2012 Third Quarter
Financial Report
Table of Contents Overview........................................................... 1 General Fund................................................... 3 Arvada Center.................................................. 9 Parks Fund..................................................... 11 Special Revenue Funds................................13 Enterprise Funds........................................... 16 Internal Service Funds.................................. 22 City of Arvada Investment Report............... 25
overview
OVERVIEW
Overview Three quarters of 2012 are now behind the country and the City. At the local level, we are experiencing a growth rate that is exceeding national levels. Sales tax receipts are more than six percent higher in the first nine months of 2012 over 2011. The City has issued 253 single-family permits through September of 2012 as compared to 99 through the same period 2011. (See the following graph.) Also, as one drives through Arvada, one sees the multi-housing development beginning to occur along Kipling Avenue near a future rail stop, known as Arvada Ridge.
Dollars
General Fund Building Revenue as of September $4,000,000 $3,500,000 $3,000,000 $2,500,000 $2,000,000 $1,500,000 $1,000,000 $500,000 $0 GF Building Revenue Single Family (Detached) Permits
320 280 240 200 160 120 80 40 0
2007 $2,450,856
2008 $2,440,599
2009 $2,890,273
2010 $3,196,576
2011 $2,863,433
2012 $3,624,630
92
79
40
114
99
253
Building activity increases the General Fund building revenues (building use tax, building permit fees, and plan review fees), as well as water tap fees. These are $761,200 and $979,000 higher, respectively over the last year. Building permit fees are used to pay for the costs of the building division; tap fees are using to improve the water system. Automobile Use taxes are 12% higher than last year at this time. Nationally and locally people are purchasing new cars. This increase in revenue is encouraging given the fact that we anticipate decreases in road and bridge revenue we receive from Jefferson County. This revenue source has increased slightly – by 10.61% – in 2012 over 2011 but, as stated, is expected to decrease in 2013. Water fees have been a concern over the past few years. In 2012 this trend reversed due to the exceptionally dry spring and summer we had. The City residents used over 4.325 million gallons of water through
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September, 2012 as compared to 3.386 million in 2011. Of course, this has generated more revenues – $3.3 million in additional revenue in 2012 over 2011. This is positive as the City has to prepare to purchase additional water in the future and the less we need to borrow to pay for these needs, the less it will actually cost.
$421,000 more than this time last year. Combined rounds played at both golf courses are higher by 9.5% in 2012. This higher use, of course, required some increase in maintenance increase – a 2.1% increase for 2012. We have also realigned some debt and internal service costs that will be a benefit to all Funds, including the Golf Fund.
The City’s other two utilities, Wastewater and Stormwater, are operating well within expectations. The Wastewater activities, represented in the Wastewater Fund, illustrate that revenues exceed 2011 by $441,000, most of this is coming from both charges and tap fees. In the expenditures, the ongoing capital maintenance expenditures are less than last year as we are using a trenchless sewer replacement process that saved more than 21% over 2011. There are some payment timing issues, and the actual major capital expenditures will be closer to the budgeted amount by the end of the year. Stormwater activities are completely focused on completion of the Garrison Street Bridge and channelization projects. In this Fund we expected to spend $9.8 million. Through September only $2.7 million has actually been paid. There will be additional monies, but it is likely we will need to re-appropriate some level of these payments in order to complete these projects.
Hospitality Services, the City’s operation that offers banquet and other services as a business – is also seeing a small improvement over the past two years. Overall, revenues are 2.11% higher than 2011. This entire business is beginning to see improved use, although, again, users are making less expensive choices in order to have functions at a lower cost. There is a recovery occurring. Yes, it is tepid, but it is also a positive direction. The City of Arvada managed through the Great Recession fairly well through a series of reductions and focus on the long-term needs. These actions have ensured the City has the money for both maintaining our services and building for the future. Our focus over the past six months has been on developing programs and projects to prepare the City for the next decade with the completion of Ralston Creek area parks, amenities and programs for the rail stations, police community substations and other parks and road improvements throughout our community. We have the revenues to meet these needs and our conservative budgeting philosophy will ensure we can keep our services maintained.
The Golf Fund, as has been discussed on numerous occasions, is doing extremely well. Revenues are
Overall, every significant revenue source is increasing over the past year. Expenditures are well within budgeted amounts – or lower than budgeted. If we ended the year now, the City would complete the year in a great positive position. At this point, the national election and economy are the only unknown influences for the remainder of the year.
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general fund General Fund Overview The General Fund pays for the City’s basic services. This includes police, street maintenance, 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 Arvada Center • Operational support to the Parks Fund • General Debt Service payments • Transfer to the Capital Improvements Fund for new parks, transportation and other infrastructure projects
GENERAL FUND
General Fund
Budget 2012
2012 YTD
Beginning Fund Balance
$23,065,000
$23,065,000
67,923,050
48,266,709
46,182,861
69,739,751
44,048,751
39,587,404
Section 16
300,000
300,000
861,667
AEDA
500,000
500,000
500,000
$ 70,539,751
$ 44,848,751
$ 40,949,071
JPPHA
1,738,333
783,000
-
Street Major Maintenance
2,490,000
1,317,202
-
39,000
13,013
-
Traffic Calming
250,000
250,000
-
Long Lake Ranch Restrooms
611,000
611,000
-
Other
105,650
75,685
-
$75,773,734
$47,898,651
$40,949,071
REVENUES
2011 YTD
EXPENDITURES Ongoing
EXPENDITURES
The following table provides a comparison of budgeted cash balances, revenues and expenditures to budget and prior year amounts in the same areas.
2012 CARRYOVERS
Citywide Training
Total Expenditures
As the table illustrates, we began the year with $23,065,000 in cash reserves. We budgeted $67,923,000 in revenues and $70,539,000 in expenditures. Since expenditures exceeded revenues, Council made a decision in 2011 to use $2,616,000 of cash reserves to balance the 2012 budget.
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At the end of 2011, we also had projects that were not completed in the calendar year. Since appropriations lapse at the end of the calendar year, there are requests to re-appropriate these monies in the next year to complete the projects. On May 7, 2012 the Council approved the carryover ordinance for projects that needed to be re-appropriated. These amounts are added to the 2012 budgeted expenditures. In addition, in the suppplemental appropriation, we will be recommending the use of approximately $490,000 of the reserves for unexpected expenditures incurred throughout the year. Council will be presented with the supplemental appropriation in November. In general, revenues are in line with the budget. Sales tax, auto use tax and building revenues are all up over 2011 collections and are on pace to exceed budget estimates. Property tax and intergovernmental revenues should be close to budget estimates. General use tax and interest revenue are the only categories that are lagging. However the shortfall in these catergories will be made up through the other revenues. Expenditures are $6,949,000 more than than the same period in 2011. This is due to the timing of the transfer to the Capital Improvements Fund as the transfer in 2012 for $4,875,000 was made in the second quarter 2012 compared to the fourth quarter in 2011. 2012 expenditures also reflect a transfer to JPPHA of $1,083,000 for operating expenditures and the purchase of land. The next few pages discuss the City’s revenues and expenditures in more detail.
Revenue Highlights The following section highlights the sources generated to meet the operating expenditures of the General Fund. The City’s revenue comes from many sources as illustrated in the graph below. Information about sales tax, use tax, property tax and intergovernmental revenues is detailed in the next few pages.
GENERAL FUND REVENUE All Other 14%
Sales Tax 53%
Use Tax 8% Intergovernmental 7%
Property Tax 7%
Building Activity 4%
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Utility Fees 7%
Sales Tax Sales tax collections in 2012 show that we continue to recover from the Great Recession. The graph below shows actual sales tax collections. Sales tax collections lag one month, therefore the 2012 collections represent sales tax collections for eight months.
SALES TAX COLLECTIONS
Sales tax receipts for the first eight months in 2012 are 6.04% above $40,000,000 2011 actuals. Sales tax collections $35,000,000 are on track to exceed the 2012 $30,000,000 budget of $36,118,000, which will $25,000,000 be the first year that we exceed $20,000,000 our pre-recession high in 2008. $15,000,000 Sales tax in the fast casual and $10,000,000 grocery chain categories continue $5,000,000 to show double digit increases over $0 2007 Actual 2008 Actual 2009 Actual 2010 Actual 2011 Actual 2012 Actual 2012 the same period last year. The as of 9/30 Budget Sales Tax $35,444,312 $35,945,908 $34,584,746 $34,674,905 $35,852,737 $24,552,901 $36,118,301 increase in the retail hardware category is also reflective of the recovery in the economy. The clothing category is almost equal to 2011, while the only dim spots are in the categories of office supplies and utilities, which are still recovering from the warm winter in 2011. The graph below shows a month-by-month comparison of sales tax for 2010 through 2012.
Coffee Shop Indicator
Sales Tax Revenue (Collected/Received) $26,000 $24,000 Dollars
$22,000
2012
$20,000
2011
$18,000
2010
$16,000 $14,000 Jan/Feb
Feb/Mar
Mar/Apr
Apr/May
May/Jun
Use Tax The City has three prime use tax types: general, building and automobile. These are taxes paid in lieu of sales tax on purchases.
Jun/Jul
Jul/Aug
Aug/Sep
USE TAX COLLECTIONS $8,000,000 $7,000,000 $6,000,000 $5,000,000 $4,000,000 $3,000,000 $2,000,000 $1,000,000 $0
2007 Actual
2008 Actual
2009 Actual Building
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2010 Actual Auto
2011 Actual General
2012 Actual as of 9/30
2012 Budget
Building use tax for 2012 is at $1,898,000, which is 46% more than the budget of $1,300,000. Both single-family attached and detached permits are up as illlustrated in the overview and a large assisted living facility development also contributed to the increase in building use tax. Consumers continue to purchase vehicles. Auto use tax collections are up almost 12% over 2011 collections. If the current trend continues through the end of the year, auto use tax collections will be close to or exceed $5,000,000. General use tax is the only type that is lagging. Current collections are $682,000 which is down over 20% from the prior year. However, if the current trend continues, use tax will be approximately $300,000 below the budget of $1,330,000 which is already offset by building use tax.
Property Tax The City’s property tax rate is 4.31 mills per $100 of valuation. In Colorado, the mill rate is placed on the assessed valuation. The following graph illustrates the collections for the past three years and the first nine months of 2012.
PROPERTY TAX COLLECTIONS $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
2009 Actual 2010 Actual 2011 Actual 2012 Actual as of 9/30
2012 Budget
Property tax is a stable revenue source for the City. We do not expect property tax collections in the 4th quarter to bring us to the budget of $4,550,000. However, the gap will be less than $75,000.
Intergovernmental Revenues This category is made up of two revenue sources, Highway Users Trust Fund (HUTF), which is the City’s share of State collected gas tax revenue, and Road and Bridge, which is the City’s share of property tax collected by Jefferson County and dedicated to the maintenance of roads and bridges. Combined, INTERGOVERNMENTAL REVENUES these revenues have averaged a little over $4.5 million in the past three years. We are budgeted to receive a little more than $4.7 $3,500,000 million in 2012. The collection rate through $3,000,000 the third quarter shows that we are still on $2,500,000 pace to exceed this budget by 1% or around $50,000. Costs of street maintenance $2,000,000 continue to escalate. In 2011, we saw $1,500,000 asphalt-related item rise 12% . This trend $1,000,000 continues in 2012, with an average of a 9% $500,000 increase. As cost continue to rise, added pressure is put on other revenue sources to $0 2009 2010 2011 As of 9/30/12 help fill in the increasing shortage.
HUTF
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Jefferson County
All Other Revenue Sources As the pie chart on Page 4 of General Fund Revenues illustrates, the remaining revenue sources consist of building permits, utility fees, fees we receive from other funds for general services, fees and fines and miscellaneous revenues. Investment interest earnings fall under the miscellaneous category and in the past were a healthy source of revenue, generating just over $1,000,000. Since the onset of the Great Recession, interest earnings continue to fall and the estimate for 2012 is $250,000. The last section of this report reviews the investment portfolio in detail.
Expenditure Highlights The largest expenditure in the General Fund is personnel costs which account for 47% of expenditures.
GENERAL FUND EXPENDITURES
Supplies & Expenses 10%
Misc. 1%
Contracts 13%
Personnel 47%
Services & Charges 6%
Debt Service 5%
Transfers 18%
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Salary and Benefit Savings Salary & Benefits* Salaries & Wages
2012 Budget
As of 9/30/12
As of 9/30/11
$ 26,900,997
$ 17,785,691
$ 17,169,534
(586,000)
(405,692)
-
877,161
475,203
461,680
Group Insurance
4,494,739
2,811,347
2,598,420
Retirement
3,081,596
2,089,409
2,011,888
Medicare
311,913
207,817
198,837
Temporary Wages & SS
507,855
250,512
165,592
Other
368,414
257,641
258,410
$ 35,956,675
$ 23,471,928
$ 22,864,360
Vacancy Savings Overtime
Total
The substantial increase in temporary wage costs is due to two things: Information Technology’s use of temps for vacancy coverage and Traffic Engineering’s use of temps for the Olde Town parking study.
Fuel General Fund Parks Police Tax Increments Utilities Other Total Expenditures
2012 Budget
As of 9/30/12
As of 9/30/11
$ 519,851
$ 372,503
$ 348,322
196,296
128,987
134,110
48,668
42,237
40,716
219,349
99,732
120,621
57,257
72,478
73,056
$1,041,421
$ 715,938
$ 716,825
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arvada center
ARVADA CENTER
Arvada Center Arvada Center Beginning FB
As of 9/30/12
2012 Budget $
232,174
$
As of 9/30/11
232,174
REVENUES Generated
6,199,444
3,819,521
4,150,019
SCFD
1,034,000
758,167
706,943
City Cash TransferOriginal
1,218,122
913,591
886,982
City Cash TransferAdditional
425,000
318,750
318,750
1,967,270
-
-
$10,843,836
$5,810,029
$6,062,694
Ongoing
8,876,566
6,073,411
6,174,609
In-Kind
1,967,270
-
-
$10,843,836
$6,073,411
$6,174,609
-
(263,382)
(111,915)
Cash Balance
232,174
(31,208)
Goal (11% of Expenditures)
1,192,822
668,075
$ (960,648)
$ (699,283)
City In-Kind Transfer Total Revenues EXPENDITURES
Total Expenditures Income/(Loss)
Excess/(Deficit)
During the third quarter, the summer season at the Arvada Center ended and the fall season began. In the amphitheater, the Center concluded its third year of CenterFest, the cultural collaborative Thursday night series. CenterFest brought nineteen (19) cultural organizations, from the small dance company, Apex Contemporary Dance, to the large Colorado Symphony and Colorado Ballet. Once again, CenterFest was the most lively and consistent cultural series in the region. The end of the summer also brought the end of the summer education session. In 2012, the summer camps and classes exceeded expectations and produced not only strong revenue, but served hundreds of area children. The third quarter also begins the new 2012 – 2013 theater season. The season began with a critically acclaimed production of Dirty Rotten Scoundrels. However, ticket sales were not as strong as anticipated, creating a negative impact on the third quarter results. Overall, the Center is down 4% in revenues and almost 2% in expenditures compared to 2011. Net loss through the third quarter sits at $263,000 compared to $112,000 in 2011. The Center will be asking for an additional cash transfer of $300,000 in the supplemental budget process to cover the projected gap. The third quarter brings the end to the previous theater season and the beginning to the new theater season. Like before, the Performing Arts Division continues to
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be on ongoing challenge. Revenues compared to a year ago are down slightly at 2% and expenditures are up a little over 10%. The Center is well aware of these challenges and is continually adjusting to minimize the Center’s exposure to risk while balancing revenue potential, programming, and Mission. The Education Division is growing market share and controlling costs with an increase in revenues of just under 6% and a reduction in expenditures of 5%. The Center continues to be a leader in the market through broad class offerings and popular summer camps. In addition, during the third quarter of 2012, the Arts Council approved the use of $5,600 for the purpose of scholarships for Education classes. The end of summer also brings a close to the AC Presents season. AC Presents includes the summer concert series, the Jeffrey Siegel series, and several smaller individual events. This year was not as successful as last year with revenues being down 61% and expenditures down 55%. The good news is that this was still a profitable venture for the Center to the tune of $30,000. The number and type of shows is being looked at for 2013 with the hope of getting back to 2011 levels. The final quarter of the year brings the annual craft fair, the continuation of children’s theater and the holiday theater shows. It is worth noting that, as of this writing, the holiday show, Miracle on 34th Street, is doing well and sales are on pace to exceed projections.
SCFD Revenue $800,000 $600,000 $400,000 $200,000 $0
2009
2010
2011
As of 9/30/12
Scientific and Cultural Facilities District (SCFD) grant contributions are budgeted to increase almost 6 percent compared to 2011. The SCFD is expected to contribute a little over $1 million dollars for the calendar year 2012. At the end of the 3rd quarter, projections are now showing that the SCFD revenue will come up about $50,000 short of the budgeted goal.
City of Arvada Contributions $3,500,000 $3,000,000 $2,500,000
2010
$2,000,000
2011
$1,500,000
As of 9/30/12
$1,000,000 $500,000 $0
Cash
In‐Kind
Total
The City of Arvada is budgeted to contribute $1,643,122 in cash support in 2012 or a 2.2% increase over total 2011 cash support.
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parks fund
PARKS FUND
Parks Fund Parks Fund Beginning Fund Balance
2012 Budget
As of 9/30/12
As of 9/30/11
$ 3,794,000
$ 3,794,000
182,025
134,642
155,137
3,203,449
1,867,491
1,789,135
898,000
2,541
2,040
2,808,044
2,106,033
2,130,205
$ 7,091,518
$ 4,110,707
$ 4,076,516
7,289,653
4,817,854
4,612,586
-
-
12,759
$ 7,289,653
$ 4,817,854
$ 4,625,345
Income/(Loss)
(198,135)
(707,147)
(548,829)
Ending Fund Balance
3,595,865
3,086,853
801,862
529,964
$ 2,794,003
$ 2,556,889
REVENUES Generated Open Space APEX Reimbursement City Cash Transfer Total Revenues EXPENDITURES Ongoing Capital Total Expenditures
Goal (11% of Total Expenditures) Excess/(Deficit)
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Revenue Highlights Jefferson County Open Space revenue, the main source of revenue for the Parks Fund, continues to trend more than 4% greater than 2011 and mirrors 2012 original budget assumptions. The City transfer to the Parks Fund was reduced in 2012. Generated revenue is down 13.21% for the year, primarily related to a reduction in Majestic View Nature Center education classes. Overall revenues are very similar compared to 2011, within one percent.
Expenditure Highlights Total actual expenditures are 4.16% greater in 2012 as a result of the increased use of temporary staff, overtime and program expenses.
PARKS REVENUE 3,500 3,000 2,500 2,000 1,500 1,000 500 0
Open Space As of 9/30/10
Cash Transfer As of 9/30/11
As of 9/30/12
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APEX 2012 Budget
special revenue fund 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:
.21 and .25 Tax Increment Funds .21 and .25 Tax Increment Funds
2012 Budget
As of 9/30/12
Beginning Fund Balance
$ 12,356,000
$ 12,356,000
Sales Tax/Audit Revenue
5,598,455
3,855,627
3,662,306
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 tax for police services and the second accounts for the .25 cent sales tax. Sources in the funds 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.
Use Tax
1,084,240
890,983
812,702
165,670
98,873
200,710
$6,848,365
$4,845,483
$4,675,718
6,962,397
4,728,867
4,303,531
$6,962,397
$4,728,867
$4,303,531
Revenue Highlights
Income/(Loss)
(114,032)
116,616
372,187
12,241,968
12,472,616
372,187
765,864
520,175
$11,476,104
$11,952,440
• Tax Increment Funds • Community Development • Housing
Tax Increment Funds Overview
Revenue numbers continue to increase over third quarter 2011 with Sales Tax/Audit Revenue up 5.28% and Use Tax revenue up 9.63%. Recovered Costs in 2012 (one-time miscellaneous reimbursements from outside agencies) were down over 50% from third quarter 2011. Grants, both Federal and State, increased $32,389 from 2011.
As of 9/30/11
REVENUES
Other Total Revenues EXPENDITURES Ongoing Total Expenditures
Ending Fund Balance Goal (11% of Total Expenditures) Excess/(Deficit)
Expenditure Highlights Salaries and benefits increased 7.78% over 2011. Due to a review of internal service fees, 2012 transfers to the General Fund were increased. Total actual expenditures for 2012 are at 67.92% of budget.
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Community Development Community Development Fund Beginning Fund Balance
2012 Budget
As of 9/30/12
As of 9/30/11
$ 7,098,000
$ 7,098,000
Recovered
114,737
40,621
151,673
Grants
638,000
254,165
317,604
City Cash Transfer
45,000
33,750
33,750
Interest/Other
19,500
15,519
9,155
Total Revenues
$ 817,237
$ 344,055
$ 512,182
Ongoing
454,826
261,197
245,790
Essential Home Repairs
380,625
228,032
208,230
Loans
125,000
-
-
$ 960,451
$ 489,229
$ 454,020
(143,214)
(145,174)
58,162
$ 6,954,786
$ 6,952,826
REVENUES
EXPENDITURES
Total Expenditures Income/(Loss) Ending Fund Balance
An approximately 10% increase in year-to-date Essential Home Repairs costs represents majority of the expenditure increase.
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Arvada Housing Authority Arvada Housing Authority
2012 Budget
Beginning Fund Balance
$
390,000
As of 9/30/12 $
As of 9/30/11
390,000
REVENUES Recovered
19,178
9,500
10,671
3,900,000
2,773,415
2,762,785
26,000
18,760
28,502
Interest/Other
5,464
1,455
933
Total Revenues
$ 3,950,642
$ 2,803,129
$ 2,802,891
380,323
272,510
273,257
3,532,200
2,942,589
2,776,379
28,674
35,628
41,007
$ 3,941,197
$ 3,250,728
$ 3,090,642
9,445
(447,598)
287,751)
Grants City Cash Transfer
EXPENDITURES Ongoing Rents Transfers Total Expenditures Income/(Loss) Ending Fund Balance
$
399,445
$
(57,598)
The Arvada Housing Authority currently assists just under 500 families with monthly rent subsidies. These subsidies constitute almost 90% of this Fund’s expenditures.
EOC ENERGY ASSISTANCE 2008-2012 Dollars (Grants) through September (93)
Total Dollars
$50,000 $40,000 $30,000
(63)
(104)
(57)
(63)
$20,000 $10,000 $0 Dollars
2008 $25,514
2009 $17,935
2010 $20,609
2011 $40,972
2012 $45,500
The City directly receives funding from Energy Outreach Colorado (EOC), a nonprofit corporation, and disburses it to low income residents of Arvada as assistance with costs related to energy. In 2011 and 2012, the City received supplemental funding from EOC, which accounts for the increase in dollars and grants over the past two years.
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enterprise funds
ENTERPRISE FUNDS
Enterprise Funds Overview Enterprise funds account for activities that generate a fee that makes the entity self supporting. The five enterprise funds in the City are: • Water Fund • Wastewater Fund • Stormwater Fund • Golf Fund • Hospitality Fund
Water Fund The Water Fund accounts for all activities with the scope of the water utility operations including administration, operations, capital water projects, financing and related debt service and billing and collection.
Revenue Highlights Year-to-date revenue from water sales is up by 28.8%, with consumption up 27.7% over the same period.
Expenditure Highlights Substantial capital project expenditures in 2011, including the construction of a new storage building at the Indiana Shops, as well as land acquisition and water line extension to the Ridge Tank, accounts for the relative decrease in capital expenditures in 2012.
Water Fund Water Fund Beginning Fund Balance
2012 Budget
As of 9/30/12
As of 9/30/11
$ 58,524,000
$ 58,524,000
18,224,100
14,874,183
11,548,819
Tap Fees
3,093,671
2,662,486
1,683,340
Interest
1,154,839
417,515
579,732
790,371
1,007,251
468,588
$ 23,262,981
$ 18,961,435
$14,280,478
15,001,149
11,193,777
10,915,117
Debt Service
2,265,700
195,773
212,118
Major Capital Maintenance
3,929,857
2,191,116
2,821,027
Capital
3,036,959
102,357
1,968,833
$ 24,233,665
$ 13,683,023
$ 15,917,095
(970,684)
5,278,412
(1,636,617)
$ 57,553,316
$ 63,802,412
REVENUES Water Charges
Other Total Revenues EXPENDITURES Ongoing
Total Expenditures Income/(Loss) Ending Fund Balance
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Water Consumption This chart shows water consumption through the first three quarters of the year since 2007. Historically dry conditions led to substantial increases in consumption, with historically high reservoir levels providing ample supply to meet demand.
Thousands of Gallons
WATER CONSUMPTION As of September 4,400,000 4,000,000 3,600,000 3,200,000 2,800,000 2,400,000 2,000,000 1,600,000 1,200,000 800,000 400,000 0 Water Consumption
2007 3,614,715
2008 3,997,257
2009 3,215,575
2010 3,573,218
2011 3,386,517
2012 4,325,225
Water Tap Fees This chart shows a history of water tap fees collected through the first three quarters of the year since 2007. The substantial increase in 2012 reflects the considerable increase in residential building activity.
WATER FUND - TAP FEES As of September $2,800,000 $2,400,000
Dollars
$2,000,000 $1,600,000 $1,200,000 $800,000 $400,000 $0
2007 Tap Fees $1,824,436
2008 $1,844,052
2009 $1,163,649
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2010 $1,127,111
2011 $1,683,340
2012 $2,662,486
Wastewater Fund The wastewater fund accounts for all activities necessary in the collection, transmission and disposal of sewage and wastewater. Wastewater Fund
2012 Budget
As of 9/30/12
Beginning Fund Balance
$10,740,000
$10,740,000
Revenue Highlights Reflective of the considerable increase in building activity within the City, year-to-date tap fee revenues are up nearly 133%. These figures include some, but not all, of the wastewater tap fees for the Arvada Station development.
As of 9/30/11
Expenditure Highlights A combination of a 21% unit cost drop for trenchless sewer main replacement in 2012 and payment timing account for the reduction in year-to-date Major Capital Maintenance expenditures. Charges from the Metro Wastewater Reclamation District represent nearly two-thirds of all expenditures so far in 2012.
REVENUES Sewer Charges
10,704,387
7,824,599
7,531,279
Tap Fees
234,486
356,045
152,845
Interest
209,614
73,312
86,675
Other
560,683
298,464
341,013
$11,709,170
$8,552,420
$8,111,812
Total Revenues
Wastewater Tap Fees
EXPENDITURES Metro District
6,536,367
4,905,719
4,416,464
Ongoing
2,859,070
1,906,567
1,999,743
Major Capital Maintenance
1,849,283
583,657
1,594,023
360,500
60,700
-
$11,605,220
$7,456,643
$8,010,231
103,950
1,095,777
101,581
Capital Total Expenditures Income/(Loss)
This chart shows a history of wastewater tap fees collected through the first three quarters of the year. As with water tap fees, the substantial increase in 2012 reflects the considerable increase in residential building activity.
WASTEWATER FUND - TAP FEES As of September $360,000 $320,000 $280,000
$10,843,950
$240,000
$11,835,777
Dollars
Ending Fund Balance
$200,000 $160,000 $120,000 $80,000 $40,000 $0
2007 Tap Fees $196,262
18
2008 $195,328
2009 $94,304
2010 $130,041
2011 $152,845
2012 $356,045
Stormwater Fund
Golf Fund
The Stormwater fund accounts for all activities necessary to maintain a stormwater management plan. As of 9/30/12
Stormwater Fund
2012 Budget
Beginning Fund Balance
$10,953,000 $10,953,000
Golf Fund
As of 9/30/11
Beginning Fund Balance
3,119,747
2,448,340
2,421,590
66,268
1,873,281
286,287
$ 3,186,015
$ 4,321,622
$ 2,707,877
Other Total Revenues
Debt Service Capital Total Expenditures Income/(Loss) Ending Fund Balance
As of 9/30/11
$ 206,000
$ 206,000
Golf
2,570,729
2,722,485
2,368,984
Restaurant
1,079,401
1,001,476
938,190
219,474
164,606
159,811
$3,869,604
$3,888,567
$3,466,986
2,048,912
1,491,734
1,389,951
Food
955,835
906,518
815,178
Operations
860,152
614,740
755,113
9,546
9,546
-
$3,874,445
$3,022,538
$2,960,242
(4,841)
866,028
506,745
$201,159
$1,072,028
City Cash Transfer Total Revenues EXPENDITURES
EXPENDITURES Ongoing
As of 9/30/12
REVENUES
REVENUES Stormwater Fee
2012 Budget
1,158,846
777,975
723,668
932,488
699,366
700,191
9,850,000
2,736,229
1,279,037
$11,941,334
$ 4,213,570
$ 2,702,896
(8,755,319)
108,051
Golf
Capital Total Expenditures
4,981
Income/(Loss) $ 2,197,681
$11,061,051 Ending Fund Balance
Revenue Highlights In August, approximately $1.8 million was transferred from the Drainage Fund to the Stormwater Fund. These funds, comprised of Unit Drainage Fees (or UDFs, last collected in 2003) and interest, reimbursed the Stormwater Fund for work completed by the Stormwater Utility within the drainage basins for which the UDFs were paid.
Expenditure Highlights Costs related to the replacement of the Garrison Street Bridge and related channelization on Ralston Creek continue to dominate Stormwater expenditures. As of the end of the third quarter, the Stormwater Utility’s Garrison project was about 50% done, with completion expected in February 2013, weather permitting.
Revenue Highlights Overall revenue contines to pace approximately 12% greater in 2012, with green fee and restaurant revenues tracking ahead of both the 2012 Adopted Budget and mid-year revisions. Strong play and restaurant activity continued through the quarter. Over 80 Player Development Events helped drive range revenue up 22% at West Woods and 15% at Lake Arbor. West Woods Golf Club was named Best Golf Course in Jefferson County in a Colorado Community Media reader’s poll.
Expenditure Highlights Increased use of temporary staff, inventory demands and turf maintenance operations are reflected in a 2.1% increase in expenses from 2011 to 2012. Operations decreased by 18.59% due to a combination of the realignment of internal service costs, the retirement of debt principal related to the transition of gas to electric golf carts, and an assessment of project monies to be expended in 2012.
19
Rounds by Type - January thru September 2011/2012 WEST WOODS
Regular
Special
Tournament
Annual
Senior
Junior
Other
Total
2011
16,905
13,028
2,423
3,800
4,174
891
396
41,617
2012
21,530
9,293
2,919
4,824
6,150
988
967
46,671
4,625
-3,735
496
1,024
1,976
97
571
5,054
27%
-29%
20%
27%
47%
11%
144%
12%
LAKE ARBOR
Regular
Special
Tournament
Annual
Junior
Other
Total
2011
12,269
9,543
1,581
15,742
474
1,016
40,625
2012
18,871
5,504
844
15,903
595
1,672
43,389
6,602
-4,039
-737
161
121
656
2,764
54%
-42%
-47%
1%
26%
65%
7%
20
Hospitality Fund Hospitality Fund Beginning Fund Balance
2012 Budget
As of 9/30/12
Revenue Highlights
As of 9/30/11
$ 758,000
$ 758,000
Banquets
944,776
628,378
590,969
Concessions
148,841
96,939
143,339
Miscellaneous
573,146
304,195
331,037
Total Revenues
$1,666,763
$1,029,511
$1,065,345
587,282
202,394
248,652
1,263,406
827,046
800,967
Capital
263,096
-
-
Transfer to General Fund
128,000
-
89,044
$2,241,784
$1,029,440
$1,138,663
(575,021)
71
(73,318)
Ending Fund Balance
182,979
758,071
(73,318)
Goal (25% of Total Expenditures)
560,446
257,360
$ (377,467)
$ 500,711
REVENUES
EXPENDITURES Overhead Operations
Total Expenditures Income/(Loss)
Excess/(Deficit)
Banquet and conference-related revenue is 6.33% greater in 2012, with total attendance up by 7.33% compared to 2011. The greatest increase in revenue continues to be in the events related to non-profit/association and wedding/anniversary market segments. The corporate market sement continues to lag behind 2011 levels. Concession-related revenue in 2012 is 32.37% less than in 2011 due to decreased ticket sales for Arvada Center theater and concert events.
Expenditure Highlights Overhead expenses have decreased by 18.6% compared to 2011. The Transfer to General Fund was eliminated in 2012 with those funds to be used for the purchase of equipment, and which is now reflected in the budget under Capital. There was an alignment with internal services from 2011 and a vacant position resulting in salary savings in 2012. Overall operation expenses are 3.26% greater in 2012. This was caused by an increased use in Temporary Wages, Supplies and Expenses and, most impactful, inventory. Steep wholesale price increases for food and produce have persisted throughout 2012.
Banquets increased 6.33 percent over 2011. Concessions decreased by 32.37 percent in the same period, for an overall revenue increase from 2011 of 3.26 percent.
21
internal service
INTERNAL SERVICE FUNDS
Internal Service Funds Overview We have four Internal Service Funds. These Funds charge for goods and services to each division that uses them. 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.
Risk Management Risk Management
2012 Budget
As of 9/30/12
As of 9/30/11
Beginning Fund Balance
$ 4,684,000
$ 4,684,000
2,310,582
1,728,048
2,005,535
66,000
48,964
74,841
REVENUES Transfers Other Total Revenues
$ 2,376,582
$ 1,777,012 $2,080,377
EXPENDITURES RM Administration RM Operations Total Expenditures Income/(Loss) Ending Fund Balance
1,916,248
1,504,297
1,229,950
603,648
412,730
400,756
$ 2,519,896
$ 1,917,027
$ 1,630,706
(143,314)
(140,015)
449,671
$ 4,540,686
$ 4,543,985
*Per GASB Statement 10, an additional $1,486,072 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 Risk Management’s actuary.
22
Overview The Insurance Fund, administered by the Risk Management Division of Finance, provides the means by which the City self-insures against loss. It is funded with contributions by all City divisions based on their levels and types of exposure. The Fund is also used for programs for loss prevention, the protection of City personnel and the preservation of City property and assets.
Revenue Highlights Due to well-managed safety and cost controls, overall charges to participating Funds are approximately 16% below 2011 levels.
Expenditure Highlights Approximately $170,000 in costs related to network liability and $113,000 relating to the remodeling of PD’s Dispatch area account for the increased Administration expenditures.
Information Technology and Print Services Information Technology and Print Services
2012 Budget
Beginning Fund Balance
$ 8,679,000 $ 8,679,000
As of 9/30/12
As of 9/30/11
REVENUES Maintenance
959,712
719,784
719,250
Replacement
897,441
668,993
704,694
Print Shop
425,049
222,659
235,598
$2,282,202
$1,611,435
$1,659,542
Maintenance
1,259,365
657,586
381,254
Replacement
2,493,850
1,573,585
1,007,070
389,265
183,248
195,547
Total Expenditures
$4,142,480
$2,414,419
$1,583,872
Ending Fund Balance
$6,818,722
$7,876,016
Total Revenues EXPENDITURES
Print Shop
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 divisions based on their levels of use of this technology. The Print Shop Fund provides ongoing capital support for the City’s printing needs.
Revenue Highlights Computer Replacement and Print Shop revenues continue to decline in comparison to 2011 by aproximately 11%, even while contributing Funds remain consistent. Computer Maintenance increased by a small percentage, with the overall revenue for this quarter being reduced by 2.99 %.
Expenditure Highlights The kickoff for the gmail package, hosted by Google, will be in November with completion in the 1st quarter of 2013. This will be followed by the Computer Replacement/Virtualization program. The Police Information System upgrade is currently in negotiations with the vendor with an expected kickoff in 2013. Several small projects related to phone/web payment systems are currently in the testing phase and are anticipated to go live the first quarter of 2013.
Vehicles Vehicles
2012 Budget
As of 9/30/12
As of 9/30/11
Beginning Fund Balance
$6,985,000
$6,985,000
Maintenance Transfers
2,132,707
1,599,530
1,599,486
Replacement Transfers
1,095,582
821,687
818,327
Charges for Fleet services remain at 2011 levels.
379,476
62,563
122,715
Expenditure Highlights
$ 3,607,765 $ 2,483,780
$ 2,540,529
Overview
REVENUES
Other Total Revenues
Revenue Highlights
EXPENDITURES Maintenance
2,240,356
1,660,119
1,520,982
Replacement
2,125,820
1,494,173
2,293,034
$ 4,366,176 $ 3,154,292
$ 3,814,016
Total Expenditures Income/(Loss) Ending Fund Balance
The Vehicles Fund provides resources for the maintenance of City vehicles and heavy equipment, as well as their replacement when various factors demand their retirement. It is funded with contributions by all City divisions based on their vehicle inventory and use.
(758,411)
(670,512)
$ 6,226,589
$6,314,488
(1,273,487)
23
Much of the increase in Maintenance expenditures comes from monthly transfers to the General Fund for overhead costs, which first began in January of this year, as well as a moderate rise in year-to-date vehicle maintenance costs. The decrease in Replacement spending is due to fewer Parks & Golf equipment replacements in 2012. Vehicles and equipment remaining to be delivered in 2012 include a series of trailers and a new street sweeper.
Buildings Buildings Beginning Fund Balance
2012 Budget
As of 9/30/12
Arvada Economic Development Association
As of 9/30/11
$ 1,654,000 $1,654,000
Replacement Transfers
407,351
305,513
305,513
Other
112,849
116,215
125,075
$ 520,200
$ 421,728
$ 430,588
$ 429,231
$ 429,231
Revenue
726,000
543,032
529,229
Expenditures
744,029
509,892
450,173
$ 411,202
$ 462,371
Ending Fund Balance
As of 9/30/11
Revenue Highlights
EXPENDITURES Replacement
766,799
349,436
120,345
Capital Lease
112,848
83,208
82,143
Total Expenditures
$ 879,647
$ 432,644
$ 202,488
Income/(Loss)
(359,447)
(10,916)
228,100
$1,294,553
$1,643,084
Ending Fund Balance
As of 9/30/12
Beginning Fund Balance
REVENUES
Total Revenues
2012 Budget
Operations
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 divisions based on their facility occupancy.
Revenue Highlights Due to careful tracking and constant reevaluating of a comprehensive replacement schedule, contributions remain at 2009 levels.
Expenditure Highlights The Capital Lease expenditures represent payments per an agreement with Siemens Building Technologies in 2004 for energy efficiency improvements at various City facilities. Among the projects completed this year were seal coats of the parking lots at City Hall, the Annex, and the Arvada Center.
Revenue in the AEDA Operations Fund consists of a transfer from the general fund equal to the personnel and operating expenditures.
Expenditure Highlights Expenditures through September 2012 were about $59,000 higher than September 2011 due to a planned complete website redesign, branding campaign, and professional landscape study that is being performed. There will be savings throughout the year as a revised commercial real estate newsletter was designed to save staff time and approximately $4,000 per year. AEDA staff researched, authored, designed and produced documents for marketing purposes: the Arvada community profile, annual calendar, ad campaign, and annual report. Social media outreach grew significantly, increasing exposure for Arvada. Program Beginning Cash Balance
As of 9/30/12 $ 721,482
Revenue
513,566
Expenditures
(98,897)
Ending Cash Balance
1,136,151
Reserved for AEDA Loan Program
(300,000)
Reserved for Pilot AEDA Small Business Grants
(60,816)
Reserved for Job Creation Program
(25,000)
Commitments
(231,125)
Available Unallocated Cash Balance
$ 519,210
Revenue Highlights Revenues in 2012 reflect the third $500,000 payment of the $1,500,000 transfer from the City of Arvada for the AEDA business financial assistance programs.
Expenditure Highlights Expenditures through September 2012 reflect 12 pilot business grants and one financial assistance redevelopment grant. Four new loans were approved through the Colorado Enterprise Fund.
24
investment report
CITY OF ARVADA INVESTMENT REPORT
Investment Portfolio Objectives 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 are invested in US Treasuries, US Agency debt, certificates of deposit, local government investment pools (LGIP’s), money market funds, and corporate debt subject to rating and concentration limits. The City’s investment portfolio is managed to provide sufficient liquidity to meet all reasonably anticipated operating cash needs without selling securities prior to maturity.
Investment Portfolio Performance For third quarter 2012, the portfolio yield was .745% following annual yield of 1.119% for 2011. The benchmark yield for the City’s portfolio is a weighted benchmark of allowable securities. For third quarter, the weighted benchmark return was .48%, constructed using the average of 2012 monthly returns. The table below shows a year-over-year comparison:
YTD Return YTD Benchmark Return Interest Booked YTD
September 2011
September 2012
Difference
1.060
.745
-32 basis points
.48
.48
-0 basis points
$1,763,451
$1,201,347
-$562,104
The primary objectives of the City’s investment activities, in priority order, are safety, liquidity, and yield.
25
Portfolio Changes- 2012 The City’s portfolio increased $6.2 million from December, 2011 to September, 2012. Changes in the portfolio are shown in the chart below: December 31, 2011 Balance
Security Sector
% of Portfolio
Money Market
September 30, 2012 Balance
% of Portfolio
% of Change
$5,003,784
2.32%
+100.00%
Savings
21,135,849
10.11%
20,159,433
9.36%
-4.62%
Certificate of Deposit
19,185,915
9.18%
19,248,103
8.94%
+.33%
Corporate
21,000,000
10.05%
5,000,000
2.32%
-76.19%
LGIP
67,013,063
32.06%
53,916,153
25.04%
-19.55%
US Agency
73,700,000
35.26%
105,000,000
48.77%
+42.47%
US Treasury
7,000,000
3.34%
7,000,000
3.25%
0.00%
Total
$209,034,827
$215,327,473
As of September 30, 48 percent of the City’s portfolio has a maturity range of less than one year. This is due to the fact that we anticipate a large payment for the Denver Water project in the next year. The maturity range of the City’s portfolio is shown in the graph below:
Duration of Portfolio September 2012 70,000,000 60,000,000 50,000,000 40,000,000 30,000,000 20,000,000 10,000,000 0
As of September 30, 48 percent of the City’s portfolio has a maturity range of less than one year.
26
Current Investment Environment In September the Feds announced a third round of quantitative easing (QE). The central bank will purchase $85 billion in securities each month through the end of 2012 to lower long term interest rates in an attempt to spur spending. Unlike QE1 and QE2, QE3 does not have an end date; the Feds will continue making purchases until the economy recovers. The City will be affected as interest rates decrease as securities will be called which will result in reinvestment in lower yielding securities lowering the investment yield. The Feds also announced that short term interest rates will remain low until mid2015. Treasury yields have increased between 4bps and 8bps on the shorter (2 years and under) end of the treasury curve over the past year. On the longer end of the curve (over 5 years); yields have decreased from 26bps to 72bps for the same period. The graph below shows the treasury curve from September 2011 through September 2012.
Historical Treasury Yields September 2011-September 2012
4 3.5 3
Yield
2.5 2
1.5 1 0.5 0
3m Bill
6m Bill
1yr Treas
2yr Treas
5yr Treas
10yr Treas
Currently, we are investing in securities with a call lock out period of six months or more to gain yield in the portfolio. LGIP funds are currently yielding 25bps compared to 10bps at this time last year, we attempt to keep LGIP balances only to satisfy operating needs as other options provide more yield to the City. We are currently keeping a $10 Million balance in the City’s bank account as we are earning a 35bps credit to off-set banking fees versus earning 25bps in an LGIP account. The City’s portfolio as of September, 2012 is shown below which includes coupon rate, face value, maturity date, credit rating and year to date interest earned.
27
City of Arvada Investments as of September 30, 2012 Description
CUSIP
SAVINGS ACCOUNTS JPMorgan Chase Bank Cash Wells Fargo Cash JP Morgan Checking Account Sub Total Savings CERTIFICATE OF DEPOSIT FIRSTBANK FIRSTBANK FIRSTBANK FIRSTBANK Sub Total Certificate of Deposit CORPORATE Berkshire Hathaway Fin Corp 084664BG5 General Electric Co 369604AY9 Sub Total Corporate LOCAL GOVERNMENT INVESTMENT POOL C Safe LGIP Colo Trust LGIP Sub Total LGIP MONEY MARKET CSIP MM Sub Total Money Market US AGENCY FFCB 3133EAH27 FFCB 3133EAUZ9 FFCB 3133EAU22 FFCB 31331KF47 FFCB 3133EAGG7 FFCB 3133EAKP2 FFCB 31331GEJ4 FHLB 313376ZJ7 FHLB 313380C70 FHLB 3133782EO FHLB 313380BV8 FHLB 3133727K4 FNMA 3136G0W1 FNMA 3136G0HP9 FNMA 3136FTM89 FNMA 3136FT3J6 FNMA 3136G0RX1 FNMA 3136G0XD8 FNMA 3136FTDG1 FNMA 3136G0GT2 FNMA 3136FPEL7 FNMA 3136G0FS5 FNMA 3136G0XW6 FNMA 3136G0DZ1 Sub Total US Agency US TREASURY T-Bond 912828KY5 T-Note 912828MT4 Sub Total US Treasury Total
Credit Rating 9/30
Interest/ Dividends 2012
Coupon Rate
Face Amount/Shares
Maturity Date
0.15% 0.18%
5,136,786.74 5,022,647.25 10,000,000.00 20,159,433.99
N/A N/A N/A
N/A N/A N/A
17,180.90 6,403.71 0.00 23,584.61
0.30% 0.30% 0.40% 0.60%
4,060,212.41 5,027,807.05 5,112,521.57 5,047,562.10 19,248,103.13
11/30/2012 07/27/2013 11/30/2012 05/05/2014
N/A N/A N/A N/A
8,653.12 16,858.35 15,179.44 12,389.55 53,080.46
5% 5%
3,000,000.00 2,000,000.00 5,000,000.00
08/15/2013 02/01/2013
AA+ AA+
150,000.00 100,000.00 250,000.00
0.19% 0.26%
22,022,010.54 31,894,142.22 53,916,152.76
N/A N/A
N/A N/A
20,082.48 47,459.11 67,541.59
0.27%
5,003,784.05 5,003,784.05
N/A
N/A
3,784.05 3,784.05
0.43% 0.59% 0.68% 0.73% 1.00% 1.36% 3.88% 0.50% 0.55% 0.90% 1.10% 2.13% 0.55% 0.60% 0.80% 1.00% 1.00% 1.00% 1.05% 1.05% 1.05% 1.25% 0.50% 0.65%
5,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 4,000,000.00 5,000,000.00 3,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 3,000,000.00 2,000,000.00 5,000,000.00 3,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 6,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 3,000,000.00 3,000,000.00 3,000,000.00 105,000,000.00
08/13/2015 06/19/2015 09/12/2016 10/17/2014 03/08/2016 04/04/2017 11/13/2012 02/24/2015 02/08/2016 08/22/2016 08/21/2017 12/28/2015 02/22/2016 05/29/2015 02/24/2016 12/28/2016 07/26/2017 08/28/2017 10/21/2015 11/14/2016 09/09/2013 05/17/2017 02/28/2017 04/26/2016
AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA
0.00 0.00 0.00 18,250.00 0.00 0.00 58,125.00 12,500.00 0.00 22,500.00 0.00 21,250.00 0.00 0.00 20,000.00 0.00 0.00 0.00 25,250.00 0.00 52,500.00 0.00 0.00 0.00 230,375.00
2.63% 1.38%
2,000,000.00 5,000,000.00 7,000,000.00 215,327,473.93
06/30/2014 03/15/2013
AAA AAA
52,500.00 68,750.00 121,250.00 749,615.71
28
Finance Department • 8001 Ralston Road • Arvada, Colorado 80002 (720) 898-7120 • www.arvada.org
Contributors: Victoria Runkle, Finance Director Lisa Yagi, Assistant Finance Director Bryan Archer, Controller Ryan Adler, Budget Analyst Deanne Gibboney, Budget Analyst Arlene Martinez, Executive Assistant