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Home My WebLink About870036.tiff D17445 01/13/87 RESOLUTION AUTHORIZING THE ISSUANCE OF THE COUNTY'S TAX ANTICIPATION NOTES, SERIES 1987A, IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $2,990,000; 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, 1987 (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 and Prudential-Bache Securities, Inc. , Denver, Colorado (the Purchasers) , 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 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 1987A, in an aggregate principal amount not to exceed $2, 990,000 (the Notes) , payable from Taxes, investment proceeds on 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 Tr 870036 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 current budget. 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, 1987, 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, 1987, 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: D17445 2 01/13/86 [Form of Note] UNITED STATES OF AMERICA STATE OF COLORADO COUNTY OF WELD TAX ANTICIPATION NOTE SERIES 1987A 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, 1987, and credited to the general fund after the issuance hereof, on December 31, 1987, 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. D17445 3 01/13/86 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 14th day of January, 1987. WELD COUNTY, COLORADO (COUNTY) ( SEAL ) By: (Manual Signature) Chairman of the Board of County Commissioners ATTEST: (Manual Signature) County Clerk D17445 4 01/13/86 [ 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 14, 1987 [End of Form of Registration Panel] D17445 5 01/13/86 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 Purchasers 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 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, 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 1987A, 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 D17445 6 01/13/86 s �~ 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 14th day of January, 1987. BOARD OF COUNTY COMMISSIONERS WELD COUNTY, COLORADO By: . Lac , rman (COUNTY) _ ( SEAL ) C. J. Kir yY P/o em ATTEST r ter✓ le e —' Weld County erk & Recorder Gene R. Brantner and. Clerk, to the Board ' Jo n•on D uty County Cler Frank YSmaguchi D17445 7 01/13/86 Form 8038-G Information Return for Tax-Exempt (December1986) Governmental Bond Issues OMB No.1545.0720 ►Unde Department of the Treasury Under Section 149(e) Expires 12-31-89 Internal Revenue Service (Use Form 8038•GC If issue price Is under$100,000.) Part I Reporting Authority Check box if Amended Return ► if 1 Issuer's name 2 Issuer's employer identification number weld County, Colorado 84-6000813 3 Numbrand etreet 4 Report number 915 10th Street G198 Z— S City ex town.state,and 21P code e areal issue Greeley, Colorado 80632 January 14. 1987 _ Part II Type of Issue(check box(es)that applies) 7 Check box if bonds are tax or other revenue anticipation bonds► ® iss,—Price 8 Check box if bonds are in the form of a lease or installment sale► ❑ 9 ❑ Education 10 ❑ Health and hospital 11 0 Transportation 12 0 Public safety 13 0 Environment(including sewage bonds) 14 0 Housing 15 0 Utilities 16 ® Other.Describe(see instructions)► General Fund Operatincf E11 enses • Part III Description of Bonds (a) (b) (U Stated redemption Weighted (f) Net interest Maturity date Interest rate , issue once once at maturity average maturity Yield cost 17 Final maturity , 12/31/87 14.375% 1$2,990,000 $2,990,000 J///%%/�/%////////%////ffil%/////%/%/%%//% / 18 Entire issue . ////%///////////////%/////%////V///////0,4$2,990,000 $2,990,000 .96 years I -- 14.78 4.78% Part IV Uses of Original Proceeds of Issue(including underwriters'discount) 19 Proceeds used for accrued interest 19 -- 20 Proceeds used for bond issuance costs(including underwriters'discount) 20 15,000 21 Proceeds used for credit enhancement 21 -- 22 Proceeds allocated to reasonably required reserve or replacement fund 22 -- 23 Proceeds used to refund prior issues 23 -- 24 Nonrefunding proceeds of the issue(subtract lines 20.21.22,and 23 from line 18.column(c)) . . 24 $ 2,975,000 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 lEl b Check box if the 6-month temporary investment exception to the arbitrage rebate requirement is expected to apply 4. 0 e Check box if you expect to earn and rebate arbitrage profits to the U.S. 0 30 Enter the amount of the bonds designated by the issuer under section 265(b)(3)(8)(ii) ► $2,990,000 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 ► 0 and enter the amount ► b Check box if this issue is a loan made from the proceeds of another tax-exempt issue ► 0 and enter the name of the issuer ► and the date of the issue ► under penalties of per .1 declare that I have examined this return and accompanying schedules and statements,and to the best 0l my knowleoge and DN2r. Please they are tru corr - mole.. /� n Sign ( '0 l arnmiSSiyukt Here ' i h Date Trtle For Paperwork Reduction Act Notice,se page 1 of the Instructions. Form 8038•G (12-86) 870036 • • • • WETD COUNTY, COLORADO • TAX ANTICIPATION NOTES SERIES 1987A DATED JANUARY 14, 1987 - $2,990,000 • • • • WELD COUNTY, COLORADO • D17537 01/13/87 WELD COUNTY, COLORADO TAX ANTICIPATION NOTES SERIES 1987A DATED JANUARY 14, 1987 - $2,990,000 Closing Index 1. Note Resolution 2 . Specimen Note 3. County Certificate and Receipt 4. County Certificate Regarding Federal Tax Matters 5. Underwriter Receipt 6. Opinion of Bond Counsel 7. Offering Circular 8. 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 Prudential-Bache Securities, Inc. Ballard, Spahr, Andrews & Ingersoll • 9 ; D17445 01/13/87 RESOLUTION AUTHORIZING THE ISSUANCE OF THE COUNTY' S TAX ANTICIPATION NOTES, SERIES 1987A, IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $2,990,000; 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, 1987 (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 and Prudential-Bache Securities, Inc. , Denver, Colorado (the Purchasers) , 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 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 1987A, in an aggregate principal amount not to exceed $2,990,000 (the Notes) , payable from Taxes, investment proceeds on 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 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 current budget. 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, 1987, 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, 1987, 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: D17445 2 01/13/86 [Form of Note] UNITED STATES OF AMERICA STATE OF COLORADO COUNTY OF WELD TAX ANTICIPATION NOTE SERIES 1987A 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, 1987, and credited to the general fund after the issuance hereof, on December 31, 1987, 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. D17445 3 01/13/86 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 14th day of January, 1987. WELD COUNTY, COLORADO (COUNTY) ( SEAL ) By: (Manual Signature) Chairman of the Board of County Commissioners ATTEST: (Manual Signature) County Clerk D17445 4 01/13/86 [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 14, 1987 [End of Form of Registration Panel] D17445 5 01/13/86 • ,I, 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 Purchasers 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 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, 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 1987A, 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 D17445 6 01/13/86 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 14th day of January, 1987. BOARD OF COUNTY COMMISSIONERS WELD COUNTY, COLORADO By: OT E. Lac , irtan (COUNTY) ( SEAL C . Kirby, Pro-T ATTEsTN:riaAlfrOAAAA4tum ��L((/N( It LJ7 ?shc'- Gene R. Brantner Weld County dierk & Recorder and Clerk. to the Board Ja ele Joh41Laai, O7Ha.LPi eputy County Cl rk Frank Y magus i D17445 7 01/13/86 rrk '''�� ,,`� 3333Nti- UNITED STATES OF AMERICA STATE OF COLORADO COUNTY OF WELD TAX ANTICIPATION NOTE SERIES 1987A No. R-001 $10,000 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. 1987, and credited to the general fund after the issuance hereof. on December 31, 1987. the principal sum of Ten Thousand Dollars ($10.000) together with interest thereon from the date hereof to the maturity date hereof at the rate of four and three-eighths percent (4.375%) 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 Four Hundred Twenty-One Dollars and Seventy Cents ($421.70) 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 currant 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 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 14th day of January. 1987. WELD CO '. j) COL RADO s � (COUNTY) - ( SEAL ) J°rv; f ie d of ommissi ere ATTEST: e. ou ty lerk 2 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 �y, Signature of Registration Number of Registered 64. Registrar ti January 14, 1987 Milehi & Co. N, • 1i<` /� q 1700 Broadway tJ ht�cvt-rk� Denver. Color Tax I.D. No. • g- ,-. 3 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. That 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 that 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. That the Resolution of the Board of County Commissioners authorizing the issuance of the County's Tax Anticipation Notes, Series 1987A, 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 that the Resolution has not been repealed, revoked or rescinded and remains in full force and effect on the date hereof. That 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 1987A, 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. That 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 $2,990,000 and that the amount of ad valorem taxes on real or personal property estimated to be received by the County in the current fiscal year is $18,005,321. That the undersigned are duly authorized to execute the Notes and this certificate on behalf of the County. That the Notes have been executed with the manual signatures of the undersigned, whose specimen signatures appear below. That 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. That 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 14th day of January, 1987. WELD COUNTY, COLORADO By: CA& of they Board of County C issioners (COUNTY) By: ou c(,ll att.tC efi(.ii'LQ ( SEAL ) ty/�Clerk -2- ti.,.. 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 1987A, dated January 14, 1987, in the aggregate principal amount of $2,990,000, 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 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 $3,048,013 . 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, 1987, to December 31, 1987, computed in accordance with Section 1. 103-14(c) of the regulations under Section 103 of the Internal Revenue Code of 1986, as amended. 3 .3 Other Amounts Available for Payment. The County expects to earn no more than $194,065 on the investment of the UNDERWRITERS RECEIPT The undersigned on behalf of the underwriters of the Weld County, Colorado, Tax Anticipation Notes, Series 1987A, dated January 14, 1987, in the aggregate principal amount of $2,990,000 hereby acknowledges receipt of the Notes. IN WITNESS WHEREOF, the undersigned has hereunto set his hand this 14th day of January, 1987. UNITED BANK OF DENVER NATIONAL ASSOCIATION By: z' ��T�J--- Title: /ft/in original proceeds of the Notes and on the investment of amounts deposited in the "Tax Anticipation Notes, Series 1987A, 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 $126,088.56 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 more than $52,976.44 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 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 1987 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- 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. Certification. 7. 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. 7.2 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 14th day of January, 1987. WELD COUNTY, COLORADO By: afd of County Commis oners (COUNTY) ( SEAL ) G __ By: Co my Clerk EXHIBIT A (1) (2) (3) (4) (5) Cumulative Surplus (Deficit) Cumulative (2 minus 1 plus or Reasonably Cash Plow _ Estimated Estimated minus previous figure Required Cash Surplus (Deficit) Expenditures Receipts in this column) Balance (3 minus 4) Opening Balance -- -- 8711.987 -- -- January $3,320,000 8600,000 (2,008,013) $1,040,000 8(3,048,013) February 1,040,000 1,700,000 (1,348,013) 800,000 (2,148,013) March 800,000 1,600,000 (548,013) 1,300,000 (1,848.013) April 1,300,000 2,900,000 1,051,987 1,000,000 51,987 May 1,000,000 1,200.000 1,251,987 1,000,000 251.987 June 1,000.000 800,000 1.051,987 1,200.000 (148,013) July 1,200,000 2,800,000 2,651,987 1,100,000 1,551,987 August 1,100,000 1.500,000 3.051.987 2,200,000 851,987 September 2,200,000 800,000 1,651.987 1,000,000 651.987 October 1,000,000 800,000 1.451.987 1,100,000 351.987 November 1,100,000 900,000 1,251.987 1.600,000 (348,013) December 1,600,000 920.000 571.987 3,300,000 (2,728.013) • —4— LAW OFFICES BALLARD, SPAHR, ANDREWS & INGERSOLL SEVENTEENTH STREET PLAZA BUILDING 30 SOUTH 17+H STREET SUITE 2300 PHILADELPHIA, PA. 19103 215 564-1800 1225 L7TH STREET TELECOPIER:215 496-0318 TELEX: 83-4532 DENVER, COLORADO 80202 303 292-2400 SUITE Iloo 1850 K STREET, N.W. TELECOPIER:303 296-3956 WASHINGTON, D. C.20006 202 466-5800 TELEX: 90-4165 January 14, 1987 United Bank of Denver National Association 1700 Broadway Denver, Colorado 80217 Prudential-Bache Securities, Inc. 370 17th Street Denver, Colorado 80202-5639 Re: Weld County, Colorado Tax Anticipation Notes Series 1987A Dated January 14, 1987 - $2,990,000 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 1987A, dated January 14, 1987, in the aggregate principal amount of $2,990,000 (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 31, 1987. The Notes bear interest at the rate of four and three-eighths percent (4.375%) 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) United Bank of Dens National Association Prudential-Bache Securities, Inc. January 14, 1987 Page 2 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 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 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 United Bank of Denver National Association Prudential-Bache Securities, Inc. January 14, 1987 Page 3 affecting the enforcement of creditors' rights, by the reasonable exercise of the sovereign 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. 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. 2. The interest on the Notes is exempt from federal income taxes under the laws and regulations of the United States of America as presently enacted and construed. 3. Interest on the Notes will not be an item of tax preference for purposes of a federal alternative minimum tax, although 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. The 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. 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, � .. '�/ I �� . .� t OFFERING CIRCULAR NEW ISSUE NOT RATED In the opinion of Bond Counsel, the interest on the Notes is exempt from federal and State of Colorado income taxes under the laws and regulations of the United States of America and the State of Colorado as presently enacted and construed, assuming compliance with certain covenants of the County, and subject to the conditions and limitations described under the caption "TAX EXEMPTION." $2,990,000 WELD COUNTY, COLORADO Tax Anticipation Notes, Series 1987A Dated: January 14, 1987 Due: December 31, 1987 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 31, 1987. The Notes are not subject to redemption in whole or in part at any time. AMOUNT MATURITY RATE YIELD $2,990,000 12/31/87 4. 375% 100% The Notes are payable solely from ad valorem taxes on real and personal property previously levied, 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 f1 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 Note in this document or otherwise. UNITED BANK OF DENVER NATIONAL ASSOCIATION 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 he construed as a representation by United Bank of Penver 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. 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 5 Historical Property Tax Data 5 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 a UNDERWRITER J APPENDIX "A" Audited Financial Statements of the County for the Period Ending December 31, 1985 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 1987A, in the aggregate principal amount of $2,990,000 (the "Notes") to be issued pursuant to a Resolution (the "Resolution") adopted by the Board of County Commissioners of the County on January 14, 1987. 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 $2,990,000, to be dated January 14, 1987, 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 31, 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 property taxes ("the Taxes") levied for General Fund purposes (except taxes collected for retirement of existing debt) 2763p -1- i.., , 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 1987A, 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 2763p -2- 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 $16,182,709 in 1985, an increase of 1.03% over 1984. The revenues derived from various sources are reflected in the following table: 2763p -3- 1983 1984 1985 REVENUE: Taxes $ 8,233,933 $ 9,463,456 $ 9,873,318 Licenses and permits 326,596 337,700 368,239 Intergovernmental revenue 454,089 687,986 891,822 Charges for services 925,532 1,024,306 1,157,164 Fines and forfeitures 18,288 29,412 69,455 Miscellaneous revenue 1,857,183 2,548,257 2,190,774 Fee accounts 1,305,116 1,533,455 1,631,937 Total Revenue $13,120,737 $15,624,572 $16,182,709 EXPENDITURES: Current Operating: General government 5,725,137 6,082,536 6,120,746 Public safety 5,575,881 6,294,660 7,283,096 Public works 427,442 503,880 518,699 Public health & welfare 69,458. 69,458 116,045 Culture and recreation 156,082 113,532 95,622 Conservation of natural resources 10,096 - - Economic assistance -0- 10,096 10,264 Capital outlay 84,205 -0- -0- Debt service -0- 114,298 110,985 Intragovernmental expen- ditures -0- -0- -0- Miscellaneous 204,967 280,979 658,426 Total Expenditures $12,253,268 $13,469,439 $14,913,883 EXCESS (DEFICIENCY OF REVENUE OVER EXPENDITURES) $867,469 $2,155,133 $1,268,826 OTHER FINANCING SOURCES (USES) : Operating transfers-in $ 371,424 $ -0- $ 310,000 Operating transfers-out (1,145,700) (2,169,548) (1,986,122) Total Other Financing Sources (Uses) $(774,276) $(2,169,548) $(1,676,122) EXCESS (DEFICIENCY) OF REVENUE AND OTHER SOURCES OVER EXPENDITURES AND OTHER USES $93,193 $(14,415) $(407,296) FUND BALANCE, (Deficit), Beginning of Period $1,066,732 $1,159,925 $1,145,510 FUND BALANCE (Deficit) , End of Period $1.,159,925 $11145,510 $738,214 -4- 2763n Property Tax Collections Taxes levied in one year are collected in the next; thus 1986 taxes will be collected in 1987. 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 % of Year Levy Collected Collections 1976 9,867,851 9,817,943 99.49 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 Source: Weld County 1985 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. 2763p -5- Mill Levy History 1980-1985 1980 17.247 1981 17.172 1982 17.172 1983 17.369 1984 19.342 1985 19,648 Source: State Department of Property Taxation Total Assessed Valuation of the County 1978-1986 Budget Assessed Percent Year Valuation Increase 1978 $581,293,810 - 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 906,609,900 9.8% Source: Weld County 1985 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. -6- 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 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 ("FBI") levels for the six-year period shown. Median Household FBI Weld United County Colorado States 1979 $16,315 $18,060 $17,924 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 Percent of Households by Effective Buying Income Groups - 1984 Weld County Colorado EBI Group Households Households $10,000 - 19,999 25.1 20.4 20,000 - 34,999 33.6 30.9 35,000 - 49,999 15.0 20.9 50,000 and Over 7.0 14.6 Source: Sales F, Marketing Management's 1985 Survey of Buying Power, July, 1985 -7- -)7A Z.. Retail Sales Weld County 1979 $ 760,219,687 1980 781,318,019 1.981 909,429,330 1982 995,204,398 1983 1,022,894,704 1984 1,111,048,467 1985 1,118,318,553 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 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 Source: Colorado Division of Employment. r- -8- 97A in TAX EXEMPTION In the opinion of Bond Counsel , interest on the Notes is exempt from federal and State of Colorado income taxation under the laws of the United States of America and the State of Colorado as presently enacted and construed, assuming compliance with certain covenants of the County. Bond Counsel is further of the opinion that interest on the Notes is not a specified item of tax preference for purposes of any federal alternative minimum tax; however, interest on the Notes may be subject to an alternative minimum tax or environmental tax as part of the untaxed reported profits of corporations. Bond Counsel is further of the opinion that the deduction for interest expense of financial institutions allocable to the Notes will not be subject to disallowance under Section 265(b) of the Code. 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. Prospective purchasers of the Notes should consult their own tax advisors as to such consequences. LEGAL MATTERS Legal matters incident to the authorization and issuance of the Notes are subject to approval by Ballard, Spahr, Andrews $ 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, 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. The opinion of Bond Counsel is further expected to state in substance 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 sovereign 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. 2763p -9- Appendix "A" 4_ • COMPREHENSIVE 4. rt � ANNUAL + 1 FINANCIAL WII'Dc REPORT COLORADO • Year Ended December 31 , 1985 COUNTY of WELD r STATE of COLORADO 7-1 COMPREHENSIVE ANNUAL FINANCIAL REPORT COUNTY OF WELD STATE OF COLORADO YEAR ENDED DECEMBER 31 , 1985 Hj Issued by: Department of Finance & Administration Donald D. Warden, Director Finance and Administration oUVxoIoD . • N0113] S , :; AIIOI3I100WLNI 7 .6 TABLE OF CONTENTS Page INTRODUCTORY SECTION Table of Contents 1 Letter of Transmittal 7 Municipal Finance Officers Association Certificate of Conformance 16 Organization Chart 17 Principal County Officials 18 FINANCIAL SECTION GENERAL PURPOSE FINANCIAL STATEMENTS Auditor's Report 19 COMBINED BALANCE SHEET — ALL FUND TYPES AND ACCOUNT GROUPS 20 COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - ALL GOVERNMENTAL FUND TYPES AND EXPENDABLE TRUST FUNDS 22 COMBINED STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL - ALL GOVERNMENTAL FUND TYPES 24 COMBINED STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN RETAINED EARNINGS/FUND BALANCES - ALL PROPRIETARY FUND TYPES AND PENSION TRUST FUNDS 26 COMBINED STATEMENT OF CHANGES IN FINANCIAL POSITION - ALL PROPRIETARY FUND TYPES AND PENSION TRUST FUNDS 27 NOTES TO FINANCIAL STATEMENTS 28 COMBINING STATEMENTS, INDIVIDUAL FUND AND ACCOUNT GROUP STATEMENTS AND SCHEDULES GENERAL FUND BALANCE SHEET 47 - STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE 48 Schedule of Revenue Compared with Estimate 49 Schedule of Expenditures Compared with Budget 50 Schedule of Operating Transfers-Out Compared with Budget 52 Schedule of Operating Transfers-In Compared with Estimate 52 SPECIAL REVENUE FUNDS EXPLANATIONS OF INDIVIDUAL FUNDS 54 1 TABLE OF CONTENTS - (CONTINUED) Page SPECIAL REVENUE FUNDS (Continued) : COMBINING BALANCE SHEET 56 COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES 58 _ Road and Bridge Fund - Schedule of Revenue Compared with Estimate 60 Road and Bridge Fund - Schedule of Expenditures Compared with Budget 61 Road and Bridge Fund - Schedule of Operating 61 Transfers-In Compared with Estimate Social Services Fund — Schedule of Revenue Compared with Estimate 62 Social Services Fund — Schedule of Other Financing 62 Sources Compared with Estimate Social Services Fund — Schedule of Expenditures Compared with Budget 63 Federal Revenue Sharing Fund - Schedule of Revenue Compared with Estimate 64 Federal Revenue Sharing Fund - Schedule of 64 Operating Transfers-Out Compared with Budget Conservation Trust Fund - Schedule of Revenue Compared 65 with Estimate Conservation Trust Fund - Schedule of Expenditures Compared with Budget 65 _ Contingent Fund - Schedule of Revenue Compared 66 with Estimate Contingent Fund - Schedule of Operating Transfers- In Compared with Estimate 66 Contingent Fund - Schedule of Operating Transfers- Out Compared with Budget 66 Contingent Fund - Schedule of Expenditures Compared with Budget 66 Public Health Fund — Schedule of Revenue Compared 67 with Estimate Public Health Fund - Schedule of Operating 67 Transfers-In Compared with Estimate Public Health Fund - Schedule of Expenditures Compared with Budget 68 Library Fund - Schedule of Revenue Compared 69 with Estimate Library Fund - Schedule of Expenditures Compared with Budget 69 Library Fund - Schedule of Operating Transfers-In Compared with Estimate 69 2 f, _ TABLE OF CONTENTS - (CONTINUED) Pa e SPECIAL REVENUE FUNDS (Continued) : Human Resources Fund - Schedule of Revenue Compared with Estimate 70 Human Resources Fund - Schedule of Other Financing Sources Compared with Estimate 70 Human Resources Fund - Schedule of Expenditures Compared with Budget 71 Solid Waste Fund - Schedule of Revenue Compared with Estimate 72 Solid Waste Fund - Schedule of Operating 72 Transfers-Out Compared with Budget Solid Waste Fund - Schedule of Expenditures Compared with Budget 72 Housing Authority Fund - Schedule of Revenue Compared with Revenue 73 Housing Authority Fund - Schedule of Expenditures Compared with Budget 73 CAPITAL PROJECTS FUNDS EXPLANATIONS OF INDIVIDUAL FUNDS 75 BALANCE SHEET 76 STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES 77 • Capital Expenditures Fund - Schedule of 78 Revenue Compared with Estimate Capital Expenditures Fund - Schedule of Expenditures Compared with Budget 78 • Capital Expenditures Fund - Schedule of Operating 78 Transfers-In Compared with Estimate 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 Revenue. 1 Compared with Estimate 82 Improvement District — Road 5 — Schedule of Expenditures Compared with Budget 82 Improvement District - Road 5 - Schedule of Operating 82 Transfers—In Compared with Estimate 3 TABLE OF CONTENTS - (CONTINUED) Page SPECIAL ASSESSMENT FUNDS (Continued) : Improvement District Number 1981-2 Elmore Road Schedule of Revenue Compared with Estimate 83 Improvement District Number 1981-2 Elmore Road Schedule of Expenditures Compared with Budget 83 INTERNAL SERVICE FUNDS EXPLANATIONS OF INDIVIDUAL FUNDS 85 COMBINING BALANCE SHEET 86 COMBINING STATEMENT OF CHANGES IN CONTRIBUTED CAPITAL 87 COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS 88 COMBINING STATEMENT OF CHANGES IN FINANCIAL POSITION 89 Motor Vehicle Fund - Schedule of Operating Revenue Compared with Estimate 90 Motor Vehicle Fund - Schedule of Operating Expenses Compared with Budget 90 Motor Vehicle Fund - Schedule of Non-operating Revenue Compared with Estimate 90 Motor Vehicle Fund - Schedule of Fixed Asset Acquisitions Compared with Budget 90 Printing and Supply Fund - Schedule of Operating Revenue Compared with Estimate 91 Printing and Supply Fund - Schedule of Operating Expenses Compared with Budget 91 Computer Services Fund - Schedule of Operating Revenue Compared with Estimate 92 Computer Services Fund - Schedule of Operating Expenses Compared with Budget 92 Computer Services Fund - Schedule of Fixed Asset Acquisition Compared with Budget 92 Computer Services Fund - Schedule of Operating Transfers-In Compared with Estimate 93 Computer Services Fund - Schedule of Other Financing Sources Compared with Estimate 93 Insurance Fund — Schedule of Operating Revenue Compared with Estimate 94 Insurance Fund — Schedule of Operating Expenses Compared with Budget 94 Insurance Fund - Schedule of Non-operating Revenue Compared with Estimate 94 4 �,� . . TABLE OF CONTENTS — (CONTINUED) Page TRUST AND AGENCY FUNDS EXPLANATIONS OF INDIVIDUAL FUNDS 95 COMBINING BALANCE SHEET 96 STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND BALANCES - ALL PENSION TRUST FUNDS 98 STATEMENT OF CHANGES IN FINANCIAL POSITION - ALL PENSION TRUST FUNDS 99 COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - ALL EXPENDABLE TRUST FUNDS 100 COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES • - ALL AGENCY FUNDS 101 North Colorado Medical Center Trust Fund - Schedule of Revenue Compared with Estimate 102 North Colorado Medical Center Trust Fund - Schedule of Expenditures Compared with Budget 102 North Colorado Medical Center Trust Fund - Schedule of Other Financing Sources Compared with Estimate 102 Health Insurance Fund — Schedule of Revenue Compared with Estimate 103 Health Insurance Fund - Schedule of Expenditures Compared with Budget • 103 • Antelope Hills Trust Fund - Schedule of Revenue Compared with Estimate 104 GENERAL FIXED ASSETS ACCOUNT GROUP SCHEDULE OF GENERAL FIXED ASSETS - BY SOURCES 105 SCHEDULE OF GENERAL FIXED ASSETS - BY FUNCTION AND ACTIVITY 106 SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS - BY FUNCTION AND ACTIVITY 107 GENERAL LONG-TERM DEBT ACCOUNT GROUP SCHEDULE OF GENERAL LONG-TERM DEBT - BY SOURCES 109 STATISTICAL SECTION General Governmental Expenditures by Function 112 General Revenue by Source 112 Property Tax Levies and Collections 114 Assessed and Estimated Actual Value of Taxable Property 114 5 TABLE OF CONTENTS - (CONTINUED) Page STATISTICAL SECTION (Continued) : Property Tax Rates and Tax Levies — All Overlapping Governments 115 Special Assessment Collections 116 Computation of Legal Debt Margin 117 Tables Relating to Bonded Debt 117 Demographic Statistics 118 Property Value, Construction, Bank Deposits and Other Economic Indicators 119 Principal Taxpayers 120 Miscellaneous Statistics 121 Insurance In Force 123 Salaries of Principal Officials 124 Surety Bond Coverage for Principal Officials 124 6 FINANCIAL SECTION • . ; /. 0 ' Wi`oc. COLORADO DEPARTMENT OF FINANCE AND ADMINISTRATION � PHONE(303)356-4000 EXT.4218 P.O. BOX 758 GREELEY,COLORADO 80632 - COLORADO June 2, 1986 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, 1985 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 the 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 altering 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 responsibility of financial records for preparing financial statements and maintaining accountability for assets. 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, 1985. A new payroll system was developed in 1985 for interface with the accounting system. The financial system now includes the integration of the accounting, purchasing, outstanding warrant, budget, and payroll 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 conducting of the annual audit and 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 adcption, 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 Honorable Board of Commissioners - Continued: 1, 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 substantially covers 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 which is less than 1% of the total revenues. 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. State Board of Equalization -- The State Board cf Equalization consists of the Governor or his designee, the Speaker of the House or his designee, the President of the Senate or his designee and two members appointed by the Governor. In accordance with Section 39-1-105, CRS, 1973, the State Board of Equalization can order a state mill levy independent of any county levy or county mill levy limitation for the purpose of reimbursing the state for any property reappraisal costs and any excess state equalization payments made to school districts within the county during a fiscal year where state ordered reappraisals occurred. 9 Honorable Board of Commissioners — Continued: 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, library services, and general administrative services. GENERAL GOVERNMENT FUNCTIONS Revenue for general government functions totaled $44,055,312 in 1985, an increase of 1.2% over 1984. General property taxes and specific ownership taxes produced 37.1% of general revenue compared to 36.6% last year. The amount of revenue from various sources and the increase over last year are shown in the following tabulation: Increase (Decrease) Revenue Sources Amount Per Cent of Total for 1985 Taxes $16,308,829 37.1% $ 375,865 Licenses and Permits 716, 130 1.6 46,196 Intergovernmental Revenue 19,890, 172 45. 1 605,556 Charges for Services 1 ,673,281 3.8 131,762 Fines and Forfeits 78,261 0.2 40,669 Miscellaneous Revenue 3,756,702 8.5 (757,179) Fee Accounts 1,631,937 3.7 98,482 Total $44,055,312 100.0% $ 541 ,351 The mill levy was 19.342, up 2. 170 mills. The assessed valuation of $820,747,830 shows a decline of $49,705,670 or 5.7%, the first decline in nearly thirty years in Weld County. With the 5% increase in property tax revenues coupled with the assessed valuation decline, the mill levy is up 12.6%. The decline in assessed value is almost totally attributed to the drop in oil and gas production in Weld County. The drop in assessed value precluded the Board from going to the County Council for any excess property tax. The ballot issue to raise five additional mills for roads and bridges was defeated by the voters on November 6, 1984, along with the amendment to the Home Rule 5% property tax limitation to provide a growth factor. The defeat of these issues mark the third time in four years that Weld County voters have overwhelmingly rejected efforts to raise added resources for the road and bridge program. The defeat of the 5% property tax limitation continues to leave Weld County the most fiscally restricted local government in Colorado. 10 1._,„ Honorable Board of Commissioners - Continued: Current tax collections were 97.44% of the tax levy, down 1.67% from last year. Delinquent tax collections were $28,931, compared with $131,428 last year. Allocations of property tax by purpose for 1985 and the preceding year are shown as follows: 1984 1985 Purpose Mills Mills General Fund 10.683 12. 158 Special Revenue Funds 5.297 5.771 Capital Project Funds .830 .478 Expendable Trust Funds 0.000 .312 Intergovernmental Service Funds .559 .623 Total Tax Rate 17.369 19.342 Intergovernmental Revenue represented 45.5% of total general governmental revenue, compared with 44.4% for the preceding year. Expenditures for general governmental purposes total $44,088,322 an increase of 3.3% over 1984. Increases in levels of expenditures for major functions of the County over the preceding year are shown in the following tabulation: Increase (Decrease) Revenue Sources Amount Per Cent of Total for 1984 Current Operating: General Government $ 6, 120,746 13.9% $ 38,210 _ Public Safety 7,283,096 16.5 988,436 Public Works 8,547,979 19.4 411,865 Public Health & Welfare 13,748,610 31.2 (51,096) , . Culture & Recreation 731 ,073 1 .7 (14,341) Conservation of Natural Resources 10,264 0.0 168 "! Economic Assistance 3,854,860 8.7 89,935 Capital Outlay 1 ,515,560 3.4 (796,713) ;. Debt Service 88,500 0.2 34,667 Intragovernmental . `j Expenditures 465,517 1 . 1 50,415 Miscellaneous 1 ,722,117 3.9 647,885 Total $44,088,322 100.0% $1 ,399,431 � , 11 Honorable Board of Commissioners - Continued: Budget reductions at the federal and state levels, plus growth in Weld County, continued to place demands for additional or expanded services in all areas of the county government in 1985. The county has been obliged in 1985 to provide many services because of legislative mandates or because the services are inherently county-wide in scope. As long as Weld County is responsible for the delivery of many human services and the maintenance of the extensive road and bridge program in Weld County, the cost of county government will continue to rise as it did in 1985. The current local government environment throughout the nation is not conducive to meeting all the needs and demands being placed upon local governments. The County, like other local governmental jurisdictions, lacks the authority to increase financing in order to meet community needs and the general demand for public services. Restrictions are severe. In Weld County with the Home Rule Charter 5% property tax limitation in 1985, the county was left with few alternatives other than to reduce some services or seek other financial resources. However, other than the funding level in the area of road and bridges in 1985, the county government was able to meet the essential needs of the people of Weld County. Funding of the county has only been able to be achieved because the Board has been willing to seek other funding alternatives in the form of fees to reduce the reliance on property tax, sacrificing some long range capital project plans, limiting the expansion of services, and the employment of cost cutting and revenue raising strategies in providing county services. The 1985 fiscal year was also the beginning of some strategic plan approaches in certain programs with multi-year funding implications. The local economy in 1985 continued to be plagued by the poor agricultural economy and during the last quarter 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 1985 were low inflation rates, declining petroleum product costs, building activity related revenues, and increased fees from elected officials' offices. Weld County also received state energy impact assistance funds of $532,000 for projects to defray the adverse impact of energy development throughout the county. Unreserved fund balance and retained earnings in the major operating funds were maintained at adequate levels. The General Fund fund balance of $551, 183 was down $519,615 from last year. The $3,830,171 balance in the Special Revenue Funds was down from the previous year by 11 .7%. DEBT ADMINISTRATION In 1985 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-four million dollar allowable debt capacity in accordance with Colorado State Statutes. The only significant lease/purchase agreement involve two phone systems totalling $217,959. 12 1 ,, ., . - Honorable Board of Commissioners - Continued: CASH MANAGEMENT Cash temporarily idle during the year was invested in time deposits ranging from 10 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, 174,781 in 1985. CAPITAL PROJECT FUNDS The Capital Expenditure Fund was established to account for all capital projects for general county use. At the end of the 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 1985 include the renovation of the courthouse and courthouse annex, and expansion of the jail to accommodate more work release inmates. The Capital Expenditure Fund had no fund balance at the end of 1985. 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, 1985, the General Fixed - Assets of the County amounted to $22,409,691 . 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 appears certain to end in 1986, which will be a loss of $1 .4 million to Weld County. An analysis of the Gramm-Rudman-Hollings amendment indicates that Weld County could lose over $220,000 in 1986 and over $1 .8 million in 1987 in federal assistance to county programs. The 1987 reduction of Revenue Sharing and Gramm-Rudman cuts could equal over 11% of the over $16 million federal aid anticipated in 1986. 13 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 1986-87 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 production. 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 a 40% price drop results in an 83.2% 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 1986-87 budget could also be impacted 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. On a positive note the State Legislature did pass legislation effective July 1 , 1986 raising the gas tax in Colorado six cents. This will mean $850,000 increase in highway users' taxes for Weld County to spend on its roads and bridges. 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 auditor's report has been included in this report. CERTIFICATE OF CONFORMANCE The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the County of Weld, State of Colorado for its comprehensive annual financial report for the fiscal year ended December 31 , 1984. In order to be awarded a Certificate of Achievement, a government must publish an easily readable and efficiently organized comprehensive annual financial report, whose contents conform to program standards. Such reports must satisfy both generally accepted accounting principles and applicable legal requirements. 14 Honorable Board of Commissioners — Continued: A Certificate of Achievement is valid for a period of one year only. We believe our current report continues to conform to Certificate of Achievement Program requirements, and we are submitting it to GFOA to determine its eligibility for another certificate. 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 1985 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 it's financial condition at December 31 , 1985. 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 ectfull bmi t d, Donald D. Warden, Director Finance and Administration DDW/ch 15 Certificate _ of Conformance in Financial Reporting Presented to County of Weld , Colorado For its Comprehensive Annual Financial Report for the Fiscal Year Ended December 31, 1984 A Certificate of Conformance in Financial Reporting is presented by the Government Finance Officers Association of the United States and Canada to governmental units and public employee retirement systems whose comprehensive annual financial reports (CAFR's) are judged to substantially conform to program standards. oa OFFte CF:302 7:1___ a uxirzoauns president xo f cxxex 10 $ mxMICIO x r Kyr, R L/dG Executive Director 16 4 i WELD COUNTY HOME-RULE GOVERNMENT VOTERS OF WELD COUNTY 5 MEMBER COUNTY COUNCIL 5 COUNTY COMMISSIONERS ASSESSOR J I . Performance Auditor I CLERK AND] . Fill Commissioner Vacancies RECORDER . Establish Salaries -- All CO. ATTORNEY Elected Officials I . Record . Motor Vehicle . Clerk to Boar. Elections Commissioner Commissioner Commissioner Coamiissioner Commissioner Coordinator Coordinator dinaror Sent ,mac Coordinator Dept. Finance Dept. Health Dept. Engineering Dept. Planning Dept. Communications 1 CORONER Central Purchasing Services Services Services Services Personnel SHERIFF Health Dept. COUNTY ENGINEER DIRECTOR/PLANNING DI RiiCTOR/INFUPN.IIION ir SERVICES AGENCY I . Health Dept. DIRECTOR/FINANCE & . Road and Bridge . Planning & Zoning . Jail ADMINISTRATION . Computer Services . uman . Bldg. Inspection Countywide Communications J I . Central Purchasing Resources - - Bd. of Adjustment PBX Division '` TREASUR rRJ . Plan. Conmissing . Finance Division . Human Uniform Building . Office of Emergency . Personnel Division Resources Code Board of Management 1 Advisory Rd. Appeals . Communications Advisory Building b Grounds I . Utilities Board Social Services . Office Automation Coordinating Board Airport I 1 P Ambulance �, 1 Extension Service Sanitary Lan s Housing Authority I Hospital Boar . Library of Trustees . Library Board Animal. Control 1 II Veterans Office 1 County Shops I Fair Boardwe V COUNTY OF WELD STATE OF COLORADO PRINCIPAL COUNTY OFFICIALS December 31, 1985 Board of County Commissioners Jacqueline Johnson Gene Brantner C. W. Kirby Gordon Lacy Frank Yamaguchi Director of Finance and Administration Donald D. Warden Comptroller • Claud Hanes Independent Auditor Dollarhide St Schwartz Certified Public Accountants 18 fry 4 GENERAL PURPOSE FINANCIAL STATEMENTS • WECYc Gi DOLLARHIDE & SCHWARTZ CERTIFIED PUBLIC ACCOUNTANTS P.0.BOX 310 1122 9th STREET•SUITE 102 GREELEV,COLORADO 80632 (303)352-7497 Board of County Commissioners Weld County, Colorado Greeley, Colorado We have examined the general purpose financial statements of Weld County, Colorado, as of and for the year ended December 31, 1985, 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 Weld County, Colorado, at December 31, 1985, and the results of its operations and the changes in financial position of its proprietary fund types for the year then ended, in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year. Our examination was made for the purpose of forming an opinion on the general purpose financial statements taken as a whole and on the combining, individual fund, and individual account group financial statements. The accompanying financial information, listed as supporting schedules in the table of contents, is presented for purposes of additional analysis and is not a required part of the financial statements of Weld County, Colorado. Such information has been subjected to the auditing procedures applied in the examination of the general purpose, combining, individual fund, and individual account group financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements of each of the respective individual funds and account groups, taken as a whole. Our examination did not include the information presented in the Statistical Section and, accordingly, we express no opinion on it. s za DOLLARHIDE & SCHWARTZ „ Greeley, Colorado May 28, 1986 -, ._ 1 X19 COUNTY OF WELD STATE OF COLORADO COMBINED BALANCE SHEET - ALL FUND TYPES AND ACCOUNT GROUPS December 31, 1985 General Fund Types — Special Capital Special ASSETS General Revenue Projects Assessment ASSETS: Cash with Treasurer $ 1,206,795 $ 4,499,196 $ 90,242 . $ 20,712 Cash - other 120,083 21,143 0 0 Investments 0 0 0 0 Receivables (net where applicable of allowance for uncollectibles): Accounts 369,572 177,916 0 0 Special Assessments: Current 0 0 0 101,123 Deferred 0 0 0 980,615 Current property taxes 10,165,112 5,615,952 557,220 0 Delinquent property taxes 190,169 93,750 5,975 0 Due from other governmental units 235,312 2,741,981 51,800 0 Due from other county funds 198,440 480,265 76,439 0 - Inventories 32,248 597,260 0 0 Advance to Other Funds 86,738 75,000 0 0 Prepaid expenses 21,556 19,227 0 0 Land 0 0 0 0 Land under capital lease 0 0 0 0 Land improvements 0 0 0 0 Buildings 0 0 0 0 Equipment and furniture 0 0 0 0 Less: Accumulated depreciation 0 0 0 0 Amount to be provided for retirement of general long-term debt 0 0 0 0 TOTAL ASSETS $ 12,626,025 $ 14,321,690 $ 781,676 $ 1,102,450 LIABILITIES & FUND EQUITY LIABILITIES: Warrants & vouchers payable $ 154,800 $ 309,247 $ 79,746 $ 0 Accrued liabilities 463,398 297,433 0 0 Due to other governmental units 114,253 1,244,019 0 0 Due to other county funds 693,783 815,908 80,776 2,237 Current portion of capital lease obligation 0 0 0 0 Deferred revenue 10,340,958 7,291,282 621,154 1,005,614 Advance from General Fund: Current 0 0 0 1,123 Deferred 0 0 0 60,615 Unexpended grant revenue 120,619 0 0 0 Other liabilities 0 67,537 0 0 Bonds payable: Current 0 0 0 100,000 Deferred 0 0 0 800,000 Total Liabilities 11,887,811 10,025,426 781,676 1,989,589 FUND EQUITY: Investments in general fixed assets 0 0 0 0 Contributed capital 0 0 0 0 Retained earnings: Reserved for claims 0 0 0 0 Unreserved 0 0 0 0 Fund Balances: Reserved 187,031 466,093 55,463 0 Unreserved: Designated for subsequent year's expenditures 270,000 544,808 0 0 Undesignated 281,183 3,285,363 (55,463) (887=139) Total Fund Equity (deficit) 738,214 4,296,264 0 (887,139) TOTAL LIABILITIES AND FUND EQUITY $ 12,626,025 $ 14,321,690 $ 781,676 $ 1,102,450 The Notes to Financial Statements are an integral part of this schedule. 20 P. .. — Proprietary Fiduciary Fund Type Fund Type Account Groups Memorandum Total Internal Trust and General General Fiscal Year Fiscal Year Service Agency Fixed Assets Long-term Debt 1985 1984 $ 918,952 $ 21,648,001 $ 0 $ 0 $ 28,383,898 $ 21,906,878 7,500 36,233 0 0 184,959 179,994 O 16,899,922 0 0 16,899,922 12,814,241 • 17,894 186,770 0 0 752,152 2,317,931 __ 0 0 0 0 101,123 1,282 0 0 0 0 980,615 7,692 511,095 290,475 0 0 17,139,854 15,883,872 9,171 8,138 0 0 307,203 212,504 • 0 0 0 0 3,029,093 2,447,488 831,336 40,830 0 0 1,627,310 1,188,729 235,866 0 0 0 865,374 828,761 O 0 0 0 161,738 8,974 1,111 36,691 0 0 78,585 65,583 694,381 0 1,577,227 0 2,271,608 1,906,948 O 0 0 0 0 274,820 19,345 0 206,466 0 225,811 224,704 669,036 0 17,851,656 0 18,520,692 17,328,769 10,875,454 0 2,774,342 0 13,649,796 12,115,291 (5,646,153) 0 0 0 (5,646,153) (5,356,532) ' 0 0 0 1,182,283 1,162,283 897,570 $ 9,144,988 $ 39,147,060 $ 22,409,691 $ 1,182,283 $100,715,863 $ 85,255,499 • • $ 216,356 $ 1,429,738 $ 0 $ 0 $ 2,189,887 $ 1,099,934 153,904 0 0 1,182,283 2,097,018 1,793,891 0 15,468,149 0 0 16,826,421 11,487,377 . 33,329 1,277 0 • 0 1,627,310 1,188,729 0 0 0 0 0 1,000 520,266 298,613 0 0 20,077,887 17,698,457 80,000 0 0 0 81,123 1,282 O 0 0 0 80,615 7,692 • 0 0 0 0 120,619 59,706 0 326,033 0 0 393,570 236,432 O 0 0 0 100,000 100,000 O 0 0 0 800,000 900,000 1,003,855 17,523,810 0 1,182,283 44,394,450 34,574,500 • 0 0 22,409,691 0 22,409,691 20,715,952 5,610,261 0 0 0 5,610,261 5,568,379 503,200 0 0 0 503,200 438,398 2,027,672 0 0 0 2,027,672 1,881,738 O 10,151,307 0 0 10,859,894 9,6332,868 O 0 0 0 814,808 1,464,591 0 11,471,943 0 0 14,095,887 10,979,053 8,141,133 21,623,250 22,409,691 0 56,321,413 50,680,999 S• 9,144,988 $ 39,147,060 $ 22,409,691 $ 1,182,283 $100,715,863 $ 85,255,499 21 COUNTY OF WELD STATE OF COLORADO COMBINED STATEMENT OF REVENUES EXPENDITURES AND OUNCES IN FUND BALANCES - ALL GOVERNMENTAL FOND TYPES AND EXPENDABLE TRUST FUNDS December 31, 1985 Governmental Fund Types Special Capital Special General Revenue Projects Assessment REVENUE: Taxes $ 9,873,318 $ 5,753,834 $ 413,996 $ 0 Licenses and permits 368,239 347,891 0 0 Intergovernmental revenue 891,822 18,881,310 117,040 0 - Charges for services 1,157,164 516,117 0 0 Fines and forfeitures 69,455 8,806 0 0 Miscellaneous revenue 2,190,774 198,300 1,932 78,391 Fee accounts 1,631,937 0 0 0 Total Revenue 16,182,709 25,706,258 532,968 78,391 EXPENDITURES: Current Operating: General government 6,120,746 0 0 0 Public safety 7,283,096 0 0 0 Public works 518,699 8,029,280 0 0 Public health and welfare 116,045 13,632,565 0 0 Culture and recreation 95,622 635,451 0 0 Conservation of natural resources 10,264 0 0 0 Economic assistance 0 3,854,860 0 0 Capital outlay 110,985 149,542 1,204,932 50,101 Debt service 0 0 0 88,500 Intragovernmental expenditures 0 465,517 0 0 Miscellaneous 658,426 177,599 4,583 0 Total Expenditures 14,913,883 26,944,814 1,209,515 138,601 EXCESS REVENUE OVER (UNDER) EXPENDITURES 1,268,826 (1,238,556) (676,547) (60,210) OTHER FINANCING SOURCES (USES): Operating transfers-in 310,000 2,919,728 394,180 0 Operating transfers-out (1,986,122) (2,219,042) 0 0 Inception of lease-purchase agreements 0 219,949 0 0 Total Other Financing Sources (Uses) (1,676,122) 920,635 394,180 0 EXCESS REVENUE OVER (UNDER) EXPENDITURES AND OTHER USES (407,296) (317,921) (282,367) (60,210) FUND BALANCE AT BEGINNING OF PERIOD 1,145,510 4,614,185 282,367 (826,929) FUND BALANCE AT END OF PERIOD $ 738,214 $ 4,296,264 $ 0 $ (887,139) The Notes to Financial Statements are an integral part of this schedule. 22 f' _a. Fiduciary Fund Types Memorandum Total Expendable Piscal Year Fiscal Year Trusts 1985 1984 $ 267,681 $ 16,308,829 $ 15,932,964 O 716,130 669,934 O 19,890,172 19,284,616 O 1,673,281 1,541,520 0 78,261 37,592 1,287,305 3,756,702 4,513,881 0 1,631,937 1,533,455 1,554,986 44,055,312 43,513,962 O 6,120,746 6,082,536 0 7,283,096 6,294,660 O 8,547,979 8,136,114 0 13,748,610 13,799,706 O - 731,073 745,414 0 10,264 10,096 O 3,854,860 3,764,925 O 1,515,560 2,312,273 O 88,500 53,833 0 465,517 415,102 881,509 1,722,117 1,074,232 881,509 44,088,322 42,688,891 673,477 (33,010) 825,071 200,000 3,823,908 3,498,977 O (4,205,164) (3,961,769) O 219,949 0 200,000 (161,307) (462,792) 873,477 (194,317) 362,279 3,887,897 9,103,030 8,734,660 • $ 4,761,374 $ 8,908,713 $ 9,096,939 • • 23 COUNTY OF WELD STATE OF COLORADO COMBINED STATEMENT OF REVENUES EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL- ALL GOVERNMENTAL FUND TYPES December 31, 1985 General Special Revenue Variance Variance Estimate/ Favorable Estimate/ Favorable Budget Actual (Unfavorable) Budget Actual (Unfavorable) REVENUE: Taxes $ 10,099,523 $ 9,873,318 $ (226,205) $ 5,678,392 $ 5,753,834 $ 75,442 Licenses and permits 348,250 368,238 19,988 180,000 347,891 167,891 Intergovernmental revenue 1,134,586 891,822 (242,764) 22,811,147 18,881,310 (3,929,837) Charges for services 1,095,783 1,7.57,164 61,381 556,232 516,117 (40,115) Fines and forfeitures 33,648 69,456 35,808 8,000 8,806 806 Miscellaneous revenue 2,109,645 2,190,774 81,129 15,760 198,300 182,540 Fee accounts 1,563,975 1,631,937 67,962 0 0 0 Total Revenue 16,385,410 16,182,709 (202,701) 29,249,531 25,706,258 (3,543,273) EXPENDITURES: Current Operating: General government 6,495,917 6,120,746 375,171 0 0 0 Public Safety 7,691,716 7,283,096 408,620 0 0 0 Public works 568,002 518,699 49,303 9,751,472 8,029,280 1,722,192 Public health and welfare 166,045 116,045 50,000 14,890,171 13,632,565 1,257,606 Culture & recreation 72,846 95,622 (22,776) 668,574 635,451 33,123 Natural resources 10,264 10,264 0 0 0 0 Economic assistance 0 0 0 6,311,283 3,854,860 2,456,423 Miscellaneous 437,060 658,426 (221,366) 200,000 177,599 22,401 Capital Outlay 139,137 110,985 28,152 0 149,542 (149,542) Debt Services 0 0 0 0 0 0 In t ra governmental .. Expenditures 0 0 0 466,444 465,517 927 Total Expenditures 15,580,987 14,913,883 667,104 32,287,944 26,944,814 5,343,130 EXCESS REVENUE OVER (UNDER) EXPENDITURES 804,423 1,268,826 464,403 (3,038,413) (1,238,556) 1,799,857 OTHER FINANCING SOURCES (USES): Advance from Solid Waste 0 0 0 0 0 0 Operating transfers -in 310,000 310,000 0 2,782,784 2,919,728 136,944 Operating transfers -out (1,902,496) (1,986,122) (83,626) (1,411,702) (2,219,042) (807,340) Inception of lease -purchase agreements 0 0 0 0 219,949 219,949 • Total Other Financing Sources (Uses) (1,592,496) (1,676,122) (83,626) 1,371,082 920,635 (450,447) EXCESS REVENUE OVER (UNDER) EXPENDITURES AND OTHER USES (788,073) (407,296) 380,777 (1,667,331) (317,921) 1,349,410 FUND BALANCE AT BEGINNING OF PERIOD 1,145,510 1,145,510 0 4,601,059 4,614,185 13,126 FUND BALANCE AT • END OF PERIOD $ 357,437 $ 738,214 $ 380,777 $ 2,933,728 $ 4,296,264 $ 1,362,536 The Notes to Financial Statements are an integral part of this schedule. 24 Capital Projects Special Assessments Memorandum Total Variance Variance Variance Estimate/ Favorable Estimate/ Favorable Estimate/ Favorable Budget Actual (Unfavorable) Budget Actual (Unfavorable) Budget Actual (Unfavorable) $ 416,367 $ 413,996 $ (2,371) $ 0 $ 0 $ 0 $16,194,282 $16,041,148 $ (153,134) O 0 0 0 0 0 528,250 716,129 187,879 137,500 117,040 (20,460) 0 0 0 24,083,233 19,890,172 (4,193,061) O 0 0 0 0 0 1,652,015 1,673,281 21,266 0 0 0 0 0 0 41,648 78,262 36,614 O 1,932 1,932 3,500 78,391 74,891 2,128,905 2,469,397 340,492 O 0 0 0 0 0 1,563,975 1,631,937 67,962 553,867 532,968 (20,899) 3,500 78,391 74,891 46,192,308 42,500,326 (3,691,982) . 0 0 0 0 0 0 6,495,917 6,120,746 375,171 _a 0 0 0 0 0 0 7,691,716 7,283,096 408,620 O 0 0 0 0 0 10,319,474 8,547,979 1,771,495 • 0 0 0 0 0 0 15,056,216 13,748,610 1,307,606 o 0 0 0 0 0 741,420 731,073 10,347 O 0 0 0 0 0 10,264 10,264 0 O 0 0 0 0 0 6,311,283 3,854,860 2,456,423 O 4,583 (4,583) 0 0 0 637,060 840,608 (203,548) 1,238,512 1,204,932 33,580 102,750 50,101 52,649 1,480,399 1,515,560 (35,161) • 0 0 0 192,000 190,737 1,263 192,000 190,737 1,263 o 0 0 0 0 0 466,444 465,517 927 1,238,512 1,209,515 28,997 294,750 240,838 53,912 49,402,193 43,309,050 _ 6,093,143 (684,645) (676,547) 8,098 (291,250) (162,447) 128,803 (3,209,885) (808,724) 2,401,161 0 0 0 0 75,000 75,000 0 75,000 75,000 380,000 394,180 14,180 0 0 0 ' 3,472,784 3,623,908 151,124 0 0 0 0 0 0 (3,314,198) (4,205,164) (890,966) 0 0 0 0 0 0 0 . 219,949 219,949 -: 380,000 394,180 14,180 0 75,000 75,000 158,586 (286,307) (444,893) (304,645) (282,367) 22,278 (291,250) (87,447) 203,803 (3,051,299) (1,095,031) 1,956,268 282,367 282,367 0 0 182,046 (182,046) 6,028,936 6,224,108 195,172 $ (22,278) $ 0 $ 22,278 $ (291,250) $ 94,599 $ 385,849 $ 2,977,637 $ 5,129,077 $ 2,151,440 :...z . 25 COUNTY OF WELD STATE OF COLORADO COMBINED STATEMENT OF REVENUES EXPENSES' AND CHANGES IN RETAINED EARNINGS/ UN FUND BALANCES, ALL PROPRIETARY FDTYPES AND PENSION TRUST FUNDS December 31, 1985 Proprietary Fiduciary Fund Type Fund Type Memorandum Total Internal Pension Fiscal Year Fiscal Year Service Trust 1985 1984 OPERATING REVENUE: -- Taxes $ 540,138 $ 0 $ 540,138 $ 526,303 Charges for services 3,839,169 0 3,839,169 3,925,475 Appreciation (Depreciation) in fair value of investments 0 1,423,993 1,423,993 (1,966,026) Contributions 0 1,417,765 1,417,765 1,332,786 Total Operating Revenue 4,379,307 2,841,758 7,221,065 3,818,538 OPERATING EXPENSES: Personnel services 1,173,961 0 1,173,961 1,441,721 Contractual services 1,396,182 0 1,396,182 499,987 Supplies 332,401 0 332,401 717,883 Materials 0 0 0 83,758 Heat, light, and power 36,412 0 36,412 59,173 Depreciation 1,210,756 0 1,210,756 1,133,698 Repair and maintenance 50,747 0 50,747 6,482 - Insurance and bonds 267,922 0 267,922 240,497 Claims 160,537 0 160,537 179,984 Other expenses 3,103 0 3,103 17,990 Benefit payments 0 438,398 438,398 316,266 Refunds 0 192,416 192,416 382,735 Administrative expenses 0 91,491 91,491 45,162 Total Operating Expenses 4,632,021 722,305 5,354,326 ---1.----1- 5125336 Operating Income (loss) (252,714) 2,119,453 1,866,739 _(1,306,798) NONOPERATING REVENUE (EXPENSES): Farm Income 1,572 0 1,572 4,715 Cain on sale of fixed assets 31,380 0 31,380 94,368 Earnings on investments 32,259 1,738,765 1,771,024 3,042,034 Judgements and damages 102,476 0 102,476 23,529 Interest expense (55,336) 0 (55,336) 0 Total Net Nonoperating Revenue 112,351 _ 1,738,765 1,851,116 3,164,646 Income Before Operating Transfers (140;363) 3,858,218 3,717,855 1,857,848 OPERATING TRANSFERS-IN 351,100 30,156 381,256 466,479 NET INCOME 210,737 3,888,374 4,099,111 2,324,327 RETAINED EARNINGS/FUND BALANCE, January 1, 1985 2,320,135 12,970,501 15,290,636 12,966,310 RETAINED EARNINGS/FUND BALANCE, December 31, 1985 S 2,530,872 $ 16,858,875 $ 19,389,747 $ 15,290,637 The Notes to Financial Statements are an integral part of this schedule. 26 �•,�- . _ COUNTY OF WELD STATE OF COLORADO COMBINED N POSITION PROPRIETARY FUND TYPES AND PENS ON TRUST FUNDS - ALL December 31, 1985 Proprietary Fiduciary Fund Type Fund Type Memorandum Total Internal Pension Fiscal Year Fiscal Year Service Trust 1985 1984 t WORKING CAPITAL PROVIDED: $ 210 737 $ 3,888,374 $ 4,099,111 $ 2,324,327 Net Income ' • Items which did not require outlay of working capital: 1,210756 0 1,210,756 1,133,698 _ Depreciation , 0 (31,380) (94,368) Gain on sale of fixed assets (31,380) Working capital provided by 1 390 113 3,888,374 5,278,487 3,363,657 operations ' > GIBER SOURCES: Contributions from capital 36,983 0 36,983 14,383 expenditures 4 983 0 6,983 14,383 Contributions from other funds , 0 378,054 103,209 Proceeds from sale of fixed assets 378,054 Working Capital Provided 1,810,049 3,888,374 5,698,423 3,501,404 WORKING CAPITAL APPLIED: 2,392 449 0 2,392,449 1,176,348 Acquisition of fixed assets , Payments and current maturities of long-term debt and capital- - 0 0 0 39,710 lease obligations 2 392449 0 2,392,449 1,216,058 Working Capital Applied , , INCREASE IN WORKING CAPITAL $ (582,400) $ 3,888,374 $ 3,305,974 $ 2,285,346 CHANGES IN COMPONENTS OF • WORKING CAPITAL: Increase (decrease) in current assets: 735 $ (526,576) $ 334,425 Cash with treasurer $ (535,311) $ 8 0 29,801 29,801 3,802 Cash - enhsr 0 3,940,555 3,940,555 1,750,328 Investments Receivables: Accounts (154,871) (41,183) (196,054) 102,685 0 24,338 Current property taxes 0 0 2 421 0 2,421 2,212 Delinquent property taxes , Due from other governmental (3,756) 0 (3,756) (6,358) unfrs 47 251,950 72,540 • Due from other county funds 244,677 ( )Inventories 44,671 0 44,671 (179,833) 6,375 (1,449) 16,165 Prepaid expenses (7,824) Net increase (decrease) 402,673) 3,944,236 3,541,563 2,120,304 in current assets (Increase) decrease in current liabilities: 955) (143, 11) 43,256 Vouchers payable (87,756) (55' 0 (41 7 711) 27,483 Accrued liabilities (11,138) 93 1,138 118,641 Due to other county funds 8,338 (24,338) Deferred revenue (9,171) 0 (9,171) 0 Advance from other funds (80,000) 0 (80,000) Net (increase) decrease in (179,727) (55,862) (235,589) 165,042 current liabilities INCREASE IN WORKING CAPITAL $ (582,400) $ 3,888,374 $ 3,305,974 $ 2,285,346 i The Notes to Financial Statements are an integral part of this schedule. 27 . COUNTY OF WELD STATE OF COLORADO NOTES TO FINANCIAL STATEMENTS Year Ended December 31 , 1985 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 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. 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 substantially covers 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: 28 COUNTY OF WELD STATE OF COLORADO NOTES TO FINANCIAL STATEMENTS (Continued) Year Ended December 31 , 1985 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 which is less than 1% of the total revenues. 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. State Board of Equalization -- The State Board of Equalization consists of the Governor or his designee, the Speaker of the House or his designee, the President of the Senate or his designee and two members appointed by the Governor. In accordance with Section 39-1-105, CRS, 1973, the State Board of Equalization can order a state mill levy independent of any county levy or county mill levy limitation for the purpose of reimbursing the state for any property reappraisal costs and any excess state equalization payments made to school districts within the county during a fiscal year where state ordered reappraisals reoccur. The accounting and reporting policies of Weld County, Colorado conform to generally accepted accounting principles as set forth by the American Institute of Certified Public Accountants and 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. 29 COUNTY OF WELD STATE OF COLORADO NOTES TO FINANCIAL STATEMENTS (Continued) Year Ended December 31 , 1985 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: 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. 30 COUNTY OF WELD STATE OF COLORADO NOTES TO FINANCIAL STATEMENTS (Continued) Year Ended December 31 , 1985 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. 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 organizations. These include expendable trust, pension trust and agency funds. The General Purpose Financial Statements present a combined overview of all generic fund types and account groups of the County. • 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. ��,�, 31 COUNTY OF WELD STATE OF COLORADO NOTES TO FINANCIAL STATEMENTS (Continued) Year Ended December 31 , 1985 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. Depreciation of all exhaustible fixed assets used by proprietary funds is charged as an expense against their operations. Accumulated depreciation is reported on proprietary 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 Accrued vacation and sick pay for the governmental funds are accounted for in the General Long-Term Debt Account Group. Non-current portions of long-term receivables due to governmental funds are reported on their balance sheets, in spite of their spending measurement focus. Special reporting treatments are used to indicate however, that they should not be considered "available spendable resources," since they do not represent net current assets. Recognition of governmental fund type revenue represented by non-current receivables is deferred until they become current receivables. Non-current portions of long-term loans receivable are offset by fund balance reserve accounts. 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 fund, expendable trust funds, and agency funds utilize the modified accrual basis of accounting. Under this method revenue is recognized in the year in which it becomes both measurable and available as net current assets. 32 � , - COUNTY OF WELD STATE OF COLORADO NOTES TO FINANCIAL STATEMENTS (Continued) Year Ended December 31, 1985 Revenue susceptible to accrual, that is, measurable and available to finance the County's operations, or of a material amount and not received at the normal time of receipt primarily consists of 1) state highway users tax; 2) revenue sharing entitlements; 3) property taxes, assessed in 1985 payable in 1986; and 4) various routinely provided services (ambulance and health department) . Unbilled charges for services are recorded in the appropriate funds at year end. Expenditures are generally recorded when the related fund liability is incurred. 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. 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 j system is employed as a budgetary management control device during the year to monitor the individual departments (level 3 of classification which expenditures may not legally exceed appropriations) . All annual appropriations lapse at year end. 33 COUNTY OF WELD STATE OF COLORADO NOTES TO FINANCIAL STATEMENTS (Continued) Year Ended December 31, 1985 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 1985, three supplemental appropriation ordinances were enacted. INVESTMENTS: Investments of the pension trust funds are stated at fair market value. PROPERTY TAXES: Property taxes attach as an enforceable lien on property as of January 1 . Taxes are levied no later than November 15 and payable 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 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 county 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. However, no such excess levy shall be granted which will allow a greater revenue than would be produced by applying the previous year mill levy to the current years assessed valuation. If the County Council does not grant an increased levy, or the increase is beyond that which the council is authorized to grant, the question may be submitted to the qualified electors of the county at a general or special election called for that purpose. 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. 34 COUNTY OF WELD STATE OF COLORADO NOTES TO FINANCIAL STATEMENTS (Continued) Year Ended December 31, 1985 The original January 1 , 1985 levies for the applicable funds of the County are as follows: Levy Mills Amount General Fund 12.158 $ 9,979,523 Road & Bridge 3.238 2,657,664 Social Services Fund 2.533 2,078,999 Capital Expenditures Fund .478 392,928 North Colorado Medical Center Trust Fund .312 256,397 IGS - Insurance .623 511 ,095 TOTAL 19.342 $ 15,875,706 INVENTORIES: Inventories of governmental funds, which consist of expendable materials held for consumption, are stated at the lower of cost or market, determined by the first-in, first-out method. These funds follow the consumption method of accounting whereby expenditures are recorded at the time the inventory items are used. Inventories of proprietary funds are recorded at the lower of cost or market. Cost is determined by the average cost method. 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. Residual equity transfers represent nonrecurring or nonroutine transfers of equity between funds. All other interfund transfers are recorded as operating transfers. 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 , 2 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". 35 COUNTY OF WELD STATE OF COLORADO NOTES TO FINANCIAL STATEMENTS (Continued) Year Ended December 31, 1985 SICK-LEAVE AND VACATION PAY: Sick-leave is earned when vested and recorded as an expenditure at the time earned. 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, 1985, the liability for accumulated sick-leave approximated $657,407. Unused vacation time is forfeited after 24 months from date earned. 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 initiated to a designated group of taxpayers. As the assessments are collected, the advance is repaid. Reserve for Encumbrances: These reserves are established to record outstanding encumbrances at year end. Reserve for Prepaid Expenses: These reserves are established to record all prepaid postage on postage meter, and all insurance payments that are made for advance periods. Reserve for Claims: These reserves are established for the self-insured liability insurance fund. They are calculated by the third party administration for claims received but unsettled. The reserve for claims includes the actuarially estimated liability for claims incurred but not reported. Reserve for Employee Benefits: These reserves are established to record the actuarial present value of accumulated plan benefits in 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. 36 COUNTY OF WELD STATE OF COLORADO NOTES TO FINANCIAL STATEMENTS (Continued) Year Ended December 31 , 1985 Reserve for Contributions: These reserves were established to record funds donated to the County library for special purposes. 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 , 1986. GRANT REVENUE: Grant revenue is recognized to the extent of expenditures incurred. The portion of the total grant which has not been spent is reflected as unexpended grant revenue and is represented by cash and receivables, less related liabilities. NON-FEDERAL IN-KIND CONTRIBUTIONS: Volunteers assist the various federally funded 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 other goods are recognized as contributed revenue at their fair market value. Included as ` a separate category are the offsetting in-kind expenditures. 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. 37 f COUNTY OF WELD STATE OF COLORADO NOTES TO FINANCIAL STATEMENTS (Continued) Year Ended December 31 , 1985 Note 2 — Individual Fund Interfund Receivable and Payable Balances: Interfund receivable and payable balances at December 31 , 1985 are as follows: Interfund Interfund Receivables Payables General Fund $ 198,440 $ 693,783 Special Revenue Funds: Road and Bridge Fund 271,477 549,223 Social Services Fund 7,342 22,903 Contingent Fund 2,688 62,259 Public Health Fund 21,103 16,330 Library Fund 191 40,903 Human Resources Fund 177,301 112,807 Solid Waste Fund -0- 10,124 Housing Authority Fund 163 1,359 Capital Expenditures Fund 76,439 80,776 Special Assessment Funds: Improvement District Number 1983-2 Elmore Road -0- -0- Improvement District Number 1984-1 County Road 5 -0- 2,237 Internal Service Funds: Motor Vehicle Fund 651,050 30,937 Printing and Supply Fund -0- 22 Computer Services Fund 177,836 235 Insurance Fund 2,450 2,135 Trust and Agency Funds: Weld County Retirement Fund 28 -0- Payroll Agency Fund 40,802 1, 156 Health Insurance Fund -0- 121 Deferred Compensation Fund -0- 0- TOTAL $1 ,627,310 $1,627,310 38 COUNTY OF WELD STATE OF COLORADO NOTES TO FINANCIAL STATEMENTS (Continued) y Year Ended December 31 , 1985 Note 3 — TRANSFERS: Funds are 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 Internal Capital Trust/ Operating General Revenue Service Projects Agency Total Transfer: General $ -0- $1,510,686 $351 ,100 $ 94, 180 $ 30,156 $1 ,986,122 Special 310,000 1 ,409,042 -0- 300,000 200,000 2,219,042 Total: $310,000 $2,919,728 $351 ,100 $394,180 $230,156 $4,186,948 Residual Equity: General $ -0- $ -0- $ 4,899 $ -0- $ -0- $ 4,899 Capital Projects -0- -0- 36,983 -0- -0- 36,983 Total $ -0- $ -0- $ 41 ,882 $ -0- $ -0- $ 41 ,882 Note 4 - Changes in General Fixed Assets : A summary of changes in general fixed assets follows: Balance Balance 1/1/85 Additions Deletions 12/31/85 Land $ 1 ,494,618 $ 82,609 $ -0- $ 1,577,227 Land improvements 205,361 1,105 -0- 206,466 Buildings 16,619,667 1,231,989 -0- 17,851 ,656 Equipment and furniture 2,396,306 460,027 81 ,991 2,774,342 Total $20,715,952 $1,775,730 $ 81 ,991 $22,409,691 Transfers among departments of $86,480 are not included above. c,; 39 COUNTY OF WELD STATE OF COLORADO NOTES TO FINANCIAL STATEMENTS (Continued) Year Ended December 31, 1985 Note 5 — Capital Lease Obligation: During 1985, 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," which defines a capital lease generally as one which transfers benefits and risks of ownership to the lessee. As such $219,949 has been capitalized as equipment in the general fixed assets 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, 1985 Human Social Year Ending December 31 , Resources Services Total 1986 $ 17,801 .76 $ 29,645. 16 $ 47,446.92 1987 17,801 .76 29,645.16 47,446.92 1988 17,801 .76 29,645. 16 47,446.92 1989 17,801.76 29,645.16 47,446.92 1990 16,318.28 29,645.16 45,963.44 1991 0.00 29,645. 16 29,645.16 1992 0.00 27,261.59 27,261 .59 Total minimum lease payments $ 87,525.32 $205,132.55 $292,657.87 Less: Amount representing interest (18,036.23) (56,662.77) (74,699.00) Present value of net minimum lease payments $ 69,489.09 $148,469.78 $217,958.87 40 COUNTY OF WELD STATE OF COLORADO NOTES TO FINANCIAL STATEMENTS (Continued) 1 Year Ended December 31 , 1985 Note 6 - 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, 1985: Balance Balance 1/1/85 Additions Reductions 12/31/85 General Fund: sick/vacation accrual $ 427,676 $ 40,317 $ -0- $ 467,993 Road & Bridge Fund: sick/vacation accrual 136,919 7,560 -0- 144,479 Social Services Fund: sick/vacation accrual 269,926 16,002 -0- 285,928 Phone lease purchase -0- 149,542 3,205 146,337 Health Fund: sick/vacation accrual 47,376 -0- 1 ,337 46,039 Library Fund: sick/vacation accrual 12,526 3,981 -0- 16,507 Housing Authority Fund: sick/vacation accrual 3, 147 2,364 -0- 5,511 Human Resources Fund: Phone lease purchase -0- 70,407 918 69,489 TOTAL $897,570 $290,173 $ 5,460 $1 , 182,283 Sick and vacation accrual for Government Fund types are recorded in this fund together with the capital lease obligations for - government funds. Weld County has no bonded indebtedness. In accordance with Section 30-35-201, CRS, 1973, Weld County's general bonded indebtedness is 3% of the assessed valuation or $24,622,434 as of December 31 , 1985. 41 COUNTY OF WELD STATE OF COLORADO NOTES TO FINANCIAL STATEMENTS (Continued) Year Ended December 31, 1985 Note 7 - Reserves by Fund Types: The following is the nature and purpose of all reported reserves by fund type: Special Capital Internal Trust and Reserves General Revenue Projects Service Agency Total Adv to Spec Asmt Fund $ 6,738 $ -0- $ -0- $ -0- $ -0- $ 6,738 Encumbrances 78,737 444,267 55,463 -0- -0- 578,467 Prepaid Expenses 21 ,556 19,227 -0- -0- -0- 40,783 Claims -0- -0- -0- 503,200 80,877 584,077 Employee Benefits -0- -0- -0- -0- 10,070,430 10,070,430 Adv to Int Svc Fund 80,000 -0- 0- -0- 0- 80,000 Contributions -0- 2,599 -0- -0- -0- 2,599 TOTAL $187,031 $466,093 $55,463 $503,200 $10, 151 ,307 $11,363,094 Note 8 - Other Required Individual Fund Disclosures: The deficit fund balance of the Special Assessment Funds (Improvement District Number 1981-2 Elmore Road — $2,931 , and Improvement District Road 5 — $884,208) 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 current assets. The deficit will be reduced and eliminated as deferred special assessment installments become current assets. Excesses of expenditures over appropriations in individual funds are as follows: Revised Over- Appropriation Expenditures expenditure Special Revenue Funds: Library Fund $ 473,270 $ 475,112 $ 1 ,842 Contingency Fund 810,405 816,189 5,784 This excess of expenditures over appropriations in the Library Fund is attributable to the close-out of the county library operation due to the creation of a library district in portions of Weld County that assumed library service responsibilities effective January 1, 1986. Excess expenditures in the Contingency Fund was caused by a court-ordered abatement of prior year taxes. 42 ,wF, COUNTY OF WELD STATE OF COLORADO NOTES TO FINANCIAL STATEMENTS (Continued) Year Ended December 31, 1985 In-kind contributions and expenditures are not included as budgetable items. 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 9 - Budgets: An annual expenditure budget is adopted for all governmental, proprietary and expendable trust funds of the county. Revisions made to the original budget for each fund were as follows: Original Total Revised Budget Revisions Budget General Fund $15,711 ,758 $ 1,771 ,725 $17,483,483 Special- Revenue Funds: Road and Bridge Fund 8,979,786 1 ,238,130 10,217,916 Social Services Fund 13,359,900 274,464 13,634,364 Federal Revenue Sharing Fund 1 ,406,476 5,226 1,411,702 Conservation Trust Fund 195,304 -0- 195,304 Contingent Fund 810,405 -0- 810,405 Public Health Fund 1,242,625 13,182 1 ,255,807 Library Fund 434,702 38,568 473,270 Human Resources Fund 2,646,436 2,930,078 5,576,514 Solid Waste Fund 200,000 -0- 200,000 Capital Projects Funds: Capital Expenditures Fund 716,367 522,145 1,238,512 Special Assessment Funds: Elmore Road -0- 3,500 3,500 County Road 5 -0- 291,250 291 ,250 Internal Service Funds: Motor Vehicle Fund 2,032,812 513,624 2,546,436 Printing and Supply Fund 156,533 1,000 157,533 Computer Services Fund 2,248,655 4,526 2,253,181 Insurance Fund 652,575 -0- 652,575 Trust and Agency Funds: North Colorado Medical Center Trust Fund 556,373 200,000 756,373 Health Insurance Fund 974,136 —0— 974,136 Housing Authority Fund —0— 734,769 734,769 TOTAL $52,324,843 $8,542,187 $60,867,030 43 f""" 7 COUNTY OF WELD STATE OF COLORADO NOTES TO FINANCIAL STATEMENTS (Continued) Year Ended December 31 , 1985 Note 10 - Weld County Retirement Plan: The Weld County Retirement Plan is a trusteed pension plan covering substantially all permanent full-time employees of Weld County. Established in 1969, the Plan provides for pension, death and disability benefits. The total pension expense for the year ended December 31 , 1985 was $722,305. Based upon the actuarial valuation report at December 31, 1985, there is no liability for unfunded past service cost. There are no statutory funding requirements for the Weld County Retirement Plan. As a condition of employment, employees are required to become members of the Plan. Prior to December 31, 1983, employees were required to contribute the minimum funding requirement of 4% of monthly compensation plus 2% of monthly compensation in excess of $400. Effective January 1, 1984, employees are required to contribute 5.5% of monthly compensation. The County continues to match employee contributions and will make such other contributions as may be necessary to finance prior service benefits provided by the Plan. In accordance with the plan the county makes contributions to the fund in an amount equal to the monthly contributions of the members. Although there is no additional actuarial requirement currently, the county may, from time to time, make contributions to the fund to the extent necessary to finance on a sound actuarial basis any prior service benefits provided by the plan. The county expects to make such contributions to the plan as necessary, but assumes no responsibility to do so and reserves the right to suspend or reduce contributions at any time. Accumulated benefits of the Retirement Plan are those annual pension benefits that individual participants have accumulated under the Plan's benefit accrual provision based on their current salary and service to date. The current value of those accumulated benefits at December 31 , 1985, detailed below is the aggregate of participants' accumulated benefits adjusted to reflect the life expectancy of participants and discounted for the time value of money (that is, interest) . Actuarial Present Value of Accumulated Plan Benefits: Vested Benefits: Active members $ 5,604,737 Retired members and beneficiaries 3,442,526 Terminated vested members 30,810 Nonvested Benefits $ 992,357 Total Actuarial Present Value of Accumulated Plan Benefits $10,070,430 44 COUNTY OF WELD STATE OF COLORADO NOTES TO FINANCIAL STATEMENTS (Continued) Year Ended December 31 , 1985 The weighted average assumed rate of return used in determining the actuarial present value of accumulated plan benefits was 7}%. Note 11 - Contingent Liabilities: Effective January 1 , 1984, in accordance with the provisions of Section 24-52-101, et. seq. , CRS, 1973, and as provided in 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 is currently the defendant in several lawsuits. Based upon the opinion of legal counsel, these claims would be covered by the protected self-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 losses up to $100,000 per occurrence. Losses greater than $100,000 per occurrence, and those in excess of the aggregate stop loss, are insured by private insurance companies. County-wide annual aggregate losses are limited to $340,000. 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. The audits of these programs for the year ended December 31 , 1985 are in process but not yet completed. Upon completion the single audit will be attached to these general purpose financial statements. Accordingly, the County's compliance with applicable grant requirements will be established at some future date. The amount, if any, of expenditures which may be disallowed by the granting agencies cannot be determined at this time although the County expects such amounts, if any, to be immaterial. 45 COUNTY OF WELD STATE OF COLORADO NOTES TO FINANCIAL STATEMENTS (Continued) Year Ended December 31 , 1985 Note 12 - Industrial Revenue Bonds: Weld County is associated with two Industrial Revenue Bond issues totaling $1,275,000 for Weld Mental Health and Colorado Counties, Inc. The county shall not be subject to any pecuniary liability, any charge against its general credit or taxing powers, nor be obligated financially in any way; except with respect to the project, application of revenues therefrom, and the proceeds of the bonds. Note 13 - Subsequent Events: On September 11, 1986, the Board of County Commissioners of Weld County, together with seven municipalities, created the Weld Library District in accordance with Section 24-90-101, CRS, 1973. The Library District is an autonomous governing board with the power of taxation. The Weld Library Board did levy one and one-half mills for 1986. Weld County Library operations were all transferred to the new district January 1, 1986. On January 7, 1986 Weld County issued $2,675,000 in Tax Anticipation Notes for the General Fund. The notes have an interest rate of 6.5% and are all due and payable December 31 , 1986. The notes were issued in anticipation of the receipts of ad valorem taxes on real or personal property and other monies to be credited to the general fund during the current fiscal year in order to provide funds to meet and defray properly incurred and budgeted ordinary and necessary current operating expenses and current contractual obligations of the county. The notes were issued in accordance with Section 29-15-1, CRS, 1973 and pursuant to Sections 1 . 103-13 and 1 . 103-14 of the Treasury Regulations promulgated under Section 103(c) of the Internal Revenue Code of 1954. 46 z . • COMBINING STATEMENTS, • INDIVIDUAL FUND AND ACCOUNT GROUP STATEMENTS , iET ‘ ri AND SCHEDULES • . • Apt,ci 14° VIIDc. _w1 6 �_ 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 ` a taxes and general revenues are reflected in this fund. . 1 jLi i h } >1.-„,,_ , . , -., :.!. ,. . . :, . - „ -. ._ - _,. .. . , , . . . . . ,. , _. . „ •,., . . . . , . ... , . . ,, , . .._ . , WUDC. COLORADO _- COUNTY OF WELD STATE OF COLORADO GENERAL FUND 77 BALANCE SHEET December 31, 1985 and 1984 • 1985 1984 ASSETS ASSETS: $ 1,206,795 $ 799,141 • Cash with treasurer 120,083 144,705 Cash - other Receivables (net where applicable of allowance for uncollectables): 252,286 177,697 Accounts - ambulance service 117,286 140,320 Accounts - other 10,165,112 9,979,523 • Current property taxes 190,169 131,575 Delinquent property taxes 235,312 804,700 Due from other governmental funds 198,440 177,992 Due from other county funds 32,248 19,302 Inventories 86,738 8,974 • Advance to Other Funds 21,556 24,575 Prepaid expenses TOTAL ASSETS $12,626,025 $12,408,504 LIABILITIES AND FUND BALANCE LIABILITIES: $ 154,800 $ 205,306 Vouchers payable 463,398 205,304 Accrued liabilities 114,253 145,653 Due to other governmental units - 693,783 145,653 Due to other county funds Deferred revenue 10,340,958 9,419,287 Unexpended grant revenue 120,619 59,706 --- TOTAL LIABILITIES 11,887,811 11,262,994 • FUND BALANCE: 86,738 8,974 Reserved for advance to Other Funds 78 738 41,163 Reserved for encumbrances 21,556 24,575 Reserved for prepaid expenses Unreserved: 270 000 174,666 Designated for subsequent year's expenses 281,183, 896,132 Undesignated TOTAL FUND BALANCE • 738,214 1,145,510 TOTAL LIABILITIES AND BALANCE $12,626,025 $12,408,504 The Notes to Financial Statements are an integral part of this schedule. 47 - COUNTY OF WED STATE OF COLORADO GENERAL FUND STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE December 31, 1985 With Comparative Actual Amounts For Year Ended December 31, 1984 1985 1985 1985 1964 Estimate Actual Variance Actual REVENUE: Taxes $ 10,099,523 $ 9,873,318 $ (226,205) $ 9,463,456 Licenses and permits 348,250 368,239 19,989 337,700 Intergovermental revenue 1,134,586 891,822 (242,764) 687,986 Charges for services 1,095,783 1,157,164 61,381 1,024,306 - Fines and forteitures 33,648 69,455 35,807 29,412 Miscellaneous revenue 2,109,645 2,190,774 81,129 2,548,257 Fee accounts 1,563,975 1,631,937 67,962 1,533,455 Total Revenue 16,385,410 16,182,709 (202,701) 15,624,572 EXPENDITURES: Current Operating: • General government 6,495,917 6,120,746 375,171 6,082,536 Public safety 7,691,716 7,283,096 408,620 6,294,660 Public works 568,002 518,699 49,303 503,880 Public health and welfare 166,045 116,045 50,000 69,458 Miscellaneous 437,060 658,426 (221,366) 280,979 Culture and recreation ' 72,846 95,622 (22,776) 113,532 Conservation of natural resources 10,264 10,264 0 10,096 Capital outlay 139,137 110,985 28,152 114,298 Total Expenditures 15,580,987 14,913,883 667,104 13,469,439 EXCESS REVENUE OVER (UNDER) EXPENDITURES 804,423 1,268,826 464,403 2,1.55,133 OTHER FINANCING SOURCES: Operating transfers-in 310,000 310,000 0 0 Operating transfers-out (1,902,496) (1,986,122) (83,626) (2,169,548) Total Other Financing Sources (1,592,496) (1,676,122) (83,626) (2,169,548) EXCESS REVENUE OVER (UNDER) EXPENDITURES AND OTHER USES (788,073) (407,296) 380,777 (14,415) FUND BALANCE AT BEGINNING OF PERIOD 1,145,510 1,145,510 0 1,159,925 ENDING FUND BALANCE $ 357,437 $ 738,214 $ 380,777 $ 1,145,510 The Notes to Financial Statements are an integral part of this schedule. 48 COUNTY OF WELD STATE OF COLORADO GENERAL FUND Schedule of Revenue Compared with Estimate December 31, 1985 With Comparative Actual Amounts For Year Ended December 31, 1984 1985 1985 1985 1984 Estimate Actual Variance Actual TAXES: $ 9,979,523 $ 9,793,702 $ (185,821) $ 9,353,373 General property taxes 46,000 17,988 (28,012) 46,701 Severance tax 74,000 61,628 (12,372) 63,382 Tobacco products - Total Taxes 10,099,523 9,873,318 (226,205) 9,463,456 LICENSES AND PERMITS: Business licenses and permits: 7,000 5,455 (1,545) 3,636 Business licenses-liquor Nonbusiness licenses and permits: 240,000 249,274 9,274 235,827 Building permits 55,000 52,459 (2,541) 63,751 Electrical permits 46 250 61,051 14,801 34,486 _ Planning commission permits + Total Licenses and Permits 348,250 368,239 19,989 337,700 INTERGOVERNMENTAL REVENUE: Federal operating grants: 132,400 114,805 (17,595) 178,921 IV-D Incentive State operating grants: 243,300 233,383 (9,917) 71,911 Community Corrections 42,051 40,177 (1,874) 48,298 JuvenileL Diversion 36,492 38,664 2,172 30,307 J obF 316,000 244,099 (71,901) 218,781 ne Diversion Impact 207,758 56,257 . (151,501) 0 __ Energy 53,203 48,075 (5,128) 47,390 Other State shared revenues: 38,600 38,419 (181) 28,650 State shared salaries Local revenue: 64,782 77,943 13,161 63,728 Cities and towns Total Intergovernmental Revenue 1,134,586 891,822 (242,764) 687,986 CHARGES FOR SERVICES: 36,800 57,243 20,443 70,931 Socialu Services 767,260 850,484 83,224 733,363 Publ safety aft fees 185,148 140,538 (44,610) 16,288 Ptheic c 106,575 108,899 2,324 203,724 Other . Total Charges for Services 1,095,783 1,157,164 61,381 1,024,306 FINES AND FORFEITURES: 18,750 56,216 37,466 29,412 O fines 14,898 13,239 (1,659) - 0 Otthh er Total Fines and Forfeitures 33,648 69,455 35,807 29,412 MISCELLANEOUS REVENUE: Earnings on investments 1,120,000 1,070,210 (49,790) 1,537,033 230,945 247,514 16,569 144,010 Rents 385,000 419,761 34,761 380,094 Royalties 230,000 250,202 20,202 279,594 __ A-87 cost plan A-87 in-kind 143,700 203,087 59,387 144,325 Other 2,109,645 2,190 774 81,129 2,548,257 Total Miscellaneous Revenue + FEE ACCOUNTS: 104,975 119,041 14,066 111,652 Sheriff's fees 1 050 000 1,094,566 44,566 1,031,075 Clerk and recorder fees > , Treasurer fees 383,000 392,822 9,822 366,895 26 000 25,508 (492) 23,833 Assessor's fees ' Total Fee Accounts 1,563,975 1,631,937 67,962 1,533,455 TOTAL REVENUE $ 16,385,410 $ 16,182,709 $ (202,701) $ 15,624,572 I The Notes to Financial Statements are an integral part of this schedule. 49 t i COUNTY OF WELD STATE OF COLORADO GENERAL FUSr Schedule of Expenditures Compared with Budget December 31, 1985 With Comparative Actual Amounts For Year Ended December 31, 1984 1985 1985 1985 1984 Budget Actual Variance Actual GENERAL GOVERNMENT: Commissioners-office of the board $ 244,424 $ 232,102 $ 12,322 $ 210,287 County Attorney 276,955 273,113 3,842 238,849 Public Trustee 2,500 984 1,516 2,162 Planning and zoning 258,173 238,150 20,023 186,214 County Clerk 1,058,767 1,036,285 22,482 986,903 Elections and registration 108,219 101,917 6,302 249,961 County Treasurer 457,861 367,274 90,587 473,004 County Assessor 902,575 838,522 64,053 718,805 Maintenance of buildings and grounds 1,063,826 994,751 69,075 1,012,238 County Council 28,209 17,349 10,860 14,797 District Attorney 888,172 863,805 24,367 778,879 Juvenile Diversion 124,176 123,074 1,102 130,992 Victim Assistance 1,274 1,356 (82) 0 Financial administration 124,627 119,854 4,773 139,556 General accounting 273,611 270,065 3,546 301,011 Purchasing 127,755 123,930 3,825 131,574 Personnel 295,306 288,210 7,096 180,068 PBX phone service 259,487 230,005 29,482 327,236 Total General Government 6,495,917 6,120,746 375,171 6,082,536 PUBLIC SAFETY: Sheriff administration 1,104,685 1,084,774 19,911 908,247 Crime control and investigation 1,797,682 1,773,158 24,524 1,641,568 Possee-special deputies 2,759 944 1,815 8,313 Regional forensic lab 58,297 55,584 2,713 0 Communications services 587,353 567,694 19,659 500,145 Communication system development 175,800 59,312 116,488 0 Ambulance services 903,510 851,691 51,819 780,902 County Coroner 57,100 54,934 2,166 52,785 Correctional administration 1,971,318 1,912,493 58,825 1,712,739 Community Corrections 243,300 236,161 7,139 83,508 Delinquents and other institutions 164,343 152,670 11,673 140,394 Public Service - DUI 48,225 44,799 3,426 25,150 Building inspection 255,460 221,168 34,292 231,988 Civil defense 40,354 36,050 4,304 30,098 Energy Impact-Hasmat 82,758 33,719 49,039 0 Predatory animal control 8,000 8,000 0 12,000 Animal control 67,500 67,500 0 63,600 Pest and weed control 123,272 122,445 827 103,223 Total Public Safety 7,691,716 7,283,096 408,620 6,294,660 (Continued on next page) 50 . , COUNTY OF WELD STATE OF COLORADO GENERAL FUND Schedule of Expenditures Compared with Budget December 31, 1985 With Comparative Actual Amounts For Year Ended December 31, 1984 1985 1985 1985 1984 Budget Actual Variance Actual PUBLIC WORKS: General engineering $ 295,210 $ 260,870 $ 34,340 $ 263,546 Extension services 167,630 159,560 8,070 153,735 Veterans' office 45,162 38,269 6,893 46,599 Airport 60,000 60,000 0 40,000 Total Public Works 568,002 518,699 49,303 503,880 PUBLIC HEALTH AND WELFARE: Mental Health 69,458 69,458 0 69,458 Developmentally disabled 36,587 36,587 0 0 Seniors program 10,000 10,000 0 0 Patient advocacy 50,000 0 50,000 0 Total Health and Welfare 166,045 116,045 50,000 69,458 MISCELLANEOUS: IRE building rent 103,545 103,545 0 0 Other 333,515 554,881 (221,366) 280,979 Total Miscellaneous 437,060 658,426 (221,366) 280,979 CULTURE AND RECREATION: __ Exhibition building 41,122 20,503 20,619 33,737 Missile site park 5,000 4,348 652 2,520 County fair 26,724 70,771 (44,047) 77,275 Total Culture and Recreation 72,846 95,622 (22,776) 113,532 CONSERVATION OF NATURAL RESOURCES: Northern Colorado Research Center 3,000 3,000 0 3,000 West Greeley Soil Conservation 7,264 _ 7,264 0 7,096 Total Conservation of Natural Resources 10,264 10,264 0 10,096 CAPITAL OUTLAY: Equipment 139,137 107,286 31,851 114,298 : Total Capital Outlay 139,137 107,286 31,851 114,298 TOTAL EXPENDITURES $ 15,580,987 $ 14,910,184 $ 670,803 $ 13,469,439 The Notes to Financial Statements are an integral part of this schedule. (Continued from Preceeding Page) i 51 7` COUNTY OF WELD STATE OF COLORADO GINh.RAL FUND Schedule of Operating Transfers-Out Compared with Budget December 31, 1985 With Comparative Actual Amounts For Year Ended December 31, 1984 1985 1985 1985 1984 Budget Actual Variance Actual OPERATING TRANSFERS-OUT: Library Fund $ 390,302 $ 357,078 $ 33,224 $ 372,739 Public Health Fund 755,986 755,986 0 751,426 Human Resources 325,108 394,934 (69,826) 400,499 Retirement Fund 0 30,156 (30,156) 93,754 Computer Services Fund 350,000' 350,000 0 372,725 Contingent 0 2,688 (2,688) 128,405 Capital Expenditures 80,000 94,180 (14,180) 50,000 Motor Pool 1,100 1,100 0 0 TOTAL OPERATING TRANSFERS-OUT $ 1,902,496 $ 1,986,122 $ (83,626) $ 2,169,548 Schedule of Operating Transfers-In Compared with Estimate December 31, 1985 With Comparative Actual Amounts For Year Ended December 31, 1984 1985 1985 1985 1984 Estimate Actual Variance Actual OPERATING TRANSFERS-IN: Contingent Fund $ 310,000 $ 310,000 $ 0 $ 0 TOTAL OPERATING TRANSFERS-IN $ 310,000 $ 310,000 $ 0 $ 0 The Notes to Financial Statements are an integral part of this schedule. 52 s 1 tx` _1 SPECIAL REVENUE FUNDS ' Special Revenue Funds are established to account for taxes or other earmarked revenues of the County which finance specified activities as required by law or administrative action. a.. i • WE`D _. COLORADO COUNTY OF WELD STATE OF COLORADO SPECIAL REVENUE FUNDS EXPLANATIONS OF INDIVIDUAL FUNDS December 31 , 1985 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. Library Fund: The Library Fund accounts for revenue and expenditures associated with the operation of the County library system. Human Resources Fund: The Human Resources Fund accounts for various Federal and State human service grants. Primary funding agencies are DOL, HHS, and CSA. 54 COUNTY OF WELD STATE OF COLORADO SPECIAL REVENUE FUNDS EXPLANATIONS OF INDIVIDUAL FUNDS - CONTINUED Solid 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. Housing Authority Fund: The Housing Authority Fund accounts for various federal housing grants - primary funding agent is HUD. • 55 COUNTY OF WELD STATE OF COLORADO SPECIAL REVBNUE FUNDS COMBINING BALANCE SHEET December 31, 1985 With Comparative Actual Amounts For Year Ended December 31, 1984 _ Federal Road and Social Revenue Conservation Contingent ent Bridge Services Sharing g Fund Fund Fund Fund Fund ASSETS ASSETS: Cash with Treasurer $ 2,173,953 $ 1,346,469 $ 4,307 $ 158,617 $ 59,571 Cash - other 4,156 4,343 0 0 0 Receivables (net where applicable of allowance for uncollectibles): 0 0 Accounts 36,925 1,441 0 Current property taxes 2,783,421 2,134,642 0 0 697,889 Delinquent property 0 0 1,924 taxes 51,047 40,779 Due from other govern- 0 mental units 282,080 104,187 346,656 0 Due from other county funds 271,477 7,342 0 0 0 2 0 0 2,68 8 Inventories 573,859 _ 0 Prepaid expenses 0 0 0 0 Advances to other funds 0 0 0 0 0 TOTAL ASSETS $ 6,176,918 $ 3,639,203 $ 350,963 $ 158,617 $ 762,072 LIABILITIES AND FUND BALANCE LIABILITIES: 0 $ 0 $ 0 Vouchers payable $ 152,855 $ 3,884 $ 0 0 Accrued liabilities 108,053 30,372 0 Due to other governmental 0 0 units 0 1,241,148 0 0 62,259 Due to other county funds 549,223 22,903 Deferred revenue 2,863,381 2,188,655 0 0 699,813 Other liablilities 0 17,651 0 0 0 Total Liabilities 3,673,512 3.504,613 0 0 762,072 FUND BALANCE: Reserved: Reserved for 0 contributions 0 0 0 0 Reserved for encumbrance 436,317 0 0 0 0 Reserved for prepaid 0 expenses 0 0 0 0 Unreserved: Designated for subsequent O year's expenditures 162,443 0 352,143 28,222 Undesignated 1,904,646 134,590 (1,180) 130,395 0 Total Fund Balance 2,503,406 134,590 350,963 158,617 0 TOTAL LIABILITIES AND FUND BALANCE S 6,176,918 $ 3,639,203 $ 350,963 $ 158,617 1_22§122111 The Notes to Financial Statements are an integral part of this schedule. 56 77 Memorandum Total Public Human Solid Housing Fiscal Fiscal Health Library Resources Waste Authority Year Year Fund Fund Fund Fund Fund 1985 1984 $ 212,431 $ 75,297 $ 355,696 $ 65,894 $ 46,961 $ 4,499,196 $ 4,231,773 __ 200 50 75 0 12,319 21,143 21,357 33,815 4,006 75,371 26,358 0 177,916 1,582,064 ` 0 0 0 0 0 5,615,952 4,742,764 0 0 0 0 0 93,750 65,410 179,412 0 1,466,500 0 363,146 2,741,981 1,639,032 21,103 191 177,301 0 163 480,265 290,154 23,401 0. 0 0 0 597,260 618,264 O 59 514 0 18,654 19,227 1,575 O 0 0 75,000 0 75,000 0 $ 470,362 $ 79,603 $2,075,457 $ 167,252 $ 441,243 $ 14,321,690 $ 13,192,393 $ 16,119 $ 26,063 $ 81,736 $ 53 $ 28,537 $ 309,247 $ 291,127 30,951 12,637 113,374 0 2,046 297,433 312,111 O 0 2,871 0 0 1,244,019 710,193 16,330 40,903 112,807 10,124 1,359 815,908 669,605 141,168 0 948,857 75,000 374,408 7,291,282 6,539,647 0 0 49,886 0 0 67,537 55,525 204,568 79,603 1,309,531 85,177 406,350 10,025,426 8,578,208 • O 2,599 0 0 0 2,599 0 - - 7,950 0 0 0 0 444,267 181,510 0 59 514 0 18,654 19,227 1,576 2,000 0 0 0 0 544,808 989,924 255,844 (2,658) 765,412 82,075 16,239 3,285,363 3,441,175 265,794 0 765,926 82,075 34,893 4,296,264 4,614,185 • $ 470,362 $ 79,603 $2,075,457 $ 167,252 $ 441,243 $ 14,321,690 $ 13,192,393 4 : j 57 COUNTY OF WELD STATE OF COLORADO SPELI.AL REV6NUr FUNDS COMBINING STATEMENT OF REVENUES EXPENDITURES AND CHANGES IN FUND BALANCES December 31, 1985 With Comparative Actual Amounts For Year Ended December 31, 1984 Federal Road and Social Revenue Conservation Bridge Services Sharing Trust Contingent Fund Fund Fund Fund Fund REVENUE: Taxes $ 3,556,711 $ 2,195,801 $ 0 $ 0 $ 1,322 Licenses and permits 347,156 0 0 0 0 Intergovernmental revenue 3,265,800 .10,258,673 1,402,773 151,033 0 Charges for services 2,773 0 0 0 0 Fines and forfeitures 0 0 0 0 0 Miscellaneous revenue 13,615 0 0 9,075 0 Total Revenue 7,186,055 12,454,474 1,402,773 160,108 1,322 EXPENDITURES: Current Operating: Public works 8,029,280 0 0 0 0 Public health and welfare 0 12,499,014 0 0 0 Culture and recreation 0 0 0 160,339 0 Economic assistance 0 0 0 0 0 Miscellaneous 6,848 62,431 0 0 6,189 Inteagovernmental expenditures 465,517 0 0 0 0 Total Operating Expenses 8,501,645 12,561,445 0 160,339 6,189 CAPITAL OUTLAY: Machinery & Equipment 0 149,542 0 0 0 Total Capital Outlay 0 149,542 0 0 0 Total Expenditures 8,501,645 12,710,987 0 160,339 0 EXCESS (DEFICIENCY) OF REVENUE OVER (UNDER) EXPENDITURES (1,315,590) (256,513) 1,402,773 (231) (4,867) OTHER FINANCING SOURCES (USES): Operating transfers-in 1,409,042 0 0 0 2,688 Operating transfers-out 0 0 (1,409,042) 0 (810,000) Inception of lease-purchase agreements - 0 149,542 0 0 0 Total Other Financing Sources (Uses) 1,409,042 149,542 (1,409,042) 0 (807,312) EXCESS (DEFICIENCY) OF REVENUE OVER (UNDER) EXPENDITURES AND OTHER USES 93,452 (106,971) (6,269) (231) (812,179) FUND BALANCE AT BEGINNING OF PERIOD 2,409,954 241,561 357,232 158,848 812,179 FUND BALANCE AT END OF PERIOD $ 2,503,406 $ 134,590 $ 350,963 $ 158,617 $ 0 The Notes to Financial Statements are an integral part of this schedule. 58 imp,. ..4 Memorandum Total Public Human Solid Housing biscal Fiscal Health Library Resources Waste Authority Year Year Fund Fund Fund Fund Fund 1985 1984 $ 0 $ 0 $ 0 $ 0 $ 0 $ 5,753,834 $ 5,688,178 __ 735 0 0 0 0 347,891 332,234 358,171 10,054 2,930,727 0 504,079 18,881,310 18,596,630 170,445 37,850 185,282 119,767 0 516,117 517,214 0 8,806 0 0 0 8,806 8,180 279 23,861 149,245 0 2,225 198,300 694,301 529,630 80,571 3,265,254 119,767 506,304 25,706,258 25,836,737 O 0 0 0 0 8,029,280 7,632,234 1,133,551 0 0 0 0 13,632,565 13,730,248 O 475,112 0 0 0 635,451 631,882 O 0 3,355,100 0 499,760 3,854,860 3,764,925 0 0 0 90,496 11,635 177,599 0 0 0 0 0 0 465,517 415,102 1,133,551 475,112 3,355,100 90,496 511,395 26,795,272 26,174,391 0 0 0 0 0 149,542 0 O 0 0 0 0 149,542 0 -- 1,133,551 475,112 3,355,100 90,496 499,760 26,944,814 26,174,391 _, (603,921) (394,541) (89,846) 29,271 (5,091) (1,238,556) (337,654) 755,986 357,078 394,934 0 0 2,919,728 3,073,977 O 0 0 0 0 (2,219,042) (1,792,221) O 0 70,407 0 0 219,949 0 755,986 357,078 465,341 0 0 920,635 1,281,756 152,065 (37,463) 375,495 29,271 (5,091) (317,921) 944,102 113,729 37,463 390,431 52,804 39,984 4,614,185 3,670,083 $ 265,794 $ 0 $ 765,926 $ 82,075 $ 34,893 $ 4,296,264 $ 4,614,185 .._} i 59 COUNTY OF WELD STATE 0? COL0RID0 SPECIAL REVENUE FUNDS r . Schedule of Revenue Compared with Estimate December 31, 1985 - With Comparative Actual Amounts For Year Ended December 31, 1984 1985 1985 1985 1984 Estimate Actual Variance Actual TAXES: $ 2,657,664 $ 2,607,595 $ (50,069) $ 2,548,534 General property taxes 780,000 949,116 169,116 869,838 Specific ownership taxes Total Taxes 3,437,664 3,556,711 119,047 3,438,372 LICENSES AND PERMITS: Nonbusiness licenses and permits: 180,000 347,156 167,156 332,234 Moving permits Total Licenses and permits 180,000 347,156 167,156 332,234 INTERGOVERNMENTAL REVENUE: Federal operating grants: 0 0 0 78,Sll Bridge grant 38 133 42,720 4,587 43,202 Minerald leasin Grazing Act 89,412 Mineral leasing act 65,000 37,130 (27,870) 0 Federal payments in lieu of taxes 10,000 9,737 (263) State shared revenues: 2,820,049 2,693,303 (126,746) 3,027,821 _. Highway users tax 183 000 190,819 7,819 192,787 Motor i vehicle r registration fees 284,343 Highway user-bridge special 656,944 171,003 (465,941) Energy Impact - PMS 150,000 121,068 (28,912) 0 3,923 126 3,265,800 (657,326) 3,716,076 Total Intergovernmental Revenue : CHARGES FOR SERVICES: County roads and highways: 2 000 2,773 773 5,036 Other Total Charges for Services 2,000 2,773 ,. 773 5,036 MISCELLANEOUS REVENUE: 5,000 13,615 8,615 16,708 Miscellaneous Total Miscellaneous Revenue 5,000 13,615 8,615 16,708 TOTAL REVENUE $ 7,547,790 $ 7,186,055 $ (361,735) $ 7,508,426 The Notes to Financial Statements are an integral part of this schedule. :-z _. COUNTY OF WELD salsa COLORADO SPACIAL REVENU8 FUNDS ROAD AND BRIDGE FUND Schedule of Expenditures Compared with Budget December 31, 1985 With Comparative Actual Amounts For Year Ended December 31, 1984 1985 1985 1985 1984 Budget Actual Variance Actual PUBLIC WORKS: $ 856,173 $ 782,289 $ 73,884 $ 742,441 Bridge construction 1,682,454 1,694,306 (11,852) 1,570,964 Maintenance of condition 794,526 601,997 192,529 511,100 Truckingnde support 1,303,584 1,161,012 142,572 1,399,629 Mining ng division division 774,088 686,568 87,520 757,174 168,912 158,673 10,239 349,583 Administration 4,171,735 2,944,435 1,227,300 2,301,343 Other public works Total Public Works 9,751,472 8,029,280 1,722,192 7,632,234 MISCELLANEOUS: 0 6,848 (6,848) 0 Other Total Miscellaneous 0 6,848 (6,848) 0 -- INTRAGOVERNMENTAL EXPENDITURES: 466,444 465,517 927 415,102 Grants-in-aid to cities/towns ,___- Total Intragovernmental 466,444 465,517 927 415,102 Expenditures 1v1AL EXPENDITURES $ 10,217,916 $ 8,501,645 $ 1,716,271 $ 8,047,336 Schedule of Operating Transfers-in Compared with Estimate December 31, 1985 With Comparative Actual Amounts For Year Ended December 31, 1984 1985 1985 1985 1984 Estimate Actual Variance Actual . OPERATING TRANSFERS-IN: Federal Revenue Sharing Fund $ 1,411,702 $ 1,409,042 $ (2,660) $ 1,420,908 TOTAL OPERATING TRANSFERS-IN $ 1,411,702 $ 1,409,042 $ (2,660) $ 1,420,908 The Notes to Financial Statements are an integral part of this schedule. . i 61 • COUNTY OF WELD STATE OF COLORADO SPECIAL REVENUE FUNDS SOCfAL SERVICES FUND Schedule of Revenue Compared with Estimate December 31, 1985 With Comparative Actual Amounts For Year Ended December 31, 1984 1985 1985 1985 1984 Estimate Actual Variance Actual TAXES: $ 2,078,999 $ 2,039,662 $ (39,337) $ 1,992,495 General property taxes 161,729 156,139 (5,590) 148,951 Specific ownership taxes Total Taxes 2,240,728 2,195,801 (44,927) 2,141,446 INTERGOVERNMENTAL REVENUE: . State operating grants: 2,312,232 1,959,355 (352,877) 1,956,662 IV-D Vn Administration 182,140 255,139 72,999 204,856 od families amiliestion 3,920,000 3,615,817 (304,183) 3,770,243 Aid to w/dependent children 5200 7,270 2,070 6,843 Aid to the blind 342,718 Aid to needy disabled. 386,400 340,809 (45,591) 222,666 Day care-ordinary 281,600 266,182 (15,418) 222,666 Foster care 920,000 780,018 (139,982) Old age pension 1,810,000 1,728,363 (81,637) 1,791,242 Medical transportation 17,000 13,447 (3,553) 15,803 Low energy assiatance 1,284,600 1,128,665 (155,935) 973,292 Jobs bill 0 0 0 46,470 _. Special energy assiatance 0 (261) (261) 63,941 24 464 25,563 1,099 0 Federal Emergency Management Agency - > 0 Placement alternative care 0 134,706 134,706 0 Senate bill 138 0 3,600 3,600 Total Intergovernmental Revenue 11,143,636 10,258,673 (884,963) 10,201,505 TOTAL REVENUE $ 13,384,364 $ 12,454,474 $ (929,890) $ 12,342,951 Schedule of Other Financing Sources Compared with Estimate December 31, 1985 With Comparative Actual Amounts For Year Ended December 31, 1984 1985 1985 1985 1984 Estimate Actual _ Variance Actual Other Financing Sources: Inception of lease-purchase agreement $ 0 $ 149,542 $ 149,542 $ 0 TOTAL OTHER FINANCING SOURCES $ 0 $ 149,542 $ 149,542 $ 0 The Notes to Financial Statements are an integral part of this schedule. 62 g.._-m -'s COUNTY OF WELD STATE OF COLORADO SPECIAL RRVt.NOE FONDS Schedule of Expenditures Compared with Budget . . December 31, 1985 With Comparative Actual Amounts For Year Ended December 31, 1584 1985 1985 1985 1984 Budget Actual Variance Actual PUBLIC HEALTH AND WELFARE: $ 2,964,400 $ 2,686,676 $ 277,724 $ 2,594,344 Administration510,200 373,558 136,642 346,521 IidD administration 4 900 000 4 516 080 383,920 4,707,087 Aid to families w/dependent children ' 6,500, 9,088 (2,588) 8,553 Aid to the blind 435 871 Aid to needy disabled 483,000 425,982 57,018 , 352,000 332,728 19,272 278,851 Day care-ordinary 1,150,000 974,046 175,954 1,004,549 FosterO care 1,810,000 1,729,008 80,992 1,791,328 Medical ed cal transpn 17,000 13,469 3,531 15,803 assancetion 132,200 98,484 33,716 113,839 General assistance st 1,284,600 1,146,885 137,715 980,950 Low energy assistance Jobs bill 0 (44) 44 51,455 Special energy assistance 24 464 25,564 (1,100) 0 Federal Emergency Management Agency ' 0 167,490 (167,490) _ 0 Placement alternative care Total public Health and Welfare 13,634,364 12,499,014 1,135,350 12,371,430 MISCELLANEOUS: 0 62,431 (62,431) 0 Other Total Miscellaneous 0 62,431 (62,431) 0 CAPITAL OUTLAY: 0 149,542 (149,542) 0 Machinery & Equipment Total Capital Outlay 0 149,542 (149,542) 0 TOTAL EXPENDITURES $ 13,634,364 $ 12,710,987 $ 923,377 $ 12,371,430 . The Notes to Financial Statements are an integral part of this schedule. ¢._;,.,.,, _ 63 COUNTY OF WELD STATE OF COLORADO SPECIAL REVENUE FUNDS FEDERAL REVENUE MARINO MIND Schedule of Revenue Compared with Estimate December 31, 1985 With Comparative Actual Amounts For Year Ended December 31, 1984 1985 1985 1985 1984 Estimate Actual Variance Actual INTERGOVERNMENTAL REVENUE: Federal entitlements $ 1,411,702 $ 1,402,773 $ (8,929) $ 1,415,841 TOTAL REVENUE $ 1,411,702 $ 1,402,773 $ (8,929) $ 1,415,841 Schedule of Operating Transfers-out Compared with Budget December 31, 1985 With Comparative Actual Amounts For Year Ended December 31, 1984 1985 1985 1985 1984 Budget Actual Variance Actual OPERATING TRANSFERS-OUT: 2,660 $ 1,417,221 Road and Bridge Fund $ 1,411,702 $ 1,409,042 $ TOTAL OPERATING TRANSFERS-OUT $ 1,411,702 $ 1,409,042 S 2,660 $ 1,417,221 The Notes to Financial Statements are an integral part of this schedule. 64 COUNTY OF WELD STATE OF COLORADO SPECIAL RINtBUE FUNDS CONSERVATION EIEDET kUND 77 Schedule of Revenue Compared with Estimate December 31, 1985 With Comparative Actual Amounts For Year Ended December 31, 1984 1985 1985 1985 1984 Estimate Actual Variance Actual INTERGOVERNMENTAL REVENUE: State Lottery $ 195,304 $ 151,033 $ (44,271) $ 195,304 Total Intergovernmental Revenue 195,304 151,033 (44,271) 195,304 MISCELLANEOUS REVENUE: Earnings on Investments 0 9,075 9,075 18,544 Total Miscellaneous Revenue 0 9,075 9,075 18,544 iv1AL REVENUE $ 195,304 $ 160,108 $ (35,196) $ 213,848 Schedule of Expenditures Compared with Budget December 31, 1985 With Comparative Actual Amounts For Year Ended December 31, 1984 1985 1985 1985 1984 Budget Actual Variance Actual • CULTURE AND RECREATION: Parks $ 195,304 $ 160,339 $ 34,965 $ 193,100 Total Culture and Recreation 195,304 160,339 34,965 193,100 TOTAL EXPENDITURES $ 195,304 $ 160,339 $ 34,965 $ 193,100 The Notes to Financial Statements are an integral part of this schedule. 65 COUNTY OF WELD SPATE OF COLORADO SPECIAL RkVtSUE IUNDS CONTINGENT FUND Schedule of Revenue Compared with Estimate December 31, 1985 With Comparative Actual Amounts For Year Ended December 31, 1984 1985 1985 1985 1984 Estimate Actual Variance Actual TAXES: $ 0 $ 1,322 $ 1,322 $ 100,889 General property taxes Specific ownership taxes TOTAL REVENUE $ 0 $ 1,322 $ 1,322 $ 108,360 Schedule of Operating Transfers-in Compared with Estimate December 31, 1985 With Comparative Actual Amounts For Year Ended December 31, 1984 1985 1985 1985 1984 Estimate Actual Variance Actual OPERATING TRANSFERS-IN: $ 0 $ 2,688 $ 2,688 $ 128,405 General Fund TOTAL OPERATING TRANSFERS-IN $ 0 $ 2,688 $ 2,688 $ 128,405 Schedule of Operating Transfers-out Compared with Budget December 31, 1985 With Comparative Actual Amounts For Year Ended December 31, 1984 1985 1985 1985 1984 Budget Actual Variance Actual OPERATING TRANSFERS-OUT: 200 000 Capital Expenditures Fund $ 810,405 $ 300,000 $ 510,405 $ 20 0,000 General Fund 0 310,000 (310,000) 0 0 North Colorado Medical Trust Fund 0 200,000 (200,000) TOTAL OPERATING TRANSFERS-OUT $ 810,405 $ 810,000 $ 405 $ 200,000 Schedule of Expenditures Compared with Budget December 31, 1985 With Comparative Actual Amounts For Year Ended December 31, 1984 1985 1985 1985 1984 Budget Actual Variance Actual MISCELLANEOUS: 0 $ 6,189 $ (6,189) $ 0 Other $ TOTAL EXPENDITURES $ 0 $ 6,189 $ (6,189) $ 0 The Notes to Financial Statements are an integral part of this schedule. 66 ,-, -. R _ _ 1 COUNTY OF WELD STATE OP COLORADO SPECIAL REVENUE FUNDS PLOSLIC HEALTH FUND 1-7 Schedule of Revenue Compared with Estimate December 31, 1985 - With Comparative Actual Amounts For Year Ended December 31, 1984 1985 1985 1985 1984 Estimate Actual Variance Actual LICENSES & PERMITS: $ 0 $ 425 $ 425 $ 0 Health license 0 310 310 0 Animal license Total licenses & permits 0 735 735 0 INTERGOVERNMENTAL REVENUE: Federal operating grants: 0 0 0 13,457 EPA State operating grants: 155,586 157,290 1,704 152,782 State per capita 157,362 131,865 (25,517) 92,934 Family planning 27 690 41,359 13,669 109,736 Other ' Local: 27,456 27,657 201 26,753 Other 368 114 358,171 (9,943) 395,662 Total Intergovernmental Revenue , CHARGES FOR SERVICES: Health: 0 0 0 760 Laboratory 79,450 105,795 26,345 82,906 Environmental Health 41,000 64,650 23,650 49,298 Other Total Charges for Services 120,450 170,445 49,995 132,964 MISCELLANEOUS REVENUE: 0 0 Donations 100 7,100 179 (6,921) 8,966 - Other Total Miscellaneous Revenue 7,100 279 (6,821) 8,966 TOTAL REVENUE $ 495,664 $ 529,630 $ 33,966 $ 537,592 Schedule of Operating Transfers-in Compared with Estimate December 31, 1985 With Comparative Actual Amounts For Year Ended December 31, 1984 1985 1985 1985 1984 Estimate Actual Variance Actual OPERATING TRANSFERS-IN: 0 $ 751,426 i General Fund $ 755,986 $ 755,986 $ TOTAL OPERATING TRANSFERS-IN $ 755,986 $ 755,986 $ 0 $ 751,426 .. , The Notes to Financial Statements are an integral part of this schedule. 67 COUNTY OF WELD STATE OF COLORADO SPECIAL RIVEN:A n:NDS PUBLIC HEALTH FUND Schedule of Expenditures Compared with Budget December 31, 1985 With Comparative Actual Amounts For Year Ended December 31, 1984 1985 1985 1985 1984 Budget Actual Variance Actual PUBLIC HEALTH AND WELFARE: Administration $ 26,000 $ 10,451 $ 15,549 $ 14,484 Laboratory 2,467 0 2,467 144,821 Alcohol rehabilitation 0 0 0 155,652 General nursing 767,557 734,090 33,467 748,820 Environmental health 459,783 389,010 70,772 295,041 Total Public Health and Welfare 1,255,807 1,133,551 $ 122,255 1,358,818 TOTAL EXPENDITURES $ 1,255,807 $ 1,133,551 $ 122,255 $ 1,358,818 The Notes to Financial Statements are an integral part of this schedule. 68 COUNTY OF WILD STATE OF COLORADO SPECIAL REV!)UE FONDS Schedule of Revenue Compared with Estimate December 31, 1985 With Comparative Actual Amounts For Year Ended December 31, 1964 1985 1985 1985 1964 Estimate Actual Variance Actual CHARGES FOR SERVICES: Library use treasurer $ 27,950 $ 37,850 $ 9,900 $ 25,090 _ Total Charges for Services 27,950 37,850 9,900 25,090 FINES AND FORFEITURES: Library fines 8,000 8,806 806 8,180 Total Fines and Forfeitures 8,000 8,806 806 8,180 INTERGOVERNMENTAL REVENUE: State grants 11,990 10,054 (1,936) 6,500 Total Intergovernmental Revenue 11,990 10,054 (1,936) 6,500 MISCELLANEOUS: Rent 2,500 2,519 19 2,523 Other 0 20,862 20,862 15,153 Donations 1,160 480 (680) 1,820 Total Miscellaneous Revenue 3,660 23,861 20,201 19,496 TOTAL REVENUE $ 51 6=0 $ 80,571 $ 28.971 $ 59,266 Schedule of Expenditures Compared with Budget December 31, 1985 With Comparative Actual Amounts For Year Ended December 31, 1984 1985 1985 1985 1964 _ Budget Actual Variance Actual CULTURE AND RECREATION: Weld County Library $ 473,270 $ 475,112 $ (1,842) $ 419,562 Total Culture and Recreation 473,270 475,112 (1,842) 419,562 TOTAL EXPENDITURES $ 473,270 $ 475,112 $ (1,842) $ 419,562 Schedule of Operating Transfers-in Compared with Estimate December 31, 1985 With Comparative Actual Amounts For Year Ended December 31, 1984 1985 1985 1985 1984 I Estimate Actual Variance Actual OPERATING TRANSFERS-IN: General Fund $ 390,302 $ 357,078 $ (33,224) $ 372,739 -c 1VtAL OPERATING TRANSFERS-IN $ 390,302 $ 357,078 $ (33,224) $ 372,739 The Notes to Financial Statements are an integral part of this schedule. c-,,--, 69 COUNTY OF WELD SDO SPECIAL REVENUE FINDS SalrinErbrnirrar Schedule of Revenue Compared with Estimate December 31, 1985 With Comparative Actual Amounts For Year Ended December 31, 1984 1985 1985 1985 1984 Estimate Actual Variance Actual INTERGOVERNMENTAL REVENUE: Federal operating grants: Jobs Training Partnership Act $ 654,726 $ 0 $ (654,726) $ 0 Comprehensive Employment 0 0 0 207,186 Training Act Headstart 1,284,578 903,226 (381,352) 512,378 Community Services Administration 0 0 0 642 Weatherization 0- 0 0 1,451 Other 0 0 0 88 State operating grants: Supplemental foods 225,937 116,517 (109,420) 120,301 Area Agency om Aging 467,692 361,338 (106,354) 354,051 Job service 443,759 311,925 (131,834) 237,949 Private Industry Council 0 0 0 29,298 Jobs Training Partnership Act 1,187,882 1,082,451 (105,431) 752,764 Community Services Administration 285,123 155,270 (129,853) 105,562 Weatherization 24,791 0 (24,791) 0 Welfare Diversion 306,952 0 (306,952) 0 Local sources: , Welfare diversion 257,932 0 (257,932) 10,634 Total Intergovernmental Revenue 5,139,372 2,930,727 (2,208,645) 2,332,304 CHARGES FOR SERVICES: Headstart 0 0 0 20,340 Community Services Administration 0 0 0 25,330 Transportation 205,832 185,282 (20,550) 122,701 Total Charges for Services 205,832 185,282 (20,550) 168,371 MISCELLANEOUS REVENUE: Program income 0 80,324 80,324 62,870 Other Non-Federal income 0 68,921 68,921 0 Total Miscellaneous Revenue 0 149,245 149,245 62,870 TOTAL BUDGETED REVENUE $ 5,345,204 $ 3,265,254 $ (2,079,950) $ 2,563,545 NON-FEDERAL IN-KIND CONTRIBUTIONS 472,367 565,539 TOTAL REVENUE $ 3,737,621 $ 3,129,084 Schedule of Other Financing Sources Compared with Estimate December 31, 1985 With Comparative Actual Amounts For Year Ended December 31, 1984 1985 1985 1985 1984 Estimate Actual Variance Actual OPERATING TRANSFERS-IN General Fund $ 224,794 $ 394,934 $ 170,140 $S99 TOTAL OPERATING TRANSFERS-IN 224,794 394,934 170,140 400,499 OTHER 0 Inception of Lease-Purchase Agreement 0 70,407 70,407 TOTAL OTHER 0 70,407 70,407 0 TOTAL OTHER FINANCING SOURCES $ 224,794 $ 465,341 $ 240,547 $ 400,499 The Notes to Financial Statements are an integral part of this schedule. 70 _ COUNTY OF WELD STATE OF COLORADO SPECIAL REVENUE S l!UMiAN RESOURCES FUND Schedule of Expenditures Compared with Budget December 31, 1985 With Comparative Actual Amounts For Year Ended December 31, 1984 • 1985 1985 1985 1984 Budget Actual Variance Actual ECONOMIC ASSISTANCE: Comprehensive Employment and Training Act $ 0 $ 0 $ 0 $ 207,186 Community Services Administration 285,123 155,270 129,853 106,204 Headstart 1,287,556 894,412 393,144 532,842 • Weatherization 24,791 25,429 (638) 1,451 Supplemental Foods 226,007 99,813 126,194 116,099 Area Agency on Aging 478,109 459,878 18,231 435,272 Job Service 661,259 311,925 349,334 237,949 Transportation 205,832 43,899 161,933 53,905 Private Industry Council 0 0 0 29,298 Jobs Training Partnership Act 2,149,877 1,082,451 1,067,426 752,764 Welfare Diversion 257,932 205,246 52,686 346,768 • Other 28 76,777 (76,749) 55,101 TOTAL BUDGETED EXPENDITURES $ 5,576,514 3,355,100 $ 2,221,414 2,874,839 In-Kind expenditures: Comprehensive Employment and Training Act 0 8,705 Community Services Administration 194,595 265,215 Headstart 159,452 178,752 Supplemental Foods 3,453 4,253 . Area Agency on Aging 80,334 74,571 Job Service 11,050 13,035 Jobs Training Partnership Act 23,483 21,008 Total Economic Assistance 472,367 565,539 TOTAL EXPENDITURES $ 3,827,467 $ 3,440,378 The Notes to Financial Statements are an integral part of this schedule. • • 71 COUNTY OF WELD _ SWIrreren0 SPECIAL REVENUE FUNDS SOLID WASTE FUND Schedule of Revenue Compared with Estimate December 31, 1985 With Comparative Actual Amounts For Year Ended December 31, 1984 1985 1985 1985 1984 Estimate Actual Variance Actual CHARGES FOR SERVICES:Surcharge on dumping fees $ 200,000 $ 119,767 $ (80,233) $ 185,753 - Total Charges for Services 200,000 119,767 (80,233) 185,753 TOTAL REVENUE $ 200,000 $ 119,767 $ (80,233) $ 165,753 Schedule of Operating Transfers-Out Compared with Budget December 31, 1985 With Comparative Actual Amounts For Year Ended December 31, 1984 1985 1985 1985 1964 _ Budget Actual Variance Actual OPERATING TRANSFERS-OUT: $ 0 $ 0 $ p S 175,000 Road and Bridge Fund TOTAL OPERATING TRANSFERS-OUT $ 0 $ 0 $ 0 $ 175,000 Schedule of Expenditures Compared with Budget December 31, 1985 With Comparative Actual Amounts For Year Ended December 31, 1984 1985 1985 1985 1984 Budget Actual Variance Actual EXPENDITURES $ 200,000 $ 90,496 S 109,505 $ 0 Miscellaneous TOTAL EXPENDITURES $ 200,000 $ 90,496 $ 109,505 $ 0 The Notes to Financial Statements are an integral part of this schedule. • 72 1:mrw „) _ COUNTY OF WELD STATE OF COLORADO SPECIAL REVENUE luNbS HOUSING AthiORTTY FOND Schedule of Revenue Compared with Estimate December 31, 1985 With Comparative Actual Amounts For Year Ended December 31, 1964 1985 1985 1985 1984 Estimate Actual Variance Actual INTERGOVERNMENTAL REVENUE: Federal Operating Grants: _ HUD Section 8 $ 301,845 $ 249,132 $ (52,713) $ 172,954 Community Development Block Grant 309,558 175,075 (134,483) 159,924 Division of Housing 0 62,913 62,913 560 Housing Voucher 6,500 2,960 (3,540) 0 Rental Rehabilitation 0 13,999 13,999 0 Total Intergovernmental Revenue 617,903 504,079 (113,824) 333,438 _ MISCELLANEOUS REVENUE: Earnings on Investments 0 2,225 2,225 2,178 Total Miscellaneous Revenue 0 2,225 2,225 2,178 TOTAL REVENUE $ 617,903 $ 506,304 $ (111,599) $ 335,616 Schedule of Expenditures Compared with Budget December 31, 1985 With Comparative Actual Amounts For Year Ended December 31, 1964 1985 1985 1985 1984 Budget Actual Variance Actual ECONOMIC ASSISTANCE: , HUD Section 8 $ 312,756 $ 244,859 $ 67,897 $ 164,063 Community Development Block Grant 312,600 175,075 137,525 159,924 Division of Housing 62,913 62,913 0 560 Housing Voucher 6,500 2,915 3,585 0 Rental Rehabilitation 40,000 13,998 26,002 0 Total Economic Assistance 734,769 499,760 235,009 324,547 MISCELLANEOUS: Other 0 11,635 (11,635) 0 TOTAL EXPENDITURES $ 734,769 $ 511,395 $ 223,374 $ 324.547 The Notes to Financial Statements are an integral part of this schedule. 73 r 1 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. , COLORADO COUNTY OF WELD STATE OF COLORADO CAPITAL PROJECTS FUNDS EXPLANATIONS OF INDIVIDUAL FUNDS December 31 , 1985 Capital Expenditures Fund: This fund accounts for various capital improvement projects on County property. 75 COUNTY OF WELD _ STATE OF COLORADO CAPITAL PROJeLTS FUNDS CAPITAL EXPENDITURES FUND BALANCE SHEET December 31, 1985 and 1984 _ ASSETS 1985 1984 ASSETS: $ 90,242 $ 285,576 Cash with treasurer Receivables (net where applicable of allowance for uncollectibles): 557,220 394,798 Current property taxes 7,225 8 Delinquent property taxes 51,800 0 Due from other governments 76,439 0 Due from other funds $ 781,676 $ 660,374 TOTAL ASSETS LIABILITIES AND FUND BALANCE LIABILITIES: $ 79,746 $ 5,825 Vouchers payable 80,776 5 Due to other county funds 621,154 392,028 Deferred revenue 781,676 398,007 Total Liabilities FUND EQUITY: 55,463 4,645 Reserved for encumbrances Unreserved: Designated for subsequent year's 0 300,000 expenditures (55,460) 300,000) Undesignated O 282,367 Total Fund Balance TOTAL LIABILITIES AND $ 781,676 Lail!! FUND BALANCE The Notes to Financial Statements are an integral part of this schedule. • 76 17—: , _ 2 r. COUNTY OF WELD STATE OF COLORADO CAPSTAL PROJECTS PfTns CAPITAL EXhhNDl2URES FUND r-, STATEMENT OF REVENUES EXPENDITURES AND CHANGES 1N FONIS BALANCES December 31, 1985 With Comparative Actual Amounts For Year Ended December 31, 1984 • • 1985 1985 1985 1964 Estimate Actual Variance Actual REVENUE Taxes $ 416,367 $ 413,996 $ (2,371) $ 192,091 _ Intergovernmental revenue 137,500 117,040 (20,460) 0 Miscellaneous revenue 0 1,932 1,932 0 Total Revenue 553,867 532,968 (20,899) 192,091 EXPENDITURES _ Capital outlay 1,238,512 1,204,932 33,580 1,233,067 Miscellaneous 0 4,583 (4,583) 0 Total Expenditures 1,238,512 1,209,515 28,997 1,233,067 EXCESS REVENUE OVER (UNDER) EXPENDITURES (684,645) (676,547) 8,098 (1,040,976) OTHER FINANCING SOURCES Operating transfers-in: General Fund 80,000 94,180 14,180 50,000 Contingent Fund 300,000 300,000 0 200,000 Total Other Financing Sources 380,000 394,180 14,180 250,000 EXCESS REVENUE OVER (UNDER) EXPENDITURES AND OTEER USES (304,645) (282,367) 22,278 (790,976) FUND BALANCE AT BEGINNING OF PERIOD 282,367 282,367 0 1,073,343 ENDING FUND BALANCE $ (22,278) $ 0 $ 22,278 $ 282,367 The Notes to Financial Statements are an integral part of this schedule. i ii 77 COUNTY OF WELD STATE OF COLORADO _ CAPITAL PROJECTS FUNDS CAPITAL EXPLNU1iuRkS KUND Schedule of Revenue Compared with Estimate December 31, 1985 With Comparative Actual Amounts For Year Ended December 31, 1984 1985 1985 1985 1984 Estimate Actual Variance Actual 1985 1985 1985 1984 Estimate Actual Variance Actual TAXES: pownersy patas $ 392,028 $ 384,533 $ (7,495) $ 178,729 _ General Specific ownership taxes 24,339 29,463 5,124 13,362 Total Taxes 416,367 413,996 (2,371) 192,091 INTERGOVERNMENTAL REVENUE 137,500 117,040 (20,460) 0 State Grants Total Intergovernmental Revenue 137,500 117,040 (20,460) 0 MISCELLANEOUS REVENUE Earnings on investments 0 1,932 1,932 0 Total Miscellaneous Revenue 0 1,932 1,932 0 TOTAL REVENUE $ 553,867 $ 532,968 $ (20,899) $ 192,091 Schedule of Expenditures Compared with Budget December 31, 1985 With Comparative Actual Amounts For Year Ended December 31, 1984 1985 1985 1985 1984 Budget Actual Variance Actual CAPITAL OUTLAY: Building improvements $ 1,238,512 $ 1,204,932 $ 33,580 $ 1,233,067 _. Total Capital Outlay 1,238,512 1,204,932 33,580 1,233,067 MISCELLANEOUS: 0 4,583 (4,583) 0 Other Total Miscellaneous 0 4,583 (4,583) 0 TOTAL EXPENDITURES $ 1,238,512 $ 1,209,515 $ 28,997 $ 1,233,067 Schedule of Operating Transfers-in Compared with Estimate December 31, 1985 With Comparative Actual Amounts For Year Ended December 31, 1984 1985 1985 1985 1984 Estimate Actual Variance Actual OPERATING TRANSFERS-IN 14,180 $ 50,000 General Fund $ 80,000 $ 94,180 $ Contingent 300,000 300,000 0 200,000 TOTAL OPERATING TRANSFERS-IN $ 380,000 $ 394,180 $ 14,180 $ 250,000 The Notes to Financial Statements are an integral part of this schedule. 78 t7y, c..:7T 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: COLORADO COUNTY OF WELD STATE OF COLORADO SPECIAL ASSESSMENT FUND EXPLANATIONS OF INDIVIDUAL FUNDS December 31, 1985 Improvement District Number 1981-2 Elmore Road: This special assessment fund accounts for the Elmore Road paving project, including subsequent collection of the special assessment from affected property owners. Financing was provided through an advance from the General Fund since the size of the improvement district project made bond financing impractical. Improvement District — Road 5: This special assessment fund accounts for the Road 5 paving project. Financing was made available through a bond issue. • • i 79 _ COUNTY OF [7ELD _ STATE OF COLORADO SPECIAL ASSESSMENT DUNDS COMBINING BALANCE SHEET December 31, 1985 and 1984 ASSETS Improvement Memorandum Total Improvement District Fiscal Fiscal District Number 1981-2 Year Year Road - 5 Elmore Road 1985 1984 ASSETS: $ 15,792 $ 4,920 $ 20,712 $ 65,765 Cash with Treasurer Special assessments receivable: 100,000 1,123 101,123 1,282 Current 975,000 5,615 980,615 7,692 Deferred Due from other county funds TOTAL ASSETS - $ 1,090,792 $ 11,658 $ 1,102,450 $ 191,739 LIABILITIES AND FUND BALANCE LIABILITIES: 0 $ 2,237 $ 2,237 $ 2,002 Due to other county funds $ 1,000,000 5,614 1,005,614 7,692 Deferred revenue Advance from Other Funds: 0 1,123 1,123 1,282 Current 75,000 5,615 80,615 7,692 _ Deferred Bonds payable: 100,000 0 100,000 100,000 Current 800,000 0 800,000 900,000 Deferred Total Liabilities 1,975,000 14,589 1,969,589 1,018,668 FUND BALANCE (DEFICIT): Reserved: 0 0 0 102,750 Reserved for encumbrance Unreserved: (884,208) (2,931) (887,139) (929,679) Undesignated Total Fund Balance (deficit) (884,208) (2,931) (887,139) (826,929) TOTAL LIABILITIES AND $ 1,090,792 $ 11,658 $ 1,102,450 $ 191,739 FUND BALANCE The Notes to Financial Statements are an integral part of this schedule. 80 COUNTY OF WELD STATE OF COLORADO SPECS COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES December 31, 1985 and 1984 • Improvement Memorandum Total Improvement District Fiscal distal District Number 1981-2 Year Year Road - 5 Elmore Road 1985 1984 REVENUE: Miscellaneous revenue $ 75,000 $ 3,391 $ 78,391 $ 25,786 Total Revenue 75,000 3,391 78,391 25,786 • EXPENDITURES: Operating Expenses: Capital outlay 50,101 0 50,101 964,908 Total Operating Expenses 50,101 0 50,101 964,908 Debt Service: Interest 88,500 0 88,500 53,833 Total Debt Service 88,500 0 88,500 53,833 Total Expenditures 138,601 0 138,601 1,018.741 _ EXCESS (DEFICIENCY) OF REVENUE OVER (UNDER) EXPENDITURES (63,601) 3,391 (60,210) (992,955) OTHER FINANCING SOURCES (USES): 0 0 0 175,000 Operating transfers-in EXCESS (DEFICIENCY) OF REVENUE AND OTHER SOURCES OVER EXPENDITURES AND OTHER USES (63,601) 3,391 (60,210) (817,955) FUND BALANCE AT BEGINNING OF PERIOD (820,607) (6,322) (826,929) (8,974) FUND BALANCE AT END OF PERIOD $ (884,208) $ (2,931) $ (887,1339) $ (826,929) The Notes to Financial Statements are an integral part of this schedule. 81 c 1'7 COUNTY OF WELD STATE 0? COLORADO SPECIArEMEatCNDS IM4ROVEMENT DISTRICT - ROAD 5 Schedule of Revenue Compared with Estimate December 31, 1985 With Comparative Actual Amounts For Year Ended December 31, 1984 1985 1985 1985 1984 Estimate Actual Variance Actual MISCELLANEOUS REVENUE: Earnings on investments $ 0 $ 0 $ 0 $ 23,134 Advance from other funds 0 75,000 75,000 0 TOTAL REVENUE $ 0 $ 75,000 $ 75,000 $ 23,134 Schedule of Expenditures Compared with Budget December 31, 1985 With Comparative Actual Amounts For Year Ended December 31, 1984 1985 1985 1985 1984 Budget Actual Variance Actual EXPENDITURES: Capital Outlay $ 102,750 $ 50,101 $ 52,649 $ 964,908 Debt Service-Interest 88,500 88,500 0 53,833 TOTAL EXPENDITURES 191,250 138,601 52,649 1,018,741 Debt Service-Principal 100,000 100,000 0 0 TOTAL BUDGETED EXPENDITURES $ 291,250 $ 238,601 $ 52,649 $ 1,018,741 Schedule of Operating Transfers-in Compared with Estimate December 31, 1985 With Comparative Actual Amounts For Year Ended December 31, 1984 1985 1985 1965 1984 Estimate Actual Variance Actual OPERATING TRANSFERS-IN: General Fund $ 0 $ 0 $ 0 $ 175,000 TOTAL OTHER FINANCING SOURCES $ 0 $ 0 $ 0 $ 175,000 The Notes to Financial Statements are an integral part of this schedule. 82 COUNTY OF WELD STATE OP COLORADO SPECIAL ASSESSMENT T/INDS IMPROVEMENT - LMORE ROAD Schedule of Revenue Compared with Estimate c December 31, 1985 With Comparative Actual Amounts For Year Ended December 31, 1984 1985 1985 1985 1984 Estimate Actual Variance Actual MISCELLANEOUS REVENUE:Special assessments 3,500 $ 2,078 $ (1,422) $ 1,282 $ 1,313 1,370 Earnings on investments 0 2,0 TOTAL REVENUE $ 3,500 $ 3,391 $ (109) $ 2,652 Schedule of Expenditures Compared with Budget December 31, 1965 With Comparative Actual Amounts For Year Ended December 31, 1984 1985 1985 1985 1984 • Budget Actual Variance Actual EXPENDITURES 3,500 $ 0 $ 3,500 $ 0 • Debt service-interest $ TOTAL EXPENDITURES 3,500 0 3,500 0 Debt service-principal 0 2,237 (2,237) 0 TOTAL BUDCbItD EXPENDITURES $ 3,500 $ 2,237 $ 1,263 S 0 The Notes to Financial Statements are an integral part of this schedule. 83 2 • • 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. • • • COLORADO COUNTY OF WELD STATE OF COLORADO 7-7 INTERNAL SERVICE FUNDS EXPLANATIONS OF INDIVIDUAL FUNDS December 31 , 1985 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. 1 _t i pi ., 85 --- COUNTY OF WELD _ STATE OF COLORADO INTERNAL SERVICE FU?SDS COMBINING BALANCE SHEET December 31, 1985 and 1984 Memorandum Total _ Computer Fiscal Fiscal Motor Vehicle Printing and Services Insurance Year Year Fund Supply Fund Fund Fund 1985 1984 ASSETS & OTHER DEBITS CURRENT ASSETS: Cash with Treasurer $ 27,618 $ 11,654 $ 163,904 $ 715,776 $ 918,952 $ 1,454,263 — Cash - other 0 0 0 7,500 7,500 7,500 Receivables (net where applicable of allowance for uncollectibles): 1,684 870 14,260 1,080 17,894 172,765 Accounts 0 0 0 511,095 511,095 511,095 Current property taxes 0 0 9 171 9 171 6,750 Delinquent property taxes 0 Due from other governmental 0 0 0 0 0 3,756 units 0 177 836 2,450 831,336 579,338 Due from other county funds 651,050 ,836 0 235,866 191,195 Inventories 48,993 186,873 Prepaid expenses 0 0 0 1,111 1,111 8,935 Total Current Assets 729,345 199,397 356,000 1,248,183 2,532,925 2,935,597 FIXED ASSETS:- Land 694,381 0 0 0 694,331 412,329 12,329 Land under capital lease 0 0 0 0 0 0 0 19,345 19,344 Land improvements 19,345 0 0 0 669,036 709,102 Buildings 070,196 0 323 0 10 875,453 9 718 985 Equipment and furniture 109,452 954 71070,192 ,938 1938 ,733,'323 0 12,258,215 1134 380 Less: Accumulated 0 5,646,152 5,356,532 Depreciation 4,962,857 38,456 644,839 Total Fixed Assets 5,490,097 33,482 1,088,484 0 6,612,063 5,778,048 TOTAL ASSETS $ 6,219,442 $ 232,879 $1,444,484 $ 1,248,183 $ 9,144,988 $ 8,713,645 LIABILITIES AND FUND EQUITY CURRENT LIABILITIES:Vouchers payable $ 123,929 $ 495 $ 69,201 $ 22,731 $ 216,356 $ 128,600 Accrued liabilities 0 4,169 149,735 0 153,904 142,766 Due to other county funds 30,937 22 235 2,135 33,329 41,669 Current portion of capital 0 0 0 0 1,000 lease obligation 0 Deferred revenue 0 0 0 520,266 520,266 511,0955 Advance from General Fund 0 80,000 0 0 80,000 Total Current Liabilities 154,866 84,686 219,171 545,132 1,003,855 825,130 Total Liabilities 154,866 84,686 219,171 545,132 1,003,855 825,130 FUND EQUITY: Contributed Capital 4,924,160 120,946 565,155 0 5,610,261 5,568,379 , Retained Earnings: 0 0 0 503,200 503,200 438,398 Reserved for claims Unreserved 1,140,416 27,247 660,158 199,851 2,027,672 1,881,73 8 Total Retained Earnings 1,140,416 27,247 660,158 703,051 2,530,872 2,320,136 Total Fund Equity 6,064,576 148,193 1,225,313 703,051 8,141,133 7,888,515 TOTAL LIABILITIES AND FUND EQUITY S 6,219,442 $ 232,879 $1,444,484 $ 1,248,183 $ 9,144,988 $ 8,713,645 The Notes to Financial Statements are an integral part of this schedule. 86 ,•" COUNTY OF WELD StATE OF COLORADO INTERNAL StkViCE FUNDS COMBINING STATEMENT OF CHANGES IN CONTRIBUTED CAPITAL December 31, 1985 Computer Motor Vehicle Printing and Services Insurance Fund Supply Fund Fund Fund Total CONTRIBUTED CAPITAL,• 0 $ 5,568,379 January 1, 1985 $ 4,882,625 $ 120,599 $ 565,155 $ Add: 1985 contributions from: Capital Expenditures Fund 36,983 0 0 0 36,983 General Fund 4,552 347 0 0 4,899 CONTRIBUTED CAPITAL, 0 $ 5,610,261 December 31, 1985 $ 4,924,160 $ 120,946 $ 565,155 $ The Notes to Financial Statements are an integral part of this schedule. 87 COUNTY OF WELD . STATE OF COLORADO INTERNAL SERVICE FUNDS COMBINING STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN RETAINED EARNINGS December 31, 1985 and 1984 Memorandum Total Computer Fiscal Fiscal Motor Vehicle Printing and Services Insurance Year Year Fund Supply Fund Fund Fund 1985 1984 OPERATING REVENUE: $ 0 $ 0 $ 0 $ 540,138 $ 540,138 $ 526,303 Taxes 2 103 013 119,905 1,616,251 0 3,639,169 3,925,475 Charges for service , , Total Operating Revenue 2,103,013 119,905 1,616,251 540,138 4,379,307 4,451,778 OPERATING EXPENSES: 0 1,173,961 1,441,721 Personnel services 1,492 46,486 1,125,983 Contractual services 925,453 134 402,896 67,699 1,396,182 499,987 Supplies 227,303 50,608 53,696 794 332,401 717,863 Materials 0 0 0 0 0 83,758 36,412 0 0 0 36,412 59,173 Heat, light and power > 0 0 50,747 6,482 Repairs and maintenance 39,024 0 11,723 0 0 267,922 267,922 240,497 Insurance and bonds 0 0 0 160,537 160,537 179,984 Claims Other expenses 724 126 984 1,269 3,103 17,9 90 Total Operating Expenses before Depreciation 1,230,408 109,077 1,583,559 498,221 3,421,265 3,247,475 Operating Income before Depreciation 872,605 10,828 32,692 41,917 958,042 1,204,303 Depreciation 853,113 9,115 348,528 0 1,210,756 1,133,698 Operating Income (Loss) 19,492 1,713 (315,836) 41.917 (252,714) 70,605 NONOPERATING REVENUE (EXPENSES): 0 0 1,572 4,715 Farm income 1,572 0 Gain (loss) on sale of 0 26,276 0 31,380 94,368 fixed assets 5,104 Earnings on investments 0 0 0 32,259 32,259 32,2222 Interest expense (100) 0 (55,236) 0 (55,336) Judgements and Damages 0 0 0 102,476 102,476 23,529 Total Nonoperating Revenue 6,576 0 (28,960) 134,735 112,351 154,834 OTHER FINANCING SOURCES: 1,100 0 350,000 0 351,100 372,725 Operating transfers-in Total Financing Sources 1,100 0 350,000 0 351,100 372,725 NET INCOME (LOSS) 27,168 1,713 5,204 176,652 210,737 598,164 RETAINED EARNINGS AT BEGINNING OF PERIOD 1,113,248 25,534 654,954 526,399 2,320,135 1,721,971 RETAINED EARNINGS AT END OF PERIOD $ 1,140,416 $ 27,247 $ 660,158 $ 703,051 $ 2,530,872 $ 2,320,135 The Notes to Financial Statements are an integral part of this schedule. 88 COUNTY OF wan -. STATE OF COTARADO INThRNAL SERVICd FUNS - COMBINING STATEMENT OF CHANGES IN FINANCIAL POSITION December 31, 1985 Computer Motor Vehicle . Printing and Services Insurance Fund Supply Fund Fund Fund Total WORKING CAPITAL PROVIDED: Net Income (Loss) $ 27,168 $ 1,713 $ 5,204 $ 176,652 $ 210,737 Items which did not require • outlay of working capital: - Depreciation 853,113 9,115 348,528 0 1,210,756 (Gain) Loss on sale of 0 (26,276) 0 (31,380) fixed assets (5,104) Working capital provided by operations 875,177 10,828 327,456 176,652 1,390,113 Contributions from capital 0 0 36,983 expenditures fund 36,983 0 Contributions from general fund 4,552 347 0 0 4,899 Proceeds from sale of fixed assets 166,201 0 211,853 0 378,054 Total Working Capital - • • Provided 1,082,913 11,175 539,309 176,652 1,810,049 WORKING CAPITAL APPLIED: _._ Acquisition of fixed assets 1,412,216 17,053 963,180 0 2,392,449 Total Working Capital Applied 1,412,216 17,053 963,180 0 2,392,449 INCREASE (DECREASE) IN WORKING CAPITAL $ (329 303) $ (5,878) $ (423,871) $ 176,652 $ (582,400) CHANGES IN COMPONENTS OF WORKING CAPITAL: Increase (decrease) in current assets: Cash with treasurer $ (384,101) $ 39,120 $ (390,345) $ 200,015 $ (535,311) Receivables: 320 3,058 (21,749) (154,871) Accounts (136,500) Delinquent property taxes 0 0 0 2,421 2,421 - Due from other governmental 0 0 (3,756) 0 (3,756) units Due from other county funds 219,602 (12,441) 42,386 2,450 251, 7 0 Inventories (10,070) 54,741 0 ,99 v . Prepaid expenses 0 (8,576) (359) 1,111 (7,824) Net increase (decrease) in current assets (311,069) 73,164 (349,016) 184,248 (402,673) (Increase) decrease in current liabilities: 1,399 (63,577) (2,631) (87,756) Vouchers payable (22,947) 0 (11,138) 1 137 (674) (11,601) Accrued liabilities h , Due to other county funds 3,576 233 323 4,206 8,338 Deferred revenue 0 0 0 (9,171) (9,171) Advance from other funds 0 (80,000) 0 0 (80,000) Net (increase) decrease in current liabilities (18,234) (79,042) (74,855) (7,596) (179,727) INCREASE (DECREASE IN WORKING CAPITAL $ (329,303) $ (5,878) $ (423,871) $ 176,652 $ (582,400) The Notes to Financial Statements are an integral part of this schedule. 89 col?m OF WELD STATE OF COLORADO INTERNAL SERVICE FORDS MOTOR VEHICLE FUND Schedule of Operating Revenue Compared with Estimate December 31, 1985 With Comparative Actual Amounts For Year Ended December 31, 1984 1985 1985 1985 1984 Estimate Actual Variance Actual OPERATING REVENUE: $ 2,032,812 $ 2,103,013 $ 70,201 $ 2,222,489 Charges for services -- TOTAL OPERATING REVENUE $ 2,032,812 $ 2,103,013 $ 70,201 $ 2,222,489 Schedule of Operating Expenses Compared with Budget December 31, 1985 With Comparative Actual Amounts For Year Ended December 31, 1984 1985 1985 1985 1984 Budget Actual Variance Actual OPERATING EXPENSES: $ 28,752 $ 1,492 $ 27,260 $. 333,398 Personnel services 784,854 925,453 (140,599) 260,652 Contractual services 392,657 227,303 165,354 672,449 Supplies 70,000 36,412 33,588 59,173 Heat, light & power 749,637 853,113 (103,476) 849,646 Repairsadn 5,000 39,024 (34,024) 1,109 Repairs end maintenance 515,536 724 514,812 4,071 Other expenses TOTAL OPERATING EXPENSES $ 2,546,436 $ 2,083,521 $ 462,915 $ 2,180,498 Schedule of Non-Operating Revenue Compared with Estimate December 31, 1985 With Comparative Actual Amounts For Year Ended December 31, 1984 1985 1985 1985 1984 Estimate Actual Variance Actual NONOPERATING REVENUE: $ 0 $ 1,572 $ 1,572 $ 4,715 Farm income 82,400 5,104 (77,296) 94,368 Gain on sale of fixed assets (100) (100) 0 0 Interest expense TOTAL NONOPERATING REVENUE $ 82,300 $ 6,576 $ (75,724) $ 99,083 Schedule of Fixed Asset Acquisitions Compared with Budget December 31, 1985 With Comparative Actual Amounts For Year Ended December 31, 1984 1985 1985 1985 1984 Budget Actual Variance Actual FIXED ASSET ACQUISITIONS:Equipment and furniture $ 1,237,680 $ 1,412,216 $ (174,536) $ 961,912 > TOTAL FIXED ASSET ACQUISITIONS $ 1,237,680 $ 1,412,216 $ (174,536) $ 961,912 The Notes to Financial Statements are an integral part of this schedule. 90 . _ COUNTY OF WELD • sratrartamb S I P Schedule of Operating Revenue Compared with Estimate • . December 31, 1985 _ With Comparative Actual Amounts For Year Ended December 31, 1984 1985 1985 1985 1984 Estimate Actual Variance Actual OPERATING REVENUE:• $ 156,533 $ 119,905 $ (36,628) $ 148,952 Charges for services - TOTAL OPERATING REVENUE $ 156,533 $ 119,905 $ (36,628) $ 148,952 Schedule of Operating Expenses Compared with Budget December 31, 1985 With Comparative Actual Amounts For Year Ended December 31, 1984• 1985 • 1985 1985 1984 Budget Actual Variance Actual OPERATING EXPENSES: $ 48,508 $ 46,486 $ 2,022 $ 38,440 Personnel services 635 484 021 8,447 Contractual services Supplies 85,425 50,608 34,817 1,956 __ 0 0 0 83,758 4, Materials 664 9,115 (4,451) 7,280 Depreciation 15,801 11,723 4,078 5,373 Repairs and maintenance 2,500 126 2,374 0 Other expenses TOTAL OPERATING EXPENSES $ 157,533 $ 118,192 $ 39,341 $ 139,294 The Notes to Financial Statements are an integral part of this schedule. • f,,. , 91 COUNTY OF WELD STATE OF COLORADO INTtRNAL SERVICE 1bNDS COMPUTER SERVICES FUND Schedule of Operating Revenue Compared with Estimate December 31, 1985 With Comparative Actual Amounts For Year Ended December 31, 1984 1985 1985 1985 1984 Estimate Actual Variance Actual OPERATING REVENUE: $ 1,602,655 $ 1,616,251 $ 13,596 $ 1,554,034 Charges for services TOTAL OPERATING REVENUE $ 1,602,655 $ 1,616,251 $ 13,596 $ 1,554,034 Schedule of Operating Expenses Compared with Budget December 31, 1985 With Comparative Actual Amounts For Year Ended December 31, 1984 1985 1985 1985 1984 Budget Actual Variance Actual EXPENDITURES: $ 1,192,008 $ 1,125,982 $ 66,026 $ 1,069,883 Personnel services 418,977 402,896 16,081 168,690 Contractual services 50 769 53,696 (2,927) 39,832 Supplies ' 0 348,528 (348,528) 276,772 Depreciation _ 0 984 (984) 13,919 Other expenses TOTAL OPERATING EXPENSES $ 1,661,754 $ 1,932,086 $ (270,332) $ 1,569,096 Schedule of Fixed Asset Acquisition Compared with Budget December 31, 1985 With Comparative Actual Amounts For Year Ended December 31, 1984 _ 1985 1985 1985 1984 Budget Actual Variance Actual FIXED ASSET ACQUISITIONS: $ 591,427 $ 963,180 $ (371,753) $ 200,249 Equipment TOTAL FIXED ASSET ACQUISITIONS $ 591,427 $ 963,180 $ (371,753) $ 200,249 The Notes to Financial Statements are an integral part of this schedule. 92 _ COUNTY OF WELD STATE OF COLORADO INThRNAL SERVICE FUNDS COMPuJER SERVICES 1OND Schedule of Operating Transfers-in Compared with Estimate December 31, 1985 With Comparative Actual Amounts For Year Ended December 31, 1984 1985 1985 1985 1984 Estimate Actual Variance Actual OPERATING TRANSFERS-IN: 0 $ 350,000 $ 350,000 $ 372,725 General fund $ TOTAL OPERATING TRANSFERS-IN $ 0 $ 350,000 $ 350,000 $ 372,725 Schedule of Other Financing Sources Compared with Estimate December 31, 1985 With Comparative Actual Amounts For Year Ended December 31, 1984 1985 1985 1985 1984 Estimate Actual Variance Actual OTHER FINANCING SOURCES: 0 $ (55,236) $ (55,236) $ 0 Interest expense $ Gain on sale of assets 0 26,276 26,276 0 TOTAL OTHER FINANCING SOURCES $ 0 $ (28,960) $ (28,960) $ 0 The Notes to Financial Statements are an integral part of this schedule. • n 93 COUNTY OF WELD STATE OF COLORADO . INT$RNAL SERVICE FUNDS INSURANCE FUND Schedule of Operating Revenue Compared with Estimate December 31, 1985 With Comparative Actual Amounts For Year Ended December 31, 1984 1985 1985 1985 1984 Estimate Actual Variance Actual I OPERATING REVENUE: $ 511,095 $ 501,732 $ (9,363) $ 489,708 General property tax 35,805 38,406 2,601 36,595 Specific g ornsevip tax 20,000 0 (20,000) 0 Charges for services TOTAL OPERATING REVENUE $ 566,900 $ 540,138 $ (26,762) $ 526,303 Schedule of Operating Expenses Compared with Budget December 31, 1985 With Comparative Actual Amounts For Year Ended December 31, 1984 1985 1985 1985 1984 Budget Actual Variance Actual EXPENDITURES: 66,975 $ 67,699 $ (724) $ 68,158 Contractual services $ 1,100 794 306 3,646 Supplies 234,500 267,922 (33,422) 240,497 Insurance and Bonds 350,000 160,537 189,463 179,984 Claims 0 1,269 (1,269) 0 Other expenses TOTAL OPERATING EXPENSES $ 652,575 $ 498,221 $ 154,354 $ 492,285 Schedule of Non-Operating Revenue Compared with Estimate December 31, 1985 With Comparative Actual Amounts For Year Ended December 31, 1984 1985 1985 1985 1984 Estimate Actual Variance Actual NONOPERATING REVENUE:Earnings on investments $ 29,000 $ 32,259 $ 3,259 $ 32,222 20,000 102,476 82,476 23,529 Judgements and damages TOTAL NONOPERATING REVENUE $ 49,000 $ 134,735 $ 85,735 $ 55,751 The Notes to Financial Statements are an integral part of this schedule. • 94 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 organizations. • COLORADO e ..Fl fr COUNTY OF WELD STATE OF COLORADO TRUST AND AGENCY FUNDS EXPLANATIONS OF INDIVIDUAL FUNDS December 31 , 1985 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 for the self-insured health insurance coverage. Revenue is generated through payroll deduction 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. Greeley Video Agency Fund: This fund accounts for the accumulation of deposits made by various cable organizations. The money is held to insure performance to the taxpayers of the County. Deferred Compensation Fund: This fund accounts for, and invests, the accumulation of voluntary employee contributions. Through Internal Revenue Code (Section i 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. 95 COUNTY OF WELD STATE OF COLORADO TR176i ANU AGENCY HAWS COt.33INING BALANCE SHEET December 31, 1985 and 1984 - Pension Trust Expendable Trust Weld County North Colorado Health Antelope Retirement Medical Insurance Hills Fund Trust Fund Fund Trust Fund ASSETS ASSETS: Cash with Treasurer $ 118,372 $ 3,763,055 $ 984,462 $ 15,474 Cash - other 33,733 0 2,500 0 Investments 16,573,889 0 0 0 Receivables (net where applicable of allowance for uncollectibles): 0 0 Accounts 182,150 00 Current property taxes 0 290,475 0 0 - Delinquent property taxes 0 8,138 0 0 Due from other county funds 28 0 Prepaid expenses 36,691 0 0 0 TOTAL ASSETS $ 16,944,863 $ 4,061,668 $ 966,962 $ 15,474 LIABILITIES AND FUND BALANCE LIABILITIES: 9 0 Warrants payable $ 0 $ 0 $ 0 $ 0 Vouchers payable 85,988 0 3,95 0 Accounts payable 0 0 0 0 Due to other governmental units 0 0 0 Due to other county funds 0 0 121 0 Deferred revenue 0 298,613 0 0 - Other liabilities 0 0 0 0 Total Current Liabilities 85,988 298,613 4,116 0 LONG TERM DEBT: 0 Deferred compensation payable 0 0 0 Total Long Term Debt 0 0 0 0 Total Liabilities 85,988 298,613 4,116 0 FUND BALANCE: Reserved for employee 0 benefits 10,070,430 0 80,877 Unreserved 6,788,445 3,763,055 901,969 15,474 Total Fund Balance 16,858,875 3,763,055 982,846 15,474 TOTAL LIABILITIES AND FUND BALANCE $ 16,944,863 $ 4,061,668 $ 986,962 $ 15,474 The Notes to Financial Statements are an integral part of this schedule. 96 f ., • Agency Memorandum Total General Payroll Greeley Deferred Fiscal Fiscal Agency Agency Video Compensation Year Year Fund Fund Agency Fund Fund 1985 1984 $ 15,468,149 $ 1,295,489 $ 3,000 $ 0 $21,648,001 $15,070,360 O 0 0 0 36,233 6,432 O 0 0 326,033 16,899,922 12,814,241 0 4,620 0 0 186,770 245,085 O 0 0 0 290,475 255,692 O 0 0 0 8,138 8,769 O 40,802 0 0 40,830 24,245 0 0 0 0 36,691 30,497 $ 15,468,149 S 1,340,911 $ 3,000 $ 326,033 $39,147,060 $28,455,321 O 354,075 0 0 354,075 109,023 0 980,716 0 0 1,070,699 360,053 O 4,964 0 0 4,964 15,468,149 0 0 0 15,468,149 10,631,531 O 1,156 0 0 1,277 56,012 0 0 0 0 298,613 256,397 O 0 0 0 0 160,907 15,468,149 1,340,911 0 0 17,197,777 11,593,923 O 0 0 326,033 326,033 0 O 0 0 326,033 326,033 0 15468,149 1,340,911 0 326,033 17,523,810 11,593,923 • 0 0 0 0 10,151,307 9,267,695 0 0 3,000 0 11,471,943 7,593,703 0 0 3,000 0 21,623,250 16,861,398 $ 15,468,149 $ 1,340,911 $ 3,000 $ 326,033 $39,147,060 $28,455,321 97 7 COUNTY OF WELD - SY'.ATE OF COLORADO TRUSS STATEMENT OF REVENUES EXPENSES AND CHANGES IN FUND BALANCES - ALL PENSION TRUST FUNDS December 31, 1985 and 1984 Weld County Retirement Fund 1985 1984 OPERATING REVENUE: Net appreciation (depreciation) in fair value of investments $ 1,423,993 $ (1,966,026) _ Contributions 1,417,765 1,332,786 Total Operating Revenue 2,841,758 (633,240) OPERATING EXPENDITURES Benefit payments 438,398 316,266 Refunds 192,416 382,735 Actuary fees 61,335 41,208 Audit fees 4,943 3,954 Trustee fees 25,213 0 Total Operating Expenses 722,305 744,163 OPERATING INCOME 2,119,453 (1,377,403) NON-OPERATING REVENUE: Earnings on investments 1,738,765 3,009,812 Total Non-Operating Revenue 1,738,765 3,009,812 INCOME BEFORE OPERATING TRANSFERS 3,858,218 1,632,409 OPERATING TRANSFERS IN: General Fund - 30,156 93,754 Total Operating Transfers In 30,156 93,754 Net Income 3,888,374 1,726,163 FUND BALANCE AT BEGINNING OF PERIOD 12,970,501 11,244,338 ENDING FUND BALANCE $ 16,858,875 $ 12,970,501 The Notes to Financial Statements are an integral part of this schedule. 98 ,. E COUNTY OF WELD STATE OF COLORADO TRUST AND AGENCY tuNbS 71 STATEMENT OF CHANGES IN FINANCIAL POSITION - ALL PENSION TRUST FUNDS December 31, 1985 Weld County Retirement Fund WORKING CAPITAL PROVIDED: $ 3,888,374 Net Income Working caplital provided from operations $ 3,888,374 INCREASE IN WORKING CAPITAL $ 3,888,374 CHANGES IN COMPONENTS OF WORKING CAPITAL: Increase (decrease) in current assets: 8,735 Cash with treasurer 29,801 Cash - other 3,929,801 Investments 1 ; Receivables: (41,163) Accounts (47) Due from other county funds 6,375 Prepaid expenses Net increase in current assets 3,944,236 Increase in current liabilities: _ Vouchers payable (55,955) Due to other county funds 93 Net increase in current liabilities (55,862) INCREASE IN WORKING CAPITAL $ 3,888,374 . The Notes to Financial Statements are an integral part of this schedule :�i COUNTY OF WELD STATE OP COLORADO TRU Y AND AGENCY MINDS COMBINING STATEMENT OF REVENUES EXPENDITURES AND CHANGES IN FUND BALANCES - ALL EXPENDABLE TRUST FUNDS December 31, 1985 and 1984 Memorandum Total North Colorado Health Fiscal Fiscal Medical Center Insurance Antelope Hills Year Year Trust Fund Fund Trust Fund 1985 1984 REVENUE: Taxes $ 267,681 $ 0 $ 0 $ 267,681 $ 589,239 Miscellaneous revenue 268,376 1,017,785 1,144 1,287,305 1,245,537 Total Revenue 536,057 1,017,785 1,144 1,554,986 1,834,776 EXPENDITURES: Miscellaneous 171,711 709,798 0 881,509 793,253 Total Expenditures 171,711 709,798 0 881,509 793,253 OPERATING INCOME (LOSS) 364,346 307,987 1,144 673,477 1,041,523 NON-OPERATING REVENUES: Operating transfers-in 200,000 0 0 200,000 0 1171AL NON-OPERATING REVENUES 200,000 0 0 200,000 0 EXCESS OF REVENUE OVER EXPENDITURES 564,346 307,987 1,144 873,477 1,041,523 FUND BALANCE AT BEGINNING OF PERIOD 3,198,709 674,858 14,330 3,887,897 2,846,374 FUND BALANCE AT END OF PERIOD $ 3,763,055 $ 982,845 $ 15,474 $ 4,761,374 $ 3,887,897 The Notes to Financial Statements are an integral part of this schedule. • 100 e,,-., . .-1 _ COUNTY OF WELD STATE OF COLORADO TRUST AND A6bNCY FUNDS COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES - ALL AGENCY FUNDS December 31, 1985 Balance Balance 1/1/85 Additions Deductions 12/31/85 GENERAL AGENCY FUND TOTAL ASSETS $ 10,631,531 $ 254,389,824 $ 249,553,206 $ 15,468,149 TOTAL LIABILITIES $ 10,631,531 $ 254,389,824 $ 249,553,206 $ 15,468,149 PAYROLL AGENCY FUND TOTAL ASSETS $ 452,616 $ 16,750,256 $ 15,861,961 $ 1,340,911 TOTAL LIABILITIES $ 452,616 $ 16,750,256 $ 15,861,961 $ 1,340,911 GREELEY VIDEO AGENCY FUND TOTAL ASSETS S 3,000 $ 0 $ 0 $ 3,000 TOTAL LIABILITIES $ 3,000 $ 0 $ 0 $ 3,000 DEFERRED COMPENSATION FUND TOTAL ASSETS $ 181,887 $ 163,702 $ 19,556 S 326,033 - TOTAL LIABILITIES $ 181,887 $ 163,702 $ 19,556 $ 326,033 TOTAL - ALL AGENCY FUNDS TOTAL ASSETS $ 11,269,034 $ 2.71,303,782 $ 265,434,723 $ 17,138,093 TOTAL LIABILITIES $ 11,269,034 $ 271,303,782 $ 265,434,723 $ 17,138,093 The Notes to Financial Statements are an integral part of this schedule. u. 101 - COUNTY OF WELD Sn TRUST AND AGENCY FUNS NORTH COL UST FUND Schedule of Revenue Compared with Estimate December 31, 1985 With Comparative Actual Amounts For Year Ended December 31, 1984 1985 1965 1985 1984 Estimate Actual Variance Actual TAXES: General property taxes $ 273,373 $ 248,448 $ (24,925) $ 548,254 Specific ownership 0 19,233 19,233 40,985 Total Taxes 273,373 267,681 (5,692) 589,239 MISCELLANEOUS REVENUE: Earnings on investments 283,000 268,376 (14,624) 260,936 Total Miscellaneous Revenue 283,000 268,376 (14,624) 260,936 TOTAL REVENUE $ 556,373 $ 536,057 $ (20,316) $ 850,175 Schedule of Expenditures Compared with Budget December 31, 1985 With Comparative Actual Amounts For Year Ended December 31, 1984 1985 1985 1985 1984 Budget Actual Variance Actual CAPITAL OUTLAY: Capital acquisitions $ 756,373 $ 148,812 $ 607,561 $ 0 - Total Capital Outlay 756,373 148,812 607,561 0 MISCELLANEOUS: Other 0 22,899 (22,899) 0 Total Miscellaneous 0 22,899 (22,899) 0 TOTAL EXPENDITURES $ 756,373 $ 171,711 $ 584,662 $ 0 Schedule of Other Financing Sources Compared with Estimate December 31, 1985 - With Comparative Actual Amounts For Year Ended December 31, 1984 1985 1985 1985 1984 Estimate Actual Variance Actual OTHER FINANCING SOURCES Operating transfers-in $ 200,000 $ 200,000 $ 0 $ 0 TOTAL OTHER FINANCING SOURCES $ 200,000 $ 200,000 $ 0 $ 0 The Notes to Financial.Statements are an integral part of this schedule. 102 ,ti ,,- COUNTY OF WELD SLATE OP COLORADO TRUST AND AOhhCY rUNDS i4.ALTH 1NSbRtANCE YUSJY Schedule of Revenue Compared with Estimate • December 31, 1985 With Comparative Actual Amounts For Year Ended December 31, 1984 1985 1985 1985 1984 Estimate Actual Variance Actual MISCELLANEOUS REVENUE: 930,089 $ 944,663 $ 14,574 $ 903,874 Contributions 44,047 56,623 12,576 39,748 Earnings on Investments 0 16,499 16,499 39,648 Loss Recoveries • TOTAL REVENUE $ 974,136 $ 1,017,785 $ 43,649 $ 983,270 Schedule of Expenditures Compared with Budget December 31, 1985 With Comparative Actual Amounts For Year Ended December 31, 1984 1985 1985 1985 1964 _ Budget Actual Variance Actual EXPENDITURES: 962,130 $ 608,590 $ 353,540 $ 731,314 Claims 12,006 54,403 (42,397) 37,090 Contractural services 0 46,007 (46,007) 24,849 ".. Insurance and bonds 0 798 (798) 0 Supplies $ 974,136 $ 709,798 $ 264,338 $ 793,253 TOTAL EXPENDITURES -- The Notes to Financial Statements are an integral part of this schedule. • • • • • 103 COUNTY OF WELD STATE OF COLORADO TRUST AND AGENCY FUNDS AI EEShE HILLS TRUST MD Schedule of Revenue Compared with Estimate December 31, 1985 With Comparative Actual Amounts For Year Ended December 31, 1984 1985 1985 1985 1984 Estimate Actual Variance Actual MISCELLANEOUS REVENUE: Earnings on investments $ 0 $ 1,144 $ 1,144 $ 1,331 TOTAL REVENUE $ 0 $ 1,144 $ 1,144 $ 1,331 The Notes to Financial Statements are an integral part of this schedule. 104 sir • GENERAL FIXED ASSETS ACCOUNT GROUP • • • Investments in property and equipment, except for those of the Internal Service Funds are recorded in-this account group. Sv' l 1111k COLORADO - COUNTY OF WELD STATE OP COLORADO GEt RAL FIXED ASSETS SCHEDULE OF GENERAL FIXED ASSETS - BY SOURCES December 31, 1985 and 1984 1985 1984 GENERAL FIXED ASSETS: Land $ 1,577,227 $ 1,494,618 Land Improvements 206,466 205,361 Buildings 17,851,656 16,619,667 Equipment and Furniture 2,774,342 2,396,306 TOTAL GENERAL FIXED ASSETS $ 22,409,691 $ 20,715,952 INVESTMENTS IN GENERAL FIXED ASSETS FROM: Current Revenue $ 13,533,790 $ 11,967,678 Gifts and Grants 926,786 799,159 Federal Revenue Sharing 7,949,115 7,949,115 TOTAL INVESTMENTS IN GENERAL FIXED ASSETS $ 22,409,691 $ 20,715,952 The Notes to Financial Statements are an integral part of this schedule. • -v • i 105 COUNTY OF WELD STATE OF COLORADO GEM AL FIXED ASSEaS SCHEDULE OF GENERAL FIXED ASSETS - BY FUNCTION AND ACTIVITY December 31, 1985 and 1984 Land Equipment & Memorandum Totals Land Improvements Buildings Furniture 1985 1984 General Government: 0 $ 0 $ 0 $ 18,660 $ 18,660 $ 19,757 Commissioners $ 0 0 0 12,848 12,848 10,702 County attorney 0 0 0 21,501 21,501 21,974 Planning and zoning 0 0 0 14,895 14,895 14,577 Accounting Finance and 0 0 0 13,098 13,098 9,976 administration 0 0 343,726 343,726 338,872 Clerk and Recorder 0 28 013 Elections 0 0 0 29,183 29,183 > County Treasurer 0 0 0 41,263 41,263 41,263 County Assessor 0 0 0 68,419 68,419 66,412 County 0 0 0 3,228 3,228 4,019 Council 0 0 0 9,303 9,303 11,236 Personnel 0 0 51,531 51,531 50,811 Buildings and grounds 0 Communications 0 0 0 417,485 417,485 400,338 Purchasing 0 0 0 11,819 11,819 11,679 Other 0 0 0 48,945 48,945 58,238 General government buildings 1,242,540 9,503 14,167,847 0 15,419,890 14,122,182 Total General Government 1,242,540 9,503 14,167,847 1,105,904 16,525,794 15,210,049 Judicial:District Attorney 0 p 0 82 729 82,729 90,263 Total Judicial 0 0 0 82,729 82,729 90,263 Public Safety: 0 0 256,196 256,196 193,668 Sheriff 0 County Coroner 0 0 0 618 618 618 Building inspection 0 0 0 4,216 4,216 4,964 _ Office of emergency 0 0 36,013 36,013 665 management 0 0 297,043 --2217,61++1 -1-9.9�i1F' Total Public Safety 0 0 Health and Hospitals: Public health 162,369 15,068 901,707 196,607 1,275,751 1,271,893 Ambulance 0 5,465 117,096 68,977 191,538 183,525 Total Health and - Hospitals 162,369 20,533 1,018,803 265,584 1,467,289 1,455,418 County Roads and Highways: Engineering and 0 74,789 74,913 69,847 administration 0 124 Total County Roads 0 124 0 74,789 74,913 69,847 and Highways - Public Welfare: Administration 170 318 0 663,739 231,705 1 065,762 928,606 Total Public Welfare 17 '11', 0 6611739 231,705 1,065,762 92,606 ;Auxiliary Services: 200 0 787,375 30,459 818,034 813,879 Extension Exhibition building 0 80,132 185,703 6,216 272,051 253,130 Veterans 0 0 0 10,402 10,402 10,402 Missile site 0 91,310 0 26,597 117,907 147,615 Youth shelter 0 0 48,812 8,464 57,276 57,583 Intake classification 0 0 1,440 0 1,440 1,440 Library 0 3,199 616,962 178,448 998,609 984,989 Human Resources 1,800 1,665 160,975 456,002 620,442 492,816 Total Auxiliary Services 2,000 176,306 2,001,267 716,588 2,896,161 2,761,854 TOTAL GENERAL FIXED ASSETS ALLOCATED TO FUNCTIONS $ 1,577,227 $ 206,466 $ 17,851,656 $ 2,774,342 $ 22,409,691 $ 20,715,952 The Notes to Financial Statements are an integral part of this schedule. 106 f ,,n, - .e} COUNTY OF WELD STATE OF COLORADO GENERAL FIXED ASSETS SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS - BY FUNCTION AND ACTIVITY December 31, 1985 General General Fixed Assets Fixed Assets 1/1/85 Additions Deletions 12/31/85 General Government: Commissioners $ 19,757 $ 202 $ 1,299 $ 18,660 County attorney 10,702 3,646 1,500 12,848 Planning and zoning 21,974 0 473 21,501 Accounting 14,577 945 626 14,896 Finance and administration 9,976 3,].22 0 13,098 Clerk and Recorder 338,872 10,968 6,114 343,726 Elections 28,013 1,170 0 29,183 County Treasurer 41,263 0 0 41,263 , County Assessor 66,412 2,459 453 68,418 County Council 4,019 722 1,513 3,228 Personnel 11,236 949 2,882 9,303 Buildings and grounds 50,811 1,944 1,224 51,531 Communications 400,338 18,814 1,667 417,485 Purchasing 11,679 657 517 11,819 Other 58,238 2,971 12,265 48,944 _ General General government buildings 14,122,182 1,297,707 0 15,419,889 Total General Government 15,210,049 1,346,276 30,533 16,525,792 Judicial: District Attorney 90,263 1,165 8,699 82,729 -- Total Judicial 90,263 1,165 8,699 82,729 Public Safety: Sheriff 193,668 68,913 6,385 256,196 County Coroner 618 0 0 618 Building inspection 4,963 0 747 4,216 Office of emergency management 665 35,348 0 36,013 Total Public Safety 199,914 104,261 7,132 297,043 Health and Hospitals: _ Public Public health 1,271,894 16,545 12,688 1,275,751 Ambulance 183,525 8,388 375 191,538 Total Health and Hospitals 1,455,419 24,933 13,063 1,467,289 County Roads and Highways: Engineering and administration 69,847 5,711 645 74,913 Total County Roads and Highways 69,847 5,711 645 74,913 - Public Welfare: Administration 928,606 149,939 12,782 1,065,763 i Total Public Welfare 928,606 149,939 12,782 1,065,763 Auxiliary Services: Extension 813,879 4,155 0 818,034 Exhibition building 253,130 18,921 0 272,051 Veterans 10,402 0 0 10,402 Missile site 147,615 17,878 47,586 117,907 Youth shelter 57,583 0 307 57,276 { Intake classification 1,440 0 0 1,440 Library 984,989 13,730 110 998,609 Human Resources 492,816 175,240 47,613 620,443 Total Auxiliary Services 2,761,854 229,924 95,616 2,896,162 .,2 TOTAL GENERAL FIXED ASSETS ALLOCATED TO FUNCTIONS $ 20,715,952 $ 1,862,209 $ 168,470 $ 22,409,691 { The Notes to Financial Statements are an integral part of this schedule. Li 107 r GENERAL LONG TERM DEBT ACCOUNT GROUP • • • _ , X61 Sick and vacation accrual for Governmental Fund types are recorded in this fund. • COLORADO COUNTY OF WELD STATE OF COLORADO GENERAL LONG-TERM DEBT - BY SOURCES December 31, 1985 and 1984 1985 1984 GENERAL LONG-TERM DEBT: Amount to be provided for retirement of $ 1,182,283 $ 897,570 general long-term debt GENERAL LANG-TERM DEBT FROM: $ 467,993 $ 427,676 General Fund 144,479 136,919 Road and Bridge Fund 432,265 269,926 Social Services Fund 46,039 47,376 Health Fund 16,507 12,526 Library Fund 5,511 3,147 Housing Authority 69,469 0 Human Resources TOTAL GENERAL LONG-TERM DEBT $ 1,182,283 $ 897,570 The Notes to Financial Statements are an integral part of this schedule. • • Ci 109 COUNTY OF WELD STATE OF COLORADO General Governmental Expenditures by Function (Unaudited) Last Ten Years County Public General Public Roads & Health & Year Government Safety Highways Welfare 1976 $ 3,151,544 $ 984,453 $ 4,638,973 $ 8,617,722 1977 $ 4,129,260 $ 1,198,836 $ 4,430,812 $ 9,128,764 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 S 6,997,923 $12,875,917 1983 $ 5,725,137 $ 5,575,881 $ 7,716,877 $13,961,545 1984 $ 6,082,536 $ 6,294,660 $ 8,136,114 $13,799,706 1985 $ 6,120,746 $ 7,283,096 $ 8,547,979 $13,748,610 General Revenue by Source (Unaudited) Last Ten Years Licenses Intergovernmental Year Taxes and Permits Revenue 1976 $ 10,675,124 $ 173,902 $ 10,928,859 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 $ 16,308,829 $ 716,130 $ 20,188,437 112 �- � � Iwl3 4 OQVIIOr1O� 3 . , cr, .•. isil . ''' :,:- ,:i 2 { . t. , i c- NOr133S 1V31 .LSIIV.LS , r ,..._ , -.-: , , ,_.„ : t_r. _..,, .„ „ , . r; COUNTY OF WELD ' STATE OF COLORADO Auxiliary Debt Intergovernmental Total • Services Capital Outlay Service Expenditures Miscellaneous Expenditures $ 2,441,556 $ 3,281,152 $ * $ * $ 282,312 $ 23,397,712 * $ 71,924 $ 221,692 $ 25,835,205 $ 3,984,390 $ 3,774,888 $ • * $ 121,761 $ 111,134 $ 27,821,889 $ 3,984,390 $ 1,805,09 $ * $ 169,316 $ -0- $ 29,118,409 $ 5,926,461 $ 805,092 $ * $ 118,498 $ -0- $ 34,616,250 $ 5,926,461 $ 344,889 $ -0- $ 36,487,535 $ 3,709,018 $ 591,188 $ * $ 83,594 $375,305 $ 338,637 $ 35,412,407 $ 3,856,846 $ 485,735 $ - $ 3,856,846 $ 379,684 $ 2,274 $ 431,789 $ 685,246 $ 38,335,279 415,102 $ 1,074,232 $ 42,123,352 $ 3,954,896 $ 1,347,365 $1,018,741 $ 465 517 $ 1,710,482 $ 44,082,231 $ 4,605,440 $ 1,511,861 $ 88,500 $ , * Information not available. 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 Revenue $ 24,427,085 $ 1,524,900 $ 2,192 $ 1,122,108 $ 0_ $ 24,820,031 $ 1,181,004 $ 2,364 $ 2,180,596 $ 0_ $ 27,675,271 $ 1,278,237 $ 2,171 $ 2,417,306 $ 0_ $ 29,205,454 $ 1,159,849 $ 3,018 $ 2,277,170 $ _0_ $ 35,141,398 $ 1,974,601 $ 3,064 $ 2,089,689 $ _0_ $ 38,518,062 $ 1,931,937 $ 3,108 $ 2,951,603 $ $ 1,151,453 $ 6,792 $ 2,995,740 $ 1,160,740 $ 36,149,337 $ 1,406,359 $ 26,667 $ 2,543,940 $ 1,305,116 $ 39,064,828 1,533,455 $ 42,948,423 $ $ 1,541,520 $ 37,592 $ 3,948,342 1,631,937 $ 44,353,580 $ 1,673,282 $ 78,261 $ 3,756,704 $ General revenue includes revenue of General, Special Revenue, Capital Projects and Special Assessment Funds. k. ,_ 113 _ 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 1976 $ 9,867,851 $ 9,817,943 99.49 $ 22,451 $ 9,840,394 $ * 1977 $ 10,121,370 $ 10,099,155 99.78 $ 27,904 $ 10,127,059 $ 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 $ 11,129,615 $ 66,715 1980 $ 11,708,099 $ 11,660,552 99.59 $ 42,189 $ 11,748,758 $ 70,795 1981 $ 12,622,216 $ 12,596,620 99.68 $ 39,303 $ 12,635,923 $ 52,053 1982 $ 13,252,865 $ 13,169,249 99.37 $ 81,490 $ 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 * Information not available. 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 1976 $ 311,386,746 $1,037,955,820 $ 67,890,654 $ 452,604,360 $ 379,277,400 $ 1,490,560,180 1977 $ 396,640,305 $1,322,134,350 $ 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 $ 2,761,587,133 1980 $ 507,497,890 $1,691,659,633 $ 169,787,590 $ 1,131,917,266 - $ 677,285,480 $ 2,823,576,899 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 $ 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 (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. (3) Unimproved land at 29% - 1977 base year (1975-76 sales). (4) Personal Property at 29% - 1977 base year, replacements cost new with depreciation. 114 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 1975 1976 494.15 1,176.92 25.820 3.70 151.240 1,851.830 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 460.90 883.48 17.172 4.11 154.620 1,520.280 1982 1983 461.22 866.16 17.172 4.292 151.450 1,500.290 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 Tax Levies 1975 1976 $2,343,295 $17,912,961 $ 9,802,432 $1,410,975 $1,738,742 $33,208,405 1976 1977 $2,043,547 $21,724,237 $10,208,295 $1,645,660 $1,988,326 $37,610,065 1977 1978 $2,121,568 $25,429,499 $10,597,815 $1,797,717 $2,352,751 $42,299,350 1978 1979 $2,481,327 $27,770,414 $11,125,060 $1,988,606 $2,596,647 $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 $2,867,436 $53,970,466 1981 1982 $3,839,640 $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 $3,769,629 $63,766,015 521 11983 1984 984 1985 $4,210,650 $42777 ,366,353 $15321 ,874,905 $3907 ,631,540 $3802 ,942,837 $70714 ,026,285 The basis for the property tax rates is per $1,000 assessed valuation. i Y I $ )"" ' ,T 115 - COUNTY OF WELD STATE OF COLORADO Special Assessment Collections (Unaudited) Last Ten Years - Current Current Ratio of Total Assessments Assessments Collections Outstanding Year Due Collected To Amount Due Assessments 1981* -0- -0- ---** - $ 27,885 1982 $ 27,885 $ 13,531 2-1 $ 14,354 1983 $ 14,354 $ 4,098 3-1 $ 10,256 1984 $ 10,256 $ 1,282 8-1 $ 8,974 - 1985 $1,083,974*** $ 2,236 4-1* ** $1,081,738 NOTES: * Weld County had no special assessments from 1973-1980 ** No Current assessments are due for the Elmore Road Assessment District until 1982 *** Due amount includes $1,075,000 for Road 5 which began in 1985 **** Ratio of collection is based on Elmore Road only for 1985 • 116 ,..., "i.` COUNTY OF WELD STATE OF COLORADO Computation of Legal Debt Margin (Unaudited) December 31, 1985 Assessed Value, 1984 $ 820,747,830 Debt Limit 3 Percent of Assessed Value 24,622,435 Amount of Debt Applicable to Limit: Total Bonded Debt $ - Installment Purchase Agreements Total Amount of Debt Applicable to Debt Limit Legal Debt Margin $ 24,622,435 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, 1985 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, 1985 C. Ratio of Annual Debt Service for General Bonded Debt to Total General Expenditures - Last Ten Years D. Revenue Bond Coverage - Last Ten Years 117 COUNTY OF WELD STATE 0? COLORADO Demographic Statistics (Unaudited) December 31, 1985 1. Population: 1960 - 72,344 1970 - 89,297 1975 - 111,901 1980 - 123,438 1983 - 132,513 1984 - 131,746 1985 - 133,922 2. Estimated Median Age: 26.7 (1980 Census) 28.5 (1983) 26.7 (1984) 3. Total Personal Income For Years Available: 1970 - $ 279,766,000 1971 - $ 327,463,000 1972 - $ 380,534,000 1973 - $ 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: 1.970 - $ 3,111 1971 - $ 3,527 1972 - $ 3,891 1973 - $ 4,666 1974 - $ 5,054 1975 - $ 5,543 1977 - $ 5,081 1980 - $ 6,505 1982 - $10,411 5. Median Family Income $15,805 (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. 118 COUNTY OF WELD StATE OF COLORADO Property Value, Construction Bank Deposits and Other Economic Indicators (Unaudited) Last Ten Years 1975 1980 1983 1984 1985 Property Value - estimated actual value (millions) $ 1,264.1 $ 2,948.7 $ 2,963.7 $ 3,158.7 $ 3,393.9 Building Permits 1,339 1,241 2,699 2,450 2,519 Estimated Construction (millions) $ 20.6 $ 23.8 $ 13.0 Bank Deposits (millions) $ 363.2 $ 524.5 $ 664.5 Retail Sales (millions) $ 878.0 $ 781.3 $ 1,023.0 $ 1,022.9 $ 1,118.0 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 • i ,..., - 119 :. : COUNTY OF WELD SLATE OP COLORA00 Principal Taxpayers (Unaudited) December 31, 1985 Per Cent 1985 Of Total Assessed Assessed Valuation Valuation Amoco Production Company $ 92,684,290 10.45% Eastman Kodak 50,467,270 5.69% Public Service Company of Colorado - 26,038,800 2.94% MGF Oil Corporation 12,111,020 1.37% Mountain States Telephone & Telegraph 11,598,900 1.31% Weeks Energy 10,926,590 1.23% Panhandle Eastern Pipeline Company 10,716,000 1.21% Macey & Mershon Oil Company 9,867,650 1.11% Energy Oil Company 9,713,130 1.10% Vessels Oil & Gas Company 7,517,010 .85% 120 COUNTY OF WELD STATE OF COLORADO Miscellaneous Statistics -- (Unaudited) December 31, 1985 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, 1985 Elected Officials - 10 Division Heads - 5 Department Heads - 8 Other Full Time Employees - 791 Part Time Employees - 300 7. Miles of Roads: Paved - 515.3 Unpaved - 2,818.8 8. Building Permits: No. of Year Permits Valuation 1976 1,624 $ 47,546,973 1977 1,177 $ 30,102,553 1978 1,546 $ 58,749,363 1979 1,592 $ 34,782,283 1980 1,348 $ 54,775,497 1981 1,241 $ 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 " - 9. Motor Vehicle Registration: 1976 - 108,529 1977 - 122,133 1978 - 143,888 1979 - 133,437 1980 - 125,970 1981 - 129,159 - 1982 - 130,952 1983 - 132,458 1984 - 139,521 1985 - 136,444 10. Special Districts within County: 29 - Cities and Towns 18 - Schools 23 - Fire 12 - Water 2 - Colleges 15 - Sanitation 11. Cities and Towns: Ault Gilcrest Lochbuie Eaton Greeley Mead Erie Grover Milliken Evans Hudson New Raymer Dacono Johnstown Nunn Firestone Keenesburg Pierce Frederick Keota Platteville Ft. Lupton Kersey Rosedale . , Garden City LaSalle Severance Brighton JT Windsor 12. Recreation: Golf Courses - 5 City and Regional Parks Island Grove Recreational Complex Greeley Recreation Center 121 COUNTY OF WELD STATE OF COLORADO Miscellaneous Statistics - Continued (Unaudited) December 31, 1985 13. Libraries: Greeley Library 123,440 Volumes University of No. Colo. 722,671 Volumes Weld County Library 166,030 Volumes 14. Elections: Number of Number Percent of Registered of Votes Registered Voters Cast Voters Voting 1974 General Election 45,175 30,002 66.4 1976 General Election 49,785 41,184 82.7 1978 General Election 47,832 29,818 62.3 1980 General Election 51,107 44,134 86.3 1982 General Election 51,476 36,301 70.5 1984 General Election 56,311 47,632 84.6 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: KFKA/KGBS KYOU/KGRE KUAD AM & FM KUNC 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: Greeley Area Chamber of Commerce/County offices. 122 Y1 - COUNTY OF WELD SLATE OP COLORADO __ Insurance In Force (Unaudited) December 31, 1985 Policy Period Details of Annual Name of Company Policy Number Begins Expires Coverage Liability Limits Premiums Lloyds of London ISL3030/IC04005 1/15/83 1/15/86 Property yop00 000 up to Damage, Property - Excess of Automobile Liability, $500,000 and Worker's General & Automobile Compensation Liability - Excess $100,000 up to $250,000 Errors & Ommissions - Excess of $100,000 up to $200,000 Workers' Compensation - . Excess of $100,000 up to $200,000 $ 93,780 Lloyds of London ISL3031/IC04006 1/15/83 1/15/86 Casualty buffer $450,000 Drop down fferage $ 5,500 Fireman's Fund XSP1512898 1/15/85 1/15/86 Excess Property $20,000,000/Occurrence - Excess of $500,000/ Occurrence $ 13,843 International Surplus Lines Ins. Co. X5110076 1/15/85 1/15/86 Excess General $5,000,000 X Primary Excess i Automobile Liability, . . Public Official Liability & Workers' $ 59,049 Compensation U.S. Fire Insurance Co. 522 0581517 1/15/85 1/15/86 Excess General $5,000,000 X $5,000,000 Excess i Automobile Liability, Public Official Liability & 4,000 Workers' Compensation $ Zurich American Insurance Co. BM-31-93-524-00 1/15/83-Continue Boiler & $10,000,000 $ 2,933 until cancelled Machinery International Surplus Insurance Co. 524-055020-4 1/15/85 1/15/86 Officials, $1,000,000 Errors & 0, 00 eLtoss/ Ommission $10,000 each insured retention $ 8,839 with Note: Sub-limitsd oss$100,000 perund of loss employee maximum adishonestylands$100 000$100,000 e000oss moneysandlsecuri securities. - t Food stamps covered by State of Colorado, Social Services Department. ..r • I c_1 123 COUNTY OF WELD STATE OF COLORADO Salaries of Principal Officials (Unaudited) December 31, 1985 ELEC1tO OFFICIALS: Commissioners $ 28,000 Clerk & Recorder $ 28,000 Treasurer $ 28,000 Assessor $ 28,000 Sheriff S 30,000 District Attorney $ 62,500 APPOINTED: County Attorney $ 62,376 Director of Planning $ 33,648 Director of Finance and Administration $ 68,856 Director of Building and Grounds $ 38,064 Director of Ambulance Services $ 41,641 County Engineer $ 45,252 Director of Social Services $ 51,192 Director of Health Department $ 77,692 Director of Library $ 33,648 Director of Human Resources $ 45,252 Director of Information Services $ 60,852 Director of Purchasing $ 32,028 Director of Personnel $ 39,012 Comptroller $ 42,012 Director of Emergency Management $ 23,232 Surety Bond Coverage for Principal Officials (Unaudited) December 31, 1985 District Attorney $ 5,000 Commissioner $ 25,000 Treasurer $ 250,000 Sheriff $ 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. 124 LAW OFFICES BALLARD, SPAHR, ANDREWS & INGERSOLL SEVENTEENTH STREET PLAZA BUILDING 30 SOUTH 11TH STREET PHILADELPHIA, PA. 19103 SUITE 2300 215 564-1600 TELECOPIER:215 496-0318 1225 17TH STREET TELEX:63-4532 DENVER, COLORADO 80202 SUITE 1100 303 292-2400 1850 K STREET, N.W. WASHINGTON, D. C•20006 TELECOPIER:303 296-3956 202 466-5800 TELEX;90-4185 January 14, 1987 United Bank of Denver National Association 1700 Broadway Denver, Colorado 80217 Prudential-Bache Securities, Inc. 370 17th Street Denver, Colorado 80202-5639 Board of County Commissioners of Weld County 915 10th Street Greeley, Colorado 80632 Re: Weld County, Colorado Tax Anticipation Notes Series 1987A Dated January 14, 1987 - $2,990,000 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 the 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 Hello