2021-Annual-Comprehensive-Financial-Report Corrected City
Wichita Falls , Texas
ANNUAL COMPREHENSIVE FINANCIAL
REPORT
FOR THE FISCAL YEAR ENDED 09 / 30 / 2021
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CITY OF WICHITA FALLS, TEXAS
ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE YEAR ENDED SEPTEMBER 30, 2021
ISSUED BY:
DEPARTMENT OF FINANCE
CITY OF WICHITA FALLS, TEXAS
ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE YEAR ENDED SEPTEMBER 30, 2021
TABLE OF CONTENTS
Exhibit Page
INTRODUCTORY SECTION
Letter of Transmittal i-ix
GFOA Certificate of Achievement x
Organizational Chart xi
City Council & List of Principal Officials xii-xiii
FINANCIAL SECTION
Independent Auditor's Report 1-2
Management's Discussion and Analysis(Required Supplementary Information) 3-12
BASIC FINANCIAL STATEMENTS:
Statement of Net Position A-1 13
Statement of Activities A-2 14
Balance Sheet-Governmental Funds A-3 15
Reconciliation of the Governmental Funds Balance Sheet to the Statement
of Net Position A-4 16
Statement of Revenues, Expenditures and Changes in Fund Balances-
Governmental Funds A-5 17
Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund
Balances of the Governmental Funds to the Statement of Activities A-6 18-19
Statement of Net Position-Proprietary Funds A-7 20-21
Statement of Revenues, Expenses and Changes in Net Position-
Proprietary Funds A-8 22
Statement of Cash Flows-Proprietary Funds A-9 23-24
Statement of Fiduciary Net Position A-10 25
Statement of Changes in Fiduciary Net Position A-11 26
Notes to the Financial Statements 27-67
REQUIRED SUPPLEMENTARY INFORMATION:
Budgetary Comparison Schedule-General Fund B-1 68
Schedule of Changes in Net Pension Liability and Related Ratios—
Texas Municipal Retirement System B-2 69
Schedule of Contributions—Texas Municipal Retirement System B-3 70
Schedule of Changes in Net Pension Liability and Related Ratios—
Wichita Falls Firemen's Relief and Retirement Fund B-4 71
Schedule of Contributions—Wichita Falls Firemen's Relief and
Retirement Fund B-5 72
Schedule of Changes in Net OPEB Liability and Related Ratios—
City of Wichita Falls Retiree Health Care Plan B-6 73
Schedule of Contributions—City of Wichita Falls Retiree
Health Care Plan B-7 74
Notes to the Required Supplementary Information 75-76
CITY OF WICHITA FALLS, TEXAS
ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE YEAR ENDED SEPTEMBER 30, 2021
TABLE OF CONTENTS(CONT'D.)
Exhibit Page
COMBINING FINANCIAL STATEMENTS:
Nonmajor Governmental Funds:
Combining Balance Sheet C-1 77
Combining Statement of Revenues, Expenditures and Changes in Fund Balances C-2 78
Budgetary Comparison Schedule—Community Development Block Grant Fund C-3 79
Budgetary Comparison Schedule—Section 8 Housing Fund C-4 80
Budgetary Comparison Schedule—Home Investment Partnership Agreement Fund C-5 81
Budgetary Comparison Schedule—MPEC/Hotel/Motel Tax Fund C-6 82
Budgetary Comparison Schedule—Golf Fund C-7 83
Budgetary Comparison Schedule—Debt Service Fund C-8 84
Nonmajor Enterprise Funds:
Combining Statement of Net Position D-1 85
Combining Statement of Revenues, Expenses and Changes in Fund Net Position D-2 86
Combining Statement of Cash Flows D-3 87-88
Internal Service Funds:
Combining Statement of Net Position E-1 89
Combining Statement of Revenues, Expenses and Changes in Fund Net Position E-2 90
Combining Statement of Cash Flows E-3 91
Component Units:
Combining Statement of Net Position F-1 92
Combining Statement of Activities F-2 93
SUPPORTING SCHEDULES:
Combined Schedule of Bonded Debt and Interest Maturities G-1 94
Combined Schedule of Bonds Payable G-2 95-99
Debt Service Coverage—Revenue Bonds G-3 100
Capital Assets Used in the Operation of Governmental Funds-
Schedule By Function and Activity G-4 101
Capital Assets Used in the Operation of Governmental Funds-
Schedule of Changes By Function and Activity G-5 102
Regional Airport Fund—Capital Assets and Accumulated Depreciation G-6 103
Kickapoo Airport Fund—Capital Assets and Accumulated Depreciation G-7 104
Transit Fund—Capital Assets and Accumulated Depreciation G-8 105
Stormwater Drainage Fund-Capital Assets and Accumulated Depreciation G-9 106
Sanitation Fund—Capital Assets and Accumulated Depreciation G-10 107
CITY OF WICHITA FALLS, TEXAS
ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE YEAR ENDED SEPTEMBER 30, 2021
TABLE OF CONTENTS(CONT'D.)
Exhibit Page
Water and Sewer Fund—Capital Assets and Accumulated Depreciation G-11 108
Waterpark Fund—Capital Assets and Accumulated Depreciation G-12 109
Fleet Maintenance Fund—Capital Assets and Accumulated Depreciation G-13 110
Duplicating Services Fund—Capital Assets and Accumulated Depreciation G-14 111
Information Technology Fund—Capital Assets and Accumulated Depreciation G-15 112
Wichita Falls Economic Development Corporation—Capital Assets and
Accumulated Depreciation G-16 113
STATISTICAL SECTION (UNAUDITED)
Net Position By Component—Last Ten Fiscal Years H-1 114
Changes in Net Position—Last Ten Fiscal Years H-2 115-116
Fund Balances, Governmental Funds—Last Ten Fiscal Years H-3 117
Changes in Fund Balances,Governmental Funds—Last Ten Fiscal Years H-4 118
Tax Revenues By Source,Governmental Funds—Last Ten Fiscal Years H-5 119
Assessed and Estimated Actual Value of Taxable Property—Last Ten Fiscal Years H-6 120
Direct and Overlapping Property Tax Rates—Last Ten Fiscal Years H-7 121
Principal Property Taxpayers—Current Year and Nine Years Ago H-8 122
Property Tax Levies and Collections—Last Ten Fiscal Years H-9 123
Ratios of Outstanding Debt by Type—Last Ten Fiscal Years H-10 124
Ratios of General Bonded Debt Outstanding—Last Ten Fiscal Years H-11 125
Direct and Overlapping Governmental Activities Debt H-12 126
Computation of Legal Debt Margin—Last Ten Fiscal Years H-13 127
Pledged Revenue Coverage—Water and Sewer Revenue Bonds—
Last Ten Fiscal Years H-14 128
Demographic Statistics—Last Ten Fiscal Years H-15 129
Principal Employers—Current Year and Ten Years Ago H-16 130
Full-Time Equivalent City Government Employees by Function/Program—
Last Ten Fiscal Years H-17 131
Operating Indicators by Function/Program—Last Ten Fiscal Years H-18 132
Capital Asset Statistics by Function/Program—Last Ten Fiscal Years H-19 133
Graphics:
Cash and Investments I-1 134
Total Bonds Payable 1-2 135
General Obligation Bonds Payable 1-3 136
Revenue Bonds Payable 1-4 137
General Fund Equity 1-5 138
Comparison of Tax Levy and Collections 1-6 139
Revenues by Source—FYE 9/30/20 1-7 140
Expenditures by Function—FYE 9/30/20 1-8 141
General Governmental Revenues(General Fund Only) 1-9 142
General Governmental Expenditures(General Fund Only) 1-10 143
INTRODUCTORY SECTION
FINANCE DEPARTMENT
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March 28, 2022
The Honorable Mayor,
Members of the City Council,
City Manager and Citizens of Wichita Falls,Texas,
We are pleased to submit the Annual Comprehensive Financial Report of the City of Wichita Falls, Texas for the
fiscal year ended September 30, 2021, together with the opinion of our independent certified public
accountants, Edgin, Parkman, Fleming & Fleming, PC, whose report is included. The Finance Department
prepared this report to present the financial position of the City. The financial statements and supporting
schedules have been prepared in accordance with generally accepted accounting principles and meet the
requirements of the State of Texas and the City Charter.
Management assumes full responsibility for the completeness, fairness, and reliability of the information
contained in this report, based on a comprehensive framework of internal controls established for this purpose.We
believe the data presented here is accurate in all material aspects; it is presented 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 an understanding of the City's financial activities have
been included.
Edgin, Parkman, Fleming & Fleming, PC, issued an unmodified opinion on the City's financial statements for the
year ended September 30, 2021. The Independent Auditor's Report may be found on pages 1-2 of this document.
Management's Discussion and Analysis (MD&A) immediately follows the Independent Auditor's Report in this
document. The MD&A provides additional detail and a narrative overview and analysis of the financial
statements. It should be read in conjunction with the Basic Financial Statements and the Notes to the Basic
Financial Statements.
CITY OF WICHTA FALLS PROFILE
The City of Wichita Falls is located in the south-central United States in north-central Texas. The City was
incorporated in 1889 and now encompasses 70.1 square miles. The 2021 population for Wichita Falls, as
estimated by the City, is 104,683, however the 2020 census, not published until after the publication of the
City's FY 2020-21 budget,estimates the City's population at 102,316.1
Wichita Falls is linked to major southwestern, western, and mid-western cities by Interstate 44, U.S. Highways 82,
281, 277, 287, and Texas State Route 79. The city is approximately 130 miles northwest of the Dallas/Fort Worth
Metroplex, 15 miles from the Red River that marks the Texas/Oklahoma border, and 125 miles south of Oklahoma
City. The city is located in the cross-timbers area of the gently rolling north-central plains and is
1 U.S.Census Bureau, Resident Population in Wichita Falls,TX(MSA) [WIFPOP],retrieved from FRED,Federal Reserve Bank
of St.Louis;https://fred.stlouisfed.org/series/WIFPOP, March 10,2022.
i
dissected by the Wichita River. Due to the city's geographic location, Wichita Falls serves as a regional
economic hub for North Texas and south-central Oklahoma. Wichita Falls is the county seat of Wichita County
and the major population center in North Texas. Neighboring counties include Archer and Clay.
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ECONOMIC CONDITION AND ACTIVITY
Wichita Falls has successfully diversified its economy to include new manufacturing, government, medical
services, retail, and service-related commerce. This diversification is in addition to the more typical North Texas
industries of agriculture and oil and gas production. The Wichita Falls Metropolitan Statistical Area (MSA)
houses a robust manufacturing sector, with many companies having employment in excess of 100 persons.
The MSA is a metropolitan area in North Texas,which covers three counties,Archer,Clay, and Wichita.
The Total Gross Domestic Product of the Wichita Falls, TX MSA totaled $6,432,554,000 in 2020. This is a
decrease of 2.74% from the prior year, primarily due to the impact of the COVID-19 Pandemic. The largest
portion of the MSA production includes Health, Social Services, and Manufacturing. 2,3 The total population of
the MSA increased from 151,485 in 2019 to 152,485 in 2020.4,5
The economy is based on mineral production, retail trade, manufacturing, agribusiness, and government
installations. Principal sources of agricultural income include cattle, cotton, and wheat. The City has several
institutions of higher learning, a strong international presence through Sheppard Air Force Base, an eager
workforce, with a community spirit geared toward family, friends, and a desire to see that this thriving city
continues to grow and prosper.
The central business district is 5 miles from Sheppard Air Force Base. Sheppard Air Force Base was established
in 1941 and is the most diverse training installation for the Air Force.The base is home to the Air Force's largest
2 U.S.Bureau of Economic Analysis,Total Gross Domestic Product for Wichita Falls,TX(MSA) [NGMP48660],retrieved from
FRED,Federal Reserve Bank of St. Louis;https://fred.stlouisfed.org/series/NGMP48660,March 10,2022.
3 Trading Economics,www.tradingeconomics.com,accessed 3/3/2022
4 United States Bureau of Economic Analysis,www.bea.gov,accessed 3/3/2022.
The reader is directed to the cited sources.As this information changes,the US Bureau of Economic Analysis
updates and revises this data.It is imperative that the reader is aware of this fact and sources this information as
it may change.
5 U.S.Census Bureau,Resident Population in Wichita Falls,TX(MSA) [WIFPOP],retrieved from FRED,Federal Reserve Bank
of St.Louis;https://fred.stlouisfed.org/series/WIFPOP,March 10,2022.
ii
technical training wing and Euro-NATO Joint Jet Pilot Training program,which trains combat pilots for 14 NATO
partners.Sheppard Air Force Base employs approximately 22,323 individuals.'
The City's major University is Midwestern State University (MSU). Established in 1922, MSU is a public
university that currently enrolls 5,797 students. MSU offers 49 undergraduate programs and 27 graduate
programs. The University has a student to faculty ratio of 16:1.7
The City is also home to a branch of Vernon College, a fully accredited community college. Vernon College
enrolls approximately 2,773 students. The College serves a 12 county area, which includes Archer, Baylor, Clay,
Cottle, Foard, Hardeman, Haskell, King, Knox,Throckmorton,Wichita,and Wilbarger.8
The City's largest employers include the North Texas State Hospital-Wichita Falls Branch, Midwestern State
University, James V. Allred Prison, Sheppard Air Force Base and United Regional Healthcare System. The City
operates a Multi-Purpose Events Center (MPEC), which includes a coliseum, exhibit hall, and an agricultural
arena/show barn. In the current year, the City has collaborated with a private investor to complete a hotel and
convention center. This collaboration will include a privately owned hotel with a private investment of over $48
million and a public conference center, supported with 4B Sales Tax funds. Construction on this facility began
during the 2020-21 fiscal year.
In 1998, voters in Wichita Falls approved a %-cent economic development sales tax. The passage of the sales tax
for economic development created two separate corporations, the Wichita Falls Economic Development
Corporation (WFEDC), previously referred to as a 4A Corporation, and the 4B Sales Tax Corporation. The
WFEDC was created to fund industrial development projects, manufacturing, research, and development.
These funds may be used to fund military base realignment,job training classes, and public transportation. The 4B
Corporation may fund all projects the 4A Corporation may fund, in addition to parks, museums, sports
facilities, conference facilities and affordable housing opportunities. Sales tax collected in accordance with the
voter-approved %2-cent economic development sales tax totaled $9,454,708 and is divided evenly between the two
separate sales and economic development corporations for a total of $4,727,354 each. These corporations are
discretely presented component units of the City. A further discussion of component units may be found in the
Notes to the Basic Financial Statements, beginning on page 28 of this document.
Revenue for operations comes from many sources, the largest of which are property and sales taxes. The City's
property tax rate during the 2020-21 fiscal year was $0.763323 per $100 of assessed value. This property tax rate
generated approximately $43.0 million in revenues, of this amount $38.8 million was received into the City's
General Fund for general city operation. This represents a collection rate of 100.13% of budget. The City receives
2.0% of the sales tax collected within City limits. During the 2020-21 fiscal year, the City collected $28.4
million in sales taxes for general operations. The City ended the year with sales tax collections
approximately 12.53% higher than the prior year. These collections do not include the sales tax, which is
collected, and directed, to the City's discretely presented component units as those funds are voter-approved for a
specific and dedicated purpose outside of general city use.
CITY SERVICES AND ORGANIZATION OF THE GOVERNMENT
The City of Wichita Falls is a Council-Manager form of government organized under the Constitution and Laws of
the State of Texas. The City Council is comprised of five members elected from separate districts, one
member at large, and an elected Mayor. 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 a full range of municipal services to the community. These services include public safety, fire
protection, public works, health and welfare, parks and recreation, cemeteries, library, public improvement,
6 https://comptroller.texas.gov/economy/economic-data/military/sheppard.php#en3, March 10,2022
7 Midwestern State University,Quick Facts,https://msutexas.edu/about/quick-facts/index.php March 10,2022
8 Vernon College, https://www.collegetuitioncompare.com/edu/229504/vernon-
college/enrollment/#:—:text=Vernon%20College%20has%20a%20total%20of%202%2C773%20enro1led,A11%202%2C773%20
students%20are%20enrolled%20into%2Oundergraduate%20programs, March 10,2022
iii
engineering, planning and zoning, and general administrative services. As part of public works services, the City
provides water, sewer, and sanitation for its citizens. The City also provides a full range of transportation
options, including bus service,a regional airport,and a trolley.
All funds included within the Financial Section of this report are considered to be financially accountable by the
City and its elected and appointed officials. The financial statements of the City include all governmental
activities, business-type activities, organizations, and functions as required by generally accepted accounting
principles. The criteria considered in determining which activities are reported include: the organization's legal
status, appointment of the organization's boards, the City's ability to impose its will on the organization, the
ability to impose a financial benefit/burden on the City, and fiscal dependency by the organization on the City.
The City is in conformity with all Governmental Accounting Standards Board (GASB)statements.
FINANCIAL INFORMATION&FINANCIAL POLICY
A further discussion of the City's Financial Policies may be found in the Notes to the Basic Financial Statements
included in this document beginning on page 27. The City's financial direction begins with the City's Charter,
which is the basis for all financial policies the City implements. The City maintains financial policies for general
operations, which include policies for financial management and fund balances, budget compliance, debt
issuance and management, accounts payable, water service, and purchasing, among others. Additional
information about financial policies may be found in the City's Adopted Operating Budget in the Policy
Statement section.
In developing and evaluating the City's accounting system, the City Manager considers the adequacy of internal
control as deemed appropriate. 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.
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 department (class)/fund level by the Finance
Department through the use of an integrated enterprise resource planning solution. In instances when
budgetary transfers are necessary, management control of the operating budget is maintained at the fund and
department level. The City Manager must approve transfers within a department of the same fund. Transfers
across unlike Departments (outside of class) or funds must be approved by the City Council. A summary look at
the City's budget process is presented in the graphic on the following page. The process starts in March and
concludes with Budget Adoption in September. The City's fiscal year runs from October 1 to September 30.
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BUDGET CALENDAR
Budget
Kick-Off
City
Budget Manager
Adoption Budget
Hearings
P�aialic. Budget
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Hearing_
City Council
Proposed
Public Notice Budget
Completed
City Council
- :
Budget
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Unencumbered appropriation balances lapse at year-end and are not carried forward to new budget periods.
Open encumbrances are reported as reservations of fund balance at September 30, 2021, and related
appropriations are carried forward to the new fiscal year through a supplemental budgetary allocation.
In September 2012, the City adopted a fund balance policy for the General Fund, Water/Sewer Fund, and the
Sanitation Fund. The policy requires the City to maintain at least 20% of expenditures in unassigned fund
balance in the General Fund, 17% of expenditures (less debt service expenses) in the Water/Sewer Fund, and
15%of expenditures in the Sanitation Fund. If funds fall below these percentages, plans to replenish the fund
balance are created. These financial statements reflect that the policy has been followed in the General Fund,
Water/Sewer Fund, and the Sanitation Fund.
The City also maintains an informal policy to limit tax-supported debt to no more than 5% of total assessed
property value or $1,500 per capita. As of September 30, 2021, the City's tax-supported debt, totaled $51.5
million and equated to 0.94%of the assessed property value.
GENERAL GOVERNMENTAL FUNCTIONS
The City's two largest revenue sources are property tax (ad valorem tax) and sales tax. The City Council is
responsible for adopting a tax rate annually. All eligible property within the City is subject to assessment, levy,
and collections of a continuing, direct ad valorem tax. The City Council works closely with City staff to analyze
and adopt rates that assist the City, the taxpayer and the community at large. The following discussion
highlights the property and sales tax information for the next fiscal year.
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The City may levy taxes only in accordance with the budget. The tax rate consists of two components,
the amount of taxes to pay maintenance and operation expenditures and the amount of taxes to pay debt
service(interest and sinking).The table below shows the total of each over the past five years.
Property Tax Maintenance Interest& Average Annual
Total Rate $Change /Change %
Rate &Operations Sinking Change
2017-18 0.687815 0.018165 0.705980 - 0.00%
2018-19 0.687102 0.042778 0.729880 0.024 3.39%
2019-20 0.721571 0.041752 0.763323 0.033 4.58%
2020-21 0.722736 0.040587 0.763323 - 0.00%
2021-22 0.726565 0.034363 0.760928 (0.002) -0.31% 1.51%
The adopted total tax rate is applied to the total Certified Value of the City to generate the total tax levy. Over
the past five years,the City has seen an average growth rate of 3.28%in the Certified Property Tax Values. Over
the past ten years, the annual average growth is 2.66%. The economy in the area is strong with home prices
seeing record highs in the last year.This year the City saw increases in the Certified Valuation not seen in over a
decade.
Fiscal Year
Certified Value Average Annual Change,
(In billions) 5 Years
2017-18 4.942
2018-19 5.075
2019-20 5.276
2020-21 5.456
2021-22 5.807
3.28%
Property Tax is the largest source of revenue in the General Fund. The property tax base for 2021, as certified
by the Wichita Appraisal District, increased 6.45% from $5,455,879,419 in FY 2021 to $5,807,983,335 in FY
2022.
Sales Tax is an inherently volatile revenue source, and represents 29%of the General Fund revenues. Sales Tax
is derived from businesses operating within City limits and is applied to goods and services sold. Sales Tax is
affected by changes in the economy, and it is projected that this revenue source will increase 9.68%from the
previous year's budgeted collections. Sales Tax receipts have steadily recovered month over month since the
onset of the pandemic.
Actual and Budgeted Sales Tax Revenues
26,500,000
25,500,000
::::::::
„u.
22,500,000
21,500,000
2020-21 2021-22
2016-17 2017-18 2018-19 2019-20 Budgeted} (Budgeted)
SalesTax Revenue 22,413,397 23,861,014 24,894,930 25,205,996 23,097,309 25,332,885
VI
MAJOR INITIATIVES
PAST YEAR:
The City conservatively set revenue expectations and adjusted costs to address the Pandemic in the 2019-20
fiscal year. The 2019-20 fiscal year's budget included reductions in all revenue sources. In total, the City's
budget included reductions of 4.97% in revenues and expenditures. The City maintained its hiring freeze and
asked all Director's to consider cutting their budget to address the Pandemic, while ensuring that there was no
decrease in City services.
As the year progressed, the City saw stable revenues; however, the Pandemic is ongoing and could further
affect the City in coming years. The City has received federal funds, including an allotment from the American
Rescue Plan Act, passed in March of 2021. The City Manager and Council will consider uses for these funds in
the next year and will adopt any action when that action is determined.
The City contracted with Management Advisory Group International, Inc. (MAG) to conduct a comprehensive
compensation study and assessment of jobs for all current City of Wichita Falls job classifications.The next year
adopted budget reflects the recommendations of that report. MAG's findings and recommendations are based
on:
• salary survey results;
• current organizational structure;
• discussions with human resources and management,and review of current compensation practices;
• job analysis based on current class/job descriptions;and
• internal equity and external competitiveness considerations.
The goal of the City for this project was to provide the foundation for an appropriate classification and
compensation system and pay plan based on current compensation levels for similar public sector employers,
municipalities, and local market competitors. In response, MAG developed an adopted pay plan and salary
adjustment recommendations for current positions included in the City of Wichita Falls job classifications.
Strategic Planning:
In March 2021, the City Council and City staff conducted a 2-day strategic planning workshop at the MPEC to
ensure the best possible decisions for Wichita Falls are made over the next few years. The Azimuth Group, Inc.
was contracted to facilitate and document the results of this collective planning and priority-setting effort. The
Strategic Plan is an example of the operation of the "Council-Manager" form of government in that the City
Council adopts the Strategic Plan and its policies,and the City Manager is responsible for implementation.
The City Council ratified the plan and its goals on May 18, 2021. The plan describes the three highest priority
items (those items with the greatest opportunity for continued improvement) as (1) Accelerate Economic
Growth, (2) Provide Quality Infrastructure, and (3) Redevelop Downtown.
During the 2020-21 fiscal year,the City's efforts toward these goals included the following:
In support of the goal, Provide Adequate Infrastructure,the City issued $17.3 million in voter-approved General
Obligation Bonds in 2018, and work on this project, while slowed due to the Pandemic, continued in the 2020-
21 fiscal year. This issue allows for the extension of Maplewood Avenue from Lawrence Road to McNeil Avenue
(estimated at$1.6 million),the widening of Taft Boulevard from FM 369 to FM 2380(estimated at$4.7 million),
and routine capital street repairs throughout the city limits (estimated at$11 million).
In support of the goal, "Efficiently Deliver City Services," in the fiscal year 2017-18,the Information Technology
Department, Finance Department, and Human Resources Department began implementation of new Finance
and Human Resources software applications with technology that integrates with the Utility Billing and
Collections and Municipal Court systems. The 2018-19 fiscal year was the first year this software was used for
budget creation, and since that time, the City has expanded and further integrated functionality in the system.
vii
In the 2019-20 fiscal year,the City integrated all payroll functions into the new system and increased the usage
of the system in the Human Resources Department. Implementation is complete; however, the City continues
to implement smaller modules within the software to further streamline internal processes. These include
grant management and project accounting, among others. The cost of the new systems was approximately
$840,000 for the Finance and HR applications. These funds were provided for in the Information Technology
fund and were saved over time to allow the City to implement this software solution without impact on
available general revenues in any one year. During the 2021-22 fiscal year,this software will be upgraded to the
newest version available. This will allow the City to further integrate functionality and offer additional services
to the community.
In prior years, the City, in conjunction with Rolling Plains Management Corporation, applied for and received
nearly $10 million in a grant award from the Federal Transit Administration (FTA) Section 5339 Buses and Bus
Infrastructure Investment Grant Program to design and construct a bus maintenance and repair facility. The
current facility was completed in 1984 and is located in the Central Services Complex. Given the expansion of
route services over the years and an increase in the number of buses owned by the City, the Public
Transportation Division has outgrown its current location. Additionally, Rolling Plains Management
Corporation has a need for these services and desires to enter into a joint venture agreement to construct this
facility to accommodate both organizations. The location for this facility is 2004 Old Windthorst Road, which
previously housed an old fire station used by the City's Radio staff, as well as 7 acres to the south and west of
this building. To move the project forward, the old fire station was decommissioned and demolished. The
project began construction in early 2020 and continued despite the COVID-19 Pandemic. The completed
facility will open during the 2021-22 fiscal year and will include the following:
• Wichita Falls Transit System administrative offices
• Rolling Plains Management Corporation administrative offices (funding secured by their staff
through TxDOT)
• Shared-use facilities to include dispatch, restrooms, locker room, break room, conference
room,and wellness room to be built as part of this grant application
• Administrative space to accommodate social service organizations
• Repair/Maintenance facility with seven pull-through bays
• Bus Wash facility
• Fueling facilities to accommodate both diesel and unleaded
• Covered parking for buses
• Parking to accommodate 60 buses
NEXT YEAR:
As mentioned, the City completed a strategic study related to employee pay. The City will implement parts of
the plan in the 2021-22 fiscal year.The City will implement the below items:
• A flat salary increase of 2%for all employees.
• An increase to the minimum pay, per job, for employees who, with the 2% increase, were still below
the minimum pay for the grade of work they were completing.
• Adjustments to steps for police officers and fire fighters whose pay, with the above increases, still did
not reach the grade and step for their currently held positions.
• Implementation of the merit based pay increase program at 2.5%for all employees.
In total, the implementation of the plan increased payroll costs by approximately $4.4 million citywide.
Additional salary increases stem from increased employee counts in the Hotel/Motel and Water & Sewer
Funds. The City released the hiring freeze on all frozen positions. These costs increased the City's contribution
to the Texas Municipal Retirement System, FICA, and contributions to the City's Firefighter Pension. While the
rates for the contributions did not change for FICA or the City's Firefighter Pension, the increase in salary
conversely creates an increase in cost to the City to fund these programs. The City's contribution to the Texas
Municipal Retirement System is a fixed contribution, determined by actuarial analysis performed by the TMRS
system and will reduce in the current year from 16.57% of total compensation to 16.42%. The City's
viii
contribution to the Firefighter's Pension System will remain at 13.25%. This amount was increased in the prior
year from 13.00%and is above the State required minimum of 12%.
OTHER INFORMATION
Independent Audit
The City Charter requires an annual audit of the books of account, financial records, and transactions of all
administrative departments of the City by Certified Public Accountants. The accounting firm of Edgin, Parkman,
Fleming & Fleming, PC was selected by the Mayor and City Council to satisfy this charter requirement. The
auditors' report on the basic financial statements and combining fund statements and schedules is included in
the financial section of this report. In addition to meeting the requirements set forth in the City Charter, the
audit also was designed to meet the requirements of the federal Single Audit Act Amendments of 1996 and
related Uniform Guidance and the State Single Audit Act. These reports are issued under separate cover.
Awards
The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of
Achievement for Excellence in Financial Reporting to the City of Wichita Falls for its Annual Comprehensive
Financial Report for the fiscal year ended September 30, 2020. This was the 26th consecutive year that the City
of Wichita Falls has achieved this prestigious award. In order to be awarded a Certificate of Achievement, a
government must publish an easily readable and efficiently organized comprehensive annual financial report.
This report must satisfy both generally accepted accounting principles and applicable legal requirements. A
Certificate of Achievement is valid for a period of one year only. We believe that our current Annual
Comprehensive Financial Report continues to meet the Certificate of Achievement Program's requirements,
and we are submitting it to GFOA to determine its eligibility for another certificate.
Acknowledgments
My appreciation and thanks are extended to the personnel of the Finance Department who made this report
possible, with special thanks to Senior Accountant David Johnston,Susan White,Assistant Finance Director and
the Finance staff. I also extend my appreciation to the City Council, City Manager, City Department Directors
and staff for their contributions to the sound financial management of the City.
Respectfully submitted,
oizaja:4CiZ
Jessica Williams, MPA, CPFO
Chief Financial Officer
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CITY OF WICHITA FALLS, TEXAS
LIST OF PRINCIPAL OFFICIALS
SEPTEMBER 30,2021
Title Name
Mayor Stephen Santellana
Mayor Pro-Tern Deandra Chenault
City Council Member Michael Smith
City Council Member Jeff Browning
City Council Member Tim Brewer
City Council Member Steve Jackson
City Council Member Bobby Whiteley
City Manager Darron Leiker
City Attorney Kinley Hegglund
Municipal Court Judge Larry Gillen
City Clerk Marie Balthrop
Assistant City Manager Paul Menzies
Assistant City Manager Blake Jurecek
Director of Aviation,Traffic and Transportation John Burrus
Finance Director/CFO Jessica Williams
Director of Public Health Lou Kreidler
Police Chief Manuel Borrego
Fire Chief Ken Prillaman
Director of Public Works and Public Utilities Russell Schreiber
xii
ELECTED OFFICIALS & CITY MANAGER
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Stephen Santellana
Mayor
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Bobby Whiteley Deandra Chenault Tim Brewer
At Large District 2, Mayor Pro Tem District 4
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Michael Smith Jeff Browning Steve Jackson
District 1 District 3 District 5
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Darron Leiker
City Manager
xiii
FINANCIAL SECTION
maEDGIN, PARKMAN, FLEMING & FLEMING, PC
CERTIFIED PUBLIC ACCOUNTANTS
1 401 HOLLIDAY ST.,SUITE 216 • P.O.Box 750 MICHAEL D.EDGIN,CPA
il WICHITA FALLS,TEXAS 76307-0750 DAVID L. PARKMAN,CPA
PH.(940)766-5550 • FAx(940)766-5778 A.PAUL FLEMING,CPA
Independent Auditor's Report on Financial Statements
The Honorable Mayor and Members of the City Council
City of Wichita Falls, Texas
We have audited the accompanying financial statements of the governmental activities, the business-type
activities, the aggregate discretely presented component units, each major fund, and the aggregate
remaining fund information of the City of Wichita Falls, Texas (the City) as of and for the year ended
September 30, 2021, and the related notes to the financial statements, which collectively comprise the
City's basic financial statements as listed in the table of contents.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in
accordance with accounting principles generally accepted in the United States of America; this includes
the design, implementation, and maintenance of internal control relevant to the preparation and fair
presentation of financial statements that are free from material misstatement, whether due to fraud or
error.
Auditor's Responsibility
Our responsibility is to express opinions on these financial statements based on our audit. We conducted
our audit in accordance with auditing standards generally accepted in the United States of America and
the standards applicable to financial audits contained in Government Auditing Standards, issued by the
Comptroller General of the United States. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in
the financial statements. The procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial statements, whether due to fraud or
error. In making those risk assessments, the auditor considers internal control relevant to the City's
preparation and fair presentation of the financial statements in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of
the City's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of significant accounting estimates
made by management, as well as evaluating the overall financial statement presentation.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our audit opinions.
Opinions
In our opinion, the financial statements referred to above present fairly, in all material respects, the
respective financial position of the governmental activities, the business-type activities, the aggregate
discretely presented component units, each major fund, and the aggregate remaining fund information of
the City as of September 30, 2021, and the respective changes in financial position, and, where applicable,
cash flows thereof for the year then ended in conformity with accounting principles generally accepted in the
United States of America.
1
Other Matters
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the Management's
Discussion and Analysis, the Budgetary Comparison Schedule—General Fund, the schedules on the Texas
Municipal Retirement System, the Wichita Falls Firemen's Relief and Retirement Fund, and the Wichita
Falls Retiree Health Care Plan be presented to supplement the basic financial statements. Such
information, although not a part of the basic financial statements, is required by the Governmental
Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the
basic financial statements in an appropriate operational, economic, or historical context. We have applied
certain limited procedures to the required supplementary information in accordance with auditing standards
generally accepted in the United States of America, which consisted of inquiries of management about the
methods of preparing the information and comparing the information for consistency with management's
responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit
of the basic financial statements. We do not express an opinion or provide any assurance on the information
because the limited procedures do not provide us with sufficient evidence to express an opinion or provide
any assurance.
Other Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively
comprise the City's basic financial statements. The introductory section, combining and individual
nonmajor fund financial statements, supporting schedules, and statistical section are presented for
purposes of additional analysis and are not a required part of the basic financial statements.
The combining and individual nonmajor fund financial statements and supporting schedules are the
responsibility of management and were derived from and relate directly to the underlying accounting and
other records used to prepare the financial statements. Such information has been subjected to the
auditing procedures applied in the audit of the basic financial statements and certain additional
procedures, including comparing and reconciling such information directly to the underlying accounting
and other records used to prepare the basic financial statements or to the basic financial statements
themselves, and other additional procedures in accordance with auditing standards generally accepted in
the United States of America. In our opinion, the combining and individual nonmajor fund financial
statements and supporting schedules are fairly stated in all material respects in relation to the basic
financial statements as a whole.
The introductory and statistical sections have not been subjected to the auditing procedures applied in the
audit of the basic financial statements and, accordingly, we do not express an opinion or provide any
assurance on them.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued under separate cover our report
dated March 22, 2022, on our consideration of the City's internal control over financial reporting and on our
tests of its compliance with certain provisions of laws, regulations, contracts, grant agreements and other
matters. The purpose of that report is to describe the scope of our testing of internal control over financial
reporting and compliance and the results of that testing and not to provide an opinion on the internal control
over financial reporting or on compliance. That report is an integral part of an audit performed in
accordance with Government Auditing Standards in considering the City's internal control over financial
reporting and compliance.
Respectfully submitted,
ed,,,,,,,rP044,4-1-4.e14;41 7 qj2IAZ1 h?C-
Edgin, Parkman, Fleming & Fleming, PC
March 22, 2022
2
CITY OF WICHITA FALLS,TEXAS
MANAGEMENT'S DISCUSSION AND ANALYSIS
SEPTEMBER 30, 2021
Management's discussion and analysis provides a narrative overview of the financial activities and changes
in the financial position of the City of Wichita Falls, Texas, for the fiscal year ended September 30, 2021.
The management of the City offers it here to the readers of its financial statements. Readers should use
the information presented in conjunction with additional information furnished in our letter of transmittal,
which is in the Introductory Section of this Annual Comprehensive Financial Report.
Financial Highlights
The assets and deferred outflows of the City of Wichita Falls exceeded its liabilities and deferred inflows on
September 30,2021,by$433,494,474(net position). The net position for the City increased by$35,339,031
over the prior year. This increase is a result of an increase in net position of$20,760,339 from the current
fiscal year business-type activities and an increase in net position of$14,578,692 from the current fiscal
year governmental activities.
The unrestricted net position for Governmental Activities was ($85,096,370), while the Business-type
Activities had an unrestricted net position of $45,447,623, for an overall unrestricted net position of
($39,648,747). Governmental Activities increased by$9,412,848 in unrestricted net position from the prior
year,while Business-type Activities unrestricted net position decreased by$2,131,269 from the prior year.
The increase in unrestricted net position in the Governmental Activities is due to increases in the City's total
Assets and Deferred Outflows of$32,183,915 offset by an increase in total Liabilities and Deferred Inflows
of$17,605,222. Assets increased $29,835,511 due to increases in cash and cash equivalents, and capital
assets net of accumulated depreciation. Cash and cash equivalents have increased during the COVID-19
Pandemic primarily due to additional resources the City received from the American Rescue Plan Act(Act).
The Act allocated a total of$29.5 million dollars to the City through the United States Treasury.Half of these
funds, $14.5 million,were received by the City during the fiscal year;the remaining half will be received in
the next fiscal year. Due to delays in the United States Treasury's publishing of a Final Rule,the City did not
allocate the majority of these funds in this fiscal year. The City waited until final guidance received in
December of 2021 was published to begin discussions about uses of the funds. The City will allocate the
funds in the next fiscal year, through action of the City Council. The City also saw increases in sales tax
collections of$5.2 million over budget and a 98.56%property tax collection rate to levy. Capital Assets Net
of Depreciation increased $10,681,306, which was offset by a decrease in Capital Assets Not Being
Depreciated of $7,405,016. Deferred Outflows of Resources increased $2,348,404 due to increases in
Pension and Other Post Employment Benefit(OPEB) related costs.
The City's total assets also benefited from increases in fund balance in the City's General Fund of
$10,094,282,of which$10,226,213 is unassigned. Increases in fund balance are a combination of increased
economic activity and federal aid received. Liabilities in the City's General Fund increased $684,697
primarily due to increases in accrued payroll at year-end.
Asset increases were also due to the inclusion of the American Rescue Plan Act Fund.This fund, listed as a
major Governmental Fund, is funded by contributions from the United States Treasury, to the City to
continue the fight against COVID-19 and the resulting economic impacts of the pandemic. As stated
previously,this funding source totals approximately$14.5 in the current year,with funds committed by the
City Council to address the emergency replacement of the City's SCADA system.
Business-type Activities unrestricted net position decreased by$2,131,269. Assets and Deferred Outflows
increased$7,977,654, primarily due to increases in cash and cash equivalents collected in the current year.
Cash and cash equivalents increased by $5,279,201. Of this amount, the largest increase was in the
Nonmajor Enterprise funds,which in total increased $2,589,284 coupled with an increase in the Sanitation
fund of$2,172,915 over the prior year. Internal Balances also increased by $1,789,608. These increases
3
CITY OF WICHITA FALLS,TEXAS
MANAGEMENT'S DISCUSSION AND ANALYSIS (CONT'D.)
SEPTEMBER 30, 2021
were offset by changes in liabilities. Overall,liabilities decreased by$12,755,059,primarily due to decreases in
long-term liabilities payable after one year.
Assets and Deferred Outflows in the Water and Sewer Fund decreased $2,174,220. This decrease is
primarily due to decreases in Capital Assets, Net of Accumulated Depreciation of $2,109,192. Liabilities and
Deferred Inflows decreased $12,262,025 due to decreases in long-term liabilities payable after one year.
In the Sanitation Fund,Assets and Deferred Outflows increased $2,130,312.This increase is, in part, due to an
increase in Sanitation Rates of 6%during the year,offset with a decrease in spending during the fiscal year.
In the Regional Airport Fund, Assets and Deferred Outflows decreased $1,134,785. This decrease is
attributed to decreases in Capital Assets, Net of Accumulated Depreciation of $1,501,576 offset by
increases in Government Agencies Receivable. Due to legislation passed, in various bills, the Regional
Airport has received additional federal support for operations during the COVID-19 Pandemic.
At September 30, 2021, the City's governmental funds reported combined ending fund balances of
$57,086,327. Of this amount, $36,401,425, or 63.7%, is available for spending at the government's
discretion (unassigned fund balance).
At the end of the current fiscal year, the unassigned fund balance for the General Fund was $37,181,391, or
47.01%of total General Fund expenditures of$79,087,357.
During the 2020-21 fiscal year, the City's total debt decreased by $14,241,400. This decrease is the result of
the City retiring $2,795,000 in outstanding General Obligation Bonds, $7,635,000 in Utility System
Revenue Bonds, $2,925,000 in Combination Tax and Revenue Bonds, $1,637,738 in Capital Leases, $42,892 in
Notes Payable and $1,840,770 in Bond Premiums. Venue Tax Revenue Bonds were issued at $2,680,000 with
$45,000 retired.
Overview of the Financial Statements
This discussion and analysis is intended to serve as an introduction to the City's basic financial statements.
The reporting focus is on the City as a whole and on individual major funds. It is intended to present a
comprehensive view of the City's financial activities. The basic financial statements are comprised of three
components: 1) government-wide financial statements, 2) fund financial statements, and 3) notes to the
financial statements. This report contains other supplementary information in addition to the basic
financial statements.
Government-wide Financial Statements
The government-wide financial statements, which can be found on pages 13-14 of this report, include the
Statement of Net Position (Exhibit A-1) and the Statement of Activities (Exhibit A-2). These statements are
designed to provide readers with a broad overview of the City's finances in a manner similar to a private-
sector business. Both are prepared using the economic resources focus and the accrual basis of accounting,
meaning that all current year's revenues and expenses are included regardless of when cash is received or
paid. Thus, revenues and expenses are reported in these statements for some items that will result in cash
flows in future fiscal periods(e.g., uncollected taxes and earned but not used vacation leave).
The Statement of Net Position presents information on all of the City's assets and liabilities, including capital
assets and long-term obligations. The difference between the City's assets and deferred outflows and
liabilities and deferred inflows is reported as net position. Over time, the increases or decreases in net
position may serve as a useful indicator of whether the financial position of the City is improving or
4
CITY OF WICHITA FALLS,TEXAS
MANAGEMENT'S DISCUSSION AND ANALYSIS (CONT'D.)
SEPTEMBER 30, 2021
deteriorating. Other indicators of the City's financial position should be taken into consideration, such as
the change in the City's property tax base and condition of the City's infrastructure (e.g., roads, traffic
signals,water and sewer lines,etc.),in order to more accurately assess the overall financial condition of the
City.
The Statement of Activities presents information showing how the City's net position changed during the
most recent fiscal year. It focuses on both the gross and net costs of government services. This statement
includes all current year revenues and expenses.
The Statement of Net Position and the Statement of Activities divide the City's activities into three types:
Governmental activities— Most of the City's basic services are reported here, including police, fire, parks
and recreation, public works, health, traffic and transportation, community development and planning,
duplicating services, information technology, health insurance claims, and general administration and
finance. The Multi-Purpose Events Center and Champions Golf Course are also reported as governmental
activities. Property taxes, sales taxes, franchise fees, and various grant funds provide the majority of
financing for these activities.
Business-type activities—Activities for which the City charges fees to customers to pay most or all of the
cost of a service it provides are reported as business-type activities. The City's business-type activities
include water and wastewater treatment and distribution,solid waste collection and disposal, regional and
municipal airports, transit system, stormwater drainage improvements, fleet maintenance services, and
water park operations.
Component Units — Five legally separate organizations for which the City is financially accountable are
included in these statements as discretely presented component units. These organizations include the
Wichita Falls Economic Development Corporation, Wichita Falls 46 Sales Tax Corporation, Wichita Falls
Reinvestment Zone#2,Wichita Falls Reinvestment Zone#3, and the Wichita Falls Reinvestment Zone#4.
Fund Financial Statements
The City of Wichita Falls, like other state and local governments, uses fund accounting to provide more
detailed information about the City's most significant funds, not the City as a whole. A fund is a grouping
of related accounts that is used to maintain control over resources that have been segregated for specific
activities or objectives. Some funds are required to be established by state law or bond covenants.
However,the City Council establishes many other funds to help it control and manage money for particular
purposes or to show that it is meeting legal responsibilities. All of the funds of the City can be divided into
three categories:governmental funds, proprietary funds, and fiduciary funds.
Governmental Funds—These funds are used to account for the majority of the City's activities, which are
essentially the same functions reported as governmental funds in the government-wide statements.
However, unlike the government-wide financial statements, governmental fund financial statements are
reported using an accounting method identified as the modified accrual basis of accounting, which
measures cash and all other financial assets that can be readily converted to cash. The governmental fund
statements focus on near-term inflows and outflows of expendable resources, as well as expendable
resources available at the end of the fiscal year for future spending. Such information may be useful in
evaluating a government's near-term financing requirements.
The focus of the governmental fund's financial statements is narrower than that of the government-wide
financial statements. Therefore, it is useful to compare the information presented for governmental funds
with similar information presented for governmental activities in the government-wide statements. By
doing so, readers may better understand the long-term impact of the government's short-term financing
5
CITY OF WICHITA FALLS,TEXAS
MANAGEMENT'S DISCUSSION AND ANALYSIS (CONT'D.)
SEPTEMBER 30, 2021
decisions. Both the Governmental Fund Balance Sheet and the Governmental Fund Statement of Revenues,
Expenditures, and Changes in Fund Balances provide a reconciliation to facilitate this comparison. The
reconciliation explains the differences between the government's activities reported in the government-
wide statements and the information presented in the governmental fund's financial statements.
The City of Wichita Falls maintains 16 individual governmental funds. Information for the General Fund and
the American Rescue Plan Act Fund are presented separately in the Governmental Fund Balance Sheet and
in the Governmental Fund Statement of Revenues, Expenditures, and Changes in Fund Balances because
they are considered major funds of the City. Data for the other governmental funds are combined into a
single, aggregated presentation. Individual fund data for each of the non-major governmental funds are
provided in the Combining Financial Statement Section of this report.
The Basic Governmental Funds Financial Statements can be found on pages 15-19 of this report.
Proprietary Funds — When the City charges customers for services it provides, whether to outside
customers or to other units within the City, the activities are generally reported in proprietary funds.
The City of Wichita Falls maintains two different types of proprietary funds: enterprise funds and internal
service funds.
• Enterprise funds are used to report the same functions presented as business-type activities in the
government-wide financial statements. The City uses enterprise funds to account for its water and
sewer operations, sanitation collection and disposal services, regional and municipal airports,
transit operations,stormwater drainage improvements,and water park operations.
• Internal service funds are an accounting device used to report activities that provide supplies and
services to other City programs, such as fleet maintenance, print shop services, information
technology, and employee benefit trust. Because these services benefit both governmental and
business-type functions, they have been allocated between governmental and business-type
activities in the government-wide financial statements.
Proprietary fund financial statements provide the same type of information as the business-type activities
shown in the government-wide financial statements, only in more detail and include some of the internal
service fund-type activities. The proprietary fund financial statements provide separate information for the
Water and Sewer Fund,the Sanitation Fund,and the Regional Airport Fund since they are considered major
funds of the City. The non-major proprietary funds are combined into a single,aggregated presentation in
the proprietary fund financial statements. Individual fund data for each of the non-major proprietary funds
are provided in the Combining Financial Statement Section of this report.
Fiduciary Funds—Fiduciary funds are used to account for resources held for the benefit of parties outside
the government. Fiduciary funds are not reflected in the government-wide financial statements because
the resources of those funds are not available to support the City's own programs. The accounting method
used for fiduciary funds is much like that used for proprietary funds. Custodial funds are a component of
fiduciary funds and are used to account for situations where the City's role is purely custodial, such as
receipt, temporary investment, and remittance of fiduciary funds to individuals, private organizations, or
other governments. The City maintains one fiduciary fund. This fund is a custodial fund used to account
for property that has been abandoned or unclaimed pending escheatment to the State of Texas.
6
CITY OF WICHITA FALLS,TEXAS
MANAGEMENT'S DISCUSSION AND ANALYSIS (CONT'D.)
SEPTEMBER 30, 2021
Notes to the Financial Statements
The Notes to the Financial Statements provide additional information that is essential to a full
understanding of the data provided in the government-wide and fund financial statements. These notes
can be found on pages 27-67 of this report.
Government-Wide Financial Analysis
The City's combined net position was$433,494,474 as of September 30, 2021, an increase of$35,339,031 or
8.88% from the prior year. Using the tables below, an analysis of the net position of the City can be
made. The largest portion of the City's net position,$454,046,148,or 104.74%,is reflected in capital assets
(land and improvements, buildings, infrastructure, machinery, and equipment), less any related debt used to
acquire those assets that is still outstanding. The City uses these assets to provide services to its citizens;
consequently,these assets are not available for future spending. Although the City reports its capital assets
net of related debt,the resources needed to repay this debt must be provided from other sources since the
capital assets themselves cannot be used to liquidate these liabilities.
An additional portion of the City's net position,$19,097,073,or 4.41%,represents resources that are subject to
external restrictions on how they may be used.
Net Position
(in thousands)
Governmental Business-type
Activities Activities Total
2021 2020 2021 2020 2021 2020
Current and Other Assets $82,206 $55,647 $89,234 $81,759 $171,440 $137,406
Capital Assets 187,134 183,858 393,811 393,142 580,945 577,000
Total Assets 269,340 239,505 483,045 474,901 752,385 714,406
Deferred Outflows of Resources 39,980 37,631 4,484 4,650 44,464 42,281
Long Term Liabilities 184,964 183,106 126,153 138,813 311,117 321,919
Other Liabilities 24,613 11,214 7,810 7,905 32,423 19,119
Total Liabilities 209,577 194,320 133,963 146,718 343,540 341,038
Deferred Inflows of Resources 17,137 14,789 2,677 2,705 19,814 17,494
Net Position:
Net Investment in Capital Assets 160,442 155,903 293,604 270,540 454,046 426,443
Restricted 7,260 6,633 11,837 12,009 19,097 18,642
Unrestricted (85,096) (94,509) 45,448 47,579 (39,648) (46,930)
Total Net Position $82,606 $68,027 $350,889 $330,128 $433,495 $398,155
7
CITY OF WICHITA FALLS,TEXAS
MANAGEMENT'S DISCUSSION AND ANALYSIS (CONT'D.)
SEPTEMBER 30, 2021
CHANGES IN NET POSITION
(in thousands)
Governmental Business-type
Activities Activities Total
2021 2020 2021 2020 2021 2020
Revenues:
Program Revenues:
Charges For Services $10,271 $7,642 $70,330 $68,965 $80,601 $76,607
Operating Grants and
Contributions 17,666 21,240 8,224 5,738 $25,890 26,978
Capital Grants and Contributions 1,997 - 874 651 $2,871 651
General Revenues:
Property Taxes 43,020 41,399 - - 43,020 41,399
Sales Taxes 28,362 25,206 - - 28,362 25,206
Other Taxes/Fees 8,422 7,299 - - 8,422 7,299
Investment Earnings 48 582 24 371 72 953
Miscellaneous 521 525 - (2) 521 523
Total Revenue 110,307 103,893 79,452 75,723 189,759 179,616
Expenses:
Administrative Services 16,023 15,623 - - 16,023 15,623
Police 26,119 34,226 - - 26,119 34,226
Fire 26,145 26,796 - - 26,145 26,796
Parks and Recreation 5,135 6,058 - - 5,135 6,058
Accounting/Finance 760 1,005 - - 760 1,005
Community Development 6,955 7,587 - - 6,955 7,587
Public Works 7,895 8,708 - - 7,895 8,708
Health 6,229 6,630 - - 6,229 6,630
Traffic and Transportation 2,412 3,256 - - 2,412 3,256
MPEC 2,849 2,792 - - 2,849 2,792
Interest and Fees on Long-term
Debt 1,696 1,607 - - 1,696 1,607
Regional Airport - - 2,753 2,097 2,753 2,097
Kickapoo Airport - - 1,186 1,282 1,186 1,282
Transit - - 2,255 2,553 2,255 2,553
Sanitation - - 10,138 11,728 10,138 11,728
Water and Sewer - - 33,126 34,893 33,126 34,893
Stormwater Drainage - - 1,138 865 1,138 865
Waterpark - - 1,605 1,495 1,605 1,495
Total Expenses 102,218 114,288 52,201 54,913 154,419 169,201
Increase(Decrease) in Net Position
8,089 (10,395) 27,251 20,810 35,340 10,415
Before Transfers
Transfers 6,490 5,046 (6,490) (5,046) - -
Increase(Decrease) in Net Position 14,579 (5,349) 20,761 15,764 35,340 10,415
Net Position-Beginning of Year 68,027 73,376 330,128 314,364 398,155 387,740
Net Position-End of Year $82,606 $68,027 $350,889 $330,128 $433,495 $398,155
8
CITY OF WICHITA FALLS,TEXAS
MANAGEMENT'S DISCUSSION AND ANALYSIS (CONT'D.)
SEPTEMBER 30, 2021
Governmental Activities—Governmental Activities increased the City's net position by $14,578,692. The
increase in net position in the Governmental Activities is primarily due to an increase in the City's Cash and
Cash Equivalents of$30,505,345.This increase is primarily due to the City's receipt of American Rescue Plan
Act funding in FY 2020-21 of$13,961,173. The City saw strong sales tax and property tax revenues during
the year, which contributed to increased tax collections of $5,292,091. These increases were offset by
decreases in the Nonmajor Governmental Funds, Government agencies receivable, by $4,159,811. This
decrease is due to receipt of the City's final payment of the City's allocation of federal funds received from
the Texas Department of Emergency Management's Coronavirus Aid, Relief and Economic Security Act.
Business-Type Activities — Business-type Activities increased the City's net position by $20,760,339. This
increase is primarily due to an increase in Net Investment in Capital Assets of$23,063,746 and a decrease
in Unrestricted Net Position of $2,131,269. Total liabilities decreased $12,755,059 of this; Long Term
Liabilities, Portion Due or Payable After One Year decreased$12,156,292.This decrease is reflective of the
City's payment of bonds in the current year.
Financial Analysis of the City's Funds
Governmental Funds—The focus of the governmental funds is to provide information on near-term inflows,
outflows,and balances of expendable resources. Such information is useful in assessing the City's financing
requirements. In particular, unassigned fund balance may serve as a useful measure of a government's net
resources available for spending at the end of the fiscal year. As of September 30, 2021, the City's
governmental funds reported combined fund balances of$57,086,327,which is an increase of$11,810,762
from the prior year.
The General Fund is the chief operating fund of the City. At the end of the current fiscal year,the unassigned
fund balance of the General Fund was $37,181,391, an increase of$10,226,213 from the prior year. As a
measure of the General Fund's liquidity,it may be useful to compare both the unassigned fund balance and
total fund balance to total fund expenditures. Unassigned fund balance represents 47.01%of total General
Fund expenditures,while the total fund balance represents 47.33%of total General Fund expenditures.
Proprietary Funds—The financial statements of the proprietary funds provide information for two types of
funds:the business type(enterprise)funds and the internal service funds. The accounting principles applied
to proprietary funds are similar to that of the private sector. Consequently, with the exception of the
allocation of internal service fund net income or loss, the net position and changes in net position of the
enterprise funds in these financial statements are identical with the net position and changes in net position
reflected in the business-type activities in the city-wide presentation.
The City's internal service funds include the Fleet Maintenance Fund, Employee Benefit Trust Fund,
Duplicating Services Fund, and the Information Technology Fund. At the close of September 30, 2021,the
net position for the City's internal service funds was$38,848,407, an increase of$3,106,495. This change
is due primarily to an increase in Restricted Cash and a decrease in the amount payable to other City funds.
General Fund Budgetary Highlights
The final amended expenditure budget for the General Fund, including transfers out, was increased by
$3,417,241 from the original adopted budget in fiscal year 2020-21. This increase was primarily due to the
carry-forward of projects from the prior year and an increase for purchase and sale of land,through a 380
Agreement with O'Reilly Hospitality. The increase was completed through a carry-forward amendment
approved by the City Council and the City Council approval of the O'Reilly Hospitality Management Group's
380 Agreement. These are funds legally committed to the completion of these projects.
9
CITY OF WICHITA FALLS,TEXAS
MANAGEMENT'S DISCUSSION AND ANALYSIS (CONT'D.)
SEPTEMBER 30, 2021
Actual revenues in the General Fund for the 2020-21 fiscal year were $85,577,429,which was$5,736,271
over final budgeted revenues. Actual expenditures in the General Fund for the 2020-21 fiscal year were
$79,087,357, which was $5,126,320 below final budgeted expenditures. Expenditure decreases reflect
ongoing capital projects not completed during the year. This includes work at Memorial Auditorium to
stabilize the west wing of the building.This work was delayed due to contractor and supply challenges.The
work was bid twice and will occur in the current year.Delays in contractor availability and supply availability
decreased the expenditures for the Street Outlay program.Salary savings contributed to savings throughout
the City. During the year,the City struggled to fill open positions.To offset this,the City held multiple hiring
events, however, hiring lower paid positions remains a challenge.
Capital Asset and Debt Administration
Capital Assets-The City's investment in capital assets for its governmental and business-type activities as
of September 30, 2021, amounts to $580,945,824 (net of accumulated depreciation). This investment in
capital assets includes land, buildings, equipment, infrastructure, and construction in progress.
Major capital asset events during this fiscal year included the following:
• Street Rehabilitation and Utility Improvement Projects
• Construction in progress of the new Travel Facility Project
• Completion of the Lake Kickapoo Dam Rehabilitation Project
• Construction in progress of various trail projects
• Completion of the Maplewood Street Extension Project
Capital Assets,net of Accumulated Depreciation
(in thousands)
Governmental Business-type
Activities Activities Total
2021 2020 2021 2020 2021 2020
Land $10,753 $10,753 $11,072 $10,837 $21,825 $21,590
Land Betterments 15,593 14,713 35,275 36,661 50,868 51,374
Buildings,Systems and 43,010 44,241 314,493 311,272 357,503 355,513
Improvements
Infrastructure 106,276 96,513 1,282 1,300 107,558 97,813
Machinery and Equip 7,675 6,405 2,185 2,217 9,860 8,622
Furniture and Fixtures 1 1 - 1 1 2
Motor Vehicles - - 19,206 19,697 19,206 19,697
Construction in Progress 3,827 11,232 10,298 11,157 14,125 22,389
Totals $187,135 $183,858 $393,811 $393,142 $580,946 $577,000
Additional information on the City's capital assets can be found in Note 7 on pages 43-44 of this report.
Long Term Debt-At the end of the current fiscal year,the City had total bonded debt, notes, and capital
leases outstanding of $154,122,250. During the 2020-21 fiscal year, the City's total debt decreased by
$14,241,400.
10
CITY OF WICHITA FALLS,TEXAS
MANAGEMENT'S DISCUSSION AND ANALYSIS (CONT'D.)
SEPTEMBER 30, 2021
As of September 30, 2021, Moody's Investor's Service had assigned a credit rating of Aa2 for the City's
General Obligation Bonds and a rating of A3 for the City's Water and Sewer System Revenue Bonds.
Standard &Poor's had assigned a credit rating of AA for the City's General Obligation Bonds and a rating of
A+for its Water and Sewer System Revenue Bonds. The rating for the Water and Sewer System Revenue
Bonds was increased in November of 2019 due to the system's strengthened finances.
Outstanding Debt at Year-End
(in thousands)
Governmental Business-type
Activities Activities Total
2021 2020 2021 2020 2021 2020
General Obligation Bonds $26,275 $29,070 $ - $ - $26,275 $29,070
Combination Tax and 255
16,665 18,040 36,590 38,140 53, 56,180
Revenue Bonds
Venue Tax 2,635 - - - 2,635 -
Revenue Bonds
Utility System
-
Revenue Bonds - 46,670 54,305 46,670 54,305
Premiums on 1,524 1,800 4,345 5,910 5,869 7,710
Bonds
Capital Lease Payable 4,010 4,556 15,212 16,304 19,222 20,860
Notes Payable - - 196 239 196 239
Total 51,109 53,466 103,013 114,898 154,122 168,364
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, 2021, was
$.763323 per$100 which means that the City has a tax margin of$1.486677 per$100, and could generate
up to $81,111,304 additional tax revenue a year from the present assessed valuation of$5,455,879,419
before the limit is reached. The current ratio of general bonded debt outstanding to the assessed value of
all taxable property is.48%.
Additional information about the City's long-term debt can be found in Note 14 on pages 59-63 of this
report.
Economic Factors and Next Year's Budget and Rates
The total operating budget for the City includes all expenditures, revenues,and transfers anticipated in the
coming year. This includes expenditures for items funded outside of the City, like federal grants for large
capital projects and funds for programs received from other sources.The budget also includes the adoption
of payments for debt services. The total Adopted City Operating Budget for the 2021-22 fiscal year is
$195,449,875,which is an increase of$11,010,331,or 5.97%,from the 2020-21 Adopted Operating Budget
of$184,439,544.
11
CITY OF WICHITA FALLS,TEXAS
MANAGEMENT'S DISCUSSION AND ANALYSIS (CONT'D.)
SEPTEMBER 30, 2021
Work in the 2020-21 fiscal year, included the implementation of a comprehensive pay plan study, which
increased City-wide payroll approximately $4.4 million. Additional salary increases in the year stemmed
from increased employee counts in the Hotel/Motel and Water&Sewer Funds.The City also released the
hiring freeze on all frozen positions. These costs increased the City's contribution to the Texas Municipal
Retirement System, FICA, and contributions to the City's Firefighter Pension. While the rates for the
contributions did not change for FICA or the City's Firefighter Pension, the increase in salary conversely
creates an increase in cost to the City to fund these programs.The City's contribution to the Texas Municipal
Retirement System is a fixed contribution,determined by actuarial analysis performed by the TMRS system
and reduced in the current year from 16.57%of total compensation to 16.42%.The City's contribution to
the Firefighter's Pension System remained at 13.25%. This amount was increased in the prior year from
13.00%and is above the State required minimum of 12%.The City also saw a 2%increase in health insurance
costs in the current year to both the employees and the employer. Increasing salary and health care costs
affect an employee's total compensation, which is used to calculate their retirement contributions and
taxes.
The budget also included the use of one-time funds (surplus) in the General Fund to complete one-time
projects and committed funds for future capital equipment and infrastructure needs. The entire Budget
may be found on the City's website at www.wichitafallstx.gov.
Moving forward, into the FY 2022-23 Budget year,the City continues to monitor changing economics.The
local economy is projected to remain strong due to the addition of a Hotel and Conference Center
downtown and the completion of two new high schools. The City received additional federal funds to
combat the COVID-19 Pandemic from the American Rescue Plan.These funds will be committed for use by
the City Council in April of 2022.
Requests for Information
This financial report is designed to provide a general overview of the finances of the City of Wichita Falls for
all those with an interest in the government's finances. Questions concerning any of the information
provided in this report, or request for additional financial information, should be addressed to the City
Finance Department, 1300 Seventh Street,Wichita Falls,Texas 76301.
12
BASIC FINANCIAL STATEMENTS
EXHIBIT A-1
CITY OF WICHITA FALLS, TEXAS
STATEMENT OF NET POSITION
SEPTEMBER 30,2021
Primary Government
Governmental Business-type Component
Activities Activities Total Units
Assets
Cash and cash equivalents $ 71,596,121 $ 48,454,351 $ 120,050,472 $ 54,743,527
Receivables(net):
Taxes and assessments 1,196,537 - 1,196,537 -
Customer and trade - 8,448,143 8,448,143 -
Government agencies 10,648,102 2,227,301 12,875,403 1,708,327
Other 2,109,109 550,561 2,659,670 -
Internal balances (13,235,893) 13,235,893 - -
Inventory 139,887 1,856,996 1,996,883 -
Prepaid items 119,713 521,770 641,483 11,968
Other assets 259,412 - 259,412 -
Restricted assets:
Cash and cash equivalents 9,372,786 13,938,342 23,311,128 -
Capital assets not being depreciated 14,579,702 21,370,750 35,950,452 2,517,331
Capital assets net of accumulated depreciation 172,554,954 372,440,418 544,995,372 -
Total assets 269,340,430 483,044,525 752,384,955 58,981,153
Deferred Outflows of Resources
Pension-related 37,383,068 1,580,338 38,963,406 -
OPEB-related 2,347,623 878,021 3,225,644 -
Deferred losses on bond refundings 248,913 2,025,844 2,274,757 -
Total deferred outflows of resources 39,979,604 4,484,203 44,463,807 -
Liabilities
Accounts payable-trade 1,517,138 1,740,590 3,257,728 254,563
Accrued payroll 3,222,607 877,324 4,099,931 -
Accrued interest payable 233,951 457,348 691,299 -
Payable to government agencies 559,218 1,370 560,588 -
Estimated health claims payable 1,380,955 - 1,380,955 -
Other liabilities 3,701,551 1,328,879 5,030,430 41,233
Unearned revenue 13,997,760 - 13,997,760 -
Customer deposits - 3,404,174 3,404,174 -
Long-term liabilities:
Portion due or payable within one year 7,520,516 11,456,129 18,976,645 590,000
Portion due or payable after one year 54,124,193 98,105,536 152,229,729 28,540,916
Net pension liability(payable after one year) 111,562,189 12,194,645 123,756,834 -
Net OPEB liability(payable after one year) 11,756,959 4,397,149 16,154,108 -
Total liabilities 209,577,037 133,963,144 343,540,181 29,426,712
Deferred Inflows of Resources
Pension-related 16,355,471 2,384,386 18,739,857 -
OPEB-related 781,840 292,410 1,074,250 -
Total deferred inflows of resources 17,137,311 2,676,796 19,814,107 -
Net Position
Net investment in capital assets 160,441,794 293,604,354 454,046,148 979,912
Restricted for:
Perpetual care(nonexpendable) 1,470,561 - 1,470,561 -
Debt service(expendable) 1,933,732 11,836,811 13,770,543 -
Federal grant programs(expendable) 3,848,271 - 3,848,271 -
Tourism(expendable) 7,698 - 7,698 -
Unrestricted (85,096,370) 45,447,623 (39,648,747) 28,574,529
Total net position $ 82,605,686 $ 350,888,788 $ 433,494,474 $ 29,554,441
See accompanying notes to the basic financial statements.
13
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EXHIBIT A-3
CITY OF WICHITA FALLS, TEXAS
BALANCE SHEET-GOVERNMENTAL FUNDS
SEPTEMBER 30,2021
Total
ARPA Nonmajor Governmental
General Fund Governmental Funds
Assets
Cash and cash equivalents $ 33,122,694 $ 13,961,173 $ 17,529,612 $ 64,613,479
Receivables(net):
Taxes and assessments 861,003 - 335,534 1,196,537
Other City funds 5,403,977 - - 5,403,977
Government agencies 5,376,968 - 5,271,134 10,648,102
Other 2,059,881 - 40,196 2,100,077
Inventory 139,560 - - 139,560
Prepaid items 112,105 - 7,608 119,713
Other assets 1,000 - 258,412 259,412
Total assets $ 47,077,188 $ 13,961,173 $ 23,442,496 $ 84,480,857
Liabilities
Accounts payable $ 600,956 $ - $ 790,935 $ 1,391,891
Accrued payroll 2,969,007 - 191,262 3,160,269
Payable to other City funds - - 2,424,327 2,424,327
Payable to government agencies 471,157 - 88,061 559,218
Other liabilities 3,471,892 - 208,802 3,680,694
Claims and judgments payable 11,922 - - 11,922
Unearned revenue - 13,960,524 37,236 13,997,760
Total liabilities 7,524,934 13,960,524 3,740,623 25,226,081
Deferred inflows of resources
Unavailable revenues 2,119,198 - 49,251 2,168,449
Fund balances
Nonspendable:
Inventory and prepaid items 251,665 - - 251,665
Permanent Fund principal - - 1,470,561 1,470,561
Restricted for:
Debt service - - 1,884,481 1,884,481
Capital projects - - 10,006,085 10,006,085
Federal and state grant programs - 649 3,848,271 3,848,920
Tourism - - 842,555 842,555
Committed for:
Golf course - - 144,073 144,073
Local projects - - 2,236,562 2,236,562
Unassigned 37,181,391 - (779,966) 36,401,425
Total fund balances 37,433,056 649 19,652,622 57,086,327
Total liabilities,deferred inflows of resources
and fund balances $ 47,077,188 $ 13,961,173 $ 23,442,496 $ 84,480,857
See accompanying notes to the basic financial statements.
15
EXHIBIT A-4
CITY OF WICHITA FALLS, TEXAS
RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET
TO THE STATEMENT OF NET POSITION
SEPTEMBER 30,2021
Total fund balances-governmental funds(Exhibit A-3) $ 57,086,327
Amounts reported for governmental activities in the Statement of Net Position(Exhibit A-1)
are different because:
Capital assets used in governmental activities are not financial resources and therefore not
reported in the funds.Capital assets at year-end consist of:
Gross capital assets $ 345,180,997
Related accumulated depreciation 163,141,721 182,039,276
Property taxes receivable and municipal court fines are not available to pay for current
period expenditures and therefore are reported as deferred inflows of resources in the funds. 2,168,449
Long-term liabilities are not due and payable in the current period and therefore
not reported as liabilities in the funds.Long-term liabilities at year-end consist of:
Bonds payable 45,575,000
Premiums on bonds payable 1,524,354
Capital lease payable 4,010,237
Accrued vacation and sick leave 9,541,857
Claims and judgments payable 926,002
Accrued interest 233,951 (61,811,401)
In the governmental funds financial statements,refunding losses are expended when
incurred,whereas in the government-wide financial statements the losses are capitalized
and amortized. 248,913
The City's net pension liability and related deferred outflows and inflows related to its
participation in the Texas Municipal Retirement System and the Wichita Falls Firemen's
Relief and Retirement Fund do not meet criteria to be reported in the governmental funds
financial statements.These items consist of:
Net pension liabilities 110,673,816
Deferred outflows-pension related items (37,267,942)
Deferred inflows-pension related items 16,181,771 (89,587,645)
The City's net OPEB liability and related deferred outflows and inflows related to the City
of Wichita Falls Retiree Health Care Plan do not meet the criteria to be reported in the
governmental funds financial statements.These items consist of:
Net OPEB liabilities 11,555,032
Deferred outflows-OPEB related items (2,307,303)
Deferred inflows-OPEB related items 768,412 (10,016,141)
Internal service funds are used by management to charge the costs of duplicating services,
information technology and health insurance claims to the individual funds.The assets and
liabilities of these internal service funds are included with the governmental activities. 16,449,871
Internal service funds are used by management to charge the costs of central garage
services to the individual funds.The assets and liabilities of this fund are included with the
business-type activities. This amount represents the governmental activity portion
of the central garage activity. (13,971,963)
Total net position-governmental activities(Exhibit A-1) $ 82,605,686
See accompanying notes to the basic financial statements.
16
EXHIBIT A-5
CITY OF WICHITA FALLS, TEXAS
STATEMENT OF REVENUES,EXPENDITURES AND CHANGES IN
FUND BALANCES-GOVERNMENTAL FUNDS
FOR THE YEAR ENDED SEPTEMBER 30,2021
Total
ARPA Nonmajor Governmental
General Fund Governmental Funds
Revenues
Taxes $ 75,096,176 $ - $ 4,759,100 $ 79,855,276
Charges for services 3,066,404 - 635,135 3,701,539
Licenses and permits 1,631,602 - - 1,631,602
Fines and forfeitures 2,198,715 - 236,754 2,435,469
Intergovernmental revenue - 585,301 14,062,468 14,647,769
Contributions 179,483 - 2,843,391 3,022,874
Miscellaneous revenue 3,405,049 649 1,014,632 4,420,330
Total revenues 85,577,429 585,950 23,551,480 109,714,859
Expenditures
Administrative services 15,211,294 - 1,432,859 16,644,153
Police 26,144,281 - 1,236,098 27,380,379
Fire 18,241,191 - 161,724 18,402,915
Parks and recreation 4,996,125 - 85,704 5,081,829
Accounting/finance 853,221 - - 853,221
Community development 2,221,870 - 5,040,405 7,262,275
Public works 4,735,920 - 60,921 4,796,841
Health 3,304,684 585,301 2,609,811 6,499,796
Traffic and transportation 1,668,533 - 557,849 2,226,382
Multi-Purpose Events Center - - 2,064,199 2,064,199
Capital outlay 1,710,238 - 5,707,511 7,417,749
Debt service-principal - - 4,215,000 4,215,000
Debt service-interest and paying agent fees - - 1,821,451 1,821,451
Debt service-bond issuance costs - - 103,139 103,139
Total expenditures 79,087,357 585,301 25,096,671 104,769,329
Excess of revenues over(under)expenditures 6,490,072 649 (1,545,191) 4,945,530
Other Financing Sources(Uses)
Issuance of bonds - - 2,685,339 2,685,339
Transfers in 3,769,421 - 2,052,683 5,822,104
Transfers out (165,213) - (1,476,998) (1,642,211)
Total other financing sources(uses) 3,604,208 - 3,261,024 6,865,232
Net change in fund balance 10,094,280 649 1,715,833 11,810,762
Fund balances-beginning 27,338,776 - 17,936,789 45,275,565
Fund balances-ending $ 37,433,056 $ 649 $ 19,652,622 $ 57,086,327
See accompanying notes to the basic financial statements.
17
EXHIBIT A-6
(Page 1 of 2)
CITY OF WICHITA FALLS, TEXAS
RECONCILIATION OF THE STATEMENT OF REVENUES,EXPENDITURES
AND CHANGES IN FUND BALANCES OF THE GOVERNMENTAL FUNDS
TO THE STATEMENT OF ACTIVITIES
FOR THE YEAR ENDED SEPTEMBER 30,2021
Net change in fund balances-total governmental funds(Exhibit A-5) $ 11,810,762
Amounts reported for governmental activities in the Statement of Activities(Exhibit A-2)are different because:
Capital outlays are reported in governmental funds as expenditures.However,in the
Statement of Activities,the cost of those assets are allocated over their estimated useful
lives as depreciation expense.The net difference between the two is as follows:
Capital outlay during the year $ 7,434,290
Depreciation expense for the year 6,771,871 662,419
Donated capital assets are not recorded as revenues in the governmental funds.In the
Statement of Activities,the value of the assets are added to capital assets and the contribution
is recorded as a capital contribution. 1,996,829
Proceeds from the sale of capital assets are recorded as revenues when received in the
governmental funds. In the Statement of Activities,the difference between the proceeds
and the book value of the capital asset is reported as a gain(loss)from sale. (62,080)
Because property tax receivables and municipal court receivables will not be collected for
several months after the City's fiscal year ends,they are not considered'available'revenues and
are deferred in the governmental funds.Deferred inflows increased by this amount this year. 438,198
The issuance of long-term debt provides current financial resources to governmental funds.However,the
issuance increases long-term liabilities in the Statement of Net Position.The City issued bonds during
2020-2021. (2,680,000)
Repayment of long-term debt principal is an expenditure in the governmental funds,but the repayment
reduces long-term liabilities in the Statement of Net Position.Bond and capital lease principal
payments in 2020-2021 were: 5,036,102
Included in long-term debt are obligations for accrued vacation and sick leave,and claims and judgments
payable. The changes in these obligations are not included in the governmental fund financial
statements,but are included in the government-wide financial statements.The changes in these
long-term obligations were:
Accrued vacation and sick leave (34,946)
Claims and judgments payable (220,925) (255,871)
Interest on long-term debt in the Statement of Activities differs from the amount reported in the
governmental funds because interest is recognized as an expenditure in the funds when it is due,
and thus requires the use of current financial resources.In the Statement of Activities,however,
interest expense is recognized as the interest accrues,regardless of when it is due.The
decrease in accrued interest is as follows:
Accrued interest at September 30,2020 240,944
Accrued interest at September 30,2021 233,951 6,993
Amortization of deferred losses on refundings is only reported in the government-wide financial
statements.Current year amortization was: (53,728)
The City participates in two defined benefit pension plans.Contributions to the plans are expenditures at
the fund level when payments are due.At the government-wide level,pension expenses are recognized
on an actuarial basis.Payments were less than the actuarial expense in the current year. (4,163,224)
The City sponsors an OPEB plan for retiree health care.Contributions to the plan are expenditures at
the fund level when payments are due.At the government-wide level,pension expenses are recognized
on an actuarial basis.Payments were more than the actuarial expense in the current year. 218,100
See accompanying notes to the basic financial statements.
18
EXHIBIT A-6
(Page 2 of 2)
CITY OF WICHITA FALLS, TEXAS
RECONCILIATION OF THE STATEMENT OF REVENUES,EXPENDITURES
AND CHANGES IN FUND BALANCES OF THE GOVERNMENTAL FUNDS
TO THE STATEMENT OF ACTIVITIES
FOR THE YEAR ENDED SEPTEMBER 30,2021
Internal service funds are used by management to charge the costs of duplicating services,
information technology and health insurance claims to the individual funds.The net
revenues of these internal service funds are included with the governmental activities. 2,222,983
Internal service funds are used by management to charge the costs of central garage services to the
individual funds.The net revenue of this fund is included with the business-type activities.This
amount represents the governmental activity portion of the central garage activity. (598,791)
Change in net position of governmental activities(Exhibit A-2) $ 14,578,692
See accompanying notes to the basic financial statements.
19
EXHIBIT A-7
(Page 1 of 2)
CITY OF WICHITA FALLS, TEXAS
STATEMENT OF NET POSITION
PROPRIETARY FUNDS
SEPTEMBER 30,2021
Enterprise Funds
Nonmajor
Water and Regional Enterprise Internal
Sewer Sanitation Airport Funds Total Service Funds
Assets
Current assets:
Cash and cash equivalents $ 26,508,695 $ 10,334,890 $ 1,350 $ 9,829,013 $ 46,673,948 $ 8,763,045
Restricted cash and cash equivalents 12,804,784 - 1,133,558 - 13,938,342 9,372,786
Receivables(net):
Customer and trade 6,406,844 1,645,524 - 395,775 8,448,143 -
Government agencies 71,859 - 305,067 1,850,375 2,227,301 -
Other 272,331 19,445 82,736 141,173 515,685 43,908
Inventory 1,083,524 - - 46,755 1,130,279 726,717
Prepaid items 460 - 32,730 13,762 46,952 475,142
Total current assets 47,148,497 11,999,859 1,555,441 12,276,853 72,980,650 19,381,598
Long-term assets:
Capital assets,net of accumulated
depreciation 260,497,247 8,843,165 45,099,204 57,892,299 372,331,915 26,574,636
Total long-term assets 260,497,247 8,843,165 45,099,204 57,892,299 372,331,915 26,574,636
Total assets 307,645,744 20,843,024 46,654,645 70,169,152 445,312,565 45,956,234
Deferred Outflows of Resources
Pension-related 874,447 349,182 23,608 154,373 1,401,610 293,855
OPEB-related 471,267 214,183 2,581 86,447 774,478 143,863
Deferred losses on bond refundings 2,025,844 - - - 2,025,844 -
Total deferred outflows of resources 3,371,558 563,365 26,189 240,820 4,201,932 437,718
See accompanying notes to the basic financial statements.
20
EXHIBIT A-7
(Page 2 of 2)
CITY OF WICHITA FALLS, TEXAS
STATEMENT OF NET POSITION
PROPRIETARY FUNDS
SEPTEMBER 30,2021
Enterprise Funds
Nonmajor
Water and Regional Enterprise Internal
Sewer Sanitation Airport Funds Total Service Funds
Liabilities
Current liabilities:
Accounts payable-trade 924,654 108,681 11,707 566,937 1,611,979 253,858
Accrued payroll 481,251 189,442 12,378 99,641 782,712 156,950
Accrued vacation and sick leave 437,989 186,830 9,351 75,035 709,205 177,206
Payable to other City funds - - 360,309 1,453,120 1,813,429 1,166,221
Payable to government agencies - - 289 1,081 1,370 -
Estimated health claims payable - - - - - 1,380,955
Other liabilities 315,974 54,223 53,303 905,379 1,328,879 8,932
Payable to U.S.Government-current
maturity 45,728 - - - 45,728 -
Capital leases-current maturities 698,844 - - - 698,844 456,557
Revenue bonds-current maturities 9,580,000 - - - 9,580,000 -
Accrued interest-revenue bonds 457,348 - - - 457,348 -
Total current liabilities 12,941,788 539,176 447,337 3,101,193 17,029,494 3,600,679
Long-term liabilities:
Payable to U.S.Government,less
current maturities 150,325 - - - 150,325 -
Capital leases,less current maturities 13,590,713 - - - 13,590,713 465,596
Revenue bonds,less current maturities 78,024,896 - - - 78,024,896 -
Estimated liability for landfill closure and
post-closure care costs - 5,729,854 - - 5,729,854 -
Customer deposits 3,404,174 - - - 3,404,174 Net pension liability 6,747,652 2,694,458 182,173 1,191,214 10,815,497 2,267,522
Net OPEB liability 2,360,115 1,072,633 12,923 432,931 3,878,602 720,474
Total long-term liabilities 104,277,875 9,496,945 195,096 1,624,145 115,594,061 3,453,592
Total liabilities 117,219,663 10,036,121 642,433 4,725,338 132,623,555 7,054,271
Deferred Inflows of Resources
Pension-related 1,319,350 526,840 35,620 232,915 2,114,725 443,363
OPEB-related 156,948 71,330 859 28,790 257,927 47,911
Total deferred inflows of resources 1,476,298 598,170 36,479 261,705 2,372,652 491,274
Net Position
Net investment in capital assets 161,212,583 8,843,165 45,099,204 57,892,299 273,047,251 25,652,483
Restricted for debt service 11,836,811 - - - 11,836,811 -
Unrestricted 19,271,947 1,928,933 902,718 7,530,630 29,634,228 13,195,924
Total net position $ 192,321,341 $ 10,772,098 $ 46,001,922 $ 65,422,929 314,518,290 $ 38,848,407
Adjustment to reflect the consolidation of internal service funds activities
related to enterprise funds 36,370,498
Net position of business type activities $ 350,888,788
See accompanying notes to the basic financial statements.
21
EXHIBIT A-8
CITY OF WICHITA FALLS, TEXAS
STATEMENT OF REVENUES,EXPENSES AND
CHANGES IN NET POSITION
PROPRIETARY FUNDS
FOR THE YEAR ENDED SEPTEMBER 30,2021
Enterprise Funds
Nonmajor
Water and Regional Enterprise Internal
Sewer Sanitation Airport Funds Total Service Funds
Operating revenues:
Charges for services $ 45,695,423 $ 16,151,197 $ 26,354 $ 5,240,998 $ 67,113,972 $ 14,031,952
Rents,concessions and other 115,270 2,918 1,485,163 1,613,118 3,216,469 1,096,149
Contributions - - - - - 15,293,364
Total operating revenues 45,810,693 16,154,115 1,511,517 6,854,116 70,330,441 30,421,465
Operating expenses:
Personnel services 9,749,458 3,895,980 380,789 2,342,119 16,368,346 3,302,750
Supplies and materials 2,600,899 296,969 337,771 794,614 4,030,253 3,030,667
Maintenance and repairs 1,943,099 112,080 172,665 393,465 2,621,309 2,782,758
Utilities and other services 5,762,663 4,850,387 188,199 1,105,958 11,907,207 383,241
Insurance and contract support 855,724 97,394 42,400 77,155 1,072,673 14,409,956
Other expenses 2,025,210 488,787 244,114 172,835 2,930,946 2,472,528
Depreciation and amortization 8,712,691 309,427 1,531,302 1,376,600 11,930,020 5,078,883
Total operating expenses 31,649,744 10,051,024 2,897,240 6,262,746 50,860,754 31,460,783
Operating income(loss) 14,160,949 6,103,091 (1,385,723) 591,370 19,469,687 (1,039,318)
Nonoperating revenues(expenses):
Interest income 10,670 6,765 563 5,873 23,871 1,724,368
Gain/(loss)on sale/abandonment of capital
assets - - - - - 62,700
Interest expense and paying agent fees (2,747,739) - - - (2,747,739) (27,123)
Intergovernmental operating grants - - 926,286 7,297,269 8,223,555 -
Total nonoperating revenues(expenses) (2,737,069) 6,765 926,849 7,303,142 5,499,687 1,759,945
Income(loss)before contributions and transfers 11,423,880 6,109,856 (458,874) 7,894,512 24,969,374 720,627
Capital contributions 874,423 - - - 874,423 -
Transfers in 93,313 - - - 93,313 2,697,861
Transfers out (2,303,811) (3,811,299) (102,096) (441,861) (6,659,067) (312,000)
Change in net position 10,087,805 2,298,557 (560,970) 7,452,651 19,278,043 3,106,488
Net position-beginning 182,233,536 8,473,541 46,562,892 57,970,278 35,741,919
Net position-ending $ 192,321,341 $ 10,772,098 $46,001,922 $ 65,422,929 $ 38,848,407
Adjustment to reflect the consolidation of internal service funds activities
related to enterprise funds 1,482,296
Change in net position of business type activities $ 20,760,339
See accompanying notes to the basic financial statements.
22
EXHIBIT A-9
(Page 1 of 2)
CITY OF WICHITA FALLS, TEXAS
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
FOR THE YEAR ENDED SEPTEMBER 30,2021
Enterprise Funds
Nonmajor
Water and Regional Enterprise Internal
Sewer Sanitation Airport Funds Total Service Funds
Cash flows from operating activities:
Received from customers and users $ 45,417,375 $ 16,294,832 $ 1,463,025 $ 6,794,597 $ 69,969,829 $ 4,442,103
Received from interfund charges - - - - - 25,697,004
Other operating receipts - - - - - 811,046
Payments to suppliers (13,138,547) (1,876,225) (889,412) (2,120,193) (18,024,377) (23,180,259)
Payments for interfund services (3,669,071) (5,200,120) (149,739) (1,111,406) (10,130,336) (665,361)
Payments to employees (7,116,107) (2,862,883) (249,471) (1,719,548) (11,948,009) (2,418,863)
Net cash provided by operating activities 21,493,650 6,355,604 174,403 1,843,450 29,867,107 4,685,670
Cash flows from noncapital financing activities:
Intergovernmental operating grants - - 621,219 6,883,648 7,504,867 (1,100,245)
Interfund loans received(repaid) - - (663,451) (53,579) (717,030) -
Transfers in from other funds 93,313 - - - 93,313 2,697,861
Transfers out to other funds (2,303,811) (3,811,299) (102,096) (441,861) (6,659,067) (312,000)
Net cash provided(used)by noncapital financing
activities (2,210,498) (3,811,299) (144,328) 6,388,208 222,083 1,285,616
Cash flows from capital and related financing activities:
Acquisition and construction of capital assets (5,730,471) (378,156) (29,725) (5,648,245) (11,786,597) (5,125,130)
Proceeds from sale of capital assets - - - - - 62,700
Principal paid on long-term debt (9,872,496) - - - (9,872,496) (447,692)
Interest and fees paid on long-term debt (4,028,627) - - - (4,028,627) (27,123)
Net cash provided(used)for capital and
related financing activities (19,631,594) (378,156) (29,725) (5,648,245) (25,687,720) (5,537,245)
Cash flows from investing activities:
Interest on investments 10,670 6,765 563 5,873 23,871 1,724,368
Net cash provided by investing activities 10,670 6,765 563 5,873 23,871 1,724,368
Net Increase(Decrease)in Cash and Cash Equivalents (337,772) 2,172,914 913 2,589,286 4,425,341 2,158,409
Cash and Cash Equivalents-Beginning 39,651,251 8,161,976 1,133,995 7,239,727 56,186,949 15,977,422
Cash and Cash Equivalents-Ending $ 39,313,479 $ 10,334,890 $ 1,134,908 $ 9,829,013 $ 60,612,290 $ 18,135,831
Reconciliation of cash and cash equivalents on the
balance sheet to the statement of cash flows:
Cash and cash equivalents $ 26,508,695 $ 10,334,890 $ 1,350 $ 9,829,013 $ 46,673,948 $ 8,763,045
Restricted assets-cash and cash equivalents 12,804,784 - 1,133,558 - 13,938,342 9,372,786
Total cash and cash equivalents at end of year $ 39,313,479 $ 10,334,890 $ 1,134,908 $ 9,829,013 $ 60,612,290 $ 18,135,831
See accompanying notes to the basic financial statements.
23
EXHIBIT A-9
(Page 2 of 2)
CITY OF WICHITA FALLS, TEXAS
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
FOR THE YEAR ENDED SEPTEMBER 30,2021
Enterprise Funds
Nonmajor
Water and Regional Enterprise Internal
Sewer Sanitation Airport Funds Total Service Funds
Reconciliation of Operating Income(Loss)to Net Cash
Provided by Operating Activities:
Operating income(loss) $ 14,160,949 $ 6,103,091 $ (1,385,723) $ 591,370 $ 19,469,687 $ (1,039,318)
Adjustments to reconcile operating income(loss)
to net cash provided(used)by operating activities:
Depreciation and amortization 8,712,691 309,427 1,531,302 1,376,600 11,930,020 5,078,883
Customer deposits received(refunded) 81,875 - - - 81,875 -
(Increase)decrease in assets and deferred
outflows:
Receivables:
Customer and trade (385,669) 140,717 - 50,661 (194,291) -
Other (89,524) - (48,492) (110,180) (248,196) 521,032
Inventory (60,076) - - - (60,076) 18,330
Prepaid items 3,832 2,223 (905) 36,919 42,069 49,371
Deferred outflows-pension-related 32,515 26,781 (10,716) (5,585) 42,995 7,018
Deferred outflows-OPEB-related (129,082) (58,388) (698) (23,376) (211,544) (39,137)
Increase(decrease)in liabilities and deferred
inflows:
Accounts payable-trade (456,913) 27,015 5,251 (100,868) (525,515) (448,717)
Accrued payroll 43,640 11,205 (4,698) 21,094 71,241 (6,186)
Accrued vacation and sick leave (19,529) 10,892 (6,828) (4,024) (19,489) 445
Estimated health claims payable - - - - - 701,953
Payable to government agencies - (79,669) (140) 582 (79,227) -
Other liabilities 189,588 16,660 2,238 6,660 215,146 7,656
Estimated liability for landfill closure - 211,276 - - 211,276 Net pension liability (632,684) (364,911) 77,265 (19,530) (939,860) (180,817)
Net OPEB liability 64,827 27,598 294 9,866 102,585 17,996
Deferred inflows-pension-related (55,459) (43,059) 16,078 7,378 (75,062) (12,714)
Deferred inflows-OPEB-related 32,669 14,746 175 5,883 53,473 9,875
Total adjustments 7,332,701 252,513 1,560,126 1,252,080 10,397,420 5,724,988
Net cash provided by
operating activities $ 21,493,650 $ 6,355,604 $ 174,403 $ 1,843,450 $ 29,867,107 $ 4,685,670
Noncash capital and financing activities:
Capital assets received from developers $ 874,423 $ - $ - $ - $ 874,423 $ -
See accompanying notes to the basic financial statements.
24
EXHIBIT A-10
CITY OF WICHITA FALLS, TEXAS
STATEMENT OF FIDUCIARY NET POSITION
SEPTEMBER 30,2021
Custodial
Fund
Assets
Cash and cash equivalents $ 180,812
Liabilities
Other liabilities $ 180,812
Net position $
See accompanying notes to the basic financial statements.
25
EXHIBIT A-11
CITY OF WICHITA FALLS, TEXAS
STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
FOR THE YEAR ENDED SEPTEMBER 30, 2021
Custodial
Fund
Additions
Escheatment additions $ 22,115
Deductions
Escheatment deductions 22,115
Change in net position -
Net position-beginning Net position-ending $ -
See accompanying notes to the basic financial statements.
26
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS
SEPTEMBER 30,2021
Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accounting and reporting policies of the City of Wichita Falls,Texas (City) conform to accounting
principles generally accepted in the United States of America (GAAP) applicable to state and local
governments. GAAP for local governments includes those principles prescribed by the Governmental
Accounting Standards Board (GASB), which includes all statements and interpretations of the National
Council on Governmental Accounting (NCGA) unless modified by the GASB, and those principles
prescribed by the American Institute of Certified Public Accountants in the publication entitled Audits
of State and Local Governmental Units. The following is a summary of the more significant policies
and practices used by the City.
A. Reporting Entity
The City is a municipal corporation governed by an elected Mayor and six-member City Council. As
required by various Governmental Accounting Standards Board (GASB) statements, these financial
statements present the City and its component units, entities for which the City is considered to be
financially accountable. Blended component units, although legally separate entities, are in
substance, part of the City's operations and data from these units are combined with data presented
by the City. A discretely presented component unit, on the other hand, is reported in a separate
column in the basic financial statements to emphasize it is legally separate from the City. Each
blended and discretely presented component unit has a September 30th year end.
Blended Component Unit
Employee Benefit Trust Fund. On October 1, 1983, an "Agreement and Declaration of Trust" was
made and entered into between the City and the Employee Benefit Trust Committee, acting as
Trustee to administer the Employee Benefit Trust (Trust). The Trust Committee consists of four
Trustees selected by the City, who may, but need not be, beneficiaries of the health and welfare
program funded by the Trust, and/or officers or employees of the City. The purpose of the Trust
is to provide health and welfare benefits, which may include life, accidental death and
dismemberment, disability, medical and dental insurance, and any other benefits as determined
by the Trustee Committee. The Trust is funded through contributions by the City and employees
who choose to participate. It may be terminated in writing, at any time, by either party. The
Employee Benefit Trust Fund is presented in the accompanying financial statements as an internal
service fund.
Discretely Presented Component Units
The Wichita Falls Economic Development Corporation. The Wichita Falls Economic Development
Corporation is a non-profit corporation formed in May 1997 for the purpose of increasing
employment opportunities, primarily through assisting qualifying enterprises with funds provided
by a portion of the local sales tax. Assistance may be in the form of incentive grants, loans or
leases which call for discounted rates or rebates for job development. The Corporation operates
under the authority of Vernon's Civil Statutes, Article 5190.6, Section 4A. Since the City Council
appoints its Board of Directors, approves its budgets, and exercises final authority over its
operations, the Wichita Falls Economic Development Corporation is considered to be part of the
City's reporting entity and presented in the accompanying basic financial statements as a
discretely presented component unit. The Wichita Falls Economic Development Corporation
utilizes full accrual accounting.
27
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2021
Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(CONT'D.)
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 appoints its Board of Directors, approves its budgets,
and exercises final authority over its operations, the Wichita Falls 4B Sales Tax Corporation is
considered to be part of the City's reporting entity and presented in the accompanying basic
financial statements as a discretely presented component unit. The Wichita Falls 4B Sales Tax
Corporation utilizes full accrual accounting.
Wichita Falls Reinvestment Zone#2. On August 16, 2005,the City of Wichita Falls,Texas, with the
advice and consent of the Wichita Falls Independent School District and Wichita County,
approved the creation of the Wichita Falls Reinvestment Zone #2 (Zone). This Zone is permitted
by Article 1066e of the State of Texas Tax Increment Financing Act passed in 1981.The area of the
Zone is approximately 236 acres and includes the Lawrence Road area of the City. The purpose of
the Zone is to capture increments of growth in real property values in the Zone from base values
established on January 1, 2004, and use the ad valorem taxes derived from these increments to
contribute to the zoned area. Tax funds derived from the increment can only be spent for public
improvements in the Zone or for the payment of debt service on bonds issued to provide funds
for public improvements. The Zone terminates on December 31, 2025, or when all debt has been
paid if later. After all costs have been paid at the end of the tax increment financing period, any
money remaining is to be remitted to the taxing entities. Since the City Council appoints a
majority of its Board, approves its budget, and exercises final authority over its operations, the
Wichita Falls Reinvestment Zone #2 is considered to be part of the City's reporting entity and
presented in the accompanying basic financial statements as a discretely presented component
unit. The Zone utilizes full accrual accounting.
Wichita Falls Reinvestment Zone#3. On September 1, 2009, the City of Wichita Falls, Texas, with
the advice and consent of the Wichita Falls Independent School District and Wichita County,
approved the creation of the Wichita Falls Reinvestment Zone #3 (Zone). This Zone is permitted
by Article 1066e of the State of Texas Tax Increment Financing Act passed in 1981.The area of the
Zone is approximately 630 acres and includes a significant portion of the Eastside Neighborhood.
The purpose of the Zone is to capture increments of growth in real property values in the Zone
from base values established on January 1, 2009, and use the ad valorem taxes derived from
these increments to contribute to the zoned area. Tax funds derived from the increment can only
be spent for public improvements in the Zone or for the payment of debt service on bonds issued
to provide funds for public improvements. The Zone terminates on December 31, 2029. After all
costs have been paid at the end of the tax increment financing period, any money remaining is to
be remitted to the taxing entities. Since the City Council appoints a majority of its Board, approves
its budget, and exercises final authority over its operations, the Wichita Falls Reinvestment Zone
#3 is considered to be part of the City's reporting entity and presented in the accompanying basic
financial statements as a discretely presented component unit. The Zone utilizes full accrual
accounting.
28
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2021
Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(CONT'D.)
Wichita Falls Reinvestment Zone#4. On March 17, 2015, the City of Wichita Falls, Texas, with the
advice and consent of the Wichita Falls Independent School District and Wichita County,
approved the creation of the Wichita Falls Reinvestment Zone #4 (Zone). This Zone is permitted
by Article 1066e of the State of Texas Tax Increment Financing Act passed in 1981.The area of the
Zone is approximately 246 acres and includes a significant portion of the downtown area. The
purpose of the Zone is to capture increments of growth in real property values in the Zone from
base values established on January 1, 2015, and use the ad valorem taxes derived from these
increments to contribute to the zoned area. Tax funds derived from the increment can only be
spent for public improvements in the Zone or for the payment of debt service on bonds issued to
provide funds for public improvements. The Zone terminates on December 31, 2035. After all
costs have been paid at the end of the tax increment financing period, any money remaining is to
be remitted to the taxing entities. Since the City Council appoints a majority of its Board,
approves its budget, and exercises final authority over its operations, the Wichita Falls
Reinvestment Zone#4 is considered to be part of the City's reporting entity and presented in the
accompanying basic financial statements as a discretely presented component unit. The Zone
utilizes full accrual accounting.
No separate audited financial statements are available for the City's blended and discretely
presented component units. Complete financial statements for the individual component units
may be obtained from the City's Director of Finance/CFO 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 Director of
Finance from the City's Finance Department, three firefighters elected by a majority vote of the
firefighters and two citizens, who are not employees or officers of the City and are chosen by
the unanimous vote of the first five Trustees, are subject to the administrative supervision of
and report to the State Firemen's Pension Board. The activities of the Firemen's Relief and
Retirement Fund, in the City's judgment, are not a part of the City and thus are excluded from
the accompanying financial statements.
B. Basis of Presentation
Government-wide financial statements
The basic financial statements include both government-wide (based on the City as a whole) and fund
financial statements. The government-wide financial statements (i.e., the statement of net position
and the statement of activities) report information on all non-fiduciary activities of the primary
government and its component units. For the most part, the effect of interfund activity has been
removed from these statements. However, interfund services provided and used are not eliminated
in the process of consolidation. Governmental activities, which normally are supported by taxes and
intergovernmental revenues, are reported separately from business-type activities, which rely to a
significant extent on fees and charges for support.
29
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2021
Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(CONT'D.)
The government-wide statement of activities demonstrates the degree to which the direct expenses
of a functional category (police, public works, etc.) or segment are offset by program revenues. Direct
expenses are those that are clearly identifiable with a specific function or segment. Program revenues
include 1) charges to customers or applicants who purchase, use or directly benefit from goods,
services or privileges provided by a given function or segment, 2) grants and contributions that are
restricted to meeting operational requirements of a particular function or segment, and 3) grants and
contributions that are restricted to meeting the capital requirements of a particular function or
segment. Taxes and other items not included among program revenues are reported instead as
general revenues.
Fund financial statements
Separate fund-based financial statements are provided for governmental funds, proprietary funds,
and fiduciary funds, even though the latter are excluded from the government-wide financial
statements. Major individual governmental funds and major enterprise funds are reported as
separate columns in the fund financial statements. GASB Statement No. 34 sets forth minimum
criteria (percentage of assets (combined with deferred outflows of resources), liabilities (combined
with deferred inflows of resources), revenues or expenditures/expenses of either fund category for
governmental and enterprise) for the determination of major funds. The major governmental funds
are the General Fund and the American Rescue Plan Act (ARPA) Fund. The major enterprise funds are
the Water and Sewer Fund, the Sanitation Fund and the Regional Airport Fund. Nonmajor funds are
combined in a column in the fund financial statements. Nonmajor funds are detailed in the combining
section of the statements.
Internal service funds,which traditionally provide services primarily to other funds of the government,
are presented in the summary form as part of the proprietary fund financial statements. Because the
principal users of internal services are the City's governmental and business-type activities, financial
statements of internal service funds are allocated (based on the percentage of goods or services
provided) between the governmental and business-type activities when presented at the government-
wide level.
The government-wide focus is more on the sustainability of the City as an entity and the change in
aggregate financial position resulting from the activities of the fiscal period. The focus of the fund
financial statements is on the major individual funds of the governmental and business-type
categories. Each presentation provides valuable information that can be analyzed and compared to
enhance the usefulness of the information.
C. Measurement focus, basis of accounting and financial statement presentation
The government-wide financial statements are reported using the economic resources measurement
focus and the accrual basis of accounting, as are the proprietary funds. Revenues are recorded when
earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash
flows. Property taxes are recognized as revenues in the year in which they are levied. Grants and
similar items are recognized as soon as all eligibility requirements imposed by the provider have been
met.
30
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2021
Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(CONT'D.)
Government fund-level financial statements are reported using the current financial resources
measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon
as they are both measurable and available. Revenues are considered to be available when they are
collectible within the current period or soon enough thereafter to pay liabilities of the current period.
For this purpose, the government considers revenues to be available if they are collected within 60
days of the end of the current fiscal period. Expenditures generally are recorded when a liability is
incurred, as under accrual accounting. However, debt service expenditures, as well as expenditures
related to compensated absences and claims and judgments, are recorded only when payment is due.
Property tax, franchise fees, and sales tax associated with the current fiscal period are all susceptible
to accrual and have been recognized as revenues of the current fiscal period. All of the revenue items
are considered to be measurable and available only when cash is received.
The City reports the following major governmental funds:
The General Fund is the City's primary operating fund. All general tax revenues and other receipts
that are not allocated by law or contractual agreement to some other fund are accounted for in
this fund. From the fund are paid general operating costs,fixed charges, and capital improvement
costs that are not paid through other funds.
The ARPA Fund is used to account for Coronavirus State and Local Fiscal Recovery Funds received
through the American Rescue Plan Act of 2021.
Nonmajor governmental funds are a summarization of all the nonmajor governmental funds.
The City reports the following major proprietary funds:
The Water and Sewer Fund accounts for the water and sewer utility services provided to residents
of the City. Activities necessary to provide such services are accounted for in the fund, including,
but not limited to, administration, operations, maintenance,finance and related debt service.
The Sanitation Fund accounts for refuse collection services to the residents of the City as well as
the operations of the City's landfill. Activities necessary to provide such services are accounted for
in the fund, including, but not limited to, administration, operations and maintenance.
The Regional Airport Fund accounts for the operations of the Wichita Falls Regional Airport.
Operational activities, including administration, operations and maintenance, of the airport are
accounted for in this fund.
Other enterprise funds are a summarization of all of the nonmajor proprietary funds.
The City additionally reports the following fund types:
Internal service funds are used to account for the financing of materials and services provided by
one department of the City to other departments of the City on a cost-reimbursement basis. The
City uses internal service funds to report the activities of fleet maintenance, duplicating services,
employee health and life insurance, and information technology.
31
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2021
Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(CONT'D.)
A custodial fund is used to account for any unclaimed vendor or payroll checks that will be escheated
to the State if they remain unclaimed.These funds are held on a purely custodial basis.
Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating
revenues and expenses generally result from providing services and producing and delivering goods in
connection with a proprietary fund's principal ongoing operations. The principal operating revenues
of the City's water and sewer, sanitation, transit, and airport funds are charges to customers for
services. Operating expenses for the enterprise funds and internal service funds include the cost of
sales and services, administrative expenses and depreciation on capital assets. All revenues and
expenses not meeting this definition are reported as nonoperating revenues and expenses.
When both restricted and unrestricted resources are available for use, it is the government's policy to
use restricted resources first,then unrestricted resources as they are needed.
Capital improvement assessments are recorded as revenues in the fiscal period when the assessment
becomes both measurable and available to finance expenditures of the fiscal period. Assessment
revenues are considered measurable and available when collected by the City and recognized as
revenue at that time. Payments for capital improvement assessments received in advance of the levy
are reflected as deferred revenue.
D. Nonexchange Transactions
In a nonexchange transaction, a government gives (or receives) value without directly receiving (or
giving) equal value in return. The statement defines when the City should recognize revenue or
expense for nonexchange transactions involving financial or capital resources and how to account for
timing and purpose restrictions. The timing of recognition depends on whether a nonexchange
transaction is (a) a derived tax revenue (b) an imposed nonexchange revenue transaction or (c) a
government-mandated or voluntary nonexchange transaction. Under this standard, revenue
transactions with purpose restrictions are recorded as restricted resources until the purpose
restrictions are met.
Nonexchange transactions include the following classifications:
• Derived tax revenues result from assessments imposed by governments on exchange
transactions.
• Imposed nonexchange revenues result from assessments by governments on nongovernmental
entities, other than assessments on exchange transactions.
• Government-mandated nonexchange transactions occur when a government at one level
provides resources to a government at another level and require that government to use them
for a specific purpose or purposes established in the provider's enabling legislation.
• Voluntary nonexchange transactions result from legislative or contractual agreements, other
than exchanges, entered into willingly by two or more parties. Examples of the City's voluntary
nonexchange transactions include capital grants, state shared revenue and private donations.
32
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2021
Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(CONT'D.)
Providers of government-mandated nonexchange transactions and voluntary nonexchange
transactions should recognize liabilities and expenses/expenditures and recipients should recognize
receivables (or decrease in liabilities) and revenue when all applicable eligibility requirements,
including time requirements are met.
All nonexchange transactions occurring in governmental fund types are also subject to the modified
accrual revenue recognition criteria. Accordingly, assets and revenue should not be recognized unless
measurable and available.
E. Assets, liabilities and net position or fund balances
1. Cash, cash equivalents and investments
The City's cash and cash equivalents are considered to be cash on hand, demand deposits and
short-term investments with original maturities of three months or less from the date of
acquisition.
Investments are carried at fair value. Fair value is determined as the price at which two
willing parties would complete an exchange. Interest earned on investments is recorded in
the funds in which the investments are recorded.
2. Inventory and Prepaid Items
Inventories of the general and proprietary funds consist of supplies and various materials
used for the maintenance of capital assets. The consumption method is used to account for
these inventories. Under this method, inventory acquisitions are recorded in inventory
accounts initially and charged as expenditures when used. Inventories are stated at average
cost.
Certain payments to vendors reflect costs applicable to future accounting periods and are
recorded as prepaid items in both government-wide and fund financial statements via the
purchases method.
3. Capital Assets
Capital assets, which include property, plant and equipment, and infrastructure assets (e.g.
roads, bridges, sidewalks and similar items), are reported in the applicable governmental or
business-like activities columns in the government-wide financial statements. The City
defines capital assets as assets with an initial, individual cost of more than $5,000 and an
estimated useful life in excess of one year. Such assets are recorded at historical cost or
estimated historical cost if purchased or constructed. Donated capital assets are recorded at
acquisition value at the time received.
Capital assets are depreciated using the straight-line method over the following useful lives:
33
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2021
Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(CONT'D.)
Assets Years
Buildings, systems and improvements 20-59 years
Infrastructure 8-100 years
Machinery,vehicles and other equipment 3 -25 years
Furniture and equipment 3 - 10 years
Contributions of funds from federal, state, or local grants restricted for the purpose of
purchasing plant and equipment are recorded as revenue when received. The cost of water
and sewer lines installed by developers is valued by the contractor and recorded as
nonoperating revenue in the Water and Sewer Fund.
4. Deferred Outflows/Inflows of Resources
In addition to assets, the statement of financial position will sometimes report a separate
section for deferred outflows of resources. This separate financial statement element
represents a consumption of net position that applies to a future period(s) and so will not be
recognized as an outflow of resources (expense/expenditure) until then. Certain amounts
related to the City's participation in pension plans (See Note 8) and OPEB plan (See Note 9)
are reported in this category, along with deferred losses on bond refunding.
In addition to liabilities, the statement of financial position will sometimes report a separate
section for deferred inflows of resources. This separate financial statement element
represents an acquisition of net position that applies to a future period(s) and so will not be
recognized as an inflow of resources (revenue) until that time. The City has only two types of
items that qualify for reporting in this category. Property taxes receivable ($941,461) and
municipal court fines receivable ($788,790) are unavailable and therefore cannot be
recognized as revenue in the governmental funds until they are received. There are also
certain items related to the City's participation in pension plans (See Note 8) and OPEB plan
(See Note 9)that are reported in this category.
5. Long-Term Obligations
Long-term debt and other obligations for general government purposes are recorded in the
government-wide statement of net position. Long-term debt and other obligations financed by
proprietary funds are reported as liabilities in the appropriate funds.
For the government-wide financial statements and proprietary fund types, bond premiums and
discounts, as well as issuance costs, are deferred and amortized over the life of the bonds using
the straight-line method in the government-wide financial statements. Bonds payable are
reported net of the applicable bond premium or discount. Issuance costs are reported as
deferred bond issue costs and amortized over the term of the related debt. In addition,gains or
losses on proprietary fund bond refunding are amortized over the term of the lesser of the new
bonds or the refunded bonds' life using the effective interest method. In the governmental
fund financials, bond proceeds are reported as another financing source. Bond premiums and
discounts in governmental funds are also recognized currently as other financing sources or
uses. Issuance costs, even if withheld from the actual net proceeds received, are reported as
debt service expenditures.
34
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2021
Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(CONT'D.)
6. Fund Balances—Governmental Funds
Fund balances of the governmental funds are classified as follows:
Nonspendable Fund Balance — represents amounts that cannot be spent because they are
either not in spendable form (such as inventory or prepaid insurance) or legally required to
remain intact(such as notes receivable or principal of a permanent fund).
Restricted Fund Balance — represents amounts that are constrained by external parties,
constitutional provisions or enabling legislation.
Committed Fund Balance — represents amounts that can only be used for a specific purpose
by adoption of an ordinance by the City Council. Committed amounts cannot be used for any
other purpose unless the governing board removes those constraints through the adoption of
another ordinance. Committed fund balance amounts differ from restricted balances in that
the constraints on their use do not come from outside parties, constitutional provisions, or
enabling legislation, but rather from inside the City.
Assigned Fund Balance — represents amounts which the City intends to use for a specific
purpose, but that do not meet the criteria to be classified as restricted or committed. The
City Council has by resolution authorized the Director of Finance/CFO to assign fund balance.
Specific amounts that are not restricted or committed in a special revenue, capital projects,
debt service or permanent fund are assigned for purposes in accordance with the nature of
their fund type or the fund's primary purpose. Assignments within the General Fund convey
that the intended use of those amounts is for a specific purpose that is narrower than the
general purposes of the City itself. Unlike commitments, assignments only exist temporarily.
Therefore, additional action does not normally have to be taken for the removal of an
assignment.
Unassigned Fund Balance—represents amounts which are unconstrained in that they may be
spent for any purpose. Only the General Fund reports a positive unassigned fund balance.
Other governmental funds might report a negative balance in this classification because of
overspending for specific purposes for which amounts had been restricted, committed or
assigned.
When an expenditure is incurred for a purpose for which both restricted and unrestricted
fund balance is available, the City considers restricted funds to have been spent first. When
an expenditure is incurred for which committed, assigned, or unassigned fund balances are
available, the City considers amounts to have been spent first out of committed funds, then
assigned funds, and finally unassigned funds.
7. Federal and State Grants
Grants and shared revenues are generally accounted for within the appropriate fund of the
City to be financed by such grants or shared revenues. Federal grants include Community
Development Block Grant, Section 8 Housing Assistance, Home Investment Partnership
Agreement Program, and numerous health-related grants.
35
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2021
Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(CONT'D.)
Each Federal grant is accounted for in a separate special revenue fund. State grant revenues
received for purposes normally financed through the general government are accounted for
within the General Fund.
8. Transactions Between Funds
Outstanding balances between funds are reported as "due to/from other City funds." Any
residual balances between governmental activities and business-type activities are reported in
the government-wide statements as "internal balances." Nonrecurring or non-routine transfers
of equity between funds are accounted for as transfers.
9. Vacation and Sick Leave
All full-time employees accumulate vacation benefits based on length of service up to 20 days
per year. The maximum allowable accumulation is 35 days. Upon leaving the employment of
the City, employees will be paid for unused vacation days which they have accrued.
Sick leave is earned at the rate of 4.62 hours per pay period up to a maximum of ninety days.
Additionally, police officers and firefighters may accumulate an unlimited number of sick
leave days while employed with the City. Upon termination, police officers and firefighters
are compensated for up to 720 hours and 1,080 hours, respectively.
10. Risk Management
The government is exposed to various risks of loss related to torts; theft of, damage to and
destruction of assets; errors and omissions; and natural disasters for which the government
carries commercial insurance. For insured programs, there have been no significant
reductions in insurance coverage.Settlement amounts have not exceeded insurance coverage
for the current year or the three prior years.
The City maintains a group health insurance plan for employees and dependents which is
partially self-insured by the City. A group life insurance plan is maintained through an
insurance company. Contributions to the plans are provided for by both the City and
participating employees. These contributions are recognized as revenues in the internal
service fund used to account for these plans.The contributions made by the City are recorded
as expenditures or expenses of the various funds as appropriate.
Liabilities are reported when it is probable that a loss has occurred and the amount of the loss
can be reasonably estimated. An excess coverage insurance policy covers individual claims in
excess of$500,000. Liabilities include an amount for claims that have been incurred but not
reported. Claim liabilities are calculated considering the effects of inflation, recent claim
settlement trends including frequency and amount of pay-outs and other economic and social
factors.
36
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2021
Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(CONT'D.)
The City is also self-insured up to $250,000 for workers' compensation claims. Such claims
are processed by a third-party administrator. The City's estimated liability for workers'
compensation claims payable at September 30, 2021 is based on management's estimate of
probable losses in the amount of $926,002. The payment dates of such claims cannot be
precisely determined, but are expected to be paid on a periodic basis over the next few years.
Accordingly, the long-term liability has been recorded in the government-wide financial
statements.
The following represents changes in the amount of claims liabilities for the City from October
1, 2019 to September 30, 2021:
Health Workers'
Care Compensation
Liability balance, October 1, 2019 $ 491,647 $ 775,231
Incurred claims/adjustments 13,370,147 869,685
Claim payments ( 13,182,792) ( 939,839)
Liability balance, September 30, 2020 679,002 705,077
Incurred claims/adjustments 13,728,631 1,101,255
Claim payments ( 13,026,678) ( 880,330)
Liability balance, September 30, 2021 $ 1,380,955 $ 926,002
F. Pension Plan
For purposes of measuring the net pension liability, deferred outflows of resources, and deferred
inflows of resources related to pensions, and pension expense, information about the Fiduciary Net
Position of the Texas Municipal Retirement System (TMRS) and the Wichita Falls Firemen's Relief
and Retirement Fund (WFFRRF) and additions to/deductions from Fiduciary Net Position have been
determined on the same basis as they are reported to TMRS and WFFRRF. For this purpose, plan
contributions are recognized in the period that compensation is reported for the employee,which is
when contributions are legally due. Benefit payments and refunds are recognized when due and
payable in accordance with the benefit terms. Investments are reported at fair value.
G. Other Post-Employment Benefits
The fiduciary net position of the City of Wichita Falls Retiree Health Care Plan has been determined
using the flow of economic resources measurement focus and full accrual basis of accounting. This
includes for purposes of measuring the net OPEB liability, deferred outflows of resources and deferred
inflows of resources related to other post-employment benefits, OPEB expense, and information
about assets, liabilities and additions to/deductions from the Plan's fiduciary net position. Benefit
payments are recognized when due and payable in accordance with the benefit terms.
37
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2021
Note 2 - COMPLIANCE AND ACCOUNTABILITY
Finance-Related Legal and Contractual Provisions
The City had no violations of finance-related legal and contractual provisions for the year ended
September 30,2021.
Deficit Fund Balances—Individual Funds
The Airport Improvement Grant Fund, a special revenue fund, had a deficit fund balance of$779,966 as
of September 30,2021.The City plans for this deficit to be alleviated within a year.
Note 3 - DEPOSITS AND INVESTMENTS
Deposits
All of the City's demand and time depository accounts are held in local banking institutions under the
terms of written depository contracts. At September 30, 2021, the total amount of the City's demand
and time deposits per the general ledger was $4,750,311, and the total amount per the City's
September 30, 2021 bank statements was $5,686,627. At September 30, 2021, the City's deposits
were under-secured by the City's depository in the amount of$1,297,722.
Investments
The investment policies of the City and its discretely presented component units are governed by The
Public Funds Investment Act (PFIA). 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 City was in compliance with PFIA during the year ended September 30, 2021.
The investments of the City and its discretely presented component units at September 30, 2021 are
as follows:
Average
Fair Value/ Credit Weighted Average
Carrying Quality/ Months to
Types of Investments Amount Cost Ratings Maturity
Primary Government:
TexPool $ 84,240,477 $ 84,240,477 Not rated 1.00
LOGIC 35,487,551 35,487,551 Not rated 1.00
Money market accounts 20,016,261 20,016,261 Not rated 1.00
Total primary government
investments 139,744,289 139,744,289
Component Units:
TexPool 52,621,640 52,621,640 Not rated 1.00
Total component unit
investments 52,621,640 52,621,640
Total investments $192,365,929 $192,365,929
38
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2021
Note 3 - DEPOSITS AND INVESTMENTS(CONT'D.)
TexPool is a local government investment pool organized in conformity with the Interlocal
Cooperation Act, Chapter 791 of the Texas Government Code, and operates under the Public Funds
Investment Act, Chapter 2256 of the Texas Government Code. The State Comptroller of Public
Accounts is the sole officer, director, and shareholder of the Texas Treasury Safekeeping Trust
Company, which is authorized to operate TexPool. Pursuant to the TexPool Participation Agreement,
administrative and investment services to TexPool are provided by Federated Investors, Inc., under an
agreement with the Comptroller, acting on behalf of the Trust Company. As required by the Public
Funds Investment Act, the Advisory Board is composed equally of participants in TexPool and other
persons who do not have a business relationship with TexPool who are qualified to advise TexPool.
TexPool is comprised of two investment alternatives: TexPool (which the City is invested in) and
TexPool Prime. Both funds seek to maintain a net asset value of$1.00 per unit and are rated AAAm by
Standard and Poor's.
Local Government Investment Cooperative (LOGIC) was organized in conformity with the Interlocal
Cooperation Act, Chapter 791 of the Texas Government Code, and the Public Funds Investment Act,
Chapter 2256 of the Texas Government Code, and operates as a public funds investment pool under
the Public Funds Investment Act. LOGIC is organized and existing as a business trust under the laws of
the State of Texas with all Participant funds and all investment assets held and managed in trust by a
Board of Trustees for the benefit of the Participants. The Board of Trustees is LOGIC's governing body
and is comprised of employees, officers or elected officials of Participant Government Entities or
individuals who do not have a business relationship with the Pool and are qualified to advise it. A
maximum of two advisory board members represent the Co-Administrators of the Pool. LOGIC seeks
to maintain a net asset value of$1.00 per unit and are rated AAAm by Standard and Poor's.
The City categorizes its fair value measurements with the fair value hierarchy established by generally
accepted accounting principles. The hierarchy is based on the valuation inputs used to measure the
fair value of the asset. Level 1 inputs are quoted prices in active markets for identical assets; Level 2
inputs are significant other observable inputs; Level 3 inputs are significant unobservable inputs.
Investments that are measured at fair value using the net asset value per share (or its equivalent) as a
practical expedient are not classified in the fair value hierarchy below. In instances where inputs used
to measure fair value fall into different levels in the above fair value hierarchy, fair value
measurements in their entirety are categorized based on the lowest level input that is significant to
the valuation. The City's assessment of the significance of particular inputs to these fair value
measurements requires judgement and considers factors specific to each asset or liability.
The City values its money market accounts using Level 2 inputs, which are values provided by the
City's depositories.TexPool and LOGIC are valued at net asset value per unit/share.
GASB Statement No. 40 requires a determination as to whether the City was exposed to the following
specific investment risks at year end and if so,the reporting of certain related disclosures:
a. Credit Risk
Credit risk is the risk that an issuer or other counterparty to an investment will not fulfill its
obligations. The ratings of securities by nationally recognized rating agencies are designed to
give an indication of credit risk.At year end,the City was not exposed to credit risk.
39
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2021
Note 3 - DEPOSITS AND INVESTMENTS(CONT'D.)
b. Custodial Credit Risk
Deposits are exposed to custodial credit risk if they are not covered by depository insurance
and the deposits are uncollateralized, collateralized with securities held by the pledging
financial institution, or collateralized with securities held by the pledging financial institution's
trust department or agent but not in the City's name.
Investment securities are exposed to custodial risk if the securities are uninsured, are not
registered in the name of the government, and are held by either the counterparty or the
counterparty's trust department or agent but not in the City's name.
At year end,the City was not exposed to custodial credit risk.
c. Concentration of Credit Risk
This risk is the risk of loss attributed to the magnitude of a government's investment in a single
issuer. At year end,the City was not exposed to concentration of credit risk.
d. Interest Rate Risk
This is the risk that changes in interest rates will adversely affect the fair value of an
investment. In accordance with its investment policy, the City manages its exposure to
interest rate risk by allowing no more than 20% of the City's portfolio to be invested for a
period greater than one year.
e. Foreign Currency Risk
This is the risk that exchange rates will adversely affect the fair value of an investment. At year
end,the City was not exposed to foreign currency risk.
Note 4 - PROPERTY TAXES
Property taxes attach as an enforceable lien on property as of the prior January 1. Taxes are levied on
October 1, and become delinquent after January 31, unless the half-payment option is elected, in
which case one-half of the tax is due November 30, and the balance the following June 30.
The City is permitted by its Home Rule Charter to levy taxes up to $2.25 per $100 of assessed
valuation for general governmental services including the payment of principal and interest on long-
term debt. The combined tax rate to finance general governmental services for the year ended
September 30, 2021 was $.763323 per$100 which means that the City has a tax margin of$1.486677
per $100, and could raise up to $81,111,304 additional tax revenue a year from the present assessed
valuation of$5,455,879,419 before the limit is reached.
40
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Z
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2021
Note 6 - RESTRICTED ASSETS
Restricted assets in the Water and Sewer Fund, Regional Airport Fund, and Internal Service Funds, are
held for specific purposes in accordance with bond ordinances or other legal restrictions.
Water and Sewer restricted assets are comprised of the following:
For Debt Service:
Cash and cash equivalents $12,010,023
For Capital Improvements:
Cash and cash equivalents 794,761
Total $12,804,784
Regional Airport restricted assets are comprised of the following:
For Passenger Facility Charges:
Cash and cash equivalents $ 316,109
For Customer Facility Charges:
Cash and cash equivalents 817,449
Total $1,133,558
Internal Service Fund restricted assets are comprised of the following:
For Employee Insurance:
Cash and cash equivalents $9,372,786
42
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2021
Note 7 - CAPITAL ASSETS
Capital asset activity for the year ended September 30, 2021 was as follows:
Balance Balance
Governmental activities: October 1, September 30,
2020 Increases Decreases 2021
Capital assets not being depreciated:
Land $ 10,752,781 $ - $ - $ 10,752,781
Construction in progress 11,231,937 2,441,246 9,846,262 3,826,921
Total capital assets not being depreciated 21,984,718 2,441,246 9,846,262 14,579,702
Capital assets being depreciated:
Land betterments 23,425,044 1,350,829 - 24,775,873
Buildings,systems and improvements 75,551,641 473,895 27,328 75,998,208
Infrastructure 198,474,231 13,554,132 2,060,333 209,968,030
Machinery and equipment 27,718,305 2,918,074 1,817,642 28,818,737
Furniture and fixtures 143,082 - 12,233 130,848
Total capital assets being depreciated 325,312,303 18,296,930 3,917,536 339,691,696
Less accumulated depreciation for:
Land betterments 8,712,062 471,348 - 9,183,410
Buildings,systems and improvements 31,310,770 1,699,223 21,637 32,988,356
Infrastructure 101,960,561 3,736,332 2,005,238 103,691,655
Machinery and equipment 21,313,579 1,646,174 1,816,348 21,143,405
Furniture and fixtures 141,683 466 12,233 129,916
Total accumulated depreciation 163,438,655 7,553,543 3,855,456 167,136,742
Total capital assets being depreciated,net 161,873,648 10,743,387 62,080 172,554,954
Governmental activities capital
assets, net $183,858,366 $13,184,633 $9,908,342 $187,134,656
Depreciation expense was charged to functions as follows:
Governmental activities:
Administrative services $ 1,278,297
Police 862,425
Fire 214,236
Parks and recreation 249,803
Accounting/finance 1,326
Community development 6,918
Public works 3,302,194
Health 154,046
Traffic and transportation 459,752
Multi-Purpose Events Center 1,024,546
Total governmental depreciation $ 7,553,543
43
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2021
Note 7 - CAPITAL ASSETS(CONT'D.)
Balance Balance
Business-type activities: October 1, September 30,
2020 Increases Decreases 2021
Capital assets not being depreciated:
Land $ 10,837,247 $ 235,197 $ - $ 11,072,444
Construction in progress 11,156,503 6,854,796 7,712,993 10,298,306
Total capital assets not being depreciated 21,993,750 7,089,993 7,712,993 21,370,750
Capital assets being depreciated:
Land betterments 59,312,377 241,359 - 59,553,736
Buildings,systems and improvements 473,842,925 13,228,433 614,000 486,457,358
Infrastructure 1,308,101 - - 1,308,101
Machinery and equipment 10,251,010 435,610 56,473 10,630,147
Furniture and fixtures 16,943 - - 16,943
Motor vehicles 66,432,273 3,614,398 706,104 69,340,567
Total capital assets being depreciated 611,163,629 17,519,800 1,376,577 627,306,852
Less accumulated depreciation for:
Land betterments 22,651,037 1,628,133 - 24,279,170
Buildings,systems and improvements 162,571,453 10,007,127 614,000 171,964,580
Infrastructure 8,721 17,441 - 26,162
Machinery and equipment 8,033,936 467,305 56,473 8,444,768
Furniture and fixtures 15,661 1,283 - 16,944
Motor vehicles 46,734,972 4,105,942 706,104 50,134,810
Total accumulated depreciation 240,015,780 16,227,231 1,376,577 254,866,434
Total capital assets being depreciated,net 371,147,849 1,292,569 - 372,440,418
Business-type activities capital
assets, net $393,141,599 $8,382,562 $ 7,712,993 $393,811,168
Depreciation expense was charged to programs as follows:
Business-type activities:
Regional Airport $ 1,537,477
Kickapoo Airport 543,684
Transit 360,926
Sanitation 3,510,315
Water and sewer 9,461,647
Stormwater drainage 569,693
Waterpark 243,489
Total business-type depreciation $16,227,231
44
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2021
Note 8 - PENSION PLANS
Eligible City employees participate in one of two pension plans. Eligible firefighters participate in the
Wichita Falls Firemen's Relief and Retirement Fund (WFFRRF). All other eligible employees participate
in the Texas Municipal Retirement System (TMRS).
The table below summarizes the amounts reported by the City for each plan as of September 30,
2021. Detailed information for each plan follows.
TMRS WFFRRF Total
Net pension liability $43,614,774 $80,142,060 $123,756,834
Deferred outflows of resources 5,652,159 33,311,247 38,963,406
Deferred inflows of resources 8,527,875 10,211,982 18,739,857
Pension expense 2,938,947 9,305,750 12,244,697
Texas Municipal Retirement System
Plan Description
The City participates as one of 895 plans in the nontraditional, joint contributory, hybrid defined
benefit plan administered by the TMRS. TMRS is an agency created by the State of Texas and
administered in accordance with the TMRS Act, Subtitle G, Title 8, Texas Government Code (the
TMRS Act) as an agent multiple-employer retirement system for municipal employees in the State
of Texas. The TMRS Act places the general administration and management of the System with a
six-member Board of Trustees.Although the Governor, with the advice and consent of the Senate,
appoints the Board, TMRS is not fiscally dependent on the State of Texas. TMRS's defined benefit
pension plan is a tax-qualified plan under Section 401(a) of the Internal Revenue Code. TMRS
issues a publicly available annual comprehensive financial report (ACFR) that can be obtained at
www.tmrs.corn.
All eligible employees of the City are required to participate in TMRS.
Benefits Provided
TMRS provides retirement, disability, and death benefits. Benefit provisions are adopted by the
City Council,within the options available in the governing state statutes of TMRS.
At retirement, the benefit is calculated as if the sum of the employee's contributions, with
interest, and the City-financed monetary credits with interest were used to purchase an annuity.
Members may choose to receive their retirement benefit in one of seven payment options.
Members may also choose to receive a portion of their benefit as a Partial Lump Sum Distribution
in an amount equal to 12, 24, or 36 monthly payments, which cannot exceed 75% of the
member's deposits and interest.
45
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2021
Note 8 - PENSION PLANS(CONT'D.)
Employees Covered by Benefit Terms
At the December 31, 2020 valuation and measurement date, the following employees were
covered by the benefit terms:
Inactive employees or beneficiaries currently receiving benefits 718
Inactive employees entitled to but not yet receiving benefits 497
Active employees 932
Contributions
The contribution rates for employees in TMRS are either 5%, 6%, or 7% of employee gross
earnings, and the participating city matching percentages are either 100%, 150%, or 200%, both
as adopted by the governing body of the participating city. Under the state law governing TMRS,
the contribution rate for each city is determined annually by the actuary, using the Entry Age
Normal (EAN) actuarial cost method. The actuarially determined rate is the estimated amount
necessary to finance the cost of benefits earned by employees during the year, with an additional
amount to finance any unfunded accrued liability.
Employees of the City are required to contribute 7% of their annual gross earnings. The
contribution rates for the City were 16.32% and 16.57% in calendar years 2020 and 2021,
respectively. The City's contributions to TMRS for the year ended September 30, 2021, were
$7,684,733,and were equal to the required contributions.
Net Pension Liability
The City's Net Pension Liability (NPL) was measured as of December 31, 2020, and the Total
Pension Liability used to calculate the Net Pension Liability was determined by an actuarial
valuation as of that date.
Actuarial Assumptions
The Total Pension Liability in the December 31, 2020 actuarial valuation was determined using the
following actuarial assumptions:
Inflation 2.5% per year
Overall payroll growth 2.75% per year
Investment rate of return 6.75%, net of pension plan investment expense, including
inflation
Salary increases are based on a service-related table. Mortality rates for active members are
based on the PUB(10) mortality tables with the Public Safety table used for males and the General
Employee table used for females. Mortality rates for healthy retirees and beneficiaries are based
on the Gender-distinct 2020 Municipal Retirees of Texas mortality tables. The rates for actives,
healthy retirees and beneficiaries are projected on the fully generational basis by Scale UMP to
account for future mortality improvements. For disabled annuitants,the same mortality tables for
healthy retirees is used with a 4-year set-forward for males and a 3-year set-forward for females.
In addition, a 3.5% and 3.0% minimum mortality rate is applied, for males and females
respectively,to reflect the impairment for younger members who become disabled.The rates are
46
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2021
Note 8 - PENSION PLANS(CONT'D.)
projected on a fully generational basis by Scale UMP to account for future mortality
improvements subject to the floor.
The actuarial assumptions were developed primarily from the actuarial investigation of the
experience of TMRS over the four-year period from December 31, 2014 to December 31, 2018.
They were adopted in 2019 and first used in the December 31, 2019 actuarial valuation.The post-
retirement mortality assumption for healthy annuitants and Annuity Purchase Rate (APRs) are
based on the Mortality Experience Investigation Study covering 2009 through 2011 and dated
December 31, 2013. In conjunction with these changes first used in the December 31, 2013
valuation, the System adopted the Entry Age Normal (EAN) actuarial cost method and a one-time
change to the amortization policy. Plan assets are managed on a total return basis with an
emphasis on both capital appreciation as well as the production of income, in order to satisfy the
short-term and long-term funding needs of TMRS.
The long-term expected rate of return on pension plan investments is 6.75%. The pension plan's
policy in regard to the allocation of invested assets is established and may be amended by the
TMRS Board of Trustees. Plan assets are managed on a total return basis with an emphasis on
both capital appreciation as well as the production of income, in order to satisfy the short-term
and long-term funding needs of TMRS.
The long-term expected rate of return on pension plan investments was determined using a
building-block method in which best estimate ranges of expected future real rates of return
(expected returns, net of pension plan investment expense and inflation) are developed for each
major asset class. These ranges are combined to produce the long-term expected rate of return
by weighing the expected future real rates of return by the target asset allocation percentage and
by adding expected inflation. In determining their best estimate of a recommended investment
return assumption under the various alternative asset allocation portfolios, TMRS focused on the
area between (1) arithmetic mean (aggressive) without an adjustment for time (conservative) and
(2) the geometric mean (conservative) with an adjustment for time (aggressive). The target
allocation and best estimates of arithmetic real rates of return for each major asset class in fiscal
year 2021 are summarized in the following table:
Long-Term Expected Real
Asset Class Target Allocation Rate of Return (Arithmetic)
Global Equities 30% 5.30%
Core Fixed Income 10% 1.25%
Non-Core Fixed Income 20% 4.14%
Real Return 10% 3.85%
Real Estate 10% 4.00%
Absolute Return 10% 3.48%
Private Equity 10% 7.75%
Total 100%
47
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2021
Note 8 - PENSION PLANS(CONT'D.)
Discount Rate
The discount rate used to measure the Total Pension Liability was 6.75%. The projection of cash
flows used to determine the discount rate assumed that employee and employer contributions will
be made at the rates specified in statute. Based on that assumption, the pension plan's Fiduciary
Net Position was projected to be available to make all projected future benefit payments of current
active and inactive employees. Therefore, the long-term expected rate of return on pension plan
investments was applied to all periods of projected benefit payments to determine the Total
Pension Liability.
Changes in Net Pension Liability
Increase(Decrease)
Total Pension Fiduciary Net Net Pension
Liability Position Liability
(a) (b) (a)—(b)
Balances as of December 31, 2019 $293,657,654 $245,532,302 $48,125,352
Changes for the year:
Service cost 6,472,668 - 6,472,668
Interest on total pension liability 19,539,894 - 19,539,894
Change of benefit terms - - -
Difference between expected and
actual experience ( 1,175,031) - ( 1,175,031)
Change of assumptions - - -
Contributions—employer - 7,598,124 ( 7,598,124)
Contributions—employee - 3,257,273 ( 3,257,273)
Net investment income - 18,618,015 ( 18,618,015)
Benefit payments, including refunds
of employee contributions ( 14,828,151) ( 14,828,151) -
Administrative expense - ( 120,598) 120,598
Other changes - ( 4,705) 4,705
Balances as of December 31, 2020 $303,667,034 $260,052,260 $43,614,774
Sensitivity Analysis
The following presents the net pension liability of the City, calculated using the discount rate of
6.75%, as well as what the City's net pension liability/ (asset) would be if it were calculated using a
discount rate that is 1 percentage point lower(5.75%) or 1 percentage point higher(7.75%)than the
current rate.
1% Current 1%
Decrease Discount Rate Increase
5.75% 6.75% 7.75%
Net pension liability $83,114,918 $43,614,774 $10,944,011
Pension Expense, Deferred Outflows of Resources and Deferred Inflows of Resources
For the year ended September 30, 2021,the City recognized pension expense of$2,938,947 related
to its participation in TMRS.
48
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2021
Note 8 - PENSION PLANS(CONT'D.)
At September 30, 2021, the City reported deferred outflows of resources and deferred inflows of
resources related to TMRS from the following sources:
Deferred Outflows Deferred Inflows
of Resources of Resources
Differences between expected and
actual experience $ 121,592 $1,543,163
Net difference in assumptions - 12,234
Net difference between projected and
actual earnings - 6,972,578
Contributions made subsequent to
measurement date 5,530,567 -
Total $5,652,159 $8,527,975
$5,530,567 reported as deferred outflows of resources related to pensions resulting from
contributions subsequent to the measurement date will be recognized as a reduction of the net
pension liability for the plan year ending December 31, 2021. Other amounts reported as deferred
outflows of resources and deferred inflows of resources related to pensions will be recognized in
pension expense as follows:
Plan Year Ended December 31:
2021 ($3,270,404)
2022 ( 342,600)
2023 ( 4,384,464)
2024 ( 408,915)
Total ($8,406,383)
Wichita Falls Firemen's Relief and Retirement Fund
Plan Description
The City provides pension benefits for all of its firefighters through a single-employer defined
benefit pension plan. The Wichita Falls Firemen's Relief and Retirement Fund (Fund) operates
under an act passed in 1937 by the Texas State Legislature and adopted by the City's firefighters.
The stand-alone financial report for the Firemen's Relief and Retirement Fund can be obtained
from the City's Director of Finance/CFO at 1300 7th Street, Wichita Falls,Texas.
Benefits Provided
Benefits are determined on a "formula" or a "final salary" plan. A firefighter who qualifies for a
retirement benefit will receive monthly retirement equal to 2.55% (2.50% for those hired after
April 20, 2016) of the firefighter's average salary, multiplied by the member's years of credited
service. Benefits are calculated based upon a member's average salary for the 78 consecutive
biweekly pay periods which produce the highest average.
49
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2021
Note 8 - PENSION PLANS(CONT'D.)
Members hired prior to April 21, 2016 can receive a service retirement at ages 50 and above with
20 or more years of service. Members hired after April 20, 2016 can receive a service retirement
at ages 55 and above with 20 or more years of service. Members are eligible for actuarially
reduced early retirement benefits before the applicable retirement age, provided the employee
has accrued at least 20 years of service. The plan also provides death and disability benefits.
Members who terminate their service and are nonvested are entitled to the excess of the
member's contributions over any benefits previously received.
The valuations used for this plan are based on a valuation performed as of January 1, 2020.
Employees Covered by Benefit Terms
At the January 1, 2020 measurement date, the following employees were covered by the benefit
terms:
Inactive employees or beneficiaries currently receiving benefits 147
Inactive employees entitled to but not yet receiving benefits 5
Active employees 159
Contributions
The contribution rate for the firefighters is 13% and the City contributes 13.25%. Both the
firefighters and City make contributions bi-weekly. Contribution requirements are not actuarially
determined, however, state law requires that each plan of benefits adopted by the Fund must be
approved by a qualified actuary. The actuary certifies that the contribution commitments by the
firefighters and the City provide an adequate financing arrangement. Using the individual entry
age normal cost method,the plan's normal cost is determined as a percentage of payroll.
The City's contributions to the Plan for the year ended September 30, 2021,were$1,615,395,and
were equal to the required contributions.
Net Pension Liability
The City's Net Pension Liability (NPL) was measured as of January 1, 2021, and the Total Pension
Liability used to calculate the Net Pension Liability was determined by an actuarial valuation as of
that date. The NPL related to Governmental Activities is generally liquidated by the General Fund
through annual contributions.
Actuarial Assumptions
The Total Pension Liability in the January 1, 2021, actuarial valuation was determined using the
following actuarial assumptions:
Inflation 3.0% per year
Salary increases Service-based
Discount Rate 4.99%per year
Investment rate of return 7.75%, net of pension plan investment expense, including
inflation
50
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2021
Note 8 - PENSION PLANS(CONT'D.)
Mortality rates for employee and healthy annuitant combined rates were taken from the PubS-
2010 Mortality Tables. The mortality assumptions for all participants are sex distinct with
mortality improvement projected 5 years beyond the valuation date using scale MP-2020 and a
base year of 2010.
Actuarial assumptions used in the valuation were based on the results of actuarial experience
studies.The experience study was last performed October 6, 2017.
The long-term expected rate of return on pension plan investments was determined using a
method in which best estimate ranges of expected future real rates of return (expected returns,
net of pension plan investment expense and inflation) are developed for each major asset class.
For 2021 the inflation rate assumption of the investment advisor was 2.50%. These ranges are
combined to produce the long-term expected rate of return by weighing the expected future real
rates of return by the target asset allocation percentage and by adding expected inflation.
Best estimates of geometric real rates of return for each major class included in the Plan's target
asset allocation as of December 31, 2020 are summarized in the following table:
Long-Term Expected Real
Asset Class Target Allocation Rate of Return (Arithmetic)
Domestic Equity 40.00% 7.50%
International Equity 15.00% 8.50%
Domestic Fixed Income 20.00% 2.50%
Global Fixed Income 5.00% 3.50%
Real Estate 10.00% 4.50%
GTAA 10.00% 3.50%
Total 100.00%
Discount Rate
The projection of cash flows used to determine the discount rate assumed that current plan
member and sponsor contributions will be made at the current contribution rate. Future
member's contributions in excess of their normal cost were also included. Based on these
assumptions, the pension plan's Fiduciary Net Position was projected to provide future benefit
payments for 26 years. These payments were discounted using a discount rate of 7.75%. Future
benefit payments beyond 26 years were discounted using a high quality municipal bond rate of
3.26%.The high quality municipal bond rate was based on the week closest to, but not later than,
the measurement date of the S&P Municipal Bond 20 Year High Grade Rate Index as published by
the S&P Dow Jones.The single equivalent discount rate was 4.99%.
51
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2021
Note 8 - PENSION PLANS(CONT'D.)
Changes in Net Pension Liability
Increase(Decrease)
Total Pension Fiduciary Net Net Pension
Liability Position Liability
(a) (b) (a)—(b)
Balances as of December 31, 2020 $125,886,607 $52,877,954 $73,008,653
Changes for the year:
Service cost 3,066,397 - 3,066,397
Interest on total pension liability 6,287,518 - 6,287,518
Change of benefit terms - - -
Difference between expected and
actual experience - - -
Change of assumptions 8,631,596 - 8,631,596
Contributions—employer - 1,551,830 ( 1,551,830)
Contributions—employee - 1,551,830 ( 1,551,830)
Net investment income - 7,864,359 ( 7,864,359)
Benefit payments, including refunds
of employee contributions ( 5,901,298) ( 5,901,298) -
Administrative expense - ( 115,915) 115,915
Balances as of December 31, 2021 $137,970,820 $57,828,760 $80,142,060
Sensitivity Analysis
The following presents the net pension liability of the City, calculated using the discount rate of
4.47%, as well as what the City's net pension liability/ (asset) would be if it were calculated using
a discount rate that is 1 percentage point lower(3.47%) or 1 percentage point higher(5.47%)than
the current rate.
1% Current 1%
Decrease Discount Rate Increase
3.47% 4.47% 5.47%
Net pension liability $99,501,281 $80,142,060 $64,244,424
Pension Expense, Deferred Outflows of Resources and Deferred Inflows of Resources
For the year ended September 30, 2021,the City recognized pension expense of$9,305,750 related
to the Wichita Falls Firemen's Relief and Retirement Fund.
Pension Plan Fiduciary Net Position
Detailed information about the pension Plan's Fiduciary Net Position is available in the separately
issued Plan financial report.
52
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2021
Note 8 - PENSION PLANS(CONT'D.)
At September 30, 2021, the City reported deferred outflows of resources and deferred inflows of
resources related to the WFFRRF from the following sources:
Deferred Outflows Deferred Inflows
of Resources of Resources
Differences between expected and
actual experience $ 2,947,055 $ 1,824,238
Difference due to changes in actuarial
assumptions 29,179,502 1,169,208
Net difference between projected and
actual earnings - 7,218,536
Contributions made subsequent to
measurement date 1,184,690 -
Total $33,311,247 $10,211,982
$1,184,690 reported as deferred outflows of resources related to pensions resulting from
contributions subsequent to the measurement date will be recognized as a reduction of the net
pension liability for the plan year ending December 31, 2021. Other amounts reported as deferred
outflows of resources and deferred inflows of resources related to pensions will be recognized in
pension expense as follows:
Year Ended December 31:
2022 $ 3,743,029
2023 4,528,253
2024 3,771,377
2025 5,135,983
2026 3,756,126
Thereafter 979,807
Total $21,914,575
Note 9 - POST-EMPLOYMENT BENEFITS OTHER THAN PENSION BENEFITS
Plan Description
The City administers the City of Wichita Falls Retiree Health Care Plan for all permanent employees
who retire after satisfying eligibility retirement requirements through a single-employer defined
benefit plan. All employees who retire and are actively in one of the City's health plans can continue
to receive health care benefits under the City's plan for themselves and any dependents for as long
as the retiree and/or dependents live. The plan does not issue a stand-alone financial report.
53
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2021
Note 9 - POST-EMPLOYMENT BENEFITS OTHER THAN PENSION BENEFITS(CONT'D.)
Retiree Premiums
Pre-Medicare: Retirees share in the cost of the Plan by paying premiums according to the following
schedule:
PPO PPO PPO
Under 65 Core CAT HSA
Retiree Only $ 406 $ 304 $ 288
Retiree/Spouse $1,630 $1,285 $1,229
Retiree/Child $1,273 $ 999 $ 954
Retiree/Family $2,344 $1,856 $1,778
Rates for pre-Medicare retirees over the age of 65 are $514 for retiree only and $1,028 for
retiree/spouse.
Post-Medicare: Eligible retirees and spouses on Medicare are eligible to participate in a Medicare
supplement health care plan. Effective January 1, 2009, the following changes will be implemented
to Medicare eligible retirees:
For retirees and spouses who were on Medicare as of January 1, 2009, the City will provide $250
in premium assistance towards the full premium for a Medicare subsidy program. The $250 is
expected to be a fixed amount.
For retirees and spouses retired as of January 1, 2009 but not yet Medicare-eligible, the City will
provide $100 in premium assistance towards the full premium for a Medicare subsidy program.
The$100 is expected to be a fixed amount.
For members who retire on or after January 1, 2009, the City will provide no premium assistance
once Medicare-eligible.
Benefits for Spouses of Retired Employees
Spouses of retirees are eligible to participate in the retiree health care program. Spouses are eligible
to continue with same coverage after the death of the retiree.
Vision Coverage
Vision coverage is offered through a separate, fully-insured plan. Retirees may participate but are
100% responsible for payment of the vision premiums.
Dental Coverage
Retirees and spouses, prior to qualifying for Medicare, are eligible to participate in the same dental
care program as active employees. There is no dental coverage for retirees or spouses on the
Medicare supplement.
54
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2021
Note 9 - POST-EMPLOYMENT BENEFITS OTHER THAN PENSION BENEFITS(CONT'D.)
Life Insurance Coverage
General employees and Firefighters receive $7,500 of employer-paid life insurance which is included
in the liabilities of the Plan. No life insurance coverage is provided for spouses of retirees.
Employees Covered by Benefit Terms
At the December 31, 2020 measurement date, the following employees were covered by the benefit
terms:
Inactive plan members or beneficiaries currently receiving benefits 735
Inactive plan members entitled to but not yet receiving benefits -
Active plan members 1,108
Actuarial Assumptions
The demographic assumptions are based on the assumptions that were developed for the defined
benefit plans in which the City participates (TMRS and the Firemen's Pension Plan). The TMRS
assumptions are based on the experience study covering the four-year period ending December 31,
2018 as conducted for the Texas Municipal Retirement System (TMRS). The firefighter assumptions
are based on the January 1, 2020 Valuation for the Wichita Falls Firemen's Relief and Retirement
Fund.
Actuarial Methods and Assumptions:
Valuation Date December 31, 2020
Actuarial Cost Method Individual Entry Age Normal
Discount Rate 6.75%as of December 31, 2020
Inflation 2.50%
Salary Increases 3.50% to 11.50% for TMRS and 3.50% to 12.00% for Fire,
including inflation
Demographic Assumptions TMRS: Based on the experience study covering the four-year
period ending December 31, 2018 as conducted for TMRS.
Based on the January 1, 2020 valuation for the Wichita Falls
Firemen's Relief and Retirement Fund.
Mortality TMRS: For healthy retirees, the gender-distinct 2019
Municipal Retirees of Texas mortality tables are used. The
rates are projected on a fully generational bases using the
ultimate mortality improvement rates in the MP tables to
account for future mortality improvements.
Fire: For healthy retirees, gender-distinct PubS-2010 (safety
employees) mortality tables are used. The rates are projected
on a fully generational basis using the projection scale MP-
2019 to account for future mortality improvements.
Participation Rates TMRS: 45% of employees retiring after the age of 49 or with
disability at any age were assumed to elect retiree health care
benefits through the City. 0% of TMRS employees retiring
before the age of 49 were assumed to elect coverage.
Fire: 70% of employees retiring at any age were assumed to
elect retiree health care benefits through the City.
55
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2021
Note 9 - POST-EMPLOYMENT BENEFITS OTHER THAN PENSION BENEFITS(CONT'D.)
Healthcare Cost Trend Rates Initial rate of 7.00% declining to ultimate rates of 4.25% after
13 years.
Discount Rate
A single discount rate of 6.75% was used to measure the total OPEB liability. The asset portfolio of
the OPEB trust largely consists of long-term growth stocks and can therefore support a 6.75% long-
term rate of return. The City's current funding policy is to pay the recommended actuarially
determined contribution, which is based on a closed amortization period.As a result,the OPEB plan's
fiduciary net position is expected to be available to make all projected future benefit payments for
current plan members. Therefore, the long-term expected rate of return on OPEB plan investments
was applied to all periods of projected benefit payments to determine the total OPEB liability.
Changes in Net OPEB Liability
Increase(Decrease)
Total OPEB Plan Fiduciary Net OPEB
Liability Net Position Liability
(a) (b) (a)—(b)
Balances as of December 31, 2019 $22,362,048 $6,576,023 $15,786,025
Changes for the year:
Service cost 557,600 - 557,600
Interest on total OPEB liability 1,471,238 - 1,471,238
Change of benefit terms - - -
Difference between expected and
actual experience 678,603 - 678,603
Change of assumptions 733,999 - 733,999
Contributions—employer - 2,051,116 ( 2,051,116)
Contributions—employee - -Net investment income - 1,022,243 ( 1,022,243)
Benefit payments, including refunds
of employee contributions ( 1,689,454) ( 1,689,454) -
Administrative expense - - -
Other changes - - -
Balances as of December 31, 2020 $24,114,034 $7,959,928 $16,154,106
Discount Rate Sensitivity Analysis
The following schedule shows the impact of the net OPEB liability if the discount rate used was 1%
less than and 1% greater than the discount rate that was used (6.75%) in measuring the net OPEB
liability.
Current
1% Discount 1%
Decrease Rate Increase
5.75% 6.75% 7.75%
$18,332,335 $16,154,106 $14,236,841
56
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2021
Note 9 - POST-EMPLOYMENT BENEFITS OTHER THAN PENSION BENEFITS(CONT'D.)
The following schedule presents the net OPEB liability of the plan using the assumed healthcare cost
trend rate as well as what the net OPEB liability would be if it were calculated using a trend ratio that
is 1% less than and 1%greater than the assumed healthcare cost trend rate:
Current
Healthcare
1% Cost Trend 1%
Decrease Rate Increase
$14,411,775 $16,154,106 $18,183,295
For Governmental Activities,the net OPEB liability is generally liquidated by the General Fund.
Pension Expense, Deferred Outflows of Resources and Deferred Inflows of Resources
For the year ended September 30, 2021, the City recognized OPEB expense of$1,682,330 related to
the City of Wichita Falls Retiree Health Care Plan.
At September 30, 2021, the City reported deferred outflows of resources and deferred inflows of
resources related to the City of Wichita Falls Retiree Health Care Plan from the following sources:
Deferred Outflows Deferred Inflows
of Resources of Resources
Differences between expected and
actual experience, liability $ 549,029 $328,472
Difference due to changes in actuarial
assumptions 1,132,002 -
Differences between expected and
actual experience,assets - 745,779
Contributions made subsequent to
measurement date 1,544,613 -
Total $3,225,644 $1,074,251
$1,544,613 reported as deferred outflows of resources related to OPEB resulting from contributions
subsequent to the measurement date will be recognized as a reduction of the net OPEB liability for
the plan year ending December 31, 2021. Other amounts reported as deferred outflows of resources
and deferred inflows of resources related to OPEB will be recognized in pension expense as follows:
Year Ended September 30:
2022 $109,582
2023 199,878
2024 45,933
2025 187,410
2026 63,977
Total $606,780
57
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2021
Note 10 - DEFERRED COMPENSATION PLAN
The City offers its employees a deferred compensation plan created in accordance with Internal
Revenue Code Section 457. The plan, available to all City employees, permits them to defer a portion
of their salary until future years. The deferred compensation is not available to the employees until
termination, retirement, death, or an unforeseen emergency.
Note 11 - AIRPORT LEASE
The Regional Airport facilities are located on land at Sheppard Air Force Base. The land is leased
from the Department of the Air Force for a period of fifty years, beginning May 15, 2009 and expiring
May 14, 2059. The City's expense for the year ended September 30, 2021 was $51,909. The lease
payment increases by 3% per year with a final lease payment of$157,805 in 2058.
Note 12 - DESCRIPTION OF LEASING ARRANGEMENTS
The majority of the City's operating leases contain an option for annual renewal at the end of the
initial lease term. In most cases, these leases will be canceled or replaced by other leases. The City
leases certain equipment under operating leases expiring at various times through the year ending
September 30, 2021.
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, 2021:
Year ending September 30:
2022 $ 125,234
2023 88,760
2024 61,537
2025 59,824
2026 61,281
2027-2031 335,112
2032-2036 388,486
2037-2041 450,362
2042-2046 522,093
2047-2051 605,249
2052-2056 701,650
2057-2058 311,013
Total minimum payments required $3,710,601
The total rental expenses for all operating leases for the year ended September 30, 2021 was
$140,135. There were no contingent rentals during the year ended September 30, 2021.
58
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2021
Note 13- LANDFILL AND TRANSFER STATION CLOSURE AND POSTCLOSURE CARE COSTS
State and federal laws and regulations require that the City place a final cover on its landfill when
closed, and perform certain maintenance and monitoring functions at the landfill site for thirty years
after closure. In accordance with the Texas Administrative Code, Title 30, Part 1, Chapter 7, the City
annually submits a financial assurance letter to the Texas Commission on Environmental Quality
(TCEQ). In addition to operating expenses related to current activities of the landfill, an expense
provision and related liability are being recognized based on the future closure and postclosure care
costs that will be incurred near or after the date the landfill no longer accepts waste. The recognition
of these landfill closure and postclosure care costs is based on the amount of the landfill used during
the year. The estimated liability for landfill closure and postclosure care costs has a balance of
$5,657,057 as of September 30, 2021, which is based on 24% usage of the landfill. The City will
recognize the remaining estimated cost of closure and postclosure care of $18,276,645 as the
remaining estimated capacity is filled. The landfill is expected to be filled to capacity in 2153.
Additionally, the City has recorded a liability of$72,797 for closure and postclosure care costs related
to the City's transfer station. Actual costs may be higher due to inflation, change in technology, or
changes in regulations.
Note 14 - LONG-TERM LIABILITIES
Long-term liabilities transactions for the year ended September 30, 2021 are summarized as follows:
Balance at Balance at
October 1, Retired and September 30, Due Within
2020 Issued Transferred 2021 One Year
Governmental Activities:
General obligation bonds $ 29,070,000 $ - $ 2,795,000 $ 26,275,000 $2,390,000
Combination tax and revenue bonds 18,040,000 - 1,375,000 16,665,000 1,425,000
Venue tax revenue bonds - 2,680,000 45,000 2,635,000 50,000
Premiums on bonds 1,800,015 - 275,661 1,524,354 -
Accrued vacation and sick
leave payable 9,570,489 3,147,151 3,108,524 9,609,116 3,000,000
Capital leases payable 4,555,678 - 545,441 4,010,237 579,263
Claims and judgments payable 705,077 846,389 625,464 926,002 76,253
Total governmental activities 63,741,259 6,673,540 8,770,090 61,644,709 7,520,516
Business-type Activities:
Utility system revenue bonds,
net of premium(discount) 54,305,000 - 7,635,000 46,670,000 8,010,000
Combination tax and revenue bonds 38,140,000 - 1,550,000 36,590,000 1,570,000
Premiums on bonds 5,910,005 - 1,565,109 4,344,896 -
Accrued vacation and sick
leave payable 841,877 783,188 805,913 819,152 675,000
Note payable 238,945 - 42,892 196,053 45,728
Capital leases payable 16,304,007 - 1,092,297 15,211,710 1,155,401
Landfill closure,post-closure costs 5,518,578 211,276 - 5,729,854 -
Total business-type activities 121,258,412 994,464 12,691,211 109,561,665 11,456,129
Total long-term liabilities $184,999,671 $7,668,004 $21,461,301 $171,206,374 $18,976,645
For governmental activities, claims and judgments payable and compensated absences are generally
liquidated by the General Fund.
59
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2021
Note 14 - LONG-TERM LIABILITIES(CONT'D.)
Bonds Payable
Bonds payable as of September 30, 2021 are comprised of the following individual issues:
Range of Final Annual Bonds
Interest Maturity Serial Bonds Outstanding
Rates Date Payments Authorized At 9/30/21
General Obligation Bonds:
General Obligation Refunding 2.00%- 9/01/26 $200,000 to $9,650,000 $ 5,135,000
Bonds,Series 2015A 5.00% $1,105,000
General Obligation Refunding 0.73%- 9/01/26 $110,000 to 2,885,000 1,470,000
Bonds,Series 2015B 3.48% $310,000
General Obligation Bonds, 2.00%- 9/01/38 $550,000 to 16,345,000 14,625,000
Series 2018A 5.00% $1,155,000
General Obligation Refunding 2.00%- 10/01/28 $80,000 to 6,170,000 5,045,000
Bonds,Series 2018B 4.00% $725,000
Total General Obligation Bonds 26,275,000
Combination Tax and Revenue Bonds:
Combination Tax and Revenue 5.60% 2/01/25 $165,000 to 3,930,000 1,385,000
Certificates of Obligation,Series 2010 $375,000
Combination Tax and Revenue 2.00%- 9/01/31 $135,000 to 3,200,000 1,885,000
Certificates of Obligation,Series 2011 4.00% $220,000
Combination Tax and Revenue 2.00%- 9/01/33 $530,000 to 19,875,000 13,395,000
Certificates of Obligation,Series 2013 3.375% $1,315,000
Combination Tax and Revenue 2.00%- 9/01/33 $505,000 to 13,000,000 8,750,000
Certificates of Obligation,Series 4.625% $905,000
2013A
Combination Tax and Revenue 0.00%- 3/01/45 $890,000 to 33,545,000 27,840,000
Certificates of Obligation,Series 2015 2.12% $1,425,000
Total Combination Tax and Revenue
Bonds 53,255,000
Revenue Bonds:
Water&Sewer System Revenue 2.00%- 8/01/27 $2,635,000 to 74,005,000 46,670,000
Refunding Bonds,Series 2016 5.00% $9,705,000
Venue Tax Revenue Bonds, 4.00% 9/01/50 $45,000 to 2,680,000 2,635,000
Series 2020 $150,000
Total Revenue Bonds 49,305,000
Total All Bonds $128,835,000
60
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CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2021
Note 14 - LONG-TERM LIABILITIES(CONT'D.)
All of the General Obligation Bonds were issued on the full faith and credit of the City and are secured
by ad valorem taxes levied against all taxable property. These bonds are serviced by the Debt Service
Fund with an apportionment of the ad valorem tax levy. At September 30, 2021, this fund had a fund
balance of$1,448,934.
The Combination Tax and Revenue Bonds are secured by ad valorem taxes levied against all taxable
property as well as a pledge of surplus net revenues of the City's combined waterworks and sewer
system. The Series 2010 and 2011 Certificates will be serviced by the Debt Service Fund by
contributions from the Wichita Falls 4B Economic Development Corporation. The Series 2016
Certificates will be serviced by the net revenues of the Water and Sewer Fund, as well as the Series
2010 Combination Tax and Revenue Refunding Certificates. A portion of the Series 2013 General
Obligation Refunding Bonds will also be serviced by these net revenues.
The Venue Tax Revenue Bonds were issued for the purpose of improving the City's MPEC and
Memorial Auditorium facilities and are serviced by an additional hotel/motel tax designated for these
purposes.
All of the Water and Sewer Revenue Bonds were issued for purposes of improving the City's water and
sewer systems and are serviced by the net revenues of the Water and Sewer Fund.
Notes Payable
The City of Wichita Falls and Wichita County Water Improvement District Number 2, upon the
completion of the Lake Kemp reconstruction project in January 1976 by the U.S. Government, are
required to reimburse the U.S. Government 22.7% of its reported total cost of $8,774,705, or
$1,991,858. The City's share of this amount is 66.11%, or $1,316,817, payable in forty-nine annual
installments through January 2025 of$51,974,which includes interest at the rate of 3.253%.
The City's share of the total costs ($5,800,957) as well as the U.S. Government funded portion
($4,484,140) is reflected as capital assets in the Water and Sewer Enterprise Fund.
This contractual arrangement is strictly a cost-sharing agreement and is not considered a joint venture
as defined in Section J50 of the Codification of Governmental Accounting and Financial Reporting
Standards. The remaining debt payable to the U.S. Government at September 30, 2021 is classified as
follows:
Long-term $ 150,325
Current portion 45,728
Total $ 196,053
Capital Leases Payable
The City entered into a capital lease agreement in 2012 to finance a portion of an energy efficiency
project that includes several City facilities. The capital lease financed $4,419,310 of the total project.
The assets are listed under "Buildings, systems and improvements" in both Governmental Activities
and Business-type Activities. The lease carries an interest rate of 2.54%and is for a period of 12 years,
with final payment due in fiscal year 2024.
62
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2021
Note 14 - LONG-TERM LIABILITIES(CONT'D.)
The City entered into a capital lease agreement in 2016 to finance the replacement of all of the City's
water meters. The total amount of the capital lease was $16,506,103. These assets are listed under
"Buildings, systems and improvements" in Business-type Activities. The lease carries an interest rate
of 3.23%and is for a period of 20 years,with final payment due in fiscal year 2036.
The City issued a capital lease in 2017 for the purchase of fire department equipment in the amount
of$2,682,710. These assets are listed under "Motor vehicles" in Business-type Activities. This capital
lease carries an interest rate of 1.98% and is for a period of 6 years with final payment due in fiscal
year 2023.
The City entered into a capital lease agreement in 2018 to finance the conversion of the City's street
lights to more energy-efficient LED lights. These assets are listed under "Infrastructure" in
Governmental Activities. This lease carries an interest rate of 3.45% and is for a period of 15 years,
with final payment due in fiscal year 2034.
The City also issued a capital lease in 2018 for the purchase of new traffic signal communication
equipment in the amount of $414,225. These assets are listed under "Infrastructure" under
Governmental Activities. This lease carries an interest rate of 3.03%for a period of 5 years with final
payment due in fiscal year 2023.
Note 15 - INTERFUND BALANCES
Transfers to and from other funds during the year ended September 30, 2021 were as follows:
Transfers From Transfers To Amount Reason
General Fund Nonmajor Governmental Funds $ 116,231 Supplement operating grants
General Fund Nonmajor Governmental Funds 48,982 Supplement operating deficits
Nonmajor Governmental Funds Nonmajor Governmental Funds 941,394 Fund debt service payment
Nonmajor Governmental Funds Water and Sewer Fund 5,435 Purchase capital assets
Nonmajor Governmental Funds Internal Service Funds 530,169 Purchase capital assets
Water and Sewer Fund General Fund 1,771,811 Administrative overhead
Water and Sewer Fund Nonmajor Governmental Funds 500,000 Fund debt service payment
Water and Sewer Fund Internal Service Funds 32,000 Purchase capital assets
Sanitation Fund General Fund 1,685,610 Administrative overhead
Sanitation Fund Water and Sewer Fund 63,530 Transfer capital assets
Sanitation Fund Internal Service Funds 2,062,159 Purchase capital assets
Regional Airport Fund Nonmajor Governmental Funds 28,563 Supplement capital grants
Regional Airport Fund Internal Service Fund 73,533 Purchase capital assets
Nonmajor Enterprise Funds Nonmajor Governmental Funds 403,261 Fund debt service payment
Nonmajor Enterprise Funds Nonmajor Governmental Funds 14,252 Supplement capital grants
Nonmajor Enterprise Funds Water and Sewer Fund 24,348 Transfer capital assets
Internal Service Funds General Fund 312,000 Administrative overhead
Total $8,613,278
63
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2021
Note 15 - INTERFUND BALANCES(CONT'D.)
Balances due to and from other funds as of September 30, 2021 were as follows:
Due To Fund Due From Fund Amount Purpose
General Fund Nonmajor Governmental Funds $2,424,327 Short-term loan
General Fund Regional Airport Fund 360,309 Short-term loan
General Fund Nonmajor Enterprise Funds 1,453,120 Short-term loan
General Fund Internal Service Funds 1,166,221 Short-term loan
Total $5,403,977
All amounts due are scheduled to be repaid within one year.
Note 16 - COMMITMENTS AND CONTINGENCIES
Litigation
The City is a defendant in numerous lawsuits. In the opinion of the City's management, any
unrecorded liabilities resulting from such suits will not materially affect the financial position of the
City.
Contract Commitment with West Texas Utilities Company
In 1977,the City and Wichita County Water Improvement District Number 2 entered into a sixty-year
contract with the West Texas Utilities Company (the Company) and agreed to provide an adequate
water supply for the Company's use in generating power upon completion of the Company's
construction of a power plant adjacent to the Lake Kemp-Lake Diversion System.
The significant terms of the contract provide for standby charges to be paid to the City and the
Wichita County Water Improvement District Number 2 in equal amounts. Minimum charges for the
calendar year 1997 and all years thereafter until the end of contract will be$500,000 per year.
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, 2021 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.
In December 2021,this contract was assumed by Oklaunion Industrial Park, LLC.
Contract Commitments
At September 30, 2021, the City was committed to various contracts. The amounts for which the
various funds are committed to complete these contracts are as follows:
64
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2021
Note 16 - COMMITMENTS AND CONTINGENCIES(CONT'D.)
General Fund $ 1,246,071
Nonmajor Governmental Funds 6,864,625
Water and Sewer Fund 4,369,130
Sanitation Fund 326,060
Nonmajor Enterprise Funds 3,231,724
Nonmajor Enterprise Funds 69,685
Total contract commitments-City $16,107,295
Federal and State Grants-Compliance Audits
The City participates in numerous Federal and State grants, on both a direct and state pass-through
basis, as well as on a service-provider basis. Principal among these are Community Development
Block Grants, Section 8 Housing Assistance, Home Investment Partnership Agreement Program, and
numerous health-related grants.
In connection with these grants,the City is required to comply with specific terms and agreements as
well as applicable Federal and State laws and regulations. Such compliance is subject to review and
audit by the grantors and their representatives.
In the opinion of management, the City has complied with all requirements. However, since such
programs are subject to future audit or review, the possibility of disallowed expenditures exists. In
the event of any disallowance of claimed expenditures, the City expects the resulting liability to be
immaterial.
Note 17 - TAX ABATEMENT AGREEMENTS
The City has approved value limitation agreements with companies for a limitation on the appraised
value of properties within the City pursuant to Chapter 312 of the Texas Tax Code, as amended, i.e.,
the Property Tax Abatement Act. Under these agreements, the City has agreed to abate varying
amounts of property taxes levied on qualified improvements during the abatement period. These
abatements may be granted to businesses that construct improvements within certain areas
designated by the Mayor and City Council.
For the fiscal year ended September 30, 2021, the City abated property taxes totaling $1,836,761
under this program and received payments in lieu of taxes totaling$1,521,075.
65
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2021
Note 18 - CONDENSED FINANCIAL INFORMATION FOR DISCRETELY PRESENTED
COMPONENT UNITS
The City has five component units that are discretely presented in the City's basic financial
statements. Condensed financial information for the year ended September 30, 2021 is as follows:
Wichita Falls Wichita Falls
Economic 4B Sales
Development Tax Wichita Falls Reinvestment
Corporation Corporation Zone#2 Zone#3 Zone#4 Totals
Condensed statement of net position:
Cash,investments and other
current assets $25,205,993 $26,973,524 $2,902,135 $803,676 $578,494 $56,463,822
Capital assets,net of accumulated
depreciation 2,517,331 - - - - 2,517,331
Total assets 27,723,324 26,973,524 2,902,135 803,676 578,494 58,981,153
Accounts payable and other
current liabilities 295,253 543 - - - 295,796
Long-term liabilities 10,130,916 19,000,000 - - - 29,130,916
Total liabilities 10,426,169 19,000,543 - - - 29,426,712
Net position $17,297,155 $7,972,981 $2,902,135 $803,676 $578,494 $29,554,441
Condensed statement of activities:
Expenses:
Community development $ 4,582,703 $4,300,839 $ - $ - $ 10,000 $ 8,893,542
Program revenues:
Operating grants and contributions - - - - - -
Net program expense ( 4,582,703) ( 4,300,839) - - ( 10,000) ( 8,893,542)
General revenues:
Tax revenues 4,727,354 4,727,354 847,416 93,704 213,746 10,609,574
Non-tax general revenues 193,423 6,451 403 365 89 200,731
Total general revenues 4,920,777 4,733,805 847,819 94,069 213,835 10,810,305
Change in net position 338,074 432,966 847,819 94,069 203,835 1,916,763
Beginning net position 16,959,081 7,540,015 2,054,316 709,607 374,659 27,637,678
Ending net position $17,297,155 $7,972,981 $2,902,135 $803,676 $578,494 $29,554,441
66
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2021
Note 19 - SUBSEQUENT EVENTS
Refunding Bonds
On October 1, 2021, the City issued $7,595,000 in bonds titled "General Obligation Refunding Bonds,
Taxable Series 2021" and $1,675,000 in bonds titled "General Obligation Refunding Bonds, Series
2021."
The General Obligation Refunding Bonds, Taxable Series 2021 were issued to refund the remaining
outstanding Combination Tax and Revenue Certificates of Obligation, Taxable Series 2010 and
portions of the outstanding Combination Tax and Revenue Certificates of Obligation, Series 2013A.
This refunding will reduce the City's debt service payments by a total of $749,231, with a present
value of savings of$681,211.
The General Obligation Refunding Bonds, Series 2021 were issued to refund the remaining
outstanding Combination Tax and Revenue Certificates of Obligation, Taxable Series 2011. This
refunding will reduce the City's debt service payments by a total of$222,887,with a present value of
savings of$202,982.
Purchase of Fire Apparatus via Capital Lease
In December 2021, the City approved the replacement of front-line fire apparatus.This purchase was
financed through the issuance of a capital lease. The total lease payments will be $11,165,446 and
will be repaid over 11 annual payments of $1,015,041. These annual payments begin on October 1,
2023.
67
REQUIRED SUPPLEMENTARY INFORMATION
EXHIBIT B-1
CITY OF WICHITA FALLS, TEXAS
REQUIRED SUPPLEMENTARY INFORMATION
BUDGETARY COMPARISON SCHEDULE-GENERAL FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2021
Variance With
Final Budget-
Budgeted Amounts Positive
Original Final Actual (Negative)
Revenues:
Taxes $ 69,314,693 $ 69,314,693 $ 75,096,176 $ 5,781,483
Charges for services 2,948,586 2,948,586 3,066,404 117,818
Licenses and permits 1,746,983 1,746,983 1,631,602 (115,381)
Fines and forfeitures 2,361,451 2,361,451 2,198,715 (162,736)
Contributions 225,963 225,963 179,483 (46,480)
Miscellaneous revenue 1,373,777 3,243,482 3,405,049 161,567
Total revenues 77,971,453 79,841,158 85,577,429 5,736,271
Expenditures:
Current:
Administrative services 13,982,000 16,701,705 15,211,294 1,490,411
Police 26,822,585 26,822,585 26,144,281 678,304
Fire 17,739,639 18,317,176 18,241,191 75,985
Parks and recreation 5,877,501 5,877,501 4,996,125 881,376
Accounting/finance 862,524 862,524 853,221 9,303
Community development 2,348,935 2,348,935 2,221,870 127,065
Public works 5,185,970 5,185,970 4,735,920 450,050
Health 3,514,189 3,515,445 3,304,684 210,761
Traffic and transportation 1,743,575 1,700,975 1,668,533 32,442
Capital outlay 2,719,518 2,880,861 1,710,238 1,170,623
Total expenditures 80,796,436 84,213,677 79,087,357 5,126,320
Excess of revenues over(under)expenditures (2,824,983) (4,372,519) 6,490,072 10,862,591
Other financing sources(uses):
Transfers in 3,769,421 3,769,421 3,769,421 -
Transfers out (944,438) (944,438) (165,213) 779,225
Total other financing sources(uses) 2,824,983 2,824,983 3,604,208 779,225
Excess of revenues and other sources
over(under)expenditures and other uses - (1,547,536) 10,094,280 11,641,816
Fund balance-beginning 27,338,776 27,338,776 27,338,776 -
Fund balance-ending $ 27,338,776 $ 25,791,240 $ 37,433,056 $ 11,641,816
68
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CITY OF WICHITA FALLS, TEXAS
NOTES TO THE REQUIRED SUPPLEMENTARY INFORMATION
SEPTEMBER 30,2021
Budgetary Information
Demonstrating compliance with the adopted budget is an important component of a government's
accountability to the public. Many citizens participate in the process of establishing the annual operating
budgets of state and local governments, and have a keen interest in following the actual financial progress of
their governments over the course of the year. The City and many other governments revise their original
budgets over the course of the year for a variety of reasons. Under the new reporting model, governments
will continue to provide budgetary comparison information in their annual reports. An important change,
however, is a requirement to add the government's original budget to the current comparison of final budget
and actual results.
The City adheres to the following procedures in establishing the operating budget reflected in the basic
financial statements:
On or before August 15 of each year, the City Manager submits to the City Council a proposed budget for the
fiscal year beginning the following October 1. The operating budget includes proposed expenditures and the
means of financing them. Public hearings are conducted. The budget is legally enacted by the City Council
through passage of appropriation and tax levying ordinances prior to September 30 and is published under a
separate cover.
An annual budget, including debt service requirements, is legally adopted for the General Fund on a basis
which is consistent with generally accepted accounting principles.
The City Council must approve any transfer of appropriation balances or portions thereof from one
department to another. The City Manager has the authority, without City Council approval, to transfer
appropriation balances from one expenditure account to another within a single department of the City.
Supplemental appropriations of $1,547,536 were approved by the City Council ($3,417,241 total less
$1,869,705 in supplemental revenue). The reported budgetary data includes amendments made during the
year.
At the close of each fiscal year, any unencumbered appropriated balance lapses to the unreserved fund
balance.
Wichita Falls Firemen's Relief and Retirement Fund
Changes of benefit terms:
For measurement date 12/31/2018, amounts reported as changes of benefit terms resulted from the
following benefit amendments that were implemented into the Fund for all active participants:
- A maximum accrued benefit cap of$100,000 per year
- The average final compensation period was increased from 3 years to 5 years
- The normal form of annuity payments was amended from a 66 2/3%Joint & Survivor Annuity to
a Life Annuity
75
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE REQUIRED SUPPLEMENTARY INFORMATION (CONT'D.)
SEPTEMBER 30,2021
Effective April 20, 2016,there have been multiple changes in benefits, as follows:
- The member contribution rate was increased from 12%to 13%of salary for all members.
- All future new entrants will accrue benefits under a "Tier 2" benefit structure.
Changes of assumptions:
For purposes of determining the GASB discount rate at the 12/31/2019 measurement date, a depletion date
projection as of that date was performed. The results of this projection showed a single discount rate of
4.99%.The discount rate was decreased from 5.13%to 4.99%.
For purposes of determining the GASB discount rate at the 12/31/2018 measurement date, a depletion date
projection as of that date was performed. The results of this projection showed a single discount rate of
5.13%.The discount rate was increased from 5.03%to 5.13%.
For purposes of determining the GASB discount rate at the 12/31/2017 measurement date, a depletion date
projection as of that date was performed. The results of this projection showed a single discount rate of
5.03%.The discount rate was decreased from 5.81%to 5.03%.
As a result of an actuarial experience study dated October 6, 2017, the following assumption changes were
approved by the Board of Trustees:
- The investment return assumption was lowered from 8.00% to 7.75% per year, net of all
expenses.
- The assumed rates of salary increases were amended.
- The assumed rates of retirement were amended.
- The assumed rates of withdrawal were amended.
- The assumed rates of disablement were amended.
For purposes of determining the GASB discount rate at the 12/31/2016 measurement date, a depletion date
projection as of that date was performed. The results of this projection showed a single discount rate of
5.81%.The discount rate was decreased from 8.00%to 5.81%.
76
COMBINING FINANCIAL STATEMENTS
Nonmajor Governmental Funds
Special Revenue Funds
The special revenue funds are used to account for the proceeds from specific revenue sources (other than
for major capital projects or proprietary funds) that are either legally restricted to be expended for
specified purposes or have revenue sources committed for specific purposes.
Community Development Block Grant Fund
The Community Development Block Grant Fund accounts for federal block grant revenues and
related expenditures.
Section 8 Housing Fund
The Section 8 Housing Fund accounts for federal funds received to subsidize rents and housing
payments for lower income families within the City.
Home Investment Partnership Agreement Fund
The Home Investment Partnership Agreement Fund accounts for federal funds received to provide
home ownership opportunities to low income, first-time homebuyers through the acquisition,
rehabilitation and resale of single-family dwellings that are currently owned by governmental
agencies.
MPEC/Hotel/Motel Tax Fund
The MPEC/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. These funds are used to
support the City's MuItH-Purpose Events Center.
Hotel/Motel Venue Tax Fund
The Hotel/Motel Venue Tax Fund accounts for revenues derived from an additional occupancy tax
which is expended on projects classified as a venue such as an arena, coliseum, stadium, or other
facilities.
Airport Improvement Grant Fund
The Airport Improvement Grant Fund is used to account for improvements made to the City's
Regional Airport that are funded by state and federal grants.
Golf Fund
The Golf Fund accounts for the activities at the Weeks Park Golf Course.
Miscellaneous Special Revenue Fund
The Miscellaneous Special Revenue Fund accounts for various revenues generated in the form of
contributions, fees, concessions, rents and other charges and their related expenditures. This fund
also includes revenues derived from various grants for health and police programs. The revenues in
this fund are expended to support the activity generating the revenue or as designated by the
contributor. This fund is not required to have a legally adopted budget; therefore no budgetary
comparison schedule is presented.
Debt Service Funds
Debt Service Fund
The Debt Service Fund is established by ordinances authorizing the issuance of general obligation
bonds to provide for the payment of bond principal and interest. An ad valorem tax rate and tax
levy are required to be computed and levied which will be sufficient to produce the funds required
to pay principal and interest as they come due. This fund is also used to provide for the payment of
paying agent fees.
Excess Sales Tax Fund
The Excess Sales Tax Fund is used to account for and administer the excess sales tax collected
related to the property reduction tax. This fund is not required to have a legally adopted budget;
therefore no budgetary comparison schedule is presented.
Capital Projects Funds
The capital projects funds are used to account for financial resources to be used for the acquisition or
construction of major capital facilities,other than those financed by federal grants or proprietary funds.
2018-A Bond Projects
This fund was established to account for the proceeds of the Series 2018-A General Obligation
Bonds that were issued for the purpose of street improvements within the City.
Venue Tax Bond Projects
This fund was established to account for projects financed by the Venue Tax Revenue Bonds, Series
2020. These funds are to be used to make renovations to the MuItH-Purpose Events Center and
Memorial Auditorium.
Miscellaneous Capital Projects Funds
This fund is an accumulation of several projects that have been undertaken over the years including
library renovations,street improvements and drainage improvements.
Permanent Fund
The permanent fund is used to account for principal trust amounts received and related interest income.
The interest earnings of this fund may be used for maintenance of the City's cemeteries.
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EXHIBIT C-3
CITY OF WICHITA FALLS, TEXAS
BUDGETARY COMPARISON SCHEDULE-COMMUNITY DEVELOPMENT BLOCK GRANT FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2021
Variance With
Final Budget-
Budgeted Amounts Positive
Original Final Actual (Negative)
Revenues:
Charges for services $ - $ - $ 15,978 $ 15,978
Intergovernmental revenue 1,246,504 1,246,504 1,246,291 (213)
Miscellaneous revenue - - 9,242 9,242
Total revenues 1,246,504 1,246,504 1,271,511 25,007
Expenditures:
Administrative services 130,883 130,883 130,883 -
Parks and recreation 40,000 40,000 32,237 7,763
Community development 1,070,078 1,070,078 807,540 262,538
Public works 5,543 5,543 6,596 (1,053)
Capital outlay - - 172,710 (172,710)
Total expenditures 1,246,504 1,246,504 1,149,966 96,538
Excess of revenues over(under)expenditures - - 121,545 121,545
Fund balance-beginning 800,013 800,013 800,013 -
Fund balance-ending $ 800,013 $ 800,013 $ 921,558 $ 121,545
79
EXHIBIT C-4
CITY OF WICHITA FALLS, TEXAS
BUDGETARY COMPARISON SCHEDULE-SECTION 8 HOUSING FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2021
Variance With
Final Budget-
Budgeted Amounts Positive
Original Final Actual (Negative)
Revenues:
Intergovernmental revenue $ 3,867,314 $ 3,867,314 $ 3,931,099 $ 63,785
Miscellaneous revenue - - 4,502 4,502
Total revenues 3,867,314 3,867,314 3,935,601 68,287
Expenditures:
Community development 3,867,314 3,867,314 3,862,041 5,273
Total expenditures 3,867,314 3,867,314 3,862,041 5,273
Excess of revenues over(under)expenditures - - 73,560 73,560
Fund balance-beginning 1,647,940 1,647,940 1,647,940 -
Fund balance-ending $ 1,647,940 $ 1,647,940 $ 1,721,500 $ 73,560
80
EXHIBIT C-5
CITY OF WICHITA FALLS, TEXAS
BUDGETARY COMPARISON SCHEDULE-HOME INVESTMENT PARTNERSHIP AGREEMENT FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2021
Variance With
Final Budget-
Budgeted Amounts Positive
Original Final Actual (Negative)
Revenues:
Intergovernmental revenue $ 291,832 $ 291,832 $ 440,263 $ 148,431
Miscellaneous revenue - - 11,900 11,900
Total revenues 291,832 291,832 452,163 160,331
Expenditures:
Community development 406,101 406,102 89,823 316,279
Total expenditures 406,101 406,102 89,823 316,279
Excess of revenues over(under)expenditures (114,269) (114,270) 362,340 476,610
Fund balance-beginning 842,873 842,873 842,873 -
Fund balance-ending $ 728,604 $ 728,603 $ 1,205,213 $ 476,610
81
EXHIBIT C-6
CITY OF WICHITA FALLS, TEXAS
BUDGETARY COMPARISON SCHEDULE- MPEC/HOTEL/MOTEL TAX FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2021
Variance With
Final Budget-
Budgeted Amounts Positive
Original Final Actual (Negative)
Revenues:
Taxes $ 1,500,000 $ 1,500,000 $ 2,029,268 $ 529,268
Miscellaneous revenue 1,341,266 1,341,266 44,326 (1,296,940)
Total revenues 2,841,266 2,841,266 2,073,594 (767,672)
Expenditures:
Administrative services 97,000 79,000 51,550 27,450
Multi-Purpose Events Center 3,444,266 3,462,266 2,064,199 1,398,067
Total expenditures 3,541,266 3,541,266 2,115,749 1,425,517
Excess of revenues over(under)expenditures (700,000) (700,000) (42,155) 657,845
Other financing sources(uses):
Transfers in 700,000 700,000 48,982 (651,018)
Excess of revenues and other sources
over(under)expenditures and other uses - - 6,827 6,827
Fund balance-beginning 871 871 871 -
Fund balance-ending $ 871 $ 871 $ 7,698 $ 6,827
82
EXHIBIT C-7
CITY OF WICHITA FALLS, TEXAS
BUDGETARY COMPARISON SCHEDULE-GOLF FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2021
Variance With
Final Budget-
Budgeted Amounts Positive
Original Final Actual (Negative)
Revenues:
Charges for services $ 830,000 $ 830,000 $ 516,577 $ (313,423)
Miscellaneous revenue - - 443,280 443,280
Total revenues 830,000 830,000 959,857 129,857
Expenditures:
Administrative services 910,000 910,000 856,367 53,633
Total expenditures 910,000 910,000 856,367 53,633
Excess of revenues over(under)expenditures (80,000) (80,000) 103,490 183,490
Other financing sources(uses):
Transfers in 80,000 80,000 - (80,000)
Total other financing sources(uses) 80,000 80,000 - (80,000)
Excess of revenues and other sources
over(under)expenditures and other uses - - 103,490 103,490
Fund balance-beginning 40,583 40,583 40,583 -
Fund balance-ending $ 40,583 $ 40,583 $ 144,073 $ 103,490
83
EXHIBIT C-8
CITY OF WICHITA FALLS, TEXAS
BUDGETARY COMPARISON SCHEDULE- DEBT SERVICE FUND
FOR THE YEAR ENDED SEPTEMBER 30,2021
Variance With
Final Budget-
Budgeted Amounts Positive
Original Final Actual (Negative)
Revenues:
Taxes $ 2,191,697 $ 2,191,697 $ 2,150,267 $ (41,430)
Contributions 1,882,463 1,882,463 1,882,463 -
Miscellaneous revenue - - 1,012 1,012
Total revenues 4,074,160 4,074,160 4,033,742 (40,418)
Expenditures:
Debt service-principal 4,170,000 4,170,000 4,170,000 -
Debt service-interest and paying agent fees 1,748,815 1,748,815 1,745,815 3,000
Total expenditures 5,918,815 5,918,815 5,915,815 3,000
Excess of revenues over(under)expenditures (1,844,655) (1,844,655) (1,882,073) (37,418)
Other financing sources(uses):
Transfers in 1,844,655 1,844,655 1,844,655 -
Total other financing sources(uses) 1,844,655 1,844,655 1,844,655 -
Excess of revenues and other sources
over(under)expenditures and other uses - - (37,418) (37,418)
Fund balance-beginning 1,486,352 1,486,352 1,486,352 -
Fund balance-ending $ 1,486,352 $ 1,486,352 $ 1,448,934 $ (37,418)
84
Nonmajor Enterprise Funds
Nonmajor enterprise funds are used to account for operations that are financed and operated in a
manner similar to private business enterprises. The intent of the governing body is that the cost of
providing the service to the general public on a continuing basis be recovered primarily through user
charges.
Kickapoo Airport Fund
During the year ended September 30, 2000, 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.
Stormwater Drainage Fund
The Stormwater Drainage Fund was established to account for operating revenues and expenses
associated with the Storm Water Drainage Utility System (System). The System was established
effective May 1, 2001 and provides a funding mechanism for drainage improvements in the City.
Waterpark Fund
The Waterpark Fund was established to account for the operating revenues and expenses of the
Castaway Cove Waterpark. The waterpark was purchased on February 4, 2010.
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Internal Service Funds
Internal Service Funds are used to account for the financing of goods or services provided by one
department or agency to other departments or agencies of the City on a cost-reimbursement basis.
Fleet Maintenance Fund
The Fleet Maintenance Fund accounts for the costs associated with the operation, maintenance and
replacement of the City's vehicle and equipment fleet. City departments which use the vehicles and
equipment are charged a monthly rental fee based upon actual operating costs associated with each
class of vehicle or equipment.
Duplicating Services Fund
The Duplicating Services Fund accounts for the costs associated with the operation and maintenance
of the City's duplicating equipment. City departments which use the duplicating services are charged
a fee based upon actual usage.
Employee Benefit Trust Fund
The Employee Benefit Trust Fund is used to account for and administer group health insurance,which
is self-insured by the City, and life insurance for employees and covered dependents.
Information Technology Fund
The Information Technology Fund accounts for the costs associated with the operation and
maintenance of the City's Information Technology assets. City departments which use information
technology are charged a fee based on usage.
EXHIBIT E-1
CITY OF WICHITA FALLS, TEXAS
COMBINING STATEMENT OF NET POSITION
INTERNAL SERVICE FUNDS
SEPTEMBER 30,2021
Employee Information
Fleet Duplicating Benefit Technology
Maintenance Services Trust Fund Totals
Assets
Current assets:
Cash and cash equivalents $ 1,780,403 $ 88,436 $ 2,775,880 $ 4,118,326 $ 8,763,045
Restricted cash and cash equivalents - - 9,372,786 - 9,372,786
Receivables:
Other 34,876 - 9,032 - 43,908
Inventory 726,717 - - - 726,717
Prepaid items 474,815 327 - - 475,142
Total current assets 3,016,811 88,763 12,157,698 4,118,326 19,381,598
Capital assets,net of accumulated depreciation 21,479,256 - - 5,095,380 26,574,636
Total assets 24,496,067 88,763 12,157,698 9,213,706 45,956,234
Deferred outflows of resources
Pension-related 178,728 1,871 10,033 103,223 293,855
OPEB-related 103,543 1,290 - 39,030 143,863
Total deferred outflows of resources 282,271 3,161 10,033 142,253 437,718
Liabilities
Current liabilities:
Accounts payable-trade 128,611 4,304 104,655 16,288 253,858
Accrued payroll 94,612 1,047 4,811 56,480 156,950
Accrued vacation and sick leave 109,947 - - 67,259 177,206
Payable to other City funds - - 1,166,221 - 1,166,221
Estimated health claims payable - - 1,380,955 - 1,380,955
Other liabilities - - 8,932 - 8,932
Capital leases-current maturities 456,557 - - - 456,557
Total current liabilities 789,727 5,351 2,665,574 140,027 3,600,679
Long-term liabilities:
Capital leases,less current maturities 465,596 - - - 465,596
Net pension liability 1,379,148 14,437 77,420 796,517 2,267,522
Net OPEB liability 518,547 6,462 - 195,465 720,474
Total long-term liabilities 2,363,291 20,899 77,420 991,982 3,453,592
Total liabilities 3,153,018 26,250 2,742,994 1,132,009 7,054,271
Deferred inflows of resources
Pension-related 269,661 2,823 15,138 155,741 443,363
OPEB-related 34,483 430 - 12,998 47,911
Total deferred inflows of resources 304,144 3,253 15,138 168,739 491,274
Net position
Net investment in capital assets 20,557,103 - - 5,095,380 25,652,483
Unrestricted 764,073 62,421 9,409,599 2,959,831 13,195,924
Total net position $ 21,321,176 $ 62,421 $ 9,409,599 $ 8,055,211 $ 38,848,407
89
EXHIBIT E-2
CITY OF WICHITA FALLS, TEXAS
COMBINING STATEMENT OF REVENUES, EXPENSES AND
CHANGES IN NET POSITION
INTERNAL SERVICE FUNDS
FOR THE YEAR ENDED SEPTEMBER 30,2021
Employee Information
Fleet Duplicating Benefit Technology
Maintenance Services Trust Fund Totals
Operating revenues:
Charges for services $ 10,100,290 $ 118,081 $ - $ 3,813,581 $ 14,031,952
Rents,concessions and other 12,000 - 1,084,149 - 1,096,149
Contributions - - 15,293,364 - 15,293,364
Total operating revenues 10,112,290 118,081 16,377,513 3,813,581 30,421,465
Operating expenses:
Personnel services 2,031,569 22,257 99,935 1,148,989 3,302,750
Supplies and materials 2,896,027 843 - 133,797 3,030,667
Maintenance and repairs 2,038,992 - - 743,766 2,782,758
Utilities and other services 76,482 800 71,192 234,767 383,241
Insurance and contract support 67,032 - 14,342,909 15 14,409,956
Other expenses 191,309 70,040 2,202,294 8,885 2,472,528
Depreciation and amortization 4,297,211 - - 781,672 5,078,883
Total operating expenses 11,598,622 93,940 16,716,330 3,051,891 31,460,783
Operating income(loss) (1,486,332) 24,141 (338,817) 761,690 (1,039,318)
Nonoperating revenues(expenses):
Interest income - - 1,724,368 - 1,724,368
Gain(loss)on sale of capital assets 62,700 - - - 62,700
Interest expense (27,123) - - - (27,123)
Total nonoperating revenues
(expenses) 35,577 - 1,724,368 - 1,759,945
Income(loss)before transfers (1,450,755) 24,141 1,385,551 761,690 720,627
Transfers in 2,167,692 - - 530,169 2,697,861
Transfers out (312,000) - - - (312,000)
Change in net position 404,937 24,141 1,385,551 1,291,859 3,106,488
Net position-beginning 20,916,239 38,280 8,024,048 6,763,352 35,741,919
Net position-ending $ 21,321,176 $ 62,421 $ 9,409,599 $ 8,055,211 $ 38,848,407
90
EXHIBIT E-3
CITY OF WICHITA FALLS, TEXAS
COMBINING STATEMENT OF CASH FLOWS
INTERNAL SERVICE FUNDS
FOR THE YEAR ENDED SEPTEMBER 30,2021
Employee Information
Fleet Duplicating Benefit Technology
Maintenance Services Trust Fund Totals
Cash flows from operating activities:
Received from customers and users $ 310,805 $ - $ 4,131,298 $ - $ 4,442,103
Received from interfund charges 9,783,335 118,081 11,982,007 3,813,581 25,697,004
Other operating receipts - - 811,046 - 811,046
Payments to suppliers (5,765,976) (72,640) (15,830,772) (1,510,871) (23,180,259)
Payments for interfund services (527,932) (7,142) - (130,287) (665,361)
Payments to employees (1,498,245) (15,302) (82,691) (822,625) (2,418,863)
Net cash provided by operating activities 2,301,987 22,997 1,010,888 1,349,798 4,685,670
Cash flows from noncapital financing activities:
Interfund loans received(repaid) - - (1,100,245) - (1,100,245)
Transfers in from other funds 2,167,692 - - 530,169 2,697,861
Transfers out to other funds (312,000) - - - (312,000)
Net cash provided(used)by noncapital financing activities 1,855,692 - (1,100,245) 530,169 1,285,616
Cash flows from capital and related
financing activities:
Acquisition of capital assets (3,664,335) - - (1,460,795) (5,125,130)
Proceeds from sale of capital assets 62,700 - - - 62,700
Principal paid on long-term debt (447,692) - - - (447,692)
Interest and fees paid on long-term debt (27,123) - - - (27,123)
Net cash used for capital and
related financing activities (4,076,450) - - (1,460,795) (5,537,245)
Cash flows from investing activities:
Interest on investments - - 1,724,368 - 1,724,368
Net cash provided by investing activities - - 1,724,368 - 1,724,368
Net Increase in Cash and Cash Equivalents 81,229 22,997 1,635,011 419,172 2,158,409
Cash and Cash Equivalents-Beginning 1,699,174 65,439 10,513,655 3,699,154 15,977,422
Cash and Cash Equivalents-Ending $ 1,780,403 $ 88,436 $ 12,148,666 $ 4,118,326 $ 18,135,831
Cash flows from operating activities:
Operating income(loss) $ (1,486,332) $ 24,141 $ (338,817) $ 761,690 $ (1,039,318)
Adjustments to reconcile operating income(loss)to
net cash provided(used)by operating activities:
Depreciation and amortization 4,297,211 - - 781,672 5,078,883
(Increase)decrease in assets and deferred outflows:
Receivables:
Other (18,062) - 539,094 - 521,032
Inventory 18,330 - - - 18,330
Prepaid items 678 273 48,377 43 49,371
Deferred outflows-pension-related 7,856 69 (180) (727) 7,018
Deferred outflows-OPEB-related (28,234) (349) - (10,554) (39,137)
Increase(decrease)in liabilities and deferred inflows:
Accounts payable-trade (343,309) (4) 55,393 (160,797) (448,717)
Accrued payroll (11,015) 99 (116) 4,846 (6,186)
Accrued vacation and sick leave (3,236) - - 3,681 445
Estimated health claims payable - - 701,953 - 701,953
Other liabilities (88) - 7,744 - 7,656
Net pension liability (139,166) (1,350) (2,762) (37,539) (180,817)
Net OPEB liability 13,394 148 - 4,454 17,996
Deferred inflows-pension-related (13,171) (118) 202 373 (12,714)
Deferred inflows-OPEB-related 7,131 88 - 2,656 9,875
Total adjustments 3,788,319 (1,144) 1,349,705 588,108 5,724,988
Net cash provided(used)by operating activities $ 2,301,987 $ 22,997 $ 1,010,888 $ 1,349,798 $ 4,685,670
91
Component Units
Discretely Presented Component Units of the City of Wichita Falls are legally separate entities; however,
the City is considered to be financially accountable for their operations. The five discretely presented
component units are as follows:
Wichita Falls Economic Development Corporation
The Wichita Falls Economic Development Corporation is a nonprofit corporation formed in May 1997
for the purpose of increasing employment opportunities, primarily through assisting qualified
enterprises with funds provided by a portion of the local sales tax. The Corporation operates under
the authority of Vernon's Civil Statutes,Article 5190.6,Section 4A.
Wichita Falls 4B Sales Tax Corporation
The Wichita Falls 4B Sales Tax Corporation is a nonprofit corporation formed in May 1997 for the
purpose of increasing employment opportunities and for public improvement projects such as parks,
auditoriums, learning centers, open space improvements, athletic and exhibition facilities and the
related maintenance and operating costs of such projects. These projects are funded by a portion of
the local sales tax. The Corporation operates under the authority of Vernon's Civil Statutes, Article
5190.6,Section 4B.
Wichita Falls Reinvestment Zone#2
The Wichita Falls Reinvestment Zone#2 was created in August 2005 by the City, with the advice and
consent of the Wichita Falls Independent School District and Wichita County. The purpose of the
Wichita Falls Reinvestment Zone#2 is to capture increments of growth in real property values in the
designated zone area from base values established in January 2004 and use the ad valorem taxes
derived from the increments to contribute to the zoned area. Tax funds derived from the increment
can only be spent for public improvements in the zoned area or for payment of debt service on bonds
issued to provide funds for public improvements.
Wichita Falls Reinvestment Zone#3
The Wichita Falls Reinvestment Zone#3 was created in September 2009 by the City, with the advice
and consent of the Wichita Falls Independent School District and Wichita County. The purpose of the
Wichita Falls Reinvestment Zone#3 is to capture increments of growth in real property values in the
designated zone area from base values established in January 2009 and use the ad valorem taxes
derived from the increments to contribute to the zoned area. Tax funds derived from the increment
can only be spent for public improvements in the zoned area or for payment of debt service on bonds
issued to provide funds for public improvements.
Wichita Falls Reinvestment Zone#4
The Wichita Falls Reinvestment Zone #4 was created in March 2015 by the City, with the advice and
consent of the Wichita Falls Independent School District and Wichita County. The purpose of the
Wichita Falls Reinvestment Zone#4 is to capture increments of growth in real property values in the
designated zone area from base values established in January 2015 and use the ad valorem taxes
derived from the increments to contribute to the zoned area. Tax funds derived from the increment
can only be spent for public improvements in the zoned area or for payment of debt service on bonds
issued to provide funds for public improvements.
EXHIBIT F-1
CITY OF WICHITA FALLS, TEXAS
COMBINING STATEMENT OF NET POSITION
COMPONENT UNITS
SEPTEMBER 30,2021
Wichita Falls
Economic Wichita Falls Wichita Falls Wichita Falls Wichita Falls
Development 4B Sales Tax Reinvestment Reinvestment Reinvestment
Corporation Corporation Zone#2 Zone#3 Zone#4 Totals
Assets
Cash and cash equivalents $ 24,328,149 $26,129,179 $ 2,902,135 $ 805,570 $ 578,494 $ 54,743,527
Receivables:
Government agencies 865,876 844,345 - (1,894) - 1,708,327
Prepaid items 11,968 - - - - 11,968
Capital assets,net of accumulated depreciation 2,517,331 - - - - 2,517,331
Total assets 27,723,324 26,973,524 2,902,135 803,676 578,494 58,981,153
Liabilities
Accounts payable-trade 254,020 543 - - - 254,563
Other liabilities 41,233 - - - - 41,233
Long-term liabilities:
Portion due or payable within one year 85,000 505,000 590,000
Portion due or payable after one year 10,045,916 18,495,000 28,540,916
Total liabilities 10,426,169 19,000,543 - - - 29,426,712
Net position
Net investment in capital assets 979,912 - - - - 979,912
Unrestricted 16,317,243 7,972,981 2,902,135 803,676 578,494 28,574,529
Total net position $ 17,297,155 $ 7,972,981 $ 2,902,135 $ 803,676 $ 578,494 $ 29,554,441
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EXHIBIT G-3
CITY OF WICHITA FALLS, TEXAS
DEBT SERVICE COVERAGE- REVENUE BONDS
SEPTEMBER 30, 2021
Water and Sewer Revenue Bonds:
Change in net position (Exhibit A-8) $ 10,087,805
Add:
Depreciation and amortization $ 8,712,691
Interest expense and paying agent fees 2,747,739
Transfers out 2,303,811 13,764,241
Subtract:
West Texas Utilities water revenues 500,000
Gain (loss)on sale/abandonment of capital assets -
Capital contributions from developers 874,423
Transfers in 93,313 (1,467,736)
Net earnings for determining debt service coverage $ 22,384,310
Priority Subordinate
Lien Bonds Lien Bonds
Net earnings for determining debt service coverage $ 22,384,310
Principal and interest requirements to maturity $ 58,611,900 $ -
Number of years remaining to pay bonds 6 N/A
Average annual principal and interest requirement 9,768,650 N/A
Minimum bond covenant debt service coverage 1.25 1.10
Minimum debt service coverage requirement $ 12,210,813 $ - 12,210,813
Excess over debt service coverage requirements $ 10,173,498
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EXHIBIT G-5
CITY OF WICHITA FALLS, TEXAS
CAPITAL ASSETS USED IN THE OPERATION OF GOVERNMENTAL FUNDS
SCHEDULE OF CHANGES BY FUNCTION AND ACTIVITY
FOR THE YEAR ENDED SEPTEMBER 30,2021
Beginning Ending
Balance Balance
10/1/2020 Additions Deletions 9/30/2021
Administrative services:
Mayor and City Council $ 5,218 $ - $ - $ 5,218
City Manager 281,562 - - 281,562
Personnel/Risk Management 7,623 - - 7,623
Martin Luther King Center 749,447 - - 749,447
Library 5,648,873 - 29,610 5,619,263
General Public Information 784,812 4,428 79,403 709,837
Building Maintenance 2,907,123 - - 2,907,123
Nondepartmental 512,598 - - 512,598
Municipal Court 607,833 - 22,748 585,085
Legal 1,518 - - 1,518
Homeland security 604,824 - 19,856 584,968
Training center 2,271 - - 2,271
Golf course 4,717,515 - 28,909 4,688,606
Total administrative services 16,831,217 4,428 180,526 16,655,119
Police 26,554,259 53,405 139,545 26,468,119
Fire 8,106,135 - - 8,106,135
Parks and recreation:
Recreation 2,677,977 - 61,127 2,616,850
Park maintenance 5,243,713 - 48,204 5,195,509
Cemetery 148,133 - - 148,133
Lake Wichita Revitalization 1,261,180 - - 1,261,180
Lynwood Community Center 42,185 172,710 - 214,895
Total parks and recreation 9,373,188 172,710 109,331 9,436,567
Accounting/finance:
Information Systems 9,670,004 2,851,933 2,750,560 9,771,377
Total accounting/finance 9,670,004 2,851,933 2,750,560 9,771,377
Community development:
Planning 31,458 - 11,020 20,438
Inspection 3,610 - 2,250 1,360
Property management 10,767,100 - 2,110 10,764,990
Weed and Seed program 7,504 - 7,504 -
Hazard Mitigation Grant 170,800 - - 170,800
Total community development 10,980,472 - 22,884 10,957,588
Public works:
Engineering 189,728 57,577 2,129 245,176
Street maintenance 140,861 89,648 - 230,509
Lake Wichita Revitalization 784,475 22,700 - 807,175
Infrastructure 191,881,644 8,542,771 1,988,041 198,436,374
Total public works 192,996,708 8,712,696 1,990,170 199,719,234
Health:
Administration 3,256,591 - 38,505 3,218,086
General city nursing 87,642 - - 87,642
Environmental health 66,389 5,811 2,604 69,596
Lab water pollution 49,108 - 3,873 45,235
Animal reclaim center 4,292,359 - - 4,292,359
Total health 7,752,089 5,811 44,982 7,712,918
Traffic and transportation 15,694,107 278,148 120,189 15,852,066
Multi-Purpose Events Center 48,239,335 259,000 5,567 48,492,768
Wichita Falls Business Park 1,099,507 - - 1,099,507
Total capital assets $ 347,297,021 $ 12,338,131 $ 5,363,754 $ 354,271,398
102
EXHIBIT G-6
CITY OF WICHITA FALLS, TEXAS
REGIONAL AIRPORT FUND
CAPITAL ASSETS AND ACCUMULATED DEPRECIATION
FOR THE YEAR ENDED SEPTEMBER 30, 2021
Balance Balance
10/1/2020 Additions Deletions 9/30/2021
Capital Assets:
Land and betterments $ 20,384,952 $ 4,904 $ - $ 20,389,856
Buildings and improvements 34,086,309 17,861 - 34,104,170
Machinery and equipment 213,664 6,960 (1,095) 221,719
Furniture and fixtures 12,829 - - 12,829
Infrastructure 1,308,101 - - 1,308,101
Total capital assets 56,005,855 29,725 (1,095) 56,036,675
Accumulated Depreciation:
Land and betterments 5,226,265 815,643 - 6,041,908
Buildings and improvements 4,073,840 677,112 - 4,750,952
Machinery and equipment 84,702 19,822 (1,095) 105,619
Furniture and fixtures 11,547 1,283 - 12,830
Infrastructure 8,721 17,441 - 26,162
Total accumulated depreciation 9,405,075 1,531,301 (1,095) 10,937,471
Net capital assets $ 46,600,780 $ (1,501,576) $ - $ 45,099,204
103
EXHIBIT G-7
CITY OF WICHITA FALLS, TEXAS
KICKAPOO AIRPORT FUND
CAPITAL ASSETS AND ACCUMULATED DEPRECIATION
FOR THE YEAR ENDED SEPTEMBER 30,2021
Balance Balance
10/1/2020 Additions Deletions 9/30/2021
Capital Assets:
Land and betterments $ 13,643,355 $ - $ - $ 13,643,355
Buildings and improvements 3,264,730 - - 3,264,730
Machinery and equipment 583,215 - - 583,215
Construction in progress 35,247 - - 35,247
Total capital assets 17,526,547 - - 17,526,547
Accumulated Depreciation:
Land and betterments 3,562,020 383,078 - 3,945,098
Buildings and improvements 1,412,128 107,433 - 1,519,561
Machinery and equipment 468,876 30,918 - 499,794
Total accumulated depreciation 5,443,024 521,429 - 5,964,453
Net capital assets $ 12,083,523 $ (521,429) $ - $ 11,562,094
104
EXHIBIT G-8
CITY OF WICHITA FALLS, TEXAS
TRANSIT FUND
CAPITAL ASSETS AND ACCUMULATED DEPRECIATION
FOR THE YEAR ENDED SEPTEMBER 30, 2021
Balance Balance
10/1/2020 Additions Deletions 9/30/2021
Capital Assets:
Land and betterments $ 2,001,247 $ - $ - $ 2,001,247
Buildings and improvements 6,221,927 - - 6,221,927
Machinery and equipment 521,446 - - 521,446
Construction in progress 3,045,634 5,728,399 - 8,774,033
Total capital assets 11,790,254 5,728,399 - 17,518,653
Accumulated Depreciation:
Land and betterments 79,119 10,549 - 89,668
Buildings and improvements 998,648 149,371 - 1,148,019
Machinery and equipment 384,567 41,155 - 425,722
Total accumulated depreciation 1,462,334 201,075 - 1,663,409
Net capital assets $ 10,327,920 $ 5,527,324 $ - $ 15,855,244
105
EXHIBIT G-9
CITY OF WICHITA FALLS, TEXAS
STORMWATER DRAINAGE FUND
CAPITAL ASSETS AND ACCUMULATED DEPRECIATION
FOR THE YEAR ENDED SEPTEMBER 30, 2021
Balance Balance
10/1/2020 Additions Deletions 9/30/2021
Capital Assets:
Drainage $ 29,933,400 $ 230,754 $ - $ 30,164,154
Land and betterments 451,332 235,197 - 686,529
Machinery and equipment 94,980 16,000 50,585 60,395
Construction in progress 262,275 - - 262,275
Total capital assets 30,741,987 481,951 50,585 31,173,353
Accumulated Depreciation:
Drainage 2,869,669 400,650 - 3,270,319
Land betterments 39,892 6,354 - 46,246
Machinery and equipment 90,437 3,604 50,585 43,456
Total accumulated depreciation 2,999,998 410,608 50,585 3,360,021
Net capital assets $ 27,741,989 $ 71,343 $ - $ 27,813,332
106
EXHIBIT G-10
CITY OF WICHITA FALLS, TEXAS
SANITATION FUND
CAPITAL ASSETS AND ACCUMULATED DEPRECIATION
FOR THE YEAR ENDED SEPTEMBER 30, 2021
Balance Balance
10/1/2020 Additions Deletions 9/30/2021
Capital Assets:
Land and betterments $ 8,512,233 $ 236,455 $ - $ 8,748,688
Buildings and improvements 3,571,328 - - 3,571,328
Machinery and equipment 687,898 - - 687,898
Construction in progress - 141,701 - 141,701
Total capital assets 12,771,459 378,156 - 13,149,615
Accumulated Depreciation:
Land and betterments 1,726,663 168,917 - 1,895,580
Buildings and improvements 1,830,341 94,435 - 1,924,776
Machinery and equipment 440,020 46,074 - 486,094
Total accumulated depreciation 3,997,024 309,426 - 4,306,450
Net capital assets $ 8,774,435 $ 68,730 $ - $ 8,843,165
107
EXHIBIT G-11
CITY OF WICHITA FALLS, TEXAS
WATER AND SEWER FUND
CAPITAL ASSETS AND ACCUMULATED DEPRECIATION
FOR THE YEAR ENDED SEPTEMBER 30,2021
Balance Balance
10/1/2020 Additions Deletions 9/30/2021
Capital Assets:
Land and betterments $ 24,330,343 $ - $ - $ 24,330,343
Buildings,systems and
improvements 387,363,763 12,936,009 614,000 399,685,772
Machinery and equipment 6,204,399 395,787 4,533 6,595,653
Furniture and fixtures 1,164 - - 1,164
Construction in progress 7,813,347 984,696 7,712,993 1,085,050
Total capital assets 425,713,016 14,316,492 8,331,526 431,697,982
Accumulated Depreciation:
Land and betterments 12,014,467 243,592 - 12,258,059
Buildings,systems and
improvements 146,202,514 8,225,163 614,000 153,813,677
Machinery and equipment 4,888,432 243,936 4,533 5,127,835
Furniture and fixtures 1,164 - - 1,164
Total accumulated depreciation 163,106,577 8,712,691 618,533 171,200,735
Net capital assets $ 262,606,439 $ 5,603,801 $ 7,712,993 $ 260,497,247
108
EXHIBIT G-12
CITY OF WICHITA FALLS, TEXAS
WATERPARK FUND
CAPITAL ASSETS AND ACCUMULATED DEPRECIATION
FOR THE YEAR ENDED SEPTEMBER 30,2021
Balance Balance
10/1/2020 Additions Deletions 9/30/2021
Capital Assets:
Land and betterments $ 389,894 $ - $ - $ 389,894
Buildings and improvements 4,622,343 - - 4,622,343
Machinery and equipment 280,750 10,735 2,450 289,035
Total capital assets 5,292,987 10,735 2,450 5,301,272
Accumulated Depreciation:
Buildings and improvements 2,185,351 231,322 - 2,416,673
Machinery and equipment 213,253 12,167 2,450 222,970
Total accumulated depreciation 2,398,604 243,489 2,450 2,639,643
Net capital assets $ 2,894,383 $ (232,754) $ - $ 2,661,629
109
EXHIBIT G-13
CITY OF WICHITA FALLS, TEXAS
FLEET MAINTENANCE FUND
CAPITAL ASSETS AND ACCUMULATED DEPRECIATION
FOR THE YEAR ENDED SEPTEMBER 30, 2021
Balance Balance
10/1/2020 Additions Deletions 9/30/2021
Capital Assets:
Land and betterments $ 436,269 $ - $ - $ 436,269
Buildings and improvements 4,779,125 43,809 - 4,822,934
Machinery and equipment 1,664,658 6,128 - 1,670,786
Furniture and fixtures 2,950 - - 2,950
Motor vehicles 66,432,273 3,614,398 706,104 69,340,567
Total capital assets 73,315,275 3,664,335 706,104 76,273,506
Accumulated Depreciation:
Land and betterments 2,611 - - 2,611
Buildings and improvements 2,998,960 121,639 - 3,120,599
Machinery and equipment 1,463,649 69,629 - 1,533,278
Furniture and fixtures 2,950 - - 2,950
Motor vehicles 46,734,974 4,105,942 706,104 50,134,812
Total accumulated depreciation 51,203,144 4,297,210 706,104 54,794,250
Net capital assets $ 22,112,131 $ (632,875) $ - $ 21,479,256
110
EXHIBIT G-14
CITY OF WICHITA FALLS, TEXAS
DUPLICATING SERVICES FUND
CAPITAL ASSETS AND ACCUMULATED DEPRECIATION
FOR THE YEAR ENDED SEPTEMBER 30, 2021
Balance Balance
10/1/2020 Additions Deletions 9/30/2021
Capital Assets:
Machinery and equipment $ 9,117 $ - $ - $ 9,117
Accumulated Depreciation:
Machinery and equipment 9,117 - - 9,117
Net capital assets $ - $ - $ - $ -
111
EXHIBIT G-15
CITY OF WICHITA FALLS, TEXAS
INFORMATION TECHNOLOGY FUND
CAPITAL ASSETS AND ACCUMULATED DEPRECIATION
FOR THE YEAR ENDED SEPTEMBER 30, 2021
Balance Balance
10/1/2020 Additions Deletions 9/30/2021
Capital Assets:
Machinery and equipment $ 6,964,325 $ 2,851,933 $ 734,975 $ 9,081,283
Construction in progress 1,391,138 - 1,391,138 -
Total capital assets 8,355,463 2,851,933 2,126,113 9,081,283
Accumulated Depreciation:
Machinery and equipment 3,939,206 781,672 734,975 3,985,903
Net capital assets $ 4,416,257 $ 2,070,261 $ 1,391,138 $ 5,095,380
112
EXHIBIT G-16
CITY OF WICHITA FALLS, TEXAS
WICHITA FALLS ECONOMIC DEVELOPMENT CORPORATION
CAPITAL ASSETS AND ACCUMULATED DEPRECIATION
FOR THE YEAR ENDED SEPTEMBER 30, 2021
Balance Balance
10/1/2020 Additions Deletions 9/30/2021
Capital Assets:
Land and betterments $ 1,434,069 $ - $ 256,913 $ 1,177,156
Buildings and improvements 957,191 - 957,191 -
Construction in progress - 1,340,175 - 1,340,175
Total capital assets 2,391,260 1,340,175 1,214,104 2,517,331
Accumulated Depreciation:
Buildings and improvements 277,585 9,572 287,157 -
Net capital assets $ 2,113,675 $ 1,330,603 $ 926,947 $ 2,517,331
113
STATISTICAL SECTION (UNAUDITED)
This part of the City of Wichita Falls, Texas' annual comprehensive financial report presents detailed
information as a context for understanding what the information in the financial statements, note
disclosures, and required supplementary information says about the government's overall financial
health.
Contents Page
Financial Trends 114
These schedules contain trend information to help the reader understand how the
government's financial performance and well-being have changed over time.
Revenue Capacity 119
These schedules contain information to help the reader assess the government's most
significant local revenue source, the property tax.
Debt Capacity 124
These schedules present information to help the reader assess the affordability of the
government's current levels of outstanding debt and the government's ability to issue
additional debt in the future.
Demographic and Economic Information 129
These schedules offer demographic and economic indicators to help the reader understand
the environment within which the government's financial activities take place.
Operating Information 131
These schedules contain service and infrastructure data to help the reader understand
how the information in the government's financial report relates to the services the
government provides and the activities it performs.
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EXHIBIT H-5
CITY OF WICHITA FALLS, TEXAS
TAX REVENUES BY SOURCE,GOVERNMENTAL FUNDS-
LAST TEN FISCAL YEARS(UNAUDITED)
Fiscal Hotel
Year Property Sales Franchise Occupancy Beverage Bingo Total
2011-2012 $ 28,679,076 $ 21,406,823 $ 5,574,882 $ 1,677,100 $ 207,735 $ 61,696 $ 57,607,312
2012-2013 29,277,956 22,062,365 5,423,680 1,578,764 230,728 40,122 58,613,615
2013-2014 29,780,795 22,397,536 5,558,599 1,684,329 281,598 36,688 59,739,545
2014-2015 31,090,472 22,403,406 5,414,414 1,775,372 291,091 32,764 61,007,519
2015-2016 34,567,763 22,373,768 5,035,947 1,910,477 286,986 26,736 64,201,677
2016-2017 35,110,173 22,413,397 5,193,721 1,878,061 281,687 9,098 64,886,137
2017-2018 35,804,507 23,861,013 5,326,402 1,952,011 308,333 2,626 67,254,892
2018-2019 37,775,703 24,894,930 5,314,591 2,075,905 328,163 - 70,389,292
2019-2020 41,362,767 25,205,996 5,164,962 1,878,957 255,816 1,211 73,869,709
2020-2021 43,069,773 28,362,467 5,451,658 2,660,388 309,857 1,132 79,855,275
119
EXHIBIT H-6
CITY OF WICHITA FALLS,TEXAS
ASSESSED AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY-
LAST TEN FISCAL YEARS(UNAUDITED)
Personal Ratio of Total
Real Property Property Total Total Assessed to
Fiscal Assessed Assessed Assessed Direct Estimated Total Estimated
Year Value Value Value Tax Rate Actual Value Actual Value
2011-2012 $ 3,714,449,662 $ 716,365,316 $ 4,430,814,978 $0.62526 $ 4,430,814,978 100.00%
2012-2013 3,749,608,055 715,113,536 4,464,721,591 0.63526 4,464,721,591 100.00%
2013-2014 3,777,010,620 771,002,233 4,548,012,853 0.63526 4,548,012,853 100.00%
2014-2015 3,859,560,337 765,251,406 4,624,811,743 0.65526 4,624,811,743 100.00%
2015-2016 3,944,783,610 820,827,696 4,765,611,306 0.70598 4,765,611,306 100.00%
2016-2017 4,031,689,962 817,687,012 4,849,376,974 0.70598 4,849,376,974 100.00%
2017-2018 4,123,022,727 818,629,114 4,941,651,841 0.70598 4,941,651,841 100.00%
2018-2019 4,230,948,499 843,630,297 5,074,578,796 0.72988 5,074,578,796 100.00%
2019-2020 4,387,106,524 889,487,609 5,276,594,133 0.76332 5,276,594,133 100.00%
2020-2021 4,582,918,683 872,960,736 5,455,879,419 0.76332 5,455,879,419 100.00%
120
EXHIBIT H-7
CITY OF WICHITA FALLS, TEXAS
DIRECT AND OVERLAPPING PROPERTY TAX RATES-
LAST TEN FISCAL YEARS(UNAUDITED)
Tax Rates Per$100 Valuation
Fiscal City of Wichita Falls Wichita County Burkburnett ISD(1)
Year M&O I&S Total M&O I&S Total M&O I&S Total
2011-2012 $ 0.61 $ 0.01 $ 0.62 $ 0.53 $ - $ 0.53 $ 1.17 $ 0.14 $ 1.31
2012-2013 0.62 0.01 0.63 0.52 - 0.52 1.17 0.13 1.30
2013-2014 0.62 0.01 0.63 0.51 - 0.51 1.17 0.12 1.29
2014-2015 0.64 0.02 0.66 0.51 - 0.51 1.17 0.14 1.31
2015-2016 0.69 0.02 0.71 0.55 - 0.55 1.17 0.14 1.31
2016-2017 0.69 0.02 0.71 0.58 0.03 0.61 1.17 0.37 1.54
2017-2018 0.69 0.02 0.71 0.58 0.08 0.66 1.17 0.37 1.54
2018-2019 0.69 0.04 0.73 0.59 0.07 0.66 1.17 0.37 1.54
2019-2020 0.72 0.04 0.76 0.60 0.07 0.67 1.07 0.37 1.44
2020-2021 0.72 0.04 0.76 0.57 0.07 0.64 1.05 0.38 1.43
City View ISD(2) Iowa Park CISD(3) Wichita Falls ISD(4) Grand
M&O I&S Total M&O I&S Total M&O I&S Total Total
2011-2012 $ 1.17 $ 0.25 $ 1.42 $ 1.04 $ 0.24 $ 1.28 $ 1.04 $ 0.17 $ 1.21 $ 6.37
2012-2013 1.17 0.25 1.42 1.04 0.24 1.28 1.04 0.17 1.21 6.36
2013-2014 1.17 0.25 1.42 1.04 0.24 1.28 1.04 0.17 1.21 6.34
2014-2015 1.17 0.25 1.42 1.04 0.23 1.27 1.04 0.10 1.14 6.31
2015-2016 1.17 0.25 1.42 1.17 0.16 1.33 1.04 0.19 1.23 6.55
2016-2017 1.17 0.25 1.42 1.17 0.16 1.33 1.04 0.19 1.23 6.84
2017-2018 1.17 0.25 1.42 1.17 0.16 1.33 1.04 0.19 1.23 6.89
2018-2019 1.17 0.25 1.42 1.17 0.16 1.33 1.04 0.18 1.22 6.90
2019-2020 1.07 0.32 1.39 1.07 0.36 1.43 0.97 0.18 1.15 6.84
2020-2021 1.05 0.32 1.37 1.05 0.38 1.43 0.97 0.18 1.15 6.78
Notes:
(1) Burkburnett Independent School District-25%in Wichita Falls city limits
(2) City View Independent School District-90%in Wichita Falls city limits
(3) Iowa Park Consolidated Independent School District-2%in Wichita Falls city limits
(4) Wichita Falls Independent School District-99%in Wichita Falls city limits
121
EXHIBIT H-8
CITY OF WICHITA FALLS, TEXAS
PRINCIPAL PROPERTY TAXPAYERS
CURRENT YEAR AND NINE YEARS AGO
SEPTEMBER 30,2021
2020-2021 2011-2012
Percentage Percentage
Taxable of Total Taxable of Total
Assessed Assessed Assessed Assessed
Taxpayer Value Rank Valuation Value Rank Valuation
Oncor Electric Delivery Co $ 65,216,900 1 1.20% $ 36,786,078 2 0.83%
GGP-Sikes Senter LLC 51,500,000 2 0.94% 49,506,348 1 1.12%
Atmos Energy/Mid-Tex Division 27,710,280 3 0.51% 11,721,246 10 0.26%
Valero Marketing&Supply Co 23,215,606 4 0.43% - N/A 0.00%
Kell West Regional Hospital LLC 17,259,418 5 0.32% 12,847,161 8 0.29%
Quail Creek Crossing Ltd 16,585,000 6 0.30% 15,358,000 6 0.35%
Arbor Creek Apartments LLC 15,873,900 7 0.29% - N/A 0.00%
Wal-Mart Stores Texas LP 14,992,104 8 0.27% 24,597,829 3 0.56%
Burlington Northern&Santa Fe Railroad 14,610,152 9 0.27% - N/A 0.00%
Wal-Mart Stores East Inc 13,089,213 10 0.24% 17,932,134 5 0.40%
Southwestern Bell - N/A 0.00% 19,089,579 4 0.43%
North American Pipe Corp - N/A 0.00% 12,987,822 7 0.29%
Lowe's Home Centers Inc. - N/A 0.00% 12,087,569 9 0.27%
Totals $ 260,052,573 4.77% $ 212,913,766 4.80%
Source:
Wichita Appraisal District
122
EXHIBIT H-9
CITY OF WICHITA FALLS, TEXAS
PROPERTY TAX LEVIES AND COLLECTIONS-
LAST TEN FISCAL YEARS(UNAUDITED)
Collected within the
Taxes Levied Fiscal Year of the Levy Collections Total Collections to Date
Fiscal for the Percentage in Subsequent Percentage
Year Fiscal Year Amount of Levy Years Amount of Levy
2011-2012 $ 27,704,114 $ 27,306,706 98.57% $ 312,734 $ 27,619,440 99.69%
2012-2013 28,362,591 27,906,520 98.39% 293,024 28,199,544 99.43%
2013-2014 28,876,552 28,375,563 98.27% 292,114 28,667,677 99.28%
2014-2015 30,270,748 29,809,308 98.48% 326,955 30,136,263 99.56%
2015-2016 33,644,264 33,124,968 98.46% 403,324 33,528,292 99.66%
2016-2017 34,228,872 33,694,059 98.44% 369,868 34,063,927 99.52%
2017-2018 34,887,074 34,298,367 98.31% 359,338 34,657,705 99.34%
2018-2019 37,037,918 36,347,721 98.14% 367,037 36,714,758 99.13%
2019-2020 40,280,490 39,531,671 98.14% 307,952 39,839,623 98.91%
2020-2021 41,645,982 41,044,294 98.56% - 41,044,294 98.56%
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EXHIBIT H-11
CITY OF WICHITA FALLS, TEXAS
RATIOS OF GENERAL BONDED DEBT OUTSTANDING -
LAST TEN FISCAL YEARS(UNAUDITED)
Governmental Activities Percentage of
General Combination Actual Taxable
Fiscal Obligation Tax and Venue Tax Value of Per
Year Bonds Revenue Bonds Revenue Bonds Total Property Capita
2011-2012 $ 4,116,110 $ 35,503,123 $ - $ 39,619,233 0.89% $ 381.21
2012-2013 5,491,678 51,570,623 - 57,062,301 1.28% 545.78
2013-2014 4,679,866 49,302,503 - 53,982,369 1.19% 514.62
2014-2015 3,850,706 46,710,294 - 50,561,000 1.09% 481.01
2015-2016 16,129,132 31,138,675 - 47,267,807 0.99% 451.42
2016-2017 14,132,973 29,435,100 - 43,568,073 0.90% 416.03
2017-2018 36,285,854 21,261,971 - 57,547,825 1.16% 549.40
2018-2019 33,792,967 19,464,301 - 53,257,268 1.05% 509.27
2019-2020 30,787,806 18,122,209 - 48,910,015 0.93% 467.73
2020-2021 30,787,806 18,122,209 2,635,000 51,545,015 0.94% 492.39
125
EXHIBIT H-12
CITY OF WICHITA FALLS, TEXAS
DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT(UNAUDITED)
SEPTEMBER 30, 2021
Gross Percentage Amount
Governmental Applicable Applicable
Activities to City of to City of
Debt(1) Wichita Falls(2) Wichita Falls
Direct:
City of Wichita Falls $ 56,100,693 100% $ 56,100,693
Overlapping:
Wichita County 67,124,043 100% 67,124,043
Burkburnett Independent School District 40,641,394 25% 10,160,349
City View Independent School District 15,964,914 90% 14,368,423
Iowa Park Consolidated Independent
School District 36,064,891 2% 721,298
Wichita Falls Independent School District 353,887,719 99% 350,348,842
Total overlapping 513,682,961 442,722,954
Total direct and overlapping bonded debt $ 569,783,654 $ 498,823,647
Sources:
(1) Listed taxing jurisdictions
(2) City of Wichita Falls Planning Department calculated based on percentage of taxing entity within the
City of Wichita Falls city limits.
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EXHIBIT H-15
CITY OF WICHITA FALLS, TEXAS
DEMOGRAPHIC STATISTICS-
LAST TEN FISCAL YEARS(UNAUDITED)
Per
Capita
Fiscal Estimated Personal Personal Median Education School Unemployment
Year Population(1) Income Income(2) Age(1) Level Enrollment(3) Rate(4)
2011-2012 103,931 $ 2,330,756,606 $ 22,426 32.4 13.2 14,569 6.9%
2012-2013 104,552 2,499,106,456 23,903 32.5 13.1 14,639 6.2%
2013-2014 104,898 2,336,602,950 22,275 32.5 13.2 15,181 4.9%
2014-2015 105,114 2,397,229,884 22,806 32.5 13.2 15,155 4.4%
2015-2016 104,710 2,394,298,860 22,866 32.5 13.2 15,181 4.8%
2016-2017 104,724 2,395,980,396 22,879 32.5 13.2 15,124 3.4%
2017-2018 104,747 2,597,725,600 24,800 32.8 13.2 15,150 3.1%
2018-2019 104,576 2,439,548,928 23,328 32.9 13.2 15,158 3.0%
2019-2020 104,568 2,558,445,480 24,467 32.9 13.2 15,133 7.0%
2020-2021 104,683 2,546,937,390 24,330 33.1 13.2 14,144 6.5%
Sources:
(1) World Population Review and U.S.Census Bureau
(2) U.S.Census Bureau
(3) Texas Education Agency
(4) Bureau of Labor Statistics
129
EXHIBIT H-16
CITY OF WICHITA FALLS, TEXAS
PRINCIPAL EMPLOYERS
CURRENT YEAR AND NINE YEARS AGO(UNAUDITED)
SEPTEMBER 30,2021
2020-2021 2011-2012
Percentage Percentage
of Total of Total
City City
Employer Employees Rank Employment Employees Rank Employment
Sheppard Air Force Base 8,987 1 12.57% 12,272 1 17.16%
United Regional Health Care System 2,305 2 3.22% 1,778 4 2.49%
Wichita Falls ISD 1,854 3 2.59% 2,059 2 2.88%
Midwestern State University 1,354 4 1.89% 1,284 6 1.80%
City of Wichita Falls 1,223 5 1.71% 1,477 5 2.07%
Wal-Mart-3 locations 1,069 6 1.50% - N/A -
North Texas State Hospital 970 7 1.36% 1,974 3 2.76%
James V.Allred Prison Unit 939 8 1.31% 704 10 0.98%
United Supermarkets-3 locations 823 9 1.15% 971 7 1.36%
Work Services Corporation 791 10 1.11% 730 9 1.02%
Arconic(formerly Howmet Corp.WF) - N/A 0.00% 732 8 1.02%
Totals 20,315 28.41% 23,981 33.54%
Sources:
2020-2021 data is from Wichita Falls Chamber of Commerce.
2011-2012 data is from Texas Workforce Commission.
130
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