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2018 Adopted Annual Operating & Capital Improvement Budget

COMMUNITY PROFILE

COMMUNITY PROFILE Economic Development Access to a highly educated and skilled workforce, favorable business climate, suitable infrastructure and past economic performance remain key components which attract new businesses to the City. Notable businesses openings within the past twelve months include: In August 2016, Flagship Food Group relocated their corporate headquarters from Los Angeles to Greenwood Village. Flagship manufactures and sells products under the 505 Southwestern®, Lilly B’s®, TJ Farms® and Steak-N-Shake® brands. It also supplies specialized food products for private label customers as well as for leading global restaurant chains. In addition, Flagship provides comprehensive logistics solutions for leading food companies. Recreational Equipment, Inc. (REI) is in the process of completing tenant improvements and will be opening a 45,000-square foot storefront located at 9000 East Peakview Avenue just east of I-25 and north of Arapahoe Road. REI is a premier outdoor gear and sporting goods store. They provide outdoor enthusiasts with top-brand gear & clothing for camping, climbing, cycling, fitness, hiking, paddling, skiing, snowboarding and more. Greenwood Village continues to see significant economic growth and while limited, opportunities for infill development within the City still exist. Vacant land along the I-25 corridor offers several desirable development prospects. In fact, there are a number of large-scale projects currently in various stages ranging from concept to construction. The Charter Communications building, currently under construction, is the third, and final building of the 900,000 square foot Arapahoe at Village Center Station development located at I-25 and Arapahoe Road. The 11-story building will include 283,103 square feet of office space, an additional 9,416 square feet suited for retail, and a 6-level parking garage concealed on the west side by a 2-story retail/office wrapper building. The Village Center Station plaza creates additional outdoor meeting spaces with multiple seating areas while also providing a convenient connection to the onsite light rail station. Construction is also nearly complete on the new Village Center DTC office building on the east side of I-25. Village Center DTC will add to the City’s inventory of high quality commercial buildings. Village Center DTC will include a 280,000-square foot office property on 5.24 acres, consisting of a 10-story, speculative office building with a separate six-story, 986 parking space structure. Village Center DTC will be located within walking distance of the Arapahoe Light-Rail Station and directly adjacent to the proposed Westin Hotel, as discussed below. The project includes two outdoor plazas and a series of off-site transportation improvements, including the extension of Willow Drive and Caley Avenue. The Westin Hotel will be the first five-star hotel in the south metropolitan area and is expected to begin construction in 2018. The new hotel franchise will be located on the east side of I-25, adjacent to the Arapahoe Light-Rail parking garage, where the current surface parking lot is now located. The proposed hotel will include approximately 170 hotel rooms a restaurant, bar, coffee shop and meeting spaces. The hotel will be located steps from the pedestrian bridge and parking structure serving the RTD Arapahoe at Village Center light-rail station and the Village Center retail and office buildings. The hotel will be highly visible and convenient to I-25, making it easily accessible for motorists and light rail users alike. 12

ECONOMIC INDICATORS Overview Historically, more than 60% of the City’s total revenue has been directly attributable to sales and use tax collections, making it especially reliant upon, and vulnerable to, patterns in both consumer and commercial spending and development. In addition to local economic data, the City employs the use of several national consumer and development based economic indexes to interpret current and future trends, forecast revenues, and adopt financial strategies in an effort to maintain the financial condition and outlook of the organization. Those indexes most often used by the City are presented below: Consumer Price Index (CPI) The Consumer Price Index (CPI) is a measure of the average change in prices over time in a fixed market basket of goods and services (i.e. inflation). The Consumer Price Index for the Denver-Boulder-Greeley area increased 2.6% in 2016 and increased 3.1% from the first half of 2016 to the first half of 2017. Higher costs for shelter (7%) are largely responsible for the overall increase. Costs for energy fell 4.6%, food prices rose 0.2%, while all others advanced 3.5%. The rate of inflation of the CPI for the Denver-Boulder-Greeley area is presented in the chart below: Consumer Price Index 4.50% 4.00% 3.50% 3.00% 2.50% 2.00% 1.50% 1.00% 0.50% 0.00% -0.50% -1.00% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Purchasing Manager’s Index (PMI) The Purchasing Managers Index (PMI) was established in 1948 to measure the degree of optimism that businesses (owners/executives) have with regard to the economy. As of June 2017, the PMI reported an index measure of 57.8. This reading represents the strongest rate of expansion since August 2014. An index level above 50.0 indicates that the number of business owners/executives who expect their company’s performance to increase over the next twelve months outnumber those anticipating weaker performance. The following chart illustrates a gradual increase in the PMI over the past twelve-month period, indicating continued improvement in business owner optimism. Purchasing Manager's Index 60.0 58.0 56.0 54.0 52.0 50.0 48.0 46.0 44.0 Jul 2016 Aug Sep Oct Nov Dec Jan 2017 Feb Mar Apr May Jun 13

  • Page 1: 2018 Annual Operating & Capital Imp
  • Page 4 and 5: TABLE OF CONTENTS Appendix Long-Ran
  • Page 6 and 7: DISTINGUISHED BUDGET PRESENTATION A
  • Page 8 and 9: GOVERNMENT PROFILE Organizational C
  • Page 10 and 11: GOVERNMENT PROFILE Organizational P
  • Page 12 and 13: GOVERNMENT PROFILE supports ongoing
  • Page 14 and 15: COMMUNITY PROFILE Transportation As
  • Page 18 and 19: ECONOMIC INDICATORS Consumer Confid
  • Page 20 and 21: BUDGET PROCESS Budget Calendar Janu
  • Page 22 and 23: BUDGET PROCESS Debt Service Funds a
  • Page 24 and 25: REVENUE ASSESSMENT Taxes & Special
  • Page 26 and 27: REVENUE ASSESSMENT discussions with
  • Page 28 and 29: REVENUE ASSESSMENT and park use. Re
  • Page 30 and 31: REVENUE ASSESSMENT Miscellaneous Re
  • Page 32 and 33: EXPENDITURE ASSESSMENT Personnel Pe
  • Page 34 and 35: EXPENDITURE ASSESSMENT Capital Outl
  • Page 36 and 37: OTHER SOURCES & USES Overview Since
  • Page 38 and 39: FUND BALANCE ANALYSIS 2018 Beginnin
  • Page 40 and 41: CITY-WIDE REVENUE DETAIL 2016 Audit
  • Page 42 and 43: CITY-WIDE EXPENDITURE DETAIL 2016 A
  • Page 44 and 45: FUND/DEPARTMENT APPROPRIATIONS Appr
  • Page 46 and 47: GENERAL FUND FINANCIAL SUMMARY Reve
  • Page 48 and 49: GENERAL FUND REVENUE DETAIL 2016 Au
  • Page 50 and 51: GENERAL FUND EXPENDITURE DETAIL 201
  • Page 52 and 53: MAYOR & COUNCIL Expenditure Detail
  • Page 54 and 55: CITY MANAGEMENT Personnel & Financi
  • Page 56 and 57: CITY MANAGER’S OFFICE Statement o
  • Page 58 and 59: COMMUNITY OUTREACH Statement of Pur
  • Page 60 and 61: COMMUNITY OUTREACH Expenditure Deta
  • Page 62 and 63: CITY ATTORNEY Personnel & Financial
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    MUNICIPAL JUDGE Expenditure Detail

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    ADMINISTRATIVE SERVICES Personnel &

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    ADMINISTRATION Statement of Purpose

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    INFORMATION MANAGEMENT SERVICES Sta

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    MUNICIPAL COURT SERVICES Statement

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    HUMAN RESOURCE SERVICES Statement o

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    HUMAN RESOURCE SERVICES Expenditure

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    SHARED TECHNOLOGY SERVICES Outcome

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    SHARED TECHNOLOGY SERVICES Variance

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    FINANCE Personnel & Financial Summa

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    ADMINISTRATION Statement of Purpose

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    ACCOUNTING & FINANCIAL REPORTING St

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    ACCOUNTING & FINANCIAL REPORTING Va

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    TAXPAYER SERVICES Expenditure Detai

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    COMMUNITY DEVELOPMENT Personnel & F

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    ADMINISTRATION Statement of Purpose

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    PLANNING Statement of Purpose The P

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    BUILDING SAFETY Statement of Purpos

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    NEIGHBORHOOD SERVICES Statement of

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    NEIGHBORHOOD SERVICES Expenditure D

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    BUILDING SERVICES Service Level Ind

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    104

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    PARKS, TRAILS & RECREATION Organiza

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    PARKS, TRAILS & RECREATION Explanat

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    ADMINISTRATION Statement of Purpose

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    RECREATION Statement of Purpose The

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    RECREATION Expenditure Detail 2016

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    CULTURAL ARTS Statement of Purpose

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    CULTURAL ARTS Service Level Indicat

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    CULTURAL ARTS Variance Justificatio

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    PARKS, TRAILS & OPEN SPACE Expendit

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    PARKS & TRAILS MAINTENANCE Expendit

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    PARKS & TRAILS MAINTENANCE Expendit

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    PARKS & TRAILS MAINTENANCE Expendit

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    PARKS & TRAILS MAINTENANCE Expendit

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    POLICE Organizational Chart Chief o

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    POLICE Explanation of Budget Varian

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    ADMINISTRATION Statement of Purpose

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    ADMINISTRATION Variance Justificati

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    SUPPORT SERVICES Outcome Measures 9

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    SUPPORT SERVICES Variance Justifica

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    PATROL SERVICES Outcome Measures 20

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    PATROL SERVICES Variance Justificat

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    DETECTIVE SERVICES Expenditure Deta

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    150

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    PUBLIC WORKS Organizational Chart D

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    PUBLIC WORKS Expenditure Detail 201

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    ADMINISTRATION Expenditure Detail 2

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    ENVIRONMENTAL SERVICES Statement of

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    ENVIRONMENTAL SERVICES Expenditure

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    TRANSPORTATION Statement of Purpose

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    TRANSPORTATION Expenditure Detail 2

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    SNOW & ICE CONTROL Statement of Pur

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    ROADS Statement of Purpose The Road

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    ROADS Variance Justification Perso

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    FLEET MANAGEMENT Service Level Indi

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    CAPITAL PROJECTS FUND FINANCIAL SUM

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    CAPITAL PROJECTS FUND EXPENDITURE D

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    FIVE-YEAR CAPITAL PROJECT SUMMARY 2

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    184 PROJECT DETAILS

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    186 PROJECT DETAILS

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    188 PROJECT DETAILS

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    190 PROJECT DETAILS

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    192 PROJECT DETAILS

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    194 PROJECT DETAILS

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    196 PROJECT DETAILS

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    198 PROJECT DETAILS

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    200 PROJECT DETAILS

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    202 PROJECT DETAILS

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    204 PROJECT DETAILS

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    206 PROJECT DETAILS

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    208 PROJECT DETAILS

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    210 PROJECT DETAILS

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    212 PROJECT DETAILS

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    214 PROJECT DETAILS

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    216 PROJECT DETAILS

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    218 PROJECT DETAILS

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    220 PROJECT DETAILS

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    222 PROJECT DETAILS

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    224 PROJECT DETAILS

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    226 PROJECT DETAILS

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    228 PROJECT DETAILS

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    230 PROJECT DETAILS

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    232 PROJECT DETAILS

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    234 PROJECT DETAILS

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    236 PROJECT DETAILS

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    GENERAL FUND LONG-RANGE FINANCIAL P

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    PERSONNEL SUMMARY Full-Time Equival

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    PERSONNEL SUMMARY 2016 Audited Actu

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    FINANCIAL POLICIES Procurement Poli

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    GLOSSARY OF TERMS Acronyms CAFR: CI

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    GLOSSARY OF TERMS Contractual Servi

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    GLOSSARY OF TERMS Service Level Sou

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    252

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