Arvada Third Quarter 2012 Financial Report

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

5

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

6

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