HomeMy WebLinkAbout20162445.tiffWindsor - Severance Fire Protection District
Financial Statements
With
Independent Auditors' Report
For the Year Ended
December 31, 2015
Coon+� Cc -ea -RA
Comnnonhca+i onS
/ 1 / 1co
2016-2445
So oc9 &S
Windsor - Severance Fire Protection District
Table of Contents
PAGE
INTRODUCTORY SECTION
Table of Contents
Management's Discussion and Analysis (Unaudited) M1 - M7
FINANCIAL SECTION
Independent Auditors' Report
Basic Financial Statements
Government -Wide Financial Statements:
Statement of Net Position
Statement of Activities
Fund Financial Statements:
1-2
3
4
Balance Sheet —Governmental Funds 5
Reconciliation of Governmental Fund Balance to Governmental Activities Net Position 6
Statement of Revenues, Expenditures and Change in Fund Balances -
Governmental Funds 7
Reconciliation of Governmental Change in Fund Balance to Governmental Activities
Change in Net Position 8
Notes to Financial Statements 9 — 29
Required Supplementary Information — Pension Schedules (Unaudited)
FPPA Statewide Hybrid Plan
Schedule of the District's Proportionate Share of the Net Pension Asset (Liability)
Schedule of District Contributions
Volunteer Pension Plan
Schedule of Changes in the District's Net Pension Liability
Schedule of the District's Net Pension Liability and Related Ratios
Schedule of Actuarially Determined and Actual Contributions
30
31
32
33
34
Windsor - Severance Fire Protection District
Table of Contents (Continued)
PAGE
Required Supplementary Information
Budgetary Comparison Schedule —General Fund
Other Supplementary Information
35
Budgetary Comparison Schedule — Capital Projects Fund 36
Budgetary Comparison Schedule — Debt Service Fund 37
Windsor - Severance Fire Protection District
Management's Discussion and Analysis
For the Year Ended December 31, 2015
This section of the annual financial report offers readers of the Windsor -Severance Fire Protection District's (the
"District") financial statements a discussion and analysis of the financial performance during the year ended December
31, 2015. We encourage readers to consider the information presented here in conjunction with additional information
furnished in the financial statements, which immediately follow this section.
Background Information
The District was created in 1950, by a number of citizens concerned about fire protection for their homes and
businesses. The predominant fund approach for the District is comprised of three basic funds, the General, Capital
and Debt Service Funds.
In November, 1997, the District Board of Directors asked the taxpayers to remove the TABOR limits that were imposed
on the District in 1992. In 2000, the voters were asked to approve a 2.00 mill increase to hire the Districts first full-time
career firefighters. The final mill levy for the District was set at 7.194 mills for 2015 to be collected during 2016.
Financial Highlights
The District's financial status increased over the course of the 2015 fiscal year. Total net position increased
14 percent.
Governmental activities tax revenues account for $5,034,753 or 90 percent of all revenues. Program
specific revenues in the form of charges for services, operating grants and contributions and capital grants
and contributions accounted for $511,123 or 10 percent of total revenues of $5,564,698.
The District had $4,411,138 in expenses related to governmental activities; only $422,298 of these
expenses were offset by program specific charges for services and operating grants and contributions.
General property and specific ownership taxes of $5,034,753 and $18,822 in other revenues were
adequate to provide for these programs.
Outlay for capital assets primarily comprised of the rechassis of two ambulances. See the Capital Assets
section of this management's discussion and analysis for more information.
The District had a net decrease in outstanding long-term debt in the amount of $414,398 or 5.8 percent.
Overview of the Financial Statements
This annual financial report consists of four parts: management's discussion and analysis, the basic financial
statements, required supplementary information, and other supplementary information. The basic financial statements
include two kinds of statements that present different views of the District.
The first two statements are government -wide financial statements that provide both short-term and
long-term information about the District's overall financial status.
The remaining statements are fund financial statements that focus on individual parts of the District,
reporting the District's operations in more detail than the government -wide statements. The governmental
funds statements tell how basic services such as fire protection were financed in the short-term as well as
what remains for future spending.
The financial statements also include notes to explain information in the statements and provide more detailed data.
M1
Windsor - Severance Fire Protection District
Management's Discussion and Analysis
For the Year Ended December 31, 2015
Government -wide Statements
The government -wide statements are designed to provide readers a broad overview of the District's finances, in a
manner similar to a private -sector business. The Statement of Net Position includes all of the District's assets and
liabilities. All of the current year's revenues and expenses are accounted for in the Statement of Activities regardless of
when cash is received or paid.
These statements provide both short-term and long-term information about the District's overall financial status.
The Statement of Net Position presents information on all of the District's assets and liabilities, with the difference
between the two reported as net position. Over time, increases or decreases in net position may serve as a useful
indicator of whether the financial position of the District is improving or deteriorating. To assess the District's overall
health, the reader needs to consider additional non -financial factors such as the condition of buildings and equipment.
The Statement of Activities presents information showing how the government's net position changed during the most
recent fiscal 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 this statement for
some items that will only result in cash flow in future fiscal periods.
Both of the government -wide financial statements distinguish functions of the District that are principally supported by
taxes and intergovernmental revenues (governmental activities). Included in governmental activities are most of the
District's basic services such as fire protection.
The basic district -wide financial statements can be found on pages 3 - 4 of this report.
Fund Financial Statements
The fund financial statements provide more detailed information about the District's funds, focusing on its most
significant or major funds, not the District as a whole. Funds are accounting devices the District uses to keep track of
specific sources of funding and spending on particular programs. The District funds are all categorized as governmental
funds:
Governmental funds: Most of the District's basic services are included in governmental funds, which
generally focus on (1) inflows and outflows of cash and other financial assets and (2) balances remaining
at year-end which are available for spending. Consequently, the governmental funds statements provide
a detailed short-term view that helps determine financial resources that may be available in the near
term to finance the District's programs. Because this information does not encompass the long-term
focus of the district -wide statements, a reconciling schedule is included on the governmental funds
statements explaining the relationship (or difference) between them.
The District maintains three governmental funds. Information is presented separately in the governmental fund balance
sheet and in the governmental fund statement of revenues, expenditures and changes in fund balances for the general,
capital and debt service funds which are considered major funds. The basic governmental fund financial statements can
be found on pages 5 - 8 of this report.
M2
Windsor - Severance Fire Protection District
Management's Discussion and Analysis
For the Year Ended December 31, 2015
Notes to the Financial Statements
The notes provide additional information that is essential to a full understanding of the data provided in the district -wide
and fund financial statements. The notes to the financial statements can be found on pages 9 - 29 of this report.
Other Information
In addition to the basic financial statements and accompanying notes, this report also presents certain required
supplementary information, such as the pension information on pages 30 — 34, the budgetary comparison schedule for
the general fund on page 35, and other supplementary information shown on pages 36 and 37.
Financial Analysis of the District as a Whole
Net Position and Change in Net Position
The District's combined net position was higher at December 31, 2015, than they were at December 31, 2014,
increasing 14 percent to $9,943,082. Table 1 provides a summary of the District's Net Position.
Table 1
Condensed Statement of Net Position
Governmental Activities
2015 2014
ASSETS
Current and Other Assets
Capital Assets, net
TOTAL ASSETS
$ 11,795,955 $ 10,115,413
9,199,862 9,324,091
20,995,817 19,439,504
DEFERRED OUTFLOWS 491,329 17,462
LIABILITIES
Current Liabilties
Noncurrent Liabilities
TOTAL LIABILITIES
DEFERRED INFLOWS
NET POSITION
Net Investment in Capital Assets
Restricted Net Position
Unrestricted Net Position
TOTAL NET POSITION
87,263
5,793,692
5,880,955
5,663,109
3,910,177
964,031
5,068,874
360,732
5,804,868
6,165,600
4,715,373
3,536,685
503,295
4,536,013
8,575,993
$ 9,943,082 $
M3
Windsor - Severance Fire Protection District
Management's Discussion and Analysis
For the Year Ended December 31, 2015
Table 2 provides a summary of the activities of the District. The following table is specific discussion related to overall
revenues and expenses.
Table 2
Condensed Statement of Activities
Governmental Activities
2015 2014
PROGRAM REVENUES
Charges for Services
Operating Grants and Contributions
Capital Grants and Contributions
TOTAL PROGRAM REVENUES
GENERAL REVENUES
Taxes
Investment Earnings
Other Revenues
TOTAL GENERAL REVENUES
TOTAL REVENUES
PROGRAM EXPENSES
Public Safety
CHANGE IN NET POSITION
NET POSITION, Beginning
Prior Period Restatement
NET POSITION, Beginning (As Restated)
$ 345,770 $ 171,852
76,528 82,824
88,825 152,523
511,123 407,199
5,034,753 4,558,509
5,437 2,136
13,385 32,722
5,053,575 4,593,367
5,564,698 5,000,566
4,411,138 4,311,028
1,153,560 689,538
8,575,993 7,886,455
213,529
8,789,522 7,886,455
NET POSITION, Ending $ 9,943,082 $ 8,575,993
M4
Windsor - Severance Fire Protection District
Management's Discussion and Analysis
For the Year Ended December 31, 2015
Property and specific ownership taxes account for most of the District's revenue, contributing about 90 cents for every
dollar raised (see Table 2).
The District expenses predominantly relate to fire protection, which includes administration, firefighting, prevention,
communications and vehicle and facility maintenance. Given that the District is a service organization providing fire
protection, the majority of the expenses are salaries and benefits.
Financial Analysis of District's Funds
The governmental funds monitor cash resources and expenditures. Capital outlay within these funds was $487,424
during 2015. This expenditure is not considered an expense on the government -wide statement of activities. Rather,
these costs are written off over time as depreciation expense.
As reflected on the reconciliation of governmental funds revenues and expenditures to the government -wide statement
of activities (page 8), the net difference between depreciation and capital outlay expenses was $120,999 for 2015.
General Fund
The General Fund was established and is continually funded to provide for the daily activities, salaries, expenses, and
operating costs of the District. This fund provides for functional areas of the organization - administration, firefighting, fire
prevention, training, communications, vehicle maintenance, and facility maintenance. The general fund also provides
for such other items as insurance, utilities, and other costs the District incurs. The primary funding source for the general
fund is taxation of real property. Other sources of income for the general fund include earnings on investments, grants,
donations, plan review fees, and specific ownership taxes. The primary projects or program efforts for establishing
needed funding during 2015 were:
1. Salaries and benefits for all existing full time personnel of the District.
2. Normal operational costs of the District.
General Fund Budgetary Highlights
The District's budget is prepared according to Colorado law and is based on accounting for certain transactions on a
basis of cash receipts and disbursements. The District's budget for the general fund anticipated that revenues would
exceed expenditures by $142,000. The actual results for the year show a $554,186 excess of revenues over
expenditures in the general fund for 2015.
It should be noted that the District's budget format is designed to establish and monitor divisional functions of the
District's operations to more closely align expenses with the areas of responsibility. These divisions are set up as cost
centers for accountability in each of the following areas:
• Administration
• Firefighting
• Rescue Services
• Prevention
• Health & Safety
• Repair/Maintenance/Building
• Fleet Maintenance
The District must maintain a 3% emergency reserve as a part of the TABOR Amendment ("Taxpayer Bill
of Rights"). At December 31, 2015, the District's TABOR reserve amounted to $155,000.
M5
Windsor - Severance Fire Protection District
Management's Discussion and Analysis
For the Year Ended December 31, 2015
Capital Assets and Debt Administration
Capital Assets
By the end of 2015, the District had invested $9,199,862, net of accumulated depreciation, in a broad range of capital
assets, including land, buildings, site improvements, vehicles and other equipment (Table 3). This amount represents a
net decrease of $124,229 or 1.3 percent from last year. Additional information on the District's capital assets can be
found in Note 3 to the financial statements. Total depreciation expense for the year was $378,653 while net additions
amounted to $499,652, due primarily to the rechassis of two ambulances.
Table 3
Capital Assets (Net of Depreciation)
Balance Balance
1/1/15 Additions Deletions 12/31/15
Governmental activities
Capital assets not being depreciated:
Land
Capital assets being depreciated:
Buildings
Vehicles
Equipment
Total capital assets being depreciated
Less accumulated depreciation for:
Buildings
Vehicles
Equipment
Total Accumulated Depreciation
Governmental activities capital assets, net
$ 942,382 $
6,885,632
3,650,203
760,303
$ - $ 942,382
484,781 567,869
14,871 30,968
11,296,138 499,652
6,885,632
3,567,115
744,206
598,837 11,196,953
(775,435) (141,144) - (916,579)
(1,878,279) (173,999) (327,889) (1,724,389)
(260,715) (63,510) (25,720) (298,505)
(2,914,429) (378,653) (353,609) (2,939,473)
$ 9,324,091 $ 120,999 $ 245,228 $ 9,199,862
Long -Term Debt
At year-end, the District had $2,618,817 in capital lease obligations and $2,655,000 in outstanding general obligation
bonds as shown below in Table 4. More detailed information about the District's 2012 refinance of 2008 certificates of
participation and principal payments on the other leases and the 2009 general obligation bonds are presented in Note 5
to the financial statements.
General Obligation Bonds Series 2009
Bond Premium
Certificates of Participation Series 2012
Discount on COP's
Copier Capital Lease
Net Pension Liability
Compensated Absences
Total Obligations
Deferred Charge on Refunding
Table 4
Outstanding Long -Term Debt
Restated
Balance Balance Current Interest
12/31/14 Advances Repayments 12/31/15 Portion Expense
$ 2,940,000 $ - $ 285,000 $ 2,655,000 $ 285,000 $ 110,794
44,260 - 8,114 36,146 - -
2,735,000 - 120,000 2,615,000 120,000 83,815
(22,305) - (2,027) (20,278) (1,969) -
7,128 - 3,311 3,817 3,515 504
342,214 39,950 - 382,164 100,785 21,058 - 121,843 -
$ 6,147,082 $ 61,008 $ 414,398 $ 5,793,692 $ 406,546
$ 195,1
3
$ (17,462) $ $ 4,826 $ (12,636) $ (4,102) $
M6
Windsor - Severance Fire Protection District
Management's Discussion and Analysis
For the Year Ended December 31, 2015
During 2015, the District decreased its capital lease obligations by $123,311 and reduced its general obligation bonds
by $285,000. Colorado Revised Statute 32-1-1101(6) states that a fire district shall have a limit of bonded indebtedness
determined by a specific formula. The District's outstanding debt is below this limit.
Factors Bearing on the District's Future
At the time these financial statements were prepared and audited, the District was aware of the following circumstances
that could significantly affect its financial health in the future:
The District's budget for 2016 budgets a General Property Tax revenue of $5,078,016
(based on an assessed valuation for the District, of $722,896,659 and a mill levy of 7.194
mills in Weld and Larimer Counties) with a budget of $5,272,381 for 2015 General Fund
expenditures.
Contacting the District's Financial Management
This financial report is designed to provide the District's citizens, taxpayers, investors, and creditors with a general
overview of the District's finances and to demonstrate the District's accountability for the money it receives. If you have
questions about this report or need additional financial information, contact the District at 100 N. 7th Street, Windsor,
Colorado 80550.
M7
FINANCIAL SECTION
Holscher, Mayberry d`? Company, LLC
Certified Public Accountants
Member of the American Institute of Certified Public Accountants
Governmental Audit Quality Center
and Private Company Practice Section
Board of Directors
Windsor Severance Fire Protection District
Windsor, Colorado
Independent Auditors' Report
Report on the Financial Statements
We have audited the accompanying financial statements of the governmental activities and each major fund of the Windsor
Severance Fire Protection District, as of and for the year ended December 31, 2015, and the related notes to the financial
statements which collectively comprise the basic financial statements of the District, 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 of America; this includes the design, implementation, and
maintenance of internal control relevant to the preparation and fair presentation of the financial statements that are free
from material misstatement, whether due to fraud or error.
Auditors' Responsibility
Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in
accordance with auditing standards generally accepted in the United States of America. Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material
misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial
statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material
misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to
design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the entity's internal controls. 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 opinions.
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 each major fund of the Windsor Severance Fire Protection District, as of
December 31, 2015 and the respective changes in financial position for the year then ended in conformity with accounting
principles generally accepted in the United States of America.
Report on Summarized Comparative Information
We have previously audited the Windsor Severance Fire Protection District's 2014 financial statements, and we expressed
an unmodified audit opinion on those audited financial statements in our report dated June 5, 2015. In our opinion, the
summarized comparative information presented herein as of and for the year ended December 31, 2013 is consistent, in all
material respects, with the audited financial statements from which it has been derived.
8310 South Valley Highway — Suite 300 Voice (303) 993-2199
Englewood, Colorado 80112 Fax (720) 633 — 9763
Independent Auditors' Report
Page 2
Emphasis of Matter
As discussed in Note 9 to the financial statements, the 2014 financial statements have been restated to reflect the
adoption of GASB Statement Number 68 — Accounting and Financial Reporting for Pensions. The adoption of the
standard required restatement of the beginning December 31, 2015 fiscal year net position. Our opinion is not
modified with respect to this matter.
Other Matters
Required Supplementary Information — Management's Discussion and Analysis and Pension Schedules
Accounting principles generally accepted in the United States of America require that the management, discussion
and analysis on pages M1— M7 and the pension schedules on pages 30- 34 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 of America, 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 sufficient evidence to express an opinion or provide any assurance.
Required Supplementary Information —Budgetary Comparison Schedules and Other Supplementary Information
Our audit was conducted for the purpose of forming an opinion on the financial statements as a whole.
Accounting principles generally accepted in the United States of America require that the schedule of funding
progress and budgetary comparison schedule on pages 35 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. In addition,
the budgetary comparison schedules on pages 36 - 37 and listed as other supplementary information are
presented for purposes of additional analysis and are not a required part of the financial statements. The
information is the responsibility of management and was derived from and relates directly to the underlying
accounting and other records used to prepare the financial statements. Such 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 basic financial statements or to the financial statements themselves, and other additional
procedures in accordance with auditing standards generally accepted in the United States of America. In our
opinion, the information is fairly stated, in all material respects, in relation to the financial statements as a whole.
G LL
Englewood, Colorado
July 6, 2016
INTENTIONALLY LEFT BLANK
Basic Financial Statements
Windsor -Severance Fire Protection District
Statement of Net Position
December 31, 2015
Governmental
Activities
ASSETS AND DEFERRED OUTFLOWS
ASSETS
Current Assets
Cash
Rest. Cash and Investment
Property Tax Receivable
Cash with Fiscal Agent
Accounts Receivable
Prepaid Expenses
Total Current Assets
Capital and Other Assets
Capital Assets, not being depreciated
Capital Assets, being depreciated (net)
Net Pension Asset
Total Capital and Other Assets
TOTAL ASSETS
DEFERRED OUTFLOWS OF FINANCIAL RESOURCES
Deferred Charge on Refunding
Pension Contribution Timing Difference
Pension Difference between Projected and Actual Investment Earnings - net
Pension Difference between Projected and Actual Experience- net
TOTAL DEFERRED OUTFLOWS OF FINANCIAL RESOURCES
TOTAL ASSETS AND DEFERRED OUTFLOWS
LIABIUTIES, DEFERRED INFLOWS AND FUND BALANCE
LIABILITIES
Current Liabilities
Accounts Payable
Accd Salaries & Benefits
Accrued Interest Payable
Total Current Liabilities
Noncurrent Liabilities
Due within one year
Due in more than one year
Total Noncurrent Liabilities
TOTAL UABILITIES
DEFERRED INFLOWS OF FINANCIAL RESOURCES
Deferred Property Taxes
Pension Difference between Projected and Actual Experience - net
Pension Change in Proportionate Share - net
TOTAL DEFERRED INFLOWS OF FINANCIAL RESOURCES
NET POSITION
Net Invest in Cap Assets
Restricted Net Position
Unrestricted Net Position
TOTAL NET POSITION
TOTAL LIABILITIES, DEFERRED INFLOWS AND NET POSITION
The accompanying notes are an integral part of the financial statements.
3
$ 5,262,467
371,282
5,635,400
7,632
1,962
58,503
11,337,246
942,382
8,257,480
458,709
9,658,571
20,995,817
12,636
414,564
51,684
12,445
491,329
21,487,146
67,213
1,256
18,794
87,263
406,546
5,387,146
5,793,692
5,880,955
5,635,400
9,449
18,260
5,663,109
3,910,177
964,031
5,068,874
9,943,082
$ 21,487,146
Windsor -Severance Fire Protection District
Statement of Activities
Year Ended December 31, 2015
Program Revenues
Functions/Programs
Governmental Activities:
Public Safety
Operating Capital Net
Charges for Grants and Grants and Governmental
Expenses Services Contributions Contributions Activities
$ 4,411,138 $ 345,770 $
General Revenues:
Taxes
Investment Earnings
Other Revenues
Total General Revenues
76,528 $ 88,825 $ (3,900,015)
5,034,753
5,437
13,385
5,053,575
Change in Net Position 1,153,560
Net Position, Beginning
Prior Period Restatement
Net Position, Beginning (as restated)
8,575,993
213,529
8,789,522
Net Position, Ending $ 9,943,082
The accompanying notes are an integral part of the financial statements.
4
Windsor -Severance Fire Protection District
Balance Sheet
Governmental Funds
December 31, 2015
(With Comparative Totals For December 31, 2019)
2015
Capital Debt
General Projects Service
Fund Fund Fund Total 2014
ASSETS
Cash
Rest. Cash and Investment
Property Tax Receivable
Cash with Fiscal Agent
Accounts Receivable
Prepaid Expenses
$ 5,262,467 $
5,239,555
7,618
1,962
58,503
TOTAL ASSETS 10,570,105
LIABILITIES, DEFERRED INFLOWS AND FUND BALANCE
LIABILITIES
Accounts Payable
Accd Salaries & Benefits
TOTAL LIABILITIES
DEFERRED INFLOWS OF FINANCIAL RESOURCES
Deferred Property Taxes
Deferred Grants
67,213
1,256
68,469
5,239,555
TOTAL DEFERRED INFLOWS 5,239,555
FUND BALANCE
Nonspesdable Fund Balance
Restricted Fund Balance
Committed Fund Balance
Unassigned Fund Balance
TOTAL FUND BALANCE
TOTAL LIABILITIES, DEFERRED INFLOWS AND FUND BALANCE
58,503
155,000
21,860
5,026,718
$ 5,262,467 $ 4,765,869
371,282 371,282 353,059
395,845 5,635,400 4,715,373
14 7,632 31,110
1,962 195,023
58,503 54,979
767,141 11,337,246 10,115,413
67,213 332,851
1,256 1,435
68,469 334,286
395,845 5,635,400 4,715,373
6,640
395,845 5,635,400 4,722,013
371,296
•
5,262,081 - 371,296
$ 10,570,105
58,503
526,296
21,860
5,026,718
54,979
492,337
10,958
4,500,840
5,633,377 5,059,114
5 767,141 $ 11,337,246 $ 10,115,413
The accompanying notes are an -integral part of the financial statements.
5
Windsor -Severance Fire Protection District
Reconciliation of Governmental Fund Balance to
Governmental Activities Net Position
Year Ended December 31, 2015
Fund Balance- Governmental Funds $ 5,633,377
Amounts reported for governmental activities in the statement of net position are different because:
Capital assets used in governmental activities are not financial resources and, therefore, are not reported in the funds:
Capital assets, not being depreciated 942,382
Capital assets, being depreciated 11,196,953
Accumulated depreciation (2,939,473)
Certain long-term pension related costs and adjustments are not available to pay or are not payable currently and are
therefore not reported in the funds:
Net pension asset
Net pension liability
Contributions subsequent to the measurement date
Difference between projected and actual investment returns on the pension plan
Amortization of investment return difference
Difference between projected and actual pension plan experience
Amortization of the plan experience difference
Difference between projected and actual pension plan experience
Amortization of the plan experience difference
Change in proportionare share of the cost -sharing pension plan
Amortization of the proportionate share difference
Long-term liabilities are not due and payable in the current period and, therefore, are not reported in the funds:
liabilities on the statement of net position:
Certificate of Participation payable
Bonds payable
Capital leases payable
Accrued interst payable
Bond Premiums
Discount on Certificates of Participation
Deferred charge on debt refunding
Accrued compensated absences
458,709
(382,164)
414,564
64,606
(12,922)
17,546
(5,101)
(10,439)
990
(20,173)
1,913
(2,615,000)
(2,655,000)
(3,817)
(18,794)
(36,146)
20,278
12,636
(121,843)
Net Position - Governmental Activities $ 9,943,082
The accompanying notes are an integral part of these financial statements
6
Windsor -Severance Fire Protection District
Statement of Revenues, Expenditures and Changes in Fund Balance
Governmental Funds
Year Ended December 31, 2015
(With Comparative Totals for the Year Ended December 31, 2014)
2015
General Capital Project Debt Service
Fund Fund Fund Total 2014
REVENUES
Taxes
Intergovernmental
Licenses and Permits
Charges for Services
Investment Earnings
Other Revenues
TOTAL REVENUES
EXPENDITURES
Current
Administration
Museum
Firefighting
Medical Rescue Services
Fire Prevention
Health and Safety
Commuications
Building Maintenance
Equipment Maintenance
Debt Service
Debt Service Principal
Debt Service Interest
Capital Outlay
TOTAL EXPENDITURES
EXCESS (DEFICIENCY) OF REVENUES OVER (UNDER) EXPENDITURES
OTHER FINANCING SOURCES (USES)
Transfers In (Out)
CHANGE IN FUND BALANCE
FUND BALANCE, BEGINNING
FUND BALANCE, ENDING
$ 4,610,732 $
165,353
14,390
331,380
5,285
13,385 _
5,140,525
$ 424,021 5 5,034,753 $ 4,558,509
165,353 230,799
14,390 8,295
- 331,380 163,557
3 149 5,437 2,136
13,385 150,405
3 424,170 5,564,698 5,113,701
1,283,806 - 1,283,806 1,170,795
2,308 2,308 14,058
2,181,480 900 6,690 2,189,070 1,947,753
12,023 - 12,023 15,015
83,958 - - 83,958 79,312
12,682 - - 12,682 21,226
22,542 - - 22,542 17,693
145,360 - - 145,360 148,417
146,826 - - 146,826 109,105
123,311 - 285,000 408,311 393,119
84,619 - 111,506 196,125 206,867
487,424 - 487,424 922,630
4,586,339 900 403,196 4,990,435 5,045,990
554,186 (897) 20,974 574,263 67,711
4,118 (4,118) - -
558,304 (5,015) 20,974 574,263 67,711
4,703,777 5,015 350,322 5,059,114 4,991,403
$ 5,262,081 $ - $ 371,296 $ 5,633,377 $ 5,059,114
The accompanying notes are an integral part of these financial statements.
7
Windsor -Severance Fire Protection District
Reconciliation of Governmental Change in Fund Balance to
Governmental Activities Change in Net Position
Year Ended December 31, 2015
Change In Fund Balance - Governmental Funds $ 574,263
Amounts reported for governmental activities in the statement of activities are different because:
Purchases of capital assets are expensed in the funds and depreciated for the statement of activities:
Purchase of capital assets
Depreciation expense
Basis of capital asset disposals
Pension expense ar the fund level represents cash contributions to the defined benefit plan. For the
activity level presentation, the amount represents the actuarial cost of the benefits for the fiscal year:
Change in contributions subsequent to the measurement date
Current year projected to actual investment return difference
Current year amortization of overall investment return differences
Change in net pension asset/liability
Current year projected to actual experience difference
Current year amortization of overall nexperience return differences
Current year change in plan proportion share of cost -sharing plan asset/liability
Current year amortization of overall proportionate share differences
Principal payments are reported as expenses in the funds and reductions of liabilities on the
statement of net position:
Certificate of Participation principal
Bonds Payable principal
Capital Lease principal
Other long-term liabilities are expensed in the funds when paid and recorded as liabilities on the
statement of net position:
Change in accrued interest payable
Amortization of Bond premiums
Amortization of Certificate of Participation discount
Amortization of deferred charge on refunding
Change in accrued compensated absences
499,652
(378,653)
(245,228)
202,090
64,606
(12,922)
75,490
7,107
(4,111)
(20,173)
1,913
120,000
285,000
3,311
1,012
8,114
(2,027)
(4,826)
(21,058)
Change in Net Position - Governmental Activities $ 1,153,560
The accompanying notes are an integral part of the financial statements
8
WINDSOR - SEVERANCE FIRE PROTECTION DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2015
NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The financial statements of Windsor - Severance Fire Protection District have been prepared in
conformity with Generally Accepted Accounting Principles (GAAP) as applied to government units, The
Governmental Accounting Standards Board (GASB) is the accepted standard -setting body for establishing
governmental accounting and financial reporting principles. The following summary of significant
accounting policies is presented to assist the reader in evaluating the District's financial statements.
Reporting Entity
The Windsor - Severance Fire Protection District is a political subdivision of the State of Colorado
governed by a five member board of directors. As required by generally accepted accounting principles,
these financial statements present the Windsor - Severance Fire Protection District (the primary
government) and its component units. Component units are legally separate organizations for which the
elected officials of the primary government are financially accountable, or other organizations for which
the nature and significance of their relationship with the primary government are such that exclusion
would cause the District's financial statements to be misleading or incomplete. Based upon the
foregoing criteria, there are no component units included in the accompanying financial statements.
Nature of Operations
The District provides fire and rescue services for citizens in and around the communities of Windsor and
Severance, Colorado.
Basic Financial Statements
Basic financial statements are presented at both the government -wide and fund financial level.
Governmental activities, which are normally supported by taxes and intergovernmental revenues, are
reported separately from business -type activities, which rely to a significant extent on fees and charges for
support.
Government -wide financial statements report information about the reporting government as a whole.
For the most part, the effect of interfund activity has been removed from these statements. These
statements focus on the sustainability of the District as an entity and the change in aggregate financial
position resulting from the activities of the year. These aggregated statements consist of the Statement
of Net Position and the Statement of Activities.
The statement of activities demonstrates the degree to which the direct expenses of a given function are
offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function
or business -type activity. Program revenues include 1) charges to customers or applicants who purchase,
use, or directly benefit from goods, services, or privileges provided by a given function or business -type
activity and 2) grants and contributions that are restricted to meeting the operational or capital
requirements of a particular function or business type activity. Taxes and other items not included among
program revenues are reported instead as general revenues.
9
WINDSOR - SEVERANCE FIRE PROTECTION DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2015
NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Basic Financial Statements (Continued)
Fund financial statements report information at the individual fund level. Each fund is considered to be a
separate accounting entity. All funds are classified as governmental funds. Major individual
governmental funds are reported as separate columns in the fund financial statements. Non -major
funds are consolidated into a single column in the financial section of the basic financial statements.
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 the related cash flows. Property taxes
are recognized as revenues in the year for which they are levied. Grants and similar items are recognized
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 the current period or soon enough thereafter to pay liabilities of the current period. For
this purpose, the District considers revenues to be available if they are collected within 60 days after year
end. Expenditures are recorded when the related fund liability is incurred. 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, grant revenue, and interest associated with the current fiscal period 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.
Expenditures are generally recognized under the modified accrual basis of accounting when the related
fund liability is incurred. An exception to this general rule is principal and interest on general long-term
debt which is recognized when due.
The District reports the following major governmental funds:
General Fund
This fund accounts for the financial resources of the District which are not accounted for in any other
fund. Principal sources of revenue are property taxes, intergovernmental revenue and interest.
Primary expenditures are for fire protection and general administration.
10
WINDSOR - SEVERANCE FIRE PROTECTION DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2015
NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Measurement Focus, Basis of Accounting, and Financial Statement Presentation (Continued)
Capital Projects Fund
The Capital Projects fund was established to account for resources used for the acquisition and
construction of major capital assets
Debt Service Fund
The Debt Service fund was established to account for resources used for the payment of principal
and interest on long-term debt.
Budgets
The District adopts an annual budget for all funds which are all prepared on the modified accrual basis
of accounting. The District may authorize supplemental appropriations during the budget year. All
budgetary appropriations lapse at year-end.
Colorado statutes provide the following timetable which is followed in the adoption of budgets:
(1) Submission of the proposed budget to the local governing body by October 15 of each year.
(2) Certification of mill levies to the Board of County Commissioners by December 15.
(3) Final adoption of budget and appropriations by December 31 of each year.
(4) Property taxes are due by April 30 of each year if paid in full, or in two installments due February 28
and June 15 of each year.
Encumbrances
The District does not utilize encumbrance accounting.
Cash and Equivalents
The government's cash and cash equivalents are considered to be cash on hand, demand deposits, and
short-term investments with original maturities of three months or less from the date of acquisition.
11
WINDSOR - SEVERANCE FIRE PROTECTION DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2015
NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Investments
Investments are stated at fair value based on quoted market values, with the exception of money
market funds and external investment pools. These are stated at cost, which is equal to fair value.
Receivables
In the government -wide statements, receivables consist of all revenues earned at year-end and not yet
received.
Governmental funds report deferred inflows of resources, as further described below in connection
with receivables for revenues that are deferred for use during the next fiscal year. At the end of the
current year, these receivables consisted of property taxes levied in 2015 and due in 2016.
Capital Assets
Capital assets, which include land, buildings, vehicles and equipment, are reported in the governmental
activities column of the government -wide financial statements. Capital assets are defined by the District as
assets with an initial, individual cost of more than $5,000 and a useful life of more than one year. Such
assets are recorded at historical cost or estimated historical cost if purchased or constructed. Donated or
annexed capital assets are recorded at estimated market value at the date of donation or annexation.
The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend
assets lives are not capitalized. Major outlays for capital assets and improvements are capitalized as
projects are constructed.
Depreciation on exhaustible assets is recorded as an allocated expense in the Statement of Activities with
accumulated depreciation reflected in the Statement of Net Position. Depreciation on the remaining
capital assets is provided on the straight-line basis over the following estimated useful lives:
Buildings
Vehicles
Equipment
Deferred Outflows and Inflows of Resources
15-50 years
8-25 years
7-20 years
In addition to assets and liabilities, the statement of net position reports a separate section for deferred
outflows and inflows of resources. These separate financial statement elements, deferred outflows of
financial resources and deferred inflows of financial resources, represent a usage or acquisition of net
position that applies to a future period(s) and so will not be recognized as an outflow of resources
(expense) or inflow of resources (revenue) until a future period. The government has two types of items,
which arise under the full accrual and modified accrual basis of accounting. Deferred property taxes are
reported as a deferred inflow for both the governmental activities presentation and governmental funds
balance sheet.
12
WINDSOR -SEVERANCE FIRE PROTECTION DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2015
NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Deferred Outflows and Inflows of Resources (Continued)
The unavailable property taxes are deferred and will be recognized as an outflow or inflow of resources in
the period that the amounts become recognizable as an expense or available, respectively. Since property
tax revenues are collected in arrears during the succeeding year, a receivable and corresponding deferred
inflow is recorded at December 31. As the tax is collected in the succeeding year, the deferred inflow is
recognized as revenue and the receivable is reduced. The other item, deferred charge on refunding, is
reported in the governmental activities net position. The charge will be recognized proportionately as the
outstanding principal is repaid. The District also reports pension related deferred outflows and inflows as
further discussed in Note 4.
Long -Term Obligation
Long-term debt is reported at face value, net of applicable discounts and deferred charge on refunding.
Costs related to the issuance of debt are expensed when incurred. Long-term debt and other long-term
obligations are reported as liabilities in the applicable governmental activities statements of net position.
Net Position/Fund Balances Flow Assumptions
Sometimes the government will fund outlays for a particular purpose from both restricted and
unrestricted resources (the total of committed, assigned, and unassigned fund balance). In order to
calculate the amounts to report as restricted, committed, assigned, and unassigned fund balance in the
governmental fund financial statements a flow assumption must be made about the order in which the
resources are considered to be applied. It is the government's policy to consider restricted fund balance to
have been depleted before using any of the components of unrestricted fund balance. Further, when the
components of unrestricted fund balance can be used for the same purpose, committed fund balance is
depleted first, followed by assigned fund balance. Unassigned fund balance is applied last.
Net Position/Fund Balances
In the government -wide financial statements, net position is either shown as net investment in capital
assets, with these assets essentially being nonexpendable; restricted when constraints placed on the net
position are externally imposed; or unrestricted.
For the governmental fund presentation, fund balances that are classified as "nonspendable" include
amounts that cannot be spent because they are either (a) not in spendable form or (b) legally or
contractually required to be maintained intact. The "not in spendable form" criterion includes items that
are not expected to be converted to cash, for example, inventories and prepaid amounts.
Amounts are reported as "restricted" when constraints placed on the use of resources are either (a)
externally imposed by creditors (such as through debt covenants), grantors, contributors, or laws or
regulations of other governments; or (b) imposed by law through constitutional provisions or enabling
legislation.
13
WINDSOR - SEVERANCE FIRE PROTECTION DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2015
NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Net Position/Fund Balances (Continued)
Amounts that can only be used for specific purposes pursuant to constraints imposed by formal action of
the government's highest level of decision -making authority, the Board of Directors, reported and at their
highest level of action are reported as "committed" fund balance. Those committed amounts cannot be
used for any other purpose unless the government removes or changes the specified use by taking the
same type of action (for example, legislation, resolution, ordinance) it employed to previously commit
those amounts.
Amounts that are constrained by the government's intent to be used for specific purposes, but are neither
restricted nor committed, are reported as "assigned" fund balance. Intent should be expressed by (a) the
governing body itself or (b) a body (a budget or finance committee, for example) or official to which the
governing body has delegated the authority to assign amounts to be used for specific purposes.
All remaining governmental balances or deficits in other governmental funds are presented as unassigned.
Program Revenues
Amounts reported as program revenues include 1) charges to customers or applicants who purchase, use,
or directly benefit from goods, services, or privileges provided by a given function or segment and 2) grants
and contributions (including special assessments) that are restricted to meeting the operational or capital
requirements of a particular function or segment. All taxes, including those dedicated for specific
purposes, and other internally dedicated resources are reported as general revenues rather than as
program revenues.
Property Taxes
Property taxes are levied on November 1 and attach as an enforceable lien on property on January 1.
Taxes are payable in full on April 30 or in two installments on February 28 and June 15. The County
Treasurer's office collects property taxes and remits to the District on a monthly basis.
Accumulated Unused Leave/Compensated Absences
The District permits an employee to carry over unused personal leave to the next calendar year. The
District will compensate an employee for any unused vacation and compensatory time at their current rate
of pay upon termination or resignation. The District does not payout unused sick leave upon termination.
Use of Estimates
The preparation of financial statements in accordance with generally accepted accounting principles
requires management to make estimates that affect amounts reported in the financial statements
during the reporting period. Actual results could differ from such estimates.
14
WINDSOR - SEVERANCE FIRE PROTECTION DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2015
NOTE 2: CASH AND INVESTMENTS
The District's cash and investment balances as of the year ended December 31, 2015 are as follows:
Restricted Cash and Investments (Debt Service)
Unrestricted Cash and Investments
Total Cash and Investments
DEPOSITS
Custodial Credit Risk - Deposits
$ 371,282
5,262,467
$ 5,633,749
In the case of deposits, this is the risk that in the event of bank failure, the government's deposits may
not be returned to it. The District's deposit policy is in accordance with CRS 11-10.5-101, The Colorado
Public Deposit Protection Act (PDPA), which governs the investment of public funds. PDPA requires that
all units of local government deposit cash in eligible public depositories. Eligibility is determined by
state regulations. Amounts on deposit in excess of federal insurance levels ($250,000) must be
collateralized by eligible collateral as determined by the PDPA. The financial institution is allowed to
create a single collateral pool for all public funds held. The pool is to be maintained by another
institution, or held in trust for all the uninsured public deposits as a group. The market value of the
collateral must be at least equal to 102% of the uninsured deposits. The institution's internal records
identify collateral by depositor and as such, these deposits are considered uninsured but collateralized.
The State Regulatory Commissions for banks and financial services are required by statute to monitor
the naming of eligible depositories and December 31, 2015, all of the District's deposits as shown below
were either insured by federal depository insurance or collateralized under PDPA and are therefore not
deemed to be exposed to custodial credit risk.
At December 31, 2015 the District's deposits are categorized as follows:
FDIC Insured
PDPA Collateralized (not in District's name)
Total
Bank Carrying
Balance Balance
360,029 $ 360,029
5,338,160 5,273,720
5,698,189 $ 5,633,749
INVESTMENTS
The District did not hold any investments as of year-end. The following is a summary of District
policies related to investments.
15
WINDSOR - SEVERANCE FIRE PROTECTION DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2015
NOTE 2: CASH AND INVESTMENTS (Continued)
INVESTMENTS (Continued)
Credit Risk
Colorado statutes specify which instruments units of local government may invest, which include:
• Obligations of the United States and certain U.S. government agency securities
• Certain international agency securities
• General obligation and revenue bonds of the U.S. local government entities
• Bankers' acceptances of certain banks
• Commercial paper
• Local government investment pools
• Written repurchase agreements collateralized by certain authorized securities
• Certain money market funds
• Guaranteed investment contracts
The District's investment policy limits its investments to those allowed by Colorado Revised Statute 24-
75-6O1.1 as described above.
Concentration of Credit Risk
The District places no limit on the amount that may be invested in any one issuer.
Interest Rate Risk
Colorado Statutes require that no investment may have a maturity in excess of five years from the date
of purchase unless authorized by the local board. The District does not have a formal investment policy
that limits investment maturities as a means of managing its exposure to fair value losses arising from
increasing interest rates, other than those contained in state statutes.
Custodial Credit Risk — Investments
For an investment, custodial credit risk is the risk that, in the event of the failure of the counterparty,
the District will not be able to recover the value of its investments or collateral securities that are in the
possession of an outside party. As of December 31, 2O15, the District did not have any investments
requiring safekeeping.
16
WINDSOR -SEVERANCE FIRE PROTECTION DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2015
NOTE 3: CAPITAL ASSETS
Changes in governmental activities capital assets for the year ended December 31, 2015 was as
follows:
Balance Balance
1/1/15 Additions Deletions 12/31/15
Governmental activities
Capital assets not being depreciated:
Land
Capital assets being depreciated:
Buildings
Vehicles
Equipment
Total capital assets being depreciated
Less accumulated depreciation for:
Buildings
Vehicles
Equipment
Total Accumulated Depreciation
Governmental activities capital assets, net
$ 942,382 $
$ - $ 942,382
6,885,632 - 6,885,632
3,650,203 484,781 567,869 3,567,115
760,303 14,871 30,968 744,206
11,296,138 499,652
598,837 11,196,953
(775,435) (141,144) (916,579)
(1,878,279) (173,999) (327,889) (1,724,389)
(260,715) (63,510) (25,720) (298,505)
(2,914,429) (378,6531 (353,6091 (2,939,473)
$ 9,324,091 $ 120,999 $ 245,228 $ 9,199,862
Depreciation has all been allocated to the public safety function on the statement of activities.
17
NOTE 4: PENSION OBLIGATIONS
FPPA Statewide Hybrid
Plan Description. The District contributes to the FPPA Statewide Hybrid Plan, a cost -sharing multiple -
employer defined benefit pension plan administered by the Colorado Fire and Police Pension
Association (FPPA). The Plan provides retirement benefits for Members and beneficiaries. The plan
consists of a defined benefit component and a money purchase component.
Statewide Hybrid Pension Plan - Defined Benefit Component
Plan Description. The Statewide Hybrid Plan -Defined Benefit Component is a cost -sharing multiple -
employer defined benefit pension plan. The Plan is administered by the Fire & Police Pension
Association of Colorado (FPPA). FPPA issues a publicly available comprehensive annual financial report
that can be obtained on FPPA's website at http://www.fppaco.org.
Description of Benefits. A member is eligible for a normal retirement pension once the member has
completed twenty-five years of credited service and has attained the age of 55. The annual normal
retirement benefit is 1.5 percent of the average of the member's highest three years' base salary for
each year of credited service. Benefits paid to retired members are evaluated and may be redetermined
every October 1. The amount of any increase is based on the Board's discretion and can range from 0 to
3 percent.
17
WINDSOR - SEVERANCE FIRE PROTECTION DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2015
NOTE 4: PENSION OBLIGATIONS (Continued)
FPPA Statewide Hybrid (Continued)
A member is eligible for an early retirement at age 50 or after 30 years of service. The early retirement
benefit equals the normal retirement benefit reduced on an actuarially equivalent basis. Upon
termination, an employee may elect to have member contributions, along with 5 percent as interest,
returned as a lump sum distribution. Alternatively, a member with at least five years of accredited
service may leave contributions with the Plan and remain eligible for a retirement pension at age 55
equal to 1.5 percent of the member's average highest three years' base salary for each year of credited
service.
Contributions. The Plan sets contribution rates at a level that enables all benefits to be fully funded at
the retirement date of all members. The members of the plan and their employers are currently each
contributing at the rate determined by the individual employer, however, the rate for both employer
and members must be at least 8 percent of the member's base salary. The amount allocated to the
Defined Benefit Component is set annually by the Fire & Police Pension Association Board of Directors.
Excess contributions fund the Money Purchase Component of the plan. The Defined Benefit component
contribution rate for the fiscal year was 8% each from both the employer and employee.
Within the Money Purchase Component, members are always fully vested in their own contributions, as
well as the earnings on those contributions. Vesting in the employer's contributions within the Money
Purchase Component, and earnings on those contributions occurs according to the vesting schedule set
by the plan document at 20 percent per year after the first year of service to be 100 percent vested after
5 years of service. Employer and member contributions are invested in funds at the discretion of
members.
Basis of Presentation. The underlying financial information used to prepare the Schedule of Employer
Contributions and Schedule of Collective Pension Amounts is based on FPPA's financial statements. FPPA
follows the accounting principles and reporting guidelines as set forth by the Governmental Accounting
Standards Board. The financial statements are prepared using the accrual basis of accounting and reflect
the overall operations of FPPA. Employer contributions in FPPA's financial statements are recognized in
the period in which they are due. Investments are reported at fair value.
Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred inflows of
Resources Related to Pensions. At December 31, 2015, the District reported a net pension asset of
$458,709 for its proportional share of the net pension asset. The net pension liability was measured as
of December 31, 2014, and the total pension liability used to calculate the net pension liability was
determined by an actuarial valuation as of that date. The District's proportion of the net pension liability
was based on a projection of the District's long-term share of contributions to the pension plan relative
to the projected contributions of all participating entities, actuarially determined. At December 31,
2014, the District's proportion was 0.4065 percent, which was an increase of 0.0023 from its proportion
measured as of December 31, 2013.
18
WINDSOR - SEVERANCE FIRE PROTECTION DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2015
NOTE 4: PENSION OBLIGATIONS (Continued)
FPPA Statewide Hybrid (Continued)
For the year ended December 31, 2015, the District recognized pension income of $24,241. At
December 31, 2015, the District reported deferred outflows of resources and deferred inflows of
resources related to pensions from the following sources:
Deferred
Outflows
Deferred Inflows
Difference between expected and
actual experience
$ -
$ (9,449)
Net difference between projected
and actual earnings on pension plan
investments
$ 36,166
$
Changes in proportion and
differences between contributions
recognized and proportionate share
of contributions
$ -
$ (18,260)
Contributions subsequent to the
measurement date
$ 282,066
Total
$ 318,232
$ (27,709)
$282,066 reported as deferred outflows of resources related to pensions resulting from District
contributions subsequent to the measurement date will be recognized as a reduction of the net pension
liability in the year ended December 31, 2016. Other amounts reported as deferred outflows of
resources and deferred inflows of resources related to pensions will be recognized in pension expense
as follows:
Year Ended December 31:
2016
$ (6,139)
2017
(6,139)
2018
(6,139)
2019
(6,137)
2020
2,903
Thereafter
13,194
Total
$ (8,457)
Actuarial Assumptions. The January 1, 2014 actuarial valuation was used to determine the Actuarially
Determined Contribution for the fiscal year ending December 31, 2014. The valuation used the following
actuarial assumption and other inputs:
Actuarial Method
Entry Age Normal
Amortization Method
Level % of Payroll, Open
Amortization Period
30 Years
Asset Valuation Method
5 -Year Smoothed Fair Value
Long-term investment Rate of Return'
7.50%
Salary increase, including wage inflation
4.00-16.00%
Cost of Living Adjustments (COLA)
0.00%
' Includes inflation at
3.00%
19
WINDSOR - SEVERANCE FIRE PROTECTION DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2015
NOTE 4: PENSION OBLIGATIONS (Continued)
FPPA Statewide Hybrid (Continued)
The collective total pension liability as of December 31, 2014 is based upon the January 1, 2015 actuarial
valuation. The collective total pension liability as of December 31, 2013 is based upon the January 1,
2014 actuarial valuation.
Long-term expected rate of return on pension plan investments was determined using a building-block
method in which best -estimate ranges of expected future real rates of return (expected returns, net of
pension plan investment expenses and inflation) are developed for each major asset class. These ranges
are combined to produce the long-term expected rate of return by weighing the expected future real
rates of return by the target asset allocation percentage and by adding expected inflation. Best
estimates of arithmetic real rates of return for each major asset class included in the Fund's target asset
allocation as of December 31, 2014 are summarized in the following table:
Asset Class
Target Allocation
Long -Term
Expected Rate of
Return
Global Equity
40.00%
8.90%
Equity Long/Short
10.00%
7.50%
Illiquid Alternatives
18.00%
10.50%
Fixed Income
15.00%
4.60%
Absolute Return
12.00%
6.50%
Managed Futures
4.00%
5.50%
Cash
1.00%
2.50%
Total
100.00%
Discount Rate. The discount rate used to measure the total pension liability was 7.50 percent. The
projection of cash flows used to determine the discount rate assumed that contributions from
participating employers will be made based on the actuarially determined rates based on the Board's
funding policy, which establishes the contractually required rates under Colorado statutes. Based on
those assumptions, the SWDB plan fiduciary net pension was projected to be available to make all the
projected future benefit payments of current plan members. Therefore, the long-term expected rate of
return on pension plan investments was applied to all periods of projected benefit payments to
determine the total pension liability.
Sensitivity of the District's proportionate share of the net pension liability to changes in the discount
rate. The following presents the District's proportionate share of the net pension liability calculated
using the discount rate of 7.5 percent, as well as what the District's proportionate share of the net
pension liabil ty would be if it were calculated using a discount rate that is 1 percentage -point lower (6.5
percent) or 1 percentage -point higher (8.5 percent) than the current rate:
1% Decrease
(6.5%)
Current Discount
Rate (7.5%)
1% Increase
(8.5%)
Proportionare share of the net
pension asset (liability)
$ (432,476)
$ 458,709
$ 1,202,073
20
WINDSOR - SEVERANCE FIRE PROTECTION DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2015
NOTE 4: PENSION OBLIGATIONS (Continued)
FPPA Statewide Hybrid (Continued)
Pension plan fiduciary net position. Detailed information about the pension plan's fiduciary net position
is available in the separately issued FPPA financial report.
Statewide Hybrid Pension Plan — Money Purchase Component
Plan Description. The District contributes to the Money Purchase Plan Portion of the FPPA Statewide
Hybrid Plan, a cost -sharing multiple -employer defined benefit pension plan administered by the
Colorado Fire and Police Pension Association (FPPA). The Plan provides retirement benefits for Members
and beneficiaries. Firemen that elected the FPPA money purchase plan are only in the money purchase
component of the Hybrid Plan.
Funding Policy. Plan Members and the District are required to contribute at a rate set by statute. The
contribution requirements of Plan Members and the District are established under Title 31, Article 31,
Part 5 of the CRS, as amended. The contribution rate for FPPA Plan Members and the District is 10.0% of
covered salary if hired before May 20, 2013.
The basis of accounting policy for the money purchase plan only portion of the FPPA Statewide Hybrid
Plan coincides with the FPPA Statewide Defined Benefit Plan.
FPPA Death and Disability
Death and disability coverage is provided for members through the Statewide Death and Disability Plan
which is also administered by the Colorado Fire and Police Pension Association.
This Statewide Death and Disability Plan is a non-contributory plan. All eligible employees of the District
are members of the Statewide Defined Benefit Plan and the Statewide Death and Disability Plan. Title
31, Article 30 of the Colorado Revised Statutes (CRS), as amended, assigns the authority to establish
benefit provisions to the state legislature.
FPPA Deferred Compensation Plan
The District provides a deferred compensation plan for all eligible full-time employees. Plan members
can elect to defer a portion of their annual compensation into an individual retirement account
descripted in Code section 408(a). The annual deferral is subject to a limitation of $15,000, adjusted for
cost -of -living after 2006 to the extent as indexed pursuant to Code 457(e)(15).
21
WINDSOR - SEVERANCE FIRE PROTECTION DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2015
NOTE 4: PENSION OBLIGATIONS (Continued)
Volunteer Firefighters Pension Plan
Plan Description. The Volunteer Firefighters Pension Plan is a defined benefit, agent multiple -employer
plan affiliated with the Colorado Fire and Police Pension Association (FPPA). Assets of the Plan are
commingled for investment purposes in the Fire and Police Member's Benefit Fund, an agent multiple -
employer defined benefit pension Plan administered by FPPA.
Description of Benefits. The Plan provides retirement benefits for Members and beneficiaries according
to Plan provisions as enacted and governed by the Firefighters Pension Board. Colorado Revised Statutes
(CRS), as amended, establishes basic benefit provisions under the Plan. In 2014, the regular benefit was
$725 per month. A participant becomes fully vested after 20 years of active service and reaching age 50.
Pre -retirement death and disability benefits are only available if incurred in the line of duty. The plan
also provides for a lump -sum burial benefit upon the death of an active or retired firefighter. FPPA
issues independent annual reports that may be obtained by calling FPPA at (303) 770-3772 in the Denver
metro area and 1-800-332-FPPA (3772) from outside the metro area.
Contributions. The District funds the Plan per provisions in the Plan document and Colorado statutes.
The District shall contribute amounts required to fund the benefits provided by the Plan on a sound
actuarial basis. The District contributes to the Volunteer Fire Department Pension Fund at a rate
determined in the following manner: at least every three (3) years, the Volunteer Fire Department
Pension Fund shall have an actuarial study prepared to determine the funds required. The required
funds will be paid annually from general revenues of the District into the Volunteer Fire Department
Pension Fund. The Volunteer Firefighter's Pension Plan receives contributions from the District in an
amount not to exceed one half mill of property tax revenue. As established by the legislature, the State
of Colorado contributes up to ninety percent of the District's contribution. The contributions are not
actuarially determined.
The Plan is administered by a Retirement Board composed of seven members, the District's five elected
board members plus two members elected by the volunteers.
The financial statements of the volunteer Plan are prepared using the accrual basis of accounting.
Benefits and refunds are recognized when due and payable in accordance with the terms of the Plan.
The investments are presented at fair value except for short-term investments that are recorded at cost,
which approximates fair value.
Administrative costs of the Plan are paid from the pension fund (CRS 31-30.5-204(3)). There are no
investments in, loans to, or leases with parties related to the Plan.
Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred inflows of
Resources Related to Pensions. At December 31, 2015, the District reported a net pension liability of
$382,164. The net pension liability was measured as of December 31, 2014, and the total pension
liability used to calculate the net pension liability was determined by an actuarial valuation as of that
date.
22
WINDSOR - SEVERANCE FIRE PROTECTION DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2015
NOTE 4: PENSION OBLIGATIONS (Continued)
Volunteer Firefighters Pension Plan (Continued)
For the year ended December 31, 2015, the District recognized pension expense of $11,987. This
expense is lower than normal as the 2014 pension contribution was not included in the pension expense
calculation as it was remitted subsequent to the measurement date. At December 31, 2015, the District
reported deferred outflows of resources and deferred inflows of resources related to pensions from the
following sources:
Deferred Outflows
Deferred Inflows
Difference between expected and actual
experience
$
12,445
$ -
Net difference between projected and
actual earnings on pension plan
investments
$
15,518
$ -
Contributions subsequent to the
measurement date
$
132,498
Total
$
160,461
$ -
$132,498 reported as deferred outflows of resources related to pensions resulting from District
contributions subsequent to the measurement date will be recognized as a reduction of the net pension
liability in the year ended December 31, 2016. Other amounts reported as deferred outflows of
resources and deferred inflows of resources related to pensions will be recognized in pension expense
as follows:
Year Ended December 31:
2016
$ (8,981)
2017
(8,981)
2018
(6,123)
2019
(3,878)
Total
$ (27,963)
Actuarial Assumptions. The anuary 1, 2014 actuarial valuation was used to determine the Actuarially
Determined Contribution for the fiscal year ending December 31, 2014. The valuation used the following
actuarial assumption and other inputs:
Actuarial Method
Entry Age Normal
Amortization Method
Level Dollar, Open"
Amortization Period
20 Years"
Asset Valuation Method
5 -Year Smoothed Market
Long-term investment Rate of Return
7.50%
Mortality
Pre -retirement: RP -2000 Combined
Mortality Table with Blue Collar
Adjustment, 40% muliplier for off duty
Post -retirement: RP -2000 Combined
Mortality Table with Blue Collar
Adjustment
Diabled: RP2000 Diabled Mortality Table,
with Blue Collar Adjustment
Salary increase, including wage inflation
N/A
Retirement Age
50% per year of eligibility until 100%at
age 65
Inflation
3.00%
' Plans that are heavily weighted with retiree liabilities use an
amortization period based on the expected remaining lifetime
of the participants
23
WINDSOR - SEVERANCE FIRE PROTECTION DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2015
NOTE 4: PENSION OBLIGATIONS (Continued)
Volunteer Firefighters Pension Plan (Continued)
Long-term expected rate of return on pension plan investments was determined using a building-block
method in which best -estimate ranges of expected future real rates of return (expected returns, net of
pension plan investment expenses and inflation) are developed for each major asset class. These ranges
are combined to produce the long-term expected rate of return by weighing the expected future real
rates of return by the target asset allocation percentage and by adding expected inflation. Best
estimates of arithmetic real rates of return for each major asset class included in the Fund's target asset
allocation as of December 31, 2014 are summarized in the following table:
Asset Class
Target Allocation
Long -Term Expected
Rate of Return
Global Equity
40.00%
8.90%
Equity Long/Short
10.00%
7.50%
Illiquid Alternatives
18.00%
10.50%
Fixed Income
15.00%
4.60%
Absolute Return
12.00%
6.50%
Managed Futures
4.00%
5.50%
Cash
1.00%
2.50%
Total
100.00%
Discount Rate. Projected benefit payments are required to be d'scounted to their actuarial present
values using a Single Discount Rate that reflects (1) a long-term expected rate of return on pension plan
investments (to the extent that the plan's fiduciary net position is projected to be sufficient to pay
benefits) and (2) tax-exempt municipal bond rate based on an index of 20 -year general obligation bonds
with an average AA credit rating as of the measurement date (to the extent that the plan's projected
fiduciary net position is not sufficient to pay benefits).
For the purpose of this valuation, the long-term expected rate of return on pension plan investments is
7.50%; the municipal bond rate is 3.65% (based on the weekly rate closest to but not later than the
measurement date of the "state & local bonds" rate from Federal Reserve statistical release (H.15)); and
the resulting Single Discount Rate is 7.50%.
Sensitivity of the District's the net pension liability to changes in the discount rate. The following
presents the District's net pension liability calculated using the discount rate of 7.50%, as well as what
the District's net pension liability would be if it were calculated using a discount rate that is 1
percentage -point lower (6.50%) or 1 -percentage -point higher (8.50%) than the current rate:
1% Decrease (6.5%)
Current Discount
Rate (7.5%)
1% Increase (8.5%)
Net pension asset (liability)
$ (703,506)
$ (382,164)
$ (112,093)
Pension plan fiduciary net position. Detailed information about the pension plan's fiduciary net position
is available in the separately issued FPPA financial report.
24
WINDSOR - SEVERANCE FIRE PROTECTION DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2015
NOTE 4: PENSION OBLIGATIONS (Continued)
Volunteer Firefighters Pension Plan (Continued)
Changes in net pension liability for the District's agent multiple -employer plan is listed below:
Schedule of Changes in District's Net Pension Liability
Total Pension Liability
Service cost
Interest
Changes of benefit terms
Differences between expected and actual experience
Changes of assumptions
Benefit payments
Net changes in total pension liability
Total Pension Liability -beginning
Total Pension Liability-ending(a)
Plan Fiduciary Net Position
Contributions -employer
Contributions -State of Colorado (discretionary)
Net investment Income
Benefit payments,including refunds of employee contributions
Administrative expense
Other
Net change in plan fiducia rty net position
Plan fiduciary net position -beginning
Plan fiduciary net position-ending(b)
District's net pension liability -ending (a )-(b)
2015
$ 33,305
222,586
17,546
(239,079)
34,358
3,068,836
$ 3,103,194
59,624
178,326
(239,079)
(4,463)
(5,592)
2,726,622
$
2,721,030
5 382,164
There were no changes in the benefit terms, assumptions or other inputs during the fiscal year.
Membership. As of the December 31, 2014 measurement date, pension plan membership consisted of
the following:
Retirees and Beneficiaries
Inactive, Nonretired Members
Active Members
Total
34
13
30
77
25
WINDSOR - SEVERANCE FIRE PROTECTION DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2015
NOTE 5: LONG-TERM OBLIGATIONS
The following is a schedule of changes in debt for the year ended December 31, 2015:
General Obligation Bonds Series 2009
Bond Premium
Certificates of Participation Series 2012
Discount on COP's
Copier Capital Lease
Net Pension Liability
Compensated Absences
Total Obligations
Deferred Charge on Refunding
Restated
Balance Balance Current Interest Accrued
12/31/14 Advances Repayments 12/31/15 Portion Expense Interest
$ 2,940,000 $ - $ 285,000 $ 2,655,000 $ 285,000 $ 110,794 $ 8,580
44,260 - 8,114 36,146 - - -
2,735,000 - 120,000 2,615,000 120,000 83,815 10,214
(22,305) - (2,027) (20,278) (1,969) -
7,128 - 3,311 3,817 3,515 504 -
342,214 39,950 - 382,164 - - -
100,785 21,058 - 121,843 - -
6,147,082 $ 61,008 $ 414,398 $ 5,793,692 $ 406,546 $ 195,113 $ 18,794
$ (17,462) $ $ 4,826 $ (12,636) $ (4,102) $ -
The above balances have been restated to include the Net Pension Liability that would have been
outstanding as of December 31, 2014 as further described in Note 9.
Bonds Payable
In May, 2009 the District issued $4,190,000 of general obligation bonds for capital improvements.
Bond principal payments are due annually on December 1, and interest is due semi-annually on June
1 and December 1. Principal payments started at $100,000 beginning in 2009 and increase to
$380,000 by 2023. Interest rates range from 2% to 4%.
Scheduled payments on the bonds are due as follows:
Year Principal Interest Total
2016 $ 120,000 5 81,715 $ 201,715
2017 125,000 79,315 204,315
2018 125,000 76,815 201,815
2019 130,000 73,065 203,065
2020 135,000 69,165 204,165
2021-2025 735,000 282,375 1,017,375
2026-2030 860,000 158,645 1,018,645
2031-2032 385,000 20,300 405,300
Total $ 2,615,000 $ 841,395 $ 3,456,395
26
WINDSOR - SEVERANCE FIRE PROTECTION DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2015
NOTE 5: LONG-TERM OBLIGATIONS (Continued)
Certificates of Participation
In 2012, the District issued $2,955,000 in certificates of participation to refinance their 2008
certificates of participation. Principal payments are due annually on November 15 and interest is due
semi-annually on May 15 and November 15. Principal payments start at $105,000 in 2013 and
increase to $195,000 by 2032. Interest rates begin at 2.0% and increase to 3.25%, and the District
received additional proceeds of $1,395,000, the net proceeds of which were used to renovate Fire
Station #2. The District recorded a charge on refunding related this refunding.
Scheduled payments on the certificates of participation are due as follows:
Year Principal Interest Total
2016 $ 285,000 $ 102,956 5 387,956
2017 305,000 93,694 398,694
2018 310,000 83,019 393,019
2019 325,000 70,619 395,619
2020 335,000 57,619 392,619
2021-2023 1,095,000 88,800 1,183,800
Total $ 2,655,000 $ 496,707 $ 3,151,707
Capital Leases Payable
In 2013, the District entered into a capital lease agreement for the purchase of an office copier. The
lease requires 48 monthly payments beginning February 2013 of $304, including interest at 6.0%.
Equipment with an original value of $12,946 and a remaining basis of $3,237 has been capitalized
under this lease.
Future minimum capital lease payments at December 31, 2015, are as follows:
Vear laat
2016 $ 3,648
2017 300
Total Payments 3,952
Interest at 6% 11351
Present Value of Payments $ 3,817
27
WINDSOR - SEVERANCE FIRE PROTECTION DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2015
NOTE 6: FUND BALANCE RESERVATIONS/APPROPRIATIONS
Emergency Reserve
On November 3, 1992, the voters of Colorado approved Amendment 1, commonly known as the
TABOR Amendment, which adds 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, all local
governments, and special districts.
The District's financial activity for the year ended December 31, 2015 will provide the basis for
calculation of future limitations adjusted for allowable increases tied to inflation and local growth.
Subsequent to December 31, 2015, revenue in excess of the District's "spending limit" must be
refunded unless voters approve the retention of such excess revenue. TABOR generally requires
voter approval for any new tax, tax increases, and new debt.
At a November 4, 1997 election, the electors of the District authorized the District to collect, retain
and expend the full amount of the revenues from all sources during 1997, as well as the full amount
of all revenues generated by all sources for each subsequent year. This election authorized the
spending of such revenues in each year without limitation under Article X, Section 20 of the Colorado
Constitution.
TABOR is extremely complex and subject to interpretation. Ultimate implementation may depend
upon litigation and legislative guidance.
The Article requires an emergency reserve be set aside for 2015 in the amount of 3% or more of its
fiscal year spending. At December 31, 2015, the District has reserved the following for emergencies:
General Fund $155,000
The District believes it is in compliance with the provisions of the TABOR Amendment.
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; injuries to firemen; and natural disasters. The District purchases
commercial insurance for all risks of loss. Settled claims have not exceeded this insurance coverage in
any of the past three fiscal years.
NOTE 8: INTERFUND TRANSACTIONS
The District has recorded the following transfer to close out the capital projects fund:
Transfers In Transfers Out
General Fund $ 4,118 $
Capital Projects Fund - 4,118
Net Transfers $ 4,118 $ 4,118
28
WINDSOR - SEVERANCE FIRE PROTECTION DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2015
NOTE 9: PRIOR PERIOD RESTATEMENT
For the fiscal year, the District adopted GASB Statement Number 68 — Accounting and Reporting for
Pensions — an amendment of GASB Statement No. 27. The statement places a long term obligation, as
well as related deferred outflows and inflows, on the Statement of Net Position related to future
pension obligations. The District has restated the beginning net position for the governmental activities
for those balances that were applicable as of December 31, 2014.
These restatements are as follows:
Governmental
Activities
Net Position, Beginning
Contributions Subsequent to Measurement Date
Net Pension Asset - FPPA Hybrid Plan
Net Pension Liability - Volunteer
Net Position, Beginning (As Restated)
$ 8,575,993
212,474
343,269
(342,214)
$ 8,789,522
29
Required Supplementary Information
Pension Schedules (Unaudited)
WINDSOR - SEVERANCE FIRE PROTECTION DISTRICT
SCHEDULE OF THE DISTRICT'S PROPORTIONATE SHARE OF THE
NET PENSION ASSET (LIABILITY)
FPPA Statewide Hybrid Plan
Last 10 Fiscal Years(1)
District's proportion of the net pension asset (liability)
District's proportionate share of the net pension asset (liability)
District's covered -employee payroll
District's proportionate share of the net pension asset (liaiblity) as a
percentage of covered -employee payroll
Plan fiduciary net position as a percentage of the total pension liabilty
12/31/2015 12/31/2014
0.406449% 0.383889%
$ 458,709 $ 343,269
$ 1,827,813 $ 1,667,388
25.10% 20.59%
106.83% 105.83%
Note: Al( amounts are as of plan calculation dates which are one fiscal year prior to the date shown.
I'I - Additional years will be added to this schedule as they become available.
See the accompanying Independent Auditors' Report.
30
WINDSOR - SEVERANCE FIRE PROTECTION DISTRICT
SCHEDULE OF DISTRICT CONTRIBUTIONS
FPPA Statewide Hybrid Plan
Last 10 Fiscal Years(1)
Contractually required contributions
Actual contributions
Contribution deficiency (excess)
District's covered -employee payroll
Contributions as a percentage of covered -employee payroll
12/31/2015 12/31/2014
$ 146,225 $ 133,391
(146,225) (133,391)
$ - $
$ 1,827,813 $ 1,667,388
8.00% 8.00%
Note: All amounts are as of plan calculation dates which are one fiscal year prior to the date shown.
(l) - Additional years will be added to this schedule as they become available.
See the accompanying Independent Auditors' Report.
31
WINDSOR - SEVERANCE FIRE PROTECTION DISTRICT
SCHEDULE OF CHANGES IN THE DISTRICT'S NET PENSION LIABILITY
Volunteer Pension Plan
Last 10 Fiscal Yearsl�1
Total Pension Liability
Service cost
Interest
Changes of benefit terms
Differences between expected and actual experience
Changes of assumptions
Benefit payments
Net changes in total pension liability
Total Pension Liability - beginning
Total Pension Liability - ending (a)
Plan Fiduciary Net Position
Contributions - employer
Contributions - State of Colorado (Discretionary)
Net investment Income
Benefit payments,including refunds of employee contributions
Administrative expense
Other
Net change in plan fiduciarty net position
Plan fiduciary net position - beginning
Plan fiduciary net position - ending(b)
12/31/2015
$ 33,305
222,586
17,546
(239,079)
34,358
3,068,836
$ 3,103,194
59,624
178,326
(239,079)
(4,463)
(5,592)
2,726,622
$ 2,721,030
District's net pension liability - ending (a) -(b) $ 382,164
Note: There were no factors that significantly affected trends in the amounts reported.
(1) - Additional years will be added to this schedule as they become available.
See the accompanying Independent Auditors' Report.
32
WINDSOR -SEVERANCE FIRE PROTECTION DISTRICT
SCHEDULE OF THE DISTRICT'S NET PENSION LIABILITY AND RELATED RATIOS
Volunteer Pension Plan
Last 10 Fiscal Yearslil
Total Pension Liability
Plan's Fiduciary Net Position
Net Pension Liability
Plan's Fiduciary Net Position as % of Total Pension Liability
Covered -Employee Payroll
Net Pension Liability as a % of Covered -employee Payroll
12/31/15 12/31/14
$ 3,103,194 $ 3,068,836
(2,721,030) (2,726,622)
$ 382,164 $ 342,214
87.68% 88.85%
$ - $
N/A N/A
Note: There were no factors that significantly affected trends in the amounts reported.
(1) - Additional years will be added to this schedule as they become available.
See the accompanying Independent Auditors' Report.
33
WINDSOR - SEVERANCE FIRE PROTECTION DISTRICT
SCHEDULE OF ACTUARIAL DETERMINED AND ACTUAL CONTRIBUTIONS
Volunteer Pension Plan
Last 10 Fiscal Yearst"
Actuarially determined contributions
Actual contributions (2)
Contribution deficiency (excess)
District's covered -employee payroll
Contributions as a percentage of covered -employee payroll
2014
$ 75,406
59,624
$ 15,782
N/A
Note: See Note 4 of the Basic Financial Statements for significant methods and assumptions used in
calculating the actuarially determined calculations. There were no factors that significantly affected
trends in the amounts reported.
- Additional years will be added to this schedule as they become available.
(2) - Includes both employer and State of Colorado Discretionary Payment.
See the accompanying Independent Auditors' Report.
34
Required Supplementary Information
Windsor -Severance Fire Protection District
Budgetary Comparison Schedule
General Fund
Year Ended December 31, 2015
(With Comparative Totals for the Year Ended December 31, 2014)
2015
Variance
Original Final with Final 2014
Budget Budget Actual Budget Actual
REVENUES
Taxes
Intergovernmental
Licenses and Permits
Charges for Services
Investment Earnings
Other Revenues
TOTAL REVENUES
EXPENDITURES
Current
Administration
Museum
Firefighting
Medical Rescue Services
Fire Prevention
Health and Safety
Commuications
Building Maintenance
Equipment Maintenance
Debt Service
Debt Service Principal - - 123,311 (123,311) 118,119
Debt Service Interest - - 84,619 (84,619) 87,111
Capital Outlay - 487,424 (487,424) 916,125
TOTAL EXPENDITURES 4,876,024 4,876,024 4,586,339 289,685 4,634,002
EXCESS (DEFICIENCY) OF REVENUES OVER (UNDER) EXPENDITURES (142,020) (142,020) 554,186 677,462 54,230
OTHER FINANCING SOURCES (USES)
Transfers In (Out) - 4,118 - -
CHANGE IN FUND BALANCE (142,020) (142,020) 558,304 677,462 54,230
FUND BALANCE, BEGINNING 4,703,777 4,703,777 4,703,777 - 4,649,547
FUND BALANCE, ENDING $ 4,561,757 $ 4,561,757 $ 5,262,081 $ 677,462 $ 4,703,777
$ 4,572,254 $ 4,572,254 $ 4,610,732 $ 38,478 $ 4,133,192
165,353 165,353 230,799
14,390 14,390 8,295
161,750 161,750 331,380 151,194 163,557
- - 5,285 4,977 1,984
- - 13,385 13,385 150,405
4,734,004 4,734,004 5,140,525 387,777 4,688,232
1,929,213 1,929,213 1,283,806 645,407 1,170,795
- - 2,308 (2,308) 14,058
2,585,555 2,585,555 2,181,480 404,075 1,937,026
5,000 5,000 12,023 (7,023) 15,015
80,756 80,756 83,958 (3,202) 79,312
7,000 7,000 12,682 (5,682) 21,226
13,500 13,500 22,542 (9,042) 17,693
110,500 110,500 145,360 (34,860) 148,417
144,500 144,500 146,826 (2,326) 109,105
See the accompanying Independent Auditors' Report
35
Other Supplementary Information
Windsor -Severance Fire Protection District
Budgetary Comparison Schedule
Capital Projects Fund
Year Ended December 31, 2015
(With Comparative Totals for the Year Ended December 31, 2014)
2015
Original Final
Budget Budget
Actual
Variance
with Final 2014
Budget Actual
REVENUES
Investment Earnings $ 15 $ 15 5 3 $ (12) $
EXPENDITURES
Current
Firefighting
Capital Outlay
TOTAL EXPENDITURES
EXCESS (DEFICIENCY) OF REVENUES OVER (UNDER) EXPENDITURES
OTHER FINANCING SOURCES (USES)
Transfers In (Out)
CHANGE IN FUND BALANCE
FUND BALANCE, BEGINNING
FUND BALANCE, ENDING
13
900 (900) 7,238
18,940 18,940 - 18,940 6,505
18,940 18,940 900 18,040 13,743
(18,925) (18,925) (897) 18,028 (13,730)
(4,118) (4,118)
(18,925) (18,925) (5,015) 13,910 (13,730)
5,015 5,015 5,015 - 18,745
$ (13,910) $ (13,910) $ - $ 13,910 $ 5,015
See the accompanying Independent Auditors' Report
36
Windsor -Severance Fire Protection District
Budgetary Comparison Schedule
Debt Service Fund
Year Ended December 31, 2015
(With Comparative Totals for the Year Ended December 31, 2014)
2015
REVENUES
Taxes
Investment Earnings
TOTAL REVENUES
EXPENDITURES
Current
Firefighting
Debt Service
Debt Service Principal
Debt Service Interest
TOTAL EXPENDITURES
CHANGE IN FUND BALANCE
FUND BALANCE, BEGINNING
FUND BALANCE, ENDING
Original Final
Budget Budget
421,231
421,231
421,231 421,231
Actual
Variance
with final 2014
Budget Actual
424,021 $ 2,790 $ 425,317
149 149 139
424,170 2,939 425,456
7,062 7,062 6,690 372 3,489
396,506 396,506 285,000 111,506 275,000
- 111,506 (111,506) 119,756
403,568 403,568 403,196 372 398,245
17,663 17,663 20,974 3,311 27,211
350,322 350,322 350,322 - 323,111
367,985 $ 367,985 $ 371,296 $ 3,311 $ 35D,322
See the accompanying Independent Auditors' Report
37
Hello