FINANCIAL PLAN FINANCIAL STRUCTURE

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1 FINANCIAL PLAN FINANCIAL STRUCTURE The Town uses funds to report its financial position and results of operations. Fund accounting is used as a control device designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain government functions or activities. A fund is a separate accounting entity with a self-balancing set of accounts. Funds are classified into three categories: governmental, proprietary and fiduciary. Each category, in turn, is divided into separate fund types. The Town does not have any fiduciary funds. GOVERNMENTAL FUNDS General Fund (major) Capital Projects Fund Capital Improvement Fund (major) Special Revenue Funds Park Improvement Fund (major) Conservation Trust Fund (nonmajor) Community Recreation Center Fund (nonmajor) Economic Development Incentive Fund (nonmajor) Community Recreation Center Expansion Fund (nonmajor) PROPRIETARY FUNDS Enterprise Funds Water Fund (major) Sewer Fund (major) Storm Drainage Fund (major) Internal Service Funds Fleet Management Fund (nonmajor) Information Technology Fund (nonmajor) Facility Services Fund (nonmajor) Windsor Building Authority Fund (nonmajor) DESCRIPTION OF FUNDS Major funds represent the significant activities of the Town and basically include any fund whose revenues or expenditures, excluding other financing sources and uses, constitutes more than 10% of the revenues or expenditures of the appropriated budget. All funds are subject to appropriation, both Governmental and Proprietary Funds. The breakdown of the Town s fund structure is as follows: Governmental Fund Appropriations Governmental funds are used to account for all or most of a government s general activities, including the capital projects fund, and the collection and disbursement of earmarked funds (special revenue funds). Major Governmental Fund: General Fund The General Fund is the general operating fund of the Town. All general tax revenues and other receipts that are not allocated by law to another fund are used to finance general operating expenditures. It includes most tax revenues and such services as public safety, parks, recreation, engineering, planning, and administration. Capital Projects Fund (Capital Improvement Fund) Used to account for financial resources segregated for the acquisition or construction of capital facilities other than those financed by enterprise operations. Town of Windsor, Colorado 111 Budget 2016

2 Park Improvement Fund (Special Revenue Fund) Used to account for revenues derived from specific taxes or other earmarked revenue sources which finance specific activities as required by law or administrative action, primarily park improvement fees. Nonmajor Governmental Funds: Special Revenue Funds (Conservation Trust, Community Recreation Center, Community Recreation Center Expansion Fund, and Economic Development Incentive Funds) Used to account for revenues derived from specific taxes or other earmarked revenue sources which finance specific activities as required by law or administrative action. Proprietary Fund Appropriations The Town of Windsor maintains two types of proprietary funds: Enterprise Funds and Internal Service Funds. Major Proprietary Funds: Enterprise Funds (Water, Sewer, and Storm Drainage Fund are major funds) Enterprise Funds are used to report the same functions presented as business-type activities in government-wide financial statements. They are established to account for the financing of self-supporting activities of the Town which render services on a user charge basis to the general public. These funds provide different combinations of utility services to an estimated 7,920 customers for Nonmajor Proprietary Funds: Internal Service Funds (Fleet Management, Information Technology, Facility Services, and Windsor Building Authority Funds) These funds are used to account for the acquisition, operation and maintenance of government services to other funds or departments on a cost-reimbursement basis. LEVELS OF CONTROL The basic level of budgetary control in a governmental entity is at the fund level. No fund shall exceed its appropriated expenditures. The next level of budgetary control is the department. The department has budgetary responsibility for an organization, activity, program, or fund budget. Within each department budget, there may be one or more divisions or program budgets, which are the third level of budgetary control. The final level of budgetary control is the line-item budget, which is the detailed expenditure account budgeted for each program. Amendments and supplemental budget provisions are further described in the COMMUNICATIONS section on page 31 which describes the budget process. BASIS OF ACCOUNTING Basis of Accounting refers to when revenues and expenditures or expenses are recognized in the accounts and reported in the financial statements. Basis of accounting relates to the timing of the measurements made, regardless of the measurement of focus applied. The Town utilizes a modified accrual basis of accounting for Governmental Funds. Under this method, revenues are recognized in the accounting period when they become both measurable and available as net current assets. Revenues that are susceptible to accrual, that is, measurable and available to finance the Town s operations or of a material amount not received at the normal time of receipt, primarily consist of: (1) property taxes; (2) cigarette taxes; (3) auto use taxes; and (4) franchise taxes. Town of Windsor, Colorado 112 Budget 2016

3 Expenditures are generally recognized under the modified accrual basis of accounting when the related fund liability is incurred. The Town utilizes the accrual basis of accounting for Proprietary Funds. Under this method, revenues are recognized in the accounting period in which they are earned. Expenses are recognized when liabilities are incurred. BASIS OF BUDGETING The Town prepares the annual budget on a cash basis. All funds are subject to appropriation, both Governmental and Proprietary Funds. Governmental Funds revenues that are accrued in the financial statements under the modified accrual method [i.e. (1) property taxes, (2) cigarette taxes, (3) auto use taxes, and (4) franchise taxes] as both measurable and available are not recognized under the cash basis of the Town of Windsor Budget. Revenues shown as being received in the current year budget may have been generated in a previous fiscal year but not received in cash until the current fiscal year. Such revenues are not deemed available for use until they are received in cash. Proprietary Funds the cash basis of budgeting used in proprietary funds records capital expenditures, debt principal payments, and the receipt of proceeds from bond issues as operational items in the income and expense categories. The accrual basis of accounting used in the annual financial report records these items as assets and liabilities on the respective balance sheets. The annual financial reports also provide for depreciation expense in the operating expenses. The budget does not reflect a depreciation expense because it is not an actual cash outlay. Proprietary Funds focus on the determination of the changes in net assets, financial position and cash flows and are classified as enterprise funds. Enterprise Funds may be used to account for activity for which a fee is charged to internal or external users for goods or services. BALANCED BUDGET The Town of Windsor defines a balanced budget as one in which expenditures do not exceed available resources. Available resources being defined as annual projected revenues plus beginning fund balances. Ongoing operational expenses must be funded by ongoing sources of revenue. As a matter of policy, the Town of Windsor does not use one-time revenues such as impact fees or grants to fund ongoing operations. Town of Windsor Overview of Fund Structure Fund Beginning Balance Revenues Revenues Revenues Available Resources Expenditures Expenditures Expenditures Fund Ending Balance Town of Windsor, Colorado 113 Budget 2016

4 Town of Windsor, Colorado 114 Budget 2016

5 2016 FUND BALANCE SCHEDULE The chart below summarizes the totals across all of the Town of Windsor funds, both governmental and proprietary. Revenue totals include taxes, user fees, as well as impact fees. Expenditure totals include personnel, operations and maintenance, debt service, inter-fund transfers, and capital expenditures. TOWN OF WINDSOR ALL FUNDS TOTAL 2016 BUDGET ACTUAL ACTUAL ACTUAL BUDGET PROJECTED BUDGET BEGINNING BALANCE $32,100,865 $36,466,385 $43,976,335 $44,653,958 $47,477,754 $59,994,160 Total Revenue $44,193,337 $35,880,320 $42,987,738 $58,273,118 $61,353,947 $45,132,717 RESOURCES AVAILABLE $76,294,202 $72,346,705 $86,964,073 $102,927,076 $108,831,701 $105,126,877 Total Expenditures $39,827,817 $ 28,370,370 $39,486,319 $52,939,076 $48,837,540 $57,404,716 ENDING FUND BALANCE $36,466,385 $43,976,335 $47,477,754 $49,988,000 $59,994,160 $47,722,161 Fund Balance is the difference between the fund s total assets and total liabilities (revenue minus expenditures). A fund balance is created or increased when fund revenues exceed fund expenditures for a fiscal year. A fund balance is decreased when fund expenditures exceed fund revenues. A more detailed breakdown by fund and selected charts on revenue and expenditures appear on the following pages. Town of Windsor, Colorado 115 Budget 2016

6 Town of Windsor, Colorado 116 Budget 2016

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