HomeMy WebLinkAboutMemo - Mail Packet - 8/22/2023 - Memorandum From Blaine Dunn And Randy Bailey Re: 2022 Annual Financial ReportPEOPLE’S ANNUAL
FINANCIAL REPORT
2022
FORT COLLINS, COLORADO
FISCAL YEAR ENDING DECEMBER 31, 2022
1873 2023
yesyes
OF CITY SERVICE
CONTENTS
Letter from the City Manager & CFO .....................1
Meet Fort Collins ........................................................2
About the City Government Organization ..........3
Customer-Focused Service ....................................4
2022 Snapshot ...........................................................6
Fort Collins by the Numbers ...................................7
Fort Collins Financial Results ...........................10-11
Revenues .....................................................................12
Expenses .....................................................................13
Treasury Administration ..........................................15
Capital Assets ...........................................................16
Glossary ......................................................................17
The purpose of this report is to provide an overview of the financial position and
operations of the City of Fort Collins, as reported in the City's Annual Comprehensive
Financial Report, along with other information of interest. The financial information
presented is unaudited and in a summarized and condensed form, and does not
substitute for the City’s Annual Comprehensive Financial Report. The City’s Annual
Comprehensive Financial Report is prepared in conformity with generally accepted
accounting principles (GAAP). Included in the Annual Comprehensive Financial Report
is the Independent Auditor’s Report by FORVIS, LLP on the general purpose financial
statements of the City. This report summarizes more than 200 pages of the Annual
Comprehensive Financial Report’s financial and statistical data. The financial statements
condense information of all funds included in the “Total Primary Government.”
GAAP requires certain financial presentation and disclosures, which are omitted in this
report. As a result, the Balance Sheet and Income Statement presented here are not in strict
conformity with GAAP. The City has received awards for outstanding financial reporting from
the Government Finance Officers Association. The Annual Comprehensive Financial Report
and the City Manager’s Budget are available on the City’s website, fcgov.com/finance.
ABOUT THIS REPORT
CITY OF FORT COLLINS 1
Travis Storin
Chief Financial Officer
Fort Collins Community Members,
One of the City of Fort Collins’ primary
responsibilities is to steward taxpayer dollars to
provide the programs and services you expect
and deserve from your local government. It
is one we take seriously and strive to do so
thoughtfully and with transparency. This includes
providing regular reports on the City’s finances.
As part of this commitment to financial
transparency, we are pleased to present the
City of Fort Collins People’s Annual Financial
Report for the 2022 fiscal year. We hope it is
an easy-to-understand, concise way for you to
learn more about the City’s financial activity.
This report includes condensed and
simplified information from the 2022 Annual
Comprehensive Financial Report. It is important
to note that this report is unaudited and is
presented on a non- Generally Accepted
Accounting Principles (GAAP) basis, as it
does not provide all of the necessary financial
statements and note disclosures required by
GAAP. This document includes information
on the Fort Collins Urban Renewal Authority,
a legally separate, blended component unit
of the City, which is therefore included in the
City’s governmental activity figures. It excludes
discrete component units and fiduciary fund
information. The Annual Comprehensive
Financial Report is a more detailed and
complete financial presentation, which is
prepared in conformity with GAAP and is
audited by the City’s independent auditors.
For 150 years, the City of Fort Collins has
provided high quality municipal services to
the community. As Fort Collins has grown
and the scope of services has evolved, our
financial practices and transparency remain
a cornerstone of our ability to provide those
services. The City's financial position is strong
and provides an important foundation for
resiliency, operational excellence and innovation.
We would like to thank the staff of the
Accounting and Treasury department
for producing this report and the Annual
Comprehensive Financial Report. Their
commitment to accountability and integrity
provides a great service to the Fort Collins
community. We also invite you to seek more
in-depth information online. The Annual
Comprehensive Financial Report, Biennial
Budget, and other detailed reporting are
available online at fcgov.com/finance.
LETTER FROM THE CITY MANAGER & CFO
Kelly DiMartino
City Manager
2 PEOPLE’S ANNUAL FINANCIAL REPORT 2022
Fort Collins is recognized by various national
organizations and magazines as one of the best
places to live in the nation. Incorporated in 1873
and located in Northern Colorado, Fort Collins
is home to Colorado State University (CSU), an
outstanding public school system, several large
high-tech employers and leading businesses
in the craft brewing industry. The community
offers exciting recreational opportunities,
unique cultural offerings and amenities, and is a
regional center for employment and commerce.
As with many cities that house a large
university, the economy and culture of both
entities are closely tied. CSU is the largest
employer in Fort Collins, and both the
university and the community have grown
considerably in population in recent history.
Despite the vibrancy and general economic
stability the community enjoys, the City has
several challenges to navigate in coming years.
The community has set ambitious climate action
goals that will require thoughtful planning to
achieve while still maintaining economic vitality
and social health. Housing affordability and
availability is a top priority for the community
and City leadership, as is continuing to address
transportation infrastructure needs in Fort Collins
and across the region. In addition, challenges
remain in closing the gap between available
funding and ongoing parks, trails and recreation
asset maintenance needs.
QUICK FACTS
• Estimated Population: 168,538
U.S. Census Bureau, 2022 Estimate
• Unemployment Rate: 2.9%
Bureau of Labor Statistics, 2022 average
• Median Age: 30.4
2021 American Community Survey 1-Year Estimates
• Median Household Income: $72,932
2021 American Community Survey 5-Year Estimates
• Educational Attainment (bachelor's degree or
higher): 58.5%
2021 American Community Survey 1-Year Estimates
MEET FORT COLLINS
TOP TEN EMPLOYERS BY HEADCOUNT
Colorado State University 8,100 Educational Services
UC Health 6,400 Healthcare & Social Assistance
Poudre School District 4,500 Educational Services
City of Fort Collins 2,000 Public Administration
Larimer County 2,000 Public Administration
Woodward 1,300 Manufacturing
Broadcom 1,100 Public Administration
Department of Agriculture 1,000 Manufacturing
Otter Products 900 Manufacturing
Dillon Companies
(multiple King Soopers locations)750 Grocery
CITY OF FORT COLLINS 3
CITY LEADERSHIP
Fort Collins is a home rule city with a Council/
Manager form of government. The Council is
made up of six district Councilmembers who
are elected on a non-partisan basis for a four-
year term and a Mayor who is elected at-large
on a non-partisan basis for a two-year term.
The Council appoints the City Manager, the City
Attorney and the Municipal Judge, who in turn
manage the professional municipal organization.
CITY SERVICES
The Fort Collins municipal organization
provides a full range of services, including:
• Police
• Fire protection through a local authority
• Streets, transportation and transit
infrastructure and operations
• Parks, recreation, natural areas and cultural
facilities
• Planning, engineering and community
services
• Sustainability services – economic
health, environmental services and social
sustainability
• Utilities – electric, water, wastewater and
stormwater
• Connexion high-speed internet service
• Internal and operational support services
A full department directory can be
found at fcgov.com/cityservices.
KEY OUTCOME AREAS
The City’s entire strategic planning, budgeting,
execution, and performance measurement
revolves around seven outcome areas.
Our strategic plan is located at
fcgov.com/StrategicPlan; the City budget
can be reviewed at fcgov.com/budget.
Neighborhood Livability & Social Health
Culture & Recreation
Economic Health
Environmental Health
Safe Community
Transportation & Mobility
High Performing Government
VISION, MISSION & VALUES
Mission: Exceptional service for an
exceptional community.
Vision: We foster a thriving and engaged
community through our operational
excellence and culture of innovation.
Values:
• Partnership
• Service
• Safety & Wellbeing
• Sustainability
• Integrity
• Belonging
ABOUT THE CITY
GOVERNMENT ORGANIZATION
4 PEOPLE’S ANNUAL FINANCIAL REPORT 2022
CUSTOMER-FOCUSED SERVICE
INTERACTING WITH THE CITY
People have many avenues to keep up
to speed on initiatives, news, programs,
or requests for City services:
Access Fort Collins - An easy way to reach
the City with questions, comments, or
service requests.
fcgov.com/accessfortcollins
FCTV - Regularly updated video content,
available on demand, on the City's YouTube
channel, and on basic cable, with several
programming options designed to inform,
educate, and inspire.
fcgov.com/fctv
Social Media - People can also stay
current and provide feedback via social
media platforms such as Facebook,
Twitter, or Instagram.
@fortcollinsgov
OpenData - Designed to take transparency
to the next level. The goal of OpenData is
to create a web portal to host data sets,
including expense records, that are available
to the public in a format that people can
easily search, filter, or use in innovative and
creative ways.
fcgov.com/opendata
Our City - This is your chance to get
involved in the City’s biggest projects!
Engagement and feedback opportunities
on this site mirror what is happening on
the ground so everyone can join.
ourcity.fcgov.com
City News - monthly updates on
City services, programs, and events.
Subscriptions are also available
for specialized newsletters about
recreation, natural areas, public art,
environmental news and more.
CITY OF FORT COLLINS 5
DATA TRANSPARENCY
Community Dashboard – An online tool that
measures the community’s progress in attaining
the City’s Key Outcome Areas. Important
metrics such as voluntary code compliance,
unemployment rate, community energy use,
number of local traffic crashes and transit
ridership are measured and monitored so the
City can adapt certain programs to ensure
targets are met and improve performance
where necessary. The Community Dashboard
can be viewed at fcgov.com/dashboard.
Climate Dashboard – A snapshot of the
community’s progress toward reducing
carbon emissions. The City tracks emissions
annually using 2005 as a baseline year. The
community aims to reduce carbon 80% by
2030 with the goal of being carbon neutral
by 2050. View the Climate Dashboard at
ftcollinscap.clearpointstrategy.com.
Financial Reporting – A wide collection
of financial and performance reporting is
maintained by the Finance department,
including quarterly budget variance reporting,
seven-year comparative statements, monthly
sales tax reporting, and more. Access
these reports at fcgov.com/finance.
Community Survey – A statistically valid survey
is conducted annually to poll the public on
their perceptions and satisfaction with local
government. The information gained from this
survey is an important step in the Strategic Plan
and the Budgeting for Outcomes processes.
Learn more at fcgov.com/communitysurvey.
Recovery Dashboard - In collaboration with the
community, the City of Fort Collins adopted a
Resilient Recovery Plan in March 2022. This plan
serves as a guide to long-term response and
rebuilding from the COVID-19 pandemic, along
with guiding the spending of the $28.1 million
of American Rescue Plan Act (ARPA) funds the
City received. To provide transparency about
how ARPA funds are being spent a Recovery
Dashboard was launched to provide quarterly
updates on all ARPA-funded programs. View the
dashboard at fcgov.com/recoverydashboard.
6 PEOPLE’S ANNUAL FINANCIAL REPORT 2022
2022 Snapshot
LEADERSHIP TRANSITIONS
In July, City Council appointed Kelly DiMartino as
Fort Collins' new city manager, concluding a national
search that began when the former city manager
departed in 2021. The City also welcomed new
executives in the roles of Utilities executive director,
assistant city manager and deputy city manager.
PANDEMIC RECOVERY
In March, Council unanimously adopted the
Resilient Recovery Plan to guide long-term
response and recovery from the COVID-19
pandemic. The plan also lays out priorities for
spending the $28.1M of federal ARPA funds
received by the City. City Council appropriated
this funding to a variety of projects, including:
• Mental Health Response Team Buildout
• Human Services and Equity Grants
• Multicultural Business and Entrepreneur Center
• Recreation Reduced Fee Scholarships
FORT COLLINS CONNEXION
2022 marked three years of municipal
broadband service through Fort Collins
Connexion. Construction has reached 95%
community buildout, meaning service
will be available citywide in 2023.
NATURAL AREAS 30TH ANNIVERSARY
Natural Areas began a year of celebrations in
2022 to honor the landmark ballot measure
that established a quarter-cent sales tax
dedicated to conserving local natural
areas. The celebration included the debut
of the Natural Areas Conservation Award
to recognize extraordinary achievements
in conserving local lands and resources.
MENTAL HEALTH RESPONSE
TEAM EXPANSION
The Fort Collins Police Services co-responder
program was originally formed in 2018
with one UCHealth mental health clinician.
In 2022, the program expanded and was
renamed the Mental Health Response Team,
which now includes four clinicians, four
police officers and a sergeant. In 2022, the
team responded to 2,732 calls for service.
MUSEUM 10TH ANNIVERSARY
The Fort Collins Museum of Discovery
celebrated its 10th anniversary and
welcomed its one-millionth visitor. The
Museum of Discovery is a public-private
partnership that creates a unique destination
blending science, music and local history.
CITY OF FORT COLLINS 7
FORT COLLINS BY THE NUMBERS
OPERATING STATISTICS
2,381 2,4132,381 2,413
2021 2022
+32
STAFFING
YEAR-END HEADCOUNTS*
2021
1,596 full- and part-time employees
and 785 hourly employees.
2022
1,692 full- and part-time employees
and 721 hourly employees.
* Contractual employees included in
full- and part-time employee count.
2022 OPERATING & CAPITAL BUDGET
$578.1M (AS AMENDED)
Net Operating Budget
$510.9M
Capital
Budget
$67.2M
UTILITIES
575
Miles of Water
Distribution Mains
2,045
Miles of Primary
Voltage Cable
142,645
Customer Inquiries
Processed
99.99%
Electric System
Reliability
TRANSPORTATION
1.77M
Transfort & Dial-a-Ride
Passengers
1,986
Street Lane
Miles
246
Traffic
Signals
220.4
Bike Lane
Centerlane Miles
SUSTAINABILITY
$5.9M
Awarded to Human Services
& Affordable
Housing Agencies
CO2
24%
Reduction in Greenhouse
Gases
(against 2005 levels)
58
Affordable Housing Units
Constructed
COMMUNITY SERVICES
345Natural Areas
Activities for 13,324
participants
971Parks Acreage
48
Paved Trail Miles
1,103,001
Recreation Facility
Attendance & Program
Participation
1,497
Kids Enrolled in Camp FunQuest
PUBLIC SAFETY
18,715
Medical Calls
74,954
Police Incidents
4:27 Avg. Response Time 6:52
Avg. Response Time
7,898
Fire Calls
includes Wellington Fire
ECONOMIC RECOVERY
43+ new businesses
launched through the
Multicultural Business and Entrepreneur
Center
65+ programs
funded with
federal ARPA $
110+ small businesses
provided grants
totaling more than
$830K
17+ grants awarded to
businesses impacted by
construction, totaling more than
$34K
8 PEOPLE’S ANNUAL FINANCIAL REPORT 2022
1873 2023
yesyes
OF CITY SERVICE
For 150 years, the City has provided high quality municipal
services to the community, and our strong financial position
provides an important foundation for resiliency, operational
excellence and innovation.”
— Kelly DiMartino
Fort Collins City Manager
CITY OF FORT COLLINS 9
10 PEOPLE’S ANNUAL FINANCIAL REPORT 2022
Fort Collins Financial Results
NET POSITION
The net position, or net worth, of the City
at December 31, 2022 was $2.12 billion. Of
the net position balance, $413.4 million is
unrestricted and is available to meet ongoing
obligations in accordance with the City’s
fund designations and fiscal policies.
The City’s net position increased from the
prior year by over $22.5 million (1.1%). The
governmental net position increased by
$18.5 million (1.6%) and the business-type
position increased by $4.0 million (0.4%).
The City’s total long-term liabilities increased
in 2022 by $23.1 million (10.0%) during the
current year. Within that activity, the City’s
governmental long-term liabilities increased by
$13.9 million (20.8%) and business-type longterm
liabilities increased by $9.2 million (5.6%).
NET POSITION
(at December 31 in thousands*)
Governmental Business-type
Total Primary
Government
2021 2022 2021 2022 2021 2022
ASSETS
Current and other assets $ 376,693 $ 399,178 $ 251,666 $ 242,958 $628,358 $ 642,136
Capital assets 961,472 977,821 852,239 865,499 1,813,711 1,843,320
Total assets 1,338,165 1,376,999 1,103,905 1,108,457 2,442,069 2,485,456
Deferred outflows of resources 564 2,353 847 2,500 1,412 4,853
LIABILITIES
Long-term liabilities 66,602 80,451 163,749 172,988 230,351 253,439
Other liabilities 41,605 51,790 36,112 32,275 77,717 84,064
Total liabilities 108,270 132,240 199,861 205,263 308,068 337,503
Deferred inflows of resources 38,765 36,858 3,225 -41,990 36,858
NET POSITION
Net investment in capital assets 905,257 921,666 691,652 703,114 1,596,909 1,624,780
Restricted 81,510 77,766 --81,510 77,766
Unrestricted 204,990 210,821 210,014 202,580 415,004 413,401
TOTAL NET POSITION $ 1,191,757 $ 1,210,253 $ 901,666 $ 905,694 $ 2,093,423 $ 2,115,947
* Totals may not add due to rounding
CITY OF FORT COLLINS 11
Fort Collins Financial Results
SUMMARY OF ACTIVITIES
Governmental program revenues increased over
2021 by $1.4 million, or 2.0%, while sales & use
tax revenues increased by $11.3 million, or 6.9%
while Governmental expenses increased by
$33.2 million over 2021. The increase in program
revenue is attributed primarily to charges for
services, which have steadily grown due to
higher consumption following the wake of the
pandemic. Other increases to program revenue
include operating grants and contributions from
the Coronavirus Local Fiscal Recovery Fund –
ARPA, while the sales and use tax revenue has
continued to rebound from pandemic driven
impacts that affected 2021 commerce.
On the business-type side, program revenues
increased by $9.3 million with expenses
increasing by $13.6 million. This 3.7% increase to
program revenue was largely driven Electric &
Telecommunication revenues for the build out
of the Connexion internet service, and increased
electric rates and consumption. Other increases
include higher Water revenues for increased raw
water surcharges, as well as higher commercial
and industrial Wastewater sales.
Expenses are described in greater detail in the
following pages. For in-depth analysis, and multi-
year trends of revenues & expenses see the 2022
Annual Comprehensive Financial Report.
CONDENSED SUMMARY
OF ACTIVITIES
(at December 31 in thousands*)
Governmental Business-type Total Primary
Government
2021 2022 20212021 2022 2021 2022
REVENUES
Program revenues,
primarily service charges $ 69,453 $ 70,876 $ 248,157 $ 257,445 $ 317,610 $ 328,321
Sales & use taxes 162,698 173,971 - - 162,698 173,971
Other general revenues 73,582 63,976 783 ( 6,456 )74,365 57,520
TOTAL REVENUES 305,733 308,822 248,939 250,989 554,672 559,811
Expenses 258,746 291,906 231,799 245,380 490,545 537,286
Transfers 2,917 1,580 ( 2,917 )( 1,580 )- -
CHANGE IN NET
POSITION 49,903 18,496 14,223 4,029 64,127 22,525
Net position, beginning of year 1,141,854 1,191,757 887,442 901,665 2,029,296 2,093,423
NET POSITION,
END OF YEAR $ 1,191,757 $ 1,210,253 $ 901,665 $ 905,694 $ 2,093,423 $ 2,115,947
* Totals may not add due to rounding
12 PEOPLE’S ANNUAL FINANCIAL REPORT 2022
SALES & USE TAX
Many City services are funded through service
charges, such as our Utility or Recreation
services. However, the City assesses a 3.85%
tax on sales, purchases, and certain services
in order to fund other services that are not
charged based on volume or usage.
Base Rate
2.85%
Funds government services like police,
transportation, and administration.
Streets and Transportation
0.25%, EXPIRES DECEMBER 31, 2025
Streets maintenance taxes were first approved in
1984 and were renewed in 1989, 1998, 2006, and
2016. The Street Maintenance Program focuses
on extending the lifespan of roadways and
minimizing the cost of maintaining a viable road
surface. Good roads cost less to maintain than
those in poor condition, and this tax allows the
City to maintain the current level of service.
Community Capital
Improvement Program (CCIP)
0.25%, RENEWED APRIL 2015 AND
EXPIRES DECEMBER 31, 2025
IS DEDICATED TO COMMUNITY IMPROVEMENTS
CCIP taxes were initiated in 1985 and were
renewed in 1990, 1998, 2006, and 2016. Project
highlights using this funding for 2016-2025
include Club Tico renovations, Downtown
Poudre River Whitewater Park, a Visitor’s Center
at the Gardens on Spring Creek, Willow and
Linden Street improvements, Lincoln Avenue
bridge, and a Southeast Community Center.
Natural Areas
0.25%, EXPIRES DECEMBER 31, 2030
Open Space Yes!, originally passed in 1992 and
renewed in 1998 and 2006, is a key component
in the conservation and management of
natural areas and trails. Expenditures from
this tax include land acquisition, resource and
land management, public improvements, and
educational programming.
General Fund Renewable
0.25%, EXPIRES DECEMBER 31, 2030
This tax was passed by Fort Collins voters in April
2020 to continue funding services and programs
residents value. This is also used in conjunction
with the Base Rate to fund general government
services.
REVENUES
HOW IS FUNDING RAISED?
BASE TAX RATE 2.85%
GENERAL FUND
RENEWABLE .25%
STREETS AND
TRANSPORTATION .25%
COMMUNITY
CAPITAL IMPROVEMENT
PROGRAM .25%
NATURAL AREAS .25%
$131.5 M
$10.5 M
$10.5 M
$10.5 M$10.5 M
SALES & USE TAX
Dollar amounts in millions and reflect 2022 revenue
CITY OF FORT COLLINS 13
EXPENSES
WHERE DOES THE MONEY GO?
Every two years, the City Manager submits
a budget for City Council’s adoption. The
proposed budget cannot include expenditures
that exceed estimated reserve balances and
anticipated revenue. The budget represents
six months of input from residents, City
staff and City management, and serves
as the two-year blueprint for advancing
results in the seven key outcome areas.
Fort Collins uses Budgeting for Outcomes (BFO)
for its budget. The process focuses on results
and priorities, not on cost. The process shifts
from paying for costs to buying results. Service
providers, or “sellers," make offers to results teams
aligned behind one of the seven outcomes. Teams
evaluate effectively purchasing these offers from
the seller based on their priority. These purchase
decisions put residents and their priorities first.
For more information, please visit fcgov.com/bfo.
In 2022, governmental expenditures totaled $291.8
million, an increase of $33.0 million, or 12.8%, when
compared to 2021. General Government and Public
Safety expenses both increased over 2021 by $7.2
million and $9.3 million, respectively, with these
increases largely due to expenses incurred from
grant revenues, and other City improvements.
Additionally, Culture, Parks, Recreation and
Natural Areas and Transportation expenses
also increased by $11.7 million and $5.6 million,
respectively, also due to grant-related activity
and rebounding economic activity following the
pandemic. Planning and Development meanwhile
decreased $0.8 million while interest on long-
term debt decreased by $0.1 million. The City in
2022 also incurred $0.1 million of expenses that
primarily pertains to principal paid on debt.
Business-type Expenses totaled $245.5 million
in 2022, an increase of $13.7 million, or 5.9%,
when compared to 2021. Increases seen over
prior years were largely due to inflationary
pressures in energy cost, labor, equipment, and
supplies, with the largest impact seen in Light &
Power increasing $9.7 million over 2021, because
of these factors and the continued build out
of the Connexion internet service. Water also
had a significant increased of $3.3 million also
due to these impacts, while Wastewater & Golf
expenditures only increased $0.2 million and $0.7
million, respectively. Storm Drainage was the only
Business-type expense to decrease over 2021,
declining by $0.2 million in 2022.
20182019202020212022
GENERAL GOVERNMENT
PUBLIC SAFETY
CULTURE, PARKS, RECREATION AND NATURAL AREAS
PLANNING AND DEVELOPMENT
TRANSPORTATION
INTEREST ON LONG-TERM DEBT
OTHER300M
250M
200M
150M
100M
50M
$1.2
$72.0
$17.5
$46.6
$74.9
$45.4
$1.9
$62.5
$19.2
$42.1
$87.0
$57.4
$2.3
$73.0
$17.5
$44.9
$78.8
$44.0
$1.8
$67.7
$20.8
$41.0
$80.3
$47.2
$1.7
$73.3
$20.0
$52.7
$89.6
$54.4
$0.1 OTHER
GOVERNMENT EXPENSES
BY SERVICE
20182019202020212022
LIGHT & POWER
WATER
WASTEWATER
STORMWATER
GOLF
250M
200M
150M
100M
50M
$3.6
$12.6
$22.4
$34.4
$158.8
$3.4
$11.3
$22.5
$31.1
$145.1
$3.2
$10.5
$20.5
$31.3
$145.6
$3.3
$10.7
$22.2
$29.9
$145.0
$4.3
$12.4
$22.6
$37.7
$168.5
BUSINESS-TYPE EXPENSES
BY SERVICE
14 PEOPLE’S ANNUAL FINANCIAL REPORT 2022
SERVICE AREA
Department
General
Fund
Transportation
Fund
Capital
Projects
Fund
Urban
Renewal
Authority
Other
Gov.
Funds
Grand
Total
POLICE SERV. TOTAL $163,730 ----$163,730
Investigations 28,810 ----28,810
Police Information Services 26,732 ----26,732
Patrol 57,327 ----57,327
Special Operations 31,911 ----31,911
Police Administration 18,950 ----18,950
FINANCIAL SERV. TOTAL 33,910 ----33,910
COMMUNITY & OPERATION SERV. TOTAL 53,982 -12,588 -125,567 192,137
Recreation 168 -4,766 -26,479 31,413
Community Serv. Admin. 1,831 ----1,831
Park Planning & Dev. 213 -4,485 -15,744 20,442
Cultural Services 1,991 -224 -24,581 26,796
Parks 48,171 -2,290 -3,160 53,621
Natural Areas 1,608 -822 -55,604 58,034
PLANNING, DEV. & TRANS. TOTAL 36,545 109,409 30,754 -102,455 279,163
PDT Administration 3,466 467 ---3,934
Transfort / Parking --574 -97,256 97,830
Comm. Dev & Neighborhood Svcs. 29,704 ---8 29,712
FC Moves -5,324 962 -1 6,287
Streets 3,375 79,284 --3 82,662
Traffic -15,545 --18 15,562
Engineering -8,789 29,217 -5,170 43,177
EXECUTIVE SERVICES TOTAL 15,228 ----15,228
JUDICIAL SERVICES TOTAL 4,925 ----4,925
LEGAL SERVICES TOTAL 10,071 ----10,071
INFO. & EMPLOYEE SVCS. TOTAL 65,213 -554 --65,767
SUSTAINABILITY SERVICES TOTAL 26,390 --18,371 9,204 53,965
Economic Health Office 3,051 ---54 3,106
Social Sustainability 12,783 ---8,567 21,349
Environmental Services 8,890 ----8,890
Administration 1,666 ---583 2,249
Urban Renewal Auth. ---18,371 -18,371
OTHER NON DEPT. TOTAL 7,091 ---14,181 21,272
POUDRE FIRE AUTHORITY TOTAL 101,635 ----101,635
GRAND TOTAL $518,719 $109,409 $43,895 $18,371 $251,408 $941,802
EXPENSES (CONTINUED) –
WHERE DOES THE MONEY GO?
Many expenditures of the City are segregated from other expenditures by a dedicated revenue source.
Below is a breakdown by department of how proceeds from the various dedicated tax components are
spent. Dedicated revenues, such as Keep Fort Collins Great, are contained to specified areas of spending
by ballot language. Figures presented are expressed in thousands; totals may not add due to rounding.
CITY OF FORT COLLINS 15
TREASURY ADMINISTRATION
WHERE’S THE MONEY KEPT?
CASH & INVESTMENT MANAGEMENT
Investment policies are governed by City
Council-adopted policy. The principal objective
of the City's cash and investment strategy is
preservation of investment principal. Thus, the
policy allows for only fixed-income investments,
such as state or local government debt, U.S.
agency obligations, or highly rated U.S.
corporate debt. Equity investments, such as
common stock or mutual funds, are
disallowed under the City’s policy.
At Dec. 31, 2022, the fair market value of the
City’s cash and investments was $516.2 million.
The portfolio's overall market yield for 2022 was
-3.35% and the realized and unrealized interest
losses were $17.3 million.
BONDED DEBT OBLIGATIONS
The City’s credit rating was Aaa by Moody’s
Investors Service at Dec. 31, 2022. This highly
favorable investment rating, maintained by less
than 5% of governments, allows the City to pay
less interest on its debt issuances. At Dec. 31,
2022, the City held total bonded debt of $206.3
million. Of this amount, $47.5 million was related
to government activities and $158.8 million was
related to business-type activities. The debt
service due within one year is $21.7 million.
$82.2M
FEDERAL FARM CREDIT BANK 15.3%
$106.9M
FEDERAL HOME
LOAN BANK 37.6%
FEDERAL NAT’L MORTGAGE ASSOC. 6.8%$35.2 M
CASH &
DEPOSITS 15.8%
CORPORATE BONDS 20.6%
$77.3 M
$18.8 MFEDERAL HOME LOAN
MORTGAGE CORP. 3.6%
$0.9 MUS TREASURIES AND
CERTIFICATES OF DEPOSIT 0.2%
$194.9M
202020212022
REVENUE BONDS
CERTIFICATES OF PARTICIPATION
ASSIGNMENT OF LEASE PAYMENTS120M
100M
80M
60M
40M
$0
$36.1
$171.5
$0
$39.9
$166.4
$0.3
$39.7
$176.3
CASH & INVESTMENTS
December 31, 2022 in millions
CITY DEBT OBLIGATIONS
December 31, 2022 in millions
16 PEOPLE’S ANNUAL FINANCIAL REPORT 2022
CAPITAL ASSETS
WHAT DOES THE CITY OWN?
The book value, historical cost less
depreciation, of the City’s capital assets
totaled $1.8 billion at Dec. 31, 2022. This
investment in capital assets includes
buildings and improvements, infrastructure
and other improvements, including streets,
bridges, and the full utility delivery
system, land and right-of-way, various
equipment and construction in progress.
Total investment in capital assets increased
$29.6 million compared to 2021. While the
City reports its assets at net book value
based on acquisition cost and accumulated
depreciation, estimated fair market value is
2-3 times higher due to market appreciation
of water rights, land and building values.
This estimate is based on appraisal value,
replacement cost, and/or insured values.
INFRASTRUCTURE
AND IMPROVEMENTS
LAND AND
LAND RIGHTS
BUILDING AND
IMPROVEMENTS
MACHINERY AND EQUIPMENT
CONSTRUCTION IN PROGRESS4%4 %
<1%RIGHT TO USE -
LEASED ASSETS
55 %27%10 %
INFRASTRUCTURE
AND IMPROVEMENTS
LAND AND LAND RIGHTS
BUILDING AND IMPROVEMENTS
MACHINERY AND EQUIPMENT
CONSTRUCTION IN PROGRESS9%3 %
<1%RIGHT TO USE -
LEASED ASSETS
64 %13 %11 %
GOVERNMENT CAPITAL ASSETS
$977.8M
BUSINESS-TYPE CAPITAL ASSETS
$865.5M
CITY OF FORT COLLINS 17
GLOSSARY
Assets — what the City of Fort Collins owns.
Business-type activities — private sector-type
operations, such as Utilities and Golf, where
fees for services typically cover all or most of
the cost of operations, including depreciation.
Capital assets — items such as City or
Utility land, construction in progress,
equipment, infrastructure and buildings,
and improvements net of depreciation.
Component Unit — legally separate
organizations for which the City is financially
accountable. The Urban Renewal Authority,
Downtown Development Authority, and
General Improvement Districts #1 and
#15 are the City’s component units.
Current and other assets — items such as
pooled cash and investments, cash and
investments with fiscal agents, receivables,
internal balances, inventories, deposits with
others, prepaid items and deferred charges.
Deferred inflows — an acquisition of a net asset
that is applicable to a future reporting period.
Deferred outflows — a consumption
of a net asset that is applicable to
a future reporting period.
Fiduciary fund — accounts for assets
held on behalf of outside parties,
including other governments.
Governmental activities — City basic
services, including police, planning,
economic development, and culture and
recreation. Sales, use, and property taxes
finance the majority of these services.
Invested in capital assets, net of related
debt—amounts invested in capital assets
less accumulated depreciation and any
outstanding debt used to acquire these assets.
Liabilities — what the City of Fort Collins owes.
Long-term liabilities — items such as
bonds, loans, compensated absences, and
other City of Fort Collins obligations.
Net book value — represents the acquisition
cost less accumulated depreciation for an asset.
Net position — the difference between
City of Fort Collins assets and liabilities.
It is the net worth of the City.
Other liabilities — items such as payables,
payroll, accrued interest and unearned revenue.
PILOT — payment in lieu of taxes, made to
compensate the primary government for
some or all of the tax revenue lost due to the
tax-exempt status of the City’s utilities.
Primary government — all of the governmental
and business-type activities belonging to the
City of Fort Collins excluding the discretely
presented component units and fiduciary funds.
Restricted — funds that are not available
for use because they have been set aside
for a specific purpose or project.
Unrestricted — one-time funds available
to use for operations or capital.
FORT COLLINS
Government Finance Officers Association
Award for
Outstanding
Achievement in
Popular Annual
Financial Reporting
Presented to
City of Fort Collins
Colorado
For its Annual Financial Report
For the Fiscal Year Ended
December 31, 2021
Executive Director/CEO
Government Finance Officers Association of the United States and Canada
(GFOA) has given an Award for Outstanding Achievement in Popular Annual
Financial Reporting to the City of Fort Collins for its Popular Annual Financial
Report for the fiscal year ended December 31, 2021. The Award for Outstanding
Achievement in Popular Annual Financial Reporting is a prestigious national
award recognizing conformance with the highest standards for preparation of
state and local government popular reports.
In order to receive an Award for Outstanding Achievement in Popular Annual
Financial Reporting, a government unit must publish a Popular Annual Financial
Report, whose contents conform to program standards of creativity, presentation,
understandability, and reader appeal.
23-25230 | Auxiliary aids and services are available for persons with disabilities.
SPECIAL THANKS
TO THE PHOTO ARCHIVE OF THE FORT COLLINS MUSEUM OF DISCOVERY