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City of Arvada First Quarter 2022 Financial Report

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FINANCIAL REPORT FIRST QUARTER 2022

COMMUNITY AND ECONOMIC DEVELOPMENT INFRASTRUCTURE ORGANIZATIONAL AND SERVICE EFFECTIVENESS SAFE COMMUNITY VIBRANT COMMUNITY AND NEIGHBORHOODS


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 Zac Taube, Budget Analyst Chris Kelly, Budget Analyst Carolyn Ewing, Budget Analyst Debra Nielson, Controller Danielle Trujillo, Accounting Supervisor Vesta Weinhauer, Accounting Supervisor Natasha Galston, Grant Accountant Jenna Belec, Executive Assistant Steve Milke, Bun Heng, Print Shop


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 Solid Waste Fund............................................................................................................... 20 Internal Service Funds Insurance Fund.................................................................................................................. 21 Computer Fund.................................................................................................................. 22 Vehicle Fund...................................................................................................................... 23 Print Services Fund............................................................................................................ 24 Buildings Fund................................................................................................................... 24 3F Bond Projects.............................................................................................................. 25-26 City of Arvada Investment Report...................................................................................... 27-28 Performance Data............................................................................................................ 29-31

1


OVERVIEW

2022 First 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 first quarter of 2022 is sending mixed signals. On the positive side, COVID cases have reduced to their lowest levels since the start of the pandemic, unemployment has fallen to 3.6%, its lowest level since February of 2020 and consumer sentiment is up over the prior months. These are all signals of a healthy economy and one that is in the start of a longer term growth pattern. On the negative side, inflation has reared its ugly head, up 8.5% year over year, the highest since 1981 and GDP was down (1.4%), the worst number since the second quarter of 2020, the 2-year and 10-year treasury yields inverted for the first time since 2019 and the S&P 500 had its worst month since 2008 (other than the shock drop of March 2020). These are all signs of a recession. In fact, 100% of the time a recession follows when the 2-year and 10-year treasury yields cross. The challenge will be determining when that will happen and how long it will last. The Federal Reserve is doing everything in its power to fight the meteoric rise in inflation. The Feds raised interest rates 25 basis points in March and are expected to raise rates 50 basis points in May. Additional 50 basis point rate hikes are expected in June and July, landing the short term rate at 1.75% before the summer session is over. Additional rate hikes are expected to continue throughout the year before stabilizing in the 1st quarter of 2023. The Feds are also going to start quickly reducing their balance sheet which currently sits at over $9 trillion dollars, the largest in history. The hope is that these measures will further tighten credit and slow down inflation. The real balancing act will be between slowing down the economy to a more normal pace and throwing it into a recession.

The State of Colorado’s job recovery moved above pre-recession levels in total in February. Not all industries have experienced growth with five out of eleven still below their peak. Inflation is certainly hitting hard with 8.5% year over year growth for the first quarter. For example, gasoline prices are up 32.9% in the past year driving consumer staple prices higher. Unemployment continues to fall, ending the first quarter at 3.7%, just above the national average. Businesses are struggling to meet the tremendous demand being generated by the consumer. The first quarter has started out strong for the City. Increases in sales tax, building use and auto use have led to year over year growth of 21.6%. Many revenue sources have a minimum lag of one month with some up to three months making trend work difficult. The second quarter will offer a better insight into the financial picture for 2022. Sales tax has continued to be strong with year over year growth of 11.4%. As was stated earlier, inflation grew at over 8.5% during the first quarter. If you assume that many of the items that are purchased were affected by inflation, year over year growth was closer to 3% or just above our projected growth of 2.5%. The sales tax categories of Wholesale, Electronic Shopping, Full Service Restaurant and Energy experienced the largest growth with Grocery and Limited Service Restaurants slowing down.

2


OVERVIEW

Auto use tax was strong, up 6.8% year over year. Demand for new and used cars remains high. It is expected that it will take three years for the auto manufacturers to catch up. Building activity remains strong with revenues up 13.2%. Arvada remains a desirable place to live and the builders are doing their best to bring increased housing inventory to the market. The City is certainly feeling the inflationary pressure on the expenditure side. Increases in capital project costs, fuel, natural gas and day to day supplies have been immediate with equipment, vehicles, pay and benefits on the horizon. The next two year budget cycle will need to include escalation assumptions to maintain the service levels of today. One capital project focus area discussed this month is Fiber Conduit Boring. Please take the opportunity to view the map that shows the areas that will be completed in 2022 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 the project detail pages (pages 25-26) in the document for detailed updates. The first quarter of 2022 has presented many challenges that will need to be addressed. Increasing inflation, competition for employees and political uncertainty are just a few. While inflation does not hurt the City’s revenues, in fact in many cases it helps as sales and use taxes are charged on the total cost, it can reduce or change the type of items that are purchased. A close eye will be kept on the direction of the consumer as the year moves on to see if we need to make changes to our assumptions.

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 actual amounts. 2022 Budget

General Fund Beginning Fund Balance

As of 03/31/22

As of 03/31/21

$61,013,000

$61,013,000

$ 77,086,936

$ 13,374,083

$ 12,328,292

7,949,428

3,062,689

1,484,136

786,750

204,778

189,696

20,996,948

4,067,879

3,031,936

$106,820,062

$20,709,429

$17,034,060

$96,316,274

$18,666,893

$18,900,864

REVENUES Sales & Use Tax Property Tax Interest Other Total Revenues EXPENDITURES Ongoing Capital

6,451,371

-

-

Debt Service

5,361,782

-

-

Total Expenditures

$108,129,427

Income/(Loss)

(1,309,365)

Ending Fund Balance

• • •

$59,703,635

$18,666,893 2,042,536

$18,900,864 (1,866,804)

$63,055,536

TThe 2022 beginning fund balance was $61,013,000. $10,605,330 of the fund balance is dedicated to projects not completed in 2021, one-time items and new requests. The 2022-2030 ten-year financial plan requires the use of $26,235,587 to balance. A new 10-year plan will be developed this summer in conjunction with the 2-year budget cycle. 70% 60%

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

50% 40% 30% 20% 10% 0%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 2021 2021 2022

4


GENERAL FUND Sales Tax 59.8%

Revenue Highlights

2022 BUDGETED GENERAL FUND REVENUES

Property Tax 7.4%

• Overall revenues increased $3,675,369 or 21.6% over 2021. • Franchise fees saw an increase of $387,911 or 111.6% over 2021. For the first quarter 2021, only January fees were received from Public Service due to a timing issue. January and February fees were received in 2022. • Property tax saw an increase of $1,578,553 and is discussed in more detail in the “Property Tax” section. • Sales tax saw an increase of $1,029,083 and is discussed in more detail in the “Sales Tax” section. • General use tax saw a decrease of $182,983 and is discussed in more detail in the “Use Tax” section.

Other 12.7%

Use Tax 1.0%

Interest .7% Franchise Fees 4.0%

Sales Tax • Sales tax collections lag one month; therefore, collections for the first quarter represent January and February collections. • Sales tax is up 11.4% for the first quarter. • With inflation at 8.5%, the relative increase in sales tax is slightly over the normal estimated sales tax growth of 2%.

Court Fines & Fees .9%

Auto Use Tax 8.4%

Building Use Tax & Permits 5.1%

Sales Tax Collections $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 $-

03/31/2018 $7,641,687

Sales Tax

Use Tax Building Use Tax • Building use tax increased 13.2% for the first quarter. • Inflation also attributes to the growth in building use tax; however, the City is continuing to see a normal level of growth Auto Use Tax • Auto use tax is up 6.8% in the first quarter. • The nation continues to see a shortage in new cars and the price of used cars is also elevated, so auto use tax is continuing to increase. General Use Tax • General use tax decreased 60.8% in the first quarter. • The decrease is due to several businesses with larger use tax remittances in 2021. This revenue will be monitored throughout the year.

03/31/2019 $7,614,354

03/31/2020 $7,947,112

03/31/2021 $8,920,211

03/31/2022 $9,944,331

Use Tax Collections $3,000,000

$2,500,000

$2,000,000

$1,500,000

$1,000,000

$500,000

$General

03/31/2018 $256,726

03/31/2019 $241,379

03/31/2020 $113,659

03/31/2021 $301,032

03/31/2022 $118,049

Auto

$1,309,753

$1,462,767

$1,455,296

$1,438,010

$1,535,258

Building

$1,343,554

$818,913

$919,016

$775,149

$877,531

5


GENERAL FUND

Property Tax Collections

Property Tax • The City’s property tax rate is 4.31 mills per $1,000 of valuation. • 2022 property tax is based on the mill which is placed on the assessed valuation from 2021. • Property tax is up 106% from 2021 • In 2021 there was a timing issue in property tax and the 1st quarter property tax was much lower than previous years. 2022 revenues appear to be in line with previous years’ revenues.

$3,500,000

$3,000,000

$2,500,000

$2,000,000

$1,500,000

$1,000,000

$500,000

$-

03/31/2017 $2,481,791

Property Tax

03/31/2018 $2,550,891

03/31/2019 $2,722,011

03/31/2020 $1,484,135

03/31/2021 $3,062,689

Intergovernmental Revenues

Intergovernmental Revenues • Highway Users Tax Fund (HUTF), the City’s share of statecollected gas tax revenue, is down 1.9% for the first quarter. This tax is collected on the number of gallons of gas sold. • 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 disbursed several months after it is collected, so January revenues will not be received until April.

$800,000 $700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $Jefferson County HUTF

6

03/31/2017 $-

03/31/2018 $-

03/31/2019 $-

03/31/2020 $-

03/31/2021 $-

$671,071

$745,146

$677,451

$564,064

$553,361


GENERAL FUND

Transfers 20.7%

Expenditure Highlights

Miscellaneous 0.8%

Personnel, 47.7%

Debt Service 5.0%

2022 BUDGETED GENERAL FUND EXPENDITURES

• Overall expenditures decreased $233,971 or 1.2% from 2021. • Services and charges decreased $706,975 or 27.2% from 2021 which is due to the timing of the bi-annual contribution to the Arvada Center. This contribution was made during the second quarter in 2022. • Supplies and expenses saw an increase of $360,528 or 22.8% over 2021. This is primarily due to contributions to the computer replacement and maintenance fund to support additional costs associated with technology.

Contracts 5.5%

Supplies and Expenses, 8.1% Services and Charges, 12.2%

Salary and Benefit 2022 Budget

As of 03/31/22

As of 03/31/21

$38,900,281

$6,859,316

$6,726,784

-

-

839,696

271,494

231,471

Group Insurance

7,295,665

1,115,166

1,177,972

Retirement

4,280,417

778,442

767,632

Medicare

560,318

97,982

94,654

Temporary Wages & SS

524,618

96,004

67,816

Other

532,247

135,845

117,299

$51,533,692

$9,354,249

$9,183,628

Salary & Benefits Salaries & Wages Vacancy Savings Overtime

Total

(1,399,550)

• The annual salary rate adjustment and the pay step increases were halted to plan for the uncertain effects of the COVID pandemic in 2021. The salary and step freeze was removed later in the year. The increased 2022 costs are offset by employee turnover and position vacancies resulting in the 2022 personnel expenditures being comparable to the previous year’s amounts.

7


STREET MAINTENANCE FUND Street Maintenance Fund Overview The Street Maintenance Fund accounts for costs associated with street maintenance, repair and replacement including: crack sealing, chip sealing, seal coating, reconstruction, milling and overlay. 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.

Revenue Highlights • Revenues consist of a transfer from the General Fund, payments from participants in the 50/50 Sidewalk Replacement program and street degradation fees.

Expenditure Highlights • The vast majority of the street construction season is after March 31st, which is reflected in the very low level of expenditures in the first quarter. Other expenditures include personnel costs for staff associated with the Street Maintenance fund and partial funding for a new patch truck.

Street Maintenance Fund Beginning Fund Balance

2022 Budget

As of 03/31/22

As of 03/31/21

$1,556,870

$1,556,870

$363,000

$10,149,631

$2,537,408

$2,487,626

120,000

51,580

$10,269,631

$2,588,988

REVENUES General Fund Transfer Other Total Revenues

$2,487,626

EXPENDITURES Asphalt Replacement

$5,000,000

$-

$-

Concrete Replacement

3,368,912

$-

$-

Crack Sealing

1,000,000

$-

$150

900,719

$99,887

$157,418

$10,269,631

$99,887

$157,568

2,489,100

2,330,058

$4,045,970

$2,693,058

Other Total Expenditures Income/(Loss) Ending Fund Balance

8

$1,556,870


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STREET MAINTENANCE PROGRAMS - 2022

62 ZE N ZE OBI A C NO R. BI A ST.

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78TH

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68TH AV E .

AV.

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4500 W. UTICA

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AMES

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GRAY

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5300 W. AMES

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77

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CT.

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ST.

ST.

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ST.

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5800 W. FENTON

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PL

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6000 W. HARLAN

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NOLAN NOLAN CT. ST. NEWLAN D WY. MARSNEWLAND HALL ST. ST. ST.

REED

ST.

SAULSBURY

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UPHAM

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W.

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6100 W. INGALLS

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ST.

PL.

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6200 W. JAY

53 PL. W. 53RD

PIERCE ST. COLUMBINE

ST.

ST.

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WAY 70TH

6300 W. KENDALL

TH

QUAY

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ST.

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ST.

ST.

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ST.

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ST.

PIERSON

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PARFET

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BB

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LOOP

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RO

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6400 W. LAMAR

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ST.

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54 PL. W.

6500 W. MARSHALL

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W. 68TH PL.

6600 W. NEWLAND

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ST.

ELLIS C T.

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ST.

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ST. ELLEN DR.

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ST.

CT.

FIELD

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W. 68TH AVE.

6700 W. OTIS

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RD

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QUAY

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55TH

QUAY

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ST.

ST.

ST.

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VANCE

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NG

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6900 W. QUAY

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ST.

ST.

CR.

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ST.

LYNN

W. 54TH AVE.

W. 59TH AVE.

7000 W. REED

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IRIS

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ST.

CT.

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WY.

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7100 W. SAULSBURY

CT.

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HOYT

ST

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TABOR

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7200 W. TELLER

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JOHN SON

S T.

CT.

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NEWCOMBE ST. ST.

OWENS

ST.

W 54TH DR

PARFET

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52ND

DR.

AVE.

7300 W. UPHAM

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WY.

TAFT

W. 55TH AVE. 59TH

7400 W. VANCE

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W .

UNI ON

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7500 W. WEBSTER

ST.

S T.

EVERETT ST.

S T.

PIERSON CT.

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CT.

ROUTT CT

ST.

TAFT

UNION CT.

ST.

ST.

NOBLE

57TH

7600 W. WADSWORTH

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XENON

VIVIAN ST.

QUAIL

WY.

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YANK

S T.

S T.

ST.

ALKIRE

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ST.

BRAUN

BEECH

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MILLER ST.

CODY

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TABOR

ST.

BRISTOL

COO RS

ST.

O REN

7700 W. YUKON

E VIC

7800 W. YARROW

ESTES ST.

IRIS ST.

ST.

ST.

ST.

TAF T

STREET

( C SH 7 2 )

JOYCE ST .

POPPY CT.

M c I N T Y RE S T .

54

7900 W. ZEPHYR

OAK

PARFET

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ST.

GLADIOLA

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HOWELL ST.

PIKE ST.

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NORSE ST.

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ELDRIDG E

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ST.

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W. 51ST AVE.

W. 50TH AVE.

8000 W. ALLISON

AR D R O A D

SER

8100 W. AMMONS

MCI NTYRE ST.

0 I-7

8200 W. BALSAM

8300 W. BRENTWOOD

8400 W. CARR

8500 W. CODY

8600 W. DOVER

8700 W. DUDLEY

8800 W. ESTES

8900 W. EVERETT

9000 W. FIELD

9100 W. FLOWER

9200 W. GARRISON

9300 W. GARLAND

9400 W. HOLLAND

9500 W. HOYT

9600 W. INDEPENDENCE

9700 W. IRIS

9800 W. JELLISON

9900 W. JOHNSON

10000 W. KIPLING

10100 W. KLINE

10200 W. LEE

10300 W. LEWIS

10400 W. MILLER

10500 W. MOORE

10600 W. NELSON

10700 W. NEWCOMBE

10800 W. OAK

10900 W. OWENS

11000 W. PARFET

11100 W. PIERSON

11200 W. QUAIL

11300 W. QUEEN

11400 W. ROBB

11500 W. ROUTT

11600 W. SIMMS

11700 W. SWADLEY

11800 W. TABOR

11900 W. TAFT

12000 W. UNION

12100 W. URBAN

12200 W. VAN GORDON

12300 W. VIVIAN

12400 W. WARD

12500 W. WRIGHT

12600 W. XENON

12700 W. XENOPHON

12800 W. YOUNGFIELD

12900 W. YANK

13000 W. ZANG

13100 W. ZINNIA

13200 W. ALKIRE

13300 W. ARBUTUS

13400 W. BEECH

13500 W. BRAUN

13600 W. COLE

13700 W. COORS

13800 W. DEFRAME

13900 W. DEVINNEY

14000 W. ELDRIDGE

14100 W. ELLIS

14200 W. FIG

14300 W. FLORA

14400 W. GARDENIA

14500 W. GLADIOLA

14600 W. HOLMAN

14700 W. HOWELL

14800 W. INDIANA

14900 W. ISABELL

15000 W. JOYCE

15100 W. JUNIPER

15200 W. KENDRICK

15300 W. KILMER

15400 W. LOVELAND

15500 W. LUPINE

15600 W. MCINTYRE

15700 W. MOSS

15800 W. NILE

15900 W. NOBLE

16000 W. ORCHARD

16100 W. ORION

16200 W. PIKE

16300 W. POPPY

16400 W. QUAKER

16500 W. QUARTZ

16600 W. ROGERS

16700 W. RUSSELL

16800 W. SALVIA

16900 W. SECREST

17000 W. TERRY

17100 W. TORREY

17200 W. ULYSSES

17300 W. UMBER

17400 W. VIOLET

17500 W. VIRGIL

17600 W. WIER

I

R. CI

17700 W. WILKERSON

AVE. WAY W. DR .

TH

82 AVE.

ST.

(48TH AVE) MARILYN W. JEAN DR. 61ST PL. AVE.

. AVE H 75 T INGALLS

PL.

RN TU

53RD PL.

RD.

ANN W. AVE. 2ND W. 7

W.77TH PL.

N

KE PI DRIVE RN PIKE

52

E RIDG

60 AVE. 62ND AVE W.73RD PL. 75 W.

T 76

H 80T

TU

PL.

54 LN. 54 PL. AVE. W. W. 74TH AVE. TH W. 75

L. W. 80TH P

AVE.

R DE UL

54 AVE. ROBINSON 61ST AV. 63 AVE.

69 TH AVE.

PL.

ES

BO

H 54T

DR .

BARBARA 61ST AVE. 62ND 76TH D TH Y 77 RA G

AM

A BI

AVE.

O REN

LANE W. 68TH PL. AVE. W.74TH PL. R.

SE

NO ZE

I-70 SERVICE RD.

W. YARROW PL.

70TH 3RD W. 7

79TH

O NT BE

CR.

W. 49TH PL.

PL.

59TH AVE. REED

W. 69TH W.78TH PL.

A CH

. ST

AVE. 64 PL. 71ST KENDALL

9 TH W.7

ON NT FE . CT

83R D

S TE YA

W.61 ST 62ND 62ND

AVE. LAMAR

80TH

W.

S T.

W. 53RD

. DR

W. 62ND

71ST PL. CR. POMONA DR. WOLFF

51ST

OAD LLE R

61ST AVE. W. W. E. AV

65 W. 75TH DR.

80 TH

84 TH

ET N STRE

W.

CALVIN DR. DR.

AVE.

W. 74TH PL.

. CR

N

O TENNYS

W. AVE. 63RD

72 PL. W.

CT.

81 81 P PL. L. 81

W PE DE

E IV

50TH AVE. AVE. W.75TH PL. DR.

W.

DR

59TH 62 AVE. AVE. PL.

PL.

TO EA

KE PI

W. 49TH AVE.

W.

PL. PL.

AVE. W.

CT.

N TO

ER

KS BROO

W.

66TH AVE. AVE.

ALLS

N FE

RN

DR. W.

67TH

67TH AVE.

82

TU

W. 49TH AVE.

. LN

PL. W.

W. 75 77

83 RD

NV

E. AV

E RAB CLA

DR.

65TH UP HA M

W. W.

D R.

DE

PL.

W.55TH

62 PL. W. PL. 78

-

ST 51

AVE. PL.

W. CR.

80TH PL.

82

AV E.

36

W. 53RD AVE. 62ND PL. AVE. 68TH W.

DR .

84 PL . AVE .

Y

AVE. 66 DR.

W. 70TH AVE. PL. MARSHALL CR.

82 ND

HW

(W. 48 TH AVE.)

AVE. .

67TH 74TH .

83 RD Y.

GRAY

( R A L S T O N R O AD ) TA

AVE. 69 AVE. W.

ST

W

DEPEW ST.

50 TH

60TH VIS

W. 69TH AVE. PL .

83 RD

ST.

AVE. W. W. W.66TH AVE. 71 AVE. .

LL HA . RS CT MA . L AL CT ND KE 84TH Y JA . WAY CT

86 TH

. PL

W. 58TH PL AVE W.

68 RR BE HA C K R D. HIL L 9 79 7 CR. CT.

ONA POM

W.

81

52ND

54

62

W. 71ST PL. TH

PL DR . .

AN

. AVE

E A RIDG GY D

W.63RD W. 69TH PL. ST

. DR

RL HA

PL.

ALT A PL.

65 AVE. DR. 73 78 . DR

W.

AVE. ROA D

AVE. TH 70

75TH AVE. .

84 PL .

CT.

RD.

55 AVE. WY.

64 PL. PL. W. 69TH DR. W. . CR

80TH CR. AY GR

PL.

SHARON LN. 56 PL. W.64TH

W.67TH W. W.79TH DR.

TH

.

53RD DR . CR.

AVE. W.

W.

84

DR

RIDGE AND HIGHL

W. 65 WY. CT.

.

W.

E AS CH . CT

W.62ND AVE. AVE.

W. 69TH

REED ST.

I-70 F.R.

ST.

63 AVE. PL.

AVE. 73

DR.

CR .

TH 85 . PL

AY GR

W.

DR.

WY. W. 72ND F. R. 81ST

E

AR LAM CT.

W.56TH PL. 65 AVE .

69 WY. NE

WL DR AND .

D

PL.

. PL.

PL. 69 74 PL.

CH AS

N LA

DR.

COLE 64 W Y.

71ST 73RD PL. .

TH

EW N .8 5T H

Y JA . CT

57TH W. 66TH

W.70TH AVE E.

76

OBERON

W. 67TH

69 PL. ST

AY QU ND 82

AVE. 64 W. 66TH

W.70TH PL. W.

Y.

W. AVE. DR. 83 AVE. . RD . Y W CT 82 . M CT HA WA R UP Y RY LE EL BU POMONA D 83 R. T LS AV POM N. AU E. ONA . S CT LS82 U Y PL SAUR DR . B . . CR W

GRANDVIEW PL. W. 67TH

W. 75TH AVE. ST

84

. DR

53RD

W.64TH AVE. PL. W.

WA Y

W

. DR

AVE. AVE. 68TH

69 WY. 83

84TH AY

54TH

61ST 64 WA Y Y. W

. QU

PL.

W. W. 65TH W. CR. DR.

WA Y

E.

63RD PL. PL.

68TH PL.

84 TH

AV

DR .

64TH 67 AVE. AY W W.

TH AR M LA

W. 57TH PL. AVE. DUDL EY WY .

ALLISON CT. H 78 T W. AV E.

DR.

. CT

DR. 65TH PL. W.67TH

TH

W.87

.

LL DA

BROO KS 66TH

W. TH 78

ST

N KE

PL. 67 AVE. 70

W. 90TH AVE.

R MA LA . CR

PL. W. 53RD

W. . DR 80TH PL.

.

59 66TH AVE. H 74T W

ST

W. 68TH 69TH

W.

E

PIERCE

H 50T

AVE. W.

W.80TH PL. PL

T DR .

T.

AVE. 72ND

81

80

PL. . DR

77TH AV

ES

W.58TH AVE. 71 CR. 81

CR SE

51ST

64TH PL. W.

PL. AR LAM ST.

W. 7 2 N D AVE. WY.

81ST

ST.

W.

AVE. 78 CR . PL.

81

ST.

54TH 70TH WAY 78

CR.

AM

W.

AVE. WY. W. 74T H 78

80

UPH

W.

C

69PL. 75 . DR

CR.

TELLER

N

AVE. W.

79 CT. AV E. CR .

CT.

57TH AVE. PL

AVE. PL.

DR.

S

.

SO

61 .

73RD RR CA T. C TH DR.

84

AS

. CT

W. 53 AV.

N PL

W.

AVE. 79 PL. ST.

ST

W. 62

W. WAY

81 S T

E.

83 AVE.

CH

QUAY

PL.

H E. AV

PL. TH 75 W. 79

82 PL.

DR.

QUAY

JO RD

W. 73RD AVE. TH 75 R

DR .

CT.

TER

REED

AVE. 63

W. TH 76

T

AV BS WE

RY BU L S R. C

56 PL. .

66 PL. W. R CA

81

U SA

W

W. 90TH AVE.

ED RE . CT

17800 W. WINDY

88TH PL.

W.

W. 52ND PL. 59TH

3 .6

64 PL. W. 74TH 78

81

AY

W. 55TH DR. DR

W. 68TH W.

EV ER ET T

PL.

W

17900 W. YULE

. 7 TH

R.

W . 8 8T H A VE .

W.

73RD ZEPH YR

E

ST.

TH A V E 55

W

ST .

P L. R VE DO CT.

N MO AM DR . DRIV

E

55 PL. CT. IR IS R . DR ON N N R. D

64 87 TH

C VAN

PL. R

67TH PL. 75 CARR CT.

RR CA . CR

. DR

AVE. LE

65TH AVE. CIR.

E VANC ST.

D. E R RID G PL.

A SH

W. DOVER

W.

59TH

58TH TY

PL. WA Y

AVE.

81ST

ZEP HYR CR.

W.

W. 69TH PL.

WY.

84 T H

. ST

P L. DR. PL. 71ST 75TH W.

AVE.

ON

F.R. .

PL. W. 76TH AVE. DR .

. CT . DR

R D.

W

W.71ST . WY 80TH

IS ALL

56TH 59TH E LA

66 DR. T

POM ONA

WAY

AVE. SE

65 AVE. PL.

74TH S

CODY

ST.

W.64TH AVE. 75 AVE. LN.

81

W.62ND AVE. PL. W. . PL

9

LN. CR

67TH PL. T ET ER EV

DRIVE

R.

W. . PL DR.

W.

CI

W. IN NS

64 PL. 79

W.

H

W.

R W.

RL RE

76 AVE. TH 77

AVE.

T 86

W . 5 8 T H A VE . BE PL .

77TH

MILL E

ALLENDALE .

PL. W.

.

I- 70 58TH AVE. ST.7 CL 9 W UB Y. 79 78 78 CR. PL. 78 AVE. 77 CR.

T ES CR

PL. 80 PL.

W.

R CI

54TH AVE. PL

66 77 81ST

DUDL EY

H

VE. 53 A

62ND 65 69 PL. DR.

PL.

UB CL

T 78

54TH 63RD PL. 70TH 81

TT W Y.

UB CL

. LN ST.

PL.

EVE RE

. W

60TH PL. AVE.

AV E . T ET ER EV

NA MO PO

. LN

63 DR. AVE. 63 AVE. 66 CR. 81 ST

PL. AVE . CR.

W.61ST AVE. AV E. 84TH

. ST

. ST

62ND W.64 TH PL. DR .

86TH

R

W. 70TH PL. YT HO

W. .

VE

54TH 63 LN. AVE. AVE.

78 . R C

W. AVE. 83RD

P L.

.

55TH 63 PL. 82 LN. 83

PL

55 PL .

W. PL. 70TH 86 TH 86T H A VE

DO

56TH PL 63

AVE. W. GA RLA ND CT .

CRE

F.R.

DR. W.65 TH AVE. 84

H

59TH 66TH 71ST 87

. WY

59TH

63 AVE 68TH W. . PL

PL.

S TE ES CT.

W. 73RD PL. SI ER RA Y WA

EY DL DU . CR

W. PL.

. PL

18000 W. YANKEE

W. 88TH AVE.

WY.

63RD 64TH IN D E P

ST.

W. W. 62ND PL. 62ND AVE. W. 68TH PL.

TH

W. 65TH AVE.

W. 68TH WAY.

6 W. 5

I-70

W. PL.

WY. ST .

TH

W. W. W. 69TH AVE. JELL 75TH

IRIS ST.

AVE

63 AVE. PL. 65 PL. W.69TH PL. 74TH 74TH

Y.

W. 64 PL. W. E IN KL . DR CT .

AVE.

W

W. 49TH PL. ALLENDALE PL. PL. W. W.

N.

D 52N

PL. WY. W. 76TH W. H 77T

75

( RA L S T O N RO AD ) W.65TH W.

PE

54 PL.

64TH 67TH PL .

81ST

ROAD

W.

W. D

DE IN

E RIDG

AVE. AV E.

. ST S TE CR. ES

CR. 65TH 69TH 77

T. DC

DR. AVE. 77TH DR.

PL.

N LLA

W 53RD PL AVE.

67TH PL.

82ND

N

PL. PL. 7 5T H AVE . 81 ST

HO

W. 59

65 68TH PL. DR.

O ER

PL.

66TH WAY W.72ND DR.

OB

53 PL.

AVE. 74T H

W.

PL.

D AN RL GA

58TH F.R. PL. AVE. 70 TH

78

W.

. W

AVE. PL.

W. 68 TH 77

DR .

82 ND

YT

52 PL. 60TH PL.

PL. W. 81 AVE.

. CR

LN. 69 77 . CR

W. E.

HO

66TH 70 TH

W .

82 PL. 82 DR. AV

87 CR.

RRGA N IS O IR. C

DR.

W.

68

W. 72ND AVE. 86 TH 86

PL.

WY. W. 67TH PL. W 72 PL. WA Y 85 PL . 85 87

IRIS

W. 54TH

57TH PL W.

ST. LE E

W. 50TH AVE

56TH

W.

WY. PL. 79 TH

81 CR . 81 LN.

. ST . ST

56TH

69TH WY. 69

W.

PL. 87 AV E. W. ST.

57TH AVE 73R TH 84

87 PL.

S

58TH F.R. PL. W. LEWIS CT.

ON N S T. S

W. 87TH AVE. I IR

AV E.

W.

78TH

JOHNSON

53RD

PL. 69

LEWIS .

JELLISON

18100 W. YUCCA

H JO

60TH 68

WEST 71ST PL. 77 CR. 81

AD RO

. W. 77TH

ST.

W. 49TH AVE.

54TH ST 61 W.

CT

W.48TH AVE.

N

PL. 70 W. 76TH DR. 80TH D R.

AY

AVE.

VI A

A VE .

N QUEE

51ST PL.

VI

W. 66TH PL. W. E LE

W

W.

62 PL.

ST

51ST AVE.

57TH AVE 67TH 71 W.

AY

53 AVE. PL. AVE. 74 PL. W. AVE.

W

54TH DR. W.62ND PL. AVE. 70 PL. AVE.

.

IS ST.

54 DR.

54 PL 58TH 65TH PL.

55TH

53 PL

.

67TH PL.

ROBB

52 PL

DR

W. 67TH AVE. 74

76TH PL.

W . 8 0 TH E N

AY

W. 5 6 T H W. AVE. CR.

LE W

55 PL

PL

PL. AVE.

. DR W AVE.

79 PL. I KL

W

56

W AY

E.

CR. 67 75TH 78

Y

. DR

57 DR W

66TH

ROUTT W. 77 TH

77 PL.

P L.

N SO

W

57TH PL. AVE. 61ST 60TH 82 PL.

E IC

W. 58TH AVE. 59TH W. 68 73 AVE.

81

WA

LI

E

W. 75TH PL. AVE .

81

RK

S OK

60TH AVE.

SWADLEY

DR . 79

PL

N JA

PL.

W . 6 4 TH 72 78 AVE. PL .

. CT

W. 63 71 S 71 PL. T

PL. DR. OBB R DR. . PL

O BR

W. 59TH PL. W. W. 65 PL.

78

PA

E LE

FIG AVE. 66 PL. AVE. 73RD DR. .

W. 82N . D PL W. 82N E. D AV AV E.

IS IR

CR .

6 2 ND W.65TH 73 E. AV

75 PL. DR

PL.

ON

Y.

W.61ST PL. 61ST W. W. CT .

W. IV E

81 AVE. 83 85 . Y W

62ND AVE 67t h PL.

PL. H 84T D 83R

T LS

61 ST

W. 63RD AV E .

AVE. PL. DR H 85 T

N SO

W

.

67 PL. AVE. IV E

W.

HN JO

59TH ND

AV AVE.

74 DR

W.

L JE

W.

PL. RALSTON PL. LN. AY

79TH PL.

W.

.

ZA N G

CR 63

64 PL. 66 75TH DR. W

PL.

ST

60 PL. 63 65 W. 6 W.64 5TH TH PL.

W.70TH PL. WY. 78 TH

84PL.

E MB

60 PL. ZA NG ST.

67 TH

TAFT D 2N W. 7 77 TH

81 . DR

O WC NE

58TH PL. . ST W.

ST

76 TH

86TH

LEE

PL. W. 6 2 66 71

74TH 76 TH

NE

RA

RK PA

63 PL. 63 CR. 62

PL. WY.

AVE. AVE. .

74TH W.

85

. CT

63 WY.

PL W.

AVE.

.

CR. 62 DR. 64 DR. CR. 66 . DR PL.

68TH 70

. LN CT

62 PL. 67 71

W.

85

ER LL MI

BRAUN PL. CR.

64 67 FIELD CT. PL. 66

AVE. .

W.

LE R ST .

63 WY. 63 PL. VE . 65 A

XE NO N

S T.

52ND 61 AVE.

68TH AVE. . DR

68 AVE. W.68TH 69 AVE. PL . W.

73

76 TH LA NE

ST.

COLE 64 PL. 64 WY. ZA NG 79 TH PL 85 . AV E.

. WY

70 71

CT.

AVE. . CR

DR. W. W.

T

L CO

63 LN. CR W YN 63 D . H AM CR 70 PL. DR .

74 PL.

T

W. 59TH DR. W. 65TH CR. 74 DR . 84TH

E. AV

61 S T

PL. H AVE.

75TH DR

82ND

Y. W

HAM WYND 9T W.6

75TH .

T ROU

58 DR. 62ND DR.

PL. 74 WY.

S SIMM

59TH AVE. PL. YAN K

W. W.

. W

63 65 PL.

W

T ROU

W. R W AM Y. E

PL. 69 81 PL.

.

DE F

PL. PL. 68 71 PL. W. W. 77TH DR.

PL.

WY

64 DR. WAY W. 75TH PL. 76 TH

T. B S

W.54TH AVE. RD

T. DR S .

W . 8 0 T H A VE . 84 PL .

S EN OW

62 LN.

COLE CT. 65TH DR.

W. 75TH AVE. W.

O ND

64TH DR.

71 PL. W. 85TH

LA OR

N 65 PL.

TH 67 YA NK W.

W.

M AN

64 LE CO . CR 78 TH

R OB

W. 52ND AVE. 63

W.

W. 75TH AVE. 81 AVE. PL .

CR.

W. 63RD PL.

66 PL.

PL. 70 81 DR.

WY.

W.

Y. 66 W

71 75T H

83RD

ET RF PA

W.76TH PL. UR BA N WY .

82 PL.

N EE QU

DR.

77

62

58TH PL. 64 PL.

Y.

AVE.

R. C

W. 51ST LN.

65 AVE. W

ROAD W. 84

E.

N IO UN R . C

54TH W. 65TH

. PL

CT.

W. TH 66

W. 73RD PL 77 PL. PL. 83 AVE. PL .

AV

56TH PL. DEV IN TH

77TH

83 W.85

DR.

W. . DR

67TH 83RD AVE. AVE.

M IL

W. 81ST PL.

W. 8 4T H TABO R PL. CR. W. 83RD

BB RO T. C

PL. PL. TH 59 H T 59 E. AV AVE. W. 83RD LN.

N UNIO ST.

. WY 66

67 WY. W. 74TH DR 83RD

ST. AN

61 AVE. ALLENDALE E. ALLEND. AV PL. LN. 67TH PL. CO O 67 67 CT. RS CR. CT .

70 PL. 73 PL DR.

URB

W. 63RD AVE. W.

TH

73 AV WY.

. CT

(CSH 72 ) WY. 69 72 PL.

82 LN. 85 . DR 85TH

T

H DR. ST . TH

W.

83RD CR.

F TA

T 56

62 66

AVE.

DR.

ON XEN

AVE. PL. N

68TH .

W. 75TH PL.

ON XEN

W.53RD 62 67TH

DR .

83RD DR. W.

73 . DR

W. 67TH AVE.

68TH

73 LN W.

CR.

R BO TA T. S

. W . 63 PL

69TH AVE W. 80TH PL. . ST

84 L. P OAK ST.

W. 82ND AVE. 84

UNION

PL.

PL. HOLMA W.

PL. LN. DR .

AN URB Y WA . N ST N URB A DO GO R VAN ST.

W. 50TH AVE. 58TH

66TH AVE. 68TH

71ST 72ND CR. 85TH CR.

N BA . UR ST

W. WAY

71 AV. W. 83RD PL.

DR.

.

AVE. PL.

D 84TH

. W

AVE.

P L. . DR

WRIGHT W. 84TH

CT.

W. 66TH DR. 72 .

URBAN

63RD T.

PL. 72ND W.

CT.

DR.

AVE. DR . . PL

VIVIAN ST.

62 Y

W. 7 9T H

W.86TH AVE.

CT. URBAN

KENDRICK

70TH .

. CT . ST

W

W. 65TH WY. 69 DR. 74 TH W. 81ST AVE.

CT.

ADA and Concete Program E YR

W.70TH RS W

YANK

W. 51ST LN. NT

PL. W. W. .

ZANG ZINNIA

W. 52ND DR. 66

71 PL. W.

W

. CT

W. 53RD PL.

W. 54TH AVE. PL. 66 DR.

68 PL. 69 IA DR . EN RD GA

74 AVE. 73 PL.

PL

K

61

CI M

69TH LN. 69 PL. 73 AVE. ST .

N YA

53 RD

W . 6 4 T H A VE . 69 DR. 72 CO O

W.

Y.

W.55TH PL. E. .

72 PL. CT.

W

DR . AV .

W AR

K

W. WIL M AVE OT .

AV

68TH W. 78TH AVE.

N YA

56TH

W. P L. 71

A VE . 84TH

N BA . CT

STWO WE

70 DR. .

W.78TH PL. P L. 85

CR .

DR.

63 PL

E.

W . 7 2 N D A VE . W.78TH PL. . PL

6O CR. 65

AV PL . 74

W. 87TH AVE.

ELD

TH

66 75 PL. B EE C

UR

SCOTT ST. YANK CT.

I NGF YOU ST.

.

Slury Seal AV E

PL .

76 AVE. 8 7TH TE R R A

CR.

CIR . AVE.

DR. 74 WAY 74TH PL.

PK W Y .

CT .

76 . LN

ST .

YANK

ORION CR. 63 AVE. 64 W.73RD AVE. W. 83RD AVE.

DR.

WY. AVE. 65 W. 69TH AVE. 71

8 0 TH TH

RK

W.

64 PL.

71 DR. DR .

82ND

.

. DR

. 67

PL.

AVE. Y NE VIN ST.

IA

RS GE . RO CR 62 PL.

68TH

H 70T

W.

A LECT. P CO

58

. W. 66TH PL. 65TH PL.

W. 69TH PL. W. 69TH W

CT.

E AV

W. 51ST AVE. LN

W.

75TH PL. DR. H 86T W. R. H C 86T N AU 85 BR . DR 84TH PL. S 5 OR 8 . CO DR OP DR. LO 4TH . 8 P W . O DR LO 5 TH W. 8 84 AVE. W. 84TH AVE. 83

86

NN

DR. DR.

ZI

W. 76TH DR. H 86T W.

. W

64 LN.

. DR E AC PL . DR

G ZAN CT.

63 L N

N IO OR Y. W TH 70

W. 84

. ST

. CIR

ISABELL PL. E R AM CT.

. CT N AU B R O LE C CT.

64

LE NI 73 RD . 88 T H

73 . E AV

W.

W.74TH AVE.

74TH

84TH

E AM FR DE

W 63 PL. 62 . CT W.

JUNIPER W. 83RD PL. 87TH LN .

H BEEC CT.

PI 62 KE C PI T PL. K CR E . W 62 DR. D

W. 72ND PL. 75 TH W.

DR.

N AU BR T. C LE CO T. C

AR

ND 72 IR . C PL.

86TH

ST

POPPY WY. LOVELAND ST. . W. 86TH PL

S COOR

PL. H 75T

W. 8 DEF

S OR CO . CT

CR.

L AN D . LOV E CR

W. ST.

67TH

W. 84 C R.

W.

H EC BE

N IO OR AVE.

84 PL.

FIG

W.55TH DR. 70 TH . CR .

E

. CH OR T. 71 PL. S E IL 72 N AVE .

AVE.

GE ID . DR CT EL

E

W.55TH PL. GLAD IOLA W .

S ELLI CT

ST.

AV

W. 57TH AVE. PY

W. 73RD PL. DR.

85 LN .

C

E IDG ST.

W 77T H

A OR FL

KS RS T. PAR COO S E FIV DR.

CT. W.

D W

R ELD

LUP I NE

N 82 IA CR.

EY INN DEV

W. 76TH AVE. . N

.

W. 72ND AVE. 74TH JO YC CI R. E

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G:\GIS_Data\MXD\Public_Works\Streets\Maintenance\2022\22ST01 - StreetsPrograms2022.mxd

STREET MAINTENANCE FUND

The 2022 Concrete Program will include but is not limited to: • Complete any warranty work from 2021 • Remove and replace ADA ramps on intersecting streets in preparation for the 2022 future Overlay Programs • Remove and replace qualifying combination sidewalk curb and gutter and/or vertical curb and gutter for the 2023-2024 Overlay Program

The 2022 Asphalt Program will include but is not limited to: • Mill and overlay arterial, collector and residential pavement according to the map provided • Crack Seal arterial, collector and residential pavement according to the map provided • Chip and Slurry Seal arterial, collector and residential pavement according to the map provided

WA Y


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 $120,590 or 8.3% over 2021. • Jefferson County open space increased $25,090 or 5.8%. • In January, 2022 the Parks Department transitioned athletic field programming from the APEX Recreation District to the Parks Department. This new revenue source has contributed to the overall increase in revenue.

Expenditure Highlights • Overall expenditures increased $205,243 or 12.1% over 2021. • The majority of this increase is due to expenses involved with the start-up and operating costs of the new athletic field program.

2022 Budget

As of 03/31/22

$6,740,000

$6,740,000

$6,075,271

$460,276

$435,186

3,897,969

982,982

960,607

APEX Reimbursement

500,000

-

-

Other

300,120

122,528

49,402

$10,773,360

$1,565,785

$1,445,195

$11,585,697

$1,902,013

$1,696,990

Parks Fund Beginning Fund Balance

As of 03/31/21

REVENUES Open Space City Cash Transfer

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

-

220

-

$11,585,697

$1,902,233

$1,696,990

(812,337)

Ending Fund Balance

$5,927,663

(336,448)

(251,795)

$6,403,552

$12,000,000 $10,000,000 $8,000,000 $6,000,000 $4,000,000 $2,000,000 $-

2018 $-

2019 $-

2020 $-

2021 $-

2022 $-

2022 Budget $500,000

Cash Transfer

$832,935

$887,148

$924,307

$960,607

$982,982

$3,897,969

Open Space

$338,294

$354,348

$392,540

$435,186

$460,276

$6,075,271

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

2022 Budget

As of 03/31/22

As of 03/31/21

$15,927,000

$15,927,000

$10,198,818

$1,724,553

$1,555,548

2,018,619

380,074

352,620

433,667

56,302

(182,227)

$12,651,104

$2,160,929

$1,725,940

$13,008,384

$2,269,325

$2,168,949

16,149

7,508

3,561

$13,024,528

$2,276,833

$2,172,510

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

(373,424) $15,553,576

(115,904)

(446,570)

$15,811,096

11

Revenue Highlights • Sales tax and audit revenue increased due to inflation. The price of goods and services has increased over the last year which is directly related to the sales tax increase. • The increase in Other revenue is due to a larger accounting adjustment entry for daily interest in 2021 than the same entry made in 2022.

Expenditure Highlights • Ongoing expenditures increased due to the contributions to the computer internal service fund. This fund in part is used to pay for the technology needs of the Public Safety Department and the cost of technology goods and services are increasing.


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

2022 Budget

As of 03/31/22

As of 03/31/21

Beginning Fund Balance

$6,286,000

$6,286,000

$156,810

$28,416

$195

859,470

134,889

9,164

City Cash Transfer

45,000

13,199

11,250

Interest/Other

34,000

2,169

767

Total Revenues

$1,095,280

$178,672

$21,376

REVENUES Recovered Grants

EXPENDITURES Ongoing

$449,715

$50,548

$155,310

Essential Home Repairs

392,050

49,062

91,722

CDBG Other

446,836

93,837

43,824

CDBG

Emergency Rental

-

Assistance Total Expenditures Income/(Loss) Ending Fund Balance

$1,288,601 (193,321) $6,092,679

$193,447 (14,775)

289,781 $580,637 (559,261)

$6,271,225

12

Revenue Highlights

• Overall revenues increased by $157,297 or 735.9% over 2021. • This increase is due to the timing of Community Development Block Grant CARES (CDBG-CV) grant reimbursement and Essential Home Repairs Program (EHRP) Loan repayments. An Emergency Rental Assistance (ERA) grant of $1,100,000 was received and spent in 2021. No ERA grant received in 2022.

Expenditure Highlights • Overall expenditures decreased $387,190 which is a 66.7% decrease from 2021. This decrease is due to the payout timing of Human Services grants and completion of Emergency Rental Assistance program in 2021. • Essential home repairs program decreased $42,660 from 2021 due to training of a new program manager. • Three essential home repair projects were completed during the first quarter of 2022, the same as in 2021. The wait list for essential home repairs is at 58 as of March 31, 2022. • Ongoing expenses decreased due to the timing of Human Services grants payout.


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.

Arvada Housing Authority

2022 Budget

As of 03/31/2022

As of 03/31/2021

Beginning Fund Balance

$247,000

$247,000

$14,400

$3,355

$5,047

5,823,395

1,559,877

1,756,933

REVENUES Recovered Grants Transfers (Rev)

75,000

Interest/Other

1,000

32

19

-

Total Revenues

$5,913,795

$1,563,264

$1,761,999

EXPENDITURES Ongoing

$809,544

$79,088

$78,140

Rents

4,979,205

1,425,392

1,406,781

38,535

7,847

10,758

$5,827,284

$1,512,327

$1,495,678

86,511

50,936

266,321

$333,511

$297,936

Transfers (Exp) Total Expenditures Income/(Loss) Ending Fund Balance

13

Revenue Highlights • Overall revenues decreased $198,736 or 11.3% from 2021. • Grants revenue decreased $197,056 or 11.2% from 2021 due to the CARES Act funds available in 2021 and not in 2022. • For the first quarter 2022 there have not been transfers from the General Fund or Community Development fund due to staffing changes.

Expenditure Highlights • Overall expenditures increased $16,649 or 1.1% over 2021. • Rent expenditures saw a slight increase of $18,611 or 1.3%. With the increased rent costs in our area, housing funds assist fewer families than in previous years. • The Arvada Housing Authority served 425 families during the first quarter 2022 while 450 were served during the same period in 2021. The Housing Authority also served 35 families with disabled family members through the Mainstream Voucher program, same amount as in 2021. The waitlist was opened in 2021 and there are 892 people on it.


CAPITAL IMPROVEMENTS PROJECTS FUND

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

Capital Improvement Fund Beginning Fund Balance

2022 Budget

As of 03/31/22

As of 03/31/21

$48,394,048

$48,394,048

Revenue Highlights

REVENUES Transfers

$6,748,150

$-

$-

Grants and Recovered Costs

-

-

Contributions

-

128,943

4,875,708

300,000

153,191

137,217

$7,048,150

$282,134

$5,012,925

$2,244,906

$115,443

$(169,610)

CIP Technology

$238,810

$309,723

$333,837

CIP Street Projects

1,418,668

(63,493)

CIP Traffic Projects

2,063,858

62,756

Interest Total Revenues

-

EXPENDITURES CIP Administration

CIP Park Projects Total Expenditures Income/(Loss)

886,916 $6,853,158 194,992

Ending Fund Balance

$48,589,040

9,771 506,850

(79,049)

6,723

$345,380

$687,571

(63,246)

4,325,354

$48,330,802

CIP Traffic Projects $62,756

CIP Technology $309,723

14

• Contributions reflect traffic impact fees and development fees that are designated for specific capital projects.

Expenditure Highlights • Technology expenditures are related to the fiber conduit boring project. • Traffic expenditures are related to the traffic signal rebuilds.


CAPITAL IMPROVEMENTS PROJECTS FUND Project Updates Fiber Conduit Boring In 2017, the City completed a conduit master plan. The plan identified approximately 55 miles of conduit necessary to connect anchor institutions, such as the City, schools and fire stations. The City continues to work on the plan to build out a city-wide communication network that will play a critical role in helping Arvada and its citizens address challenges in safety, mobility and economic vitality and will provide for future communication needs. The map shows those areas that will be completed in 2022.

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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. 2022 Budget

Water Fund

Revenue Highlights • Water charges revenue has increased as a result of a 14.2% increase in consumption. • Tap Fees revenue increased due to the surge in new construction. Residential and commercial construction in the 1st quarter 2022 was more than the 1st quarter of 2021.

Expenditure Highlights • The Ongoing expenditures are comparable with the expenditures in 2021. • The Major Capital Maintenance expenditures decreased because of the large Raw Water Meter project payment occurring in 2021. • Capital expenditures decreased due to large payments for the Ralston Water Pump Station and Pipeline project made in 2021 compared to the lower total amount of payments for other capital projects in 2022.

Beginning Fund Balance

As of 03/31/22

As of 03/31/21

$99,967,000

$99,967,000

$26,790,444

$3,753,388

$3,285,618

Tap Fees

3,668,479

987,062

568,925

Interest

896,689

239,623

251,334

1,559,423

598,225

263,335

$32,915,035

$5,578,299

$4,369,212

$25,342,590

$4,088,234

$4,045,796

REVENUES Water Charges

Other Total Revenues EXPENDITURES Ongoing Debt Service

-

Major Capital Maintenance Capital Total Expenditures Income/(Loss)

-

277,252

537,943

23,556,637

908,236

3,027,717

$52,546,099

$5,273,721

$7,611,456

(19,631,064)

Ending Fund Balance

-

3,646,872

$80,335,936

304,577

(3,242,245)

$100,271,577

*$36,258,693 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 $117 million through 2026.

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 Beginning Fund Balance

2022 Budget

As of 03/31/22

As of 03/31/21

$13,262,000

$13,262,000

$12,707,789

$3,237,266

$3,065,055

Tap Fees

386,421

89,988

65,995

Interest

178,650

14,803

8,113

1,476,176

91,973

2,011

$14,749,036

$3,434,029

$3,141,173

$9,490,000

$2,500,435

$2,083,136

Ongoing

4,220,034

715,782

600,501

Major Capital Maintenance

2,485,282

433,292

465,864

Capital

1,198,364

8,935

$17,393,680

$3,658,445

Revenue Highlights

REVENUES Sewer Charges

Other Total Revenues EXPENDITURES Metro District

Total Expenditures Income/(Loss) Ending Fund Balance

(2,644,644) $10,617,356

(235,175) $2,914,326

(224,415)

226,847

$13,037,585

17

• Sewer Charges revenue increased as a result of the new 2022 rate schedule. • Other revenue increased due to a retainage fee being refunded from Jefferson Center Metropolitan District (JCMD) for the Alkire Lift project.

Expenditure Highlights • The Metro District expenditures increased due to a significant price increase from Metro Waster Recovery. They identified a rise in the ‘loads’ from the city’s wastewater inflows. • Capital expenditures increased because of an accounting entry reversal in 2021 without a similar entry made in 2022.


ENTERPRISE FUNDS

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

Revenue Highlights • Stormwater Fee revenue is comparable to the previous year’s revenue. The rate did not change for 2022. • Other revenue decreased due to a development fee and a state grant received in 2021 but similar revenues were not received in 2022.

Expenditure Highlights • The Capital expenditures increased due to the Ralston Creek at Ward Road project in 2022 whereas there were no capital projects in the 1st quarter of 2021.

2022 Budget

Stormwater Fund Beginning Fund Balance

As of 03/31/22

As of 03/31/21

$10,851,000

$10,851,000

$3,935,577

$1,037,043

$1,035,247

102,299

21,285

144,478

$4,037,876

$1,058,328

$1,179,726

$3,165,010

$455,681

$402,663

Debt Service

862,107

215,527

216,617

Capital

876,227

677,201

8,403

$4,903,344

$1,348,409

$627,683

REVENUES Stormwater Fee Other Total Revenues EXPENDITURES Ongoing

Total Expenditures Income/(Loss)

(865,468)

Ending Fund Balance

18

$9,985,532

(290,081) $10,560,919

552,042


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. 2022 Budget

Golf Fund Beginning Fund Balance

As of 03/31/22

Revenue Highlights

As of 03/31/21

$33,000

$33,000

Golf Courses

$4,326,245

$271,531

$273,315

Restaurants

2,073,722

282,511

147,537

REVENUES

Construction Revenue

-

City Cash Transfer

-

-

274,294

74,676

68,631

$6,674,261

$628,718

$489,482

Golf Courses

$2,525,344

$386,057

$362,435

Restaurants

2,100,918

295,755

240,653

Administration

2,388,819

Total Revenues EXPENDITURES

Capital Total Expenditures Income/(Loss) Ending Fund Balance

475,765 -

$7,015,081

598,629 -

$1,157,576

(340,820)

(528,858)

$(307,820)

$(495,858)

$1,201,717 (712,235)

• Overall revenues increased in the 1st quarter 2022 by $139,236 or 28.5% from 2021. • Golf course revenue decreased a bit, just under 1%, or $1,784 from 2021. The weather was a factor in January and February, affecting golf rounds played. • Golf rounds played decreased by 41.3% in the 1st quarter of 2022, due to weather. • Restaurant revenue, on the other hand, increased dramatically over 2021, by $134,974 or 91.5%. • People are feeling more comfortable going to restaurants, and West Woods was finally able to accommodate guests at full capacity.

Expenditure Highlights • Overall first quarter expenditures decreased $44,141 or 3.7% from 2021. • Administrative costs were low during the 1st quarter 2022, which helped keep overall expenditures down.

Golf Rounds by Type - January - March Player Support

Super Users Annuals

Super Users Clubs

Tournament/ Corp Leagues

Grow the Game

Total

West Woods 2021

2,704

665

-

-

2

3,371

2022

1,616

330

-

-

1

1,947

(1,088)

(335)

-

-

(1)

(1,424)

-40%

-50%

0%

0%

-50%

-42%

1,610 1,069 (541) -34%

1,078 509 (569) -53%

0%

0%

0%

2,688 1,578 (1,110) -41%

4,314 2,685 (1,629) -38%

1,743 839 (904) -52%

0%

0%

2 1 (1) -50%

6,059 3,525 (2,534) -42%

Variance Lake Arbor 2021 2022 Variance Combined Rounds Total 2021 2022 Variance

19


ENTERPRISE FUNDS

Solid Waste Fund Overview In 2020, the Arvada City Council approved a new waste and recycling program. The City entered into an agreement with a single trash company to provide waste and recycling collection for residents. The trash and recycling services started in July 2021.

Solid Waste Fund Beginning Fund Balance

2022 Budget

As of 03/31/22

$727,000

$727,000

$6,078,968

$1,013,657

532,800

1,045

$6,611,768

$1,014,702

$5,748,249

$800,270

As of 03/31/21

REVENUES Charges & Fees Other Total Revenues

$$-

Revenue Highlights • Revenues are only in 2022 due to trash and recycling services not beginning until July 2021.

EXPENDITURES Operating Debt Services

490,000

Other Total Expenditures Income/(Loss) Ending Fund Balance

$6,238,247

$800,270

373,521

214,432

$1,100,521

$941,432

$41,403 -

-

-

$41,403 (41,403)

20

Expenditure Highlights • The Operating expenditures are the charges for the solid waste hauling services provided by Republic Services.


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.

Insurance Fund Beginning Fund Balance

As of 03/31/22

As of 03/31/21

$2,731,000

$2,731,000

$2,518,422

$629,606

$603,270

60,000

14,264

19,627

-

34,709

13,196

$2,578,422

$678,579

$636,093

$2,048,317

$560,613

$206,191

438,821

90,792

66,127

$2,487,138

$651,405

$272,318

91,284

27,174

363,775

$2,822,284

$2,758,174

$363,775

REVENUES Contributions Interest Other Total Revenues EXPENDITURES Risk Management Administration

*Per GASB Statement 10, an additional $2,518,436 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 2021.

2022 Budget

Risk Management Operations Total Expenditures Income/(Loss) Ending Fund Balance

Revenue Highlights • Revenues increased $42,486 or 6.7% over 2021. • Contributions to the Insurance fund from other funds increased $26,336 or 4.4%. • Recovered costs increased $18,382 or 1.4% due to claim recoveries.

Expenditure Highlights • • • •

Overall expenditures increased $379,087 or 139.2% over 2021. Workers compensation claims increased $24,123 or 35.6% over 2021 due to an increase in claim costs. Liability claims increased $125,781 or 777.0% due to increased insurance premiums and the payment of some large claims due to a water main break. Property claims increased $203,608 or 1,203.2% due to increased insurance premiums, smoke mitigation and repairs due to a fire at the Community Table building.

21


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.

Computer Fund Beginning Fund Balance

2022 Budget

As of 03/31/22

As of 03/31/21

$8,265,000

$8,265,000

Maintenance

$2,594,520

$659,132

Replacement

2,558,429

649,986

587,000

35,819

$5,739,949

$1,344,937

$557,858

Maintenance

$2,879,630

$691,676

$467,957

Replacement

2,691,250

56,481

94,285

104,085

17,010

10,091

$5,674,965

$765,167

$572,333

64,984

579,770

$8,329,984

$8,844,770

REVENUES

Other Total Revenues

$411,574 273,887 (127,603)

EXPENDITURES

Other Total Expenditures Income/(Loss) Ending Fund Balance

(14,474)

Revenue Highlights • Contributions to this Internal Service Fund from the city’s departments were increased starting this year to accommodate for the price increases from the businesses that provide our technology needs. The increase in Maintenance and Replacement revenues represents the higher prices we have experienced and those we have estimated to occur.

Expenditure Highlights • Maintenance expenditures increased due to a software system payment and a payment timing difference. The new software used for customer relationship management, Comcate, has a higher cost than the previous software. Comcate was not implemented until after the first quarter of 2021. The L3 Harris radio system payment occurred in the 1st quarter of 2021 whereas the 2022 payment happened in the 2nd quarter, creating a timing difference.

22


INTERNAL SERVICE FUNDS

Vehicle Fund 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. 2022 Budget

As of 03/31/22

$6,260,000

$6,260,000

Maintenance Contributions

$2,395,363

$598,840

$660,713

Replacement Contributions

2,951,731

737,933

741,610

Other

1,279,000

114,478

486,262

$6,626,094

$1,451,251

$1,888,585

Maintenance

$2,776,357

$625,237

$650,546

Replacement

3,440,757

886,345

481,344

$6,217,114

$1,511,582

$1,131,889

Vehicles Fund Beginning Fund Balance

As of 03/31/21

REVENUES

Total Revenues EXPENDITURES

Total Expenditures Income/(Loss) Ending Fund Balance

408,980 $6,668,980

(60,331)

756,696

$6,199,669

23

Revenue Highlights • Overall revenues decreased by 23.2% over last year in the same time period. This is largely due to a decrease in other revenues related to fewer intergovernmental transfers thus far this year compared to 2022. Replacement contributions remained fairly similar to the first quarter of 2021.

Expenditure Highlights • Expenditures have increased by 33.5% over the first quarter of 2021, primarily due to greater spending on vehicle replacements. In the first quarter of 2022, the City purchased: • Two ABI Force TURF Groomers for Parks. • An R-21-040 Asphalt Patch Truck for Streets • 2021 Tymco 600BAH Regenerative Air Sweeper for Streets • New Victory Trailer for Athletic Field Programming for Parks • 2022 McClaughlin VX50-800 Hydrovac for Water Operations • John Deere 60G Compact Excavator for Water Operations


INTERNAL SERVICE FUNDS

Print Services Fund Overview

Revenue Highlights

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

Print Services Fund Beginning Fund Balance

2022 Budget

As of 03/31/22

• Print shop revenue is up 9.5% from 2021 due to an increase in print jobs. • Copier revenue is up 73.7% due to timing issues. March 2021 only had two months of copier revenue compared to March 2022 which had three months of copier revenue.

As of 03/31/21

$374,000

$374,000

$200,000

$43,076

$39,344

135,000

36,146

20,810

$335,000

$79,221

$60,154

REVENUES Print Shop Copiers Total Revenues

Expenditure Highlights

EXPENDITURES Print Shop

$260,504

$48,331

$46,222

Copiers

87,021

17,485

20,359

Equipment

96,000

Total Expenditures

-

$443,525

-

$65,815

Income/(Loss)

(108,525)

Ending Fund Balance

$265,475

$66,581

13,406

(6,427)

$387,406

• Print shop expenditures are slightly higher than 2021, primarily due to an increase with internal service fund charges to cover risk management, building and vehicle use. • Copier expenses are slightly down in 2022 due to supplies and repair and maintenance charges in 2021 but not incurred so far in 2022. • There is $96,000 budgeted for equipment replacement in 2022; however, the equipment does not need to be replaced and the replacement will be moved to 2023.

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.

Building Fund

2022 Budget

As of 03/31/22

Beginning Fund Balance

$(57,237)

As of 03/31/21

$(57,237)

REVENUES Replacement Transfers

$1,051,090

$163,862

$162,517

42,000

47

1,211

$1,093,090

$163,909

$163,728

Personnel

$75,734

$15,108

$14,121

Replacement

390,503

Other Total Revenues EXPENDITURES

Equipment Total Expenditures Income/(Loss) Ending Fund Balance

(839)

3,150

-

244,404

$466,237

$14,269

626,853

149,640

$569,616

$92,403

$261,674 (97,946)

24

Revenue Highlights • Revenues include savings related to the Ameresco Energy Performance contract being transferred to the Buildings fund to help offset the original construction costs. Other revenues include rebates associated with the Ameresco Energy Performance contract and interest on investments.

Expenditure Highlights • The only current expenditures in the first quarter of 2022 have been related to personnel, no replacement or equipment expenditures have been made as of yet.


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 previous bond issue, 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

Design

$1,809,992

$1,930,171

$(120,179)

Right-of-Way

4,861,539

4,457,071

404,468

Construction

10,540,410

2,578,677

7,961,733

671,059

166,986

504,073

$17,883,000

$9,132,906

$8,750,094

Miscellaneous Total Project

Ralston Road

Actual

Remaining

72nd Avenue

Ralston Road - Yukon to Garrison 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. The Regional Transportation District (RTD) operates five bus lines using portions of Ralston Road. The Citizens Capital Improvement Plan Committee 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: • The City has possession of all of the properties impacted by the project either through negotiations or eminent domain. • The overhead conversions by Xcel Energy, Lumen and Comcast are approximately 95% completed. • The new 12” waterline in Ralston Rd and new 8” waterline in Allison St are approximately 90% completed. The remaining work is the lateral connections to have this eastern portion of the waterline completed before this new system becomes operational once the appropriate testing is conducted. • Hamon Infrastructure is actively working on the north side of Ralston Rd, removing and replacing known and unknown and aging utilities as a part of the contract. Next Steps: • Preparation for two valuation trials scheduled for early 2022. One case may settle prior to trial. • Once the north widening is completed, Hamon will shift traffic to the north and will work on the south side for the second phase of the project. Challenges: • As Ralston Road has been reduced from four lanes to two lanes and as bad weather has set in, potholes have been a problem. Our team drives the project looking for potholes and contacts Hamon to fill them. Unfortunately, the patches are not that long-lasting under the current conditions. This has resulted in the City hearing from drivers with damage to their vehicles. These damage claims are sent to the Claims Specialist, who contacts the drivers and gives them Hamon’s contact information. Hamon is contractually responsible to pay these damage claims. • The City receives calls from citizens about the inconvenience of the construction zone. Through the City’s social media outlets, the project webpage, and direct contact with project team members, the City attempts to explain the challenges of the construction zone. The project team recognizes the challenges with a construction zone and the City and Contractor teams are taking all reasonable steps to avoid as much inconvenience as possible. • Contractors and sub-contractors working for the private utility owners at times encroach past the temporary construction easements. The City generally receives notifications from the landowners and/or business owners about the encroachment. When these issues arise, the City works with Hamon (the city’s contractor who in turn hires the subcontractors and has responsibility for them), to work on a resolution to this issue. Hamon works with their subcontractors to help them resolve these issues. • Aging infrastructure has triggered additional removal and replacement of storm sewers, which were not identified in the bid documents. The result is that force accounts are being drawn down and the project team will continue to evaluate the drawn down to reduce project impact over the life of the project.

25


3F BOND PROJECTS 72nd Avenue

Design

Budget

Actual

Remaining

$2,915,584

$4,253,283

$(1,337,699)

Right-of-Way

5,550,000

5,565,706

(15,706)

Professional Services

2,695,226

1,341,787

1,353,439

Construction

53,339,190

814,299

52,524,891

Total Project

$64,500,000

$11,975,075

$52,524,925

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. The regional corridor not only serves all of Arvada, it provides access to Westminster and Golden/Jefferson County. The Citizens Capital Improvement Plan Committee twice ranked improvements to W. 72nd Avenue as a high priority. The project also meets concerns expressed in recent Arvada Citizen Surveys. The 2014 Comprehensive Plan generated transportation models indicating 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: • Construction Package 1 - CP-1 (tree removal, utility relocation for the entire corridor, and new utilities). Xcel, Comcast, and Lumen are working to relocate utilities in the corridor. Xcel 1% electric work started in November 2021 completed a critical path by removing certain poles so that SEMA CP-2 work could begin. A revised end date to the SEMA contract has been established as June 6, 2022 due to the Xcel, ROW acquisition, and Union Pacific Rail Road (UPRR) delays. • Construction Package 2 - CP-2 (Swadley to Oak). Work includes utilities and full roadway reconstruction. 100% Plans signed/stamped were received in February 2022. The CP-2 and construction plans went to the City Council March 7th. Notice to Proceed (NTP) will follow the City Council approval. A preconstruction meeting occurred at the end of March 2022. The estimate for CP-2 is $22.6 million. • Construction Package 3 - CP-3 (Oak to Kipling, including the UPRR underpass) has five components: 1) bridge structure; 2) railroad shoofly; 3) temporary vehicular bypass; 4) roadway design plans; and 5) Construction and Maintenance Agreement (C & M Agreement), which are at varying stages of review by UPRR and the City. UPRR reviews have been occurring outside the expected timelines. The bridge abutment will be redesigned to a style which UPRR is more comfortable with. Current schedule shows bridge plans complete in May 2022 with the track plans following in August 2022. Anticipated NTP is late summer 2022. • Project scheduling will remain fluid until there is a better understanding of the UPRR coordination and response time and Xcel Energy’s utility relocation delays. Construction Package 2 NTP is anticipated in March 2022 as long as Xcel keeps their promised critical path schedule. UPRR reviews and timelines continue to be unpredictable. Project Challenges: • For the underpass excavation component of CP-3, the project team is developing a plan to mitigate underpass excavation and dewatering issues and possible environmental issues. Options include discharging groundwater to the public sanitary sewer system and treating for heavy metals using a Baker Truck removal system, thus allowing discharge into the storm sewer system. A possible test hole is being considered at a City-owned property at the 72nd and UPRR intersection to better understand the dewatering method needed to waterproof the underpass excavation limits. • Sonheim Underground Stream - The project team is assessing how the underpass may cut off underground stream flow to several properties on the south side of 72nd. A french drain is being proposed to recharge the water table in that location. Assessments are ongoing as to the recharge rates of the water table after construction. • UPRR has rejected the abutment design after continued attempts by the design team to demonstrate the benefits of the design. The design team will, therefore, go to Plan B, a design which UPRR is more comfortable with. The schedule will be impacted with a few more weeks of design and some additional costs for design and construction. • SEMA Change Orders total $272,000 due to delays in the project and SEMA’s commitment during that time to continue to work with the design team. • Muller Change Order $444,759 due to project delays and additional effort expended on the project. Right of Way (ROW): • All Notices of Intent (NOIs) have been delivered. Of the 72 Parcels impacted, 70 offers have been accepted or have closed. Of the remaining 2 parcels, 1 is in the condemnation process, 1 other may go to condemnation, however, the City remains committed to working with the property owner to successfully settle the issues. Other Challenges: • Some citizen complaints and inquiries have been received with CP-1 construction. Most have to do with the temporary fence that has been installed. SEMA and City staff will continue to respond to all complaints in a timely fashion. • A water line was hit by Xcel’s boring contractor on Lincoln Academy property. The resulting water flooded the school and one residence. While this was an unfortunate event, restoration efforts were quick and thorough. The interior restoration went well and is mostly complete. Outdoor restoration of landscaping will be accomplished when weather improves this spring. Next Steps: • Continue working with the UPRR to have them review plans in a timely manner and to get the on-site visit site review complete. The City to begin negotiation of the C & M (Construction and Maintenance) Agreement in the summer of 2022. • Continue development of a construction organizational chart to allow the City team to forecast construction staffing needs for the different construction packages. Inspections will be a combination of City staff and Owner’s Rep staff. • Continue coordination efforts with stakeholders, including the UPRR, Xcel Energy, Jefferson County School District, and Lincoln Academy, to allow a smooth transition from design to construction.

26


CITY OF ARVADA INVESTMENT REPORT

Investment Portfolio Objectives As stated in the City’s investment policy, the primary objectives of the City’s investment activities, in priority order, is 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), commercial paper, and corporate debt subject to rating restrictions and concentration limits which are outlined in 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.

PORTFOLIO CHANGES Par Value as of 03/31/22 MM/Savings/ Cash

$6,487,810

$9,544,945

$(3,057,135)

LGIP

28,587,046

21,916,151

6,670,895

Time CD

3,185,457

7,012,251

(3,826,793)

Corporate

23,669,000

26,669,000

(3,000,000)

Municipal

22,350,000

16,580,000

5,770,000

US Agency

106,000,000

88,000,000

18,000,000

US Treasury

The City’s total investment portfolio was a little over $267 million. It increased by almost $10 million from the year-end levels due to strong sales tax revenues and delayed spending for certain CIP projects. Most of the new money was allocated to US Agencies, Treasuries and municipal bonds. Bullet Agencies had a hard time keeping up with the Treasury yields that were increasing rapidly. However, the spreads on callable Agencies widened. The City added some callable issues to its portfolio with the lock out period of 1-2 years and one-time call option. The yields on LGIPs increased from 0.05% to 0.42%. The overall allocation of the portfolio remained balanced with 63% in Treasuries and Agencies, 23% in corporate and municipal debt, 1% in time CDs, and about 13% in liquid assets. Maturity distribution graph shows the most concentration in 2-4 year buckets. About 9% of the portfolio will be reinvested over the next 12 months.

Time CD

Subtotal - City

Negotiable CD Corporate

8,000,000

15,000,000

$177,722,346

$35,556,967

$-

$1,070,000

$(1,070,000)

10,950,000

8,313,000

2,637,000

Municipal

3,220,000

3,370,000

US Agency

20,895,000

20,880,000

15,000

US Treasury

19,120,000

19,505,000

(385,000)

$54,185,000

$53,138,000

Subtotal - PFM

(150,000)

$1,047,000

SUMMARY OF CONSOLIDATED PORTFOLIO MM/Savings/ Cash

$6,487,810

$9,544,945

LGIP

28,587,046

21,916,151

6,670,895

3,185,457

7,012,251

(3,826,793)

-

1,070,000

34,619,000

34,982,000

Negotiable CD Corporate

$(3,057,135)

(1,070,000) (363,000)

Municipal

25,570,000

19,950,000

5,620,000

US Agency

126,895,000

108,880,000

18,015,000

42,120,000

27,505,000

14,615,000

$230,860,346

$36,603,967

US Treasury Total - Combined

$267,464,313

CONSOLIDATED MATURITY DISTRIBUTION

US Agency 47.5%

29.0%

30.0%

US Treasury 15.7%

20.0%

MM/Savings/C ash 2.4%

Time CD 1.2%

23,000,000 $213,279,313

PFM-MANAGED PORTFOLIO

CONSOLIDATED PORTFOLIO ALLOCATION

Corporate 12.9%

Difference

CITY-MANAGED PORTFOLIO

The first quarter of 2022 had a completely different tone in comparison to the prior year. The Fed accepted that the high inflation was no longer a transitory event and was here to stay. The FOMC meeting in March resulted in a target interest rate hike by 25 basis points (bps). The Fed took a very hawkish stance on the interest rates future outlook. The market started pricing in 6-7 rate hikes during 2022 which was reflected in a dramatic increase in rates on the short end of the curve. For instance, a 2-year Treasury rose by 150 basis points since the beginning of the year. The overall yield curve flattened, bringing the spread between 2- and 10-year Treasuries to merely 4 basis points (bps) by the end of March. The longer end of the curve reflected the economic uncertainty due to military conflict between Russia and Ukraine and the economic sanctions and restrictions that further exacerbated chain supply issues and caused a surge in commodity prices. Inflation continued to increase; CPI index came in at 8.5% in March. The unemployment rate fell to 3.6%, near its pre-pandemic low.

Municipal 9.6%

Par Value as of 03/31/21

10.0% 0.0%

LGIP 10.7%

27

20.7%

16.7%

14.6%

14.1%

5.0%

0-.25

.25-1

1-2

2-3

Maturity (years)

3-4

4-5


CITY OF ARVADA INVESTMENT REPORT The first quarter of 2022 saw an average year-to-date yield of 1.07% in the City-managed portfolio and 1.13% in the PFM portfolio. The yield on the City’s portfolio has decreased by 18 bps when compared with the first quarter of 2021. However, the interest earnings increased by $25,093 due to the overall portfolio growth. In the PFM-managed portfolio the 40 bps decrease in the average yield resulted in $56,066 reduction in interest earnings. Overall, the city’s combined portfolio generated $750,516 in interest revenue in the first quarter of 2022. Over the first three months of the year the duration of the city’s portfolio has not changed significantly. It decreased from 2.36 to 2.33. On the other hand, PFM took a more defensive approach and shortened the duration of the managed portfolio from 2.67 to 2.42 in anticipation of the future rate hikes. Higher yield-to-maturity at market indicates that the matured securities will be re-invested at higher rates and the average yield on the portfolio will increase over time along with its investment earnings. The market value of the portfolio is down due to higher current yields. The total unrealized loss is $8.5 million. Since the City holds its investments till maturity, the securities mature at par and no loss is realized. PFM may sell securities prior to maturity in order to reinvest the proceeds into a more attractive investment with higher potential future earnings. From the credit rating perspective, 95% of the City’s portfolio is invested in securities that are rated in AAA and AA category. A little over 5% is allocated to A rated investments. The investment policy requires a minimum A- rating from two credit rating agencies. The Credit Quality graph is based on the S&P rating only. The 0.3% of the securities that are rated BBB+ by S&P has at least A- rating from the other two agencies, Moody’s and Fitch.

PORTFOLIO PERFORMANCE 3/31/2022

3/31/2021

PORTFOLIO CHARACTERISTICS Difference

City

PFM

City Interest Earnings

$538,390

$513,297

$25,093

Duration to Maturity (yrs)

2.33

2.42

PFM Interest Earnings

212,126

268,192

(56,066)

Yield to Maturity at Cost

1.10%

1.14%

$750,516

$781,489

$(30,974)

Yield to Maturity at Market

1.98%

2.40%

YTD City Portfolio Yield

1.07%

1.25%

-18 bps

YTD PFM Portfolio Yield

1.13%

1.53%

-40 bps

YTD Benchmark

0.46%

0.20%

+26 bps

Total Interest Earned

CREDIT QUALITY (S&P RATING)

ACCOUNT SUMMARY

AA category 83.7%

City

PFM

Total

Par Value

$213,279,313

$54,185,000

$267,464,313

Book Value

213,759,249

54,291,481

268,050,730

Market Value

207,045,576

52,468,242

259,513,819

Unrealized Gain /(Loss)

$(6,713,673)

$(1,823,239)

$(8,536,912)

AAA category 11.1%

BBB+ category 0.3%

A category 4.9%

Investment Management Focus - 2021 The market expectation is that the Fed will raise the interest rates at each of their 2022 meetings. The City will focus on slightly extending the portfolio duration by the end of the year to take advantage of the higher rates. The City will continue to utilize LGIPs for its excess cash. The yields in the LGIP pools are expected to rise along with the Fed interest rates. As of 12/31/2021 the yield on the LGIPs was only 5 bps but has grown to 35 bps as of 03/31/2022. Investment-grade corporate spreads are getting wider and may look more attractive in 2022. The City will be selective in this sector but will look to re-invest few bonds as the current corporate bonds mature. The supply in municipal bonds sector will slow down with the increasing interest rates. It may be more challenging to get a significant allocation to the taxable munis. The city will continue to look for the opportunities in this sector. The Federal Agencies’ spreads have been lifting especially on the callable options. With the rising interest rates the risk of securities being called before maturity is lower. The City will look to increase its allocation to callable Agencies in the shorter maturity buckets while balancing it with the bullets (noncallable) on the longer end.

28


WE DREAM BIG AND DELIVER

Safe Community BY 12/24, 50% OF JUVENILES SENTENCED TO PROBATION WILL NOT OBTAIN ADDITIONAL CHARGES WITHIN ARVADA DURING THE PROBATION PERIOD By 12/22, 75% of juvenile offenders rate Arvada Municipal Court employees and services as meeting or exceeding expectations By 6/22, a comprehensive and agile toolkit of existing services and resources specifically for juveniles will be implemented By 6/23, 30% of juveniles will express positive behavior changes after completing recommended sentencing requirements

7/1/19 - 12/31/22 7/1/19 - 12/31/22 7/1/19 - 12/31/22

SIGNIFICANCE: CRIMINAL LAW ADDRESSES THE SYSTEM OF LEGAL RULES THAT DEFINE WHAT CONDUCT IS CLASSIFIED AS A CRIME AND HOW THE GOVERNMENT MAY PROSECUTE INDIVIDUALS THAT COMMIT CRIMES. FEDERAL, STATE, AND LOCAL GOVERNMENTS ALL HAVE PENAL CODES THAT EXPLAIN THE SPECIFIC CRIMES THAT THEY PROHIBIT AND THE PUNISHMENTS THAT CRIMINALS MAY FACE. INDIVIDUALS WHO VIOLATE FEDERAL, STATE, AND LOCAL LAWS MAY FACE FINES, PROBATION, OR INCARCERATION. LAWSUITS AGAINST CRIMINALS ARE INITIATED BY PROSECUTING ATTORNEYS WHO ACT ON BEHALF OF THE GOVERNMENT TO ENFORCE THE LAW. SENTENCING IN A JUVENILE CASE SHOULD BE BASED ON THE JUVENILE’S RISK LEVELS AND NEEDS AND DETERMINING WHAT APPROPRIATE INTERVENTIONS NEED TO BE MADE, RATHER THAN LOOKING AT THE OFFENSE ITSELF.

29


WE DREAM BIG AND DELIVER

Infrastructure BY 12/25, EFFECTIVELY UTILIZE VOTER APPROVED BOND FUNDS FOR THE COMPLETION OF RALSTON ROAD PHASE 2 AND THE EXPANSION OF 72ND AVENUE By 3/22, 85% of bond funds will be expended By 12/24, the required 5-year bond arbitrage calculation will be completed on time

11/30/18 - 3/31/22 8/12/19 - 12/31/24

COMMUNITY SURVEY: TRAFFIC SIGNAL TIMING

Community and Economic Development BY 12/22, 85% OF DEVELOPMENT CUSTOMERS RATE THE DEVELOPMENT REVIEW PROCESS AS ‘GOOD’ AND/OR ‘EXCELLENT’ Anually, 90% of development reviews will be returned to the applicant within 15 business days By 12/22, implement a development customer service survey with at least a 50% response rate On an ongoing basis, resolve all temporary certificates of occupation (TCOs) within 6 months of issuance DEVELOPMENT CUSTOMER SURVEY

30

4/1/19 - 12/31/25 Completed 1/18/21 4/1/19 - 12/31/25


WE DREAM BIG AND DELIVER

Vibrant Community and Neighborhoods BY 12/23, COMPLETE STRATEGIC INVESTMENTS AND INITIATIVES TO ENSURE PARKS, TRAILS, OPEN SPACE, AND AMENITIES ARE IN ALIGNMENT WITH OUR DIVERSE, CHANGING, AND GROWING COMMUNITY By 12/21, adopt a strategic Land Pursuit and Acquisition Plan By 12/21, complete a Community Events Plan By 12/21, develop policies, procedures and standards for all the events occurring in Olde Town to ensure safety and quality for the community

By 12/21, establish a centralized volunteer coordination program By 12/22 replace Meyers Pool with a new 50 meter natatorium By 6/22 with 3 years of Ralston Rd. construction, develop options for the Harvest Festival targeting the alignment of the Committee and City goals

6/1/19 - 12/31/20 6/1/19 - 12/31/21 6/1/19 - 12/31/21 6/1/19 - 12/31/20 6/1/19 - 12/31/21 2/1/20 - 6/30/22

COMMUNITY SURVEY: IN THE PAST 12 MONTHS, HOW MANY TIMES HAVE YOU DONE THE FOLLOWING: VISITED ANY OF THE CITY’S PARKS, USED ANY OF THE RECREATIONAL TRAILS

Organizational and Service Effectiveness BY 6/22, DEVELOP AND LAUNCH AN ANNUAL BEHAVIORAL COMMUNITY SURVEY FOCUSING ON ACCESS TO CITY SERVICES, CIVIC ENGAGEMENT AND OVERALL WELLBEING OF THE COMMUNITY TO FULLY UNDERSTAND QUALITY OF LIFE IN ARVADA By 12/20, identify all lower-rated items in the 2019 Community Survey and develop an action plan to address them By 8/22, launch an annual Arvada Community Survey By 12/21, identify and select a survey vendor By 6/22, develop survey questions with input from the community % CITIZENS RECEIVING EFFECTIVE SERVICE BY QUARTER

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Completed 2/16/21 4/1/19 - 8/31/22 12/1/21- 12/31/21 12/1/21 - 6/30/22


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City of Arvada First Quarter 2022 Financial Report by City of Arvada - Issuu