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2000 Annual Financial Report CITY OF WICHITA FALLS, TEXAS COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED SEPTEMBER 30, 2000 ISSUED BY: DEPARTMENT OF FINANCE CITY OF WICHITA FALLS, TEXAS COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED SEPTEMBER 30, 2000 TABLE OF CONTENTS Exhibit Page INTRODUCTORY SECTION 11 Letter of Transmittal i-xiv 0 GFOA Certificate of Achievement xv Organizational Chart xvi List of Principal Officials xvii , FINANCIAL SECTION Independent Auditor's Report 1-2 GENERAL PURPOSE FINANCIAL STATEMENTS: Combined Balance Sheet-All Fund Types, Account Groups and Discretely Presented Component Units A-1 3-4 f Combined Statement of Revenues, Expenditures and Changes in Fund Balances-All Governmental Fund Types, Expendable Trust Fund, and Discretely Presented Component Units A-2 5 Combined Statement of Revenues, Expenditures and Changes in Fund Balances- Budget and Actual - General, Special Revenue, and Debt Service Funds A-3 6 Combined Statement of Revenues, Expenses and Changes in Retained Earnings-All Proprietary Fund Types and Nonexpendable Trust Fund A-4 7 Combined Statement of Cash Flows-All Proprietary Fund - Types and Nonexpendable Trust Fund A-5 8 Notes to the Financial Statements 9-42 REQUIRED SUPPLEMENTARY INFORMATION: Texas Municipal Retirement System-Analysis of Funding Progress- Last Ten Plan Years B-1 43 Wichita Falls Firemen's Relief and Retirement Fund-Analysis of Funding Progress B-2 44 COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS: General Fund: Comparative Balance Sheets C-1 45 Statement of Revenues, Expenditures and Changes in Fund Balance- Budget and Actual C-2 46-49 CITY OF WICHITA FALLS, TEXAS COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED SEPTEMBER 30, 2000 TABLE OF CONTENTS (CONT'D.) Exhibit Page COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS (CONT'D.): Special Revenue Funds: Combining Balance Sheet D-1 50 Combining Statement of Revenues, Expenditures and Changes in Fund Balances- Budget and Actual D-2 51 Community Development Block Grant Fund: Comparative Balance Sheets D--3 52 Statement of Revenues, Expenditures and Changes in Fund Balance- Budget and Actual D--4 53 Section 8 Housing Fund: Comparative Balance Sheets D--5 54 Statement of Revenues, Expenditures and Changes in Fund Balance- Budget and Actual D--6 55 Home Investment Partnership Agreement Fund: Comparative Balance Sheets D-7 56 Statement of Revenues, Expenditures and Changes in Fund Balance- Budget and Actual D--8 57 Hotel/Motel Tax Fund: Comparative Balance Sheets D--9 58 Statement of Revenues, Expenditures and Changes in Fund Balance- Budget and Actual D-10 59 Miscellaneous Special Revenue Fund: Comparative Balance Sheets D-11 60 Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual -D-12 61 Debt Service Fund: Comparative Balance Sheets E-1 62 Statement of Revenues, Expenditures and Changes in Fund Balance- Budget and Actual E-2 63 Capital Projects Funds: Combining Balance Sheet F-1 64 Combining Statement of Revenues, Expenditures and Changes in Fund Balances F-2 65 Enterprise Funds: Combining Balance Sheet G-1 66-67 Combining Statement of Revenues, Expenses and Changes in Retained Earnings G-2 68 Combining Statement of Cash Flows G-3 69-70 CITY OF WICHITA FALLS, TEXAS COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED SEPTEMBER 30, 2000 TABLE OF CONTENTS (CONTD.) Exhibit _Page COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS (CONTD.): Internal Service Fund: Combining Balance Sheet H-1 71 Combining Statement of Revenues, Expenses and Changes in Retained Earnings H-2 72 Combining Statement of Cash Flows H-3 73 Trust and Agency Funds: Combining Balance Sheet I-1 74 Comparative Statements of Revenues, Expenditures and Changes in Fund Balances: Excess Sales Tax Expendable Trust Fund 1-2 75 Cemetery Perpetual Care Nonexpendable Trust Fund 1-3 76 Comparative Statements of Cash Flows- Cemetery Perpetual Care Nonexpendable Trust Fund 1-4 77 Agency Funds- Combining Statement of Changes in Assets and Liabilities 1-5 78 Discretely Presented Component Units: Combining Balance Sheet J-1 79 Combining Statement of Revenues, Expenditures and Changes in Fund Balances J-2 80 SUPPORTING SCHEDULES: Combined Schedule of Bonded Debt and Interest Maturities K-1 81 Combined Schedule of Bonds Payable K--2 82-85 Debt Service Coverage- Revenue Bonds K-3 86 General Fixed Assets Account Group—Comparative Schedule of General Fixed Assets and Joint Venture Assets- By Sources K-4 87 General Fixed Assets Account Group- Schedule of Changes in General Fixed Assets and Joint Venture Assets- By Sources K--5 88 General Fixed Assets Account Group- Schedule of General Fixed Assets and Joint Venture Assets- By Function and Activity K-6 89 General Fixed Assets Account Group- Schedule of Changes in General Fixed Assets and Joint Venture Assets- By Function and Activity K-7 90 Golf Fund - Plant, Equipment and Depreciation K--8 91 Municipal Airport Fund-Plant, Equipment and Depreciation K--9 92 Kickapoo Airport Fund—Plant, Equipment and Depreciation K-10 93 Transit Fund - Plant, Equipment and Depreciation K-11 94 Sanitation Fund- Plant, Equipment and Depreciation K-12 95 Water and Sewer Fund- Plant, Equipment and Depreciation K-13 96 Fleet Maintenance Fund- Plant, Equipment and Depreciation K-14 97 Wichita Falls Economic Development Corporation—Schedule of Changes in General Fixed Assets K-15 98 CITY OF WICHITA FALLS, TEXAS COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED SEPTEMBER 30, 2000 TABLE OF CONTENTS (CONTD.) Exhibit Pale STATISTICAL SECTION (UNAUDITED) General Governmental Expenditures by Function (General Fund Only) - Last Ten Fiscal Years L-1 99 General Governmental Revenues by Source (General Fund Only)- Last Ten Fiscal Years L--2 100 Property Tax Levies and Collections-Last Ten Fiscal Years L-3 101 Assessed and Estimated Actual Value of Taxable Property- Last Ten Fiscal Years L--4 102 Property Tax Rates and Tax Levies-Direct and Overlapping Governments- Last Ten Fiscal Years L-5 103 Ten Largest Taxpayers L--6 104 Special Assessment Collections (Capital Improvement Assessments Fund) - Last Ten Fiscal Years L-7 105 Computation of Legal Debt Margin L--8 106 Ratio of Net General Bonded Debt to Assessed Value and Net General Bonded Debt Per Capita- Last Ten Fiscal Years L--9 107 Ratio of Annual Debt Service Expenditures for General Bonded Debt to Total General Governmental Expenditures- Last Ten Fiscal Years L-10 108 Computation of Direct and Overlapping General Bonded Debt L-11 109 Revenue Bond Coverage-Water and Sewer Revenue Bonds- Last Ten Fiscal Years L-12 110 Demographic Statistics- Last Ten Fiscal Years L-13 111 Property Value, Building Permits and Bank Deposits- Last Ten Fiscal Years L-14 112 Miscellaneous Statistical Data L-15 113 Schedule of Insurance Coverage L-16 114-118 Graphics: Cash and Investments M--1 119 Total Bonds Payable M--2 120 General Obligation Bonds Payable M--3 121 Revenue Bonds Payable M--4 122 General Fund Equity M-5 123 Comparison of Tax Levy and Collections M--6 124 Revenues By Source- FYE 9/30/00 M-7 125 Expenditures By Function - FYE 9/30/00 M--8 126 General Governmental Revenues (General Fund Only) M--9 127 General Governmental Expenditures(General Fund Only) M-10 128 NM. 1 Wichita TE,UkS I 111 I I I11111, I ; �1 r M 1 INTRODUCTORY SECTION If .r w Wichit , s PAs February 19, 2001 The Honorable Mayor, Members of the City Council, City Manager and Citizens of Wichita Falls, Texas I am pleased to submit herewith, the Comprehensive Annual Financial Report of the City of Wichita Falls, Texas for the fiscal year ended September 30, 2000. The purpose of this report is to provide the City Council, City Manager, citizens and other interested parties with detailed information concerning the financial condition of the City of Wichita Falls. In addition, this report provides assurance that the City presents fairly its financial position as verified by independent auditors. COMPREHENSIVE ANNUAL FINANCIAL REPORT The Comprehensive Annual Financial Report of the City of Wichita Falls, Texas, for the year ended September 30, 2000, was prepared in accordance with accounting principles as promulgated by the Governmental Accounting Standards Board (GASB). The general purpose financial statements and related notes have been audited by the independent audit firm of Mathis, West, Huffines & Co., P. C., whose report is included herein. Responsibility for both the accuracy of the presented data and the completeness and fairness of the presentation, including all disclosures, rests with the City. We believe the data, as presented, is accurate in all material aspects; that it is presented in a manner designed to fairly set forth the financial position and results of operation of the City as measured by the financial activity of its various funds; and that all disclosures necessary to enable the reader to gain understanding of the City's financial activities have been included. The Comprehensive Annual Financial Report of the City of Wichita Falls, Texas, is reported in three sections; introductory, financial and statistical. The introductory section includes this transmittal letter, Certificate of Achievement for Excellence in Financial Reporting, the government's organizational chart and a list of principal City officials. The financial section includes the independent auditors' report, general purpose financial statements and related notes, required supplementary information, and combining and individual fund and account group financial statements and schedules. The statistical section includes selected financial and demographic information, generally presented on a multi-year basis. 1300 7th Street P.O.Box 1431 Wichita Falls,Texas 76307 GENERAL INFORMATION - CITY OF WICHITA FALLS, TEXAS The City of Wichita Falls is located 15 miles south of the Red River/Oklahoma border at the intersection of Interstate 44 and U.S. Highway 287 and is equidistant from Dallas and Oklahoma City, approximately 125 miles. Wichita Falls is the county seat of Wichita County and the major population center in North Texas, serving a trade area which extends into southern Oklahoma. Wichita Falls has a strong international presence, unique for a city of its size and location. Sheppard Air Force Base maintains the Euro-NATO jet pilot training ' program; there is considerable international investment in the area's manufacturing base; and Midwestern State University has significant foreign student representation. Principal employers within the city manufacture fiberglass reinforcements, glass, automotive parts, laundry equipment, hand tools, and pipe. Wichita Falls State Hospital, Midwestern State University, and Sheppard Air Force Base are also large employers located within the city. The 2000 population estimate is 106,000, an increase of 10.12% over the 1990 population of 96,259. CITY SERVICES AND THE REPORTING ENTITY The City of Wichita Falls utilizes a Council-Manager form of government and is organized under the Constitution and Laws of the State of Texas. The City Council is comprised of five members elected from separate districts, and a Mayor and one member elected by the citizens at-large. The City Council appoints the City Manager, City Attorney, Municipal Court Judge and City Clerk. All other staff members work under the direction of the City Manager. The City provides on a continuing basis a full range of basic municipal services including: I public safety (police, fire and building inspection); highways, streets and engineering; health and welfare services; parks, recreation and cemeteries; library services; public improvements; planning and zoning; and general administrative services. In addition, the City provides water, sewer, sanitation and transportation services for its citizens. This report includes all funds and account groups of the City of Wichita Falls and all of its component units in accordance with Governmental Accounting Standards Board (GASB) Statement No. 14, which defines the criteria for inclusion of other agencies, institutions, commissions, public authorities, or other governmental organizations in the reporting entity's general purpose financial statements. Four legally separate organizations, for which the City is financially accountable, were included in this report as component units. The Wichita Falls Economic Development Corporation, Wichita Falls 4B Sales Tax Corporation, and the Wichita Falls Reinvestment Zone #1 are reported as discretely presented component units. The Employee Benefit Trust Fund is reported as a blended component unit. ' The Wichita Falls Firemen's Relief and Retirement Fund was evaluated, but it did not meet the criteria of financial interdependency, and therefore, was not included in the report. This , organization has substantial autonomy, separate governmental entity characteristics and is governed by a separate board. Also, it is not funded by the City, and the City is not obligated to finance any deficits it may incur or guarantee its indebtedness. ii , ECONOMIC CONDITION AND ACTIVITY Manufacturing plays a vital role in the area economy. Wichita Falls has over 185 manufacturing firms representing approximately 14% of total employment within the city and generating in excess of $240 million in annual payroll. Large durable goods manufacturing comprises almost 75% of the area's manufacturing employment base including metal fabrication, industrial and commercial machines and equipment, and assorted plastic, glass, and fiberglass products. The remaining manufacturing jobs are in the processing of non- durable goods such as food, printing materials and garments. Seven of the local manufacturers are operated by Fortune 500 companies or their subsidiaries. Four area manufacturing facilities are foreign-owned, representing France, Sweden, and Switzerland. The community has benefited in recent years through several major industrial expansions that have contributed in excess of$180 million in new manufacturing investments. Another indicator of economic condition is income from the local sales and use tax. The sales tax rate in the city is two percent. Income from this tax increased for the City by $1,725,193, or 8.89% over the 1998-99 fiscal year. Residential and Commercial Expansion. The City of Wichita Falls continued to perform strongly in the area of new construction. The total value of new residential construction permits for the 1999-00 fiscal year was $27,180,546, which is an increase of $9,605,546 or 54.65% from the prior year. Commercial real estate transactions and new construction over the last year have also been extremely healthy. Although the value of building permits for commercial construction and expansion decreased 24.40% from the prior year, activity remained strong at a total value of $39,074,995. The following entities announced expansion, new construction or consolidations in excess of$1,000,000 in value during the 1999-00 fiscal year: • Cerbay Company. A total of 26,000 sq. ft. with an estimated cost of$1,035,000. • The Budget Reservation Services, Inc. A total remodel of 37,500 sq. ft. with an estimated cost of$1,000,000. • First Presbyterian Church Activity Building. A total of 15,000 sq. ft. with an estimated cost of$1,000,000. ■ Fountain Park Retail. A total of 48,000 sq. ft. with an estimated cost of$2,450,000. ■ Cingular Wireless. .A_total..of.100,000 sq. ft. with.a estimated cost of$10,000,000. MAJOR INITIATIVES For The Year. The City of Wichita Falls has identified programs to meet citizen's requests for services and to safeguard the environment. Funds continued to be expended in the Sanitation Fund for a one-time project to provide for expansion of the landfill facility and to iii begin aerial filling. When completed, approximately $1.4 million will be expended for engineering services to assist the City in the landfill permit modification as required by the Texas Natural Resources Conservation Commission. In addition, approximately $400,000 , will be used to acquire nearly 180 acres of land and to construct a fence around the land. This landfill expansion and the amendment to begin aerial filling will provide for nearly 100 years of future landfill use. During the 1999-00 fiscal year, the City utilized approximately $1.1 million of Federal 111 Aviation Administration Entitlement Funds and $500,000 of Municipal Airport Equity Funds to purchase Kickapoo Downtown Airpark, a privately owned and operated airport located in the southeast portion of the city. A few years ago, the owners of this airport indicated that I they no longer wanted to operate the airport, which put Wichita Falls' private aircraft operation in jeopardy. Recognizing the significance that this airport had on the economic and business community,the City purchased the facility and began operations on June 1, 2000. At September 30, 2000, the cash and cash equivalents in this enterprise fund was $49,120 and the net income was $22,558. In September 2000, the City began operations of three newly constructed fire stations. The fire stations were constructed with sales tax receipts of the Wichita Falls 4B Sales Tax Corporation, one of two non-profit corporations formed as a result of the 1997 election when voters approved additional sales tax for economic development and infrastructure improvements. The cost of the fire station construction project was approximately $2.5 111 million and was designed to remove four older stations from service and replace them with the three new facilities at more strategic locations. The new stations will improve the City's response time to all areas of the city, and with one fewer station, allow the City to improve staffing assigned to each engine company, increase personnel assigned to departmental training, and increase clerical staff. It also resulted in a considerable budgetary cost savings in the 2000-01 budget, because several higher ranking positions were reclassified as firefighters at lessor salaries. In addition, having more staff assigned to each engine company will allow the department to reduce overtime costs significantly. Once fully implemented, it is estimated that this reorganization will save the City approximately $190,000 annually in personnel ' costs. It will also result in cost savings for equipment maintenance and utility expenses. The City Council adopted a water rationing ordinance that becomes effective automatically - ' when the City's water supply reaches 50% of capacity. The ordinance restricts outdoor watering to once a week based upon geographic locations, restricts the time of day for watering to early morning or late evening hours, eliminates car washing at homes, and places heavy surcharges on customers for high water use. All of these measures were effective in reducing water consumption during the summer months when the City was experiencing drought conditions and water supply shortages. The City has a very aggressive economic development program that includes the use of enterprise zones, tax abatement, tax increment financing, economic development sales tax incentives, and non-annexation agreements for economic development incentive programs. During the 1999-00 fiscal year, Wichita Falls has been very successful in attracting several I new businesses and retaining and expanding existing businesses in the community. Some of the major economic development projects for the year include: iv I Cryovac, a division of Sealed Air, announced in November of 2000 that it is converting a warehousing facility in Wichita Falls to manufacturing to take advantage of a new fast growing market in food packaging. The new facility should be in operation during the second half of 2001. The company will be hiring about 70 people initially and they have plans for several expansions. Blue Cross and Blue Shield of Texas arrived in Wichita Falls in the Summer of 1998 to process insurance claims and answer customer's questions regarding the status of their claims. Their presence in Wichita Falls is a result of growth relating to a merger with Blue Cross and Blue Shield of Illinois. They currently employ 350 customer service and claims processors. They will be adding 65 new claims processing positions and three supervisory positions during 2001 which will bring their total employment up to 418. Budget Reservation Services, Inc. established one of five worldwide reservation centers in Wichita Falls and began taking calls in January of 2000. Their reservation agents receive calls from business travelers and families needing to rent cars, trucks and/or vans. The center receives calls 7 days a week, 24 hours a day. They currently have over 300 reservation agents during their peak Spring and Summer season. Covercraft Industries, located in the former Levi Strauss building, began operations in May of 2000. Covercraft manufactures custom covers for cars, motorcycles, and watercraft. They also make seat covers, front-end covers, and assorted accessory items for new car manufacturers. The new operation's home office is in Pauls Valley, Oklahoma and currently has over 50,000 patterns of custom fitted covers in production. With 100 jobs in Wichita Falls and an operation in Mexico, Covercraft is the largest manufacturer of custom car covers. MagicAire, a division of the Carrier Corporation has manufactured air conditioning equipment in Wichita Falls for over 50 years. In the fall of 2000 they announced that Carrier Corporation asked them to begin manufacturing a new air conditioning unit to be used in high-rise office buildings. This new contract will create 15 jobs, five of which will be in engineering and design. Production for the new units will begin in mid 2001. Cerbay Company manufactures fiberglass reinforcement fabrics using the filaments produced by Vertrotex America, another local manufacturer. The process resembles a clothing loom.with hundreds of fiber being woven into the finished product. The company added 26,000 square feet in the Summer.of 2000 and installed three new production lines. Cingular Wireless (formerly Southwestern Bell Wireless) began receiving their first customer service calls in October of 2000. The company built a 100,000 square foot, two story office building in the heart of Wichita Falls' emerging commercial corridor. Customers with wireless telephone service call the center when they have questions v about their bill, credit terms, or their telephone system. Theywill complete the initial hiring of 720 people early in 2001. For The Future. The City Council authorized the use of 4B Sales Tax Corporation Funds for architectural/consulting services to prepare for the construction of a police-fire training center. The City's existing public safety training facilities are obsolete and inadequate. The proposed plan is to construct a state-of-the-art training center that will improve coordinated training efforts in the City's public safety programs. At present, preliminary cost estimates indicate that the project will exceed $3.5 million. On January 20, 2001, the voters of the city approved the issuance of $7 million in General . .� Obligation Bonds to partially fund the cost of a $20 million coliseum as the third phase of the Multi-Purpose Events Center. The finance plan calls for the use of approximately $8 million of existing cash reserves in various City funds, $5 million in private contributions, and $7 million in bond proceeds. The debt service for the bonds is to be paid annually with funds from the Hotel/Motel Fund, Tax Increment Financing Fund and contractual payments from the West Texas Utilities Company. Construction is expected to take 18 months to complete with ground breaking in the Spring of 2001. In the Fall of 2000, the City Council authorized the establishment of a Storm Water Drainage ' Utility System. This system, which takes effect on May 1, 2001, provides a funding mechanism for drainage improvements in the city as allowed under Chapter 402, Subchapter C of the Texas Local Government Code. The system is designed to assign a fair and equitable charge to the public for storm water drainage management services including capital improvements. The fee is based upon the impervious area of all real property, whereby each residential water customer is assessed for one Single Family Living Unit Equivalent (SFLUE) at $1.50 each month, and each commercial customer pays a multiplier of the SFLUE based upon the impervious area of their property. The charges will be included in the normal ' water/sewer bill for collection and the proceeds will be deposited into an enterprise fund to be used exclusively for drainage improvement projects. It is estimated that this system will generate approximately $1.5 million annually. I Financial planning is underway that will involve the issuance of approximately $118 million of Water and Sewer System Revenue Bonds for major improvements to the City's water supply and treatment capabilities. The engineering and design for these improvements are in progress at a budgeted cost of $7.6 million. Once completed, the water system will be 111 enhanced to meet new EPA regulations, increase water supply by 37 million gallons per day, and increase treatment capabilities by 20 million gallons per day. Water and sewer rates were increased significantly in February 2001 to put in place a rate structure that is sufficient to meet the anticipated debt service coverage requirements for the new debt. It is anticipated that the bonds will be issued in the Summer of 2001, and construction is expected to be completed 24 to 36 months thereafter. ' Another significant project underway, is the replacement of the City's HVAC system in Memorial Auditorium/City Hall. This system is over 35 years of age and will be replaced ' with more energy efficient and updated equipment. An additional part of the energy project includes retrofitting lights and other equipment with more efficient systems. In the 2000-01 vi budget, approximately $1 million of General Fund Reserves were appropriated for this project. The project is a guaranteed pay back project from energy savings and cost avoidance over a ten year period. FINANCIAL INFORMATION In developing and evaluating the City's accounting system, consideration is given to the adequacy of internal control as deemed appropriate by the City Manager. Internal control is designed to provide reasonable, but not absolute, assurance regarding: (I) the safeguarding of assets against loss from unauthorized use or disposition; and (2) the reliability of financial records for preparing financial statements and maintaining accountability for assets. The concept of reasonable assurance recognizes that the cost of a control should not exceed the benefits likely to be derived and the evaluation of costs and benefits requires estimates and judgments by the City Manager. All internal control evaluations occur within the above framework. The City believes that its internal control adequately safeguards assets and provides reasonable assurance of proper recording of financial transactions. The Annual Operating Budget is proposed by the City Manager and approved by the City Council following public discussion. Budgetary control is maintained at the class level by the Finance Department within each division by the encumbrance of estimated purchase amounts prior to the release of purchase orders to vendors. Purchase orders which result in an overrun of class level balances are not released until additional appropriations are made available. In instances when budgetary transfers are necessary, management control of the operating budget is maintained at the fund and department level. Transfers within a department of the same fund must be approved by the City Manager. Transfers across departments or funds must be approved by the City Council. Unencumbered appropriation balances lapse at year end and are not carried forward to new budget periods. Open encumbrances are reported as reservations of fund balance at September 30, 2000, and related appropriations are carried forward to the new fiscal year through a supplemental budgetary allocation. GOVERNMENTAL FUND TYPES General Fund (Revenues) Revenues in the General Fund totaled $41,828,653 in the 1999-00 fiscal year, an increase of 5.57% from the 1998-99 fiscal year. Much of this increase is due to increases in ad-valorem, sales and franchise taxes as a result of.strong economic.activity and the growth that was mentioned earlier in this transmittal letter. Additionally, revenues received from fines and forfeitures of the Municipal Court, and licenses and permits in various departments increased as well. One significant reduction in revenues is reflected in charges for services, principally due to the discontinuation of an agreement to provide school nursing services for the Wichita Falls Independent School District. vii 1 Increase General Fund Percent (Decrease) Revenue Source Amount of Total Over Prior Year Taxes $36,460,971 87.17 $2,451,729 I Charges For Service 1,733,552 4.14 (546,442) Licenses and Permits 660,715 1.58 124,726 Fines and Forfeitures 1,417,891 3.39 229,964 Intergovernmental Revenue 46,985 .11 (14,797) Contributions 0 .00 (12,155) Miscellaneous Revenue 1,508,539 3.61 (24,961) I TOTALS $41,828,653 100.00 $2,208,064 I Assessed valuation, which is based upon 100% of market value, was $3,053,895,661, an increase of 7.82% from the prior year. Current tax collections totaled $15,690,461 or 97.36% I of the total levy. The ratio of total collections (current and delinquent) to the tax levy was 100.29%. The total property tax levy for the 1999-00 fiscal year was $16,115,557. Allocation of the property tax levy by purpose for the year ended September 30, 2000, and the preceding two fiscal years was as follows: 1 Purpose 1999-00 1998-99 1997-98 General Government $14,006,613 $12,424,274 $11,745,382 I Debt Service 2,108,944 2,101,875 2,102,655 I TOTALS $16,115,557 $14,526,149 $13,848,037 I The City is permitted by its Home Rule Charter to levy taxes up to $2.25 per $100 of assessed I 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, 2000, was $.55194 per $100, which means that the City has a tax I margin of$1.69806 per $100, and could-raise up to $51,856,981 additional tax revenue a year from the present assessed valuation of$3,053,895,661 before the limit is reached. General Fund (Expenditures) , The increase or (decrease) in levels of General Fund expenditures for major functions of the I City over the preceding year is shown in the following tabulation: viii I Increase Percent (Decrease) Function Amount of Total Over Prior Year Administrative Services $ 6,980,200 16.04 $ 664,467 Police 13,159,401 30.24 1,148,543 Fire 8,367,462 19.23 485,830 Parks and Recreation 3,072,384 7.06 175,429 Finance 1,331,432 3.06 30,659 Community Development 1,058,585 2.43 10,383 Public Works 5,799,148 13.32 984,209 Health 2,050,913 4.71 (290,212) Traffic and Transportation 1,553,984 3.57 (7,820) Capital Outlay 144,788 .33 (154,524) Debt Service 2,811 .01 104 TOTALS $43,521,108 100.00 $ 3,047,068 Expenditures in the General Fund totaled $43,521,108, an increase of 7.53°A) from the 1998-99 fiscal year. This increase is reflected primarily in five departments: (1) the Administrative Services Department incurred considerably more expenses than the prior year for health insurance and workers compensation claims, the roof was replaced at the Central Fire Station, significant facility maintenance efforts were made at the Police Department, and higher maintenance costs were incurred for the HVAC system of the Memorial Auditorium; (2) the Police Department experienced higher personnel related expenses because citizens voted to approve a 15% pay increase for commission police officers and higher payments for health insurance claims were incurred; (3) the Fire Department incurred higher personnel costs due to a 7.5% pay increase for civil service positions and higher health insurance claims; (4) the Parks Department Budget included expenses to reconstruct the surface of four tennis courts; and (5) the Public Works Department reflects an increase in expenditures primarily because a large commitment for the 1999 Street Overlay Program was encumbered at the end of the 1998-99 fiscal year and expenditures for that encumbrance were not incurred until the 1999-00 fiscal year. In addition, the Public Works Department experienced higher contributions to the City's Health Insurance Fund and higher costs for materials for street repairs. Special Revenue Funds Special Revenue Funds are used to account for the proceeds of specific revenue sources (other than expendable trust funds or major capital projects)that are legally restricted to be expended for specified purposes. The Hotel/Motel Tax Fund is a Special Revenue Fund that accounts for revenues from the City-imposed tax of 7% on rental of hotel/motel rooms within the city. Revenues in this fund were $1,087,649 compared to $1,036,225 in the prior year, an increase of 4.96%. Expenditures from this fund are for programs designed to promote tourism in the community. ix Expenditures were $825,837, a reduction of 6.52% from theprior year, primarily because a p lower contribution was made to the Multi-Purpose Events Center Project. The Community Development Block Grant Fund, Section 8 Housing Fund, and Home Investment Partnership Agreement Fund, which are used primarily to subsidize rents, housing payments, and other programs for lower income families within the City, are also included as Special Revenue Funds. During the 1999-00 fiscal year, financial activity of these funds remained relatively unchanged from the prior year. ' 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. There are also numerous funds accounted for in the Miscellaneous Special Revenue Fund that are grant related funds. Revenues in this fund increased considerably from the prior year primarily because considerable increases were reflected in intergovernmental revenue for the purchase of Kickapoo Downtown Airpark and for capital purchases for the City's Transit System. J Capital Projects Funds P The Capital Projects Funds are used to account for all resources used for the acquisition of capital facilities except those financed by general and enterprise funds. At the end of the fiscal year, completed projects are transferred to the General Fixed Asset Account Group. During the 1999-00 fiscal period, expenditures from the Capital Projects Funds amounted to $3,096,011 principally for the Fire Station Consolidation Project and McGrath Creek Flood Control Project. Fund balance in the Capital Project Fund as of September 30, 2000, totaled $5,623,807. ' PROPRIETARY FUNDS Water And Sewer Fund The Water and Sewer operations for the past three years are presented in the following tabulation: ' 1999-00 1998-99 1997-98 Operating Revenues $20,415,672 $21,371,568 $20,423,911 Operating Expenses 16,825,909 16,806,193 15,812,665 ' Operating Income $ 3,589,763 $ 4,565,375 $ 4,611,246 ' Operating revenues in the 1999-00 fiscal year were lower than in the prior year primarily because the City adopted a water drought ordinance that placed mandatory restrictions on the use of water during drought conditions. Operating expenses remained relatively unchanged from the prior year. ' x ' Golf Fund The City began operations and maintenance of Weeks Park Golf Course in January of 1997. Previously, operations and maintenance responsibilities were those of a private golf management firm through a contract relationship with the City. Operating revenues of the Golf Fund for the year ended September 30, 2000, were $789,622, an increase of$24,108, or 3.16% from the prior year. Operating expenses for the Golf Fund were $714,920, a reduction of$3,439 from the prior year, resulting in an operating income of$74,702. Municipal Airport Fund Operating revenues of the Municipal Airport for the year ended September 30, 2000, were $329,533 compared to $347,113 in the prior year. Operating expenses were $358,154 compared to $338,293 in the prior year, an increase of 5.87%. The primary reason for this increase in expenses is because the roof and ceiling tile at the terminal building were replaced in the 1999-00 fiscal year. It should also be noted that an operating transfer was made from this fund in the amount of $538,083 for the matching requirement of an FAA Entitlement Grant for the purchase of Kickapoo Downtown Airpark. As a result, there was a significant reduction in the cash position of this fund in the amount of$460,419. Ending cash and cash equivalents as of September 30, 2000 was $170,102. Kickapoo Airport Fund This fund was created during the 1999-00 fiscal year to account for the financial activity of the Kickapoo Airport, that was purchased from the private sector during the fiscal year. As mentioned previously, in the first four months of operation, the fund ended with $49,120 of cash and cash equivalents and a net income of$22,558. Transit Fund The Transit Fund accounts for the operation of the Wichita Falls Transit System. This system is supported from passenger fees, subsidies from the General Fund and intergovernmental revenue from the Federal Transit Administration and the Texas Department of Transportation. Operating revenues from passenger fees totaled $176,457, an increase of 16.96% from the prior year. Operating expenses were $973,574, which is an increase of 22.81% from 1998-99. Although intergovernmental revenue increased significantly to partially offset this operating loss, it was necessary to increase the operating subsidy from the General Fund by $38,205 from the prior year. Sanitation Fund Sanitation revenues for the year ended September 30, 2000, were $8,671,649, a decrease of 8.03% from the prior year. Much of this reduction was primarily because the landfill received much less water plant sludge and landfill fees from large commercial accounts were lower than in the prior year. Operating expenses were $8,083,571, an increase of $1,420,054, or 21.31% from the prior year. This increase is primarily because costs associated with a new landfill cell liner were incurred in the 1999-00 fiscal year. Internal Service Funds The City uses Internal Service Funds to account for the financing of goods or services provided by one department or agency to other departments or agencies of the City on a xi cost-reimbursement basis. The Fleet Maintenance Fund and the Employee Benefit Trust Fund are included in the financial statements as Internal Service Funds. The Fleet Maintenance Fund is used for improved maintenance of the vehicle fleet. Divisions which use the vehicles and equipment are charged a monthly rental fee. Total operating revenues for the year ended September 30, 2000 were $6,039,562 compared to $6,073,476 in 1998-99 fiscal year. The Employee Benefit Trust Fund is used to account for and administer group health insurance, which is self-insured by the City, and life insurance for employees and covered dependents. Operating revenues for the Employee Benefit Trust Fund for the year ended _, September 30, 2000, were $5,411,689, an increase of 7.08% from the prior year. The increase in revenues is principally due to an increase in the contributions from the various City operating funds to cover an increase in the cost for medical care and prescription medicine. , Operating expenses in fiscal year 2000, were $5,325,392, an increase of 5.45% from the prior year. FIDUCIARY FUNDS Fiduciary Funds are set up for the purpose of accounting for money and property received , from non-enterprise fund sources and held by a governmental unit in the capacity of trustee, custodian, or agent for individuals, governmental entities and non-public organizations. Included in the Fiduciary Funds are the Excess Sales Tax Fund, Cemetery Perpetual Care Fund, Payroll Fund and the Escheatment Fund. DEBT ADMINISTRATION Outstanding general obligation bonds at September 30, 2000, totaled $13,705,000 and are considered to be direct tax supported debt. The ratio of net bonded debt to assessed valuation and the amount of bonded debt per capita are useful indicators of the City's debt position to municipal management, citizens and investors. The data for the 1999-00 fiscal year were as follows: Ratio of Debt 1 Net Direct To Assessed Debt Per Bonded Debt Value Capita $12,119,429 .40% $113 1 1 xii ' 1 The current underlying bond ratings are as follows: Moody's Investors Standard & Service Poor's General Obligation Bonds Al AA Water and Sewer Revenue Bonds A2 A+ TREASURY MANAGEMENT Cash which was temporarily idle during the year, including debt retirement funds, operating funds, and bond proceeds, was invested in public fund investment pools and U. S. government securities. RISK MANAGEMENT During 1999-00, the City of Wichita Falls continued a risk management program for worker's compensation. Various risk control techniques, including employee accident prevention training, have been utilized during the year to minimize accident-related losses. OTHER INFORMATION Independent Audit The City Charter requires an annual audit of the books of account, financial records, and transactions of all administrative departments of the City by Certified Public Accountants. The accounting firm of Mathis, West, Huffines & Co., P.C. was selected by the Mayor and City Council to satisfy this charter requirement. The auditors' report on the general purpose financial statements and combining and individual fund statements and schedules is included in the financial section of this report. In addition to meeting the requirements set forth in the City Charter, the audit also was designed to meet the requirements of the federal Single Audit Act Amendments of 1996 and related OMB Circular A-133, and the State Single Audit Act. These reports are issued under separate cover. Awards The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the City of Wichita Falls for its comprehensive annual financial report (CAFR) for the fiscal year ended September 30, 1999. The Certificate of Achievement is a prestigious national award recognizing conformance with the highest standards for preparation of a state and local government financial report. In order to be awarded a Certificate of Achievement, a government must publish an easily readable and efficiently organized comprehensive annual financial report, whose contents conform to program standards. The CAFR must satisfy both generally accepted accounting principles and applicable legal requirements. xiii A Certificate of Achievement is valid for a period of one year only. We believe our current report continues to conform to the Certificate of Achievement program requirements, and we are submitting it to GFOA to determine its eligibility for another certificate. Acknowledgments ' Our appreciation is extended to the various elected officials, department heads and employees responsible for the fair presentation of the comprehensive annual report and for contributing to the sound financial position of the City of Wichita Falls. The City of Wichita Falls has been blessed with a group of persons who appreciate and respect principles of fiscal restraint and propriety. In particular, I would like to acknowledge the special efforts of the Department of Finance employees who contributed directly to the development of this report. The continuing support of Wichita Falls' elected officials and City Manager, who remain committed to fiscal integrity and financial leadership, is likewise appreciated. ' Respectfully submitted, pv; Jim Dockery ' Director of Finance , i , , , 1 i xiv i Certificate of Achievement for Excellence in Financial Reporting Presented to City of Wichita Falls, Texas For its Comprehensive Annual Financial Report for the Fiscal Year Ended September 30, 1999 A Certificate of Achievement for Excellence in Financial Reporting is presented by the Government Finance Officers Association of the United States and Canada to government units and public employee retirement systems whose comprehensive annual financial reports (CAFRs) achieve the highest standards in government accounting and financial reporting. `�qGE OFFj�f9 (2144-4--WED •�EU STATES / / ANO CdPOR ATAl)N ` "resident Alt SG An. �o�• CNv60 /Jy/� csee Executive Director xv o I. E. <o �^ z F � z z Cal p q 0 F z e �r z x .7 a a Yx OQ U �aawa UU0. U I- O P� AW x U ZCal 1 F 0. WWzUO • Cal 4.1 9w z00 crl z mz W axtoFigs - (^ E- Cal O xUIX 0 OV Z x y 4 XZ I6 • T. V] W W fC 0 °0 x °1 0 Z ii -rrr Q g - , p. IX w � x a �... 0 W .7 VV y a 0.�"q U 1 1 U Q C7 U W W W �,,, O `� rs �y ^ ` ► W �U �Z x <U y .�. .�� E 6 — ?a 9 W . O ' g z " P o 11 W • M r� � z 6 51 vWiQ cum wa m vWi " " a UO �W _ g w N il �Uw a rq zIX a07 W • - ..—r • PC W g I 00 a zz 0 W c F o 0 El I U 4W V1 I0. La 0 W iz z 1RP aI C. E- 0 . F.W UE r0,Oa o� I ?V-, 0 yy a0. m .111 PI mx U UU i a 0. Cl W s z aNz W N CA Z 4y 0. Eg l'iRUO r a U^a, `� a w z W a a r ,m,r XVi CITY OF WICHITA FALLS, TEXAS LIST OF PRINCIPAL OFFICIALS SEPTEMBER 30, 2000 Title Name Mayor Gerald Lueck Mayor Pro-Tern Dan Shine City Council Member James Esther, Jr. City Council Member Bill Altman City Council Member Johnny Bums City Council Member Harold Hawkins City Council Member Arthur Bea Williams City Manager James Berzina City Attorney Gregory Humbach Municipal Court Judge Larry Gillen City Clerk Lydia Torres Assistant City Manager Robert Powers Director of Aviation, Traffic and Transportation Robert Parker Director of Finance Jim Dockery Director of Community Development David Clark Director of Public Health Barbara Clements Police Chief Ken Coughlin Fire Chief Ronnie James Director of Parks and Recreation Jack Murphy Director of Public Works and Public Utilities George Bonnett, P.E. xvii �}.y� � Twicnica EXAS\\� I MATHIS,WEST, HUFFINES & CO., P.C. Capital Center• Indiana at Seventh ..`.. aiCla Certified Public Accountants P.O.Box 97000•Wichita Falls,Texas 76307-7000 ' " 723-1471 • FAX(940) Email mwtemwhpc.com • www.mwhpc.com NEEMENN Independent Auditor's Report The Honorable Mayor and Members of the City Council City of Wichita Falls,Texas We have audited the accompanying general purpose financial statements of the City of Wichita Falls, Texas, as of and for the year ended September 30, 2000, as listed in the table of contents. These financial statements are the responsibility of the City's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the general purpose financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the general purpose financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall general purpose financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the general purpose financial statements referred to above present fairly, in all material respects, the financial position of the City of Wichita Falls, Texas, at September 30, 2000, and the results of its operations and the cash flows of its proprietary fund types and nonexpendable trust funds for the year then ended, in conformity with generally accepted accounting principles. In accordance with Government Auditing Standards, we have also issued under separate cover our report dated February 1, 2001, on our consideration of the City of Wichita Falls, Texas' internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts and grants. The information listed as required supplementary information in the table of contents is not a required part of the general purpose financial statements, but is supplementary information required by the Governmental Accounting Standards Board. We have applied certain limited procedures, which consisted principally of inquiries of management regarding the methods of measurement and presentation of the required supplementary information. However, we did not audit the information and express no opinion on it. 1 Our audit was conducted for the purpose of forming an opinion on the general purpose financial statements taken as a whole. The combining and individual fund financial statements and the supplementary information listed as supporting schedules in the table of contents are presented for purposes of additional analysis and are not a required part of the general purpose financial statements of the City of Wichita Falls, Texas. The information has been subjected to the auditing procedures applied in the audit of the general purpose financial statements and, in our opinion, is fairly stated in all material respects in relation to the general purpose financial statements taken as a whole. The supplementary information in the statistical section as listed in the table of contents has not been audited by us, and we do not express an opinion on it. 414.:51 Wes+, i-66-/A45 7 MATHIS, WEST, HUFFINES &CO., P.C. Wichita Falls,Texas February 1, 2001 4yy €µFz: 2 �r i 1 1 * Wichita' TEXAS CITY OF WICHITA FALLS, TEXAS COMBINED BALANCE SHEET-ALL FUNDS TYPES,ACCOUNT GROUPS AND DISCRETELY PRESENTED COMPONENT UNITS SEPTEMBER 30,2000 WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 1999 Governmental Fund Types Proprietary Fund Types Special Debt Capital Internal General Revenue Service Projects Enterprise Service ASSETS AND OTHER DEBITS :sets: Cash and cash equivalents $ 271,877 $3,266,808 $ 1,578,789 $6,907,179 $ 19,624,091 $ 1,233,834 Investments 8,971,304 - - - 4,500,824 Receivables(net of allowance for uncollectible accounts): Taxes and assessments 742,221 82,540 134,165 - - - Customer and trade - - - - 3,364,348 - Other City funds 500,000 - - - 398,032 - Component unit - - - 362,385 - - Government agencies 2,600,253 3,151,144 16,341 - 43,645 - Other 845,828 4,376 - - 114,051 9,237 Inventory 40,479 - - 14,885 828,063 669,632 Prepaid items 59,224 18,608 - - 5,969 4,494 Restricted assets: Cash and cash equivalents - - - - 19,732,672 - Investments - - - 4,500 - Receivables: Other - - - - 96,303 - Plant and equipment: Land and betterments - - - - 26,239,823 433,658 Buildings,systems and improvements - - - - 132,932,467 4,010,098 Machinery and equipment - - - - 3,557,017 - Furniture and fixtures - - - - 8,986 6,358 Motor vehicles and equipment - - - - 1,235 28,952,553 Construction in progress - - - - 2,095,829 6,706 Accumulated depreciation - - - - (61,768,421) (18,718,645) Net investment in joint venture - - - - -Deferred charges - - - - 2,019,318 - Other assets - 3,000 - - - - I Dther debits: Amount available for debt service - - - - - - Amount to be provided for retirement I of general long-term debt - - - - - - Total assets and other debits $14,031,186 $6,526,476 $1,729,295 $7,284,449 $153,798,752 $16,607,925 I I The accompanying Notes are an integral part of these financial statements. 3 ii EXHIBIT A-1 (Page 1 of 2) Fiduciary Account Groups Tows. Totals Fund Type General General Piinnary Repo ling Entity Trust and Fixed Long-Term Government 'tMemotendurn Only Agency Assets Debt (Memorandum Only) Component Units 2000 ,1999 $ 1,446,418 $ - $ - $ 34.328996 $ 8,536,866 $ 42,885,862 $ 46,885,807 - - - 13,472.128;.. - 13,472,128 6490.349 958.95;, 14,671 1173,597 1,012,902 - - - :3 .8 - <3,364,346 2;88'005 :: - - - o G 12<; - 695 032 1,dg, 93 - - 3th"2.18,5> - 382,385 .3,021w 157 462,093 - - 6,2 r,i 4 r6 954,600 7,228 076 .7,466,5Y ': - - ?9+,,+5r2:j 973 492 783,259 - - 1;553.0e4:;. - ;1,553 059 '> 1485,937 - - 85,295 - 86,295 6b,2a ,72- - - 193872 - 19,732 672 2318.1711 - - 4:500 - 4,500 6.a: - - - 96.303 : - < 96.303 81,s I V} - 14,135,745 40,809226 140,480 40,949 706 39,45t 67 - 16,336,574 - 153,279,139`: 459,520 153,738,659 14' 1r, 1 d t - 7,130,805 - , 10.687,822 :: - 10,887,822 '.1 fii57 - 197,824 213,168<; - 213 188 19"".' - 31,485 - 28,985.273 - 28.985,273 '.;,471 W. - 34,187 - 2,136,722:: - 2,136,722 5,SALti - • - (80,487,0661...... - 80,487,066) :t6;,.45.6_44+ - 12,155,704 - '«2,155704. - 12,155,704 1.F+i17;44 - - - . 2.019,318 - 2.019,318 2.22u.t"' - - :.000> - 3,000 1's,av - - 1,5135,571 1.585,571z' - I565,571 1,578437 :;: - - 17,222,591 17,222,591 - (7.222,59) 18 248,844 $ 1,908,511 $ 50,022,324 $ 18,808,162 $ 270.717,080;:: $ 10,106,137 $230 823,217 $273,5 8,349 • (Continued) CITY OF WICHITA FALLS, TEXAS COMBINED BALANCE SHEET-ALL FUNDS TYPES,ACCOUNT GROUPS AND DISCRETELY PRESENTED COMPONENT UNITS(CONTD.) SEPTEMBER 30,2000 WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 1999 Governmental Fund Types Proprietary Fund T� Special Debt Capital internal General Revenue Service Projects Enterprise Service LIABILITIES.EQUITY AND OTHER CREDITS .iabilities: Accounts payable-trade $ 845,371 $ 71,686 $ - $ 151,737 $ 634,461 $ 243,022 Accrued payroll 383,153 29,457 - - 101,063 19,236 Accrued vacation and sick leave 250,000 - - - 331,413 42,355 Payable to other City funds - 898,032 - - - - Payable to primary government - - - - - - Payable to government agencies 130,819 177,237 - - 41,856 - Estimated health claims payable - - - - - 575,296 Tax anticipation notes payable - - - 1,255,000 - - Other liabilities 1,167,249 93,466 - 253,905 198,772 - Deferred revenue 806,243 132,110 143,724 - 2,259 - Capital lease payable - - - - - - Claims and judgments payable 192,000 - - - - - Payable from restricted assets: Accounts payable-trade - - - - - - Contracts and trade - - - - 8,025 - Revenue bonds-current maturities - - - - 2,450,000 - Accrued interest-revenue bonds - - - - 467,138 - General obligation bonds payable - - - - - - Payable to U.S.Government - - - - 856,671 - Revenue bonds,less current maturities - - - - 56,245,000 - Estimated liability for landfill closure and postclosure care costs - - - - 3.138,476 - Other long-term liabilities: Customer deposits-payable from restricted assets - - - - 2,031,094 Total liabilities 3,774,835 1,401,988 143,724 1,660,642 66.506,228 879,909 Equity and other credits: I Investment in general fixed assets - - - - - - Investment in joint venture assets - - - - - - Contributed capital - - - - 27,900,254 21,571,717 Retained earnings(deficit): I Reserved for revenue bond debt service - - - - 8,209,707 - Unreserved - - - - 51,182,563 (5,843,701) Fund balances: Reserved for encumbrances 368,810 504,308 - 66,314 - - I Reserved for inventory and prepaid items 99,703 18,608 - - - - Unreserved: Designated for. Subsequent years expenditures 3,000,000 3,708,115 - 6,727,765 - - Debt service - - 1,585,571 - - - Perpetual care - - - - - - Undesignated -6,787,838 -893,457 - •(t,170,272) - - Total equity and other credits 10,256,351 5,124,488 1,585,571 5,623,807 87,292,524 15,728,016 Total liabilities,equity and other credits $14,031,186 $6,526,476 $1,729,295 $7,284,449 $153,798,752 516,607,925 j 1 The accompanying Notes are an integral part of these financial statements. 4 EXHIBIT A-1 (Page 2 of 2) .:... r Fiduciary Account Groups Tatale Fund T General General F rrr w BtepOrt±np Eh t> Fixed Long-Term Cwaw+ rrirr.woi+ (�sn ndurrmt3n Agency Assets Debt dai°cnor�nC+ah' aryl ; Component Units 2000 1998 ----------------- $ 527,235 $ - $ 2;413,5 t $ 1,000 $ 2,474,512 $ 1,945 000 - - 53 532,909 1,l131418 . 4,689,870 ;5;313F - 5,313,638 :4;753046 - _ 80k.1r1" i - 898.032 1898,993•': - 362,385 382.386 3,026157 44,180 - :twra 4 e - 394,092 ?336,260.;: - 575,.E - 575,298 •:543,887`'; - - - 1.w,55,0 - <1,255 000 .; Y ,000 - - - r i ssr - 1::T.13,3b2 . 1.443,964:: - - - 1;1. '.34* - 1.084 336 ': 1,079,398 i.` 11 2.676 is 413,292 4044,24 - 608.'292 255,942 - _ - Y16272 €; - - - - 6.025 8,025 - - - 2.450.000 - 1...4..50.000 2:345 000 - - - 4E7138;':: - 487,138 4.44 713': - - 13,705,000 13796000 - 13.105 000 15 315 000;::: - — 856,671 :I - 856,671 8130018';;j - - 56.245,000>:: - . 56.2i45A00. 58;695,000 3•R136,176- - - ;< - 3.138 476 _, 1 2 031094 2 031 t194 1 965 663 lI 571,415 - 18,808,162 93,746,903 363,385 94,110,288 101.955,506 - 37,866,620 37,866620 600,000 CIS.4eti,820 3405S816 - 12,155,704 - 12.156.704 - .'1a..155;704 ;..11,823,73tl - - 49.471.971:; - 49 471,971 ;;46,374,176 82, 0970- - 7 : - 8,209 707 7,833,817 • 4533E862.;: - A5338,862 °:'45,933,9$2 939432 - ••• ,432 2,09T.197 - - - 311 1•18, . - .;1;18,311 i. 88112.;.: 874,965 - - 14,310,845 9,142,752 23,453,597 2i;366.886 1:585.571" - 1586 t;71 1:5 .437 462,131 - - 4622131 462131 `280 - - - '8511'023 :. - i6511023 .$A7r.u"26 1,337,096 50,022,324 176,970,177< 9, , 186;712,929;>; S177?12,843 $ 1,908,511 $ 50,022,324 $ 18,808,162 :�v. 270�7171080 $ 10,742106,137752 6278568, W I 1 I CITY OF WICHITA FALLS, TEXAS COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN I FUND BALANCES -ALL GOVERNMENTAL FUND TYPES, EXPENDABLE TRUST FUND, AND DISCRETELY PRESENTED COMPONENT UNITS I FOR THE YEAR ENDED SEPTEMBER 30, 2000 WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 1999 Governmental Fund Types Special Debt Capital General Revenue • Service Projects Revenues: Taxes $ 36,460,971 $ 1,032,511 $ 2,109,944 $ 3,584 Charges for services 1,733,552 30,417 - - Licenses and permits 660,715 - - - Fines and forfeitures 1,417,891 134,038 - - Intergovernmental revenue 46,985 9,395,339 - - Contributions - 88,612 - - Miscellaneous revenue 1,508,539 670,426 - 497,211 Total revenues 41,828,653 11,351,343 2,109,944 500,795 Expenditures: Current: Administrative services 6,980,200 1,039,857 - - Police 13,159,401 785,358 - - Fire 8,367,462 4,132 18,000 Parks and recreation 3,072,384 952,895 - - Accounting/finance 1,331,432 - - - i Community development 1,058,585 4,460,398 - - Public works 5,799,148 221,934 - 26,934 Health 2,050,913 1,636,300 - - Traffic and transportation 1,553,984 214,352 - - Capital outlay 144,788 681,281 - 2,983,815 a`', Debt service: Principal retirement 2,677 - 1,610,000 I Interest and paying agent fees 134 - 798,610 67,262 Total expenditures 43,521,108 9,996,507 2,408,610 3,096,011 Excess of revenues over(under)expenditures (1,692,455) 1,354,836 (298,666) (2,595,216) I Other financing sources(uses): Operating transfers in 1,115,906 844,784 305,800 - Operating transfers in-component units - - - 422,263 I Operating transfers out (492,234) (90,316) - - Operating transfers out-primary government - - - - Total other financing sources(uses) 623,672 754,468 305,800 422,263 1111 Excess of revenues and other sources over(under)expenditures and other uses (1,068,783) 2,109,304 7,134 (2,172,953) Fund balance-beginning 11,506,367 5,282,556 1,578,437 7,796,760 Residual equity transfers (181,233) (2,267,372) - - iin Fund balance-ending $ 10,256,351 $ 5,124,488 $ 1,585,571 S 5,623,807 1111111111111 The accompanying Notes are an integral part of these financial statements. di r EXHIBIT A-2 Fiduciary '1 tests Tbtalg Fund Type Primary "Re itirc EnFTty Expendable ovemmenf (�Aemorandum Only) Trust (Memorandum Only) Component Units 2000 1999 • $ 462,092 •$. .. 40,069 02 $ s,510,899 $ 45,580,f101 42.107,857 :.1,763,969 - :1:763,969 2,309,728 - 660,715 - . €.UU,715 53.5,989 1,551;929 - 1,55i1929 1,268,941 9,442,324 - 8.442,324 7355.808 88,612 - : 88,612 106,902 23,864 2,700,040 486,814 3,186;854 2719;543 485,956 56,276,691 5,997,713 52,274,404 56.404 768 8;020,U57 - 6,020,057 7,430191 13.944,759 - 13,944,759 i12,535,741 8;389,594 - :8,389,594 7.881.872 :>4,025,279 4,025,279 3,312,665 1,331,432 1,331,432 1,300,773 :;5,518,983 874,807 .... 6,393,79ii 5,589,924 - 6,048,016 - :6,048,016 : 5,275,132 - 3,687.213 `:3,687,213 4.006,009 1,768,336 - 1,768,336 1,723.929 3,809,884 600,000 4,409,884 753,120 ;1,612,677 - :1,612 677 1,537,350'' - '866,006 - 866,006 :939,934'' 59,022,236 1,474,807 60,497,043 52;287;640 485,956 (2.745,545) 4,522,906 1,777,361 44117,128 - 2,266,490 - 2,266;490 1,699,1 S3 422,263 - 422.263 3.600.287 .(582,550) - (582550) (684,932) - - (422,263) (422,263) (3,631.287) - 2,106,203 (422,263) 1,683,940 1.214,261 485,956 (639;342) 4,100,643 3,46 ,3 101 5.331.389 389,009 26;553,129 5,042,109 3t,595::36 26,561.12 (2,448,805) - t2o448,805) (29,3) $ 874,985 $ '23-465,182 $ 9,142,752 $ 32,607,934 $ 31,595,238 CITY OF WICHITA FALLS, TEXAS COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES -BUDGET AND ACTUAL- GENERAL, SPECIAL REVENUE, AND DEBT SERVICE FUNDS FOR THE YEAR ENDED SEPTEMBER 30, 2000 General Fund Variance- Favorable Budget Actual (Unfavorable) Revenues: Taxes $ 36,742,655 $ 36,460,971 $ (281,684) Charges for services 1,668,147 1,733,552 65,405 Licenses and permits 509,400 660,715 151,315 Fines and forfeitures 1,275,000 1,417,891 142,891 Intergovernmental revenue 74,000 46,985 (27,015) Contributions - - - Miscellaneous revenue 1,379,659 1,508,539 128,880 Total revenues 41,648,861 41,828,653 179,792 Expenditures: Current: Administrative services 6,797,612 6,980,200 (182,588) k Police 13,347,017 13,159,401 187,616 Fire 8,432,870 8,367,462 65,408 Parks and recreation 3,265,718 3,072,384 193,334 Ili Accounting/finance 1,378,663 1,331,432 47,231 4,4 Community development 1,163,896 1,058,585 105,311 Public works 6,289,661 5,799,148 490,513 Health 2,109,345 2,050,913 58,432 q Traffic and transportation 1,567,337 1,553,9134 13,353 #_ Capital outlay 351,373 144,788 206,585 Debt service: I Principal retirement 2,677 2,677 - Interest and paying agent fees 134 134 - Total expenditures 44,706,303 43,521,108 1,185,195 Excess of revenues over(under)expenditures (3,057,442) (1,692,455) 1,364,987 Other financing sources(uses): Operating transfers in 1,107,611 1,115,906 8,295 Operating transfers out (501,804) (492,234) 9,570 Total other financing sources(uses) 605,807 623,672 17,865 Excess of revenues and other sources over (under)expenditures and other uses $ (2,451,635) (1,068,783) $ 1,382,852 Fund balance-beginning 11,506,367 Residual equity transfers (181,233) Fund balance-ending $ 10,256,351 The accompanying Notes are an integral part of these financial statements. 6 EXHIBIT A-3 Special Revenue Funds Debt Service Fund Variance- Variance- Favorable Favorable Budget Actual (Unfavorable) Budget Actual (Unfavorable) $ 925,000 $ 1,032,511 $ 107,511 $ 2,106,175 $ 2,109,944 $ 3,769 17,288 30,417 13,129 - - - 99,624 134,038 34,414 - - - 9,274,004 9,395,339 121,335 - - - 88,612 88,612 - - - - 517,359 670,426 153,067 - - - 10,921,887 11,351,343 429,456 2,106,175 2,109,944 3,769 1,678,921 1,039,857 639,064 - - - 1,793,814 785,358 1,008,456 - - - 22,515 4,132 18,383 - - - 1,558,583 952,895 605,688 - - - 6,371,107 4,460,398 1,910,709 - - - 674,600 221,934 452,666 - - - 1,917,690 1,636,300 281,390 - - - 423,420 214,352 209,068 - - - 3,826,923 681,281 3,145,642 - - - - - - 1,610,000 1,610,000- - - 801,975 798,610 3,365 18,267,573 9,996,507 8,271,066 2,411,975 2,408,610 3,365 (7,345,686) 1,354,836 8,700,522 (305,800) (298,666) 7,134 887,506 844,784 (42,722) 305,800 305,800 - (95,552) (90,316) 5,236 - - - 791,954 754,468 (37,486) 305,800 305,800 - $ (6,553,732) 2,109,304 $ 8,663,036 $ - 7,134 $ 7,134 5,282,556 1,578,437 (2,267,372) - $ 5,124,488 $ 1,585,571 XHIBIT A-4 mill,11 CITY OF WICHITA FALLS, TEXAS COMBINED STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS - a" ALL PROPRIETARY FUND TYPES AND NONEXPENDABLE TRUST FUND FOR THE YEAR ENDED SEPTEMBER 30, 2000 WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 1999 Fiduciary I Proprietary Fund Types Fund Type Totals ;_ Internal Nonexpendable ..: dgi1.1Prdy) Enterprise Service Trust 2000 1999 )pasting revenues: Charges for services S 29,823,971 $ 6,029,744 $ - $ 35,853,1'15 $ 37 422,262 Rents,concessions and other 669,998 227.014 42,311 939,323 860,848 Contributions - 5,194,493 - 5194,493 4939,109 < Total operating revenues 30,493,969 11,451,251 42,311 41,987,531 43,211`319 3perating expenses: Personnel services 9,448,137 1,485,574 - 10 933 711 10 447 4f16 Supplies and materials 1,801,543 1,731,211 - 3,532,754 3,0t 9T1, Maintenance and repairs 4,034,012 1,557,116 - 5,591,128 :< 3,957,851. Utilities and other services 6,299,725 76,233 - 6 375 958 6,710 831 I Insurance and contract support 607,393 5,093,638 - tC 701031 496143.0 Other expenses 1,527,027 327,220 - 4,,.8154,24 _.___...:.:..2 74:> Depreciation and amortization 3,326,759 2,612,464 - :$,939,223 5564 0.: 80 Total operating expenses 27,044,596 12,883,456 - .39,928,052 37,031,763 I Operating income(loss) 3,449,373 (1,432,205) 42,311 2.059;47$ 8,1.79,566' Non operating revenues(expenses): Interest income 2,573,797 34,420 24,540 2,632,757 .2;352,242 Gain(loss)on sale/abandonment of fixed assets - 303,941 - 303,s741......... :. Interest expense and paying agent fees (2,713,331) - - (2,T13,331) <{2,959;82T1 Intergovernmental operating grants 603,710 - - 603;711) 488,216 Total nonoperating revenues(expenses) 464,176 338,361 24,540 827,077 (52,386) Income(loss)before operating transfers 3,913,549 (1,093,844) 66,851 208860)8 6127:170� Operating transfers: Operating transfers in 275,849 - - 275,8453 197;6s4 Operating transfers out (1,647,789) (312,030) - {1,959 789) (1,411:905) Net operating transfers (1,371,940) (312,000) - (1,683,940) (1,214.28:1) Net income(loss) 2,541,609 (1,405,844) 66,851 s 1,202 616 49112,f10$ Ili* Retained earnings(deficit)-beginning 58,205,456 (4,437,857) 395,280 54,162 879 50,5 2,761 Residual equity transfers (1,354,795) - - (1,35419 (1 ,7911 Retained earnings(deficit)-ending 3 59,392,270 S (5,843,701) S 462,131 S 54 010 700 $ 54,162,79 I The accompanying Notes are an integral part of these financial statements. 7 ,v, EXHIBIT A-5 CITY OF WICHITA FALLS, TEXAS COMBINED STATEMENT OF CASH FLOWS- ALL PROPRIETARY FUND TYPES AND NONEXPENDABLE TRUST FUND FOR THE YEAR ENDED SEPTEMBER 30,2000 Wif( COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30,1999 1 Fiduciary Proprietary Fund Types Fund Type Totafsi Internal Nonexpendable lusmorandurin'Oni,: Enterprise Service Trust ADD 1999 Cash(lows from operating activities: Operating income(loss) $ 3,449,373 $ (1,432,205) $ 42,311 $ 2,959,47$ $ 8,179,556 Adjustments to reconcile operating income(loss) to net cash provided by(used in)operating activities: Depreciation and amortization 3,326,759 2,612,464 - 5:939,1'3 5,594,800 Customer deposits received 65,441 - 44t 16 627 Landfill closure and postclosure care costs 46,382 - - ... f6982 . ....:30.515 (Increase)decrease in current assets: Receivables:. Customer and trade (482,343) - 1482,343) k141,6241 Other City funds (398,032) m,789 379,757 (352,89(1) Government agencies 115,961 - - ;.... 115,961299) Other (39,887) 923 (38,964} (2476) Inventory (8,952) (17,332) (26.284) (59,23371 Prepaid items 6,102 (4,519) 1,5a3 (&388) Restricted assets (27,987) - (27 997M (38)710? • Increase(decrease)in current liabilities: Amounts payable-trade (147,747) 48,346 •199,401) :161 164 Accrued payroll (262,190) (44,312) (305.a 47,718 Accrued vacation and sick leave 21,089 3,296 24,385 15,129 Payable to other City funds (16,324) (224,329) (244653) <6 773 Payable to government agencies (5,119) - (5119) (2417) Estimated health claims payable - 31,409 34,409 79,332 Other liabilities 145,979 z45,9?4 ,.::.%„...:z'(851302} Other liabilities payable from restricted assets (116,272) - - (116,272) )4,999 Total adjustments 2,222,860 3,183,735 - 5,405,595 7,;363;458 Net cash provided by operating activities 5,672,233 1,751,530 42,311 7466.074 - e f 56.'',024 Cash flows from noncapital financing activities: Intergovernmental operating grants 603,710 - 603,710 ;4A8.2rt Operating transfers in from other funds 275,849 - 275849 19?o44 Operating transfers out to d ier funds (1,647,789) (312,000) - :- :(1.9159.7e89) (1,411.915) Residual equity transfers from otherfunds 1,664,834 2,138,566 - 3,$10340f1 ; ::: 1940,134 Residual equity transfers to other funds (1,354,795) - (1 354,735) 11,342,791) Net cash provided by(used for) noncapital financing activities (458,191) 1,826,566 1368,375 _ 1429.792) Cash(lows from capital and related financing activities: Proceeds from sale of revenue bonds - . 5;.500;000 Acquisition and construction of capital assets (6,679,303) (3,415,599) - (10094;802) (7,157,t18j`; Proceeds from sale of fixed assets - 336,309 ,338,309 1417 712 Payment ci bond issuance costs - - (55;265} Principal paid on long-term debt maturities (2,368,347) - (2,368,347) (215181 Interest paid on long-term debt obligations (2,657,697) - (2,657,697) (2.919,183) Other assets 10,000 - 10,000 ;(1Q 000) Net cash provided by(used for)capital and related financing activities (11,695,347) (3,079,290) - (14,774637) (6,635,853) Cash flows from investing activities: Purchase of investments - - - (5 4�:7.24):; maturity/sale of investments 994,900 - 891900 ii Interest on investments 2,573,797 34,420 24,540 2,632;757 2 42 Net cash provided(used)by investing activities 3,568,697 34,420 24,540 3,627;657 ` '(3,136 482) Net increase(decrease)in cash and cash equivalents (2,912,608) 533,226 66,851 (2,312,531) 1 381 987 Cash and cash equivalents at beginning of year 42,269,371 700,608 395,280 43,365,259 42,049 272 :: Cash and cash equivalents at end of year $ 39,356,763 $ 1,233,834 $ 462,131 S: 41,052,728 S 43,365,259: .............................................. .................. .......................................... ............................................................. ........................................................... ... ............................................................. Noncash capital and financing activities: Capital assets received from developers $ 294,395 $ - $ - S 294,395 S. 277;3.27'': Refunding bonds issued to defease outstanding bonds - - 22,795.000 :: Reconciliation of cash and cash equivalents on the combined balance sheet to the combined statement d cash flaws: �� Cash and cash equivalents $ 19,624,091 $ 1,233,834 3 462,131 $ 21,320;066 '9. 20,047,089 IlJ Restricted assets-cash end cash equivalents 19,732,672 • "19,73,672 : 2;f,3'18170 Total cash and cash equivalents at end of year $ 39,356,763 $ 1,233,834 5 462,131 S :41,052,728 $ 43,3656;259 E . ::r--r^-Y-: The accompanying Notes are an integral part of these financial statements. 11. 8 :: . CITY OF WICHITA FALLS, TEXAS NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 2000 Note 1 - REPORTING ENTITY The City of Wichita Falls, Texas (the City) is a municipal corporation governed by an elected Mayor and six-member City Council. As required by Governmental Accounting Standards Board (GASB) Statement No. 14, these financial statements present the City and its component units, entities for which the City is considered to be financially accountable. Blended component units, although legally separate entities, are in substance, part of the City's.operations and data from these units are combined with data presented by the City. A discretely presented component unit, on the other hand, is reported in a separate column in the combined financial statements to emphasize it is legally separate from the City. Each blended and discretely presented component unit has a September 30th year end. Blended Component Unit Employee Benefit Trust Fund. On October 1, 1983, an "Agreement and Declaration of Trust" was made and entered into between the City and the Employee Benefit Trust Committee, acting as Trustee to administer the Employee Benefit Trust (the Trust). The Trust Committee consists of four Trustees selected by the City, who may, but need not be, beneficiaries of the health and welfare program funded by the Trust, and/or officers or employees of the City. The purpose of the Trust is to provide health and welfare benefits, which may include life, accidental death and dismemberment, disability, medical and dental insurance, and any other benefits as determined by the Trustee Committee. The Trust is funded through contributions by the City and employees who choose to participate. It may be terminated in writing, at any time, by either party. The Employee Benefit Trust Fund is presented in the accompanying financial statements as an internal service fund. Discretely Presented Component Units The Wichita Falls Economic Development Corporation. The Wichita Falls Economic Development Corporation is a non-profit corporation formed in May 1997 for the purpose of increasing employment opportunities, primarily through assisting qualifying enterprises with funds provided by a portion of the local sales tax. Assistance may be in the form of incentive grants, loans or leases which call for discounted rates or rebates for job development. The Corporation operates under the authority of Vemon's Civil Statutes, Article 5190.6, Section 4A. Since the City Council appoints its Board of Directors, approves its budgets, and exercises final authority over its operations, the Wichita Falls Economic Development Corporation is considered to be part of the City's reporting entity and presented in the accompanying general purpose financial statements as a discretely presented component unit. The Wichita Falls Economic Development Corporation is presented as a governmental fund type. The Wichita Falls 4B Sales Tax Corporation. The Wichita Falls 4B Sales Tax Corporation is a non-profit corporation formed in May 1997 for the purpose of increasing employment opportunities and for public improvement projects such as parks, auditoriums, learning centers, open space improvements, athletic and exhibition facilities, and the related maintenance and operating costs of such projects. The Corporation operates under the authority of Vemon'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 9 CITY C)F WICHITA FALLS, TEXAS NOTES TO THE FINANCIAL STATEMENTS (CONTD.) SEPTEMBER 30, 2000 Note 1 - REPORTING ENTITY(CONTD.) Discretely Presented Component Units(Cont'd.) operations, the Wichita Falls 4B Sales Tax Corporation is considered to be part of the City's reporting entity and presented in the accompanying general purpose financial statements as a discretely presented component unit. The Wichita Falls 4B Sales Tax Corporation is presented as a governmental fund type. Wichita Falls Reinvestment Zone #1. On March 18, 1986, the City of Wichita Falls, Texas, with the advice and consent of the Wichita Falls Independent School District and Wichita County, approved the creation of the Wichita Falls Reinvestment Zone #1 (the Zone). This Zone is permitted by Article 1066e of the State of Texas Tax Increment Financing Act passed in 1981. The area of the Zone is approximately 650 acres and includes the central business district of the City. The purpose of the Zone is to capture increments of growth in real property values in the Zone from base values established on January 1, 1986, and use the ad valorem taxes derived from these increments to contribute to the zoned area. Tax funds derived from the increment can only be spent for public improvements in the Zone or for the payment of debt service on bonds issued to provide funds for public improvements. The Zone terminates on December 31, 2008, or when all debt has been paid if later. After all costs have been paid at the end of the tax increment financing period, any money remaining is to be remitted to the taxing entities. Since the City Council appoints each member of its Board, the Wichita Falls Reinvestment Zone#1 is considered to be part of the City's reporting entity and presented in the accompanying general purpose financial statements as a discretely presented component unit. The Zone is presented as a governmental fund type. Complete financial statements for the City's blended and discretely presented component units can be obtained from the City's Director of Finance at 1300 7th Street, Wichita Falls, Texas. Excluded From the Reporting Entity Wichita Falls Firemen's Relief and Retirement Fund. The Wichita Falls Firemen's Relief and Retirement Fund was established and is controlled through various State of Texas legislative enactments. This Fund is administered locally by a seven-member board, independent of the City Council. City management and the City Council do not influence or control the administrative and financial affairs of the Fund, and the assets of the Fund are not the property of the City. The seven-member Board of Trustees, composed of the Mayor, the Senior Accountant from the City's Finance Department, three firefighters elected by a majority vote of the firefighters and two citizens, who are not employees or officers of the City and are chosen by the unanimous vote oT the liirstlive Trustees, are-subject- to the administrative supervision of and report to the State Firemen's Pension Board. The activities of the Firemen's Relief and Retirement Fund, in the City's judgment, are not a part of the City and thus are excluded from the accompanying financial statements. 10 CITY OF WICHITA FALLS, TEXAS NOTES TO THE FINANCIAL STATEMENTS (CONTD.) SEPTEMBER 30, 2000 100 Note 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accounting and reporting policies of the City conform to generally accepted accounting principles (GAAP) applicable to state and local governments. Generally accepted accounting principles for local governments include those principles prescribed by the Governmental Accounting Standards Board (GASB), which includes all statements and interpretations of the National Council on Governmental Accounting (NCGA) unless modified by the GASB, and those principles prescribed by the American Institute of Certified Public Accountants in the publication entitled Audits of State and Local Governmental Units. The City has elected to apply all Financial Accounting Standards Board (FASB) Statements and Interpretations issued after November 30, 1989 to its proprietary funds. This election applies to all FASB statements except those that conflict with or contradict GASB pronouncements. The following is a summary of the more significant policies and practices used by the City. Basis of Presentation The accounts of the City are organized and operated on the basis of funds or account groups, each of which is considered to be a separate fiscal and accounting entity. The operations of each fund are accounted for with a self-balancing set of accounts that comprise its assets, liabilities, fund balances or retained earnings, revenues, and expenditures or expenses. The various funds are grouped by category and type in the financial statements. The City maintains the following fund classifications and account groups: Governmental Funds Governmental funds are used to account for the relatively liquid portion of the City's assets that are not accounted for through proprietary or fiduciary funds, the short-term obligations pertaining thereto, and the net balance of these financial resources available for subsequent appropriation and expenditure. General Fund - The General Fund is the general operating fund of the City. This fund is used to account for all financial resources except those required to be accounted for in another fund. Special Revenue Funds - Special revenue funds are used to account for the proceeds of specific revenue sources (other than expendable trusts or major capital projects) that are legally restricted to expenditures for specified purposes. Debt Service Fund - The Debt Service Fund is used to account for the accumulation of resources for, and'the payment pf,-generat longrterm debt principal, interest and related costs. Capital Proiects Funds- Capital projects funds are used to account for financial resources to be used for the acquisition or construction of major capital facilities (other than those financed by proprietary funds). 11 CITY OF WICHITA FALLS, TEXAS NOTES TO THE FINANCIAL STATEMENTS (CONTD.) SEPTEMBER 30, 2000 Note 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTD.) Basis of Presentation (Cont'd.) Proprietary Funds Proprietary funds are those used to account for the City's ongoing organizations and activities which are similar to those found in the private sector. The measurement focus is upon capital maintenance and the determination of net income, financial position and cash flows. Enterprise Funds - Enterprise funds are used to account for operations (a) that are financed and operated in a manner similar to private business enterprises where the intent of the governing body is that the costs (expenses including depreciation) of providing goods or services to the general public on a continuing basis be financed or recovered primarily through user charges, or(b) where the governing body has decided that periodic determination of revenues earned, expenses incurred, or net income is appropriate for capital maintenance, public policy, management control, accountability or other purposes. Internal Service Funds - Internal Service Funds are used to account for the financing of goods or services provided by one department or agency to other departments or agencies of the City, or to other governmental units, on a cost reimbursement basis. Fiduciary Funds Fiduciary funds are used to account for assets held by the City in a trustee capacity or as an agent for other governmental units and/or other funds. Trust and agency funds include expendable trust and payroll, tax collection, accounts payable and deferred compensation agency funds. Expendable Trust Fund - This fund is accounted for in the same manner as a governmental fund. Expendable trust funds account for assets where both the principal and interest may be spent. Nonexpendable Trust Fund - This fund is accounted for in the same manner as a proprietary fund. Nonexpendable trust funds account for assets of which the principal may not be spent. Agency Funds- These funds are purely custodial (assets equal liabilities) and thus do not involve measurement of results of operations. Account Groups Account groups are used to establish accounting control and accountability for the City's general fixed assets and general long-term liabilities. The following are the account groups maintained by the City: 12 CITY OF WICHITA FALLS, TEXAS NOTES TO THE FINANCIAL STATEMENTS (CONTD.) SEPTEMBER 30, 2000 Note 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(CONTD.) Basis of Presentation (Cont'd.) Account Groups(Cont'd.) General Fixed Assets Account Group - This account group is established to account for the City's investment in a joint venture and all fixed assets of the City other than those accounted for in the proprietary funds. General Lona-Term Debt Account Group - This account group is established to account for long-term liabilities of the City other than those accounted for in the proprietary funds. Basis of Accounting The accounting and financial reporting treatment applied to a fund is determined by its measurement focus. All governmental funds and expendable trust funds are accounted for using a current financial resources measurement focus. With this measurement focus, only current assets and current liabilities generally are included on the balance sheet. Operating statements of these funds present increases (i.e., revenues and other financing sources) and decreases (i.e., expenditures and other financing uses) in net current assets. Governmental funds, expendable trust funds, agency funds, and the City's discretely presented component units utilize the modified accrual basis of accounting. Under the modified accrual basis of accounting, revenues are recognized when they become measurable and available as net current assets. Available means collectible within the current period or expected to be collected within 60 days after year end and be used to pay liabilities of the current period. Expenditures are generally recognized under the modified accrual basis of accounting when the related fund liability is incurred. Exceptions to this general rule include unmatured principal and interest on long-term obligations which are recognized when due. This exception is in conformity with generally accepted accounting principles. Property tax revenues are considered measurable and available when collected by the respective intermediary collecting agency and recognized as revenue at that time. Sales tax receipts are considered measurable and available when collected by the merchant at the point of the taxable sale. Licenses and permits, fines and forfeitures, and miscellaneous revenues are recorded as revenues when they are measurable and their validity seems certain. Investment earnings are recorded on the accrual basis in all funds. Capital improvement assessments are recorded as revenues in the fiscal period when the assessment becomes both measurable-and avefabte to-finance expenditures of the fiscal period. Assessment revenues are considered measurable and available when collected by the City and recognized as revenue at that time. Payments for capital improvement assessments received in advance of the levy are reflected as deferred revenue. Intergovernmental revenues are recorded on a basis applicable to the legal and contractual requirements of the various individual grant programs. Intergovernmental revenues are recognized as follows: 13 CITY C)F WICHITA FALLS, TEXAS NOTES TO THE FINANCIAL STATEMENTS (CONTD.) SEPTEMBER 30, 2000 Note 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(CONTD.) Basis of Accounting (Cont'd.) 1. If monies must be expended on the specific purpose or project before any amounts will be paid to the City, revenues are recognized based upon the expenditures or expenses recorded. 2. If monies are virtually unrestricted and irrevocable, except for failure to comply with prescribed compliance requirements, revenues are recognized when received or susceptible to accrual. All proprietary funds and the nonexpendable trust fund are accounted for on a flow of economic resources measurement focus. With this measurement focus, all assets and all liabilities associated with the operation of these funds are included on the balance sheet. Fund equity (i.e., net total assets) is segregated into contributed capital and retained earnings components. Proprietary fund-type and nonexpendable trust fund operating statements present increases (e.g., revenues)and decreases(e.g., expenses) in net total assets. Proprietary funds and the nonexpendable trust fund utilize the accrual basis of accounting. Under the accrual basis of accounting, revenues are recognized in the accounting period in which they are earned and become measurable. Expenses are recorded in the accounting period incurred, if measurable. Budget Policies The City Council adheres to the following procedures in establishing the budgets reflected in the financial statements: 1. Prior to the beginning of each fiscal year, the City Manager submits to the City Council a proposed budget for all City departments, divisions and offices for the fiscal year beginning on the following October 1. The operating budget which represents the financial plan for the ensuing fiscal year includes proposed expenditures and the means of financing them. 2. Public hearings are conducted at which all interested persons' comments concerning the budget are heard. 3. The budget for the next fiscal year is legally enacted by the City Council through passage of an ordinance by October 1 each year. Additional appropriations were made during the year in the amount of$2,326,274 which were passed and approved by the City Council. 4. Expenditures may not legally exceed appropriations at the department level for each legally adopted annual operating budget. The City Manager may, without Council approval, transfer appropriation balances from one expenditure account to another within a department or agency of the City. The City Council, however, must approve any transfer of unencumbered appropriation balances or portions thereof from one department or agency to another. The reported budgetary data has been revised for amendments legally authorized during the year. 14 CITY OF WICHITA FALLS, TEXAS NOTES TO THE FINANCIAL STATEMENTS (CONTD.) I f, SEPTEMBER 30, 2000 111 11 Note 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTD.) Budget Policies (Cont'd.) I 5. Annual budgets are legally adopted for all governmental funds on a basis consistent with generally accepted accounting principles. However, the budgets for the capital projects I 11 funds are adopted for specific projects, are not binding, and may exceed one year. Accordingly, no comparison of budget to actual is presented in the accompanying 111111 financial statements for these funds. 6. At the close of each fiscal year, any unencumbered appropriation balances (appropriations including prior year encumbrances less current year expenditures and encumbrances) lapse or revert to the undesignated fund balance. The unencumbered appropriation balances in the capital projects funds do not lapse at year end. Encumbrances Encumbrance accounting, under which purchase orders, contracts, and other commitments for the expenditure of monies are recorded in order to reserve that portion of the applicable appropriation, is employed as an extension of formal budgetary control in the general, special revenue, and capital projects funds. Encumbrances outstanding at year end are reported as reservations of fund balance for subsequent year expenditures and are reappropriated in subsequent year budgetary accounts. Cash and Cash Equivalents For purposes of the statement of cash flows, the City considers all highly liquid investments (including restricted assets) with a maturity of three months or less when purchased to be cash equivalents. Investments Investments are stated at fair value. Inventory Inventories of the general and proprietary funds consist of supplies and various materials used for the maintenance of fixed assets. The consumption method is used to account for these inventories. Under this method, inventory acquisitions are recorded in inventory accounts initially and charged as expenditures when used. Inventories are stated at average cost. Plant and Equipment- Proprietary Funds Plant and equipment owned by the proprietary funds are stated at historical cost. Maintenance and repairs are charged to operations as incurred, and improvements and betterments which extend the useful lives of fixed assets are capitalized. Depreciation of plant and equipment is provided by the straight-line method over the estimated useful lives of the respective assets. Estimated useful lives for straight-line depreciation are as follows: 15 CITY OF WICHITA FALLS, TEXAS NOTES TO THE FINANCIAL STATEMENTS (CONTD.) SEPTEMBER 30, 2000 Note 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTD.) Plant and Equipment- Proprietary Funds(Cont'd.) Buildings, systems and improvements 20-59 years Machinery, vehicles and other equipment 3-25 years Furniture and equipment 3- 10 years When fixed assets of proprietary funds are sold, the sales proceeds less the adjusted basis of the assets (initial cost less accumulated depreciation) are recorded as a gain or loss. For proprietary fund fixed assets, interest is capitalized on construction costs incurred during the year at an average interest rate on borrowed funds (revenue bonds) in accordance with generally accepted accounting principles. No interest is capitalized on fixed assets constructed by proprietary funds which are financed with general obligation bonds, because such interest expenditures are reported in the Debt Service Fund. For the fiscal year ended September 30, 2000, the City's proprietary funds incurred a total of $2,787,935 of interest costs. Of this amount, $152,663 was capitalized on construction projects and $2,635,272 was charged to expense. Contributions of funds from Federal, State, or local grants restricted for the purpose of purchasing plant and equipment are recorded as equity contributions when received. The cost of water and sewer lines installed by developers is valued by the contractor and recorded as contributed capital in the Water and Sewer Fund. Depreciation on contributed assets from Federal and State governments is recorded as an expense in the statement of operations. General Fixed Assets General fixed assets are those assets acquired for general governmental purposes. Assets purchased are recorded as expenditures in the governmental funds and capitalized at historical cost in the General Fixed Assets Account Group. Contributed fixed assets are recorded in general fixed assets at estimated fair market value at the time received. No depreciation has been provided on general fixed assets. No interest is capitalized on fixed assets constructed which are financed with general obligation bonds in accordance with generally accepted accounting principles. Public domain general-fixed-assets-{infrastructure)-consisting of certain improvements other than buildings, including roads, bridges, curbs and gutters, streets and sidewalks, and similar assets have not been capitalized. 16 CITY OF WICHITA FALLS, TEXAS NOTES TO THE FINANCIAL STATEMENTS (CONTD.) SEPTEMBER 30, 2000 Note 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTD.) Federal and State Grants Grants and shared revenues are generally accounted for within the appropriate fund of the City to be financed by such grants or shared revenues. Federal grants include Community Development Block Grant, Section 8 Housing Assistance, and the Home Investment Partnership Agreement Program. Each Federal grant is accounted for in a separate special revenue fund. State grant revenues received for purposes normally financed through the general govemment are accounted for within the General Fund. Reserves and Designations Portions of fund equity are segregated for future use, and are therefore not available for future appropriation or expenditure. Amounts reserved for revenue bond debt service and retirement represent portions of fund equity which are required to be segregated in accordance with the City's bond ordinances. Amounts reserved for inventory and prepaid items have already been expended and represent a portion of the fund balance that is not available for future expenditures. Amounts reserved for encumbrances are commitments for materials and services on purchase orders and contracts which are unperformed. Designations of unreserved fund balances in governmental funds indicate City management's tentative plans for use of financial resources in a future period. Transactions Between Funds Transactions between funds that would be treated as revenues, expenditures, or expenses if they involved organizations external to the governmental unit are accounted for as revenues, expenditures, or expenses in the funds involved. Transactions which constitute reimbursements to a fund for expenditures or expenses initially made from that fund, which were properly applicable to another fund, are recorded as expenditures or expenses in the fund that is reimbursed. Non-recurring or non-routine transfers of equity between funds are treated as residual equity transfers and are reported as additions to or deductions from the fund balance of governmental funds. Residual equity transfers to proprietary funds are treated as contributed capital, and such transfers from proprietary funds are reported as reductions of retained earnings or contributed capital as appropriate in the circumstances. All other transfers are treated as operating transfers and are included in the-results-of operations-of-both-govemmental and proprietary funds. 17 CITY OF WICHITA FALLS, TEXAS NOTES TO THE FINANCIAL STATEMENTS (CONTD.) SEPTEMBER 30, 2000 Note 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTD.) Vacation and Sick Leave All full-time employees accumulate vacation benefits based on length of service up to 15 days per year. The maximum allowable accumulation is 30 days. Upon leaving the employment of the City, employees will be paid for unused vacation days which they have accrued. Sick leave is earned at the rate of 4.62 hours per pay period up to a maximum of ninety days. Additionally, police officers and firefighters may accumulate an unlimited number of sick leave days while employed with the City. Upon termination, police officers and firefighters are compensated for up to ninety days of sick leave. Risk Management The government is exposed to various risks of loss related to torts; theft of, damage to and destruction of assets; errors and omissions; and natural disasters for which the government carries commercial insurance. For insured programs, there have been no significant reductions in insurance coverage. Settlement amounts have not exceeded insurance coverage for the current year or the three prior years. The City maintains a group health insurance plan for employees and dependents which is partially self-insured by the City. A group life insurance plan is maintained through an insurance company. Contributions to the plans are provided for by both the City and participating employees. These contributions are recognized as revenues in the internal service fund used to account for these plans. The contributions made by the City are recorded as expenditures or expenses of the various funds as appropriate. Liabilities are reported when it is probable that a loss has occurred and the amount of the loss can be reasonably estimated. An excess coverage insurance policy covers individual claims in excess of $150,000. Liabilities include an amount for claims that have been incurred but not reported. Claim liabilities are calculated considering the effects of inflation, recent claim settlement trends including frequency and amount of pay-outs and other economic and social factors. The City is also self-insured up to $250,000 for workers' compensation claims. Such claims are processed by the City's risk management department. The City's estimated liability for workers' compensation claims payable at September 30, 2000 is based on management's estimate of probable losses in the amount of $488,292. 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 liabilityttas-been recorded in the'Generattong-Term Debt Account Group. The following represents changes in the amount of claims liabilities for the City from October 1, 1998 to September 30, 2000: 18 CITY OF WICHITA FALLS, TEXAS NOTES TO THE FINANCIAL STATEMENTS (CONTD.) SEPTEMBER 30, 2000 Note 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTD.) Risk Management (Cont'd.) Health Workers' Care Compensation Liability balance, October 1, 1998 $ 464,555 $ 164,468 Incurred claims 4,130,922 1,118,872 Claim payments ( 4.051.590) ( 1.027.398) Liability balance, September 30, 1999 543,887 255,942 Incurred claims/adjustments 4,914,944 1,631,690 Claim payments ( 4.883.535) ( 1.399.340) Liability balance, September 30, 2000 $ 575,296 $ 488,292 Total Columns on General Purpose Financial Statements Total columns on the general purpose financial statements are captioned "Memorandum Only"to indicate that they are presented only to facilitate financial analysis. Data in these columns does not present financial position, results of operations, or cash flows in conformity with generally accepted accounting principles. Such data is not comparable to a consolidation. Interfund eliminations have not been made in arriving at the totals. Comparative Data Comparative data for the prior year has been presented in the accompanying financial statements in order to provide an understanding of changes in the City's financial position and operations. However, complete comparative data (i.e., presentation of prior year totals by fund type) has not been presented in each of the statements, since their inclusion would make the statements unduly complex and difficult to read. Note 3 - FUND DEFICITS Capital Proiects Fund At September 30, 2000, the Library Renovation Fund had a deficit fund balance of $1,170,272. This deficit fund balance is the result of the requirement to report tax anticipation notes as a current liability. The Wichita Falls 4B Sales Tax Corporation, a component unit of the City, has committed tor make lydusters-to the Library Renovation'Fund-for future-debt service. This deficit will be recovered as the cash is transferred in to pay off the notes. Enterprise Funds At September 30, 2000, the Municipal Airport Fund had a deficit retained earnings balance of $1,197,627. The intent of management is that this deficit be recovered by transfers from other funds during future years. 19 CITY OF WICHITA FALLS, TEXAS NOTES TO THE FINANCIAL STATEMENTS (CONTD.) SEPTEMBER 30, 2000 Note 3 - FUND DEFICITS (CONTD.) Enterprise Funds(Contd.) At September 30, 2000, the Transit Fund had a deficit retained earnings balance of$245,656. The intent of management is that this deficit also be recovered by transfers from other funds during future years. Internal Service Fund At September 30, 2000, the Fleet Maintenance Fund had a deficit retained earnings balance of $6,228,025. In the opinion of management, this deficit will be recovered by increasing the rates charged for services rendered to other departments and by transfers from other funds during future years. Note 4 - DEPOSITS AND INVESTMENTS Deposits All of the City's demand and time depository accounts are held in local banking institutions under the terms of written depository contracts. At September 30, 2000, the total amount of the City's demand and time deposits per the general ledgers was$10,328,427, and the total amount per the City's September 30, 2000 bank statements was $11,521,001. The entire amount of the year-end bank statement balances was covered by federal depository insurance or by collateral held by the City's agent in the City's name. Investments The investment policies of the City and its discretely presented component units are governed by State statutes. Authorized investments include obligations of the U.S. Treasury, agencies and instrumentalities, obligations of the State of Texas and related agencies, obligations of states, agencies, counties, cities and political subdivisions of any state rated A or above by a nationally recognized investment rating firm, repurchase agreements, public funds investment pools, and commercial paper. The investments of the City and its discretely presented component units at September 30, 2000 are as follows: Component Citv Units Totals U.S. Government securities $13,476,628 $ - $13,476,628 Texas Local Government Investment Pool (TexPool) 36,016,683 8,676,193 44,692,876 Local Government Investment Cooperative (LOGIC) 7,577,231 - _ 7.577,231 Totals $57,070,542 $8,676,193 $65,746,735 20 CITY OF WICHITA FALLS, TEXAS NOTES TO THE FINANCIAL STATEMENTS (CONTD.) SEPTEMBER 30, 2000 Note 4 - DEPOSITS AND INVESTMENTS (CONTD.) Investments(Cont'd. TexPool is a public funds investment pool administered by the Treasurer of the State of Texas pursuant to the Interlocal Cooperation Act passed in 1989 by the 71st Texas Legislature. This Act authorized the City to delegate to TexPool the authority to make investment purchases and to hold legal title as custodian of the investment securities. All TexPool investments are in the possession of the Texas Treasury Safekeeping Trust Company and held in its book-entry safekeeping account at the Federal Reserve Bank of Dallas. The Texas Treasury Safekeeping Trust Company was created in 1986 by the 69th Texas Legislature to enable the Treasurer of the State of Texas to manage, safekeep, and invest public funds of state agencies and political subdivisions more efficiently and economically. LOGIC was also established pursuant to the Interlocal Cooperation Act passed by the State of Texas and is administered by Southwest Securities Group, Inc. LOGIC's governing body is a five- member board of directors comprised of three government officials and two other persons with expertise in public finance. LOGIC's investments are only those authorized by the Texas Public Funds Investment Act governing pools for local governments. LOGIC presently offers two investment pools, each of which is separately managed and has a different investment objective. Each participating government owns an undivided beneficial interest in the assets of the pool represented by units. Participants may terminate their participation in LOGIC at any time by redeeming their units. The City's investments that are represented by specific identifiable investment securities are categorized below to give an indication of the level of risk assumed by the City at year end. Category 1 includes investments that are insured or registered, or for which the securities are held by the City or its agent in the City's name. Category 2 includes uninsured and unregistered investments for which the securities are held by the counterparty's trust department or agent in the City's name. Category 3 includes uninsured and unregistered investments for which the securities are held by the counterparty's safekeeping department, but not in the City's name. Cateaory Carrying Fair Description 1 2 3 Amount Value • Primary Government U.S.Government Securities $13476.678 $ - $ - $13,476,628 $13,476,628 Investments not subject to categorization: Public Funds Investment Pool 43.593.914 43.593.914 Subtotal 57,070,542 57,070,542 Component Units: Investments not subject to categorization: Public Funds Investment Pool 8.676.193 8.676.193 Total $65J46J3-5 $65J46'35 * The fair value of the City's position in the Public Funds Investment Pool is the same as the value of the Pool shares. 21 . §ikKKk §A § 22k K 1 i vi CD - v. « 44. I . . . . § . I § . ƒk _ r ` kKkKkRR §. 2f ZA§ 2kkg g - a > - n © - e 4, 2 R . 8 - _ § § Ci CO z _ \ . \ . e k \ a N. I—LLI z ' _ — @ § ' _ a # g: lei J 111 k Ak - � 7a § u_ ' � � o 2 . . , R . . . % . V 2 J K w Qa _ k 2 2a Er cn U. , . . , .f A $ §O N k V w o _ . . . 7 K . § O 2 i - CD kv 2 2 = w C. S ® k er § ' 2 � § CV ! O . . k kt K el J (4 u , ! 1 E cp © ■ 15 Ek ) ' s co co.) . ga — 7 2 • 1 « � � # s . i | 2 E > 2 .. Eo & E x } v _ ° r9 » f 2 7 111 CD it it } k / § Jk § � a k 7 In 7 2 22 CITY OF WICHITA FALLS, TEXAS NOTES TO THE FINANCIAL STATEMENTS (CONTD.) SEPTEMBER 30, 2000 Note 6 - PROPERTY TAXES Property taxes attach as an enforceable lien on property as of the prior January 1. Taxes are levied on October 1, and become delinquent after January 31, unless the half-payment option is elected, in which case one-half of the tax is due November 30, and the balance the following June 30. The City is permitted by its Home Rule Charter to levy taxes up to $2.25 per $100 of assessed valuation for general governmental services including the payment of principal and interest on long-term debt. The combined tax rate to finance general governmental services for the year ended September 30, 2000 was $.55194 per$100 which means that the City has a tax margin of $1.69806 per $100, and could raise up to $51,856,981 additional tax revenue a year from the present assessed valuation of$3,053,895,661 before the limit is reached. Note 7 - RESTRICTED ASSETS-WATER AND SEWER FUND Restricted assets in the Water and Sewer Fund, held for specific purposes in accordance with bond ordinances or other legal restrictions, are comprised of the following: For Debt Service: Cash and cash equivalents $ 8,209,707 Investments 4,500 For Capital Improvements: Cash and cash equivalents 9,491,871 Receivables 96,303 For Customer Deposits: Cash and cash equivalents 2.031.094 Total $19,833,475 Note 8 - PLANT, EQUIPMENT AND DEPRECIATION A summary of plant and equipment at September 30, 2000 is as follows: 23 CITY OF INICHITA FALLS, TEXAS NOTES TO THE FINANCIAL STATEMENTS (CONTD.) SEPTEMBER 30, 2000 Note 8 - PLANT, EQUIPMENT AND DEPRECIATION (CONTD.) Internal General Enterprise Service Fixed Component Funds Funds Assets Units Total Land and betterments $ 26,239,823 $ 433,658 $14,135,745 $140,480 $ 40,949,706 Buildings,systems and improvements 132,932,467 4,010,098 16,336,574 459,520 153,738,659 Machinery and equipment 3,557,017 - 7,130,805 - 10,687,822 Furniture and fixtures 8,986 6,358 197,824 - 213,168 Motor vehicles and equipment 1,235 28,952,553 31,485 - 28,985,273 Construction in progress 2.095.829 6.706 34.187 - 2.136.722 Total plant and equipment 164,835,357 33,409,373 37,866,620 600,000 236,711,350 Less accumulated depreciation ( 61.768.421) ( 18.718.645) - - ( 80.487.066) Net plant and equipment $103,066.236 $14,690328 S37,866.620 160 ,000 S156224.284 A summary of changes in the components of the General Fixed Assets Account Group for the year ended September 30, 2000 is as follows: Balance Transfers Balance October 1, and September 30, 1999 Additions Retirements 2000 Plant and equipment Land and betterments $13,739,868 $ 395,877 $ - $14,135,745 Buildings and improvements 13,183,173 3,153,401 - 16,336,574 Machinery and equipment 6,696,455 438,458 4,108 7,130,805 Furniture and fixtures 182,103 15,721 - 197,824 Motor vehicles and equipment 31,485 - - 31,485 Construction in progress 223.732 34.187 223.732 34.187 Subtotal 34,056,816 4,037,644 227,840 37,866,620 Investment in joint venture 11.823.734 331.970 - 12.155.704 Totals $45 680 550 $4.369,614 $227,840 550 022 324 A summary of changes in components of the fixed assets of the discretely presented component units for the year ended September 30, 2000 is as follows: --Balance -Transfers Balance October 1, and September 30, 1999 Additions Retirements 2000 Land and betterments $ - $140,480 $ - $140,480 Buildings and improvements - 459.520 - 459.520 Totals $_____— $600,000 $ - MIC00 24 CITY OF WICHITA FALLS, TEXAS NOTES TO THE FINANCIAL STATEMENTS (CONTD.) SEPTEMBER 30, 2000 Note 9 - RETIREMENT PLANS Texas Municipal Retirement System Plan Description The City provides pension benefits for substantially all of its full-time employees, except firefighters, through a nontraditional, joint contributory, defined benefit plan in the state-wide Texas Municipal Retirement System (TMRS), one of 731 administered by TMRS, an agent multiple-employer public employee retirement system. Benefits depend upon the sum of the employee's contributions to the plan, with interest, and the City-financed monetary credits,with interest. At the date the plan began,the City granted monetary credits for service rendered before the plan began of a theoretical amount equal to two times what would have been contributed by the employee, with interest, prior to establishment of the plan. Monetary credits for service since the plan began are a percent (200%) of the employee's accumulated contributions. In addition, the City can grant, as often as annually, another type of monetary credit referred to as an updated service credit which is a theoretical amount which, when added to the employee's accumulated contributions and the monetary credits for service since the plan began, would be the total monetary credits and employee contributions accumulated with interest if the current employee contribution rate and City matching percent had always been in existence and if the employee's salary had always been the average of his salary in the last three years that are one year before the effective date. At retirement, the benefit is calculated as if the sum of the employee's accumulated contributions with interest were used to purchase an annuity. Members can retire at ages 60 and above with 10 or more years of service or with 25 years of service regardless of age. A member is vested after 10 years. The plan provisions are adopted by the governing body of the City, within the options available in the state statutes governing TMRS and within the actuarial constraints also in the statutes. Contributions The contribution rate for all employees is 5%, except police officers which is 7%, and the City matching ratio is currently 2 to 1, both as adopted by the governing body of the City. Under the state law governing TMRS, the actuary annually determines the City contribution rate. This rate consists of the normal cost contribution rate and the prior service contribution rate, both of which are calculated to be a level percent of payroll from year to year. The normal cost contribution rate finances the currently accruing monetary credits due to the City matching percent, which are the obligation of the City as of an employee's retirement date, -not at-the time'the emptoyee` -cuntitbutians are-made:'The normal cost contribution rate is the actuarially determined percent of payroll necessary to satisfy the obligation of the City to each employee at the time his/her retirement becomes effective. The prior service contribution rate amortizes the unfunded (overfunded) actuarial liability (asset) over the remainder of the plan's 25-year amortization period. When the City periodically adopts updated service credits and increases in annuities in effect, the increased unfunded actuarial liability is to be amortized over a new 25-year period. The unit credit actuarial cost method is 25 CITY OF WICHITA FALLS, TEXAS NOTES TO THE FINANCIAL STATEMENTS (CONTD.) SEPTEMBER 30, 2000 Note 10 - RETIREMENT PLANS (CONTD.) Contributions(Cont'd.) used for determining the City contribution rate. Both the employees and the City make contributions monthly. Since the City needs to know its contribution rate in advance to budget for it, there is a one-year delay between the actuarial valuation that is the basis for the rate and the calendar year when the rate goes into effect (i.e. December 31, 1999 valuation is effective for rates beginning January 2001). Wichita Falls Firemen's Relief and Retirement Fund Plan Description The City provides pension benefits for all of its firefighters through a single employer defined benefit pension plan. The Wichita Falls Firemen's Relief and Retirement Fund (the Fund) operates under an act passed in 1937 by the Texas State Legislature and adopted by the City's firefighters. Benefits are determined on a "formula"or a "final salary" plan. A firefighter who qualifies for a retirement benefit will receive monthly retirement equal to 2.28% (2.10% prior to August 5, 1998) of his 24 month average monthly salary (within the last 36 months) multiplied by his years of service. Members can receive a service retirement at ages 50 and above with 20 or more years of service. Members are eligible for actuarially reduced early retirement benefits before age 50, provided the employee has accrued at least 20 years of service. The plan also provides death and disability benefits. Members who terminate their service and are nonvested are entitled to the excess of the member's contributions over any benefits previously received. Contributions The contribution rate for the firefighters is 11% (increased from 9% effective August 5, 1998) and the City contributes 9%. Both the firefighters and City make contributions monthly. Contribution requirements are not actuarially determined, however, state law requires that each plan of benefits adopted by the Fund must be approved by a qualified actuary. The actuary certifies that the contribution commitments by the firefighters and the City provide an adequate financing arrangement. Using the entry age actuarial cost method, the plan's normal cost is determined as a percentage of payroll. The excess of the total contribution rate over the normal cost rate is used to amortize the plan's unfunded actuarial accrued liability, and the number of years needed to amortize the vlarrs unfunded actuarial accrued liability is determined using a level percentage of payroll method. 26 CITY OF WICHITA FALLS, TEXAS NOTES TO THE FINANCIAL STATEMENTS (CONTD.) SEPTEMBER 30, 2000 Note 9 - RETIREMENT PLANS (CONTD.) Schedule of Actuarial Liabilities and Funding Progress Texas Municipal Firemen's Total Retirement Relief and (Memorandum System Retirement Only) Actuarial Valuation Date 12/31/99 12/31/97 Actuarial Value of Assets $58,074,582 $19,916,831 $73,696,036 Actuarial Accrued Liability(AAL) 76,394,376 25,193,592 95,525,737 Percentage Funded 76.0% 79.1% 77.1% Unfunded Actuarial Accrued Liability(UAAL) 18,319,794 5,276,761 21,829,701 Annual Covered Payroll 26,932,278 4,712,854 30,546,365 UAAL as a Percentage of Covered Payroll 68.0% 112.0% 71.5% Net Pension Obligation(NPO)at the Beginning of the Period -0- -0- -0- Annual Pension Cost: Annual Required Contribution(ARC) $ 3,006,196 $ 530,938 $ 3,537,134 Interest on NPO -0- -0- -0- Adjustment to the ARC -0- -0- -0- Annual Pension Cost $ 3,006,196 $ 530,938 $ 3,537,134 Percentage of Annual Pension Costs Contributed 100% 100% 100% Contributions Made $ 3,006,196 $ 530,938 $ 3,537,134 Increase in NPO -0- -0- -0- NPO At the End of the Period $ -0- S -0- $ -0- Two preceding years: 1998: Annual Pension Cost $ 2,522,957 $ 558,566 $ 3,081,523 Percentage of Annual Pension Costs Contributed 100% 100% 100% -NPOAt•theEhdof the Period --- 0- -0- -0- 1997: Annual Pension Cost $ 2,404,267 $ 451,563 $ 2,855,830 Percentage of Annual Pension Costs Costs Contributed 100% 100% 100% NPO At the End of the Period -0- -0- -0- 27 ' CITY OF WICHITA FALLS, TEXAS NOTES TO THE FINANCIAL STATEMENTS (CONTD.) SEPTEMBER 30, 2000 Note 9 - RETIREMENT PLANS (CONTD.) Actuarial Assumptions Texas Municipal Firemen's Retirement Relief and System Retirement Actuarial Cost Method Unit Credit Entry Age Amortization Method Level Percent of Payroll N/A * Remaining Amortization Period 25 years N/A Amortization Period Open N/A Asset Valuation Method Amortized Cost Smooth Market Value Investment Rate of Return 8% 8% Projected Salary Increases None None Includes Inflation at None None Cost-of-Living Adjustments None None * The entry age actuarial cost method does not identify or separately amortize unfunded actuarial liabilities. Both of the stand-alone financial reports for both the Texas Municipal Retirement System and Firemen's Relief and Retirement Fund can be obtained from the City's Director of Finance at 1300 7th Street, Wichita Falls, Texas. Note 10 - DEFERRED COMPENSATION PLAN The City offers its employees a deferred compensation plan created in accordance with Internal Revenue Code Section 457. The plan, available to all City employees, permits them to defer a portion of their salary until future years. The deferred compensation is not available to the employees until termination, retirement, death, or an unforeseen emergency. Note 11 - PAYABLE TO U.S. GOVERNMENT The City of Wichita Falls and Wichita County Water Improvement District Number 2, upon the completion of the Lake Kemp reconstruction project in January, 1976 by the U.S. Government, are required to reimburse the U.S. Government 22.7% of its reported total cost of$8,774,705, or$1,991,858. The City's share of this amount is 66.11%, or$1,316,817, payable in forty-nine annual installments through January, 2025 of $51,974, which includes interest at the rate of 3.253%. The City's share of the total costs ($5,800,957) is reflected in fixed assets, and the City's share of the U.S. Government funded portion ($4,484,140) is reflected as contributed capital in the Water and Sewer Enterprise Fund. This contractual arrangement is strictly a cost-sharing agreement and is not considered a joint venture as defined in Section J50 of the Codification of Governmental Accounting and Financial Reporting Standards. 28 CITY OF WICHITA FALLS, TEXAS NOTES TO THE FINANCIAL STATEMENTS (CONTD.) SEPTEMBER 30, 2000 Note 11 - PAYABLE TO U.S. GOVERNMENT (CONT'D.) The remaining debt payable to the U.S. Government at September 30, 2000 is classified as follows: Long-term $856,671 Current portion (included in other liabilities) 23.347 Total $880,018 Note 12 - AIRPORT LEASE The airport facilities are located on land at Sheppard Air Force Base. The land is leased from the Department of the Air Force at a cost of$1.00 per year for a period of fifty years, beginning May 15, 1959 and expiring May 14, 2009. Additional rent is based on landing fees at a rate of $1.8264 per scheduled landing. Landing fees collected and paid on this lease were $7,174 for the fiscal year ended September 30, 2000. Note 13 - DESCRIPTION OF LEASING ARRANGEMENTS The majority of the City's operating leases contain an option for annual renewal at the end of the initial lease term. In most cases, these leases will be canceled or replaced by other leases. The City leases certain equipment under operating leases expiring at various times through the year ending September 30, 2003. The following is a schedule by years of future minimum rental payments required under operating leases that have initial or remaining noncancellable lease terms in excess of one year as of September 30, 2000: Year ending September 30: 2001 $103,190 2002 59,069 2003 37,090 2004 28,708 2005 8,133 Later years 3 Total minimum payments required $236,193 The total minimum payments do not include contingent rentals which may be paid under the airport lease based on the number of scheduled landings. The following schedule shows the composition of total rental expenses for all operating leases for the year ended September 30, 2000: Minimum rentals $393,058 Contingent rentals 7.174 Total rentals $400,232 29 CITY OF WICHITA FALLS, TEXAS NOTES TO THE FINANCIAL STATEMENTS (CONTD.) SEPTEMBER 30, 2000 Note 14 - LONG-TERM DEBT The following is a summary of changes in long-term obligations of the City for the year ended September 30, 2000: Obligations Obligations Outstanding New Outstanding October 1, Obligations Obligations September 30, 1999 Incurred Retired 2000 General Lona-Term Debt General Obligation Bonds payable $15,315,000 $ - $1,610,000 $13,705,000 Accrued vacation and sick leave 4,253,663 436,207 - 4,689,870 Capital lease payable 2,676 - 2,676 - Claims and judgments payable 255.942 1.556.690 1.399.340 413.292 Total general long-term debt 19.827.281 1.992.897 3.012.016 18.808.162 Proprietary Fund Debt. Revenue Bonds payable 61,040,000 - 2,345,000 58,695,000 Payable to U.S. Government 932.629 - 22.611 880.018 Total proprietary fund debt 61.942.629 - 2.367.611 59.575.018 Total long-term liabilities $81,769,910 $i.992,897 $,,37• 627 5778,,M,180 Bonds payable at September 30, 2000 are comprised of the following individual issues: Range of Final Annual Bonds Interest Maturity Serial Bonds Outstanding Rates Date Payments Authorized at 9/30/00 General Obligation Bonds: Certificates of Obligation, 2.75%- 9/01/10 $80,000 to $ 4,000,000 $ 3,140,000 Series 1992 5.75% $635,000 General Obligation Refunding 3.50%- 9/01/06 $105,000 to 7,250,000 4,560,000 Bonds,Series 1994 5.50% $860,000 General Obligation Refunding 4.10%- 9/01/06 $570,000 to 9,000,000 6,005,000 Bonds,Series 1996 5.30% $1,130,030 Total General Obligation Bonds 13.705.000 30 CITY OF WICHITA FALLS, TEXAS NOTES TO THE FINANCIAL STATEMENTS (CONTD.) SEPTEMBER 30, 2000 Note 14 - LONG-TERM DEBT(CONTD.) Range of Final Annual Bonds Interest Maturity Serial Bonds Outstanding Rates Date Payments Authorized at 9/30/00 Revenue Bonds: Water and Sewer Revenue Bonds: Water and Sewer System 3.90%- 8/01/07 $95,000 to 12,830,000 8,810,000 Refunding Revenue 5.2096 $1,450,000 Bonds,Series 1995 Water and Sewer System 4.10%- 8/01/07 $305,000 to 5,360,000 3,785,000 Refunding Revenue 5.40% $625,000 Bonds, Series 1996 Water&Sewer System 4.05%- 8/01/18 $180,000 to 5,500,000 5,105,000 Priority Lien Revenue 4.65% $400,000 Bonds, Series 1998B Water&Sewer Subordinate 3.35%- 8/01/16 $25,000 to 11,420,000 11,115,000 Lien Revenue Bonds, 4.95% $2,750,000 Series 1996 Water&Sewer Subordinate 3.14%- 8/01/18 $25,000 to 8,060,000 8,010,000 Lien Revenue Bonds, 4.59% $3,320,000 Series 1998 Water&Sewer System 3.65%- 8/01/12 $375,000 to 22,795,000 21,870,000 Subordinate Lien 4.50% $3,770,000 Refunding Revenue Bonds, Series 1998A - Total Revenue Bonds 58.695.000 Total All Bonds SZ2 400 000 All of the General Obligation Bonds were issued on the full faith and credit of the City and are secured by ad valorem taxes levied against all taxable property. These bonds are serviced by the Debt Service Fund with an apportionment of the ad valorem tax levy. At September 30, 2000, $1,585,571 was available in this fund to service these bonds. All-of the Water and Sewer Revenue Bonds were issued for purposes of improving the City's water and sewer systems and are serviced by the net revenues of the Water and Sewer Fund. The City's current year payments for debt service of general obligation bonds, revenue bonds, and payable to U.S. Government included $796,975, $2,776,148, and $29,363 of interest, respectively. 31 U) O r� O) F.- Tt Trv- co1n co Tr. 0) N. O) CO CO M CO O to O r`r`.-7 co O O 2 N N 2 2 ti 0 1- n r`h r;n id 0 N O to co I O .0 .r E N �, t` co Tr Tr co O l 1 N (O CO f` M O Tel. C m co CO o N - O Cl) > +m' 0:)- N N Ti. N CO O 0 G rA co0 Vj (0 j C w 6 r` (O O O 8O O) �l 0 O) O M m - M CO f` U) 'sr C �0 C Cr; el: U (0 r > d r` IS ate U) G C z o CoUCOI0U) M CO 0 CO - CO r- C0 O m 25 m OOCMM (O Tt r` U)t;N co V O j C (0 U (() - �LLI— co C — NNNNN Z O 0 (H J E O C 0 J w 0 O m O O O O O O N Q H > - O O O O O O Q m N6) 0 0 0 0 0 0 1 . HM 1 �' r) inUN- 0 (C•) 6 re G er to co CO CO N < Qm L d` �N(V (V Nwt = Z W c U Za 0 5 1iN a . , ti ° (oorn � O l I -0 0 is. O) U) M O) 10 U. w co m O) co-r` co" O O Cco.- Cf)O l0 c N- cocoto O mr C O bq O C co V w TO fao00000 ~O 0 p — o 0 0 0 0 0 000000 Z c T cc. t '5 a0) N- U) totorn O e: crt. rn 0! 0 o M .-. a 0 •- e- a .0: 69 F- o Z rn O c o a) m L LU '5 CI d O - G X .s `M 7 LU 7 V .0 CT I- m c C W .- N M wt U) C) To m O O O O O 1 r0 Z O O % m N N N N N CO H 0 Hw Tt O O Z 32 CITY OF WICHITA FALLS, TEXAS NOTES TO THE FINANCIAL STATEMENTS (CONTD.) SEPTEMBER 30, 2000 Note 15 - DEFEASED DEBT In prior years, the City defeased certain outstanding revenue bonds by placing the proceeds of new bonds and additional cash in an irrevocable trust to provide for all future debt service payments on the old bonds. Accordingly, the trust escrow accounts and the defeased bonds are not included in the City's financial statements. At September 30, 2000, $12,655,000 of the 1986 Water and Sewer Revenue Refunding Bonds are considered defeased. Note 16 - TAX ANTICIPATION NOTES PAYABLE During the year ended September 30, 1997, the City of Wichita Falls, Texas issued tax anticipation notes in the amount of $2,000,000. The proceeds provided by these notes were used for the renovation of the City's Activities Center to house the Wichita Falls Public Library. These notes bear interest ranging from 4.45% to 7.00% and mature over a period of seven years. While these notes are, in effect, long-term financing, the City has recorded the liability for these tax anticipation notes as a current liability in the Library Renovations Fund as required by generally accepted accounting principles established by the Governmental Accounting Standards Board. The annual requirements to pay principal and interest on the tax anticipation notes outstanding at September 30, 2000 are as follows: Year Ending September 30: Principal Interest Total 2001 $ 290,000 $ 51,360 $ 341,360 2002 305,000 37,969 342,969 2003 320,000 23,590 343,590 2004 340.000 8.075 348.075 Totals $1,255,000 $120,994 $1,375,994 During the year ended September 30, 2000, the City paid $67,263 of interest on the tax anticipation notes. Note 17 - LANDFILL AND TRANSFER STATION CLOSURE AND POSTCLOSURE CARE COSTS State and federal laws and regulations require that the City place a final cover on its landfill when closed, and perform certain maintenance and monitoring functions at the landfill site for thirty years after closure. In addition to operating expenses related to current activities of the landfill, an expense provision and related liability are being recognized based on the future closure and postclosure care costs that will be incurred near or after the date the landfill no longer accepts waste. The recognition of these landfill closure and postclosure care costs is based on the amount of the landfill used during the year. The estimated liability for landfill closure and 33 CITY OF WICHITA FALLS, TEXAS NOTES TO THE FINANCIAL STATEMENTS (CONTD.) SEPTEMBER 30, 2000 Note 17 - LANDFILL AND TRANSFER STATION CLOSURE AND POSTCLOSURE CARE COSTS (CONTD.) postclosure care costs has a balance of$3,132,725 as of September 30, 2000,which is based on 50% usage of the landfill. The City has no remaining estimated costs of closure and postclosure care which have not already been recognized in the financial statements. It is estimated that additional costs will be recognized as closure and postclosure care expenses between the date of the balance sheet and the date the landfill is expected to be filled to capacity in 2017. Additionally, the City has accrued $5,751 in estimated closure costs for the City's landfill transfer station. Actual costs may be higher due to inflation, change in technology, or changes in regulations. Note 18 - INDIVIDUAL FUND AND RELATED DISCLOSURES Interfund receivable and payable balances at September 30, 2000 are as follows: Interfund Interfund Receivables Pavables General Fund $500,000 Special Revenue Funds: Community Development Block Grant Fund - 122,907 Home Investment Partnership Agreement Fund - 192,939 Miscellaneous Special Revenue Fund - 582.186 Total Special Revenue Funds - 898.032 Enterprise Funds: Water and Sewer Fund 398.032 - Totals $898,032 $898,032 Receivable and payable balances between the primary government and the component units at September 30, 2000 are as follows: Receivable Payable Capital Projects Funds: 4B Sales Tax Projects Fund $362.385 Component Units: Wichita Falls 4B Sales Tax Corporation - 362.385 Totals $362,385 $362,385 34 CITY OF WICHITA FALLS, TEXAS NOTES TO THE FINANCIAL STATEMENTS (CONTD.) SEPTEMBER 30, 2000 Note 18 - INDIVIDUAL FUND AND RELATED DISCLOSURES(CONTD.) mok Operating transfers between funds and component units during the year were as follows: Iy, Operating Operating Transfer In Transfer Out General Fund $1115,906 $ 492.234 Special Revenue Funds: Hotel/Motel Tax Fund - 66,813 Miscellaneous Special Revenue Fund 844.784 23.503 Total Special Revenue Funds 844.784 90.316 Debt Service Fund 305.800 - Capital Projects Funds: Library Renovation Fund 347,263 - 4B Sales Tax Projects Fund 75.000 - Total Capital Projects Funds 422.263 - Enterprise Funds: Golf Fund 40,000 8,295 Airport Fund - 538,083 Transit Fund 235,849 - Sanitation Fund - 395,396 Water and Sewer Fund - 706.015 Total Enterprise Funds 275.849 1.647.789 Internal Service Funds: Fleet Maintenance Fund - 312.000 Component Units: Wichita Falls 4B Sales Tax Corporation - 422.263 Totals $2,964,602 $2,964,602 Residual equity transfers between funds during the year were as follows: Equity Equity Transfer In Transfer Out General Fund $ 181,233 Special Revenue Funds: Miscellaneous Special Revenue Fund - 2.267.372 Enterprise Funds: Kickapoo Airport Fund 1,600,000 - Transit 6,975 50,252 Sanitation Fund - 1,207,800 Water and Sewer Fund 57.859 96.743 Total Enterprise Funds 1.664.834 1.354.795 Internal Service Funds: Fleet Maintenance 2.138.566 - Totals $3,803,400 $3,803,400 35 t. 1 ' co 111 PA 8 v d w N C c us LLi g co C et C E LL . N N N - n 2 O 0 a) -111 A 1 " c clo v10 w CO as a) i i . _ N 0 C cn Z w N H N ( ai V d 81 Z a tL E co CO- N W G N F- fa co J To > . J I- N 0 QQ 55�� Li. H r) w W tS 25 ' am Z W Za v U. W 0 c •5cNi O o 2a 4 N co Ili a a C.) z - 0 «► I °� 1 I O CC a a�E a -- m E.< 0 1 $ U 0 CO � _ 0 a) w as" � � '� 4 -E •-8 - -8-53 CO CD I E � — � I- — W zo . 0Q 1 6 g (S 0 0 rn a) w 0 z 36 L 0 c�c� Q; 0 CD CD .' n (4 n § E 2 aa)N. 0 �e � g g1 Pani 1 II po pp O N 01 coo 03 C7 M M N. 0 W C E V C7 N o�o� IA h E I- co � `aa � 03 m �hna , I �op � t 1 r�p N O 1 r- �pp� O N � � m " .- elU3N-co RiC) N w a) co L a).p aapp _ a7 A 6. igK � m `° § 8 C 0 c c CA , M a0 co" COZ wo a) Q O 3 0 ccoo 0 if) h V h 0 0) N 1(f V t�) ' M a0 a�0 01 0 n t0 ' 0) W k u) u. N Q —IW o 2▪ Q w F— a co 2 VI ` _ a: Z W L j cc = `fir ' ' $ ' iiSo aC�aS ' � WN CO co a00 3d - � VI iiS O FF- n v to, _ O W iri 0 'r f' N V O N a) cu O n ' 1- a r .2 o o c�' 4- A 8ao it'. g cc 8- O ce 3 0) H — N h Z in h w f- ' N Z 0 W w p o O• cN • ... L F- a) t > 7i CO x 0i4 N 2 a, Q $ 's ' g i Aa 0 u) a `$ o — LL ... v a ° t Z A :5 2 .. a ° egg .: M _2 I i < o It illfbdi e w a) a Z � .- O O G) co F- r 0 0 o 0 N Q+ O z 37 111111 CITY OF WICHITA FALLS, TEXAS NOTES TO THE FINANCIAL STATEMENTS (CONTD.) SEPTEMBER 30, 2000 Note 21 - CONDENSED FINANCIAL INFORMATION FOR DISCRETELY PRESENTED COMPONENT UNITS The City has three component units that are discretely presented in the City's general purpose financial statements. Condensed financial information for the year ended September 30, 2000 is as follows: Wichita Falls Wichita Falls Economic 4B Sales Wichita Falls Development Tax Reinvestment Corporation Corporation Zone#1 Totals Condensed balance sheets: Current assets $5,892,950 $3,032,895 $580,292 $9,506,137 Current liabilities - 363,385 - 363,385 Condensed statements of revenues and expenditures: Revenues 2,927,610 2,826,412 243,691 5,997,713 Current expenditures 700,218 13,000 161,589 874,807 Operating transfers out - 422,263 - 422,263 Excess of revenues and other sources over(under) expenditures and other uses 1,627,392 2,391,149 82,102 4,100,643 Note 22 - JOINT VENTURE- MULTI-PURPOSE EVENTS CENTER The Multi-Purpose Events Center (the Center) is an activities complex owned jointly by the City of Wichita Falls (50%) and Wichita County (the County) (50%). The Center is operated by a seven-member board composed of two members each from the governing bodies of the City and the County, and three other appointed resident citizens of the County. The Center was originally designed to consist of an exhibit hall, an agricultural complex and a coliseum; however, only the exhibit hall and agricultural complex have been constructed. The City and the County each have an undivided one-half interest in the Center and may dispose of it only by mutual agreement of the City Council and Wichita County Commissioners Court. The City and the County are each obligated by contract to fund the portion of the Center's annual budget that exceeds the revenues from the Center and the undesignated hotel/motel taxes collected by the City. 38 CITY OF WICHITA FALLS, TEXAS NOTES TO THE FINANCIAL STATEMENTS (CONTD.) SEPTEMBER 30, 2000 Note 22 - JOINT VENTURE- MULTI-PURPOSE EVENTS CENTER(CONTD.) Effective October 1, 2000, the County deeded their one-half interest in the Center and gave up their two positions on the Centers board. Consequently,the Center ceased being a joint venture and will be a discretely presented component unit in-the City's general purpose financial statements in the subsequent year. Furthermore, the Center has decided to construct the coliseum. It is estimated that the coliseum will cost approximately$20 million. The project is expected to be funded from the issuance of$7 million in certificates of obligation, $8 million from various fund equities of the City, and $5 million from private contributions. The following is a summary of selected financial information for the Multi-Purpose Events Center as of September 30, 2000: Total assets $22,456,773 Total liabilities $ 17,597 Joint venturers'capital $22,439,176 Current capital contributions $ 1,516,508 Total revenue $ 868,799 Total expenses $ 2,025,209 Total other income $ 48,650 Net loss ($ t107,760) The City's net investment in this joint venture is reported in the City's General Fixed Assets Account Group. The City's equity interest in the Center was$12,155,704 at September 30, 2000. Complete financial statements for the Center can be obtained from the City's Director of Finance at 1300 7th Street, Wichita Falls, Texas. Note 23 - COMMITMENTS AND CONTINGENCIES Litioatuon The City-is a defendant in numerous lawsuits. 'tn the opinion of'the'City's management, any liabilities resulting from such suits will not materially affect the financial position of the City. However, the City was not successful in defending one lawsuit and has been ordered to pay damages ranging from $117,000 to $142,000. Though the City intends on appealing the decision, $117,000 has been accrued in the General Fund for this lawsuit. 39 CITY C)F WICHITA FALLS, TEXAS NOTES TO THE FINANCIAL STATEMENTS (CONTD.) SEPTEMBER 30, 2000 Note 23 - COMMITMENTS AND CONTINGENCIES (CONTD.) Accrued Vacation and Sick Leave The City's liability for accrued vacation and sick leave excluding the amount recorded in the enterprise funds was $4,939,870 at September 30, 2000. This accrual is recorded in the General Long-Term Debt Account Group, except for $250,000 which is believed by City management to be currently payable from available resources and is recorded in the General Fund. Post-Retirement Health Care and Life Insurance Benefits In addition to providing pension benefits, the City provides certain health care and life insurance benefits for retired employees. Substantially all of the City's employees may become eligible for those benefits if they reach normal retirement age while working for the City. The cost of retiree health care is paid for by the retirees. The cost of life insurance benefits for 10 retirees is partially funded by the City. The City's portion of these costs is recognized as expense when paid. For the fiscal year ended September 30, 2000, these costs were not material to the financial statements. Contract Commitment With West Texas Utilities Company In 1977, the City and Wichita County Water Improvement District Number 2 entered into a sixty- year contract with the West Texas Utilities Company (the Company) and agreed to provide an adequate water supply for the Company's use in generating power upon completion of the Company's construction of a power plant adjacent to the Lake Kemp-Lake Diversion System. The significant terms of the contract provide for standby charges to be paid to the City and the Wichita County Water Improvement District Number 2 in equal amounts. Minimum charges for the calendar year 1997 and all years thereafter until the end of contract will be $500,000 per year. For water actually consumed, the Company shall pay the City and Wichita County Water Improvement District Number 2 equally, at the base rate of $0.23 per one thousand gallons, which is adjusted annually. The rate for the year ended September 30, 2000 was $.404046 per one thousand gallons. This contract can be terminated at any time by the Company. If the contract is terminated, the Company is required to make a maximum termination payment equal to the minimum charges which would have become due and payable during the following twenty-four month period. Construction-Contracts At September 30, 2000, the City was committed to several construction contracts. The amounts for which the various funds are committed to complete these contracts are as follows: 40 CITY OF 'WICHITA FALLS, TEXAS NOTES TO THE FINANCIAL STATEMENTS (CONTD.) SEPTEMBER 30, 2000 Note 23 - COMMITMENTS AND CONTINGENCIES (CONTD.) Construction Contracts(Cont'd.) General Fund $ 15.000 Enterprise Funds: Sanitation Fund 509,568 Water and Sewer Fund 10.248.632 Total Enterprise Funds 10.758.200 Total contract commitments $10,773,200 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, and the Home Investment Partnership Agreement Program. In connection with these grants, the City is required to comply with specific terms and agreements as well as applicable Federal and State laws and regulations. Such compliance is subject to review and audit by the grantors and their representatives. In the opinion of management,the City has complied with all requirements. However, since such programs are subject to future audit or review,the possibility of disallowed expenditures exists. In the event of any disallowance of claimed expenditures, the City expects the resulting liability to be immaterial. Note 24 - EXCESS EXPENDITURES OVER APPROPRIATIONS For the year ended September 30, 2000, expenditures exceeded appropriations in the General Fund's administrative services by $182,588. This overexpenditure was funded by available fund balance. Note 25 - SUBSEQUENT EVENTS Storm Water Drainage Utility System In November, the City established a Storm Water Drainage Utility System (System). The System, which takes effect on May 1, 2001, provides a funding mechanism for drainage improvements in-the-eity It-is-estimated-the System will-generate $1.5 million in revenues annually. General Fund Appropriation In December 2000, the City appropriated $1,097,632 from its General Fund's unreserved, undesignated fund balance for energy savings improvements at City Hall. 41 CITY OF WICHITA FALLS, TEXAS NOTES TO THE FINANCIAL STATEMENTS (CONT'D.) SEPTEMBER 30, 2000 Note 25 - SUBSEQUENT EVENTS (CONTD.) Certificates of Obligation In January 2001, the voters of the City of Wichita Falls, Texas approved the issuance of $7 million to partially fund the construction of the coliseum of the Center as discussed in Note 22 of the financial statements. The specific terms of the debt issuance is not known at this time. Note 26 - GASB STATEMENT NO. 34 The GASB has issued Statement No. 34, Basic Financial Statements and Management's Discussion and Analysis for State and Local Governments, which establishes a new financial reporting model for state and local governments. This new model requires that at a minimum the basic financial statements of a government include: (1) Management's Discussion and Analysis as a component of required supplementary information; (2) Both government-wide financial statements and fund financial statements; (3) Notes to the financial statements; (4) Required supplementary information other than Management's Discussion and Analysis. The implementation of GASB Statement No. 34 is mandated in three phases based upon a government's total annual revenues of its governmental and enterprise funds in the first fiscal year ending after June 15, 1999. Based on the City's general purpose financial statements for the year ended September 30, 2000, the City will be required to implement GASB Statement No. 34 for the year ending September 30, 2003. The government-wide financial statements required by GASB Statement No. 34 requires the retroactive reporting of major networks and systems of general infrastructure assets. GASB Statement No. 34 sets the implementation of the reporting of infrastructure assets four years after the financial statement implementation. Consequently, the City will be required to implement the general infrastructure assets reporting for the year ending September 30, 2007. 42 I I I I I I I I I I Wichita . 4 k TEXAS I HIP REQUIRED SUPPLEMENTAR INFORMATION pp! ‘10 a. Wichita' TEXAS \\_ ort a 109 EXHIBIT B-1 CITY OF WICHITA FALLS, TEXAS TEXAS MUNICIPAL RETIREMENT SYSTEM -ANALYSIS OF FUNDING PROGRESS - LAST TEN PLAN YEARS (UNAUDITED)* (1) (2) (3) (4) (5) (6) Unfunded UAAL as a Actuarial Actuarial Actuarial Percentage Actuarial Accrued Annual Percentage of Valuation Value Accrued Funded Liability(UAAL) Covered Covered Payroll Date of Assets Liability(AAL) (1) =- (2) (2)-(1) Payroll (4) _ (5) 12/31/90 $ 30,732,508 $ 36,338,409 84.6% $ 5,605,901 $ 18,827,230 29.8% 12/31/91 32,169,524 38,603,039 83.3% 6,433,515 18,664,431 34.5% 12/31/92 34,988,814 42,460,833 82.4% 7,472,019 18,874,753 39.6% 12/31/93 40,008,407 49,758,664 80.4% 9,750,257 20,657,576 47.2% 12/31/94 42,728,204 53,833,753 79.4% 11,105,549 21,343,153 52.0% 12/31/95 46,420,960 59,450,213 78.1% 13,029,253 22,768,262 57.2% 12/31/96 48,533,798 62,979,458 77.1% 14,445,660 23,859,734 60.5% 12/31/97 51,833,203 67,746,553 76.5% 15,913,350 24,726,606 64.4% 12/31/98 53,779,205 70,332,145 76.5% 16,552,940 25,833,511 64.1% 12/31/99 58,074,582 76,394,376 76.0% 18,319,794 26,932,278 68.0% Analysis of the dollar amounts of the actuarial value of assets, actuarial accrued liability, and unfunded actuarial accrued liability in isolation can be misleading. Expressing the actuarial value of assets as a percentage of the actuarial accrued liability provides one indication of the City's funding status on a going-concern basis. Analysis of this percentage over time indicates whether the system is becoming financially stronger or weaker. Generally, the greater this percentage,the stronger the pension plan. Trends in unfunded actuarial accrued liability and annual covered payroll are both affected by inflation. Expressing the unfunded actuarial accrued liability as a percentage of annual covered payroll approximately adjusts for the effects of inflation and aids analysis of the City's progress made in accumulating sufficient assets to pay benefits when due. Generally, the "smaller this percentage,the stronger the pension plan. * This City retirement plan is substantially a defined contribution plan. These voluntary disclosures, similar to the disclosures required for a defined benefit plan, are provided for additional analysis of the plan. 43 EXHIBIT B-2 CITY OF WICHITA FALLS, TEXAS WICHITA FALLS FIREMEN'S RELIEF AND RETIREMENT FUND- ANALYSIS OF FUNDING PROGRESS (UNAUDITED) (1) (2) (3) (4) (5) (6) Unfunded UAAL as a Actuarial Actuarial Actuarial Percentage Actuarial Accrued Annual Percentage of Valuation Value Accrued Funded Liability(UAAL) Covered Covered Payroll Date of Assets Liability(AAL) (1) (2) (2) - (1) Payroll (4) = (5) 4/30/91 (d) $ - $ - - $ - $ - - 4/30/92(b) 11,436,828 13,488,758 84.8% 2,051,930 3,917,100 52.4% 4/30/93(d) - - - - - - 4/30/94(d) - - - - - - 4/30/95(c) 14,966,425 17,882,791 83.7% 2,916,366 4,051,390 72.0% 12/31/95 16,529,273 18,648,105 88.6% 2,118,832 4,214,096 50.3% 12/31/96 18,276,026 20,042,040 91.2% 1,766,014 4,794,594 36.6% 12/31/97 19,916,831 25,193,592 79.1% 5,276,761 4,712,854 112.0% 12/31/98(d) - - - - - - 12/31/99(d) - - - - - - Analysis of the dollar amounts of the actuarial value of assets,actuarial accrued liability,and unfunded actuarial accrued liability in isolation can be misleading. Expressing the actuarial value of assets as a percentage of the actuarial accrued liability provides one indication of the City's funding status on a going-concern basis. Analysis of this percentage over time indicates whether the system is becoming financially stronger or weaker. Generally,the greater this percentage,the stronger the pension plan. Trends in unfunded actuarial accrued liability and annual covered payroll are both affected by inflation. Expressing the unfunded actuarial accrued liability as a percentage of annual covered payroll approximately adjusts for the effects of inflation and aids analysis of the Citys progress made in accumulating sufficient assets to pay benefits when due. Generally,the smaller the percentage,the stronger the pension plan. (a) During 1990,the plan was amended to increase standard retirement benefits from 1.63%to 1.90%of the firefighter's average salary multiplied by years of service. This amendment increased the actuarial accrued liability as of April 30,1990 by approximately$314,000. (b) During 1992,the plan was amended to increase standard retirement benefits from 1.90%to 2.01%of the firefighter's average salary multiplied by years of service. This amendment increased the actuarial accrued liability as of October 1,1992 by approximately$1,100,000. (c) During 1995,the plan was amended to increase standard retirement benefits from 2.01%to 2.10%of the firefighter's average salary multiplied by years of service. Additionally,the minimum benefit for retired firefighters was raised from$300 per month to$400 per month. Widows minimum monthly payments were raised to remain two-thirds of the minimum for retired firefighters. Two additional payment options were also added to the plan's provisions. These amendments increased the actuarial accrued liability as of October 1,1995 by approximately$660,000. (d) Historical trend information is presented for as many years as such information about the plan is available. No actuarial valuation or update was performed as of these dates. Texas state law does not require an actuarial valuation to be completed annually. The last actuarial valuation update was completed as of December 31,1997. Additional historical trend information will be disclosed in future periods as it becomes available. 44 Wichita TEXAS ., N 1 1 ' 1 1 . I , 1 . 1 ; II I I ' I •. I 1 ' I I 1 ' I 1 I ' I I GENERAL FUND I 111 olikw 00, OTO The General Fund is used to account for all revenues and expenditures not accounted for in other funds. It receives a greater variety and amount of revenues and finances a wider range of governmental activities than any other fund. Major functions financed by the General Fund include: Administrative; Finance; Police; Fire; Protective Inspections, such as building, plumbing and electrical; Traffic Engineering; Public Works Engineering; Street Maintenance; Health; Community Enrichment Activities such as Parks, Recreation, and Library; and Planning. Olt 1 Wichita TEXAS EXHIBIT C-1 CITY OF WICHITA FALLS, TEXAS GENERAL FUND COMPARATIVE BALANCE SHEETS SEPTEMBER 30, 2000 AND 1999 2000 1999 ASSETS Cash and cash equivalents $ 271,877 $ 7,966,212 Investments 8,971,304 2,998,125- Receivables: LTaxes and assessments (less$570,853 and $556,941 allowance for uncollectible accounts) 742,221 778,370 Other City funds 500,000 1,121,204 Government agencies 2,600,253 2,648,461 Other 845,828 681,063 "0i `" Inventory 40,479 35,152 Prepaid items 59,224 34,960 Total assets $14,031,186 $16,263,547 LIABILITIES AND FUND BALANCE Liabilities: Accounts payable-trade $ 845,371 $ 456,304 Accrued payroll 383,153 1,292,934 Accrued vacation and sick leave 250,000 150,000 Payable to other City funds 777,789 Payable to government agencies 130,819 93,159 Other liabilities 1,167,249 1,222,099 Deferred revenue 806,243 764,895 a`" Claims and judgements payable 192,000 - Total liabilities 3,774,835 4,757,180 Fund balance: Reserved for encumbrances 368,810 1,222,962 Reserved for inventory and prepaid items 99,703 70,112 Unreserved: Designated for subsequent years expenditures 3,000,000 3,000,000 Undesignated 6,787,838 7,213,293 Total fund balance 10,256,351 11,506,367 Total liabilities and fund balance $ 14,031,186 $16,263,547 n ow 45 EXHIBIT C-2 (Page 1 of 4) CITY OF WICHITA FALLS, TEXAS GENERAL FUND STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE- BUDGET AND ACTUAL FOR THE YEAR ENDED SEPTEMBER 30, 2000 WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1999 2000 Variance- Favorable 1999 Budget Actual (Unfavorable) Actual Revenues: Taxes: Ad valorem taxes $15,103,489 $ 15,041,577 $ (61,912) $13,510,149 Penalties and interest 180,000 175,982 (4,018) 167,068 City sales tax 15,614,166 15,370,145 (244,021) 14,541,292 Franchise taxes 5,465,000 5,519,843 54,843 5,422,603 Other taxes 380,000 353,424 (26,576) 368,130 Total taxes 36,742,655 36,460,971 (281,684) 34,009,242 Charges for services: Administrative overhead reimbursements 741,574 741,574 - 839,482 Data processing services 325,650 325,650 - 344,599 School nurse program and other health services 260,971 270,179 9,208 750,330 Other service charges 339,952 396,149 56,197 345,583 Total charges for services 1,668,147 1,733,552 65,405 2,279,994 Licenses and permits: Building permits 150,000 203,466 53,466 195,734 Electrical and plumbing 146,500 184,224 37,724 137,326 Health and animal control 171,000 162,446 (8,554) 143,723 Other licenses and permits 41,900 110,579 68,67'9 59,206 Total licenses and permits 509,400 660,715 151,315 535,989 Fines and forfeitures: Municipal Court 1,246,000 1,388,242 142,242 1,158,289 Forfeitures and confiscated funds 2,000 548 (1,452) 234 Library 27,000 29,101 2,101 29,404 Total fines and forfeitures -1,275,000 -1,417,891 - 142,891 1,187,927 Intergovernmental revenue: Operating grants 74,000 46,985 (27,015) 61,782 Total intergovernmental revenue 74,000 46,985 (27,015) 61,782 46 EXHIBIT C-2 (Page 2 of 4) CITY OF WICHITA FALLS, TEXAS GENERAL. FUND STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL(CONTD.) FOR THE YEAR ENDED SEPTEMBER 30, 2000 WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1999 2000 I Variance- Favorable 1999 Budget Actual (Unfavorable) Actual IRevenues(Cont'd.): Contributions: I Donations - - - 12,155 Total contributions - -- 12,155 Miscellaneous revenue: I Rentals and concessions 191,459 190,888 (571) 194,223 Interest 1,089,000 1,160,246 71,246 1,008,420 Other 99,200 157,405 58,205 330,857 I Total miscellaneous revenue 1,379,659 1,508,539 128,880 1,533,500 Total revenues 41,648,861 41,828,653 179,792 39,620,589 Expenditures: Administrative services: Mayor and City Council 62,513 61,681 832 55,708 City Manager 305,080 304,266 814 301,907 Personnel/Risk Management 513,400 513,375 25 482,679 Martin Luther King Center 104,539 104,353 186 96,244 Farmer's Market 1,877 1,851 26 1,523 Library 1,314,502 1,312,014 2,488 1,267,101 General Public Information 141,545 138,545 3,000 140,792 Duplicating Services 83,341 83,138 203 82,659 Building Maintenance 1,240,713 1,198,112 42,601 960,758 Nondepartmental 1,935,295 2,223,631 (288,336) 1,925,160 Municipal Court 470,456 464,946 5,510 424,683 Legal 488,769 456,970 31,799 442,650 City Clerk 135,582 117,318 18,264 133,869 Total administrative services 6,797,612 6,980,200 (182,588) 6,315,733 Police '13;347,017 -13,159,401 187,616 12,010,858 Fire 8,432,870 8,367,462 65,408 7,881,632 Parks and recreation: Recreation 936,782 890,382 46,400 649,448 Park maintenance 2,148,852 2,018,334 130,518 2,110,408 Cemetery 180,084 163,668 16,416 137,099 Total parks and recreation 3,265,718 3,072,384 193,334 2,896,955 47 1 EXHIBIT C-2 (Page 3 of 4) CITY OF WICHITA FALLS, TEXAS GENERAL FUND STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE- BUDGET AND ACTUAL(CONTD.) FOR THE YEAR ENDED SEPTEMBER 30, 2000 WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1999 2000 Variance- Favorable 1999 Budget Actual (Unfavorable) Actual Expenditures (Cont'd.): Accounting/finance: Accounting/finance 393,881 391,799 2,082 392,495 Information systems 840,158 798,057 42,101 765,764 Purchasing 144,624 141,576 3,048 142,514 Total accounting/finance 1,378,663 1,331,432 47,231 1,300,773 Community development: Planning 346,896 293,071 53,825 301,318 Inspection 472,422 466,103 6,319 441,366 Code enforcement 195,757 179,381 16,376 164,051 Property management 58,255 50,457 7,798 59,579 Lake lot administration 90,566 69,573 20,993 81,888 Total community development 1,163,896 1,058,585 105,311 1,048,202 Public works: Engineering 2,355,783 2,257,353 98,430 1,661,152 Street maintenance 3,094,082 3,056,895 37,187 2,777,143 General public works 584,900 484,900 100,000 357,930 ISTEA enhancements 254,896 - 254,896 18,714 Total public works 6,289,661 5,799,148 490,513 4,814,939 Health: Administration 458,606 439,043 19,563 488,710 General City nursing 553,261 535,382 17,81'9 505,829 School nursing program - - - 364,247 Environmental health 819,320 814,765 4,555 750,513 Lab water pollution 278,158 261,723 16,435 231,826 Total health 2,109,345 2,050,913 58,432 2,341,125 Traffic and transportation 1,567,337 1,553,984 13,353 1,561,804 Capital outlay 351,373 144,788 206,585 299,312 Debt service: Principal retirement 2,677 2,677 - 2,350 Interest and paying agent fees 134 134 - 357 Total debt service 2,811 2,811 - 2,707 Total expenditures 44,706,303 43,521,108 1,185,195 40,474,040 48 EXHIBIT C-2 (Page 4 of 4) CITY OF WICHITA FALLS, TEXAS GENERAL FUND STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL(CONTD.) FOR THE YEAR ENDED SEPTEMBER 30, 2000 WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1999 2000 Variance- Favorable 1999 Budget Actual (Unfavorable) Actual Excess of revenues over(under) expenditures (3,057,442) (1,692,455) 1,364,987 (853,451) Other financing sources (uses): Operating transfers in 1,107,611 1,115,906 8,295 1,089,932 Operating transfers out (501,804) (492,234) 9,570 (560,106) Total other financing sources (uses) 605,807 623,672 17,865 529,826 Excess of revenues and other sources over(under) expenditures and other uses $ (2,451,635) (1,068,783) $1,382,852 (323,625) Fund balance- beginning 11,506,367 12,089,667 Residual equity transfer (181,233) (259,675) Fund balance- ending $ 10,256,351 $11,506,367 49 Wichita TEXAS 1 I a a 1I a I a 1. Hi HI 1sAfl`II ,,, I I Special Revenue Funds are used to account for the proceeds of specific revenue sources (other ii than expendable trusts or for major capital projects) that are legally restricted to be expended for specified purposes. Five individual funds are reported within the Special Revenue Funds as follows: Community Development Block Grant Fund The Community Development Block Grant Fund accounts for federal block grant revenues "`i ail 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. two 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. Ion Hotel/Motel Tax Fund The Hotel/Motel Tax Fund accounts for revenues derived from an occupancy tax which is expended on programs promoting the growth of the City of Wichita Falls. Miscellaneous Special Revenue Fund The Miscellaneous Special Revenue Fund accounts for various revenues generated in the form of contributions, fees, concessions, rents and other charges and their related expenditures. The revenues in this fund are expended to support the activity generating the revenue or as designated by the contributor. I 3 ii CITY OF WICHITA FALLS, TEXAS SPECIAL REVENUE FUNDS COMBINING BALANCE SHEET SEPTEMBER 30, 2000 WITH COMPARATIVE TOTALS AT SEPTEMBER 30, 1999 Home Community Investment Development Section 8 Partnership Block Grant Housing Agreement ASSETS Cash and cash equivalents $ - $710,711 $ - Receivables: Taxes and assessments - - - Government agencies 1,762,159 1,277 688,271 Other 2,136 - - Prepaid items 18,608 - - Other assets - - - Total assets $ 1,782,903 $711,988 $ 688,271 LIABILITIES AND FUND BALANCE Liabilities: Accounts payable-trade $ 12,085 $ 519 $ 2,300 Accrued payroll 3,695 2,951 846 Payable to other City funds 122,907 - 192,939 Payable to government agencies - 175,043 - Other liabilities - - 27,214 Deferred revenue - - - Total liabilities 138,687 178,513 223,299 Fund balance: Reserved for encumbrances 32,227 - - Reserved for prepaid items 18,608 - - Unreserved: Designated for subsequent years expenditures 1,593,381 533,475 464,972 Undesignated - - - Total fund balance 1,644,216 533,475 464,972 Total liabilities and fund-balance •$1-;782;903 -$711,-988 $ 688,271 50 EXHIBIT D-1 Hotel/ Miscellaneous Motel Special Totals Tax Revenue 2000 1999 $810,917 $ 1,745,180 $3,266,808 $3,022,358 82,540 - 82,540 82,491 - 699,437 3,151,144 3,806,068 - 2,240 4,376 7,185 - - 18,608 18,000 - 3,000 3,000 3,000 $893,457 $ 2,449,857 $6,526,476 $6,939,102 $ - $ 56,782 $ 71,686 $ 171,856 - 21,965 29,457 111,683 - 582,186 898,032 880,551 - 2,194 177,237 194,908 - 66,252 93,466 130,711 - 132,110 132,110 166,837 - 861,489 1,401,988 1,656,546 - 472,081 504,308 874,235 - - 18,608 18,000 - 1,116,287 3,708,115 3,678,715 893,457 - 893,457 711,606 893,457 1,588,368 5,124,488 5,282,556 $893,457 -$-- 2,449,857 ---$6,626,476 --46,-939,1-02 CITY OF WICHITA FALLS, TEXAS SPECIAL REVENUE FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES -BUDGET AND ACTUAL FOR THE YEAR ENDED SEPTEMBER 30, 2000 WITH COMPARATIVE ACTUAL TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 1999 Home Community Investment Development Section 8 Partnership Block Grant Housing Agreement Revenues: Taxes $ - $ - $ - Charges for services 14,273 - - Fines and forfeitures - - - Intergovernmental revenue 1,795,000 2,639,238 433,001 Contributions - - - Miscellaneous revenue 24,929 47,000 32,525 Total revenues 1,834,202 2,686,238 465,526 Expenditures: Current: Administrative services 95,271 - - Police - - - Fire - - - Parks and recreation 464,848 - - Community development 879,294 2,633,218 640,826 Public works 205,694 - - Health 135,982 - - Traffic and transportation 13,450 - - Capital outlay 378,297 - - Total expenditures 2,172,836 2,633,218 640,826 Excess of revenues over(under)expenditures (338,634) 53,020 (175,300) Other financing sources(uses): Operating transfers in - - - Operating transfers out - - - Total other financing sources(uses) - - - Excess of revenues and other sources over(under)expenditures-end other uses ---{538,634) 53,020 (175,300) Fund balance-beginning 1,982,850 480,455 640,272 Residual equity transfers - - - Fund balance-ending $ 1,644,216 $ 533,475 $ 464,972 51 f1. EXHIBIT D-2 10 II 11 Totals 2000 1999 j - r Miscellaneous Variance- Hotel/Motel Special Favorable Tax Revenue Actual Budget (Unfavorable) Actual $ 1,032,511 $ - $ 1,032,511 $ 925,000 $ 107,511 $ 1,006,994 - 16,144 30,417 17,288 13,129 29,734 - 134,038 134,038 99,624 34,414 81,014 - 4,528,100 9,395,339 9,274,004 121,335 7,294,026 - 88,612 88,612 88,612 - 94,747 55,138 510,834 670,426 517,359 153,067 629,183 1,087,649 5,277,728 11,351,343 10,921,887 429,456 9,135,698 r 825,837 118,749 1,039,857 1,678,921 639,064 1,114,458 - 785,358 785,358 1,793,814 1,008,456 524,883 - 4,132 4,132 22,515 18,383 240 - 488,047 952,895 1,558,583 605,688 415,710 - 307,060 4,460,398 6,371,107 1,910,709 4,426,684 - 16,240 221,934 674,600 452,666 332,240 - 1,500,318 1,636,300 1,917,690 281,390 1,664,884 - 200,902 214,352 423,420 209,068 162,125 - 302,984 681,281 3,826,923 3,145,642 232,666 825,837 3,723,790 9,996,507 18,267,573 8,271,066 8,873,890 'ii la 261,812 1,553,938 1,354,836 (7,345,686) 8,700,522 261,808 - 844,784 844,784 887,506 (42,722) 502,822 (66,813) (23,503) (90,316) (95,552) 5,236 (124,826) (66,813) 821,281 754,468 791,954 (37,486) 377,996 194,999 -2,375,219 "2,109;304 1-(6;553,732) $-8,663,036 639,804 0 698,458 1,480,521 5,282,556 4,680,420 - (2,267,372) (2,267,372) (37,668) $ 893,457 $ 1,588,368 $ 5,124,488 $ 5,282,556 l EXHIBIT D-3 CITY OF WICHITA FALLS, TEXAS COMMUNITY DEVELOPMENT BLOCK GRANT COMPARATIVE BALANCE SHEETS SEPTEMBER 30, 2000 AND 1999 2000 1999 ASSETS Receivables: Government agencies $1,762,159 $ 2,332,743 Other 2,136 7,185 Prepaid items 18,608 18,000 Total assets $ 1,782,903 $ 2,357,928 LIABILITIES AND FUND BALANCE Liabilities: Accounts payable-trade $ 12,085 $ 58,561 Accrued payroll 3,695 16,297 Payable to other City funds 122,907 300,220 Total liabilities 138,687 375,078 Fund balance: Reserved for encumbrances 32,227 24,927 Reserved for prepaid items 18,608 18,000 Unreserved: Designated for subsequent years expenditures 1,593,381 1,939,923 Total fund balance 1,644,216 1,982,850 Total liabilities and fund balance $ 1,782,903 $ 2,357,928 52 IEXHIBIT D-4 CITY OF WICHITA FALLS, TEXAS %' III COMMUNITY DEVELOPMENT BLOCK GRANT FUND STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - II BUDGET AND ACTUAL FOR THE YEAR ENDED SEPTEMBER 30, 2000 WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1999 2000 Variance- II Favorable 1999 _ Budget Actual (Unfavorable) Actual Revenues: Charges for services - 14,273 14,273 9,103 Intergovernmental revenue 1,795,000 1,795,000 - 1,784,000 Miscellaneous revenue - 24,929 24,929 1,213 Total revenues 1,795,000 1,834,202 39,202 1,794,316 460 Expenditures: Current: Administrative services 325,497 95,271 230,226 90,000 Parks and recreation 500,000 464,848 35,152 58,272 Community development 1,795,556 879,294 916,262 970,636 Public works 252,699 205,694 47,005 302,408 Health 136,181 135,982 199 137,805 Traffic and transportation 13,450 13,450 - - Capital outlay 705,216 378,297 326,919 1,530 Total expenditures 3,728,599 2,172,836 1,555,763 1,560,651 Excess of revenues over(under) expenditures $ (1,933,599) (338,634) $ 1,594,965 233,665 Fund balance- beginning 1,982,850 1,749,185 Fund balance-ending $ 1,644,216 $ 1,982,850 o I , i li III I �„F I 53 I EXHIBIT D-5 CITY OF WICHITA FALLS, TEXAS SECTION 8 HOUSING FUND COMPARATIVE BALANCE SHEETS SEPTEMBER 30, 2000 AND 1999 2000 1999 ASSETS Cash and cash equivalents $ 710,711 $ 729,039 Receivables: Government agencies - 24,923 Other 1,277 - Total assets $ 711,988 $ 753,962 LIABILITIES AND FUND BALANCE Liabilities: Accounts payable-trade $ 519 $ 1,699 Accrued payroll 2,951 11,183 Payable to government agencies 175,043 191,700 Other liabilities - 68,925 Total liabilities 178,513 273,507 Fund balance: Reserved for encumbrances - 3,571 Unreserved: Designated for subsequent years expenditures 533,475 476,884 Total fund balance 533,475 480,455 Total liabilities and fund balance $ 711,988 $ 753,962 54 EXHIBIT D-6 CITY OF WICHITA FALLS, TEXAS SECTION 8 HOUSING FUND STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE- BUDGET AND ACTUAL FOR THE YEAR ENDED SEPTEMBER 30, 2000 WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1999 2000 Variance- Favorable 1999 Budget Actual (Unfavorable) Actual Revenues: Intergovernmental revenue $2,716,872 $2,639,238 $ (77,634) $2,522,741 Miscellaneous revenue - 47,000 47,000 37,274 Total revenues 2,716,872 2,686,238 (30,634) 2,560,015 Expenditures: Current: Community development 2,720,442 2,633,218 87,224 2,534,180 Total expenditures 2,720,442 2,633,218 87,224 2,534,180 Excess of revenues over(under) expenditures $ (3,570) 53,020 $ 56,590 25,835 Fund balance-beginning 480,455 454,620 Fund balance-ending $ 533,475 $ 480,455 55 EXHIBIT D-7 CITY OF WICHITA FALLS, TEXAS HOME INVESTMENT PARTNERSHIP AGREEMENT FUND COMPARATIVE BALANCE SHEETS SEPTEMBER 30, 2000 AND 1999 2000 1999 ASSETS Receivables: Government agencies $ 688,271 . $ 866,869 LIABILITIES AND FUND BALANCE Liabilities: Accounts payable-trade $ 2,300 $ 27,288 Accrued payroll 846 3,313 Payable to other City funds 192,939 163,281 Other liabilities 27,214 32,715 Total liabilities 223,299 226,597 Fund balance: Unreserved: Designated for subsequent years expenditures 464,972 640,272 Total fund balance 464,972 640,272 Total liabilities and fund balance $ 688,271 $ 866,869 56 I EXHIBIT D-8 CITY OF WICHITA FALLS, TEXAS HOME INVESTMENT PARTNERSHIP AGREEMENT FUND STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE- BUDGET AND ACTUAL FOR THE YEAR ENDED SEPTEMBER 30, 2000 WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1999 I 2000 Variance- Favorable 1999 . Budget Actual (Unfavorable) Actual Revenues: Intergovernmental revenue $ 561,000 $ 433,001 $ (127,999) $ 444,700 Miscellaneous revenue - 32,525 32,525 22,170 Total revenues 561,000 465,526 (95,474) 466,870 Expenditures: Current: Community development 1,313,049 640,826 672,223 564,729 Excess of revenues over(under) expenditures $ (752,049) (175,300) $ 576,749 (97,859) Fund balance- beginning 640,272 738,131 Fund balance- ending 464,972 $ 640,272 1J I 57 EXHIBIT D-9 CITY OF WICHITA FALLS, TEXAS HOTEUMOTEL TAX FUND COMPARATIVE BALANCE SHEETS SEPTEMBER 30, 2000 AND 1999 2000 1999 ASSETS Cash and cash equivalents $ 810,917 $ 615,967 Receivables: Taxes and assessments 82,540 82,491 Total assets $ 893,457 $ 698,458 LIABILITIES AND FUND BALANCE Liabilities $ - $ - Fund balance: Unreserved: Undesignated 893,457 698,458 Total liabilities and fund balance $ 893,457 $ 698,458 58 EXHIBIT D-10 CITY OF WICHITA FALLS, TEXAS HOTEL/MOTEL TAX FUND STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE- BUDGET AND ACTUAL FOR THE YEAR ENDED SEPTEMBER 30, 2000 WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1999 2000 Variance- Favorable 1999 Budget Actual (Unfavorable) Actual Revenues: Taxes $ 925,000 $1,032,511 $ 107,511 $ 1,006,994 Miscellaneous revenue 25,000 55,138 30,138 29,231 Total revenues 950,000 1,087,649 137,649 1,036,225 Expenditures: Current: Administrative services 867,743 825,837 41,906 883,431 Excess of revenues over(under) expenditures 82,257 261,812 179,555 152,794 Other financing sources (uses): Operating transfers out (72,049) (66,813) 5,236 (39,457) Excess of revenues and other sources over(under) expenditures and other uses $ 10,208 194,999 $ 184,791 113,337 Fund balance- beginning 698,458 585,121 Fund balance- ending $ 893,457 $ 698,458 59 EXHIBIT D-11 CITY OF WICHITA FALLS, TEXAS MISCELLANEOUS SPECIAL REVENUE FUND COMPARATIVE BALANCE SHEETS SEPTEMBER 30, 2000 AND 1999 2000 1999 ASSETS Cash and cash equivalents $1,745,180 $ 1,677,352 Receivables: Government agencies 699,437 581,533 Other 2,240 - Other assets 3,000 3,000 Total assets $2,449,857 $ 2,261,885 LIABILITIES AND FUND BALANCE Liabilities: Accounts payable-trade $ 56,782 $ 84,308 Accrued payroll 21,965 80,890 Payable to other City funds 582,186 417,050 Payable to government agencies 2,194 3,208 Other liabilities 66,252 29,071 Deferred revenue 132,110 166,837 Total liabilities 861,489 781,364 Fund balance: Reserved for encumbrances 472,081 845,737 Unreserved: Designated for subsequent years expenditures 1,116,287 621,636 Undesignated - 13,148 Total fund balance 1,588,368 1,480,521 Total liabilities and fund balance $2,449,857 $ 2,261,885 60 EXHIBIT D-12 CITY OF WICHITA FALLS, TEXAS MISCELLANEOUS SPECIAL REVENUE FUND STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL FOR THE YEAR ENDED SEPTEMBER 30, 2000 WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1999 2000 Variance- Favorable 1999 Budget Actual (Unfavorable) Actual Revenues: Charges for services $ 17,288 $ 16,144 $ (1,144) $ 20,631 Fines and forfeitures 99,624 134,038 34,414 81,014 Intergovernmental revenue 4,201,132 4,528,100 326,968 - Contributions 88,612 88,612 - 94,747 Miscellaneous revenue 492,359 510,834 18,475 539,295 Total revenues 4,899,015 5,277,728 378,713 3,278,272 Expenditures: Current: Administrative services 485,681 118,749 366,932 141,027 Police 1,793,814 785,358 1,008,456 524,883 Fire 22,515 4,132 18,383 240 Parks and recreation 1,058,583 488,047 570,536 357,438 Community development 542,060 307,060 235,000 357,139 Public works 421,901 16,240 405,661 29,832 Health 1,500,119 1,500,318 (199) 1,527,079 Traffic and transportation 409,970 200,902 209,068 162,125 Capital outlay 3,121,707 302,984 2,818,723 231,136 Total expenditures 9,356,350 3,723,790 5,632,560 3,330,899 Excess of revenues over(under) expenditures (4,457,335) 1,553,938 6,011,273 (52,627) Other financing sources (uses): Operating transfers in 887,506 844,784 (42,722) 502,822 Operating transfers out (23,503) (23,503) - (85,369) Total other financing sources (uses) 864,003 821,281 (42,722) 417,453 Excess of revenues and other sources over(under)expenditures and other uses $ (3,593,332) 2,375,219 $ 5,968,551 364,826 Fund balance- beginning 1,480,521 1,153,363 Residual equity transfer (2,267,372) (37,668) Fund balance-ending $ 1,588,368 $1,480,521 61 Wichita EXAS DEBT SERVICE FUND I 11 111 111 11 C I IThe Debt Service Fund, also known as the Interest and Sinking Fund, is established by ordinances authorizing the issuance of general obligation bonds to provide for the payment of bond principal and interest. An ad valorem tax rate and tax levy are required to be computed and levied which will be sufficient to produce the funds required to pay principal and interest as they come due. This fund is also used to provide for the payment of paying agent fees. I I 1 rt rt tu 7 ou M EXHIBIT E-1 CITY OF WICHITA FALLS, TEXAS DEBT SERVICE FUND COMPARATIVE BALANCE SHEETS SEPTEMBER 30, 2000 AND 1999 2000 1999 ASSETS Cash and cash equivalents $ 1,578,789 $ 1,561,889 Receivables: Taxes(net of allowance for uncollectible taxes of$104,223 and $106,623) 134,165 146,864 Government agencies 16,341 15,091 Total assets $ 1,729,295 $ 1,723,844 LIABILITIES AND FUND BALANCE Liabilities: Deferred revenue $ 143,724 $ 145,407 Fund balance: Unreserved: Designated for debt service 1,585,571 1,578,437 Total liabilities and fund balance $ 1,729,295 $ 1,723,844 62 EXHIBIT E-2 CITY OF WICHITA FALLS, TEXAS DEBT SERVICE FUND STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL FOR THE YEAR ENDED SEPTEMBER 30, 2000 WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1999 2000 Variance- Favorable 1999 Budget Actual (Unfavorable) Actual Revenues: Taxes $2,106,175 $2,109,944 $ 3,769 $2,115,825 Expenditures: Debt service: Principal retirement 1,610,000 1,610,000 - 1,535,000 Interest and paying agent fees 801,975 798,610 3,365 869,467 Total expenditures 2,411,975 2,408,610 3,365 2,404,467 Excess of revenues over(under) expenditures (305,800) (298,666) - 7,134 (288,642) Other financing sources(uses): Operating transfers in 305,800 305,800 - 306,439 Excess of revenues and other sources over(under) expenditures and other uses $ - $ 7,134 $ 7,134 17,797 Fund balance- beginning 1,578,437 1,560,640 Fund balance-ending $ 1,585,571 $1,578,437 63 Wichita TEXAS i The Capital Projects Funds are used to account for financial resources to be used for the acquisition or construction of major capital facilities (other than those financed by Proprietary Funds). The eight Capital Projects Funds are as follows: VI Library Renovations eit This fund was established to account for a single project financed by the issuance of tax III anticipation notes. The project is the renovation of the Activities Center to house the Um Wichita Falls Public Library. of 1980 General Improvements m" This fund was established to account for the projects financed by the 1980 General Obligation Bonds. Significant projects accounted for in this fund included drainage nil improvements, installation of traffic control equipment, and improvements to the Central OINN Services Complex. on 1981 C.O. General Improvements This fund was established to account for the projects financed by the 1981 Certificates of Obligation. Significant projects accounted for in this fund included the construction of a 4 solid waste transfer station and the improvements to Holliday Creek designed to increase flood control capabilities. 1981 G.O. General Improvements This fund was established to account for the projects financed by the 1981 General Obligation Bonds. Significant projects accounted for in this fund included street improvements and the construction of a storm drain. 1982 General Improvements This fund was established to account for the projects financed by the 1982 General Obligation Bonds. Significant projects accounted for in this fund included park improvements, street improvements and the construction of a softball complex. 1985 Holliday Creek Project This fund was established to account for a single project financed by the 1985 General Obligation Bonds. The project is designed to increase flood control capabilities in the Holliday Creek area. Capital Improvement Assessments This fund was established to account for special assessments which are capital in nature I I and enhance the utility, accessibility, or aesthetic value of the affected properties. Significant projects accounted for in this fund are streets and sidewalks. 4B Sales Tax Projects I This fund was established to account for projects financed by the Wichita Falls 4B Sales Tax Corporation. Significant projects accounted for in this fund included the construction of three fire stations and the renovation of the second floor of the Wichita Falls Public Library building for recreational purposes. 0 CITY OF WICHITA FALLS, TEXAS CAPITAL PROJECTS FUNDS COMBINING BALANCE SHEET SEPTEMBER 30,2000 WITH COMPARATIVE TOTALS AT SEPTEMBER 30,1999 1980 1981 1981 Library General C.O.General G.O.General Renovations Improvements Improvements Improvements ASSETS Cash and cash equivalents $ 84,728 $ 171,918 $ 46,885 $ 1,328,326 Receivables: Component Unit - - - - Other - - - - Total assets $ 84,728 $ 171,918 $ 46,885 $ 1,328,326 LIABILITIES AND FUND BALANCE Liabilities: Accounts payable-trade $ - $ - $ - $ - Tax anticipation notes payable 1,255,000 - - - Other liabilities - - - - Total liabilities 1,255,000 - - - Fund balance: Reserved for encumbrances - - - - Unreserved: Designated for subsequent years expenditures - 171,918 46,885 1,328,326 Undesignated (1,170,272) - - - Total fund balance (1,170,272) 171,918 46,885 1,328,326 Total liabilities and fund balance $ 84,728 $ 171,918 $ 46,885 $ 1,328,326 64 EXHIBIT F-1 1985 1982 Holliday Capital General Creek Improvement 4B Sales Totals Improvements Project Assessments Tax Projects 2000 1999 $ 649,903 $ 4,413,693 $ 60,069 $ 151,657 $ 6,907,179 $ 6,309,091 - - - 362,385 362,385 3,028,157 - 14,505 - 380 14,885 10,687 $ 649,903 $ 4,428,198 $ 60,069 $ 514,422 $ 7,284,449 $ 9,347,935 $ - $ - $ - $ 151,737 $ 151,737 $ 16,175 - - - - 1,255,000 1,535,000 - - - 253,905 253,905 - - - - 405,642 1,660,642 1,551,175 - - - 66,314 66,314 - 649,903 4,428,198 60,069 42,466 6,727,765 9,247,033 - - - - (1,170,272) (1,450,273) 649,903 4,428,198 60,069 108,780 5,623,807 7,796,760 $ 649,903 $ 4,428,198 $ 60,069 $ 514,422 $ 7,284,449 $ 9,347,935 CITY OF WICHITA FALLS, TEXAS CAPITAL PROJECTS FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES FOR THE YEAR ENDED SEPTEMBER 30, 2000 WITH COMPARATIVE TOTALS AT SEPTEMBER 30, 1999 1980 1981 1981 Library General C.O. General G.O. General Renovations Improvements Improvements Improvements Revenues: Miscellaneous revenue: Capital improvement assessments $ - $ - $ - $ - Interest - 9,991 2,725 42,393 Total revenues - 9,991 2,725 42,393 Expenditures: Current: Fire - - - - Public works: McGrath Creek improvements - - - - Capital outlay: Library renovations - - - - Fire stations - - - - Total capital outlay - - - - Debt service: Interest and paying agent fees 67,262 - - - Total expenditures 67,262 - - - Excess of revenues over(under)expenditures (67,262) 9,991 2,725 42,393 Other financing sources(uses): Operating transfers in-component units 347,263 - - - Excess of revenues and other sources over(under)expenditures and other uses 280,001 9,991 2,725 42,393 Fund balance-beginning (1,450,273) 161,927 44,160 1,285,933 Fund balance-ending $ (1,170,272) $ 171,918 $ 46,885 $ 1,328,326 65 EXHIBIT F-2 I 1985 III 1982 Holliday Capital General Creek Improvement 4B Sales Totals t Improvements Project Assessments Tax Projects 2000 1999 0o $ $ - $ 3,584 $ - $ 3,584 $ 3,530 gip 37,770 396,894 - 7,438 497,211 287,043 37,770 396,894 3,584 7,438 500,795 290,573 i I 1 1 - - - 18,000 18,000 - 1 - 26,934 - - 26,934 128,953 - - - - - 16,175 - - - 2,983,815 2,983,815 204,967 1 - - - 2,983,815 2,983,815 221,142 11 - - - - 67,262 70,110 - 26,934 - 3,001,815 3,096,011 420,205 37,770 369,960 3,584 (2,994,377) (2,595,216) (129,632) 111 • - - - 75,000 422,263 3,600,287 1 i 1 37,770 369,960 3,584 (2,919,377) (2,172,953) 3,470,655 1 /1 612,133 4,058,238 56,485 3,028,157 7,796,760 4,326,105 $ 649,903 $ 4,428,198 $ 60,069 $ 108,780 $ 5,623,807 $ 7,796,760 I 1 1 1 I ' 1 IIj I1 Wichita' TEXAS al 1 a a I IA I a I. I i Enterprise Funds are used to account for operations that are financed and operated in a manner similar to private business enterprises. The intent of the governing body is that the cost of providing the service to the general public on a continuing basis be recovered primarily through user charges. The Enterprise Funds include the following: Golf Fund The Golf Fund was established to account for the operating revenues and expenses of the Weeks Park Golf Course. The operations of the golf course,which include maintenance,the pro shop and food service, are supported by green and cart fees, and merchandise and food sales. Municipal Airport Fund The Municipal Airport Fund was established to account for the operating revenues and expenses of the Wichita Falls Municipal Airport. The airport is operated on land leased from the Department of Defense. Commercial and private aviation share airport facilities and Au this runways owned by Sheppard Air Force Base. Kickapoo Airport Fund During the year ended September 30, 2000, the City acquired Kickapoo Downtown Airport, a private airport. The Kickapoo Airport Fund was established to account for the operating m on 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 Urban Mass Transportation Administration. Sanitation Fund The Sanitation Fund was established to account for the operating revenues and expenses associated with the collection of residential garbage and refuse produced by commercial establishments within the City of Wichita Falls. Although a program of the City government, the Sanitation Fund is operated as a separate enterprise and the accounting records are maintained on an enterprise fund basis. Water and Sewer Fund The Water and Sewer Fund was established for control of the operating revenues and expenses of the City of Wichita Falls water and sewer utility. To comply with bond ordinances and accounting policies, a number of funds have been established to account for water and sewer maintenance and operations, billing and collection, extensions and improvements, and debt service. The various funds used to account for the different functions have been combined into the Water and Sewer Fund as presented in the financial statements. CITY OF WICHIITA FALLS, TEXAS ENTERPRISE FUNDS COMBINING BALANCE SHEET SEPTEMBER 30,2000 WITH COMPARATIVE TOTALS AT SEPTEMBER 30,1999 Municipal Kickapoo Golf Airport Airport ASSETS Current assets: Cash and cash equivalents $ 147,930 $ 170,102 $ 49,120 Investments - - - Receivables: Customer and trade - - - Other City funds - - - Government agencies - - - Other - 10,877 12,432 Inventory 48,101 - 30,758 Prepaid items - 1,293 4,178 Total current assets 196,031 182,272 96,488 Restricted assets: Cash and cash equivalents - - - Investments - - - Receivables: Other - - - Total restricted assets - - - Plant and equipment: Land and betterments 4,935 1,461,823 954,677 1 Buildings, systems and improvements 13,267 1,452,202 565,533 ' Machinery and equipment 47,525 16,283 59,164 Furniture and fixtures 3,175 3,495 - Motor vehicles and equipment - - - Construction in progress - - - 68,902 2,933,803 1,579,374 Less accumulated depreciation (17,464) (2,001,408) (25,107) Total plant and equipment 51,438 932,395 1,554,267 Other assets: Deferred charges - - - Other assets - - - Total other assets - - - Total assets $ 247,469 $1,114,667 $1,650,755 66 EXHIBIT G-1 (Page 1 of 2) Water and Totals Transit Sanitation Sewer 2000 1999 $ 51,250 $ 8,697,069 $ 10,508,620 $ 19,624,091 $ 18,951,201 - 504,406 3,996,418 4,500,824 5,492,224 - 869,972 2,494,376 3,364,348 2,882,005 - - 398,032 398,032 - 2,128 - 41,517 43,645 159,606 - 14,998 75,744 114,051 74,164 - - 749,204 828,063 798,485 - 83 415 5,969 12,071 53,378 10,086,528 18,264,326 28,879,023 28,369,756 - - 19,732,672 19,732,672 23,318,170 - - 4,500 4,500 8,000 - - 96,303 96,303 68,316 - - 19,833,475 19,833,475 23,394,486 61,925 705,809 23,050,654 26,239,823 25,285,146 626,868 2,370,382 127,904,215 132,932,467 125,910,876 25,079 101,218 3,307,748 3,557,017 3,361,434 1,152 - 1,164 8,986 8,986 - - 1,235 1,235 1,235 - - 2,095,829 2,095,829 3,314,608 715,024 3,177,409 156,360,845 164,835,357 157,882,285 (151,602) (954,707) (58,618,133) (61,768,421) (58,569,907) 563,422 2,222,702 97,742,712 103,066,936 99,312,378 - - 2,019,318 2,019,318 2,220,772 - - - - 10,000 - - 2,019,318 v-2,019,318 2,230,772 $ 616,800 $12,309,230 $137,859,831 $153,798,752 $ 153,307,392 r Ii CITY OF WICHITA FALLS, TEXAS ENTERPRISE FUNDS COMBINING BALANCE SHEET(CONTD.) SEPTEMBER 30,2000 WITH COMPARATIVE TOTALS AT SEPTEMBER 30, 1999 Municipal Kickapoo I Golf Airport Airport LIABILITIES AND FUND EQUITY I,. Current liabilities payable from current assets: I Accounts payable-trade $ 20,692 $ 12,606 $ 25,998 Accrued payroll 4,226 674 1,465 Accrued vacation and sick leave 10,553 4,563 333 Payable to other City funds - - - Payable to government agencies 3,889 - 401 Other liabilities - - - Deferred revenue - 2,259 - MIIIIIIIIIMMi Total current liabilities payable from current assets 39,360 20,102 28,197 Current liabilities payable from restricted assets: Accounts payable-trade - - - �� Contracts and trade - - - Revenue bonds-current maturities - - - Accrued interest-revenue bonds - - - Total current liabilities payable from restricted assets - - - Long-term liabilities: Payable to U.S. Government - - - Revenue bonds, less current maturities - - - Estimated liability for landfill closure and post-closure care costs - - - Total long-term liabilities - - - Long-term liabilities payable from restricted assets: Customer deposits - - - Total liabilities 39,360 20,102 28,197 Fund equity: I?-! Contributed capital 8,279 2,292,192 1,600,000 Retained earnings (deficit): Reserved for revenue bond debt service -I Unreserved 199,830 (1,197,627) 22,558 Total retained earnings(deficit) 199,830 (1,197,627) 22,558 Total fund equity 208,109 1,094,565 1,622,558 1 1 I Total liabilities and fund equity $ 247,469 $1,114,667 $1,650,755 I 67 EXHIBIT G-1 (Page 2 of 2) Water and Totals Transit Sanitation Sewer 2000 1999 $ 7,255 $ 181,398 $ 386,512 $ 634,461 $ 782,208 6,852 26,815 61,031 101,063 363,253 16,878 87,813 211,273 331,413 310,324 16,324 - 37,566 - 41,856 46,975 15,435 183,337 198,772 52,793 - - - 2,259 2,259 30,985 349,027 842,153 1,309,824 1,574,136 - - - - 116,272 - - 8,025 8,025 8,025 - - 2,450,000 2,450,000 2,345,000 - - 467,138 467,138 484,713 - - 2,925,163 2,925,163 2,954,010 - - 856,671 856,671 880,018 - - 56,245,000 56,245,000 58,695,000 - 3,138,476 - 3,138,476 3,092,094 - 3,138,476 57,101,671 60,240,147 62,667,112 - - 2,031,094 2,031,094 1,965,653 30,985 3,487,503 62,900,081 66,506,228 69,160,911 831,471 2,909,150 20,259,162 27,900,254 25,941,025 8,209,707 8,209,707 7,833,617 (245,656) 5,912,577 46,490,881 51,182,563 50,371,839 (245,656) 5,912,577 54,700,588 59,392,270 58,205,456 585,815 8,821,727 74,959,750 87,292,524 84,146,481 $ 616,800 $ 12,309,230 $137,859,831 $153,798,752 $153,307,392 CITY OF WICHITA FALLS, TEXAS ENTERPRISE FUNDS COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS FOR THE YEAR ENDED SEPTEMBER 30,2000 WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 1999 Municipal Kickapoo Golf Airport Airport Operating revenues: Charges for services $ 674,416 $ - $ 3,474 Rents, concessions and other 115,206 329,533 107,562 Total operating revenues 789,622 329,533 111,036 Operating expenses: Personnel services 417,799 64,476 39,209 Supplies and materials 85,693 1,724 2,589 Maintenance and repairs 33,683 94,198 6,773 Utilities and other services 69,569 59,128 12,023 Insurance and contract support 1,641 3,993 1,923 Other expenses 98,517 48,562 854 Depreciation and amortization 8,018 86,073 25,107 Total operating expenses 714,920 358,154 88,478 Operating income (loss) 74,702 (28,621) 22,558 Nonoperating revenues(expenses): Interest income - 25,298 - Loss on sale/abandonment of fixed assets - - - Interest expense and paying agent fees - - - Intergovernmental operating grants - - - Total nonoperating revenues(expenses) - 25,298 - Income (loss) before operating transfers 74,702 (3,323) 22,558 Operating transfers: Operating transfers in 40,000 - - Operating transfers out (8,295) (538,083) - Net operating transfers 31,705 (538,083) - Net income 106,407 (541,406) 22,558 Retained earnings(deficit)-beginning 93,423 (656,221) - Residual equity transfers - - - Retained earnings(deficit)-ending $ 199,830 $(1,197,627) $ 22,558 68 EXHIBIT G-2 Water and Totals Transit Sanitation Sewer 2000 1999 $ 176,457 $ 8,669,006 $ 20,300,618 $ 29,823,971 $ 31,328,950 2,643 115,054 669,998 735,163 176,457 8,671,649 20,415,672 30,493,969 32,064,113 576,397 2,729,471 5,620,785 9,448,137 9,104,326 65,710 415,890 1,229,937 1,801,543 1,702,473 117,691 1,942,494 1,839,173 4,034,012 2,584,449 ' 31,081 2,340,786 3,787,138 6,299,725 6,625,107 152,339 101,881345,616 607,393 619,622 22,022 491,361 865,711 1,527,027 1,436,719 8,324 61,688 3,137,549 3,326,759 3,246,412 973,564 8,083,571 16,825,909 27,044,596 25,319,108 (797,107) 588,078 3,589,763 3,449,373 6,745,005 - 459,779 2,088,720 2,573,797 2,308,207 - - - - (53,891) - (2,713,331) (2,713,331) (2,959,827) 603,710 - - 603,710 488,216 603,710 459,779 (624,611) 464,176 (217,295) (193,397) 1,047,857 2,965,152 3,913,549 6,527,710 235,849 - - 275,849 197,644 - (395,396) (706,015) (1,647,789) (1,099,905) 235,849 (395,396) (706,015) (1,371,940) (902,261) 42,452 652,461 2,259,137 2,541,609 5,625,449 (237,856) 6,467,916 52,538,194 58,205,456 53,922,798 (50,252) (1,207,800) (96,743) (1,354,795) (1,342,791) $ (245,656) $ 5,912,577 $ 54,700,588 $ 59,392,270 $ 58,205,456 CITY OF WICHITA FALLS, TEXAS ENTERPRISE FUNDS COMBINING STATEMENT OF CASH FLOWS FOR THE YEAR ENDED SEPTEMBER 30,2000 WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30,1999 Municipal Kickapoo Golf Airport Airport Cash flows from operating activities: Operating income (loss) $ 74,702 $ (28,6211 $ 22,558 Adjustments to reconcile operating income (loss) to net cash provided by(used in) operating activities: Depreciation and amortization 8,018 86,073 25,107 Customer deposits received - - - Landfill closure and postclosure care costs - - - (Increase) decrease in current assets: Receivables: Customer and trade - - - Other City funds - - - Government agencies - - - Other - (111) (12,432) Inventory (3,931) - (10,132) Prepaid items - (1,293) (4,178) Restricted assets - - - Increase (decrease) in current liabilities: Accounts payable-trade 8,403 (10,241) 25,998 Accrued payroll (10,487) (1,855) 1,465 Accrued vacation and sick leave (262) (318) 333 Payable to other City funds - - - Payable to government agencies 1,510 (1,268) 401 Other liabilities - - - Other liabilities payable from restricted assets - - - Total adjustments 3,251 70,987 26,562 Net cash provided by (used in) operating activities 77,953 42,366 49,120 Cash flows from noncapital financing activities: Intergovernmental operating grants - - - Operating transfers in from other funds 40,000 - - Operating transfers out to other funds (8,295) (538,083) - Residual equity transfers from other funds - - 1,600,000 Residual equity transfers to other funds - - - Net cash provided by (used in) noncapital financing activities 31,705 (538,08a 1,600,000 69 EXHIBIT G-3 (Page 1 of 2) Water and Totals Transit Sanitation Sewer 2000 1999 $ (797,107) $ 588,078 $ 3,589,763 $ 3,449,373 $ 6,745,005 8,324 61,688 3,137,549 3,326,759 3,246,412 - - 65,441 65,441 116,627 - 46,382 - 46,382 30,615 - (167,235) (315,108) (482,343) (141,824) - - (398,032) (398,032) - 115,961 - - 115,961 (26,299) 1,392 (28,736) (39,887) (3,598) - - 5,111 (8,952) (27,540) - 11,419 154 6,102 (11,367) - - (27,987) (27,987) (38,710) (36,072) 122,436 (258,271) (147,747) 237,730 (14,394) (82,332) (154,587) (262,190) 41,690 - (637) 21,973 21,089 16,674 (14,244) - (2,080) (16,324) (200,703) - (5,762) - (5,119) (287) - 11,602 134,377 145,979 (85,802) - - (116,272) (116,272) 74,986 59,575 (1,047) 2,063,532 2,222,860 3,228,604 (737,532) 587,031 5,653,295 5,672,233 9,973,609 603,710 - - 603,710 488,216 235,849 - - 275,849 197,644 - (395,396) (706,015) (1,647,789) (1,099,905) 6,975 - 57,859 1,664,834 - (50,252) -(1,207,800) -(96,743) 11,354,795) (1,342,791) 796,282 (1,603,196) (744,899) (458,191) (1,756,836) CITY OF WICHITA FALLS, TEXAS ENTERPRISE FUNDS COMBINING STATEMENT OF CASH FLOWS(CONTD.) FOR THE YEAR ENDED SEPTEMBER 30,2000 WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30,1999 Municipal Kickapoo Golf Airport Airport Cash flows from capital and related financing activities: Proceeds from sale of revenue bonds - - - Acquisition and construction of capital assets (10,281) - (1,600,000) Payment of bond issuance costs - - - Principal paid on long-term debt maturities - - - Interest paid on long-term debt obligations - - - Other assets - 10,000 Net cash provided by (used for) capital and related financing activities (10,281) 10,000 (1,600,000) Cash flows from investing activities: Purchase of investments - - - Maturity/sale of investments - - - Interest on investments - 25,298 Net cash provided (used) by investing activities - 25,298 - Net increase (decrease) in cash and cash equivalents 99,377 (460,419) 49,120 Cash and cash equivalents at beginning of year 48,553 630,521 - Cash and cash equivalents at end of year $ 147,930 $ 170,102 $ 49,120 Noncash capital and financing activities: Capital assets received from developers - Refunding bonds issued to defease outstanding bonds - - - Reconciliation of cash and cash equivalents on the combining balance sheet to the combining statement of cash flows: Cash and cash equivalents $ 147,930 $ 170,102 $ 49,120 Restricted assets-cash and cash equivalents - - - Total cash and cash equivalents at end of year $ 147,930 $ 170,102 $ 49,120 70 EXHIBIT G-3 (Page 2 of 2) Water and Totals Transit Sanitation Sewer 2000 1999 - 5,500,000 (7,500) (3,151) (5,058,371) (6,679,303) (3,743,870) (55,265) - - (2,368,347) (2,368,347) (2,161,899) - - (2,657,697) (2,657,697) (2,919,183) - - - 10,000 (10,000) (7,500) (3,151) (10,084,415) (11,695,347) (3,390,217) - - - - (5,488,724) - 990,470 4,430 994,900- 459,779 2,088,720 2,573,797 2,308,207 - 1,450,249 2,093,150 3,568,697 (3,180,517) ® 51,250 430,933 (3,082,869) (2,912,608) 1,646,039 I - 8,266,136 33,324,161 42,269,371 40,623,332 $ 51,250 $ 8,697,069 $ 30,241,292 $ 39,356,763 $ 42,269,371 j I II 1 $ - $ - $ 294,395 $ 294,395 $ 277,327 111 I - - - - 22,795,000 I $ 51,250 $ 8,697,069 $ 10,508,620 $ 19,624,091 $ 18,951,201 • - - 19,732,672 19,732,672 23,318,170 $ 51,250 $ 8,697,069 $ 30,241,292 $ 39,356,763 $ 42,269,371 I � 1 1111 1 II 'a a. I. 1 1 1 1 1 i 1 Internal Service Funds are used to account for the financing of goods or services provided by one department or agency to other departments or agencies of the City on a cost-reimbursement basis. Fleet Maintenance Fund The Fleet Maintenance Fund accounts for the costs associated with the operation, maintenance and replacement of the City's vehicle and equipment fleet. City departments which use the vehicles and equipment are charged a monthly rental fee based upon actual operating costs associated with each class of vehicle or equipment. Employee Benefit Trust Fund The Employee Benefit Trust Fund is used to account for and administer group health insurance, which is self-insured by the City, and life insurance for employees and covered dependents. EXHIBIT H-1 CITY OF WICHITA FALLS, TEXAS INTERNAL SERVICE FUNDS COMBINING BALANCE SHEET SEPTEMBER 30, 2000 WITH COMPARATIVE TOTALS AT SEPTEMBER 30, 1999 Employee Fleet Benefit Totals Maintenance Trust 2000 1999 ASSETS Current assets: Cash and cash equivalents $ 250,439 $ 983,395 $ 1,233,834 $ 700,608 Receivables: Other City funds - - - 777,789 Other 9,237 - 9,237 10,160 Inventory 669,632 - 669,632 652,300 Prepaid items 4,494 - 4,494 225 Total current assets 933,802 983,395 1,917,197 2,141,082 Plant and equipment: Land and betterments 433,658 - 433,658 433,658 Buildings, systems and improvements 4,010,098 - 4,010,098 4,010,098 Furniture and equipment 6,358 - 6,358 6,358 Motor vehicles and equipment 28,952,553 - 28,952,553 27,438,878 Construction in progress 6,706 - 6,706 6,706 33,409,373 - 33,409,373 31,895,698 Less accumulated depreciation (18,718,645) - (18,718,645) (17,975,987) Total plant and equipment 14,690,728 - 14,690,728 13,919,711 Total assets $ 15,624,530 $ 983,395 $ 16,607,925 $ 16,060,793 LIABILITIES AND FUND EQUITY Current liabilities: Accounts payable-trade $ 220,647 $ 22,375 $ 243,022 $ 194,676 Accrued payroll 17,836 1,400 19,236 63,548 Accrued vacation and sick leave 42,355 - 42,355 39,059 Payable to other City funds - - - 224,329 Estimated health claims payable - 575,296 575,296 543,887 Total current liabilities 280,838 599,071 879,909 1,065,499 Fund equity: Contributed capital 21,571,717 - 21,571,717 19,433,151 Retained earnings(deficit) (6,228,025) 384,324 (5,843,701) (4,437,857) Total fund equity 15,343,692 384,324 15,728,016 14,995,294 Total liabilities and fund equity $ 15,624,530 $ 983,395 $ 16,607,925 $ 16,060,793 71 EXHIBIT H-2 CITY OF WICHITA FALLS, TEXAS INTERNAL SERVICE FUNDS COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS FOR THE YEAR ENDED SEPTEMBER 30, 2000 WITH COMPARATIVE TOTALS AT SEPTEMBER 30, 1999 Employee Fleet Benefit Totals Maintenance Trust 2000 1999 Operating revenues: Charges for services $ 5,998,112 $ 31,632 $ 6,029,744 $ 6,093,412 Rents, concessions and other 41,450 185,564 227,014 95,455 Contributions - 5,194,493 5,194,493 4,938,109 Total operating revenues 6,039,562 5,411,689 11,451,251 11,126,976 Operating expenses: Personnel services 1,359,654 125,920 1,485,574 1,343,170 Supplies and materials 1,723,732 7,479 1,731,211 1,386,598 Maintenance and repairs 1,557,116 - 1,557,116 1,373,412 Utilities and other services 68,254 7,979 76,233 85,724 Insurance and contract support 85,959 5,007,679 5,093,638 4,361,808 Other expenses 150,885 176,335 327,220 843,555 Depreciation and amortization 2,612,464 - 2,612,464 2,318,388 Total operating expenses 7,558,064 5,325,392 12,883,456 11,712,655 Operating operating(loss) (1,518,502) 86,297 (1,432,205) (585,679) Nonoperating revenues(expenses): Interest income - 34,420 34,420 27,463 Gain on sale of fixed assets 303,941 - 303,941 120,874 Total nonoperating revenues (expenses) 303,941 34,420 338,361 148,337 Income(loss)before operating transfers (1,214,561) 120,717 (1,093,844) (437,342) Operating transfers: Operating transfers out (312,000) - (312,000) (312,000) Net income(loss) (1,526,561) 120,717 (1,405,844) (749,342) Retained earnings(deficit)-beginning (4,701,464) 263,607 (4,437,857) (3,688,515) Retained earnings(deficit)-.ending .$ (6,228,025) $ 384,324 $ (5,843,701) $ (4,437,857) 72 EXHIBIT H-3 CITY OF WICHITA FALLS, TEXAS INTERNAL SERVICE FUNDS COMBINING STATEMENT OF CASH FLOWS FOR THE YEAR ENDED SEPTEMBER 30, 2000 WITH COMPARATIVE TOTALS AT SEPTEMBER 30, 1999 Employee Fleet Benefit Totals Maintenance Trust 2000 1999 Cash flows from operating activities: Operating income(loss) $ (1,518,502) $ 86,297 $ (1,432,205) $ (585,679) Adjustments to reconcile operating income to net cash provided(used)by operating activities: Depreciation and amortization 2,612,464 - 2,612,464 2,318,388 (Increase)decrease in current assets: Receivables: Other City funds - 777,789 777,789 (352,690) Other 923 - 923 1,122 Inventory (17,332) - (17,332) (31,697) Prepaid items (4,619) 100 (4,519) 3,019 Increase(decrease)in current liabilities: Accounts payable-trade 46,442 1,904 48,346 (76,566) Accrued payroll (40,697) (3,615) (44,312) 6,026 Accrued vacation and sick leave 3,296 - 3,296 (1,546) Payable to other City funds - (224,329) (224,329) 209,476 Estimated health claims payable - 31,409 31,409 79,332 Total adjustments 2,600,477 583,258 3,183,735 2,154,864 Net cash provided by operating activities 1,081,975 669,555 1,751,530 1,569,185 Cash flows from noncapital financing activities: Operating transfers out to other funds (312,000) - (312,000) (312,000) Residual equity transfers from other funds 2,138,566 - 2,138,566 1,499,353 Net cash provided by noncapital financing activities 1,826,566 - 1,826,566 1,187,353 Cash flows from capital and related financing activities: Acquisition of capital assets (3,415,599) - (3,415,599) (3,272,567) Proceeds from sale of fixed assets 336,309 - 336,309 167,712 Net cash used for capital and related financing activities (3,079,290) - (3,079,290) (1,605,502) Cash flows from investing activities: Interest on investments - 34,420 34,420 27,463 Net increase(decrease)in cash and cash equivalents (170,749) -703,975 533,226 1,178,499 Cash and cash equivalents at beginning of year 421,188 279,420 700,608 1,021,462 Cash and cash equivalents at end of year $ 250,439 $ 983,395 $ 1,233,834 $ 700,608 73 Wichita i .,‘ TEXAS► 1 1 Hi 1 II Ha 1 1 El Trust Funds account for assets held by the City of Wichita Falls in a trustee capacity. Agency Funds are used to account for assets held by the City of Wichita Falls as an agent for other governmental units and/or other funds. Trust and Agency Funds include the following: Excess Sales Tax Fund This expendable trust fund is used to account for and administer the excess sales tax collected relative to the property reduction tax. Cemetery Perpetual Care Fund This nonexpendable trust fund is used to account for the principal trust amounts received and related interest income. The interest portion of the trust can be used to maintain the City's cemeteries. Payroll Fund This agency fund is used to account for the collection of payroll gross amounts from the various City funds and the distribution of payroll checks to City employees. Escheatment Fund This agency fund is used to account for property that has been abandoned or unclaimed pending escheatment to the State of Texas. CITY OF WICHITA FALLS, TEXAS TRUST AND AGENCY FUNDS COMBINING BALANCE SHEET SEPTEMBER 30, 2000 WITH COMPARATIVE TOTALS AT SEPTEMBER 30, 1999 Expendable Nonexpendable Trust Trust Excess Cemetery Sales Tax Perpetual Fund Care ASSETS Cash and cash equivalents $ 412,872 $ 462,131 Receivables: Government agencies 462,093 - Total assets $ 874,965 $ 462,131 LIABILITIES AND FUND BALANCE Liabilities: Accounts payable-trade $ - $ - Payable to government agencies - - Other liabilities - - Total liabilities - - Fund balance: Designated for. Subsequent years expenditures 874,965 - Perpetual care - 462,131 Total fund balance 874,965 462,131 Total liabilities and fund balance $ 874,965 $ 462,131 74 EXHIBIT I-1 Agency Funds Payroll Escheatment Totals Fund Fund 2000 1999 $ 527,235 $ 44,180 $ 1,446,418 $ 1,121,615 462,093 26,024 $ 527,235 $ 44,180 $ 1,908,511 $ 1,147,639 $ 527,235 $ - $ 527,235 $ 323,781 1,218 44,180 44,180 38,351 527,235 44,180 571,415 363,350 874,965 389,009 - - - 462,131 395,280 1,337,096 784,289 $ 527,235 $ 44,180 $ 1,908,511 $ 1,147,639 I EXHIBIT 1-2 CITY OF WICHITA FALLS, TEXAS EXCESS SALES TAX EXPENDABLE TRUST FUND COMPARATIVE STATEMENTS OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES FOR THE YEARS ENDED SEPTEMBER 30, 2000 AND 1999 2000 1999 Revenues: Taxes $ 462,092 $ 26,024 Miscellaneous revenue 23,864 15,844 Total revenues 485,956 41,868 Expenditures - - Excess revenues over(under) expenditures 485,956 41,868 Fund balance, beginning 389,009 347,141 Fund balance, ending $ 874,965 $ 389,009 75 EXHIBIT 1-3 CITY OF WICHITA FALLS, TEXAS CEMETERY PERPETUAL CARE NONEXPENDABLE TRUST FUND COMPARATIVE STATEMENTS OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES FOR THE YEARS ENDED SEPTEMBER 30, 2000 AND 1999 2000 1999 Operating revenue: Rents, concessions and other $ 42,311 $ 20,230 Operating expenses - - Operating income 42,311 20,230 Nonoperating revenue: Interest income 24,540 16,572 Net income 66,851 36,802 Fund balance, beginning 395,280 358,478 Fund balance, ending $ 462,131 $ 395,280 76 EXHIBIT 1-4 CITY OF WICHITA FALLS, TEXAS CEMETERY PERPETUAL CARE NONEXPENDABLE TRUST FUND COMPARATIVE STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED SEPTEMBER 30, 2000 AND 1999 2000 1999 Cash flows from operating activities: Operating income $ 42,311 $ 20,230 Cash flows from investing activities: Interest on investments 24,540 16,572 Net increase in cash and cash equivalents 66,851 36,802 Cash and cash equivalents at beginning of year 395,280 358,478 Cash and cash equivalents at end of year $ 462,131 $ 395,280 77 EXHIBIT 1-5 CITY OF WICHITA FALLS, TEXAS AGENCY FUNDS COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES FOR THE YEAR ENDED SEPTEMBER 30, 2000 Balance Balance 10/1/99 Additions Deductions 9/30/00 PAYROLL FUND ASSETS Cash and cash equivalents $ 325,004 $ 68,500,435 $ 68,298,204 $ 527,235 Total assets $ 325,004 $ 68,500,435 $ 68,298,204 $ 527,235 LIABILITIES Accounts payable-trade $ 323,781 $ 22,010,985 $ 21,807,531 $ 527,235 Payable to government agencies 1,218 - 1,218 - Other liabilities 5 33,496,193 33,496,198 - Total liabilities $ 325,004 $ 55,507,178 $ 55,304,947 $ 527,235 ESCHEATMENT FUND ASSETS Cash and cash equivalents $ 38,346 $ 14,277 $ 8,443 $ 44,180 Total assets $ 38,346 $ 14,277 $ 8,443 $ 44,180 LIABILITIES Other liabilities $ 38,346 $ 14,277 $ 8,443 $ 44,180 Total liabilities $ 38,346 $ 14,277 $ 8,443 $ 44,180 TOTALS-ALL AGENCY FUNDS ASSETS Cash and cash equivalents $ 363,350 $ 68,514,712 $ 68,306,647 $ 571,415 Total assets $ 363,350 $ 68,514,712 $ 68,306,647 $ 571,415 LIABILITIES Accounts payable-trade $ 323,781 $ 22,010,985 $ 21,807,531 $ 527,235 Payable to government agencies 1,218 - 1,218 - Other liabilities 38,351 33,510,470 33,504,641 44,180 Total liabilities $ 363,350 $ 55,521,455 $ 55,313,390 $ 571,415 78 Wichita TEXAS i gii I a I a I i I I Discretely Presented Component Units of the City of Wichita Falls are legally separate entities; however, the City is considered to be financially accountable for their operations. The three 10 I discretely presented component units are as follows: Wichita Falls Economic Development Corporation 1 The Wichita Falls Economic Development Corporation is a nonprofit corporation formed in May 1997 for the purpose of increasing employment opportunities, primarily through assisting qualified enterprises with funds provided by a portion of the local sales tax. The Corporation operates under the authority of Vemon's Civil Statutes, Article 5190.6, Section 4A. Wichita Falls 4B Sales Tax Corporation The Wichita Falls 4B Sales Tax Corporation is a nonprofit corporation formed in May 1997 for the purpose of increasing employment opportunities and for public improvement projects such as parks, auditoriums, learning centers, open space improvements, athletic and li exhibition facilities and the related maintenance and operating costs of such projects. These projects are funded by a portion of local sales tax. The Corporation operates under the authority of Vemon's Civil Statutes, Article 5190.6, Section 46. 1 Wichita Falls Reinvestment Zone#1 The Wichita Falls Reinvestment Zone #1 was created in March 1986 by the City, with the advice and consent of the Wichita Falls Independent School District and Wichita County. The purpose of the Wichita Falls Reinvestment Zone #1 is to capture increments of growth 10 in real property values in the designated zone area from base values established in January 1986 and use the ad valorem taxes derived from the increments to contribute to the zoned area. Tax funds derived from the increment can only be spent for public improvements in the zoned area or for payment of debt service on bonds issued to provide funds for public improvements. It 1 1. II CITY OF WICHITA FALLS, TEXAS DISCRETELY PRESENTED COMPONENT UNITS COMBINING BALANCE SHEET SEPTEMBER 30, 2000 WITH COMPARATIVE TOTALS AT SEPTEMBER 30, 1999 Wichita Falls Economic Wichita Falls Development 48 Sales Tax Corporation Corporation ASSETS Cash and cash equivalents $ 5,415,650 $ 2,555,595 Receivables: Taxes and assessments - - Government agencies 477,300 477,300 Plant and equipment: Land and betterments 140,480 - Buildings, systems and improvements 459,520 - Total assets $ 6,492,950 $ 3,032,895 LIABILITIES AND FUND BALANCE Liabilities: Accounts payable-trade $ - $ 1,000 Payable to primary government - 362,385 Total fund balance - 363,385 Equity and other credits: Investment in general fixed assets 600,000 - Fund balance: Unreserved: Designated for subsequent years expenditures 5,892,950 2,669,510 Total equity and other credits 6,492,950 2,669,510 Total liabilities and fund balance $ 6,492,950 $ 3,032,895 79 EXHIBIT J-1 11,1 Wichita Falls Reinvestment Totals Zone#1 2000 1999 $ 565,621 $ 8,536,866 $ 7,252,833 14,671 14,671 6,177 E - 954,600 811,256 1L - 140,480 - - 459,520 - $ 580,292 $10,106,137 $ 8,070,266 $ - $ 1,000 $ - 362,385 3,028,157 363,385 3,028,157 - 600,000 - 580,292 9,142,752 5,042,109 580,292 9,742,752 5,042,109 11111 $ 580,292 $10,106,137 $ 8,070,266 110 1 14 11 I CITY OF WICHITA FALLS, TEXAS DISCRETELY PRESENTED COMPONENT UNITS COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES SEPTEMBER 30, 2000 WITH COMPARATIVE TOTALS AT SEPTEMBER 30, 1999 Wichita Falls Economic Wichita Falls Development 4B Sales Tax Corporation Corporation Revenues: Taxes $ 2,649,567 $ 2,649,567 Miscellaneous revenue 278,043 176,845 Total revenues 2,927,610 2,826,412 Expenditures: Current: Community development 700,218 13,000 Capital outlay 600,000 - Total expenditures 1,300,218 13,000 Excess revenues over expenditures 1,627,392 2,813,412 Other financing sources (uses): Operating transfers out- primary government - (422,263) Excess of revenues and other sources over(under) expenditures and other uses 1,627,392 2,391,149 Fund balance- beginning 4,265,558 278,361 Fund balance - ending $ 5,892,950 $ 2,669,510 80 EXHIBIT J-2 Wichita Falls Reinvestment Totals Zone#1 2000 1999 $ 211,765 $ 5,510,899 $ 4,946,242 31,926 486,814 253,973 243,691 5,997,713 5,200,215 161,589 874,807 115,038 600,000 - 161,589 1,474,807 115,038 82,102 4,522,906 5,085,177 - (422,263) (3,600,287) 82,102 4,100,643 1,484,890 498,190 5,042,109 3,557,219 $ 580,292 $ 9,142,752 $ 5,042,109 Wichita TE,cAs I i I I I I 1 1 I 1 I 1 SUPPORTING SCHEDULES 1 I II I -,* Wichita II • TEXAS ‘t. II 11 1111 I , I CITY OF WICHITA FALLS, TEXAS COMBINED SCHEDULE OF BONDED DEBT AND INTEREST MATURITIES SEPTEMBER 30, 2000 Fiscal Year General Obligation Bonds Water and Sewer Priority Lien Revenue Bonds Ending Serial Bond Interest Total Bonds Serial Bond Interest Total Bonds September 30, Maturities on Bonds and Interest Maturities on Bonds and Interest 2001 $ 1,690,000 $ 719,775 $ 2,409,775 $ 1,745,000 $ 855,995 $ 2,600,995 2002 1,770,000 636,910 2,406,910 1,830,000 774,985 2,604,985 2003 1,850,000 547,565 2,397,565 1,915,000 688,395 2,603,395 2004 1,950,000 453,305 2,403,305 2,005,000 596,085 2,601,085 2005 2,050,000 351,995 2,401,995 2,105,000 496,400 2,601,400 2006 2,160,000 243,365 2,403,365 2,210,000 391,170 2,601,170 2007 570,000 126,740 696,740 2,325,000 278,710 2,603,710 2008 600,000 94,820 694,820 260,000 159,435 419,435 2009 635,000 60,920 695,920 270,000 148,775 418,775 2010 430,000 24,725 454,725 280,000 137,570 417,570 2011 - - - 295,000 125,670 420,670 2012 - - - 305,000 112,838 417,838 2013 - - - 320,000 99,265 419,265 2014 - - - 335,000 84,705 419,705 2015 - - - 350,000 69,462 419,462 2016 - - - 365,000 53,188 418,188 2017 - - - 385,000 36,306 421,306 2018 - - - 400,000 18,500 418,500 $ 13,705,000 $ 3,260,120 $ 16,965,120 $ 17,700,000 $ 5,127,454 $ 22,827,454 81 EXHIBIT K-1 Water and Sewer Subordinate Lien Revenue Bonds Totals-All Bonded Debt Serial Bond Interest Total Bonds Serial Bond Interest Total Bonds Maturities on Bonds and Interest Maturities on Bonds and Interest $ 705,000 $ 1,818,013 $ 2,523,013 $ 4,140,000 $ 3,393,783 $ 7,533,783 725,000 1,792,100 2,517,100 4,325,000 3,203,995 7,528,995 760,000 1,764,723 2,524,723 4,525,000 3,000,683 7,525,683 800,000 1,731,300 2,531,300 4,755,000 2,780,690 7,535,690 830,000 1,695,975 2,525,975 4,985,000 2,544,370 7,529,370 870,000 1,662,825 2,532,825 5,240,000 2,297,360 7,537,360 900,000 1,627,545 2,527,545 3,795,000 2,032,995 5,827,995 3,250,000 1,590,885 4,840,885 4,110,000 1,645,140 5,955,140 3,385,000 1,460,750 4,845,750 4,290,000 1,670,445 5,960,445 3,505,000 1,320,997 4,825,997 4,215,000 1,483,292 5,698,292 3,660,000 1,065,664 4,725,664 3,955,000 1,191,334 5,146,334 3,820,000 1,016,174 4,836,174 4,125,000 1,129,012 5,254,012 2,625,000 847,997 3,472,997 2,945,000 947,262 3,892,262 2,750,000 722,016 3,472,016 3,085,000 806,721 3,891,721 2,885,000 588,538 3,473,538 3,235,000 658,000 3,893,000 3,025,000 446,960 3,471,960 3,390,000 500,148 3,890,148 3,180,000 298,350 3,478,350 3,565,000 334,656 3,899,656 3,320,000 152,388 3,472,388 3,720,000 170,888 3,890,888 $ 40,995,000 $ 21,603,200 $ 62,598,200 $ 72,400,000 $ 29,990,774 $ 102,390,774 CITY OF WICHITA FALLS, TEXAS COMBINED SCHEDULE OF BONDS PAYABLE SEPTEMBER 30, 2000 Final Interest Rates Issue Maturity Annual and(Dates) Date Date Serial Payments General Obligation Bonds: Certificates of Obligation, 2.75,3.20,3.60,4.00, 08/01/92 09/01/10 80,000 (1993) Series 1992 4.25,4.50,4.70,4.90, 100,000 (1994) 5.10,5.20,5.30,5.45, 105,000 (1995) 5.55,5.60,5.65,5.70, 105,000 (1996) 5.75 110,000 (1997) (3/1,9/1) 115,000 (1998) 120,000 (1999) 125,000 (2000) 135,000 (2001) 140,000 (2002) 145,000 (2003) 155,000 (2004) 160,000 (2005) 170,000 (2006) 570,000 (2007) 603,000 (2008) 635,000 (2009) 430,000 (2010) General Obligation Refunding 3.50,3.65,4.20,4.40, 06/01/94 09/01/06 105,000 (1994) Bonds,Series 1994 4.60,4.70,4.90,5.00, 100,000 (1995) 5.10,5.20,5.30,5.40, 100,000 (1996) 5.50 555,000 (1997) (3/1,9/1) 580,000 (1998) 610,000 (1999) 640,000 (2000) 670,000 (2001) 705,000 (2002) 735,000 (2003) 775,000 (2004) 815,000 (2005) 860,000 (2006) General Obligation Refunding 4.10,4.40,4.60,4.70 04/01/96 09/01/06 570,000 (1997) Bonds,Series 1996 4.80,5.00,5.10,5.20, 775,000 (1998) 5.30 805,000 (1999) (3/1,9/1) 845,000 (2000) 885,000 (2001) 925,000 (2002) 970,000 (2003) 1,020,000 (2004) 1,075,000 (2005) 1,130,000 (2006) Total General Obligation Bonds 82 EXHIBIT K-2 (Page 1 of 4) I Jul _... Bonds Retired or Autho zed Issued Refunded Outstanding , III $ 4,000,000 $ 4,000,000 $ 860,000 $ 3,140,000 II lh II f I l 7,250,000 7,250,000 2,690,000 4,560,000 I i; I 1 MP 111 9,000,000 9,000,000 2,995,000 6,005,000 rh I I I 20,250,000 20,250,000 6,545,000 13,705,000 I I CITY OF WICHITA FALLS, TEXAS COMBINED SCHEDULE OF BONDS PAYABLE (CONT'D.) SEPTEMBER 30, 2000 Final Interest Rates Issue Maturity Annual and(Dates) Date Date Serial Payments Revenue Bonds: Priority Lien: Water and Sewer System 3.90,4.00,4.20,4.30, 06/01/95 08/07/07 95,000 (1996) Refunding Revenue Bonds, 4.50,4.60,4.70,4.80, 920,000 (1997) Series 1995 5.00,5.10,5.20 960,000 (1998) (2/1,8/1) 1,000,000 (1999) 1,045,000 (2000) 1,090,000 (2001) 1,140,000 (2002) 1,195,000 (2003) 1,250,000 (2004) 1,310,000 (2005) 1,375,000 (2006) 1,450,000 (2007) Water and Sewer System 4.10,4.40,4.60,4.70, 04/01/96 08/01/07 305,000 (1997) Refunding Revenue Bonds, 4.80,4.90,5.00,5.10, 405,000 (1998) Series 1996 5.20,5.30,5.40 425,000 (1999) (2/1,8/1) 440,000 (2000) 465,000 (2001) 490,000 (2002) 510,000 (2003) 535,000 (2004) 565,000 (2005) 595,000 (2006) 625,000 (2007) Water and Sewer System 4.05,4.10,4.25,4.35, 10/01/98 08/01/18 215,000 (1999) Revenue Bonds, 4.45,4.55,4.625,4.65 180,000 (2000) Series 1998E (2/1,8/1) 190,000 (2001) 200,000 (2002) 210,000 (2003) 220,000 (2004) 230,000 (2005) 240,000 (2006) 250,000 (2007) 260,000 (2008) 270,000 (2009) 280,000 (2010) 295,000 (2011) 305,000 (2012) 320,000 (2013) 335,000 (2014) 350,000 (2015) 365,000 (2016) 385,000 (2017) 400,000 (2018) Total Priority Lien Revenue Bonds 83 ' EXHIBIT K-2 (Page 2 of 4) I III Bonds Retired or Authorized Issued Refunded Outstanding 12,830,000 12,830,000 4,020,000 8,810,000 lo al . 5,360,000 5,360,000 1,575,000 3,785,000 NI I 5,500,000 5,500,000 395,000 5,105,000 am 011 If t II I 23,690,000 23,690,000 5,990,000 17,700,000 DI ol �I, CITY OF WICHITA FALLS, TEXAS COMBINED SCHEDULE OF BONDS PAYABLE (CONTD.) SEPTEMBER 30, 2000 Final Interest Rates Issue Maturity Annual and(Dates) Date Date Serial Payments Subordinate Lien: Water and Sewer Subordinate Lien 3.35,3.60,3.75,3.85, 06/01/96 08/01/16 100,000 (1998) Revenue Bonds,Series 1996 3.95,4.05,4.15,4.25, 100,000 (1999) 4.35,4.45,4.55,4.65, 105,000 (2000) 4.70,4.75,4.80,4.85, 110,000 (2001) 4.90,4.95,4.95 115,000 (2002) (2/1,8/1) 125,000 (2003) 135,000 (2004) 135,000 (2005) 145,000 (2006) 150,000 (2007) 25,000 (2008) 25,000 (2009) 25,000 (2010) 25,000 (2011) 25,000 (2012) 2,300,000 (2013) 2,440,000 (2014) 2,585,000 (2015) 2,750,000 (2016) Water and Sewer System 3.14,3.39,3.49,3.59, 05/22/98 08/01/18 25,000 (1999) Subordinate Lien Revenue 3.64,3.69,3.79,3.89, 25,000 (2000) Bonds,Series 1998 3.94,3.99,4.09,4.19, 25,000 (2001) 4.29,4.39,4.44,4.49, 25,000 (2002) 4.54,4.59 25,000 (2003) (2/1,81) 25,000 (2004) 25,000 (2005) 25,000 (2006) 25,000 (2007) 25,000 (2008) 25,000 (2009) 25,000 (2010) 25,000 (2011) 25,000 (2012) 325,000 (2013) 310,000 (2014) 300,000 (2015) 275,000 (2016) 3,180,000 (2017) 3,320,000 (2018) 84 EXHIBIT K-2 (Page 3 of 4) Bonds Retired or Author iced Issued Refunded Outstanding atio 11,420,000 11,420,000 305,000 11,115,000 11111 kati r 8,060,000 8,060,000 50,000 8,010,000 w 1 CITY OF WICHITA FALLS, TEXAS COMBINED SCHEDULE OF BONDS PAYABLE (CONTD.) SEPTEMBER 30, 2000 Final Interest Rates Issue Maturity Annual and(Dates) Date Date Serial Payments Water and Sewer System 3.65,3.75,3.95,4.00, 10/01/98 08/01/12 375,000 (1999) Subordinate Lien Refunding 4.125,4.20,4.30,4.40, 550,000 (2000) Revenue Bonds,Series 1998A 4.50 570,000 (2001) (2/1,8/1) 585,000 (2002) 610,030 (2003) 640,000 (2004) 670,030 (2005) 700,000 (2006) 725,000 (2007) 3,200,000 (2008) 3,335,000 (2009) 3,455,000 (2010) 3,610,000 (2011) 3,770,000 (2012) Total Subordinate Lien Bonds Total Revenue Bonds Total All Bonds 85 Jr EXHIBIT K-2 (Page 4 of 4) I II III Bonds Retired or Authorized Issued Refunded Outstanding 22,795,000 22,795,000 925,000 21,870,000 , (11 , , 42,275,000 42,275,000 1,280,000 40,995,000 65,965,000 65,965,000 7,270,000 58,695,000 $ 86,215,000 $ 86,215,000 $13,815,000 $ 72,400,000 a I Mr EXHIBIT K-3 CITY OF WICHITA FALLS, TEXAS DEBT SERVICE COVERAGE-REVENUE BONDS SEPTEMBER 30,2000 Water and Sewer Revenue Bonds: Net income (Exhibit G-2) $ 2,259,137 Add: Depreciation and amortization $ 3,137,549 Loss on sale/abandonment of fixed assets - Interest expense and paying agent fees 2,713,331 Operating transfers out 706,015 6,556,895 Subtract: West Texas Utilities water revenues (529,882) Net earnings for determining debt service coverage $ 8,286,150 Priority Subordinate Lien Bonds Lien Bonds Net earnings for determining debt service coverage $ 8,286,150 Principal and interest requirements to maturity $22,827,454 $62,598,200 Number of years remaining to pay bonds - 18 - 18 Average annual principal and interest requirement 1,268,192 3,477,678 Minimum bond covenant debt service coverage x 1.25 x 1.10 Minimum debt service coverage requirement $ 1,585,240 $ 3,825,446 5,410,685 Excess over debt service coverage requirements $ 2,875,465 86 EXHIBIT K-4 CITY OF WICHITA FALLS, TEXAS GENERAL FIXED ASSETS ACCOUNT GROUP COMPARATIVE SCHEDULE OF GENERAL FIXED ASSETS AND JOINT VENTURE ASSETS -BY SOURCES SEPTEMBER 30, 2000 AND 1999 2000 1999 General Fixed Assets: Land and betterments $ 14,135,745 $ 13,739,868 Buildings and improvements 16,336,574 13,183,173 Machinery and equipment 7,130,805 6,696,455 Furniture and fixtures 197,824 182,103 Motor vehicles and equipment 31,485 31,485 Construction in progress 34,187 223,732 Total general fixed assets 37,866,620 34,056,816 Joint Venture Assets: Investment in joint venture 12,155,704 11,823,734 Total $ 50,022,324 $45,880,550 Investment in General Fixed Assets: From general obligation bonds $ 2,459,962 $ 2,459,962 From local revenues and contributions 15,664,256 12,488,671 From federal government contributions 2,741,172 2,106,953 From unidentified sources 17,001,230 17,001,230 Total investment in general fixed assets 37,866,620 34,056,816 Investment in Joint Venture Assets: From local revenues and contributions 12,155,704 11,823,734 Total $ 50,022,324 $45,880,550 87 CITY OF WICHITA FALLS, TEXAS GENERAL FIXED ASSETS ACCOUNT GROUP SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS AND JOINT VENTURE ASSETS -BY SOURCES FOR THE YEAR ENDED SEPTEMBER 30, 2000 Buildings Machinery Land and and and Betterments Improvements Equipment General fixed assets and joint venture assets, October 1, 1999 $ 13,739,868 $ 13,183,173 $ 6,696,455 Additions: Expenditures from local revenues and contributions 395,877 3,153,401 438,458 Deductions: Assets sold,traded, retired or transferred - - 4,108 General fixed assets and joint venture assets, September 30, 2000 $ 14,135,745 $ 16,336,574 $ 7,130,805 88 EXHIBIT K-5 ' Motor Furniture Vehicles Investment and and Construction in Joint Fixtures Equipment in Progress Venture Totals $ 182,103 $ 31,485 $ 223,732 $ 11,823,734 $ 45,880,550 15,721 - 34,187 331,970 4,369,614 - - 223,732 - 227,840 1,11 $ 197,824 $ 31,485 $ 34,187 $ 12,155,704 $ 50,022,324 11 II 1 I CITY OF WICHITA FALLS, TEXAS GENERAL FIXED ASSETS ACCOUNT GROUP SCHEDULE OF GENERAL FIXED ASSETS AND JOINT VENTURE ASSETS-BY FUNCTION AND ACTIVITY SEPTEMBER 30,2000 Buildings Machinery Land and and and Betterments Improvements Equipment Administrative services: Mayor and City Council $ - $ 3,797 $ 2,901 City Manager 1,062,849 336,872 69,530 Personnel/Risk Management - - 85,336 Martin Luther King Center - 349,839 7,641 Library 477,942 4,523,930 543,969 General Public Information - - 168,744 Duplicating Services - - 20,984 Building Maintenance - - 26,212 Nondepartmental - 518,881 51,211 Municipal Court 230,000 313,818 148,559 Legal - - 2,254 City Clerk - - 6,700 Total administrative services 1,770,791 6,047,137 1,134,041 Police 1,095,114 1,368,090 2,892,325 Fire 252,461 4,446,289 259,675 Parks and recreation: Recreation 655,246 1,900,236 229,964 Park maintenance 8,943,251 1,016,451 54,425 Cemetery 20,200 - 7,772 Total parks and recreation 9,618,697 2,916,687 292,161 Accounting/finance: Accounting/finance - - 13,265 Information Systems - - 1,854,350 Purchasing - - 1,435 Total accounting/finance - - 1,869,050 Community development Planning - - 34,390 Inspection - - 47,328 Code enforcement - - 73,892 Property management 1,161,884 420,891 42,213 Lake lot administration - - 1,018 Total community development 1,161,884 420,891 198,841 Public works: Engineering 97,020 18,837 106,458 Street maintenance 28,547 86,373 20,692 Total public works 125,567 105,210 Health: Administration 34,820 1,000,102 135,793 General City nursing 76,411 1,123 99,239 Environmental health - - 6,088 Lab water pollution - - 33,814 Total health 111,231 1,001,225 274,934 Traffic and transportation - 31,045 82,628 Investment in joint venture: Multi-Purpose Events Center - - - Total general fixed assets and joint venture assets $ 14,135,745 $ 16,336,574 $ 7,130,805 89 EXHIBIT K-6 Motor Furniture Vehicles Investment and and Construction in Joint Fixtures Equipment in Progress Venture Totals $ 5,218 $ - $ - $ - $ 11,916 18,473 - - - 1,487,724 3,425 - - - 88,761 12,486 - - - 369,966 94,687 - - - 5,640,528 168,744 8,821 - - - 29,805 - - - - 26,212 - - - - 570,092 4,043 - - - 696,420 - - - - 2,254 6,700 1 - - - 9,099,122 rill 11,788 - 34,187 - 5,401,504 1,755 - - - 4,960,180 so 12,818 - - - 2,798,264 I - - - - 10,014,127 - - - - 27,972 ` 12,818 - - - 12,840,363 13,265- - - - II 1,854,350 - - - - 1,435 - - - - 1,869,050 1 1,025 - - - 35,415 al - - - - 47,328 73,892 - 31,485 - - 1,656,473 - - - - 1,018 1,025 31,485 - - 1,814,126 J I 3,355 - - - 225,670 1,393 - - - 137,005 - - - 362,675 I� 11,612 - - - 1,182,327 5,447 - - - 182,220 - - - - 6,088- - - - 33,814 17,059 - - - 1,404,449 , 1,478 - - - 115,151 - - - 12,155,704 12,155,704 III i $ 197,824 $ 31,485 $ 34,187 $ 12,155,704 $ 50,022,324 , uui me EXHIBIT K-7 CITY OF WICHITA FALLS, TEXAS GENERAL FIXED ASSETS ACCOUNT GROUP SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS AND JOINT VENTURE ASSETS-BY FUNCTION AND ACTIVITY FOR THE YEAR ENDED SEPTEMBER 30,2000 Beginning Ending Balance Balance 10/1/99 Additions Deletions Adjustments 9/30/00 Administrative services: Mayor and City Council $ 11,916 S - $ - $ - S • 11,916 City Manager 1,487,724 - - - 1,487,724 Personnel/Risk Management 88,761 - - - 88,761 Martin Luther King Center 368,632 1,334 - - 369,966 Library 5,278,430 362,098 - - 5,640,528 General Public Information 154,020 14,724 - - 168,744 Duplicating Services 24,504 5,301 - - 29,805 Building Maintenance 24,853 1,359 - - 26,212 Nondepartmental 937,214 - - (367,122) 570,092 Municipal Court 696,420 - - - 696,420 Legal 2,254 - - - 2,254 City Clerk 6,700 - - - 6,700 Total administrative services 9,081,428 384,816 - (367,1 2) 9,0,39,122 Police 5,123,872 277,632 - - 5,401,504 Fire 2,366,154 2,594,026 - - 4,960,180 Parks and recreation: Recreation 2,786,852 11,412 - - 2,798,264 Park maintenance 9,983,331 30,796 - - 10,014,127 Cemetery 27,972 - - - 27,972 Total parks and recreation 12,798,155 42,208 - - 12,840,363 Accounting/finance: Accounting/finance 13,265 - - - 13,265 Information Systems 1,811,538 42,812 - - 1,854,350 Purchasing 1,435 - - - 1,435 Total accounting/finance 1,826,238 42,812 - - 1,1169,050 Community development: Planning 33,783 1,632 - - 35,415 Inspection 47,328 - - - 47,328 Code enforcement 7,342 66,550 - - 73,892 Property management 923,029 366,322 - 367,122 1,656,473 Lake lot administration - 1,018 - - 1,018 Total community development 1,011,482 435,522 - 367,122 1,814,126 Public works: Engineering 220,051 5,619 - - 225,670 Street Maintenance 137,005 - - - 137,005 Total public works � 5,619 - - 362,675 Health: Administration 1,157,319 25,008 - - 1,182,327 General city nursing 182,220 - - - 182,220 Environmental health 6,088 - - - 6,088 Lab water pollution 33,814 - - - 33,814 Total health 1,979,441 25,008 - - 1,404,449 Traffic and transportation 112,993 2,161 - - 115,151 Total general fixed assets 34,056,816 3,809,804 - - 37,866,620 Investment in joint venture: Multi-Purpose Events Center 11,823,734 331,970 - - 12,155,704 Total general fixed assets and joint venture assets S 45,880,550 $ 4,141,774 $ - $ - $50,022,324 90 EXHIBIT K-8 CITY OF WICHITA FALLS, TEXAS GOLF FUND PLANT, EQUIPMENT AND DEPRECIATION FOR THE YEAR ENDED SEPTEMBER 30, 2000 Balance Balance 10/1/99 Additions Deletions 9/30/00 Plant and Equipment: Land and betterments $ 4,935 $ - $ - $ 4,935 Buildings and improvements 10,067 3,200 - 13,267 Machinery and equipment 40,444 7,081 - 47,525 Furniture and fixtures 3,175 - - 3,175 Total plant and equipment 58,621 10,281 - 68,902 Accumulated Depreciation: Land and betterments $ 658 $ 197 $ - $ 855 Buildings, systems and improvements 1,664 795 - 2,459 Machinery and equipment 6,330 6,709 - 13,039 Furniture and fixtures 794 317 - 1,111 Total accumulated depreciation 9,446 8,018 - 17,464 Net plant and equipment $ 49,175 $ 2,263 $ - $ 51,438 jl I II I 91 I EXHIBIT K-9 CITY OF WICHITA FALLS, TEXAS MUNICIPAL AIRPORT FUND PLANT, EQUIPMENT AND DEPRECIATION FOR THE YEAR ENDED SEPTEMBER 30, 2000 Balance Balance 10/1/99 Additions Deletions 9/30/00 Plant and Equipment: Land and betterments $1,461,823 $ - $ - $1,461,823 Buildings and improvements 1,452,202 - - 1,452,202 Machinery and equipment 16,283 - - 16,283 Furniture and fixtures 3,495 - - 3,495 Total plant and equipment 2,933,803 - - 2,933,803 Accumulated Depreciation: Land and betterments 1,150,785 55,923 - 1,206,708 Buildings and improvements 753,712 28,842 - 782,554 Machinery and equipment 9,034 1,133 - 10,167 Furniture and fixtures 1,804 175 - 1,979 Total accumulated depreciation 1,915,335 86,073 - 2,001,408 Net plant and equipment $1,018,468 $(86,073) $ - $ 932,395 92 EXHIBIT K-10 CITY OF WICHITA FALLS, TEXAS KICKAPOO AIRPORT FUND PLANT, EQUIPMENT AND DEPRECIATION FOR THE YEAR ENDED SEPTEMBER 30,2000 Balance Balance 10/1/99 Additions Deletions 9/30/00 Plant and Equipment: Land and betterments $ - $ 954,677 $ - $ 954,677 Buildings and improvements - 565,533 - 565,533 Machinery and equipment - 59,164 - 59,164 Total plant and equipment - 1,579,374 - 1,579,374 Accumulated Depreciation: Land and betterments - 17,953 - 17,953 Buildings and improvements - 5,727 - 5,727 Machinery and equipment - 1,427 - 1,427 Total accumulated depreciation - 25,107 - 25,107 Net plant and equipment $ - $ 1,554,267 $ - $ 1,554,267 93 EXHIBIT K-11 CITY OF WICHITA FALLS, TEXAS TRANSIT FUND PLANT, EQUIPMENT AND DEPRECIATION FOR THE YEAR ENDED SEPTEMBER 30, 2000 Balance Balance 10/1/99 Additions Deletions 9/30/00 Plant and Equipment: Land and betterments $ 61,925 $ - $ - $ 61,925 Buildings and improvements 626,868 - - 626,868 Machinery and equipment 17,579 7,500 - 25,079 Furniture and fixtures 1,152 - - 1,152 Total plant and equipment 707,524 7,500 - 715,024 Accumulated Depreciation: Buildings and improvements 124,547 7,949 - 132,496 Machinery and equipment 17,579 375 - 17,954 Furniture and fixtures 1,152 - - 1,152 Total accumulated depreciation 143,278 8,324 - 151,602 Net plant and equipment $ 564,246 $ (824) $ - - $ 563,422 94 EXHIBIT K-12 CITY OF WICHITA FALLS, TEXAS SANITATION FUND PLANT, EQUIPMENT AND DEPRECIATION IL FOR THE YEAR ENDED SEPTEMBER 30, 2000 Balance Balance 10/1/99 Additions Deletions 9/30/00 Plant and Equipment: Land and betterments $ 705,809 $ - $ - $ 705,809 Buildings and improvements 2,370,382 - - 2,370,382 Machinery and equipment 98,067 3,151 = 101,218 Total plant and equipment 3,174,258 3,151 - 3,177,409 Accumulated Depreciation: Land and betterments 31,857 1,628 - 33,485 Buildings and improvements 825,389 49,958 - 875,347 1 Machinery and equipment 35,773 10,102 - 45,875 1 Total accumulated depreciation 893,019 61,688 - 954,707 Net plant and equipment $2,281,239 $ (58,537) $ - $2,222,702 1 HE it 95 MO EXHIBIT K-13 CITY OF WICHITA FALLS, TEXAS WATER AND SEWER FUND PLANT, EQUIPMENT AND DEPRECIATION FOR THE YEAR ENDED SEPTEMBER 30, 2000 Balance Balance 10/1/99 Additions Deletions 9/30/00 Plant and Equipment: Land and betterments $23,050,654 $ - $ - $ 23,050,654 Buildings, systems and improvements 121,451,357 6,452,858 - 127,904,215 Machinery and equipment 3,189,061 118,687 - 3,307,748 Furniture and fixtures 1,164 - - 1,164 Motor vehicles 1,235 - - 1,235 Construction in progress 3,314,608 2,095,829 3,314,608 2,095,829 Total plant and equipment 151,008,079 8,667,374 3,314,608 156,360,845 Accumulated Depreciation: Land and betterments 6,899,136 243,632 - 7,142,768 Buildings, systems and improvements 46,499,453 2,661,566 - 49,161,019 Machinery and equipment 2,208,394 104,048 - 2,312,442 Furniture and fixtures 611 58 - 669 Motor vehicles 1,235 - - 1,235 Total accumulated depreciation 55,608,829 3,009,304 - 58,618,133 Net plant and equipment $95,399,250 $5,658,070 $ 3,314,608 $ 97,742,712 96 EXHIBIT K-14 CITY OF WICHITA FALLS, TEXAS FLEET MAINTENANCE FUND PLANT, EQUIPMENT AND DEPRECIATION FOR THE YEAR ENDED SEPTEMBER 30, 2000 Balance Balance 10/1/99 Additions Deletions 9/30/00 Plant and Equipment: Land and betterments $ 433,658 $ - $ - $ 433,658 Buildings and improvements 4,010,098 - - 4,010,098 Fumiture and equipment 6,358 - - 6,358 Motor vehicles and equipment 27,438,878 3,415,600 1,901,925 28,952,553 Construction in progress 6,706 - - 6,706 Total plant and equipment 31,895,698 3,415,600 1,901,925 33,409,373 Accumulated Depreciation: Buildings and improvements 1,090,714 80,211 - 1,170,925 Furniture and equipment 5,376 391 - 5,767 Motor vehicles and equipment 16,879,897 2,531,862 1,869,806 17,541,953 Total accumulated depreciation 17,975,987 2,612,464 1,869,806 18,718,645 Net plant and equipment $ 13,919,711 $ 803,136 $ 32,119 $ 14,690,728 97 EXHIBIT K-15 CITY OF WICHITA FALLS, TEXAS WICHITA FALLS ECONOMIC DEVELOPMENT CORPORATION SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS FOR THE YEAR ENDED SEPTEMBER 30, 2000 Balance Balance 10/1/99 Additions Deletions 9/30/00 Plant and Equipment: Land and betterments $ - $ 140,480 $ - $ 140,480 Buildings and improvements - 459,520 - 459,520 Net plant and equipment $ - $ 600,000 $ - $ 600,000 98 I I I I I I I I I 1 I 1 11 111 I la ll I11 , ri , I 1 I 1 il Wichita'' i TE,CAS , I I lig , o 11111 Ili 1 i H 1 I( II I , I CITY OF WICHITA FALLS, TEXAS GENERAL GOVERNMENTAL EXPENDITURES BY FUNCTION (GENERAL FUND ONLY)- LAST TEN FISCAL YEARS (UNAUDITED) Fiscal Administrative Parks and Accounting Community Year Services Police Fire Recreation and Finance Development 1990-1991 $ 5,037,109 $ 8,552,989 $ 5,393,852 $ 2,433,579 $ 417,460 $ 269,972 1991-1992 4,502,220 8,970,402 5,558,991 2,555,542 462,729 229,485 1992-1993 4,850,649 9,680,729 5,821,934 2,346,032 381,244 264,959 1993-1994 4,721,396 10,014,195 5,916,985 2,398,537 250,402 394,032 1994-1995 5,079,725 10,420,291 6,249,987 2,458,983 257,479 399,234 1995-1996 6,764,670 11,067,074 6,752,959 2,890,848 282,522 501,149 1996-1997 10,030,518 11,635,291 6,979,178 2,689,630 283,958 549,654 1997-1998 ' 5,675,204 11,445,357 7,567,904 2,947,658 1,141,181 990,993 1998-1999 6,315,733 12,010,858 7,881,632 2,896,955 1,300,773 1,048,202 1999-2000 6,980,200 13,159,401 8,367,462 3,072,384 1,331,432 1,058,585 ' Effective October 1,1997,the City significantly modified its accounting system and functional reporting. Consequently,there are some differences in reporting of expenditures by function between years. 99 EXHIBIT L-1 Debt Service Interest Public Traffic and Capital Principal and Paying Works Health Transportation Outlay Retirement Agent Fees Totals $ 4,965,920 $ 1,955,763 $ 1,181,922 $ - $ - $ - $ 30,208,566 4,243,882 2,156,485 1,114,159 - - - 29,793,895 4,246,256 2,499,686 1,121,169 - - - 31,212,658 4,101,886 2,813,235 1,152,782 - - - 31,763,450 4,526,548 3,020,266 1,319,641 - - - 33,732,154 4,790,242 3,189,847 1,422,119 - - - 37,661,430 4,576,974 3,396,582 1,449,844 - - - 41,591,629 5,709,866 2,203,927 1,487,177 1,773,519 2,149 558 40,945,493 4,814,939 2,341,125 1,561,804 299,312 2,350 357 40,474,040 5,799,148 2,050,913 1,553,984 144,788 2,677 134 43,521,108 CITY OF WICHITA FALLS, TEXAS GENERAL GOVERNMENTAL REVENUES BY SOURCE(GENERAL FUND ONLY)- LAST TEN FISCAL YEARS (UNAUDITED) Fiscal Charges Licenses Fines and Year Taxes for Services and Permits Forfeitures 1990-1991 $23,601,388 $ 1,068,713 $ 554,972 $ 781,111 1991-1992 24,535,787 1,070,926 604,905 904,581 1992-1993 25,705,065 1,111,826 609,670 1,156,623 1993-1994 27,462,908 1,067,816 674,853 1,409,882 1994-1995 28,685,546 1,103,978 632,676 1,309,204 1995-1996 30,140,802 1,394,190 684,633 1,262,361 1996-1997 31,487,703 1,338,867 673,422 1,495,921 1997-1998 * 32,544,840 2,077,990 435,572 1,486,985 1998-1999 34,009,242 2,279,994 535,989 1,187,927 1999-2000 36,460,971 1,733,552 660,715 1,417,891 * Effective October 1, 1997, the City significantly modified its accounting system and functional reporting. Consequently,there are some differences in reporting of revenues between years. 100 EXHIBIT L-2 Intergovernmental Miscellaneous Revenue Contributions Revenue Totals $ 1,225,504 $ - $ 1,255,215 $28,486,903 1,380,734 - 925,466 29,422,399 1,723,190 - 828,742 31,135,116 1,955,422 - 1,013,323 33,584,204 2,064,914 - 1,304,875 35,101,193 2,540,646 - 1,195,670 37,218,302 2,540,616 - 1,431,250 38,967,779 67,290 - 1,570,592 38,183,269 1111 61,782 12,155 1,533,500 39,620,589 46,985 - 1,508,539 41,828,653 ai 1 I1� I CITY OF WICHITA FALLS, TEXAS PROPERTY TAX LEVIES AND COLLECTIONS - LAST TEN FISCAL YEARS (UNAUDITED) Percent of Delinquent Fiscal Total Current Tax Current Taxes Tax Year Tax Levy Collections Collected Collections 1990-1991 $14,605,841 $14,242,059 97.51% $ 332,467 1991-1992 14,663,529 14,311,760 97.60% 343,769 1992-1993 14,940,203 14,491,314 97.00% 278,223 1993-1994 15,220,570 14,847,803 97.55% 254,153 1994-1995 15,817,317 15,507,777 98.04% 318,839 1995-1996 16,742,241 16,407,759 98.00% 326,841 1996-1997 17,482,018 16,936,754 97.00% 426,840 1997-1998 13,848,037 13,376,885 96.59% 536,999 1998-1999 14,526,149 13,952,221 96.05% 388,755 1999-2000 16,115,557 15,690,461 97.36% 472,161 101 EXHIBIT L-3 Ratio of Ratio of Total Tax Outstanding Delinquent Total Tax Collections to Delinquent Taxes to Collections Total Tax Levy Taxes Total Tax Levy $14,574,526 99.79% $2,038,538 13.96% 14,655,529 99.95% 1,914,394 13.05% 14,769,537 98.86% 1,743,114 11.67% 15,101,956 99.22% 1,719,578 11.30% 15,826,616 100.06% 1,638,633 10.36% 16,734,600 99.95% 1,646,500 9.83% 17,363,594 99.32% 1,704,839 9.75% 13,913,884 100.47% 1,600,924 11.56% 14,340,976 98.73% 1,588,798 10.94% 16,162,622 100.29% 1,551,462 9.63% CITY OF WICHITA FALLS, TEXAS ASSESSED AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY- LAST TEN FISCAL YEARS (UNAUDITED) Real Property Personal Property Fiscal Assessed Estimated Assessed Estimated Year Value Actual Value Value Actual Value 1990-1991 $ 1,764,512,712 $1,764,512,712 $489,822,988 $489,822,988 1991-1992 1,741,946,628 1,741,946,628 467,647,449 467,647,449 1992-1993 1,757,192,910 1,757,192,910 460,770,563 460,770,563 1993-1994 1,772,576,420 1,772,576,420 487,009,356 487,009,356 1994-1995 1,860,859,604 1,860,859,604 492,382,781 492,382,781 1995-1996 1,979,667,520 1,979,667,520 494,250,305 494,250,305 1996-1997 2,053,175,337 2,053,175,337 530,055,655 530,055,655 1997-1998 2,145,423,750 2,145,423,750 554,851,453 554,851,453 1998-1999 2,237,301,030 2,237,301,030 595,201,382 595,201,382 1999-2000 2,448,370,999 2,448,370,999 605,524,662 605,524,662 102 EXHIBIT L-4 Ratio of Total Total Assessed to Assessed Estimated Total Estimated Value Actual Value Actual Value $2,254,335,700 $2,254,335,700 100.00% 2,209,594,077 2,209,594,077 100.00% 2,217,963,473 2,217,963,473 100.00% I I 2,259,585,776 2,259,585,776 100.00% 1 2,353,242,385 2,353,242,385 100.00% 2,473,917,825 2,473,917,825 100.00% 2,583,230,992 2,583,230,992 100.00% 2,700,275,203 2,700,275,203 100.00910 2,832,502,412 2,832,502,412 100.00% 1 3,053,895,661 3,053,895,661 100.00% II` I I I CITY OF WICHITA FALLS, TEXAS PROPERTY TAX RATES AND TAX LEVIES - DIRECT AND OVERLAPPING GOVERNMENTS - LAST TEN FISCAL YEARS (UNAUDITED) Fiscal City of Wichita Burkbumett City View Year Wichita Falls County I.S.D. (1) I.S.D. (2) Tax Rates Per$100 Valuation 1990-1991 $ 0.65 $ 0.29 $ 0.97 $ 0.98 1991-1992 0.66 0.31 0.37 0.35 1992-1993 0.67 0.34 0.37 0.35 1993-1994 0.67 0.36 1.22 1.20 1994-1995 0.67 0.36 1.22 1.20 1995-1996 0.67 0.37 1.24 1.23 1996-1997 0.67 0.37 1.25 1.26 1997-1998 0.51 0.38 1.30 1.34 1998-1999 0.51 0.38 1.49 1.41 1999-2000 0.55 0.38 1.49 1.60 Tax Levies 1990-1991 $14,605,841 $ 9,461,163 $4,722,118 $ 886,306 1991-1992 14,629,075 10,098,311 1,574,916 307,177 1992-1993 14,940,203 10,712,983 1,582,110 287,728 1993-1994 15,220,570 11,545,265 5,351,692 1,022,231 1994-1995 15,817,317 11,989,730 5,645,214 1,071,679 1995-1996 16,742,241 13,058,786 5,993,746 1,151,028 1996-1997 17,482,018 13,681,903 6,364,575 1,232,641 1997-1998 13,848,037 14,643,356 6,426,976 1,325,139 1998-1999 14,526,149 14,625,183 7,104,951 1,448,831 1999-2000 16,115,557 15,177,829 7,087,371 1,549,000 Notes: (1) Burkbumett Independent School District-25% in Wichita Falls city limits (2) City View Independent School District- 90% in Wichita Falls city limits for 1997-98 and after and 84% in 1996-97 and prior (3) Iowa Park Consolidated Independent School District-2% in Wichita Falls city limits. Only for 1997-98 and after due to City annexation. (4) Wichita Falls Independent School District--99%-in Wichita Falls-city-limits (5) County Education Districts were created by the Texas Legislature in 1991. All property tax revenues received by the County Education District were distributed to local educational agencies within the County on a prorata basis. Effective September 1, 1993, all County Education Districts were abolished by the Texas Legislature. As of this date, all assets and liabilities of the Wichita County Education District were transferred to the Wichita Falls Independent School District as successor-in-interest. 103 II I EXHIBIT L-5 al II si County Iowa Park Wichita Falls Education l CJ.S.D. (3) I.S.D. (4) District (5) Totals $ - $ 1.00 $ - $ 3.89 1 -• 0.39 0.75 2.83 0.39 0.85 2.97 - 1.28 - 4.73 1.34 - 4.79 1.34 4.85 1.38 4.93 1.25 1.46 - 6.24 I 1.30 1.50 - 6.59 1.24 1.50 - 6.76 I $ - $22,299,411 $ - $51,974,839 - 8,181,795 23,070,529 57,861,803 II - 8,127,735 25,839,980 61,490,739 - 27,967,742 - 61,107,500 30,444,581 64,968,521 - 31,977,379 - 68,923,180 - 34,453,561 - 73,214,698 3,755,263 37,270,618 - 77,269,389 m 1.1 4,308,152 38,641,115 - 80,654,381 4,936,005 39,842,969 - 84,708,731 • dia l ' 10 1,. I I EXHIBIT L-6 CITY OF WICHITA FALLS, TEXAS TEN LARGEST TAXPAYERS (UNAUDITED) SEPTEMBER 30, 2000 Percentage January 1, 2000 of Total Assessed Assessed Taxpayer Type of Business Valuation Valuation JMB Group Trust III Shopping Center $ 42,081,693 1.38% Southwestern Bell Telephone Utility 40,869,418 1.34% TU Utilities Electric Utility 35,721,018 1.17% Vista Cablevision Cable Television 16,066,740 0.53% Wal-Mart Retail Store 14,576,037 0.48% Lowe's Home Improvement Center Retail Store 13,160,329 0.43% Sam's Club Retail Store 11,662,057 0.38% De Auville Partnership Retail Store 11,542,311 0.38% Panhandle Manufacturing Manufacturing 11,507,276 0.38% Wichita Falls Clinic Medical Center 11,143,134 0.36% Totals $ 208,330,013 5.44% 104 EXHIBIT L-7 CITY OF WICHITA FALLS, TEXAS SPECIAL ASSESSMENT COLLECTIONS (CAPITAL IMPROVEMENT ASSESSMENTS FUND) - LAST TEN FISCAL YEARS (UNAUDITED) Special Special Ratio of Fiscal Assessments Assessments Collections Year Due Collected to Amount Due 1990-1991 $ 362,985 $ 8,112 2.23% 1991-1992 238,496 4,414 1.85% 1992-1993 204,833 2,857 1.39% 1993-1994 191,745 2,184 1.14% 1994-1995 173,940 5,267 3.03% 1995-1996 158,976 1,222 0.77% 1996-1997 158,106 1,200 0.76% 1997-1998 157,580 526 0.33% 1998-1999* - - - 1999-2000* - - - *-The City wrote off the balance of the Special Assessments due the City during the year ended September 30, 1999 and no longer records the receivable balance. 105 EXHIBIT L-8 CITY OF WICHITA FALLS, TEXAS COMPUTATION OF LEGAL DEBT MARGIN (UNAUDITED) SEPTEMBER 30, 2000 Total assessed property value per 1999 tax roll $3,053,895,661 Maximum tax rate * $ 2.25/$100 Current tax rate for 1999 tax year .55194/$100 Maximum tax rate in excess of 1999 tax rate 1.69806/$100 Total legal debt margin $ 51,856,981 There is no debt limit established by law. The limit is, therefore, governed by the City's ability to levy and collect taxes to service the outstanding indebtedness. The City's maximum legal tax rate established under its Charter is$2.25 per$100 assessed valuation. The 1999 tax rate is$.55194 per$100 assessed valuation. * Maximum tax levy established by City Charter 106 CITY OF WICHITA FALLS, TEXAS RATIO OF NET GENERAL BONDED DEBT TO ASSESSED VALUE AND NET GENERAL BONDED DEBT PER CAPITA-LAST TEN FISCAL YEARS(UNAUDITED) Gross Less Debt Fiscal Assessed General Service Year Population Value Bonded Debt Funds 1990-1991 96,500 $2,254,335,700 $ 19,615,000 $ 581,545 1991-1992 97,700 2,209,594,077 22,860,000 656,653 1992-1993 98,600 2,217,963,473 21,975,000 741,968 1993-1994 99,500 2,259,585,776 21,655,000 944,860 1994-1995 101,155 2,353,242,385 20,530,000 1,093,940 1995-1996 102,790 2,473,917,825 19,555,000 996,075 1996-1997 103,312 2,583,230,992 18,320,000 1,511,795 1997-1998 104,121 2,700,275,203 16,850,000 1,560,640 1998-1999 106,000 2,832,502,412 15,315,000 1,578,437 1999-2000 107,178 3,053,895,661 13,705,000 1,585,571 107 EXHIBIT L-9 Ratio of Net General Bonded Debt Net General Net General To Assessed Bonded Debt Bonded Debt Value Per Capita $19,033,455 0.84% $ 197 22,203,347 1.00% 227 21,233,032 0.96% 215 20,710,140 0.92% 208 19,436,060 0.83% 192 18,558,925 0.75% 181 16,808,205 0.65% 163 15,289,360 0.57% 147 13,736,563 0.48% 130 12,119,429 0.40% 113 ill 1. L. I I I } I EXHIBIT L-10 CITY OF WICHITA FALLS, TEXAS RATIO OF ANNUAL DEBT SERVICE EXPENDITURES FOR GENERAL BONDED DEBT TO TOTAL GENERAL GOVERNMENTAL EXPENDITURES -LAST TEN FISCAL YEARS (UNAUDITED) Total Ratio of General Debt Service Fiscal Total Debt Governmental to General Year Principal Interest Service Expenditures Expenditures 1990-1991 $ 710,000 $ 1,575,615 $ 2,285,615 $ 30,208,566 7.57% 1991-1992 755,000 1,531,240 2,286,240 29,793,895 7.67% 1992-1993 885,000 1,683,099 2,568,099 31,212,658 8.23% 1993-1994 1,065,000 1,416,594 2,481,594 31,763,450 7.81% 1994-1995 1,125,000 1,408,898 2,533,898 33,732,154 7.51% 1995-1996 1,190,000 1,334,768 2,524,768 37,661,430 6.70% 1996-1997 1,235,000 1,090,448 2,325,448 41,591,629 5.59% 1997-1998 1,470,000 934,270 2,404,270 40,945,493 5.87% 1998-1999 1,535,000 868,315 2,403,315 40,474,040 5.94% 1999-2000 1,610,000 796,975 2,406,975 43,521,108 5.53% 108 EXHIBIT L-11 CITY OF WICHITA FALLS, TEXAS COMPUTATION OF DIRECT AND OVERLAPPING GENERAL BONDED DEBT(UNAUDITED) SEPTEMBER 30, 2000 Percentage Amount Gross Applicable Applicable General Bonded to City of to City of Debt(1) Wichita Falls (2) Wichita Falls Direct: City of Wichita Falls $ 13,705,000 100% $ 13,705,000 Overlapping: Wichita County 7,115,000 100% 7,115,000 Burkbumett Independent School District 18,052,886 25% 4,513,222 City View Independent School District 10,784,821 90% 9,706,339 Iowa Park Consolidated Independent School District 6,827,491 2% 136,550 Wichita Falls Independent School District 34,147,400 99% 33,805,926 Total overlapping 76,927,598 55,277,036 Total direct and overlapping bonded debt $ 90,632,598 $ 68,982,036 Sources: (1) Listed taxing jurisdictions (2) City of Wichita Falls Planning Department 109 CITY OF WICHITA FALLS, TEXAS REVENUE BOND COVERAGE -WATER AND SEWER REVENUE BONDS - LAST TEN FISCAL YEARS (UNAUDITED) Net Revenue Fiscal Gross Operating Available For Year Revenues (1) Expenses (2) Debt Service 1990-1991 $ 14,151,380 $ 9,323,434 $ 4,827,946 1991-1992 13,442,781 9,127,566 4,315,215 1992-1993 14,698,916 9,217,131 5,481,785 1993-1994 15,307,931 10,695,460 4,612,471 1994-1995 17,701,086 11,252,304 6,448,782 1995-1996 19,939,255 11,684,476 8,254,779 1996-1997 19,578,557 12,352,266 7,226,291 1997-1998 21,050,438 12,868,869 8,181,569 1998-1999 22,692,770 13,726,601 8,966,169 1999-2000 21,974,510 13,688,360 8,286,150 Notes: (1) Includes operating revenues exclusive of water sales to West Texas Utilities, interest income, and intergovernmental operating grants of the Water and Sewer Fund (see Exhibit K-3). (2) Includes operating expenses of the Water and Sewer Fund exclusive of depreciation and amortization (see Exhibit K-3). 110 EXHIBIT L-12 Debt Service Requirement Principal Interest Total Coverage $ 680,000 $ 1,773,788 $2,453,788 1.97 725,000 1,728,228 2,453,228 1.76 1,075,000 2,948,989 4,023,989 1.36 1,150,000 2,899,583 4,049,583 1.14 1,230,000 2,875,069 4,105,069 1.57 1,405,000 2,450,529 3,855,529 2.14 1,605,000 2,740,348 4,345,348 1.66 1,855,000 2,674,570 4,529,570 1.81 2,140,000 2,889,642 5,029,642 1.78 2,345,000 2,776,148 5,121,148 1.62 ith trom IP 4 4 EXHIBIT L-13 CITY OF WICHITA FALLS, TEXAS DEMOGRAPHIC STATISTICS - LAST TEN FISCAL YEARS (UNAUDITED) Median Fiscal Estimated Household Education School Unemployment Year Population (1) Income (2) Level (3) Enrollment (3) Rate (4) 1990-1991 96,500 $ 20,814 13.1 15,135 6.4% 1991-1992 97,700 26,053 13.1 15,620 7.5% 1992-1993 98,600 27,089 13.1 15,608 5.8% 1993-1994 99,500 28,437 13.1 15,892 5.9% 1994-1995 101,155 29,527 13.1 15,793 5.1% 1995-1996 102,790 30,142 13.1 15,805 4.3% 1996-1997 103,312 31,148 13.1 16,606 4.4% 1997-1998 104,121 31,165 13.1 16,382 4.7% 1998-1999 106,000 34,342 13.1 14,780 4.4% 1999-2000 107,178 35,029 13.1 14,084 3.9% Sources: (1) City of Wichita Falls Planning Department for all years, except 1989-1990 from U.S. Bureau of Census (2) C.A.C.I. Marketing Services for all years, except 1994-95 and prior from Sales & Marketing Management (3) Wichita Falls I.S.D. - Educational level is grade equivalent of graduating senior (4) Texas Workforce Commission 111 EXHIBIT L-14 CITY OF WICHITA FALLS, TEXAS PROPERTY VALUE, BUILDING PERMITS AND BANK DEPOSITS - LAST TEN FISCAL YEARS (UNAUDITED) Fiscal Property Building Bank Year - Value(1) Permits(2) Deposits• 1990-1991 $2,254,335,700 $ 36,283,910 Not Avaliable 1991-1992 2,209,594,077 49,894,023 Not Available 1992-1993 2,217,963,473 50,774,737 Not Available 1993-1994 2,259,585,776 71,208,827 Not Available 1994-1995 2,353,242,385 73,692,291 Not Avaliable 1995-1996 2,589,218,286 92,604,277 Not Avaliable 1996-1997 2,707,854,487 89,861,493 Not Avaliable 1997-1998 2,827,444,408 80,401,597 Not Avaliable 1998-1999 2,889,152,460 102,641,877 Not Avaliable 1999-2000 3,053,895,661 98,144,551 Not Available Sources: (1) City of Wichita Falls Accounting/Finance Department (2) City of Wichita Falls Planning Department * Local branches of Bank One, Norwest, and Wells Fargo are not required, nor have they rt$ chosen, to release deposit information on individual branches. Therefore, total bank deposit information is not available for these years. 112 EXHIBIT L-15 CITY OF WICHITA FALLS, TEXAS MISCELLANEOUS STATISTICAL DATA(UNAUDITED) SEPTEMBER 30, 2000 Date of incorporation 1889 Form of government Council- Manager Area 71 square miles Miles of streets 565 Number of street lights 7,166 Fire protection: Number of stations 9 Number of firemen and officers 144 Police protection: Number of stations 1 Number of police officers 181 Municipal water department: Number of consumers-active 33,118 Average daily production 24,591,115 gallons treated water Miles of water mains 712 Sewers: Number of customers-active 31,258 Miles of sanitary sewers 506 Miles of storm sewers(enclosed) approximately 41 Building permits issued: Number issued 8,769 Amount issued $98,144,551 Recreation and culture: Number of parks 40 with 1,100 acres Number of golf courses 4 Number of libraries 1 Number of volumes (books) 129,890 Employees-full-time 1,062 113 EXHIBIT L-16 (Page 1 of 5) CITY OF WICHITA FALLS, TEXAS SCHEDULE OF INSURANCE COVERAGE(UNAUDITED) SEPTEMBER 30, 2000 Insurance Code A Policy: Building and Contents Company: Williams-Dwyer Co. Policy Period: October 1, 1999 to October 1, 2000 Perils: Fire, Extended Coverage, Vandalism and Malicious Mischief, including Difference in Condition, Extra Expense, Valuable Papers, EDP, Demolition/CC Coverages: $65,491,180 Building and Contents $100,000 Extra Expense Deductible: $100,000 Coinsurance: Agreed Value, Replacement Cost Premium: $28,144 B Policy: Boiler and Machinery Company: Williams-Dwyer Co. Policy Period: October 1, 1999 to October 1, 2000 Perils: Comprehensive Blanket Coverage: $5,000,000 Per Occurrence Deductible: $2,500 Coinsurance: N/A Premium: $4,206 C Policy: Electronic Data Processing Equipment Company: Williams-Dwyer Co. Policy Period: October 1, 1999 to October 1, 2000 Perils: All Risks Coverage: $1,793,226 Deductible: $5,000 Coinsurance: 100% Premium: Included as sublimit under property coverages D Policy: Excess Workers'Compensation and Employer's Liability Company: Williams-Dwyer Co. Policy Period: October 1, 1999 to October 1, 2000 Perils: Workers'Compensation-Employer's Liability Coverage: Catastrophic Protection Beginning at$250,000 up to Statutory Limit$1,000,000 Employer's Liability Deductible: $250,000 Coinsurance: N/A Premium: $20,449 114 EXHIBIT L-16 (Page 2 of 5) CITY OF WICHITA FALLS, TEXAS SCHEDULE OF INSURANCE COVERAGE (UNAUDITED) (CONT'D.) SEPTEMBER 30, 2000 Insurance Code E Policy: Airport Liability(Municipal Airport) Company: Marsh Aviation Policy Period: March 17, 2000 to March 17, 2001 Perils: Owner's, Landlord, and Tenants Liability Coverage: $1,000,000 CSL Deductible: $1,000 Coinsurance: N/A Premium: $2,816 F Policy: Airport Liability(Kickapoo Airport) Company: Marsh Aviation Policy Period: March 17, 2000 to March 17, 2001 Perils: Owner's, Landlord, and Tenants Liability Coverage: $1,000,000 CSL Deductible: $1,000 Coinsurance: N/A Premium: $1,467 G Policy: Hangarkeepers Liability(Kickapoo Airport) Company: Marsh Aviation Policy Period: March 17, 2000 to March 17, 2001 Perils: Hangarkeepers Liability Coverage: $1,000,000 any one occurrence $500,000 any one aircraft Deductible: $1,000 Coinsurance: N/A Premium: $3,033 H Policy: Public Official Bond Company: Fidelity& Deposit Company Bond No.: FD 09688496 Bond Period: June 27, 1999 to June 27, 2000 Insured: City Manager-Jim Berzina Coverage: $25,000 Premium: $1,601 I Policy: Public Official Bond Company: Fidelity& Deposit Company Bond No.: FD 09688496 Bond Period: June 27, 2000 to June 27, 2001 Insured: City Manager-Jim Berzina Coverage: $25,000 Premium: $100 115 EXHIBIT L-16 (Page 3 of 5) CITY OF WICHITA FALLS, TEXAS SCHEDULE OF INSURANCE COVERAGE(UNAUDITED) (CONTD.) SEPTEMBER 30, 2000 Insurance Code J Policy: Public Official Bond Company: Fidelity &Deposit Company Bond No.: FD 30237391 Bond Period: August 1, 2000 to August 1, 2001 Insured: Purchasing Agent- Margaret Elizabeth (Peggy) Gahagan Coverage: $2,500 Premium: $100 K Policy: Blanket Employees' Dishonesty-Theft, Disappearance Coverage Company: Fidelity& Deposit Company Bond No. FD 02897925 Bond Period: January 15, 2000 to January 15, 2001 Insured: Public Employee Blanket-Water Office Manager Coverages: $10,000 Inside Premises $3,000 Outside Premises $10,000 Per Employee $15,000 Excess Limit (Water Office Manager) Premium: $1,667 L Policy: Public Official Bond Company: Fidelity&Deposit Company Bond No.: FD 30523655 Bond Period: October 1, 1999 to October 1, 2000 Insured: City Clerk- Lydia Torres Coverage: $25,000 Premium: $100 M Policy: Public Official Bond Company: Aetna Insurance Company Bond No.: S 10084654 Bond Period: August 6, 2000 to August 6, 2001 Insured: Director of Public Works-George Bonnett Coverage: $2,500 Premium: $50 N Policy: Public Official Bond Company: Aetna Insurance Company Bond No.: S 100841241 Bond Period: August 24, 2000 to August 24, 2001 Insured: Municipal Court Administrator-Judith Elaine Bourgoin Coverage: $2,500 Premium: $50 116 EXHIBIT L-16 (Page 4 of 5) CITY OF WICHIITA FALLS, TEXAS SCHEDULE OF INSURANCE COVERAGE (UNAUDITED) (CONT'D.) SEPTEMBER 30, 2000 Insurance Code 0 Policy: Public Official Bond Company: Aetna Insurance Company Bond No.: S 18072205 Bond Period: March 5, 2000 to March 5, 2001 Insured: Director of Finance-Jim Dockery Coverage: $25,000 Premium: $125 P Policy: Public Official Bond Company: Aetna Insurance Company Bond No.: 71 S 100648903 Bond Period: May 21, 2000 to May 21, 2001 Insured: Municipal Court Judge-Larry Gillen Coverage: $2,500 Premium: $100 a Policy: Health Insurance Company: U.S. Benefits Policy No.: City of Wichita Falls Employee Benefits Trust Policy Period: December 1, 1999 through November 30, 2000 Perils: Illness and Accidental Injury(Non-work Related) Coverage: $1,000,000 Lifetime Maximum Deductible: Various Amounts Depending on Plan Option Chosen by Employee Coinsurance: Coinsurance coverage begins when a limit of 20% or 30% reaches$3,500, $5,000, $10,000 or$15,000 yearly,then incsurance company pays 100% of eligible expenses. Premium: . $90,000 R Policy: Dental Insurance Company: U.S. Benefits Policy No.: City of Wichita Falls Employee Benefits Trust Policy Period: December 1, 1999 through November 30,2000 Perils: Basic Dental Coverage with Orthodontics for Children Under 19 Coverages: $1,000 Annual Maximum- Basic Coverage $1,000 Lifetime Maximum-Orthodontics Deductible: Basic Coverage- $100 Annually Per Person (Maximum 3 Family Members); No Deductible for Orthodontics Coinsurance: 80-20 Basic, 50-50 Orthodontics, 50-50 Periodontics Premium: (Included in Health Premium) 117 EXHIBIT L-16 (Page 5 of 5) CITY OF WICIHITA FALLS, TEXAS SCHEDULE OF INSURANCE COVERAGE (UNAUDITED)(CONTD.) SEPTEMBER 30, 2000 Insurance Code S Policy: Life Insurance Company: TMRS Policy No.: Not Applicable Policy Period: October 1, 1999 through September 30, 2000 Perils: Death and Dismemberment Benefits Deductible: N/A Premium: .....................................One Times Employee's Annual Salary T Policy: Life Insurance (Directors Only) Company: Pilot Life Insurance Company Policy No.: 0548 (Group#1) Policy Period: January 1, 2000 to December 31, 2000 Perils: Death and Dismemberment Benefits Coverage: $25,000 Deductible: N/A Premium: Annual Estimate $338 118 Wichita t TEXAS + % ' 1 ' , I ; 0 I g II N- H m I w 11.11111111111.11111111 ,, U ._ i M :f,_S±^+11 +,rti,•r--,,, ?'.?,".irr'' ,r n•1 - lr.l"Y sN sue,l-+l, � t:. :,i,,,,''r:'�? :tiwi"ix.:,• :, ;,:tiY�•"::i::::{ti:,:f,::'?i:ti:r:, "'::':."tip+:i:,;Y•i..,>.::f,�n ,-:?vilti:: rv' 'v , , ✓:w;..: .....,..+�;Y ' . " , `:; l.tiv''v `Y-•••,-:,,,, , \ .^.,` nt;,�;iv ,:v� '. . tAti si„',:.:±:?. `:f`r��Y l v l ,. 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