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Home My WebLink About880019.tiff BD703 12/22/87 RESOLUTION AUTHORIZING THE ISSUANCE OF THE COUNTY'S TAX ANTICIPATION NOTES, SERIES 1988A, IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $3 ,200, 000; PROVIDING FOR THE DATE, INTEREST RATE, MATURITY DATE AND SOURCE AND MANNER OF PAYMENT OF THE NOTES; AUTHORIZING THE PROPER OFFICERS OF THE COUNTY TO EXECUTE AND DELIVER THE NOTES AND OTHER DOCUMENTS; PRESCRIBING THE FORM OF THE NOTES; AND REPEALING INCONSISTENT RESOLUTIONS . WHEREAS, Weld County, Colorado ( the County) , anticipates receiving ad valorem taxes on real or personal property (Taxes) and other revenues during the fiscal year ending December 31, 1988 (the Current Fiscal Year) , which will be credited to the general fund (the General Fund) of the County; and WHEREAS, the County has estimated the anticipated Taxes and other revenues to be credited to the General Fund and the budgeted expenditures to be made from the General Fund in the Current Fiscal Year and has concluded that the Taxes will not be received in time to pay the County' s projected budgeted expenses in the Current Fiscal Year; and WHEREAS, the County is authorized by the provisions of the Tax Anticipation Note Act, part 1 of article 15 of title 29 , Colorado Revised Statutes, as amended (the Act) , to issue tax anticipation notes by resolution (this Resolution) in an amount not to exceed fifty percent (50%) of all Taxes estimated by the County to be received in the Current Fiscal Year; and WHEREAS, United Bank of Denver National Association, Denver, Colorado (the Purchaser) , have offered to purchase such notes on terms favorable to the County. THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS AS FOLLOWS: Section 1 . The Board of County Commissioners (the Board) hereby determines that the Taxes will not be received in time to pay the County' s projected budgeted expenses of the General Fund in the Current Fiscal. Year. For the purpose of paying such expenses the County hereby authorizes the issuance of its negotiable registered Tax Anticipation Notes, Series 1988A, in an aggregate principal amount not to exceed $3 , 200, 000 (the Notes) , payable from Taxes, investment proceeds on Taxes, and proceeds of the Notes to the extent not required for the payment 880019 of duly budgeted current expenses of the General Fund, received by the County in the Current Fiscal Year and credited to the General Fund after the issuance of the Notes. The Board hereby determines that the aggregate principal amount of the Notes and all other tax anticipation notes issued by the County during the Current Fiscal Year does not exceed fifty percent (50%) of the Taxes estimated to be received by the County in the Current Fiscal Year as shown by the County' s budget for the Current Fiscal Year. Section 2 . The Notes shall be in such denominations as may be determined by the Finance Director or his designee, shall be registered as to principal and interest without coupons, shall be dated the date of their delivery but in no event earlier than January 1, 1988, shall bear interest payable at maturity at such rate as may be determined by the Finance Director or his designee not to exceed seven and fifty hundredths percent (7. 50%) per annum, shall not be subject to redemption in whole or in part at any time prior to their maturity date, shall mature on such date as may be determined by the Finance Director or his designee but not later than December 31, 1988, shall be payable as to principal and interest upon presentation and surrender thereof at the office of the County Clerk, as paying agent, from the source and in the manner specified and be otherwise in substantially the form prescribed in Section 4 hereof. Section 3 . The Notes shall be executed by the Chairman of the Board, shall bear the seal of the County, and shall be attested by the County Clerk. Said signatures and seals may be affixed manually or by the use of facsimiles in accordance with the Uniform Facsimile Signature of Public Officials Act, part 1 of article 55 of title 11, Colorado Revised Statutes, as amended. The Chairman of the Board and the County Clerk are hereby authorized and directed to date, execute and deliver the Notes, and the appropriate officers of the County are hereby authorized and directed to date, execute and deliver such other documents, including, without limitation, closing documents and certificates, and to take such other action as may be necessary or appropriate in order to effectuate the issuance and sale of the Notes, all in accordance with this Resolution and the Act. Section 4. The Notes and the registration panels appearing thereon shall be in substantially the following forms: BD703 2 12/22/87 880019 [ Form of Note] UNITED STATES OF AMERICA STATE OF COLORADO COUNTY OF WELD TAX ANTICIPATION NOTE SERIES 1988A No . R- $ Weld County, Colorado (the County) , for value received, hereby promises to pay to the registered owner hereof as shown on the registration panel attached hereto from ad valorem taxes on real and personal property, investment proceeds on such taxes, and proceeds of the notes of this issue to the extent not required for the payment of duly budgeted current expenses, received by the County in the fiscal year ending December 31 , 1988, and credited to the general fund after the issuance hereof, on December 30, 1988, the principal sum of Dollars ($ ) together with interest thereon from the date hereof to the maturity date hereof at the rate of and hundredths percent ( %) per annum, based upon the actual number of days elapsed in a month of 30 days and a year of 360 days, said interest in the amount of Dollars and Cents ($ ) being payable at maturity. This Note is issued by the Board of County Commissioners of the County, on behalf of the County, in accordance with part 1 of article 15 of title 29, Colorado Revised Statutes, as amended (the Act) , and pursuant to a Resolution (the Resolution) of the Board of County Commissioners of the County duly adopted prior to the issuance hereof in order to pay duly budgeted current expenses of the general fund of the County. Reference is hereby made to the Act and the Resolution for a complete statement of the rights and limitations of rights of the registered owner of this Note, to all of which the registered owner hereof by acceptance of this Note assents. This Note is not subject to redemption in whole or in part at any time prior to its maturity date. The principal of and interest on this Note are payable upon presentation and surrender hereof at the office of the County Clerk, as paying agent, either by check or draft mailed to the registered owner hereof or by wire transfer to such bank or other depository as the registered owner hereof shall designate. This Note is transferable only upon the books of the County by the County Clerk, as transfer agent. BD703 3 12/22/87 Sf30019 It is hereby certified, recited and warranted that all acts, conditions and things required to be done, occur or be performed precedent to and in the issuance of this Note have been done, have occurred and have been performed in regular and due form and manner as required by law and that the obligations represented by this Note do not contravene any constitutional or statutory limitation of the State of Colorado. IN TESTIMONY WHEREOF the County has caused this Note to be executed in its name with the manual signature of the Chairman of the Board of County Commissioners, to be sealed with the seal of the County, and to be attested with the manual signature of the County Clerk, all as of the day of , 198_. WELD COUNTY, COLORADO (COUNTY) ( SEAL ) By: (Manual Signature) Chairman of the Board of County Commissioners ATTEST: (Manual Signature) County Clerk BD703 4 12/22/87 88(3019 [ Form of Registration Panel] This Note is registered with the County Clerk, as registrar, in the name of the owner listed below, and the principal of and interest on this Note are payable only to such owner. Date of Name, Address and Tax I .D. Signature of Registration Number of Registered Owner Registrar January , 1988 [End of Form of Registration Panel ] BD703 5 12/22/87 880019 Section 5 . Upon their execution and prior to their delivery the Notes shall be registered for the purpose of payment of principal and interest with the County Clerk, as registrar. Thereafter, the Notes shall be transferable only upon the registration books of the County by the County Clerk, as transfer agent. The fact of registration shall be noted on the registration panels appearing on the Notes. The County shall be entitled to treat the persons or entities listed on its registration books as the sole owners of the Notes for all purposes, including the right to receive payment of the principal of and interest on the Notes. Section 6. The Notes may be sold at private sale to the Purchaser at, above, or below the aggregate principal amount thereof as may be determined by the Finance Director or his designee, and the Board hereby determines such action to be in the public interest. Section 7 . The proceeds of the Notes shall be deposited in a restricted account within the General Fund and shall be used solely for the payment of duly budgeted current expenses of the General Fund when and to the extent that other moneys on deposit in the General Fund are insufficient therefor. Any portion of said proceeds may be temporarily invested pending such use in securities or investments which are lawful investments for the County. All Taxes levied for General Fund purposes (except Taxes collected for retirement of existing debt) , investment proceeds on such Taxes, and proceeds of the Notes to the extent not required for the payment of duly budgeted current expenses of the General Fund, received by the County in the Current Fiscal Year after the issuance of the Notes, shall be deposited in a separate restricted account within the General Fund to be known as the "Tax Anticipation Notes, Series 1988A, Principal and Interest Redemption Account" (the Note Account) until such time as the moneys therein are sufficient in the aggregate to pay when due the principal of and interest on the Notes. All moneys in the Note Account not in excess of the amount required to pay when due the principal of and interest on the Notes and all securities in which the same may be invested from time to time are hereby pledged to secure the payment of the principal of and interest on the Notes and shall be used for no other purpose. This pledge shall be valid and binding from and after the first delivery of the Notes, and the moneys so pledged shall immediately be subject to the lien of said pledge without any physical delivery thereof, any filing, or further act. Section 8. The County shall make no investment or other use of the proceeds of the Notes which, if such investment or other use had been reasonably expected on the date of issue of BD703 6 12/22/87 880019 the Notes, would have caused the Notes to be "arbitrage bonds" within the meaning of Section 103 of the Internal Revenue Code of 1986, as amended (the Code) , and the regulations thereunder and shall comply with the requirements of said Section and regulations throughout the term of the Notes. - The County hereby designates the Notes as "qualified tax-exempt obligations" under Section 265(b) of the Code. Section 9 . All acts, orders, resolutions or parts thereof taken by the County and in conflict with this Resolution are hereby repealed, except that this repealer shall not be construed so as to revive any act, order, resolution or part thereof heretofore repealed. Section 10. This Resolution is, and shall constitute, a legislative measure of the County, and after the Notes are issued, sold and outstanding, this Resolution shall constitute a contract between the County and the registered owners of the Notes and shall be and remain irrepealable until the Notes and the interest thereon shall have been fully paid, satisfied and discharged. Section 11 . If any paragraph, clause or provision of this Resolution is judicially adjudged invalid or unenforceable, such judgment shall not affect, impair or invalidate the remaining paragraphs, clauses or provisions hereof, the intention being that the various paragraphs, clauses or provisions hereof are severable. Section 12 . This Resolution shall take effect immediately upon its adoption. ADOPTED this 4th day of January, 1988. WELD COUNTY, COLORADO By: Go d . Lac , irman Board of County mmissioners (COUNTY) ( SEAL ) C . W . Kir y , P o-Tem ATTEST: C (Absent) . e l (I1 L1�YlL � u ty lerk ou Jerk Gene R. Brantner , Commissioner (Absent) Jacqu line Johnson , Commissioner Frank Yamaguchi , Commissioner BD703 7 12/22/87 880019 • • • WELD COUNTY, COLORADO TAX ANTICIPATION NOTES SERIES 1988A DATED JANUARY 27 , 1988 - $3 , 200 , 000 • • • • Weld County, Colorado • 880019 WELD COUNTY, COLORADO TAX ANTICIPATION NOTES SERIES 1988A DATED JANUARY 27, 1988 - $3,200,000 Closing Index 1. Note Resolution 2. Specimen Note 3 . County Certificate and Receipt 4. County Certificate Regarding Federal Tax Matters 5. Form 8038-G and Evidence of Mailing 6. Underwriter Receipt 7. Evidence of Payment of Purchase Price 8. Opinion of Bond Counsel 9. Offering Circular 10. Letter re Responsibility for Disclosure Complete transcripts of the closing documents will be furnished to the following parties: Weld County, Colorado (2 copies) County Attorney United Bank of Denver National Association Ballard, Spahr, Andrews & Ingersoll 880019 BD703 12/22/87 RESOLUTION AUTHORIZING THE ISSUANCE OF THE COUNTY'S TAX ANTICIPATION NOTES, SERIES 1988A, IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $3 ,200, 000; PROVIDING FOR THE DATE, INTEREST RATE, MATURITY DATE AND SOURCE AND MANNER OF PAYMENT OF THE NOTES; AUTHORIZING THE PROPER OFFICERS OF THE COUNTY TO EXECUTE AND DELIVER THE NOTES AND OTHER DOCUMENTS; PRESCRIBING THE FORM OF THE NOTES; AND REPEALING INCONSISTENT RESOLUTIONS. WHEREAS, Weld County, Colorado (the County) , anticipates receiving ad valorem taxes on real or personal property (Taxes) and other revenues during the fiscal year ending December 31, 1988 (the Current Fiscal Year) , which will be credited to the general fund (the General Fund) of the County; and WHEREAS, the County has estimated the anticipated Taxes and other revenues to be credited to the General Fund and the budgeted expenditures to be made from the General Fund in the Current Fiscal Year and has concluded that the Taxes will not be received in time to pay the County' s projected budgeted expenses in the Current Fiscal Year; and WHEREAS, the County is authorized by the provisions of the Tax Anticipation Note Act, part 1 of article 15 of title 29, Colorado Revised Statutes, as amended (the Act) , to issue tax anticipation notes by resolution (this Resolution) in an amount not to exceed fifty percent (50%) of all Taxes estimated by the County to be received in the Current Fiscal Year; and WHEREAS, United Bank of Denver National Association, Denver, Colorado (the Purchaser) , have offered to purchase such notes on terms favorable to the County. THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS AS FOLLOWS: Section 1 . The Board of County Commissioners (the Board) hereby determines that the Taxes will not be received in time to pay the County' s projected budgeted expenses of the General Fund in the Current Fiscal. Year. For the purpose of paying such expenses the County hereby authorizes the issuance of its negotiable registered Tax Anticipation Notes, Series 1988A, in an aggregate principal amount not to exceed $3 ,200, 000 (the Notes) , payable from Taxes, investment proceeds on Taxes, and proceeds of the Notes to the extent not required for the payment 880019 of duly budgeted current expenses of the General Fund, received by the County in the Current Fiscal Year and credited to the General Fund after the issuance of the Notes. The Board hereby determines that the aggregate principal amount of the Notes and all other tax anticipation notes issued by the County during the Current Fiscal Year does not exceed fifty percent (50%) of the Taxes estimated to be received by the County in the Current Fiscal Year as shown by the County' s budget for the Current Fiscal Year. Section 2 . The Notes shall be in such denominations as may be determined by the Finance Director or his designee, shall be registered as to principal and interest without coupons, shall be dated the date of their delivery but in no event earlier than January 1, 1988, shall bear interest payable at maturity at such rate as may be determined by the Finance Director or his designee not to exceed seven and fifty hundredths percent (7 . 50%) per annum, shall not be subject to redemption in whole or in part at any time prior to their maturity date, shall mature on such date as may be determined by the Finance Director or his designee but not later than December 31, 1988, shall be payable as to principal and interest upon presentation and surrender thereof at the office of the County Clerk, as paying agent, from the source and in the manner specified and be otherwise in substantially the form prescribed in Section 4 hereof. Section 3 . The Notes shall be executed by the Chairman of the Board, shall bear the seal of the County, and shall be attested by the County Clerk. Said signatures and seals may be affixed manually or by the use of facsimiles in accordance with the Uniform Facsimile Signature of Public Officials Act, part 1 of article 55 of title 11, Colorado Revised Statutes, as amended. The Chairman of the Board and the County Clerk are hereby authorized and directed to date, execute and deliver the Notes, and the appropriate officers of the County are hereby authorized and directed to date, execute and deliver such other documents, including, without limitation, closing documents and certificates, and to take such other action as may be necessary or appropriate in order to effectuate the issuance and sale of the Notes, all in accordance with this Resolution and the Act. Section 4. The Notes and the registration panels appearing thereon shall be in substantially the following forms: BD703 2 12/22/87 880019 [ Form of Note] UNITED STATES OF AMERICA STATE OF COLORADO COUNTY OF WELD TAX ANTICIPATION NOTE SERIES 1988A No. R- $ Weld County, Colorado (the County) , for value received, hereby promises to pay to the registered owner hereof as shown on the registration panel attached hereto from ad valorem taxes on real and personal property, investment proceeds on such taxes, and proceeds of the notes of this issue to the extent not required for the payment of duly budgeted current expenses, received by the County in the fiscal year ending December 31, 1988, and credited to the general fund after the issuance hereof, on December 30, 1988, the principal sum of Dollars ($ ) together with interest thereon from the date hereof to the maturity date hereof at the rate of and hundredths percent ( . %) per annum, based upon the actual number of days elapsed in a month of 30 days and a year of 360 days, said interest in the amount of Dollars and Cents ($ . ) being payable at maturity. This Note is issued by the Board of County Commissioners of the County, on behalf of the County, in accordance with part 1 of article 15 of title 29, Colorado Revised Statutes, as amended (the Act) , and pursuant to a Resolution (the Resolution) of the Board of County Commissioners of the County duly adopted prior to the issuance hereof in order to pay duly budgeted current expenses of the general fund of the County. Reference is hereby made to the Act and the Resolution for a complete statement of the rights and limitations of rights of the registered owner of this Note, to all of which the registered owner hereof by acceptance of this Note assents. This Note is not subject to redemption in whole or in part at any time prior to its maturity date. The principal of and interest on this Note are payable upon presentation and surrender hereof at the office of the County Clerk, as paying agent, either by check or draft mailed to the registered owner hereof or by wire transfer to such bank or other depository as the registered owner hereof shall designate. This Note is transferable only upon the books of the County by the County Clerk, as transfer agent. BD703 L'f g 12/22/�7r,®019 It is hereby certified, recited and warranted that all acts, conditions and things required to be done, occur or be performed precedent to and in the issuance of this Note have been done, have occurred and have been performed in regular and due form and manner as required by law and that the obligations represented by this Note do not contravene any constitutional or statutory limitation of the State of Colorado. IN TESTIMONY WHEREOF the County has caused this Note to be executed in its name with the manual signature of the Chairman of the Board of County Commissioners, to be sealed with the seal of the County, and to be attested with the manual signature of the County Clerk, all as of the day of , 198_. WELD COUNTY, COLORADO (COUNTY) ( SEAL ) By: (Manual Signature) Chairman of the Board of County Commissioners ATTEST: (Manual Signature) County Clerk BD703 4 12/22/87 880019 [ Form of Registration Panel] This Note is registered with the County Clerk, as registrar, in the name of the owner listed below, and the principal of and interest on this Note are payable only to such owner. Date of Name, Address and Tax I .D. Signature of Registration Number of Registered Owner Registrar January , 1988 [End of Form of Registration Panel] BD703 5 12/22/8z8®o19 Section 5 . Upon their execution and prior to their delivery the Notes shall be registered for the purpose of payment of principal and interest with the County Clerk, as registrar. Thereafter, the Notes shall be transferable only upon the registration books of the County by the County Clerk, as transfer agent. The fact of registration shall be noted on the registration panels appearing on the Notes. The County shall be entitled to treat the persons or entities listed on its registration books as the sole owners of the Notes for all purposes, including the right to receive payment of the principal of and interest on the Notes. Section 6. The Notes may be sold at private sale to the Purchaser at, above, or below the aggregate principal amount thereof as may be determined by the Finance Director or his designee, and the Board hereby determines such action to be in the public interest. Section 7 . The proceeds of the Notes shall be deposited in a restricted account within the General Fund and shall be used solely for the payment of duly budgeted current expenses of the General Fund when and to the extent that other moneys on deposit in the General Fund are insufficient therefor. Any portion of said proceeds may be temporarily invested pending such use in securities or investments which are lawful investments for the County. All Taxes levied for General Fund purposes (except Taxes collected for retirement of existing debt) , investment proceeds on such Taxes, and proceeds of the Notes to the extent not required for the payment of duly budgeted current expenses of the General Fund, received by the County in the Current Fiscal Year after the issuance of the Notes, shall be deposited in a separate restricted account within the General Fund to be known as the "Tax Anticipation Notes, Series 1988A, Principal and Interest Redemption Account" (the Note Account) until such time as the moneys therein are sufficient in the aggregate to pay when. due the principal of and interest on the Notes. All moneys in the Note Account not in excess of the amount required to pay when due the principal of and interest on the Notes and all securities in which the same may be invested from time to time are hereby pledged to secure the payment of the principal of and interest on the Notes and shall be used for no other purpose. This pledge shall be valid and binding from and after the first delivery of the Notes, and the moneys so pledged shall immediately be subject to the lien of said pledge without any physical delivery thereof, any filing, or further act. Section 8. The County shall make no investment or other use of the proceeds of the Notes which, if such investment or other use had been reasonably expected on the date of issue of BD703 6 12/22/87 880019 the Notes, would have caused the Notes to be "arbitrage bonds" within the meaning of Section 103 of the Internal Revenue Code of 1986, as amended (the Code) , and the regulations thereunder and shall comply with the requirements of said Section and regulations throughout the term of the Notes. The County hereby designates the Notes as "qualified tax-exempt obligations" under Section 265(b) of the Code. Section 9 . All acts, orders, resolutions or parts thereof taken by the County and in conflict with this Resolution are hereby repealed, except that this repealer shall not be construed so as to revive any act, order, resolution or part thereof heretofore repealed. Section 10. This Resolution is, and shall constitute, a legislative measure of the County, and after the Notes are issued, sold and outstanding, this Resolution shall constitute a contract between the County and the registered owners of the Notes and shall be and remain irrepealable until the Notes and the interest thereon shall have been fully paid, satisfied and discharged. Section 11 . If any paragraph, clause or provision of this Resolution is judicially adjudged invalid or unenforceable, such judgment shall not affect, impair or invalidate the remaining paragraphs, clauses or provisions hereof, the intention being that the various paragraphs, clauses or provisions hereof are severable. Section 12 . This Resolution shall take effect immediately upon its adoption. ADOPTED this 4th day of January, 1988 . WELD COUNTY, COLORADO By: _ Gor ° a , airman Board of County Commissioners (COUNTY) � ( SEAL ) !I C . W . Kirby , ro-Tem ATTEST: yUn t�vi P.UO I� (Absent) ou ty/�lerk Gene R. Brantner , Commissioner UU (Absent ) Jacqu in/ ohnson ,Commissioner Frank Yamaguchi , Commissioner BD703 7 12/22/87 880019 UNITED STATES OF AMERICA STATE OF COLORADO COUNTY OF WELD TAX ANTICIPATION NOTE SERIES 1988A No. R-1 $2, 150, 000 Weld County, Colorado (the County) , for value received, hereby promises to pay to the re is E ed owner hereof as shown on the registration panel attache toX om ad valorem taxes on real and personal property, in. , st pceeds on such taxes, and proceeds of the notes of so the extent not required for the payment of %t e d current expenses, received by the County in c ar ending December 31, 1988, and credited to the `x ,l:- after the issuance hereof, on December 30, 1988, the "a' um of Two Million One Hundred Fifty Thousand 50,000) together with interest thereon from t at .-of to the maturity date hereof at the rate of five a - ths percent (5 .375%) per annum, based upon the actual ,<, ays elapsed in a month of 30 days and a year oar, ys said interest in the amount of One Hundred Six Thousan undred Ninety-Five Dollars and Thirty-One Cents ($10&Y8 . 3 being payable at maturity. This Noart4 d by the Board of County Commissioners of the Coun , on behalf of the County, in accordance with part 1 article 15 of title 29, Colorado Revised Statutes, as amended (the Act) , and pursuant to a Resolution (the Resolution) of the Board of County Commissioners of the County duly adopted prior to the issuance hereof in order to pay duly budgeted current expenses of the general fund of the County. Reference is hereby made to the Act and the Resolution for a complete statement of the rights and limitations of rights of the registered owner of this Note, to all of which the registered owner hereof by acceptance of this Note assents . This Note is not subject to redemption in whole or in part at any time prior to its maturity date. The principal of and interest on this Note are payable upon presentation and surrender hereof at the office of the County Clerk, as paying agent, either by check or draft mailed to the registered owner hereof or by wire transfer to such bank or other depository as the registered owner hereof shall designate. This Note is transferable only upon the books of the County by the County Clerk, as transfer agent. It is hereby certified, recited and warranted that all acts, conditions and things required to be done, occur or be 880019 performed precedent to and in the issuance of this Note have been done, have occurred and have been performed in regular and due form and manner as required by law and that the obligations represented by this Note do not contravene any constitutional or statutory limitation of the State of Colora IN TESTIMONY WHEREOF the Cou, `" caused this Note to be executed in its name with the man ig 1Fturei of the Chairman of the Board of County Commissione s, � e Iet) with the seal of the County, and to be attest i atifi'al�'signature of the County Clerk, all as of t a ia p ary, 1988. .:ysAITY, COLORADO • (COUNTY) ( SEAL ) :� Y et eld" Chairman o£ the Board of r County Commissioners . . t ATTEST: .. C ntt Clerk 2 880019 This Note is registered with the County Clerk, as registrar, in the name of the owner listed below, and the principa f and interest on this Note are payable only to such own Date of Name, Address and Tax I . S afire of Registration Number of Registers e R ' stray January 27, 1988 Sunfish & Com 333 West Wa Room 3222 Chicago Tax I -3 4 • 880019 COUNTY CERTIFICATE AND RECEIPT The undersigned hereby certify that: They are the duly elected or appointed, qualified, sworn and acting Chairman of the Board of County Commissioners and County Clerk, respectively, of the County. The County is a political subdivision of the State of Colorado and a body politic and corporate duly organized and validly existing under the Constitution and laws of the State of Colorado and its Home Rule Charter, and there is no litigation pending or, to the best of their knowledge, threatened, relating in any way to the existence or boundaries of the County or to the rights of the commissioners and officers thereof to hold their respective positions. The Resolution of the Board of County Commissioners authorizing the issuance of the County' s Tax Anticipation Notes, Series 1988A, was duly adopted by the Board of County Commissioners upon motion duly made and seconded and carried by a majority vote of the commissioners present and constituting a quorum thereof at a regular or special meeting thereof duly called and held prior to the issuance of the Notes, and the Resolution has not been repealed, revoked or rescinded and remains in full force and effect on the date hereof. Pursuant to the Resolution the County has established a restricted account within its general fund into which will be deposited the net proceeds of the Notes and has further established within its general fund a separate restricted account known as the "Tax Anticipation Notes, Series 1988A, Principal and Interest Redemption Account" into which will be deposited the moneys pledged to the payment of the principal of and interest on the Notes. The aggregate principal amount of all obligations issued by the County in the current fiscal year in anticipation of the collection of ad valorem taxes on real or personal property is $3 ,200,000, and the amount of ad valorem taxes on real or personal property estimated to be received by the County in the current fiscal year is $18,905, 587 . The undersigned are duly authorized to execute the Notes and this certificate on behalf of the County. The Notes have been executed with the manual signatures of the undersigned, whose specimen signatures appear below. 880019 There is no litigation pending or, to the best of their knowledge, threatened, relating in any way to the authorization, issuance or delivery or the legality of the Notes. The County hereby acknowledges receipt of the full purchase price of the Notes. IN WITNESS WHEREOF, the undersigned have hereunto set their hands and the seal of the County this 27th day of January, 1988. WELD COUNTY, COLORADO By: �V hairman of he of County Commissioners (COUNTY) By: D./✓ �ti✓ 4A,f 0 A,0 ..n (/SEAL ' ) Co nty9Clerk i UUU -2- 880019 COUNTY CERTIFICATE REGARDING FEDERAL TAX MATTERS The undersigned hereby certify and declare in the name and on behalf of the County the following facts, estimates, circumstances and expectations, as of the date of issue of the County's Tax Anticipation Notes, Series 1988A, dated January 27, 1988, in the aggregate principal amount of $3,200,000, as follows: 1 . Capacity. As duly elected and authorized officers of the County, charged with others with the responsibility of issuing the Notes, our certification may be relied upon as the certification of the "issuer" pursuant to Treasury Regulation §1. 103-13(a) (2) (ii) . 2 . The Notes. 2 . 1 Purpose. The Notes are being issued for the purpose of paying duly budgeted current expenses of the general fund of the County. 2 .2 Note Resolution. The Notes are being issued pursuant to a Resolution duly adopted by the Board of County Commissioners prior to the issuance of the Notes. 2 . 3 Date of Notes; Date of Issue. The Notes are dated their date of issue. 3 . Original Proceeds; Cumulative Cash Flow Deficit; Other Amounts Available for Payment; Period for Which Notes Will Be Outstanding. 3 . 1 Original Proceeds. The amount to be received by the County from the sale of the Notes will be the par amount thereof. 3 . 2 Cumulative Cash Flow Deficit. Based upon the County' s estimates of its revenues and expenditures during the period in which the Notes are to be outstanding, as set forth on Exhibit A hereto, the maximum cumulative cash flow deficit for such period is $3,241, 892 . Exhibit A hereto is a true and correct computation of the anticipated cumulative cash flow deficit of the County for the period from January 1, 1988, to December 31, 1988, computed in accordance with Section 1. 103-14(c) of the regulations under Section 103 of the Internal Revenue Code of 1986, as amended (the Code) . 3 .3 Other Amounts Available for Payment. The County expects to earn no more than $158,730 on the investment of the 880019 original proceeds of the Notes and on the investment of amounts deposited in the "Tax Anticipation Notes, Series 1988A, Principal and Interest Redemption Account" which are to be used to pay the principal of and interest on the Notes. The County expects to spend the sum of $159, 100 to pay interest on the Notes and the sum of $15,000 to pay the costs of issuance of the Notes. Thus, there will be no money derived from investment proceeds available for payment of the expenditures set forth on Exhibit A hereto. There will not be any amounts in the general fund of the County or any other fund or account which are available for the payment of the expenditures set forth on Exhibit A hereto which may, without legislative or judicial action, be invaded to pay such expenditures without a legislative, judicial or contractual requirement that any such fund or account be reimbursed other than those set forth therein or herein. 3 .4 Period for Which Notes Will Be Outstanding. The principal of and interest on the Notes will be paid within one year of their date of issue. 4. Note Account. Moneys from ad valorem taxes on real and personal property, investment proceeds on such taxes, and proceeds of the Notes to the extent not required for the payment of duly budgeted current expenses, received by the County in the current fiscal year and credited to the Note Account after the issuance of the Notes, will be used to pay the principal of and interest on the Notes. There are no other funds created by the Resolution or otherwise available that will be so used. The Note Account will be used primarily to achieve a proper matching of revenues and debt service requirements on the Notes during the period for which the Notes will be outstanding. The Note Account will be depleted at least once a year. It is expected that any moneys deposited in the Note Account will be spent within a thirteen-month period beginning on the date of deposit and that any amount received from the investment of such moneys will be spent within a one-year period beginning on the date of receipt. 5. Arbitrage Rebate. The County expects that the Notes will be exempt from the arbitrage rebate requirements of the Code and the regulations promulgated thereunder, as it is a governmental unit with general taxing powers, the Notes are not private activity bonds, 95% or more of the net proceeds of the Notes are to be used for local governmental activities of the County, and the aggregate face amount of all tax-exempt obligations issued by the County and all subordinate entities during the calendar year 1988 is not reasonably expected to exceed $5,000,000. If said expectation is not realized, the County will comply with all arbitrage rebate requirements of the Code. -2- 880019 6. Covenants and Representations. 6. 1 County Covenants. In the Resolution the County covenants that it will make no investment or other use of the proceeds of the Notes at any time during the term thereof which, if such investment or other use had been reasonably expected on the date the Notes were issued, would have caused the Notes to be "arbitrage bonds" within the meaning of Section 103 of the Code and the regulations thereunder and that it will comply with the requirements of said Section and regulations throughout the term of the Notes. The County will also comply with all information reporting requirements of the Code. 6.2 Notification. The County has not been notified of any listing of it by the Internal Revenue Service as an issuer whose certification respecting arbitrage may not be relied upon. 7. Qualified Tax Exempt Obligations. In the Resolution the County designates the Notes as "qualified tax-exempt obligations" under Section 265(b) of the Code as the Notes are governmental bonds and the aggregate face amount of all governmental bonds and the aggregate face amount of all governmental bonds and 501(c) (3 ) bonds issued by the County and all subordinate entities during the calendar year 1988 is not reasonably anticipated to exceed $10,000, 000. 8. Certification. 8. 1 Purpose. This certification is being issued and delivered pursuant to §§ 1 . 103-13 and 1 . 103-14 of the Treasury Regulations promulgated under Section 103 of the Code. 8.2 Reasonable Expectations. To the best of our knowledge, information and belief, the above expectations are reasonable. IN WITNESS WHEREOF, the undersigned have hereunto set their hands and the seal of the County this 27th day of January, 1988. WELD COUNTY, /e COLORADO By: 4 ( ( _ 4mao the of County Commissioners .(coUNTyY) �} 7 {�� (' SEAL ,j lAn r,T21tGC4Xtc BY A Co nt Clerk -3- (JJ 880019 EXHIBIT A (1) (2) (3) (4) (5) Cumulative Surplus (Deficit) Cumulative (2 minus 1 plus or Reasonably Cash Flow Estimated Estimated minus previous figure Required Cash Surplus (Deficit) Expenditures Receipts in this column) Balance (3 minus 4) Opening Balance -- -- 8 690,108 -- -- January 83.450.000 8600,000 (2,159.892) $1,082,000 8(3,241,892) February 1.082,000 1,200,000 (2,041,892) 832.000 (2.813.892) March 832,000 2,000,000 (873,892) 1.350,000 (2,223,892) April 1.350,000 3,245,000 1,021,108 1,050,000 (28.892) May 1.050,000 1,260.000 1.231,108 1,050,000 181,108 June 1,050,000 800,000 981,108 1,260,000 (278,892) July 1.260,000 2,900,000 2,621,108 1.155,000 1.466,108 August 1,155,000 1,500.000 2.966,108 2,300,000 666,108 September 2,300,000 832,000 1,498,108 1.050,000 448,108 October 1,050,000 832,000 1.280,108 1,155.000 125,108 November 1,155,000 950,000 1.075,108 1,664.000 (588,892) December 1,664,000 1,090,000 501,108 3,500,000 (2,998,892) 880019 Form 8038-G Information Return for Tax-Exempt 0118 No.15450220 (lecemeer1956) Governmental Bond Issues Expires 12-31-89 - Department of the Treasury la Under Section 149(e) Internal Revenue Santa (Use Form 8038-GC If Issue price is under$100.000.) Part I Reporting Authority Check box if Amended Return ► if 2 Issuer's employer rdentdreatxn number I Issuers name WELD COUNTY, COLORADO 84-6000813 4 Report number 3 Number'and street 915 10th Street C1988_— L 6 0aten(tune S City rtown.state.and ZIP code Greeley, Colorado 80632 January 27, 1988 Part II Type of Issue(check box(es)that applies) 7 Check box if bonds are tax or other revenue anticipation bonds► ($ ( true Price 8 Check box if bonds are in the form of a lease or installment sale► O - 9 O Education 10 O Heatth and hospital 11 O Transportation 12 O Public safety . 13 O Environment(including sewage bonds) 14 O Housing 15 O Utilities ' 16 i(Other.Describe(seeinstructions)► General Fund Operatina Ex:PnsPS S3 2 000 . %/i/� / Part III Description of Bonds (a) (b) (c) stated reoemrron wet fed (n Net arrest Maturity date Interest rate Issue onceonce at maturity avers a mun Yield con 17 Final maturity .. 12/30/88 .375 1 r $3,200_,000 $3,200,000 18 Entire issue . . $3,200,000 $3,200,000 .925 years 5.375% 5.375% Part IV Uses of Original Proceeds of Issue(including underwriters'discount) 19 --- 20 1 S, OU 19 Proceeds used for accrued interest U 20 Proceeds used for bond issuance costs(including underwriters'discount) 21 0 - 21 Proceeds used for credit enhancement 22 --- 22 Proceeds allocated to reasonably required reserve or replacement fund 23 --- 23 Proceeds used to refund prior issues 24 $3,1k35,000 24 Nonrefunding proceeds of the issue(subtract lines 20.21.22.and 23 from line 18.column(c)) . . Part V Description of Refunded Bonds(complete this part only for refunding bonds) 25 Enter the remaining weighted average maturity of the bonds to be refunded . . . . . . . . ► ___ years - 26 Enter the last date on which the refunded bonds will be called ► --- 27 Enter the date(s)the refunded bonds were issued ► Part VI Miscellaneous --- 28 Enter the amount(if any)of the state volume cap allocated to this issue ► 29 Arbitrage rebate: a Check box if the small governmental unit exception to the arbitrage rebate requirement applies O b Check box if the 6-month temporary investment exception to the arbitrage rebate requirement is expected to apply O c Check box if you expect to earn and rebate arbitrage profits to the U.S. $3,200,000 30 Enter the amount of the bonds designated by the issuer under section 265(bx3XBxii) ii, 31 Pooled financings: a Check box if any of the proceeds of this issue are to be used to make loans to other governmental units ► O and enter the amount ► b Check box if this issue is a loan made from the proceeds of another tax-exempt issue ►❑ and enter the name of the issuer ►• and the date of the issue ► Under penalties of popsy.I declare that I have summed Mrs return and accompanying senedules and statements.and to the best r my kno itcgt mina had. Please they wet correct and complete. . Sign ' J�CI 7� f,( /y 15 4 1-27-88 'Chairman, Board of Hue Signature rofficer Date Title County Commissioners For Paperwork Reduction Act Notice.see page 1 of the Instructions. Form 8038•G cu-es> 880019 LAW OFFICES BALLARD, SPAHR, ANDREWS a INGERSOLL 30 SOUTH 17TH STREET PHILADELPHIA,PA.19103 SEVENTEENTH STREET PLAZA BUILDING 215 564-1800 TELECOPIER:215 636-4990 SUITE 2300 215 636-4812 1225 17TH STREET TELEX 83'4532 DENVER,COLORADO 80202 SUITE 900 EAST 303 292-2400 555 13TH STREET, N.W. WASHINGTON, D.C.20004 TELECOPIER:303 296-3956 202 363-8800 TELECOPI ER:202 363-8877 TELEX:90-4185 NIKI FRANGOS TUTTLE January 27, 1988 Internal Revenue Service Center Philadelphia, PA 19255 Attention: Director Re: Weld County, Colorado Tax Anticipation Notes Series 1988A Dated January 27, 1988 - $3 ,200, 000 Dear Director: Enclosed herewith are three (3) copies (one originally executed) of the Information Return for Tax-Exempt Governmental Bond Issues (Form 8038-G) with respect to the above-referenced issue. This return is being filed pursuant to Section 149 (e) of the Internal Revenue Code of 1986, as amended. Please file the original of the enclosed return and acknowledge receipt on the copies and return them separately to the issuer and the undersigned in the self-addressed, postage prepaid envelopes provided for your convenience. Yours very truly, %"GG/�,ti vLLiu floes l C- Niki Frangos Tuttle NFT:kes Enclosures cc: Mr. Donald D. Warden Certified Mail No. P 769 405 134 • 880019 • SENDER: Complete Nernst,2,3 and 4. Put your address in the"RETURN TO"space on the P 7 6 0 4 0 5 13 4 MAIM skit Failure to do this will prevent this card from being returned to you.The return receipt fee will provide RECEIPT FOR CERTIFIEITMAIL you the none of the person delivered to and the date of NO INSURANCE COVERAGE PROVIDED delivery.For additional fees the following services are NOT FOR INTERNATIONAL MAIL available.Consult postmaster for few end check bastes) (See Reverse) for eennice(s)requested. Sent to 1. II.CKShOw to%Man,date and address of delivery. Street and No. 2. 0 Restricted Delivery. P.O. State and ZIP Code 3. Article Addressed to: Postage Internal Revenue Service Center Philadelphia, PA 19255 O,tified Fee Attn: Director Special Delivery Fee 4. Type of Service: Article Number Restricted Delivery Fee gRegistered p Insured nm]N,Cobed O COD P769 405 134 Return Receipt showing II]] Express Mail to whom and Date Delivered _ an Return Receipt showing-to03 Whom, Always obtain signature of addratteep[epMt and _ -Date,and AddressDeliVery DATE DELIVERED. c • TOTAL Postage end Fees ' g B• Bipw X 8 Postmark or Dale • ill S. Signature—Agent _ a x FPfpcI��vsxys. 3 )968 7. Date of Deli4Y 8 b _ s. Addressee's Acyr gilLY{/n*iatedaid fee paid) HA PA 58 en 880019 UNDERWRITER RECEIPT The undersigned on behalf of the underwriter of the Weld County, Colorado, Tax Anticipation Notes, Series 1988A, dated January 27, 1988, in the aggregate principal amount of $3,200,000 hereby acknowledges receipt of the Notes. IN WITNESS WHEREOF, the undersigned has hereunto set his hand this 27th day of January, 1988. UNITED BANK OF DENVER NATIONAL ASSOCIATION By: Title 880019 Interdepartmental Wire Order Form - Ri SEO # ry t 0301 i r:�. c:; PROGRAM # • "' SEMI-PROGRAM # ABA NUMBER 1070 (1)34.4 3 BANK NAME/THRU - COMPLETE THIS SECTION ONLY AMOUNT $• ), I�5, oco• CO TRANSFER TOOK tort Sin le c),IttiCe tt (666ANKNAMEJ (BRANCH NAME) CREDIT.TO:l. AA I M CMI , .Q lY • A, - •ER inofr = "SVGS=T G.Lr DG .F.=F • ATTN: W..riC.I ma en PHONE& "`/Theo ADDTLINFO • i DESITA/C NP) D ( ) I 1 SVGS=T CKG-D GL•G DUE FROM-F A. t ACCOUNT TITLE I ACCOUNT ADDRESS CUSTOMER SIGNATURE PHONE NU ERR • �/7 PREPARED : 1 I;1.!' A JI' ( mot: DATE , 1 ~ CJ�y-(7 APPROVED BY yL.wir/ SI ' •TURE - U�',BALANCE NAME 1 L A NT) $ • • / ' UBD EXT DEPT NAMES :* I , I" nCt WIRE SECURITY APPROVAL . /V./,• i 880019 LAW OFFICES BALLARD, SPAHR ANDREWS & INGERSOLL 20TH FLOOR 30 SOUTH I7THFLO STREET PHILADELPHIA,PA 19103 SUITE 2300 1225 I7TH STREET ONE WESTLAKES 1235 WESTLAKES DRIVE DENVER, COLORADO 80202 RERwr n, PA 19312 303 292-2400 AMERICAN PLAZA II, SUITE 400 57 WEST 200 SOUTH TELECOPIER:303 296-3956 SALT LAKE CITY, UT 84101 S5 U 13 ITEr STRE900ET,EAST N.W. WASHINGTON, D C.20004 January 27, 1988 United Bank of Denver National Association 1700 Broadway Denver, Colorado 80217 Re: Weld County, Colorado Tax Anticipation Notes Series 1988A Dated January 27, 1988 - $3 ,200, 000 Ladies and Gentlemen: We have acted as bond counsel in connection with the issuance by Weld County, Colorado (the County) , of its Tax Anticipation Notes, Series 1988A, dated January 27, 1988, in the aggregate principal amount of $3 ,200,000 (the Notes) , issued for the purpose of paying duly budgeted current expenses of the general fund of the County. The Notes are issued in fully registered form. The principal of and interest on the Notes are payable upon presentation and surrender thereof at the office of the County Clerk in Greeley, Colorado, on December 30, 1988. The Notes bear interest at the rate of five and three-eighths percent (5. 375%) per annum from their date to their maturity date. The Notes are not subject to redemption in whole or in part at any time prior to maturity. The Resolution of the Board of County Commissioners of the County authorizing the issuance of the Notes (the Resolution) provides that the principal of and interest on the Notes shall be payable from ad valorem taxes on real and personal property, investment proceeds on such taxes, and proceeds of the Notes to the extent not required for the payment of duly budgeted current 880019 United Bank of Denver National Association January 27, 1988 Page 2 expenses, received by the County in the current fiscal year and credited to its general fund after the issuance of the Notes. The Resolution also contains a covenant by the County that it will make no investment or other use of the proceeds of the Notes, which, if such investment or other use had been reasonably expected on the date of issue of the Notes, would have caused the Notes to be "arbitrage bonds" under Section 103 of the Internal Revenue Code of 1986, as amended (the Code) , and the regulations thereunder and that it will comply with the requirements of Section 103 of the Code throughout the term of the Notes. Officers of the County responsible for issuing the Notes have executed a certificate (the Certificate) stating the reasonable expectations of the County as of the date of issue of the Notes as to future events that are material for purposes of Section 103 of the Code and making certain covenants on behalf of the County relating to compliance therewith. In the Resolution the County has also designated the Notes as "qualified tax-exempt obligations" under Section 265(b) of the Code. In our capacity as bond counsel we have examined the laws and the Constitution of the State of Colorado, the Resolution, the certificates delivered by the County as of the date of delivery of and payment for the Notes, and such other documents as we deemed necessary in order to render this opinion. We have also examined a representative executed Note and have assumed that all other Notes have been similarly executed. Based upon the foregoing examination, it is our opinion that: 1. The Resolution has been duly adopted and the Notes have been duly authorized, executed and delivered by the County under the laws of the State of Colorado now in force. 2 . The Notes are valid and legally binding obligations of the general fund of the County payable solely from ad valorem taxes on real and personal property, investment proceeds on such taxes, and proceeds of the Notes to the extent not required for the payment of duly budgeted current expenses, received by the County in the current fiscal year and credited to its general fund after the issuance of the Notes. 3 . The Notes are enforceable according to their terms, except to the extent such enforcement is limited by bankruptcy and other laws of general application relating to or affecting the enforcement of creditors rights, by the reasonable exercise of the sovereign police power of the State of Colorado, 880019 United Bank of Denver National Association January 27, 1988 Page 3 and by the exercise of the powers delegated to the United States of America by the federal Constitution. Based upon the foregoing examination and our review of the Code and the regulations and rulings thereunder and of the Certificate and assuming compliance by the County with certain covenants contained in the Resolution and the Certificate, it is also our opinion that: 1. The Notes are not arbitrage bonds within the meaning of the Code. 2 . Interest on the Notes is excluded from gross income for federal income tax purposes under the laws and regulations of the United States of America as presently enacted and construed. 3 . Interest on the Notes is not an item of tax preference for purposes of a federal alternative minimum tax under the laws and regulations of the United States of America as presently enacted and construed. However, interest on a Note held by a corporation may be subject to a federal alternative minimum tax or environmental tax as part of the corporation' s untaxed reported income. 4. The Notes are "qualified tax-exempt obligations" under Section 265(b) of the Code for purposes of determining the deductibility of interest expense of banks and other financial institutions holding the Notes. 5 . Interest on the Notes is exempt from State of Colorado income taxes under the laws of the State of Colorado as presently enacted and construed. Ownership of tax-exempt obligations may result in collateral federal income tax consequences to certain taxpayers, including financial institutions, property and casualty insurance companies, individual recipients of Social Security or Railroad Retirement benefits, foreign corporations engaged in a trade or business in the United States and taxpayers who may be deemed to have incurred or continued debt to purchase or carry such obligations. We express no opinion herein with respect to such consequences. 880019 United Bank of Denver National Association January 27, 1988 Page 4 We also express no opinion herein with respect to the accuracy or completeness of any documents prepared or used or statements made in connection with the offering or sale of the Notes. Very truly yours, � .'-« +....a 2.) .fir / C`"` �-�s w---r C! 880019 OFFERING CIRCULAR NEW ISSUE NOT RATED In the opinion of Bond Counsel, assuming compliance by the County with covenants made with respect to certain federal income tax matters and subject to the conditions and limitations described under the caption, "TAX EXEMPTION," the interest on the Notes is excluded from gross income for federal income tax purposes and interest on the Notes is not an item of tax preference for purposes of a federal alternative minimum tax under the laws and regulations of the United States of America as presently enacted and construed. In the opinion of Bond Counsel, interest on the Notes is also exempt from Colorado income taxation under the laws of the State of Colorado as presently enacted and construed. $3,200,000 WELD COUNTY, COLORADO Tax Anticipation Notes, Series 1988A Dated: January 27, 1988 Due: December 30, 1988 The Notes are being issued as fully registered Notes without coupons. Interest, at the rate set forth below, is computed on a basis of a 360-day year and is payable on December 30, 1988. The Notes are not subject to redemption in whole or in part at any time. AMOUNT MATURITY RATE YIELD $3,200,000 12/30/88 5.375% 100% The Notes are payable solely from ad valorem taxes on real and personal property previously levied, income from investment proceeds on such taxes and proceeds of the Notes to the extent not required for the payment of duly budgeted current expenses, received by the County in the current fiscal year and credited to the General Fund after the issuance of the Notes. The Notes are offered when, as, and if issued by the County subject to the approving legal opinion of Bond Counsel, Ballard, Spahr, Andrews $ Ingersoll, Denver, Colorado. The matters passed upon by Bond Counsel do not extend beyond the validity and enforceability of the Notes and their exemption from Federal and State of Colorado income taxation, and Bond Counsel has no responsibility for the accuracy, completeness or fairness of statements made to any person in connection with any offer or sale of the Notes in this document or otherwise. UNITED BANK OF DENVER NATIONAL ASSOCIATION 880019 Certain of the information contained herein has been obtained from the issuer of the Notes identified herein (the "County") and other sources which are believed to be reliable. Such information is neither guaranteed as to accuracy or completeness nor to be construed as a representation by United Bank of Denver National Association (the "Underwriter") . The information and expressions of opinion herein are subject to change without notice, and neither the delivery of this Offering Circular nor any sale made hereunder shall, under any circumstances, create any implication that there has been no change in the affairs of the County, since the date hereof. This Offering Circular does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Notes, in any jurisdiction in which it is unlawful for any person to make such an offer, solicitation or sale. No dealer, broker, salesman or other person has been authorized to give any information or to make any representations other than as contained in this Offering Circular. If given or made, such other information or representations must not be relied upon as having been authorized by the County or the Underwriter. The summaries of various statutes, resolutions, and other documents contained herein are intended as summaries only and are qualified in their entirety by reference to the originals thereof, copies of which are available from the Underwriter or the County during the period of the original offering of the Notes, upon reasonable request and payment of the reasonable costs of copying the same. IN CONNECTION WITH THIS OFFERING, THE UNDERWRITER MAY OVER ALLOT OR EFFECT TRANSACTIONS WHICH STABILIZE OR MAINTAIN THE MARKET PRICE OF THE NOTES AT A LEVEL ABOVE THAT WHICH MIGHT OTHERWISE PREVAIL IN THE OPEN MARKET. SUCH STABILIZING, IF COMMENCED, MAY BE DISCONTINUED AT ANY TIME. 880019 TABLE OF CONTENTS PAGE INTRODUCTION 1 THE NOTES 1 Description 1 Redemption Provisions 1 Authorization 1 Security 1 Investment of Proceeds 2 THE COUNTY 2 The Board of County Commissioners 3 FINANCIAL INFORMATION CONCERNING THE COUNTY 3 General Fund 3 Property Tax Collection S Historical Property Tax Data S DEBT STRUCTURE OF THE COUNTY 6 Direct Indebtedness 6 STATISTICAL INFORMATION CONCERNING THE AREA OF THE COUNTY 6 Population and Income 6 Effective Buying Income 7 Retail Sales 8 Bank Deposits 8 Employment 8 TAX EXEMPTION 9 LEGAL MATTERS 9 RATING 9 UNDERWRITER 9 APPENDIX "A" Audited Financial Statements of the County for the Period Ending December 31, 1986 880019 INTRODUCTION This Offering Circular is provided to furnish certain information in connection with the issuance by Weld County, Colorado (the "County") of its Tax Anticipation Notes, Series 1988A, in the aggregate principal amount of $3,200,000 (the "Notes") to be issued pursuant to a Resolution (the "Resolution") adopted by the Board of County Commissioners of the County on January 4, 1988. The Notes are being issued to pay duly budgeted current General Fund expenses. Brief descriptions of the County and the Notes are included in this Offering Circular. Such descriptions do not purport to be comprehensive or definitive. All reference herein to the Resolution, the Notes, and other documents are qualified in their entirety by reference to such documents or to the form of the Notes, copies of which are available for inspection in the office of the County. THE NOTES Description The Notes are to be issued by the County in an aggregate principal amount of $3,200,000, to be dated January 27, 1988, to be registered as to principal and interest, to bear interest from issue date to maturity at the rate per annum set forth on the Cover Page hereof, computed on the basis of a 360-day year. The Notes will pay interest and mature on December 30, 1987. The principal of and interest on the Notes are payable at maturity, upon surrender of the Notes, to the office of the County Clerk, either by check or draft mailed to the registered owner or by wire transfer to such bank or depository as the registered owner shall designate. Redemption Provisions Notes of this issue are not subject to redemption prior to maturity. Authorization The Notes are issued pursuant to the Resolution and the Constitution and laws of the State of Colorado, including, in particular, Section 29-15-101 et seq. , Colorado Revised Statutes, as amended. Security The proceeds of the Notes are to deposited in the General Fund of the County and are to be used solely for the payment of duly budgeted current expenses when and to the extent that other moneys on deposit in the General Fund are insufficient therefor used; provided however, that any portion of the proceeds may be temporarily invested in securities or investments which are lawful investments for the County. All ad valorem personal and real property taxes ("the Taxes") levied for General Fund purposes (except taxes collected for retirement of existing debt) 40S3p -1- 880019 investment proceeds on such Taxes, and proceeds of the Notes to the extent not required for the payment of duly budgeted current expenses, received by the County in the Current Fiscal Year after the issuance of the Notes are to be deposited in a restricted account within the General Fund to be known as the "Tax Anticipation Notes, Series 1988A, Principal and Interest Redemption Account" (the "Note Account") until such time as the moneys are sufficient to pay when due the principal of and interest on the Notes. All moneys in the Note Account not in excess of the amount required to pay when due the principal of and interest on the Notes, and all securities in which the same may be invested from time to time, are pledged to secure the payment of the principal of and interest on the Notes. The Notes are payable from the Taxes previously levied, investment proceeds of such Taxes and the proceeds of the Notes to the extent not required for the payment of duly budgeted current expenses, received by the County in the Current Fiscal Year and deposited in the Note Account after the issuance of the Notes. Investment of Proceeds Proceeds of the Notes and moneys held in the Note Account will, pending their use, be invested in securities which are legal investments for Colorado counties or deposited in eligible public depositories, with such deposits being insured or collateralized as required by law. THE COUNTY Weld County, established in 1861, is located at the north central part of the State and is the third largest county in Colorado, covering an area of approximately 4,033 square miles. The surface is level to rolling prairies with low hills near the western border. Elevations range from 4,400 to 5,000 feet. The South Platte River and its tributaries, the Cache La Poudre, Big Thompson, Little Thompson, Boulder, and St. Vrain enter from the south and west and leave the county on the east. Weld County is an agricultural region, ranking fourth in the nation in dollar value of sales according to the government's 1982 farm census rankings. More than 85 percent of its area is devoted to irrigated and dryland farming and livestock raising. Weld County incorporates one of the nation's largest irrigated areas: 647,000 acres of the 2,500,000 acres in Weld County are irrigated by a combination of mountain run-off which is controlled by eight major irrigation companies and 4,000 wells. The reservoir storage and stream run-off supply an annual average of 900,000 acre feet while the wells supply approximately 250,000 acre feet of water. The Colorado Big Thompson Water Diversion Project supplies approximately 300,000 acre feet of water annually. Water is diverted to farms and ranches via an extensive system of irrigation canals. Oil and gas play an important role in the economic picture of Weld County. Wattenberg Gas field, part of which is located in the sourthern part of Weld County, was discovered by Amoco Oil Company, the prime developer of the field. Amoco Oil has estimated that this field contains 4053p -2- 880019 approximately 400 billion feet of gas reserves. The gas that is being produced by the Wattenberg Field is delivered to the Public Service Company of Colorado. This potentially great gas accumulation covers nearly 1,000 square miles. Wattenberg Field is also producing some oil. Development of oil and gas wells has had an increasingly more significant impact on the economy of Weld County in the past ten years. The Board of County Commissioners The County is governed by a five-member Board of County Commissioners (the "Board") whose members are elected on a county system by the registered, qualified electors of the County for staggered four-year terms of office. The Board is a policy-making body whose primary functions are to establish policies for the County and oversee the property and facilities and financial affairs of the County. The present directors and officers of the Board and the expiration of their respective terms of office are as follows: Term Expires Name Title December 31 Gordon E. Lacy Chairperson 1988 C. W. Kirby Commissioner 1988 Gene Brantner Pro-Tem 1990 Jacqueline Johnson Commissioner 1990 Frank Yamaguchi Commissioner 1988 FINANCIAL INFORMATION CONCERNING THE COUNTY The financial operations of the County are, pursuant to State law, conducted primarily through its General Fund. General Fund The General Fund is the major operating fund of the County, providing most of the resources for the County's general operations. General Fund revenues amounted to $16,928,147 in 1986, an increase of 4.6% over 1985. The revenues derived from various sources are reflected in the following table: 4053p -3- 880019 1984 1985 1986 REVENUE: Taxes $ 9,463,456 $ 9,873,318 $10,258,786 Licenses and permits 337,700 368,239 363,103 Intergovernmental revenue 687,986 891,822 1,144,412 Charges for services 1,024,306 1,157,164 1,352,129 Fines and forfeitures 29,412 69,455 13,250 Miscellaneous revenue 2,548,257 2,190,774 2,301,231 Fee accounts 1,533,455 1,631 ,937 1,547,500 Total Revenue $15,624,572 $16,182,709 $16,928,147 EXPENDITURES: Current Operating: General government 6,082,536 6,120,746 6,525,593 Public safety 6,294,660 7,283,096 7,496,132 Public works 503,880 518,699 482,827 Public health Y, welfare 69,458 116,045 169,106 Culture and recreation 113,532 95,622 86,562 Conservation of natural resources - - 6,025 Economic assistance 10,096 10,264 -0- Capital outlay -0- -0- 69,650 Debt service 114,298 110,985 170,977 Miscellaneous 280,979 658,426 186,978 Total Expenditures $13,469,439 $14,913,883 $15,293,840 EXCESS (DEFICIENCY OF REVENUE OVER EXPENDITURES) $2,155,133 $1,268,826 $1,634,297 OTHER FINANCING SOURCES (USES): Operating transfers-in $ -0- $ 310,000 59,140 Operating transfers-out (2,169,548) (1,986,122) (1,282,370) Total Other Financing Sources (Uses) $(2,169,548) $(1,676,122) $(1,223,230) EXCESS (DEFICIENCY) OF REVENUE AND OTHER SOURCES OVER EXPENDITURES AND OTHER USES $ (14,415) $ (407,296) $ 411,067 FUND BALANCE, (Deficit), Beginning of Period $ 1,159,925 $ 1,145,510 $ 738,214 FUND BALANCE (Deficit) , End of Period $ 1,145,510 $ 738,214 $ 1,149,282 4053p -4- 880019 Property Tax Collections Taxes levied in one year are collected in the next; thus 1987 taxes will be collected in 1988. Taxes are said to be due January 1 in the year of collection; however, they may be paid in 2 installments, without interest penalty, if the payments are made by February 28 and by July 31 of the collection year. The property owner may elect to make only 1 payment, and if made by April 30, it is also free of interest penalty. All taxes levied on property, together with interest thereon and penalties for default, as well as all other costs of collection, constitute a per- petual lien on and against the property taxes, and such lien is on a parity with the tax liens of other general taxes. In the event collec- tion of property taxes becomes impossible, the County Treasurer may dis- train, seize, and sell property to enforce the collection of delinquent taxes on such property, as well as conduct a regular tax sale to enforce the collection of delinquent taxes on real property. There can be no assurance that the value of specific property, in the event of foreclosure and sale by the Weld County Treasurer, would be sufficient to produce the amount required with respect to taxes levied by the County and by overlapping taxing entities. Property Tax Levies and Collections in the County Collection Total Tax Total I of Year Levy Collected Collections 1977 10,121,370 10,099,155 99.78 1978 10,618,807 10,558,800 99.43 1979 11,144,614 11,101,916 99.62 1980 11,708,099 11,660,552 99.59 1981 12,622,216 12,596,620 99.68 1982 13,252,865 13,169,249 99.37 1983 14,399,734 14,307,719 99.36 1984 15,119,720 14,985,503 99.11 1985 15,875,706 15,469,833 97.44 1986 17,147,925 17,013,025 99.20 Source: Weld County 1986 Annual Financial Report Historical Property Tax Data Set forth below is certain historical information concerning mill levies, assessed valuation, and property tax collection for the County. 4053p -5- 880019 Mill Levy History 1980-1985 1981 17.172 1982 17.172 1983 17.369 1984 19.342 1985 19.342 1986 19.968 Source: State Department of Property Taxation Total Assessed Valuation of the County 1979-1987 Budget Assessed Percent Year Valuation Increase 1979 662,995,240 8.8% 1980 677,285,480 9.8% 1981 731,849,970 9.3% 1982 771,771,770 9.5% 1983 870,453,500 8.9% 1984 820,747,830 (1.1)% 1985 886,564,250 9.3% 1986 813,134,000 (8.3)% *1987 1,118,963,490 37.6% *Reassessment mandated by Colorado statute changed the base year of market value for valuation from 1977 in 1986 to 1985 in 1987. Source: Weld County 1986 Annual Financial Report DEBT STRUCTURE OF THE COUNTY Direct Indebtedness The County currently has no outstanding debt. STATISTICAL INFORMATION CONCERNING THE AREA OF THE COUNTY Population and Income The following table presents the estimates of the populations of the State of Colorado and Weld County developed by the U.S. Bureau of the Census. 4053p -6- 880019 Population Estimates Weld County Colorado 1960 72,344 1,753,947 1970 89,297 2,207,259 1980 123,438 2,889,735 1985 133,922 3,229,621 1986 139,947 3,296,269 Source: U.S. Bureau of the Census Colorado Division of Local Governments Income Sales $ Marketing Management's annual surveys of buying power have reported that the following median household effective buying income ("EBI") levels for the six-year period shown. Median Household EBI Weld United County Colorado States 1980 $16,802 $19,196 $19,146 1981 18,105 20,857 20,764 1982 18,577 22,589 22,000 1983 20,441 24,713 23,420 1984 22,249 26,549 25,496 1985 26,562 31,759 27,756 Percent of Households by Effective Buying Income Groups - 1985 Weld County Colorado EBI Group Households Households $10,000 - 19,999 25.1 20.4 0.9 20,000 - 34,999 33.6 15.0 3 320.9 35,000 - 49,99914.6 50,000 and Over 7.0 Source: Sales $ Marketing Management's 1986 Survey of Buying Power, July, 1987 4053p -7- 880019 Retail Sales Weld County 1979 $ 760,219,687 1980 781,318,019 1981 909,429,330 1982 995,204,398 1983 1,022,894,704 1984 1,111,048,467 1985 1,118,318,553 1986 1,044,149,916 1987 (Jan-Sept) 830,393,261 Source: Colorado Department of Revenue Bank Deposits - Weld County 1978 420,864,000 1979 479,631,000 1980 524,243,000 1981 560,351 ,000 1982 602,286,000 1983 673,108,000 1984 690,983,000 1985 695,608,000 1986 611,319,000 Source: Sheshnoff's Banks of Colorado Employment Annual Average Labor Force Estimates Weld County Total Total Total Percent Labor Force Employed Unemployed Unemployed 1981 61,024 57,277 3,747 6.1 1982 61,718 57,133 4,585 7.4 1983 63,294 59,113 4,181 6.6 1984 64,265 60,416 3,849 6.0 1985 65,318 60,971 4,347 6.7 1986 63,849 56,847 7,002 11.0 1987 (October) 65,488 61,316 4,172 6.4 Source: Colorado Division of Employment. 4053p -8- 880019 TAX EXEMPTION In the opinion of Bond Counsel, subject to compliance by the County with covenants made with respect to certain federal income tax matters, interest on the Notes is excluded from gross income for federal income tax purposes and interest on the Notes is not an item of tax preference for purposes of a federal alternative minimum tax under the laws and regulations of the United States of America as presently enacted and construed. However, interest on a Note held by a corporation may be subject to a federal alternative minimum tax or environmental tax as part of the corporation's untaxed reported income. In the opinion of Bond Counsel, the Notes are "qualified tax-exempt obligations" under Section 265(b) of the Code for purposes of determining the deductibility of interest expense of banks and other financial institutions holding the Notes. In the opinion of Bond Counsel, interest on the Notes is also exempt from Colorado income taxation under the laws of the State of Colorado as presently enacted and construed. Ownership of tax-exempt obligations may result in collateral federal income tax consequences to certain taxpayers, including financial institutions, property and casualty insurance companies, individual recipients of Social Security or Railroad Retirement benefits, foreign corporations engaged in a trade or business in the United States, and taxpayers who may be deemed to have incurred or continued debt to purchase or carry such obligations. Bond Counsel will express no opinion with respect to such consequences. LEGAL MATTERS Legal matters incident to the authorization and issuance of the Notes are subject to approval by Ballard, Spahr, Andrews F, Ingersoll, Denver, Colorado, Bond Counsel, whose approving opinion on such matters is expected to state in substance that the Notes are valid and binding obligations of the general fund of the County payable solely from ad valorem taxes on real and personal property previously levied, income from investment proceeds on such taxes, and proceeds of the Notes to the extent not required for the payment of duly budgeted current expenses, received by the County and credited to its general fund in the current fiscal year after the issuance of the Notes and that the Notes are enforceable according to their terms, except to the extent such enforcement is limited by the bankruptcy and other laws affecting the enforcement of creditors' rights, by the reasonable exercise of the police power of the State of Colorado, and by the exercise of the powers delegated to the United States of America by the federal Constitution. RATING These Notes have not been rated by any municipal rating service. UNDERWRITER The Notes are being purchased by United Bank of Denver National Association at par value. The County has agreed to pay the Underwriter a fee of $11,000.00. The Underwriter has advised the County that it intends to make a public offering of the Notes at the price set forth on the cover hereof. 4053p -9- 880019 Appendix "A" 880019 Y A ! I ,Y' i • •'',..:*-*-s". /Fs F 'FO 4,.: kB iic Y , :Aft', a;a i , , y • 5 1 ' y F - r a� L �.S ? 3yyy t b d+ r r `.z r r.,/ .,:;-.....;.E...(.- t r ''t b{. .ry ,' 44A t • - Y ,.< f t y c r f', 1 c• x'+Y ,si, • r . ->4 r ' D ° C•!..:" 5Y' aY t.t ,N^ ., �° E i t a • i ,. .. C 4 r L *! 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( '. ,r G- `F'P, r. y y,x,{`; • r -,z--”,,,,,,,,,-,-,1,,,1 A , y its• TABLE OF CONTENTS Page INTRODUCTORY SECTION Table of Contents 1 Letter of Transmittal 7 Organization Chart 16 Principal County Officials 17 FINANCIAL SECTION Auditor's Report 19 GENERAL PURPOSE FINANCIAL STATEMENTS COMBINED BALANCE SHEET - ALL FUND TYPES AND ACCOUNT GROUPS 22 COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - ALL GOVERNMENTAL FUND TYPES AND EXPENDABLE TRUST FUNDS 24 COMBINED STATEMENT OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL - ALL GOVERNMENTAL FUND TYPES 26 COMBINED STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS/FUND BALANCES - ALL PROPRIETARY FUND TYPES AND PENSION TRUST FUNDS 28 COMBINED STATEMENT OF CHANGES IN FINANCIAL POSITION - ALL PROPRIETARY FUND TYPES AND PENSION TRUST FUNDS 29 NOTES TO FINANCIAL STATEMENTS 30 COMBINING STATEMENTS, INDIVIDUAL FUND AND ACCOUNT GROUP STATEMENTS AND SCHEDULES GENERAL FUND BALANCE SHEET 49 Schedule of Revenues Compared with Estimate 50 Schedule of Expenditures Compared with Budget 51 Schedule of Operating Transfers-In Compared with Estimate 53 Schedule of Operating Transfers-Out Compared with Budget 53 SPECIAL REVENUE FUNDS EXPLANATIONS OF INDIVIDUAL FUNDS 55 COMBINING BALANCE SHEET 56 1 880019 TABLE OF CONTENTS - (CONTINUED) Page SPECIAL REVENUE FUNDS (Continued) : COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES 58 Road and Bridge Fund - Schedule of Revenues Compared with Estimate 60 Road and Bridge Fund - Schedule of Expenditures Compared with Budget 61 Road and Bridge Fund - Schedule of Operating Transfers-In Compared with Estimate 61 Road and Bridge Fund - Schedule of Operating Transfers-Out Compared with Budget 61 Social Services Fund - Schedule of Revenues Compared with Estimate 62 Social Services Fund - Schedule of Expenditures Compared with Budget 63 Social Services Fund - Schedule of Other Financing Sources Compared with Estimate 63 Social Services Fund - Schedule of Operating Transfers-Out Compared with Budget 63 Federal Revenue Sharing Fund - Schedule of . Revenues Compared with Estimate 64 Federal Revenue Sharing Fund - Schedule of Operating Transfers-Out Compared with Budget 64 Conservation Trust Fund - Schedule of Revenues Compared with Estimate 65 Conservation Trust Fund - Schedule of Expenditures Compared with Budget 65 Contingent Fund - Schedule of Revenues Compared with Estimate 66 Contingent Fund - Schedule of Expenditures Compared with Budget 66 Contingent Fund - Schedule of Operating Transfers- In Compared with Estimate 66 Contingent Fund - Schedule of Operating Transfers- Out Compared with Budget 66 Public Health Fund - Schedule of Revenues Compared with Estimate 67 Public Health Fund - Schedule of Expenditures Compared with Budget 68 Public Health Fund - Schedule of Operating Transfers-In Compared with Estimate 68 2 880019 TABLE OF CONTENTS - (CONTINUED) Page SPECIAL REVENUE FUNDS (Continued) : Human Resources Fund - Schedule of Revenues Compared with Estimate 69 Human Resources Fund - Schedule of Expenditures Compared with Budget 70 Human Resources Fund - Schedule of Operating Transfers-In Compared with Estimate 71 Human Resources Fund — Schedule of Other Financing Sources Compared with Estimate 71 Solid Waste Fund - Schedule of Revenues Compared with Estimate 72 Solid Waste Fund - Schedule of Expenditures Compared with Budget 72 Solid Waste Fund - Schedule of Operating Transfers-Out Compared with Budget 72 Housing Authority Fund - Schedule of Revenues Compared with Estimate 73 Housing Authority Fund - Schedule of Expenditures Compared with Budget 73 CAPITAL PROJECTS FUNDS EXPLANATIONS OF INDIVIDUAL FUNDS 75 BALANCE SHEET 76 Capital Expenditures Fund - Schedule of Revenues Compared with Estimate 77 Capital Expenditures Fund - Schedule of • Expenditures Compared with Budget 77 Capital Expenditures Fund - Schedule of Operating Transfers-In Compared with Estimate 77 SPECIAL ASSESSMENT FUNDS EXPLANATIONS OF INDIVIDUAL FUNDS 79 COMBINING BALANCE SHEET 80 COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES 81 Improvement District - Road 5 - Schedule of Revenues Compared with Estimate 82 Improvement District - Road 5 - Schedule of Expenditures Compared with Budget 82 Improvement District Number 1981-2 Elmore Road Schedule of Revenues Compared with Estimate 83 Improvement District Number 1981-2 Elmore Road Schedule of Expenditures Compared with Budget 83 3 880019 TABLE OF CONTENTS - (CONTINUED) Page SPECIAL ASSESSMENT FUNDS (Continued) : Antelope Hills - Schedule of Revenues Compared with Estimate 84 Antelope Hills - Schedule of Expenditures Compared with Budget 84 Antelope Hills - Schedule of Operating Transfers-In Compared with Estimate 84 INTERNAL SERVICE FUNDS EXPLANATIONS OF INDIVIDUAL FUNDS 85 COMBINING BALANCE SHEET 86 COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS 88 COMBINING STATEMENT OF CHANGES IN CONTRIBUTED CAPITAL 90 COMBINING STATEMENT OF CHANGES IN FINANCIAL POSITION 91 Motor Vehicle Fund - Schedule of Operating Revenues Compared with Estimate 92 Motor Vehicle Fund - Schedule of Operating Expenses Compared with Budget 92 Motor Vehicle Fund - Schedule of Non-operating Revenues Compared with Estimate 92 Motor Vehicle Fund - Schedule of Fixed Asset Acquisitions Compared with Budget 93 Motor Vehicle Fund - Schedule of Operating Transfers-In Compared with Estimate 93 Printing and Supply Fund - Schedule of Operating Revenues Compared with Estimate 94 Printing and Supply Fund - Schedule of Operating Expenses Compared with Budget 94 Printing and Supply Fund - Schedule of Fixed Asset Acquisitions Compared with Budget . 94 Computer Services Fund - Schedule of Operating Revenues Compared with Estimate 95 Computer Services Fund - Schedule of Operating Expenses Compared with Budget 95 Computer Services Fund - Schedule of Non-Operating Revenues Compared with Estimate 95 Computer Services Fund - Schedule of Fixed Asset Acquisition Compared with Budget 95 Computer Services Fund - Schedule of Operating Transfers-In Compared with Estimate 95 4 880019 TABLE OF CONTENTS - (CONTINUED) Page INTERNAL SERVICE FUNDS (Continued) : Insurance Fund - Schedule of Operating Revenues Compared with Estimate 96 Insurance Fund - Schedule of Operating Expenses Compared with Budget 96 Insurance Fund - Schedule of Non-operating Revenues Compared with Estimate 96 PBX Fund - Schedule of Operating Revenues Compared with Estimate 97 PBX Fund - Schedule of Operating Expenses Compared with Budget 97 PBX Fund - Schedule of Non-operating Revenues Compared with Estimate 97 PBX Fund - Schedule of Fixed Asset Acquisition Compared with Budget 97 TRUST AND AGENCY FUNDS EXPLANATIONS OF INDIVIDUAL FUNDS 99 COMBINING BALANCE SHEET 100 STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND BALANCES - ALL PENSION TRUST FUNDS 102 STATEMENT OF CHANGES IN FINANCIAL POSITION - ALL PENSION TRUST FUNDS 103 COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - ALL EXPENDABLE TRUST FUNDS 104 North Colorado Medical Center Trust Fund - Schedule of Revenues Compared with Estimate 105 North Colorado Medical Center Trust Fund - Schedule of Expenditures Compared with Budget 105 North Colorado Medical Center Trust Fund - Schedule of Operating Transfers-In Compared with Estimate 105 • Health Insurance Fund - Schedule of Revenues Compared with Estimate 106 Health Insurance Fund - Schedule of Expenditures Compared with Budget 106 Antelope Hills Trust Fund - Schedule of Revenues Compared with Estimate 107 Antelope Hills Trust Fund - Schedule of Operating Transfers-Out Compared wtih Budget 107 COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES -- ALL AGENCY FUNDS 108 5 880019 TABLE OF CONTENTS - (CON1.,AUED) Page GENERAL FIXED ASSETS ACCOUNT GROUP SCHEDULE OF GENERAL FIXED ASSETS - BY SOURCES 109 SCHEDULE OF GENERAL FIXED ASSETS - BY FUNCTION AND ACTIVITY 110 SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS - BY FUNCTION AND ACTIVITY 111 GENERAL LONG•-TERM DEBT ACCOUNT GROUP SCHEDULE OF GENERAL LONG-TERM DEBT - BY SOURCES 113 STATISTICAL SECTION General Governmental Expenditures by Function 116 General Revenue by Source 116 Property Tax Levies and Collections 118 Assessed and Estimated Actual Value of Taxable Property 118 Property Tax Rates and Tax Levies - All Overlapping Governments 119 Special Assessment Collections 120 Computation of Legal Debt Margin 121 Tables Relating to Bonded Debt 121 Demographic Statistics 122 Property Value, Construction, Bank Deposits and Other Economic Indicators - 123 Principal Taxpayers 124 Miscellaneous Statistics 125 Insurance In Force 127 Salaries of Principal Officials 128 Surety Bond Coverage for Principal Officials 128 Private Purpose Revenue Bonds 129 Retirement Plan Required Information 130 6 880019 rr r ' `- z i -� DEPARTMENT OF FINANCE AND ADMINISTRATION} E.:i,; fl-Gi;F t. -<(0 EST _.. Y c, 6 COLORADO April 30, 1987 Honorable Board of Commissioners County of Weld 915 10th Street Greeley, CO 80631 Dear Board Members: The Comprehensive Annual Financial Report of the County of Weld, State of Colorado, for the year ended December 31, 1986 is presented on behalf of the Board and published as a public document. This report was prepared by the County's Finance Department. Responsibility for both the accuracy of the presented data and the completeness and fairness of the presentation, including all disclosures, rests with the County. It is believed the data, as presented, is accurate in all material aspects; that it is presented in a manner designed to fairly set forth the financial position and results of operations of the County as measured by the financial activity of the various funds; and that all disclosures necessary to enable the reader to gain the maximum understanding of the County's financial activity have been included. ACCOUNTING SYSTEM AND BUDGETARY CONTROL The County's accounting records for general governmental operations are maintained on a modified accrual basis, with revenue being recorded when available and measurable and expenditures being recorded when the services or goods are received and the liabilities are incurred. Accounting records for the proprietary funds and fiduciary pension trust funds are maintained on the accrual basis. In developing and modifying the County's accounting system, consideration is given to the adequacy of internal accounting controls. Internal accounting controls are designed to provide reasonable, but not absolute, assurance regarding: . the safeguarding of assets against loss from unauthorized use or disposition, and . the integrity of financial records for preparing financial statements and maintaining accountability for assets. 7 880019 Honorable Board of Commissioners — Continued: The concept of reasonable assurance recognizes: the cost of a control should not exceed the benefits likely to be derived, and the evaluation of costs and benefits requires estimates and judgements by management. All internal control evaluations occur within the above framework. It is believed that the County's internal accounting controls adequately safeguard assets and provide reasonable assurance of proper recording of financial transactions. Budgetary control was maintained at the department level by the encumbrance of estimated purchase amounts prior to the release of purchase orders to vendors. Purchase orders which result in an overrun of department balances are not released until additional appropriations are made available. Open encumbrances are reported as a reservation of fund balance at December 31, 1986. A new fixed asset and depreciation system was developed in 1986 for interface with the accounting system. The financial system now includes the integration of the accounting, purchasing, outstanding warrant, budget, payroll, and fixed asset systems into one overall system for financial management. The entire system as implemented has on—line inquiry capabilities for all departments and on—line input for accounting, purchasing, and payroll staff. A new automated auditing system was used for the preparation of schedules used in the annual audit and in the preparation of the financial statements. THE REPORTING ENTITY AND ITS SERVICES The funds and entities related to the County of Weld that are in our Comprehensive Annual Financial Report include those of separately administered organizations that are controlled by or dependent on the county. Control or dependence is determined on the basis of budget adoption, taxing authority, funding, scope of public service, ability to influence operation, designation of management, and appointment of the respective governing board. Based upon the foregoing criteria, the financial statements of the following organizations are included in the accompanying financial statements: Weld County Housing Authority -- The Board of County Commissioners appoints the five member board. The majority of funding provided is from state and federal housing grants of which the county is the primary recipient and sponsor. The operation is reported in the Housing Authority Fund, a Special Revenue Fund. 8 880019 Honorable Board of Commissioners - Continued: Weld County Public Health Board -- The Board of County Commissioners appoints the seven member board and the Director of Public Health. Substantial funding is provided by the county for the operation of the Public Health Department. The Public Health Department's operations are reported in the Health Fund, a Special Revenue Fund. Weld County Retirement Board -- The Retirement Board consists of five members, four appointed by the Board of County Commissioners and the fifth being the elected County Treasurer. The county funds half of the retirement program which covers substantially all permanent, full-time employees of Weld County. The operation of the plan is accounted for in the Weld County Retirement Fund, as a Pension Trust Fund. The following organizations are not part of Weld County and are excluded from the accompanying financial statements: North Colorado Medical Center -- The Board of County Commissioners appoints a seven member Hospital Board of Trustees that in turn appoints five of the eleven Normedco Board of Directors. Normedco being a holding company of which the North Colorado Medical Center (NCMC) is a non-profit subsidiary operating the hospital. The county commits minimal capital funds annually (less than 1% of the total NCMC revenues for 1986) . The NCMC has the ability to incur its own debt and its operations are financed totally by patient revenues. Greeley-Weld Airport Authority -- The County Commissioners appoint two 1 of the five Airport Authority Board members. The county has contributed approximately 5% of the funds for capital construction. j The Authority has full autonomy under Colorado State law, can incur j debt, and funds its operations totally from user fees. 1 Weld Library District -- The County Commissioners, together with the 1 concurrence of the city councils of seven participating municipalities, appoints the seven member library district board. The Library District Board has total autonomy under the State Library Act to incur debt, establish budgets, and levy property taxes to support the district's library system. The County provides the full range of County services contemplated by statute or character. These include general government functions, public protection and safety, health, social services, human resource services, public improvements, road and bridge operations, planning and zoning, and general administrative services. GENERAL GOVERNMENT FUNCTIONS Revenue for general government functions including General, Special Revenue, Capital Projects, Special Assessment, and Expendable Trust Funds totaled $46,456,359 in 1986, an increase of 5.5% over 1985. General 9 880019 Honorable Board of Commissioners - Continued: property taxes and specific ownership taxes produced 38.5% of general revenue compared to 37. 1% in 1985. The amount of revenue from various sources and the increases over 1985 are shown in the following tabulation: Increase (Decrease) Revenue Sources Amount Per Cent of Total for 1986 Taxes $17,888,662 38.5% $ 1,579,833 Licenses and Permits 581,360 1 .3% (134,770) Intergovernmental Revenue 20,720,989 44 .6% 830,817 Charges for Services 1,742,650 3.8% 69,369 Fines and Forfeits 67, 198 0.1% (11,063) Miscellaneous Revenue 3,775, 144 8. 1% 18,442 Fee Accounts 1,680,356 3.6% 48,419 Total $46,456,359 100.0% $ 237,084 The mill levy for property taxes collected in 1986 is 19.342, unchanged from 1985. The assessed valuation of $886,564,250 shows an increase of $65,816,420 or 8.02%. The increase in assessed value is principally attributable to the increased value of 1984 production of oil and gas properties in Weld County and reappraisal of property. Only $6,342,160 of the increase in assessed valuations is attributable to new construction. As described in the Prospects for the Future Section of this letter, oil and gas valuations are expected to decline significantly in future years. The increase in assessed value in excess of 5% allowed the Board to go to the County Council for an excess property tax levy. On November 6, 1985 the County Council voted to allow the Board of County Commissioners to exceed the 5% property tax limitation by $478,434. Even with the additional funds, the County was $1,600,563 below the State's 7% limitation for property tax increases. Current tax collections were 99.2% of the tax levy, up 1 .76% from 1985. Delinquent tax collections were $84,065 compared with $28,931 in 1985. Allocations of property tax by purpose for 1986 and the preceding year are shown as follows: 10 880019 Honorable Board of Commissioners - Continued: 1985 1986 Purpose Mills Mills General Fund 12. 158 11.466 Special Revenue Funds 5.771 6.342 Capital Project Funds .478 .629 Expendable Trust Funds .312 .329 Intergovernmental Service Funds .623 .576 Total Tax Rate 19.342 19.342 Intergovernmental Revenue represented 44.6% of total general governmental revenue, compared with 45.5% for 1985. Expenditures for general governmental purposes including General, Special Revenue, Capital Projects, Special Assessment, and Expendable Trust Funds total $44,811,801, an increase of 1.64% over 1985. Increases in levels of expenditures for major functions of the County over 1985 are shown in the following tabulation: Per Cent Increase (Decrease) Expenditure Purpose Amount of Total for 1986 Current Operating: General Government $ 6,525,593 14.6% $ 404,847 Public Safety 7,496, 132 16.7% 213,036 Public Works 8,505,739 19.0 (42,240) Public Health & Welfare 14,660,502 32.7% 911 ,892 Culture & Recreation 265,352 0.6% (465,721) Conservation of Natural Resources 6,025 0.0 (4,239) Economic Assistance 4,053,483 9.0% 198,623 Capital Outlay 1,075,380 2.4% (440, 180) Debt Service 252,753 0.6% 164,253 Intragovernmental Expenditures 488, 119 1 .1% 22,602 Miscellaneous 1,401,846 3.3% (320,271) Total $44,730,924 100.0% $ 642,602 11 880019 Honorable Board of Commissioners - Continued: In 1986 Weld County, like many local governments across the nation, has found it more difficult to make financial ends meet. Balancing the annual budget continued to be an arduous task, as resources fail to keep pace with the public's increasing expectations. In 1986 Weld County had to cope with: . The reduction and termination of several federal and state grant programs . State service mandates without adequate new funding . Rapid demographic, economic, and technological change . Intrusive and paralyzing legislative prescriptions in respect to organization, administration, procedures, and finance . Deteriorating physical infrastructure . The increasing number of persons unable to "make it" on their own without benefit of human services . The complex initiatives required to foster area economic development and to improve quality of life . The relentless demand of citizens for services without higher taxes. . A weak local economy The local economy in 1986 continued to be plagued by the poor agricultural economy and the economy was adversely impacted by the drop in oil and gas prices. As a result, unemployment locally was higher than the state and national averages. Factors positively impacting Weld County in 1986 were low inflation rates, declining petroleum product costs, building activity related revenues, and increased fees from elected officials' offices. The creation of the Weld Library District with its own mill levy to support library services allowed Weld County to eliminate library services in the County budget. This savings will exceed $400,000 per year and put library services on a secure funding base of its own. Unreserved fund balance and retained earnings in the major operating funds were maintained at adequate levels. The General Fund fund balance of $891,638 was up $340,454 from last year. The $3,321,228 balance in the Special Revenue Funds was down from the previous year by 13.4%. 12 880019 Honorable Board of Commissioners - Continued: DEBT ADMINISTRATION In 1986 the County continued to have no bonded indebtedness. With the passage of HB 1579 in 1981 , Section 30-35-201, C.R.S. , 1973 now allows the debt ceiling to be 3% of the assessed valuation of the County. Thus, Weld County maintains over a twenty-six million dollar allowable debt capacity in accordance with Colorado State Statutes. The only significant lease/purchase agreement involves two phone systems totalling $190,481. CASH MANAGEMENT Cash temporarily idle during the year was invested in time deposits ranging up to 180 days to maturity. Interest earned on investments of cash held by the County Treasurer was recorded as revenue in the General Fund, with exception of interest attributed to the Federal Revenue Sharing Fund, Insurance Fund, Health Insurance Fund, Antelope Hills Trust Fund, and the interest earned on certain deposits held for other taxing authorities. The amount of interest earned was $1,316,284 in 1986. CAPITAL PROJECT FUNDS The Capital Expenditure Fund was established to account for all capital projects for general county use. At the end of each fiscal year, the completed project items are transferred to the General Fixed Asset account group. The County has developed a five year Capital Improvements Program outlining projected costs and probable sources of funding for various capital improvement projects. Major projects in that plan pending at the end of 1986 include the renovation of the courthouse and courthouse annex. The Capital Expenditure Fund had no fund balance at the end of 1986. GENERAL FIXED ASSETS The General Fixed Assets of the County are the fixed assets used in the performance of general governmental functions and exclude the fixed assets of the Internal Service Funds. As of December 31, 1986, the General Fixed Assets of the County amounted to $23,593,310. This amount represents the • original cost of the assets and is considerably less than their present value. Depreciation of General Fixed Assets is not recognized in the County's accounting system. PROSPECTS FOR THE FUTURE As Weld County government faces the future, there is potential reduction in certain key revenue sources. Federal Revenue Sharing, which has been funded since 1972 ended in 1986, which will result in an annual loss of $1.4 million to Weld County. The economy of the State of Colorado is poor as a result of the weak energy and agricultural sectors, and state revenues are expected to decline. As a result, state supported programs at the local level are experiencing revenue losses, while caseloads for human services grow at a rapid rate. 13 880019 Honorable Board of Commissioners - Continued: lower oil and gas prices are a mixed blessing for Weld County. Fuel and petroleum product costs are anticipated to be down in 1987 providing savings to our road program and heavy vehicle user departments . However, revenue sources from royalties and tax assessments will also be down substantially. Of the 1986 assessed value for Weld County, over 33% is oil and gas properties. Unless a significant discovery positively impacts production over the next five years, Weld County is projected by the Oil and Gas Conservation Commission to have a 57 .5% decline in oil production and 58.0% decline in gas production. The decline coupled with the 40% price drop experienced in recent years could result in an 83% drop in oil and gas assessments and a 28% drop in the total Weld County property assessment. All this translates into an increased mill levy with a shift of the property tax burden to non-energy related property owners. The 1987 budget could also be adversely affected on a cash flow basis as oil producers continue to have difficulty in paying property taxes due. Weld County is already plagued by bankrupt energy producers, and this situation could get worse. Healthy contingency funds need to be maintained to respond to cash flow problems created by delinquent taxes. 1987 is a new base year with property tax assessments moving from 1977 values to 1983 values. The new base year, coupled with the decline in oil and gas assessed values could cause dramatic property tax shifts among classes of property. With the public's sensitivity to property taxes already, the result could be an adverse taxpayers' reaction locally and statewide. Such a taxpayers revolt could further aggravate state and local governments' budgets. INDEPENDENT AUDIT The Weld County Home Rule Charter requires an annual audit of the books of accounts, financial records, and transactions of all administrative departments of the County by independent certified public accountants selected by the Board of County Commissioners, and engaged for a period not to exceed five years. This requirement has been complied with and the auditors report has been included in this report. 14 880019 Honorable Board of Commissioners - Continued: ACKNOWLEDGEMENTS Financial reports are valuable in that they provide a permanent historical record of a governmental agency's operation to the management and the general public. It is our belief that this is a comprehensive report of the 1986 financial transactions under our control and that the following statements present an accurate, informative record of the financial activities of the County of Weld and its financial condition at December 31, 1986. The preparation of this report could not be accomplished without the efficient and dedicated services of the entire staff of the Accounting/Finance Department. I should like to express my appreciation to all members of the department who assisted and contributed to its preparation. I should also like to thank the members of the Board of County Commissioners for their interest and support in planning and conducting financial operations of the County in a responsible and progressive manner. Re ectful ubmit ed, Donald D. Warden, Director Finance and Administration DDW/ch 15 880019 WELD COUNTY HOME RULE GOVERNMEN T COUNTY VOTERS I 5 MEMBER COUNTY COUNCIL 5 COUNTY COMMISSIONERS ASSESSOR .Performance Auditor .Fill Commissioner Vacancies CLERK AND .Establish Salaries -- All CO. ATTORNEY — Elected Officials RECORDER .Recording Commissioner Coordinator Commissioner Coordinator Commissioner Coordinator Commissioner Coordinator Commissioner Coordinator Motor Vehicle .Clerk to Board Dept. Finance Dept. PlanningDept. .Elections Central Purchasing Dept. Health Dept.Engineering P ' Services Services Communications Personnel Services Director of Finance . Health Department County Engineer Director of Planning Director/information n A Services Agency and Administration Health Board Director/Road 6 Bridge SHERIFF ,Central Purchasing I I . Planning & Zoning . Computer Services I .Finance Division . Human Resources Road and Bridge . Building Inspection . Countywide Commmnica- .Personnel Division _ . Board of Adjustment tions ..1all .Veterans' Office . Human Resources . Planning Commission . PBX Division .1lll ice of Emergency Advisory Board . Uniform Building . Comm. Advisory Board Ma narcnicnt Code Board of Appeal Office Automation Building E. Grounds I . Utilities Coordi- I CORONER Social Services noting Board I Extension Service I_ Airport Housing Authority - II I Fair Board I Sanitary Landfills I I Ambulance I Animal Control Hospital Board !� of Trustees (AJ I County Shops 'I.Z uu yr.& W COUNTY OF WELD STATE OF COLORADO PRINCIPAL COUNTY OFFICIALS December 31, 1986 Board of County Commissioners Jacqueline Johnson Gordon E. 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'aile'rfraf P ]°*a 5 4 r 4 `r • 1 ed"L_ ✓ 3� n }� r ,a S" et rMiS r. e µ ,' m w 4- ,�'iT i h _�1 ��``11,.o r 4. ."y�j 4 "Y`i \i+..ta`i tam i {:2: w�t >b r kc�w b �'4..rr �' � 3 d ,w`1F it -T t, <.. 114 ` k+�,F,y,S 1�'6r is j a k 7r b + ,�!6 c1/2744,;" ..'7' Y .y y r _. ..-�};.h rr RF sta(a r i t Syi k 1w aa a " Arill ;5. x r,r r�at* r y°* f'2(r�z ajh� kxb t°.+a,M y �+ t r `f'c", Jx�,..,y y(t;` $ fTv $4 to ,+%\\ y t.'h ,r r f i°.{ n S� f-s a l! is 8 n 7% k }i- / . fLk,a t i' :' v .p l ... v rn`4v St tt �`;A t} . ty.v / Y^+ "'4 }��v"f iAi.:� S r L f r' il. + 'x ,R --�r b b a; , CO•L°O ( rktrt, jJ y 4^S k t t la}, a+ >•.n.3 , i �d"f ;k.. )"h� ,, c < ri r: s "" 1 a "`S. �.(7 trl .,v S f: r Y ,'f.li'+�.. ♦ 4--.✓'�` '. .+.b- '• b p 44 { I ~..a-A3.. -,DE.- ... _. Ia •-t � -• •- - Ll s'�n-y.a .₹ 'r ♦• }zs/ t� S; a yap 4��i �. r,��a' , µ.'�a� Deloitta Haskins Sells 1560 Broadway. Suite 1800 One Civic Center Plaza Denver. Colorado 80202-5151 (303) 837-3000 ITT Telex: 4995604 Board of County Commissioners County of Weld, Colorado Greeley, Colorado We have examined the general purpose financial statements of the County of Weld, Colorado as of and for the year ended December 31, 1986 as listed in the table of contents. Our examination was made in accordance with generally accepted auditing standards and, accordingly, included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances. In our opinion, the general purpose financial statements referred to above present fairly the financial position of the County of Weld, Colorado at December 31 , 1986, and the results of its operations and the changes in financial position of its proprietary fund types and pension trust fund for the year then ended, in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year after restatement for the adjustments described in Note 12 to the combined financial statements. Our examination was made for the purpose of forming an opinion on the general purpose financial statements taken as a whole. The combining, individual fund, and individual account group financial statements and ( schedules listed iu 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 County of Weld, Colorado. Such information has been subjected to the auditing procedures applied in the examination of the general purpose financial statements and, in our opinion, is fairly stated in all material respects when considered in relation to the general purpose • financial statements taken as a whole. Our examination did not include the information presented in the Statistical section and, accordingly, we express no opinion on it. ,dO a DELOITTE RASKINS AND SELLS Denver, Colorado April 30, 1987 19 830019 6c. :tv,; wilk COLORADO 20 880019 4 # } r' 4y4..e.4`,. „ . • of , :.yA,14.,- ,x t r + , f M1w { l',1 .,•`,1,:i".:71":0••.....•f • `4 r r r :;„•/,. 1 &: • a r t a Y4J""+ F Fq,- yt1 Y'r{ a j L�„'^ ^A S S M r .a, " 1) M t sIfi s#• ' K k{ x tvF �,s� N Y Y 3 z ..,y,r4wh��'( t,`iy uJ L's'Yatra4 ' �• ,+ -c re fl rl F , t+ � x . 4` o n i b c-PC,;,Y ,Y ja.r L-V1 4 Cy 4 kr +a' y z;Iii.*�7,4 , tz,` ro A ey , 4r:..9 r`}r,/ +, ' 3 is ant • J. / f ' t $ t r, "t,+N4 S K„kW.''� ; ;�..ytt -';;Y41;1751,7),MrzL..;,..e,,',;))4.2-1: yr'e fa n ,t-?°17rv?�i-i R+. t{' t ry t rAwy q T A Y I' '2:1-.',1,,t.-"4" �'y+�, � {�� Sj�ten, L S "(�' ',;.'11%;1 Lp 't ��" Y ; w � F 3r ta,2`t ^ ?MS�.4�F'd°y'grir �r , +rr x v 1 - rqh ;T*-l.e yV0�X, - 1:4„c-e< •° -' :. 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"'..;—'1',94 .1..•T it, ,',.2*,....-*;,-,..—:-• YtFi te Z aYt �'F23 :44 la Wine COLORADO . 1 21 880019 COUNTY OF WELD STATE OF COLORADO COMBINED BALANCE SHEET - ALL FUND TYPES AND ACCOUNT GROUPS December 37, 1986 Governmental Fund Types Special Capital Special General Revenue Projects Assessment ASSETS ASSETS: Cash and short term investments $ 2,874,747 $ 4,899,348 $ 136,830 $ 56,173 Cash - other 23,500 24,635 0 0 Investments 0 0 0 0 Receivables (net of allowance for uncollectibles): Current property tax 10,620,045 6,615,135 259,046 0 Delinquent property tax 244,400 130,999 8,968 0 Accounts 355,840 211,047 0 0 Special assessments 0 0 0 1,006,758 Due from other county funds 61,759 173,231 23 42,030 Due from other governmental units 235,553 1,981,849 51,800 0 Advances to other funds 111,758 75,000 0 0 Inventories 30,734 839,270 0 0 Prepaid and other assets 24,361 33,432 0 0 Land 0 0 0 0 Buildings 0 0 0 0 Improvements other than buildings 0 0 0 0 Machinery and equipment 0 0 0 0 Accumulated depreciation 0 0 0 0 Amount to be provided for retirement of general long-term debt 0 0 0 0 TOTAL ASSETS $ 14,582,698 S 14,983 946 $ 456,667 $ 1,104,961 LIABILITIES AND FUND BALANCE LIABILITIES: Accounts payable $ 118,346 $ 143,201 $ 38,638 $ 0 Accrued liabilities 585,408 356,134 0 0 Due to other governments 9,199 1,286,261 0 0 Due to other County funds 303,381 269,505 23 60,538 Deferred revenue 10,864,445 6,828,505 268,014 928,110 Unexpended grant revenue 102,037 1,181,844 0 0 Other liabilities 600 69,936 0 0 Advances from other funds 0 0 0 106,758 Retainage payable 0 0 25,440 0 Bonds payable 1,450,000 0 0 800,000 General long term debt 0 0 0 0 Deferred compensation payable 0 0 0 0 Total Liabilities 13,433,416 10,135,386 332,115 1,895,406 FUND EQUITY: Contributed capital 0 0 0 0 Retained earnings 0 0 0 0 Investment in fixed assets 0 0 0 0 Fund Balances: Reserved 288,378 2,441,602 116,887 0 Unreserved: Designated for subsequent year's expenditures 141,987 1,280,000 0 0 Undesignated 718,917 1,126,958 7,665 (790,445) Total Fund Equity (deficit) 1,149,282 4,848,560 124,552 (790,445) TOTAL LIABILITIES AND FUND EQUITY $ 14,582,698 $ 14,983,946 $ 456,667 $ 1,104,961 See Notes to Financial Statements 22 886019 • Proprietary Fiduciary Fund Type Fund Type Account Groups Memorandum Total Internal Trust and Ccneral General December al December 31 Service Agency Fixed Assets Long-term Debt 1986 1985 $ 1,446,731 $ 9,360,751 $ 0 $ 0 $ 18,774,580 $ 28,383,888 7,500 9,496 0 0 65,131 184,959 O 20,314,295 0 0 20,314,295 16,899,922 511,095 0 0 0 18,005,321 17,139,854 12,405 7,787 0 0 404,559 307,203 56,556 232,968 0 0 856,411 752,152 O 0 0 0 1,006,758 1,081,738 393,329 6,249 0 0 676,621 1,627,310 O 0 0 0 2,269,202 3,029,093 0 0 0 0 186,758 161,738 174,909 0 0 0 1,044,913 865,374 159,597 41,014 0 0 298,405 78,598 694,381 0 1,588,951 0 2,283,332 2,271,608 697,203 0 18,738,024 0 19,435,227 18,520,692 19,345 0 218,011 0 237,356 225,811 11,149,197 0 3,048,324 0 14,197,521 13,649,796 (6,307,340) 0 0 0 (6,307,340) (5,646,152) O 0 0 1,254,027 1,254,027 1,182,283 $ 9,054,908 $ 29,972,560 $ 23,593,310 $ 1,254,027 $ 95,003,077 $100,715,867 $ 645,320 $ 614,677 $ 0 $ 0 $ 1,560,182 $ 2,152,093 169,791 0 0 0 1,111,333 914,736 O 3,497,049 0 0 4,792,509 16,829,420 38,282 4,892 0 0 676,621 1,627,312 543,500 7,787 0 0 19,440,361 18,521,420 0 0 0 0 1,283,881 1,677,088 0 0 0 0 70,536 67,537 80,000 0 0 0 186,758 161,738 0 0 0 0 25,440 37,792 . 0 0 - 0 0 2,250,000 900,000 O 0 0 1,254,027 1,254,027 1,182,283 0 509,526 0 0 509,526 326,033 1,476,893 4,633,931 0 . 1,254,027 33,161,174 44,397,452 5,712,895 0 0 0 5,712,895 5,610,261 • 1,865,120 0 0 0 1,865,120 2,027,672 O 0 23,593,310 0 23,593,310 22,409,691 ' 0 20,121,008 0 0 22,967,875 • 18,778,448 0 0 0 0 1,421,987 814,808 0 5,217,621 0 0 6,280,716 6,677,535 7,578,015 25,338,629 23,593,310 0 61,841,903 56,318,415 $ 9,054,908 $ 29,972,560 $ 23,593,310 $ 1,254,027 $ 95,003,077 $100,715,867 23 886019 COLTTY OF WELD STOriiiii2MADO COMBINED STAT Mff.NT OF REVENIIS EXPENDITURES AND CHANGES IN FUND BALANCES - iii UMrc RINrAL rOD TYPa iRD rgvoblyEn-timi FURUS December 31, 1966 Governmental Fund Types —especial Capital Special General _ Revenue Protects Assessment REVENUES: Taxes $ 10,258,786 $ 6,722,049 $ 594,889 $ 0 Licenses and permits 363,103 218,257 0 0 Intergovernmental 1,144,412 19,514,492 62,085 0 Charges for services 1,237,710 494,900 10,040 0 Fines and forfeitures 67,198 0 0 0 Earnings on investments 1,213,651 0 0 0 Miscellaneous 962,931 173,038 0 205,499 Fee accounts 1,680,356 0 0 0 Total Revenues 16,928,147 27,122,736 667,014 205,499 EXPENDITURES: Current Operating: General government 6,525,593 0 0 0 Public safety 7,496,132 0 0 0 Public works 482,827 8,022,912 0 0 Public health and welfare 169,106 14,491,396 0 0 Miscellaneous 286,978 134,502 0 0 Culture and recreation 86,562 178,790 0 0 Conservation of natural resources 6,025 0 0 0 Economic assistance 0 4,053,483 0 - 0 Capital outlay 69,650 25,765 922,462 57,503 Debt service 170,977 0 0 81,776 Intragovernmental 0 — 488,119 0 0 Total Expenditures 15,293,850 27,394,967 922,462 139,279 EXCESS OF REVENUES OVER (UNDER) EXPENDITURES 1,634,297 _ (272,231) (255,448) 66,220 OTHER FINANCING SOURCES (USES): Operating transfers - in 59,140 2,878,377 380,000 30,474 Operating transfers - out (1,282,370) (2,053,851) 0 0 Inception of lease-purchase agreements 0 0 0 0 Total Other Financing Sources (Uses) (1,223,230) 824,526 380,000 30,474 EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES AND OTHER USES 411,067 552,295 124,552 96,694 FUND BALANCE (DEFICIT) AT BEGINNING OF YEAR 738,215 4,296,265 0 (887,139) Adjustment of prior period 0 0 0 0 FUND BALANCE (DEFICIT) AT BEGINNING OF YEAR AS RESTATED 738,215 4,296,265 0 (887,139) FUND BALANCE (DEFICIT) AT END OF YEAR $ 1,149,282 $ 4,848,560 $ 124,552 1-2221L-145) See Notes to Financial Statements 24 880019 Fiduciary Fund Types Memorandum Total Expendable December s1 December 31 Trusts 1986 1985 $ 312,938 $ 17,888,662 $ 16,308,828 0 581,360 716,330 0 20,720,989 19,890,173 O 1,742,650 1,673,283 O 67,198 78,261 329,871 1,543,522 1,414,353 890,154 2,231,622 2,342,350 O 1,680,356 1,631,937 1,532,963 46,456,359 44,055,315 O 6,525,593 6,120,744 O 7,496,132 7,283,096 O 8,505,739 8,547,979 O 14,660,502 13,748,609 980,366 1,401,846 1,647,115 0 265,352 731,073 O 6,025 10,264 O 4,053,483 3,854,860 O 1,075,380 1,515,560 O 252,753 88,500 O 488,119 465,517 980,366 44,730,924 44,013,317 552,597 1,725,435 41,998 0 3,347,991 3,823,908 (15,474) (3,351,695) (4,280,165) O 0 219,949 (15,474) (3,704) (236,308) 537,123 1,721,731 (194,310) 4,761,375 8,908,716 9,103,026 (80,877) (80,877) 0 4,680,498 8,827,839 9,103,026 1-122-z--3621 $ 10,549,570 $ 8,908,716 25 880019 COUNTY OF WELD STATE OF COLORADO COMBINED STATEMENT OF REVENUES AND EXPENDITURES BUDGET AND ACTUAL - ALL GOVERNMENTAL FUND TYPES December 31, 1986 General Special Revenue Variance Variance Estivate/ Favorable Estimate/ Favorable Budget Actual (Unfavorable) Budget Actual (Unfavorable) ;EVENUES: Taxes $ 10,245,112 $ 10,258,786 $ 13,674 $ 6,698,728 $ 6,722,049 $ 23,321 Licenses and permits 376,575 363,103 (13,472) 220,500 218,257 (2,243) Intergovernmental 1,061,159 1,144,412 83,253 21,541,534 19,514,492 (2,027,042) Charges for services 1,352,129 1,237,710 (114,419) 320,150 494,900 174,750 Fines and forfeitures 13,250 67,198 53,948 0 0 0 Miscellaneous 2,301,231 2,176,582 (124,649) 2,500 173,038 170,538 Fee accounts 1,547,500 1,660,356 132,856 0 0 0 Total Revenues 16,896,956 16,928,147 31,191 28,783,412 27,122,736 (1,660,676) EXPENDITURES: Current Operating: General government 6,782,105 6,525,593 256,512 0 0 0 Public safety 7,902,061 7,496,132 405,929 0 0 0 Public works 566,077 482,827 83,250 10,878,494 8,022,912 2,855,582 Public health and welfare 169,106 169,106 0 14,624,778 14,491,396 133,382 Miscellaneous 290,325 286,978 3,347 141,163 134,502 6,E61 Culture and recreation 28,448 86,562 (58,114) 190,722 178,790 11,932 Conservation of natural resources 6,025 6,025 0 0 0 0 Economic assistance 0 0 0 5,074,555 4,053,483 1,021,072 Capital outlay 131,889 69,650 62,239 12,500 25,765 (13,265) Debt service 170,978 170,977 1 0 0 0 Intragovernmental 0 0 0 495,087 488,119 6,968 Total Expenditures 16,047,014 15,293,850 753,164 31,417,299 27,394,967 4,022,332 EXCESS OF REVENUES OVER (UNDER) EXPENDITURES 849,942 1,634,297 784,355 (2,633,887) (272,231) 2,361,656 DTHER FINANCING SOURCES (USES): Operating transfers - in 72,132 59,140 (12,992) 2,657,296 2,878,377 221,081 Operating transfers - out (1,191,585) (1,282,370) (90,785) (1,994,711) (2,053,851) (59,140) Total Other Financing Sources (Uses) (1,119,453) (1,223,230) (103,777) 662,585 824,526 161,941 EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES AND OTHER USES $ (269,511) $ 411,067 $ 680,578 $ (1,971,302) $ 552,295 $ 2,523,597 See Notes to Financial Statements 26 880019 Capital Projects Special Assessments Memorandum Totals Variance Variance Variance Estimate/ Favorable Estimate/ Favorable Estimate/ Favorable Budget Actual (Unfavorable) Budget Actual (Unfavorable) Budget Actual (Unfavorable) $ 603,500 $ 594,889 $ (8,611) $ 0 $ 0 $ 0 $17,547,340 $17,575,724 $ 28,334 O 0 0 0 0 0 597,075 581,360 (15,715) 41,625 62,085 20,460 0 0 0 22,644,318 20,720,989 (1,923,329) O 10,040 10,040 0 0 0 1,672,279 1,742,650 70,371 O 0 0 0 0 0 13,250 67,3.98 53,9'48 O 0 0 229,826 205,499 (24,327) 2,533,557 2,555,119 21,562 O 0 0 0 0 0 1,547,500 1,680,356 132,856 645,125 667,014 21,889 229,826 205,499 (24,327) 46,555,319 44,923,396 (1,631,923) O 0 0 0 0 0 6,782,105 6,525,593 256,512 O 0 0 0 0 0 7,902,061 7,496,132 405,929 O 0 0 0 0 0 11,444,571 8,505,739 2,938,832 O 0 0 0 0 0 14,793,884 14,660,502 133,382 O 0 0 0 0 0 431,488 421,480 10,008 O 0 0 0 0 0 219,170 265,352 (46,182) 0 0 0 0 0 0 6,025 6,025 0 O 0 0 0 0 0 5,074,555 4,053,483 1,021,072 1,229,053 922,462 306,591 57,504 57,503 1 1,430,946 1,075,380 355,566 O 0 0 202,796 81,776 121,020 373,774 252,753 121,021 O 0 0 0 0 0 495,087 488,119 6,968 1,229,053 922,462 306,591 260,300 139,279 121,021 48,953,666 43,750,558 5,203,208 (583,928) (255,448) spa (30,474) 66,220 96,694 (2,398,347) 1,172,838 3,571,185 473,000 380,000 (93,000) 30,474 30,474 0 3,232,902 3,347,991 115,089 . O O 0 0 0 0 (3,186,296) (3,336,221) (149,925) 473,000 380,000 SO 30,474 30,474 0 46,606 11.770 (34,836) $ (110,928) $ 124,552 1_22.12-1.80. $ 0 $ 96,694 $ 96,694 $(2,351,741) $ 1,184,608 $ 3,536,349 • 27 880019 COUNTY OF WELD STATE OF COLORADO COMBINED STATEMENT OF REVENUES, EXPENSES-AND CHANGES TN RETAINED EARNINGS/ FUND BALANCES - ALL PROPRIETARY FUND TYPES AND PENSION TRUST FUNDS December 31, 1986 Proprietary Fiduciary Fund Type Fund Type Memorandum Totals Internal Pension December 31 December 31 Service Trust 1986 1985 OPERATING REVENUES: Earnings on investments $ 37,661 $ 3,105,919 $ 3,143,580 $ 1,771,024 Change in unrealized appreciation (depreciation) in fair market value of investments 0 (507,173) (507,173) 1,423,993 Contributions 0 1,487,861 1,467,861 1,417,765 Charges for services 4,588,229 0 4,568,229 3,839,169 Total Operating Revenues 4,625,890 4,086,607 8,712,497 8,451,951 OPERATING EXPENSES: Personnel services 1,319,135 0 1,319,135 1,174,945 Contractural services 1,451,478 0 1,451,478 1,396,182 Supplies 340,802 0 340,802 332,402 Heat, light, and power 238,610 0 238,610 36,412 Repair and maintenance 224,723 0 224,723 50,747 Insurance and bonds 372,345 0 372,345 267,922 Claims 132,136 0 132,136 160,537 Other 35,391 0 35,391 2,119 Benefit payments 0 464,517 464,517 438,398 Refunds 0 246,809 246,809 192,416 Administrative 0 116,852 116,852 91,491 Depreciation 1,245,277 0 1,245,277 1,210,756 Total Operating Expenses 5,359,897 828,178 6,188,075 5,354,327 Operating Income (loss) (734,007) 3,258,429 2,524,422 3,097,624 NONOPERATING REVENUE (EXPENSES): Taxes 546,921 0 546,921 540,138 Farm income - 2,807 0 2,807 1,572 Gain (loss) on sale of assets 11,329 0 11,329 31,380 Interest expense (20,094) 0 (20,094) (55,338) Judgements and damages 30,492 0 30,492 102,475 Total Nonoperating Revenue (Expenses) 571,455 0 571,455 620,227 Income Before Operating Transfers (162,552) 3,258,429 3,095,877 3,717,851 OPERATING TRANSFERS - IN 0 3,704 3,704 381,256 NET INCOME (162,552) 3,262,133 3,099,581 4,099,107 RETAINED EARNINGS/FUND BALANCE AT BEGINNING OF YEAR 2,530,872 16,858,875 19,389,747 15,290,640 Adjustment of prior period (503,200) 0 (503,2(20) 0 RETAINED EARNINGS/FUND BALANCE AS RESTATED 2,027,672 16,858,875 18,886,547 15,290,640 RETAINED EARNINGS/FUND BALANCE AT END OF YEAR $ 1,865,120 $ 20,121,008 S 21,986,128 $ 19,389,747 See Notes to Financial Statements 28 880019 COUNTY OF WELD STTATT'ExDD CONBTNED STATEMENT OF CHANCES IN FINANCIAL POSITION - A1.L ?,OPRIETARY i1TD TYPr:S AND PENSION 1RUST FUNDS December 31, 1986 Proprietary Fiduciary Memorandum Fund T},a _ Fund re Total T- ternal si'.•ion -Tecember 31— Tc-ember 31 Service Trust 1986 1985 WORKING CAPITAL PROVIDED: $ 4 099 107 Net Income (Loss) $ (162,552) $ 3,262,133 $ 3,099,581 099581 > , Items which did not require outlay of working capital: 0 1,245,277 1,210,756 Depreciation 1,245,277 0 245277) (31,376) Cain on sale of fixed assets (11,329) Working capital provided by 4,333,529 5,278,487 operations 1,071,396 3,262,133 OTHER SOURCES: Contributions from capital 0 28,167 36,983 expenditures 28,167 4 983 Contributions from other funds 74,467 0 74,467 > Proceeds from sale of fixed assets 236,238 0 ----I 378,054 Working Capital Provided 1,410,268 3,262,133 4,672,401 5,696,423 WORKING CAPITAL APPLIED: 0 1,110,907 2,392,449 Acquisition of fixed assets 1,110,907 Working Capital Applied 1,110,907 0 1,110,907 2,392,449 INCREASE IN WORKING CAPITAL $ 299,361 $ 3,262,133 $ 3,561,494 $ 3,305,974 CHANGES IN COMPONENTS OF WORKING CAPITAL: Increase (decrease) in current assets: 402 $ 533 180 $ (526,576) Cash and short term investments $ 527,778 $ 5, ' 29 571 Cash - other 0 (26,737) (26,737) , Investments 0 3,230,880 3,230,880 3,940,555 Receivables: gg q23 (196 054) Accounts 38,662 50,261 0 ,924 6,051 Delinquent property taxes 3,234 Due from other county funds (438,006) (28) (438,034) 251,950 Due from other governmental 0 0 0 (3,756) units (60 957) 0 (60,957) 44,671 Inventories Prepaid and other assets 198,486 4,216 202,702 (1.449 ) Net increase (decrease) in current assets 269,197 3,263,994 3,533,191 3,541,563 (Increase) decrease in current liabilities: 74 236 (1 861) 72,375 (143,711) Accounts payable , ' 0 (15,889) (11,138) Accrued liabilities (15,889) 0 (4,949) 8,431 Due to other county funds (4,949) Deferred revenue (23,230) 0 (23,234) (9,171) Advances from other funds 0 (80,000) Net (increase) decrease in 1,861) 28,303 (235,589) current liabilities 30 164, INCREASE IN WORKING CAPITAL S 299,361 $ 3,262,133 $ 3,561,494 $ 3,305,974 See Notes to Financial Statements 29 880019 COUNTY OF WELD STATE OF COLORADO NCTFS TO FINA1 CTAL STATEMENTS Year Ended December 31 , 1986 Note 1 - Summary of Significant Accounting Policies: The County of Weld was established in 1861, and on January 1, 1976 became a home rule county under the provisions of Section 30-35-501, CRS, 1973. The county operates under an elected commissioner form of government. The county provides the full range of services contemplated by statute or charter. These include general government functions, public rrotection and safety, health, social services, human resource services, public improvements, road and bridge operations, planning and zoning, and general administrative services. The financial statements of Weld County include those of separately administered organizations that are controlled by or dependent on the County. Control or dependence is determined on the basis of budget adoption, taxing authority, funding, scope of public service, ability to influence operation, designation of management, and appointment of the respective governing board. Based upon the foregoing criteria, the financial statements of the following organizations are included in the accompanying financial statements: Weld County Housing Authority -- The Board of County Commissioners appoints the five member board. The majority of funding provided is from state and federal housing grants of which the County is the primary recipient and sponsor. The operation is reported in the Housing Authority Fund, a Special Revenue Fund. Weld County Public Health Board -- The Board of County Commissioners appoints the seven member board and the Director of Public Health. Substantial funding is provided by the County for the operation of the Public Health Department. The Public Health Department's operations are reported in the Health Fund, a Special Revenue Fund. Weld County Retirement Board -- The Retirement Board consists of five members, four appointed by the Board of County Commissioners and the fifth being the elected County Treasurer. The County funds half of the retirement program which covers substantially all permanent, full-time employees of Weld County. The operation of the plan is accounted for in the Weld County Retirement Fund, as a Pension Trust Fund. 30 880019 COUNTY OF WELD STATE OF COLORADO NOTES TO FINANCIAL STATEMENTS (Continued) Year Ended December 31 , 1986 The following organizations are not part of Weld County and are excluded from the accompanying financial statements: North Colorado Medical Center -- The Board of County Commissioners appoints a seven member Hospital Board of Trustees that in turn appoints five of the eleven Normedco Board of Directors. Normedco being a holding company of which the North Colorado Medical Center (NCMC) is a non-profit subsidiary operating the hospital. The county commits minimal capital funds annually (less than 1% of the total NCMC revenues for 1986) . The NCMC has the ability to incur its own debt and its operations are financed totally by patient revenues. Greeley-Weld Airport Authority -- The County Commissioners appoint two of the five Airport Authority Board members. The county has contributed approximately 5% of the funds for capital construction. The Authority has full autonomy under Colorado State law, can incur debt, and funds its operations totally from user fees. Weld Library District -- The County Commissioners, together with the concurrence of the city councils of seven participating municipalities, appoints the seven member Library District Board. The Library District Board has total autonomy under the State Library Act to incur debt, establish budgets, and levy property taxes to support the district's library system. The accounting and reporting policies of Weld County, Colorado conform to generally accepted accounting principles as set forth by the Governmental Accounting Standards Board. The following summary of significant accounting policies is presented to assist the reader in evaluating the County's financial statements. Basis of Presentation: Each fund is an independent fiscal and accounting entity with a self-balancing set of accounts recording cash and other financial resources together with all related liabilities, residual equities and balances which are segregated for the purpose of carrying on specific activities or attaining certain objectives in accordance with special regulations, restrictions, or limitations. In addition to the funds, self-balancing account groups are established to account for the general fixed assets and general long-term debt of the County. The various funds are grouped into six generic fund types under three broad fund categories as follows: 31 880019 COUNTY OF WELD STATE OF COLORADO NOTES TO FINANCIAL STATEMENTS (Continued) Year Ended December 31 , 1986 Governmental Fund Types: All governmental funds and expendable trust 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 their balance sheets. 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" during a period. General Fund: The General Fund accounts for all financial transactions of the County that are not properly accounted for in other funds. Ordinary operations of the County such as public safety, county administration and other activities financed from taxes and general revenue are reflected in this fund. Special Revenue Funds: Special Revenue Funds are established to account for taxes or other earmarked revenue of the County which finance specified activities as required by law or administrative action. Capital Projects Funds: Capital Projects Funds are established to account for financial resources used for the acquisition or improvement of the capital facilities of the County. Special Assessment Funds: Special assessment funds are used to account for the financing of public improvements or services deemed to benefit the properties against which special assessments are levied. 32 880019 COUNTY OF WELD STATE OF COLORADO NOTES TO FINANCIAL STATEMENTS (Continued) Year Ended December 31 , 1986 Proprietary Fund Types: All proprietary funds and pension trust funds are accounted for on a cost of services or "capital maintenance" measurement focus. This means that all assets and all liabilities (whether current or non-current) associated with their activity are included on their balance sheets. Their reported fund equity (net total assets) is segregated into contributed capital and retained earnings components. Proprietary fund type operating statements present increases (revenue) and decreases (expenses) in net total assets. Internal Service Funds: Internal Service Funds are established to account for goods and services provided to other departments of the County on a cost-reimbursement basis . Fiduciary Fund Types: Trust and Agency Funds: Trust and Agency Funds are established to record transactions relating to assets held by the County in the capacity of trustee, custodian or agent for individuals, governmental entities and non-public 1 organizations. These include expendable trust, _ 1 pension trust and agency funds. Fixed Assets, Long-term Liabilities and Long-term Receivables: The accounting and reporting treatment applied to the fixed assets and long-term liabilities associated with a fund are determined by its measurement focus as discussed above. All fixed assets are valued at historical cost or estimated historical cost if actual historical cost is not available. Donated fixed assets are valued at their estimated fair value on the date donated. Fixed assets used in governmental fund type operations are accounted for in the General Fixed Assets Account Group, rather than in governmental funds. Acquisitions of general fixed assets are recorded as capital outlay expenditures within the governmental funds. Public domain ("infrastructure") general fixed assets consisting of roads, bridges and rights-of-way are not capitalized. No depreciation has been provided on general fixed assets. 33 880019 COUNTY OF WELD STATE OF COLORADO NOTES TO FINANCIAL STATEMENTS (Continued) Year Ended December 31 , 1986 Depreciation of all exhaustible fixed assets used by Internal Service Funds is charged as an expense against their operations. Accumulated depreciation is reported on Internal Service Fund balance sheets. Depreciation has been provided using the straight line method over the estimated useful lives, as follows: Buildings 30 years Land Improvements 20 years Equipment and furniture 3-10 years Recognition of governmental fund type revenue represented by non-current receivables not expected to be collected in the current period is deferred until they become current receivables. Fund balance is reserved for other long-term receivables which will not be collected in the current period. Basis of Accounting: Basis of Accounting refers to when revenue and expenditures or expenses are recognized in the accounts and reported in the financial statements. Basis of accounting relates to the timing of the measurements made, regardless of the measurement focus applied. The governmental funds, expendable trust funds, and agency funds utilize the modified accrual basis of accounting. Under this method revenues are recognized when measurable and available. Primary revenues susceptible to accrual are taxes, grant revenues and investment earnings. Property tax is reported as a receivable (less estimated uncollectible amounts) when the levy is certified and as a revenue when collected. Other taxes are also reported as revenue when collected. Grant revenue is recognized as qualifying expenditures are incurred, and investment earnings are accrued over the life of the investment. Expenditures are generally recognized when the related fund liability is incurred except for long-term liabilities such as accrued vacation and sick leave which is recorded when payable from current available financial resources. Proprietary funds and pension trust funds follow the accrual basis of accounting whereby revenue is recognized in the year in which it is earned and becomes measurable. Expenses are recorded when liabilities are incurred. 34 880019 COUNTY OF WELD STATE OF COLORADO NOTES TO FINANCIAL STATEMENTS (Continued) Year Ended December 31, 1986 Agency funds are custodial in nature (assets equal liabilities) and do not involve measurement of results of operations. Encumbrances: Weld County utilizes the encumbrance method of recording commitments related to unperformed contracts for goods and services. Under this method, outstanding encumbrances at year end are recorded as a reservation of fund balance since they do not constitute expenditures or liabilities. An appropriation is made in the subsequent year to provide authority to complete the transaction. Budget: An annual budget and appropriation ordinance is adopted by the Board of County Commissioners in accordance with the Colorado State Budget Act and Weld County Home Rule Charter. The budget is prepared on a basis consistent with generally accepted accounting principles for all governmental, proprietary and expendable trust funds. The accounting system is employed as a budgetary management control device during the year to monitor the individual departments (level of classification at which expenditures may not legally exceed appropriations) . All annual appropriations lapse at year end. The Director of Finance and Administration is authorized to transfer budgeted amounts within departments of each fund. Any revisions that alter the total appropriation for each department must be approved by the County Commissioners through a supplemental appropriation ordinance. During 1986, three supplemental appropriation ordinances were enacted. Budget amounts reported in the accompanying financial statements include these supplemental appropriations. Property Taxes: Property taxes attach as an enforceable lien on property as of January 1 . Taxes are levied no later than November 15 and are payable in the following year in two installments on March 1 and August 1, or in full on April 30. The County, through the Weld County Treasurer, bills and collects its own property taxes as well as property taxes for all school districts, cities and towns and special districts located within the County. In accordance with Section 14-7 of the 35 RQfllta COUNTY OF WELD STATE OF COLORADO NOTES TO FINANCIAL STATEMENTS (Continued) Year Ended December 31, 1986 Weld County Home Rule Charter, all ad valorem tax levies for County purposes, when applied to the total valuation for assessment of the County, shall be reduced so as to prohibit the levying of a greater amount of tax revenue than was levied from ad valorem taxation in the preceding year, plus five per cent (5%) , except to provide for the payment of bonds and interest. The Board of County Commissioners may submit the question of an increased levy to the County Council, and if in the opinion of a majority of the County Council the Ccunty is in need of additional funds, the Council may grant an increased levy for the County in such amount as it deems appropriate, and the County is authorized to make such increased levy. Any one capital project requiring a capital expenditure out of funds procured by ad valorem taxation equal to a three mill levy for three years, shall be prohibited unless approved by a majority vote of the qualified electors at a general or special election per Section 14-8 of the Weld County Home Rule Charter. The original January 1, 1986 levies for the applicable funds of the County are as follows: Levy Mills Amount General Fund 11.466 $ 10, 165,112 Road & Bridge 3.143 2,786,578 Social Services Fund 2.412 2, 138,001 Contingent Fund .787 697,889 Capital Expenditures Fund .629 557,525 North Colorado Medical Center Trust Fund .329 291,725 IGS - Insurance .576 511,095 TOTAL 19.342 $ 17,147,925 Investments: Investments of the pension trust funds are stated at fair market value. Inventories: Inventories of governmental funds, which consist of expendable materials held for consumption, are stated at the lower of cost, determined by the first-in, first-out method or market. These funds follow the consumption method of accounting whereby expenditures are recorded at the time the inventory items are used. 36 88001s COUNTY OF WELD STATE OF COLORADO NOTES TO FINANCIAL STATEMENTS (Continued) Year Ended December 31 , 1986 Inventories of proprietary funds are recorded at the lower of average cost or market. Interfund Transactions: Interfund transactions resulting from reimbursements, operating transfers, and charges for services rendered, are recorded as due to or due from other county funds. Advance to Other Funds: Non-current portions of long-term interfund loans receivable (reported in "Advance to" asset accounts) are equally offset by a fund balance reserve account which indicates that they do not constitute "available spendable resources" since they are not a component of net current assets. Current portions of long-term interfund loans receivable (reported in "Due From" asset accounts) are considered "available spendable resources". Sick-leave and Vacation Pay: Accrued vacation and sick pay for the governmental funds are accounted for in the General Long-Tern Debt Account Group. Sick-leave is earned when vested and recorded as an expenditure in the applicable fund when paid. In the event of retirement or termination, an employee whose date of hire is prior to January 1, 1985 is paid for 50% of accumulated sick-leave hours up to the equivalent of one month. At December 31, 1986, the liability for accumulated sick-leave approximated $593,820. Unused vacation time is forfeited after 24 months from date { earned. Upon termination or retirement, employees are paid for their accrued vacation. At December 31, 1986, the liability for accumulated vacation approximated $469,726. Vacation is recorded as an expenditure in the applicable fund when paid. Vacation and sick-leave are accrued in the Proprietary Fund Types when earned. Grant Revenue: A receivable is generally recorded at the time a grant is awarded. Grant revenue is deferred and recognized when qualifying expenditures are incurred. Grant revenue is recognized to the extent of qualified expenditures incurred. 37 880019 COUNTY OF WELD STATE OF COLORADO NOTES TO FINANCIAL STATEMENTS (Continued) Year Ended December 31 , 1986 Non-federal In-kind Contributions: Volunteers assist the various programs of the Human Resources Fund (a special revenue fund) in providing transportation and various other program functions. The volunteer labor is recognized as a contributed revenue at $3.35 per hour. Certain volunteer labor is recorded at higher rates based upon the individual's professional experience. Volunteer mileage is recorded at 20c per mile. Donated food, clothing, and othcr goods are recognized as contributed revenue at their fair market value. An offsetting in-kind expenditure is also recorded for the value of the donated goods and services. Total Columns on General Purpose Financial Statements: Total columns on the General Purpose Financial Statements are captioned Memorandum Total to indicate that they are presented only to facilitate financial analysis. Data in these columns do not present financial position, results of operations, or changes in financial position in conformity with generally accepted accounting principles. Neither is such data comparable to a consolidation. Interfund eliminations have not been made in the aggregation of this data. Note 2 — Equity in Pooled Cash and Investments, Cash, and Investments: The County maintains a cash and investment pool that is available for use by all funds except the Pension Trust Fund. Each fund's share is displayed on the balance sheets as "Cash and Investments". Several of the County's funds also hold investments on their own account. The cash and investments of the Pension Trust Fund are held separately from those of the other County funds. Deposits: At year-end, the carrying amount of the county's deposits was $17, 197,819. Of this amount, $903,265 was covered by Federal deposit insurance and the remainder was collateralized with securities held by the pledging financial institution's trust departments or agents in the County's name. Investments: Statutes authorize the County to invest in obligations of the U.S. Treasury, agencies, and instrumentalities, commercial paper, and repurchase agreements. The Pension Trust Fund is also authorized to invest in corporate bonds and mortgages. 38 88°013 COUNTY OF WELD STATE OF COLORADO NOTES TO FINANCIAL STATEMENTS (Continued) Year Ended December 31, 1986 The County's investments are categorized to give an indication of the level of risk assumed by the entity at year-end. Category 1 includes the investments that are insured or registered or for which the securities are held by the County or its agent in the County's name. Category 2 includes uninsured and unregistered investments for which the securities are held in the County's name. Carrying Market Category 1 Category 2 Amount Value Federal Funds $ 4,200,000 $ 0 $ 4,200,000 $ 4,200,000 Certificate of Deposit 12,870,300 0 12,870,300 12,870,300 U.S. Government Securities 5,728,723 0 5,728,723 5,720,661 Common Stock 10,966,878 0 10,966,878 10,966,878 Corporate Bonds 2,921,405 0 2,921,405 2,921,405 Mortgages 0 877,226 877,226 877,226 TOTALS $36,687,306 $ 877,226 $37,564,532 $37,556,470 The Pension Trust Fund owns approximately 50% of the investments in Category 1 and 100% of the investments in Category 2. The County incurred approximately $48,000 of losses on sales of investments during the year. Note 3 — Receivables: The allowance for uncollectible receivables consists of the following at December 31, 1986: Allowance For Fund Uncollectibles General $ 246,777 Special Revenue 54, 192 Capital Projects 3,119 Internal Service 5,072 Trust & Agency 4,263 TOTAL $ 313,423 8869019 COUNTY OF WELD STATE OF COLORADO NOTES TO FINANCIAL STATEMENTS (Continued) Year Ended December 31, 1986 Note 4 — Individual Fund Interfund Receivable and Payable Balances: Interfund receivable and payable balances at December 31 , 1986 are as follows: Interfund Interfund Receivables Payables General Fund $ 61,759 $ 303,381 Special Revenue Funds: Road and Bridge Fund 70,632 160,418 Social Services Fund 877 32,473 Public Health Fund -0- 7,566 Human Resources Fund 100,477 50,758 Solid Waste Fund -0- 10,947 Housing Authority Fund 1,245 7,343 Capital Expenditures Fund 23 23 Special Assessment Funds: Improvement District Number 1983-2 Elmore Road -0- 3,035 Antelope Hills 42,030 57,503 Internal Service Funds: Motor Vehicle Fund 170,324 1,068 Printing and Supply Fund 34,859 6,626 Computer Services Fund 119,722 30,582 Insurance Fund 4,788 -0- PBX Fund 63,636 6 Trust and Agency Funds: Payroll Agency Fund 5,482 50 Health Insurance Fund 767 4,842 TOTAL $ 676,621 $ 676,621 Note 5 - Special Assessments: Weld County has three Special Assessment funds which are on the Treasurer's Role for improvements to be paid for by the property owners. 40 880019 COUNTY OF WELD STATE OF COLORADO NOTES TO FINANCIAL STATEMENTS (Continued) Year Ended December 31, 1986 The following schedule shows the assessment amount due for each fund: Year Ended Elmore Antelope December 31, 1986 Road Road 5 Hills Total 1987 $ 946 $100,000 $ 2,703 $ 103,649 1988 946 100,000 2,703 103,649 1989 946 100,000 2,703 103,649 1990 946 100,000 2,703 103,649 1991 944 100,000 2,703 103,647 Thereafter -0- 475,000 13,515 488,515 Total Assessment Receivable $4,728 $975,000 $27,030 $1,006,758 Note 6 - Transfers: Cash is transferred from one fund to support expenditures of other funds in accordance with authority established for the individual fund. Transfers within fund types have been eliminated. A summary of interfund transfers by fund type is as follows: Transfer From Transfer To Special Capital Special Trust/ Operating General Revenue Projects Assessment Agency Total Transfer: General $ -0- $1,078,666 $200,000 $ -0- $3,704 $1,282,370 Special 59,140 1,799,711 180,000 15,000 -0- 2,053,851 Trust & Agency -0- -0- -0- 15,474 -0- 15,474 Total: $59,140 $2,878,377 $380,000 $30,474 $3,704 $3,351,695 Note 7 - Changes in General Fixed Assets: A summary of changes in general fixed assets follows: Balance Balance 1/1/86 Additions Deletions 12/31/86 Land $ 1,577,227 $ 11,724 $ -0- $ 1,588,951 Improvements other than buildings 206,466 11,545 -0- 218,011 Buildings 17,851,656 886,368 -0- 18,738,024 Machinery and equipment 2,774,342 580,003 306,021 3,048,324 Total $22,409,691 $1,489,640 $ 306,021 $23,593,310 41 880019 COUNTY OF WELD STATE OF COLORADO NOTES TO FINANCIAL STATEMENTS (Continued) Year Ended December 31, 1986 Transfers among departments of $164,247 are not included above. Note 8 - Capital Lease Obligation: During 1986, Weld County entered into two separate agreements for the lease of phone systems. The terms of each agreement provide options to purchase the equipment at any time during the five or seven year lease term. Both leases meet the criteria of a capital lease as defined by Statement of Financial Standards No. 13 "Accounting for Leases" The present value of tnede lease obligations, $219,949 was capitalized as equipment in the general fixed assets account group and a similar amount was recorded as an obligation in the long-term debt account group. The following is a schedule of the future minimum lease payments under the capitalized leases together with the present value of the net minimum lease payments as of December 31, 1986. Human Social Year Ending December 31, Resources Services Total 1987 $ 17,802 $ 29,645 $ 47,447 1988 17,802 29,645 47,447 1989 17,802 29,645 47,447 1990 16,318 29,645 45,963 1991 0 29,648 29,648 Thereafter 0 27,262 27,262 Total minimum lease payments 69,724 175,480 245,214 Less: Amount representing interest (11,842) (42,891) (54,733) Present value of net minimum lease payments $ 57,882 $132,599 $190,481 Note 9 - Tax Anticipation Notes: In 1986 Weld County issued tax anticipation notes, Series 1986A, in the amount of $2,675,000. Weld County was authorized in accordance with Section 29-15-1, CRS, 1986, to issue by resolution tax anticipation notes in an amount not to exceed fifty percent of all taxes estimated by the County in the current fiscal year. At December 31, 1986 all bonds were due and payable. $1,450,000 of the bonds were not redeemed by bondholders until 1987. Interest ceased to accrue on the redemption date of December 31, 1986. 42 SRRf ni Q COUNTY OF WELD STATE OF COLORADO NOTES TO FINANCIAL STATEMENTS (Continued) Year Ended December 31 , 1986 Note 10 - Changes in Long-Term Debt: The following is a summary of long-term debt transactions of the County of Weld for the year ended December 31 , 1986: Balance Balance 1/1/86 Additions Reductions 12/31/86 Phone Lease Obligation (Note 8) $ 219,959 $ -0- $ 29,478 $ 190,481 Vacation & Sick Leave 962,324 101 ,222 $ -0- $1,063,546 TOTAL $1,182,283 $101 ,222 $ 29,478 $1,254,027 Sick leave and vacation accruals for Governmental Fund types are recorded in this fund together with the capital lease obligations for government funds. Weld County has no general bonded indebtedness. In accordance with Section 30-35-201 , CRS, 1973, the limit of Weld County's general bonded indebtedness is 3% of the assessed valuation or $26,596,928 as of December 31, 1986. At December 31, 1986, there are $800,000 of special assessment • bonds payable. The bonds were issued to pay for road construction and are to be repaid through collection of an assessment of the property owners (see Note 5) . The bonds which bear interest between 8.5% - 10.5% mature as follows: $100,000 each year from 1987 through 1991 and $300,000 thereafter. Note 11 - Fund Balance Reserves: Reserves for the County of Weld consist of: Reserve for Advances - to Special Assessment Funds: These reserves were established in conjunction with an assessment of a designated group of taxpayers. As the assessments are collected, the advance is repaid. Reserve for Encumbrances: These reserves are established to record purchase orders and commitments outstanding for which the related goods/services have not been received at year end. 43 880019 COUNTY OF WELD STATE OF COLORADO NOTES TO FINANCIAL STATEMENTS (Continued) Year Ended December 31 , 1966 Reserve for Prepaid Items: These reserves are established to record all prepaid items. Reserve for Employee Benefits: These reserves are established to record the Pension Benefit obligation of the Weld County Retirement Plan. Reserve for Advances — to Internal Service Funds: These reserves were established to record a temporary loan of cash flow for a supply inventory. Designated Fund Balance: Fund balance designated for subsequent year's expenditures represents fund balance commitments for appropriated expenditures in excess of anticipated revenue for the year ending December 31, 1987. The following is a summary of all reported reserves by fund type: Special Capital Trust and Reserves General Revenue Projects Agency Total Advance to Spe- cial Assess- ment Fund $ 31,758 $ 75,000 $ -0- $ -0- $ 106,758 Advance to Internal Ser- vice Fund 80,000 -0- -0- -0- 80,000 Encumbrances 121,524 1,493,900 116,887 -0- 1,732,311 Inventories 30,734 839,270 -0- -0- 870,004 Prepaid Items 24,362 33,432 -0- -0- 57,794 Employee Benefits -0- -0- -0- 20, 121,008 20,121,008 TOTAL $288,378 $2,441,602 $116,887 $20, 121,008 $22,967,875 44 880019 COUNTY OF WELD STATE OF COLORADO NOTES TO FINANCIAL STATEMENTS (Continued) Year Ended December 31 , 1986 Note 12 — Prior Period Adjustment: An adjustment was made to move all reserves for claims incurred but not reported from a reservation of fund equity to a liability. The net result is as follows: Fund Balance/ Fund Balance/ Retained Earnings Retained as Previously Earnings Reported Adjustment as Adjusted Internal Service Fund: Insurance $ 703,051 $503,200 $ 199,851 Expendable Trust Fund: Health Insurance $ 982,845 $ 80,877 $ 901,968 Note 13 — Other Required Individual Fund Disclosures: The deficit fund balance of the Special Assessment Funds (Improvement District Road 5 — $765,020, Improvement District Number 1981-2 Elmore Road - $1,099 and Antelope Hills Special Assessment - $24,326) arose because of the application of generally accepted accounting principles to the financial reporting for such funds. Special assessments are recognized as revenue only to the extent that individual installments are considered to be available, spendable resources. The deficit will be reduced and eliminated as deferred special assessment installments become available, spendable resources. Excesses of expenditures over appropriations in individual funds are as follows: Revised Over- Appropriation Expenditures expenditure Special Revenue Funds: Social Services $ 13,322,972 $ 13,370,428 $(47,456) This excess of expenditures over appropriations in the Social Services Fund is attributable to an increase in load of welfare recipients. In—kind contributions and expenditures are not included as budgetable items. 45 880019 COUNTY OF WELD STATE OF COLORADO NOTES TO FINANCIAL STATEMENTS (Continued) Year Ended December 31 , 1986 The District Court, County of Weld, State of Colorado in a Court Order dated January 28, 1983 in Case Number 80CV1091 decreed that in accordance with Section 29-1-111 .5, CRS, 1973, Weld County can designate specific ownership tax directly to the Road and Bridge Fund. In accordance with Section 8-44-110, CRS, 1973, a property tax mill levy may be used to fund the self-insurance program for local county activities. Note 14 - Weld County Retirement Plan: The Weld County Retirement Plan is a trusteed defined benefit pension plan. All full time employees (except officers and employees of any Federally-funded program which excludes them) are required to participate in the plan. At December 31, 1986 the number of participating employees was 835, and the membership consisted of: Retirees and beneficiaries currently receiving benefits and terminated employees entitled to benefits but not yet receiving them: 185 Current Employees: Vested: 291 Nonvested: 359 TOTAL 835 The Weld County Retirement Plan, established in 1969 provides for pension, death, and disability benefits. All benefits are fully vested after 8 years of service, except elected officials, who are fully vested regardless of years of service. Employees are required to contribute 5.5%, by directive of the retirement board, to the Retirement Plan which is equally matched by the County. Contributions during 1986 for both the County and the employees totalled $1,487,861. The Weld County Retirement Plan is accounted for using the accrual basis of accounting. Employee and employer contributions are recognized as revenues in the period in which employee services are performed. Investments are reported at market. Investment income is recognized over the life of the investments. 46 880019 COUNTY OF WELD STATE OF COLORADO NOTES TO FINANCIAL STATEMENTS (Continued) Year Ended December 31 , 1986 The amount shown below as "Pension Benefit Obligation" is a standardized disclosure measure of the present value of pension benefits, adjusted for the effects of projected salary increases, estimated to be payable in the future as a result of employee service to date. The measure is the actuarial present value of credited projected benefits and is independent of the funding method used to determine contributions to the Plan. The "Pension Benefit Obligation" was determined as part of an actuarial valuation at January 1, 1987. The actuarial assumptions used include: A) Rate of return on the investment of present and future assets of 7.5% per year compounded annually, and B) Earnings progression at various rates depending on attained age from 8.5% for age 25 to 6.3% for age 64. At December 31 , 1986 there are assets in excess of the pension benefit obligation of $4,284,496 as follows: Pension Benefit Obligation: Retirees and Beneficiaries Currently Receiving Benefits $ 3,988,439 Terminated Vested Employees Not Yet Receiving Benefits 66,301 Current Employees: Accumulated Employee Contributions Including Allocated Investment Income 4,507,102 1 Employer Financed Vested 5,287,047 Employer Financed Nonvested 1,987,622 Total Pension Benefit Obligation: 15,836,511 Net Assets Available for Benefits (Market Value) : 20,121,008 Assets in Excess of Pension Benefit Obligation: $ 4,284,496 Information on the effects of current year changes in actuarial assumptions and benefit provisions on the pension benefit obligation is not presented as it is not available. 47 880019 COUNTY OF WELD STATE OF COLORADO NOTES TO FINANCIAL STATEMENTS (Continued) Year Ended December 31, 1986 Note 15 — Deferred Compensation: Effective January 1, 1984, as allowed by the provisions of Section 24-52-101, et. seq. , CRS, 1973, and by Section 457 of the Internal Revenue Code of 1954, as amended, the County of Weld established the Deferred Compensation Plan of the County of Weld. The plan is a special voluntary benefit plan for public employees, in which a portion of the employee's earnings can be set aside and invested, free of current income taxes. Up to 25% of the employee's gross income can be deferred, not to exceed $7,500 annually. Compensation deferred by a participant under the plan and earnings on deferred amounts must remain solely the property of Weld County until paid to the participant or the participant's beneficiary. The County holds these funds in custody for the participants and exercises no discretion over the investment of the funds. The participants election of investments determines the risk factor he is willing to absorb. Note 16 — ContinEent Liabilities: The County is currently the defendant in several lawsuits. Based upon the opinion of legal counsel, these claims would be covered by insurance and/or there does not appear to be a threat of significant liability to the County. Self—insurance for liability exposure is maintained by the Insurance Fund in the Internal Service Fund group. Self-insurance is in effect for incidents up to June 30, 1986 for property, casualty, and liability losses up to $100,000 per occurrence. Losses greater than $100,000 per occurrence, and those in excess of the aggregate stop loss, were insured by private insurance companies. County-wide annual aggregate stop loss limit was $340,000. Effective July 1, 1986, Weld County joined Colorado Counties, Incorporated's Casualty and Property Pool (CAPP) which covers all casualty and property claims with a $500 deductible for first party property claims. Worker's Compensation remains self—insured with a $200,000 per occurrence and $200,000 aggregate annual stop loss limit. Private insurors cover claims above the stop loss limit for all types of insurance. The County participates in a number of federal and state grant programs. Principal funding agencies include the Office of Revenue Sharing, Department of Labor, Community Services Administration, Department of Health and Human Services, Department of Housing and Urban Development, and Area Agency on Aging. These programs are subject to program compliance audits by the grantors or their representatives. 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COUNTY OF WELD STATE OF COLORADO CLRLXAL FOND BALANCE SHEET December 31, 1986 and 1985 1986 1985 ASSETS ASSETS: Cash and short term investments $ 2,874,747 $ 1,206,795 Cash - other 23,500 120,083 Receivables (net of allowance for uncollectibles): Current property tax 10,620,045 10,165,112 Delinquent property tax 244,400 190,169 Accounts - Ambulance service 223,355 257,286 Accounts - Other 132,485 117,286 Due from other county funds 61,759 198,440 Due from other governmental units 235,553 235,312 Advances to other funds 111,758 86,738 Inventories 30,734 32,248 Prepaid expenses 24,362 21,556 TOTAL ASSETS $ 14,582,698 $ 12,626,025 LIABILITIES AND FUND BALANCE LIABILITIES: Accounts payable $ 118,346 $ 154,799 Accrued liabilities 585,408 463,398 Due to other governments 9,199 114,253 Due to other county funds 303,381 693,783 Deferred revenue 10,864,445 10,340,958 Unexpended grant revenue - 102,037 120,619 Other liabilities 600 0 Bonds payable 1,450,000 0 TOTAL LIABILITIES 13,433,416 11,887,810 FUND BALANCE: Reserve for encumbrances 121,524 78,737 Reserve for advances to other funds 111,758 86,738 Reserve for inventories 30,734 32,248 Reserve for prepaid items 24,362 21,556 Unreserved: Designated for subsequent year's expenditures 141,987 270,000 Undesignated 718,917 248,936 TOTAL FUND BALANCE 1,149,282 738,215 TOTAL LIABILITIES AND FUND BALANCE $ 14,582,698 $ 12,626,025 49 886019 COUNTY OF WELD STATE OF COLORADO GENERAL FIND Schedule Of Revenues Compared With Estimate December 31, 1986 With Comparative Actual Amounts For Year Ended December 31, 1985 1986 1986 1986 1985 Estimate Actual Variance Actual TAXIS: General property tax $ 10,165,112 $ 10,141,669 $ (23,243) $ 9,742,573 Severance tax 16,000 3,348 (12,652) 17,988 Tobacco products 64,000 59,615 (4,385) 61,628 Penalties & interest 0 53,954 53,954 51,129 Total Taxes 10,245,112 10,258,786 13,674 9,873,318 LICENSES AND PERMITS: Liquor licenses 3,700 3,465 (235) 5,455 Planning permits 50,875 64,821 13,946 61,051 Building permits 267,000 249,658 (17,342) 249,274 Electrical permits 55,000 45,159 (9,841) 52,459 Total Licenses and Permits 376,575 363,103 (13,472) _ 358.239 INTERGOVERNMENTAL REVENUE: Contract payments 130,000 141,255 11,255 114,805 Grant o""23,059 860,379 37,320 660,171 State grants 0 0 0 484 District Attorney 38,000 38,000 0 37,819 Veterans Office 600 550 (50) 600 Cities & towns 69,500 104,228 34,728 77,943 Total Intergovernmental Revenue 1,061,159 1,144,412 83,253 891,822 CHARGES FOR SERVICES: Plan checking fees 13,500 5,387 (8,113) 6,663 Books 7,000 8,425 1,425 7,327 Charge for service 315,381 225,528 (89,853) 191,778 Sale of supplies 4,800 4,715 (85) 5,453 City contracts 96,337 82,012 (14,325) 65,649 Rescue unit fees 882,611 879,868 (2,743) 850,484 Parking 16,500 15,888 (612) 15,675 Refuse disposal 1,000 588 (412) 781 Weed spraying 15,000 15,299 299 13,354 Total Charges for Services 1,352,129 1,237,710 (114,419) 1,157,164 FINES AND FORFEITURES: Victim witness surcharge 2.5% (2,500) 0 2,500 0 Professional services (3,000) 0 3,000 2,105 Property forfeitures/evidence 0 2,905 2,905 11,134 Fines (drunk drivers) 18,750 64,293 45,543 56,216 Total Fines and Forfeitures 13,250 67,198 53,948 69,455 MISCELLANEOUS REVENUE: Miscellaneous 4,700 64,469 59,769 99,899 Earnings on investments 1,347,716 1,213,651 (134,065) 1,070,210 Oil & gas leases 0 2,180 2,180 2,265 Rents from buildings 132,900 156,101 23,201 140,039 Royalties 300,000 251,249 (48,751) 419,761 Car seat rentals 70,530 69,030 (1,500) 105,045 Special assessments 309,089 328,549 19,460 250,202 Car seat donations 0 3,872 3,872 3,100 In kind 65,200 60,908 (4,292) 61,766 DUI fees 66,596 5,011 (61,585) 6,275 Bond application fee 0 333 333 21,644 Public Trustee deeds 4,500 9,689 5,189 8,218 Sale of assets 0 11,540 11,540 2,351 Total Miscellaneous Revenue 2,301,231 2,176,582 (124,649) 2,190,775 FEE ACCOUNTS: Sheriff's fees 114,500 114,795 295 119,041 Clerk & Recorder fees 1,030,000 1,039,068 9,068 1,094,566 Treasurer's fees 366,000 461,171 95,171 378,421 Advertising 13,000 37,570 24,570 14,401 Assessor's fees 24,000 27,752 3,752 25,508 Total Fee Accounts 1,547,500 1,680,356 132,856 1,631,937 TOTAL REVENUE $ 16,896,956 $ 16,928,147 $ 31,191 $ 16,182,710 50 880019 cowry OF WELD STATE OF COLORADO GENERAL 6CND Schedule of Expenditures Compared with Budget December 31, 3986 With Comparative Actual Amounts For Year Ended December 31, 1985 1986 _ 19€6 1986 1985 Budget Actual Variance Actual GENERAL GOVERNMENT: Office of the board $ 248,411 $ 234,885 $ 13,526 $ 232,102 County attorney 309,345 306,852 2,493 273,113 Public Trustee 4,500 3,790 710 964 Planning and zoning 235,696 218,542 17,154 238,150 County Clerk 1,091,952 1,082,883 9,069 1,036,285 Elections and registration 3333,826 292,541 41,285 101,917 County Treasurer 548,438 477,176 71,262 367,274 County Assessor 941,105 934,441 6,664 838,522 Maintenance of buildings and grounds 1,062,929 1,027,203 35,726 994,751 County Council 24,799 10,839 13,960 17,349 District Attorney 1,000,943 977,800 23,143 863,805 Juvenile Diversion Grant 115,126 112,559 2,637 123,074 Victim Assistance 53,060 53,226 (166) 1,356 Pac - Diversion 48,183 38,975 9,208 0 Financial administration 125,198 122,225 2,973 119,854 General accounting 298,518 296,793 1,725 270,063 Purchasing 135,239 131,762 3,477 123,930 Personnel 204,837 203,171 1,666 288,210 PBX phone service 0 0 0 230,005 Total General government 6,782,105 6,525,593 256,512 6,120,744 PUBLIC SAFETY: Sheriff administration 1,120,665 1,069,162 51,503 1,084,774 Crime control and investigation 1,865,029 1,810,012 55,017 1,773,158 Posse - special deputies 6,607 5,355 1,252 944 Regional Forensic Laboratory 92,458 87,126 5,332 55,584 Communications Services 633,354 624,040 9,314 567,694 Communication system development 245,237 156,192 89,045 59,312 Ambulance services 937,006 834,270 102,736 851,691 County Coroner 65,925 62,394 3,531 54,934 Correctional administration 1,978,160 1,966,092 12,068 1,912,493 Community correction 172,000 170,242 1,758 236,161 Delinquents and other institutions 160,052 155,628 4,424 152,670 Public service - DUI 67,635 55,383 12,252 44,799 Building inspection 260,435 241,653 18,782 221,168 i Office of Emergency Management 45,514 39,045 6,469 36,050 Energy impact - Hasmat 49,863 23,559 26,304 33,719 Predatory animal control 8,000 8,000 0 8,000 Animal control 67,146 67,146 0 67,500 Pest/weed control 126,975 120,833 6,142 122,445 Total Public Safety 7,902,061 7,496,132 405,929 7,283,096 PUBLIC WORKS: General engineering 343,662 271,468 72,194 260,870 Extension service 180,447 169,737 10,710 159,560 • Veterans office 41,968 41,622 346 38,269 Airport 0 0 0 60,000 Total Public Works 566,077 482,827 83,250 518,699 PUBLIC HEALTH AND WELFARE: Mental health 69,458 69,458 0 69,458 Developmentally disabled 39,148 39,148 0 36,587 Seniors programs 10,500 10,500 0 10,000 Patient advocacy 50,000 50,000 0 0 Total Public Health and Welfare 169,106 169,106 0 116,045 (Continued on next page) 51 880019 COUNTY OF WF.ID STATE OF COLORADO GENERAL FUND Schedule of Expenditures Compared with Budget December 31, 1986 With Comparative Actual Amounts For Year Ended December 31, 1985 1986 1986 1986 1985 Budget Actual Variance Actual MISCELLANEOUS: Tax anticipation notes $ 17,700 $ 17,700 $ 0 $ 0 Other 203,595 200,248 3,347 554,879 IRB building rents 69,030 69,030 0 103,545 Total Miscellaneous Expenditures 290,325 286,978 3,347 658,424 CULTURE AND RECREATION: Missle site park 3,089 2,537 552 24,850 County fair 25,359 84,025 (58,666) 70,771 Total Culture and Recreation 28,448 86,562 (58,114) 95,621 CONSERVATION OF NATURAL RESOURCES: Northern Colorado Research Center 3,000 3,000 0 3,000 Creeley West Soil Conservation 3,025 3,025 0 7,264 Total Conservation of Natural Resources 6,025 6,025 0 10,264 CAPITAL OUTLAY: Equipment 131,889 69,650 62,239 110,985 Total Capital Outlay 131,889 69,650 62,239 110,985 DEBT SERVICE: Tax anticipation notes 170,978 170,977 1 0 Total Debt Service 170,978 170,977 1 0 TOTAL EXPENDITURES $ 16,047,014 $ 15,293,850 $ 753,164 $ 14,913,878 (Continued from Preceeding Page) 52 880019 COUNTY OF WELD SLATh OF COLORADO GENERAL FUND Schedule of Operating Transfers-In Compared with Estimate December 31, 1986 With Comparative Actual Amounts For Year Ended December 31, 1985 1986 1986 19E6 1985 Estimate Actual Variance Actual OPERATING TRANSFERS - IN: Non-Departmental $ 0 $ 0 $ 0 $ 310,000 Pac - Diversion 72,132 59,140 (12,992) 0 TOTAL OPERATING TRANSFERS-IN $ 72,132 $ 59,140 $ (12,992) $ 310,000 Schedule of Operating Transfers-Out Compared with Budget December 31, 1986 With Comparative Actual Amounts For Year Ended December 31, 1985 1986 1966 1986 1985 Budget Actual Variance Actual OPERATING TRANSFERS - OUT: Appropriation grants-in-aid $ 1,191,585 $ 1,282,370 $ (90,785) $ 1,986,123 TOTAL OPERATING TRANSFERS-OUT $ 1,191,565 $ 1,282,370 $ (90,785) $ 1,986,123 I 53 880019 fft :1‘44 vine COLORADO 54 880019 jfy I;,l,} t+Cj A 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'3J • •s• Ri�';pa�},1 £• ..%;e .• - ,a 4 a: Y - If z COUNTY OF WELD STATE OF COLORADO SPECIAL REVENUE FUNDS EXPLANATIONS OF INDIVIDUAL FUNDS December 31 , 1986 Road and Bridge Fund: The Road and Bridge Fund records all costs related to Weld County road and bridge construction and maintenance. This fund is also utilized for allocation of monies to cities and towns for use in their road and street activities. Social Services Fund: The Social Services Fund accounts for the various public welfare programs administered by the County. Federal Revenue Sharing Fund: Federal Revenue Sharing entitlements and expenditures are recorded in this fund in accordance with the regulations of the Office of Revenue Sharing. Conservation Trust Fund: The Conservation Trust Fund accounts for revenue received from the State of Colorado to be used for the acquisition, development and maintenance of new and existing conservation sites within Weld County. The funds are derived from the Colorado State Lottery. Contingent Fund: The Contingent Fund records any property tax revenue levied by the Board of County Commissioners to cover reasonably unforeseen expenditures. Public Health Fund: The Weld County Public Health Department provides health services to County residents. The fund reflects revenue and expenditures for health care, health education, health monitoring and other related activities. Human Resources Fund: The Human Resources Fund accounts for various Federal and State human service grants. Primary funding agencies are DOL, hHS, and CSA. °lid Waste Fund: This fund accounts for revenue received from a surcharge on dumping fees at solid waste disposal sites for the purpose of combating environmental problems and for further improvement and development of landfill sites within the County. .sousing Authority Fund: The Housing Authority Fund accounts for various federal housing grants - primary funding agent is HUD. 55 880019 COUNTY OF WELD STATE OF COLORADO SPECIAL REVENUE iUR1S COMBINING BALANCE SHEET DeceuLer 37, 1986 With Comparative Actual Amounts For Year Ended Decerber 31, 7.985 Federal Ford nnd Social Revenue Conservation Eridge Services Sharing Trust Contingent Fund Fund Fund Fund Fund ASSETS ASSETS: Cash and short term $. 46,047 investments $ 2,402,664 $ 1,355,098 $ 0 $ 122,879 Cash - other 4,156 4,150 0 0 0 Receivables (net where applicable of allowance for uncollectibles): Current property tax 3,392,578 2,271,834 0 0 950,723 Delinquent property tax 66,465 51,:74 0 0 13,160 Accounts 33,929 (321) 0 0 0 Due from other county funds 70,632 877 0 0 0 Due from other governmental units 323,074 0 0 0 0 Advances to other funds 0 0 0 0 0 Inventories 814,944 0 0 0 0 Prepaid items 0 3,163 0 0 0 TOTAL ASSETS $ 7,108,442 $ 3,686,175 S 0 $ 122,879 $ 1,009,930 LIABILITIES AND FUND BALANCE LIABILITIES: Voucher and warrants 0 $ 0 payable $ 57,242 $ 2,265 $ 0 $ Accrued liabilities 119,721 51,544 0 0 0 Due to other governmental 0 units 43,622 1,242,639 0 0 Due to other county funds 160,418 32,473 0 0 0 Deferred revenue 3,459,043 2,323,208 0 0 963,863 Unexpended grant revenue 0 0 0 0 0 Other liabilities 0 20,050 0 0 0 Total Liabilities 3,840,046 3,672,179 0 0 963,883 FUND BALANCE: Reserved: Reserve for encumbrances 1,252,710 0 0 0 0 0 11,932 Reserve for inventories 814,944 0 0 Reserve for prepaid items 0 3,163 0 0 Reserve for advances 0 0 0 0 0 Unreserved: ` Designated for subsequent 0 year's expenditures 1,280,000 0 0 0 Undesignated (79,258) 10,833 0 110,947 46,047 Total Fund Balance 3,268,396 13,996 0 122,879 46,047 TOTAL LIABILITIES AND FUND BALANCE $ 7,108,442 $ 3,686,175 $ 0 $ 122,879 $ 1,009,930 56 880019 Public Koran Solid Reusing Total Health Resources Waste Authority December 31 December 31 Fund Fund Fund Fund 1966 1985 $ 225,376 $ 636,423 $ 117,481 $ (6,620) $ 4,899,348 $ 4,499,199 200 75 0 16,054 24,635 21,143 O 0 0 0 6,615,135 5,615,952 O 0 0 0 130,999 93,750 30,194 131,632 15,613 0 211,047 177,916 0 100,477 0 1,245 173,231 480,265 153,257 1,332,743 0 172,775 1,981,849 2,741,981 O 0 75,000 0 75,000 75,000 24,326 0 0 0 839,270 597,260 0 1,288 0 28,981 33,432 19,226 $ 433,353 $ 2,202,638 $ 208,094 $ 212,435 $ 14,983,946 $ 14,321,692 S 8,981 $ 59,801 $ 93 $ 14,819 $ 143,201 $ 309,248 46,957 135,846 0 2,066 356,134 297,434 0 0 0 0 1,286,261 1,244,018 7,566 50,758 10,947 7,343 269,505 815,908 6,600 771 75,000 0 6,828,505 5,792,773 126,134 900,167 0 155,543 1,181,844 1,498,509 0 49,886 0 0 69,936 67,537 I 196238 1 86040 179,771 10,135,386 10,025,427 , , , , 5,229 67,494 0 156,535 1,493,900 444,267 24,326 0 0 0 839,270 597,260 O 1,288 0 28,981 33,432 19,227 O 0 75,000 0 - 75,000 0 0 0 0 0 1,280,000 544,808 207,560 936,627 47,054 (152,852) 1,126,958 2,690,703 237,115 1,005,409 122,054 32,664 4,848,560 4,296,265 $ 433,353 $ 2,202,638 $ 208,094 $ 212,435 $ 14,983,946 $ 14,321,692 57 880019 COUNTY OF WELD STATE OF COLORADO SPrCIAL RLVLNLE FUNDS COMBINING STATEF.ENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES December 31, 1986 With Comparative Actual Amounts For Year Ended December 31, 1985 Federal Road and Social Revenue Conservation Bridge Services Sharing Trust Contingent Fund Fund Fund Fund Fund REVENUES:Taxes $ 0 0 0 0 $ 746,047 3,685,947 $ 2,290,055 $ 0 $ Licenses and permits 217,457 0 0 Intergovernmental 3,499,935 11,018,374 868,748 138,0699 0 Charges for services 15,582 0 0 0 0 Fines and forfeitures 0 0 0 0 Miscellaneous 72,388 545 0 4,983 Earnings on investments 0 0 0 0 0 Total Revenues 7,491,309 13,308,974 _ 868,748 _ 143,052 746,047 EXPENDITURES: Current Operating: 0 0 0 Public works 8,022,912 0 0 0 Public health and welfare 0 13,313,626 0 0 0 0 0 Miscellaneous 0 40,180 0 0 178,790 0 Culture and recreation 0 0 0 Economic assistance 0 0 0 Capital outlay 0 16,622 0 00 0 Intragovernmental 488,119 0 0 0 Other items 0 0 0 Total Expenditures 8,511031 13,370,428 0 178,790 _. 0 EXCESS OF REVENUES OVER (UNDER) EXPENDITURES (1,019,722) (61,454) 868,748 (35,738) 746,047 OTHER FINANCING SOURCES: 0 0 Operating transfers - in 1,799,711 0 0 Operating transfers - out (15,000) (59,140) (1,219,711) 0 (700,000) Inception of lease 0 0 0 purchase agreements 0 0 Total Other Financing Sources (Uses) 1,784,711 (59,140) (1,219,711) 0 (700,000) EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES AND OTHER USES 764,989 (120,594) (350,963) (35,738) 46,047 FUND BALANCE AT BEGINNING OF YEAR 2,503,407 134,590 350,963 158,617 0 FUND B LANCE AT END OF YEAR $ 3,268,396 $ 13,996 S 0 $ 122,879 I____1_,___•6047 58 880019 Public Human Solid Housing Total Health Resources Waste Authority Thecember 31 December 31 Fund Fund Fund Fund 1986 1985 $ 0 $ 0 $ 0 $ 0 $ 6,722,049 $ 5,753,834 600 0 0 0 218,257 347,891 334,527 3,027,959 0 626,880 19,514,492 18,881,311 173,379 181,090 124,849 0 494,900 516,11.9 0 0 0 0 0 8,806 713 92,626 0 1,783 173,038 196,075 O 0 0 0 0 2,225 509,419 3,301,675 124,849 628,663 27,122,736 25,7066,261 O 0 0 0 8,022,912 8,029,280 1,177,770 0 0 0 14,491,396 13,632,564 O 0 0 24,871 69,451 134,502 90,965 O 0 0 178,790 635,452 O 3,496,029 0 557,454 4,053,483 3,854,860 5,157 0 0 3,986 25,765 149,542 O 0 0 0 488,119 465,517 0 • 0 0 0 0 11,635 1,182,927 3,496,029 24,871 630,891 27,394,967 26,869,815 • (673,508) (194,354) 99,978 (2,228) (272,231) (1,163,554) 644,829 433,837 0 0 2,878,377 2,919,728 O 0 (60,000) 0 (2,053,851) (2,294,042) O 0 0 0 0 219,949 644,829 433,837 (60,000) 0 824,526 845,635 • (28,679) 239,483 39,978 (2,228) 552,295 (317,919) 265,794 765,926 82,076 34,892 4,296,265 4,614,184 §---a-15- $ 1,005,409 $ 122,054 $ 32,664 $ 4,848,560 $ 4,296,265 880019 59 COUNTY OF WELD STATE OF COLORADO SPECIAL REVthLE i0NDS_ ROAD A O BRIDLE FLED Schedule of Revenues Compared with Estimate December 31, 1986 With Comparative Actual Amounts For Year Ended December 31, 1985 1986 1986 1986 1985 Estimate Actual Variance Actual TAXES: 2,786,578 $ 2,776,492 $ (10,086) $ 2,594,508 General property tax $ 860 000 894,665 14,665 949,116 Specific ownership taxes ' 0 14,790 14,790 13,087 Penalties & interest _ Total Taxes 3,666,578 3,685,947 19,369 3,556,711 LICENSES AND PERMITS: Moving permits 220,000 217,457 (2,543) 347,156 Total Licenses and permits 220,000 217,457 (2,543) 347,156 l;TERGOVERRYENTAL REVENUE: 1,000 0 (1,000) 0 Matching funds snow/gravel Mineral leasing 65,000 23,350 (41,650) 37,130 Grazing act 40,000 48,266 8,266 42,720 Payment in lieu of taxes 10,000 12,192 2,192 9,737 Grant 29,850 28,913 (937) 121,088 Motor vehicle registration fee 190,000 187,970 (2,030) 190,819 Highway user tax fund 4,128,888 3,199,244 (929,644) 2,864,307 Total Intergovernmental revenue 4,464,738 3,499,935 (964,803) 3,265,801 CHARGES FOR SERVICES: Charge for service 2000 15,582 - 13,582 _ 2,773 Total Charges for services 2,000 15,582 13,582 2,773 MISCELLANEOUS REVENUE: Other revenue 1,000 72,388 71,388 13,615 Total Miscellaneous revenue 1,000 72,388 71,388 13,615 TOTAL REVENUE $ 8,354,316 $ 7,491,309 1_21§122a) $ 7,186,056 60 880019 COUNTY OF WELD SPATE OF COLORADO SPECIAL kEVthOE kOrDS ROAD AND BRIDGE 1LbD Schedule of Expenditures Compared with Budget December 31, 1986 With Comparative Actual /mounts For Year Ended December 31, 1985 1986 1986 1986 1985 Budget Actual Variance Actual PUBLIC WORKS: Roadway construction $ 86,451 $ 0 $ 86,451 $ 4,624 Bridge construction 943,999 571,390 372,609 777,665 Maintenance of condition 1,691,902 1,632,520 59,382 1,699,332 Maintenance support 1,008,357 759,361 248,996 601,997 Trucking division 992,983 866,106 126,877 1,160,986 Mining division 724,423 643,153 81,270 686,568 Administration 174,887 170,782 4,105 153,673 Other public works 5,255,492 3,379,600 1,875,892 2,944,435 Total Public works 10,878,494 8,022,912 2,855,582 8,029,280 MISCELLANEOUS: Other 0 0 0 6,848 Total Miscellaneous 0 0 0 6,848 INTRAGOVERNM.ENTAL: Grants-in-aid to cities/towns 495,087 488,119 6,968 465,517 Total Intragovernmental 495,087 488,119 6,968 465,517 TOTAL EXPENDITURES $ 11,373,581 $ 8,511.031 $ 2,862,550 $ 8,501,645 Schedule of Operating Transfers-in Compared with Estimate December 31, 1986 With Comparative Actual Amounts For Year Ended December 31, 1985 1986 1986 1986 1985 I Estimate Actual Variance Actual j OPERATING TRANSFERS - IN: Non-Departmental a-$ 1 $ 1,799,711 $ 0 L1,409,042 TOTAL OPERATING TRANSFERS-IN $ 1,799,711 $ 1,799,711 $ 0 $ 1,409,042 Schedule of Operating Transfers-out Compared with Budget December 31, 1986 With Comparative Actual Amounts For Year Ended December 31, 1985 1986 1986 1986 1985 Budget Actual Variance Actual OPERATING TRANSFERS - OUT: Other public works 1- 2.___-$ 000- §.---L2._-$ 092. $ 0 $ 0 TOTAL OPERATING TRANSFERS-OUT $ , 15000 $ 15,000 $ 0 $ 0 61 8,S0319 COUNTY OF WELD STATE OF COLORADO SPECIAL REVENUE rUNDS SOCIAL SERVICES FUND Schedule of Revenues Compared with Estimate December 31, 1956 With Comparative Actual Amounts For Year Ended December 31, 1985 1986 1986 1986 1985 Estimate Actual Variance Actual TAXES: General property tax $ 2,138,001 $ 2,130,996 $ (7,005) $ 2,029,426 Specific ownership taxes 163,647 147,709 (15,938) 156,139 Penalties & interest 0 11,350 11,350 10,236 Total Taxes 2,301,648 2,290,055 (11,593) 2,195,801 INTERGOVERNMENTAL REVENUE: Contract payments 0 54,692 54,692 25,564 Federal shared 70,000 0 (70,000) 0 Direct assistance 10,897,927 10,963,682 65,755 10,233,109 Total Intergor rnmental Revenue 10,967,927 11,018,374 50,447 10,258,673 MISCELLANEOUS REVENUE: Sale of assets 0 545 545 0 Total Miscellaneous Revenue 0 545 545 0 TOTAL REVENUE $ 13,269,575 $ 13,308,974 $ 39,399 $ 12,454,474 62 880019 • COUNTY OF WELD STATESTAITTrE015577Do SPECIAL REVENUE FENDS SOCIAL SERVICES FUND Schedule of Expenditures Compared with Budget December 31, 1986 With Comparative Actual Amounts For Year Ended December 31, 1985 1986 1986 1986 1985 Budget Actual Variance Actual PUBLIC HEATLH AND WELFARE: Administrative - regular $ 2,830,000 $ 2,861,242 $ (31,242) $ 2,729,278 Administrative - IV-D 441,212 382,411 58,801 373,444 General assistance 90,000 91,098 (1,098) 98,484 Aid to the blind 7,051 7,051 0 9,088 Aid to families with dependent children 4,549,505 5,086,201 (536,696) 4,994,848 Aid to needy disabled 485,561 475,069 10,492 425,982 Foster care 1,315,668 1,317,291 (1,623) 974,046 Day care 378,000 373,182 4,818 332,728 Medicaid transportation 23,000 22,677 323 13,469 Old age pension 1,732,991 1,728,780 4,211 1,729,008 Placement alternative care 305,780 228,365 77,415 124,524 IV-D 0 (534,707) 534,707 (478,768) Administrative - LEAP 70,000 73,717 (3,717) 98,425 Low energy assistance 1,094,204 1,146,556 (52,352) 1,048,893 FEMA 0 54,693 (54,693) 25,564 Total Public Health and Welfare 13,322,972 - 13,313,626 9,346 12,499,013 MISCELLANEOUS Staff development 0 4,788 (4,788) (34,516) Staff Travel 0 35,392 (35,392) 34,516 Other 0 0 0 62,432 Total Miscellaneous 0 40,180 (40,180) 62,432 CAPITAL OUTLAY: Administrative - regular 0 15,407 (15,407) 149,906 Administrative - IV-D 0 886 (886) 114 Administrative - LEAP 0 329 (329) (478) Total Capital Outlay 0 16,622 (16,622) 149,542 TOTAL EXPENDITURES L.2-2.2.22.12.72. $ 13,370,428 $ (47,456) $ 12,710,987 f Schedule of Other Financing Sources Compared with Estimate December 31, 1986 With Comparative Actual Amounts For Year Ended December 31, 1985 1986 1986 1986 1985 Estee Actual Variance Actual OTHER FINANCING SOURCES: Inception of Lease Purchase Agreements $ 0 $ 0 $ 0 $ 149,542 TOTAL OTHER FINANCING SOURCES $ 0 S 0 $ 0 $ 149,542 Schedule of Operating Transfers-out Compared with Budget December 31, 1986 With Comparative Actual Amounts For Year Ended December 31, 1985 1986 1986 1986 1985 Budget Actual Variance Actual OPERATING TRANSFERS - OUT: Placement alternative care $ 0 $ 59,140 $ (59,140) $ 0 TOTAL OPERATING TRANSFERS - OUT $ 0 $ 59,140 $ (59,140) $ 0 63 880019 COUNTY OF WELD STATE OF COLORAb0 SPtCIAL REVENUE }LTTS FEDF.PAL REVENUE SHARING ilND Schedule of Revenues Compared with Estimate December 31, 1986 With Comparative Actual Amounts For Year Ended December 31, 1985 1986 1986 1966 1985 Ttimaie Actual Variance Actual INTERGOVERNMENTAL REVENUE: Federal revenue sharing $ 868,748 $ 868,748 $ 0 $ 1,402,773 TOTAL REVENUE $ 868,748 S 866,748 $ 0 $ 1,402,773 • Schedule of Operating Transfers-out Compared with Budget December 31, 1986 With Comparative Actual Amounts For Year Ended December 31, 1965 1986 1986 1986 1985 Budget Actual Variance Actual OPERATING TRANSFERS - OUT: Other operating transfers $ 1,219,711 $ 12219,711 $ 0 $ 1,409042 TOTAL OPERATING TRANSFERS-OUT $ 1,219,711 L-12.2.212221 $ 0 $ 1,409,042 64 880019 COUNTY OF WELD STATE OF LI)ORA1�D1w0w-. S1411AL REVENUE PUT DS LONSERVA]JON TRUSJ FLTU Schedule of Revenues Compared with Estimate December 31, 1966 With Comparative Actual Amounts For Year Ended December 31, 1985 1986 1986 1986 1965 Estimate Actual Variance Actual INTERGOVERNMENTAL REVENUE: $ 0 $ 0 $ 0 $ 151,033 Grant 3 State lottery 138,069 138,069 O Total Intergovernmental reven 138,069 138,069 0 151,033 MISCELLANEOUS REVENUE: Earnings on deposit 1,500 4,983 3,483 9,075 Total Miscellaneous revenue 1,500 4,983 3,483 9,075 TOTAL REVENUE $ 139,569 $ 143,052 S____21___+83 $ 160,108 Schedule of Expenditures Compared with Budget December 31, 1986 With Comparative Actual Amounts For Year Ended December 31, 1985 1986 1986 1986 1985 Budget Actual Variance Actual CULTURE AND RECREATION: Land improvements $ 190,722 $ 178,790 $ 11,932 1...._2.±1,131 Total Culture and recreation 190,722 178,790 11,932 160,339 TOTAL EXPENDITURES $ 190,722 $ 178,790 L__ 3_12____- 932 $ 160,339 65 COUNTY OF WELD SLATE OF COLORADO SPkCIAL REVENUE FUNDS CONTINGENT FUND Schedule of Revenues Compared with Estimate December 31, 1986 With Comparative Actual Amounts For Year Ended December 31, 1965 1986 1986 1986 1985 Estimate Actual Variance Actual TAXES: General property tax $ 697,889 $ 694,146 $ (3,743) $ 1,322 Specific ownership taxes 32,613 48,198 15,585 0 Penalties & interest 0 3,703 3,703 0 Total Taxes 730,502 746,047 15,545 1,322 TOTAL REVENUE $ 730,502 $ 746,047 $ 15,545 $ 1,322 Schedule of Expenditures Compared with Budget December 31, 1986 With Comparative Actual Amounts For Year Ended December 31, 1985 1986 1986 1986 1985 Budget Actual Variance Actual MISCELLANEOUS: Other $ 30,502 $ 0 $ 30,502 $ 6,189 Total Miscellaneous 30,502 0 30,502 6,189 TOTAL EXPENDITURES $ 30,502 $ 0 $ 30,502 $ 6,189 Schedule of Operating Transfers-in Compared with Estimate December 31, -1986 With Comparative Actual Amounts For Year Ended December 31, 1985 1986 1986 1986 1985 Estimate Actual Variance Actual OPERATING TRANSFERS - IN: 0 $ 0 $ 0 L_____ _6113 Other $ TOTAL OPERATING TRANSFERS-IN $ 0 $ 0 $ 0 $ 2,688 Schedule of Operating Transfers-out Compared with Budget December 31, 1986 With Comparative Actual Amounts For Year Ended December 31, 1985 1986 1986 1986 1985 Budget Actual Variance Actual OPERATING TRANSFERS - OUT: Other 1-122-11222 $ 700,000 $ 0 $ 810,000 TOTAL OPERATING TRANSFERS-OUT $ 700,000 $ 700,000 $ 0 $ 810,000 66 880019 COUNTY OF WELD STATE OF WLORAbO SPECIAL REVENUE fb,bS PUBLIC REALTY: FOND Schedule of Revenues Compared with Estimate December 31, 1986 With Comparative Actual Amounts For Year Ended December 31, 1985 1986 1966 1986 1985 Estimate Actual Variance Actual LICENSES AND PERMITS: Health license $ 500 $ 750 $ 250 $ 425 Animal licenses 0 50 50 310 Total Licenses and permits 500 800 300 735 INTERGOVERNMENTAL REVENUE Contract payments revenue 200 0 (200) 0 Grant 315,923 307,051 (8,872) 330,514 Health 27,857 27,476 (381) 27,657 Total Intergovernmental revenue 343,980 334,527 (9,453) 358,171 CHARGES FOR SERVICES: Charge for service 14,000 12,317 (1,683) 14,768 Protective inspection fees 10,800 12,295 1,495 11,809 Vital statistics 30,000 27,924 (2,076) 28,087 GC cultures 0 711 711 0 Clinic fees 22,500 30,282 7,782 36,850 Meat inspections 0 0 0 12,161 Septic 35,000 53,628 18,628 43,385 Water 15,850 36,222 20,372 23,387 Total Charges for services 128,150 173,379 45,229 170,447 MISCELLANEOUS REVENUE: Car seat rentals 0 555 555 50 Other revenue 0 158 158 129 Donations from private sources 0 0 0 100 Total Miscellaneous revenue 0 713 713 279 TOTAL REVENUE $ 472,630 $ 509,419 $ 36,789 $ 529,632 : 1 67 880019 COUNTY OF WELD STATE OF COLORADO SPECIAL RLVANUE FUNDS PUBLIC HEALTH 'HO Schedule of Expenditures Compared with Budget December 31, 1986 With Comparative Actual Amounts For Year Ended December 31, 1965 1966 1986 1986 1985 Budget Actual Variance Actual PUBLIC HEALTH AND WELFARE: Public health administration $ 23,585 $ 23,367 $ 218 $ 10,451 Nursing 843,069 747,316 95,753 733,857 Environmental Health 435,152 407,087 28,065 389,243 Total Public health and welfare 1,301,806 1,177,770 124,036 1,133,551 CAPITAL OUTLAY: Public health administration 12,500 4,557 7,943 (232) Nursing 0 600 (600) 232 Total Capital outlay '.2,500 _ 5,157 7,343 __ 0 TOTAL EXPENDITURES $ 1,314,306 $ 1,182,927 $ 131,379 $ 1,133,551 Schedule of Operating Transfers-in Compared with Estimate December 31, 1986 With Comparative Actual Amounts For Year Ended December 31, 1985 1986 1986 1986 1985 Estimate Actual Variance Actual OPERATING TRANSFERS - IN: 0 $ 755,986 Non-Departmental $ 644,829 , $ 644,829 9 $ Environmental Health 6 829 6,000 0 TOTAL OPERATING TRANSFERS - IN $ 650,829 $ 644,829 $ (6,000) $ 755,986 • 68 880019 COUNTY OF WELD STATE OF COLORADO SPttiAL REVENUE 1tNDS hUMAN RESOURCES lUND Schedule of Revenues Compared with Estimate December 31, 1986 With Comparative Actual Amounts For Year Ended December 31, 1985 1966 1986 1986 1985 Estimate Actual Variance Actual INTERGOVERNMENTAL REVENUE: 8,798 Contract payments revenue $ 691,882 $ 717,102 $ 25,220 $ Other revenue 10,000 13,611 3,611 105,668 Grant 2,998,096 2,297,159 (700,937) 2,816,261 Other governmental units 0 87 87 Total Intergovernmental revenue 3,699,978 3,027,959 (672,019) 2,930,727 CHARGES FOR SERVICES 100,000 181,090 81,090 185,262 MISCELLANEOUS REVENUE: Donations from private sources 0 92,402 92,402 149,2455 Loan repayments 0 22Total Miscellaneous revenue 0 92,626 92,626 149,245 TOTAL REVENUE $ 3,799,978 $ 3,301,675 $ (498,303) $ 3,265,254 • _� 1 i 69 880019 COUNTY OF WELD SiliEW1:0125TUDO SPECIAL 1:1VLNUE FUNDS )iUMAN RESOURCES FUND Schedule of Expenditures Compared with Budget December 31, 1986 With Comparative Actual Amounts For Year Ended December 31, 1985 1986 1986 _ 1986 1985 Budget Actual Variance Actual ECONOMIC ASSISTANCE: Dislocated farmers $ 0 $ 98 $ (98) $ 0 JTPA 8% local distribution 28,205 11,367 16,838 0 JTPA 8% education coordination 43,623 33,139 10,484 0 JTPA 6% T.A.T. SDA to SDA 630 630 0 0 JTPA 6% training & tech assist 17,000 368 16,632 0 JTPA IIA 6% incentive 34,814 24,100 10,714 0 JTPA dislocated workers 90,632 41,647 48,985 26,304 JTPA older workers 96,735 35,024 61,711 1,098 6% TAT C.O. 0 0 0 9,989 JTPA discretionary Schl Dist86 9,304 7,268 2,036 1,946 MIS - tape 0 0 0 1,498 JTPA 8% youth 2,235 2,124 1:.1 92 JTPA incentive 113,013 38,468 74,545 0 Wagner-Peyser 10% PY85 20,000 20,000 0 0 Summer youth 296,759 288,527 8,232 (9,354) JTPA basic 659,061 744,776 (85,715) 339,894 Job service 505,947 180,906 325,041 161,389 Wagner-Peyser 10% smr job hunt 0 0 0 9,575 Job service incentive funds 11,500 6,111 5,389 0 Beat Start 503,107 549,786 (46,679) 452,566 Head Start handicap 19,228 19,228 0 0 Head Start T & TA 15,015 15,015 0 0 Headstart bilingual 15,000 15,000 0 0 Migrant Headstart day care basic 296,408 306,784 (10,376) 27,865 CSA/CAP 148,561 148,795 (234) 199,101 Migrant Head Start-handicap 12,490 3,549 8,941 0 Head Start - high scope 15,000 6,904 8,096 0 Supplemental foods 303,333 142,449 160,884 25,409 DOE weatherization 10,000 15,946 (5,946) 11,892 OAA Area Agency 43,025 32,097 10,928 11,118 OAA Title III-B 157,008 135,946 21,062 19,276 OAA Title III C-I congregate 215,569 262,719 (47,150) 277,243 OAA Title III-C 34,613 58,534 (23,921) 31,802 NCBC training 3,000 381 2,619 0 Human resources general fund 0 200 (200) 70,407 Transportation 100,000 63,382 36,618 43,887 Welfare diversion 196,000 284,761 (88,761) 204,304 General administration allocation 35 0 35 1,437,799 TOTAL EXPENDITURES "a- $ 3,496,029 $ 520,821 $ 3,355,100 70 880019 COUNTY OF WELD STALE 01' COLORADO SPtCIAL REVENUE 1UEDS HUMAN RhsOURCeS FUND Schedule of Operating Transfers-in Compared with Estimate December 31, 1986 With Comparative Actual Amounts For Year Ended December 31, 1985 1986 1986 1986 1985 Estimate Actual Vari€nce Actual OPERATING TRANSFERS - IN: OAA Area Agency $ 10,756 $ 10,756 $ 0 $ 9,108 Human resources general fund 0 0 0 100,000 Welfare diversion 196,000 423,081 227,081 285,826 TOTAL OPERATING TRANSFERS-IN $ 206,756 $ 433,837 $ 227,081 $ 394,934 Schedule of Other Financing Sources Compared with Estimate December 31, 1986 With Comparative Actual Amounts For Year Ended December 31, 1985 1986 1986 1986 1985 Estimate Actual Variance Actual OTHER FINANCING SOURCES: Inception of Lease Purchase Agreements $ 0 $ 0 $ 0 S 70,407 TOTAL OTHER FINANCING SOURCES $ 0 $ 0 $ 0 $ 70,407 71 880019 COUNTY OF WELD SLATE Or W70RAD0 SPECIAL REVENUE TONDS SOLID WASTE FUND Schedule of Revenues Compared with Estimate December 31, 1986 With Comparative Actual Amounts For Year Ended December 31, 1985 1986 1986 1986 1985 Estimate 7,ctiV Variance Actual CHARLES FOR SERVICES Landfill surcharge $ 90,000 $ 124,849 $ 34,849 $ 119,767 Total Charges for services 90,000 124,849 34,849 119,767 TOTAL REVENUE $ 90,000 $ 124,649 $ 34,849 $ 119,767 Schedule of Expenditures Compared with Budget December 31, 1986 With Comparative Actual Amounts For Year Ended December 31, 1985 1966 1986 1986 1985 Budget Actual Variance Actual MISCELLANEOUS: Other operating transfers $ 30,000 $ 24,871 $ 5,129 $ 15,496 Total Miscellaneous 30,000 24,871 5,129 15,496 TOTAL EXPENDITURES $ 30,000 $ 24,871 $ 5,129 $ 15,496 Schedule of Operating Transfers-out Compared with Budget December 31, 1986 With Comparative Actual Amounts For Year Ended December 31, 1985 1986 1986 1986 1985 Budget _ Actual Variance Actual OPERATING TRANSFERS - OUT: Other operating transfers S 60,000 $ 60,000 $ 0 $ 75,000 TOTAL OPERATING TRANSFERS - OUT $ 60,000 $ 60,000 $ 0 $ 75,000 72 880019 COUNTY OF WELD STATE ON WLORADO SPkCiAL RhVFNUB BONDS ROUSING ALRHORITY FUND Schedule of Revenues Compared with Estimate December 31, 1986 With Comparative Actual Amounts For Year Ended December 31, 1965 1986 1986 1966 1985 --Estimate Actual Variance Actual INTERGOVERNMENTAL REVENUE: Contract payments $ 1,058,094 $ 626,880 $ (431,214) $ 504,079 Total Intergovernmental revenue 1,058,094 626,880 (431,214) 504,079 MISCELLANEOUS REVENUE: Earnings on deposit 0 1,783 1,763 2,225 Total Miscellaneous revenue 0 1,783 1,783 2,225 TOTAL REVENUE $ 1,058,094 $ 628,663 $ (429,431) S 506,304 Schedule of Expenditures Compared with Budget December 31, 1986 With Comparative Actual Amounts For Year Ended December 31, 1985 1986 1986 1986 1985 Budget Actual Variance Actual MISCELLANEOUS: Post-administrative $ 6,250 $ 6,250 $ 0 S 0 Administrative 41,407 34,344 7,063 0 General administration 28,209 24,062 4,147 0 Other 4,795 4,795 0 0 Total Miscellaneous 80,661 69,451 11,210 0 ECONOMIC ASSISTANCE: Program administration and rehabilitation 12,841 12,577 264 0 Housing assistance 413,254 249,734 163,520 498,509 Rehabilitation program - 188,274 167,866 20,408 0 Housing vouchers preliminary 4,300 2,795 1,505 0 Housing voucher administrative 4,351 3,488 863 0 Housing voucher payments 74,685 29,947 44,738 1,251 Division of housing 25,000 6,842 18,158 0 Rental rehabilitation 220,000 31,667 188,333 0 CDBG contract payments 115,000 52,538 62,462 0 Total Economic assistance 1,057,705 557,454 500,251 499,760 CAPITAL OUTLAY: General administration 0 3,986 (3,986) 0 Total Capital outlay 0 3,986 (3,986) 0 OTHER EXPENSES: General administration 0 0 0 11,635 Total Other expenses 0 0 0 11,635 TOTAL EXPENDITURES S 1,138,366 L.-±29-213-92 $ 507,475 $ 511,395 73 6TG08E3 o oaexIozoo �' ��a gg > r at . ,:' "t.'hvt tC, X�x•rt r �J'. . �yLai• g-v ri z;. 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V1 1 75 880919 COUNTY OF WELD STATE OF COLORADO CAS CAP1'EtL EXFkNU110HES kLATI BALANCE SHEET December 31, 1986 and 1985 ASSETS 1986 1985 ASSETS: Cash and short term investments S 136,830 $ 90,241 Receivables (net of allowance for uncollectibles): 259,046 557,220 Current property tar. 8,968 5,975 Delinquent property tax23 76,440 Due from other county funds 51,823 76,440 Due from other governmental units TOTAL ASSETS S 456,667 $ 781,676 LIABILITIES AND FUND BAT ANCE LIABILITIES:Accounts payable $ 38,638 $ 41 Q53 , Due to other county funds 23 80,776 Deferred revenue 268,014 563,195 Unexpended grant revenue 0 57,960 Retainage payable 25,440 37,792 Total Liabilities 332,115 781,676 FUND BALANCE: 116,887 55,463 Reserve for encumbrances 7,665 (55,463) Undesignated Total Fund Balance 1247552 0 TOTAL LIABILITIES AND FUND BALANCE $ 456,667 $ 781,676 76 880019 • COUNTY OF WELD STATE OF COLORADO CAPITAL PROJECTS }ONUS CAPITAL EXPENU11URES FUND Schedule of Revenues Compared with Estimate December 31, 3986 With Comparative Actual Amounts For Year Ended December 31, 1985 1986 1986 1986 1985 Estimate Actual Variance Actual TAXES: General property tax $ 557,525 $ 553,409 $ (4,116) $ 384,532 Specific ownership taxes 45,975 38,520 (7,455) 29,463 Penalties S interest 0 2,960 2,960 0 Total Taxes 603,500 594,889 (8,611) 413,995 INTERGOVERNMENTAL REVENUE: Grant 41,625 62,085 20,460 117,040 CHARGES FOR SERVICES: Charge for service 0 10,040 10,040 0 MISCELLANEOUS REVENUE: Earnings on deposit 0 0 0 1,932 TOTAL REVENUE $ 645,125 $ 667,014 $ 21,889 $ 532,967 Schedule of Expenditures Compared with Budget December 31, 1986 With Comparative Actual Amounts For Year Ended December 31, 1985 1986 1986 1986 1985 Budget Actual Variance Actual MISCELLANEOUS: Other $ 0 $ 0 $ 0 $ 4,583 CAPITAL OUTLAY: • Buildings 1,229,053 922,462 306,591 1,204,932 TOTAL EXPENDITURES $ 1,229,053 1_1212.4.61 $ 306,591 $ 1,209,515 • • Schedule of Operating Transfers-in Compared with Estimate December 31, 1986 With Comparative Actual Amounts For Year Ended December 31, 1985 1986 1986 1986 1985 Estimate Actual Variance Actual OPERATING TRANSFERS - IN: Non-Departmental S 473,000 $ 380,000 $ (93,000) $ 394,180 TOTAL OPERATING TRANSFERS-IN $ 473,000 $ 360,000 $ (93,000) $ 394,180 77 880019 fin 6;14 woe COLORADO 78 a A 1 •.�1,�:�.. d j y'T s .�.pa� yp t', �'.pxr+q t .,1 + 'r''-'; Y f 'R?' 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Improvement District — Road 5: This special assessment fund accounts for the Road 5 paving project. Financing was made available through a bond issue. Antelope Hills District: This special assessment fund accounts for the Antelope Hills paving project, including subsequent collection of the special assessment from affected property owners. Financing was provided through an advance from the General Fund and monies accumulated into the Antelope Hills Trust Fund. The size of the improvement district made bond financing impractical. 880019 79 COUNTY OF WELD STATE OF COLORADO SPECIAL ASSESSMENT MIND COMBINING BALANCE SHEET December 31, 1986 With Comparative Actual Amounts For Year Ended December 31, 1985 Improvement District Improvement Antelope Total Number 1981-2 District Hills Special December 31 December 31 Elmore Road Road - 5 Assessment 1986 1985 ASSETS ASSETS: Cash and short term investments $ 5,719 $ 34,980 $ 15,474 $ 56,173 $ 20,713 Special assessment 4,728 975,000 27,030 1,006,758 1,081,738 Due from other county funds 0 0 42,030 42,030 0 TOTAL ASSETS $ 10,447 $ 1,009,980 $ 84,534 $ 1,104,961 $ 1,102,451 LIABILITISD FUND BALANCE LIABILITIES: Due to other county funds $ 3,035 $ 0 $ 57,503 $ 60,538 $ 2,237 Deferred revenue 3,783 900,000 24,327 928,110 1,005,615 Advance from other funds 4,728 75,000 27,030 106,758 81,738 Bonds payable 0 800,000 0 800,000 900,000 Total Liabilities 11,546 1,775,000 108,860 1,895,406 1,989,590 FUND BALANCE (DEFICIT): Undesignated (1,099) _ (765,020) (24,326) (790,445) (887,139) Total Fund Balance (Deficit) (1,099) (765,020) (24,326) (790,445) (887,139) TOTAL LIABILITIES AND FUND BALANCE $ 10,447 $ 1,009,980 $ 84,534 $ 1,104,961 $ 1,102,451 80 886019 • COUNTY OF WELD STATE OF COLORADO SPECIAL ASSESSMIN1 HUND COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANCES IN FUND BALANCES December 31, 1986 With Comparative Actual Amounts For Year Ended December 31, 1985 Improvement District Improvement Antelope Total Number 1981-2 District Hills Special member 31 December 31 Elmore Road Road - 5 Assessment 1986 1985 REVENUES:. Miscellaneous $ 2,858 $ 199,938 $ 2,703 $ 205,499 $ 78,391 EXPENDITURES: Capital outlay 0 0 57,503 57,503 50,101 Debt service 1,026 80,750 0 81,776 88,500 Total Expenditures 1,026 80,750 57,503 139,279 1388601 EXCESS OF REVENUES OVER (UNDER) EXPENDITURES 1,832 119,188 (54,800) 66,220 (60,210) OTHER FINANCING SOURCES: Operating transfers - in 0 0 30,474 30,474 0 EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES 1,832 119,188 (24,326) 96,694 (60,210) FUND BALANCE AT BEGINNING OF YEAR (2,931) (884,208) 0 (887,139) (826929) FUND BALANCE AT END OF YEAR $ (1,099) $ (765,020) $ (24,326) $ (790,445) $ (887,139) I 81 880019 COUNTY OF WELD STATE OF CYOLORADO SPECIAL ASSESSMLR:1 }UND II:PROV)tMENT DI STk1CT ROAD 5 Schedule of Revenues Compared with Estimate December 31, 1986 With Comparative Actual Amounts For Year Ended December 31, 1985 1986 1966 1986 1965 Estimate Actual Variance Actual MISCELLAENOUS REVENUE: 0 $ 0 Earnings on deposit $ 99,938 $ 99,938 $ 0 75,000 Special assessments 100,000 100,000 Total Miscellaneous 0 75,000 Revenue 199,938 199,938 TOTAL REVE?1TE $ 199,938 $ 199,938 $ 0 $ 75,000 Schedule of Expenditures Compared with Budget December 31, 1986 With Comparative Actual Amounts For Year Ended December 31, 1985 1986 1986 1966 1985 Budget Actual Variance Actual CAPITAL OUTLAY: 0 $ 0 $ 0 $ 5p,101 Improvement districts $ Total Capital outlay 0 0 0 50,101 DEBT SERVICE: Improvement districts 199,938 80,750 119,188 88,500 TOTAL EXPENDITURES $ 199,938 1- 81:-1122. 1-11-1---9188 9188 $ 138,601 ®8°019 82 COUNTY OF WELD STATE OF COLORADO SPEL1AL ASS)SS1r.Ri ?MD IMPROVEMENT DISTRICT NUMBER 1981-2 ELMORE ROAD Schedule of Revenues Compared with Estimate December 31, 1986 With Comparative Actual Amounts For Year Ended December 31, 1985 1986 1986 1986 1985 Estimate Actual Variance Actual MISCELLANEOUS REVENUE: Earnings on deposit $ 1,025 $ 1,026 $ 1 $ 1,313 Special assessments 1,833 1,832 (1) 2,078 Total Miscellaneous revenue 2,858 2,858 0 3,391 TOTAL REVENUE S 2,858 $ 2,858 $ 0 $ 3,391 Schedule of Expenditures Compared with Budget December 31, 1986 With Comparative Actual Amounts For Year Ended December 31, 1985 1986 1986 1986 1985 Budget Actual Variance Actual DEBT SERVICE: Improvement districts S 2,858 $ 1,026 $ 1,832 $ 0 TOTAL EXPENDITURES S 2,858 $ 1,026 $ 1,832 $ 0 1 83 fa.QIET34 as COUNTY OF WELD - _- S'TA' FE�6 RADO SPECIAL ASSk5SM81,irttND ANTELOPE HILLS SPECIAL ASSESSMENT Schedule of Revenues Compared with Estimate December 31, 1986 With Comparative Actual Amounts For Year Ended December 31, 1985 1986 1986 1986 1985 Estimate Actual Variance Actual MISCELLANEOUS REVENUE: Special assessments S 27,030 $ 2,703 $ (24.327) $ 0 TOTAL REVENUE L-120-9- .$--12.--7P- S (24,327) $ 0 Schedule of Expenditures Compared with Budget December 31, 1986 With Comparative Actual Amounts For Year Ended December 31, 1985 1986 1986 1986 1985 Budget Actual Variance Actual CAPITAL OUTLAY: Improvement districts L-17-219-12. $ 57,503 $ 1 $ 0 TOTAL EXPENDITURES $ 57,504 $ 57,503 $ 1 $ 0 Schedule of Operating Transfers-in Compared with Estimate December 31, 1986 With Comparative Actual Amounts For Year Ended December 31, 1985 1986 1986 1986 1985 Estimate Actual Variance Actual OPERATING TRANSFERS - IN: 0 S 0 Non-Departmental S 30,474 §-----2S2211 $ TOTAL OPERATING TRANSFERS-IN -$--.19-11-174. 1.---l0,474. $ 0 $ 0 880019 84 •Ny,- .. i w ,y4:—.w.qq ,v 9 a t/ -+-L`„t: t ' gI • Tt '441.1 4'Y+� �'''�- t g r % "k'9 ••44 ; C;t"u "`2 �-/n%,,:IA- > `t 4a t c 4 j*f' ` " ••.;', -. y�r ' } • gm •iYx '# rjr f$ t •y �±.}' X` F4 '`• itx1• rrx� r }n 'Y"c' �, rr dil t ✓ityt sft Kk�''�� ti, % ,t j �.r �'6 1 b � $3A .nf ^: x h .'“n1;,•.; xe�` a rik'Fi. 1 a S 4` : ; f .; 7.x t L '" xn. 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H �w?f t I .i nt.4 r+ 1 d^t'tt 4+9;C i ,'1 u i 1• • a Y' II' S' F .'' >. Ittlt 1, }? a e 4 T' t;-" '� tc f.' l c1:' ^ -*4{ �u2 r Y a r. Y 't^.1R T 'i„4y'`! }' :'''''''f" . .fCZ� ''t of ,ay.. .- 'ti • Y 7 4 .'b•" xx "F Y..r .,` r • a r �.fdr Ld. COUNTY OF WELD STATE OF COLORADO INTERNAL SERVICE FUNDS EXPLANATIONS OF INDIVIDUAL FUNDS December 31 , 1986 Motor Vehicle Fund: This fund accounts for the revenue and costs generated by equipment and vehicles rented to the Road and Bridge Fund and to various departments of other County funds. Printing and Supply Fund: This fund accounts for revenue and costs associated with providing printing services and the supply and stores function of the County. Computer Services Fund: This fund accounts for all data processing services provided to the County and other agencies on a cost-reimbursement basis. Insurance Fund: This fund accounts for all insurance costs for the County. The program is a combination of insured risks and protected self-insurance risks. PBX Fund: This fund accounts for all phone costs provided to the County and other outside agencies on a cost reimbursement basis. 85 880019 COUNTY OF WELD STATE OF COLORADO It,TLRNAL SEttTCE t LN0S COMBINING EALANCE SHEET December 31, 1986 With Comparative Actual Amounts For Year Ended December 31, 1985 Computer Motor Vehicle Printing and Services Fund Supply Fund Fund ASSETS CURRENT ASSETS: 256,374 Cash and short term investments $ 714,094 $ 18,8233 $ 0 Cash - other Receivables (net of allowance for uncollectibles): 0 0 0 Current property tax 0 0 0 Delinquent property tax Accounts 487 804 25,593 Due from other county funds 170,324 34,859 119,722 Inventories 17,608 157,301 0 Prepaid and other assets 0 8,244 Total Current Assets 902,513 220,031 401,669 FIXED ASSETS:Land 0 694,381 0 0 0 Buildings 697,203 0 Improvements other than buildings 19,345 0 mP 73 181 1,662,805 c and equipment 9,128,105 , Accumulated depreciation (5,259,453) (46,689) (982,049) Total Fixed Assets 5,279,581 26,492 880,756 TOTAL ASSETS $ 6,182,094 ,-11.1-2--.6523. S 1,282,445 LIABILITIES AND FUND EQUITY CURRENT LIABILITIES: $ 77 g07 Accounts payable S 104,119 $ 3,165 X7,807 Accrued liabilities 1,068 0 3,6 6 58,184 Due to other county funds 0 0 20,000 Deferred revenue 0 80,000 0 Advance from other funds Total Liabilities 105,187 93,706 286,573 FUND EQUITY: 565 155 Contributed capital 4,952,327 120,946 , Retained earnings: Unreserved 1,124,580 31,871 430,717 Total Fund Equity 6,076,907 152,817 995,872 TOTAL LIABILITIES AND FUND EQUITY $ 6,182,094 1-1L--1--'6523. $ 1,282,445 86 880019 Total Insurance PBX December 31 December 31 Fund Fund 1986 1985 $ 519,222 $ (61,782) $ 1,446,731 $ 918,954 7,500 0 7,500 7,500 511,095 0 511,095 511,095 12,405 0 12,405 9,171 13,713 15,959 56,556 17,894 4,788 63,636 393,329 831,335 O 0 174,909 235,866 191,353 0 199,597 1,111 1,260,076 17,813 2,802,122 2,532,926 O 0 694,381 694,381 O 0 697,203 669,036 O 0 19,345 19,345 O 85,106 11,149,197 10,875,454 O (19,149) (6,307,340) (5,646,152) O 65,957 6,252,786 6,612,064 $ 1,260,076 $ 83,770 $ 9,054,908 $ 9,144,990 $ 450,116 $ 10,113 $ 645,320 $ 719,556 O 7,692 169,791 153,904 O 6 38,282 33,331 523,500 0 543,500 520,266 ..J 0 0 80,000 '80,000 . i 973,616 17,811 1,476,893 1,507,057 -1 0 74,467 5,712,895 5,610,261 ' I 286,460 (8,508) 1,865,120 2,027,672 ..] 286,460 65,959 7,578,015 7,637,933 $ 1,260,076 $ 83,770 $ 9,054,908 $ 9,144,990 87 880019 COUNTY OF WELD STATE 02' COLORADO INTlRNAL SERV1Ch k0Rb, COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS December 31, 1986 With Comparative Actual Amounts For Year Ended December 31, 1985 Computer Motor Vehicle Printing and Services Fund Supply Fund Fund OPERATING REVENUE: Charges for services $ 2,209,549 $ 161,627 $ 1,796,269 Total Operating Revenue 2,209,549 161,627 1,796,269 OPERATING EXPENSES: Capital outlay 0 0 0 Personnel services 0 51,392 1,170,092 Contractural services 996,815 70 357,358 Supplies 221,942 79,076 39,084 Heat, light, and power 35,012 209 12,270 Repair and maintenance 74,406 16,809 109,696 Insurance and bonds 0 0 0 Claims 0 0 0 Other 26,228 1,215 0 Total Operating Expenses Before Depreciation 1,354,403 148,771 1,688,500 Operating Income Before Depreciation 855,146 12,856 107,769 Depreciation 891,324 8,232 337,210 Operating Income (Loss) (36,178) 4,624 (229,441) NONOPERATING REVENUE (EXPENSES): Taxes 0 0 0 Farm income 2,807 0 0 Gain (loss) on sale of assets 11,329 0 0 Earnings on investments 0 0 0 Interest expense 0 0 0 Judgements and damages 6,206 0 0 Total Nonoperating Revenue 20,342 0 0 OTHER FINANCING SOURCES: Operating transfers - in 0 0 0 NET INCOME (LOSS) (15,836) 4,624 (229,441) _. RETAINED EARNINGS AT BEGINNING OF YEAR 1,140,416 27,247 660,158 RETAINED EARNINGS (DEFICIT) AT END OF YEAR $ 1,124,580 §--a:-.-- 1371. $ 430,717 88 890019 Total Insurance PBX December 31 December 31 Fund Fund 1986 1985 $ 50,000 $ 370,784 $ 4,588,229 3,839,169 50,000 370,784 4,588,229 3,839,169 O 0 0 984 O 97,651 1,319,135 1,173,961 67,713 29,522 1,451,478 1,396,182 65 635 340,802 332,402 O 191,119 238,610 36,412 O 23,812 224,723 50,747 372,345 0 372,345 267,922 132,136 0 132,136 160,537 0 7,948 35,391 2,119 572,259 350,687 4,114,620 3,421,266 (522,259) 20,097 473,609 417,903 0 8,511 1,245,277 1,210,756 (522,259) 11,586 (771,668) (792,853) 546,921 0 546,921 $ 540,138 O 0 2,807 1,572 0 0 11,329 31,380 37,661 0 37,661 32,259 O (20,094) (20,094) (55,338) 24,286 0 30,492 102,475 608,868 (20,094) 609,116 652,486 - - 0 0 0 351,100 86,609 (8,508) (162,552) 210,733 199,851 0 2,027,672 1,816,939 $ 286,460 $ (8,508) $ 1,865,120 $ 2,027,672 89 880019 COUNT' OF WELD STATE OF COLORADO INTERNAL SERVICE FUNDS COMBINING STATEMENT OF ORANGES IN CONTRIBUTED CAPITAL December 31, 1986 Computer Motor Vehicle Printing and Services PBX Fund Supply Fund Fund Fund Total CONTRIBUTED CAPITAL, January 1, 19E6 S 4,924,160 $ 120,946 $ 565,155 $ 0 $ 5,610,261 Add: 1986 contributions from: Capital Expenditures Fund 28,167 0 0 0 28,167 General Fixed Assets 0 0 0 74,467 74,467 CONTRIBUTED CAPITAL, December 31, 1986 $ 4,952,327 $ 120,946 $ 565,155 s 74,467 $ 5,712,895 90 830319 COUNTY OF WELD STATE OF COLORADO INTLRNAL SFRVIC} FL2`DS COMBINING STATEMENT OF CHANGES IN FINANCIAL POSITION December 31, 1986 Computer Motor Vehicle Printing and Services Insurance PBX Fund Supply Fund Fund Fund Fund Total WORKING CAPITAL PROVIDED: Net Income (Loss) S (15,836) $ 4,624 $ (229,441) $ 86,609 $ (8,508) S (162,552) Items which did not require _ outlay of working capital: Depreciation 891,324 8,232 337,210 0 8,511 1,245,277 (Gain) on sale of fixed assets (11,329) 0 0 0 0 (11,329) Working capital provided by operations 864,159 12,856 107,769 86,609 3 1,071,396 Contributions from capital expenditures fund 28,167 0 0 0 0 28,167 Contributions from general fixed assets 0 0 0 0 74,467 74,467 Proceeds from sale of fixed assets 236,238 0 0 0 0 236,235 Total Working Capital Provided 1,128,564 12,856 107,769 86,609 74,470 1,410,268 WORKING CAPITAL APPLIED: Acquisition of fixed assets 905,716 1,242 129,482 0 74,467 1,110,907 Total Working Capital Applied 905,716 1,242 129,482 0 74,467 1,110.907 INCREASE (DECREASE) IN WORKING CAPITAL $ 222,848 $ 11,614 $ (21,713) $ 86,609 $ 3 $ 299,361 CHANGES IN COMPONENTS OF WORKING CAPITAL: Increase (decrease) in current assets: Cash and short term investments $ 686,476 $ 7,169 $ 92,470 $ (196,554) $ (61,783) S 527,778 Receivables: Accounts (1,197) (66) 11,333 12,633 15,959 38,662 Delinquent property taxes 0 0 0 3,234 0 3,234 Due from other county • funds (480,725) 34,859 (58,114) 2,338 63,636 (438,006) Inventories (31,385) (29,572) 0 0 0 (60,957) Prepaid and other assets 0 8,244 0 190,242 0 198,486 Net increase (decrease) in current assets 173,169 20,634 45,689 11,893 17,812 269,197 (Increase) decrease in current liabilities: 74,236 Vouchers payable 19,810 (2,670) (8,606) 75,815 (10,113) Accrued liabilities 0 254 (8,449) 0 (7,694) (15,889) Due to other county funds 29,869 (6,604) (30,347) 2,135 (2) (4,949) Deferred revenue 0 0 (20,000) (3,234) 0 (23,234) Net (increase) decrease in current liabilities 49,679 (9,020) a 17 74,716 ( ,809) 30,164 INCREASE (DECREASE) IN WORKING CAPITAL $ 222,848 $ 11,614 $ (21,713) S 86,609 $ 3 L. 299,361 91 880019 . COUNTY OF WELD STATE ON COLORADO INTflEAL SERVICE TUNDS MOTOR VENICLt FUND Schedule of Operating Revenues Compared with Estimate December 31, 1966 With Comparative Actual Amounts For Year Ended December 31, 1965 1986 1986 1986 1985 Estimate Actual Variance Actual OPERATING REVENUE: Charge for service $ 75,000 $ 1,318,225 $ 1,243,225 $ 0 Depreciation 1,306,000 891,324 (414,676) 825,020 Miscellaneous revenue 675,000 0 (675,000) 1,277,993 Total Operating Revenue $ 2,056,000 $ 2,209,549 S 153,549 S 2,103,013 Schedule of Operating Expenses Compared with Budget December 31, 1986 With Comparative Actual Amounts For Year Ended December 31, 1985 1986 1986 1986 1965 Budget Actual Variance Actual OPERATING EXPENSES Personnel services 0 0 0 1,492 Contractural services 1,123,525 996,815 126,710 925,453 Supplies 360,852 221,942 138,910 227,304 Heat, light, and power 65,000 35,012 29,988 36,412 Repair and maintenance 8,023 74,406 (66,383) 29,024 Other 0 26,228 (26,228) 724 Depreciation 750,000 891,324 (141,324 853,113 Total Operating Expenses $ 2,307,400 $ 2,245,727 $ 61,673 $ 2,083,522 Schedule of Non-Operating Revenues Compared with Estimate December 31, 1986 With Comparative Actual Amounts For Year Ended December 31, 1985 1986 1986 1986 1985 Estimate Actual Variance Actual NONOPERATING REVENUE: Farm income $ 0 $ 2,807 S 2,807 $ 1,572 Sale of assets 56,125 15,367 (40,758) 240 Cain on sale of assets 0 (4,038) (4,038) 4,864 Interest expense 0 0 0 (100) Judgements and damages 0 6,206 6,206 0 TOTAL NONOPERATING REVENUE $ 56,125 $ 20,342 S (35,783) S 6,576 92 880019 CCLNTY OF WELD STATE OF LULORADO INTERNAL SERVICE tLhDS MO1OR VEHICLE FUND Schedule of Fixed Asset Acquisitions Compared with Budget December 31, 19E6 With Comparative Actual Amounts For Year Ended December 31, 1985 1986 1986 1986 1985 Budget Actual Variance Actual FIXED ASSET ACQUISITIONS: Capital outlay $ 839,866 $ 895,077 S (55,211) $ 1,412,216 TOTAL FIXED ASSET ACQUISITIONS $ 839,866 $ 895,077 S (55,211) S 1,412,216 Schedule of Operating Transfers-in Compared with Estimate December 31, 1986 With Comparative Actual Amounts For Year Ended December 31, 1985 1986 1986 1986 1985 Estimate Actual Variance Actual OPERATING TRANSFERS - IN: 0 $ p $ 1,100 Non-Departmental $ 0 $ TOTAL OPERATING TRANSFERS-IN $ 0 $ 0 $ 0 $ 1,100 93 880019 COUNTY OF WELD STATE OF COLORADO INTERNAL SERViCh 1•411DS PRINTING AND SUPPLY FUND Schedule of Operating Revenues Compared with Estimate December 31, 1966 With Comparative Actual Amounts For Year Ended December 31, 1985 1986 1986 1986 1985 Estimate Actual Variance Actual OPERATING REVENUE: Charge for service $ 106,533 $ 112,799 $ 6,266 $ 81,513 Sale of supplies 50,000 48,828 _Italy 38,392 TOTAL OPERATING REVENUE $ 156.533 $ 161,627 $ 5,094 $ 119,905 Schedule of Operating Expenses Compared with Budget December 31, 1986 With Comparative Actual Amounts For Year Ended December 31, 1985 1986 1986 1986 1985 Budget Actual Variance Actual OPERATING EXPENSES: Personnel services S 50,750 $ 51,392 $ (642) S 46,486 Contractural services 305 70 235 134 Supplies 79,952 79,076 876 50,608 Heat, light, and power 0 209 (209) 0 Repair and maintenance 11,395 16,809 (5,414) 11,723 Other 850 1,215 (365) 126 Depreciation 9,667 8,232 1,435 9,115 TOTAL EXPENDITURES S 152,919 S 157,003 $ (4,084) S 118,192 Schedule of Fixed Asset Acquisitions Compared with Budget December 31, 1986 With Comparative Actual Amounts For Year Ended December 31, 1985 1986 1986 1986 1985 Budget Act— Variance Actual FIXED ASSET ACQUISITIONS: Capital outlay S 5,000 $ 1,242 $ 3,758 $ 17,053 TOTAL FIXED ASSET ACQUISITIONS $ 5,000 1---11--- 242 L.---L758 .$----1-2---1 053 94 880019 COUNTY OF WELD STATE OF COLORADO ! TtRNAL SERVICE FUNDS (.OMYUIOR ttkV10ES rIND Schedule of Operating Revenues Compared with Estimate December 31, 1986 With Comparative Actual Amounts For Year Ended December 31, 1985 1986 1986 1986 1985 Estimate Actual Variance Actual OPERATING REVENUE: Charge for service 1,782,275 $ 1,796,269 $ 13,994 S 1,616,251 TOTAL OPERATING REVENUE $ 1,782,275 $ 1,796,269 $ 13,994 $ 1,616,251 Schedule of Operating Expenses Compared with Budget December 31, 1986 With Comparative Actual Amounts For Year Ended December 31, 1985 1986 1986 1986 1985 Budget Actual Variance Actual OPERATING EXPENSES: Personnel services $ 1,199,175 $ 1,170,092 S 29,083 $ 1,125,983 366 303 357,358 8,945 402,896 Contractural services 56,470 39,084 17,386 53,696 Supplies 4,248 12,270 (8,022) 0 Heat, light, and power , Repair and maintenance 116,082 109,696 6,386 '0 Depreciation 0 337,210 (337,210) 348,5_8 TOTAL OPERATING EXPENSES $ 1,742,278 $ 2,025,710 $ (283,432) S 1,931,103 Schedule of Non-Operating Revenues Compared with Estimate December 31, 1986 With Comparative Actual Amounts For Year Ended December 31, 1985 1986 1986 1986 1985 Estimate Actual Variance Actual NONOPERATINC REVENUE:Gain on sale of assets $ 0 $ U $ 0 $ 26,276 0 (26,276) Interest expense 0 TOTAL NONOPERATING REVENUE S 0 $ 0 $ 0 $ (28,962) 1 Schedule of Fixed Asset Aceuisitions Compared with Budget December 31, 1986 With Comparative Actual Amounts For Year Ended December 31, 1985 1986 1986 1986 1985 Budget Actual Variance Actual FIXED ASSET ACQUISITIONS: Capital outlay L----31212.1 $ 129,482 .S (89,485) $ 963,160 TOTAL FIXED ASSET ACQUISITIONS 1-----211192- $S82 $ (89,485) S 963,180 Schedule of Operating Transfers-in Compared with Estimate December 31, 1986 With Comparative Actual Amounts For Year Ended December 31, 1985 1986 1986 1986 1985 Estimate Actual Variance Actual OPERATING TRANSFERS - IN: S 0 $ 0 5 0 5 350,000 Non-Departmental TOTAL OPERATING TRANSFERS-IN $ 0 $ 0 S 0 S 350,000 95 8S0019 COUNTY OF WELD SiklE OF IOLORAbO INTERNAL SERVICE rUNDL INSURANCE FIThD Schedule of Operating Revenues Compared with Estimate December 31, 1986 With Comparative Actual Amounts For Year Ended December 31, 1985 1966 1986 1986 1985 Estimate Actual Variance Actual OPERATING REVENUE: fo r for service $ 20,000 L--.29-2229. L.---314292 $ 0 TOTAL OPERATING REVENUE $ 20,000 $ 50,000 $ 30,000 $ 0 Schedule of Operating Expenses Compared with Budget December 31, 1986 With Comparative Actual Amounts For Year Ended December 31, 1985 1986 1986 1986 1985 Budget Actual Variance Actual OPERATING EXPENSES: Contractural services $ 70,975 $ 67,713 $ 3,262 $ 67,699 Supplies 1,100 65 1,035 794 Insurance and bonds 520,500 372,345 148,155 267,922 Claims 410,000 132,136 277,864 160,537 Other expenses 0 0 0 1,269 TOTAL OPERATING EXPENSES $ 1,002,575 $ 572,259 $ 430,316 S 498,221 Schedule of Non-Operating Revenues Compared with Estimate December 31, 1986 With Comparative Actual Amounts For Year Ended December 31, 1985 1986 1986 1986 1985 Estimate Actual Variance Actual NONOPERATING REVENUES: $ 511 095 $ 508,936 $ (2,159) $ 499,214 General property tax > > Specific ownership taxes 35,805 35,275 (530) 38,406 Penalties & interest 0 2,710 2,710 2,518 Earnings on deposit 29,000 37,661 8,661 32,259 Compensation for loss 20,000 24,286 4,286 102,475 TOTAL NONOPERATING REVENUES P.---.2212-00 $ 608,868 L-12:258 $ 674,872 96 8S0019 COUNTY OF WELD STATE OF COLORADO 'INTERNAL SERVICE YCNMS PBX FUND Schedule of Operating Revenues Compared with Estimate December 31, 1966 With Comparative Actual Amounts For Year Ended December 31, 1985 1966 1986 1986 1985 Estimate Actual Variance Actual OPERATING REVENUE: Charge for service $ 415,097 $ 370,784 $ (44,313) $ 0 TOTAL OPERATING REVENUE $ 415,097 $ 370,784 $ (44,313) $ 0 Schedule of Operating Expenses Compared with Budget December 31, 1966 With Comparative Actual Amounts For Year Ended December 31, 1985 1986 1986 1986 1985 Budget Actual Variance Actual OPERATING EXPENSES: Personnel services $ 104,647 $ 97,651 $ 6,996 $ 0 Contractural services 28,576 29,522 (946) - 0 Supplies 600 635 (35) 0 Heat, light, and power 196,701 191,119 5,582 0 Repair and maintenance 24,742 23,812 930 0 Other 5,340 7,948 (2,608) 0 Depreciation 0 8,511 (8,511) 0 TOTAL OPERAING EXPENSES $ 360,606 $ 359,198 $ 1,408 $ 0 Schedule of Non-Operating Revenues Compared with Estimate December 31, 1986 With Comparative Actual Amounts For Year Ended December 31, 1985 1986 1986 1986 1985 Estimate Actual • Variance Actual NONOPERATING REVENUE: Interest expense $ 0 $ (20,094) $ (20,094) $ 0 TOTAL NONOPERATING REVENUE $ 0 $ (20,094) $ (20,094) $ 0 Schedule of Fixed Asset Acquisition Compared with Budget December 31, 1986 With Comparative Actual Amounts For Year Ended December 31, 1985 1986 1986 1986 1985 Budget Actual Variance Ac— tual FIXED ASSET ACQUISITION: Capital outlay $ 54,491 $ 85,106 $ (30,615) $ 0 TOTAL FIXED ASSET ACQUISITION $ 54,491 S 65,106 $ (30,615) S 0 97 • 880019 t‘i ape COLORADO 98 f3S0319 7.:° r ♦ 8x 5 & -•� ' kr }G k p5♦ f ♦ 'c ₹ Jrk yh;w t v .',fi"g ^k"s,4' + ,: ._ � s r �'4"^rt' ro ., i are�'1 rt♦ },t yri1 t6 1h � w i %� f.j Y'< y' t s l:'t- ♦'�� Jk 0 ,/r se#cttc�'a1 ti'` y e °Yrr.saki T)Q:,u S .dh � �` 4 "i,'-, ,J i e t • 4 } t<s r sv 4 4' as t� . a P .♦C awx Ya,p, #,a �Z s � pp +� Y L '�• { RK' \,W1.P C I '•F 3 S C F x♦ 1^ z" ^r}�, � � �S�r��` .y,� ]1•s r♦'r. � r� ' r9 .( Y fi�t� i� F a,< sz 'ty�iy�+p7<��yry ' � y� .y k� k'"l]�e i�fj � • 1 c t 1 ,&� 4r�T -fT 4#a- e,,-ct 1 t •Il }F X�14Ls3, 1 (r\ kIy'�.�' ,""l,$�},A' �F y ' • t1L 'ff a .»LI • 1 F .�f t^ a• i �. 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'v:.ly. a{~ COUNTY OF WELD STATE OF COLORADO TRUST AND AGENCY FUNDS EXPLANATIONS OF INDIVIDUAL FUNDS December 31 , 1986 Pension Trust Funds: Weld County Retirement Fund: The Weld County Retirement Fund accounts for the defined benefit retirement pension plan which covers substantially all permanent, full-time employees of Weld County. Expendable Trust Funds: North Colorado Medical Center Trust Fund: This fund accounts for the revenue and related capital expenditures as required by the North Colorado Medical Center Board of Trustees, an autonomous board responsible for administering the operations of the hospital. Health Insurance Trust Fund: This fund accounts for cash held in trust for employees and the County for the self-insured health insurance coverage. Revenue is generated from contributions from both employees and the County as the employer, and disbursements are made after insuring claims have been approved by our independent insurance adjuster. Antelope Hills Trust Fund: This fund accounts for cash held in trust for the homeowners within the Antelope Hills Subdivision. Agency Funds: } General Agency Fund: This fund accounts for all monies collected (principally tax collections) by the Weld County Treasurer for various other local governmental units within the County. Payroll Agency Fund: This fund accounts for the accumulation of County payrolls and related withholdings. Disbursements are made to the appropriate financial institutions through the payroll direct deposit system and the various vendors for the withholdings. Deferred Compensation Fund: This fund accounts for, and invests, the accumulation of voluntary employee contributions. Through Internal Revenue Code (Section 457) , the funds are the property of Weld County until such time as the employee terminates or otherwise qualifies for payment through the plan guidelines. 99 880019 COUNTY OF WELD STATE OF COLORADO TRUST Ahll AGENCY kUNDS COMBINING BALANCE SHEET December 31, 1986 With Comparative Actual Amounts For Year Ended December 31, 1985 Weld County North Colorado Health Antelope Retirement Medical Insurance Fills Fund Trust Fund Fund Trust Fund ASSETS ASSETS: Cash and short term investments $ 123,774 $ 4,277,437 $ 1,049,043 $ 0 Cash - other 6,996 0 2,500 0 Investments 19,804,769 0 0 0 Receivables (net where applicable of allowance for uncollectibles): Current property tax 0 0 0 0 Delinquent property tax 0 7,787 0 0 Accounts 232,411 0 0 0 Due from other county funds 0 0 767 0 Prepaid and other assets t0,907 0 0 0 Other assets 0 0 107 0 TOTAL ASSETS $ 20,208,857 $ 4,285,224 S 1,052,417 $ 0 LIABILITIES AND FUND BALANCE LIABILITIES: Voucher and warrants payable S 87,849 $ 0 $ 107,391 S 0 Due to other governments 0 0 0 0 Due to other county funds 0 0 4,842 0 Deferred revenue 0 7,787 0 0 Total Current Liabilities 87,849 7,'57 112,233 0 LONG TERM DEBT: Deferred compensation payable 0 0 0 0 Total Long Term Debt 0 0 0 0 Total Liabilities 87,849 7,787 112,233 0 FUND BALANCE: Reserve for claims 0 0 0 0 . Reserve for employee benefits 20,121,008 0 0 0 Unreserved 0 4,277,437 940,184 0 Total Fund Balance 20,121,008 4,277,437 940,184 0 TOTAL LIABILITIES AND FUND BALANCE $ 20,208,857 $ 4,285,224 S 1,052,417 $ 0 100 880019 General Payroll Deferred Totals Agency Agency Compensation December 31 December 31 Fund Fund Agency Fund 1986 1965 $ 3,497,049 $ 413,448 $ 0 $ 9,360,751 $ 21,647,986 0 0 0 9,496 36,233 O 0 509,526 20,314,295 16,699,922 O 0 0 0 290,475 O 0 0 7,787 8,138 0 557 0 232,968 166,770 O 5,482 0 6,249 40,830 0 0 0 40,907 36,690 O 0 0 107 15 S 3,497.049 $ 419,487 $ 509,526 $ 29.972,560 $ 39,147,059 $ 0 $ 419,437 $ 0 $ 614,677 $ 1,429,737 3,497,049 0 0 3,497,049 15,471,149 O 50 0 4,892 1,277 O 0 0 7,787 298,613 3,497,049 419,487 0 4.124,405 17,200,776 O 0 509,526 509,526 326,033 O 0 509,526 509.526 326,033 3,497,049 419.,487 509,526 4,633,931 17,526,809 0 0 0 0 80,877 O 0 0 20,121,008 16,858,875 O 0 0 5,217,621 4,680,498 • 0 0 0 25,338,629 21,620,250 • $ 3.497,049 $ 419,487 $ 509,526 S 29,972,560 $ 39,147,059 101 880019 COUNTY OF WELD STATE OF COLORADO TRUST AND AGENCY FONDS STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND BALANCES - ALL PENSION TRUST FUNDS December 31, 1986 With Comparative Actual Amounts For Year Ended December 31, 1985 Weld County Retirement Fund 1986 1985 OPERATING REVENUE: Earnings on investments $ 3,105,919 $ 1,738,765 Appreciation (depreciation) on fair market value of investments (507,173) 1,423,993 Contributions 1,487,861 1,417,765 Total Operating Revenue 4,086,607 4,580,523 OPERATING EXPENSES: Benefit payments 464,517 438,398 Refunds 246,809 192,416 Audit fees 3,704 4,943 Actuarial fees 23,236 25,213 Trustee fees 72,554 61,335 Other expenses 17,358 0 Total Operating Expenses 828,178 722,305 INCOME BEFORE OPERATING TRANSFERS 3,258,429 3,858,218 OTHER FINANCING SOURCES: Operating transfers - in 3,704 30,156 Net Income 3,262,133 3,888,374 FUND BALANCE AT BEGINNING OF YEAR 16,858,875 12,970,501 FUND BALANCE AT END OF YEAR $ 20,121,008 $ 16,858,875 • 102 880019 COUNTY OF WELD STATE 01 GOLOPADO TRUSS AND AU.NCY kUNUS STATDENT OF CHANGES IN FINANCIAL POSITION - ALL PENSION TRUST FUNDS December 31, 1986 Weld County Retirement Fund WORKING CAPITAL PROVIDED: $ 3,262,133 Net Income Working capital provided from operations 3,262,133 INCREASE IN WORKING CAPITAL $ 3,-62.133 CHANGES IN COMPONENTS OF WCRKING CAPITAL: Increase (decrease) in current assets: Cash with treasurer $ 5,402 Cash - other (26,737) Investments 3,230,880 Receivables: 5C.261 Accounts Due from other county funds (28) Prepaid expenses 4,216 Net increase in current assets 3 '63 994 Increase in current liabilities: Vouchers payable (1,861) Net increase in current liabilities (1,861) INCREASE IN WORKING CAPITAL $ 3,262,133 103 880019 CCLN Y OF WELD STATE Or COLORADO TAUS,: AND ACINCY rCNDS COMBINING STATEMENT OF REVENUES EXPENDITURES AND CHANGES IN FUND BALANCES - ALL EXTENDABLE TRUST FUNDS December 31, 1966 With Ccmparative Actual Amounts For Year Ended December 31, 1985 North Colorado Health Total Medical Center Insurance Antelope Hills December 31 December 31 Trust Fund Fund Trust Fund 1986 1985 REVENUES: Taxes $ 312,938 $ 0 $ 0 $ 312,938 $ 267,681 Earnings on investments 271,148 58,723 0 329,871 326,143 Miscellaneous 0 890,154 0 890,154 961,162 Total Revenues 584,086 948,877 0 1,532,963 1,554,986 EXPENDITURES: Contractual services 0 114,112 0 114,112 54,403 Supplies 0 22,810 0 22,810 798 Insurance and bonds 0 31,293 0 31,293 46,007 Claims 0 742,447 0 742,447 689,467 Other 69,704 0 0 69,704 171,710 Total Expenditures 69,704 910,662 0 580,366 962,385 EXCESS OF REVENUES OVER (UNDER) EXPENDITURES 514.382 38,215 0 552,597 592,601 OTHER FINANCING SOURCES (USES): Operating transfers - in 0 0 0 0 200,000 . Operating transfers - out 0 0 (15,474) (15,474) 0 Total Other Financing Sources (Uses) 0 0 (15,474) (15,474) 200,000 EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES AND OTHER USES 514,382 38,215 (15,474) 537,123 792,601 FUND BALANCE AT BEGINNING OF YEAR 3,763,055 901,969 15,474 4,680,498 3,887,897 FUND BALANCE AT END OF YEAR $ 4,277,437 $ 940,184 $ 0 $ 5,217,621 $ 4,680,498 104 880019 COUNTY OF WELD SLATE Or C0LORAbO TRUST AND AGENCY HANDS NORTH COLORADO !'.EDICAL CENTEP. 'MST FUND Schedule of Revenues Compared with Estimate December 31, 1986 With Comparative Actual Amounts For Year Ended December 31, 1985 1986 1986 1986 1985 Estimate Actual Variance Actual TAXES: General property tax $ 291,725 $ 291,241 $ (484) $ 247,187 Specific ownership taxes 26,322 20,149 (6,173) 19,233 Penalties & interest 0 1,548 1,548 1,261 Total Taxes 318,047 312,938 (5,109) 267,681 EARNINGS ON INVESTMENTS: Earnings on deposit 250,000 271,148 21,148 268,376 TOTAL REVENUE 5 568,047 $ 584,086 $ 16,039 $ 536,057 Schedule of Expenditures Compared with Budget December 31, 1986 With Comparative Actual Amounts For Year Ended December 31, 1985 1986 1986 1986 1985 Budget Actual Variance Actual OTHER EXPENDITURES: Buildings $ 568,692 $ 69,704 $ 498,988 $ 148,811 Other 0 0 0 22,899 TOTAL EXPENDITURES $ 568,692 S 69,704 $ 498,988 $ 171,710 Schedule of Operating Transfers-in Compared with Estimate December 31, 1986 With Comparative Actual Amounts For Year Ended December 31, 1985 1986 1986 1986 1985 Estimate Actual Variance Actual OPERATING TRANSFERS - IN: Non-Departmental $ 0 $ 0 $ 0 $ 200,000 TOTAL OPERATING TRANSFERS-IN $ 0 $ 0 $ 0 $ 200,000 105 880019 COUNTY OF WELD STATE 01 COLORADO TRUST AND AGtNCY rUNDS BEALTW INSURANCE /CND Schedule of Revenues Compared with Estimate December 31, 1986 With Comparative Actual Amounts For Year Ended December 31, 1985 1986 1986 1986 1985 Estimate Actual Variance Actual EARNINGS CN INVESTMENTS: Interest $ 0 S 518 S 518 S 739 Earnings cn deposit 60,000 58,205 (1,795) 55,884 Total Earnings on Investments 60,000 58,723 (1,277) 56,623 MISCELLANEOUS REVENUE: Recovery of losses 0 125 125 1.6,499 Contributions 928,926 890,029 (38,897) 944,663 Total Miscellaneous Revenue 928,926 890,154 (38,772) 961,162 TOTAL REVENUE S 988,926 $ 948,877 $ (40,049) $ 1,017,785 Schedule of Expenditures Compared with Budget December 31, 1986 With Comparative Actual Amounts For Year Ended December 31, 1985 1986 1986 1986 1985 Budget Actual Variance Actual EXPENDITURES: Contract Services $ 63,600 $ 114,112 $ (50,512) $ 54,403 Su lies 9,000 22,810 (13,810) 798 Insurance and bonds 46,947 31,293 15,654 46,007 Claims 1,090,379 742,447 347,932 6(a,590 TOTAL EXPENDITURES S 1,209,926 S 910,662 S 299,264 S 709,798 r),_7 ch. Lti.,3).13 106 COUNTY OF WELD S1ATh OF COLORADO TRUb1 AND AMC' 1th S AN1ELOPE HILLS 'Lab': FUND Schedule of Revenues Compared with Estimate December 31, 1986 With Comparative Actual Amounts For Year Ended December 31, 1985 1986 1986 1986 1985 Estimate Actual Variance Actual EARNINGS ON INVESTMENTS: Earnings on deposit $ 0 $ 0 $ 0 $ 1,14E Total Earnings on investments 0 0 0 1,144 TOTAL REVENUE S 0 $ 0 $ 0 S 1,144 Schedule of Operating Transfers-out Compared with Budget December 31, 1986 With Comparative Actual Amcunts For Year Ended December 31, 1985 1986 1986 1986 1985 Budget Actual Variance Actual OPERATING TRANSFERS - OUT: Other $ 0 $ 15,474 S (15,474) $ 0 TOTAL OPERATING TRANSFERS-OUT $ 0 S 15,474 $ (15,474) $ 0 107 880019 COUNTY OF WELD STA'IL Or COLORADO TRUST AND ACaNCY ridEbc COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES - ALL AGENCY FUNDS December 31, 1986 Balance Balance 1/1/86 Additions Deductions 12/31/86 GENERAL AGENCY FUND ASSETS: Cash $ 15,471,149 $ 272,197,112 $ 284,171,212 $ 3,497,049 LIABILITIES: Due to other governmental units $ 15,471,149 $ 272,197,112 $ 284,171,212 S 3,497,049 PAYROLL AGENCY FUND ASSETS: S 1 340 0ll $ 17,915,420 $ 18,836,844 S 419,487 Cash and receivables ,- LIABILITIES: Voucher and accounts 419,457 payable $ 1,340,911 S 17,915,420 S 18,836,844 $ DEFERRED COMPENSATION FUND ASSETS: $ 326,033 $ 1,487,862 $ 1,304,369 S 509,526 Investments LIABILITIES:Deferred comp payable $ 326,033 $ 1,487,862 $ 1,304,369 S 509.526 TOTAL - ALL AGENCY FUNDS TOTAL ASSETS $ 17,138,093 $ 291,600,394 $ 304,312,425 $ 4,426,062 TOTAL LIABILITZ£5 $ 17,138,093 $ 291,600,394 $ 304,312,425 $ 4,426,062 108 esoots yr �It q5';d , v J w: ��:.Irn [ft i, $ j _ }! 1.f f :^.} �' { t. .e •rev > 7+! �H: 4 e Y rr I a sZ..a. - 411 r rf` s t > *, sr^b`a f ,C .•ty,�wr ^„5 � 2 t s �&$� (' h I'i Y ..1 :�s a q -'C. 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K•>.:,i n { ' .. - L _ x�,y r r J+ 3r' ?,7'/F.y a' ACe $ -;...4,24:434,;„ + g > +w i�' i 'J ..L; .� .1 ., ? ro t"I' :n. 3 i N r 3 S `T i Y - 'ail At ' rz °i� yah�`; '' M .+ s.a . t e v r IYs.c,F dt ' V f :M � a:-s7 a < t dY'y� «'xS i_40,--$:;":.;;;',..,••-. q rr c@ :Y`"+ K t` cry. s y 7 r#.� r I t r J �,:� r'�, 4. 4p ',s`it �" 4^4 0,--.:;" r t LP' ,..w+a4 •q #i s pt*'l .tts.'d'/2-:,s.< x -n�ty.4%r.-: C'+` rd 1, r 14;41;4.v A, ( T • "T d� a` 't7 4. .• .1 1} N g'f�',- yxr P t . - '�` • COUNTY OF WELD StorOrrO GENERAL FIXED ASSL'1'S SCFEDULE OF GENERAL FIXED ASSETS - BY SOURCE December 31, 1986 and 1985 1986 1985 GENERAL FIXED ASSETS: Land S 1,588,951 $ 1,577,227 Buildings 18,738,024 17,851,656 Improvements other than buildings 218,011 206,466 Machinery and equipment 3,048,324 2,774,342 TOTAL GENERAL FIXED ASSETS $ 23,593,310 $ 22,409,691 INVESTMENTS IN GENERAL FIXED ASSETS FROM: C 14,629,291 $ 13,533,790 Current Revenue Gifts and Grants 1,014,904 926,786 Federal Revenue Sharing 7,949,115 7,949,115 TOTAL INVESTMENTS IN GENERAL FIXED ASSETS S 23,593,310 $ 22,409,691 109 880019 COUNTY OF WELD STA1E OF COLORADO GENERAL 2iXED ASSETS SUEDULE OF GENERAL FILED ASSETS - BY FUNCTION AND ACTIVITY December 31, 1986 and 1985 Improvements Other Than Machinery 6: Totals Land Euildings Buildings Equipment 1986 1985 General Government: Commissioners $ 0 $ 0 $ 0 $ 18,785 $ 18,785 $ 18,660 County attorney 0 0 0 12,176 12,176 12,848 Planning and zoning 0 0 0 21,956 21,956 21,501 Accounting 0 0 0 14,730 14,730 14,895 Finance and administration 0 0 0 10,517 10,517 13,098 Clerk and Recorder 0 0 0 364,317 364,317 343,726 Elections 0 0 0 29,154 29,154 29,183 County Treasurer 0 0 0 42,472 42,472 41,263 County Assessor 0 0 0 72,509 72,509 68,419 County Council 0 0 0 3,228 3,228 3,228 Personnel 0 0 0 9,539 9,539 9,'_03 Buildings and grounds 0 0 0 53,=.00 53,100 51,531 Communications 0 0 0 355,059 355,059 417,485 Purchasing 0 0 0 10,157 10,157 11,819 Other 0 0 0 57,432 57,432 48,945 General government buildings 1,254,264 9,504 14,887,694 141,920 16,293,382 15,419,890 Total General Government 1,254,264 9,504 14,887,694 1,217,051 17,368,513 16,525,794 Judicial: District Attorney 0 0 0 82,810 82,810 82,729 Public Safety: Sheriff 0 0 0 232,414 232,414 256,196 County Coroner 0 0 0 618 618 618 Building inspection 0 0 0 4,216 4,216 4,216 Office of emergency management 0 0 0 48,382 48,382 36,013 Total Public Safety 0 0 0 285,630 285,630 29 ,7043 Health and Hospitals:Public health 162,369 15,068 907,109 190,652 1,275,198 1,275,751 Ambulance 0 5,465 117,096 79,544 202,105 191,538 Total Health and Hospitals 162,369 20,533 1,024,205 270,196 1,477,303 1,467,289 :ounty Roads and Highways: Engineering and administration 0 11,668 0 74,603 86,271 74,913 ?ublic Welfare:Administration 170,318 0 732,886 227,739 1,130,943 1,065,762 luxiliary Services: Extension 200 0 787,375 29,063 816,638 618,034 Exhibition building 0 80,132 187,203 11,216 278,551 272,051 Veterans 0 0 0 10,402 10,402 10,402 Missile site 0 91,310 0 100,821 192,131 117,907 Youth shelter 0 0 48,812 9,412 58,224 57,276 Intake classification 0 0 1,440 0 1,440 1,440 Library - 3,199 907,434 185,260 1,095,893 998,609 Human Resources 1,800 1,665 160,975 536,209 :00,649 620,:42 Housing Authority 0 0 0 7,912 7,912 0 Total Auxiliary Services 2,000 176,306 2,093,239 890,295 ' 3,161,840 2,896,161 TOTAL GENERAL FIXED ASSETS ALLOCATED TO FUNCTIONS $ 1,588,951 $ 218,011 $18,738,024 $ 3,048,324 $23,593,310 $22,409,691 110 880019 COUNTY OF WELD STATE OF COLORADO GEES SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS - BY FUNCTION AND ACTIVITY December 31, 1986 General General Fixed Assets Fixed Assets 1/1/86 Additions Deletions 12/31/86 General Government: p $ 18,785 Commissioners $ 18,660 $ 125 $ County attorney 12,848 0 672 12,176 Planning and zoning 21,501 810 355 21,956 Accounting 14,896 1,229 1,395 14,730 Finance and administration 13,098 114 2,695 10,517 Clerk and Recorder 343,726 26,775 6,184 364,317 Elections 29,183 3,339 3,368 29,154 County Treasurer 41,263 1,209 0 42,472 County Assessor 68,418 4,832 741 72,509 County Council 3,228 0 0 3,228 Personnel 9,303 617 381 9,539 Buildings and grounds 51,531 3,685 2,116 53,100 Communications 417,485 22,679 85,105 355,059 Purchasing 11,819. 438 2,100 10,157 Other 48,944 12,301 3,813 57,432 General government buildings 15,419,889 873,493 0 16,293,382 Total General Government 16,525,792 951,646 108,925 17,368,513 Judicial: District Attorney 82,729 1,359 1,278 82,810 Public Safety: Sheriff 256,196 93,167 116,949 232,414 County Coroner 618 0 0 618 Building inspection 4,216 0 0 4,216 Office of emergency management 36,013 12,684 315 48,382 Total Public Safety 297,043 105,851 117,264 285,630 Health and Hospitals: Public health 1,275,751 14,011 -14,564 1,275,198 Ambulance 191,538 15,467 4,900 202,105. Total Health and Hospitals 1,467,289 29,478 _ 19,464 1,477,303 County Roads and Highways: Engineering and administration 74,913 11,544 186 86,271 Public Welfare: Administration 1,065,763 69,147 3,967 1,130,943 Auxiliary Services: Extension 818,034 513 1,909 816,638 Exhibition building 272,051 6,500 0 278,551 Veterans 10,402 0 0 10,402 Missile site 117,907 100,119 25,895 192,131 Youth shelter 57,276 948 0 58,224 Intake classification 1,440 0 0 1,440 Library 998,609 104,855 7,571 1,095,893 Human Resources 620,443 99,768 19,562 700,649 Housing Authority 0 7,912 0 7,912 Total Auxiliary Services 2,896,162 320,615 54,937 3,161,840 TOTAL GENERAL FIXED ASSETS ALLOCATED TO FUNCTIONS $22,409,691 $ 1,489,640 $ 306,0 21 $23,593,310 88001911 656098 ZIT OCIVIRTIOD • ' 4 t a "°AtiS . e fF '. *4.`•~. t1' �`��r"S" d i �f 3't:r':Zr ; f + ;.. ° >t r Ll is t i+ ,t TE $ 3 6 s i>r t r:E • +d >.. sti Q,eA 0-?To' { s• Hr , F°*a• vd� ,+wiFi�rAA Y' - +•5. :F"'.k. -,:,,,,- 4,0.9$7,43! ,� • i Ma n 41.,;41-%,v Wie;i, ..rt •f !..,%,t•rot4C, I Ss`�'y; `':;•Yy.. ,•d'i"r�(,'W''r Y 'jpi.� 'ih 'ir �G 4;: �(..w^Yk'M1tY.' ? iw k� f Yc Y'Y n 9 ham,.. �l $ rj ,•7' Y3;y�'rS7+ ! yt i,:�3 t '17 . r .�a,a',retitth.br`rr _43 t x Y')S' 5'F^ `i,9 r {*Ian ttrY Y; 4R rT '� D•°._ Y `5 >- f� - eY`a<y ,'Et fa 5= ..' #r>, nfciNvw4.d#.r �"-,' ' K �b..•.�, l)i�litry ^' dro�..,, ' <�Y> a:4� rti5 v y M *tT•:S '",' r a nt tit % i- ' ' ..�-.� [ '. i d '..r�. .k,. f'r�t� .i,• kv 'Rt°�.f•t°'4�t,i '. yy��fr k"k.�,'{ ^`„' ..474,-.t;•. 4 r a rr Y.v ayR i ' = } $¢ il` ,r `¢`.r �'• f3• � `Fi6w,,xryr ..ua +u�"�✓s.,�+� ,,,,,,.'.;,v,;,,.:, �G 7f *sir�,"1%.:- :-4,,. 47 1.a" i rk-.ti � � x;,A 4b 1:.+.4,.. 4i�` r<s2' tt,.;`,i t:1434'.''•":Y , ! 4'-'1'' ; ':":":.';'• :'.!..C-:,:r: !: a . 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COUNTY OF WELD ScATE OF COLORADO GENERAL LONG-1BRM LET - •Y SOURCES December 33, 1986 and 1985 1986 1985 GENERAL LONG-TERM DEBT: Amount to be provided for retirement of general long-term debt $ 1,254,027 $ 1,182,283 TOTAL GENERAL LONG-TERM DEBT $ 1,254,027 $ 1,182,283 GENERAL LONG-TERM DEBT FROM: Vacation and sick leave $ 1,063,546 $ 962,324 Phone system 190,481 219,959 TOTAL GENERAL LONG-TERM DEBT $ 1 ,254,027 $ 1,182,283 • . ] • • • 113 80749 i&_;%;,, wine COLORADO 114 880019 • •, i ,,:",,,i.;( j��'� ii 41e }::Nt yr M1r It' IL yf`°dA31 .r�",Y,fi L3M h' 'N `.CSi+•at ti. .tp4 ii '1,,,.„ lnrr s} , 4:4:t-1 . i ;r7.2.,-S4.42...: ;',.:;;;:4:-!;;;;;4'77 '4- d '• . <^7R 9 S' i X S. l k 3PJ"£ XT' kr a b'Y4 y A ff Y kT^' vs £ > i fit Y . ✓ i w g,�X r � ''h �,� 4 �t A al `tdh} l rA^n .r g f µ' p /t b X`x .4' yei 9 e R i times 1- tl t { 6 J�14.-��.} 1 S � it sat 1•ig •ic:/', q �Ya a 4 tti � %-4.'if z, `"°e ��V a ..-kb,....,..,,,,,`y " qd tr.�/ 8f r ' t. . z; T 4 €` •.+,Cu`�� t T1 } y a3`g R• ! t t� . 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',Ai''4"F e t, T N�i t uy Cc sseDas s« OQ V 2io'Ioa COUNTY OF WELD StREff-UF-EnTURIDO General Governmental Expenditures by Function (Unaudited) Last Ten Years County Public General Public Roads & Health & Year Government Safety Highways Welfare 1977 $ 4,129,260 $ 1,198,836 $ 4,430,812 $ 9,].28,764 1978 $ 4,777,054 $. 2,551,449 $ 5,493,292 $ 9,691,198 1979 $ 4,709,301 $ 2,808,358 $ 6,157,485 $10,775,974 1980 $ 5,203,105 $ 3,150,728 $ 7,436,150 $12,436,419 1981 $ 5,403,963 $ 3,525,539 $ 6,811,742 $13,783,902 1982 $ 5,400,021 $ 5,229,851 $ 6,997,923 $12,875,917 1983 $ 5,725,137 $ 5,575,881 $ 7,716,877 $13,961,545 1964 $ 6,082,536 $ 6,294,660 $ 8,136,114 $13,799,706 1985 $ 6,120,744 $ 7,283,096 $ 8,547,979 $1.3,748,609 1986 $ 6,525,593 $ 7,496,132 $ 8,505,739 $14,660,502 General Revenue by Source (Unaudited) Last Ten Years Licenses Intergovernmental Year Taxes and Permits Revenue 1977 $ 9,694,012 $ 141,938 $ 11,620,117 1978 $ 10,273,210 $ 187,067 . $ 13,517,280 1979 $ 11,288,778 $ 196,545 $ 14,280,094 1980 - $ 12,025,910 $ 383,881 . $ 18,664,253 1981 $ 12,947,563 $ 400,670 - $ 20,283,181 1982 $ 13,166,821 $ 463,542 $ 17,204,249 1983 $ 14,467,200 $ 635,645 . $ 18,679,901 1984 $ 15,932,964 $ 669,934 $ 19,284,616 1985 $ 16,308,828 $ 716,130 ' $ 19,890,173 1986 $ 17,888,662 $ 581,360 .$ 20,720,989 • • 880011t 116 Auxiliary Debt Intragovernmental Total Services** Capital Outlay Service Expenditures Miscellaneous Expenditures * $ 71,924 $ 221,692 S 25,835,205 $ 2,879,029 $ 3,774,888 $ 121,761 $ 111,134 $ 27,821,889 S 3 694 883 $ 1 801 092 $ $ S 3,692,883 $ 805,092X , *$ * S 169,316 $ -0- $ 29,118,409 $ 5,926 -0- $ 34,616,250 S 6,287,461 $ 344607 $ 591, *869 $ $ ll8,498 $188 $ * $ 83,594 $ -0- $ 36,487,535 $ 3,709,018 $ 485,735 $ * $ 375,305 $ 338,637 $ 35,412,407 $ 3,856,846 $ 379,584 $ 2,274 $ 431,789 $ 665,246 $ 38',335,279 $ 3,954,896 $ 1,347,365 $1,018,741 $ 415,102 S 1,074,232 $ 42,123,352 $ 4,596,197 $ 1,515,560 $ 88,500 $ 465,517 $ 1,647,115 $ 44,013,317 $ 4,324,860 S 1,075,380 $ 252,753 $ 488,119 $ 1,401,846 $ 44,730,924 * Information not available. **Auxiliary S•?.rvices includes culture and recreaticn, conservation of natural resources, and economic assistance. General governmental expenditures include expenditures of General, Special Revenue, Capital Projects Funds, and Special Assessment Funds. Charges for Fines and Miscellaneous Fee Services Forfeits Revenue Accounts Total Pevenue $ 1,181,004 $ 2,364 $ 2,180,596 $ -0- $ 24,820,031 $ 1,278,237 S 2,171 $ 2,417,306 $ -0- $ 27,675,271 $ 1,159,849 $ 3,018 S 2,277,170 $ -0- $ 29,205,454 $ 1,974,601 $ 3,064 $ 2,089,689 $ -0- $ 35,141,398 $ 1,931,937 $ 3,108 $ 2,951,603 $ -0- $ 38,518,062 • $ 1,151,453 $ 6,792 $ 2,995,740 S 1,160,740 $ 36,149,337 $ 1,406,359 $ 26,667 $ 2,543,940 $ 1,305,116 $ 39,064,828 $ 1,541,520 $ 37,592 $ 3,948,342 $ 1,533,455 $ 42,948,423 $ 1,673,283 $ 78,261 $ 3,756,703 $ 1,631,937 $ 44,055,315 - I $ 1,742,650 $ 67,198 $ 3,775,144 $ 1,680,356 S 46,456,359 i General revenue includes revenue of General, Special Revenue, Capital Projects and Special Assessment Funds. i 1 117 880013 COUNTY OF WELD STATE OF COLORADO Property Tax Levies and Collections (Unaudited) Last Ten Years Total Total Current Percent Delinquent Total Outstanding Original Tax Tax of Levy Tax Tax Delinquent Year Levy Collections Collected Collections Collections Taxes 1977 $ 10,121,370 S 10,099,155 99.78 $ 27,904 $ 10,127,059 5 65,250 1978 $ 10,618,807 $ 10,558,800 99.43 $ 25,507 $ 10,584,307 $ 80,380 1979 $ 11,144,614 $ 11,101,916 99.62 $ 27,699 S 11,129,615 S 66,715 1980 $ 11,708,099 $ 11,660,552 99.59 $ 42,189 $ 11,702,741 S 70,795 1981 $ 12,622,216 $ 12,596,620 99.68 S 39,303 $ 12,635,923 $ 52,053 1982 $ 13,252,865 $ 13,169,249 99.37 $ 81,490 S 13,250,739 $ 69,656 1983 $ 14,399,734 $ 14,307,719 99.36 $ 97,625 $ 14,405,344 $154,546 1984 $ 15,119,720 $ 14,985,503 99.11 $131,428 $ 15,116,931 $212,504 1985 $ 15,875,706 $ 15,469,833 97.44 $ 28,931 $ 15,498,764 $307,203 1986 $ 17,147,925 $ 17,013,025 99.20 $ 84,065 $ 17,097,090 5404,559 Assessed and Estimated Actual Value of Taxable Property (Unaudited) Last Ten Years Real Property (1) Personal Property (2) Total Assessed —Estimated Assessed Estimated Assessed Estimated Year Value Actual Value Value Actual Value Value Actual Value 1977 $ 396,640,305 $1,322,134,350 5 86,478,215 $ 576,521,433 $ 483,111,520 $1,898,655,783 1978 $ 477,056,630 $1,590,188,766 $ 104,237,180 $ 694,914,533 $ 581,293,810 $2,285,103,299 1979 $ 497,514,340 $1,658,381,133 $ 165,480,900 $ 1,103,206,000 $ 662,995,240 52,761,587,133 1980 $ 507,497,890 $1,691,659,633 $ 169,787,590 $ 1,131,917,266 $ 677,285,480 52,823,576,899 1981 $ 555,820,990 $1,852,736,633 $ 176,028,980 $ 1,173,526,533 $ 731,849,970 $3,026,263,166 1982 $ 685,414,640 $2,284,715,466 $ 86,357,130 $ 713,785,433 $ 771,771,770 $2,998,500,899 1983 $ 778,637,950 $2,647,089,025 $ 91,815,550 $ 316,605,345 $ 870,453,500 $2,963,694,370 1984 $ 764,916,130 $2,966,160,645 S 55,831,700 $ 192,523,103 $ 820,747,830 $3,158,683,748 1985 $ 819,535,750 $3,162,758,743 $ 67,028,500 $ 231,132,759 $ 886,564,250 $3,393,891,502 1986 $ 742,979,600 52,908,836,701 $ 70,154,400 $ 241,911,724 $ 813,134,000 $3,150,748,425 (1) Residential improved land and improvements at 21% of 1977 replacement cost, as determined by State law. , (2) Commercial improved land and improvements at 29% of 1977 replacement cost, as determined by State law. • 118 880019 COUNTY OF WELD STATE OF COLORADO Property Tax Rates and Tax Levies - All Overlapping Governments (-Unaudited) Last Ten Years Levy Collection School Junior Year Year Cities Districts County College Other Total Tax Rates 1976 1977 415.29 1,568.20 21.130 3.48 134.850 2,142.950 1977 1978 413.80 1,380.32 18.260 3.46 134.660 1,950.500 1978 1979 413.80 920.32 16.780 3.46 134.660 1,489.020 1979 1980 423.99 978.12 17.247 3.93 144.769 1,568.056 1980 1981 439.79 908.51 17.247 4.11 147.517 1,517.174 1981 1982 460.90 583.48 17.172 4.11 154.620 1,520.282 1982 1983 461.22 866.16 17.172 4.292 151.450 1,500.294 1983 1984 490.32 880.14 17.369 4.581 161.059 1,553.469 1984 1985 542.32 918.63 19.342 5.037 171.923 1,657.252 1985 1986 537.25 977.76 19.342 4.981 164.277 1,703.610 Tax Levies 1976 1977 $2,043,547 $21,724,237 $10,208,295 51,645,660 S1,988,326 $37,610,065 1977 1978 $2,121,568 $25,429,499 $10,597,815 $1,797,717 $2,352,751 542,299,350 1978 1979 $2,481,327 $27,770,414 $11,125,060 $1,988,606 52,596,647 $45,962,054 1979 1980 $2,921,316 $29,216,839 $11,681,142 $2,317,544 $2,519,126 $48,655,967 1980 1981 $3,285,870 $32,572,132 $12,622,216 $2,622,812 $2,567,436 $53,970,466 1981 1982 S3,839,640 $35,181,714 $13,252,865 $2,737,134 $3,249,326 $58,260,679 1982 1983 $4,016,593 $37,913,573 $14,399,734 $3,686,486 S3,769,629 $63,786,015 1983 1984 $4,125,777 $41,076,321 $15,118,907 $3,458,802 $3,960,714 $67,740,521 1984 1985 $4,210,650 $42,366,353 $15,874,905 $3,631,540 S3,942,837 $-0,026,285 1985 1986 $4,551,381 $48,835,173 $17,147,925 $3,918,961 $5,736,561 $80,190,001 The basis for the property tax rates is per $1,000 assessed valuation. 119 COUNTY OF WELD STA f-O71 OLORADO Special Assessment Collections (Unaudited) Last Ten Years Current Current Ratio of Total Assessments Assessments Collections Outstcnding Year Due Collected To Amount Due Assessments 1981* ---** $ 27,885 1982 $ 27,885 $ 13,531 2-1 $ 14,354 1983 $ 14,354 $ 4,098 3-1 S 10,256 1984 $ 10,256 $ 1,282 8-1 S 8,974 1985 $1,083,974*** $ 2,236 4-1**** $1,081,738 1986 $1,081,738 $102,009 10-1 $1,006,758 NOTES: * Weld County had no special assessments from 1973-1980 ** No Current assessments are due for the Elmore Road Assessment District until 1962 *** Due amount includes $1,075,000 for Road 5 which began in 1985 *At'' Ratio of collection is based on Elmore Road only for 1985 120 880019 COUNTY OF WELD SITErtiratUreDo Computation of Le€al Debt Margin (Unaudited) December 31, 1986 Assessed Value, 1965 S 886,564,250 Debt Limit 3 Percent of Assessed Value 26,596,926 Amount of Debt Applicable to Limit: Total Bonded Debt S - Installment Purchase Agreements - Total Amount of Debt Applicable to Debt Limit Legal Debt Margin $ 26,596,928 Debt Limitation: Under Section 30-35-201, Colorado Revised Statutes, 1973, the County may incur indebtedness for general County purposes in an amount not to exceed 3% of assessed valuation of all taxable property. Tables Relating to Bonded Debt (Unaudited) December 31, 1986 Weld County is without bonded debt and the following statistical tables are not presented: A. Ratio of Net General Bonded Debt to Assessed Value and Net Bonded Debt Per Capita - Last Ten Years B. Computation of Overlapping Debt - December 31, 1986 C. Ratio of Annual Debt Service for General Bonded Debt to Total General Expenditures - Last Ten Years D. Revenue Bond Coverage - Last Ten Years 121 88.00.! n COUNTY OF WELD STATE CF COLORADO Demographic Statistics (Unaudited) December 31, 1986 1. Population: 1960 - 72,344 1970 - 89,297 1975 - 111,901 1980 - 123,438 1983 - 132,513 1984 - 131,746 1.985 - 133,922 1986 - 139,947 2. Estimated Median Age: 26.7 (1980 Census) 28.5 (1983) 26.7 (1984) 27.8 (1985) 3. Total Personal Income For Years Available: 1970 - $ 279,766,000 1971 - $ 327,463,000 1972 - $ 380,534,000 1973 - S 481,301,000 1974 - $ 539,833,000 1975 - $ 597,099,000 1980 - $1,059,311,000 1982 - $1,317,000,000 1984 - $1,317,329,000 4. Per Capita Income For Years Available: 1971 - S 3,527 1972 - $ 3,891 1973 - $ 4,666 1974 - $ 5,054 1975 - $ 5,543 1977 - S 5,081 1980 - $ 6,505 1982 - $10,411 1984 - $1,' ,501 5. Median Family Income 515,805 (1980 Census) $22,921 (1983) $21,286 (1984) 6. Population Per Household 1970 - 3.09 1980 - 2.79 1983 - 2.75 1984 - 2.79 7. Housing Units 1970 - 28,896 1980 - 46,475 1983 - 46,059 1984 - 49,538 Source: Greeley Area Chamber of Commerce Survey and U.S. Census data. 122 880019 COUNTY OF WELD STATE OF COLORADO Property Value, Construction Bank Deposits and Other Economic Indicators (Unaudited) Last Ten Years 1975 1980 1983 1984 1985 1986 Property Value - estimated actual value (millions) $ 1,264.1 $ 2,948.7 S 2,963.7 $ 3,158.7 $ 3,393.9 $ 3,473.1 Building Permits 1,339 1,241 2,699 2,450 2,519 2,113 Estimated Construction (millions) S 20.6 $ 23.8 $ 13.0 Bank Deposits (millions) $ 363.2 $ 524.5 $ 664.5 * 9,854.2 * Retail Sales (millions) $ 878.0 $ 781.3 $ 1,023.0 $ 1,022.9 $ 1,118.0 $ 1,044.1 Value of Crop Production (millions) $ 134.6 $ 185.0 $ 184.6 $ 284.5 $ 191.0 Other years' data not available * Information not available. Source: Greeley Area Chamber of Commerce Survey 1 I 123 880019 COUNTY OF WELD STATE OF COLORADO Principal Taxpayers (Unaudited) December 31, 1986 Per Cent 1986 Of Total Assessed Assessed Valuation Valuation $ 93,503,320 10.31% EKodak sto Production Company 49,758,170 5.48 Eastman 26,246,300 2.89 Public Service Company of Colorado 16,477,240 1.82 Energy Oil Company 11,526,700 1.27 Mountain States Telephone & Telegraph 11,229,000 1.24 Panhandle Eastern Pipeline Company 8,945,630 .99 Energy Minerals Corporation 8,501,300 .94 Macey1 Ross Petroleum Company 7,413,870 .82 Macey & Mershon Don Company 7,130,790 .79 MGF Oil Corporation 124 880019 COUNTY OF WELD SA�DO Miscellaneous Statistics (lnaudited) December 31, 1986 1. Date of Incorporation: 1861 2. Form of Government: Home Rule Charter 3. Date Present Charter Adopted January 1, 1976 4. Area - Square Miles: 4,004 square miles 5. County Seat: City of Greeley 6. Employees as of December 31, 1986 Elected Officials - 10 Division Heads - 5 Department Heads - 9 Other Full Time Employees - 797 Part Time Employees - 235 7. Miles of Roads: Paved - 110.3 Unpaved - 2,818.8 8. Building Permits: No. of Year Permits Valuation 1977 1,177 S 30,102,553 1978 1,546 $ 58,749,363 1979 1,592 $ 34,782,283 1980 1,348 $ 54,775,497 1981 1,241 S 32,851,694 1982 1,865 $ 35,207,497 1983 2,699 $ 51,480,002 1984 2,450 $ 44,854,598 1985 2,519 $ 37,423,180 1986 2,113 $ 34,964,831 9. Motor Vehicle Registration: 1977 - 122,133 1978 - 143,888 1979 - 133,437 1980 - 125,970 1981 - 129,159 1982 - 130,952 1983 - 132,458 1984 - 139,521 J 1985 - 136,444 1986 - 142,204 10. Special Districts 29 - Cities and Towns within County: 18 - Schools 23 - Fire 17 - Water & Other 2 - Colleges 14 - Sanitation 11. Cities and Towns: Ault Gilcrest Lochbuie Eaton Greeley Mead Erie Grover Milliken • Evans Hudson New Rayner Dacono Johnstown Nunn Firestone Keenesburg Pierce Frederick Recta Platteville Ft. Lupton Kersey Rosedale Garden City LaSalle Severance Brighton JT Wirdsor 12. Recreation: - Golf Courses - 5 City and Regional Parks Island Grove Recreational Complex Greeley Recreation Center 125 �� q COUNTY OF WELD STATE OF COLORADO Miscellaneous Statistics - Continued (Unaudited) December 31, 1986 Ault Town Library 7,000 Volumes 13. Libraries: Glenn A. Junes Library 9,639 Volumes Greeley Library 127,148 Volumes Platteville Library 7,609 Volumes University of No. Colo. 755,519 Volumes Weld Library District 168,768 Windsor Public Library 23,793 Volumes 14. Elections: Number of Number Percent of Registered of Votes reVo tegi eredgst ered Voters Cast 66.4 1974 General Election 45,175 30,002 82.7 1976 General Election 49,785 29,818 62.3 1978 General Election 47,832 ' 86.3 1980 General Election 51,107 44,134 70.5 1982 General Election 5151,476 476 , 01 84.6 1984 General Election ,347,632 61.1 1986 General Election 62,725 38,488 15. Media Newspapers: The Greeley Tribune The Banner Town & Country News Aims College World The Mirror (UNC) North Weld Herald Farmer & Miner Keene Valley Sun Johnstown Breeze Ft. Lupton Press Platteville Herald Windsor Beacon Brighton Blade and Market Place Erie Echo Ft. Morgan Times LaSalle Leader Longmont Times Call Platte Valley Voice Evans Star Press The Centennial News Radio Stations: KFRA/KCBS KYOU/KGRE KUAD AM fi FM KUNG FM Television: Receives commercial and public television originating from both Denver and Cheyenne stations; also cable television. 16. Sales Tax as of December 31, 1985: State - 3% Source: County offices. 126 'G11,9 COUNTY OF WELD • STATE OF COLORADO Insurance In Force (Unaudited) December 31, 1986 Policy Period Details of Annual Name of Company Policy Number begins Expires Coverage Liability Limits Premiums Lexington Ins. 1315101217-160 1/15/66 2/12/87 Medical $500,000 Combined Company Malpractice Single Limit $1,000 Deductible $ 9,300 Safety Mutual SP-1486-00 1/15/86 1/15/87 Excess Worker's $10,000,000/Occurrence Casualty Corp. Compensation $200,000 Retention Each Occurrence 25,000 Zurich Insurance BM31-93-524-02 1/1/86 1/1/87 Boiler and $10,000,000/Accident 233 Company Machinery $1,000 Deductible ,- Lloyds of London ISL 3512 7/1/86 6/30/87 Property Damage, Property: $50,000,000/ (Colorado ISL 3513 Automobile Occurrence Counties Liability, All Liability: $150,000/ Casualty & General Liability, Person: $500,000/Claim Property Pool) Public Officials Excess Liability: (Federal Liability, and Out-of-State Only) Crime $850,000/Person Excess $150,000; $600,000/Claim Excess 540,000 Crime: $150,000/Loss $500 Deductible/ Property Claim 380,384 1 • 127 83G019 COUNTY OF WELD STATE OF WLORADO Salaries of Principal Officials (Unaudited) December 31, 1986 ELECTED OFFICIALS: Commissioners $ 28,000 Clerk & Recorder S 28,000 Treasurer $ 28,000 Assessor $ 28,000 Sheriff $ 30,000 District Attorney $ 65,000 APPOINTED: County Attorney S 64,874 Director of Planning $ 34,995 Director of Finance and Administration $ 71,618 Director of Building and Grounds $ 39,588 Director of Ambulance Services $ 30,172 County Engineer $ 47,064 Director of Social Services $ 53,244 Director of Health Department S 81,014 Director of Human Resources $ 47,064 Director of Information Services $ 63,287 Director of Purchasing $ 33,304 Director of Personnel $ 40,570 Comptroller $ 43,702 Director of Emergency Management S 24,158 Surety Bond Coverage for Principal Officials (Unaudited) December 31, 1985 District Attorney $ 5,000 Commissioner $ 25,000 Treasurer S 250,000 Sheriff S 20,000 Assessor $ 6,000 Coroner $ 5,000 County Clerk $ 25,000 County Clerk (Titles & Deeds) $ 5,000 Director of Finance and Administration $ 100,000 Note: All bonds are issued by the St. Paul Insurance Company and are on file with the Weld County Clerk and Recorder. 128 880019 COUNTY OF WELD STATE OF COLORADO PRIVATE PURPOSE REVENUE BONDS (Unaudited) As of December 31, 1986 DEBT REVENUE BONDS TYPE OF ISSUE OUTSTANDING OUTSTANDING ISSUER FACILITY AMOUNT DATE BEGINNING YEAR ISSUED RETIRED END OF YEAR INDUSTRIAL REVENUE BONDS: Evangelical Lutheran Good Samaritan Soc. Nursing Home $1,400,000 11/79 $ 1,115,000.00 $ -0- S 55,000.00 $ 1,060,000.00 Colorado Landfill, Inc. Landfill 1,300,000 1/80 1,120,000.00 -0- 45,000.00 1,075,000.00 Nor-Colo Distributors Warehouse 925,000 8/80 785,000.00 -0- 45,000.00 740,000.00 Dr. Hesse Clinic 90,000 2/81 71,303.74 -0- 4,789.88 66,513.86 Dos Gringos Land Warehouse 380,000 12/81 323,663.85 -0- 17,844.96 305,618.89 Eisenman Chemical Office 2,500,000 11/82 2,500,000.00 -0- 0.00 2,500,000.00 Platte River Steel Co. Manufacturing 2,000,000 5/82 1,920,000.00 -0- 75,000.00 1,845,000.00 10th Street Investment Office 2,500,000 8/82 2,420,000.00 -0- 35,000.00 2,385,000.00 Gateway Partnership Office 2,800,000 9/83 2,705,000.00 -0- 60,000.00 2,645,000.00 Dayton-Hudson Target Retail 2,000,000 4/83 1,600,000.00 -0- 200,000.00 1,400,000.00 Economy Lumber Retail 705,000 12/83 675,470.92 -0- 32,621.16 642,849.76 Colorado Counties, Inc. Office 625,000 7/84 625,000.00 -0- 0.00 625,000.00 Weld Mental Health Office 650,000 6/84 630,000.00 -0- 20,000.00 610,000.00 TOTAL INDUSTRIAL REVENUE BONDS 16,490,438.51 -0_ 590,256.00 15,900,182.51 MORTGAGE REVENUE BONDS: • Single-Family Revenue Bonds 1981-Series A $7,500,000 12/81 4,740,000.00 -0- 175,000.00 4,565,000.00 _1 GRAND TOTAL PRIVATE PURPOSE REVENUE BONDS $21,230,438.51 $$0- $765,256.00 $20,465,182.51 129 ;(i.rhi CI COUNTY OF WELD STATE OF COLORADO RETIREMENT PLAN REQUIRED SUPPLEMENTARY INFORMATION (Unaudited) ANALYSIS CF FUNDING PROGRESS ASSETS IN PENSION EXCESS OF NET ASSETS BENEFIT PERCENT PENSION FISCAL AVAILABLE OBLIGATION FUNDED OBLIGATION YEAR FOR BENEFITS 3,509,862 100.0% $ -0- 1978 $ 3,509,862 $ 4234664 100.0% (110) 1979 4,234,774 ' ' 100.0% (153) 1979 4,679,932 4,679,779 1980 6,364,130 6,364,130 100.0% _ 6 747 934 100.0% -0 1982 6,747,934 ,7 ' 119.6% (1,517,274) 1982 9,248,144 7,730,870 151.4% (3,819,428) 1983 11,244,338 9,2624,695 140.0% (3,702,806) 1984 12,970,501 9,267,695 167.4% (6,788,445) 1985 16,858,875 10,070,430 127.1% (4,284,497) 1986 20,121,008 15,836,5111 The percentage of annual payroll to unfunded obligation is not shown as Weld County Retirement Plan had no unfunded obligation. REVENUES BY SOURCE EMPLOYER INVESTMENT YEAR FISCAL EMPLOYEE CONTRIBUTIONS CONTRIBUTIONS INCOME TOTAL 1977 $ 305,211 $ 305,211 S 143,880 $ 754,302 966 474 1978 393,531 393,531 179250,710 1,104412 1979 426,861 426,861 578,013 1,548,981 1980 485,484 485,484 569468,727 1,521,865 1981 526569 1982 595,893 595,893 1,074,456 2,266,242 2 525 112 1984 666,393 666,393 11,043,786 2,376,572 1984 666,393 666,393 88 3,162,758 4,580,524 1985 743,931 743,931 2,598,746 4,086,608 1986 743,931 EXPENSES BY TYPE FISCAL ADMINISTRATIVE REFUNDS TOTAL YEAR BENEFITS EXPENSES 23 534 $ 142,273 $ 255,349 1977 $ 02,158. $ '34770 127 413 264,341 1978 102,158 39,,1 00 201,365 369,318 1979 128,853 41,710 189,421 378,670 1980 147,539 '53,405 235,113 467,440 1981 178,922 66,498 220,477 504,142 1982263,080 84,059 217,167 267,431 614,570 1983 316,266 45,162 382,735 744,163 1984 438,398 91,491 192,416 722,305 1985 464,517 116,852 246,809 828,178 1986 130 • 880019 LAW OFFICES 20N, FLOOR BALLARD, SPAHR, ANDREWS a INGERSOLL 30 SOUTH 17YK STREET PHILADELPHIA, PA 19103 SUITE 2300 ONE WESTLAKES 1225 I7TH STREET 1235 WESTLAK ES DRIVE BERWYN, PA 19312 DENVER, COLORADO 80202 303 292-2400 AMERICAN PLAZA U, SUITE 400 57 WEST 200 SOUTH TELECOPIER:303 296-3956 SALT LAKE CITY,UT 64101 SUITE 900 EAST 555 13TH STREET, N.W. WASHINGTON, D C. 20004 January 27, 1988 United Bank of Denver National Association 1700 Broadway Denver, Colorado 80217 Board of County Commissioners of Weld County 915 10th Street Greeley, Colorado 80632 Re: Weld County, Colorado Tax Anticipation Notes Series 1988A - Dated January 27, 1988 - $3, 200,000 Ladies and Gentlemen: By this letter we wish to confirm our understanding with you that this firm has been engaged in connection with the above-referenced issue (the Notes) to render an opinion as to the validity of the Notes and the exemption of the interest thereon from federal and State of Colorado income taxation and not to prepare or pass upon any official statement, prospectus, offering circular, or other documents used in tle offer or sale of the Notes or to make any investigation incident to the preparation of such documents or to the offer or sale of the Notes. Very truly yours, Loring E. Harkness III 880019 Hello