HomeMy WebLinkAbout20181633.tiffRECEIVED
MAY 2 2 2018
COMMISSIONERS
highniains
1Library District
WELD COUNTY, COLORADO
COMPREHENSIVE ANNUAL FINANCIAL REPORT
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YEAR ENDED DECEMBER 31, 2017
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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, 2017
Board of Trustees
Kenneth Poncelow
Mary Heberlee
Bob Grand
George Conger
John Damsma
Rosalie Martinez
Joyce Smock
Executive Director
Dr. Matthew Hortt
Chairman
Vice Chairman
Secretary/Treasurer
Trustee
Trustee
Trustee
Trustee
Interim Executive Director/Associate Director of Branch Services
Edward A. Brewer
Associate Director for Community Engagement
Elena Rosenfeld
Prepared by:
Natalie Wertz
Finance Manager
1 PAGE OF DOCUMENT
TABLE OF CONTENTS INCLUDED IN PAPER FILE.
REMAINDER RETAINED
INTRODUCTORY SECTION ELECTRONICALLY IN TYLER.
Letter of Transmittal 3
Principal District Officials 8
Organizational Chart 9
Certificate of Achievement 10
FINANCIAL SECTION
Independent Auditors' Report11
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 Calculation51
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
hiohD1ains
...Library District
Administration
2650 W. 291bStreet
Greeley CO 80631
Phone: (970) 506-8550
Fax: (970) 506-8551
May 21, 2018
To the Members of the Board of Trustees and Patrons of the High Plains Library District:
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, 2017.
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, 2017 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 two 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 Lochbuie, 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 two board members having terms expiring at the end of
each year from 2018 to 2020 and one at the end of 2021. The trustees hold two meetings 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 improved during 2017 with continued growth projected for
2018. The Weld County economy continues to be one of the strongest in the state. The unemployment
rate in Colorado remained low throughout 2017 with a reported unemployment rate of 3.4 percent in Weld
County for December 2017. Inflation in Colorado was reported to be 3.1 percent in 2017. Inflationary
pressures may increase with continued high employment rates.
Economic activity continued to gain momentum in 2017. Growth was limited in 2017, but improvements
occurred in major sectors of the economy, particularly construction and oil and gas. Oil and gas
companies continue to invest in the Denver-Julesburg Basin which covers most of the High Plains Library
District geographic area. Record levels of oil production were reached in 2017. Oil production is
expected to increase up to 10% in 2018.
The northern Colorado region's real estate market continues to be active. High employment has
supported the demand for housing and increased pressure to provide affordable housing. While prices
are projected to continue to rise in 2018 because of limited available housing inventory, growth may be
tempered as increasing interest rates may dampen the market. The value of nonresidential projects
continues to grow. Government facility construction and medical facility construction have contributed to
the nonresidential growth. Commercial construction has been active with hotel, retail, and restaurant
construction in the area. This, along with housing growth, has also helped maintain steady growth in
construction jobs for the region's labor market.
4
Growth in the county's labor market remains 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 industry continues to be an enormous driver to recovery from the recent recession and to 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
more 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, Weld County agricultural production has been the highest in the state and among the highest
in the nation. Agricultural production continues to be a significant 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 is expected to open in late 2018. At opening, the plant is expected to cost $200
million and employ 250 workers.
As the High Plains Library District looks to 2018 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 fifty-four percent of the District's total assessed valuation for fiscal year
2017. However, oil and gas production comprised over sixty-six percent of the District's total assessed
valuation for fiscal year 2016. The District's total valuation for fiscal year 2017 decreased approximately
twenty-two percent from the 2016 assessed values. 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 bi-annual budget preparation.
Although the financial health of the HPLD is currently excellent, it is important to look to the future issues,
possible problems and alternative solutions to these problems. Besides the traditional role of budgeting
to responsibly manage available current year funding, there must be a continued emphasis on long-term
planning, recognition of the cumulative effect of individual decisions, an awareness of changing realities,
flexibility, patron input in setting priorities, and a focus of goals and objectives consistent with the core
philosophy and mission statement. Prioritizing services is essential and a practice that the HPLD does
annually. It allows the HPLD to concentrate on high priority programs and cease providing those that
patrons have little or no interest in.
Long-term financial planning: The District's bi-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.
5
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 2017 decreased by approximately $8,6
million or 23%, compared to 2016. This required the District to institute a temporary hiring freeze and
decrease its spending allocation for library materials and information technology.
During April 2014 Towns of Ault, Eaton and Hudson, the City of Fort Lupton, RE8 School District in Fort
Lupton, and the Weld County Commissioners, founding parties of the Weld Library District (WLD) (now
known as the High Plains Library District (HPLD)), approved respective resolutions, except for the City of
Greeley and Evans, to remove all existing High Plains Library District Board of Trustee members and
approved appointment of nominees for the vacant positions. This all stemmed from the members stating
that the HPLD Board of Trustees was not honoring the three conditions that were guaranteed by the
creating documents.1) Municipal retention of the title to their library property, 2) Continuation of local
boards of library trustees to insure local control, and 3) The sharing of the library -related mill levies
through 2/3-1/3 allocation of the property tax generated from the service area of the municipal libraries.
The HPLD Trustees brought suit seeking Declaratory Judgment and Injunctive Relief, granted by the
District Court of Weld County, Colorado, as necessary and the only relief available under the law at this
time. The board was prohibited from entering into any new contracts without full agreement of all parties
involved in the action, or without written Court approval if no agreement could be reached. By court
order, the board was authorized to continue implementation of policies or procedures previously adopted,
but was not authorized to begin any new projects, or adopt new policies without approval. In April 2016,
the Colorado Supreme Court denied the Defendants' request to hear an appeal to the case. The case
was resolved by a settlement agreement between the parties that was approved in February 2017. As a
result of the settlement agreement, six new board members were selected by the nominating committee
and were subsequently ratified by the founding parties. The six new board members assumed their seats
on the board in June 2017.
Janine Reid, Executive Director, retired effective September 1, 2017. Edward A. Brewer, Associate
Director of Branch Services, was appointed Interim Executive Director. The board hired an executive
recruiting firm. The search for the next Executive Director began in October 2017. In February 2018, the
board selected Dr. Matthew Hortt as the next Executive Director of High Plains Library District. Dr. Hortt
began his work with HPLD in April 2018.
Programming initiatives in 2017 included the second annual Signature Author Series with Jodi Picoult, the
Teen Tour Event with Joaquin Zihuatanejo, a Poetry Slam for National Coming Out Day, and the Discover
Health Exhibit. HPLD continued collaboration with the Immigrant and Refugee Center to provide
citizenship and ESL classes. Collection Resource initiatives included implementing Prospector which
gives patrons free access to over 30 million collection items from Prospector member libraries located in
Colorado and Wyoming. Prospector allows patrons to request items directly from another library instead
of using the Interlibrary Loan process. Collection Resources added 400 Launchpads to the collection that
are preloaded with applications to improve reading skills and increase reading comprehension. HPLD
also implemented a specialty checkout program that allows patrons to reserve laptops, projectors,
telescopes, mobile internet hotspots, and State Park Passes for checkout.
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, 2016. This was the
fifteenth 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,
2, 9Y--- 1\3 LasLcv-E.-
Dr. Matthew Hortt Natalie Wertz, CPA, CFE
Executive Director Finance Manager
7
HIGH PLAINS LIBRARY DISTRICT
PRINCIPAL DISTRICT OFFICIALS
Dr. Matthew Hortt Executive Director
Edward A. Brewer Associate Director of Branch Services
Elena Rosenfeld Associate Director of Community Engagement
Eric Ewing Associate Director of Human Resources and Facilities
Kelli Johnson Community Relations and Marketing Manager
Abby Yeagle Interim Foundation Director
Terri Spaulding Collection Resources Manager
Susan Staples Information Technology Manager
Natalie Wertz Finance Manager
8
Collection Resources
Manager
Materials Clerk
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Sarah Romero
I Ic.i \Natters
Terri Spaulding
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High Plains Library District
Organizational Chart
Finance Manager
Natalie Wertz
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Associate Director of
Human Resources and
Facilities
Eric Ewing
1''ilcllilii's Supervisor
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Government Finance Officers Association
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
High Plains Library District
Colorado
For its Comprehensive Annual
Financial Report
for the Fiscal Year Ended
December 31, 2016
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Executive Director/CEO
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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, 2017, 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 audits in accordance with auditing standards generally accepted in the
United States. Those standards require that we plan and perform the audits 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.
-ll-
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, 2017, 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 1, 2018
- 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, 2017. 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 $62.5 million at the end
of 2017. Of this amount, $29.7 million may be used to meet the District's ongoing obligations to patrons
and creditors. The remaining $32.8 million are capital assets or are restricted by law.
• The District's General Fund balance was $31.1 million as of December 31, 2017. Of this amount, $.9
million is reserved for emergencies.
• The 2017 General Fund balance is $8,200,821 higher than the previous year. The total fund balance is
146% of 2017 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. 2017. net position was $62.5 million.
The following table provides a summary of the District's net position at December 31:
Table
1
-
Net
position
(in
Millions)
2017
2016
Assets
Current
and
other
assets
$60.4
$ 51.8
Capital
assets
32.9
34.1
Total
assets
93.3
85.9
Liabilities
Current
and
other
liabilities
1.8
1.9
1.6
2.6
Long-term
liabilities
Total
liabilities
3.4
4.5
Deferred
Inflows
Deferred
Property
Taxes
27.4
26.9
Net
Position
Net
assets
Investment
in capital
30.9
31.2
Restricted
1.8
2.0
Unrestricted
29.8
21.3
Total
net
position
$ 62.5
$ 54.5
A significant portion of High Plains Library District's net position (48%) represents unrestricted net position
of $29.8 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 (49%) 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 $1.8 million of the District's net position (3%) 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
2017 2016
Revenues:
General revenues:
Property and specific ownership taxes
Investment earnings
Program revenues:
Charges for services
Operating grants and contributions
Total revenues
$ 29.086,905
279;300
89,100
76.675
29, 531,980
$ 37,462,247
214.921
101.381
122.808
37, 901, 357
Expenses:
Library services
Operations and maintenance
Depreciation
Interest on long-term debt
Total expenses
17.270.523
2.911,932
1.266, 253
141,872
21,590,580
21.275.559
3,287,026
1.360.260
519,145
26,441,990
Increase in net position
Beginning net position
Ending net position
7.941,400
54.560, 554
$ 62.501,954
11,459, 367
43 101,187
$ 54 560,554
Governmental activities
Governmental activities increased High Plains Library District's net position oy $7,941.400 in 2017. One
key element to this change was the decreased property taxes from anticipated decreases in assessed
property valuations for the 2017 collection year.
Expenses totaled an 18% decrease over the previous year. Decreases occurred due to distributions to
member libraries also decreasing as they are related to decreased property taxes. Interest expense
decreased due to one of the certificate of participation series being repaid in 2016.
FINANCIAL ANALYSIS OF THE LIBRARY DISTRICT'S FUNDS
As noted earlier, High Plains Library District uses fund accounting to ensure and demonstrate compliance
with finance -related legal requirements.
Governmental Funds Overview: The focus of Library District governmental funds is to provide information
on near -term inflows. outflows, and balances of spendable resources. Such information is useful in
assessing the Library District's financing requirements. In particular, unrestricted fund balance may serve
as a useful measure of a government's net resources available for spending at the end of the year.
As of the end of 2017, the combined ending fund balance of High Plains Library District governmental
funds was $32.1 million. Approximately 71% 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
$872,179, and 2) a debt service reserve of $957200.
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 $31.1 million as of
December 31, 2017. The 2017 fund balance is $8.2 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 106% of total 2017 expenditures and transfers out. while total fund balance is
146% of the same amount. The fund balance increased in 2017 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 $957.200 all of which is
restricted for the payment of debt. This balance increased slightly during the year.
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 2016. the Board of Trustees appropriated $28.6 million for general fund expenditures and
other financing uses. anticipating no decrease or increase in the fund balance. The actual increase was
$8.2 million due to capital expenditures for new library facilities being shifted from 2017, and expenditures
held under budget. The budget was not amended during the year.
Table
2017
General
Fund
Budget
(in
Millions)
Budget
Actual
Beginning
Fund
Balance
$ 22.9
$ 22.9
Revenue
28.6
29.5
Expenditures
and
other
financing
uses
28.6
21.3
Ending
Fund
Balance
$ 22.9
$ 31.1
CAPITAL ASSET AND DEBT ADMINISTRATION
Capital Assets: High Plains Library District's investment in capital assets for its governmental activities
as of December 31. 2017 totals $32.9 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. 2017. High Plains Library District had outstanding long-term debt
(principal amount) of $2.125 million in Certificates of Participation (COP's). funded by lease payments for
remodeling various facilities.
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 2018 budget:
• HPLD budgeted revenues for fiscal year 2018 increased approximately $485.000 or 1.69%
compared to 2017. The 2018 budget includes funds to address the future home site of the Lincoln
Park Library. remodel and expand the Erie Library. remodel the Carbon Valley Library. expand
the Administration building, and enhance the Kersey Library with a new building or upgrade an
existing building. The 2018 budget includes funds for four Outreach vehicles, two of which are
intended to be replacements and the other two are expansions of the fleet.
• Continued growth in Weld County causes increased demands in a I 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 2% in 2018 compared to 2017. Budgeted expenditures for 2018 include funding to
lease a temporary facility for the Lincoln Park Library building as well as meet the demands
placed by our patrons for library materials as well as increased programing for all ages.
• Interest rates continue to increase which will have a positive impact on investment income.
• 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 Ma-ager. 2650 West 29th Street
Greeley, CO 80631.
HIGH PLAINS LIBRARY DISTRICT
GOVERNMENTAL FUNDS BALANCE SHEET/
STATEMENT OF NET POSITION
December 31, 2017
General
Fund
Debt Service
Fund
Total
ASSETS
Cash and Investments
Receivables:
Property taxes
Other assets
Capital Assets:
Depreciable
Nondepreciable
$ 31,686,371 $ 963,174 $ 32,649,545
27,389,997
213,112
- 27,389,997
213,112
Total Assets
59,289,480 963,174 60,252,654
DEFERRED OUTFLOWS OF RESOURCES
Loss on Debt Refunding
LIABILITIES
Accounts Payable
Accrued Costs
Long -Term Liabilities:
Due within one year
Due after one year
465,266
334,120
465,266
5,974 340,094
Total Liabilities
799,386
5,974 805,360
DEFERRED INFLOWS OF RESOURCES
Deferred Property Taxes
27,389,997
27,389,997
FUND BALANCES/NET POSITION
Fund Balances:
Restricted for:
Emergencies
Debt service
Assigned for capital projects
Unassigned
872,179
7,577,350
22,650,568
872,179
957,200 957,200
7,577,350
22,650,568
Total Fund Balances
31,100,097 957,200 32,057,297
Total Liabilities and Fund Balances
$ 59,289,480 $ 963,174 $ 60,252,654
Net Position:
Net investment in capital assets
Restricted for debt service
Restricted for emergencies
Unrestricted
Total Net Position
See Accompanying Notes to Financial Statements.
-18-
Adjustments Statement of
(Note 10) Net Position
$ - $ 32,649,545
- 27,389,997
213,112
29,297,122 29,297,122
3,643,871 3,643,871
32,940,993 93,193,647
115,311 115,311
465,266
340,094
1,045,000 1,045,000
1,566,647 1,566,647
2,611,647 3,417,007
27,389,997
(872,179)
(957,200)
(7,577,350)
(22,650,568)
(32,057,297)
30,931,304 30,931,304
957,200 957,200
872,179 872,179
29, 741,271 29, 741,271
$ 62,501,954 $ 62,501,954
-19-
HIGH PLAINS LIBRARY DISTRICT
STATEMENT OF GOVERNMENTAL FUNDS REVENUE,
EXPENDITURES AND CHANGE IN FUND BALANCES/
STATEMENT OF ACTIVITIES
Year Ended December 31, 2017
Debt
General Service
Fund Fund
Total
Revenue:
General property taxes
Specific ownership taxes
Penalties and interest
on delinquent taxes
Library fines
Earnings on investments
Grant
Miscellaneous
$ 26,947,573 $ - $ 26,947,573
2,125,055 - 2,125,055
14,277 14,277
89,100 89,100
278,255 1,045 279,300
65,578 65,578
11,097 11,097
Total Revenue
29,530,935 1,045 29,531,980
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
Rent
Utilities
Grants-in-aid
Depreciation
8,987,418 8,987,418
380,335 380,335
49,953 49,953
232,146 232,146
22,084 22,084
7,199 7,199
528,602 528,602
51,850 51,850
57,304 57,304
665,201 665,201
58,829 58,829
169,178 169,178
988,487 988,487
207,581 207,581
82,388 82,388
403,494 403,494
690,820 690,820
13,824 13,824
3,664 3,664
59,806 59,806
285,345 285,345
6,227,241 6,227,241
Total Current
20,172,749 20,172,749
Continued on next page.
-20-
Adjustments Statement of
(Note 11) Activities
$ - $ 26,947,573
- 2,125,055
14,277
89,100
279,300
65,578
11,097
29,531,980
9,706 8,997,124
380,335
49,953
232,146
22,084
7,199
528,602
51,850
57,304
665,201
- 58,829
169,178
988,487
207,581
82,388
403,494
690,820
13,824
3,664
59,806
285,345
6,227,241
1,266,253 1,266,253
1,275,959 21,448,708
-21-
HIGH PLAINS LIBRARY DISTRICT
STATEMENT OF GOVERNMENTAL FUNDS REVENUE,
EXPENDITURES AND CHANGE IN FUND BALANCES/
STATEMENT OF ACTIVITIES
Continued
Year Ended December 31, 2017
Debt
General Service
Fund Fund
Total
Expenditures/Expenses - Continued:
Capital Outlay
Debt Service:
Principal
Interest and Fees
$ 53,149 $ $ 53,149
1,020,000 1,020,000
84,216 84,216
Total Expenditures/Expenses 20,225,898 1,104,216 21,330,114
Revenue Over (Under) Expenditures
Other Financing Sources (Uses):
Transfers - internal activities
9,305,037 (1,103,171) 8,201,866
(1,104,216) 1,104,216
Net Change in Fund Balances/Net Position
Fund Balances/Net Position, Beginning of Yea!
8,200,821
22,899,276
1,045
956,155
8,201,866
23,855,431
Fund Balances/Net Position, End of Year $ 31,100,097 $ 957,200 $ 32,057,297
See Accompanying Notes to Financial Statements.
-22-
Adjustments Statement of
(Note 11) Activities
$ (53,149) $
(1,020,000)
57,656 141,872
260,466 21,590,580
(260,466) 7,941,400
(260,466) 7,941,400
30,705,123 54,560,554
$ 30,444,657 $ 62,501,954
-23-
HIGH PLAINS LIBRARY DISTRICT
BUDGETARY COMPARISON STATEMENT - GENERAL FUND
Year Ended December 31, 2017
Revenue:
General property taxes
Specific ownership taxes
Penalties and interest on delinquent taxes
Grants
Library fines
Earnings on investments
Contributions - in kind
Miscellaneous
Actual
$ 26,947,573
2,125,055
14,277
65,578
89,100
278,255
11,097
Original
and Final
Budget
$ 26,930,379
1,400,000
65,621
65,000
120,000
15,600
10,000
Variance
$ 17,194
725,055
14,277
(43)
24,100
158,255
(15,600)
1,097
Total Revenue
29,530,935
28,606,600
924,335
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
Utilities
Grants-in-aid
8,987,418
380,335
49,953
232,146
22,084
7,199
528,602
51,850
57,304
665,201
58,829
169,178
988,487
207,581
82,388
403,494
690,820
13,824
3,664
59,806
285,345
6,227,241
9,917,332
504,662
59,443
286,456
41,857
18,100
584,000
52,000
110,875
708,000
63,700
253,542
945,602
185,000
105,765
425,281
574,738
17,833
4,030
61,829
65,170
294,253
6,227,241
929,914
124,327
9,490
54,310
19,773
10,901
55,398
150
53,571
42,799
4,871
84,364
(42,885)
(22,581)
23,377
21,787
(116,082)
4,009
366
2,023
65,170
8,908
Total Current
20,172,749
21,506,709 1,333,960
Capital Outlay
53,149
5,982,366 5,929,217
Total Expenditures
20,225,898
27,489,075 7,263,177
Continued on next page.
-24-
HIGH PLAINS LIBRARY DISTRICT
BUDGETARY COMPARISON STATEMENT - GENERAL FUND -
Continued
Original
and Final
Year Ended December 31, 2017 Actual Budget
Variance
Revenue Over Expenditures $ 9,305,037 $ 1,117,525 $ 8,187,512
Other Financing Sources (Uses):
Transfer to Debt Service Fund
(1,104,216)
(1,117,525) 13,309
Excess of Revenue Over Expenditures and
Other Financing Sources (Uses)
Fund Balances - Beginning
8,200,821
22,899,276
- 8,200,821
22,899,276
Fund Balances - Ending $ 31,100,097 $ 22,899,276 $ 8,200,821
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, 2017 are $872,179.
Restricted for Debt Services:
A restricted fund of $957,200 is required by the 2010 certificates of participation.
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 position
invested in capital assets, net of related debt 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, 2017, levies for the general fund of the District are as follows:
Mill Levy Amount
General Fund 3.249 $ 26,930,379
Property tax revenue is reported net of approximately $546,000 of property tax
abatements for the year ended December 31, 2017. 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 (55%), U.S. treasury bonds (19%), U.S. sponsored agency bonds (24%), and
corporate bonds (2%).
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, 2017, the Library District held General Fund investments of
$17,511,927 and Debt Service Fund investments of $963,174 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.
Investments held as of December 31, 2017 are as follows:
Cost Fair Value
U.S. Government Treasury and Sponsored Agency
Bonds, primarily FNMA, FFCB, and FHLMC, maturing
in 2018 through 2020, rated AA+ by Standard & Poor's
Corporate Bonds, maturing in 2018, rated AA by
Standard & Poor's
$ 13,483,092 $ 13,439,392
500,050 501,619
Total $13,983,142 $ 13,941,011
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 I 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
- 31 -
HIGH PLAINS LIBRARY DISTRICT
NOTES TO FINANCIAL STATEMENTS
NOTE 2 - Cash and Investments - Continued:
The following table presents the fair value measurements of assets and liabilities
recognized in the accompanying statement of net position measured at fair value on a
recurring basis and the level within the fair value hierarchy in which the fair value
measurements fall at December 31:
Description
December 31, 2017
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) (Level 3)
13,439,392
501,619
NOTE 3 - Grants -In -Aid:
Cash grants-in-aid sent to member libraries to help support their facilities are listed
below:
Year Ended December 31, 2017 Amount
Town of:
Ault
Eaton
Fort Lupton
Hudson
Johnstown
Platteville
$ 386,188
868,553
2,276,520
1,733,466
344,793
617,721
$ 6,227,241
Grants-in-aid are determined by the amount of property tax collected from incorporated
areas. Additional grants-in-aid in the form of equipment donations are also occasionally
made.
- 32 -
HIGH PLAINS LIBRARY DISTRICT
NOTES TO FINANCIAL STATEMENTS
NOTE 4 — Capital Assets:
Capital asset activity for the year ended December 31, 2017 was as follows:
Balance, Deletions/ Balance,
01/01/17 Additions Transfers 12/31/17
Not Depreciated:
Land $ 716,670 $ -- $ -- $ 716,670
Opening day book
collection 2,927,201 2,927,201
Depreciated:
Buildings 32,856,758 32,856,758
Building improvements 4,222,292 17,980 4,240,272
Equipment and furniture 4,091,595 35,169 4,126,764
Total Cost 44,814,516 53,149 44,867,665
Less Accumulated
Depreciation:
Buildings 6,267,514 719,435
Building improvements 1,217,817 213,755
Equipment and furniture 3,175,088 333,063
Total Accumulated
Depreciation
6,986,949
1,431,572
3,508,151
10,660,419 1,266,253 -- 11,926,672
Capital Assets, net
$ 34,154,097 $(1,213,104) $ - - $ 32,940,993
NOTE 5 - Long -Term Liabilities:
December 31 2017
$9,580,000 Refunding Certificates of Participation (2010) due in
varying installments through December 15, 2019, interest at 2.0 - 3.0% $ 2,125,000
$ 2,125,000
- 33 -
HIGH PLAINS LIBRARY DISTRICT
NOTES TO FINANCIAL STATEMENTS
NOTE 5 - Long -Term Liabilities - Continued:
The annual requirements to repay these certificates as of December 31, 2017, are as
follows:
Years Ending December 31
Principal Interest Total
2018 $ 1,045,000 $ 63,750 $ 1,108,750
2019 1,080,000 32,400 1,112,400
$ 2,125,000 $ 96,150 $ 2,221,150
Underlying the Certificates is an annually renewable lease entered into between the
District and the Weld Library Finance Corporation, a Colorado nonprofit corporation
created to facilitate District financings for library buildings in Weld County. The
Certificates are payable solely from the rentals paid by the District, proceeds of certain
insurance policies and proceeds of foreclosure on and sale of the property, if necessary.
Neither the certificates nor the lease gives rise to a general obligation of the District. As
the chance of the lease not being renewed is remote, the Certificates are recorded as a
long-term liability.
Transfers from the General Fund to the Debt Service Fund are made to fund these
payments.
Changes in long-term liabilities during the year were as follows:
Balance Balance Due Within
01/01/17 Additions Deletions 12/31/17 One Year
Refunding
Certificates of
Participation —
2010 $ 3,145,000 $ -- $ 1,020,000 $ 2,125,000 $ 1,045,000
Compensated
Absences 476,941 37,363 27,657 486,647 20,000
$ 3,621,941 $ 37,363 $ 1,047,657 $ 2,611,647 $ 1,065,000
- 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. On January 1, 2014, the District and the City renewed the
agreement on an annual basis, pending the redevelopment of the property by the City.
The property began redevelopment in June 2016.
In connection with this agreement, the District rented a library building from the City of
Greeley for $10 per year. These yearly rents were adjusted in the financial statements to
recognize the fair market value of these facilities. The lease ended May 2016.
The District entered into a one year lease with Goodwill Industries of Denver starting in
May 2016 for a temporary location for the Lincoln Park branch in downtown Greeley.
After the initial one year period, there is a month to month option for an additional year.
Lease expense in 2017 and 2016 was $49,560 and $28,910 respectively.
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.
- 35 -
HIGH PLAINS LIBRARY DISTRICT
NOTES TO FINANCIAL STATEMENTS
NOTE 8 - Taxpayer's Bill of Rights — Continued:
Included in the accompanying financial statements in the General Fund is an emergency
reserve of $872,179 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.
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 2017, employees contributed $320,347 and the District contributed
$320,347 to the plan. The amount payable to the plan at December 31, 2017 was $33,694.
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
2017
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 and deferred outflows, including C.O.P.'s payable,
are not due and payable in the current period and therefore are not
reported in the funds
$ 32,057,297
32,940,993
(2,496,336)
Total Net Position $ 62,501,954
-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 2017
Net change in fund balances — total governmental funds $ 8,201,866
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 ($53,149) was less than depreciation
($1,266,253) in the current year. (1,213,104)
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.
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
962,344
(9,706)
Change in Net Position of Governmental Activities $ 7,941,400
- 37 -
HIGH PLAINS LIBRARY DISTRICT
BUDGETARY COMPARISON SCHEDULE - DEBT SERVICE FUND
Year Ended December 31, 2017
Original
and Final
Actual Budget Variance
Revenue:
Earnings on investments
$ 1,045 $ 600 $ 445
Total Revenue
1,045 600 445
Expenditures:
Debt service
1,104,216 1,117,525 13,309
Total Expenditures
1,104,216 1,117,525 13,309
Revenue Under Expenditures
Other Financing Sources (Uses):
Transfer from General Fund
(1,103,171) (1,116,925) 13,754
1,104,216 1,117,525 (13,309)
Revenue and Other Financing
Sources Over Expenditures
Fund Balance - Beginning
1,045 600 445
956,155 935,279 20,876
Fund Balance - Ending $ 957,200 $ 935,879 $ 21,321
-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
41-46
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
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
$ 9,056,248 $ 11,402,832 $ 12,011,872 $ 12,298,749
968,184 972,355 916,009 929,937
464,902 451,652 555,749 449,770
11,793, 599 10,105,814 12,658, 266 13,109, 042
$ 22,282,933 $ 22,932,653 $ 26,141,896 $ 26,787,498
$ 13,537,209 $ 15,481,507 $ 22,620,113 $ 22,839,391 $ 31,182,064 $ 30,931,304
930,828 931,956 933,107 934,901 956,155 957,200
515,291 598,917 684,707 862,082 1,123,404 872,179
13, 360,265 14, 596, 825 11, 910, 752 18,464,841 21, 298, 931 29, 741,271
$ 28,343,593 $ 31,609,205 $ 36,148,679 $ 43,101,215 $ 54,560,554 $ 62,501,954
Primary government
Invested in capital assets, net of related debt 9,056,248 11,402,832 12,011,872 12,298,749 13,537,209 15,481,507 22,620,113 22,839,391 31,182,064 30,931,304
Restricted 1,433,086 1,424,007 1,471,758 1,379,707 1,446,119 1,530,873 1,617,814 1,796,983 2,079,559 1,829,379
Unrestricted 11, 793, 599 10,105, 814 12, 658, 266 13,109, 042 13, 360,265 14, 596, 825 11, 910, 752 18,464, 841 21,298, 931 29, 741,271
Total primary government net assets $ 22,282,933 $ 22,932,653 $ 26,141,896 $ 26,787,498 $ 28,343,593 $ 31,609,205 $ 36,148,679 $ 43,101,215 $ 54,560,554 $ 62,501,954
High Plains Library District
Changes in Net Position
Last Ten Years
(accrual basis of accounting)
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Expenses
Governmental activities:
General government
Interest on long term debt
Debt issuance costs
Total governmental activities expenses
$ 12,563,649 $ 13,479,401 $ 14,544,604 $ 13,607,335 $ 15,346,468 $ 16,840,316 $ 18,129,352 $ 21,711,526 $ 25,922,845 $ 21,448,708
956,850 927,203 772,337 734,515 704,412 665,007 622,536 580,418 519,145 141,872
- - 14,389 14,389 - - -
$ 13,520,499 $ 14,406,604 $ 15,316,941 $ 14,356,239 $ 16,065,269 $ 17,505,323 $ 18,751,888 $ 22,291,944 $ 26,441,990 $ 21,590,580
Program Revenues
Governmental activities:
Charges for services:
General government 167,380 195,387 197,986 178,005 201,749 176,750 174,026 156,912 101,381 89,100
Operating grants and contributions 553,113 113,750 138,750 113,750 128,248 185,227 137,247 192,479 122,808 76,675
Total governmental activities program revenues $ 720,493 $ 309,137 $ 336,736 $ 291,755 $ 327,997 $ 361,977 $ 311,273 $ 349,391 $ 224,189 $ 165,775
Net (Expenses)!Revenue
Governmental activities
Total primary government net
General Revenues and Other Changes in
Net Position
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
N
$ (12,800,006) $ (14,097,467) $ (14,980,205) $ (14,064,484) $ (15,737,272) $ (17,143,346) $ (18,440,615) $ (21,942,553) $ (26,217,801) $ (21,424,805)
$ 13,009,141 $ 13,278,755 $ 16,906,588 $ 13,602,800 $ 15,849,259 $ 19,043,402 $ 21,048,874 26,881,943 35,238,427 26,961,850
1,211,207 1,048,351 1,044,416 979,076 1,280,320 1,298,477 1,784,930 1,854,124 2,223,890 2,125,055
647,636 420,081 238,444 128,210 163,788 167,822 146,285 159,022 214,921 279,300
14,867,984 14,747,187 18,189,448 14,710,086 17,293,367 20,509,701 22,980,089 28,895,089 37,677,238 29,366,205
$ 14,867,984 $ 14,747,187 $ 18,189,448 $ 14,710,086 $ 17,293,367 $ 20,509,701 $ 22,980,089 $ 28,895,089 $ 37,677,238 $ 29,366,205
$ 2,067,978 $ 649,720 $ 3,209,243 $ 645,602 $ 1,556,095 $ 3,366,355 $ 4,539,474 $ 6,952,536 $ 11,459,437 $ 7,941,400
$ 2,067,978 $ 649,720 $ 3,209,243 $ 645,602 $ 1,556,095 $ 3,366,355 $ 4,539,474 $ 6,952,536 $ 11,459,437 $ 7,941,400
High Plains Library District
Fund Balances of Governmental Funds
Last Ten Years
(modified accrual basis of accounting)
General Fund
Restricted
Unrestricted, unassigned
Assigned
Total general fund
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
$ 464,902 $ 451,652 $ 555,749 $ 449,770 $ 515,291 $ 598,917 $ 684,707 $ 862,082 $ 1,123,404 $ 872,179
12,021,916 10,339,711 12,800,520 13,278,254 13,541,761 14,250,893 12,287,812 13,710,589 16,348,874 22,650,568
- - - 5,170,000 5,427,000 7,577,350
$ 12,486,818 $ 10,791,363 $ 13,356,269 $ 13,728,024 $ 14,057,052 $ 14,849,810 $ 12,972,519 $ 19,742,671 $ 22,899,278 $ 31,100,097
All other Governmental Funds
Restricted $ 1,023,775 $ 976,128 $ 1,435,069 $ 929,965 $ 930,828 $ 931,956 $ 933,107 934,901 956,155 957,200
Total for all governmental funds $ 13,510,593 $ 11,767,491 $ 14,791,338 $ 14,657,989 $ 14,987,880 $ 15,781,766 $ 13,905,626 $ 20,677,572 $ 23,855,433 $ 32,057,297
High Plains Library District
Changes in Fund Balances, Governmental Funds
Last Ten Years
(modified accrual basis of accounting)
Revenues
Taxes
Charges for services
Library fines
Earnings on investments
Contributions in kind - rent
Miscellaneous
Total revenues
Expenditures
General government
Capital outlay
Debt issuance costs
Debt service
Interest
Principal
Total expenditures
2008 2009 2010 2011 2012
2013
2014
2015
2016
2017
Excess of revenues over (under) expenditures
Other financing sources (uses)
Transfers in
Transfers out
Proceeds of debt
Payment to refunded debt escrow agent
Sale of capital assets
Total other financing sources (uses)
Net change in fund balances
Debt service as a percentage of noncapital
expenditures
$ 14,220,348
25,878
128,295
647,636
113,750
394,024
$ 14,327,106
27,436
165,640
420,081
113,750
2,311
$17,951,004
23,787
170,724
238,444
113,750
28,475
$14,581,876 $17,129,579 $20,341,879 $22,823,587 28,750,311 37,462,247 29,086,905
21,504 25,106
154,588 168,186 167,834 174,026 156,912 101,381 89,100
128,210 163,788 167,822 146,285 159,022 214,921 279,300
113,750 113,750 113,750 113,750 113,750 47,395 -
1,913 20,955 80,393 33,714 64,485 75,413 76,675
15,529,931 15,056,324 18,526,184 15,001,841 17,621,364 20,871,678 23,291,362 29,244,480 37,901,357 29,531,980
12, 339, 574 12, 617,493 13,602, 384 12, 573, 567 14, 237, 613 15,651, 701 16, 982, 271 20, 271,134
1,875,230 2,189,730 1,049,190 479,764 957,104 2,323,740 6,090,351 108,638
129,523 - -
956,850
570,000
15,741,654
927,203 772,337
676,859 646,756
1,065,000 1,235,000 1,405,000 1,450,000
16,799,426 16,788,434 15,135,190 17,291,473
24,501,391
370,588
20,156,867
70,531
607,351 564,880 522,762 461,489 82,716
1,495,000 1,530,000 1,570,000 9,390,000 1,020,000
20,077,792 25,167,502 22,472,534 34,723,468 21,330,114
(211,723) (1,743,102) 1,737,750 (133,349) 329,891 793,886 (1,876,140) 6,771,946 3,177,889 8,201,866
1,492, 085
(1,492,085)
80,000
80,000 - 1,286,097 - - - -
1,995,160
(1,995,160)
1,993,701
(1,993,701)
9,580,000
(8,293,903)
2,094,717
(2,094,717)
2,095,385
(2,095,385)
2,102,192 2,094,880 2,092,762 9,867,206 1,102,716
(2,102,192) (2,094,880) (2,092,762) (9,867,206) (1,102,716)
$ (131,723) $ (1,743,102) $ 3,023,847 $ (133,349) $ 329,891 $ 793,886 $ (1,876,140) $ 6,771,946 $ 3,177,889 $ 8,201,866
13.64% 12.75%
14.21% 12.84%
11.84% 10.98%
9.36%
28.68% 5.19%
High Plains Library District
General Governmental Expenditures By Function
Last Ten Fiscal Years
Fiscal Administrative Books; Facilities Grants Capital Debt
Year Salaries Benefits Services Resources Operations In Aid Outlay Service Totals
2008 4,640,223 1,072,167 1,538,707 1,964,908 805,422 2,486,401 1,706,976 1,526,850 15,741,654
2009 4,943,865 1,100,470 1,664,117 1,333,189 868,594 2,707,258 2,189,730 1,992,203 16,799,426
2010 4,993,005 1,256,554 1,498,585 1,253,838 1,168,945 3,431,457 1,049,190 2,136,860 16,788,434
2011 4,972,908 1,270,033 1,691,690 1,056,746 996,174 2,586,016 479,764 2,081,859 15,135,190
2012 5,334,425 1,389,422 1,772,378 1,239,946 1,272,936 3,228,506 957,104 2,096,756 17,291,473
2013 5,644,619 1,306,285 2,056,482 1,248,730 1,315,355 4,080,230 2,323,740 2,102,351 20,077,792
20141 6,120,836 1,675,209 1,780,284 1,238,798 1,598,867 4,577,277 6,090,351 2,094,880 25,176,502
2015 6,724,535 1,971,410 2,006,234 1,633,200 1,406,582 6,529,173 108,638 2,092,762 22,472,534
20162 7,127,174 2,041,965 2,632,139 1,652,204 1,609,406 9,438,503 370,588 9,851,489 34,723,468
2017 6,928,292 2,014,659 2,291,142 1,117,897 1,577,637 6,227,241 70,530 1,102,716 21,330,114
Note:
1 The large increase in capital outlay reflects the construction costs of the Riverside Library and Cultural Center.
2 The large increase in debt service reflects the early repayment of the 2006 Certificates of Participation.
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
2008 12,987,150 1,211,207 647,636 382,000 128,295 173,643 15,529,931
2009 13,254,718 1,048,351 420,081 165,640 167,534 15,056,324
2010 16,874,455 1,044,416 238,444 25,000 170,724 173,145 18,526,184
2011 13,602,800 979,076 128,210 - 154,588 137,167 15,001,841
2012 15,849,259 1,280,320 163,788 12,498 168,186 147,313 17,621,364
2013 19,043,402 1,298,477 167,822 71,477 167,834 122,666 20,871,678
2014 21,038,657 1,784,930 146,285 16,302 174,026 131,162 23,291,362
2015 26,881,943 1,854,124 159,022 55,436 156,912 137,043 29,244,480
2016 35,238,427 2,223,820 214,921 60,836 101,381 61,972 37,901,357
2017 26,961,850 2,125,055 279,300 65,578 89,100 11,097 29,531,980
Source:
HPLD 2017 CAFR
High Plains Library District
Property Tax Levies and Collections
Last Ten Fiscal Years
(amounts expressed in thousands)
Levy Collect
Year Year
2007 2008
2008 2009
2009 2010
2010 2011
2011 2012
2012 2013
2013 2014
2014 2015
2015 2016
2016 2017
Total Tax Levy
for
Fiscal Year 1
Source:
1 Final Budget
2 YTD Treasurer's Tax Distribution
3 Not available for years not shown
13,028
13,321
16,934
13,609
15,880
19,074
21,063
27,320
35,255
26,930
Collections
Collected within the Fiscal Year of in
the Levy Subsequent
Tax Amount 2 Percent of Levy Years 3
12,987
13,255
16,874
13,581
15,832
19,023
21,038
26,882
35,223
26,962
99.7%
99.5%
99.6%
99.8%
99.7%
99.7%
99.9%
98.4%
99.9%
100.1%
5
66
60
Total Collections to Date
Tax Amount Percent of Levy
12,992 99.7%
13,321 100.0%
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%
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
2008 89,085 1,028,385 555,777 98,813 91,031 13,620 1,643,986 475,737 3,996,434 20,513,872 3.249 19.482%
2009 80,401 923,754 601,990 144,788 93,731 14,798 2,728,330 520,780 5,108,572 19,995,658 3.249 25.548%
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%
Source: Weld County Assessor's office
so
High Plains Library District
Principal Taxpayers
December 31, 2017
2017
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
Public Service Company of Colorado (Xcel)
DCP Midstream LP
Bonanza Creek Energy Inc.
Kerr Mcgee Gathering LLC
DCP Lucerne 2 Plant, LLC
Petroleum Development Corp.
Rocky Mountain Energy Center
Petro -Canada Resources (USA) Inc.
Merit Energy
Source: Weld County Assessor
1,344,484,170
1, 035, 845, 790
536,832,300
250,460,760
248,981,470
225,989,480
190,514,810
183,544,240
178,824,370
165,321,640
$ 4,360,799,030
1 16.59%
2 12.78%
3
4
5
6
7
8
9
10
6.63%
3.09%
3.07%
2.79%
2.35%
2.27%
2.21%
2.04%
53.82%
2008
Taxable
Assessed Value
Percentage
of Total
Taxable
Assessed
Rank Value
445,390,850
635,470,520
130,337,590
2
1
3
90,839,600 5
50,954,850 10
53,956,900 8
112,117,250
74,138,000
87,617,670
52,455,875
$1,733,279,105
4
7
6
9
11.37%
16.23%
3.33%
2.32%
1.30%
1.38%
2.86%
1.89%
2.24%
1.34%
44.26%
High Plains Library District
Ratio of Outstanding Debt by Type
Last Ten Fiscal Years
Governmental Actitivities
Fiscal Certificates of
Year Participation
2008 20,480,000
2009 19,415,000
2010 19,466,100
2011 18,118,756
2012 16,726,412
2013 15,635,000
2014 14,105,000
2015 12,535,000
2016 3,145,000
2017 2,125,000
Total Library
District
Percentage of
Personal
Income 1
Per Capita 1
20,480,000
19,415,000
19,466,100
18,118,756
16,726,412
15,635,000
14,105,000
12,535,000
3,145, 000
2,125,000
0.31%
0.26%
0.28%
0.26%
0.22%
0.19%
0.17%
0.15%
0.04%
0.03%
83.76
77.28
76.99
71.12
63.43
59.29
52.28
45.67
11.04
6.98
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 33 of the CAFR.
Source: Current and prior year's financial statements.
High Plains Library Distric
Legal Debt Margin Calculation for Fiscal Year 201'
Assessed Valuation
Debt Limit 1.5% of Assessed Value 1
$8,412,253,355
126,183,800
Certificates of Participation 2 2,125,000
Legal Debt Margin 124,058,800
Legal Debt Margin Information
Last Ten Fiscal Years
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Debt limit $ 59,946,492 $ 76,527,915 $ 60,781,581 $ 71,333,143 $ 86,294,415 $ 95,350,662 $125,437,455 $159,863,784 $123,496,081 $126,183,800
Total net debt applicable to limit 20,480,000 19,415,000 19,466,100 18,118,756 16,726,412 15,635,060 14,145,000 12,535,000 3,145,000 2,125,000
Legal debt margin $ 39,466,492 $ 57,112,915 $ 41,315,481 $ 53,214,387 $ 69,568,003 $ 79,715,602 $111,292,455 $147,328,784 $120,351,081 $124,058,800
Total net debt applicable to the limit
as a percentage of debt limit 34.16% 25.37% 32.03% 25.40% 19.38% 16.40% 11.28% 7.84% 2.55% 1.68%
Note:
'Debt Limitation: Under Section 22-42-104, Colorado Revised Statutes, 1973,
the High Plains Library District may incur indebtedness of general District purposes
in an amount not to exceed 1.5% of assessed valuation of all taxable property.
2 Certificates of Participation are not generally included as debt for purposes of
calculating legal debt limit (Colorado Revised Statute 22-42-104). However, they
are presented here to give the most conservative analysis of debt allowable that
remains available.
High Plains Library District
Direct and Overlapping Governmental Activities Debt
As of December 31, 2017
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
$ 2,125,000 100.00% $ 2,125,000
2,125,000 2,125,000
76,380,445 60.13% 45,930,364
1,274,364,527 46.94% 598,156,577
141,182,446 55.42% 78,237,715
1,491,927,418
722,324,656
Total Direct and Overlapping Debt $1,494,052,418 $ 724,449,656
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
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
229,010
237,214
235,511
236,815
240,898
245,989
251,308
257,157
259,688
268,307
244,515
251,220
252,825
254,759
263,691
263,691
269,785
274,487
284,876
296,397
6.66
7.38
7.07
6.93
7.76
8.35
8.35
8.35
8.35
11.20
27,238
27,788
28,503
27,186
25,233
29,986
31,657
27,047
42,787
42,701
6.30%
8.16%
9.80%
9.10%
8.70%
6.70%
3.90%
3.80%
2.60%
3.40%
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
December 31, 2017
2017
Percentage
of Total
County
Employees Rank Employment
JBS Swift Beef Company
Banner Health: Northern Colorado Medical Center
Greeley Evans School District 6
University of Northern Colorado
Weld County Government
State Farm Insurance Companies
City of Greeley
Teletech
Halliburton Energy Services Inc.
Anadarko Petroleum
State of Colorado (includes UNC)
Wal-Mart Super Center
US Government
Aims Community College
Total Principal Employers
Other Employers
Total County Employment
4,520
3,600
1,923
1,623
1,615
1,300
812
780
700
610
17,483
131,882
149,365
Combined State of Colorado (including UNC) not available for 2017
Source: Upstate Colorado
1
2
3
4
5
6
7
8
9
10
3.03%
2.41%
1.29%
1.09%
1.08%
0.87%
0.54%
0.52%
0.47%
0.41%
11.70%
88.30%
100.00%
2008
Employees
Percentage
of Total
County
Rank Employment
3,600
2,700
2,400
1,490
1,310
1,160
1,701
1,015
1,400
874
17,650
98,926
116,576
1 3.09%
2 2.32%
3 2.06%
5 1.28%
7 1.12%
8 1.00%
4
9
6
10
1.46%
0.87%
1.20%
0.75%
15.14%
84.86%
100.00%
High Plains Library District
Library Materials Purchased and Circulated
Last Ten Fiscal Years
Fiscal
Year
Number of
Number of AudioNisual
Volumes Owned (1) Items Owned (2)
Total Items
Owned
Number of
Items
Circulated *
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
588,748
612,332
613,815
637,087
652,019
615,874
673,140
683,682
636,645
534,531
90,252
103,306
111,641
111,048
104,427
111,046
128,416
131,135
602,207
609,660
Source: High Plains Library District IT department.
679,000
715,638
725,456
748,135
756,446
726,920
801,556
814,817
1,238,852
1,144,191
2,309,741
2,709,365
2,774,312
2,761,638
2,746,572
2,879,953
2,749,021
2,781,499
2,640,378
2,555,135
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, 2017
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
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
RIY CI Dille Llul al
Fiscal Centennial
Lincoln
Year Carbon Valley' Park Erie 2 Farr Kersey 3 Park
2008 328,473 485,661 274,667 551,880 199,280
2009 431,063 557,161 360,777 613,829 230,495
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
and Cultural Center Outreach
4 Services Total
64,440 1,904,401
66,912 2,260,237
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
Note:
1 The Carbon Valley Regional Library opened in March 2008.
2 Erie activity occurred at the Lorraine David Children's Library which ceased its operations with the
Erie Community Library opening on January 12, 2008.
3 The Kersey mini -branch opened in January 2013. The Kersey mini -branch was closed from 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.
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