Statements of Fiduciary Net Position

MANAGEMENT’S DISCUSSION AND ANALYSIS (UNAUDITED) DECEMBER 31, 2020

Proprietary funds. The City’s proprietary funds provide the same type of information found in the government-wide financial statements, but in more detail .

The unrestricted net position balances of the City’s proprietary funds (including the major enterprise funds) are reflected in the following table:

Major Enterprise Funds Water Wastewater Stormwater Golf Total of major enterprise funds Food Service Internal service funds Total proprietary funds

Table of Unrestricted Net Position Net Position - Proprietary Funds (in thousands)

Unrestricted Unrestricted

Net Position for Net Position for Year ended 12/31/20 Year ended 12/31/19

$ 109,927 9,047 7,382 (2,497) 123,859 (346) 28,017

$ 151,530 $ 106,225 12,370 7,076 (3,437) 122,234 724 26,202

$ 149,160

Component units. The Arvada Urban Renewal Authority (AURA) was created by Ordinance No . 1717 under the Colorado Urban Renewal Law and approved by voters on March 3, 1981 . AURA’s purpose is to develop, redevelop or rehabilitate blighted areas of the City . The governing body of AURA is a commission of seven members, appointed by the Mayor and approved by City Council . AURA’s annual budget is approved by the City Council and the City provides administrative support to AURA . The statement of net position reflects $612,000 of restricted net position balance and $436,000 of unrestricted net position balance . The total change in net position for AURA was a decrease of $2,129,000 .

Budgetary Highlights

General Fund.

Final budgeted expenditures and transfers out increased $18,344,000 from the original budget to a total of $112,949,000 . $6,420,000 of this increase is due to projects not completed in 2019 and carried to 2020 and also one-time funding for projects . Major projects included traffic projects and studies, building security, and funding to Arvada Economic Development Association . The City received $9,455,000 in CARES Act funding through Jefferson and Adams County which was used to assist local businesses, residents and the City with expenses related to the COVID 19 pandemic . The remaining increase included various operational expenses in the General Fund .

Property tax exceeded budget by $705,000 and Sales and Use Tax also exceeded budget by $4,890,000 primarily due to increased online sales and grocery store sales . Fine and forfeitures did not meet budget by $1,181,000 primarily due to decreases in court fines and fees . Public Works expenditures had a savings of $999,000 due primarily to projects delayed to 2021 . Management expenditures had a savings of $997,000 due to projects delayed to 2021 . Public Safety expenditures had a savings of $808,000 due to projects delayed to 2021 .