Financial Statements
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2017 COMPREHENSIVE ANNUAL FINANCIAL REPORT For the fiscal year ended December 31, 2017 Pitkin County, Colorado Comprehensive Annual Financial Report For the Year Ended December 31, 2017 Prepared by the Finance Department of Pitkin County Prepared by the Finance Department Ann Driggers, Finance Director Connie Baker, Budget Director Liz Woods, Controller Ben Ferrara, Procurement & Contracts Manager Valerie Wahlstrom, Financial Analyst Susie Atwood, Financial Analyst Gabriel Galicia, Accounts Payable Supervisor Megan Douglass, Payroll Specialist Chris Davis, Procurement Specialist Daniela Angelova, Accounts Payable Technician If you have any questions regarding this report, call or fax us at: Phone: 970-920-5220 • Fax: 970-920-5230 Our mailing address is: Pitkin County Finance Department 530 East Main Street, Suite 304 Aspen, CO 81611 Contact us through our website: www.pitkincounty.com Comprehensive Annual Financial Report Pitkin County, Colorado December 31, 2017 Table of Contents Introductory Section: Page Letter of Transmittal i ‐ v GFOA Certificate of Achievement vi Organizational Chart vii List of Principal Officers viii Financial Section: Independent Auditor’s Report A1 ‐ A3 Management’s Discussion and Analysis B1 ‐ B16 Basic Financial Statements: Government‐wide Financial Statements Statement of Net Position C1 Statement of Activities C2 Fund Financial Statements Balance Sheet ‐ Governmental Funds C3 Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Position C4 Statement of Revenues, Expenditures and Changes in Fund Balances ‐ Governmental Funds C5 Reconciliation of Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds to the Statement of Activities C6 Statement of Revenues, Expenditures, and Changes in Fund Balance – Budget (GAAP Basis) and Actual – General Fund C7 Statement of Revenues, Expenditures, and Changes in Fund Balance – Budget (GAAP Basis) and Actual – Transportation Sales and Use Tax Fund C8 Statement of Revenues, Expenditures, and Changes in Fund Balance – Budget (GAAP Basis) and Actual – Open Space and Trails Fund C9 Statement of Revenues, Expenditures, and Changes in Fund Balance – Budget (GAAP Basis) and Actual – Employee Housing Impact Fund C10 Statement of Net Position – Proprietary Funds C11 Statement of Revenues, Expenses, and Changes in Fund Net Position – Proprietary Funds C12 Statement of Cash Flows – Proprietary Funds C13 Statement of Fiduciary Net Position – Fiduciary Funds C14 Statement of Changes in Net Position – Retirement Trust Fund C15 Balance Sheet – Discretely Presented Component Unit C16 Statement of Revenues, Expenses, and Changes in Fund Net Position with Reconciliation to the Statement of Net Position – Discretely Presented Component Unit C17 Notes to the Financial Statements D1 ‐ D28 The accompanying notes are an integral part of the financial statements. (continued) Comprehensive Annual Financial Report Pitkin County, Colorado December 31, 2017 Table of Contents Financial Section (continued): Page Supplementary Information: Nonmajor Governmental Funds: Combining Balance Sheet – Nonmajor Governmental Funds E1 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances – Nonmajor Governmental Funds E2 Schedule of Revenues, Expenditures, and Changes in Fund Balances: Road and Bridge Fund – Budget (GAAP Basis) and Actual E3 Human Services Fund – Budget (GAAP Basis) and Actual E4 Translator Fund – Budget (GAAP Basis) and Actual E5 Healthy Community Fund – Budget (GAAP Basis) and Actual E6 Conservation Trust Fund – Budget (GAAP Basis) and Actual E7 Healthy Rivers and Streams Fund – Budget (GAAP Basis) and ActualE8 Ambulance District Fund – Budget (GAAP Basis) and Actual E9 Redstone Ranch Acres GID Fund – Budget (GAAP Basis) and Actual E10 Twining Flats GID Fund – Budget (GAAP Basis) and Actual E11 Public Health Fund – Budget (GAAP Basis) and Actual E12 Sales Tax Debt Service Fund – Budget (GAAP Basis) and Actual E13 Capital Fund – Budget (GAAP Basis) and Actual E14 Proprietary Funds: Schedule of Revenues, Expenses, and Changes in Net Position: Airport Fund – Budget (Non‐GAAP Basis) and Actual with Reconciliation to GAAP F1 Solid Waste Center Fund – Budget (Non‐GAAP Basis) and Actual with Reconciliation to GAAP F2 Fiduciary Funds: Combining Statement of Changes in Assets and Liabilities G1 Discretely Presented Component Units: Schedule of Revenues, Expenses, and Changes in Net Position: Pitkin County Library District – Budget (GAAP Basis) and Actual H1 Schedule of Passenger Facility Charges (PFC) Collected and Expended I1 Local Highway Finance Report I2‐I3 Statistical Section: Financial Trends: Net Position by Component J1 Changes in Net Position J2 ‐ J3 Fund Balances ‐ Governmental Funds J4 Changes in Fund Balances ‐ Governmental Funds J5 History of General Fund Revenues, Expenditures, and Changes in Fund Balance J6 (continued) Comprehensive Annual Financial Report Pitkin County, Colorado December 31, 2017 Table of Contents Revenue Capacity: Page General Government Revenues by Source J7 General Governmental Tax Revenues by Source J8 Assessed Value and Actual Value of Taxable Property J9 Direct and Overlapping Property Tax Rates J10 Property Tax Levies ‐ Direct and Overlapping Governments J11 Principal Property Tax Payers J12 Property Tax Levies and Collections J13 Sales Tax Receipts J14 Principal Sales Tax Remitters J15 Sales Tax Revenue Bond Coverage J16 Debt Capacity: Outstanding Debt by Type J17 Ratios of Bonded Debt Outstanding J18 Computation of Legal Debt Margin ‐ General Obligation Debt J19 Demographic and Economic Data: Demographic and Economic Statistics J20 Principal Employers J21 Operating Information: Full‐Time Equivalent County Government Employees J22 Operating Indicators by Function/Program J23 ‐ J24 Capital Asset Statistics by Function/Program J25 ‐ J26 Aspen‐Pitkin County Airport Operations and Enplaned Passengers J27 Statutory Report Section ‐ Single Audit Reports and Schedules: Independent Auditor's Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards K1 ‐ K2 Independent Auditor's Report on Compliance for Each Major Federal Program; on Compliance with the Passenger Facility Charge Program; and on Internal Control Over Compliance Required by the Uniform Guidance and the Passenger Facility Charge Audit Guide for Public Agencies K3 ‐ K4 Schedule of Findings and Questioned Costs K5 Schedule of Prior Audit Findings and Questioned Costs K6 Schedule of Expenditures of Federal Awards K7 ‐ K8 This Page Intentionally Left Blank INTRODUCTORY SECTION This Page Intentionally Left Blank LETTER OF TRANSMITTAL June 20, 2018 To the Citizens and Board of County Commissioners of Pitkin County, Colorado: State law requires Pitkin County (County) to publish a complete set of financial statements prepared in accordance with generally accepted accounting principles (GAAP) and audited in accordance with generally accepted accounting standards by a firm of licensed certified public accountants. Pursuant to those requirements we hereby present the Comprehensive Annual Financial Report (CAFR) of Pitkin County, Colorado for the fiscal year ended December 31, 2017. This report was prepared by the Finance Department of Pitkin County. Responsibility for both the accuracy of the presented data and the completeness and fairness of presentation, including all disclosures, rests with the County. We believe the data are accurate in all material respects and presented in a manner designed to set forth fairly the financial activity of the various funds. All disclosures necessary for the reader to gain the maximum understanding of the County’s financial affairs have been included. Management of the County has established a comprehensive framework of internal control to provide a reasonable basis asserting the financial statements are fairly presented. The concept of reasonable assurance recognizes the cost of a control should not exceed the benefits likely to be derived, and the valuation of costs and benefits requires estimates and judgments by management. This report is the result of the cooperative effort between the Finance Department and McMahan and Associates, L.L.C., our independent auditors. The independent auditor’s report has been included in the financial section of this report on pages A1, A2 and A3. In their opinion, the financial statements were presented fairly in all material respects. Pitkin County is also required to undergo an annual single audit in conformity with the provisions of the Federal Single Audit Act of 1996 and the U.S. Office of Management and Budget’s Circular A‐133, Audits of States, Local Governments, and Non‐Profit Organizations. Information related to this single audit, including the schedule of expenditures of federal awards, the independent auditor’s reports on the internal control and compliance with applicable laws, regulations, contracts, and grants is included in the single audit section located after the Statistical Section. GAAP requires management provide a narrative introduction, overview, and an analysis to accompany the basic financial statements. This narrative is in the form of the Management’s Discussion and Analysis (MD&A) and can be found immediately following the report of the independent auditors. This letter of transmittal is designed to complement the MD&A and should be read in conjunction with it. i PROFILE OF PITKIN COUNTY Location