City of Arvada 2nd Quarter 2019 Financial Report

Financial Report

Second Quarter 2019

Safe Community

Infr astructure

Vibr ant Community and Neighborhoods

Organizational and Service Effectiveness

Community and Economic Development

Finance Department • 8101 Ralston Road • Arvada, Colorado 80002 720-898-7120 • www.arvada.org

Contributors: Bryan Archer, Director of Finance Lisa Yagi, Assistant Director of Finance Sheena Freve, Budget Analyst Chris Kelly, Budget Analyst Debra Nielson, Controller Vesta Weinhauer, Accounting Supervisor Arlene Martinez, Executive Assistant

Table of Contents

Table of Contents Overview............................................................................................................................... 2-3 General Fund........................................................................................................................ 4-7 Street Maintenance Fund...................................................................................................... 8-9 Parks Fund............................................................................................................................ 10 Special Revenue Funds Tax Increment Funds.......................................................................................................... 11 Community Development................................................................................................... 12 Arvada Housing Authority................................................................................................... 13 Capital Improvements Projects Fund................................................................................. 14-15 Enterprise Funds Water Fund........................................................................................................................ 16 Wastewater Fund............................................................................................................... 17 Stormwater Fund............................................................................................................... 18 Golf Fund........................................................................................................................... 19 Food Service Fund (Arvada Events)................................................................................ 20-21 Internal Service Funds Insurance Fund.................................................................................................................. 22 Computer Fund.................................................................................................................. 23 Vehicle Fund...................................................................................................................... 24 Print Services Fund............................................................................................................ 25 Buildings Fund................................................................................................................... 25 3F Bond Projects.............................................................................................................. 26-27 City of Arvada Investment Report...................................................................................... 28-29 Performance Data............................................................................................................30-32

1

OVERVIEW

2019 Second Quarter Financial Report The Financial Report for the City of Arvada provides an unaudited overview of the major funds and how their revenues and expenditures performed in comparison to budget. This is not meant to be a complete accounting, but rather a quick look at the highlights.

The current economic expansion is now the longest on record, lasting 10 years and one month. This is a fairly big milestone for the U.S. economy. When the expansion started in June 2009, the larger economy looked much different than it does today – unemployment sat at 9.5%, the S&P 500 was trading at 924 and the Federal Reserve’s benchmark short-term target interest rate was at 0.00% - 0.25%. Flash forward to today, unemployment sits at 3.7%, just above the 50-year low set the prior month at 3.6%, the S&P 500 is trading at an all-time high above 3,000 and the Federal Reserve’s benchmark short-term target interest rate is 2.25% to 2.50%. Consumer spending continues to be strong, with 4.3% growth for the quarter. While all of this points to a very strong economy, other areas are starting to struggle. Housing starts have declined for six straight quarters and business investment is also declining. Manufacturers specifically have been hit hard by the tariffs and the slowing demand from their overseas customers. All of these factors have led the Federal Reserve to consider cutting short-term rates at its next session.

Colorado’s economy continues to be strong, bolstered by the explosive growth in the marijuana industry. While the construction industry is seeing signs of slowing down, the pace is still far exceeding historical averages. Unemployment continues to remain low, sitting at 3.0% for June and in-migration is still outpacing families moving out. However, this growth is coming at a price. The debt burden per capita in Colorado is $71,340, the 3rd highest in the nation and just behind California and the District of Columbia. Mortgages account for the majority of the debt, followed by student loans, auto loans and personal loans.

This does not include credit card debt which would only add to the number. The average mortgage balance is $253,202 putting residents at a higher level of risk if a downturn materializes and reduces the value of their home.

Locally, unemployment remained very low, sitting at 2.8% at the end of June. Acquiring qualified employees in the service and construction industries is a continuing challenge as competition is fierce. Sales tax receipts continued to be down in the second quarter, finishing .07% below last year’s total for the same time period. Eight out of the past 12 months have been flat or down compared to the prior year. Retail, Accommodation, Food Services and Utilities have experienced small growth, offset by reductions in Wholesale, Manufacturing and Construction. The budget called for 3% growth, a number that will most likely not be achieved. Adjustments to the sales tax budget will be a part of the revised 2019-2020 budget process.

2

OVERVIEW

Auto use collections continue to exceed 2018, growing at 5.6% through the second quarter. Budget expectations call for this revenue source to be down in 2019.

Building activity has slowed to the lowest number since 2014. It should be noted that while the pace of building activity has decreased, the total activity is still well beyond budgeted expectations.

Three capital improvement projects are highlighted this month – Rainbow East Park, Ralston Valley Park and the intersections being improved through the Federal Highway Safety Improvement Program grant. Please take the opportunity to read about some of the new and exciting projects the City has in the works.

The citizens of Arvada passed Ballot Issue 3F in November of 2018, approving a sales and use tax bond to fund the widening of Ralston Road from Yukon to Garrison and the widening and creation of an underpass on 72nd Avenue from Kipling to Ward. Please see project detail pages 26-27 for updates.

The Street Maintenance fund moves into its third year in existence with a slight change to how work will be done in 2019. A “clustering” approach is going to be utilized in an effort to minimize the disruption on neighborhoods and reduce the costs of mobilization. A graphical representation of the streets that are scheduled to have some form of work done is included on page 9 of this report. Concrete Replacement is almost finished for this season with the focus now shifting to chip seal, mill, overlay and reconstruct. Total expenditures are a little behind last year due to the late start caused by a wet spring.

City leadership continues to work on recession planning. The use of a ten-year model allows the City both the time and the ability to anticipate conditions and to make incremental adjustments to the plan in order to ward off unexpected larger issues. There is no guarantee of a recession, but the plan will help guide decisions should a recession become a reality.

Finally, you will notice a slight change to the layout of the quarterly financial report. Performance measures are now organized by the five Council priority areas, also called work systems: Safe Community, Infrastructure, Vibrant Community and Neighborhoods, Organizational and Service Effectiveness and Community and Economic Development. This section is now located in the last part of the document. Various measures will be highlighted each quarter to demonstrate progress towards Council strategic results and work system performance measures.

R. Assmus

3

GENERAL FUND

General Fund Overview The General Fund pays for the City’s basic services. This includes police, planning, transportation planning, street light maintenance and costs, building activity and general administration. In addition, the General Fund also provides for the following: • Operational support to the Parks Fund • General Debt Service payments • Transfer to the Capital Improvements Fund for new parks, transportation and other infrastructure projects • Grant support to the Arvada Center The following table provides a comparison of budgeted cash balances, revenues and expenditures to budget, including prior year amounts in the same areas.

General Fund Beginning Fund Balance

2019 Budget

As of 06/30/19

As of 06/30/18

$ 44,573,000

$ 44,573,000

$ 70,544,130

$ 26,276,422

$ 27,388,432

6,615,198

4,618,738

4,690,945

699,000

958,219

976,275

23,611,047

10,489,956

12,094,045

$101,469,375

$ 42,343,335

$ 45,149,696

$ 89,572,055

$ 41,485,705

$ 37,872,000

13,304,420

1,185,000

4,321,125

4,080,500

810,807

77,700

$106,956,975

$ 43,481,512

$ 42,270,825

REVENUES Sales & Use Tax

Property Tax Interest Other Total Revenues EXPENDITURES Ongoing Capital Debt Service Total Expenditures Income/(Loss)

(5,487,600)

Ending Fund Balance

• • •

(1,138,177)

$ 39,085,400

2,878,871

$ 43,434,823

The 2019 beginning fund balance was $44,573,000. $5,488,258 of the fund balance is dedicated to projects not completed in 2018 and one-time items.

The 2019-2028 ten-year financial plan requires the use of $15,359,404 to balance.

60% 50% 40% 30% 20%

4

Q2 2019

Q1 2019

Q4 2018

Q3 2018

Q2 2018

Q1 2018

Q4 2017

Q3 2017

Q2 2017

Q1 2017

Q4 2016

Q3 2016

Q2 2016

Q1 2016

Q4 2015

Q3 2015

0%

Q2 2015

10%

Q1 2015

GENERAL FUND ENDING FUND BALANCE BY QUARTER COMPARED TO FUND BALANCE GOAL OF 17% OF BUDGETED EXPENDITURES

GENERAL FUND

Revenue Highlights

Property Tax 10.9%

Sales Tax 49.1%

2019 BUDGETED GENERAL FUND REVENUES

• Overall revenues for the first six months experienced a decrease of $2,806,361 or 6.2% from the same period 2018.

Use Tax 1.0%

• Court fines and fees decreased $157,748 or 38.4% from 2018 due to fewer citations issued from the Police Department.

• Interest revenue saw a small decrease, 1.9% or $18,056, from 2018.

• Sales Tax, Use Tax and Building Use Tax all saw decreases from 2018 and are discussed in more detail in the “Revenue Highlights” section.

Other 16.6%

Auto Use Tax 7.9% Franchise Fees 4.1%

Interest 2.3%

Sales Tax

Court Fines & Fees 1.5%

Building Use Tax & Permits 6.6%

Sales Tax Collections

• Sales tax collections lag one month; therefore, collections for the first quarter represent five months’ collections.

• Sales tax is down .1% for the second quarter. The actual decrease is more likely around 2.3% since 2019 collections reflect additional sales tax from the elimination of the vendor’s fee.

• The 2019 sales tax budget includes a 3% increase over 2018 collections; therefore it is very likely that sales tax will not meet the budget estimate.

$60,000,000 $50,000,000 $40,000,000 $30,000,000 $20,000,000 $10,000,000 $0

6/30/2015 Sales Tax $17,844,565

Use Tax Building Use Tax • Building use tax remains down 38.1% from 2018 reflecting the general slowing of building permits.

• Although building use tax is slowing, it should still come in at or over the budget of $2,483,000.

Auto Use Tax • Auto use tax increased 5.6% in the second quarter.

• Through five months of tax collections, auto use tax appears that it will meet budget; however, this will continue to be monitored since collections declined in 2018.

General Use Tax • General use tax decreased 34.1% through the second quarter.

• In the second quarter 2018, there were two large use tax collections from companies, causing the large decrease in 2019.

6/30/2016 $18,514,615

6/30/2017 $19,466,917

6/30/2018 $20,793,558

6/30/2019 $20,778,493

2019 Budget $55,167,258

Use Tax Collections $12,000,000 $10,000,000 $8,000,000 $6,000,000 $4,000,000 $2,000,000 $0 General

6/30/2015 $563,868

6/30/2016 $459,691

6/30/2017 $437,439

6/30/2018 $669,368

6/30/2019 $441,026

2019 Budget $1,698,959

Auto

$2,633,021

$2,685,107

$3,229,962

$3,179,145

$3,356,192

$7,103,200

Building

$2,781,085

$3,322,240

$4,004,981

$2,746,422

$1,700,707

$2,482,641

Building

5

Auto

General

GENERAL FUND

Property Tax

Property Tax Collections

• The

City’s property tax rate is 4.31 mills per $1,000 of valuation.

• The mill is placed on the assessed valuation.

• Property tax is down slightly at 1.5% and will continue to be monitored as property tax should be comparable to 2018.

$7,000,000 $6,500,000 $6,000,000 $5,500,000 $5,000,000 $4,500,000 $4,000,000 $3,500,000 $3,000,000 $2,500,000 $2,000,000 $1,500,000 $1,000,000 $500,000 $0 Property Tax

6/30/2015 $3,250,008

Intergovernmental Revenues

6/30/2016 $4,001,553

6/30/2017 $4,143,927

6/30/2018 $4,690,945

6/30/2019 $4,618,738

2019 Budget $6,615,198

Intergovernmental Revenues

• Highway Users Tax Fund (HUTF), the City’s share of state-

$6,000,000

collected gas tax revenue, is up 2.5% for the second quarter.

It is expected that the City will receive a one-time allocation of approximately $900,000 in 2019.

• Road and Bridge funds, the City’s share of property tax collected by Jefferson County & Adams County and dedicated to the maintenance of roads and bridges, is up 3.7% for the second quarter.

$5,000,000 $4,000,000 $3,000,000 $2,000,000 $1,000,000 $0 HUTF Jefferson County

6/30/2015 $1,656,280

06/30/2016 $1,631,703

06/30/2017 $1,674,116

06/30/2018 $1,665,230

06/30/2019 $1,706,104

2019 Budget $4,286,208

$300,818

$348,770

$387,403

$401,793

$406,420

$860,002

Jefferson County

6

HUTF

GENERAL FUND

Expenditure Highlights

Miscellaneous, 5.1%

Transfers, 20.2%

Personnel, 44.8%

• Overall expenditures are up $1,210,685 or 2.8%, when compared to 2018.

• Contract expenditures are up $2,013,175 or 70.2% over 2018 due to a $2,000,000 contribution to JPPHA. • Transfers decreased $3,600,178 or 29.1% from 2018 due to fewer transfers to the Capital Project Fund during the first six months of 2019.

Debt Service, 1.9%

2019 BUDGETED GENERAL FUND EXPENDITURES Contracts, 11.2%

Supplies and Expenses, 7.1%

Services and Charges, 9.7%

Salary and Benefit Salary & Benefits

2019 Budget

Salaries & Wages

$33,941,983

As of 06/30/19

As of 06/30/18

$14,130,068

$13,469,230

Vacancy Savings

(1,427,662)

-

-

Overtime

1,095,436

431,195

440,437

Group Insurance

6,917,798

2,575,235

2,492,672

Retirement

3,877,060

1,640,378

1,493,267

Medicare

473,334

195,127

183,985

Temporary Wages & SS

570,993

249,136

273,587

Other

555,562

275,963

212,327

$46,004,504

$19,497,102

$18,565,506

Total

• The increase in Salary & Benefits is due to several timing issues – the market-rate adjustment for salaries, an increase of vacant police officer positions being filled, and the retirement contribution rate percentage increase for the police department.

• The police department retirement contribution rate paid by the City increased from 10% to 12% in August 2018. the 2019 expense reflects the new rate.

7

The 2018 expense reflects the old rate and

STREET MAINTENANCE FUND Street Maintenance Fund Overview The Street Maintenance Fund accounts for costs associated with street repair and replacement including crack sealing, chip sealing, seal coating, milling and overlay and reconstruction. Revenues are derived from the City’s General Fund and the Highway Users Tax Fund which is the City’s share of state-collected gas tax revenue.

The increase in the revenue transfer is due to the timing of transfer.

The transfer from the General Fund in 2019 is comparable to 2018 total. The revenue transfer did not happen until the second quarter in 2018. The vast majority of the street construction season is after June 30th, which is reflected in the very low level of expenditures in the second quarter.

Street Maintenance Fund Beginning Fund Balance

2019 Budget $

As of 06/30/19

288,000

$

As of 06/30/18

288,000

REVENUES General Fund Transfer

$ 9,722,271

$4,886,136

$3,425,218

-

74,257

11,260

$ 9,722,271

$4,960,393

$3,436,478

$ 4,854,562

$

Other Total Revenues EXPENDITURES Asphalt Replacement

-

$1,808,183

3,962,393

1,487,471

1,421,280

Crack Sealing

362,160

-

100,138

Other

955,621

68,907

53,873

$10,134,736

$1,556,378

$3,383,474

(412,465)

3,404,015

53,004

(124,465)

$3,692,015

Concrete Replacement

Total Expenditures Income/(Loss) Ending Fund Balance

$

2019 Asphalt Project The 2019 Asphalt Project includes chip seal, mill, overlay and reconstruct at an initial contract amount of $2,038,211. This project is scheduled to begin the last week of July or first week of August.

2019 Concrete Replacement Project The 2019 Concrete Replacement project contract totals $3,855,788 with $3,583,825 coming from the Streets Maintenance Fund. The balance will come directly from the Parks Fund to help with trail improvements.

Chip seal will occur: • W 86th Parkway from Indiana St. to Alkire St. • Yank Way from Deframe St. to W 64th Ave. • The Ralston Valley Neighborhood northwest of W 72nd Ave. and Alkire St.

Concrete Replacement completed: • Lakecrest Park Trail • George Meyers Pool and Trail West of George Meyers pool • Discovery Trail • Lake Arbor Park north and south • Club Crest Subdivision Trails • Ralston Creek Trail at Joyce St. and Beech St. • Apex Center • Oak Park • St. Anne’s Alley • The Parkway Estates Neighborhood northeast of Pierce St. and W 76th Ave. • Portions of the Lamar Heights neighborhood southeast of W 72nd Ave. and Wadsworth • Various street segments as needed throughout Arvada

Mill, Overlay, and Reconstruct will occur: • Howell St. off of W 69th Place to Gardenia Dr. off of W 69th Pl. • Carr St. from W 72nd Ave. to W 64th Ave. • W 59th Ave. from Allison St. to Olde Wadsworth Blvd.

Concrete Replacement currently underway: • Portions of the Lamar Heights neighborhood southeast of W 72nd Ave. and Wadsworth Bypass Concrete Replacement proposed: • The Columbine Acres neighborhood southeast of W 56th Ave. Wadsworth Bypass • The Lamar Heights neighborhood southeast of W 62nd Ave. and N Lamar St.

8

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WEEK OF: 6/10/2019

The maps provided are graphical representations intended for general informational purposes only, and may not reflect the most current information or conditions. THE CITY OF ARVADA MAKES NO WARRANTY OF MECHANTABILITY OR WARRANTY FOR FITNESS OF USE FOR A PARTICULAR PURPOSE, EXPRESSED OR IMPLIED, WITH RESPECT TO THESE GRAPHICAL REPRESENTATIONS OR THE UNDERLYING DATA. Any users of these graphical representations or map products accepts same AS IS, WITH ALL FAULTS, and assumes all responsibility for the use thereof, and further covenants to hold the City harmless from and against all damage, loss, or liability arising from the use of this map product, in consideration of the City's having made this information available.

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14800 W. INDIANA

STREET MAINTENANCE FUND

2019 Mill and Overlay

.

L AL CT

TH

84 PL. AV E.

84TH WAY

E.

ALLS CT.

PL.

AVE.

PARKS FUND Parks Fund Overview The Parks Fund accounts for costs associated with the acquisition, design, development, maintenance and beautification of parks, open space and trails within the City. Revenues are derived from the City’s General Fund, Grants Fund, Apex and Jefferson County Open Space funds.

Revenue Highlights • Overall

revenues increased $163,362 or 4.9% over 2018.

• Open space increased $26,521 or 1.8%.

• The cash transfer from the General Fund increased $101,074 or 6.1%.

Expenditure Highlights • Ongoing

expenditures increased $198,316 or 38.4% over 2018 but are in line with the budget for 2019.

2019 Budget

As of 06/30/19

$5,515,000

$5,515,000

$4,737,265

$1,488,269

$1,461,748

3,353,965

1,774,297

1,673,223

APEX Reimbursement

996,035

-

-

Other

494,595

246,561

210,793

$9,581,860

$3,509,126

$3,345,764

$9,952,984

$3,821,754

$3,623,438

-

-

-

$9,952,984

$3,821,754

$3,623,438

Parks Fund Beginning Fund Balance

As of 06/30/18

REVENUES Open Space City Cash Transfer

Total Revenues EXPENDITURES Ongoing Capital Total Expenditures Income/(Loss)

(371,124)

Ending Fund Balance

$5,143,876

(312,628)

(277,674)

$5,202,372

$10,000,000 $9,000,000 $8,000,000 $7,000,000 $6,000,000 $5,000,000 $4,000,000 $3,000,000 $2,000,000 $1,000,000 $-

2015 $35

2016 $-

2017 $-

2018 $-

2019 $-

2019 Budget $996,035

Cash Transfer

$765,734

$794,401

$820,819

$832,935

$1,774,297

$3,533,965

Open Space

$299,620

$305,200

$317,330

$338,294

$1,488,269

$4,737,265

APEX

10

SPECIAL REVENUE FUNDS Special Revenue Funds Overview Special Revenue Funds account for revenues that are to be used for specific purposes. The following funds are considered special revenue funds: • Tax Increment Funds • Community Development • Housing

Tax Increment Funds Overview There are two tax increment funds which account for the voter-approved sales tax increases to fund expanded police services. The first accounts for the .21 cent sales and use tax and the second accounts for the .25 cent sales and use tax. Sources include sales tax, general use tax, auto use tax, building use and interest income. Since the tax increment is in addition to the City’s 3% sales tax, revenue trends in the tax increment fund will closely follow those in the general fund.

Tax Increment Funds Beginning Fund Balance

2019 Budget

As of 06/30/19

As of 06/30/18

$13,982,000

$13,982,000

$ 8,824,504

$ 3,360,366

$ 3,471,072

1,670,843

843,746

1,013,084

604,318

274,050

356,173

$11,099,665

$ 4,478,161

$ 4,840,329

$11,805,333

$ 4,513,608

$ 4,665,075

REVENUES Sales Tax/Audit Revenue Use Tax Other Total Revenues EXPENDITURES Ongoing Capital Total Expenditures Income/(Loss) Ending Fund Balance

255,779

1,578

1,845

$12,061,112

$ 4,515,187

$ 4,666,920

(961,447) $13,020,553

(37,025)

173,409

$13,944,975

11

Revenue Highlights • Sales tax revenue in 2019 is comparable to the sales tax received in 2018.

• Total revenue decreased mainly from a reduction in audit revenue and building use tax. Audit revenue through the 2nd quarter in 2018 was $124,000 and in 2019 was only $9,000. Building use tax revenue decreased due to the slowdown in new construction.

Expenditure Highlights • Overall Expenses are lower in 2019 compared to 2018.

• One-time expenses occurring in 2018 but not in 2019 – a transfer to the Capital Fund for the Delta Station and a transfer to the Vehicles Fund for the purchase of police vehicles.

SPECIAL REVENUE FUNDS

Community Development Overview The Community Development Fund accounts for all entitlements, revenues and expenditures of the Community Development Block Grants (CDBG) program and the Home Rehabilitation program and Essential Home Repairs program.

Community Development Fund

2019 Budget

As of 06/30/19

As of 06/30/18

Beginning Fund Balance

$5,392,000

$5,392,000

$ 114,737

$ 174,894

$ 135,863

668,500

32,065

221,478

City Cash Transfer

45,000

22,500

22,500

Interest/Other

33,505

52,762

39,254

Total Revenues

$ 861,742

$ 282,222

$ 419,095

$1,222,407

$157,759

$ 400,852

441,249

37,822

97,599

REVENUES Recovered Grants

EXPENDITURES Ongoing

Essential Home Repairs Loans Total Expenditures

-

-

-

$1,663,656

$ 195,581

$ 498,451

Income/(Loss) Ending Fund Balance

(801,914) $4,590,086

86,641

(79,356)

$5,478,641

Revenue Highlights • Overall revenues decreased $136,873 or 32.7% from 2018.

• Grant revenue decreased $189,413 or 85.5% from 2018. The decrease is due to grant funding received in 2018 for the Carr Street sidewalk project.

• Interest income and loan repayments both saw increases of approximately 30% over 2018.

Expenditure Highlights • Essential home repairs decreased approximately $17,500 from 2018.

• Two essential home repair projects were completed during the first quarter of 2019 compared to four projects in 2018.

• The wait list for essential home repairs was at 150 as of June 30, 2019.

12

SPECIAL REVENUE FUNDS

Arvada Housing Authority Overview The Authority administers funds received for rent subsidy to low/moderate income households under Section 8 of the U.S. Housing Assistance Payment Program.

2019 Budget

Arvada Housing Authority Beginning Fund Balance

As of 06/30/19

$

53,000

$

53,000

$

19,178

$

14,658

As of 06/30/18

REVENUES Recovered Grants

$

15,558

3,940,909

2,607,333

1,995,848

92,742

-

40,000

Interest/Other

1,000

1,136

1,161

Total Revenues

$4,053,829

$2,623,127

$2,052,567

$ 670,802

$ 206,129

$ 145,410

3,348,552

2,427,417

1,928,228

Transfers

EXPENDITURES Ongoing Rents Transfers Total Expenditures

35,265

30,914

23,227

$4,054,619

$2,664,460

$2,096,865

(41,333)

(44,298)

Income/(Loss) Ending Fund Balance

(790) $

52,210

$

11,667

Revenue Highlights • Overall revenues increased $570,560 or 27.8% when compared to 2018.

• The increase in Grants revenue was generated by serving a higher number of families in 2019, and therefore, collecting a greater amount of reimbursement.

Expenditure Highlights • Overall expenditures increased $567,595 or 27.1% over 2018.

• The Arvada Housing Authority served 496 families during the six months of 2019 while 473 were served during the first six months of 2018.

13

CAPITAL IMPROVEMENTS PROJECTS FUND

Capital Improvement Projects (CIP) Fund Overview The Capital Improvement Projects Fund accounts for capital projects for streets, traffic, and parks.

2019 Budget

As of 06/30/19

$25,188,000

$25,188,000

$11,554,420

$1,626,286

$5,201,655

Grants and Recovered Costs

-

309,335

1,763,461

Contributions

-

142,118

98,132

390,000

220,193

199,409

$11,944,420

$2,297,932

$7,262,657

CIP Administration

$7,310,000

$3,561,368

$1,743,831

CIP Street Projects

2,185,929

3,490,389

1,360,768

CIP Traffic Projects

1,908,095

965,157

776,513

CIP Park Projects

2,696,776

120,342

362,920

$14,100,800

$8,137,256

$4,244,032

(2,156,380)

(5,839,324)

3,018,625

Capital Improvement Fund Beginning Fund Balance

As of 06/30/18

REVENUES Transfers

Interest Total Revenues EXPENDITURES

Total Expenditures Income/(Loss) Ending Fund Balance

$23,031,620

CIP Traffic Projects 11.9%

$19,348,676

Revenue Highlights • Transfers

consist of transfers from the General Fund and Water Fund.

• Grants and recovered costs are reimbursements from other agencies or companies that have shared in the cost of a project.

• Contributions reflect transportation tax and park development fees that help fund eligible projects.

Expenditure Highlights • Administration

expenditures are related to the construction of the Delta community station and design services for the park/fleet building.

• Streets expenditures are related to the Ralston Road reconstruction project and the Tennyson corridor project.

• Traffic expenditures are related to the fiber conduit.

• Park expenditures are for the Clear Creek study and miscellaneous trail improvements.

CIP Park Projects 1.5%

CIP Administration 43.8%

CIP Street Projects 42.9%

14

CAPITAL IMPROVEMENTS PROJECTS FUND

Project Updates Playground Renovation: In 2019, the City will renovate Rainbow East Park and Ralston Valley Park playgrounds in alignment with the Taking Lasting Care Playground Renovation Program. The program is designed to ensure reinvestment in park playground and related infrastructure at playgrounds most in need due to age, accessibility and other factors identified by Park Maintenance staff. To gather community preferences on the new playground design, staff hosted an initial public event and an online survey in November 2018. The resident feedback on equipment priorities and theme preferences was used to develop specific criteria in the request for proposals sent to vendors. In April 2019, staff displayed the top three playground design options to residents. Through both a public event and online survey, staff was able to select the residents’ preferred vendor.

Rainbow East Park will offer themed equipment unlike anything else in Arvada. An elephant, gorilla and a jungle cat set the stage for play activities including numerous slides, unique climbers, a cozy cocoon, hangout area and swings. The space-themed design of Ralston Valley Park has a tall structure with three slides, including a corkscrew slide, which is the centerpiece of the park. There will also be a spinner, climbing boulders, a moon rover and swings.

The City will spend $624,000 on the renovation of these two parks.

Federal Highway Safety Improvement Program Grants: The City received two grants from the Federal Highway Safety Improvement Program to improve intersections at State Highway 72 (Ward Road) & West 58th Avenue, 58th & Independence and 86th Parkway & Kipling Street. The total cost of the improvements is $1,965,000, with the grants funding $1,565,000 of the cost. The details of the improvements are as follows: State Highway 72 (Ward Road) & West 58th Avenue This is a high-volume intersection along a heavy commuter route that is over capacity causing motorists to wait through multiple signal cycles. Motorists arriving at the intersection are exhibiting risky behaviors caused by significant wait times, resulting in broadside and sideswipe crashes. Improvements to the intersection include new traffic signals, the removal and replacement of four corner islands and median on West 58th Avenue, the addition of a second westbound left turn lane, the addition of a southbound acceleration lane on Ward road, new sidewalk and right-of-way acquisition.

58th & Independence and 86th Parkway & Kipling Street These two intersections currently have antiquated signal equipment that does not meet the new standards. The increased volumes have resulted in safety concerns associated with poor operational characteristics. To address these safety concerns, new signal equipment including poles, mast arms and signal cabinets will be installed. Right-of-way acquisition will also be required at the 58th & Independence location.

15

ENTERPRISE FUNDS Water Fund Overview The Water Fund accounts for all activities within the scope of the water utility operations including administration, operations, capital water projects, financing and related debt service and billing and collection.

Revenue Highlights • Water sales are down 10.2% in the second quarter while consumption is down by 38.1%.

• Tap Fee sales have decreased due to the continued slowing of new construction.

Water Fund Beginning Fund Balance

• The

pipeline relocation project has begun so the Denver Water conduit project can proceed without a delay. This expense accounts for half of the total expenditure increase. The other half is a transfer to the 72nd Street & Indiana project for a water main line replacement.

As of 06/30/19

As of 06/30/18

$106,000,000

$106,000,000

$ 22,620,230

$

REVENUES Water Charges

6,320,319

$

6,660,369

Tap Fees

13,227,419

3,279,818

3,656,384

Interest

683,200

651,211

531,144

1,666,687

1,504,818

1,484,233

$ 38,197,536

$ 11,756,166

$ 12,332,130

$ 20,819,796

$ 8,830,537

$

3,865,452

-

-

Other

Expenditure Highlights

2019 Budget

Total Revenues EXPENDITURES Ongoing Debt Service Major Capital Maintenance Capital Total Expenditures Income/(Loss)

4,511,128

2,134,253

1,455,868

23,085,281

1,078,949

1,029,440

$ 52,281,657

$ 12,043,740

$ 10,508,046

(14,084,121)

Ending Fund Balance

8,022,738

$ 91,915,879

(287,574)

1,824,084

$105,712,426

*$34,397,330 of the Fund Balance is a cash escrow reserved in Denver Water’s name and related to the Gross Reservoir expansion. The Water Fund’s overall obligation is expected to total $110 million through 2025.

16

ENTERPRISE FUNDS

Wastewater Fund Overview The Wastewater Fund accounts for all activities necessary in the collection, transmission and disposal of sewage and wastewater.

Wastewater Fund

2019 Budget

As of 06/30/19

As of 06/30/18

Revenue Highlights

$13,571,000

• Sewer sales are up 1.3% over the same time

$12,890,981

$ 5,597,477

$ 5,527,028

• The increase in Total revenues is from Interest

Tap Fees

1,012,314

379,900

459,142

Interest

320,100

478,258

228,954

1,328,092

327,402

321,956

$15,551,487

$ 6,783,037

$ 6,537,080

• The increase in Ongoing expenditures was the • The Sanitary Sewer Main Replacement project

Beginning Fund Balance

$13,571,000

period in 2018

REVENUES Sewer Charges

Other Total Revenues

$ 9,120,046

$ 4,237,770

$ 3,915,124

3,243,554

1,438,644

1,382,403

Major Capital Maintenance

2,681,726

1,371,263

1,210,780

Capital

4,148,665

304,964

151,368

$19,193,991

$ 7,352,641

$ 6,659,675

Ongoing

Total Expenditures Income/(Loss) Ending Fund Balance

Expenditure Highlights result of a larger payment to Metro Wastewater.

EXPENDITURES Metro District

revenue received.

(3,642,504) $ 9,928,496

(569,604) $13,001,396

17

(122,594)

has increased the Major Capital Maintenance expenditures in 2019.

• The growth in Capital expenditures continues to be due to the Ralston Trunk Sewer project.

ENTERPRISE FUNDS

Stormwater Fund Overview The Stormwater Fund accounts for all activities necessary to maintain a stormwater management plan.

Revenue Highlights • The City’s Stormwater Utility fee was unchanged for 2019. The 3.7% increase in revenue is reflective of the housing growth.

Expenditure Highlights • The

decrease in expenses arose from large payments in 2018 for the Drainage project that did not have similar payments in 2019.

Stormwater Fund

2019 Budget

As of 06/30/19

As of 06/30/18

Beginning Fund Balance

$7,261,000

$7,261,000

$3,456,110

$1,781,292

$1,739,137

108,255

166,874

139,186

$3,564,365

$1,948,166

$1,878,323

$3,106,668

$784,973

$1,260,592

REVENUES Stormwater Fee Other Total Revenues EXPENDITURES Ongoing Debt Service Capital Total Expenditures Income/(Loss)

864,353

432,177

433,884

2,832,059

-

-

$6,803,080

$1,217,150

$1,694,477

731,016

183,846

(3,238,715)

Ending Fund Balance

18

$4,022,285

$7,992,016

ENTERPRISE FUNDS

Golf Fund Overview The Golf Course Fund accounts for all revenues and expenses of the Lake Arbor and West Woods Golf Courses, including food service operations.

2019 Budget

Golf Fund Beginning Fund Balance

As of 06/30/19

As of 06/30/18

$(2,790,000)

$(2,790,000)

Golf Courses

$ 3,827,261

$ 1,464,344

$ 1,384,658

Restaurants

1,836,798

990,571

752,610

-

-

1,697

250,902

125,451

371,780

$ 5,914,961

$ 2,580,366

$ 2,510,745

• Overall revenues increased $69,622 or 2.8% over 2018.

• Cash transfer from the general fund decreased $246,329 from

REVENUES

Construction Revenue City Cash Transfer Total Revenues

2018.

• Golf revenue is up $79,687 or 5.7% over 2018.

• Restaurant revenue is up $237,961 or 31.6% over 2018.

Expenditure Highlights • Overall first quarter expenditures are down $1,118,471 or

EXPENDITURES Golf Courses

$ 2,649,029

Restaurants

2,151,337

1,042,168

782,355

Administration

1,712,896

978,476

755,259

-

-

1,725,098

$ 6,513,262

$ 2,918,012

$ 4,107,484

Capital Total Expenditures Income/(Loss) Ending Fund Balance

Revenue Highlights

$

897,368

(598,301)

(337,646)

$(3,388,301)

$(3,127,646)

$

28.9% from 2018.

• There were no capital expenditures in 2019 compared to $1,725,098 during the first six months of 2018.

• Golf, restaurant and administration expenditures were up $535,627 or 29.6% over 2018.

844,771

(1,596,739)

Golf Rounds by Type - January - June Player Support

Super Users Annuals

Super Users Clubs

Tournament/ Corp Leagues

Grow the Game

Total

West Woods 2018

15,091

2,941

-

1,774

166

19,972

2019

15,441

2,746

-

1,643

212

20,042

350

(195)

-

(131)

46

70

2%

-7%

0%

0%

28%

0%

2018

10,321

6,003

-

349

98

16,771

2019

9,437

4,547

-

335

92

14,411

(884)

(1,456)

-

(14)

(6)

(2,360)

-9%

-24%

0%

0%

-6%

-14%

2018

25,412

8,944

-

2,123

264

36,743

2019

24,878

7,293

-

1,978

304

34,453

(534)

(1,651)

-

(145)

40

(2,290)

-2%

-18%

0%

0%

15%

-6%

Lake Arbor

Combined Rounds Total

19

ENTERPRISE FUNDS

Food Services Fund (Arvada Events) Overview The Food Services Fund accounts for all revenue and expenses associated with food service activities including the operation of banquet facilities at the Arvada Center for the Arts and Humanities and off-site catering.

Food Services Fund (Arvada Events)

2019 Budget

As of 06/30/19

As of 06/30/18

Beginning Fund Balance

$ 844,000

$ 844,000

$

$

REVENUES Concession Services Banquet and Guest Services Total Revenues

28,287

38,610

$

6,613

1,661,235

833,529

1,066,193

$1,689,522

$ 872,139

$1,072,806

$ 385,427

$ 175,879

$ 168,473

1,283,522

652,649

568,158

18,034

-

$1,686,983

$ 828,527

$ 736,631

2,539

43,611

336,175

$ 846,539

$ 887,611

EXPENDITURES Administration Operations Capital Total Expenditures Income/(Loss) Ending Fund Balance

-

Revenue Highlights • Overall revenues decreased $200,667 or 18.7% from 2018. There was a one-time transfer of $263,000 from the General Fund in 2018.

• Concessions saw an increase of $31,998 over 2018 while banquet and guest services saw a decrease of $3,106 from 2018.

Expenditure Highlights • Overall expenditures increased $91,897 or 12.5% over 2018.

• The majority of the increase is in the operations area with an increase of $84,491 or 14.9%.

20

ENTERPRISE FUNDS

Events by Market Segment January - June

ARVADA CENTER

2019

2018

Variance

Arvada Center

25

Association

30

37

(7)

(19%)

Corporate

27

38

(11)

(29%)

Education

14

16

(2)

(13%)

Fraternal

44

48

(4)

(8%)

6

5

1

20%

Government

10

15

100%

In-house

12

15

(3)

(20%)

Religious

28

28

-

0%

Social

10

13

(3)

(23%)

-

3

(3)

(100%)

196

213

(17)

(8%)

Wedding/Anniversary Total WEST WOODS

2019

2018

Variance

Association

1

-

1

100%

Corporate

3

2

1

50%

Fraternal

1

2

(1)

(50%)

In-house City

8

5

3

60%

Religious

1

-

1

100%

12

5

7

140%

8

7

1

14%

34

21

13

62%

Social Golf Tournaments Total LAKE ARBOR

2019

2018

Variance

Association

1

-

1

100%

Fraternal

1

-

1

100%

In-house City

1

-

1

100%

Social

-

1

(1)

(100%)

Golf Tournaments

5

6

(1)

(17%)

Total

8

7

1

14%

Education 5.9%

Fraternal 19.3%

Corporate 12.6%

Government 2.5% In-house City 8.8%

Religious 12.2%

Association 13.4%

Social 9.2% Arvada Center 10.5%

21

Golf Tournaments 5.6%

INTERNAL SERVICE FUNDS

Internal Service Funds Overview There are five Internal Service Funds – Insurance Fund (Risk Management), Computer Fund, Print Services Fund, Vehicles Fund and Building Fund. Internal Service Funds charge internal programs and departments for use of goods and services. The Funds then pay for all associated costs of things such as purchasing insurance, vehicle purchases and maintenance, computer purchases and maintenance, and buildings maintenance.

Insurance Fund Overview The Insurance Fund, administered by the Risk Management Program of Finance, accounts for the City’s self-insurance against loss. It is funded with contributions by all City departments and programs based on their levels and types of exposure. The Fund is also used for loss prevention programs, the protection of City personnel and the preservation of City property and assets.

2019 Budget

Insurance Fund Beginning Fund Balance

As of 06/30/18

$3,314,000

$3,314,000

$2,481,825

$1,240,911

$1,061,734

72,300

47,533

31,942

-

239,032

1,877,228

$2,554,125

$1,527,476

$2,970,904

$2,025,841

$1,585,599

$1,407,953

396,854

160,569

159,462

$2,422,695

$1,746,168

$1,567,415

REVENUES Contributions Interest Other Total Revenues EXPENDITURES Risk Management Administration

*Per GASB Statement 10, an additional $1,715,599 in cash is currently held in the Risk Management fund to cover potentially incurred liabilities as of the beginning of the year. This figure was reached by the Risk Management’s actuary for 2018.

As of 06/30/19

Risk Management Operations Total Expenditures Income/(Loss)

131,430

Ending Fund Balance

$3,445,430

(218,692) $3,095,308

1,403,489 $1,403,489

Revenue Highlights • Revenues decreased $1,443,427 or 48.6% from 2018.

• During the first quarter 2018 the City received $798,600 in insurance funds for hail damage to buildings and property related to the May 8, 2017 hail storm.

• The General Fund transferred $1,000,000 to the insurance fund during the second quarter of 2018 to help with some large claims.

• Contributions to the insurance funds from other funds increased $179,177 or 16.9% over 2018.

Expenditure Highlights • Overall expenditures increased $178,754 or 11.4% over 2018.

• 2019 has experienced an increase in auto accidents and also some larger concrete replacement expenditures.

22

INTERNAL SERVICE FUNDS

Computer Fund Overview The Computer Fund provides resources for both ongoing maintenance and replacement of the City’s computers, network hardware, and other electronic infrastructure. It is funded with contributions by all City departments based on their levels of use of this technology.

2019 Budget

Computer Fund Beginning Fund Balance

As of 06/30/19

As of 06/30/18

$6,806,000

$6,806,000

Maintenance

$1,270,077

$ 644,883

$ 598,190

Replacement

1,609,270

785,235

461,521

87,521

151,910

296,768

$2,966,868

$1,582,027

$1,356,479

Maintenance

$1,404,329

$ 707,235

$ 678,933

Replacement

2,014,263

324,482

295,162

REVENUES

Other Total Revenues EXPENDITURES

Other Total Expenditures

130,252

56,119

65,902

$3,548,844

$1,087,837

$1,039,997

494,190

316,482

Income/(Loss) Ending Fund Balance

(581,976) $6,224,024

$7,300,190

Revenue Highlights • Maintenance revenue is comparable to the previous year.

• The increase in Replacement revenues is due to a onetime transfer (distributed monthly throughout the year) from the General Fund for three approved items – MARC Core move, Microsoft enterprise licenses, and two-factor authentication.

• The decrease in Other revenues is from a transfer to the General Fund in the 2nd quarter of 2018 that did not occur in 2019.

Expenditure Highlights • The

increase in Replacement expenditures arose from supply purchases associated with the replacement of desktop computers that will conclude at the beginning of the 3rd quarter.

• The Maintenance expenditures increased due to the NICHE data conversion payments.

23

INTERNAL SERVICE FUNDS

Vehicles Overview The Vehicles Fund provides resources for the maintenance and replacement of City vehicles and heavy equipment. It is funded with contributions by all City departments based on their vehicle inventory and use.

2019 Budget

As of 06/30/19

$5,114,000

$5,114,000

Maintenance Contributions

$2,368,797

$1,184,399

$1,216,786

Replacement Contributions

2,667,388

1,333,694

816,639

262,000

191,703

529,051

$5,298,185

$2,709,796

$2,562,475

Maintenance

$2,599,152

$1,240,474

$1,188,085

Replacement

4,391,267

1,772,457

766,547

Total Expenditures

$6,990,419

$3,012,931

$1,954,632

Income/(Loss)

(1,692,234)

Ending Fund Balance

$3,421,766

Vehicles Fund Beginning Fund Balance

As of 06/30/18

REVENUES

Other Total Revenues EXPENDITURES

(303,135)

607,844

$4,810,865

24

Revenue Highlights • Overall revenues increased by 5.7% over 2018 across all sources and by 63.3% in replacement contributions, due to new public safety vehicles.

• Other revenues include recovered costs from auctioning retired vehicles and equipment, as well as transfers from other Funds for the cost of new acquisitions.

Expenditure Highlights • Expenditures have increased by 54.1% over 2018, primarily due to new vehicle purchases.

• Year to date, the City has received seventeen police vehicles, each of which must be fitted with specialized equipment. In addition, the City has received five pickup trucks, seven trailers, two dump trucks with snow plows and sanders, and five large mowers for the golf courses.

INTERNAL SERVICE FUNDS

Print Services Fund Overview The Print Services Fund provides ongoing operational support for the City’s printing needs.

Print Services Fund Beginning Fund Balance

2019 Budget

As of 06/30/19

As of 06/30/18

$263,000

$263,000

$203,000

$128,633

Revenue Highlights

REVENUES Print Shop Copiers Total Revenues

$119,380

150,354

72,871

79,286

$353,354

$201,504

$198,666

EXPENDITURES Print Shop

$265,434

$105,830

$108,246

75,618

44,084

38,742

-

-

-

$341,052

$149,914

$146,988

12,302

51,590

51,678

$275,302

$314,590

Copiers Equipment Total Expenditures Income/(Loss) Ending Fund Balance

• Print shop revenue is up 7.8% from 2018.

• Copier revenue is slightly less than 2018.

Expenditure Highlights • Print shop expenditures are comparable to 2018.

• Copier expenditures are higher than 2018 due to an additional lease payment that was paid during the transition to a new copier lease.

Buildings Fund Overview The Buildings Fund provides resources for maintaining major portions of facility infrastructure as replacement becomes necessary. The primary types of infrastructure are HVAC equipment, parking lots, roofs, and carpet. It is funded with contributions by all City departments based on their facility occupancy.

2019 Budget

As of 06/30/19

$3,307,000

$3,307,000

Buildings Fund Beginning Fund Balance

As of 06/30/18

• Replacement

REVENUES Replacement Transfers

$ 545,329

$ 220,309

$ 207,663

41,000

68,373

43,542

$ 586,329

$ 288,682

$ 251,205

Other Total Revenues

Replacement Total Expenditures Income/(Loss) Ending Fund Balance

funding transfer will increase 3.0% across all funds in 2019.

Expenditure Highlights • Personnel expenditures increased compared to 2018

EXPENDITURES Personnel

Revenue Highlights

$

76,118

$

152,462 $ 228,580

24,665

$

30,923 $

10,998

55,588

357,749

233,094

$3,664,749

$3,540,094

381

$

11,379 239,826

25

since there was a vacant position in 2018. expenditures increased compared to 2018 due to the purchase of asset and capital planning services and software in 2019.

• Replacement

3F BOND PROJECTS

Overview On November 6, 2018 the citizens of Arvada approved Ballot Issue 3F to fund improvements to Ralston Road and West 72nd Avenue. Municipal bonds are commonly used by cities to fund capital improvement projects. In 2018, the City will finish paying off a previously issued bond, freeing up $4.5 million in annual payments already accounted for in the City’s current budget. “Debt re-authorization” allows the money from the previous bond to be applied to a new bond whose funds will be used for these new capital improvement projects.

Ralston Road (91809) Design

Budget $

Actual

Remaining

945,000

$ 379,417

$

565,583

Right-of-Way

4,650,000

-

4,650,000

Construction

9,705,000

-

9,705,000

Total Project

$15,300,000

$ 379,417

$14,920,583

Ralston Road Bond Project Description: Ralston Road is an arterial roadway and a major east-west corridor for Arvada’s transportation network, serving 23,000 vehicle trips each day. It provides connectivity to major north-south corridors including three State Highways (SH-95/Sheridan Boulevard, SH-121/Wadsworth Boulevard, and SH-72/Ward Road).

The Regional Transportation District (RTD) operates five bus lines using portions of Ralston Road.

The Citizens Capital Improvement Plan Committee (CCIPC) has twice ranked Ralston Road improvements as the number one transportation priority and recommended it for funding to the City Council. The project also addresses concerns expressed in recent Arvada Citizen Surveys. And the 2014 Comprehensive Plan generated transportation models indicating that the congestion, operation, and safety of Ralston Road will deteriorate with the build-out of the City, and roadways will perform at the lowest levels of service.

Progress: Wadsworth Bypass to Yukon • Received Colorado Department of Transportation right-of-way and environmental clearance.

• Comments for utility clearance still need to be addressed.

• 13 of 24 right-of-way parcels are closed with signed deeds and easements.

• 11 of 24 right-of-way parcels have agreed-upon sales amounts with the closing yet to be completed.

Yukon to Garrison Street • Executed a contract for design and right-of-way acquisition services.

Next Steps: Mid-summer 2019: Construction will begin on the grant-funded portion of the Ralston Road Project (Upham Street to Yukon Street) and will include reconstructing the roadway pavement, widening the traffic lanes and providing sidewalks to improve traffic flow and safety for drivers and pedestrians. Work on the Upham to Yukon portion of the project is expected to be completed by summer 2020. The project will require lane closures and periodic closures of roads that cross Ralston Road. Travelers are encouraged to avoid Ralston Road when traveling to or through Olde Town.

Summer 2020: Work will begin on the 3F Ballot Issue-funded portion of the Ralston Road Project (Yukon Street to Garrison Street).

26

3F BOND PROJECTS

72nd Avenue (91808) Design

Budget

Actual

Remaining

$ 2,450,000

$ 580,037

$

-

Right-of-Way

7,050,000

610,278

6,439,722

Construction

55,000,000

-

55,000,000

Total Project

$64,500,000

$1,190,315

$63,309,685

W. 72nd Avenue Bond Project Description: W. 72nd Avenue is an arterial parkway and a major east-west corridor for Arvada’s transportation network, serving 21,000 vehicle trips each day. It provides connectivity to major north-south corridors including three State Highways (SH-95/Sheridan Boulevard, SH-121/Wadsworth Boulevard, and SH-72/Indiana Street).

This regional corridor not only serves all of Arvada, it provides access to Westminster and Golden/Jefferson County.

The Citizens’ Capital Improvement Plan Committee (CCIPC) twice ranked improvements to W. 72nd Avenu. as a high priority. The project also meets concerns expressed in recent Arvada Citizen Surveys. And the 2014 Comprehensive Plan generated transportation models indicating that the congestion, operation, and safety of W. 72nd Avenue will deteriorate with the build-out of the City and roadways will perform at the lowest levels of service.

Progress: • Executed a contract for design and right-of-way acquisition services.

• Closed on one of two full property acquisitions.

• Solicitation for the construction manager/general contractor expected in August 2019.

Next Steps: Over the next several months, the City’s consultant team will begin performing field work to include topographic and right-of-way surveys, geo-technical drilling, environmental investigations and utility locating. Coordination efforts will continue with stakeholders, including the Union Pacific Railroad, Xcel Energy, Jefferson County School District and others.

Ralston Road

72nd Avenue

27

CITY OF ARVADA INVESTMENT REPORT

Investment Portfolio Objectives

PORTFOLIO CHANGES Par Value as of 06/30/19

Pursuant to the City’s investment policy, the primary objectives of the City’s investment activities, in priority order are safety, liquidity and yield.

Consistent with this policy, the portfolio of securities is invested in U.S. Treasuries, U.S. Agencies, local government investment pools (LGIPs), Bank CDs, commercial paper, and corporate debt. All security types are subject to the concentration limits and credit ratings established by the City’s investment policy. The City-managed investment portfolio is administered to provide sufficient liquidity to meet all reasonably anticipated operating cash needs without selling securities prior to maturity. The portfolio controlled by PFM is actively managed which means that investments may be sold prior to maturity and reinvested in order to achieve the desired duration, yield or diversification of the portfolio.

MM/Savings/Cash

$3,684,781

$3,075,402

$609,379

LGIP

26,988,506

32,791,384

(5,802,878)

Time CD

838,884

4,924,614

(4,085,730)

Corporate

18,992,000

23,992,000

(5,000,000)

US Agency

110,500,000

97,750,000

12,750,000

US Treasury

12,000,000

12,000,000

-

$173,004,171

$174,533,400

$(1,529,229)

Subtotal - City

PFM-MANAGED PORTFOLIO Negotiable CD

$

-

$2,000,000

$(2,000,000)

Corporate/ Municipal

$9,673,000

7,450,000

2,223,000

US Agency

$6,760,000

5,500,000

1,260,000

US Treasury

$34,710,000

34,275,000

435,000

Subtotal - PFM

$51,143,000

$49,225,000

$1,918,000

SUMMARY OF CONSOLIDATED PORTFOLIO MM/Savings/Cash

$3,684,781

$3,075,402

$609,379

LGIP

26,988,506

32,791,384

(5,802,878)

838,884

4,924,614

(4,085,730)

-

2,000,000

(2,000,000)

Time CD Negotiable CD

The City’s investment portfolio remained relatively stable in size, increasing only $388,000 when compared to the same period of 2018 due to slowing sales tax revenues and various CIP project expenditures. As for the portfolio composition, there is a noticeable outflow of funds from negotiable and time Certificates of Deposit (CD) into Treasuries and Agencies which generated

Corporate/ Municipal

28,665,000

31,442,000

(2,777,000)

US Agency

117,260,000

103,250,000

14,010,000

US Treasury

46,710,000

46,275,000

435,000

$224,147,171

$223,758,400

$388,771

Total - Combined

CONSOLIDATED PORTFOLIO ALLOCATION

MM/Savings/ Cash 1.5%

CONSOLIDATED MATURITY DISTRIBUTION

27.4%

30.0%

LGIP 13.6%

20.0%

Time CD 0.4% US Agency 50.5%

Difference

CITY-MANAGED PORTFOLIO

The Federal Reserve left the interest rates unchanged in their June meeting.

The current target-rate range remains at 2.25 – 2.50%. The revised gross domestic product figure for the first quarter came in at 3.1% which still indicates a resilient and growing economy in the U.S. The labor market created 224,000 jobs in June, rebounding after weak May numbers. The Consumer Price Index (CPI) is near 2%. Unemployment increased slightly to 3.7%. In spite of still seemingly strong fundamentals the market expects several rate cuts by the Federal Reserve in the second half of the year. There is ongoing tension with trade agreements, Brexit deal uncertainty, and slowing economic growth in Eurozone and China.

US Treasury 22.5%

Par Value as of 06/30/18

17.4%

17.7%

14.4%

12.6%

10.5%

10.0%

Corporate/ Municipal 11.5%

0.0%

0-.25

.25-1

1-2

2-3

Maturity (years)

28

3-4

4-5

CITY OF ARVADA INVESTMENT REPORT better returns in the past year. The credit spreads widened a little. The corporate and municipal bonds sector was a top performer in the first half of 2019, showing strong returns. The City was able to add several good quality corporate names to the portfolio in 2019.

In the rising interest rate environment the City kept the duration of the portfolio on the shorter side. In the first half of 2019 the focus was to extend the duration in order to lock in the higher yields. It is also to the City’s advantage to concentrate on non-callable securities to avoid high turnover in the next couple of years.

Currently, 43% of securities that the City holds have some sort of call feature. So far the City’s portfolio experienced year-to-date $12 million in investment calls which had to be reinvested at lower rates. The overall yield on the City’s portfolio continues to grow. The year-to-date yield as of June 30, 2019 was 1.97%, an increase of 35 basis points in comparison with 2018. In the first half of 2019 the City’s combined portfolio added almost $2 million in investment earnings.

The average year-to-date yield on the PFM-managed portfolio was 1.87%. The longer duration of that portfolio will play a positive role in maintaining higher returns when the Federal Reserve starts cutting interest rates. The U.S. Treasury yields declined across the entire curve. Particularly, the 2- and 5-year Treasury yields fell by 55-58 bps in the second quarter. On the other hand, with the falling rates securities in the City’s portfolio are appreciating in value. For the first time in years the City’s portfolio saw an unrealized gain instead of the usual unrealized loss.

PORTFOLIO PERFORMANCE 06/30/2019

PORTFOLIO CHARACTERISTICS

06/30/2018

Difference

City Interest Earnings

$1,609,633

$1,390,188

$219,445

PFM Interest Earnings

390,107

305,826

84,281

Total Interest Earned

$1,999,740

$1,696,014

$303,726

YTD City Portfolio Yield

1.97%

1.62%

+35 bps

YTD PFM Portfolio Yield

1.87%

1.42%

+45 bps

YTD Benchmark

2.44%

2.28%

+16 bps

City Duration to Maturity (yrs)

1.55

2.57

Yield to Maturity at Cost

2.04%

2.01%

Yield to Maturity at Market

2.29%

1.86%

CREDIT QUALITY (S&P RATING) AA+ 78.3%

ACCOUNT SUMMARY City

PFM

Total

City

PFM

Total

Par Value

$168,105,975

$51,383,000

$219,488,975

Book Value

168,204,443

51,390,404

219,594,847

Market Value

168,347,578

51,871,225

220,218,803

$143,135

$480,821

$623,956

Unrealized Gain /(Loss)

PFM

AAA 17.8% AA2.1%

AA 1.8%

Investment Management Focus - 2019 The FOMC is slowing its tightening policy with the December 2018 forecast of one or possibly two interest rate increases in 2019. The latest forecast did not include any rate hikes for 2019. The City’s strategy will be to extend its portfolio duration by gradually increasing its holdings in the longer maturity buckets.

The City will also continue to take advantage of the LGIP funds with their average overnight rate of 2.58% as of March 2019. This will allow ample cash should the City experience unexpected needs.

Investment-grade corporate spreads have widened markedly towards the end of the year, making this sector more attractive. Being conscious of the bigger downgrade risk, the City will look for the buying opportunities of good quality corporate bonds to increase the investment allocation to this sector.

The Federal Agencies’ spreads have widened as well, particularly on callable securities. (Call provisions are a tool used by issuers to refinance debt at a more attractive rate.) In the rising interest rate environment the risk of securities being called is low. But if the rates remain flat or start decreasing the risk of investments being called becomes much greater. In 2019, the City will start taking a more defensive stand and focus on shifting the allocation of investments from callable securities to bullets to prevent excessive portfolio turnover if the interest rates start falling.

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WE DREAM BIG AND DELIVER

Safe Community BY 2021, OBTAIN THE SAFEST CITY DESIGNATION ACCORDING TO THE NATIONAL INCIDENT-BASED REPORTING SYSTEM Annually, 80% of calls with a priority of “0” or “1” will have less than 5 minute response time By 2020, create an over-hire strategy to leverage access to quality candidates By 2020, successfully open the Whisper Creek Community Station By 2021, Arvada will have a traffic accident rate lower than the national average # TRAFFIC ACCIDENT INVESTIGATIONS CONDUCTED

# CRIMINAL ARRESTS MADE

30

4/1/19-12/31/20 4/1/19-12/31/20 4/1/19-12/31/20 4/1/19-12/31/21

WE DREAM BIG AND DELIVER

Infr astructure BY 2020, COMPLETE AND IMPLEMENT A STREET MASTER PLAN Through 12/25, prepare an annual street maintenance report for City Council and the community

4/1/19-12/31/25

25 OR FEWER WATER DISTRIBUTION PIPELINE BREAKS ANNUALLY (4 70% STREET PAVEMENT CONDITIONS ARE RATED AS “FAIR” OR PER 100 MILES, STANDARD IS 12 PER 100 MILES) “BETTER” (IN LANE MILES) 69% 68% 67% 66% 65% 64% 63% 62% 61% 60%

1 2013

2 2015

3 2018

Community and Economic Development 95% OF DEVELOPMENT PROJECT APPROVALS CONFORM TO THE CITY’S COMPREHENSIVE PLAN ON AN ANNUAL BASIS By 12/20, complete and implement the updated Land Development Code through adoption and remapping By 12/23, fully align master plans contained within the City’s Comprehensive Plan

4/1/19-12/31/20 4/1/19-12/31/23

BY 2019, CREATE $350 MILLION IN PRIVATE SECTOR CAPITAL INVESTMENTS (BUILDINGS, FURNITURE, FIXTURES, AND EQUIPMENT)

31

WE DREAM BIG AND DELIVER

Vibr ant Community and Neighborhoods BY 2022, IMPLEMENT A TOOL KIT OF HOUSING MIX & STYLES PLAN TO IMPROVE ACCESS TO QUALITY HOUSING AFFORDABLE FOR A BROAD RANGE OF INCOME LEVELS By 2020, complete a housing market study to access issue related to affordable housing By 2020, complete an affordable housing assessment, including incentive options By 2020, develop a list of current proposed affordable housing projects under development or planning By 2020, evaluate the Human Services Advisory Committee’s process for recommending funding for community non-profit/service providers By 2020, explore workforce housing south of Arvada Cemetery AVERAGE # OF FAMILIES RECEIVING SECTION 8 HOUSING ASSISTANCE PAYMENTS MONTHLY

4/1/19-12/31/20 4/1/19-12/31/20 4/1/19-12/31/20 4/1/19-12/31/20 4/1/19-12/31/20

ATTAINABLE HOUSING INVENTORY

Organizational and Service Effectiveness BY 2023, OBTAIN A MINIMUM OF 4.5 OUT OF 5 ON THE FIVE STAR COMMUNITY RATING TO DEMONSTRATE THE CITY IS MEETING THE COMMUNITY’S CRITICAL NEEDS & EXPECTATIONS IDENTIFIED IN THE ARVADA COMMUNITY SURVEY RESULTS By 2020, identify all low rated items in the Arvada Community Survey and develop an action plan to address them 4/1/19-12/31/20 By 2021, launch an annual Arvada Community Survey 4/1/19-12/31/23 % OF CITY EMPLOYEES ENROLLED IN THE CITY’S HEALTH CARE PLAN WHO RECEIVE AN ANNUAL PHYSICAL

% OF CITIZENS’ SURVEYED RESPONDENTS REPORT THEY RECEIVE GOOD VALUE FOR THEIR TAX DOLLAR

32