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WELD COUNTY, COLORADO
ANNUAL COMPREHENSIVE FINANCIAL REPORT
YEAR ENDED DECEMBER 31, 2022
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High Plains Library District
2650 W. 29th Street
Greeley, Colorado 80631
ANNUAL COMPREHENSIVE FINANCIAL
REPORT
For the year ended December 31, 2022
Kenneth Poncelow Chairman
Mary Heberlee Vice Chairman
Joyce Smock Secretary/Treasurer
Jana Caldwell Trustee
Teresa Curtis Trustee
Geri Holton Trustee
Nick Nakamura Trustee
Executive Director
Dr. Matthew Hortt
Associate Director of Public Services
Marjorie Elwood
Associate Director of Public Services
Rosa Granado
Associate Director of Human Resources
Eric Ewing
Prepared by:
Natalie Wertz, CPA, CFE
Finance Manager
TABLE OF CONTENTS
INTRODUCTORY SECTION
Letter of Transmittal 3
Principal District Officials 8
Organizational Chart 9
Certificate of Achievement 10
FINANCIAL SECTION
Independent Auditors' Report 11
Management Discussion and Analysis 13
Basic Financial Statements:
Governmental Funds Balance Sheet/Statement of Net Position 18
Statement of Governmental Funds Revenue, Expenditures and Changes
In Fund Balances/Statement of Activities 19
Budgetary Comparison Statement — General Fund 21
Notes to Financial Statements 23
STATISTICAL SECTION (Unaudited)
Net Position by Component 37
Changes in Net Position 38
Fund Balances of Governmental Funds 39
Changes in Fund Balances, Governmental Funds 40
General Governmental Expenditures by Function 41
General Governmental Revenues by Source 42
Property Tax Levies and Collections 43
Assessed and Estimated Actual Value of Taxable Property 44
Principal Taxpayers 45
Ratio of Outstanding Debt by Type 46
Legal Debt Margin Calculation 47
Direct and Overlapping Governmental Activities Debt 48
Demographic and Economic Statistics 49
Principal Employers 50
Library Materials Purchased and Circulated 51
Service Locations 52
Circulation Summary by Location 53
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To the Members of the Board of Trustees and Patrons of the High Plains Library District:
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June 12, 2023
State Law requires that the High Plains Library District (HPLD) publish within six months of the close of each fiscal
year a complete set of financial statements presented in conformity with generally accepted accounting principles
(GAAP) and audited in accordance with generally accepted auditing standards (GAAS) by a firm of licensed certified
public accountants. Pursuant to that requirement, we hereby issue the annual comprehensive financial report of the
HPLD for the fiscal year ended December 31, 2022.
This report consists of management's representations concerning the finances of the District. Consequently,
management assumes full responsibility for the completeness and reliability of all the information presented in this
report. To provide a reasonable basis for making these representations, management of the HPLD has established a
system of internal controls that are designed both to protect the District's assets from loss, theft, or misuse and to
compile sufficient reliable information for the preparation of the District's financial statements in conformity with GAAP.
Because the cost of internal controls should not outweigh their benefits, the District's framework of internal controls
has been designed to provide reasonable rather than absolute assurance that the financial statements will be free from
material misstatement. As management, we assert that, to the best of our knowledge and belief, this financial report is
complete and reliable in all material respects.
The District's financial statements have been audited by Anderson & Whitney, P.C., a firm of licensed certified public
accountants. The goal of the independent audit was to provide reasonable assurance that the financial statements of
the District for the fiscal year ended December 31, 2022 are free of material misstatement. The independent audit
involved examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements,
assessing the accounting principles used, and evaluating the overall financial statement presentation.
GAAP requires that management provide a narrative introduction, overview and analysis to accompany the basic
financial statements in the form of Management's Discussion and Analysis (MD&A). This letter of transmittal is
designed to complement MD&A and should be read in conjunction with it. The High Plains Library District's MD&A can
be found immediately following the report of the independent auditors.
Profile of the District
The District is considered to be a "Library District" established through Colorado State Statute (C.R.S. 24-90-110) and
governed by the Colorado Library Law, Article 90 of Title 24, Colorado Revised Statutes, as amended (the "Act"). The
District was established on September 11, 1985 by the Weld County Board of County Commissioners, the city councils
of Evans, Fort Lupton, Greeley, the town boards of Ault, Eaton, Hudson, and the Governing Board of Fort Lupton
School District Number RE -8. The District is fiscally, managerially, and operationally an independent political
subdivision of the State of Colorado.
There are seven branch libraries and four outreach vehicles that provide services to patrons throughout the High
Plains Library District. Three branches are located in the City of Greeley, one each in Erie, Evans, Firestone, and
Kersey. The towns of Ault, Eaton, Hudson, Johnstown, Platteville, and the city and school district of Fort Lupton,
which are located within the District's boundaries, own and operate their own library facilities. The District provides
centralized support services to these locations. The citizens of these municipalities pay ad valorem property taxes to
the District as District residents. By contract with the municipalities two-thirds of those ad valorem property taxes are
then given to these towns for library operations and capital expenditures. The District retains one-third for providing
centralized support services. The District supports technology and provides limited library services at a location in
Briggsdale. Affiliated Libraries consist of the Poudre Learning Center in Greeley, the Hazel E. Johnson Research
Center, located within the City of Greeley Museum and the City of Evans museum. A book deposit is available at the
Hill and Park Senior Center.
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The Weld Library Finance Corporation (WLFC) was formed in 2001 for the purpose of purchasing, leasing or otherwise
acquiring certain real property and to construct or install certain improvements in the service area of the District. The
WLFC did not have any financial activity in 2022. When the WLFC has activity, it is included as a blended component
unit within the financial statements of the District.
Administrative and support departments include Executive Director, Associate Directors, Collection Resources,
Community Relations and Marketing, Facilities Services, Finance, Foundation, Human Resources, Information
Technology and Innovation, and MOVE (Outreach) all located at the District's Administration and Support Services
building.
Management and control of the District is vested in a board of trustees consisting of seven members, all of whom are
appointed by a committee representing the original founding bodies that established the District. Trustees serve
staggered terms with one or two board members having terms expiring at the end of each year from 2023 through
2026. The trustees hold one regular meeting each month and special meetings when necessary. Board members are
prohibited by law from receiving compensation for their services; however, they may be reimbursed for necessary
travel, training or miscellaneous expenses.
The annual budget serves as the foundation for the High Plains Library District's (HPLD) financial planning and control.
HPLD is required to file a certified copy of the budget with the State of Colorado Division of Local Government by
January 31 of each year. The HPLD begins the budgeting process in July each year and develops a proposed budget.
The Executive Director presents this proposed budget to the Board of Trustees for review and approval on or before
October 15. The deadline for certification of mill levies to the Weld County and Boulder County Commissioners is
December 15 of each year. The Board of Trustees is required to hold public hearings on the proposed budget and to
adopt a final budget on or before December 31, the close of the District's fiscal year. The budget is prepared by fund,
account, location, and department. Budget -to -actual comparisons are provided in this report for the general fund, and
when applicable the capital projects fund and the debt service fund. No budget amendments were adopted in 2022.
Factors Affecting Financial Condition
The information presented in the financial statements is perhaps best understood when it is considered from the
broader perspective of the specific environment within which the High Plains Library District operates.
Local economy: In 2020, the outbreak of the COVID-19 virus severely impacted the economy. The state -imposed
shutdowns and restrictions had a negative impact across numerous industries. A sharp, rapid decline in oil and gas
prices slowed development and investment. The restaurant industry suffered dramatically. Some economic recovery
occurred in 2022. The economic recovery in Weld County has been slower than the rest of Colorado. Upstate
Colorado reports an unemployment rate in Weld County of 3% in 2022 compared to 5.7% for December 2021. The
US Bureau of Labor Statistics reports an unemployment rate of 2.8% for Colorado as of December 2022. Inflation
became more of a concern in 2022. The US Bureau of Labor Statistics reports inflation in Colorado to be 8% in 2022
compared to 3.54% in 2021. Inflation in Colorado is expected to be about 4% for 2023 and 2.4% in 2024.
The impact of oil and gas development and production in the county touches on many aspects of the High Plains
Library District (HPLD) currently, and in planning for the future. Energy development presents both challenges and
opportunities for HPLD. Prior to 2020, the County has seen several compressor stations, injection wells, new
pipelines, and other oil and gas support and service industries seeking permits. Currently there are approximately fifty
permits pending with the Colorado Oil & Gas Conservation Commission compared to over one hundred in early 2022
and several hundred permits pending in early 2021. Given the pending permits for Weld County, the County could see
some additional long-term investment and development in the oil and gas arena. The potential for the future of energy
development in Weld County is not without risks. Oil and gas production in Colorado has risks associated with the
potential of additional government regulations and voter initiatives trying to restrict or limit fracking and limit drilling in
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Colorado communities. These regulatory risks, if implemented, could dramatically impact future oil and gas
development in Colorado.
The energy industry continues to be an important economic driver of Weld County and Colorado. There are several
energy companies that are major employers in Weld County. The Denver-Julesburg Basin covers most of the High
Plains Library District geographic area. The volume of oil production and sales in Weld County increased
approximately .37% and natural gas production and sales in Weld County decreased about 2.96% in 2022. The
average price per barrel of oil increased 37.74% in 2022. With that volume of production and sales and price level,
High Plains Library District is currently expecting a 10% to 15% increase in oil and gas assessed valuation for fiscal
year (collection year) 2024. That equates to an increase in property tax revenue of about $3.3 to $4.9 million.
The northern Colorado region's housing market continued to be active in 2022. Housing prices began to stabilize.
Increased interest rates made potential home buyers more cautious to enter the market. New home construction
continues to be active particularly in the southern section of High Plains Library District. Limited affordable housing
remains a concern. Inflation, increasing interest rates, and supply chain difficulties could negatively affect construction
and the housing market in 2023 and beyond.
The Gallagher Amendment in the Colorado Constitution limited the portion of statewide property tax revenue that could
come from residential property to 45%. The remaining 55% of statewide property tax revenue was to be levied on
other property types — commercial, agricultural, oil and gas, etc. The assessment rate for non-residential property
types is fixed at 29%. In order to maintain that 45% / 55% ratio, the residential assessment rate was adjusted every
two years. Since residential property values statewide have increased faster than the other property types, the
residential assessment rate had been decreasing. The Taxpayer Bill of Rights (TABOR) in the Colorado Constitution
prohibits any tax increases without a vote of the citizens and increasing the residential assessment rate has been
interpreted as a tax increase. A measure to repeal the Gallagher Amendment was on the ballot in November 2020
and passed. For assessment year 2021 / collection year 2022, the residential assessment rate was fixed at 7.15%
and the non-residential assessment rate is fixed at 29%. The state legislature may reduce assessment rates, and has
reduced the assessment rates for certain types of properties, but the assessment rates may only be increased by
taxpayer vote. Late in the 2023 legislative session, SB 23-303 was introduced and passed. SB 23-303 refers a ballot
measure for the November 2023 election that would reduce residential property assessment rates for 2023 and 2024
and future years.
Historically, the agricultural industry has played a significant role in the Weld County economy. Agricultural production
continues to be an important local economic factor. Corn, wheat, and sugar beets remain some of the primary crops
grown in the area. The local dairy market has benefitted from the construction and expansion of a cheese factory in
Greeley. The cheese factory has become one of Weld County's major employers. The economy continues to benefit
from two meat processors who are both major employers in Weld County.
In the summer of 2017, a national food company began construction of a plant in the southwest area of the district.
The plant began operations in July 2019. The plant has grown to be a major employer in Weld County.
As the High Plains Library District looks to 2023 and beyond, a number of challenges face the District to meet the ever
changing and growing demands of its patrons to maintain the quality of service and product offerings that the patrons
have grown to expect from their library district. The additional production of oil and gas during recent years had
resulted in significant increases in the District's assessed value with the oil and gas production exceeding forty-nine
percent of the District's total assessed valuation for every fiscal year since 2017. Oil and gas production comprised
over 57% of the District's total assessed value for fiscal year 2019, over 63% for fiscal year 2020, and almost 58% for
2021. Oil and gas production decreased to 43% of the District's assessed valuation for 2022 and increased to 63% of
the District's assessed valuation for 2023. Because of the volatility of production levels and price fluctuations of the oil
and gas market, the District must prudently manage the property tax revenue created by the energy development. To
assist the Board of Trustees in managing volatility in property tax revenue will be the continued utilization of the Capital
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Improvement Program, five-year planning horizon, and the ten-year forecast model used during the annual budget
preparation.
Although the financial health of the HPLD is currently excellent, it is important to look to the future issues, possible
problems and alternative solutions to these problems. Besides the traditional role of budgeting to responsibly manage
available current year funding, there must be a continued emphasis on long-term planning, recognition of the
cumulative effect of individual decisions, an awareness of changing realities, flexibility, patron input in setting priorities,
and a focus of goals and objectives consistent with the core philosophy and mission statement. Prioritizing services is
essential and a practice that the HPLD does annually. It allows the HPLD to concentrate on high priority programs and
cease providing those patrons have little or no interest in.
Long-term financial planning: The District's annual budget process includes the preparation of a five-year capital
improvement plan (CIP) and a ten-year forecast of revenues and expenditures. The CIP identifies major construction
and equipment needs that are on the horizon, as well as projections of those revenues dedicated for capital
purchases. Also, of keen interest is the continued view beyond five years as to how operational expenditures will be
met by the known revenue sources.
A key component of the CIP is the District's commitment to maintaining its current infrastructure. Buildings and
parking lots are evaluated annually, with resources dedicated to keeping infrastructure at acceptable quality levels and
avoiding more costly major repairs and reconstruction. While the five-year CIP is a planning tool that is subject to
change, it allows the District to prepare for major capital needs as well as match those needs with the appropriate
projected revenue sources.
Relevant financial policies: The Colorado Constitutional Amendment passed in November 1992, commonly known
as the Taxpayer Bill of Rights (TABOR), restricts growth in governmental spending and revenues, with those amounts
adjusted annually for inflation and a local growth factor. In November 1999, Weld County voters approved a
referendum that allowed the HPLD to retain revenues that might otherwise have been refundable to citizens under the
TABOR limits. As a result, the HPLD is able to retain any revenues that exceed those TABOR limits and spend them
for capital improvements, district operations and services, and other patron purposes. The District continues to be
subject to other provisions of TABOR, including maintaining an emergency reserve equal to 3 percent of annual
spending and the requirement for elections to approve any tax increase.
Major initiatives: HPLD budgeted revenues for fiscal year 2022 decreased by $9,712,070 or 21.48% compared to
2021
After beginning his work with HPLD in April 2018, One of Dr. Hortt's first projects was to develop a strategic plan for
High Plains Library District. This involved holding focus groups with community members throughout the library
district, meeting with other governmental and non-profit organizations, and having discussions with community leaders,
board members, and staff. Dr. Hortt used the input from these stakeholders to develop a strategic plan that was
presented to and approved by the board in November 2018. During 2019, work began on several of the strategic plan
initiatives. In 2022, progress continued to be made on strategic plan initiatives. During 2023, HPLD is continuing the
journey of continuous improvement and updating the strategic plan.
In September 2021, HPLD had a groundbreaking for construction at LINC (Library INnovation Center). Construction at
LINC continued through all of 2022 and into 2023. HPLD opened LINC on May 13, 2023.
HPLD continued collaboration with the Immigrant and Refugee Center to provide citizenship and ESL classes.
HPLD continues work to help bridge the digital divide. HPLD has obtained and placed mobile WiFi access points at
strategic locations in the community. WiFi units are also made available for check out.
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Awards and Acknowledgements
The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of
Achievement for Excellence in Financial Reporting to the High Plains Library District for its annual comprehensive
financial report for the fiscal year ended December 31, 2021. This was the twentieth consecutive year that the High
Plains Library District has received this prestigious award. In order to be awarded a Certificate of Achievement, a
government must publish an easily readable and efficiently organized annual comprehensive financial report. This
report must satisfy both generally accepted accounting principles and applicable legal requirements.
A Certificate of Achievement is valid for a period of one year only. We believe that our current annual comprehensive
financial report continues to meet the Certificate of Achievement Program's requirements and we are submitting it to
the GFOA to determine its eligibility for another certificate.
The preparation of this report would not have been possible without the efficient and dedicated services of the entire
staff of the finance and administration departments. We would like to express our appreciation to all members of the
District who assisted and contributed to the preparation of this report. Credit also must be given to the Board of
Trustees for their unfailing support for maintaining the highest standards of professionalism in the management of the
High Plains Library District's finances. We would also like to express our appreciation to the audit firm of Anderson &
Whitney, P.C. who provided guidance in preparing the annual report.
Respectfully submitted,
2_
Dr. Matthew Hortt
Executive Director
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Natalie Wertz, CPA, CFE
Finance Manager
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HIGH PLAINS LIBRARY DISTRICT
PRINCIPAL DISTRICT OFFICIALS
Dr. Matthew Hortt Executive Director
Marjorie Elwood Associate Director of Public Services
Eric Ewing Associate Director of Human Resources
Rosa Granado Associate Director of Public Services
Rebecca Libersat Collection Resources Manager
James Melena Community Relations and Marketing Manager
Niamh Mercer Foundation Director
Elena Rosenfeld Community Engagement and Strategies Manager
Susan Staples Information Technology and Innovation Manager
Natalie Wertz Finance Manager
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High Plains Library District
Support Services
Associate
Director of
Public Services
Collection
Resources
Branch
Services
Executive
Assistant
Associate
Director of
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Engagement
r
Community
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r Manager
Board of
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Community
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Graphics &
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Creative
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Manager
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Technician
Manager of
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Engineers
IT Applications
Engineer
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IT Technicians
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Director of
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HR
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Government Finance Officers Association
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
High Plains Library District
Colorado
For its Annual Comprehensive
Financial Report
For the Fiscal Year Ended
December 31, 2021
al,� .rs P 7001
Executive Director/CEO
ANdERSON
oWl-iimEy
•••••
Independent Auditors' Report
Board of Trustees
High Plains Library District
Greeley, Colorado
Opinions
A Professional Corporation of
Certified Public Accountants
We have audited the accompanying balance sheet/statement of net position, and the statement of
revenues, expenditures and changes in fund balance/statement of activities of the governmental activities
and the major fund and the budgetary comparison statement of the High Plains Library District (the
District) as of and for the year ended December 31, 2022, and the related notes to the financial
statements.
In our opinion, the accompanying financial statements present fairly, in all material respects, the
financial position of the governmental activities and each major fund of High Plains Library District as of
December 31, 2022, and the changes in its financial position and the budgetary comparison for the year
then ended, in accordance with accounting principles generally accepted in the United States of America.
Basis for Opinions
We conducted our audits in accordance with auditing standards generally accepted in the United
States of America (GAAS). Our responsibilities under those standards are further described in the
Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are required
to be independent of the District and to meet our other ethical responsibilities, in accordance with the
relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our audit opinion.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in
accordance with accounting principles generally accepted in the United States of America, and for the
design, implementation, and maintenance of internal control relevant to the preparation and fair
presentation of financial statements that are free from material misstatement, whether due to fraud or
error.
In preparing the financial statements, management is required to evaluate whether there are
conditions or events, considered in the aggregate, that raise substantial doubt about the District's ability
to continue as a going concern within one year after the date that the financial statements are issued or
available to be issued.
-11-
5801 West 11th Street . Suite 300 (970) 352-7990
Greeley, Colorado 80634-4813 www.awhitney.com
Board of Trustees
High Plains Library District
Page 2
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a
whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report
that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute
assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always
detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting
from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of internal control. Misstatements are considered material
if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment
made by a reasonable user based on the financial statements.
In performing an audit in accordance with GAAS, we:
Exercise professional judgment and maintain professional skepticism throughout the audit.
Identify and assess the risks of material misstatement of the financial statements, whether due to
fraud or error, and design and perform audit procedures responsive to those risks. Such
procedures include examining, on a test basis, evidence regarding the amounts and disclosures
in the financial statements.
Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the District's internal control. Accordingly, no such opinion is
expressed.
Evaluate the appropriateness of accounting policies used and the reasonableness of significant
accounting estimates made by management, as well as evaluate the overall presentation of the
financial statements.
Conclude whether, in our judgment, there are conditions or events, considered in the aggregate,
that raise substantial doubt about the District's ability to continue as a going concern for a
reasonable period of time.
We are required to communicate with those charged with governance regarding, among other
matters, the planned scope and timing of the audit, significant audit findings, and certain internal control —
related matters that we identified during the audit.
Other Matters
Accounting principles generally accepted in the United States require that management
discussion and analysis be presented to supplement the basic financial statements. Such information is
the responsibility of management and, although not a part of the basic financial statements, is required by
the Governmental Accounting Standards Board who considers it to be an essential part of financial
reporting for placing the basic financial statements in an appropriate operational, economic, or historical
context. We have applied certain limited procedures to the required supplementary information in
accordance with auditing standards generally accepted in the United States, which consisted of inquiries
of management about the methods of preparing the information and comparing the information for
consistency with management's responses to our inquiries, the basic financial statements, and other
knowledge we obtained during our audit of the basic financial statements. We do not express an opinion
or provide any assurance on the information because the limited procedures do not provide us with
evidence sufficient to express an opinion or provide any assurance.
Our audit was conducted for the purpose of forming an opinion on the basic financial statements
taken as a whole. The introductory section and statistical section have not been subjected to the auditing
procedures applied in the audit of the basic financial statements and, accordingly, we express no opinion
on them.
June 12, 2023
- 12 -
MANAGEMENT'S DISCUSSION AND ANALYSIS
This section of the report provides readers with a narrative overview and analysis of the financial activities
of the High Plains Library District for the year ended December 31, 2022. We encourage readers to
consider the information presented here in conjunction with the letter of transmittal and basic financial
statements to enhance their understanding of the District's financial performance.
FINANCIAL HIGHLIGHTS
• High Plains Library District's assets exceeded liabilities and deferred inflows by $132.4 million at the end
of 2022. Of this amount, approximately $65.5 million may be used to meet the District's ongoing
obligations to patrons and creditors. The remaining $66.9 million are capital assets or are restricted by
law.
• The District's General Fund balance was $64,612,291 as of December 31, 2022. Of this amount,
$1,027,545 is reserved for emergencies.
• The 2022 General Fund balance is $12,398,971 lower than the previous year. The total fund balance is
128% of 2022 General Fund expenditures.
OVERVIEW OF THE FINANCIAL STATEMENTS
This discussion and analysis is intended to serve as an introduction to the District's basic financial
statements. The basic financial statements contain three components: 1) government -wide financial
statements, 2) fund financial statements, and 3) notes to the financial statements. In addition to the basic
statements, this report also contains other supplementary information including budgetary comparison
statements for certain funds, and a statistical section.
Government -wide Financial Statements: The government -wide financial statements are designed to
provide readers with a broad overview of the District's finances in a manner similar to a private sector
business.
The statement of net position presents information on all of the District's assets, liabilities, and deferred
resources, with the difference reported as net position. Over time, increases or decreases in net position
may serve as a useful indicator of whether the District's financial position is improving or deteriorating.
The statement of activities presents information showing how the government's net position changed
during the year. All changes in net position are reported as soon as the underlying event giving rise to
the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are
reported in the statement for some items that will only result in cash flows in future fiscal periods (e.g.,
uncollected taxes).
The government -wide financial statements can be found on pages 18-22 of this report.
Fund financial statements: A fund is a grouping of related accounts that is used to maintain control
over resources that have been segregated for specific activities or objectives. High Plains Library District,
like other state and local governments, uses fund accounting to ensure and demonstrate compliance with
finance -related legal requirements. All of the funds of the High Plains Library District can be categorized
as governmental funds.
Governmental funds: Governmental funds are used to account for essentially the same functions
reported as governmental activities in the government -wide financial statements. However, unlike the
government -wide financial statements, governmental fund financial statements focus on near -term inflows
and outflows of spendable resources, as well as on balances of spendable resources available at the end
of the fiscal year. Such information may be useful in evaluating a government's near -term financing
requirements.
-13-
Because the focus of governmental funds is narrower than that of the government -wide financial
statements, it is useful to compare the information presented for governmental funds with similar
information presented for governmental activities in the government -wide financial statements. By doing
so, readers may better understand the long-term impact of the government's near -term financing
decisions. Both the governmental funds balance sheet and the governmental funds statement of
revenues, expenditures, and changes in fund balances provide a reconciliation to facilitate this
comparison between governmental funds and governmental activities.
The basic governmental fund financial statements can be found on pages 18 through 22 of this report.
Budgetary comparisons: High Plains Library District adopts an annual appropriated budget for its
funds. A budgetary comparison statement has been provided for the General Fund on pages 21 to 22 of
this report.
Notes to the financial statements: The notes provide additional information that is essential to a full
understanding of the data provided in the government -wide and fund financial statements. The notes to
the financial statements can be found on pages 23 through 34 of this report.
GOVERNMENT -WIDE FINANCIAL ANALYSIS
Net position: As noted earlier, net position may serve over time as a useful indicator of a government's
financial position. As of December 31, 2022, net position was $132.4 million.
The following table provides a summary of the District's net position at December 31:
Table
1
-
Net
position
(in
Millions)
2022
2021
Assets
Current
and
other
assets
$120.6
$112.5
Capital
assets
68.5
45.6
Total
assets
189.1
158.1
Liabilities
Current
and
other
liabilities
4.1
1.5
Long-term
liabilities
.7
.7
Total
liabilities
4.8
2.2
Deferred
Inflows
Deferred
Property
Taxes
51.9
34.0
Net
Position
Investment
in capital
assets
65.9
44.7
Restricted
1.0
1.3
Unrestricted
65.5
75.9
Total
net
position
$132.4
$121.9
A significant portion of High Plains Library District's net position (49%) represents unrestricted net position
of $65,473,930, which may be used to meet the Library District's ongoing obligations to citizens and
creditors.
Another significant portion of the Library District's net position (50%) reflects its investment in capital
assets. These assets include land, buildings, furniture, and equipment. These capital assets are used to
provide services to citizens; consequently, they are not available for future spending. Although the
investment in capital assets is reported net of related debt if any, it should be noted that the resources
needed to repay this debt must be provided from other sources since the capital assets themselves
cannot be used to liquidate these liabilities.
An additional $1,027,545 of the District's net position (1%) represents resources that are subject to
external restrictions on how they may be used. Included in this category are the reserves for TABOR
emergency requirements.
The following table indicates the changes in net position:
Governmental Activities
2022 2021
Revenues:
General revenues:
Property and specific ownership taxes
Investment earnings
Program revenues:
Charges for services
Operating grants and contributions
$36,323,302 $ 46,402,215
1,145,248 34,119
121,123 210,291
457,525 119,410
Total revenues
38,047,198 46,846,035
Expenses:
Library services
Operations and maintenance
Depreciation
21,692,677 23,193,822
4,418,126 3,533,911
1,449, 842 1,347,405
Total expenses
27,560,645 28,075,138
Increase in net position
Beginning net position
10,486,553 18,770,897
121, 913, 561 103,142,664
Ending net position $132,400,114 $ 121,913,561
Governmental activities
Governmental activities increased High Plains Library District's net position by $10,486,553 in 2022.
Investment earnings increased approximately $1,111,129 from 2021 to 2022 because better returns.
Expenses totaled a (2%) decrease over the previous year.
-15-
FINANCIAL ANALYSIS OF THE LIBRARY DISTRICT'S FUNDS
As noted earlier, High Plains Library District uses fund accounting to ensure and demonstrate compliance
with finance -related legal requirements.
Governmental Funds Overview: The focus of Library District governmental funds is to provide information
on near -term inflows, outflows, and balances of spendable resources. Such information is useful in
assessing the Library District's financing requirements. In particular, unrestricted fund balance may serve
as a useful measure of a government's net resources available for spending at the end of the year.
As of the end of 2022, the combined ending fund balance of High Plains Library District governmental
fund was $64.6 million. Approximately 99% of this consists of unrestricted fund balance. which is
available as working capital and for current spending in accordance with the purposes of the specific
funds. The remainder of fund balance is restricted to indicate that it is not available for new spending
because it is committed for the following purposes: 1) state -constitution mandated emergency reserve of
$1,027,545.
The District has one major governmental fund:
1. General Fund. This is the primary operating fund of the High Plains Library District. It accounts
for all of the District's library services. The general fund balance was $64.6 million as of
December 31, 2022. The 2022 fund balance is $12.4 million less than the previous year. As a
measure of the General Fund liquidity, it may be useful to compare both unrestricted fund
balance and total fund balance to total fund expenditures and transfers out. Unrestricted fund
balance represents 126% of total 2022 expenditures while total fund balance is 128% of the same
amount. The fund balance decreased in 2022 due to higher levels of capital outlay.
GENERAL FUND BUDGETARY HIGHLIGHTS
The District's budget is prepared according to Colorado statutes. The most significant budgeted fund is
the General Fund.
In December of 2021, the Board of Trustees appropriated $59.6 million for 2022 general fund
expenditures, anticipating a decrease in the fund balance.
Table
2022 General
Fund
Budget
(in
Millions)
Budget
Actual
Beginning
Fund
Balance
$ 77.0
$ 77.0
Revenue
35.5
38.0
Expenditures
59.6
50.4
Ending
Fund
Balance
$ 52.9
$ 64.6
CAPITAL ASSET AND DEBT ADMINISTRATION
Capital Assets: High Plains Library District's investment in capital assets for its governmental activities
as of December 31, 2022 totals $68.5 million (net of accumulated depreciation). This investment includes
all land, buildings, opening day collections, furniture, and equipment.
Additional information on the District's capital assets can be found in Note 4 of this report.
Long-term debt: At December 31, 2022, High Plains Library District had $0 in outstanding debt as it was
paid off during 2019.
OTHER MATTERS
The following factors are expected to have a significant effect on the High Plains Library District's financial
position or results of operations and were taken into account in developing the 2023 budget:
HPLD budgeted revenues for fiscal year 2023 increased significantly compared to 2022. The
2023 budget includes funds to complete the new Library Innovation Center and develop the
Grover access point.
Continued growth in Weld County causes increased demands in all service areas of the library
system.
Oil and gas property tax revenues continue to be very volatile. Property tax revenue is expected
to increase by 52% in 2023 compared to 2022. Budgeted expenditures for 2023 include funding
to meet the demands placed by our patrons for library materials as well as programing for all
ages and just over $16.5 million for capital improvements.
REQUESTS FOR INFORMATION
This financial report is designed to provide a general overview of High Plains Library District's finances for
all those with an interest in the District's finances. Questions concerning any of the information provided
or for additional financial information should be addressed to the Finance Manager, 2650 West 29th Street
Greeley, CO 80631.
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HIGH PLAINS LIBRARY DISTRICT
GOVERNMENTAL FUNDS BALANCE SHEET/
STATEMENT OF NET POSITION
December 31, 2022
General Adjustments Statement of
Fund (Note 10) Net Position
ASSETS
Cash and Investments
Receivables:
Property taxes
Other assets
Capital Assets:
Depreciable
Nondepreciable
$ 68,174,083 $ $ 68,174,083
51,878,812 51,878,812
606,123 606,123
- 35,048,307 35,048,307
- 33,415,320 33,415,320
Total Assets
120,659,018 68,463,627 189,122,645
LIABILITIES
Accounts Payable
Accrued Costs
Long -Term Liabilities:
Due after one year
3,907,949 3,907,949
259,966 259,966
675,804 675,804
Total Liabilities
4,167,915 675,804 4,843,719
DEFERRED INFLOWS OF RESOURCES
Deferred Property Taxes
51,878,812 51,878,812
FUND BALANCES/NET POSITION
Fund Balances:
Restricted for:
Emergencies
Assigned for capital projects
Unassigned
1,027,545
63,584,746
(1,027,545)
(63,584,746)
Total Fund Balances 64,612,291 (64,612,291)
Total Liabilities and Fund Balances $ 120,659,018
Net Position:
Investment in capital assets
Restricted for emergencies
Unrestricted
65,898,639 65,898,639
1,027,545 1,027,545
65,473,930 65,473,930
Total Net Position $ 132,400,114 $ 132,400,114
See Accompanying Notes to Financial Statements.
-18-
HIGH PLAINS LIBRARY DISTRICT
STATEMENT OF GOVERNMENTAL FUNDS REVENUE,
EXPENDITURES AND CHANGE IN FUND BALANCES/
STATEMENT OF ACTIVITIES
Year Ended December 31, 2022
General Adjustments Statement of
Fund (Note 11) Activities
Revenue:
General property taxes
Specific ownership taxes
Penalties and interest
on delinquent taxes
Library fines
Earnings on investments
Grant
Miscellaneous
$ 34,251,493 $ - $ 34,251,493
2,071,809 - 2,071,809
44,273
29,177
1,145,248
457,525
47,673
44,273
29,177
1,145,248
457,525
47,673
Total Revenue
38,047,198 38,047,198
Expenditures/Expenses:
Current:
Salaries, wages, and benefits
Supplies
Small equipment
Software
Postage
Printing
Book collections
Periodicals
Public relations
Electronic resources
CD and online databases
Telephone
Contract services
Buildings and grounds
Travel and meetings
County Treasurer's fees
Maintenance of equipment
Memberships
Miscellaneous
Insurance
Utilities
Grants-in-aid: property taxes
to member libraries (Note 3)
Depreciation
11,677,700
362,846
35,538
334,135
21,931
24,011
688,718
30,901
57,414
645,313
38,309
220,605
1,524,029
355,235
87,964
512,077
1,385,865
24,294
1,150
107,836
524,556
7,459,980
(9,604) 11,668,096
362,846
35,538
334,135
- 21,931
24,011
688,718
30,901
57,414
- 645,313
38,309
220,605
1,524,029
355,235
87,964
512,077
- 1,385,865
- 24,294
1,150
107,836
524,556
7,459,980
1,449,842 1,449,842
Total Current 26,120,407 1,440,238 27,560,645
Continued on next page.
-19-
HIGH PLAINS LIBRARY DISTRICT
STATEMENT OF GOVERNMENTAL FUNDS REVENUE,
EXPENDITURES AND CHANGE IN FUND BALANCES/
STATEMENT OF ACTIVITIES -
Continued
Year Ended December 31, 2021
General Adjustments Statement of
Fund (Note 11) Activities
Expenditures/Expenses - Continued:
Capital Outlay
$ 24,325,762 $ (24,325,762) $
Total Expenditures/Expenses
50,446,169 (22,885,524) 27,560,645
Revenue Over (Under) Expenditures
Other Financing Sources (Uses):
Transfers - internal activities
(12,398,971) 22,885,524 10,486,553
Net Change in Fund Balances/Net Position (12,398,971) 22,885,524 10,486,553
Fund Balances/Net Position, Beginning of Yea] 77,011,262 44,902,299 121,913,561
Fund Balances/Net Position, End of Year $ 64,612,291 $ 67,787,823 $132,400,114
See Accompanying Notes to Financial Statements.
-20-
HIGH PLAINS LIBRARY DISTRICT
BUDGETARY COMPARISON STATEMENT - GENERAL FUND
Original and Final
Year Ended December 31, 2022 Actual Budget Variance
Revenue:
General property taxes $ 34,251,493 $ 34,032,044 $ 219,449
Specific ownership taxes 2,071,809 1,200,000 871,809
Penalties and interest on delinquent taxes 44,273 - 44,273
Grants 457,525 160,256 297,269
Library fines 29,177 25,000 4,177
Earnings on investments 1,145,248 80,000 1,065,248
Miscellaneous 47,673 8,000 39,673
Total Revenue 38,047,198 35,505,300 2,541,898
Expenditures:
Current:
Salaries, wages, and benefits 11,677,700 13,006,571 1,328,871
Supplies 362,846 480,694 117,848
Small equipment 35,538 70,500 34,962
Software 334,135 310,376 (23,759)
Postage 21,931 36,844 14,913
Printing 24,011 19,300 (4,711)
Book collection 688,718 577,000 (111,718)
Periodicals 30,901 61,000 30,099
Public relations 57,414 50,540 (6,874)
Electronic resources 645,313 767,900 122,587
CD and Online databases 38,309 54,700 16,391
Telephone 220,605 328,924 108,319
Contract services 1,524,029 1,241,125 (282,904)
Buildings and grounds 355,235 276,000 (79,235)
Travel, training, and meetings 87,964 118,962 30,998
County Treasurer's fees 512,077 550,000 37,923
Maintenance of equipment 1,385,865 1,336,321 (49,544)
Memberships 24,294 23,461 (833)
Miscellaneous 1,150 8,630 7,480
Insurance 107,836 125,000 17,164
Utilities 524,556 467,535 (57,021)
Grants-in-aid: property taxes
to member libraries (Note 3) 7,459,980 7,444,469 (15,511)
Total Current 26,120,407 27,355,852 1,235,445
Capital Outlay 24,325,762 32,211,024 7,885,262
Total Expenditures 50,446,169 59,566,876 9,120,707
Continued on next page.
-21-
HIGH PLAINS LIBRARY DISTRICT
BUDGETARY COMPARISON STATEMENT - GENERAL FUND -
Continued
Original
Year Ended December 31, 2022 Actual Budget
Variance
Revenue Over Expenditures $ (12,398,971) $ (24,061,576) $ 11,662,605
Other Financing Sources (Uses):
Transfer to Debt Service Fund
Excess of Revenue Over Expenditures and
Other Financing Sources (Uses)
(12,398,971) (24,061,576) 11,662,605
Fund Balance - Beginning 77,011,262 77,011,262
Fund Balance - Ending $ 64,612,291 $ 52,949,686 $ 11,662,605
See Accompanying Notes to Financial Statements.
-22-
HIGH PLAINS LIBRARY DISTRICT
NOTES TO FINANCIAL STATEMENTS
NOTE 1 - Summary of Significant Accounting Policies:
The accounting and reporting policies of the High Plains Library District (the District)
conform to accounting principles generally accepted in the United States. The following
summary of significant accounting policies is presented to assist the reader in evaluating
the District's financial statements.
Reporting Entity:
The Weld Library District was established on September 11, 1985, under the provisions
of Article 90 of Title 24 of the Colorado Revised Statutes. The Weld County
Commissioners together with the city councils of Evans, Fort Lupton, and Greeley, and
the town boards of Ault, Eaton, and Hudson, Colorado, and the governing board of
Weld School District RE -8 acted to establish the Weld Library District. On April 21,
2008, the District's Board of Trustees approved a name change to the High Plains
Library District. The Library District Board was originally appointed by the Weld
County Commissioners with concurrence of the city councils and has total autonomy
under the State Library Act to incur debt, establish budgets, and levy property taxes to
support the District's library system.
In addition, the Weld Library Finance Corporation was formed in 2001 for the purpose
of purchasing, leasing, or otherwise acquiring certain real property and to construct or
install certain improvements in the service area of the District. The Weld Library
Finance Corporation is blended with the financial statements of the District.
The financial statements of the District have been prepared in conformity with
accounting principles generally accepted in the United States as applied to
governmental entities. The following summary of significant accounting policies is
presented to assist the reader in evaluating the District's financial statements.
Government -wide and Fund Financial Statements:
The District reports as a special purpose government engaged in a single governmental
program. The government -wide financial statements (i.e., the statement of net position
and the statement of activities) report information on all of the activities of the primary
government. For the most part, the effect of interfund activity has been removed from
these statements. Government activities are supported by taxes and intergovernmental
revenues.
Separate financial statements are provided for the governmental funds. Major
individual governmental funds are reported as separate columns in the fund financial
statements.
- 23 -
HIGH PLAINS LIBRARY DISTRICT
NOTES TO FINANCIAL STATEMENTS
NOTE 1 - Summary of Significant Accounting Policies - Continued:
Measurement Focus, Basis of Accounting, and Financial Statement Presentation:
The government -wide financial statements are reported using the economic resources
measurement focus and the accrual basis of accounting. Revenues are recorded when
earned and expenses are recorded when a liability is incurred, regardless of the timing
of related cash flows. Property taxes are recognized as revenues in the year for which
they are levied. Grants and similar items are recognized as revenue as soon as all
eligibility requirements imposed by the provider have been met.
Governmental fund financial statements are reported using the current financial
resources measurement focus and the modified accrual basis of accounting. Revenues
are recognized as soon as they are both measurable and available. Revenues are
considered to be available when they are collectible within a current period or soon
enough thereafter to pay liabilities of the current period. For this purpose, the
government considers revenues to be available if they are collected within 60 days of
the end of the current fiscal period. Expenditures generally are recorded when a
liability is incurred, as under accrual accounting. However, debt service expenditures,
as well as expenditures related to compensated absences and claims and judgments, are
recorded only when payment is due.
Property taxes and interest associated with the current year are all considered to be
susceptible to accrual and so have been recognized as revenues of the current fiscal
period. All other revenue items are considered to be measurable and available only
when cash is received by the District.
The District reports the following major governmental fund:
The general fund is the District's primary operating fund. It accounts for all financial
resources of the District, except those required to be accounted for in another fund.
Fund Equity:
In the fund financial statements, governmental funds report restrictions of fund balance
for amounts that are not available for appropriation or are legally restricted by outside
parties for use for a specific purpose.
Restrictions for the District are recorded up to the maximum equity available in the
fund balance and consist of:
- 24 -
HIGH PLAINS LIBRARY DISTRICT
NOTES TO FINANCIAL STATEMENTS
NOTE 1 - Summary of Significant Accounting Policies - Continued:
Fund Equity — Continued:
Restricted for Emergencies:
These restrictions are established to comply with TABOR. Recorded TABOR
restrictions at December 31, 2022 are $1,027,545.
Assigned fund balances, if any, are amounts the District intends to use for a specific
purpose. Intent can be expressed by the Board of Trustees or by the executive director,
to whom the Board delegated the authority. Fund balance may be assigned after the end
of the reporting period. Restricted funds are considered to be spent first, followed by
committed, assigned and unassigned, for an expenditure for which any could be used.
Net Position:
Net position represents the difference between assets and liabilities. Net investment in
capital assets consists of capital assets, net of accumulated depreciation, reduced by the
outstanding balances of any borrowing used for the acquisition and construction of
those assets. Net position is reported as restricted when there are limitations imposed
on their use either through the enabling legislation adopted by the District or through
external restrictions imposed by creditors, grantors, laws, or regulations of other
governments.
The District first applies restricted resources when an expense is incurred for purposes
for which both restricted and unrestricted net position is available.
Budget:
An annual budget and appropriation ordinance is adopted by the Board in accordance
with the Colorado State Budget Law. The budget is prepared on a basis consistent with
accounting principles generally accepted in the United States for all governmental
funds. The accounting system is employed as a budgetary management control device
during the year to monitor the individual expenditures. The legal level of control is at
the fund level. All annual appropriations lapse at year end.
- 25 -
HIGH PLAINS LIBRARY DISTRICT
NOTES TO FINANCIAL STATEMENTS
NOTE 1 - Summary of Significant Accounting Policies - Continued:
Capital Assets:
All capital assets are valued at historical cost or estimated historical cost if actual
historical cost is not available. Donated capital assets are valued at their acquisition
value on the date donated. Acquisitions of capital assets are recorded as capital outlay
expenditures within the governmental funds. The District's capitalization level is
$5,000.
Capital assets are depreciated as appropriate for the government -wide statement of
activities. Depreciation is provided on the straight-line basis over useful lives ranging
from three years for computer equipment to fifty years for buildings.
The library's "opening day" collection of books and other materials is capitalized at
estimated historical cost. As individual items are replaced or updated as necessary, the
collection is considered inexhaustible and is not depreciated. Subsequent purchases of
materials are not capitalized unless they significantly expand the opening day
collection.
Property Taxes:
Property taxes attach as an enforceable lien on property as of January 1. Taxes are
levied no later than December 15 and are payable in two installments on February 28
and June 15 or in full on April 30. The District records delinquent tax payments in the
year received, as delinquent taxes are believed to be uncollectible. The Weld County
Treasurer and the Boulder County Treasurer bill and collect the property taxes for the
District.
The original January 1, 2022, levies for the general fund of the District are as follows:
Mill Levy Amount
General Fund 3.181 $34,032,044
Property tax revenue is reported net of approximately $1,133,235 of property tax
abatements for the year ended December 31, 2022. Numerous tax increment financing
districts have been established by municipalities in the District.
- 26 -
HIGH PLAINS LIBRARY DISTRICT
NOTES TO FINANCIAL STATEMENTS
NOTE 1 - Summary of Significant Accounting Policies - Continued:
Vacation and Sick Leave:
Accrued sick leave for the District is accounted for in the government -wide statement
of net position. Sick leave is earned when vested and recorded as expenditure in the
general fund when paid. In the event of retirement or termination, an employee whose
date of hire is prior to January 1, 1985, is paid for 50% of accumulated sick -leave hours
up to the equivalent of one month.
Accrued vacation for the District is accounted for in the government -wide statement of
net position. The maximum accumulation is two times the annual accrual. Upon
termination or retirement, employees are paid for their accrued vacation. Accrued
vacation is recorded as expenditure in the General Fund when paid.
Investments:
Short-term investments are reported at fair value.
NOTE 2 - Cash and Investments:
The District's bank accounts at year end were entirely covered by federal depository
insurance or by collateral held by the District's custodial bank under provisions of the
Colorado Public Deposit Protection Act.
The Colorado Public Deposit Protection act requires financial institutions to pledge
collateral having a market value of at least 102% of the aggregate public deposits not
insured by federal depository insurance. Eligible collateral includes municipal bonds,
U.S. government securities, mortgages and deeds of trust.
State statutes authorize the District to invest in obligations of the U.S. Treasury and U.S.
agencies, obligations of the state of Colorado or of any county, school district, and certain
towns and cities therein, notes or bonds secured by insured mortgages or trust deeds,
obligations of national mortgage associations, and certain repurchase agreements.
The District's investment policy is not more restrictive than State statutes. The District's
investments are concentrated in money market funds and local government investment
pools (97%) and U.S. Treasury sponsored agency bonds (3%).
Colorado Revised Statutes limit investment maturities to five years or less from the date
of purchase. This limit on investment maturities is a means of limiting exposure to fair
values arising from increasing interest rates.
- 27 -
HIGH PLAINS LIBRARY DISTRICT
NOTES TO FINANCIAL STATEMENTS
NOTE 2 - Cash and Investments - Continued:
At December 31, 2022, the Library District held General Fund investments of
$40,286,517 in the Colorado Local Government Liquid Asset Trust (COLOTRUST
PLUS+). The investment pool is routinely monitored by the Colorado Division of
Securities with regard to operations and investments. Investments are valued at the net
asset value (NAV) with each share valued at $1.00. COLOTRUST PLUS+ is rated
AAAm by S&P Global Ratings. The District's interest is valued at NAV.
COLOTRUST PLUS+ portfolios may invest in U.S. Treasury securities, certain approved
obligations of agencies of the U.S. government, commercial paper rated in the highest
rating category, corporate securities rated at least AA-/Aa3, certain money market funds
registered as an investment company under the Federal Investment Company Act of 1940
and written repurchase agreements collateralized by U.S. Treasury securities or certain
approved obligations of U.S. government agencies. At December 31, 2022,
COLOTRUST PLUS+ had a weighted average maturity of 26 days to reset and 83 days
to final maturity. There are no unfunded commitments, the redemption frequency is daily
and there is no redemption notice period.
At December 31, 2022, the Library District held General Fund investments of
$15,182,026 in the Colorado Local Government Liquid Asset Trust (COLOTRUST
EDGE). COLOTRUST EDGE is a variable NAV fund managed to approximate a $10.00
per share price; shares are traded at the NAV calculated on transaction trade date.
COLOTRUST EDGE is rated AAAf/S 1 by FitchRatings.
COLOTRUST EDGE portfolios may invest in U.S. Treasury securities, certain approved
obligations of agencies of the U.S. government, commercial paper rated in the highest
rating category, corporate securities rated at least AA-/Aa3, certain money market funds
registered as an investment company under the Federal Investment Company Act of 1940
and written repurchase agreements collateralized by U.S. Treasury securities or certain
approved obligations of U.S. government agencies. At December 31, 2022,
COLOTRUST had a weighted average maturity of 96 days to reset and 151 days to final
maturity.
At December 31, 2022, the Library District held general fund investments of $10,399,688
in the Colorado Statewide Investment Program (CSIP). The investment pool is routinely
monitored by the Colorado Division of Securities with regard to operations and
investments. Investments are valued at the net asset value (NAV) with each share valued
at $1.00. CSIP is rated AAAmmf by FitchRatings. The District's interest is valued at
NAV.
- 28 -
HIGH PLAINS LIBRARY DISTRICT
NOTES TO FINANCIAL STATEMENTS
NOTE 2 - Cash and Investments - Continued:
CSIP portfolios may invest in U.S. Treasury securities and repurchase agreements
collateralized by U.S. Treasury securities. and certain obligations of U.S. government
agencies, highest rated commercial paper and any security allowed under CRS 24-75-
601. At December 31, 2022 CSIP had a weighted average maturity of 53 days to final
maturity. There are no unfunded commitments, the redemption frequency is daily and
there is no redemption notice period.
Investments held as of December 31, 2022 are as follows:
Cost Fair Value
U.S. Government Treasury and Sponsored Agency
Bonds, primarily FNMA, FFCB, and FHLB, maturing in
2022, rated AA+ by Standard & Poor's
$1,959,262 $1,960,105
Total $1,959,262 $1,960,105
Fair value is the price that would be received to sell an asset or paid to transfer a liability
in an orderly transaction between market participants at the measurement date. Fair value
measurements must maximize the use of observable inputs and minimize the use of
unobservable inputs. There is a hierarchy of three levels of inputs that may be used to
measure fair value:
Level 1 Quoted prices in active markets for identical assets or liabilities
Level 2 Observable inputs other than Level 1 prices, such as quoted prices for
similar assets or liabilities; quoted prices in markets that are not active;
or other inputs that are observable or can be corroborated by observable
market data for substantially the full term of the assets or liabilities
Level 3 Unobservable inputs supported by little or no market activity and are
significant to the fair value of the assets or liabilities
- 29 -
HIGH PLAINS LIBRARY DISTRICT
NOTES TO FINANCIAL STATEMENTS
NOTE 2 - Cash and Investments - Continued:
The following table presents the fair value measurements of assets and liabilities
recognized in the accompanying statement of net position measured at fair value on a
recurring basis and the level within the fair value hierarchy in which the fair value
measurements fall at December 31:
Description
December 31, 2022
U.S. Government Treasury and
Sponsored Agency Bonds
Fair Value Measurements at Reporting Date Using
Quoted Prices In Significant Other Significant
Active Markets for Observable Unobservable
Identical Assets Inputs Inputs
(Level 1) (Level 2) (Level3)
$ 1,960,105
NOTE 3 - Grants -In -Aid:
Cash grants-in-aid paid to member libraries for library services are listed below:
Year Ended December 31, 2022 Amount
Town of:
Ault
Eaton
Fort Lupton
Hudson
Johnstown
Platteville
$ 684,342
1,146,769
2,432,760
2,036,846
486,564
672,699
$ 7,459,980
Grants-in-aid are determined by the amount of property tax collected from incorporated
areas in those libraries defined service areas and are for library services. Additional
grants-in-aid in the form of equipment donations are also occasionally made.
- 30 -
HIGH PLAINS LIBRARY DISTRICT
NOTES TO FINANCIAL STATEMENTS
NOTE 4 — Capital Assets:
Capital asset activity for the year ended December 31, 2022 was as follows:
Balance, Deletions/ Balance,
1/1/22 Additions Transfers 12/31/22
Not Depreciated:
Land $ 716,670 $ -- $
Opening day book
collection 2,946,358 641,472
Construction in process 7,303,120 21,807,700
Depreciated:
Buildings 41,014,619 --
Building improvements 5,062,445 1,327,970
Equipment and furniture 5,005,012 548,620
$ 716,670
3,587,830
29,110,820
41,014,619
6,390,415
5,553,632
Total Cost
62,048,224 24,325,762 86,373,986
Less Accumulated
Depreciation:
Buildings 10,081,871 882,592
Building improvements 2,427,047 354,870
Equipment and furniture 3,951,599 212,380
10,964,463
2,781,917
4,163,979
Total Accumulated
Depreciation 16,460,517 1,449,842 -- 17,910,359
Capital Assets, net $ 45,587,707 $ 22,875,920 -- $ 68,463,627
Depreciation expense is substantially all related to library services.
NOTE 5 - Long -Term Liabilities:
Changes in long-term liabilities during the year were as follows:
Balance Balance Due Within
1/1/22 Additions Deletions 12/31/22 One Year
Compensated
Absences $ 685,408 21,691 31,295 $ 675,804 $ 486,900
$ 685,408 21,691 31,295 $ 675,804 $ 486,900
-31 -
HIGH PLAINS LIBRARY DISTRICT
NOTES TO FINANCIAL STATEMENTS
NOTE 6 - Consolidation Agreement with City of Greeley:
On December 28, 1990, the District entered into an intergovernmental agreement with the
City of Greeley to consolidate their operations. The agreement provides for the transfer
of the ownership and control of all of the Greeley Public Library to the District exclusive
of the building previously housing the Greeley Public Library along with all associated
appurtenances and fixtures.
In October 2019 the District signed a contract to purchase a building in downtown
Greeley for $4,000;000 in 2020. The purchase was finalized in March 2020 and no debt
was incurred. Construction commitments on the building renovation are approximately
$3,344,834 at December 31, 2022.
NOTE 7 - Risk Management:
The District is exposed to various risks of loss related to torts, theft of, damage to, and
destruction of assets, errors and omissions, and injuries to employees and natural
disasters.
The District purchases commercial insurance for risks of loss in excess of deductible
amounts. Insurance coverage has not been significantly reduced from prior years and
settlements have not exceeded insurance coverage in the past three years.
NOTE 8 - Taxpayer's Bill of Rights:
In November 1992, the voters of Colorado approved Amendment 1, commonly known as
the Taxpayer's Bill of Rights (TABOR), which added a new Section 20 to Article X of
the Colorado Constitution. TABOR contains tax, spending, revenue, and debt limitations
which apply to the State of Colorado and all local governments.
TABOR generally requires voter approval for any new tax, tax rate increase, mill levy
increase, or issuance of new debt. Spending not subject to TABOR includes that from
enterprise activities, gifts, federal funds, reserve expenditures, damage awards or property
sales.
Included in the accompanying financial statements in the General Fund is an emergency
reserve of $1,027,545 as required by TABOR. In November 1999, voters approved a
District mill levy increase of 1.8 mills and a resolution to exempt the increase from
TABOR. The mill levy shall be reduced by $1 million annually beginning in the
collection year of 2020.
TABOR is complex and subject to interpretation. Ultimate implementation may depend
upon litigation and legislative guidance.
- 32 -
HIGH PLAINS LIBRARY DISTRICT
NOTES TO FINANCIAL STATEMENTS
NOTE 9 — Retirement Plan:
The High Plains Library District pension plan is a single -employer, defined contribution
retirement plan. The plan provides retirement and death benefits to plan members and
beneficiaries. The Board of Trustees maintains the authority to establish and amend
provisions of the plan. Employees of the High Plains Library District who are hired to
work at least 30 hours per week and are at least 18 years of age are eligible to participate
in the plan. Participants are always 100% vested in their participant contributions and
become fully vested in the employer contributions after 5 years of service. The plan is
administered by John Hancock.
The contribution requirements of plan members and the District are established and
maintained by the Board of Trustees. Plan members are required to contribute 6% of
their annual covered payroll. The District is required to contribute 6% of annual covered
payroll. During 2022, employees contributed $446,970 and the District contributed
$427,805, net of $19,165 in forfeitures used, to the plan. The amount payable to the plan
at December 31, 2022 was $0.
NOTE 10 — Explanation of Adjustments Between Governmental Funds Balance Sheet and
the Statement of Net Position:
Amounts reported in the statement of net position are different because (see Note 11
also):
December 31
2022
Total fund balances of governmental funds
Capital assets used in governmental activities are not financial
resources and therefore are not reported in the funds
Long-term liabilities are not due and payable in the current period and
therefore are not reported in the funds
$ 64,612,291
68,463,627
(675,804)
Total Net Position $ 132,400,114
- 33 -
HIGH PLAINS LIBRARY DISTRICT
NOTES TO FINANCIAL STATEMENTS
NOTE 11 - Reconciliation of the Statement of Revenues, Expenditures, and Changes in
Fund Balances of Governmental Funds to the Statement of Activities:
Amounts reported for governmental activities in the statement of activities are different
because (see Note 10 also):
Year Ended December 31
2022
Net change in fund balances — total governmental funds
Governmental funds report capital outlays as expenditures. However,
in the statement of activities, the cost of those assets is allocated over
their estimated useful lives as a depreciation expense. This is the
amount by which capital outlay ($24,325,762) was more than
depreciation ($1,449,842) in the current year.
Compensated absence expense reported in the statement of activities
does not require the use of current financial resources and is not
reported as an expenditure in governmental funds
$ (12,398,971)
22,875,920
9,604
Change in Net Position of Governmental Activities $ 10,486,553
- 34 -
STATISTICAL SECTION-+
- 35 -
STATISTICAL SECTION
(unaudited)
This part of the High Plains Library District's comprehensive annual financial report presents
detailed information as a context for understanding what the information in the financial
statements, note disclosures, and required supplementary information says about the district's
overall financial health.
Contents
Financial Trends
These schedules contain trend information to help the reader understand
how the district's financial performance and well-being have changed
Revenue Capacity
Pages
3 7-42
These schedules contain information to help the reader assess the
district's most significant local revenue source, the property tax ... ... ... ... .....43-45
Debt Capacity
These schedules present information to help the reader assess the
affordability of the district's current levels of outstanding debt and the
district's ability to issue additional debt in the future... ......... ........ ...... .......46-48
Demographic and Economic Information
These schedules offer demographic and economic indicators to help the
reader understand the environment within which the district's financial
Operating Information
These schedules contain service data to help the reader understand
how the information in the district's financial report relates to the services
the district provides and the activities it performs... ... ... ... ... ... ... ... ... ... ... 51-53
Sources: Unless otherwise noted, the information in these schedules is derived from the
comprehensive annual financial reports for the relevant year.
- 36 -
High Plains Library District
Net Position by Component
Last Ten Years
(accrual basis of accounting)
Governmental activities
Net Investment in capital assets
Restricted for
Debt service
Emergencies
Unrestricted
Total governmental activities net position
Primary government
Net Investment in capital assets
Restricted
Unrestricted
Total primary government net position
2013 2014 2015 2016 2017 2018
2019 2020
2021 2022
$15,481,507 $22,620,113 $22,839,391 $31,182,064 $30,931,304 $ 31,173,769 $ 34,229,793 $ 42,796,713 $ 44,737,876 $ 65,898,639
931,956 933,107 934,901 956,155 957,200 965,467
598,917 684,707 862,082 1,123,404 872,179 824,477 1,004,893 1,329,302 1,325,736 1,027,545
14,596,825 11,910,752 18,464,841 21,298,931 29,741,271 38,051,949 47,742,865 59,016,649 75,849,949 65,473,930
$31,609,205 $36,148,679 $43,101,215 $54,560,554 $62,501,954 $ 71,015,662 $ 82,977,551 $103,142,664 $ 121,913,561 $ 132,400,114
15,481,507 22,620,113 22,839,391 31,182,064 30,931,304 31,173,769 34,229,793 42,796,713 44,737,876 65,898,639
1,530,873 1,617,814 1,796,983 2,079,559 1,829,379 1,789,944 1,004,893 1,329,302 1,325,736 1,027,545
14,596,825 11,910,752 18,464,841 21,298,931 29,741,271 38,051,949 47,742,865 59,016,649 75,849,949 65,473,930
$31,609,205 $36,148,679 $43,101,215 $54,560,554 $62,501,954 $ 71,015,662 $ 82,977,551 $103,142,664 $ 121,913,561 $ 132,400,114
High Plains Library District
Changes in Net Position
Last Ten Years
(accrual basis of accounting)
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Expenses
Govemmental activities:
General government
Interest on long term debt
Debt issuance costs
Total governmental activities expenses
Program Revenues
Govemmental activities:
Charges for services:
General government 176,750 174,026 156,912 101,381 89,100 85,288 62,673 97,484 136,790 73,450
Operating grants and contributions 185,227 137,247 192,479 122,808 76,675 137,901 119,644 277,707 272,911 505,198
Total governmental activities program revenues $ 361,977 $ 311,273 $ 349,391 $ 224,189 $ 165,775 $ 223,189 $ 182,317 $ 375,191 $ 409,701 $ 578,648
$ 16,840,316 $ 18,129,352 $ 21,711,526 $ 25,922,845 $ 21,448,708 $ 21,989,801 $ 25,126,790 $ 27,283,721 $ 28,075,138 $ 27,560,645
665,007 622,536 580,418 519,145 141,872 122,906 90,056
$ 17,505,323 $ 18,751,888 $ 22,291,944 $ 26,441,990 $ 21,590,580 22,112,707 26,216,846 27,283,721 28,075,138 27,560,645
Net
Govemmental activities
Total primary government net
General Revenues and Other Changes in
Net Assets
Governmental activities:
Taxes:
Property taxes
Specific ownership
Unrestricted investment earnings
Total governmental activities
Total primary government
Change in Net Position
Govemmental activities
Total primary government
$(17,143,346) $ (18,440,615) $ (21,942,553) $ (26,217,801) $ (21,424,805) $ (21,889,518) $(25,034,529) $ (26,908,530) $(27,665,437) $ (26,981,997)
$ 19,043,402 $ 21,048,874 $ 26,881,943 35,238,427 26,961,850 27,482,605 33,496,472 44,310,058 44,191,101 34,251,493
1,298,477 1,784,930 1,854,124 2,223,890 2,125,055 2,128,161 2,324,831 2,175,372 2,211,114 2,071,809
167,822 146,285 159,022 214,921 279,300 792,460 1,175,115 588,213 34,119 1,145,248
20,509,701 22,980,089 28,895,089 37,677,238 29,366,205 30,403,226 36,996,418 47,073,643 46,436,334 37,468,550
$ 20,509,701 $ 22,980,089 $ 28,895,089 $ 37,677,238 $ 29,366,205 $ 30,403,226 $ 36,996,418 $ 47,073,643 $ 46,436,334 $ 37,468,550
$ 3,366,355 $ 4,539,474 $ 6,952,536 $ 11,459,437 $ 7,941,400 $ 8,513,708 $ 11,961,889 $ 20,165,113 $ 18,770,897 $ 10,486,553
$ 3,366,355 $ 4,539,474 $ 6,952,536 $ 11,459,437 $ 7,941,400 $ 8,513,708 $ 11,961,889 $ 20,165,113 $ 18,770,897 $ 10,486,553
High Plains Library District
Fund Balances of Governmental Funds
Last Ten Years
(modified accrual basis of accounting)
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
General Fund
Restricted $ 598,917 $ 684,707 $ 862,082 $ 1,123,404 $ 872,179 $ 824,477 $ 1,004,893 $ 1,329,302 $ 1,325,736 $ 1,027,545
Unrestricted, unassigned $ 14,250,893 $ 12,287,812 $ 13,710,589 16,348,874 22,850,568 15,710,138 28,700,318 40,131,848 15,161,711 63,584,746
Assigned - - 5,170,000 5,427,000 7,977,350 21,809,300 19,584,220 19,584,220 60,523,815 -
Total general fund $ 14,849,810 $ 12,972,519 $ 19,742,671 $ 22,899,278 $ 31,700,097 $ 38,343,915 $ 49,289,431 $61,045,370 $ 77,011,262 $ 64,612,291
All other Governmental Funds
Restricted $ 931,956 $ 933,107 $ 934,901 $ 956,155 $ 957,200 $ 965,467 $ - $ - $ - $ -
Total for all governmental funds $ 15,781,766 $ 13,905,626 $ 20,677,572 $ 23,855,433 $ 32,657,297 $ 39,309,382 $ 49,289,431 $61,045,370 $ 77,011,262 $ 64,612,291
High Plains Library District
Changes in Fund Balances, Governmental Funds
Last Ten Years
(modified accrual basis of accounting)
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Revenues
Taxes
Charges for services
Library fines
Earnings on investments
Contributions in kind - rent
Miscellaneous
Total revenues
Expenditures
General government
Capital outlay
Debt issuance costs
Debt service
Interest
Principal
Total expenditures
$20,341,879 $22,823,587 $28,750,311 $37,462,247 $29,086,905 $ 29,610,766 $ 35,821,303 $ 46,530,311 $ 46,512,725 36,367,575
167,834 174,026 156,912 101,381 89,100 85,288 62,673 23,860 26,280 29,177
167,822 146,285 159,022 214,921 279,300 792,460 1,175,115 588,213 34,119 1,145,248
113,750 113,750 113,750 47,395
80,393 33,714 64,485 75,413 76,675 137,901 119,644 306,450 272,911 505,198
20,871,678 23,291,362 29,244,480 37,901,357 29,531,980 30,626,415 37,178,735 47,448,834 46,846,035 38,047,198
15,651,701 16,982,271 20,271,134 24,501,391 20,156,867 20,675,360 23,850,047 25,938,208 26,741,744 26,120,407
2,323,740 6,090,351 108,638 370,588 70,531 1,588,270 2,236,239 9,754,687 4,138,399 24,325,762
607,351 564,880 522,762 461,489 82,716 65,250 32,400
1,495,000 1,530,000 1,570,000 9,390,000 1,020,000 1,045,000 1,080,000
20,077,792 25,167,502 22,472,534 34,723,468 21,330,114 23,373,880 27,198,686 35,692,895 30,880,143 50,446,169
Excess of revenues over (under) expenditures 793,886 (1,876,140) 6,771,946 3,177,889 8,201,866 7,252,535 9,980,049 11,755,939 15,965,892 (12,398,971)
Other financing sources (uses)
Transfers in 2,102,192 2,094,880 2,092,762 9,867,206 1,102,716 1,110,250 1,112,400
Transfers out (2,102,192) (2,094,880) (2,092,762) (9,867,206) (1,102,716) (1,110,250) (1,112,400)
Proceeds of debt
Total other financing sources (uses)
Net change in fund balances
Debt service as a percentage of noncapital
expenditures
$ 793,886 $ (1,876,140) $ 6,771,946 $ 3,177,889 $ 8,201,866 $ 7,252,535 $ 9,980,049 $ 11,755,939 $ 15,965,892 $ (12,398,971)
11.84% 10.98% 9.36% 28.68% 5.19% 5.10% 4.46% 0.00% 0.00% 0.00%
High Plains Library District
General Governmental Expenditures By Function
Last Ten Fiscal Years
Fiscal Administrative Books; Facilities Grants Capital Debt
Year Salaries Benefits Services Resources Operations In Aid Outlay Service Totals
2013 5,644,619 1,306,285 2,056,482 1,248,730 1,315,355 4,080,230 2,323,740 2,102,351 20,077,792
20141 6,120,836 1,675,209 1,780,284 1,238,798 1,598,867 4,577,277 6,090,351 2,094,880 25,176,502
2015 6,724,535 1,971,410 2,006,234 1,633,200 1,406,582 6,529,173 108,638 2,092,762 22,472,534
20162 7,127,174 2,041,965 2,632,139 1,652,204 1,609,406 9,438,503 370,588 9,851,489 34,723,468
2017 6,928,292 2,014,659 2,291,142 1,117,897 1,577,637 6,227,241 70,530 1,102,716 21,330,114
2018 7,238,335 2,164,073 2,387,221 1,192,694 1,610,030 6,083,007 1,588,720 1,110,250 23,374,330
2019 7,810,132 2,410,831 2,690,406 1,408,652 1,799,617 7,730,409 2,236,239 1,112,400 27,198,686
20203 8,095,580 2,629,781 2,670,119 1,358,192 1,390,316 9,794,220 9,754,687 35,692,895
2021 8,233,202 2,624,724 2,792,190 1,209,728 1,626,125 10,255,775 4,138,399 30,880,143
2022 8,770,056 2,907,644 3,093,225 1,403,241 2,486,261 7,459,980 24,325,762 50,446,169
Note:
1 The large increase in capital outlay reflects the construction costs of the Riverside Library and Cultural Center.
2 The large increase in debt service reflects the early repayment of the 2006 Certificates of Participation.
3 The large increase in capital outlay reflects the construction cost of the Erie Library expansion.
High Plains Library District
General Governmental Revenues By Source
Last Ten Fiscal Years
Specific
Fiscal Property Ownership Interest
Year Taxes Taxes Income Grants Fines Miscellaneous Total
2013 19,043,402 1,298,477 167,822 71,477 167,834 122,666 20,871,678
2014 21,038,657 1,784,930 146,285 16,302 174,026 131,162 23,291,362
2015 26,881,943 1,854,124 159,022 55,436 156,912 137,043 29,244,480
2016 35,238,427 2,223,820 214,921 60,836 101,381 61,972 37,901,357
2017 26,961,850 2,125,055 279,300 65,578 89,100 11,097 29,531,980
2018 27,515,331 2,128,161 738,244 62,302 85,288 75,599 30,604,925
2019 33,496,472 2,324,831 1,175,115 94,288 62,673 25,256 37,178,635
2020 44,310,058 2,175,372 588,213 207,579 23,860 143,752 47,448,834
2021 44,301,611 2,211,114 34,119 199,410 26,280 73,501 46,846,035
2022 34,295,766 2,071,809 1,145,248 457,525 29,177 47,673 38,047,198
Source:
HPLD CAFR
High Plains Library District
Property Tax Levies and Collections
Last Ten Fiscal Years
(amounts expressed in thousands)
Collections
Total Tax Levy Collected within the Fiscal Year of in
Levy Collect for the Levy Subsequent Total Collections to Date
Year Year Fiscal Year' Tax Amount 2 Percent of Levy Years' Tax Amount Percent of Levy
2012 2013 19,074 19,023 99.7% 19,023 99.7%
2013 2014 21,063 21,038 99.9% 21,038 99.9%
2014 2015 27,320 26,882 98.4% 26,882 98.4%
2015 2016 35,255 35,223 99.9% 35,223 99.9%
2016 2017 26,930 26,870 99.8% 26,870 99.8%
2017 2018 27,390 27,352 99.9% 27,352 99.9%
2018 2019 33,949 33,870 99.8% 33,870 99.8%
2019 2020 45,044 44,671 99.2% 44,671 99.2%
2020 2021 43,095 42,893 99.5% 42,893 99.5%
2021 2022 34,032 33,999 99.9% 33,999 99.9%
Source:
1 Final Budget
2 YTD Treasurer's Tax Distribution
3 Not available for years not shown
High Plains Library District
Assessed and Estimated Actual Value of Taxable Property
Last Ten Fiscal Years
(in thousands of dollars)
Assessed
Total Value as a
Taxable Estimated Total % of
Levy Vacant Residential Commercia Industrial Agricultura Natural State Assessed Actual Direct Tax Actual
Year Land Property I Property Property I Resources Oil & Gas Assessed Value Taxable Value Rate Value
2013 49,578 897,581 613,627 325,483 132,082 14,056 3,750,013 678,356 6,460,776 22,463,026 3.249 28.762%
2014 46,605 915,284 620,508 430,782 138,769 14,625 5,544,193 710,011 8,420,777 25,523,496 3.249 32.992%
2015 55,985 1,146,858 655,020 525,734 168,228 18,440 7,374,473 740,461 10,685,199 31,560,980 3.249 33.856%
2016 48,576 1,192,400 677,672 680,033 172,787 18,187 4,708,785 771,524 8,269,964 29,936,864 3.249 27.625%
2017 65,994 1,413,932 764,517 795,317 197,001 18,605 4,369,798 813,039 8,438,203 35,327,035 3.249 23.886%
2018 57,708 1,460,074 785,202 822,019 199,744 22,062 6,338,480 814,026 10,499,315 38,645,508 3.249 27.168%
2019 76,518 1,789,785 959,571 938,681 190,691 25,222 9,194,058 893,660 14,068,186 48,245,043 3.177 29.160%
2020 66,708 1,846,452 988,053 1,217,340 195,667 25,995 8,297,234 1,036,480 13,673,929 49,819,777 3.177 27.447%
2021 85,241 2,090,030 1,082,697 1,196,204 198,835 28,255 4,928,653 1,183,431 10,793,346 50,333,570 3.177 21.444%
2022 74,516 2,101,828 1,104,430 1,169,469 190,161 30,236 10,426,829 1,409,193 16,506,662 58,634,935 3.177 28.152%
Source: Weld County Assessor's office
High Plains Library District
Principal Taxpayers
December 31, 2022
2022 2013
Taxable Assessed
Value Rank
Percentage
of Total
Taxable
Assessed
Value
Kerr-Mcgee Oil & Gas Onshore LP
Noble Energy Inc.
PDC Energy Inc.
Extraction Oil & Gas LLC
Crestone Peak Resources LLC
Kerr Mcgee Gathering LLC
Civitas Resources Inc.
Bayswater Exploration and Production LLC
Great Western Operating Company LLC
Highpoint Operating Corporation
Public Service Company of Colorado (Xcel)
Bonanza Creek Energy Inc.
Petroleum Development Corp.
Encana Oil & Gas (USA) Inc.
DCP Midstream LP
EOG Resources Inc.
Vestas Blades America Inc.
2,208,720,490
1,854,003,750
1,714,215,980
862,372,750
544, 048,110
485,059,270
457,157,790
391,227,000
327,398,810
308,095,310
$ 9,152,299,260
Total Gross Taxable Assessed Valuation $ 16,506,661,900
Source: Weld County Assessor
1
2
3
4
5
6
7
8
9
10
13.38%
11.23%
10.38%
5.22%
3.30%
2.94%
2.77%
2.37%
1.98%
1.87%
Percentage
of Total
Taxable
Taxable Assessed
Assessed Value Rank Value
1,084,062,305 2
1,513,934,823 1
105,314,600 8
224,394,470
121,795,457
250,057,041
203,065,528
144,537,060
84,574,810
51,144, 390
55.45% $3,782,880,484
4
7
3
5
6
9
10
15.23%
21.27%
1.48%
3.15%
1.71%
3.51%
2.85%
2.03%
1.19%
0.72%
53.14%
High Plains Library District
Ratio of Outstanding Debt by Type
Last Ten Fiscal Years
Governmental Actitivities
Percentage of
Fiscal Certificates of Total Library Personal
Year Participation District Income' Per Capita'
2008 20,480,000 20,480,000 0.31% 83.76
2009 19,415,000 19,415,000 0.26% 77.28
2010 19, 466,100 19, 466,100 0.28% 76.99
2011 18,118, 756 18,118, 756 0.26% 71.12
2012 16,726,412 16,726,412 0.22% 63.43
2013 15, 635, 000 15, 635, 000 0.19% 59.29
2014 14,105,000 14,105, 000 0.17% 52.28
2015 12, 535, 000 12, 535, 000 0.15% 45.67
2016 3,145,000 3,145,000 0.04% 11.04
2017 2,125,000 2,125,000 0.03% 6.98
2018 1,080,000 1,080,000 0.01% 3.55
2019 - - 0.00% -
2020 0.00%
2021 0.00%
2022 0.00%
1 Refer to Demographic and Economic Statistics schedule
Note: Details regarding the district's outstanding debt can be found in Footnote 5 of the Annual Comprehensive Financial Report.
Source: Current and prior year's financial statements.
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High Plains Library Distric
Legal Debt Margin Calculation for Fiscal Year 202:
Assessment Valuation
Legal Debt Limit
$16,308,963,097
244,634,446
0
244,634,446
Legal Debt Margin Information
Last Ten Fiscal Years
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Debt limit $ 95,350,662 $125,437,455 $159,863,784 $ 123,496,081 $126,183,800 156,590,520 210,027,615 203,212,448 159,674,899 244,624,446
Total net debt applicable to limit 15,635,060 14,145,000 12,535,000 3,145,000 2,125,000 1,080,000
Legal debt margin $ 79,715,602 $111,292,455 $147,328,784 $ 120,351,081. $124,058,800 $155,510,520 $ 210,027,615 $ 203,212,448 $ 159,674,899 $ 244,624,446
Total net debt applicable to the limit
as a percentage of debt limit 16.40% 11.28% 7.84% 2.55% 1.68% 0.69% 0.00% 0.00% 0.00% 0.00%
Note:
'Debt Limitation: Under Section 22-42-104, Colorado Revised Statutes, 1973,
the High Plains Library District may incur indebtedness of general District purposes
in an amount not to exceed 1.5% of assessed valuation of all taxable property.
2 Certificates of Participation are not generally included as debt for purposes of
calculating legal debt limit (Colorado Revised Statute 22-42-104). However, they
are presented here to give the most conservative analysis of debt allowable that
remains available.
4-
High Plains Library District
Direct and Overlapping Governmental Activities Debt
As of December 31, 2022
Jurisdiction
Net General
Obligation
Bonded Debt
Outstanding
Percentage
Applicable to
Government'
Amount
Applicable to
Government
HPLD COP's
Total Direct Debt
Cities and Towns
Schools
Special Districts
Total Overlapping Debt
$ 100.00% $
82,902,556 73.60% 61,017,256
2,466,316,647 47.57% 1,173,301,780
306,089,559 73.62% 225,337,992
2,855,308,762 1,459,657,028
Total Direct and Overlapping Debt $2,855,308,762 $1,459,657,028
Source: Weld County Annual Comprehensive Financial Report
Note:
1 Overlapping governments are those that coincide, at least in part, with the.
geographic boundaries of the district. This schedule estimates the portion
of the outstanding debt of those overlapping governments that is borne by
residents and businesses located within the district's boundries. This process
recognizes that, when considering the district's ability to issue and repay
long-term debt, the entire debt burden borne by the residents and businesses
should be taken into account. However, this does not imply that every taxpayer
is a resident, and therefore responsible for repaying the debt, of each
overlapping government.
High Plains Library District
Demographic and Economic Statistics
Last Ten Fiscal Years
High Plains Total
Library District Weld County Personal Income Per Capita Unemployment
Year Patron Population Population ($ billions) Income Rate
2013 245,989 263,691 8.35 29,986 6.70%
2014 251,308 269,785 8.35 31,657 3.90%
2015 257,157 274,487 10.74 27,047 3.80%
2016 259,688 284,876 10.60 42,787 3.80%
2017 268,307 294,397 11.20 42,701 3.40%
2018 270,901 304,435 12.50 44,080 2.70%
2019 290,103 323,637 14.70 46,172 3.00%
2020 298,361 331,895 15.30 50,198 7.20%
2021 302,022 340,018 12.70 52,054 5.70%
2022 300,565 345,152 21.00 56,553 3.00%
Source: Upstate Colorado in cooperation with the University of Northern Colorado
and the State of Colorado demographer.
Library Research Service State of Colorado for HPLD population.
Weld County Annual Comprehensive Financial Report
Note: The HPLD Patron population is shown as a comparative to the Weld County population as the District's
service area approximates the boundary of Weld County.
High Plains Library District
Principal Employers - Weld County
December 31, 2022
2022 2013
Percentage Percentage
of Total of Total
County County
Employees Rank Employment Employees Rank Employment
JBS Swift Beef Company
Banner Health: Northern Colorado Medical Center
Vestas
Greeley Evans School District 6
Weld County Government
University of Northern Colorado
City of Greeley
UC Health
State Farm Insurance
Aims Community College
State of Colorado (includes UNC)
Haliburton Energy Services, Inc.
Total Principal Employers
Other Employers
Total County Employment
6,000 1 3.56% 4,619 1 2.79%
3,560 2 2.11% 3,000 2 1.81%
2,710 3 1.61% 872 8 0.53%
2,258 4 1.34% 2,400 4 1.45%
1,823 5 1.08% 1,413 6 0.85%
1,488 6 0.88%
1,145 7 0.68% 812 9 0.49%
1,060 8 0.63%
950 9 0.56% 1,828 5 1.10%
934 10 0.55% 872 7 0.53%
3,811 3 2.30%
800 10 0.48%
21,928 13.00% 20,427 12.33%
146,788 87.00% 145,233 87.67%
168,716 100.00% 165,660 100.00%
Source: Weld County Annual Comprehensive Financial Report and Upstate Colorado
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High Plains Library District
Library Materials Purchased and Circulated
Last Ten Fiscal Years
Number of Number of
Fiscal Number of AudioNisual Total Items Items
Year Volumes Owned (1) Items Owned (2) Owned Circulated *
2013 615,874 111,046 726,920 2,879,953
2014 673,140 128,416 801,556 2,749,021
2015 683,682 131,135 814,817 2,781,499
2016 636,645 602,207 1,238,852 2,640,378
2017 534,531 609,660 1,144,191 2,555,135
2018 495,977 461,207 957,184 2,420,158
2019 490,302 358,399 879,317 2,275,342
2020 490,743 102,784 593,527 1,490,905
2021 492,360 137,468 629,828 1,746,513
2022 514,556 126,695 641,251 1,797,349
Source: High Plains Library District IT department.
Note:
(1) Volumes include books, book club bags, new books, Paperbacks, Large Print, Kits,
member books, new periodicals, periodicals, and references, and express books.
(2) Audio/visual items include audio books, MP3, Blu-Ray, cassettes, CD's, DVD's, E -books,
equipment, short check out equipment, software, member audio, member video,
net library, recordings, and video cassettes.
* The number of items circulated includes all of the HPLD branch libraries; four Outreach
vehicles; and other service locations; and all of the Member Libraries - Eaton Public Library,
Fort Lupton Public & School Library, Glenn A Jones, M.D. Memorial Library and the Milliken location,
Hudson Public Library and the Keenesburg Public Library, Northern Plains Public Library,
Platteville Public Library, and Nantes Library.
High Plains Library District
Service Locations
December 31, 2022
Libraries Address
Square Number of
Footage Employees
Carbon Valley Regional
Centennial Park Library
Administration and Support Services
building*
Erie Community
Farr Regional Library**
Kersey Library
Lincoln Park Library
Riverside Library and Cultural Center
7 Park Avenue
Firestone, CO 80504 35,400 25
2227 23rd Avenue
Greeley, CO 80634 28,000 33
2650 W. 29th Street
Greeley, CO 80631 28,903 60
400 Powers Street
Erie, CO 80516 26,100 28
1939 61st Avenue
Greeley, CO 80634 38,000 27
332 3rd Street Kersey, CO
80644 4,402 2
1012 11th Street, Suite B
Greeley, CO 80631 6,195 18
3700 Golden Street
Evans, CO 80620 18,500 19
* The Administration and Support Services building houses the administrative, collection
resources and outreach department staff.
** The Virtual Library department consisting of 5 employees is located at the Farr Regional Library (FRL) and
included in the number of employees listed for the FRL.
This information is presented on an annual year end basis, to highlight the number of individual employees at
each location and not FTE.
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High Plains Library District
Circulation Summary by Location
Last Ten Fiscal Years
RIYC1.91UC LIUI QIy
Fiscal Centennial Lincoln and Cultural Center Outreach
Year Carbon Valley' Park Erie s Farr Kersey 3 Park ' Services Total
2013 416,713 612,407 410,951 568,357 7,537 267,543
2014 382,228 558,494 394,962 550,391 11,090 234,827
2015 290,955 395,511 296,969 432,621 10,431 174,416
2016 272,125 399,477 281,932 405,275 7,917 97,700
2017 245,117 365,264 280,578 377,723 3,274 85,789
2018 229,604 308,229 279,100 341,960 1,840 69,682
2019 213,002 268,321 289,942 310,571 2,918 58,744
2020 114,024 112,769 163,866 155,271 2,567 20,537
2021 162,140 132,896 247,044 207,305 3,941 22,084
2022 171,535 139,178 252,014 222,893 6,092 22,154
62,786 2,346,294
24,519 68,480 2,224,991
123,496 79,522 1,803,921
106,282 89,766 1,660,474
104,204 96,240 1,558,189
86,623 93,980 1,411,018
74,959 97,919 1,316,376
29,084 74,223 672,341
40,072 70,730 886,212
43,003 54,873 911,742
Note:
1 The Carbon Valley Regional Library opened in March 2008.
2 Erie activity occurred at the Lorraine David Children's Library which ceased its operations with the
Erie Community Library opening on January 12, 2008.
3 The Kersey mini -branch opened in late January 2013. The Kersey mini -branch was closed from late June 2017 to late December 2017 for mold rr
4 The Riverside Library and Cultural Center opened October 18, 2014.
During 2020, the libraries were closed for several weeks and subject of limited services because of COVID-19 restrictions.
Source: High Plains Library District IT department.
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