2002 Comprehensive Annual Financial Reports •
Comprehensive
•
Annual
Financial Report
City of
Wichita Falls,
Texas
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For Year Ended
September 30, 2002 -
CITY OF WICHITA FALLS, TEXAS -
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE YEAR ENDED SEPTEMBER 30, 2002
ISSUED BY:
DEPARTMENT OF FINANCE
CITY OF WICHITA FALLS, TEXAS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE YEAR ENDED SEPTEMBER 30, 2002
TABLE OF CONTENTS
Exhibit Page
INTRODUCTORY SECTION
Letter of Transmittal i-xiv
GFOA Certificate of Achievement xv
Organizational Chart xvi
List of Principal Officials xvii
FINANCIAL SECTION
Independent Auditor's Report 1-2
GENERAL PURPOSE FINANCIAL STATEMENTS:
Combined Balance Sheet-All Fund Types, Account Groups
and Discretely Presented Component Units A-1 3-4
Combined Statement of Revenues, Expenditures and Changes
in Fund Balances-All Governmental Fund Types, Expendable
Trust Fund, and Discretely Presented Component Units A-2 5
Combined Statement of Revenues, Expenditures and Changes
in Fund Balances- Budget and Actual -General, Special
Revenue, and Debt Service Funds •
A-3 6
Combined Statement of Revenues, Expenses and Changes in
Retained Earnings -All Proprietary Fund Types and
Nonexpendable Trust Fund A-4 7
Combined Statement of Cash Flows-All Proprietary Fund
Types and Nonexpendable Trust Fund A-5 8
Notes to the Financial Statements 9-43
REQUIRED SUPPLEMENTARY INFORMATION:
Texas Municipal Retirement System -Analysis of Funding
Progress- Last Ten Plan Years B-1 44
Wichita Falls Firemen's Relief and Retirement Fund -Analysis
of Funding Progress B-2 45
COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS:
General Fund:
Comparative Balance Sheets C-1 46
Statement of Revenues, Expenditures and Changes
in Fund Balance- Budget and Actual C-2 47-50
CITY OF WICHITA FALLS, TEXAS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE YEAR ENDED SEPTEMBER 30, 2002
TABLE OF CONTENTS (CONT'D.)
Exhibit Page
COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS (CONT'D.):
Special Revenue Funds:
Combining Balance Sheet D--1 51
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances- Budget and Actual D--2 52
Community Development Block Grant Fund:
Comparative Balance Sheets D--3 53
Statement of Revenues, Expenditures and Changes
in Fund Balance- Budget and Actual D--4 54
Section 8 Housing Fund:
Comparative Balance Sheets D--5 55
Statement of Revenues, Expenditures and Changes
in Fund Balance- Budget and Actual D--6 56
Home Investment Partnership Agreement Fund:
Comparative Balance Sheets D--7 57
Statement of Revenues, Expenditures and Changes
in Fund Balance - Budget and Actual D--8 58
Hotel/Motel Tax Fund:
Comparative Balance Sheets D--9 59
Statement of Revenues, Expenditures and Changes
in Fund Balance- Budget and Actual D-10 60
Miscellaneous Special Revenue Fund:
Comparative Balance Sheets D-11 61
Statement of Revenues, Expenditures and Changes
in Fund Balance - Budget and Actual D-12 62
Debt Service Fund:
Comparative Balance Sheets E-1 63
Statement of Revenues, Expenditures and Changes
in Fund Balance- Budget and Actual E-2 64
Capital Projects Funds:
Combining Balance Sheet F-1 65
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances F-2 66
Enterprise Funds:
Combining Balance Sheet G-1 67-68
Combining Statement of Revenues, Expenses and
Changes in Retained Earnings G-2 69
Combining Statement of Cash Flows G-3 70-71
CITY OF WICHITA FALLS, TEXAS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE YEAR ENDED SEPTEMBER 30, 2002
TABLE OF CONTENTS (CONT'D.)
Exhibit Page
COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS (CONT'D.):
Internal Service Fund:
Combining Balance Sheet H-1 72
Combining Statement of Revenues, Expenses
and Changes in Retained Earnings _ H-2 73
Combining Statement of Cash Flows H-3 74
Trust and Agency Funds: -
Combining Balance Sheet I-1 75
Comparative Statements of Revenues, Expenditures and
Changes in Fund Balances:
Excess Sales Tax Expendable Trust Fund 1-2 76
Cemetery Perpetual Care Nonexpendable Trust Fund 1-3 77
Comparative Statements of Cash Flows- Cemetery Perpetual
Care Nonexpendable Trust Fund 1-4 78
Agency Funds- Combining Statement of Changes in Assets
and Liabilities 1-5 79
Discretely Presented Component Units:
Combining Balance Sheet J-1 80
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances J-2 81
SUPPORTING SCHEDULES:
Combined Schedule of Bonded Debt and Interest Maturities K--1 82
Combined Schedule of Bonds Payable K--2 83-86
Debt Service Coverage- Revenue Bonds K--3 87
General Fixed Assets Account Group—Comparative Schedule of
General Fixed Assets- By Sources K--4 88
General Fixed Assets Account Group- Schedule of Changes
in General Fixed Assets- By Sources K--5 89
General Fixed Assets Account Group- Schedule of General
Fixed Assets- By Function and Activity K--6 90
General Fixed Assets Account Group- Schedule of Changes in
General Fixed Assets- By Function and Activity K--7 91
Golf Fund - Plant, Equipment and Depreciation K--8 92
Municipal Airport Fund - Plant, Equipment and Depreciation K--9 93
Kickapoo Airport Fund —Plant, Equipment and Depreciation K-10 94
Transit Fund - Plant, Equipment and Depreciation K-11 95
Sanitation Fund - Plant, Equipment and Depreciation K-12 96
Water and Sewer Fund - Plant, Equipment and Depreciation K-13 97
Stormwater Drainage Fund —Plant, Equipment and Depreciation K-14 98
Fleet Maintenance Fund - Plant, Equipment and Depreciation K-15 99
Duplicating Services Fund K-16 100
Wichita Falls Economic Development Corporation —Schedule of
Changes in General Fixed Assets K-17 101
CITY OF WICHITA FALLS, TEXAS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE YEAR ENDED SEPTEMBER 30, 2002
TABLE OF CONTENTS (CONTD.).
Exhibit Page
STATISTICAL SECTION (UNAUDITED)
General Governmental Expenditures by Function (General Fund
Only) - Last Ten Fiscal Years L--1 102
General Governmental Revenues by Source (General Fund Only) - _
Last Ten Fiscal Years L--2 103
Property Tax Levies and Collections- Last Ten Fiscal Years L--3 104
Assessed and Estimated Actual Value of Taxable Property-
Last Ten Fiscal Years L--4 105
Property Tax Rates and Tax Levies- Direct and Overlapping
Governments- Last Ten Fiscal Years L--5 106
Ten Largest Taxpayers L--6 107
Special Assessment Collections (Capital Improvement
Assessments Fund) - Last Ten Fiscal Years L--7 108
Computation of Legal Debt Margin L--8 109
Ratio of Net General Bonded Debt to Assessed Value and
Net General Bonded Debt Per Capita - Last Ten Fiscal Years L--9 110
Ratio of Annual Debt Service Expenditures for General Bonded
Debt to Total General Governmental Expenditures- Last Ten
Fiscal Years L-10 111
Computation of Direct and Overlapping General Bonded Debt L-11 112
Revenue Bond Coverage - Water and Sewer Revenue Bonds-
Last Ten Fiscal Years L-12 113
Demographic Statistics- Last Ten Fiscal Years L-13 114
Property Value, Building Permits and Bank Deposits- Last Ten
Fiscal Years L-14 115
Miscellaneous Statistical Data L-15 116
Schedule of InsDrance Coverage L-16 117-121
Graphics:
Cash and Investments M--1 122
Total Bonds Payable M--2 123
General Obligation Bonds Payable M--3 124
Revenue Bonds Payable M--4 125
General Fund Equity M--5 126
Comparison of Tax Levy and Collections M--6 127
Revenues By Source- FYE 9/30/02 M--7 128
Expenditures By Function - FYE 9/30/02 M--8 129
General Governmental Revenues (General Fund Only) M--9 130
General Governmental Expenditures (General Fund Only) M-10 131
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INTRODUCTORY SECTION
74 Wichita s
March 5,2003
The Honorable Mayor,
Members of the City Council,
City Manager and Citizens of Wichita Falls,Texas
I am pleased to submit herewith, the Comprehensive Annual Financial Report of the City of
Wichita Falls, Texas for the fiscal year ended September 30, 2002. The purpose of this report
is to provide the City Council, City Manager, citizens and other interested parties with
detailed information concerning the financial condition of the City of Wichita Falls. In
addition, this report provides assurance that the City presents fairly its financial position as
verified by independent auditors.
COMPREHENSIVE ANNUAL FINANCIAL REPORT
The Comprehensive Annual Financial Report of the City of Wichita Falls, Texas, for the year
ended September 30, 2002, was prepared in accordance with accounting principles as
promulgated by the Governmental Accounting Standards Board (GASB). The general
purpose financial statements and related notes have been audited by the independent audit
firm of Mathis, West, Huffines& Co., P. C.,whose report is included herein.
Responsibility for both the accuracy of the presented data and the completeness and fairness
of the presentation, including all disclosures, rests with the City. We believe the data, as
presented, is accurate in all material aspects; that it is presented in a manner designed to fairly
set forth the financial position and results of operation of the City as measured by the financial
activity of its various funds; and that all disclosures necessary to enable the reader to gain
understanding of the City's financial activities have been included.
The Comprehensive Annual Financial Report of the City of Wichita Falls, Texas, is reported
in three sections; introductory, financial and statistical. The introductory section includes this
transmittal letter, Certificate of Achievement for Excellence in Financial Reporting, the
government's organizational chart and a list of principal City officials. The financial section
includes the independent auditors' report, general purpose financial statements and related
notes, required supplementary information, and combining and individual fund and account
group financial statements and schedules. The statistical section includes selected financial
and demographic information, generally presented on a multi-year basis.
1300 7th Street P.O.Box 1431 Wichita Falls,Texas 76307
GENERAL INFORMATION- CITY OF WICHITA FALLS,TEXAS
The City of Wichita Falls is located 15 miles south of the Red River/Oklahoma border at the
intersection of Interstate 44 and U.S. Highway 287 and is equidistant from Dallas and
Oklahoma City, approximately 125 miles. Wichita Falls is the county seat of Wichita County
and the major population center in North Texas, serving a trade area which extends into
southern Oklahoma. Wichita Falls has a strong international presence, unique for a city of its
size and location. Sheppard Air Force Base maintains the Euro-NATO jet pilot training
program; there is considerable international investment in the area's manufacturing base; and
Midwestern State University has significant foreign student representation. Principal
employers within the city manufacture fiberglass reinforcements, glass, automotive parts,
laundry equipment, and pipe. North Texas State Hospital-Wichita Falls Branch, Midwestern
State University, James V. Allred Prison and Sheppard Air Force Base are also large
employers located within the city. The 2002 population for Wichita Falls is estimated at
104,544, an increase of.33% over the 2000 Census estimates, and an increase of 8.62% over
the 1990 population.
CITY SERVICES AND THE REPORTING ENTITY
The City of Wichita Falls utilizes a Council-Manager form of government and is organized
under the Constitution and Laws of the State of Texas. The City Council is comprised of five
members elected from separate districts, and a Mayor and one member elected by the citizens
at-large. The City Council appoints the City Manager, City Attorney, Municipal Court Judge
and City Clerk. All other staff members work under the direction of the City Manager.
The City provides on a continuing basis a full range of basic municipal services including:
public safety (police, fire and building inspection); highways, streets and engineering; health
and welfare services; parks, recreation and cemeteries; library services; public improvements;
planning and zoning; and general administrative services. In addition, the City provides
water, sewer, sanitation and transportation services for its citizens.
This report includes all funds and account groups of the City of Wichita Falls and all of its
component units in accordance with Governmental Accounting Standards Board (GASB)
Statement No. 14, which defines the criteria for inclusion of other agencies, institutions,
commissions, public authorities, or other governmental organizations in the reporting entity's
general purpose financial statements. Four legally separate organizations, for which the City
is financially accountable, are included in this report as component units. The Wichita Falls
Economic Development Corporation, Wichita Falls 4B Sales Tax Corporation, and the
Wichita Falls Reinvestment Zone #1 are reported as discretely presented component units.
The Employee Benefit Trust Fund is reported as a blended component unit.
Other legally separate organizations were evaluated such as the Wichita Falls Housing
Authority, Wichita Falls Firemen's Relief and Retirement Fund, Wichita County Appraisal
District, and the Wichita County/City Hospital Board; but they did not meet the criteria of
financial interdependency, and therefore, were not included in the report. These organizations
have substantial autonomy, separate governmental entity characteristics and are governed by
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separate boards. Also, the City does not provide funds to these entities, nor is the City
obligated to finance any deficits they may incur or guarantee the indebtedness of these
organizations.
ECONOMIC CONDITION AND ACTIVITY
Manufacturing plays a vital role in the area economy. Wichita Falls has over 185
manufacturing firms representing approximately 14% of total employment within the city and
generating in excess of$300 million in annual payroll. Large durable goods manufacturing
represents a major portion of the area's employment base including metal fabrication,
industrial and commercial machines and equipment, and assorted plastic, glass, and fiberglass
products. The remaining manufacturing jobs are in the processing of non-durable goods such
as food, printing materials and garments. Seven of the local manufacturers are operated by
Fortune 500 companies or their subsidiaries. Four area manufacturing facilities are foreign-
owned, representing France, Sweden, and Switzerland. The community has benefited in
recent years through several major industrial expansions that have contributed in excess of
$180 million in new manufacturing investments.
Like elsewhere in the nation, 2002 was a difficult year for major industrial development
activities in Wichita Falls. The reality was that corporate accountability, the national
economy, and the tragic events of September 11, all caused delays or eliminations of
expansion plans and/or new developments. Residential and commercial construction activity,
however, continued to remain strong. The total value of new residential construction permits
for the 2001-02 fiscal year was $36,235,687, which is an increase of$8,696,067 or 31.58%
over the prior year. Commercial real estate transactions and new construction over the last
year have also been extremely healthy. Although the value of building permits for
commercial construction and expansion decreased by 8.05% from the prior year, the total
value remained strong at $55,856,847. The following entities announced expansion, new
construction or consolidations in excess of$1,000,000 in value during the 2001-02 fiscal year:
• United Regional Health Care Systems. Eleven separate building permits for the West
Wing Addition at a total of 75,000 sq. ft. with an estimated cost of$15,413,000.
• Crossroads Apartments. A total of 101,620 sq. ft. with an estimated cost of$4,355,000.
• Orthopedic Sports Therapy Center. A total of 27,400 sq. ft. with an estimated cost of
$3,500,000.
• North Park Apartments. A total of 80,492 sq. ft. with an estimated cost of$3,000,000.
• Hawthorne Suites. A total of 17,813 sq. ft. with an estimated cost of$2,050,000.
• Empire Paper. A total of 54,617 sq. ft. with an estimated cost of$1,150,000.
Another indicator of economic condition is income from the local sales and use tax. The local
sales tax rate in the city is two percent. Although numerous cities in Texas experienced
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significant reductions in retail sales during the 2001-02 fiscal year, income from this tax in
Wichita Falls only decreased by $134,908, or .62% from the 2000-01 fiscal year.
MAJOR INITIATIVES
For The Year. The City Council has identified programs to meet citizens' requests for
services and to safeguard the environment. During this fiscal year, 4B Sales Tax Corporation
funds were expended for architectural/consulting services to prepare for the construction of a
police-fire training center to replace existing facilities that are obsolete and inadequate. The
proposed plan is to construct a state-of-the-art training center that will improve coordinated
training efforts in the City's public safety programs. The conceptual design of the facility
includes classrooms, a physical fitness area, fire apparatus bay, storage areas for training
materials, and limited office space. Additionally, the facility will provide space to house a
new public safety dispatching area. At present, preliminary construction cost estimates are
projected to be $4.6 million.
In addition, 4B Sales Tax Corporation funds are programmed for the construction of a new
training field for the Fire Department. This facility will provide a multitude of amenities
designed to simulate fires and other incident responses. Construction activities have begun on
this project and the total cost for the facility is estimated to be $1.1 million.
Another significant public safety related project funded with 4B Sales Tax funds is the Public
Safety Communications Project. Consultants have been retained to assist in the planning and
acquisition of an integrated public safety communication system including two-way radio,
computer-aided dispatching, records management computer systems, and mobile data wireless
communication systems. The installation of this equipment is expected to cost approximately
$12 million, much of which is planned to be funded with debt financing.
Work continues on the City's major water system improvement projects. In September 2001,
the City issued $118,770,000 of Water and Sewer System Revenue Bonds for improvements
to the system designed primarily to meet regulatory treatment requirements of the EPA and
TCEQ and to expand water supply and treatment capacities. Specific projects to be completed
include (1) Kemp Reservoir Pump Station and Pipeline; (2) 10 Million Gallon Per Day
Reverse Osmosis Facility; (3) Cypress Water Plant High Service Pump Station and Storage;
(4) 10 Million Gallon Per Day Conventional Treatment Expansion at the Cypress Water Plant;
(5) Secondary Reservoir and Pump Station Expansion; (6) Jasper Water Treatment Plant
Modifications and Improvements; (7) River Road Advanced Water Treatment Facility; (8)
Distribution and Elevated Storage Improvements; and (9) New Water Plant Administration
and Maintenance Facilities. Needless to say, these improvements will dramatically improve
the City's ability to supply and treat water for the citizens of this community. Debt service
payments began during the 2001-02 fiscal year at $7.2 million. The average annual debt
service for the life of the bonds is $8.9 million. Water rates were increased in October 2000
and again in February 2001 to begin generating revenues sufficient to finance this new debt
service obligation.
An electricity savings project that was implemented during the 2001-02 fiscal year involved
the replacement of the red and yellow standard filament traffic signal lamps at all of the City's
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intersections with Light Emitting Diodes (LED's). A total of $171,000 was expended to
purchase these LED indicators which use 85% less electricity than the standard filament
lamps. It is estimated that the cost savings in electricity will result in a three year return on
investment. The green traffic signal lamps will be replaced with LED indicators as the cost for
the green lamps proves to be cost effective.
Finally, during the 2001-02 fiscal year, the Kay Yeager Coliseum was constructed, and its
grand opening occurred in January 2003. This $20 million facility was the third phase of the
Multi-Purpose Events Center and was financed with the use of approximately $8 million of
existing cash reserves in various City funds, $5 million in private contributions, and $7
million in bond proceeds. The debt service for the bonds is being paid annually with funds
from the Hotel/Motel Tax Fund, Tax Increment Financing Fund and contractual payments
from the West Texas Utilities Company.
For The Future. Financial planning is underway to adaptively reuse the former Holt Hotel
property located in the downtown district. Through a public/private partnership, a plan has
been prepared to redevelop this abandoned historic structure into an upscale apartment
complex. The ultimate owner of the complex will be the Wichita County Heritage Society,
but the facility will be developed and managed by a professional management firm. The
financial plan includes pledges from local foundations, City support from Community
Development Block Grants and Tax Increment Financing Funds, historic preservation tax
credits, an Economic Development Initiative Grant from the federal government, and a private
bank loan. Overall, this public/private partnership project is estimated to cost approximately
$6 million.
Recently, the City Council has made street improvements one of its highest priorities. For
several years, a total of $675,000 has been allotted for the street mill and overlay program,
which provides approximately 8 miles of overlay each year. However, a 25 year overlay
cycle suggests that the City should be overlaying about 21 miles per year, at a cost of about
$1.9 million annually. The City Council recently began addressing this need by expending an
additional $900,000 of capital project funds for the street overlay program. The City Council
continued to pursue this goal during the 2002-03 budget process by approving the use of
$620,000 of General Fund Reserve Funds and $655,000 of Sanitation Equity Funds for street
overlay bringing the total budget to $1,950,000.
During the 2001-02 fiscal year, the City Council approved a contract with a private consulting
firm to provide preliminary design, final design, bidding and construction phase services for
improvements at Kickapoo Downtown Airpark. The improvements are expected to include
the reconstruction of the runway, taxiway and connectors; extension and widening of the
runway; improvements to the runway extended safety area; storm water drainage
improvements; runway lighting enhancements; and airfield signage improvements. The cost
for Phase I of these improvements is estimated to be $3.4 million, 90% of which, will be
funded with Federal Aviation Entitlement Funds. The remaining 10%will be paid for from
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reserve funds in the City's two airport funds. The 2002-03 budget includes $200,000 in the
Municipal Airport Fund and $142,000 in the Kickapoo Airport Fund for the City's matching
requirement. Construction is expected to begin during the 2002-03 fiscal year.
FINANCIAL INFORMATION
In developing and evaluating the City's accounting system, consideration is given to the
adequacy of internal control as deemed appropriate by the City Manager. Internal control is
designed to provide reasonable, but not absolute, assurance regarding: (1) the safeguarding of
assets against loss from unauthorized use or disposition; and (2) the reliability of financial
records for preparing financial statements and maintaining accountability for assets. The
concept of reasonable assurance recognizes that the cost of a control should not exceed the
benefits likely to be derived and the evaluation of costs and benefits requires estimates and
judgments by the City Manager.
All internal control evaluations occur within the above framework. The City believes that its
internal control adequately safeguards assets and provides reasonable assurance of proper
recording of financial transactions.
The Annual Operating Budget is proposed by the City Manager and approved by the City
Council following public discussion. Budgetary control is maintained at the class level by the
Finance Department within each division by the encumbrance of estimated purchase amounts
prior to the release of purchase orders to vendors. Purchase orders which result in an overrun
of class level balances are not released until additional appropriations are made available. In
instances when budgetary transfers are necessary, management control of the operating budget
is maintained at the fund and department level. Transfers within a department of the same
fund must be approved by the City Manager. Transfers across departments or funds must be
approved by the City Council.
Unencumbered appropriation balances lapse at year end and are not carried forward to new
budget periods. Open encumbrances are reported as reservations of fund balance at
September 30, 2002, and related appropriations are carried forward to the new fiscal year
through a supplemental budgetary allocation.
GOVERNMENTAL FUND TYPES
General Fund (Revenues)
Revenues in the General Fund totaled $44,958,999 in the 2001-02 fiscal year, an increase of
3.57% from the 2000-01 fiscal year. Much of this increase is due to increases in ad-valorem
taxes as a result of the continued growth in the tax base and slightly higher collection rates.
Additionally, franchise taxes received from the local electric distribution company increased
significantly from the prior year because the Public Utility Commission allowed Oncor to
collect fuel surcharges from customers' accounts to recover the high cost of fuel that was
experienced in early 2001. Charges for Services increased from the 2000-01 fiscal year due to
higher administrative overhead charges to the Water and Sewer Fund and because the
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Kickapoo Airport Fund and Duplicating Services Fund were charged administrative overhead
for the first time in 2001-02. Fines and Forfeitures increased from the prior year primarily
due to a more aggressive fine and warrant collection program at the Municipal Court. A
significant reduction in revenue is reflected in Miscellaneous Revenue due to much lower
interest earnings on idle funds as a result of declining interest rates.
Increase
General Fund Percent (Decrease)
Revenue Source Amount of Total Over Prior Year
Taxes $38,462,368 85.55 $1,518,256
Charges For Service 2,007,218 4.46 223,917
Licenses and Permits 1,918,690 4.27 _ 26,591
Fines and Forfeitures 1,598,751 3.56 339,009
Intergovernmental Revenue 85,499 .19 52,180
Contributions 62,575 .14" 29,674
Miscellaneous Revenue 823,898 1.83 (639,882)
TOTALS $44,958,999 100.00 $1,549,745
Assessed valuation, which is based upon 100% of market value, was $3,338,764,157, an
increase of 5.22% from the prior year. The total property tax levy for the 2001-02 fiscal year
was $17,635,425. Current tax collections totaled $17,210,516 or 97.59% of the total levy.
The ratio of total collections (current and delinquent) to the tax levy was 99.28%. Allocation
of the property tax levy by purpose for the year ended September 30, 2002, and the preceding
two fiscal years was as follows:
Purpose 2001-02 2000-01 1999-00
General Government $15,529,999 $14,686,254 $14,006,613
Debt Service 2,105,426 2,105,007 2,108,944
TOTALS $17,635,425 $16,791,261 $16,115,557
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, 2002, was $.55194 per $100, which means that the City has a tax
margin of$1.69806 per $100, and could raise up to $56,694,219 additional tax revenue a year
from the present assessed_valuation of$3,338,764,157 before the limit is reached.
General Fund (Expenditures)
The increase or (decrease) in levels of General Fund expenditures for major functions of the
City over the preceding year is shown in the following tabulation:
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Increase
Percent (Decrease)
Function Amount of Total Over Prior Year
Administrative Services $7,619,095 16.47 $355,219
Police 14,050,692 30.38 756,695
Fire 9,028,643 19.52 616,386
Parks and Recreation 3,289,405 7.11 229,810-
Finance 1,702,554 3.68 212,893 •
Community Development 1,102,996 2.38 791
Public Works 4,900,411 10.59 491,935
Health 2,223,359 4.81 143,278
Traffic and Transportation 1,986,855 4.30 279,644
Capital Outlay 352,733 .76 (1,012,499)
TOTALS $46,256,743 100.00 $2,074,152
Expenditures in the General Fund totaled$46,256,743, an increase of 4.69%from the 2000-01
fiscal year. Some of the major expenditure increases when compared to the prior year are: (1)
the Administrative Services Department experienced higher expenses for worker's
compensation claims, vacation and sick leave payments to outgoing employees, higher
outside legal expenses, and higher Municipal Court expenses for the Warrant Officer
Program; (2) the Police Department incurred higher expenses due to a 2% cost of living
increase and the 2% step pay plan adjustments, additional costs associated with four Police
Officer positions that were previously funded by the Universal Hiring Grant, and higher costs
for outside lab analyses for evidence and autopsies; (3) the Fire Department received a 4%
cost of living increase for civil service personnel and a 2% step plan adjustment, an increase
in fire pension contributions, and experienced higher utility expenses for the three new fire
stations; (4) Parks and Recreation experienced higher costs due to salary adjustments and for
the lot mowing program now that the program includes privately owned lots that are found to
be in violation of the City's weed ordinances; (5) the Finance Department incurred higher
expenses due to the addition of one new position in the Information Systems Division and to
upgrade numerous older computer workstations; (6) the expenses in the Public Works
Department were higher than in the prior year because the budget for the 2000-01 Street
Overlay Program was encumbered in the prior year but not expended until the 2001-02 fiscal
year; and (7) the Traffic and Transportation Department replaced the red and yellow standard
filament traffic signal lamps at all of the City's intersections with Light Emitting Diodes as an
energy efficiency measure. One significant reduction in expenses is reflected in Capital
Outlay because the 2000-01 fiscal year included costs associated with the replacement of the
HVAC system in Memorial Auditorium/City Hall.
viii
General Fund (Fund Balance)
The General Fund had a total fund balance as of September 30, 2002 of $9,052,742, a
reduction of$1,025,722, or 10.18% from the prior year. Much of this reduction is due to the
planned use of fund balance to purchase mowing equipment, computer upgrades, traffic signal
equipment, and other minor capital outlay items. The unreserved fund balance ended the
fiscal year at $8,367,731, a reduction of$382,303, or 4.37% from the prior year.
Special Revenue Funds
Special Revenue Funds are used to account for the proceeds of specific revenue sources (other
than expendable trust funds or major capital projects)that are legally restricted to be expended
for specified purposes.
The Hotel/Motel Tax Fund is a Special Revenue Fund that accounts for revenues from the
City-imposed tax of 7% on rental of hotel/motel rooms within the city. Revenues in this fund
were $1,193,623 compared to $1,116,968 in the prior year, an increase of 6.86%.
Expenditures from this fund are for programs designed to promote tourism in the community.
Expenditures were $516,427 and the operating transfer for debt service on the MPEC facility
was $283,150, resulting in an increase in fund balance of $394,046. Several factors
contributed to this increase in fund balance: (1) higher than anticipated revenues; (2) lower
operating subsidies to the MPEC Corporation; and (3) the elimination of funding for the
Dallas Cowboys Summer Training Camp and the Wichita Falls Museum and Art Center.
Total fund balance of the Hotel/Motel Tax Fund was $1,025,071 as of September 30, 2002.
The Community Development Block Grant Fund, Section 8 Housing Fund, and Home
Investment Partnership Agreement Fund, which are used primarily to subsidize rents, housing
payments, and other programs for lower income families within the City, are also included as
Special Revenue Funds. During the 2001-02 fiscal year, the Section 8 Program reflects an
increase in financial activity from the prior year due to an increase of 179 housing vouchers
that were previously provided to a local project based Section 8 Rental Program.
The Miscellaneous Special Revenue Fund accounts primarily for various revenues generated
in the form of contributions, fees, concessions, rents and other charges and their related
expenditures. There are also numerous grant related funds accounted for in the Miscellaneous
Special Revenue Fund. Revenues in this fund increased by $305,462, or 8.00% from the prior
year primarily because funds were received from the Federal Aviation Administration for
airport security and new grant programs were approved for the Health Department to assist
with bio-terrorism and controlling West Nile Virus.
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 the General Fixed Asset Account Group. During the
2001-02 fiscal period, expenditures from the Capital Projects Funds amounted to $14,108,742
primarily for the Multi-Purpose Events Center Coliseum Construction Project and street
improvements. Fund balance in the Capital Projects Fund as of September 30, 2002, totaled
$8,589,845, principally for projects related to drainage improvements, MPEC Coliseum, and
4B Sales Tax Projects.
ix
PROPRIETARY FUNDS
Water And Sewer Fund
The Water and Sewer operations for the past three years are presented in the following
tabulation:
2001-02 2000-01 1999-00
Operating Revenues $27,142,642 $ 25,647,505 $ 20,415,672
Operating Expenses 16,590,199 17,577.690 16,825,909
Operating Income 10,552,443 8,069,815 3,589,763
Nonoperating Revenues(Expenses) (4,730,360) (1,143,656) (624,611)
Operating Transfers (897,716) (2,876,799) (706,015)
Net Income $4.924.367 $ 4.049.360 $ 2.259.137
Operating revenues in the 2001-02 fiscal year were 5.83% higher than in the prior year
because rate increases that were approved in February 2001 were in place for the entire fiscal
year. This revenue increase is slightly misleading because water consumption actually
declined by approximately 10% from the prior year due to unseasonably wet weather
conditions during the summer of 2002. Operating expenses decreased by 5.62% from the
prior year primarily due to lower chemical supply costs, electricity usage, and sludge disposal
costs, as a result of the lower demand for water. Non-operating expenses increased
considerably because the first year of interest expense was incurred on the debt that was
issued in September 2001 for major water system improvements. A lower operating transfer
amount is reflected in the Water and Sewer Fund because during the 2000-01 fiscal year, a
large transfer of funds received from the West Texas Utilities Company was made to the
MPEC Coliseum Capital Project Fund.
Golf Fund
The Golf Fund accounts for operating revenues and expenses of the Weeks Park Golf Course.
Operating revenues of the Golf Fund for the year ended September 30, 2002, were $783,519,
an increase of$15,436, or 2.01% from the prior year. Operating expenses for the Golf Fund
were $744,775, an increase of$12,093, or 1.65% from the prior year. The operating income
for the fund was $38,744 and the net income was $32,775. Unrestricted cash and cash
equivalents ended the fiscal year at $165,674.
Municipal Airport Fund
Operating revenues of the Municipal Airport for the year ended September 30, 2002, were
$311,152 compared to $375,449 in the prior year. Much of this decrease was due to a
reduction in air travel subsequent to the events of September 11. Operating expenses were
$299,779 compared to $334,924 in the prior year, a decrease of 10.49%. The primary reason
x
for this decrease in expenses is due to the reclassification of the vacant Airport
Administrator's position to a Customer Service Attendant. The operating income for the fund
was $11,373; however, the net income was a loss of $20,331 due to operating transfers to
Airport Grant Funds for matching funds associated with the Master Plan being conducted for
the Kickapoo Airpark. Unrestricted cash and cash equivalents ended the fiscal year at
$298,737.
Kickapoo Airport Fund
P P
This fund was created during the 1999-00 fiscal year to account for the financial activity of
the Kickapoo Airpark that was purchased in June 2000 from the private sector. Operating
revenues for the 2001-02 fiscal year were $340,954 and operating expenses were $315,218,
resulting in an operating income of $25,736. Net income for the fund was $12,345 after
accounting for interest income and an operating transfer to an Airport Grant Fund to assist
with matching requirements for the Master Plan at the Airpark. Unrestricted cash and cash
equivalents ended the fiscal year at$201,469.
Transit Fund
The Transit Fund accounts for the operation of the Wichita Falls Transit System. This system
is supported from passenger fees, subsidies from the General Fund and intergovernmental
revenue from the Federal Transit Administration and the Texas Department of Transportation.
Operating revenues principally derived from passenger fees totaled $180,893, a decrease of
10.53% from the prior year. Operating expenses were $1,016,583, which is a decrease of
8.44% from 2000-01.. Much of this reduction in operating expenses was due to lower fuel and
maintenance expenses for the bus fleet and lower workers compensation costs. The City's
operating subsidy to the Transit Fund remained relatively unchanged from the prior year at
$152,639.
Sanitation Fund
Sanitation Fund revenues for the year ended September 30, 2002, were $7,618,458, a decrease
of 9.43% from the prior year. Much of this reduction was due primarily to the loss of a few
large industrial landfill disposal accounts to the private sector. These revenues should be
restored in the 2002-03 fiscal year as the City recently has been successful through contract
negotiations in recovering these accounts to the City's customer base. Operating expenses
were $8,166,843, an increase of$1,088,778, or 15.38% from the prior year. This increase is
almost entirely due to costs associated with the construction of a new landfill cell liner.
Unrestricted cash and cash equivalents and short term investments ended the 2001-02 fiscal
year at $5,362,133, a reduction of$2,614,537 from the prior year.
Storm Water Drainage Fund
The Storm Water Drainage Fund was established effective May 1, 2001 to account for
operating revenues and expenses associated with the Storm Water Drainage Utility System.
Total operating revenues of the System for the year ended September 30, 2002 were
$1,033,209. Operating expenses were only $9,475. Unrestricted cash and cash equivalents
ended the fiscal year at $1,311,010.
xi
Internal Service Funds
The City uses Internal Service Funds to account for the financing of goods or services
provided by one department or agency to other departments or agencies of the City on a
cost-reimbursement basis. The Fleet Maintenance Fund, Duplicating Services Fund and the
Employee Benefit Trust Fund are included in the financial statements as Internal Service
Funds.
The Fleet Maintenance Fund is used for improved maintenance of the vehicle fleet. Divisions
which use the vehicles and equipment are charged a monthly rental fee. Total operating
revenues for the year ended September 30, 2002 were $7,044,378 compared to $6,791,693 in
the 2000-01 fiscal year.
The Duplicating Services Fund was established in the 2000-01 fiscal year to account for costs
associated with the operation and maintenance of the City's Print Shop. City departments are
charged a fee based upon actual usage. Operating revenues for the Duplicating Services Fund
for the year ended September 30, 2002, were $294,920 and operating expenses were
$288,227.
The Employee Benefit Trust Fund is used to account for and administer group health
insurance, which is self-insured by the City, and life insurance for employees and covered
dependents. Operating revenues for the Employee Benefit Trust Fund for the year ended
September 30, 2002, were $5,614,597. Operating expenses in fiscal year 2002 were
$5,903,404, an increase of 12.11% from the prior year. This increase in operating expenses is
due to the continuing increase in the cost of health claims, and resulted in an operating loss of
$288,807.
FIDUCIARY FUNDS
Fiduciary Funds are set up for the purpose of accounting for money and property received
from non-enterprise fund sources and held by a governmental unit in the capacity of trustee,
custodian, or agent for individuals, governmental entities and non-public organizations.
Included in the Fiduciary Funds are the Excess Sales Tax Fund, Cemetery Perpetual Care
Fund, Payroll Fund and the Escheatment Fund.
DEBT ADMINISTRATION
Outstanding general obligation bonds at September 30, 2002, totaled $17,410,000 and are
considered to be direct tax supported debt. 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 2001-02 fiscal year were as
follows:
Ratio of Debt
Net Direct To Assessed Debt Per
Bonded Debt Value Capita
$17,410,000 .52% $167
xii •
The current underlying bond ratings are as follows:
Moody's Investors Standard &
Service Poor's
General Obligation Bonds A 1 AA
Water and Sewer Revenue Bonds A2 A+
TREASURY MANAGEMENT
Cash which was temporarily idle during the year, including debt retirement funds, operating
funds, and bond proceeds,was invested in public fund investment pools and U. S. government
securities.
RISK MANAGEMENT
During 2001-02, the City of Wichita-Falls continued a risk management program for worker's
compensation. Various risk control techniques, including employee accident prevention
training,have been utilized during the year to minimize accident-related losses.
OTHER INFORMATION
Independent Audit
The City Charter requires an annual audit of the books of account, financial records, and
transactions of all administrative departments of the City by Certified Public Accountants.
The accounting firm of Mathis, West, Huffines & Co., P.C. was selected by the Mayor and
City Council to satisfy this charter requirement. The auditors' report on the general purpose
financial statements and combining and individual fund statements and schedules is included
in the financial section of this report. In addition to meeting the requirements set forth in the
City Charter, the audit also was designed to meet the requirements of the federal Single Audit
Act Amendments of 1996 and related OMB Circular A-133, and the State Single Audit Act.
These reports are issued under separate cover.
Awards
The Government Finance Officers Association of the United States and Canada (GFOA)
awarded a Certificate of Achievement for Excellence in Financial Reporting to the City of
Wichita Falls for its comprehensive annual financial report (CAFR) for the fiscal year ended
September 30, 2001. The Certificate of Achievement is a prestigious national award
recognizing conformance with the highest standards for preparation of a state and local
government financial report. In order to be awarded a Certificate of Achievement, a
government must publish an easily readable and efficiently organized comprehensive annual
financial report, whose contents conform to program standards. The CAFR must satisfy both
generally accepted accounting principles and applicable legal requirements. A Certificate of
Achievement is valid for a period of one year only. We believe our current report continues to
xiii
conform to the Certificate of Achievement program requirements, and we are submitting it to
GFOA to determine its eligibility for another certificate.
Acknowledgments
My appreciation is extended to the various elected officials, department heads and employees
responsible for the fair presentation of the comprehensive annual report and for contributing
to the sound financial position of the City of Wichita Falls. The City of Wichita Falls has
been blessed with a group of persons who appreciate and respect principles of fiscal restraint
and propriety. In particular, I would like to acknowledge the special efforts of the Department
of Finance employees who contributed directly to the development of this report. The
continuing support of Wichita Falls' elected officials and City Manager, who remain
committed to fiscal integrity and financial leadership, is likewise appreciated.
Respectfully submitted,
( 0-104//1(4.7
Jim Dockery
Director of Finance
xiv
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
City of Wichita Falls,
Texas
For its Comprehensive Annual
Financial Report
for the Fiscal Year Ended
September 30, 2001
A Certificate of Achievement for Excellence in Financial
Reporting is presented by the Government Finance Officers
Association of the United States and Canada to
government units and public employee retirement
systems whose comprehensive annual financial
reports (CAFRs) achieve the highest
standards in government accounting
and financial reporting.
tt.OFF
1/4 OF E 9
W UNITEAIFS yn
CANAlUI y -
Z6 UM
cororu1pN s President
cNoso �L� 1
Executive Director
xv
CITY OF WICHITA FALLS
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DEPARTMENT DEPARTMENT RECREATION PUBLIC UTILITIES
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STREET
1111 1 FINE ELI
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IADMINISTRATION' I C METER Y 1 IMAINTEN ANC EH UTDInE 1
CITY OF WICHITA FALLS, TEXAS
LIST OF PRINCIPAL OFFICIALS
SEPTEMBER 30, 2001
Title Name
Mayor William K. Altman
Mayor Pro-Tem Johnny Burns
City Council Member James Esther, Jr.
City Council Member Linda Ammons
City Council Member Mike Norrie
City Council Member Harold Hawkins
City Council Member Arthur Bea Williams
City Manager James Berzina
City Attorney Bill Sullivan
Municipal Court Judge Larry Gillen
City Clerk Lydia Torres
Assistant City Manager Matt Benoit
Assistant City Manager- Director of Aviation,
Traffic and Transportation Darron Leiker
Director of Finance Jim Dockery
Director of Community Development David Clark
Director of Public Health Barbara Clements
Director of Administrative Services Jan Stricklin
Police Chief Ken Coughlin
Fire Chief Harold Lindsey, Jr.
Director of Parks and Recreation Jack Murphy
Director of Public Works and Public Utilities Scott Taylor, P.E.
xvii
i
FINANCIAL SECTION
MATHIS. WEST. HUFFINES & CO., P.C. Capital Center • Indiana at Seventh
Certified Public Accountants P.O.Box 97000 • Wichita Falls,Texas 76307-7000
(940)723-1471 • FAX(940)723-2251
— —— Email mwhOmwhac.com • www.mwhpc.com
Independent Auditor's Report
The Honorable Mayor and Members of the City Council
City of Wichita Falls, Texas
We have audited the accompanying general purpose financial statements of the City of Wichita
Falls, Texas, as of and for the year ended September 30, 2002, as listed in the table of contents.
These financial statements are the responsibility of the City's management. Our responsibility is
to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally accepted in the United
States of America and the standards applicable to financial audits contained in Government
Auditing Standards, issued by the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable assurance about whether the
general purpose financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in the general
purpose financial statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the overall general purpose
financial statement presentation. We believe that our audit provides a reasonable basis for our
opinion.
In our opinion, the general purpose financial statements referred to above present fairly, in all
material respects, the financial position of the City of Wichita Falls, Texas, at September 30,
2002, and the results of its operations and the cash flows of its proprietary fund types and
nonexpendable trust funds for the year then ended, in conformity with accounting principles
generally accepted in the United States of America.
In accordance with Government Auditing Standards, we have also issued under separate cover
our report dated January 24, 2003, on our consideration of the City of Wichita Falls, Texas'
internal control over financial reporting and our tests of its compliance with certain provisions of
laws, regulations, contracts and grants. That report is an integral part of an audit performed in
accordance with Government Auditing Standards and should be read in conjunction with this
report in considering the results of our audit.
As discussed in Note 24 to the financial statements, a certain error resulting in the overstatement
of a previously-reported grant receivable at September 30, 2001 was discovered by management
during the current year. Accordingly, the previously-reported fund balance in the special revenue
fund was restated to correct the error.
1
The information listed as required supplementary information in the table of contents is not a
required part of the general purpose financial statements, but is supplementary information
required by the Governmental Accounting Standards Board. We have applied certain limited
procedures, which consisted principally of inquiries of management regarding the methods of
measurement and presentation of the required supplementary information. However, we did not
audit the information and express no opinion on it.
Our audit was conducted for the purpose of forming an opinion on the general purpose financial
statements taken as a whole. The combining and individual fund financial statements and the
supplementary information listed as supporting schedules in the table of contents are presented
for purposes of additional analysis and are not a required part of the general purpose financial
statements of the City of Wichita Falls, Texas. The information has been subjected to the
auditing procedures applied in the audit of the general purpose financial statements and, in our
opinion, is fairly stated in all material respects in relation to the general purpose financial
statements taken as a whole. The supplementary information in the statistical section as listed in
the table of contents has not been audited by us, and we do not express an opinion on it.
s (4)09t, 141t414, `,(,.,PG•
MATHIS, WEST, HUFFINES &CO., P.C.
Wichita Falls, Texas
January 24, 2003
2
•
GENERAL PURPOSE FINANCIAL
. STATEMENTS
it
z
CITY OF WICHITA FALLS, TEXAS
COMBINED BALANCE SHEET-ALL FUNDS TYPES,ACCOUNT GROUPS AND
DISCRETELY PRESENTED COMPONENT UNITS
SEPTEMBER 30, 2002
WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 2001
Governmental Fund Types Proprietary Fund Types
Special Debt Capital Internal
General Revenue Service Projects Enterprise Service
ASSETS AND OTHER DEBITS
Assets:
Cash and cash equivalents $ 4,853,261 $3,588,245 $ 262,003 $ 9,948,116 $ 20,241,535 $ 1,727,940
Investments 2,996,324 - - - 6,012,402 -
Receivables(net of allowance for
uncollectible accounts):
Taxes and assessments 762,558 90,465 126,168 - - -
Customer and trade - - - - 3,655,823 -
Other City funds 1,018,602 - - - - -
Component unit - - - 2,106,193 - -
Government agencies 2,966,406 3,713,073 13,891 - 314,457 -
Other 1,547,251 7,055 - 394 144,363 12,956
Inventory 19,271 - - - 757,915 775,824
Prepaid items 84,979 18,000 - - 37,111 11,721
Restricted assets:
Cash and cash equivalents - - - - 121,952,097 -
Investments - - - - 8,971,466 -
Receivables:
Bond proceeds - - - - - -
Other - - - - 59,436 -
Plant and equipment:
Land and betterments - - - - 28,362,631 433,658
Buildings,systems and improvements - - - - 141,510,705 4,010,098
Machinery and equipment - - - - 4,073,439 107,559
Fumiture and fixtures - - 42,196 6,358
Motor vehicles and equipment - - - - 1,235 33,616,778
Construction in progress - - - - 5,713,815 6,706
Accumulated depreciation - - - - (67,146,059) (21,974,336)
Deferred charges - - - - 2,857,290 -
Other assets - 3,000 - - - -
Other debits:
Amount available for debt service - - - - - -
Amount to be provided for retirement
of general long-term debt - - - - - -
Total assets and other debits $14,248,652 $7,419,838 $ 402,062 $12,054,703 $277,561,857 $18,735,262
The accompanying Notes are an integral part of these financial statements.
3
EXHIBIT A-1
(Page 1 of 2)
Fiduciary Account Groups Totals Totals
Fund Type General General Primary Reporting Entity
Trust and Fixed Long-Term Government (Memorandum Only)
Agency Assets Debt (Memorandum Only) Component Units 2002 2001
$ 1,308,141 $ - $ - $ 41,929,241 $ 17,471,057 $ 59,400,298 $ 60,559,588
- - - 9,008,726 - 9,008,726 7,069,070
- - 979,191 6,886 986,077 990,028
- - - 3,655,823 - 3,655,823 3,712,473
- - - 1,018,602 - 1,018,602 746,085
- - - 2,106,193 - 2,106,193 1,535,812
37,918 - - 7,045,745 931,156 7,976,901 7,558,151
850 - - 1,712,869 - 1,712,869 834,649
- - - 1,553,010 - 1,553,010 1,508,087
- - - 151,811 - 151,811 86,633
- - 121,952,097 - 121,952,097 24,883,434
- - 8,971,466 - 8,971,466 -
- - - - - 119,591,856
- - - 59,436 - 59,436 16,701
- 23,416,215 - 52,212,504 140,480 52,352,984 50,552,774
- 27,644,389 - 173,165,192 459,520 173,624,712 167,868,606
7,956,633 - 12,137,631 - 12,137,631 11,123,031
214,110 - 262,664 - 262,664 262,664
- 31,485 - 33,649,498 - 33,649,498 31,360,734
- 17,632,581 - 23,353,102 - 23,353,102 9,379,467
- - - (89,120,395) - (89,120,395) (84,860,608)
- - - 2,857,290 - 2,857,290 3,132,055
- - - 3,000 - 3,000 3,000
- - 270,530 270,530 - 270,530 495,391
- 22,396,041 22,396,041 - 22,396,041 23,772,643
$ 1,346,909 $ 76,895,413 $ 22,666,571 $ 431,331,267 $ 19,009,099 $450,340,366 $442,182,324
(Continued)
CITY OF WICHITA FALLS, TEXAS
COMBINED BALANCE SHEET-ALL FUNDS TYPES,ACCOUNT GROUPS AND
DISCRETELY PRESENTED COMPONENT UNITS (CONTD.)
SEPTEMBER 30, 2002
WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 2001
Governmental Fund Types Proprietary Fund Types
Special Debt Capital Internal
General Revenue Service Projects Enterprise Service
LIABILITIES.EQUITY AND OTHER CREDITS
Liabilities:
Accounts payable-trade $ 682,648 $ 204,435 $ - $ 1,259,024 $ 829,829 $ 233,564 .
Accrued payroll 569,030 41,299 - - 149,635 29,903
Accrued vacation and sick leave 290,000 - - - 329,228 44,134
Payable to other City funds 84 733,694 53 - 284,771 -
Payable to primary government - - - - - -
Payable to government agencies 121,686 243,979 - - 49,353 -
Estimated health claims payable - - - - - 618,170
Tax anticipation notes payable - - - 660,000 - -
Other liabilities 1,533,918 159,871 - 1,545,834 64,963 500
Deferred revenue 1,758,319 125,694 131,479 - 2,710 -
Claims and judgments payable 240,225 - - - - -
Payable from restricted assets:
Contracts and trade - - - -
-
Revenuebonds-current maturities - - - - 3,981,101 -
Accrued interest-revenue bonds - - - - 1,422,473 -
Arbitrage rebate-current - - - - 76,826 -
General obligation bonds payable - - - - - -
Payable to U.S.Government - - - - 807,674 -
Revenue bonds,less current maturities - - - - 168,368,340 -
Arbitrage rebate,less current portion - - - - 166,390 -
Estimated liability for landfill closure
and postclosure care costs - - - - 3,320,021 -
Other long-term liabilities: •
Customer deposits-payable from
restricted assets - - - - 2,151,432 -
Total liabilities 5,195,910 1,508,972 131,532 3,464,858 182,004,746 926,271
Equity and other credits:
Investment in general fixed assets - - - - - -
Contributed capital - - - - 28,391,003 25,974,328
Retained earnings(deficit):
Reserved for revenue bond debt service - - - - 14,549,095 -
Unreserved - - - - 52,617,013 (8,165,337)
Fund balances:
Reserved for encumbrances 580,761 123,747 - 1,525,684 -
Reserved for inventory and prepaid items 104,250 18,000 - - - -
Unreserved:
Designated for:
Subsequent years expenditures 3,000,000 4,744,048 - 7,639,433 - -
Debt service - - 270,530 - - -
Perpetual care - - - - - -
Undesignated 5,367,731 1,025,071 - (575,272) - -
Total equity and other credits 9,052,742 5,910,866 270,530 8,589,845 95,557,111 17,808,991
Total liabilities,equity and other credits $14,248,652 $7,419,838 $ 402,062 $12,054,703 $277,561,857 $18,735,262
The accompanying Notes are an integral part of these financial statements.
4
EXHIBIT A-1
(Page 2 of 2)
Fiduciary Account Groups Totals Totals
Fund Type General General Primary Reporting Entity
Trust and Fixed Long-Term Government (Memorandum Only)
Agency Assets Debt (Memorandum Only) Component Units 2002 2001
-
$ 409,213 $ - $ - $ 3,618,713 $ 615 $ 3,619,328 $ 3,375,905
- - - 789,867 - 789,867 590,580
- - 5,011,795 5,675,157 - 5,675,157 5,444,557
- - - 1,018,602 - 1,018,602 746,085
- - - 2,106,193 2,106,193 1,535,812
-
-
415,018 - 415,018 252,708
- - - 618,170 - 618,170 679,732
- - - 660,000 - 660,000 965,000
28,593 - - 3,333,679 7,776 3,341,455 1,927,426
- - - 2,018,202 - 2,018,202 1,232,632
- - 244,776 485,001 - 485,001 508,016
- - - - - - 8,025
- - - 3,981,101 - 3,981,101 4,299,753
- - 1,422,473 - 1,422,473 950,604
- - - 76,826 - 76,826 -
- 17,410,000 17,410,000 - 17,410,000 19,215,000
- - - 807,674 - 807,674 832,565
- - - 168,388,340 - 168,368,340 172,349,440
- - 166,390 - -166,390 -
- - - 3,320,021 - 3,320,021 3,201,245
- - - 2,151,432 - 2,151,432 2,066,807
437,806 - 22,666,571 216,336,666 2,114,584 218,451,250 220,181,892
- 76,895,413 - 76,895,413 600,000 77,495,413 63,632,648
- - - 54,365,331 - 54,365,331 52,594,323
- - - 14,549,095 - 14,549,095 8,570,885
- - - 44,451,676 - 44,451,676 47,746,227
- - 2,230,192 6,098,096 8,328,288 5,146,725
- -
122,250 - 122,250 89,656
- -
-
15,383,481 10,196,419 25,579,900 37,656,491
342,836 - - 613,366 - 613,366 495,391
566,267 - - 566,267 - 566,267 527,207
-
- -
5,817,530 - 5,817,530 5,540,879
909,103 76,895,413 - 214,994,601 16,894,515 231,889,116 222,000,432
$ 1,346,909 $ 76,895,413 $ 22,666,571 $ 431,331,267 $ 19,009,099 $450,340,366 $442,182,324
CITY OF WICHITA FALLS, TEXAS
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES-ALL GOVERNMENTAL FUND TYPES, EXPENDABLE TRUST FUND,
AND DISCRETELY PRESENTED COMPONENT UNITS
FOR THE YEAR ENDED SEPTEMBER 30,2002
WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30,2001
Governmental Fund Types
Special Debt Capital
General Revenue Service Projects
Revenues:
Taxes $ 38,462,368 $ 1,174,983 $ 2,123,395 $ -
Charges for services 2,007,218 146,005 - - - -
Licenses and permits 1,918,690 - - -
Fines and forfeitures 1,598,751 199,044 - -
Intergovernmental revenue 85,499 8,914,558 - -
Contributions 62,575 74,638 - 700,000
Miscellaneous revenue 823,898 654,311 25,728 324,010
Total revenues 44,958,999 11,163,539 2,149,123 1,024,010
Expenditures:
Current:
Administrative services 7,619,095 872,093 - -
Police 14,050,692 665,453 - -
Fire 9,028,643 55,891 - -
Parks and recreation 3,289,405 532,386 - -
Accounting/finance 1,702,554 - - -
Community development 1,102,996 4,867,763 - -
Public works 4,900,411 398,066 - 905,820
Health 2,223,359 1,923,239 - -
Traffic and transportation 1,986,855 274,480 - -
Capital outlay 352,733 393,263 - 13,164,953
Debt service:
Principal retirement - - 1,805,000 -
Interest and paying agent fees - - 1,143,555 37,969
Total expenditures 46,256,743 9,982,634 2,948,555 14,108,742
Excess of revenues over(under)expenditures (1,297,744) 1,180,905 (799,432) (13,084,732)
Other financing sources(uses):
Operating transfers in 1,108,234 349,054 769,189 -
' Operating transfers in-component units - - 105,000 1,118,969
' Operating transfers out (409,260) (307,779) - -
Operating transfers out-primary government - - - -
Bond proceeds - - - -
Proceeds of refunding bonds - - - -
Payment to refunded bonds escrow agent -
Total other financing sources(uses) 698,974 41,275 874,189 1,118,969
Excess of revenues and other sources
over(under)expenditures and other uses (598,770) 1,222,180 74,757 (11,965,763)
Fund balance-beginning 10,078,464 4,999,318 195,773 20,640,008
Prior period adjustment - (102,443) - -
Residual equity transfers (426,952) (208,189) - (84,400)
Fund balance-ending $ 9,052,742 $ 5,910,866 $ 270,530 $ 8,589,845
The accompanying Notes are an integral part of these financial statements.
5
EXHIBIT A-2
Fiduciary Totals - Totals
Fund Type Primary Reporting Entity
Expendable Government (Memorandum Only)
Trust (Memorandum Only) Component Units 2002 2001
$ 37,918 $ 41,798,664 $ 5,593,010 $ 47,391,674 $ 46,039,377
- 2,153,223 - 2,153,223 1,825,170
- 1,918,690 - 1,918,690 1,892,099
- 1,797,795 - 1,797,795 1,404,205
- 9,000,057 - 9,000,057 8,207,044
- 837,213 - 837,213 3,451,239
5,300 1,833,247 404,838 2,238,085 3,454,183
43,218 59,338,889 5,997,848 65,336,737 66,273,317
- 8,491,188 - 8,491,188 8,592,476
- 14,716,145 - 14,716,145 14,062,836
- 9,084,534 - 9,084,534 8,447,773
- 3,821,791 - 3,821,791 3,626,134
- 1,702,554 - 1,702,554 1,489,661
- 5,970,759 1,195,325 7,166,084 6,143,904
- 6,204,297 - 6,204,297 4,760,212
- 4,146,598 - 4,146,598 3,872,347
- 2,261,335 - 2,261,335 1,778,879
- 13,910,949 - 13,910,949 4,852,858
- 1,805,000 - 1,805,000 1,690,000
- 1,181,524 - 1,181,524 875,128
- 73,296,674 1,195,325 74,491,999 60,192,208
43,218 (13,957,785) 4,802,523 (9,155,262) 6,081,109
- 2,226,477 - 2,226,477 12,357,157
- 1,223,969 - 1,223,969 2,081,955
- (717,039) - (717,039) (8,867,585)
- - (1,223,969) (1,223,969) (2,081,955)
- - - - 7,000,000
- - - - 3,218,670
- - - - (3,025,400)
- 2,733,407 (1,223,969) 1,509,438 10,682,842
43,218 (11,224,378) 3,578,554 (7,645,824) 16,763,951
299,618 36,213,181 12,715,961 48,929,142 32,607,934
- (102,443) - (102,443) -
- (719,541) - (719,541) (442,743)
$ 342,836 $ 24,269,262 $ 16,294,515 $ 40,563,777 $ 48,929,142
CITY OF WICHITA FALLS, TEXAS
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCES -BUDGET AND ACTUAL-
GENERAL, SPECIAL REVENUE,AND DEBT SERVICE FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2002
General Fund
Variance- -
Favorable
Budget Actual (Unfavorable)
Revenues:
Taxes $ 38,050,386 $ 38,462,368 $ 411,982
Charges for services 2,004,143 2,007,218 3,075
Licenses and permits 1,979,260 1,918,690 (60,570)
Fines and forfeitures 1,437,000 1,598,751 161,751
Intergovernmental revenue 51,600 85,499 33,899
Contributions - 62,575 62,575
Miscellaneous revenue 1,220,641 823,898 (396,743)
Total revenues 44,743,030 44,958,999 215,969
Expenditures:
Current:
Administrative services 7,667,684 7,619,095 48,589
Police 14,088,667 14,050,692 37,975
Fire 9,045,117 9,028,643 16,474
Parks and recreation 3,412,006 3,289,405 122,601
Accounting/finance 1,750,995 1,702,554 48,441
Community development 1,183,712 1,102,996 80,716
Public works 5,463,719 4,900,411 563,308
Health 2,251,812 2,223,359 28,453
Traffic and transportation 1,991,922 1,986,855 5,067
Capital outlay 747,531 352,733 394,798
Debt service:
Principal retirement - - -
Interest and paying agent fees - - -
Total expenditures 47,603,165 46,256,743 1,346,422
Excess of revenues over(under)expenditures (2,860,135) (1,297,744) 1,562,391
Other financing sources(uses):
Operating transfers in 1,108,235 1,108,234 (1)
Operating transfers out (414,103) (409,260) 4,843
Total other financing sources(uses) 694,132 698,974 4,842
Excess of revenues and other sources over
(under)expenditures and other uses $ (2,166,003) (598,770) $ 1,567,233
Fund balance-beginning 10,078,464
Prior period adjustment -
Residual equity transfers (426,952)
Fund balance-ending $ 9,052,742
The accompanying Notes are an integral part of these financial statements.
6
EXHIBIT A-3
Special Revenue Funds Debt Service Fund
Variance- Variance-
Favorable Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable) •
$ 1,069,525 $ 1,174,983 $ 105,458 $ 2,104,120 $ 2,123,395 $ 19,275
345,826 146,005 (199,821) - - -
111,841 199,044 87,203 - - -
9,443,374 8,914,558 (528,816) - - -
74,638 74,638 - - - -
564,958 654,311 89,353 - 25,728 25,728
11,610,162 11,163,539 (446,623) 2,104,120 2,149,123 45,003
1,694,823 872,093 822,730 - - -
1,249,946 665,453 584,493 - - -
80,699 55,891 24,808 - - -
1,196,649 532,386 664,263 - - -
7,931,712 4,867,763 3,063,949 - - -
716,609 398,066 318,543 - - -
2,497,259 1,923,239 574,020 - - -
1,029,979 274,480 755,499 - - -
1,106,111 393,263 712,848 - - -
- - - 1,805,000 1,805,000 -
- - - 1,173,310 1,143,555 29,755
17,503,787 9,982,634 7,521,153 2,978,310 2,948,555 29,755
(5,893,625) 1,180,905 7,074,530 (874,190) (799,432) 74,758
369,263 349,054 (20,209) 769,190 769,189 (1)
(321,314) (307,779) 13,535 105,000 105,000 -
47,949 41,275 (6,674) 874,190 874,189 (1)
$ (5,845,676) 1,222,180 $ 7,067,856 $ - 74,757 $ 74,757
4,999,318 195,773
(102,443) -
(208,189) -
$ 5,910,866 $ 270,530
EXHIBIT A-4
CITY OF WICHITA FALLS, TEXAS
COMBINED STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS -
ALL PROPRIETARY FUND TYPES AND NONEXPENDABLE TRUST FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2002
WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 2001
Fiduciary
Proprietary Fund Types Fund Type Totals
Internal Nonexpendable (Memorandum Only)
Enterprise Service Trust 2002 2001
Operating revenues:
Charges for services $36,522,437 $7,306,633 $ - $43,829,070 $42,285,732
Rents,concessions and other 888,390 283,146 27,830 1,199,366 1,360,516
Contributions - 5,364,116 - 5,364,116 5,325,643
Total operating revenues 37,410,827 12,953,895 27,830 50,392,552 48,971,891
Operating expenses:
Personnel services 10,168,923 1,663,569 - 11,832,492 11,503,862
Supplies and materials 1,405,590 1,871,729 - 3,277,319 3,724,721
Maintenance and repairs 3,129,117 1,603,026 - 4,732,143 4,170,602
Utilities and other services 6,817,118 92,855 - 6,909,973 7,383,528
Insurance and contract support 629,246 5,672,245 - 6,301,491 5,787,450
Other expenses 1,736,914 379,864 - 2,116,778 1,973,555
Depreciation and amortization 3,255,964 2,983,016 - 6,238,980 6,131,515
Total operating expenses 27,142,872 14,266,304 - 41,409,176 40,675,233
Operating income(loss) 10,267,955 (1,312,409) 27,830 8,983,376 8,296,658
Nonoperating revenues(expenses):
Interest income 3,344,065 39,261 11,230 3,394,556 2,117,809
Gain on sale/abandonment of fixed assets 13,378 144,055 - 157,433 100,633
Interest expense and paying agent fees (8,550,380) - - (8,550,380) (2,761,955)
Intergovernmental operating grants 667,748 - - 667,748 815,917
Contributions 630,892 - - 630,892 -
Total nonoperating revenues(expenses) (3,894,297) 183,316 11,230 (3,699,751) 272,404
Income(loss)before operating transfers 6,373,658 (1,129,093) 39,060 5,283,625 8,569,062
Operating transfers:
Operating transfers in 152,639 - - 152,639 151,739
Operating transfers out (1,350,077) (312,000) - (1,662,077) (3,641,311)
Net operating transfers (1,197,438) (312,000) - (1,509,438) (3,489,572)
Net income(loss) 5,176,220 (1,441,093) 39,060 3,774,187 5,079,490
Retained earnings(deficit)-beginning 63,041,356 (6,724,244) 527,207 56,844,319 54,010,700
Residual equity transfers '(1,051,468) - - (1,051,468) .(2,245,871)
Retained earnings(deficit)-ending $67,166,108 $(8,165,337) $ 566,267 $59,567,038 $56,844,319
The accompanying Notes are an integral part of these financial statements.
7
EXHIBIT A-5
CITY OF WICHITA FALLS, TEXAS
COMBINED STATEMENT OF CASH FLOWS-
ALL PROPRIETARY FUND TYPES AND NONEXPENDABLE TRUST FUND
FOR THE YEAR ENDED SEPTEMBER 30,2002
WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30,2001
Fiduciary
Proprietary Fund Types Fund Type Totals
Internal Nonexpendable (Memorandum Only)
Enterprise Service Trust 2W2 2W1
Cash flows from operating activities:
Operating income(loss) $ 10,267,955 $ (1,312,409) S 27,830 • S 8,983,378 $ 8,266,858
Adjustments to reconcile operating income(loss)
to net cash provided by operating activities:
Depreciation and amortization 3,255,964 2,983,016 - 8,238,980 6,131,515
Customer deposits received 84,825 - - 84,825 35,713
Landfill closure and postclosure care costs 118,776 - - 118,770 82,789
(Increase)decrease in current assets:
Receivables:
Customer and trade 56,650 -•
- 58,650 (348,125)
Other City funds - - - - 398,032
Government agencies (208,201) - - (208,201) (82,811)
Other (58,086) 13,141 (850) (43,775) (8,104)
Inventory 8,244 (58,514) - (48,270) 27,224
Prepaid items (27,493) (1,745) - (29,238) (4,332)
Restricted assets (42,735) -
(42,735) - 79,602
Increase(decrease)in current liabilities:
Accounts payable-trade (280,011) 53,340 -
(228,671) 412,408
Accrued payroll 36,685 9,255 45,940 13,300
Accrued vacation and sick leave (114) (487) (601) 195
Payable to other City funds 225,341 - 225,341 59,430
Payable to government agencies 4,155 - - 4,155 3,514
Estimated health claims payable - (61,562) - (81,582) 104,438
Deferred revenue 2,710 - 2,710
Other liabilities (83,255) 500 - (82,755) (2,258)
Other liabilities payable from restricted assets (8,025) - - (8,025) (50,554)
Total adjustments 3,087,250 2,938,844 (850) 8,025,344 6,854,154
Net cash provided by operating activities 13,355,205 1,828,535 26,960 15,008,720 1S,1S0,812
Cash flows from noncapital financing activities:
Intergovernmental operating grants 667,748 - - 667,748 815,917
Operating transfers in from other funds 152,639 - 152,639 151,739
Operating transfers out to other funds (1,350,077) (312,000) -
(1,4362,077) (3,641,311)
Residual equity transfers from other funds 88,150 1,684,858 -
1,771,008 2,888,814
Residual equity transfers to other funds (1,051,468)
- -
Net cash provided(used)by (1,051,488) (2,245,871)
noncapital financing activities (1,495,008) 1,372,858 - (122,150) (2,230,912)
Cash flows from capital and related financing activities:
Proceeds from sale of revenue bonds 120,884.441 - - 120,884,441 -
Acquisition and construction of capital assets (8,440,297) (3,704,932) - (12,145,229) (9,877,730)
Proceeds from sale of fixed assets 13,378 150,383 - 163,781 112,472
Payment of bond issuance costs (1,292,585) - - (1,292,585) -
Principal paid on long-term debt maturities (4,304,643) - -
Interest paid on long-term debt obligations (8,003,697) (8,003,697) (2,711,931)
(4,304,843) (2,474,106)
Net cash provided(used)by capital and related
financing activities 98,856,597 (3,554,549) - 95,302,048 (14,951,295)
Cash flows from investing activities.
Purchase of investments (14,983,868) - - (14,983,868) -
Maturitylsale of investments - - - - 4,505,323
Interest on investments 3,587,283 39,261 11,230 3,637,774 2,117,809
Net cash provided(used)by investing activities (11,396,585) 39,261 11,230 (11,346,094) 6,623,132
Net increase(decrease)in cash and cash equivalents 99,320,209 (515,895) 38,210 98,842,524 4,591,737
Cash and cash equivalents at beginning of year 42,873,423 2,243,835 527,207 45,644,485 41,052,728
Cash and cash equivalents at end of year $ 142,193,632 $ 1,727,940 $ 565,417 $ 144,488,989 $ 45,844,485
Noncash capital and financing activities.
Capital assets received from developers $ 630,892 $ - $ - $ 830,892 $ 404,590
Gross proceeds of Water and Sewer System Priority
Lien Revenue Bonds,Series 2001 not received by year-end - - - - 119,591,856
Reconciliation of cash and cash equivalents on the combined
balance sheet to the combined statement of cash flows.
Cash and cash equivalents $ 20,241,535 $ 1,727,940 $ 1,308,141 $ 23,277,616 $ 20,781,031
Less cash and cash equivalents of Fiduciary Fund Types
other than Expendable Trust Funds - - (742,724) (742,724) -
Restricted assets-cash and cash equivalents 121,952,097 - - 121,952,097 24,883,434
Total cash and cash equivalents at end of year S 142,193,632 $ 1,727,940 $ 565,417 $ 144,488,989 $ 45,644,465
The accompanying Notes are an integral part of these financial statements.
8
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS
SEPTEMBER 30, 2002
Note 1 - REPORTING ENTITY
The City of Wichita Falls, Texas (City) is a municipal corporation governed by an elected Mayor
and six-member City Council. As required by Governmental Accounting Standards Board
(GASB) Statement No. 14, these financial statements present the City and its component units,
entities for which the City is considered to be financially accountable. Blended component units,
although legally separate entities, are in substance, part of the City's operations and data from
these units are combined with data presented by the City. A discretely presented component unit,
on the other hand, is reported in a separate column in the combined financial statements to
emphasize it is legally separate from the City. Each blended and discretely presented component
unit has a September 30th year end.
Blended Component Unit
Employee Benefit Trust Fund. On October 1, 1983, an "Agreement and Declaration of Trust"
was made and entered into between the City and the Employee Benefit Trust Committee,
acting as Trustee to administer the Employee Benefit Trust (Trust). The Trust Committee
consists of four Trustees selected by the City, who may, but need not be, beneficiaries of the
health and welfare program funded by the Trust, and/or officers or employees of the City.
The purpose of the Trust is to provide health and welfare benefits, which may include life,
accidental death and dismemberment, disability, medical and dental insurance, and any other
benefits as determined by the Trustee Committee. The Trust is funded through contributions
by the City and employees who choose to participate. It may be terminated in writing, at any
time, by either party. The Employee Benefit Trust Fund is presented in the accompanying
financial statements as an internal service fund.
Discretely Presented Component Units
The Wichita Falls Economic Development Corporation. The Wichita Falls Economic
Development Corporation is a non-profit corporation formed in May 1997 for the purpose of
increasing employment opportunities, primarily through assisting qualifying enterprises with
funds provided by a portion of the local sales tax. Assistance may be in the form of incentive
grants, loans or leases which call for discounted rates or rebates for job development. The
Corporation operates under the authority of Vernon's Civil Statutes, Article 5190.6, Section
4A. Since the City Council appoints its Board of Directors, approves its budgets, and
exercises final authority over its operations, the Wichita Falls Economic Development
Corporation is considered to be part of the City's reporting entity and presented in the
accompanying general purpose financial statements as a discretely presented component
unit. The Wichita Falls Economic Development Corporation is presented as a governmental
fund type.
The Wichita Falls 48 Sales Tax Corporation. The Wichita Falls 4B Sales Tax Corporation is
a non-profit corporation formed in May 1997 for the purpose of increasing employment
opportunities and for public improvement projects such as parks, auditoriums, learning
centers, open space improvements, athletic and exhibition facilities, and the related
maintenance and operating costs of such projects. The Corporation operates under the
authority of Vernon's Civil Statutes, Article 5190.6, Section 4B. Since the City Council
9
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30, 2002
Note 1 - REPORTING ENTITY (CONT'D.)
Discretely Presented Component Units (Cont'd.)
appoints its Board of Directors, approves its budgets, and exercises final authority over its
operations, the Wichita Falls 4B Sales Tax Corporation is considered to be part of the City's
reporting entity and presented in the accompanying general purpose financial statements as a
discretely presented component unit. The Wichita Falls 4B Sales Tax Corporation is presented
as a governmental fund type.
Wichita Falls Reinvestment Zone#1. On March 18, 1986, the City of Wichita Falls, Texas, with
the advice and consent of the Wichita Falls Independent School District and Wichita County,
approved the creation of the Wichita Falls Reinvestment Zone #1 (Zone). This Zone is
permitted by Article 1066e of the State of Texas Tax Increment Financing Act passed in 1981.
The area of the Zone is approximately 650 acres and includes the central business district of
the City. The purpose of the Zone is to capture increments of growth in real property values in
the Zone from base values established on January 1, 1986, and use the ad valorem taxes
derived from these increments to contribute to the zoned area. Tax funds derived from the
increment can only be spent for public improvements in the Zone or for the payment of debt
service on bonds issued to provide funds for public improvements. The Zone terminates on
December 31, 2008, or when all debt has been paid if later. After all costs have been paid at
the end of the tax increment financing period, any money remaining is to be remitted to the
taxing entities. Since the City Council appoints each member of its Board, the Wichita Falls
Reinvestment Zone #1 is considered to be part of the City's reporting entity and presented in
the accompanying general purpose financial statements as a discretely presented component
unit. The Zone is presented as a governmental fund type.
Complete financial statements for the City's blended and discretely presented component units
can be obtained from the City's Director of Finance at 1300 7th Street, Wichita Falls, Texas.
Excluded From the Reportina Entity
Wichita Falls Firemen's Relief and Retirement Fund. The Wichita Falls Firemen's Relief and
Retirement Fund was established and is controlled through various State of Texas legislative
enactments. This Fund is administered locally by a seven-member board, independent of the
City Council. City management and the City Council do not influence or control the
administrative and financial affairs of the Fund, and the assets of the Fund are not the property
of the City. The seven-member Board of Trustees, composed of the Mayor, the Senior
Accountant from the City's Finance Department, three firefighters elected by a majority vote of
the firefighters and two citizens, who are not employees or officers of the City and are chosen
by the unanimous vote.of the first five Trustees,-are subject to the administrative supervision of
and report to the State Firemen's Pension Board. The activities of the Firemen's Relief and
Retirement Fund, in the City's judgment, are not a part of the City and thus are excluded from
the accompanying financial statements.
10
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2002
Note 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accounting and reporting policies of the City conform to accounting principles generally
accepted in the United States of America (GAAP) applicable to state and local governments.
GAAP for local governments includes those principles prescribed by the Governmental Accounting
Standards Board (GASB), which includes all statements and interpretations of the National Council
on Governmental Accounting (NCGA) unless modified by the GASB, and those principles
prescribed by the American Institute of Certified Public Accountants in the publication entitled
Audits of State and Local Governmental Units. The City has elected to apply all Financial
Accounting Standards Board (FASB) Statements and Interpretations issued after November 30,
1989 to its proprietary funds. This election applies to all FASB statements except those that
conflict with or contradict GASB pronouncements. The following is a summary of the more
significant policies and practices used by the City.
Basis of Presentation
The accounts of the City are organized and operated on the basis of funds or account groups, each
of which is considered to be a separate fiscal and accounting entity. The operations of each fund
are accounted for with a self-balancing set of accounts that comprise its assets, liabilities, fund
balances or retained earnings, revenues, and expenditures or expenses.
The various funds are grouped by category and type in the financial statements. The City
maintains the following fund classifications and account groups:
Governmental Funds
Governmental funds are used to account for the relatively liquid portion of the City's assets that
are not accounted for through proprietary or fiduciary funds, the short-term obligations
pertaining thereto, and the net balance of these financial resources available for subsequent
appropriation and expenditure.
General Fund - The General Fund is the general operating fund of the City. This fund is
used to account for all financial resources except those required to be accounted for in
another fund.
Special Revenue Funds - Special revenue funds are used to account for the proceeds of
specific revenue sources (other than expendable trusts or major capital projects) that are
legally restricted to expenditures for specified purposes.
Debt Service Fund - The Debt Service Fund is used to account for the accumulation of
resources for, and-the payment of, general long-term debt principal, interest and related
costs.
Capital Proiects Funds - Capital projects funds are used to account for financial resources
to be used for the acquisition or construction of major capital facilities (other than those
financed by proprietary funds).
11
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONTD.)
SEPTEMBER 30,2002
Note 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D.)
Basis of Presentation (Cont'd.)
Proprietary Funds
Proprietary funds are those used to account for the City's ongoing organizations and activities
which are similar to those found in the private sector. The measurement focus is upon capital
maintenance and the determination of net income, financial position and cash flows.
Enterprise Funds - Enterprise funds are used to account for operations (a) that are
financed and operated in a manner similar to private business enterprises where the intent
of the governing body is that the costs (expenses including depreciation) of providing
goods or services to the general public on a continuing basis be financed or recovered
primarily through user charges, or (b) where the governing body has decided that periodic
determination of revenues earned, expenses incurred, or net income is appropriate for
capital maintenance, public policy, management control, accountability or other purposes.
Internal Service Funds - Internal Service Funds are used to account for the financing of
goods or services provided by one department or agency
cy to other departments or agencies
of the City, or to other governmental units, on a cost reimbursement basis.
Fiduciary Funds
Fiduciary funds are used to account for assets held by the City in a trustee capacity or as an
agent for other governmental units and/or other funds. Trust and agency funds include
expendable trust and payroll, tax collection, accounts payable and deferred compensation
agency funds.
Expendable Trust Fund - This fund is accounted for in the same manner as a
governmental fund. Expendable trust funds account for assets where both the principal
and interest may be spent.
Nonexpendable Trust Fund - This fund is accounted for in the same manner as a
proprietary fund. Nonexpendable trust funds account for assets of which the principal may
not be spent.
Aaencv Funds - These funds are purely custodial (assets equal liabilities) and thus do not
involve measurement of results of operations.
Account Groups
Account groups are used to establish accounting control and accountability for the City's
general fixed assets and general long-term liabilities. The following are the account groups
maintained by the City:
12
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2002
Note 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D.)
Basis of Presentation (Contd.)
Account Groups (Contd.)
General Fixed Assets Account Group-This account group is established to account for the
City's investment in a joint venture and all fixed assets of the City other than those
accounted for in the proprietary funds.
General Lona-Term Debt Account Group-This account group is established to account for
long-term liabilities of the City other than those accounted for in the proprietary funds.
Basis of Accounting
The accounting and financial reporting treatment applied to a fund is determined by its
measurement focus. All governmental funds and expendable trust funds are accounted for using a
current financial resources measurement focus. With this measurement focus, only current assets
and current liabilities generally are included on the balance sheet. Operating statements of these
funds present increases (i.e., revenues and other financing sources) and decreases (i.e.,
expenditures and other financing uses) in net current assets.
Governmental funds, expendable trust funds, agency funds, and the City's discretely presented
component units utilize the modified accrual basis of accounting. Under the modified accrual basis
of accounting, revenues are recognized when they become measurable and available as net
current assets. Available means collectible within the current period or expected to be collected
within 60 days after year end and be used to pay liabilities of the current period. Expenditures are
generally recognized under the modified accrual basis of accounting when the related fund liability
is incurred. Exceptions to this general rule include unmatured principal and interest on long-term
obligations which are recognized when due. This exception is in conformity with accounting
principles generally accepted in the United States of America.
Property tax revenues are considered measurable and available when collected by the respective
intermediary collecting agency and recognized as revenue at that time. Sales tax receipts are
considered measurable and available when collected by the merchant at the point of the taxable
sale. Licenses and permits, fines and forfeitures, and miscellaneous revenues are recorded as
revenues when they are measurable and their validity seems certain. Investment earnings are
recorded on the accrual basis in all funds.
Capital improvement assessments are recorded as revenues in the fiscal period when the
assessment becomes both measurable and available to finance expenditures of the fiscal period.
Assessment revenues are considered measurable and available when collected by the City and
recognized as revenue at that time. Payments for capital improvement assessments received in
advance of the levy are reflected as deferred revenue.
13
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30, 2002
Note 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D.)
Basis of Accounting (Contd.)
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
prescribed compliance requirements, revenues are recognized when received or
susceptible to accrual.
All proprietary funds and the nonexpendable trust fund are accounted for on a flow of economic
resources measurement focus. With this measurement focus, all assets and all liabilities
associated with the operation of these funds are included on the balance sheet. Fund equity (i.e.,
net total assets) is segregated into contributed capital and retained earnings components.
Proprietary fund-type and nonexpendable trust fund operating statements present increases (e.g.,
revenues) and decreases (e.g., expenses) in net total assets.
Proprietary funds and the nonexpendable trust fund utilize the accrual basis of accounting. Under
the accrual basis of accounting, revenues are recognized in the accounting period in which they are
earned and become measurable. Expenses are recorded in the accounting period incurred, if
measurable.
Nonexchanae Transactions
In a nonexchange transaction, a government gives (or receives) value without directly receiving (or
giving) equal value in return. The statement defines when the City should recognize revenue or
expense for nonexchange transactions involving financial or capital resources and how to account
for timing and purpose restrictions. The timing of recognition depends on whether a nonexchange
transaction is (a) a derived tax revenue (b) an imposed nonexchange revenue transaction or (c) a
government-mandated or voluntary nonexchange transaction. Under this standard, revenue
transactions with purpose restrictions are recorded as restricted resources until the purpose
restrictions are met.
Nonexchange transactions include the following classifications:
• Derived tax revenues result from assessments imposed by government on exchange
transactions.
• Imposed nonexchange revenues result from assessments by governments on
nongovernmental entities, other than assessments on exchange transactions.
14
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONTD.)
SEPTEMBER 30,2002
Note 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D.)
Nonexchanae Transactions (Cont'd.)
• Government-mandated nonexchange transactions occur when a government at one level
provides resources to a government at another level and requires that government to use
them for a specific purpose or purposes established in the provider's enabling legislation.
• Voluntary nonexchange transactions result from legislative or contractual agreements, other
than exchanges, entered into willingly by two or more parties. Examples of the City's
voluntary nonexchange transactions include capital grants, state shared revenue and private
donations.
Providers of government-mandated nonexchange transactions and voluntary nonexchange
transactions should recognize liabilities and expenses/expenditures and recipients should
recognize receivables (or decrease in liabilities) and revenue when all applicable eligibility
requirements, including time requirements are met.
All nonexchange transactions occurring in governmental fund types are also subject to the modified
accrual revenue recognition criteria. Accordingly, assets and revenue should not be recognized
unless measurable and available.
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, divisions and offices for the fiscal year beginning
on the following October 1. The operating budget which represents the financial plan for
-the ensuing fiscal year includes proposed expenditures and the means of financing them.
2. Public hearings are conducted at which all interested persons' comments concerning the
budget are heard.
3. The budget for the next fiscal year is legally enacted by the City Council through passage
of an ordinance by October 1 each year. Additional appropriations were made during the
year in the amount of$1,270,517 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.
15
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2002
Note 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D.)
Budaet Policies (Cont'd.)
5. Annual budgets are legally adopted for all governmental funds on a basis consistent with
accounting principles generally accepted in the United States of America. However, the
budgets for the capital projects funds are adopted for specific projects, are not binding, and
may exceed one year. Accordingly, no comparison of budget to actual is presented in the
accompanying financial statements for these funds.
6. At the close of each fiscal year, any unencumbered appropriation balances (appropriations
including prior year encumbrances less current year expenditures and encumbrances)
lapse or revert to the undesignated fund balance. The unencumbered appropriation
balances in the capital projects funds do not lapse at year end.
Encumbrances
Encumbrance accounting, under which purchase orders, contracts, and other commitments for the
expenditure of monies are recorded in order to reserve that portion of the applicable appropriation,
is employed as an extension of formal budgetary control in the general, special revenue, and
capital projects funds. Encumbrances outstanding at year end are reported as reservations of fund
balance for subsequent year expenditures and are reappropriated in subsequent year budgetary
accounts.
Cash and Cash Equivalents
For purposes of the statement of cash flows, the City considers all highly liquid investments
(including restricted assets) with a maturity of three months or less when purchased to be cash
equivalents.
Investments
Investments are stated at fair value.
Inventory
Inventories of the general and proprietary funds consist of supplies and various materials used for
the maintenance of fixed assets. The consumption method is used to account for these
inventories. Under this method, inventory acquisitions are recorded in inventory accounts initially
and charged as expenditures when used. Inventories are stated at average cost.
16
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONTD.)
SEPTEMBER 30, 2002
Note 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D.)
Plant and EauiDment- 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 fund fixed assets, interest is capitalized on construction costs incurred during the
year at an average interest rate on borrowed funds (revenue bonds) in accordance with generally
accepted accounting principles.
No interest is capitalized on fixed assets constructed by proprietary funds which are financed with
general obligation bonds, because such interest expenditures are reported in the Debt Service
Fund.
For the fiscal year ended September 30, 2002, the City's proprietary funds incurred a total of
$8,585,195 of interest costs. Of this amount, $34,815 was capitalized on construction projects and
$8,550,380 was charged to expense.
Contributions of funds from Federal, State, or local grants restricted for the purpose of purchasing
plant and equipment are recorded as equity contributions when received. The cost of water and
sewer lines installed by developers is valued by the contractor and recorded as contributed capital
in the Water and Sewer Fund. Depreciation on contributed assets from Federal and State
governments is recorded as an expense in the statement of operations.
General Fixed Assets
General fixed assets are those assets acquired for general governmental purposes. Assets
purchased are recorded as expenditures in the governmental funds and capitalized at historical
cost in the General Fixed Assets Account Group. Contributed fixed assets are recorded in general
fixed assets at-estimated fair market value at the time received.
No depreciation has been provided on general fixed assets. No interest is capitalized on fixed
assets constructed which are financed with general obligation bonds in accordance with accounting
principles generally accepted in the United States of America.
17
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30,2002
Note 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D.)
General Fixed Assets(Cont'd.)
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.
Lona-Term_Obligations
The City reports long-term debt of the governmental funds at face value in the General Long-Term
Debt Account Group. Certain other governmental fund obligations not expected to be financed with
current available financial resources are also reported in the General Long-Term Debt Account
Group. Long-term debt and other obligations financed by proprietary funds are reported as
liabilities in the appropriate fund.
For governmental fund types, bond premiums and discounts, as well as issuance costs, are
recognized during the current period. Bond proceeds are reported as an other financing source net
of applicable premium or discount. Issuance costs, even if withheld from the actual net proceeds
received, are reported as debt service expenditures. For proprietary funds, bond premiums and
discounts, as well as issuance costs, are deferred and amortized over the life of the bonds using
the effective interest rate method. Bonds payable are reported net of applicable bond premium or
discount. Issuance costs are reported as deferred charges.
Federal and State Grants
Grants and shared revenues are generally accounted for within the appropriate fund of the City to
be financed by such grants or shared revenues. Federal grants include Community Development
Block Grant, Section 8 Housing Assistance, Home Investment Partnership Agreement Program,
Bureau of Justice Assistance, North Texas Regional Narcotics Task Force, and numerous health-
related grants.
Each Federal grant is accounted for in a separate special revenue fund. State grant revenues
received for purposes normally financed through the general government are accounted for within
the General Fund.
Reserves and Designations
Portions of fund equity are segregated for future use, and are therefore not available for future
appropriation or expenditure. Amounts reserved for revenue bond debt service and retirement
represent portions of fund equity which are required to be segregated in accordance with the City's
bond ordinances. Amounts reserved for inventory and prepaid items have already been expended
and represent a portion of the fund balance that is not available for future expenditures. Amounts
18
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONTD.)
SEPTEMBER 30,2002
Note 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D.)
Reserves and Designations
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 expenditures or expenses initially made from that fund, which were properly applicable to
another fund, are recorded as expenditures or expenses in the fund that is reimbursed.
Non-recurring or non-routine transfers of equity between funds are treated as residual equity
transfers and are reported as additions to or deductions from the fund balance of governmental
funds. Residual equity transfers to proprietary funds are treated as contributed capital, and such
transfers from proprietary funds are reported as reductions of retained earnings or contributed
capital as appropriate in the circumstances. All other transfers are treated as operating transfers
and are included in the results of operations of both governmental and proprietary funds.
•
Vacation and Sick Leave
All full-time employees accumulate vacation benefits based on length of service up to 15 days per
year. The maximum allowable accumulation is 30 days. Upon leaving the employment of the City,
employees will be paid for unused vacation days which they have accrued.
Sick leave is earned at the rate of 4.62 hours per pay period up to a maximum of ninety days.
Additionally, police officers and firefighters may accumulate an unlimited number of sick leave days
while employed with the City. Upon termination, police officers and firefighters are compensated
for up to 720 hours and 1,080 hours, respectively.
Risk Management
The government is exposed to various risks of loss related to torts; theft of, damage to and
destruction of assets; errors and omissions; and natural disasters for which the government carries
commercial insurance. For insured programs, there have been no significant reductions in
insurance coverage. Settlement amounts have not exceeded insurance coverage for the current
year or the three prior years.
19
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2002
Note 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D.)
Risk Management(Cont'd.)
The City maintains a group health insurance plan for employees and dependents which is partially
self-insured by the City. A group life insurance plan is maintained through an insurance company.
Contributions to the plans are provided for by both the City and participating employees. These
contributions are recognized as revenues in the internal service fund used to account for these
plans. The contributions made by the City are recorded as expenditures or expenses of the various
funds as appropriate.
Liabilities are reported when it is probable that a loss has occurred and the amount of the loss can
be reasonably estimated. An excess coverage insurance policy covers individual claims in excess
of $150,000. Liabilities include an amount for claims that have been incurred but not reported.
Claim liabilities are calculated considering the effects of inflation, recent claim settlement trends
including frequency and amount of pay-outs and other economic and social factors.
The City is also self-insured up to $250,000 for workers' compensation claims. Such claims are
processed by the City's risk management department. The City's estimated liability for workers'
compensation claims payable at September 30, 2002 is based on management's estimate of
probable losses in the amount of$368.001. The payment dates of such claims cannot be precisely
determined, but are expected to be paid on a periodic basis over the next few years. Accordingly,
the liability has been recorded in the General Long-Term Debt Account Group, except for$123,225
which is believed by City management to be currently payable from available resources and is
recorded in the General Fund.
The following represents changes in the amount of claims liabilities for the City from October 1,
2000 to September 30, 2002:
Health Workers'
Care Compensation
Liability balance, October 1, 2000 $ 575,296 $ 488,292
Incurred claims/adjustments 4,754,377 1,243,627
Claim payments ( 4.649.941) ( 1,340,903)
Liability balance, September 30, 2001 679,732 391,016
Incurred claims/adjustments 5,262,305 1,113,859
Claim payments ( 5.323.867) ( 1.136.874)
Liability balance, September 30, 2002 $ 618.170 $ 368.001
20
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30, 2002
Note 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D.)
Total Columns on General Purpose Financial Statements
Total columns on the general purpose financial statements are captioned "Memorandum Only" to
indicate that they are presented only to facilitate financial analysis. Data in these columns does not
present financial position, results of operations, or cash flows in conformity with generally accepted
accounting principles. Such data is not comparable to a consolidation. I_nterfund eliminations have
not been made in arriving at the totals.
Comparative Data -
Comparative data for the prior year has 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) has not
been presented in each of the statements, since their inclusion would make the statements unduly
complex and difficult to read.
Note 3 - FUND DEFICITS
Capital Projects Fund
At September 30, 2002, the Library Renovation Fund had a deficit fund balance of$575,272. This
deficit fund balance is the result of the requirement to report tax anticipation notes as a current
liability. The Wichita Falls 4B Sales Tax Corporation, a component unit of the City, has committed
to make transfers to the Library Renovation Fund for future debt service. This deficit will be
recovered as the cash is transferred in to pay off the notes.
Enterprise Funds
At September 30, 2002, the Municipal Airport Fund had a deficit retained earnings balance of
$1,188,399. The intent of management is that this deficit be recovered by transfers from other
funds during future years.
At m Septe ber 30, 2002, the Transit Fund had a deficit retained earnings balance of$270,059. The
intent of management is that this deficit also be recovered by transfers from other funds during
future years.
Internal Service Fund
At September 30, 2002, the Fleet Maintenance Fund had a deficit retained earnings balance of
$8,881,478. In the opinion of management, this deficit will be recovered by increasing the rates
charged for services rendered to other departments and by transfers from other funds during future
years.
21
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2002
Note 4 - DEPOSITS AND INVESTMENTS
Deposits
All of the City's demand and time depository accounts are held in local banking institutions under
the terms of written depository contracts. At September 30, 2002, the total amount of the City's
demand and time deposits per the general ledgers was$181,352,395, and the total amount per the
City's September 30, 2002 bank statements was $180,297,896. The entire amount of the year-end
bank statement balances was covered by federal depository insurance or by collateral held by the
City's agent in the City's name.
Inve
stments
The investment policies of the City and its discretely presented component units are governed by
State statutes. Authorized investments include obligations of the U.S. Treasury, agencies and-
instrumentalities, obligations of the State of Texas and related agencies, obligations of states,
agencies, counties, cities and political subdivisions of any state rated A or above by a nationally
recognized investment rating firm, repurchase agreements, public funds investment pools, and
commercial paper.
The investments of the City and its discretely presented component units at September 30, 2002
are as follows:
Component
City Units Totals
U.S. Government securities $ 17,980,192 $ - $ 17,980,192
Texas Local Government
Investment Pool (TexPool) 148,897,288 17,462,873 166,360,161
Local Government Investment
Cooperative (LOGIC) 1.225.735 - 1,225.735
Totals $168.103.215 $17.462,873 $185.566.088
TexPool is a public funds investment pool administered by the Treasurer of the State of Texas
pursuant to the Interlocal Cooperation Act passed in 1989 by the 71st Texas Legislature. This Act
authorized the City to delegate to TexPool the authority to make investment purchases and to hold
legal title as custodian of the investment securities. All TexPool investments are in the possession
of the Texas Treasury Safekeeping Trust Company and held in its book-entry safekeeping account
at the Federal Reserve Bank of Dallas. The Texas Treasury Safekeeping Trust Company was
created in 1986 by the 69th Texas Legislature to enable the Treasurer of the State of Texas to
manage, safekeep, and invest public funds of state agencies and political subdivisions more
efficiently and economically.
22
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONTD.)
SEPTEMBER 30,2002
Note 4 - DEPOSITS AND INVESTMENTS (CONT'D.)
Investments (Cont'd.)
LOGIC was also established pursuant to the Interlocal Cooperation Act passed by the State of
Texas and is administered by Southwest Securities Group, Inc. LOGIC's governing body is a five-
member board of directors comprised of three government officials and two other persons with
expertise in public finance. LOGIC's investments are only those authorized by the Texas Public
Funds Investment Act governing pools for local governments. LOGIC presently offers two
investment pools, each of which is separately managed and has a different investment objective.
Each participating government owns an undivided beneficial interest in the assets of the pool
represented by units. Participants may terminate their participation in LOGIC at any time by
redeeming their units.
The City's investments that are represented by specific identifiable investment securities are
categorized below to give an indication of the level of risk assumed by the City at year end.
Category 1 includes investments that are insured or registered, or for which the securities are held
by the City or its agent in the City's name. Category 2 includes uninsured and unregistered
investments for which the securities are held by the counterparty's trust department or agent in the
City's name. Category 3 includes uninsured and unregistered investments for which the securities
are held by the counterparty's safekeeping department, but not in the City's name.
Cateaory Carrying Fair
Description 1 2 3 Amount Value
Primary Government:
U.S. Government Securities $17.980,192 $ 17,980,192 $ 17,980,192
Investments not subject
to categorization:
Public Funds Investment Pool 150.123.023 150.123.023
Subtotal 168,103,215 168,103,215
Component Units:
Investments not subject
to categorization:
Public Funds Investment Pool 17.462.873 17.462.873
Total $185.566.088 5185.566.088
* The fair value of the City's position in the Public Funds Investment Pool is the same as the value
of the Pool shares.
23
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30, 2002
Note 5- RECEIVABLES
Receivables at September 30, 2002 consist of the following:
Totals Totals
Special Debt Capital Internal Trust Primary Component Reporting
General Revenue Service Projects Enterprise Service and Aaencv Government Units Entity
Receivables:
Taxes and assessments $1,338,190 $ 90,465 $222,376 $ - $ - $ - $ - $ 1,651,031 $ 6,886 $ 1,657,917
Customer and trade - - - - 3,878,617 - - 3,878,617 - 3,878,617
Other City funds 1,018,602 - - - - - - 1,018,602 - 1,018,602
Component unit - - - 2,106,193 - - - 2,106,193 - 2,106,193
Government agencies 2,966,406 3,713,073 13,891 - 314,457 - 37,918 7,045,745 931,156 7,976,901
Other 4,060,489 7,055 - 394 144,363 12,956 850 4,226,107 - 4,226,107
NJRestricted-other - - - - 59.436 - - 59.436 - 59.436
Gross receivables 9,383,687 3,810,593 236,267 2,106,587 4,396,873 12,956 38,768 19,985,731 938,042 20,923,773
Less: Allowance for
uncollectible accounts ( 3.088.870) - ( 96,208) - ( 222.794) - - ( 3.407.872) - ( 3.407.872)
Net total receivables $6294 817 $3 810 fii91 $140,059 $2 106_587 $4174 079 $12,956 $ 311,768 $16,577 859 $934,1142 $17 515 901
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2002
Note 6 - PROPERTY TAXES
Property taxes attach as an enforceable lien on property as of the prior January 1. Taxes are levied
on October 1, and become delinquent after January 31, unless the half-payment option is elected,
in which case one-half of the tax is due November 30, and the balance the following June 30.
The City is permitted by its Home Rule Charter to levy taxes up to $2.25 per $100 of assessed
valuation for general governmental services including the payment of principal and interest on long-
term debt. The combined tax rate to finance general governmental services for the year ended
September 30, 2002 was $.55194 per $100 which means that the City has a tax margin of
$1.69806 per $100, and could raise up to $56,694,219 additional tax revenue a year from the
present assessed valuation of$3,338,764,157 before the limit is reached.
Note 7 - RESTRICTED ASSETS -WATER AND SEWER FUND
Restricted assets in the Water and Sewer Fund, held for specific purposes in accordance with
bond ordinances or other legal restrictions, are comprised of the following:
For Debt Service:
Cash and cash equivalents $ 14,549,095
For Capital Improvements:
Cash and cash equivalents 105,251,570
Investments 8,971,466
Receivables 59,436
•
For Customer Deposits:
Cash and cash equivalents 2,151,432
Total $130.982.999
Note 8 - PLANT, EQUIPMENT AND DEPRECIATION
A summary of plant and equipment at September 30, 2002 is as follows:
Internal General
Enterprise Service Fixed Component
Funds Funds Assets Units Total
Land and betterments $ 28,362,631 $ 433,658 $23,416,215 $140,480 $ 52,352,984
Buildings,systems and
improvements 141,510,705 4,010,098 27,644,389 459,520 173,624,712
Machinery and equipment 4,073,439 107,559 7,956,633 - 12,137,631
Furniture and fixtures 42,196 6,358 214,110 - 262,664
Motor vehicles and equipment 1,235 33,616,778 31,485 - 33,649,498
Construction in progress 5.713.815 6.706 17.632.581 - 23.353.102
Total plant and equipment 179,704,021 38,181,157 76,895,413 600,000 295,380,591
Less accumulated depreciation ( 67.146.0591 ( 21.974.3361 - - ( 89.120.395)
Net plant and equipment $112.557.962 $16 206.821 $76.895.413 $600,000 $206.260.196
25
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30,2002
Note 8 - PLANT, EQUIPMENT AND DEPRECIATION (CONT'D.)
A summary of changes in the components of the General Fixed Assets Account Group for the
year ended September 30, 2002 is as follows:
Balance Balance
October 1, September 30,
2001 Additions Retirements 2002
Plant and equipment:
Land and betterments $23,387,429 $ 28,786 $ - $23,416,215
Buildings and improvements 27,664,965 13,888 34,464 27,644,389
Machinery and equipment 7,267,032 703,322 13,721 _7,956,633
Furniture and fixtures 214,110 - - 214,110
Motor vehicles and
equipment 31,485 - - 31,485
Construction in progress 4.467.627 13,164,954 - 17,632,581
Totals $63.032.648 $13.910.950 $48,188 $76.895.413
A summary of changes in components of the fixed assets of the discretely presented component
units for the year ended September 30, 2002 is as follows:
Balance Transfers Balance
October 1, and September 30,
2001 Additions Retirements 2002
Land and betterments $140,480 $ - $ - $140,480
Buildings and improvements 459,520 - - 459.520
Totals $600,000 $ - $ - $600,000
Note 9 - RETIREMENT PLANS
Texas Municipal Retirement System
Plan Description
The City provides pension benefits for substantially all of its full-time employees, except
firefighters, through a nontraditional, joint contributory, defined benefit plan in the state-wide
Texas Municipal Retirement System (TMRS), one of 758 administered by TMRS, an agent
multiple-employer public employee retirement system.
26
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2002
Note 9 - RETIREMENT PLANS (CONT'D.)
Plan Description (Cont'd.)
Benefits depend upon the sum of the employee's contributions to the plan, with interest, and
the City-financed monetary credits, with interest. At the date the plan began, the City granted
monetary credits for service rendered before the plan began of a theoretical amount equal to
two times what would have been contributed by the employee, with interest, prior to
establishment of the plan. Monetary credits for service since the plan began are a percent
(200%) of the employee's accumulated contributions. In addition, the City can grant, as often
as annually, another type of monetary credit referred to as.an updated service credit which is a
theoretical amount which, when added to the employee's accumulated contributions and the
monetary credits for service since the plan began, would be the total monetary credits and
employee contributions accumulated with interest if the current employee contribution rate and
City matching percent had always been in existence and if the employee's salary had always
been the average of his salary in the last three years that are one year before the effective
date. At retirement, the benefit is calculated as if the sum of the employee's accumulated
contributions with interest were used to purchase an annuity.
Members can retire at ages 60 and above with 10 or more years of service or with 25 years of
service regardless of age. A member is vested after 10 years. The plan provisions are
adopted by the governing body of the City, within the options available in the state statutes
governing TMRS and within the actuarial constraints also in the statutes.
Contributions
The contribution rate for all employees is 6%, except police officers which is 7%, and the City
matching ratio is currently 2 to 1, both as adopted by the governing body of the City. Under the
state law governing TMRS, the actuary annually determines the City contribution rate. This rate
consists of the normal cost contribution rate and the prior service contribution rate, both of
which are calculated to be a level percent of payroll from year to year. The normal cost
contribution rate finances the currently accruing monetary credits due to the City matching
percent, which are the obligation of the City as of an employee's retirement date, not at the
time the employee's contributions are made. The normal cost contribution rate is the
actuarially determined percent of payroll necessary to satisfy the obligation of the City to each
employee at the time his/her retirement becomes effective. The prior service contribution rate
amortizes the unfunded (overfunded) actuarial liability (asset) over the remainder of the plan's
25-year amortization period. When the City periodically adopts updated service credits and
increases in annuities in effect, the increased unfunded actuarial liability is to be amortized over
a new 25-year period. The unit credit actuarial cost method is used for determining the City
contribution rate. Both-the employees and the City make contributions monthly. Since the City
needs to know its contribution rate in advance to budget for it, there is a one-year delay
between the actuarial valuation that is the basis for the rate and the calendar year when the
rate goes into effect (i.e. December 31, 2000 valuation is effective for rates beginning January
2002).
27
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2002
Note 9 - RETIREMENT PLANS (CONT'D.)
Wichita Falls Firemen's Relief and Retirement Fund
Plan Description
The City provides pension benefits for all of its firefighters through a single employer defined
benefit pension plan. The Wichita Falls Firemen's Relief and Retirement Fund (Fund) operates
under an act passed in 1937 by the Texas State Legislature and adopted by the City's
firefighters.
Benefits are determined on a "formula" or a "final salary" plan. A firefighter who qualifies for a
retirement benefit will receive monthly retirement equal to 2.28% (2.10% prior to August 5,
1998) of his 24 month average monthly salary (within the last 36 months) multiplied by his
years of service.
Members can receive a service retirement at ages 50 and above with 20 or more years of
service. Members are eligible for actuarially reduced early retirement benefits before age 50,
provided the employee has accrued at least 20 years of service. The plan also provides death
and disability benefits. Members who terminate their service and are nonvested are entitled to
the excess of the member's contributions over any benefits previously received.
Contributions
The contribution rate for the firefighters is 11% (increased from 9% effective August 5, 1998)
and the City contributes 10.46% (increased from 9% effective September 26, 2001). Both the
firefighters and City make contributions monthly. Contribution requirements are not actuarially
determined, however, state law requires that each plan of benefits adopted by the Fund must
be approved by a qualified actuary. The actuary certifies that the contribution commitments by
the firefighters and the City provide an adequate financing arrangement. Using the entry age
actuarial cost method, the plan's normal cost is determined as a percentage of payroll. The
actuarial assumptions included (a) 8% investment rate of return (net of administrative
expenses, (b) projected salary increases due to inflation of 4.75% per year, compounded
annually, and (c) projected salary increases due to seniority/merit raises of 4.75% per year,
compounded annually. The actuarial value of assets was determined using techniques that
smooth the effects of short-term volatility in the market value of investments over a ten-year
period. The unfunded actuarial accrued liability is being amortized as a level percentage of
projected payroll on a closed basis. The remaining amortization period at December 31, 2000
was 16.9 years.
28
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2002
Note 9 - RETIREMENT PLANS (CONT'D.)
Schedule of Actuarial Liabilities and Fundina Proaress
Texas
• Municipal Firemen's Total
Retirement Relief and (Memorandum
System Retirement Only)
Actuarial Valuation Date 12/31/01 12/31/00
Actuarial Value of Assets $66,919,614 $26,930,018 $ 93,849,632
Actuarial Accrued Liability(AAL) 88,721,318 31,419,892 120,141,210
Percentage Funded 75.4% 85.7% 78.1%
Unfunded Actuarial Accrued Liability(UAAL) 21,801,704 4,489,874 26,291,578
Annual Covered Payroll 29,061,189 5,858,962 34,920,151
UAAL as a Percentage of Covered Payroll 75.0% 76.6% 75.3%
Net Pension Obligation (NPO)at
the Beginning of the Period -0- -0- -0-
Annual Pension Cost:
Annual Required Contribution (ARC) $ 3,473,150 $ 670,703 $ 4,143,853
Interest on NPO -0- -0- -0-
Adjustment to the ARC -0- -0- -0-
Annual Pension Cost $ 3.473.150 $ 670.703 $ 4.143.853
Percentage of Annual Pension Costs Contributed 100% 100% 100%
Contributions Made $ 3,473,150 $ 670,703 $ 4,143,853
Increase in NPO -0- -0- -0-
NPO At the End of the Period $ -0- $ -0- $ -0-
Two preceding years:
2000:
Annual Pension Cost $ 3,197,051 $ 537,013 $ 3,734,064
Percentage of Annual Pension Costs
Costs Contributed 100% 100% 100%
NPO At the End of the Period -0- -0- -0-
1999:
Annual Pension Cost $ 3,006,196 $ 530,938 $ 3,537,134
Percentage of Annual Pension
Costs Contributed 100% 100% 100%
NPO At the End of the Period -0- -0- -0-
*The Wichita Falls Firemen's Relief and Retirement Fund has not had an actuarial valuation since
this date. A valuation is planned for December 31, 2002.
29
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONTD.)
SEPTEMBER 30,2002
RETIREMENT (C
ONT'D.)
9 E IREMENT PLANS (CONY D.)
Actuarial Assumptions
Texas
Municipal Firemen's
Retirement Relief and
System Retirement
Actuarial Cost Method Unit Credit Entry Age
Amortization Method Level Percent of Payroll Level Percent of Payroll
Remaining Amortization Period 25 years 16.9 years
Amortization Period Open Closed
Asset Valuation Method Amortized Cost Smooth Market Value
Investment Rate of Return 8% 8%
Projected Salary Increases None 4.75%
Includes Inflation at None 4.75%
Cost-of-Living Adjustments None None
Both of the stand-alone financial reports for both the Texas Municipal Retirement System and
Firemen's Relief and Retirement Fund can be obtained from the City's Director of Finance at 1300
7th Street, Wichita Falls, Texas.
Note 10 - DEFERRED COMPENSATION PLAN
The City offers its employees a deferred compensation plan created in accordance with Internal
Revenue Code Section 457. The plan, available to all City employees, permits them to defer a
portion of their salary until future years. The deferred compensation is not available to the
employees until termination, retirement, death, or an unforeseen emergency.
Note 11 - PAYABLE TO U.S. GOVERNMENT
The City of Wichita Falls and Wichita County Water Improvement District Number 2, upon the
completion of the Lake Kemp reconstruction project in January, 1976 by the U.S. Government,
are required to reimburse the U.S. Government 22.7% of its reported total cost of$8,774,705, or
$1,991,858. The City's share of this amount is 66.11%, or $1,316,817, payable in forty-nine
annual installments through January, 2025 of $51,974, which includes interest at the rate of
3.253%.
The City's share of the total costs ($5,800,957) is reflected in fixed assets, and the City's share
of the U.S. Government funded portion ($4,484,140) is reflected as contributed capital in the
Water and Sewer Enterprise Fund.
This contractual arrangement is strictly a cost-sharing agreement and is not considered a joint
venture as defined in Section J50 of the Codification of Governmental Accounting and Financial
Reporting Standards.
•
30
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2002
Note 11 - PAYABLE TO U.S. GOVERNMENT (CONT'D.)
The remaining debt payable to the U.S. Government at September 30, 2002 is classified as
follows:
Long-term $807,674
Current portion (included in other liabilities) 24.891
Total $832,565
Note 12 - AIRPORT LEASE
The airport facilities are located on land at Sheppard Air Force Base. The land is leased from
the Department of the Air Force at a cost of$1.00 per year for a period of fifty years, beginning
May 15, 1959 and expiring May 14, 2009. Additional rent is based on landing fees at a rate of
$1.8264 per scheduled landing. Landing fees collected and paid on this lease were $6,381 for
the fiscal year ended September 30, 2002.
Note 13 - DESCRIPTION OF LEASING ARRANGEMENTS
The majority of the City's operating leases contain an option for annual renewal at the end of the
initial lease term. In most cases, these leases will be canceled or replaced by other leases. The
City leases certain equipment under operating leases expiring at various times through the year
ending September 30, 2003.
The following is a schedule by years of future minimum rental payments required under
operating leases that have initial or remaining noncancellable lease terms in excess of one year
as of September 30, 2002:
Year ending September 30:
2003 $ 92,843
2004 81,374
2005 98,196
2006 129
2007 1
Later years 3
Total minimum payments required $272,546
The total minimum payments do not include contingent rentals which may be paid under the
airport lease based on the number of scheduled landings.
The following schedule shows the composition of total rental expenses for all operating leases
for the year ended September 30, 2002:
Minimum rentals $116,641
Contingent rentals 6.381
Total rentals $123.022
31
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2002
Note 14 - LONG-TERM DEBT
The following is a summary of changes in long-term obligations of the City for the year ended
September 30, 2002:
Obligations Obligations
Outstanding New Outstanding
October 1, Obligations Obligations September 30,
2001 Incurred Retired(1) 2002
General Lona-Term Debt:
General Obligation Bonds
payable $ 19,215,000 $ - $1,805,000 $ 17,410,000
Accrued vacation and sick leave 4,780,594 231,201 - 5,011,795
Claims and judgments payable 272.440 1.113.859 1.141.523 244.776
Total general long-term debt 24,268,034 1,345,060 2,946.523 22.666.571
Proprietary Fund Debt:
Revenue Bonds payable 176,649,193 - 4,299,753 172,349,440
Payable to U.S. Government 856.671 - 24.106 832.565
Total proprietary fund debt 177.505.864 - 4.323.859 173.182.005
Total long-term liabilities $201.773.898 $1,345.060 $7.270.382 $195.848.576
(1) Includes bond premium amortization of$79,753 relative to the revenue bonds payable.
Bonds payable at September 30, 2002, includingnet unamortized premiumon Y Pthe revenue
bonds, are comprised of the following individual issues:
Range of Final Annual Bonds
Interest Maturity Serial Bonds Outstanding
Rates Date Payments Authorized at 9/30/02
General Obligation Bonds:
General Obligation Refunding 3.50%- 9/01/06 $105,000 to $ 7,250,000 $ 3,185,000
Bonds, Series 1994 5.50% $860,000
General Obligation Refunding 4.10%- 9/01/06 $570,000 to 9,000,000 4,195,000
Bonds, Series 1996 5.30% $1,130,000
General Obligation Construction 3.75%- 9/01/21 $175,000 to 10,205,000 10,030,000
and Refunding Bonds, 5.375% $945,000
Series 2001
Total General Obligation Bonds 17.410.000
32
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2002
Note 14 - LONG-TERM DEBT (CONT'D.)
Range of Final Annual Bonds
Interest Maturity Serial Bonds Outstanding
Rates Date Payments Authorized at 9/30/02
Revenue Bonds:
Water and Sewer Revenue
Bonds:
Water and Sewer System 3.90%- 8/01/07 $95,000 to _ $ 12,830,000 $ 6,580,000
Refunding Revenue 5.20% $1,450,000
Bonds, Series 1995
Water and Sewer System 4.10%- 8/01/07 $305,000 to 5,360,000 2,830,000
Refunding Revenue 5.40% $625,000
Bonds, Series 1996
Water&Sewer System 4.05%- 8/01/18 $180,000 to 5,500,000 4,715,000
Priority Lien Revenue 4.65% $400,000
Bonds, Series 1998E
Water&Sewer System 3.75%- 8/01/27 $1,220,000 to 118,770,000 117,105,000
Priority Lien Revenue 5.375% $11,515,000
Bonds, Series 2001
Plus bond premium 1,554,440
Water&Sewer Subordinate 3.35%- 8/01/16 $25,000 to 11,420,000 10,890,000
Lien Revenue Bonds, 4.95% $2,750,000
Series 1996
Water&Sewer Subordinate 3.14%- 8/01/18 $25,000 to 8,060,000 7,960,000
Lien Revenue Bonds, 4.59% $3,320,000
Series 1998
Water&Sewer System 3.65%- 8/01/12 $375,000 to 22,795,000 20,715,000
Subordinate Lien 4.50% $3,770,000
Refunding Revenue
Bonds, Series 1998A
Total Revenue Bonds 172.349.440
Total All Bonds $189.759.440
All of the General Obligation Bonds were issued on the full faith and credit of the City and are
secured by ad valorem faxes 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, 2002,
$270,530 was available in this fund to service these bonds.
All of the Water and Sewer Revenue Bonds were issued for purposes of improving the City's
water and sewer systems and are serviced by the net revenues of the Water and Sewer Fund.
33
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 2002
Note 14 - LONG-TERM DEBT(CONT'D.)
The City's current year payments for debt service of general obligation bonds, revenue bonds, and payable to U.S. Government included
$1,168,309, $8,087,504, and $27,862 of interest, respectively.
The annual requirements to pay principal and interest on the City's long-term obligations outstanding as of September 30, 2002 are as
follows:
Year Ending General Obliaation Bonds Revenue Bonds Payable to U.S. Government
September 30, Principal Interest Principal (1) Interest Principal Interest Totals
2003 $ 2,120,000 $ 844,291 $ 3,981,101 $ 8,412,956 $ 24,890 $ 27,084 $ 15,410,322
2004 2,230,000 740,971 4,155,440 8,241,473 25,700 26,274 15,419,858
2005 2,335,000 631,564 4,339,709 8,055,863 26,536 25,438 15,414,110
2006 2,455,000 514,521 4,528,947 7,864,682 27,999 24,574 15,415,723
2007 880,000 387,569 4,738,084 7,657,223 28,291 23,683 13,714,850
Subsequent 7.390.000 2.546.856 150.606.159 88.861.913 699.149 235.742 250.339.819
Totals $17.410.000 $5.665.772 $172.349.440 $129.094.110 $832,565 $362.795 $325.714.682
(1) Includes amortization of bond premium (net of accumulated amortization)of$1,554,440.
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2002
Note 15 - DEFEASED DEBT
In prior years, the City defeased certain outstanding 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, 2002, $9,720,000 of the 1986
Water and Sewer Revenue Refunding Bonds are considered defeased.
Note 16 - TAX ANTICIPATION NOTES PAYABLE
During the year ended September 30, 1997, the City of Wichita Falls, Texas issued tax
anticipation notes in the amount of$2,000,000. The proceeds provided by these notes were used
for the renovation of the City's Activities Center to house the Wichita Falls Public Library. These
notes bear interest ranging from 4.45% to 7.00% and mature over a period of seven years.
•
While these notes are, in effect, long-term financing, the City has recorded the liability for these
tax anticipation notes as a current liability in the Library Renovations Fund as required by generally
accepted accounting principles established by the Governmental Accounting Standards Board.
The annual requirements to pay principal and interest on the tax anticipation notes outstanding at
September 30, 2002 are as follows:
Year Endina September 30: Principal Interest Total
2003 $ 320,000 $ 23,590 $ 343,590
2004 340,000 8,075 348.075
Totals $ 660.000 $ 31.665 $ 691.665
During the year ended September 30, 2002, the City paid $37,969 of interest on the tax
anticipation notes.
Note 17 - LANDFILL AND TRANSFER STATION CLOSURE AND POSTCLOSURE CARE COSTS
State and federal laws and regulations require that the City place a final cover on its landfill when
closed, and perform certain maintenance and monitoring functions at the landfill site for thirty
years after closure. In accordance with the Texas Administrative Code, Title 30, Part 1, Chapter 7,
the City annually submits a financial assurance letter to the Texas Commission on Environmental
Quality (TCEQ). In addition to operating expenses related to current activities of the landfill, an
expense provision and related liability are being recognized based on the future closure and
postclosure care costs that will be incurred near or after the date the landfill no longer accepts
waste. The recognition of these landfill closure and postclosure care costs is based on the amount
of the landfill used during the year. The estimated liability for landfill closure and postclosure care
costs has a balance of $3,313,938 as of September 30, 2002, which is based on 50% usage of
the landfill. The City has no remaining estimated costs of closure and postclosure care which have
not already been recognized in the financial statements. It is estimated that additional costs will
be recognized as closure and postclosure care expenses between the date of the balance sheet
and the date the landfill is expected to be filled to capacity in 2017. Additionally, the City has
accrued $6,083 in estimated closure costs for the City's landfill transfer station. Actual costs may
be higher due to inflation, change in technology, or changes in regulations.
35
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 2002
Note 18 - INDIVIDUAL FUND AND RELATED DISCLOSURES
Interfund receivables and payables at September 30, 2002 are as follows:
Interfund Interfund
Receivables Pavables
General Fund $1,018,602 $ 84
Special Revenue Funds:
Community Development Block Grant Fund - 98,519
Miscellaneous Special Revenue Fund - 635,175
Total Special Revenue Funds - 733,694
Debt Service Fund - 53
Enterprise Funds:
Transit Fund - 284,771
Totals $1.018.602 $1.018.602
r Receivable and payable balances between the primary government and the component units at
September 30, 2002 are as follows:
Receivable Payable
Capital Projects Funds:
4B Sales Tax Projects Fund $2,106.193 $ -
Component Units:
Wichita Falls 4B Sales Tax Corporation - 2,106.193
Totals $2.106.193 $2,106.193
Operating transfers between funds and component units during the year were as follows:
Operating Operating
Transfer In Transfer Out
General Fund $1.108.234 $ 409.260
Special Revenue Funds:
Hotel/Motel Tax Fund - 283,150
Miscellaneous Special Revenue Fund 349.054 24.629
Total Special Revenue Funds 349.054 307.779
Debt Service Fund 874.189 -
Capital Projects Funds:
Library Renovation Fund 342,969 -
4B Sales Tax Projects Fund 776.000 -
Total Capital Projects Funds 1,118.969 -
36
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2002
Note 18 - INDIVIDUAL FUND AND RELATED DISCLOSURES (CONT'D.)
Operating Operating
Transfer In Transfer Out
Enterprise Funds:
Golf Fund - 8,295
Municipal Airport Fund - 36,921
Kickapoo Airport Fund - 16,921
Transit Fund 152,639 -
Sanitation Fund - 390,224
Water and Sewer Fund - 897,716
Total Enterprise Funds 152.639 1,350,077
Internal Service Funds:
Fleet Maintenance Fund - 312.000
Component Units:
Wichita Falls Reinvestment Zone#1 - 105,000
Wichita Falls 4B Sales Tax Corporation - 1,118,969
Total Component Units - 1,223,969
Totals $3,603,085 $3.603,085
Residual equity transfers between funds during the year were as follows:
Eui Equity
tY q tY
Transfer In Transfer Out
General Fund $ - $ 426.952
Special Revenue Funds:
Section 8 Housing Fund - 18,987
Miscellaneous Special Revenue Fund - 189.202
Total Special Revenue Funds - 208.189
Capital Projects Fund:
Drainage Improvement Fund - 84,400
Enterprise Funds:
Transit 1,750 -
Sanitation Fund - 1,016,992
Water and Sewer Fund 84.400 34,475
Total Enterprise Funds 86.150 1.051,467
Internal Service Funds:
Fleet Maintenance 1,684.858 -
Totals $1.771.008 $1.771.008
37
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 2002
Note 19 - CONTRIBUTED CAPITAL - PROPRIETARY FUNDS
During the year ended September 30, 2002, contributed capital in the City's proprietary funds increased by the following amounts:
Enterprise Funds Internal Service Funds Total
Municipal Kickapoo Water Fleet Duplicating Proprietary
Source Golf Airport Airport Transit Sanitation and Sewer Maintenance Services Funds
Government-fixed assets
(operations) $ - $ - $ - $ 1,750 $ - $ 84,400 $ 1,684,858 $ - $ 1,771,008
Contributed capital,
October 1,2001 8.279 2.292.192 1.600.000 831.471 2.909.150 20.663.761 24.187.996 101.474 52.594.323
co Contributed capital,
September 30,2002 $8,279 $2292.192 $1.600.009 $833,221 $2.909.150 $20 748_161 $25.872.854 $101,474 $54 365 331
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 2002
Note 20 - SEGMENT INFORMATION FOR ENTERPRISE FUNDS
The City maintains seven enterprise funds which provide golf, transportation, sanitation, water and sewer services, and stormwater drainage.
Segment information for the year ended September 30, 2002 is as follows:
Total
Municipal Kickapoo Water Stormwater Enterprise
Golf Airport Airoort Transit Sanitation and Sewer Drainaae Funds
Condensed balance sheets:
Plant and equipment:
Additions $ 29,973 $ - $ 700 $ 2,866 $ 787,413 $ 8,230,964 $ 19,275 $ 9,071,190
Deletions - - - - - 210,000 - 210,000
w Net working capital 202,688 308,188 208,484 ( 50,815) 5,841,220 143,749,764 1,408,708 151,668,237
LO Total assets 308,518 1,122,427 1,681,440 878,082 9,791,006 262,353,365 1,427,019 277,561,857
Long-term liabilities - - - - 3,320,021 169,342,404 - 172,662,425
Total equity 263,892 1,103,793 1,663,699 563,162 6,204,508 84,331,038 1,427,019 95,557,111
Condensed statements of revenues,
expenses and changes in equity:
Operating revenues 783,519 311,152 340,954 180,893 7,618,4.58 27,142,642 1,033,209 37,410,827
Depreciation and amortization 11,320 84,580 50,452 16,420 71,860 , 3,020,368 964 3,255,964
Operating income(loss) 38,744 11,373 25,736 ( 835,690) ( 548,385) 10,552,443 1,023,734 10,267,955
Intergovernmental operating grants - - - 667,748 - - - 667,748
Operating transfers:
In - - - 152,639 - - - 152,639
Out 8,295 36,921 16,921 - 390,224 897,716 - 1,350,077
Net income(loss) 32,775 ( 20,331) 12,345 ( 15,303) ( 796,235) 4,924,367 1,038,602 5,176,220
Current capital contributions - - - 1,750 - 84,400 - 86,150
,
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2002
Note 21 - CONDENSED FINANCIAL INFORMATION FOR DISCRETELY PRESENTED
COMPONENT UNITS
The City has three component units that are discretely presented in the City's general purpose
financial statements. Condensed financial information for the year ended September 30, 2002 is
as follows:
Wichita Falls Wichita Falls
Economic 4B Sales Wichita Falls
Development Tax Reinvestment
Corporation Corporation Zone#1 Totals
Condensed balance sheets:
Current assets $10,884,219 $7,024,645 $500,235 $18,409,099
Property, plant and equipment 600,000 - - 600,000
Current liabilities(excluding
amount due to primary
government) 8,391 - - 8,391
Amount due to primary
government - 2,106,193 - 2,106,193
Condensed statements of
revenues and expenditures:
Revenues 2,967,121 2,835,632 195,095 5,997,848
Current expenditures 749,449 367,710 78,166 1,195,325
Operating transfers out—
primary government - 1,118,969 105,000 1,223,969
Excess of revenues and
other sources over(under)
expenditures and other
uses 2,217,672 1,348,953 11,929 3,578,554
Note 22 - COMMITMENTS AND CONTINGENCIES
Litigation
The City is a defendant in numerous lawsuits. In the opinion of the City's management, any
liabilities resulting from such suits will not materially affect the financial position of the City.
- However, the City was not successful in defending one lawsuit and has been ordered to pay
damages ranging from $117,000 to $142,000. Though the City intends on appealing the decision,
$117,000 has been accrued in the General Fund for this lawsuit.
40
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2002
Note 22 - COMMITMENTS AND CONTINGENCIES (CONT'D.)
Accrued Vacation and Sick Leave
The City's liability for accrued vacation and sick leave excluding the amount recorded in the
proprietary funds was $5,301,795 at September 30, 2002. This accrual is recorded in the General
Long-Term Debt Account Group, except for$290,000 which is believed by City management to be
currently payable from 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 for 10 retirees is partially
funded by the City. The City's portion of these costs is recognized as expense when paid. For the
fiscal year ended September 30, 2002, these costs were not material to the financial statements.
Contract Commitment With West Texas Utilities Company
In 1977, the City and Wichita County Water Improvement District Number 2 entered into a sixty-
year contract with the West Texas Utilities Company (the Company) and agreed to provide an
adequate water supply for the Company's use in generating power upon completion of the
Company's construction of a power plant adjacent to the Lake Kemp-Lake Diversion System.
The significant terms of the contract provide for standby charges to be paid to the City and the
Wichita County Water Improvement District Number 2 in equal amounts. Minimum charges for
the calendar year 1997 and all years thereafter until the end of contract will be$500,000 per year.
For water actually consumed, the Company shall pay the City and Wichita County Water
Improvement District Number 2 equally, at the base rate of$0.23 per one thousand gallons, which
is adjusted annually. The rate for the year ended September 30, 2002 was $.404046 per one
thousand gallons.
This contract can be terminated at any time by the Company. If the contract is terminated, the
Company is required to make a maximum termination payment equal to the minimum charges
which would have become due and payable during the following twenty-four month period.
Multi-Purpose Events Center
The City owns an activities complex known as the Multi-Purpose Events Center (MPEC). These
assets are recorded in the General Fixed Asset Account Group. The management and operations
of the MPEC are contracted with a third party in which the City will fund any operating deficits of
the MPEC from the City's undesignated hotel/motel taxes. During the year ended September 30,
2002, the City paid $424,427 to the third party to fund these operating deficits.
41
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2002
Note 22 - COMMITMENTS AND CONTINGENCIES (CONT'D.)
Construction Contracts
At September 30, 2002, the City was committed to several construction contracts. The amounts
for which the various funds are committed to complete these contracts are as follows:
General Fund $ 334.900
Capital Projects Funds:
MPEC Coliseum 3,496,970
Street Improvements 1.523,873
Total Capital Projects Funds 5.020,843
Enterprise Funds:
Sanitation Fund 642,916
Water and Sewer Fund 4.312,067
Total Enterprise Funds 4.954.983
Total contract commitments $10,310.726
Economic Development Contracts- Discretely Presented Component Units,
At September 30, 2002, the Wichita Falls Economic Development Corporation and the Wichita
Falls 4B Sales Tax Corporation were committed to several economic development contracts. The
amounts for which the component units are committed to complete these contracts are as follows:
Wichita Falls Economic Development Corporation $5,598,096
Wichita Falls 4B Sales Tax Corporation 500.000
Total contract commitments $6.098.096
Federal and State Grants-Compliance Audits
The City participates in numerous Federal and State grants, on both a direct and state pass-
through basis, as well as on a service-provider basis. Principal among these are Community
Development Block Grants, Section 8 Housing Assistance, Home Investment Partnership
Agreement Program, Bureau of Justice Assistance, North Texas Regional Narcotics Task Force,
and numerous health-related grants.
In connection with these grants, the City is required to comply with specific terms and agreements
as well as applicable Federal-and State laws and regulations. Such compliance is subject to
review and audit by the grantors and their representatives.
In the opinion of management, the City has complied with all requirements. However, since such
programs are subject to future audit or review, the possibility of disallowed expenditures exists. In
the event of any disallowance of claimed expenditures, the City expects the resulting liability to be
immaterial.
42
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2002
Note 23 - GASB STATEMENT NO. 34
The GASB has issued Statement No. 34, Basic Financial Statements and Management's
Discussion and Analysis for State and Local Governments, which establishes a new financial
reporting model for state and local governments. This new model requires that at a minimum the
basic financial statements of a government include:
(1) Management's Discussion and Analysis as a component of required supplementary
information;
(2) Both government-wide financial statements and fund financial statements;
(3) Notes to the financial statements;
(4) Required supplementary information other than Management's Discussion and Analysis.
The implementation of GASB Statement No. 34 is mandated in three phases based upon a
government's total annual revenues of its governmental and enterprise funds in the first fiscal year
ending after June 15, 1999. Based on the City's general purpose financial statements for the year
ended September 30, 1999, the City will be required to implement GASB Statement No. 34 for the
year ending September 30, 2003.
The government-wide financial statements required by GASB Statement No. 34 requires the
retroactive reporting of major networks and systems of general infrastructure assets. GASB
Statement No. 34 sets the implementation of the reporting of infrastructure assets four years after
the financial statement implementation. Consequently, the City will be required to implement the
general infrastructure assets reporting for the year ending September 30, 2007.
Note 24 - PRIOR PERIOD ADJUSTMENT
During the year ended September 30, 2002, the City discovered an error made in a prior period in
accounting for a grant in the Home Improvement Partnership Agreement Fund, a special revenue
fund. An adjustment made by HUD to the City's entitlement balance was not made by the City.
Adjustments related to this error decreased the amount receivable from government agencies and
fund balance as of September 30, 2001 by$102,443 in the special revenue fund.
43
•
REQUIRED SUPPLEMENTARY
INFORMATION
Wichita
EXHIBIT B-1
CITY OF WICHITA FALLS, TEXAS
TEXAS MUNICIPAL RETIREMENT SYSTEM -ANALYSIS OF FUNDING PROGRESS -
LAST TEN PLAN YEARS (UNAUDITED)*
(1) (2) 3 (4) (5) 6
Unfunded UAAL as a
Actuarial Actuarial Actuarial Percentage Actuarial Accrued Annual Percentage of
Valuation Value Accrued Funded Liability(UAAL) Covered Covered Payroll
Date of Assets Liability(AAL) (1) : (2) (2)-(1) Payroll (4) : (5)
12/31/92 $ 34,988,814 $ 42,460,833 82.4% $ 7,472,019 $ 18,874,753 39.6%
12/31/93 40,008,407 49,758,664 80.4% 9,750,257 20,657,576 47.2%
12/31/94 42,728,204 53,833,753 79.4% 11,105,549 21,343,153 52.0%
12/31/95 46,420,960 59,450,213 78.1% 13,029,253 22,768,262 57.2%
12/31/96 48,533,798 62,979,458 77.1% 14,445,660 23,859,734 60.5%
12/31/97 51,833,203 67,746,553 76.5% 15,913,350 24,726,606 64.4%
12/31/98 53,779,205 70,332,145 76.5% 16,552,940 25,833,511 64.1%
12/31/99 58,074,582 76,394,376 76.0% 18,319,794 26,932,278 68.0%
12/31/00 62,462,023 82,680,887 75.5% 20,218,864 27,754,660 72.8%
12/31/01 66,919,614 88,721,318 75.4% 21,801,704 29,061,189 75.0%
Analysis of the dollar amounts of the actuarial value of assets, actuarial accrued liability, and unfunded actuarial
accrued liability in isolation can be misleading. Expressing the actuarial value of assets as a percentage of the
actuarial accrued liability provides one indication of the City's funding status on a going-concern basis. Analysis
of this percentage over time indicates whether the system is becoming financially stronger or weaker. Generally,
the greater this percentage,the stronger the pension plan. Trends in unfunded actuarial accrued liability and
annual covered payroll are both affected by inflation. Expressing the unfunded actuarial accrued liability as a
percentage of annual covered payroll approximately adjusts for the effects of inflation and aids analysis of the
City's progress made in accumulating sufficient assets to pay benefits when due. Generally,the smaller this
percentage,the stronger the pension plan.
* This City retirement plan is substantially a defined contribution plan. These voluntary disclosures, similar to the
disclosures required for a defined benefit plan, are provided for additional analysis of the plan.
44
EXHIBIT B-2 I
CITY OF WICHITA FALLS, TEXAS
WICHITA FALLS FIREMEN'S RELIEF AND RETIREMENT FUND -
ANALYSIS OF FUNDING PROGRESS (UNAUDITED)
(1) (2) (3) (4) (5) (6)
Unfunded UAAL as a
Actuarial Actuarial Actuarial Percentage ActuariatAccrued Annual Percentage of
Valuation Value Accrued Funded Liability(UAAL) Covered Covered Payroll
Date of Assets Liability(AAL) (1) : (2) (2) - (1) Payroll (4) _ (5)
4/30/93(b) $ - $ - - $ $ - -
4/30/94(b) - - - - - -
4/30/95(a) 14,966,425 17,882,791 83.7% 2,916,366 4,051,390 72.0%
12/31/95 16,529,273 18,648,105 88.6% 2,118,832 4,214,096 50.3%
12/31/96 18,276,026 20,042,040 91.2% 1,766,014 4,794,594 36.8%
12/31/97 19,916,831 25,193,592 79.1% 5,276,761 4,712,854 112.0%
12/31/98(b) - - - - - -
12/31/99(b) - - - - - -
12/31/00 26,930,018 31,419,892 85.7% 4,489,874 5,858,962 76.6%
12/31/01 (b) - - - - - -
Analysis of the dollar amounts of the actuarial value of assets,actuarial accrued liability,and unfunded actuarial accrued liability
in isolation can be misleading. Expressing the actuarial value of assets as a percentage of the actuarial accrued liability provides
one indication of the City's funding status on a going-concern basis. Analysis of this percentage over time indicates whether the
system is becoming financially stronger or weaker. Generally,the greater this percentage,the stronger the pension plan. Trends
in unfunded actuarial accrued liability and annual covered payroll are both affected by inflation. Expressing the unfunded actuarial
accrued liability as a percentage of annual covered payroll approximately adjusts for the effects of inflation and aids analysis of
the City's progress made in accumulating sufficient assets to pay benefits when due. Generally,the smaller the percentage,the
stronger the pension plan.
(a) During 1995,the plan was amended to increase standard retirement benefits from 2.01%to 2.10%of the firefighters
average salary multiplied by years of service. Additionally,the minimum benefit for retired firefighters was raised from$300
per month to$400 per month. Widows minimum monthly payments were raised to remain two-thirds of the minimum for
retired firefighters. Two additional payment options were also added to the plan's provisions. These amendments
increased the actuarial accrued liability as of October 1, 1995 by approximately$660,000.
(b) Historical trend information is presented for as many years as such information about the plan is available. No actuarial
valuation or update was performed as of these dates. Texas state law does not require an actuarial valuation to be
completed annually. The last actuarial valuation update was completed as of December 31,2000. Additional historical trend
I information will be disclosed in future periods as it becomes available.
45
COMBINING and INDIVIDUAL
FUND FINANCIAL STATEMENTS
GENERAL 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 activities than any other fund. Major functions financed by the
General Fund include: Administrative; Finance; Police; Fire; Protective Inspections, such
as building, plumbing and electrical; Traffic Engineering; Public Works Engineering; Street
Maintenance; Health; Community Enrichment Activities such as Parks, Recreation, and
Library; and Planning.
Wichita
EXHIBIT C-1
CITY OF WICHITA FALLS, TEXAS
GENERAL FUND
COMPARATIVE BALANCE SHEETS
SEPTEMBER 30, 2002 AND 2001
2002 2001
ASSETS
Cash and cash equivalents $ 4,853,261 $ 1,467,044
Investments 2,996,324 7,069,070
Receivables:
Taxes and assessments (less$575,632 and
$572,205 allowance for uncollectible accounts) 762,558 771,692
Other City funds 1,018,602 746,085
Government agencies 2,966,406 - 2,845,660
Other 1,547,251 706,702
Inventory 19,271 22,618
Prepaid items 84,979 48,820
Total assets $ 14,248,652 $13,677,691
LIABILITIES AND FUND BALANCE
Liabilities:
Accounts payable -trade $ 682,648 $ 480,347
Accrued payroll 569,030 423,847
Accrued vacation and sick leave 290,000 290,000
Payable to other City funds 84 -
Payable to government agencies 121,686 38,519
Other liabilities 1,533,918 1,330,960
Deferred revenue 1,758,319 799,978
Claims and judgments payable 240,225 235,576
Total liabilities 5,195,910 3,599,227
Fund balance:
Reserved for encumbrances 580,761 1,256,992
Reserved for inventory and prepaid items 104,250 71,438
Unreserved:
Designated for subsequent years expenditures 3,000,000 3,000,000
Undesignated 5,367,731 5,750,034
Total fund balance 9,052,742 10,078,464
Total liabilities and fund balance $ 14,248,652 $13,677,691
46
EXHIBIT C-2
(Page 1 of 4)
CITY OF WICHITA FALLS, TEXAS
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE -
BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2002
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 2001
2002
Variance -
Favorable 2001
Budget Actual (Unfavorable) Actual
Revenues:
Taxes:
Ad valorem taxes $16,643,699 $ 16,710,864 $ 67,165 $15,756,043
Penalties and interest 170,000 220,990 50,990 185,323
City sales tax 16,435,687 16,184,652 (251,035) 16,024,134
Franchise taxes 4,438,000 4,933,339 495,339 4,612,917
Other taxes 363,000 412,523 49,523 365,695
Total taxes 38,050,386 38,462,368 411,982 36,944,112
Charges for services:
Administrative overhead
reimbursements 1,060,760 1,070,424 9,664 842,168
Data processing services 302,205 302,205 - 301,308
Health services 262,032 292,257 30,225 261,974
Other service charges 379,146 342,332 (36,814) 377,851
Total charges for services 2,004,143 2,007,218 • 3,075 1,783,301
Licenses and permits:
Right-of-way permits 1,346,760 1,312,704 (34,056) 1,222,729
Building permits 235,000 210,776 (24,224) 266,133
Electrical and plumbing 185,500 191,775 6,275 199,786
Health and animal control 160,450 153,152 (7,298) 148,710
Other licenses and permits 51,550 50,283 (1,267) 54,741
Total licenses and permits 1,979,260 1,918,690 (60,570) 1,892,099
Fines and forfeitures:
Municipal Court 1,407,000 1,560,553 153,553 1,229,926
Forfeitures and confiscated
funds 1,500 655 (845) 800
Library 28,500 37,543 9,043 29,016
Total fines and forfeitures 1,437,000 1,598,751 161,751 1,259,742
Intergovernmental revenue:
Operating grants 51,600 85,499 33,899 33,319
Total intergovernmental
revenue 51,600 85,499 33,899 33,319
47
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(CONTD.)
FOR THE YEAR ENDED SEPTEMBER 30, 2002
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 2001
2002
Variance -
Favorable 2001
Budget Actual (Unfavorable) Actual
Revenues (Cont'd.):
Contributions:
Donations - 62,575 62,575 32,901
Total contributions - 62,575 62,575 32,901
Miscellaneous revenue:
Rentals and concessions 191,641 202,864 11,223 195,085
Interest 919,000 355,911 (563,089) 1,022,003
Other 110,000 265,123 155,123 246,692
Total miscellaneous revenue 1,220,641 823,898 (396,743) 1,463,780
Total revenues 44,743,030 44,958,999 215,969 43,409,254
Expenditures:
Administrative services:
Mayor and City Council 55,638 54,531 1,107 61,316
City Manager 310,174 308,751 1,423 294,044
Personnel/Risk Management 538,381 533,210 5,171 552,300
Martin Luther King Center 105,144 104,615 529 107,328
Farmer's Market 2,007 1,682 325 1,530
Library 1,374,163 1,363,246 10,917 1,360,122
General Public Information 195,443 193,509 1,934 192,701
Building Maintenance 1,114,815 1,094,232 20,583 1,136,053
Nondepartmental 2,212,718 2,216,093 (3,375) 2,051,789
Municipal Court 647,986 641,466 6,520 507,362
Legal 969,984 969,352 632 844,135
City Clerk 141,231 138,408 2,823 155,196
Total administrative services 7,667,684 7,619,095 48,589 7,263,876
Police 14,088,667 14,050,692 37,975 13,293,997
Fire 9,045,117 9,028,643 16,474 8,412,257
Parks and recreation:
Recreation 834,485 827,069 7,416 797,956
Park maintenance 2,335,645 2,244,719 90,926 2,085,836
City lot mowing program 63,004 59,868 3,136 18,110
Cemetery 178,872 157,749 21,123 157,693
Total parks and recreation 3,412,006 3,289,405 122,601 3,059,595
48
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(CONTD.)
FOR THE YEAR ENDED SEPTEMBER 30, 2002
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 2001
2002
Variance -
Favorable 2001
Budget Actual (Unfavorable) Actual
Expenditures (Cont'd.):
Accounting/finance:
Accounting/finance 430,174 424,450" 5,724 395,165
Information systems 1,161,953 1,121,583 40,370 947,531
Purchasing 158,868 156,521 2,347 146,965
Total accounting/finance 1,750,995 1,702,554 48,441 1,489,661
Community development:
Planning 371,046 368,775 2,271 313,456
Inspection 471,738 457,161 14,577 502,241
Code enforcement 159,030 157,135 1,895 157,235
Property management 70,628 59,144 11,484 56,822
Lake lot administration 111,270 60,781 50,489 72,451
Total community development 1,183,712 1,102,996 80,716 1,102,205
Public works:
Engineering 2,194,445 1,724,021 470,424 1,198,770
Street maintenance 3,163,282 3,096,278 67,004 2,973,813
General public works 105,992 80,112 25,880 235,893
Total public works 5,463,719 4,900,411 563,308 4,408,476
Health: -
Administration 468,705 437,795 30,910 431,867
General City nursing 591,540 591,101 439 544,498
Environmental health 857,873 861,712 (3,839) 830,414
Lab water pollution 333,694 332,751 943 273,302
Total health 2,251,812 2,223,359 28,453 2,080,081
Traffic and transportation 1,991,922 1,986,855 5,067 1,707,211
Capital outlay 747,531 352,733 394,798 1,365,232
Total expenditures 47,603,165 46,256,743 1,346,422 44,182,591
49
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(CONTD.)
FOR THE YEAR ENDED SEPTEMBER 30, 2002
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 2001
2002
Variance-
Favorable 2001
Budget Actual (Unfavorable) Actual
Excess of revenues over(under)
expenditures (2,860,135) (1,297,744) 1,562,391 (773,337)
Other financing sources (uses):
Operating transfers in 1,108,235 1,108,234 (1) 1,167,242
Operating transfers out (414,103) (409,260) 4,843 (479,096)
Total other financing
sources (uses) 694,132 698,974 4,842 688,146
Excess of revenues and other
sources over(under) expenditures
and other uses $ (2,166,003) (598,770) $ 1,567,233 (85,191)
Fund balance- beginning 10,078,464 10,256,351
Residual equity transfer (426,952) (92,696)
Fund balance - ending $ 9,052,742 $10,078,464
50
it
SPECIAL REVENUE FUNDS
Special Revenue Funds are used to account for the proceeds of specific revenue sources (other
than expendable trusts or for major capital projects) that are legally restricted to be expended for
specified purposes. Five individual funds are reported within the Special Revenue Funds as
follows:
Community Development Block Grant Fund
The Community Development Block Grant Fund accounts for federal block grant revenues
and related expenditures.
Section 8 Housina Fund
The Section 8 Housing Fund accounts for federal funds received to subsidize rents and
housing payments for lower income families within the City.
Home Investment Partnership Agreement Fund
The Home Investment Partnership Agreement Fund accounts for federal funds received to
provide home ownership opportunities to low income, first-time homebuyers through the
acquisition, rehabilitation and resale of single-family dwellings that are currently owned by
governmental agencies.
Hotel/Motel Tax Fund
The Hotel/Motel Tax Fund accounts for revenues derived from an occupancy tax which is
expended on programs promoting the growth of the City of Wichita Falls.
Miscellaneous Special Revenue Fund
The Miscellaneous Special Revenue Fund accounts for various revenues generated in the
form of contributions, fees, concessions, rents and other charges and their related
expenditures. This fund also includes revenues derived from various grants for health and
police programs. The revenues in this fund are expended to support the activity generating
the revenue or as designated by the contributor.
CITY OF WICHITA FALLS, TEXAS
SPECIAL REVENUE FUNDS
COMBINING BALANCE SHEET
SEPTEMBER 30, 2002
WITH COMPARATIVE TOTALS AT SEPTEMBER 30, 2001
Home
Community • Investment
Development Section 8 Partnership .
Block Grant Housing Agreement
ASSETS
Cash and cash equivalents $ (16,783) $931,407 $ 71,082
Receivables:
Taxes and assessments - - -
Government agencies 2,278,444 - 561,774
Other 2,136 4,919 -
Prepaid items 18,000 - -
Other assets - - -
Total assets $2,281,797 $936,326 $ 632,856
LIABILITIES AND FUND BALANCE
Liabilities:
Accounts payable -trade $ 64,982 $ 5,052 $ -
Accrued payroll 4,852 4,769 1,382
Payable to other City funds 98,519 - -
Payable to government agencies - 241,756 -
Other liabilities 35,362 - 44,744
Deferred revenue - - -
Total liabilities 203,715 251,577 46,126
Fund balance:
Reserved for encumbrances 40,390 - -
Reserved for prepaid items 18,000 - -
Unreserved:
Designated for subsequent years expenditures 2,019,692 684,749 586,730
Undesignated - - -
Total fund balance 2,078,082 684,749 586,730
Total liabilities and fund balance $2,281,797 $936,326 $ 632,856
51
1
EXHIBIT D-1
Hotel/ Miscellaneous
Motel Special . . Totals
Tax Revenue 2002 2001
$ 934,606 $ 1,667,933 $3,588,245 $3,109,300
90,465 - 90,465 78,602
- 872,855 3,713,073 3,308,981
- - 7,055 12,701
- 18,000 18,218
- 3,000 3,000 3,000
$ 1,025,071 $ 2,543,788 $7,419,838 $6,530,802
$ - $ 134,401 $ 204,435 $ 272,201
- 30,296 41,299 33,135
- 635,175 733,694 665,655
- 2,223 243,979 123,005
- 79,765 159,871 141,163
- 125,694 125,694 296,325
- 1,007,554 1,508,972 1,531,484
- 83,357 123,747 496,079
- - 18,000 18,218
- 1,452,877 4,744,048 3,813,904
1,025,071 - 1,025,071 671,117
1,025,071 1,536,234 5,910,866 4,999,318
$ 1,025,071 $ 2,543,788 $7,419,838 $6,530,802
CITY OF WICHITA FALLS, TEXAS
SPECIAL REVENUE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES -BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2002 •
WITH COMPARATIVE ACTUAL TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 2001
Home
Community Investment
Development Section 8 Partnership
Block Grant - Housing Agreement
Revenues:
Taxes $ - $ - $ -
Charges for services 33,501 - -
Fines and forfeitures - - - -
Intergovernmental revenue 1,895,000 3,284,229 550,152
Contributions - - -
Miscellaneous revenue 41,088 23,726 13,810
Total revenues 1,969,589 3,307,955 563,962
Expenditures:
Current:
Administrative services 102,568 - -
Police - - -
Fire _ - -
Parks and recreation 151,918 = -
Community development 854,474 3,172,372 456,474
Public works 387,882 - -
Health 140,535 - -
Traffic and transportation - _ -
Capital outlay 14,775 2,109 -
Total expenditures 1,652,152 3,174,481 456,474
Excess of revenues over(under)expenditures 317,437 133,474 107,488
Other financing sources(uses):
Operating transfers in - - -
Operating transfers out - - -
Total other financing sources(uses) - - -
Excess of revenues and other sources
over(under)expenditures and other uses 317,437 133,474 107,488
Fund balance-beginning 1,760,645 570,262 581,685
Prior period adjustment - - (102,443)
Residual equity transfers - (18,987) -
Fund balance-ending $ 2,078,082 $ 684,749 $ 586,730
52
•
EXHIBIT D-2
Totals
2002 2001
Miscellaneous Variance-
Hotel/Motel Special Favorable
Tax Revenue Actual Budget (Unfavorable) Actual
$ 1,174,983 $ - $ 1,174,983 $ 1,069,525 $ 105,458 $ 1,071,597
-
112,504 146,005 345,826 (199,821) 41,869
-
199,044 199,044 111,841 87,203 144,463
-
3,185,177 8,914,558 9,443,374 (528,816) 8,173,725
-
74,638 74,638 74,638 - 223,547
18,640 557,047 654,311 564,958 89,353 626,919
1,193,623 4,128,410 11,163,539 11,610,162 (446,623) 10,282,120
516,427 253,098 872,093 1,694,823 822,730 1,328,600
-
665,453 665,453 1,249,946 584,493 768,839
-
55,891 55,891 80,699 24,808 10,865
-
380,468 532,386 1,196,649 664,263 566,539
-
384,443 4,867,763 7,931,712 3,063,949 4,533,279
-
10,184 398,066 716,609 318,543 247,057
-
1,782,704 1,923,239 2,497,259 574,020 1,792,266
-
274,480 274,480 1,029,979 755,499 71,668
-
376,379 393,263 1,106,111 712,848 140,214
516,427 4,183,100 9,982,634 17,503,787 7,521,153 9,459,327
677,196 (54,690) 1,180,905 (5,893,625) 7,074,530 822,793
-
349,054 349,054 369,263 (20,209) 385,785
(283,150) (24,629) (307,779) (321,314) 13,535 (983,701)
(283,150) 324,425 41,275 47,949 (6,674) (597,916)
394,046 269,735 1,222,180 $ (5,845,676) $ 7,067,856 224,877
631,025 1,455,701 4,999,318 5,124,488
- - (102,443) -
-
(189,202) (208,189) (350,047)
$ 1,025,071 $ 1,536,234 $ 5,910,866 $ 4,999,318
EXHIBIT D-3
CITY OF WICHITA FALLS, TEXAS
COMMUNITY DEVELOPMENT BLOCK GRANT
COMPARATIVE BALANCE SHEETS
SEPTEMBER 30, 2002 AND 2001
2002 2001
ASSETS
Cash and cash equivalents $ (16,783) $ 2,610
Receivables:
Government agencies 2,278,444 1,948,062
Other 2,136 2,136
Prepaid items 18,000 18,000
Total assets $2,281,797 $ 1,970,808
LIABILITIES AND FUND BALANCE
Liabilities:
Accounts payable-trade $ 64,982 $ 99,313
Accrued payroll 4,852 4,701
Payable to other City funds 98,519 68,626
Other liabilities 35,362 37,523
Total liabilities 203,715 210,163
Fund balance:
Reserved for encumbrances 40,390 245,420
Reserved for prepaid items 18,000 18,000
Unreserved:
Designated for subsequent years expenditures 2,019,692 1,497,225
Total fund balance 2,078,082 1,760,645
Total liabilities and fund balance $2,281,797 $ 1,970,808
53
EXHIBIT D-4
CITY OF WICHITA FALLS, TEXAS
COMMUNITY DEVELOPMENT BLOCK GRANT FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE -
BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2002
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 2001
2002
Variance-
Favorable 2001
Budget Actual (Unfavorable) Actual
Revenues:
Charges for services $ - $ 33,501 $ 33,501 $ 23,185
Intergovernmental revenue 1,895,000 1,895,000 - 1,820,000
Miscellaneous revenue - 41,088 41,088 4,635
Total revenues -1,895,000 1,969,589 74,589 1,847,820
Expenditures:
Current:
Administrative services 205,070 102,568 102,502 211,156
Parks and recreation 208,699 151,918 56,781 271,467
Community development 2,466,761 854,474 1,612,287 853,908
Public works 413,455 387,882 25,573 247,057
Health 141,494 140,535 959 134,465
Traffic and transportation - - - 11,000
Capital outlay 341,718 14,775 326,943 2,338
Total expenditures 3,777,197 1,652,152 2,125,045 1,731,391
Excess of revenues over(under)
expenditures _ $ (1,882,197) 317,437 $ 2,199,634 116,429
Fund balance- beginning 1,760,645 1,644,216
Fund balance- ending $2,078,082 $ 1,760,645
54
EXHIBIT D-5
CITY OF WICHITA FALLS, TEXAS
SECTION 8 HOUSING FUND
COMPARATIVE BALANCE SHEETS
SEPTEMBER 30, 2002 AND 2001
2002 2001
ASSETS
Cash and cash equivalents $ 931,407 $ 634,082
Receivables:
Government agencies - 57,988
Other 4,919 2,875
Total assets $ 936,326 $ 694,945
LIABILITIES AND FUND BALANCE
Liabilities:
Accounts payable-trade $ 5,052 $ 360
Accrued payroll 4,769 3,420
Payable to government agencies 241,756 120,903
Total liabilities 251,577 124,683
Fund balance:
Unreserved:
Designated for subsequent years expenditures 684,749 570,262
Total fund balance 684,749 570,262
Total liabilities and fund balance $ 936,326 $ 694,945
55
EXHIBIT D-6
CITY OF WICHITA FALLS, TEXAS
SECTION 8 HOUSING FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE-
BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2002
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 2001
2002
Variance-
Favorable 2001
Budget Actual (Unfavorable) Actual
Revenues:
Intergovernmental revenue $3,521,705 $ 3,284,229 $ (237,476) $2,776,875
Miscellaneous revenue - 23,726 23,726 40,342
Total revenues 3,521,705 3,307,955 (213,750) 2,817,217
Expenditures:
Current:
Community development 3,486,836 3,172,372 314,464 2,778,092
Capital 34,869 2,109 32,760 2,338
Total expenditures 3,521,705 3,174,481 347,224 2,780,430
Excess of revenues over(under)
expenditures $ - 133,474 $ 133,474 36,787
Fund balance- beginning 570,262 533,475
Residual equity transfer (18,987) -
Fund balance - ending $ 684,749 $ 570,262
56
EXHIBIT D-7
CITY OF WICHITA FALLS, TEXAS
HOME INVESTMENT PARTNERSHIP AGREEMENT FUND
COMPARATIVE BALANCE SHEETS
SEPTEMBER 30, 2002 AND 2001
2002 2001
ASSETS
Cash and cash equivalents $ 71,082 $ -
Receivables:
Government agencies - 561,774 662,018
Total assets $ 632,856 $ 662,018
LIABILITIES AND FUND BALANCE -
Liabilities:
Accounts payable-trade $ - $ 14,153
Accrued payroll 1,382 920
Payable to other City funds - 20,516
Other liabilities 44,744 44,744
Total liabilities 46,126 80,333
Fund balance:
Unreserved:
Designated for subsequent years expenditures 586,730 581,685
Total fund balance 586,730 581,685
Total liabilities and fund balance $ 632,856 $ 662,018
57
EXHIBIT D-8
CITY OF WICHITA FALLS, TEXAS
HOME INVESTMENT PARTNERSHIP AGREEMENT FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE -
BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2002
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 2001
2002
Variance -
Favorable 2001
Budget Actual (Unfavorable) Actual
Revenues:
Intergovernmental revenue $ 627,000 $ 550,152 $ (76,848) $ 668,513
Miscellaneous revenue - 13,810 13,810 8,654
Total revenues 627,000 563,962 (63,038) 677,167
Expenditures:
Current:
Community development 1,300,768 456,474 844,294 560,454
Excess of revenues over(under)
expenditures $ (673,768) 107,488 $ 781,256 116,713
Fund balance - beginning 581,685 464,972
Prior period adjustment (102,443) • -
Fund balance - ending $ 586,730 $ 581,685
58
EXHIBIT D-9
CITY OF WICHITA FALLS, TEXAS
HOTEUMOTEL TAX FUND
COMPARATIVE BALANCE SHEETS
SEPTEMBER 30, 2002 AND 2001
2002 2001
ASSETS
Cash and cash equivalents $ 934,606 $ 605,189
Receivables:
Taxes and assessments • 90,465 78,602
Total assets $1,025,071 $ 683,791
LIABILITIES AND FUND BALANCE
Liabilities
Accounts payable-trade $ - $ 52,766
Fund balance:
Unreserved:
Undesignated 1,025,071 631,025
Total liabilities and fund balance $1,025,071 $ 683,791
59
EXHIBIT D-10
CITY OF WICHITA FALLS, TEXAS
HOTEL/MOTEL TAX FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE -
BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2002
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 2001
2002
Variance -
Favorable 2001
Budget Actual (Unfavorable) Actual
Revenues:
Taxes $ 1,069,525 $1,174,983 $ 105,458 $ 1,071,597
Miscellaneous revenue 27,000 18,640 (8,360) 45,371
Total revenues 1,096,525 1,193,623 97,098 1,116,968
Expenditures:
Current:
Administrative services 799,840 516,427 283,413 938,047
Excess of revenues over(under)
expenditures 296,685 677,196 380,511 178,921
Other financing sources (uses):
Operating transfers out (296,685) (283,150) 13,535 (441,353)
Excess of revenues and other
sources over(under) expenditures
and other uses $ - 394,046 $ 394,046 (262,432)
Fund balance- beginning 631,025 893,457
Fund balance- ending $1,025,071 $ 631,025
60
EXHIBIT D-11
CITY OF WICHITA FALLS, TEXAS
MISCELLANEOUS SPECIAL REVENUE FUND
COMPARATIVE BALANCE SHEETS
SEPTEMBER 30, 2002 AND 2001
2002 2001
ASSETS
Cash and cash equivalents $ 1,667,933 $ 1,867,419 •
Receivables:
Government agencies 872,855 640,913
Other - 7,690
Prepaid items - 218
Other assets 3,000 3,000
Total assets $2,543,788 $ 2,519,240
LIABILITIES AND FUND BALANCE
Liabilities:
Accounts payable -trade $ 134,401 $ 105,609
Accrued payroll 30,296 24,094
Payable to other City funds 635,175 576,513
Payable to government agencies 2,223 2,102
Other liabilities 79,765 58,896
Deferred revenue 125,694 296,325
Total liabilities 1,007,554 1,063,539
Fund balance:
Reserved for encumbrances 83,357 250,659
Reserved for inventory and prepaid items - 218
Unreserved:
Designated for subsequent years expenditures 1,452,877 1,164,732
Undesignated - 40,092
Total fund balance 1,536,234 1,455,701
Total liabilities and fund balance $2,543,788 $ 2,519,240
61
EXHIBIT D-12
CITY OF WICHITA FALLS, TEXAS
MISCELLANEOUS SPECIAL REVENUE FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE-
BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2002
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 2001
2002
Variance-
Favorable 2001
Budget Actual (Unfavorable) Actual
Revenues:
Charges for services $ 345,826 $ 112,504 $ (233,322) $ 18,684
Fines and forfeitures 111,841 199,044 87,203 144,463
Intergovernmental revenue 3,399,669 3,185,177 (214,492) 2,908,337
Contributions 74,638 74,638 - 223,547
Miscellaneous revenue 537,958 557,047 19,089 527,917
Total revenues 4,469,932 4,128,410 (341,522) 3,822,948
Expenditures:
Current:
Administrative services 689,913 253,098 436,815 179,397
Police 1,249,946 665,453 584,493 768,839
Fire 80,699 55,891 24,808 10,865
Parks and recreation 987,950 380,468 607,482 295,072
Community development 677,347 384,443 292,904 340,825
Public works 303,154 10,184 292,970 -
Health 2,355,765 1,782,704 573,061 1,657,801
Traffic and transportation 1,029,979 274,480 755,499 60,668
Capital outlay 729,524 376,379 353,145 135,538
Total expenditures 8,104,277 4,183,100 3,921,177 3,449,005
Excess of revenues over(under)
expenditures (3,634,345) (54,690) 3,579,655 373,943
Other financing sources (uses):
Operating transfers in 369,263 349,054 (20,209) 385,785
Operating transfers out (24,629) (24,629) - (542,348)
Total other financing sources (uses) 344,634 324,425 (20,209) (156,563)
Excess of revenues and other sources
over(under) expenditures and other
uses $ (3,289,711) 269,735 $ 3,559,446 217,380
Fund balance - beginning 1,455,701 1,588,368
Residual equity transfer (189,202) (350,047)
Fund balance- ending $ 1,536,234 $1,455,701
62
ve ill
..V
DEBT SERVICE FUND
The Debt Service Fund, also known as the Interest and Sinking Fund, is established by
ordinances authorizing the issuance of general obligation bonds to provide for the
payment of bond principal and interest. An ad valorem tax rate and tax levy are required
to be computed and levied which will be sufficient to produce the funds required to pay
principal and interest as they come due. This fund is also used to provide for the payment
of paying agent fees.
EXHIBIT E-1
CITY OF WICHITA FALLS, TEXAS
DEBT SERVICE FUND
COMPARATIVE BALANCE SHEETS
SEPTEMBER 30, 2002 AND 2001
2002 2001
ASSETS
Cash and cash equivalents $ 262,003 $ 211,390
Receivables:
Taxes (net of allowance for uncollectible
taxes of$96,208 and $99,742) 126,168 133,480
Government agencies 13,891 14,422
Total assets $ 402,062 $ 359,292
LIABILITIES AND FUND BALANCE,
Liabilities:
Payable to other City funds $ 53 $ -
Other liabilities - 27,190
Deferred revenue 131,479 136,329
Total liabilities 131,532 163,519
Fund balance:
Unreserved:
Designated for debt service 270,530 195,773
Total liabilities and fund balance $ 402,062 $ 359,292
63
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, 2002
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 2001
2002
Variance-
Favorable 2001
Budget Actual (Unfavorable) Actual
Revenues:
Taxes $ 2,104,120 $ 2,123,395 $ 19,275 $2,107,657
Miscellaneous revenue - 25,728 25,728 91,804
Total revenues 2,104,120 2,149,123 45,003 2,199,461
Expenditures:
Debt service:
Principal retirement 1,805,000 1,805,000 - 1,690,000
Interest and paying agent fees 1,173,310 1,143,555 29,755 823,768
Total expenditures 2,978,310 2,948,555 29,755 2,513,768
Excess of revenues over(under)
expenditures (874,190) (799,432) 74,758 (314,307)
Other financing sources (uses):
Operating transfers in 769,190 769,189 (1) 309,675
Operating transfers in - component units 105,000 105,000 - -
Operating transfers out - - - (1,578,436)
Proceeds of refunding bonds - - - 3,218,670
Payment to refunded bonds escrow agent - - - (3,025,400)
Total other financing sources (uses) 874,190 874,189 (1) (1,075,491)
Excess of revenues and other
sources over(under) expenditures
and other uses $ - $ 74,757 $ 74,757 (1,389,798)
Fund balance- beginning 195,773 1,585,571
Fund balance - ending $ 270,530 $ 195,773
64
U
3
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 eight Capital Projects Funds are as follows:
Library Renovations
This fund was established to account for a single project financed by the issuance of tax
anticipation notes. The project is the renovation of the Activities Center to house the Wichita
Falls Public Library.
1981 G.O. General Improvements
This fund was established to account for the projects financed by the 1981 General
Obligation Bonds. Significant projects accounted for in this fund included street
improvements and the construction of a storm drain.
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.
4B Sales Tax Projects
This fund was established to account for projects financed by the Wichita Falls 4B Sales Tax
Corporation. Significant projects accounted for in this fund included the construction of three
fire stations and the renovation of the second floor of the Wichita Falls Public Library building
for recreational purposes.
MPEC Coliseum
This fund was established to account for the construction of the Multi-Purpose Events
Center's (MPEC) Coliseum.
Street Improvements
This fund was established to account for the significant street improvement projects.
Drainage Improvements
This fund was established to account for the drainage improvement projects.
CITY OF WICHITA FALLS, TEXAS
CAPITAL PROJECTS FUNDS
COMBINING BALANCE SHEET
SEPTEMBER 30, 2002
WITH COMPARATIVE TOTALS AT SEPTEMBER 30, 2001 •
1985
1981 Holliday Capital
Library G.O. General Creek Improvement
Renovations Improvements Project Assessments
ASSETS
Cash and cash equivalents $ 84,728 $ 618,777 $ 1,364,406 $ 65,823
Receivables:
Component Unit - - - -
Other - - 394 -
Total assets $ 84,728 $ 618,777 $ 1,364,800 $ 65,823
LIABILITIES AND FUND BALANCE
Liabilities:
Accounts payable-trade $ - $ - $ - $ -
Payable to other City funds - - - -
Tax anticipation notes payable 660,000 - - -
Other liabilities - - - -
Total liabilities 660,000 - - -
Fund balance:
Reserved for encumbrances - - - -
Unreserved:
Designated for subsequent years expenditures - 618,777 1,364,800 65,823
Undesignated (575,272) - - -
Total fund balance (575,272) 618,777 1,364,800 65,823
Total liabilities and fund balance $ 84,728 $ 618,777 $ 1,364,800 $ 65,823
65
EXHIBIT F-1
4B Sales MPEC Street Drainage Totals
Tax Projects Coliseum Improvements Improvements 2002 2001
$ 300 $ 5,127,471 $ 38,451 $ 2,648,160 $ 9,948,116 - $ 21,298,775
2,106,193 - - - 2,106,193 1,535,812
- - - - - 394 853
$ 2,106,493 $ 5,127,471 $ 38,451 $ 2,648,160 $ 12,054,703 $ 22,835,440
$ 70,405 $ 1,188,619 $ - $ - $ 1,259,024 $ 929,537
- - - - - 21,000
- - - - 660,000 965,000
1,811 1,544,023 - - 1,545,834 279,895
72,216 2,732,642 - - 3,464,858 2,195,432
1,525,684 - - - 1,525,684 1,143,705
508,593 2,394,829 38,451 2,648,160 7,639,433 20,376,575
- - - - (575,272) (880,272)
2,034,277 2,394,829 38,451 2,648,160 8,589,845 20,640,008
$ 2,106,493 $ 5,127,471 $ 38,451 $ 2,648,160 $ 12,054,703 $ 22,835,440
CITY OF WICHITA FALLS, TEXAS
CAPITAL PROJECTS FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
FOR THE YEAR ENDED SEPTEMBER 30, 2002
WITH COMPARATIVE TOTALS AT SEPTEMBER 30, 2001
1985
- 1981 Holliday Capital
Library G.O. General Creek Improvement
Renovations Improvements Project Assessments
Revenues:
Contributions $ - $ - $ - $ -
Miscellaneous revenue:
Capital improvement assessments - - - 194
Interest - 12,606 25,733 1,338
Total revenues - 12,606 25,733 1,532
Expenditures:
Current:
Fire - - - -
Public works:
Street improvement - - - -
MPEC Coliseum - - - -
Total public works - - - -
Capital outlay:
MPEC Coliseum - - - -
Fire drill field - - - -
Police/fire training facility - - - -
Communications - - - -
Total capital outlay - - - -
Debt service:
Interest and paying agent fees 37,969 - - -
Total expenditures 37,969 - - -
Excess of revenues over(under)expenditures (37,969) 12,606 25,733 1,532
Other financing sources(uses):
Operating transfers in - - - -
Operating transfers in-component units 342,969 - - -
Operating transfers out - - - -
Bond proceeds - - - -
Total other financing sources(uses) 342,969 - - -
Excess of revenues and other sources
over(under)expenditures and other uses 305,000 12,606 25,733 1,532
Fund balance-beginning (880,272) 606,171 1,339,067 64,291
Residual equity transfers - - - -
Fund balance-ending $ (575,272) $ 618,777 $ 1,364,800 $ 65,823
66
EXHIBIT F-2
•
4B Sales MPEC Street Drainage Totals
Tax Projects Coliseum Improvements Improvements 2002 2001
$ - $ 700,000 ' $ - $ - $ 700,000 $ 3,194,791
- - - - 194 2,442
-
221,248 8,029 54,862 323,816 689,389
-
921,248 8,029 54,862 1,024,010 3,886,622
- - - - 24,651
- - 898,220 - 898,220 82,407
-
7,600 - - 7,600 22,272
-
7,600 898,220 - 905,820 104,679
12,887,418 - - 12,887,418 3,316,687
27,856 - - - 27,856 30,725
140,345 - - - 140,345 -
109,334 - - - 109,334 -
277,535 12,887,418 - - 13,164,953 3,347,412
- - - - 37,969 51,360
277,535 12,895,018 898,220 - 14,108,742 3,528,102
(277,535) (11,973,770) (890,191) 54,862 (13,084,732) 358,520
- - - - 10,494,455
776,000 - - - 1,118,969 2,081,955
- - - - (4,918,729)
- - - - 7,000,000
776,000 - - - 1,118,969 14,657,681
498,465 (11,973,770) (890,191) 54,862 (11,965,763) 15,016,201
1,535,812 14,368,599 928,642 2,677,698 20,640,008 5,623,807
- - - (84,400) (84,400) -
$ 2,034,277 $ 2,394,829 $ 38,451 $ 2,648,160 $ 8,589,845 $ 20,640,008
Wichita
ENTERPRISE FUNDS
Enterprise Funds are used to account for operations that are financed and operated in a manner
similar to private business enterprises. The intent of the governing body is that the cost of
providing the service to the general public on a continuing basis be recovered primarily through
user charges. The Enterprise Funds include the following:
Golf Fund
The Golf Fund was established to account for the operating revenues and expenses of the
Weeks Park Golf Course. The operations of the golf course, which include maintenance, the
pro shop and food service, are supported by green and cart fees, and merchandise and food
sales.
Municipal Airport Fund
The Municipal Airport Fund was established to account for the operating revenues and
expenses of the Wichita Falls Municipal Airport. The airport is operated on land leased from
the Department of Defense. Commercial and private aviation share airport facilities and
runways owned by Sheppard Air Force Base.
Kickapoo Airport Fund
During the year ended September 30, 2000, the City acquired Kickapoo Downtown Airport, a
private airport. The Kickapoo Airport Fund was established to account for the operating
revenues and expenses of the airport.
Transit Fund
The Transit Fund accounts for the operation of the Wichita Falls transit system. This system
is supported from passenger fees, subsidies from the General Fund and subsidies from the
Federal Transit Administration.
Sanitation Fund
The Sanitation Fund was established to account for the operating revenues and expenses
associated with the collection of residential garbage and refuse produced by commercial
establishments within the City of Wichita Falls. Although a program of the City government,
the Sanitation Fund is operated as a separate enterprise and the accounting records are
maintained on an enterprise fund basis.
Water and Sewer Fund
The Water and Sewer Fund was established for control of the operating revenues and
expenses of the City of Wichita Falls water and sewer utility. To comply with bond ordinances
and accounting policies, a number of funds have been established to account for water and
sewer maintenance and operations, billing and collection, extensions and improvements, and
debt service. The various funds used to account for the different functions have been
combined into the Water and Sewer Fund as presented in the financial statements.
Stormwater Drainage Fund
The Stormwater Drainage Fund was established to account for operating revenues and
expenses associated with the Storm Water Drainage Utility System (System). The System
was established effective May 1, 2001 and provides a funding mechanism for drainage
improvements in the City.
CITY OF WICHITA FALLS, TEXAS
ENTERPRISE FUNDS
COMBINING BALANCE SHEET
SEPTEMBER 30,2002
WITH COMPARATIVE TOTALS AT SEPTEMBER 30, 2001
Municipal Kickapoo
Golf Airport Airport
ASSETS
Current assets:
Cash and cash equivalents $ 165,674 $ 298,737 $ 201,469
Investments - - -
Receivables(net of allowance for
uncollectible accounts):
Customer and trade - - -
Government agencies - - -
Other - 23,250 831
Inventory 79,518 - 17,794
Prepaid items 2,122 4,835 6,131
Total current assets 247,314 326,822 226,225
Restricted assets:
Cash and cash equivalents - - -
Investments - - -
Receivables:
Bond proceeds - - -
Other - - -
Total restricted assets - - -
Plant and equipment:
Land and betterments 4,935 1,461,823 954,677
Buildings,systems and improvements 13,267 1,452,202 566,233
Machinery and equipment 77,498 16,283 60,179
Furniture and fixtures 3,175 36,705 -
Motor vehicles and equipment _ - -
Construction in progress - - -
98,875 2,967,013 1,581,089
Less accumulated depreciation (37,671) (2,171,408) (125,874)
Total plant and equipment 61,204 795,605 1,455,215
Other assets:
Deferred charges - - -
Total assets $ 308,518 $ 1,122,427 $ 1,681,440
67
EXHIBIT G-1
(Page 1 of 2)
Water and Stormwater Totals
Transit Sanitation Sewer Drainage 2002 2001
$ 51 $ 3,372,255 $ 14,892,339 $ 1,311,010 $ 20,241,535 $ 17,989,989
- 1,989,878 4,022,524 - 6,012,402 -
- 720,727 2,837,398 97,698 3,655,823 3,712,473
263,038 - 51,419 - 314,457 106,256
- 21,579 98,703 - 144,363 88,296
- - 660,603 - 757,915 766,159
1,016 3,258 19,749 - 37,111 9,619
264,105 6,107,697 22,582,735 1,408,708 31,163,606 22,672,792
- - 121,952,097 - 121,952,097 24,883,434
- - 8,971,466 - 8,971,466 -
- - - - - 119,591,856
- 59,436 - 59,436 16,701
- - 130,982,999 - 130,982,999 144,491,991
61,925 1,790,582 24,088,689 - 28,362,631 26,591,207
626,868 2,370,382 136,481,753 - 141,510,705 135,734,023
104,479 - 117,092 3,678,633 19,275 4,073,439 3,752,870
1,152 - 1,164 - 42,196 42,196
- - 1,235 - 1,235 1,235
494,614 5,219,201 - 5,713,815 4,721,299
794,424 4,772,670 169,470,675 19,275 179,704,021 170,842,830
(180,447) (1,089,361) (63,540,334) (964) (67,146,059) (64,280,043)
613,977 3,683,309 105,930,341 18,311 112,557,962 106,562,787
- 2,857,290 - 2,857,290 3,132,055
$ 878,082 $ 9,791,006 $ 262,353,365 $ 1,427,019 $ 277,561,857 $ 276,859,625
CITY OF WICHITA FALLS, TEXAS
ENTERPRISE FUNDS
COMBINING BALANCE SHEET(CONT'D.) _
SEPTEMBER 30,2002
WITH COMPARATIVE TOTALS AT SEPTEMBER 30, 2001
Municipal Kickapoo
Golf Airport Airport
LIABILITIES AND FUND EQUITY
Current liabilities payable from current assets:
Accounts payable-trade $ 20,698 $ 9,170 $ 12,752
Accrued payroll 8,896 457 1,953
Accrued vacation and sick leave 8,513 1,682 2,661
Payable to other City funds - - -
Payable to government agencies 3,690 4,615 375
Other liabilities 2,829 - -
Deferred revenue - 2,710 -
Total current liabilities payable
from current assets 44,626 18,634 17,741
Current liabilities payable from restricted assets:
Contracts and trade - - -
Revenue bonds-current maturities - - -
Accrued interest- revenue bonds - - -
Arbitrage rebate - - -
Total current liabilities payable
from restricted assets - - -
Long-term liabilities:
Payable to U.S. Government - - -
Revenue bonds, less current maturities - - -
Arbitrage rebate - - -
Estimated liability for landfill closure and
post-closure care costs - - -
Total long-term liabilities - - -
Long-term liabilities payable from restricted assets:
Customer deposits , - - -
Total liabilities 44,626 18,634 17,741
Fund equity:
Contributed capital 8,279 2,292,192 1,600,000
Retained earnings(deficit):
Reserved for revenue bond debt service - - -
Unreserved 255,613 (1,188,399) 63,699
Total retained earnings(deficit) 255,613 (1,188,399) 63,699
Total fund equity 263,892 1,103,793 1,663,699
Total liabilities and fund equity $ 308,518 $ 1,122,427 $ 1,681,440
68
EXHIBIT G-1
(Page 2 of 2)
Water and Stormwater Totals
Transit Sanitation Sewer Drainage 2002 2001
$ 3,753 $ 89,674 $ 693,782 $ - $ 829,829 $ 1,109,839
9,518 40,254 88,557 - 149,635 112,950
16,878 88,108 211,386 - 329,228 329,342
284,771 - - - 284,771 59,430
40,673 - - 49,353 45,198
- 7,768 54,366 - 64,963 148,218
- - - - 2,710 -
314,920 266,477 1,048,091 - 1,710,489 1,804,977
- - - - - 8,025
- - 3,981,101 - 3,981,101 4,299,753
- - 1,422,473 - 1,422,473 950,604
- - 76,826 - 76,826 -
- - 5,480,400 - 5,480,400 5,258,382
- - 807,674 - 807,674 832,565
- - 168,368,339 - 168,368,339 172,349,440
- - 166,391 - 166,391 -
- 3,320,021 - - 3,320,021 3,201,245
- 3,320,021 169,342,404 - 172,662,425 176,383,250
- - 2,151,432 - 2,151,432 2,066,807
314,920 3,586,498 178,022,327 - 182,004,746 185,513,416
833,221 2,909,150 20,748,161 - 28,391,003 28,304,853
14,549,095 - 14,549,095 8,570,885
(270,059) 3,295,358 49,033,782 1,427,019 52,617,013 54,470,471
(270,059) 3,295,358 63,582,877 1,427,019 67,166,108 63,041,356
563,162 6,204,508 84,331,038 1,427,019 95,557,111 91,346,209
$ 878,082 $ 9,791,006 $ 262,353,365 $ 1,427,019 $ 277,561,857 $ 276,859,625
CITY OF WICHITA FALLS, TEXAS
ENTERPRISE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS
FOR THE YEAR ENDED SEPTEMBER 30, 2002
WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 2001
Municipal Kickapoo
Golf Airport - Airport
Operating revenues:
Charges for services $ 648,953 $ - $ 4,996
Rents, concessions and other 134,566 311,152 335,958
Total operating revenues 783,519 311,152 340,954
Operating expenses:
Personnel services 502,913 33,497 140,319
Supplies and materials 76,027 408 4,458
Maintenance and repairs 18,562 62,944 38,290
Utilities and other services 80,253 69,040 45,534
Insurance and contract support 6,264 13,088 13,040
Other expenses 49,436 36,222 23,125
Depreciation and amortization 11,320 84,580 50,452
Total operating expenses 744,775 299,779 315,218
Operating income (loss) 38,744 11,373 25,736
Nonoperating revenues (expenses):
Interest income 2,326 5,217 3,530
Gain on sale/abandonment of fixed assets - - -
Interest expense and paying agent fees - - -
Intergovernmental operating grants - - -
Contributions - - -
Total nonoperating revenues (expenses) 2,326 5,217 3,530
Income (loss) before operating transfers 41,070 16,590 29,266
Operating transfers:
Operating transfers in - - -
Operating transfers out (8,295) (36,921) (16,921)
Net operating transfers (8,295) (36,921) (16,921)
Net income (loss) 32,775 (20,331) 12,345
Retained earnings (deficit) - beginning 222,838 (1,168,068) 51,354
Residual equity transfers - - -
Retained earnings (deficit) -ending $ 255,613 $ (1,188,399) $ 63,699
69
EXHIBIT G-2
Water and Stormwater Totals
Transit Sanitation Sewer Drainage 2002 2001
$ 173,811 $ 7,616,411 $ 27,045,057 $ 1,033,209 $ 36,522,437 $ 35,233,623
7,082 2,047 97,585 - 888,390 886,795
180,893 7,618,458 27,142,642 1,033,209 37,410,827 36,120,418
628,264 2,834,905 6,029,025 - 10,168,923 9,862,546
91,656 104,193 1,125,722 3,126 1,405,590 1,662,853
99,436 1,670,090 1,239,795 - 3,129,117 2,644,151
29,680 3,014,718 3,577,893 - 6,817,118 7,298,108
121,071 68,054 407,729 - 629,246 695,632
30,056 403,023 1,189,667 5,385 1,736,914 1,672,078
16,420 71,860 3,020,368 964 3,255,964 3,289,896
1,016,583 8,166,843 16,590,199 9,475 27,142,872 27,125,264
(835,690) (548,385) 10,552,443 1,023,734 10,267,955 8,995,154
-
142,374 3,175,750 14,868 3,344,065 2,023,413
- - 13,378 - 13,378 -
- - (8,550,380) - (8,550,380) (2,761,955)
667,748 - - - 667,748 815,917
- 630,892 - 630,892 -
667,748 142,374 (4,730,360) 14,868 (3,894,297) 77,375
(167,942) (406,011) 5,822,083 1,038,602 6,373,658 9,072,529
152,639 - - - 152,639 151,739
(390,224) (897,716) - (1,350,077) (3,329,311)
152,639 (390,224) (897,716) - (1,197,438) (3,177,572)
(15,303) (796,235) 4,924,367 1,038,602 5,176,220 5,894,957
(254,756) 5,108,586 58,692,985 388,417 63,041,356 59,392,270
(1,016,993) (34,475) - (1,051,468) (2,245,871)
$ (270,059) $ 3,295,358 $ 63,582,877 $ 1,427,019 $ 67,166,108 $ 63,041,356
CITY OF WICHITA FALLS, TEXAS
ENTERPRISE FUNDS
COMBINING STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED SEPTEMBER 30,2002
WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 2001
Municipal Kickapoo
Golf Airport Airport
Cash flows from operating activities:
Operating income(loss) $ 38,744 $ 11,373 $ 25,736
Adjustments to reconcile operating income(loss)
to net cash provided by(used in)operating
activities:
Depreciation and amortization 11,320 84,580 50,452
Customer deposits received - - -
Landfill closure and postclosure care costs - - -
(Increase)decrease in current assets:
Receivables:
Customer and trade - - -
Other City funds - - -
Government agencies - - -
Other 43 193 10,684
Inventory (13,044) - 4,079
Prepaid items (717) (3,547) (2,105)
Restricted assets-other receivables - - -
Increase(decrease) in current liabilities:
Accounts payable-trade (12,895) - 1,211 (580)
Accrued payroll 2,687 124 126
Accrued vacation and sick leave 937 625 1,421
Payable to other City funds - - -
Payable to government agencies (904) 1,365 133
Deferred revenue - 2,710 -
Other liabilities 2,829 - -
Other liabilities payable from restricted assets - - -
Total adjustments (9,744) 87,261 64,210
Net cash provided by(used in)
operating activities 29,000 98,634 89,946
Cash flows from noncapital financing activities:
Intergovernmental operating grants - - -
Operating transfers in from other funds - - -
Operating transfers out to other funds (8,295) (36,921) (16,921)
Residual equity transfers from other funds - - -
Residual equity transfers to other funds - - -
Net cash provided by(used in)
noncapital financing activities (8,295) (36,921) (16,921)
70
EXHIBIT G-3
(Page 1 of 2)
Water and Stormwater Totals
Transit Sanitation Sewer Drainage 2002 2001
$ (835,690) $ (548,385) $ 10,552,443 $ 1,023,734 $ 10,267,955 $ 8,995,154
16,420 71,860 3,020,368 964 3,255,964 3,289,896
- 84,625 - -84,625 35,713
118,776 - - 118,776 62,769
-
(19,141) 72,417 3,374 56,650 (348,125)
- - - - 398,032
(208,201) - - - (208,201) (62,611)
(21,578) (45,408) - (56,066) 10,756
- 17,209 - 8,244 76,902
(1,016) (3,174) (16,934) - (27,493) 1,150
- (42,735) - (42,735) 79,602
(27,859) (162,813) (77,075) - (280,011) 475,206
2,875 11,233 19,640 - 36,685 11,888
(1,729) (1,368) - (114) (2,071)
234,251 - (8,910) - 225,341 59,430
3,561 - - 4,155 3,514
- - - - 2,710 (2,258)
-
(10,892) (75,192) - (83,255) (50,554)
- (8,025) - (8,025) -
16,470 _ (13,897) 2,938,612 4,338 3,087,250 4,039,239
(819,220) (562,282) 13,491,055 1,028,072 13,355,205 13,034,393
667,748 - - - 667,748 815,917
152,639 - - - 152,639 151,739
(390,224) (897,716) - (1,350,077) (3,329,311)
1,750 - 84,400 - 86,150 -
(1,016,993) (34,475) - (1,051,468) (2,245,871)
822,137 (1,407,217) (847,791) - (1,495,008) (4,607,526)
CITY OF WICHITA FALLS, TEXAS
ENTERPRISE FUNDS
COMBINING STATEMENT OF CASH FLOWS(CONT'D.)
FOR THE YEAR ENDED SEPTEMBER 30,2002
WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 2001
•
Municipal Kickapoo
Golf Airport Airport
Cash flows from capital and related
financing activities:
Proceeds from sale of revenue bonds - - -
Acquisition and construction of capital assets (29,972) - (700)
Proceeds from sale of fixed assets - - -
Payment of bond issuance costs - - -
Principal paid on long-term debt maturities - - -
Interest paid on long-term debt obligations - - -
Net cash provided by(used for) capital
and related financing activities (29,972) - (700)
Cash flows from investing activities:
Purchase of investments - - -
Maturity/sale of investments - - -
Interest on investments 2,326 5,217 3,530
Net cash provided(used) by investing activities 2,326 5,217 3,530
Net increase(decrease) in cash and cash equivalents (6,941) 66,930 75,855
Cash and cash equivalents at beginning of year 172,615 231,807 125,614
Cash and cash equivalents at end of year $ 165,674 $ 298,737 $ 201,469
Noncash capital and financing activities:
Capital assets received from developers
Gross proceeds of Water and Sewer System Priority
Lien Revenue Bonds, Series 2001 not received by
year-end - - -
Reconciliation of cash and cash equivalents on the
combining balance sheet to the combining statement
of cash flows:
Cash and cash equivalents $ 165,674 $ 298,737 $ 201,469
Restricted assets-cash and cash equivalents - - -
Total cash and cash equivalents at end of year $ 165,674 $ 298,737 $ 201,469
71
EXHIBIT G-3
(Page 2 of 2)
•
Water and Stormwater Totals
Transit Sanitation Sewer Drainage 2002 2001
- - 120,884,441 - 120,884,441 -
(2,866) (787,412) (7,600,072) (19,275) (8,440,297) (6,252,906)
- - 13,378 - 13,378- - (1,292,585) - (1,292,585)- - (4,304,643) - (4,304,643) (2,474,106)
- - (8,003,697) - (8,003,697) (2,711,931)
(2,866) (787,412) 99,696,822 (19,275) 98,856,597 (11,438,943)
- (1,989,878) (12,993,990) - (14,983,868)- - - - - 4,505,323
- 142,374 3,418,968 14,868 3,587,283 2,023,413
- (1,847,504) (9,575,022) 14,868 (11,396,585) 6,528,736
51 (4,604,415) 102,765,064 1,023,665 99,320,209 3,516,660
- 7,976,670 34,079,372 287,345 42,873,423 39,356,763
$ 51 $3,372,255 $136,844,436 $ 1,311,010 $ 142,193,632 $42,873,423
$ - $ - $ 630,892 $ - $ 630,892 $ 404,599
- - - - - 119,591,856
$ 51 $3,372,255 $ 14,892,339 $ 1,311,010 $ 20,241,535 $17,989,989
- - 121,952,097 - 121,952,097 24,883,434
$ 51 $3,372,255 $136,844,436 $ 1,311,010 $ 142,193,632 $42,873,423
r .� n
INTERNAL SERVICE FUNDS
Internal Service Funds are used to account for the financing of goods or services provided by one
department or agency to other departments or agencies of the City on a cost-reimbursement
basis.
Fleet Maintenance Fund
The Fleet Maintenance Fund accounts for the costs associated with the operation,
maintenance and replacement of the City's vehicle and equipment fleet. City departments
which use the vehicles and equipment are charged a monthly rental fee based upon actual
operating costs associated with each class of vehicle or equipment.
Duplicating Services Fund
The Duplicating Services Fund accounts for the costs associated with the operation and
maintenance of the City's duplicating equipment. City departments which use the duplicating
services are charged a fee based upon actual usage.
Employee Benefit Trust Fund
The Employee Benefit Trust Fund is used to account for and administer group health
insurance, which is self-insured by the City, and life insurance for employees and covered
dependents.
EXHIBIT H-1
CITY OF WICHITA FALLS, TEXAS
INTERNAL SERVICE FUNDS
COMBINING BALANCE SHEET
SEPTEMBER 30, 2002
WITH COMPARATIVE TOTALS AT SEPTEMBER 30, 2001
Employee
-Fleet Duplicating Benefit Totals
Maintenance Services Trust 2002 2001
ASSETS
Current assets:
Cash and cash equivalents $ 341,992 $ 61,674 $ 1,324,274 $ 1,727,940 $ 2,243,835
Receivables:
Other 12,956 - - 12,956 26,097
Inventory 765,041 10,783 - 775,824 719,310
Prepaid items 4,379 7,342 - 11,721 9,976
Total current assets 1,124,368 79,799 1,324,274 2,528,441 2,999,218
Plant and equipment:
Land and betterments 433,658 - - 433,658 433,658
Buildings,systems and improvements 4,010,098 - - 4,010,098 4,010,098
Machinery and equipment - 107,559 - 107,559 103,129
Furniture and fixtures 6,358 - - 6,358 6,358
Motor vehicles and equipment 33,616,778 - - 33,616,778 31,328,014
Construction in progress 6,706 - - 6,706 190,541
38,073,598 107,559 - 38,181,157 36,071,798
Less accumulated depreciation (21,956,444) (17,892) - (21,974,336) (20,580,565)
Total plant and equipment 16,117,154 89,667 - 16,206,821 15,491,233
Total assets $ 17,241,522 $ 169,466 $ 1,324,274 $ 18,735,262 $ 18,490,451
LIABILITIES AND FUND EQUITY
Current liabilities:
Accounts payable-trade $ 178,652 $ 17,709 $ 37,203 $ 233,564 $ 180,224
Accrued payroll 26,860 864 2,179 29,903 20,648
Accrued vacation and sick leave 44,134 - - 44,134 44,621
Estimated health claims payable - - 618,170 618,170 679,732
Other liabilities 500 - - 500 -
Total current liabilities 250,146 18,573 657,552 926,271 925,225
Fund equity:
Contributed capital 25,872,854 101,474 - 25,974,328 24,289,470
Retained earnings(deficit) (8,881,478) 49,419 666,722 (8,165,337) (6,724,244)
Total fund equity 16,991,376 150,893 666,722 17,808,991 17,565,226
Total liabilities and fund equity $ 17,241,522 $ 169,466 $ 1,324,274 $ 18,735,262 $ 18,490,451
72
EXHIBIT H-2
CITY OF WICHITA FALLS, TEXAS
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENSES AND
CHANGES IN RETAINED EARNINGS
FOR THE YEAR ENDED SEPTEMBER 30, 2002 •
WITH COMPARATIVE TOTALS AT SEPTEMBER 30, 2001
Employee
Fleet Duplicating Benefit Totals
Maintenance Services Trust 2002 2001
Operating revenues:
Charges for services $ 6,969,337 $ 293,341 $ 43,955 $ 7,306,633 $ 7,052,109
Rents,concessions and other 75,041 1,579 206,526 283,146 433,791
Contributions - - 5,364,116 5,364,116 5,325,643
Total operating revenues 7,044,378 294,920 5,614,597 12,953,895 12,811,543
Operating expenses:
Personnel services 1,450,121 66,463 146,985 1,663,569 1,641,316
Supplies and materials 1,795,880 60,076 15,773 1,871,729 2,061,868
Maintenance and repairs 1,581,071 21,955 - 1,603,026 1,526,451
Utilities and other services 70,225 2,882 19,748 92,855 85,420
Insurance and contract support 73,325 - 5,598,920 5,672,245 5,091,818
Other expenses 133,114 124,772 121,978 379,864 301,477
Depreciation and amortization 2,970,937 12,079 - 2,983,016 2,841,619
Total operating expenses 8,074,673 288,227 5,903,404 14,266,304 13,549,969
Operating income(loss) (1,030,295) 6,693 (288,807) (1,312,409) (738,426)
_ Nonoperating revenues(expenses):
Interest income - - 39,261 39,261 69,250
Gain on sale of fixed assets 144,055 - - 144,055 100,633
Total nonoperating revenues
(expenses) 144,055 - 39,261 183,316 169,883
Income(loss)before operating transfers (886,240) 6,693 (249,546) (1,129,093) (568,543)
Operating transfers:
Operating transfers out (312,000) - - (312,000) (312,000)
Net income(loss) (1,198,240) 6,693 (249,546) (1,441,093) (880,543)
Retained earnings(deficit)-beginning (7,683,238) 42,726 916,268 (6,724,244) (5,843,701)
Retained earnings(deficit)-ending $ (8,881,478) $ 49,419 $ 666,722 $ (8,165,337) $ (6,724,244)
73
•
EXHIBIT H-3
CITY OF WICHITA FALLS, TEXAS
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED SEPTEMBER 30, 2002
WITH COMPARATIVE TOTALS AT SEPTEMBER 30, 2001
Employee
Fleet Duplicating Benefit Totals
Maintenance Services Trust 2002 2001
Cash flows from operating activities:
Operating income(loss) $ (1,030,295) $ 6,693 $ (288,807) $ (1,312,409) $ (738,426)
Adjustments to reconcile operating income to net
cash provided(used)by operating activities:
Depreciation and amortization 2,970,937 12,079 - 2,983,016 2,841,619
(Increase)decrease in current assets:
Receivables:
Other 13,141 - - 13,141 (16,860)
Inventory (60,074) 3,560 - (56,514) (49,678)
Prepaid items 120 (1,865) - (1,745) (5,482)
Increase(decrease)in current liabilities:
Accounts payable-trade 22,712 15,171 15,457 53,340 (62,798)
Accrued payroll 8,320 250 685 9,255 1,412
Accrued vacation and sick leave (487) - - (487) 2,266
Estimated health claims payable - - (61,562) (61,562) 104,436
Other liabilities 500 - - 500 -
Total adjustments 2,955,169 29,195 (45,420) 2,938,944 2,814,915
Net cash provided(used)by
operating activities 1,924,874 35,888 (334,227) 1,626,535 2,076,489
Cash flows from noncapital financing activities:
Operating transfers out to other funds (312,000) - - (312,000) (312,000)
Residual equity transfers from other funds 1,684,858 - - 1,684,858 2,688,614
Net cash provided by noncapital
financing activities 1,372,858 - - 1,372,858 2,376,614
Cash flows from capital and related
financing activities:
Acquisition of capital assets (3,700,502) (4,430) - (3,704,932) (3,624,824)
Proceeds from sale of fixed assets 150,383 - - 150,383 112,472
Net cash used for capital and
related financing activities (3,550,119) (4,430) - (3,554,549) (3,512,352)
Cash flows from investing activities:
Interest on investments - - 39,261 39,261 69,250
Net increase(decrease)in cash and cash equivalents (252,387) 31,458 (294,966) (515,895) 1,010,001
Cash and cash equivalents at beginning of year 594,379 30,216 1,619,240 2,243,835 1,233,834
Cash and cash equivalents at end of year $ 341,992 $ 61,674 $ 1,324,274 $ 1,727,940 $ 2,243,835
74
TRUST AND AGENCY FUNDS
Trust Funds account for assets held by the City of Wichita Falls in a trustee capacity. Agency
Funds are used to account for assets held by the City of Wichita Falls as an agent for other
governmental units and/or other funds. Trust and Agency Funds include the following:
Excess Sales Tax Fund
This expendable trust fund is used to account for and administer the excess sales tax
collected relative to the property reduction tax. -
Cemetery Perpetual Care Fund
This nonexpendable trust fund is used to account for the principal trust amounts received
and related interest income. The interest portion of the trust can be used to maintain the
City's cemeteries.
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.
Escheatment Fund
This agency fund is used to account for property that has been abandoned or unclaimed
pending escheatment to the State of Texas.
CITY OF WICHITA FALLS, TEXAS
TRUST AND AGENCY FUNDS
COMBINING BALANCE SHEET
SEPTEMBER 30, 2002
WITH COMPARATIVE TOTALS AT SEPTEMBER 30, 2001
Expendable Nonexpendable
Trust Trust
Excess Cemetery
Sales Tax Perpetual
Fund Care
ASSETS
Cash and cash equivalents $ 304,918 $ 565,417
Receivables:
Government agencies 37,918 -
Other - 850
Total assets $ 342,836 $ 566,267
LIABILITIES AND FUND BALANCE
Liabilities:
Accounts payable -trade $ - $ -
Other liabilities - -
Total liabilities - -
Fund balance:
Designated for:
Debt service 342,836 -
Perpetual care - 566,267
Total fund balance 342,836 566,267
Total liabilities and fund balance $ 342,836 $ 566,267
75
EXHIBIT I-1
Agency Funds
Payroll Escheatment Totals
Fund .Fund 2002 2001
$ 409,213 $ 28,593 $ 1,308,141 $ 941,785
- - 37,918 299,618
- - 850 -
$ 409,213 $ 28,593 $ 1,346,909 $ 1,241,403
$ 409,213 $ - $ 409,213 $ 368,592
- 28,593 28,593 45,986
409,213 28,593 437,806 414,578
- - 342,836 299,618
- - 566,267 527,207
- - 909,103 826,825
$ 409,213 $ 28,593 $ 1,346,909 $ 1,241,403
EXHIBIT I-2
CITY OF WICHITA FALLS, TEXAS
EXCESS SALES TAX EXPENDABLE TRUST FUND
COMPARATIVE STATEMENTS OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES
FOR THE YEARS ENDED SEPTEMBER 30, 2002 AND 2001
2002 2001
Revenues:
Taxes $ 37,918 $ 299,618
Miscellaneous revenue 5,300 32,658
Total revenues 43,218 332,276
Expenditures - -
Excess revenues over expenditures 43,218 332,276
Other financing uses:
Operating transfers out - (907,623)
Excess of revenues over(under) expenditures and
other uses 43,218 (575,347)
Fund balance, beginning 299,618 874,965
Fund balance, ending $ 342,836 $ 299,618
•
76
EXHIBIT I-3
CITY OF WICHITA FALLS, TEXAS
CEMETERY PERPETUAL CARE NONEXPENDABLE TRUST FUND
COMPARATIVE STATEMENTS OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES
FOR THE YEARS ENDED SEPTEMBER 30, 2002 AND 2001
2002 2001
Operating revenue: •
Rents, concessions and other $ 27,830 $ 39,930
Operating expenses - -
Operating income 27,830 39,930
Nonoperating revenue:
Interest income 11,230 25,146
Net income 39,060 65,076
Fund balance, beginning 527,207 462,131
Fund balance, ending $ 566,267 $ 527,207
77
EXHIBIT 1-4
CITY OF WICHITA FALLS, TEXAS
CEMETERY PERPETUAL CARE NONEXPENDABLE TRUST FUND
COMPARATIVE STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED SEPTEMBER 30, 2002 AND 2001
2002 2001
Cash flows from operating activities:
Operating income $ 27,830 $ 39,930
Adjustment to reconcile operating income to net
cash provided by operating activities:
Increase in current assets:
Receivables:
Other (850) -
Net cash provided by operating activities 26,980 39,930
Cash flows from investing activities:
Interest on investments - 11,230 25,146
Net increase in cash and cash equivalents 38,210 65,076
Cash and cash equivalents at beginning of year 527,207 462,131
Cash and cash equivalents at end of year $ 565,417 $ 527,207
78
EXHIBIT 1-5
CITY OF WICHITA FALLS, TEXAS
AGENCY FUNDS
COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
FOR THE YEAR ENDED SEPTEMBER 30, 2002
Balance Balance
10/1/2001 Additions Deductions 9/30/2002
PAYROLL FUND
ASSETS
Cash and cash equivalents $ 368,592 $ 57,952,057 $ 57,911,436 $ 409,213 .
Total assets $ 368,592 $ 57,952,057 $ 57,911,436 $ 409,213
LIABILITIES
Accounts payable-trade $ 368,592 $ 17,534,223 $ 17,493,602 $ 409,213
Other liabilities - 33,190,220 33,190,220 -
Total liabilities $ 368,592 $ 50,724,443 $ 50,683,822 $ 409,213
ESCHEATMENT FUND
ASSETS
Cash and cash equivalents $ 45,986 $ 3,508 $ 20,901 $ 28,593
Total assets $ 45,986 $ 3,508 $ 20,901 $ 28,593
LIABILITIES
Other liabilities $ 45,986 $ 22,852 $ 40,245 $ 28,593
Total liabilities $ 45,986 $ 22,852 $ 40,245 $ 28,593
TOTALS-ALL AGENCY FUNDS
ASSETS
Cash and cash equivalents $ 414,578 $ 57,955,565 $ 57,932,337 $ 437,806
Total assets $ 414,578 $ 57,955,565 $ 57,932,337 $ 437,806
LIABILITIES
Accounts payable-trade $ 368,592 $ 17,534,223 $ 17,493,602 $ 409,213
Other liabilities 45,986 33,213,072 33,230,465 28,593
Total liabilities $ 414,578 $ 50,747,295 $ 50,724,067 $ 437,806
79
Wichita
'L
COMPONENT UNITS
Discretely Presented Component Units of the-City of Wichita Falls are legally separate entities;
however, the City is considered to be financially accountable for their operations. The three
discretely presented component units are as follows:
Wichita Falls Economic Development Corporation
The Wichita Falls Economic Development Corporation is a nonprofit corporation formed in
May 1997 for the purpose of increasing employment opportunities, primarily through assisting
qualified enterprises with funds provided by a portion of the local sales tax. The Corporation
operates under the authority of Vernon's Civil Statutes, Article 5190.6, Section 4A.
Wichita Falls 4B Sales Tax Corporation
The Wichita Falls 4B Sales Tax Corporation is a nonprofit corporation formed in May 1997 for
the purpose of increasing employment opportunities and for public improvement projects such
as parks, auditoriums, learning centers, open space improvements, athletic and exhibition
facilities and the related maintenance and operating costs of such projects. These projects
are funded by a portion of local sales tax. The Corporation operates under the authority of
Vernon's Civil Statutes, Article 5190.6, Section 4B.
Wichita Falls Reinvestment Zone#1
The Wichita Falls Reinvestment Zone #1 was created in March 1986 by the City, with the
advice and consent of the Wichita Falls Independent School District and Wichita County. The
purpose of the Wichita Falls Reinvestment Zone#1 is to capture increments of growth in real
property values in the designated zone area from base values established in January 1986
and use the ad valorem taxes derived from the increments to contribute to the zoned area.
Tax funds derived from the increment can only be spent for public improvements in the zoned
area or for payment of debt service on bonds issued to provide funds for public
improvements.
CITY OF WICHITA FALLS, TEXAS
DISCRETELY PRESENTED COMPONENT UNITS
COMBINING BALANCE SHEET
SEPTEMBER 30, 2002
WITH COMPARATIVE TOTALS AT SEPTEMBER 30, 2001
Wichita Falls
Economic Wichita Falls
Development 4B Sales Tax
Corporation Corporation
ASSETS
Cash and cash equivalents $ 10,418,641 $ 6,559,067
Receivables:
Taxes and assessments - -
Government agencies 465,578 465,578
Plant and equipment:
Land and betterments - 140,480 -
Buildings, systems and improvements 459,520 -
Total assets $ 11,484,219 $ 7,024,645
LIABILITIES AND FUND BALANCE
Liabilities:
Accounts payable-trade $ 615 $ -
Payable to primary government - 2,106,193
Other liabilities 7,776 -
Total liabilities 8,391 2,106,193
Equity and other credits:
Investment in general fixed assets 600,000 -
Fund balance:
Reserved for encumbrances 5,598,096 500,000
Unreserved:
Designated for subsequent years expenditures 5,277,732 4,418,452
Total equity and other credits 11,475,828 4,918,452
Total liabilities and fund balance $ 11,484,219 $ 7,024,645
80
EXHIBIT J-1
Wichita Falls
Reinvestment Totals •
Zone#1 2002 2001
$ 493,349 $17,471,057 $13,297,470
6,886 6,886 6,254
931,156 983,214
-
140,480 140,480
-
459,520 459,520
$ 500,235 $19,009,099 $14,886,938
$ - $ 615 $ 35,165
-
2,106,193 1,535,812
-
7,776 -
-
2,114,584 1,570,977
-
600,000 600,000
-
6,098,096 2,249,949
500,235 10,196,419 10,466,012
500,235 16,894,515 13,315,961
$ 500,235 $19,009,099 $14,886,938
CITY OF WICHITA FALLS, TEXAS
DISCRETELY PRESENTED COMPONENT UNITS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES
SEPTEMBER 30, 2002
WITH COMPARATIVE TOTALS AT SEPTEMBER 30, 2001
Wichita Falls
Economic Wichita Falls
Development 4B Sales Tax
Corporation Corporation
Revenues:
Taxes $ 2,703,762 $ 2,703,762
Miscellaneous revenue 263,359 131,870
Total revenues 2,967,121 2,835,632
Expenditures:
Current:
Community development 749,449 367,710
Excess revenues over expenditures 2,217,672 2,467,922
Other financing sources (uses):
Operating transfers out- primary government - (1,118,969)
Excess of revenues and other sources
over(under) expenditures and other uses 2,217,672 1,348,953
Fund balance - beginning 8,658,156 3,569,499
Fund balance - ending $ 10,875,828 $ 4,918,452
81
EXHIBIT J-2
Wichita Falls
Reinvestment Totals
Zone#1 2002 2001
$ 185,486 $ 5,593,010 $ 5,616,393
9,609 404,838 547,191
195,095 5,997,848 6,163,584
78,166 1,195,325 508,420
116,929 4,802,523 5,655,164
(105,000) (1,223,969) (2,081,955)
11,929 3,578,554 3,573,209
488,306 12,715,961 9,142,752
$ 500,235 $16,294,515 $12,715,961
r7
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btr
SUPPORTING SCHEDULES
Wichita
grt 7
CITY OF WICHITA FALLS, TEXAS
COMBINED SCHEDULE OF BONDED DEBT AND INTEREST MATURITIES
SEPTEMBER 30, 2002
Fiscal Year General Obligation Bonds Water and Sewer Priority Lien Revenue Bonds
Ending Serial Bond Interest Total Bonds Serial Bond Interest Total Bonds
September 30, Maturities on Bonds and Interest Maturities(1) on Bonds and Interest
•
2003 $ 2,120,000 $ 844,291 $ 2,964,291 $ 3,221,101 $ 6,648,233 $ 9,869,334
2004 2,230,000 740,971 2,970,971 3,355,440 6,510,173 9,865,613
2005 2,335,000 631,564 2,966,564 3,509,709 6,359,888 9,869,597
2006 2,455,000 514,521 2,969,521 3,658,947 6,201,857 9,860,804
2007 880,000 387,569 1,267,569 3,838,084 6,029,678 9,867,762
2008 910,000 350,169 1,260,169 1,702,180 5,847,841 7,550,021
2009 945,000 312,631 1,257,631 1,761,394 5,782,781 7,544,175
2010 745,000 273,650 1,018,650 1,850,579 5,715,176 7,565,755
2011 340,000 241,987 581,987 1,919,611 5,636,226 7,555,837
2012 355,000 227,113 582,113 1,998,606 5,553,869 7,552,475
2013 370,000 210,694 580,694 3,452,440 5,459,546 8,911,986
2014 385,000 193,581 578,581 3,630,067 5,280,780 8,910,847
2015 405,000 175,775 580,775 3,817,567 5,092,463 8,910,030
2016 425,000 154,512 579,512 4,014,931 4,893,706 8,908,637
2017 450,000 132,200 582,200 4,212,151 4,684,400 8,896,551
2018 475,000 108,013 583,013 4,439,231 4,464,494 8,903,725
2019 500,000 82,481 582,481 8,136,144 4,232,338 12,368,482
2020 530,000 55,606 585,606 8,564,874 3,798,306 12,363,180
2021 555,000 28,444 583,444 9,018,266 3,340,894 12,359,160
2022 - - - 9,456,786 2,892,394 12,349,180
2023 - - - 9,924,985 2,421,644 12,346,629
2024 - - - 10,442,382 1,895,336 12,337,718
2025 - - - 10,989,377 1,341,250 12,330,627
2026 - - - 11,526,453 792,750 12,319,203
2027 - - - 4,343,135 217,000 4,560,135
$ 17,410,000 $ 5,665,772 $ 23,075,772 $ 132,784,440 $ 111,093,023 $ 243,877,463
(1)Includes amortization of bond premium of$1,554,440.
82
EXHIBIT K-1
Water and Sewer Subordinate Lien Revenue Bonds Totals-All Bonded Debt
Serial Bond Interest Total Bonds Serial Bond Interest Total Bonds
Maturities on Bonds and Interest Maturities on Bonds and Interest
$ 760,000 $ 1,764,723 $ 2,524,723 $ 6,101,101 $ 9,257,247 $ 15,358,348
800,000 1,731,300 2,531,300 6,385,440 8,982,444 15,367,884
830,000 1,695,975 2,525,975 6,674,709 8,687,427 15,362,136
870,000 1,662,825 2,532,825 6,983,947 - 8,379,203 15,363,150
900,000 1,627,545 2,527,545 5,618,084 8,044,792 13,662,876
3,250,000 1,590,885 4,840,885 5,862,180 7,788,895 13,651,075
3,385,000 1,460,750 4,845,750 6,091,394 7,556,162 13,647,556
3,505,000 1,320,997 4,825,997 6,100,579 7,309,823 13,410,402
3,660,000 1,173,664 4,833,664 5,919,611 7,051,877 12,971,488
3,820,000 1,016,174 4,836,174 6,173,606 6,797,156 12,970,762
2,625,000 847,997 3,472,997 6,447,440 6,518,237 12,965,677
2,750,000 722,016 3,472,016 6,765,067 6,196,377 12,961,444
2,885,000 588,538 3,473,538 7,107,567 5,856,776 12,964,343
3,025,000 446,960 3,471,960 7,464,931 5,495,178 12,960,109
3,180,000 298,350 3,478,350 7,842,151 5,114,950 12,957,101
3,320,000 152,388 3,472,388 8,234,231 4,724,895 12,959,126
- - 8,636,144 4,314,819 12,950,963
- - - 9,094,874 3,853,912 12,948,786
- - 9,573,266 3,369,338 12,942,604
- - 9,456,786 2,892,394 12,349,180
- - 9,924,985 2,421,644 12,346,629
- - 10,442,382 1,895,336 12,337,718
- - 10,989,377 1,341,250 12,330,627
- - 11,526,453 792,750 12,319,203
- - 4,343,135 217,000 4,560,135
$ 39,565,000 $ 18,101,087 $ 57,666,087 $ 189,759,440 $ 134,859,882 $ 324,619,322
CITY OF WICHITA FALLS, TEXAS
COMBINED SCHEDULE OF BONDS PAYABLE
SEPTEMBER 30,2002
Final
Interest Rates Issue Maturity Annual
and(Dates) Date Date Serial Payments
General Obligation Bonds:
General Obligation Refunding 3.50,3.65,4.20,4.40, 06/01/94 09/01/06 105,000 (1994) •
Bonds,Series 1994 4.60,4.70,4.90,5.00, 100,000 (1995)
5.10,5.20,5.30,5.40, 100,000 (1996)
5.50 555,000 (1997)
(3/1,9/1) 580,000 (1998)
610,000 (1999)
640,000 (2000)
670,000 (2001)
705,000 (2002)
735,000 (2003)
775,000 (2004)
815,000 (2005)
860,000 (2006)
General Obligation Refunding 4.10,4.40,4.60,4.70 04/01/96 09/01/06 570,000 (1997)
Bonds,Series 1996 4.80,5.00,5.10,5.20, 775,000 (1998)
5.30 805,000 (1999)
(3/1,9/1) 845,000 (2000)
885,000 (2001)
925,000 (2002)
970,000 (2003)
1,020,000 (2004)
1,075,000 (2005)
1,130,000 (2006)
General Obligation and Construction 3.75,3.85,4.00,4.125 03/01/01 09/01/21 175,000 (2002)
Refunding Bonds,Series 2001 4.25,4.375,4.625,5.00 415,000 (2003)
5.125,5.25,5.375 435,000 (2004)
(3/1,9/1) 445,000 (2005)
465,000 (2006)
880,000 (2007)
910,000 (2008)
945,000 (2009)
745,000 (2010)
340,000 (2011)
355,000 (2012)
370,000 (2013)
385,000 (2014)
405,000 (2015)
425,000 (2016)
450,000 (2017)
475,000 (2018)
500,000 (2019)
530,000 (2020)
555,000 (2021)
Total General Obligation Bonds
83
EXHIBIT K-2
(Page 1 of 4)
Bonds
Retired or
Authorized Issued Refunded Outstanding
$ 7,250,000 $ 7,250,000 $ 4,065,000 $ 3,185,000
9,000,000 9,000,000 4,805,000 4,195,000
10,205,000 10,205,000 175,000 10,030,000
26,455,000 26,455,000 9,045,000 17,410,000
CITY OF WICHITA FALLS, TEXAS
COMBINED SCHEDULE OF BONDS PAYABLE(CONT'D.)
SEPTEMBER 30,2002
Final
Interest Rates Issue Maturity Annual
and(Dates) Date Date Serial Payments
Revenue Bonds:
Priority Lien:
Water and Sewer System 3.90,4.00,4.20,4.30, 06/01/95 08/01/07 95,000 (1996)
Refunding Revenue Bonds, 4.50,4.60,4.70,4.80, 920,000 (1997)
Series 1995 5.00,5.10,5.20 960,000 (1998)
(2/1,8/1) 1,000,000 (1999)
1,045,000 (2000)
1,090,000 (2001)
1,140,000 (2002)
1,195,000 (2003)
1,250,000 (2004)
1,310,000 (2005)
1,375,000 (2006)
1,450,000 (2007)
Water and Sewer System 4.10,4.40,4.60,4.70, 04/01/96 08/01/07 305,000 (1997)
Refunding Revenue Bonds, 4.80,4.90,5.00,5.10, 405,000 (1998)
Series 1996 5.20,5.30,5.40 425,000 (1999)
(2/1,8/1) 440,000 (2000)
465,000 (2001)
490,000 (2002)
510,000 (2003)
535,000 (2004)
565,000 (2005)
595,000 (2006)
625,000 (2007)
Water and Sewer System 4.05,4.10,4.25,4.35, 10/01/98 08/01/18 215,000 (1999)
Priority Lien Revenue Bonds, 4.45,4.55,4.625,4.65 180,000 (2000)
Series 1998E (2/1,8/1) 190,000 (2001)
200,000 (2002)
210,000 (2003)
220,000 (2004)
230,000 (2005)
240,000 (2006)
250,000 (2007)
260,000 (2008)
270,000 (2009)
280,000 (2010)
295,000 (2011)
305,000 (2012)
320,000 (2013)
335,000 (2014)
350,000 (2015)
365,000 (2016)
385,000 (2017)
400,000 (2018)
84
EXHIBIT K-2
(Page 2 of 4)
Bonds
Retired or
Authorized Issued Refunded Outstanding
12,830,000 12,830,000 6,250,000 6,580,000
5,360,000 5,360,000 2,530,000 2,830,000
5,500,000 5,500,000 785,000 4,715,000
CITY OF WICHITA FALLS, TEXAS
COMBINED SCHEDULE OF BONDS PAYABLE(CONT'D.)
SEPTEMBER 30,2002
Final
Interest Rates Issue Maturity Annual
and(Dates) Date Date Serial Payments
Water and Sewer System 3.75,4.00,4.375,4.50 09/01/01 - 08/01/27 1,665,000 (2002)
Priority Lien Revenue 5.00,5.10,5.375 1,220,000 (2003)
Bonds,Series 2001 (2/1,8/1) 1,265,000 (2004)
1,320,000 (2005)
1,365,000 (2006)
1,430,000 (2007)
1,360,000 (2008)
1,410,000 (2009)
1,490,000 (2010)
1,545,000 (2011)
1,615,000 (2012)
3,055,000 (2013)
3,220,000 (2014)
3,395,000 (2015)
3,580,000 (2016)
3,760,000 (2017)
3,975,000 (2018)
8,075,000 (2019)
8,510,000 (2020)
8,970,000 (2021)
9,415,000 (2022)
9,890,000 (2023)
10,415,000 (2024)
10,970,000 (2025)
11,515,000 (2026)
4,340,000 (2027)
Water and Sewer System
Priority Lien Revenue
Bonds,Series 2001 -Premium
Total Priority Lien Revenue Bonds
Subordinate Lien:
Water and Sewer Subordinate Lien 3.35,3.60,3.75,3.85, 06/01/96 08/01/16 100,000 (1998)
Revenue Bonds,Series 1996 3.95,4.05,4.15,4.25, 100,000 (1999)
4.35,4.45,4.55,4.65, 105,000 (2000)
4.70,4.75,4.80,4.85, 110,000 (2001)
4.90,4.95,4.95 115,000 (2002)
(2/1,8/1) 125,000 (2003)
135,000 (2004)
135,000 (2005)
145,000 (2006)
150,000 (2007)
25,000 (2008)
25,000 (2009)
25,000 (2010)
25,000 (2011)
25,000 (2012)
2,300,000 (2013)
2,440,000 (2014)
2,585,000 (2015)
2,750,000 (2016)
•
85
EXHIBIT K-2
(Page 3 of 4)
Bonds
Retired or
Authorized Issued Refunded Outstanding
118,770,000 118,770,000 1,665,000 117,105,000
1,634,193 79,753 1,554,440
142,460,000 -144,094,193 11,309,753 132,784,440
11,420,000 11,420,000 530,000 10,890,000
CITY OF WICHITA FALLS, TEXAS
COMBINED SCHEDULE OF BONDS PAYABLE(CONT'D.)
SEPTEMBER 30,2002
Final
Interest Rates Issue Maturity Annual
and(Dates) Date Date Serial Payments
Water and Sewer System 3.14,3.39,3.49,3.59, 05/22/98 08/01/18 25,000 (1999)
Subordinate Lien Revenue 3.64,3.69,3.79,3.89, 25,000 (2000)
Bonds,Series 1998 3.94,3.99,4.09,4.19, 25,000 (2001)
4.29,4.39,4.44,4.49, 25,000 (2002)
4.54,4.59 25,000 (2003)
(2/1,8/1) 25,000 (2004)
25,000 (2005)
25,000 (2006)
25,000 (2007)
25,000 (2008)
25,000 (2009)
25,000 (2010)
25,000 (2011)
25,000 (2012)
325,000 (2013)
310,000 (2014)
300,000 (2015)
275,000 (2016)
3,180,000 (2017)
3,320,000 (2018)
Water and Sewer System 3.65,3.75,3.95,4.00, 10/01/98 08/01/12 375,000 (1999)
Subordinate Lien Refunding 4.125,4.20,4.30,4.40, 550,000 (2000)
Revenue Bonds,Series 1998A 4.50 570,000 (2001)
(2/1,8/1) 585,000 (2002)
610,000 (2003)
640,000 (2004)
670,000 (2005)
700,000 (2006)
725,000 (2007)
3,200,000 (2008)
3,335,000 (2009)
3,455,000 (2010)
3,610,000 (2011)
3,770,000 (2012)
Total Subordinate Lien Bonds
Total Revenue Bonds
Total All Bonds
86
EXHIBIT K-2
(Page 4 of 4)
Bonds
Retired or
Authorized Issued Refunded Outstanding
8,060,000 8,060,000 100,000 7,960,000
22,795,000 22,795,000 2,080,000 20,715,000
42,275,000 42,275,000 2,710,000 39,565,000
184,735,000 186,369,193 14,019,753 172,349,440
$ 211,190,000 $ 212,824,193 $ 23,064,753 $ 189,759,440
EXHIBIT K-3
CITY OF WICHITA FALLS, TEXAS
DEBT SERVICE COVERAGE -REVENUE BONDS
SEPTEMBER 30, 2002
Water and Sewer Revenue Bonds:
Net income (Exhibit G-2) $ 4,924,367
Add:
Depreciation and amortization $ 3,020,368
Gain on sale/abandonment of fixed assets (13,378)
Interest expense and paying agent fees 8,550,380
Operating transfers out _ 897,716 12,455,086
Subtract:
West Texas Utilities water revenues 549,849
Capital contributions from developers 630,892 (1,180,741)
Net earnings for determining debt service coverage $ 16,198,712
Priority Subordinate
Lien Bonds (1) Lien Bonds
Net earnings for determining debt service coverage $ 16,198,712
Principal and interest requirements to maturity $ 243,877,463 $57,666,087
Number of years remaining to pay bonds - 25 16
Average annual principal and interest requirement 9,755,099 3,604,130
Minimum bond covenant debt service coverage x 1.25 x 1.10
Minimum debt service coverage requirement $ 12,193,873 $ 3,964,543 16,158,417
Excess over debt service coverage requirements $ 40,295
87
EXHIBIT K-4
CITY OF WICHITA FALLS, TEXAS
GENERAL FIXED ASSETS ACCOUNT GROUP
COMPARATIVE SCHEDULE OF GENERAL FIXED ASSETS - BY SOURCES
SEPTEMBER 30, 2002 AND 2001
2002 2001
General Fixed Assets:
Land and betterments $ 23,416,215 $23,387,429
Buildings and improvements 27,644,389 27,664,965
Machinery and equipment 7,956,633 7,267,032
Furniture and fixtures 214,110 214,110
Motor vehicles and equipment 31,485 31,485
Construction in progress 17,632,581 4,467,627
Total general fixed assets $ 76,895,413 $63,032,648
Investment in General Fixed Assets:
From general obligation bonds $ 2,459,962 $ 2,459,962
From local revenues and contributions 54,255,174 40,735,677
From federal and state government contributions 3,179,047 2,835,779
From unidentified sources 17,001,230 17,001,230
Total investment in general fixed assets $ 76,895,413 $63,032,648
•
88
CITY OF WICHITA FALLS, TEXAS
GENERAL FIXED ASSETS ACCOUNT GROUP
SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS -BY SOURCES
FOR THE YEAR ENDED SEPTEMBER 30, 2002
Buildings Machinery
Land and and and
Betterments Improvements Equipment
General fixed assets and joint venture assets,
October 1, 2001 $ 23,387,429 $ 27,664,965 $ 7,267,032
Additions:
Expenditures from:
Local revenues and contributions 28,786 13,888 363,784
Federal and state government contributions - - 339,538
Deductions:
Assets sold, traded, retired or transferred - 34,464 13,721
General fixed assets and joint venture assets,
September 30, 2002 $ 23,416,215 $ 27,644,389 $ 7,956,633
•
89
EXHIBIT K-5
Motor
Furniture Vehicles
and and Construction
Fixtures Equipment in Progress Totals
$ 214,110 $ 31,485 $ 4,467,627 $ 63,032,648 •
13,164,954 13,571,412
339,538
- - 48,185
$ 214,110 $ 31,485 $ 17,632,581 $ 76,895,413
CITY OF WICHITA FALLS, TEXAS
GENERAL FIXED ASSETS ACCOUNT GROUP
SCHEDULE OF GENERAL FIXED ASSETS-BY FUNCTION AND ACTIVITY
SEPTEMBER 30,2002
Buildings Machinery
Land and and and
Betterments Improvements Equipment
Administrative services:
Mayor and City Council $ - $ 3,797 - $ 2,901
City Manager 1,062,849 336,872 49,516
Personnel/Risk Management - - 14,036 •
Martin Luther King Center - 349,839 7,641
Library 477,942 4,523,930 595,536
General Public Information - - 240,017
Building Maintenance - 1,076,622 33,649
Nondepartmental - 518,881 51,211
Municipal Court 230,000 313,818 178,555
Legal - - 2,254
City Clerk - - 6,700
Total administrative services 1,770,791 7,123,759 1,182,016
Police 1,108,614 1,374,498 3,259,058
Fire 252,461 4,435,926 263,183
Parks and recreation:
Recreation 655,246 1,900,236 236,508
Park maintenance 8,943,251 1,016,451 54,425
Cemetery 20,200 - 11,115
Total parks and recreation 9,618,697 2,916,687 302,048
Accounting/finance:
Accounting/finance - - 13,265
Information Systems - - 1,856,011
Purchasing - - 1,435
Total accounting/finance - - 1,870,711
Community development:
Planning - - 78,404
Inspection - - 36,618
Code enforcement - - 73,892
Property management 1,161,884 420,891 65,011
Lake lot administration - - 1,018
Weed and Seed program - - 5,171
Total community development 1,161,884 420,891 260,114
Public works:
Engineering 125,806 18,837 137,181
Street maintenance 28,547 86,373 20,692
Total public works 154,353 105,210 157,873
Health:
Administration 34,820 1,003,005 209,760
General City nursing 76,411 1,123 99,239
Environmental health - - 30,014
Lab water pollution - - 41,893
Total health 111,231 1,004,128 380,906
Traffic and transportation - 31,045 93,239
Multi-Purpose Events Center 9,238,184 10,232,245 187,485
Total general fixed assets and joint venture assets $ 23,416,215 $ 27,644,389 $ 7,956,633
90
EXHIBIT K-6
Motor
Furniture Vehicles
and and Construction
Fixtures Equipment in Progress Totals
$ 5,218 $ - $ - $ 11,916 -
15,050 - •- 1,464,287
3,425 - - 17,461
12,486 - - 369,966
90,578 - - 5,687,986
- - - 240,017
- - - 1,110,271
- - - 570,092
4,043 - - 726,416
- - - 2,254
- - - 6,700
130,800 - - 10,207,366
11,788 - 305,828 6,059,786
1,755 - 26,406 4,979,731
12,818 - - 2,804,808
- - - 10,014,127
- - - 31,315
12,818 - - 12,850,250
- - - 13,265
- - - 1,856,011
- - - 1,435
- - - 1,870,711
1,025 - - 79,429
- - - 36,618
- - - 73,892
- 31,485 - 1,679,271
- - - 1,018
- - - 5,171
1,025 31,485 - 1,875,399
3,355 - - 285,179
1,393 - - 137,005
4,748 - - 422,184
15,963 - - 1,263,548 .
5,447 - - 182,220
- - - 30,014
- - - 41,893
21,410 - - 1,517,675
1,478 - - 125,762
28,288 - 17,300,347 36,986,549
$ 214,110 $ 31,485 $ 17,632,581 $ 76,895,413
EXHIBIT K-7
CITY OF WICHITA FALLS, TEXAS
GENERAL FIXED ASSETS ACCOUNT GROUP
SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS-BY FUNCTION AND ACTIVITY
FOR THE YEAR ENDED SEPTEMBER 30, 2002
Beginning Ending
Balance Balance
10/1/2001 Additions Deletions Adjustments 9/30/2002
Administrative services:
Mayor and City Council $ 11,916 $ - $ - $ - $ 11,916
City Manager 1,464,287 - - - 1,464,287
Personnel/Risk Management 17,461 -
- - 17,461
Martin Luther King Center 369,966 -
- - 369,966
Library 5,656,778 31,208 _ - - 5,687,986
General Public Information 219,959 20,058 - - 240,017
Building Maintenance 1,107,632 2,639 -
- 1,110,271
Nondepartmental 570,092 - - - 570,092
Municipal Court 690,550 35,866 - - 726,416
Legal 2,254 - - -_ 2,254
City Clerk 6,700 - - - 6,700
Total administrative services 10,117,595 89,771 - - 10,207,366
Police 5,501,211 570,176 11,601 - 6,059,786
Fire 4,973,901 40,294 34,464 - 4,979,731
Parks and recreation:
Recreation 2,798,264 6,544 - - 2,804,808
Park maintenance 10,014,127 - - - 10,014,127
Cemetery 27,972 3,343 - - 31,315
Total parks and recreation 12,840,363 9,887 - - 12,850,250
Accounting/finance:
Accounting/finance 13,265 - - - 13,265
Information Systems 1,691,034 164,977 - - 1,856,011
Purchasing 1,435 - - - 1,435
Total accounting/finance 1,705,734 164,977 - - 1,870,711
Community development:
Planning 72,129 7,300 - - 79,429
Inspection 36,618 - - - 36,618
Code enforcement 73,892 - - - 73,892
Property management 1,658,856 20,415 - - 1,679,271
Lake lot administration 1,018 - - - 1,018
Weed and Seed program 3,620 1,551 - - 5,171
Total community development 1,846,133 29,266 - - 1,875,399
Public works:
Engineering 244,483 42,816 2,120 - 285,179
Street Maintenance 137,005 - - - 137,005
Total public works 381,488 42,816 2,120 - 422,184
Health:
Administration 1,215,253 48,295 - - 1,263,548
General city nursing 182,220 - - - 182,220
Environmental health -6,088 23,926 - - 30,014
Lab water pollution 41,893 - - - 41,893
Total health 1,445,454 72,221 - - 1,517,675
Traffic and transportation 121,639 4,123 - - 125,762
Multi-Purpose Events Center 24,099,130 12,887,419 - - 36,986,549
Total general fixed assets $ 63,032,648 $ 13,910,950 $ 48,185 $ - $ 76,895,413
91
EXHIBIT K-8
CITY OF WICHITA FALLS, TEXAS
GOLF FUND
PLANT, EQUIPMENT AND DEPRECIATION
FOR THE YEAR ENDED SEPTEMBER 30, 2002
Balance Balance
10/1/2001 Additions Deletions 9/30/2002
Plant and Equipment:
Land and betterments $ 4,935 $ - $ - $ 4,935
Buildings and improvements 13,267 - - 13,267
Machinery and equipment 47,525 29,973 - 77,498
Furniture and fixtures 3,175 - - 3,175
Total plant and equipment 68,902 29,973 - 98,875
Accumulated Depreciation:
Land and betterments 1,053 197 - 1,250
Buildings, systems and improvements 3,413 956 - 4,369
Machinery and equipment 20,456 9,850 • - 30,306
Furniture and fixtures 1,429 317 - 1,746
Total accumulated depreciation 26,351 11,320 - 37,671
Net plant and equipment $ 42,551 $ 18,653 $ - $ 61,204
92
EXHIBIT K-9
CITY OF WICHITA FALLS, TEXAS
MUNICIPAL AIRPORT FUND
PLANT, EQUIPMENT AND DEPRECIATION
FOR THE YEAR ENDED SEPTEMBER 30, 2002
Balance Balance
10/1/2001 Additions Deletions 9/30/2002
Plant and Equipment:
Land and betterments $1,461,823 $ - $ - $1,461,823
Buildings and improvements 1,452,202 - - 1,452,202
Machinery and equipment 16,283 - - 16,283
Furniture and fixtures 36,705 - - 36,705
Total plant and equipment 2,967,013 - - 2,967,013
Accumulated Depreciation:
Land and betterments 1,260,465 51,256 - 1,311,721
Buildings and improvements 811,396 28,842 - 840,238
Machinery and equipment 11,153 986 - 12,139
Furniture and fixtures 3,814 3,496 - 7,310
Total accumulated depreciation 2,086,828 84,580 - 2,171,408
Net plant and equipment $ 880,185 $ (84,580) $ - $ 795,605
93
EXHIBIT K-10
CITY OF WICHITA FALLS, TEXAS
KICKAPOO AIRPORT FUND
PLANT, EQUIPMENT AND DEPRECIATION
FOR THE YEAR ENDED SEPTEMBER 30, 2002
Balance Balance
10/1/2001 Additions Deletions 9/30/2002
Plant and Equipment:
Land and betterments $ 954,677 $ - $ - $ 954,677
Buildings and improvements 565,533 700 - - 566,233
Machinery and equipment 60,179 - - 60,179
Total plant and equipment 1,580,389 700 - 1,581,089
Accumulated Depreciation:
Land and betterments 53,858 35,905 - 89,763
Buildings and improvements 17,181 11,489 - 28,670
Machinery and equipment 4,383 3,058 - 7,441
Total accumulated depreciation 75,422 50,452 - 125,874
Net plant and equipment $1,504,967 $ (49,752) $ - $ 1,455,215
94
EXHIBIT K-11
CITY OF WICHITA FALLS, TEXAS
TRANSIT FUND
PLANT, EQUIPMENT AND DEPRECIATION
FOR THE YEAR ENDED SEPTEMBER 30, 2002
Balance Balance
10/1/2001 Additions Deletions 9/30/2002
Plant and Equipment:
Land and betterments $ 61,925 $ - $ - $ 61,925
Buildings and improvements 626,868 - - 626,868
Machinery and equipment 101,613 2,866 - 104,479
Furniture and fixtures 1,152 - - 1,152
Total plant and equipment 791,558 2,866 - 794,424
Accumulated Depreciation:
Buildings and improvements 140,344 7,730 - 148,074
Machinery and equipment 22,531 8,690 - 31,221
Furniture and fixtures 1,152 - - 1,152
Total accumulated depreciation 164,027 16,420 - 180,447
Net plant and equipment $ 627,531 $ (13,554) $ - $ 613,977
95
EXHIBIT K-12
CITY OF WICHITA FALLS, TEXAS
SANITATION FUND
PLANT, EQUIPMENT AND DEPRECIATION
FOR THE YEAR ENDED SEPTEMBER 30, 2002
Balance Balance
10/1/2001 Additions Deletions 9/30/2002
Plant and Equipment:
Land and betterments $1,038,283 $ 752,299 $ - $1,790,582
Buildings and improvements 2,370,382 - - 2,370,382
Machinery and equipment 109,123 7,969 - 117,092
Construction in progress 467,469 27,145 - 494,614
Total plant and equipment 3,985,257 787,413 - 4,772,670
Accumulated Depreciation:
Land and betterments 35,113 9,107 - 44,220
Buildings and improvements 925,305 49,959 - 975,264
Machinery and equipment 57,082 12,795 - 69,877
Total accumulated depreciation 1,017,500 71,861 - 1,089,361
Net plant and equipment $2,967,757 $ 715,552 $ - $3,683,309
96
EXHIBIT K-13
CITY OF WICHITA FALLS, TEXAS
WATER AND SEWER FUND
PLANT, EQUIPMENT AND DEPRECIATION
FOR THE YEAR ENDED SEPTEMBER 30,2002
Balance Balance
10/1/2001 Additions Deletions Adjustments 9/30/2002
Plant and Eauinment
Land and betterments $ 23,069,564 $ 1,019,125 $ _ - $ - $ 24,088,689
Buildings, systems and
improvements 130,705,771 4,708,610 210,000 1,277,372 136,481,753
Machinery and equipment 3,418,147 225,776 - 34,710 3,678,633
Furniture and fixtures 1,164 - - - 1,164
Motor vehicles 1,235 -
- - 1,235
Construction in progress 4,253,830 2,277,453 - (1,312,082) 5,219,201
Total plant and equipment 161,449,711 8,230,964 210,000 - 169,470,675
Accumulated Depreciation
Land and betterments 7,386,400 243,632 - - 7,630,032
Buildings, systems and
improvements 51,095,222 2,468,653 210,000 - 53,353,875
Machinery and equipment 2,426,331 128,076 - - 2,554,407
Furniture and fixtures 727 58 - - 785
Motor vehicles 1,235 - - - 1,235
Total accumulated depreciation 60,909,915 2,840,419 210,000 - 63,540,334
Net plant and equipment $ 100,539,796 $ 5,390,545 $ - $ - $ 105,930,341
97
EXHIBIT K-14
CITY OF WICHITA FALLS, TEXAS
STORMWATER DRAINAGE FUND
PLANT, EQUIPMENT AND DEPRECIATION
FOR THE YEAR ENDED SEPTEMBER 30, 2002
Balance Balance
10/1/2001 Additions Deletions 9/30/2002
Plant and Equipment:
Machinery and equipment $ - $ 19,275 $ - $ 19,275
Accumulated Depreciation:
Machinery and equipment - 964 - 964
Net plant and equipment $ - $ 18,311 $ - $ 18,311
98
EXHIBIT K-15
CITY OF WICHITA FALLS, TEXAS
FLEET MAINTENANCE FUND
PLANT, EQUIPMENT AND DEPRECIATION
FOR THE YEAR ENDED SEPTEMBER 30, 2002 -
Balance
Balance
10/1/2001 Additions Deletions Adjustments 9/30/2002
Plant and Eauioment:
Land and betterments $ 433,658 $ - $ - $ - $ 433,658
Buildings and improvements 4,010,098 - - - 4,010,098
Furniture and equipment 6,358 - - - 6,358
Motor vehicles and equipment 31,328,014 3,700,502 1,595,573 183,835 33,616,778
Construction in progress 190,541 - - (183,835) 6,706
Total plant and equipment 35,968,669 3,700,502 1,595,573 - 38,073,598
Accumulated Depreciation:
Buildings and improvements 1,251,104 80,179 - - 1,331,283
Furniture and equipment 5,948 171 - - 6,119
Motor vehicles and equipment 19,317,700 2,890,587 1,589,245 - 20,619,042
Total accumulated depreciation 20,574,752 2,970,937 1,589,245 - 21,956,444
Net plant and equipment $15,393,917 $ 729,565 $ 6,328 $ - $16,117,154
99
EXHIBIT K-16
CITY OF WICHITA FALLS, TEXAS
DUPLICATING SERVICES FUND
PLANT, EQUIPMENT AND DEPRECIATION
FOR THE YEAR ENDED SEPTEMBER 30, 2002
Balance Balance
10/1/01 Additions Deletions 9/30/02
Plant and Equipment:
Machinery and equipment $ 103,129 $ 4,430 $ - $ 107,559
Accumulated Depreciation:
Machinery and equipment 5,813 12,079 - 17,892
Net plant and equipment $ 97,316 $ (7,649) $ - $ 89,667
100
EXHIBIT K-17
CITY OF WICHITA FALLS, TEXAS
WICHITA FALLS ECONOMIC DEVELOPMENT CORPORATION
SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS
FOR THE YEAR ENDED SEPTEMBER 30, 2002
Balance Balance
10/1/2001 Additions Deletions 9/30/2002
Plant and Eauioment:
Land and betterments $ 140,480 $ - $ - $ 140,480
Buildings and improvements 459,520 - - 459,520
Net plant and equipment $ 600,000 $ - $ - $ 600,000
101
•
STATISTICAL SECTION
(UNAUDITED)
V
r
CITY OF WICHITA FALLS, TEXAS
GENERAL GOVERNMENTAL EXPENDITURES BY FUNCTION (GENERAL FUND ONLY)-
LAST TEN FISCAL YEARS (UNAUDITED)
Fiscal Administrative Parks and Accounting Community
Year Services Police Fire Recreation and Finance Development
1992-1993 $ 4,850,649 $ 9,680,729 , $ 5,821,934 $ 2,346,032 $ 381,244 $ 264,959
1993-1994 4,721,396 10,014,195 5,916,985 2,398,537 250,402 394,032
1994-1995 5,079,725 10,420,291 6,249,987 2,458,983 257,479 399,234
1995-1996 6,764,670 11,067,074 6,752,959 2,890,848 282,522 501,149
1996-1997 10,030,518 11,635,291 6,979,178 2,689,630 283,958 549,654
1997-1998 * 5,675,204 11,445,357 7,567,904 2,947,658 1,141,181 990,993
1998-1999 6,315,733 12,010,858 7,881,632 2,896,955 1,
300,773 1,048,202
1999-2000 6,980,200 13,159,401 8,367,462 3,072,384 1,331,432 1,058,585
2000-2001 7,263,876 13,293,997 8,412,257 3,059,595 1,489,661 1,102,205
2001-2002 7,619,095 14,050,692 9,028,643 3,289,405 1,702,554 1,102,996
* Effective October 1, 1997,the City significantly modified its accounting system and functional reporting. Consequently,there are
some differences in reporting of expenditures by function between years.
102
EXHIBIT L-1
Debt Service
Interest
Public Traffic and Capital Principal and Paying
Works Health Transportation Outlay Retirement Agent Fees Totals
$ 4,246,256 $ 2,499,686 $ 1,121,169 $ - $ - $ - $ 31,212,658
4,101,886 2,813,235 1,152,782 - - - 31,763,450
4,526,548 3,020,266 1,319,641 - - - 33,732,154
4,790,242 3,189,847 1,422,119 - - - 37,661,430
4,576,974 3,396,582 1,449,844 - - - 41,591,629
5,709,866 2,203,927 1,487,177 1,773,519 2,149 558 40,945,493
4,814,939 2,341,125 1,561,804 299,312 2,350 357 40,474,040
5,799,148 2,050,913 1,553,984 144,788 2,677 134 43,521,108
4,408,476 2,080,081 1,707,211 1,365,232 - - 44,182,591
4,900,411 2,223,359 1,986,855 352,733 - - 46,256,743
CITY OF WICHITA FALLS, TEXAS
GENERAL GOVERNMENTAL REVENUES BY SOURCE (GENERAL FUND ONLY) -
LAST TEN FISCAL YEARS (UNAUDITED)
Fiscal Charges Licenses Fines and
Year Taxes for Services and Permits Forfeitures
1992-1993 $25,705,065 $ 1,111,826 $ 609,670 $1,156,623
1993-1994 27,462,908 1,067,816 - 674,853 1,409,882
1994-1995 28,685,546 1,103,978 632,676 1,309,204
1995-1996 30,140,802 1,394,190 684,633 1,262,361
1996-1997 31,487,703 1,338,867 673,422 1,495,921
1997-1998 * 32,544,840 2,077,990 435,572 1,486,985
1998-1999 34,009,242 2,279,994 535,989 1,187,927
1999-2000 36,460,971 1,733,552 660,715 1,417,891
2000-2001 36,944,112 1,783,301 1,892,099 1,259,742
2001-2002 38,462,368 2,007,218 1,918,690 1,598,751
* Effective October 1, 1997, the City significantly modified its accounting system and functional
reporting. Consequently,there are some differences in reporting of revenues between years.
103
EXHIBIT L-2
Intergovernmental Miscellaneous
Revenue Contributions Revenue Totals
$ 1,723,190 $ - $ 828,742 $31,135,116
1,955,422 - 1,013,323 33,584,204
2,064,914 - 1,304,875 35,101,193
-2,540,646 - 1,195,670 37,218,302
2,540,616 - 1,431,250 38,967,779
67,290 - 1,570,592 38,183,269
61,782 12,155 1,533,500 39,620,589
46,985 - 1,508,539 41,828,653
33,319 32,901 1,463,780 43,409,254
85,499 62,575 823,898 44,958,999
CITY OF WICHITA FALLS, TEXAS
PROPERTY TAX LEVIES AND COLLECTIONS -
LAST TEN FISCAL YEARS (UNAUDITED)
Percent of Delinquent
Fiscal Total Current Tax Current Taxes Tax
Year Tax Levy Collections Collected Collections
1992-1993 $14,940,203 $14,491,314 97.00% $ 278,223
1993-1994 15,220,570 14,847,803 97.55% 254,153
1994-1995 15,817,317 15,507,777 98.04% 318,839
1995-1996 16,742,241 16,407,759 98.00% 326,841
1996-1997 17,482,018 16,936,754 97.00% 426,840
1997-1998 13,848,037 13,376,885 96.59% 536,999
1998-1999 14,526,149 13,952,221 96.05% 388,755
1999-2000 16,115,557 15,690,461 97.36% 472,161
2000-2001 16,791,261 16,365,706 97.47% 121,858
2001-2002 17,635,425 17,210,516 97.59% 297,405
104
EXHIBIT L-3
Ratio of Ratio of
Total Tax Outstanding Delinquent
Total Tax Collections to Delinquent Taxes to
Collections Total Tax Levy _ Taxes Total Tax Levy
$14,769,537 98.86% $1,743,114 11.67%
15,101,956 99.22% 1,719,578 11.30%
15,826,616 100.06% 1,638,633 10.36%
16,734,600 99.95% 1,646,500 9.83%
17,363,594 99.32% 1,704,839 9.75%
13,913,884 100.47% 1,600,924 11.56%
14,340,976 98.73% 1,588,798 10.94%
16,162,622 100.29% 1,551,462 9.63%
16,487,564 98.19% 1,577,119 9.39%
17,507,921 99.28% 1,560,565 8.85%
CITY OF WICHITA FALLS, TEXAS
ASSESSED AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY-
LAST TEN FISCAL YEARS (UNAUDITED)
Real Property Personal Property
Fiscal Assessed Estimated Assessed " Estimated
Year Value Actual Value Value Actual Value
1992-1993 $ 1,757,192,910 $1,757,192,910 $460,770,563 $460,770,563
1993-1994 1,772,576,420 1,772,576,420 487,009,356 487,009,356
1994-1995 1,860,859,604 1,860,859,604 492,382,781 492,382,781
1995-1996 1,979,667,520 1,979,667,520 494,250,305 494,250,305
1996-1997 2,053,175,337 2,053,175,337 530,055,655 530,055,655
1997-1998 2,145,423,750 2,145,423,750 554,851,453 554,851,453
1998-1999 2,237,301,030 2,237,301,030 595,201,382 595,201,382
1999-2000 2,448,370,999 2,448,370,999 605,524,662 605,524,662
2000-2001 2,550,564,079 2,550,564,079 622,493,821 622,493,821
2001-2002 2,671,429,859 2,671,429,859 667,334,298 667,334,298
105
EXHIBIT L-4
Ratio of Total
Total Assessed to
Assessed Estimated Total Estimated
Value Actual Value Actual Value
$2,217,963,473 $2,217,963,473 100.00%
2,259,585,776 2,259,585,776 100.00%
2,353,242,385 2,353,242,385 100.00%
2,473,917,825 2,473,917,825 100.00%
2,583,230,992 2,583,230,992 100.00%
2,700,275,203 2,700,275,203 100.00%
2,832,502,412 2,832,502,412 100.00%
3,053,895,661 3,053,895,661 100.00%
3,173,057,900 3,173,057,900 100.00%
3,338,764,157 3,338,764,157 100.00%
CITY OF WICHITA FALLS, TEXAS
PROPERTY TAX RATES AND TAX LEVIES -DIRECT AND OVERLAPPING GOVERNMENTS -
LAST TEN FISCAL YEARS (UNAUDITED)
•
Fiscal City of Wichita Burkbumett City View
Year Wichita Falls County I.S.D. (1) I.S.D. (2)
Tax Rates Per$100 Valuation
1992-1993 $ 0.67 $ 0.34 - $ 0.37 $ 0.35
1993-1994 0.67 0.36 1.22 1.20
1994-1995 0.67 0.36 1.22 1.20
1995-1996 0.67 0.37 1.24 1.23
1996-1997 0.67 0.37 1.25 - 1.26
1997-1998 0.51 0.38 1.30 1.34
1998-1999 0.51 0.38 1.49 1.41
1999-2000 0.55 0.38 1.49 1.60
2000-2001 0.55 0.40 1.59 1.69
2001-2002 0.55 0.40 1.61 1.69
Tax Levies
1992-1993 $ 14,940,203 $ 10,712,983 $ 1,582,110 _ $ 287,728
1993-1994 15,220,570 11,545,265 5,351,692 1,022,231
1994-1995 15,817,317 11,989,730 5,645,214 1,071,679
1995-1996 16,742,241 13,058,786 5,993,746 1,151,028
1996-1997 17,482,018 13,681,903 6,364,575 1,232,641
1997-1998 13,848,037 14,643,356 6,426,976 1,325,139
1998-1999 14,526,149 14,625,183 7,104,951 1,448,831
1999-2000 16,115,557 15,177,829 7,087,371 1,549,000
2000-2001 16,791,261 15,538,168 7,816,180 1,772,270
2001-2002 17,635,425 16,834,585 8,226,508 2,069,834
Notes:
(1) Burkbumett Independent School District-25% in Wichita Falls city limits
(2) City View Independent School District- 90% in Wichita Falls city limits for 1997-98 and after
and 84% in 1996-97 and prior
(3) Iowa Park Consolidated Independent School District- 2% in Wichita Falls city limits. Only for
1997-98 and after due to City annexation.
(4) Wichita Falls Independent School District-99% in Wichita Falls city limits
(5) County Education Districts were created by the Texas Legislature in 1991. All property tax
revenues received by the County Education District were distributed to local educational
agencies within the County on a prorata basis. Effective September 1, 1993, all County
Education Districts were abolished by the Texas Legislature. As of this date, all assets and
liabilities of the Wichita County Education District were transferred to the Wichita Falls
Independent School District as successor-in-interest.
106
EXHIBIT L-5
County
Iowa Park Wichita Falls Education
C.I.S.D. (3) I.S.D. (4) District(5) Totals
$ - $ 0.39 $ 0.85 $ 2.97
- 1.28 - - 4:73
- 1.34 - 4.79
- 1.34 - _ 4.85
- 1.38 - 4.93
1.25 1.46 - 6.24
1.30 1.50 - 6.59
1.24 1.50 - - 6.76
1.40 1.54 - 7.17
1.40 1.54 - 7.19
$ - $ 8,127,735 $25,839,980 $61,490,739
- 27,967,742 - 61,107,500
- 30,444,581 - 64,968,521
- 31,977,379 - 68,923,180
- 34,453,561 - 73,214,698
3,755,263 37,270,618 - 77,269,389
4,308,152 38,641,115 - 80,654,381
4,936,005 39,842,969 - 84,708,731
5,041,838 _ 42,992,685 - 89,952,402
5,212,807 45,115,529 - 95,094,688
EXHIBIT L-6
CITY OF WICHITA FALLS, TEXAS
TEN LARGEST TAXPAYERS (UNAUDITED)
SEPTEMBER 30, 2002
Percentage
January 1, 2002 of Total
Assessed Assessed
Taxpayer Type of Business Valuation Valuation
Southwestern Bell Telephone Utility $ 46,005,162 1.38%
Texas Utilities Electric Utility 43,420,140 1.30%
Sikes Coyote Mall LP Shopping Center 42,045,000 1.26%
Wal-Mart Retail Store 34,277,549 1.03%
Clinics of North Texas Medical Center 14,613,806 0.44%
Lowe's Home Improvement Center Retail Store 14,348,834 0.43%
SBC Asset Management, Inc. Telephone Utility 13,689,391 0.41%
Time Warner Cable Television 13,196,703 0.40%
Kell West Regional Hospital Medical Center 10,403,611 0.31%
Winn Dixie Grocery Store 9,871,185 0.30%
Totals $ 241,871,381 7.24%
107
EXHIBIT L-7
CITY OF WICHITA FALLS, TEXAS
SPECIAL ASSESSMENT COLLECTIONS
(CAPITAL IMPROVEMENT ASSESSMENTS FUND)-
LAST TEN FISCAL YEARS (UNAUDITED)
Special Special Ratio of
Fiscal Assessments Assessments Collections
Year Due Collected to Amount Due
1992-1993 $ 204,833 $ 2,857 1.39%
1993-1994 191,745 2,184 1.14%
1994-1995 173,940 5,267 3.03%
1995-1996 158,976 1,222 0.77%
1996-1997 158,106 1,200 0.76%
1997-1998 157,580 526 0.33%
1998-1999 * - - -
1999-2000 * - - -
2000-2001 * - - -
2001-2002 * - - -
*- The City wrote off the balance of the Special Assessments due the City during the year
ended September 30, 1999 and no longer records the receivable balance.
108
NE '
U
EXHIBIT L-8
CITY OF WICHITA FALLS, TEXAS
COMPUTATION OF LEGAL DEBT MARGIN (UNAUDITED)
SEPTEMBER 30, 2002
Total assessed property value per 2001 tax roll $3,338,764,157
Maximum tax rate * $ 2.25/$100
Current tax rate for 2001 tax year .55194/$100
Maximum tax rate in excess of 2001 tax rate 1.69806/$100
Total legal debt margin $ 56,694,219
There is no debt limit established by law. The limit is, therefore, governed by the City's ability to
levy and collect taxes to service the outstanding indebtedness. The City's maximum legal tax rate
established under its Charter is $2.25 per$100 assessed valuation. The 2001 tax rate is $.55194
per$100 assessed valuation.
* Maximum tax levy established by City Charter
109
CITY OF WICHITA FALLS, TEXAS
RATIO OF NET GENERAL BONDED DEBT TO ASSESSED VALUE AND NET
GENERAL BONDED DEBT PER CAPITA -LAST TEN FISCAL YEARS (UNAUDITED)
Gross Less Debt
Fiscal Estimated Assessed General Service
Year Population (1) Value Bonded Debt Funds
1992-1993 98,600 $2,217,963,473 $ 21,975,000 $ 741,968
1993-1994 99,500 2,259,585,776 21,655,000 944,860
1994-1995 101,155 2,353,242,385 20,530,000 1,093,940
1995-1996 102,790 2,473,917,825 19,555,000 996,075
1996-1997 103,312 -2,583,230,992 18,320,000 1,511,795
1997-1998 104,121 2,700,275,203 16,850,000 1,560,640
1998-1999 106,000 2,832,502,412 15,315,000 1,578,437
1999-2000 107,178 3,053,895,661 13,705,000 1,585,571
2000-2001 104,197 3,173,057,900 19,215,000 195,773
2001-2002 104,544 3,338,764,157 17,410,000 270,530
Sources:
(1) City of Wichita Falls Planning Department for all years, except 2000-01 from U.S. Bureau
of Census.
110
EXHIBIT L-9
Ratio of
Net General
Bonded Debt Net General
Net General To Assessed Bonded Debt
Bonded Debt Value Per Capita
$21,233,032 0.96% $ 215
20,710,140 0.92% 208
19,436,060 0.83% 192
18,558,925 0.75% 181
16,808,205 0.65% 163
15,289,360 0.57% 147
13,736,563 0.48% 130
12,119,429 0.40% 113
19,019,227 0.60% 183
17,139,470 0.51% 164
EXHIBIT L-10
CITY OF WICHITA FALLS, TEXAS
RATIO OF ANNUAL DEBT SERVICE EXPENDITURES FOR GENERAL BONDED DEBT TO
TOTAL GENERAL GOVERNMENTAL EXPENDITURES -LAST TEN FISCAL YEARS (UNAUDITED)
Total Ratio of
Interest and General Debt Service
Fiscal Paying Total Debt Governmental to General
Year Principal Agent Fees Service Expenditures Expenditures
1992-1993 $ 885,000 $ 1,683,099 $ 2,568,099 $ 31,212,658 8.23%
1993-1994 1,065,000 1,416,594 2,481,594 31,763,450 7.81%
1994-1995 1,125,000 1,408,898 2,533,898 33,732,154 7.51%
1995-1996 1,190,000 1,334,768 2,524,768 37,661,430 6.70%
1996-1997 • 1,235,000 1,090,448 2,325,448 41,591,629 5.59%
1997-1998 1,470,000 934,270 2,404,270 40,945,493 5.87%
1998-1999 1,535,000 868,315 2,403,315 40,474,040 5.94%
1999-2000 1,610,000 796,975 2,406,975 43,521,108 5.53%
2000-2001 1,690,000 823,768 2,513,768 44,182,591 5.69%
2001-2002 1,805,000 1,143,555 2,948,555 46,256,743 6.37%
111
•
EXHIBIT L-11
CITY OF WICHITA FALLS, TEXAS
COMPUTATION OF DIRECT AND OVERLAPPING GENERAL BONDED DEBT(UNAUDITED)
SEPTEMBER 30, 2002
Percentage Amount
Gross Applicable Applicable
General Bonded to City of to City of
Debt(1) Wichita Falls (2) Wichita Falls
Direct:
City of Wichita Falls $ 17,410,000 100% $ 17,410,000
Overlapping:
Wichita County 6,260,000 100% 6,260,000
Burkburnett Independent School District 16,649,886 25% 4,162,472
City View Independent School District 10,825,044 90% 9,742,540
Iowa Park Consolidated Independent
School District 6,287,491 2% 125,750
Wichita Falls Independent School District 32,268,716 99% 31,946,029
Total overlapping 72,291,137 52,236,790
Total direct and overlapping bonded debt $ 89,701,137 $ 69,646,790
Sources:
(1) Listed taxing jurisdictions
(2) City of Wichita Falls Planning Department
112
CITY OF WICHITA FALLS, TEXAS
REVENUE BOND COVERAGE -WATER AND SEWER REVENUE BONDS -
LAST TEN FISCAL YEARS (UNAUDITED)
Net Revenue
Fiscal Gross Operating Available For
Year Revenues (1) Expenses (2) Debt Service
1992-1993 $ 14,698,916 $ 9,217,131 $ 5,481,785
1993-1994 15,307,931 10,695,460 4,612,471
1994-1995 17,701,086 11,252,304 6,448,782
1995-1996 19,939,255 11,684,476 8,254,779
1996-1997 19,578,557 12,352,266 7,226,291
1997-1998 21,050,438 12,868,869 8,181,569
1998-1999 22,692,770 13,726,601 8,966,169
1999-2000 21,974,510 13,688,360 8,286,150
2000-2001 26,832,875 14,507,635 12,325,240
2001-2002 29,768,543 13,569,831 16,198,712
Notes:
(1) Includes operating revenues exclusive of water sales to West Texas Utilities, interest
income, and intergovernmental operating grants of the Water and Sewer Fund (see
Exhibit K-3).
(2) Includes operating expenses of the Water and Sewer Fund exclusive of depreciation
and amortization (see Exhibit K-3).
(3) Excludes bond premium amortization of$79,753.
113
L
EXHIBIT L-12
Debt Service Requirement
Principal (3) Interest Total Coverage
$1,075,000 $ 2,948,989 $4,023,989 1.36
1,150,000 2,899,583 4,049,583 1.14
1,230,000 2,875,069 4,105,069 1.57
1,405,000 2,450,529 3,855,529 2.14
1,605,000 2,740,348 4,345,348 1.66
1,855,000 2,674,570 4,529,570 1.81
2,140,000 2,889,642 5,029,642 1.78
2,345,000 2,776,148 5,121,148 1.62
2,555,000 2,567,085 5,122,085 2.41
4,220,000 8,087,504 12,307,504 1.32
EXHIBIT L-13
CITY OF WICHITA FALLS, TEXAS
DEMOGRAPHIC STATISTICS -
LAST TEN FISCAL YEARS (UNAUDITED)
Median
Fiscal Estimated Household Education School Unemployment
Year Population (1) Income (2) Level (3) Enrollment (3) Rate (4)
1992-1993 98,600 $ 27,089 13.1 15,608 5.8%
1993-1994 99,500 28,437 13.1 15,892 5.9%
1994-1995 101,155 29,527 13.1 15,793 5.1%
1995-1996 102,790 30,142 13.1 ' 15,805 4.3%
1996-1997 103,312 31,148 13.1 16,606 4.4%
1997-1998 104,121 31,165 13.1 16,382 4.7%
1998-1999 106,000 34,342 13.1 14,780 4.4%
1999-2000 107,178 35,029 13.1 14,084 3.9%
2000-2001 104,197 35,961 13.1 13,896 3.7%
2001-2002 104,544 36,824 13.1 14,059 6.3%
Sources:
(1) City of Wichita Falls Planning Department for all years, except 2000-01 from U.S. Bureau of Census
(2) C.A.C.I. Marketing Services for all years, except 1994-95 and prior from Sales & Marketing
Management
(3) Wichita Falls I.S.D. - Educational level is grade equivalent of graduating senior
(4) Texas Workforce Commission
114
EXHIBIT L-14
CITY OF WICHITA FALLS, TEXAS
PROPERTY VALUE, BUILDING PERMITS AND BANK DEPOSITS -
LAST TEN FISCAL YEARS (UNAUDITED)
Fiscal Property Building Bank
Year Value (1) Permits (2) Deposits *
1992-1993 $2,217,963,473 $ 50,774,737 Not Available
1993-1994 2,259,585,776 71,208,827 Not Available
1994-1995 2,353,242,385 73,692,291 Not Available
1995-1996 2,589,218,286 92,604,277 Not Available
1996-1997 2,707,854,487 89,861,493 Not Available
1997-1998 2,827,444,408 80,401,597 Not Available
1998-1999 2,889,152,460 102,641,877 Not Available
1999-2000 3,053,895,661 98,144,551 Not Available
2000-2001 3,173,057,900 102,578,860 Not Available
2001-2002 3,338,764,157 112,934,860 Not Available
Sources:
(1) City of Wichita Falls Accounting/Finance Department
(2) City of Wichita Falls Planning Department
* Local branches of Bank One, Norwest, and Wells Fargo are not required, nor have they
chosen, to release deposit information on individual branches. Therefore, total bank
deposit information is not available for these years.
115
EXHIBIT L-15
CITY OF WICHITA FALLS, TEXAS
MISCELLANEOUS STATISTICAL DATA (UNAUDITED)
SEPTEMBER 30, 2002
Date of incorporation 1889
Form of government Council- Manager
Area 71 square miles
Miles of streets 542
Number of street lights 7,457
Fire protection:
Number of stations 8
Number of firemen and officers 148
Police protection:
Number of stations 1
Number of police officers 136
Municipal water department:
Number of consumers - active 33,333
Average daily production 21,700,000 gallons treated water
Miles of water mains 635
Sewers:
Number of customers - active 29,039
Miles of sanitary sewers 516
Miles of storm sewers (enclosed) approximately 109
Building permits issued:
Number issued 9,177
Amount issued $112,934,860
Recreation and culture:
Number of parks 40 with 1,200 acres
Number of golf courses 4
Number of libraries 1
Number of volumes (books) 150,686
Employees- full-time 1,079
116
EXHIBIT L-16
(Page 1 of 5)
CITY OF WICHITA FALLS, TEXAS
SCHEDULE OF INSURANCE COVERAGE (UNAUDITED)
SEPTEMBER 30, 2002
Insurance
Code
A Policy: Building and Contents
Company: Barnard Insurance Group •
Policy Period: October 1, 2001 to October 1, 2002
Perils: Fire, Extended Coverage, Vandalism and Malicious Mischief,
including Difference in Condition, Extra Expense, Valuable
Papers, EDP, Demolition/CC
Coverages: $69,946,340 Building and Contents
$100,000 Extra Expense
Deductible: $100,000
Coinsurance: Agreed Value, Replacement Cost
Premium: $66,900
B Policy: Boiler and Machinery
Company: Texas Municipal League
Policy Period: October 1, 2001 to October 1, 2002
Perils: Comprehensive Blanket
Coverage: $5,000,000 Per Occurrence
Deductible: $1,000
Coinsurance: N/A
Premium: $4,989
C Policy: Electronic Data Processing Equipment
Company: Barnard Insurance Group
Policy Period: October 1, 2001 to October 1, 2002
Perils: All Risks
Coverage: $1,687,210
Deductible: $5,000
Coinsurance: 100%
Premium: Included as sublimit under property coverages
D Policy: Excess Workers'Compensation and Employer's Liability
Company: Claims Administrative Services, Inc.
Policy Period: October 1, 2001 to October 1, 2002
Perils: Workers'Compensation - Employer's Liability
Coverage: Catastrophic Protection Beginning at$250,000 up to
Statutory Limit$1,000,000 Employer's Liability
Deductible: $250,000
Coinsurance: N/A
Premium: $31,166
117
EXHIBIT L-16
(Page 2 of 5)
CITY OF WICHITA FALLS, TEXAS
SCHEDULE OF INSURANCE COVERAGE (UNAUDITED)(CONTD.)
SEPTEMBER 30, 2002
Insurance
Code
E Policy: Airport Liability (Municipal Airport)
Company: Marsh Aviation
Policy Period: March 17, 2002 to March 17, 2003
Perils: Owner's, Landlord, and Tenants Liability
Coverage: $1,000,000 CSL
Deductible: $1,000
Coinsurance: N/A
Premium: $2,816
F Policy: Airport Liability (Kickapoo Downtown Airpark)
Company: Marsh Aviation
Policy Period: March 17, 2002 to March 17, 2003
Perils: Owner's, Landlord, and Tenants Liability
Coverage: $1,000,000 CSL
Deductible: $1,000
Coinsurance: N/A
Premium: $1,925
G Policy: Hangarkeepers Liability (Kickapoo Downtown Airpark)
Company: Marsh Aviation
Policy Period: March 17, 2002 to March 17, 2003 •
Perils: Hangarkeepers Liability
Coverage: $1,000,000 any one occurrence
$500,000 any one aircraft
Deductible: $1,000
Coinsurance: N/A
Premium: $4,500
H Policy: Products Liability(Kickapoo Downtown Airpark)
Company: Marsh Aviation
Policy Period: March 17, 2002 to March 17, 2003
Perils: Products Liability
Coverage: $1,000,000 Completed Operations Unit
$1,000,000 Malpractice Aggregate Limit
$1,000,000 Each Occurrence Limit
$100,000 Fire Damage Limit Any One Fire
Deductible: $1,000
Coinsurance: N/A
Premium: $2,375
118
EXHIBIT L-16
(Page 3 of 5)
CITY OF WICHITA FALLS, TEXAS
SCHEDULE OF INSURANCE COVERAGE (UNAUDITED)(CONTD.)
SEPTEMBER 30, 2002
Insurance
Code
Policy: Public Official Bond
Company: Fidelity& Deposit Company
Bond No.: FD 09688496
Bond Period: June 27, 2002 to June 27, 2003
Insured: City Manager- Jim Berzina
Coverage: $25,000
Premium: $100
J Policy: Public Official Bond
Company: Fidelity& Deposit Company
Bond No.: FD 30237391
Bond Period: August 1, 2002 to August 1, 2003
Insured: Purchasing Agent- Margaret Elizabeth (Peggy) Gahagan
Coverage: $2,500
Premium: $100
K Policy: Blanket Employees' Dishonesty-Theft, Disappearance
Coverage
Company: Fidelity& Deposit Company
Bond No. FD 02897925
Bond Period: January 15, 2002 to January 15, 2003
Insured: Public Employee Blanket-Water Office Manager
Coverages: $10,000 Inside Premises
$3,000 Outside Premises
$10,000 Per Employee
$15,000 Excess Limit (Water Office Manager)
Premium: $1,667
L Policy: Public Official Bond
Company: Fidelity& Deposit Company
Bond No.: FD 30523655
Bond Period: October 1, 2001 to October 1, 2004
Insured: City Clerk- Lydia Torres
Coverage: $25,000
Premium: $100
M Policy: Public Official Bond
Company: Aetna Insurance Company
Bond No.: S 10084654
Bond Period: August 6, 2002 to August 6, 2003
Insured: Director of Public Works - George Bonnett
Coverage: $2,500
Premium: $50
119
EXHIBIT L-16
(Page 4 of 5)
CITY OF WICHITA FALLS, TEXAS
SCHEDULE OF INSURANCE COVERAGE (UNAUDITED)(CONTD.)
SEPTEMBER 30, 2002
Insurance
Code
N Policy: Public Official Bond
Company: Aetna Insurance Company
Bond No.: S 100841241
Bond Period: August 24, 2002 to August 24, 2003
Insured: Municipal Court Administrator- Judith Elaine Bourgoin
Coverage: $2,500
Premium: - $50
O Policy: Public Official Bond
Company: Aetna Insurance Company
Bond No.: S 18072205
Bond Period: February 15, 2002 to February 15, 2003
Insured: Director of Finance -Jim Dockery
Coverage: $25,000
Premium: $125
P Policy: Public Official Bond
Company: Aetna Insurance Company
Bond No.: 71 S 100648903
Bond Period: May 21, 2002 to May 21, 2003
Insured: Municipal Court Judge- Larry Gillen
Coverage: $2,500
Premium: $100
Q Policy: Health Insurance
_ Company: J. Allan Hall &Associates, Inc.
Policy No.: City of Wichita Falls Employee Benefits Trust
Policy Period: December 1, 2001 through November 30, 2002
Perils: Illness and Accidental Injury (Non-work Related)
Coverage: $1,000,000 Lifetime Maximum
Deductible: Various Amounts Depending on Plan Option Chosen
by Employee
Coinsurance: Coinsurance coverage begins when a limit of 20% or 30%
reaches $3,500, $5,000, $10,000 or$15,000 yearly,then
insurance company pays 100% of eligible expenses.
Premium: $322,350
120
EXHIBIT L-16
(Page 5 of 5)
CITY OF WICHITA FALLS, TEXAS
SCHEDULE OF INSURANCE COVERAGE (UNAUDITED)(CONTD.)
SEPTEMBER 30, 2002
Insurance
Code
R Policy: Dental Insurance
Company: J.Allan Hall &Associates, Inc.
Policy No.: City of Wichita Falls Employee Benefits Trust
Policy Period: December 1, 2001 through November 30, 2002
Perils: Basic Dental Coverage with Orthodontics for Children Under 19
Coverages: $1,000 Annual Maximum- Basic Coverage
$1,000 Lifetime Maximum-Orthodontics
Deductible: Basic Coverage- $100 Annually Per Person (Maximum 3
Family Members); No Deductible for Orthodontics
Coinsurance: 80-20 Basic, 50-50 Orthodontics, 50-50 Periodontics
Premium: (Included in Health Premium)
S Policy: Life Insurance
Company: TMRS
Policy No.: Not Applicable
Policy Period: October 1, 2001 through September 30, 2002
Perils: Death and Dismemberment Benefits
Deductible: N/A
Premium: One Times Employee's Annual Salary
T Policy: Life Insurance (Directors Only)
Company: Pilot Life Insurance Company
Policy No.: 0548 (Group#1)
Policy Period: January 1, 2002 to December 31, 2002
Perils: Death and Dismemberment Benefits
Coverage: $25,000
Deductible:
Premium: Annual Estimate $338
121
ed �1
V -
GRAPHICS
EXHIBIT M-1
CITY OF WICHITA FALLS , TEXAS
CASH AND INVESTMENTS
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122
EXHIBIT M-2
CITY OF WICH ITA FALLS , TEXAS
TOTAL BONDS PAYABLE
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2000 4 i+4y4f*i
2001
2002
September 30,
(UNAUDITED)
123
EXHIBIT M-3
CITY OF WICHITA FALLS , TEXAS
GENERAL OBLIGATION BONDS PAYABLE
25
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2000 a �'
September 30, 2001
2002
(UNAUDITED)
124
EXHIBIT M-4
CITY OF WICH ITA FALLS , TEXAS
REVENUE BONDS PAYABLE
20c —��
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2000 +.#
2001
September 30,
2002
(UNAUDITED)
125
EXHIBIT M-5
CITY OF WICHITA FALLS , TEXAS
GENERAL FUND EQUITY
14
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2000 /` lf% '°
2001
September 30, 2002
Reserved/Designated ❑ Undesignated
(UNAUDITED)
126
EXHIBIT M-6
CITY OF WICHITA FALLS , TEXAS
COMPARISON OF TAX LEVY AND COLLECTIONS
18
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2000 2001
Years Ended September 30, 2002
OTax Collections te.Tax Levy
(UNAUDITED)
127
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EXHIBIT M-8
CITY OF WICHITA FALLS, TEXAS
EXPENDITURES BY FUNCTION - FYE 9/30/02
Administrative Services Police
14% 13%
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++ ++' �h `� � } ' \ Parks and Recreation
Capital Outlay ><><><}<}<}<><'<'{}{>t}{>t>{>{}{}{>{>{};}{}{'{,t.*l ++ ;`.:y •-•- /�/;/ ;< '`'`. 3%
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Public Works
28%
(UNAUDITED)
129
EXHIBIT M-9
CITY OF WICHITA FALLS , TEXAS
GENERAL GOVERNMENTAL REVENUES (GENERAL FUND ONLY)
45 --------
40 -------
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++ +: 4 + ! 444 * 4r+ 4 4 1 4.-0:1 F y h� ` 44 �r4#t4�4tt�r44 4 4f*4:* •3'4 �'+ + r + + :• 4 4 +4 4a 4+*+*+4444 f+41 44+44+4 :+1 + r +4*4.4i� 444#*+*+ :1 :4444 +i +*+4*+:444444 ++ * 4+r 444444+ $ 0: k4 4 r+ +i 444*444+4444+ .} 4*444 a���Q 4 4444# f44+r ++++i 44444*4�4 ♦+4� ;4 4. + F +10 /4 4444: 4444*+:+444444*, ++ *p _ ++444 '44::::*4+4` + +*4t+*:* ++*#+44444+•*44* 44: t 444+4+4+ 4 4 4 +4 A.rf + ffiff f4 +444++i+4 ; 4+4;4++4 ; 4444 444 4*+ 1 4+404+4: +2+M444444 4444444.2444+ �44 }+4}+$}+*44 * +4 4k 44444 # 4}44+14� +4# +41� �T4 4 Y:4+ 4+fTf 4Y ♦! *44+*+*4444#:i� � F� 4*++T4*44+if 4� +* �'* 4r : ** . +444 * + ** }41��4 +44#:#:}#+*:+4444+ +:444 44 * 44444#+444r*r4r 4 +4+ t'i+ 44*sif +i4♦444i ' +*+44444** 4+� +#f+ 4444 �. + r.11T 4444 4444 `444444 4 4444+444++4+ + :*:*:44444: +444`.t:44 44t+44*+4+': 4+..a� .4 +t:4+ .4. *+4+++,++ ++„4 4f
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4, • �4`+++*�F� +444 .. 4«4�r4+r444�44444++ +i4�*44♦+44�4+ i+� f 4 4�f 44 f:
1993 4 4 .4+4:4444««+4f4 4 ni ;' 444 4 y'
1994 :i t4+4+++444 444+444,.+ 4 44*4♦4 ',+! 4 #+4444♦♦++: %�4*4+r4 a 44444 4444�44+4* .
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1996 1997 4�4+�42e4L44*+ ` `F
1998 199 �f 4a 9♦ �' ..«4
9
Years Ended September 30, 2000 2001
2002
(UNAUDITED)
130
EXHIBIT M-10
CITY OF WICHITA FALLS, TEXAS
GENERAL GOVERNMENTAL EXPENDITURES (GENERAL FUND ONLY)
50 ------1
45 -/1
40 I , +..>. + + +++
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+ �F *40�f�4*#t+�«++ a
20 - Y *+++*, ++ +++*+�+ i 0ki +* Oa*+++' Nan «+*r*i;�, + #+#i *4+*+yT +' ++ +4+'+
00 ++ +, 4 +mot++++, it+ + r O«+#O ++i RAM
*+r ++ ++ 1
4+4,44
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+ •i*a** O + r4 :0* *+ +1: *1 ++«***++i�i> +y+++ +++ +*+� i'+O* 10
+ ++ +�+ ++� } + +*'*+* ++4+O+i +}+y+t+«*+fit *, +itt + a _ «+« ' + t, + +0+4155 — .+y � �tjy! ++* $ +++++*+ +0 ?I + $ *+*#* +mot ++' - + +#+ ++' #+++T+4'S ++* + y++++ � ♦ * 4+4���Y�� i i4++ ''� + *{+ y+ifial
+ +*+ ++3+++*+ * + ::$ ++* ito.#!' : O , +*�«r +it+it+p +t + ,
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1998 *-4*h'
1999 '
Years Ended September 30, 2000 2001
2002
(UNAUDITED)
131