City of Arvada 3rd Quarter 2019 Financial Report by City of Arvada

Financial Report Third 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 Jenna Belec, 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

OVERVIEW

2019 Third 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. There has been a lot of unrest in the past quarter for the national economy. Unemployment did fall to 3.5% during the quarter, the lowest number in 50 years, but has ticked back up to 3.7%. This is still a very healthy number with monthly job growth outpacing expectations. An interesting statistic, there are currently more jobs available than workers to fill them. This has restricted many businesses ability to grow. Despite this, the broader economy continued to grow at 1.9%, beating expectations of 1.6%. The current expansion now sits at 123 months, the longest in US history. While the growth has not been explosive during this period, it has been consistent averaging 2.3%. Consumer spending remains strong as business investment and exports continue to lag behind. Talks of a renewed trade agreement between the US and China, have surfaced but nothing has been formalized. The Federal Open Market Committee (FOMC) did not feel like the growth in the economy was moving at the appropriate pace and cut short term interest rates two times in the quarter, moving the benchmark interest rate to 1.75% to 2.00%. They subsequently cut rates again at their October meeting, lowering the target rate to 1.50% to 1.75%. The FOMC says it is done cutting rates and will take a “wait and see approach” in the next few months. Chairman Jerome Powell has characterized the most recent cut as a “mid-cycle adjustment” in a maturing economic expansion. The chart below is a graphical representation of the FOMC short term interest rate over the past ten years. FOMC SHORT TERM INTEREST RATE

“Colorado’s economy continues to lead the nation in wage growth and employment, though growth is showing signs of slowing,” said Secretary Jena Griswold at her most recent press conference. Richard Wobbekind, executive director of the Leeds School of Business Research followed with, “Although slowing is the word of the day, Colorado still has one of the stronger economies in the US with year over year employment growth at 2%”. Current unemployment for the State sits at 2.7%, the lowest rate since December of 2000. Employment growth is expected to continue through the end of this year and into at least the beginning of 2020

OVERVIEW

Locally, the City of Arvada’s pace of growth has slowed down. Sales tax did rebound in the third quarter, now sitting up 1.5% for the year. While this sits below the original budget of 3%, the last three months have all generated positive year over year growth after the first five months were flat. Auto Use tax continues to outpace estimates, up 8.2% through the first eight months of the year. Building activity has slowed significantly in 2019, returning to more normal levels. One revenue source that has been down all year is general use tax. This is representative of business capital investment, which is sluggish across all industries. Many economists point to this as an early warning sign of a pending recession, with one in four projecting a recession sometime in 2020. Three capital improvement projects are highlighted this month – Parks/Fleet Maintenance Building Reconstruction, Bridge Repairs and Ralston Road Phase 1 from Upham to Yukon. Please take the opportunity to familiarize yourself with a few of the new and exciting projects the City has in the works. An update to the two bond projects, approved last November by the citizens, has also been included. Please see the project detail pages 26-27 for additional information. The City Council adopted the next six year council strategic plan in September. This plan runs from 2020-2025 and currently includes 25 new measures organized by the five Council priority areas (Safe Community, Infrastructure, Community and Economic Development, Vibrant Community and Neighborhoods and Organizational and Service Effectiveness.) In the back of the quarterly report there is a list of one City Council Strategic Result with accompanying milestones and performance measure per Council area. For a complete listing of the plan, please go to www.arvada.org and search “strategic plan”. The City of Arvada is projected to end 2019 in good financial shape. Reduced sales tax, general use tax and court fees will be offset by increases in auto use tax, building revenues and interest income. Savings in expenditure line items, particularly in salary and wages, will offer some additional one-time funds that can be allocated to projects or rolled into the fund balance for future use.

R. Assmus

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. 2019 Budget

As of 09/30/19

$ 44,573,000

$70,544,130

$42,908,616

General Fund Beginning Fund Balance

As of 09/30/18

REVENUES Sales & Use Tax

Property Tax

$43,398,373

6,615,198

6,565,399

6,554,500

699,000

1,243,656

1,228,237

23,611,047

17,436,236

18,900,670

$101,469,375

$68,153,907

$70,081,780

Ongoing

$89,744,055

$62,658,796

$58,714,760

Capital

13,304,420

1,185,000

9,508,542

4,080,500

810,807

77,700

$107,128,975

$64,654,603

$68,301,002

3,499,304

1,780,778

Interest Other Total Revenues EXPENDITURES

Debt Service Total Expenditures Income/(Loss)

(5,659,600)

Ending Fund Balance

• • •

$38,913,400

$48,072,304

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%

Q3 2019

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

Q2 2015

10%

Q1 2015

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

GENERAL FUND Sales Tax 58.4%

Revenue Highlights • Overall revenues for the first nine months experienced a

2019 BUDGETED GENERAL FUND REVENUES

Property Tax 6.5%

decrease of $1,911,707 or 2.7% from the same period 2018.

• Court fines and fees decreased $162,939 or 14.4% from 2018 due to fewer citations issued from the Police Department.

• Use Tax and Building Use Tax saw decreases from 2018 and are discussed in more detail in the “Use Tax” section. Use Tax 1.7%

Other 14.7% Interest .7%

Auto Use Tax 7.0%

Franchise Fees 4.3%

Sales Tax

Court Fines & Fees 2.0%

Building Use Tax & Permits 4.7%

Sales Tax Collections

• Sales tax collections lag one month; therefore, collections for the third quarter only represent eight months.

• Sales tax is up 1.5% for the third quarter; however, the budget is based on a 3% increase. • Based on the current trend, sales tax could be short of the budget by approximately $750,000.

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

9/30/2015 Sales Tax $29,688,649

Use Tax Building Use Tax • Building use tax decreased 30.8% through the third quarter, reflecting the continued slowing of building permits. • Although building permit revenues are down from the prior year, they are on pace to exceed the budget of $2,832,641. Auto Use Tax • Auto use tax increased 8.2% in the third quarter. • Auto use tax is on pace to meet or exceed the budget of $7,851,642. General Use Tax • General use tax is down 30% from third quarter 2018. • Based on current receipts, this category will not meet the budget of $1,698,959.

9/30/2016 $30,943,735

9/30/2017 $32,835,108

9/30/2018 $33,649,082

9/30/2019 $34,142,451

2019 Budget $53,201,049

Use Tax Collections $14,000,000 $12,000,000 $10,000,000 $8,000,000 $6,000,000 $4,000,000 $2,000,000 $0 General

9/30/2015 $858,212

09/30/2016 $706,837

09/30/2017 $1,090,202

09/30/2018 $905,101

09/30/2019 $633,692

2019 Budget $1,698,959

Auto

$4,536,196

$4,556,231

$5,600,569

$5,164,899

$5,585,634

$7,851,642

Building

$4,142,569

$5,129,017

$5,310,008

$3,679,289

$2,546,856

$2,832,641

Building

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 comparable to the third quarter 2018. • Based on current receipts, this category will be short of the budget by approximately $100,000.

$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

9/30/2015 $4,638,645

Intergovernmental Revenues

9/30/2016 $5,562,456

9/30/2017 $5,623,110

9/30/2018 $6,554,500

9/30/2019 $6,565,399

2019 Budget $6,699,391

Intergovernmental Revenues

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

$6,000,000

collected gas tax revenue, is down 6% for the third quarter not including a one-time allocation from the State of approximately $1,100,000 in 2018. • 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 1.7% for the third quarter.

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

9/30/2015 $2,695,921

09/30/2016 $2,684,664

09/30/2017 $2,769,195

09/30/2018 $3,958,509

09/30/2019 $3,721,368

2019 Budget $4,286,208

$720,750

$788,189

$855,555

$872,026

$887,111

$860,002

Jefferson County

HUTF

GENERAL FUND

Miscellaneous 0.6%

Expenditure Highlights

Transfers 26.4%

2019 BUDGETED GENERAL FUND EXPENDITURES

• Overall

expenditures decreased $3,798,489 or 5.5%, when compared to 2018. • Contract expenditures are up $2,037,322 or 54.7% over 2018 due to a $2,000,000 contribution to JPPHA. • Transfers decreased $9,627,981 or 43.4% from 2018 due to fewer one-time project transfers to the Capital Project Fund.

Personnel, 43.0%

Debt Service 3.8%

Contracts 8.0%

Supplies and Expenses, 6.0%

Services and Charges, 12.2%

Salary and Benefit Salary & Benefits

2019 Budget

Salaries & Wages

$33,939,573

As of 09/30/19

As of 09/30/18

$22,978,055

$21,686,809

Vacancy Savings

(1,427,662)

Overtime

1,095,436

683,451

647,827

Group Insurance

6,915,998

4,159,102

4,022,888

Retirement

3,879,560

2,665,351

2,426,766

Medicare

473,534

318,210

296,359

Temporary Wages & SS

523,667

413,714

456,752

Other

557,072

413,517

328,170

$45,957,178

$31,631,400

$29,865,571

Total

• The increase in Salary & Benefits is due to several timing issues – 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.

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, seal coating, milling and overlay (asphalt), and reconstruction (concrete replacement). Revenues are derived from the City’s General Fund and the Highway Users Tax Fund which is the City’s share of statecollected gas tax revenue. The lag in the timing of payments to contractors makes total expenditures appear less constrained than the reality in the field. This year’s street maintenance projects have been modified in order to trial new techniques which will lead to improvements and cost efficiencies in the future. These innovations are expected to provide a larger toolbox of treatment methods to better target specific issues and to allow for implementation of the most cost-effective solutions available. Detailed below are some of the changes within each project.

Street Maintenance Fund Beginning Fund Balance

General Fund Transfer Other

288,000

$9,722,271

As of 09/30/18

288,000

$7,329,203

$6,600,437

117,049

52,799

$7,446,252

$6,653,236

$4,804,162

$925,358

$4,554,781

3,962,393

2,018,692

2,667,309

165,605

46,386

388,683

1,030,576

254,568

183,182

$9,962,736

$3,245,003

$7,793,956

4,201,249

(1,140,720)

Total Revenues

$9,722,271

EXPENDITURES Asphalt Replacement Concrete Replacement Crack Sealing Other Total Expenditures Income/(Loss) Ending Fund Balance

Some new treatments were completed in 2019 to better stretch the dollar and maintain the roadway infrastructure that is already in fair to good condition:

•

As of 09/30/19

REVENUES

2019 Asphalt Project The 2019 asphalt project represents a shift in the City’s approach to street maintenance. In the past, there was a risk that concrete warranty work could be completed after a road was rebuilt or repaired. In order to eliminate this issue, concrete work must be completed two years in advance of asphalt work. As a result, larger contracts for concrete are being issued, while the asphalt projects are significantly reduced compared to prior years. This will allow the concrete work to “get ahead” of the asphalt work.

•

2019 Budget

Chip Seal - Chip seal was trialed in three major locations: on a group of local roadways, one collector roadway, and one arterial roadway. It is anticipated this work will extend the life of the road anywhere from 5-10 years. The cost of chip seal is measurably lower than the use of asphalt. Another highlight of this treatment is the impact on the traveling public during construction, with total time of construction under normal circumstances reduced to just three days for each road segment compared to three to four weeks for a full reconstruction. Asphalt Placement - The traditional method of asphalt treatment involves patching problem areas and then milling 2” off the top and placing a new top course. In 2018, four new techniques were tested, with many lessons learned. This year, two asphalt placement techniques were used: o Full Reconstruction; in this technique, the total structure is removed and then replaced at the required adjusted roadway thickness. o Mill and Overlay; rather than patching, the top two inches are removed and then placed back with a new top course leaving the lower asphalt structural sections intact. This technique was used on the traveling lanes on W 72nd Ave west of Ward Rd. resulting in lower costs and the smoothness needed for cars traveling at higher speeds on through lanes.

(240,465) $47,535

$4,489,249

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W. 64TH AVE.

DR.

PL.

69 IA DR.

67 CT.

PL. 66 DR. 66

AVE. 65

N ORIO LN.

NIL

PL.

CR.

CT.

LN.

W.70TH

FR DE

INE LUP WY.

CT. ORION

. CT

64 LN.

W 62 DR.

N IO . OR . WY

PL.

71ST

. 69TH AVE

AVE.

W. 66TH PL. 65TH PL.

. CT

63 LN.

W 63 PL. 62 PIK CT E

NILE

CT. NOBLE

CT.

CIR

68 PL.

71 AV.

W. 67TH AVE.

69TH LN. 69 PL.

72ND

DR. PL.

CT.

PL.

AVE.

70TH

OR CO

ORION

65TH

69 DR.

PL.

AVE.

ROAD

W. 75TH AVE.

BEECH CT.

ODS

CR.

68TH

DR.

CT.

W. 69TH AVE.

PL.

71 DR.

URBAN

70 DR.

CT.

72 PL.

W. 69TH PL. W. 69TH

PL.

68TH

73 PL.

W. 72ND AVE.

AVE.

H 70T

VIVIAN ST.

74 AVE.

73 AVE.

74TH PL.

DR.

74TH W.

CT.

74 WAY

W.73RD AVE.

W. 72ND PL.

NIL

PL.

67TH

ST.

CIR

NIA

AVE.

82ND

W. 77TH DR.

W. 75TH PL.

N AU BR CT. LE CO CT.

CT.

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70TH

CIR

AVE.

81 AVE.

77 PL.

86 85

PL.

DR.

77TH

86TH

85 PL. 85 AV E.

81 PL.

WY .

COORS

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ST.

70T

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E 72 NIL AVE D . AR CH . 71 PL. ST .

ST.

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66TH

SHEET OF

1 OF 1

2019 Concrete Replacement Discovery Trail

Lakecrest Park Trail

Lake Arbor Park (South) Trail West of George Meyers Pool

Lake Arbor Park (North)

George Meyers Pool

Club Crest Sub. Trails

Ralston Creek Trail (Joyce St)

Ralston Creek Trail (Beech St)

Apex Center

Oak Park

St. Anne's Alley

2019 Crack Seal Project Crack sealing transitioned to an in-house operation in 2019, in order to better control costs and quality. As a result, staff no longer had the internal capacity for right-of-way mowing and the mowing contract was outsourced. These changes led to savings of $190,500, factoring in expenses for materials and equipment. Other benefits of bringing crack sealing in-house include: •The ability to try new products and methods to get the best overall result. •Rental of specialized equipment which enabled the City to repair wider cracks (cracks over one inch) that were not addressed using a contractor. •Flexibility to work around the weather; when conditions were not ideal for crack sealing, personnel were able to accomplish other tasks like shouldering roads to maintain the strength of the asphalt edge. When using a contractor, work would stop until conditions improved. •Crack sealing can be conducted year round as long as weather conditions are suitable. •More control over the quality of the work being produced. For example, when a crack is filled it tends to settle and need to be reapplied to be flush with the surface. •Increased flexibility with street choices. A contract has agreed upon streets before work is started. Bringing the work in-house allows reprioritization of streets as needed.

AVE.

W. 73RD

CR.

ISABELL W.

POPPY WY.

87 87

PL. 87

AVE . W.

W AY RK

82 PL.

84 PL.

PL.

ZIN

JUNIPER

83RD

82 PL.

PL.

84TH

W. 80TH AVE.

81 DR.

W.76TH PL.

PL. 83 AVE.

CO OR

83RD AVE. 82 LN.

PL.

DR.

75 PL.

PL.

74TH

W.74TH AVE.

W. 72ND AVE.

W.78TH PL.

76 AVE.

W. DR.

2019 Concrete Replacement Project This year’s concrete project had some changes of note with additional improvements under discussion for implementation in 2020:

W. 80TH PL.

W. 79TH

W.78TH PL.

W. 85

AVE.

TABOR PL. CR. W. 83RD

W. 83RD LN.

WY.

CT. URBAN

AVE.

75TH PL.

CR.

80TH

DR. 85TH

LOVELAND ST.

AND LOVEL CR.

83RD DR.

83RD

AVE.

RS COO CT.

PL.

75TH

W. 74TH

83RD DR.

W. 81ST AVE.

W. 84

CR.

W. 81ST PL.

W. 76TH DR.

84TH

83 LN.

W. 78TH AVE.

77TH

84 AVE.

RD.)

WRIGHT

W. 85TH

CR.

NILE CR.

PL.

82ND

CT.

84 PL

84TH

W. 83RD PL.

W. 83RD AVE.

79TH

W. 84TH AVE.

84TH W.

W. 82ND AVE.

W. 77TH PL.

DR.

P LOO

DR.

TH W.85

84TH PL.

P LOO H 84T

PL.

LEYDEN

(A.K.A

DR.

ST.

AVE.

86RS 85

COO

82ND

PL.

85 DR.

CT.

83R D AVE .

84TH

W. 83RD PL.

PKWY.

CR.

THBRAUN

W.86TH AVE.

85TH CR.

CT.

W. 87TH AVE.

YANK

DR.

ZANG CT.

8 7 TH TE R R A

CH BEE

W. 87TH AVE. B EE C W.

H 86T

YANK

84 PL.

3RD PL.

ECT.

86TH

BL E W.8

84 CR.

86TH

PARK DR.

CT .

CT.

•

R AM

S COOR ST. FIVE

ELLIS CT.

PL.

ST.

LN.

84TH

DR. ON

86TH

IDGE ELDR ST.

WY .

85 LN.

DR.

86TH

76 LN.

•

DR.

NEY

84TH LP

ORI

OLA W.

CR.

LUP INE

As noted, the concrete project received an increase in funding to get ahead of the asphalt project by two years, allowing the City to complete a large number of roadway segments. One of the biggest changes to the project came in the selection of the work areas. In the past, a large number of collectors and arterials were completed in areas all across the city. This year, work was concentrated on large groups of local roadways that included an entire subdivision or, in some cases, multiple subdivisions. This technique proved to be highly effective, as more concrete was completed or is currently being completed this year in the City of Arvada compared to any prior year. In addition, this technique created cost efficiencies, as this project method appeals to contractors, resulting in highly competitive bidding and advantageous pricing. This year, the Public Works and Parks departments collaborated on needed concrete work. The economies of scale created by completing this work together saved both city employee time and enabled the City to achieve better pricing.

DEVIN

GLADI

W. 76TH AVE.

•

8200 W. BALSAM

DOVER

8 7 TH LN

W. IS ELL CT

VE DO

IRIS

HOW ST. ELL

W. 88TH AVE.

PL.

. 88T H

IA C R .

HOLM AN

CT.

H PK W Y.

JAY

KEN

PL.

ST. N IRIS NSO ST. JOH

86T

AR LAM CR.

INDIANA ST.

2019 Mill and Overlay

Manhole Adjustments - In the past, manholes were adjusted to height prior to paving the final lift, which often resulted in a rough transition to an uncomfortable bump in the newly paved road. This year, manholes were adjusted after the paving was completed by drilling a perfect circle around the manhole so that no corners were created (which can lead to poor compaction and result in failures), adjusting them to height, then patching with hot mix ensuring they are smooth to drive across.

7T H

•

2019 Concrete Replacement

L E G E N D

PROPOSED

STATUS

PROPOSED

STATUS ACTIVE

ACTIVE

COMPLETE

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. G:\WPFILES\SHOERIG\GIS DATA\Streets.mxd

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 $205,955 or 3.7% over 2018. • Open space increased $105,737 or 4.0% over 2018. • The cash transfer from the General Fund increased $151,608 or 6.1%.

Expenditure Highlights • Ongoing expenditures increased $97,679 or 1.5% over 2018 but are in line with the budget for 2019.

2019 Budget

As of 09/30/19

$5,515,000

$4,737,265

$2,752,300

$2,647,063

3,353,965

2,661,445

2,509,837

APEX Reimbursement

996,035

1,226

Other

494,595

329,411

379,074

$9,581,860

$5,743,155

$5,537,200

$9,952,984

$6,537,435

$6,439,756

$9,952,984

$6,537,435

$6,439,756

Parks Fund Beginning Fund Balance

As of 09/30/18

REVENUES Open Space City Cash Transfer

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

(371,124)

Ending Fund Balance

$5,143,876

(794,280)

(902,556)

$4,720,720

$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 $834

2016 $-

2017 $4,686

2018 $1,226

2019 $-

2019 Budget $996,035

Cash Transfer

$1,534,754

$1,598,419

$1,648,628

$2,509,837

$2,661,445

$3,533,965

Open Space

$1,227,157

$1,263,844

$1,336,562

$2,647,063

$2,752,300

$4,737,265

APEX

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

As of 09/30/18

Use Tax Other Total Revenues

Capital Total Expenditures Income/(Loss) Ending Fund Balance

tax received in 2018. decreased mainly from a reduction in building use tax and Federal/State grants. Federal and State Grants through the 3rd quarter in 2018 was $275,000 and in 2019 was $10,000. Building use tax revenue decreased due to the continued slowdown in new construction.

• Revenue

As of 09/30/19

$13,982,000

$8,824,504

$5,551,742

$5,558,689

1,670,843

1,348,614

1,456,656

604,318

356,584

611,457

• One-time expenses occurring in 2018 but not in 2019

$11,099,665

$7,256,940

$7,626,802

$11,805,333

$7,798,733

$7,011,910

– a transfer to the Capital Fund for the Delta Station and a transfer to the Vehicles Fund for police vehicles. • Less vacant Police Officer positions in 2019 than in 2018 equals higher ongoing expenditures.

EXPENDITURES Ongoing

• Sales tax revenue in 2019 is comparable to the sales

2019 Budget

REVENUES Sales Tax/Audit Revenue

Revenue Highlights

255,779

43,173

65,474

$12,061,112

$7,841,906

$7,077,384

(961,447) $13,020,553

(584,966)

549,418

$13,397,034

Expenditure Highlights

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 09/30/19

As of 09/30/18

Beginning Fund Balance

$5,392,000

$114,737

$270,140

$206,315

668,500

193,829

240,359

REVENUES Recovered Grants City Cash Transfer

45,000

33,750

Interest/Other

33,505

106,766

62,880

Total Revenues

$861,742

$604,485

$543,304

$1,222,407

$313,900

$545,167

441,249

105,542

155,847

EXPENDITURES Ongoing

Essential Home Repairs Loans Total Expenditures

$1,663,656

$419,443

$701,014

Income/(Loss) Ending Fund Balance

(801,914) $4,590,086

185,043

(157,710)

$5,577,043

Revenue Highlights • Overall revenues increased $61,181 or 11.3% from 2018. • Grant revenue decreased $46,530 or 19.4% from 2018.

The decrease is due to grant funding received in 2018 for the Carr Street sidewalk project. • Loan repayments increased $68,825 or 30.9% due to a larger repayment from an apartment complex and a higher volume of repayments than in 2018.

Expenditure Highlights • Essential home repairs decreased $50,305 or 32.3% from 2018. • Six essential home repair projects were completed in 2019 compared to seven projects in 2018.

• The wait list for essential home repairs was at 139 as of September 30, 2019.

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

53,000

As of 09/30/19 $

As of 09/30/18

53,000

REVENUES Recovered Grants

$19,178

$19,635

$15,617

3,940,909

3,979,020

3,189,053

Transfers

92,742

40,000

85,000

Interest/Other

1,000

1,656

1,879

Total Revenues

$4,053,829

$4,040,311

$3,291,549

$670,802

$344,862

$266,850

3,348,552

3,593,406

3,057,175

EXPENDITURES Ongoing Rents

35,265

46,841

32,467

$4,054,619

$3,985,109

$3,356,492

55,202

(64,943)

Transfers Total Expenditures Income/(Loss) Ending Fund Balance

(790) $52,210

$108,202

Revenue Highlights • Overall revenues increased $748,762 or 22.8% when compared to 2018. • The increase in Grants revenue was generated due to an increase in total vouchers paid in 2019 vs 2018, and therefore, collecting a greater amount of reimbursement. • That total vouchers paid through the third quarter in 2019 is 4,486 while 4,099 were paid the first three quarters of 2018.

Expenditure Highlights • Overall expenditures increased $628,617 or 18.7% over 2018. • The Arvada Housing Authority served 479 families during 2019 while 485 were served during 2018.

• The large increase was caused by an increase in average rent per unit.

CAPITAL IMPROVEMENTS PROJECTS FUND

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

Revenue Highlights

2019 Budget

As of 09/30/19

$25,188,000

$11,554,420

$1,678,286

$10,401,794

Grants and Recovered Costs

826,339

1,992,403

Contributions

177,443

373,710

390,000

316,597

297,851

$11,944,420

$2,998,665

$13,065,758

CIP Administration

$7,310,000

$3,876,177

$2,310,370

CIP Street Projects

2,185,929

3,087,937

1,825,935

CIP Traffic Projects

4,492,570

1,478,326

1,044,426

CIP Park Projects

2,696,776

369,641

560,404

$16,685,275

$8,812,081

$5,741,135

(4,740,855)

(5,813,416)

7,324,623

Capital Improvement Fund Beginning Fund Balance

As of 09/30/18

• Transfers

REVENUES Transfers

Interest Total Revenues EXPENDITURES

Total Expenditures Income/(Loss) Ending Fund Balance

$20,447,145

$19,374,584

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 due to the construction of the Delta community station, design services for the parks/fleet building and capstone repair work on the Olde Town Hub. • Street expenditures are related to the Ralston Road reconstruction project and bridge repair work. • Traffic expenditures are related to the traffic signal project at 55th and Kipling and fiber conduit boring to complete the primary backbone of the City’s fiber network. • Parks expenditures are for the Clear Creek study, design services for the Holistic Health and Fitness Park and playground renovation for Rainbow East Park and Ralston Valley Park.

CIP Park Projects, $560,404 CIP Traffic Projects, $1,478,326 CIP Administration, $3,876,177

CIP Street Projects, $1,825,935

CAPITAL IMPROVEMENTS PROJECTS FUND

Project Updates Park/Fleet Maintenance Building The existing Parks/Fleet Maintenance Building is over 60 years old and has reached the end of its useful life. In 2015, the Citizen Capital Improvement Plan Committee ranked this building as number 6 on the list of recommended capital projects. In 2018, the City entered into an agreement for architectural design services for a new building. The new building is planned to be approximately 40,000 square feet and will focus on the use of sustainable costeffective building materials and will include energy modeling to provide a highly efficient operating facility. Construction of the new building will start in 2020. Bridge Repairs In 2019, capital improvement money was set aside to repair several bridges in the City. The bridges were in need of repair and grouted riprap was also added along the structure’s foundation to mitigate or eliminate erosion. All work has been completed. The following bridges were repaired this year:

• Alkire Street over the Famers High Line Canal • Carr Drive over the Farmers High Line Canal • Kipling Street over the Farmers High Line Canal • West 74th Avenue over the Farmers High Line Canal • Nolan Street over Ralston Creek • Ralston Clear Creek Canal at West 64th Parkway

Ralston Road Upham to Yukon Ralston Road is an arterial roadway and major east-west corridor for Arvada’s transportation network. Its improvement was twice ranked as the number one transportation priority by the Citizens Capital Improvement Plan Committee. Funded in part through State grants totaling $1,903,200, improvements to this section of Ralston Road (Upham to Yukon) will complement the bond funded work from Yukon to Garrison Street. The right-of-way acquisition for this project has been completed. Construction is anticipated to start by the end of the first quarter of 2020 and is expected to last for one year.

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 12.4% in 2019 through the 3rd quarter while consumption is down 21.1%. • Tap Fee sales have decreased due to the continued slowing of new construction.

2019 Budget

As of 09/30/19

$106,000,000

$22,620,230

$14,019,014

$16,008,191

Tap Fees

13,227,419

4,932,752

6,833,879

Interest

683,200

984,719

827,574

1,666,687

1,897,668

1,946,530

$38,197,536

$21,834,152

$25,616,174

$20,859,796

$14,638,095

$13,360,471

Water Fund Beginning Fund Balance

As of 09/30/18

REVENUES Water Charges

Other Total Revenues EXPENDITURES

Expenditure Highlights • 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 includes a transfer to the 72nd Street & Indiana project for a water main line replacement and Simms Street 24 inch water transmission Main project.

Ongoing Debt Service

3,865,452

Major Capital Maintenance Capital Total Expenditures

4,511,128

3,251,904

3,697,157

23,045,281

2,558,417

1,983,634

$52,281,657

$20,448,416

$19,041,261

1,385,736

6,574,912

Income/(Loss)

(14,084,121)

Ending Fund Balance

$91,915,879

$107,385,736

*$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.

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 Beginning Fund Balance

2019 Budget $13,571,000

As of 09/30/19

As of 09/30/18

• Sewer sales are up 1.8% through the 3rd quarter

$13,571,000

REVENUES Sewer Charges

$12,890,981

$8,318,004

$8,167,865

Tap Fees

1,012,314

587,044

837,035

Interest

320,100

502,465

257,794

1,328,092

525,518

495,440

$15,551,487

$9,933,031

$9,758,134

$9,120,046

$6,356,655

$5,872,686

3,243,554

2,212,347

2,198,755

Major Capital Maintenance

2,681,726

2,497,194

2,002,385

Capital

4,148,665

439,800

162,368

$19,193,991

$11,505,996

$10,236,194

Other Total Revenues EXPENDITURES Metro District Ongoing

Total Expenditures Income/(Loss)

(3,642,504)

Ending Fund Balance

$9,928,496

Revenue Highlights

(1,572,965) $11,998,035

(478,060)

in 2019 compared to the same time period in 2018. This increase accounts for the increase in Total Revenues • The increase in Interest revenue received was offset by the decrease in Sewer Tap fees.

Expenditure Highlights • The increase in Metro District expenditures is due to a second quarterly payment to Metro Wastewater. • The Sanitary Sewer Main Replacement project has caused the Major Capital Maintenance expenditures to increase 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 2.7% 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 09/30/19

As of 09/30/18

Beginning Fund Balance

$7,261,000

$3,456,110

$2,578,888

$2,526,485

108,255

217,772

195,666

$3,564,365

$2,796,660

$2,722,151

$3,118,668

$1,878,963

$2,094,251

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

864,353

648,265

650,827

2,820,059

46,474

50,573

$6,803,080

$2,573,702

$2,795,650

(3,238,715)

Ending Fund Balance

$4,022,285

222,958 $7,483,958

(73,499)

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. Golf Fund

2019 Budget

As of 09/30/19

Beginning Fund Balance

$(887,000)

As of 09/30/18

• Overall revenues increased $976,342 or 24.3% over 2018. • Golf revenue is up $156,364 or 5.6% over 2018. Overall golf

$(887,000)

REVENUES Golf Courses

$3,827,261

$2,963,031

$2,806,667

Restaurants

1,836,798

1,843,778

752,610

Construction Revenue

City Cash Transfer Total Revenues

rounds decreased 2% from 2018. • Restaurant revenue is up $1,091,168 or 144.9% over 2018.

1,697

250,902

188,177

457,670

$5,914,961

$4,994,986

$4,018,644

Expenditure Highlights • Overall

EXPENDITURES Golf Courses

$2,649,029

$1,690,353

$1,613,652

Restaurants

2,151,337

1,889,824

1,505,396

Administration

1,712,896

1,417,536

755,259

Capital Total Expenditures

$6,513,262

Income/(Loss) Ending Fund Balance

Revenue Highlights

1,725,098

$4,997,712

(598,301)

(2,726)

$(1,485,301)

$(889,726)

Golf Rounds by Type - January Player Support

$5,599,405 (1,580,761)

first quarter expenditures are down $601,693 or 10.7% from 2018. • There are no capital expenditures in 2019 compared to $1,725,098 during 2018. • Golf expenditures are up $76,701 or 4.7% when compared to 2018. • Restaurant expenditures were up $348,428 or 25.5% when compared to 2018.

September

Super Users Annuals

Super Users Clubs

Tournament/ Corp Leagues

Grow the Game

Total

West Woods 2018

32,001

5,392

5,323

156

42,872

2019

32,488

5,147

5,953

731

44,319

487

(245)

630

575

1,447

-5%

369%

19,719 18,443 (1,276) (-6%)

10,699 8,776 (1,923) (-18%)

773 751 (22) 0%

284 373 89 31%

31,475 28,343 (3,132) (-10%)

51,720 50,931 (789) (-1.5%)

16,091 13,923 (2,168) (-13%)

6,096 6,704 608 0%

440 1,104 664 151%

74,347 72,662 (1,685) (-2%)

Lake Arbor 2018 2019

Combined Rounds Total 2018 2019

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 09/30/19

As of 09/30/18

Beginning Fund Balance

$ 844,000

$28,287

$153,731

$11,270

1,661,235

1,024,975

1,393,946

$1,689,522

$1,178,706

$1,405,216

$385,427

$270,822

$267,039

1,283,522

954,553

823,726

REVENUES Concession Services Banquet and Guest Services Total Revenues EXPENDITURES Administration Operations Capital Total Expenditures

18,034

$1,686,983

$1,225,375

Income/(Loss) Ending Fund Balance

2,539 $846,539

$1,090,765

(46,669)

314,451

$797,331

Revenue Highlights • Overall revenues decreased $226,510 or 16.1% from 2018. • Concessions saw an increase of $142,461 over 2018 due to increased concession service and the addition of concession services at the Long Lake complex. • Banquet and guest services saw a decrease of $368,971 or 26.5% from 2018.

Expenditure Highlights • Overall expenditures increased $134,610 or 12.3% over 2018. • The majority of the increase is in the operations area with an increase of $130,827 or 15.9%.

ENTERPRISE FUNDS

Events by Market Segment January - September ARVADA CENTER Arvada Center

2019

2018

Variance

Association

(11)

(21%)

Corporate

(19)

(37%)

Education

(5)

(25%)

Fraternal

(11)

(16%)

Government

100%

In-house

10%

Religious

(3)

(7%)

Social

(1)

(6%)

(3)

(75%)

267

297

(30)

(10%)

Wedding/Anniversary Total WEST WOODS

2019

2018

Variance

Association

Corporate

Fraternal

(2)

(67%)

36%

100%

Social

27%

Golf Tournaments

Total

15%

In-house City Religious

LAKE ARBOR

2019

2018

100%

Variance

Association

100%

Fraternal

100%

In-house City

100%

Religious

Social

(1)

(100%)

Golf Tournaments

(1)

(17%)

43%

Total

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%

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 09/30/18

$3,314,000

$2,481,825

$1,861,367

$1,592,601

72,300

123,453

52,562

264,983

1,089,081

$2,554,125

$2,249,803

$2,734,244

$2,025,841

$2,089,756

$1,007,211

396,854

249,174

246,724

$2,422,695

$2,338,930

$1,253,935

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 09/30/19

Risk Management Operations Total Expenditures Income/(Loss)

131,430

Ending Fund Balance

$3,445,430

(89,127) $3,224,873

1,480,309 $1,480,309

Revenue Highlights • Revenues decreased $484,441 or 17.7% from 2018. • 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 $286,766 or 16.9% over 2018.

Expenditure Highlights • Overall expenditures increased $1,084,995 or 86.5% over 2018. • 2019 has experienced an increase in auto accidents, some larger concrete replacement expenditures and several building roofs were replaced still outstanding from the 2017 hail storm.

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 09/30/19

As of 09/30/18

$6,806,000

Maintenance

$1,270,077

$1,002,900

$897,284

Replacement

1,609,270

733,343

692,282

87,521

650,356

336,467

$2,966,868

$2,386,600

$1,926,033

Maintenance

$1,404,329

$1,021,345

$1,111,127

Replacement

2,014,263

922,257

796,904

REVENUES

Other Total Revenues EXPENDITURES

Other Total Expenditures

130,252

88,885

133,903

$3,548,844

$2,032,488

$2,041,934

Income/(Loss) Ending Fund Balance

(581,976) $6,224,024

354,112

(115,901)

$7,160,112

Revenue Highlights • The increase in Maintenance revenue is due to a higher monthly contribution in 2019 than the amount contributed in 2018. • Replacement revenue is comparable to the previous year. • The increase in other revenues is from a transfer from the General Fund in the 3rd quarter of 2019 that did not occur in 2018.

Expenditure Highlights • The increase in Replacement expenditures are attributed to parts and supplies for the Marc Core project. • The Maintenance expenditures decreased due to additional Oracle license and support payments in 2018.

INTERNAL SERVICE FUNDS

Vehicle Fund Overview The Vehicle 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 09/30/19

$5,114,000

Maintenance Contributions

$2,368,797

$1,776,599

$1,825,179

Replacement Contributions

2,667,388

2,000,541

1,224,958

262,000

347,657

617,883

$5,298,185

$4,124,797

$3,668,020

Maintenance

$2,599,152

$1,920,370

$1,884,283

Replacement

4,391,267

2,580,704

2,286,106

Total Expenditures

$6,990,419

$4,501,073

$4,170,389

Income/(Loss)

(1,692,234)

Ending Fund Balance

$3,421,766

Vehicles Fund Beginning Fund Balance

As of 09/30/18

REVENUES

Other Total Revenues EXPENDITURES

(376,276)

(502,369)

$4,737,724

Revenue Highlights • Overall Revenues increased by 12.5% 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 7.9% over 2018, primarily due to vehicle replacements. In the third quarter of 2019, the City purchased two dump trucks with snow removal equipment, four pickup trucks, three Police vehicles, and a variety of other equipment.

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 09/30/19

As of 09/30/18

$263,000

$203,000

$195,014

Revenue Highlights • Print Services revenue increased 4.9% compared to

REVENUES Print Shop Copiers Total Revenues

the same time period in 2018. $186,504

• Copier revenues are down 6.9% compared to the previous year partially due to the installation of new copiers that require a login and acceptance before pages are printed.

150,354

110,929

119,185

$353,354

$305,943

$305,689

$265,434

$171,603

$174,405

75,618

62,497

54,130

$341,052

$234,100

$228,535

12,302

71,843

77,154

$275,302

$334,843

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

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.

Buildings Fund Beginning Fund Balance

2019 Budget

As of 09/30/19

$3,307,000

As of 09/30/18

• Replacement

REVENUES Replacement Transfers Other Total Revenues

$545,329

$330,464

$320,840

41,000

48,287

39,881

$586,329

$378,751

$360,721

Personnel

$76,118

$38,887

$572

Replacement

152,462

52,986

23,487

$228,580

$91,873

$24,059

357,749

286,878

336,662

$3,664,749

$3,593,878

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

Total Expenditures

Revenue Highlights

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. Third quarter expenditures included new carpeting for Community Development.

• 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 finished 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

Budget

Actual

Remaining

Design

$968,287

$538,964

$429,323

Right-of-Way

4,286,925

Construction

10,044,788

Total Project

$15,300,000

$538,964

$14,761,036

Ralston Road

72nd Avenue

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. 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 services. Progress: • Executed a contract for design and right-of-way acquisition services. • 30% (preliminary) design plans were completed in May. • Notices of intent to apply will be mailed to property owners in the fall. • Final plans are expected to be completed by the first quarter of 2020. Next Steps: Construction is anticipated to begin in the fourth quarter of 2020 and is expected to last for two years.

3F BOND PROJECTS

72nd Avenue

Budget

Actual

Remaining

$2,185,584

$735,114

$1,450,470

Right-of-Way

6,280,000

1,270,779

5,009,221

Construction

56,034,416

Total Project

$64,500,000

Design

$2,005,893

$62,494,107

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). The 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 Avenue 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, operations, 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: • Closed on both of the full property acquisitions. • 30% (preliminary) design plans and construction cost estimates for the entire project corridor were received in July. • Selection of the Construction Manager/General Contractor (CM/GC) occurred in October, with award of this contract anticipated in November. • Selection of the Owner’s Representative (Owner’s Rep) consultant occurred in October, with award of this contract anticipated in December. Next Steps: Design will progress through the preconstruction phase with involvement of the new CM/GC and Owner’s Rep project team members. A project Open House is scheduled for November. Coordination efforts will continue with stakeholders, including the Union Pacific Railroad, Xcel Energy, Jefferson County School District and others. Phased construction is anticipated to begin the third quarter of 2020 and should last for three years.

CITY OF ARVADA INVESTMENT REPORT

Investment Portfolio Objectives

PORTFOLIO CHANGES Par Value as of 09/30/19

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

$1,735,601

$2,099,477

$(363,876)

LGIP

31,161,884

22,257,160

8,904,723

Time CD

3,842,486

6,959,960

(3,117,474)

Corporate

27,416,000

19,992,000

7,424,000

US Agency

99,500,000

115,750,000

(16,250,000)

US Treasury

10,000,000

12,000,000

(2,000,000)

$173,655,971

$179,058,598

Subtotal - City

Negotiable CD

$1,070,000

$2,000,000

$(930,000)

Corporate/ Municipal

10,343,000

8,790,000

1,553,000

US Agency

4,300,000

5,000,000

(700,000)

US Treasury

35,770,000

34,620,000

1,150,000

$51,483,000

$50,410,000

$1,073,000

Subtotal - PFM

SUMMARY OF CONSOLIDATED PORTFOLIO MM/Savings/Cash

$1,735,601

$2,099,477

$(363,876)

LGIP

31,161,884

22,257,160

8,904,723

Time CD

3,842,486

6,959,960

(3,117,474)

Negotiable CD

1,070,000

2,000,000

(930,000)

Corporate/ Municipal

37,759,000

28,782,000

8,977,000

US Agency

103,800,000

120,750,000

(16,950,000)

US Treasury

45,770,000

46,620,000

(850,000)

$225,138,971

$229,468,598

$(4,329,627)

Total - Combined

CONSOLIDATED PORTFOLIO ALLOCATION

US Treasury 20.3%

$(5,402,627)

PFM-MANAGED PORTFOLIO

The City’s portfolio started to reflect the shift in the Fed’s monetary policy. In the third quarter alone, $11 million of investment securities have been called, making it $23 million for the year. With the continued effort on steering away from callable securities, currently only one third of the City’s portfolio consists of the investments with the call feature. The size of the portfolio decreased

LGIP 13.8%

Difference

CITY-MANAGED PORTFOLIO

There has been a lot of volatility in the markets in the third quarter, and uncertainty has been undoubtedly the driver. The trade war with China has been in the headlines continuously with on-again, off-again trade agreements. On top of it, the market is still trying to process the Fed’s new monetary policy. Through the end of October the Fed cut interest rates three times, in July, September and October. The current overnight fed funds rate range is at 1.50-1.75%. In spite of the trade wars, weak economic conditions abroad, and unproductive Brexit talks, the U.S. economy continues its tenth year expansion with the second quarter GDP coming at 2.1%, inflation remaining near 2%, and unemployment rate still at 3.7%.

MM/Savings/Cash 0.8%

Par Value as of 09/30/18

CONSOLIDATED MATURITY DISTRIBUTION

Time CD 1.7%

25.0%

Negotiable CD 0.5%

15.0%

20.0%

22.2% 17.9%

17.8%

15.8%

16.6% 9.7%

10.0% US Agency 46.1%

Corporate/ Municipal 16.8%

5.0% 0.0%

0-.25

.25-1

1-2

2-3

Maturity (years)

3-4

4-5

CITY OF ARVADA INVESTMENT REPORT by $4.3 million in comparison with the last year mainly due to the slower growth of building activity this year. The most noticeable change in the composition of the portfolio was the larger allocation to the corporate and municipal bonds sector which offer better returns in comparison to Agencies. Agencies spreads have been tight for some time now. The total interest earnings for the first three quarters of 2019 were a little over $3 million. The average year-to-date yield on the City’s portfolio was 1.97% in 2019, whereas the average yield on PFM-managed portfolio was 1.92%. Being an actively managed portfolio, it allowed PFM take advantage of higher rates at the beginning of the year before the Fed started its easing monetary policy. This proactive approach resulted in a pickup of 44 basis points in yield in PFM-managed portfolio, 25 bps in City-managed portfolio and $386,897 in additional earnings for the City overall. In contrast, the benchmark has already dropped 9 bps since the third quarter of 2018. And this is the leading indicator for the City’s portfolio, which points the direction of portfolio yields in the future. As for the duration of the City’s portfolio, the objective for 2019 was to extend it to 2 years. The current duration to maturity is still 1.71 due to the calls of investments in longer maturity buckets. The PFM-managed portfolio, being strategically a long term portfolio, is positioned much better for the falling rates environment. The duration on that portfolio is 2.54. This blended strategy should benefit the City overall no matter the direction of interest rates. The credit quality of the investments in the City’s portfolio is continuously monitored and updated. The portfolio is comprised of over 92% of top rated investments (AA+ or better).

PORTFOLIO PERFORMANCE 09/30/2019

PORTFOLIO CHARACTERISTICS

09/30/2018

Difference

City

PFM

City Interest Earnings

$2,434,401

$2,178,703

$255,698

Duration to Maturity (yrs)

PFM Interest Earnings

636,442

505,242

131,200

Yield to Maturity at Cost

1.984%

2.040%

Total Interest Earned

$3,070,843

$2,683,946

$386,897

Yield to Maturity at Market

2.044%

1.720%

YTD City Portfolio Yield

1.97%

1.72%

+25 bps

YTD PFM Portfolio Yield

1.92%

1.48%

+44 bps

YTD Benchmark

2.29%

2.38%

-9 bps

CREDIT QUALITY (S&P RATING)

AA+ 68.99%

1.71

ACCOUNT SUMMARY City

PFM

Total

City

PFM

Total

Par Value

$173,655,971

$51,483,000

$225,138,971

Book Value

174,108,687

51,513,247

225,621,934

Market Value

174,565,091

52,184,697

226,749,788

$456,404

$671,450

$1,127,854

Unrealized Gain /(Loss)

2.54

AAA 23.53% A+ 0.24%

AA4.56%

AA 2.67%

Investment Management Focus - 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 2.20% as of September 2019. This will allow ample cash should the City experience unexpected needs. Investment-grade corporate spreads has 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 the rest of 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.

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 2021, Arvada will have a traffic accident rate lower than the national average

TOTAL # PRIORITY 0 & 1 CALLS BY SECTOR

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

PERCENT OF PRIORITY 0 OR 1 CALLS IN WHICH OFFICERS ARRIVED IN LESS THAN 5 MINUTES BY SECTOR

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)

Community and Economic Development BY 12/25, FULLY ALIGN THE CITY’S ECONOMIC DEVELOPMENT EFFORTS WITH THE COMMUNITY’S VISION EXPRESSED IN THE COMMUNITY SURVEY AND BUSINESS SURVEY By 12/20, AEDA will be re-accredited by the International Economic Development Council By 12/20, establish a community outreach program that helps the community define its economic development goals ANNUALLY FACILITATE DEVELOPMENT OF 150,000 SQ FT OF COMMERCIAL REAL ESTATE

ANNUALLY FACILITATE RELATIONSHIPS WITH 100% OF IDENTIFIED STRATEGIC PARTNERS

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

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

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

ARVADA HOUSING AUTHORITY SECTION 8 PROGRAM ANNUAL HUD SEMAP RATING

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