Management s Discussion and Analysis

Management s Discussion and Analysis

Management s Discussion and Analysis (Unaudited) Financial 17 Management of the City and County of Denver (City) offers readers of the basic financial statements this narrative overview and analysis of the financial activities of the City for the fiscal year ended December 31, 2017. Readers are encouraged to consider the information presented here in conjunction with additional information that is furnished in the letter of transmittal. The focus of the information herein is on the primary government. Financial Highlights The City s assets and deferred outflows of resources exceeded its liabilities and deferred inflows of resources at the close of the fiscal year by $3,565,112,000 (net position). Of this amount, $152,536,000 represents a deficit of unrestricted net position. The City s total net position increased by $328,255,000, or 10.1%, over the prior year. As of close of the current fiscal year, the City s governmental funds reported combined ending fund balances of $1,179,411,000, a decrease of $86,004,000 from the prior year. Approximately 22.4% or $264,124,000 of the fund balance (unassigned fund balance) is available for spending at the government s discretion. At the end of the current fiscal year, unassigned fund balance of the General Fund was $264,124,000 which represents 20.1% of total General Fund expenditures, including transfers out. The City s total bonded debt decreased by $53,975,000 during the year. General obligation bonds decreased by $99,630,000 and revenue bonds increased by $45,655,000. During 2017, the City adopted Governmental Accounting Standards Board Statement No. 74, Financial Reporting for Postemployment Benefit Plans Other than Pension Plans, Governmental Accounting Standards Board Statement No. 80, Blending Requirements for Certain Component Units an amendment of GASB Statement No. 14, Governmental Accounting Standards Board Statement No. 81, Irrevocable Split-Interest Agreements, Governmental Accounting Standards Board Statement No. 82, Pension Issues - an amendment of GASB Statements No. 67, No. 68, and No 73, and Governmental Accounting Standards Board Statement No. 86, Certain Debt Extinguishment Issues. There was no impact to net position as a result of implementing these principles. Overview of the Financial Statements This discussion and analysis is intended as an introduction to the City s basic financial statements. The basic financial statements comprise three components: 1) government-wide financial statements, 2) fund financial statements, and 3) notes to the basic financial statements. In addition to the basic financial statements, also provided are required and other supplementary information. Government-Wide Financial Statements The government-wide financial statements are designed to provide readers with a broad overview of the City s finances, in a manner similar to a private-sector business. The Statement of Net Position presents information on all of the City s assets, liabilities, and deferred inflows/ outflows of resources, with the difference reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the City is improving or deteriorating. The Statement of Activities reports how the City s net position changed during the most recent year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this statement for some items that will only result in cash flows in future fiscal periods (e.g., uncollected taxes and earned but unused vacation and sick leave). The governmental activities reflect the City s basic services, including police, fire, public works, sanitation, economic development, culture, and recreation. Sales and property taxes finance the majority of these services.

18 City and County of Denver Management s Discussion and Analysis (Unaudited) The business-type activities reflect private sector-type operations, such as Wastewater Management; the Denver Airport System, including Denver International Airport (DEN); and Golf Courses, where fees for services typically cover all or most of the cost of operations, including depreciation. The government-wide financial statements include not only the City itself (referred to as the primary government), but also other legally separate entities for which the City is financially accountable. Financial information for most of these component units is reported separately from the financial information presented for the primary government itself. A few component units, although legally separate, function essentially as an agency of the City and, therefore, are included as an integral part of the City. Fund Financial Statements A fund is a grouping of related accounts used to maintain control over resources that have been segregated for specific activities or objectives. The City uses fund accounting to ensure and demonstrate compliance with financerelated legal requirements. All of the funds of the City can be divided into three categories: governmental funds, proprietary funds, and fiduciary funds. Governmental funds are used to account for essentially the same functions reported as governmental activities in the government-wide financial statements. Governmental fund financial statements focus on near term inflows and outflows of spendable resources, as well as on the balances left at year-end that are available for spending. Consequently, the governmental fund financial statements provide a detailed short-term view that helps the reader determine whether there are more or fewer financial resources that can be spent in the near future to finance the City s programs. Because this information does not encompass the long-term focus of the government-wide statements, additional information is provided that reconciles the governmental fund financial statements to the government-wide statements explaining the relationship (or differences) between them. The City maintains 22 individual governmental funds. Information is presented separately in the governmental funds balance sheet and in the governmental funds statement of revenues, expenditures, and changes in fund balances for the General Fund and Human Services special revenue fund, each of which is considered to be a major fund. Data from the other 20 governmental funds are combined into a single aggregated presentation. Individual fund data for these nonmajor governmental funds is provided in the form of combining statements elsewhere in this report. The City adopts an annual appropriated budget for the General Fund and Human Services special revenue fund. A budgetary comparison schedule has been provided to demonstrate compliance with these budgets for the General Fund and Human Services fund in accordance with U.S. GAAP. The City maintains two different types of proprietary funds: enterprise funds and internal service funds. Enterprise funds are used to report the same functions presented as business-type activities in the government-wide financial statements. The City uses enterprise funds to account for its Wastewater Management, Denver Airport System, Environmental Services, and Golf Course funds. Internal service funds are an accounting device used to accumulate and allocate costs internally among the City s various functions. The City uses internal service funds to account for workers compensation self-insurance and asphalt plant operations. The internal service funds provide services which predominantly benefit governmental rather than business-type functions. They have been included within governmental activities with an adjustment to reflect the consolidation for internal service fund activities related to the enterprise funds in the government-wide financial statements. Proprietary funds provide the same type of information as the government-wide financial statements, only in more detail. The proprietary fund financial statements provide separate information for Wastewater Management and the Denver Airport System, both of which are considered to be major funds of the City. Data for the other two enterprise funds and all of the internal service funds are combined into their respective single aggregated presentations. Individual fund data for the nonmajor enterprise funds and all of the internal service funds is provided in the form of combining statements elsewhere in this report.

Management s Discussion and Analysis (Unaudited) Financial 19 The City uses fiduciary funds to account for assets held on behalf of outside parties, including other governments. When these assets are held under the terms of a formal trust agreement, a private-purpose trust fund is used. Agency funds generally are used to account for assets that the City holds on behalf of others as their agent. Pension trust funds account for the assets of the City s employee retirement plans. Fiduciary funds are not reflected in the government-wide financial statements because the resources of those funds are not available to support the City s own programs. The accounting used for fiduciary funds is much like that used for proprietary funds. The notes to basic financial statements provide additional information that is essential to a full understanding of the data provided in the government-wide and fund financial statements. Other information in addition to the basic financial statements and accompanying notes is presented in the form of certain required supplementary information concerning the City s budgetary comparison schedules and the implicit rate subsidy on other postemployment benefits. The combining statements supplementary information referred to earlier in connection with nonmajor funds, internal service funds, and nonmajor component units are presented immediately following the budgetary comparison required supplementary information. Government-Wide Financial Analysis As noted earlier, net position may serve over time as a useful indicator of a government s financial position. In the case of the City, assets and deferred outflows exceeded liabilities and deferred inflows by $3,565,112,000 at the close of the most recent fiscal year. Net position of $2,431,754,000 (62.8%) reflects investment in capital assets (e.g., land, buildings, infrastructure, machinery, and equipment) less any related debt used to acquire those assets that is still outstanding. The City uses these capital assets to provide services to citizens; consequently, these assets are not available for future spending. Although the City s investment in its capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt must be provided from other sources, since the capital assets themselves cannot be used to liquidate these liabilities. Net positions of the City also include $1,333,854,000 (37.4%) of restricted net position. These are resources subject to external restrictions as to how they may be used by the City. Table 1 reflects the City s net position (dollars in thousands) as of December 31, 2017 and 2016: Table 1 Governmental Business-type Total Activities Activities Primary Government 2017 2016 2017 2016 2017 2016 Current and other assets $ 1,955,299 $ 1,904,051 $ 2,177,479 $ 1,953,795 $ 4,132,778 $ 3,857,846 Capital assets 3,032,374 2,892,680 4,339,141 4,163,611 7,371,515 7,056,291 Total assets 4,987,673 4,796,731 6,516,620 6,117,406 11,504,293 10,914,137 Deferred outflows 409,940 433,322 167,464 211,439 577,404 644,761 Noncurrent liabilities 2,723,039 2,775,460 4,327,606 4,266,391 7,050,645 7,041,851 Other liabilities 385,343 313,439 597,973 554,333 983,316 867,772 Total liabilities 3,108,382 3,088,899 4,925,579 4,820,724 8,033,961 7,909,623 Deferred inflows 472,723 409,889 9,901 2,529 482,624 412,418 Net position Net investment in capital assets 1,730,520 1,572,753 701,234 175,636 2,431,754 1,748,389 Restricted 792,057 918,405 493,837 622,880 1,285,894 1,541,285 Unrestricted (706,069) (759,893) 553,533 707,076 (152,536) (52,817) Total net position $ 1,816,508 $ 1,731,265 $ 1,748,604 $ 1,505,592 $ 3,565,112 $ 3,236,857

20 City and County of Denver Management s Discussion and Analysis (Unaudited) Table 2 reflects the City s changes in net position (dollars in thousands) for the years ended December 31, 2017 and 2016: Table 2 Governmental Business-type Total Activities Activities Primary Government 2017 2016 2017 2016 2017 2016 Revenues Program revenues: Charges for services $ 407,002 $ 400,525 $ 1,083,535 $ 1,032,149 $ 1,490,537 $ 1,432,674 Operating grants and contributions 194,285 179,641 873 686 195,158 180,327 Capital grants and contributions 90,432 68,218 77,175 28,975 167,607 97,193 General revenues: Facilities development admissions tax 13,816 12,401 - - 13,816 12,401 Lodgers tax 112,947 88,872 - - 112,947 88,872 Motor vehicle ownership fee 30,793 26,787 - - 30,793 26,787 Occupational privilege tax 50,955 49,864 - - 50,955 49,864 Property tax 419,648 399,859 - - 419,648 399,859 Sales and use tax 718,577 674,398 - - 718,577 674,398 Specific ownership tax 57 57 - - 57 57 Telephone tax 9,372 9,446 - - 9,372 9,446 Investment income 20,642 19,151 49,083 40,414 69,725 59,565 Other revenues 39,465 24,128 4,941 921 44,406 25,049 Total revenues 2,107,991 1,953,347 1,215,607 1,103,145 3,323,598 3,056,492 Expenses General government 445,601 405,900 - - 445,601 405,900 Public safety 707,981 688,287 - - 707,981 688,287 Public works 254,381 216,587 - - 254,381 216,587 Human services 167,131 145,594 - - 167,131 145,594 Health 62,351 65,265 - - 62,351 65,265 Parks and recreation 100,294 93,842 - - 100,294 93,842 Cultural activities 157,531 130,536 - - 157,531 130,536 Community development 52,832 48,766 - - 52,832 48,766 Economic opportunity 11,746 14,830 - - 11,746 14,830 Interest on long-term debt 63,952 62,566 - - 63,952 62,566 Wastewater management - - 124,046 114,740 124,046 114,740 Denver airport system - - 825,110 811,094 825,110 811,094 Other enterprise funds - - 22,387 22,983 22,387 22,983 Total expenses 2,023,800 1,872,173 971,543 948,817 2,995,343 2,820,990 Change in net position before transfers 84,191 81,174 244,064 154,328 328,255 235,502 Transfers 1,052 (1,676) (1,052) 1,676 - - Transfers of Capital Assets - (2,880) - 2,880 - - Change in net position 85,243 76,618 243,012 158,884 328,255 235,502 Net position (deficit) - January 1 1,731,265 1,654,647 1,505,592 1,346,708 3,236,857 3,001,355 Net position - December 31 $ 1,816,508 $ 1,731,265 $ 1,748,604 $ 1,505,592 $ 3,565,112 $ 3,236,857 Governmental activities increased the City s net position by $85,243,000 for the year ended December 31, 2017. Key elements of the increase are as follows: Property tax and sales and use taxes totaled 83.9% of all tax revenues and 54.0% of all governmental activities revenues. Property tax recorded in the governmental funds totaled $419,648,000 for an increase of $19,789,000 (4.9%) while sales and use tax revenues of $718,577,000 were up $44,179,000 (6.6%) compared to 2016, reflecting stable growth in the 2017 economy. Lodgers tax increased $24,075,000 (27.1%) due to the City imposing a new 10.75% lodgers fee to short-term rentals, an increasing hotel inventory, and a one-time online travel company legal settlement of $9,989,000. Total governmental activities expenses increased by $151,627,000 (8.1%) primarily due to an increase in costs for goods, expanded services offered by agencies, and pension expense. General government expense increased $39,701,000 (9.8%), mainly due to increasing costs for services and increasing personnel costs. Public Safety expenses increased $19,694,000 (2.9%), in part due to hiring additional deputies and enhanced staffing, technology, training, equipment, and facilities as well as pension expense. Public Works expense increased $37,794,000 (17.4%) mainly due to an increase in capital project activity and land acquisition costs

Management s Discussion and Analysis (Unaudited) Financial 21 related to the construction of the National Western Center. Human Services expense increased $21,537,000 (14.8%) mainly due to the agency adding new positions and the reorganization of the Office of Behavioral Health which resulted in expenses from the Crime and Prevention Control Program transitioned to Human Services. Cultural Activities expenses increased $26,995,000 (20.7%) mainly due to an increase in repairs and maintenance costs in their capital project funds and Convention Complex payments made during 2017. General government expenses in 2017 were $445,601,000 (22.0%) of total expenses. Public safety expenses were $707,981,000 (35.0%) of total expenses. Public Works expenses were $254,381,000 (12.6%) of total expenses. Cultural activities were $157,531,000 (7.8%) of total expenses. Human services expenses were $167,131,000 (8.3%) of total expenses. The remainder of the governmental activities expenses is comprised of health with $62,351,000 (3.1%), parks and recreation with $100,294,000 (5.0%) community development with $52,832,000 (2.6%), economic opportunity with $11,746,000 (.58%), and interest on long-term debt of $63,952,000 (3.2%). Expenses and Program Revenues - Governmental Activities (dollars in thousands) $800,000 $700,000 $707,981 $600,000 $500,000 $445,601 $400,000 $300,000 $200,000 $100,000 $- $134,844 General Government $121,666 $254,381 $167,131 $166,944 $95,710 $62,351 $100,294 $12,529 $25,060 Public Safety Public Works Human Services Health Parks and Recreation Expense Program Revenue $157,531 Cultural Activities $78,044 $52,832 $49,373 $63,952 $11,746 $7,549 $- Community Development Economic Opportunity Interest on Longterm Debt Revenues by Source - Governmental Activities 4% 2% 3% 2% 1% 9% 5% 34% 20% 20% Sales Tax Property Tax Lodgers Tax Occupational Privilege Tax Other Revenues Charges for Services Operating Grants Capital Grants Other Taxes Investment Income

22 City and County of Denver Management s Discussion and Analysis (Unaudited) Business-type activities increased the City s net position by $243,012,000. Key elements of this increase are as follows: Total revenues of $1,215,607,000 were $112,462,000 (10.2%), higher compared to prior year amounts. For the Denver Airport System, the change was primarily due to increases in concessions revenue due to the opening of new locations, an increase in enplaned passengers, and increases in car rentals and hotel revenues. Wastewater Management, the change was mainly due to a 5.0% rate increase for the sanitary fees and an 11.0% rate increase in storm fees at Wastewater Management. Total expenses of $971,543,000 increased by $149,454,000 (8.0%) when compared to the prior year. Wastewater Management expenses in 2017 totaled $124,046,000 (12.8%) of total business-type activities. Denver Airport System expenses totaled $825,110,000 (84.9%) of business-type activities. The remaining $22,387,000 (2.3%) of expenses in business-type activities were related to Environmental Services and Golf activities. The main source of the increase in expenses for all funds was primarily due to an increase in personnel costs due to salary increases and pension expense. $1,200,000 Expenses and Program Revenues - Business-Type Activities (dollars in thousands) $1,000,000 $963,502 $800,000 $825,110 $600,000 $400,000 $200,000 $124,046 $171,418 $- $22,387 $26,663 Nonmajor Funds Wastewater Denver Airport System Revenues by Source - Business-Type Activities 4% 6% 1% 89% Charges for Services Capital Grants and Contributions Other Revenue Investment Income Operating Grants

Management s Discussion and Analysis (Unaudited) Financial 23 Financial Analysis of the Government s Funds As noted earlier, the City uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. Governmental Funds The focus of the City s governmental funds is to provide information on current year revenues, expenditures, and balances of spendable resources. Such information is useful in assessing the City s near-term financing requirements. In particular, unassigned fund balance may serve as a useful measure of a government s net resources available for spending at the end of the fiscal year. As of December 31, 2017, the City s governmental funds reported combined ending fund balances of $1,179,411,000, a decrease of $86,004,000 in comparison with the prior year. Approximately 22.4% or $264,124,000 of the total fund balance amount constitutes unassigned fund balance, which is available for spending at the City s discretion. The General Fund is the chief operating fund of the City. As of December 31, 2017, unassigned fund balance of the General Fund was $264,124,000 while total fund balance was $394,059,000. As a measure of the General Fund s liquidity, it may be useful to compare both unassigned fund balance and total fund balance to total fund expenditures. Unassigned fund balance represents 20.1% of total General Fund expenditures, including transfers out, of $1,311,813,000 while total fund balance represents 30.0% of the same amount. The total fund balance of the City s General Fund decreased by $3,364,000 (0.8%) during the year ended December 31, 2017. This is largely due to increased transfers to capital projects funds for projects related to transportation infrastructure, deferred maintenance, and street paving. Almost every revenue source increased slightly in 2017 due to a recovery of the economy. Total General Fund revenues including transfers in, totaled $1,304,289,000, an increase of $63,506,000 or 5.1%. Certain revenues in the General Fund that increased from 2016 to 2017 include: Sales and use taxes earned were higher by $44,179,000. This increase is primarily attributable to the continuing expansion of the economy and retail marijuana sales tax collections related to the implementation of Amendment 64. Lodgers taxes were higher by $7,177,000, largely as a result of the initiation of collection of lodger s tax on short-term rentals in 2017, an increasing hotel inventory, and a one-time legal settlement from online travel companies of $9,989,000. Property taxes were higher by $4,319,000 due in part to an increase in the assessed value of property taxed during 2017. The national and local economies continued to recover in 2017 following the recession of 2009. The City continued to monitor 2017 expenditures. Total General Fund expenditures, including transfers out, increased by $73,689,000, or 6.0%. The primary drivers of this increase are personnel cost increases and an increase in costs for goods and services.

24 City and County of Denver Management s Discussion and Analysis (Unaudited) The Human Services special revenue fund had a total fund balance of $75,582,000. This amounts to a net decrease in fund balance of $447,000 during the current year. The underlying reasons for the change include increased liabilities at year-end when compared to 2016. Proprietary Funds The City s proprietary funds provide the same type of information found in the government-wide financial statements, but in more detail. Total net position of Wastewater Management was $681,788,000 and for the Denver Airport System net position was $1,023,673,000. Net position for all enterprise funds increased $243,092,000. Other significant factors concerning the finances of the enterprise funds can be found in the discussion of the City s businesstype activities. General Fund Budgetary Highlights Differences between the General Fund original budget and the final amended budget include a revision to both the projected revenues and expenditures. Original revenue estimates for 2017, prepared in the summer of 2016, assumed moderate growth in the local and national economies. Sales and use tax revenue was originally projected to grow by 4.2% over the 2016 revised forecast and total General Fund revenue was projected to increase by 3.4% over 2016 revised figures. In the summer of 2017, the original General Fund revenue forecast, including transfers in, was revised upward by $14,043,300 or 1.1% over original projections. Major factors contributing to this upward adjustment include: The tax revenue was revised upward by $11,224,000 or 1.3% due largely to the economy expanding more rapidly than originally anticipated, and strong mid-year actual collections Licenses and permitting revenue projections were revised upward by $8,642,000 or 18.0%. This increase was largely driven by upward adjustments to the revenue projections for construction and excavation permitting and street occupancy permitting. Fines and forfeitures were revised downward by $4,846,000 or 8.6% due to an decrease in photo radar collections in part because some construction zones ended. This and other miscellaneous decreases in fine revenue are partially offset by a projected increase in parking fine collections. Charges for services revenue was revised upward by $341,000 or 0.2%. Differences between the final amended budget and actual revenues and expenditures are briefly summarized in the following paragraph. In 2017, actual General Fund revenues, including transfers in, were approximately $1,304,289,000 which is 1.5% higher than the revised budget for 2017. This overage was due in part to realizing unbudgeted online travel settlement revenue and overperformance in sales and use tax collections. General Fund budget actual expenditures were approximately $34,000,000 less than the revised 2017 budget. This is a result of achieving unspent appropriations, due in large part to compensation savings and not fully expending contingency funds.

Management s Discussion and Analysis (Unaudited) Financial 25 Capital Assets and Bonded Debt Administration Capital Assets The City s capital assets for its governmental and business-type activities as of December 31, 2017, were $7,371,515,000 (net of accumulated depreciation). This investment in capital assets includes land and land rights, collections, buildings and improvements, equipment and other, park facilities, and, for governmental activities, infrastructure (including streets, alleys, traffic signals, bridges, fiber optic cable, and trails). Infrastructure-type assets of business-type activities are reported as buildings and improvements. The City s capital assets by type at December 31, 2017 and 2016 are shown in Table 3 (dollars in thousands): Table 3 Governmental Business-type Total Activities Activities Primary Government 2017 2016 2017 2016 2017 2016 Land and construction in progress $ 577,776 $ 426,646 $ 645,294 $ 537,763 $ 1,223,070 $ 964,409 Buildings and Improvements 2,388,822 2,396,115 6,329,131 6,136,972 8,717,953 8,533,087 Equipment and other 333,622 322,575 906,332 880,189 1,239,954 1,202,764 Collections 46,844 44,481 - - 46,844 44,481 Intangibles 58,532 36,661 33,177 6,125 91,709 42,786 Infrastructure 1,678,600 1,595,588 - - 1,678,600 1,595,588 Less accumulated depreciation (2,051,822) (1,929,386) (3,574,793) (3,397,438) (5,626,615) (5,326,824) Total $ 3,032,374 $ 2,892,680 $ 4,339,141 $ 4,163,611 $ 7,371,515 $ 7,056,291 Major capital asset activity for the year ended December 31, 2017 included the following: Governmental Activities Work on the National Western Center (NWC) commenced and includes costs related to land acquisition within the NWC campus boundaries, preparation for rail consolidation, environmental analysis, preliminary design, engineering and construction. Business-type Activities Wastewater s increase in net capital assets is due to the completion of Wastewater funded projects of approximately $6,700,000 and the receipt of $26,300,000 in donated capital assets. The Denver Airport System had a 3.2% increase in capital assets resulting primarily from new facilities and facility improvements entering service during 2017 Additional information on the City s capital asset activity for the year can be found in Note III-D in the notes to basic financial statements. Bonded Debt At December 31, 2017, the City had total bonded indebtedness of $5,128,576,000. Of this amount, $661,776,000 comprises debt backed by the full faith and credit of the City. The remainder of the City s debt, $4,466,800,000 represents bonds secured by specified revenue sources (i.e., revenue bonds of Wastewater Management and excise tax revenue bonds). The City has no outstanding commercial paper notes as of December 31, 2017.

26 City and County of Denver Management s Discussion and Analysis (Unaudited) As of December 31, 2017, the City s general obligation debt is rated AAA by Standard & Poor s rating agency, Fitch Ratings, and Moody s Investors Service. Outstanding bonded debt at December 31, 2017, and 2016, is reflected in Table 4 (dollars in thousands): Table 4 Business-type Total Activities Primary Government 2017 2016 2017 2016 2017 2016 General obligation bonds $ 661,776 $ 761,406 $ - $ - $ 661,776 $ 761,406 Revenue bonds 351,475 374,960 4,115,325 4,046,185 4,466,800 4,421,145 Total $ 407,002 $ 1,136,366 $ 1,083,535 $ 4,046,185 $ 5,128,576 $ 5,182,551 Additional information on the City s bonded debt for the year can be found in Note III-G in the notes to the basic financial statements. Economic Factors and Next Year s Budget The original 2018 budget assumes moderate growth in the local economy. The 2018 General Fund original revenues are projected to increase 3.7% from actual 2017 revenues. It is anticipated that 2018 revenues will be revised upward to reflect better than expected performance in 2017 and the early part of 2018. Measures have been taken to have expenditures be in line with anticipated revenues. It is anticipated that fund balance will increase during 2018 and the City remains committed to growing General Fund reserves. Requests for Information This financial report is designed to provide a general overview of the City s finances for all those with an interest in the government s finances. Questions concerning the information provided in this report or requests for additional financial information should be addressed to: The Controller s Office 201 West Colfax Avenue Department 1109 Denver, CO 80202