2018 Comprehensive Annual Financial ReportTY OF'Comprehensive
Annual
TEXAS Financial Report
Year Ended September 30, 2018
Circle Trail at Loop 11
CITY OF WICHITA FALLS, TEXAS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE YEAR ENDED SEPTEMBER 30, 2018
ISSUED BY:
DEPARTMENT OF FINANCE
CITY OF WICHITA FALLS, TEXAS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE YEAR ENDED SEPTEMBER 30, 2018
TABLE OF CONTENTS
Exhibit Page
INTRODUCTORY SECTION
Letterof Transmittal................................................................................................................................ i-xi
GFOA Certificate of Achievement........................................................................................................... xii
OrganizationalChart............................................................................................................................... xiii
Listof Principal Officials.......................................................................................................................... xiv
FINANCIAL SECTION
IndependentAuditor's Report................................................................................................................. 1-2
Management's Discussion and Analysis (Required Supplementary Information) .................................. 3-14
BASIC FINANCIAL STATEMENTS:
Statement of Net Position...............................................................................................................A-1
15
Statementof Activities....................................................................................................................
A-2
16
Balance Sheet - Governmental Funds...........................................................................................A-3
17
Reconciliation of the Governmental Funds Balance Sheet to the Statement
ofNet Position..............................................................................................................................
A-4
18
Statement of Revenues, Expenditures and Changes in Fund Balances -
GovernmentalFunds....................................................................................................................A-5
19
Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund
Balances of the Governmental Funds to the Statement of Activities............................................A-6
20-21
Statement of Net Position - Proprietary Funds...............................................................................A-7
22-23
Statement of Revenues, Expenses and Changes in Net Position -
ProprietaryFunds.........................................................................................................................A-8
24
Statement of Cash Flows - Proprietary Funds................................................................................A-9
25-26
Statement of Fiduciary Assets and Liabilities................................................................................A-10
27
Notes to the Financial Statements..................................................................................................... 28-69
REQUIRED SUPPLEMENTARY INFORMATION:
Budgetary Comparison Schedule - General Fund..........................................................................
B-1
70
Schedule of Changes in Net Pension Liability and Related Ratios —
Texas Municipal Retirement System............................................................................................
B-2
71
Schedule of Contributions — Texas Municipal Retirement System .................................................
B-3
72
Schedule of Changes in Net Pension Liability and Related Ratios —
Wichita Falls Firemen's Relief and Retirement Fund...................................................................
B-4
73
Schedule of Contributions — Wichita Falls Firemen's Relief and
RetirementFund...........................................................................................................................
B-5
74-75
Schedule of Changes in Net OPEB Liability and Related Ratios —
City of Wichita Falls Retiree Health Care Plan.............................................................................
B-6
76
Schedule of Contributions — City of Wichita Falls Retiree
HealthCare Plan..........................................................................................................................
B-7
77
Notes to the Required Supplementary Information...........................................................................
78-79
CITY OF WICHITA FALLS, TEXAS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE YEAR ENDED SEPTEMBER 30, 2018
TABLE OF CONTENTS (CONT'D.)
Exhibit Page
COMBINING FINANCIAL STATEMENTS:
Nonmajor Governmental Funds:
CombiningBalance Sheet.........................................................................................................
C-1
Combining Statement of Revenues, Expenditures and Changes in Fund Balances ................. C-2
Budgetary Comparison Schedule —
Community Development Block Grant Fund .................... C-3
Budgetary Comparison Schedule —
Section 8 Housing Fund...................................................C-4
Budgetary Comparison Schedule —
Home Investment Partnership Agreement Fund .............. C-5
Budgetary Comparison Schedule —
Hotel/Motel Tax Fund ....................................................... C-6
Budgetary Comparison Schedule —
Golf Fund.......................................................................... C-7
Budgetary Comparison Schedule —
MPEC Fund......................................................................C-8
Budgetary Comparison Schedule —
Debt Service Fund............................................................C-9
Nonmajor Enterprise Funds:
Combining Statement of Net Position........................................................................................ D-1
Combining Statement of Revenues, Expenses and Changes in Fund Net Position ................. D-2
Combining Statement of Cash Flows........................................................................................ D-3
Internal Service Funds:
Combining Statement of Net Position........................................................................................ E-1
Combining Statement of Revenues, Expenses and Changes in Fund Net Position .................E-2
Combining Statement of Cash Flows........................................................................................ E-3
Agency Fund:
Statement of Changes in Assets and Liabilities........................................................................ F-1
Component Units:
Combining Statement of Net Position........................................................................................G-1
Combining Statement of Activities.............................................................................................G-2
SUPPORTING SCHEDULES:
Combined Schedule of Bonded Debt and Interest Maturities.........................................................H-1
Combined Schedule of Bonds Payable.......................................................................................... H-2
Debt Service Coverage — Revenue Bonds.....................................................................................H-3
Capital Assets Used in the Operation of Governmental Funds -
Schedule By Function and Activity............................................................................................... H-4
Capital Assets Used in the Operation of Governmental Funds -
Schedule of Changes By Function and Activity............................................................................ H-5
Regional Airport Fund — Capital Assets and Accumulated Depreciation........................................H-6
Kickapoo Airport Fund — Capital Assets and Accumulated Depreciation ....................................... H-7
Transit Fund — Capital Assets and Accumulated Depreciation...................................................... H-8
Stormwater Drainage Fund - Capital Assets and Accumulated Depreciation
................................ H-9
Sanitation Fund — Capital Assets and Accumulated Depreciation ................................................ H-10
80
81
82
83
84
85
86
87
88
89
90
91-92
93
94
95
97
98
99
100-105
106
107
108
109
110
111
112
113
CITY OF WICHITA FALLS, TEXAS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE YEAR ENDED SEPTEMBER 30, 2018
TABLE OF CONTENTS (CONT'D.)
Exhibit Page
Water and Sewer Fund — Capital Assets and Accumulated Depreciation ..................................... H-11 114
Waterpark Fund — Capital Assets and Accumulated Depreciation ................................................ H-12 115
Fleet Maintenance Fund — Capital Assets and Accumulated Depreciation ................................... H-13 116
Duplicating Services Fund — Capital Assets and Accumulated Depreciation ................................ H-14 117
Information Technology Fund — Capital Assets and Accumulated Depreciation ........................... H-15 118
Wichita Falls Economic Development Corporation — Capital Assets and
Accumulated Depreciation........................................................................................................... H-16 119
STATISTICAL SECTION (UNAUDITED)
Net Position By Component — Last Ten Fiscal Years..................................................................... 1-1
120
Changes in Net Position — Last Ten Fiscal Years.......................................................................... 1-2
121-122
Fund Balances, Governmental Funds — Last Ten Fiscal Years ..................................................... 1-3
123
Changes in Fund Balances, Governmental Funds — Last Ten Fiscal Years .................................. 1-4
124
Tax Revenues By Source, Governmental Funds — Last Ten Fiscal Years .................................... 1-5
125
Assessed and Estimated Actual Value of Taxable Property — Last Ten Fiscal Years .................... 1-6
126
Direct and Overlapping Property Tax Rates — Last Ten Fiscal Years ............................................ 1-7
127
Principal Property Taxpayers — Current Year and Nine Years Ago ................................................ 1-8
128
Property Tax Levies and Collections — Last Ten Fiscal Years ....................................................... 1-9
129
Ratios of Outstanding Debt by Type — Last Ten Fiscal Years .......................................................
1-10
130
Ratios of General Bonded Debt Outstanding — Last Ten Fiscal Years .........................................
1-11
131
Direct and Overlapping Governmental Activities Debt.................................................................
1-12
132
Computation of Legal Debt Margin — Last Ten Fiscal Years.........................................................
1-13
133
Pledged Revenue Coverage — Water and Sewer Revenue Bonds —
LastTen Fiscal Years..................................................................................................................
1-14
134
Demographic Statistics — Last Ten Fiscal Years...........................................................................
1-15
135
Principal Employers — Current Year and Ten Years Ago..............................................................
1-16
136
Full -Time Equivalent City Government Employees by Function/Program —
LastTen Fiscal Years..................................................................................................................
1-17
137
Operating Indicators by Function/Program — Last Ten Fiscal Years .............................................
1-18
138
Capital Asset Statistics by Function/Program — Last Ten Fiscal Years .........................................
1-19
139
Graphics:
Cashand Investments...............................................................................................................
J-1
140
TotalBonds Payable.................................................................................................................
J-2
141
General Obligation Bonds Payable...........................................................................................
J-3
142
Revenue Bonds Payable...........................................................................................................
J-4
143
GeneralFund Equity.................................................................................................................
J-5
144
Comparison of Tax Levy and Collections.................................................................................
J-6
145
Revenues by Source — FYE 9/30/18.........................................................................................
J-7
146
Expenditures by Function — FYE 9/30/18..................................................................................
J-8
147
General Governmental Revenues (General Fund Only)...........................................................
J-9
148
General Governmental Expenditures (General Fund Only) .................................................... J-10
149
Introductory Section
FINANCE DEPARTMENT
March 27, 2019
The Honorable Mayor,
Members of the City Council,
City Manager and Citizens of Wichita Falls, Texas
I am pleased to submit herewith, the Comprehensive Annual Financial Report (CAFR) of the City of Wichita
Falls, Texas for the fiscal year ended September 30, 2018. The purpose of this report is to provide the City
Council, City Manager, citizens and other interested parties with detailed information concerning the financial
condition of the City of Wichita Falls. In addition, this report provides assurance that the City presents fairly its
financial position as verified by independent auditors.
COMPREHENSIVE ANNUAL FINANCIAL REPORT
The CAFR of the City of Wichita Falls, Texas, for the year ended September 30, 2018, was prepared according to
accounting principles as promulgated by the Governmental Accounting Standards Board (GASB). The financial
statements and related notes have been audited by the independent audit firm of Edgin, Parkman, Fleming &
Fleming, PC, whose report is included herein.
Responsibility for both the accuracy of the presented data and the completeness and fairness of the presentation,
including all disclosures, rests with the City. We believe the data, as presented, are accurate in all material
aspects; that they are presented in a manner designed to fairly set forth the financial position and results of
operation of the City as measured by the financial activity of its various funds; and that all disclosures necessary
to enable the reader to gain understanding of the City's financial activities have been included.
The CAFR continues to present financial data using the reporting model promulgated by GASB Statement No. 34.
This reporting model changed governmental financial reporting by incorporating government -wide financial
statements. The Finance Department believes that this presentation provides better information to users of the
report, and it requires management to provide a narrative introduction, overview and analysis to accompany the
basic financial statements in the form of a Management's Discussion and Analysis (MD&A). The MD&A can be
found immediately following the independent auditors' report and is designed to complement this transmittal
letter and should be read in conjunction with it.
GENERAL INFORMATION - CITY OF WICHITA FALLS, TEXAS
The City of Wichita Falls is located in the south-central United States in north -central Texas. Wichita Falls is
linked to major southwestern, western, and mid -western cities by Interstate 44, U.S. Highways 82, 281, 277, 287,
and Texas State Route 79. The city is approximately 130 miles northwest of the Dallas/Fort Worth Metroplex, 15
miles from the Red River that marks the Texas/Oklahoma border, and 125 miles south of Oklahoma City. The
city is located in the cross -timbers area of the gently rolling north -central plains and is dissected by the Wichita
River. Due to the city's geographic location, Wichita Falls serves as a regional economic hub for north Texas and
south central Oklahoma. Wichita Falls is the county seat of Wichita County and the major population center in
North Texas.
The economy is based on mineral production, retail trade, manufacturing, agribusiness, and government
installations. Principal sources of agricultural income include cattle, cotton and wheat. Wichita Falls is home to
Sheppard Air Force Base (SAFB), which operates the Euro-NATO jet pilot training program. The city's major
university is Midwestern State University (MSU). The city is also home to a branch of Vernon College, a fully
accredited community college. Principal manufacturers within the area include metal fabrication, industrial and
commercial equipment, engine components, flexible packaging, and assorted plastic, glass and fiberglass.
North Texas State Hospital -Wichita Falls Branch, Midwestern State University, James V. Allred Prison and
Sheppard Air Force Base are also large employers located within the city. The City operates a Multi -Purpose
Events Center (MPEC), which includes a coliseum, exhibit hall, and an agricultural arena/show barn. The 2018
population for Wichita Falls, as estimated by the City, is 104,747, an increase of 0.15% from the 2010 Census
estimates, and an increase of 0.49% over the 2000 population.
CITY SERVICES AND ORGANIZATION OF THE GOVERNMENT
The City of Wichita Falls utilizes a Council -Manager form of government and is organized under the
Constitution and Laws of the State of Texas. The City Council is comprised of five members elected from
separate districts, and a Mayor and one member elected by the citizens at -large. The City Council appoints the
City Manager, City Attorney, Municipal Court Judge and City Clerk. All other staff members work under the
direction of the City Manager.
The City provides on a continuing basis a full range of basic municipal services including: public safety (police,
fire and building inspection); highways, streets and engineering; health and welfare services; parks, recreation
and cemeteries; library services; public improvements; planning and zoning; and general administrative services.
In addition, the City provides water, sewer, sanitation and transportation services for its citizens.
ECONOMIC CONDITION AND ACTIVITY
Over the past few decades, Wichita Falls has successfully diversified its economy to include new
manufacturing, government, medical services, retail and service related commerce. This diversification is in
addition to the more typical North Texas industries of agriculture, and oil and gas production. The Wichita Falls
Metropolitan Statistical Area (MSA) houses a robust manufacturing sector, with many companies having
employment in excess of 100 persons. This sector of the economy generates almost $304 million in annual
payroll, representing approximately 9% of total employment within the city, and accounts for more than $1.5
billion in gross sales annually. Wichita Falls is also a nexus of international investment. Canadian and Mexican
companies call Wichita Falls home.
The city is the economic hub of a 60-mile radius trade area, populated by an estimated 437,417 people. Of that
population, an estimated 194,517 are currently in the workforce and look to Wichita Falls for their employment,
shopping, entertainment, educational, cultural and health care needs. Being the largest community within 100
miles, Wichita Falls boasts a larger retail trade than a community its size would normally enjoy. Many national
retailers, restaurants and hotel/motels have located in Wichita Falls over the last five years.
After suffering four plant closings and the loss of 1,200 jobs as a result of the 2008 recession, Wichita Falls has
seen remarkable growth. Since that time, efforts were made to nearly double the economic development
marketing campaigns — social media marketing, community -wide branding, target industry marketing efforts
and a public relations campaign. Additionally, the City and the Wichita Falls Economic Development
Corporation (WFEDC) has been aggressive in attracting new companies and helping local companies to expand
over the last eight years in granting economic development incentives for primary job creation. From 2010
through 2018, 46 projects have been approved for incentive funding totaling $47,809,413 with the potential for
creating and/or retaining over 6,512 jobs. Several of these projects have invested in the local economy resulting
in the addition or retention of hundreds of jobs including companies such as Pratt & Whitney Component
Repair, Vitro Architectural Glass, Arconic, Cryovac/Sealed Air, USA800, Eagle Rail Car Services, and many
others.
During the 2018 calendar year, the Wichita Falls Economic Development Corporation (WFEDC) supported
numerous economic development projects totaling $5,987,520:
• Comprehensive Economic Development Strategy — One of the City Council's top strategic goals is to
accelerate economic growth. An objective to accomplish that goal was to collaborate on a
comprehensive economic development strategy. In early 2017, the WFEDC and 4B Sales Tax Boards
selected a nationally recognized firm to prepare this strategy. The project established an Economic
Development Steering Committee consisting of 25-30 leaders from representatives of the City, County,
11
WFEDC, 4B Sales Tax Board, WFISD, MSU, SAFB, and a few industries and local businesses. The
work was separated into six phases: project initiation and stakeholder engagement; a regional
assessment and development of scorecard; target sector analysis and marketing review; development of
the strategy; implementation of the plan; and a one-year implementation assessment. The plan was
completed in early 2018 and implementation has begun. It is anticipated that the consulting firm will
be back in the Fall of 2019 to assess how well the plan is working. The cost of the study was $183,500,
and both the WFEDC and the Wichita Falls 4B Sales Tax Corporations shared equally with $91,750 of
the cost of the study.
Sheppard AFB Installation Main Gate Upgrades Project — Sheppard Air Force Base (SAFB) has plans
to make extensive revisions to the main gate to the Base, known as Sheppard Gate. These
modifications are principally designed to address Unified Facilities Criteria (UFC), in the area of Anti-
Terrorism/Force Protection guidelines. This proposed Main Gate Upgrade Project will deliver
necessary improvements to safeguard the installation against outside threats and will ensure the safety
of airmen, civilians, and support personnel on base. Upgrades will include traffic calming measures by
adding curves to inbound/outbound lanes, speed humps, and channelization islands. An additional
inbound lane will improve queuing capacity within the Entry Control Facility and reduce traffic
congestion past the Burkburnett Road/Sheppard Access Road intersection. Placement of guard booths
at the channelization islands will allow for greater efficiency in ID checks and vehicular denial, while
also providing additional safety measures for Security Forces personnel. The cost estimated to
complete the project is $8.7 million. SAFB has a total of $5.7 million available from grants, and the
remaining funds are expected to come from a $1.5 million State DEAAG Grant and $1.5 million of
WFEDC funds.
• Eagle Rail Car Services Project Phase III) — Eagle Rail Car Services began operations in Wichita Falls
at new facilities located at the former Vetrotex/Certainteed plant in September of 2014. The WFEDC
provided incentives in two previous phases in return for the creation of 124 jobs. The company met
those requirements and has invested in excess of $15 million in the Wichita Falls facility. In late 2018,
the WFEDC approved an additional $500,000 in equipment and cash for jobs if the company creates
and maintains an additional 3 2 job s .
Owens Corning Technical Fiberglass Project. Owens Corning has two facilities that manufacture
technical fiberglass fabric in the United States, (Wichita Falls, Texas, and Brunswick, Maine). Neither
plant is currently competitive, primarily because the company doesn't have enough business to justify
two sites. Due to incentives offered by the WFEDC, Owens Corning's management gave approval to
consolidate the two facilities in Wichita Falls through an expansion of their existing plant at 210 Randy
Drive/2401 Burkburnett Road in Wichita Falls. It is anticipated that approximately $12 million of
capital investment will be made at the site and a total of 52 net new full-time positions will be created.
The total WFEDC economic development incentive is $1,545,000, consisting of a 10-year forgivable
loan of $820,000 to assist with equipment purchases, $500,000 in cash for jobs created and retained,
and $225,000 in training funds.
Operating Expenses Related to Ownership of the former ATCO Structures Property at 2400
Burkburnett Road and former Stanley Tools Building at 2800 Production Blvd. Each year, operating
expenses for buildings owned by the WFEDC are needed while these properties are being renovated
and prepared for the market. Due to environmental concerns with the ATCO site, a total of $105,000
was approved to pay utilities, insurance and maintenance costs while the environmental issues are
being addressed. Similarly, the WFEDC owns the former Stanley Tools Property and has spent
approximately $2.6 million renovating that property for a potential economic development project.
While this renovation work and marketing efforts are in progress, the WFEDC Board budgeted
$100,000 to pay for routine operating costs at the site.
Braun Intertec Services Phase II Environmental Study and Affected Property Assessment Report at
2400 Burkburnett Road. Braun Intertec conducted a Phase II Environmental Study of the former
ATCO Structures property at a cost of $55,000. They conducted twelve borings and installed
monitoring wells to collect data over time. They then completed a written report of the environmental
contamination along with a cost estimate to remediate the problems. The WFEDC Board then
approved an additional $91,770 for Braun Intertec Services to prepare an Affected Property
111
Assessment Report. In that report, they are proposing to enroll the site in the TCEQ's Voluntary
Cleanup Program in pursuit of a Certificate of Completion (COC) that can be utilized by a future
landowner. Groundwater monitoring wells are also proposed in efforts to delineate the on -site
chlorinated groundwater contaminant plume identified during the previous investigation. In addition,
the field efforts include certain requirements by the Texas Risk Reduction Program to complete an
Affected Property Assessment Report (APAR), such as conduct a pump test to characterize the aquifer,
conduct a 500-foot Receptor Survey, obtain a 0.5 mile drinking water well report, and other ancillary
efforts. They will also sample the pre-existing wells to determine plume stability. Part of that
sampling effort will include collection of natural attenuation parameter data that will help them
determine what the potential degradation pathways are, and may help identify differences in source
plumes. The APAR will incorporate all of these data and the resulting APAR will be submitted to the
TCEQ Voluntary Cleanup Program towards the effort of obtaining site closure.
Workforce Recruitment Program by Sharp Iron. Sharp Iron signed a contract with a customer that
resulted in a large demand for skilled Welding Technicians and Assembly Technicians. However, they
were finding it difficult to locate and hire welders in the Wichita Falls MSA. Therefore, the WFEDC
Board approved $30,000 to incentivize talent from outside of Wichita County through the Tulsa
Welding School (TWS). Tulsa Welding School is one of the nation's top welding schools. With these
funds, Sharp Iron is able to provide an additional $3,000 sign -on bonus and relocation stipend per
employee recruited to Wichita Falls under the conditions that the employee to be relocated from outside
Wichita County, establish residency in Wichita County, and remain employed in Wichita County a
minimum of 6 months. The WFEDC Board approved $24,000 for the 8 positions needed by the
company.
Nexstar Manufacturing. A new company called Nexstar Manufacturing was established under a lease
agreement at 307 Mississippi (the former Lone Star Tool facility). NexStar has begun operations by
focusing its offerings in two main sectors: (1) construction manufacturing and (2) oil & gas. Examples
of the types of products the company will build include: skids, weldments for heavy construction, waste
and water containers, gas production units' separator packages, vertical and horizontal treaters, vertical
/ horizontal, high and low-pressure separators, indirect line heaters / oil line heaters, gas production
units, gas dehydration units and vertical and horizontal filter separators. The total project cost is
expected to be $765,000 and the company has plans to create 94 jobs by the end of 2022. The WFEDC
economic incentive package totals $175,000 for the creation of 25 jobs and will consider additional
incentives if/when the company expands.
• Arconic Wichita Falls Improvements to Railroad Tracks on Bacon Switch Road. This project includes
the reconstruction of the rail crossing and approaches on Bacon Switch Road that services both the
Arconic and Vitro Architectural Glass plants. The WFEDC approved $50,000 to pay the railroad for
the materials to renovate the crossing, the railroad is providing the labor, and Wichita County will
improve the approaches to the crossing.
Cryovac Sealed Air. Cryovac is considering new capital investments in the Wichita Falls plant that
could anchor Sealed Air/Cryovac plants in their North Texas locations. A new roof, estimated at $2.5
million dollars; a new parking lot and other improvements, with costs yet to be determined, will be
added to the Wichita Falls plant. The WFEDC incentives are based on a $1,250,000, No Interest,
Forgivable Loan to the company for a period of seven years for the acquisition of a "Vision System"
that will be used in conjunction with their printers to inspect the quality of print being placed in their
labels, and one Uninterruptable Power Supply (UPS). The WFEDC would require a first lien position
on this equipment. For each year that the company creates and maintains 450 jobs at the two regional
plants, the loan would be forgiven at the rate of 14.29% per year. At the end of year seven, the
company would own the equipment outright. If the company is unable to create and maintain the jobs
specified, the amount of the loan not already forgiven would be repayable to the WFEDC.
• Magic Aire. Magic Aire is establishing a new business line to service replacement coils for a
multinational HVAC manufacturer. This new coil business would increase the current coil volume
produced at Magic Aire by approximately 50%. Magic Aire proposes to establish this new business
over a 3-year phase -in period, beginning in May/June 2018, due to the complexity and diversity of the
product package, as well as new equipment required of Magic Aire to meet capacity and cost
1V
requirements. The WFEDC Corporation approved a 7-Year forgivable loan for $500,000 to purchase
equipment for this project and to create 20 additional positions.
Additionally, the Wichita Falls 4B Sales Tax Corporation (413 Corporation) provided economic
development incentives during the 2018 calendar year primarily to help meet the City Council's goal of
redeveloping downtown. Over the past year, 5 Downtown Improvement Grants were approved through
the $5,000 matching grant program, for a total of $23,043. These grants are typically used for existing
business that need help improving their property for such things as sidewalks, facades, awnings,
landscaping, lighting, signage, windows, paint, etc. The 4B Corporation also approved 5 projects for
new developments in the downtown area totaling $215,721. These projects are summarized below:
ARP Brown Building, LLC for a renovation project at 901 Ninth Street. The current owner of the
Brown Building at 901 Ninth Street, was awarded $122,805 to install a fire suppression and alarm
system in the building for the construction of 10 upscale apartments in the building at 901 Ninth Street.
This project, is expected to cost $1,2501,000 and will include one 870 square foot apartment on the first
floor and nine apartments on the second floor ranging from 472 square feet to 920 square feet. The
funds were approved as a five-year forgivable loan with payment being made upon receipt of the
Certificate of Occupancy. The approved funds would be released after the owners have operated the
building as intended for a period of 5 years such that 20% of the loan is forgiven at the end of each year
of successful operation.
Downtown Wichita Falls Development, Inc., for Repair and Upgrades to the Wichita Falls Farmers
Market. The City of Wichita Falls owns the Farmers Market at 8th and Ohio and the management and
oversight of the facility is addressed through a lease agreement with Downtown Wichita Falls
Development, Inc., (DWFD). Pursuant to that lease agreement, the DWFD is responsible for all
utilities and operational costs, and minor maintenance expenses that are less than $400. However,
capital improvements are the responsibility of the City. The DWFD was awarded $20,916 to make
lighting, HVAC, electrical, bathroom and other plumbing, and irrigation system improvements at the
facility.
Upstate Ireland, LLC for Historical Preservation and Infrastructure Improvements at Property Located
at 614 Seventh Street. The 4B Board awarded a five-year forgivable loan for $22,000 to Upstate
Ireland LLC to restore the historic building at 614 Seventh Street to be used as a retail establishment,
yet to be determined. This building has been vacant since 1995. The $22,000 is 10% of the estimated
renovation/construction cost for the project.
Museum of North Texas History for an Interactive Children's Exhibit. The Museum of North Texas
History has plans to redevelop an unused office area of the museum into an interactive children's
exhibit. Specifically, the cost of the project is estimated to be $122,000 to develop an 18' X 14' office
space into several exhibits such as a Chisholm Trail Wall and Interactive, Donation Box, Aviation
Reading Area, Interactive Plane, Aviation Lightbox Wall, Interactive Lightbox Plane, Oil and Gas Wall
and Interactive, Photo Op, and Character Puzzle. The Museum was awarded $25,000 from the 413
Corporation.
• Historical Preservation and Infrastructure Improvements at Property Located at 600 Sixth Street. The
413 Board approved $25,000 as a five-year forgivable loan to the owner of this property to restore the
historic building at 600 Sixth to be used as a Texas Winery and Tasting Business. The $25,000 is 10%
of the estimated renovation/construction cost for the project of $254,175.
Full -Service Hotel/Conference Center Project. For the past 3 years, the City has been working with
hotel developers to design and build a full -service hotel and conference center to be located on the
grounds of the City's Multi -Purpose Events Center. During that time, the 4B Corporation has spent
approximately $700,000 in pre -development costs such as a conceptual plan, a third party market and
econometric study; conceptual architectural drawings; conceptual development and construction
budgets; term sheets from the hotel brand and management firm; an outline of the proposed capital and
operating financing structure, and establishment of the proposed professional development team. The
conceptual plan resulting from this initial work identified a project consisting of a public -private
partnership between the City/4B Corporation and the developer in the construction and operation of a
MA
150-room full -service hotel with approximately 12,000 square foot of conference space. Work
continues on this project and is conceptualized to be paid for through a large private investment and a
forgivable grant from the 413 Corporation for the hotel, 413 Revenue Bonds for the conference center
space, and other local tax incentives such as property tax abatement, sales tax rebates, and hotel
occupancy tax rebates. Market and Econometric Studies show that this project, if completed, will
provide needed hotel space to complement the Multi -Purpose Events Center and generate
approximately $75 million in economic impact to the community over a ten-year period.
Small business manufacturing represents the fastest growing sector of the economy in terms of the
number of new businesses. With many area manufacturers having less than 50 employees, small
manufacturers represent a vital link in the economy. Companies in food, beverage and clothing are
flourishing in Wichita County with several new businesses or relocations occurring in the downtown
revitalization emphasis of the City.
The value of construction permits is also an indication of economic activity in the community.
Residential permits totaled $32,733,954 during the 2017-18 fiscal year, which is a decrease of
$213,525, or 0.65% from the prior year. However, the value of commercial construction permits
totaled $84,988,771, which is an increase of $14,151,863, or 19.98% above the prior fiscal year.
Additionally, several commercial construction permits issued were above $1 million in value which
directly impacts local construction contractors, and often times results in additional secondary jobs.
Those permits include:
• United Regional Health Care - a total of 38,800 sq. ft. with an estimated value of $7,500,000.
• Cascade Villa Apartments - a total of 79,917 sq. ft. with an estimated value of $2,128,000.
• ONCOR - a total of 10,947 sq. ft. with an estimated value of $1,954,000.
• Production Machine and Tool - a total of 20,000 sq. ft. with an estimated value of $1,800,000.
• United Regional Health Care - a total of 10,000 sq. ft. with an estimated value of $1,640,500.
Another indicator of local economic performance is the retail sales tax. During the 2017-18 fiscal year, the City
generated $31,814,686 in retail sales taxes, which was $1,930,157, or 6.56% more than in the prior fiscal year.
MAJOR INITIATIVES
For The Year.
In October 2017, the City Council continued to address a strategic goal to "Redevelop Downtown" by hiring a
professional services firm to evaluate the needs for revitalization of the area and to make recommendations for
improvements. The study was conducted and a final report was made to the City Council in late 2018. The cost
for the study was $149,000 and was paid for with 4B Sales Tax funds. City staff and several downtown groups
are working on implementation of the recommendations outlined in the study.
Another strategic goal of the City Council is to "Provide Adequate Infrastructure", with three objectives: 1) Plan
for Future Infrastructure Bond Elections; 2) Complete Signature Public Improvements; and 3) Replace City
Hall. To that end, the City staff established a Public Infrastructure Committee representing every City
department to review our capital improvement project needs, develop costs estimates for those projects, and to
prioritize the importance of those projects. That committee work was presented to the City Council at their
Planning Sessions in January 2018 to discuss a future bond election to finance the highest priority projects. After
that discussion, the City Council identified 29 projects at $131 million to be considered for a bond election to be
held in May 2018. These projects were classified under 9 propositions for the voters to consider.
Unfortunately, only 1 of the 9 propositions was approved ($17.3 million in Street improvements). This $17.3
million was issued though a General Obligation Bond and the proceeds are designated for the extension of
Maplewood Avenue from Lawrence Road to McNeil Avenue (estimated at $1.6 million), widening of Taft
Boulevard from FM 369 to FM 2380 (estimated at $4.7 million), and routine capital street repairs throughout the
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city limits (estimated at $11 million). The projects that were not approved by the voters remain listed in the
City's Capital Improvement Plan and will be addressed as alternative funding sources are identified.
During the 2017-18 fiscal year, the Information Technology Department and Finance and Human Resources
staffs began implementation of new Finance and Human Resources software applications with technology that
integrates with the new Utility Billing and Collections and Municipal Court systems. When this project is
complete, Finance, Budgeting, Payroll, Human Resources, Utility Billing and Collections and the Municipal
Court Systems will be provided through a fully -integrated product supplied by one vendor. The cost of the new
systems was approximately $840,000 for the Finance and HR applications and is being paid for with funds
earmarked for the project in the Information Technology Fund. This project was expected to require
approximately 18 months to complete, and it is nearing completion.
In May 2017, bids were awarded for the Hike and Bike Trail from Wichita Bluffs to Loop 11 and construction
began in the early part of the 2017-18 fiscal year. This project is generally described as the construction of a
concrete hike and bike trail from the Wichita Bluffs Nature Area to Loop 11 with a parking lot, and associated
work. This project is the second of three phases in connecting the Circle Trail along Seymour Highway to Lucy
Park. The cost of the project was approximately $1.5 million, 80% of which was paid for with TxDOT & the
FHWA's Transportation Alternatives Program (TAP). The City's 20% share of the costs were funded through
the 4B Sales Tax Corporation and other Special Park Revenue Funds. The trail is now complete and has been
accepted.
The City also refinanced approximately $6.2 million of outstanding Certificates of Obligation as General
Obligation Bonds that will be fully repaid in October 2028. This refinancing resulted in total debt service
savings over the remaining life of the bonds at $670,000. This savings will accrue mostly to the 413 Sales Tax
Corporation, but also lowers annual debt service paid from property taxes and proceeds from a contract with the
West Texas Utilities Company.
During the year, the City Council approved an energy savings contract with Ameresco Incorporated in the
amount of $2.9 million to install LED roadway lighting fixtures with a performance guarantee that the annual
savings in energy and operational costs will be sufficient to pay for the system over a 15 -year period. The
project is nearly complete and anticipates the replacement of 5,727 street light fixtures. These fixtures have life
expectancy of 20 years. The City financed the capital cost for the project through a 15 -year lease/purchase
agreement and the project is guaranteed to save the City a minimum of $1.25 million over that 20-year period.
In addition to operational cost savings, other benefits of LED's include lower maintenance expense, improved
lighting output, and reduced carbon emissions.
The City also entered into a 5-year lease/purchase agreement in the amount of $414,000 to complete the
purchase of a new Traffic Signalization Communication System. The total cost of the system was $544,000,
but $130,000 was cash financed with funds available in the Traffic Division's budget. This system replaced the
prior one that was no longer repairable. Additionally, this newer technology will provide much better
communication controls.
In May 2018, the City Council awarded a bid and contract for the construction of a new Wastewater
Collection's Office and Equipment Storage Facility. The existing facilities were becoming dilapidated and
repairing them was not cost effective. The cost of this facility, including design costs, totaled just slightly over
$1,04500. The facility is now complete and fully operational.
In July 2018, the City completed Phase I of the Kemp/Monroe Drainage Project. The total cost of the system
was financed with cash available in the Stormwater Drainage Improvement Fund in the amount of $4,203,000.
The system consisted of a complete drainage system including curb inlets, box culverts, detention pond with
outlet structure, utility relocations, concrete paving and related work.
For The Future.
The City Council recently awarded a contract for Phase II of the Kemp/Monroe Drainage Project. This project
is a continuation from Phase I, and is generally described as the construction of an underground drainage
system, inlets, street rehabilitation, utility relocations, and associated work improving the storm water drainage
in the area. The overall project will eliminate the nuisance flooding of Kemp Street at Avenue M and will
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further protect 35 homes from a 100-year rain event. It will also reduce the flood water depth in Monroe Street
from approximately 4 feet to 1.3 feet during a 100-year event, allowing for access of emergency vehicles. The
total cost for this contract is $4,112,000 and is also being financed from available cash in the Stormwater
Drainage Improvement Fund.
Although several of the propositions for public infrastructure improvements failed at the May 2018 election, the
2018-19 budget for the 4B Corporation, includes funds to address a few of the projects that were on the ballot:
TAP Grant Match (Circle Trails)..The City has received a grant from TxDOT through the
Transportation Alternatives Program for three circle trail projects: (1) Loop 11 to Lucy Park; (2)
Seymour Highway to Barnett Road; and (3) Lake Wichita from Fairway to Marina. These trail projects
will complete 3 of the last 4 sections of the entire 26-mile loop and are very high priorities of the City.
The grant provides for 80% of the cost to construct the trails and the City must provide the remaining
20%, plus design costs. There are also some advanced funding amounts the City must pay to TxDOT
that will be reimbursed once the projects are completed if the funds aren't needed. These three grants
total $5,432,531 and the City's required funding amount is $1,547,898. These projects must be under
construction by October 2020, so the City is proposing to spread these projects over three fiscal years.
The 4B Corporation was asked to provide these matching funds over the next three budget years. In the
2018-19 budget, $675,560 was approved to construct the section from Loop 11 to Lucy Park, and
advance funding amounts for the other two projects that need to be made in 2018-19. It is anticipated
that the 4B Corporation will assist in the remaining matching funds for these projects in subsequent
budgets.
• MPEC Facility Projects: The 413 Corporation also approved funding in the amount of $230,000 to
address two of the numerous building maintenance/improvement projects for our MPEC facilities: (1)
LED Lighting in the Coliseum; and (2) Restroom Renovations in the Exhibit Hall.
The City staff also continues to work with the architectural firm of Bundy, Young, Sims and Potter on a
Restoration and Feasibility Evaluation of the City Hall/Memorial Auditorium. This project was separated into
two phases: 1) Feasibility Study; and 2) West Wing Stabilization. The Feasibility Study included a
comprehensive evaluation of the facility conditions of the City Hall/Memorial Auditorium Building, a current
and projected needs assessment of the existing City Hall offices, and conceptual design options for the
renovations, restoration, and/or additions to the existing building. The West Wing Stabilization effort was an
analysis of the structural stabilization of the West Wing of the building and basic A/E services for the design
and construction contract administration for the project selected to stabilize that portion of the building. This
study has been completed and it is anticipated that approximately $500,000 will be needed to stabilize the West
Wing and it identified two options for complete renovation of the facility and one option to build a new facility.
All three of these options are in excess of $30 million to complete.
The City entered into a professional services agreement for the design of the Holliday Creek Sanitary Sewer
Trunk Main Rehabilitation Project. The City's overall wastewater collection system is comprised of a gravity
collection system with numerous lift stations throughout the city. Collection system piping ranges from 6 inches
in diameter up to 48 inches in diameter. Approximately 75% of all the wastewater eventually flows into the
large diameter collection piping located in the bottom of Holliday Creek and empties into the River Road
Resource Recovery Facility. Due to the importance and location of this large collection piping, it is imperative
that failure of this pipe be prevented. This large diameter pipe was designed and installed during the
construction of the Holliday Creek Flood Control Project in the mid-1980's and is approaching 40 years of age.
Over time, the sewer gases have deteriorated some of the pipe to the point that the reinforcing steel is exposed.
This project is needed to eliminate the possibility of a failure in this line. The project cost is estimated to be
$3.6 million with funding for the project to come from bond funds remaining from the Indirect Potable Reuse
Project and the Direct Potable Reuse Project.
Recently, the City in conjunction with Rolling Plains Management Corporation, applied for, and received nearly
$10 million in a grant award from the Federal Transit Administration (FTA) Section 5339 Buses and Bus
Infrastructure Investment Grant Program to design and construct a bus maintenance and repair facility. The
current facility was completed in 1984, and it is located in the Central Services Complex. Given the expansion
of route services over the years and an increase in the number of buses owned by the City, the Public
Transportation Division has outgrown its current location. Additionally, Rolling Plains Management
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Corporation has a need for these services and desires to enter into a joint venture agreement to construct this
facility to accommodate both organizations. The planned location for this facility is 2004 Old Windthorst Road,
which currently houses an old fire station used by the City's Radio staff, as well as 7 acres to the south and west
of this building. As this project moves forward, the old fire station will be demolished and the radio staff will
move into the Central Services Complex on Seymour Highway. Once the project is complete, the proposed
facility will include the following:
• Wichita Falls Transit System administrative offices
• Rolling Plains Management Corporation administrative offices (funding secured by their staff through
TxDOT)
• Shared -use facilities to include dispatch, restrooms, locker room, break room, conference room, and
wellness room to be built as part of this grant application
• Administrative space to accommodate social service organizations
• Repair/Maintenance facility with seven pull -through bays
• Bus Wash facility
• Fueling facilities to accommodate both diesel and unleaded
• Covered parking for buses
• Parking to accommodate 60 buses
The City's Lake Wichita Revitalization Committee and City staff are using approximately $400,000 of privately
raised funds for professional design and construction oversight services for three shoreline improvement
projects at Lake Wichita. The plan for revitalization of Lake Wichita includes the development of a
Boardwalk/Pavilion, Kemp Street Boat Ramp and Seawall, and a Veteran's Memorial Plaza. It is anticipated
that the Boardwalk/Pavilion will be designed and ready for bidding in April 2019, with the other two projects
being ready to bid in September 2019. This timeline, however, assumes that the additional private funds are
raised to complete the construction work. At present, the City has received a grant from the Texas Parks &
Wildlife in the amount of $499,536 for the Boardwalk/Pavilion Project, with a project cost estimate of
$1,890,000; a grant from the TP&W in the amount of $499,680 for the Kemp Street Boat Ramp and Seawall,
with a project cost estimate of $2,305,000; and private pledges have been received for the Veteran's Memorial
Plaza in the amount of $725,000, with a project cost estimate of $2.4 million. If these private funds are not
raised, the City will either be required to scale the projects down considerably, raise the public funds, or
consider allowing the grant funding to be reallocated by the State.
The City Council recently authorized a professional services agreement to an engineering firm in the amount of
$385,000 to develop a Sewer System Master Plan. The City of Wichita Fall's wastewater collections system is
comprised of 570 miles of sewer collections mains, 51 lift stations, and over 5,300 manholes. The pipe materials
are vitrified clay, concrete, and PVC with some of the collection piping being 100 years old. The last update to
the sewer collection system master plan was performed in 1999 and primarily focused on constructing large
diameter mains to divert flows from the south and western sections of the city to a new treatment facility located
near the Tanglewood subdivision. Since 1999, there have been several events that have rendered the exiting
master plan obsolete. The primary focus of this plan will be to evaluate the existing collections system for
hydraulic deficiencies and develop a capital improvement plan for these areas. It will also evaluate several
sectors of the city which have been, and are expected to see continued growth. The plan will identify and
recommend how to best service these areas as the collection system expands to accommodate the new growth.
In October 2018, the City Council awarded a project to TriTech Software Systems in the amount of $1,350,000
to provide installation services and software necessary to implement the City's Computer Aided Dispatch,
Police Records Management, and Police/Fire Mobile System. This integrated system of applications are the
primary applications used for public safety departments. The prior system was reaching its end of life and that
vendor did not have a clear path forward for upgrading to their product. The cost of this project was planned
for in the budget and will be paid for with funds available within the Information Technology Service Fund.
Work on implementation is beginning and is expected to require 18 months to complete.
FINANCIAL INFORMATION
In developing and evaluating the City's accounting system, consideration is given to the adequacy of internal
control as deemed appropriate by the City Manager. Internal control is designed to provide reasonable, but not
absolute, assurance regarding: (1) the safeguarding of assets against loss from unauthorized use or disposition;
1X
and (2) the reliability of financial records for preparing financial statements and maintaining accountability for
assets. The concept of reasonable assurance recognizes that the cost of a control should not exceed the benefits
likely to be derived and the evaluation of costs and benefits requires estimates and judgments by the City
Manager.
All internal control evaluations occur within the above framework. The City believes that its internal control
adequately safeguards assets and provides reasonable assurance of proper recording of financial transactions.
The Annual Operating Budget is proposed by the City Manager and approved by the City Council following
public discussion. Budgetary control is maintained at the class level by the Finance Department within each
division by the encumbrance of estimated purchase amounts prior to the release of purchase orders to vendors.
Purchase orders which result in an overrun of class level balances are not released until additional appropriations
are made available. In instances when budgetary transfers are necessary, management control of the operating
budget is maintained at the fund and department level. Transfers within a department of the same fund must be
approved by the City Manager. Transfers across departments or funds must be approved by the City Council.
Unencumbered appropriation balances lapse at year end and are not carried forward to new budget periods.
Open encumbrances are reported as reservations of fund balance at September 30, 2018, and related
appropriations are carried forward to the new fiscal year through a supplemental budgetary allocation.
In September 2012, the City adopted a fund balance policy for the General Fund, Water/Sewer Fund, and the
Sanitation Fund. The policy requires the City to maintain at least 20% of expenditures in unassigned fund
balance in the General Fund, 17% of expenditures (less debt service expenses) in the Water/Sewer Fund, and
15% of expenditures in the Sanitation Fund. If funds fall below these percentages, plans are to be put into place
to replenish fund balance. These financial statements reflect that the policy has been followed in the General
Fund, Water/Sewer Fund, and the Sanitation Fund.
The City also maintains an informal policy to limit tax supported debt to no more than 5% of total assessed
property value or $1,500 per capita. As of September 30, 2018, the City's tax supported debt was
approximately $55.2 million, which is 1.12% of the taxable value of property, and $527 per capita.
OTHER INFORMATION
Independent Audit
The City Charter requires an annual audit of the books of account, financial records, and transactions of all
administrative departments of the City by Certified Public Accountants. The accounting firm of Edgin,
Parkman, Fleming & Fleming, PC was selected by the Mayor and City Council to satisfy this charter
requirement. The auditors' report on the basic financial statements and combining fund statements and
schedules is included in the financial section of this report. In addition to meeting the requirements set forth in
the City Charter, the audit also was designed to meet the requirements of the federal Single Audit Act
Amendments of 1996 and related Uniform Guidance, and the State Single Audit Act. These reports are issued
under separate cover.
Awards
The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate
of Achievement for Excellence in Financial Reporting to the City of Wichita Falls for its Comprehensive
Annual Financial Report for the fiscal year ended September 30, 2017. This was the 23rd consecutive year that
the government has achieved this prestigious award. In order to be awarded a Certificate of Achievement, a
government must publish an easily readable and efficiently organized comprehensive annual financial report.
This report must satisfy both generally accepted accounting principles and applicable legal requirements. A
Certificate of Achievement is valid for a period of one year only. We believe that our current Comprehensive
Annual Financial Report continues to meet the Certificate of Achievement Program's requirements, and we are
submitting it to GFOA to determine its eligibility for another certificate.
Acknowledgments
My appreciation is extended to the various elected officials, city manager, department heads and employees
responsible for the fair presentation of the CAFR and for contributing to the sound financial position of the City
of Wichita Falls. The City of Wichita Falls has been blessed with a group of persons who appreciate and respect
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principles of fiscal restraint and propriety. In particular, I would like to acknowledge the special efforts of the
Department of Finance employees who contributed directly to the development of this report. The continuing
support of City Council and City Manager, who remain committed to fiscal integrity and financial leadership, is
likewise appreciated.
X1
Government Finance Officers Association
Certificate of
Achievement
for Excellence
in Financial
Report49
ing
Presented to
City of Wichita Falls
Texas
For its Comprehensive Annual
Financial Report
for the Fiscal Year Ended
September 30, 2017
Executive Director/CEO
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CITY OF WICHITA FALLS, TEXAS
LIST OF PRINCIPAL OFFICIALS
SEPTEMBER 30, 2018
Title
Name
Mayor
Stephen Santellana
Mayor Pro-Tem
Deandra Chenault
City Council Member
Eric West
City Council Member
Jeff Browning
City Council Member
Brian Hooker
City Council Member
Jesse Brown
City Council Member
Mitesh Desai
City Manager
Darron Leiker
City Attorney
Kinley Hegglund
Municipal Court Judge
Larry Gillen
City Clerk
Marie Balthrop
Deputy City Manager
Jim Dockery
Assistant City Manager
Paul Menzies
Director of Aviation, Traffic and Transportation
John Burrus
Finance Director
Patrick Halverson
Director of Public Health
Lou Kreidler
Police Chief
Manuel Borrego
Fire Chief
Jon Reese
Director of Public Works and Public Utilities
Russell Schreiber
AV
Financial Section
Independent Auditor's Report
EDGIN, PARKMAN, PEENING & FLEMING, PC
CERTIFIED PUBLIC ACCOUNTANTS
4110 KELL BLVD., SECOND FLOOR P.O. Box 750 MICHAEL D. EDGIN, CPA
WICHITA FALLS, TEXAS 76307-0750 DAVID L. PARKMAN, CPA
PH. (940) 766-5550 ■ FAx (940) 766-5778 A. PAUL FLEMING, CPA
Independent Auditor's Report on Financial Statements
The Honorable Mayor and Members of the City Council
City of Wichita Falls, Texas
We have audited the accompanying financial statements of the governmental activities, the business -type
activities, the aggregate discretely presented component units, each major fund, and the aggregate
remaining fund information of the City of Wichita Falls, Texas (the City) as of and for the year ended
September 30, 2018, and the related notes to the financial statements, which collectively comprise the
City's basic financial statements as listed in the table of contents.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in
accordance with accounting principles generally accepted in the United States of America; this includes
the design, implementation, and maintenance of internal control relevant to the preparation and fair
presentation of financial statements that are free from material misstatement, whether due to fraud or
error.
Auditor's Responsibility
Our responsibility is to express opinions on these financial statements based on our audit. We conducted
our audit in accordance with auditing standards generally accepted in the United States of America and
the standards applicable to financial audits contained in Government Auditing Standards, issued by the
Comptroller General of the United States. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in
the financial statements. The procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial statements, whether due to fraud or
error. In making those risk assessments, the auditor considers internal control relevant to the City's
preparation and fair presentation of the financial statements in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of
the City's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of significant accounting estimates
made by management, as well as evaluating the overall financial statement presentation.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our audit opinions.
Opinions
In our opinion, the financial statements referred to above present fairly, in all material respects, the
respective financial position of the governmental activities, the business -type activities, the aggregate
discretely presented component units, each major fund, and the aggregate remaining fund information of the
City as of September 30, 2018, and the respective changes in financial position, and, where applicable, cash
flows thereof for the year then ended in conformity with accounting principles generally accepted in the
United States of America.
Other Matters
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the Management's
Discussion and Analysis, the Budgetary Comparison Schedule — General Fund, the schedules on the Texas
Municipal Retirement System, the Wichita Falls Firemen's Relief and Retirement Fund, and the Wichita Falls
Retiree Health Care Plan be presented to supplement the basic financial statements. Such information,
although not a part of the basic financial statements, is required by the Governmental Accounting Standards
Board, who considers it to be an essential part of financial reporting for placing the basic financial
statements in an appropriate operational, economic, or historical context. We have applied certain limited
procedures to the required supplementary information in accordance with auditing standards generally
accepted in the United States of America, which consisted of inquiries of management about the methods of
preparing the information and comparing the information for consistency with management's responses to
our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic
financial statements. We do not express an opinion or provide any assurance on the information because
the limited procedures do not provide us with sufficient evidence to express an opinion or provide any
assurance.
Other Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively
comprise the City's basic financial statements. The introductory section, combining and individual
nonmajor fund financial statements, supporting schedules, and statistical section are presented for
purposes of additional analysis and are not a required part of the basic financial statements.
The combining and individual nonmajor fund financial statements and supporting schedules are the
responsibility of management and were derived from and relate directly to the underlying accounting and
other records used to prepare the financial statements. Such information has been subjected to the
auditing procedures applied in the audit of the basic financial statements and certain additional
procedures, including comparing and reconciling such information directly to the underlying accounting
and other records used to prepare the basic financial statements or to the basic financial statements
themselves, and other additional procedures in accordance with auditing standards generally accepted in
the United States of America. In our opinion, the combining and individual nonmajor fund financial
statements and supporting schedules are fairly stated in all material respects in relation to the basic
financial statements as a whole.
The introductory and statistical sections have not been subjected to the auditing procedures applied in
the audit of the basic financial statements and, accordingly, we do not express an opinion or provide any
assurance on them.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued under separate cover our report
dated March 27, 2019, on our consideration of the City's internal control over financial reporting and on our
tests of its compliance with certain provisions of laws, regulations, contracts, grant agreements and other
matters. The purpose of that report is to describe the scope of our testing of internal control over financial
reporting and compliance and the results of that testing and not to provide an opinion on the internal control
over financial reporting or on compliance. That report is an integral part of an audit performed in accordance
with Government Auditing Standards in considering the City's internal control over financial reporting and
compliance.
Respectfully submitted,
A 'go -MO." 1k -% q I �Jc
t*" I &3�1 * LA�wb
Edgin, Parkman, Fleming & Fleming, PC
March 27, 2019
Management Discussion and Analysis
FINANCE DEPARTMENT
got
NZIESSIMUNIM
City of Wichita Falls, Texas
Management's Discussion and Analysis
September 30, 2018
Management's discussion and analysis provides a narrative overview of the financial activities and
changes in the financial position of the City of Wichita Falls, Texas, for the fiscal year ended
September 30, 2018. It is offered here by the management of the City to the readers of its financial
statements. Readers should use the information presented here in conjunction with additional
information furnished in our letter of transmittal, which can be found in the Introductory Section
of this Comprehensive Annual Financial Report.
Financial Highlights
The assets of the City of Wichita Falls exceeded its liabilities at September 30, 2018, by
$376,000,504 (net position). The net position for the City decreased by $797,418 over the prior
year. This decrease is a result of an increase in net position of $15,027,850 from the current fiscal
year activity offset by a prior period adjustment of ($15,825,268) as a result of the implementation
of Governmental Accounting Standards Board (GASB) Statement No. 75, (GASB 75) Accounting
and Financial Reporting for Post -Employment Benefits Other Than Pensions. Among other things,
GASB 75 requires the governmental entity to record the unfunded actuarial liability for post -
employment benefits other than pensions on the face of the government -wide financial statements.
The City has implemented GASB 75 which required prior period adjustments to report the effect
of GASB 75 retroactively. (See Note 1 Sec G, Note 9 and Note 20 for additional information).
The unrestricted net position for Governmental Activities was ($81,755,666), while the Business -
type Activities had an unrestricted net position of $35,237,418, for an overall unrestricted net
position of ($46,518,248). Governmental Activities decreased by $13,289,505 in unrestricted net
position from the prior year, while Business -type Activities increased by $7,663,960 in unrestricted
net position from the prior year.
The reduction in unrestricted net position in the Governmental Activities is principally due to the
new reporting requirement for the City's Net OPEB Liability of $11.3 million and an increase in
the net pension liability for the Wichita Falls Firemen's Relief and Retirement Fund of
approximately $11 million. Some of these liability increases have been offset, however, by
increases in fund balances of the General Fund, Excess Sales Tax Debt Service Fund, Employee
Benefit Trust Fund, and Debt Service Fund. The General Fund and the Excess Sales Tax Debt
Service Fund benefited by much improved sales tax collections. The Employee Benefit Trust Fund
(Internal Service Fund) benefited by lower than anticipated health claims for employees and
retirees. Additionally, the Debt Service fund improved its unrestricted net position as grant funds
from the Federal Aviation Administration are being used to pay debt service costs for the recently
constructed new Regional Airport Terminal.
3
City of Wichita Falls, Texas
Management's Discussion and Analysis
September 30, 2018
(continued)
Contributing to the positive change in the Business -type Activities unrestricted net position was
activity in the Water/Sewer Fund as it increased by $9.7 million from the prior year. Much of this
change in the unrestricted net position of the Water/Sewer Fund is due to an increase in operating
revenue of $2,697,301 compared to the prior year. This increased income can be attributed to the
customer base continuing to recover from drought consumption levels while maintaining the same
water rates that were approved in August 2014. Additionally, expenditures in the Water/Sewer
Fund ended the fiscal year significantly below anticipated levels for work on Lake Ringgold, the
Automated Metering System Lease Payment, salaries and benefits, and chemical supplies. The
Employee Benefit Trust Fund (Internal Service Fund) benefited by lower than anticipated health
claims for employees and retirees. However, over $4.5 million of unrestricted net position in the
Business -type Activities was negatively affected due to the new OPEB reporting requirement.
At September 30, 2018, the City's governmental funds reported combined ending fund balances of
$421682,534. Of this amount, $13,229,031, or 30.99%, is available for spending at the
government's discretion, (unassigned fund balance).
At the end of the current fiscal year, unassigned fund balance for the General Fund was $14,133,369
or 18.82% of total General Fund expenditures.
During the 2017-18 fiscal year, the City's total debt increased by $5,932,785. In August 2018, the
City issued $16,345,000 of General Obligation Bonds with related bond premiums to finance Street
Improvements after approval of the voters at an election held in May 2018. Additionally,
$6,170,000 of General Obligation Refunding Bonds with related bond premiums were issued to
capitalize on lower interest rates. The City also entered into two capital lease agreements totaling
$3,310,000 during the 2017-18 fiscal year: 1) to finance the replacement of the City -owned street
lights with newer and more energy efficient LED lights; and 2) to finance the replacement of the
City's Traffic Signal Communication System. This new debt was partially offset as the City
continued to retire outstanding General Obligation Bonds, Water and Sewer System Revenue
Bonds, Combination Tax and Revenue Bonds, Capital Leases and Notes Payable.
Overview of the Financial Statements
This discussion and analysis is intended to serve as an introduction to the City's basic financial
statements. The reporting focus is on the City as a whole and on individual major funds. It is
intended to present a comprehensive view of the City's financial activities. The basic financial
statements are comprised of three components: 1) government -wide financial statements, 2) fund
financial statements, and 3) notes to the financial statements. This report contains other
supplementary information in addition to the basic financial statements.
Government -wide Financial Statements
The government -wide financial statements, which can be found on pages 15-16 of this report,
include the Statement of Net Position (Exhibit A-1) and the Statement of Activities (Exhibit A-2).
These statements are designed to provide readers with a broad overview of the City's finances in a
manner similar to a private -sector business. Both are prepared using the economic resources focus
and the accrual basis of accounting; meaning that all current year's revenues and expenses are
included regardless of when cash is received or paid. Thus, revenues and expenses are reported in
11
City of Wichita Falls, Texas
Management's Discussion and Analysis
September 30, 2018
(continued)
these statements for some items that will result in cash flows in future fiscal periods (e.g.
uncollected taxes and earned but not used vacation leave).
The Statement of Net Position presents information on all of the City's assets and liabilities,
including capital assets and long-term obligations. The difference between the City's assets and
liabilities is reported as net position. Over time, the increases or decreases in net position may
serve as a useful indicator of whether the financial position of the City is improving or deteriorating.
Other indicators of the City's financial position should be taken into consideration, such as the
change in the City's property tax base and condition of the City's infrastructure (e.g., roads, traffic
signals, water and sewer lines, etc.), in order to more accurately assess the overall financial
condition of the City.
The Statement of Activities presents information showing how the City's net position changed
during the most recent fiscal year. It focuses on both the gross and net costs of the government
services. This statement includes all current year revenues and expenses.
The Statement of Net Position and the Statement of Activities divide the City's activities into three
types:
Governmental activities — Most of the City's basic services are reported here, including police, fire,
parks and recreation, public works, health, traffic and transportation, community development and
planning, duplicating services, information technology, health insurance claims, and general
administration and finance. The Multi -Purpose Events Center and Champions Golf Course are also
reported as governmental activities. Property taxes, sales taxes, franchise fees, and various grant
funds provide the majority of financing for these activities.
Business -type activities — Activities for which the City charges fees to customers to pay most or all
of the cost of a service it provides are reported as business -type activities. The City's business -
type activities include water and wastewater treatment and distribution, solid waste collection and
disposal, regional and municipal airports, transit system, storm water drainage improvements, fleet
maintenance services and water park operations.
Component Units — Five legally separate organizations, for which the City is financially
accountable, are included in these statements as discretely presented component units. These
organizations include the Wichita Falls Economic Development Corporation, Wichita Falls 4B
Sales Tax Corporation, Wichita Falls Reinvestment Zone #2, Wichita Falls Reinvestment Zone #3,
and the Wichita Falls Reinvestment Zone #4.
Fund Financial Statements
The City of Wichita Falls, like other state and local governments, uses fund accounting to provide
more detailed information about the City's most significant funds, not the City as a whole. A fund
is a grouping of related accounts that is used to maintain control over resources that have been
segregated for specific activities or objectives. Some funds are required to be established by state
law or bond covenants. However, the City Council establishes many other funds to help it control
and manage money for particular purposes or to show that it is meeting legal responsibilities. All
of the funds of the City can be divided into three categories: governmental funds, proprietary funds
and fiduciary funds.
5
City of Wichita Falls, Texas
Management's Discussion and Analysis
September 30, 2018
(continued)
Governmental Funds — These funds are used to account for the majority of the City's activities,
which are essentially the same functions reported as governmental funds in the government -wide
statements. However, unlike the government -wide financial statements, governmental fund
financial statements are reported using an accounting method identified as the modified accrual
basis of accounting, which measures cash and all other financial assets that can be readily converted
to cash. The governmental fund statements focus on near -term inflows and outflows of expendable
resources, as well as expendable resources available at the end of the fiscal year for future spending.
Such information may be useful in evaluating a government's near -term financing requirements.
The focus of the governmental funds financial statements is narrower than that of the government -
wide financial statements. Therefore, it is useful to compare the information presented for
governmental funds with similar information presented for governmental activities in the
government -wide statements. By doing so, readers may better understand the long-term impact of
the government's short term financing decisions. Both the Governmental Fund Balance Sheet and
the Governmental Fund Statement of Revenues, Expenditures and Changes in Fund Balances
provide a reconciliation to facilitate this comparison. The reconciliation explains the differences
between the government's activities reported in the government -wide statements and the
information presented in the governmental funds financial statements.
The City of Wichita Falls maintains 15 individual governmental funds. Information for the General
Fund is presented separately in the Governmental Fund Balance Sheet and in the Governmental
Fund Statement of Revenues, Expenditures and Changes in Fund Balances because it is considered
a major fund of the City. Data for the other governmental funds are combined into a single,
aggregated presentation. Individual fund data for each of the non -major governmental funds are
provided in the Combining Financial Statement Section of this report.
The Basic Governmental Funds Financial Statements can be found on pages 17-21 of this report.
Proprietary Funds — When the City charges customers for services it provides, whether to outside
customers or to other units within the City, the activities are generally reported in proprietary funds.
The City of Wichita Falls 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 water and sewer operations, sanitation collection and disposal services, regional and
municipal airports, transit operations, storm water utility district, and water park
operations.
• Internal service funds are an accounting device used to report activities that provide
supplies and services to other City programs, such as fleet maintenance, print shop services,
information technology, and employee benefit trust. Because these services benefit both
governmental and business -type functions, they have been allocated between governmental
and business -type activities in the government -wide financial statements.
Proprietary fund financial statements provide the same type of information as the business -type
activities shown in the government -wide financial statements, only in more detail and include some
z
City of Wichita Falls, Texas
Management's Discussion and Analysis
September 30, 2018
(continued)
of the internal service fund -type activities. The proprietary fund financial statements provide
separate information for the Water and Sewer Fund, the Sanitation Fund and the Regional Airport
Fund since they are considered major funds of the City. The non -major proprietary funds are
combined into a single, aggregated presentation in the proprietary fund financial statements.
Individual fund data for each of the non -major proprietary funds are provided in the Combining
Financial Statement Section of this report.
Fiduciary Funds — Fiduciary funds are used to account for resources held for the benefit of parties
outside the government. 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 method used for fiduciary funds is much like that used for proprietary
funds. Agency funds are a component of fiduciary funds and are used to account for situations
where the City's role is purely custodial, such as receipt, temporary investment and remittance of
fiduciary funds to individuals, private organizations or other governments. The City maintains one
fiduciary fund. This fund is an agency fund used to account for property that has been abandoned
or unclaimed pending escheatment to the State of Texas.
Notes to the Financial Statements
The Notes to the Financial Statements provide additional information that is essential to a full
understanding of the data provided in the government -wide and fund financial statements. These
notes can be found on pages 28-69 of this report.
Government -Wide Financial Analysis
The City's combined net position was $376,000,504 as of September 30, 2018, a decrease of
$797,418, or .21 % from the prior year. Using the Tables below, an analysis of the net position of
the City can be made. The largest portion of the City's net position, $405,321,627, or 107.80%, is
reflected in capital assets (land and improvements, buildings, infrastructure, machinery and
equipment), less any related debt used to acquire those assets that is still outstanding. The City
uses these assets to provide services to its citizens; consequently, these assets are not available for
future spending. Although the City reports its capital assets net of related debt, 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.
7
City of Wichita Falls, Texas
Management's Discussion and Analysis
September 30, 2018
(continued)
An additional portion of the City's net position, $17,197,125, or 4.57%, represents resources that
are subject to external restrictions on how they may be used.
Net Position
(in thousands)
Governmental
Business -type
Activities
Activities
Total
2018
2017
2018
2017
2018
2017
Current and Other Assets
$ 50,252
$ 271797
$ 71,124
$ 721357
$ 121,376
$ 1001154
Capital Assets
177,655
177,256
390,028
386,984
567,683
564,240
Total Assets
227,907
205,053
461,152
459,341
689,059
664,394
Deferred Outflows of
Resources
48,153
37,804
7,016
8,229
55,169
46,033
Long Term Liabilities
17802
1401491
1571238
167,891
335,240
3081382
Other Liabilities
9,631
10,207
5,968
10,728
15,599
20,935
Total Liabilities
187,633
150,913
163,206
178,619
350,839
329,317
Deferred Inflows of Resources
13,723
41136
3,666
176
17,389
4,312
Net Position:
Net Investment in Capital
Assets
150,834
1501776
2541488
2501154
4051322
4001930
Restricted
5,626
51498
111571
11,047
17,197
161545
Unrestricted
81 756
(68,251)
35,237
27,574
(46,519)
(40,677)
Total Net Position
74 704
88 023
S 301,296
288 775
376 000
376 798
8
City of Wichita Falls, Texas
Management's Discussion and Analysis
September 30, 2018
(continued)
CHANGES IN NET POSITION
(in thousands)
Governmental
Business -type
Activities
Activities
Total
2018
2017
2018
2017
2018
2017
Revenues:
Program Revenues:
Charges For Services
$ 7,760
$ 81958
$ 671691
$ 641419
$ 75,451
$ 731377
Operating Grants and
Contributions
12,437
141935
3,938
1,702
16X5
161637
Capital Grants and Contributions
4,296
1,033
876
397
5J72
1,430
General Revenues:
Property Taxes
3 5, 842
351121
-
-
3 5, 842
351121
Sales Taxes
2301
221413
-
-
235861
221413
Other Taxes/Fees
7,590
71363
-
-
7,590
71363
Investment Earnings
625
303
748
416
L373
719
Miscellaneous
497
11652
89
22
586
19674
Total Revenue
92N8
911778
731342
66,956
1661250
1581734
Expenses:
Administrative Services
16M29
141984
-
-
16M29
14N4
Police
25M46
251513
-
-
25M46
251513
Fire
241206
21,108
-
-
24,206
21,108
Parks and Recreation
5,485
59656
-
-
5,485
51656
Accounting/Finance
664
760
-
-
664
760
Community Development
6,580
61903
-
-
69580
61903
Public Works
8,563
81552
-
-
8,563
8,552
Health
5,799
51815
-
-
5,799
51815
Traffic and Transportation
2,384
21579
-
-
2,384
21579
MPEC
3,251
41021
-
-
3,251
4M21
Interest and Fees on Long-term
Debt
1,556
1,444
-
-
11556
1,444
Regional Airport
-
-
1 N8
1,828
1 N8
1,828
Kickapoo Airport
-
-
11259
11199
11259
11199
Transit
-
-
2X7
25540
21377
21540
Sanitation
-
-
101301
109217
K301
101217
Water and Sewer
-
-
331427
33,289
33,427
331289
Stormwater Drainage
-
-
797
816
797
816
Waterpark
-
-
1,591
L538
1,591
L538
Total Expenses
99,563
97,335
5100
51,427
1511223
148,762
Increase (Decrease) in Net Position
Before Transfers
(6,655)
(51557)
2102
15,529
151027
9,972
Transfers
4,612
5 J 84
(4,612)
(5,184)
-
-
Increase (Decrease) in Net Position
(2,043)
(373)
171070
101345
151027
91972
Net Position - Beginning of Year
881023
881396
2881775
278,430
3761798
3661826
Prior Period Adjustment
(11,276)
-
(41549)
-
(15,825)
-
Net Position - End of Year
S74704
SK023
301 296
SZ88 775
$376M00.
$376.798
616
City of Wichita Falls, Texas
Management's Discussion and Analysis
September 30, 2018
(continued)
Governmental Activities — Governmental Activities decreased the City's net position by
$13,319,008. This reduction is principally due to the new reporting requirement for the City's Net
OPEB Liability of $11.3 million and an increase in the net pension liability for the Wichita Falls
Firemen's Relief and Retirement Fund of approximately $11 million. Some of these liability
increases have been offset, however, by increases in fund balances of the General Fund, Excess
Sales Tax Debt Service Fund, Employee Benefit Trust Fund, and Debt Service Fund. The General
Fund and the Excess Sales Tax Debt Service Fund benefited by much improved sales tax
collections. The Employee Benefit Trust Fund (Internal Service Fund) benefited by lower than
anticipated health claims for employees and retirees. Additionally, the Debt Service fund improved
its unrestricted net position as grant funds from the Federal Aviation Administration are being used
to pay debt service costs for the recently constructed new Regional Airport Terminal.
Business -Type Activities — Business -type Activities increased the City's net position by
$121521,590. Contributing to the positive change in the Business -type Activities in net position is
the Water/Sewer Fund as it reflected a net change of $11,222,796. Much of this change in the
Water/Sewer Fund is due to an increase in operating revenue of $2,697,301 compared to the prior
year. This increased income can be attributed to the customer base continuing to recover from
drought consumption levels while maintaining the same water rates that were approved in August
2014. Additionally, expenditures in the Water/Sewer Fund ended the fiscal year significantly
below anticipated levels for work on Lake Ringgold, the Automated Metering System Lease
Payment, salaries and benefits, and chemical supplies. Other Business -type Activities to note that
resulted in an increase of the City's net position include the Kickapoo Airport Fund due to receipt
of approximately $2.2 million in grant revenue for capital improvements, and the Transit Fund as
nearly $2 million in capital assets for the Travel Plaza that is located at the entrance to Sheppard
Air Force Base were reclassified from Governmental Funds. Furthermore, the Sanitation Fund
received higher than anticipated revenues at the landfill and lower than anticipated expenditures
due to a purchase for motor vehicle equipment that was encumbered but not paid for prior to close
of the fiscal year. These increases in net position, however, were partially offset due to the new
OPEB reporting requirement of over $4.5 million of liability in the Business -type Activities.
Financial Analysis of the City's Funds
Governmental Funds — The focus of the governmental funds is to provide information on near -term
inflows, outflows and balances of expendable resources. Such information is useful in assessing
the City's 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 September 30, 2018, the City's governmental funds reported combined fund balances of
$42,682,534, which is an increase of $21,289,847 from the prior year. Virtually all of this increase
is due to proceeds from capital leases and the General Obligation Bond Issue that remained to be
spent at the close of the fiscal year.
The General Fund is the chief operating fund of the City. At the end of the current fiscal year,
unassigned fund balance of the General Fund was $14,133,369, an increase of $995,062 from the
prior year. As a measure of the General Fund's liquidity, it may be useful to compare both the
unassigned fund balance and total fund balance to total fund expenditures. Unassigned fund
balance represents 18.82% of total General Fund expenditures, while the total fund balance
represents 24.37% of total General Fund expenditures.
City of Wichita Falls, Texas
Management's Discussion and Analysis
September 30, 2018
(continued)
Proprietary Funds — The financial statements of the proprietary funds provide information for two
types of funds: the business type (enterprise) funds and the internal service funds. The accounting
principles applied to proprietary funds are similar to that of the private sector. Consequently, with
the exception of the allocation of internal service fund net income or loss, the net position and
changes in net position of the enterprise funds in these financial statements are identical with the
net position and changes in net position reflected in the business type activities in the city-wide
presentation.
The City's internal service funds include the Fleet Maintenance Fund, Employee Benefit Trust
Fund, Duplicating Services Fund and the Information Technology Fund. At the close of September
30, 2018, the net position for the City's internal service funds was $29,199,609, an increase of
$1,698,027. The largest contributing factor for this increase in net position is reflected in the
Employee Benefit Trust Fund. The EBT Fund benefited this fiscal year due to lower than
anticipated health claims.
General Fund Budgetary Highlights
The final amended expenditure budget for the General Fund, including transfers out, was increased
by $1,609,881 from the original adopted budget. The reason for this increase in appropriations can
be briefly summarized as follows:
• Approximately $1,060,000 of prior year encumbrances were carried forward into the
2017-18 amended budget. These encumbrances were used for on -going projects which
included $707,860 for street repairs and $213,387 for City Hall structural engineering fees
and repairs.
• Other amendments to the General Fund budget were needed for increases to central garage
charges to account for higher than anticipated fuel prices; an appropriation for a large legal
settlement; and increased subsidies for the MPEC and Regional Airport that were higher
than original budgeted expectations.
Actual revenues in the General Fund for the 2017-18 fiscal year were $72,965,565, which was
$585,838 over final budgeted revenues. Sales tax collections and municipal court fines performed
better than budgeted levels. Additionally, interest earnings on the City's idle cash generated nearly
$300,000 more than budgeted amounts due to financial market improvements and higher interest
rates on investments.
Actual expenditures in the General Fund for the 2017-18 fiscal year were $75,116,308, which was
$1,002,167 below budgeted expenditures. A large portion of this variance was due to large
encumbrances for street repairs and building structure repairs that were not liquidated by the close
of the fiscal year that will be expended in the 2018-19 fiscal year. Additionally, the General Fund
experienced lower than budgeted expenditures for personnel services as savings accrued while
vacated positions were being advertised and recruited to fill those vacancies.
Capital Asset and Debt Administration
Capital Assets — The City's investment in capital assets for its governmental and business -type
activities as of September 30, 2018 amounts to $567,683,153 (net of accumulated depreciation).
11
City of Wichita Falls, Texas
Management's Discussion and Analysis
September 30, 2018
(continued)
This investment in capital assets includes land, buildings, equipment, infrastructure and
construction in progress.
Major capital asset events during this fiscal year included the following:
• Completion of the Permanent Indirect Potable Water Reuse Project
• Completion of Phase I of the Kemp -Monroe Drainage Improvements Project
• Substantial Completion of the Hike and Bike Trail from the Wichita Bluffs to Loop 11
• Construction in progress of the Wastewater Collections Office and Equipment Storage
Facility
• Completion of the Sheppard Air Force Base Main Gate Plaza Project
• Street Rehabilitation and Utility Improvement Projects
Capital Assets, net of Accumulated Depreciation
(in thousands)
Governmental
Business -type
Activities
Activities
Total
2018
2017
2018
2017
2018
2017
Land
$ 101683
$ 12,227
$ 10,835
$ 91303
$ 211518
$ 211530
Land Betterments
15,698
161192
361965
29,920
521663
461112
Buildings, Systems
and Improvements
471666
49,381
318,589
279,109
366,255
3281490
Infrastructure
90,535
841404
-
-
901535
841404
Machinery and Equip
91251
M820
2,175
2,395
11426
13,215
Furniture and Fixtures
-
-
6
9
6
9
Motor Vehicles
-
-
16,588
14,874
16,588
14,874
Construction in
Progress
3,822
4,232
4,870
51,374
8,692
55,606
Totals
177 655
177 256
390 028
386 984
567 683
564 240
Additional information on the City's capital assets can be found in Note 7 on pages 45-46 of this
report.
Long Term Debt — At the end of the current fiscal year, the City had a total bonded debt, notes and
capital leases outstanding of $200,868,078. During the 2017-18 fiscal year, the City's total debt
increased by $5,932,785. In August 2018, the City issued $16,345,000 of General Obligation
Bonds with related bond premiums to finance Street Improvements after approval of the voters at
an election held in May 2018. Additionally, $6,170,000 of General Obligation Refunding Bonds
with related bond premiums were issued to capitalize on lower interest rates. The City also entered
12
City of Wichita Falls, Texas
Management's Discussion and Analysis
September 30, 2018
(continued)
into two capital lease agreements totaling $3,310,000 during the 2017-18 fiscal year: 1) to finance
the replacement of the City -owned street lights with newer and more energy efficient LED lights;
and 2) to finance the replacement of the City's Traffic Signal Communication System. This new
debt was partially offset as the City continued to retire outstanding General Obligation Bonds,
Water and Sewer System Revenue Bonds, Combination Tax and Revenue Bonds, Capital Leases
and Notes Payable.
As of September 30, 2018, Moody's Investor's Service had assigned a credit rating of Aa2 for the
City's General Obligation Bonds and a rating of A3 for the City's Water and Sewer System
Revenue Bonds. Standard & Poor's had assigned a credit rating of AA for the City's General
Obligation Bonds and a rating of A for its Water and Sewer System Revenue Bonds. It should be
noted, however, that in November 2018, Moody's announced that the City's rating for Water and
Sewer System Revenue Bonds was increased from A3 to Al due to much improved financial
position and stability of the City's Water and Sewer Fund.
Outstanding Debt at Year -End
(in thousands)
Governmental
Business -type
Activities
Activities
Total
2018
2017
2018
2017
2018
2017
General Obligation Bonds
$ 34,000
$ 135355
$ -
$ -
$ 341000
$ 131355
Combination Tax and
Revenue Bonds
211155
291315
411170
46,260
621325
751575
Utility System Revenue
Bonds
-
-
68,485
71,370
681485
71,370
Premiums on Bonds
21393
898
906
11,767
121059
1205
Capital Lease Payable
51468
2,466
18,210
M 143
231678
2109
Notes Payable
-
-
321
361
321
361
Total
$ 63,016
$ 46,034
$ 137,852
$ 148,901
$ 200,868
$ 194,935
The City is permitted by its Home Rule Charter to levy taxes up to $2.25 per $100 of assessed
valuation for general governmental services, including the payment of principal and interest on
long-term debt. The combined tax rate to finance general governmental services for the year ended
September 30, 2018, was $.70598 per $100, which means that the City has a tax margin of $1.54402
per $100, and could generate up to $76,300,093 additional tax revenue a year from the present
assessed valuation of $4,941,651,841 before the limit is reached. The current ratio of general
bonded debt outstanding to the assessed value of all taxable property is 1.16%.
Additional information about the City's long-term debt can be found in Note 14 on pages 61-65 of
this report.
13
City of Wichita Falls, Texas
Management's Discussion and Analysis
September 30, 2018
(continued)
Economic Factors and Next Year's Budget and Rates
Total revenues for the 2018-19 budget are projected at $179,534,242, which is an increase of
$5,934,615, or 3.42% from the 2017-18 adopted budget. Taxes make up the largest portion of this
increase because of growth in the property tax base, increased property tax rate, and increasing
sales tax receipts. The property tax rate was increased to $0.72988, which is an increase by 2.39
cents per $100 of taxable property value and the revenue generated from this tax increase is needed
entirely to pay for new debt payments on the 20-year General Obligation Bonds that were issued
for street improvements. Sales tax revenues for the 2018-19 budget are projected to be
$23,520,755, which is $1,141,061, or 5.10% above the prior year budget. This revenue forecasting
methodology does not apply future growth because the average annual increase in sales tax receipts
for the City of Wichita Falls over the last five years has only been 1.46%. The budget also includes
an increase in revenue from Sanitation Collection Charges resulting from an increase in rates of
6% to all customer classes.
The total expenditure budget for the 2018-19 fiscal year is $178,442,949, which is an increase of
$4,449,920, or 2.56% from the 2017-18 adopted budget. The primary causes for this change is due
principally to a 3% across the board pay increase to all of the City's pay plans, step/merit pay, and
increased contributions to the Employee/Retiree Health Insurance Program. Another increase in
expenditures is to begin the first payment for 20-Year General Obligation Bonds that were issued
for Street Improvements resulting from the May 2018 bond election.
The City maintains reserves in the General Fund to be used for major emergencies such as a
widespread tornado, large legal liabilities or important one-time expenditures. The Government
Finance Officers Association recommends maintaining a fund balance in the General Fund between
15 to 25% of the annual operational cost of the fund. The City's fund balance policy established a
goal of maintaining 20% of expenditures in General Fund Reserves. The Unassigned General Fund
Balance is slightly below the 20% level so the City does not plan to use these reserve funds to fund
any one-time capital improvement project.
Requests for Information
This financial report is designed to provide a general overview of the finances of the City of Wichita
Falls for all those with an interest in the government's finances. Questions concerning any of the
information provided in this report, or request for additional financial information, should be
addressed to the City Finance Department, 1300 Seventh Street, Wichita Falls, Texas 76301.
14
Basic Financial Statements
EXHIBIT A-1
CITY OF WICHITA FALLS, TEXAS
STATEMENT OF NET POSITION
SEPTEMBER 30, 2018
Primary Government
Assets
Cash and cash equivalents
$ 43,431,752
$ 32,166,750
$ 75,598,502
$18,855,569
Receivables (net):
Taxes and assessments
883,860
-
883,860
-
Customer and trade
-
7,629,562
7,629,562
-
Government agencies
7,386,247
1,695,155
9,081,402
1,763,193
Other
1,282,493
186,467
1,468,960
200,000
Internal balances
(9,681,363)
9,681,363
-
-
Inventory
99,249
1,873,350
1,972,599
-
Prepaid items
212,505
516,414
728,919
5,625
Other assets
705,719
-
705,719
-
Restricted assets:
Cash and cash equivalents
5,931,459
17,374,947
23,306,406
-
Capital assets not being depreciated
14,505,112
15,705,615
30,210,727
1,469,797
Capital assets net of accumulated depreciation
163,149,539
374,322,887
537,472,426
682,165
Total assets
227,906,572
461,152,510
689,059,082
22,976,349
Deferred Outflows of Resources
Pension -related
46,678,104
3,493,234
50,171,338
-
OPEB-related
1,065,280
430,899
1,496,179
-
Deferred losses on bond refundings
410,097
3,091,626
3,501,723
-
Total deferred outflows of resources
48,153,481
7,015,759
55,169,240
-
Liabilities
Accounts payable - trade
1,309,022
1,075,186
2,384,208
2,054,233
Accrued payroll
2,349,646
605,643
2,955,289
-
Accrued interest payable
346,706
724,005
1,070,711
-
Payable to government agencies
512,787
78,636
591,423
-
Estimated health claims payable
524,926
-
524,926
-
Other liabilities
4,550,627
290,548
4,841,175
936
Unearned revenue
37,236
-
37,236
-
Customer deposits
-
3,194,035
3,194,035
-
Long-term liabilities:
Portion due or payable within one year
6,845,356
10,489,357
17,334,713
-
Portion due or payable after one year
65,934,685
133,025,083
198,959,768
-
Net pension liability
93,510,775
8,985,942
102,496,717
-
Net OPEB liability
11,710,981
4,737,026
16,448,007
-
Total liabilities
187,632,747
163,205,461
350,838,208
2,055,169
Deferred Inflows of Resources
Pension -related
13,466,078
3,562,350
17,028,428
-
OPEB-related
257,162
104,020
361,182
-
Total deferred inflows of resources
13,723,240
3,666,370
17,389,610
-
Net Position
Net investment in capital assets
150,833,699
254,487,928
405,321,627
2,151,962
Restricted for:
Perpetual care (nonexpendable)
1,119,345
-
1,119,345
-
Debt service (expendable)
1,993,626
11,571,092
13,564,718
-
Federal grant programs (expendable)
2,513,052
-
2,513,052
-
Tourism (expendable)
10
-
10
-
Unrestricted
(81,755,666)
35,237,418
(46,518,248)
18,769,218
Total net position
$ 74,704,066
$ 301,296,438
$ 376,000,504
$ 20,921,180
See accompanying notes to the basic financial statements.
15
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EXHIBIT A-3
CITY OF WICHITA FALLS, TEXAS
BALANCE SHEET -GOVERNMENTAL FUNDS
SEPTEMBER 30, 2018
Total
Nonmajor
Governmental
General
Governmental
Funds
Assets
Cash and cash equivalents
$
1474767296
$ 24,647,605
$
39,1237901
Receivables (net):
Taxes and assessments
7107192
173,668
883,860
Other City funds
6,112,571
-
6,112,571
Government agencies
4,017,349
3,368,898
7,386,247
Other
15196,400
741723
13271,123
Inventory
98,670
-
98,670
Prepaid items
210,372
2,133
212,505
Other assets
1,000
704,719
705,719
Total assets
$
26, 822, 850
$ 28, 971, 746
$
55, 794, 596
Liabilities
Accounts payable
$
845,128
$ 367,993
$
11213,121
Accrued payroll
25207,590
99,840
2,307,430
Payable to other City funds
-
3,213,124
3,213,124
Payable to government agencies
418,025
941762
512787
Other liabilities
3,796,990
740,977
4,537,967
Claims and judgments payable
11,922
-
11,922
Unearned revenue
-
37,236
371236
Total liabilities
7,2797655
4,5535932
11,8337587
Deferred inflows of resources
Unavailable revenues
17240,886
37,589
112787475
Fund balances
Nonspendable:
Inventory and prepaid items
309,042
-
309,042
Restricted for:
Perpetual care
-
1,119,345
151197345
Debt service
-
1,956,037
1,9567037
Capital projects
2,8957784
1774875142
20,382,926
Federal and state grant programs
-
275131052
2,513,052
Tourism
-
10
10
Committed for:
Golf course
-
43,784
43,784
Multi -Purpose Events Center
-
-
0
Local projects
-
27165,193
25165,193
Assigned for:
Subsequent year's expenditures
9647114
-
9647114
Unassigned
1471337369
(904,338)
13,2297031
Total fund balances
18,3027309
24,380,225
42,6827534
Total liabilities, deferred inflows of resources
and fund balances
$
26,822,850
$ 28,971,746
$
55,794,596
See accompanying notes to the basic financial statements.
17
EXHIBIT A-4
CITY OF WICHITA FALLS, TEXAS
RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET
TO THE STATEMENT OF NET POSITION
SEPTEMBER 30, 2018
Total fund balances - governmental funds (Exhibit A-3) $ 42,682,534
Amounts reported for governmental activities in the Statement of Net Position (Exhibit A-1)
are different because:
Capital assets used in governmental activities are not financial resources and therefore not
reported in the funds. Capital assets at year-end consist of:
Gross capital assets
$ 322,639,814
Related accumulated depreciation
148,906,008
173,733,806
Property taxes receivable and municipal court fines are not available to pay for current
period expenditures and therefore are reported as deferred inflows of resources in the funds.
1,278,475
Long-term liabilities are not due and payable in the current period and therefore
not reported as liabilities in the funds. Long-term liabilities at year-end consist of:
Bonds payable
55,155,000
Premiums on bonds payable
2,392,826
Capital lease payable
5,468,674
Accrued vacation and sick leave
8,929,564
Claims and judgments payable
776,840
Accrued interest
346706
(73,069,610)
In the governmental funds financial statements, refunding losses are expended when
incurred, whereas in the government -wide financial statements the losses are capitalized
and amortized.
410,097
The City's net pension liability and related deferred outflows and inflows related to its
participation in the Texas Municipal Retirement System and the Wichita Falls Firemen's
Relief and Retirement Fund do not meet criteria to be reported in the governmental funds
financial statements. These items consist of:
Net pension liabilities
92,8311273
Deferred outflows - pension related items
(46,413,951)
Deferred inflows - pension related items
13,196,699 (59,614,021)
The City's net OPEB liability and related deferred outflows and inflows related to the City
of Wichita Falls Retiree Health Care Plan do not meet the criteria to be reported in the
governmental funds financial statements. These items consist of:
Net OPEB liabilities
11,4291719
Deferred outflows - OPEB related items
(1,039,695)
Deferred inflows - OPEB related items
250,986 (10,641,010)
Internal service funds are used by management to charge the costs of duplicating services,
information technology and health insurance claims to the individual funds. The assets and
liabilities of these internal service funds are included with the governmental activities.
11,653,380
Internal service funds are used by management to charge the costs of central garage
services to the individual funds. The assets and liabilities of this fund are included with the
business -type activities. This amount represents the governmental activity portion
of the central garage activity.
(11,729,585)
Total net position - governmental activities (Exhibit A-1)
$ 74,704,066
See accompanying notes to the basic financial statements.
18
EXHIBIT A-5
CITY OF WICHITA FALLS, TEXAS
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - GOVERNMENTAL FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2018
Revenues
Taxes
Charges for services
Licenses and permits
Fines and forfeitures
Intergovernmental revenue
Contributions
Miscellaneous revenue
Total revenues
Expenditures
Administrative services
Police
Fire
Parks and recreation
Accounting/finance
Community development
Public works
Health
Traffic and transportation
Multi -Purpose Events Center
Capital outlay
Debt service - principal
Debt service - interest and paying agent fees
Total expenditures
Excess of revenues over (under) expenditures
Other Financing Sources (Uses)
Issuance of bonds
Premium on issuance of bonds
Issuance of refunding bonds
Premium on issuance of refunding bonds
Capital lease proceeds
Payment to refunded bond escrow agent
Transfers in
Transfers out
Total other financing sources (uses)
Net change in fund balance
Fund balances - beginning
Fund balances - ending
Total
Nonmajor
Governmental
General
Governmental
Funds
$ 63, 946, 065
$ 3, 308, 827
$ 67, 254, 892
2, 805, 308
5341435
3, 339, 743
1, 963, 353
-
1, 963, 353
2, 593,494
1631722
2, 757, 216
4,021
91108,260
9,112,281
164,580
4,160,243
4,324,823
13, 550, 700
11228, 247
14, 778, 947
23, 927, 640
2771521
24, 205,161
16, 201, 856
6951007
16, 896, 863
5,160, 344
126, 773
5, 287,117
7011643
-
701,643
2,103,088
41582,240
6,685,328
5)053,709
457,335
5,511,044
3,216,858
2,577,008
5,793,866
1,604,398
5091160
2,113, 558
-
2,4151875
2,415,875
3,596,072
2,032,920
5,628,992
-
3,6105000
3,610,000
-
1,5975143
1,597,143
75,1165308
20,1095229
95,2255537
(2,150,743) (1,822,570) (3,973,313)
-
16, 345, 000
16, 345, 000
-
1,176,516
1,176,516
-
6,170, 000
6,170, 000
-
4791801
4791801
3,310,009
-
3,310,009
-
(6,546,898)
(6,546,898)
37625, 384
5, 097, 236
8, 722, 620
(811,810)
(3,582,080)
(4,393,890)
6,123,583
19,139,575
25,263,158
37972)840
1773175005
21,2895845
See accompanying notes to the basic financial statements.
W
EXHIBIT A-6
(Page 1 of 2)
CITY OF WICHITA FALLS, TEXAS
RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES OF THE GOVERNMENTAL FUNDS
TO THE STATEMENT OF ACTIVITIES
FOR THE YEAR ENDED SEPTEMBER 30, 2018
Net change in fund balances - total governmental funds (Exhibit A-5)
Amounts reported for governmental activities in the Statement of Activities (Exhibit A-2) are different because:
Capital outlays are reported in governmental funds as expenditures. However, in the
Statement of Activities, the cost of those assets are allocated over their estimated useful
lives as depreciation expense. The net difference between the two is as follows:
Capital outlay during the year
Depreciation expense for the year
Donated capital assets are not recorded as revenues in the governmental funds. In the
Statement of Activities, the value of the assets are added to capital assets and the contribution
is recorded as a capital contribution.
Proceeds from the sale of capital assets are recorded as revenues when received in the
governmental funds. In the Statement of Activities, the difference between the proceeds
and the book value of the capital asset is reported as a gain (loss) from sale.
The transfer of capital assets to enterprise funds are not reflected in the governmental funds
as they do not represent current financial resources. Current year transfers to enterprise funds were:
Because property tax receivables and municipal court receivables will not be collected for
several months after the City's fiscal year ends, they are not considered 'available' revenues and
are deferred in the governmental funds. Deferred inflows increased by this amount this year.
The issuance of long-term debt provides current financial resources to governmental funds. However, the
issuance increases long-term liabilities in the Statement of Net Position. The City issued bonds during
2017-18 in the amount of $24,171,317 (includes premiums on issuance of bonds). The City also issued
capital leases in the amount of $3,310,009 during the year.
Repayment of long-term debt principal is an expenditure in the governmental funds, but the repayment
reduces long-term liabilities in the Statement of Net Position. Bond and capital lease principal
payments in 2017-18 were:
Included in long-term debt are obligations for accrued vacation and sick leave, and claims and judgments
payable. The changes in these obligations are not included in the governmental fund financial
statements, but are included in the government -wide financial statements. The changes in these
long-term obligations were:
Accrued vacation and sick leave
Claims and judgments payable
Interest on long-term debt in the Statement of Activities differs from the amount reported in the
governmental funds because interest is recognized as an expenditure in the funds when it is due,
and thus requires the use of current financial resources. In the Statement of Activities, however,
interest expense is recognized as the interest accrues, regardless of when it is due. The
decrease in accrued interest is as follows:
Accrued interest at September 30, 2017
Accrued interest at September 30, 2018
In an advance refunding of debt, the difference between the amount of debt defeased and
the amount of assets put into escrow is deferred on the government -wide financial statements
and amortized in future years, while that gain or loss is recognized in the year of defeasance
in the governmental funds statements. The loss on the current year refunding was:
See accompanying notes to the basic financial statements.
$ 21,289,845
$ 6,582,843
6,644,648 (61,805)
3,296,164
(312,835)
(1,914,014)
(58,107)
(27,481,326)
10,499,488
(214,390)
(764,464)
269,207
346.706
(978,854)
(77,499)
126,898
20
EXHIBIT A-6
(Page 2 of 2)
CITY OF WICHITA FALLS, TEXAS
RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES OF THE GOVERNMENTAL FUNDS
TO THE STATEMENT OF ACTIVITIES
FOR THE YEAR ENDED SEPTEMBER 30, 2018
Amortization of deferred losses on refundings is only reported in the government -wide financial
statements. Current year amortization was: (43,324)
The City participates in two defined benefit pension plans. Contributions to the plan are expenditures at
the fund level when payments are due. At the government -wide level, pension expenses are recognized
on an actuarial basis. Payments were less than the actuarial expense in the current year. (7,978,806)
The City sponsors an OPEB plan for retiree health care. Contributions to the plan are expenditures at
the fund level when payments are due. At the government -wide level, pension expenses are recognized
on an actuarial basis. Payments were less than the actuarial expense in the current year. 365,126
Internal service funds are used by management to charge the costs of duplicating services,
information technology and health insurance claims to the individual funds. The net
revenues of these internal service funds are included with the governmental activities. 1,829,854
Internal service funds are used by management to charge the costs of central garage services to the
individual funds. The net revenue of this fund is included with the business -type activities. This
amount represents the governmental activity portion of the central garage activity. (543,578)
Change in net position of governmental activities (Exhibit A-2)
$ (2,042,773)
See accompanying notes to the basic financial statements.
21
EXHIBIT A-7
(Page 1 of 2)
CITY OF WICHITA FALLS, TEXAS
STATEMENT OF NET POSITION
PROPRIETARY FUNDS
SEPTEMBER 30, 2018
Enterprise Funds
Nonmajor
Water and Regional Enterprise Internal
Sewer Sanitation Airport Funds Total Service Funds
Assets
Current assets:
Cash and cash equivalents
$ 18,291,821
$ 7,026,412
$ 1,000
$ 6,236,640
$ 31,555,873
$ 4,918,728
Restricted cash and cash equivalents
17,029,259
-
345,688
-
17,374,947
5,931,459
Receivables (net):
Customer and trade
5,665,138
1,550,842
-
413,582
7,629,562
-
Government agencies
71,859
-
-
1,623,296
1,695,155
-
Other
49,161
19,445
34,197
2,052
104,855
92,982
Inventory
1,099,977
-
-
58,854
1,158,831
714,519
Prepaid items
211
-
34,662
6,726
41,599
475,394
Total current assets
42,207,426
8,596,699
415,547
8,341,150
59,560,822
12,133,082
Long-term assets:
Capital assets, net of accumulated
depreciation
267,561,387
8,799,247
48,238,181
46,155,706
370,754,521
23,194,826
Total long-term assets
267,561,387
8,799,247
48,238,181
46,155,706
370,754,521
23,194,826
Total assets
309,768,813
17,395,946
48,653,728
54,496,856
430,315,343
35,327,908
Deferred Outflows of Resources
Pension -related
1,910,226
827,918
22,879
310,381
3,071,404
685,983
OPEB-related
237,144
109,071
2,095
36,357
384,667
71,817
Deferred losses on bond refundings
3,091,626
-
-
-
3,091,626
-
Total deferred outflows of resources
5,238,996
936,989
24,974
346,738
6,547,697
757,800
See accompanying notes to the basic financial statements.
22
EXHIBIT A-7
(Page 2 of 2)
CITY OF WICHITA FALLS, TEXAS
STATEMENT OF NET POSITION
PROPRIETARY FUNDS
SEPTEMBER 30, 2018
Enterprise Funds
Nonmajor
Water and
Regional
Enterprise
Internal
Sewer
Sanitation
Airport
Funds
Total
Service Funds
Liabilities
Current liabilities:
Accounts payable - trade
486,788
88,682
5,559
149,433
730,462
440,625
Accrued payroll
324,730
141,182
7,284
63,367
536,563
111,296
Accrued vacation and sick leave
394,287
192,082
9,797
42,374
638,540
173,582
Payable to other City funds
76,603
-
134,364
2,563,879
2,774,846
124,601
Payable to government agencies
-
74,579
1,291
2,766
78,636
-
Estimated health claims payable
-
-
-
-
-
524,926
Other liabilities
205,992
6,616
20,000
57,940
290,548
738
Payable to U.S. Government - current
maturity
41,541
-
-
-
41,541
-
Capital leases - current maturities
922,339
-
-
-
922,339
430,477
Revenue bonds - current maturities
8,420,000
-
-
-
8,420,000
-
Accrued interest - revenue bonds
724,005
-
-
-
724,005
-
Total current liabilities
11,596,285
503,141
178,295
2,879,759
15,157,480
1,806,245
Long-term liabilities:
Payable to U.S. Government, less
current maturities
279,177
-
-
-
279,177
-
Capital leases, less current maturities
15,048,261
-
-
-
15,048,261
1,808,846
Revenue bonds, less current maturities
110,900,943
-
-
-
110,900,943
-
Estimated liability for landfill closure and
post -closure care costs
-
4,907,871
-
-
4,907,871
-
Customer deposits
3,194,035
-
-
-
3,194,035
-
Net pension liability
4,913,835
2,129,723
58,853
798,422
7,900,833
1,764,611
Net OPEB liability
2,607,009
1,199,060
23,027
399,687
4,228,783
789,505
Total long-term liabilities
136,943,260
8,236,654
81,880
1,198,109
146,459,903
4,362,962
Total liabilities
148,539,545
8,739,795
260,175
4,077,868
161,617,383
6,169,207
Deferred Inflows of Resources
Pension -related
1,948,020
844,299
23,331
316,524
3,132,174
699,555
OPEB-related
57,247
26,330
506
8,776
92,859
17,337
Total deferred inflows of resources
2,005,267
870,629
23,837
325,300
3,225,033
716,892
Net Position
Net investment in capital assets
134,260,136
8,799,247
48,238,181
46,155,706
237,453,270
20,955,503
Restricted for debt service
11,571,092
-
-
-
11,571,092
-
Unrestricted
18,631,769
(76,736)
156,509
4,284,720
22,996,262
8,244,106
Total net position
$ 164,462,997
$ 8,722,511
$ 48,394,690
$ 50,440,426
272,020,624
$ 29,199,609
Adjustment to reflect the consolidation of internal service funds activities
related to enterprise funds
29,275,814
Net position of business type activities
$ 301,296,438
See accompanying notes to the basic financial statements.
23
EXHIBIT A-8
CITY OF WICHITA FALLS, TEXAS
STATEMENT OF REVENUES, EXPENSES AND
CHANGES IN NET POSITION
PROPRIETARY FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2018
Enterprise Funds
Nonmajor
Water and Regional Enterprise Internal
Operating revenues:
Charges for services
$ 46,104,645
$13,678,624
$ -
$ 5,178,969
$ 64,962,238
$ 13,973,773
Rents, concessions and other
120,636
22,591
1,178,304
1,406,933
2,728,464
1,215,920
Contributions
-
-
-
-
-
14,125,230
Total operating revenues
46,225,281
13,701,215
1,178,304
6,585,902
67,690,702
29,314,923
Operating expenses:
Personnel services
9,703,298
4,328,479
181,959
2,224,402
16,438,138
3,449,748
Supplies and materials
2,565,959
307,225
5,908
1,036,873
3,915,965
3,747,667
Maintenance and repairs
1,583,901
118,774
59,389
422,575
2,184,639
2,970,971
Utilities and other services
4,293,529
4,697,018
164,530
789,571
9,944,648
336,293
Insurance and contract support
873,018
146,589
24,201
156,286
1,200,094
11,230,643
Other expenses
1,841,560
475,009
207,352
182,793
2,706,714
2,282,160
Depreciation and amortization
9,346,931
292,781
1,400,375
1,183,546
12,223,633
4,557,099
Total operating expenses
30,208,196
10,365,875
2,043,714
5,996,046
48,613,831
28,574,581
Operating income (loss)
16,017,085
3,335,340
(865,410)
589,856
19,076,871
740,342
Nonoperating revenues (expenses):
Interest income
546,204
96,368
6,270
99,592
748,434
434,588
Gain/(loss) on sale/abandonment of capital
assets
(946,002)
-
-
(1,150)
(947,152)
87,972
Interest expense and paying agent fees
(3,397,913)
-
-
-
(3,397,913)
(31,428)
Intergovernmental operating grants
-
-
-
3,938,011
3,938,011
-
Total nonoperating revenues (expenses)
(3,797,711)
96,368
6,270
4,036,453
341,380
491,132
Income (loss) before contributions and transfers
12,219,374
3,431,708
(859,140)
4,626,309
19,418,251
1,231,474
Capital contributions
876,211
-
-
-
876,211
-
Transfers in
901,083
-
127,458
2,683,243
3,711,784
1,562,348
Transfers out
(2,773,872)
(2,219,191)
(670,729)
(2,441,756)
(8,105,548)
(337,623)
Change in net position
11,222,796
1,212,517
(1,402,411)
4,867,796
15,900,698
2,456,199
Net position - beginning
155,743,749
8,661,468
49,819,214
45,956,455
27,501,582
Prior period adjustment
(2,503,548)
(1,151,474)
(22,113)
(383,825)
(758,172)
Net position - ending
$ 164,462,997
$ 8,722,511
$ 48,394,690
$ 50,440,426
$ 29,199,609
Adjustment to reflect the consolidation of
internal service funds activities
related to enterprise funds
1,169,925
Change in net position of business type
activities
$ 17,070,623
See accompanying notes to the basic financial statements.
24
EXHIBIT A-9
(Page 1 of 2)
CITY OF WICHITA FALLS, TEXAS
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2018
Enterprise Funds
Nonmajor
Water and
Regional
Enterprise
Internal
Sewer
Sanitation
Airport
Funds
Total
Service Funds
Cash flows from operating activities:
Received from customers and users
$ 46,042,546
$ 13,658,862
$ 1,157,833
$ 6,610,193
$ 67,469,434
$ 4,901,028
Received from inter -fund charges
-
-
-
-
-
23,411,384
Other operating receipts
-
-
-
-
-
939,217
Payments to suppliers
(12,560,661)
(1,845,594)
(363,374)
(2,129,055)
(16,898,684)
(20,844,943)
Payments for interfund charges
(3,721,394)
(5,013,292)
(151,626)
(1,196,750)
(10,083,062)
(623,554)
Payments to employees
(6,842,937)
(2,984,314)
(144,358)
(1,722,934)
(11,694,543)
(2,466,428)
Net cash provided (used) by operating activities
22,917,554
3,815,662
498,475
1,561,454
28,793,145
5,316,704
Cash flows from noncapital financing activities:
Intergovernmental operating grants
-
-
-
2,747,355
2,747,355
-
nterfund loans received (repaid)
(86,452)
-
(61,750)
1,177,108
1,028,906
(41,209)
Transfers in from other funds
-
-
127,458
769,229
896,687
1,562,348
Transfers out to other funds
(2,773,872)
(2,219,191)
(670,729)
(786,349)
(6,450,141)
(337,623)
Net cash provided (used) by noncapital financing
activities
(2,860,324)
(2,219,191)
(605,021)
3,907,343
(1,777,193)
1,183,516
Cash flows from capital and related financing activities:
Acquisition and construction of capital assets
(9,681,258)
(390,682)
-
(5,215,778)
(15,287,718)
(3,300,656)
Proceeds from sale of capital assets
-
-
-
-
-
89,331
Principal paid on long-term debt
(8,464,304)
-
-
-
(8,464,304)
(443,387)
Interest and fees paid on long-term debt
(5,165,747)
-
-
-
(5,165,747)
(31,428)
Net cash provided (used) for capital and
related financing activities
(23,311,309)
(390,682)
-
(5,215,778)
(28,917,769)
(3,686,140)
Cash flows from investing activities:
Interest on investments
546,204
96,368
6,270
99,592
748,434
434,588
Net cash provided (used) by investing activities
546,204
96,368
6,270
99,592
748,434
434,588
Net Increase (Decrease) in Cash and Cash Equivalents
(2,707,875)
1,302,157
(100,276)
352,611
(1,153,383)
3,248,668
Cash and Cash Equivalents - Beginning
38,028,955
5,724,255
446,964
5,884,029
50,084,203
7,601,519
Cash and Cash Equivalents - Ending
$ 35,321,080
$ 7,026,412
$ 346,688
$ 6,236,640
$ 48,930,820
$ 10,850,187
Reconciliation of cash and cash equivalents on the
balance sheet to the statement of cash flows:
Cash and cash equivalents
$ 18,291,821
$ 7,026,412
$ 1,000
$ 6,236,640
$ 31,555,873
$ 4,918,728
Restricted assets - cash and cash equivalents
17,029,259
-
345,688
-
17,374,947
5,931,459
Total cash and cash equivalents at end of year
$ 35,321,080
$ 7,026,412
$ 346,688
$ 6,236,640
$ 48,930,820
$ 10,850,187
See accompanying notes to the basic financial statements.
25
CITY OF WICHITA FALLS, TEXAS
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2018
Reconciliation of Operating Income (Loss) to Net Cash
Provided by Operating Activities:
Operating income (loss)
Adjustments to reconcile operating income (loss)
to net cash provided (used) by operating activities:
Depreciation and amortization
Customer deposits received
(Increase) decrease in assets and deferred
outflows:
Receivables:
Customer and trade
Other
Inventory
Prepaid items
Deferred outflows - pension -related
Deferred outflows - OPEB-related
Increase (decrease) in liabilities and deferred
inflows:
Accounts payable - trade
Accrued payroll
Accrued vacation and sick leave
Estimated health claims payable
Payable to government agencies
Other liabilities
Estimated liability for landfill closure
Net pension liability
Net OPEB liability
Deferred inflows - pension -related
Deferred inflows - OPEB-related
Total adjustments
Net cash provided (used) by
operating activities
Noncash capital and financing activities:
Capital assets received from developers
Transfers of capital assets (in)
Transfers of capital assets (out)
Total
EXHIBIT A-9
(Page 2 of 2)
Enterprise Funds
Nonmajor
Water and Regional Enterprise Internal
Sewer Sanitation Airport Funds Total Service Funds
$ 16,017,085
$ 3,335,340
$ (865,410)
$ 589,856
$ 19,076,871
$
740,342
9,346,931
292,781
1,400,375
1,183,546
12,223,633
4,557,099
91,234
-
-
-
91,234
-
(253,428)
(42,353)
-
(6,690)
(302,471)
-
(20,541)
-
(20,471)
30,981
(10,031)
(62,736)
(80,415)
-
-
(15,942)
(96,357)
(14,884)
37,480
174
(3,283)
(818)
33,553
41
720,347
284,132
7,348
116,124
1,127,951
243,786
(6,746)
(3,102)
(60)
(1,034)
(10,942)
(2,043)
(2,349,222)
10,111
(10,592)
(95,434)
(2,445,137)
21,505
8,393
8,003
843
70
17,309
(181)
(10,540)
1,789
(274)
1,368
(7,657)
4,911
-
-
-
-
-
56,923
-
638
250
(829)
59
-
180,571
(1,371)
(5,000)
(118,959)
55,241
(558)
-
181,678
-
-
181,678
-
(2,544,965)
(1,023,415)
(26,853)
(410,904)
(4,006,137)
(871,682)
(126,938)
(58,383)
(1,121)
(19,461)
(205,903)
(38,442)
1,851,061
8037310
22,217
300,804
2,977,392
665,286
57,247
26,330
506
8,776
92,859
17,337
6,900,469
480,322
11363,885
971,598
9,716,274
4,576,362
$ 22,917,554
$ 3,815,662
$ 498,475
$ 1,561,454
$ 28,793,145
$
5,316,704
$ 876,211
$ -
$ -
$ -
$ 876,211
$
-
901,083
-
-
1,914,014
2,815,097
-
-
-
-
(1,655,407)
(1,655,407)
-
$ 1,777,294
$ -
$ -
$ 258,607
$ 2,035,901
$
-
See accompanying notes to the basic financial statements.
26
EXHIBIT A-10
CITY OF WICHITA FALLS, TEXAS
STATEMENT OF FIDUCIARY ASSETS AND LIABILITIES
SEPTEMBER 30, 2018
Assets
Cash and cash equivalents
Liabilities
Other liabilities
See accompanying notes to the basic financial statements.
Agency
Fund
$ 1777550
$ 177,550
27
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS
SEPTEMBER 30, 2018
Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accounting and reporting policies of the City of Wichita Falls, Texas (City) conform to
accounting principles generally accepted in the United States of America (GAAP) applicable to
state and local governments. GAAP for local governments includes those principles prescribed by
the Governmental Accounting Standards Board (GASB), which includes all statements and
interpretations of the National Council on Governmental Accounting (NCGA) unless modified by
the GASB, and those principles prescribed by the American Institute of Certified Public
Accountants in the publication entitled Audits of State and Local Governmental Units. The
following is a summary of the more significant policies and practices used by the City.
A. Reporting Entity
The City is a municipal corporation governed by an elected Mayor and six -member City Council.
As required by Governmental Accounting Standards Board (GASB) Statement No. 61, these
financial statements present the City and its component units, entities for which the City is
considered to be financially accountable. Blended component units, although legally separate
entities, are in substance, part of the City's operations and data from these units are combined
with data presented by the City. A discretely presented component unit, on the other hand, is
reported in a separate column in the basic financial statements to emphasize it is legally separate
from the City. Each blended and discretely presented component unit has a September 30th year
end.
Blended Component Unit
Employee Benefit Trust Fund. On October 1, 1983, an "Agreement and Declaration of Trust"
was made and entered into between the City and the Employee Benefit Trust Committee,
acting as Trustee to administer the Employee Benefit Trust (Trust). The Trust Committee
consists of four Trustees selected by the City, who may, but need not be, beneficiaries of the
health and welfare program funded by the Trust, and/or officers or employees of the City. The
purpose of the Trust is to provide health and welfare benefits, which may include life,
accidental death and dismemberment, disability, medical and dental insurance, and any other
benefits as determined by the Trustee Committee. The Trust is funded through contributions
by the City and employees who choose to participate. It may be terminated in writing, at any
time, by either party. The Employee Benefit Trust Fund is presented in the accompanying
financial statements as an internal service fund.
Discretely Presented Component Units
The Wichita Falls Economic Development Corporation. The Wichita Falls Economic
Development Corporation is a non-profit corporation formed in May 1997 for the purpose of
increasing employment opportunities, primarily through assisting qualifying enterprises with
funds provided by a portion of the local sales tax. Assistance may be in the form of incentive
grants, loans or leases which call for discounted rates or rebates for job development. The
Corporation operates under the authority of Vernon's Civil Statutes, Article 5190.6, Section 4A.
Since the City Council appoints its Board of Directors, approves its budgets, and exercises
final authority over its operations, the Wichita Falls Economic Development Corporation is
considered to be part of the City's reporting entity and presented in the accompanying basic
financial statements as a discretely presented component unit. The Wichita Falls Economic
Development Corporation utilizes full accrual accounting.
28
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 2018
Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTD.)
The Wichita Falls 4B Sales Tax Corporation. The Wichita Falls 4B Sales Tax Corporation is a
non-profit corporation formed in May 1997 for the purpose of increasing employment
opportunities and for public improvement projects such as parks, auditoriums, learning
centers, open space improvements, athletic and exhibition facilities, and the related
maintenance and operating costs of such projects. The Corporation operates under the
authority of Vernon's Civil Statutes, Article 5190.6, Section 4B. Since the City Council appoints
its Board of Directors, approves its budgets, and exercises final authority over its operations,
the Wichita Falls 4B Sales Tax Corporation is considered to be part of the City's reporting
entity and presented in the accompanying basic financial statements as a discretely presented
component unit. The Wichita Falls 4B Sales Tax Corporation utilizes full accrual accounting.
Wichita Falls Reinvestment Zone #2. On August 16, 2005, the City of Wichita Falls, Texas,
with the advice and consent of the Wichita Falls Independent School District and Wichita
County, approved the creation of the Wichita Falls Reinvestment Zone #2 (Zone). This Zone is
permitted by Article 1066e of the State of Texas Tax Increment Financing Act passed in 1981.
The area of the Zone is approximately 236 acres and includes the Lawrence Road area of the
City. The purpose of the Zone is to capture increments of growth in real property values in the
Zone from base values established on January 1, 2004, and use the ad valorem taxes derived
from these increments to contribute to the zoned area. Tax funds derived from the increment
can only be spent for public improvements in the Zone or for the payment of debt service on
bonds issued to provide funds for public improvements. The Zone terminates on December
311 2025, or when all debt has been paid if later. After all costs have been paid at the end of
the tax increment financing period, any money remaining is to be remitted to the taxing
entities. Since the City Council appoints a majority of its Board, approves its budget, and
exercises final authority over its operations, the Wichita Falls Reinvestment Zone #2 is
considered to be part of the City's reporting entity and presented in the accompanying basic
financial statements as a discretely presented component unit. The Zone utilizes full accrual
accounting.
Wichita Falls Reinvestment Zone #3. On September 1, 2009, the City of Wichita Falls, Texas,
with the advice and consent of the Wichita Falls Independent School District and Wichita
County, approved the creation of the Wichita Falls Reinvestment Zone #3 (Zone). This Zone is
permitted by Article 1066e of the State of Texas Tax Increment Financing Act passed in 1981.
The area of the Zone is approximately 630 acres and includes a significant portion of the
Eastside Neighborhood. The purpose of the Zone is to capture increments of growth in real
property values in the Zone from base values established on January 1, 2009, and use the ad
valorem taxes derived from these increments to contribute to the zoned area. Tax funds
derived from the increment can only be spent for public improvements in the Zone or for the
payment of debt service on bonds issued to provide funds for public improvements. The Zone
terminates on December 31, 2029. After all costs have been paid at the end of the tax
increment financing period, any money remaining is to be remitted to the taxing entities. Since
the City Council appoints a majority of its Board, approves its budget, and exercises final
authority over its operations, the Wichita Falls Reinvestment Zone #3 is considered to be part
of the City's reporting entity and presented in the accompanying basic financial statements as
a discretely presented component unit. The Zone utilizes full accrual accounting.
29
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 2018
Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTD.)
Wichita Falls Reinvestment Zone #4. On March 17, 2015, the City of Wichita Falls, Texas,
with the advice and consent of the Wichita Falls Independent School District and Wichita
County, approved the creation of the Wichita Falls Reinvestment Zone #4 (Zone). This Zone is
permitted by Article 1066e of the State of Texas Tax Increment Financing Act passed in 1981.
The area of the Zone is approximately 246 acres and includes a significant portion of the
downtown area. The purpose of the Zone is to capture increments of growth in real property
values in the Zone from base values established on January 1, 2015, and use the ad valorem
taxes derived from these increments to contribute to the zoned area. Tax funds derived from
the increment can only be spent for public improvements in the Zone or for the payment of
debt service on bonds issued to provide funds for public improvements. The Zone terminates
on December 31, 2035. After all costs have been paid at the end of the tax increment
financing period, any money remaining is to be remitted to the taxing entities. Since the City
Council appoints a majority of its Board, approves its budget, and exercises final authority
over its operations, the Wichita Falls Reinvestment Zone #4 is considered to be part of the
City's reporting entity and presented in the accompanying basic financial statements as a
discretely presented component unit. The Zone utilizes full accrual accounting.
No separate audited financial statements are available for the City's blended and discretely
presented component units. Complete financial statements for the individual component units
may be obtained from the City's Deputy City Manager at 1300 7th Street, Wichita Falls, Texas.
Excluded From the Reaortina Entit
Wichita Falls Firemen's Relief and Retirement Fund. The Wichita Falls Firemen's Relief and
Retirement Fund was established and is controlled through various State of Texas legislative
enactments. This Fund is administered locally by a seven -member board, independent of the
City Council. City management and the City Council do not influence or control the
administrative and financial affairs of the Fund, and the assets of the Fund are not the
property of the City. The seven -member Board of Trustees, composed of the Mayor, the
Director of Finance from the City's Finance Department, three firefighters elected by a
majority vote of the firefighters and two citizens, who are not employees or officers of the City
and are chosen by the unanimous vote of the first five Trustees, are subject to the
administrative supervision of and report to the State Firemen's Pension Board. The activities
of the Firemen's Relief and Retirement Fund, in the City's judgment, are not a part of the City
and thus are excluded from the accompanying financial statements.
B. Basis of Presentation
Government -wide financial statements
The basic financial statements include both government -wide (based on the City as a whole) and
fund financial statements. The government -wide financial statements (i.e., the statement of net
position and the statement of activities) report information on all non -fiduciary activities of the
primary government and its component units. For the most part, the effect of interfund activity has
been removed from these statements. However, interfund services provided and used are not
eliminated in the process of consolidation. 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.
30
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 2018
Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTD.)
The government -wide statement of activities demonstrates the degree to which the direct
expenses of a functional category (police, public works, etc.) or segment are offset by program
revenues. Direct expenses are those that are clearly identifiable with a specific function or
segment. Program revenues include 1) charges to customers or applicants who purchase, use or
directly benefit from goods, services or privileges provided by a given function or segment, 2)
grants and contributions that are restricted to meeting operational requirements of a particular
function or segment, and 3) grants and contributions that are restricted to meeting the capital
requirements of a particular function or segment. Taxes and other items not included among
program revenues are reported instead as general revenues.
Fund financial statements
Separate fund -based financial statements are provided for governmental funds, proprietary funds,
and fiduciary funds, even though the latter are excluded from the government -wide financial
statements. Major individual governmental funds and major enterprise funds are reported as
separate columns in the fund financial statements. GASB Statement No. 34 sets forth minimum
criteria (percentage of assets (combined with deferred outflows of resources), liabilities (combined
with deferred inflows of resources), revenues or expenditures/expenses of either fund category for
governmental and enterprise) for the determination of major funds. The major governmental fund
is the General Fund. The major enterprise funds are the Water and Sewer Fund, the Sanitation
Fund and the Regional Airport Fund. Non -major funds are combined in a column in the fund
financial statements. Non -major funds are detailed in the combining section of the statements.
Internal service funds, which traditionally provide services primarily to other funds of the
government, are presented in the summary form as part of the proprietary fund financial
statements. Because the principal users of internal services are the City's governmental and
business -type activities, financial statements of internal service funds are allocated (based on the
percentage of goods or services provided) between the governmental and business -type activities
when presented at the government -wide level.
The government -wide focus is more on the sustainability of the City as an entity and the change in
aggregate financial position resulting from the activities of the fiscal period. The focus of the fund
financial statements is on the major individual funds of the governmental and business -type
categories. Each presentation provides valuable information that can be analyzed and compared
to enhance the usefulness of the information.
C. Measurement focus, basis of accounting and financial statement presentation
The government -wide financial statements are reported using the economic resources
measurement focus and the accrual basis of accounting, as are the proprietary funds. Revenues
are recorded when earned and expenses are recorded when a liability is incurred, regardless of
the timing of related cash flows. Property taxes are recognized as revenues in the year in which
they are levied. Grants and similar items are recognized as soon as all eligibility requirements
imposed by the provider have been met.
31
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 2018
Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTD.)
Government fund -level 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, debt service
expenditures, as well as expenditures related to compensated absences and claims and
judgments, are recorded only when payment is due.
Property tax, franchise fees, and sales tax associated with the current fiscal period are all
susceptible to accrual and have been recognized as revenues of the current fiscal period. All of the
revenue items are considered to be measurable and available only when cash is received.
The City reports the following major governmental funds:
The General Fund is the City's primary operating fund. All general tax revenues and other
receipts that are not allocated by law or contractual agreement to some other fund are
accounted for in this fund. From the fund are paid general operating costs, fixed charges, and
capital improvement costs that are not paid through other funds.
Other governmental funds are a summarization of all the non -major governmental funds.
The City reports the following major proprietary funds:
The Water and Sewer Fund accounts for the water and sewer utility services provided to
residents of the City. Activities necessary to provide such services are accounted for in the
fund, including, but not limited to, administration, operations, maintenance, finance and related
debt service.
The Sanitation Fund accounts for refuse collection services to the residents of the City as well
as the operations of the City's landfill. Activities necessary to provide such services are
accounted for in the fund, including, but not limited to, administration, operations and
maintenance.
The Regional Airport Fund accounts for the operations of the Wichita Falls Regional Airport.
Operational activities, including administration, operations and maintenance, of the airport are
accounted for in this fund.
Other enterprise funds are a summarization of all of the non -major proprietary funds.
The City additionally reports the following fund types:
Internal service funds are used to account for the financing of materials and services provided
by one department of the City to other departments of the City on a cost -reimbursement basis.
The City uses internal service funds to report the activities of fleet maintenance, duplicating
services, employee health and life insurance, and information technology.
32
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 2018
Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTD.)
An agency fund is used to account for any unclaimed vendor or payroll checks that will be
escheated to the State if they remain unclaimed. These funds are held on a purely custodial basis.
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 City's water and sewer, sanitation, transit, and airport funds are
charges to customers for services. Operating expenses for the enterprise funds and internal
service funds include the cost of sales and services, administrative expenses and depreciation on
capital assets. All revenues not meeting this definition are reported as nonoperating revenues and
expenses.
When both restricted and unrestricted resources are available for use, it is the government's policy
to use restricted resources first, then unrestricted resources as they are needed.
Capital improvement assessments are recorded as revenues in the fiscal period when the
assessment becomes both measurable and available to finance expenditures of the fiscal period.
Assessment revenues are considered measurable and available when collected by the City and
recognized as revenue at that time. Payments for capital improvement assessments received in
advance of the levy are reflected as deferred revenue.
D. Nonexchange Transactions
In a nonexchange transaction, a government gives (or receives) value without directly receiving (or
giving) equal value in return. The statement defines when the City should recognize revenue or
expense for nonexchange transactions involving financial or capital resources and how to account
for timing and purpose restrictions. The timing of recognition depends on whether a nonexchange
transaction is (a) a derived tax revenue (b) an imposed nonexchange revenue transaction or (c) a
government -mandated or voluntary nonexchange transaction. Under this standard, revenue
transactions with purpose restrictions are recorded as restricted resources until the purpose
restrictions are met.
Nonexchange transactions include the following classifications:
• Derived tax revenues result from assessments imposed by governments on exchange
transactions.
• Imposed nonexchange revenues result from assessments by governments on
nongovernmental entities, other than assessments on exchange transactions.
• Government -mandated nonexchange transactions occur when a government at one level
provides resources to a government at another level and require that government to use
them for a specific purpose or purposes established in the provider's enabling legislation.
• Voluntary nonexchange transactions result from legislative or contractual agreements, other
than exchanges, entered into willingly by two or more parties. Examples of the City's
voluntary nonexchange transactions include capital grants, state shared revenue and
private donations.
33
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 2018
Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTD.)
Providers of government -mandated nonexchange transactions and voluntary nonexchange
transactions should recognize liabilities and expenses/expenditures and recipients should
recognize receivables (or decrease in liabilities) and revenue when all applicable eligibility
requirements, including time requirements are met.
All nonexchange transactions occurring in governmental fund types are also subject to the
modified accrual revenue recognition criteria. Accordingly, assets and revenue should not be
recognized unless measurable and available.
E. Assets, liabilities and net position or fund balances
1. Cash, cash equivalents and investments
The City's cash and cash equivalents are considered to be cash on hand, demand
deposits and short-term investments with original maturities of three months or less from
the date of acquisition.
Investments are carried at fair value. Fair value is determined as the price at which two
willing parties would complete an exchange. Interest earned on investments is recorded
in the funds in which the investments are recorded.
2. Inventory and Prepaid Items
Inventories of the general and proprietary funds consist of supplies and various materials
used for the maintenance of capital assets. The consumption method is used to account
for these inventories. Under this method, inventory acquisitions are recorded in inventory
accounts initially and charged as expenditures when used. Inventories are stated at
average cost.
Certain payments to vendors reflect costs applicable to future accounting periods and are
recorded as prepaid items in both government -wide and fund financial statements via the
purchases method.
3. Capital Assets
Capital assets, which include property, plant and equipment, and infrastructure assets
(e.g. roads, bridges, sidewalks and similar items), are reported in the applicable
governmental or business -like activities columns in the government -wide financial
statements. The City defines capital assets as assets with an initial, individual cost of
more than $1,000 and an estimated useful life in excess of one year. Such assets are
recorded at historical cost or estimated historical cost if purchased or constructed.
Donated capital assets are recorded at acquisition value at the time received.
34
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 2018
Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTD.)
Capital assets are depreciated using the straight line method over the following useful
lives:
Assets Years
Buildings, systems and improvements 20-59 years
Infrastructure 8-100 years
Machinery, vehicles and other equipment 3 - 25 years
Furniture and equipment 3 - 10 years
For business -type activities' capital assets, interest is capitalized on construction costs
incurred during the year at an average interest rate on borrowed funds (revenue bonds) in
accordance with generally accepted accounting principles.
For the fiscal year ended September 30, 2018, the City's business -type activities incurred
a total of $3,429,341 of interest costs. This entire amount was charged to expense as
there was no capitalized interest in the current year.
Contributions of funds from federal, state, or local grants restricted for the purpose of
purchasing plant and equipment are recorded as revenue when received. The cost of
water and sewer lines installed by developers is valued by the contractor and recorded as
nonoperating revenue in the Water and Sewer Fund.
4. Deferred Outflows/Inflows of Resources
In addition to assets, the statement of financial position will sometimes report a separate
section for deferred outflows of resources. This separate financial statement element
represents a consumption of net position that applies to a future period(s) and so will not
be recognized as an outflow of resources (expense/expenditure) until then. Certain
amounts related to the City's participation in pension plans (See Note 8) and OPEB plan
(Note 9) are reported in this category, along with deferred losses on bond refunding.
In addition to liabilities, the statement of financial position will sometimes report a separate
section for deferred inflows of resources. This separate financial statement element
represents an acquisition of net position that applies to a future period(s) and so will not be
recognized as an inflow of resources (revenue) until that time. The City has only two types
of items that qualify for reporting in this category. Property taxes receivable ($782,699)
and municipal court fines receivable ($495,755) are unavailable and therefore cannot be
recognized as revenue in the governmental funds until they are received. There are also
certain items related to the City's participation in pension plans (See Note 8) and OPEB
plan (See Note 9) that are reported in this category.
5. Long -Term Obli,_ atq ions
Long-term debt and other obligations for general government purposes are recorded in the
government -wide statement of net position. Long-term debt and other obligations financed
by proprietary funds are reported as liabilities in the appropriate funds.
35
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 2018
Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTD.)
For the government -wide financial statements and proprietary fund types, bond premiums
and discounts, as well as issuance costs, are deferred and amortized over the life of the
bonds using the straight-line method in the government -wide financial statements. Bonds
payable are reported net of the applicable bond premium or discount. Issuance costs are
reported as deferred bond issue costs and amortized over the term of the related debt. In
addition, gains or losses on proprietary fund bond refunding are amortized over the term of
the lesser of the new bonds or the refunded bonds' life using the effective interest method. In
the governmental fund financials, bond proceeds are reported as another financing source.
Bond premiums and discounts in governmental funds are also recognized currently as other
financing sources or uses. Issuance costs, even if withheld from the actual net proceeds
received, are reported as debt service expenditures.
6. Fund Balances — Governmental Funds
Fund balances of the governmental funds are classified as follows:
Nonspendable Fund Balance — represents amounts that cannot be spent because they
are either not in spendable form (such as inventory or prepaid insurance) or legally
required to remain intact (such as notes receivable or principal of a permanent fund).
Restricted Fund Balance — represents amounts that are constrained by external parties,
constitutional provisions or enabling legislation.
Committed Fund Balance — represents amounts that can only be used for a specific
purpose by adoption of an ordinance by the City Council. Committed amounts cannot be
used for any other purpose unless the governing board removes those constraints through
the adoption of another ordinance. Committed fund balance amounts differ from restricted
balances in that the constraints on their use do not come from outside parties,
constitutional provisions, or enabling legislation, but rather from inside the City.
Assigned Fund Balance — represents amounts which the City intends to use for a specific
purpose, but that do not meet the criteria to be classified as restricted or committed. The
City Council has by resolution authorized the Deputy City Manager to assign fund balance.
Specific amounts that are not restricted or committed in a special revenue, capital
projects, debt service or permanent fund are assigned for purposes in accordance with the
nature of their fund type or the fund 7s primary purpose. Assignments within the General
Fund convey that the intended use of those amounts is for a specific purpose that is
narrower than the general purposes of the City itself. Unlike commitments, assignments
only exist temporarily. Therefore additional action does not normally have to be taken for
the removal of an assignment.
Unassigned Fund Balance — represents amounts which are unconstrained in that they
may be spent for any purpose. Only the General Fund reports a positive unassigned fund
balance. Other governmental funds might report a negative balance in this classification
because of overspending for specific purposes for which amounts had been restricted,
committed or assigned.
36
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 2018
Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTD.)
When an expenditure is incurred for a purpose for which both restricted and unrestricted
fund balance is available, the City considers restricted funds to have been spent first.
When an expenditure is incurred for which committed, assigned, or unassigned fund
balances are available, the City considers amounts to have been spent first out of
committed funds, then assigned funds, and finally unassigned funds.
7. Federal and State Grants
Grants and shared revenues are generally accounted for within the appropriate fund of the
City to be financed by such grants or shared revenues. Federal grants include Community
Development Block Grant, Section 8 Housing Assistance, Home Investment Partnership
Agreement Program, and numerous health -related grants.
Each Federal grant is accounted for in a separate special revenue fund. State grant
revenues received for purposes normally financed through the general government are
accounted for within the General Fund.
8. Transactions Between Funds
Outstanding balances between funds are reported as "due to/from other City funds." Any
residual balances between governmental activities and business -type activities are reported
in the government -wide statements as "internal balances." Nonrecurring or non -routine
transfers of equity between funds are accounted for as transfers.
9. Vacation and Sick Leave
All full-time employees accumulate vacation benefits based on length of service up to 20
days per year. The maximum allowable accumulation is 35 days. Upon leaving the
employment of the City, employees will be paid for unused vacation days which they have
accrued.
Sick leave is earned at the rate of 4.62 hours per pay period up to a maximum of ninety
days. Additionally, police officers and firefighters may accumulate an unlimited number of
sick leave days while employed with the City. Upon termination, police officers and
firefighters are compensated for up to 720 hours and 1,080 hours, respectively.
10. Risk Management
The government is exposed to various risks of loss related to torts; theft of, damage to and
destruction of assets; errors and omissions; and natural disasters for which the
government carries commercial insurance. For insured programs, there have been no
significant reductions in insurance coverage. Settlement amounts have not exceeded
insurance coverage for the current year or the three prior years.
37
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 2018
Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTD.)
The City maintains a group health insurance plan for employees and dependents which is
partially self -insured by the City. A group life insurance plan is maintained through an
insurance company. Contributions to the plans are provided for by both the City and
participating employees. These contributions are recognized as revenues in the internal
service fund used to account for these plans. The contributions made by the City are
recorded as expenditures or expenses of the various funds as appropriate.
Liabilities are reported when it is probable that a loss has occurred and the amount of the
loss can be reasonably estimated. An excess coverage insurance policy covers individual
claims in excess of $500,000. Liabilities include an amount for claims that have been
incurred but not reported. Claim liabilities are calculated considering the effects of
inflation, recent claim settlement trends including frequency and amount of pay -outs and
other economic and social factors.
The City is also self -insured up to $250,000 for workers' compensation claims. Such
claims are processed by a third party administrator. The City's estimated liability for
workers' compensation claims payable at September 30, 2018 is based on management's
estimate of probable losses in the amount of $776,840. The payment dates of such
claims cannot be precisely determined, but are expected to be paid on a periodic basis
over the next few years. Accordingly, the long-term liability has been recorded in the
government -wide financial statements.
The following represents changes in the amount of claims liabilities for the City from
October 1, 2016 to September 30, 2018:
Health
Workers'
Care
Compensation
Liability balance, October 1, 2016
$ 5807000
$ 637177
Incurred claims/adjustments
1172441196
7197069
Claim payments
( 11,356,196)
( 757,948)
Liability balance, September 30, 2017
4687000
247298
Incurred claims/adjustments
1074977456
113897632
Claim payments
( 10,440,530)
( 637,090)
Liability balance, September 30, 2018
$ 524,926
$ 776,840
F. Pension Plan
For purposes of measuring the net pension liability, deferred outflows of resources, and deferred
inflows of resources related to pensions, and pension expense, information about the Fiduciary
Net Position of the Texas Municipal Retirement System (TMRS) and the Wichita Falls Firemen's
Relief and Retirement Fund (WFFRRF) and additions to/deductions from Fiduciary Net Position
have been determined on the same basis as they are reported to TMRS and WFFRRF. For this
purpose, plan contributions are recognized in the period that compensation is reported for the
employee, which is when contributions are legally due. Benefit payments and refunds are
recognized when due and payable in accordance with the benefit terms. Investments are
reported at fair value.
38
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 2018
Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTD.)
G. Other Post-Emplovment Benefits
The fiduciary net position of the City of Wichita Falls Retiree Health Care Plan has been determined
using the flow of economic resources measurement focus and full accrual basis of accounting. This
includes for purposes of measuring the net OPEB liability, deferred outflows of resources and
deferred inflows of resources related to other post -employment benefits, OPEB expense, and
information about assets, liabilities and additions to/deductions from the Plan's fiduciary net position.
Benefit payments are recognized when due and payable in accordance with the benefit terms.
H. New Accounting Standard Adopted
In fiscal year 2018, the City adopted GASB Statement No. 75, Accounting and Financial Reporting for
Post -Employment Benefits Other Than Pensions. The primary objective of this Statement is to
improve accounting and financial reporting by state and local governments for post -employment
benefits other than pensions (other post -employment benefits or OPEB). It also improves information
provided by state and local governmental employers about financial support for OPEB that is
provided by other entities.
This Statement replaces the requirements of Statements No. 45, Accounting and Financial Reporting
by Employers for Post -Employment Benefits Other Than Pensions, as amended, and No. 57, OPEB
Measurements by Agent Employers and Agent Multiple -Employer Plans, for OPEB. Statement No.
74, Financial Reporting for Post -Employment Benefit Plans Other Than Pension Plans, establishes
new accounting and financial reporting requirements for OPEB plans.
The scope of this Statement addresses accounting and financial reporting for OPEB that is provided
to the employees of state and local governmental employers. This Statement establishes standards
for recognizing and measuring liabilities, deferred outflows of resources, deferred inflows of
resources, and expense/expenditures. For defined benefit OPEB, this Statement identifies the
methods and assumptions that are required to be used to project benefit payments, discount
projected benefit payments to their actuarial present value, and attribute that present value to periods
of employee service. Note disclosure and required supplementary information requirements about
defined benefit OPEB also are addressed.
Note 2 - COMPLIANCE AND ACCOUNTABILITY
Finance -Related Legal and Contractual Provisions
The City had no violations of finance -related legal and contractual provisions for the year ended
September 30, 2018.
Deficit Fund Balances — Individual Funds
The Airport Improvement Grant Fund, a special revenue fund, and the 4B Sales Tax Projects Fund, a
capital projects fund, had deficit fund balances of $904,338 and $47,128, respectively, as of
September 30, 2018. The City plans for these deficits to be alleviated within a year.
39
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 2018
Note 3 - DEPOSITS AND INVESTMENTS
Deposits
All of the City's demand and time depository accounts are held in local banking institutions under
the terms of written depository contracts. At September 30, 2018, the total amount of the City's
demand and time deposits per the general ledger was $1,790,062, and the total amount per the
City's September 30, 2018 bank statements was $3,367,330. The entire amount of the year-end
bank statement balances was covered by federal depository insurance or by collateral held by the
City's agent in the City's name.
I nvA_qtmAntc
The investment policies of the City and its discretely presented component units are governed by
The Public Funds Investment Act. Authorized investments include obligations of the U.S.
Treasury, agencies and instrumentalities, obligations of the State of Texas and related agencies,
obligations of states, agencies, counties, cities and political subdivisions of any state rated A or
above by a nationally recognized investment rating firm, repurchase agreements, public funds
investment pools, and commercial paper.
The investments of the City and its discretely presented component units at September 30, 2018
are as follows:
Fair Value/
Average
Weighted Average
Carrying
Credit Quality/
Months to
Types of Investments
Amount
Cost
Ratings
Maturity
Primary Government:
TexPool
$ 2911375566
$ 2911371566
Not rated
1.00
LOGIC
46,873,911
46,873,911
Not rated
1.00
Money market accounts
21,730,861
21,730,861
Not rated
1.00
Total primary government
investments
97,742,338
97,742,338
Component Units:
TexPool
19,003,071
19,003,071
Not rated
1.00
Total component unit
investments
19,003,071
19,003,071
Total investments
$116,745,409
$116,745,409
TexPool is a local government investment pool organized in conformity with the Interlocal
Cooperation Act, Chapter 791 of the Texas Government Code, and operates under the Public
Funds Investment Act, Chapter 2256 of the Texas Government Code. The State Comptroller of
Public Accounts is the sole officer, director, and shareholder of the Texas Treasury Safekeeping
Trust Company, which is authorized to operate TexPool. Pursuant to the TexPool Participation
Agreement, administrative and investment services to TexPool are provided by Federated
Investors, Inc., under an agreement with the Comptroller, acting on behalf of the Trust Company.
As required by the Public Funds Investment Act, the Advisory Board is composed equally of
participants in TexPool and other persons who do not have a business relationship with TexPool
who are qualified to advise TexPool. TexPool is comprised of two investment alternatives: TexPool
(which the City is invested in) and TexPool Prime. Both funds seek to maintain a net asset value of
$1.00 per unit and are rated AAAm by Standard and Poor's.
40
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 2018
Note 3 - DEPOSITS AND INVESTMENTS (CONTD.)
Local Government Investment Cooperative (LOGIC) was organized in conformity with the
Interlocal Cooperation Act, Chapter 791 of the Texas Government Code, and the Public Funds
Investment Act, Chapter 2256 of the Texas Government Code, and operates as a public funds
investment pool under the Public Funds Investment Act. LOGIC is organized and existing as a
business trust under the laws of the State of Texas with all Participant funds and all investment
assets held and managed in trust by a Board of Trustees for the benefit of the Participants. The
Board of Trustees is LOGIC's governing body and is comprised of employees, officers or elected
officials of Participant Government Entities or individuals who do not have a business relationship
with the Pool and are qualified to advise it. A maximum of two advisory board members represent
the Co -Administrators of the Pool. LOGIC seeks to maintain a net asset value of $1.00 per unit
and are rated AAAm by Standard and Poor's.
The City categorizes its fair value measurements with the fair value hierarchy established by
generally accepted accounting principles. The hierarchy is based on the valuation inputs used to
measure the fair value of the asset. Level 1 inputs are quoted prices in active markets for identical
assets; Level 2 inputs are significant other observable inputs; Level 3 inputs are significant
unobservable inputs. Investments that are measured at fair value using the net asset value per
share (or its equivalent) as a practical expedient are not classified in the fair value hierarchy
below. In instances where inputs used to measure fair value fall into different levels in the above
fair value hierarchy, fair value measurements in their entirety are categorized based on the lowest
level input that is significant to the valuation. The City's assessment of the significance of
particular inputs to these fair value measurements requires judgement and considers factors
specific to each asset or liability.
The City values its certificates of deposit and money market accounts using Level 2 inputs, which
are values provided by the City's depositories. TexPool and LOGIC are valued at net asset value
per unit/share.
GASB Statement No. 40 requires a determination as to whether the City was exposed to the
following specific investment risks at year end and if so, the reporting of certain related
disclosures:
a. Credit Risk
Credit risk is the risk that an issuer or other counterparty to an investment will not fulfill its
obligations. The ratings of securities by nationally recognized rating agencies are designed
to give an indication of credit risk. At year end, the City was not exposed to credit risk.
b. Custodial Credit Risk
Deposits are exposed to custodial credit risk if they are not covered by depository
insurance and the deposits are uncollateral ized, collateralized with securities held by the
pledging financial institution, or collateralized with securities held by the pledging financial
institution's trust department or agent but not in the City's name.
Investment securities are exposed to custodial risk if the securities are uninsured, are not
registered in the name of the government, and are held by either the counterparty or the
counterparty's trust department or agent but not in the City's name.
At year end, the City was not exposed to custodial credit risk.
41
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 2018
Note 3 - DEPOSITS AND INVESTMENTS (CONT'D.)
c. Concentration of Credit Risk
This risk is the risk of loss attributed to the magnitude of a government's investment in a
single issuer. At year end, the City was not exposed to concentration of credit risk.
d. Interest Rate Risk
This is the risk that changes in interest rates will adversely affect the fair value of an
investment. In accordance with its investment policy, the City manages its exposure to
interest rate risk by allowing no more than 20% of the City's portfolio to be invested for a
period greater than one year.
e. Foreign Currency Risk
This is the risk that exchange rates will adversely affect the fair value of an investment. At
year end, the City was not exposed to foreign currency risk.
Note 4 - PROPERTY TAXES
Property taxes attach as an enforceable lien on property as of the prior January 1. Taxes are
levied on October 1, and become delinquent after January 31, unless the half -payment option is
elected, in which case one-half of the tax is due November 30, and the balance the following June
30.
The City is permitted by its Home Rule Charter to levy taxes up to $2.25 per $100 of assessed
valuation for general governmental services including the payment of principal and interest on
long-term debt. The combined tax rate to finance general governmental services for the year
ended September 30, 2018 was $.70598 per $100 which means that the City has a tax margin of
$1.54402 per $100, and could raise up to $76,300,093 additional tax revenue a year from the
present assessed valuation of $4,941,651,841 before the limit is reached.
42
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CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 2018
Note 6 - RESTRICTED ASSETS
Restricted assets in the Water and Sewer Fund, Regional Airport Fund, and Internal Service
Funds, are held for specific purposes in accordance with bond ordinances or other legal
restrictions.
Water and Sewer restricted assets are comprised of the following:
For Debt Service:
Cash and cash equivalents $ 11,571,092
For Capital Improvements:
Cash and cash equivalents 5,458,167
Total $ 17,029,259
Regional Airport restricted assets are comprised of the following:
For Passenger Facility Charges:
Cash and cash equivalents $ 297
For Customer Facility Charges:
Cash and cash equivalents 345,391
Total 345 688
Internal Service Fund restricted assets are comprised of the following:
For Employee Insurance:
Cash and cash equivalents $ 51931,459
44
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 2018
Note 7 - CAPITAL ASSETS
Capital asset activity for the year ended September 30,
2018 was as
follows:
Balance
Balance
Governmental activities:
October 1,
September 30,
2017
Increases
Decreases
2018
Capital assets not being depreciated:
Land
$ 127226,813
$ -
$1,543,993
$ 10,682,820
Construction in progress
4,231,944
78,140
487,792
3,822,292
Total capital assets not being depreciated
16,458,757
78,140
2,031,785
14,505,112
Capital assets being depreciated:
Land betterments
23,425,044
-
-
23,425,044
Buildings, systems and improvements
751536,087
151000
91213
75,5411874
Infrastructure
1801515,171
9,706,709
11760,752
188,4615128
Machinery and equipment
272101,245
423,590
512,296
27,012,539
Furniture and fixtures
152,949
-
7,528
145,421
Total capital assets being depreciated
306,730,496
10,145,299
2,289,789
314,586,006
Less accumulated depreciation for:
Land betterments
71232776
493,833
-
7726,609
Buildings, systems and improvements
26,154,783
1,730,065
8,397
27,876,451
Infrastructure
96,111,405
3,203,994
1,388,638
97,926,761
Machinery and equipment
161281,314
17987,073
5077162
17,7611225
Furniture and fixtures
152,715
466
7,760
145,421
Total accumulated depreciation
145,932,993
7,415,431
1,911,957
151,436,467
Total capital assets being depreciated, net
160,797,503
2,729,868
377,832
163,149,539
Governmental activities capital
assets, net
$1771256,260
$ 2,808,008
$21409,617
$177,654,651
Depreciation expense was charged to functions as follows:
Governmental activities:
Administrative services
$ 1,366,361
Police
1,117)456
Fire
203,913
Parks and recreation
229,388
Accounting/finance
11,981
Community development
6,315
Public works
2,806,640
Health
1677106
Traffic and transportation
473,499
Multi -Purpose Events Center
1,032,772
Total governmental depreciation
$ 7,415,431
45
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 2018
Note 7 - CAPITAL ASSETS (CONTD.)
Balance
Balance
Business -type activities:
October 1,
September 30,
2017
Increases
Decreases
2018
Capital assets not being depreciated:
Land
$ 9,303,195
$ 1,543,993
$ 12,010
$ 10,835,178
Construction in progress
51,373,397
2,156,732
48,659,692
4,870,437
Total capital assets not being depreciated
60,676,592
3,700,725
48,671,702
15,705,615
Capital assets being depreciated:
Land betterments
47,943,500
8,459,512
3,300
56,399,712
Buildings, systems and improvements
412,1167034
51,934,234
45628,590
459,4211678
Machinery and equipment
916837196
342556
593,446
934323306
Furniture and fixtures
16,943
-
-
16,943
Motor vehicles
56,820,458
5,256,551
1,363,106
60,713,903
Total capital assets being depreciated
526,580,131
65,992,853
6,588,442
585,984,542
Less accumulated depreciation for:
Land betterments
18,023,394
1,413,115
1,991
19,434,518
Buildings, systems and improvements
133,007,122
10,543,033
25717,006
140,833,149
Machinery and equipment
7,288,520
509,685
540,502
7,2571703
Furniture and fixtures
7,963
2,566
-
10,529
Motor vehicles
41,946,192
3,542,671
1,363,107
44,125,756
Total accumulated depreciation
200,273,191
16,011,070
4,622,606
211,661,655
Total capital assets being depreciated, net
326,306,940
49,981,783
1,965,836
374,322,887
Business -type activities capital
assets, net
$386,983,532
$53,682,508
$50,637,538
$390,028502
Depreciation expense was charged to programs as follows:
Business -type activities:
Regional Airport
$ 174031659
Kickapoo Airport
4571794
Transit
829,724
Sanitation
2,676,433
Water and sewer
91972,655
Stormwater drainage
417,985
Waterpark
252,820
Total business -type depreciation
$16,011,070
46
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 2018
Note 8 - PENSION PLANS
Eligible City employees participate in one of two pension plans. Eligible firefighters participate in
the Wichita Falls Firemen's Relief and Retirement Fund (WFFRRF). All other eligible employees
participate in the Texas Municipal Retirement System (TMRS).
The table below summarizes the amounts reported by the City for each plan as of September 30,
2018. Detailed information for each plan follows.
Net pension liability
Deferred outflows of resources
Deferred inflows of resources
Pension expense
Texas Municipal Retirement System
Plan Description
TMRR \A/FFRRF Tntnl
$32,010,200 $70,486,517 $1021496,717
12,443,786
371727,552
12,689,991
4,338,437
61397,190
81844,060
50,171, 338
17,028,428
15,241,250
The City participates as one of 872 plans in the nontraditional, joint contributory, hybrid defined
benefit plan administered by the TMRS. TMRS is an agency created by the State of Texas and
administered in accordance with the TMRS Act, Subtitle G, Title 8, Texas Government Code
(the TMRS Act) as an agent multiple -employer retirement system for municipal employees in
the State of Texas. The TMRS Act places the general administration and management of the
System with a six -member Board of Trustees. Although the Governor, with the advice and
consent of the Senate, appoints the Board, TMRS is not fiscally dependent on the State of
Texas. TMRS's defined benefit pension plan is a tax -qualified plan under Section 401(a) of the
Internal Revenue Code. TMRS issues a publicly available comprehensive annual financial
report (CAFR) that can be obtained at www.tmrs.com.
All eligible employees of the City are required to participate in TMRS.
Benefits Provided
TMRS provides retirement, disability, and death benefits. Benefit provisions are adopted by
the City Council, within the options available in the governing state statutes of TMRS.
At retirement, the benefit is calculated as if the sum of the employee's contributions, with
interest, and the City -financed monetary credits with interest were used to purchase an
annuity. Members may choose to receive their retirement benefit in one of seven payment
options. Members may also choose to receive a portion of their benefit as a Partial Lump Sum
Distribution in an amount equal to 12, 24, or 36 monthly payments, which cannot exceed 75%
of the member's deposits and interest.
47
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 2018
Note 8 - PENSION PLANS (CONTD.)
Employees Covered by Benefit Terms
At the December 31, 2017 valuation and measurement date, the following employees were
covered by the benefit terms:
Inactive employees or beneficiaries currently receiving benefits 642
Inactive employees entitled to but not yet receiving benefits 445
Active employees 988
(.nntrihi itinnc
The contribution rates for employees in TMRS are either 5%, 6%, or 7% of employee gross
earnings, and the participating city matching percentages are either 100%, 150%, or 200%,
both as adopted by the governing body of the participating city. Under the state law governing
TMRS, the contribution rate for each city is determined annually by the actuary, using the
Entry Age Normal (EAN) actuarial cost method. The actuarially determined rate is the
estimated amount necessary to finance the cost of benefits earned by employees during the
year, with an additional amount to finance any unfunded accrued liability.
Employees of the City were required to contribute 5% of their annual gross earnings during the
fiscal year. The contribution rates for the City were 12.54% and 12.83% in calendar years
2017 and 2018, respectively. The City's contributions to TMRS for the year ended September
301 2018, were $5,675,065, and were equal to the required contributions.
Net Pension Liability
The City's Net Pension Liability (NPL) was measured as of December 31, 2017, and the Total
Pension Liability used to calculate the Net Pension Liability was determined by an actuarial
valuation as of that date.
Actuarial Assumptions
The Total Pension Liability in the December 31, 2017 actuarial valuation was determined using
the following actuarial assumptions:
Inflation
Overall payroll growth
Investment rate of return
2.5% per year
3.0% per year
6.75%, net of pension
inflation
plan investment expense, including
Salary increases were based on a service -related table. Mortality rates for active members,
retirees, and beneficiaries were based on the gender -distinct RP2000 Combined Healthy
Mortality Table, with male rates multiplied by 109% and female rates multiplied by 103%.
Based on the size of the City, rates are multiplied by a factor of 100.0%. The rates are
projected on a fully generational basis by scale BB to account for future mortality
improvements. For disabled annuitants, the gender -distinct RP2000 Disabled Retiree Mortality
Table is used, with slight adjustments.
48
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 2018
Note 8 - PENSION PLANS (CONTD.)
Actuarial assumptions used in the December 31, 2016, valuation were developed primarily
from an actuarial investigation of the experience of TMRS over the four-year period from
December 31, 2010 through December 31, 2014, first used in the December 31, 2015
valuation. The post -retirement mortality assumption for healthy annuitants and annuity
purchase rates are based on a Mortality Experience Investigation Study covering 2009 through
2011, and dated December 31, 2013. These assumptions were first used in the December 31,
2013 valuation, along with a change to the Entry Age Normal (EAN) actuarial cost method.
Assumptions are reviewed annually.
The long-term expected rate of return on pension plan investments is 6.75%. The pension
plan's policy in regard to the allocation of invested assets is established and may be amended
by the TMRS Board of Trustees. Plan assets are managed on a total return basis with an
emphasis on both capital appreciation as well as the production of income, in order to satisfy
the short-term and long-term funding needs of TMRS.
The long-term expected rate of return on pension plan investments was determined using a
building-block method in which best estimate ranges of expected future real rates of return
(expected returns, net of pension plan investment expense and inflation) are developed for
each major asset class. These ranges are combined to produce the long-term expected rate of
return by weighing the expected future real rates of return by the target asset allocation
percentage and by adding expected inflation. The target allocation and best estimates of
arithmetic real rates of return for each major asset class are summarized in the following table:
Long -Term Expected Real
Asset Class
Target Allocation
Rate of Return (Arithmetic)
Domestic Equity
17.5%
4.80%
International Equity
17.5%
6.05%
Core Fixed Income
10.0%
1.50%
Non -Core Fixed Income
20.0%
3.50%
Real Return
10.0%
1.75%
Real Estate
10.0%
5.25%
Absolute Return
10.0%
4.25%
Private Equity
5.0%
8.50%
Total
Discount Rate
100.0%
The discount rate used to measure the Total Pension Liability was 6.75%. The projection of
cash flows used to determine the discount rate assumed that employee and employer
contributions will be made at the rates specified in statute. Based on that assumption, the
pension plan's Fiduciary Net Position was projected to be available to make all projected
future benefit payments of current active and inactive employees. Therefore, the long-term
expected rate of return on pension plan investments was applied to all periods of projected
benefit payments to determine the Total Pension Liability.
49
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 2018
Note 8 - PENSION PLANS (CONTD.)
Changes in Net Pension Liability
Balances as of December 31, 2016
Changes for the year:
Service cost
Interest on total pension liability
Change of benefit terms
Difference between expected and
actual experience
Change of assumptions
Contributions — employer
Contributions — employee
Net investment income
Benefit payments, including refunds
of employee contributions
Administrative expense
Other changes
Balances as of December 31, 2017
Sensitivity Analysis
Increase (Decrease
Total Pension
Fiduciary Net Net Pension
Liability
Position Liability
(a)
(b) (a) — (b)
$253,744,464
$205,988,203 $475756,261
4,917,413 - 4,917,413
16, 873,140 - 16, 873,140
( 1,117,057) - ( 1,117,057)
- 5,565,648 ( 5,565,648)
- 274701741 ( 2,470,741)
- 28, 538, 620 ( 28,538,620)
( 12,461,447) ( 1254615447) -
- ( 147,954) 147,954
- ( 7,498) 7,498
$261, 956, 513 $229, 946, 313 $32, 010, 200
The following presents the net pension liability of the City, calculated using the discount rate of
6.75%, as well as what the City's net pension liability / (asset) would be if it were calculated
using a discount rate that is 1 percentage point lower (5.75%) or 1 percentage point higher
(7.75%) than the current rate.
1% Current 1%
Decrease Discount Rate Increase
Net pension liability $6675727907 $3270107200 $3,4857648
Pension Expense, Deferred Outflows of Resources and Deferred Inflows of Resources
For the year ended September 30, 2018, the City recognized pension expense of $6,397,190
related to its participation in TMRS.
50
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 2018
Note 8 - PENSION PLANS (CONTD.)
At September 30, 2018, the City reported deferred outflows of resources and deferred inflows of
resources related to TMRS from the following sources:
Deferred Outflows Deferred Inflows
Differences between expected and
actual experience $ 11947,718 $ 975,230
Net difference in assumptions 3477455 -
Net difference between projected and
actual earnings 67010,797 1177147760
Contributions made subsequent to
measurement date 41137,816 -
Total $12,4431786 $12,6891990
$4,137,816 reported as deferred outflows of resources related to pensions resulting from
contributions subsequent to the measurement date will be recognized as a reduction of the net
pension liability for the year ending September 30, 2019. Other amounts reported as deferred
outflows of resources and deferred inflows of resources related to pensions will be recognized in
pension expense as follows:
Year Ended December 31:
2018
$ 11169,307
2019
4437997
2020
( 31056,655)
2021
( 219407669)
2022
-
Thereafter
-
Total
($ 4.384.020)
Wichita Falls Firemen's Relief and Retirement Fund
Plan Description
The City provides pension benefits for all of its firefighters through a single -employer defined
benefit pension plan. The Wichita Falls Firemen's Relief and Retirement Fund (Fund)
operates under an act passed in 1937 by the Texas State Legislature and adopted by the
City's firefighters.
The stand-alone financial report for the Firemen's Relief and Retirement Fund can be obtained
from the City's Deputy City Manager at 1300 7th Street, Wichita Falls, Texas.
51
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 2018
Note 8 - PENSION PLANS (CONTD.)
Benefits Provided
Benefits are determined on a "formula" or a "final salary" plan. A firefighter who qualifies for a
retirement benefit will receive monthly retirement equal to 2.55% (2.50% for those hired after
April 20, 2016) of the firefighter's average salary, multiplied by the member's years of credited
service. Benefits are calculated based upon a member's average salary for the 78 consecutive
biweekly pay periods which produce the highest average.
Members hired prior to April 21, 2016 can receive a service retirement at ages 50 and above
with 20 or more years of service. Members hired after April 20, 2016 can receive a service
retirement at ages 55 and above with 20 or more years of service. Members are eligible for
actuarially reduced early retirement benefits before the applicable retirement age, provided the
employee has accrued at least 20 years of service. The plan also provides death and
disability benefits. Members who terminate their service and are nonvested are entitled to the
excess of the member's contributions over any benefits previously received.
The valuations used for this plan are based on a valuation performed as of January 1, 2018.
Employees Covered by Benefit Terms
At the January 1, 2018 measurement date, the following employees were covered by the
benefit terms:
Inactive employees or beneficiaries currently receiving benefits 135
Inactive employees entitled to but not yet receiving benefits 1
Active employees 155
C'Inntrihi itinnc
The contribution rate for the firefighters is 13% and the City contributes 12%. Both the
firefighters and City make contributions bi-weekly. Contribution requirements are not
actuarially determined, however, state law requires that each plan of benefits adopted by the
Fund must be approved by a qualified actuary. The actuary certifies that the contribution
commitments by the firefighters and the City provide an adequate financing arrangement.
Using the individual entry age normal cost method, the plan's normal cost is determined as a
percentage of payroll.
The City's contributions to the Plan for the year ended September 30, 2018, were $1,411,351,
and were equal to the required contributions.
Net Pension Liability
The City's Net Pension Liability (NPL) was measured as of January 1, 2018, and the Total
Pension Liability used to calculate the Net Pension Liability was determined by an actuarial
valuation as of that date.
52
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 2018
Note 8 - PENSION PLANS (CONTD.)
Actuarial Assumptions
The Total Pension Liability in the January 1, 2018, actuarial valuation was determined using
the following actuarial assumptions:
Inflation
Salary increases
Discount Rate
Investment rate of return
3.0% per year
Service -based
5.03% per year
7.75%, net of pension
inflation
plan investment expense, including
Mortality rates for employee and healthy annuitant combined rates were taken from RP2000
Mortality Table, projected to 2024 using Scale AA — Sex Distinct.
Actuarial assumptions used in the valuation were based on the results of actuarial experience
studies. The experience study was last performed October 6, 2017.
The long-term expected rate of return on pension plan investments was determined using a
method in which best estimate ranges of expected future real rates of return (expected returns,
net of pension plan investment expense and inflation) are developed for each major asset
class. For 2018 the inflation rate assumption of the investment advisor was 2.50%. These
ranges are combined to produce the long-term expected rate of return by weighing the
expected future real rates of return by the target asset allocation percentage and by adding
expected inflation.
Best estimates of geometric real rates of return for each major class included in the Plan's
target asset allocation as of December 31, 2017 are summarized in the following table:
Long -Term Expected Real
Asset Class
Target Allocation
Rate of Return (Arithmetic)
Domestic Equity
40.00%
7.50%
International Equity
15.00%
8.50%
Domestic Fixed Income
20.00%
2.50%
Global Fixed Income
5.00%
3.50%
Real Estate
10.00%
4.50%
Alternative
10.00%
5.00%
Total
100.00%
Discount Rate
The projection of cash flows used to determine the discount rate assumed that current plan
member and sponsor contributions will be made at the current contribution rate. Future
member's contributions in excess of their normal cost were also included. Based on these
assumptions, the pension plan's Fiduciary Net Position was projected to be available to make
all projected future benefit payments for 30 years. Future benefit payments beyond 30 years
were discounted using a high quality municipal bond rate of 3.44%. The high quality municipal
bond rate was based on the week closest to, but not later than, the measurement date of the
Bond Buyer 20-Bond Index as published by the Bond Buyer. The single equivalent discount
rate was 5.03%.
53
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 2018
Note 8 - PENSION PLANS (CONTD.)
Changes in Net Pension Liability
Increase (Decrease)
Total Pension
Fiduciary Net
Net Pension
Liability
Position
Liability
(a)
(b)
(a) — (b)
Balances as of December 31, 2016
$ 98,359,668
$467950,042
$5174097626
Changes for the year:
Service cost
2,8597969
-
2,859,969
Interest on total pension liability
57728,347
-
577287347
Change of benefit terms
-
-
-
Difference between expected and
actual experience
5,304,698
-
573047698
Change of assumptions
147862,872
-
1478627872
Contributions — employer
-
174111351
( 17411,351)
Contributions — employee
-
174631122
( 1,463,122)
Net investment income
-
615811299
( 6,581,299)
Benefit payments, including refunds
of employee contributions
( 5,250,040)
( 5,250,040)
-
Administrative expense
-
( 124,267)
1245267
Other changes
-
347,490
( 347,490)
Balances as of December 31, 2017
$121,865,514
$51,378,997
$70,486,517
Sensitivity Analysis
The following presents the net pension liability of the City, calculated using the discount rate of
5.03%, as well as what the City's net pension liability / (asset) would be if it were calculated
using a discount rate that is 1 percentage point lower (4.03%) or 1 percentage point higher
(6.03%) than the current rate.
1% Current 1%
Decrease Discount Rate Increase
Net pension liability $9373927921 $7074867517 $59,9277518
Pension Expense, Deferred Outflows of Resources and Deferred Inflows of Resources
For the year ended September 30, 2018, the City recognized pension expense of $8,844,060
related to the Wichita Falls Firemen's Relief and Retirement Fund.
Pension Plan Fiduciary Net Position
Detailed information about the pension Plan's Fiduciary Net Position is available in the
separately issued Plan financial report.
54
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 2018
Note 8 - PENSION PLANS (CONTD.)
At September 30, 2018, the City reported deferred outflows of resources and deferred inflows of
resources related to the WFFRRF from the following sources:
Deferred Outflows Deferred Inflows
of Rocni irr-oc of Pncni irr+nc
Differences between expected and
actual experience $ 41715,288 $2,8877624
Difference due to changes in actuarial
assumptions 31,961,836 330,712
Net difference between projected and
actual earnings - 15120,101
Contributions made subsequent to
measurement date 1,050,428 -
Total $37,727,552 $4,338,437
$1,050,428 reported as deferred outflows of resources related to pensions resulting from
contributions subsequent to the measurement date will be recognized as a reduction of the net
pension liability for the year ending September 30, 2019. Other amounts reported as deferred
outflows of resources and deferred inflows of resources related to pensions will be recognized in
pension expense as follows:
Year Ended December 31:
2019
$ 415977267
2020
415357779
2021
318727084
2022
316617445
2023
414467669
Thereafter
11,225,443
Total
$32,338,687
Note 9 - POST -EMPLOYMENT BENEFITS OTHER THAN PENSION BENEFITS
Plan Description
The City administers the City of Wichita Falls Retiree Health Care Plan for all permanent
employees who retire after satisfying eligibility retirement requirements through a single -employer
defined benefit plan. All employees who retire and are actively in one of the City's health plans
can continue to receive health care benefits under the City's plan for themselves and any
dependents for as long as the retiree and/or dependents live. The plan does not issue a stand-
alone financial report.
55
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 2018
Note 9 - POST -EMPLOYMENT BENEFITS OTHER THAN PENSION BENEFITS (CONT'D.)
Retiree Premiums
Pre -Medicare: Retirees share in the cost of the Plan by paying premiums according to the
following schedule:
PPO
PPO
PPO
Under 65
Core
CAT
HSA
Retiree Only
$ 406
$ 304
$ 288
Retiree/Spouse
$17630
$1,285
$11229
Retiree/Child
$17273
$ 999
$ 954
Retiree/Family
$21344
$1,856
$13778
Rates for pre -Medicare retirees over the age of 65 are $514 for retiree only and $1,028 for
retiree/spouse.
Post -Medicare: Eligible retirees and spouses on Medicare are eligible to participate in a Medicare
supplement health care plan. Effective January 1, 2009, the following changes will be
implemented to Medicare eligible retirees:
For retirees and spouses who were on Medicare as of January 1, 2009, the City will provide
$250 in premium assistance towards the full premium for a Medicare subsidy program. The
$250 is expected to be a fixed amount.
For retirees and spouses retired as of January 1, 2009 but not yet Medicare -eligible, the City
will provide $100 in premium assistance towards the full premium for a Medicare subsidy
program. The $100 is expected to be a fixed amount.
For members who retire on or after January 1, 2009, the City will provide no premium
assistance once Medicare -eligible.
Benefits for Spouses of Retired Employees
Spouses of retirees are eligible to participate in the retiree health care program. Spouses are
eligible to continue with same coverage after the death of the retiree.
Vision Coverage
Vision coverage is offered through a separate, fully -insured plan. Retirees may participate but are
100% responsible for payment of the vision premiums.
Dental Coverage
Retirees and spouses, prior to qualifying for Medicare, are eligible to participate in the same
dental care program as active employees. There is no dental coverage for retirees or spouses on
the Medicare supplement.
56
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 2018
Note 9 - POST -EMPLOYMENT BENEFITS OTHER THAN PENSION BENEFITS (CONTD.)
Life Insurance Coverage
General employees and Firefighters receive $7,500 of employer -paid life insurance which is
included in the liabilities of the Plan. No life insurance coverage is provided for spouses of
retirees.
Employees Covered by Benefit Terms
At the December 31, 2016 measurement date, the following employees were covered by the
benefit terms:
Inactive plan members or beneficiaries currently receiving benefits 671
Inactive plan members entitled to but not yet receiving benefits -
Active plan members 1,165
Actuarial Assumptions
The demographic assumptions are based on the assumptions that were developed for the
defined benefit plans in which the City participates (TMRS and the Firemen's Pension Plan). The
TMRS assumptions are based on the experience study covering the four-year period ending
December 31, 2014 as conducted for the Texas Municipal Retirement System (TMRS). The
firefighter assumptions are based on the January 1, 2017 Valuation for the Wichita Falls
Firemen's Relief and Retirement Fund.
Actuarial Methods and Assumptions:
Valuation Date
December 31, 2016
Actuarial Cost Method
Individual Entry Age Normal
Discount Rate
7.10% as of December 31, 2017
Inflation
2.50%
Salary Increases
3.50% to 10.50% for TMRS and 0.40% to 4.30% for firemen,
including inflation
Demographic Assumptions
TMRS: Based on the experience study covering the four-year
period ending December 31, 2014 as conducted for TMRS.
Based on the January 1, 2017 valuation for the Wichita Falls
Firemen's Relief and Retirement Fund.
Mortality
TMRS: For healthy retirees, the gender -distinct RP-2000
Combined Healthy Mortality Tables with Blue Collar Adjustment
are used with male rates multiplied by 109% and female rates
multiplied by 103%. The rates are projected on a fully
generational basis by scale BB to account for future mortality
improvements.
WFRRF: The firefighters' mortality table was the RP-2000
Combined Healthy Mortality Table for males and females,
projected to year 2024 using Scale AA.
Participation Rates
TMRS: 50% of employees retiring after the age of 49 or with
disability at any age were assumed to elect retiree health care
benefits through the City. 0% of TMRS employees retiring
before the age of 49 were assumed to elect coverage.
Fire: 100% of employees retiring at any age were assumed to
elect retiree health care benefits through the City.
57
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 2018
Note 9 - POST -EMPLOYMENT BENEFITS OTHER THAN PENSION BENEFITS (CONTD.)
Healthcare Cost Trend Rates Initial rate of 7.30% declining to ultimate rates of 4.25% after
14 years.
A single discount rate of 7.10% was used to measure the total OPEB liability. The asset portfolio
of the OPEB trust largely consists of long-term growth stocks and can therefore support a 7.10%
long-term rate of return. The City's current funding policy is to pay the recommended actuarially
determined contribution, which is based on a closed amortization period. As a result, the OPEB
plan's fiduciary net position is expected to be available to make all projected future benefit
payments for current plan members. Therefore, the long-term expected rate of return on OPEB
plan investments was applied to all periods of projected benefit payments to determine the total
OPEB liability.
Changes in Net OPEB Liability
Balances as of December 31, 2016
Changes for the year:
Service cost
Interest on total OPEB liability
Change of benefit terms
Difference between expected and
actual experience
Change of assumptions
Contributions — employer
Contributions — employee
Net investment income
Benefit payments, including refunds
of employee contributions
Administrative expense
Other changes
Balances as of December 31, 2017
Discount Rate Sensitivity Analysis
Increase (Decrease)
Total OPEB Plan Fiduciary Net OPEB
Liability Net Position Liability
(a) (b) (a) — (b)
$21, 052,192 $3, 803, 317 $17, 248, 875
505,385 - 505,385
11456,410 - 17456,410
- 210291653 ( 2,029,653)
- 7375181 ( 737,181)
( 1,584,144) ( 1,584,144) -
- ( 47171) 41171
-�L_I,44J1 4.5 �4,JZ51,Z5.51� -�-I10,44ZS,UUI
The following schedule shows the impact of the net OPEB liability if the discount rate used was
1 % less than and 1 % greater than the discount rate that was used (7.10%) in measuring the net
OPEB liability.
Current
1 % Discount 1 %
Decrease Rate I ncrease
f% A nni -7 A nni n A nni
$185218,501 $165448,007 $1458715598
58
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 2018
Note 9 - POST -EMPLOYMENT BENEFITS OTHER THAN PENSION BENEFITS (CONTD.)
The following schedule presents the net OPEB liability of the plan using the assumed healthcare
cost trend rate as well as what the net OPEB liability would be if it were calculated using a trend
ratio that is 1 % less than and 1 % greater than the assumed healthcare cost trend rate:
Current
Healthcare
1 % Cost Trend 1 %
$155068, 872 $16,448, 007 $185043, 185
Pension Expense, Deferred Outflows of Resources and Deferred Inflows of Resources
For the year ended September 30, 2018, the City recognized OPEB expense of $1,589,967
related to the City of Wichita Falls Retiree Health Care Plan.
At September 30, 2018, the City reported deferred outflows of resources and deferred inflows of
resources related to the City of Wichita Falls Retiree Health Care Plan from the following sources:
Differences between expected and
actual experience, liability
Difference due to changes in actuarial
assumptions
Net difference between projected and
actual earnings
Contributions made subsequent to
measurement date
Total
Deferred Outflows Deferred Inflows
.— .—
- 3617182
11496,179 -
$1,496,179 $361,182
$1,496,179 reported as deferred outflows of resources related to OPEB resulting from
contributions subsequent to the measurement date will be recognized as a reduction of the net
OPEB liability for the year ending September 30, 2019. Other amounts reported as deferred
outflows of resources and deferred inflows of resources related to OPEB will be recognized in
pension expense as follows:
Year Ended December 31:
2019
($ 90,296)
2020
( 90,296)
2021
( 90,296)
Thereafter
90 294)
Total
361 184
59
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 2018
Note 10 - DEFERRED COMPENSATION PLAN
The City offers its employees a deferred compensation plan created in accordance with Internal
Revenue Code Section 457. The plan, available to all City employees, permits them to defer a
portion of their salary until future years. The deferred compensation is not available to the
employees until termination, retirement, death, or an unforeseen emergency.
Note 11 - AIRPORT LEASE
The Regional Airport facilities are located on land at Sheppard Air Force Base. The land is
leased from the Department of the Air Force for a period of fifty years, beginning May 15, 2009
and expiring May 14, 2059. The City's expense for the year ended September 30, 2018 was
$47,347. The lease payment increases by 3% per year with a final lease payment of $157,805 in
2059.
Note 12 - DESCRIPTION OF LEASING ARRANGEMENTS
The majority of the City's operating leases contain an option for annual renewal at the end of the
initial lease term. In most cases, these leases will be canceled or replaced by other leases. The
City leases certain equipment under operating leases expiring at various times through the year
ending September 30, 2018.
The following is a schedule by years of future minimum rental payments required under operating
leases that have initial or remaining noncancellable lease terms in excess of one year as of
September 30, 2018:
Year ending September 30:
2019
$ 138,248
2020
1387092
2021
137, 731
2022
122, 831
2023
86,357
2024-2028
307, 751
2029-2033
355,520
2034-2038
4121145
2039-2043
4771789
2044-2048
5537889
2049-2053
642,108
2054-2058
744,380
Total minimum payments required $4,116,841
The total rental expenses for all operating leases for the year ended September 30, 2018 was
$156,138. There were no contingent rentals during the year ended September 30, 2018.
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 2018
Note 13 - LANDFILL AND TRANSFER STATION CLOSURE AND POSTCLOSURE CARE COSTS
State and federal laws and regulations require that the City place a final cover on its landfill when
closed, and perform certain maintenance and monitoring functions at the landfill site for thirty years
after closure. In accordance with the Texas Administrative Code, Title 30, Part 1, Chapter 7, the
City annually submits a financial assurance letter to the Texas Commission on Environmental
Quality (TCEQ). In addition to operating expenses related to current activities of the landfill, an
expense provision and related liability are being recognized based on the future closure and
postclosure care costs that will be incurred near or after the date the landfill no longer accepts
waste. The recognition of these landfill closure and postclosure care costs is based on the amount
of the landfill used during the year. The estimated liability for landfill closure and postclosure care
costs has a balance of $4,839,002 as of September 30, 2018, which is based on 22% usage of the
landfill. The City will recognize the remaining estimated cost of closure and postclosure care of
$17,339,755 as the remaining estimated capacity is filled. The landfill is expected to be filled to
capacity in 2153. Additionally, the City has recorded a liability of $68,870 for closure and
postclosure care costs related to the City's transfer station. Actual costs may be higher due to
inflation, change in technology, or changes in regulations.
Note 14 - LONG-TERM LIABILITIES
Long-term liabilities transactions for the year ended September 30, 2018 are summarized as
follows:
Governmental Activities:
General obligation bonds
Combination tax and revenue bonds
Premiums on bonds
Accrued vacation and sick
leave payable
Capital lease payable
Claims and judgments payable
Total governmental activities
Business -type Activities:
Utility system revenue bonds,
net of premium (discount)
Combination tax and revenue bonds
Premiums on bonds
Accrued vacation and sick
leave payable
Note payable
Capital leases payable
Landfill closure, post -closure costs
Total business -type activities
Total long-term liabilities
Balance at
Balance at
October 1,
Retired and
September 30,
Due Within
2017
Issued
Transferred
2018
One Year
$ 13,355,000
$22,515,000
$ 1,870,000
$ 34,000,000
$ 2,215,000
29,315,000
-
8,160,000
21,155,000
1,785,000
898,073
1,656,317
161,564
2,392,826
-
8,767,486
2,595,054
2,375,839
8,986,701
2,375,000
2,466,589
3,310,000
307,924
5,468,665
400,203
24,298
1,377,710
625,168
776,840
70,153
54,826,446
31,454,081
13,500,495
72,780,032
6,845,356
71,370,000
-
2,885,000
68,485,000
6,915,000
46,260,000
-
5,090,000
41,170,000
1,505,000
11,767,065
-
2,101,122
9,665,943
-
762,556
676,547
684,118
754,985
675,000
360,951
-
40,232
320,719
41,541
19,142,615
-
932,690
18,209,925
922,339
4,726,193
181,678
-
4,907,871
-
154,389,380
858,225
11,733,162
143,514,443
10,058,880
For governmental activities, claims and judgments payable and compensated absences are
generally liquidated by the General Fund.
61
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 2018
Note 14 - LONG-TERM LIABILITIES (CONTD.)
Bonds Pam
Bonds payable at September 30, 2018 are comprised
of the following individual issues:
Range of
Final
Annual
Bonds
Interest
Maturity
Serial
Bonds
Outstanding
Rates
Date
Payments
Authorized
at 9/30/18
General Obligation Bonds:
General Obligation Refunding
1.50% -
9/01/21
$405,000 to
$ 4,365,000
$ 1,410,000
Bonds, Series 2011
3.00%
$485,000
General Obligation Refunding
2.00% -
9/01/26
$200,000 to
9,650,000
7,810,000
Bonds, Series 2015A
5.00%
$111053000
General Obligation Refunding
0.73% -
9/01/26
$110,000 to
218857000
2,265,000
Bonds, Series 2015B
3.48%
$310,000
General Obligation Bonds,
2.00% -
9/01/38
$550,000 to
16,345,000
16,345,000
Series 2018A
5.00%
$17155,000
General Obligation Refunding
2.00% -
9/01/28
$803000 to
611707000
6,170,000
Bonds, Series 2018B
4.00%
$725,000
Total General Obligation Bonds
34,000,000
Combination Tax and Revenue Bonds:
Combination Tax and Revenue
2.25% -
10/01/29
$340,000 to
10,820,000
505,000
Certificates of Obligation, Series 2009
4.75%
$780,000
Combination Tax and Revenue
5.60%
2/01/25
$165,000 to
3,930,000
2,240,000
Certificates of Obligation, Series 2010
$375,000
Combination Tax and Revenue
2.00% -
9/01/31
$135,000 to
3,200,000
2,350,000
Certificates of Obligation, Series 2011
4.00%
$220,000
Combination Tax and Revenue
2.00% -
9/01/33
$530,000 to
19,875,000
16,060,000
Certificates of Obligation, Series 2013
3.375%
$1,315,000
Combination Tax and Revenue
2.00% -
9/01/33
$505,000 to
13,0007000
1014355000
Certificates of Obligation, Series
4.625%
$905,000
2013A
Combination Tax and Revenue
0.00% -
3/01/45
$8907000 to
33,5457000
3077351000
Certificates of Obligation, Series 2015
2.12%
$1,425,000
Total Combination Tax and Revenue
62,325,000
Bonds
Revenue Bonds:
Water & Sewer System Revenue
2.00% -
8/01/27
$2,635,000 to
74,005,000
68,485,000
Refunding Bonds, Series 2016
5.00%
$9,705,000
Total All Bonds
$164,810,000
62
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CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 2018
Note 14 - LONG-TERM LIABILITIES (CONTD.)
All of the General Obligation Bonds were issued on the full faith and credit of the City and are
secured by ad valorem taxes levied against all taxable property. These bonds are serviced by the
Debt Service Fund with an apportionment of the ad valorem tax levy. At September 30, 2018, this
fund had a fund balance of $1,444,396.
The Combination Tax and Revenue Bonds are secured by ad valorem taxes levied against all
taxable property as well as a pledge of surplus net revenues of the City's combined waterworks and
sewer system. The Series 2010 and 2011 Certificates will be serviced by the Debt Service Fund by
contributions from the Wichita Falls 4B Economic Development Corporation. The Series 2016
Certificates will be serviced by the net revenues of the Water and Sewer Fund, as well as the
Series 2010 Combination Tax and Revenue Refunding Certificates. A portion of the Series 2013
General Obligation Refunding Bonds will also be serviced by these net revenues.
All of the Water and Sewer Revenue Bonds were issued for purposes of improving the City's water
and sewer systems and are serviced by the net revenues of the Water and Sewer Fund.
Notes Payable
The City of Wichita Falls and Wichita County Water Improvement District Number 2, upon the
completion of the Lake Kemp reconstruction project in January 1976 by the U.S. Government, are
required to reimburse the U.S. Government 22.7% of its reported total cost of $8,774,705, or
$1,991,858. The City's share of this amount is 66.11 %, or $1,316,817, payable in forty-nine annual
installments through January 2025 of $51,974, which includes interest at the rate of 3.253%.
The City's share of the total costs ($5,800,957) as well as the U.S. Government funded portion
($4,484,140) is reflected as capital assets in the Water and Sewer Enterprise Fund.
This contractual arrangement is strictly a cost -sharing agreement and is not considered a joint
venture as defined in Section J50 of the Codification of Governmental Accounting and Financial
Reporting Standards. The remaining debt payable to the U.S. Government at September 30, 2018
is classified as follows:
Long-term $ 279,177
Current portion 41,541
Total 320 718
Capital Leases Payable
The City entered into a capital lease agreement in 2012 to finance a portion of an energy efficiency
project that includes several City facilities. The capital lease financed $4,419,310 of the total
project. The assets are listed under "Buildings, systems and improvements" in both Governmental
Activities and Business -type Activities. The lease carries an interest rate of 2.54% and is for a
period of 12 years, with final payment due in fiscal year 2024.
The City also entered into a capital lease agreement in 2015 to finance equipment purchased for
the golf course. This capital lease totaled $48,990. The assets are listed under "Machinery and
equipment" in Governmental Activities. The lease carries an interest rate of 5.89% and is for a
period of 4 years, with final payment due in fiscal year 2019.
64
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 2018
Note 14 - LONG-TERM LIABILITIES (CONTD.)
The City entered into a capital lease agreement in 2016 to finance the replacement of all of the
City's water meters. The total amount of the capital lease was $16,506,103. These assets are
listed under "Buildings, systems and improvements" in Business -type Activities. The lease carries
an interest rate of 3.23% and is for a period of 20 years, with final payment due in fiscal year
2036.
The City issued a capital lease in 2017 for the purchase of fire department equipment in the
amount of $2,682,710. These assets are listed under "Motor vehicles" in Business -type Activities.
This capital lease carries an interest rate of 1.98% and is for a period of 6 years with final
payment due in fiscal year 2023.
The City entered into a capital lease agreement in 2018 to finance the conversion of the City's
street lights to more energy -efficient LED lights. This project did not begin until after September
30, 2018. Therefore, the $2,895,784 in proceeds has been included as "Restricted Fund Balance"
on Exhibit A-3. The lease carries an interest rate of 3.45% and is for a period of 15 years, with
final payment due in fiscal year 2034.
The City also issued a capital lease in 2018 for the purchase of new traffic signal communication
equipment in the amount of $414,225. These assets are listed under "Infrastructure" under
Governmental Activities. This lease carries an interest rate of 3.03% for a period of 5 years with
final payment due in fiscal year 2023.
Note 15 - DEFER SED DEBT
General Obligation Bonds
On August 21, 2018, the City issued general obligation refunding bonds of $6,170,000 (par value)
with interest rates ranging from 2.00% to 4.00%. The debt was issued to refund combination tax
and revenue certificates of obligation with rates ranging from 4.00% to 4.75% and a par value of
$6,420,000. The general obligation bonds to be refunded matured through October 1, 2028. The
proceeds of the bonds were placed in an irrevocable trust in order to redeem the bonds on
October 1, 2018. The refunding met the requirements of an in -substance defeasance and the
original bonds were removed from Governmental Activities.
As a result of the refunding, the City reduced its total debt service by $670,324, resulting in an
economic gain (difference between the present value of the debt service payments on the old and
new debt) of $583,075.
Note 16 - INTERFUND BALANCES
Due To Fund
Due From Fund
General Fund
Nonmajor Governmental Funds
General Fund
Water and Sewer Fund
General Fund
Regional Airport Fund
General Fund
Nonmajor Enterprise Funds
General Fund
Internal Service Funds
Total
Amount
Purpose
$ 3,213,124
Short-term loan
76,603
Short-term loan
134,364
Short-term loan
27563,879
Short-term loan
124.601
Short-term loan
$ 6,112, 571
All amounts due are scheduled to be repaid within one year.
65
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 2018
Note 16 - INTERFUND BALANCES (CONTD.)
Transfers to and from other funds during the year ended September 30, 2018 were as follows:
TrnncfArc Frnm
General Fund
General Fund
General Fund
General Fund
Nonmajor Governmental Funds
Nonmajor Governmental Funds
Nonmajor Governmental Funds
Nonmajor Governmental Funds
Water and Sewer Fund
Water and Sewer Fund
Water and Sewer Fund
Sanitation Fund
Sanitation Fund
Regional Airport Fund
Nonmajor Enterprise Funds
Nonmajor Enterprise Funds
Nonmajor Enterprise Funds
Internal Service Funds
Internal Service Funds
Transfers To
Amount
Reason
Nonmajor Governmental Funds
$ 169,957
Supplement operating grants
Nonmajor Governmental Funds
435,772
Supplement operating deficits
Regional Airport Fund
127,458
Supplement operating deficits
Nonmajor Enterprise Funds
78,623
Supplement operating deficits
Nonmajor Governmental Funds
1,074,377
Fund debt service payment
Nonmajor Governmental Funds
1,817,097
Fund operating deficits
Nonmajor Enterprise Funds
543,579
Fund capital projects
Nonmajor Enterprise Funds
147,027
Fund operating deficits
General Fund
11719,976
Administrative overhead
Nonmajor Governmental Funds
500,000
Fund debt service payment
Internal Service Funds
553,896
Purchase capital assets
General Fund
11593,408
Administrative overhead
Internal Service Funds
625,783
Purchase capital assets
Nonmajor Governmental Funds
670,729
Fund debt service payment
Nonmajor Governmental Funds
403,681
Fund debt service payment
Water and Sewer Fund
901,083
Transfer of capital assets
Internal Service Funds
382,669
Purchase capital assets
General Fund
312,000
Administrative overhead
Nonmajor Governmental Funds
25,623
Fund debt service payment
Total
$11,935,712
Additionally, the Governmental Activities transferred $1,914,014 in capital assets to the Nonmajor
Enterprise Funds and the Nonmajor Enterprise Funds transferred $754,323 in capital assets to
Governmental Activities. These transfers are not reported on the Governmental Funds financial
statements as the capital assets do not represent current financial resources.
Note 17 - COMMITMENTS AND CONTINGENCIES
Litigation
tion
The City is a defendant in numerous lawsuits. In the opinion of the City's management, any
unrecorded liabilities resulting from such suits will not materially affect the financial position of the
City.
Contract Commitment With West Texas Utilities Company
In 1977, the City and Wichita County Water Improvement District Number 2 entered into a sixty -
year contract with the West Texas Utilities Company (the Company) and agreed to provide an
adequate water supply for the Company's use in generating power upon completion of the
Company's construction of a power plant adjacent to the Lake Kemp -Lake Diversion System.
The significant terms of the contract provide for standby charges to be paid to the City and the
Wichita County Water Improvement District Number 2 in equal amounts. Minimum charges for
the calendar year 1997 and all years thereafter until the end of contract will be $500,000 per year.
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 2018
Note 17 - COMMITMENTS AND CONTINGENCIES (CONT'D.)
For water actually consumed, the Company shall pay the City and Wichita County Water
Improvement District Number 2 equally, at the base rate of $0.23 per one thousand gallons,
which is adjusted annually. The rate for the year ended September 30, 2018 was $.404046 per
one thousand gallons.
This contract can be terminated at any time by the Company. If the contract is terminated, the
Company is required to make a maximum termination payment equal to the minimum charges
which would have become due and payable during the following twenty-four month period.
Contract Commitments
At September 30, 2018, the City was committed to various contracts. The amounts for which the
various funds are committed to complete these contracts are as follows:
General Fund
$ 870,934
Nonmajor Governmental Funds
188,581
Water and Sewer Fund
21892,104
Sanitation Fund
127,959
Nonmajor Enterprise Funds
359927277
Internal Service Funds
357,488
Total contract commitments - City $8,4291343
Federal and State Grants - Compliance Audits
The City participates in numerous Federal and State grants, on both a direct and state pass -
through basis, as well as on a service -provider basis. Principal among these are Community
Development Block Grants, Section 8 Housing Assistance, Home Investment Partnership
Agreement Program, and numerous health -related grants.
In connection with these grants, the City is required to comply with specific terms and agreements
as well as applicable Federal and State laws and regulations. Such compliance is subject to
review and audit by the grantors and their representatives.
In the opinion of management, the City has complied with all requirements. However, since such
programs are subject to future audit or review, the possibility of disallowed expenditures exists. In
the event of any disallowance of claimed expenditures, the City expects the resulting liability to be
immaterial.
Note 18 - TAX ABATEMENT AGREEMENTS
The City has approved value limitation agreements with companies for a limitation on the
appraised value of properties within the City pursuant to Chapter 312 of the Texas Tax Code, as
amended, i.e., the Property Tax Abatement Act. Under these agreements, the City has agreed
to abate varying amounts of property taxes levied on qualified improvements during the
abatement period. These abatements may be granted to businesses that construct
improvements within certain areas designated by the Mayor and City Council.
For the fiscal year ended September 30, 2018, the City abated property taxes totaling
$1,034,030 under this program and received payments in lieu of taxes totaling $969,971.
67
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 2018
Note 19 - CONDENSED FINANCIAL INFORMATION FOR DISCRETELY PRESENTED
COMPONENT UNITS
The City has five component units that are discretely presented in the City's basic financial
statements. Condensed financial information for the year ended September 30, 2018 is as
follows:
Condensed statement of net position:
Cash, investments and other
current assets
Capital assets, net of accumulated
depreciation
Total assets
Accounts payable and other
current liabilities
Total liabilities
Net position
Condensed statement of activities:
Expenses:
Community development
Program revenues:
Operating grants and contributions
Net program expense
General revenues:
Tax revenues
Non -tax general revenues
Total general revenues
Change in net position
Beginning net position
Ending net position
Wichita Falls Wichita Falls
Economic 4B Sales
Development Tax Wichita Falls Reinvestment
Corporation Corporation Zone #2 Zone #3 Zone #4 Totals
$ 14,375,862 $ 4,848,613 $867,081 $564,334 $168,497 $ 20,824,387
2,151,962 - - - - 2,151,962
16,527,824 4,848,613 867,081 564,334 168,497 22,976,349
2,039,084 16,085 - - - 2,055,169
2,039,084 16,085 - - - 2,055,169
$14,488,740 $4,832,528 $867,081 $564,334 $168,497 $20,921,180
$ 7,464,442 $3,329,579 $357,608 $11,151,629
357,608 - - - 357,608
( 7,464,442) ( 2,971,971) ( 357,608) - - ( 10,794,0211
3,976,836
329.219
4,306,055
(3,158,387)
17,647,127
$ 14 AB , 740
3,976,836
706,736
92,504
87,374
8,840,286
45,395
8,934
7,425
1,455
392,428
4,022,231
715,670
99,929
88,829
9,232,714
1,050,260
358,062
99,929
88,829
(1,561,307)
3,782,268
$4,832,528
509,019
464,405
$564,334
79,668
$168,497
22,482,487
$20,921,180
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 2018
Note 20 - PRIOR PERIOD ADJUSTMENT
For fiscal year ended September 30, 2018, the City implemented GASB Statement No. 75. As a
result, a prior period adjustment to the beginning net position for governmental activities,
business -type activities, enterprise funds, and internal service funds for post -employment
benefits other than pensions (OPEB) is required.
The total prior period adjustments are shown below:
Total
Governmental Business -Type Primary
At4hA+ino At4i%A+ioo (�niornmont
(-nxiornmor►f_XAArta -
Net OPEB liability ($12,313,972) ($4,967,676) ($17,248,875)
Deferred outflows of resources - contributions 1,037,737 418,643 1,453,617
Total prior period adjustment ($11,276.235) ($4,549,033) ($15,825,268)
At the fund level, the adjustment related to the implementation of new standards decreased
beginning net position in the Water and Sewer Fund ($2,503,548), Sanitation Fund ($1,151,474),
Regional Airport Fund ($22,113), Nonmajor Enterprise Funds ($383,825) and Internal Service
Funds ($758,172).
Since OPEB liability data is not available for periods prior to September 30, 2017, the effect of
the prior period adjustment on the change in net position for the fiscal year ended September 30,
2017, is not determinable.
Required Supplementary Information
CITY OF WICHITA FALLS, TEXAS
REQUIRED SUPPLEMENTARY INFORMATION
BUDGETARY COMPARISON SCHEDULE -GENERAL FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2018
Revenues:
Taxes
Charges for services
Licenses and permits
Fines and forfeitures
Intergovernmental revenue
Contributions
Miscellaneous revenue
Total revenues
Expenditures:
Current:
Administrative services
Police
Fire
Parks and recreation
Accounting/finance
Community development
Public works
Health
Traffic and transportation
Capital outlay
Total expenditures
Excess of revenues over (under) expenditures
Other financing sources (uses):
Capital lease proceeds
Transfers in
Transfers out
Total other financing sources (uses)
Excess of revenues and other sources
over (under) expenditures and other uses
Fund balance - beginning
Fund balance - ending
Budgeted Amounts
Original
Final
Actual
$ 63,204,441
$ 63,754,471
$ 63,946,065
2,827,723
2,827,723
2,805,308
1,973,904
1,973,904
1,963,353
2,552,000
2,552,000
2,593,494
4,800
4,800
4,021
169,571
169,571
164,580
19097,258
110971258
154889744
7118297697
7213791727
7219655565
EXHIBIT B-1
Variance With
Final Budget -
Positive
(Negative)
$ 191,594
(22,415)
(10,551)
41,494
(779)
(4,991)
5851838
1350337721
1358951112
135505700
344,412
2414397981
2359657981
23,9275640
385341
15, 984, 557
16, 210, 363
16, 201, 856
85507
5,582,090
5,420,817
5,160,344
260,473
725,122
725,122
701,643
23,479
211711250
2,1721120
21103,088
69,032
5,130,481
5,103,252
5,053,709
49,543
3,336,869
3,323,878
3,216,858
107,020
1,571,502
1,580,848
1,604,398
(23,550)
2,856,383
3,720,982
3,596,072
124,910
74, 831, 956
76,118,475
75,116, 308
1,002,167
(3,002,259)
(3,738,748)
(2,150, 743)
1,588,005
-
-
3,310,009
3,310,009
3,625,384
3,625,384
3,625,384
-
(623,125)
(946,487)
(811,810)
134,677
3,002,259
2,678,897
6,123,583
3,444,686
-
(1,059,851)
3,972,840
510325691
145329,469
1473291469
14,3295469
-
$ 1453297469
$ 1352691618
$ 1813025309
$ 550327691
70
EXHIBIT B-2
CITY OF WICHITA FALLS, TEXAS
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF CHANGES IN NET PENSION LIABILITY AND RELATED RATIOS
TEXAS MUNICIPAL RETIREMENT SYSTEM
2017
2016
2015
2014
Total Pension Liability
Service cost
$ 4,917,413
$ 21466,531
$ 41697,339
$ 41098,031
Interest on total pension liability
16,873,140
16,126,720
16,093,246
15,665,423
Changes of benefit terms
-
-
-
-
Difference between expected and
actual experience
(11117,057)
31641,511
203,406
(21042,671)
Changes of assumptions
-
-
1,3401184
-
Benefit payments/refunds of
contributions
(12,461,447)
(12,342,806)
(121073;025)
(11,744,340)
Net change in total pension liability
81212,049
91891,956
10,2617150
51976,443
Total pension liability, beginning
2537744,464
24318521508
23375911358
22716141915
Total pension liability, ending (a)
$261,956,513
$253,744,464
$243,852,508
$233,591,358
Fiduciary Net Position
Contributions - employer
$ 51565,648
$ 51339,437
$ 516395053
$ 51379,333
Contributions - employee
2,470,741
21494,525
2,497,984
21303,770
Net investment income
28,538,620
13,331,438
296,795
111109,980
Benefit payments/refunds of
contributions
(12,4617447)
(12,342,806)
(12,0737025)
(11,744,340)
Administrative expenses
(147,954)
(150,608)
(180,789)
(116,005)
Other
(71498)
(81114)
(81931)
(91538)
Net change in fiduciary net position
23,958,110
81663,872
(31828,913)
61923,200
Fiduciary net position, beginning
205,988,203
197,324,331
201,153,244
1941230,044
Fiduciary net position, ending (b)
$229,946,313
$205,988,203
$197,324,331
$2011153,244
Net pension liability, ending = (a) - (b)
$ 32,010,200
$ 471756,261
$ 46,528,177
$ 32,438,114
Fiduciary net position as a % of total
pension liability
87.78%
81.18%
80.92%
86.11%
Covered payroll
$ 44, 380, 980
$ 44, 793, 885
$ 45, 036, 746
$ 41, 538, 672
Net pension liability as a % of
covered payroll
72.13%
106.61 %
103.31 %
78.09%
This schedule is presented to illustrate the requirement to show information for 10
years. However,
recalculations of prior years are not
required, and if prior
years are not reported in accordance with the
standards of GASB 67/68, they should not be shown here. Therefore, we have shown only years
for which the
new GASB statements have been prepared.
71
EXHIBIT B-3
CITY OF WICHITA FALLS, TEXAS
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF CONTRIBUTIONS
TEXAS MUNICIPAL RETIREMENT SYSTEM
Actuarial determined contribution
$ 5,6751065
$ 57521,772
$ 574275145
$ 5,422,031
Contributions in relation to the actuarially
determined contribution
(5,675,065)
(5,521,772)
(5,427,145)
(5,422,031)
Contribution deficiency
$ -
$ -
$ -
$ -
Covered payroll
$ 44,522,000
$ 44,687,123
$ 44,674,967
$ 42,951,296
Contributions as a percentage of
covered payroll
12.75%
12.36%
12.15%
12.62%
Valuation Date:
Actuarially determined contribution rates are calculated as of December 31 and become effective 13 months later.
Methods and Assumptions Used to Determine Contribution Rates:
Actuarial Cost Method Entry Age Normal
Amortization Method Level Percentage of Payroll, Closed
Remaining Amortization Period 28 years
Asset Valuation Method 10 Year smoothed market; 15% soft corridor
Inflation 2.5%
Salary Increases 3.50% to 10.50% including inflation
Investment Rate of Return 6.75%
Retirement Age Experience -based table of rates that are specific to the City's plan of
benefits. Last updated for the 2015 valuation pursuant to an experience
study of the period 2010-2014
Mortality RP2000 Combined Mortality Table with Blue Collar Adjustment with male
rates multiplied by 109% and female rates multiplied by 103% and projected
on a fully generational basis with scale BB
Other Information:
There were no benefit changes during the year.
72
EXHIBIT B-4
CITY OF WICHITA FALLS, TEXAS
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF CHANGES IN NET PENSION LIABILITY AND RELATED RATIOS
WICHITA FALLS FIREMEN'S RELIEF AND RETIREMENT FUND
Total Pension Liability
Service cost
Interest on total pension liability
Changes of benefit terms
Difference between expected and
actual experience
Changes of assumptions
Benefit payments/refunds of
contributions
Net change in total pension liability
Total pension liability, beginning
Total pension liability, ending (a)
Fiduciary Net Position
Contributions - employer
Contributions - employee
Net investment income
Benefit payments/refunds of
contributions
Administrative expenses
Other
Net change in fiduciary net position
Fiduciary net position, beginning
Fiduciary net position, ending (b)
Net pension liability, ending = (a)-(b)
Fiduciary net position as a % of total
pension liability
Covered payroll
Net pension liability (asset) as a % of
covered payroll
$ 2,8591969
5,7281347
2016
$ 11560,472
51827,804
$ 11493,672
5,298,361
7,781
$ 11447, 068
51537,931
5,3041698
(2,151,748)
(11542,023)
(320,862)
14,8621872
2411071651
-
(4235984)
(51250,040)
(41543,166)
(31950,906)
(31616,549)
23, 505, 846
24, 801, 013
113067885
21623,604
98, 359, 668
01% I 0% I r% 0% r r/ I
731558, 655
A% 0% A 0% r 0% -% 0% r%
72, 251, 770
,ti 1 0% r r A /% r r
69, 6281166
rK 1 0% /\ r I 1 1 A
$ 15411,351
1,463,122
6,581,299
(5,250,040)
(124, 267)
� A� w � �
$ 11283,410
11350,904
2,577,572
(4,543,166)
(1155843)
1-% �'r%
$ 1,273,913
1, 221, 926
4211270
(31950,906)
(87,245)
$ 11232, 957
11144,644
312841243
(3,616,549)
(85,636)
46, 950, 042 46, 396, 915 47, 517, 957 45, 558, 298
fi r I I1 1 A /1 /1 1 A% I /1 n r n A AI rK I I r A% I l r I l / r l
This schedule is presented to illustrate the requirement to show information for 10 years. However,
recalculations of prior years are not required, and if prior years are not reported in accordance with the
standards of GASB 67/68, they should not be shown here. Therefore, we have shown only years for which the
new GASB statements have been prepared.
73
CITY OF WICHITA FALLS, TEXAS
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF CONTRIBUTIONS
WICHITA FALLS FIREMEN'S RELIEF AND RETIREMENT FUND
2018
Actuarial determined contribution $ 1,411,351
Contributions in relation to the
actuarially determined contribution (1,411,351)
Contribution deficiency $ -
Covered payroll $ 11,214,407
Contributions as a percentage of
covered payroll 12.59%
EXHIBIT B-5
(Page 1 of 2)
2017 2016 2015
$ 1,283,410 $ 1,273,913 $ 1,232,957
(1,283,410) (1,273,913) (1,232,957)
$ 10, 929, 570 $ 11, 088, 538 $ 10,179, 831
11.74% 11.49% 12.11 %
Valuation Date: 1 /1 /2018
Methods and Assumptions Used to Determine Contribution Rates:
Actuarial Cost Method
Entry Age Normal
Amortization Method
Level Percentage of Compensation
Remaining Amortization Period
Infinite (as of 1/1/2018 valuation)
Mortality
RP-2000 Mortality Table, projected to 2024 using Scale AA, with separate
rates for males and females
Retirement Age
Based upon tables dependent upon hire date, in conjunction with an
actuarial study dated October 2017.
Retirement Election
Members eligible for the DROP are assumed to elect either straight
service retirement benefits or the DROP, whichever is more valuable.
Other members are assumed to receive straight service retirement
benefits.
Termination Rates
Based upon service table, in conjunction with an actuarial experience
study dated October 2017.
Disability Rates
Based upon member age, in conjunction with an actuarial experience
study dated October 2017.
Interest Rate:
7.75% per year, compounded annually, net of expenses. This is
supported by the asset allocation of the trust and the long-term
expected return by asset class.
Salary Increases
Based upon service table, in conjunction with an actuarial experience
study dated October 2017.
74
EXHIBIT B-5
(Page 2 of 2)
CITY OF WICHITA FALLS, TEXAS
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF CONTRIBUTIONS
WICHITA FALLS FIREMEN'S RELIEF AND RETIREMENT FUND
Payroll Growth 4.00% per year for amortization of the Unfunded Actuarial Accrued
Liability. The assumed payroll growth was approved in conjunction
with an acturial study dated October 2017.
Marital Status: 100% of actives are assumed to be married at time of benefit commence-
ment. Males are assumed to be two years older than their spouses.
Dependent Children: Each member is assumed to have two children. The first child is
assumed to have been born when the member was 25. The second
child is assumed to be two years younger. It is also assumed that
benefits will be paid until each child reaches the age of 20.
Contribution Rates: Members - 13.00%
City - 12.00% (12.83% in 2018, 12.77% in 2019)
Actuarial Asset Method: Fair Market Value
75
EXHIBIT B-6
CITY OF WICHITA FALLS, TEXAS
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF CHANGES IN NET OPEB LIABILITY AND RELATED RATIOS
CITY OF WICHITA FALLS RETIREE HEALTH CARE PLAN
2017
Total OPEB Liability
Service cost
$
505,385
Interest on total pension liability
11456,410
Changes of benefit terms
-
Difference between expected and actual experience
-
Changes of assumptions
-
Benefit payments/refunds of contributions
(1,584,144)
Net change in total OPEB liability
3775651
Total OPEB liability, beginning
215052,192
Total OPEB liability, ending (a)
$
215429,843
Fiduciary Net Position
Contributions - employer
$
21029,653
Contributions - employee
-
Net investment income
7373181
Benefit payments/refunds of contributions
(15584,144)
Administrative expenses
(4,171)
Other
-
Net change in fiduciary net position
15178,519
Fiduciary net position, beginning
35803,317
Fiduciary net position, ending (b)
$
41981,836
Net OPEB liability / (asset), ending = (a) - (b)
$
16,448,007
Fiduciary net position as a % of total OPEB liability
23.25%
Covered payroll
$
55,647,372
Net pension liability (asset) as a % of covered payroll
29.56%
This schedule is presented to illustrate the requirement to show information for 10 years. However,
recalculations of prior years are not required, and if prior years are not reported in accordance with the
standards of GASB 74/75, they should not be shown here. Therefore, we have shown only years for which the
new GASB statements have been prepared.
76
EXHIBIT B-7
CITY OF WICHITA FALLS, TEXAS
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF CONTRIBUTIONS
CITY OF WICHITA FALLS RETIREE HEALTH CARE PLAN
Actuarial determined contribution $ 2,072,215
Contributions in relation to the actuarially determined contribution (2,072,215)
Contribution deficiency $ -
Covered payroll $ 5510421215
Contributions as a percentage of covered payroll 3.76%
Valuation Date: December 31, 2016
Methods and Assumptions Used to Determine Contribution Rates:
Actuarial Cost Method
Individual Entry Age Normal
Amortization Method
Level Percentage of Pay
Remaining Amortization Period
15 years; closed
Asset Valuation
Market Value
Investment Rate of Return
7.10%
Inflation
2.50%
Salary Increases
3.50% to 10.50% for TMRS and 0.40% to 4.30% for Fire, including inflation
Demographic Assumptions
TMRS: Based on the experience study covering the four-year period ending
December 31, 2014 as conducted for the TMRS.
Fire: Based on the January 1, 2017 valuation for the Wichita Falls Firemen's
Relief and Retirement Fund.
Mortality
TMRS: For healthy retirees, the gender -distinct RP-2000 Combined Healthy
Mortality Tables with Blue Collar Adjustment are used with male rates
multiplied by 109% and female rates multiplied by 103%. The rates are
projected on a fully generational basis by scale BB to account for future
mortality improvements.
Fire: The firefighters' mortality table was the RP-2000 Combined Healthy
Mortality Table for males and females, projected to year 2024 using Scale AA.
Participation Rates
TMRS: 50% of employees retiring after the age of 49 or with disability at any
age were assumed to elect retiree health care benefits through the City. 0% of
TMRS employees retiring before the age of 49 were assumed to elect
coverage.
Fire: 100% of employees retiring at any age were assumed to elect retiree
health care benefits through the City.
Healthcare Cost Trend Rates
Initial rate of 7.30% declining to ultimate rates of 4.25% after 14 years.
Other Information:
There were no benefit changes during the year.
77
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE REQUIRED SUPPLEMENTARY INFORMATION
SEPTEMBER 30, 2018
Budgetary Information
Demonstrating compliance with the adopted budget is an important component of a government's
accountability to the public. Many citizens participate in the process of establishing the annual operating
budgets of state and local governments, and have a keen interest in following the actual financial
progress of their governments over the course of the year. The City and many other governments revise
their original budgets over the course of the year for a variety of reasons. Under the new reporting model,
governments will continue to provide budgetary comparison information in their annual reports. An
important change, however, is a requirement to add the government's original budget to the current
comparison of final budget and actual results.
The City adheres to the following procedures in establishing the operating budget reflected in the basic
financial statements:
On or before August 15 of each year, the City Manager submits to the City Council a proposed budget for
the fiscal year beginning the following October 1. The operating budget includes proposed expenditures
and the means of financing them. Public hearings are conducted. The budget is legally enacted by the
City Council through passage of appropriation and tax levying ordinances prior to September 30 and is
published under a separate cover.
An annual budget, including debt service requirements, is legally adopted for the General Fund, the
Community Development Block Grant Fund, the Section 8 Housing Fund, the HOME Investment
Partnership Agreement Fund, the Hotel/Motel Tax Fund, the Golf Fund, the MPEC Fund and the Debt
Service Fund, on a basis which is consistent with generally accepted accounting principles.
The City Council must approve any transfer of appropriation balances or portions thereof from one
department to another. The City Manager has the authority, without City Council approval, to transfer
appropriation balances from one expenditure account to another within a single department of the City.
Supplemental appropriations of $1,286,519 were approved by the City Council. The reported budgetary
data includes amendments made during the year.
At the close of each fiscal year, any unencumbered appropriated balance lapses to the unreserved fund
balance. The unencumbered appropriation balances in the Capital Projects Funds do not lapse at year
end.
Wichita Falls Firemen's Relief and Retirement Fund
Changes of benefit terms:
Effective April 20, 2016, there have been multiple changes in benefits, as
- The member contribution rate was increased from 12% to 13% of salary for all members.
- All future new entrants will accrue benefits under a "Tier 2" benefit structure.
Changes of assumptions:
For purposes of determining the GASB discount rate at the 12/31/17 measurement date, a depletion date
projection as of that date have been performed. The results of this projection showed a single discount
rate of 5.03%. The discount rate was decreased from 5.81 % to 5.03%.
78
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE REQUIRED SUPPLEMENTARY INFORMATION (CONT'D.)
SEPTEMBER 30, 2018
As a result of an actuarial experience study dated October 6, 2017, the following assumption changes
have been approved by the Board of Trustees:
- The investment return assumption was lowered from 8.00% to 7.75% per year, net of all
expenses.
- The assumed rates of salary increases were amended.
- The assumed rates of retirement were amended.
- The assumed rates of withdrawal were amended.
- The assumed rates of disablement were amended.
For purposes of determining the GASB discount rate at the 12/31 /2016 measurement date, a depletion
date projection as of that date have been performed. The results of this projection showed a single
discount rate of 5.81 %. The discount rate was decreased from 8.00% to 5.81 %.
79
Combining Financial Statements
Nonmajor Governmental Funds
Special Revenue Funds
The special revenue funds are used to account for the proceeds from specific revenue sources
(other than for major capital projects or proprietary funds) that are either legally restricted to be
expended for specified purposes or have revenue sources committed for specific purposes.
Community Development Block Grant Fund
The Community Development Block Grant Fund accounts for federal block grant revenues
and related expenditures.
Section 8 Housing Fund
The Section 8 Housing Fund accounts for federal funds received to subsidize rents and
housing payments for lower income families within the City.
Home Investment Partnership Agreement Fund
The Home Investment Partnership Agreement Fund accounts for federal funds received to
provide home ownership opportunities to low income, first-time homebuyers through the
acquisition, rehabilitation and resale of single-family dwellings that are currently owned by
governmental agencies.
Hotel/Motel Tax Fund
The Hotel/Motel Tax Fund accounts for revenues derived from an occupancy tax which is
expended on programs promoting the growth of the City of Wichita Falls.
Airport Improvement Grant Fund
The Airport Improvement Grant Fund is used to account for improvements made to the
City's Regional Airport that are funded by state and federal grants.
Golf Fund
The Golf Fund accounts for the activities at the Weeks Park Golf Course.
MPEC Fund
The MPEC Fund is used to account for the operations of the City's Multi -Purpose Events
Center.
Miscellaneous Special Revenue Fund
The Miscellaneous Special Revenue Fund accounts for various revenues generated in the
form of contributions, fees, concessions, rents and other charges and their related
expenditures. This fund also includes revenues derived from various grants for health and
police programs. The revenues in this fund are expended to support the activity generating
the revenue or as designated by the contributor. This fund is not required to have a legally
adopted budget; therefore no budgetary comparison schedule is presented.
Debt Service Funds
Debt Service Fund
The Debt Service Fund is established by ordinances authorizing the issuance of general
obligation bonds to provide for the payment of bond principal and interest. An ad valorem
tax rate and tax levy are required to be computed and levied which will be sufficient to
produce the funds required to pay principal and interest as they come due. This fund is also
used to provide for the payment of paying agent fees.
Excess Sales Tax Fund
The Excess Sales Tax Fund is used to account for and administer the excess sales tax
collected related to the property reduction tax. This fund is not required to have a legally
adopted budget; therefore no budgetary comparison schedule is presented.
Capital Projects Funds
The capital projects funds are used to account for financial resources to be used for the
acquisition or construction of major capital facilities, other than those financed by federal grants
or proprietary funds.
4B Sales Tax Proiects
This fund was established to account for projects financed by the Wichita Falls 4B Sales Tax
Corporation. Significant projects accounted for in this fund included the construction of
three fire stations and the renovation of the second floor of the Wichita Falls Public Library
building for recreational purposes.
2018-A Bond Projects
This fund was established to account for the proceeds of the Series 2018-A General
Obligation Bonds that were issued for the purpose of street improvements within the City.
Miscellaneous Capital Projects Funds
This fund is an accumulation of several projects that have been undertaken over the years
including library renovations, street improvements and drainage improvements.
Permanent Fund
The permanent fund is used to account for principal trust amounts received and related interest
income. The interest earnings of this fund may be used for maintenance of the City's cemeteries.
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EXHIBIT C-3
CITY OF WICHITA FALLS, TEXAS
BUDGETARY COMPARISON SCHEDULE -COMMUNITY DEVELOPMENT BLOCK GRANT FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2018
Revenues:
Charges for services
Intergovernmental revenue
Miscellaneous revenue
Total revenues
Expenditures:
Administrative services
Parks and recreation
Community development
Public works
Health
Capital outlay
Total expenditures
Excess of revenues over (under) expenditures
Fund balance - beginning
Fund balance - ending
Budgeted Amounts
Original Final
17122,227 17122,227
Variance With
Final Budget -
Positive
Actual (Negative)
$ 9,949 $ 9,949
1,123, 027 800
1,1223227
1,1221227
1,137,870
15,643
1071834
107,834
1071834
-
37,332
371332
375332
-
877, 061
11371,445
8205585
5501860
1003000
201,676
201,676
-
-
32,882
737
323145
-
3,373
3,373
-
1,122, 227
17754,542
1,171, 537
583,005
-
(632,315)
(33,667)
598,648
6211207
621,207
6215207
-
$ 6211207
$ (11,108)
$ 5875540 $
5985648
82
EXHIBIT C-4
CITY OF WICHITA FALLS, TEXAS
BUDGETARY COMPARISON SCHEDULE -SECTION 8 HOUSING FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2018
Variance With
Final Budget -
Budgeted Amounts
Positive
Original
Final
Actual
(Negative)
Revenues:
Intergovernmental revenue
$ 3,809,766
$ 3,800,000
$ 3,716,559
$ (83,441)
Miscellaneous revenue
-
-
28,436
28,436
Total revenues
3,809,766
3,800,000
3,744,995
(55,005)
Expenditures:
Community development
3,809,766
3,809,766
3,619,804
189,962
Total expenditures
318091766
358091766
3,619,804
1897962
Excess of revenues over (under) expenditures
-
(9,766)
1257191
134,957
Fund balance - beginning
11192,948
11192,948
11192,948
-
Fund balance - ending
$ 13192,948
$ 15183,182
$ 1,318,139
$ 134,957
83
EXHIBIT C-5
CITY OF WICHITA FALLS, TEXAS
BUDGETARY COMPARISON SCHEDULE -HOME INVESTMENT PARTNERSHIP AGREEMENT FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2018
Variance With
Final Budget -
Budgeted Amounts
Positive
Original
Final
Actual
(Negative)
Revenues:
Intergovernmental revenue
$ 274,508
$ 274,508
$ 4111762
$ 1371254
Miscellaneous revenue
-
-
11200
13200
Total revenues
274,508
274,508
412,962
138,454
Expenditures:
Community development
274,508
719,918
1411851
5787067
Total expenditures
274508
719,918
1411851
5781067
Excess of revenues over (under) expenditures
-
(445,410)
2711111
7161521
Fund balance - beginning
336,262
336,262
336,262
-
Fund balance - ending
$ 336,262
$ (109,148)
$ 607,373
$ 716,521
84
EXHIBIT C-6
CITY OF WICHITA FALLS, TEXAS
BUDGETARY COMPARISON SCHEDULE -HOTEL/MOTEL TAX FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2018
Variance With
Final Budget -
Budgeted Amounts
Positive
Original
Final
Actual
(Negative)
Revenues:
Taxes
$ 1,865,000
$ 1,914,597
$ 1,914,597
$ -
Total revenues
1,865,000
1,914,597
1,914,597
-
Expenditures:
Administrative services
975500
97500
971500
-
Total expenditures
97,500
97,500
977500
-
Excess of revenues over (under) expenditures
117677500
118177097
118171097
-
Other financing sources (uses):
Transfers out
(1,767,500)
(1,817,097)
(1,817,097)
-
Total other financing sources (uses)
(1,767,500)
(1,817,097)
(1,817,097)
-
Excess of revenues and other sources
over (under) expenditures and other uses
-
-
-
-
Fund balance - beginning
10
10
10
-
Fund balance - ending
$ 10
$ 10
$ 10
$ -
85
EXHIBIT C-7
CITY OF WICHITA FALLS, TEXAS
BUDGETARY COMPARISON SCHEDULE -GOLF FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2018
Budgeted Amounts
Original
Final
Actual
Revenues:
Charges for services
$ 750,000
$ 750,000
$ 441,636
Miscellaneous revenue
-
-
392,566
Total revenues
750,000
750,000
834,202
Expenditures:
Administrative services
865,000
8657000
8711126
Total expenditures
8657000
8657000
871,126
Excess of revenues over (under) expenditures
(115,000)
(115,000)
(36,924)
Other financing sources (uses):
Transfers in
115,000
115,000
36,924
Total other financing sources (uses)
115,000
115,000
36,924
Excess of revenues and other sources
over (under) expenditures and other uses
-
-
-
Fund balance - beginning
43,784
43,784
43,784
Fund balance - ending
$ 437784
$ 437784
$ 43,784
Variance With
Final Budget -
Positive
(Negative)
$ (308,364)
84,202
(6,126)
(6,126)
78,076
(78,076)
(78,076)
EXHIBIT C-8
CITY OF WICHITA FALLS, TEXAS
BUDGETARY COMPARISON SCHEDULE - MPEC FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2018
Variance With
Final Budget -
Budgeted Amounts
Positive
Original
Final
Actual
(Negative)
Revenues:
Contributions
$ 35,000
$ 35,000
$ 35,000
$ -
Miscellaneous revenue
1,367,074
11247,074
10,872
(1,236,202)
Total revenues
1,623,074
11282,074
45,872
(1,236,202)
Expenditures:
MPEC
3,409,570
3,354,372
2,414,425
939,947
Total expenditures
37409,570
313547372
21414425
939,947
Excess of revenues over (under) expenditures
(1,786,496)
(2,072,298)
(27368,553)
(296,255)
Other financing sources (uses):
Transfers in
2,007,496
211277496
25215,945
88,449
Total other financing sources (uses)
2,007,496
211277496
27215,945
88,449
Excess of revenues and other sources
over (under) expenditures and other uses
2217000
55,198
(152,608)
(207,806)
Fund balance - beginning
1527608
1527608
1521608
-
Fund balance - ending
$ 3737608
$ 2077806
$ -
$ (207,806)
87
EXHIBIT C-9
CITY OF WICHITA FALLS, TEXAS
BUDGETARY COMPARISON SCHEDULE -DEBT SERVICE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2018
Variance With
Final Budget -
Budgeted Amounts
Positive
Original
Final
Actual
(Negative)
Revenues:
Taxes
$ 894,343
$ 894,343
$ 882,689
$ (11,654)
Contributions
23270,672
25270,672
21270,672
-
Miscellaneous revenue
-
-
47,516
47,516
Total revenues
3,165,015
3,165,015
3,200,877
35,862
Expenditures:
Debt service - principal
3,610,000
3,610,000
3,610,000
-
Debt service - interest and paying agent fees
15499,490
1499,490
1,597,143
(97,653)
Total expenditures
5,109,490
5,109,490
5,207,143
(97,653)
Excess of revenues over (under) expenditures
(1,944,475)
(1,944,475)
(2,006,266)
(61,791)
Other financing sources (uses):
Bond proceeds - refunding bonds
-
-
6,170,000
6,170,000
Premium on refunding bond proceeds
-
-
479,801
479,801
Payment to refunded bond escrow agent
-
-
(6,546,898)
(6,546,898)
Transfers in
1,944,475
1,944,475
2,674,410
729,935
Total other financing sources (uses)
1,944,475
1,944,475
21777,313
832,838
Excess of revenues and other sources
over (under) expenditures and other uses
-
-
7715047
7715047
Fund balance - beginning
673,349
673,349
673,349
-
Fund balance - ending
$ 673,349
$ 673,349
$ 13444,396
$ 771,047
Nonmajor Enterprise Funds
Nonmajor enterprise funds are used to account for operations that are financed and operated in a
manner similar to private business enterprises. The intent of the governing body is that the cost
of providing the service to the general public on a continuing basis be recovered primarily through
user charges.
Kickapoo Airport Fund
During the year ended September 30, 2000,
private airport. The Kickapoo Airport Fund
revenues and expenses of the airport.
Tran-Rit Find
the City acquired Kickapoo Downtown Airport, a
was established to account for the operating
The Transit Fund accounts for the operation of the Wichita Falls transit system. This system
is supported from passenger fees, subsidies from the General Fund and subsidies from the
Federal Transit Administration.
Stormwater Drainage Fund
The Stormwater Drainage Fund was established to account for operating revenues and
expenses associated with the Storm Water Drainage Utility System (System). The System
was established effective May 1, 2001 and provides a funding mechanism for drainage
improvements in the City.
Waterpark Fund
The Waterpark Fund was established to account for the operating revenues and expenses of
the Castaway Cove Waterpark. The waterpark was purchased on February 4, 2010.
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Internal Service Funds
Internal Service Funds are used to account for the financing of goods or services provided by one
department or agency to other departments or agencies of the City on a cost -reimbursement
basis.
Fleet Maintenance Fund
The Fleet Maintenance Fund accounts for the costs associated with the operation,
maintenance and replacement of the City's vehicle and equipment fleet. City departments
which use the vehicles and equipment are charged a monthly rental fee based upon actual
operating costs associated with each class of vehicle or equipment.
Duplicating Services Fund
The Duplicating Services Fund accounts for the costs associated with the operation and
maintenance of the City's duplicating equipment. City departments which use the duplicating
services are charged a fee based upon actual usage.
Employee Benefit Trust Fund
The Employee Benefit Trust Fund is used to account for and administer group health
insurance, which is self -insured by the City, and life insurance for employees and covered
dependents.
Information Technology Fund
The Information Technology Fund accounts for the costs associated with the operation and
maintenance of the City's Information Technology assets. City departments which use
information technology are charged a fee based on usage.
EXHIBIT E-1
CITY OF WICHITA FALLS, TEXAS
COMBINING STATEMENT OF NET POSITION
INTERNAL SERVICE FUNDS
SEPTEMBER 30, 2018
Employee Information
Fleet Duplicating Benefit Technology
Maintenance Services Trust Fund Totals
Assets
Current assets:
Cash and cash equivalents
$ 610,877
$ 862 $ 1,701,571
$ 2,605,418
$ 4,918,728
Restricted cash and cash equivalents
-
- 5,931,459
-
51931,459
Receivables:
Other
81,612
- 11,370
-
92,982
Inventory
714,519
- -
-
714,519
Prepaid items
474,815
579 -
-
475,394
Total current assets
1,881,823
1,441 7,644,400
2,605,418
12,133,082
Capital assets, net of accumulated depreciation
19,273,981
- -
3,920,845
23,194,826
Total assets
211155,804
11441 7,644,400
6,526,263
35,327,908
Deferred outflows of resources
I
PenSion-re ated
+4 I ,VJV
J,`+U 1
1 O,LL /
L�FV,`+JJ
V00,Z70J
OPEB-related
46,232
1,047
2,544
21,994
71,817
Total deferred outflows of resources
468,062
6,538
20,771
262429
757,800
Liabilities
Current liabilities:
Accounts payable - trade
344,724
51923
22,294
671684
440,625
Accrued payroll
69,080
616
1,899
39,701
111,296
Accrued vacation and sick leave
116,445
-
-
575137
173,582
Payable to other City funds
-
-
124,601
-
124,601
Estimated health claims payable
-
-
524,926
-
524,926
Other liabilities
-
-
738
-
738
Capital leases - current maturities
4305477
-
-
-
430,477
Total current liabilities
960,726
6,539
674,458
164,522
1,806,245
Long-term liabilities:
Capital leases, less current maturities
1,808,846
-
-
-
1,808,846
Net pension liability
1,085,109
14,124
46,886
618,492
1,764,611
Net OPEB liability
508,243
11,514
27,962
241,786
789,505
Total long-term liabilities
3,402,198
25,638
74,848
860,278
4,362,962
Total liabilities
4,362,924
32,177
749,306
1,024,800
6,169,207
Deferred inflows of resources
Pension -related
430,176
5,599
18,587
245,193
699,555
OPEB-related
11,161
253
614
5,309
17,337
Total deferred inflows of resources
441,337
5,852
19,201
250,502
716,892
Net position
Net investment in capital assets
17,034,658
-
-
3,920,845
20,955,503
Unrestricted
(215,053)
(30,050)
6,896,664
1,5921545
8,2445106
Total net position
$ 16,819,605
$ (30,050)
$ 6,896,664
$ 5,513,390
$ 29,199,609
93
EXHIBIT E-2
CITY OF WICHITA FALLS, TEXAS
COMBINING STATEMENT OF REVENUES, EXPENSES AND
CHANGES IN NET POSITION
INTERNAL SERVICE FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2018
Employee Information
Fleet Duplicating Benefit Technology
Maintenance Services Trust Fund Totals
Operating revenues:
Charges for services
$ 10,408,914
$ 134,151
$ -
$ 3,430,708
$ 13,973,773
Rents, concessions and other
11,970
-
112031950
-
1,2151920
Contributions
-
-
14,125,230
-
14,125,230
Total operating revenues
10,420,884
1343151
15,329,180
3,430,708
29,314,923
Operating expenses:
Personnel services
2,143,214
29,708
89,341
1,187,485
3,449,748
Supplies and materials
3,139,973
2,510
173
605,011
3,747,667
Maintenance and repairs
2,360,393
-
-
610,578
2,970,971
Utilities and other services
76,091
896
92,242
167,064
336,293
Insurance and contract support
142,509
-
11,0881119
15
11;2301643
Other expenses
179,796
95,123
1,999,666
7,575
2,282,160
Depreciation and amortization
3,787,438
-
-
7691661
4557,099
Total operating expenses
11,829,414
128,237
13,269,541
3,347,389
28,574,581
Operating income (loss)
(1,408,530)
5,914
2,059,639
83,319
740,342
Nonoperating revenues (expenses):
Interest income
-
-
434,588
-
434,588
Gain on sale of capital assets
891331
-
-
(1,359)
871972
Interest expense
(31,428)
-
-
-
(31,428)
Total nonoperating revenues
(expenses)
57,903
-
434,588
(1,359)
491,132
Income (loss) before transfers
(1,350,627)
5,914
2,494,227
81,960
1,231,474
Transfers in
1,562,348
-
-
-
1,562,348
Transfers out
(312,000)
-
-
(25,623)
(337,623)
Change in net position
(100,279)
5,914
2,494,227
56,337
2,456,199
Net position - beginning
17,407,957
(24,907)
4,429,289
5,689,243
27,501,582
Prior period adjustment
(488,073)
(11,057)
(26,852)
(232,190)
(758,172)
Net position - endinc
$ 16,819,605
$ (30,050)
$ 6,896,664
$ 5,513,390
$ 29,199,609
94
EXHIBIT E-3
CITY OF WICHITA FALLS, TEXAS
COMBINING STATEMENT OF CASH FLOWS
INTERNAL SERVICE FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2018
Employee
Information
Fleet
Duplicating
Benefit
Technology
Maintenance
Services
Trust
Fund
Totals
Cash flows from operating activities:
Received from customers and users
$ 318,237
$ -
$ 4,582,791
$ -
$ 4,901,028
Received from interfund charges
10,048,325
134,151
9,798,200
3,430,708
23,411,384
Other operating receipts
-
-
939,217
-
939,217
Payments to suppliers
(5,874,755)
(94,770)
(13,118,073)
(1,757,345)
(20,844,943)
Payments for interfund services
(454,421)
(14,302)
(16,680)
(138,151)
(623,554)
Payments to employees
(1,511,784)
(19,712)
(65,159)
(869,773)
(2,466,428)
Net cash provided (used) by operating activities
2,525,602
5,367
2,120,296
665,439
5,316,704
Cash flows from noncapital financing activities:
Interfund loans received
-
-
-
-
-
Interfund loans repaid
-
(4,505)
(36,704)
-
(41,209)
Transfers in from other funds
1,562,348
-
-
-
1,562,348
Transfers out to other funds
(312,000)
-
-
(25,623)
(337,623)
Net cash provided (used) by noncapital financing activities
1,250,348
(4,505)
(36,704)
(25,623)
1,183,516
Cash flows from capital and related
financing activities:
Acquisition of capital assets
(3,139,115)
-
-
(161,541)
(3,300,656)
Proceeds from sale of capital assets
89,331
-
-
-
89,331
Principal paid on long-term debt
(443,387)
-
-
-
(443,387)
Interest and fees paid on long-term debt
(31,428)
-
-
-
(31,428)
Net cash used for capital and
related financing activities
(3,524,599)
-
-
(161,541)
(3,686,140)
Cash flows from investing activities:
Interest on investments
-
-
434,588
-
434,588
Net cash provided by investing activities
-
-
434,588
-
434,588
Net Increase (Decrease) in Cash and Cash Equivalents
251,351
862
2,518,180
478,275
3,248,668
Cash and Cash Equivalents - Beginning
359,526
-
5,114,850
2,127,143
7,601,519
Cash and Cash Equivalents - Ending
$ 610,877
$ 862
$ 7,633,030
$ 2,605,418
$ 10,850,187
Cash flows from operating activities:
Operating income (loss)
Adjustments to reconcile operating income (loss) to
net cash provided (used) by operating activities:
Depreciation and amortization
(Increase) decrease in assets and deferred outflows:
Receivables:
Other
Inventory
Prepaid items
Deferred outflows - pension -related
Deferred outflows - OPEB-related
Increase (decrease) in liabilities and deferred inflows:
Accounts payable - trade
Accrued payroll
Accrued vacation and sick leave
Estimated health claims payable
Other liabilities
Net pension liability
Net OPEB liability
Deferred inflows - pension -related
Deferred inflows - OPEB-related
Total adjustments
Net cash provided (used) by
operating activities
$ (1,408,530)
$ 5,914
$ 2,059,639
$ 83,319
$ 740,342
3,787,438
-
-
769,661
4,557,099
(54,322)
-
(8,414)
-
(62,736)
(14,884)
-
-
-
(14,884)
-
(109)
-
150
41
140,483
2,091
8,931
92,281
243,786
(1,315)
(29)
(73)
(626)
(2,043)
189,151
164
18,362
(186,172)
21,505
921
(302)
(1,235)
435
(181)
86
-
-
4,825
4,911
-
-
56,923
-
56,923
-
-
(558)
-
(558)
(509,290)
(7,373)
(30,118)
(324,901)
(871,682)
(24,747)
(562)
(1,361)
(11,772)
(38,442)
409,450
5,320
17,586
232,930
665,286
11,161
253
614
5,309
17,337
3,934,132
(547)
60,657
582,120
4,576,362
95
Agency Fund
Escheatment Fund - The agency fund is used to account for assets held by the City of Wichita
Falls in a custodial capacity. The assets in this fund have been abandoned or remain unclaimed
pending escheatment to the State of Texas.
EXHIBIT F-1
CITY OF WICHITA FALLS, TEXAS
AGENCY FUND
STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
FOR THE YEAR ENDED SEPTEMBER 30, 2018
Balance Balance
10/1 /2017 Additions Deductions 9/30/2018
ESCHEATMENT FUND
Assets
Cash and cash equivalents $ 1275799 $ 665232 $ 165481 $ 177,550
Liabilities
Other liabilities $ 127,799 $ 66,232 $ 167481 $ 177,550
•e
Component Units
Discretely Presented Component Units of the City of Wichita Falls are legally separate entities;
however, the City is considered to be financially accountable for their operations. The five
discretely presented component units are as follows:
Wichita Falls Economic Development Corporation
The Wichita Falls Economic Development Corporation is a nonprofit corporation formed in
May 1997 for the purpose of increasing employment opportunities, primarily through assisting
qualified enterprises with funds provided by a portion of the local sales tax. The Corporation
operates under the authority of Vernon's Civil Statutes, Article 5190.6, Section 4A.
Wichita Falls 4B Sales Tax Corporation
The Wichita Falls 4B Sales Tax Corporation is a nonprofit corporation formed in May 1997 for
the purpose of increasing employment opportunities and for public improvement projects
such as parks, auditoriums, learning centers, open space improvements, athletic and
exhibition facilities and the related maintenance and operating costs of such projects. These
projects are funded by a portion of the local sales tax. The Corporation operates under the
authority of Vernon's Civil Statutes, Article 5190.6, Section 4B.
Wichita Falls Reinvestment Zone #2
The Wichita Falls Reinvestment Zone #2 was created in August 2005 by the City, with the
advice and consent of the Wichita Falls Independent School District and Wichita County.
The purpose of the Wichita Falls Reinvestment Zone #2 is to capture increments of growth in
real property values in the designated zone area from base values established in January
2004 and use the ad valorem taxes derived from the increments to contribute to the zoned
area. Tax funds derived from the increment can only be spent for public improvements in the
zoned area or for payment of debt service on bonds issued to provide funds for public
improvements.
Wichita Falls Reinvestment Zone #3
The Wichita Falls Reinvestment Zone #3 was created in September 2009 by the City, with
the advice and consent of the Wichita Falls Independent School District and Wichita County.
The purpose of the Wichita Falls Reinvestment Zone #3 is to capture increments of growth in
real property values in the designated zone area from base values established in January
2009 and use the ad valorem taxes derived from the increments to contribute to the zoned
area. Tax funds derived from the increment can only be spent for public improvements in the
zoned area or for payment of debt service on bonds issued to provide funds for public
improvements.
Wichita Falls Reinvestment Zone #4
The Wichita Falls Reinvestment Zone #4 was created in March 2015 by the City, with the
advice and consent of the Wichita Falls Independent School District and Wichita County.
The purpose of the Wichita Falls Reinvestment Zone #4 is to capture increments of growth in
real property values in the designated zone area from base values established in January
2015 and use the ad valorem taxes derived from the increments to contribute to the zoned
area. Tax funds derived from the increment can only be spent for public improvements in the
zoned area or for payment of debt service on bonds issued to provide funds for public
improvements.
EXHIBIT G-1
CITY OF WICHITA FALLS, TEXAS
COMBINING STATEMENT OF NET POSITION
COMPONENT UNITS
SEPTEMBER 30, 2018
Wichita Falls
Economic
Wichita Falls
Wichita Falls
Wichita Falls
Wichita Falls
Development
413 Sales Tax
Reinvestment
Reinvestment
Reinvestment
Corporation
Corporation
Zone #2
Zone #3
Zone #4
Totals
Assets
Cash and cash equivalents
$ 13,478,191
$ 4,156,567
$ 574,159
$ 520,265
$ 126,387
$ 18,855,569
Receivables:
Government agencies
692,046
6927046
292,922
441069
423110
11763,193
Other
200,000
-
-
-
-
200,000
Prepaid items
5,625
-
-
-
-
5,625
Capital assets, net of accumulated depreciation
2,151,962
-
-
-
-
2,151,962
Total assets
16,527,824
41848,613
867,081
564,334
168,497
22,976,349
Liabilities
Accounts payable - trade
2,038,148
16,085
-
-
-
2,054,233
Other liabilities
936
-
-
-
-
936
Total liabilities
2,039,084
16,085
-
-
-
2,055,169
Net position
Net investment in capital assets
2,151,962
-
-
-
-
2,151,962
Unrestricted
12,336,778
4,832,528
867,081
564,334
168,497
18,769,218
Total net position
$ 14,488,740
$ 4,832,528
$ 867,081
$ 564,334
$ 168,497
$ 20,921,180
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CITY OF WICHITA FALLS, TEXAS
DEBT SERVICE COVERAGE -REVENUE BONDS
SEPTEMBER 30, 2018
Water and Sewer Revenue Bonds:
Change in net position (Exhibit A-8)
Add:
Depreciation and amortization
Interest expense and paying agent fees
Transfers out
S u btract:
West Texas Utilities water revenues
Gain (loss) on sale/abandonment of capital assets
Capital contributions from developers
Transfers in
Net earnings for determining debt service coverage
Net earnings for determining debt service coverage
Principal and interest requirements to maturity
Number of years remaining to pay bonds
Average annual principal and interest requirement
Minimum bond covenant debt service coverage
Minimum debt service coverage requirement
Excess over debt service coverage requirements
106
$ 9,3461931
3,3971913
EXHIBIT H-3
$ 11,222,796
15,518,716
612,167
(946,002)
876,211
901,083 (11443,459)
Priority
Subordinate
Lien Bonds
Lien Bonds
$ 251298,053
$ 85, 048, 750
$ -
10
N/A
8,504,875
N/A
1.25
1.10
$ 10,631,094
$ - 10,6315094
$ 14, 666, 959
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EXHIBIT H-5
CITY OF WICHITA FALLS, TEXAS
CAPITAL ASSETS USED IN THE OPERATION OF GOVERNMENTAL FUNDS
SCHEDULE OF CHANGES BY FUNCTION
AND ACTIVITIY
FOR THE YEAR ENDED SEPTEMBER 30, 2018
Beginning
Ending
Balance
Balance
10/1 /2017
Additions
Deletions
9/30/2018
Administrative services:
Mayor and City Council
$ 5,218
$ -
$ -
$ 5,218
City Manager
281,562
-
-
281,562
Personnel/Risk Management
9,318
-
-
9,318
Martin Luther King Center
749,447
-
-
749,447
Library
5,695,829
-
7,388
5,688,441
General Public Informatior
947,753
6,149
183,737
770,165
Building Maintenance
2,909,802
-
2,679
2,907,123
Nondepartmental
512,598
-
-
512,598
Municipal Court
614,261
-
6,428
607,833
Legal
1,488
1,517
-
3,005
City Clerk
1,411
-
-
1,411
Homeland security
732,673
-
84,267
648,406
Training center
42,172
-
39,901
2,271
Golf course
4,717,515
-
-
4,717,515
Total administrative services
17,221,047
7,666
324,400
16,904,313
Police
26,451,987
89,251
110,775
26,430,463
Fire
8,028,746
-
-
8,028,746
Parks and recreation:
Recreation
2,704,366
-
15,578
2,688,788
Park maintenance
5,240,707
-
-
5,240,707
Cemetery
151,108
-
2,975
148,133
Total parks and recreatior
8,096,181
-
18,553
8,077,628
Accounting/finance:
Information Systems
7,647,219
266,292
156,783
7,756,728
Total accounting/finance
7,647,219
266,292
156,783
7,756,728
Community development:
Planning
26,833
6,036
1,411
31,458
Inspection
3,610
-
-
3,610
Property management
10,767,100
-
-
10,767,100
Weed and Seed program
7,504
-
-
7,504
Hazard Mitigation Grant
170,800
-
-
170,800
Total community development
10,975,847
6,036
1,411
10,980,472
Public works:
Engineering
151,785
18,640
1,612
168,813
Street maintenance
143,641
-
2,780
140,861
Lake Wichita Revitalizatior
424,175
-
-
424,175
SAFB Gate Perimeter Projecl
1,914,014
-
1,914,014
-
Infrastructure
173,519,682
8,548,896
1,577,258
180,491,320
Total public works
176,153,297
8,567,536
3,495,664
181,225,169
Health:
Administration
3,247,559
29,740
14,041
3,263,258
General city nursing
87,642
-
-
87,642
Environmental health
47,156
13,655
-
60,811
Lab water pollution
37,273
5,350
-
42,623
Animal reclaim center
4,268,837
-
-
4,268,837
Total health
7,688,467
48,745
14,041
7,723,171
Traffic and transportation
11,587,621
1,159,771
121,807
12,625,585
Multi -Purpose Events Center
48,239,335
-
-
48,239,335
Wichita Falls Business Park
1,099,507
-
-
1,099,507
Total capital assets
$ 323,189,253
$ 10,145,297
$ 4,243,434
$ 329,091,117
108
CITY OF WICHITA FALLS, TEXAS
REGIONAL AIRPORT FUND
CAPITAL ASSETS AND ACCUMULATED DEPRECIATION
FOR THE YEAR ENDED SEPTEMBER 30, 2018
Capital Assets:
Land and betterments
Buildings and improvements
Machinery and equipment
Furniture and fixtures
Construction in progress
Total capital assets
Accumulated Depreciation:
Land and betterments
Buildings and improvements
Machinery and equipment
Furniture and fixtures
Total accumulated depreciation
Net capital assets
Balance
10/1/2017 Additions Deletions
$ 14, 892, 849 $ 5,492,103 $ -
34, 086, 309 - -
127,836 - -
12,829 - -
EXHIBIT H-6
Balance
$ 20, 384, 952
34, 086, 309
127,836
12,829
54, 611, 926 51492,103 51492,103 54, 611, 926
278897913
7057556
- 31595,469
270437845
6765665
- 21720,510
357763
15,588
- 517351
31849
27566
- 67415
41973,370
1,400, 375
- 69373,745
$ 491638, 556 $ 4, 091, 728 $ 5492,103 $ 48, 238,181
109
EXHIBIT H-7
CITY OF WICHITA FALLS, TEXAS
KICKAPOO AIRPORT FUND
CAPITAL ASSETS AND ACCUMULATED DEPRECIATION
FOR THE YEAR ENDED SEPTEMBER 30, 2018
Balance Balance
10/1/2017 Additions Deletions 9/30/2018
Capital Assets:
Land and betterments
$ 817691905
$ 214975075 $ -
$ 111266,980
Buildings and improvements
352641730
- -
35264730
Machinery and equipment
583,215
- -
583,215
Construction in progress
2911414
2821380 2561167
3171627
Total capital assets
121909,264
217795455 2561167
151432,552
Accumulated Depreciation:
Land and betterments
255323458
2923717 -
258251175
Buildings and improvements
1,0891831
1071433 -
11197,264
Machinery and equipment
3765005
311034 -
4071039
Total accumulated depreciation
319981294
4311184 -
41429,478
Net capital assets
$ 8,9101970
$ 2,348,271 $ 2561167
$ 111003,074
110
CITY OF WICHITA FALLS, TEXAS
TRANSIT FUND
CAPITAL ASSETS AND ACCUMULATED DEPRECIATION
FOR THE YEAR ENDED SEPTEMBER 30, 2018
Balance
10/1/2017 Additions Deletions
Capital Assets:
Land and betterments
Buildings and improvements
Machinery and equipment
Total capital assets
Accumulated Depreciation:
Land and betterments
Buildings and improvements
Machinery and equipment
Total accumulated depreciation
Net capital assets
EXHIBIT H-8
RnInncP
$ 4571254 $ 1,543,993 $ - $ 2,001,247
5,135, 957 913, 600 - 67049, 557
51933,202 2,648,170 - 8,5815372
475470 101549 - 581019
6041833 1233084 - 7273917
939,379 165,717 - 1,1055096
$41993,823 $ 2,4825453 $ - $ 754765276
111
EXHIBIT H-9
CITY OF WICHITA FALLS, TEXAS
STORMWATER DRAINAGE FUND
CAPITAL ASSETS AND ACCUMULATED DEPRECIATION
FOR THE YEAR ENDED SEPTEMBER 30, 2018
Balance Balance
10/1/2017 Additions Deletions 9/30/2018
Capital Assets:
Drainage
$ 25,0801233
$ 116221541 $
997,688
$25,705,086
Land and betterments
4265513
155000
21300
4395213
Machinery and equipment
91,340
3,640
-
94,980
Construction in progress
733,214
3071710
657,719
383,205
Total capital assets
26,331,300
11948,891
1,657,707
26,622,484
Accumulated DeDreciation:
Drainage
1,828,766
3253193
- 231531959
Land betterments
231051
51534
11150 271435
Machinery and equipment
82,603
31098
- 85,701
Total accumulated depreciation
1,934,420
333,825
11150 2,267,095
Net capital assets
$ 24,3965880
$ 11615,066
$ 156565557 $2453555389
112
CITY OF WICHITA FALLS, TEXAS
SANITATION FUND
CAPITAL ASSETS AND ACCUMULATED DEPRECIATION
FOR THE YEAR ENDED SEPTEMBER 30, 2018
Balance
10/1/2017 Additions Deletions
Capital Assets:
Land and betterments
Buildings and improvements
Machinery and equipment
Construction in progress
Total capital assets
Accumulated Depreciation:
Land and betterments
Buildings and improvements
Machinery and equipment
Total accumulated depreciation
Net capital assets
EXHIBIT H-10
Balance
$ 7, 511, 043 $ 4551333 $ - $ 7, 966, 376
3,5551655 51460 - 315613115
655,824 91759 1,850 663,733
11,802,392 4701552 815720 1251911224
13243, 379
1551147
- 133983526
1, 549,445
937557
- 11643,002
308,223
445076
11850 350,449
3,101, 047
2921780
11850 31391,977
$ 8, 701, 345
$ 1771772
$ 795870 $ 81799,247
113
EXHIBIT H-11
CITY OF WICHITA FALLS, TEXAS
WATER AND SEWER FUND
CAPITAL ASSETS AND ACCUMULATED DEPRECIATION
FOR THE YEAR ENDED SEPTEMBER 30, 2018
Balance Balance
10/1/2017 Additions Deletions 9/30/2018
Capital Assets:
Land and betterments
$ 24,362,969
$ -
$ 13,010
$ 24,349,959
Buildings, systems and
improvements
331,6727016
49,3545120
37630,902
3777395,234
Machinery and equipment
519847166
775193
4007482
5,660,877
Furniture and fixtures
17164
-
-
15164
Motor vehicles
17235
-
11235
-
Construction in progress
4477767793
115665642
4271731830
411695605
Total capital assets
406,798,343
50,997,955
46,219,459
411,576,839
Accumulated Depreciatior:
Land and betterments
11,284,511
243,612
840
11,5275283
Buildings, systems and
improvements
121,7547877
818697392
217171006
12719077263
Machinery and equipment
4,6937352
2331927
3471537
475795742
Furniture and fixtures
17164
-
-
11164
Motor vehicles
17235
-
15235
-
Total accumulated depreciation
13757357139
95346,931
370665618
1447015,452
Net capital assets
$ 26970637204
$ 4156511024
$ 4371521841
$ 26715615387
114
EXHIBIT H-12
CITY OF WICHITA FALLS, TEXAS
WATERPARK FUND
CAPITAL ASSETS AND ACCUMULATED DEPRECIATION
FOR THE YEAR ENDED SEPTEMBER 30, 2018
Balance Balance
10/1/2017 Additions Deletions 9/30/2018
Capital Assets:
Land and betterments
Buildings and improvements
Machinery and equipment
Total capital assets
Accumulated Depreciatior:
Buildings and improvements
Machinery and equipment
Total accumulated depreciation
Net capital assets
$ 389,894 $ - $ - $ 3895894
4,601,487 - - 416017487
2211268 95443 - 2305711
51212,649 95443 - 5,222,092
1,4931840 2301075 - 117235915
1541464 225746 - 1773210
1,6487304 2527821 - 179017125
$ 3,5641345 $ (243,378) $ - $ 3,3207967
115
EXHIBIT H-13
CITY OF WICHITA FALLS, TEXAS
FLEET MAINTENANCE FUND
CAPITAL ASSETS AND ACCUMULATED DEPRECIATION
FOR THE YEAR ENDED SEPTEMBER 30, 2018
Balance Balance
10/1/2017 Additions Deletions 9/30/2018
Caaital Assets:
Land and betterments
$ 436,269
$ -
$ -
$ 436,269
Buildings and improvements
47719,647
38,513
-
47758,160
Machinery and equipment
1,679,551
51,946
1915114
1,540,383
Furniture and fixtures
21950
-
-
21950
Motor vehicles
56,819,223
51256,551
173617871
60,713,903
Total capital assets
63,657,640
513475010
1,552,985
6714515665
Accumulated Depreciation:
Land and betterments - other
27611
-
-
21611
Buildings and improvements
2,641,682
1175632
-
277597314
Machinery and equipment
1,351,033
1271132
191,114
11287,051
Furniture and fixtures
2,950
-
-
25950
Motor vehicles
419944,955
39542,674
11361,871
449125,758
Total accumulated depreciation
45,943,231
3,7871438
17552,985
48,1771684
Net capital assets
$17,714,409
$ 115595572
$ -
$19,2735981
116
CITY OF WICHITA FALLS, TEXAS
DUPLICATING SERVICES FUND
CAPITAL ASSETS AND ACCUMULATED DEPRECIATION
FOR THE YEAR ENDED SEPTEMBER 30, 2018
Balance
10/1/2017 Additions Deletions
Caaital Assets:
Machinery and equipment $ 9,117 $ -
Accumulated Depreciation:
Machinery and equipment 9,117 -
Net capital assets $ - $ -
117
EXHIBIT H-14
Balance
9/30/2018
$ 9,117
9,117
EXHIBIT H-15
CITY OF WICHITA FALLS, TEXAS
INFORMATION TECHNOLOGY FUND
CAPITAL ASSETS AND ACCUMULATED DEPRECIATION
FOR THE YEAR ENDED SEPTEMBER 30, 2018
Capital Assets:
Machinery and equipment
Construction in progress
Total capital assets
Accumulated Depreciation:
Machinery and equipment
Net capital assets
Balance Balance
10/1/2017 Additions Deletions 9/30/2018
$ 6;179)292
$ 2661292
$ 31397
$ 6,4421187
1047751
-
1045751
-
6,2845043
2661292
108,148
61442,187
1, 753, 719
7691661
21038
2)521,342
$ 47530, 324
$ (503, 369)
$ 106,110
$ 3)920,845
118
CITY OF WICHITA FALLS, TEXAS
WICHITA FALLS ECONOMIC DEVELOPMENT CORPORATION
CAPITAL ASSETS AND ACCUMULATED DEPRECIATION
FOR THE YEAR ENDED SEPTEMBER 30, 2018
Capital Assets:
Land and betterments
Buildings and improvements
Total capital assets
Accumulated Depreciation:
Buildings and improvements
Net capital assets
EXHIBIT H-16
Balance Balance
10/1/2017 Additions Deletions 9/30/2018
$ 114321069 $ 21000 $ - $ 114341069
9571191 - - 9571191
2,389,260 2,000 - 2,391,260
220,154 191144 - 239,298
$ 21169,106 $ (17,144) $ - $ 2,151, 962
119
Statistical Section (Unaudited)
This part of the City of Wichita Falls,
detailed information as a context fo
statements, note disclosures, and
government's overall financial health.
Contents
Texas' comprehensive annual financial report presents
r understanding what the information in the financial
required supplementary information says about the
Page
Financial Trends 120
These schedules contain trend information to help the reader understand how the
government's financial performance and well-being have changed over time.
Revenue Capacity 126
These schedules contain information to help the reader assess the government's
most significant local revenue source, the property tax.
Debt Capacity 130
These schedules present information to help the reader assess the affordability of
the government's current levels of outstanding debt and the government's ability to
issue additional debt in the future.
Demographic and Economic Information 135
These schedules offer demographic and economic indicators to help the reader
understand the environment within which the government's financial activities take
place.
Operating Information 137
These schedules contain service and infrastructure data to help the reader
understand how the information in the government's financial report relates to the
services the government provides and the activities it performs.
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EXHIBIT 1-5
CITY OF WICHITA FALLS, TEXAS
TAX REVENUES BY SOURCE, GOVERNMENTAL FUNDS -
LAST TEN FISCAL YEARS (UNAUDITED)
Fiscal
Hotel
Year
Property
Sales
Franchise
Occupancy
Beverage
Bingo
Total
2008-2009
$ 27,865,394
$ 20,451,906
$ 5,570,399
$ 1,506,423
$ 249,121
$ 109,739
$ 55,752,982
2009-2010
27,501,412
20,033,820
5,593,573
1,513,484
246,541
77,883
54,966,713
2010-2011
287554,029
2170827994
57593781
175725105
248,350
703747
577122,006
2011-2012
287679,076
211406,823
5,574,882
17677,100
207735
61,696
57,607,312
2012-2013
297277,956
22,062,365
5,423,680
1,578,764
230,728
403122
58,613,615
2013-2014
29, 780, 795
22, 397, 536
5, 558, 599
1,6847329
281,598
36, 688
59, 739, 545
2014-2015
3170903472
22,403,406
5,414,414
17775,372
291,091
323764
61,007,519
2015-2016
347567,763
22,3737768
5,035,947
17910,477
286,986
26,736
64,2017677
2016-2017
3571101173
22,4137397
5,1935721
178781061
281,687
97098
64,886,137
2017-2018
35,804,507
23,861,013
5,326,402
17952,011
308,333
27626
677254,892
125
EXHIBIT 1-6
CITY OF WICHITA FALLS, TEXAS
ASSESSED AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY -
LAST TEN FISCAL YEARS (UNAUDITED)
Personal
Ratio of Total
Real Property
Property
Total
Total
Assessed to
Fiscal
Assessed
Assessed
Assessed
Direct
Estimated
Total Estimated
Year
Value
Value
Value
Tax Rate
Actual Value
Actual Value
2008-2009
$ 3,55378257553
$ 877,030,381
$4,430,855,934
$0.59526
$ 4,430,855,934
100.00%
2009-2010
3,622,501,148
803,697,677
41426,198,825
0.60526
43426,198,825
100.00%
2010-2011
3,6937399,778
728,642,824
45422,042,602
0.62526
4,422,042,602
100.00%
2011-2012
3,714,449,662
716,365,316
47430,814,978
0.62526
4,430,814,978
100.00%
2012-2013
3, 749, 608, 055
715,113, 536
4,464, 721, 591
0.63526
4,464, 721, 591
100.00%
2013-2014
3,7777010,620
771,002,233
4,548,0127853
0.63526
43548,012,853
100.00%
2014-2015
3185975607337
76512517406
4162478117743
0.65526
4,62418111743
100.00%
2015-2016
3194477837610
82018277696
4176576117306
0.70598
476516111306
100.00%
2016-2017
41031, 689, 962
817, 687, 012
4, 849, 376, 974
0.70598
4, 849, 376, 974
100.00%
2017-2018
4,1237022,727
818,629,114
4,941,6517841
0.70598
4,941,651,841
100.00%
126
EXHIBIT 1-7
CITY OF WICHITA FALLS, TEXAS
DIRECT AND OVERLAPPING PROPERTY TAX RATES -
LAST TEN FISCAL YEARS (UNAUDITED)
Tax Rates Per $100 Valuation
Fiscal
City of Wichita Falls
Wichita County
Burkburnett ISD (1)
Year
M&O
I&S Total
M&O
I&S
Total
M&O
I&S Total
2008-2009
$ 0.58
$ 0.02 $
0.60
$ 0.43
$ -
$ 0.43
$ 1.17
$ 0.14 $
1.31
2009-2010
0.59
0.02
0.61
0.48
-
0.48
1.17
0.14
1.31
2010-2011
0.61
0.01
0.62
0.52
-
0.52
1.17
0.14
1.31
2011-2012
0.61
0.01
0.62
0.53
-
0.53
1.17
0.14
1.31
2012-2013
0.62
0.01
0.63
0.52
-
0.52
1.17
0.13
1.30
2013-2014
0.62
0.01
0.63
0.51
-
0.51
1.17
0.12
1.29
2014-2015
0.64
0.02
0.66
0.51
-
0.51
1.17
0.14
1.31
2015-2016
0.69
0.02
0.71
0.55
-
0.55
1.17
0.14
1.31
2016-2017
0.69
0.02
0.71
0.58
0.03
0.61
1.17
0.37
1.54
2017-2018
0.69
0.02
0.71
0.58
0.08
0.66
1.17
0.37
1.54
City View ISD (2)
Iowa Park CISD (3)
Wichita Falls ISD (4)
Grand
M&O
I&S Total
M&O
I&S
Total
M&O
I&S Total
Total
2008-2009
$ 1.17
$ 0.23 $
1.40
$ 1.04
$ 0.11
$ 1.15
$ 1.04
$ 0.16 $
1.20
$ 6.09
2009-2010
1.17
0.25
1.42
1.04
0.10
1.14
1.04
0.16
1.20
6.16
2010-2011
1.17
0.25
1.42
1.04
0.09
1.13
1.04
0.17
1.21
6.21
2011-2012
1.17
0.25
1.42
1.04
0.24
1.28
1.04
0.17
1.21
6.37
2012-2013
1.17
0.25
1.42
1.04
0.24
1.28
1.04
0.17
1.21
6.36
2013-2014
1.17
0.25
1.42
1.04
0.24
1.28
1.04
0.17
1.21
6.34
2014-2015
1.17
0.25
1.42
1.04
0.23
1.27
1.04
0.10
1.14
6.31
2015-2016
1.17
0.25
1.42
1.17
0.16
1.33
1.04
0.19
1.23
6.55
2016-2017
1.17
0.25
1.42
1.17
0.16
1.33
1.04
0.19
1.23
6.84
2017-2018
1.17
0.25
1.42
1.17
0.16
1.33
1.04
0.19
1.23
6.89
Notes:
(1) Burkburnett Independent School District - 25% in Wichita Falls city limits
(2) City View Independent School District - 90% in Wichita Falls city limits
(3) Iowa Park Consolidated Independent School District - 2% in Wichita Falls city limits
(4) Wichita Falls Independent School District - 99% in Wichita Falls city limits
127
CITY OF WICHITA FALLS, TEXAS
PRINCIPAL PROPERTY TAXPAYERS
CURRENT YEAR AND NINE YEARS AGO
SEPTEMBER 30, 2018
2017-2018
Percentage
Taxable of Total
Assessed Assessed
Taxpayer Value Rank Valuation
GGP - Sikes Senter LLC
$ 64,000,000
1
Oncor Electric Delivery Co
41,702,850
2
Atmos Energy / Mid -Tex Division
22,996,120
3
Wal-Mart Stores East Inc
20,645,100
4
North American Pipe Corp
19,850,886
5
Wal-Mart Stores Texas LP
18,126,653
6
Quail Creek Crossing Ltd
171186,000
7
Kell West Regional Hospital
15,380,706
8
Winfield Solutions LLC
12,822,433
9
Lowe's Home Centers Inc.
12,059,579
10
Southwestern Bell
-
N/A
Clinics of North Texas
-
N/A
Wal-Mart Real Estate Business Trust
-
N/A
Totals
$ 244,770,327
Source:
Wichita Appraisal District
128
EXHIBIT 1-8
2008-2009
Percentage
Taxable of Total
Assessed Assessed
Value Rank Valuation
1.30%
$ 52,964,416
1
1.20%
0.84%
39,368,627
2
0.89%
0.47%
-
N/A
0.00%
0.42%
18,854,411
5
0.43%
0.40%
11,960,975
8
0.27%
0.37%
25,904,572
3
0.58%
0.35%
13,672,000
6
0.31 %
0.31 %
-
N/A
0.00%
0.26%
-
N/A
0.00%
0.24%
12,306,384
7
0.28%
0.00%
2515205925
4
0.58%
0.00%
11,3525391
9
0.26%
0.00%
117429,636
10
0.26%
4.95%
$ 223,334,337
5.06%
EXHIBIT 1-9
CITY OF WICHITA FALLS, TEXAS
PROPERTY TAX LEVIES AND COLLECTIONS -
LAST TEN FISCAL YEARS (UNAUDITED)
Collected within the
Taxes Levied
Fiscal Year of the Levy
Collections
Total Collections to Date
Fiscal
for the
Percentage
in Subsequent
Percentage
Year
Fiscal Year
Amount
of Levy
Years
Amount
of Levy
2008-2009
$ 26,375,113
$ 25,905,854
98.22%
$ 373,087
$ 26,278,941
99.64%
2009-2010
2677527242
2671667043
97.81 %
3941854
26,5601897
99.28%
2010-2011
2776497264
2771797642
98.30%
3181774
27,4981416
99.45%
2011-2012
277704,114
277306,706
98.57%
3041932
2716111638
99.67%
2012-2013
28,362,591
27,906,520
98.39%
2771408
28,183,928
99.37%
2013-2014
28,876,552
28,375,563
98.27%
2641103
28,639,666
99.18%
2014-2015
30,270,748
29,809,308
98.48%
285,081
30,094,389
99.42%
2015-2016
33,644,264
33,124,968
98.46%
315,610
33,440,578
99.39%
2016-2017
347228,872
337694,059
98.44%
2361251
33,9301310
99.13%
2017-2018
3478877074
347298,367
98.31 %
-
34,2981367
98.31 %
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EXHIBIT 1-11
CITY OF WICHITA FALLS, TEXAS
RATIOS OF GENERAL BONDED DEBT OUTSTANDING -
LAST TEN FISCAL YEARS (UNAUDITED)
Governmental Activities
Percentage of
General
Combination
Actual Taxable
Fiscal
Obligation
Tax and
Value of
Per
Year
Bonds
Revenue Bonds
Total
Property
Capita
2008-2009
$ 515357000
$ 33, 524, 726
$ 397059, 726
0.88%
$ 368.71
2009-2010
47790, 000
35, 918, 687
402708, 687
0.92%
389.36
2010-2011
414507000
34,104,162
387554,162
0.87%
368.75
2011-2012
41116,110
35,503,123
397619,233
0.89%
381.21
2012-2013
57491,678
51,5707623
577062,301
1.28%
545.78
2013-2014
47679,866
49, 302, 503
53, 982, 369
1.19%
514.62
2014-2015
31850,706
46,710,294
50,561,000
1.09%
481.01
2015-2016
16112% 132
311138,675
479267,807
0.99%
451.42
2016-2017
147132,973
29,4357100
431568,073
0.90%
416.03
2017-2018
3470007000
2171557000
5571551000
1.12%
526.55
131
EXHIBIT 1-12
CITY OF WICHITA FALLS, TEXAS
DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT (UNAUDITED)
SEPTEMBER 30, 2018
Direct:
City of Wichita Falls
Overlapping:
Wichita County
Burkburnett Independent School District
City View Independent School District
Iowa Park Consolidated Independent
School District
Wichita Falls Independent School District
Total overlapping
Total direct and overlapping bonded debt
Sources:
Gross
Percentage
Amount
Governmental
Applicable
Applicable
Activities
to City of
to City of
Debt (1)
Wichita Falls (2)
Wichita Falls
$ 60,623,665
100%
$ 60,623,665
707835,256
100%
70,835,256
49,179, 558
25%
121294, 890
81153,232
90%
71337,909
157693,061
2%
3131861
96, 643, 374
99%
95, 676, 940
240,504,481
1864581856
$ 301,1287146
$ 247, 082, 521
(1) Listed taxing jurisdictions
(2) City of Wichita Falls Planning Department calculated based on percentage of taxing entity within the
City of Wichita Falls city limits.
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EXHIBIT 1-15
Fiscal
Estimated
Year
Population (1)
2008-2009
105,935
2009-2010
2010-2011
2011-2012
2012-2013
2013-2014
2014-2015
2015-2016
2016-2017
2017-2018
104,553
104553
103,931
104,552
104, 898
105,114
104,710
104, 724
104,747
Sources:
(1) World Population Review
(2) Texas Education Agency
(3) Bureau of Labor Statistics
CITY OF WICHITA FALLS, TEXAS
DEMOGRAPHIC STATISTICS -
LAST TEN FISCAL YEARS (UNAUDITED)
Per
Capita
Personal
Personal
Median
Education
School
Unemployment
Income
Income (1)
Age (1)
Level
Enrollment (2)
Rate (3)
$ 214707050,408
$ 231317
33.2
13.5
151473
8.2%
21205,022,770
21,090
32.3
13.3
16,217
7.3%
257661263,274
261458
32.8
13.2
15539
6.6%
2,330,756,606
221426
32.4
13.2
14,569
6.9%
21499,106,456
23,903
32.5
13.1
14,639
6.2%
213367602,950
22,275
32.5
13.2
151181
4.9%
2,397,229,884
22,806
32.5
13.2
15,155
4.4%
253941298,860
221866
32.5
13.2
151181
4.8%
2139579807396
22,879
32.5
13.2
15,124
3.4%
2,597,725,600
24,800
32.8
13.2
15,150
3.1%
135
EXHIBIT 1-16
CITY OF WICHITA FALLS, TEXAS
PRINCIPAL EMPLOYERS
CURRENT YEAR AND NINE YEARS AGO (UNAUDITED)
SEPTEMBER 30, 2018
2017-2018
2008-2009
Percentage
Percentage
of Total
of Total
City
City
Employer
Employees
Rank
Employment
Employees
Rank
Employment
Sheppard Air Force Base
12,581
1
17.60%
127201
1
17.06%
North Texas State Hospital
2,071
2
2.90%
1,947
3
2.72%
United Regional Health Care System
22021
3
2.83%
15800
4
2.52%
Wichita Falls ISD
1,992
4
2.79%
2,007
2
2.81 %
Midwestern State University
1,315
5
1.84%
11223
6
1.71 %
City of Wichita Falls
11238
6
1.73%
1,350
5
1.89%
Wal-Mart - 3 locations
11140
7
1.59%
-
N/A
-
Howmet Corp. WF Casting Division
850
8
1.19%
860
8
1.20%
James V. Allred Prison Unit
806
9
1.13%
975
7
1.36%
United Supermarkets - 3 locations
778
10
1.09%
-
N/A
-
Cryovac Division - Sealed Air Corp
-
N/A
-
781
9
1.09%
AT&T Wireless
-
N/A
-
669
10
0.94%
Totals
24,792
34.69%
23,813
33.30%
Sources:
2006-2007 data is from Texas Workforce Commission. 2017-2018 data is from Wichita Falls Chamber of Commerce.
136
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