HomeMy WebLinkAboutMemo - Mail Packet - 8/1/2017 - Memorandum From Travis Storin Re: 2016 Citizens� Financial ReportSTEWARDSHIP IN THE 21ST CENTURY
CITIZENS’ FINANCIAL REPORT
2016
FORT COLLINS, COLORADO
FISCAL YEAR ENDING DECEMBER 31, 2016
CONTENTS
Letter from the City Manager & CFO .............1
Meet Fort Collins ........................................2
About the City Government Organization .......3
Stewards of Information .............................4
2016 Snapshot: Stewardship in Action .........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 Comprehensive Annual Financial Report
(CAFR), 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 CAFR.
The City’s CAFR is prepared in conformity with generally
accepted accounting principles (GAAP). Included in the CAFR
is the Independent Auditor’s Report by RSM US LLP on the
general purpose financial statements of the City. This report
summarizes more than 200 pages of the CAFR’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’s CAFR has received awards
for outstanding financial reporting from the Government
Finance Officers Association. The CAFR and the City Manager’s
Budget are available on the City’s website, fcgov.com/finance.
ABOUT THIS REPORT
Darin Atteberry
City Manager
Mike Beckstead
Chief Financial Officer
Fort Collins Residents,
Perhaps the highest duty entrusted to your
local government is the stewardship and
custody of the public’s resources, in particular
its financial resources. With this spirit of trust
and transparency in mind, we consider it vital
that citizens are kept informed and updated
on the status of the City’s finances. We’re
proud to report that our strong local economy,
prudent fiscal management, and healthy fund
balances all position us well for the challenges
that the future holds. We maintain an Aaa
credit rating with Moody’s, a designation that
only 4 percent of governments receive.
It is thus our privilege to present to you the
City of Fort Collins 2016 Citizens’ Financial
Report for the fiscal year. This report is one
part of the City organization’s collective
focus on accountability, transparency and
responsiveness to the individuals and
populations we serve. We hope this report
provides you an opportunity to learn and
participate in the City’s financial activities
in an easy-to-understand, concise manner.
This report includes condensed and simplified
information from the 2016 Comprehensive
Annual Financial Report (CAFR). It is important
to note that this report is unaudited and
is presented on a non- Generally Accepted
Accounting Principles (GAAP) basis. It contains
condensed financial information and 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 CAFR is a more detailed
and complete financial presentation which
is prepared in conformity with GAAP and is
audited by the City’s independent auditors.
This year’s theme is Stewardship for the 21st
Century. Stewardship is one of the six core
values adopted by the City’s professional staff.
As a top community and City Council priority,
we are dedicated to protecting and enhancing
our community’s social, economic, and
environmental assets. Throughout the report we
will highlight the many avenues through which
City staff and community members innovatively
and diligently demonstrate that core value.
We would like to thank the hard-working staff
of the Accounting and Treasury department, the
team responsible for producing this report and
2 CITIZENS’ FINANCIAL REPORT 2016
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) and 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 Fort
Collins are closely tied with CSU. Both
the university and the city have grown
considerably in population in recent history.
With 7,525 employees, CSU was the
largest employer in Fort Collins in 2016.
Despite the vibrancy and economic stability
the community enjoys, City leadership has
several challenges to navigate in coming years.
The City is launching City Plan to help shape
the community’s vision for Fort Collins in the
next 20 years. City Plan will address land use,
transportation and transit, and many other
topics. The Keep Fort Collins Great sales tax,
which is 0.85 percent of taxable sales, or $27.5
million of 2016 revenues, is scheduled to expire
December 31, 2020. Finally, the community
has set ambitious goals around Climate Action
Planning that will require thoughtful planning
in order to achieve while still maintaining
economic vitality and social health.
QUICK FACTS
• Population (2017 estimated): 167,500
• Unemployment Rate: 2.2%
• Sales and Use Tax Rate: 3.85%
• 2011-2015 Median Household
Income according to American
Community Survey: $55,647
• Education Level (percentage of
population with four or more years
of college education) according to
American Community Survey: 52.5%
Meet Fort Collins
TOP TEN EMPLOYERS BY HEADCOUNT
Colorado State University Education 7,525
Poudre School District R-1 Education 4,297
University Colorado Hospital Healthcare 3,801
City Of Fort Collins Government 2,006
Larimer County Government 1,838
Woodward Inc. Aerospace 1,232
Avago Technologies US Inc. Analog Electronics 1,084
Department Of Agriculture Government 1,078
Otter Products LLC Electronics Accessories 864
Employment Solutions Personnel Staffing 850
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
• Four utilities: Light & Power, Water,
Wastewater, and Stormwater
• Streets, Transportation, and
Transit infrastructure
• Parks, Recreation, Natural Areas,
and Cultural facilities
• Planning, Engineering, and
Community services
• Sustainability services, including
Economic Health, Environmental
Services, and Social Sustainability
To contact a department, the 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 and Social Health
Culture and Recreation
Economic Health
Environmental Health
Safe Community
Transportation
High Performing Government
VISION, MISSION, & VALUES
Vision: To provide world-class municipal services
through operational excellence and a culture of
innovation.
Mission: Exceptional service for
an exceptional community.
Values:
• Collaboration
• Excellence
• Integrity
• Outstanding Service
• Safety & Well-being
• Stewardship
About the City
Government Organization
VISION
MISSION
4 CITIZENS’ FINANCIAL REPORT 2016
Stewards of Information
INTERACTING WITH THE CITY
Citizens have more avenues than ever 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
Open Book - An online tool designed to
disclose expenses in a simple-to-use
format for those interested in how the local
government spends its revenues.
fcgov.com/openbook
FCTV - Regularly updated video content,
available on basic cable, which provides
several programming options designed to
inform, educate, and inspire. fcgov.com/fctv
Social Media - Citizens can also stay current
and provide feedback via social media
platforms such as Facebook, Twitter, or
Instagram. fcgov.com
OpenCity - A new initiative to take
transparency to the next level. The goal of
OpenCity is to create a web portal to host
data sets that are available to the public
in a format that citizens can easily search,
filter, or use in innovative and creative ways.
fcgov.com/opencity
CITY OF FORT COLLINS 5
DATA-DRIVEN DECISION MAKING
The City of Fort Collins has deliberately
moved from a “trust us” model to being a
data-driven organization. We are using data
to improve efficiency and accountability.
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 passengers per revenue hour 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.
Strategy Maps - The City created Strategy
Maps to enhance metrics and track the City’s
progress. Strategy Maps tie to each of the 55
Strategic Objectives within the Strategic Plan.
This provides insight into the City’s progress in
achieving the Strategic Objectives, which will
then help meet the Outcomes. See more about
the strategy maps in the 2016 Strategic Plan
at fcgov.com/strategicplan.
Monthly Financial Reports - An internal report
prepared monthly by managers and reviewed
by City executives. Management uses this
report to closely analyze their department’s
budget expenditures and revenues. The report
also communicates departments’ projects,
goals and needs to other departments.
Citizen Survey - A statistically valid survey is
conducted every two years 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/citizensurvey.
Rocky Mountain Performance Excellence (RMPEx) -
In its ongoing quest for continuous performance
improvement, the City of Fort Collins reached
a new level in 2014 with the Rocky Mountain
Performance Excellence (RMPEx) Peak Award.
This elite designation is for organizations that
undergo a rigorous examination of their business
processes using the prestigious Baldrige
National Quality Award Criteria. The City of
Fort Collins was only the fifth organization
to receive this honor in the thirteen-year
history of RMPEx. The City incorporated
feedback from RMPEx into its planning
process in 2015 to continue to improve
the organization. The City is now working
towards the Malcolm Baldrige Performance
Excellence Program at the national level.
6 CITIZENS’ FINANCIAL REPORT 2016
2016 Snapshot STEWARDSHIP IN ACTION
222 LAPORTE AVENUE
Utilities Administration Building
The City completed one of the most energy
efficient offices in the state. Nearly a decade
in the making the new Utilities Administration
Building at 222 Laporte Ave. is Colorado’s
first completed Leadership in Environmental
Design (LEED) version 4 (v4) new construction
projects. The new administration building is
one of the most energy efficient buildings in
the state and more than 95 percent of the
construction waste was diverted from landfills.
The City recently learned that the building was
awarded LEED Platinum status, only the fourth
v4 building in the world to be recognized.
MICHIGAN DITCH
A monumental undertaking for the City,
Michigan Ditch is an invaluable asset to the
community. The City-owned trans-mountain
water rights were not available due to an
ongoing landslide that covered part of the
ditch in 2015. While many options were
considered to repair the damage to the ditch,
it was determined that a tunnel would be
the best solution. Crews bored an 800-foot,
96-inch diameter rock tunnel through the
mountainside, lined it with wood planks and
steel rings known as “lag and steel” and ran
a 100 cubic feet per second capacity pipe
through the tunnel. Between the remote area
and inclement weather, the project was a
challenge; however the tunnel opened for full
use of water rights in time for spring of 2017.
MULBERRY BRIDGE ENHANCEMENTS
Thanks to Keep Fort Collins Great funding,
The Mulberry Bridge Urban Design and
Landscaping Project completed the design
vision along Mulberry Street between
Lemay Avenue and Riverside Avenue.
Design improvements, associated with the
recently constructed roadway and bridge
improvements, were coordinated with
recently constructed improvements on
Lemay Avenue north of Mulberry Street,
along the Poudre Trail, and developments
within the project’s general vicinity.
HORSETOOTH & TIMBERLINE
In an effort to improve safety and overall
efficiency for vehicles, bicycles and pedestrians,
the City of Fort Collins improved the intersection
of Horsetooth Road and Timberline Road.
Improvements included new turn lanes
on Timberline Road, new bicycle lanes on
Horsetooth Road and new pedestrian crossing
areas. Overall, the size of the intersection
increased, and the new design elements
will created a friendly welcome to the local
area. The majority of the project was funded
CITY OF FORT COLLINS 7
Fort Collins by the Numbers
OPERATING STATISTICS
1�6�2 1�66�
2015 2016
+25
Net Operating Budget
$403.6 M
STAFFING (FULL-TIME EQUIVALENTS,
SALARIED AND HOURLY)
NET 2016 OPERATING AND CAPITAL
BUDGET (AS AMENDED)
Net Capital Budget
$48.0 M
PUBLIC SAFETY
CULTURE, PARKS, RECREATION
& NATURAL AREAS
Recreation Facility
Attendance
& Program
Participation
1.52 M
Parks Acreage
879
Natural Areas
43,278
Cultural Attendance
(Museum,
Lincoln Center,
Gardens)
339,740
TRANSPORTATION
Transfort & Dial-a-Ride
Passengers
4.1 M
Street Lane
Miles
1,922
Traffic
Signals
224
UTILITIES
SUSTAINABILITY
Dollars Awarded to
Human Services/
Housing Agencies
$2.9 M
Homes Assessed
for Air Quality
178
In 2016, the
Call Center
processed:
Average Police Response Time
for priority one calls in 2016 5min, 21sec
111,149
Police Incidents
19,978
Medical Calls
21,028
is one of the City’s core values. It is part of everything we do, and extends
from use of taxpayers dollars to the sustainability of our daily operations.”
Darin Atteberry, City of Fort Collins City Manager
Stewardship
10 CITIZENS’ FINANCIAL REPORT 2016
Fort Collins Financial Results
NET POSITION
The net position, or net worth, of the City
at December 31, 2016 was $1.8 billion. Of
the net position balance, $313.7 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 by $67.1 million
(3.8%). The governmental net position increased
by $36.7 million (3.7%) and the business-type
position increased by $30.4 million (4.0%).
The City’s total long-term liabilities decreased
by $14.3 million (10.6%) during the
current year. Within that activity, the City’s
governmental long-term liabilities decreased
by $5.2 million and business-type long-term
liabilities decreased by $9.1 million. As the
City did not issue net new bonded debt in
2016, decreases in long-term debt are driven
by principal payments on existing amounts.
Net Position
(at December 31 in thousands)
Governmental Business-type Total Primary Government
2016 2015 2016 2015 2016 2015
ASSETS
Current and other assets $ 313,630 $ 296,714 $ 178,336 $ 194,780 $ 491,965 $ 491,494
Capital assets 824,965 802,454 701,684 658,900 1,526,649 1,461,355
Total assets 1,138,595 1,099,169 880,020 853,680 2,018,615 1,952,849
Deferred outflows of resources 2,203 2,566 2,872 1,863 5,076 4,429
LIABILITIES
Long-term liabilities 58,424 63,617 62,903 72,054 121,327 135,671
Other liabilities 28,915 23,422 25,369 19,307 54,284 42,729
Total liabilities 87,339 87,039 88,272 91,361 175,611 178,400
Deferred inflows of resources 25,216 23,119 5 8 25,221 23,127
NET POSITION
Net investment in capital assets 781,421 754,652 646,367 595,216 1,427,789 1,349,868
Restricted 80,520 75,207 859 1,027 81,379 76,234
Unrestricted 166,301 161,718 147,389 167,931 313,691 329,648
TOTAL NET POSITION $ 1,028,243 $ 991,577 $ 764,174 $ 764,174 $ 1,822,858 $ 1,755,751
CITY OF FORT COLLINS 11
Fort Collins Financial Results
SUMMARY OF ACTIVITIES
On the governmental side, revenues increased
modestly by $1.0 million. Sales and use taxes
were up $1.2 million and property tax increased
$2.8 million as the result of significant increases
in assessed values. Investment earnings were
down $6.0 million as rising interest rates affected
the valuation of the City’s investment portfolio.
On the business-type side, charges for service
experienced a net increase of $11.5 million.
This 6.1% increase was driven by below normal
precipitation, strong commercial demand, and
increased construction and development.
Expenses are described in greater
detail in the following pages.
Condensed Summary
of Activities
(at December 31 in thousands)
Governmental Business-type Total Primary Government
2016 2015 2016 2015 2016 2015
REVENUES
Program revenues,
primarily service charges
$ 70,683 $ 67,102 $ 222,379 $ 203,851 $ 293,062 $ 270,953
Sales & use taxes 136,087 134,899 - - 136,087 134,899
Other general revenues 53,356 57,133 1,780 4,097 55,136 61,230
TOTAL REVENUES 260,126 259,134 224,159 207,948 484,285 467,082
Expenses 225,695 214,332 191,481 183,949 417,777 398,281
Transfers 2,236 1,532 ( 2,236 ) ( 1,532 ) - -
CHANGE IN NET POSITION 36,666 46,333 30,441 22,467 67,108 68,800
Net position, beginning of year 991,577 945,243 764,174 741,707 1,755,751 1,686,950
NET POSITION, END OF YEAR $1,028,243 $991,577 $794,615 $764,174 $1,822,858 $1,755,751
12 CITIZENS’ FINANCIAL REPORT 2016
Revenues
HOW IS FUNDING RAISED?
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 upon sales, purchases, and certain
services in order to fund other services that
are not charged based on volume or usage.
Base Rate
2.25%.
Funds government services like police,
transportation, and administration.
Streets and Transportation
0.25%, EXPIRES DECEMBER 31, 2025.
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%, EXPIRES DECEMBER 31, 2025.
CCIP, formerly known as Building on Basics,
was renewed in April 2015 and is dedicated to
community improvements. Project highlights
using this funding from 2006-2015 include the
Fort Collins Museum of Discovery, renovation
of the Lincoln Center for performing arts,
expansion of Senior Center recreation facility,
and numerous improvements to streets.
Natural Areas
0.25%, EXPIRES DECEMBER 31, 2030.
Open Space Yes!, originally passed in 1992
and renewed through 2030, 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.
Keep Fort Collins Great
0.85%, EXPIRES DECEMBER 31, 2020.
This tax was passed by Fort Collins voters in
November 2010 to fund services and programs
that citizens value. The tax is used for road
improvement projects, increased staffing
and facilities for emergency responders,
parks maintenance, and other priorities.
BASE TAX RATE 2.25%
KEEP FORT
COLLINS GREAT
.85%
STREETS AND
TRANSPORTATION .25%
COMMUNITY CAPITAL /
BUILDING ON BASICS .25%
NATURAL AREAS .25%
$���1M
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 can’t include expenditures
that exceed estimated reserve balances and
anticipated income. The budget represents
six months of input from citizens, 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 citizens and their priorities first. For more
information, please visit fcgov.com/bfo.
In 2016, governmental expenditures increased
by $11.4 million, or 5.3 percent, when
compared to 2015. Included in this increase
was $11.9 million in culture, parks, recreation,
and natural areas. This was primarily due
to $1.3 million toward the new community
recycling facility, $5.5 million in parks planning
for the under-construction Twin Silos Park, and
$5.2 million in costs reclassified as capitalized
in 2015 that did not recur in 2016. Business-
type Expenses totaled $191.5 million in 2016,
an increase of $7.5 million compared to 2015.
Purchased Power costs from Platte River Power,
the area electricity generation and transmission
provider, within Light and Power were up
$5.0 million. Construction costs were up $2.4
million, efficiency rebates were up $1.0 million
and administrative costs (including PILOTs)
were up $1.6 million, also within Light and
Power. Water expenses decreased $0.9 million
(3.2%) mainly due to decreased debt service.
Wastewater expenses increased $1.0 million
(5.2%). Storm drainage expenses increased
$0.8 million (8.4%) due to increased operation,
maintenance, and administrative cost.
Business-type
Expenses by Service
$500K
$100M
$150M
$200M
2016 2015 2014 2013 2012
$3.2
$9.5
$19.5
$27.7
$124.3
14 CITIZENS’ FINANCIAL REPORT 2016
SERVICE AREA
Department
General
Fund
Keep Fort
Collins Great
Fund
Transportation
Fund
Capital Projects
Fund
Urban Renewal
Authority
Other Gov.
Funds
Grand
Total
POLICE SERV. TOTAL $34,944 $4,197 $39,141
Investigations 5,829 1,428 7,257
Police Information Serv. 7,050 219 7,270
Patrol 18,968 2,550 21,518
Office of the Chief 3,097 3,097
FINANCIAL SERV. TOTAL 3,957 3,957
COMMUNITY &
OPERATION SERV. TOTAL 22,212 4,288 8,243 23,605 58,348
Operation Services 10,638 153 1,421 12,212
Recreation 1,355 10 6,944 8,309
Community Serv. Admin 271 54 325
Park Planning & Dev. 6,512 2,445 8,957
Cultural Services 2,108 109 65 3,559 5,842
Parks 9,046 2,251 590 11,887
Natural Areas 147 366 236 10,068 10,816
PLANNING, DEV. &
TRANSPORTATION 7,830 15,680 25,771 12,424 19,027 80,732
PDT Administration 604 124 728
Transfort / Parking 1,766 17,639 19,405
Comm Dev &
Neighborhood Svcs 7,142 203 44 7,389
FC Moves 85 754 1,419 294 2,552
Streets 8,265 17,515 1 25,781
Traffic 308 4,240 4,548
Engineering 4,384 2,472 12,130 1,344 20,329
EXECUTIVE SERVICES 4,133 6 4,139
JUDICIAL SERV. TOTAL 710 710
LEGAL SERV. TOTAL 2,099 2,099
INFORMATION &
EMPLOYEE SERVICES 4,887 331 5,218
SUSTAINABILITY
SERVICES TOTAL 7,976 1,102 1,270 2,246 3,149 15,744
Economic Health Office 4,017 248 4,264
Social Sustainability 1,413 515 3,149 5,078
Environmental Services 2,144 278 1,270 3,693
Administration 402 61 463
Urban Renewal Auth. 2,246 2,246
OTHER 1,425 61 4,618 6,104
POUDRE FIRE AUTHORITY 20,557 3,267 234 24,058
GRAND TOTAL $110,731 $28,870 $25,771 $21,998 $2,246 $50,635 $240,250
EXPENSES (CONTINUED) –
WHERE DOES THE MONEY GO?
CITY OF FORT COLLINS 15
Treasury Administration
WHERE’S THE MONEY KEPT?
CASH AND INVESTMENT
MANAGEMENT
Investment policies are governed by City
Council-adopted policy. The principal objective
of the City’s cash and investment strategy is
preserving investment principal. Thus, the policy
allows for only fixed-income investments, such
as state or local government debt, U.S. agency
obligations, or U.S. corporate debt. Equity
investments, such as common stock or mutual
funds, are disallowed under the City’s policy.
At December 31, 2016, the fair market
value of the City’s cash and investments
was $403.5 million. The fixed income yield
on the portfolio for 2016 was 1.31%, and
total interest earnings were $5.5 million.
Cash & Investments
December 31, 2016 in thousands
BONDED DEBT OBLIGATIONS
The City’s credit rating was Aaa by Moody’s
Investors Service on December 31, 2016.
This highly favorable investment rating,
maintained by only 4 percent of governments,
allows the City to pay less interest on its debt
issuances. At December 31, 2016, the City
held total bonded debt of $90.0 million. Of
this amount, $35.4 million was related to
government activities and $54.6 million was
related to business-type activities. The debt
service due within one year was $18.1 million.
City Debt Obligations
December 31, 2016 in millions
�1�����6K
FEDERAL NAT’L
MORTGAGE ASSOC. 33%
FEDERAL FARM
CREDIT BANK 30%
CORPORATE
BONDS 12%
�11�����K
�������K
FEDERAL HOME
LOAN BANK 11% ����5�6K
CASH &
DEPOSITS 9% ��2�66�K
FEDERAL HOME
LOAN MORTGAGE
CORP. 6% �2���02K
20M
40M
60M
80M
100M
120M
2016 2015 2014
$1.5
$30.3
16 CITIZENS’ FINANCIAL REPORT 2016
Capital Assets
WHAT DOES THE CITY OWN?
The City’s capital assets totaled $1.53
billion at December 31, 2016. 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
$65.2 million compared to 2015.
INFRASTRUCTURE AND
IMPROVEMENTS
LAND AND
LAND RIGHTS
BUILDING AND
IMPROVEMENTS
MACHINERY AND
EQUIPMENT
CONSTRUCTION
IN PROGRESS
��
��
5��
2��
11�
Government Capital
Assets $825.0M
Business-type Capital
Assets $701.7M
50� INFRASTRUCTURE
AND IMPROVEMENTS
LAND AND
LAND RIGHTS
BUILDING AND
IMPROVEMENTS
MACHINERY
AND EQUIPMENT
CONSTRUCTION
IN PROGRESS
10�
1��
��
1��
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 - basic City
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 Position - the difference between the
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, but 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.
17-0778
$72.2
$1.3
$25.8
$62.9
$1.7
$34.6
$82.3
REVENUE BONDS
CERTIFICATES OF PARTICIPATION
ASSIGNMENT OF LEASE PAYMENTS
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 are in thousands and on a non-GAAP Budgetary Basis.
$3.2
$10.1
$20.5
$26.8
$132.4
$3.3
$9.2
$18.3
$25.6
$116.9
$2.8
$9.4
$17.8
$23.3
$116.6
$2.7
$8.1
$15.9
$22.2
$101.5
LIGHT & POWER
WATER
WASTEWATER
STORMWATER
GOLF
$500K
$100M
$150M
$200M
$250M
2016 2015 2014 2013 2012
$1.3
$57.6
$11.2
$35.4
$61.0
$47.7
$1.3
$51.6
$14.0
$47.3
$65.0
$47.3
$1.9
$58.0
$11.2
$37.2
$57.7
$36.4
$1.4
$43.7
$13.5
$40.9
$56.7
$40.1
$2.1
$42.2
$9.5
$32.2
$55.6
$34.6
GENERAL GOVERNMENT
PUBLIC SAFETY
CULTURE, PARKS, RECREATION AND NATURAL AREAS
PLANNING AND DEVELOPMENT
TRANSPORTATION
INTEREST ON LONG-TERM DEBT
Government Expenses
by Service
$2��� M
$��2M
$��2M
$��2M
Sales & Use Tax
Dollar amounts in millions and
reflect 2016 revenue
Fire Calls
Miles of
Trails
43
Bike Lane Miles
210
(approx.)
Calls Responded to
133K
Miles Water Mains
Treatment Capacity
539
87 M gal.
Miles high voltage
circuits
Reliability
1,965
99.9999%
Targeted industry
cluster funds:
$178,500
$ CO2
Greenhouse
Gas Emissions
Reduced
12%
(against 2015 levels)
by the voter approved Building on Basics
(BOB) quarter-cent sales tax and a Federal
Highway Administration air quality grant.
TIMBERLINE RECYCLING CENTER
The City of Fort Collins debuted its new
recycling center with options for more hard-
to-recycle items at 1903 Timberline Road on
August 22, 2016. The facility is located about
a half-mile south of the existing drop-off center
behind Rivendell School, on Riverside Avenue.
The original, 12-year-old recycling facility closed
on August 21 to move to the new location. The
new center helps support the City’s ambitious
goal of zero waste by 2030 and treats recycled
materials as resources that can be better
managed and reinvested in the local economy.
VALUES
the CAFR. Their commitment to accountability
and integrity provides a great service to the
Fort Collins community. We invite you to seek
more in-depth information online. The CAFR,
Biennial Budget, and other detailed reporting
are available online at fcgov.com/finance. The
City’s website also includes information about
departmental operations, job opportunities, City
Council agendas, meetings and much more.
CITY OF FORT COLLINS 1
Letter from the City Manager & CFO