2016 Garfield County ColoradoFinancialSummaryFor the fiscal year endedDecember 31, 2016
The purpose of the Garfield County 2016 Financial Summary is to provide citizens an abbreviated method of learning about the County’s finances. It includes condensed and simplified information from the 2016 Comprehensive Annual Financial Report (CAFR). For further detail and a complete and in depth review of the County’s finances, please refer to the 2016 CAFR, available online at www.garfield‐county.com.
FINANCIAL SUMMARY 2016STATEMENT OF NET POSITIONThe Statement of Net PosiƟon is a summary of what the County owns (assets) and owes (liabili es). At December 31, 2016 the County’s statement of net posi on reflects a healthy financial condi on. Total assets for Garfield County were $467.2 million, total liabili es were $10.1 million and deferred inflows of resources were $30.3 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, 2016 the County’s net posi on is $426.8 million, an increase of 0.4 percent ($1.5 million) over December 31, 2015. As of December 31, 2016 2015 2014 ASSETS $169,228,003 $181,656,767 $179,706,920 Current assets 297,971,069 299,857,661 295,828,502 Capital assets 467,199,072 481,514,428 475,535,422 Total Assets LIABILITIES Current Liabilities Non‐current Liabilities 7,106,545 6,855,770 6,191,010 Total Liabilities 2,991,801 2,721,800 2,605,029 DEFERRED INFLOW OF RESOURCES 10,098,346 9,577,570 8,796,039 30,262,162 46,610,360 43,603,402 NET POSITION Investment in Capital Assets Restricted 297,971,069 299,857,661 295,828,502 Unrestricted 61,576,776 61,960,567 58,066,772 67,290,719 63,508,270 69,240,707 TOTAL NET POSITION $426,838,564 $425,326,498 $423,135,981 SUMMARY OF CHANGES IN NET POSITIONThe Summary of Changes in Net PosiƟon reports all financial ac vity for the fiscal year ended December 31, 2016. 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 2016 2015 2014 $98,031,761 $94,715,094 $91,141,098 EXPENSES 96,519,695 92,524,577 91,645,009 CHANGE IN NET POSITION 1,512,066 2,190,517 (503,911) Beginning Net Position 425,326,498 423,135,981 426,616,703 Prior Period Adjustment ‐ ‐ (2,976,811) Beginning Net Position (Restated) ‐ ‐ 423,639,892 ENDING NET POSITION $423,135,981 $426,838,564 $425,326,498 Garfield County, Colorado Page | 1
2016 FINANCIAL SUMMARYREVENUE OVERVIEWFunding for Garfield County government and the services it provides to residents comes from many sources, the majority from taxes and other governments (federal and state). Property taxes accounted for approximately 50% of all revenues in 2016 and opera ng grants almost 30%. Of the la er $16.5 million was received for human services programs, $3.0 million from the Department of Interior for Payment in Lieu of Taxes (PILT), and $3.5 million from the State Highway Users Tax Fund for road and budge 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 2016 2015 2014 Program: Charges for services $9,858,199 $7,585,330 $7,353,370 Operating grants 27,470,293 27,141,100 26,708,125 Capital grants and contributions 1,170,130 1,865,188 1,622,873 General: Taxes 58,496,903 57,388,663 54,578,141 Other 1,036,236 734,813 878,589 Total Revenues $98,031,761 $94,715,094 $91,141,098 Revenues by Source 2016 Taxes Other $58,496,903 $1,036,236 60% 1% Capital grants and Operating grants contributions $27,470,293 $1,170,130 28% 1% Charges for services $9,858,199 10% Page | 2 Garfield County, Colorado
FINANCIAL SUMMARY 2016EXPENDITURE 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. EXPENDITURES BY FUNCTION/PROGRAM 2016 2015 2014 General government $24,596,283 $23,171,168 $24,319,885 Public safety Public works 22,126,678 22,761,179 21,564,522 Health and welfare 23,584,988 21,509,213 21,195,359 Culture and recreation 22,598,603 22,181,053 21,485,469 Solid Waste (program) Total Expenditures 2,113,473 1,566,988 1,520,033 1,499,670 1,334,976 1,559,741 $96,519,695 $92,524,577 $91,645,009EXPENDITURES BY FUNCTION – YOUR DOLLAR AT WORK General Government 26¢ Public Works 25¢ Services provided by the offices of Elected officials – Construc on and maintenance of the County’s road 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, Community Development, Communica ons, Facili es Vegeta on management program including weed and Management, Finance, Human Resources, pest control and tamarisk removal Informa on Technology and Procurement including those to other func ons of government Construc on and maintenance within the Travelers Highland Public Improvement District Grants, including those to municipali es for infrastructure improvements and non‐profits Construc on of trails Landfill Public Safety 23¢ Law enforcement services and facili es provided by Culture and Recrea on 2¢ Agricultural and other educa onal programs provided the Coroner and the Sheriff’s Office including the County jail, patrol, inves ga ons, animal control and by the Extension Service of Colorado State University emergency management The annual County Fair and Rodeo and Junior Livestock Services provided by the 9th Judicial District A orney’s Office of the State of Colorado Sale and Auc on Criminal Jus ce Services including the community Other community events such as the Airport Fly‐in and correc ons facility Energy Symposium Health and Welfare 24¢ Programs provided by the department of Human Services such as: child welfare and adult protec on, Public Health and Culture and economic security, child care quality and licensing, works welfare recreation senior programs and child support enforcement 25% 24% Programs provided by the Public Health Department 2% such as LiveWell, air quality monitoring, vaccina ons, dental care and other public healthcare Public General safety government 23% 26%Garfield County, Colorado Page | 3
2016 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: $136 134 132 $134 2013 $132Millions122 130 129 $130 2012 2014 2015 $128 2016 $126 $124 $122 $120 $118 $116 $114 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 2016, the County had $41.3 million in unassigned fund balance, approximately 30 percent of the total. Page | 4 Garfield County, Colorado
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