1998 Annual Financial ReportComprehensive
Annual
Financial Report
City of
Wichita Falls,
Texas
�8A82
1-k
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For Year Ended
September 30, 1998
CITY OF WICHITA FALLS, TEXAS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE YEAR ENDED SEPTEMBER 30, 1998
ISSUED BY:
DEPARTMENT OF FINANCE
CITY OF WICHITA FALLS, TEXAS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE YEAR ENDED SEPTEMBER 30, 1998
TABLE OF CONTENTS
Exhibit Page
INTRODUCTORY SECTION
Letter of Transmittal xii
GFOA Certificate of Achievement xiii
organizational Chart xiv
List of Principal Officials xv
FINANCIAL SECTION
Independent Auditor's Report 1-2
GENERAL PURPOSE FINANCIAL STATEMENTS:
Combined Balance sheet - All Fund Types, Account Groups
and Discretely Presented Component Units
A-1
3-4
Combined Statement of Revenues, Expenditures and Changes
in Fund Balances - All Governmental Fund Types, Expendable
Trust Fund, and Discretely Presented Component Units
A-2
5
combined statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual - General, special
Revenue, and Debt Service Funds
A-3
6
Combined Statement of Revenues, Expenses and Changes in
Retained Earnings - All Proprietary Fund Types and
Nonexpendable Trust Fund
A-4
7
combined statement of Cash Flows - All Proprietary Fund
Types and Nonexpendable Trust Fund
A-5
8
Notes to the Financial Statements 9-48
REQUIRED SUPPLEMENTARY INFORMATION:
Texas Municipal Retirement System - Analysis of Funding
Progress - Last Ten Plan Years B-1 49
Texas Municipal Retirement System - Revenues by Source
and Expenses by Type - Last Ten Plan Years B-2 50
Wichita Falls Firemen's Relief and Retirement Fund -
Analysis of Funding Progress B-3 51
Wichita Falls Firemen's Relief and Retirement Fund -
Revenues by Source and Expenses by Type - Last Ten
Plan Years B-4 52
CITY OF WICHITA FALLS, TEXAS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE YEAR ENDED SEPTEMBER 30, 1998
TABLE OF CONTENTS (CONT'D.)
Exhibit
Paqe
COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS:
General Fund:
Balance Sheet
C-1
53
Statement of Revenues, Expenditures and changes
in Fund Balance - Budget and Actual
C-2
54-57
Special Revenue Funds:
combining Balance Sheet
D--1
58
combining statement of Revenues, Expenditures and
Changes in Fund Balances - Budget and Actual
D--2
59
Community Development Block Grant Fund:
Balance Sheet
D--3
60
Statement of Revenues, Expenditures and Changes
in Fund Balance - Budget and Actual
D--4
61
Section 8 Housing Fund:
Balance Sheet
D--5
62
Statement of Revenues, Expenditures and Changes
in Fund Balance - Budget and Actual
D--6
63
Home Investment Partnership Agreement Fund:
Balance sheet
D--7
64
Statement of Revenues, Expenditures and Changes
in Fund Balance - Budget and Actual
D--8
65
Hotel/Motel Tax Fund:
Balance Sheet
D--9
66
Statement of Revenues, Expenditures and changes
in Fund Balance - Budget and Actual
D-10
67
Miscellaneous Special Revenue Fund:
Balance Sheet
D-11
68
Statement of Revenues, Expenditures and Changes
in Fund Balance - Budget and Actual
D-12
69-70
Debt Service Fund:
Balance Sheet
E-1
71
Statement of Revenues, Expenditures and Changes
in Fund Balance - Budget and Actual
E-2
72
Capital Projects Funds:
Combining Balance Sheet
F-1
73
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances
F-2
74
Enterprise Funds:
Combining Balance Sheet
G-1
75-76
Combining Statement of Revenues, Expenses and
Changes in Retained Earnings
G-2
77
Combining Statement of Cash Flows
G-3
78-79
CITY OF WICHITA FALLS, TEXAS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE YEAR ENDED SEPTEMBER 30, 1998
TABLE OF CONTENTS (CONT'D.)
Exhibit Paqe
COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS (CONT'D.):
Internal Service Fund:
Combining Balance Sheet H-1 80
Combining Statement of Revenues, Expenses
and Changes in Retained Earnings H-2 81
Combining statement of Cash Flows H-3 82
Trust and Agency Funds:
Combining Balance Sheet I-1 83
Statement of Revenues, Expenditures and Changes
in Fund Balances:
Excess Sales Tax Expendable Trust Fund I-2 84
Cemetery Perpetual care Nonexpendable Trust Fund I-3 85
Statement of Cash Flows - Cemetery Perpetual Care
Nonexpendable Trust Fund I-4 86
Agency Funds - Combining Statement of Changes
in Assets and Liabilities I-5 87-88
Discretely Presented Component Units:
Combining Balance Sheet J-1 89
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances J-2 90
SUPPORTING SCHEDULES:
Combined Schedule of Bonded Debt and Interest Maturities
K--1
91
Combined Schedule of Bonds Payable
K--2
92-94
Debt Service Coverage - Revenue Bonds
K--3
95
General Fixed Assets Account Group - Schedule of
General Fixed Assets and Joint Venture Assets -
By Sources
K--4
96
General Fixed Assets Account Group - Schedule of
changes in General Fixed Assets and Joint Venture
Assets - By Sources
K--5
97
General Fixed Assets Account Group - Schedule of
General Fixed Assets and Joint Venture Assets -
By Function and Activity
K--6
98
General Fixed Assets Account Group - Schedule of
Changes in General Fixed Assets and Joint Venture
Assets - By Function and Activity
K--7
99
Golf Fund - Plant, Equipment and Depreciation
K--8
100
Airport Fund - Plant, Equipment and Depreciation
K--9
101
Transit Fund - Plant, Equipment and Depreciation
K-10
102
Sanitation Fund - Plant, Equipment and Depreciation
K-11
103
Water and Sewer Fund - Plant, Equipment and Depreciation
K-12
104
Fleet Maintenance Fund - Plant, Equipment and Depreciation
K-13
105
CITY OF WICHITA FALLS, TEXAS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE YEAR ENDED SEPTEMBER 30, 1998
TABLE OF CONTENTS (CONT'D.)
Exhibit
Paqe
STATISTICAL SECTION (UNAUDITED)
General Governmental Expenditures by Function (General Fund
Only) - Last Ten Fiscal Years
L--1
106
General Governmental Revenues by Source (General Fund Only) -
Last Ten Fiscal Years
L--2
107
Property Tax Levies and Collections - Last Ten Fiscal Years
L--3
108
Assessed and Estimated Actual value of Taxable Property -
Last Ten Fiscal Years
L--4
109
Property Tax Rates and Tax Levies - Direct and overlapping
Governments - Last Ten Fiscal Years
L--5
110
Ten Largest Taxpayers
L--6
111
Special Assessment collections (capital Improvement
Assessments Fund) - Last Ten Fiscal Years
L--7
112
Computation of Legal Debt Margin
L--8
113
Ratio of Net General Bonded Debt to Assessed value and
Net General Bonded Debt Per Capita - Last Ten Fiscal Years
L--9
114
Ratio of Annual Debt Service Expenditures for General
Bonded Debt to Total General Governmental Expenditures -
Last Ten Fiscal Years
L-10
115
computation of Direct and overlapping General Bonded Debt
L-11
116
Revenue Bond Coverage - water and Sewer Revenue Bonds -
Last Ten Fiscal Years
L-12
117
Demographic Statistics - Last Ten Fiscal Years
L-13
118
Property value, Building Permits and Bank Deposits -
Last Ten Fiscal Years
L-14
119
Miscellaneous Statistical Data
L-15
120
Schedule of Insurance Coverage
L-16
121-125
Graphics:
Cash and Short -Term Investments
M--1
126
Total Bonds Payable
M--2
127
General obligation Bonds Payable
M--3
128
Revenue Bonds Payable
M--4
129
General Fund Equity
M--5
130
Comparison of Tax Levy and Collections
M--6
131
Revenues By Source - FYE 9/30/98
M--7
132
Expenditures By Function - FYE 9/30/98
M--8
133
General Governmental Revenues (General Fund Only)
M--9
134
General Governmental Expenditures (General Fund only)
M-10
135
Wichitaf
TEXAS
INTRODUCTORY SECTION
ViCh1� �5
TEXAS,
_1
March 1, 1999
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 of the City of
Wichita Falls, Texas for the fiscal year ended September 30, 1998. 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 Comprehensive Annual Financial Report of the City of Wichita Falls, Texas, for the year
ended September 30, 1998, was prepared in accordance with accounting principles as
promulgated by the Governmental Accounting Standards Board (GASB). The general
purpose financial statements and related notes have been audited by the independent audit firm
of Mathis, West, Huffines & Co., P. C., 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, is accurate in all material aspects; that it is 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 Comprehensive Annual Financial Report of the City of Wichita Falls, Texas, is reported in
three sections; introductory, financial and statistical. The introductory section includes this
transmittal letter, Certificate of Achievement for Excellence in Financial Reporting, the
government's organizational chart and a list of principal City officials. The financial section
includes the independent auditors' report, general purpose financial statements and related
notes, required supplementary information, and combining and individual fund and account
group financial statements and schedules. The statistical section includes selected financial and
demographic information, generally presented on a multi -year basis.
GENERAL INFORMATION - CITY OF WICHITA FALLS, TEXAS
The City of Wichita Falls is located 15 miles south of the Red River/Oklahoma border at the
intersection of Interstate 44 and U.S. Highway 287 and is equidistant from Dallas and
Oklahoma City, approximately 125 miles. Wichita Falls is the county seat of Wichita County
and the major population center in North Texas, serving a trade area which extends into
southern Oklahoma. Wichita Falls has a strong international presence, unique for a city of its
size and location. Sheppard Air Force Base maintains the NATO jet pilot training program;
there is considerable international investment in the area's manufacturing base; and Midwestern
State University has significant foreign student representation. Principal employers within the
city manufacture fiberglass reinforcements, glass, automotive parts, laundry equipment, hand
tools, jeans, and pipe. Wichita Falls State Hospital, Midwestern State University, and
Sheppard Air Force Base are also large employers located within the city. The 1998
population estimate is 104,121, an increase of 8.17% over the 1990 population of 96,259.
CITY SERVICES AND THE REPORTING ENTITY
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
(5) members elected from separate districts, and a Mayor and one (1) 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.
This report includes all funds and account groups of the City of Wichita Falls and all of its
component units in accordance with Governmental Accounting Standards Board (GASB)
Statement No. 14, which defines the criteria for inclusion of other agencies, institutions,
commissions, public authorities, or other governmental organizations in the reporting entity's
general purpose financial statements. Four legally separate organizations, for which the City is
financially accountable, were included in this report as component units. The Wichita Falls
Economic Development Corporation, Wichita Falls 4B Sales Tax Corporation, and the Wichita
Falls Reinvestment Zone # 1 are reported as discretely presented component units. The
Employee Benefit Trust Fund is reported as a blended component unit.
Several other organizations were evaluated, but they did not meet the criteria of financial
interdependency, and therefore, were not included in the report. These organizations include
the Wichita Falls Firemen's Relief and Retirement Fund, Housing Authority of the City of
Wichita Falls, Wichita County/City Hospital Board, and the Wichita County Appraisal District.
These organizations have substantial autonomy, separate governmental entity characteristics
and are governed by separate boards. Also, they are not funded by the City, and the City is not
obligated to finance any deficits they may incur or guarantee their indebtedness.
III
ECONOMIC CONDITION AND ACTIVITY
Manufacturing plays a vital role in the area economy. Wichita Falls has over 185
manufacturing firms representing approximately 14% of total employment within the city and
generating in excess of $240 million in annual payroll. Large durable goods manufacturing
comprises almost 75% of the area's manufacturing employment base including metal
fabrication, industrial and commercial machines and equipment, and assorted plastic, glass, and
fiberglass products. The remaining manufacturing jobs are in the processing of non -durable
goods such as food, printing materials and garments. Seven of the local manufacturers are
operated by Fortune 500 companies or their subsidiaries. Four area manufacturing facilities
are foreign -owned, representing France, Sweden, and Switzerland. The community has
benefited in recent years through several major industrial expansions that have contributed in
excess of $180 million in new manufacturing investments.
Another indicator of economic condition is income from the local sales and use tax. Income
from one percent of total retail sales increased for the City by $252,216, or 2.73% over fiscal
year 1997, as restated in the general purpose financial statements.
Residential and Commercial Expansion. Although the value of building permits for new
residential construction declined from the prior fiscal year, the City continued to show strong
performance in this area. The total value of new residential construction permits in the
1997-98 fiscal year was $13,945,000.
Commercial real estate transactions and new construction over the last year have been very
healthy. The value of building permits for commercial construction and expansion totaled
$30,394,597 in the 1997-98 fiscal year, which is an increase of $1,683,912, or 5.87% from the
prior year. The following entities announced expansion, new construction or consolidations in
excess of $1,000,000 in value during the 1998 fiscal year:
■ Physicians Reliance Network. A total of 21,570 sq. ft. with an estimated cost of
$2,901,500.
■ Faith Villiage Church of Christ Addition. A total of 12,803 sq. ft. with an estimated cost
of $1,228,751.
■ United Supermarket. A total of 64,000 sq. ft. with an estimated cost of $4,229,400.
■ Quality Inn. A total of 16,057 sq. ft. with an estimated cost of $1,089,800.
■ Sam's Wholesale Club Addition and Remodel. A total of 5,846 sq. ft. addition with a
estimated total cost for addition and remodel of $2,269,337.
■ Wichita County Sheriff's Department Remodel. A total of 24,000 sq. ft. with an estimated
cost of $1,912,000.
■ Kell West Regional Hospital. A total of 35,182 sq. ft. with an estimated cost of
$5,350,000.
IM
■ Winn Dixie Remodel. A total of 10,000 sq. ft. with an estimated cost of $2,300,000.
■ First United Methodist Chuch Addition and Remodel. A total of 5,243 sq. ft. addition with
an estimated total cost for addition and remodel of $2,196,659.
■ Ron Roberts Ford. A total of 39,667 sq. ft. with an estimated cost of $1,750,000.
■ Donna Adams Storage. A total of 63,175 sq. ft. with an estimated cost of $1,114,000.
MAJOR INITIATIVES
For The Year. The City of Wichita Falls has identified programs to meet citizen's requests
for services and to safeguard the environment. The recent construction of a new City/County
Multi -Purpose Events Center allowed the City to completely renovate a City owned facility,
previously utilized as an Activities Center, into a new state-of-the-art public library. This new
library facility opened to the public in May of 1998 and has significantly improved the City's
ability to offer informational and educational opportunities to its citizens. Approximately
$2,000,000 of the cost for this project was funded with General Fund reserves and the
remaining $2,000,000 was made available through the issuance of seven-year tax anticipation
notes.
Another major initiative of the City has been the complete replacement of the City's core
financial and administrative computer systems with vendor supported applications that are
Year 2000 ready. To date, the City has replaced hardware and software for finance and
accounting, purchasing, budgeting and payroll/personnel, and is in the process of replacing
utility billing and collection, municipal court, Section 8 Housing, and building inspection
systems.
In January of 1997, the citizens of Wichita Falls approved a one cent increase in the local sales
and use tax. This tax, which went into effect on October 1, 1997, is designed to reduce
property taxes, provide incentives for economic development, and provide for City
infrastructure improvements. Specifically, 50% of this tax increase is to be used for property
tax reduction, 25% for economic development, and the remaining 25% for infrastructure
improvements and/or economic development. During 1997-98, proceeds from this tax allowed
the City to reduce the property tax rate by 16 cents, or 24.22%; assisted in enticing the private
sector to renovate a vacated supermarket facility into a new operation of Blue Cross Blue
Shield of Texas; provided for the installation of a sewer line as part of a prison expansion
project; provided for the replacement of the City's emergency warning sirens; and funded the
annual debt service for the new library facility.
The City was also successful in obtaining another low interest loan in the amount of
$8,060,000 from the State Revolving Loan Fund of the Texas Water Development Board to
continue improvements to the sanitary sewer system in response to an EPA Administrative
Order that requires the City to eliminate sewer system overflows. Construction for this phase
of the project is now underway.
tv
During 1997-98, the McGrath Creek Flood Control Project was completed. This major
federal/city project is designed to alleviate flooding problems encountered in the southwest
part of the city during heavy rains. At the present time, the final cost of this project has not
been reconciled with the federal government; however, estimates indicate that the federal share
of this work was $9,210,000 and the City's portion was $3,935,000.
Another significant operational improvement has been implemented in the City's refuse
collection program. Recent purchases of automated collection vehicles and roll out containers
have been made to begin replacing the existing manual curbside collection routes with
automated curbside collection. This new system is much more efficient than the manual system
and has resulted in manpower reductions. Additionally, the service is more convenient for
citizens by providing them with roll out containers as opposed to use of their own plastic bags
or cans that were required to be carried to the curbside with the manual collection system. It is
anticipated that this program change to automated curbside collection will be phased in over
the next few years.
For The Future. The City will continue to experience expenditures during the 1998-99 fiscal
year for computer system improvements to address the Year 2000 issue. Initiatives are
underway in the Police Department and water and sewer operations to ensure that the
computer systems used in those areas will continue to function properly after the new
millennium.
Funds are included in the Sanitation Fund in 1998-99 for a one-time project to provide
expansion of the City's landfill facility and begin aerial filling. Approximately $1,200,000 has
been budgeted for engineering services to assist the City in the landfill permit modification that
is required by the TNRCC, and $400,000 will be needed to acquire approximately 180 acres of
land and to construct a fence around the land. This landfill expansion project and aerial filling
process will provide for nearly 100 years of future landfill use.
The City has been successful in obtaining two new grants from the Bureau of Justice to
improve the capabilities of the Police Department. A COPS More Grant was awarded in the
amount of $142,139 to purchase computer equipment for police cars with the purpose of
relieving police officers from paperwork to allow more time for community oriented police
work. Additionally, another police grant was approved in the amount of $264,100 for another
supervisor for dispatch services, police officer overtime and miscellaneous law enforcement
equipment.
Another program intended to reconstruct several downtown alley roadways and replace the
sanitary sewer lines beneath their surfaces will begin in 1998-99. These alleys are currently in
very poor condition, primarily as a result of many years of use by the City's refuse collection
program. Funds are included in the Sanitation budget to replace the road surfaces and in the
Sewer budget for the replacement of the sanitary sewer lines.
The citizens will benefit during the 1998-99 fiscal year through the purchase of additional tree
harvesting equipment for the Parks and Recreation Department to supplement a successful
automated tree planting program that was implemented in the prior year. This equipment will
v
be utilized by parks maintenance crews in all areas of the City's parks and right-of-ways, and
on a major tree planting initiative on Kell Freeway.
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; and (2) the reliability of financial
records for preparing financial statements and maintaining accountability for assets. The
concept of reasonable assurance recognizes that: (1) the cost of a control should not exceed
the benefits likely to be derived; and (2) 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, 1998, and related appropriations are carried forward to the new fiscal year through a
supplemental budgetary allocation.
Beginning October 1, 1997, the City began using a new accounting and financial reporting
structure as part of the replacement of the City's financial accounting software. As a result,
comparisons of revenues and expenditures to prior years are difficult in many instances and, in
some cases, are misleading. Because of this restructuring, the prior year memorandum
columns are not included in the general purpose financial statements. Nevertheless, in this
transmittal letter, an attempt has been made in the following discussion of the various fund
types to make these prior year comparisons. Clarification is provided when necessary to make
these comparisons more meaningful to the reader.
GOVERNMENTAL FUND TYPES
General Fund (Revenues)
Revenues in the General Fund totaled $38,183,269 in the 1997-98 fiscal year, a reduction of
2.01 % from the 1996-97 fiscal year. However, much of this reduction is due to the
vi
reclassification of intergovernmental grant revenue from the General Fund to the Special
Revenue Fund. Increases are reflected in taxes and franchise fees, charges for services and
miscellaneous revenue.
Increase
General Fund
Percent
(Decrease)
Revenue Source
Amount
of Total
Over Prior Year
Taxes
$32,544,840
85.23
$ 1,057,137
Charges For Service
21077,990
5.44
739,123
Licenses and Permits
435,572
1.14
(237,850)
Fines and Forfeitures
1,486,985
3.90
(8,936)
Intergovernmental Revenue
67,290
.18
(2,473,326)
Miscellaneous Revenue
1,570,592
4.11
139,342
TOTALS
$38,183,269
100.00
$ (784,510)
Assessed valuation, which is based upon 100% of market value, was $2,700,275,203, an
increase of 4.53% from the prior year. Current tax collections totaled $13,376,885 or 96.59%
of the total levy. The ratio of total collections (current and delinquent) to the current tax levy
was 100.47%. The total property tax levy for the 1997-98 fiscal year was significantly reduced
from the prior year due to a reduction in the property tax rate from $.67675 per $100 of
assessed value to $.512838 per $100 of assessed value. This reduction was a direct result of
the implementation of a'/2 cent sales tax for property tax reduction that went into effect
October 1, 1997. Allocation of the property tax levy by purpose for the year ended September
30, 1998, and the preceding two fiscal years was as follows:
Purpose
General Government
Debt Service
TOTALS
1997-98 1996-97 1995-96
$11,745,382 $15,378,550 $14,728,174
2,102,655 2,103,468 2,014,067
$13,848,037 $17,482,018 $16,742,241
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. As mentioned above, the combined tax rate to finance general governmental
services for the year ended September 30, 1998, was $.512838 per $100, which means that the
City has a tax margin of $1.737162 per $100, and could raise up to $46,908,155 additional tax
revenue a year from the present assessed valuation of $2,700,275,203 before the limit is
reached.
General Fund (Expenditures)
The increase or (decrease) in levels of General Fund expenditures for major functions of the
City over the preceding year is shown in the following tabulation:
vii
Increase
Percent
(Decrease)
Function
Amount
of Total
Over Prior Year
Administrative Services
$ 5,675,204
13.86
($ 4,355,314)
Police
11,445,357
27.95
(189,934)
Fire
7,567,904
18.48
588,726
Parks and Recreation
2,947,658
7.20
258,028
Finance
1,141,181
2.79
857,223
Community Development
990,993
2.42
441,339
Public Works
5,709,866
13.95
1,132,892
Health
2,203,927
5.38
(1,192,655)
Traffic and Transportation
1,487,177
3.63
37,333
Capital Outlay
1,773,519
4.33
1,773,519
Debt Service
2,707
.01
2,707
TOTALS
$40,945,493
100.00
($ 646,136)
Expenditures from the General Fund totaled $40,945,493, a decrease of 1.55% from the 1996-
97 fiscal year. This reduction is due primarily to two factors: (1) the reclassification of several
intergovernmental grants (primarily health and police grants) from the General Fund to the
Special Revenue Fund, and (2) costs were incurred in 1996-97 for several capital projects
which were accounted for in the General Fund (Administrative Services). Specifically, the
McGrath Creek Flood Control Project, Callfield Road Widening Project, and the Library
Renovation Project were all partially funded with General Fund reserves and were shown in
Administrative Services.
Significant expenditure increases are reflected in several departmental areas of the General
Fund. The increase in the Fire Department is due to salary adjustments for several ranks in the
department and overtime to service recently annexed areas. The increase in the Parks and
Recreation Department is primarily due to the purchase of tree harvesting equipment, amenities
for the Holliday Creek Trail, and to asphalt the trails in Lucy Park. The increase in the Finance
Department is due to the organizational realignment of Information Systems and Purchasing
divisions from the Administrative Services Department to Finance. The increase in Community
Development is due to the realignment of Inspection Services from Public Works to
Community Development. Public Works reflects an increase because several one-time
projects of the federal ISTEA matching grant program were undertaken and matching funds
for the Plum Creek Flood Control Project were expended during the fiscal year. Additionally,
Capital Outlay, that was previously accounted for within the various functional departments, is
now shown as a separate line item.
Special Revenue Funds
The Hotel/Motel Tax Fund is a Special Revenue Fund used to account for revenues from the
City -imposed tax of 7% on rental of hotel/motel rooms within the city. Expenditures from this
fund are for programs designed to promote tourism in the community.
The Community Development Block Grant Fund, Section 8 Housing Fund, and Home
Investment Partnership Agreement Fund, which are used primarily to subsidize rents and
housing payments for lower income families within the City, are also included as Special
Revenue Funds.
Capital Projects Funds
The Capital Projects Funds are used to account for all resources used for the acquisition of
capital facilities except those financed by general and enterprise funds. At the end of the fiscal
year, completed projects are transferred to the General Fixed Asset Account Group. During
the 1997-98 fiscal period, expenditures from the Capital Projects Funds amounted to
$666,799. Fund balances in the Capital Project Funds as of September 30, 1998, totaled
$4,326,105.
The Capital Improvement Assessments Fund was established to conform to current financial
reporting standards. It is used to account for street and sidewalk paving projects. Fund
balance as of September 30, 1998 was $50,427.
PROPRIETARY FUNDS
Water And Sewer Fund
The Water and Sewer operations for the past three years are presented in the following
tabulation:
1997-98 1996-97 1995-96
Operating Revenues $20,423,911 $18,825,192 $19,607,326
Operating Income 4,611,246 3,551,881 5,121,995
Golf Fund
The City began operations and maintenance of Weeks Park Golf Course in January of 1997.
Previously, operations and maintenance responsibilities were those of a private golf
management firm through a contract relationship with the City. Operating revenues of the
Golf Fund for the year ended September 30, 1998, were $700,117, an increase of $169,101, or
31.84% from the prior year. Operating expenses for the Golf Fund were also considerably
higher than the prior year. These operating increases are primarily because the prior year only
included nine months of operating revenues and expenses.
Airport Fund
Operating revenues of the Airport for the year ended September 30, 1998, were $299,760
compared to $300,089 in the prior year. Operating expenses were $447,442 compared to
$363,010 in the prior year, an increase of 23.26%. Much of this increase is due to repairs to
the runways and aprons as part of the City's matching requirement of a FAA Entitlement
Grant.
ix
Transit Fund
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
Urban Mass Transportation Administration. Operating revenues from passenger fees totaled
$161,318, an increase 2.77% from the prior year. Operating expenses were $678,289, which is
a reduction of 21.78% from 1996-97. However, much of this reduction is because expenses
for transit planning, that are funded with federal and state funds, have been reclassified in
1997-98 as Special Revenue Funds.
Sanitation Fund
Sanitation revenues for the year ended September 30, 1998, were $8,786,580, an increase of
3.98% from the prior year. Operating expenses were $8,068,653, an increase of $1,393,064,
or 20.87% from the prior year. This increase is due primarily to costs associated with a new
landfill cell liner and the purchase of roll out containers for the new automated curbside
collection program.
Internal Service Funds
The City uses Internal Service Funds 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. The Fleet Maintenance Fund and the Employee Benefit Trust Fund are
included in the financial statements as Internal Service Funds.
The Fleet Maintenance Fund is used for improved maintenance of the vehicle fleet. Divisions
which use the vehicles and equipment are charged a monthly rental fee. Total operating
revenues for the year ended September 30, 1998 were $6,071,528 compared to $5,721,442 in
fiscal year 1997, an increase of 6.12%.
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. Operating revenues for the Employee Benefit Trust Fund for the year ended
September 30, 1998, were $3,842,901, an increase of 3.9% from the prior year. Operating
expenses in fiscal year 1998, were $3,853,476, an increase of 4.93% from the prior year.
FIDUCIARY FUNDS
Fiduciary Funds are set up for the purpose of accounting for money and property received
from non -enterprise fund sources and held by a governmental unit in the capacity of trustee,
custodian, or agent for individuals, governmental entities and non-public organizations.
Included in the Fiduciary Funds are the Excess Sales Tax Fund, Cemetery Perpetual Care Fund
and the Escheatment Fund.
DEBT ADMINISTRATION
Outstanding general obligation bonds at September 30, 1998, totaled $16,850,000 and are
considered to be direct tax supported debt. The ratio of net bonded debt to assessed valuation
x
and the amount of bonded debt per capita are useful indicators of the City's debt position to
municipal management, citizens and investors. The data for the 1997-98 fiscal year were as
follows:
Ratio of Debt
to Assessed
Value
Net Direct Bonded Debt $15,289,360
The current bond ratings are as follows:
Moody's Investors
Service
General Obligation Bonds Al
Water and Sewer Revenue Bonds Al
TREASURY MANAGEMENT
57%
Debt Per
Capita
$147
Standard &
Poor's
AA
A+
Cash which was temporarily idle during the year, including debt retirement funds, operating
funds, and bond proceeds, was invested in public fund investment pools and U. S. government
securities.
RISK MANAGEMENT
During 1997-98, the City of Wichita Falls continued a risk management program for worker's
compensation. Various risk control techniques, including employee accident prevention
training, have been utilized during the year to minimize accident -related losses.
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 Mathis, West, Huffines & Co., P.C. was selected by the Mayor and City
Council to satisfy this charter requirement. The auditors' report on the general purpose
financial statements and combining and individual 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 OMB Circular A-133, and the State Single Audit Act.
Those reports are issued under separate cover.
xi
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 (CAFR) for the fiscal year ended
September 30, 1997. The Certificate of Achievement is a prestigious national award
recognizing conformance with the highest standards for preparation of a state and local
government financial report.
In order to be awarded a Certificate of Achievement, a government must publish an easily
readable and efficiently organized comprehensive annual financial report, whose contents
conform to program standards. The CAFR 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 our current
report continues to conform to the Certificate of Achievement program requirements, and we
are submitting it to GFOA to determine its eligibility for another certificate.
Acknowledgments
Our appreciation is extended to the various elected officials, department heads and employees
responsible for the fair presentation of the comprehensive annual report 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 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 Wichita Falls' elected officials and City Manager, who remain committed to fiscal
integrity and financial leadership, is likewise appreciated.
Respectively submitted,
Jim Dockery
Director of Finance
xii
Certif i :ate of
Achievement
for Excellence
in Financial
Reporting
Presented to
City of Wichita Falls,
Texas
For its Comprehensive Annual
Financial Report
for the Fiscal Year Ended
September 30, 1997
A Certificate of Achievement for Excellence in Financial
Reporting is presented by the Government Finance Officers
Association of the United States and Canada to
government units and public employee retirement
systems whose comprehensive annual financial
reports (CAFRs) achieve the highest
standards in government accounting
and financial reporting.
�NGE OFFjC
DIIIIIII
ifAN
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CITY OF WICHITA FALLS, TEXAS
LIST OF PRINCIPAL OFFICIALS
SEPTEMBER 30, 1998
Title Name
Mayor
Kathryn Yeager
Mayor Pro-Tem
Angus Thompson
City Council Member
Dan shine
City Council Member
Bill Altman
City Council Member
Johnny Burns
city Council Member
Bud Beaty
City Council Member
J. Don Johnston
city Manager
James Berzina
City Attorney
Gregory Humbach
Municipal Court Judge
Larry Gillen
City clerk
Lydia Torres
Assistant City Manager
Robert Powers
Director of Traffic and Transportation
Robert Parker
Director of Finance
Jim Dockery
Director of Community Development
David Clark
Director of Public Health
Barbara Clements
Police Chief
Jack schlieper
Fire chief
Ronnie James
Director of Parks and Recreation
Jack Murphy
Director of Public works and
Public Utilities
George Bonnett, P.E.
VVA
Wichita
TEXAS
FINANCIAL SECTION
MATHIS, WEST, HUFFINES & CO., P.C.
( rrt !,,o Public Ac countar.t.
Independent Auditor's Report
The Honorable Mayor and Members of the city Council
city of Wichita Falls, Texas
Capital Center • Indiana at Seventh
P.O. Box MWH • Wichita Falls, Texas 76307-7509
(940) 723-1471 FAX (940) 723-2251
Email mwh@mwhpc.com
we have audited the accompanying general purpose financial statements of the City
of Wichita Falls, Texas, as of and for the year ended September 30, 1998, as
listed in the table of contents. These financial statements are the
responsibility of the city's management. our responsibility is to express an
opinion on these financial statements based on our audit.
Except as discussed in the following paragraph, we conducted our audit in
accordance with generally accepted auditing standards 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
general purpose financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the general purpose financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall general purpose financial statement
presentation. we believe that our audit provides a reasonable basis for our
opinion.
Governmental Accounting Standards Board Technical Bulletin 98-1, DISCLOSURES
ABOUT YEAR 2000 ISSUES, requires disclosure of certain matters regarding the year
2000 issue. The City of Wichita Falls, Texas has included such disclosures in
Note 26. Because of the unprecedented nature of the year 2000 issue, its effects
and the success of related remediation efforts will not be fully determinable
until the year 2000 and thereafter. Accordingly, insufficient audit evidence
exists to support the City of Wichita Falls, Texas' disclosure with respect to
the year 2000 issue made in Note 26. Further, we do not provide assurance that
the City of Wichita Falls, Texas is or will be year 2000 ready, that the City of
Wichita Falls, Texas' year 2000 remediation efforts will be successful in whole
or in part, or that parties with which the City of Wichita Falls, Texas does
business will be year 2000 ready.
In our opinion, except for the effects of such adjustments, if any, as might have
been determined to be necessary had we been able to examine evidence regarding
year 2000 disclosures, the general purpose financial statements referred to above
1
present fairly, in all material respects, the financial position of the City of
Wichita Falls, Texas, at September 30, 1998, and the results of its operations
and the cash flows of its proprietary fund types and nonexpendable trust funds
for the year then ended, in conformity with generally accepted accounting
principles.
As discussed in Note 3 to the general purpose financial statements, certain
matters resulting in the misstatement of previously reported grant revenues and
plant and equipment as of September 30, 1997, were discovered during the year.
Accordingly, adjustments have been made to the fund equities of the city's
General, Special Revenue, and Internal Service Funds.
As discussed in Note 3 to the general purpose financial statements, the City of
Wichita Falls, Texas changed its method of recognizing sales tax during the year.
In accordance with Government Auditing Standards, we have also issued our report
dated January 29, 1999, on our consideration of the City of Wichita Falls, Texas'
internal control over financial reporting and our tests of its compliance with
certain provisions of laws, regulations, contracts and grants.
The information listed as required supplementary information in the table of
contents is not a required part of the general purpose financial statements, but
is supplementary information required by the Governmental Accounting Standards
Board. we have applied certain limited procedures, which consisted principally
of inquiries of management regarding the methods of measurement and presentation
of the required supplementary information. However, we did not audit the
information and express no opinion on it.
Our audit was conducted for the purpose of forming an opinion on the general
purpose financial statements taken as a whole. The combining and individual fund
financial statements and the supplementary information listed as supporting
schedules in the table of contents are presented for purposes of additional
analysis and are not a required part of the general purpose financial statements
of the City of Wichita Falls, Texas. The information has been subjected to the
auditing procedures applied in the audit of the general purpose financial
statements and, in our opinion, is fairly stated in all material respects in
relation to the general purpose financial statements taken as a whole. The
supplementary information in the statistical section as listed in the table of
contents has not been audited by us, and we do not express an opinion on it.
Wichita Falls, Texas
January 29, 1999
MATHIS, WEST, HUFFINES & CO., P.C.
2
GENERAL PURPOSE FINANCIAL
STATEMENTS
Wichil
TEX
CITY OF WICHITA FALLS, TEXAS
COMBINED BALANCE SHEET - ALL FUND TYPES, ACCOUNT GROUPS AND
DISCRETELY PRESENTED COMPONENT UNITS
SEPTEMBER 30, 1998
ASSETS AND OTHER DEBITS
Assets:
Cash and cash equivalents
Investments
Receivables (net of allowance for
uncollectible accounts):
Taxes and assessments
Customer and trade
Other City funds
Government agencies
Other
Inventory
Prepaid items
Restricted assets:
Cash and cash equivalents
Investments
Receivables:
Other
Plant and equipment:
Land and betterments
Buildings, systems and improvements
Machinery and equipment
Furniture and fixtures
Motor vehicles and equipment
Construction in progress
Accumulated depreciation
Net investment in joint venture
Deferred charges
Other assets
Other debits:
Amount available for debt service
Amount to be provided for retirement
of general long-term debt
Total assets and other debits
Governmental Fund Tvpes Proprietary Fund Types
Special Debt Capital Internal
General Revenue Service Projects Enterprise Service
$ 9,143,077 $2,754,673 $1,553,006 $ 6,130,693 $ 18,596,090 $ 1,021,462
1,499,297 - - - - -
758,761
80,691
144,993 157,580 -
-
-
-
- - 2,740,181
-
1,533,815
42,632
- - -
425,099
2,371,947
4,092,060
12,725 - 133,307
-
533,460
2,424
- 11,289 70,567
11,282
49,173
-
- - 770,945
620,603
52,118
18,000
- - 704
3,244
-
-
- - 22,027,242
-
-
-
- - 11,500
-
-
-
- - 29,606
-
-
-
- - 25,203,482
433,658
-
-
- - 125,417,942
4,010,098
-
-
- - 3,473,476
-
-
-
- - 51,529
14,178
-
-
- - 3,670
25,844,415
-
-
- - 187,462
2,636
-
-
- - ( 55,814,851)
( 17,292,615)
-
-
- - 1,468,970
-
-
3,000
- - -
-
$15,941,648
$6,993,480
$1,710,724 $ 6,299,112 $144,371,822
$15,094,060
The accompanying Notes are an integral part of these financial statements.
3
EXHIBIT A-1
(Page 1 of 2)
Fiduciary
Account
Groups
Totals
Fund Type
General
General
Primary
Totals
Trust and
Fixed
Long -Term
Government
Reporting Entity
Agency
Assets
Debt
(Memorandum Only)
Component Units
(Memorandum Only)
$ 736,099
S -
$ -
S 39,935,100
$2,704,942
S 42,640,042
_
_
-
1,499,297
-
1,499,297
-
-
-
1,142,025
8,503
1,150,528
_
-
-
2,740,181
-
2,740,181
-
-
-
2,001,546
-
2,001,546
347,141
-
-
6,957,180
853,512
7,810,692
2,400
-
-
631,422
-
631,422
-
-
-
1,440,721
-
1,440,721
_
74,066
-
74,066
_
-
-
22,027,242
-
- 22,027,242
-
-
-
11,500
-
11,500
_
29,605
-
29,606
-
14,223,568
-
39,860,708
-
39,860,708
-
18,209,983
-
147,630,023
-
147,638,023
-
8,619,542
-
12,093,018
-
12,093,018
-
541,278
-
606,985
-
606,985
-
45,924
-
25,894,009
-
25,894,009
-
2,590
-
192,688
-
192,688
_
_
-
( 73,107,466)
-
( 73,107,466)
-
11,761,341
-
11,761,341
11,761,341
-
-
-
1,468,970
-
1,468,970
-
-
-
3,000
-
3,000
-
-
1,560,640
1,560,640
-
1,560,640
-
-
19,810,352
19,810,352
-
19,810,352
$1,085,640
$53,404,226
$21,370,992
$266,272,154
$3,566,957
$269,839,111
(Continued)
CITY OF WICHITA FALLS, TEXAS
COMBINED BALANCE SHEET - ALL FUND TYPES, ACCOUNT GROUPS AND
DISCRETELY PRESENTED COMPONENT UNITS (CONT'D.)
SEPTEMBER 30, 1998
LIABILITIES, EQUITY AND OTHER CREDITS
Liabilities:
Accounts payable - trade
Accrued payroll
Accrued vacation and sick leave
Payable to other City funds
Payable to government agencies
Estimated health claims payable
Tax anticipation notes payable
other liabilities
Deferred revenue
Capital leases payable
Claims and judgments payable
Payable from restricted assets:
Accounts payable - trade
Contracts and trade
Revenue bonds - current maturities
Accrued interest - revenue bonds
General obligation bonds payable
Payable to U.S. Government
Revenue bonder less current maturities
Estimated liability for landfill
closure and postclosure care costs
other long-term liabilities:
Customer deposits - payable from
restricted assets
Total liabilities
Equity and other credits:
Investment in general fixed assets
Investment in joint venture assets
Contributed capital
Retained earnings (deficit):
Reserved for revenue bond
debt service
Unreserved
Fund balances:
Reserved for encumbrances
Reserved for inventory and
prepaid items
Unreserved:
Designated for:
Subsequent years expenditures
Debt service
Perpetual care
Undesignated
Total equity and other
credits
Total liabilities, equity and other credits
Governmental Fund Types Proprietary Fund Types
Special Debt Capital Internal
General Revenue Service Projects Enterprise Service
$ 408,183
$ 267,511
$ - S - $ 544,478
$ 271,242
1,170,237
89,069
- - 321,564
57,522
100,000
-
- - 293,650
40,605
304,363
1,465,303
- - 217,027
14,853
85,728
150,962
- - 47,262
-
-
-
- - -
464,555
_
_
- 1,800,000 -
-
997,740
340,215
- 15,877 138,595
-
785,730
-
150,084 157,580 2,259
-
- 41,286
-
_
- 8,025
-
_
- 1,965,000
-
_
- 503,827
-
902,629
-
_
55,030,000
-
3,061,479
-
- - 1,849,026 -
3,851,981 2,313,060 150,084 1,973.457 64,926,107 848,777
25,522,917 17,933,798
7,478,660 -
46,444,138 ( 3,688,515)
1,567,545 201,397 - - -
101,291 18,000 - - - -
3,000,000
3,862,754
- 6,057,683 - -
_
-
1,560,640 - - -
7,420,831
598,269
- ( 1,731,578) - -
12,089,667
4,680,420
1,560,640 4,326,105 79,445,715 14,245,283
$15,941,648
$6,993,480
$1,710,724 S 6,299,562 $144,371,822 $15,094,060
The accompanying Notes are an integral part of these financial statements.
4
EXHIBIT A-1
(Page 2 of 2)
Fiduciary
Account
Groups
Totals
Fund Type
General
General
Primary
Totals
Trust and
Fixed
Long -Term
Government
Reporting Entity
Aqency
Assets
Debt
(Memorandum Only)
Component Units
(Memorandum Only)
$ 20,057
$ -
$ -
$ 1,511,471
$ 9,738
$ 1,521,209
_
_
_
1,638,392
-
1,638,392
-
-
4,351,497
4,785,752
-
4,785,752
_
_
-
2,001,546
-
2,001,546
1,120
-
-
285,072
-
285,072
-
-
-
464,555
-
464,555
-
-
-
1,800,000
-
1,800,000
358,844
-
-
1,851,271
-
1,851,271
-
-
-
1,095,653
-
1,095,653
-
-
5,027
5,027
-
5,027
-
-
164,468
164,468
-
164,468
-
41,286
-
41,286
_
-
-
8,025
-
8,025
-
-
-
1,965,000
-
1,965,000
-
-
-
503,827
-
503,827
-
-
16,850,000
16,850,000
-
16,850,000
-
-
-
902,629
-
902,629
-
-
-
55,030,000
-
$5,030,000
-
-
-
3,061,479
-
3,061,479
-
-
-
1,849,026
-
1,849,026
380,021
-
21,370.992
95,814,479
9,738
95,824,217
-
41,642,885
-
41,942,885
-
41,642,885
-
11,761,341
-
11,761,341
-
11,761,341
-
-
-
43,456,715
-
43,456,715
-
-
-
7,478,660
-
7,478,660
-
-
-
42,755,623
-
42,755,623
_
-
-
1,768,942
640,000
2,408,942
-
-
-
119,291
-
119,291
347,141
-
-
13,267,578
2,917,219
16,184,797
-
-
-
1,560,640
-
1,560,640
358,478
-
-
350,478
-
358,478
_
-
-
6,207,522
-
6,287,522
705,619
53,404,226
-
170,457,675
3,557,219
174,014,894
$1,085,640
$53,404,226
$21,370,992
$266,272,154
$3,566,957
$269,839,111
CITY OF WICHITA FALLS, TEXAS
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - ALL GOVERNMENTAL FUND TYPES, EXPENDABLE TRUST FUND,
AND DISCRETELY PRESENTED COMPONENT UNITS
FOR THE YEAR ENDED SEPTEMBER 30, 1998
Governmental Fund Types
Special
Debt
Capital
General
Revenue
Service
Projects
Revenues:
Taxes
$32,544,840
$ 903,189
$2,147,620
$ -
charges for services
2,077,990
20,418
-
-
Licenses and permits
435,572
-
-
-
Fines and forfeitures
1,486,985
205,737
-
-
Intergovernmental revenue
67,290
7,756,926
-
-
Contributions
-
376,228
-
-
miscellaneous revenue
1,570,592
490,132
-
332,069
Total revenues
38,183,269
9,752,630
2,147,620
332,069
Expenditures:
Current:
Administrative services
5,675,204
1,318,202
-
-
Police
11,445,357
562,168
-
-
Fire
7,567,904
7,680
-
-
Parks and recreation
2,947,658
444,467
-
-
Accounting/finance
1,141,181
-
-
-
Community development
990,993
4,710,693
-
-
Public works
5,709,866
273,591
-
461,211
Health
2,203,927
1,539,960
-
-
Traffic and transportation
1,487,177
341,939
-
-
Capital outlay
1,773,519
536,448
-
103,640
Debt service:
Principal retirement
2,149
-
1,470,000
-
Interest and paying agent fees
558
-
935,390
101,948
Total expenditures
40,945,493
9,735,148
2,405,390
666,799
Excess of revenues over (under) expenditures
( 2,762,224)
17,482
( 257,770)
( 334,730)
Other financing sources (uses):
Operating transfers in
1,183,902
204,013
306,615
-
Operating transfers in - component units
-
-
-
356,894
Operating transfers out
( 292,158)
( 126,511)
-
-
operating transfers out - primary
government
-
-
-
-
Total other financing
sources (uses)
891,744
77,502
306,615
356,894
Excess of revenues and other sources over
(under) expenditures and other uses
( 1,870,480)
94,984
48,845
22,164
Fund balance - beginning (as restated)
13,960,147
4,585,436
1,511,795
4,303,941
Fund balance - ending
$12,089,667
$4,680,420
$1,560,640
$4,326,105
The accompanying Notes are an integral part of these financial statements.
5
EXHIBIT A-2
Fiduciary
Fund Type
Expendable
Trust
$ 347,141
347,141
347,141
347,141
$ 347,141
Totals
Primary
Government
(Memorandum Only)
$35,942,790
2,G98,408
435,572
1,692,722
7,824,216
376,228
2,392,793
50,762,729
6,993,406
12,007,525
7,575,584
3,392,125
1,141,181
5,701,686
6,444,668
3,743,887
1,829,116
2,413,607
1,472,149
1,037,896
53,752,830
2,990,101)
1,694,530
356,894
( 418,669)
1,632,755
( 1,357,346)
24,361,319
$23,003,973
Component Units
$4,901,855
79,136
4,980,991
1,400
1,246,154
1,247,554
3,733,437
( 455,924)
( 455,924)
3,277,513
279,706
$3,557,219
Totals
Reporting Entity
(Memorandum Only)
$40,844,645
2,098,408
435,572
1,692,722
7,824,216
376,228
2,471,929
55,743,720
6,994,B06
12,007,525
7,575,584
3,392,125
1,141,181
6,947,840
6,444,668
3,743,887
1,829,116
2,413,607
1,472,149
1,037.896
55,000,384
743,336
1,694,530
356,894
( 418,669)
( 455,924)
1,176,831
1,920,167
24,641,025
$26,561,192
CITY OF WICHITA FALLS, TEXAS
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL - GENERAL, SPECIAL REVENUE, AND DEBT SERVICE FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 1998
General Fund
Variance -
Favorable
Budqet
Actual
(Unfavorable)
Revenues:
Taxes
$31,765,292
$32,544,840
$ 779,548
Charges for services
2,183,462
2,077,990
( 105,472)
Licenses and permits
485,275
435,572
( 49,703)
Fines and forfeitures
1,473,000
1,486,985
13,985
Intergovernmental revenue
42,321
67,290
24,969
Contributions
-
-
-
Miscellaneous revenue
1,127,578
1,570,592
443,014
Total revenues
37,076,928
38,183,269
1,106,341
Expenditures:
Current:
Administrative services
5,744,182
5,675,204
68,978
Police
11,626,416
11,445,357
181,059
Fire
7,587,187
7,567,904
19,283
Parks and recreation
3,001,483
2,947,658
53,825
Accounting/finance
1,175,214
1,141,181
34,033
Community development
993,662
990,993
2,669
Public works
6,737,856
5,709,866
1,027,990
Health
2,308,247
2,203,927
104,320
Traffic and transportation
1,487,627
1,487,177
450
Capital outlay
2,327,510
1,773,519
553,991
Debt service:
Principal retirement
2,149
2,149
-
Interest and paying agent fees
558
558
-
Total expenditures
42,992,091
40,945,493
2,046,598
Excess of revenues over (under) expenditures
( 5,915,163)
( 2,762,224)
3,152,939
Other financing sources (uses):
Operating transfers in
Operating transfers out
Total other financing
sources (uses)
Excess of revenues and other sources over
(under) expenditures and other uses
Fund balance - beginning (as restated)
Fund balance - ending
1,183,902 1,183,902 -
( 1,017,553) ( 292,158) 725,395
166,349 891,744 725.395
($ 5,748,814) ( 1,870,480) $3,878,334
13,960,147
$12,089,667
The accompanying Notes are an integral pan of these financial statements.
6
EXHIBIT A-3
Special
Revenue
Funds
Debt Service Fund
Variance -
Variance -
Favorable
Favorable
Budget
Actual
(Unfavorable)
Budqet Actual
(Unfavorable)
$ 860,000 $
903,189
$ 43,189
$2,102,655 $2,147,620
$ 44,965
15,712
20,418
4,706
- -
-
88,909
205,737
116,828
- -
-
7,527,128
7,756,926
229,798
- -
-
376,228
376,228
-
- -
-
370,633
490,132
119,499
- -
-
9,238,610
9,752,630
514,020
2,102,655 2,147,620
44,965
1,518,059
1,318,202
199,857
-
-
-
1,040,746
562,168
478,578
-
-
-
8,440
7,680
760
-
-
-
946,084
444,467
501,617
-
-
-
7,931,272
4,710,693
3,220,579
-
-
-
813,714
273,591
540,123
-
-
-
1,823,626
1,539,960
283,666
-
-
-
381,898
341,939
39,959
-
-
-
938,508
536,448
402,060
-
-
-
-
-
-
1,670,000
1,470,000
200,000
-
-
-
1,096,164
935,390
160,774
15,402,347
9,735,148
5,667,199
2,766,164
2,405,390
360,774
( 6,163,737)
17,482
6,181,219
( 663,509)
( 257,770)
405,739
195,672
204,013
8,341
663,509
306,615
( 356,894)
( 126,856)
( 126.511)
345
-
-
-
68,816
77,502
8,686
663,509
306,615
( 356,894)
($ 6,094,921) 94,984 $6,189,905 S - 48,845
4,585,436 1,511,795
$ 4,680,420 $1,560,640
$ 48,845
EXHIBIT A-4
CITY OF WICHITA FALLS, TEXAS
COMBINED STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS -
ALL PROPRIETARY FUND TYPES AND NONEXPENDABLE TRUST FUND
FOR THE YEAR ENDED SEPTEMBER 30, 1998
Operating revenues:
Charges for services
Rents, concessions and other
Contributions
Total operating revenues
Operating expenses:
Personnel services
Supplies and materials
Maintenance and repairs
Utilities and other services
Insurance and contract support
Other expenses
Depreciation and amortization
Total operating expenses
Operating income (loss)
Nonoperating revenues (expenses):
Interest income
Gain on sale of fixed assets
Interest expense and paying agent fees
Intergovernmental operating grants
Total nonoperating revenues
(expenses)
Income (loss) before operating transfers
Operating transfers:
Operating transfers in
Operating transfers in - component
units
Operating transfers out
Net operating transfers
Net income (loss)
Retained earnings (deficit) - beginning
(as restated)
Residual equity transfers
Retained earnings (deficit) - ending
Fiduciary
Proprietary
Fund Types
Fund Type
Totals
Internal
Nonexpendable
(Memorandum
Enterprise
Service
Trust
Only)
$29,851,770
$ 6,099,402
$ -
$35,951,172
519,916
56,522
32,700
609,138
-
3,758,505
-
3,758,505
30,371,686
9,914,429
32,700
40,318,815
8,497,162
1,313,116
-
9,810,278
1,598,929
1,361,230
-
2,960,159
4,583,186
1,302,801
-
5,885,987
6,198,025
81,400
-
6,279,425
448,444
3,203,944
-
3,652,388
1,308,985
739,842
-
2,048,827
3,103,606
2,154,519
-
5,258,125
25,738,337
10,156,852
-
35,895,189
4,633,349
( 242,423)
32,700
4,423,626
1,598,631
26,628
17,619
1,642,878
-
67,203
-
67,203
( 2,856,781)
-
-
( 2,856,781)
385,812
-
-
385,812
( 872,338)
93,831
17,619
( 760.888)
3,761,011
( 148,592)
50,319
3,662,738
146,081
-
-
146,081
99,030
-
-
99,030
( 1,109,942)
( 312,000)
-
( 1,421,942)
( 864,831)
( 312.000)
-
( 1,176,831)
2,896,180
( 460,592)
50,319
2,485,907
52,067,637
( 3,227,923)
308,159
49,147,873
( 1,041,019)
-
-
( 1F041r019)
$53,922,798
($ 3,688,515)
$358,478
$50,592,761
The accompanying Notes are an integral part of these financial statements.
7
EXHIBIT A-5
CITY OF WICHITA FALLS, TEXAS
COMBINED STATEMENT OF CASH FLOWS -
ALL PROPRIETARY FUND TYPES AND NONEXPENDABLE TRUST FUND
FOR THE YEAR ENDED SEPTEMBER 30, 1998
Fiduciary
Proprietary
Fund Types
Fund Type
Totals
Internal
Nonexpendable
(Memorandum
Enterprise
Service
Trust
Only)
Cash flows from operating activities:
Operating income (loss)
$ 4,633,349
($ 242,423)
$ 32,700
$ 4,423,626
Adjustments to reconcile operating income (loss) to net
cash provided by (used in) operating activities:
Depreciation and amortization
3,103,606
2,154,519
-
5,258,125
Customer deposits received
105,668
-
-
105,668
Landfill closure and postclosure care costs
60,029
-
-
60,029
(Increase) decrease in current assets:
Receivables:
Customer and trade
( 147,759)
-
-
( 147,759)
Government agencies
8,862
-
-
8,862
Other City funds
-
( 81,377)
-
( 81,377)
Other
27,246
( 11,282)
-
15,964
Inventory
( 40,401)
( 34,184)
-
( 74,585)
Prepaid items
2,526
( 3,144)
-
( 618)
Restricted assets
5,601
-
-
5,601
Increase (decrease) in current liabilities:
Accounts payable - trade
120,458
128,117
-
248,575
Accrued payroll
( 175,989)
( 25,563)
-
( 201,552)
Accrued vacation and sick leave
293,650
40,605
-
334,255
Payable to other City funds
( 25,715)
2,054
-
( 23,661)
Payable to government agencies
10,589
-
-
10,589
Estimated health claims payable
-
1,413
-
1,413
Other liabilities
74,581
( 2,943)
-
71,638
Deferred revenue
2,259
-
-
2,259
Other liabilities payable from restricted assets
( 258,915)
-
-
( 258,915)
Total adjustments
3,166,296
2,168,215
-
5,334,511
Net cash provided by operating activities
7,799,645
1,925,792
32,700
9,758,137
Cash flows from noncapital financing activities:
Intergovernmental operating grants
385,812
-
-
385,812
Operating transfers in from other funds
146,081
-
-
146,081
Operating transfers in from component units
99,030
-
-
99,030
Operating transfers out to other funds
( 1,109,942)
( 312,000)
-
( 1,421,942)
Residual equity transfers to other funds
( 1,041,019)
-
-
( 1,041,019)
Residual equity transfers from other funds
-
1,470,095
-
1,470,095
Net cash provided by (used for)
noncapital financing activities
( 1,520,038)
1,158,095
-
( 361,943)
Cash flows from capital and related financing activities:
Proceeds from sale of revenue bonds
8,060,000
-
-
8,060,000
Acquisition and construction of capital assets
( 1,209,243)
( 2,786,636)
-
( 3,995,879)
Proceeds from sale of fixed assets
-
105,262
-
105,262
Payment of bond issuance costs
( 213,875)
-
-
( 213,875)
Principal paid on revenue bond maturities and
construction contracts
( 1,876,209)
-
-
( 1,876,209)
Interest paid on revenue bonds and construction contracts
( 2,728,757)
-
-
( 2,728,757)
Net cash provided by (used for) capital
and related financing activities
2,031,916
( 2,681,374)
-
( 649,458)
Cash flows from investing activities:
Interest on investments
1,598,631
26,628
17,619
1,642,870
Net cash provided by investing activities
1,598,631
26,628
17,619
1,642,878
Net increase in cash and cash equivalents
9,910,154
429,141
50,319
10,389,614
Cash and cash equivalents at beginning of year
30,713,178
592,321
308,159
31.613,658
Cash and cash equivalents at end of year
$40,623,332
$1,021,462
$358,478
$42,003,272
Noncash capital activities:
Capital assets contributed to other City funds
$ 1,042,543
$ -
$ -
$ lo042,543
Capital assets received from other City funds
14,807
1,470,095
-
1,484,902
Capital assets received from developers
151,791
-
-
151,791
The accompanying Notes are an integral part of these financial statements.
8
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS
SEPTEMBER 30, 1998
Note 1 - REPORTING ENTITY
The City of Wichita Falls, Texas (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. 14, 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 combined 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 (the 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.
Discretelv 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 general
purpose financial statements as a discretely presented component unit.
The Wichita Falls Economic Development Corporation is presented as a
governmental fund type.
9
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1998
Note 1 - REPORTING ENTITY (CONT'D.)
Discretelv Presented Component Units (Cont'd.)
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 general purpose financial statements as a discretely
presented component unit. The Wichita Falls 4B sales Tax Corporation
is presented as a governmental fund type.
Wichita Falls Reinvestment Zone #1. on March 18, 1986, 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 #1 (the 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
650 acres and includes the central business district 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, 1986, 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, 2008, 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 each member of
its Board, the Wichita Falls Reinvestment Zone #1 is considered to be
part of the city's reporting entity and presented in the accompanying
general purpose financial statements as a discretely presented
component unit. The zone is presented as a governmental fund type.
complete financial statements for the city's blended and discretely
presented component units can be obtained from the City's Director of
Finance at 1300 7th street, Wichita Falls, Texas.
10
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1998
Note 1 - REPORTING ENTITY (CONT'D.)
Excluded From the Reportinq Entity
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 Senior Accountant 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.
Note 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accounting and reporting policies of the City conform to generally
accepted accounting principles (GAAP) applicable to state and local
governments. Generally accepted accounting principles for local
governments include 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 City has
elected to apply all Financial Accounting Standards Board (FASB)
Statements and Interpretations issued after November 30, 1989 to its
proprietary funds. This election applies to all FASB statements except
those that conflict with or contradict GASB pronouncements. The following
is a summary of the more significant policies and practices used by the
City.
Basis of Presentation
The accounts of the City are organized and operated on the basis of funds
or account groups, each of which is considered to be a separate fiscal and
accounting entity. The operations of each fund are accounted for with a
self -balancing set of accounts that comprise its assets, liabilities, fund
balances or retained earnings, revenues, and expenditures or expenses.
The various funds are grouped by category and type in the financial
statements. The City maintains the following fund classifications and
account groups:
11
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1998
Note 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D.)
Basis of Presentation (Cont'd.)
Governmental Funds
Governmental funds are used to account for the relatively liquid
portion of the City's assets that are not accounted for through
proprietary or fiduciary funds, the short-term obligations pertaining
thereto, and the net balance of these financial resources available for
subsequent appropriation and expenditure.
General Fund - The General Fund is the general operating fund of the
City. This fund is used to account for all financial resources
except those required to be accounted for in another fund.
Special Revenue Funds - Special revenue funds are used to account
for the proceeds of specific revenue sources (other than expendable
trusts or major capital projects) that are legally restricted to
expenditures for specified purposes.
Debt Service Fund - The Debt Service Fund is used to account for the
accumulation of resources for, and the payment of, general long-term
debt principal, interest and related costs.
Capital Proiects Funds - 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 proprietary funds).
Proprietary Funds
Proprietary funds are those used to account for the City's ongoing
organizations and activities which are similar to those found in the
private sector. The measurement focus is upon capital maintenance and
the determination of net income, financial position and cash flows.
Enterprise Funds - Enterprise funds are used to account for
operations (a) that are financed and operated in a manner similar
to private business enterprises where the intent of the governing
body is that the costs (expenses including depreciation) of
providing goods or services to the general public on a continuing
basis be financed or recovered primarily through user charges, or
(b) where the governing body has decided that periodic determination
of revenues earned, expenses incurred, or net income is appropriate
for capital maintenance, public policy, management control,
accountability or other purposes.
12
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1998
Note 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D.)
Basis of Presentation (Cont'd.)
Proprietary Funds (Cont'd.)
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, or to other
governmental units, on a cost reimbursement basis.
Fiduciary Funds
Fiduciary funds are used to account for assets held by the city in a
trustee capacity or as an agent for other governmental units and/or
other funds. Trust and agency funds include expendable trust and
payroll, tax collection, accounts payable and deferred compensation
agency funds.
Expendable Trust Fund - This fund is accounted for in the same
manner as a governmental fund. Expendable trust funds account for
assets where both the principal and interest may be spent.
Nonexoendable Trust Fund - This fund is accounted for in the same
manner as a proprietary fund. Nonexpendable trust funds account for
assets of which the principal may not be spent.
Agency Funds - These funds are purely custodial (assets equal
liabilities) and thus do not involve measurement of results of
operations.
Account Groups
Account groups are used to establish accounting control and
accountability for the city's general fixed assets and general long-
term liabilities. The following are the account groups maintained by
the City:
General Fixed Assets Account Group - This account group is
established to account for the City's investment in a joint venture
and all fixed assets of the city other than those accounted for in
the proprietary funds.
General Long -Term Debt Account Group - This account group is
established to account for long-term liabilities of the City other
than those accounted for in the proprietary funds.
13
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1998
Note 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D.)
Basis of Accountinq
The accounting and financial reporting treatment applied to a fund is
determined by its measurement focus. All governmental funds and
expendable trust funds are accounted for using a current financial
resources measurement focus. with this measurement focus, only current
assets and current liabilities generally are included on the balance
sheet. Operating statements of these funds present increases (i.e.,
revenues and other financing sources) and decreases (i.e., expenditures
and other financing uses) in net current assets.
Governmental funds, expendable trust funds, agency funds, and the city's
discretely presented component units utilize the modified accrual basis
of accounting. Under the modified accrual basis of accounting, revenues
are recognized when they become measurable and available as net current
assets. Available means collectible within the current period or expected
to be collected within 60 days after year end and be used to pay
liabilities of the current period. Expenditures are generally recognized
under the modified accrual basis of accounting when the related fund
liability is incurred. Exceptions to this general rule include unmatured
principal and interest on long-term obligations which are recognized when
due. This exception is in conformity with generally accepted accounting
principles.
Property tax revenues are considered measurable and available when
collected by the respective intermediary collecting agency and recognized
as revenue at that time. Sales tax receipts are considered measurable and
available when collected by the merchant at the point of the taxable sale.
Licenses and permits, fines and forfeitures, and miscellaneous revenues
are recorded as revenues when they are measurable and their validity seems
certain. Investment earnings are recorded on the accrual basis in all
funds.
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.
Intergovernmental revenues are recorded on a basis applicable to the legal
and contractual requirements of the various individual grant programs.
Intergovernmental revenues are recognized as follows:
14
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1998
Note 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D.)
Basis of Accounting (Cont'd.)
1. If monies must be expended on the specific purpose or project
before any amounts will be paid to the City, revenues are
recognized based upon the expenditures or expenses recorded.
2. If monies are virtually unrestricted and irrevocable, except for
failure to comply with prescribed compliance requirements, revenues
are recognized when received or susceptible to accrual.
All proprietary funds and the nonexpendable trust fund are accounted for
on a flow of economic resources measurement focus. with this measurement
focus, all assets and all liabilities associated with the operation of
these funds are included on the balance sheet. Fund equity (i.e., net
total assets) is segregated into contributed capital and retained earnings
components. Proprietary fund -type and nonexpendable trust fund operating
statements present increases (e.g., revenues) and decreases (e.g.,
expenses) in net total assets.
Proprietary funds and the nonexpendable trust fund utilize the accrual
basis of accounting. Under the accrual basis of accounting, revenues are
recognized in the accounting period in which they are earned and become
measurable. Expenses are recorded in the accounting period incurred, if
measurable.
Budqet Policies
The City council adheres to the following procedures in establishing the
budgets reflected in the financial statements:
1. Prior to the beginning of each fiscal year, the City Manager
submits to the City Council a proposed budget for all City
departments, divisions and offices for the fiscal year beginning
on the following October 1. The operating budget which represents
the financial plan for the ensuing fiscal year includes proposed
expenditures and the means of financing them.
2. Public hearings are conducted at which all interested persons'
comments concerning the budget are heard.
3. The budget for the next fiscal year is legally enacted by the City
Council through passage of an ordinance by October 1 each year.
Additional appropriations were made during the year in the amount
of $3,510,570 which were passed and approved by the City Council.
15
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1998
Note 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D.)
Budqet Policies (Cont'd.)
4. Expenditures may not legally exceed appropriations at the
department level for each legally adopted annual operating budget.
The City Manager may, without Council approval, transfer
appropriation balances from one expenditure account to another
within a department or agency of the City. The City Council,
however, must approve any transfer of unencumbered appropriation
balances or portions thereof from one department or agency to
another. The reported budgetary data has been revised for
amendments legally authorized during the year.
5. Annual budgets are legally adopted for all governmental funds on
a basis consistent with generally accepted accounting principles.
However, the budgets for the capital projects funds are adopted for
specific projects, are not binding, and may exceed one year.
Accordingly, no comparison of budget to actual is presented in the
accompanying financial statements for these funds.
6. At the close of each fiscal year, any unencumbered appropriation
balances (appropriations including prior year encumbrances less
current year expenditures and encumbrances) lapse or revert to the
undesignated fund balance. The unencumbered appropriation balances
in the capital projects funds do not lapse at year end.
Encumbrances
Encumbrance accounting, under which purchase orders, contracts, and other
commitments for the expenditure of monies are recorded in order to reserve
that portion of the applicable appropriation, is employed as an extension
of formal budgetary control in the general, special revenue, and capital
projects funds. Encumbrances outstanding at year end are reported as
reservations of fund balance for subsequent year expenditures and are
reappropriated in subsequent year budgetary accounts.
Cash and cash Equivalents
For purposes of the statement of cash flows, the City considers all highly
liquid investments (including restricted assets) with a maturity of three
months or less when purchased to be cash equivalents.
Investments
Investments are stated at fair value.
16
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1998
Note 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D.)
Inventory
Inventories of the general and proprietary funds consist of supplies and
various materials used for the maintenance of fixed 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.
Plant and Equipment - ProorietarV Funds
Plant and equipment owned by the proprietary funds are stated at
historical cost. Maintenance and repairs are charged to operations as
incurred, and improvements and betterments which extend the useful lives
of fixed assets are capitalized. Depreciation of plant and equipment is
provided by the straight-line method over the estimated useful lives of
the respective assets. Estimated useful lives for straight-line
depreciation are as follows:
Buildings, systems and improvements 20 - 59 years
Machinery, vehicles and other equipment 3 - 25 years
Furniture and equipment 3 - 10 years
When fixed assets of proprietary funds are sold, the sales proceeds less
the adjusted basis of the assets (initial cost less accumulated
depreciation) are recorded as a gain or loss.
For proprietary fund fixed 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.
No interest is capitalized on fixed assets constructed by proprietary
funds which are financed with general obligation bonds, because such
interest expenditures are reported in the Debt Service Fund.
For the fiscal year ended September 30, 1998, the city's proprietary funds
incurred a total of $2,674,570 of revenue bond interest costs. of this
amount, $27,736 was capitalized on construction projects and $2,646,834
was charged to expense.
contributions of funds from Federal, State, or local grants restricted for
the purpose of purchasing plant and equipment are recorded as equity
contributions when received. The cost of water and sewer lines installed
by developers is valued by the contractor and recorded as contributed
capital in the water and Sewer Fund. Depreciation on contributed assets
from Federal and State governments is recorded as an expense in the
statement of operations.
17
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1998
Note 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D.)
General Fixed Assets
General fixed assets are those assets acquired for general governmental
purposes. Assets purchased are recorded as expenditures in the
governmental funds and capitalized at historical cost in the General Fixed
Assets Account Group. Contributed fixed assets are recorded in general
fixed assets at estimated fair market value at the time received.
No depreciation has been provided on general fixed assets. No interest
is capitalized on fixed assets constructed which are financed with general
obligation bonds in accordance with generally accepted accounting
principles.
Public domain general fixed assets (infrastructure) consisting of certain
improvements other than buildings, including roads, bridges, curbs and
gutters, streets and sidewalks, and similar assets have not been
capitalized.
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, and the Home Investment Partnership
Agreement Program.
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.
Reserves and Designations
Portions of fund equity are segregated for future use, and are therefore
not available for future appropriation or expenditure. Amounts reserved
for revenue bond debt service and retirement represent portions of fund
equity which are required to be segregated in accordance with the city's
bond ordinances. Amounts reserved for inventory and prepaid items have
already been expended and represent a portion of the fund balance that is
not available for future expenditures. Amounts reserved for encumbrances
are commitments for materials and services on purchase orders and
contracts which are unperformed.
Designations of unreserved fund balances in governmental funds indicate
City management's tentative plans for use of financial resources in a
future period.
18
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1998
Note 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D.)
Transactions Between Funds
Transactions between funds that would be treated as revenues,
expenditures, or expenses if they involved organizations external to the
governmental unit are accounted for as revenues, expenditures, or expenses
in the funds involved. Transactions which constitute reimbursements to
a fund for expenditures or expenses initially made from that fund, which
were properly applicable to another fund, are recorded as expenditures or
expenses in the fund that is reimbursed.
Non -recurring or non -routine transfers of equity between funds are treated
as residual equity transfers and are reported as additions to or
deductions from the fund balance of governmental funds. Residual equity
transfers to proprietary funds are treated as contributed capital, and
such transfers from proprietary funds are reported as reductions of
retained earnings or contributed capital as appropriate in the
circumstances. All other transfers are treated as operating transfers and
are included in the results of operations of both governmental and
proprietary funds.
Vacation and Sick Leave
All full-time employees accumulate vacation benefits based on length of
service up to 15 days per year. The maximum allowable accumulation is 30
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 ninety days of sick leave.
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.
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
19
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1998
Note 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D.)
Risk Manaaement (Cont'd.)
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 $150,000.
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 the city's risk management
department. The City's estimated liability for workers' compensation
claims payable at September 30, 1998 is based on management's estimate of
probable losses in the amount of $164,468. 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 liability has
been recorded in the General Long -Term Debt Account Group.
The following represents changes in the amount of claims liabilities for
the City from October 1, 1996 to September 30, 1998:
Liability balance,
Incurred claims
claim payments
Liability balance,
Incurred claims
Claim payments
October 1, 1996
September 30, 1997
Health
Care
$ 424,092
3,380,127
3,341,077)
463,142
3,142,075
( 3,140,662)
Liability balance, September 30, 1998 $ 464,555
Total Columns on General Purpose Financial Statements
Workers'
compensation
$108,987
94,624
( 25,668)
177,943
53,608
( 67,083)
$164,468
Total columns on the general purpose financial statements are captioned
"Memorandum Only" to indicate that they are presented only to facilitate
financial analysis. Data in these columns does not present financial
position, results of operations, or cash flows in conformity with
generally accepted accounting principles. Such data is not comparable to
a consolidation. Interfund eliminations have not been made in arriving
at the totals.
20
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1998
Note 3 - CHANGES IN FUND EQUITIES
The beginning fund equities for various city funds were restated for either
a prior period adjustment and/or a change in an accounting principle. A
description of each and their effect on the fund equities are noted below.
Prior Period Adjustments
During the year ended September 30, 1998, certain matters resulting in the
misstatement of previously reported grant revenues and plant and equipment
as of September 30, 1997 were discovered. Accordingly, adjustments have
been made to the beginning fund equities.
Change in an Accountinq Principle
During the year ended September 30, 1998, the City's management evaluated
the city's accounting principle relative to the revenue recognition of sales
tax. In prior years, sales tax revenues were considered measurable and
available when collected by the intermediary collecting agency. However,
the sales transaction actually occurred in the month prior to the
intermediary's receipt. Since the amounts can be adequately measured and
are available at the point of the taxable sales, the City changed its
accounting principle accordingly. The effect of the change has been made
to the beginning fund equities.
Fund balance or retained
deficit, as previously
stated
Prior period adjustments:
Change in previously
reported grant revenues
Capitalize plant and
equipment expensed in
the prior year
Total prior period
adjustments
Change in accounting
principle relative to
the recognition of
sales tax revenue
Fund balance or retained
deficit, as restated
Special Revenue Funds Proprietary Fund Types
All Home All
Special Investment Internal
General Revenue Partnership Service Fleet
Fund Funds Fund Funds Maintenance
$13,099,157 $4,440,338 $466,877 ($3,287,784) ($3,484,693)
( 161,501) 145,098 145,098
( 161,501) 145,098 145,098
1,022,491 - -
S13,960,147 $4,585,436 $611,975
59,861 59,861
59,861 59,861
($362271923) ($3,4�)
21
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1998
Note 4 - FUND DEFICITS
Capital Protects Fund
At September 30, 1998, the Library Renovation Fund had a deficit fund
balance of $1,731,578. This deficit fund balance is the result of the
requirement to report tax anticipation notes as a current liability. The
Wichita Falls 4B Sales Tax Corporation, a component unit of the City, has
committed to make transfers to the Library Renovation Fund for future debt
service. This deficit will be recovered as the cash is transferred in to
pay off the notes.
Enterprise Funds
At September 30, 1998, the Airport Fund had a deficit retained earnings
balance of $674,570. The intent of management is that this deficit be
recovered by transfers from other funds during future years.
At September 30, 1998, the Transit Fund had a deficit retained earnings
balance of $276,165. The intent of management is that this deficit also
be recovered by transfers from other funds during future years.
Internal Service Fund
At September 30, 1998, the Fleet Maintenance Fund had a deficit retained
earnings balance of $3,901,477. In the opinion of management, this
deficit will be recovered by increasing the rates charged for services
rendered to other departments and by transfers from other funds during
future years.
Note 5 - 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, 1998, the total amount of the City's demand and time
deposits per the general ledgers was $12,193,161, and the total amount per
the City's September 30, 1998 bank statements was $12,631,167. 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.
22
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1998
Note 5 - DEPOSITS AND INVESTMENTS (CONT'D.)
Investments
The investment policies of the City and its discretely presented component
units are governed by State statutes. 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, 1998 are as follows:
U.S. Government securities
Texas Local Government
Investment Pool (TexPool)
Local Government Investment
Cooperative (LOGIC)
Totals
Component
City Units Totals
$ 1,510,797 $ - $ 1,510,797
33,686,027 2,607,602 36,293,629
16,180,494 - 16,180,494
$51,377,318 $2,607,602 $53,984,920
TexPool is a public funds investment pool administered by the Treasurer
of the State of Texas pursuant to the Interlocal Cooperation Act passed
in 1989 by the 71st Texas Legislature. This Act authorized the City to
delegate to TexPool the authority to make investment purchases and to hold
legal title as custodian of the investment securities. All TexPool
investments are in the possession of the Texas Treasury Safekeeping Trust
Company and held in its book -entry safekeeping account at the Federal
Reserve Bank of Dallas. The Texas Treasury Safekeeping Trust company was
created in 1986 by the 69th Texas Legislature to enable the Treasurer of
the State of Texas to manage, safekeep, and invest public funds of state
agencies and political subdivisions more efficiently and economically.
LOGIC was also established pursuant to the Interlocal Cooperation Act
passed by the State of Texas and is administered by Southwest securities
Group, Inc. LOGIC's governing body is a five -member board of directors
comprised of three government officials and two other persons with
expertise in public finance. LOGIC's investments are only those
authorized by the Texas Public Funds Investment Act governing pools for
23
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1998
Note 5 - DEPOSITS AND INVESTMENTS (CONT'D.)
Investments (Cont'd.)
local governments. LOGIC presently offers two investment pools, each of
which is separately managed and has a different investment objective.
Each participating government owns an undivided beneficial interest in the
assets of the pool represented by units. Participants may terminate their
participation in LOGIC at any time by redeeming their units.
The City's investments that are represented by specific identifiable
investment securities are categorized below to give an indication of the
level of risk assumed by the City at year end. Category 1 includes
investments that are insured or registered, or for which the securities
are held by the City or its agent in the City's name. Category 2 includes
uninsured and unregistered investments for which the securities are held
by the counterparty's trust department or agent in the City's name.
Category 3 includes uninsured and unregistered investments for which the
securities are held by the counterparty's safekeeping department, but not
in the City's name.
Description
Primary Government:
U.S. Government
Securities
Investments not subject
to categorization:
Public Funds
Investment Pools
Subtotal
Component Units:
Investments not subject
to categorization:
Public Funds
Investment Pool
Total
Catevory
1 2 3
$1,510,797 $ - $ -
Carrying Fair
Amount Value
$ 1,510,797 $ 1,510,797
49,866.521 49,866,521
51,377,318 51,377,318
2,607,602 2,607,602
$53,984,920 $53,984,920
24
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1998
Note 6 - RECEIVABLES
Receivables at September 30, 1998 consist of the following:
Trust
Totals
Totals
Special
Debt
Capital
Internal
and
Primary
Component
Reporting
General
Revenue
Service
Projects
Enterprise
Service
Agency
Government
Units
Entity
Receivables:
Taxes and
assessments
$1,343,546
$ 80,691
$257,377
$157,580
$ -
$ -
S -
$ 1,839,194
$ 8,503
$ 1,847,697
Customer and trade
-
-
-
-
2,740,181
-
-
2,740,181
-
2,740,181
Other City funds
1,533,815
42,632
-
-
-
425,099
-
2,001,546
-
2,001,546
Government agencies
2,371,947
4,092,060
12,725
-
133,307
-
347,141
6,957,180
853,512
7,810,692
Other
533,460
2,424
-
11,289
70,567
11,282
2,400
631,422
-
631,422
Restricted - other
-
-
29,606
29,606
29,606
N
l.n
Gross receivables
5,782,768
4,217,807
270,102
168,869
2,973,661
436,381
349,541
14,199,129
862,015
15,061,144
Less: Allowance for
uncollectible accounts
( 584,785)
-
( 112,384)
-
-
-
-
( 697,169)
-
( 697,169)
Net total receivables
$5,197,983
$4,217,807
$157,718
$168,869
$2,973,661
$436,381
$349,541
$13,501,960
$862,015
$14,363,975
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1998
Note 7 - 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, 1998 was $.512838 per $100 which means that the City has a tax margin
of $1.737162 per $100, and could raise up to $46,908,155 additional tax
revenue a year from the present assessed valuation of $2,700,275,203 before
the limit is reached.
Note 8 - RESTRICTED ASSETS - WATER AND SEWER FUND
Restricted assets in the Water and sewer Fund, held for specific purposes
in accordance with bond ordinances or other legal restrictions, are
comprised of the following:
For Debt Service:
Cash and cash equivalents
Investments
For Capital Improvements:
Cash and cash equivalents
Receivables
For Customer Deposits:
cash and cash equivalents
Total
Note 9 - PLANT, EQUIPMENT AND DEPRECIATION
$ 7,467,160
11,500
12,711,056
29,606
1,849,026
$22,068,348
A summary of plant and equipment at September 30, 1998 is as follows:
26
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1998
Note 9 - PLANT, EQUIPMENT AND DEPRECIATION (CONT'D.)
Internal
General
Enterprise
Service
Fixed
Funds
Funds
Assets
Total
Land and betterments
$ 25,203,482
$ 433,658
$14,223,568
$ 39,860,708
Buildings and improvements
125,417,942
4,010,098
18,209,983
147,638,023
Machinery and equipment
3,473,476
-
8,619,542
12,093,018
Furniture and fixtures
51,529
14,178
541,278
606,985
Motor vehicles and
equipment
3,670
25,844,415
45,924
25,894,009
Construction in progress
187,462
2,636
2,590
192,688
Total plant and equipment
154,337,561
30,304,985
41,642,885
226,285,431
Less accumulated
depreciation
( 55,814,851) (
17,292,615)
-
( 73,107,466)
Net plant and equipment
$ 98,522,710
$13,012,370
$41,64.2,885
$153,177,965
A summary of changes in
the components
of the General Fixed Assets Account
Group for the year ended September 30,
1998 is as
follows:
Balance
Transfers
Balance
October 1,
and
September 30,
1997
Additions
Retirements
1998
Plant and equipment:
Land and betterments
$14,147,752
$ 75,816
$ -
$14,223,568
Buildings and
improvements
14,849,097
1,300,049
2,060,837
18,209,983
Machinery and equipment
7,654,582
964,960
-
8,619,542
Furniture and fixtures
471,086
70,192
-
541,278
Motor vehicles and
equipment
45,924
-
-
45,924
Construction in progress
2,060,837
2,590
( 2,060,837)
2,590
Subtotal
39,229,278
2,413,607
-
41,642,885
Investment in joint venture
12,196,837
-
( 435,496)
11,761,341
Total
$51,426,115
$2,413,607
($ 435,496)
$53,404,226
27
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1998
Note 10 - RETIREMENT PLANS
Texas Municipal Retirement Svstem
Plan Descrintion
The city provides pension benefits for substantially all of its full-
time employees, except firefighters, through a nontraditional, joint
contributory, defined benefit plan in the state-wide Texas Municipal
Retirement System (TMRS), one of 700 administered by TMRS, an agent
multiple -employer public employee retirement system.
Benefits depend upon the sum of the employee's contributions to the
plan, with interest, and the City -financed monetary credits, with
interest. At the date the plan began, the City granted monetary credits
for service rendered before the plan began of a theoretical amount equal
to two times what would have been contributed by the employee, with
interest, prior to establishment of the plan. Monetary credits for
service since the plan began are a percent (200%) of the employee's
accumulated contributions. In addition, the city can grant, as often
as annually, another type of monetary credit referred to as an updated
service credit which is a theoretical amount which, when added to the
employee's accumulated contributions and the monetary credits for
service since the plan began, would be the total monetary credits and
employee contributions accumulated with interest if the current employee
contribution rate and City matching percent had always been in existence
and if the employee's salary had always been the average of his salary
in the last three years that are one year before the effective date.
At retirement, the benefit is calculated as if the sum of the employee's
accumulated contributions with interest were used to purchase an
annuity.
Members can retire at ages 60 and above with 10 or more years of service
or with 25 years of service regardless of age. A member is vested after
10 years. The plan provisions are adopted by the governing body of the
City, within the options available in the state statutes governing TMRS
and within the actuarial constraints also in the statutes.
Contributions
The contribution rate for all employees is 5%, except police officers
which is 7%, and the City matching ratio is currently 2 to 1, both as
adopted by the governing body of the City. Under the state law
governing TMRS, the actuary annually determines the City contribution
rate. This rate consists of the normal cost contribution rate and the
prior service contribution rate, both of which are calculated to be a
level percent of payroll from year to year. The normal cost
contribution rate finances the currently accruing monetary credits due
28
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1998
Note 10 - RETIREMENT PLANS (CONT'D.)
Texas Municipal Retirement Svstem (Cont'd.)
Contributions (Cont'd.)
to the City matching percent, which are the obligation of the City as
of an employee's retirement date, not at the time the employee's
contributions are made. The normal cost contribution rate is the
actuarially determined percent of payroll necessary to satisfy the
obligation of the City to each employee at the time his/her retirement
becomes effective. The prior service contribution rate amortizes the
unfunded (overfunded) actuarial liability (asset) over the remainder of
the plan's 25-year amortization period. when the City periodically
adopts updated service credits and increases in annuities in effect, the
increased unfunded actuarial liability is to be amortized over a new 25-
year period. Currently, the unfunded actuarial liability is being
amortized over the 25-year period, which began January 1997. The unit
credit actuarial cost method is used for determining the City
contribution rate. Both the employees and the City make contributions
monthly. since the City needs to know its contribution rate in advance
to budget for it, there is a one-year delay between the actuarial
valuation that is the basis for the rate and the calendar year when the
rate goes into effect (i.e. December 31, 1997 valuation is effective for
rates beginning January 1999).
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 (the Fund) operates under an act
passed in 1937 by the Texas State Legislature and adopted by the City's
firefighters.
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 2.10% of his average monthly salary multiplied by
his years of service.
Members can receive a service retirement at ages 50 and above with 20
or more years of service. Members are eligible for actuarially reduced
early retirement benefits before age 50, 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.
29
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1998
Note 10 - RETIREMENT PLANS (CONT'D.)
Wichita Falls Firemen's Relief and Retirement Fund (Cont'd.)
Contributions
The contribution rate for the firefighters is 11% (increased from 9%
effective August 5, 1998) and the city contributes 9%. Both the
firefighters and City make contributions monthly. 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 entry age actuarial cost method, the
plan's normal cost is determined as a percentage of payroll. The
excess of the total contribution rate over the normal cost rate is used
to amortize the plan's unfunded actuarial accrued liability, and the
number of years needed to amortize the plan's unfunded actuarial accrued
liability is determined using a level percentage of payroll method.
Currently, the unfunded actuarial accrued liability is being amortized
over the 29.4 year period which began on April 30, 1995.
Schedule of Actuarial Liabilities and Fundina Progress
Actuarial Valuation Date
Actuarial Value of Assets
Actuarial Accrued Liability (AAL)
Percentage Funded
unfunded Actuarial Accrued
Liability (UAAL)
Annual Covered Payroll
UAAL as a Percentage of
covered Payroll
Net Pension Obligation (NPO) at
the Beginning of the Period
Texas
Municipal
Retirement
Svstem
12/31/97
Firemen's
Relief and
Retirement
12/31/97
Total
(Memorandum
Onlv)
$51,833,203 $19,916,831 $71,750,034
67,746,553 25,193,592 92,940,145
76.5%
79.1%
77.2%
15,913,350
5,276,761
21,190,111
24,726,606
4,712,854
29,439,460
64.4%
112.0%
71.9%
-0-
-0-
-0-
30
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1998
Note 10 - RETIREMENT PLANS (CONT'D.)
Schedule of Actuarial Liabilities and Funding Proqress (Cont'd.)
Texas
Municipal
Firemen's
Total
Retirement
Relief and
(Memorandum
System
Retirement
Only)
Annual Pension Cost:
Annual Required Contribution (ARC)
$
2,404,267
$
424,157
$
2,828,424
Interest on NPO
-0-
-0-
-0-
Adjustment to the ARC
-0-
-0-
-0-
Annual Pension Cost
$
2,404,267
$
424,157
$
2,828,424
Percentage of Annual Pension
Costs Contributed
100%
100%
100%
Contributions Made
$
2,404,267
$
424,157
$
2,828,424
Increase in NPO
-0-
-0-
-0-
NPO At the End of the Period
$
-0-
$
-0-
$
-0-
Two preceding years:
1996:
Annual Pension Cost
$
2,152,148
$
436,410
$
2,588,288
Percentage of Annual Pension
Costs Contributed
100%
100%
100%
NPO At the End of the Period
-0-
-0-
-0-
1995:
Annual Pension Cost
$
1,860,167
$
409,259
$
2,269,426
Percentage of Annual Pension
Costs Contributed
100%
100%
100%
NPO At the End of the Period
-0-
-0-
-0-
Both of the stand-alone financial reports for both the Texas Municipal
Retirement system and Firemen's Relief and Retirement Fund can be obtained
from the City's Director of Finance at 1300 7th Street, Wichita Falls,
Texas.
Note 11 - 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.
Pursuant to GASB statement No. 32, the City no longer carries the deferred
compensation plan's assets and liabilities in its financial statements.
31
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1998
Note 12 - PAYABLE TO U.S. GOVERNMENT
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) is reflected in fixed
assets, and the City's share of the U.S. Government funded portion
($4,484,140) is reflected as contributed capital 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, 1998
is classified as follows:
Long-term $902,629
Current portion (included in
other liabilities) 21,899
Total $924,528
Note 13 - AIRPORT LEASE
The airport facilities are located on land at Sheppard Air Force Base.
The land is leased from the Department of the Air Force at a cost of $1.00
per year for a period of fifty years, beginning May 15, 1959 and expiring
May 14, 2009. Additional rent is based on landing fees at a rate of
$1.8264 per scheduled landing. Landing fees collected and paid on this
lease were $6,048 for the fiscal year ended September 30, 1998.
Note 14 - DESCRIPTION OF LEASING ARRANGEMENTS
In August 1995, the City entered into a copier lease expiring in 2000
which is classified as a capital lease and included in the General Fixed
Asset and the General Long -Term Debt account groups. The copier was
recorded as machinery and equipment in the General Fixed Asset Account
Group at a cost of $11,220.
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, 2003.
32
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1998
Note 14 - DESCRIPTION OF LEASING ARRANGEMENTS (CONT'D.)
Capital Leases
The following is a schedule by years of future minimum lease payments
under capital leases and the corresponding present value of the net
minimum lease payments as of September 30, 1998:
Year ending September 30:
1999 $2,708
2000 2,808
Total minimum lease payments 5,516
Less amount representing interest 489
Present value of minimum lease payments $5,027
The present value of minimum lease payments is recorded in the General
Long -Term Debt Account Group as a capital lease payable.
Operatinq Leases
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, 1998:
Year ending September 30:
1998
$ 95,788
1999
88,157
2000
53,535
2001
4,942
2002
1,900
Later years
5
Total minimum payments required $244,327
The total minimum payments do not include contingent rentals which may be
paid under the airport lease based on the number of scheduled landings.
The following schedule shows the composition of total rental expenses for
all operating leases for the year ended September 30, 1998:
Minimum rentals
Contingent rentals
Total rentals
$203,820
6,048
$209,868
33
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1998
Note 15 - LONG-TERM DEBT
The following is a summary of changes in long-term
obligations of the city
for the year ended September 30, 1998:
Obligations
obligations
Outstanding
New
Outstanding
October 1, Obligations Obligations
September 30,
1997
Incurred
Retired
1998
General Lona-Term Debt:
General obligation
Bonds payable
$18,320,000 $
-
$1,470,000
$16,850,000
Accrued vacation and
sick leave
4,166,854
184,643
-
4,351,497
Capital lease payable
7,176
-
2,149
5,027
Claims and judgments
payable
177,943
53,608
67,083
164,468
Total general
long-term debt
22,671,973
238,251
1,539,232
21,370,992
Proprietary Fund Debt:
Revenue Bonds payable
50,790,000
8,060,000
1,855,000
56,995,000
Payable to U.S.
Government
945,737
-
21,209
924,528
Total proprietary
fund debt
51,735,737
8,060,000
1,876,209
57,919,528
Total long-term
liabilities
$74,407,710 $8,298,251
$3,415,441
$79,290,520
Bonds payable. at September 30, 1998
are comprised of the following
individual issues:
Range of Final
Annual
Bonds
Interest Maturity
serial
Bonds
Outstanding
Rates Date
Payments
Authorized
at 9/30/98
General Obligation Bonds:
1992 General Obligation
Bonds 2.75% - 9/01/10 $80,000 to $ 4,000,000 $ 3,385,000
5.75% $635,000
1994 General Obligation
Refunding Bonds 3.50% - 9/01/06 $105,000 to 7,250,000 5,810,000
5.50% $860,000
1996 General Obligation
Refunding Bonds 4.10% - 9/01/06 $570,000 to 9,000,000 7,655,000
5.30% $1,130,000
Total General Obligation Bonds 16,850,000
34
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1998
Note 15 - LONG-TERM DEBT (CONT'D.)
Range of
Final
Annual
Bonds
Interest
Maturity
Serial
Bonds
Outstanding
Rates
Date
Payments
Authorized
at 9/30/98
Revenue Bonds:
Water and Sewer
Revenue Bonds:
1990-A Water and
Sewer Subordinate
Lien Revenue Bonds
5.50%
8/01/12
$300,000 to
24,180,000
22,110,000
$3,870,000
Water and Sewer
System Refunding
Revenue Bonds,
Series 1995
3.90% -
8/01/07
$95,000 to
12,830,000
10,855,000
5.20%
$1,450,000
Water and Sewer
System Refunding
Revenue Bonds,
Series 1996 4.10% - 8/01/07 $305,000 to 5,360,000 4,650,000
5.40% $625,000
1996 Water & Sewer
Subordinate Lien
Revenue Bonds 3.35% - 8/01/16 $25,000 to 11,420,000 11,320,000
4.95% $2,750,000
1998 Water & Sewer
Subordinate Lien
Revenue Bonds 3.14% - 8/01/18 $25,000 to 8,060,000 8,060,000
4.59% $3,320,000
Total Revenue Bonds 56,995,000
Total All Bonds $73,845,000
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, 1998,
$1,560,640 was available in this fund to service these bonds.
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.
The City's current year payments for debt service of general obligation
bonds, revenue bonds, and payable to U.S. Government included $934,270,
$2,674,570, and $30,765 of interest, respectively.
35
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1998
Note 15 - LONG-TERM DEBT
(CONT'D.)
The annual requirements
to pay
principal and
interest on the
city's long-term obligations
outstanding
as of September
30, 1998 are as
follows:
Year Ending
General Obligation Bonds
Revenue
Bonds
Payable to U.S.
Government
September 30:
Principal
Interest
Principal
Interest
Principal
Interest
Total
1999
$ 1,535,000
$ 868,315
$ 1,965,000
$ 2,887,626
$ 21,899
$ 30,075
$ 7,307,915
2000
1,610,000
796,975
2,050,000
2,797,867
22,611
29,363
7,306,816
2001
1,690,000
719,775
2,155,000
2,701,177
23,347
28,627
7,317,926
2002
1,770,000
636,910
2,255,000
2,598,034
24,106
27,868
7,311,918
2003
1,850,000
547,565
2,370,000
2,488,329
24,890
26,274
7,307,058
Subsequent
8,395,000
1,355,870
46,200,000
19,003,769
807,675
336,521
76,098,835
w
ON Total
$16,850,000
$4,925,410
$56,995,000
$32,476,802
$924,528
$478,728
$112,650,468
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1998
Note 16 - DEFEASANCE OF PRIOR DEBT
In prior years, the City defeased certain outstanding general obligation and
revenue bonds by placing the proceeds of new bonds and additional cash in an
irrevocable trust to provide for all future debt service payments on the old
bonds. Accordingly, the trust escrow accounts and the defeased bonds are
not included in the city's financial statements. At September 30, 1998,
$10,610,000 of the 1986 Water and Sewer Revenue Refunding Bonds are
considered defeased.
Note 17 - TAX ANTICIPATION NOTES PAYABLE
During the year ended September 30, 1997, the city of Wichita Falls, Texas
issued tax anticipation notes in the amount of $2,000,000. The proceeds
provided by these notes were used for the renovation of the City's
Activities Center to house the Wichita Falls Public Library. These notes
bear interest ranging from 4.45% to 7.00% and mature over a period of seven
years.
while these notes are, in effect, long-term financing, the City has recorded
the liability for these tax anticipation notes as a current liability in the
Library Renovations Fund as required by generally accepted accounting
principles established by the Governmental Accounting Standards Board.
The annual requirements to pay principal and interest on the tax
anticipation notes outstanding at September 30, 1998 are as follows:
Year Ending
September 30: Principal Interest Total
1999
$ 265,000
$ 85,987
$ 350,987
2000
280,000
67,263
347,263
2001
290,000
51,360
341,360
2002
305,000
37,969
342,969
2003
320,000
23,590
343,590
2004
340,000
8,075
348,075
Totals
$1.800,000
$274,244
$2,074,244
During the year ended September 30, 1998, the City paid $156,894 of interest
on the tax anticipation notes.
37
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1998
Note 18 - 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 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. Th=
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 $3,055,869
as of September 30, 1998, which is based on 47% usage of the landfill. The
City has no remaining estimated costs of closure and postclosure care which
have not already been recognized in the financial statements. It is
estimated that additional costs will be recognized as closure and
postclosure care expenses between the date of the balance sheet and the date
the landfill is expected to be filled to capacity in 2017. Additionally,
the City has accrued $5,610 in estimated closure costs for the city's
landfill transfer station. Actual costs may be higher due to inflation,
change in technology, or changes in regulations.
Note 19 - INDIVIDUAL FUND DISCLOSURES
Interfund receivable and payable balances at September 30, 1998 are as
follows:
Interfund Interfund
Receivables Pavables
General Fund
$1,533,815 $
304,363
Special Revenue Funds:
Community Development Block
Grant Fund
-
526,305
Home Investment Partnership
Agreement Fund
-
135,796
Miscellaneous Special Revenue Fund
42,632
803,202
Total Special Revenue Funds
42,632
1,465,303
Enterprise Funds:
Airport Fund
-
424
Transit Fund
-
111,144
Sanitation Fund
-
38,619
Water and Sewer Fund
-
66,840
Total Enterprise Funds
-
217,027
Internal Service Funds:
Fleet Maintenance Fund
-
14,853
Employee Benefit Trust Fund
425,099
-
Total Internal Service Funds
425,099
14,853
Total
$2,001,546 $2,001,546
38
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1998
Note 19 - INDIVIDUAL FUND DISCLOSURES (CONT'D.)
operating transfers between funds and component units during the year were
as follows:
General Fund
Special Revenue Funds:
Hotel/Motel Tax Fund
Miscellaneous Special Revenue Fund
Total Special Revenue Funds
Debt Service Fund
Capital Projects Funds:
Library Renovation Fund
Enterprise Funds:
Golf Fund
Transit Fund
sanitation Fund
Water and Sewer Fund
Total Enterprise Funds
Internal Service Funds:
Fleet Maintenance Fund
Component Units:
Wichita Falls Economic
operating
operating
Transfer In
Transfer out
$1,183,902
$ 292,158
-
57,936
204,013
68,575
204,013
126,511
306,615
-
356,894
-
- 8,295
146,081 -
- 388,449
99,030 713,198
245,111 1,109,942
312,000
Development Board
-
99,030
Wichita Falls 4B Sales Tax
Corporation
-
356,894
Total Component Units
-
455,924
Total
$2,296,535
$2,296,535
Residual equity transfers between funds
during the year were as follows:
Equity
Equity
Transfer In
Transfer out
General Fund
$ -
$ 429,076
Enterprise Funds:
Golf Fund
-
11,459
Transit
-
24,187
Sanitation Fund
-
833,614
Water and Sewer Fund
-
171,759
Internal Service Funds:
Fleet Maintenance 1,470,095 -
Total $1,470,095 $1,470,095
39
0
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1998
Note 20 - CONTRIBUTED CAPITAL - PROPRIETARY FUNDS
During the year ended September 30, 1998, contributed capital in the City's proprietary funds increased by
the following amounts:
source
Government - fixed assets
Developers - fixed assets
Other contributions
Total additions
Contributed capital,
October 1, 1997
Contributed capital,
September 30, 1998
Internal
Enterprise
Funds
service Fund
Total
Water
Fleet
Proprietary
Golf Airport
Transit
Sanitation
and Sewer
Maintenance
Funds
$ - $ 14,807
$ -
$ -
$ -
$ 1,470,095
$ 1,484,902
_ -
-
-
151,791
-
151,791
-
-
1,524
-
-
1,524
- 14,807
-
1,524
151,791
1,470,095
1,638,217
8,279 2,277,385
824,496
2,907,626
19,337,009
16,463,703
41,818,498
$8,279 $2,292,192
$824,496
$2,909,150
$19,488,800
$17,933,798
$43,456,715
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1998
Note 21 - SEGMENT INFORMATION FOR ENTERPRISE FUNDS
The City maintains five enterprise funds which provide golf, transportation, sanitation, water and sewer
services. Segment information for the year ended September 30, 1998 is as follows:
Condensed balance sheets:
Plant and equipment:
Additions
Retirements
Net working capital
Total assets
Bonds and other long-term
liabilities
Total equity
Condensed statements of revenues,
expenses and changes in equity:
Operating revenues
Depreciation and amortization
Operating income (loss)
Intergovernmental operating
grants
Operating transfers:
In
Out
Net income (loss)
Current capital contributions
Total
Water Enterprise
Golf Airport Transit Sanitation and Sewer Funds
$ 2,900 $ 14,807 $ -
48,448 506,310 ( 27,314)
129,134 1,630,004 694,415
62,902 1,617,622 548,331
$ 24,452 $ 1,335,206 $ 1,377,365
8,622,252
11,597,263
20,746,959
11,362,781
130,555,488
144,371,822
3,061,479
55,932,629
58,994,108
7,898,272
69,318,588
79,445,715
700,117
299,760
161,318
8,786,580
20,423,911
30,371,686
1,461
90,116
9,265
58,968
2,943,796
3,103,606
( 31,171) (
147,682)
( 516,971)
717,927
4,611,246
4,633,349
-
-
385,812
-
-
385,812
-
-
146,081
-
99,030
245,111
8,295
-
-
388,449
713,198
1,109,942
( 39,466) (
121,034)
14,922
657,951
2,383,807
2,896,180
-
14,807
-
1,524
151,791
168,122
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1998
Note 22 - SEGMENT INFORMATION FOR DISCRETELY PRESENTED COMPONENT UNITS
The City has three component units that are discretely presented in the
city's general purpose financial statements. Segment information for the
year ended September 30, 1998 is as follows:
Wichita Falls Wichita Falls
Economic 4B Sales Wichita Falls
Development Tax Reinvestment
Corporation Corporation Zone #1 Totals
Condensed balance sheets:
Current assets $1,820,184 $1,355,858 $390,915 $3,566,957
Current liabilities 9,738 - - 9,738
Condensed statements of
revenues and expenditures:
Revenues 2,426,598 2,405,354 149,039 4,980,991
Current expenditures 517,122 692,602 37,830 1,247,554
Operating transfers out 99,030 356,894 - 455,924
Excess of revenues and
other sources over
expenditures and other
uses 1,810,446 1,355,858 111,209 3,277,513
Note 23 - JOINT VENTURE - MULTI -PURPOSE EVENTS CENTER
The Multi -Purpose Events Center (the Center) is an activities complex
owned jointly by the City of Wichita Falls (50%) and Wichita County (the
county) (50%). The Center is operated by a seven -member board composed
of two members each from the governing bodies of the City and the County,
and three other appointed resident citizens of the County. The initial
projected cost of the Center was estimated to be twenty-five million
dollars. The City and the County have each contributed nine million
dollars toward the construction of the facility. The remaining costs are
presently being raised from private contributions and other sources within
the community.
The City and the County each have an undivided one-half interest in the
center and may dispose of it only by mutual agreement of the City Council
and Wichita County Commissioners Court. The city and the county are each
obligated by contract to fund the portion of the Center's annual budget
that exceeds the revenues from the Center and the undesignated hotel/motel
taxes collected by the city.
42
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1998
Note 23 - JOINT VENTURE - MULTI -PURPOSE EVENTS CENTER (CONT'D.)
The following is a summary of selected financial information for the
Multi -Purpose Events Center as of September 30, 1998:
Total assets $22,381,184
Total liabilities $ 60,280
Joint venturers' capital $22,320,904
Current capital contributions $ 900,661
Total revenue $ 852,673
Total expenses $ 2,275.081
Total other income $ 70,417
Net loss ($ 1,351,991)
The City's net investment in this joint venture is reported in the City's
General Fixed Assets Account Group. The City's equity interest in the
Center was $11,761,341 at September 30, 1998. Complete financial
statements for the Center can be obtained from the City's Director of
Finance at 1300 7th Street, Wichita Falls, Texas.
Note 24 - COMMITMENTS AND CONTINGENCIES
Litiqation
The City is a defendant in numerous lawsuits. In the opinion of the
City's management, any liabilities resulting from such suits will not
materially affect the financial position of the City.
Accrued Vacation and Sick Leave
The City's liability for accrued vacation and sick leave excluding the
amount recorded in the enterprise funds was $4,785,752 at September 30,
1998. This accrual is recorded in the General Long -Term Debt account
group, except for $100, 000 which is believed by City management to be
currently payable from available resources and is recorded in the General
Fund.
43
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1998
Note 24 - COMMITMENTS AND CONTINGENCIES (CONT'D.)
Post -Retirement Health Care and Life Insurance Benefits
In addition to providing pension benefits, the City provides certain
health care and life insurance benefits for retired employees.
substantially all of the City's employees may become eligible for those
benefits if they reach normal retirement age while working for the city.
The cost of retiree health care is paid for by the retirees. The cost of
life insurance benefits for 10 retirees is partially funded by the city.
The city's portion of these costs is recognized as expense when paid. For
the fiscal year ended September 30, 1998, these costs totaled $8,617.
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.
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, 1998 was $.350636 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.
Construction Contracts
At September 30, 1998, the City was committed to several construction
contracts, but has not accrued or incurred any expenditures or expenses
as the work has not yet been performed. The amounts for which the various
funds are committed to complete these contracts are as follows:
44
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1998
Note 22 - COMMITMENTS AND CONTINGENCIES (CONT'D.)
Construction Contracts (Cont'd.)
General Fund $109,220
Enterprise Funds:
Water and Sewer Fund 506,659
Total contract commitments $615,879
Federally Assisted Proqrams - Compliance Audits
The City participates in numerous Federally assisted programs, 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, and the Home Investment Partnership
Agreement Program.
In connection with these programs, 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 25 - SUBSEQUENT EVENT
On October 1, 1998, the City issued $22,795,000 Water and Sewer System
Subordinate Lien Refunding Revenue Bonds, Series 1998A (1998A Bonds) and
$5,500,000 Water and Sewer Priority Lien Revenue Bonds, Series 1998B
(1998B Bonds). A description of each are as follows:
1998A Bonds. The proceeds of the 1998A Bonds were issued to provide funds
sufficient to redeem the City's outstanding Water and Sewer Subordinate
Lien Revenue Bonds, Series 1990-A maturing August 1, 2000 through 2012
totaling $21,695,000 and pay related issuance costs. The 1998A Bonds will
mature on August 1, 1999 to 2012 with principal amounts and interest rates
ranging from $375,000 to $3,770,000 and 3.650% to 4.500%, respectively.
1998B Bonds. The proceeds of the 1998E Bonds were issued to refurbish a
pump station and replace approximately five miles of transmission line and
pay related issuance costs. The 1998B Bonds will mature on August 1, 1999
to 2018 with principal amounts and interest rates ranging from $180,000
to $400,000 and 4.050% to 4.625%, respectively.
C&7
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1998
Note 25 - SUBSEQUENT EVENT (CONT'D.)
A summary of the debt service requirements of the 1998A Bonds and 1998B
Bonds are as follows:
Year Ending
1998A
Bonds
1998B
Bonds
September 30,
Principal
Interest
Principal
Interest
Totals
1999
$ 375,000
$ 792,705
$ 215,000
$ 203,665
$ 1,586,370
2000
550,000
936,246
180,000
235,260
1,901,506
2001
570,000
914,246
190,000
227,610
1,901,856
2002
585,000
893,441
200,000
219,060
1,897,501
2003
610,000
871,504
210,000
210,060
1,901,564
Subsequent
20,105,000
5,497.673
4,505,000
1,786,953
31,894,626
Totals
$22,795,000
$9,905,815
$5.500,000
$2,882,608
$41,083,423
Note 26 - YEAR 2000 ISSUES
In accordance with GASB Technical Bulletin 98-1, "Disclosures About Year
2000 Issues", following are disclosures about the year 2000 issues in
general and of the City's progress and commitments at year end in dealing
with this issue.
The year 2000 issue is the result of shortcomings in many electronic data
processing systems and other equipment that may adversely affect
operations in the year 1999 and beyond. For many years, programmers
eliminated the first two digits from a year when writing programs. For
example, programmers would designate January 1, 1965 as 1101/01/651, instead
of 1101/01/1965". On January 1, 2000 at 12:00:01 a.m., the internal clock
in computers and other equipment will roll over from 1112/31/991, to
1101/01/00". Unfortunately, many programs (if not corrected) will not be
able to distinguish between the year 2000 and the year 1900. This may
cause the programs to process data inaccurately or to stop processing data
altogether. Another factor that may cause problems in programs is the
leap year calculation. some programs are unable to detect the year 2000
as a leap year.
Problems affecting a wide range of governmental activities will likely
result if computers and other electronic equipment that are dependent upon
date -sensitive coding are not corrected. These problems have the
potential for causing a disruption to some government operations and may
temporarily increase the cost of those operations.
The amount committed but not yet payable by the City at September 30, 1998
to make computer systems and other electronic equipment year 2000
compliant was $400,000.
46
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1998
Note 26 - YEAR 2000 ISSUES (CONT'D.)
The following stages of work have been identified by GASB Technical
Bulletin 98-1, "Disclosures About Year 2000 Issues", as necessary to
implement a year 2000 compliant system. These stages were adapted by the
GASB from U.S. securities and Exchange Commission ("SEC"), Division of
Market Regulation Year 2000 ("Y2K") Work Program (January 1998).
1. Awareness Stage - Encompasses establishing a budget and project plan
for dealing with the year 2000 issue.
2. Assessment Stage - when the organization begins the actual process of
identifying all of its systems (preparing an inventory) and individual
components of the systems. An organization may decide to review all
system components for year 2000 compliance or, through a risk
analysis, identify only mission -critical systems and equipment --
systems and equipment critical to conducting operations --to check for
compliance.
3. Remediation Stage - when the organization actually makes changes to
systems and equipment. This stage deals primarily with the technical
issues of converting existing systems, or switching to compliant
systems. During this stage, decisions are made on how to make the
systems year 2000 compliant, and the required system changes are made.
4. validation/Testing stage - when the organization validates and tests
the changes made during the conversion process. The development of
test data and test scripts, the running of test scripts, and the
review of test results are crucial for this stage of the conversion
process to be successful. If the testing results show anomalies, the
tested area needs to be corrected and retested.
The City currently is in the remediation stage as defined above.
Disclosures as an Issuer of Municipal securities
Since the City is an issuer of municipal securities, the following
disclosures are made in accordance with U.S. Securities and Exchange
Commission's "Statement of the Commission Regarding Disclosure of Year
2000 Issues and Consequences by Public Companies, Investment Advisors,
Investment Companies, and Municipal Securities Issuers" (17 CFR Parts 231,
241, 271, 276), section III. C., "Guidance for Year 2000 Disclosure for
Municipal Issuers" ("Statement"). These disclosures are made in addition
to the applicable disclosures made in the preceding paragraphs of this
note.
47
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1998
Note 26 - YEAR 2000 ISSUES (CONT'D.)
Disclosures as an Issuer of Municipal Securities (Cont'd.)
For issuers of municipal securities, year 2000 issues may be divided into
three categories: internal, external and mechanical. These categories
of issues are defined by the Statement as follows:
1. Internal Issues
Internal year 2000 issues may arise from an issuer's own operations
and materially affect its creditworthiness and ability to make timely
payment of its obligations.
2. External Issues
External year 2000 issues may arise from parties, other than an
issuer, that provide payments that support the debt service on an
issuer's municipal securities, or the impact of year 2000 problems
facing other external parties on the issuer's own ability to satisfy
its responsibilities.
3. Mechanical Issues
Mechanical year 2000 issues may arise if year 2000 problems disrupt
the actual mechanical process used to send payments to bondholders or
the ability to assess and collect ad valorem taxes and allocate
receipts and disbursements to proper funds in a timely manner to make
debt service payments when due. while year 2000 problems may not
directly affect an issuer's ability to pay debt service, they may
affect an issuer's general accounting and payment functions, which may
be material to investors.
The City's management believes that each of these three categories of
issues has been adequately considered in the planning and implementation
of its work in preparing for the year 2000.
48
Wichil
REQUIRED SUPPLEMENTARY
INFORMATION
Wichit
EXHIBIT B-1
CITY OF WICHITA FALLS, TEXAS
TEXAS MUNICIPAL RETIREMENT SYSTEM - ANALYSIS OF FUNDING PROGRESS -
LAST TEN PLAN YEARS (UNAUDITED)*
(4)
(6)
(1)
(2)
(3)
Unfunded
(5)
UAAL as a
Actuarial
Actuarial
Actuarial
Percentage
Actuarial Accrued
Annual
Percentage of
valuation
Value
Accrued
Funded
Liability (UAAL)
covered
covered Payroll
Date
of Assets
Liability (AAL).
(1) + (2)
(2) - (1)
Pavroll
(4) _ (5)
12/31/87
$24,462,797
$29,184,181
83.8%
$ 4,721,384
$17,148,324
27.5%
12/31/88
27,272,637
32,538,508
83.8%
5,265,871
17,737,825
29.7%
12/31/89
30,732,508
36,338,409
84.6%
5,605,901
18,827,230
29.8%
12/31/90
32,169,524
38,603,039
83.3%
6,433,515
18,664,431
34.5%
12/31/91
34,988,814
42,460,833
82.4%
7,472,019
18,874,753
39.6%
12/31/92
40,008,407
49,758,664
80.4%
9,750,257
20,657,576
47.2%
12/31/93
42,728,204
53,833,753
79.4%
11,105,549
21,343,153
52.0%
12/31/94
46,420,960
59,450,213
78.1%
13,029,253
22,768,262
57.2%
12/31/95
48,533,798
62,979,458
77.1%
14,445,660
23,859,734
60.5%
12/31/96
51,833,203
67,746,553
76.5%
15,913,350
24,726,606
64.4%
Analysis of the dollar amounts of the actuarial value of assets, actuarial accrued liability, and unfunded
actuarial accrued liability in isolation can be misleading. Expressing the actuarial value of assets as a
percentage of the actuarial accrued liability provides one indication of the city's funding status on a going -
concern basis. Analysis of this percentage over time indicates whether the system is becoming financially
stronger or weaker. Generally, the greater this percentage, the stronger the pension plan. Trends in unfunded
actuarial accrued liability and annual covered payroll are both affected by inflation. Expressing the unfunded
actuarial accrued liability as a percentage of annual covered payroll approximately adjusts for the effects of
inflation and aids analysis of the city's progress made in accumulating sufficient assets to pay benefits when
due. Generally, the smaller this percentage, the stronger the pension plan.
* This city retirement plan is substantially a defined contribution plan. These voluntary disclosures, similar
to the disclosures required for a defined benefit plan, are provided for additional analysis of the plan.
EXHIBIT B-2
CITY OF WICHITA FALLS, TEXAS
TEXAS MUNICIPAL RETIREMENT SYSTEM - REVENUES BY SOURCE AND EXPENSES BY TYPE -
LAST TEN PLAN YEARS (UNAUDITED)*
Employer
contributions
as Percentage
Revenues By
Source
Plan
of Annual
Employer
Employee
Investment
Year
covered Pavroll
contributions
contributions
Income
Total
1988
6.11%
$1,047,763
$ 939,886
$2,461,316
$4,448,965
1989
6.09%
1,080,234
972,959
2,673,781
4,726,974
1990
6.78%
1,276,486
1,036,662
3,176,669
5,489,817
1991
7.00%
1,306,510
1,029,175
3,301,314
5,636,999
1992
8.18%
1,543,955
1,042,695
3,405,072
5,991,722
1993
8.16%
1,685,658
1,144,085
3,659,812
6,489,555
1994
8.15%
1,739,467
1,180,421
3,902,836
6,822,724
1995
8.17%
1,860,167
1,258,857
4,183,063
7,302,087
1996
9.02%
2,152,148
1,316,765
4,487,926
7,956,839
1997
9.77%
2,416,676
1,400,780
4,690,501
8,507,957
Expenses
By Tvve
Aggregate
Plan
Benefit
Administrative
Year
Payments
Expenses
Refunds
Total
1988
$1,535,680
$ 20,067
$362,604
$1,918,351
1989
11502,643
19,016
395,475
1,917,134
1990
1,574,729
19,570
435,647
2,029,946
1991
3,711,425
20,134
468,424
4,199,983
1992
2,784,227
21,292
366,913
3,172,432
1993
1,045,022
22,890
402,050
1,469,962
1994
3,718,775
24,102
360,050
4,102,927
1995
3,210,543
25,585
373,203
3,609,331
1996
5,146,617
32,766
664,618
5,844,001
1997
4,842,149
35,733
330,671
5,208,553
contributions were made in accordance with actuarially -determined contribution
requirements.
* This city retirement plan is substantially a defined contribution plan. These
voluntary disclosures, similar to the disclosures required for a defined benefit
plan, are provided for additional analysis of the plan.
50
EXHIBIT B-3
CITY OF WICHITA FALLS, TEXAS
WICHITA FALLS FIREMEN'S RELIEF AND RETIREMENT FUND - ANALYSIS OF FUNDING PROGRESS (UNAUDITED)
(4)
(6)
(1)
(2) (3)
Unfunded
(5)
UAAL as a
Actuarial
Actuarial
Actuarial Percentage
Actuarial Accrued
Annual
Percentage of
Valuation
Value
Accrued Funded
Liability (UAAL)
Covered
Covered Payroll
Date
of Assets
Liabilitv (AAL) (1) + (2)
(2) - (11
Pavroll
(4) + (5)
4/30/90 (a)
$ 9,281,696
$11,770,360 78.9%
$2,488,664
$3,774,905
65.9%
4/30/91 (d)
-
- -
-
-
-
4/30/92 (b)
11,436,828
13,488,758 84.8%
2,051,930
3,917,100
52.4%
4/30/93 (d)
-
- -
-
-
-
4/30/94 (d)
-
- -
-
-
-
4/30/95 (c)
14,966,425
17,882,791 83.7%
2,916,366
4,051,390
72.0%
12/31/95
16,529,273
18,648,105 88.6%
2,118,832
4,214,096
50.3%
12/31/96
18,276,026
20,042,040 91.2%
1,766,014
4,794,594
36.8%
12/31/97
19,916,831
25,193,592 79.1%
5,276,761
4,712,854
112.0%
Analysis of
the dollar amounts
of the actuarial value of assets,
actuarial accrued liability, and unfunded
actuarial accrued
liability in isolation can be
misleading. Expressing the actuarial
value of assets as
a percentage of
the actuarial accrued
L, liability provides
one indication of the City's funding status on
a going -concern basis.
Analysis of this percentage over time
indicates whether
the system is becoming financially stronger or
weaker. Generally, the
greater this percentage, the stronger
the pension
plan. Trends in
unfunded actuarial accrued liability
and annual covered payroll are both
affected by inflation.
Expressing the unfunded actuarial accrued liability as a percentage
of annual covered payroll
approximately
adjusts for the effects
of inflation
and aids analysis
of the City's progress made in accumulating
sufficient assets
to pay benefits
when due. Generally,
the smaller
this percentage, the stronger the pension plan.
(a) During 1990, the plan was amended to increase standard retirement benefits from 1.63% to 1.90% of the firefighter's average
salary multiplied by years of service. This amendment increased the actuarial accrued liability as of April 30, 1990 by
approximately $314,000.
(b) During 1992, the plan was amended to increase standard retirement benefits from 1.90% to 2.01% of the firefighter's average
salary multiplied by years of service. This amendment increased the actuarial accrued liability as of October 1, 1992 by
approximately $1,100,000.
(c) During 1995, the plan was amended to increase standard retirement benefits from 2.01% to 2.10% of the firefighter's average
salary multiplied by years of service. Additionally, the minimum benefit for retired firefighters was raised from $300 per
month to $400 per month. widows minimum monthly payments were raised to remain two-thirds of the minimum for retired
firefighters. Two additional payment options were also added to the plan's provisions. These amendments increased the
actuarial accrued liability as of October 1, 1995 by approximately $660,000.
(d) Historical trend information is presented for as many years as such information about the plan is available. No actuarial
valuation or update was performed as of these dates. Texas state law does not require an actuarial valuation to be completed
annually. The last actuarial valuation update was completed as of December 31, 1997. Additional historical trend information
will be disclosed in future periods as it becomes available.
EXHIBIT B-4
CITY OF WICHITA FALLS, TEXAS
WICHITA FALLS FIREMEN'S RELIEF AND RETIREMENT FUND -
REVENUES BY SOURCE AND EXPENSES BY TYPE -
LAST TEN PLAN YEARS (UNAUDITED)
Employer'
contributions
as Percentage Revenues By Source
Plan of Annual Employer Employee Investment
Year covered Payroll contributions Contributions Income Total
1988
9.0%
$324,740
$324,740
$ 604,529
$1,254,009
1989
9.0%
341,956
339,741
1,238,894
1,920,591
1990*
9.0%
346,030
346,030
939,066
1,631,126
1991
9.0%
352,539
352,539
1,788,640
2,493,718
1992**
9.0%
360,996
360,996
903,782
1,625,774
1993
9.0%
382,072
382,072
887,717
1,651,861
1994***
9.0%
373,416
373,416
1,180,015
1,926,847
1995
9.0%
409,259
409,259
1,418,175
2,236,693
1996
9.0%
436,410
436,410
1,733,874
2,606,694
1997
9.0%
451,563
451,563
2,852,294
3,755,420
Expenses By Type
Aggregate
Plan
Benefit
Administrative
Year
Payments
Expenses
Refunds
Total
1988
$ 460,307
$13,157
$100,085
$ 573,549
1989
516,173
15,826
18,456
550,455
1990*
570,142
25,341
2,869
598,352
1991
599,408
21,845
18,543
639,796
1992**
637,781
48,648
-
686,429
1993
715,302
70,471
52,748
838,521
1994***
742,975
52,474
41,218
836,667
1995
807,742
53,486
2,215
863,443
1996
880,480
52,638
3,491
936,609
1997
1,049,900
70,110
86,105
1,206,115
Contributions were made in accordance with actuarially -determined contribution
requirements.
* see note on page 51 for a discussion of the change in employee benefit provisions
approved as of April 30, 1990.
** see note on page 51 for a discussion of the change in employee benefit provisions
approved as of October 1, 1992.
*** See note on page 51 for a discussion of the change in employee benefit provisions
approved as of October 1, 1995.
52
1-44-4�1
Wichita' Fails
TEXAS
`5.�.�
COMBINING and INDIVIDUAL
FUND FINANCIAL STATEMENTS
GENERAL FUND
� <4 �M'
�.1�
...._ �. _<t:.v
The General Fund is used to account for all revenues and expenditures
not accounted for in other funds. It receives a greater variety and
amount of revenues and finances a wider range of governmental activities
than any other fund. Major functions financed by the General Fund
include: Administrative; Finance; Police; Fire; Protective Inspections,
such as building, plumbing and electrical; Traffic Engineering; Public
Works Engineering; Street Maintenance; Health; Community Enrichment
Activities such as Parks, Recreation, and Library; and Planning.
Wichita`f
TEXAS
EXHIBIT C-1
CITY OF WICHITA FALLS, TEXAS
GENERALFUND
BALANCE SHEET
SEPTEMBER 30, 1998
ASSETS
Cash and cash
equivalents
$ 9,143,077
Investments
1,499,297
Receivables:
Taxes and
assessments (less $584,785
allowance
for uncollectible accounts)
758,761
Other City
funds
1,533,815
Government
agencies
2,371,947
Other
533,460
Inventory
49,173
Prepaid items
52,118
Total assets $15,941,648
LIABILITIES AND FUND BALANCE
Liabilities:
Accounts payable - trade $ 408,183
Accrued payroll 1,170,237
Accrued vacation and sick leave 100,000
Payable to other City funds 304,363
Payable to government agencies 85,728
Other liabilities 997,740
Deferred revenue 785,730
Total liabilities 3,851,981
Fund balance:
Reserved for encumbrances 1,567,545
Reserved for inventory and prepaid items 101,291
Unreserved:
Designated for subsequent years
expenditures 3,000,000
Undesignated 7,420,831
Total fund balance 12,089,667
Total liabilities and fund balance $15,941,648
53
EXHIBIT C-2
(Page 1 of 4)
CITY OF WICHITA FALLS, TEXAS
GENERALFUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE -
BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 1998
Revenues:
Taxes:
Ad valorem taxes
Penalties and interest
City sales tax
Franchise taxes
Other taxes
Total taxes
Charges for services:
Administrative overhead
reimbursements
Data processing services
school nurse program and
other health services
other service charges
Total charges for services
Licenses and permits:
Building permits
Electrical and plumbing
Health and animal control
other licenses and permits
Total licenses and permits
Fines and forfeitures:
Municipal Court
Forfeitures and confiscated
funds
Library
Total fines and
forfeitures
Intergovernmental revenue:
operating grants
Total intergovernmental
revenue
variance
Favorable
Budget Actual (Unfavorable)
$12,468,189
$12,816,214
$ 348,025
140,000
175,847
35,847
13,582,103
13,932,984
350,881
5,175,000
5,243,568
68,568
400,000
376,227
( 23,773)
31,765,292
32,544,840
779,548
815,918
799,416
( 16,502)
299,828
266,819
( 33,009)
661,878
626,696
( 35,182)
405,838
385,059
( 20,779)
2,183,462
2,077,990
( 105,472)
170,000
130,015
( 39,985)
149,000
134,720
( 14,280)
135,000
126,377
( 8,623)
31,275
44,460
13,185
485,275
435,572
( 49,703)
1,440,000
1,458,968
18,968
2,000
932
( 1,068)
31,000
27,085
( 3,915)
1,473,000
1,486,985
13,985
42,321
67,290
24,969
42,321
67,290
24,969
54
EXHIBIT C-2
(Page 2 of 4)
CITY OF WICHITA FALLS, TEXAS
GENERALFUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE -
BUDGET AND ACTUAL (CONT'D.)
FOR THE YEAR ENDED SEPTEMBER 30, 1998
Revenues (Cont'd.)
Miscellaneous revenue:
Rentals and concessions
Interest
other
Total miscellaneous revenue
Total revenues
Expenditures:
Administrative services:
Mayor and City Council
city Manager
Personnel/Risk Management
Martin Luther King Center
Farmer's Market
Library
Activities Center
General Public Information
Duplicating Services
Building Maintenance
Nondepartmental
Municipal Court
Legal
City Clerk
Total administrative
services
Police
Fire
Parks and recreation:
Recreation
Park maintenance
Cemetery
Total parks and recreation
variance -
Favorable
Budget Actual (Unfavorable)
178,878
178,670
( 208)
880,000
1,174,390
294,390
68,700
217,532
148,832
1,127,578
1,570,592
443,014
37,076,928
38,183,269
1,106,341
51,458
50,718
740
343,837
330,290
13,547
383,257
382,918
339
98,282
98,255
27
2,941
2,426
515
1,068,805
1,066,638
2,167
20,806
20,688
118
103,080
92,359
10,721
64,028
54,205
9,823
925,625
916,454
9,171
1,713,095
1,694,168
18,927
435,297
432,420
2,877
426,131
426,129
2
107,540
107,536
4
5,744,182
5,675,204
68,978
11,626,416
11,445,357
181,059
7,587,187
7.567,904
19,283
733,354
725,278
8,076
2,128,473
2,087,445
41,028
139,656
134,935
4,721
3,001,483
2,947,658
53,825
55
EXHIBIT C-2
(Page 3 of 4)
CITY OF WICHITA FALLS, TEXAS
GENERALFUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE -
BUDGET AND ACTUAL (CONT'D.)
FOR THE YEAR ENDED SEPTEMBER 30, 1998
variance -
Favorable
Budget
Actual
(Unfavorable)
Expenditures (Cont'd.):
Accounting/finance:
Accounting/finance
329,601
326,140
3,461
Information systems
727,607
706,300
21,307
Purchasing
118,006
108,741
9,265
Total accounting/finance
1,175,214
1,141,181
34,033
Community development:
Planning
271,970
269,319
2,651
Inspection
417,530
417,527
3
Code enforcement
164,524
164,521
3
Property management
65,624
65,618
6
Lake lot administration
74,014
74,008
6
Total community development
993,662
990,993
2,669
Public works:
Engineering
1,436,359
1,257,684
178,675
Street maintenance
2,821,126
2,814,194
6,932
General public works
1,379,768
924,228
455,540
ISTEA enhancements
1,100,603
713,760
386,843
Total public works
6,737,856
5,709,866
1,027,990
Health:
Administration
409,710
402,302
7,408
General City nursing
461,335
460,990
345
school nursing program
473,368
431,051
42,317
Environmental health
715,320
669,436
45,884
Lab water pollution
248,514
240,148
8,366
Total health
2,308,247
2,203,927
104,320
Traffic and transportation
1,487,627
1,487,177
450
Capital outlay
2,327,510
1,773,519
553,991
Debt service:
Principal retirement
2,149
2,149
-
Interest and paying agent fees
558
558
-
Total debt service
2,707
2,707
-
Total expenditures
42,992,091
40,945,493
2,046,598
56
EXHIBIT C-2
(Page 4 of 4)
CITY OF WICHITA FALLS, TEXAS
GENERALFUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE -
BUDGET AND ACTUAL (CONT'D.)
FOR THE YEAR ENDED SEPTEMBER 30, 1998
Excess of revenues over (under)
expenditures
other financing sources (uses):
operating transfers in
operating transfers out
Total other financing
sources (uses)
Excess of revenues and other sources
over (under) expenditures and
other uses
Fund balance - beginning (as restated)
Fund balance - ending
Budget Actual
( 5,915,163) ( 2,762,224)
1,183,902 1,183,902
( 1,017,553) ( 292,158)
166,349 891,744
($ 5,748,814) ( 1,870,480)
13,960,147
$12,089,667
variance -
Favorable
(Unfavorable)
3,152,939
725,395
725,395
$3,878,334
57
Wl chi l
TEX
SPECIAL REVENUE FUNDS
Special Revenue Funds are used to account for the proceeds of specific
revenue sources (other than expendable trusts or for major capital
projects) that are legally restricted to be expended for specified
purposes. Five individual funds are reported within the Special Revenue
Funds as follows:
Community Development Block Grant Fund
The Community Development Block Grant Fund accounts for federal block
grant revenues and related expenditures.
Section 8 Housina 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.
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. The revenues in this
fund are expended to support the activity generating the revenue or
as designated by the contributor.
CITY OF WICHITA FALLS, TEXAS
SPECIAL REVENUE FUNDS
COMBINING BALANCE SHEET
SEPTEMBER 30, 1998
Home
Community
Investment
Development
Section 8
Partnership
Block Grant
Housinq
Aqreement
ASSETS
Cash and cash equivalents
$ 220,388
$891,704
$ -
Receivables:
Taxes and assessments
-
-
-
other City funds
-
-
-
Government agencies
2,201,625
-
905,039
Other
2,136
-
-
Prepaid items
18,000
-
-
Other assets
-
-
-
Total assets
$2,442,149
$891,704
$905,039
LIABILITIES AND FUND BALANCE
Liabilities:
Accounts payable - trade
$ 152,462
$ 15,719
$ 3,585
Accrued payroll
14,197
7,676
2,783
Payable to other City funds
526,305
-
135,796
Payable to government agencies
-
150,596
-
other liabilities
-
263,093
24,744
Total liabilities
692,964
437,084
166,908
Fund balance:
Reserved for encumbrances
156,680
12,793
103
Reserved for prepaid items
18,000
-
-
Unreserved:
Designated for subsequent
years expenditures
1,574,505
441,827
738,028
Undesignated
-
-
-
Total fund balance
1,749,185
454,620
738,131
Total liabilities and fund balance
$2,442,149
$891,704
$905,039
58
EXHIBIT D-1
Hotel/
Miscellaneous
Motel
Special
Tax
Revenue
Totals
$504,430
$1,138,151
$2,754,673
80,691
-
80,691
-
42,632
42,632
-
985,396
4,092,060
-
288
2,424
-
-
18,000
-
3,000
3,000
$585,121
$2,169,467
$6,993,480
$ - $ 95,745
$ 267,511
- 64,413
89,069
- 803,202
1,465,303
- 366
150,962
- 52,378
340,215
- 1,016,104
2,313,060
- 31,821
201,397
- -
18,000
- 1,108,394
3,862,754
585,121 13,148
598,269
585,121 1,153,363
4,680,420
$585,121 $2,169,467
$6,993,480
CITY OF WICHITA FALLS, TEXAS
SPECIAL REVENUE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 1998
Home
Community
Investment
Development
Section 8
Partnership
Block Grant
Housinq
Aqreement
Revenues:
Taxes
$ -
$ -
$ -
charges for services
3,861
-
-
Fines and forfeitures
-
-
-
Intergovernmental revenue
1,900,000
2,265,872
594,443
Contributions
-
-
-
Miscellaneous revenue
5,609
39,652
-
Total revenues
1,909,470
2,305,524
594,443
Expenditures:
Current:
Administrative services
90,000
-
-
Police
-
-
-
Fire
-
-
-
Parks and recreation
133,805
-
-
community development
1,286,035
2,265,880
468,287
Public works
262,104
-
-
Health
1321679
-
-
Traffic and transportation
26,965
-
-
Capital outlay
16,143
19,366
-
Total expenditures
1,947,731
2,285,246
468,287
Excess of revenues over (under)
expenditures
( 38.261)
20,278
126,156
Other financing sources (uses):
Operating transfers in
-
-
-
Operating transfers out
-
-
-
Total other financing
sources (uses)
-
-
-
Excess of revenues and other sources
over (under) expenditures and
other uses
( 38,261)
20,278
126,156
Fund balance - beginning (as restated)
1,787,446
434,342
611,975
Fund balance - ending
$1,749,185
$ 454,620
$738,131
59
EXHIBIT D-2
Hotel/
Miscellaneous
Motel
Special
Tax
Revenue
$ 903,189
$ -
-
16,557
-
205,737
-
2,996,611
-
376,228
67,556
377,315
970,745
3,972,448
1,007,261
220,941
-
562,168
-
7,680
-
310,662
-
690,491
-
11,487
-
1,407,281
-
314,974
-
500,939
1,007,261
4,026,623
( 36,516)
( 54,175)
-
204,013
( 57.936)
( 68,575)
57,936) 135,438
Totals
Actual Budqet
$ 903,189
$ 860,000
20,418
15,712
205,737
88,909
7,756,926
7,527,128
376,228
376,228
490,132
370,633
9,752,630
9,238,610
1,318,202
1,518,059
562,168
1,040,746
7,680
8,440
444,467
946,084
4,710,693
7,931,272
273,591
813,714
1,539,960
1,823,626
341,939
381,898
536.448
938,508
9,735,148
15,402,347
17,482 ( 6,163,737)
204,013 195,672
( 126,511) ( 126,856)
77,502 68,816
variance -
Favorable
(Unfavorable)
$ 43,189
4,706
116,828
229,798
119,499
514.020
199,857
478,578
760
501,617
3,220,579
540,123
283,666
39,959
402,060
5,667,199
6,181,219
8,341
345
8,686
( 94,452) 94,984 ($ 6,094,921) $6,189,905
_ .385,436
$ 4,680,420
81,263
679,573
1,072,100
$ 585,121
$1,153,363
EXHIBIT D-3
CITY OF WICHITA FALLS, TEXAS
COMMUNITY DEVELOPMENT BLOCK GRANT FUND
BALANCE SHEET
SEPTEMBER 30, 1998
ASSETS
Cash and cash equivalents $ 220,388
Receivables:
Government agencies 2,201,625
Other 2,136
Prepaid items 18,000
Total assets $2,442,149
LIABILITIES AND FUND BALANCE
Liabilities:
Accounts payable - trade $ 152,462
Accrued payroll 14,197
Payable to other City funds 526,305
Total liabilities 692,964
Fund balance:
Reserved for encumbrances 156,680
Reserved for prepaid items 18,000
Unreserved:
Designated for subsequent years
expenditures 1,574,505
Total fund balance 1,749,185
Total liabilities and fund balance $2,442,149
60
EXHIBIT D-4
CITY OF WICHITA FALLS, TEXAS
COMMUNITY DEVELOPMENT BLOCK GRANT FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE -
BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 1998
Revenues:
Charges for services:
Miscellaneous
Intergovernmental revenue:
operating grants
Miscellaneous revenue:
Other
Total revenues
Expenditures:
Current:
Administrative services
Parks and recreation
community development
Public works
Health
Traffic and transportation
capital outlay
Total expenditures
Excess of revenues over (under)
expenditures
Fund balance - beginning
Fund balance - ending
Budget
1,900,000
11900,000
90,000
198,045
2,966,023
520,607
132,775
34,982
16,143
3,958,575
Actual
$ 3,861
1,900,000
5,609
1,909,470
90,000
133,805
1,286,035
262,104
132,679
26,965
16,143
1,947,731
($2,058,575) ( 38,261)
1,787,446
$1,749,185
variance -
Favorable
(Unfavorable)
$ 3,861
5,609
9,470
64,240
1,679,988
258,503
96
8,017
2,010,844
$2,020,314
61
EXHIBIT D-5
CITY OF WICHITA FALLS, TEXAS
Cash and cash equivalents
SECTION 8 HOUSING FUND
BALANCE SHEET
SEPTEMBER 30, 1998
ASSETS
LIABILITIES AND FUND BALANCE
Liabilities:
Accounts payable - trade
Accrued payroll
Payable to government agencies
other liabilities
Total liabilities
Fund balance:
Reserved for encumbrances
Unreserved:
Designated for subsequent years
expenditures
Total fund balance
Total liabilities and fund balance
$ 891,704
$ 15,719
7,676
150,596
263,093
437,084
12,793
441,827
454,620
$ 891,704
62
EXHIBIT D-6
CITY OF WICHITA FALLS, TEXAS
SECTION 8 HOUSING FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE -
BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 1998
Revenues:
Intergovernmental revenue:
Operating grants
Miscellaneous revenue:
Interest
other
Total miscellaneous revenue
Total revenues
Expenditures:
Current:
community development
capital outlay
Total expenditures
Excess of revenues over (under)
expenditures
Fund balance - beginning
Fund balance - ending
Budget Actual
$2,395,883 $2,265,872
36,346
3,306
- 39,652
2.395,883 2,305,524
2,390,715
2,265,880
20,150
19,366
2,410,865
2,285,246
($ 14,982) 20,278
434,342
$ 454.620
variance -
Favorable
(Unfavorable)
($ 130,011)
36,346
3,306
39,652
( 90,359)
124,835
784
125,619
$ 35,260
63
EXHIBIT D-7
CITY OF WICHITA FALLS, TEXAS
HOME INVESTMENT PARTNERSHIP AGREEMENT FUND
BALANCE SHEET
SEPTEMBER 30, 1998
Receivables:
Government agencies
ASSETS
LIABILITIES AND FUND BALANCE
Liabilities:
Accounts payable - trade
Accrued payroll
Payable to other City funds
Other liabilities
Total liabilities
Fund balance:
Reserved for encumbrances
Unreserved:
Designated for subsequent years
expenditures
Total fund balance
Total liabilities and fund balance
$ 905,039
$ 3,585
2,783
135,796
24,744
166,908
103
738,028
738,131
$ 905,039
64
EXHIBIT D-8
CITY OF WICHITA FALLS, TEXAS
HOME INVESTMENT PARTNERSHIP AGREEMENT FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE -
BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 1998
Revenues:
Intergovernmental revenue:
operating grants
Expenditures:
Current:
community development
Excess of revenues over (under)
expenditures
Fund balance - beginning (as restated)
Fund balance - ending
Budqet Actual
S 492,000 $ 594,443
1,265,064
($ 773,064)
468,287
126,156
611,975
$ 738,131
variance -
Favorable
(Unfavorable)
$ 102,443
796,777
$ 899,220
65
EXHIBIT D-9
CITY OF WICHITA FALLS, TEXAS
Cash and cash equivalents
Receivables:
Taxes and assessments
Total assets
HOTEL/MOTEL TAX FUND
BALANCE SHEET
SEPTEMBER 30, 1998
D.V.r waQ
LIABILITIES AND FUND BALANCE
$ 504,430
80,691
$ 585,121
Liabilities $ -
Fund balance:
Unreserved:
Undesignated
Total liabilities and fund balance
585,121
$ 585,121
66
EXHIBIT D-10
CITY OF WICHITA FALLS, TEXAS
HOTEL/MOTEL TAX FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE -
BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 1998
Revenues:
Taxes:
Hotel/motel tax
Miscellaneous revenue:
Other
Total revenues
Expenditures:
Current:
Administrative services
Excess of revenues over (under)
expenditures
other financing sources (uses):
operating transfers out
Excess of revenues and other
sources over (under)
expenditures and other uses
Fund balance - beginning
Fund balance - ending
Budqet
$ 860,000
860,000
Actual
$ 903,189
67,556
970,745
1,010,379 1,007,261
( 150,379) ( 36,516)
( 57,936) ( 57,936)
(S 208.315) ( 94,452)
679,573
$ 585,121
variance -
Favorable
(unfavorable)
$ 43,189
67,556
110,745
3,118
113,863
$ 113.863
67
EXHIBIT D-11
CITY OF WICHITA FALLS, TEXAS
MISCELLANEOUS SPECIAL REVENUE FUND
BALANCE SHEET
SEPTEMBER 30, 1998
ASSETS
cash and cash equivalents $1,138 151
Receivables:
other city funds 42,632
Government agencies 985,396
other 288
other assets 3,000
Total assets $2,169,467
LIABILITIES AND FUND BALANCE
Liabilities:
Accounts payable - trade $ 95,745
Accrued payroll 64,413
Payable to other city funds 803,202
Payable to government agencies 366
Other liabilities 52,378
Total liabilities 1,016,104
Fund balance:
Reserved for encumbrances 31,821
Unreserved:
Designated for subsequent years
expenditures 1,108,394
Undesignated 13,148
Total fund balance 1,153,363
Total liabilities and fund balance $2,169,467
68
EXHIBIT D-12
(Page 1 of 2)
CITY OF WICHITA FALLS, TEXAS
MISCELLANEOUS SPECIAL REVENUE FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE -
BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 1998
Revenues:
Charges for services:
Miscellaneous
Fines and forfeitures:
Forfeitures and confiscated
funds
Municipal court security fee
Total fines and forfeitures
Intergovernmental revenue:
Operating grants
Contributions:
Other governments
Donations
Total contributions
Miscellaneous revenue:
Rentals and concessions
Interest
Recreation fees
other
Total miscellaneous revenue
Total revenues
Expenditures:
Current:
Administrative services
Police
Fire
Parks and recreation
community development
Public works
Health
Traffic and transportation
Capital outlay
Total expenditures
Excess of revenues over (under)
expenditures
variance -
Favorable
Budaet Actual (Unfavorable)
$ 15,712
$ 16,557 $
47,860
164,688
41,049
41,049
88,909
205,737
2,739,245
2,996,611
74,500
74,500
301,728
301,728
376,228
376,228
109,648
107,541
56,853
64,892
182,038
182,038
22,094
22,844
370,633
377,315
3,590,727 3,972,448
417,680
220,941
1,040,746
562,168
8,440
7,680
748,039
310,662
1,309,470
690,491
293,107
11,487
1,690,851
1,407,281
346,916
314,974
902,215
500,939
6,757,464 4,026,623
( 3,166,737) ( 54,175)
845
116,828
116,828
257,366
2,107)
8,039
750
6,682
381,721
196,739
478,578
760
437,377
618,979
281,620
283,570
31,942
401,276
2,730,841
3,112,562
69
EXHIBIT D-12
(Page 2 of 2)
CITY OF WICHITA FALLS, TEXAS
MISCELLANEOUS SPECIAL REVENUE FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE -
BUDGET AND ACTUAL (CONT'D.)
FOR THE YEAR ENDED SEPTEMBER 30, 1998
other financing sources (uses):
operating transfers in
operating 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
Budget
195,672
( 68,920)
126,752
($3,039,985)
variance -
Favorable
Actual
(Unfavorable)
204,013
8,341
68,575)
345
135,438
8,686
81,263 $3,121,248
1,072,100
$1,153,363
70
DEBT SERVICE FUND
The Debt Service Fund, also known as the Interest and sinking 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.
EXHIBIT E-1
CITY OF WICHITA FALLS, TEXAS
DEBT SERVICE FUND
BALANCE SHEET
SEPTEMBER 30, 1998
ASSETS
Cash and cash equivalents
Receivables:
Taxes (net of allowance for uncollectible
taxes of $112,384)
Government agencies
Total assets
LIABILITIES AND FUND BALANCE
Liabilities:
Deferred revenue
Fund balance:
Unreserved:
Designated for debt service
Total liabilities and fund balance
$1,553,006
144,993
12,725
$1,710,724
$ 150,084
1,560,640
$1,710,724
71
EXHIBIT E-2
CITY OF WICHITA FALLS, TEXAS
DEBT SERVICE FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE -
BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 1998
Revenues:
Taxes:
Ad valorem taxes
Expenditures:
Debt service:
Principal retirement
Interest and paying agent fees
Total expenditures
Excess of revenues over (under)
expenditures
other financing sources (uses):
operating transfers in
Excess of revenues and other
sources over (under)
expenditures and other uses
Fund balance - beginning
Fund balance - ending
variance -
Favorable
Budget Actual (Unfavorable)
$2,102,655 $2,147,620 $ 44,965
1,670,000 1,470,000
1,096,164 935,390
2,766,164 2,405,390
( 663,509) ( 257,770)
S
663,509
200,000
160,774
360,774
405,739
306,615 ( 356,894)
48,845
1,511,795
$1,560,640
$ 48,845
72
Wichil
TEX
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 Proprietary Funds). The seven
Capital Projects Funds are as follows:
Library Renovations
This fund was established to account for a single project financed
by the issuance of tax anticipation notes. The project is the
renovation of the Activities Center to house the Wichita Falls Public
Library.
1980 General Improvements
This fund was established to account for the projects financed by the
1980 General obligation Bonds. Significant projects accounted for
in this fund included drainage improvements, installation of traffic
control equipment, and improvements to the Central services complex.
1981 C.O. General Improvements.
This fund was established to account for the projects financed by the
1981 Certificates of obligation. Significant projects accounted for
in this fund included the construction of a solid waste transfer
station and the improvements to Holliday Creek designed to increase
flood control capabilities.
1981 G.O. General Improvements
This fund was established to account for the projects financed by the
1981 General obligation Bonds. significant projects accounted for
in this fund included street improvements and the construction of a
storm drain.
1982 General Improvements
This fund was established to account for the projects financed by the
1982 General Obligation Bonds. Significant projects accounted for
in this fund included park improvements, street improvements and the
construction of a softball complex.
1985 Holliday Creek Proiect
This fund was established to account for a single project financed
by the 1985 General Obligation Bonds. The project is designed to
increase flood control capabilities in the Holliday Creek area.
Capital Improvement Assessments
This fund was established to account for special assessments which
are capital in nature and enhance the utility, accessibility, or
aesthetic value of the affected properties. Significant projects
accounted for in this fund are streets and sidewalks.
CITY OF WICHITA FALLS, TEXAS
CAPITAL PROJECTS FUNDS
COMBINING BALANCE SHEET
SEPTEMBER 30, 1998
1980 1981
Library General C.O. General
Renovations Improvements Improvements
ASSETS
Cash and cash equivalents $ 84,299 $164,998 $42,016
Receivables:
Taxes and assessments - - -
Other - - -
Total assets $ 84,299 $164,998 $42,016
LIABILITIES AND FUND BALANCE
Liabilities:
Tax anticipation notes payable
$1,800,000 $ - $ -
other liabilities
15,877 - -
Deferred revenue
- - -
Total liabilities
1,815,877 - -
Fund balance:
Unreserved:
Designated for subsequent
years expenditures
- 164,998 42,016
Undesignated
( 1,731,578) - -
Total fund balance
( 1,731,578) 164,998 42,016
Total liabilities and fund balance
S 84,299 $164,998 $42,016
73
EXHIBIT F-1
1985
1981
1982
Holliday
Capital
G.O. General
General
Creek
Improvement
Improvements
Improvements
Proiect
Assessments
Totals
$1,286,857
$582,414
$3,919,682
$ 50,427
$6,130,693
-
-
-
157,580
157,580
-
-
11,289
-
11,289
$1,286,857
$582,414
$3,930,971
$208,007
$6,299,562
$ - $1,800,000
15,877
- - 157,580 157,580
157,580 1,973,457
1,286,857 582,414 3,930,971 50,427 6,057,683
- - - - ( 1,731,578)
1,286,857 582,414 3,930,971 50,427 4,326,105
$1,286,857 $582,414 $3,930,971 $208,007 $6,299,562
CITY OF WICHITA FALLS, TEXAS
CAPITAL PROJECTS FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
FOR THE YEAR ENDED SEPTEMBER 30, 1998
Revenues:
Miscellaneous revenue:
Capital improvement assessments
Interest
Total revenues
Expenditures:
Current:
Public works:
McGrath Creek improvements
Capital outlay:
Library renovations
Debt service:
Interest and paying agent fees
Total expenditures
Excess of revenues over (under)
expenditures
other financing sources (uses):
Operating transfers in - component units
Excess of revenues and other sources
over (under) expenditures and
other uses
Fund balance - beginning
Fund balance - ending
1980 1981
Library General C.O. General
Renovations Improvements Improvements
-
9,179 9,468 2,279
9,179 9,468 2,279
- 10,111 -
103,640 - -
101,948 - -
205,588 10,111 -
( 196,409)
( 643)
2,279
356,894
-
-
160,485
( 643)
2,279
( 1,892,063)
165,641
39,737
($1,731,578)
$164,998
$42,016
74
EXHIBIT F-2
1985
1981
1982
Holliday
capital
G.O. General
General
creek
Improvement
Improvements
Improvements
Prolect
Assessments
Totals
$ -
$ -
$ -
$ 526
$ 526
37,331
32,045
238,172
3,069
331,543
37,331
32,045
238,172
3,595
332,069
451,100 - 461,211
- - 103,640
- - - - 101,948
- - 451,100 - 666,799
37,331 32,045 ( 212,928) 3,595 ( 334,730)
- - - - 356,894
37,331
32,045
( 212,928)
3,595
22,164
1,249,526
550,369
4,143,899
46,832
4,303,941
$1,286,857
$582,414
$3,930,971
$ 50,427
$4,326,105
Wichil
TEX
ENTERPRISE FUNDS
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. The Enterprise Funds include the following:
Golf Fund
The Golf Fund was established to account for the operating revenues
and expenses of the weeks Park Golf course. The operations of the
golf course, which include maintenance, the pro shop and food
service, are supported by green and cart fees, and merchandise and
food sales.
Airport Fund
The Airport Fund was established to account for the operating
revenues and expenses of the Wichita Falls Municipal Airport. The
airport is operated on land leased from the Department of Defense.
commercial and private aviation share airport facilities and runways
owned by Sheppard Air Force Base.
Transit Fund
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 urban Mass
Transportation Administration.
Sanitation Fund
The Sanitation Fund was established to account for the operating
revenues and expenses associated with the collection of residential
garbage and refuse produced by commercial establishments within the
City of Wichita Falls. Although a program of the City government,
the Sanitation Fund is operated as a separate enterprise and the
accounting records are maintained on an enterprise fund basis.
Water and Sewer Fund
The Water and Sewer Fund was established for control of the operating
revenues and expenses of the City of Wichita Falls water and sewer
utility. To comply with bond ordinances and accounting policies, a
number of funds have been established to account for water and sewer
maintenance and operations, billing and collection, extensions and
improvements, and debt service. The various funds used to account
for the different functions have been combined into the Water and
Sewer Fund as presented in the financial statements.
CITY OF WICHITA FALLS, TEXAS
ENTERPRISE FUNDS
COMBINING BALANCE SHEET
SEPTEMBER 30, 1998
ASSETS
Current assets:
Cash and cash equivalents
Receivables:
Customer and trade
Government agencies
Other
Inventory
Prepaid items
Total current assets
Restricted assets:
Cash and cash equivalents
Investments
Receivables:
Other
Total restricted assets
Plant and equipment:
Land and betterments
Buildings, systems and improvements
Machinery and equipment
Furniture and fixtures
Motor vehicles and equipment
Construction in progress
Less accumulated depreciation
Total plant and equipment
Other assets:
Deferred charges
Total assets
Golf Airport Transit
$ 67,879 $ 507,200 $ 19,875
- - 98,895
135 11,282 -
46,581 - -
85 210 -
114,680 518,692 118,770
-
1,474,910
61,925
-
1,476,029
626,868
13,489
28,553
78,137
3,175
14,327
6,128
16,664
2,993,819
773,058
( 2,210)
( 1,882,507)
( 197,413)
14,454
1,111,312
575,645
$129,134
S1,630,004
$694,415
75
EXHIBIT G-1
(Page 1 of 2)
Water and
Sanitation Sewer Totals
$ 8,359,134 $ 9,642,002 $ 18,596,090
661,206
2,078,975
2,740,181
4,838
29,574
133,307
-
59,150
70,567
-
724,364
770,945
104
305
704
9,025,282
12,534,370
22,311,794
- 22,027,242 22,027,242
- 11,500 11,500
- 29,606 29,606
- 22,068,348 22,068,348
707,215
22,959,432
25,203,482
2,371,012
120,944,033
125,417,942
166,230
3,187,067
3,473,476
9,807
18,092
51,529
-
3,670
3,670
-
187,462
187,462
3,254,264
147,299,756
154,337,561
( 916,765)
( 52,815,956)
( 55,814,851)
2,337,499
94,483,800
98,522,710
-
1,468,970
1,468,970
$11,362,781
$130,555,488
$144,371,822
CITY OF WICHITA FALLS, TEXAS
ENTERPRISE FUNDS
COMBINING BALANCE SHEET (CONT'D.)
SEPTEMBER 30, 1998
LIABILITIES AND FUND EQUITY
Current liabilities payable from current assets:
Accounts payable - trade
Accrued payroll
Accrued vacation and sick leave
Payable to other City funds
Payable to government agencies
other liabilities
Deferred revenue
Total current liabilities payable
from current assets
Current liabilities payable from
restricted assets:
Accounts payable - trade
Contracts and trade
Revenue bonds - current maturities
Accrued interest - revenue bonds
Total current liabilities payable
from restricted assets
Long-term liabilities:
Payable to U.S. Government
Revenue bonds, less current maturities
Estimated liability for landfill
closure and post -closure care costs
Total long-term liabilities
Long-term liabilities payable from
restricted assets:
Customer deposits
Total liabilities
Fund equity:
Contributed capital
Retained earnings (deficit):
Reserved for revenue bond debt service
Unreserved
Total retained earnings (deficit)
Total fund equity
Total liabilities and fund equity
Golf Airport Transit
$ 42,115
$ 5,553
$ 1,793
13,064
2,166
16,269
2,021
1,524
16,878
-
424
111,144
6,485
456
-
2,547
-
-
-
2,259
-
66,232
12,382
146,084
66,232
12,382
146,084
8,279
2,292,192
824,496
54,623
( 674,570)
( 276,165)
54,623
( 674,570)
( 276,165)
62,902
1,617,622
548,331
$129,134
$1,630,004
$694,415
V&
EXHIBIT G-1
(Page 2 of 2)
Water and
Sanitation Sewer Totals
$ 109,484
$ 385,533
$ 544,478
100,057
190,008
321,564
90,692
182,535
293,650
38,619
66,840
217,027
40,321
-
47,262
23,857
112,191
138,595
-
-
2,259
403,030
937,107
1,564,835
- 41,286
41,286
- 8,025
8,025
- 1,965,000
1,965,000
- 503,827
503,827
2,518,138 2,518,138
902,629 902,629
- 55,030,000 55,030,000
3,061,479 - 3,061,479
3,061,479 55,932,629 58,994,108
-
1,849,026
1,849,026
3,464,509
61,236,900
64,926,107
2,909,150
19,488,800
25,522,917
-
7,478,660
7,478,660
4,989,122
42,351.128
46,444,138
4,989,122
49,829,788
53,922,798
7,898,272
69,318,588
79,445,715
$11,362,781
$130,555,488
$144,371,822
CITY OF WICHITA FALLS, TEXAS
ENTERPRISE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS
FOR THE YEAR ENDED SEPTEMBER 30, 1998
Golf
Airport
Transit
Operating revenues:
Charges for services
$600,873
$ -
$161,318
Rents, concessions and other
99,244
299,760
-
Total operating revenues
700,117
299,760
161,318
Operating expenses:
Personnel services
407,502
53,568
496,190
supplies and materials
107,395
862
40,089
Maintenance and repairs
42,370
183,757
51,829
Utilities and other services
85,633
61,312
27,030
Insurance and contract support
1,971
3,138
28,562
Other expenses
84,956
54,689
25,324
Depreciation and amortization
1,461
90,116
9,265
Total operating expenses
731,288
447,442
678,289
Operating income (loss)
( 31,171)
( 147,682)
( 516,971)
Nonoperating revenues (expenses):
Interest income
-
26,648
-
Interest expense and paying agent fees
-
-
-
Intergovernmental operating grants
-
-
385,812
Total nonoperating revenues (expenses)
-
26,648
385,812
Income (loss) before operating transfers
( 31,171)
( 121,034)
( 131,159)
Operating transfers:
Operating transfers in
-
-
146,081
Operating transfers in - component units
-
-
-
Operating transfers out
( 8,295)
-
-
Net operating transfers
( 8,295)
-
146,081
Net income (loss)
( 39,466)
( 121,034)
14,922
Retained earnings (deficit) - beginning
105,548
( 553,536)
( 266,900)
Residual equity transfers
( 11,459)
-
( 24,187)
Retained earnings (deficit) - ending
$ 54,623
($674,570)
($276,165)
77
EXHIBIT G-2
Water and
Sanitation
Sewer
Totals
$8,775,310
$20,314,269
$29,851,770
11,270
109.642
519,916
8,786,580
20,423,911
30,371,686
2,706,443
4,833,459
8,497,162
193,121
1,257,462
1,598,929
1,927,619
2,377,611
4,583,186
2,606,414
3,417,636
6,198,025
123,576
291,197
448,444
452,512
691,504
1,308,985
58,968
2,943,796
3,103,606
8,068,653
15,812.665
25,738,337
717,927
4,611,246
4,633,349
328,473
1,243,510
1,598,631
-
( 2,856,781)
( 2,856,781)
-
-
385,812
328,473
( 1,613,271)
( 872,338)
1,046,400
2,997,975
3,761,011
-
-
146,081
-
99,030
99,030
( 388,449)
( 713,198)
( 1,109,942)
( 388,449)
( 614,168)
( 864,831)
657,951
2,383,807
2,896,180
5,164,785
47,617,740
52,067,637
( 833,614)
I 171,759)
( 1,041,019)
$4,989,122
$49,829,788
$53,922,798
CITY OF WICHITA FALLS, TEXAS
ENTERPRISE FUNDS
COMBINING STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED SEPTEMBER 30, 1998
Cash flows from operating activities:
Operating income (loss)
Adjustments to reconcile operating income (loss)
to net cash provided by (used in) operating
activities:
Depreciation and amortization
Customer deposits received
Landfill closure and postclosure care costs
(Increase) decrease in current assets:
Receivables:
Customer and trade
Government agencies
Other
Inventory
Prepaid items
Restricted assets
Increase (decrease) in current liabilities:
Accounts payable - trade
Accrued payroll
Accrued vacation and sick leave
Payable to other City funds
Payable to government agencies
Other liabilities
Deferred revenue
Other liabilities payable from
restricted assets
Total adjustments
Net cash provided by (used in)
operating activities
Cash flows from noncapital financing activities:
Intergovernmental operating grants
Operating transfers in from other funds
Operating transfers in from component units
Operating transfers out to other funds
Residual equity transfers to other funds
Net cash provided by (used in)
noncapital financing activities
Cash flows from capital and related financing
activities:
Proceeds from sale of revenue bonds
Acquisition and construction of capital assets
Payment of bond issuance costs
Principal paid on revenue bond maturities and
construction contracts
Interest paid on revenue bonds and
construction contracts
Net cash provided by (used for)
capital and related financing
activities
Golf
Airport
($ 31,171)
($147,682)
1,461
90,116
1,308 53,651
( 8,531) -
140 1,790
Transit
($516,971)
9,265
42,954
35,205
( 2,281)
( 8,457)
344
( 809)
( 12,785)
2,021
1,524
16,878
-
424
( 29,049)
6,485
210
-
1,964
-
-
-
2,259
-
40,397
146,884
18,806
9,226
( 798)
( 498,165)
385,812
146,081
( 8,295) - -
( 11,459) - ( 24,187)
( 19,754) - 507,706
( 2,900) - -
( 2,900) - -
78
EXHIBIT G-3
(Page 1 of 2)
Water and
Sanitation
Sewer
Totals
$ 717,927
$ 4,611,246
$ 4,633,349
58,968
2,943,796
3,103,606
-
105,668
105,668
60,029
-
60,029
( 30,991)
( 116,768)
( 147,759)
( 4,838)
( 29,254)
8,862
4,687
( 32,400)
27,246
-
( 31,870)
( 40,401)
( 104)
700
2,526
-
5,601
5,601
34,289
61,702
120,458
( 52,471)
( 110,268)
( 175,989)
90,692
182,535
293,650
( 735)
3,645
( 25,715)
3,894
-
10,589
9,244
63,373
74,581
_
-
2,259
-
( 258,915)
( 258,915)
172,664
2,787,545
3,166,296
890,591
7,398,791
7,799,645
-
-
385,812
_
-
146,081
-
99,030
99,030
( 388,449)
( 713,198)
( 1,109,942)
( 833,614)
( 171,759)
( 1,041,019)
( 1,222,063)
( 785.927)
( 1,520,038)
-
8,060,000
8,060,000
( 22,928)
( 1,183,415)
( 1,209,243)
-
( 213,875)
( 213,875)
1,876,209) ( 1,876,209)
2,728,757) ( 2,728,757)
( 22,928) 2,057,744 2,031,916
CITY OF WICHITA FALLS, TEXAS
ENTERPRISE FUNDS
COMBINING STATEMENT OF CASH FLOWS (CONT'D.)
FOR THE YEAR ENDED SEPTEMBER 30, 1998
Golf
Airport
Transit
Cash flows from investing activities:
Interest investments
-
26,648
Net cash provided by investing
activities
-
26,648
-
Net increase (decrease) in cash and cash equivalents
( 13,428)
25,850
9,541
Cash and cash equivalents at beginning of year
81,307
481,350
10,334
Cash and cash equivalents at end of year
S 67,879
$507,200
$ 19,875
Noncash capital activities:
Capital assets contributed to other City funds $ 11,459 $ - $ 24,187
Capital assets received from other City funds - 14,807 -
Capital assets received from developers - - -
79
EXHIBIT G-3
(Page 2 of 2)
Water and
Sanitation
Sewer
Totals
328,473
1,243,510
1,598,631
328,473
1,243,510
1,598,631
( 25,927)
9,914,118
9,910,154
8,385,061
21,755,126
30,713,178
$8,359,134
$31,669,244
$40,623,332
$ 835,138
$ 171,759
$ 1,042,543
-
-
14,807
-
151,791
151,791
Wichii
TEX
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.
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.
EXHIBIT H-1
CITY OF WICHITA FALLS, TEXAS
INTERNAL SERVICE FUNDS
COMBINING BALANCE SHEET
SEPTEMBER 30, 1998
Employee
Fleet
Benefit
Maintenance
Trust
Totals
ASSETS
Current assets:
Cash and cash equivalents
$ 749,423
$272,039
$ 1,021,462
Receivables:
Other City funds
-
425,099
425,099
Other
11,282
-
11,282
Inventory
620,603
-
620,603
Prepaid items
2,975
269
3,244
Total current assets
1,384,283
697,407
2,081,690
Plant and equipment:
Land and betterments
433,658
-
433,658
Buildings, systems and improvements
4,010,098
-
4,010,098
Furniture and equipment
14,178
-
14,178
Motor vehicles and equipment
25,844,415
-
25,844,415
Construction in progress
2,636
-
2,636
30,304,985
-
30,304,985
Less accumulated depreciation
( 17,292,615)
-
( 17,292,615)
Total plant and equipment
13,012,370
-
13,012,370
Total assets
$14,396,653
$697,407
$15,094,060
LIABILITIES AND FUND EQUITY
Current liabilities:
Accounts payable - trade
$ 255,649
$ 15,593
$ 271,242
Accrued payroll
53,225
4,297
57,522
Accrued vacation and sick leave
40,605
-
40,605
Payable to other City funds
14,853
-
14,853
Estimated health claims payable
-
464,555
464,555
Total current liabilities
364,332
484,445
848,777
Fund equity:
Contributed capital 17,933,798 - 17,933,798
Retained earnings (deficit) ( 3,901,477) 212,962 ( 3,688,515)
Total fund equity 14,032,321 212,962 14,245,283
Total liabilities and fund equity $14,396,653 $697,407 $15,094,060
80
EXHIBIT H-2
CITY OF WICHITA FALLS, TEXAS
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENSES AND
CHANGES IN RETAINED EARNINGS
FOR THE YEAR ENDED SEPTEMBER 30, 1998
Employee
Fleet
Benefit
Maintenance
Trust
Totals
Operating revenues:
Charges for services
$6,062,361
$ 37,041
$ 6,099,402
Rents, concessions and other
9,167
47,355
56,522
Contributions
-
3,758,505
3,758,505
Total operating revenues
6,071,528
3,842,901
9,914,429
Operating expenses:
Personnel services
1,204,246
108,870
1,313,116
Supplies and materials
1,355,069
6,161
1,361,230
Maintenance and repairs
1,302,801
-
1,302,801
Utilities and other services
76,316
5,084
81,400
Insurance and contract support
34,068
3,169,876
3,203,944
Other expenses
176,357
563,485
739,842
Depreciation and amortization
2,154,519
-
2,154,519
Total operating expenses
6,303,376
3,853,476
10,156,852
Operating loss
( 231,848)
( 10,575)
( 242,423)
Nonoperating revenues (expenses):
Interest income
-
26,628
26,628
Gain on sale of fixed assets
67,203
-
67,203
Total nonoperating revenues (expenses)
67,203
26,628
93,831
Income (loss) before operating transfers
( 164,645)
16,053
( 148,592)
Operating transfers:
Operating transfers out
( 312,000)
-
( 312,000)
Net income (loss)
( 476,645)
16,053
( 460,592)
Retained earnings (deficit) - beginning
( 3,484,693)
196,909
( 3,287,784)
Prior period adjustment
59,861
-
59,861
Retained earnings (deficit) - beginning
(as restated)
( 3,424,832)
196.909
( 3,227,923)
Retained earnings (deficit) - ending
($3,901,477)
S 212,962
($ 3,688,515)
81
EXHIBIT H-3
CITY OF WICHITA FALLS, TEXAS
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED SEPTEMBER 30, 1998
Cash flows from operating activities:
operating loss
Adjustments to reconcile operating income to net
cash provided (used) by operating activities:
Depreciation and amortization
(Increase) decrease in current assets:
Receivables:
Other City funds
Other
Inventory
Prepaid items
Increase (decrease) in current liabilities:
Accounts payable - trade
Accrued payroll
Accrued vacation and sick leave
Payable to other City funds
Estimated health claims payable
other liabilities
Total adjustments
Net cash provided (used) by
operating activities
cash flows from noncapital financing activities:
Operating transfers out to other funds
Residual equity transfers from other funds
Net cash provided by noncapital
financing activities
Cash flows from capital and related
financing activities:
Acquisition of capital assets
Proceeds from sale of fixed assets
Net cash used for capital and
related financing activities
Cash flows from investing activities:
Interest on investments
Net increase (decrease) in cash and
cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
Noncash capital activities:
Capital assets received from other City funds
Employee
Fleet Benefit
Maintenance Trust
Totals
($ 231,848) ($ 10,575) ($ 242,423)
2,154,519
-
2,154,519
-
( 81,377)
( 81,377)
( 11,282)
-
( 11,282)
( 34,184)
-
( 34,184)
( 2,875)
( 269)
( 3,144)
112,870
15,247
128,117
( 29,860)
4,297
( 25,563)
40,605
-
40,605
2,870
( 816)
2,054
-
1,413
1,413
-
( 2,943)
( 2,943)
2,232,663
( 64,448)
2,168,215
2,000,815
( 75,023)
1,925,792
( 312,000)
-
( 312,000)
1,470,095
-
1,470,095
1,158,095
-
1,158,095
( 2,786,636► - ( 2,786,636)
105,262 - 105,262
( 2,681,374) - ( 2,681,374)
- 26,628
26.628
477,536 ( 48,395)
429,141
271,887 320,434
592,321
$ 749,423 $272,039
$1,021,462
$1,470,095 $ - $1,470,095
82
TRUST AND AGENCY FUNDS
Trust Funds account for assets held by the city of Wichita Falls in a
trustee capacity. Agency Funds are used to account for assets held by
the City of Wichita Falls as an agent for other governmental units
and/or other funds. Trust and Agency Funds include the following:
Excess Sales Tax Fund
This expendable trust fund is used to account for and administer the
excess sales tax collected relative to the property reduction tax.
Cemetery Perpetual Care Fund
This nonexpendable trust fund is used to account for the principal
trust amounts received and related interest income. The interest
portion of the trust can be used to maintain the city's cemeteries.
Pavroll Fund
This agency fund is used to account for the collection of payroll
gross amounts from the various City funds and the distribution of
payroll checks to City employees.
Escheatment Fund
This agency fund is used to account for property that has been
abandoned or unclaimed pending escheatment to the state of Texas.
Social Securitv Fund
This agency fund was used to account for the collection and payment
of social security (FICA) taxes. During the year ended September 30,
1998, the City terminated the use of this fund.
Accounts Pavable Fund
This agency fund was used to account for the collection of monies
from the various City funds, and the payment of those monies to
vendors for goods and services rendered. During the year ended
September 30, 1998, the City terminated the use of this fund.
Deferred Compensation Fund
This agency fund was used to account for contributions made by the
City and employees to a tax deferred savings plan and the subsequent
disbursement of contributions and interest earned upon retirement,
death or termination of employment. During the year ended September
30, 1998, the City terminated the use of this fund pursuant to
Governmental Accounting Standards Board Statement No. 32.
EXHIBIT I-1
CITY OF WICHITA FALLS, TEXAS
TRUST AND AGENCY FUNDS
COMBINING BALANCE SHEET
SEPTEMBER 30, 1998
ASSETS
Cash and cash equivalents
Receivables:
Government agencies
Other
Total assets
LIABILITIES AND FUND BALANCE
Liabilities:
Accounts payable - trade
Payable to government agencies
Other liabilities
Total liabilities
Fund balance:
Designated for:
Subsequent years expenditures
Perpetual care
Total fund balance
Total liabilities and fund balance
Expendable Nonexpendable
Trust
Trust
Excess
Cemetery
Sales Tax
Perpetual
Fund
Care
Aqency Funds
Payroll Escheatment
Fund Fund
Totals
$ - $356,078 $329,183 $50,838 $ 736,099
347,141 - - - 347,141
- 2,400 - - 2,400
$347,141 $358,478 $329,183 5$ 0,838 $1,085,640
$ _ $ - $ 20,057 $ - $ 20,057
- 1,120 - 1,120
- 308,006 50,838 350,844
- 329,183 50,838 380,021
347,141 - - - 347,141
- 358,478 - - 358,478
347,141 358,478 - - 705,619
$347,141 $358,478 S329,183 $50,038 $1,085,640
83
EXHIBIT I-2
CITY OF WICHITA FALLS, TEXAS
EXCESS SALES TAX EXPENDABLE TRUST FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
FOR THE YEAR ENDED SEPTEMBER 30, 1998
Revenues:
Taxes
Expenditures
Excess revenues over (under) expenditures
Fund balance, beginning
Fund balance, ending
$347,141
347,141
$347,141
84
EXHIBIT I-3
CITY OF WICHITA FALLS, TEXAS
CEMETERY PERPETUAL CARE NONEXPENDABLE TRUST FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
FOR THE YEAR ENDED SEPTEMBER 30, 1998
operating revenue:
Rents, concessions and other $ 32,700
operating expenses -
operating income 32,700
Nonoperating revenue:
Interest income 17,619
Net income 50,319
Fund balance - beginning 308,159
Fund balance - ending $358,478
85
EXHIBIT I-4
CITY OF WICHITA FALLS, TEXAS
CEMETERY PERPETUAL CARE NONEXPENDABLE TRUST FUND
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED SEPTEMBER 30, 1998
cash flows from operating activities:
Operating income $ 32,700
Cash flows from investing activities:
Interest on investments 17,619
Net increase in cash and cash equivalents 50,319
cash and cash equivalents at beginning of year 308,159
cash and cash equivalents at end of year
$358,478
86
EXHIBIT I-5
(Page 1 of 2)
CITY OF WICHITA FALLS, TEXAS
AGENCYFUNDS
COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
FOR THE YEAR ENDED SEPTEMBER 30, 1998
PAYROLL FUND
ASSETS
Cash and cash equivalents
Receivables:
Other City funds
Government agencies
Total assets
LIABILITIES
Accounts payable - trade
Payable to other City funds
Payable to government agencies
Other liabilities
Total liabilities
ESCBEATMENT FUND
ASSETS
Cash and cash equivalents
Total assets
LIABILITIES
Other liabilities
Total liabilities
SOCIAL SECURITY FUND
ASSETS
Cash and cash equivalents
Receivables:
Other City Funds
Other
Total assets
LIABILITIES
Other liabilities
Total liabilities
Balance Balance
10/1/97 Additions Deductions 9/30/98
$ 5,121 $52,120,485
- 967,779
- 2,661,727
$ 5,121 $55,749,991
$51,796,423 $329,183
967,779 -
2,661,727 -
$55,425,929 121IL183
$ - $13,226,601 $13,206,544 $ 20,057
4,458 5,033 9,491 -
- 1,120 - 1,120
663 21,835,537 21,528,194 308,006
$ 5,121 $35,068,291 $34,744,229 $329,183
$ 53,481 $ 28.829 $ 31,472 $ 50,838
$ 53,481 S 28,829 $ 31,472 $ 50,838
$ 53,481 $ 28,829 $ 31.472 $ 50,838
$ 53,481 $ 28,829 $ 31,472 $ 50,838
$ 90,923 $ 281,927 $ 372,850 $ -
- 189,589 189,589 -
4,925 98,667 103,592 -
$ 95,848 S 570,183 $ 666,031 $ -
S 95,848 $ 183,260 $ 279,108 $ -
$ 95,848 $ 183.260 $ 279,108 $ -
87
EXHIBIT I-5
(Page 2 of 2)
CITY OF WICHITA FALLS, TEXAS
AGENCYFUNDS
COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES (CONT'D.)
FOR THE YEAR ENDED SEPTEMBER 30, 1998
Balance
Balance
10/1/97
Additions
Deductions
9/30/98
ACCOUNTS PAYABLE FUND
ASSETS
Cash and cash equivalents
$ 143,078
$ -
$
143,078
$ -
Receivables:
other City funds
1,585
-
1,585
-
Total assets
$ 144,663
$ -
$
144,663
$ -
LIABILITIES
Payable to other City funds
$ 144,663
$ -
$
144,663
$ -
Total liabilities
$ 144,663
$ -
$
144,663
$ -
DEFERRED COMPENSATION FUND
Investments
$4,377,502
$ -
$ 4,377,502
$ -
Total assets
$4,377„502
$ -
$ 4,377,502
$ -
LIABILITIES
Other liabilities
$4,377,502
$ -
$ 4,377,502
$ -
Total liabilities
$4,377,502
$ -
$ 4,377,502
$ -
TOTALS - ALL AGENCY FUNDS
ASSETS
Cash and cash equivalents
$ 292,603
$52,431,241
$52,343,823
$380,021
Investments
4,377,502
-
4,377,502
-
Receivables:
Other City funds
1,585
1,157,368
1,158,953
-
Government agencies
-
2,661,727
2,661,727
-
Other
4,925
98,667
103,592
-
Total assets
$4,676,615
$56,349,003
$60,645,597
$380,021
LIABILITIES
Accounts payable - trade
$ -
$13,226,601
$13,206,544
$ 20,057
Payable to other City funds
149,121
5,033
154,154
-
Payable to government agencies
-
1,120
-
1,120
other liabilities
4,527,494
22,047,626
26,216,276
358,844
Total liabilities
$4,676,615
$35,280,380
$39,576,974
$380,021
88
Wichital
TEXAS
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 three 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 local
sales tax. The Corporation operates under the authority of Vernon's
Civil statutes, Article 5190.6, Section 4B.
Wichita Falls Reinvestment Zone #1
The Wichita Falls Reinvestment Zone $1 was created in March 1986 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 #1 is to capture increments of growth
in real property values in the designated zone area from base values
established in January 1986 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 J-1
CITY OF WICHITA FALLS, TEXAS
DISCRETELY PRESENTED COMPONENT UNITS
COMBINING BALANCE SHEET
SEPTEMBER 30, 1998
ASSETS
Cash and cash equivalents
Receivables:
Taxes and assessments
Government agencies
Total assets
LIABILITIES AND FUND BALANCE
Liabilities:
Accounts payable - trade
Fund balance:
Reserved for encumbrances
Unreserved:
Designated for subsequent years
expenditures
Total fund balance
Total liabilities and fund balance
Wichita Falls
Economic Wichita Falls Wichita Falls
Development 4B Sales Tax Reinvestment
Corporation Corporation Zone #1
$1,393,428
426,756
$1,820,184
$ 929,102
426,756
$1,355,858
$ 9,738 $ -
400,000
1,410,446
1,810,446
$1,820,184
$382,412
8,503
$390,915
240,000 -
1,115,858
1,355,858
$1,355,858
390,915
390,915
$390,915
Totals
$2,704,942
8,503
853,512
$3,566,957
$ 9,738
640,000
2,917,219
3,557,219
$3,566,957
89
EXHIBIT J-2
CITY OF WICHITA FALLS, TEXAS
DISCRETELY PRESENTED COMPONENT UNITS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
FOR THE YEAR ENDED SEPTEMBER 30, 1998
Revenues:
Taxes
Miscellaneous revenue
Total revenues
Expenditures:
Current:
Administrative services
Planning
Total expenditures
Excess revenues over expenditures
Other financing sources (uses):
Operating transfers out - primary
government
Excess of revenues and other sources
over expenditures and other uses
Fund balance - beginning
Fund balance - ending
Wichita Falls
Economic
Development
Corporation
$2,389,667
36,931
2,426,598
700
516,422
517,122
1,909,476
Wichita Falls Wichita Falls
4B Sales Tax Reinvestment
Corporation Zone #1
$2,389,667
15,687
2,405,354
700
691,902
692,602
1,712,752
( 99,030) ( 356,894)
1,810,446
$1,810,446
1,355,858
$1,355,858
$122,521
26,518
149,039
37,830
37,830
111,209
111,209
279,706
$390,915
Totals
$4,901,855
79,136
4,980,991
1,400
1,246,154
1,247,554
3,733,437
( 455,924)
3,277,513
279,706
$3,557,219
90
WiechiCal
TEXAS
SUPPORTING SCHEDULES
Wichit
Fiscal Year
Ending
September 30,
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
CITY OF WICHITA FALLS, TEXAS
COMBINED SCHEDULE OF BONDED DEBT AND INTEREST MATURITIES
SEPTEMBER 30, 1998
General Obligation
Bonds
Serial Bond
Interest
Total Bonds
Maturities
on Bonds
and Interest
$ 1,535,000
$ 868,315
$ 2,403,315
1,610,000
796,975
2,406,975
1,690,000
719,775
2,409,775
1,770,000
636,910
2,406,910
1,850,000
547,565
2,397,565
1,950,000
453,305
2,403,305
2,050,000
351,995
2,401,995
2,160,000
243,365
2,403,365
570,000
126,740
696,740
600,000
94,820
694,820
635,000
60,920
695,920
430,000
24,725
454,725
$16,850,000 $ 4,925,410 $21,775,410
Water and Sewer
Priority Lien
Revenue Bonds
Serial Bond
Interest
Total Bonds
Maturities
on Bonds
and Interest
$ 1,425,000
$ 758,640
$ 2,183,640
1,485,000
696,090
2,181,090
1,555,000
628,385
2,183,385
1,630,000
555,925
2,185,925
1,705,000
478,335
2,183,335
1,785,000
395,475
2,180,475
1,875,000
305,690
2,180,690
1,970,000
210,810
2,180,810
2,075,000
109,150
2,184,150
$15,505,000 $ 4,138,500 $19,643,500
91
EXHIBIT K-1
Water and Sewer
Subordinate Lien
Revenue Bonds
Serial Bond
Interest
Total Bonds
Maturities
on Bonds
and Interest
Totals
$ 540,000
$ 2,128,986
$ 2,668,986
$ 7,255,941
570,000
2,101,777
2,671,777
7,259,842
600,000
2,072,792
2,672,792
7,265,952
625,000
2,042,109
2,667,109
7,259,944
665,000
2,009,994
2,674,994
7,255,894
705,000
1,975,697
2,680,697
7,264,477
735,000
1,939,197
2,674,197
7,256,882
780,000
1,900,886
2,680,886
7,265,061
815,000
1,860,056
2,675,056
5,555,946
3,170,000
1,817,197
4,987,197
5,682,017
3,350,000
1,643,462
4,993,462
5,689,382
3,515,000
1,459,777
4,974,777
5,429,502
3,715,000
1,266,979
4,981,979
4,981,979
3,920,000
1,063,144
4,983,144
4,983,144
2,625,000
847,997
3,472,997
3,472,997
2,750,000
722,016
3,472,016
3,472,016
2,885,000
588,538
3,473,538
3,473,538
3,025,000
446,960
3,471,960
3,471,960
3,180,000
298,350
3,478,350
3,478,350
3,320,000
152,388
3,472,388
3,472,388
$41,490,000
$28,338,302
$69,828,302
$111,247,212
CITY OF WICHITA FALLS, TEXAS
COMBINED SCHEDULE OF BONDS PAYABLE
SEPTEMBER 30, 1998
General obligation bonds:
Certificates of Obligation,
Series 1992
General Obligation Refunding
Bonds, Series 1994
General Obligation Refunding
Bonds, Series 1996
Total general obligation bonds
Final
Annual
Interest Rates Issue
Maturity
Serial
and (Dateaf
Date
Date
Payments
2.75,
3.20,
3.60,
4.00, 8/01/92
9/01/10
80,000
(1993)
4.25,
4.50,
4.70,
4.90,
100,000
(1994)
5.10,
5.20,
5.30,
5.45,
105,000
(1995)
5.55,
5.60,
5.65,
5.70,
105,000
(1996)
5.75
110,000
(1997)
(3/1,
9/1)
115,000
(1998)
120,000
(1999)
125,000
(2000)
135,000
(2001)
140,000
(2002)
145,000
(2003)
155,000
(2004)
160,000
(2005)
170,000
(2006)
570,000
(2007)
600,000
(2008)
635,000
(2009)
430,000
(2010)
3.50,
3.65,
4.20,
4.40, 6/01/94 9/01/06
105,000
(1994)
4.60,
4.70,
4.90,
5.00,
100,000
(1995)
5.10,
5.20,
5.30,
5.40,
100,000
(1996)
5.50
555,000
(1997)
(3/1,
9/1)
580,000
(1998)
610,000
(1999)
640,000
(2000)
670,000
(2001)
705,000
(2002)
735,000
(2003)
775,000
(2004)
815,000
(2005)
860,000
(2006)
4.10,
4.40,
4.60,
4.70, 4/01/96 9/01/06
570,000
(1997)
4.80,
5.00,
5.10,
5.20,
775,000
(1998)
5.30
805,000
(1999)
(3/1,
9/1)
845,000
(2000)
885,000
(2001)
925,000
(2002)
970,000
(2003)
1,020,000
(2004)
1,075,000
(2005)
1,130,000
(2006)
92
EXHIBIT K-2
(Page 1 of 3)
Bonds
Retired or
Authorized Issued Refunded Outstandinq
$ 4,000,000 $ 4,000,000 $ 615,000 $ 3,385,000
7,250,000 7,250,000 1,440,000 5,810,000
9,000,000 9,000,000 1,345,000 7,655,000
20,250,000 20,250,000 3,400,000 16,850,000
CITY OF WICHITA FALLS, TEXAS
COMBINED SCHEDULE OF BONDS PAYABLE (CONT'D.)
SEPTEMBER 30, 1998
Final
Annual
Interest Rates
Issue
Maturity
Serial
and (Dates)
Date
Date
Payments
Revenue bonds:
Priority lien:
Water and Sewer System
Refunding Revenue
Bonds, Series 1995
3.90,
4.00,
4.20,
4.30,
6/01/95
8/07/07
95,000
(1996)
4.50,
4.60,
4.70,
4.80,
920,000
(1997)
5.00,
5.10,
5.20
960,000
(1998)
(2/1,
8/1)
1,000,000
(1999)
1,045,000
(2000)
1,090,000
(2001)
1,140,000
(2002)
1,195,000
(2003)
1,250,000
(2004)
1,310,000
(2005)
1,375,000
(2006)
1,450,000
(2007)
Water and Sewer System
Refunding Revenue
Bonds, Series 1996
4.10,
4.40,
4.60,
4.70,
4/01/96
8/01/07
305,000
(1997)
4.80,
4.90,
5.00,
5.10,
405,000
(1998)
5.20,
5.30,
5.40
425,000
(1999)
(2/1,
8/1)
440,000
(2000)
465,000
(2001)
490,000
(2002)
510,000
(2003)
535,000
(2004)
565,000
(2005)
595,000
(2006)
625,000
(2007)
Total priority lien revenue bonds
Subordinate Lien:
Water and Sewer Subordinate
Lien Revenue Bonds,
Series 1990-A
5.50
7/01/90
8/01/12
300,000
(1993)
(2/1,
8/1)
315,000
(1994)
335,000
(1995)
350,000
(1996)
380,000
(1997)
390,000
(1998)
415,000
(1999)
440,000
(2000)
465,000
(2001)
485,000
(2002)
515,000
(2003)
545,000
(2004)
575,000
(2005)
610,000
(2006)
640,000
(2007)
3,120,000
(2008)
3,300,000
(2009)
3,465,000
(2010)
3,665,000
(2011)
3,870,000
(2012)
93
EXHIBIT K-2
(Page 2 of 3)
Bonds
Retired or
Authorized Issued Refunded outstandinq
12,830,000 12,830,000 1,975,000 10,855,000
5,360,000 5,360,000 710,000 4,650,000
18,190,000 18,190,000 2,685,000 15,505,000
24,180,000 24,180,000 2,070,000 22,110,000
CITY OF WICHITA FALLS, TEXAS
COMBINED SCHEDULE OF BONDS PAYABLE (CONT'D.)
SEPTEMBER 30, 1998
Subordinate lien (Cont'd.):
Water and Sewer Subordinate
Lien Revenue Bonds,
Series 1996
Water and Sewer System
Subordinate Lien Revenue
Bonds, Series 1998
Total subordinate lien bonds
Total revenue bonds
Total all bonds
Final Annual
Interest Rates Issue Maturity Serial
and (Dates) Date Date Payments
3.35,
3.60,
3.75,
3.85, 6/01/96 2/01/16
100,000
(1998)
3.95,
4.05,
4.15,
4.25,
100,000
(1999)
4.35,
4.45,
4.55,
4.65,
105,000
(2000)
4.70,
4.75,
4.80,
4.85,
110,000
(2001)
4.90,
4.95,
4.95
115,000
(2002)
(2/1,
8/1)
125,000
(2003)
135,000
(2004)
135,000
(2005)
145,000
(2006)
150,000
(2007)
25,000
(2008)
25,000
(2009)
25,000
(2010)
25,000
(2011)
25,000
(2012)
2,300,000
(2013)
2,440,000
(2014)
2,585,000
(2015)
2,750,000
(2016)
3.14,
3.39,
3.49,
3.59, 5/22/98 8/01/18
25,000
(1999)
3.64,
3.69,
3.79,
3.89,
25,000
(2000)
3.94,
3.99,
4.09,
4.19,
25,000
(2001)
4.29,
4.39,
4.44,
4.49,
25,000
(2002)
4.54,
4.59
25,000
(2003)
(2/1,
8/1)
25,000
(2004)
25,000
(2005)
25,000
(2006)
25,000
(2007)
25,000
(2008)
25,000
(2009)
25,000
(2010)
25,000
(2011)
25,000
(2012)
325,000
(2013)
310,000
(2014)
300,000
(2015)
275,000
(2016)
3,180,000
(2017)
3,320,000
(2018)
94
EXHIBIT K-2
(Page 3 of 3)
Bonds
Retired or
Authorized Issued Refunded Outstandinq
11,420,000 11,420,000 100,000 11,320,000
8,060,000 8,060,000 - 8,060,000
43,660,000
43,660,000
2,170,000
41,490,000
61,850,000
61,850,000
4,855,000
56,995,000
$82,100,000
$82,100,000
$8,255,000
$73,845,000
EXHIBIT K-3
CITY OF WICHITA FALLS, TEXAS
DEBT SERVICE COVERAGE - REVENUE BONDS
SEPTEMBER 30, 1998
Water and sewer Revenue Bonds:
Net income (Exhibit G-2)
Add:
Depreciation and amortization
Loss on sale of assets
Interest expense and paying
agent fees
Operating transfers out
Subtract:
West Texas Utilities water revenues
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
requirement
Priority
Lien
Bonds
$19,643,500
+ 9
$2,943,796
2,856,781
713,198
subordinate
Lien
Bonds
$69,828,302
+ 20
2,182,611 3,491,415
x 1.25 x 1.10
$ 2,728,264 $ 3,840,557
$2,383,807
6,513,775
( 507,341)
$8,390,241
$8,390,241
6,568,821
$1,821,420
95
EXHIBIT K-4
CITY OF WICHITA FALLS, TEXAS
GENERAL FIXED ASSETS ACCOUNT GROUP
SCHEDULE OF GENERAL FIXED ASSETS
AND JOINT VENTURE ASSETS - BY SOURCES
SEPTEMBER 30, 1998
General Fixed Assets:
Land and betterments
Buildings and improvements
Machinery and equipment
Furniture and fixtures
Motor vehicles and equipment
construction in progress
Total general fixed assets
Joint Venture Assets:
Investment in joint venture
Total
Investment in General Fixed Assets:
From general obligation bonds
From local revenues and contributions
From federal government contributions
From unidentified sources
Total investment in general fixed assets
Investment in Joint Venture Assets:
From local revenues and contributions
Total
$14,223,568
18,209,983
8,619,542
541,278
45,924
2,590
41,642,885
11,761,341
$53,404,226
$ 2,459,962
10,744,063
2,881,501
25,557,359
41,642,885
11,761,341
$53,404,226
96
CITY OF WICHITA FALLS, TEXAS
GENERAL FIXED ASSETS ACCOUNT GROUP
SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS AND JOINT VENTURE ASSETS - BY SOURCES
FOR THE YEAR ENDED SEPTEMBER 30, 1998
General fixed assets and joint
venture assets, October 1, 1997
Additions:
Expenditures from local
revenues and contributions
Deductions:
Assets sold, traded, retired
or transferred
General fixed assets and joint
venture assets, September 30,
1998
Buildings
Land and and
Betterments Improvements
$14,147,752 $14,849,097
75,816 1,300,049
- 2,060,837
$14,223,568 $18,209,983
Machinery
and
Equipment
$7,654,582
964,960
$8,619,542
97
EXHIBIT K-5
Furniture
and
Fixtures
$471,086
Motor
Vehicles
Construction
Investment
and
in
in Joint
Equipment
Proqress
Venture Totals
$45,924
$2,060,837
$12,196,837 $51,426,115
70,192 -
2,590
2,413,607
( 2,060,837) ( 435,496) ( 435,496)
$541,278 $45,924 $ 2,590 $11,761,341 $53,404,226
CITY OF WICHITA FALLS, TEXAS
GENERAL FIXED ASSETS ACCOUNT GROUP
SCHEDULE OF GENERAL FIXED ASSETS AND JOINT VENTURE ASSETS - BY FUNCTION AND ACTIVITY
SEPTEMBER 30, 1998
Administrative services:
Mayor and City Council
General Administration
Legal and City Clerk
Personnel/Risk Management
Data Processing
Martin Luther Ring Center
Library
Municipal Court
Midtown Manor
Auditorium/Activity Center
Housing
Building Maintenance
Total administrative services
Police
Fire
Parks and recreation:
Parks
Golf
Cemetery
Total parks and recreation
Accounting/finance
Community development:
Planning
Code enforcement
Total community development
Public works:
Engineering
Inspection
Street Maintenance
Total public works
Health
Traffic and transportation
Investment in joint venture:
Multi -Purpose Events Center
Total general fixed assets and
joint venture assets
Buildings
Machinery
Land and
and
and
Betterments
Improvements
Equipment
$ -
$ 3,797
$ 4,389
1,188,451
336,872
285,496
-
-
30,901
-
-
492,282
-
-
2,460,210
-
349,839
11,959
610,870
3,730,500
597,756
230,000
314,488
54,478
210,798
184,780
-
477,942
5,940,057
57,436
78,358
6,269
77,354
-
12,050
42,556
2,796,419
10,878,652
4,114,817
1,095,114
1,356,040
2,720,763
252,461
1,683,242
531,712
9,604,343
3,119,627
312,428
112,539
27,544
8,219
20,212
-
12,425
9,737,094
3,147,171
333,072
-
-
20,338
-
-
101,850
-
-
16,788
-
-
118,638
118,193
19,087
195,032
13,059
-
47,881
65,447
86,373
101,011
196,699
105,460
343,924
111,231
1,002,153
335,672
34,550
37,265
100,606
$14,223,568 $18,209,983 $8,619,542
98
EXHIBIT K-6
Motor
Furniture
Vehicles
Construction Investment
and
and
in in Joint
Fixtures
Equipment
Proqress Venture
Totals
$ 5,218
$ -
$ - $ -
$ 13,404
41,873
-
- -
1,852,692
11,603
-
- -
42,504
18,134
-
- -
510,416
30,394
-
- -
2,490,604
15,944
-
- -
377,742
147,740
-
- -
5,086,866
14,921
-
- -
613,887
-
-
- -
395,578
30,527
-
- -
6,505,962
3,873
31,485
- -
197,339
4,494
-
- -
59,100
324,721
31,485
- -
18,146,094
75,945
13,030
- -
5,260,892
43,716
-
2,590 -
2,513,721
9,670
-
- -
13,046,068
-
-
- -
148,302
-
-
- -
32,637
9,670
-
- -
13,227,007
4,458
-
- -
24,796
5,301
-
- -
107,151
2,156
-
- -
18,944
7,457
-
- -
126,095
11,951
1,409
- -
345,672
3,861
-
- -
64,801
5,298
-
- -
258,129
21,110
1,409
- -
668,602
47,875 - - - 1,496,931
6,326 - - - 178,747
- - - 11,761,341 11,761,341
$541,278 $45,924 $ 2,590 911,761,341 $53,404,226
EXHIBIT K-7
CITY OF WICHITA FALLS, TEXAS
GENERAL FIXED ASSETS ACCOUNT GROUP
SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS AND
JOINT VENTURE ASSETS - BY FUNCTION AND ACTIVITY
FOR THE YEAR ENDED SEPTEMBER 30, 1998
Administrative services:
Mayor and City Council
General Administration
Legal and City Clerk
Personnel/Risk Management
Data Processing
Martin Luther King Center
Library
Municipal Court
Midtown Manor
Auditorium/Activity Center
Housing
Building Maintenance
Total administrative services
Police
Fire
Parks and recreation:
Parks
Golf
Cemetery
Total parks and recreation
Accounting/finance
Community development:
Planning
Code enforcement
Total community development
Public works:
Engineering
Inspection
Street Maintenance
Total public works
Health
Traffic and transportation
Total general fixed assets
Investment in joint venture:
Multi -Purpose Events Center
Total general fixed assets and
joint venture assets
Beginning
Ending
Balance
Balance
10/l/97
Additions
Deletions Adjustments
9/30/98
$ 13,404
$ -
$ - $ -
$ 13,404
1,845,143
7,549
- -
1,852,692
38,695
3,809
- -
42,504
501,154
9,262
- -
510,416
2,389,370
101,234
- -
2,490,604
376,017
1,725
- -
377,742
3,360,096
1,726,770
- -
5,086,866
611,072
2,815
- -
613,887
395,578
-
- -
395,578
6,505,962
-
- -
6,505,962
167,428
29,911
- -
197,339
47,404
11,696
- -
59,100
16,251,323
1,894,771
- -
18,146,094
4,902,880
358,012
- -
5,260,892
2,424,260
89,461
- -
2,513,721
13,044,543
1,525
- -
13,046,068
148,302
-
- -
148,302
32,637
-
- -
32.637
13,225,482
1,525
- -
13,227.007
22,078
2,718
- -
24,796
92,558
14,593
- -
107,151
12,620
6,324
- -
18,944
105,178
20,917
- -
126,095
342,127
3,545
- -
345,672
64,801
-
- -
64,801
257,578
551
- -
258,129
664,506
4,096
- -
668,602
1,466.708
30.223
- -
1,496,931
166,863
11,884
- -
178,747
39,229,278
2,413,607
- -
41,642,885
12,196,837
-
- ( 435,496)
11,761,341
$51,426,115
$2,413,607
$ - ( 435 496)
$53,404,226
99
EXHIBIT K-8
CITY OF WICHITA FALLS, TEXAS
GOLF FUND
PLANT, EQUIPMENT AND DEPRECIATION
FOR THE YEAR ENDED SEPTEMBER 30, 1998
Balance Balance
10/1/97 Additions Deletions 9/30/98
Plant and Equipment:
Machinery and equipment $ 10,589 $ 2,900 $ - $ 13,489
Furniture and fixtures 3,175 - - 3,175
Total plant and equipment 13,764 2,900 - 16,664
Accumulated Depreciation:
Machinery and equipment 749 985 - 1,734
Furniture and fixtures - 476 - 476
Total accumulated
depreciation 749 1,461 - 2,210
Net plant and equipment $ 13,015 $ 1,439 $ - $ 14,454
100
EXHIBIT K-9
CITY OF WICHITA FALLS, TEXAS
AIRPORT FUND
PLANT, EQUIPMENT AND DEPRECIATION
FOR THE YEAR ENDED SEPTEMBER 30, 1998
Plant and Equipment:
Land and betterments
Buildings and improvements
Machinery and equipment
Furniture and fixtures
Total plant and equipment
Accumulated Depreciation:
Land and betterments
Buildings and improvements
Machinery and equipment
Furniture and fixtures
Total accumulated
depreciation
Balance Balance
10/1/97 Additions Deletions 9/30/98
$1,474,910 $ - $ - $1,474,910
1,461,222 14,807 - 1,476,029
28,553 - - 28,553
14,327 - - 14 _'7
2,979,012 14,807 - 2,993,819
1,045,339
58,476
- 1,103,815
717,557
29,795
- 747,352
17,519
1,643
- 19,162
11,976
202
- 12,178
1,792,391 90,116 -
1,882,507
Net plant and equipment $1,186,621 ( 75,309) $ - $1,111,312
101
EXHIBIT K-10
CITY OF WICHITA FALLS, TEXAS
TRANSIT FUND
PLANT, EQUIPMENT AND DEPRECIATION
FOR THE YEAR ENDED SEPTEMBER 30, 1998
Plant and Equipment:
Land and betterments
Buildings and improvements
Machinery and equipment
Furniture and fixtures
Total plant and equipment
Accumulated Depreciation:
Buildings and improvements
Machinery and equipment
Furniture and fixtures
Total accumulated
depreciation
Net plant and equipment
Balance Balance
10/1/97 Additions Deletions 9/30/98
$ 61,925 $ - $ - $ 61,925
626,868 - - 626,868
78,137 - - 78,137
6,128 - - 6,128
773,058 - - 773,058
108,587 7,988 - 116,575
74,490 1,068 - 75,558
5,071 209 - 5,280
188,148 9,265 - 197,413
$ 584,910 (y$ 9265) $ - $ 575,645
102
EXHIBIT K-11
CITY OF WICHITA FALLS, TEXAS
SANITATION FUND
PLANT, EQUIPMENT AND DEPRECIATION
FOR THE YEAR ENDED SEPTEMBER 30, 1998
Plant and Equipment:
Land and betterments
Buildings and improvements
Machinery and equipment
Furniture and fixtures
Total plant and equipment
Accumulated Depreciation:
Land and betterments
Buildings and improvements
Machinery and equipment
Furniture and fixtures
Total accumulated
depreciation
Net plant and equipment
Balance Balance
10/1/97 Additions Deletions 9/30/98
$ 707,215 $ - $ -
$ 707,215
2,371,012 - -
2,371,012
141,778 24,452 -
166,230
9,807 - -
9,807
3,229,812 24,452 -
3,254,264
28,601
1,628
- 30,229
725,630
50,021
- 775,651
98,453
6,957
- 105,410
5,113
362
- 5,475
857,797 58,968 -
$2,372,015 ( 3$ 4,516) $ -
916,765
$2,337,499
103
EXHIBIT K-12
CITY OF WICHITA FALLS, TEXAS
WATER AND SEWER FUND
PLANT, EQUIPMENT AND DEPRECIATION
FOR THE YEAR ENDED SEPTEMBER 30, 1998
Balance Balance
10/1/97 Additions Deletions Reclassification 9/30/98
Plant and Equipment:
Land and betterments
Buildings, systems and
improvements
Machinery and equipment
Furniture and fixtures
Motor vehicles
Construction in progress
Total plant and equipment
Accumulated Depreciation:
Land and betterments
Buildings, systems and
improvements
Machinery and equipment
Furniture and fixtures
Motor vehicles
Total accumulated
depreciation
Net plant and equipment
$ 22,959,432
$ - $ -
$ - $ 22,959,432
118,931,523
1,103,296 -
909,214 120,944,033
3,142,619
44,448 -
- 3,187,067
18,092
- -
- 18,092
3,670
- -
- 3,670
909,214
187.462 -
( 909,214) 187,462
145,964,550
1,335,206 -
- 147,299,756
6,412,217
243,658 -
- 6,655,875
41,302,634
2,603,777 -
- 43,906,411
2,141,518
91,439 -
- 2,232,957
16,921
122 -
- 17,043
3,670
-
- 3,670
49,876,960
2,938,996
- 52,815,956
$ 96,087,590
($1,603,790)�
$ - $ 94,483,800
104
EXHIBIT K-13
CITY OF WICHITA FALLS, TEXAS
FLEET MAINTENANCE FUND
PLANT, EQUIPMENT AND DEPRECIATION
FOR THE YEAR ENDED SEPTEMBER 30, 1998
Balance
Balance
10/l/97
Additions
Deletions
Reclassification 9/30/98
Plant and Equipment:
Land and betterments
$ 433,658
$ -
$ -
$ - $ 433,658
Buildings and improvements
4,010,098
-
-
- 4,010,098
Furniture and equipment
14,178
-
-
- 14,178
Motor vehicles and equipment
23,654,869
2,847,113
704,514
46,947 25,844,415
Construction in progress
46,947
2,636
-
( 46,947) 2,636
Total plant and equipment
28,159,750
2,849,749
704,514
- 30,304,985
Accumulated Depreciation:
Buildings and improvements
961,386
64,191
-
- 1,025,577
Furniture and equipment
10,707
2,025
-
- 12,732
Motor vehicles and equipment
14,829,206
2,088,303
663,203
- 16,254,306
Total accumulated
depreciation
15,801,299
2,154,519
663,203
- 17,292,615
Met plant and equipment
$12,358,451
$ 695,230
$ 41,311
$ - $13,012,370
105
STATISTICAL SECTION
(UNAUDITED)
Wichita t
CITY OF WICHITA FALLS, TEXAS
GENERAL GOVERNMENTAL EXPENDITURES BY FUNCTION (GENERAL FUND ONLY) -
LAST TEN FISCAL YEARS (UNAUDITED)
Accounting
Fiscal
Administrative
Parks and
and
Community
Year
Services
Police
Fire
Recreation
Finance
Development
1988-1989
$ 4,514,948
$ 7,677,500
$5,240,285
$2,478,736
$ 418,733
$336,887
1989-1990
4,655,580
8,359,078
5,360,935
2,388,480
428,310
326,867
1990-1991
5,037,109
8,552,989
5,393,852
2,433,579
417,460
269,972
1991-1992
4,502,220
8,970,402
5,558,991
2,555,542
462,729
229,485
1992-1993
4,850,649
9,680,729
5,821,934
2,346,032
381,244
264,959
1993-1994
4,721,396
10,014,195
5,916,985
2,398,537
250,402
394,032
1994-1995
5,079,725
10,420,291
6,249,987
2,458,983
257,479
399,234
1995-1996
6,764,670
11,067,074
6,752,959
2,890,848
282,522
501,149
1996-1997
10,030,518
11,635,291
6,979,178
2,689,630
283,958
549,654
1997-1998 •
5,675,204
11,445,357
7,567,904
2,947,658
1,141,181
990,993
* Effective October 1, 1997, the City significantly modified its accounting system and functional
reporting. Consequently, there are some differences in reporting of expenditures by function between
years.
106
EXHIBIT L-1
Debt
Service
Interest
Public
Traffic and Capital
Principal
and Paying
Works
Health
Transportation Outlay
Retirement
Aqent Fees
Totals
$4,232,744
$1,830,962
$1,249,506 $ -
$ -
$ -
$27,980,301
4,224,499
1,933,354
1,197,787 -
-
-
28,874,890
4,965,920
1,955,763
1,181,922 -
-
-
30,208,566
4,243,882
2,156,485
1,114,159 -
-
-
29,793,895
4,246,256
2,499,686
1,121,169 -
-
-
31,212,658
4,101,886
2,813,235
1,152,782 -
-
-
31,763,450
4,526,548
3,020,266
1,319,641 -
-
-
33,732,154
4,790,242
3,189,847
1,422,119 -
-
-
37,661,430
4,576,974
3,396,582
1,449,844 -
-
-
41,591,629
5,709,866
2,203,927
1,487,177 1,773,519
2,149
558
40,945,493
9
EXHIBIT L-2
CITY OF WICHITA FALLS, TEXAS
GENERAL GOVERNMENTAL REVENUES BY SOURCE (GENERAL FUND ONLY) -
LAST TEN FISCAL YEARS (UNAUDITED)
Charges
Licenses
Fines
Fiscal
for
and
and
Intergovernmental
Miscellaneous
Year
Taxes
services
Permits
Forfeitures
Revenue
Revenue
Totals
1988-1989
$23,035,386
$1,144,329
$558,083
$ 834,328
$ 791,383
$1,597,558
$27,961,067
1989-1990
23,736,091
1,111,868
562,626
900,404
779,466
1,453,043
28,543,498
1990-1991
23,601,388
1,068,713
554,972
781,111
1,225,504
1,255,215
28,486,903
1991-1992
24,535,787
1,070,926
604,905
904,581
1,380,734
925,466
29,422,399
1992-1993
25,705,065
1,111,826
609,670
1,156,623
1,723,190
828,742
31,135,116
1993-1994
27,462,908
1,067,816
674,853
1,409,882
1,955,422
1,013,323
33,584,204
1994-1995
28,685,546
1,103,978
632,676
1,309,204
2,064,914
1,304,875
35,101,193
1995-1996
30,140,802
1,394,190
684,633
1,262,361
2,540,646
1,195,670
37,218,302
1996-1997
31,487,703
1,338,867
673,422
1,495,921
2,540,616
1,431,250
38,967,779
1997-1998
32,544,840
2,077,990
435,572
1,486,985
67,290
11570,592
38,183,269
rr
0
00
CITY OF WICHITA FALLS, TEXAS
PROPERTY TAX LEVIES AND COLLECTIONS -
LAST TEN FISCAL YEARS (UNAUDITED)
Percent of
Fiscal
Total
Current Tax
Current Taxes
Year
Tax Levy
Collections
Collected
1988-1989
$14,664,571
$14,123,525
96.31%
1989-1990
14,896,248
14,515,449
97.44%
1990-1991
14,605,841
14,242,059
97.51%
1991-1992
14,663,529
14,311,760
97.60%
1992-1993
14,940,203
14,491,314
97.00%
1993-1994
15,220,570
14,847,803
97.55%
1994-1995
15,817,317
15,507,777
98.04%
1995-1996
16,742,241
16,407,759
98.00%
1996-1997
17,482,018
16,936,754
97.00%
1997-1998
13,848,037
13,376,885
96.59%
Ratio of
Delinquent
Total Tax
Outstanding
Tax
Total Tax
Collections to
Delinquent
Collections
Collections
Total Tax Levy
Taxes
$387,088
$14,510,613
98.95%
$2,450,430
431,755
14,947,204
100.34%
2,360,597
332,467
14,574,526
99.79%
2,038,538
343,769
14,655,529
99.95%
1,914,394
278,223
14,769,537
98.86%
1,743,114
254,153
15,101,956
99.22%
1,719,578
318,839
15,826,616
100.06%
1,638,633
326,841
16,734,600
99.95%
1,646,500
426,840
17,363,594
99.32%
1,704,839
536,999
13,913,884
100.47%
1,600,924
EXHIBIT L-3
Ratio of
Delinquent
Taxes to
Total Tax Levy
16.71%
15.85%
13.96%
13.05%
11.67%
11.30%
10.36%
9.83%
9.75%
11.56%
EXHIBIT L-4
CITY OF WICHITA FALLS, TEXAS
ASSESSED AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY -
LAST TEN FISCAL YEARS (UNAUDITED)
Ratio of Total
Assessed
Real
Propertv
Personal
Propertv
Total
to Total
Fiscal
Assessed
Estimated
Assessed
Estimated
Assessed
Estimated
Estimated
Year
Value
Actual Value
Value
Actual Value
Value
Actual Value
Actual Value
1988-1989
$1,789,389,697
$1,789,389,697
$509,853,169
$509,853,169
$2,299,242,866
$2,299,242,866
100.00%
1989-1990
1,789,161,491
1,789,161,491
509,996,744
509,996,744
2,299,158,235
2,299,158,235
100.00%
1990-1991
1,764,512,712
1,764,512,712
489,822,988
489,822,988
2,254,335,700
2,254,335,700
100.00%
1991-1992
1,741,946,628
1,741,946,628
467,647,449
467,647,449
2,209,594,077
2,209,594,077
100.00%
1992-1993
1,757,192,910
1,757,192,910
460,770,563
460,770,563
2,217,963,473
2,217,963,473
100.00%
1993-1994
1,772,576,420
1,772,576,420
487,009,356
487,009,356
2,259,585,776
2,259,585,776
100.00%
1994-1995
1,860,859,604
1,860,859,604
492,382,781
492,382,781
2,353,242,385
2,353,242,385
100.00%
1995-1996
1,979,667,520
1,979,667,520
494,250,305
494,250,305
2,473,917,825
2,473,917,825
100.00%
1996-1997
2,053,175,337
2,053,175,337
530,055,655
530,055,655
2,583,230,992
2,583,230,992
100.00%
1997-1998
2,145,423,750
2,145,423,750
554,851,453
554,851,453
2,700,275,203
2,700,275,203
100.00%
CITY OF WICHITA FALLS, TEXAS
PROPERTY TAX RATES AND TAX LEVIES - DIRECT AND OVERLAPPING GOVERNMENTS -
LAST TEN FISCAL YEARS (UNAUDITED)
Fiscal City of Wichita Burkburnett City View
Year Wichita Falls County I.S.D. (1) I.S.D. (2)
Tax Rates Per $100 valuation
1988-1989
$0.64
$0.27
$0.92
$0.81
1989-1990
0.65
0.28
0.97
0.84
1990-1991
0.65
0.29
0.97
0.98
1991-1992
0.66
0.31
0.37
0.35
1992-1993
0.67
0.34
0.37
0.35
1993-1994
0.67
0.36
1.22
1.20
1994-1995
0.67
0.36
1.22
1.20
1995-1996
0.67
0.37
1.24
1.23
1996-1997
0.67
0.37
1.25
1.26
1997-1998
0.51
0.38
1.30
1.34
Tax Levies
1988-1989
$14,664,571
$ 8,900,124
$4,262,367
$ 708,713
1989-1990
14,896,248
9,426,139
4,512,229
776,012
1990-1991
14,605,841
9,461,163
4,722,118
886,306
1991-1992
14,629,075
10,098,311
1,574,916
307,177
1992-1993
14,940,203
10,712,983
1,582,110
287,728
1993-1994
15,220,570
11,545,265
5,351,692
1,022,231
1994-1995
15,817,317
11,989,730
5,645,214
1,071,679
1995-1996
16,742,241
13,058,786
5,993,746
1,151,028
1996-1997
17,482,018
13,681,903
6,364,575
1,232,641
1997-1998
13,848,037
14,643,356
6,426,976
1,325,139
Notes:
(1) Burkburnett Independent school District - 25% in Wichita Falls city
limits
(2) City view Independent school District - 90% in Wichita Falls city limits
for 1997-98 and 84% in 1996-97 and prior
(3) Iowa Park Consolidated Independent School District - 2% in Wichita Falls
city limits. only for 1997-98 due to city annexation.
(4) Wichita Falls Independent school District - 99% in Wichita Falls city
limits
(5) County Education Districts were created by the Texas Legislature in 1991.
All property tax revenues received by the County Education District were
distributed to local educational agencies within the County on a prorata
basis. Effective September 1, 1993, all County Education Districts were
abolished by the Texas Legislature. As of this date, all assets and
liabilities of the Wichita County Education District were transferred to
the Wichita Falls Independent school District as successor -in -interest.
110
EXHIBIT L-5
Wichita County
Iowa Park Falls Education
C.I.S.D. (3) I.S.D. (4) District (5) Totals
$ - $0.85
$ -
$3.49
- 0.92
-
3.66
- 1.00
-
3.89
- 0.39
0.75
2.83
- 0.39
0.85
2.97
- 1.28
-
4.73
- 1.34
-
4.79
- 1.34
-
4.85
- 1.38
-
4.93
1.25 1.46
-
6.24
$ - $19,273,667
$ -
$47,809,442
- 20,682,300
-
50,292,928
- 22,299,411
-
51,974,839
- 8,181,795
23,070,529
57,861,803
- 8,127,735
25,839,980
61,490,739
- 27,967,742
-
61,107,500
- 30,444,581
-
64,968,521
- 31,977,379
-
68,923,180
- 34,453,561
-
73,214,698
3,755,263 37,270,618
-
77,269,389
EXHIBIT L-6
Taxpaver
JMB Group Trust III
Southwestern Bell
TU Electric
Lowe's Home Improvement
Center
ABB Control
Wichita Falls clinic
Panhandle Manufacturing
Wal-Mart
Deauville Partnership
Vista Cablevision
Totals
CITY OF WICHITA FALLS, TEXAS
TEN LARGEST TAXPAYERS (UNAUDITED)
SEPTEMBER 30, 1998
Tvve of Business
Shopping Center
Telephone Utility
Electric Utility
Retail store
Manufacturing
Medical center
Manufacturing
Retail store
Retail store
cable Television
Percentage
January 1, 1998
of Total
Assessed
Assessed
valuation
valuation
$ 45,331,148
1.60%
41,092,024
1.45%
31,440,057
1.11%
13,616,160
.48%
12,280,900
.43%
11,756,193
.42%
10,924,077
.39%
10,550,112
.37%
10,496,021
.37%
8,748,567
.31%
$196,235,259
6.93%
111
EXHIBIT L-7
CITY OF WICHITA FALLS, TEXAS
SPECIAL ASSESSMENT COLLECTIONS (CAPITAL IMPROVEMENT ASSESSMENTS FUND) -
LAST TEN FISCAL YEARS (UNAUDITED)
special
special
Ratio of
Fiscal
Assessments
Assessments
Collections
Year
Due
Collected
to Amount Due
1988-1989
$446,531
$ 8,199
1.84%
1989-1990
438,376
8,155
1.86%
1990-1991
362,985
8,112
2.23%
1991-1992
238,496
4,414
1.85%
1992-1993
2041833
2,857
1.39%
1993-1994
1911745
2,184
1.14%
1994-1995
1731940
5,267
3.03%
1995-1996
1581976
1,222
0.77%
1996-1997
158,106
1,200
0.76%
1997-1998
157,580
526
0.33%
112
EXHIBIT L-8
CITY OF WICHITA FALLS, TEXAS
COMPUTATION OF LEGAL DEBT MARGIN (UNAUDITED)
SEPTEMBER 30, 1998
Total assessed property value per 1997 tax roll
Maximum tax levy* $ 2.25/$100
Current tax levy for 1997 tax year .512838/$100
Maximum tax levy in excess of 1997 tax levy
Total legal debt margin
$2,700,275,203
1.737162/$100
$ 46,908,155
There is no debt limit established by law. The limit is, therefore, governed
by the City's ability to levy and collect taxes to service the outstanding
indebtedness. The city's maximum legal tax rate established under its
Charter is $2.25 per $100 assessed valuation. The 1997 tax rate is $ .512838
per $100 assessed valuation.
* Maximum tax levy established by City Charter
113
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EXHIBIT L-9
CITY OF WICHITA FALLS, TEXAS
RATIO OF NET GENERAL BONDED DEBT TO ASSESSED VALUE
AND NET GENERAL BONDED DEBT PER CAPITA - LAST TEN FISCAL YEARS (UNAUDITED)
Ratio of
Net General
Gross
Less Debt
Bonded Debt
Net General
Fiscal
Assessed
General
Service
Net General
To Assessed
Bonded Debt
Year
Population
Value
Bonded Debt
Funds
Bonded Debt
Value
Per Capita
1988-1989
95,000
$2,299,242,866
$20,995,000
$ 584,800
$20,410,200
0.89%
$215
1989-1990
96,259
2,299,158,235
20,325,000
694,935
19,630,065
0.85%
204
1990-1991
96,500
2,254,335,700
19,615,000
581,545
19,033,455
0.84%
197
1991-1992
97,700
2,209,594,077
22,860,000
656,653
22,203,347
1.00%
227
1992-1993
98,600
2,217,963,473
21,975,000
741,968
21,233,032
0.96%
215
1993-1994
99,500
2,259,585,776
21,655,000
944,860
20,710,140
0.92%
208
1994-1995
101,155
2,353,242,385
20,530,000
1,093,940
19,436,060
0.83%
192
1995-1996
102,790
2,473,917,825
19,555,000
996,075
18,558,925
0.75%
181
1996-1997
103,312
2,583,230,992
18,320,000
1,511,795
16,808,205
0.65%
163
1997-1998
104,121
2,700,275,203
16,850,000
1,560,640
15,289,360
0.57%
147
EXHIBIT L-10
CITY OF WICHITA FALLS, TEXAS
RATIO OF ANNUAL DEBT SERVICE EXPENDITURES FOR GENERAL BONDED DEBT TO
TOTAL GENERAL GOVERNMENTAL EXPENDITURES - LAST TEN FISCAL YEARS (UNAUDITED)
Total
Ratio of
General
Debt Service
Fiscal
Total Debt
Governmental
to General
Year
Principal
Interest
Service
Expenditures
Expenditures
1988-1989
$ 635,000
$1,650,740
$2,285,740
$27,980,301
8.17%
1989-1990
670,000
1,615,815
2,285,815
28,874,890
7.92%
1990-1991
710,000
1,575,615
2,285,615
30,208,566
7.57%
1991-1992
755,000
1,531,240
2,286,240
29,793,895
7.67%
1992-1993
885,000
1,683,099
2,568,099
31,212,658
8.23%
1993-1994
1,065,000
1,416,594
2,481,594
31,763,450
7.81%
1994-1995
1,125,000
1,408,898
2,533,898
33,732,154
7.51%
1995-1996
1,190,000
1,334,768
2,524,768
37,661,430
6.70%
1996-1997
1,235,000
1,090,448
2,325,448
411591,629
5.59%
1997-1998
1,470,000
934,270
2,404,270
40,945,493
5.87%
115
EXHIBIT L-11
CITY OF WICHITA FALLS, TEXAS
COMPUTATION OF DIRECT AND OVERLAPPING GENERAL BONDED DEBT (UNAUDITED)
SEPTEMBER 30, 1998
Taxing
Jurisdiction
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 direct and
overlapping bonded debt
Percentage Amount
Applicable Applicable
Gross General to City of to City of
Bonded Debt (1) Wichita Falls (2) wichita Falls
$16,850,000 100% $16,850,000
7,495,000 70%
5,246,500
19,120,443 25%
4,780,111
245,000 90%
220,500
2,007,491 2% 40,150
36,796,919 99% 36,428,950
$82,514,853 $63,566,211
Sources:
(1) Listed taxing jurisdictions
(2) city of Wichita Falls Planning Department
116
EXHIBIT L-12
CITY OF WICHITA FALLS, TEXAS
REVENUE BOND COVERAGE - WATER AND SEWER REVENUE BONDS -
LAST TEN FISCAL YEARS (UNAUDITED)
Net Revenue
Fiscal
Gross
Operating
Available For
Debt
Service Reauirement
Year
Revenues (1)
Expenses (2)
Debt Service
Principal
Interest
Total
Coveraqe
1988-1989
$13,596,068
$ 7,728,457
$5,867,611
$ 600,000
$1,851,348
$2,451,348
2.39
1989-1990
13,841,627
8,674,495
5,167,132
640,000
1,814,748
2,454,748
2.10
1990-1991
14,151,380
9,323,434
4,827,946
680,000
1,773,788
2,453,788
1.97
1991-1992
13,442,781
9,127,566
4,315,215
725,000
1,728,228
2,453,228
1.76
1992-1993
14,698,916
9,217,131
5,481,785
1,075,000
2,948,989
4,023,989
1.36
r
r-r
v 1993-1994
15,307,931
10,695,460
4,612,471
1,150,000
2,899,583
4,049,583
1.14
1994-1995
17,701,086
11,252,304
6,448,782
1,230,000
2,875,069
4,105,069
1.57
1995-1996
19,939,255
11,684,476
8,254,779
1,405,000
2,450,529
3,855,529
2.14
1996-1997
19,578,557
12,352,266
7,226,291
1,605,000
2,740,348
4,345,348
1.66
1997-1998
21,259,110
12,868,869
8,390,241
1,855,000
2,674,570
4,529,570
1.85
Notes:
(1) Includes operating revenues exclusive of water sales to West Texas Utilities, interest income, and intergovernmental
operating grants of the Water and Sewer Fund (see Exhibit K-3).
(2) Includes operating expenses of the Water and Sewer Fund exclusive of depreciation and amortization (see Exhibit K-3).
EXHIBIT L-13
CITY OF WICHITA FALLS, TEXAS
DEMOGRAPHIC STATISTICS -
LAST TEN FISCAL YEARS (UNAUDITED)
Median
Fiscal
Estimated
Household
Education
school
Unemployment
Year
Population (1)
Income (2)
Level (3)
Enrollment (3)
Rate (4)
1988-1989
951000
$18,754
13.1
14,889
5.7%
1989-1990
96,259
20,015
13.1
14,867
6.6%
1990-1991
96,500
20,814
13.1
15,135
6.4%
1991-1992
97,700
26,053
13.1
15,620
7.5%
1992-1993
981600
27,089
13.1
15,608
5.8%
1993-1994
99,500
28,437
13.1
15,892
5.9%
1994-1995
101,155
29,527
13.1
15,793
5.1%
1995-1996
102,790
30,142
13.1
15,805
4.3%
1996-1997
103,312
31,148
13.1
16,606
4.4%
1997-1998
104,121
31,165
13.1
16,382
4.7%
Sources:
(1) City of Wichita Falls Planning Department for all years, except 1989-1990 from
U.S. Bureau of Census
(2) Sales & Marketinq Management magazine for all years, except 1995-1996, 1996-
1997 and 1997-1998 from C.A.C.I. Marketing services
(3) Wichita Falls I.S.D. - Educational level is grade equivalent of graduating
senior
(4) Texas workforce commission
118
EXHIBIT L-14
CITY OF WICHITA FALLS, TEXAS
PROPERTY VALUE, BUILDING PERMITS AND BANK DEPOSITS -
LAST TEN FISCAL YEARS (UNAUDITED)
Fiscal
Property
Building
Bank
Year
Value (1)
Permits (2)
Deposits (3)
1988-1989
$2,299,242,866
$34,316,901
$1,070,274,273
1989-1990
2,299,158,235
59,603,631
1990-1991
2,254,335,700
36,283,910
1991-1992
2,209,594,077
49,894,023
1992-1993
2,217,963,473
50,774,737
1993-1994
2,259,585,776
71,208,827
1994-1995
2,353,242,385
73,692,291
1995-1996
2,589,218,286
92,604,277
1996-1997
2,707,854,487
89,861,493
1997-1998
2,827,444,408
80,401,597
Sources:
(1) City of Wichita Falls Accounting/Finance Department
(2) City of Wichita Falls Planning Department
(3) Wichita Falls Times/Record News
* Local branches of NationsBank and Bank one are not required, nor have they
chosen, to release deposit information on individual branches. Therefore,
total bank deposit information is not available for these years.
119
EXHIBIT L-15
CITY OF WICHITA FALLS, TEXAS
MISCELLANEOUS STATISTICAL DATA (UNAUDITED)
SEPTEMBER 30, 1998
Date of incorporation
Form of government
Area
Miles of streets
Number of street lights
Fire protection:
Number of stations
Number of firemen and officers
Police protection:
Number of stations
Number of police officers
Municipal water department:
Number of consumers - active
Average daily production
Miles of water mains
Sewers:
Number of customers - active
Miles of sanitary sewers
Miles of storm sewers (enclosed)
Building permits issued:
Number issued
Amount issued
Recreation and culture:
Number of parks
Number of golf courses
Number of libraries
Number of volumes (books)
Employees - full-time
1889
council - Manager
62.555 square miles
525
7,000
9
149
1
180
32,975
26,732,808 gallons treated water
708
30,232
499
approximately 40
2,535
$80,401,597
40 with 1,092 acres
4
1
129,364
1,123
120
EXHIBIT L-16
(Page 1 of 5)
CITY OF WICHITA FALLS, TEXAS
SCHEDULE OF INSURANCE COVERAGE (UNAUDITED)
SEPTEMBER 30, 1998
Insurance
Code
A Policy:
Company:
Policy Period:
Perils:
Coverages:
Deductible:
Coinsurance:
Premium:
B Policy:
Company:
Policy Period:
Perils:
Coverage:
Deductible:
Coinsurance
Premium:
C Policy:
Company:
Policy Period:
Perils:
Coverage:
Deductible:
Coinsurance:
Premium:
D Policy:
Company:
Policy Period:
Perils:
Coverage:
Deductible:
Coinsurance:
Premium:
Building and Contents
Williams -Dwyer Co.
October 1, 1997 to October 1, 1998
Fire, Extended Coverage, vandalism
and Malicious Mischief, including
Difference in Condition, Extra Expense,
valuable Papers, EDP, Demolition/CC
$64,200,726 Building and Contents
$100,000 Extra Expense
$100,000
Agreed value, Replacement Cost
.....................................$26,001
Boiler and Machinery
Williams -Dwyer Co.
October 1, 1997 to October 1, 1998
Comprehensive Blanket
$5,000,000 Per Occurrence
$2,500
N/A
....................................$ 4,618
Electronic Data Processing Equipment
Williams -Dwyer Co.
October 1, 1997 to October 1, 1998
All Risks
$1,229,706
$5,000
100%
Included as sublimit under property coverages
Excess Workers' Compensation and
Employer's Liability
Williams -Dwyer Co.
October 1, 1997 to October 1, 1998
Workers' Compensation - Employer's
Liability
Catastrophic Protection Beginning at
$250,000 up to Statutory Limit
$1,000,000 Employer's Liability
$250,000
N/A
.....................................$38,291
121
EXHIBIT L-16
(Page 2 of 5)
CITY OF WICHITA FALLS, TEXAS
SCHEDULE OF INSURANCE COVERAGE (UNAUDITED) (CONT'D.)
SEPTEMBER 30, 1998
Insurance
Code
E Policy:
Airport Liability
Company:
sedgwick James of Texas, Inc.
Policy Period:
October 1, 1997 to October 1, 1998
Perils:
owner's, Landlord, and Tenants Liability
Coverage:
$1,000,000 CSL
Deductible:
None
Coinsurance:
N/A
Premium:
....................................$ 2,000
F Policy:
Public official Bond
Company:
Fidelity & Deposit Company
Bond No.:
FD 09688496
Bond Period:
June 27, 1998 to June 27, 1999
Insured:
city Manager - Jim Berzina
Coverage:
$25,000
Premium:
....................................$ 100
G Policy:
Public official Bond
Company:
Fidelity & Deposit Company
Bond No.:
FD 30237391
Bond Period:
August 1, 1998 to August 1, 1999
Insured:
Purchasing Agent - Margaret Elizabeth
(Peggy) Gahagan
Coverage:
$2,500
Premium:
....................................$ 100
H Policy:
Blanket Employees' Dishonesty - Theft,
Disappearance Coverage
company:
Fidelity & Deposit Company
Bond No.:
FD 02897925
Bond Period:
January 15, 1998 to January 15, 1999
Insured:
Public Employee Blanket - Water office
Manager
Coverages:
$10,000 Inside Premises
$ 3,000 outside Premises
$10,000 Per Employee
$15,000 Excess Limit (Water Office
Manager)
Premium:
....................................$ 1,667
122
EXHIBIT L-16
(Page 3 of 5)
CITY OF WICHITA FALLS, TEXAS
SCHEDULE OF INSURANCE COVERAGE (UNAUDITED) (CONT-D.)
SEPTEMBER 30, 1998
Insurance
code
I Policy:
Public official Bond
Company:
Fidelity & Deposit Company
Bond No.:
FD 30523655
Bond Period:
October 1, 1997 to October 1, 1998
Insured:
City Clerk - Lydia Torres
Coverage:
$25,000
Premium:
.....................................$
92
J Policy:
Public official Bond
company:
Aetna Insurance Company
Bond No.:
s 10084654
Bond Period:
August 6, 1998 to August 6, 1999
Insured:
Director of Public works -
George Bonnett
Coverage:
$2,500
Premium:
.....................................$
50
K Policy:
Public official Bond
Company:
Aetna Insurance Company
Bond No.:
S 100841241
Bond Period:
August 24, 1998 to August 24, 1999
Insured:
Municipal Court Administrator -
Judith Elaine Bourgoin
Coverage:
$2,500
Premium:
.....................................$
50
L Policy:
Public official Bond
Company:
Aetna Insurance Company
Bond No.:
s 18072205
Bond Period:
March 5, 1998 to March 5, 1999
Insured:
Director of Finance - Jim Dockery
Coverage:
$25,000
Premium:
.....................................$
125
M Policy:
Public official Bond
Company:
Aetna Insurance Company
Bond No.:
71 s 100648903
Bond Period:
May 21, 1998 to May 21, 2000
Insured:
Municipal court Judge - Larry Gillen
Coverage:
$2,500
Premium:
.....................................$
100
123
EXHIBIT L-16
(Page 4 of 5)
CITY OF WICHITA FALLS, TEXAS
SCHEDULE OF INSURANCE COVERAGE (UNAUDITED) (CONT'D.)
SEPTEMBER 30, 1998
Insurance
Code
N Policy:
Health Insurance
Company:
U.S. Benefits
Policy No.:
City of Wichita Falls Employee
Benefits Trust
Policy Period:
December 1, 1997 through November 30, 1998
Perils:
Illness and Accidental Injury
(Non -work Related)
Coverage:
$1,000,000 Lifetime Maximum
Deductible:
Various Amounts Depending on Plan
Option Chosen by Employee
coinsurance:
Coinsurance coverage begins when a limit
of 20% or 30% reaches $3,500, $5,000 or
$10,000 yearly, then insurance company
pays 100% of eligible expenses.
Premium:
.....................................$90,000
O Policy:
Dental Insurance
Company:
U.S. Benefits
Policy No.:
City of Wichita Falls Employee
Benefits Trust
Policy Period:
December 1, 1997 through November 30, 1998
Perils:
Basic Dental Coverage with orthodontics
for Children Under 19
Coverages:
$1,000 Annual Maximum - Basic Coverage
$1,000 Lifetime Maximum - Orthodontics
Deductible:
Basic Coverage - $100 Annually Per Person
(Maximum 3 Family Members); No Deductible
for Orthodontics
Coinsurance:
80-20 Basic, 50-50 orthodontics,
50-50 Periodontics
Premium:
................(Included in Health Premium)
P Policy:
Life Insurance
Company:
Aetna Life and casualty
Policy No.:
GT-447782 (Group #)
Policy Period:
October 1, 1997 through September 30, 1998
Perils:
Death and Dismemberment Benefits
Coverage:
Varies from $3,000; $5,000; $7,500; $10,000;
$12,000; $14,000; $15,000; Double Indemnity
for Accidental Death. Dismemberment
Benefits.
Deductible:
N/A
Premium:
.....................Annual Estimate $42,000
124
EXHIBIT L-16
(Page 5 of 5)
CITY OF WICHITA FALLS, TEXAS
SCHEDULE OF INSURANCE COVERAGE (UNAUDITED) (CONT'D.)
SEPTEMBER 30, 1998
Insurance
code
Q Policy:
Company:
Policy No.:
Policy Period:
Perils:
Coverage:
Deductible
Premium:
Life Insurance (Directors only)
Pilot Life Insurance company
0548 (Group $1)
January 1, 1998 to December 31, 1998
Accidental Death and Dismemberment
$25,000
N/A
.......................Annual Estimate $248
125
GRAPHICS
CITY OF WICHITA FALLS, TLXAS
GENERAL GOVERNMENTAL EXPENDITURES
45
40
35
30
25 —
c� 20 —
15 —
10 —
5 --
0 —
EXHIBIT M-10
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
Years Ended September 30,
(UNAUDITED)
135