIve January 1,2005.
c
City of Wheat Ridge Changes in Net Assets
Governmental Activities
2005 2004
Revenues
Program Revenues
Charges for services
Operating grants and contributions
Captial grants and contributions
General Revenues
Property taxes
Sales taxes
Use taxes
Franchise taxes
Other taxes
Investment earnings
Miscelleneous
$4,034,209
$1,391,005
$1,532,131
$693,131
$15,101,919
$2,423,406
$1,448,767
$1,400,272
$390,869
$486,268
$28,901,977
Total revenues
$3,850,317
$1,490,126
$1,377,208
$677,888
$10,106,270
$1,706,248
$1,324,695
$1,363,477
$248,936
$426,856
$22,572,021
Expenses
General Government
Community Development
Police
Public Works
Parks and Recreation
Total expenses
Increases in net assets
Net assets, beginning
Net assets, endinq
$7,039,869
$619,148
$6,607,172
$3,631,429
$5,658,423
$23,556,041
$5,345,936
$52,421,598
$57,767,534
$5,873,395
$571,169
$6,115,163
$3,809,575
$5,038,889
$21,408,191
$1,163,830
$51,257,768
$52,421 ,598
. Charges for services increased by over $183,000 primarily due to an mcrease in
zoning applicatIOn and plan review fees In fiscal year 2005 These increases can be
contributed to the Cabela's/Coors development project and an overall increase in plan
review submittals.
. Operating grants and contributions decreased by approximately $100,000 primarily
due to a decrease in highway user tax revenue.
. Capital grants and contributions Increased by over $154,000 due to an increase in
Community Development Block Grant (CDBG) revenues In 2005.
. A sales and use tax rate increase from 2% to 3% became effective January 1,2005.
Sales tax revenues increased by $4,995,649 and use tax revenues increased by
$717,158. These increases account for approximately 90% of the total revenue
increase from 2004 to 2005
. Franchise tax revenues increased by approximately $124,000 primarily due to an
increase m energy costs and therefore in increase in Xcel Franchise fees.
. Investment earnIngs increased by 57% compared to 2004 due to an increase in
Interest rates and prudent investing.
. General Government expenses include budgets for the CIty Treasurer, LegIslative
ServIces, Finance, Economic Development, City Manager, City Attorney, City
d
$8,000,000
$7,000,000
$6,000,000
$5,000,000
$4,000,000
$3,000,000
$2,000,000
$1,000,000
$0
Clerk's Office, Municipal Court, Admimstrative Services, Human Resources,
Commumty Support, Risk Management, Sales Tax, Purchasmg and Contractmg,
Information Technology and Central Charges.
. The General Government budget increased by over $10 million pnmarily due to a
$415,000 contnbutlon to Wheat Ridge 2020, mcreases in workers' compensation and
medical msurance prenllums, and salary mcreases.
. The Police Department budget mcreased by over $492,000 in 2005 primanly due to a
new compensation plan for the sworn employees and an increase in staff by ten full-
time employees.
Expenses and Program Revenues - Governmental Activities
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General
Government
Community
Development
Public Works
Parks and
Recreation
Police
[] Expenses . Program Revenues
e
Revenues by Source - Governmental
Activities
Use taxes
8.4%
Investment
Other taxes earnings Miscelleneous Charges for
3D/, 1 4% 1 7% services... . t
. 4. D 13.8% uperaling gran s
Franschlse and
taxes contributions
5 0% 5.5%
Capital grants
and
contributions
5.3%
Property taxes
2.4%
Sales taxes
52.3%
Financial Analysis of the Government's Funds
The City of Wheat Ridge uses fund accounting to ensure and dernonstrate comphance
With finance-related legal requirements.
Governmental funds. The focus of the City of Wheat Ridge's governmental funds is to
provide informatIOn on near-term Inflows, outflows, and balances of spendable resources.
Such Information is useful In assessing the CIty of Wheat Ridge's financing
requirements. In particular, unreserved fund balance may serve as a useful measure of a
government's net resources available for spending at the end of the fiscal year
As of the end offiscal year 2005, the City of Wheat Ridge's governmental funds reported
combined ending fund balances of $169 mIllion, an Increase of $3 8 mtlhon in
comparison WIth the prior year Approximately 91 % of this total amount ($15.5 milhon)
constitutes unreserved fund balance, which is aVaIlable for spending at the City's
discretion. The remainder of fund balance is reservcd to imhcate that it IS not available
for new spending because It has already been committed I) for open space and parks
($493,568),2) for police investigations ($37,905), 3) for Richards Hart Estatc ($55,557),
4) for hotel/motel pohce actiVIties ($150,781), 5) for government access channcl
($122,766) and 6) for state mandated emcrgency reserves ($600,000)
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The general fund IS the chief operating fund of the City of Wheat Ridge. At the end of
fiscal year 2005, unreserved fund balance of the general fund was $6.6 millIon, while
total fund balance reached $7 4 millIon. As a measure of the general fund's liquidity, It
may be useful to compare both unreserved fund balance and total fund balance to total
fund expenditures. Unreserved fund balance represents 34% oftotal general fund
expenditures, while total fund balance represents 38% of that same amount.
General Fund Budgetary Highlights
The original budget was amended by City CouncIl for a total of $2,746,452 in
supplemental budget appropriations throughout the 2005 fiscal year. These amendments
can be briefly summarized as follows:
. $1,275,000 allocated for Youngfield Street Improvement Project
. $419,877 allocated for Increase in PolIce staffing and new sworn compensation plan
. $415,000 allocated for Wheat Ridge 2020
. $157,691 allocated for Police radio upgrades
. $108,002 allocated for upgrades to Channel 8 system
. $105,000 allocated for deicing equipment
. $75,000 allocated for rights-of-way and noxious weed control
. $60,000 allocated for replacement of a Senior Center Van
. $46,761 allocated for sales tax Increment and ESTIP payments
. $41,978 allocated for the acceptance of various grants
. $14,864 allocated for an increase in Senior Center staffing
. $10,000 allocated for large item clean up program
. $7,000 allocated for City Council training
. $6,279 allocated for an environmental clean up
. $3,000 allocated for Boards and Commissions apprecIation dinner
. $1,000 allocated for recreation center punch cards for Wheat Ridge Fire Department
Capital Asset and Debt Administration
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Capital assets. The City of Wheat Ridge's investment in capital assets for its
governmental activities as of December 31, 2005 amounts to $41.5 millIon (net of
accumulated depreciation). This investment In capital assets includes land, artwork, land
improvements, buildings, vehicles, machinery and equipment, and infrastructure.
Major capital asset events during the 2005 fiscal year totaled $3.4 million and included
the following:
. Artwork in the amount of $34,295
o Founders Park Sculpture
. Land Improvements In the amount of $549,872
o Clear Creek Trail Phase III
g
o Anderson, Randall, Prospect and Historic Park improvements
. Buildings m the amount of $251,132
o Police evidence compound
o City Hall, Recreation Center and Senior Center improvements
o Anderson Park dugouts
. Vehicles in the amount of$284,614
o Police patrol units, Semor Center van, dump truck, parks pickups
. Machinery and EqUIpment in the amount of $456,849
o Information technology hardware and software
o Council chambers digItal recordmg system
o Police radio upgrades
o Deicer holding tanks
o CIty Hall HV AC upgrades
o Anderson and Prospect park equipment
. Infrastructure in the amount of $1 ,830,024
o Drainage improvements
o Kipling pedestrian Improvements
o 46th Avenue - Estes/Carr improvements
o Street preventative maintenance
City of Wheat Ridge's Capital Assets
(net of depreciation)
Governmental Activities
2005 2004
Land
Artwork
Land improvements
Buildings
Vehicles
Machinery and equipment
Infrastructure
Total Capital Assets
$8,879,376
$39,295
$3,860,602
$13,582,527
$1,222,219
$1,719,344
$12.236.354
$41,539,717
$8,879,376
$5,000
$3,582,182
$13,808,853
$1,295,928
$1,496,907
$10.825.855
$39,894,101
Long-term debt. At the end ofthe 2005 fiscal year, the City of Wheat Ridge had total
long-term debt outstanding of$695,518 Of this amount, $15,166 is due within one year.
This total debt represents compensated absences, which are expected to be liquidated
primarily with revenues of the General Fund.
h
Economic Factors and Next Year's Budgets and Rates
Due to increases in assessed property valuations, the CIty of Wheat Ridge temporarily
reduced Its mill levy from 1 830 mIlls to 1.786 mills for the 2006
DUrIng the 2005 fiscal year, unreserved fund balance In the General Fund increased to
$66 million, a $2.0 increase over 2004 The CIty of Wheat RIdge has appropriated $1 1
million of this arnount for general operating expenses in the 2006 fiscal year budget. The
General Fund unreserved fund balance is projected to decrease to $5 7 million by the end
of2006
Effective January 1,2006, City Council has unofficially committed $1.5 million a year
for five consecutive years to fund the Wheat Ridge 2020 organization. Wheat Ridge 2020
IS a new community-based, nonprofit development corporation created to facIlitate and
partner in neighborhood and commercial projects that implement the Neighborhood
RevitalIzation Strategy (NRS) adopted by Wheat Ridge City Council in July 2005
The adopted 2006 fiscal year budget IS $34 6 million, an Increase of$7.9 million over
2005. It includes a $25.8 million operating budget and a $78 million capital Investment
budget. Much of thIS Increase can be contributed to a $1 0 million contribution to Wheat
Ridge 2020, $4.2 mIllion for improvements to Youngfield Street, and an increase in
Police Department staffing.
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Requests for Information
This financial report IS designed to provide a general overview of the City of Wheat
RIdge's finances for those WIth an interest III the City's finances. Questions concernIng
any of the informatIOn provided in this report or requests for additional finanCIal
information should be addressed to
Deputy City Manager
City of Wheat Ridge
7500 W. 29th Avenue
Wheat Ridge, Colorado 80033
BASIC FINANCIAL STATEMENTS
CITY OF WHEAT RIDGE. COLORADO
STATEMENT OF NET ASSETS
December 31. 2005
PRIMARY GOVERNMENT URBAN RENEWAL
GOVERNMENTAL ACTIVITIES AUTHORITY
2005 2004 2005
ASSETS
Cash and Investments $ 15179,021 $ 11.925,334 $ 390,728
Receivables
Accounts 2,237,747 1,520,201
Property Taxes 707,633 692,624 270,000
Intergovernmental 752,039 600.112 100,000
Accrued Interest 68,502 2.299
Capital Assets, Not Being Depreciated 8,9 I 8,671 8,884,376
Capital Assets, Net of Accumulated Depreciation ~21,046_ 31,009,725
TOTAL ASSETS 60,484,659 54,634,67] 760,728
LIABILITIES
Accounts Payable 930,825 468,42 I 28,907
Refundable Deposits 268.631 237,570
Claims Payable 106,308 227,847
Deferred Revenues 715,843 706,324 270,000
Noncurrent Liabilities
Due Within One Year 15,166 14472
Due in More Than One Year 680,352 558,439
--
TOTAL LIABILITIES 2,717125 2.213,073 298,907
--
NET ASSETS
Invested in Capital Assets. Net of Related Debt 41.539717 39,894,101
Restricted for Open Space and Parks 493,568 627.060
Restricted for Police Investigations 37,905 77,744
Restricted for RichardsfHart Estate 55,557 55.098
Restricted for HotellMotel Police Activities 150.781 179,290
Restricted for Government Access Channel 122,766 122,766
- Restricted for Emergencies 600,000 600,000
Unrestricted 14,767,240 10,865,539 461,821
TOTAL NET ASSETS $ ~7,767,534 $ 52,421 ,598 $ 461,821
The accompanying notes are an integral part of the financial statements.
FUNCTIONSIPROGRAMS
PRIMARY GOVERNMENT
Governmental Activities
General Government
Community Development
Police
Public Works
Parks and Recreation
Total Primary Government
COMPONENT UNIT
Urban Renewal Authority
CITY OF WHEAT RIDGE, COLORADO
STATEMENT OF ACTIVITIES
Y car Ended December 31,2005
$
PROGRAM REVENUES
OPERATING
CHARGES FOR GRANTS AND
EXPENSES SERVICES CONTRIBUTIONS
7,039,869 $ 162,798 $
6]9,148 8]8,046
6,607,172 589,425
3,631,429 61,152 1,391,005
5,658,423 2,402,788
23,556,041 $ 4,034,209 $ 1,391,005
144,227 $ $
$
$
GENERAL REVENUES
Property Taxes
Sales Taxes
Use Taxes
Franchise Taxes
Other Taxes
Investment Earnings
Miscelleneous
TOTAL GENERAL REVENUES
CHANGE IN NET ASSETS
NET ASSETS, Beginning
NET ASSETS, Ending
The accompanying notes are an integral part of the financial statements.
2
CITY OF WHEAT RIDGE, COLORADO
STATEMENT OF NET ASSETS
December 31, 2005
PRIMARY GOVERNMENT URBAN RENEWAL
GOVERNMENTAL ACTlVITIES AUTHORITY
2005 2004 2005
ASSETS
Cash and Investments $ 15.179.021 $ I I 925.334 $ 390,728
Receivables
Accounts 2,237,747 1,520.20 I
Property Taxes 707,633 692,624 270,000
Intergovernmental 752,039 600,112 100,000
Accrued Interest 68,502 2,299
Capital Assets, Not Being Depreciated 8,918,671 8,884,376
Capital Assets, Net of Accumulated Depreciation 32,621,046 _~31,009,725
TOTAL ASSETS 60,484,659 54,634,671 760,728
LIABILITIES
Accounts Payable 930,825 468,421 28,907
Refundable Deposits 268,63 I 237.570
Claims Payable 106,308 227,847
Deferred Revenues 715,843 706,324 270,000
Noncurrent Liabilities
Due Within One Year 15,166 14472
Due in More Than One Year 680,352 558,439
TOTAL LIABILITIES 2.717.125 2.213,073 298,907
NET ASSETS
Invested in Capital Assets, Net of Related Debt 41,539717 39.894,101
Reslricted for Open Space and Parks 493,568 627,060
Restricted for Police Investigations 37,905 77,744
Restricted for RichardslHart Estate 55,557 55.098
Restricted for Hotel/Motel Police Activities 150,781 179,290
Restricted for Government Access Channel 122,766 122,766
Restricted for Emergencies 600,000 600,000
Unrestricted 14,767,240 10,865,539 461,821
TOTAL NET ASSETS $ 57,767,534 $ 52,42 I ,598 $ 461,821
The accompanying notes are an integral part of the financial statements.
FUNCTIONSIPROGRAMS
PRIMARY GOVERNMENT
Governmental Activities
General Government
Community Development
Police
Public Works
Parks and Recreation
Total Primary Government
COMPONENT UNIT
Urban Renewal A ulhorit)
CITY OF WHEAT RIDGE, COLORADO
STATEMENT OF ACTIVITIES
Year Ended December 31, 2005
PROGRAM REVENUES
OPERATING
CHARGES FOR GRANTS AND
EXPENSES SERVICES CONTRIBUTIONS
7,039,869 $ 162,798 $
619,148 818,046
6,607,172 589,425
3,631,429 61,152 1,391,005
5,658,423 2,402,788
23,556,041 $ 4,034,209 $ 1,391,005
144,227 $ $
$
$
$
GENERAL REVENUES
Property Taxes
Sales Taxes
Use Taxes
Franchise Taxes
Other Taxes
Investment Earnings
Miscelleneous
TOTAL GENERAL REVENUES
CHANGE IN NET ASSETS
NET ASSETS, Beginning
NET ASSETS, Ending
The accompanying notes are an integral part of the financial statements.
2
NET (EXPENSE) REVENUE AND CHANGES
IN NET ASSETS
URBAN
RENEWAL
AUTHORlTY
2005
CAPlT AL
GRANTS AND TOTAL GOVERNMENTAL ACTIVITIES
CONTRIBUTIONS 2005 2004
$ $ (6.877.071 ) $ (5,749,340) $
198.898 166.433
t6,017.747) (5.437.931 )
(2, I 79,272) (2,266,383)
___1)32,13] (1,723,504) (1 40~)19) ----~
$ 1 ,532, 131 (16,598,696 ) (14,690.540)
$ (144,227)
693,131 677.888 275,084
15,101,919 10,106,270 100,000
2,423,406 1,706.248
1 448,767 1,324,695
1.400.272 1.363 477
390,869 248.936 5,850
486.268 426.856
._~
21,944,632 15.854.3 70 380,934
5,345,936 1,163,830 236,707
52,421,598 51,257,768 225,114
$ 57,767,534 $ 52,421 ,598 $ 461,821
CITY OF WHEAT RIDGE, COLORADO
BALANCE SHEET
GOVERNMENTAL FUNDS
December 31, 2005
RECREATION
CENTER CAPITAL
GENERAL OPERATING PROJECTS
ASSETS
Cash and Investments $ 5,635,711 $ 2,5] 9,628 $ 6,197,493
Receivables
Accounts 2,208,884 587 11.311
Property Taxes 707,633
Intergovernmental 395,797 188,437
Accrued Interest 15,073 53,429
Due From Other Funds
TOTAL ASSETS $ 8.948,025 $ 2,535,288 $ 6,450,670
LIABILITIES AND FUND BALANCE
LIABILITIES
Accounts Payable $ 497,353 $ 42,602 $ 205,640
Refundable Deposits 268,63 ]
Due to Other Funds
Claims Payable 106,308
Deferred Revenues
Property Taxes 707,633
Other 8,210
TOTAL L1AB]L1TIES 1.588,135 42,602 205,640
FUND BALANCES
Reserved for Encumbrances
Reserved for Open Space and Parks
Reserved for Police Investigations
Reserved for Richards/Hart Estate
Reserved for HotellMotel Police Activities
Reserved for Government Access Channel ]22,766
Reserved for Emergencies 600,000
Unreserved, reported in
General Fund 6,637,124
Special Revenue Funds 2,492,686
Capital Projects Fund 6,245,030
TOTAL FUND BALANCES 7,359,890 2,492,686 6,245,030
TOTAL LIABILITIES AND FUND BALANCES $ 8,948,025 $ 2,535,288 $ 6,450,670
Amounts reported for governmental activities in the statement of net assets are different because:
Capital assets used in governmental activities are not financial resources and therefore,
are not reported in the funds.
Long-term liabilities consisting of compensated absences are not due and payable in the current
period and therefore, are not reported in the funds.
Net Assets of Governmental Activities
The accompanying notes are an integral part of the financial statements.
3
OTHER TOTAL
GOVERNMENTAL GOVERNMENTAL FUNDS
FUNDS 2005 2004
-- ---.---
$ 826,189 $ 15,179,021 $ 11,925,334
16.965 2,237,747 1,520,201
707.633 692,624
167.805 752,039 600,112
68.502 2,299
9,922
$ 1.010.959 $ 18,944,942 $ 14,750.492
$ 185,230 $ 930,825 $ 468.421
268.631 237.570
9.922
106.308 227,847
707.633 692.624
8,210 13,700
185.230 2,021,607 1.650,084
1,578,313
493,568 493.568 532.408
37,905 37,905 58,794
55.557 55.557 52,264
150,781 150,781 179,290
122,766 122.766
600.000 600,000
6,637,124 4.595,108
87,918 2,580,604 2,650,384
6,245,030 2,731,081
825.729 16,923,335 13,100.408
$ 1,010,959
41,539,717
39,894,101
(695,518)
(572,911)
$
57.767,534 $
52.421,598
CITY OF WHEAT RIDGE, COLORADO
STATEMENT OF REVENUES. EXPENDITURES
AND CHANGES IN FUND BALANCES
GOVERNMENTAL FUNDS
Year Ended December 3 I, 2005
RECREATION
CENTER CAPITAL
GENERAL OPERATING PROJECTS
REVENUES
Taxes $ 20,235,9] 7 $ $ 168,118
Licenses and Permits 877,698
Intergovernmental 1,609,813 10,000 373,349
Charges for Services 799,682 2,039,618
Fines and Forfeitures 450,621
Interest 195,075 81,516 99,107
Miscellaneous 310,026 4,000 89,185
TOTAL REVENUES 24,478,832 2,] 35,134 729,759
EXPENDITURES
Current
General Government 6,675,589
Community Development 6]4,6]0
Police 6,39] ,650
Public Works 2,996,532
Parks and Recreation 2,655,854 2,202,811
Capital OulIay 2,330,127
TOTAL EXPENDITURES ] 9,334,235 2,202,8 I I 2,330,127
EXCESS OF REVENUES OVER (UNDER)
EXPENDITURES 5,144,597 (67,677) (1,600,368)
OTHER FINANCING SOURCES (USES)
Transfers In 579,650 4,275,000
Transfers Out (4,275,000)
TOTAL OTHER FINANCING SOURCES (USES) (3,695,350) 4,275,000
NET CHANGE IN FUND BALANCES 1,449,247 (67,677) 2,674,632
FUND BALANCES, Beginning 5,91 0,64~ 2,560,363 3,570,398
FUND BALANCES, Ending $ 7,359,890 $ 2,492,686 $ 6,245,030
The accompanying notes are an integral part of the financial statements.
4
OTHER TOTAL
GOVERNMENTAL GOVERNMENTAL FUNDS
FUNDS 2005 2004
$ 252,176 $ 20,656,211 $ 14,738,547
877 ,698 961,332
1,148,782 3,141,944 3,137,044
22,939 2,862,239 2,570,951
36,127 486,748 552,136
15,171 390,869 248,936
46,706 449,917 406,591
1,521,901 28,865,626 22,615,537
38,076 6,713,665 5,883,468
614,610 567,515
334,849 6,726,499 5,975,960
2,996,532 2,686,240
802,60 1 5,661,266 5,167,237
2,330,127 2,323,646
1,175,526 25,042,699 22,604,066
346,375 3,822,927 11,471
4,854,650 2,595,683
(579,650) (4,854,650) (2,595,683 )
(579,650)
(233,275) 3,822,927 11,471
1,059,004 13,100,408 13,088,937
$ 825,729 $ 16,923,335 $ 13,100,408
CITY OF WHEAT RIDGE. COLORADO
RECONCILlA nON OF TilE STATEMENT OF REVENUES.
EXPENDITURES AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
TO THE STATEMENT OF ACTIVITIES
Year Ended December 3 I 2005
2005 2004
Amounts reported for governmental activities in the statement of activities are different becausc:
Net Change in Fund Balances, Governmental Funds $ 3,822,927 $ ] ],471
Capital outlays to purchase or build capital assets are reported in governmental funds as
expenditures. However for governmental activities those costs are shown in thc statement
of net assets and allocated over their estimated useful lives as annual depreciation expense in
the statement of activities. This is the amount by which capital outlay $3 406,786 exceeded
depreciation ($] ,703,943) and loss on disposal ($57,227). ],645,6]6 ], ]36,567
Repaymcnls of long-term debt are expenditures in the governmcntal funds. but thc)
reduce long-term liabilities in the statement of net assets and do not affect the statement
of activities. This amount includes the increase in compensated absences. (] 22,607) 15,792
Change in Net Assets of Governmental Activities $ 5,345,936 $ 1,] 63,830
The accompanying notes are an integral part of the financial statements.
5
OTHER TOTAL
GOVERNMENTAL GOVERNMENTAL FUNDS
FUNDS 2005 2004
$ 252,176 $ 20,656,211 $ 14,738,547
877,698 961,332
1,148,782 3,141,944 3,137,044
22,939 2,862,239 2,570,951
36,127 486,748 552,136
15,171 390,869 248,936
46,706 449,917 406,591
1,521,901 28,865,626 22,615,537
38,076 6,713,665 5,883,468
614,610 567,515
334,849 6,726,499 5,975,960
2,996,532 2,686,240
802,60 I 5,661,266 5,167,237
2,330,127 2,323,646
1,175,526 25,042,699 22,604,066
346,375 3,822,927 11,471
4,854,650 2,595,683
(579,650) (4,854,650) (2,595,683)
(579,650)
(233,275) 3,822,927 11,471
1,059,004 13,100,408 13,088,937
$ 825,729 $ 16,923,335 $ 13,100,408
NOTE 1:
CITY OF WHEAT RIDGE, COLORADO
NOTES TO FINANCIAL STATEMENTS
December 3 I, 2005
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The City of Wheat Ridge, Colorado, was mcorporated m 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 accounting principles as applicable to governments. The Governmental Accounting
Standards Board (GASB) IS the accepted standard-settmg body for establishing governmental
accounting and financial reporting principles. The following is a summary of the more significant
policies:
Reporting Entity
The financial reporting entity consists of the City and organizations for which the City is
financially accountable. All funds, organizations, institutions, agencies, departments and offices
that are not legally separate are part of the City In addition, any legally separate organizations
for which the City is financially accountable are considered part of the reporting entity Financial
accountability exists if the City appoints a voting majority of the organization's governing board
and is able to impose its will on the organization, or if the organization provided benefits to, or
imposes financial burdens on the City Based on the application of the above criteria, the City
includes the followmg discretely presented component unit in its reporting entity.
Wheat Ridge Urban Renewal Authority - The City includes the Wheat RIdge Urban Renewal
Authority (the "Authority") withm Its reporting entity The Authority Board members are
appointed by the Mayor and Council The Authority was created to redevelop or rehabilitate
certain blighted areas of the City and receives the majority of its funding from the City
Government-wide and Fund Financial Statements
The government-wide financial statements (i.e., the statement of net assets and the statement of
activities) report information on all activities of the City and its component unit. For the most
part, the effect of interfund activity has been removed from these statements. Exceptions to this
general rule are charges for interfund services that are reasonably equivalent to the services
provided. Governmental activities normally are supported by taxes and intergovernmental
revenues.
The statement of activities demonstrates the degree to which the direct expenses of the given
function or segment are offset by program revenues. Direct expenses are those that are clearly
identifiable with a specific function or segment. Program revenues include 1) charges to
customers who purchase, lise, or directly benefit from goods, services, or privileges provided by
a given functIOn or segment and 2) grants and contributIOns that are restricted to meeting the
operational or capital requirements of a particular function or segment. Taxes and other items not
properly included among program revenues are reported instead as general revenues. Internally
dedicated resources are reported as general revenues rather than as program revenues.
6
CITY OF WHEAT RIDGE, COLORADO
NOTES TO FINANCIAL STATEMENTS
December 3 \, 2005
NOTE 1:
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Government-wide and Fund Financial Statements (Continued)
Separate financial statements are provided for governmental funds. Major individual funds are
reported as separate columns in the fund financial statements.
Measurement Focus, Basis of Accounting, and Financial Statement Presentation
The government-wide financial statements are reported using the economic resources
measurement focus and the accrual basis of accounting. Revenues are recorded when earned and
expenses are recorded when the liability is incurred, regardless of the timing of related cash flows.
Property taxes are recognized as revenues in the year for which they are levied. Grants and
similar items are recognized as revenue as soon as all eligibility requirements imposed by the
provider have been met.
Governmental fund financial statements are reported using the current financial resources
measurement focus and the modified accrual basis of accounting Revenues are recognized as
soon as they are both measurable and available. Revenues are considered to be available when
they are collected within the current period or soon enough thereafter to pay liabilities of the
current period. For this purpose, the City considers revenues to be available if they are collected
within 60 days of the end of the current fiscal period.
Property taxes, specific ownership taxes, grants, and interest associated with the current year are
considered to be susceptible to accrual and so have been recognized as revenues of the current
year All other revenues are considered to be measurable and available only when cash is received
by the City.
Expenditures generally are recorded when a liability is incurred, as under accrual accounting.
However, debt service expenditures, as well as expenditures related to compensated absences, are
recorded only when payment is due.
Private-sector standards of accounting and financial reporting issued prior to December I, 1989,
generally are followed in the government-wide financial statements to the extent that those
standards do not conflict with or contradict guidance of the Governmental Accounting Standards
Board. Governments also have the option of following subsequent private-sector guidance for
their business-type activities subject to this same limitation. The City has elected not to follow
subsequent private-sector guidance.
When both restricted and unrestricted resources are available for use, it is the City's practice to
use restricted resources first, then unrestricted resources as they are needed.
The City reports the following major governmental funds:
The General Fund is the general operating fund of the City. It is used to account for all
financial resources except those required to be accounted for in another fund.
7
NOTE 1:
CITY OF WHEAT RIDGE, COLORADO
NOTES TO FINANCIAL STATEMENTS
December 31, 2005
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Measurement Focus, Basis of Accounting, and Financial Statement Presentation (Contmued)
The Recreation Center OperatinK Fund accounts for recreation center revenue and program
expenditures.
The Capital Projects Fund is used to account for financial resources to be used for the
acquisition or construction of major capital assets.
Assets, Liabilities and Net Assets
Cash and Investments - Investments are recorded at fair value
Receivables - Accounts receivable consIsts primarily of sales and use taxes, lodging tax and other
miscellaneous receivables.
Interfillld Receivables and Payables - DUring the course of operatIOns, numerous transactions
occur between individual funds. The resulting receivables and payables are classified in the fund
financial statements as due from otherfunds and due to other funds because they are short-term
in nature
Capital Assets-Capital assets, which include property, equipment and infrastructure, are reported
in the government-wide financial statements. Capital assets are defined by the City as assets with
an initial, individual cost of more than $5,000 and an estimated useful life in excess of one year
Such assets are recorded at historical cost or estimated historical cost if purchased or constructed.
Donated capital assets are recorded at estimated fair market value at the date of donation.
The City has recorded current infrastructure additions but infrastructure assets purchased or
donated prior to January 1, 2003, will be capitalized in the future, as allowed by generally
accepted accounting principles.
The costs ofnorrnal maintenance and repairs that do not add to the value of the asset or materially
extend assets lives are not capitalized.
Capital assets of the City are depreciated using the straight line method over the following
estimated useful lives.
Land Improvements
Buildings
Vehicles, Machinery and Equipment
Infrastructure
25 years
10-40 years
3-40 years
50 years
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 wiIl 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
8
NOTE 1:
CITY OF WHEAT RIDGE, COLORADO
NOTES TO FINANCIAL STATEMENTS
December 3 I, 2005
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Assets, Liabilities and Net Assets (Continued)
Accumulated unpaid vacation and sick pay IS accrued when earned. In the governmental funds,
amounts expected to be paId from available resources is recorded as a liability of the individual
fund. A long-term liability has been recorded in the government-wide financial statements for the
accrued compensated absences.
Deferred Revenues - Deferred revenues include grant funds that have been collected but the
corresponding expenditures have not been mcurred. Property taxes earned but levied for a
subsequent period are also recorded as deferred revenues in the financial statements.
Long- Term Debt - In the government-wide financial statements, long-term debt and other long-
term obligations are reported as liabilities. In the fund financial statements, governmental fund
types recognize long-term liabilities only when payment is due. Payments of long-term debt are
reported as current expenditures.
Net Assets/Fund Balance - In the government-wide financial statements, net assets are restricted
when constraints placed on the net assets are externally imposed. In the fund financial statements,
governmental funds report reservations of fund balance for amounts that are not available for
appropriation or are legally restricted by outside parties for use for a specific purpose.
Property Taxes
Property taxes attach as an enforceable lien on property on January I and are levied the following
January I Taxes are payable in full on April 30 or in two installments on February 28 and June
15 The County Treasurer's office collects property taxes and 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 retain proceeds from
the seizure of contraband. These transactions are recorded in the Police Investigation Special
Revenue Fund.
9
CITY OF WHEAT RlDGE, COLORADO
NOTES TO FINANCIAL STATEMENTS
December 31,2005
NOTE 1:
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Comparative Data
Comparative total data for the prior year has been presented in the financial statements in order
to provide an understanding of changes in financial position and operations. However, complete
comparative data in accordance with generally accepted accounting principles has not been
presented since its inclusion would make the financial statements unduly complex and difficult
to read. Certain prior year amounts have been reclassified to conform to the current year
presentation.
NOTE 2:
CASH AND INVESTMENTS
At December 3 I, 2005, the City had the following cash and investments.
Primary Government
Petty Cash $ 2,768
Cash Deposits 7,901,470
Investments 7.274,783
Total $ 15,179,021
Component Unit
Cash Deposits $ 339,644
Investments 5 1,084
Total $ 390,728
-
Cash Deposits
-
The Colorado Public Deposit Protection Act (PDP A) requires that all units of local government
deposit cash in eligible public depositories. Eligibility is determined by State regulations.
Amounts on deposit in excess of federal insurance levels must be collateralized by eligible
collateral as determined by the PDP A. PDP A allows the financial institution to create a single
collateral pool for all public funds held. The pool is to be maintained by another institution, or
held in trust for all the uninsured public deposits as a group The market value of the collateral
must be at least equal to 102% of the uninsured deposits. At December 31,2005, the City and the
Authority had bank deposits of $7,837,907 and $239,644, respectively, collateralized with
securities held by the financial institutions' agents but not in their name.
10
CITY OF WHEAT RIDGE, COLORADO
NOTES TO FINANCIAL STATEMENTS
December 31, 2005
NOTE 2:
CASH AND INVESTMENTS (Continued)
Investments
The City and the Authority are required to comply with State statutes which specifY investment
instruments meeting defined rating, maturity and concentration risk criteria in which local
governments may invest. State statutes do not address custodial risk. The City has further
restricted the investments of City funds to the followmg.
. U.S Treasury obligations.
. Federal Instrumentality Securities.
. Prime Commercial Paper
. Local Government Investment Pools.
. Time Certificates of Deposit or Savings Accounts in state or national banks and state or
federally chartered savings and loan which are state approved depositories and are insured by
the FDIC
The City had the following investments at December 31,2005.
Investment Maturities (in Years)
S&P Less Fair
Investment Type Rating Than I 1-2 3-4 Value
Money Market Funds AAAm $ 1,343,270 1.343.270
U. S. Treasury Securities NA 1,084,803 1,084,803
U.S. Agency Securities AAA 905.324 495,155 250,000 1,650,479
Local Government Investment Pools AAAm 3,196.231 3.196,231
Total $ 6,529,628 $ 495,155 $ 250,000 $ 7,274,783
Interest Rate Risk - State statutes limit investments in U.S Agency securities to an original
maturity of five years unless the governing board authorizes the investment for a period in excess
of five years.
Credit Risk - State statutes limit investments in U.S Agency securities to the highest rating issued
by nationally recognized statistical rating organizations ("NRSROs").
State statutes limit investments in money market funds to those with the highest rating issued by
NRSROs and with a constant share price, or to money market funds that invest only in specified
securities.
The City further minimizes credit risk by'
limIting investments to the safest types of securities.
Pre-qualifYing the financial institutions, brokers/dealers, intermediaries, and advisers with
which the City will do business.
DiversifYing the investment portfolio so that potential losses on individual securities will
be minimized.
II
CITY OF WHEA T RIDGE, COLORADO
NOTES TO FINANCIAL STATEMENTS
December 31, 2005
NOTE 2:
CASH AND INVESTMENTS (ContInued)
Investments (Continued)
Custodial Credit Risk - At December 31,2005, the City's investments in U.S Agency securities,
totaling $1,650,479, are held by the counterparty (broker), but not in the City's name.
Concentration of Credit Risk - State statutes do not limit the amount the City may invest in one
issuer At December 31,2005, the City's Illvestments in the Federal Home Loan Bank and the
Federal Home Loan Mortgage CorporatIOn were 10% and 10%, respectively, of the City's total
investments.
Local Government Investment Pool - At December 3 I, 2005, the City had $ I ,590,970 and
$1,605,261, respectively, invested in the Colorado Local Government Liquid Asset Trust
(Colotrust), and the Colorado Surplus Asset Fund Trust (CSAFE). The Authority had $51,084
invested in Colotrust. The Pools are Investment vehicles established for local government entities
III Colorado to pool surplus funds. The State Securities Commissioner administers and enforces
requirements of creatmg and operating the Pools. The Pools operate similarly to a money market
fund and each share is equal in value to $1 00 The Pools are rated AAAm by Standard and
Poor's. Investments of the pools are limited to those allowed by State statutes. A designated
custodial bank provides safekeeping and depository services in connection with the direct
investment and withdrawal functIOns. Substantially all securities owned are held by the Federal
Reserve Bank in the account maintaIned for the custodial bank. The custodian's internal records
identity the mvestments owned by the participating governments.
NOTE 4:
CAPITAL ASSETS
Capital asset activity for the year ended December 31, 2005, is summarized below
Balances Balances
12/31/04 Additions Deletions 12/31/05
Governmental Activities
Capital Assets, Not Being Depreciated
Land $ 8,879,376 $ $ $ 8,879,376
Artwork 5.000 34.295 39.295
Total Capital Assets. Not Being
Depreciated 8.884.376 34,295 8.918.671
Capital Assets, Being Depreciated
Land Improvements 4,639,341 549,872 5,189,213
Buildings 18,433,399 251,132 18,684,531
Vehicles 3,230,497 284,614 93,578 3,421,533
Machinery and Equipment 2,999,475 456,849 3,456,324
Infrastructure 15.140.320 1.830.024 ] 6.970,344
Total Capital Assets, Being Depreciated 44.443.032 3.372.491 93.578 47.721.945
12
CITY OF WHEAT RIDGE, COLORADO
NOTES TO FINANCIAL STATEMENTS
December 3], 2005
NOTE 4: CAPITAL ASSETS (Continued)
Balances
12/31/04 Additions
Less Accumulated Depreciation
Land Improvements 1,057,159 271,452
Buildings 4,624,546 477,458
Vehicles 1,934,569 301,096
Machinery and Equipment 1,502.568 234,412
Infrastructure 4,314,465 419.525
Total Accumulated Depreciation 13,433.307 \,703.943
Total Capital Assets. Being Depreciated, Net 3 1.009,725 1,668.548
Governmental Capital Assets, Net $ 39,894.101 $ 1,702.843 $
Balances
Deletions 12/31/05
1,328,611
5,102,004
36,351 2,199,314
1,736,980
4.733,990
36,351 15.! 00.899
57 ,227 32.621.046
57.227 $ 41.539.717
Depreciation expense was charged to programs of the City as follows:
General Government $ ] 58,579
Community Development 4,538
Police 188,989
Public Works 577,100
Parks and Recreation 774,737
Total $ 1,703,943
NOTE 5: LONG-TERM DEBT
Following is a summary of long-term debt transactions of the City for the year ended December
3],2005,
Balances
]2/3 ]/04
Additions
Payments
Balances
] 2/31 /05
Due Within
One Year
Governmental Activities
Compensated Absences $ 572.911 $ 150.699 $
28.092 $ 695.518 $
15,166
Compensated absences are expected to be liquidated primarily with revenues ofthe General Fund.
NOTE 6:
INTERFUND TRANSFERS
Interfund transfers for the year ended December 31, 2005, were as follows:
Transfers In Transfers Out Amount
General Open Space $ 579,650
Capital Projects General 4.275.000
Total $ 4,854,650
13
NOTE 6:
NOTE 7:
CITY OF WHEAT RIDGE, COLORADO
NOTES TO FINANCIAL STATEMENTS
December 31, 2005
INTERFUND TRANSFERS (Continued)
The Open Space Fund reimbursed the General Fund for costs incurred for parks and open space
maintenance. The General Fund transferred amounts to the Capital Projects Fund to be used for
capital projects.
RISK MANAGEMENT
The CIty IS exposed to various risks of loss related to torts; theft of, damage to, and destruction
of assets, errors and omissions; mjuries to employees; and natural disasters. The CIty has agreed
to self-insure claims for general liability to a maximum of $150,000, automobile, property and
physical damage to a maximum of $ I 0,000, and workers compensation to a maximum of $5,000
per occurrence.
Changes in claims payable for the years ended December 31, 2005 and 2004, were as follows:
2005 2004
Claims Payable, January I $ 227,847 $ 173,684
Incurred but not Reported Claims and Adjustments 688,745 169,210
Claims Paid (810.284) (115.047)
Claims Payable, December 31 $ 106.308 $ 227.847
For excess liability, property and workers compensation claIms, the City IS mvolved with the
Colorado Intergovernmental Risk Shanng Agency (CIRSA), a separate and independent
governmental and legal entity formed by intergovernmental agreement by member municipalities
pursuant to the provision of24-1 0-115.5, Colorado Revised Statutes (1982 Replacement Volume)
and Colorado Constitution, Article XIV, Section 18(2).
The purposes of CIRSA are to provide members defined liability, property, and workers
compensation coverages and to assist members to prevent and reduce losses and injuries to
municipal property and to persons or property which might result in claims being made against
members ofCIRSA, their employees and officers.
It is the intent ofthe members ofCIRSA to create an entity in perpetuity which will administer and
use funds contributed by the members to defend and indemnity, in accordance with the bylaws,
any member of CIRSA against stated liability of loss, to the limit of the financial resources of
CIRSA. It is also the intent of the members to have CIRSA provide continuing stability and
availability of needed coverages at reasonable costs. All income and assets ofCIRSA shall be at
all times dedicated to the exclusive benefit of its members.
CIRSA is a separate legal entity and the CIty does not approve budgets nor does it have ability to
significantly affect the operations of the unit.
The City carries commercial insurance for other risks ofloss, including employee health insurance.
14
CITY OF WHEAT RIDGE, COLORADO
NOTES TO FINANCIAL STATEMENTS
December 31, 2005
NOTE 8:
RETIREMENT COMMITMENTS
Police Pension Plan
The City contributes to a single-employer defined contribution money purchase pension plan on
behalf of sworn police officers. Employees are required to contribute 10% of their compensation
to the Plan, and the City contributes 10%. The contribution requirements of Plan members and
the City are established and may be amended by the City Council. Employees may also make
voluntary contributions to the Plan but may not contribute in excess of 15% of their compensation
to the Plan.
During the year ended December 31,2005, the City and employees made contributions to the Plan
of $3 51,714 and $407,228, respectively The City made all required contributions to the Plan.
Employees become vested in City contributions to the Plan at 40% after 4 years of service; 45%
after 5 years; 50% after 6 years; and an additional 10% each year thereafter
All of the Plan investments at December 31, 2005, of $13,202,319 are managed by Charles
Schwab
Department Head Pension Plan
City department heads participate in a multiple-employer defined contribution pension plan upon
employment with the City Department heads are required to contribute 4% of their compensation
to the Plan and the City contributes 5%. The contribution requirements of Plan members and the
City are established and may be amended by the City Council. During the year ended December
31, 2005, the City and employees made contributions to the Plan of $35,167 and $24,855,
respectively The City made all required contributions to the Plan.
Employees become vested in all contributions to the Plan immediately
All of the Plan investments are managed by the International City Managers' Association (ICMA).
Employee Pension Plan
The City contributes to a multiple-employer defined contribution pension plan on behalf of all
employees, except police officers and department heads, after one year of employment.
Employees are required to contribute 4% of their compensation to the Plan, and the City
contributes 4%. The contribution requirements of Plan members and the City are established and
may be amended by the City Council. During the year ended December 31, 2005, the City and
employees made contributions to the Plan of$205,748. The City made all required contributions
to the Plan.
Employees become vested in City contributions to the Plan at 20% annually
All of the Plan investments are managed by The Colorado County Officials and Employees
Retirement Association (CCOERA).
15
CITY OF WHEAT RIDGE, COLORADO
NOTES TO FINANCIAL STATEMENTS
December 3 I, 2005
NOTE 9:
COMMITMENTS AND CONTINGENCIES
Tabor Amendment
Colorado voters passed an amendment to the State Constitution, ArtIcle X, Section 20, which has
several limitatIons, mcludmg 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, mil1levy above that for the prior year, extension of an
expiring tax, or tax policy change directly causing a net tax revenue gain to the City
Revenue in excess of the fiscal year spending limit must be refunded in the next fiscal year unless
voters approve retention of such revenue. The City's management believes it is in compliance
with the provisions of the Amendment. However, the Amendment is complex and subject to
interpretation. Many of its provisions may require Judicial interpretation.
In November, 2004, voters agreed to allow the City to increase the sales and use taxes rate by I
percent beginning January 1,2005, and to allow the City to collect, retam and spend the revenues
from such increase without regard to the limitations of the Amendment.
The City has established an emergency reserve, representmg 3% of qualifYing expenditures, as
required by the Amendment. At December 3 I, 2005, the emergency reserve of $600,000 was
recorded as a reservation of fund balance m the General Fund.
Litigation
The City is involved in various lawsuits. The outcome of this litigatIon cannot be determined at
this time.
-
16
REQUIRED SUPPLEMENTARY INFORMATION
CITY OF WHEAT RIDGE. COLORADO
BUDGETARY COMPARISON SCHEDULE
GENERAL FUND
Year Ended December 31, 2005
VARIANCE
WITH FINAL
ORIGINAL FINAL Positive
BUDGET BUDGET ACTUAL (Negative)
REVENUES --.- - --
Taxes $ 15 171,288 $ 15,171,288 $ 20,235,917 $ 5.064.629
Licenses and Permits 779 900 779,900 877,698 97,798
Intergovernmental 1,967,690 2,007,458 1,609,813 (397,645)
Charges for Services 1,411,822 1.453,822 799,682 (654,140)
Fines and Forfeitures 728,720 728,720 450,62 I (278,099)
Inlerest 110,000 110.000 195,075 85,075
Miscellaneous 192,000 150.000 310,026 160,026
--~~-
TOTAL REVENUES 20,361.420 20,401.188 24,478,832 4,077.644
EXPENDITURES AND ENCUMBRANCES
Current
General Government 6,150,961 7,075,956 6,082,820 993.136
Community Development 673,606 673,606 614,610 58,996
Police 6, I 25,839 6.598.1 30 6,39 I ,650 206,480
Public Works 3,210,187 3,514,187 2,996,532 517.655
Parks and Recreation 2,9<J9,82I 2,769,987 2,655,854 114.133
-.-- ---
TOT AL EXPENDITURES AND
ENCUMBRANCES 19.160,414 20,631,866 18,741,466 1,890,400
EXCESS OF REVENUES OVER (UNDER)
EXPENDITURES AND ENCUMBRANCES J .20 I ,006 (230.678) 5,737,366 5,968,044
---~
OTHER FINANCING SOURCES (USES)
Transfers In 579.650 579.650 579,650
Transfers Out (3,000.000) ( 4,275,000) (4,275,000)
-
TOTAL OTHER FINANCING SOURCES (USES) (2,420,350) (3,695,350) (3,695,350)
NET CHANGE IN FUND BALANCE.
Budgetary Basis $ (],2 I 9,344) $ (3,926,028) 2,042,016 $ 5,968,044
ADJUSTMENTS TO GAAP BASIS
Encumbrances
Prior Year (592,769)
TOTAL ADJUSTMENTS (592,769)
NET CHANGE IN FUND BALANCE, GAAP Basis $ 1,449,247
See the accompanying Independent Auditors' Report
]7
CITY OF WHEAT RIDGE, COLORADO
BUDGETARY COMPARISON SCHEDULE
RECREA nON CENTER OPERA nNG FUND
Year Ended December 31, 2005
VARIANCE
ORIGINAL WITH FINAL
AND FINAL Positive
BUDGET ACTUAL (Negative)
REVENUES ----~
Intergovernmental $ $ 10,000 $ 10,000
Charges for Services 2.079.894 2.039,618 (40.276)
Interesl 80,000 81.516 1,5 16
Miscellaneous 4.000 4,000
TOTAL REVENUES 2.159,894 2.135,134 (24.760)
EXPENDITURES
Parks and Recreation 2,353,600 2.196,955 156,645
TOTAL EXPENDITURES
AND ECUMBRANCES 2,353,600 2,196.955 156,645
NET CHANGE IN FUND BALANCE.
Budgetary Basis $ (193,706) (61,821) $ 131,885
ADJUSTMENTS TO GAAP BASIS
Encum brances
Prior Year (5.856)
----
TOTAL ADJUSTMENTS (5,856)
NET CHANGE IN FUND BALANCE, GAAP Basis $ (67,677)
See the accompanying Independent Auditors' Report
18
NOTE 1:
CITY OF WHEAT RIDGE, COLORADO
NOTES TO REQUIRED SUPPLEMENTARY INFORMA nON
December 3], 2005
STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY
Budgets and Budgetary Accounting
The City follows these procedures in establishing the budgetary data reflected in the financial
statements:
In September, the City Administration submits to the CIty Council a proposed operating
budget for the fiscal year commencing the following January I The operating budget
includes proposed expenditures and the means of financing them.
Public hearIngs are conducted to obtain taxpayer comments.
Prior to December 3], the budget is legally enacted through passage of a resolution.
Any budget revisions that alter the total expenditures of any fund must be approved by the
City Council
Budgets are legally adopted for all funds of the City Budgets for the governmental funds
have previously been adopted on a non-GAAP basis using the encumbrance method.
Beginning January I, 2005, the City utilized the GAAP basis of budgeting.
Budgeted amounts in the financial statements are as originally adopted or as amended by the
City Council. All appropriations lapse at year end. Colorado governments may not legally
exceed budgeted appropriations by fund.
Legal Compliance
For the year ended December 31,2005, the Wheat RIdge Urban Renewal AuthOrIty expenditures
exceeded the amounts budgeted by $3,727 This may be a violation of State statutes.
19
COMBINING AND INDIVIDUAL FUND STATEMENTS AND SCHEDULES
-
CITY OF WHEAT RIDGE, COLORADO
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
December 31 2005
OPEN POLICE SENIOR MUNICIPAL
SPACE INYESTIGA TION CENTER COURT
ASSETS
Cash and Investments $ 96.836 $ 38,307 $ 22,333 $ 71,945
Receivables
Accounts
Intergovernmental 167.805
~- "----
TOTAL ASSETS $ 264.64 ] $ 38.307 $ 22,333 $ 71,945
LIABILITIES AND FUND BALANCES
LIABILITIES
Accounts Payable $ ]07,132 $ 402 $ 530 $ 5,830
TOTAL LIABILITIES 107.132 402 530 5.830
FUND BALANCES
Reserved for Open Space and Parks 157.509
Reserved for Police Investigations 37,905
Reserved for RichardsIHart Estate
Reserved for Hotel/Motel Police Activities
Unreserved, reported in Special Revenue Funds 2],803 66,] 15
TOTAL FUND BALANCES 157.509 37,905 2],803 66,1 ]5
TOTAL LIABILITIES AND FUND BALANCES $ 264.641 $ ____ 38,307 $ 22,333 $ 7],945
See the accompanying Independent Auditors' Report.
20
RICHARDS/
HART CONSERVATION
IMPROVEMENT TRUST
HOTEL!
MOTEL
TOTALS
$
55,557 $
407,395 $
133,8]6 $
826,] 89
]6,965 16.965
]67.805
$
55,557 $
407,395 $
]50,78] $
],010,959
$ $ 7],336 $ $ 185,230
71,336 185,230
336,059 493,568
37,905
55,557 55,557
150,781 ]50.781
87,918
~-----~,-,
55,557 336.059 150.781 825,729
$ 55,557 $ 407,395 $ 150,781 $ I ,010,959
CITY OF WHEAT RIDGE, COLORADO
COMBINING STATEMENT OF REVENUES. EXPENDITURES
AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
Year Ended December 3 I, 2005
See the accompanying Independent Auditors' Report.
21
RICHARDS/
HART CONSERVATION HOTEL!
IMPROVEMENT TRUST MOTEL TOTALS
$ $ $ 252,176 $ 252,176
3.33 ] 290,348 1,148,782
10,265 22,939
9,096 36,127
1452 6,027 4,098 15,171
100 46,706
---
15.048 296,375 265,470 1,521,901
38,076
293,979 334,849
14.589 265,141 802,60 I
14,589 265,141 293,979 1,175,526
459 31,234 (28,509) 346,375
(579,650)
(579,650)
459 31,234 (28,509) (233,275)
55.098 304,825 179,290 1,059,004
$ 55,557 $ 336,059 $ 150,781 $ 825,729
-
CITY OF WHEAT RIDGE, COLORADO
OPEN SPACE
BUDGETARY COMPARISON SCHEDULE
Year Lnded December 3 I, 2005
OR[GINAL VARIANCE
AND FINAL Positive
BUDGET ACTUAL (Negative)
REVENUES
Intergovernmental $ 1,081,000 $ 855,103 $ (225,897)
Charges for Services 12,674 12,674
Interest 1433 1,433
Miscellaneous 3[,600 31,600
TOTAL REVENUES 1,081,000 900,810 (180,190)
EXPENDITURES
Current
Parks and Recreation 598,000 408,704 189,296
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES 483,000 492,106 9,106
OTHER FINANCING (USES)
Transfers Out (579,650) (579,650)
~--~
TOTAL OTHER FINANCING (USES) (579,650) ( 579,650)
~- -
NET CHANGE IN FUND BALANCE, Budgetary Basis $ (96,650) (87,544) $ 9,106
ADJUSTMENTS TO GAAP BASIS
Encumbrances
Prior Year (77,182)
--~_.- -.-
TOTAL ADJUSTMENTS (77,182)
NET CHANGE IN FUND BALANCE, GAAP Basis $ (I 64,726)
See the accompanying Independent Auditors' Report.
22
CITY OF WHEAT RIDGE, COLORADO
POLICE INVESTIGATION
BUDGETARY COMPARISON SCHEDlJLE
Year Ended December 3 I, 2005
ORIGINAL VARIANCE
AND FINAL Positive
BUDGET ACTUAL (Negative)
REVENUES ~-- ~
Interest $ 250 $ $ (250)
Miscellaneous 5,000 1,031 (3,969)
TOTAL REVENUES 5.250 1,031 (4,219)
EXPENDITURES
Current
Police 50,000 21,920 28,080
NET CHANGE IN FUND BALANCE ~~44,750) (20,889) $ 23,861
ADJUSTMENTS TO GAAP BASIS
Encumbrances
Prior Year (J 8,950)
TOTAL ADJUSTMENTS ( 18,950)
NET CHANGE IN FUND BALANCE, GAAP Basis $ __ (39,839)
See the accompanying Independent Auditors' Report.
23
CITY OF WHEAT RIDGE, COLORADO
SENIOR CENTER
BUDGETARY COMPARISON SCHEDULE
Year Ended December 31 2005
ORIGINAL VARIANCE
AND FINAL Positive
BUDGET ACTUAL (Negative)
REVENUES
Interest $ 200 $ 517 $ 317
Miscellaneous 14,300 13,975 (325)
TOTAL REVENUES 14,500 14,492 (8)
EXPENDITURES
Current
Parks and Recreati on 27,850 23,985 3,865
NET CHANGE IN FUND BALANCE $ (J 3,350) (9,493) $ 3,857
ADJUSTMENTS TO GAAP BASIS
Encumbrances
Prior Year ( 13,000)
TOTAL ADJUSTMENTS (13,000)
NET CHANGE IN FUND BALANCE, GAAP Basis $ (22,493 )
See the accompanying Independent Auditors' Report.
24
CITY OF WHEA T RIDGE, COLORADO
MUNICIPAL COURT
BUDGETARY COMPARISON SCHEDULE
Year Ended December 31. 2005
ORIGINAL VARIANCE
AND FINAL Positive
BUDGET ACTUAL (Negative)
REVENUES
Fines and Forfeitures $ 47,500 $ 27,031 $ (20,469)
Interest 1,500 1,644 144
TOTAL REVENUES 49.000 28.675 (20,325)
EXPENDITURES
Current
General Government 74,600 27141 47,459
NET CHANGE IN FUND BALANCE $ (25,600) 1.534 $ 27,134
ADJUSTMENTS TO GAAP BASIS
Encumbrances
Prior Year ( 10,935)
TOTAL ADJUSTMENTS (10,935)
NET CHANGE IN FUND BALANCE, GAAP Basis $ (9,401)
See the accompanying Independent Auditors' Report.
25
CITY OF WHEAT RIDGE, COLORADO
RlCHARDS/HART IMPROVEMENT
BUDGETARY COMPARISON SCHEDULE
Year Ended December 31, 2005
ORIGINAL VARIANCE
AND FINAL Positive
BUDGET ACTUAL (N egative)
REVENUES
Intergovernmental $ 25,000 $ 3,331 $ (21 ,669)
Charges for Services 11,000 10,265 (735)
Interest 800 1,452 652
TOTAL REVENUES 36,800 15,048 (21,752)
EXPENDITURES
Current
Parks and Recreation 35,000 14,589 20,411
NET CHANGE IN FUND BALANCE $ 1,800 $ 459 $ (1,341 )
See the accompanying Independent Auditors' Report.
26
CITY OF WHEAT RIDGE, COLORADO
CONSERVATION TRUST
BUDGETARY COMPARISON SCHEDULE
Year Ended December 31, 2005
ORIGINAL VARIANCE
AND FINAL Positive
BUDGET ACTUAL (Negative)
REVENUES
Intergovernmental $ 333,000 $ 290,348 $ (42,652)
Interest 6,027 6,027
TOTAL REVENUES 333,000 296,375 (36,625)
EXPENDITURES
Current
Parks and Recreation 495,000 247,671 247,329
NET CHANGE IN FUND BALANCE, Budgetary Basis $ (162,000) 48,704 $ 2]0,704
ADJUSTMENTS TO GAAP BASIS
Encumbrances
Prior Year (17,470)
TOTAL ADJUSTMENTS (17,470)
NET CHANGE IN FUND BALANCE, GAAP Basis $ 31,234
See the accompanying Independent Auditors' Report.
27
CITY OF WHEAT RIDGE, COLORADO
HOTEL/MOTEL
BUDGETARY COMPARlSON SCHEDULE
Year Ended December 31, 2005
ORIGINAL VARIANCE
AND FINAL Positive
BUDGET ACTUAL (Negative)
REVENUES
Taxes $ 220,000 $ 252,176 $ 32,176
Fines and Forfeitures 9,096 9,096
Interest 1,000 4,098 3,098
Miscellaneous 100 100
TOTAL REVENUES 22],000 265,470 44,470
EXPENDITURES
Police 338,728 293,979 44,749
NET CHANGE IN FUND BALANCE $ (117,728) $ (28,509) $ 89,219
See the accompanying Independent Auditors' Report.
28
CITY OF WHEAT RIDGE, COLORADO
CAPITAL PROJECTS
BUDGETARY COMPARISON SCHEDULE
Year Ended December 31, 2005
VARIANCE
WITH FINAL
ORIGINAL FINAL Positive
BUDGET BUDGET ACTUAL (Negative)
REVENUES
Taxes $ 170,000 $ 170,000 $ 168,118 $ (1,882)
Intergovernmental 40,000 188,437 373,349 184,912
Interest 50,000 50.000 99,107 49,107
Miscellaneous 10,000 _10,000 89,\85 79,185
TOTAL REVENUES 270,000 418,43? 729,759 311,322
EXPENDITURES
Capital Outlay 3,525,000 7,053,700 1,490,810 5,562,890
TOTAL EXPENDITURES 3,525,000 7,053,7OlL 1,490,810 5,562,890
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES (3,255,000) (6,635,263) (761,051) 5,874,212
OTHER FINANCING SOURCES
Transfer In 3,000,000 4,275,000 4,275,000
NET CHANGE IN FUND BALANCE,
Budgetary Basis $ (255,000) $ (2,360,263 J 3,513,949 $ 5,874,212
ADJUSTMENTS TO GAAP BASIS
Encumbrances
Prior Year (839,317)
TOTAL ADJUSTMENTS (839,317)
- NET CHANGE IN FUND BALANCE, GAAP Basis $ 2,674,632
See the accompanying Independent Auditors' Report.
29
CITY OF WHEAT RIDGE. COLORADO
WHEAT RIDGE URBAN RENEWAL AUTHORITY
BUDGETARY COMPARISON SCHEDULE
Year Ended December 3 I 2005
VARIANCE
ORIGINAL FINAL Positive
BUDGET BUDGET ACTUAL (Negative)
REVENUES ---
Taxes $ 308.000 $ 307.000 $ 375,084 $ 68,084
Interest 2,500 2,500 5,850 3,350
TOTAL REVENUES 310.500 309,500 380,934 71,434
EXPENDITURES
Current
Community Development 147,200 140.500 144,227 (3,727)
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES 163.300 169.000 236,707 67,707
OTHER FINANCING SOURCES
Proceeds From Sale of Walgreens Project 180,000 180.000 (180,000)
TOTAL OTHER FINANCING SOURCES 180,000 180.000 (180,000)
NET CHANGE IN FUND BALANCE $ 343,300 $ 349.000 $ 236,707 $ (112,293)
~----_._---
See the accompanying Independent Auditors' Report.
30
SUPPLEMENTAL INFORMA nON
or County of Prepared By'
Phone:
Financial Planning 02/01
Fonn # 350-050-36
The ublic re oft hurden for thIs information collection is estimated to avera e 380 hours annuall
LOCAL HIGHWAY FINANCE REPORT
I. DISPOSITION OF HIGHWAY-USER REVENUES AVAILABLE FOR LOCAL GOVERNMENT EXPENDITURE
ITEM
A. Local
Motor-Fuel
Taxes
B. Local
Motor- V ebicle
Taxes
e. Receipts from
State Higbway-
User Taxes
D. Receipts from
Federal Higbway
Administration
-
I
2.
3
4
5
a.
2. b.
3. c.
4
5
6.
B.
e.
D.
B. Total Recei ts
5 686 106
C. Total Disbursement
5 686 106
E. Reconciliation
o
FORM FHWA-536 (Rev. 1-05)
PREVIOUS EDITIONS OBSOLETE
(Next Page)
31
HIWA YUSERST AXREPORT2005.xls
LOCAL IIIGHW A Y FINANCE REPORT
STATE.
Colorado
YEAR ENDING (mm/yy):
December 2005
II. RECEIPTS FOR ROAD AND STREET PURPOSES - DETAIL
A.3.
III. DISBURSEMENTS FOR ROAD AND STREET PURPOSES - DETAIL
ON NATIONAL
HIGHWAY
SYSTEM
OFF NATIONAL
HIGHWAY
SYSTEM
b
TOTAL
d.
~----------
o
o
779,305
1 184334
I 963 639
1965141
A.I.
(Ca
FORM FHWA-S36 (Rev.I-OS)
PREVIOUS EDITIONS OBSOLETE
32