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2015 Disclosure Statement

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2015 Disclosure Statement CITY AND COUNTY OF DENVER, COLORADO 2015 DISCLOSURE STATEMENT PUBLISHED IN ACCORDANCE WITH THE SECURITIES AND EXCHANGE COMMISSION RULE 15c2-12 For the year ended December 31, 2014 ISSUED TO FULFILL AGREEMENTS CONTAINED IN CONTINUING DISCLOSURE UNDERTAKINGS EXECUTED IN CONNECTION WITH MUNICIPAL BONDS AND OTHER OBLIGATIONS 2015 DISCLOSURE STATEMENT Table of Contents TRANSMITTAL LETTER FROM THE MANAGER OF FINANCE CITY AND COUNTY OF DENVER OFFICIALS THE CITY AND COUNTY OF DENVER, COLORADO ........................................................................................... 1 General Information .................................................................................................................................................. 1 Organization ............................................................................................................................................................. 1 Government .............................................................................................................................................................. 1 Budget Policy ........................................................................................................................................................... 2 Ratings ...................................................................................................................................................................... 3 Constitutional Revenue and Spending Limitations ................................................................................................... 3 General Fund ............................................................................................................................................................ 3 Major Revenue Sources. ...................................................................................................................................... 3 Major Expenditure Categories. ............................................................................................................................ 4 Management Discussion of 2015 Budget ................................................................................................................. 4 Litigation Update ...................................................................................................................................................... 5 Governmental Immunity ........................................................................................................................................... 5 Management Discussion of Recent Financial Results .............................................................................................. 9 General Fund Financial Information ....................................................................................................................... 10 Collection of Taxes ................................................................................................................................................. 12 Sales and Use Taxes ............................................................................................................................................... 12 Property Taxation ................................................................................................................................................... 14 Assessed Valuation. ........................................................................................................................................... 14 Property Taxes. .................................................................................................................................................. 14 Assessed Valuation of Major Taxpayers. ........................................................................................................... 17 DEBT STRUCTURE OF THE CITY ......................................................................................................................... 17 General Obligation Debt ......................................................................................................................................... 17 Outstanding General Obligation Debt .................................................................................................................... 18 Excise Tax Revenue Bonds Debt Service Coverage............................................................................................... 20 Colorado Convention Center. ............................................................................................................................. 20 Denver Performing Arts Center and Other Cultural Facilities. .......................................................................... 22 Golf Enterprise Revenue Bonds.............................................................................................................................. 23 Usage of Courses and Multi-Year Green Fees. .................................................................................................. 26 Overlapping Debt and Taxing Entities ................................................................................................................... 27 School District No. 1 in the City and County of Denver. ................................................................................... 27 Metro Wastewater Reclamation District. ........................................................................................................... 27 Regional Transportation District. ....................................................................................................................... 27 Urban Drainage and Flood Control District. ...................................................................................................... 28 Other Overlapping Taxing Entities. ................................................................................................................... 28 City Discretionary Support Payments ..................................................................................................................... 30 Denver Urban Renewal Authority Contingent and Discretionary Payments. .................................................... 30 Denver Union Station Project Authority Contingent and Discretionary Payments. ........................................... 30 Denver Convention Center Hotel Authority....................................................................................................... 31 PENSION PLANS ....................................................................................................................................................... 32 Denver Employees Retirement Plan ....................................................................................................................... 32 Fire and Police Pension Plans ................................................................................................................................. 33 OTHER POST EMPLOYMENT BENEFITS ............................................................................................................. 34 DERP OPEB Plan ................................................................................................................................................... 34 OPEB for Collectively Bargained Agreements ...................................................................................................... 34 LEASE PURCHASE AGREEMENTS ....................................................................................................................... 35 Certificated Lease Purchase Agreements ................................................................................................................ 35 Non-certificated Lease Purchase Agreements ........................................................................................................ 35 DENVER WATER BOARD ....................................................................................................................................... 36 WASTEWATER MANAGEMENT SYSTEM ........................................................................................................... 36 Wastewater Financial Information .......................................................................................................................... 36 Customer Information. ....................................................................................................................................... 36 Metro Wastewater Reclamation District. ........................................................................................................... 36 Account Information. ......................................................................................................................................... 37 Storm Drainage Service Charge. ........................................................................................................................ 37 Sanitary Sewer Service Charge. ......................................................................................................................... 38 Operating History ................................................................................................................................................... 40 Historical Wastewater Management Fund Information. .................................................................................... 40 Historical Net Pledged Revenues. .....................................................................................................................
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