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2016 April Financial Report 1


Table of Contents Monthly Financial Summary……………………………………………………………..…………...…3 General Fund…………………………………………………………………………………………….……...5 Revenues………………………………………………….………………..………………………….….6 Expenditures………………………………………………………...………………………………….6 Revenue Sources…………………………………………………………………………....…………….…..7 Sales Tax…………………………………………………………………………...……………………...7 Property Tax………………………………………………………………………..………………......9 Franchise Fees…………………………………………………………………..…….………………..9 Use Taxes…………………………………………………………………….………………….………10 Building & Planning Permit Fees………………………………..…………………………...11 Food Tax Fund………………………………………………………………………..…………………...….12 Quality of Life Fund………………………………………………………………..…………………...….13 “Keep Greely Moving” Fund…..……………………………………………..…………………...….14 Public Art Fund………………………………………………………………………………………………..15 Water Funds…………………………………………………………………………..…………………...….16 Sewer Funds………………………………………………………………………………………...………...17 Stormwater Funds……………………………………………………………………….………………….18 Lodging Tax………………………………………………………………………………………...…….…....19

Front Cover: Rover Run Dog Park, 5207 F. Street , Greeley Colorado 2


April Financial Summary Governmental accounting can be somewhat difficult to interpret. Some of our largest general revenues; sales and general use “lag� by one month; meaning that we receive these revenues one month after they’ve been generated. Other revenues, including building use, fees and charges for services are recognized in the month they are received. Expenditures however, are recognized in the month in which they occur. The first couple of months of the new year can have several adjustments and will be explained in each respective area. The following report provides information on most of our major funds.

General Fund The General Fund is funded from a variety of sources for a total revenue budget of $90,573,813. Expenditures for 2016 are currently budgeted at $100,601,112 with the planned difference of $10,407,116 coming from existing fund balance. The monthly financial report focuses on the major revenue sources, expenditures, and trends we are seeing as they relate to historic, current, and future revenues and expenditures. Below are select summaries of financial information. Additional detailed information is contained in each section.

Sales Tax Sales Tax revenue is budgeted at 48% of General Fund revenues for 2016. In three months of collections of the general fund share of sales tax, we have receipted 22% of the 2016 budget estimate of $43,582,484 or a total of $9,614,846. This represents a 3% decline in sales tax revenue from 2015 revenues for the first three months.

Use Taxes The three Use Taxes listed below are budgeted to be 6% of the General Fund revenue. In the three months of collections, General Use Tax shows an increase of 32% over 2015 year to date comparisons. To date, total collections in general use tax are at 27% of our estimate of $1,387,283 or $374,909. Building use tax is collected at the time of the building permit, thus the reported receipts represent four months of collections. We have collected $734,242 which is 0.3% above our 2015 year to date collections. Year to date collections for 2016 are 46.3% of the 2016 budget of $1,584,915 or $734,242. Auto use tax has been collected on a one month lag as compared to 2015, thus the reported receipts represent collections for the months of February and March. Year to date collections for 2016 are 16.4% of the 2016 budgeted revenue of $2,353,630 or $385,919.

Building Permits New construction permits are tracked as an indicator of growth. Building Permit revenues are down by 1% in the first four months of the year due to declines in single family and commercial permits. Year to date growth came primarily from new multi-family unit permits, where the valuation of permits continue to come in much higher than 2015. Year to date valuations of new commercial projects and remodels in 2016 are at $8.7 million from 139 permits as compared to $9.1 million from 143 permits in 2015. Permits for single family dwellings are at 122 with a value of $20.6 million as compared to 154 permits with a value of $25.6 million in 2015. New multi-family units continue to see growth with 131 units as compared to 130 in 2015 with the valuation increasing from $11.2 million to $15.6 million respectively. Even with the first four months showing a small decline in valuation we expect to exceed the 2016 budget for building permits.

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Other General Fund Revenue Sources Franchise Fees are budgeted at $5,550,000 in 2016 and account for 6% of the 2016 Budget. Property Taxes are budgeted at $9,550,000 in 2016 and account for 11% of the 2016 Budget. Charges for services are budgeted at $5,168,153 and are 6% of the 2016 Budget. Fines and Forfeits are budgeted at $2,544,100 or 3% of the 2016 budget. The remaining 2016 budget revenues include; $5,369,471 or 6% of funding comes from other funds, $7.3 million or 8% is intergovernmental revenue, and $2.6 million or 3% in other revenues.

Special Fund Revenues & Economic Indicators Lodging Tax The Convention and Visitors Fund is funded by the city’s three percent lodging tax to support convention and visitors activities. For rooms rented in March, revenues decreased by 21.5% from 2015. Total collections for 2016 are $99,290. This is 22% of the budget estimate for 2016. According to the March Rocky Mountain Lodging Report, Greeley occupancy rates averaged 60.9% as compared to a 67.3% occupancy rate for all of Colorado. Again, these figures align with the slowdown of oil and gas production in the Weld County region and continue to follow declines that started in 2015.

Food Tax Food Tax is sales tax collected on the purchase of food for home consumption and is used to fund a capital maintenance program for the repair of streets, buildings, parks, and other capital assets. In three months of collections of Food Tax, we have receipted 27.4% of the 2016 budget estimate of $7,331,800 or a total of $1,741,252.

Economic Indicators Oil prices continue to stay significantly lower than last year. The price of Colorado/Nebraska DJ Basin Oil was averaging $31.25 per barrel in April as compared to $39.55 a year ago. We are closely monitoring the impact of the oil and gas industry on the revenue streams for the City of Greeley. Sales and Use Taxes collected from oil and gas industries continue to be lower than last year. For the first three months of 2016, oil and gas related industries Use Tax has declined by 22% ($2,429) and Sales Tax declined by 49% ($40,390) from 2015.

Summary The remaining report will go into more detail on the major funds at the City of Greeley. We continue to see positive trends in the economy and at the same time are feeling the impact of oil and gas related industries. We are closely watching the changes in Sales Tax Revenues as they make up 48% of the General Fund Revenue. At this point in time we anticipate the revenues that increase will offset the revenues that decline for 2016, which will allow for us to continue to provide the same levels of service as budgeted.

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General Fund Revenues: Major sources of revenue in the General Fund include: Sales Tax, Use Taxes, Property Taxes, county, state, and federal intergovernmental funds, Franchise Fees, charges for services, transfers from other funds, fines and forfeits, licenses and permits, and miscellaneous sources. The following graph Illustrates our 2015 expenditures and revenues as compared to the same data in 2016.

The table below provides data for the 2016 revised budget as of April 30, 2016.

2016 General Fund Overview % of Budget $12,407,116 ($2,379,817) 123.7% $23,065,453 $67,508,360 25.5% $35,472,569 $65,128,543 35.3%

2016 Budget Use of Fund Balance Revenue Expenditures

2016 Actual

$10,027,299 $90,573,813 $100,601,112

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Variance


Revenues have been collected for three months of Sales Tax, General Use Tax, Lodging Tax, Franchise Fees, and Property Tax. Revenues have been collected for four months for Building & Planning Permit Fees, Building Use Tax, and Utility Charges. Year to date revenues are 25.5% of the current 2016 budget. The increase of 2016 revenues by $1.2 million is mainly due to a one time transfer to the General Fund for downtown projects.

General Fund Revenue Comparisons 2015

2016

2016 % Change Actual to Variance 2015 - 2016 Budget 2016 2016 Budget ($51,850) -4.6% -

January

$1,137,935

$1,086,085

February

$5,045,258

$5,482,411

$437,153

8.7%

-

-

March

$8,931,922

$8,587,642

($344,279)

-3.9%

-

-

April

$6,721,151

$7,909,315

$1,188,163

17.7%

-

-

$21,836,266 $23,065,453

$1,229,187

5.6% $90,573,813

25.5%

YTD Total

Expenditures: The General Fund is used to pay for the City’s basic municipal services such as police, fire, parks, culture, recreation, public works, community development, and general administration. Expenditures from the General Fund are consistent with expectations and the approved budget for 2016. Below is a summary of expenditures for the first four months of 2016. The majority of the increases and decrease by month are tied to the timing difference of one time budgeted transfers between funds and is caused by the appropriation of the end of year fund balance.

General Fund Expenditure Comparisons 2015

2016

2016 % Change Actual to Variance 2015 2016 Budget 2016 2016 Budget $1,140,896 20.1% -

January

$5,664,188

$6,805,084

February

$5,417,747

$6,037,833

$620,085

11.4%

-

-

March

$7,979,847

$6,225,242 ($1,754,605)

-22.0%

-

-

April

$15,526,435 $16,404,410

$877,975

5.7%

-

-

YTD Total $34,588,218 $35,472,569

$884,351

2.6% $100,601,112

35.3%

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Revenue Sources The City collects Sales Tax on the retail sale of various goods and commodities. The state's tax rate is 2.9% and the City’s is 4.11%. Sales Tax is distributed to the Public Safety Fund (0.16%), Quality of Life Fund (0.30%), General Fund (3.00%) and “Keep Greeley Moving” (0.65%). The City of Greeley also imposes a rate of 3.46% on food for home consumption – the “Food Tax” Fund. We review Sales Tax revenue in four areas as shown below. The first way is how the Sales Tax revenues are distributed to the five different funds, Public Safety, Quality of Life, Food, “Keep Greeley Moving”, and General. $80,000,000 $70,000,000 $60,000,000 $50,000,000 $40,000,000

$30,000,000 $20,000,000 $10,000,000

$0 2015 YTD

2016 YTD

2015 Actual

2016 Budget

$610,941

$605,659

$2,527,279

$2,663,442

Quality of Life

$1,145,515

$1,135,610

$4,738,649

$4,993,954

Food

$1,535,726

$1,741,252

$6,474,734

$6,357,052

$0

$2,359,016

$0

$9,491,629

$9,919,425

$9,614,846

$40,911,753

$43,582,484

Public Safety Bonds

Keep Greeley Moving

General Fund

Sales Tax revenues have been collected for the first three months of 2016. 2016 General Sales Tax revenue is budgeted at 6.5% above 2015 revenue. General Sales Tax revenue decreased by 3% in the first three months of 2016 as compared to 2015. The 3% decline in the growth rate is primarily due to lower natural gas and fuel prices, a decline in motor vehicle sales and parts dealers, clothing and accessories, as well as home furnishing sales.

5,000,000

12%

4,500,000

10%

4,000,000

8%

3,500,000

6%

3,000,000

4%

2,500,000

2%

2,000,000

0%

1,500,000

-2%

1,000,000

-4%

2016 Actual

500,000

-6%

15 vs 16 % Change

0

-8%

Month Sales Tax Reported

7

Monthly % Change

Revenue $

We anticipate general fund sales tax revenues being lower than the 2016 budget based on current trends and economic information. Below is a summary of the General Fund share of sales tax by month with three months of 2016 actuals and a nine month forecast for 2016. Sales Tax Only: General Fund Share (After Debt, Expense, & Adjustments)

2014 2015 2016 Forecast 2016 Budget


Thirdly, retail sales are reviewed using the North American Industry Classification System (NAICS) codes. The codes are then simplified into major categories as shown below. Not all categories are included below and adjustments have been made to account for late payments and adjustments, but they give a good representation of how 2016 revenues compare to 2015. Electronics and appliance stores have seen the largest increase over 2015 at $138,239 or 52.5% due to a large one time payment in April. Motor Vehicle and Parts Dealers have seen the largest decline year to date of $176,481 or 12%. $1,800,000 $1,600,000 $1,400,000 $1,200,000 $1,000,000 $800,000

$600,000 $400,000 $200,000

2015

$0

2016

Lastly, retail sales are tracked by geographic locations, omitting businesses selling groceries and auto dealers. Below is a summary of the Sales Tax revenue collected by identified retail locations. Currently each location is at or below last year’s revenues, with the exception of St. Michaels, which is showing at 3% increase in sales over 2015. The graph has been modified to adjust for late payments and adjustments to prior periods.

Retail Sales Tax by Location $2,000,000 $1,800,000 $1,600,000 $1,400,000 $1,200,000 $1,000,000 $800,000 $600,000 $400,000 $200,000 $0 St. Michaels

Downtown Development

University District

Greeley Mall Area

10th Street/23rd-47th Av

Centerplace Area

2015

$54,767

$442,388

$498,090

$757,786

$781,223

$1,878,045

2016

$56,395

$417,969

$473,417

$719,639

$740,965

$1,857,128

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Property Tax Property Tax is levied upon the assessed values of land, buildings, and business personal property. Assessments are determined by Weld County every two years using market values of recent sales of similar property in the area. The mill levy is currently set at 11.274 mils. 2016 Property Tax revenues are expected to increase over 10% from 2015 actuals. Property Taxes have been received for three months in 2016. 2016 property tax revenues are currently at 36.1% of the 2016 Budget and are showing an 11.8% increase over 2015 actuals.

Property Tax 2015 February March April YTD Total

2016

Variance

$86,644 $151,622 $2,228,578 $2,681,700 $772,638 $618,214 $3,087,860 $3,451,535

$64,977 $453,122 ($154,424) $363,675

% Change % Of 2016 2015 - 2016 Budget Budget 2016 75.0% 20.3% -20.0% 11.8% $9,550,000 36.1%

Franchise Fees Franchise Fees are fees levied on companies in exchange for the right to use public right of way and otherwise operate as a franchise. Franchise Fees are collected for electric, natural gas and cable TV. Cable fees are received quarterly and therefore have no reported revenue in 2016. Electric revenues are up 6% from 2015. Natural gas fees are down by 32.9% from 2015 as a result of low natural gas prices. Telephone revenues are down 5.6%. Total Franchise Fees for 2016 are down by 19.6% from 2015, being budgeted at a 2.4% increase from 2015 revenues. It is anticipated, that we will be significantly below budget in franchise fees for 2016.

Franchise Fees & Telephone Tax 2015 YTD Cable

2016 YTD

% Change % Of 2016 Variance 2015 - 2016 Budget Budget 2016 $0 0.0% $875,000 0.0%

$0

$0

Electric

$396,713

$420,490

$23,777

6.0%

$2,800,000

15.0%

Natural Gas

$760,516

$510,412

($250,103)

-32.9%

$1,750,000

29.2%

Telephone

$41,832

$39,497

($2,335)

-5.6%

$125,000

31.6%

$1,199,061

$970,400

-$228,661

-19.1%

$5,550,000

17.5%

YTD Total

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Use Tax Use Taxes are taxes levied upon individuals using, storing, or consuming tangible personal property within the city limits. Three types of Use Taxes are collected: automobile, building, and general. All three Use Taxes are distributed to the Public Safety Fund, Quality of Life Fund, General Fund, and Keep Greeley Moving Fund.

$2,000,000 $1,800,000 $1,600,000 $1,400,000 $1,200,000 $1,000,000 $800,000 $600,000 $400,000 $200,000 $0

2015 YTD

2016 YTD

2015 Actual

Public Safety Bonds

$15,151

$19,995

$75,374

$73,988

Quality of Life

$28,408

$37,491

$141,327

$138,728

Keep Greeley Moving General Fund

2016 Budget

$0

$78,156

$0

$269,230

$284,076

$374,909

$1,413,267

$1,387,283

Auto Use Tax Year to date totals are off due to timing of receipts in 2016 vs. 2015; we are currently showing two months vs. three months in 2015. Once the timing difference is removed, year to date General fund share of Auto Use Tax revenues are down 24% against 2015 revenues. 2016 Auto Use revenues, excluding “Keep Greeley Moving�, are 16.4% of the $2,714,520 budget or $385,919.

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General Use Tax revenues are up in the first three months of 2016 by 55.8%, this increase over 2015 is the result of onetime payments from two large industries. The General Fund share of use taxes are anticipated to remain at the same levels as 2015.


Building Use Tax $3,500,000 $3,000,000 $2,500,000 $2,000,000 $1,500,000

$1,000,000 $500,000 $0

2015 YTD

2016 YTD

2015 Actual

2016 Budget

Public Safety Bonds

$39,053

$39,160

$141,408

$84,529

Quality of Life

$73,225

$73,424

$265,140

$158,491

$0

$159,092

$0

$307,584

$732,252

$734,242

$2,651,397

$1,584,915

Keep Greeley Moving General Fund

Building Use Tax has been collected for four months in 2016. Year to date Building Use Tax revenues for the General Fund are up a third of a percent from 2015, and are above budget projections for 2016. The 2016 budget is projected to be 40.2% lower than actual revenues in 2015.

Building & Planning Permit Fees Building & Planning Permit Fees are collected on commercial, industrial and residential construction and improvements. Plan Filing and Check Fees increased by 11% or $12,369 while Building Permit Fees decreased by 1% or $4,079 from 2015 year to date actuals. The 2016 budget planned for a decline of 33.2% in Plan Filing and Check Fees and a 15.2% decrease in Building Permit revenue from 2015 revenues. In both areas we are exceeding the budget expectations for 2016.

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Food Tax Fund Food Tax is sales tax collected on the purchase of food for home consumption and is used to fund a capital maintenance program for the repair of streets, buildings, parks, and other capital assets. The revenue from the tax on food sales is designated and is not used for municipal operations. The city food sales tax rate is at 3.46% with 86.7% of the tax going to the Food Tax fund. Food Tax revenue is budgeted at 27% below 2015 revenues. Food Tax collections in the first three months of 2016 accounted for a total of $1,741,252 or 27% of the 2016 budget of $6,489,952. Food Tax revenue is reported separately from General Sales Tax and increased by 13.4% for the first three months of 2016. This increase is attributed to businesses improved reporting of food tax versus general sales tax in 2015 and 2016. This increase will decrease throughout the year as the timing of reporting variances are realized.

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Quality of Life Fund After debt service payments, the 0.30% sales and use tax along with grant funds and park development impact fees will be used to fund various city wide projects. Some of the 2016 projects include: continued 8th Avenue improvements for entryway and boulevard treatments on the 1000, 1100, and 1200 blocks with $1.6 million allocated this year, construction of 3,450 feet of the Sheepdraw trail including a pedestrian bridge with $370 thousand budgeted, and $3 million for the Youth Sports Complex where the fourplex practice fields will be updated with parking improvements, softball field enhancements and other identified needs.

Year to date revenues are down 60.7% as compared to 2015. This variance is primarily due to 2015 vs. 2016 budgeted funding of the 8th Avenue improvement project. Revenues are currently at 18.5% of budget. Year to date expenditures are down 50.8% against 2015 year to date actuals; and are 14% of the 2016 budget.

Monfort Park Soccer Fields, 4800 24th Street, Greeley CO 80634 13


Streets and Infrastructure Fund “Keep Greeley Moving” A new sales tax of 0.65% or $0.65 for each $100 for a term of 7 years was approved by voters in the last quarter of 2015. This initiative will help fund street maintenance and improvements. Over the first seven years this initiative will fund repaving of 10 arterial and collector roads, the repaving of 8 neighborhoods, three capacity projects, and the City of Greeley taking over all public concrete sidewalks and gutter repairs. Projects that have started in 2016 include: 

$7.1 million to fund pavement overlay, seal coat, patching, and striping program that will provide new pavement surfaces on existing streets.

$5.8 million to fund 20th Street Phase II: 71st to 86th Avenue.

$1.0 million to fund the construction of up to 70 handicap ramps and sidewalk access points at various locations throughout the city.

Year to date revenues are currently at 17% of budget. Year to date expenditures on capital projects are currently at 2% of the 2016 budget .

Street & Infrastructure Improvement Fund YTD 2016 % of 2016 2016 Budget Actual Budget Sales & Use Tax $2,360,089 $9,491,629 24.9% Transfer from Food Tax Fund $0 $4,409,288 0.0% Total Revenue $2,360,089 $13,900,917 17.0% Captial Projects $281,591 $13,900,000 2.0% Total Expenditures $281,591 $13,900,000 2.0%

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Public Art Fund The Public Art Fund is part of the City of Greeley’s capital improvement plan. Existing public Art Fund balance is being used to fund 2016 projects, resulting in expenditures being higher than revenues. Ongoing 2016 projects include: 

$56.1 thousand to fund public art acquisitions, one to three sculptures will be purchased to be installed in outdoor sites.

$21 thousand to fund “Paint the Town Murals” where up to five murals will be commissioned to adorn highly visible walls within the City selected by the Arts Commission.

$26 thousand to fund the Art on Loan Program

Revenues Total Revenue Public Art Expenditures Total Expenditures

Public Art Fund YTD 2016 % of 2016 2016 Budget Actual Budget $164,552 $181,346 90.7% $164,552 $181,346 90.7% $89,105 $551,773 16.1% $89,105 $551,773 16.1% Project Updates

Uptown Trees: The three remaining 2015 Uptown Tree Sculptures were installed on April 14th including “Eternal Leaves” by Ken McCall and Lezlie Dixon at 1310 8th Ave, “Flying Animals” by Mary Ann Baker at 1320 8th Ave, and “Moire’ Tree” by David Farquharson at 1330 8th Ave. Eight new sculptures will be selected in the fall of this year for Spring 2017 installations. Models of the 2016 sculptures to be installed are pictured to the left. 10th Street Entryway: The arts commission is gathering information for the purchase of two 25 foot tall Lyman Whitaker Kinetic works of art to be placed in two separate high visibility locations in the north and south entrances of Promontory Park. The project is scheduled to start in the fall of this year. Lyman Whitaker Twister Star

Island Grove Entryway Art: The Art Commission has selected a larger than life playful puppy sculpture titled “Play Bow” by artist Don Kennell. The sculpture will be installed at the 14th Avenue entrance of Island Grove in August of this year.

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Water Funds The Water Department provides water to the citizens and industries of Greeley. This is water of a quality and quantity that meets all health and aesthetic criteria. The department is responsible for 467 miles of distribution lines and 69 million gallons of treated water storage reservoirs. Several projects are expected to be completed in 2016. Expenditures are expected to exceed revenues as fund balance is used to fund capital projects. Listed below is a summary of the budgeted capital expenditures for 2016: $20.8 million for over 38 Water capital replacement & construction projects. $13.1 million for Water Rights Acquisition. $27.9 million to construct the Northern segment of the Bellvue Transmission 60� Transmission Line. $5.4 million to construct the 5 million gallon treated water reservoir at Gold Hill. $4 million to complete the Boyd Water Treatment Plant Winterization. Update: a business case model is being developed to assist with the budgeting process in Spring of 2016.

$829 thousand for the Distribution Line Extension and Oversizing Project, providing improved flow pressure, and system reliability for future and existing distribution systems. Update: Design for the Spanish Colony extension was initiated during 2015 and will be followed by construction this year.

An overview of water revenues and expenditures is displayed below. Total water revenues for 2016 are currently 34.2% of budget for the first four months of collections. 2016 year to date revenues as compared to 2015 for Residential, Commercial, and Industrial rates moved by –1.3%, -7.3%, and 16.3% respectively. In 2016 total rate revenue is currently up 0.8% from 2015 and is budgeted to be up 3% at the end of 2016 as compared to 2015. Year to date expenditures are 13.9% of budget in the first quarter of 2016.

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Sewer Funds The Sewer Department collects water-borne waste from residences and businesses. This in turn provides treatment and an environmentally safe release of waste collected. The Sewer Department also continues to rehabilitate dated sewer collection segments throughout the City. At the end of 2014, the system had a total of 356 miles of line and 10 sewage pumping stations. Sewer projects in 2016 include: 

$7.2 million for Water Pollution Control Facility improvements Update: Digester & gas mixing system project will go out to bid in June of 2016. Master plan construction projects may be pushed out to fall of 2016 as a result of the replacement centrifuge not performing as promised by the equipment manufacturer. An outside consultant is working on treatment processes improvements.

$6 million for the North Greeley Sewer Phase II, $967 thousand for the trenchless main and collector rehabilitation projects Update: Design has been completed, currently awaiting site approval from the Department of Health and acquisition of a license agreement from the Union Pacific Railroad before bidding the project. Construction will start once these elements have been finalized.

$480 thousand to rehabilitate the sewer collection system Update: 2016 repairs to sewer lines include the 1800-1900 block of 9th Street, the 800 block of 19th Avenue, and the 1800 block of 2nd Avenue.

Below is a summary of Sewer revenues and expenditures. Residential, Commercial, and Industrial revenues have moved by -1.1%, 1.2%, and 14.2% in 2016 as compared to 2015. Total rate revenue is budgeted to increase by 3%, and we are currently seeing an increase of 0.3%. Total sewer revenue in 2016 is down by 5.7% from 2015 and is budgeted to be up 11.2% over 2015 at the end of 2016.

Sewer Overview YTD 2015 Actual YTD 2016 Actual

% Change

2016 Budget

% of 2016 Budget

Residential Rates

$2,131,995

$2,108,109

-1.1%

$6,863,572

30.7%

Commercial Rates

$565,871

$572,453

1.2%

$2,206,161

25.9%

Industrial Rates

$173,101

$197,613

14.2%

$559,900

35.3%

Impact Fees

$1,241,850

$1,029,635

-17.1%

$3,808,480

27.0%

Other*

($289,390)

($300,561)

-3.9%

$210,668

-142.7%

Total Revenue

$3,823,428

$3,607,248

-5.7%

$13,648,781

26.4%

Operating

$1,702,985

$1,963,410

15.3%

$9,632,442

20.4%

Capital

$1,020,348

$546,810

-46.4%

$17,935,449

3.0%

Total Expenditures

$2,723,334

$2,510,220

-7.8%

$27,567,891

9.1%

Difference (R-E)

$1,100,094

$1,097,028

-0.3%

($13,919,110)

* Other includes year end adjustments.

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Stormwater Funds The Stormwater division is responsible for: 

developing a Capital Improvement Program for Stormwater facilities

monitoring and creating maintenance plans for the existing system

developing City drainage standards

reviewing flood impact issues

regulating illicit discharges

managing the City’s Stormwater National Pollution Discharge Elimination System (NPDES) permit

Capital projects in 2016 include:  $3.8 million for 27th Avenue storm drain improvements 17th to the Poudre River Update: Construction for Phase I drainage improvements is complete for 16th and 27th Street, with the exception of landscaping and asphalt patching which will be completed this spring. This project is approximately 80 days ahead of schedule.

 $1.2 million for Sunrise Neighborhood drainage improvements. Update: Project currently in design phase, construction is scheduled to be completed this year.

 $0.7 million for drainage system repairs to system mains, inlets and culverts. Update: Currently planning to survey a pipe re-build project at 2700 23rd Ave.

 $0.3 million to fund annual neighborhood improvements.

A brief summary of Stormwater revenue and expenditures are shown below. Year to date 2016 revenue is 10% above 2015. Total Stormwater revenue for 2016 is budgeted at 1.2% over 2015 actual revenues. 2016 expenditures are budgeted to exceed revenues by $6.7 million as Stormwater fund balance is used. For 2016, 10.1% of the expenditure budget has been spent.

Rates Impact Fees Other* Total Revenue Operating Capital Total Expenditures Difference (R-E)

Stormwater Overview YTD 2015 YTD 2016 % Change Actual Actual $1,436,809 $1,594,086 10.9% $103,777 $82,413 -20.6% ($162,025) ($159,614) 1.5% $1,378,561 $1,516,885 10.0% $709,479 $108,217 $817,695 $560,866

$942,658 $242,434 $1,185,092 $331,794

* Other includes year end adjustments. 18

32.9% 124.0% 44.9% -40.8%

2016 Budget $4,839,131 $176,868 $82,900 $5,098,899 $4,094,296 $7,660,197 $11,754,493 ($6,655,594)

% of 2016 32.9% 46.6% -192.5% 29.7% 23.0% 3.2% 10.1%


Lodging Tax The Convention and Visitor’s Tax is a three percent lodging tax that is utilized to support convention and visitor activities. The City takes an active role in promoting the community by providing funding for Greeley Unexpected, the Greeley Convention and Visitor’s Center, and marketing other community events. Year to date the Lodging Tax revenue for the first three months of 2016 has fallen by 21.5% against 2015. Declines in lodging tax revenue had been anticipated as a result of the reductions seen in oil and gas related industries. We are also continuing to see this trend in year to date occupancy rates. According to the March Rocky Mountain Lodging Report, Greeley occupancy rates averaged 60.9% as compared to a 67.3% occupancy rate for the state as a whole. As shown in the graph below, the 2016 budget is lower than 2015 actuals by 17.3%. The 2016 budget projection removes most of the growth seen in the last 3 years.

Greeley vs. Colorado Lodging Occupancy Rates 100.0% 90.0% 80.0%

Percent Occupied

70.0% 60.0% 50.0% 40.0% 30.0% 20.0%

10.0% 0.0%

Jan

Feb

Mar

2016 Greeley Occupancy Rate

53.7%

57.4%

60.9%

April

May

June

July

Aug

Sept

Oct

Nov

Dec

2016 Colorado Occupancy Rate

58.9%

64.4%

67.3%

2015 Greeley Occupancy Rate

53.7%

68.2%

2015 Colorado Occupancy Rate

58.9%

66.9%

66.6%

73.3%

78.1%

80.3%

78.8%

73.5%

72.0%

67.6%

57.7%

43.1%

67.4%

64.2%

69.2%

80.1%

84.3%

79.2%

75.8%

68.9%

55.7%

52.5%

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City Council Members Mayor Tom Norton Ward I: Rochelle Galindo Ward II: Randy Sleight Ward III: John Gates Ward IV: Michael Finn At Large: Sandi Elder At Large: Robb Casseday

Finance Department | 1000 10th Street | Greeley CO 80631 970-350-9731 | www.greeleygov.com

Prepared By:

Robert Miller, Budget Manager Cathy Kiriakos, Financial analyst

20


April monthly report compressed