2017 Garfield County ColoradoFinancialSummaryFor the fiscal year endedDecember 31, 2017
The purpose of the Garfield County 2017 Financial Summary is to provide citizens an abbreviatedmethod of learning about the County’s finances. It includes condensed and simplified information fromthe 2017 Comprehensive Annual Financial Report (CAFR). For further detail and a complete and indepth review of the County’s finances, please refer to the 2017 CAFR, available online at www.garfield-county.com.
FINANCIAL SUMMARY 2017STATEMENT OF NET POSITIONThe Statement of Net PosiƟon is a summary of what the County owns (assets) and owes (liabili es). At December 31, 2017 the County’s statement of net posi on reflects a healthy financial condi on. Total assets for Garfield County were $448.6 million, total liabili es were $11.9 million and deferred inflows of resources were $29.8 million. Total net posi on is the difference between total assets and total liabili es including deferred inflows. It is the net worth of Garfield County. At December 31, 2017 the County’s net posi on is $406.9 million, a decrease of 4.7 percent ($20 million) over December 31, 2016. As of December 31, 2017 2016 2015 ASSETS $155,995,558 $169,228,003 $181,656,767 Current assets 292,618,452 297,971,069 299,857,661 Capital assets 448,614,010 467,199,072 481,514,428Total Assets LIABILITIES Current Liabilities Non‐current Liabilities 8,783,528 7,106,545 6,855,770 Total Liabilities 3,162,824 2,991,801 2,721,800 DEFERRED INFLOW OF RESOURCES 11,946,352 10,098,346 9,577,570 29,806,371 30,262,162 46,610,360 NET POSITION Investment in Capital Assets Restricted 292,618,452 297,971,069 299,857,661 Unrestricted 57,814,262 61,576,776 61,960,567 56,428,573 67,290,719 63,508,270 TOTAL NET POSITION $406,861,287 $426,838,564 $425,326,498 SUMMARY OF CHANGES IN NET POSITIONThe Summary of Changes in Net PosiƟon reports all financial ac vity for the fiscal year ended December 31, 2017. This provides high‐level summary informa on about how the County’s net posi on changed during the year as result of all financial ac vity (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 2017 2016 2015 $80,007,556 $98,031,761 $94,715,094 EXPENSES 99,984,833 96,519,695 92,524,577 CHANGE IN NET POSITION (19,977,277) 1,512,066 2,190,517 Beginning Net Position 426,838,564 425,326,498 423,135,981 Prior Period Adjustment ‐ ‐ ‐ Beginning Net Position (Restated) ‐ ‐ ‐ ENDING NET POSITION $406,861,287 $426,838,564 $425,326,498 Garfield County 1
2017 FINANCIAL SUMMARYREVENUE OVERVIEWFunding 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 54% of all revenues in 2017 and opera ng grants almost 34%. Of the la er, $16.3 million was received for human services programs, $3.1 million from the Department of Interior for Payment in Lieu of Taxes (PILT), and $3.6 million from the State Highway Users Tax Fund for road and bridge purposes. 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 2017 2016 2015 Program: Charges for services $7,946,992 $9,858,199 $7,585,330 Operating grants 27,498,709 27,470,293 27,141,100 Capital grants and contributions 621,252 1,170,130 1,865,188 General: Taxes 43,399,022 58,496,903 57,388,663 Other 541,581 1,036,236 734,813 Total Revenues $80,007,556 $98,031,761 $94,715,094 Revenues by Source 2017 Taxes Other $43,399,022 $541,581 54% 1% Capital grants and Operating grants Charges for services contributions $27,498,709 $7,946,992 $621,252 34% 10% 1% 2 Garfield County
FINANCIAL SUMMARY 2017EXPENDITURE OVERVIEWGarfield County provides a full range of services, including public safety, public works, health and welfare, recrea onal and cultural events and general government services. Below is a summary governmental ac vi es by func on, which does not include business‐type ac vi es such as the Solid Waste Disposal program. EXPENDITURES BY FUNCTION 2017 2016 2015 General government $28,133,188 $24,596,283 $23,171,168 Public safety Public works 22,756,808 22,126,678 22,761,179 Health and welfare 22,447,525 23,584,988 21,509,213 Culture and recreation 22,600,413 22,598,603 22,181,053TOTAL EXPENDITURES 2,305,715 2,113,473 1,566,988 $98,243,649 $95,020,025 $91,189,601EXPENDITURES BY FUNCTION – YOUR DOLLAR AT WORKGeneral Government 29¢ Public Works 23¢ Construc on and maintenance of the County’s road Services provided by the offices of Elected officials – Board of County Commissioners, Assessor, Clerk and and bridge system. Recorder, Treasurer, Public Trustee, and Surveyor. Opera ons and capital improvements of the Rifle‐ Services provided by administra ve departments and Garfield County Airport. offices – County Manager, County A orney, Vegeta on management program including weed and Community Development, Communica ons, Facili es Management, Finance, Human Resources, pest control, and tamarisk removal. Informa on Technology and Procurement including Construc on and maintenance within the Travelers those to other func ons of government. Highland Public Improvement District. Grants, including those to municipali es for Construc on of trails. infrastructure improvements and non‐profits. Culture and Recrea on 2¢ Public Safety 23¢ Agricultural and other educa onal programs provided Law enforcement services and facili es provided by by the Extension Service of Colorado State University. the Coroner and the Sheriff’s Office including the The annual County Fair and Rodeo and Junior Livestock County jail, patrol, inves ga ons, animal control and emergency management. Sale and Auc on. Other community events such as the Airport Fly‐in and Services provided by the 9th Judicial District A orney’s Office of the State of Colorado. Energy Symposium. Culture and recreation Criminal Jus ce Services including the community correc ons facility. 2% Health General and welfare governmentHealth and Welfare 23¢ 23% 29% Programs provided by the department of Human Services such as: child welfare and adult protec on, Public Public economic security, child care quality and licensing, works safety senior programs and child support enforcement. 23% 23% Programs provided by the Public Health Department such as LiveWell, air quality monitoring, vaccina ons, dental care and other public healthcare. Garfield County 3
2017 FINANCIAL SUMMARYFUND BALANCESFund balances are the difference between assets, liabili es, deferred ou lows 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 vola le economy, and assures there is no need to return to taxpayers for tax or fee increases, or undertake any long‐term financial obliga ons to fund strategic capital investments. Total Fund Balances – Five Year Trend: $140.0 $135.0 $134.0 $132.0 $130.0 $130.0 $129.0Millions $125.0 $120.0 $118.0 $115.0 $110.0 2013 2014 2015 2016 2017 Fund Balances Classifica on: 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, commi ed, assigned or unassigned. All except the la er are constrained for specific purposes either by legisla on, external provider requirements or resolu on of the Board of the County Commissioners. Unassigned fund balance is not constrained or restricted by any of the above‐ men oned categories. At the end of 2017, the County had $32.5 million in unassigned fund balance, approximately 27.5 percent of the total. 4 Garfield County
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