LEGISLATIVE DEPARTMENT, STATE OF COLORADO FINANCIAL AUDIT REPORT YEAR ENDED JUNE 30, 2005 AND 2004_part4 pot

LEGISLATIVE DEPARTMENT, STATE OF COLORADO NOTES TO FINANCIAL STATEMENTS (CONTINUED) YEARS ENDED JUNE 30, 2005 AND 2004 NOTE 11 – PENSION PLANS (CONTINUED): B Funding Policy (continued): The Legislative Department’s contributions to the three programs described above for fiscal years ended June 30, 2005, 2004, and 2003 were $1,380,455, $1,358,622, and $1,409,058, respectively These contributions met the contribution requirement for each year NOTE 12 - VOLUNTARY TAX-DEFERRED RETIREMENT PLANS: PERA offers a voluntary 401k plan entirely separate from the defined benefit pension plan The state offers a 457 deferred compensation plan and certain agencies and institutions of the state offer 403b or 401(a) plans Members who contribute to any of these plans also receive the state match, when available In January 1, 2001, the MatchMaker program established a state match for PERA member's voluntary contributions to tax-deferred retirement plans The PERA Board sets the level of the match annually based on the actuarial funding of the defined benefit pension plan The match is only available when the actuarial value of the defined benefit plan assets is 110 percent of actuarially accrued plan liabilities While the plan was not overfunded in 2004, the maximum one-year change in the match rate is statutorily limited to one percent, and therefore, the match changed from percent to percent For calendar year 2004 through May 31, 2004, the match was 100 percent of up to percent of employee’s gross covered wages paid during the month The match was suspended effective June 1, 2004 with the passage of Senate Bill 04-132 NOTE 13 - POSTRETIREMENT HEALTH CARE AND LIFE INSURANCE BENEFITS: A Health Care Program: PERACare (formerly known as the PERA Health Care Program) began covering benefit recipients and qualified dependents on July 1, 1986 This benefit was developed after legislation in 1985 established the Program and the Health Care Trust Fund Under this program, PERA subsidizes a portion of the monthly premium for health care coverage The benefit recipient pays any remaining amount of that premium through an automatic deduction from the monthly retirement benefit During Fiscal Years 2005 and 2004, the premium subsidy was $115 for those with 20 years of service credit ($230 for members under age 65 and not eligible for Medicare), and it was reduced by percent for each year of service fewer than 20 The Health Care Trust Fund is maintained by an employer contribution as discussed above in Note 11.B Monthly premium costs for participants depend on the health care plan selected, the number of persons covered, Medicare eligibility, and the number of years of service credit PERA contracts with a major medical indemnity carrier to administer claims for self-insured medical and prescription benefit plans, and with several health maintenance organizations providing services within Colorado As of December 31, 2004, there were 39,668 enrollees in the plan This is trial version www.adultpdf.com 30 LEGISLATIVE DEPARTMENT, STATE OF COLORADO NOTES TO FINANCIAL STATEMENTS (CONTINUED) YEARS ENDED JUNE 30, 2005 AND 2004 NOTE 13 - POSTRETIREMENT HEALTH CARE AND LIFE INSURANCE BENEFITS (CONTINUED): B Life Insurance Program: PERA provides its members access to two group decreasing term life insurance plans offered by Prudential Insurance Company and Anthem Life Effective April 1, 2005, PERA consolidated the two plans, and UnumProvident became the administrator Members who transition to the new plan may continue coverage into retirement Premiums are collected by monthly payroll deductions or other means NOTE 14 - DEFINED CONTRIBUTION PLAN: On January 1, 1999, the State began providing a defined contribution plan for certain employees identified in statute The plan is authorized in Title 24, Article 52, Part of the Colorado Revised Statutes, and is established and administered by the five-member Defined Contribution Retirement Committee Changes to the plan must be consistent with the authorizing legislation The State is the sole contributing employer of the plan The following classes of state employees are covered: legislators, elected state officials and their deputies, department executive directors appointed by the Governor, members of the Public Utilities Commission, employees of the Governor’s Office not covered by the State Personnel System, and employees of the Senate and House of Representatives Participation in the plan by eligible employees is voluntary; however, a participant cannot also be an active member in PERA The plan provides benefits to participants through purchased annuity contracts, certificates, or similar instruments; all of which are required to be fully portable Contributions to the plan are set as a percentage of salary in statutes, and they are required to be the same as the contributions to the defined benefit plan administered by PERA During the fiscal years ending June 30, 2005 and 2004, the state contribution rate was 10.15 percent and the employee was required to contribute percent of gross covered wages The Legislative Department contributions for the fiscal years ending June 30, 2005 and 2004 were $259,529 and $226,274, respectively NOTE 15 - RISK MANAGEMENT: The State of Colorado currently self-insures its agencies, officials, and employees for the risks of losses to which they are exposed These losses include general liability, motor vehicle liability, and workers' compensation The Risk Management Fund is a part of the State's General Fund and is used for claims adjustment, investigation, defense, and authorization for the settlement and payment of claims or judgments against the State except for employee medical claims Property claims are not self-insured, rather the State has purchased insurance This is trial version www.adultpdf.com 31 LEGISLATIVE DEPARTMENT, STATE OF COLORADO NOTES TO FINANCIAL STATEMENTS (CONTINUED) YEARS ENDED JUNE 30, 2005 AND 2004 NOTE 15 - RISK MANAGEMENT (CONTINUED): Colorado employers are liable for occupational injuries and diseases of their employees Benefits are prescribed by the Workers' Compensation Act of Colorado for medical expenses and loss of wages resulting from job-related disabilities The State utilizes the services of Pinnacol Assurance to administer its plan The State reimburses Pinnacol Assurance for the current cost of claims paid and related administrative expenses The Department participates in the Risk Management Fund Agency premiums are based on an assessment of risk exposure and historical experience Liabilities are recorded when it is probable that a loss has occurred and the amount of that loss can be reasonably estimated Liabilities include an amount for claims that have been incurred but not reported Liabilities are reevaluated periodically to take into consideration recently settled claims, the frequency of claims, and other economic and social factors Additional information is included in the State of Colorado Comprehensive Annual Financial Report, available from the State Controller’s Office This is trial version www.adultpdf.com 32 SUPPLEMENTAL INFORMATION This is trial version www.adultpdf.com STATE OF COLORADO - LEGISLATIVE BRANCH COMBINING BALANCE SHEET - GENERAL FUND JUNE 30, 2005 General Assembly ASSETS Cash Accounts receivable Inter/Intrafund receivables Prepaid expenses TOTAL ASSETS LIABILITIES Accounts payable Interfund payable Accrued liabilities Deferred revenue TOTAL LIABILITIES FUND BALANCE Unreserved TOTAL LIABILITIES AND FUND BALANCE $ $ $ $ 212,927 8,040 1,214 222,181 206,050 600 496,671 703,321 (481,140) 222,181 Joint Budget Committee Office of the State Auditor Legislative Council $ 2,006 - $ 4,501 - $ 2,006 $ 4,501 736,440 165,734 407,868 469 $ 1,310,511 $ 2,006 96,435 98,441 $ 4,501 285,648 290,149 $ 1,311,761 311,999 1,623,760 (285,648) 4,501 (313,249) $ 1,310,511 $ (96,435) 2,006 $ $ This is trial version www.adultpdf.com The accompanying notes are an integral part of these financial statements 33 Office of Legislative Legal Services Total $ 154,178 - $ 154,178 $ 1,110,052 173,774 407,868 1,683 $ 1,693,377 $ 154,178 288,411 442,589 $ 1,678,496 600 1,479,164 3,158,260 (288,411) 154,178 (1,464,883) $ 1,693,377 $ STATE OF COLORADO - LEGISLATIVE BRANCH COMBINING BALANCE SHEET - GENERAL FUND JUNE 30, 2004 Joint Budget Committee General Assembly ASSETS Cash Accounts receivable Inter/Intrafund receivable Prepaid expenses TOTAL ASSETS LIABILITIES Accounts payable Accrued liabilities Deferred revenue TOTAL LIABILITIES $ $ $ FUND BALANCE Unreserved TOTAL LIABILITIES AND FUND BALAN $ 392,041 392,041 $ 376,510 478,645 855,155 $ $ (463,114) 392,041 $ $ Legislative Council 6,015 6,015 $ 6,015 92,493 98,508 $ $ (92,493) 6,015 $ 18,069 282 18,351 $ 18,351 298,270 316,621 $ $ (298,270) 18,351 34 $ 182,494 500 - $ $ 182,994 $ 483,743 302,846 786,589 $ $ Total (76,392) 239,835 317,247 3,053 483,743 $ $ 182,994 272,784 455,778 $ (302,846) 483,743 This is trial version www.adultpdf.com The accompanying notes are an integral part of these financial statements Office of Legislative Legal Services Office of the State Auditor $ (272,784) 182,994 $ 522,227 240,617 317,247 3,053 1,083,144 1,067,613 1,445,038 2,512,651 (1,429,507) 1,083,144 STATE OF COLORADO - LEGISLATIVE BRANCH COMBINING SCHEDULES OF APPROPRIATIONS, REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - GENERAL FUND YEAR ENDED JUNE 30, 2005 Joint Budget Committee General Assembly APPROPRIATIONS AND REVENUES Appropriations General Fund Cash Fund and Cash Fund Exempt Total Appropriations $ 11,693,680 112,426 11,806,106 $ Legislative Council 1,256,007 1,256,007 $ 5,508,231 5,508,231 Office of Legislative Legal Services Office of the State Auditor $ 5,775,332 637,701 6,413,033 $ Total 4,410,800 4,410,800 $ 28,644,050 750,127 29,394,177 Revenue Miscellaneous revenue Audit reimbursements Miscellaneous TOTAL APPROPRIATIONS AND REVENUES 9,700 11,815,806 1,256,007 1,252 5,509,483 664,990 4,042 7,082,065 35,122 4,445,922 664,990 50,116 30,109,283 EXPENDITURES Compensation Purchased services Operating expenditures Travel and subsistence Capital expenditures Debt service TOTAL EXPENDITURES 7,254,703 218,057 2,401,321 723,815 116,654 9,971 10,724,521 1,185,129 180 26,195 3,632 1,215,136 3,873,954 619,902 162,921 11,480 5,807 4,674,064 3,738,533 2,154,095 206,972 17,861 92,640 6,210,101 3,505,616 307,689 186,464 17,948 4,017,717 19,557,935 3,299,923 2,983,873 774,736 215,101 9,971 26,841,539 EXCESS (DEFICIENCY) OF APPROPRIATIONS AND 1,091,285 REVENUES OVER EXPENDITURES 40,871 835,419 871,964 428,205 3,267,744 (492,322) (154,634) (715,106) (1,918,539) (22,519) (3,303,120) (35,376) OTHER FINANCING SOURCES (USES) Capital lease proceeds Operating transfer out Authorized General Fund roll-forward Reversion of non-augmenting revenue Reversion of General Fund appropriation Reversion of Cash/Cash Exempt appropriation TOTAL OTHER FINANCING SOURCES (USES) (9,700) (1,077,092) (22,519) (1,109,311) EXCESS (DEFICIENCY) OF APPROPRIATIONS AND REVENUES OVER EXPENDITURES AND OTHER FINANCING SOURCES (USES) FUND BALANCE, BEGINNING OF YEAR FUND BALANCE, END OF YEAR (44,813) (44,813) (18,026) (3,942) (463,114) (481,140) (92,493) (96,435) (492,322) (133,998) (1,252) (195,225) (669,032) (213,335) (822,797) (882,367) (20,636) (35,122) (388,074) (443,832) 12,622 (10,403) (15,627) (298,270) (285,648) - (302,846) (313,249) This is trial version www.adultpdf.com $ $ 35 $ $ $ (272,784) (288,411) $ (1,429,507) (1,464,883) STATE OF COLORADO - LEGISLATIVE BRANCH COMBINING SCHEDULES OF APPROPRIATIONS, REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - GENERAL FUND YEAR ENDED JUNE 30, 2004 Joint Budget Committee General Assembly APPROPRIATIONS AND REVENUES Appropriations General Fund Cash Fund and Cash Fund Exempt Total Appropriations $ 10,737,955 90,000 10,827,955 $ Legislative Council 1,183,340 1,183,340 $ 5,255,901 184,791 5,440,692 Office of Legislative Legal Services Office of the State Auditor $ 5,412,639 1,252,500 6,665,139 $ 4,473,446 4,473,446 Total $ 27,063,281 1,527,291 28,590,572 Revenue Miscellaneous revenue Audit reimbursements Miscellaneous TOTAL APPROPRIATIONS AND REVENUES 10,424 10,838,379 1,183,340 2,035 5,442,727 562,934 2,844 7,230,917 30,711 4,504,157 562,934 46,014 29,199,520 EXPENDITURES Compensation Purchased services Operating expenditures Travel and subsistence Capital expenditures Debt service TOTAL EXPENDITURES 7,002,173 516,850 2,118,847 687,233 77,575 9,971 10,412,649 1,116,202 56 26,930 654 1,143,842 3,908,824 790,285 142,846 6,307 4,848,262 3,693,640 2,430,742 121,413 11,203 6,256,998 3,465,022 432,361 138,892 15,389 4,051,664 19,185,861 4,170,294 2,548,928 720,786 77,575 9,971 26,713,415 425,730 39,498 594,465 973,919 452,493 2,486,105 (386,850) (10,424) (3,035) (400,309) (34,638) (34,638) (538,247) (2,035) (34,200) (574,482) (106,353) (565,778) (275,169) (947,300) (410,558) (30,711) (441,269) (1,476,646) (608,948) (312,404) (2,397,998) 25,421 4,860 19,983 26,619 11,224 EXCESS OF APPROPRIATIONS AND REVENUES OVER EXPENDITURES OTHER FINANCING SOURCES (USES) Operating transfer out Reversion of non-augmenting revenue Reversion of General Fund appropriation Reversion of Cash/Cash Exempt appropriation TOTAL OTHER FINANCING SOURCES (USES) EXCESS OF APPROPRIATIONS AND REVENUES OVER EXPENDITURES AND OTHER FINANCING SOURCES (USES) FUND BALANCE, BEGINNING OF YEAR FUND BALANCE, END OF YEAR $ (488,535) (463,114) (97,353) (92,493) (318,253) (298,270) This is trial version www.adultpdf.com $ 36 $ $ (329,465) (302,846) $ (284,008) (272,784) 88,107 $ (1,517,614) (1,429,507) STATE OF COLORADO - LEGISLATIVE BRANCH COMBINING SCHEDULE OF APPROPRIATIONS - GENERAL FUND YEAR ENDED JUNE 30, 2005 Initial General Fund Appropriations AGENCY General Assembly Joint Budget Committee Legislative Council Office of the State Auditor Office of Legislative Legal Services TOTAL Supplemental Appropriations $ $ $ 11,590,734 1,256,007 5,508,231 5,775,332 4,410,800 28,541,104 $ 87,415 Roll-forward of Prior Year Appropriations $ 87,415 $ 15,531 15,531 Revised General Fund Appropriations $ $ 11,693,680 1,256,007 5,508,231 5,775,332 4,410,800 28,644,050 Cash and Cash Exempt Appropriations $ $ 112,426 637,701 750,127 YEAR ENDED JUNE 30, 2004 Initial General Fund Appropriations AGENCY General Assembly Joint Budget Committee Legislative Council Office of the State Auditor Office of Legislative Legal Services TOTAL Supplemental Appropriations $ $ $ 10,936,234 1,190,793 5,263,354 5,459,219 4,120,835 26,970,435 $ (198,279) (7,453) (7,453) (46,580) 352,611 92,846 Revised General Fund Appropriations $ $ 10,737,955 1,183,340 5,255,901 5,412,639 4,473,446 27,063,281 Cash and Cash Exempt Appropriations $ $ 90,000 184,791 1,252,500 1,527,291 This is trial version www.adultpdf.com 37 Final Adjusted Appropriation $ $ 10,827,955 1,183,340 5,440,692 6,665,139 4,473,446 28,590,572 Final Adjusted Appropriation $ $ 11,806,106 1,256,007 5,508,231 6,413,033 4,410,800 29,394,177 STATE OF COLORADO - LEGISLATIVE BRANCH COMBINING BALANCE SHEETS - SPECIAL REVENUE FUNDS JUNE 30, 2005 AND 2004 Public Buildings Trust Fund ASSETS Cash Interfund receivables TOTAL ASSETS LIABILITIES Accounts payable TOTAL LIABILITIES 2005 Ballot Publication Revolving Fund $ 10,148 10,148 $ 4,994 4,994 $ $ $ FUND BALANCE Reserved for specific purpose TOTAL LIABILITIES AND FUND BALAN $ 5,154 10,148 $ $ Legislative Legal Expenses Cash Fund 826,350 826,350 $ - $ 826,350 826,350 $ $ Public Buildings Trust Fund 497,915 497,915 $ - $ $ 497,915 497,915 $ 9,651 9,651 76 76 9,575 9,651 2004 Ballot Publication Revolving Fund $ 1,253,393 $ 1,253,393 $ $ $ 241 241 1,253,152 $ 1,253,393 This is trial version www.adultpdf.com 38 Legislative Legal Expenses Cash Fund $ $ 483,074 1,250 484,324 - 484,324 484,324 Totals 2005 2004 $ 1,334,413 $ 1,334,413 $ 1,746,118 1,250 $ 1,747,368 $ $ 4,994 4,994 1,329,419 $ 1,334,413 317 317 1,747,051 $ 1,747,368 This is trial version www.adultpdf.com .. .LEGISLATIVE DEPARTMENT, STATE OF COLORADO NOTES TO FINANCIAL STATEMENTS (CONTINUED) YEARS ENDED JUNE 30, 2005 AND 2004 NOTE 13 - POSTRETIREMENT HEALTH CARE AND LIFE INSURANCE... www.adultpdf.com 31 LEGISLATIVE DEPARTMENT, STATE OF COLORADO NOTES TO FINANCIAL STATEMENTS (CONTINUED) YEARS ENDED JUNE 30, 2005 AND 2004 NOTE 15 - RISK MANAGEMENT (CONTINUED): Colorado employers... 637,701 750,127 YEAR ENDED JUNE 30, 2004 Initial General Fund Appropriations AGENCY General Assembly Joint Budget Committee Legislative Council Office of the State Auditor Office of Legislative Legal