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BASIC FINANCIAL STATEMENTS by cantexplainthis

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									  BASIC

FINANCIAL




STATEMENTS
                                                         COUNTY OF WELD
                                                        STATE OF COLORADO

                                            Statement of Net Assets
                                               December 31, 2008
__________________________________________________________________________________________________________
                                                      Primary Government                   Component Units
                                         Governmental      Business-type                Housing       E-911
                                           Activities       Activities      Total      Authority    Authority
 ASSETS
 Cash and cash equivalents              $ 56,464,631      $     707,600  $ 57,172,231 $ 1,253,813 $ 3,214,275
 Property taxes receivable                  76,572,317                 -   76,572,317           -            -

 Receivables (net of allowance for uncollectibles)       3,675,551            2,685,977        6,361,528       759,605         6,704
 Due from other governments                              3,569,980                    -        3,569,980             -             -
 Internal balance                                          177,958             (177,958)               -             -             -
 Inventories                                             2,007,817                    -        2,007,817             -             -
 Other assets                                              249,873                  197          250,070         1,909         6,848
 Restricted assets:
    Cash and cash equivalents                            4,118,041                    -        4,118,041       564,577             -
 Capital Assets Not Depreciated                         22,692,585               48,496       22,741,081             -             -
 Capital Assets - Net of Accumulated Depreciation      230,317,112            1,027,629      231,344,741        13,544     1,746,469
    Total assets                                       399,845,865            4,291,941      404,137,806     2,593,448     4,974,296

 LIABILITIES
 Accounts payable and other current liabilities          7,037,794             116,751         7,154,545         9,493         3,992
 Accrued liabilities                                     4,761,506             322,886         5,084,392         1,554             -
 Due to other governments                                   42,217                   -            42,217             -             -
 Unearned revenue                                       82,225,844                   -        82,225,844         9,069             -
 Other liabilities                                          74,622                   -            74,622             -             -
 Long-term liabilities:
  Due within one year:
    Compensated absences                                   189,700                    -          189,700        10,621             -
  Due in more than one year:
    Compensated absences                                 2,620,766                   -         2,620,766        28,703             -
    Net Pension Obligation                               2,182,292                   -         2,182,292             -             -
    Total liabilities                                   99,134,741             439,637        99,574,378        59,440         3,992

 NET ASSETS
 Invested in capital assets                            253,009,697            1,076,125      254,085,822        13,544     1,746,469
 Restricted for:
   Programs                                              4,033,041                    -        4,033,041       564,577             -
   Emergencies                                           5,000,000                    -        5,000,000             -             -
   Claims (Note 7)                                       1,270,613                    -        1,270,613             -             -
 Unrestricted                                           37,397,773            2,776,179       40,173,952     1,955,887     3,223,835
 Total net assets                                    $ 300,711,124        $   3,852,304    $ 304,563,428   $ 2,534,008   $ 4,970,304



 See accompanying notes to the basic financial statements




                                                                     25
                                                COUNTY OF WELD
                                               STATE OF COLORADO

                                               Statement of Activities

                                  Year Ended December 31, 2008
______________________________________________________________________________________________

                                                                                   Program Revenues
                                                                                       Operating            Capital
                                                                    Charges for       Grants and           Grants and
                                                Expenses             Services        Contributions        Contributions
Primary government:
 Governmental activities:
  General government                       $      31,019,065    $     11,681,170   $     2,986,634    $          25,454
  Public safety                                   40,496,490           5,814,979         2,462,403                    -
  Streets and highways                            40,795,016           3,518,926        10,488,982                    -
  Health and welfare                              35,117,225          19,870,091         3,049,794                    -
  Culture and recreation                           1,077,743             468,488           430,795                    -
  Economic assistance                             14,601,330             756,698        13,716,094                    -
  Total governmental activities                  163,106,869          42,110,352        33,134,702               25,454
 Business-type activities:
   Paramedic service                               9,289,761           9,081,966            31,200                    -
Total primary government                   $     172,396,630    $     51,192,318   $    33,165,902    $          25,454
Component units:
 Housing Authority                         $       2,778,409    $         69,228   $     2,716,994    $               -
 E-911 Authority                                     876,929           1,654,314                 -                    -
Total component units                      $       3,655,338    $      1,723,542   $     2,716,994    $               -


                                           GENERAL REVENUES
                                           Taxes:
                                              Property taxes
                                              Specific Ownership
                                              Severance/Tabacco
                                           Royalties
                                           Miscellaneous
                                           Unrestricted investment earnings
                                           Transfers
                                                 Total general revenues
                                           Change in net assets
                                           Net assets - beginning
                                           Net assets - ending



See accompanying notes to the basic financial statements




                                                        26
_____________________________________________________________________
                                     Net (Expenses) Revenues and
                                        Changes in Net Assets
                     Primary Government                                 Component Units
    Governmental        Business-type                               Housing          E-911
      Activities          Activities             Total              Authority      Authority



$     (16,325,807)    $               -   $    (16,325,807)   $                 -   $           -
      (32,219,108)                    -        (32,219,108)                     -               -
      (26,787,108)                    -        (26,787,108)                     -               -
      (12,197,340)                    -        (12,197,340)                     -               -
         (178,460)                    -           (178,460)                     -               -
         (128,538)                    -           (128,538)                     -               -
      (87,836,361)                    -        (87,836,361)                     -               -


                -             (176,595)           (176,595)                     -               -
$     (87,836,361)    $       (176,595)   $    (88,012,956)   $                 -   $           -


$               -     $               -   $              -    $            7,813    $           -
                -                     -                  -                     -         777,385
$               -     $               -   $              -    $            7,813    $    777,385




       72,735,158                    -          72,735,158                      -               -
        7,035,189                    -           7,035,189                      -               -
          507,444                    -             507,444                      -               -
        2,644,292                    -           2,644,292                      -               -
        2,302,588                    -           2,302,588                      -               -
        4,075,554                    -           4,075,554                 11,087               -
         (850,000)             850,000                   -                      -               -
       88,450,225              850,000          89,300,225                 11,087               -
          613,864              673,405           1,287,269                 18,900         777,385
      300,097,260            3,178,899         303,276,159              2,515,108       4,192,919
$     300,711,124     $      3,852,304    $    304,563,428    $         2,534,008   $   4,970,304




                                                                   27
                                                   COUNTY OF WELD
                                                  STATE OF COLORADO

                                                    Governmental Funds

                                                        Balance Sheet

                                          December 31, 2008
________________________________________________________________________________________

                                                                                Public Works   Social Services
                                                             General Fund           Fund            Fund

ASSETS
   Cash and short-term investments                       $ 16,313,123       $ 14,016,744       $ 3,704,250
   Receivables (net of allowance for uncollectibles):
      Current property taxes                               53,902,516          7,339,999          5,763,275
      Delinquent property taxes                                50,777              7,172             18,556
      Accounts                                                981,672          1,595,478            389,217
      Special assessment                                            -             58,611                  -
   Due from other County funds                                617,855            517,029                483
   Due from other governments                                 210,935                  -          1,988,042
   Advances to other funds                                    585,000                  -                  -
   Inventories                                                153,499          1,252,105                  -
   Other assets                                               236,850                  -                  -
Total Assets                                             $ 73,052,227       $ 24,787,138       $ 11,863,823


LIABILITIES AND FUND BALANCES
   Liabilities:
      Accounts payable                                   $     4,528,909    $       506,654    $      349,506
      Accrued liabilities                                      1,714,374            338,580           625,952
      Other liabilities                                                -                  -            74,622
      Due to other County funds                                  310,520            163,131           956,735
      Due to other governments                                         -                  -            42,217
      Deferred revenue                                        54,285,005          7,418,015         8,748,149
      Unexpended grant revenue                                   406,531                  -                 -
       Total Liabilities                                      61,245,339          8,426,380        10,797,181

   Fund Balances:
      Reserved for encumbrances                                  185,922            822,761                 -
      Reserved for advances to other funds                       585,000                  -                 -
      Reserved for other assets                                  236,850                  -                 -
      Reserved for inventories                                   153,499          1,252,105                 -
      Reserved for emergency                                           -                  -                 -
      Unreserved:
          General Fund                                     10,645,617                  -                  -
          Special Revenue Funds                                     -         14,285,892          1,066,642
          Capital Project Fund                                      -                  -                  -
        Total Fund Balances                                11,806,888         16,360,758          1,066,642
   Total Liabilities and Fund Balances                   $ 73,052,227       $ 24,787,138       $ 11,863,823



See accompanying notes to the basic financial statements


                                                        28
_________________________________________________________
                   Capital        Other          Total
 Human Services  Expenditures  Governmental   Governmental
      Fund          Fund          Funds          Funds



 $    108,090    $   4,617,276   $ 13,824,261    $ 52,583,744

             -      7,983,755               -       74,989,545
             -          5,850           2,058           84,413
        22,560              -         578,610        3,567,537
             -              -               -           58,611
       598,606              -          12,087        1,746,060
     1,371,003              -               -        3,569,980
             -              -               -          585,000
       575,532              -               -        1,981,136
         5,523              -           7,500          249,873
 $   2,681,314   $ 12,606,881    $ 14,424,516    $ 139,415,899




 $     229,575   $     887,379   $     64,518    $     6,566,541
       540,706               -        227,537          3,447,149
             -               -              -             74,622
        37,606         233,086        332,261          2,033,339
             -               -              -             42,217
       779,404       8,007,439         85,838         79,323,850
       115,622               -              -            522,153
     1,702,913       9,127,904        710,154         92,009,871



            -        3,478,977               -         4,487,660
            -                -               -           585,000
        5,523                -           7,500           249,873
            -                -               -         1,405,604
            -                -       5,000,000         5,000,000

             -              -               -       10,645,617
       972,878              -       8,706,862       25,032,274
             -              -               -                -
       978,401      3,478,977      13,714,362       47,406,028
 $   2,681,314   $ 12,606,881    $ 14,424,516    $ 139,415,899




                                                 29
                                                 COUNTY OF WELD
                                                STATE OF COLORADO

                   Reconciliation of Total Governmental Fund Balances To Statement of Net Assets

                                        December 31, 2008
______________________________________________________________________________________________

 Total governmental fund balances                                                                     $ 47,406,028

 Amounts reported for governmental activities in the statement of activities are different because:

    Capital assets used in governmental activities are not financial resources
     and therefore are not reported in the funds                                                       237,948,593

    Long-term liabilities, including bonds payable and compensated absences,
     are not due and payable in the current period and therefore are not reported
     in the funds
       Compensated Absences                                                                              (2,810,466)
       Net Pension Obligation                                                                            (2,182,292)

    Internal service funds are used by mangement to charge the costs of
      insurance and other services to individual funds. The assets and liabilities
      of the internal service funds are included in governmental activities in the
      statement of net assets                                                                           20,756,388

    Internal services used by Enterprise Fund                                                             (407,127)

 Net assets of governmental activities                                                                $ 300,711,124



 See accompanying notes to the basic financial statements




                                                              30
31
                                         COUNTY OF WELD
                                        STATE OF COLORADO

                 Statement of Revenues, Expenditures and Changes in Fund Balance
                                       Governmental Funds

                             Year Ended December 31, 2008
____________________________________________________________________________________

                                                                    Public Works         Social
                                                   General Fund        Fund          Services Fund

 REVENUES:
   Taxes                                           $ 51,614,173     $ 14,799,470     $    5,750,780
    Licenses and permits                              1,652,464          437,461                  -
    Intergovernmental                                 4,375,301       11,416,258         18,345,008
    Fines and forfeitures                               276,326                -                  -
    Charges for services                              4,037,642        2,028,829                  -
    Miscellaneous                                    11,265,750          729,470                  8
    Fees                                              7,385,762          358,807                  -
 Total Revenues                                      80,607,418       29,770,295         24,095,796

 EXPENDITURES:
   Current:
    General government                               28,957,482                -                  -
    Public Safety                                    37,874,959                -                  -
    Public Works                                      2,117,032       34,526,482                  -
    Public health and welfare                         1,335,267                -         25,363,623
    Culture and recreation                              680,924                -                  -
    Economic assistance                                       -                -                  -
   Capital outlay                                       866,905                -             14,205
    Total Expenditures                               71,832,569       34,526,482         25,377,828

 Excess of Revenues Over (Under) Expenditures         8,774,849        (4,756,187)       (1,282,032)

 Other Financing Sources (Uses):
    Transfers - in                                             -               -                  -
    Transfers - out                                    5,056,708         420,000                  -
 Total Other Financing Sources (Uses)                 (5,056,708)       (420,000)                 -

 Net Changes in Fund Balance                          3,718,141       (5,176,187)        (1,282,032)
 Fund Balances at Beginning of Year                   8,088,747       21,536,945          2,348,674
 Fund Balance at End of Year                       $ 11,806,888     $ 16,360,758     $    1,066,642



 See accompanying notes to the basic financial statements




                                              32
_________________________________________________________
                   Capital        Other         Total
    Human       Expenditures  Governmental  Governmental
 Services Fund      Fund         Funds          Funds


 $            -   $   5,993,871     $   2,023,918     $ 80,182,212
              -               -                 -        2,089,925
     13,648,357       1,690,518         3,411,839       52,887,281
              -               -            18,920          295,246
        617,167               -         2,215,227        8,898,865
        207,268         290,967            30,288       12,523,751
              -         101,048                 -        7,845,617
     14,472,792       8,076,404         7,700,192      164,722,897




              -         104,175                 -       29,061,657
              -               -           689,460       38,564,419
              -               -                 -       36,643,514
              -               -         7,886,339       34,585,229
              -               -           396,668        1,077,592
     14,459,482               -                 -       14,459,482
              -       8,987,941            14,156        9,883,207
     14,459,482       9,092,116         8,986,623      164,275,100

        13,310        (1,015,712)       (1,286,431)        447,797



       297,441        1,500,000         3,116,644         4,914,085
             -                -           707,377         6,184,085
       297,441        1,500,000         2,409,267        (1,270,000)

       310,751          484,288        1,122,836          (822,203)
       667,650        2,994,689       12,591,526        48,228,231
$      978,401    $   3,478,977     $ 13,714,362      $ 47,406,028




                                               33
                                                COUNTY OF WELD
                                               STATE OF COLORADO

                     Reconciliation of the Statement of Revenues, Expenditures, and Changes in
                        Fund Balances of Governmental Funds to the Statement of Activities

                                  Year Ended December 31, 2008
______________________________________________________________________________________________

 Net changes in fund balances - total governmental funds                                              $     (822,203)

 Amounts reported for governmental activities in the statement of activities are different because:

    Governmental funds report capital outlays as expenditures. However, in the
     statement of activities the cost of those assets is allocated over their estimated
     useful lives and reported as depreciation expense. This is the amount by which
     capital outlays exceeded depreciation in the current period.
          Capital asset additions                                                                          21,418,141
          Depreciation expense                                                                            (18,341,575)
            Excess of depreciation over capital outlay                                                      3,076,566

    Some expenses reported in the Statement of Activities do not require the use of
     current financial resources and therefore are not reported as expenditures in
     governmental funds.
       Compensated Absences                                                                                 (453,223)
       Net Pension Obligation                                                                               (636,133)



    Internal service funds are used by mangement to charge the costs of certain
     activities, such as insurance, telecommunications and fleet services, to
      individual funds. The net revenue (expense) of certain internal service funds is
      reported with governmental activities.                                                                (600,841)

    Internal services used by Enterprise Funds                                                                49,698

 Change in assets of governmental activities                                                          $      613,864



 See accompanying notes to the basic financial statements




                                                              34
                                      COUNTY OF WELD
                                     STATE OF COLORADO

                                     Statement of Net Assets
                                        Proprietary Funds

                                December 31, 2008
______________________________________________________________________________
                                                  Business-type   Governmental
                                                     Activity       Activities
                                                    Paramedic
                                                    Enterprise       Internal
                                                      Fund        Service Funds

 ASSETS
    Cash and short-term investments                            $    707,600     $    7,998,928
    Property taxes receivable                                             -          1,498,359
    Receivables (net of allowance for uncollectibles):
       Accounts                                                    2,685,977            49,403
    Due from other County funds                                            -           313,705
    Inventory                                                              -            26,681
    Other assets                                                         197                 -
 Total Current Assets                                              3,393,774         9,887,076

 Capital Assets:
    Land                                                              48,496                  -
    Improvements other than buildings                                 55,728            580,500
    Buildings                                                        710,305          1,800,977
    Machinery and equipment                                        1,140,635         31,348,809
    Accumulated depreciation                                        (879,039)       (18,669,182)
       Total Capital Assets                                        1,076,125         15,061,104
 Total Assets                                                      4,469,899         24,948,180
 LIABILITIES AND FUND EQUITY
 Current Liabilities:
    Accounts payable                                                 116,751           471,253
    Accrued liabilities                                              322,886         1,314,357
    Due to other County funds                                             85            26,341
    Deferred revenue                                                       -         2,379,841
    Advances from general fund                                       585,000                 -
       Total Current Liabilities                                   1,024,722         4,191,792
         Total liabilities                                         1,024,722         4,191,792

 Net Assets
 Invested in capital assets                                        1,076,125        15,061,104
 Restricted for:
   Workers' compensation                                                   -         267,416
 Unrestricted                                                      2,369,052       5,427,868
 Total net assets                                              $   3,445,177    $ 20,756,388

 Some amounts reported for business-type activities in the
  statement of net assets are different because certain
  internal service fund assets and liabilites are included
  with business-type activities.                                    407,127

 Net assets of business-type activities                        $   3,852,304



 See accompanying notes to the basic financial statements

                                                  35
                                  COUNTY OF WELD
                                 STATE OF COLORADO

                          Statement of Revenue, Expenses and
                                Changes in Net Assets
                                   Proprietary Funds

                  For the fiscal year ended December 31, 2008
________________________________________________________________________
                                                   Business-type Governmental
                                                      Activity     Activities
                                                              Paramedic
                                                              Enterprise      Internal
                                                                Fund       Service Funds
 Operating revenues:
  Contributions                                           $           -    $    9,727,543
  Charges for services                                        9,071,202         9,327,558
  Total operating revenues                                    9,071,202        19,055,101

 Operating expenses:
   Bad debt expense                                           3,570,608                 -
   Personnel services                                         4,236,634           166,701
   Supplies                                                     326,879         3,167,752
   Purchased services                                           842,453         3,712,341
   Insurance and bonds                                                -           742,641
   Depreciation                                                 221,849         2,886,395
   Other                                                         41,640           117,162
   Claims                                                             -        11,300,796
     Total operating expenses                                 9,240,063        22,093,788
      Operating income (loss)                                  (168,861)       (3,038,687)

 Nonoperating revenues (expenses):
   Taxes                                                              -         1,498,546
   Miscellaneous                                                      -               100
   Interest income                                                    -            76,538
   Fees                                                          10,764                 -
   State Grant                                                   31,200             5,115
   Gain (loss) on disposition of assets                               -           133,623
   Judgements and damages                                             -           303,924
     Total nonoperating revenues (expenses)                      41,964         2,017,846
      Income (loss) before contributions or transfers          (126,897)       (1,020,841)

 Transfers - in                                                850,000           420,000

 Changes in net assets                                       723,103           (600,841)
 Total net assets beginning of year                        2,722,074         21,357,229
 Total net assets at end of year                         $ 3,445,177       $ 20,756,388
 Some amounts reported for business-type activities in
  the statement of activities are different because the
  net revenue (expense) of certain internal service funds
  is reported with business-type activities.                   (49,698)
 Change in net assets of business-type activities         $    673,405



 See accompanying notes to the basic financial statements

                                           36
                                                   COUNTY OF WELD
                                                  STATE OF COLORADO

                                        Combining Statement of Cash Flows
                                                         Proprietary Funds

                                        For the fiscal year ended December 31, 2008

                                                                                   Business-type              Governmental
                                                                                      Activity                  Activites
                                                                                  Enterprise Fund                Internal
                                                                                 Paramedic Services           Service Funds
CASH FLOWS FROM OPERATING ACTIVITIES
  Cash flows from external customers                                         $             5,675,810 $                1,156,987
  Cash flows from internal customers                                                               -                 18,017,000
  Cash payments to external suppliers for goods and services                                (859,326)               (18,363,470)
  Cash payments to internal suppliers for goods and services                                (660,886)                  (254,082)
  Cash payments to employees for services                                                 (4,092,409)                  (372,775)
  Judgements/damages/losses                                                                        -                    303,924
  Miscellaneous revenues                                                                           -                        100
  Net cash provided (used) by operating activities                                            63,189                    487,684

CASHFLOWS FROM NONCAPITAL FINANCING ACTIVITIES
  Taxes                                                                                            -                  1,498,546
  Grants/Other                                                                               891,965                    420,000
  Net cash provided by noncapital financing activities                                       891,965                  1,918,546

CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES
  Acquisition of capital assets                                                             (310,529)                (3,996,043)
  Proceeds from sale of capital assets                                                             -                    547,465
  Grants                                                                                           -                      5,115
  Net cash provided (used) for capital and related
     Financing activities                                                                   (310,529)                (3,443,463)

CASH FLOWS FROM INVESTING ACTIVITIES
  Interest on investments                                                                             -                 76,538

Net Increase (decrease) in Cash and Cash Equivalents                                         644,625                   (960,695)
Cash and Cash Equivalents at Beginning of Year                                                62,975                  8,959,623
Cash and Cash Equivalents at End of Year                                     $               707,600      $           7,998,928

Reconciliation of operating income to net cash
 provided (used) by operating activities:
   Operating income (loss)                                                   $              (168,861) $              (3,038,687)
   Adjustments to reconcile operating income to
    net cash provided (used ) by operating activities:
      Depreciation expense                                                                   221,849                  2,886,395
      Judgements/damages/losses                                                                    -                    303,924
      Miscellaneous revenue                                                                                                 100
 Change in assets and liabilities
      (Increase) decrease in accounts receivable                                               5,138                    129,607
      (Increase) decrease in due from other funds                                                 15                     74,846
      (Increase) decrease in inventories                                                           -                     31,587
      (Increase) decrease in other assets                                                       (197)                         -
      Increase (decrease) in accounts payable                                                 32,190                   (136,989)
      Increase (decrease) in accrued liabilities                                              18,860                    329,192
      Increase (decrease) in other liabilities                                               (45,805)                  (229,992)
      Increase (dedrease) in deferred revenue                                                      -                    137,701
         Total adjustments                                                                   232,050                  3,526,371
   Net cash provided (used) by operating activities                          $                63,189 $                  487,684

Noncash investing, capital, and financing activities:
  Contributions of capital assets from (to) government                                                    $             (25,454)
  Capital asset trade-ins                                                    $                35,503      $              93,436

See Accompanying notes to the basic financial statements




                                                                37
                                       COUNTY OF WELD
                                      STATE OF COLORADO

                                  Statement of Fiduciary Net Assets
                                          Fiduciary Funds

                                         December 31, 2008
________________________________________________________________________________
                                                                      Weld County
                                                                               Other Post
                                                 Agency       Weld County     Employment
                                                  Funds     Retirement Plan     Benefits
 ASSETS
   Cash and cash equivalents                  $ 2,717,355   $             -  $            -
   Accounts Receivables
      (net of allowances for uncollectables):          166           7,908                -
    Prepaid expense                                       -            600                -
    Restricted assets
     Cash                                                 -      2,359,917       1,831,354
     Common Stock                                         -     50,795,914                -
      US Property Fund                                    -     40,737,027                -
 Total assets                                 $ 2,717,521   $ 93,901,366     $ 1,831,354

 LIABILITIES AND NET ASSETS
   Accounts payable                             $   147,776     $       106,282    $           -
   Due to other governments                       2,569,745                   -                -
 Total Liabilities                              $ 2,717,521     $       106,282    $           -


 NET ASSETS
 Held in trust for pension benefits
    and other purposes                                          $     93,795,084   $   1,831,354



 See accompanying notes to the basic financial statements




                                        38
                                    COUNTY OF WELD
                                   STATE OF COLORADO

                         Statement of Changes in Fiduciary Net Assets
                                       Fiduciary Funds

                        For the fiscal year ended December 31, 2008
___________________________________________________________________________
                                                                    Weld County
                                                                             Other Post
                                                           Retirement       Employment
                                                               Plan           Benefits
 Additions:
   Employer contributions                                $ 4,416,080      $     982,143
   Employee contributions                                     4,416,080                 -
   Earnings on investments                                   (3,130,912)                -
   Net appreciation in fair market value of investments     (35,127,900)                -
     Total Additions                                        (29,426,652)        982,143

Deductions:
  Actuarial/Trustee fees                                         (13,006)              -
  Benefit payments                                             8,998,267               -
  Supplies                                                        45,603               -
   Total Deductions                                            9,030,864               -
     Change in net assets                                    (38,457,516)        982,143

Net assets - beginning                                      132,252,600           849,211
Net assets - ending                                        $ 93,795,084     $   1,831,354


See accompanying notes to the basic financial statements




                                        39
                              COUNTY OF Weld County
                                STATE OF COLORADO

                           Year Ended December 31, 2008


Note 1 – Summary of Significant Accounting Policies:

  The County of Weld, Colorado (“County”) was established in 1861, and on
  January 1, 1976, became a home rule county under the provisions of
  Section 30-35-501, CRS, 1973.     The County operates under an elected
  commissioner form of government. The County provides the full range of
  services contemplated by statute or charter.       These include general
  government functions, public protection and safety, health, social
  services, human resource services, public improvements, road and bridge
  operations, planning and zoning, and general administrative services.

  The financial statements of the County have been prepared in conformity
  with generally accepted accounting principles (GAAP) as applied to
  governmental units.    The following summary of significant accounting
  policies is presented to assist the reader in evaluating the County’s
  financial statements.

  A.   Reporting Entity:

  Weld County is a political subdivision of the State of Colorado, governed
  by an elected five-member Board of County Commissioners. There are also
  four other elected officials of Weld County (Assessor, Clerk and
  Recorder, District Attorney, and Sheriff).

  The accompanying financial statements present the government and its
  component units, entities for which the government is considered to be
  financially accountable.    Blended component units, although legally
  separate entities, are, in substance, part of the government’s
  operations.  Each discretely presented component unit is reported in a
  separate column in the government-wide financial statements (see note
  below for description) to emphasize that it is legally separate from the
  government.

  Discretely presented component units:
  The Weld County Housing Authority is responsible for assisting Weld
  County residents with housing assistance.         The Board of County
  Commissioners appoints all of the five-member Housing Authority Board.
  The County has the ability to remove any of the appointed board members,
  they can modify decisions made by the board and can hire or fire persons
  responsible for the day to day operations.      The Weld County Housing
  Authority is governed by state regulations, but was designated as part of
  the County for budgetary and audit purposes by an act of the Colorado
  General Assembly in 1989.

  The E911 Emergency Telephone Service Authority Board was created by
  intergovernmental agreements pursuant to Article 11 of Title 29, C.R.S.,
  as amended, that authorizes the county, municipalities within the county,
  and special districts within the county to enter into an agreement for
  the purpose of providing 911 emergency telephone services. Per the state
  statute cited above, the agreement creates a separate legal entity which
  is responsible for administering the operations of the 911 emergency




                                      40
                         COUNTY OF Weld County
                           STATE OF COLORADO

                     Year Ended December 31, 2008

telephone service program in Weld County. The authority board consists
of seven members with four selected by the Weld County Commissioners, one
member each is selected by the City of Greeley, City of Fort Lupton and
Weld County Sheriff. Under the by-laws of E911 Authority, Weld County is
required to pay all operating costs. They are to maintain all accounts
and have accounts audited.    State statute requires that all funds be
maintained by the Weld County Treasurer. The operation of the E911
authority is done contractually by the Weld County Communication Regional
Center.

Complete financial statements for each of the individual component units
may be obtained at the entity’s administrative offices:

          Weld County Housing Authority
          903 6th Street
          Greeley, CO 80631

Because they provide services to or otherwise benefit Weld County, the
financial statements of the following organizations are blended into the
County financial statements:

    Weld County Retirement Plan – The Retirement Board consists of five
    members, two selected by participating employees, two appointed by
    the Board of County Commissioners, and the fifth being the County
    Treasurer.   The County funds half of the retirement plan, which
    covers substantially all permanent, full-time employees of Weld
    County.   The operation of the plan is accounted for in the Weld
    County Retirement Fund, as a Pension Trust Fund. Complete Financial
    statements can be obtained at the Weld County Treasurer’s Office:

          Weld County Treasurer’s Office
          1400 North 17th Avenue
          Greeley, CO 80631

    Weld County Finance Corporation – The Weld County Finance
    Corporation (“Corporation”) was formed in 1987 as a not-for-profit
    corporation under section 501(c)(4)of the Internal Revenue Code, and
    exists solely to acquire real estate and construct buildings for
    lease to the County. The Board of County Commissioners appoints the
    three-member Board of Directors of the Corporation, and approves all
    projects undertaken by the Corporation. The members of the Board of
    Directors are employees of the County.

    The Law Enforcement Authorities (LEA) were in accordance with
    Section 30-11-401, CRS.     The law enforcement authorities are a
    taxing units created by the county to provide additional law
    enforcement service by the county sheriff to residents in a
    developed unincorporated area of the county. The governing board of
    the   law   enforcement  authorities   is   the five  Weld   County
    Commissioners.    Law enforcement services to the authority are
    provided contractually by the county sheriff.




                                 41
                        COUNTY OF Weld County
                          STATE OF COLORADO

                     Year Ended December 31, 2008

    The Local Improvement Districts (LID) have not been included in the
    County’s financial statements individually, as they are immaterial,
    but are included as a blended component unit of Public Works, a
    special revenue fund. The Board of County Commissioners can create
    these assessment districts to construct or rehabilitate and finance
    public streets, storm drainage, water systems, sanitary sewer, or
    street lighting.   The Primary purpose of an LID is to assess the
    costs of public improvements to those who are specially benefited by
    the improvement.    The LID exists only as geographic area within
    which improvements are constructed and as an administrative
    subdivision of the county.    Having no board of directors, they do
    not operate in any capacity as an independent governmental entity.
    The county governing board, Board of County Commissioners, makes all
    decisions on behalf of this administrative entity.

The following related organizations are excluded from the accompanying
financial statements because the County’s accountability for these
organizations does not extend beyond various appointments.

    North Colorado Medical Center – The Board of County Commissioners
    owns land underlying the main facility of the Medical Center, which
    land is currently leased to the Colorado Hospital Finance Authority
    as part of the security for financing the bonded indebtedness of the
    Medical Center. The indebtedness is not an obligation of the Board
    of County Commissioners and no taxpayer funds or Board of County
    Commissioners funds are obligated to pay any portion of the
    principal, premium or interest on the Bonds.     The land is leased
    back from the Authority to the Board of Trustees, a seven member
    Hospital Board of Trustees appointed by the Board of County
    Commissioners.   The Hospital Board of Trustees has entered into an
    operating sublease of the ground and facilities with NCMC, Inc., a
    501(c)(3)entity, with three of its members also serving on the Board
    of Trustees, which, in turn, has contracted with Banner Health
    Systems to operate the Medical Center.     NCMC has the ability to
    incur its own debt and its operations are financed totally by
    patient revenues.

    Greeley-Weld Airport Authority – The County Commissioners appoint
    two of the five Airport Authority Board members.      The County has
    contributed approximately 5% of the funds for capital construction.
    The Authority has full autonomy under Colorado State law, can incur
    debt, and funds it operations totally from user fees.

    Weld Library District – The County Commissioners, together with the
    concurrence   of   the   city   councils   of   seven participating
    municipalities, appoint the seven-member Library District Board.
    The Library District Board has total autonomy under the State
    Library Act to incur debt, establish budgets, and levy property
    taxes to support the District’s library system.

    Colorado Counties Casualty and Property Pool (hereinafter referred
    to as “CAPP” – CAPP was formed July 1, 1986, by an intergovernmental




                                42
                          COUNTY OF Weld County
                            STATE OF COLORADO

                       Year Ended December 31, 2008

     agreement by member counties as a separate and independent
     governmental and legal entity pursuant to the provisions of Article
     XIV, Section 18(2) of the Colorado Constitution and Section 29-1-201
     et seq, 24-10-115.5, and 29-13-102, CRS, as amended.     Each member
     county in this intergovernmental agreement has the power under
     Colorado law to make provision for the property and casualty
     coverage which constitute the functions and services jointly
     provided by means of the CAPP.     The Insurance Commissioner of the
     State of Colorado has such authority with respect to the CAPP as is
     provided by applicable Colorado statutes.

     The purposes of the CAPP are to provide a risk management fund for
     defined property and casualty coverage and to assist members in
     controlling costs by providing specialized governmental risk
     management services and systems.

     It is the intent of the members to use member contributions to
     defend and indemnify, in accordance with the bylaws, any member
     against states liability or loss to the limit of the financial
     resources of the risk management fund. It is also the intent of the
     members to have CAPP provide needed coverage at reasonable costs.
     All income and assets of CAPP shall be at all times dedicated to the
     exclusive benefit of its members.         Weld County, through its
     Insurance Internal Service Fund, recognizes an expense for the
     amount paid to CAPP annually for these coverages.

     Weld County is a charter member of CAPP and has been a continuous
     member since July 1, 1986.


B.   Government-wide Financial Statements:

The County’s basic financial statements consist of government-wide
statements, including a statement of net assets and a statement of
activities, and fund financial statements which provide a more detailed
level of financial information. The government-wide focus is more on the
sustainability of the County as an entity and the change in aggregate
financial position resulting from activities of the fiscal period.

The statement of net assets and the statement of activities display
information about the county as a whole.          In the government-wide
statement of net assets, both the governmental and business-type
activities columns are presented on a consolidated basis by column.
These statements include the financial activities of the primary
government, except for fiduciary activities.     For the most part, the
effect of interfund activity has been removed from these statements.
Governmental activities, which normally are supported by taxes
and intergovernmental revenues, are reported separately from business-
type activities, which rely to a significant extent on fees and charges
for support.




                                  43
                            COUNTY OF Weld County
                              STATE OF COLORADO

                         Year Ended December 31, 2008

The government-wide statement of activities reflect both the direct
expenses and net cost of each function of the County’s governmental
activities and business-like activity.    Direct expenses are those that
are clearly identifiable with a specific function.       Program revenues
include charges paid by the recipient for the goods or services offered
by the program.    Direct expenses and program revenues resulting from
interfund activity are treated as such in the participating funds and are
not eliminated as part of the consolidation process. Grants and
contributions that are restricted to meeting the operational or capital
requirements of a particular program and interest earned on grants that
is required to be used to support a particular program are included in
operating grants and contributions, or capital grants and contributions.
Revenues which are not classified as program revenues are presented as
general revenues of the County, with certain limited exceptions.      The
comparison of direct expenses with program revenues identifies the extent
to which each government function or business segment is self-financing
or draws from the general revenues of the County.

Fund Financial Statements

The financial transactions of the County are recorded in individual
funds. A fund is defined as a fiscal and accounting entity with a self-
balancing set of accounts that comprise its assets, liabilities, fund
equity, revenues, and expenditures or expenses, as appropriate. Separate
statements for each fund category – governmental, proprietary, and
fiduciary – are presented. The emphasis of fund financial statements is
on major governmental and enterprise funds, each displayed in a separate
column.   All remaining governmental and enterprise funds are aggregated
and presented as non-major funds.

Proprietary funds distinguish operating revenues and expenses from
nonoperating items.    Operating revenues and expenses generally result
from providing services and producing and delivering goods in connection
with a proprietary fund’s principal ongoing operations.    The principal
operating revenues of the Paramedic enterprise fund and of the
government’s internal service funds are charges to customers for sales
and services.    Operating expenses for enterprise funds and internal
service funds include the cost of sales and services, administrative
expenses, and depreciation on capital assets. All revenues and expenses
not meeting this definition are reported as nonoperating revenues and
expenses.

C.   Measurement Focus

Government-wide, Proprietary and Fiduciary Fund Financial Statements

The government-wide financial statements are reported using the economic
resources measurement focus and the accrual basis of accounting, as are
the proprietary fund and fiduciary fund statements.          Revenues are
recorded when earned and expenses are recorded at the time liabilities
are incurred, regardless of when the related cash flows take place.
Nonexchange transactions, in which the County gives (or receives) value




                                    44
                         COUNTY OF Weld County
                           STATE OF COLORADO

                      Year Ended December 31, 2008

without directly receiving (or giving) equal value in exchange, include
property taxes, grants, and donations. Revenues from property taxes are
recognized in the fiscal year for which the taxes are levied. Revenue
from grants and donations is recognized in the fiscal year in which all
eligibility requirements have been satisfied.

Under the terms of grant agreements, the County funds certain programs by
a combination of specific cost-reimbursement grants, categorical block
grants, and general revenues. Thus, when program expenses are incurred,
there are both restricted and unrestricted net assets available to
finance the program.    It is the County’s policy to first apply cost-
reimbursement grant resources to such programs, followed by categorical
block grants, and then by general revenues.

Governmental fund financial statements are reported using the current
financial resources measurement focus and the modified accrual basis of
accounting. Revenues are recognized as soon as they are both measurable
and available.   Revenues are considered to be available when they are
collectible within the current period or soon enough thereafter to pay
liabilities of the current period.     For this purpose, the government
considers revenues to be available if they are collected within 60 days
of the end of the current fiscal period.       Expenditures generally are
recorded when a liability is incurred, as under accrual accounting.
However expenditures related to compensated absences and claims and
judgments, are recorded only when payment is due.

Property taxes, licenses, and interest associated with the current fiscal
period are all considered to be susceptible to accrual and so have been
recognized as revenues of the current fiscal period. Only the portion of
special assessments receivable due within the current fiscal period is
considered to be susceptible to accrual as revenue of the current period.
All other revenue items are considered to be measurable and available
only when cash is received by the government.

All governmental and business-type activities and enterprise funds of the
County follow only FASB Statements and Interpretations issued on or
before, not after, November 30, 1989, Accounting Principles Board
Opinions, and Accounting Research Bulletins, unless those pronouncements
conflict with GASB pronouncements.

The County reports the following major governmental funds:

    The General Fund is the general operating fund of the County which
    accounts for all financial resources that are not accounted for in
    other funds.    Operations of the County such as public safety,
    planning and zoning, property valuation, tax collection and
    distribution, vehicle licensing, County administration, and other
    activities financed from taxes and general revenues are reflected in
    this fund.




                                 45
                         COUNTY OF Weld County
                           STATE OF COLORADO

                      Year Ended December 31, 2008

    The Public Works Fund records costs related to County road and
    bridge construction and maintenance except for engineering, which is
    recorded in the General Fund.    By State law, Colorado counties are
    required to maintain a Road and Bridge Fund and a portion of road
    and bridge taxes is allocated to cities and towns for use in their
    road and street activities.

    The Social Services Fund administers human services programs under
    state and federal regulations.      Programs include, but are not
    limited to, Medicaid, Food Stamps, Foster Care programs, and
    Temporary Assistance to Needy Families (TANF).      Colorado counties
    are required by state law to maintain a Social Services Fund.

    The Human Services Fund primary programs are associated with the
    Workforce Investment Act (WIA) funded under the Department of Labor,
    Employment and Training Administration.    They also administer all
    the Head Start programs.

    The Capital Expenditures Fund accounts for all the County’s
    construction projects. The County chooses to use the pay as you go
    plan instead of debt.     Property taxes are used to fund the Law
    Enforcement Center and the expansion of the Detention Center.

The County reports the following major enterprise fund:

    The Paramedic Fund operates the paramedic services for the County,
    which is primarily funded by revenues for services rendered.




                                 46
                          COUNTY OF Weld County
                            STATE OF COLORADO

                       Year Ended December 31, 2008

The County also reports the following fund types:

     The Internal Service Funds account for the financing of goods or
     services provided by one department or agency to other departments
     or agencies of the County on a cost reimbursement basis.         The
     County’s internal service funds report on self-insurance programs
     for employee health, dental and vision benefits, risk management,
     unemployment, fleet services, telecommunications and acquisitions of
     real   estate  and   construction  of   buildings  used   by  County
     departments.

     Services provided and used by internal services funds are not
     entirely   eliminated   from   the   government-wide  statement   of
     activities.   The primary government program expenses and expenses
     for the business-type activities on the government-wide statement of
     activities are decreased to eliminate revenue over expenditures in
     service funds where revenues exceed expenditures and increased to
     eliminate internal service funds that have expenditures in excess of
     revenues.

     The Agency Funds account for assets held by the County as an agent
     for individuals, private organizations and other governments. These
     funds are custodial in nature (assets equal liabilities) and do not
     involve measurement of results of operations. The County has funds
     held for other local governmental units, employee/employer payroll
     taxes and a Section 125 plan.

     The Fiduciary Trust Funds account for the activities of the Weld
     County Retirement Plan and the Weld County Other Post Employment
     Benefit Plans.     These funds accumulate resources for pension
     benefit, and other post employment benefit payments to qualified
     county employees.   The Plans use the accrual basis of accounting.
     Employee and employer contributions are recognized as revenues in
     the period in which the contributions are due. Benefits and refunds
     are recognized when due and payable in accordance with terms of the
     Plan.

D.   Assets, liabilities, and net assets or equity

1. Deposits and investments
The Weld County Treasurer maintains a cash and investment pool that is
available for use by all County funds except for some agency funds. Each
fund’s portion of this pool is displayed as “cash and cash equivalents”.
Accrued interest receivable is displayed separately.       The amount of
interest gained through secured investments is credited to the County’s
General Fund per Colorado State Statutes, with the exception of the
Conservation Trust, Capital Expenditures Fund, Liability Insurance Fund
and E-911 Authority. “Cash and cash equivalents” for the General Fund
Conservation Trust, Capital Expenditures Fund, Liability Insurance Fund
and E-911 Authority are stated at fair value. Any bank accounts not
maintained by the Treasurer are displayed as “Restricted Assets” within
the appropriate fund and are stated at cost.




                                  47
                         COUNTY OF Weld County
                           STATE OF COLORADO

                      Year Ended December 31, 2008

The County considers cash and cash equivalents in proprietary funds to be
cash on hand and demand deposits. In addition, because the treasury pool
is sufficiently liquid to permit withdrawal of cash at any time without
prior notice or penalty, equity in the pool is also deemed to be a cash
equivalent.

For the purpose of cash flows, cash and cash equivalents are determined
by original maturity of three months. Investments are reported at fair
market values using quoted market prices.


2. Property Taxes:
Property taxes attach as an enforceable lien on property as of January 1.
Taxes were levied on December 22, 2008, and are payable either in two
installments due on February 28 and June 15 or in full on April 30. The
bill becomes delinquent on March 1, May 1, and June 16 and penalties and
interest may be assessed by the County.     The County, through the Weld
County Treasurer, bills and collects its own property taxes, as well as
property taxes of all other taxing authorities within the County.      In
accordance with Section 14-7 of the Weld County Home Rule Charter, all
ad valorem tax levies for County purposes, when applied to the total
valuation for assessment of the County, shall be reduced so as to
prohibit the levying of a greater amount of tax revenue than was levied
from ad valorem taxation in the preceding year plus five percent (5%),
except to provide for the payment of bonds and interest.     The Board of
County Commissioners may submit the question of an increased levy to the
County Council and, if in the opinion of a majority of the County Council
may grant an increased levy for the County in such amount as it deems
appropriate, and the County is authorized to make such increased levy.

Any one capital project requiring a capital expenditure out of funds
procured by ad valorem taxation equal to a three mill levy for three
years, shall be prohibited unless approved by a majority vote of the
qualified electors at a general or special election per Section 14-8 of
the Weld County Home Rule Charter.

3. Interfund Transactions
Transactions   between  funds   that  would   be  treated   as   revenues,
expenditures, or expenses if they involved organizations external to the
County are accounted for as revenues, expenditures, or expenses in the
funds involved.   Transactions which constitute reimbursements of a fund
for expenditures or expenses initially made from that fund which are
properly applicable to another fund are recorded as expenditures or
expenses in the reimbursing fund and as reductions of the expenditure or
expense in the fund that is reimbursed.        At year end, outstanding
balances between funds are reported as “due to/from other funds”.
Interfund balances are generally expected to be repaid within one year of
the financial statement date. Any residual balances outstanding between
the governmental activities and business-type activities are reported in
the government-wide financial statements as “internal balances”.




                                 48
                         COUNTY OF Weld County
                           STATE OF COLORADO

                      Year Ended December 31, 2008

4. Inventories and Prepaid Items
Inventories of governmental funds, which consist of expendable materials
held for consumption, are stated at cost utilizing the weighted average
cost method.   These funds follow the consumption method of accounting
whereby expenditures are recorded at the time the inventory items are
used.

Inventories of proprietary funds are recorded at average cost.

Certain payments to vendors reflect cost applicable to future accounting
periods and are recorded as prepaid items in both government-wide and
fund financial statements.


5. Capital Assets
Capital   assets,   which   include   property,   plant equipment,   and
infrastructure assets (e.g., roads, bridges and similar items), are
reported in the applicable governmental or business-type activities
columns in the government-wide financial statements. Capital assets are
defined by the County as assets with an initial, individual cost of more
than $5,000 and a useful life of more than one year. All capital assets
are valued at historical cost or estimated historical cost if actual
historical cost is not available. Donated capital assets are recorded at
estimated fair market value at the date of donation.

The costs of normal maintenance and repairs that do not add to the value
of the asset or materially extend assets’ lives are not capitalized.

All reported capital assets, except for gravel roads are depreciated.
Improvements are depreciated over the remaining useful lives of the
related capital assets.   Depreciation on all assets is provided on the
straight-line basis over the following estimated useful lives:

                Buildings                     20-50 years
                Improvements                  20 years
                Infrastructure – Bridges      50 years
                Infrastructure – Roads        20 years
                Equipment                     3-5 years
                Heavy Equipment               10-20 years

Statement 34 allows an alternative approach which would reflect a
reasonable value of the asset and the cost incurred to maintain the
service potential to locally established minimum standards in lieu of
depreciation.    To elect this option, the County must develop and
implement an asset management system which measures, at least every third
year by class of asset, if the minimum standards are being maintained.
Related disclosures are additionally required as part of the Required
Supplementary Information. The County has elected to use the alternative
approach only for gravel roads.




                                 49
                            COUNTY OF Weld County
                              STATE OF COLORADO

                        Year Ended December 31, 2008

6. Compensated Absences
County employees accumulate sick leave and vacation benefits at rates of
8 hours per month and 8 to 16 hours per month, respectively, depending on
length of service.     In the event of retirement or termination, an
employee is paid 100% of accumulated vacation pay.     An employee whose
date of hire is prior to January 1, 1985, is paid for 50% of accumulated
sick leave hours up to the equivalent of one month; if the employee’s
date of hire is after January 1, 1985, no sick leave is paid upon
retirement or termination.   Up to 320 hours of annual vacation may be
carried over from one year to the next.     Compensatory time is granted
(except for official, professional, and administrative positions) at the
rate of one and one-half hours for each overtime hour worked, not to be
accumulated in excess of forty hours.

The unpaid    sick leave, vacation pay and     related benefits at the end of
the period     will generally not be paid       with expendable and available
resources.     Proprietary funds accrue sick   leave, vacation pay and related
benefits in   the period they are earned by    the employees.

The entire compensated absence liability is reported on the government-
wide financial statements. Expenditures and liabilities for compensated
absences are reported on the government fund statements only when the
liability for the compensated absences becomes due.

7. Long-term obligations
In the government-wide financial statements and proprietary fund types in
the fund financial statements, long-term debt and other long-term
obligations are reported as liabilities in the applicable governmental
activities, business-type activities, or proprietary fund type statement
of net assets.

8. Fund Equity
In the fund financial statements, governmental funds report reservations
of fund balance for amounts that are not available for appropriation or
are legally restricted by outside parties for use for a specific purpose.
Designations of fund balance represent tentative management plans that
are subject to change.

Reserves for the County of Weld are recorded up to the maximum equity
available in fund balance and consist of:

Reserved for Encumbrances:
     These reserves are established to record purchase orders and
     commitments outstanding for which the related goods/services have
     not been received at year end.     The reserves recorded at December
     31, 2008, include $185,922, $822,761, and $3,478,977 for the General
     Fund, Special Revenue Funds, and Capital Expenditures Funds,
     respectively, for a total of $4,487,660.

Reserved for Other Assets:
     These reserves are established to record all prepaid items.
     Recorded reserves at December 31, 2008, are $236,850 and $13,023 for
     the General Fund and Special Revenue Funds respectively, for a total
     of $249,873.


                                    50
                               COUNTY OF Weld County
                                 STATE OF COLORADO

                         Year Ended December 31, 2008

  Reserved for Inventories:
       These reserves are established to record the total level of supply
       inventories.   Recorded reserves at December 31, 2008, are $153,499
       and $1,252,105 for General Fund and Special Revenue Funds
       respectively, for a total of $1,405,604.

  Reserved for Advances:
       These reserves are established to record the total advance between
       funds.   Reserve at December 31, 2008, is $585,000, all recorded in
       General Fund.

  Reserved for Emergencies:
       The reserve for emergencies as required by Section 20 to Article X
       of the Colorado Constitution, also known as the Taxpayer’s Bill of
       Rights (TABOR) is classified as restricted assets on the balance
       sheet. Reserved at December 31, 2008 is $5,000,000, all recorded in
       a Special Revenue Fund

  Designated Fund Balance:
       Fund   balance   designated  for   subsequent   year’s   expenditures
       represents fund balance commitments for appropriated expenditures in
       excess of anticipated revenue for the year ended December 31, 2008.

  9. Net Assets
  Net assets represent the difference between assets and liabilities. Net
  assets invested in capital assets, net of related debt consists of
  capital assets, net of accumulated depreciation, reduced by the
  outstanding balances of any borrowing used for the acquisition
  construction of improvements of those assets. Net assets are reported as
  restricted when there are limitations imposed on their use either through
  the enabling legislation adopted by the County or through external
  restrictions imposed by creditors, grantors, laws or regulations of other
  governments.

  The County first applies restricted resources when an expense is incurred
  for purposes for which both restricted and unrestricted net assets are
  available.

  10. Estimates
  The preparation of financial statements in conformity with generally
  accepted accounting principles requires management to make estimates and
  assumptions that affect the amounts reported in the financial statements
  and accompanying notes. Actual results may differ from those estimates.

Note 2 – Stewardship, Compliance, and Accountability

  A.   Budgetary information

  An annual budget and appropriation ordinance is adopted by the Board of
  County Commissioners in accordance with the Colorado State Budget Act and
  Weld County Home Rule Charter.      The budget is prepared on a basis
  consistent with generally accepted accounting principles.     Budgets are
  established for all Governmental funds, Internal Service funds and the
  Enterprise Fund.    The accounting system is employed as a budgetary


                                       51
                          COUNTY OF Weld County
                            STATE OF COLORADO

                       Year Ended December 31, 2008

management control device during the year to monitor the individual
departments. The fund level is the level of classification at which
expenditures may not legally exceed appropriations, except for the
General Fund where the department level of expenditures cannot legally
exceed   appropriations.     During   the  year,   several   supplemental
appropriations were necessary.   All annual appropriations lapse at year
end.

The Director of Finance and Administration is authorized to transfer
budgeted amounts within departments of each fund.   Any revisions that
alter the total appropriation for a fund or for any General Fund
department must be approved by the County Commissioners through a
supplemental appropriation ordinance.   During 2008, two supplemental
appropriation ordinances were enacted.  Budget amounts reported in the
accompanying    financial   statements  reflect   these    supplemental
appropriations.

B.   Excess of expenditures over appropriations

Excesses of expenditures over appropriations in General Fund departments
can be seen by unfavorable variances in the expenditures section of the
Statement of Revenues, Expenditures and Changes in Fund Balance – Budget
and Actual.

Solid Waste Fund (Special Revenue Fund) had excess of expenditures over
appropriations. These can be seen on the Statement of Revenue,
Expenditure and Changes in Fund Balance – Budget and Actual.     Revenue
were down due to the annexation of a landfill in 2008. 2009 Expenditures
will be adjusted to compensate for the decreased revenues.

Expenditures exceeded appropriations in the Paramedic Fund (Enterprise
Fund).    The over expenditures were funded greater than anticipated
revenue, and will be corrected in the 2009.

Expenditures exceeded appropriations in the Motor Vehicle Fund (Internal
Service). The excess expenditures over appropriations in this fund are a
result of increased demand for service and the increased cost of
providing services. These expenditures will be monitored in 2009.

Expenditures exceeded appropriations in the Insurance Fund (Internal
Service).   Insurance claims for 2008 were higher than expected causing
expenditures to exceed appropriations.




                                  52
                               COUNTY OF Weld County
                                 STATE OF COLORADO

                          Year Ended December 31, 2008

Note 3 – Equity in Pooled Cash and Investments:

  A.    Cash and Investments

  Cash and investments at December 31, 2008 consisted of the following:

                      Deposits               $        3,595,779
                      CDs                             3,765,013
                      Investments
                         FFCB   5,000,000
                         FHLB 53,993,013
                         FNMA   8,997,775            67,990,788
                      Total                  $       75,351,580

  Cash and investments at December 31, 2008 reported in government-wide and
   agency funds consisted of the following:


                    Government-Wide              $     71,244,829
                    Agency Funds                        2,144,419
                    Total                        $     73,389,248

  B.    Deposits

  The Colorado Public Deposit Protection Act (PDPA) requires that all local
  governments deposit cash in eligible public depositories. Eligibility is
  determined by state regulations. The State regulatory commissioners
  regulate the eligible public depositories. Amounts on deposit in excess
  of federal insurance levels must be collateralized by eligible collateral
  as determined by the PDPA. PDPA allows the financial institutions to
  create a single collateral pool for all public funds held. The pool is to
  be maintained by another institution, or held in trust for all the
  uninsured public deposits as a group. The market value of the collateral
  must be at least equal to 102% of the uninsured deposits. At December 31,
  2008 the County had deposits of $7,360,792 collateralized with securities
  held by the financial institutions’ agents but not in the County name.

  C. Investments
  The County is required to comply with State statutes which specify
  investment instruments meeting defined rating, maturity, custodial and
  concentration risk criteria in which local governments may invest
  including:

  •    Obligations of the United States and certain U.S. Agency securities
  •    Certain international agency securities
  •    General obligation and revenue bonds of U.S. local government entities
  •    Banker’s acceptance of certain banks
  •    Commercial paper
  •    Written repurchase agreements collateralized by certain authorized
         securities
  •    Certain money market funds
  •    Guaranteed investment contracts
  •    Money Market Funds in Bank Account

                                       53
                             COUNTY OF Weld County
                               STATE OF COLORADO

                          Year Ended December 31, 2008

The County has no provisions in its investment policy that would further
   limit investment choices. At December 31, 2008, the County had the
   following investments:

Investment Maturities (in Years)

                   1 year or Less          $    3,765,013
                   1 – 3 years                    999,375
                   3 – 5 years                 66,991,413
                                           $   71,755,801
                   Money Market                 3,595,779
                   Total                   $   75,351,580


D.   Credit Risk

State statutes limit investments in U.S. Agency securities to the highest
rating issued by nationally recognized statistical rating organizations
(NRSROs). At December 31, 2008, the County investments in the Federal
Home Loan Bank, Federal Home Loan Mortgage Corporation, Federal National
Mortgage Association, and Federal Farm Credit Bank were rated AAA by
Standard & Poor’s. Money Market Funds were managed by Wells Fargo Bank
in accordance with state regulations pledged and 102% Government
Guaranteed Bonds and AAA rated.

E. Concentration of Credit Risk
State statute does not limit the amount the County may invest in one
issuer. At December 31, 2008, the County’s investments in Federal
National Mortgage Association, Federal Home Loan Bank, and Federal Farm
Credit Bank represented 13%, 80%, and 7% respectively of the County’s
total investments.

F.   Interest Rate Risk

State Statutes limit the maximum maturity date unless an exception is
made by the county commissioners, which does not exist at the present
time, to five years. The average duration in the portfolio on December
31, 2008 was 3.3 years. This factor combined with the high quality credit
risk of the portfolio limit interest rate risk to a very small percentage
of the portfolio.   In fact, at year end the average mark-to-the-market
was within one percent of the county’s basis.

G.   Money Market Funds in Bank Account

The County had $3,863,612 invested in overnight pooled money with Wells
Fargo on December 31, 2008. The County’s investment in at Wells Fargo is
a direct obligation of the bank and the funds are maintained in a money
market account earning a negotiated rate if return. The collateral for
this account is in an undivided interest against a pool of U.S.
Government securities meeting the PDPA requirements of the State of
Colorado, which is administered under the State’s Banking Division. The
Fair value of all of the funds shares are the same and are priced at one
dollar and are liquid daily.      A designated custodial bank provides
safekeeping and depository services in connection with the direct
investment and withdrawal functions. Substantially all securities owned

                                     54
                               COUNTY OF Weld County
                                 STATE OF COLORADO

                          Year Ended December 31, 2008

    are held by the Federal Reserve Bank in the account maintained for the
    custodial bank. The custodian’s internal records identify the investments
    owned by the participating governments.

Note 4 – Interfund Transactions

    Due to/from other funds:
    The county reports interfund balances between many of its funds. Some of
    the balances are considered immaterial and are aggregated into a single
    column or row.   The sum of all balances presented in the table agrees
    with the sum of interfund balances presented in the balance sheet for
    governmental and proprietary funds. The balances resulted from the time
    lag between the dates that (1) interfund goods and services are provided
    or reimbursable expenditures occur, (2) transactions are recorded in the
    accounting system, and (3) payments between funds are made.     Interfund
    balances are generally expected to be repaid within one year of the
    financial statement date.

      Receivable Fund          Payable Fund

      General                  Public Works               $     6,044
                               Social Services                353,212
                               Human Services                  19,618
                               Non-Major Governmental          36,569
                               Enterprise Fund                     85

      Public Works             General                         55,351
                               Social Services                123,130
                               Capital                        105,461
                               Non-Major Governmental         233,086

      Social Services          General                           482

      Human Services           Social Services                404,691
                               Non-Major Government           180,090
                               Internal Service Fund           13,825

      Non-Major Governmental   General                        12,087

      Internal Service         General                         48,162
                               Public Works                   157,087
                               Social Services                 75,702
                               Human Services                  17,988
                               Non-Major Governmental           2,252

                                                         $1,844,922




                                         55
                                             COUNTY OF Weld County
                                               STATE OF COLORADO

                                        Year Ended December 31, 2008

          Advances from/to other funds:
             The balance of $585,000 advances to Paramedic Fund for the General
             Fund resulted from general operating needs with the decrease of
             Medicaid reimbursement for services.

                 Receivable Fund        Payable Fund

                 Amount
                 General Fund           Enterprise Fund – Paramedic                      $   585,000


          Transfers in/out:
          Transfers are indicative of funding for capital projects or subsidies of
          various County operations and re-allocation of special revenues.      The
          following schedule briefly summarizes the County’s transfer activity:

                                                       Transfers In:
                  Non-Major       Human                          Enterprise         Internal
                  Government     Services         Capital        Paramedics          Service            Total
Transfers Out:
 General Fund     $2,409,267     $ 297,441       $1,500,000      $   850,000                       $5,056,708
 Public Works                                                                      $ 420,000       $ 420,000
 Non-Major
 Government          707,377                                                                       $     707,377
                   3,116,644       297,441        1,500,000          850,000          420,000          6,184,085


              The County also had noncash transfers. Contribution of capital                      assets
                  from (to) government: Internal Service Funds ($25,454).


       Note 5 – Allowance for Uncollectible Accounts Receivable:

              The allowance for uncollectible receivables consists of the following
              at December 31, 2008:

                                                                     Allowance for
                                Fund Type                            Uncollectible

                               General                               $          12,700

                               Public Works                                     1,794

                               Special Revenue                                  1,936

                               Capital Expenditures                             1,463

                               Enterprise                                      802,313

                               Internal Service                                   351

                                Total                                $         820,557




                                                     56
                                                          COUNTY OF WELD
                                                         STATE OF COLORADO

                                                   NOTES TO FINANCIAL STATEMENTS

                                                      Year Ended December 31, 2008



Note 6 - Capital Assets:

Capital asset activity for the year ended December 31, 2008, was as follows:

                                                   Beginning                                                                     Ending
                                                    Balance            Increases         Decreases           Transfers           Balance
Governmental activites
 Capital Assets not being depreciated
  Land and water rights                        $     8,265,907     $                -   $            -   $               -   $     8,265,907
  Gravel Roads                                       7,987,495              1,346,724           64,085                   -         9,270,134
  Construction in progress                          20,697,328                      -       15,540,784                   -         5,156,544
 Total capital assets not being depreciated         36,950,730              1,346,724       15,604,869                   -        22,692,585

 Capital assets being depreciated:
  Buildings                                         83,104,232          23,681,136                                       -       106,785,368
  Improvements                                       7,082,652             913,590                                       -         7,996,242
  Equipment                                         42,067,496           4,919,634           3,240,964                   -        43,746,166
  Infrastructure                                   287,610,366          10,185,460           2,320,976                   -       295,474,850
 Total capital assets being depreciated            419,864,746          39,699,820           5,561,940                   -       454,002,626

 Less accumulated depreciation
  Buildings                                       23,600,316          2,286,671                    -                     -      25,886,987
  Improvements                                     1,990,689            282,775                    -                     -       2,273,464
  Equipment                                       24,326,259          3,814,176            2,729,337                     -      25,411,098
  Infrastructure                                 157,660,885         13,758,161            1,305,081                     -     170,113,965
 Total accumulated depreciation                  207,578,149         20,141,783            4,034,418                     -     223,685,514
Total capital assets being depreciated, net      212,286,597         19,558,037            1,527,522                     -     230,317,112
Governmental activities capital assets, net    $ 249,237,327       $ 20,904,761         $ 17,132,391     $               -   $ 253,009,697



Business-type activities:
 Capital Assets not being depreciated
  Land                                         $        48,496     $                -   $            -   $               -   $       48,496

 Capital assets being depreciated:
  Buildings                                            710,305                     -                -                    -           710,305
  Improvements                                          55,728                     -                -                    -            55,728
  Equipment                                            962,920               346,032          168,317                    -         1,140,635
 Total capital assets being depreciated              1,728,953               346,032          168,317                    -         1,906,668

 Less accumulated depreciation
  Buildings                                            334,391                24,266                                                 358,657
  Improvements                                          46,578                 3,426                                                  50,004
  Equipment                                            409,035               194,157          132,814                                470,378
 Total accumulated depreciation                        790,004               221,849          132,814                    -           879,039
Total capital assets being depreciated, net            938,949               124,183           35,503                    -         1,027,629
Business-type activities capital assets, net   $       987,445     $         124,183    $      35,503    $               -   $     1,076,125




                                                                       57
                            COUNTY OF Weld County
                              STATE OF COLORADO

                         Year Ended December 31, 2008

   Depreciation expense was charged to functions/programs of the primary
   government as follows:

       Governmental activities:
          General government                                $    1,306,265
          Public safety                                          1,629,543
          Streets and highways                                  13,951,711
          Economic assistance                                      105,980
          Culture and recreation                                    12,010
          Health and welfare                                       249,879
          Capital Assets held by government’s internal
            service funds are charged to the various
            functions based on their usage of the assets       2,886,395
       Total depreciation expense-governmental activities   $ 20,141,783

       Business-type activities
          Paramedic Service                                 $     221,849

Note 7 – Risk management and insurance:

   The County is exposed to various risks of loss related to torts; theft
   of, damage to, or destruction of assets; and errors or omissions. (See
   Note 12)   These activities are accounted for in the Insurance Fund, an
   internal service fund.     A liability for a claim is established if
   information indicates that it is probable that a liability has been
   incurred at the date of the financial statements and the amount of the
   loss is reasonably estimable.

   Insurance coverages have not been significantly reduced from prior years
   and settlements have not exceeded insurance coverage in the past three
   years.

   The County manages risks of loss through a combination of commercial
   insurance, participation in a public entity risk pool, (See Note 1) and
   self-insurance.   These activities are accounted for in the Insurance
   Fund, an internal service fund.

   The County provides health, dental and vision insurance benefits to
   employees, which are funded by employee and employer contributions.
   These activities are accounted for in the Health Insurance Fund, an
   internal service fund.




                                    58
                                COUNTY OF Weld County
                                  STATE OF COLORADO

                             Year Ended December 31, 2008


Workers’ Compensation coverage is partially self-insured, with insurance
coverage of a $400,000 self-insured retention. Estimated liabilities for
claims made and claims incurred but not reported (IBNR) at year-end are
shown as accrued liabilities in the fund. These estimates are based upon
a third-party administrator’s review of claims and actuarial projections
from historical claims data.       Changes in the balances of claims
liabilities during the current and prior years are as follows:

                                                             2007                 2008

    Unpaid Claims – Beginning                       $       690,396     $         882,530

    Incurred Claims (Includes IBNR’S)                       597,661             1,396,094

    Claims Paid                                             (612,310)           (1,168,519)

    Unpaid Claims – Ending                      $           882,530     $        1,110,105



The Insurance Internal Service Fund provides protection against losses
involving County property, equipment, and liability. Reserves within the
fund support higher deductible or self-insured retention level against
loss. Payments to CAPP for coverage under the insurance pool are shown
as expenses in the Insurance Internal Service Fund.             Estimated
liabilities under the $125,000 self-insured retention for claims made and
claims incurred but not reported (IBNR) at year-end are shown as accrued
liabilities in the fund.    These estimates are based upon CAPP’s claim
administrator’s review of claims and actuarial projection from historical
claims data.   Changes in the balances of claims liabilities under the
$125,000 self-insured retention during current and prior years are as
follows:

                                                             2007                  2008

 Unpaid Claims – Beginning                          $       120,486         $      84,609

 Incurred Claims (Includes IBNR’s)                          155,746               732,767

 Claims Paid                                                (191,623)             (631,430)

 Unpaid Claims – Ending                                 $    84,609     $          185,946


The Health Insurance Internal Service Fund covers the county’s dental and
vision reimbursement plan.   The plan is not an insurance program, but
rather an employee reimbursement plan that closes out each year on
December 31, for services received on or before that date.             No
outstanding claims or incurred but not reported liabilities exist for
year-end. The health insurance plan is fully insured.

In addition the Health Insurance Internal Service Fund as of January 1,
2006, covers the county’s health insurance program. The plan is a self-
funded employee health benefit plan with a specific deductible amount of
$100,000 per individual, and an aggregate excess loss insurance policy




                                        59
                                        COUNTY OF Weld County
                                          STATE OF COLORADO

                                 Year Ended December 31, 2008

   that has both a monthly attachment point and an annual cumulative
   attachment limit with a terminal attachment point. Attachment points are
   calculated based upon enrollment. The premiums fully fund the cumulative
   and terminal attachment points, so there is no unfunded liability for the
   program at any time.    The plan is on a claims paid basis, which means
   there are not any outstanding claims or incurred but not reported
   liabilities at year end. In no event shall the expense incurral period
   extend beyond the date the policy expires.


Note 8 – Operating Leases:

   The reporting entity has entered into a number of operating leases which
   contain cancellation provisions and are subject to annual appropriations.
   For the reporting period, rent payments approximated $477,544 for all
   types of leases.     These expenditures were made primarily from the
   General, Public Works and Social Services Funds.


Note 9 – Long-Term Debt:

   Weld County has no general bonded indebtedness.      In accordance with
   Section 30-35-201 CRS, 1973, the County’s general bonded indebtedness is
   limited to 3% of the assessed valuation, or $136,974,703 at December 31,
   2008.

   The County has issued industrial revenue bonds for the purpose of
   financing capital projects of several private enterprises.     Under terms
   of a financing agreement, the bonds are sold to a bank, the private
   enterprise assumes full responsibility for repayment of the debt, and the
   County is released from any liability for repayment. Industrial revenue
   bonds outstanding as of December 31, 2008 totaled $13,885,496.

   Changes in long-term liabilities

   Long-term liability activity for the year ended December 31, 2008, was as
   follows:

                            Beginning                                   Ending       Due Within
                             Balance        Additions      Reductions   Balance       One Year
 Compensated absences
         General Fund   $    1,296,088       $   247,216   $       0    $1,543,304    $   94,147
         Public Works          442,468            29,989           0       472,457        28,468
      Social Services          439,502           155,986           0       595,488        52,492
        Public Health          179,185            20,032            0      199,217         14,593
   Total governmental   $    2,357,243       $   453,223   $        0   $2,810,466    $   189,700




                                                 60
                                 COUNTY OF Weld County
                                   STATE OF COLORADO

                             Year Ended December 31, 2008


Note 10 – Weld County Retirement Plan:

  Plan Description:
  The Weld County Retirement Plan (Plan) is a single-employer, defined
  benefit pension plan administered by a five-member retirement board. The
  plan provides retirement, disability and death benefits to plan members
  and beneficiaries at the discretion of the Retirement Board.          The
  Retirement Board and the Board of Commissioners maintain the authority to
  establish and amend benefit provisions of the Plan. The Retirement Board
  issues a publicly available financial report that includes financial
  statements and required supplementary information.    That report may be
  obtained by contacting the County of Weld, State of Colorado.

  Funding Policy:
  The contribution requirements of plan members and the County are
  established and maintained by the Board of Commissioners. Plan members
  are required to contribute 8.5% of their annual covered payroll.    The
  County is required to contribute at an actuarially determined rate; the
  current rate is 8.5% of annual covered payroll.

  Annual Pension Cost and Net Pension Obligation:
  The County’s annual pension cost and net pension obligation to the Plan
  the current year were:

     Annual Required Contributions                          $   4,928,519
     Interest on net pension obligation                           123,693
     Annual Pension Cost                                        5,052,212
     Contributions made                                         4,416,079
     Increase in net pension obligation                           636,133
     Net pension obligation (asset) beginning of year           1,546,159
     Net pension obligation (asset) end of year             $   2,182,292


  The annual required contribution for the current year was determined as
  part of the January 1, 2008 actuarial valuation using the entry age
  actuarial cost method.      The actuarial assumptions included (a) 8%
  investment rate of return (net of administrative expenses) and (b)
  projected salary increases ranging from 5.3% to 8.5% per year. Both (a)
  and (b) included an inflation component of 3.5%. The actuarial value of
  assets was determined using techniques that smooth the effects of short-
  term volatility in the market value of investments over a five-year
  period. The unfunded actuarial liability is being amortized as a level
  percentage of projected payroll on a closed basis.         The remaining
  amortization period at January 1, 2008, was 30 years.




                                           61
                                    COUNTY OF Weld County
                                      STATE OF COLORADO

                                Year Ended December 31, 2008


  Three-Year Trend Information:

                            Annual Pension     Percentage of APC             Net Pension
   Fiscal Year Ended          Cost (ARC)            Contributed           Obligation (Asset)
   December 31, 2006          4,225,104               75.9%                    872,872
   December 31, 2007          4,447,927               85.0%                   1,546,159
   December 31, 2008         45,052,213               87.4%                   2,182,292


  Funding Status:
  Actuarial     Actuarial         Actuarial      Unfunded         Funde       Covered      UAAL as a
  Valuation      Value of          Accrued      AAL (UAAL)          d       Payroll (c)    Percentag
     Date         Assets          Liability        (b-a)          Ratio                       e of
                   (a)              (AAL)                         (a/b)                      Covered
                                  Entry Age                                                  Payroll
                                     (b)                                                    [b-a)/c]

   1/1/08     $125,879,138      $167,011,647   $41,132,509        75.4%    $49,967,777         82.3%


   A schedule of funding progress can be found in the RSI section following
   the notes to the financial statements. The schedule of funding progress
   presents information on the funding process and its increases and
   decreases over time.

Note 11 – Other Post Employment Benefits:
  Plan Description:
  Weld County Other Post Employment Benefits Plan (OPEB Plan) is a single-
  employer defined benefit healthcare plan administered by Weld County that
  provides medical, dental, and vision insurance benefits to eligible
  retirees and their spouses. The OPEB Plan was created by a Board of Weld
  County Commissioners resolution on November 30, 1998, and amended
  December 16, 2002 and September 21, 2005. The OPEB Plan provides the same
  health, dental, and vision plan as offered Weld County employees and at
  the same cost. The program is not part of the Weld County Retirement Plan
  and is not a vested benefit or right, but it is a plan that can be
  amended or stopped at any time by the Board of Weld County Commissioners
  for any reason. The program is only available to Weld County employees
  hired prior to October 1, 2005. From December 16, 1998, to December 31,
  2008, a retiree who retires from employment with Weld County after ten
  years of service, or was an elected official of Weld County for at least
  one full four year term, who has attained the age of 55 years and is
  drawing benefits from the Weld County Retirement Plan is eligible to
  continue health, dental, and vision coverage until age 65. After January
  1, 2009, an employee must have attained age 57 and have 15 years of
  service to be eligible. From 2009 until 2014 the required age attainment
  and years of service are each increased by one year annually, so
  effective January 2014 an employee must have attained age 62 and have 20
  years of service to be eligible, unless the employee attains age 55 and
  has 30 years experience or has attained age 55 and has served as a Weld
  County elected official for two full terms. Coverage ends in all cases
  at age 65. The Board of Weld County Commissioners on September 15, 2008
  decided by resolution that the current program will be stopped January 1,


                                               62
                         COUNTY OF Weld County
                           STATE OF COLORADO

                     Year Ended December 31, 2008

2009, except for those employees born on or prior to December 31, 1957,
or any employee born on or prior to December 31, 1958, who will have 30
years of service prior to reaching age 62.       Employees meeting these
criteria will be grandfathered into the current plan and will remain
eligible for continued benefits under the retiree health insurance
program adopted December 16, 2002.    For an employee meeting the above
criteria to be eligible for he grandfathered plan the employee and/or
dependants, if applicable, must have been enrolled as of January 1, 2008,
in the Weld County health insurance plan.     Employees an/or dependants
enrolled in the Weld County health insurance plan after January 1, 2008
are not eligible for the grandfathered plan.

Funding Policy:
The contribution requirements of plan members and Weld County are
established and may be amended by the Board of Weld County Commissioners
annually. The required contribution is based on projected pay-as-you-go
financing requirements, with an additional amount to prefund benefits as
determined by an actuarial report done bi-annually. For fiscal year 2008,
the county contributed $1,651,382 to the plan, including $669,240 for
current premiums (approximately 77 percent of total premiums) and an
additional $982,142 to prefund benefits. Plan members receiving benefits
contributed $194,988, or approximately 23 percent of the total premiums,
through their required contribution ranging between $95 to $132 per month
for retiree-only coverage and between $170 to $205 for retiree and spouse
coverage.   The OPEB Plan assets are deposited in the Weld County OPEB
Plan Trust Fund.    The employer’s contributions to the trust fund are
irrevocable, the assets of the trust are dedicated to providing benefits
to retirees and their beneficiaries, and the assets are legally protected
form the employer’s creditors.

Annual OPEB Cost and OPEB Obligation:
Prior to January 1, 2007, the OPEB Plan was funded on a pay as you go
basis. Beginning January 1, 2007, the county’s annual other post
employment benefit (OPEB) cost (expense) is calculated based on the
annual required contribution of the employer (ARC), an amount actuarially
determined in accordance with the parameters of GASB Statement 45. The
ARC represents a level of funding that, if paid on an ongoing basis, is
projected to cover normal cost each year and amortize any unfunded
actuarial liabilities (or funding excess) over a period not to exceed
thirty years. The primary assumption for the ARC calculation is the 7.5%
discount rate. The actuarial assumptions included an annual healthcare
cost trend rate of 11% initially, reduced by decrements to an ultimate
rate of 5% after 6 years. Liabilities are computed using the projected
unit credit method. The unfunded actuarial accrued liability was
amortized over a closed 25 year period. The following shows the
components of the county’s annual OPEB cost for the year, the amount
actually contributed to the plan, and changes in the county’s net OPEB
obligation to Weld County:




                                 63
                                  COUNTY OF Weld County
                                    STATE OF COLORADO

                               Year Ended December 31, 2008


Benefit Obligation and Normal Cost on January 1, 2009

Actuarial Accrued Liability
     Retired Employees                                                $    5,411,716
     Active Employees                                                      2,934,307
            Total                                                     $    8,346,023
Unfunded actuarial accrued liability (UAAL)                           $    8,346,023
Normal cost beginning of year                                         $       99,753
Amortized factor based on 25 years                                            11.617

Level Dollar Amortization
Calculation on ARC under Projected Unit Credit Method on January 1, 2009

Amortization of UAAL over 25 years                                $         560,778
Normal cost at beginning of year                                             99,753
Interest                                                                     49,540
2008 Gross Annual Required Contribution (ARC)                               710,071
                                   Employee Contributions                  (194,988)
2008 Net County ARC                                                          515,083
                                   County Contribution                     (669,240)
Increase in net OPEB obligation                                            (154,157)

Unfunded actuarial accrued liability (UAAL) beginning of the year $6,514,670

Covered Participants as of January 1, 2009
           Active Employees                                                      58
           Retired Employees                                                     93
           Spouses of Retired Employees                                          28
                                                                                179

Three-Year Trend Information:
                       Annual Required                    Percentage of          Net OPEB
  Fiscal Year End     Contribution (ARC)                 ARC Contributed        Obligation
 December 31, 2007 $        1,304,815                                100%      $        -
 December 31, 2008 $          710,071                                123%      $ (154,157)

Prior to January 1, 2007, the OPEB Plan was on a pay as you go funding
basis. January 1, 2007, was the first time an actuarial accrued liability
was calculated to determine the net OPEB obligation. The OPEB obligation
as of December 31, 2008 was $8,346,023, there were $1,831,353 in assets
on December 31, 2008 to calculate an actuarial value of plan assets.

Funded Status and Funding Progress. The funded status of the plan as of
January 1, 2009, was as follows:
           Actuarial Accrued Liability (AAL)                      $       8,346,023
           Actuarial value of plan assets                                 1,831,353
           Unfunded actuarial accrued liability (UAAL)            $       6,514,670
           Funded ratio (actuarial value of plan assets/AAL)                  21.9%




                                            64
                            COUNTY OF Weld County
                              STATE OF COLORADO

                         Year Ended December 31, 2008

   Actuarial valuations involve estimates of the value of reported amounts
   and assumptions about the probability of events far into the future, and
   actuarially determined amounts are subject to continual revision as
   actual results are compared to past expectations and new estimates are
   made about the future.

   The required schedule of funding progress presents multiyear trend
   information about whether the actuarial value of assets is increasing or
   decreasing over time relative to the actuarial accrued liability for
   benefits.

   The actuarial calculations are based on the types of benefits provided
   under the terms of the substantive plan at the time of each valuation and
   on the pattern of sharing of costs between the employer and members to
   that point and reflect a long-term perspective.

   The Weld County OPEB Plan Assets are accounted for in the Weld County
   OPEB Plan Trust Fund. A IRC Section 115 Trust is being established for
   the Weld County OPEB Plan Trust and IRS approval is pending. Stand alone
   financial statements are not available.

Note 12 – Commitments and Contingencies:
  Commitments
  At year-end there were projects under construction with commitments of
  $5,543,612 including $2,648,978 for construction of the new Division of
  Humans Services building, and 2,894,633 for the Courts West Phase IV.

  Colorado voters passed an amendment to the State Constitution, Article X,
  Section 20, which has several limitations, including revenue raising,
  spending abilities, and other specific requirements of state and local
  governments.    The Amendment is complex and subject to judicial
  interpretation.    The entity believes it is in compliance with the
  requirements of the amendment.     However, the entity has made certain
  interpretations of the amendment’s language in other to determine its
  compliance.

  The County participates in a number of federal and state grant programs.
  Principal funding agencies include Department of Labor, Community
  Services Administration, Department of Health and Human Services,
  Department of Housing and Urban Development, Economic Development Agency,
  and Area Agency on Aging.       These programs are subject to program
  compliance audits by the grantors or their representatives. The amount,
  if any, of expenditures which may be disallowed by the granting agencies
  cannot be determined at this time, although the County expects such
  amounts, if any, to be immaterial.




                                    65
                               COUNTY OF Weld County
                                 STATE OF COLORADO

                            Year Ended December 31, 2008


Note 13 – Public Trustee:

  Pursuant to an act of the Colorado General Assembly, the Weld County
  Public Trustee is to be deemed an agency of the County for the purpose of
  financial reporting.

  Related activity has been reported in the General Agency Fund, with the
  following activity identified strictly for the office of the Public
  Trustee as of and for the year ended December 31, 2007

                   Assets                     $1,168,649

                   Liabilities                   503,471

                   Fund Balance                  665,178

                   Additions                   1,564,325

                   Deductions                  1,564,665


  The Public Trustee started a retirement plan in December 2003. The plan
  is a defined contribution plan under Internal Revenue Code section
  401(K). Funding levels are set at the following:

                2005         7%      Employer/Employee
                2006         7½%     Employer/Employee
                2007         8%      Employer/Employee
                2008         8½%     Employer/Employee




                                       66
                                                 COUNTY OF Weld County
                                                   STATE OF COLORADO

                                             Year Ended December 31, 2008

          Note 14 – Non-Cash Activity in Social Services Fund

                  Schedule of EBT Authorizations, Warrant Expenditures and Total Expenditures
                                   For the Year Ended December 31, 2008

                                  A                    B                    C                    D                     E

                                                                                             County EBT
                                                                      Total Refunds        Authorizations
                                                                     and Expenditures     plus Expenditures
                                                                        by County             by County        Total Expenditures
                             County EBT          County Share of        Warrant or             Warrant
        Program             Authorizations       Authorizations          Accrual          (Col. A + Col. C)    (Col. B + Col. C)

Old Age Pension                  4,122,301                 9,894             118,848              4,241,149                128,742

Low-Income Energy                1,980,085                       -           190,999              2,171,084                190,999
Assistance Program

Temporary Assistance for         1,739,203               281,639           2,658,518              4,397,721             2,940,157
Needy Families

Administration                        12,629               2,526           6,837,898              6,850,527             6,840,424

Trails/Child Welfare            10,594,683             2,346,210           8,905,645            19,500,328             11,251,855

Core Services                    1,378,296               220,183             141,556              1,519,852                361,739

Aid to the Needy Disabled          890,991               143,475             (70,824)                820,167                72,651

IV-D Administration                          -                   -         2,429,165              2,429,165             2,429,165

CHATS/Child Care                 3,023,855               369,749             676,429              3,700,284             1,046,178

General Assistance                           -                   -           122,727                 122,727               122,727

    Subtotal                    23,742,043             3,373,676          22,010,961            45,753,004             25,384,637

Food Assistance                 16,130,897                       -              (6,809)         16,124,088                 (6,809)

    Grand Total                 39,872,940             3,373,676          22,004,152            61,877,092             25,377,828


 A. Welfare payment authorized by the Weld County Department of Social Services. These County authorizations are
    paid by the Colorado Department of Human Services by Quest debit cards or by electronic benefits transfer (EBT)
 B. County share of EBT authorizations. These amounts are settled monthly by a reduction of State cash advances to the
    County.
 C. Expenditures made by county warrants or other county payment methods.
 D. This represents the total cost of the welfare programs that are administered by Weld County.
 E. This total matches the expenditures on the Social Services Fund – Statement of Revenues, Expenditures and
    Changes in Fund Balances.



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