CAFR-in-Brief-2019

2019 Garfield County Colorado Financial Summary For the fiscal year ended December 31, 2019

The purpose of the Garfield County 2019 Financial Summary is to provide citizens an abbreviated method of learning about the County’s finances. It includes condensed and simplified information from the 2019 Comprehensive Annual Financial Report (CAFR). For further detail, and a complete and in-depth review of the County’s finances, please refer to the 2019 CAFR, available online at www.garfield-county.com.

2019 FINANCIAL SUMMARY STATEMENT OF NET POSITION The Statement of Net Position is a summary of what the County owns (assets) and owes (liabilities). At December 31, 2019 the County’s statement of net position reflects a healthy financial condition. Total assets for Garfield County were $427.3 million, total liabilities were $10.5 million and deferred inflows of resources were $34.1 million. Total net position is the difference between total assets and total liabilities including deferred inflows. It is the net worth of Garfield County. At December 31, 2019 the County’s net position is $382.7 million, a decrease of 1.9 percent ($7.6 million) over December 31, 2018. As of December 31, 2019 2018 2017 ASSETS $145,893,952 $145,256,883 $155,995,558 Current assets 281,391,634 286,972,106 292,618,452 Capital assets 427,285,586 432,228,989 448,614,010 Total Assets 8,783,528 3,162,824 LIABILITIES 6,825,851 6,153,308 11,946,352 Current Liabilities 3,636,575 3,268,229 29,806,371 Non-current Liabilities 10,462,426 9,421,537 34,136,519 32,489,764 292,618,452 Total Liabilities 57,814,262 DEFERRED INFLOW OF RESOURCES 56,428,573 NET POSITION 281,391,634 286,972,106 $406,861,287 Investment in Capital Assets 45,251,719 54,060,850 Restricted 56,043,288 49,284,732 Unrestricted $382,686.641 $390,317,688 TOTAL NET POSITION SUMMARY OF CHANGES IN NET POSITION The Summary of Changes in Net Position reports all financial activity for the fiscal year ended December 31, 2019. This provides high-level summary information about how the County’s net position changed during the year as result of all financial activity (i.e. revenues and expenses). Greater detail is provided in the subsequent pages of this document and in the County’s Comprehensive Annual Financial Report (CAFR), available online at www.garfield-county.com. REVENUES 2019 2018 2017 $98,259,071 $84,161,321 $80,007,556 EXPENSES 105,890,118 100,704,920 99,984,833 CHANGE IN NET POSITION (7,631,047) (16,543,599) (19,977,277) Beginning Net Position 390,317,688 406,861,287 426,838,564 Prior Period Adjustment - - - Beginning Net Position (Restated) - - - ENDING NET POSITION $382,686,641 $390,317,688 $406,861,287 2 Garfield County

FINANCIAL SUMMARY 2019 REVENUE OVERVIEW Funding for Garfield County government and the services it provides to residents comes from many sources, the majority from taxes and grants from other governments (federal and state). Property taxes accounted for approximately 33% of all revenues in 2019 and grants were 38.2%. Of the latter, $16.5 million was received from the State for Human Services programs; $7.3 million from the Federal Mineral Lease District (FMLD), a one-time distribution for Oil Shale Mitigation projects; $4.3 million from the State Highway Users Tax Fund for road and bridge purposes; $3.4 million from the Payment in Lieu of Taxes (PILT); $1.4 million in federal mineral severance taxes; and $4.6 million of other various items. Other forms of revenue include sales tax, specific ownership taxes, severance taxes and capital grants. Charges for services are collected largely by the Clerk and Recorder, Treasurer and Public Trustee, Community Development and the Landfill. REVENUES 2019 2018 2017 Program: $8,997,519 $8,518,598 $7,946,992 Charges for services 36,576,691 27,634,429 27,498,709 Operating grants Capital grants and contributions 936,037 1,419,163 621,252 General: Taxes 48,033,423 44,336,435 43,399,022 Other 3,715,401 2,252,696 541,581 Total Revenues $98,259,071 $84,161,321 $80,007,556 Revenues by Source 2019 Taxes Other 48,033,423 3,715,401 49% 4% Capital grants and Operating grants Charges for services contributions 36,576,691 8,997,519 936,037 37% 9% 1% Garfield County 3

2019 FINANCIAL SUMMARY EXPENDITURE OVERVIEW Garfield County provides a full range of services, including public safety, public works, health and welfare, recreational and cultural events and general government services. Below is a summary of governmental activities by function, which does not include business-type activities such as the Solid Waste Disposal program. EXPENDITURES BY FUNCTION 2019 2018 2017 General government $29,229,623 $26,146,983 $28,133,188 Public safety Public works 23,605,789 22,794,187 22,756,808 Health and welfare 24,418,988 24,999,257 22,447,525 Culture and recreation 23,434,809 22,071,607 22,600,413 TOTAL EXPENDITURES 3,159,299 3,073,737 2,305,715 $103,848,508 $99,085,771 $98,243,649 EXPENDITURES BY FUNCTION – YOUR DOLLAR AT WORK General Government 28¢ Public Works 23¢ • Services provided by the offices of Elected officials – • Construction and maintenance of the County’s road Board of County Commissioners, Assessor, Clerk and and bridge system. Recorder, Treasurer, Public Trustee, and Surveyor. • Operations and capital improvements of the Rifle- • Services provided by administrative departments and Garfield County Airport. offices – County Manager, County Attorney, Community Development, Communications, Facilities • Vegetation management program including weed and Management, Finance, Human Resources, pest control, and tamarisk removal. Information Technology and Procurement including those to other functions of government. • Construction and maintenance within the Travelers Highland Public Improvement District. • Grants, including those to municipalities for infrastructure improvements and non-profits. • Construction of trails. Public Safety 23¢ Culture and Recreation 3¢ • Law enforcement services and facilities provided by • Agricultural and other educational programs provided the Coroner and the Sheriff’s Office including the by the Extension Service of Colorado State University. County jail, patrol, investigations, animal control and • The annual County Fair and Rodeo and Junior Livestock emergency management. • Services provided by the 9th Judicial District Sale and Auction. Attorney’s Office of the State of Colorado. • Other community events such as the Airport Fly-in and • Criminal Justice Services including the community corrections facility. Energy Symposium. Health and Welfare 23¢ Culture and recreation • Programs provided by the department of Human 3% Services such as: child welfare and adult protection, Health General economic security, child care quality and licensing, and welfare government senior programs and child support enforcement. • Programs provided by the Public Health Department 23% 28% such as Garco Healthy Communities, air quality monitoring, vaccinations and dental care. Public Public works safety 23% 23% 4 Garfield County

FINANCIAL SUMMARY 2019 FUND BALANCES Fund balances are the difference between assets, liabilities, deferred outflows of resources and deferred inflows of resources. Garfield County maintains healthy fund balances to ensure stable and quality levels of services to its customers in a volatile economy: and assures there is no need to return to taxpayers for tax or fee increases or undertake any long- term financial obligations to fund strategic capital investments. Total Fund Balances – Five Year Trend: Millions $140 $129 $132 $118 $107 $105 $120 2015 2016 2017 2018 2019 $100 $80 $60 $40 $20 $ Fund Balances Classification: Fund balances are classified as either non-spendable or spendable as follows: • Non-spendable – fund balance amounts that cannot be spent because it is not in a spendable form. • Spendable – fund balance amounts, which are restricted, committed, assigned or unassigned. All except the latter are constrained for specific purposes either by legislation, external provider requirements or resolution of the Board of the County Commissioners. Unassigned fund balance is not constrained or restricted by any of the above- mentioned categories. At the end of 2019, the County had $27.9 million in unassigned fund balance, approximately 26.6 percent of the total. Garfield County 5