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WELD COUNTY, COLORADO
COMPREHENSIVE ANNUAL FINANCIAL REPORT
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YEAR ENDED DECEMBER 31, 2020
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2021-1858
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High Plains Library District
2650 W. 29th Street
Greeley, Colorado 80631
COMPREHENSIVE ANNUAL FINANCIAL REPORT
For the year ended December 31, 2020
Kenneth Poncelow Chairman
Mary Heberlee Vice Chairman
Mary Roberts Secretary/Treasurer
Jana Caldwell Trustee
Teresa Curtis Trustee
Gerri Holton Trustee
Joyce Smock Trustee
Executive Director
Dr. Matthew Hortt
Associate Director of Public Services
Marjorie Elwood
Associate Director of Public Services
Rosa Granado
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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hi hplains
g1Library District
To the Members of the Board of Trustees and Patrons of the High Plains Library District:
Administration
2650 W. 29"' Street
Greeley CO 80631
Phone: (970) 506-8550
Fax: (970) 506-8551
June 9, 2021
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 comprehensive annual financial report of the HPLD for the fiscal year ended December 31, 2020.
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, 2020 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 other locations in
Greeley, Briggsdale, and Milliken. 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.
Carbon l'allcc Regional Library • Centennial Park Branch Library • Eaton Public Library • Eric Community Library • Farr Regional Library
Fort Lupton Public K School Library • Glenn .l. Joucs, DI.1). Memorial library • Hudson Public library • Lincoln Park Branch Library
Northern Plains Public Library • ( )litrcacl • Planecille Public Library
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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 2020. 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 2021 through 2024. 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.
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. For several weeks, restaurants were forced to limit service to drive through, take out, or
delivery. Entertainment venues were forced to cancel events. Travel and tourism declined as non-
essential travel was restricted or prohibited. When restaurants and some entertainment venues were
allowed to reopen for indoor dining and events, regulations severely restricted capacity. Negative
economic results included a very large increase in unemployment for the first and second quarters of
2020. The unemployment rate in Colorado remained high throughout 2020 with a reported
unemployment rate of 8.3 percent in Weld County for December 2020. Inflation in Colorado was reported
to be 1.95 percent in 2020.
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 several hundred permits pending with the Colorado Oil & Gas Conservation
Commission. Given the commitments of the large oil and gas companies in Weld County, the County
seems primed to see considerable long-term investment and development in the oil and gas arena.
Although the potential for the future of energy development in Weld County appears bright, it 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 Colorado
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communities. These regulatory risks, if implemented, could dramatically impact future oil and gas
development in Colorado.
The energy industry does continue to be an important economic driver of Weld County and Colorado.
The Denver-Julesburg Basin covers most of the High Plains Library District geographic area. The volume
of oil production and sales in Weld County decreased over 11% and natural gas production and sales in
Weld County increased almost 9% in 2020. The average price per barrel of oil decreased over 32% in
2020. With that volume of production and sales and price level, High Plains Library District is currently
expecting a 30% to 50% decrease in assessed valuation for fiscal year (collection year) 2022.
The northern Colorado region's housing market continued to be active. Housing prices continued to rise
because of limited available housing inventory. Low interest rates encouraged potential home buyers 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.
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. Starting with assessment year 2021 / collection year 2022, the residential
assessment rate is fixed at 7.15% and the non-residential assessment rate is fixed at 29%. The state
legislature may reduce the assessment rates, but the assessment rates may only be increased by
taxpayer vote.
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 economy continues to benefit from a
large meat packing plant as a significant employer in the district.
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. At opening, phase one of the plant cost $200
million and employs about 230 workers. Investment in phase two of the plant would be about $140
million and could employ about another 275 workers.
As the High Plains Library District looks to 2021 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 has 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. 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 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
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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 that
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 "excess" revenues 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 2020 increased by $10,716,460 or 29%
compared to 2019.
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 2020, progress
continued to be made on strategic plan initiatives.
When COVID-19 restrictions were implemented in March 2020, HPLD staff created and revised
programming to accommodate virtual presentations and other socially distanced options. The Summer
Reading Program was conducted with on-line programming. Storytimes were presented virtually. Some
programs were recorded and made available on demand. HPLD staff offered curb side delivery for
patrons which became a popular option when COVID-19 restrictions prevented public access to the
library buildings. Take and Make kits were also well received as patrons searched for educational and
entertainment opportunities. HPLD continued collaboration with the Immigrant and Refugee Center to
provide citizenship and ESL classes.
To help bridge the digital divide, HPLD was able to obtain and place mobile WiFi access points at
strategic locations in the community. Additional WiFi units were also made available for check out. The
MOVE Department participated in a food program and distributed 703 meals. HPLD staff prepared a
series of videos on using HPLD resources for job searching. Programing included some on-line cooking
demonstrations on healthy cooking and cooking together. HPLD staff developed a learn the ukulele
series for children and parent duos and STEAM workshops for Kindergarten to 5th grade students.
-6-
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
comprehensive annual financial report for the fiscal year ended December 31, 2019. This was the
eighteenth 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 comprehensive annual 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
comprehensive annual 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,
Dr. Matthew Hortt
Executive Director
Natalie Wertz, CPA, CFE
Finance Manager
7
HIGH PLAINS LIBRARY DISTRICT
PRINCIPAL DISTRICT OFFICIALS
Dr. Matthew Hortt Executive Director
Edward A. Brewer Patron Experience Specialist
Marjorie Elwood Associate Director of Public Services
Rosa Granado Associate Director of Public Services
Elena Rosenfeld Community Engagement and Strategies Manager
Eric Ewing Associate Director of Human Resources
James Melena Community Relations and Marketing Manager
Niamh Mercer Foundation Director
Rebecca Libersat Collection Resources Manager
Susan Staples Information Technology Manager
Natalie Wertz Finance Manager
Associate Director of
Public Services
�Marjorie Elwood
r
Collection Resou ices
See Branch Saucvs Or Chart
Branch Services
Sir Branch Sem cis Org Chart
Executive Assistant
Kim Parker
Associate Director of
Public Services
Rosa Granado
Community
Engagement
See Cutnmunits Engagement
Chart
Community
Engagement &
Strat: ies M ana er
Executive Director
Dr. Matthew Horn
i
Community Relations
& Marketing
James Melena
r
Graphics& Marketing
Specialist
Tiffany Aho
Graphics & Marketing
Specialist
Josh Alto
Manager of IT &
Innovation
Susan Staples
IT lnfrasn name
En _'meets
I I Applications
Engineer
Jautifa Sullivan
Ryan Kingsly
I fl Application and
Su , • n Anal \\r
Marcus Selby
Eric Mom
IT TeelmICiarts
Youssouf Diagana
Library Process&
Information
Management Spiv ialist
Barb Wttghi-Wisner
High Plains Library District
Organizational Chart
Patron Experience
Specialist
Tony Brewer
Finance Manager
Natalie Wertz
l.aVo►rtr Storwbtakct
Director of Human
Resources
Eric Ewing
HR Grnetalist
I r:T r.i.
1
I
I
1
Foundation Director
Niamh Mercer
0
Government Finance Officers Association
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
High Plains Library District
Colorado
For its Comprehensive Annual
Financial Report
For the Fiscal Year Ended
December 31, 2019
Executive Director/CEO
ANdE•RSON
WhITNEy
Independent Auditors' Report
Board of Trustees
High Plains Library District
Greeley, Colorado
A Professional Corporation of
Certified Public Accountants
We have audited the accompanying financial statements of the governmental activities
and the major funds of the High Plains Library District as of December 31, 2020, and for the
year then ended, and the related notes to the financial statements, which collectively comprise
the District's basic financial statements as listed in the table of contents.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial
statements in accordance with accounting principles generally accepted in the United States; this
includes 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.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial statements based on our
audits. We conducted our audit in accordance with auditing standards generally accepted in the
United States. Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and
disclosures in the financial statements. The procedures selected depend on the auditor's
judgment, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditor considers
internal control relevant to the entity's preparation and fair presentation of the financial
statements 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 entity's internal control.
Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of significant accounting estimates made by
management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion.
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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
Opinion
In our opinion, the financial statements referred to above present fairly, in all material
respects, the respective financial position of the governmental activities and the major funds of
the High Plains Library District as of December 31, 2020, and the changes in its financial
position and the General Fund budgetary comparison for the year then ended in conformity with
accounting principles generally accepted in the United States.
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, 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 9, 2021
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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, 2020. 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 $103.2 million at the
end of 2020. Of this amount, approximately $59.1 million may be used to meet the District's ongoing
obligations to patrons and creditors. The remaining $44.1 million are capital assets or are restricted by
law.
• The District's General Fund balance was $61,045,370 as of December 31, 2020. Of this amount,
$1,329,302 is reserved for emergencies.
• The 2020 General Fund balance is $11,755,939 higher than the previous year. The total fund balance
is 138% of 2020 General Fund operating expenditures and transfers out.
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 budgeting 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.
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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
soreaders 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, 2020, net position was $103.2 million.
The following table provides a summary of the District's net position at December 31:
Table
1
-
Net
position
(in
Millions)
2020
2019
Assets
Current
and
other
assets
$104.9
$95.6
Capital
assets
42.8
34.2
Total
assets
147.7
129.8
Liabilities
Current
and
other
liabilities
.7
1.2
Long-term
liabilities
.7
.5
Total
liabilities
1.4
1.7
Deferred
Inflows
Deferred
Property
Taxes
43.1
45.0
Net
Position
42.8
34.2
Net
assets
Investment
in capital
Restricted
1.3
1.0
Unrestricted
59.1
47.8
Total
net
position
$ 103.2
$ 83.0
A significant portion of High Plains Library District's net position (57%) represents unrestricted net position
of $59.1 million, 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 (42%) 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, 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. The District's outstanding debt consisted of the certificates of
participation that were repaid in 2019.
An additional $1 million 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
and debt service requirements.
The following table indicates the changes in net position:
Governmental Activities
2020 2019
Revenues:
General revenues:
Property and specific ownership taxes
Investment earnings
Gain on disposal of asset
Program revenues:
Charges for services
Operating grants and contributions
Total revenues
$ 46,485,430 $ 35,821,303
588,213 1,175,115
11,043
142,365 78,226
221,783 104,091
47,448,834 37,178,735
Expenses:
Library services
Operations and maintenance
Depreciation
Interest on long-term debt
22, 878, 594
3,217,360
1,187,767
20,245,525
3,633,708
1,247,557
90,056
Total expenses
27, 283, 721 25, 216,846
Increase in net position
Beginning net position
20,165,113
82, 977, 551
11,961,889
71,015,662
Ending net position
$ 103,142,664 $ 82,977,551
Governmental activities
Governmental activities increased High Plains Library District's net position by $20,165,113 in 2020.
Expenses totaled a 8% increase over the previous year. Increases occurred due to distributions to
member libraries increasing as they are related to increased property taxes.
-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 2020, the combined ending fund balance of High Plains Library District governmental
funds was $61.1 million. Approximately 66% 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
$1,329,302.
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 $61.1 million as of
December 31, 2020. The 2020 fund balance is $11.7 million more 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 153% of total 2020 expenditures while total fund balance is 233% of the same
amount. The fund balance increased in 2020 as property taxes were at record levels and more
than the modest increase in spending.
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 2019, the Board of Trustees appropriated $50.0 million for general fund expenditures,
anticipating a decrease in the fund balance. The actual was an increase of $10.9 million due to capital
expenditures for new library facilities being shifted to 2021, and expenditures held under budget. The
budget was not amended during the year.
Table
2020 General
Fund
Budget
(in
Millions)
Budget
Actual
Beginning
Fund
Balance
$ 49.3
$ 49.3
Revenue
47.3
47.5
Expenditures
50.0
35.7
Ending
Fund
Balance
$ 46.6
$ 61.1
CAPITAL ASSET AND DEBT ADMINISTRATION
Capital Assets: High Plains Library District's investment in capital assets for its governmental activities
as of December 31, 2020 totals $42.8 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, 2020, 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 2021 budget:
• HPLD budgeted revenues for fiscal year 2021 decreased slightly compared to 2020. The 2021
budget includes funds to address the future home of the Library Innovation Center, develop the
Grover access point, and enhance the Kersey Library with a new building.
• 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 decrease by 2% in 2021 compared to 2020. Budgeted expenditures for 2021 include funding
to meet the demands placed by our patrons for library materials as well as increased programing
for all ages and just over $7.5 million for capital improvements.
• The economy for the State of Colorado and Weld County continues to improve at a faster pace
than the nation as a whole.
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.
-17-
HIGH PLAINS LIBRARY DISTRICT
GOVERNMENTAL FUNDS BALANCE SHEET/
STATEMENT OF NET POSITION
December 31, 2020
General
Fund
Adjustments
(Note 10)
Statement of
Net Position
ASSETS
Cash and Investments
Receivables:
Property taxes
Other assets
Capital Assets:
Depreciable
Nondepreciable
$ 61,294,343 $
43,094,586
479,151
34,207,761
8,588,952
$ 61,294,343
43,094,586
479,151
34,207,761
8,588,952
Total Assets 104,868,080
42,796,713
147,664,793
LIABILITIES
Accounts Payable
Accrued Costs
Long -Term Liabilities:
Due after one year
Total Liabilities
516,734
211,390
728,124
699,419
516,734
211,390
699,419
699,419
1,427,543
DEFERRED INFLOWS OF RESOURCES
Deferred Property Taxes
43,094,586
43,094,586
FUND BALANCES/NET POSITION
Fund Balances:
Restricted for:
Emergencies
Assigned for capital projects
Unassigned
1,329,302
19,584,220
40,131,848
(1,329,302)
(19,584,220)
(40,131, 848)
(1,329,302)
(19,584,220)
(40,131,848)
Total Fund Balances
61,045,370
(61,045,370)
(61,045,370)
Total Liabilities and Fund Balances
$ 104,868,080
Net Position:
Net investment in capital assets
Restricted for emergencies
Unrestricted
42,796,713
1,329,302
59,016,649
42,796,713
1,329,302
59,016,649
Total Net Position
$103,142,664 $
103,142,664
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, 2020
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
Gain on disposal of asset
$44,310,058 $ - $ 44,310,058
2,175,372 2,175,372
44,881 44,881
23,860 23,860
588,213 588,213
207,579 207,579
87,828 87,828
11,043 11,043
Total Revenue
47,448,834 47,448,834
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
10,725,361 157,746 10,883,107
330,438 330,438
38,109 38,109
316,423 316,423
20,460 20,460
4,462 4,462
569,428 569,428
37,232 37,232
51,456 51,456
707,895 707,895
43,637 43,637
262,020 262,020
1,101,054 1,101,054
231,174 231,174
71,320 71,320
662,389 662,389
571,716 571,716
17,686 17,686
1,904 1,904
50,190 50,190
329,634 329,634
9,794,220 - 9,794,220
1,187,767 1,187,767
Total Current
25,938,208 1,345,513 27,283,721
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, 2020
General Adjustments Statement of
Fund (Note 11) Activities
Expenditures/Expenses - Continued:
Capital Outlay
Debt Service:
Principal
Interest and Fees
$ 9,754,687 $ (9,754,687) $
Total Expenditures/Expenses
35,692,895 (8,409,174) 27,283,721
Revenue Over (Under) Expenditures
Other Financing Sources (Uses):
Transfers - internal activities
11,755,939 8,409,174 20,165,113
Net Change in Fund Balances/Net Position 11,755,939 8,409,174 20,165,113
Fund Balances/Net Position, Beginning of Yea' 49,289,431 33,688,120 82,977,551
Fund Balances/Net Position, End of Year $ 61,045,370 $ 42,097,294 $ 103,142,664
See Accompanying Notes to Financial Statements.
-20-
HIGH PLAINS LIBRARY DISTRICT
BUDGETARY COMPARISON STATEMENT - GENERAL FUND
Year Ended December 31, 2020
Actual
Original
and Final
Budget
Variance
Revenue:
General property taxes
Specific ownership taxes
Penalties and interest on delinquent taxes
Grants
Library fines
Earnings on investments
Contributions - in kind
Miscellaneous
Gain on dsposal of asset
$ 44,310,058
2,175,372
44,881
207,579
23,860
588,213
87,828
11,043
$ 45,043,922
2,000,000
72,519
60,000
190,000
7,800
8,000
$ (733,864)
175,372
44,881
135,060
(36,140)
398,213
(7,800)
79,828
11,043
Total Revenue
47,448,834
47,382,241 66,593
Expenditures:
Current:
Salaries, wages, and benefits
Supplies
Small equipment
Software
Postage
Printing
Book collection
Periodicals
Public relations
Electronic resources
CD and Online databases
Telephone
Contract services
Buildings and grounds
Travel, training, and meetings
County Treasurer's fees
Maintenance of equipment
Memberships
Miscellaneous
Insurance
Rent contributions - in kind
Utilities
Grants-in-aid: property taxes
to member libraries (Note 3)
10,725,361
330,438
38,109
316,423
20,460
4,462
569,428
37,232
51,456
707,895
43,637
262,020
1,101,054
231,174
71,320
662,389
571,716
17,686
1,904
50,190
329,634
9,794,220
12,928,443 2,203,082
531,854 201,416
99,612 61,503
320,232 3,809
36,622 16,162
20,800 16,338
598,000 28,572
46,500 9,268
110,900 59,444
759,000 51,105
63,850 20,213
253,585 (8,435)
1,300,285 199,231
478,900 247,726
250,584 179,264
701,500 39,111
916,432 344,716
20,239 2,553
7,475 5,571
92,000 41,810
7,800 7,800
349,625 19,991
10,097,211 302,991
Total Current
25,938,208
29,991,449 4,053,241
Capital Outlay
9,754,687
20,005,020 10,250,333
Total Expenditures
35,692,895
49,996,469 14,303,574
Continued on next page.
-21-
HIGH PLAINS LIBRARY DISTRICT
BUDGETARY COMPARISON STATEMENT - GENERAL FUND -
Continued
Year Ended December 31, 2020
Actual
Original
and Final
Budget
Variance
Revenue Over Expenditures
Other Financing Sources (Uses):
Transfer to Debt Service Fund
$ 11,755,939 $ (2,614,228) $ 14,370,167
Excess of Revenue Over Expenditures and
Other Financing Sources (Uses)
Fund Balance - Beginning
11,755,939
49,289,431
(2,614,228)
49,289,431
14,370,167
Fund Balance - Ending
$ 61,045,370 $ 46,675,203 $ 14,370,167
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, 2020 are $1,329,302.
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. No budget amendments
were necessary.
- 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, 2020, levies for the general fund of the District are as follows:
Mill Levy Amount
General Fund 3.177 $ 45,043,922
Property tax revenue is reported net of approximately $762,114 of property tax
abatements for the year ended December 31, 2020. 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 (65%), Corporate bonds (12%), and U.S. Treasury sponsored agency bonds (23%).
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, 2020, the Library District held General Fund investments of
$42,597,879 in the Colorado Local Government Liquid Asset Trust (COLOTRUST).
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 is rated AAAm by Standard &
Poor's. The District's interest is valued at NAV.
COLOTRUST 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, 2020 COLOTRUST had a weighted average maturity
of 47 days to reset and 69 days to final maturity. There are no unfunded commitments,
the redemption frequency is daily and there is no redemption notice period.
At December 31, 2020, the Library District held general fund investments of $10,275,993
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 AAAm by Standard & Poor's. The District's interest is valued at
NAV.
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, 2020 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, 2020 are as follows:
Cost Fair Value
U.S. Government Treasury and Sponsored Agency
Bonds, primarily FNMA, FFCB, and FHLB, maturing in
2021 through 2022, rated AA+ by Standard & Poor's $ 7,000,465
Corporate Bonds — maturing in 2022, rated Aa1 and Aa3 1,012,670
Total $ 8,013,135
$ 7,109,563
1,036,189
$ 8,145,752
- 28 -
HIGH PLAINS LIBRARY DISTRICT
NOTES TO FINANCIAL STATEMENTS
NOTE 2 - Cash and Investments - Continued:
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
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, 2020
U.S. Government Treasury and
Sponsored Agency Bonds
Corporate 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)
$ 7,109,563
1,036,189
- 29 -
HIGH PLAINS LIBRARY DISTRICT
NOTES TO FINANCIAL STATEMENTS
NOTE 3 - Grants -In -Aid:
Cash grants-in-aid paid to member libraries for library services are listed below:
Year Ended December 31, 2020 Amount
Town of:
Ault
Eaton
Fort Lupton
Hudson
Johnstown
Platteville
$ 523,510
1,416,058
3,443,637
2,532,495
827,171
1,051,349
$ 9,794,220
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, 2020 was as follows:
Balance, Deletions/ Balance,
1/1/20 Additions Transfers 12/31/20
Not Depreciated:
Land $ 716,670 $ -- $ -- $ 716,670
Opening day book
collection 2,927,201 2,927,201
Construction in process 500,033 4,445,048 4,945,081
Depreciated:
Buildings 34,960,662 4,780,106 39,740,768
Building improvements 4,712,694 69,974 4,782,668
Equipment and furniture 4,770,133 459,559 310,003 4,919,689
Total Cost 48,587,393 9,754,687 310,003 58,032,077
Less Accumulated
Depreciation:
Buildings 8,456,312 761,473 9,217,785
Building improvements 1,903,533 251,053 2,154,586
Equipment and furniture 3,997,755 141,764 276,526 3,826,993
Total Accumulated
Depreciation 14,357,600 1,154,290 276,526 15,235,364
Capital Assets, net $ 34,229,793 $ 8,600,397 $ 33,477 $ 42,796,713
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
1/1/20 Additions Deletions 12/31/20 One Year
Compensated
Absences
$ 541,673 $ 203,677 $ 45,931 $ 699,419
$ 541,673 $ 203,677 $ 45,931 $ 699,419
$
$
- 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.
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 $1,329,302 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 2020, employees contributed $406,922 and the District contributed
$406,922 to the plan. The amount payable to the plan at December 31, 2020 was $38,765.
Forfeitures were not material to the financial statements.
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 2020
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
$ 61,045,370
42,796,713
(699,419)
Total Net Position $ 103,142,664
- 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 2020
Net change in fund balances — total governmental funds $ 11,755,939
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 ($9,754,687) was more than
depreciation ($1,187,767) in the current year. 8,566,920
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 (157,746)
Change in Net Position of Governmental Activities $ 20,165,113
- 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
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
activities take place......................................................................... 49-50
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)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Governmental activities
Net Investment in capital assets
Restricted for
Debt service
Emergencies
Unrestricted
Total governmental activities net assets
Primary government
Net Investment in capital assets
Restricted
Unrestricted
Total primary government net position
$12,298,749 $13,537,209 $15,481,507 $22,620,113 $22,839,391 $ 31,182,064 $ 30,931,304 $ 31,173,769 $ 34,229,793 $ 42,793,713
929,937 930,828 931,956 933,107 934,901 956,155 957,200 965,467
449,770 515,291 598,917 684,707 862,082 1,123,404 872,179 824,477 1,004,893 1,329,302
13,109,042 13,360,265 14,596,825 11,910,752 18,464,841 21,298,931 29,741,271 38,051,949 47,742,865 59,016,649
$26,787,498 $28,343,593 $31,609,205 $36,148,679 $43,101,215 $ 54,560,554 $ 62,501,954 $ 71,015,662 $ 82,977,551 $ 103,139,664
12,298,749 13,537,209 15,481,507 22,620,113 22,839,391 31,182,064 30,931,304 31,173,769 34,229,793 42,793,713
1,379,707 1,446,119 1,530,873 1,617,814 1,796,983 2,079,559 1,829,379 1,789,944 1,004,893 1,329,302
13,109,042 13,360,265 14,596,825 11,910,752 18,464,841 21,298,931 29,741,271 38,051,949 47,742,865 59,016,649
$26,787,498 $28,343,593 $31,609,205 $36,148,679 $43,101,215 $ 54,560,554 $ 62,501,954 $ 71,015,662 $ 82,977,551 $ 103,139,664
High Plains Library District
Changes in Net Position
Last Ten Years
(accrual basis of accounting)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Expenses
Governmental activities:
General government
Interest on long term debt
Debt issuance costs
Total governmental activities expenses
$ 13,607,335 $ 15,346,468 $ 16,840,316 $ 18,129,352 $ 21,711,526 $ 25,922,845 $ 21,448,708 $ 21,989,801 $ 25,126,790 $ 27,283,721
734,515 704,412 665,007 622,536 580,418 519,145 141,872 122,906 90,056
14,389 14,389 - - - - - - -
$ 14,356,239 $ 16,065,269 $ 17,505,323 $ 18,751,888 $ 22,291,944 $ 26,441,990 21,590,580 22,112,707 25,216,846 27,283,721
Program Revenues
Governmental activities:
Charges for services:
General government 178,005 201,749 176,750 174,026 156,912 101,381 89,100 85,288 62,673 97,484
Operating grants and contributions 113,750 126,248 185,227 137,247 192,479 122,808 76,675 137,901 119,644 277,707
Total governmental activities program revenues $ 291,755 $ 327,997 $ 361,977 $ 311,273 $ 349,391 $ 224,189 $ 165,775 $ 223,189 $ 182,317 $ 375,191
Net (Expenses)/Revenue
Governmental 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 Assets
Governmental activities
Total primary government
$(14,064,484) $ (15,737,272) $ (17,143,346) $ (18,440,615) $ (21,942,553) $ (26,217,801) $(21,424,805) $ (21,889,518) $(25,034,529) $ (26,908,530)
$ 13,602,800 $ 15,849,259 $ 19,043,402 $ 21,048,874 26,881,943 35,238,427 26,961,850 27,482,605 33,496,472 44,310,058
979,076 1,280,320 1,298,477 1,784,930 1,854,124 2,223,890 2,125,055 2,128,161 2,324,831 2,175,372
128,210 163,788 167,822 146,285 159,022 214,921 279,300 792,460 1,175,115 588,213
14,710,086 17,293,367 20,509,701 22,980,089 28,895,089 37,677,238 29,366,205 30,403,226 36,996,418 47,073,643
$ 14,710,086 $ 17,293,367 $ 20,509,701 $ 22,980,089 $ 28,895,089 $ 37,677,238 $ 29,366,205 $ 30,403,226 $ 36,996,418 $ 47,073,643
$ 645,602 $ 1,556,095 $ 3,366,355 $ 4,539,474 $ 6,952,536 $ 11,459,437 $ 7,941,400 $ 8,513,708 $ 11,961,889 $ 20,165,113
$ 645,602 $ 1,556,095 $ 3,366,355 $ 4,539,474 $ 6,952,536 $ 11,459,437 $ 7,941,400 $ 8,513,708 $ 11,961,889 $ 20,165,113
High Plains Library District
Fund Balances of Governmental Funds
Last Ten Years
(modified accrual basis of accounting)
General Fund
Restricted
Unrestricted, unassigned
Assigned
Total general fund
All other Governmental Funds
Restricted
Total for all governmental funds
2011 2012
2013 2014
2015
2016
2017
2018
2019
2020
$ 449,770 $ 515,291 $ 598,917 $ 684,707
$ 13,278,254 $ 13,541,761 $ 14,250,893 $ 12,287,812
$ 862,082
13,710,589
5,170,000
$ 19,742,671 $ 22,899,278
$ 1,123,404
16,348,874
5,427,000
872,179 $ 824,477
22,850,568 15,710,138
7,977,350 21,809,300
31,700,097 $38,343,915
$ 1,004,893
28,700,318
19,584,220
$ 49,289,431 $ 61,045,370
$ 1,329,302
40,131,848
19,584,220
$ 13,728,024 $ 14,057,052 $ 14,849,810 $ 12,972,519
$ 929,965 $ 930,828 $ 931,956 $ 933,107
$ 14,657,989 $ 14,987,880 $ 15,781,766 $ 13,905,626
934,901 $ 956,155
957,200 $ 965,467 $
20,677,572 $ 23,855,433
32,657,297 $39,309,382 $ 49,289,431
61,045,370
High Plains Library District
Changes in Fund Balances, Governmental Funds
Last Ten Years
(modified accrual basis of accounting)
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
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
$14,581,876 $17,129,579 $20,341,879 $22,823,587 $28,750,311 $ 37,462,247 $ 29,086,905 $ 29,610,766 $ 35,821,303 $ 46,530,311
21,504 25,106
154,588 168,186 167,834 174,026 156,912 101,381 89,100 85,288 62,673 23,860
128,210 163,788 167,822 146,285 159,022 214,921 279,300 792,460 1,175,115 588,213
113,750 113,750 113,750 113,750 113,750 47,395
1,913 20,955 80,393 33,714 64,485 75,413 76,675 137,901 119,644 306,450
15,001,841 17,621,364 20,871,678 23,291,362 29,244,480 37,901,357 29,531,980 30,626,415 37,178,735 47,448,834
12,573,567 14,237,613 15,651,701 16,982,271 20,271,134 24,501,391 20,156,867
479,764 957,104 2,323,740 6,090,351 108,638 370,588 70,531
20,675,360 23,850,047 25,938,208
1,588,270 2,236,239 9,754,687
676,859 646,756 607,351 564,880 522,762 461,489 82,716 65,250 32,400
1,405,000 1,450,000 1,495,000 1,530,000 1,570,000 9,390,000 1,020,000 1,045,000 1,080,000
15,135,190 17,291,473 20,077,792 25,167,502 22,472,534 34,723,468 21,330,114 23,373,880 27,198,686 35,692,895
Excess of revenues over (under) expenditures (133,349) 329,891 793,886 (1,876,140) 6,771,946 3,177,889
Other financing sources (uses)
Transfers in
Transfers out
Proceeds of debt
Payment to refunded debt escrow agent
Sale of capital assets
Total other financing sources (uses)
Net change in fund balances
Debt service as a percentage of noncapital
expenditures
8,201,866 7,252,535 9,980,049 11,755,939
2,094,717 2,095,385 2,102,192 2,094,880 2,092,762 9,867,206 1,102,716 1,110,250 1,112,400
(2,094,717) (2,095,385) (2,102,192) (2,094,880) (2,092,762) (9,867,206) (1,102,716) (1,110,250) (1,112,400)
$ (133,349) $ 329,891 $ 793,886 $ (1,876,140) $ 6,771,946 $ 3,177,889 $ 8,201,866 $ 7,252,535 $ 9,980,049 $ 11,755,939
14.21% 12.84% 11.84% 10.98% 9.36% 28.68% 5.19% 5.10% 4.46% 0.00%
9
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
2011 4,972,908 1,270,033 1,691,690 1,056,746 996,174 2,586,016 479,764 2,081,859 15,135,190
2012 5,334,425 1,389,422 1,772,378 1,239,946 1,272,936 3,228,506 957,104 2,096,756 17,291,473
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
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
2011 13,602,800 979,076 128,210 - 154,588 137,167 15,001,841
2012 15,849,259 1,280,320 163,788 12,498 168,186 147,313 17,621,364
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
Source:
HPLD CAFR
High Plains Library District
Property Tax Levies and Collections
Last Ten Fiscal Years
(amounts expressed in thousands)
Levy Collect
Year Year
Total Tax Levy
for
Fiscal Year'
Collected within the Fiscal Year of
the Levy
Tax Amount 2 Percent of Levy
Collections
in
Subsequent Total Collections to Date
Years 3 Tax Amount Percent of Levy
2010 2011
2011 2012
2012 2013
2013 2014
2014 2015
2015 2016
2016 2017
2017 2018
2018 2019
2019 2020
Source:
Final Budget
2 YTD Treasurer's Tax Distribution
3 Not available for years not shown
13,609
15,880
19,074
21,063
27,320
35,255
26,930
27,390
33,949
45,044
13,581
15,832
19,023
21,038
26,882
35,223
26,962
27,515
33,870
44,671
43
99.8%
99.7%
99.7%
99.9%
98.4%
99.9%
100.1%
100.5%
99.8%
99.2%
13,581 99.8%
15,832 99.7%
19,023 99.7%
21,038 99.9%
26,882 98.4%
35,223 99.9%
26,962 100.1%
27,515 100.5%
33,870 99.8%
44,671 99.2%
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 Natural State Assessed Actual Direct Tax Actual
Year Land Property I Property Property Agricultural Resources Oil & Gas Assessed Value Taxable Value Rate Value
2011 59,313 893,155 600,970 207,560 109,046 12,221 2,338,283 593,893 4,814,441 19,664,487 3.249 24.483%
2012 55,684 902,490 637,249 279,787 111,959 11,555 3,225,865 625,554 5,850,143 21,467,579 3.249 27.251%
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%
Source: Weld County Assessor's office
44
High Plains Library District
Principal Taxpayers
December 31, 2020
2020
Taxable Assessed
Value
Percentage
of Total
Taxable
Assessed
Rank Value
Kerr-Mcgee Oil & Gas Onshore LP
Noble Energy Inc.
PDC Energy Inc.
Extraction Oil & Gas LLC
Crestone Peak Resources, LP
Highpoint Operating Corporation
Bonanza Creek Energy Inc.
PDC Energy Inc.(KEA)
Great Western Oil & Gas Co LLC
Kerr Mcgee Gathering LLC
Encana Oil & Gas (USA) Inc.
Vestas Blades America Inc.
Public Service Company of Colorado (Xcel)
Colorado Interstate Gas Co.
Petroleum Development Corp.
Merit Energy
DCP Midstream LP
Total Gross Taxable Assessed Valuation
Source: Weld County Assessor
2,054,086,240
1,380,683,980
1,150,639,650
601,100, 310
459,131, 310
447,879,840
390,730,470
362,805,270
326,272,340
266,453,900
$ 7,439,783,310
$ 13,673,932,860
45
1
2
3
4
5
6
7
8
9
10
15.02%
10.10%
8.41%
4.40%
3.36%
3.28%
2.86%
2.65%
2.39%
1.95%
2011
Percentage
of Total
Taxable
Taxable Assessed
Assessed Value Rank Value
737,284,110 2
978,636,640 1
63,672,300 7
184,505,010 3
182,601,420 4
158,911,600 5
74,626,980 6
49,306,900 8
35,685,060 9
34,991,500 10
54.41% $2,500,221,520
18.45%
24.49%
1.59%
4.62%
4.57%
3.98%
1.87%
1.23%
0.89%
0.88%
51.92%
High Plains Library District
Ratio of Outstanding Debt by Type
Last Ten Fiscal Years
Governmental Actitivities
Fiscal Certificates of
Year Participation
2008 20,480,000
2009 19,415,000
2010 19,466,100
2011 18,118, 756
2012 16, 726, 412
2013 15,635, 000
2014 14,105, 000
2015 12,535,000
2016 3,145,000
2017 2,125,000
2018 1,080,000
2019 -
2020
Total Library
District
Percentage of
Personal
Income 1 Per Capita 1
20, 480, 000
19,415,000
19,466,100
18,118, 756
16,726,412
15,635,000
14,105, 000
12, 535, 000
3,145, 000
2,125, 000
1,080,000
0.31% 83.76
0.26% 77.28
0.28% 76.99
0.26% 71.12
0.22% 63.43
0.19% 59.29
0.17% 52.28
0.15% 45.67
0.04% 11.04
0.03% 6.98
0.01% 3.55
0.00%
0.00%
1 Refer to Demographic and Economic Statistics schedule on page 49 of the CAFR.
Source: Current and prior year's financial statements.
High Plains Library District
Legal Debt Margin Calculation for Fiscal Year 2020
Assessment valuation
Legal Debt Limit
C.O.P Balance
Legal Debit Margin
$13,547,496,546
203,212,448
0
203,212,448
Legal Debt Margin Information
Last Ten Fiscal Years
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Debt limit $ 71,333,143 $ 86,294,415 $ 95,350,662 $125,437,455 $159,863,784 $123,496,081 $ 126,183,800 156,590,520 210,027,615.00 203,212,448.00
Total net debt applicable to limit 18,118,756 16,726,412 15,635,060 14,145,000 12,535,000 3,145,000 2,125,000 1,080,000 0 0
Legal debt margin $ 53,214,387 $ 69,568,003 $ 79,715,602 $111,292,455 $147,328,784 $120,351,081 $ 124,058,800 $ 155,510,520 $ 210,027,615 $ 203,212,448
Total net debt applicable to the limit
as a percentage of debt limit 25.40% 19.38% 16.40% 11.28% 7.84% 2.55% 1.68% 0.69% 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.
High Plains Library District
Direct and Overlapping Governmental Activities Debt
As of December 31, 2020
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
250, 586,419
1,352,237,435
187,489,176
1,790,313,030
100.00% $
22.00%
65.77%
76.36%
55,124,824
889, 344, 718
143,158,101
1,087,627,643
Total Direct and Overlapping Debt $1,790,313,030 $1,087,627,643
Source: Weld County CAFR
Note:
1 Overlapping governments are those that coincide, at least in part, with the
geographic boundaries of the district. This schedule estimates the portion
of the outstanding debt of those overlapping governments that is borne by
residents and businesses located within the district's boundries. This process
recognizes that, when considering the district's ability to issue and repay
long-term debt, the entire debt burden borne by the residents and businesses
should be taken into account. However, this does not imply that every taxpayer
is a resident, and therefore responsible for repaying the debt, of each
overlapping government.
High Plains Library District
Demographic and Economic Statistics
Last Ten Fiscal Years
High Plains
Library District
Year Patron Population
Weld County
Population
Total
Personal Income
($ billions)
Per Capita
Income
Unemployment
Rate
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
236,815
240,898
245,989
251,308
257,157
259,688
268,307
270,901
280,771
298,361
254,759
263,691
263,691
269,785
274,487
284,876
296,397
304,435
314,305
331,895
6.93
7.76
8.35
8.35
8.35
8.35
11.20
12.50
14.50
15.30
27,186
25,233
29,986
31,657
27,047
42,787
42,701
44,080
46,172
50,198
9.10%
8.70%
6.70%
3.90%
3.80%
2.60%
3.40%
2.70%
2.30%
7.20%
Source: Upstate Colorado in cooperation with the University of Northern Colorado
and the State of Colorado demographic.
Library Research Service State of Colorado for HPLD population.
Weld County Comprehensive Annual 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.
49
High Plains Library District
Principal Employers - Weld County
December 31, 2020
2020
Percentage
of Total
County
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
State Farm Insurance Companies
UC Health
City of Greeley
Halliburton Energy Services
State of Colorado (includes UNC)
Carestream Health, Inc.
Aims Community College
Total Principal Employers
Other Employers
Total County Employment
Source: Upstate Colorado and Weld County
6,000
3,710
2,890
2,860
1,783
1,530
1,200
1,030
905
900
22,808
147,193
170,001
50
1
2
3
4
5
6
7
8
9
10
3.53%
2.18%
1.70%
1.68%
1.05%
0.90%
0.71%
0.61%
0.53%
0.53%
13.42%
86.58%
100.00%
2011
Percentage
of Total
County
Employees Rank Employment
4,500
3,000
1,600
2,300
1
2
5
3
1,372 6
1,350 7
874 9
1,658
900
521
18,075
93,359
111,434
4
8
10
4.04%
2.69%
1.44%
2.06%
1.23%
1.21%
0.78%
1.49%
0.81%
0.47%
16.22%
83.78%
100.00%
High Plains Library District
Library Materials Purchased and Circulated
Last Ten Fiscal Years
Fiscal Number of
Year Volumes Owned (1)
Number of
AudioNisual Total Items
Items Owned (2) Owned
Number of
Items
Circulated *
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
637,087
652,019
615,874
673,140
683,682
636,645
534,531
495,977
490,302
490,743
111,048
104,427
111,046
128,416
131,135
602,207
609,660
461,207
358,399
102,784
Source: High Plains Library District IT department.
748,135
756,446
726,920
801,556
814,817
1,238,852
1,144,191
957,184
879,317
593,527
2,761,638
2,746,572
2,879,953
2,749,021
2,781,499
2,640,378
2,555,135
2,420,158
2,275,342
1,490,905
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 the HPLD seven branch locations; one mini branch location; two Outreach
vehicles; Member Libraries - Eaton Public Library, Fort Lupton Public & School Library,
Glenn A Jones, M.D. Memorial Library, Hudson Public Library, Northern Plains Public Library,
Platteville Public Library, and Nantes Library.
High Plains Library District
Service Locations
December 31, 2020
Square Number of
Libraries Address 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 23
2227 23rd Avenue
Greeley, CO 80634 28,000 35
2650 W. 29th Street
Greeley, CO 80631 28,903 60
400 Powers Street
Erie, CO 80516 26,100 23
1939 61st Avenue
Greeley, CO 80634 38,000 30
415 1st Street
Kersey, CO 80644 800 1
I u 11z to btreet, suite
B
Greeley, CO 80631 6,195 21
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.
N
High Plains Library District
Circulation Summary by Location
Last Ten Fiscal Years
RIVelauue LuUl al
Fiscal Centennial Lincoln
Year Carbon Valley' Park Erie 2 Farr Kersey 3 Park
and Cultural Center
4
Outreach
Services Total
2011 447,547 531,887 390,389 584,903 220,894
2012 442,864 598,032 408,498 556,127 247,896
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
59,341 2,234,961
64,949 2,318,366
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
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 m
4 The Riverside Library and Cultural Center opened October 18, 2014.
During 2020, the libraries were closed for several weeks and subject to limited services because of COVID-19 restrictions.
Source: High Plains Library District IT department.
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