Comprehensive Annual Financial Report For the Year Ended December 31, 2019 Golden, Colorado CITY OF GOLDEN, COLORADO COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR YEAR ENDED DECEMBER 31, 2019 Jason T. Slowinski City Manager Prepared by the Finance Department Jeffrey A. Hansen Finance Director City of Golden, Colorado Comprehensive Annual Financial Report For the Fiscal Year Ended December 31, 2019 TABLE OF CONTENTS Page INTRODUCTORY SECTION Letter of Transmittal ................................................................................................................. i List of Elected and Appointed Officials ................................................................................ vii Organizational Chart ............................................................................................................. viii GFOA Certificate of Achievement ......................................................................................... ix FINANCIAL SECTION Independent Auditors’ Report .................................................................................................. 1 Management’s Discussion and Analysis ................................................................................. 3 Basic Financial Statements: Government-wide Financial Statements: Statement of Net Position ............................................................................................. 15 Statement of Activities .................................................................................................. 16 Fund Financial Statements: Balance Sheet – Governmental Funds .......................................................................... 18 Reconciliation of the Governmental Fund Balance Sheet to the Statement of Net Position ........................................................................................... 19 Statement of Revenues, Expenditures, and Changes in Fund Balances – Governmental Funds ....................................................................... 20 Reconciliation of the Statement of Revenues, Expenditures, and Changes In Fund Balances of Governmental Funds to the Statement of Activities .................. 21 Budgetary Comparison Statement – General Fund ...................................................... 23 Statement of Net Position – Proprietary Funds ............................................................. 24 Statement of Revenues, Expenses, and Changes in Fund Net Position – Proprietary Funds ....................................................................... 26 Statement of Cash Flows – Proprietary Funds .............................................................. 28 Statement of Fiduciary Net Position – Fiduciary Funds ............................................... 30 Statement of Changes in Fiduciary Net Position – Fiduciary Funds ............................ 31 Notes to the Financial Statements ..................................................................................... 32 Required Supplementary Information: Schedule of Changes in Net Pension Liability/(Asset) and Related Ratios Multiyear – Volunteer Firefighters’ Pension Plan ........................................................... 60 Schedule of Contributions Multiyear – Volunteer Firefighters’ Pension Plan ................. 61 Page Supplementary Information: Combining Balance Sheet – Nonmajor Governmental Funds .......................................... 64 Combining Statement of Revenues, Expenditures and Changes in Fund Balances – Nonmajor Governmental Funds ........................................ 66 Budgetary Comparison Schedule – Sales and Use Tax Capital Projects Fund ................. 67 Budgetary Comparison Schedule – Conservation Trust Fund .......................................... 69 Budgetary Comparison Schedule – Golden Downtown Improvement District ................ 70 Budgetary Comparison Schedule – Downtown Development Authority ......................... 71 Budgetary Comparison Schedule – Capital Programs Fund ............................................. 72 Budgetary Comparison Schedule – Open Space Fund ...................................................... 73 Budgetary Comparison Schedule – Cemetery Perpetual Care Fund ................................. 74 Combining Statement of Net Position – Nonmajor Enterprise Funds .............................. 76 Combining Statement of Revenues, Expenses and Changes in Fund Net Position – Nonmajor Enterprise Funds ......................................... 77 Combining Statement of Cash Flows – Nonmajor Enterprise Funds ............................... 78 Budgetary Comparison Schedule – Water Fund ............................................................... 79 Budgetary Comparison Schedule – Wastewater Fund ...................................................... 80 Budgetary Comparison Schedule – Drainage Fund .......................................................... 81 Budgetary Comparison Schedule – Fossil Trace Golf Course Fund ................................. 82 Budgetary Comparison Schedule – Community Center Fund .......................................... 83 Budgetary Comparison Schedule – Splash Aquatic Park Fund ........................................ 84 Budgetary Comparison Schedule – Cemetery Operations Fund ....................................... 85 Budgetary Comparison Schedule – Rooney Road Sports Complex Fund ........................ 86 Budgetary Comparison Schedule – Museum Fund ........................................................... 87 Combining Statement of Net Position – Internal Service Funds ....................................... 90 Combining Statement of Revenues, Expenses, and Changes in Fund Net Position – Internal Service Funds ................................................. 92 Combining Statement of Cash Flows – Internal Service Funds ........................................ 94 Budgetary Comparison Schedule – Insurance Fund ......................................................... 96 Budgetary Comparison Schedule – Medical Benefits Fund ............................................. 97 Budgetary Comparison Schedule – Fleet Management Fund ........................................... 98 Budgetary Comparison Schedule – Information Technology Fund .................................. 99 Budgetary Comparison Schedule – Workers Compensation Fund ................................. 100 Component Unit Balance Sheet – Golden Urban Renewal Authority ............................ 102 Component Unit Statement of Revenues, Expenditures, and Changes in Fund Balance – Golden Urban Renewal Authority .................................................. 103 Budgetary Comparison Schedule – Golden Urban Renewal Authority .......................... 104 Page STATISTICAL SECTION Financial Trends Information: Net Position (Schedule 1)................................................................................................ 107 Changes in Net Position (Schedule 2)............................................................................. 108 Fund Balances, Governmental Funds (Schedule 3) ........................................................ 110 Changes in Fund Balances, Governmental Funds (Schedule 4) ..................................... 111 Revenue Capacity Information: Sales and Use Tax Revenue by Type of Industry (Schedule 5) ...................................... 112 Direct and Overlapping Sales Tax Rates (Schedule 6) ................................................... 113 Principal Sales Tax Payers (Schedule 7)......................................................................... 114 Debt Capacity Information: Ratio of Outstanding Debt by Type (Schedule 8) ........................................................... 115 Ratio of General Bonded Debt Outstanding and Legal Debt Margin (Schedule 9)...................................................................................................... 116 Direct and Overlapping Governmental Activities Debt (Schedule 10) ........................... 117 Pledged Revenue Coverage (Schedule 11) ..................................................................... 118 Demographic and Economic Information: Demographic and Economic Statistics (Schedule 12) .................................................... 119 Operating Information: Full-time Equivalent City Government Employees by Function Program (Schedule 13) ............................................................................................... 120 Operating Indicators by Function/Program (Schedule 14) .............................................. 121 Capital Asset Statistics by Function/Program (Schedule 15) .......................................... 122 OTHER SCHEDULES Local Highway Finance Report ........................................................................................... 123 June 11, 2020 Honorable Mayor Weinberg, Members of City Council, and Citizens of Golden, Colorado: By State law, the City of Golden is required to publish a Comprehensive Annual Financial Report (CAFR) within seven months of the close of each fiscal year. The report shall be presented in conformity with generally accepted accounting principles (GAAP) and audited in accordance with generally accepted auditing standards by a firm of licensed certified public accountants. In conformance with those requirements, we hereby submit the CAFR for the City of Golden for the fiscal year ended December 31, 2019. This report was prepared by the City’s Finance Department. Responsibility for both the accuracy of the prepared data and