1987 Annual Financial Reports
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"' Comprehensive Annual
Financial Report
For Year Ended September 30, 1987
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On The Cover: On June 5, 1987, the Wichita Falls Waterfall
was officially dedicated. The "Falls" were constructed
because the citizens of the City wanted to "Put the Falls
Back in Wichita Falls", and through their donations and
help from City government, the deed was accomplished.
To all citizens who contributed money or in kind donations,
and to all in City government who devoted long hours and
hard work to make this project a reality, we extend our
appreciation.
Location: I-44 South
Dimensions: 30-40 feet wide, 150 feet long
Flow: 3,500 gallons per minute
RECEIVED IN
CITY CLERK'S OFFICE
Date '
By_
k' Time
CITY OF WICHITA FALLS, TEXAS
ICOMPREHENSIVE ANNUAL FINANCIAL REPORT
IFOR THE YEAR ENDED SEPTEMBER 30, 1987
0
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IPREPARED BY:
DEPARTMENT OF FINANCE
FRED L. WERNER, C.P.A.
DIRECTOR OF FINANCE AND
CHIEF ACCOUNTING OFFICER
1
INTRODUCTORY SECTION
CITY OF WICHITA FALLS, TEXAS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE YEAR ENDED SEPTEMBER 30, 1987
Charles Thomas
Mayor Pro-Tem
John Hirschi
Angus Thompson
MAYOR AND CITY COUNCIL
Charles Harper, Mayor
CITY MANAGER
James Berzina
DIRECTOR OF FINANCE AND
CHIEF ACCOUNTING OFFICER
Fred L. Werner, C.P.A.
Ruth Ann Allred
Ronald Buffum
Donald Kirkham
CERTIFIED PUBLIC ACCOUNTANTS
Mathis, West, Huffines & Co., P.C.
I
CITY OF WICHITA FALLS, TEXAS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE YEAR ENDED SEPTEMBER 30, 1987
TABLE OF CONTENTS
'
Exhibit
Page
INTRODUCTORY SECTION
'
Title Page
Table of Contents
i-iv
Organizational Chart
v
Letter of Transmittal
vi-xv
FINANCIAL SECTION
Accountants' Report
1
t
GENERAL PURPOSE FINANCIAL STATEMENTS:
Combined Balance Sheet - All Fund Types and Account Groups
A-1
2-3
Combined Statement of Revenues, Expenditures and Changes
in Fund Balances - All Governmental Fund Types and
Expendable Trust Funds
A-2
4
Combined Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual - General, Special
Revenue, and Debt Service Funds
A-3
5
Combined Statement of Revenues, Expenses and Changes in
Retained Earnings - All Proprietary Fund Types
A-4
6-7
Combined Statement of Changes in Financial Position - All
Proprietary Fund Types
A-5
8-9
Notes to the Financial Statements
10-40
REQUIRED SUPPLEMENTARY INFORMATION:
Defined Contribution Pension Plan - Analysis of Funding
Progress - Last Ten Plan Years
B-1
41
t
Defined Contribution Pension Plan - Revenues by Source and
Expenses by Type - Last Ten Plan Years
B-2
42
COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS:
General Fund:
Comparative Balance Sheet
Statement of Revenues, Expenditures and Changes in
C-1
43
Fund Balance - Budget and Actual
C-2
44-47
CITY OF WICHITA FALLS, TEXAS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE YEAR ENDED SEPTEMBER 30, 1987
TABLE OF CONTENTS (CONT'D.)
Exhibit Page
COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS (CONT'D.):
Special Revenue Funds:
Combining Balance Sheet
D--1
48
Combining Statement of Revenues, Expenditures and Changes
in Fund Balance - Budget and Actual
D--2
49
Revenue Sharing Fund:
Comparative Balance Sheet
D--3
50
Statement of Revenues, Expenditures and Changes
in Fund Balance - Budget and Actual
D--4
51
Civic/Community Promotion Fund:
Comparative Balance Sheet
D--5
52
Statement of Revenues, Expenditures and Changes
in Fund Balance - Budget and Actual
D--6
53
Hotel/Motel Tax Fund:
Comparative Balance Sheet
D--7
54
Statement of Revenues, Expenditures and Changes
in Fund Balance - Budget and Actual
D--B
55
Community Development Block Grant Fund:
Comparative Balance Sheet
D--9
56
Statement of Revenues, Expenditures and Changes
in Fund Balance - Budget and Actual
D-10
57
Special Revenue Fund:
Comparative Balance Sheet
D-11
58
Statement of Revenues, Expenditures and Changes
in Fund Balance - Budget and Actual
D-12
59
Section 8 Housing Fund:
Comparative Balance Sheet
D-13
60
Statement of Revenues, Expenditures and Changes
in Fund Balance - Budget and Actual
D-14
61
Rental Rehabilitation Program Fund:
Balance Sheet
D-15
62
Statement of Revenues, Expenditures and Changes
in Fund Balance - Budget and Actual
D-16
63
Debt Service Fund:
Comparative Balance Sheet
E-1
64
Statement of Revenues, Expenditures and Changes in
Fund Balance - Budget and Actual
E-2
65
Capital Projects Funds:
Combining Balance Sheet
F-1
66
Combining Statement of Revenues, Expenditures and
Changes in Fund Balance
F-2
67
1
CITY OF WICHITA FALLS, TEXAS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE YEAR ENDED SEPTEMBER 30, 1987
TABLE OF CONTENTS (CONT'D.)
Exhibit
Page
COMBINING AND
INDIVIDUAL FUND FINANCIAL STATEMENTS (CONT'D.):
Enterprise Funds:
Combining Balance Sheet
G-1
68-69
Combining Statement of Revenues, Expenses and Changes
in Retained Earnings
Combining Statement of Changes in Financial Position
G-2
G-3
70
71-72
Internal Service Fund:
Comparative Balance Sheet
H-1
73
Statement of Revenues, Expenses and Changes in
Retained Earnings
H-2
74
Statement of Changes in Financial Position
H-3
75
Trust and Agency Funds:
Combining Balance Sheet
1-1
76
'
Expendable Trust Fund - Employee Benefit Trust
Statement of Revenues, Expenditures and Changes in
Fund Balance
I-2
77
Agency Funds - Combining Statement of Changes in
Assets and Liabilities
I-3
78-80
Supporting Schedules:
Combined Schedule of Bonded Debt and Interest Maturities
J--1
81
Combined Schedule of Bonds Payable
J--2
82-83
Debt Service Coverage - Revenue Bonds
J--3
84
'
General Fixed Assets - Comparative Schedule of General
Fixed Assets - By Sources
J--4
85
General Fixed Assets - Schedule of Changes in General
Fixed Assets - By Sources
J--5
86
General Fixed Assets - Schedule of General
Fixed Assets - By Function and Activity
J--6
87
General Fixed Assets - Schedule of Changes in General
Fixed Assets - By Function and Activity
J--7
88-89
Airport Fund - Plant, Equipment and Depreciation
J--B
90
Transit Fund - Plant, Equipment and Depreciation
J--9
91
Sanitation Fund - Plant, Equipment and Depreciation
J-10
92
Water and Sewer Fund - Plant, Equipment and Depreciation
J-11
93
Internal Service Fund - Plant, Equipment and Depreciation
J-12
94
CITY OF WICHITA FALLS, TEXAS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE YEAR ENDED SEPTEMBER 30, 1987
TABLE OF CONTENTS (CONT'D.)
Exhibit Page
STATISTICAL SECTION (UNAUDITED)
General Governmental Expenditures by Function (General Fund Only)
- Last Ten Fiscal Years
K--1
95
General Revenues by Source (General Fund Only) - Last Ten
Fiscal Years
K--2
96
Property Tax Levies and Collections - Last Ten Fiscal Years
K--3
97
Assessed and Estimated Actual Value of Taxable Property -
Last Ten Fiscal Years
K--4
98
Property Tax Rates and Tax Levies - All Overlapping
Governments - Last Ten Fiscal Years
K--5
99
Special Assessment Collections - Last Ten Fiscal Years
K--6
100
Ratio of Net General Bonded Debt to Assessed Value and
Net Bonded Debt Per Capita - Last Ten Fiscal Years
K--7
101
Computation of Legal Debt Margin
K--8
102
Computation of Direct and Overlapping Debt
K--9
103
Ratio of Annual Debt Service for General Bonded Debt to
Total General Expenditures - Last Ten Fiscal Years
K-10
104
Airport Revenue Bonds - Schedule of Revenue Bond Coverage -
Last Ten Fiscal Years
K-11
105
Water and Sewer Revenue Bonds - Schedule of Revenue Bond
Coverage - Last Ten Fiscal Years
K-12
106
Demographic Statistics - Last Ten Fiscal Years
K-13
107
Property Value, Building Permits and Bank Deposits - Last
Ten Fiscal Years
K-14
108
Ten Largest Taxpayers
K-15
109
Miscellaneous Statistical Data
K-16
110
Schedule of Insurance Coverage
K-17
111-113
Schedule of Employee Benefit Insurance
K-18
114-115
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Wichita Falls
A
January 29, 1988
The Honorable Mayor and Members
of the City Council
James Berzina, City Manager
City of Wichita Falls, Texas
The Comprehensive Annual Financial Report of the City of
Wichita Falls, Texas, for the year ended September 30, 1987,
is submitted herewith.
General Information
The City of Wichita Falls is located in North Central Texas,
approximately 130 miles northwest of the Dallas - Fort Worth
metropolitan area and 145 miles southwest of Oklahoma City.
The City of Wichita Falls is the county seat of Wichita County
and was incorporated in 1889. There are 50 square miles of
land in the City's boundary. The City is an industrial trade
and financial center for a large farming, ranching and oil
producing territory.
Reporting Entity
In accordance with NCGA Statement 3, which addresses the issue
of defining the reporting entity with respect to other
agencies, institutions, commissions, public authorities, or
other governmental organizations for inclusion in the
reporting entity's general purpose financial statements, four
organizations were evaluated. Employee Benefit Trust Fund,
Firemen's Relief and Retirement Board, Housing Authority of
the City of Wichita Falls, and the Wichita County/City
Hospital Board. Only the Employee Benefit Trust Fund met the
criteria used to evaluate each organization and is included in
these financial statements. The other three did not meet the
criteria of financial interdependency and therefore were not
included in this report. The organizations have substantial
autonomy and separate governmental entity characteristics and
are governed by separate boards. However, they are not funded
by the City. The City is not obligated to finance any
deficits they may incur and the City does not guarantee their
indebtedness.
1300 7th Street P.O. Box 1431 817/761-7611 Wichita Falls, Texas 76307
vi
Services Provided
The City provides the full range of basic services
contemplated by charter on a continuing basis. These basic
services include public safety (police, fire- and building
inspection), highways and streets, health and welfare
services, culture -recreation, public improvements, planning
and zoning and general administration services. In addition,
the City provides water and sewer services for its citizens.
Accounting System and Budgetary Control
In developing and evaluating the City's accounting system,
consideration is given to the adequacy of internal accounting
controls as deemed appropriate by the City Manager. Internal
accounting controls are 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 recognized 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 accounting
controls adequately safeguard assets and provide reasonable
assurance of proper recording of financial transactions.
Budgetary control is maintained at the class level 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. Open encumbrances are reported as reservations of
fund balance at September 30, 1987.
Sionificant Local Economic Event
On October 17, 1986, the United States Congress passed a bill
that was signed into law; agreeing to provide the services of
the U. S. Army Corps of Engineers in expanding the flood
protection provided by the Holliday Creek Flood Control
project. The City of Wichita Falls will benefit from this
participation and enhance its flood protection to its
citizenry.
vii
Subseauent Event
Effective October 1, 1987, the City recognized a new
expendable trust fund entitled the Tax Increment Financing
Reinvestment Zone Number One Trust with the passage of
Ordinance 22-86. The City of Wichita Falls, Texas contracted
with the County of Wichita and the Wichita Falls Independent
School District for a 15% reduction in the tax increment which
these entities will be contributing to the Tax Increment Fund
for Reinvestment Zone Number One.
Both of these contracts were passed and approved by Resolution
' 199-86 and 200-86 respectively on December 16, 1986. The City
of Wichita Falls, Texas will be contributing 100% of the
revenue from its tax increment to the Reinvestment Zone Number
One. Wichita County and Wichita Falls Independent School
District will each contribute 85% of the revenue generated
from this tax increment to the Reinvestment Zone Number One.
The Tax Increment Base for Reinvestment Zone Number One is as
follows:
City of Wichita Falls, TX
Wichita County, TX
Wichita Falls Independent
School District
Taxable Taxable
Tax Current Captured
Increment Base Appraised Value
1-1-86 1-1-87
$69,420,597 $339,345
$69,420,597 $339,345
$69,420,597 $338,295
Values for January 1, 1987 are subject to modifications by the
Wichita Appraisal District, Appraisal Review Board.
The Reinvestment Zone Number One
has not received any
tax
increments as of September 30, 1987.
Pros ects for the
Future
'
The City is anticipating a general
obligation bond sale
for
capital improvements to be utilized
for the betterment of
the
streets and enhancements in the various City parks during
the
'
next fiscal year.
1
�l
Governmental Fund
Types
General Fund
,
Revenues in General Fund totaled $25,580,233
in
the 1986-87
fiscal year, a decrease of 2.1% from
the 1985-86
fiscal year.
The decrease is due to a reduction
in sales tax
and utility
franchise taxes. General property
taxes produced
48.61% of
general revenues compared to 45.17%
in 1985-86
and 42.9% in
1984-85.
Increase
(Decrease)
'
Percent
Over Prior
Revenue Source Amount
of Total
Year
'
Taxes $21,498,718
84.05%
444,970
Charges for service 1,164,667
4.55
47,319
Licenses and permits 353,679
1.38
(65,144)
'
Fines 840,467
3.29
3,616
Intergovernmental revenue 641,949
2.51
162,624
Miscellaneous revenue 1,030,753
4.22
(267,250)
$25,580,233
100.00%
$(563,805)
'
Assessed valuation was $2,315,783,297 based on 100% of market
value. Current tax collections were 95.43% on the tax levy,
down .13% from last year. The ratio of total collections
(current and delinquent) to the current tax levy was 98.06%.
Allocation of the property tax levy by purpose for the year
ended September 30, 1987, and the preceding two fiscal years
was as follows:
Purposes 1986-87 1985-86 1984-85
General Government $12,116,281 $11,337,416 $10,898,063
Debt Service Fund 2,285,575 2,603,193 3,301,906
$14,401,856 $13,940,609 $14,199,969
ix
1
IGovernmental Fund Types, continued
Expenditures from the General Fund totaled $29,195,996, an
increase of 2.52% over the 1985-86 fiscal year. The increase
in levels of expenditures for major functions of the City over
the preceding year are shown in the following tabulation.
Major changes are seen in the Police Department
through a reduction in the capital outlay category for
' computer hardware.
Increased costs of vehicle maintenance and repairs are the
major contributing factors for cost changes compared to the
prior year in the Fire Department.
The Parks and Recreation Department incurred increased costs
of vehicle maintenance as compared to the prior year.
The Planning Department's cost of operation decreased because
of a reduction in the grant subsidy allocated to it in prior
years.
The increased costs in the Health Department are due to the
increased activity in Federal and State funded programs.
Increase
(Decrease)
Function
Amount
Percent
of Total
Over Prior
Year
Administrative Services
$ 4,972.244
17.03%
$ 77,023
Police
7,242,687
24.81
(180,126)
Fire
4,844,086
16.59
242,435
Parks and Recreation
2,928,346
10.03
531,981
Accounting/Finance
469,576
1.61
(55,458)
Planning
269,662
.92
(135,857)
Public Works
5,233,671
17.93
12,810
Health
1,939,250
6.64
206,266
Traffic & Transportation
1,296,474
4.44
19,546
$29,195,996
100.00%
$718,620
Special Revenue
Funds
The Civic/Community Promotion Fund
is a special
revenue fund
used to account for
revenues
from various
rents and
concessions associated
with the Auditorium and
the Activity
Center.
x
Special Revenue Funds, continued '
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 with a 6% State tax for a
total of 13%.
The Revenue Sharing Fund, Community Development Block Grant
Fund, and Section 8 Housing Fund which is used to subsidize
rents and housing payments for lower income families within ,
the City, are also included in Special Revenue Funds. The use
of Revenue Sharing Funds and Community Development Funds are
enumerated in Note 6. ,
Debt Administration
The ratio of net bonded debt to assessed valuation 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 1986-87 fiscal year was as ,
follows:
Ratio of Debt
of Assessed Debt Per
Value Capita
Net Direct Bonded Debt $21,965,699 .95% $222
Outstanding general obligation bonds at September 30, 1987,
totaled $22,235,000 and is considered to be direct tax
supported debt.
The current ratings are as follows:
General Obligation Bonds
Water and Sewer Revenue Bonds
Moody's Investors Standard &
Service Poor's
Al AA
Al A+
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 enterprise funds. At the end of the
fiscal year, completed projects are transferred to General
Fixed Assets. During the 1986-87 fiscal period, expenditures
from the Capital Projects Funds amounted to $1,265,141. The
ending fund balances in the Capital Projects Funds totaled
$11,918,328 as of September 30, 1987. The significant
uncompleted project in Capital Projects Funds at the present
time is:
Holliday Creek Flood Control Project
Capital Improvement Assessments
The Capital Improvement Assessment Fund is a new Capital
Project Fund for fiscal year ended September 30, 1987. This
fund formerly was called the Special Assessment Fund. The
change to Capital Improvement Assessment Fund has been made to
conform to current financial reporting standards.
Proprietary Funds
Water and Sewer
The Water and Sewer Fund operations for the past three years
is presented in the following tabulation:
Water and Sewer:
Income Available for Debt
Service
Maximum Annual Debt Service
Maximum coverage (income
available for debt service
divided by maximum annual
debt service)
1986-87 1985-86 1984-85
$4,230,749 $4,588,812 $5,239,019
2,453,511 2,457,972 2,377,437
1.72 1.87 2.20
Airport
Operating revenues of the Airport for the year ended
September 30, 1987, were $173,363. This is a decrease of
4.5%. Operating expenses decreased 31.4%. This was due to
refurbishing and improving the interior at the airport.
1
Proprietary Funds, continued
Transit
Operating revenues of the Transit system were consistent with
the prior year: 86-87 - $141,962; 85-86 - $154,634; a modest
decrease of 8%. Operating expenses were: 86-87 $473,878; 85-
86 - $471,866; a modest increase of .4%.
Sanitation
Sanitation revenues for the year ended September 30, 1987,
were $4,579,009, in 85-86 they were $4,690,107, a decrease of
2.37% from the prior year. Operating expenses increased 32.4%
'
from $3,242,360 in 85-86 to $4,292,642 in 86-87.
Internal Service Fund
Fleet Maintenance Internal Service Fund
'
The City created an Internal Service Fund for improved
maintenance over the vehicle fleet on October 1, 1985.
Divisions which use the vehicles and equipment are charged a
monthly rental fee for the use of the vehicle.
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 social -security, payroll, tax collection, accounts payable
funds and the Employee Benefit Trust Fund.
General Fixed Assets
The general fixed assets of the City are those fixed assets
used in the performance of general governmental functions and
exclude the fixed assets of proprietary funds. As of
September 30, 1987, the general fixed assets of the City
amounted to $33,046,490.
Treasury Management I
Cash which was temporarily idle during the year, including
debt retirement funds, operating funds, and bond proceeds, was ,
invested in government securities, certificates of deposit,
and money-market- checking accounts. The total amount of
interest earned on -these investments amounted to $2,768,781.
1
n
Responsibility of Financial Statements
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 activity have been
'
included.
Reporting Standards
Local governmental accounting principles are primarily
promulgated by the Governmental Accounting Standards Board
(GASH). These principles have been adhered to in the
preparation of this report.
Notes to Financial Statements
The Notes to the Financial Statements presented with the
General Purpose Financial Statements section are an integral
part of this comprehensive annual financial report and should
be read for a fuller understanding of the statements and
information presented within.
Independent Audit
4' 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, selected by the Mayor and City Council. This
requirement has been complied with and Mathis, West, Huffines
and Company's opinion has been included in this report. The
statistical section of this report was not included within the
scope of the audit.
Certificate of Achievement
for Excellence in Financial Reporting
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, Texas, for its comprehensive annual financial report
for the fiscal year ended September 30, 1985.
1
I xiv
Certificate of Achievement
for Excellence in Financial Reporting, continued
In order to be awarded a Certificate of Achievement for
Excellence in Financial Reporting, a governmental unit must
publish an easily readable and efficiently organized
comprehensive annual financial report whose contents conform
to program standards. Such reports must satisfy both
generally accepted accounting principles and applicable legal
requirements.
A Certificate of Achievement for Excellence in Financial
Reporting is valid for a period of one year only. We believe
our current report conforms to the Certificate of Achievement
for Excellence in Financial Reporting requirements, and we are
submitting it to GFOA to determine its eligibility.
Acknowledgements
Our appreciation is extended to the various elected officials,
department heads and employees responsible for the fair
presentation of the comprehensive annual report and
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, we 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.
Sincerely yours,
red L. erner, CPA
Director of Finance
xv
li
FINANCIAL SECTION
1
1
1
LJ
MATHIS, WEST, HUFFINES & CO., P.C.
Certified Public Accountants
Capital Center • Indiana at Seventh
P.O. Box MWH • Wichita Falls, Texas 76307-9989
(817) 723-1471
The Honorable Mayor and Members of the City Council
City of Wichita Falls, Texas
We have examined the general purpose financial statements of the
City of Wichita Falls, Texas, as of September 30, 1987 and for the year
then ended, as listed in the table of contents. Our examination was made
in accordance with generally accepted auditing standards and, accordingly,
included such tests of the accounting records and such other auditing
procedures as we considered necessary in the circumstances.
In our opinion, the general purpose financial statements referred to
above present fairly the financial position of the City of Wichita Falls,
Texas, at September 30, 1987, and the results of its operations and
changes in financial position of its proprietary funds for the year then
ended, in conformity with generally accepted accounting principles
consistently applied during the year except for the change, with which
we concur, in the method of accounting for the Capital Improvement
Assessments Fund as described in Note 3 to the financial statements.
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 examination was made 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 examination 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.
MATHIS, WEST, HUFFINES & CO., P.C.
Wichita Falls, Texas
January 5, 1988
1
GENERAL PURPOSE FINANCIAL STATEMENTS
9
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H
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS
SEPTEMBER 30, 1987
Note 1 - DEFINING THE REPORTING ENTITY
In accordance with National Council on Governmental Accounting (NCGA)
Statement 3, which addresses the issue of defining the reporting entity with
respect to other agencies, institutions, commissions, public authorities, or
other government organizations for inclusion in the reporting entity's
general purpose financial statements, City of Wichita Falls, Texas (City)
management identified four organizations which were evaluated for inclusion
using the following criteria:
1. Exercise of oversight responsibility over such agencies by the City's
elected officials:
a. Financial interdependency
b. Selection of governing authority
c. Designation of management
d. Ability to significantly influence operations and accountability
for fiscal matters.
2. Scope of public service:
a. Whether the activity is for the benefit of the reporting entity
and/or its residents
b. Whether the activity is conducted within the geographic boundaries
of the reporting entity and is generally available to the citizens
of that entity.
The four organizations evaluated were not involved in any joint ventures with
the City as defined by NCGA Statement 7. The organizations identified and
evaluated for inclusion in the City's financial statements were:
Employee Benefit Trust Fund
Based on the above criteria, the financial statements of the Employee
Benefit Trust Fund are included in the City's accompanying financial
statements as an Expendable 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 Employee Benefit Trust Committee consists of
four Trustees selected by the City, who may, but need not be, benefi-
ciaries of the health and welfare program funded by the Trust, and/or
officers or employees of the City. The purpose of the Employee Benefit
Trust Fund 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.
10
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1987
Note 1 - DEFINING THE REPORTING ENTITY (CONT'D.)
Firemen's Relief and Retirement Fund
The Wichita Falls Firemen's Relief and Retirement Fund is established and
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 does not influence or control 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 and Chief Accounting
Officer, three firefighters elected by a
majority vote of the firefighters
and two citizens, who must be 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 are not a
part of the City
and
thus are
excluded from the accompanying financial
statements.
Other Organizations
Other organizations not meeting the criteria used by the City for inclu-
sion in the City's financial statements include the following:
Housing Authority of the City of Wichita Falls
Wichita County/City Hospital Board
These organizations represent separate non-profit governmental units and
are not controlled by or dependent upon the City. They also did not meet
the criteria of financial interdependency, which is the most significant
manifestation of oversight and includes responsibility for financing
deficits, entitlements to surpluses, and guarantees of or "moral responsi-
bility" for debt.
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 govern-
ments. 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 following is a summary of the more significant
policies and practices used by the City.
11
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1987
Note 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D.)
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:
Governmental Funds 1
Governmental funds are used to account for the relatively liquid portion
of 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 appro-
priation 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 Funds - Debt Service Funds are used to account for the
accumulation of resources for, and the payment of, general long-term
debt principal, interest and related costs.
Capital Projects 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 and trust funds).
Proprietary Funds
Proprietary funds are those used to account for the City's ongoing organi-
zations and activities which are similar to those found in the private
sector. The measurement focus is upon capital maintenance and upon deter-
mination of net income, financial position, and changes in financial
position.
12
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1987
Note 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D.)
Proprietary Funds (Cont'd.)
Enterprise Funds - Enterprise Funds are used to account for operations
(a) that are financed and operated in a manner similar to private busi-
ness 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.
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 agency
funds.
Expendable Trust Funds - These funds are accounted for in the same
manner as governmental funds.
Agency Funds - These funds are purely custodial (assets equal liabili-
ties) 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 Group - This account group is established to
account for all fixed assets of the City other than those accounted for
in the proprietary funds.
General Long -Term Debt 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, 1987 '
Note 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D.) '
Basis of Accounting
Basis of accounting refers to the time at which revenues and expenditures or '
expenses are recognized in the accounts and reported in the financial state-
ments.
Governmental funds, expendable trust funds, and agency funds are accounted
for using 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 general long-term obligations
which are recognized when due. This exception is in conformity with
generally accepted accounting principles.
Property tax revenues and sales tax receipts are considered
measurable
and
available when collected by the respective intermediary collecting agency
and
recognized
as revenue at that time. Licenses and permits,
fines and
for-
feits, 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 expen-
ditures 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:
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 required compliance requirements, revenues are
recognized when received or susceptible to accrual.
Proprietary funds are accounted for using the accrual basis of accounting.
Under the accrual basis of accounting, revenues are recognized in the
14
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1987
Note 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D.)
Basis of Accounting (Cont'd.)
accounting period in which they are earned and become measurable. Expenses
are recorded in the accounting period incurred, if measurable.
Budget 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, divi-
sions 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' com-
ments 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. Addi-
tional appropriations were made during the year in the amount of
$909,384 which were passed and approved by the City Council.
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. How-
ever, the budgets for the Capital Projects Funds are adopted for
specific projects, are not binding, and may exceed one year. Accord-
ingly, no comparison of budget to actual is presented in the financial
statements for these funds. Due to an oversight by the City, revenues
were not properly budgeted in the Revenue Sharing Fund and the Rental
Rehabilitation Fund.
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.
15
CITY OF WICHITA FALLS, TEXAS '
NOTES TO THE FINANCIAL STATEMENTS (CONTID.)
SEPTEMBER 30, 1987 '
Note 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D.)
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 reser-
vations of fund balance for subsequent year expenditures and are reappro-
propriated in subsequent year budgetary accounts.
Investments
Investments are stated at cost, which approximates market.
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, inven-
tory acquisitions are recorded in inventory accounts initially and charged as
expenditures when used. Inventories are stated at average cost.
Plant and Equipment - Proprietary 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 funds 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.
16
CITY OF WICHITA FALLS, TEXAS,
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1987
Note 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D.)
Plant and Equipment Proprietary Funds (Cont'd.)
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 Funds.
For the fiscal year ending September 30, 1987, the City's proprietary funds
incurred a total of $1,940,248 of interest costs. Of this amount, $1,863,944
was capitalized on construction projects and $76,304 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 contri-
butions 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.
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 obli-
gation 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.
Grants and Other Intergovernmental Revenues
Categorical grants, except for grants that benefit more than one fund and
"pass through" grants, are accounted for within the appropriate fund of the
City to be financed by such grants. Revenues are recorded when they become
susceptible to accrual. Generally, expenditures govern eligibility for
income recognition, and the revenue is recognized as expenditures are
incurred. Grants financing more than one fund or financing secondary reci-
pients such as the Federal Revenue Sharing and Community Development Block
grants are recorded in Special Revenue funds pending a determination of the
programs or activities to be financed by such sources. Revenues are recog-
nized when they become measurable and available, and expenditures are
' recorded in the fund benefited by such expenditures.
' 17
CITY OF WICHITA FALLS, TEXAS '
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1987 ,
Note 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D.) '
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 ordi-
nances. 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.
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 expen-
ditures 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 pro-
prietary funds are treated as contributed capital, and such transfers from
proprietary funds are reported as reductions of retained earnings or contri-
buted capital as is appropriate in the circumstances. All other transfers
are treated as operating transfers and are included in the results of opera-
tions of both governmental and proprietary funds.
Vacation and Sick Leave
All permanent full-time employees earn vacation time and sick leave. Vaca-
tion time is earned at the rate of four hours per pay period up to a maximum
of thirteen days per year. The maximum vacation time that may be accrued is
thirty days. Sick leave is earned at the rate of 4.62 hours per pay period
up to a maximum of ninety days. Upon leaving the employment of the City,
employees will be paid for unused vacation days which have accrued. Addi-
tionally, police officers and firefighters may accumulate an unlimited number
18
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STAPEMENTS (CONT'D.)
SEPTEMBER 30, 1987
Note 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D.)
Vacation and Sick Leave (Cont'd.)
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.
Insurance
The City maintains a group health insurance plan for employees and dependents
which is 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 the participating employees and are recognized as revenues
in the funds. The contributions by the City are recorded as expenditures or
expenses of the various funds as appropriate.
Comparative Data
Comparative data for the prior year have been presented in the accompanying
financial statements in order to provide an understanding of changes in the
City's financial position and operations. However, complete comparative
data, (i.e., presentation of prior year totals by fund type) have not been
} presented in each of the statements since their inclusion would make the
statements unduly complex and difficult to read.
Reclassifications
Certain comparative data have been reclassified to present such amounts in a
manner consistent with the current year's financial statements.
Total Columns on Combined Financial Statements
Total columns on the combined financial statements are captioned "Memorandum
Only" to
indicate that they are presented only
to facilitate financial
analysis.
Data in these columns do not present financial position, results
of operations, or changes in financial position in
conformity with generally
accepted
accounting principles. Such data is not
comparable to a consoli-
dation.
Interfund eliminations have not been made
in arriving at the totals.
Note 3 - ACCOUNTING CHANGE RESULTING IN RESTATEMENT OF PRIOR YEAR
On October 1, 1986, a change was made to the City's financial statements
which required restatement of prior year financial information.
In prior years, the City's Special Assessments Fund was reported as a
separate fund type. The current year's financial statements report this
fund as a Capital Projects Fund in accordance with Governmental Accounting
19
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1987
Note 3 - ACCOUNTING CHANGE RESULTING IN RESTATEMENT OF PRIOR YEAR (CONT'D.)
Standards Board (GASB) Statement 6, Accounting and Financial Reporting for
Special Assessments. The new title of this fund is the Capital Improvement
Assessments Fund. The comparative totals for the Capital Projects Funds for
the year ended September 30, 1986 have been restated to reflect this change.
The effect of this restatement on the Capital Projects Funds September 30,
1986 balances was to increase assets, liabilities, and fund balance by
$851,159, $499,711, and $351,448, respectively, and to decrease the amount
expenditures exceeded revenues by $65,865.
Note 4 - ESTABLISHMENT OF RENTAL REHABILITATION PROGRAM FUND
Effective October 1, 1986, the City established an additional Special Revenue
Fund entitled the Rental Rehabilitation Program Fund. This fund was created
to account for federal funds received to provide affordable rental housing
for lower income families within the City. Affordable rental housing is
provided by rehabilitating existing substandard rental units to a condition
which brings them into compliance with the Standard Housing Code and the
requirements of the U.S. Housing and Urban Development. This fund was esta-
blished with a residual equity transfer of $20,251 from the Community
Development Block Grant Fund.
Note 5 - FUND DEFICITS
Enterprise Funds
At September 30, 1987, the Airport Fund had
a
deficit retained
earnings
balance of $124,088. The intent of management
is that this deficit be
,
recovered by transfers from other funds during
the
subsequent fiscal
year.
At September 30, 1987, the Transit Fund had
a
deficit retained
earnings
balance of $133,940. The intent of management
is
that this deficit
also be
,
recovered by transfers from other funds during
the
subsequent fiscal
year.
Internal Service Fund I
At September 30, 1987, the Internal Service Fund had a deficit retained
earnings balance of $217,875. In the opinion of management, this deficit '
will be recovered in the next fiscal year by maintaining the current rates
charged for services rendered to other departments.
Note 6 - COLLECTIONS FROM CATEGORICAL BLOCK GRANTS AND FEDERAL REVENUE SHARING '
Categorical grant expenditures for the years ended September 30, 1987 and '
1986, respectively, have been reflected in the following City funds:
20 1
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1987
Note 6 - COLLECTIONS FROM CATEGORICAL BLOCK GRANTS AND FEDERAL REVENUE SHARING (CONT'D.)
1987 1986
General Fund $1,833,286 $1,961,258
Enterprise Funds:
Airport Fund - 51,000
Transit Fund 158,814 135,330
Sanitation Fund - 4,600
Water and Sewer Fund 181,356 395,394
Total Enterprise Funds 340,170 586,324
Total $2,173,456 $2,547,582
The financing uses of the Revenue Sharing Fund and Community Development Block
Grant as reflected in the General Fund and the Enterprise Fund are detailed as
follows:
Revenue Sharing
Fund
Budget (1)
Personnel services $ -
Supplies and materials 6,750
Maintenance 974,764
Utilities and other
services 139,970
Capital outlay 567,323
Total $1,688,807
Actual
4,830
184,095
Community Development
Block Grant
Budget (1)
Actual
$ 247,012
$ 207,187
5,590
2,932
2,791,933
1,063,038
34,235 230,360 186,194
196,718 392,692 343,168
$ 419,878 $3,667,587 $1,802,519
' (1) Budgeted amounts as shown include current and prior year appropriations to
be carried forward for future use.
INote 7 - DEPOSITS AND INVESTMENTS
Deposits
All of the City's demand and time depository accounts are held in a local
banking institution under the terms of a written depository contract. At
September 30, 1987, the total amount of the City's demand and time deposits per
the general ledgers was $3,886,874, and the total amount per the City's
September 30, 1987 bank statements was $4,322,276. The entire amount of the
year end bank statement balances was covered by federal depository insurance or
by U.S. Governi-nent Securities held as collateral by the City's agent in the
City's name.
r]
1 21
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1987
Note 7 - DEPOSITS AND INVESTMENTS (CONT'D.)
TnvPctmPntc
The City's investment policies are governed by State statutes. The City is
authorized to invest in obligations of the United States or its agencies,
obligations of the State of Texas or its agencies, commercial paper rated A
or its equivalent by a nationally recognized investment rating firm, and
repurchase agreements.
The City's investments are categorized below to give an indication of the
level of risk assumed by the entity at year end. Category 1 includes invest-
ments 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 broker's or
dealer'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 broker or dealer, or its trust department or agent, but not in the City's
name.
Description
U.S. Government
Securities
Note 8 - PROPERTY TAXES
Category Carrying Market
1 2 3 Amount Value
$36,449,127 $ - $ - $36,449,127 $36,840,160 '
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,
1987 was $.6219 per $100 which means that the City has a tax margin of
$1.6281 per $100, and could raise up to $37,703,268 additional tax revenue a
year from the present assessed valuation of $2,315,783,297 before the limit
is reached.
22
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
!" SEPTEMBER 30, 1987
' Note 8 - PROPERTY TAXES (CONT'D.)
The City serves as agent in assessing and collecting ad valorem taxes for the
Wichita Falls Independent School District. It also served the Wichita Falls
College District in a similar capacity during its existence and currently
serves as collector and as custodian of delinquent tax records for successors
to the former District.
Taxes levied and uncollected for the School and College District totaled
$2,744,968 and $2,433,029 at September 30, 1987 and 1986, respectively, and
are reflected in the Tax Collection Fund in the agency fund group.
Note 9 - 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 short-term investments
For Capital Improvements:
Cash and short-term investments
Receivables
For Customer Deposits:
Cash and short-term investments
Tot al
$2,867,634
6,016,012
110,376
922,085
23
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24
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1987
Note 11 - DEFINED CONTRIBUTION PENSION PLAN
Plan Description
The City provides pension benefits for all of its full-time employees, except
firemen, through a nontraditional, joint contributory, defined contribution
plan in the state-wide Texas Municipal Retirement System (TMRS). The City's
plan is one of over 500 administered by TMRS, an agent multiple -employer
public employee retirement system. The plans in TMRS are substantially
defined contribution plans, but have many of the characteristics of defined
benefit plans. Therefore, additional voluntary disclosures are provided to
help foster a better understanding of the nontraditional characteristics of
the plan.
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 200% of
the employee's accumulated contributions.
Members can retire at ages 60 and above with 15 or more years of service, at
ages 50-59 with 25 or more years of service, or with 28 years of service
regardless of age. The plan also provides death and disability benefits. A
member is vested after 20 years, but must leave his accumulated contributions
in the plan. If a member prematurely withdraws his own money, he is not
entitled to the employer -financed monetary credits even if vested. The plan
provisions are adopted by the City within the options and actuarial
constraints detailed in the state statutes governing TMRS.
Funding Status and Progress
Even though the substance of the City's plan is not to provide a defined
benefit in some form, some additional voluntary disclosure is appropriate due
to the nontraditional nature of the defined contribution plan which had an
initial unfunded pension benefit obligation upon the plan's inception. The
pension benefit obligation shown below is similar in nature to the standard-
ized disclosure measure required by GASB Statement 5 for defined benefit
plans, except that there is no need to project salary increases since the
benefit credits earned for service to date are not dependent upon future
salaries. The calculations were made as part of the annual actuarial valua-
tion as of December 31, 1986 and, therefore, all plan disclosures have been
presented on a twelve month calendar year basis. Because of the money
purchase nature of the plan, the interest rate assumption, currently 5% per
25
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1987
Note 11 - DEFINED CONTRIBUTION PENSION PLAN (CONT'D.)
Funding Status and Progress (Cont'd.)
year, does not have as much impact on the results as it does for a defined
benefit plan. The market value of assets is not determined for each indivi-
dual City's plan, but the market value of assets for TMRS as a whole was 108%
of book value as of December 31, 1986.
Total unfunded pension benefit obligation applicable to the City's employees
was $4,469,293 at December 31, 1986, as follows:
Pension benefit obligation:
Annuitants $ 1,652,564
Members:
Accumulated employee contributions
including allocated invested earnings 8,545,738
Employer -financed vested 8,305,249
Employer -financed nonvested 5,063,540
Total pension benefit obligation 23,567,091
Net assets available for benefits,
at book value 19,097,798
Unfunded pension benefit obligation $ 4,469,293
The book value of assets is amortized cost for bonds and original cost for
short-term securities and stocks. The actuarial assumptions used to compute
the actuarially determined City contribution rate are the same as those used
to compute the pension benefit obligation. The amounts above reflect changes
in the plan that were adopted after the previous actuarial valuation, which
had the effect of increasing the unfunded pension benefit obligation by
$194,192.
Contributions Required and Contributions Made
The contribution rate for all employees, except policemen, is 5%. Policemen
contribute 7% to the plan. The City's matching percent is currently 200% of
the employee's contribution. Under state laws governing TMRS, the City's
contribution rate is annually determined by an actuary. Part of the City's
contribution rate (the normal cost) is to fund the currently accruing mone-
tary credits, with the other part (the prior service contribution rate)
calculated as the level percent of payroll needed to amortize the unfunded
actuarial liability over the remainder of the plan's 25-year amortization
period. When the City periodically adopts updated service credits and
26
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (OC)NT'D.)
SEPTEMBER 30, 1987
' Note 11
- DEFINED CONTRIBUTION PENSION PLAN (CONT'D.)
Contributions Required and Contributions Made (Cont'd.)
'
increases
the 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,
1983. The unit credit actuarial cost method is used for determining
'
the City's
contribution rate. Contributions are made monthly by both the
employees
and the City. Since the City needs to know its contribution rate
in advance to budget for it, there is a one-year lag between the actuarial
valuation that is the basis for the rate and the calendar year when the rate
goes into
effect.
The City's total payroll for the calendar year 1986 was $20,239,675, and the
City's contributions were based on a covered payroll of $15,593,759. Both
the City and the covered employees made the required contributions for the
calendar year 1986, amounting to $904,438 for the City and $864,846 for the
employees. The City adopted changes in the plan since the previous actuarial
valuation, which had no effect on the City's contribution rate for 1987.
There were no related -party plan transactions.
W Trend Information
Trend information gives an indication of the progress made in accumulating
sufficient assets to pay benefits when due. Ten-year trend information may
be found on pages 41-42 of the City's comprehensive annual financial report.
For the three years ended December 31, 1984, 1985, and 1986, respectively,
available assets were sufficient to fund 82.2, 80.5, and 81.0 percent of the
pension benefit obligation. Unfunded pension benefit obligation represented
22.8, 27.6, and 28.7 percent of the annual payroll for employees covered by
the plan for the three years ended December 31, 1984, 1985, and 1986,
respectively. Showing unfunded pension benefit obligation as a percentage of
annual covered payroll approximately adjusts for the effects of inflation for
analysis purposes. In addition, for the three years ended December 31, 1984,
1985, and 1986, the City's contributions to the plan, all made in accordance
with actuarially determined requirements, were 5.10, 5.35, and 5.80 percent,
respectively, of annual covered payroll.
Note 12 - FIREMEN'S RELIEF AND RETIREMENT FUND
The City's firemen are covered by a locally administered Firemen's Relief and
Retirement Fund maintained for members of the City of Wichita Falls Fire
Department under provisions of applicable laws of the State of Texas. All
firemen, who are under the age of 35 upon entering service as a City fire-
fighter, must became members of the plan.
27
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1987
Note 12 - FIREMEN'S RELIEF AND RETIREMENT FUND (CONT'D.)
Eighteen percent of each fireman's gross salary is contributed to the Fund,
with one-half of the contributed amount being paid by each fireman and
one-half by the City. For the year ended September 30, 1987, the City
contributed $312,455 to the Fund. Contributions have been made for all plan
years in accordance with actuarially determined contribution requirements
determined through an actuarial valuation.
The actuarial cost method used to value the Fund was the entry -age -actuarial
cost method. Under this method, the actuarial present value of projected
benefits for each participant is allocated as a level percentage of the
earnings of the participant between entry age and assumed retirement. The
unfunded actuarially accrued liability at April 30, 1986, as determined by a
valuation performed as of that date, is $2,949,325. This liability is to be
amortized by a level percentage of payroll over a period of 19 years assuming
that total payroll will increase 6% per annum in future years.
As indicated in Note 1, the Firemen's Relief and Retirement Fund is not a
part of the City and thus has been excluded from the accompanying financial
statements. A separate audited financial report of this Fund is publicly
available which contains the pension disclosures required by Governmental
Accounting Standards Board (GASB) Statement 5. Summary plan information,
estimated as of the following dates by the Fund's consulting actuaries, is as
follows:
Pension benefit obligation:
Vested benefits for those
currently receiving payments
Vested benefits for active
participants
Nonvested benefits for active
participants
Total pension benefit obligation
Net assets available for benefits,
book value as of above evaluation
date
Unfunded pension benefit obligation
April 30, March 31,
1986 1983 '
$3,238,041 $1,699,778 1
3,638,660 2,839,192
183,749 179,781 '
7,060,450 4,718,751 1
6,127,702 4,045,578
$ 932,748 $ 673,173
28
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1987
Note 13 - DEFERRED COMPENSATION PLAN
The City offers its employees a deferred compensation plan created in accord-
ance 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.
All compensation deferred under the plan, all investments purchased, and all
income attributable to these investments are (until paid or made available to
the employee or other beneficiary) solely the property of the City subject
'
only to the claims of the City's general creditors. Participants' rights
under the plan are equal to those of general creditors of the City in an
amount equal to the fair market value of their deferred account.
It is the opinion of City management that the City has no liability for
losses under the plan, but does have the duty of due care that would be
required of an ordinary prudent investor. It is also the opinion of City
management that it is unlikely that it will use the assets to satisfy the
claims of general creditors in the future.
' Note 14
- PAYABLE TO U.S. GOVERNMENT
The City of Wichita Falls and Wichita County Water Improvement District No.
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, 2004 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 by NCGA Statement 7.
The remaining debt payable to the U.S. Government is classified as follows:
September 30,
1987 1986
Long-term
Current portion in other
liabilities
Tot al
$1,108,940 $1,124,339
15,399 14,914
$1,124,339 $1,139,253
29
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1987
Note 15 - 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
$9,990 and $10,247 for the fiscal years ended September 30, 1987 and 1986,
respectively.
Note 16 - DESCRIPTION OF LEASING ARRANGEMENTS
Computer and other equipment leases, expiring in 1987 and 1989, a vehicle
lease expiring in 1988, and a lease of land expiring in 1991, are classified
as capital leases and are included in the General Fixed Asset account group
and General Long -Term Debt account group.
The majority of the operating leases contain the option for annual renewal at
the end of the initial lease term. In most cases, leases will be removed or
replaced by other leases: The City leases certain equipment and data pro-
cessing software under operating leases expiring at varying times through
1989.
Capital Leases
The following is an analysis of the leased property under capital leases by
major classes:
Classes of Property
Equipment
Motor vehicles
Land
Tot al
Asset Balances at
September 30,
1987 1986
$ 810,755 $ 810,755
339,245 339,245
50,000 50,000
$1,200,000 $1,200,000
The following is a schedule by years of future minimum lease payments under
capital leases together with the present value of the net minimum lease pay-
ments as of September 30, 1987:
30
II
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1987
Note 16 - DESCRIPTION OF LEASING ARRANGEMENTS (CONT'D.)
Capital Leases (Cont'd.)
Year ending September 30:
1988 $203,776
1989 6,634
1990 5,000
1991 5,000
1992 -
Total minimum lease payments 220,410
Less: Amount representing interest (1) ( 7,073)
Present value of minimum lease payments (2) $213,337
Operating Leases
The following is a schedule by years of future minimum rental payments
required under operating leases that have initial or remaining noncancell-
able lease terms in excess of one year as of September 30, 1987:
Year ending September 30:
1988 $ 76,248
1989 9,988
1990 1
1991 1
1992 1
Later years 16
Total minimum payments required (3) $ 86,255
The following schedule shows the composition of total rental expenses for all
operating leases:
Minimum rentals
Contingent rentals
Total rentals
Year Ending
September 30,
1987
1986
$172,108
$ 93,799
9,990
10,247
$182,098
$104,046
31
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1987
Note 16 - DESCRIPTION OF LEASING ARRANGEMENTS (CONT'D.)
(1) Amount necessary to reduce net minimum lease payments to present value
calculated at the City's incremental borrowing rate at the inception of
the leases.
(2) Reflected in the general long-term debt account group as capital leases
payable.
(3) Minimum payments do not include contingent rentals which may be paid
under the airport lease based on the number of schedule landings.
Note 17 - LONG-TERM DEBT
The following is a summary of changes in long-term obligations of the City
for the year ended September 30, 1987:
Obligations Obligations
Outstanding New Obligations Outstanding
October 1, Obligations Retired September 30,
1986 Incurred or Refunded 1987
General Obligation Bonds
payable
$22,540,000 $ -
$305,000
$22,235,000
Revenue Bonds payable
241425,000 -
415,000
24,010,000
Accrued vacation and sick
leave (Note 21)
2,678,937 152,460
-
2,831,397
Capital leases payable
(Note 16)
460,634 -
247,297
213,337
Claims and judgements
payable (Note 21)
103,773 -
9,855
93,918
Payable to U.S. Govt.
(Note 14)
1,139,253 -
14,914
1,124,339
Total
$51,347,597 $152,460
$992,066
$50,507,991
Bonds payable at September 30, 1987 are comprised of the following individual
issues:
32
I
' CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1987
' Note 17 - LONG-TERM DEBT (CONT'D.)
Range of Final Annual Bonds
Interest Maturity Serial Bonds Outstanding
Rates Date Payments Authorized at 9/30/87
General Obligation Bonds:
1986 General Obligation
Refunding Bonds 5.00% to 9/01/06
8.15%
Total General
Obligation Bonds
Revenue Bonds:
Water and Sewer
I
Revenue Bonds:
1986 Water and
Sewer System
Refunding
Revenue Bonds 5.00% to 8/01/07
8.30%
Total Water and Sewer
Revenue Bonds
Airport Revenue Bonds:
1967 Airport Revenue 4.5%
Total Airport Revenue
Bonds
Total Revenue Bonds
Total All Bonds
4/15/87
$305,000 to $22,540,000 $22,235,000
2,115,000
22,540,000 22,235,000
395,000 to 24,405,000 24,010,000
2,265,000
24,405,000 24,010,000
5,000 to 130,000 -
20,000
130,000 -
24,535,000 24,010,000
$47,075,000 $46,245,000
The 1986 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, 1987, $269,301 was available in this fund
to service these bonds.
The 1986 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.
33
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1987
Note 17 - LONG-TERM DEBT (CONT'D.)
There are a number of limitations and restrictions contained in the various
bond indentures. The City is in compliance with all significant provisions
for such limitations and restrictions.
The City's current year payments for debt service of general obligation bonds
and revenue bonds included $4,042,894 of interest.
The annual requirements to pay principal and interest on the bond obligations
outstanding as of September 30, 1987 are as follows:
Year Ending
September 30:
General
Obligation Revenue Total
1988
$ 2,287,502
$ 2,457,972
$ 4,745,474
1989
2,285,740
2,451,348
4,737,088
1990
2,285,815
2,454,748
4,740,563
1991
2,285,615
2,453,788
4,739,403
1992
2,286,240
2,453,228
4,739,468
1993-1997
11,435,598
12,267,899
23,703,497
1998-2002
11,439,307
12,269,875
23,709,182
2003-2007
9,140,168
12,261,354
21,401,522
Total
Note 18 - DEFEASANCE OF PRIOR DEBT
$43,445,985 $49,070,212 $92,516,197 '
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, 1987, the
following outstanding bonds are considered defeased:
General Obligation Bonds:
1959 Wichita County Water Control
and Improvement District No. 6
1959 Wichita County Water Control
and Improvement District No. 4
1963 General Obligation Bonds
mmennt
$ 53,000
55,000
120,000
34
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1987
Note 18
- DEFEASANCE
OF PRIOR DEBT (CONT'D.)
Amount
General
Obligation Bonds (Cont'd.):
1968-A General Obligation Bonds
500,000
1970
General Obligation Bonds
375,000
1971
General Obligation Bonds
500,000
1980
General Obligation Bonds
2,750,000
1981
General Obligation Bonds
3,750,000
1982
General Obligation Bonds
2,275,000
1985
General Obligation Refunding
and
Improvement Bonds
20,305,000
Total Defeased General Obligation Bonds
30,683,000
Revenue Bonds:
1963
Water
and
Sewer
Revenue
Bonds
225,000
1966
Water
and
Sewer
Revenue
Bonds
540,000
1966-A Water and Sewer Revenue Bonds
300,000
1968
Water
and
Sewer
Revenue
Bonds
125,000
1973
Water
and
Sewer
Revenue
Bonds
600,000
1978
Water
and
Sewer
Revenue
Bonds
660,000
1980
Water
and
Sewer
Revenue
Bonds
700,000
1981
Water
and
Sewer
Revenue
Bonds
820,000
1982
Water
and
Sewer
Revenue
Bonds
650,000
1984
Water
and
Sewer
Revenue
Bonds
19,040,000
Total Defeased Revenue Bonds 23,660,000
Total Defeased Bonds $54,343,000
Note 19 - INTERFUND RECEIVABLE AND PAYABLE BALANCES
Interfund receivable and payable balances at September 30, 1987 are as
follows:
Interfund
Interfund
Receivables
Payables
General Fund
$ 160
$2,956
Trust and Agency Funds:
Payroll Fund
1,052
160
Accounts Payable Fund
1,904
Total
$3,116
$3,116
IN
1
35
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1987
Note 20 - SEGMENT INFORMATION FOR ENTERPRISE FUNDS
The City maintains four enterprise funds which provide transportation, sanitation,
water and sewer services. Segment information for the year ended September 30,
1987 is as follows:
Operating revenues
Depreciation and
amortiz at ion
Operating income
(loss)
Contributions from
operating grants
Operating transfers in
(out), net
Net income (loss)
Current capital:
Contributions
Transfers
Plant and equipment:
Additions
Deletions
Net working capital
Total as set s
Bonds and other
long-term liabilities
Total equity
Water
Total
Airport
Transit
Sanitation
and Sewer
Enterprise
Fund
Fund
Fund
Fund
Funds
$ 173,363
$141,962
$4,579,009
$11,877,889
$16,772,223
91,310
14,288
55,373
1,426,667
1,587,638
(95,708)
(331,916)
286,367
1,850,511
1,709,254
-
158,814
-
181,356
340,170
40,501
167,217
(383,023)
(247,577)
(422,882)
(55,066)
(5,885)
(24,778)
2,659,152
2,573,423
-
-
13,205
284,332
297,537
-
-
4,673
-
4,673
-
8,402
37,338
9,746,963
9,792,703
-
-
10,712
16,348
27,060
109,057
(26,294)
1,837,314
5,097,209
7,017,286
2,159,314
846,719
4,663,084
75,574,212
83,243,329
- - - 25,466,025 25,466,025
2,153,297 661,542 4,516,774 48,307,659 55,639,272
36
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1987
Note 21
- COMMITMENTS AND CONTINGENCIES
Litigation
The City is a defendant in numerous lawsuits. The
ultimate liability of
the
City cannot be determined at this time, although
City management believes
such liability 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 $2,931,397 at
September 30, 1987.
This
accrual is recorded in the General Long -Term Debt
$100,000 which is believed by City management to
account group, except
be currently payable
for
fran
available resources and is recorded in the General
Fund.
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 is
funded jointly by the City and the retirees. The City's portion of these
costs is recognized as expense when paid. For the fiscal year ended
September 30, 1987, these costs totaled approximately $5,400.
Workmen's Compensation Claims
' The City is liable for workmen's compensation claims arising in various
General Fund departments of $93,918 as of September 30, 1987. This amount is
recorded as a liability in the General Long -Term Debt account group.
The City is also liable for workmen's compensation claims arising in the
Enterprise Funds of $11,241 as of September 30, 1987. This amount is not
recorded as a liability in the Enterprise Funds. All payments made as a
result of these claims are charged to an expense account in the respective
Enterprise Fund.
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
(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.
g7»»
�f':; 37
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1987
Note 21 - COMMITMENTS AND CONTINGENCIES (CONT'D.) I
Contract Commitment With West Texas Utilities Company (Cont'd.)
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. The City received $150,000 annually from the date of this
contract through December 31, 1986. ,
Minimum annual charges were scheduled to begin when water was actually con-
sumed for the production of electricity upon completion of the first genera-
tion unit or January 1, 1987, whichever was sooner. On January 1, 1987,
minimum annual charges began and shall continue as follows:
Years Ending December 31:
1987-1991
1992-1996
1997 and all years thereafter
until end of contract
City's
Annual Share
$250,000
375,000
500,000
For water actually consumed, the
Company shall pay
the City and Wichita
County Water Improvement District
Number 2 equally,
at the Base Rate of
twenty-three ($.23) cents per one
thousand (1,000)
gallons, which can be
adjusted annually.
,
This contract can be terminated at
any time by the Company. If the contract
:is terminated, the Company is required to make a maximum termination payment
equal to the minimum charges which
would have become
due and payable during
the following twenty-four month period.
Contract Commitment With Army Corps of Engineers
On June 13, 1987, the City entered into a construction contract with the Army
Corps of Engineers to provide flood protection to the City of Wichita Falls '
and surrounding vicinity. This flood protection is to be attained by
increasing the flood control capabilities in the Holliday Creek area and by
modifying the existing Lake Wichita Dam. As of September 30, 1987, the total '
project costs under this contract were estimated to be $43,500,000. The City
must provide a 5 percent cash contribution in proportion to the rate of
federal expenditures incurred during the construction period. This required
contribution is presently estimated to be $2,175,000. Additionally, the City '
must provide all land, easements, rights -of -way, and waste material disposal
38 1
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1987
Note 21 - COMMITMENTS AND CONTINGENCIES (CONT'D.)
�A
Contract Commitment With Army Corps of Engineers (Cont'd.)
areas, and perform all relocations necessary to complete the project. If the
value of the above -mentioned contributions is determined to be less than 25
percent of the total project costs, the City must make an additional cash
contribution to make its total contribution equal to 25 percent of the total
project costs. The City is also responsible for the estimated $4,000,000 of
costs necessary to modify the existing Lake Wichita Dam. The City has
contributed $150,000 to the project as of September 30, 1987. This project
is estimated to be completed during the fiscal year ending September 30,
1993.
Construction Contracts
At September 30, 1987, several long-term construction contracts were out-
standing in which the City has committed to but has not accrued any expendi-
tures or expense as the work has not yet been performed. The amounts for
which the various funds are committed to complete these contracts are as
..
follows:
General Fund $ 653,344
Special Revenue Funds:
Hotel/Motel Tax Fund
$114,238
Federal Revenue Sharing Fund
201,366
Community Development Block Grant
414,074
Total Special Revenue Funds
729,678
Capital Projects Funds:
1982 General Improvements
$ 2,500
1985 Holliday Creek Project
397,717
Total Capital Projects Funds
400,217
'
Enterprise Fund:
Water and Sewer Fund
1,788,931
'
Total contract commitments
$3,572,170
39
CITY OF WICHITA FALLS, TEXAS ,
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1987
Note 21 - COMMITMENTS AND CONTINGENCIES (CONT'D.)
Federally Assisted Programs - 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 Federal Revenue Sharing, Community Development
Block Grants, and Section 8 Housing Assistance. '
In connection with these grants, the City is required to comply with specific
tears and agreements as well as applicable Federal and State laws and regu-
lations. 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 disallow-
ance of claimed expenditures, the City expects the resulting liability to be
immaterial.
Note 22 - SUBSEQUENT EVENT
Effective October 1, 1987, the City recognized a new expendable trust fund
entitled the Tax Increment Financing Reinvestment Zone Number One Trust. The
purpose of this new fund is to account for ad valorem taxes levied on
captured increments of growth in real property values in a designated zone:
These increments of growth in real property values are to be determined using
January 1, 1986 base values. The tax revenues derived from this increment
are to be spent on public improvements within the designated zone or for debt
service on bonds issued to provide funds for public improvements.
40
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41
EXHIBIT B-2
I
I ;
CITY OF WICHITA FALLS, TEXAS
DEFINED CONTRIBUTION PENSION PLAN - REVENUES BY SOURCE AND EXPENSES BY TYPE -
LAST TEN PLAN YEARS (UNAUDITED)
Revenues By
Source
Plan
Employee
Employer
Investment
Year
Contributions
Contributions
Income
Total
1977
$393,264
$335,816
$ 375,657
$1,104,737
1978
434,071
361,875
418,667
1,214,613
1979
505,439
430,451
480,018
1,415,908
1980
591,618
497,585
624,517
1,713,720
1981
654,082
544,609
867,441
2,066,132
1982*
739,073
606,994
1,031,285
2,377,352
1983
7759615
656,640
1,206,394
2,638,649
1984
793,676
723,448
1,419,569
2,936,693
1985
834,538
804,691
1,622,861
3,262,090
1986
864,846
904,438
1,857,101
3,626,385
Expenses By
Type
Plan
Administrative
Year
Benefits
Expenses
Refunds
Total
1977
$ 378,614
$16,360
$224,630
$ 619,604
1978
147,709
16,571
253,153
417,433
1979
147,497
16,719
278,239
442,455
1980
263,686
16,510
264,782
544,978
1981
237,762
16,319
343,141
597,222
1982*
910,482
17,199
286,933
1,214,614
1983
703,408
19,047
211,094
933,549
1984
631,461
18,363
329,655
979,479
1985
587,605
19,700
420,295
1,027,600
1986
1,298,548
19,639
346,895
1,665,082
Contributions were made in accordance with actuarially determined contribution
requirements.
* See note on page 41 for a discussion of the 1982 change in employee benefit
provisions.
42
1]
THIS PAGE IS INTENTIONALLY LEFT BLANK. I
1
I
COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS
u
u
11
'I
THIS PAGE IS INTENTIONALLY LEFT BLANK. I
Mll
n
I
IGENERAL FUND
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 activ-
it ities 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.
e
I
p
THIS PAGE IS INTENTIONALLY LEFT BLANK.
G
F
p
p
I
I
a
H
EXHIBIT D-16
CITY OF WICHITA FALLS, TEXAS
RENTAL REHABILITATION PROGRAM FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE -
BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 1987
Revenues:
Intergovernmental revenue
Expenditures:
Administrative services
division:
Maintenance
Excess of revenues over
(under) expenditures
Fund balance - beginning
Residual equity transfer
Fund balance - ending
Variance -
Favorable
Budget Actual (Unfavorable)
$ $ 44,500 $ 44,500
132,410
44,500 87,910
($ 132,410)
- $ 132,410
20,251
$ 20,251
The accompanying Notes are an integral part of these financial statements.
63
I
I �
THIS PAGE IS INTENTIONALLY LEFT BLANK.
EXHIBIT C-2
(Page 2 of 4)
CITY OF WICHITA FALLS, TEXAS
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE -
BUDGET AND ACTUAL (CONT'D.)
FOR THE YEAR ENDED SEPTEMBER 30, 1987
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1986
1987
Variance -
Favorable
1986
Budget
Actual
(Unfavorable)
Actual
Revenues (Cont'd.):
Miscellaneous revenue:
Parking meters
3,000
4,120
1,120
3,173
Rentals and concessions
107,667
98,087
( 9,580)
119,778
Interest
839,500
852,928
13,428
980,326
Sale of fixed assets
38,000
18,002
( 19,998)
21,458
Other
99,350
107,616
8,266
223,268
Total miscellaneous
revenue
1,087,517
1,080,753
( 6,764)
1,348,003
Total revenues
26,496,245
25,580,233
( 916,012)
261144,038
Expenditures:
Administrative services
division:
Mayor and Board of Aldermen
37,972
32,421
5,551
32,060
City Manager
328,155
309,529
18,626
273,788
Legal
282,179
2629589
19,590
251,373
Personnel
249,992
249,719
273
165,648
City Clerk
78,671
739376
5,295
73,977
Martin Luther King Center
146,190
145,693
497
137,139
Farmer's Market
28,876
28,565
311
28,196
Library
432,098
361,438
70,660
357,013
Property Management
49,192
48,276
916
43,538
Data Processing
986,943
887,832
99,111
999,522
Community Information
91,158
80,265
10,893
74,715
Nondepartmental
2,021,598
1,852,248
169,350
1,726,929
Municipal Court
326,232
300,304
25,928
306,066
Risk Management
-
-
-
67,962
Building Maintenance
389,464
339,989
49,475
357,295
Total administrative
services division
5,448,720
4,972,244
476,476
4,895,221
Police division:
Police 7,388,589 7,242,687 145,902 7,422,813
The accompanying Notes are an integral part of these financial statements.
45
EXHIBIT C-2
(Page 3 of 4)
CITY OF WICHITA FALLS, TEXAS
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE -
BUDGET AND ACTUAL (CONT'D.)
FOR THE YEAR ENDED SEPTEMBER 30, 1987
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1986
Expenditures (Cont'd.):
Fire division:
Fire
Parks and recreation division:
Recreation
Park maintenance
Golf
Cemetery
Total parks and
recreation division
1987
Variance -
Favorable
Budget Actual (Unfavorable)
4.877.623 4.844.086 33.537
767,224 714,060 53,164
2,567,465 2,041,095 526,370
189,911 173,191 16,720
3,524,600 2,928,346 596,254
1986
Actual
4,601,651
392:789
1,633430
213,933
156,213 '
2,396,365
Accounting/finance division:
,
Accounting/finance
305,053
266,776
38,277
288,108
Tax
159,005
141,213
17,792
164,012
Purchasing
72,590
61,587
11,003
72,914
Total accounting/
,
finance division
536,648
469,576
67,072
525,034
Planning division:
Planning
301,935 269,662 321273 405,519
Public works division:
Engineering
1,224,638
1,173,811
50,827
1,289,943
Inspection
735,646
732,155
3,491
706,612
Street
3,401,555
3,3279705
73,850
3,224,306
Total public works
division
5,361,839
5,233#671
128,168
5,220,861
Health division:
,
Administration
381,307
312,499
68,808
361,020
Nursing
842,105
800,642
41,463
594,377
Air and water pollution
157,032
154,867
2,165
150:224
'
Laboratory
112,132
104,377
7,755
116626
General environment
135,527
131,663
3,864
120,989
Food and vector control
287,008
268,960
18,048
233,059
Animal control
169,472
166,242
3,230
156,689
Total health division
2,084,583
1,939,250
145,333
1,732,984
The accompanying Notes are
an integral
part of these
financial statements.
46
7
�I
EXHIBIT C-2
(Page 4 of 4)
CITY OF WICHITA FALLS, TEXAS
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE -
BUDGET AND ACTUAL (CONT'D.)
FOR THE YEAR ENDED SEPTEMBER 30, 1987
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1986
'
1987
Variance -
Favorable
1986
'
Budget
Actual
(Unfavorable)
Actual
Expenditures (Cont'd.):
Traffic and transportation
'
division:
Traffic engineering
1,521,921
1,272,929
248,992
1,246,981
Parking meters
39,055
23,545
15,510
29,947
Total traffic and
transportation
division
1,560,976
1,296,474
264,502
1,276,928
Total expenditures
31,085,513
29,195,996
1,889,517
28,477,376
Excess of revenues over
(under) expenditures
( 4,589,268)
( 3,615,763)
9731505
( 2,333,338)
Other financing sources (uses):
Operating transfers in
941,046
940,703
( 343)
836,143
Operating transfers out
(
266,738)
( 207,718)
59,020
( 896,418)
Contributions from operating
grants
1,833,286
1,833,286
-
1,961,258
'
Total other financing
sources (uses)
2,507,594
2,566,271
58,677
1,900,983
Excess of revenues and other
sources over (under)
expenditures and other uses
($ 2,081,674)
( 1,049,492)
$1,032,182
( 432,355)
Fund balance - beginning
10,613,946
11,370,650
Residual equity transfer
-
( 324,349)
Fund balance - ending
$ 9,564,454
$10,613,946
The accompanying Notes are an integral part of these financial statements.
47
THIS PAGE IS INTENTIONALLY LEFT BLANK.
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. Seven
' individual funds are reported within the Special Revenue Funds as follows:
Revenue Sharing Fund
The Revenue Sharing Fund accounts for all federal revenue sharing
receipts and related expenditures.
Civic/Community Promotion Fund
The Civic/Community Promotion Fund accounts for the operations of the
Wichita Falls Municipal Auditorium and the Wichita Falls Activity
Center.
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.
Community Development Block Grant Fund
The Community Development Block Grant Fund accounts for federal grant
revenues and related expenditures.
Special Revenue Fund
The 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 desig-
nated by the contributor.
Section 8 Housing Fund
The Section 8 Housing Fund accounts for federal funds received to
'
subsidize rents and housing payments for lower income families within
the City.
'
Rental Rehabilitation Program Fund
The Rental Rehabilitation Program Fund accounts for federal funds
received to provide decent, safe, sanitary and affordable rental
housing for lower income families within the City by rehabilitating
existing substandard rental units to a condition which brings them
into compliance with the Standard Housing Code and the requirements
of the U.S. Department of Housing and Urban Development.
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49
EXHIBIT D-3
CITY OF WICHITA FALLS, TEXAS
REVENUE SHARING FUND
COMPARATIVE BALANCE SHEET
SEPTEMBER 30, 1987 AND 1986
ASSETS
Cash and short-term investments
Receivables:
Other
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
1987 1986
$1,408,125
33,465
n . A A . c nn
$1,718,391
8,835
$1,727,226
$ 29,903 $ 2,455
444,893
966,794
1,411,687
P 4 A A. i n n
321,211
1,403,560
1,7249771
$1,727,226
The accompanying Notes are an integral part of these financial statements.
50
EXHIBIT D-4
u
CITY OF WICHITA FALLS, TEXAS
REVENUE SHARING FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE -
BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 1987
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1986
Revenues:
Intergovernmental revenue
Miscellaneous revenue:
Interest
Other
Total miscellaneous
revenue
Total revenues
Expenditures
Excess of revenues over
(under) expenditures
Other financing sources (uses):
Contributions from
operating grants
Excess of revenues and other
sources over (under)
expenditures and other uses
Fund balance - beginning
Fund balance - ending
1987
Variance -
Favorable 1986
Budget Actual (Unfavorable) Actual
$ - $ 21,953 $ 21,953 $ 1,199,273
82,386 82,386 87,842
2,455 2,455 -
84,841 84,841 87,842
106,794 106,794 1,287,115
106,794 106,794 1,287,115
( 419,878) ( 419,878) - ( 1,143,589)
($ 419,878) ( 313,084) $ 106,794 143,526
1,724,771 1,581,245
$ 1,411,687 $ 1,724,771
The accompanying Notes are an integral part of these financial statements.
51
EXHIBIT D-5
CITY OF WICHITA FALLS, TEXAS
CIVIC/COMMUNITY PROMOTION FUND
COMPARATIVE BALANCE SHEET
SEPTEMBER 30, 1987 AND 1986
ASSETS
1987 1986
Cash and short-term investments $ 12,157 $ 11,792
Receivables:
Other 5,261 3,632
Prepaid items 299 188
Total assets $ 17,717 $ 15,612
LIABILITIES AND FUND BALANCE
Liabilities:
Accounts payable - trade $ 12,292 $ 9,743
Accrued payroll 5,119 5,235
Payable to other City funds - 378
Total liabilities 17,411 15,356
Fund balance:
Reserved for encumbrances 2,955 68
Reserved for prepaid items 299 188
Unreserved:
Undesignated ( 2,948) -
Total fund balance 306 256
Total liabilities and fund balance $ 17,717 $ 15,612
The accompanying Notes are an integral part of these financial statements.
52
EXHIBIT D-6
CITY OF WICHITA FALLS, TEXAS
CIVIC/COMMUNITY PROMOTION FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE -
BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 1987
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1986
Revenues:
Miscellaneous revenue:
Rents and concessions
Interest
Total revenues
Expenditures:
Administrative services
division:
Personnel services
Supplies and materials
Maintenance
Utilities and other
services
Total administrative
services division
Capital outlay
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
1987
Variance -
Favorable 1986
Budget Actual (Unfavorable) Actual
$ 174,500 $ 173,608 ($ 892) $ 173,093
2,000 - ( 2,000) 1,541
176,500 173,608 ( 2,892) 174,634
167,930
156,406
11,524
159,557
16,488
15,796
692
19,015
72,423
35,076
37,347
29,111
109,741
98,476
11,265
88,938
366,582
305,754
60,828
296,621
6,706
6,706
-
5,545
373,288
312,460
60,828
302,166
( 196,788) (
138,852)
57,936
( 127,532)
196,600
138,902
( 57,698)
60,870
($ 188)
50
$ 238
( 66,662)
256
66,918
$
306
$ 256
The accompanying Notes are an integral part of these financial statements.
53
EXHIBIT D-7
CITY OF WICHITA FALLS, TEXAS
HOTEL/MOTEL TAX FUND
COMPARATIVE BALANCE SHEET
SEPTEMBER 30, 1987 AND 1986
1987 1986
ASSETS
Cash and short-term investments $ 186,687 $ 376,164
Receivables:
Taxes and assessments 148,260 131,275
Other 678 773
Prepaid items 4,547 -
Total assets $ 340,172 $ 508,212
LIABILITIES AND FUND BALANCE
Liabilities:
Accounts payable - trade $ 13,264 $
Other liabilities 3,206 -
Total liabilities 16,470 -
Fund balance:
Reserved for encumbrances 114,238
Reserved for prepaid items 4,547 -
Unreserved:
Undesignated 204,917 508,212
Total fund balance 323,702 508,212
Total liabilities and fund balance $ 340,172 $ 508,212
The accompanying Notes are an integral part of these financial statements.
54
EXHIBIT D-8
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, 1987
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1986
Revenues:
Taxes:
Hotel/motel tax
Penalty and interest
Total taxes
Miscellaneous revenue:
Interest
Total revenues
Expenditures:
Administrative services
division:
Maintenance
Utilities and other
services
Total expenditures
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
1987
Variance -
Favorable 1986
Budget Actual (Unfavorable) Actual
$ 550,000 $ 515,220
2,000 2,423
552.000 517.643
15,100 18,890
567,100 536,533
($ 34,780)
423
( 34,357)
3,790
( 30,567)
319,419 205,180 114,239
378,133 376,961 1,172
697,552 582,141 115,411
( 130,452) ( 45,608) 84,844
$ 550,265
1.725
551,990
20,710
572,700
382,945
382,945
189,755
( 193,96711 ( 138,902) 55,065 ( 60,870)
($ 324,419) ( 184,510) $ 139,909 128,885
508,212 379,327
$ 323,702 $ 508,212
The accompanying Notes are an integral part of these financial statements.
55
EXHIBIT D-9
CITY OF WICHITA FALLS, TEXAS
COMMUNITY DEVELOPMENT BLOCK GRANT FUND
COMPARATIVE BALANCE SHEET
SEPTEMBER 30, 1987 AND 1986
ASSETS
1987 1986
Receivables:
Government agencies $2,253,205 $2,597,889
Prepaid items 18,000 18,000
Total assets $2,271,205 $2,615,889
LIABILITIES AND FUND BALANCE
Liabilities:
Bank overdraft $ 60,289 $ 124,055
Accounts payable - trade 276,582 21,079
Accrued payroll 7,188 6,513
Payable to other City funds - 470
Other liabilities 21,890 3,735
Total liabilities 365.949 155.852
Fund balance:
Reserved for encumbrances 414,074 1,227,729
Reserved for prepaid items 18,000 18,000
Unreserved:
Designated for subsequent years
expenditures 1,473,182 1,214,308
Total fund balance 1.905,256 2.460.037
Total liabilities and fund balance $2,271,205 $2,615,889
The accompanying Notes are an integral part of these financial statements.
56
EXHIBIT D-10
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, 1987
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1986
Revenues:
Intergovernmental revenue
Miscellaneous revenue:
Other
Total revenues
Expenditures
Excess of revenues over
expenditures
Other financing sources (uses):
Contributions from
operating grants
Excess of revenues and other
sources over (under)
expenditures and other uses
Fund balance - beginning
Residual equity transfer
Fund balance - ending
1987
Variance -
Favorable 1986
Budget Actual (Unfavorable) Actual
$ 1,263,000 $ 1,263,000 $ - $ 1,454,000
- 4,989 4,989 35,199
1,263,000 1,267,989 4,989 1,489,199
1,263,000 1,267,989 4,989 1,489,199
( 1,802,519) ( 19802,519) - ( 1,720,864)
($ 539,519) ( 534,530)
2,460,037
( 20,251)
$ 1,905,256
$ 4,989
( 231,665)
2,691,702
$ 2,460,037
The accompanying Notes are an integral part of these financial statements.
57
EXHIBIT D-11
CITY OF WICHITA FALLS, TEXAS
SPECIAL REVENUE FUND
COMPARATIVE BALANCE SHEET
SEPTEMBER 30, 1987 AND 1986
1987 1986
ASSETS
Cash and short-term investments $ 453,554 $ 359,048
Receivables:
Other City funds - 188
Other 940 994
Prepaid items 80 837
Total assets $ 454,574 $ 361,067
LIABILITIES AND FUND BALANCE
Liabilities:
Accounts payable - trade $ 6,626 $ 6,461
Other liabilities 16,676 576
Total liabilities 23,302 7,037
Fund balance:
Reserved for prepaid items 80 837
Unreserved:
Designated for subsequent years
expenditures 431,192 353,193
Total fund balance 431.272 354.030
Total liabilities and fund balance $ 454,574 $ 361,067
The accompanying Notes are an integral part of these financial statements.
58
EXHIBIT D-12
CITY OF WICHITA FALLS, TEXAS
SPECIAL REVENUE FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE -
BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 1987
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1986
Revenues:
Miscellaneous revenue:
Fees and donations
Rents and concessions
Sale of fixed assets
Interest
Other
Total revenues
Expenditures:
Administrative services
division:
Personnel services
Supplies and materials
Maintenance
Utilities and other
services
Total administrative
services division
Capital outlay
Total expenditures
Excess of revenues over
(under) expenditures
Fund balance - beginning
Fund balance - ending
1987
Variance -
Favorable 1986
Budget Actual (Unfavorable) Actual
$ 446,283 $ 446,283 $ - $ 237,125
16,670 16,670 - 21,107
- - - 2,075
24,877 24,877 - 21,056
342 342 - 412
488,172 488,172 - 281,775
3,243
-
3,243
-
110,934
46,175
64,759
19,806
322,620
73,222
249,398
23,711
249,163
147,096
102,067
123,785
685,960
266,493
419,467
167,302
155,235
144,437
10,798
7,988
841,195
410,930
430,265
175,290
($ 353,023)
77,242
$ 430,265
106,485
354,030
247,545
$
431,272
$ 354,030
The accompanying Notes are an integral part of these financial statements.
59
EXHIBIT D-13
CITY OF WICHITA FALLS, TEXAS
SECTION 8 HOUSING FUND
COMPARATIVE BALANCE SHEET
SEPTEMBER 30, 1987 AND 1986
ASSETS
Cash and short-term investments
Receivables:
Other City funds
Government agencies
Prepaid items
Total assets
LIABILITIES AND FUND BALANCE
Liabilities:
Bank overdraft
Accounts payable - trade
Accrued payroll
Payable to other City funds
Payable to government agencies
Other liabilities
Deferred revenue
Total liabilities
Fund balance:
Reserved for encumbrances
Reserved for prepaid items
Unreserved:
Designated for subsequent years
expenditures
Total fund balance
Total liabilities and fund balance
1987 1986
$ 43,268 $
- 754
21,231 94,304
90,191 73,664
$ 1541690 $ 168,722
2,255
3,535
85,017
43,243
20.640
154,690
6,480
90,191
$ 90,720
757
3,092
224
1,586
72.343
166,722
73,664
( 96,671)
( 73,664)
$ 154,690
$ 168,722
The accompanying Notes are an integral part of these financial statements.
60
EXHIBIT D-14
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, 1987
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1986
Revenues:
Intergovernmental revenue
Miscellaneous revenue:
Interest
Total revenues
Expenditures:
Administrative services
division:
Personnel services
Supplies and materials
Maintenance
Utilities and other
services
Total administrative
services division
Capital outlay
Total expenditures
Excess of revenues over
expenditures
Fund balance - beginning
Fund balance - ending
1987
Variance -
Favorable 1986
Budget Actual (Unfavorable) Actual
$ 1,239,785 $ 1,083,869 ($ 155,916) $ 969,160
- 225 225 2,000
1,239,785 1,084,094 ( 155,691) 971,160
104,931
92,320
12,611
93,513
7,859
3,345
4,514
790
2,033
93
1,940
984
1,109,810
981,975
127,835
874,374
1,224,633
1,077,733
146,900
969,661
15,152
6,361
8,791
1,499
1,239,785
1,084,094
155,691
971,160
$ -
-
$ -
-
The accompanying Notes are an integral part of these financial statements.
61
EXHIBIT D-15
Receivables:
Government agencies
Total assets
CITY OF WICHITA FALLS, TEXAS
RENTAL REHABILITATION PROGRAM FUND
BALANCE SHEET
SEPTEMBER 30, 1987
ASSETS
LIABILITIES AND FUND BALANCE
$201251
$201251
Liabilities $ -
Fund balance:
Unreserved:
Designated for subsequent years
expenditures 20,251
Total liabilities and fund balance $20,251
The accompanying Notes are an integral part of these financial statements.
62
CITY OF WICHITA FALLS, TEXAS
RENTAL REHABILITATION PROGRAM FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE -
BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 1987
Revenues:
Intergovernmental revenue
Expenditures:
Administrative services
division:
Maintenance
Excess of revenues over
(under) expenditures
Fund balance - beginning
Residual equity transfer
Fund balance - ending
EXHIBIT D-16
Variance -
Favorable
Budget Actual (Unfavorable)
$ $ 44,500 $ 44,500
132,410
44,500 87,910
($ 132,410)
- $ 132,410
20,251
$ 20,251
The accompanying Notes are an integral part of these financial statements.
11
THIS PAGE IS INTENTIONALLY LEFT BLANK. I
1
I
17
P,
1
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 is 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.
1
I
�1
J
11
EXHIBIT E-1
CITY OF WICHITA FALLS, TEXAS
DEBT SERVICE FUND
COMPARATIVE BALANCE SHEET
SEPTEMBER 30, 1987 AND 1986
ASSETS
Restricted assets:
Cash and short-term investments
Receivables:
Taxes (net of allowance for uncollectible taxes
of $178,201 and $152,251)
Total assets
LIABILITIES AND FUND BALANCE
Liabilities payable from restricted assets:
Deferred revenue
Fund balance:
Designated for debt service
Total liabilities and fund balance
1987 1986
$248,529 $224,506
388,516
405,313
$637,045
$629,819
$367,744 $384,776
269,301
245,043
$637,045
$629,819
The accompanying Notes are an integral part of these financial statements.
64
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, 1987
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1986
Revenues:
Taxes:
Ad valorem taxes
Miscellaneous:
Interest
Total revenues
Expenditures:
Principal retirement
Interest and paying
agent fees
Total expenditures
Excess of revenues over
expenditures
Other financing sources (uses):
Operating transfers in
Proceeds of refunding
bonds (net)
Payment to refunded bond
escrow agent (net)
Total other
financing sources
(uses)
Excess of revenues and other
sources over expenditures
and other uses
Fund balance - beginning
Fund balance - ending
1987
Variance -
Favorable 1986
Budget Actual (Unfavorable) Actual
$2,285,711
$ 2,263,882 ($
21,829)
$ 2,654,730
7,000
48,796
41,796
76,572
2,292,711
2,312,678
19,967
2,731,302
305,000
305,000
-
-
1,987,711
1,983,420
4,291
904,357
2,292,711
2,288,420
4,291
904,357
-
24,258
24,258
1,826,945
-
-
-
200,000
-
-
-
22,169,613
-
-
-
( 24,187,429)
-
-
-
( 1,817,816)
$ -
24,258 $
24,258
9,129
245,043
235,914
$ 269,301
$ 245,043
The accompanying Notes are an integral part of these financial statements.
i
I
I
1
THIS PAGE IS INTENTIONALLY LEFT BLANK. I
I
I
I
I
I
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 six Capital Projects Funds
are as follows:
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 include drainage improvements and the installation of traffic
control equipment.
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 include 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 include 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 include park improvements, street improvements and the
construction of a softball complex.
1985 Holliday Creek Project
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.
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F
I
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:
Airport Fund
The Airport Fund was established for control of the operating revenue
and expenses of the Wichita Falls Municipal Airport. The airport is
operated upon land leased from the Department of Defense and commercial
aviation shares the facilities and runways of Sheppard Air Force Base.
Transit Fund
The Transit Fund accounts for the operation of the Wichita Falls Transit
System. The system is supported from passenger fees, subsidies from the
General Fund and subsidies from the Urban Mass Transportation Administra-
tion.
Sanitation Fund
The Sanitation Fund was established to account for the operating revenue
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.
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1
THIS PAGE IS INTENTIONALLY LEFT BLANK.
INTERNAL SERVICE FUND
' The Internal Service Fund is 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.
' The City's Internal Service Fund accounts for the costs associated
with the operation, maintenance and replacement of the City's
vehicle and equipment fleet. Divisions which use the vehicles and
I
equipment are charged a monthly rental fee based upon actual costs
of operating each class.of vehicle or equipment.
1
11
EXHIBIT H-1
CITY OF WICHITA FALLS, TEXAS
INTERNAL SERVICE FUND
COMPARATIVE BALANCE SHEET
SEPTEMBER 30, 1987 AND 1986
ASSETS
Current assets:
Cash and short-term investments
Receivables:
Other
Inventory
Prepaid items
Total current assets
Plant and equipment:
Land and betterments
Buildings, systems and improvements
Furniture and fixtures
Motor vehicles and equipment
Less accumulated depreciation
Total plant and equipment
Total assets
LIABILITIES AND FUND EQUITY
Current liabilities:
Accounts payable - trade
Accrued payroll
Payable to other City funds
Total current liabilities
Fund equity:
Contributed capital
Retained deficit
Total fund equity
Total liabilities and fund equity
1987 1986
$ 751,925 $ 586,144
347 359
331,666 292,656
717 1,419
1,084,655 880,578
206,769
206,769
4,008,948
4,008,948
6,234
6,234
13,332,988
12,089,076
17,554,939
16,311,027
( 6,703,077)
( 5,927,114)
10.851.862
10.383.913
$11,936,517 $11,264,491
$ 261,008 $ 160,332
86,480 80,376
- 2,286
347,488 242,994
11,806,904 11,693,909
( 217,875) ( 672,412)
11,589,029 11,021,497
$11,936,517 $11,264,491
The accompanying Notes are an integral part of these financial statements.
73
EXHIBIT H-2
CITY OF WICHITA FALLS, TEXAS
INTERNAL SERVICE FUND
STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS
FOR THE YEAR ENDED SEPTEMBER 30, 1987
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1986
Operating revenues:
Rents, concessions and other
Operating expenses:
Personnel services
Supplies and materials
Maintenance and repairs
Utilities and other services
Insurance and contract support
Depreciation and amortization
Total operating expenses
Operating income (loss)
Non -operating revenues (expenses):
Interest income
Gain (loss) on sale of assets
Total non -operating revenues (expenses)
Income (loss) before other financing
sources and (uses)
Other financing sources (uses):
Operating transfers in
Operating transfers out
Total other financing sources (uses)
Net income (loss)
Retained deficit - beginning
Retained deficit - ending
1987 1986
$5,518,000 $3,435,989
1,036,512 1,037,704
726,308 370,248
1,280,355 1,617,232
236,072 76,392
55 1,295
1,536,084 1,456,715
4.815.386 4.559.586
702,614 ( 1,123,597)
8,288 16,359
53,738 ( 79,945)
62,026 ( 63,586)
764,640 ( 1,187,183)
2,331
514,771
( 312,434)
-
( 310,103)
514,771
454,537
( 672,412)
( 672,412)
-
($ 217,875)
($ 672,412)
The accompanying Notes are an integral part of these financial statements.
74
EXHIBIT H-3
CITY OF WICHITA FALLS, TEXAS
INTERNAL SERVICE FUND
STATEMENT OF CHANGES IN FINANCIAL POSITION
FOR THE YEAR ENDED SEPTEMBER 30, 1987
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1986
Sources of funds:
Net income (loss)
Items not requiring working capital:
Depreciation and amortization
(Gain) loss on sale of assets
Working capital provided by operations
Contributed capital
Proceeds from sale of assets
Contributions from equity transfers
Total sources of funds
Application of funds:
Purchase of fixed assets
Transfer of assets from Enterprise Funds
Transfer of assets from General Fixed
Asset Account Group
Total application of funds
Net increase in working capital
Summary of net changes in working capital:
Increase (decrease) in current assets:
Cash and short-term investments
Receivables - other
Inventory
Prepaid items
Net increase in current assets
Increase (decrease) in current liabilities:
Accounts payable - trade
Accrued payroll
Payable to other City funds
Net increase in current liabilities
Net increase in working capital
1987
$ 454,537
1,536,084
( 53,738)
1,936,883
112,995
141,373
2,083,183
4,673
3,812
2,091,668
$ 99,583
$ 165,781
( 12)
39,010
( 702)
204,077
100,676
6,104
( 2,286)
104,494
$ 99,583
1986
($ 672,412)
1,456,715
79.945
864,248
133,703
61,394
11,560,206
12,619,551
746,110
3,947,009
7,L,840 80
11,981,967
$ 637,584
$ 586,144
359
292,656
1.419
880,578
160,332
80,376
2.286
242,994
$ 637,584
The accompanying Notes are an integral part of these financial statements.
75
ITRUST AND AGENCY FUNDS
Fiduciary Funds account for assets held by the City of Wichita Falls in a
trustee capacity or as an agent for other governmental units and/or other
funds. Trust and Agency Funds include the following:
Employee Benefit Trust Fund
This 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.
Social Security Fund
This agency fund is used to account for the collection and payment of
social security (FICA) taxes.
Payroll 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.
Tax Collection Fund
This agency fund is used to account for the collection and payment of
ad valorem taxes to the City's General and Debt Service Funds, the
Wichita Falls Independent School District, and Midwestern State
University.
Accounts Payable Fund
This agency fund is 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.
Deferred Compensation Fund
This agency fund is used to account for contributions made by City
employees to a tax deferred savings plan and the subsequent disburse-
ment of contributions and interest earned upon retirement, death or
' termination of employment.
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76
EXHIBIT I-2
CITY OF WICHITA FALLS, TEXAS
EXPENDABLE TRUST FUND - EMPLOYEE BENEFIT TRUST
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
FOR THE YEAR ENDED SEPTEMBER 30, 1987
WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 1986
Revenues:
Contributions
Miscellaneous revenue
Total revenues
Expenditures:
Administrative services division:
Personnel services
Claims and administrative fees
Supplies and materials
Utilities and other services
Total expenditures
Excess of revenues over expenditures
Fund balance - beginning
Fund balance - ending
1987 1986
$2,096,145 $1,678,147
230 79
2,096,375 1,678,226
22,695
1,992,641
702
80.337
2,096,375
51,244
$ 51,244
1,614,974
123
57.371
1,672,468
5,758
45,486
$ 51,244
The accompanying Notes are an integral part of these financial statements.
77
EXHIBIT I-3
(Page 1 of 3)
CITY OF WICHITA FALLS, TEXAS
AGENCY FUNDS
COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
FOR THE YEAR ENDED SEPTEMBER 30, 1987
Balance
Balance
October
1,
September 30,
1986
Additions
Deductions
1987
SOCIAL SECURITY FUND
ASSETS
Cash and short-term investments
$
102,414
$ 3,257,684
$
3,360,098
$ -
Receivables:
Other City funds
48,851
3,519,993
3,568,844
-
Government agencies
1,681
41,196
42,877
-
Total assets
$
152,946
$ 6,818,873
$
6,971,819
$ -
LIABILITIES
Payable to other City funds
$
-
$ 2,516,939
$
2,516,939
$ -
Payable to government agencies
152,946
2,364,217
2,517,163
-
Total liabilities
$
152,946
$ 4,881,156
$
5,034,102
$ -
PAYROLL FUND
ASSETS
Cash and short-term investments
$
2,419
$21,926,892
$21,928,419
$
892
Receivables:
Other City funds
1,597
21,323,297
21,324,734
160
Total assets
$
4,016
$43,250,189
$43,253,153
$
1,052
LIABILITIES
Payable to other City funds
$
4,003
$ 1,387,715
$ 1,390,666
$
1,052
Payable to government agencies
13
599,762
599,775
-
Total liabilities
$
4,016
$ 1,987,477
$ 1,990,441
$
1,052
The accompanying Notes are an integral part of these financial statements.
78
EXHIBIT I-3
(Page 2 of 3)
CITY OF WICHITA FALLS, TEXAS
AGENCY FUNDS
COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES (CONT'D.)
FOR THE YEAR ENDED SEPTEMBER 30, 1987
Balance Balance
October 1, September 30,
1986 Additions Deductions 1987
TAX COLLECTION FUND
ASSETS
Cash and short-term investments
$ 61,625
$
33,138,693
$
33,145,067
Receivables:
Taxes and assessments
2,433,029
19,090,807
18,778,868
Other City funds
367
158,094
158,461
Other
5,757
10,211,804
10,217,561
Total assets
$2,500,778
$
62,599,398
$
62,299,957
LIABILITIES
Payable to government agencies
$2,490,976
$
33,855,824
$
33,550,203
Other liabilities
9,802
6,999
13,179
Total liabilities
$2,500,778
$
33,862,823
$
33,563,382
ACCOUNTS PAYABLE FUND
ASSETS
Cash and short-term investments
$
26,919
$ 55,770,934
$ 55,795,949
Receivables:
Other City funds
20,014
48,061,479
48,081,493
Total assets
$
46,933
$103,832,413
$103,877,442
LIABILITIES
Payable to other City funds
$
46,933
$ 357,175
$ 402,204
Total liabilities
$
46,933
$ 357,175
$ 402,204
$ 55,251
2,744,968
$2,800,219
$2,796,597
3,622
$2,800,219
$ 1,904
$ 1,904
$ 1,904
$ 1,904
The accompanying Notes are an integral part of these financial statements.
79
EXHIBIT I-3
(Page 3 of 3)
CITY OF WICHITA
FALLS, TEXAS
AGENCY
FUNDS
COMBINING STATEMENT OF
CHANGES IN
ASSETS AND
LIABILITIES (CONT'D.)
,
FOR THE
YEAR ENDED
SEPTEMBER
30,
1987
Balance
Balance
October 1,
September
30,
1986
Additions
Deductions
1987
DEFERRED COMPENSATION FUND
ASSETS
Cash and short-term investments
$ 415,608
$ 156,568
$
$ 572,176
Total assets
$ 415,608
$ 156,568
$ -
$ 572,176
LIABILITIES
L
Accounts payable - trade
$ 415,608
$ 156,568
$ -
$ 572,176
Total liabilities
$ 415,608
$ 156,568
$ -
$ 572,176
TOTALS - ALL AGENCY FUNDS
ASSETS
Cash and short-term investments
$ 608,985
$114,250,771
$114,229,533
$ 630,223
Receivables:
Taxes and assessments
2,433,029
19,090,807
18,778,868
2,744,968
Other City funds
70,829
73,062,863
73,133,532
160
Government agencies
1,681
41,196
42,877
-
Other
5,757
10,211,804
10,217,561
-
Total assets
$3,120,281
$216,657,441
$216,402,371
$3,375,351
LIABILITIES
Accounts payable - trade
$ 415,608
$ 156,568
$ -
$ 572:176
Payable to other City funds
50,936
4,261,829
4,309,809
2956
Payable to government agencies
2,643,935
36,819,803
36,667,141
2,796,597
Other liabilities
9,802
6,999
13,179
3,622
Total liabilities
$3,120,281
$ 41,245,199
$ 40,990,129
$3,375,351
The accompanying Notes are an integral part of these financial statements.
80
SUPPORTING SCHEDULES
THIS PAGE IS INTENTIONALLY LEFT BLANK.
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83
EXHIBIT J-3
CITY OF WICHITA FALLS, TEXAS
DEBT SERVICE COVERAGE - REVENUE BONDS
SEPTEMBER 30, 1987
Water and Sewer Revenue Bonds:
Net income before extraordinary item (Exhibit G-2)
Add (deduct):
Revenue bond interest expense and paying
agent fees
Depreciation and amortization
Operating transfers out
Contributions from operating grants
Net earnings for determining debt service coverage
Total principal and interest requirements
Number of years remaining to pay bonds
Average annual principal and interest requirement
Average annual debt service coverage
Maximum principal and interest requirement
Maximum debt service coverage
$ 2,659,152
$ 78,709
1,426,667
247,577
( 181,356) 1,571,597
$ 4,230,749
$49,070,212
$ 2,453,511
1.72
$ 2,457,972
1.72
The accompanying Notes are an integral part of these financial statements.
84
EXHIBIT J-4
CITY OF WICHITA FALLS, TEXAS
GENERAL FIXED ASSETS
COMPARATIVE SCHEDULE OF GENERAL FIXED ASSETS - BY SOURCES
SEPTEMBER 30, 1987 AND 1986
1987 1986
General Fixed Assets:
Land and betterments $14,311,189 $14,152,913
Buildings and improvements 13,919,186 13,128,409
Machinery and equipment 3,143,900 3,000,072
Furniture and fixtures 735,666 783,352
Motor vehicles and equipment 150,555 150,555
Construction in progress 785,994 832,441
Total general fixed assets $33,046,490 $32,047,742
Investment in General Fixed Assets:
From
general obligation bonds
$ 734,066
$ 541,149
From
local revenues and contributions
3,021,443
2,174,411
From
federal government contributions
2,071,224
1,732,734
From
unidentified sources
27.219.757
27.599.448
Total investment in general fixed assets $33,046,490 $32,047,742
The accompanying Notes are an integral part of these financial statements.
85
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86
I
CITY OF WICHITA FALLS, TEXAS EXHIBIT J-6
GENERAL FIXED ASSETS
SCHEDULE OF GENERAL FIXED ASSETS - BY FUNCTION AND ACTIVITY
SEPTEMBER
30, 1987
Motor
Buildings
Machinery
Furniture
Vehicles
Land and
and
and
and
and Construction
Total
Betterments
Improvements
Equipment
Fixtures
Equipment In Progress
Administrative services division:
Mayor and City Council
General Administration
$ 12,863
2,283,497
$ -
1,311,236
$
686,711
$ 7,645
90,278
$ 5,218
59,157
$ - $ _
136,115
Legal and City Clerk
26,706
14,539
12,167
Personnel
21,372
-
-
12,742
8,630
- -
Data Processing
872,473
-
-
733,691
138,782
- -
Library
939,494
610,870
272,051
8,189
48,384
-
Municipal Court
570,528
230,000
112,788
8,640
19,100
_
Farmer's Market
946
946
Property Agent
795
-
-
260
535
- -
Building Maintenance
Midtown 2000
15,153
418,578
-
233,798
-
184,780
10,659
4,494
- _
Auditorium/Activity Center
6,590,674
434,422
5,940,057
69,201
146,994
Community Development
84,964
78,358
6,269
337
Total administrative
services division
11,838,043
2,898,684
7,4b2,656
956,181
444,407
136,115 -
Police division:
Police
4,243,673
1,092,914
1,205,315
1,257,037
73,134
13,030 602,243
Fire division:
Fire
1,972,971
188,851
1,515,143
223,087
45,890
- -
Parks and recreation division:
Parks
12,804,869
9,737,912
2,858,362
198,014
10,581
= =
Golf
148,302
112,539
27,544
8,219
Cemetery
24,805
15,212
9,593
-
Total parks and
recreation division
12,977,976
9,865,663
2,885,906
215,826
10,581
Accounting/finance division:
Finance
26,789
-
-
8,308
18,481
--
Tax
17,759
-
-
10,514
7,245
- -
Purchasing
5,726
3,169
2,557
Total accounting/
=
=
= =
finance division
50,274
21,991
28,283
Planning division:
Planning
43,721
-
-
32,422
11,299
- -
Public works division:
Street Maintenance
193,210
29,937
83,738
72,166
7,369
- -
Engineering
265,517
111,120
19,087
121,584
12,316
1,410 -
Inspection
57,073
13,059
-
40,778
3,236
- -
Total public works
division
515,800
154,116
102,825
234,528
22,921
1,410
Health division:
Health
1,206,952
76,411
770,076
157,376
19,338
- 183,751
Traffic and transportation
divi
Traffic Engineering
191,971
34,550
37,265
43,685
76,471
Parking Meters
5,109
1,767
3,342
Total traffic and
transportation division
197,080
34,550
37,265
45,452
79,813
Total general fixed assets
$33,046,490
$14,311,189
$13,919,186
$3,143,900
$735,666
$150,555 $785,994
IThe accompanying Notes are an integral part of these financial statements.
1 87
EXHIBIT J-7
(Page 1 of 2)
CITY OF WICHITA FALLS, TEXAS
GENERAL FIXED ASSETS
SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS - BY FUNCTION AND ACTIVITY
FOR THE YEAR ENDED SEPTEMBER 30, 1987 1
Beginning Ending
Balance Transfers Balance
10/1/86 Additions Deletions In (Out) 9/30/87
Administrative services
division:
Mayor and City Council
General Administration
Legal and City Clerk
Personnel
Data Processing
Library
Municipal Court
Farmer's Market
Property Agent
Building Maintenance
Midtown 2000
Auditorium/Activity
Center
Community Development
Total administrative
services division
Police division:
Police
Fire division:
Fire
$ 5,218 $
7,645
$ - $
-
$ 12863
2,328,559
14,611
59,673
-
2,283:497
12,404
15,094
792
-
260706
12,238
9,051
-
83
21,372
843,378
34,966
6,157
286
872,473
934,303
5,814
623
-
939494
568,383
4,593
2,448
-
570:528
-
-
-
946
946
795
-
-
-
795
16,099
-
- (
946)
15,153
418,578
-
-
-
418,578
'
6,578,903
11,771
-
-
6,590,674
;!
84,964
-
-
-
84,964
11,803,822
103,545
69,693
369
11,838,043
3,909,882
368,319
34,864
336
4,243,673
1,951,856
2-1,'10
395
-
1,972,971
Parks and recreation division:
Parks
12,438,680
593,308
224,000 (
3,119)
12,804,869
Golf
163,666
-
15,364
-
148,302
Cemetery
23,002
4,798
2,995
-
24,805
Total parks and
recreation division
12,625,348
598,106
242,359 (
3,119)
12,977,976
Accounting/finance division:
1
Finance
21,407
5,935
- (
553)
26,789
Tax
23,149
1,300
5,997 (
693)
17,759
Purchasing
3,162
2,372
-
192
5,726
Total accounting/
finance division
47,718
9,607
5,997 (
1,054)
50,274d
1 The accompanying Notes are an integral part of these financial statements. 4
88 l
I
EXHIBIT J-7
(Page 2 of 2)
CITY OF WICHITA FALLS, TEXAS
GENERAL FIXED ASSETS
SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS - BY FUNCTION AND ACTIVITY (CONT'D.)
FOR THE YEAR ENDED SEPTEMBER 30, 1987
Beginning Ending
Balance Transfers Balance
10/1/86 Additions Deletions In (Out) 9/30/87
Planning division:
' Planning
Public works division:
Street Maintenance
Engineering
Inspection
Total public works
division
Health division:
Health
Traffic and transportation
division:
Traffic Engineering
Parking Meters
Total traffic and
transportation
division
Total general fixed assets
39,019
6,362 - (
1,660)
43,721
177,783
13,289 719
2,857
193,210
241,061
23,867 -
589
265,517
19,503
39,364 - (
1,794)
572073
438,347
76,520 719
1,652
515,800
1,028,598
188,928 10,574
-
1,206,952
198,043 5,542 11,278 ( 336) 191,971
5,109 - - - 5,109
203,152 5,542 11,278 ( 336) 197,080
$32,047,742 $1,378,439 $375,879 ($ 3,812) $33,046,490
The accompanying Notes are an integral part of these financial statements.
0 89
EXHIBIT J-8
M
s
I
CITY
OF WICHITA
FALLS, TEXAS
AIRPORT
FUND
PLANT,
EQUIPMENT AND DEPRECIATION
y
FOR THE YEAR
ENDED SEPTEMBER 30, 1987
Balance
10/1/86
Additions Deletions
Balance
9/30/87
Plant and Equipment:
Land and betterments
$1,468,175
$ - $ -
$ 1,468,175
'
h
Buildings and improvements
1,451,662
- -
1,451,662
Machinery and equipment
9,267
- -
9,267
'
Furniture and fixtures
11,937
- -
11,937
Total plant and equipment
2,941,041
2,941,041
Accumulated Depreciation:
Land and betterments
402,677
58,892 -
4610569
Buildings and improvements
391,601
30,715 -
4229316
Machinery and equipment
5,327
879 -
6,206
Furniture and fixtures
5,886
824 -
6,710
Total accumulated
depreciation
805,491
91,310 -
896,801
Net plant and equipment
$2,135,550
($ 91,310) $ -
$ 2,044,240
The accompanying Notes are
an integral
part of these financial statements.
'
90
,
CITY OF WICHITA FALLS, TEXAS
1 TRANSIT FUND
PLANT, EQUIPMENT AND DEPRECIATION
,- FOR THE YEAR ENDED SEPTEMBER 30, 1987
Balance
10/1/86
Plant and Equipment:
Land and betterments
$ 39,814
Buildings and improvements
626,868
Machinery and equipment
60,801
Furniture and fixtures
5,456
Total plant and equipment
732,939
Accumulated Depreciation:
Buildings and improvements
20,715
Machinery and equipment
17,121
Furniture and fixtures
1,381
Total accumulated
depreciation
39,217
Net plant and equipment
$ 693,722
Additions
8,402
8,402
Deletions
EXHIBIT J.-9
Balance
9/30/87
$ 39,814
626,868
69,203
5,456
741,341
7,989 - 28,704
5,943 - 23,064
356 - 1,737
14,288
-
53,505
($ 51886)
$ -
$ 687,836
The accompanying Notes are an integral part of these financial statements.
91
EXHIBIT J-10
CITY OF WICHITA
FALLS, TEXAS
SANITATION
FUND
PLANT, EQUIPMENT AND
DEPRECIATION
FOR THE YEAR ENDED SEPTEMBER
30, 1987
Balance
Transfers
Balance
10/1/86 Additions
Deletions
In (Out)
9/30/87
Plant and Equipment:
Land and betterments
$ 655,704 $
-
$ 2,012
$ - $
653,692
Buildings and improvements
2,190,972
25,454
-
-
2,216,426
Machinery and equipment
89,580
11,884
2,915
( 2,889)
95,660
'
Furniture and fixtures
4,750
-
-
-
4,750
Motor
2,896
2,896)
vehicles and equipment
-
-
(
-
Total plant and equipment
2,943,902
37,338
4,927
( 5,785)
2,970,528
'
Accumulated Depreciation:
Land and betterments
10,225
1,858
532
-
11,551
Buildings and improvements
187,958
45,885
-
-
233,843
Machinery and equipment
36,305
7,110
958
( 98)
42,359
Furniture and fixtures
2,940
375
-
-
3,315
Motor vehicles and equipment
?,014
145
145
( 1,014)
-
-
Total accumulated
depreciation
238,442
55,373
1,635
( 1,112)
291,068
Net plant and equipment
$2,705,460 ($
18,035)
$ 3,292
($ 4,673) $
2,679,460
The accompanying Notes are an integral
part of
these financial statements.
92
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93
EXHIBIT J -12
CITY OF WICHITA
FALLS,
TEXAS
INTERNAL SERVICE FUND
PLANT, EQUIPMENT
AND DEPRECIATION
FOR THE YEAR ENDED
SEPTEMBER 30, 1987
Balance
Transfers
Balance
10/1/86
Additions Deletions
In (Out)
9/30/87
Plant and Equipment:
Land and betterments
$ 206,769
$ - $
- $ -
$ 206,769
Buildings and improvements
4,008,948
-
- -
4,008,948
Furniture and fixtures
6,234
-
- -
6,234
Motor vehicles and equipment
12,089,076
2,083,183 851,185
11,914
13,332,988
Total and equipment
16,311,027
2,083,183 851,185
11,914
17,554,939
i
plant
Accumulated Depreciation:
Buildings and improvements
238,993
80,084
- -
319,077
2,556
539
3,095
Furniture and fixtures
- -
Motor vehicles and equipment
5,685,565
1,455,461 763,550
3,429
6,380,905
Total accumulated
depreciation
5,927,114
1,536,084 763,550
3,429
6,703,077
Net plant and equipment
$10,383,913
$ 547,099 $ 87,635
$ 8;485
$10,851,862
The accompanying Notes
are an integral part of these financial statements.
94
'
Fl
L,
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96
EXHIBIT
K-3
CITY OF
WICHITA FALLS,
TEXAS
PROPERTY TAX LEVIES AND COLLECTIONS - LAST
TEN FISCAL
YEARS (UNAUDITED)
Total
Collections
Percent
Delinquent
as Percent
Fiscal
Total
Current Tax
of Levy
Tax
Total Tax
of Current
Year
Tax Levy
Collections
Collected
Collections
Collections
Levy
1977-1978
$ 6,216,950
$ 6,085,516
97.89%
$126,174
$ 6,211,690
99.92%
1978-1979
7,050,216
6,896,264
97.82%
118,793
7,015,057
99.50%
,
1979-1980
7,582,393
7,383,608
97.38%
129,220
7,512,828
99.08%
1980-1981
9,315,184
9,031,661
96.96%
152,342
9,184,003
98.59%
1981-1982
10,896,934
10,508,375
96.43%
181,577
10,689,952
98.10%
1982-1983
12,490,900
11,900,747
95.28%
249,522
12,150,269
97.28%
1983-1984
14,050,573
13,524,855
96.26%
301,973
13,826,828
98.41%
1984-1985
14,199,969
13,722,790
96.64%
497,660
14,220,450
100.14%
1985-1986
13,940,609
13,479,038
96.69%
399,623
13,878,661
99.56%
1986-1987
14,401,856
13,743,656
95.43%
378,280
14,121,936
98.06%
1.
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98
EXHIBIT K-5 r
CITY OF WICHITA FALLS, TEXAS
PROPERTY TAX RATES AND TAX LEVIES - ALL OVERLAPPING GOVERNMENTS -
LAST TEN FISCAL YEARS (UNAUDITED)
Fiscal
Year
1977-1978
1978-1979
1979-1980
1980-1981
1981-1982
1982-1983
1983-1984
1984-1985
1985-1986
1986-1987
1977-1978
1978-1979
1979-1980
1980-1981
1981-1982
1982-1983
1983-1984
1984-1985
1985-1986
1986-1987
Notes:
WFISD CVISD
City School (1) School (2) County
$1.01
1.04
1.00
.75
.75
.69
.75
.69
.63
.62
$ 6,216,950
7,050,216
7,582,393
9,315,184
10,896,934
12,4901900
14,050,573
14,199,969
13,940,609
14,401,856
Tax Rates Per $100 Valuation
$1.17
$1.67
$ .87
1.17
1.67
.87
1.06
.89
.87
.74
1.07
.87
.73
1.07
.31
.69
.69
.22
.74
.67
.25
.74
.58
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.87
.64
.24
.82
.75
.24
$ 7,397,146
8,193,611
7,862,586
9,234,676
10,427,882
12,233,330
13,541,058
14,642,156
18,631,889
18,270,216
Tax Levies
$270,537
327,917
279,632
402,354
402,523
488,457
487,548
479,099
538,827
669,201
$3,717,862
4,169,834
4,622,135
4,551,667
4,551,700
6,858,581
7,254,768
7,680,915
7,763,760
7,916,250
State Total
$ .10
$4.82
.10
4.85
-
3.82
-
3.43
-
2.86
-
2.29
-
2.41
-
2.26
-
2.38
-
2.43
$363,401
$17,965,896
452,303
20,193,881
-
20,346,746
-
23,503,881
-
26,279,039
-
32,071,268
-
35,333,947
-
37,002,139
-
40,875,085
-
41,257,523
(1) WFISD - Wichita Falls Independent School District - 98.49% in Wichita Falls
city limits
(2) CVISD - City View Independent School District - 75.25% in Wichita Falls city
limits
99 '
EXHIBIT K-6
CITY OF WICHITA FALLS, TEXAS
SPECIAL ASSESSMENT COLLECTIONS - LAST TEN FISCAL YEARS (UNAUDITED)
Current
Current
Ratio of
Fiscal
Assessments
Assessments
Collections
Year
Due
Collected
to Amount Due
1977-1978
$521,762
$172,142
32.99%
1978-1979
585,315
146,011
24.95%
1979-1980
578,872
109,360
18.90%
1980-1981
718,281
87,983
12.25%
1981-1982
625,599
323,627
51.73%
1982-1983
657,912
107,106
16.28%
1983-1984
656,093
216,304
32.97%
1984-1985
539,756
109,799
20.34%
1985-1986
499,695
36,960
7.40%
1986-1987
475,172
20,465
4.31%
100
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101
EXHIBIT K-8
'
CITY OF WICHITA FALLS, TEXAS
'
COMPUTATION OF LEGAL DEBT MARGIN (UNAUDITED)
SEPTEMBER 30, 1987
Total assessed property value per 1986 tax roll $2,315,783,297
Maximum tax levy* $2.25/$100
Current tax levy for 1986 tax year .6219/$100
Maximum tax levy in excess of 1986 tax levy 1.6281/$100
$ 37,703,268
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 estab-
lished under its Charter is $2.25 per $100 assessed valuation. The
1986 tax rate is $ .6219 per $100 assessed valuation.
* Maximum tax levy established by City Charter
t
EXHIBIT K-9
CITY OF WICHITA FALLS, TEXAS
COMPUTATION OF DIRECT AND OVERLAPPING DEBT (UNAUDITED)
SEPTEMBER 30, 1987
Percentage Applicable Amount Applicable
Taxing
Gross Debt
to City of
to City of
Jurisdiction
Outstanding (1)
Wichita Falls ,(2)
Wichita Falls
City of Wichita Falls
$46,245,000
100.00%
$46,245,000
Wichita Falls Independent
School District
23,925,000
98.49%
23,563,733
Wichita County
3,325,000
77.23%
2,567,898
City View Independent
School District
743,000
75.25%
559,108
Burkburnett Independent
School District
6,395,000
1.16%
74,182
$80,633,000
$73,009,921
Sources:
(1) Listed taxing jurisdictions
(2) Herbert R. Smith, Incorporated
103
EXHIBIT K-10
Fiscal
Year
1977-1978
1978-1979
1979-1980
1980-1981
1981-1982
1982-1983
1983-1984
1984-1985
1985-1986
1986-1987
CITY OF WICHITA FALLS, TEXAS
RATIO OF ANNUAL DEBT SERVICE FOR GENERAL BONDED DEBT TO
TOTAL GENERAL EXPENDITURES - LAST TEN FISCAL YEARS (UNAUDITED)
Principal
$1,500,000
1,501,000
1,306,000
1,309,000
2,801,000
1,758,000
2,020,000
1,855,000
-0-
305,000
Interest
$ 547,895
487,880
423,175
633,791
596,285
1,480,829
1,365,442
1,242,282
902,453
1,980,711
Total Debt
Service
$2,047,895
1,988,880
1,729,175
1,942,791
3,397,285
3,238,829
3,385,442
3,097,282
902,453
2,285,711
Total
General
Expenditures
$14,551,901
16,147,804
19,043,081
27,333,617
29,086,979
29,127,952
32,062,099
28,047,655
28,477,376
29,195,996
Ratio of
Debt Service
to General
Expenditures
14.07%
12.32%
9.08%
7.11%
11.68%
11.12%
10.56%
11.04%
3.17%
7.83%
104
EXHIBIT K-11
CITY OF WICHITA FALLS, TEXAS
AIRPORT REVENUE BONDS
SCHEDULE OF REVENUE BOND COVERAGE - LAST TEN FISCAL YEARS (UNAUDITED)
Average
Net Income
Annual
Average
Maximum
(Loss)
Principal
Annual
Principal
Maximum
Fiscal
Available for
and
Times
and
Times
Year
Debt Service
Interest
Covered
Interest
Covered
1977-1978
$ 58,227
$31,342
1.86
$34,800
1.67
1978-1979
76,568
30,909
2.48
38,825
1.97
1979-1980
110,896
29,779
3.72
37,600
2.95
1980-1981
70,078
28,475
2.46
36,375
1.93
1981-1982
60,808
26,895
2.26
35,150
1.73
1982-1983
25,878
24,831
1.04
33,925
.76
1983-1984
55,445
21,800
2.54
22,700
2.44
1984-1985
( 21,687)
21,350
-0-
21,800
-0-
1985-1986
( 108,054)
20,900
-0-
20,900
-0-
1986-1987
36,832
-0-
-0-
-0-
-0-
105
EXHIBIT K-12
CITY OF WICHITA FALLS, TEXAS
WATER AND SEWER REVENUE BONDS
SCHEDULE OF REVENUE BOND COVERAGE - LAST TEN FISCAL YEARS (UNAUDITED)
Average
Annual
Average
Maximum
Net Income
Principal
Annual
Principal
Maximum
Fiscal
Available for
and
Times
and
Times
Year
Debt Service
Interest
Covered
Interest
Covered
1977-1978
$1,937,076
$ 526,278
3.68
$1,089,951
1.78
1978-1979
1,764,656
553,977
3.19
1,059,691
1.67
1979-1980
2,904,365
536,677
5.41
1,129,840
2.57
1980-1981
2,843,629
507,350
5.60
1,129,840
2.52
1981-1982
2,773,414
682,840
4.06
1,440,487
1.93
1982-1983
3,242,485
640,749
5.06
1,394,164
2.32
1983-1984
4,844,678
596,430
8.12
1,347,556
3.60
1984-1985
5,239,019
2,374,494
2.21
2,377,437
2.20
1985-1986
49588,812
2,453,643
1.87
2,457,972
1.87
1986-1987
49230,749
2,453,511
1.72
2,457,972
1.72
106
EXHIBIT K-13
CITY OF WICHITA FALLS, TEXAS
DEMOGRAPHIC STATISTICS - LAST TEN FISCAL YEARS (UNAUDITED)
Per
Fiscal
Estimated
Capita
Education
School
Unemployment
Year
Population (1)
Income (2)
Level (3)
Enrollment (3)
Rate (4)
1977-1978
109,000
$ 6,666
12.5
15,086
3.5%
1978-1979
111,000
7,185
12.6
14,561
3.2%
1979-1980
93,600
7,500
12.6
14,386
4.0%
1980-1981
94,201
8,703
13.1
14,378
4.1%
1981-1982
96,500
9,857
13.1
14,256
6.4%
1982-1983
97,125
11,302
13.2
14,184
7.1%
1983-1984
104,500
11,835
13.3
14,428
4.4%
1984-1985
100,200
11,970
13.3
14,118
5.9%
1985-1986
101,300
12,985
13.2
14,159
8.4%
1986-1987
99,000
13,874
13.2
14,249
7.8%
Sources:
(1) City of Wichita Falls Planning ]Department
(2) Wichita Falls Times/Record News
(3) Wichita Falls I.S.D. - Educational level is grade equivalent of
graduating senior.
(4) Texas Employment Commission
107
EXHIBIT K-14
CITY OF WICHITA FALLS, TEXAS
PROPERTY VALUE, BUILDING PERMITS AND BANK DEPOSITS -
LAST TEN FISCAL YEARS (UNAUDITED)
Fiscal
Year
1977-1978
1978-1979
1979-1980
1980-1981
1981-1982
1982-1983
1983-1984
1984-1985
1985-1986
1986-1987
Property
Value (1)
$ 881,058,223
968,426,400
1,083,186,106
1,241,998,642
1,452,897,321
1,802,438,684
1,882,445,516
2,055,679,292
29226,690,210
2,315,783,297
Building
Permits (2)
$ 45,604,127
131,560,312
45,236,067
82,811,494
56,424,318
73,235,522
45,959,328
68,942,474
40,951,045
31,161,722
Bank
Deposits (3)
$ 551,425,836
724,403,250
811,428,863
888,732,895
961,142,020
972,585,375
1,011,202,125
1,020,034,687
1,086,818,201
1,107,880,373
Sources:
(1) City of Wichita Falls Tax Department
(2) City of Wichita Falls Planning Department
(3) Wichita Falls Times/Record News (as of December 31)
1 108
EXHIBIT K-15
CITY OF WICHITA FALLS, TEXAS
TEN LARGEST TAXPAYERS (UNAUDITED)
SEPTEMBER 30, 1987
Taxpayer
Type of Business
Southwestern Bell
Telephone Utility
Texas Utilities
Electric Utility
JMB Group Trust III
Shopping Center
Wichita Falls Hotel
Partnership
Hotel
Washex Machinery
Manufacturing
Sprague Electric
Manufacturing
Panhandle Manufacturing
Manufacturing
Siemens
Manufacturing
Hotel Association
of Wichita Falls
Hotel
Cooper Industries
Manufacturing
Percentage
January 1, 1986
Assessed
Valuation
of Total
Assessed
Valuation
$ 42,570,130
1.84%
31,901,662
1.38%
31,641,400
1.37%
10,693,360
.46%
10,326,545
.45%
10,252,351
.44%
10,038,873
.43%
9,113,456
.39%
8,681,795 .38%
8,588,018 .37%
$173,807,590 7.51%
109
EXHIBIT K-16
CITY OF WICHITA FALLS, TEXAS
1
MISCELLANEOUS STATISTICAL DATA (UNAUDITED)
SEPTEMBER 30, 1987
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 consumption
Miles of water mains
Sewers:
Number of customers - active
Miles of sanitary sewers
Miles of storm sewers
Building permits issued:
Number issued
Amount issued
Recreation and culture:
Number of parks
Number of libraries
Number of volumes
Employees - fulltime
1
1
1
110
1889
Council - Manager
50 square miles
574.2
6,563
9
152
1
154
31,156
18,212,000 gallons treated water
800
28,648
650
200
1,657
$31,161,722
41 with 1,104 acres
1
125,000
975
EXHIBIT K-17
(Page 1 of 3)
CITY OF WICHITA FALLS, TEXAS
SCHEDULE OF INSURANCE COVERAGE (UNAUDITED)
SEPTEMBER 30, 1987
Insurance
Code
A Policy:
Company:
Policy No.:
Policy Period:
Perils:
Coverages:
Deductible:
Coinsurance:
Premium:
B Policy:
Company:
Policy No.:
Policy Period:
Perils:
Coverage:
Deductible:
Premium:
C Policy:
Company:
Policy No.:
Policy Period:
Perils:
Coverage:
Deductible:
Premium:
Building and Contents
Firemen's Fund
XF3781055, Extra Expense P3800786
January 1, 1985 to October 1, 1987
Fire, extended coverage, vandalism and
malicious mischief, including difference
in condition
$29,442,561 Building and Contents
250,000 Extra Expense
$ 100,000
Agreed Value - Replacement Cost
.................................. $25,012.00
Boiler and Machinery
Home Indemnity Company
BMP 496070
October 1, 1986 to October 1, 1987
Comprehensive Blanket
$1,000,000
$ 25,000
.................................. $ 7,206.00
Electronic Data Processing Equipment
American Standard Lloyds Insurance Co.
267 TDP 1065444
April 1, 1985 to October 1, 1987
All Risk
$432,770
$ 1,000
...................................$ 9,232.00
D Policy: Excess Worker's Compensation and Employer's
Liability
Company: Aetna Casualty
Policy No.: XC21WCA
Policy Period: October 1, 1986 to October 1, 1987
Perils: Worker's Compensation - Employer's Liability
Coverage: Statutory Limits - Worker's Compensation
$1,000,000 Employer's Liability
Deductible: $500,000
Premium: .... ............................... $16,039.00
111
'
EXHIBIT K-17
(Page 2 of 3)
CITY
OF WICHITA FALLS,, TEXAS
SCHEDULE OF INSURANCE COVERAGE (UNAUDITED) (CONT'D.)
SEPTEMBER 30, 1987
Insurance
t
Code
E
Policy:
Airport Liability
Company:
U.S. Fire Insurance Company
Policy No.:
GLA 41-20594
Policy Period:
October 1, 1984 to October 1, 1987
Perils:
Owner's, Landlords' and Tenants' Liability
Coverage:
$1,000,000 CSL
Deductible:
None
Premium:
................Three -Year Policy $67,500.00
'
F
Policy:
Physician Medical Malpractice
Company:.
St. Paul Insurance Company
Policy No.:
591 TE 0976
Policy Period:
October 1, 1986 to October 1, 1987
'
Perils:
Physician Medical Malpractice
Coverage:
$1,000,000 CSL
Deductible:
None
Premium:
.•••. ................. ........$ 4,337.00
G
Policy:
Public Official Bond
Company:
Fidelity & Deposit Company of Maryland
Bond No.
9688496
Bond Period:
June 27, 1987 to June 27, 1988
Insured:
City Manager
'
Coverage:
$25,000
Premium:
..................................$ 88.00
Bond No.:
9619935
Bond Period:
August 1, 1987 to August 1, 1988
Insured:
Purchasing Agent
Coverage:
$2,500
Premium:
••..
. ........•. ...... ...... .$ 50.00
Bond No.:
Bond Period:
5679944
January 15, 1987 to January 15, 1988
Insured:
City Clerk
Coverage:
$25,000
Premium:
..................................$ 88.00
112
THIS PAGE IS INTENTIONALLY LEFT BLANK.
Insurance
Code
H
I
EXHIBIT K-17
(Page 3 of 3)
CITY OF WICHITA FALLS, TEXAS
SCHEDULE OF INSURANCE COVERAGE (UNAUDITED) (CONT'D.)
SEPTEMBER 30, 1987
Policy:
Public Official Bond
Company:
Aetna Insurance Company
Bond No.:
S100138239BCA
Bond Period:
April 22, 1987 to April 22, 1988
Insured:
Tax Assessor/Collector
Coverage:
$50,000
Premium:
.................. 0................ $
250.00
Bond No.:
S100084654BCA
Bond Period:
August 6, 1987 to August 6, 1988
Insured:
Director of Public Works
Coverage:
$2,500
Premium:
.............. ... ..... .......... ...$
50.00
Bond No.:
S100179467BCA
Bond Period:
July 16, 1987 to July 16, 1988
Insured:
Municipal Court Administrator
Coverage:
$2,500
Premium:
...... ... ......................... .$
50.00
Bond No.:
S018072205BCA
Bond Period:
March 5, 1987 to March 5, 1988
Insured:
Chief Accounting Officer
Coverage.:
$25,000
Premium:
...... ........ .....................$
88.00
Policy:
Public Employee Blanket Bond
Company:
Fidelity & Deposit Company of Maryland
Bond No.:
9367053
Bond Period:
January 15, 1987 to January 15, 1988
Insured:
Honesty Blanket Position
Coverage:
$10,000 Inside Premises
$ 3,000 Outside Premises
Premium:
.. ......... ........... .............$
288.00
113
EXHIBIT K-18
(Page 1 of 2)
CITY OF WICHITA FALLS, TEXAS
SCHEDULE OF EMPLOYEE BENEFIT INSURANCE (UNAUDITED)
SEPTEMBER 30, 1987
Insurance
Code
J Policy:
Company:
Policy No.:
Policy Period:
Perils:
Coverage:
Deductible:
Coinsurance:
Premium:
K Policy:
Company:
Policy No.:
Policy Period:
Perils:
Coverage:
Deductible:
Coinsurance:
Premium:
L Policy:
Company:
Policy No.:
Policy Period:
Perils:
Coverage:
Deductible:
Premium:
Health Insurance
Alta Health Strategies, Inc.
City of Wichita Falls Employee Benefit Trust
October 1, 1987 through September 30, 1988
Illness and Accidental Injury (Non -work
Related)
$1,000,000 Lifetime Maximum
$150 Annually Per Person (Maximum 3 Family
Members)
Coinsurance coverage begins when a limit of
20% reaches $1,000 yearly, then insurance
company pays 100% of eligible expenses.
..................Annual Estimate $450,000.00
Dental Insurance
Alta Health Strategies, Inc.
City of Wichita Falls Employee Benefit Trust
October 1, 1987 through September 30, 1988
Basic Dental Coverage with Orthodontics for
Children Under 19
$1,000 Annual Maximum - Basic Coverage
$1,000 Lifetime Maximum - Orthodontics
Basic Coverage - $50 Annually Per Person
(Maximum 3 Family Members); No Deductible for
orthodontics
80-20 Basic, 50-50 Orthodontics, 50-50
Periodontics
..................Annual Estimate $ 65,000.00
Life Insurance
Aetna Life and Casualty
GT-47782 (Group #)
October 1, 1987 through September 30, 1988
Death and Dismemberment Benefits
Varies from $1,000; $3,000; $5,000; $7,500;
$10,000; $12,000; $14,000; $15,000. Double
Indemnity for Accidental Death. Dismemberment
Benefits.
N/A
..................Annual Estimate $ 80,000.00
114
Insurance
Code
M
EXHIBIT K-18
(Page 2 of 2)
CITY OF WICHITA FALLS, TEXAS
SCHEDULE OF EMPLOYEE BENEFIT INSURANCE (UNAUDITED) (CONT'D.)
SEPTEMBER 30, 1987
Policy: Life Insurance (Directors Only)
Company: Pilot Life Insurance Company
Policy No.: 0548 (Group #)
Policy Period: January 1, 1987 to December 31, 1988
Perils: Accidental Death and Dismemberment
Coverage: $25,000
Deductible: N/A
Premium: ..................Annual Estimate $
250.00
115
WiChit�►�
TEXAS
1300 7th Street • P.O. Box 1431 • Wichita Falls, Texas 76307