HomeMy WebLinkAbout20202641.tiffRECEIVED
JUN 082020
WELD COUNTY
COMMISSIONERS
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WELD COUNTY, COLORADO
COMPREHENSIVE ANNUAL FINANCIAL REPORT
YEAR ENDED DECEMBER 31, 2019
ANdERSON
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2020-2641
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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, 2019
Board of Trustees As of May 2020
Kenneth Poncelow Chairman
Mary Heberlee Vice Chairman
Mary Roberts Secretary/Treasurer
Jana Caldwell Trustee
John Damsma 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
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 20
Budgetary Comparison Statement — General Fund 24
Notes to Financial Statements 26
Other Supplementary Information:
Budgetary Comparison Schedule:
Debt Service Fund 38
STATISTICAL SECTION (Unaudited)
Net Position by Component 41
Changes in Net Position 42
Fund Balances of Governmental Funds 43
Changes in Fund Balances, Governmental Funds 44
General Governmental Expenditures by Function 45
General Governmental Revenues by Source 46
Property Tax Levies and Collections 47
Assessed and Estimated Actual Value of Taxable Property 48
Principal Taxpayers 49
Ratio of Outstanding Debt by Type 50
Legal Debt Margin Calculation 51
Direct and Overlapping Governmental Activities Debt 52
Demographic and Economic Statistics 53
Principal Employers 54
Library Materials Purchased and Circulated 55
Service Locations 56
Circulation Summary by Location 57
A'AwA highDlains1
Library District
To the Members of the Board of Trustees and Patrons of the High Plains Library District:
Administration
2650 W. 29th Street
Greeley CO 80681
Phone: (970) 506-8550
Fax: (970) 506-8551
May 6, 2020
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, 2019.
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, 2019 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 operates public computer centers (PCCs) located in Greeley and Evans and
supports technology at PCCs located in Briggsdale„ Milliken, and Nunn. Affiliated Libraries consist of the
Poudre Learning Center in Greeley, the Hazel E. Johnson Research Center, located within the City of
Greeley Museum and the City of Evans museum. A book deposit is available at the Hill and Park Senior
Center.
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The Weld Library Finance Corporation (WLFC) was formed in 2001 for the purpose of purchasing, leasing
or otherwise acquiring certain real property and to construct or install certain improvements in the service
area of the District. The WLFC is included as a blended component unit within the financial statements of
the District.
Administrative and support departments include Associate Directors, Collection Resources, Community
Relations and Marketing, Executive Director, Facilities Services, Finance, Foundation, Human Resources,
Information Technology, and 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 2020 through 2023. The trustees hold one 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 Boulder County and Weld 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, debt service fund, and when applicable the capital projects 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: The Colorado economy continued to grow during 2019 though not as rapidly as recent
years. The Weld County economy continued to be one of the strongest in the state. The unemployment
rate in Colorado remained low throughout 2019 with a reported unemployment rate of 3 percent in Weld
County for December 2019. Inflation in Colorado was reported to be 1.9 percent in 2019.
Economic activity continued during 2019. Oil and gas companies continued production in the Denver-
Julesburg Basin which covers most of the High Plains Library District geographic area. The volume of oil
and gas production in Weld County increased 9% and 20% in 2019. The volume of oil and gas sales in
Weld County increased 6% and 18% in 2019. The price per barrel of oil decreased 12% in 2019. With
that volume of production and sales and price level, we are currently expecting a 5% to 10% decrease in
assessed valuation for fiscal year (collection year) 2021.
The northern Colorado region's real estate market continued to be active. High employment supported
the demand for housing and increased pressure to provide affordable housing. Housing prices continued
to rise because of limited available housing inventory. The value of nonresidential projects continues to
grow. Government facility construction projects have contributed to the nonresidential growth.
Commercial construction has been active with retail and restaurant construction in the area. This, along
with housing growth, has helped maintain steady growth in construction jobs for the region's labor market.
-4
Growth in the county's labor market remained steady. A primary driver of recent growth has been oil and
gas development. With the impact of the recession on Colorado's economy, the oil and gas industry's
jobs and monetary contribution played a critical role in our recovery, and its importance today has not
waned. The energy industry continues to be an enormous driver of the continued economic growth of
Weld County and Colorado.
The continued impact of oil and gas development in the county touches on many aspects of the High
Plains Library District (HPLD) currently, and in planning for the future. The energy development presents
both challenges and opportunities for HPLD. As has been the case for the last four to five years, growth
and development activity directly, or indirectly, related to oil and gas exploration seems to be a main
economic driver of positive economic activities in Weld County. During the last few years, the County has
seen several compressor stations, injection wells, new pipelines, and other oil and gas support and
service industries seeking permits. 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 communities. These regulatory risks, if implemented, could dramatically impact future oil and
gas development in Colorado.
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.
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 2020 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 and over 63% for fiscal year 2020. Because of the volatility of production levels and
price fluctuations of the oil and gas production, 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.
In early 2020, the outbreak of the COVID-19 virus has severely impacted the economy. There has been
a dramatically negative impact across numerous industries. A sharp, rapid decline in oil and gas prices
has slowed production and investment. Travel and tourism have suffered dramatically as ski resorts were
forced to close in early March. In early March, restaurants were forced to limit service to drive through,
take out, or delivery. Entertainment venues have been forced to cancel events. Analysts are predicting
very negative economic results, including a very large increase in unemployment, for the first and second
quarters of 2020 with recovery beginning in 3rd and O1 quarters, but still not expecting recovery to 2019
levels by the end of 2020. Decrease in the oil and gas production and development and the significant
decrease in price per barrel of oil in 2020 will have a negative financial impact to HPLD in 2022 and
following depending upon the speed and extent of economic recovery.
5
Although the financial health of the HPLD is currently excellent, it is important to look to the future issues,
possible problems and alternative solutions to these problems. Besides the traditional role of budgeting
to responsibly manage available current year funding, there must be a continued emphasis on long-term
planning, recognition of the cumulative effect of individual decisions, an awareness of changing realities,
flexibility, patron input in setting priorities, and a focus of goals and objectives consistent with the core
philosophy and mission statement. Prioritizing services is essential and a practice that the HPLD does
annually. It allows the HPLD to concentrate on high priority programs and cease providing those 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 2019 increased by $7,574,582 or 26%,
compared to 2018.
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.
Programming initiatives in 2019 included presenting the fourth annual Signature Author Series with Garth
Stein author of The Art of Racing in the Rain. The event was held at the University of Northern Colorado
and provided an opportunity for members of the community to have a question and answer session and
book signing with the author.
HPLD continued collaboration with the Immigrant and Refugee Center to provide citizenship and ESL
classes. HPLD held its first YES! fest in September to encourage and celebrate STEM education.
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 (CAFR) for the fiscal year ended December 31, 2018. This was the
seventeenth 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 CAFR
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 Natalie Wertz, CPA, CFE
Executive Director Finance Manager
7
HIGH PLAINS LIBRARY DISTRICT
PRINCIPAL DISTRICT OFFICIALS
Dr. Matthew Hortt Executive Director
Marjorie Elwood Associate Director of Public Services
Rosa Granado Associate Director of Public Services
Edward A. Brewer Patron Experience Specialist
Elena Rosenfeld Community Engagement and Strategies Manager
Eric Ewing Associate Director of Human Resources and Facilities
James Melena Community Relations and Marketing Manager
Abby Yeagle Foundation Director
Vacant Collection Resources Manager
Susan Staples Information Technology Manager
Natalie Wertz Finance Manager
Board or Trustees
v
Executive Assistantli _
Kathy Webb
Executive Director
Iii Matthew Horn
High Plains Library District
Organizational Chart
Collection Resources
Mang.. r
Charles Krueger
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Irterilbray Loan ar,d
Norte; : t r S cren so r
Lisa Wailers
Jocclr_ Ibnd
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Mcpthann Ertmrr
Patron Fax pericnce
Specialist
Tony Brewer
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Community Relations
and Marketing
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Elena Rosenfeld
Associate Director of
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Finance Manager
Natalie WertzTir
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I Associate Director of
Human Resources
Eric Ewing
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Foundation Director
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, 2018
P2f.truA:a
Executive Director/CEO
ANdERSON
WIUTNEy
om•••
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, 2019, 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.
-11-
5801 West 11th Street. Suite 300 (970) 352-7990
Greeley, Colorado 80634-4813 www.awhitney.com
Board of Trustees
High Plains Library District
Page 2
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, 2019, 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 other supplementary information listed in the table of contents
is presented for purposes of additional analysis and is not a required part of the basic financial
statements of the High Plains Library District. Such information is the responsibility of the
management and was derived from and relates directly to the underlying accounting and other
records used to prepare the financial statements. The information has been subjected to the
auditing procedures applied in the audit of the financial statements and certain additional
procedures, including comparing and reconciling such information directly to the underlying
accounting and other records used to prepare the financial statements or to the financial
statements themselves, and other additional procedures in accordance with auditing standards
generally accepted in the United States. In our opinion, the information is fairly stated in all
material respects in relation to the financial statements as a whole. The introductory section and
statistical tables 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.
May 6, 2020
- 12 -
MANAGEMENT'S DISCUSSION AND ANALYSIS
This section of the report provides readers with a narrative overview and analysis of the financial activities
of the High Plains Library District for the year ended December 31, 2019. 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 $83.0 million at the end
of 2019. Of this amount, approximately $47.8 million may be used to meet the District's ongoing
obligations to patrons and creditors. The remaining $35.2 million are capital assets or are restricted by
law.
• The District's General Fund balance was $49,289,431 as of December 31, 2019. Of this amount,
$1,004,893 is reserved for emergencies.
• The 2019 General Fund balance is $10,945,516 higher than the previous year. The total fund balance
is 189% of 2019 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 18-23 of this report.
Fund financial statements: A fund is a grouping of related accounts that is used to maintain control
over resources that have been segregated for specific activities or objectives. High Plains Library District,
like other state and local governments, uses fund accounting to ensure and demonstrate compliance with
finance -related legal requirements. All of the funds of the High Plains Library District can be categorized
as governmental funds.
Governmental funds: Governmental funds are used to account for essentially the same functions
reported as governmental activities in the government -wide financial statements. However, unlike the
government -wide financial statements, governmental fund financial statements focus on near -term inflows
and outflows of spendable resources, as well as on balances of spendable resources available at the end
of the fiscal year. Such information may be useful in evaluating a government's near -term financing
requirements.
-13-
Because the focus of governmental funds is narrower than that of the government -wide financial
statements, it is useful to compare the information presented for governmental funds with similar
information presented for governmental activities in the government -wide financial statements. By doing
so, readers may better understand the long-term impact of the government's near -term financing
decisions. Both the governmental funds balance sheet and the governmental funds statement of
revenues, expenditures, and changes in fund balances provide a reconciliation to facilitate this
comparison between governmental funds and governmental activities.
High Plains Library District maintains two individual governmental funds. Information is presented
separately in the governmental funds balance sheet and in the governmental funds statement of
revenues, expenditures, and changes in fund balances for the General Fund and Debt Service Fund.
Individual fund data for the Debt Service Fund is provided in the form of a budget comparison schedule
on page 38 of this report.
The basic governmental fund financial statements can be found on pages 18 through 23 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 24 to 25 of
this report. Budget to actual comparison for the Debt Service fund is provided on page 38.
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 26 through 37 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, 2019, net position was $83 million.
The following table provides a summary of the District's net position at December 31:
Table 1 - Net •osition in Millions
Assets
Current and other assets
Casital assets
Liabilities
Current and other liabilities
Lone -term liabilities
Deferred Inflows
Deferred Pro•ert Taxes
Net Position
Net Investment in capital
assets
Restricted
Unrestricted,
2019
$95.6
34.2
2018
$74.5
33.2
1.2
5
2.3
5
45.0
34.2
1.0
47.8
33.9
31.2
1.8
38.0
-14-
A significant portion of High Plains Library District's net position (58%) represents unrestricted net position
of $47.0 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 (41%) 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 consists of the certificates of
participation for the remodel of various facilities. High Plains Library District has no other debt.
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
2019 2018
Revenues:
General revenues:
Property and specific ownership taxes
Investment earnings
Program revenues:
Charges for services
Operating grants and contributions
$ 35,821,303 $ 29,643,492
1,175,115 759,734
78,226
104,091
85,288
137,901
Total revenues
37,178,735 30,626,415
Expenses:
Library services
Operations and maintenance
Depreciation
Interest on long-term debt
20, 245, 525 17, 577, 047
3,633,708 3,124,153
1,247,557 1,288,601
90,056 122,906
Total expenses
25,216,846 22,112,707
Increase in net position
Beginning net position
11,961,889 8,513,708
71,015,662 62,501,954
Ending net position
$ 82,977,551 $ 71,015,662
Governmental activities
Governmental activities increased High Plains Library District's net position by $11,961,889 in 2019.
Expenses totaled a 14% 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 DISTRICTS 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 2019, the combined ending fund balance of High Plains Library District governmental
funds was $49.3 million. Approximately 58% 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
$1,004,893.
The District has two major governmental funds:
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 $49.3 million as of
December 31, 2019. The 2019 fund balance is $11.0 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 110% of total 2019 expenditures and transfers out, while total fund balance is
189% of the same amount. The fund balance increased in 2019 as increased property taxes
were more than the amounts transferred to the Debt Service Fund for debt repayment.
2. Debt Service Fund. The debt service fund has a fund balance of $0 due to the debt being repaid.
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 2018, the Board of Trustees appropriated $48.0 million for general fund expenditures and
other financing uses, 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 from 2019, and expenditures held
under budget. The budget was not amended during the year.
Table
in Millions
Beeinnin• Fund Balance
Revenue
Expenditures and other financin• uses
Endin• Fund Balance
Bud et
$ 38.3
36.6
48.0
Actual
$ 38.3
37.2
26.2
-16-
CAPITAL ASSET AND DEBT ADMINISTRATION
Capital Assets: High Plains Library District's investment in capital assets for its governmental activities
as of December 31, 2019 totals $34.2 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, 2019, High Plains Library District had $0 in outstanding debt as it was
paid off during the year.
Additional information on High Plains Library District's debt can be found in Note 5.
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 2020 budget:
• HPLD budgeted revenues for fiscal year 2020 increased compared to 2019. The 2020 budget
includes funds to address the future home site of the Lincoln Park Library, remodel and expand
the Erie Library, and enhance the Kersey Library with a new building or upgrade an existing
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 increase by 31.1% in 2020 compared to 2019. Budgeted expenditures for 2020 include
funding to meet the demands placed by our patrons for library materials as well as increased
programing for all ages and just over $20.0 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, 2019
General
Fund
Debt Service
Fund
Total
ASSETS
Cash and Investments
Receivables:
Property taxes
Other assets
Capital Assets:
Depreciable
Nondepreciable
$ 49,979,103 $
45,043,922
552,638
- $ 49,979,103
- 45,043,922
- 552,638
Total Assets 95,575,663
95,575,663
LIABILITIES
Accounts Payable
Accrued Costs
Unearned Revenue
Long -Term Liabilities:
Due after one year
690,862
439,836
111,612
690,862
439,836
111,612
Total Liabilities
1,242,310
1,242,310
DEFERRED INFLOWS OF RESOURCES
Deferred Property Taxes
FUND BALANCES/NET POSITION
Fund Balances:
Restricted for:
Emergencies
Assigned for capital projects
Unassigned
45,043,922
1,004,893
19,584,220
28,700,318
45,043,922
1,004,893
19,584,220
28,700,318
Total Fund Balances
49,289,431
- 49,289,431
Total Liabilities and Fund Balances
$ 95,575,663 $
- $ 95,575,663
Net Position:
Net investment in capital assets
Restricted for emergencies
Unrestricted
Total Net Position
See Accompanying Notes to Financial Statements.
-18-
Adjustments Statement of
(Note 10) Net Position
$ - $ 49,979,103
- 45,043,922
552,638
30,585,922 30,585,922
3,643,871 3,643,871
34,229,793 129,805,456
690,862
- 439,836
111,612
541,673 541,673
541,673 1,783,983
45,043,922
(1,004,893)
(19,584,220)
(28,700,318)
(49,289,431)
34,229,793 34,229,793
1,004,893 1,004,893
47,742,865 47,742,865
$ 82,977,551 $ 82,977,551
-19-
HIGH PLAINS LIBRARY DISTRICT
STATEMENT OF GOVERNMENTAL FUNDS REVENUE,
EXPENDITURES AND CHANGE IN FUND BALANCES/
STATEMENT OF ACTIVITIES
Year Ended December 31, 2019
General
Fund
Debt
Service
Fund
Total
Revenue:
General property taxes
Specific ownership taxes
Penalties and interest
on delinquent taxes
Library fines
Earnings on investments
Grant
Miscellaneous
$ 33,496,472 $
2,324,831
15,553
62,673
1,151,723
94,288
9,803
- $ 33,496,472
- 2,324,831
23,392
15,553
62,673
1,175,115
94,288
9,803
Total Revenue
37,155,343
23,392
37,178,735
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
10,220,963
388,557
67,887
163,435
32,142
10,376
550,087
54,728
77,550
754,430
49,407
216,090
1,168,208
281,458
195,447
500,808
978,558
13,466
1,913
70,617
323,511
7,730,409
10,220,963
388,557
67,887
163,435
32,142
10,376
550,087
54,728
77,550
754,430
49,407
216,090
1,168,208
281,458
195,447
500,808
978,558
13,466
1,913
70,617
323,511
7,730,409
Total Current
23,850,047
- 23,850,047
Continued on next page.
-20-
Adjustments Statement of
(Note 11) Activities
$ - $ 33,496,472
- 2,324,831
15,553
62,673
1,175,115
94,288
9,803
37,178,735
29,186 10,250,149
388,557
67,887
163,435
- 32,142
10,376
550,087
- 54,728
77,550
- 754,430
- 49,407
216,090
1,168,208
281,458
- 195,447
- 500,808
- 978,558
13,466
1,913
70,617
323,511
7,730,409
1,247,557 1,247,557
1,276,743 25,126,790
-21-
HIGH PLAINS LIBRARY DISTRICT
STATEMENT OF GOVERNMENTAL FUNDS REVENUE,
EXPENDITURES AND CHANGE IN FUND BALANCES/
STATEMENT OF ACTIVITIES
Continued
Year Ended December 31, 2019
General
Fund
Debt
Service
Fund
Total
Expenditures/Expenses - Continued:
Capital Outlay
Debt Service:
Principal
Interest and Fees
$ 2,236,239 $
- $ 2,236,239
1,080,000
- 32,400
1,080,000
32,400
Total Expenditures/Expenses
26,086,286
1,112,400 27,198,686
Revenue Over (Under) Expenditures
Other Financing Sources (Uses):
Transfers - internal activities
11,069,057
(123,541)
(1,089,008) 9,980,049
123,541
Net Change in Fund Balances/Net Position
Fund Balances/Net Position, Beginning of Yea]
10,945,516
38,343,915
(965,467)
965,467
9,980,049
39,309,382
Fund Balances/Net Position, End of Year
$ 49,289,431 $
$ 49,289,431
See Accompanying Notes to Financial Statements.
-22-
Adjustments Statement of
(Note 11) Activities
$ (2,236,239) $
(1,080,000)
57,656 90,056
(1,981,840) 25,216,846
1,981,840 11,961,889
1,981,840 11,961,889
31,706,280 71,015,662
$ 33,688,120 $ 82,977,551
-23-
HIGH PLAINS LIBRARY DISTRICT
BUDGETARY COMPARISON STATEMENT - GENERAL FUND
Year Ended December 31, 2019
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
$ 33,496,472
2,324,831
15,553
94,288
62,673
1,151,723
9,803
$ 33,948,824
2,380,766
62,591
60,000
190,000
15,600
8,000
$ (452,352)
(55,935)
15,553
31,697
2,673
961,723
(15,600)
1,803
Total Revenue
37,155,343
36,665,781
489,562
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)
10,220,963
388,557
67,887
163,435
32,142
10,376
550,087
54,728
77,550
754,430
49,407
216,090
1,168,208
281,458
195,447
500,808
978,558
13,466
1,913
70,617
323,511
7,730,409
11,859,189
433,250
95,561
276,010
39,725
19,400
574,500
55,000
96,310
931,000
57,850
253,585
1,149,213
228,752
188,960
544,850
834,418
18,639
3,850
75,000
15,610
318,121
7,641,625
1,638,226
44,693
27,674
112,575
7,583
9,024
24,413
272
18,760
176,570
8,443
37,495
(18,995)
(52,706)
(6,487)
44,042
(144,140)
5,173
1,937
4,383
15,610
(5,390)
(88,784)
Total Current
23,850,047
25,710,418 1,860,371
Capital Outlay
2,236,239
22,269,100 20,032,861
Total Expenditures
26,086,286
47,979,518 21,893,232
Continued on next page.
-24-
HIGH PLAINS LIBRARY DISTRICT
BUDGETARY COMPARISON STATEMENT - GENERAL FUND -
Continued
Year Ended December 31, 2019
Original
and Final
Actual Budget Variance
Revenue Over Expenditures
Other Financing Sources (Uses):
Transfer to Debt Service Fund
$ 11,069,057 $ (11,313,737) $ 22,382,794
(123,541) (165,000) 41,459
Excess of Revenue Over Expenditures and
Other Financing Sources (Uses)
Fund Balance - Beginning
10,945,516 (11,478,737) 22,424,253
38,343,915 38,343,915
Fund Balance - Ending $ 49,289,431 $ 26,865,178 $ 22,424,253
See Accompanying Notes to Financial Statements.
-25-
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.
- 26 -
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 funds:
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.
The debt service fund accounts for the resources accumulated and payments made for
principal and interest on long-term debt of the District.
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:
- 27 -
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, 2019 are $1,004,893.
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.
- 28 -
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, 2019, levies for the general fund of the District are as follows:
Mill Levy Amount
General Fund 3.249 $ 33,948,824
Property tax revenue is reported net of approximately $707,000 of property tax
abatements for the year ended December 31, 2019. Numerous tax increment financing
districts have been established by municipalities in the District.
- 29 -
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.
- 30 -
HIGH PLAINS LIBRARY DISTRICT
NOTES TO FINANCIAL STATEMENTS
NOTE 2 - Cash and Investments - Continued:
At December 31, 2019, the Library District held General Fund investments of
$26,114,130 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, 2019 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, 2019, the Library District held general fund investments of $10,170,304
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, 2019 CSIP had a weighted average maturity of 44 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, 2019 are as follows:
Cost Fair Value
U.S. Government Treasury and Sponsored Agency
Bonds, primarily FNMA, FFCB, and FHLB, maturing in
2020 through 2022, rated AA+ by Standard & Poor's
$ 12,000,000 $ 12,059,432
Corporate Bonds — maturing in 2022, rated Aa1 and Aa3 1,000,000 1,022,421
Total $ 13,000,000 $ 13,081,853
-31 -
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, 2019
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)
$ 13,081,853
1,022,421
- 32 -
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, 2019 Amount
Town of:
Ault
Eaton
Fort Lupton
Hudson
Johnstown
Platteville
$ 397,107
949,266
2,808,635
2,124,281
713,748
737,372
$ 7,730,409
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.
- 33 -
HIGH PLAINS LIBRARY DISTRICT
NOTES TO FINANCIAL STATEMENTS
NOTE 4 — Capital Assets:
Capital asset activity for the year ended December 31, 2019 was as follows:
Balance, Deletions/ Balance,
01/01/19 Additions Transfers 12/31/19
Not Depreciated:
Land
Opening day book
collection
Construction in process
Depreciated:
Buildings
Building improvements
Equipment and furniture
$ 716,670 $
2,927,201
33,691,101
4,640,602
4,375,580
-- $ -- $ 716,670
500,033
1,269,561
72,092
394,553
2,927,201
500,033
34,960,662
4,712,694
4,770,133
Total Cost
46,351,154
2,236,239
48,587,393
Less Accumulated
Depreciation:
Buildings
Building improvements
Equipment and furniture
7,712,633
1,659,869
3,737,541
743,679
243,664
260,214
8,456,312
1,903,533
3,997,755
Total Accumulated
Depreciation
13,110,043 1,247,557
-- 14,357,600
Capital Assets, net
$ 33,241,111 $ 988,682 $ -- $ 34,229,793
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
01/01/19 Additions Deletions 12/31/19 One Year
Refunding
Certificates of
Participation —
2010
Compensated
Absences
$ 1,080,000 $ -- $1,080,000 $ $
512,488 71,499 42,314 541,673 20,000
$ 1,592,488 $ 71,499 $1,122,314 $ 541,673 $ 20,000
- 34 -
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.
The District entered into a lease with Goodwill Industries of Denver in May 2016 for a
temporary location for the Lincoln Park branch in downtown Greeley. The lease ended in
June 2018 when the District purchased the building.
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 $1,004,893 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.
- 35 -
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 2019, employees contributed $397,242 and the District contributed
$397,242 to the plan. The amount payable to the plan at December 31, 2019 was $37,896.
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 2019
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
$ 49,289,431
34,229,793
(541,673)
Total Net Position $ 82,977,551
- 36 -
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 2019
Net change in fund balances — total governmental funds $ 9,980,049
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 ($2,236,239) was more than
depreciation ($1,247,557) in the current year. 988,682
The issuance of long-term debt (e.g. COP's) provides current financial
resources to governmental funds, while the repayment of the principal
of long-term debt consumes the current financial resources of
governmental funds. Neither transaction, however, has any effect on
net position. Also, governmental funds report the effect of deferred
amounts when debt is first issued, whereas these amounts are deferred
and amortized in the statement of activities. This amount is the net
effect of these differences in the treatment of long-term debt and
related items. 1,022,344
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
(29,186)
Change in Net Position of Governmental Activities $ 11,961,889
- 37 -
HIGH PLAINS LIBRARY DISTRICT
BUDGETARY COMPARISON SCHEDULE - DEBT SERVICE FUND
Year Ended December 31, 2019
Original
and Final
Actual Budget Variance
Revenue:
Earnings on investments
$ 23,392 $
600 $ 22,792
Total Revenue
23,392
600 22,792
Expenditures:
Debt service
1,112,400 1,123,400 11,000
Total Expenditures
1,112,400 1,123,400 11,000
Revenue Under Expenditures
Other Financing Sources (Uses):
Transfer from General Fund
(1,089,008) (1,122,800) 33,792
123,541 165,000
(41,459)
Revenue and Other Financing
Sources Over Expenditures
Fund Balance - Beginning
(965,467) (957,800) (7,667)
965,467 957,800 7,667
Fund Balance - Ending
-38-
STATISTICAL SECTION
- 39 -
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... ... ... ... .....47-49
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.................................50-52
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... ... ... ... ... ...... ............ ........................ ......... ....... .53-54
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... ... ... ... ... ... ... ... ... ... ... 55-57
Sources: Unless otherwise noted, the information in these schedules is derived from the
comprehensive annual financial reports for the relevant year.
- 40 -
High Plains Library District
Net Position by Component
Last Ten Years
(accrual basis of accounting)
Governmental activities
Invested in capital assets, net of related debt
Restricted for
Debt service
Emergencies
Unrestricted
Total governmental activities net assets
Primary government
Invested in capital assets, net of related debt
Restricted
Unrestricted
Total primary government net position
A
2010 2011 2012 2013 2014 2015 2016
2017
2018
2019
$ 12,011,872 $ 12,298,749 $ 13,537,209 $ 15,481,507 $ 22,620,113 $ 22,839,391 $ 31,182,064 $ 30,931,304
957,200
872,179
29,741,271
916,009 929,937 930,828 931,956 933,107 934,901 956,155
555,749 449,770 515,291 598,917 684,707 862,082 1,123,404
12,658,266 13,109,042 13,360,265 14,596,825 11,910,752 18,464,841 21,298,931
$ 31,173, 769
965,467
824,477
38,051,949
$ 34,229,793
1,004,893
47,742,865
12,011,872 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
1,471,758 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
12,658,266 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
$ 26,141,896 $ 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
High Plains Library District
Changes in Net Position
Last Ten Years
(accrual basis of accounting)
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Expenses
Governmental activities:
General government
Interest on long term debt
Debt issuance costs
Total governmental activities expenses
$ 14,544,604 $ 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
772,337 734,515 704,412 665,007 622,536 580,418 519,145 141,872 122,906 90,056
- 14,389 14,389 - - -
$ 15,316,941 $ 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
Program Revenues
Governmental activities:
Charges for services:
General government 197,986 178,005 201,749 176,750 174,026 156,912 101,381 89,100 85,288 62,673
Operating grants and contributions 138,750 113,750 126,248 185,227 137,247 192,479 122,808 76,675 137,901 119,644
Total governmental activities program revenues $ 336,736 $ 291,755 $ 327,997 $ 361,977 $ 311,273 $ 349,391 $ 224,189 $ 165,775 $ 223,189 $ 182,317
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 Position
Governmental activities
Total primary government
$(14,980,205) $(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)
$ 16,906,588 $ 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
1,044,416 979,076 1,280,320 1,298,477 1,784,930 1,854,124 2,223,890 2,125,055 2,128,161 2,324,831
238,444 128,210 163,788 167,822 146,285 159,022 214,921 279,300 792,460 1,175,115
18,189,448 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
$ 18,189,448 $ 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
$ 3,209,243 $ 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
$ 3,209,243 $ 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
High Plains Library District
Fund Balances of Governmental Funds
Last Ten Years
(modified accrual basis of accounting)
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
General Fund
Restricted $ 555,749 $ 449,770 $ 515,291 $ 598,917 $ 684,707 $ 862,082 $ 1,123,404 $ 872,179 $ 824,477 $ 1,004,893
Unrestricted, unassigned 12,800,520 13,278,254 13,541,761 14,250,893 12,287,812 13,710,589 16,348,874 22,850,568 15,710,138 28,700,318
Assigned - 5,170,000 5,427,000 7,977,350 21,809,300 19,584,220
Total general fund $13,356,269 $13,728,024 $14,057,052 $14,849,810 $12,972,519 $19,742,671 $ 22,899,278 $ 31,700,097 $ 38,343,915 $ 49,289,431
All other Governmental Funds
Restricted $ 1,435,069 $ 929,965 $ 930,828 $ 931,956 $ 933,107 $ 934,901 $ 956,155 $ 957,200 $ 965,467 $ -
Total for all governmental funds $ 14,791,338 $ 14,657,989 $ 14,987,880 $ 15,781,766 $ 13,905,626 $ 20,677,572 $ 23,855,433 $ 32,657,297 $ 39,309,382 $ 49,289,431
A
W
High Plains Library District
Changes in Fund Balances, Governmental Funds
Last Ten Years
(modified accrual basis of accounting)
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Revenues
Taxes $ 17,951,004 $ 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
Charges for services 23,787 21,504 25,106 -
Library fines 170,724 154,588 168,188 167,834 174,026 156,912 101,381 89,100 85,288 62,673
Earnings on investments 238,444 128,210 163,788 167,822 146,285 159,022 214,921 279,300 792,460 1,175,115
Contributions in kind - rent 113,750 113,750 113,750 113,750 113,750 113,750 47,395 - -
Miscellaneous 28,475 1,913 20,955 80,393 33,714 64,485 75,413 76,675 137,901 119,644
Total revenues 18,526,184 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
Expenditures
General government 13,602,384 12,573,567 14,237,613 15,651,701 16,982,271 20,271,134 24,501,391 20,156,867 20,675,360 23,850,047
Capital outlay 1,049,190 479,764 957,104 2,323,740 6,090,351 108,638 370,588 70,531 1,588,270 2,236,239
Debt issuance costs 129,523 - - - -
Debt service
Interest 772,337 676,859 646,756 607,351 564,880 522,762 461,489 82,716 65,250 32,400
Principal 1,235,000 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
Total expenditures 16,788,434 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
Excess of revenues over (under) expenditures 1,737,750 (133,349) 329,891 793,886 (1,876,140) 6,771,946 3,177,889 8,201,866 7,252,535 9,980,049
Other financing sources (uses)
Transfers in 1,993,701 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
Transfers out (1,993,701) (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)
Proceeds of debt 9,580,000 -
Payment to refunded debt escrow agent (8,293,903)
Sale of capital assets - -
Total other financing sources (uses) 1,286,097
Net change in fund balances $ 3,023,847 $ (133,349) $ 329,891 $ 793,886 $ (1,876,140) $ 6,771,946 $ 3,177,889 $ 8,201,866 $ 7,252,535 $ 9,980,049
Debt service as a percentage of noncapital
expenditures
12.75% 14.21% 12.84% 11.84% 10.98% 9.36% 28.68% 5.19% 5.10% 4.46%
High Plains Library District
General Governmental Expenditures By Function
Last Ten Fiscal Years
Fiscal
Year
Administrative Books;
Salaries Benefits Services Resources
Facilities
Operations
Grants
In Aid
Capital
Outlay
Debt
Service
Totals
2010
2011
2012
2013
20141
2015
20162
2017
2018
2019
Note:
$ 4,993,005
4,972,908
5,334,425
5,644,619
6,120,836
6,724,535
7,127,174
6,928,292
7,238,335
7,810,132
$1,256,554
1,270,033
1,389,422
1,306,285
1,675,209
1,971,410
2,041,965
2,014,659
2,164,073
2,410,831
$ 1,498,585
1,691,690
1,772,378
2,056,482
1,780,284
2,006,234
2,632,139
2,291,142
2,387,221
2,690,406
$ 1,253,838
1,056,746
1,239,946
1,248,730
1,238,798
1,633,200
1,652,204
1,117,897
1,192,694
1,408,652
$ 1,168,945
996,174
1,272,936
1,315,355
1,598,867
1,406,582
1,609,406
1,577,637
1,610,030
1,799,617
$ 3,431,457
2,586,016
3,228,506
4,080,230
4,577,277
6,529,173
9,438,503
6,227,241
6,083,007
7,730,409
$ 1,049,190
479,764
957,104
2,323,740
6,090,351
108,638
370,588
70,530
1,588,720
2,236,239
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.
$ 2,136,860
2,081,859
2,096,756
2,102,351
2,094,880
2,092,762
9,851,489
1,102,716
1,110,250
1,112,400
$ 16,788,434
15,135,190
17,291,473
20,077,792
25,176,502
22,472,534
34,723,468
21,330,114
23,374,330
27,198,686
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
2010 $16,874,455 $1,044,416 $ 238,444
2011 13,602,800 979,076 128,210
2012 15,849,259 1,280,320 163,788
2013 19,043,402 1,298,477 167,822
2014 21,038,657 1,784,930 146,285
2015 26,881,943 1,854,124 159,022
2016 35,238,427 2,223,820 214,921
2017 26,961,850 2,125,055 279,300
2018 27, 515, 331 2,128,161 738,244
2019 33,496,472 2,324,831 1,175,115
Source:
HPLD CAFR
$ 25,000 $ 170,724 $ 173,145 $18,526,184
- 154,588 137,167 15,001,841
12,498 168,186 147,313 17,621, 364
71,477 167,834 122,666 20,871,678
16,302 174,026 131,162 23,291,362
55,436 156,912 137,043 29,244,480
60,836 101,381 61,972 37,901,357
65,578 89,100 11,097 29,531,980
62,302 85,288 75,599 30,604,925
94,288 62,673 25,356 37,178,735
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
2009 2010
2010 2011
2011 2012
2012 2013
2013 2014
2014 2015
2015 2016
2016 2017
2017 2018
2018 2019
Source:
1 Final Budget
2 YTD Treasurer's Tax Distribution
3 Not available for years not shown
16,934
13,609
15,880
19,074
21,063
27,320
35,255
26,930
27,390
33,949
16,874
13,581
15,832
19,023
21,038
26,882
35,223
26,962
27,515
33,870
99.6%
99.8%
99.7%
99.7%
99.9%
98.4%
99.9%
100.1%
100.5%
99.8%
60 16,934 100.0%
- 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%
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
2010 76,597 935,623 612,171 191,689 93,792 11,881 1,593,865 573,725 4,089,343 19,166,061 3.249 21.336%
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%
Source: Weld County Assessor's office
High Plains Library District
Principal Taxpayers
December 31, 2019
2019
Taxable
Assessed Value
Percentage
of Total
Taxable
Assessed
Rank Value
Kerr-Mcgee Oil & Gas Onshore LP
Noble Energy Inc.
Encana Oil & Gas (USA) Inc
PDC Energy Inc
Extraction Oil & Gas LLC
Crestone Peak Resources, LP
Highpoint Operating Corporation
SRC Energy Inc.
Whiting Oil and Gas
Bonanza Creek Energy Inc.
Great Western Oil & Gas Co LLC
Rocky Mountain Energy Center
Public Service Company of Colorado (Xcel)
Colorado Interstate Gas Co.
Kerr-McGee Gathering LLC
Petroleum Development Corp.
Merit Energy
DCP Midstream LP
Source: Weld County Assessor
$ 2,495,933,180 1
1,678,837,020
1,204,386,250
550,573,520
548,413,490
543,650,140
479,679,550
342,550,680
271,755,400
270,072,220
$ 8,385,851,450
17.74%
2 11.93%
3
4
5
6
7
8
9
10
8.56%
3.91%
3.90%
3.86%
3.41%
2.43%
1.93%
1.92%
2010
Taxable
Assessed Value
Percentage
of Total
Taxable
Assessed
Rank Value
$ 454,815,910
720,128,640
126,332,820
2
1
3
123,154,770 4
109,467,550 5
66,745,500 6
56,192,010 7
55,180,600 8
50,342,200 9
38,338,500 10
59.61% $1,800,698,500
11.38%
18.02%
3.16%
3.08%
2.74%
1.67%
1.41%
1.38%
1.26%
0.96%
45.05%
High Plains Library District
Ratio of Outstanding Debt by Type
Last Ten Fiscal Years
Governmental Actitivities
Percentage of
Fiscal Certificates of Total Library Personal
Year Participation District Income 1 Per Capita 1
2009 19,415,000 19,415,000 0.26% 77.28
2010 19,466,100 19,466,100 0.28% 76.99
2011 18,118,756 18,118,756 0.26% 71.12
2012 16,726,412 16,726,412 0.22% 63A3
2013 15,635,000 15,635,000 0.19% 59.29
2014 14,105,000 14,105,000 0.17% 52.28
2015 12,535,000 12,535,000 0.15% 45.67
2016 3,145,000 3,145,000 0.04% 11.04
2017 2,125,000 2,125,000 0.03% 6.98
2018 1,080,000 1,080,000 0.01% 3.55
2019 0.00%
1 Refer to Demographic and Economic Statistics schedule on page 52 of the CAFR.
Note: Details regarding the district's outstanding debt can be found in FN 5 page 32 of the CAFR.
Source: Current and prior year's financial statements.
in
9
High Plains Library District
Legal Debt Margin Calculation for Fiscal Year 2019
Assessed Valuation
Debt Limit 1.5% of Assessed Value 1
$14,001,840,969
210,027,615
Certificates of Participation 2 0
Legal Debt Margin 210,027,615
Legal Debt Margin Information
Last Ten Fiscal Years
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Debt limit $ 60,781,581 $ 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
Total net debt applicable to limit 19,466,100 18,118,756 16,726,412 15,635,060 14,145,000 12,535,000 3,145,000 2,125,000 1,080,000
Legal debt margin $ 41,315,481 $ 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
Total net debt applicable to the limit
as a percentage of debt limit 32.03% 25.40% 19.38%
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.
16.40% 11.28% 7.84% 2.55% 1.68% 0.69% 0.00%
High Plains Library District
Direct and Overlapping Governmental Activities Debt
As of December 31, 2019
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
40,381,417
1,428,659,275
113,087,525
1,582,128,217
100.00% $
88.91%
57.05%
55.69%
35,901,417
815,115,751
62,981,071
913,998,239
Total Direct and Overlapping Debt $1,582,128,217 $ 913,998,239
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
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
235,511
236,815
240,898
245,989
251,308
257,157
259,688
268,307
270,901
280,771
252,825
254,759
263,691
263,691
269,785
274,487
284,876
296,397
304,435
314,305
7.07
6.93
7.76
8.35
8.35
8.35
8.35
11.20
12.50
14.50
28,503
27,186
25,233
29,986
31,657
27,047
42,787
42,701
44,080
46,172
9.80%
9.10%
8.70%
6.70%
3.90%
3.80%
2.60%
3.40%
2.70%
2.30%
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.
Note: The HPLD Patron population is shown as a comparative to the Weld County population as the District's
service area approximates the boundary of Weld County.
High Plains Library District
Principal Employers - Weld County
December 31, 2019
2019
Percentage
of Total
County
Employees Rank Employment
JBS Swift Beef Company
Banner Health: Northern Colorado Medical Cente
Vestas
Greeley Evans School District 6
University of Northern Colorado
Weld County Government
State Farm Insurance Companies
City of Greeley
Halliburton Energy Services Inc.
UC Health
State of Colorado (includes UNC)
Carestream Health, Inc.
Aims Community College
Total Principal Employers
Other Employers
Total County Employment
4,590
3,640
2,810
2,200
1,717
1,615
1,200
1,100
1,030
1,030
20,932
144,358
165,290
Combined State of Colorado (including UNC) not available for 2019
Source: Upstate Colorado and Weld County
1
2
3
4
5
6
7
8
9
10
2.78%
2.20%
1.70%
1.33%
1.04%
0.98%
0.73%
0.67%
0.62%
0.62%
12.66%
87.34%
100.00%
2010
Employees
Percentage
of Total
County
Rank Employment
4,500
2,141
1,060
1,877
1,372
1,300
847
1,600
540
874
16,111
102,087
118,198
1
2
7
3
3.81%
1.81%
0.90%
1.59%
5 1.16%
6 1.10%
9 0.72%
4
10
8
1.35%
0.46%
0.74%
13.63%
86.37%
100.00%
High Plains Library District
Library Materials Purchased and Circulated
Last Ten Fiscal Years
Fiscal Number of
Year Volumes Owned (1)
Number of
Audio/Visual Total Items
Items Owned (2) Owned
Number of
Items
Circulated *
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
613,815
637,087
652,019
615,874
673,140
683,682
636,645
534,531
495,977
490,302
111,641
111,048
104,427
111,046
128,416
131,135
602,207
609,660
461,207
358,399
Source: High Plains Library District IT department.
725,456
748,135
756,446
726,920
801,556
814,817
1,238,852
1,144,191
957,184
879,317
2,774,312
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
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, 2019
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 23,903 60
400 Powers Street
Erie, CO 80516 20,000 23
1939 61st Avenue
Greeley, CO 80634 38,000 30
415 1st Street
Kersey, CO 80644 800 1
1012 11th Street, 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.
High Plains Library District
Circulation Summary by Location
Last Ten Fiscal Years
r uveI,.ue LIUI C11y
Fiscal Centennial Lincoln
Year Carbon Valley I Park Erie 2 Farr Kersey 3 Park
and Cultural Center
4
Outreach
Services Total
2010 460,549 544,937 394,194 633,278 210,738
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
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
WSrie 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 mitigation.
4 The Riverside Library and Cultural Center opened October 18, 2014.
Source: High Plains Library District IT department.
63,808 2,307,504
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
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