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4 . September 30, 2001
CITY OF 1MCHITA FALLS, TEXAS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE YEAR ENDED SEPTEMBER 30, 2001
ISSUED BY:
DEPARTMENT OF FINANCE
CITY OF WICHITA FALLS, TEXAS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE YEAR ENDED SEPTEMBER 30, 2001
TABLE OF CONTENTS
Exhibit Page
INTRODUCTORY SECTION
Letter of Transmittal i-xv
GFOA Certificate of Achievement xvi
Organizational Chart xvii
List of Principal Officials xviii
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, 2001
TABLE OF CONTENTS (CONT'D.)
Exhibit Page
COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS (CONTD.):
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, 2001
TABLE OF CONTENTS (CONTD.)
Exhibit Page
COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS (CONTD.): -
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 and Joint Venture Assets- By Sources K-4 88
General Fixed Assets Account Group- Schedule of Changes
in General Fixed Assets and Joint Venture Assets- By Sources K--5 89
General Fixed Assets Account Group- Schedule of General
Fixed Assets and Joint Venture Assets- By Function and Activity K--6 90
General Fixed Assets Account Group- Schedule of Changes in General
Fixed Assets and Joint Venture 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
Fleet Maintenance Fund - Plant, Equipment and Depreciation K-14 98
Duplicating Services Fund K-15 99
Wichita Falls Economic Development Corporation —Schedule of
Changes in General Fixed Assets K-16 100
CITY OF WICHITA FALLS, TEXAS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE YEAR ENDED SEPTEMBER 30, 2001
TABLE OF CONTENTS (CONTD.)
Exhibit Page
STATISTICAL SECTION (UNAUDITED)
General Governmental Expenditures by Function (General Fund
Only) - Last Ten Fiscal Years L--1 101
General Governmental Revenues by Source (General Fund Only) -
Last Ten Fiscal Years L--2 102
Property Tax Levies and Collections- Last Ten Fiscal Years L--3 103
Assessed and Estimated Actual Value of Taxable Property -
Last Ten Fiscal Years L--4 104
Property Tax Rates and Tax Levies- Direct and Overlapping
Governments - Last Ten Fiscal Years L--5 105
Ten Largest Taxpayers L--6 106
Special Assessment Collections (Capital Improvement
Assessments Fund) - Last Ten Fiscal Years L--7 107
Computation of Legal Debt Margin L--8 108
Ratio of Net General Bonded Debt to Assessed Value and
Net General Bonded Debt Per Capita - Last Ten Fiscal Years L--9 109
Ratio of Annual Debt Service Expenditures for General Bonded
Debt to Total General Governmental Expenditures- Last Ten
Fiscal Years L-10 110
Computation of Direct and Overlapping General Bonded Debt L-11 111
Revenue Bond Coverage - Water and Sewer Revenue Bonds-
Last Ten Fiscal Years L-12 112
Demographic Statistics- Last Ten Fiscal Years L-13 113
Property Value, Building Permits and Bank Deposits- Last Ten
Fiscal Years L-14 114
Miscellaneous Statistical Data L-15 115
Schedule of Insurance Coverage L-16 116-120
Graphics:
Cash and Investments M--1 121
Total Bonds Payable M--2 122
General Obligation Bonds Payable M-3 123
Revenue Bonds Payable M-4 124
General Fund Equity M--5 125
Comparison of Tax Levy and Collections M--6 126
Revenues By Source- FYE 9/30/01 M--7 127
Expenditures By Function - FYE 9/30/01 M--8 128
General Governmental Revenues (General Fund Only) M--9 129
General Governmental Expenditures (General Fund Only) M-10 130
A
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5,
INTRODUCTORY SECTION
Wichita
February 25, 2002
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, 2001. 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, 2001, 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 2000 Census places the City's population at 104,197,
an increase of 8.25% over the 1990 population of 96,259.
CITY SERVICES AND THE REPORTING ENTITY
The City of Wichita Falls utilizes a Council-Manager form of government and is organized
under the Constitution and Laws of the State of Texas. The City Council is comprised of five
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, were included in this report as component units. The Wichita Falls
Economic Development Corporation, Wichita Falls 4B Sales Tax Corporation, and the
Wichita Falls Reinvestment Zone #1 are reported as discretely presented component units.
The Employee Benefit Trust Fund is reported as a blended component unit.
The Wichita Falls Firemen's Relief and Retirement Fund was evaluated, but it did not meet
the criteria of financial interdependency, and therefore, was not included in the report. This
organization has substantial autonomy, separate governmental entity characteristics and is
governed by a separate board. Also, it is not funded by the City, and the City is not obligated
to finance any deficits it may incur or guarantee its indebtedness.
ii
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.
Another indicator of economic condition is income from the local sales and use tax. The sales
tax rate in the city is two percent. Income from this tax increased for the City by $633,631, or
3.00% over the 1999-00 fiscal year.
Residential and Commercial Expansion. The City of Wichita Falls continued to perform
strongly in the area of new construction. The total value of new residential construction
permits for the 2000-01 fiscal year was $27,539,620, which is an increase of $359,074 or
1.32%from the prior year.
Commercial real estate transactions and new construction over the last year have also been
extremely healthy. The value of building permits for commercial construction and expansion
was $60,750,107 during the 2000-01 fiscal year, an increase of 55.47% from the prior year.
The following entities announced expansion, new construction or consolidations in excess of
$1,000,000 in value during the 2000-01 fiscal year:
• Best Buy. A total of 30,058 sq. ft. with an estimated cost of$2,000,000.
• Wanamaker Twenty Nine/Bundy Joint Venture. A total of 4,800 sq. ft. with an estimated
cost of$2,200,000.
• Cryovac Sealed Air Group. A remodel/addition with an estimated cost of$3,656,000.
• Kell West Regional Hospital. A total of 23,668 sq. ft. with an estimated cost of
$2,613,000.
■ North Texas Rehabilitation Center.-A total of 12,962 sq. ft. therapy pool addition with an
estimated cost of$2,034,000.
■ American National Bank. A total of 7,774 sq. ft. with an estimated cost of$1,750,000.
■ Wichita Falls Teachers Credit Union. A total of 8,720 sq. ft. with an estimated cost of
$1,458,000.
iii
• ABB Controls. A total of 50,000 sq. ft. with an estimated cost of$1,159,000.
• Multi-Purpose Events Center Coliseum. A total of 147,500 sq. ft. with an estimated cost
of$19,683,000.
• Wichita Falls Plaza. A total of 26,195 sq. ft. with an estimated cost of$1,220,000.
MAJOR INITIATIVES
For The Year. The City Council has identified programs to meet citizen's requests for
services and to safeguard the environment. During this fiscal year, 4B Sales Tax Corporation
funds were authorized 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 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 costs for this facility are
estimated to be $1.7 million.
The most significant project of the year was the issuance of $118,770,000 of Water and
Sewer System Revenue Bonds for significant improvements to the City's water system. The
improvements are designed primarily to meet regulatory treatment requirements of the EPA
and TNRCC 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 begin in 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.
On January 20, 2001, the voters of the city approved the issuance of $7 million in General
Obligation Bonds to partially fund the cost of a $20 million coliseum as the third phase of the
Multi-Purpose Events Center. The finance plan calls for the use of approximately $8 million
iv
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 to be paid annually with funds
from the Hotel/Motel Tax Fund, Tax Increment Financing Fund and contractual payments
from the West Texas Utilities Company. Construction began in the Spring of 2001 and is
expected to take 18 months to complete.
In the Fall of 2000, the City Council authorized the establishment of a Storm Water Drainage
Utility System. This system, which took effect on May 1, 2001, provides a funding
mechanism for drainage improvements in the city as allowed under Chapter 402, Subchapter
C of the Texas Local Government Code. The system is designed to assign a fair and equitable
charge to the public for storm water drainage management services including capital
improvements. The fee is based upon the impervious area of all real property, whereby each
residential water customer is assessed for one Single Family Living Unit Equivalent (SFLUE)
at $1.50 each month, and each commercial customer pays a multiplier of the SFLUE based
upon the impervious area of their property. The charges are included in the monthly
water/sewer/refuse bill for collection and the proceeds are deposited into an enterprise fund to
be used exclusively for drainage improvement projects. It is estimated that this system will
generate approximately $1,047,000 annually.
The City has entered into a cost sharing agreement with the Texas Department of
Transportation for the relocation of utilities in the construction area of the Kell Freeway
Project from Kemp Boulevard to Fairway Boulevard. The agreement requires the City to pay
10% of the utility relocation costs at an estimated cost of$1 million. The State is required to
pay the remaining cost of the utility relocations and the total construction of the freeway.
Once completed, this highway project will greatly assist the overall movement of traffic in
and around the city.
Another significant project undertaken during the 2000-01 fiscal year was the replacement of
the City's HVAC system in Memorial Auditorium/City Hall. The new system is designed to
be more energy efficient than the previous system which was over 35 years old. The total cost
for this project was approximately $1.1 million. The project is guaranteed to pay for the
replacement cost from energy savings and cost avoidance over a ten year period.
The City has a very aggressive economic development program that includes the use of
enterprise zones, tax abatement, tax increment financing, economic development sales tax
incentives, and non-annexation agreements for economic development incentive programs.
During the 2000-01 fiscal year, Wichita Falls has been successful in retaining and expanding
existing businesses in the community. Some of the major economic development projects for
the year include:
Cryovac, a division of Sealed Air, announced in November of 2000 that it planned to
convert a warehousing facility in Wichita Falls to manufacturing to take advantage of
a new fast growing market in food packaging. The industry began operations at the
new facility in 2001 with approximately 70 new jobs. Additionally, there are plans for
future expansions.
v
MagicAire, a division of the Carrier Corporation has manufactured air conditioning
equipment in Wichita Falls for over 50 years. In the fall of 2000 they announced that
Carrier Corporation asked them to begin manufacturing a new air conditioning unit to
be used in high-rise office buildings. This new contract will create 15 jobs, five of
which will be in engineering and design.
Cingular Wireless (formerly Southwestern Bell Wireless) began receiving their first
customer service calls in October of 2000. The company built a 100,000 square foot,
two story office building in the heart of Wichita Falls' emerging commercial corridor.
Customers with wireless telephone service call the center when they have questions
about their bill, credit terms, or their telephone system. Total employment for the
company ranges from 650 to 700 full-time equivalents.
ABB Controls announced in February 2001 their plans to expand production of low
voltage motor control products at the present location. The planned improvements
include $1.2 million in a facility expansion and $1.1 million in additional production
equipment. It is estimated that 27 new jobs will be created through this economic
development project.
Wichita Falls Refurbishment is in the process of expanding its existing facility
primarily to participate in the manufacturing and assembly of the ST5 Generator. At a
minimum, the industry has agreed to an investment of$500,000 and the creation of 12
to 49 new jobs.
EMD Engineering announced plans in 2001 to expand their local operations with new
capital investment associated with an 8,000 square foot facility expansion and the
creation of up to 20 high paying jobs.
For The Future. The City Council recently authorized a contract with an engineering
consulting firm to assist the City in the planning and acquisition of an integrated public safety
communications system including two-way radio, Computer-Aided Dispatching (CAD),
Records Management Systems (RMS), and Mobile Data Wireless Communication Systems.
The consulting fees are estimated to be $431,000 for three phases of work. Phase One
includes updating the needs assessment for the Police, Fire, & EMS radio system; assessing
the needs of the City's CAD/RMS, assessing the need for Mobile Data communications,
budgetary cost estimates for potential new systems, and development of an implementation
strategy for the new systems. Phase Two includes the development of Requests for Proposals,
proposal solicitation, vendor evaluation, and contract assistance, as required. Phase Three
offers implementation assistance, performance evaluation, and final system acceptance. The
cost of this consulting work and new system improvements will be funded with 4B Sales Tax
Corporation funds.
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
vi
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.
The City recently joined approximately 100 other cities in Texas in an aggregation project for
the purchase of electricity in the deregulated electric market that took effect in January 2002.
By combining the electric loads of members' electric utility accounts, the City of Wichita
Falls was able to achieve volume savings in the purchase of its electricity. It is estimated that
the City will save approximately $375,000 annually in electricity costs when compared to the
price to beat rates offered by the incumbent utility.
Another electricity savings project that was approved for funding in the 2001-02 budget was
the replacement of the red and yellow standard filament traffic signal lamps at all of the city's
125 intersections with Light Emitting Diodes (LED's). These LED indicators use 85% less
electricity than the standard filament lamps resulting in a estimated three year return on
investment from electricity savings. The green lamps at some of the city's intersections will
also be replaced with LED indicators during this fiscal year if funding is available and the cost
for the green lamps proves to be cost effective.
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
vii
September 30, 2001, 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 $43,409,254 in the 2000-01 fiscal year, an increase of
3.78% from the 1999-00 fiscal year. Much of this increase is due to increases in ad-valorem
and sales taxes as a result of the continued growth in the tax base and strong retail sales
activity. Additionally, franchise taxes received from the local gas company increased
significantly from the prior year due to higher fuel prices and a colder winter. Revenues from
licenses and permits have decreased from the 1999-00 fiscal year, but this decrease is due
entirely to the timing of payments from telecommunication providers for use of the City's
right-of-ways as a result of the implementation of House Bill 1777. A reduction in revenue is
also reflected in Fines and Forfeitures due to a reduction in fines collected at the Municipal
Court.
Increase
General Fund Percent (Decrease)
Revenue Source Amount of Total Over Prior Year
Taxes $36,944,112 85.10 $1,842,082
Charges For Service 1,783,301 4.11 49,749
Licenses and Permits 1,892,099 4.36 (127,557)
Fines and Forfeitures 1,259,742 2.90 (158,149)
Intergovernmental Revenue 33,319 .08 (13,666)
Contributions 32,901 .08 32,901
Miscellaneous Revenue 1,463,780 3.37 (44,759)
TOTALS $43,409,254 100.00 $1,580,601
Assessed valuation, which is based upon 100% of market value, was $3,173,057,900, an
increase of 3.90% from the prior year. The total property tax levy for the 2000-01 fiscal year
was $16,791,261. Current tax collections totaled $16,365,706 or 97.47% of the total levy.
The ratio of total collections (current and delinquent) to the tax levy was 98.19%. Allocation
of the property tax levy by purpose for the year ended September 30, 2001, and the preceding
two fiscal years was as follows:
Purpose 2000-01 1999-00 1998-99
General Government $14,686,254 $14,006,613 $12,424,274
Debt Service 2,105,007 2,108,944 2,101,875
TOTALS $16,791,261 $16,115,557 $14,526,149
viii
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, 2001, was $.55194 per $100, which means that the City has a tax
margin of$1.69806 per $100, and could raise up to $53,880,427 additional tax revenue a year
from the present assessed valuation of$3,173,057,900 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:
Increase
Percent (Decrease)
Function Amount of Total Over Prior Year
Administrative Services $ 7,263,876 16.45 $ 283,676
Police 13,293,997 30.09 134,596
Fire 8,412,257 19.04 44,795
Parks and Recreation 3,059,595 6.92 (12,789)
Finance 1,489,661 3.37 158,229
Community Development 1,102,205 2.49 43,620
Public Works 4,408,476 9.98 (1,390,672)
Health 2,080,081 4.71 29,168
Traffic and Transportation 1,707,211 3.86 153,227
Capital Outlay 1,365,232 3.09 1,220,444
Debt Service 0 .00 (2,811)
TOTALS $44,182,591 100.00 $ 661,483
Expenditures in the General Fund totaled $44,182,591, an increase of 1.52% from the 1999-00
fiscal year. Some of the major expenditure increases when compared to the prior year are: (1)
the Administrative Services Department incurred considerably more expenses than in the prior
year for outside legal services to defend the City in personnel related lawsuits; (2) the Finance
Department experienced higher personnel and maintenance expenses due to a reorganization
that resulted in the transfer of technical support personnel and computer related expenses from
the Police Department to the Information Systems Division; (3) the Traffic and Transportation
Department experienced higher costs for street light electricity due to the installation of higher
wattage lights on the Broad and Holiday Overhead and fuel surcharges; and (4) Capital Outlay
included costs associated with the replacement of the HVAC system in the Memorial
Auditorium/City Hall. One significant reduction in expenses is reflected in the Public Works
Department because expenses for two fiscal years of street resurfacing projects were
accounted for in the 1999-00 fiscal year and funds were expended in the prior year for the
City's matching fund requirement for the State's Barnett Road Reconstruction Project.
ix
General Fund (Fund Balance)
The General Fund had a total fund balance as of September 30, 2001 of $10,078,464, a
reduction of$177,887, or 1.73% from the prior year. The unreserved fund balance ended the
fiscal year at $8,750,034, a reduction of$1,037,804, or 10.60% from the prior year. Much of
this reduction was due to the planned use of fund balance for the installation of the new
HVAC system for the Memorial Auditorium/City Hall that was mentioned above.
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 $1,116,968 compared to $1,087,649 in the prior year, an increase of 2.70%.
Expenditures from this fund are for programs designed to promote tourism in the community.
Expenditures were $938,047, an increase of 13.59% from the prior year, primarily because a
higher contribution was made to the Multi-Purpose Events Center. The City Council also
approved the transfer of$441,353 of Hotel/Motel Tax Funds to the MPEC Coliseum Capital
Project Fund. Total fund balance of the Hotel/Motel Tax Fund was $631,025 as of September
30, 2001.
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 2000-01 fiscal year, financial activity of these funds
remained relatively unchanged from the prior year.
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 decreased considerably from the prior year
primarily because the 1999-00 fiscal year included significant intergovernmental revenue for
the purchase of Kickapoo Downtown.Airpark.
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
2000-01 fiscal period, expenditures from the Capital Projects Funds amounted to $3,528,102
principally for the Multi-Purpose Events Center Coliseum Construction Project. Fund
balance in the Capital Projects Fund as of September 30, 2001,totaled $20,640,008.
x
r
PROPRIETARY FUNDS
Water And Sewer Fund
The Water and Sewer operations for the past three years are presented in the following
tabulation:
2000-01 1999-00 1998-99
Operating Revenues $ 25,647,505 $ 20,415,672 $ 21,371.568
Operating Expenses 17,577,690 16,825,909 16,806,193
Operating Income 8,069,815 3,589,763 4,565,375
Nonoperating Revenues (Expenses) (1,143,656) (624,611) (1,149,813)
Operating Transfers (2,876,799) (706,015) (702,762)
Net Income $ 4.049,360 $ 2,259,137 $ 2,712,800
Operating revenues in the 2000-01 fiscal year were significantly higher than in the prior year
because rate increases were approved in October 2000 and again in February 2001 primarily
to begin generating revenues for debt service requirements of the Series 2001 Priority Lien
Revenue Bonds that were sold in September 2001. Operating expenses increased by 4.47%
from the prior year primarily due to (1) increases in personnel related expenses associated
with certification requirements of the TNRCC; (2) overtime expenses to address increased
demand on the water plants and water distribution systems; (3) increased costs for central
garage services; and (4) electricity expenses. The increase in operating transfers is due
principally to the transfer of funds received from the West Texas Utilities Company to the
MPEC Coliseum Capital Project Fund.
Golf Fund
The Golf Fund was established in January of 1997 to account for operating revenues and
expenses of the Weeks Park Golf Course. Operating revenues of the Golf Fund for the year
ended September 30, 2001, were $768,083, a decrease of $21,539, or 2.73% from the prior
year. Operating expenses for the Golf Fund were $732,682, an increase of$17,762, or 2.48%
from the prior year. The operating income for the fund was $35,401 and the net income was
$27,083. Unrestricted cash and cash equivalents ended the fiscal year at $172,615.
Municipal Airport Fund
Operating revenues of the Municipal Airport for the year ended September 30, 2001, were
$375,449 compared to $329,533 in the prior year. Operating expenses were $334,924
compared to $358,154 in the prior year, a decrease of 6.49%. The primary reason for this
decrease in expenses is because the roof and ceiling tile at the terminal building were replaced
in the 1999-00 fiscal year. The operating income for the fund was $40,525 and the net income
was $29,559. Unrestricted cash and cash equivalents ended the fiscal year at$231,807.
xi
Kickapoo Airport Fund
This fund was created during the 1999-00 fiscal year to account for the financial activity of
the Kickapoo Airport that was purchased in June 2000 from the private sector. The first
complete fiscal year of operations for the fund is reflected in 2000-01. Operating revenues for
the fiscal year were $327,583 and operating expenses were $291,642, resulting in an operating
income of $35,941. Net income for the fund was $36,625. Unrestricted cash and cash
equivalents ended the fiscal year at $125,614.
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 from passenger fees totaled $202,180, an increase of 14.58% from the
prior year. Operating expenses were $1,110,261, which is an increase of 14.04% from
1999-00. Much of this increase in operating expenses was due to higher supply and
maintenance expenses for the bus fleet and higher workers compensation costs. Although this
increase in expenses resulted in a higher operating loss than in the prior year, a significant
increase in funding from the State allowed the City to reduce its operating subsidy by $84,110
from the prior year.
Sanitation Fund
Sanitation revenues for the year ended September 30, 2001, were $8,412,122, a decrease of
2.99% from the prior year. Much of this reduction was due primarily to a reduction in rates
for residential curbside customers in response to lower costs resulting from the curbside
automation collection program. Operating expenses were $7,078,065, a reduction of
$1,005,506, or 12.44% from the prior year. This reduction is primarily because costs
associated with a new landfill cell liner were incurred in the 1999-00 fiscal year. The
operating income for the fund was $1,334,057 and the net income was $1,303,618.
Unrestricted cash and cash equivalents ended the fiscal year at $7,976,670.
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 revenues of the System as of September 30, 2001 were $388417. No expenses were
incurred.
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, 2001 were $6,791,693 compared to $6,039,562 in
1999-00 fiscal year.
xii
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, 2001, were $291,322 and operating expenses were
$248,596.
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, 2001, were $5,728,528, an increase of 5.85% from the prior year. The increase
in revenues is principally due to an increase in reimbursements from a third-party stop loss
insurance provider for individual health claims that exceeded the maximum claim amount
during the contract year. Operating expenses in fiscal year 2001, were $5,265,834, a decrease
of 1.12% from the prior year.
FIDUCIARY FUNDS
Fiduciary Funds are set up for the purpose of accounting for money and property received
from non-enterprise fund sources and held by a governmental unit in the capacity of trustee,
custodian, or agent for individuals, governmental entities and non-public organizations.
Included in the Fiduciary Funds are the Excess Sales Tax Fund, Cemetery Perpetual Care
Fund, Payroll Fund and the Escheatment Fund.
DEBT ADMINISTRATION
Outstanding general obligation bonds at September 30, 2001, totaled $19,215,000 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
e 2000-01 fiscal year were as
follows:
Ratio of Debt
Net Direct To Assessed Debt Per
Bonded Debt Value Capita
$19,019,227 .60% $183
The current underlying-bond ratings are as follows:
Moody's Investors Standard &
Service Poor's
General Obligation Bonds Al AA
Water and Sewer Revenue Bonds A2 A+
xiii
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 2000-01, 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, 2000. The Certificate of Achievement is a prestigious national award
recognizing conformance with the highest standards for preparation of a state and local
government financial report.
In order to be awarded a Certificate of Achievement, a government must publish an easily
readable and efficiently organized comprehensive annual financial report, whose contents
conform to program standards. The CAFR must satisfy both generally accepted accounting
principles and applicable legal requirements.
A Certificate of Achievement is valid for a period of one year only. We believe our current
report continues to conform to the Certificate of Achievement program requirements, and we
are submitting it to GFOA to determine its eligibility for another certificate.
Acknowledgments
Our appreciation is extended to the various elected officials, department heads and employees
responsible for the fair presentation of the comprehensive annual report and for contributing
xiv
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,
t:
Jim Dockery
Director of Finance
xv
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, 2000
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.
ap�Er
4�!E THE F9f w
2 AWED STATES N (\\�/
W� AND `.r
=l �1NA0F Pr sident
6W 4 CORPORATION if
yob c�:.�.", �j
CNICL6C
Yil
Executive Director
xvi
CITY OF WICHITA FALLS
ORGANIZATIONAL CHART
I WICHITA FALLS I
CITIZENS
i
COMMISSIONS CITY COUNCIL E HI CM/ENS
BOARDS
I
I
DGE
CMNICIPALOURT J
I CITY MANAGER J
I CITY ATTORNEY I I CITY CLERK J
J1
I
TRAFFIC AND FINANCE ASSISTANT CITY ADMINISTRATIVE HOUSING do HEALTH
TRANSPORTATION DEPARTMENT MANAGER SERVICES COMMUNITY DEPARTMENT
DEPARTMENT DEPARTMENT DEVELOPMENT
I I
C I AIRPORT PUBLIC FINANCE— UTILITY I I M.LK PUBLIC1COMPREHENSWE1 BUILDING ADMINISTRATION ENVIItONMENT
H. IFI ACCOUNTING F.-1 COLLECTION CENTER COMMUNICATION PLANNING INSPECTION FHEALTH
jTRANSPORTATION
AL 1I ' J
111ENGINEERINGC E RVVIICES N PURCHASINGF 1 R", N LIBRARY FARMERS
T I
HOUSING ENFORCEMENT 1PUBLIC
CODE NURSINNG TH POLLUTION
BUILDING
I
AUDITORIUM MAINTENANCE 1 MAPROPERTY NAGEMENT f •• TRAPLANNINGONPERSONNEL
DUPLICATING
SERVICES
GOLF •
COURSE
MUNICIPAL
COURT
I I
POLICE I FIRE PARKS AND PUBLIC WORKS/
DEPARTMENT DEPARTMENT RECREATION PUHUC UTILITIES
DEPARTMENT DEPARTMENT
I SERVICESCAL SERVICES FS I I SUPPRESSION INVESTIGATION RECREATION MAINTENANCE I PARKS
�ENGINEERINGI-� SANTTATION
��/ 111 I
111
'ADMINISTRATION' I CEMETERY I I STREET F1 MAINTENANCE UTILITIES I
CITY OF WICHITA FALLS, TEXAS
LIST OF PRINCIPAL OFFICIALS
SEPTEMBER 30, 2001
Title Name
Mayor Gerald Lueck
Mayor Pro-Tern Bill Altman
City Council Member James Esther, Jr.
City Council Member Linda Ammons
City Council Member Johnny Bums
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 Vacant
Director of Aviation, Traffic and Transportation Robert Parker
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 George Bonnett, P.E.
xviii
FINANCIAL SECTION
MATHIS, WEST, HUFFINES & CO., P.C.
Capital Center • Indiana at Seventh
r u _ Certified Public Accountants P.O.Box 97000 • Wichita Falls,Texas 76307-7000
(940)723-1471 • FAX(940)723-2251
^?*� Email mwh®mwhpc.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, 2001, 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,
2001, 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, 2002, on our consideration of the City of Wichita Falls, Texas'
internal control over financial reporting and our tests of its compliance with certain provisions of
laws, regulations, contracts and grants.
The information listed as required supplementary information in the table of contents is not a
required part of the general purpose financial statements, but is supplementary information
required by the Governmental Accounting Standards Board. We have applied certain limited
procedures, which consisted principally of inquiries of management regarding the methods of
measurement and presentation of the required supplementary information. However, we did not
audit the information and express no opinion on it.
1
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.
MATHIS, WEST, HUFFINES & CO., P.C.
Wichita Falls, Texas
January 24, 2002
2
GENERAL PURPOSE FINANCIAL
STATEMENTS
V1PPIAN,
CITY OF WICHITA FALLS, TEXAS
COMBINED BALANCE SHEET-ALL FUNDS TYPES,ACCOUNT GROUPS AND
DISCRETELY PRESENTED COMPONENT UNITS
SEPTEMBER 30, 2001
WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 2000
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 $ 1,467,044 $3,109,300 $ 211,390 $21,298,775 $ 17,989,989 $ 2,243,835
Investments 7,069,070 - - - - -
Receivables(net of allowance for
uncollectible accounts):
Taxes and assessments 771,692 78,602 133,480 - - -
Customer and trade - - - - 3,712,473 -
Other City funds 746,085 - - - - -
Component unit - - - 1,535,812 - -
Government agencies 2,845,660 3,308,981 14,422 - 106,256 -
Other 706,702 12,701 - 853 88,296 26,097
Inventory 22,618 - - - 766,159 719,310
Prepaid items 48,820 18,218 - - 9,619 9,976
Restricted assets:
Cash and cash equivalents - - - - 24,883,434
Investments - - - - - -
Receivables
Bond proceeds - - - - 119,591,856 -
Other - - - - 16,701 -
Plant and equipment:
Land and betterments - - - - 26,591,207 433,658
Buildings,systems and improvements - - - - 135,734,023 4,010,098
Machinery and equipment - - - - 3,752,870 103,129
Furniture and fixtures - - - - 42,196 6,358
Motor vehicles and equipment - - - 1,235 31,328,014
Construction in progress - - - - 4,721,299 190,541
Accumulated depreciation - - - - (64,280,043) (20,580,565)
Net investment in joint venture - - - - - -
Deferred charges - - - - 3,132,055 -
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 $13,677,691 $6,530,802 $ 359,292 $22,835,440 $276,859,625 $18,490,451
The accompanying Notes are an integral part of these financial statements.
3
EXHIBIT A-1
(Page of2
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 2001 2000
$ 941,785 $ - $ - $ 47,262,118 $ 13,297,470 $ 60,559,588 $ 38,502,030
- - - 7,069,070 - 7,069,070 13,472,128
- - - 983,774 6,254 990,028 973,597
- - 3,712,473 - 3,712,473 3,364,348 i.
- - - 746,085 - 746,085 898 017
- - - 1,535,812 - 1,535,812 362,385
299,618 - 6,574,937 983,214 7,558,151 7,228,076
- - - 834,649 - 834,649 973,492
- - - 1,508,087 - 1,508,087 1,553,059
- - - 86,633 - 86,633 88,295
- - - 24,883,434 - 24,883,434 24,096,504
- - - - 4,500
119,591,856 - i119,591,856 -
- - - 16,701 - 16,701 96,303
- 23,387,429 - 50,412,294 140,480 50,552,774' 40,949,706
- 27,664,965 - 167,409,086 459,520 167,868,606, 153,738659
7,267,032 - 11,123,031 - 11,123,031: 10,697,822'
- 214,110 - 262,664 - 262,664' 213,168
- 31,485 - 31,360,734 - 31,360,734 28,985,273
- 4,467,627 - 9,379,467 - 9,379,467' 2,136 722
- - - (84,860,608) - (84,860,608) (80,487066)?>
- - - - - 12,155,704,,
- - - 3,132,055 - 3,132,055 2,019,318'c''
- - - 3,000 - 3,000 3,000
- - 495.391 495,391 - 495,391 1,585,571 I'
- - 23,772,543 23,772,643 - 23,772,643 17,222,591
$ 1,241,403 $ 53,032,648 $ 24,268,034 $ 427,295,386 $ 14,886,938 $442,182,324, $280,823,217
(Continued)
CITY OF WICHITA FALLS, TEXAS
COMBINED BALANCE SHEET-ALL FUNDS TYPES,ACCOUNT GROUPS AND
DISCRETELY PRESENTED COMPONENT UNITS (CONT'D.)
SEPTEMBER 30,2001
WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 2000
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 $ 480,347 $ 272,201 $ - $ 929,537 $ 1,109,839 $ 180,224
Accrued payroll 423,847 33,135 - - 112,950 20,648
Accrued vacation and sick leave 290,000 - - - 329,342 44,621
Payable to other City funds - 665,655 - 21,000 59,430 -
Payable to primary government - - - - - -
Payable to government agencies 38,519 123,005 - - 45,198 -
Estimated health claims payable - - - - - 679,732
Tax anticipation notes payable - - - 965,000 - -
Other liabilities 1,330,960 141,163 27,190 279,895 148,218 -
Deferred revenue 799,978 296,325 136,329 - - -
Claims and judgments payable 235,576 - - - - -
Payable from restricted assets:
Contracts and trade - - - - 8,025 -
Revenue bonds-current maturities - - - - 4,299,753 -
Accrued interest-revenue bonds - - - - 950,604 -
General obligation bonds payable - - - _ - -
Payable to U.S.Government - - - _ 832.E -
Revenue bonds,less current maturities - - - - 172,349,440 -
Estimated liability for landfill closure
and postclosure care costs - - - - 3,201,245 -
Other long-term liabilities:
Customer deposits-payable from
restricted assets - - - - 2,066,807 -
Total liabilities 3,599,227 1,531,484 163,519 2,195,432 185,513,416 925,225
Equity and other credits:
Investment in general fixed assets - - - - - -
Investment in joint venture assets - - - - - -
Contributed capital - - - - 28,304,853 24,289,470
Retained earnings(deficit):
Reserved for revenue bond debt service - - - - 8,570,885 -
Unreserved - - - - 54,470,471 (6,724,244)
Fund balances:
Reserved for encumbrances 1,256,992 496,079 - 1,143,705 - -
Reserved for inventory and prepaid items 71,438 18,218 - - - -
Unreserved:
Designated for:
Subsequent years expenditures 3,000,000 3,813,904 - 20,376,575 - -
Debt service - - 195,773 - - -
Perpetual care - - - - _ -
Undesignated 5,750,034 671,117 - (880,272) - -
Total equity and other credits 10,078,464 4,999,318 195,773 20,640,008 91,346,209 17,565,226
Total liabilities,equity and other credits $13,677,691 $6,530,802 $ 359,292 $22,835,440 $276,859,625 $18,490,451
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 2001 2000
$ 368,592 $ - $ - $ 3,340,740 $ 35,165 -$ 3,375,935 $ 2,474,512
- - - 590,580 - 590,580 532,909
- - 4,780,594 5,444,557 - 5,444,557 5,313,638
- - - 746,085 - 746,085 898,032
- - - - 1,535,812 1,535,812 362,385
45,986 - - 252,708 - 252,708 394,092
- - - 679,732 - 679,732 575,296
- - - 965,000 - 965,003 1,255,000
- - - 1,927,426 - 1,927,426 1,713,392,:
- - - 1,232,632 - • 1,232,632 1,084,336
- - 272,440 508,016 - „ 508,016 605,292
- - - 8,025 - 8,025 8,025'
- - - 4,299,753 - 4,299,753 2,450,000
- - - 950,604 - 950,604 467,138
- - 19,215,000 19,215,000 - 19,215,000 13,705,000
- - 832,565.- � - 832,565' 856,671
- - - 172,349,440 - 172,349,440 56,245,000
- - - 3,201,245 3,201,245 3,138,476
- - - 2,066,807 - 2,066 807 .: 2,031,094
414,578 - 24,268,034 218,610,915 1,570,977 220,181,892 94,110,288
- 63,032,648 - 63,032,648 600,000 63,632,648 38,466,620
- - - - - - 12,155,704
- - - 52,594,323 - 52,594,323 49,471,971
- - - 8,570,885 - 8,570,885 8,209,707
- - - 47,746,227 - 47,746,227 45,338,862
- - - 2,896,776 2,249,949 5,146,725 • 939,432
- - - 89,656 - 89,656 118,311
- - - 27,190,479 10,466,012 37,656491 2.3,453.597`
299,618 - - 495,391 - 495,391 1585571
527,207 527,207 527,207 462131
- - - 5,540,879 - 5,540,879 6,511,023
826,825 63,032,648 - 208,884,471 13,315,961 222,000,432 186,712,929
$ 1,241,403 $ 63,032,648 $ 24,268,034 $ 427,295,386 $ 14,886,938 $442,182,324 $280,823,217
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, 2001
WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 2000
Governmental Fund Types
Special Debt Capital
General Revenue Service Projects
Revenues:
Taxes $ 36,944,112 $ 1,071,597 $ 2,107,657 $ -
Charges for services 1,783,301 41,869 - -
Licenses and permits 1,892,099 - - -
Fines and forfeitures 1,259,742 144,463 - -
Intergovernmental revenue 33,319 8,173,725 - -
Contributions 32,901 223,547 - 3,194,791
Miscellaneous revenue 1,463,780 626,919 91,804 691,831
Total revenues 43,409,254 10,282,120 2,199,461 3,886,622
Expenditures:
Current:
Administrative services 7,263,876 1,328,600 - -
Police 13,293,997 768,839 - -
Fire 8,412,257 10,865 - 24,651
Parks and recreation 3,059,595 566,539 - -
Accounting/finance 1,489,661 - - -
Community development 1,102,205 4,533,279 - -
Public works 4,408,476 247,057 - 104,679
Health 2,080,081 1,792,266 - -
Traffic and transportation 1,707,211 71,668 - -
Capital outlay 1,365,232 140,214 - 3,347,412
Debt service:
Principal retirement - - 1,690,000 -
Interest and paying agent fees - - 823,768 51,360
Total expenditures 44,182,591 9,459,327 2,513,768 3,528,102
Excess of revenues over(under)expenditures (773,337) 822,793 (314,307) 358,520
Other financing sources(uses):
Operating transfers in 1,167,242 385,785 309,675 10,494,455
Operating transfers in-component units - - - 2,081,955
Operating transfers out (479,096) (983,701) (1,578,436) (4,918,729)
Operating transfers out-primary government - - - -
Bond proceeds - - - 7,000,000
Proceeds of refunding bonds - - 3,218,670 -
Payment to refunded bonds escrow agent - - (3,025,400) -
Total other financing sources(uses) 688,146 (597,916) (1,075,491) 14,657,681
Excess of revenues and other sources
over(under)expenditures and other uses (85,191) 224,877 (1,389,798) 15,016,201
Fund balance-beginning 10,256,351 5,124,488 1,585,571 5,623,807
Residual equity transfers (92,696) (350,047) - -
Fund balance-ending $ 10,078,464 $ 4,999,318 $ 195,773 $ 20,640,008
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 2001 2000
$ 299,618 $ 40,422,984 $ 5,616,393 $ `46,039,377 $ 45,580,001
- 1,825,170 - 1,825,170 1,763,969
- 1,892,099 - 1,892,099 660,715
- 1,404,205 - 1,404,205 1,551,929
- 8,207,044 - 8,207,044 9,442,324
- 3,451,239 .: 3,451,239 88,612
32,658 2,906,992 547,191 3,454,183 3,186,854
332,276 :60,109,733 6,163,584 66,273,317 62,274,404
8,592,476 - 8,592,476 8,020,057
14,062,836 - 14,062,836 13,944,759
- 8,447,773 - 8,447,773 8,389,594`'
- 3,626,134 - 3,626,134 4,025,279'
- 1,489,661 - 1,489,661 1,331,432
- 5,635,484 508,420 6,143,904 6,393,790
- 4,760,212 - 4,760,212 6,048,016
- 3,872,347 - 3,872,347 3,687,213
- 1,778,879 - 1,778,879 1,768,336
- 4,852,858 - 4,852,858 4,409,884
- 1,690,000 - 1,690,000 1,612,677
- 875,128 - 875,128 866,006
- 59,683,788 508,420 60,192,208 60,497,043
332,276 425,945 5,855,164 6,081,109 1,777,361
- 12,357,157 - 12,357,157 2,266,490
- 2,081,955 - 2,081,955 422,263
(907,623) (8,867,585) - (8,867,585) (582,550)
- - (2,081,955) (2,081,955) (422,263)
- 7,000,000 - 7,000,000
- 3,218,670 - 3,218,670
- (3,025,400) - (3,025,400)
(907,623) 12,764,797 (2,081,955) 10,682,842 1,683,940'
(575,347) 13,190,742 3,573,209 16,763,951 3,461,301
874,965 23,465,182 9,142,752 32,607,934 31,595,238
- (442,743) - (442,743) (2,448,605)
$ 299,618 $ 36,213,181 $ 12,715,961 $ 48,929,142 $ 32,607,934
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 30,2001
General Fund
Variance-
Favorable
Budget Actual (Unfavorable)
Revenues:
Taxes $ 36,123,549 $ 36,944,112 $ 820,563
Charges for services 1,719,310 1,783,301 63,991
Licenses and permits 1,783,734 1,892,099 108,365
Fines and forfeitures 1,332,200 1,259,742 (72,458)
Intergovernmental revenue 60,400 33,319 (27,081)
Contributions - 32,901 32,901
Miscellaneous revenue 1,268,416 1,463,780 195,364
Total revenues 42,287,609 43,409,254 1,121,645
Expenditures:
Current:
Administrative services 7,263,774 7,263,876 (102)
Police 13,378,825 13,293,997 84,828
Fire 8,450,347 8,412,257 38,090
Parks and recreation 3,210,360 3,059,595 150,765
Accounting/finance 1,567,381 1,489,661 77,720
Community development 1,175,669 1,102,205 73,464
Public works 5,087,586 4,408,476 679,110
Health 2,157,019 2,080,081 76,938
Traffic and transportation 1,734,013 1,707,211 26,802
Capital outlay 1,735,305 1,365,232 370,073
Debt service:
Principal retirement - - -
Interest and paying agent fees - - -
Total expenditures 45,760,279 44,182,591 1,577,688
Excess of revenues over(under)expenditures (3,472,670) (773,337) 2,699,333
Other financing sources(uses):
Operating transfers in 1,166,497 1,167,242 745
Operating transfers out (717,710) (479,096) 238,614
Proceeds of refunding bonds - - -
Payment to refunded bonds escrow agent - - -
Total other financing sources(uses) 448,787 688,146 239,359
Excess of revenues and other-sources over
(under)expenditures and other uses $ (3,023,883) (85,191) $ 2,938,692
Fund balance-beginning 10,256,351
Residual equity transfers (92,696)
Fund balance-ending $ 10,078,464
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)
$ 1,082,000 $ 1,071,597 $ (10,403) $ 2,105,100 $ 2,107,657 $ 2,557
13,489 41,869 28,380 - - -
124,894 144,463 19,569 - - -
8,767,824 8,173,725 (594,099) - - -
223,547 223,547 - - - -
526,601 626,919 100,318 - 91,804 91,804.00
10,738,355 10,282,120 (456,235) 2,105,100 2,199,461 94,361
1,934,064 1,328,600 605,464 - - -
1,661,953 768,839 893,114 - - -
74,518 10,865 63,653 - - -
1,242,169 566,539 675,630 - - -
7,025,676 4,533,279 2,492,397 - - -
941,479 247,057 694,422 - - -
2,312,563 1,792,266 520,297 - - -
224,722 71,668 153,054 - - -
1,043,500 140,214 903,286 - - -
- - - 1,877,738 1,690,000 187,738
- - - 1,310,710 823,768 486,942
16,460,644 9,459,327 7,001,317 3,188,448 2,513,768 674,680
(5,722,289) 822,793 6,545,082 (1,083,348) (314,307) 769,041
(1,086,439) 385,785 1,472,224 896,356 309,675 (586,681)
(689,331) (983,701) (294,370) (1,578,436) (1,578,436) -
-- - - 3,191,992 3,218,670 26,678
- - - (3,005,000) (3,025,400) (20,400)
(1,775,770) (597,916) 1,177,854 (495,088) (1,075,491) (580,403)
$ (7,498,059) 224,877 $ 7,722,936 $ (1,578,436) (1,389,798) $ 188,638
- 1,585,571
$ 224,877 $ 195,773
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, 2001
WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 2000
Fiduciary
Proprietary Fund Types Fund Type Totals
Internal Nonexpendable (Memorandum Only)
Enterprise Service Trust 2001 2000
Operating revenues:
Charges for services S35,233,623 $7,052,109 $ - $42,285,732 $35,853,715
Rents,concessions and other 886.795 433,791 39,930 1,360,516 939,323
Contributions - 5,325,643 - 5,325,643 5,194,493
Total operating revenues 36,120,418 12,811,543 39,930 48,971,891 41,987,531
Operating expenses:
Personnel services 9,862,546 1,641,316 - 11,503,862 10,933,711
Supplies and materials 1,662,853 2,061,868 - 3,724,721 3,532,754
Maintenance and repairs 2,644,151 1,526,451 - 4,170,602 5,591,128
Utilities and other services 7,298,108 85,420 - 7,383,528 6,375,958
Insurance and contract support 6,95,632 5,091,818 - 5,787,450 5,701,031
Other expenses 1,672,078 301,477 1,973,555 `1,854,247
Depreciation and amortization 3,289,896 2,841,619 6,131,515 5,939,223
Total operating expenses 27,125,264 13,549,969 - 40,675,233 39,928,052
Operating income(loss) 8,995,154 (738,426) 39,930 8,296,658 2,059,479
Nonoperating revenues(expenses):
Interest income 2,023,413 69,250 25,146 2,117,809 2,632,757
Gain on sale/abandonment of fixed assets - 100,633 - 100,633 303,941
Interest expense and paying agent fees (2,761,955) - - (2,761,955) (2,713,331)
Intergovernmental operating grants 815,917 - - 815,917 603,710
Total nonoperating revenues(expenses) 77,375 169,883 25,146 272,404 827,077
income(loss)before operating transfers 9,072,529 (568,543) 65,076 8,569,062- _ 2,886,556
Operating transfers:
Operating transfers in 151,739 - - 151,739 275,849
Operating transfers out (3,329,311) (312,000) - (3,841,311) (1,959,789)
Net operating transfers (3,177,572) (312,000) - (3,489,572) (1,683,940)
Net income(loss) 5,894,957 (880,543) 65,076 5,079,490 1,202,616
Retained earnings(deficit)-beginning 59,392,270 (5,843,701) 462,131 54,010,700 54,162,879
Residual equity transfers (2,245,871) - - (2,245,871) (1,354,795)
Retained earnings(deficit)-ending 563,041,356 S(6,724,244) $ 527,207 $56,844,319 $54,010,700
The accompanying Notes are an integral part of these financial statements.
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 30,2001
WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 2000
Fiduciary
Proprietary Fund Types Fund Type Totals
internal a (Memorandum Only)
Enterprise Service Trust 2001 2tXXJ
Cash flows from operating activities:
Operating income(loss) $ 8,995,154 $ (738,426) $ 39,930 • $ `'8,296,658 $ 2,059,479
Adjustments to reconcile operating income(loss)
to net cast,provided by operating activities:
Depreciation and amortization 3,289,896 2,841,619 -
6,131,515 5,939,223
Customer deposits received 35,713 - 35,713 65,441
Landfill closure and postclosure care costs 62,769 - - 62,769 46,382
(Increase)decrease in current assets.
Receivables:
Customer and trade (348,125) - - (348,125) (482,343)
Other City funds 398,032 - - 398,032 .379,757
Government agencies (62,611) (62,611) 115,961
Other 10,756 (16,860) (6,104) (38,964)
Inventory 76,902 (49,678) •
27;224 (26,284)
Prepaid items 1,150 (5,482) (4,332) 1,583
Restricted assets 79,602 - 79,602 (27,967)
Increase(decrease)in current liabilities:
Accounts payable-trade 475,206 (62,798) 412,408 ;(91);401)
Accrued payroll 11,888 1,412 - "13,300 (306;602)
Accrued vacation and sick leave (2,071) 2,266 195 :24,385
Payable to other City funds 59,430 59,430 (240, 53)
Payable 10 government agencies 3,514 3.514 (5,119)
Estimated health claims payable - 104,436 - 104,436 31,409
Other liabilities (2,258) - - (2,258) 145,979
Other liabilities payable from restricted assets (50,554) - - (50,554) (116,272)
Total adjustments 4,039,239 2,814,915 - 6,854,154 5,406,595
Net cash provided by operating activities 13,034,393 2,076,489 39,9.i0 15,150,812 1,466,0/4
Cash flows from noncapital financing activities:
Intergovernmental operating grants 815,917 - - 815,917 603,710
Operating transfers in from other funds 151,739 - - 151,739 275,849
Operating transfers out to other funds (3,329,311) (312,000) - (3,641,311) (1,959,788)
Residual equity transfers from other funds - 2,688,614 - 2,688,614 3,803,403
Residual equity transfers to other funds (2,245,871) - - (2,245,871) (1,354,795)
Net cash provided(used)by
noncapital financing activities (4,607,526) 2,376,614 (2,230,912) 1,388,375
Cash flows from capital and related financing activities:
Acquisition and construction of capital assets (6,252,906) (3,624,824) - (9,877,730) (10,094,902)
Proceeds from sale of foxed assets - 112,472 - 112,472 336,309
Principal paid on long-term debt maturities (2,474,106) (2,474,106) (2,368,347)
Interest pad on long-term debt obligations (2,711,931) - - (2711,931) (2,657,697)
Other assets - - 30,000
Net cash used by capital and related
financing activities (11,438,943) (3,512,352) - (14,951,295) (14,774,637)
Cash flows from investing activities:
Maturity/sale of investments 4,505,323 4,505,323 _.. <'994.900
Interest on investments 2,023,413 69,250 25,146 2,117,809 2,632,757
Net cash provided by investing activities 6,525,736 69,250 25,146 5,52.3,142 ';:3:82i,ti5/
Net increase(decrease)in cash and cash equivalents 3,516,660 1,010,001 65,076 4,591,737 (2,312,531)
Cash and cash equivalents at beginning of year 39,356,763 1,233,834 462,131 41,052,728 43,365,259
Cash and cash equivalents at end of year $ 42,873,423 $ 2,243,835 $ 527,207 $ 45,644,465 $ 41,052,728
Noncash capital and financing activities
Capital assets received from developers $ 404,599 $ - S - S 404,599 $ 294,395
Gross proceeds of Water and Sewer System Priority
Lien Revenue Bonds,Series 2001 not received by year-end 119,591,856 - - 119,5131,856 -
Reconciliation of cash and cash equivalents on the combined
balance sheet to the combined statement of cash flows:
Cash and cash equivalents $ 17,989,989 $ 2,243,835 $ 527,207 3 20,761,031 $ 16,956,224
Restricted assets-cash and cash equivalents 24,883,434 - - 24,883,434 24,096,504
Total cash and cash equivalents at end of year $ 42,873,423 $ 2,243,835 $ 527,207 $ 45,644,465 $> ',41,052,728
The accompanying Notes are an integral part of these financial statements.
8
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS
SEPTEMBER 30, 2001
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 Vemon'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, 2001
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 Reporting 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, 2001
Note 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accounting and reporting policies of the City conform to generally accepted accounting
principles (GAAP) applicable to state and local governments. Generally accepted accounting
principles for local governments include those principles prescribed by the Governmental
Accounting Standards Board (GASB), which includes all statements and interpretations of the
National Council on Governmental Accounting (NCGA) unless modified by the GASB, and those
principles prescribed by the American Institute of Certified Public Accountants in the publication
entitled Audits of State and Local Governmental Units. The City has elected to apply all Financial
Accounting Standards Board (FASB) Statements and Interpretations issued after November 30,
1989 to its proprietary funds. This election applies to all FASB statements except those that
conflict with or contradict GASB pronouncements. The following is a summary of the more
significant policies and practices used by the City.
Basis of Presentation
The accounts of the City are organized and operated on the basis of funds or account groups,
each of which is considered to be a separate fiscal and accounting entity. The operations of each
fund are accounted for with a self-balancing set of accounts that comprise its assets, liabilities,
fund balances or retained earnings, revenues, and expenditures or expenses.
The various funds are grouped by category and type in the financial statements. The City
maintains the following fund classifications and account groups:
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 (CONT'D.)
SEPTEMBER 30, 2001
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 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.
Agency Funds - These funds are purely custodial (assets equal liabilities) and thus do not
involve measurement of results of operations.
Account Groups
Account groups are used to establish accounting control and accountability for the City's
general fixed assets and general long-term liabilities. The following are the account groups
maintained by the City:
12
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 2001
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 Lono-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 generally
accepted accounting principles.
Property tax revenues are considered measurable and available when collected by the respective
intermediary collecting agency and recognized as revenue at that time. Sales tax receipts are
considered measurable and available when collected by the merchant at the point of the taxable
sale. Licenses and permits, fines and forfeitures, and miscellaneous revenues are recorded as
revenues when they are measurable and their validity seems certain. Investment earnings are
recorded on the accrual basis in all funds.
Capital improvement assessments are recorded as revenues in the fiscal period when the
assessment becomes both measurable and available to finance expenditures of the fiscal period.
Assessment revenues are considered measurable and available when collected by the City and
recognized as revenue at that time. Payments for capital improvement assessments received in
advance of the levy are reflected as deferred revenue.
13
CITY FALLS OF WICHITA TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 2001
Note 2 - SUMMARY OF SIGNIFICANT TI N ACCOUNTING POLICIES (CONT'D.)
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.
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$2,330,489 which were passed and approved by the City Council.
14
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 2001
Note 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D.)
Budget Policies (Contd.).
4. Expenditures may not legally exceed appropriations at the department level for each
legally adopted annual operating budget. The City Manager may, without Council
approval, transfer appropriation balances from one expenditure account to another within
a department or agency of the City. The City Council, however, must approve any
transfer of unencumbered appropriation balances or portions thereof from one department
or agency to another. The reported budgetary data has been revised for amendments
legally authorized during the year.
5. Annual budgets are legally adopted for all governmental funds on a basis consistent with
generally accepted accounting principles. However, the budgets for the capital projects
funds are adopted for specific projects, are not binding, and may exceed one year.
Accordingly, no comparison of budget to actual is presented in the accompanying
financial statements for these funds.
6. At the close of each fiscal year, any unencumbered appropriation balances
(appropriations including prior year encumbrances less current year expenditures and
encumbrances) lapse or revert to the undesignated fund balance. The unencumbered
appropriation balances in the capital projects funds do not lapse at year end.
Encumbrances
Encumbrance accounting, under which purchase orders, contracts, and other commitments for the
expenditure of monies are recorded in order to reserve that portion of the applicable
appropriation, is employed as an extension of formal budgetary control in the general, special
revenue, and capital projects funds. Encumbrances outstanding at year end are reported as
reservations of fund balance for subsequent year expenditures and are reappropriated in
subsequent year budgetary accounts.
Cash and Cash Equivalents
For purposes of the statement of cash flows, the City considers all highly liquid investments
(including restricted assets) with a maturity of three months or less when purchased to be cash
equivalents.
Investments
Investments are stated at fair value.
15
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 2001
Note 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D.)
Inventory
Inventories of the general and proprietary funds consist of supplies and various materials used for
the maintenance of fixed assets. The consumption method is used to account for these
inventories. Under this method, inventory acquisitions are recorded in inventory accounts initially
and charged as expenditures when used. Inventories are stated at average cost.
Plant and Equipment - 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, 2001, the City's proprietary funds incurred a total of
$2,770,780 of interest costs. Of this amount, none was capitalized on construction projects and
$2,770,780 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.
16
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONTD.)
SEPTEMBER 30, 2001
Note 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D.)
General Fixed Assets (Cont'd.)
No depreciation has been provided on general fixed assets. No interest is capitalized on fixed
assets constructed which are financed with general obligation bonds in accordance with generally
accepted accounting principles.
Public domain general fixed assets (infrastructure) consisting of certain improvements other than
buildings, including roads, bridges, curbs and gutters, streets and sidewalks, and similar assets
have not been capitalized.
Lona-Term Obliaations
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 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 Desianations
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
17
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONTD.)
SEPTEMBER 30, 2001
Note 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D.)
Reserves and Designations (Cont'd.)
expended and represent a portion of the fund balance that is not available for future expenditures.
Amounts reserved for encumbrances are commitments for materials and services on purchase
orders and contracts which are unperformed.
Designations of unreserved fund balances in governmental funds indicate City management's
tentative plans for use of financial resources in a future period.
Transactions Between Funds
Transactions between funds that would be treated as revenues, expenditures, or expenses if they
involved organizations external to the governmental unit are accounted for as revenues,
expenditures, or expenses in the funds involved. Transactions which constitute reimbursements
to a fund for 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 1080 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.
18
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONTD.)
SEPTEMBER 30, 2001
Note 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTD.)
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, 2001 is based on management's estimate of
probable losses in the amount of $391,016. 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$118,576 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,
1999 to September 30, 2001:
Health Workers'
Care Compensation
Liability balance, October 1, 1999 $ 543,887 $ 255,942
Incurred claims/adjustments 4,914,944 1,631,690
Claim payments ( 4.883.535) ( 1.399.340)
Liability balance, September 30, 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
19
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 2001
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. Interfund
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, 2001, the Library Renovation Fund had a deficit fund balance of$880,272. 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, 2001, the Municipal Airport Fund had a deficit retained earnings balance of
$1,168,068. The intent of management is that this deficit be recovered by transfers from other
funds during future years.
At September 30, 2001, the Transit Fund had a deficit retained earnings balance of $254,756.
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, 2001, She Fleet Maintenance Fund had a deficit retained earnings balance of
$7,683,238. 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.
20
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 2001
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, 2001, the total amount of the City's
demand and time deposits per the general ledgers was $85,443,022, and the total amount per the
City's September 30, 2001 bank statements was $87,321,381. 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.
Investments
The investment policies of the City and its discretely presented component units are governed by
State statutes. Authorized investments include obligations of the U.S. Treasury, agencies and
instrumentalities, obligations of the State of Texas and related agencies, obligations of states,
agencies, counties, cities and political subdivisions of any state rated A or above by a nationally
recognized investment rating firm, repurchase agreements, public funds investment pools, and
commercial paper.
The investments of the City and its discretely presented component units at September 30, 2001
are as follows:
Component
City Units Totals
U.S. Government securities $ 7,069,070 $ - $ 7,069,070
Texas Local Government
Investment Pool (TexPool) 64,123,253 13,296,722 77,419,975
Local Government Investment
Cooperative (LOGIC) 180.350 - 180.350
Totals $71.372.673 $13.296.722 $84,669,395
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.
21
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 2001
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.
Category Carrying Fair
Description 1 2 3 Amount Value
Primary Government:
U.S. Government Securities $ 7 069 070 S— $— $ 7,069,070 $ 7,069,070
Investments not subject
to categorization:
Public Funds Investment Pool 64.303.603 64,303,603
Subtotal 71,372,673 71,372,673
Component Units:
Investments not subject
to categorization:
Public Funds Investment Pool 13.296.722 13.296.722
Total $81669„3.95 $84 6eci3R
The fair value of the City's position in the Public Funds Investment Pool is the same as the
value of the Pool shares.
22
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 2001
Note 5 - RECEIVABLES
Receivables at September 30, 2001 consist of the following:
Totals Totals
Special Debt Capital Internal Trust Primary Component Reporting
General Revenue Service Projects Enterprise Service and Agency Government Units Entity
Receivables:
Taxes and assessments $1,343,897 $ 78,602 $233,222 $ - $ - $ - $ - $ 1,655,721 $ 6,254 $ 1,661,975
Customer and trade - - - - 3,892,680 - - 3,892,680 - 3,892,680
Other City funds 746,085 - - - - - - 746,085 - 746,085
Component unit - - - 1,535,812 - - - 1,535,812 - 1,535,812
Government agencies 2,845,660 3,308,981 14,422 - 106,256 - 299,618 6,574,937 983,214 7,558,151
Other 706,702 12,701 - 853 88,296 26,907 - 835,459 - 835,459
N Restricted bond proceeds - - - - 119,591,856 - - 119,591,856 - 119,591,856
W
Restricted-other - - - - 16.701 - - 16.701 - 16.701
Gross receivables 5,642,344 3,400,284 247,644 1,536,665 123,695,789 26,907 299,618 134,849,251 989,468 135,838,719
Less: Allowance for
uncollectible accounts ( 572.205) - ( 99,742) - ( 180.207) - - 1 852.154)
( 852.154)
Net total receivables $5,070.139 S3.400.284 3147.902 31.536.665 S123515.582 S26.907 $291.618 3133.997.097 S989.488 $134.988.565
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONTD.)
SEPTEMBER 30, 2001
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, 2001 was $.55194 per$100 which means that the City has a tax margin of
$1.69806 per $100, and could raise up to $53,880,427 additional tax revenue a year from the
present assessed valuation of$3,173,057,900 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 $ 8,570,885
For Capital Improvements:
Cash and cash equivalents 14,245,742
Receivables 119,608,557
For Customer Deposits:
Cash and cash equivalents 2,066,807
Total $144.491,991
Note 8 - PLANT, EQUIPMENT AND DEPRECIATION
A summary of plant and equipment at September 30, 2001 is as follows:
Internal General
Enterpnse Service Fixed Component
Funds Funds Assets Units Total
Land and betterments $ 26,591.206 $ 433,658 $23,387,429 $140,480 $ 50,552,773
Buildings,systems and
improvements -135,734,023 4,010,098 27,664,965 459,520 167,868,606
Machinery and equipment 3,752,870 103,129 7,267,032 - 11,123,031
Furniture and fixtures 42,196 6,358 214,110 - 262,664
Motor vehicles and equipment 1,235 31,328,014 31,485 - 31,360,734
Construction in progress 4.721.299 190.541 4.467.627 - 9.379.467
Total plant and equipment 170,842,829 36,071,798 63,032,648 600,000 270,547,275
Less accumulated depreciation ( 64.280.043) ( 20.580.565) - - ( 84.860.608)
Net plant and equipment $106 562 786 $1,F••1713 $63.032_648 $640,1/04 $185.686,667
24
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONTD.)
SEPTEMBER 30, 2001
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, 2001 is as follows:
Balance
Balance
October 1, MPEC September 30,
2000 Additions Transfers Retirements 2001
Plant and equipment:
Land and $14,135,745 $ 13,500 $ 9,238,184 $ - $23,387,429
Buildings and improvements 16,336,574 1,096,146 10,232,245 - 27,664,965
Machinery and equipment 7,130,805 401,664 187,485 452,922 7,267,032
Furniture and fixtures 197,824 4,350 28,288 16,352 214,110
Motor vehicles and
equipment 31,485 - - - 31,485
Construction in progress 34,187 3,337,198 1,096,242 4,467.627
Subtotal 37,866,620 4,852,858 20,782,444 469,274 63,032,648
Investment in joint venture 12,155,704 - ( 12,155,704) - -
Totals 150 022 324 14,852.858 $ 8.626.740 $469,274 $63.032.648
A summary of changes in components of the fixed assets of the discretely presented component
units for the year ended September 30, 2001 is as follows:
Balance Transfers Balance
October 1, and September 30,
2000 Additions Retirements 2001
Land and betterments $140,480 $ - $ - $140,480
Buildings and improvements 459,520 - - 459,520
Totals 1600,000 $ - $ - 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 745 administered by TMRS, an agent
multiple-employer public employee retirement system.
25
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONTD.)
SEPTEMBER 30, 2001
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 5%, except police officers which is 7%, and the City
matching ratio is currently 2 to 1, both as adopted by the governing body of the City. Under
the state law governing TMRS, the actuary annually determines the City contribution rate.
This rate consists of the normal cost contribution rate and the prior service contribution rate,
both of which are calculated to be a level percent of payroll from year to year. The normal
cost contribution rate finances the currently accruing monetary credits due 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).
26
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 2001
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.
27
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 2001
Note 9 - RETIREMENT PLANS (CONTD.)
Schedule of Actuarial Liabilities and Funding Progress
Texas
Municipal Firemen's Total
Retirement Relief and (Memorandum
System Retirement Only)
Actuarial Valuation Date 12/31/00 12/31/00
Actuarial Value of Assets $62,462,023 $26,930,018 $ 89,392,041
Actuarial Accrued Liability(AAL) 82,680,887 31,419,892 114,100,779
Percentage Funded 75.5% 85.7% 78.3%
Unfunded Actuarial Accrued Liability(UAAL) 20,218,864 4,489,874 24,708,738
Annual Covered Payroll 27,754,660 5,858,962 33,613,622
UAAL as a Percentage of Covered Payroll 72.8% 76.6% 73.5%
Net Pension Obligation (NPO)at
the Beginning of the Period -0- -0- -0-
Annual Pension Cost:
Annual Required Contribution (ARC) $ 3,197,051 $ 537,013 $ 3,734,064
Interest on NPO -0- -0- -0-
Adjustment to the ARC -0- -0- -0-
Annual Pension Cost $ 3.197,051 $ 537.013 $ 3.734.064
Percentage of Annual Pension Costs Contributed 100% 100% 100%
Contributions Made $ 3,197,051 $ 537,013 $ 3,734,064
Increase in NPO -0- -0- -0-
NPO At the End of the Period $ -0- $ -0- $ -0-
Two preceding years:
1999:
Annual Pension Cost $ 3,006,196 $ 537,013 $ 3,543,209
Percentage of Annual Pension Costs
Costs Contributed 100% 100% 100%
NPO At the End of the Period •-0- -0- -0-
1998:
Annual Pension Cost $ 2,522,957 $ 558,566 $ 3,081,523
Percentage of Annual Pension
Costs Contributed 100% 100% 100%
NPO At the End of the Period -0- -0- -0-
28
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 2001
Note 9 - RETIREMENT PLANS (CONT'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.
29
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONTD.)
SEPTEMBER 30, 2001
Note 11 - PAYABLE TO U.S. GOVERNMENT (CONT'D.)
The remaining debt payable to the U.S. Government at September 30, 2001 is classified as
follows:
Long-term $832,565
Current portion (included in other liabilities) 24.106
Total $856,671
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 $9,548 for
the fiscal year ended September 30, 2001.
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, 2001:
Year ending September 30:
2002 $116,641
2003 92,843
2004 81,374
2005 98,196
2006 129
Later years 3
Total minimum payments required $389,186
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, 2001:
Minimum rentals $119,443
Contingent rentals 9.548
Total rentals $128.991
30
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 2001
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, 2001:
Obligations Obligations
Outstanding New Outstanding
October 1, Obligations Obligations September 30,
2000 incurred Retired 2001
General Lona-Term Debt:
General Obligation Bonds
payable $13,705,000 $ 10,205,000 $4,695,000 $ 19,215,000
Accrued vacation and sick leave 4,689,870 90,724 - 4,780,594
Claims and judgments payable 413.292 1.243.627 1.384.479 272.440
Total general long-term debt 18.808.162 11.539.351 6.079.479 24.268.034
Proprietary Fund Debt:
Revenue Bonds payable 58,695,000 120,404,193 2,450,000 176,649,193
Payable to U.S. Government 880.018 - 23.347 856,671
Total proprietary fund debt 59,575,018 120.404,193 2.473.347 177,505,864
Total long-term liabilities $78 383 J8n $131 943,544 $8,552,826 $201 773 8AR
Bonds payable at September 30, 2001, including net unamortized premium on the revenue
bonds, are comprised of the following individual issues:
Range of Final Annual Bonds
Interest Maturity Serial Bonds Outstanding
Rates Date Payments Authorized at 9/30/01
General Obligation Bonds:
General Obligation Refunding 3.50%- 9/01/06 $105,000 to $ 7,250,000 $ 3,890,000
Bonds, Series 1994 5.50% $860,000
General Obligation Refunding 4.10%- 9/01/06 $570,000 to 9,000,000 5,120,000
Bonds, Series 1996 5.30% $1,130,000
General Obligation Construction 3.75%- 9/01/21 $175,000 to 10,205,000 10,205,000
and Refunding Bonds, 5.375% $945,000
Series 2001
Total General Obligation Bonds 19.215.000
31
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONTD.)
SEPTEMBER 30, 2001
Note 14 - LONG-TERM DEBT (CONTD.)
Range of Final Annual Bonds
Interest Maturity Serial Bonds Outstanding
Rates Date Payments Authorized at 9/30/01
Revenue Bonds:
Water and Sewer Revenue
Bonds:
Water and Sewer System 3.90%- 8/01/07 $95,000 to $ 12,830,000 $ 7,720,000
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 3,320,000
Refunding Revenue 5.40% $625,000
Bonds, Senes 1996
Water&Sewer System 4.05%- 8/01/18 $180,000 to 5,500,000 4,915,000
Priority Lien Revenue 4.65% $400,000
Bonds, Series 1998B
Water& Sewer System 3.75%- 8/01/27 $1,220,000 to 118,770,000 118,770,000
Priority Lien Revenue 5.375% $11,515,000
Bonds, Series 2001
Plus bond premium 1,634,193
Water&Sewer Subordinate 3.35%- 8/01/16 $25,000 to 11,420,000 11,005,000
Lien Revenue Bonds, 4.95% $2,750,000
Series 1996
Water& Sewer Subordinate 3.14%- 8/01/18 $25,000 to 8,060,000 7,985,000
Lien Revenue Bonds, 4.59% $3,320,000
Series 1998
Water&Sewer System 3.65%- 8/01/12 $375,000 to 22,795,000 21,300,000
Subordinate Lien 4.50% $3,770,000
Refunding Revenue
Bonds, Series 1998A
Total Revenue Bonds 176,649,193
Total All Bonds $195.864 193
All of the General Obligation Bonds were issued on the full faith and credit of the City and are
secured by ad valorem-taxes-ievied 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,
2001, $195,773 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.
32
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 2001
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
$635,880, $2,742,723, and $28,057 of interest, respectively.
In September 2001, the City sold $118,770,000 of its Water and Sewer System Priority Lien Revenue Bonds, Series 2001; however, the
proceeds were not received by September 30, 2001. Consequently, a restricted receivable for the gross proceeds of $119,591,856 was
recorded in the Enterprise Fund at September 30, 2001.
The annual requirements to pay principal and interest on the City's long-term obligations outstanding as of September 30, 2001 are as
follows:
Year Ending General Obligation Bonds Revenue Bonds Payable to U.S. Government
w September 30, Principal Interest Principal (11 Interest Principal Interest Totals
w
2002 $ 1,805,000 $1,168,309 $ 4,299,753 $ 8,087,504 $ 24,106 $ 27,868 $ 15,412,540
2003 2,120,000 844,291 3,981,101 8,412,955 24,890 27,084 15,410,321
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 7,864,683 27,999 24,574 15,415,724
Subsequent 8.270.000 2,934.425 155.344.243 96.511.136 727.440 259.425 264.046.669
Totals $19,215,000 $6,834.081 $176.649.193 $137.173.614 $856.671 $390.663 $341.119.222
(1) Includes amortization of bond premium of$1,634,193.
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 2001
Note 15 - DEFEASED DEBT
Current Year
On March 1, 2001, the City issued general obligation bonds of $10,205,000 (par value) with
interest rates ranging from 3.75% to 5.375%. The debt was issued to partially fund construction
of a coliseum at the Multi-Purpose Events Center and advance refund general obligation bonds
with interest rates ranging from 5.10% to 5.75% and a par value of $3,005,000. The general
obligation bonds to be refunded mature through September 1, 2010, and were callable on
September 1, 2001. The new general obligation bonds were issued at a premium of $13,670
and, after paying issuance costs of $159,812 and depositing $7,033,458 into the Debt Service
and Capital Projects Funds, the net proceeds for refunding were $3,025,400. The net proceeds
were used to purchase U.S. government securities and those securities were deposited in an
irrevocable trust with an escrow agent to provide debt service payments until the bonds were
called on September 1, 2001. The advance refunding met the requirements of an in-substance
debt defeasance and the original general obligation bonds were removed from the City's General
Long-Term Debt Account Group.
As a result of the advance refunding, the City reduced its total debt service requirements by
$241,029 resulted in an economic gain (difference between the present value of the debt service
payments on the old and new debt) of$211,334.
Prior Years
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, 2001, $11,245,000 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, 2001 are as follows:
34
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 2001
Note 16 - TAX ANTICIPATION NOTES PAYABLE (CONTD.)
Year Ending
September 30: Principal Interest Total
2002 $ 305,000 $ 37,969 $ 342,969
2003 320,000 23,590 343,590
2004 340.000 8.075 348.075
Totals $ 965.000 $ 69.634 $1.034.634
During the year ended September 30, 2001, the City paid $51,360 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 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$3,195,379 as of September 30, 2001, 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 $5,866 in estimated closure costs for the City's landfill transfer
station. Actual costs may be higher due to inflation, change in technology, or changes in
regulations.
Note 18 - INDIVIDUAL FUND AND RELATED DISCLOSURES
Interfund receivables and payables at September 30, 2001 are as follows:
Interfund Interfund
Receivables Pavables
General Fund $746.085 $ -
Special Revenue Funds:
Community Development Block Grant Fund - 68,626
Home Investment Partnership Agreement Fund - 20,516
Miscellaneous Special Revenue Fund - 576.513
Total Special Revenue Funds - 665.655
35
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONTD.)
SEPTEMBER 30, 2001
Note 18 - INDIVIDUAL FUND AND RELATED DISCLOSURES (CONT'D.)
Interfund Interfund
Receivables Pavables
Capital Projects Funds:
MPEC Coliseum - 21.000
Enterprise Funds:
Transit Fund - 50,520
Water and Sewer Fund - 8.910
Total Enterprise Funds - 59,430
Totals $746.085 $746,085
Receivable and payable balances between the primary government and the component units at
September 30, 2001 are as follows:
Receivable Payable
Capital Projects Funds:
4B Sales Tax Projects Fund $1.535,812 $ -
Component Units:
Wichita Falls 4B Sales Tax Corporation - 1,535,812
Totals $1.535.812 $1.535.812
Operating transfers between funds and component units during the year were as follows:
Operating Operating
Transfer In Transfer Out
General Fund $ 1,167,242 $ 479,096
Special Revenue Funds:
Hotel/Motel Tax Fund - 441,353
Miscellaneous Special Revenue Fund 385,785 542,348
Total Special Revenue Funds 385.785 983.701
Debt Service Fund 309.675 1.578.436
Capital Projects Funds:
Library Renovation Fund 341,360 -
1980 General Improvements Fund - 175,667
1981 C.O. General Improvements Fund - 47,907
1981 G.O. General Improvements Fund - 745,530
General Improvements Fund - 664,074
1985 Holliday Creek Project Fund - 3,285,551
4B Sales Tax Projects Fund 1,481,000 -
MPEC Coliseum Fund 7,105,620 -
Street Improvement Fund 1,000,000 -
Drainage Improvement Fund 2,648,430 -
Total Capital Projects Funds 12,576,410 4.918,729
36
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONTD.)
SEPTEMBER 30, 2001
Note 18 - INDIVIDUAL FUND AND RELATED DISCLOSURES (CONTD.)
Operating Operating
Transfer In Transfer Out
Expendable Trust Fund:
Excess Sales Tax Expendable Trust Fund - 907.623
Enterprise Funds:
Golf Fund - 8,295
Airport Fund - 19,907
Transit Fund 151,739 -
Sanitation Fund - 424,310
Water and Sewer Fund - 2.876.799
Total Enterprise Funds 151,739 3,329,311
Internal Service Funds:
Fleet Maintenance Fund - 312,000
Component Units:
Wichita Falls Reinvestment Zone#1 - 259,595
Wichita Falls 4B Sales Tax Corporation - 1.822.360
Total Component Units - 2.081,955
Totals $14.590.851 $14.590.851
Residual equity transfers between funds during the year were as follows:
Equity Equity
Transfer In Transfer Out
General Fund $ - $ 92,696
Special Revenue Funds:
Miscellaneous Special Revenue Fund - 350,047
Enterprise Funds:
Golf - 4,795
Kickapoo Airport Fund - 7,829
Transit - 68,675
Sanitation Fund - 2,107,609
Water and Sewer Fund - 56,963
Total Enterprise Funds - 2.245.871
Internal Service Funds:
Duplicating Services 72,335 -
Fleet-Maintenance 2.616.279 -
Total Internal Service Funds 2.688.614 -
Totals $2.688.614 $2.688.614
37
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 2001
Note 19 - CONTRIBUTED CAPITAL PROPRIETARY FUNDS
During the year ended September 30, 2001, 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--cash and cash
equivalents $ - $ - $ - $ - $ - $ - $ - $ 72,335 $ 72,335
Government-fixed assets
(operations) - - - - - - 2,616,279 2,616,279
Government-fixed assets
(General Fixed Assets
w Account Group) - - - - - - - 29,139 29,139
oo Developers-fixed assets - - - - - 404.599 - - 404.599
Total additions - - - - - 404,599 2,616,279 101,474 3,122,352
Contributed capital,
October 1,2000 8.279 2,292,192 1.600.000 831,471 2.909.150 20.259.162 21.571.717 - 49.471.971
Contributed capital,
September 30,2001 $8.279 $2,292.192 $1.600.000 $831,471 $2 909 150 $20.663.761 $24.167.996 $101 474 $52.594.323
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONTD.)
SEPTEMBER 30, 2001
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, 2001 is as follows:
Total
Municipal Kickapoo Water Stormwater Enterprise
Golf Airport Airport Transit Sanitation and Sewer Drainage Funds
Condensed balance sheets:
Plant and equipment:
Additions $ - $ 33,210 $ 1,015 $ 76,534 $ 807,848 $ 5,738,898 $ - $ 6,657,505
Deletions - - - - - 650,031 - 650,031
VD Net working capital 188,566 243,939 146,387 ( 50,816) 8,251,224 26,526,914 3,98,417 35,694,631
Total assets 283,088 1,136,723 1,667,995 682,368 11,646,098 261,054,936 388,417 276,859,625
Long-term liabilities - - - - 3,201,245 173,182,005 - 176,383,250
Total equity 231,117 1,124,124 1,651,354 576,715 8,017,736 79,356,746 388,417 91,346,209
Condensed statements of revenues,
expenses and changes in equity:
Operating revenues 768,083 375,449 327,583 202,180 8,412,122 25,647,505 387,496 36,120,418
Depreciation and amortization 8,887 85,420 50,315 12,425 62,794 3,070,055 - 3,289,896
Operating income(loss) 35,401 40,525 35,941 ( 908,081) 1,334,057 8,069,815 387,496 8,995,154
Intergovernmental operating grants - - - 815,917 - - - 815,917
Operating transfers:
In - - - 151,739 - - - 151,739
Out 8,295 19,907 - - 424,310 2,876,799 - 3,329,311
Net income 27,803 29,559 36,625 59,575 1,303,618 4,049,360 388,417 5,894,957
Current capital contributions - - - - - 404,599 - 404,599
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONTD.)
SEPTEMBER 30, 2001
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, 2001 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 $8,686,404 $5,105,311 $495,223 $14,286,938
Property, plant and equipment 600,000 - - 600,000
Current liabilities(excluding
amount due to primary
government) 28,248 - 6,917 35,165
Amount due to primary
government - 1,535,812 - 1,535,812
Condensed statements of
revenues and expenditures:
Revenues 3,067,030 2,897,349 199,205 6,163,584
Current expenditures 301,824 175,000 31,596 508,420
Operating transfers out—
primary government - 1,822,360 259,595 2,081,955
Excess of revenues and
other sources over(under)
expenditures and other
uses 2,765,206 899,989 ( 91,986) 3,573,209
Note 22 - MULTI-PURPOSE EVENTS CENTER
Originally, the Multi-Purpose Events Center (MPEC) was an activities complex jointly owned by
the City (50%) and Wichita County (County) (50%) and was operated by a seven-member board
composed of two members each from the governing bodies of the City and the County and three
other appointed resident citizens of the County. Consequently, the City's net investment in this
joint venture has historically been reported in the City's General Fixed Assets Account Group.
40
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONTD.)
SEPTEMBER 30, 2001
Note 22 - MULTI-PURPOSE EVENTS CENTER (CONTD.)
Effective October 1, 2000, the County deeded their one-half interest in MPEC to the City and
gave up their two positions on the MPEC's board. Therefore, MPEC ceased being a joint
venture. At that time, MPEC's fixed assets, net of accumulated depreciation, of $20,782,444
were contributed to the City and recorded in the General Fixed Assets Account Group and the
investment in the joint venture of $12,155,704 was written off. The management and operations
of MPEC are contracted with a third party in which the City will fund any operating deficits of
MPEC from the City's undesignated hotel/motel taxes. During the year ended September 30,
2001, the City paid $312,743 to the third party to fund the operating deficits of MPEC.
Note 23 - 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.
Accrued Vacation and Sick Leave
The City's liability for accrued vacation and sick leave excluding the amount recorded in the
enterprise funds was $5,070,594 at September 30, 2001. 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, 2001, 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.
41
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONTD.)
SEPTEMBER 30, 2001
Note 23 - COMMITMENTS AND CONTINGENCIES (CONT'D.)
Contract Commitment With West Texas Utilities Company (Cont'd.)
The significant terms of the contract provide for standby charges to be paid to the City and the
Wichita County Water Improvement District Number 2 in equal amounts. 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, 2001 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.
Construction Contracts
At September 30, 2001, 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 $ 613.394
Special Revenue Fund:
Community Development Block Grant 225,498
Capital Projects Funds:
MPEC Coliseum 15,887,463
Street Improvements 732.876
Total Capital Projects Funds 16,620.339
Enterprise Funds:
Sanitation Fund 2,238,284
Water and Sewer Fund 6.573,790
Total Enterprise Funds 8.812,074
Total contract commitments $26.271.305
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 Task Force, and numerous
health-related grants.
42
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONTD.)
SEPTEMBER 30, 2001
Note 23 - COMMITMENTS AND CONTINGENCIES (CONT'D.)
Federal and State Grants- Compliance Audits (Cont'd.)
In connection with these grants, the City is required to comply with specific terms and
agreements as well as applicable Federal and State laws and regulations. Such compliance is
subject to review and audit by the grantors and their representatives.
In the opinion of management, the City has complied with all requirements. However, since such
programs are subject to future audit or review, the possibility of disallowed expenditures exists. In
the event of any disallowance of claimed expenditures, the City expects the resulting liability to
be immaterial.
Note 24 - EXCESS EXPENDITURES OVER APPROPRIATIONS
For the year ended September 30, 2001, expenditures exceeded appropriations in the General
Fund's administrative services by $102. This overexpenditure was funded by available fund
balance.
Note 25 - 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.
43
REQUIRED SUPPLEMENTARY
INFORMATION
If
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) o- (2) (2)-(1) Payroll (4) 1- (5)
12/31/91 $ 32,169,524 $ 38,603,039 83.3% $ 6,433,515 $ 18,664,431 34.5%
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%
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
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 Actuarial Accrued Annual Percentage of
Valuation Value Accrued Funded Liability(UAAL) Covered Covered Payroll
Date of Assets Liability(AAL) (1) i- (2) (2) - (1) Payroll (4) •- (5)
4/30/92(a) $ 11,436,828 $ 13,488,758 84.8% $ 2,051,930 $ 3,917,100 52.4%
4/30/93(c) - - - -- -
4/30/94(c) - - - - - -
4/30/95(b) 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(c) - - - - - -
12/31/99(c) - - - - - -
12/31/00 26,930,018 31,419,892 85.7% 4,489,874 5,858,962 76.6%
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 Citys 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 Citys progress made in accumulating sufficient assets to pay benefits when due. Generally,the smaller the percentage,the
stronger the pension plan.
(a) During 1992,the plan was amended to increase standard retirement benefits from 1.90%to 2.01%of the firefighters
average salary multiplied by years of service. This amendment increased the actuarial accrued liability as of October 1,1992
by approximately$1,100,000.
(b) 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.
(c) 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
information will be disclosed in future periods as it becomes available.
45
Wichita
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.
Vl!‘13!M
EXHIBIT C-1
CITY OF WICHITA FALLS, TEXAS
GENERAL FUND
COMPARATIVE BALANCE SHEETS
SEPTEMBER 30, 2001 AND 2000
2001 2000
ASSETS
Cash and cash equivalents $ 1,467,044 $ 271,877
Investments 7,069,070 8,971,304
Receivables:
Taxes and assessments (less $572,205 and
$570,853 allowance for uncollectible accounts) 771,692 742,221
Other City funds 746,085 500,000
Government agencies 2,845,660 2,600,253
Other 706,702 845,828
Inventory 22,618 40,479
Prepaid items 48,820 59,224
Total assets $ 13,677,691 $14,031,186
LIABILITIES AND FUND BALANCE
Liabilities:
Accounts payable -trade $ 480,347 $ 845,371
Accrued payroll 423,847 383,153
Accrued vacation and sick leave 290,000 250,000
Payable to government agencies 38,519 130,819
Other liabilities 1,330,960 1,167,249
Deferred revenue 799,978 806,243
Claims and judgements payable 235,576 192,000
Total liabilities 3,599,227 3,774,835
Fund balance:
Reserved for encumbrances 1,256,992 368,810
Reserved for inventory and prepaid items 71,438 99,703
Unreserved:
Designated for subsequent years expenditures 3,000,000 3,000,000
Undesignated 5,750,034 6,787,838
Total fund balance 10,078,464 10,256,351
Total liabilities and fund balance $ 13,677,691 $14,031,186
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, 2001
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 2000
2001
Variance-
Favorable 2000
Budget Actual (Unfavorable) Actual
Revenues:
Taxes:
Ad valorem taxes $15,615,924 $ 15,756,043 $ 140,119 $15,041,577
Penalties and interest 180,000 185,323 5,323 175,982
City sales tax 15,740,359 16,024,134 283,775 15,370,145
Franchise taxes 4,214,266 4,612,917 398,651 4,160,902
Other taxes 373,000 365,695 (7,305) 353,424
Total taxes 36,123,549 36,944,112 820,563 35,102,030
Charges for services:
Administrative overhead
reimbursements 836,368 842,168 5,800 741,574
Data processing services 259,306 301,308 42,002 325,650
Health services 267,721 261,974 (5,747) 270,179
Other service charges 355,915 377,851 21,936 396,149
Total charges for services 1,719,310 1,783,301 63,991 1,733,552
Licenses and permits:
Right-of-way permits 1,211,784 1,222,729 10,945 1,358,941
Building permits 185,000 266,133 81,133 203,466
Electrical and plumbing 178,500 199,786 21,286 184,224
Health and animal control 162,450 148,710 (13,740) 162,446
Other licenses and permits 46,000 54,741 8,741 110,579
Total licenses and permits 1,783,734 1,892,099 108,365' 2,019,056
Fines and forfeitures:
Municipal Court 1,303,200 1,229,926 (73,274) 1,388,242
Forfeitures and confiscated
funds 2,000 800 (1,200) 548
Library 27,000 29,016 2,016 29,101
Total fines and forfeitures .1,-332,200 1,259,742 (72,458) 1,417,891
Intergovernmental revenue:
Operating grants 60,400 33,319 (27,081) 46,985
Total intergovernmental
revenue 60,400 33,319 (27,081) 46,985
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, 2001
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 2000
2001
Variance -
Favorable 2000
Budget Actual (Unfavorable) Actual
Revenues (Cont'd.):
Contributions:
Donations - 32,901 32,901 -
Total contributions - 32,901 32,901 -
Miscellaneous revenue:
Rentals and concessions 189,016 195,085 6,069 190.888
Interest 969,000 1,022,003 53,003 1,160,246
Other 110,400 246,692 136,292 157,405
Total miscellaneous revenue 1,268,416 1,463,780 195,364 1,508,539
Total revenues 42,287,609 43,409,254 1,121,645 41,828,653
Expenditures:
Administrative services:
Mayor and City Council 61,318 61,316 2 61,681
City Manager 294,046 294,044 2 304,266
Personnel/Risk Management 552,303 552,300 3 513,375
Martin Luther King Center 107,655 107,328 327 104,353
Farmer's Market 1,530 1,530 - 1,851
Library 1,364,238 1,360,122 4,116 1,312,014
General Public Information 192,833 192,701 132 138,545
Building Maintenance 1,136,056 1,136,053 3 1,198,112
Nondepartmental 2,008,631 2,051,789 (43,158) 2,223,631
Municipal Court 512,177 507,362 4,815 464,946
Legal 874,215 844,135 30,080 456,970
City Clerk 158,772 155,196 3,576 117,318
Total administrative services 7,263,774 7,263,876 (102) 6,980,200
Police 13,378,825 13,293,997 84,828 13,159,401
Fire 8,450,347 8,412,257 38,090 8,367,462
Parks and recreation:
Recreation 817,151 797,956 19,195 890,382
Park maintenance 2.201,270 2,085,836 115,434 2,018,334
City lot mowing program 20,819 18,110 2,709 -
Cemetery 171,120 157,693 13,427 163,668
Total parks and recreation 3,210,360 3,059,595 150,765 3,072,384
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, 2001
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 2000
2001
Variance-
Favorable 2000
Budget Actual (Unfavorable) Actual
Expenditures (Cont'd.):
Accounting/finance:
Accounting/finance 401,207 395,165 6,042 391,799
Information systems 1,016,483 947,531 68,952 798,057
Purchasing 149,691 146,965 2,726 141,576
Total accounting/finance 1,567,381 1,489,661 77,720 1,331,432
Community development:
Planning 324,269 313,456 10,813 293,071
Inspection 507,910 502,241 5,669 466,103
Code enforcement 166,854 157,235 9,619 179,381
Property management 69,640 56,822 12,818 50,457
Lake lot administration 106,996 72,451 34,545 69,573
Total community development 1,175,669 1,102,205 73,464 1,058,585
Public works:
Engineering 1,746,655 1,198,770 547,885 2,257,353
Street maintenance 3,024,045 2,973,813 50,232 3,056,895
General public works 316,886 235,893 80,993 484,900
1 Total public works 5,087,586 4,408,476 679,110 5,799,148
Health:
Administration 472,205 431,867 40,338 439,043
General City nursing 552,395 544,498 7,897 535.382
Environmental health 835,053 830,414 4,639 814,765
Lab water pollution 297,366 273,302 24,064 261,723
Total health 2,157,019 2,080,081 76,938 2,050,913
Traffic and transportation 1,734,013 1,707,211 26,802 1,553,984
Capital outlay __ 1,735,305 __1,365,232 370,073 144,788
Debt service:
Principal retirement - - - 2,677
Interest and paying agent fees - - - 134
Total debt service - - - 2,811
Total expenditures 45,760,279 44,182,591 1,577,688 43,521,108
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, 2001
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 2000
2001
Variance-
Favorable 2000
Budget Actual (Unfavorable) Actual
Excess of revenues over(under)
expenditures (3,472,670) (773,337) 2,699,333 (1,692,455)
Other financing sources (uses):
Operating transfers in 1,166,497 1,167,242 745 1,115,906
Operating transfers out (717,710) (479,096) 238,614 (492,234)
Total other financing
sources (uses) 448,787 688,146 239,359 623,672
Excess of revenues and other
sources over(under) expenditures
and other uses $ (3,023,883) (85,191) $2,938,692 (1,068,783)
Fund balance- beginning 10,256,351 11,506,367
Residual equity transfer (92,696) (181,233)
Fund balance- ending $ 10,078,464 $10,256,351
50
Wichita
TEXA.
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 Housing Fund
The Section 8 Housing Fund accounts for federal funds received to subsidize rents and
housing payments for lower income families within the City.
Home Investment Partnership Agreement Fund
The Home Investment Partnership Agreement Fund accounts for federal funds received to
provide home ownership opportunities to low income, first-time homebuyers through the
acquisition, rehabilitation and resale of single-family dwellings that are currently owned by
governmental agencies.
Hotel/Motel Tax Fund
The Hotel/Motel Tax Fund accounts for revenues derived from an occupancy tax which is
expended on programs promoting the growth of the City of Wichita Falls.
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, 2001
WITH COMPARATIVE TOTALS AT SEPTEMBER 30, 2000
Home
Community Investment
Development Section 8 Partnership
Block Grant Housing Agreement
ASSETS
Cash and cash equivalents $ 2,610 $634,082 $ -
Receivables:
Taxes and assessments - - -
Government agencies 1,948,062 57,988 662,018
Other 2,136 2,875 -
Prepaid items 18,000 - -
Other assets - - -
Total assets $ 1,970,808 $694,945 $ 662,018
LIABILITIES AND FUND BALANCE
Liabilities:
Accounts payable -trade $ 99,313 $ 360 $ 14,153
Accrued payroll 4,701 3,420 920
Payable to other City funds 68,626 - 20,516
Payable to government agencies - 120,903 -
Other liabilities 37,523 - 44,744
Deferred revenue - - -
Total liabilities 210,163 124,683 80,333
Fund balance:
Reserved for encumbrances 245,420 - -
Reserved for prepaid items 18,000 - -
Unreserved:
Designated for subsequent years expenditures 1,497,225 570,262 581,685
Undesignated - - -
Total fund balance 1,760,645 570,262 581,685
Total liabilities and fund balance $ 1,970,808 $694,945 $ 662,018
51
EXHIBIT D-1
Hotel/ Miscellaneous
Motel Special Totals
Tax Revenue 2001 2000
$605,189 $ 1,867,419 $3,109,300 $3,266,808
78,602 - 78,602 82,540
-
640,913 3,308,981 3,151,144
-
7,690 12,701 4,376
-
218 18,218 18,608
-
3,000 3,000 3,000
$683,791 $ 2,519,240 $6,530,802 $6,526,476
$ 52,766 $ 105,609 $ 272,201 $ 71,686
24,094 33,135 29,457
-
576,513 665,655 898,032
-
2,102 123,005 177,237
-
58,896 141,163 93,466
-
296,325 296,325 132,110
52,766 1,063,539 1,531,484 1,401,988
-
250,659 496,079 504,308
-
218 18,218 18,608
-
1,164,732 3,813,904 3,708,115
631,025 40,092 671,117 893,457
631,025 1,455,701 4,999,318 5,124,488
$683,791 $ 2,519,240 $6,530,802 $6,526,476
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, 2001
WITH COMPARATIVE ACTUAL TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 2000
Home
Community Investment
Development Section 8 Partnership
Block Grant Housing Agreement
Revenues:
Taxes $ - $ - $ -
Charges for services 23,185 - -
Fines and forfeitures - - -
Intergovernmental revenue 1,820,000 2,776,875 668,513
Contributions - - -
Miscellaneous revenue 4,635 40,342 8,654
Total revenues 1,847,820 2,817,217 677,167
Expenditures:
Current:
Administrative services 211,156 - -
Police - - -
Fire - - -
Parks and recreation 271,467 - -
Community development 853,908 2,778,092 560,454
Public works 247,057 - -
Health 134,465 - -
Traffic and transportation 11,000 - -
Capital outlay 2,338 2,338 -
Total expenditures 1,731,391 2,780,430 560,454
Excess of revenues over(under)expenditures 116,429 36,787 116,713
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 116,429 36,787 116,713
Fund balance-beginning 1,644,216 533,475 464,972
Residual equity transfers - - -
Fund balance-ending $ 1,760,645 $ 570,262 $ 581,685
52
EXHIBIT D-2
Totals
2001 2000
Miscellaneous Variance-
Hotel/Motel Special Favorable
Tax Revenue Actual Budget (Unfavorable) Actual
$ 1,071,597 $ - $ 1,071,597 $ 1,082,000 $ (10,403) $ 1,032,511
- 18,684 41,869 13,489 28,380 30,417
- 144,463 144,463 124,894 19,569 134,038
- 2,908,337 8,173,725 8,767,824 (594,099) 9,395,339
- 223,547 223,547 223,547 - 88,612
45,371 527,917 626,919 526,601 100,318 670,426
1,116,968 3,822,948 10,282,120 10,738,355 (456,235) 11,351,343
938,047 179,397 1,328,600 1,934,064 605,464 1,039,857
- 768,839 768,839 1,661,953 893,114 785,358
- 10,865 10,865 74,518 63,653 4,132
- 295,072 566,539 1,242,169 675,630 952,895
- 340,825 4,533,279 7,025,676 2,492,397 4,460,398
- - 247,057 941,479 694,422 221,934
- 1,657,801 1,792,266 2,312,563 520,297 1,636,300
- 60,668 71,668 224,722 153,054 214,352
- 135,538 140,214 1,043,500 903,286 681,281
938,047 3,449,005 9,459,327 16,460,644 7,001,317 9,996,507
178,921 373,943 822,793 (5,722,289) 6,545,082 1,354,836
- 385,785 385,785 397,108 (11,323) 844,784
(441,353) (542,348) (983,701) (1,086,439) 102,738 (90,316)
(441,353) (156,563) (597,916) (689,331) 91,415 754,468
(262,432) 217,380 224,877 $ (6,411,620) "$ 6,636,497 2,109,304
893,457 1,588,368 5,124,488 5,282,556
- (350,047) (350,047) (2,267,372)
$ 631,025 $ 1,455,701 $ 4,999,318 $ 5,124,488
EXHIBIT D-3
CITY OF WICHITA FALLS, TEXAS
COMMUNITY DEVELOPMENT BLOCK GRANT
COMPARATIVE BALANCE SHEETS
SEPTEMBER 30, 2001 AND 2000
2001 2000
ASSETS
Cash and cash equivalents $ 2,610 $ -
Receivables:
Government agencies 1,948,062 1,762,159
Other 2,136 2,136
Prepaid items 18,000 18,608
Total assets $ 1,970,808 $ 1,782,903
LIABILITIES AND FUND BALANCE
Liabilities:
Accounts payable -trade $ 99,313 $ 12,085
Accrued payroll 4,701 3,695
Payable to other City funds 68,626 122,907
Other liabilities 37,523 -
Total liabilities 210,163 138,687
Fund balance:
Reserved for encumbrances 245,420 32,227
Reserved for prepaid items 18,000 18,608
Unreserved:
Designated for subsequent years expenditures 1,497,225 1,593,381
Total fund balance 1,760,645 1,644,216
Total liabilities and fund balance $ 1,970,808 $ 1,782,903
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, 2001
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 2000
2001
Variance -
Favorable 2000
Budget Actual (Unfavorable) Actual
Revenues:
Charges for services $ - $ 23,185 $ 23,185 $ 14,273
Intergovernmental revenue 1,820,000 1,820,000 - 1,795,000
Miscellaneous revenue - 4,635 4,635 24,929
Total revenues 1,820,000 1,847,820 27,820 1,834,202
Expenditures:
Current:
Administrative services 320,226 211,156 109,070 95,271
Parks and recreation 355,396 271,467 83,929 464,848
Community development 2,029,161 853,908 1,175,253 879,294
Public works 766,259 247,057 519,202 205,694
Health 135,423 134,465 958 135,982
Traffic and transportation 11,000 11,000 - 13,450
Capital outlay 3,668 2,338 1,330 378,297
Total expenditures 3,621,133 1,731,391 1,889,742 2,172,836
Excess of revenues over(under)
expenditures $ (1,801,133) 116,429 $ 1,917,562 (338,634)
Fund balance - beginning 1,644,216 1,982,850
Fund balance - ending $ 1,760,645 $ 1,644,216
54
EXHIBIT D-5
CITY OF WICHITA FALLS, TEXAS
SECTION 8 HOUSING FUND
COMPARATIVE BALANCE SHEETS
SEPTEMBER 30, 2001 AND 2000
2001 2000
ASSETS
Cash and cash equivalents $ 634,082 $ 710,711
Receivables:
Government agencies 57,988 -
Other 2,875 1,277
Total assets $ 694,945 $ 711,988
LIABILITIES AND FUND BALANCE
Liabilities:
Accounts payable -trade $ 360 $ 519
Accrued payroll 3,420 2,951
Payable to government agencies 120,903 175,043
Total liabilities 124,683 178,513
Fund balance:
Unreserved:
Designated for subsequent years expenditures 570,262 533,475
Total fund balance 570,262 533,475
Total liabilities and fund balance $ 694,945 $ 711,988
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, 2001
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 2000
2001
Variance -
Favorable 2000
Budget Actual (Unfavorable) Actual
Revenues:
Intergovernmental revenue $3,080,184 $ 2,776,875 $ (303,309) $2,639,238
Miscellaneous revenue - 40,342 40,342 47,000
Total revenues 3,080,184 2,817,217 (262,967) 2,686,238
Expenditures:
Current:
Community development 3,076,184 2,778,092 298,092 2,633,218
Capital 4,000 2,338 1,662 -
Total expenditures 3,080,184 2,780,430 299,754 2,633,218
Excess of revenues over(under)
expenditures $ - 36,787 $ 36,787 53,020
Fund balance - beginning 533,475 480,455
Fund balance - ending $ 570,262 $ 533,475
56
EXHIBIT D-7
CITY OF WICHITA FALLS, TEXAS
HOME INVESTMENT PARTNERSHIP AGREEMENT FUND
COMPARATIVE BALANCE SHEETS
SEPTEMBER 30, 2001 AND 2000
2001 2000
ASSETS
Receivables:
Government agencies $ 662,018 $ 688,271
LIABILITIES AND FUND BALANCE
Liabilities:
Accounts payable - trade $ 14,153 $ 2,300
Accrued payroll 920 846
Payable to other City funds 20,516 192,939
Other liabilities 44,744 27,214
Total liabilities 80,333 223,299
Fund balance:
Unreserved:
Designated for subsequent years expenditures 581,685 464,972
Total fund balance 581,685 464,972
Total liabilities and fund balance $ 662,018 $ 688,271
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, 2001
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 2000
2001
Variance-
Favorable 2000
Budget Actual (Unfavorable) Actual
Revenues:
Intergovernmental revenue $ 562,000 $ 668,513 $ 106,513 $ 433,001
Miscellaneous revenue - 8,654 8,654 32,525
Total revenues 562,000 677,167 115,167 465,526
Expenditures:
Current:
Community development 1,234,221 560,454 673,767 640,826
Excess of revenues over(under)
expenditures $ (672,221) 116,713 $ 788,934 (175,300)
Fund balance - beginning 464,972 640,272
Fund balance - ending $ 581,685 $ 464,972
58
EXHIBIT D-9
CITY OF WICHITA FALLS, TEXAS
HOTEL/MOTEL TAX FUND
COMPARATIVE BALANCE SHEETS
SEPTEMBER 30, 2001 AND 2000
2001 2000
ASSETS
Cash and cash equivalents $ 605,189 $ 810,917
Receivables:
Taxes and assessments 78,602 82,540
Total assets $ 683,791 $ 893,457
LIABILITIES AND FUND BALANCE
Liabilities
Accounts payable -trade $ 52,766 $ -
Fund balance:
Unreserved:
Undesignated 631,025 893,457
Total liabilities and fund balance $ 683,791 $ 893,457
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, 2001
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 2000
2001
Variance-
Favorable 2000
Budget Actual (Unfavorable) Actual
Revenues:
Taxes $ 1,082,000 $1,071,597 $ (10,403) $ 1,032,511
Miscellaneous revenue 18,000 45,371 27,371 55,138
Total revenues 1,100,000 1,116,968 16,968 1,087,649
Expenditures:
Current:
Administrative services 975,658 938,047 37,611 825,837
Excess of revenues over(under)
expenditures 124,342 178,921 54,579 261,812
Other financing sources (uses):
Operating transfers out (544,092) (441,353) 102,739 (66,813)
Excess of revenues and other
sources over(under) expenditures
and other uses $ (419,750) (262,432) $ 157,318 194,999
Fund balance- beginning 893,457 698,458
Fund balance- ending $ 631,025 $ 893,457
60
EXHIBIT D-11
CITY OF WICHITA FALLS, TEXAS
MISCELLANEOUS SPECIAL REVENUE FUND
COMPARATIVE BALANCE SHEETS
SEPTEMBER 30, 2001 AND 2000
2001 2000
ASSETS
Cash and cash equivalents $ 1,867,419 $ 1,745,180
Receivables:
Government agencies 640,913 699,437
Other 7,690 2,240
Prepaid items 218 -
Other assets 3,000 3,000
Total assets $2,519,240 $ 2,449,857
LIABILITIES AND FUND BALANCE
Liabilities:
Accounts payable -trade $ 105,609 $ 56,782
Accrued payroll 24,094 21,965
Payable to other City funds 576,513 582,186
Payable to government agencies 2,102 2,194
Other liabilities 58,896 66,252
Deferred revenue 296,325 132,110
Total liabilities 1,063,539 861,489
Fund balance:
Reserved for encumbrances 250,659 472,081
Reserved for inventory and prepaid items 218 -
Unreserved:
Designated for subsequent years expenditures 1,164,732 1,116,287
Undesignated 40,092 -
Total fund balance 1,455,701 1,588,368
Total liabilities and fund balance $2,519,240 $ 2,449,857
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, 2001
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 2000
2001
Variance -
Favorable 2000
Budget Actual (Unfavorable) Actual
Revenues:
Charges for services $ 13,489 $ 18,684 $ 5,195 $ 16,144
Fines and forfeitures 124,894 144,463 19,569 134,038
Intergovernmental revenue 3,305,640 2,908,337 (397,303) 4,528,100
Contributions 223,547 223,547 - 88,612
Miscellaneous revenue 508,601 527,917 19,316 510,834
Total revenues 4,176,171 3,822,948 (353,223) 5,277,728
Expenditures:
Current:
Administrative services 638,180 179,397 458,783 118,749
Police 1,661,953 768,839 893,114 785,358
Fire 74,518 10,865 63,653 4,132
Parks and recreation 886,773 295,072 591,701 488,047
Community development 686,110 340,825 345,285 307,060
Public works 175,220 - 175,220 16,240
Health 2,177,140 1,657,801 519,339 1,500,318
Traffic and transportation 213,722 60,668 153,054 200,902
Capital outlay 1,035,832 135,538 900,294 302,984
Total expenditures 7,549,448 3,449,005 4,100,443 3,723,790
Excess of revenues over(under)
expenditures (3,373,277) 373,943 3,747,220 1,553,938
Other financing sources (uses):
Operating transfers in 397,108 385,785 (11,323) 844,784
Operating transfers out (542,347) (542,348) (1) (23,503)
Total other financing sources (uses) (145,239) (156,563) (11,324) 821,281
Excess of revenues and other sources
over(under) expenditures and other
uses $ (3,518,516) 217,380 $ 3,735,896 2,375,219
Fund balance - beginning 1,588,368 1,480,521
Residual equity transfer (350,047) (2,267,372)
Fund balance - ending $ 1,455,701 $1,588,368
62
Wichita
rEXA,5\
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, 2001 AND 2000
2001 2000
ASSETS
Cash and cash equivalents $ 211,390 $ 1,578,789
Receivables:
Taxes (net of allowance for uncollectible
taxes of$99,742 and $104,223) 133,480 134,165
Government agencies 14,422 16,341
Total assets $ 359,292 $ 1,729,295
LIABILITIES AND FUND BALANCE
Liabilities:
Other liabilities $ 27,190 $ -
Deferred revenue 136,329 143,724
Total liabilities 163,519 143,724
Fund balance:
Unreserved:
Designated for debt service 195,773 1,585,571
Total liabilities and fund balance $ 359,292 $ 1,729,295
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, 2001
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 2000
2001
Variance -
Favorable 2000
Budget Actual (Unfavorable) Actual
Revenues:
Taxes $ 2,105,100 $ 2,107,657 $ 2,557 $2,109,944
Miscellaneous revenue - 91,804 91,804 -
Total revenues 2,105,100 2,199,461 94,361 2,109,944
Expenditures:
Debt service:
Principal retirement 1,877,738 1,690,000 187,738 1,610,000
Interest and paying agent fees 1,310,710 823,768 486,942 798,610
Total expenditures 3,188,448 2,513,768 674,680 2,408,610
Excess of revenues over (under)
expenditures (1,083,348) (314,307) 769,041 (298,666)
Other financing sources (uses):
Operating transfers in 896,356 309,675 (586,681) 305,800
Operating transfers out (1,578,436) (1,578,436) - -
Proceeds of refunding bonds 3,191,992 3,218,670 26,678 -
Payment to refunded bonds escrow agent (3,005,000) (3,025,400) (20,400) -
Total other financing sources (uses) (495,088) (1,075,491) (580,403) 305,800
Excess of revenues and other
sources over(under) expenditures
and other uses $(1,578,436) $(1,389,798) $ 188,638 7,134
Fund balance - beginning 1,585,571 1,578,437
Fund balance - ending $ 195,773 $1,585,571
64
Wichita
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.
1980 General Improvements
This fund was established to account for the projects financed by the 1980 General
Obligation Bonds. Significant projects accounted for in this fund included drainage
improvements, installation of traffic control,equipment,'and improvements to the Central
Services Complex. During the year ended September 30, 2001, this fund was closed.
1981 C.O. General Improvements
This fund was established to account for the projects financed by the 1981 Certificates of
Obligation. Significant projects accounted for in this fund included the construction of a
solid waste transfer station and the improvements to Holliday Creek designed to increase
flood control capabilities. During the year ended September 30, 2001, this fund was closed.
1981 G.O. General Improvements
This fund was established to account for the projects financed by the 1981 General
Obligation Bonds. Significant projects accounted for in this fund included street
improvements and the construction of a storm drain.
1982 General Improvements
This fund was established to account for the projects financed by the 1982 General
Obligation Bonds. Significant projects accounted for in this fund included park
improvements, street improvements and the construction of a softball complex. During the
year ended September 30, 2001, this fund was closed.
1985 Holliday Creek Proiect
This fund was established to account for a single project financed by the 1985 General
Obligation Bonds. The project is designed to increase flood control capabilities in the
Holliday Creek area.
Capital Improvement Assessments
This fund was established to account for special assessments which are capital in nature
and enhance the utility, accessibility, or aesthetic value of the affected properties.
Significant projects accounted for in this fund are streets and sidewalks.
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-Pur
pose
ose Events
Center's (MPEC) Coliseum.
Street Improvements
This fund was established to account for the significant street improvement projects.
9 P
Drainage Improvements
This fund was established to account for the drainage improvement projects.
\ trXale
•
Is t '•'•'w
, Va4, . li 431IM
,IL
CITY OF WICHITA FALLS, TEXAS
CAPITAL PROJECTS FUNDS
COMBINING BALANCE SHEET
SEPTEMBER 30, 2001
WITH COMPARATIVE TOTALS AT SEPTEMBER 30, 2000
1980 1981 1981 1982
Library General C.O.General G.O.General General
Renovations Improvements Improvements Improvements Improvements
ASSETS
Cash and cash equivalents $ 84,728 $ - $ - $ 606,171 $ -
Receivables:
Component Unit - - - - -
Other - - - - -
Total assets $ 84,728 $ - $ - $ 606,171 $ -
LIABILITIES AND FUND BALANCE
Liabilities:
Accounts payable-trade $ - $ - $ - $ - $ -
Payable to other City funds - - - - -
Tax anticipation notes payable 965,000 - - - -
Other liabilities - - - - -
Totalliabilities 965,000 - - - -
Fund balance:
Reserved for encumbrances - - - - -
Unreserved:
Designated for subsequent years expenditures - - - 606,171 -
Undesignated (880,272) - - - -
Total fund balance (880,272) - - 606,171 -
Total liabilities and fund balance $ 84,728 $ - $ - $ 606,171 $ -
65
EXHIBIT F-1
1985
Holliday Capital
Creek Improvement 48 Sales MPEC Street Drainage Totals
Project Assessments Tax Projects Coliseum Improvements Improvements 2001 2000
$ 1,338,214 $ 64,291 $ - $ 15,516,624 $ 1,011,049 $ 2,677,698 $ 21,298,775 $ 6,907,179
- 1,535,1312 - - - 1,535,812 362,385
853 - - - - - 853 14,885
$ 1,339,067 $ 64,291 $ 1,535,812 $ 15,516,624 $ 1,011,049 $ 2,677,698 $ 22,835,440 $ 7,284,449
$ - $ - $ - $ 851,250 $ 78,287 $ - $ 929,537 $ 151,737
- - - 21,000 - - 21,000 -
- - - - - - 965,000 1,255,000
- - - 275,775 4,120 - 279,895 253,905
- - - 1,148,025 82,407 - 2,195,432 1,660,642
- - 326,429 - 732,876 84,400 1,143,705 66,314
1,339,067 64,291 1,209,383 14,368,599 195,766 2,593,298 20,376,575 6,727,765
- - - - - (880,272) (1,170,272)
1,339,067 64,291 1,535,812 14,368,599 928,642 2,677,698 20,640,008 5,623,807
$ 1,339,067 $ 64,291 $ 1,535,812 $ 15,516,624 $ 1,011,049 $ 2,677,698 $ 22,835,440 $ 7,284,449
CITY OF WICHITA FALLS, TEXAS
CAPITAL PROJECTS FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
FOR THE YEAR ENDED SEPTEMBER 30, 2001
WITH COMPARATIVE TOTALS AT SEPTEMBER 30, 2000
1980 1981 1981 1982
Library General C.O.General G.O. General General
Renovations Improvements Improvements Improvements Improvements
Revenues:
Contributions $ - $ - $ - $ - $ -
Miscellaneous revenue:
Capital improvement assessments -
Interest - 3,749 1,022 23,375 14,171
Total revenues - 3,749 1,022 23,375 14,171
Expenditures:
Current:
Fire - - - - -
Public works:
McGrath Creek improvements - - - - -
Street improvement - - - - -
MPEC Coliseum - - - - -
Total public works - - - - -
Capital outlay:
MPEC Coliseum - - - - -
Fire stations - - - - -
Total capital outlay - - - - -
Debt service:
Interest and paying agent fees 51,360 - - - -
Total expenditures 51,360 - - - -
Excess of revenues over(under)expenditures (51,360) 3,749 1,022 23,375 14,171
Other financing sources(uses):
Operating transfers in - - - - -
Operating transfers in-component units 341,360 - - - -
Operating transfers out - (175,667) (47,907) (745,530) (664,074)
Bond proceeds - - - - -
Total other financing sources(uses) 341,360 (175,667) (47,907) (745,530) (664,074)
Excess of revenues and other sources
over(under)expenditures and other uscc 290,000 (171,918) (46,885) (722,155) (649,903)
Fund balance-beginning (1,170,272) 171,918 46,885 1,328,326 649,903
Fund balance-ending $ (880,272) $ - $ - $ 606,171 $ -
66
EXHIBIT F-2
1985
Holliday Capital
Creek Improvement 48 Sales MP EC Street Drainage Totals
Project Assessments Tax Projects Coliseum Improvements Improvements 2001 2000
$ - $ - $ - $ 3,194,791 $ - $ - $ 3,194,791 $ -
- 1,034 1,408 - - - 2,442 3,584
196,420 3,188 - 407,147 11,049 29,268 689,389 497,211
196,420 4,222 1,408 3,601,938 11,049 29,268 3,886,622 500,795
- - 24,651 - - - 24,651 18,000
- - - - - - - 26,934
- - - - 82,407 - 82,407 -
-- - - 22,272 - - 22,272
- - - 22,272 82,407 - 104,679 -
- - - 3,316,687 - - 3,316,687 -
-- - 30,725 - - - 30,725 2,983,815
- - 30,725 3,316,687 - - 3,347,412 2,983,815
- - - - - - 51,360 67,262
- - 55,376 3,338,959 82,407 - 3,528,102 3,069,077
196,420 4,222 (53,968) 262,979 (71,358) 29,268 358,520 (2,595,216)
- - - 6,846,025 1,000,000 2,648,430 10,494,455 -
- - 1,481,000 259,595 - - 2,081,955 422,263
(3,285,551) - - - - - (4,918,729) -
- - - 7,000,000 - - 7,000,000 -
(3,285,551) - 1,481,000 14,105,620 1,000,000 2,648,430 14,657,681 422,263
(3,089,131) 4,222 1,427,032 14,368,599 928,642 2,677,698 15,016,201 (2,172,953)
4,428,198 60,069 108,780 - - - 5,623,807 7,796,760
$ 1,339,067 $ 64,291 $ 1,535,812 $ 14,368,599 $ 928,642 $ 2,677,698 $ 20,640,008 $ 5,623,807
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 courses 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, 2001
WITH COMPARATIVE TOTALS AT SEPTEMBER 30, 2000
Municipal Kickapoo
Golf Airport Airport
ASSETS
Current assets:
Cash and cash equivalents $ 172,615 $ 231,807 $ 125,614
Investments - - -
Receivables(net of allowance for
uncollectible accounts):
Customer and trade - - -
Other City funds - - -
Government agencies - - -
Other 43 23,443 11,515
Inventory 66,474 - 21,873
Prepaid items 1,405 1,288 4,026
Total current assets 240,537 256,538 163,028
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 1,452,202 565,533
Machinery and equipment 47,525 16,283 60,179
Furniture and fixtures 3,175 36,705 -
Motor vehicles and equipment - - -
Construction in progress - - -
68,902 2,967,013 1,580,389
Less accumulated depreciation (26,351) (2,086,828) (75,422)
Total plant and equipment 42,551 880,185 1,504,967
Other assets:
Deferred charges - - -
Total assets $ 283,088 $ 1,136,723 $ 1,667,995
67
EXHIBIT G-1
(Page 1 of 2)
Water and Stormwater- Totals
Transit Sanitation Sewer Drainage 2001 2000
$ - $ 7,976,670 $ 9,195,938 $ 287,345 $ 17,989,989 $ 15,260,259
- - - - - 4,500,824
-
701,586 2,909,815 101,072 3,712,473 3,364,348
- - - - - 398,032
54,837 - 51,419 - 106,256 43,645
- - 53,295 - 88,296 114,051
- - 677,812 - 766,159 828,063
- 85 2,815 - 9,619 5,969
54,837 8,678,341 12,891,094 388,417 22,672,792 24,515,191
- - 24,883,434 - 24,883,434 24,096,504
- - - - - 4,500
- - 119,591,856 - 119,591,856 -
- - 16,701 - 16,701 96,303
- - 144,491,991 - 144,491,991 24,197,307
61,925 1,038,283 23,069,564 - 26,591,207 26,239,823
626,868 2,370,382 130,705,771 - 135,734,023 132,932,467
101,613 109,123 3,418,147 - 3,752,870 3,557,017
1,152 - 1,164 - 42,196 8,986
- - 1,235 - 1,235 1,235
- 467,469 4,253,830 - 4,721,299 2,095,829
791,558 3,985,257 161,449,711 - 170,842,830 164,835,357
(164,027) (1,017,500) (60,909,915) - (64,280,043) (61,768,421)
627,531 2,967,757 100,539,796 - 106,562,787 103,066,936
- - 3,132,055 - 3,132,055 2,019,318
$ 682,368 $ 11,646,098 $ 261,054,936 $ 388,417 $ 276,859,625 $ 153,798,752
CITY OF WICHITA FALLS, TEXAS
ENTERPRISE FUNDS
COMBINING BALANCE SHEET(CONT'D.)
SEPTEMBER 30, 2001
WITH COMPARATIVE TOTALS AT SEPTEMBER 30, 2000
Municipal Kickapoo
Golf Airport Airport
LIABILITIES AND FUND EQUITY
Current liabilities payable from current assets:
Accounts payable-trade $ 33,592 $ 7,959 $ 13,332
Accrued payroll 6,209 333 1,827
Accrued vacation and sick leave 7,576 1,057 1,240
Payable to other City funds - - -
Payable to government agencies 4,594 3,250 242
Other liabilities - - -
Deferred revenue - - -
Total current liabilities payable
from current assets 51,971 12,599 16,641
Current liabilities payable from restricted assets:
Contracts and trade - - -
Revenue bonds-current maturities - - -
Accrued interest- revenue bonds - - -
Total current liabilities payable
from restricted assets - - -
Long-term liabilities:
Payable to U.S. Government - - -
Revenue bonds, less current maturities - - -
Estimated liability for landfill closure and
post-closure care costs - - -
Total long-term liabilities - - -
Long-term liabilities payable from restricted assets:
Customer deposits - - -
Total liabilities 51,971 12,599 16,641
Fund equity:
Contributed capital 8,279 2,292,192 1,600,000
Retained earnings (deficit):
Reserved for revenue bond debt service - - -
Unreserved 222,838 (1,168,068) 51,354
Total retained earnings (deficit) 222,838 (1,168,068) 51,354
Total fund equity 231,117 1,124,124 1,651,354
Total liabilities and fund equity $ 283,088 $ 1,136,723 $ 1,667,995
68
EXHIBIT G-
1
(Page 2 of 2)
Watef and Stormwetec-- Totals
Transit Sanitation Sewer Drainage 2001 2000
$ 31,612 $ 252,487 $ 770,857 $ - $ 1,109,839 $ 634,461
6,643 29,021 68,917 - 112,950 101,063
16.878 89,837 212..7.54 - 329,342 331,413
50,520 - 8,910 - 59,430 -
- 37,112 - - 45,198 41,856
- 18,660 129,558 - 148,218 198,772
- - - - - 2,259
105,653 427,117 1,190,996 - 1,804,977 1,309,824
- - 8,025 - 8,025 8,025
- - 4,299,753 - 4,299,753 2,450,000
- - 950,604 - 950,604 467,138
- - 5,258,382 - 5,258,382 2,925,163
- - 832,565 - 832,565 856,671
- - 172,349,440 - 172,349,440 56,245,000
- 3,201,245 - - 3,201,245 3,138,476
- 3,201,245 173,182,005 - 176,383,250 60,240,147
- 2,066,807 - 2,066,807 2,031,094
105,653 3,628,362 181,698,190 - 185,513,416 66,506,228
831,471 2,909,150 20,663,761 - 28,304,853 27,900,254
- 8,570,885 - 8,570,885 8,209,707
(254,756) 5,108,586 50,122,100 388,417 54,470,471 51,182,563
(254,756) 5,108,586 58,692,985 388,417 63,041,356 59,392,270
576,715 8,017,736 79,356,746 388,417 91,346,209 87,292,524
$ 682,368 $ 11,646,098 $ 261,054,936 $ 388,417 $ 276,859,625 $ 153,798,752
CITY OF WICHITA FALLS, TEXAS
ENTERPRISE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS
FOR THE YEAR ENDED SEPTEMBER 30, 2001
WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 2000
Municipal Kickapoo
Golf Airport Airport
Operating revenues:
Charges for services $ 660,394 $ - $ 8,106
Rents, concessions and other 107,689 375,449 319,477
Total operating revenues 768,083 375,449 327,583
Operating expenses:
Personnel services 452,127 66,835 144,709
Supplies and materials 86,946 1,284 10,765
Maintenance and repairs 26,246 65,376 21,269
Utilities and other services 83,277 68,615 48,116
Insurance and contract support 4,110 4,346 12,418
Other expenses 71,089 43,048 4,050
Depreciation and amortization 8,887 85,420 50,315
Total operating expenses 732,682 334,924 291,642
Operating income (loss) 35,401 40,525 35,941
Nonoperating revenues (expenses):
Interest income 697 8,941 684
Interest expense and paying agent fees - - -
Intergovernmental operating grants - - -
Total nonoperating revenues (expenses) 697 8,941 684
Income (loss) before operating transfers 36,098 49,466 36,625
Operating transfers:
Operating transfers in - - -
Operating transfers out (8,295) (19,907) -
Net operating transfers (8,295) (19,907) -
Net income 27,803 29,559 36,625
Retained earnings (deficit) - beginning 199,830 (1,197,627) 22,558
Residual equity transfers (4,795) - (7,829)
Retained earnings (deficit) - ending $ 222,838 $(1,168,068) $ 51,354
69
EXHIBIT G-2
Water-and-- Stormwater - Totals
Transit Sanitation Sewer Drainage 2001 2000
$ 202,180 $8,409,752 $ 25,565,695 $ 387,496 $ 35,233,623 $ 29,823,971
- 2,370 81,810 - 886,795 669,998
202,180 8,412,122 25,647,505 387,496 36,120,418 30,493,969
599,936 2,757,347 5,841,592 - 9,862,546 9,448,137
93,026 257,917 1,212,915 - 1,662,853 1,801,543
134,383 630,470 1,766,407 - 2,644,151 4,034,012
44,898 2,831,783 4,221,419 - 7,298,108 6,299,725
192,973 67,129 414,656 - 695,632 607,393
32,620 470,625 1,050,646 - 1,672,078 1,527,027
12,425 62,794 3,070,055 - 3,289,896 3,326,759
1,110,261 7,078,065 17,577,690 - 27,125,264 27,044,596
(908,081) 1,334,057 8,069,815 387,496 8,995,154 3,449,373
- 393,871 1,618,299 921 2,023,413 2,573,797
- - (2,761,955) - (2,761,955) (2,713,331)
815,917 - - - 815,917 603,710
815,917 393,871 (1,143,656) 921 77,375 464,176
(92,164) 1,727,928 6,926,159 388,417 9,072,529 3,913,549
151,739 - - - 151,739 275,849
- (424,310) (2,876,799) - (3,329,311) (1,647,789)
151,739 (424,310) (2,876,799) - (3,177,572) (1,371,940)
59,575 1,303,618 4,049,360 388,417 5,894,957 2,541,609
(245,656) 5,912,577 54,700,588 - 59,392,270 58,205,456
(68,675) (2,107,609) (56,963) - (2,245,871) (1,354,795)
$ (254,756) $5,108,586 $ 58,692,985 $ 388,417 $ 63,041,356 $ 59,392,270
CITY OF WICHITA FALLS, TEXAS
ENTERPRISE FUNDS
COMBINING STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED SEPTEMBER 30,2001
WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 2000
Municipal Kickapoo
Golf Airport Airport
Cash flows from operating activities:
Operating income(loss) $ 35,401 $ 40,525 $ 35,941
Adjustments to reconcile operating income(loss)
to net cash provided by(used in) operating
activities:
Depreciation and amortization 8,887 85,420 50,315
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) (12,566) 916
Inventory (18,373) - 8,885
Prepaid items (1,405) 5 152
Restricted assets-other receivables - - -
Increase (decrease) in current liabilities:
Accounts payable-trade 12,900 (4,820) (12,666)
Accrued payroll 1,983 (341) 363
Accrued vacation and sick leave (2,977) (3,506) 907
Payable to other City funds - - -
Payable to government agencies 705 3,422 (159)
Deferred revenue - (2,258) -
Other liabilities - - -
Other liabilities payable from restricted assets - - -
Total adjustments 1,677 65,356 48,713
Net cash provided by(used in)
operating activities 37,078 105,881 84,654
Cash flows from noncapital financing activities:
Intergovernmental operating grants - - -
Operating transfers in from other funds - - -
Operating transfers out to other funds (8,295) (19,907) -
Residual equity transfers from other funds - - -
Residual equity transfers to other funds (4,795) - (7,829)
Net cash provided by(used in)
noncapital financing activities (13,090) (19,907) (7,829)
70
EXHIBIT G-3
(Page 1 of 2)
Water and Storrnwater- Totals
Transit Sanitation Sewer Drainage 2001 2000
$ (908,081) $1,334,057 $ 8,069,815 $ 387,496 $ 8,995,154 $ 3,449,373
12,425 62,794 3,070,055 - 3,289,896 3,326,759
- - 35,713 - 35,713 65,441
- 62,769 - - 62,769 46,382
- 168,386 (415,439) (101,072) (348,125) (482,343)
- 398,032 - 398,032 (398,032)
(52,709) - (9,902) - (62,611) 115,961
- 22,449 - 10,756 (39,887)
- 14,998 71,392 - 76,902 (8,952)
- (2) 2,400 - 1,150 6,102
- - 79,602 - 79,602 (27,987)
24,357 71,089 384,346 - 475,206 (147,747)
(209) 2,206 7,886 - 11,888 (262,190)
2,024 1,481 - (2,071) 21,089
50,520 - 8,910 - 59,430 (16,324)
(454) - - 3,514 (5,119)
- - - - (2,258) -
- 3,225 (53,779) - (50,554) 145,979
- - - - - (116,272)
34,384 387,035 3,603,146 (101,072) 4,039,239 2,222,860
(873,697) 1,721,092 11,672,961 286,424 13,034,393 5,672,233
815,917 - - - 815,917 603,710
151,739 - - - 151,739 275,849
(424,310) (2,876,799) - (3,329,311) (1,647,789)
- - - - 1,664,834
(68,675) (2,107,609) (56,963) - (2,245,871) (1,354,795)
898,981 (2,531,919) (2,933,762) - (4,607,526) (458,191)
CITY OF WICHITA FALLS, TEXAS
ENTERPRISE FUNDS
COMBINING STATEMENT OF CASH FLOWS (CONT'D.)
FOR THE YEAR ENDED SEPTEMBER 30, 2001
WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 2000
Municipal Kickapoo
Golf Airport Airport
Cash flows from capital and related
financing activities:
Acquisition and construction of capital assets - (33,210) (1,015)
Principal paid on long-term debt maturities - - -
Interest paid on long-term debt obligations - - -
Other assets
Net cash provided by(used for) capital
and related financing activities - (33,210) (1,015)
Cash flows from investing activities:
Maturity/sale of investments - - -
Interest on investments 697 8,941 684
Net cash provided by investing activities 697 8,941 684
Net increase (decrease) in cash and cash equivalents 24,685 61,705 76,494
Cash and cash equivalents at beginning of year 147,930 170,102 49,120
Cash and cash equivalents at end of year $ 172,615 $ 231,807 $ 125,614
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 $ 172,615 $ 231,807 $ 125,614
Restricted assets- cash and cash equivalents - - -
Total cash and cash equivalents at end of year $ 172,615 $ 231,807 $ 125,614
71
EXHIBIT G-3
(Page 2 of 2)
Water and Stormwater Totals
Transit Sanitation Sewer Drainage 2001 2000
(76,534) (807,848) (5,334,299) - (6,252,906) (6,679,303)
- (2,474,106) - (2,474,106) (2,368,347)
- - (2.711,931) - ,(2.711,931) (2,657,697)
- - - - - 10,000
(76,534) (807,848) (10,520,336) - (11,438,943) (11,695,347)
504,405 4,000,918 - 4,505,323 994,900
- 393,871 1,618,299 921 2,023,413 2,573,797
- 898,276 5,619,217 921 6,528,736 3,568,697
(51,250) (720,399) 3,838 080 287,345 3,516,660 2 912608
51,250 8,697,069 30,241,292 - 39,356,763 42,269,371
$ - $7,976,670 $34,079,372 $ 287,345 $42,873,423 $39,356,763
$ - $ - $ 404,599 $ - $ 404,599 $ 294,395
- - 119,591,856 - 119,591,856 -
$ - $7,976,670 $ 9,195,938 $ 287,345 $17,989,989 $15,260,259
- - 24,883,434 - 24,883,434 24,096,504
$ - $7,976,670 $34,079,372 $ 287,345 $42,873,423 $39,356,763
SMI S
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, 2001
WITH COMPARATIVE TOTALS AT SEPTEMBER 30, 2000
Employee
Fleet Duplicating Benefit Totals
Maintenance Services Trust 2001 2000
ASSETS
Current assets:
Cash and cash equivalents $ 594,379 $ 30,216 $ 1,619,240 $ 2,243,835 $ 1,233,834
Receivables:
Other 26,097 - - 26,097 9,237
Inventory 704,967 14,343 - 719,310 669,632
Prepaid items 4,499 5,477 - 9,976 4,494
Total current assets 1,329,942 50,036 1,619,240 2,999,218 1,917,197
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 - 103,129 - 103,129 -
Furniture and fixtures 6,358 - - 6,358 6,358
Motor vehicles and equipment 31,328,014 - - 31,328,014 28,952,553
Construction in progress 190,541 - - 190,541 6,706
35,968,669 103,129 - 36,071,798 33,409,373
Less accumulated depreciation (20,574,752) (5,813) - (20,580,565) (18,718,645)
Total plant and equipment 15,393,917 97,316 - 15,491,233 14,690,728
Total assets $ 16,723,859 $ 147,352 $ 1,619,240 $ 18,490,451 $ 16,607,925
LIABILITIES AND FUND EQUITY
Current liabilities:
Accounts payable-trade $ 155,940 $ 2,538 $ 21,746 $ 180,224 $ 243,022
Accrued payroll 18,540 614 1,494 20,648 19,236
Accrued vacation and sick leave 44,621 - - 44,621 42,355
Estimated health claims payable - - 679,732 679,732 575,296
Total current liabilities 219,101 3,152 702,972 925,225 879,909
Fund equity:
Contributed capital 24,187,996 101,474 - 24,289,470 21,571,717
Retained earnings(deficit) (7,683,238) 42,726 916,268 (6,724,244) (5,843,701)
Total fund equity 16,504,758 144,200 916,268 17,565,226 15,728,016
Total liabilities and fund equity $ 16,723,859 $ 147,352 $ 1,619,240 $ 18,490,451 $ 16,607,925
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, 2001
WITH COMPARATIVE TOTALS AT SEPTEMBER 30, 2000
Employee
Fleet Duplicating Benefit Totals
Maintenance Services Trust 2001 2000
Operating revenues:
Charges for services $ 6,727,216 $ 291,322 $ 33,571 $ 7,052,109 $ 6,029,744
Rents,concessions and other 64,477 - 369,314 433,791 227,014
Contributions - - 5,325,643 5,325,643 5,194,493
Total operating revenues 6,791,693 291,322 5,728,528 12,811,543 11,451,251
Operating expenses:
Personnel services 1,433,450 67,804 140,062 1,641,316 1,485,574
Supplies and materials 2,004,453 54,475 2,940 2,061,868 1,731,211
Maintenance and repairs 1,510,555 15,896 - 1,526,451 1,557,116
Utilities and other services 73,956 2,191 9,273 85,420 76,233
Insurance and contract support 71,950 90 5,019,778 5,091,818 5,093,638
Other expenses 105,369 102,327 93,781 301,477 327,220
Depreciation and amortization 2,835,806 5,813 - 2,841,619 2,612,464
Total operating expenses 8,035,539 248,596 5,265,834 13,549,969 12,883,456
Operating income(loss) (1,243,846) 42,726 462,694 (738,426) (1,432,205)
Nonoperating revenues(expenses):
Interest income - - 69,250 69,250 34,420
Gain on sale of fixed assets 100,633 - - 100,633 303,941
Total nonoperating revenues
(expenses) 100,633 - 69,250 169,883 338,361
Income(loss)before operating transfers (1,143,213) 42,726 531,944 (568,543) (1,093,844)
Operating transfers:
Operating transfers out (312,000) - - (312,000) (312,000)
Net income(loss) (1,455,213) 42,726 531,944 (880,543) (1,405,844)
Retained earnings(deficit)-beginning (6,228,025) - 384,324 (5,843,701) (4,437,857)
Retained earnings(deficit)-ending $ (7,683,238) $ 42,726 $ 916,268 $ (6,724,244) $ (5,843,701)
73
EXHIBIT H-3
CITY OF WICHITA FALLS, TEXAS
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED SEPTEMBER 30, 2001
WITH COMPARATIVE TOTALS AT SEPTEMBER 30, 2000
Employee
Fleet Duplicating Benefit Totals
Maintenance Services Trust 2001 2000
Cash flows from operating activities:
Operating income(loss) $ (1,243,846) $ 42,726 $ 462,694 $ (738,426) $ (1,432,205)
Adjustments to-reconcile operating income to net
cash provided(used)by operating activities:
Depreciation and amortization 2,835,806 5,813 - 2,841,619 2,612,464
(Increase)decrease in current assets:
Receivables:
Other City funds - - - - 777,789
Other (16,860) - - (16,860) 923
Inventory (35,335) (14,343) - (49,678) (17,332)
Prepaid items (5) (5,477) - (5,482) (4,519)
Increase(decrease)in current liabilities:
Accounts payable-trade (64,707) 2,538 (629) (62,798) 48,346
Accrued payroll 704 614 94 1,412 (44,312)
Accrued vacation and sick leave 2,266 - - 2,266 3,296
Payable to other City funds - - - - (224,329)
Estimated health claims payable - - 104,436 104,436 31,409
Total adjustments 2,721,869 (10,855) 103,901 2,814,915 3,183,735
Net cash provided by operating
activities 1,478,023 31,871 566,595 2,076,489 1,751,530
Cash flows from noncapital financing activities:
Operating transfers out to other funds (312,000) - - (312,000) (312,000)
Residual equity transfers from other funds 2,616,279 72,335 - 2,688,614 2,138,566
Net cash provided by noncapital
financing activities 2,304,279 72,335 - 2,376,614 1,826,566
Cash flows from capital and related
financing activities:
Acquisition of capital assets (3,550,834) (73,990) - (3,624,824) (3,415,599)
Proceeds from sale of fixed assets 112,472 - - 112,472 336,309
Net cash used for capital and
related financing activities (3,438,362) (73,990) - (3,512,352) (3,079,290)
Cash flows from investing activities:
Interest on investments - - 69,250 69,250 34,420
Net increase in cash and cash equivalents 343,940 30,216 635,845 1,010,001 533,226
Cash and cash equivalents at beginning of year 250,439 - 983,395 1,233,834 700,608
Cash and cash equivalents at end of year $ 594,379 $ 30,216 $ 1,619,240 $ 2,243,835 $' 1,233,834
74
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, 2001
WITH COMPARATIVE TOTALS AT SEPTEMBER 30, 2000
Expendable Nonexpendable
Trust Trust
Excess Cemetery
Sales Tax Perpetual
Fund Care
ASSETS
Cash and cash equivalents $ - $ 527,207
Receivables:
Government agencies 299,618 -
Total assets $ 299,618 $ 527,207
LIABILITIES AND FUND BALANCE
Liabilities:
Accounts payable-trade $ - $ -
Other liabilities - -
Total liabilities - -
Fund balance:
Designated for:
Subsequent years expenditures - -
Debt service 299,618 -
Perpetual care - 527,207
Total fund balance 299,618 527,207
Total liabilities and fund balance $ 299,618 $ 527,207
75
EXHIBIT I-1
Agency Funds
Payroll Escheatment Totals
Fund Fund 2001 2000
$ 368,592 $ 45,986 $ 941,785 $ 1,446,418
- - 299,618 462,093
$ 368,592 $ 45,986 $ 1,241,403 $ 1,908,511
$ 368,592 $ - $ 368,592 $ 527,235
45,986 45,986 44,180
368,592 45,986 414,578 571,415
- - - 874,965
- - 299,618- - 527,207 462,131
- - 826,825 1,337,096
$ 368,592 $ 45,986 $ 1,241,403 $ 1,908,511
EXHIBIT 1-2
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, 2001 AND 2000
2001 2000
Revenues:
Taxes $ 299,618 $ 462,092
Miscellaneous revenue 32,658 23,864
Total revenues 332,276 485,956
Expenditures - -
Excess revenues over(under) expenditures 332,276 485,956
Other financing uses:
Operating transfers out (907,623) -
Excess of revenues over(under) expenditures and
other uses (575,347) 485,956
Fund balance, beginning 874,965 389,009
Fund balance, ending $ 299,618 $ 874,965
76
EXHIBIT 1-3
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, 2001 AND 2000
2001 2000
Operating revenue:
Rents, concessions and other $ 39,930 $ 42,311
Operating expenses - -
Operating income 39,930 42,311
Nonoperating revenue:
Interest income 25,146 24,540
Net income 65,076 66,851
Fund balance, beginning 462,131 395,280
Fund balance, ending $ 527,207 $ 462,131
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, 2001 AND 2000
2001 2000
Cash flows from operating activities:
Operating income $ 39,930 $ 42,311
Cash flows from investing activities:
Interest on investments 25,146 24,540
Net increase in cash and cash equivalents 65,076 66,851
Cash and cash equivalents at beginning of year 462,131 395,280
Cash and cash equivalents at end of year $ 527,207 $ 462,131
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, 2001
Balance Balance
10/1/00 Additions Deductions 9/30/01
PAYROLL FUND
ASSETS
Cash and cash equivalents $ 527,235 $ 78,559,401 $ 78,718,044 $ 368,592
Total assets $ 527,235 $ 78,559,401 $ 78,718,044 $ 368,592
LIABILITIES
Accounts payable-trade $ 527,235 $ 18,422,730 $ 18,581,373 $ 368,592
Other liabilities - 34,005,147 34,005,147 -
Total liabilities $ 527,235 $ 52,427,877 $ 52,586,520 $ 368,592
ESCHEATMENT FUND
ASSETS
Cash and cash equivalents $ 44,180 $ 9,793 $ 7,987 $ 45,986
Total assets $ 44,180 $ 9,793 $ 7,987 $ 45,986
LIABILITIES
Other liabilities $ 44,180 $ 15,437 $ 13,631 $ 45,986
Total liabilities $ 44,180 $ 15,437 $ 13,631 $ 45,986
TOTALS-ALL AGENCY FUNDS
ASSETS
Cash and cash equivalents $ 571,415 $ 78,569,194 $ 78,726,031 $ 414,578
Total assets $ 571,415 $ 78,569,194 $ 78,726,031 $ 414,578
LIABILITIES
Accounts payable-trade $ 527,235 $ 18,422,730 $ 18,581,373 $ 368,592
Other liabilities 44,180 34,020,584 34,018,778 45,986
Total liabilities $ 571,415 $ 52,443,314 $ 52,600,151 $ 414,578
79
n
r
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 Vemon'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, 2001
WITH COMPARATIVE TOTALS AT SEPTEMBER 30, 2000
Wichita Falls
Economic Wichita Falls
Development 4B Sales Tax
Corporation Corporation
ASSETS
Cash and cash equivalents $ 8,194,797 $ 4,613,704
Receivables:
Taxes and assessments - -
Government agencies 491,607 491,607
Plant and equipment:
Land and betterments 140,480 -
Buildings, systems and improvements 459,520 -
Total assets $ 9,286,404 $ 5,105,311
LIABILITIES AND FUND BALANCE
Liabilities:
Accounts payable -trade $ 28,248 $ -
Payable to primary government - 1,535,812
Total liabilities 28,248 1,535,812
Equity and other credits:
Investment in general fixed assets 600,000 -
Fund balance:
Reserved for encumbrances 1,449,949 800,000
Unreserved:
Designated for subsequent years expenditures 7,208,207 2,769,499
Total equity and other credits 9,258,156 3,569,499
Total liabilities and fund balance $ 9,286,404 $ 5,105,311
80
EXHIBIT J-1
Wichita Falls
Reinvestment Totals
Zone #1 2001 2000
$ 488,969 $13,297,470 $ 8,536,866
6,254 6,254 14,671
983,214 954,600
140,480 140,480
459,520 459,520
$ 495,223 $14,886,938 $10,106,137
$ 6,917 $ 35,165 $ 1,000
1,535,812 362,385
6,917 1,570,977 363,385
600,000 600,000
2,249,949 -
488,306 10,466,012 9,142,752
488,306 13,315,961 9,742,752
$ 495,223 $14,886,938 $10,106,137
CITY OF,WICHITA FALLS, TEXAS
DISCRETELY PRESENTED COMPONENT UNITS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES
SEPTEMBER 30, 2001
WITH COMPARATIVE TOTALS AT SEPTEMBER 30, 2000
Wichita Falls
Economic Wichita Falls
Development 4B Sales Tax
Corporation Corporation
Revenues:
Taxes $ 2,720,625 $ 2,720,625
Miscellaneous revenue 346,405 176,724
Total revenues 3,067,030 2,897,349
Expenditures:
Current:
Community development 301,824 175,000
Capital outlay - -
Total expenditures 301,824 175,000
Excess revenues over expenditures 2,765,206 2,722,349
Other financing sources (uses):
Operating transfers out- primary government - (1,822,360)
Excess of revenues and other sources
over(under) expenditures and other uses 2,765,206 899,989
Fund balance - beginning 5,892,950 2,669,510
Fund balance- ending $ 8,658,156 $ 3,569,499
81
EXHIBIT J-2
Wichita Falls
Reinvestment Totals
Zone#1 2001 2000
$ 175,143 $ 5,616,393 $ 5,510,899
24,062 547,191 486,814
199,205 6,163,584 5,997,713
31,596 508,420 874,807
600,000
31,596 508,420 1,474,807
167,609 5,655,164 4,522,906
(259,595) (2,081,955) (422,263)
(91,986) 3,573,209 4,100,643
580,292 9,142,752 5,042,109
$ 488,306 $12,715,961 $ 9,142,752
r
..-1
V
CITY OF WICHITA FALLS, TEXAS
COMBINED SCHEDULE OF BONDED DEBT AND INTEREST MATURITIES
SEPTEMBER 30, 2001
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
2002 $ 1,805,000 $ 1,168,309 $ 2,973,309 $ 3,574,753 $ 6,295,404 $ 9,870,157
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
$ 19,215,000 $ 6,834:081 ' $ 26,049,08t $ 136,359,193 $ 117,388,427 $ 253,747,620
(1)Includes amortization of bond premium of$1,634,193.
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
$ 725,000 $ 1,792,100 $ 2,517,100 $ 6,104,753 $ 9,255,813 $ 15,360,566
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
$ 40,290,000 $ 19,893,187 $ 60,183,187 $ 195,864,193 $ 144,115,695 $ 339,979,888
CITY OF WICHITA FALLS, TEXAS
COMBINED SCHEDULE OF BONDS PAYABLE
SEPTEMBER 30,2001
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 09/01/10 175,000 (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)
370,060 (2013)
18_5,000 (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 $ 3,360,000 $ 3,890,000
9,000,000 9,000,000 3,880,000 5,120,000
10,205,000 10,205,000 - 10,205,000
26,455,000 26,455,000 7,240,000 19,215,000
CITY OF WICHITA FALLS, TEXAS
COMBINED SCHEDULE OF BONDS PAYABLE(CONT'D.)
SEPTEMBER 30,2001
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 08/07/07 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 1998B (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 5,110,000 7,720,000
5,360,000 5,360,000 2,040,000 3,320,000
5,500,000 5,500,000 585,000 4,915,000
CITY OF WICHITA FALLS, TEXAS
COMBINED SCHEDULE OF BONDS PAYABLE(CONTD.)
SEPTEMBER 30,2001
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 08/0127 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 08101/16 100,000 (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
EXHIB
IT K-2
(Page 3 of 4)
Bonds
Retired or
Authorized Issued Refunded Outstanding
118,770,000 118,770,000 - 118,770,000
1,634,193 - 1,634,193
142,460,000 144,094,193 7,735,000 136,359,193
11,420,000 11,420,000 415.000 11,005,000
CITY OF WICHITA FALLS, TEXAS
COMBINED SCHEDULE OF BONDS PAYABLE(CONT'D.)
SEPTEMBER 30,2001
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 75,000 7,985,000
22,795,000 22,795,000 1,495,000 21,300,000
42,275,000 42,275,000 1,985,000 40,290,000
184,735,000 186,369,193 9,720,000 176,649,193
$ 211,190,000 $ 212,824,193 $ 16,960,000 $ 195,864,193
EXHIBIT K-3
CITY OF WICHITA FALLS, TEXAS
DEBT SERVICE COVERAGE-REVENUE BONDS
SEPTEMBER 30,2001
Water and Sewer Revenue Bonds:
Net income (Exhibit G-2) $ 4,049,360
Add:
Depreciation and amortization $ 3,070,055
Loss on sale/abandonment of fixed assets -
Interest expense and paying agent fees 2,761,955
Operating transfers out 2,876,799 8,708,809
Subtract:
West Texas Utilities water revenues (432,929)
Net earnings for determining debt service coverage $ 12,325,240
Priority Subordinate
Lien Bonds(1) Lien Bonds
Net earnings for determining debt service coverage $ 12,325,240
Principal and interest requirements to maturity $ 20,226,459 $60,183,187
Number of years remaining to pay bonds 17 t 17
Average annual principal and interest requirement 1,189,792 3,540,187
Minimum bond covenant debt service coverage x 1.25 x 1.10
Minimum debt service coverage requirement $ 1,487,240 $ 3,894,206 5,381,446
Excess over debt service coverage requirements $ 6,943,794
(1)The Water and Sewer System Priority Lien Revenue Bonds, Series 2001 of$118,770,000 are dated
September 1,2001 and were sold September 3,2001. However,they were not delivered to the City until
October 10,2001, after the City's year-end.Consequently,they are excluded from the debt service
coverage computation pursuant to the opinion of the City's bond counsel.
87
EXHIBIT K-4
CITY OF WICHITA FALLS, TEXAS
GENERAL FIXED ASSETS ACCOUNT GROUP
COMPARATIVE SCHEDULE OF GENERAL FIXED ASSETS
AND JOINT VENTURE ASSETS -BY SOURCES
SEPTEMBER 30, 2001 AND 2000
2001 2000
General Fixed Assets:
Land and betterments $ 23,387,429 $ 14,135,745
Buildings and improvements 27,664,965 16,336,574
Machinery and equipment 7,267,032 7,130,805
Furniture and fixtures 214,110 197,824
Motor vehicles and equipment 31,485 31,485
Construction in progress 4,467,627 34,187
Total general fixed assets 63,032,648 37,866,620
Joint Venture Assets:
Investment in joint venture - 12,155,704
Total $ 63,032,648 $50,022,324
Investment in General Fixed Assets:
From general obligation bonds $ 2,459,962 $ 2,459,962
From local revenues and contributions 40,735,677 15,664,256
From federal government contributions 2,835,779 2,741,172
From unidentified sources 17,001,230 17,001,230
Total investment in general fixed assets 63,032,648 37,866,620
Investment in Joint Venture Assets:
From local revenues and contributions - 12,155,704
Total $ 63,032,648 $50,022,324
88
CITY OF WICHITA FALLS, TEXAS
GENERAL FIXED ASSETS ACCOUNT GROUP
SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS AND
JOINT VENTURE ASSETS -BY SOURCES
FOR THE YEAR ENDED SEPTEMBER 30, 2001
Buildings Machinery
Land and and and
Betterments Improvements Equipment
General fixed assets and joint venture assets,
October 1, 2000 $ 14,135,745 $ 16,336,574 $ 7,130,805
Additions:
Expenditures from:
Local revenues and contributions 13,500 1,096,146 307,057
Federal government contributions - - 94,607
Transfer of MPEC fixed assets, net of accumulated
depreciation of$2,394,298 9,238,184 10,232,245 187,485
Deductions:
Assets sold, traded, retired or transferred - - 452,922
Write off of investment in joint venture - - -
General fixed assets and joint venture assets,
September 30, 2001 $ 23,387,429 $ 27,664,965 $ 7,267,032
89
EXHIBIT K-5
Motor
Furniture Vehicles Investment
and and Construction in Joint
Fixtures Equipment in Progress Venture Totals
$ 197,824 $ 31,485 $ 34,187 $ 12,155,704 $ 50,022,324
4,350 - 3,337,198 - 4,758,251
- - - - 94,607
28,288 - 1,096,242 - 20,782,444
16,352 - - - 469,274
- - - 12,155,704 12,155,704
$ 214,110 $ 31,485 $ 4,467,627 $ - $ 63,032,648
CITY OF WICHITA FALLS, TEXAS
GENERAL FIXED ASSETS ACCOUNT GROUP
SCHEDULE OF GENERAL FIXED ASSETS AND
JOINT VENTURE ASSETS -BY FUNCTION AND ACTIVITY
SEPTEMBER 30, 2001
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 4,523,930 564,328
General Public Information - - 219,959
Building Maintenance - 1,076,622 31,010
Nondepartmental - 518,881 51,211
Municipal Court 230,000 313,818 142,689
Legal - - 2,254
City Clerk - - 6,700
Total administrative services 1,770,791 7,123,759 1,092,245
Police 1,108,614 1,374,498 2,951,612
Fire 252,461 4,456,502 263,183
Parks and recreation:
Recreation 655,246 1,900,236 229,964
Park maintenance 8,943,251 1,016,451 54,425
Cemetery 20,200 - 7,772
Total parks and recreation 9,618,697 2,916,687 292,161
Accounting/finance:
Accounting/finance - - 13,265
Information Systems - - 1,691,034
Purchasing - - 1,435
Total accounting/finance - - 1,705,734
Community development:
Planning - - 71,104
Inspection - - 36,618
Code enforcement - - 73,892
Property management 1,161,884 420,891 44,596
Lake lot administration - - 1,018
Weed and Seed program - - 3,620
Total community development 1,161,884 420,891 230,848
Public works:
Engineering 97,020 18,837 125,271
Street maintenance 28,547 86,373 20,692
Total public works 125,567 105,210 145,963
Health:
Administration 34,820 1,003,005 161,465
General City nursing 76,411 1,123 99,239
Environmental health - - 6,088
Lab water pollution - - 41,893
Total health 111,231 1,004,128 308,685
Traffic and transportation - 31,045 89,116
Multi-Purpose Events Center 9,238,184 10,232,245 187,485
Total general fixed assets and joint venture assets $ 23,387,429 $ 27,664,965 $ 7,267,032
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 - - 5,656,778
- - - 219,959
- - - 1,107,632
- - - 570,092
4,043 - - 690,550
- - - 2,254
- - - 6,700
130,800 - - 10,117,595
11,788 - 54,699 5,501,211
1,755 - - 4,973,901
12,818 - - 2,798,264
- - - 10,014,127
- - - 27,972
12,818 - - 12,840,363
- - - 13,265
- - - 1,691,034
- - - 1,435
- - - 1,705,734
1,025 - - 72,129
- - - 36,618
- - - 73,892
- 31,485 - 1,658,856
- - - 1,018
- - - 3,620
1,025 31,485 - 1,846,133
3,355 - - 244,483
1,393 - - 137,005
4,748 - - 381,488
15,963 - - 1,215,253
5,447 - - 182,220
- - 6,088
- - - 41,893
21,410 - - 1,445,454
1,478 - - 121,639
28,288 - 4,412,928 24,099,130
$ 214,110 $ 31,485 $ 4,467,627 $ 63,032,648
EXHIBIT K-7
CITY OF WICHITA FALLS, TEXAS
GENERAL FIXED ASSETS ACCOUNT GROUP
SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS AND
JOINT VENTURE ASSETS-BY FUNCTION AND ACTIVITY
FOR THE YEAR ENDED SEPTEMBER 30,2001
Beginning Ending
Balance Balance
10/1/00 Additions Deletions Adjustments 9/30/01
Administrative services:
Mayor and City Council $ 11,916 $ - $ - $ - $ 11,916
City Manager 1,487,724 - 23,437 - 1,464,287
Personnel/Risk Management 88,761 - 71,300 - 17,461
Martin Luther King Center 369,966 - - - 369,966
Library 5,640,528 16,250 - - 5,656,778
General Public Information 168,744 64,127 12,912 - 219,959
Duplicating Services 29.805 - 29,805 - -
Building Maintenance 26,212 1,081,420 - - 1,107,632
Nondepartmental 570,092 - - 570,092
Municipal Court 696,420 4,320 10,190 - 690,550
Legal 2,254 - - - 2,254
City Clerk 6,700 - - - 6,700
Total administrative services 9,099,122 1,166,117 147,644 - 10,117,595
Police 5,401,504 104,703 4,996 - 5,501,211
Fire 4,960,180 13,721 - - 4,973,901
Parks and recreation:
Recreation 2,798,264 - - - 2,798,264
Park maintenance 10,014,127 - - - 10,014,127
Cemetery 27,972 - - - 27,972
Total parks and recreation 12,840,363 - - - 12,840,363
Accounting/finance:
Accounting/finance 13,265 - - - 13,265
Information Systems 1,854,350 140,315 303,631 - 1,691,034
Purchasing 1,435 - - - 1,435
Total accounting/finance 1,869,050 140,315 303,631 - 1,705,734
Community development:
Planning 35,415 36,714 - - 72,129
Inspection 47,328 - 10,710 - 36,618
Code enforcement 73,892 - - - 73,892
Property management 1,656,473 4,676 2,293 - 1,658,856
Lake lot administration 1,018 - - - 1,018
Weed and Seed program - 3,620 - - 3,620
Total community development 1,814,126 45,010 13,003 - 1,846,133
Public works:
Engineering 225,670 18,813 - - 244,483
Street Maintenance 137,005 - - - 137,005
Total public works 362,675 18,813 - - 381,488
Health:
Administration 1,182,327 32,926 - - 1,215,253
General city nursing 182,220 - - - 182,220
Environmental health 6,088 - - - 6,088
Lab water pollution 33,814 8,079 - - 41,893
Total health 1,404,449 41,005 - - 1,445,454
Traffic and transportation 115,151 6,488 - - 121,639
Multi-Purpose Events Center 12,155,704 3,316,686 - 8,626,740 24,099,130
Total general fixed assets $ 50,022,324 $ 4,852,858 $ 469,274 $ 8,626,740 $ 63,032,648
91
EXHIBIT K-8
CITY OF WICHITA FALLS, TEXAS
GOLF FUND
PLANT, EQUIPMENT AND DEPRECIATION
FOR THE YEAR ENDED SEPTEMBER 30, 2001
Balance Balance
10/1/00 Additions Deletions 9/30/01
Plant and Equipment:
Land and betterments $ 4,935 $ - $ - $ 4,935
Buildings and improvements 13,267 - - 13,267
Machinery and equipment 47,525 - - 47,525
Furniture and fixtures 3,175 - - 3,175
Total plant and equipment 68,902 - - 68,902
Accumulated Depreciation:
Land and betterments 855 198 - 1,053
s Buildin9 systems improvements and im rovements 2,459 954 - 3,413
Machinery and equipment 13,039 7,417 - 20,456
Furniture and fixtures 1,111 318 - 1,429
Total accumulated depreciation 17,464 8,887 - 26,351
Net plant and equipment $ 51,438 $ (8,887) $ - $ 42,551
92
EXHIBIT K-9
CITY OF WICHITA FALLS, TEXAS
MUNICIPAL AIRPORT FUND
PLANT, EQUIPMENT AND DEPRECIATION
FOR THE YEAR ENDED SEPTEMBER 30, 2001
Balance Balance
10/1/00 Additions Deletions 9/30/01
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 3,495 33,210 - 36,705
Total plant and equipment 2,933,803 33,210 - 2,967,013
Accumulated Depreciation:
Land and betterments 1,206,708 53,757 - 1,260,465
Buildings and improvements 782,554 28,842 - 811,396
Machinery and equipment 10,167 986 - 11,153
Furniture and fixtures 1,979 1,835 - 3,814
Total accumulated depreciation 2,001,408 85,420 - 2,086,828
Net plant and equipment $ 932,395 $ (52,210) $ - $ 880,185
93
EXHIBIT K-10
CITY OF WICHITA FALLS, TEXAS
KICKAPOO AIRPORT FUND
PLANT, EQUIPMENT AND DEPRECIATION
FOR THE YEAR ENDED SEPTEMBER 30,2001
Balance Balance
10/1/00 Additions Deletions 9/30/01
Plant and Equipment:
Land and betterments $ 954,677 $ - $ - $ 954,677
Buildings and improvements 565,533 - - 565,533
Machinery and equipment 59,164 1,015 - 60,179
Total plant and equipment 1,579,374 1,015 - 1,580,389
Accumulated Depreciation:
Land and betterments 17,953 35,905 - 53,858
Buildings and improvements 5,727 11,454 - 17,181
Machinery and equipment 1,427 2,956 - 4,383
Total accumulated depreciation 25,107 50,315 - 75,422
Net plant and equipment $ 1,554,267 $ (49,300) $ - $ 1,504,967
94
EXHIBIT K-11
CITY OF WICHITA FALLS, TEXAS
TRANSIT FUND
PLANT, EQUIPMENT AND DEPRECIATION
FOR THE YEAR ENDED SEPTEMBER 30, 2001
Balance Balance
10/1/00 Additions Deletions 9/30/01
Plant and Equipment:
Land and betterments $ 61,925 $ - $ - $ 61,925
Buildings and improvements 626,868 - - 626,868
Machinery and equipment 25,079 76,534 - 101,613
Furniture and fixtures 1,152 - - 1,152
Total plant and equipment 715,024 76,534 - 791,558
Accumulated Depreciation:
Buildings and improvements 132,496 7,848 - 140,344
Machinery and equipment 17,954 4,577 - 22,531
Furniture and fixtures 1,152 - - 1,152
Total accumulated depreciation 151,602 12,425 - 164,027
Net plant and equipment $ 563,422 $ 64,109 $ - $ 627,531
95
EXHIBIT K-12
CITY OF WICHITA FALLS, TEXAS
SANITATION FUND
PLANT, EQUIPMENT AND DEPRECIATION
FOR THE YEAR ENDED SEPTEMBER 30, 2001
Balance Balance
10/1/00 Additions Deletions 9/30/01
Plant and Equipment:
Land and betterments $ 705,809 $ 332,474 $ - $1,038,283
Buildings and improvements 2,370,382 - - 2,370,382
Machinery and equipment 101,218 7,905 - 109,123
Construction in progress - 467,469 467,469
Total plant and equipment 3,177,409 807,848 - 3,985,257
Accumulated Depreciation:
Land and betterments 33,485 1,628 - 35,113
Buildings and improvements 875,346 49,959 - 925,305
Machinery and equipment 45,875 11,207 - 57,082
Total accumulated depreciation 954,707 62,794 - 1,017,500
Net plant and equipment $2,222,702 $ 745,054 $ - $2,967,757
96
EXHIBIT K-13
CITY OF WICHITA FALLS, TEXAS
WATER AND SEWER FUND
PLANT, EQUIPMENT AND DEPRECIATION
FOR THE YEAR ENDED SEPTEMBER 30,2001
Balance Balance
10/1/00 Additions Deletions Adjustments 9/30/01
Plant and Equipment:
Land and betterments $ 23,050,654 $ 18,910 $ - $ - $ 23,069,564
Buildings,systems and
improvements 127,904,215 1,520,207 648,562 1,929,911 130,705,771
Machinery and equipment 3,307,748 111,868 1,469 - 3,418,147
Furniture and fixtures 1,164 - - - 1,164
Motor vehicles 1,235 - - - 1,235
Construction in progress 2,095,829 4,087,912 - (1,929,911) 4,253,830
Total plant and equipment 156,360,845 5,738,897 650,031 - 161,449,711
Accumulated Depreciation:
Land and betterments 7,142,768 243,632 - - 7,386,400
Buildings,systems and
improvements 49,161,021 2,582,763 648,562 - 51,095,222
Machinery and equipment 2,312,442 115,358 1,469 - 2,426,331
Furniture and fixtures 669 58 - - 727
Motor vehicles 1,235 - - - 1,235
Total accumulated depreciation 58,618,135 2,941,811 650,031 - 60,909,915
Net plant and equipment $ 97,742,712 $ 2,797,086 $ - $ - $ 100,539,796
97
EXHIBIT K-14
CITY OF WICHITA FALLS, TEXAS
FLEET MAINTENANCE FUND
PLANT, EQUIPMENT AND DEPRECIATION
FOR THE YEAR ENDED SEPTEMBER 30, 2001
Balance Balance
10/1/00 Additions Deletions 9/30/01
Plant and Equipment:
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 28,952,553 3,400,630 1,025,169 31,328,014
Construction in progress 6,706 183,835 - 190,541
Total plant and equipment 33,409,373 3,584,465 1,025,169 35,968,669
Accumulated Depreciation:
1 Buildings and improvements 1,170,925 80,179 - 1,251,104
Furniture and equipment 5,767 181 - 5,948
Motor vehicles and equipment 17,541,953 2,755,446 979,699 19,317,700
1 Total accumulated depreciation 18,718,645 2,835,806 979,699 20,574,752
Net plant and equipment $ 14,690,728 $ 748,659 $ 45,470 $ 15,393,917
98
EXHIBIT K-15
CITY OF WICHITA FALLS, TEXAS
DUPLICATING SERVICES FUND
PLANT, EQUIPMENT AND DEPRECIATION
FOR THE YEAR ENDED SEPTEMBER 30, 2001
Balance Balance
10/1/00 Additions Deletions 9/30/01
Plant and Equipment:
Machinery and equipment $ - $ 103,129 $ - $ 103,129
Accumulated Depreciation:
Machinery and equipment - 5,813 - 5,813
Net plant and equipment $ - $ 97,316 $ - $ 97,316
99
EXHIBIT K-16
CITY OF WICHITA FALLS, TEXAS
WICHITA FALLS ECONOMIC DEVELOPMENT CORPORATION
SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS
FOR THE YEAR ENDED SEPTEMBER 30, 2001
Balance Balance
10/1/00 Additions Deletions 9/30/01
Plant and Equipment:
Land and betterments $ 140,480 $ - $ - $ 140,480
Buildings and improvements 459,520 - - 459,520
Net plant and equipment $ 600,000 $ - $ - $ 600,000
100
n
Wichita`
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
1991-1992 $ 4,502,220 $ 8,970,402 $ 5,558,991 $ 2,555,542 $ 462,729 $ 229,485
1992-1993 4,850,649 9,680,729 5,821,934 2,346,032 381,244 264,959
1993-1994 4,721,396 10,014,195 5,916,985 2,398,537 250,402 394,032
10011995 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 7,567,934 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
• 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.
101
EXHIBIT L-1
Debt Service
Interest
Public Traffic and Capital Principal and Paying
Works Health Transportation Outlay Retirement Agent Fees Totals
$ 4,243,882 $ 2,156,485 $ 1,114,159 $ - $ - $ - $ 29,793,895
4,246,256 2,499,686 1,121,169 - - - 31,212,658
4,101,886 2,813,235 1,152,782 - - - 31,763,450
4,526,548 3,020,266 1,319,641 - - - 33,732,154
4,790,242 3,189,847 1,422,119 - - - 37,661,430
4,576,974 3,396,582 1,449,844 - - - 41,591,629
5,709,866 2,203,927 1,487,177 1,773,519 2,149 558 40,945,493
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
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
1991-1992 $24,535,787 $ 1,070,926 $ 604,905 $ 904,581
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
* 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.
102
EXHIBIT L-2
Intergovernmental r9 ental Miscellaneous
Revenue Contributions Revenue To
tals
$ 1,380,734 $ - $ 925,466 $29,422,399
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
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
1991-1992 $14,663,529 $14,311,760 97.60% $ 343,769
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
103
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
$14,655,529 99.95% $1,914,394 13.05%
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%
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
1991-1992 $ 1,741,946,628 $1,741,946,628 $467,647,449 $467,647,449
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
104
EXHIBIT L-4
Ratio of Total
Total Assessed to
Assessed Estimated Total Estimated
Value Actual Value Actual Value
$2,209,594,077 $2,209,594,077 100.00%
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%
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
1991-1992 $ 0.66 $ 0.31 $ 0.37 $ 0.35
1992-1993 0.67 0.34 0.37 0.35
1993-1994 0.67 0.36 1.22 1.20
1994-1995 0.67 0.36 1.22 1.20
1995-1996 0.67 0.37 1.24 1.23
1996-1997 0.67 0.37 1.25 1.26
1997-1998 0.51 0.38 1.30 1.34
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
Tax Levies
1991-1992 $ 14,629,075 $ 10,098,311 $ 1,574,916 $ 307,177
1992-1993 14,940,203 10,712,983 1,582,110 287,728
1993-1994 15,220,570 11,545,265 5,351,692 1,022,231
1994-1995 15,817,317 11,989,730 5,645,214 1,071,679
1995-1996 16,742,241 13,058,786 5,993,746 1,151,028
1996-1997 17,482,018 13,681,903 6,364,575 1,232,641
1997-1998 13,848,037 14,643,356 6,426,976 1,325,139
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
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.
105
EXHIBIT L-5
County
Iowa Park Wichita Falls Education
C.I.S.D. (3) I.S.D. (4) District (5) Totals
$ - $ 0.39 $ 0.75 $ 2.83
- 0.39 0.85 2.97
- 1.28 - 4.73
- 1.34 - 4.79
- 1.34 - 4.85
- 1.38 - 4.93
1.25 1.46 - 6.24
1.30 1.50 - 6.59
1.24 1.50 - 6.76
1.40 1.54 - 7.17
$ - $ 8,181,795 $23,070,529 $57,861,803
- 8,127,735 25,839,980 61,490,739
- 27,967,742 - 61,107,500
- 30,444,581 - 64,968,521
- 31,977,379 - 68,923,180
- 34,453,561 - 73,214,698
3,755,263 37,270,618 - 77,269,389
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
EXHIBIT L-6
CITY OF WICHITA FALLS, TEXAS
TEN LARGEST TAXPAYERS (UNAUDITED)
SEPTEMBER 30, 2001
Percentage
January 1, 2001 of Total
Assessed Assessed
Taxpayer Type of Business Valuation Valuation
Southwestern Bell Telephone Utility $ 45,752,093 1.44%
Texas Utilities Electric Utility 41,979,959 1.32%
Sikes Coyote Mall LP Shopping Center . 38,595,000 1.22%
Wal-Mart Retail Store 16,561,522 0.52%
Time Warner Cable Television 15,280,380 0.48%
Clinics of North Texas Medical Center 14,100,969 0.44%
Lowe's Home Improvement Center Retail Store 12,852,479 0.41%
Panhandle Manufacturing Manufacturing 10,330,374 0.33%
Winn Dixie Grocery Store 10,253,236 0.32%
United Supermarkets Grocery Store 9,583,059 0.30%
Totals $ 215,289,071 6.78%
106
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
1991-1992 $ 238,496 $ 4,414 1.85%
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 * - - -
* - 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.
107
n
EXHIBIT L-8
CITY OF WICHITA FALLS, TEXAS
COMPUTATION OF LEGAL DEBT MARGIN (UNAUDITED)
SEPTEMBER 30, 2001
Total assessed property value per 2000 tax roll $3,173,057,900
Maximum tax rate * $ 2.25/$100
Current tax rate for 2000 tax year .55194/$100
Maximum tax rate in excess of 2000 tax rate 1.69806/$100
Total legal debt margin $ 53,880,427
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 2000 tax rate is $.55194
per$100 assessed valuation.
Maximum tax levy established by City Charter
108
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
1991-1992 97,700 $2,209,594,077 $ 22,860,000 $ 656,653
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
Sources:
(1) City of Wichita Falls Planning Department for all years, except 2000-01 from U.S. Bureau
of Census.
109
EXHIBIT L-9
Ratio of
Net General
Bonded Debt Net General
Net General To Assessed Bonded Debt
Bonded Debt Value Per Capita
$22,203,347 1.00% $ 227
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
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
1991-1992 $ 755,000 $ 1,531,240 $ 2,286,240 $ 29,793,895 7.67%
1992-1993 885,000 1,683,099 2,568,099 31,212,658 8.23%
1993-1994 1,065,000 1,416,594 2,481,594 31,763,450 7.81%
1994-1995 1,125,000 1,408,898 2,533,898 33,732,154 7.51%
1995-1996 1,190,000 1,334,768 2,524,768 37,661,430 6.70%
1996-1997 1,235,000 1,090,448 2,325,448 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%
110
EXHIBIT L-11
CITY OF WICHITA FALLS, TEXAS
COMPUTATION OF DIRECT AND OVERLAPPING GENERAL BONDED DEBT (UNAUDITED)
SEPTEMBER 30, 2001
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 $ 19,215,000 100% $ 19,215,000
Overlapping:
Wichita County 6,695,000 100% 6,695,000
Burkbumett Independent School District 18,635,609 25% 4,658,902
City View Independent School District 10,889,852 90% 9,800,867
Iowa Park Consolidated Independent
School District 6,562,491 2% 131,250
Wichita Falls Independent School District 34,451,496 99% 34,106,981
Total overlapping 77,234,448 55,393,000
Total direct and overlapping bonded debt $ 96,449,448 $ 74,608,000
Sources:
(1) Listed taxing jurisdictions
(2) City of Wichita Falls Planning Department
111
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
1991-1992 $ 13,442,781 $ 9,127,566 $ 4,315,215
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
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) The Water and Sewer System Priority Lien Revenue Bonds, Series 2001 of
$118,770,000 are dated September 1, 2001 and were sold September 3, 2001.
However, they were not delivered to the City until October 10, 2001, after the City's
year end. Consequently, they are excluded from the debt service coverage
computation pursuant to the opinion of the City's bond counsel.
112
EXHIBIT L-12
Debt Service Requirement
Principal Interest Total Coverage
$ 725,000 $ 1,728,228 $2,453,228 1.76
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 (3) 2,567,085 (3) 5,122,085 (3) 2.41
EXHIBIT L-13
CITY OF WICHITA
TA 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)
1991-1992 97,700 $ 26,053 13.1 15,620 7.5%
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%
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
113
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 *
1991-1992 $2,209,594,077 $ 49,894,023 Not Available
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
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.
114
EXHIBIT L-15
CITY OF WICHITA FALLS, TEXAS
MISCELLANEOUS STATISTICAL DATA (UNAUDITED)
SEPTEMBER 30, 2001
Date of incorporation 1889
Form of government Council - Manager
Area 71 square miles
Miles of streets 542
Number of street lights 7,377
Fire protection:
Number of stations 8
Number of firemen and officers 143
Police protection:
Number of stations 1
Number of police officers 169
Municipal water department:
Number of consumers- active 33,432
Average daily production 24,280,000 gallons treated water
Miles of water mains 712
Sewers:
Number of customers- active 30,515
Miles of sanitary sewers 506
Miles of storm sewers (enclosed) approximately 41
Building permits issued:
Number issued 10,541
Amount issued $102,578,860
Recreation and culture:
Number of parks 40 with 1,100 acres
Number of golf courses 4
Number of libraries 1
Number of volumes (books) 137,502
Employees - full-time 1,058
115
EXHIBIT L-16
(Page 1 of 5)
CITY OF WICHITA FALLS, TEXAS
SCHEDULE OF INSURANCE COVERAGE (UNAUDITED)
SEPTEMBER 30, 2001
Insurance
Code
A Policy: Building and Contents
Company: Williams-Dwyer Co.
Policy Period: October 1, 2000 to October 1, 2001
Perils: Fire, Extended Coverage, Vandalism and Malicious Mischief,
including Difference in Condition, Extra Expense, Valuable
Papers, EDP, Demolition/CC
Coverages: $67,208,315 Building and Contents
$100,000 Extra Expense
Deductible: $100,000
Coinsurance: Agreed Value, Replacement Cost
Premium: $38,420
B Policy: Boiler and Machinery
Company: Williams-Dwyer Co.
Policy Period: October 1, 2000 to October 1, 2001
Perils: Comprehensive Blanket
Coverage: $5,000,000 Per Occurrence
Deductible: $1,000
Coinsurance: N/A
Premium: $4,948
C Policy: Electronic Data Processing Equipment
Company: Williams-Dwyer Co.
Policy Period: October 1, 2000 to October 1, 2001
Perils: All Risks
Coverage: $1,793,226
Deductible: $5,000
Coinsurance: 100%
Premium: Included as sublimit under property coverages
D Policy: Excess Workers' Compensation and Employer's Liability
Company: Williams-Dwyer Co.
Policy Period: October 1, 2000 to October 1, 2001
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: $20,449
116
EXHIBIT L-16
(Page 2 of 5)
CITY OF WICHITA FALLS, TEXAS
SCHEDULE OF INSURANCE COVERAGE (UNAUDITED) (CONT'D.)
SEPTEMBER 30, 2001
Insurance
Code
E Policy: Airport Liability (Municipal Airport)
Company: Marsh Aviation
Policy Period: March 17, 2001 to March 17, 2002
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 Airport)
Company: Marsh Aviation
Policy Period: March 17, 2001 to March 17, 2002
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 Airport)
Company: Marsh Aviation
Policy Period: March 17, 2001 to March 17, 2002
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 Airport)
Company: Marsh Aviation
Policy Period: March 17, 2001 to March 17, 2002
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
117
EXHIBIT L-16
(Page 3 of 5)
CITY OF WICHITA FALLS, TEXAS
SCHEDULE OF INSURANCE COVERAGE (UNAUDITED) (CONT'D.)
SEPTEMBER 30, 2001
Insurance
Code
Policy: Public Official Bond
Company: Fidelity & Deposit Company
Bond No.: FD 09688496
Bond Period: June 27, 2001 to June 27, 2002
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, 2001 to August 1, 2002
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, 2001 to January 15, 2002
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, 1998 to October 1, 2001
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, 2001 to August 6, 2002
Insured: Director of Public Works- George Bonnett
Coverage: $2,500
Premium: $50
118
EXHIBIT L-16
(Page 4 of 5)
CITY OF WICHITA FALLS, TEXAS
SCHEDULE OF INSURANCE COVERAGE (UNAUDITED) (CONT'D.)
SEPTEMBER 30, 2001
Insurance
Code
N Policy: Public Official Bond
Company: Aetna Insurance Company
Bond No.: S 100841241
Bond Period: August 24, 2001 to August 24, 2002
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: March 5, 2001 to March 5, 2002
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, 2001 to May 21, 2002
Insured: Municipal Court Judge- Larry Gillen
Coverage: $2,500
Premium: $100
Q Policy: Health Insurance
Company: U.S. Benefits
Policy No.: City of Wichita Falls Employee Benefits Trust
Policy Period: December 1, 2000 through November 30, 2001
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
incsurance company pays 100% of eligible expenses
Premium: . $90,000
119
EXHIBIT L-16
(Page 5 of 5)
CITY OF WICHITA FALLS, TEXAS
SCHEDULE OF INSURANCE COVERAGE (UNAUDITED) (CONT'D.)
SEPTEMBER 30, 2001
Insurance
Code
R Policy: Dental Insurance
Company: U.S. Benefits
Policy No.: City of Wichita Falls Employee Benefits Trust
Policy Period: December 1, 2000 through November 30, 2001
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, 2000 through September 30, 2001
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, 2001 to December 31, 2001
Perils: Death and Dismemberment Benefits
Coverage: $25,000
Deductible: N/A
Premium: Annual Estimate$338
120
7!. ‘ Telimaim
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EXHIBIT M-1
CITY OF WICHITA FALLS , TEXAS
CASH AND INVESTMENTS
90
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1998 ...A •**4**�4�r44444 ,•ss s:...s s-' ...—.s
h
1999
September 30, 2000
2001
(UNAUDITED)
121
EXHIBIT M-2
CITY OF WICHITA FALLS, TEXAS
TOTAL BONDS PAYABLE
200 ---'�
ili
4+;
++*
/ ++++ ' + +
150 <�+++� + +o+* I
(n +++++++++ s ++t ++r***++
+ +�*+ t++++y O+i
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100 - +++ + ++#
+ ++
#
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O(13
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+ + . *+++ ++� i+++++++++*i4� ++*+++++*+ •- +*++++�*+++++++*t+4+i+*+O *+*+++ ++++++'++++++++
ilv+t++*+*t++ ±`+t*+*#+*ititit4+11,4104: 4*+*++** +**+*7 i++ ++ +++*++*+r+r+r - +++++ + ++++0 *j, +#***+++*+*+* +* ♦ ++++
++++++*+++++++r+y +*++*++r r + ++ * +*++*r*++ +++ ++ +*+++ + *+#«t+t+***+*+ ++ *+
++4+++*+*+**+*+t+*+*+*+ + +0++++*$fit*+***#*+++ +� + *+ moat
++*+ ++ *+++* * +*+*+++ ++�4 + +
*+4+**+*+*+*+t#++4*++*+* .; +*+r*.++ I+O +4 t+++ ++++++ +*++ *+**+'++t* *# r*++ +*+ ++++*+*+�
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1997
+.t0 +*
1999 h a +,
2000
2001
September 30,
(UNAUDITED)
122
EXHIBIT M-3
CITY OF WICHITA FALLS, TEXAS
GENERAL OBLIGATION BONDS PAYABLE
25 -�
20 -./
't�fce .. ' f f4
%%21kkY ♦ .i'4. Y 3, + ++ ir ++++4 * Y YO Al
h+ KC.. .R.; Ct * :"..+' Fh 1 ., f .«
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1999
2000
September 30,
2001
(UNAUDITED)
123
EXHIBIT M-4
CITY OF WICHITA FALLS TEXAS
REVENUE BONDS PAYABLE
200 ---'-----
175 -cn
r,.* A125 / .�
+$<(
C 100 - + h
�/ +1
•44
r t rrrrr
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75
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1997 r r rffi
1999
September 30, 2000
2001
(UNAUDITED)
124
EXHIBIT M-5
CITY OF WICHITA FALLS, TEXAS
GENERAL FUND EQUITY
-- 1
14
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2000
September 30, 2001
0 Reserved/Designated 0 Undesignated
(UNAUDITED)
125
EXHIBIT M-6
CITY OF WICHITA FALLS , TEXAS
COMPARISON OF TAX LEVY AND COLLECTIONS i
18 ----
h
16 { °'
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1992 +
1993 ;# =
1994 1995 � ---_ Tax Levy
1996
1997 1998 _ " : Tax Collections
1999
Years Ended September 30, 2000
2001
❑Tax Collections 0 Tax Levy
(UNAUDITED)
126
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EXHIBIT M-8
CITY OF WICHITA FALLS, TEXAS
EXPENDITURES BY FUNCTION - FYE 9/30/01
Administrative Services Police
14% 14%
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(UNAUDITED)
128
EXHIBIT M-9
CITY OF WICHITA FALLS, TEXAS
GENERAL GOVERNMENTAL REVENUES (GENERAL FUND ONLY)
45
40 ---------
35 — .:.:*.t. i$JIJd
30 :>++ - pc.• z :r off
%- • % ;44+�
25 �' ,,,.w:.., i +4, .. . . 4,,s, ..,....,,„, + 4. f' � k 4w4.44 +. ' •z;..f. =
+ r z +4.
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1993 1995 . z 01997 1998
1999 Years Ended September 30, 2000 2001
(UNAUDITED)
129
EXHIBIT M-10
CITY OF WICH ITA FALLS, TEXAS
GENERAL GOVERNMENTAL EXPENDITURES
45
40 —�
� *.. +r*#*+*4*�}O * +*+4*a4*+++ >++*++*+++ + «*+*t*+i*!!:'
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a+ T+�+ 4*+*+*+*+*+*+ �4t*+ ♦ *+*+*f++*r* #t t*+*+*+t++t +*+*+*+*+* +*+*+a }�} +++r t r
++t+` +*+ *++*++*+*+*+4+*f ....+ *fatal++* *+ `t♦ 4:44+«f�f++ +++ �11:v *?T +*+*+++*+**f
k 4y++. t+`r+ ++f +4+++++++++*#+a+++++ f+++++ «*++* 'I' *4:411:4 4::++++,*Fi ++++*+++.....: +++++ *+*+*+*+*+*+*+*+*+*4 t
^ / Ot t+**** +y� +++t+++ i* +++*+*++++*+*+++++ ::::f+++«+::4 #+t+f++++::::::+♦1 ++++t4++++++++++++*+t ++*4+*+*+*+S:
3 — f ., ++ *+*+*+O *+*�*+*+*'. _ *O+*4+*+*+*+*+t+i':. +t++++ + +4+++++++#tt+«+f*+* `f+`+`#++404++ i:gi, V +*+4+++t++++Ii +*3+***+*t*+*Xi
i? 4 * '4 i4 i 4+a+++t +*+*++ ++ +:. ++++++*+++++++� ++t++.0+++++t+ +++ *++ +*+*+f+*+f``t..t*+ ++++*+++++++*+0+++ + +v. 4+*+,. "NUS:
++++++++
0 000 x f *4*+*+*+*i*4*4*+*+ t*+*+++t4 + +:4 +ter+++ii
*+*t A 4*4*+*#*a*4*+*+*#! t**++*++" **#. .� +*+*+++++***+*+*i +*+*++*+O+*O+*+*+*, +*t +f+++r+++4Oi+++++ ++++«+f+ +i it .tail *++ +++�+#!+*4*+*+*+*
+*+*+ r*+*+*+*+*+*+*+*+� t+0 :*+++4+++**+++* +* ++i+i +.* +4:*+*+* +«*«*+*+lilt♦lilt** ++BOO++++*+* :4 **i i +* - ++i + +++*++
_ +++�•.•':?;:' 41++444++ **++ ^'+ ++.10+4 .4.4.4 *Of4•' 44+t ¢ +i+ # . +++ + ++
i*+*4*4*+ r: :;'...++++++' 4. *#*}i �.+ +*+*++#t*"1:1+++ *t 44.4:::'++i *++*+*+*+*+ + *+*«*«.:1.4 04+*+< 4*4+ Ot+ .0+ +iOft :+ • +.+1.
*+*t:''' i ':. ++r*«+r+i+i+4+4*4t ++t +e-'' +«*f044+++ +*♦p.4'4 . +i4#* Oa tart +ii+++ + + i �*+++
25 *«*+*�M�f *+*:::::*O4*t 4::::4*4t �Q 4::::::4*4*4*4*4* **k*** 'fats+:++* ++++++4+++ *+++* +f+4++++t i+ +*' ++++ ++F +++*+i***h*+++ +*+ «*+*+
E f f+f+ � +++�++r f+ ++� ****** 'y_ +++f*ft* +*+*+*+ PIA:
#*+*+*+*+*+*+*+*+*+*i *4*«+4+*4+t:fa4*4* t*+ P *+*+f a:+Y+:t4+* � -++ ++*
+*+* i+0 ;+*�«++�++++r +tall •� +r r+f r�04 4*4*i �++t+«+4 +++++*+*+*+*r*4*+*+*� +++++�+i f*r*+ *++++fir � *000�tf+�*+}*+4+*+*+ '- ++ • OOa*
: *+* +�+ ++:f+4+4*+* +*alai#�h :._ 4*« +*+*+ +++4+++ +++*+*+*+*+*+*4*+*+ }+�+r4+t♦♦♦f++*r *+ 4*4*4*f'Y4#***lilt = 4+ 4*+
_ *+ : ::i +*++*lift+++++4+++ *+*+*+P+ii*+ f_. x +t++4*++4+*O*++< ,*�}* *{*+++*+: r+fait#+#+#+++++#+# t+#+*�* *++O«*f*+* O °a' 4+*f*+*# O*+*+ +`�* 3
• + f *4++***:++t* +tart++*+++ ' +*tart+.--...- *+ * ttt +++*i*414+i+.14* + + :+t+++++ + ++#4+*+**•+.10 ++t + + 4*+*+*
�f +i++*++:*04 ++++4 i 4++*+*O++O*+r+i *++ +t+++tt*r+#+#++++++ +*t*at�4*t*«r ++++++ ++ *4++i4*+¢. 4.:+*
� +� �Ot +�**+ i44t�* �04«*Ott +*+! O + O+ +#* + + + + tart+ 4. :f i
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2O +*+« t:FY4-4 *+ a'�.+ X, f 4♦+ +tFf« f*++,:s.:*t*+*4 + t b..+ 44 *+ t + +
cn + ++++ y + +r *+ + ++t i+ +++:* ++t+*#,T***+* a�*+a�:t+*`PP +*Yh++Ot�04�+�
«t 4+:f++ 4 �t+:: l h �->*,*{*++i++++++++++ *t ir+ *+*+*+ ++ty++4+:+++++a+++ ?• +:+ ' +4 r :
(� t4+ifs*i*i*#*+* tip::::: *i .{*+ +�++oaf+*0+4 t ♦ + #* f++*�}: +++ +f r+++ + +O 4
N 4**++*+*4 4*4*4* 4`*:***** +*+xF :'4** t*+T+T*++#+++++i, ++` +* *+:iT 4++;Fit ++t+i♦} 4+4+4+4 + +f*+ +++ *t
4ri++#++: + +".. + it`+ ---- ++ ++++++ tat#* +$ *O` +***00444+ ++ *coy*
*+*000+*+*+*+*t +*:++�+*r*r*+*#*4 ++ t r i 04 r+a 4+� + 4 +##�4+4+++ �!+ 4 + • :
fiii+*f+*a*+*t+t i+i iii*+*+*+i#* i4* + •�{�{ f*+*+*+*+*+*+*+*+*+ *«+ +�*+#*+ ++f+ +*+*+*+P4*4*4*+*+*i +*4+` +F+4 4+ *+�** #* +s�es*
O ++*O.44; ,+:-.1 +## + w•. +444**+++ -«f i + ++++++4++ i+ + :+ + ++t +fait*
1 5 - *ii+*4*+*+*+*:*+*: *:*a*+*4*+*+*+*+* 4: i f F r h '+*+*+*+*+*t**+*+! +*+*t*t*000+*+* +*+a0#*O++++ 4+*+*r*+*f*44t*t*+* *O+�IF +#Pala* - 4*+ *+�* +4�+`
Q i4*a*a*t:«f:*«*i* :11:*4*+*+*t+*t +t+ Y+++ F •--.:*4+4*+tt*:::::+4 * t-5--01:i*4*+ t+«+f+s*+*+*r*+*i*+ iirfi
t+f 444++++: ++:4-.Xa+.}++t*+*+++*+**+' IIIIJI
�.. , : +rai +4+*+*4 4*+ +*+lilt*a*4*44+*+*+*- + ++*+i+++t*t+*+*  . ++*++t++O+#+*.+F++! + ..x. .,:, +*+*+*+*++ +a* 4 +# ++ + +` , +f+#+ +:4:+ - ++: . . + ++ .* 4+ :: t+++ ++FO +++ 0 :10 +;:; + :4 ++++;+ +:* ++ :a+++ +*+; +:::*4 `:: !* `la+++* + +a+i 4.0..1.4-+.: . +##+:«:++t+++ :.*::404..*:$ •+ :«::,• ++ 1
a++a*aa+++++++ a+a+*+*+aaa+a., +2++++++� +*: +.:*++*#4*t*t+++{ +++a+a+a++++:$ +*+4$1?-aaaaaaa:. ++++++++4*++4*f4 *+*a*+4:::i*t0 #+#++++a+*+*+*4+ �# +*+*+++
5 *+:+44 44++* +++++#+t+4++++++++ +++++++i .:4 ++t+t l+* +*+*+' *M:::+***++ ***+*'X.::** +*++t*«*«*+*+* - +*+*a*a:4•+++*++ . *a 4 ++ +:+:4 4
44+444+4« 4«:i4 :li +a4f4+ 44:444#*::i t +1++4## rrt+++*+4# :O# :t+4tl 0 +444+4
#*+*+*+*+*+*4*:*i *t*«:f+0+++*4*4*+ ++f ++f +*r4r*4**++f+::� +#+*4+*+*+*+*+*+* :«:+*t*+*r*+*+*+*4*t +*:�:+«+«+r+++r+ _ +4*4*r*++ r+: + +t*++ '* + t +*+*+*t*::
++++++++ +++i +++ l++ + ++ +*t*+*+a#*+�+:#*i #*+**+*+*+*+*+*+* �+*+*+*+*+*+*+*+*+*t +*r�F44:++++«++i+* � ++ 4 +t*4*++F+�%Fi+: ++++:
+++*alai+*++alai+ +++t+«++++i+*+*t :**+ +*«*+ i 4+4 *+f: f 4++*V «***1.i 4 ++t t t a r t+ - + : t*t+f**4+*+ i*+** +fF
y+*++a+++++++a+' - *ttf+4*++*++*'+, +f* +:+ +tali +4+'.:.... 4*4+*+*+*+*+*#*+ +*+*+*+*+*+*+**+*+i :+++*+*+:+:4++:*++ +�'F f *+ +*+*+40+a * *+*+*+ +++++. ..
*+ +4 l: +#*+4+ +++4++�F+a�+f:a a+++++++4 «+t+r++�+++ +++++++i�* _ +++ + �` t*t* 4 +*++ +*+*+:
o - .+..+ :*+++1++!#+++++a+l =++:+f +�t:�t:�+ 4+t***+r*+++ attar' #+#+#+#+#+++++++ +4+#+++++++#+#+++++ ::+:+++«+«+«+«O+ a+a Ot �,1 **+i+++44 t. +lilt O
=*y*i ++++++ 4+4+*F+F 4 t+ #####++++ _+++i+###+t «+f+++*�'��+ - Q4+ +*+'�?3 - *+*+*+*�*++++OO+a 4 r
«*:+r ::::`::::+�:halt i*+*+*+*+***.4.11a i*+*+*+*+*a*+*+*a*a� 44***+**++.4.+* +44+++t++4*4 r"'i(ii£ +:+tat.+.:*+t++: --- +a+++ ��*j�
aT.4 a+ #+4++++44 +++444444+ « +:+ +4a+ - : f*+*4 T �}�}+++++ +4a TTT
1992 ,xx..*�4a4000* 1#+*+*+#+*+*+*+*+*+*t t++*+44*+tF 4*4*40 4.41:::*4i+ !4 •++.++««+«*r* *+++fff��eliiii+4*
1993 "--+ toaa*a*+a*t*t*+*t< ****a*alai*a*a*t*a+ *+*+4+4a*alai+: `+ ; 4*�*,~t+4+*+*+ +++,?+ Fl+a:a:a:
1994 #.,ior.14.: ;yty;#:a:a:tat*at+t+; *;**:+4.+t*t*4 ..,::::::toss
:::*:*4:*t:*::
1995 :.�..;*+:f:+; ;tyt;g`++*4 ** +a*a::4+�,tt*+ :++*+t4+o++t*+
#ll:
1996 •*�+:«+++f,+ t#:+:+++t+4++t: :4+:+4.F+tart+:,:
1997 ++±`=+;'++o* =;, ±�:*a*:*
1998 .ram+ati.#,.+.:.:.
Years Ended September 30, 1999 2000
2001
(UNAUDITED)
130