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1996 Annual Financial Report CITY OF WICHITA FALLS, TEXAS COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED SEPTEMBER 30, 1996 ISSUED BY: DEPARTMENT OF FINANCE , #k • / iti vit/i " „ ••• 4 , '7411,11r. * ;‘..r.Ap 2 A4,4 'l'/r ' / ' •ir .'. 4771 flfin7,. 1/1114 ..** :17 1-1;,`%• :11-14.44._AL 7 - 4,, # 4 • Wf' ti 4 /4., a: ''''..1 '''.P/ 0 A A','47 g /, /,' 00 'or, 0 / •• 4 ,:,„7„,„,„ / ,7;727,7,4"://z -•• ' *-- ,A. .. ..., / ,....... , A...i /4' i I Al iZiZ 4.0***; • Agr4 -4 07 / / , ,/ / / 7, l „„ , .,,,'/",,;;;',/,',/:/1 , •Isrl'st ' 1 " , 1 On Th- The cover depicts th: . e' ' ..4 • 1....:,••J • - • • - public library.Thd to be inadequate in size and des library requirements.As a result, ..._ „ „ ,.... during the 1995-96 fiscal ear to improve libra +'enii e • t 1. citizens through t ,an exis was used for ci activit, of the Multi-P approximately$4,01 renovation project. In the reserves was appropriated for the p $2,000,000 will be paid for through another long-term financing mechanism or through sales tax proceeds. When completed of the art library services. 1 CITY OF WICHITA FALLS, TEXAS COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED SEPTEMBER 30, 1996 TABLE OF CONTENTS Exhibit Page INTRODUCTORY SECTION Letter of Transmittal i-viii GFOA Certificate of Achievement ix Organizational Chart x List of Principal Officials xi FINANCIAL SECTION Independent Auditor's Report 1-2 GENERAL PURPOSE FINANCIAL STATEMENTS: Combined Balance Sheet - All Fund Types and Account Groups A-1 3-4 Combined Statement of Revenues, Expenditures and Changes in Fund Balances - All Governmental Fund Types and Expendable Trust Funds 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 A-4 7 Combined Statement of Cash Flows - All Proprietary Fund Types A-5 8 Notes to the Financial Statements 9-45 REQUIRED SUPPLEMENTARY INFORMATION: Texas Municipal Retirement System - Analysis of Funding Progress - Last Ten Plan Years B-1 46 Texas Municipal Retirement System - Revenues by Source and Expenses by Type - Last Ten Plan Years B-2 47 Firemen's Relief and Retirement Fund - Analysis of Funding Progress B-3 48 Firemen's Relief and Retirement Fund - Revenues by Source and Expenses by Type - Last Ten Plan Years B-4 49 COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS: General Fund: Comparative Balance Sheets C-1 50 Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual C-2 51-54 CITY OF WICHITA FALLS, TEXAS COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED SEPTEMBER 30, 1996 TABLE OF CONTENTS (CONT'D. ) Exhibit Page COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS (CONT'D.) : Special Revenue Funds: Combining Balance Sheet D--1 55 Combining Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual D--2 56 Civic/Community Promotion Fund: Comparative Balance Sheets D--3 57 Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual D--4 58 Hotel/Motel Tax Fund: Comparative Balance Sheets D--5 59 Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual D--6 60 Community Development Block Grant Fund: Comparative Balance Sheets D--7 61 Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual D--8 62 Miscellaneous Special Revenue Fund: Comparative Balance Sheets D--9 63 VA Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual D-10 64 Section 8 Housing Fund: Comparative Balance Sheets D-11 65 Statement of Revenues, Expenditures and Changes . in Fund Balance - Budget and Actual D-12 66 Rental Rehabilitation Program Fund: Comparative Balance Sheets D-13 67 Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual D-14 68 Home Investment Partnership Agreement Fund: Comparative Balance Sheets D-15 69 Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual D-16 70 Debt Service Fund: Comparative Balance Sheets E-1 71 Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual E-2 72 Capital Projects Funds: Combining Balance Sheet F-1 73 Combining Statement of Revenues, Expenditures and Changes in Fund Balances F-2 74 CITY OF WICHITA FALLS, TEXAS COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED SEPTEMBER 30, 1996 TABLE OF CONTENTS (CONT'D. ) Exhibit Page COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS (CONT'D. ) : Enterprise Funds: Combining Balance Sheet G-1 75-76 Combining Statement of Revenues, Expenses and Changes in Retained Earnings G-2 77 Combining Statement of Cash Flows G-3 78 Internal Service Fund: Comparative Balance Sheets H-1 79 Comparative Statements of Revenues, Expenses and Changes in Retained Earnings H-2 80 Comparative Statements of Cash Flows H-3 81 Trust and Agency Funds: Combining Balance Sheet I-1 82 Expendable Trust Funds - Combining Statement of Revenues, Expenditures and Changes in Fund Balances I-2 83 Agency Funds - Combining Statement of Changes in Assets and Liabilities I-3 84-86 SUPPORTING SCHEDULES: Combined Schedule of Bonded Debt and Interest Maturities J--1 87 Combined Schedule of Bonds Payable J--2 88-92 Debt Service Coverage - Revenue Bonds J--3 93 General Fixed Assets Account Group - Comparative Schedule of General Fixed Assets and Joint Venture Assets - By Sources J--4 94 General Fixed Assets Account Group - Schedule of Changes in General Fixed Assets and Joint Venture Assets - By Sources J--5 95 General Fixed Assets Account Group - Schedule of General Fixed Assets and Joint Venture Assets - By Function and Activity J--6 96 General Fixed Assets Account Group - Schedule of Changes in General Fixed Assets and Joint Venture Assets - By Function and Activity J--7 97 Airport Fund - Plant, Equipment and Depreciation J--8 98 Transit Fund - Plant, Equipment and Depreciation J--9 99 Sanitation Fund - Plant, Equipment and Depreciation J-10 100 Water and Sewer Fund - Plant, Equipment and Depreciation J-11 101 Internal Service Fund - Plant, Equipment and Depreciation J-12 102 CITY OF WICHITA FALLS, TEXAS COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED SEPTEMBER 30, 1996 TABLE OF CONTENTS (CONT'D. ) Exhibit Page STATISTICAL SECTION (UNAUDITED) General Governmental Expenditures by Function (General Fund Only) - Last Ten Fiscal Years K--1 103 General Governmental Revenues by Source (General Fund Only) - Last Ten Fiscal Years K--2 104 Property Tax Levies and Collections - Last Ten Fiscal Years K--3 105 Assessed and Estimated Actual Value of Taxable Property - Last Ten Fiscal Years K--4 106 Property Tax Rates and Tax Levies - Direct and Overlapping ;a Governments - Last Ten Fiscal Years K--S 107 '' Ten Largest Taxpayers K--6 108 Special Assessment Collections (Capital Improvement Assessments Fund) - Last Ten Fiscal Years K--7 109 r, Computation of Legal Debt Margin K--8 110 Ratio of Net General Bonded Debt to Assessed Value and Net General Bonded Debt Per Capita - Last Ten Fiscal Years K--9 111 Ratio of Annual Debt Service Expenditures for General Bonded Debt to Total General Governmental Expenditures - Last Ten Fiscal Years K-10 112 Computation of Direct and Overlapping General Bonded Debt K-11 113 Revenue Bond Coverage - Water and Sewer Revenue Bonds - Last Ten Fiscal Years K-12 114 Demographic Statistics - Last Ten Fiscal Years K-13 115 Property Value, Building Permits and Bank Deposits - Last Ten Fiscal Years K-14 116 Miscellaneous statistical Data K-15 117 Schedule of Insurance Coverage K-16 118-122 Graphics: gu9� Cash and Short-Term Investments L--1 123 Total Bonds Payable L--2 124 General Obligation Bonds Payable L--3 125 Revenue Bonds Payable L--4 126 111111 General Fund Equity L--5 127 Comparison of Tax Levy and Collections L--6 128 Revenues By Source - FYE 9/30/95 L--7 129 Expenditures By Function - FYE 9/30/95 L--8 130 General Governmental Revenues (General Fund Only) L--9 131 General Governmental Expenditures (General Fund Only) L-10 132 I YY I`l INTRODUCTORY SECTION Wichita TEXAS February 20, 1997 The Honorable Mayor and Members of the City Council James Berzina, City Manager City of Wichita Falls, Texas The Comprehensive Annual Financial Report of the City of Wichita Falls, Texas, for the year ended September 30, 1996, is submitted herewith. Local governmental accounting principles are primarily promulgated by the Governmental Accounting Standards Board (GASB). These principles have been adhered to in the preparation of this report. The Notes to the Financial Statements presented within the General Purpose Financial Statements section are an integral part of this comprehensive annual financial report and should be read for a fuller understanding of the statements and information presented. 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, the government's organizational chart and a list of principal officials. The financial section includes the General Purpose Financial Statements, the combining and individual fund and account group financial statements and schedules, as well as the auditor's report. The statistical section includes selected financial and demographic information, generally presented on a multi-year basis. This report includes all funds and account groups of the City. The City provides on a continuing basis the full range of basic services contemplated by charter. These basic services include public safety (police, fire and building inspection), highways and streets, health and welfare services, culture-recreation, public improvements, planning and zoning and general administration services. In addition, the City provides water and sewer services for its citizens. i 1300 7th Street P.O.Box 1431 Wichita Falls,Texas 76307 xNAI r • In accordance with Governmental Accounting Standards Board (GASB) Statement No. 14, which addresses the issue of defining the reporting entity with respect to other agencies, institutions, commissions, public authorities, or other governmental organizations for inclusion in the reporting entity's general purpose financial statements, five organizations were evaluated. They were Employee Benefit Trust Fund, Wichita Falls Reinvestment Zone #1, Firemen's Relief and Retirement Fund, Housing Authority of the City of Wichita Falls, and the Wichita County/City Hospital Board. Only the Employee Benefit Trust Fund and the Wichita Falls Reinvestment Zone#1 met the criteria for inclusion in these financial statements. The other three did not meet the criteria of financial interdependency and therefore were not included in this report. These organizations have substantial autonomy, separate governmental entity characteristics and are governed by separate boards. Also, they are not funded by the City. The City is not obligated to finance any deficits they may incur, and the City does not guarantee their indebtedness. ECONOMIC CONDITION AND OUTLOOK The City of Wichita Falls is located in North Central Texas, approximately 130 miles ' northwest of the Dallas - Fort Worth metropolitan area and 145 miles southwest of Oklahoma City. The City of Wichita Falls is the county seat of Wichita County and was incorporated in 1889. There are 53 square miles of land in the City's boundary. Wichita ' Falls is the largest city within a 100-mile radius and, is therefore, a trade center for a 22- county area in southern Oklahoma and north Texas. Retail trade includes building materials, general merchandise, food stores, automotive, clothing, home furnishings, ' restaurants, drug stores, liquor stores, and miscellaneous retail. Wichita Falls is also a regional medical center primarily serving a 16-county area. Approximately 240 physicians practice in this area, and there are 19 general and specialized clinics in Wichita Falls. The community has a 4.3%unemployment rate compared to a state rate of 5.1% as of September 30, 1996. ' MAJOR INITIATIVES For The Year. The City of Wichita Falls has identified programs to meet citizens requests for services and to safeguard the environment, in conformity with applicable federal and state standards. The second phase of a three phase City/County project to construct a Multi-Purpose Events Center was completed during the year. In February of 1996, the Exhibit Hall opened for business to complement the J.S. Bridwell Agricultural Center that was completed in January 1995. , For The Future. The third phase of the Multi-Purpose Events Center will consist of a Coliseum, and when completed, this three facility complex will be one of a kind for , accommodating community activities. Additionally, construction will begin in the 1996-97 fiscal year on the City's new main public library. The existing Activities Center, no longer needed upon the opening of the Exhibit Hall, will be completely renovated into a new library. Also, the citizens of Wichita Falls approved an increase in the sales and use tax in January 1997, that will be used for economic development, capital projects, and to reduce ii ' property taxes. It is anticipated that this passage will greatly enhance the growth potential for Wichita Falls. FINANCIAL INFORMATION In developing and evaluating the City's accounting system, consideration is given to the adequacy of internal accounting controls as deemed appropriate by the City Manager. Internal accounting controls are designed to provide reasonable, but not absolute, assurance regarding: (1) the safeguarding of assets against loss from unauthorized use or disposition; and (2) the reliability of financial records for preparing financial statements and maintaining accountability for assets. The concept of reasonable assurance recognizes that: (1) the cost of a control should not exceed the benefits likely to be derived; and (2) the evaluation of costs and benefits requires estimates and judgments by the City Manager. All internal control evaluations occur within the above framework. The City believes that its internal accounting controls adequately safeguard assets and provide reasonable assurance of proper recording of financial transactions. Budgetary control is maintained at the class level within each division by the encumbrance of estimated purchase amounts prior to the release of purchase orders to vendors. Purchase orders which result in an overrun of class level balances are not released until additional appropriations are made available. Open encumbrances are reported as reservations of fund balance at September 30, 1996. GOVERNMENTAL FUND TYPES General Fund Revenues in the General Fund totaled $37,218,302 in the 1995-96 fiscal year, an increase of 6.03% from the 1994-95 fiscal year. The increase is primarily due to an increase in ad-valorem tax, sales tax, and franchise tax collections. General property taxes produced 42.38% of General Fund revenues compared to 42.23% in 1994-95 and 41.61% in 1993-94. Increase General Fund Percent (Decrease) Revenue Source Amount of Total Over Prior Year Property and Other Taxes $30,140,802 80.98 $1,455,256 Charges for Service 1,394,190 3.75 290,212 Licenses and Permits 684,633 1.84 51,957 Fines and Forfeitures 1,262,361 3.39 (46,843) Intergovernmental Revenue 2,540,646 6.83 475,732 Miscellaneous Revenue 1,195,670 3.21 (109,205) TOTALS $37,218,302 100.00 $2,117,109 iii 111111 Assessed valuation was $2,473,917,825 based on 100% of market value. Current tax collections totaled $16,407,759 or 98.00% of the total levy. The ratio of total collections (current and delinquent) to the current tax levy was 99.95%. Allocation of the property tax levy by purpose for the year ended September 30, 1996, and the preceding two fiscal years was as follows: Purpose 1995-96 1994-95 1993-94 General Government $14,728,174 $13,592,797 $12,929,350 Debt Service 2,014,067 2,224,520 2,291,220 The increase or (decrease) in levels of General Fund expenditures for major functions of the City over the preceding year are shown in the following tabulation. Increase Percent (Decrease) Function Amount of Total Over Prior Year Administrative Services $ 6,764,670 17.96 $1,684,945 Police 11,067,074 29.38 646,783 Fire 6,752,959 17.93 502,972 Parks and Recreation 2,890,848 7.68 431,865 Accounting/Finance 282,522 .75 25,043 Planning 501,149 1.33 101,915 Public Works 4,790,242 12.72 263,694 Health 3,189,847 8.47 169,581 Traffic and Transportation 1,422,119 3.78 102,478 TOTALS $37,661,430 100.00 $3,929,276 Expenditures from the General Fund totaled $37,661,430, an increase of 11.65% over the 1994-95 fiscal year. Administrative Services reflects a considerable increase primarily to begin the replacement of the financial and administrative services computer system. Also, building maintenance functions, that were previously accounted for in several budget units, were consolidated under one division. The Fire Department expended significantly more funds than the prior year because the citizens approved salary increases for firefighters in a local election. Additionally, all remaining City employees received a cost of living salary adjustment. 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, 1996, was $.67675 per $100 which means that the City 11 iv has a tax margin of$1.57 per $100, and could raise up to $38,920,912 additional tax revenue a year from the present assessed valuation of$2,473,917,825 before the limit is reached. The fund balance of the General Fund increased by 3.81% in 1996. This increase was primarily due to increased sales and ad valorem taxes. Special Revenue Funds The Civic/Community Promotion Fund is a Special Revenue Fund used to account for revenues from various rents and concessions associated with the Auditorium and the Activity Center. The Hotel/Motel Tax Fund is a Special Revenue Fund used to account for revenues from the City-imposed tax of 7% on rental of hotel/ motel rooms within the City with a 6% State tax fora total of 13%. The Community Development Block Grant Fund, Rental Rehabilitation Fund, Section 8 Housing Fund, and Home Investment Partnership Agreement Fund, which are used to subsidize rents and housing payments for lower income families within the City, are also included as Special Revenue Funds. Capital Projects Funds The Capital Projects Funds are used to account for all resources used for the acquisition of capital facilities except those financed by enterprise funds. At the end of the fiscal year, completed projects are transferred to General Fixed Assets. During the 1995-96 fiscal period, expenditures from the Capital Projects Funds amounted to $1,208,902. Equity balances on hand in the Capital Project Funds as of September 30, 1996, totaled $6,182,566. The Capital Improvement Assessments Fund was established to conform to current financial reporting standards. It is used to account for street and sidewalk paving projects. Fund balance as of September 30, 1996 was $42,552. PROPRIETARY FUNDS Water And Sewer Fund The Water and Sewer operations for the past three years are presented in the following tabulation: 1995-96 1994-95 1993-94 Operating Revenues $19,607,326 $17,342,731 $15,351,043 Operating Income 5,121,995 3,341,210 1,945,740 v 11%t Airport Fund Operating revenues of the Airport for the year ended September 30, 1996, were $232,345 compared to $207,981 in the prior year. Operating expenses were $273,600 compared to 1111 $318,613 in the prior year, a decrease of 14.13%. 1111 Transit Fund Operating revenues of the Transit system totaled $162,903, an increase of 3.14% from the 101 prior year. Operating expenses were $709,644, which was a decrease of 11.8% from 1994-95. Intergovernmental funding from federal and state governments subsidize a large portion of the operating loss of the Transit System. Sanitation Fund 1111 Sanitation revenues for the year ended September 30, 1996, were $8,632,205, a decrease of 1,111 4.8% from the prior year. Operating expenses decreased 4.2% from $6,982,033 in 1994-95 to $6,690,211 in 1995-96. Internal Service Fund The City uses an Internal Service Fund 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, 1996 were $5,987,761 compared to $5,822,579, an increase of 2.8%. 111, FIDUCIARY FUNDS 111111111 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, 1111111 custodian, or agent for individuals, governmental entities and non-public organizations. Included in the Fiduciary Funds are the Employee Benefit Trust Fund, Wichita Falls Reinvestment Zone #1 Fund, Social Security Fund, Payroll Fund, Accounts Payable Fund, 111 the Deferred Compensation Fund and the Escheatment Fund. DEBT ADMINISTRATION Outstanding general obligation bonds at September 30, 1996, totaled $19,555,000 and are considered to be direct tax supported debt. The ratio of net bonded debt to assessed 11,111 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 1995-96 fiscal year was as follows: 11,1 Ratio of Debt to Assessed Debt Per Value Capita Net Direct Bonded Debt $18,558,925 .75% $181 vi The current ratings are as follows: Moody's Investors Standard & Service Poor's General Obligation Bonds Al AA Water and Sewer Revenue Bonds Al A+ TREASURY MANAGEMENT Cash which was temporarily idle during the year, including debt retirement funds, operating funds, and bond proceeds, was invested in a public funds investment pool, government securities, and repurchase agreements. RISK MANAGEMENT During 1995-96, 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. 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 of 1984 and related OMB Circular A-128. The auditor's report on the general purpose financial statements and combining and individual fund statements and schedules is included in the financial section of this report. The statistical section of this report was not included within the scope of this audit. 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, Texas, for its comprehensive annual financial report for the fiscal year ended September 30, 1995. The Certificate of Achievement is the highest form of recognition for excellence in state and local government financial reporting. In order to be awarded a Certificate of Achievement for Excellence in Financial Reporting, a governmental unit must publish an easily readable and efficiently organized comprehensive annual financial report whose contents conform to program standards. Such reports must satisfy both generally accepted accounting principles and applicable legal requirements. vii 1111111 A Certificate of Achievement for Excellence in Financial Reporting is valid for a period of one year only. We believe our current report continues to conform to Certificate of 1111 Achievement Program requirements, and we are submitting it to GFOA to determine its 11111 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 1111, 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 11111 appreciated. 111 Ji Sincerely yours, 111111 1111 Jim Dockery Director of Finance and Administrative Services sr 1 ¢ijpv viii 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, 1995 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. IGE OfFjC4. Nff Fn STATES y I } 64 ANO 0 CO A IN • Preside 1, E CMRAGO ` YOp oie Executive Director ix <ZZ x8 ' S F W I C it 0. o d L �N% m < I ZZ6 w _... s F W < P. 0 t....cZ Y F H 1 n a »m m W V J Z A W 12 d W S � E la s 5% sg we _ la01 2 2 W, W \\‘ti 07� La .y I= S W2 C _ C4 h 0 8 $<<<', ai , G W } W I ' • �j la' la w �, • S S I 1. 1 <= 0 t C7cr FHW d << mom d 4*1 <C7 ~ U 0 <N - 8 _, I �� Heys � r �� A< 1.. 4 T �Z K 2 �� 0 2 fr >. W W ��yy a co 2 (.) a WN Ia. CC SC. F a ((7W i JJ, Z C ft O C. 12 N aQ < I. alelkg Wla # I ._Ln 0 P j ci.1 .kmakmk# a1 gr 2S W el U N ag UI x CITY OF WICHITA FALLS, TEXAS LIST OF PRINCIPAL OFFICIALS SEPTEMBER 30, 1996 Title Name Mayor Kathryn Yeager Mayor Pro-Tem Angus Thompson City Council Member Dan Shine City Council Member Bill Daniel City Council Member J. W. Martin City Council Member Harold Hawkins City Council Member J. Don Johnston City Manager James Berzina City Attorney Gregory Humbach Municipal Court Judge Larry Gillen City Clerk Lydia Torres Assistant City Manager Jim Dockery Director of Traffic and Transportation Robert Parker Director of Finance Fred Werner, C.P.A. Director of Administrative Services Jim Dockery Director of Community Development David Clark Director of Public Health Tom Edmonson Police Chief Curtis Harrelson Fire Chief Ronnie James Director of Parks and Recreation Jack Murphy Director of Public Works and Public Utilities George Bonnett, P.E. xi I MATHIS, WEST, HUFFINES &CO., P.C. Capital Center• Indiana at Seventh Certified Public Accountants P.O. Box MWH•Wichita Falls,Texas 76307-7509 (817)723-1471 • FAX(817) 723-2251 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, 1996, 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. 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, 1996, and the results of its operations and the cash flows of its proprietary fund types for the year then ended, in conformity with generally accepted accounting principles. 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 rrt` our audit was conducted for the purpose of forming an opinion on the general purpose financial statements taken as a whole. The combining and individual fund financial statements and the supplementary information listed as supporting schedules in the table of contents are presented for purposes of additional analysis and are not a required part of the general purpose financial statements of the City of Wichita Falls, Texas. The information has been subjected to the auditing procedures applied in the audit of the general purpose financial statements and, in our opinion, is fairly stated in all material respects in relation to the general purpose financial statements taken as a whole. The supplementary information in the statistical section as listed in the table of contents has not been audited by us, and we do not express an opinion on it. MATHIS, WEST, HUFFINES & CO., P.C. Wichita Falls, Texas February 18, 1997 2 P .�. —+,I"i„�.b _.�._ � �ii 44.,..-J :,wnw."A.���:,T,.r . ,,, :I,e ".. "'�._ �`a,.'L n ^^w°n.'9« <,�,a,am:va m"".UN,�:6rt�cd ,�.* -•WU"., '^';,, ^"^��@ ! 4 'ks � m p�C V R? } d smf , . .. ` GENERAL PURPOSE FINAN IM STATEMENTS N M1 O1 N V m- N O N ! ! 01 r V 1.1 O N r 0 r 01 H q 14 N q ! 0 M1 N 00 .0 r ! N q • g 0 N 0 0 !' N rl N ! r N N 0:AO M1 0 0, 0 0 V en M q.M1 N r .1 q VI ▪ N N ! V MI'N N N g m 0 M ! yea N.V m 0 N l N N r V -� 1•1 0. .I•N 0-M1 N..r. MI O.N. M 0,;- :N 0 .I N:OP V N O.0, n q N 4W Or NN.Mf.O ! N.N-. 0..- amf 0M1 O- 0 N r E. 0 a N' I1 N ' '!. Ir r•• q �.m:' O O'.+H .1.. N O MI N N'' V .M N N m •" .• . N K O 0 ... N a• F 0 MI.M-. •1 -N-'V IO'O-N.O V.A:: '''•' 0 .-I o Cl N I V-N V O' . 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X Charges for services $28,270,058 $ - ' >'$28,270,058 : $26043,795> Rents, concessions and other 364,721 5,987,761 .6,352,482 6,253938 Total operating revenues 28,634,779 5,987,761 34,622,540 32,597,733 Operating expenses: Personnel services 7,404,441 1,117,107 8,52:1,548;:: . 8,030. 651 Supplies and materials 1,135,873 1,373,615 2,509,488 2,289,971 Maintenance and repairs 6,134,602 1,245,709 7.,380,311* 7',419,486. Utilities and other services 4,057,708 203,750 4,261,458 4,287,990 Insurance and contract support 467,212 80,507 547,719 762,387 Depreciation and amortization 2,958,950 1,887,497 4 846.447 4,702,733 Landfill closure and postclosure care costs - - 354,635 Total operating expenses 22,158,786 5,908,185 28,066,971. 27,927,853 Operating income 6,475,993 79,576 6,555,569 4,669,880€ Nonoperating revenues (expenses): RI Interest income 1,197,134 - 1,197,134 1,045,308 :` Gain (loss) on sale of fixed assets 10,490 28,030 38,520:'. ( 17,163) Interest expense and paying agent fees ( 2,483,030) - ( 2,483,030) ( ,.2,919,5©8) Intergovernmental operating grants 801,438 - 801,438 412„48.1, Total nonoperating revenues (expenses) ( 473,968) 28,030 (' 445,938): ( 1,478,882) .. .. .............................. ................................... ... ............................................ ............. .......................... Income before operating transfers 6,002,025 107,606 :: 6,109,631 3,190,998 Operating transfers: . I Operating transfers in 154,121 - 154,121 220,598 Operating transfers out ( 741,369) ( 312,000) ( 1,053,369) ( 1,361,293) Net operating transfers ( 587,248) ( 312,000) ( 899,248). ( 1,140,695). Net income (loss) 5,414,777 ( 204,394) 5,210,383 2,050,303`?' Retained earnings (deficit) - beginning 45,278,428 ( 2,765,060) 42,513,368 44,449,301 Prior period adjustment 443,900 - 443,900 (. 3,191,715), Retained earnings (deficit) - beginning (as restated) 45,722,328 ( 2,765,060) 42,957,268 41,257,.5.86 Equity transfer ( 691,210) - ,.,( 691,210) ( 794,521) Retained earnings (deficit) - ending $50,445,895 ($2,969,454) $47,476,441 $42,513,368 The accompanying Notes are an integral part of these financial statements. 7 I EXHIBIT A-5 CITY OF WICHITA FALLS, TEXAS I COMBINED STATEMENT OF CASH FLOWS - I ALL PROPRIETARY FUND TYPES FOR THE YEAR ENDED SEPTEMBER 30, 1996 I WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 1995 Proprietary Fund Types Totals Internal (Memorandum Only) Enterprise Service .1996 1995 Cash flows from operating activities: .. Operating income $ 6,475,993 $ 79,576 $:6,555,569 $ 1,664,880;, Adjustments to reconcile operating income to net cash provided by (used in) operating activities: Depreciation and amortization 2,958,950 1,887,497 44846,447S 4,762,733- Customer deposits received 147,507 - 147,567 164,705: Landfill closure and postclosure care costs - - :::354,635 (Increase) decrease in current assets: I Receivables: Customer and trade 305,207 - 305,207. ( 80,454) Government agencies 50,348 - 50,340: 3:::. 18,877) Other ( 17,879) - !:( 17,8791 5,156;: Inventory ( 2,278) ( 15,328) ( 17,606) • 5,785 Prepaid items 653 128 781- 34,153 1 Restricted assets 95,866 - 95,866 .f: : 32,552) Increase (decrease) in current liabilities: Accounts payable - trade 40,495 26,550 67,045 {.: • :-T4,106). Accrued payroll 46,352 10,173 56 525 14,196 Payable to other City funds 59,497 10,605 • 70,102� (. ' 59,837); Payable to government agencies ( 3,997) ( • 3,997_) ( I,1771: Other liabilities ( 10,087) - .,(:,.._.• 10,087) : 1.3,617 • • Other liabilities payable from restricted assets 5,078 - • 5.078> 16,161c Total adjustments 3,675,712 1,919,625 5,595,337 5)124,759. I Net cash provided by operating - activities 10,151,705 1,999,201 124150,906. : 9,:794,.634 Cash flows from noncapital financing activities: Intergovernmental operating grants 801,438 - 801,439 :.412,481�: Operating transfers in from other funds 154,121 - 45,421:,,t % 220,598, Operating transfers out to other funds ( 741,369) ( 312,000) .,(,."1,053,369).;(. .1,361,293►: Net cash provided by (used for) noncapital financing activities 214,190 ( 312,000) i(. �97,810-): ( .728,214) Cash flows from capital and related financing I activities: Proceeds from sale of revenue bonds 11,575,000 - 11,575,000 • 786,706-' Acquisition and construction of capital assets ( 2,866,172) ( 1,934,150) (..,4,800,322) ( 2,393,998►` Proceeds from sale of fixed assets 11,650 41,923 53,573 . -71,8301 I Payment of bond issuance costs ( 528,838) - ( ,8 52838:) ( 698,435) Principal paid on revenue bond maturities and construction contracts ( 1,515,005) - ( 1,515 005) ( 1 244,844:) Interest paid on revenue bonds and construction contracts ( 2,450,180) - ( 2,450,1804 ( 2,909,974) Net cash provided by (used for) capital ,. and related financing activities 4,226,455 ( 1,892,227) 2,3344228: ( 64393,765): Cash flows from investing activities: .. • Proceeds from sale and maturities of investment securities 7,700 - 7,70.0: • .7,700 Interest and dividends on investments 1,197,134 - ..1497,134; 1,0454308: Net cash provided by • . investing activities 1,206,834 - 1214,134� • 1:053,008: Net increase (decrease) in cash and cash equivalents 15,797,186 ( 205,026) 15,592,158 3,725,668 I Cash and cash equivalents at beginning of year 19,119,741 232,502 12 352,243 15,626,575 Cash and cash equivalents at end of year S34,916,925 $ 27,476 $3i. 944 401. $14',352,243:: Noncash capital activities: ' Capital assets contributed to other City funds $ 691,210 $ - $:.. 691,210 $ 794,521: Capital assets received from other City funds - 973,148 973'0.48 126,345 Capital assets received from developers 731,309 - •. 711,309 '.468,532.. I The accompanying Notes are an integral part of these financial statements. 8 CITY OF WICHITA FALLS, TEXAS NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 1995 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. Blended Component Units 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 Employee Benefit 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 Employee Benefit 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 expendable trust fund. 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 presented in the accompanying financial statements as an expendable trust fund. 9 CITY OF WICHITA FALLS, TEXAS NOTES TO THE FINANCIAL STATEMENTS (CONT'D.) SEPTEMBER 30, 1996 Note 1 - REPORTING ENTITY (CONT'D.) Blended Component Units (Cont'd. ) Complete financial statements for each of the blended component units can be obtained from the City's Director of Finance at 1300 7th Street, Wichita Falls, Texas. Excluded From the Reporting Entity 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, Director of Finance, three firefighters elected by a majority vote of the firefighters and two 1111 citizens, who are not employees or officers of the City and are chosen by the unanimous vote of the first five Trustees, are subject to the administrative supervision of and report to the State Firemen's Pension Board. The activities of the Firemen's Relief and Retirement Fund, in the City's judgment, are not a part of the City and thus are excluded from the accompanying financial statements. T 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 (GASP) , 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 11, 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. 10 , CITY OF WICHITA FALLS, TEXAS NOTES TO THE FINANCIAL STATEMENTS (CONT'D.) SEPTEMBER 30, 1996 Note 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D. ) Basis of Presentation The accounts of the City are organized and operated on the basis of funds or account groups, each of which is considered to be a separate fiscal and accounting entity. The operations of each fund are accounted for with a self-balancing set of accounts that comprise its assets, liabilities, fund balances or retained earnings, revenues, and expenditures or expenses. The various funds are grouped by category and type in the financial statements. The City maintains the following fund classifications and account groups: Governmental Funds Governmental funds are used to account for the relatively liquid portion of the City's assets that are not accounted for through proprietary or fiduciary funds, the short-term obligations pertaining thereto, and the net balance of these financial resources available for subsequent appropriation and expenditure. General Fund - The General Fund is the general operating fund of the City. This fund is used to account for all financial resources except those required to be accounted for in another fund. Special Revenue Funds - Special revenue funds are used to account for the proceeds of specific revenue sources (other than expendable trusts or major capital projects) that are legally restricted to expenditures for specified purposes. Debt Service Fund - The Debt Service Fund is used to account for the accumulation of resources for, and the payment of, general long-term debt principal, interest and related costs. Capital Projects Funds - Capital projects funds are used to account for financial resources to be used for the acquisition or construction of major capital facilities (other than those financed by proprietary funds) . 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. 11 CITY OF WICHITA FALLS, TEXAS NOTES TO THE FINANCIAL STATEMENTS (CONT'D.) SEPTEMBER 30, 1996 Note 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D.) Basis of Presentation (Cont'd. ) Proprietary Funds (Cont'd. ) 101 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 Fund - The Internal Service Fund is used to account for the financing of goods or services provided by one department or agency to other departments or agencies of the City, 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. 1is Expendable Trust Funds - These funds are accounted for in the same manner as governmental funds. Agency Funds - These funds are purely custodial (assets equal liabilities) and thus do not involve measurement of results of operations. 1111111111, Account Groups Account groups are used to establish accounting control and accountability for the City's general fixed assets and general long- term liabilities. The following are the account groups maintained by the City: General Fixed Assets 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. 1111 12 ���i' CITY OF WICHITA FALLS, TEXAS NOTES TO THE FINANCIAL STATEMENTS (CONT'D.) SEPTEMBER 30, 1996 Note 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D. ) Basis of Presentation (Cont'd.) Account Groups (Cont'd. ) General Long-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, and agency funds 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 and sales tax receipts are considered measurable and available when collected by the respective intermediary collecting agency and recognized as revenue at that time. Licenses and permits, fines and forfeitures, and miscellaneous revenues are recorded as revenues when they are measurable and their validity seems certain. Investment earnings are recorded on the accrual basis in all funds. Capital improvement assessments are recorded as revenues in the fiscal period when the assessment becomes both measurable and available to finance expenditures of the fiscal period. Assessment revenues are considered measurable and available when collected by the City and recognized as revenue at that time. Payments for capital improvement assessments received in advance of the levy are reflected as deferred revenue. 13 CITY OF WICHITA FALLS, TEXAS NOTES TO THE FINANCIAL STATEMENTS (CONT'D.) SEPTEMBER 30, 1996 Note 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D. ) Basis of Accounting (Cont'd.) Intergovernmental revenues are recorded on a basis applicable to the legal and contractual requirements of the various individual grant programs. Intergovernmental revenues are recognized as follows: 1. If monies must be expended on the specific purpose or project before any amounts will be paid to the City, revenues are recognized based upon the expenditures or expenses recorded. 2. If monies are virtually unrestricted and irrevocable, except for failure to comply with prescribed compliance requirements, revenues are recognized when received or susceptible to accrual. All proprietary funds 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 wp the balance sheet. Fund equity (i.e., net total assets) is segregated into contributed capital and retained earnings components. Proprietary ffin fund-type operating statements present increases (e.g., revenues) and decreases (e.g., expenses) in net total assets. 111 Proprietary funds 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 I 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 $3,857,099 which were passed and approved by the City Council. 14 ' CITY OF AlICHITA FALLS, TEXAS NOTES TO THE FINANCIAL STATEMENTS (CONT'D.) SEPTEMBER 30, 1996 Note 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D. ) Budget Policies (Cont'd. ) 4. Expenditures may not legally exceed appropriations at the department level for each legally adopted annual operating budget. The City Manager may, without Council approval, transfer appropriation balances from one expenditure account to another within a department or agency of the City. The City Council, however, must approve any transfer of unencumbered appropriation balances or portions thereof from one department or agency to another. The reported budgetary data has been revised for amendments legally authorized during the year. 5. Annual budgets are legally adopted for all governmental funds on a basis consistent with generally accepted accounting principles. However, the budgets for the capital projects funds are adopted for specific projects, are not binding, and may exceed one year. Accordingly, no comparison of budget to actual is presented in the accompanying financial statements for these funds. 6. At the close of each fiscal year, any unencumbered appropriation balances (appropriations including prior year encumbrances less current year expenditures and encumbrances) lapse or revert to the undesignated fund balance. The unencumbered appropriation balances in the capital projects funds do not lapse at year end. Encumbrances Encumbrance accounting, under which purchase orders, contracts, and other commitments for the expenditure of monies are recorded in order to reserve that portion of the applicable appropriation, is employed as an extension of formal budgetary control in the general, special revenue, and capital projects funds. Encumbrances outstanding at year end are reported as reservations of fund balance for subsequent year expenditures and are reappropriated in subsequent year budgetary accounts. Cash and Cash Equivalents For purposes of the statement of cash flows, the city considers all highly liquid investments (including restricted assets) with a maturity of three months or less when purchased to be cash equivalents. Investments Investments are stated at cost, except for Deferred Compensation Fund investments which are reported at market value. 15 CITY OF WICHITA FALLS, TEXAS NOTES TO THE FINANCIAL STATEMENTS (CONT'D.) SEPTEMBER 30, 1996 Note 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D. ) Inventory 1111111111 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 1111111111 Plant and equipment owned by the proprietary funds are stated at historical cost. Maintenance and repairs are charged to operations as 1111 incurred, and improvements and betterments which extend the useful lives of fixed assets are capitalized. Depreciation of plant and equipment is provided by the straight-line method over the estimated useful lives of the respective assets. Estimated useful lives for straight-line depreciation are as follows: Buildings, systems and improvements 20 - 59 years #, Machinery, vehicles and other equipment 3 - 25 years Furniture and equipment 3 - 10 years When fixed assets of proprietary funds are sold, the sales proceeds less the adjusted basis of the assets (initial cost less accumulated depreciation) are recorded as a gain or loss. For proprietary fund fixed assets, interest is capitalized on construction costs incurred during the year at an average interest rate on borrowed funds (revenue bonds) in accordance with generally accepted accounting principles. No interest is capitalized on fixed assets constructed by proprietary funds which are financed with general obligation bonds, because such interest expenditures are reported in the Debt Service Fund. 11111111 For the fiscal year ended September 30, 1996, the City's proprietary funds incurred a total of $2,474,434 of revenue bond interest costs. of this 111111 amount, $23,905 was capitalized on construction projects and $2,450,529 was charged to expense. 111 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. 16 1 CITY OF WICHITA FALLS, TEXAS NOTES TO THE FINANCIAL STATEMENTS (CONT'D.) SEPTEMBER 30, 1996 Note 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D. ) 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. 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, Rental Rehabilitation Program, 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 government are accounted for within the General Fund. Reserves and Designations Portions of fund equity are segregated for future use, and are therefore not available for future appropriation or expenditure. Amounts reserved for revenue bond debt service and retirement represent portions of fund equity which are required to be segregated in accordance with the City's bond ordinances. Amounts reserved for inventory and prepaid items have already been expended and represent a portion of the fund balance that is not available for future expenditures. Amounts 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. 17 CITY OF WICHITA FALLS, TEXAS NOTES TO THE FINANCIAL STATEMENTS (CONT'D.) SEPTEMBER 30, 1996 Note 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D. ) 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 1111111111 are included in the results of operations of both governmental and proprietary funds. Vacation and Sick Leave All full-time employees accumulate vacation benefits based on length of service up to 15 days per year. The maximum allowable accumulation is 30 days. Upon leaving the employment of the City, employees will be paid for unused vacation days which they have accrued. 1111 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. Insurance The city maintains a group health insurance plan for employees and dependents which is self-insured by the City. A group life insurance plan is maintained through an insurance company. Contributions to the plans are provided for by both the City and participating employees. These contributions are recognized as revenues in the expendable trust fund used 18 CITY OF WICHITA FALLS, TEXAS NOTES TO THE FINANCIAL STATEMENTS (CONT'D.) SEPTEMBER 30, 1996 Note 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D. ) Insurance (Cont'd. ) to account for these plans. The contributions made by the City are recorded as expenditures or expenses of the various funds as appropriate. As of September 30, 1996, such contributions exceeded reimbursable expenditures by $78,829. 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. Changes in the balances of claims liabilities during the past year are as follows: Year Ended September 30 Unpaid claims, beginning of fiscal year $ 367,032 Incurred claims 3,740,802 Claim payments ( 3,683,742) Unpaid claims, end of fiscal year $ 42421 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. Reclassifications Certain comparative data has been reclassified to present such amounts in a manner consistent with the current year's financial statements. 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. 19 CITY OF WICHITA FALLS, TEXAS NOTES TO THE FINANCIAL STATEMENTS (CONT'D.) SEPTEMBER 30, 1996 Note 3 - FUND DEFICITS Enterprise Funds PCs"' At September 30, 1996, the Airport Fund had a deficit retained earnings balance of $555,062. The intent of management is that this deficit be recovered by transfers from other funds during future years. At September 30, 1996, the Transit Fund had a deficit retained earnings ' balance of $255,783. 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, 1996, the Internal Service Fund had a deficit retained earnings balance of $2,969,454. 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, 1996, the total amount of the City's demand and time deposits per the general ledgers was $22,140,336, and the total amount per the City's September 30, 1996 bank statements was $20,424,224. 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 city's investment policies are governed by State statutes. The City is authorized to invest in 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. a Investments of the City at September 30, 1996 consist of $26,900 of U.S. Government securities, $17,480,882 of deposits in the Texas Local Government Investment Pool (TexPool), and $21,118,742 of deposits in the Local Government Investment Cooperative (LOGIC) . 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 20 CITY OF WICHITA FALLS, TEXAS NOTES TO THE FINANCIAL STATEMENTS (CONT'D.) SEPTEMBER 30, 1996 Note 4 - DEPOSITS AND INVESTMENTS (CONT'D. ) Investments (Cont'd. ) 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. Category Carrying Market Description 1 2 3 Amount Value U.S. Government Securities $ 27,600 $ - $ - $ 27,600 $ 27,600 Investments not subject to categorization: Public Funds Investment Pools 38,599,624 38,599,624 Assets of Deferred Compensation Fund 3,328,702 3,328,702 Total 1541,955,926 $41,955,926 21 co in in t` o, v ao �o v. rI rr v O t1 N u1 N N •0 CO CI V' in co HI b CO r 1/40 10 O inri N +.1 N N N •-1 r .-1 N Oh O m N N in v 1b No E rl N el. a, Oi N U v 10 u1 in 11.1 0 in 0, 'o .- .-I +1 0 NI N I v in I u1 t0 Cr 1 0 'C . r4 en d E• •07 1 V't O t? ro r••I 1d ar C U 4 •rt I I 1 I I I I j 4.1 1>1 O 01 M On N O1 11.1 1/40 N 00 0O 01 r4 N 1/40 in u1 •.I I N I y r ' ' I V' 1.1 a N u1 N u1 U1 H N Iff N 0 O 01 N t1 t1 Z `.1 1? N N N gV W �'� UI 10 t0 ;la' rI +1 N rr FN,,,, ttl U O� I I I I Oh IZ rl 'U OD OO J LIJ ID 10 ° en ere U a yr .J F r Q o U .-1 N en 10 .-1 in LL N •• U N CO 0 00 N OA •.4 v I I 1/40 .I N W F" Qm 3 O OWi co -I CO d • Zw 0 !n N v r♦ V Za 4.1 0 5• LI- W 0 .-1 z W rn N in CO (/) C.' O � N I eh N v N I N 4-I til 0 > N N .-1 V' V' "' O to PU4 O .-1 N N +a n in n 10 o w h- 0 V' 10 CO 41 t1 N t0 OU r-1 .-1 0, 1'1 v o, to to Z CO I Oi 01 f'1 0 N N Oi 01 N H1 N V' N M M ci C.• N 1(1 0i 0: .-1 O .-1 .-1 U t'1 t'1 t') N ' ' 10 W .••1 .M M N O <T t'1 .. 1.1 U to to +., ++ 10 to U O O r4 Oa! 4.) 0 Oa! to w U 0 41 N -1 0 '0 41 0 .ai V >•.t i CU 0 0 >ti +1 00 0 .--I U mi N N to 0 8 14 •d Gal "-I O A N W 07 O! 10 to O! U 6 01 r-I +.1 a A A of U ►+ ►�+ ►+ U 0ro 10 0 U to +4 U U U 11 .-I +1 D > > K to to t > t r•I 0 H •rt •rt 10 0 a +1 O +.+ co •• O +1 Uco to U U E U O C9 O 0 to0 +1 a a a s z V 1 in U +.1 0 z 22 CITY OF WICHITA FALLS, TEXAS NOTES TO THE FINANCIAL STATEMENTS (CONT'D.) SEPTEMBER 30, 1996 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, 1996 was $.67675 per $100 which means that the City has a tax margin of $1.57325 per $100, and could raise up to $38,920,912 additional tax revenue a year from the present assessed valuation of $2,473,917,825 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 $ 6,777,099 Investments 26,900 For Capital Improvements: Cash and cash equivalents 11,316,993 Receivables 60,673 For Customer Deposits: Cash and cash equivalents 1,642,533 Total $19,824,198 Note 8 - PLANT, EQUIPMENT AND DEPRECIATION A summary of plant and equipment at September 30, 1996 is as follows: 23 CITY OF WICHITA FALLS, TEXAS NOTES TO THE FINANCIAL STATEMENTS (CONT'D.) SEPTEMBER 30, 1996 Note 8 - PLANT, EQUIPMENT AND DEPRECIATION (CONT'D. ) Internal General Enterprise Service Fixed Funds Fund Assets Total 14IP Land and betterments $ 24,846,283 $ 433,658 $14,139,182 $ 39,419,123 Buildings and improvements 117,425,254 4,010,098 14,764,187 136,199,539 Machinery and equipment 3,349,211 - 6,424,789 9,774,000 Furniture and fixtures 50,404 - 410,864 461,268 Motor vehicles and equipment 3,670 22,005,629 45,925 22,055,224 Total plant and equipment in service 145,674,822 26,449,385 35,784,947 207,909,154 Less accumulated depreciation ( 49,726,013) ( 14,858,597) - ( 64,584,610) Net plant and equipment in service $ 95,948,809 $11,590,788 $35,784,947 $143,324,544 A summary of changes in the components of the General Fixed Assets Account Group for the year ended September 30, 1996 is as follows: Balance Transfers Balance 3 tt October 1, and September 30, 1995 Additions Retirements 1996 w Plant and equipment: QG Land and betterments $14,139,182 $ - $ - $14,139,182 Buildings and improvements 14,170,806 524,000 69,381 14,764,187 Machinery and equipment 5,533,257 956,599 ( 65,067) 6,424,789 Furniture and fixtures 424,479 29,165 ( 42,780) 410,864 Motor vehicles and Ii equipment 45,925 - - 45,925 pi Construction in progress 69,381 - ( 69,381) - Subtotal 34,383,030 1,509,764 ( 107,847) 35,784,947 I tg Investment in joint venture 11,302,782 482,664, 63,852 11,849,298 Total $45,685,812 $1,992,428 ($ 43,995) $47,634,245 11 I 24 II CITY OF 1MICHITA FALLS, TEXAS NOTES TO THE FINANCIAL STATEMENTS (CONT'D.) SEPTEMBER 30, 1996 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 contribution plan in the state-wide Texas Municipal Retirement System (TMRS) . The City's plan is one of over 670 administered by TMRS, an agent multiple-employer public employee retirement system. The plans in TMRS are substantially defined contribution plans, but have many of the characteristics of defined benefit plans. Therefore, additional voluntary disclosures are provided to help foster a better understanding of the nontraditional characteristics of the plan. Benefits depend upon the sum of the employee's contributions to the plan, with interest, and the City-financed monetary credits, with interest. At the date the plan began, the City granted monetary credits for service rendered before the plan began of a theoretical amount equal to two times what would have been contributed by the employee, with interest, prior to establishment of the plan. Monetary credits for service since the plan began are 200% of the employee's accumulated contributions. At retirement, the benefit is calculated as if the sum of the employee's accumulated contributions with interest and the employer-financed monetary credits 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. The plan also provides death and disability benefits. A member is vested after 10 years, but must leave his accumulated contributions in the plan. If a member prematurely withdraws his own money, he is not entitled to the employer- financed monetary credits even if vested. The plan provisions are adopted by the City within the options and actuarial constraints detailed in the state statutes governing TMRS. Funding Status and Progress Even though the substance of the City's plan is not to provide a defined benefit in some form, some additional voluntary disclosure is appropriate due to the nontraditional nature of the City's defined contribution plan which had an initial unfunded pension benefit obligation upon the plan's inception. The pension benefit obligation shown on page 30 is similar in nature to the standardized disclosure measure required by Governmental Accounting Standards Board (GASB) Statement 5 for defined benefit plans, except that there is no need to project salary increases since the benefit credits earned for service 25 CITY OF WICHITA FALLS, TEXAS NOTES TO THE FINANCIAL STATEMENTS (CONT'D.) SEPTEMBER 30, 1996 Note 9 - RETIREMENT PLANS (CONT'D.) Texas Municipal Retirement System (Cont'd. ) Funding Status and Progress (Cont'd. ) to date are not dependent upon future salaries. This measure is the actuarial present value of credited projected benefits and is intended to help users assess the public employee retirement system's funding status on a going concern basis, assess progress being made in accumulating sufficient assets to pay benefits when due, and allow for comparisons among public employee retirement plans. The calculations were made as part of the annual actuarial valuation as of December 31, 1995 and, therefore, all plan disclosures have been presented on a twelve month calendar year basis. Because of the money-purchase nature of the plan, the interest rate assumption, currently 8.0% per year, does not have as much impact on the results as it does for a defined benefit plan. The book value of assets is amortized cost for bonds and original cost for short-term securities and stocks. The market value of assets is not determined for each individual City's plan, but the market value of assets for TMRS as a whole was 114.2% of book value as of December 31, 1995. Al k Contributions Required and Contributions Made The contribution rate for all employees, except police officers, is 5%. Police officers contribute 7% to the plan. Under state laws governing TMRS, the City's contribution rate is annually determined by an ,111 actuary. Part of the City's contribution rate (the normal cost) is to fund the currently accruing monetary credits, with the other part (the prior service contribution rate) calculated as the level percent of payroll needed to amortize the unfunded actuarial liability over the ! C remainder of the plan's 25-year amortization period. When the City periodically adopts updated service credits and increases the annuities in effect, the increased unfunded actuarial liability is to be amortized over a new 25-year period. Currently, the unfunded actuarial liability is being amortized over the 25-year period which began January, 1996. The unit credit actuarial cost method is used for determining the City's contribution rate. Contributions are made monthly by both the employees and the City. Since the City needs to know its contribution rate in advance to budget for it, there is a one year lag between the actuarial valuation that is the basis for the rate and the calendar year when the rate goes into effect. The City's total payroll for the calendar year 1995 was $28,484,722, and the City's contributions were based on a covered payroll of $22,768,262. Both the City and the covered employees made the required contributions totaling $3,119,024 for the calendar year 1995. These 141 Pd 26 CITY OF WICHITA FALLS, TEXAS NOTES TO THE FINANCIAL STATEMENTS (CONT'D.) SEPTEMBER 30, 1996 Note 9 - RETIREMENT PLANS (CONT'D. ) Texas Municipal Retirement System (Cont'd. ) Contributions Required and Contributions Made (Cont'd. ) contributions consisted of (a) $2,581,732 normal cost (11.34% of current covered payroll) and (b) $537,292 amortization of the unfunded actuarial accrued liability (2.36% of current covered payroll) . The City contributed $1,860,167 (8.17% of current covered payroll) ; employees contributed $1,258,857 (5.53% of current covered payroll) . The City adopted changes in the plan since the previous actuarial valuation, which had the effect of increasing the City's contribution rate for calendar year 1996 by 0.25% of payroll. There are no securities of the City or related parties included in the plan's assets. Trend Information Trend information gives an indication of the progress made in accumulating sufficient assets to pay benefits when due. Ten-year trend information may be found on pages 46-47 of the City's comprehensive annual financial report. For the three plan years ended December 31, 1993, 1994, and 1995, respectively, available assets were sufficient to fund 80.4, 79.4, and 78.1 percent of the pension benefit obligation. Unfunded pension benefit obligation represented 47.2, 52.0, and 57.2 percent of the annual payroll for employees covered by the plan for the three years ended December 31, 1993, 1994, and 1995, respectively. Showing unfunded pension benefit obligation as a percentage of annual covered payroll approximately adjusts for the effects of inflation for analysis purposes. In addition, for the three years ended December 31, 1993, 1994, and 1995, the City's contributions to the plan, all made in accordance with actuarially determined requirements, were 8.16, 8.15, and 8.17 percent, respectively, of annual covered payroll. 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 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 2.10% of his average monthly salary multiplied by his years of service. 27 CITY OF WICHITA FALLS, TEXAS NOTES TO THE FINANCIAL STATEMENTS (CONT'D.) SEPTEMBER 30, 1996 Note 9 - RETIREMENT PLANS (CONT'D. ) Firemen's Relief and Retirement Fund (Cont'd. ) Plan Description (Cont'd.) 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. Funding Status and Progress i The amount shown on page 30 as the pension benefit obligation is a 'k standardized disclosure measure of the present value of pension benefits estimated to be payable in the future as a result of employee service to date. These benefits have been adjusted for the effects of projected salary increases. The pension benefit obligation is the NC actuarial present value of credited projected benefits and is intended to help users assess the funding status of the system on a going- concern basis, assess progress made in accumulating sufficient assets to pay benefits when due, and make comparisons among public employee retirement plans. This measure is independent of the actuarial funding method used to perform the actuarial valuation. The pension benefit obligation was computed as part of an actuarial valuation update performed as of December 31, 1995. Significant actuarial assumptions used in the valuation update include (a) a rate of return on the investment of present and future assets of 8% a year, (b) projected salary increases of 4.5% per year compounded annually attributable to inflation, (c) assumed retirement at age 55 for active members and (d) no post-retirement benefit increases. The study concluded that the Fund, based on the existing levels of benefits and contributions, had an adequate financing arrangement. i Contributions Required and Contributions Made 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 28 CITY OF 11WICHITA FALLS, TEXAS NOTES TO THE FINANCIAL STATEMENTS (CONT'D.) SEPTEMBER 30, 1996 Note 9 - RETIREMENT PLANS (CONT'D. ) Firemen's Relief and Retirement Fund (Cont'd. ) Contributions Required and Contributions Made (Cont'd. ) cost rate is used to amortize the plan's unfunded actuarial accrued liability, and the number of years needed to amortize the plan's unfunded actuarial accrued liability is determined using a level percentage of payroll method. For the plan in effect on December 31, 1995, the normal cost is 14.02% of pay and the amortization period is approximately 29 years. For the plan year ended December 31, 1995, the total and covered payroll was $4,547,322. Both the City and firefighters made the required contributions totaling $818,518. These contributions consisted of (a) $637,535 normal cost (14.02% of current covered payroll) and (b) $180,983 amortization of the unfunded actuarial accrued liability (3.98% of current covered payroll) . The City and firefighters each contributed $409,259 (9.0% of current covered payroll) to the plan. There are no securities of the City or related parties included in the plan's assets. Trend Information Trend information gives an indication of the progress made in accumulating sufficient assets to pay benefits when due. Trend information for all available years may be found on pages 48-49 of the City's comprehensive annual financial report. Civil statutes of the State of Texas currently permit the Board of Trustees to employ actuaries no more than once every three years and pay their compensation out of the Fund. The most recent actuarial valuation update was performed as of December 31, 1995. As of April 30, 1992, April 30, 1995, and December 31, 1995, respectively, available assets were sufficient to fund 84.8%, 83.7%, and 88.6% of the pension benefit obligation. Unfunded pension benefit obligation represented 52.4%, 72.0%, and 50.3% of the annual covered payroll for employees covered by the Fund for the years ended April 30, 1992, April 30, 1995, and December 31, 1995. Showing unfunded pension benefit obligation as a percentage of annual covered payroll approximately adjusts for the effects of inflation for analysis purposes. In addition, for the three plan years ended December 31, 1993, 1994 and 1995, the City's contributions to the Fund, all made in accordance with actuarially determined requirements, were 9.0%, 9.0% and 9.0%, respectively, of annual covered payroll. 29 I CITY OF WICHITA FALLS, TEXAS NOTES TO THE FINANCIAL STATEMENTS (CONT'D.) SEPTEMBER 30, 1996 Note 9 - RETIREMENT PLANS (CONT'D. ) Actuarial Present Value of Benefits Total unfunded pension benefit obligation applicable to the City's employees as of the most current actuarial valuation date is as follows: Texas Municipal Firemen's Total Retirement Relief and (Memorandum System Retirement Only) Date of last valuation or December 31, December 31, E valuation update 1995 1995 Pension benefit obligation: Retirees and beneficiaries receiving benefits and terminated employees not yet receiving benefits $ 9,541,283 $ 7,847,711 $17,388,994 Current employees: Accumulated employee contributions including allocated invested earnings 18,310,861 3,781,042 22,091,903 Employer-financed vested 28,993,885 4,815,430 33,809,315 Employer-financed nonvested 2,604,184 2,203,922 4,808,106 Total pension benefit obligation 59,450,213 18,648,105 78,098,318 Net assets available for benefits, at book value 46,420,960 16,529,273 62,950,233 Unfunded pension benefit obligation $13,029,253 $ 2,118,832 $15,148,085 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. All amounts of compensation deferred under the plan, all investments purchased, and all income attributable to these investments are (until paid or made available to the employee or other beneficiary) solely the 10.4 property of the City subject only to the claims of the City's general creditors. Participants' rights under the plan are equal to those of general creditors of the City in an amount equal to the fair market value of their deferred account. 30 CITY OF WICHITA FALLS, TEXAS NOTES TO THE FINANCIAL STATEMENTS (CONT'D.) SEPTEMBER 30, 1996 Note 10 - DEFERRED COMPENSATION PLAN (CONT'D. ) It is the opinion of City management that the City has no liability for losses under the plan, but does have the duty of due care that would be required of an ordinary prudent investor. It is also the opinion of City management that it is unlikely that it will use the assets to satisfy the claims of general creditors in the future. Note 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. The remaining debt payable to the U.S. Government is classified as follows: September 30, 1996 1995 Long-term $ 945,737 $ 966,277 Current portion in other liabilities 20,540 19,894 Total $ 966,277 $ 986,171 Note 12 - AIRPORT LEASE The airport facilities are located on land at Sheppard Air Force Base. The land is leased from the Department of the Air Force at a cost of $1.00 per year for a period of fifty years, beginning May 15, 1959 and expiring May 14, 2009. Additional rent is based on landing fees at a rate of $1.8264 per scheduled landing. Landing fees collected and paid on this lease were $6,136 and $9,803 for the fiscal years ended September 30, 1996 and 1995, respectively. 31 CITY OF WICHITA FALLS, TEXAS NOTES TO THE FINANCIAL STATEMENTS (CONT'D.) SEPTEMBER 30, 1996 Note 13 - DESCRIPTION OF LEASING ARRANGEMENTS The City entered into a copier lease expiring in 2000 which is classified as a capital lease and included in the General Fixed Asset and the General Long-Term Debt account groups. The copier was recorded as machinery and equipment in the General Fixed Asset Account Group at a cost of $11,220. The majority of the City's operating leases contain an option for annual 1 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 and data processing software under operating leases expiring at I various times through the year ended 1999. Capital Leases The following is a schedule by years of future minimum lease payments under capital leases and the corresponding present value of the net minimum lease payments as of September 30, 1996: II h Year ending September 30: II1997 $ 2,708 1998 2,708 1999 2,708 2000 2,808 2001 - Total minimum lease payments 10,932 Less amount representing interest 1,792 Present value of minimum lease payments (1) $ 9,140 1 Operating Leases 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, 1996: II September endingSe tember 30: 1997 $ 20,701 1998 20,701 1999 5,401 2000 1 2001 1 Later years 7 Total minimum payments required (2) $ 46,812 32 CITY OF WICHITA FALLS, TEXAS NOTES TO THE FINANCIAL STATEMENTS (CONT'D.) SEPTEMBER 30, 1996 Note 13 - DESCRIPTION OF LEASING ARRANGEMENTS (CONT'D. ) The following schedule shows the composition of total rental expenses for all operating leases: Year Ending September 30, 1996 1995 Minimum rentals $135,791 $129,791 Contingent rentals 6,136 9,803 Total rentals $141,927 $139,594 (1) Reflected in the general long-term debt account group as capital leases payable. (2) Minimum payments do not include contingent rentals which may be paid under the airport lease based on the number of scheduled landings. 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, 1996: Obligations Obligations Outstanding New Obligations Outstanding October 1, obligations Retired September 30, 1995 Incurred or Refunded 1996 General Long-Term Debt: General Obligation Bonds payable $20,530,000 $ 9,000,000 $ 9,975,000 $19,555,000 Accrued vacation and sick leave 4,028,018 38,427 - 4,066,445 Capital leases payable 10,936 - 1,796 9,140 Claims and judgments payable 63,373 53,191 7,577 108,987 Total general long-term debt 24,632,327 9,091,618 9,984,373 23,739,572 Proprietary Fund Debt: Revenue Bonds payable 42,314,465 16,780,000 6,699,465 52,395,000 Payable to U.S. Government 986,171 - 19,894 966,277 Total proprietary fund debt 43,300,636 16,780,000 6,719,359 53,361,277 Total long-term liabilities $67,932,963 $25,871,618 $16,703,732 $77,100,849. 33 CITY OF WICHITA FALLS, TEXAS NOTES TO THE FINANCIAL STATEMENTS (CONT'D.) SEPTEMBER 30, 1996 Note 14 - LONG-TERM DEBT (CONT'D. ) Bonds payable at September 30, 1996 are comprised of the following individual issues: Range of Final Annual Bonds Interest Maturity Serial Bonds Outstanding Rates Date Payments Authorized at 9/30/96 IImil General Obligation Bonds: 1992 General Obligation Bonds 2.75% - 9/01/10 $80,000 to $ 4,000,000 $3,610,000 1111 5.75% $635,000 1994 General Obligation 111111111 Refunding Bonds 3.50% - 9/01/06 $105,000 to 7,250,000 6,945,000 5.50% $860,000 1996 General Obligation Refunding Bonds 4.10% - 9/01/96 $570,000 to 9,000,000 9,000,000 5.30% $1,130,000 Revenue Bonds: Water and Sewer Revenue Bonds: 1990-A Water and Sewer Subordinate 111 Lien Revenue Bonds 5.50% 8/01/12 $300,000 to 24,180,000 22,880,000 i4l $3,870,000 Water and Sewer 111111 System Refunding Revenue Bonds, Series 1995 3.90% - 8/01/07 $95,000 to 12,830,000 12,735,000 5.20% $1,450,000 Water and Sewer System Refunding Revenue Bonds, Series 1996 4.10% - 8/01/07 $305,000 to 5,360,000 5,360,000 5.40% $625,000 1996 Water & Sewer Subordinate Lien Revenue Bonds 3.35% - 02/01/16 $25,000 to 11,420,000 11,420,000 4.95% $2,750,000 ' Total All Bonds $74,040,000 $71,950,000 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, 1996, $996,075 was available in this fund to service these bonds. rom 34 CITY OF 1NICHITA FALLS, TEXAS NOTES TO THE FINANCIAL STATEMENTS (CONT'D.) SEPTEMBER 30, 1996 Note 14 - LONG-TERM DEBT (CONT'D. ) 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 and revenue bonds included $3,809,202 of interest. The annual requirements to pay principal and interest on the bond obligations outstanding as of September 30, 1996 are as follows: Year Ending General Obligation Revenue September 30: _Principal Interest Principal Interest Total 1997 $ 1,235,000 $ 1,169,758 $ 1,605,000 $ 2,732,140 $ 6,741,898 1998 1,470,000 934,270 1,855,000 2,604,385 6,863,655 1999 1,535,000 868,315 1,940,000 2,521,445 6,864,760 2000 1,610,000 796,975 2,030,000 2,432,470 6,869,445 2001 1,690,000 719,775 2,130,000 2,336,628 6,876,403 2002-2006 9,780,000 2,233,140 12,350,000 10,004,847 34,367,987 2007-2011 2,235,000 307,205 16,515,000 6,371,513 25,428,718 2012-2016 - - 13,970,000 1,988,285 15,958,285 Total $19,555,000 $ 7,029,438 $52,395,000 $30,991,713 $109,971,151 Note 15 - WATER AND SEWER REFUNDING REVENUE BONDS On April 1, 1996, the City issued $5,360,000 in Water and sewer system Refunding Revenue Bonds, series 1996, with an average interest rate of 5.22% to advance refund $5,205,000 of the Water and Sewer systems Refunding Revenue Bonds, series 1986, with an average interest rate of 7.95%. The entire proceeds of $5,205,000 (net of $155,000 in underwriting fees, insurance, and other issuance costs) were used to purchase U.s. Government securities. Those securities were deposited in an irrevocable trust with an escrow agent to provide for future debt service payments on the refunded 1986 General Obligation Bonds. As a result, $5,205,000 of the 1986 Waterworks and Sewer System Revenue Refunding Bonds are considered to be defeased and the liability for those bonds has been removed from the Water and Sewer Fund's financial statements. The advance refunding resulted in a difference between the reacquisition price and the net carrying amount of the old debt of $155,000. This difference, reported in the accompanying financial statements as a deferred charge, is being charged to operations through the year 2007 using the straight-line method. The City completed the advance refunding to reduce its total debt service payments over the next 11 years by $914,303 and to obtain an economic gain (difference between the present values of the old and new debt service payments) of $695,534. 35 . • I CITY OF WICHITA FALLS, TEXAS I is NOTES TO THE FINANCIAL STATEMENTS (CONT'D.) '" SEPTEMBER 30, 1996 Note 16 - DEFEASANCE OF PRIOR DEBT I I' �, p In prior years, the City defeased certain outstanding general obligation and revenue bonds by placing the proceeds of new bonds and additional cash in an irrevocable trust to provide for all future debt service payments on ;wII I the old bonds. Accordingly, the trust escrow accounts and the defeased bonds are not included in the City's financial statements. At September 30, 1996, the following outstanding bonds are considered defeased: Amount General Obligation Bonds: 1980 General Obligation Bonds $ 1,000,000uti'i'', 1986 General Obligation Refunding and Improvement Bonds 15,290,000 91 Total Defeased General Obligation Bonds 16,290,000 Revenue Bonds: 1978 Water and Sewer Revenue Bonds 120,000 ,r 1980 Water and Sewer Revenue Bonds 250,000 1986 Water and Sewer Revenue Refunding Bonds 17,325,000 , Total Defeased Revenue Bonds 17,695,000 Total Defeased Bonds $33,985,000 Note 17 - LANDFILL 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 I recognition of these landfill closure and postclosure care costs is based on the amount of the landfill used during the year. The estimated liability for landfill closure and postclosure care costs has a balance of II 1 $3,102,450 as of September P 30, 1996, which is based on 39% usage of the I landfill. 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. II I II I I i 36 " CITY OF WICHITA FALLS, TEXAS NOTES TO THE FINANCIAL STATEMENTS (CONT'D.) SEPTEMBER 30, 1996 Note 18 - INDIVIDUAL FUND DISCLOSURES Interfund receivable and payable balances at September 30, 1996 are as follows: Interfund Interfund Receivables Payables General Fund $ 351,996 $ 284,736 Special Revenue Funds: Hotel/Motel Tax Fund - 301 Community Development Block Grant Fund 30 225,000 Home Investment Partnership Agreement Fund 3,293 61,960 Enterprise Funds: Airport Fund - 301 Transit Fund - 65,000 sanitation Fund - 28,079 Water and Sewer Fund - 46,366 Internal Service Fund - 10,605 Trust and Agency Funds: Payroll Fund - 128 Employee Benefit Trust Fund 371,179 816 Accounts Payable Fund 117 _ 3,323 Total $ 726,615 $ 726,615 Operating transfers between funds during the year were as follows: Operating Operating Transfer In Transfer Out General Fund $1, 139,997 $ 154,121 Special Revenue Funds: Civic/Community Promotion Fund 123,343 - Hotel/Motel Tax Fund - 163,343 Miscellaneous Special Revenue Fund - 46,628 Enterprise Funds: Transit Fund 154, 121 - Sanitation Fund - 398,809 Water and Sewer Fund - 342,560 Internal Service Fund - 312,000 Total $1,417,461 $1,417,461 37 II �!. CITY OF WICHITA FALLS, TEXAS NOTES TO THE FINANCIAL STATEMENTS (CONT'D.) SEPTEMBER 30, 1996 Note 18 - INDIVIDUAL FUND DISCLOSURES (CONT'D. ) Equity transfers between funds during the year were as follows: Equity Equity Transfer In Transfer Out Enterprise Funds: Transit Fund $ - $ 430, 152 Sanitation Fund - 161,058 Water and Sewer Fund - 100,000 Internal Service Fund 691,210 401 Total $ 691,210 $ 691,210 38 >1 LI >1 co rn N N a )-1 d' 0 ul N co CD .••1 +) co N ro a) 'd r1 •--1 v )o O CD 0 a 0 rn N N r•1 : W . O 0 ,-1 m rn a in- W 'd O co co N O 7 d' d' .--1 )o 41 .1 a) 4 I I ,--I )o N 34 S-1 > 1� 1- O 11 ro a) 1-1 0) 0) o01 CO O) + t) a) 0 to el 0 H W in- a 0 01 0) 01 )o 1.1 W 1.1 0 0 1/40 1� CD I r1 I r1 r•1 v' yN r-1 r•1 cr ul •-) +1 N c•1 cr) co r•1 U ro 1` 1` N O G 3 0 co cn Z. .0 O 0 U "I 0 )o IW N .--1 O N F— ro 1 1 1 1 )o H *' ro N W W IQ a +) 0 J 2 •0 rn,J C400 N Q 'd CD c.r)LL N � Q _I w .0 col ao I- Q m s� I I I I r = V M 4-) In a )o U a i- °o w co Co Z cl. 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N ][L1 to N CD 0 ) •^I •I U W Hb b1— a Z W CD P, 0 d' b Z a . 4) a 01 ,-Ia) W N 4-) 14 ) 1) o• ° O +) U) 1a +) w 'H 44 0 00 a ++ o+ o ....co o U b �-- 14 a 0 ro 0 H •rl a) r-1 a) -- a) +) r-1 H '-I 4) 0 'o a) 0 '1-1 m - to A -'-I b b a c s 4- coo —Ia a 0 a 1 3 4' 5 W 0 O 0 0 0 Al 0 •rl Al --I ro a) A 14 > 0 a) 0 r-1 +) -,.I 0 +) U .0 O '^1 0 a) o C t 4-) 01) ' atal0 m 4-)) >4 Al w 14 0 0 4-)N ' •..-1a 4-)) 0 dad1� 01 0 z 0 a •-4 14 d ro A 0 0 d 0 d •r1 H --4 01 +) 01 a) 01 A U •-4 'O --4 a) 4-1 •-1 o) 'O >+ A i0 A > A 0 11 0 4-1 14 14 X a) A 0' H +) 4) -rl •-I —1 0 .,.I 0 +) +) 0 —1 •rl 0 11 0 A0 a) Z •rl A 4-) 0 +) 0' +) +-) 0 0 0 'o +) 0 0 O a) ro a) b 14 a A 0 -r1 a1 O 4-) 'O a) 14 3 r-1 Cl) ra N 14 14 W1a H O 14 U A RC P4 H 0 'O r0 • a1 b' a1 a a) 4-) a1 4.) 1a b 4) 4) 0 4-) w x a) a a) a A a d 0 ,-Id O O O CO H v) 0 o 0 H O Z u a z H w H 1 0 N W 0 z 40 CITY OF WICHITA FALLS, TEXAS NOTES TO THE FINANCIAL STATEMENTS (CONT'D.) SEPTEMBER 30, 1996 Note 21 - 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 initial projected cost of the Center was estimated to be twenty-five million dollars. The city and the County have each contributed nine million dollars toward the construction of the facility. The remaining costs are presently being raised from private contributions and other sources within the community. 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. The following is a summary of selected financial information for the Multi-Purpose Events Center as of September 30, 1996: Total assets $22,968,076 Total liabilities $ 242,942 Joint venturers' capital $22,725,134 Total revenue $ 427,346 Total expenses ; 1,4I0,084 Total other income $ 186,738 Net loss ($ 796,000) 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 $11,849,298 at September 30, 1996. Complete financial statements for the Center can be obtained from the City's Director of Finance and Administrative services at 1300 7th Street, Wichita Falls, Texas. 41 CITY OF WICHITA FALLS, TEXAS NOTES TO THE FINANCIAL STATEMENTS (CONT'D.) SEPTEMBER 30, 1996 Note 22 - COMMITMENTS AND CONTINGENCIES Litigation The city is a defendant in numerous lawsuits. In the opinion of the City's management, any liabilities resulting from such suits will not materially affect the financial position of the city. Accrued Vacation and Sick Leave The City's liability for accrued vacation and sick leave excluding the {' amount recorded in the enterprise funds was $4,166,445 at September 30, 1996. This accrual is recorded in the General Long-Term Debt account group, except for $100,000 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, 1996, these costs totaled $4,071. 1111 Workmen's Compensation Claims The City is liable for workmen's compensation claims arising in various General Fund departments of $108,987 as of September 30, 1996. This amount is recorded as a liability in the General Long-Term Debt account group. 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 uv, 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 annual charges began on January 1, 1987, and shall continue as follows: 42 CITY OF WICHITA FALLS, TEXAS NOTES TO THE FINANCIAL STATEMENTS (CONT'D.) SEPTEMBER 30, 1996 Note 22 - COMMITMENTS AND CONTINGENCIES (CONT'D. ) Contract Commitment With West Texas Utilities Company (Cont'd. ) City's Years Ending December 31: Annual share 1996 $375,000 1997 and all years thereafter until end of contract 500,000 For water actually consumed, the Company shall pay the City and Wichita County Water Improvement District Number 2 equally, at the base rate of $0.23 per one thousand gallons, which is adjusted annually. The current rate is $0.29 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. Contract Commitment With Army Corps of Engineers on June 13, 1987, the City entered into a construction contract with the Army Corps of Engineers to provide flood protection to the City of Wichita Falls and surrounding vicinity. This flood protection is to be attained by increasing the flood control capabilities of Holliday Creek and by modifying the existing Lake Wichita Dam. As of September 30, 1996, the total project and non-project costs under this contract were estimated to be $50,110,000. The City will provide a 5 percent cash contribution in proportion to the rate of certain federal expenditures incurred during the construction period. This contribution is presently estimated to be $2,278,000. Additionally, the City will provide all land, easements, rights-of-way, and waste material disposal areas, and perform all relocations necessary to complete the project. If the value of the above- mentioned contributions is determined to be less than 25 percent of the total project costs, the City must make an additional cash contribution to make its total contribution equal to 25 percent of the total project costs. The City has incurred a total of $9,520,000 in project costs as of September 30, 1996. The City is also responsible for the estimated $3,223,000 of costs necessary to modify the existing Lake Wichita Dam. These projects were completed during the current fiscal year. The City is expecting to complete the final project audit with the Army Corps of Engineers during the fiscal year ending September 30, 1997. 43 CITY OF WICHITA FALLS, TEXAS NOTES TO THE FINANCIAL STATEMENTS (CONT'D.) SEPTEMBER 30, 1996 Note 22 - COMMITMENTS AND CONTINGENCIES (CONT'D. ) ' Construction Contracts At September 30, 1996, the City was committed to several construction ' contracts, but has not accrued or incurred any expenditures or expenses as the work has not yet been performed. The amounts for which the various funds are committed to complete these contracts are as follows: ' General Fund $ 42,956 Special Revenue Fund: Community Development Block Grant Fund 243,701 Capital Projects Funds: 1980 General Improvements $ 33,853 1985 Holliday Creek Project 11,029 '`F Total Capital Projects Funds 44,882 Enterprise Funds: 'll Sanitation Fund 1,641,406 Water and Sewer Fund 6,691,889 Total Enterprise Funds 8,333,295 111111 Total contract commitments $8,664,834 Federally Assisted Programs - Compliance Audits The City participates in numerous Federally assisted programs, on both a direct and state pass-through basis, as well as on a service-provider basis. Principal among these are Community Development Block Grants, Section 8 Housing Assistance, Rental Rehabilitation Program, and the Home Investment Partnership Agreement Program. In connection with these programs, 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. 44 CITY OF WICHITA FALLS, TEXAS NOTES TO THE FINANCIAL STATEMENTS (CONT'D.) SEPTEMBER 30, 1996 Note 23 - PRIOR PERIOD ADJUSTMENT As discussed in Note 17, the City was required by Governmental Accounting standards Board Statement No. 18, Accounting for Municipal and Solid Waste Landfill Closure and Postclosure Care Costs, to accrue a liability for closure and postclosure care costs of its solid waste landfill. A prior period adjustment was made to adjust the estimated closure and postclosure care costs applicable to landfill capacity used in prior years. The effect of this adjustment as of October 1, 1995 was a decrease in the long-term liabilities reported in the Sanitation Fund of $443,900 with a corresponding increase in retained earnings. 45 t •sg. � TEXASbL 1 1 1 1 111 10, REQUI ,PPP NTARY INFORMATION Wichita LiA, TEXASin y 0. 0 .-1 '13 m 1 >+'d 'd W 0 N I o 0 y '-1 CD la 01.-1 0 CD 0 CD 0 •I 00 .,.1 • 0 'CI 0 .-I '0 '0 .0 r•I La +1 Ai N U m •.I CO 0 0 m 3 ••-I -I 0 41 .0 >+ ^ 0 +1 0 ••I 0 0 +► g a 01 O+ p ro ` W ••1 O+ U W W O m •.I 0 a •'I CJ p`' dP dP dP dP dP dP dP dP dP dP a W 0 0 R 01 +1 m C +o.d A N 'd r- a+ 1n r co 1n +o cN o cV 0 q ro q 0 044 W C -- N O CJ N + co N t` an o+ v a+ r cV r 'a C1 A •-I 0 W N W m 1 '0 a W N ch N N N ch 01 V• 1n 1n 0 A 0 W -.-I .1~ 0 N 0 y01 'H ro O v' RIO 0 b A m "a a CD w R COU p W ro W "� N ro I a Gm0 0 .4 •a1 m 0 E1 0 a m 43 A p `I I .4 as ro O+ 'C ,I I II ON 03 v cn o cn +o c•1 c'1 - CD 0 4'--I q A • +m1 0 1n eP cV cV Co) c+1 in r In to .-I '•i ••i q .....1 m m >+ ' 1� cV r1 0o cV V' 1� 1n .-I cV A rob .mi ro W 0 4- 14 m 0n 01 Cl) ro N 0 r1 r co 1�1` V' V' 1` el CO CO- W a 'ly m 0 m LU v0 N N a+ vvcoc�l +ol� lnv +o +1 W R • 0 m 0 >. 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N ro N >v C9 ro ro ro m 0 W m iv --• m as 0 r cH cN cN cN ON CO CO CO 0 RI 0 ID m .-1 R a+ ch +o r c•1 +o CO 0 c11 CV '"4 ...I •�•� ro 0 0.1 a) N `. •4: •.I W O 0+ v N C. .-1 0+ O 1N v '4 r4 y r•1 01 0 A N 0 a..1 D rn .-lvrocvvO (NW 'd 04-) 0 0 O '0 W 0 "I 0 ID 4 1.1 .-1 cV cV cV r1 r1 c•1 v v v .!C •.I . 0 0 ,--I Z 0 W +1 W ro +1 +1 0 >>1 ri N U 'lit,: r 4-2W O •m O W w '0 .�-I 03 m '1•+ 0 O+ m N 0 0 0 1%1 .k •W-I O .q +ro1A OAA 0 N 0 U .0 O N •••I 0 m 01 0 01 0 0 --I •.l O-I O A m +1 la la Wr0orno .-IcNrlvIn to 0 O N 010 0 +1 +1 .A 0 .•-1 N 0o 0o co 0o a+ rn al rn a+ rn >1•..1 N 0 0 •••I •..1 0 )4 H +1 a >+ 0+ 0+ 0% 0+ 0+ 0+ a+ 0+ O+ 0+ .-1 m 1n U O m m .-1 • 4-4 .-1 r-I r-I ,4 •-I •--I .-1 .-1 .-1 ro 0 04 0 N 0 0 W 0 o 00aa .1• '1 aro m 0 « 4' 46 EXHIBIT B-2 CITY OF WICHITA FALLS, TEXAS TEXAS MUNICIPAL RETIREMENT SYSTEM - REVENUES BY SOURCE AND EXPENSES BY TYPE- LAST TEN PLAN YEARS (UNAUDITED)* Employer Contributions as Percentage Revenues By Source Plan of Annual Employer Employee Investment Year Covered Payroll Contributions Contributions Income Total 1986 5.80% $ 904,438 $ 864,846 $1,857,101 $3,626,385 1987 5.96% 962,376 894,829 2,101,277 3,958,482 1988 6.11% 1,047,763 939,886 2,461,316 4,448,965 1989 6.09% 1,080,234 972,959 2,673,781 4,726,974 1990 6.78% 1,276,486 1,036,662 3,176,669 5,489,817 1991 7.00% 1,306,510 1,029,175 3,301,314 5,636,999 1992 8.18% 1,543,955 1,042,695 3,405,072 5,991,722 1993 8.16% 1,685,658 1,144,085 3,659,812 6,489,555 1994 8.15% 1,739,467 1,180,421 3,902,836 6,822,724 1995 8.17% 1,860,167 1,258,857 4,183,063 7,302,087 Expenses By Type Aggregate Plan Benefit Administrative Year Payments Expenses Refunds Total 1986 $1,298,373 $ 19,814 $346,895 $1,665,082 1987 787,769 20,653 315,675 1,124,097 1988 1,535,680 20,067 362,604 1,918,351 1989 1,502,643 19,016 395,475 1,917,134 1990 1,574,729 19,570 435,647 2,029,946 1991 3,711,425 20,134 468,424 4,199,983 1992 2,784,227 21,292 366,913 3,172,432 1993 1,045,022 22,890 402,050 1,469,962 1994 3,718,775 24,102 360,050 4, 102,927 1995 3,210,543 25,585 373,203 3,609,331 Contributions were made in accordance with actuarially-determined contribution requirements. * 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. 47 C rl +1 41 11 • toW >, W >, W 11 'O W rt 'O 0 O W rl ....I •.I g W C 4.5 >, ON A O+A O1 W W .c 10 W O ) 04 4 114 a) W 4 0•.oi W rrll 114 O 1.11 N ►.11 a-.-I 1i1 ate) � 11 11 ro +1 >, - C C 0 +1 w 10 W 01 W o1 W 0 1) d 02 .i CIS , 01 01 C 00 Irl W W 11 11 row 11 O. 01 > 01 > O W I C ....I 0) a ... A A W 1.1 .--1 W 0 .•1 MI .1 0 in11 0171 E 111 W r1 U co do do dP dP OW W 1 ` U O Ow p 11 p r1 01 . o cn C C 0 W 0 . to . N ? W co Uw_ OW I O O ' � °0 'OW ►.i .--1 u I N I I N 0 •- . W A 1.4 m • 11 1 w0 0W W . 4-1 W 0 10 n N in W >+ , • W W 11 W N Z AO 00 W C Cr A .� W w -,-1 C w 0 W 4-1 . 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O1 O1 U A W 0 to .-I en cn cn r1 r1 cn r1 r1 .-I -,.I -.I -,-I 11 •.i _ 0 � � � � �� �� '0 r1 r1 'O W a W >' Tr Tr Tr Tr V' Mr MrC ,rq Al Al O O .CI IA1 W 44 O 14.1 0A U 'O W 48 Ohl EXHIBIT B-4 CITY OF WICHITA FALLS, TEXAS FIREMEN'S RELIEF AND RETIREMENT FUND - REVENUES BY SOURCE AND EXPENSES BY TYPE - LAST TEN PLAN YEARS (UNAUDITED) Employer Contributions as Percentage Revenues By Source Plan of Annual Employer Employee Investment Year Covered Payroll Contributions Contributions Income Total 1986 9.0% $332,367 $312,819 $1,078,595 $1,723,781 1987 9.0% 310,317 310,317 170,690 791,324 1988 9.0% 324,740 324,740 604,529 1,254,009 1989 9.0% 341,956 339,741 1,238,894 1,920,591 1990* 9.0% 346,030 346,030 939,066 1,631,126 1991 9.0% 352,539 352,539 1,788,640 2,493,718 1992** 9.0% 360,996 360,996 903,782 1,625,774 1993 9.0% 382,072 382,072 887,717 1,651,861 1994*** 9.0% 373,416 373,416 1,180,015 1,926,847 1995 9.0% 409,259 409,259 1,418,175 2,236,693 Expenses By Type Aggregate Plan Benefit Administrative Year Payments Expenses Refunds Total 1986 $347,737 $17,926 $ - $365,663 1987 410,180 22,213 17,933 450,326 1988 460,307 13,157 100,085 573,549 1989 516,173 15,826 18,456 550,455 1990* 570, 142 25,341 2,869 598,352 1991 599,408 21,845 18,543 639,796 1992** 637,781 48,648 - 686,429 1993 715,302 70,471 52,748 838,521 1994*** 742,975 52,474 41,218 836,667 1995 807,742 53,486 2,215 863,443 Contributions were made in accordance with actuarially-determined contribution requirements. * See note on page 48 for a discussion of the change in employee benefit provisions approved as of April 30, 1990. ** See note on page 48 for a discussion of the change in employee benefit provisions approved as of October 1, 1992. *** see note on page 48 for a discussion of the change in employee benefit provisions approved as of October 1, 1995. 49 �A Wichita5TEXA %. I,. 1111 COMBINING aneeeee h u FUND FINANCIAL STATEMENTS„,-„''' i i I i I I 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. ,s Wichita TEXAS i 1 1 i EXHIBIT C-1 CITY OF WICHITA FALLS, TEXAS GENERAL FUND COMPARATIVE BALANCE SHEETS SEPTEMBER 30, 1996 AND 1995 1996 1995 ASSETS Cash and cash equivalents $15,426,030 $14,635,081 Receivables: Taxes and assessments (less $603,297 and $595,241 allowance for uncollectible accounts) 774,517 765,724 Other City funds 351,996 374,670 Government agencies 1,392,938 1,125,833 Other 294,345 319,212 Inventory 50,664 67,823 Prepaid items 70,354 49,813 Other assets - 3,848 Total assets $18,360,844 $17,342,004, LIABILITIES AND FUND BALANCE Liabilities: Accounts payable - trade $ 593,521 $ 518,164 Accrued payroll 836,575 719,633 Accrued vacation and sick leave 100,000 100,000 Payable to other City funds 284,736 1,123 Payable to government agencies 26,166 67,505 Other liabilities 923,008 902,919 Deferred revenue 822,790 801,360 Total liabilities 3,586,796 3,110,704 Fund balance: Reserved for encumbrances 3,958,445 1,630,649 Reserved for inventory and prepaid items 121,018 117,636 Unreserved: Designated for subsequent years expenditures 3,000,000 3,000,000 Undesignated 7,694,585 9,483,015 Total fund balance 14,774,048 14,231,300 Total liabilities and fund balance $18,360,844 $17,342,004 50 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, 1996 WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1995 1996 Variance - Favorable 1995 Budget Actual (Unfavorable) Actual revenues: Taxes: Ad valorem taxes $15,307,626 $15,772,577 $ 464,951 $14,824,687 Penalties and interest 135,000 143,347 8,347 114,830 City sales tax 8,300,000 8,844,490 544,490 8,433,662 Franchise taxes 4,985,000 4,994,083 9,083 4,924,115 4 Other taxes 352,000 386,305 34,305 388,252 Total taxes 29,079,626 30, 140,802 1,061,176 28,685,546II Charges for services: Golf, tennis and recreation fees 107,700 97,969 ( 9,731) 102, 121 Administrative overhead s reimbursements 928,433 832,185 ( 96,248) 611,590 Data processing services 253,544 227,563 ( 25,981) 156,674 Other service charges 230,000 236,473 6,473 233,593 ti Total charges for services 1,519,677 1,394,190 ( 125,487) 1,103,978 Licenses and permits: Building permits 125,000 162,257 37,257 149,937 ., Electrical and plumbing 88,000 105,532 17,532 91,278 Health and animal control 311,680 316,338 4,658 304,683 Other licenses and a1 permits 83,150 100,506 17,356 86,778 Total licenses and permits 607,830 684,633 76,803 6632,6761 Fines and forfeitures: Municipal Court 1,549,277 1,231,611 ( 317,666) 1,279,783 Forfeitures and confiscated funds 2,000 740 ( 1,260) 2,720 Library 24,000 30,010 6,010 26,701 Total fines and forfeitures 1,575,277 1,262,361 ( 312,916) 1,309,204 1 51 ull ply 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, 1996 WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1995 1996 Variance - Favorable 1995 Budget Actual (Unfavorable) Actual Revenues (Cont'd. ) : Intergovernmental revenue: Operating grants 2,007,048 2,093,556 86,508 1,604,785 Wichita Falls school District 450,795 394,090 ( 56,705) 460,129 Wichita County 53,000 53,000 - - Total intergovern- mental revenue 2,510,843 2,540,646 29,803 2,064,914 Miscellaneous revenue: Parking meters 2,700 2,246 ( 454) 2,110 Rentals and concessions 168,051 173,046 4,995 198, 129 Interest 465,000 1,004,808 539,808 1,009,324 sale of fixed assets 36,500 34,191 ( 2,309) 38,242 Other 52,900 ( 18,621) ( 71,521) 57,070 Total miscellaneous revenue 725, 151 1, 195,670 470,519 1,304,875 Total revenues 36,018,404 37,218,302 1,199,898 35,101,193 Expenditures: Administrative services division: Mayor and City Council 59,533 59,451 82 54,964 City Manager 327,081 327,064 17 309,584 Legal 366,018 365,434 584 362,205 Personnel/Risk Management 567,182 567,179 3 366,259 City Clerk 96,390 96,388 2 118,664 Martin Luther King Center 91,568 91,330 238 88,388 Farmer's Market 2,693 2,241 452 3,028 Library 766,199 766,196 3 658,218 Property Management 208,994 176,537 32,457 95,666 Data Processing 1,550,927 1,228,321 322,606 548,266 Community Information 102,667 102,000 667 98,948 Nondepartmental 4,635,415 1,411,960 3,223,455 1,258,568 Municipal Court 420,593 412,518 8,075 390,695 Building Maintenance 1,127,941 1,093,647 34,294 676,196 Purchasing 65,266 64,404 862 50,076 Total administrative services division 10,388,467 6,764,670 3,623,797 5,079,725 52 EXHIBIT C-2 ' (Page 3 of 4) CITY OF WICHITA FALLS, TEXAS I GENERAL FUND I STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL (CONT'D.) FOR THE YEAR ENDED SEPTEMBER 30, 1996 I WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1995 1996 1 variance - Favorable 1995 Budget Actual (Unfavorable) Actual Expenditures (Cont'd. ) : Police division: Police 11,418,826 11,067,074 351,752 10,420,291 I Fire division: Fire 6,926,171 6,752,959 173,212 6,249,987 Parks and recreation division: Recreation 689,380 681,361 8,019 371,693 Park maintenance 2,130,033 2,094,079 35,954 1,945,156 cemetery 130.103 115,408 14,695 142,134 Total parks and recreation division 2,949,516 2,890,848 58,668 2,458,983 Accounting/finance division: Pr rt Accounting/finance 283,766 282,522 1,244 257,479 Planning division: rii community development/ 10 planning 494,555 409,063 85,492 308,281 Code enforcement 96,940 92,086 4,854 90,953 �7 Total planning i,z division 591,495 501,149 90,346 399,234 ' " Public works division: rlry Engineering 2, 182,943 1,822,382 360,561 1,472,673 ; Inspection 353,661 352,492 1,169 355,629 Street 2,812,527 2,615,368 197,159 2,698,246 1�^" Total public works lll�. division 5,349,131 4,790,242 558,889 4,526,548 53 EXHIBIT C-2 (Page 4 of 4) CITY OF WICHITA FALLS, TEXAS GENERAL FUND STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL (CONT'D.) FOR THE YEAR ENDED SEPTEMBER 30, 1996 WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1995 1996 Variance - Favorable 1995 Budget Actual (Unfavorable) Actual Expenditures (Cont'd. ) : Health division: Administration 421,850 323,977 97,873 253,693 Nursing 1,470,767 1,313,613 157,154 1,304,514 Environmental health 552,142 551,350 792 506,552 Water pollution and food control 282, 130 281,565 565 256,740 Vector control and laboratory 361,593 357,763 3,830 349,842 School nurse program 398,799 361,579 _ 37,220 348,925 Total health division 3,487,281 3,189,847 297,434 3,020,266 Traffic and transportation division: Traffic engineering 1,428,489 1,422,119 6,370 1,319,641 Total expenditures 42,823, 142 37,661,430 5,161,712 33,732,154 Excess of revenues over (under) expenditures ( 6,804,738) ( 443, 128) 6,361,610 1,369,039 other financing sources (uses) : operating transfers in 1,053,370 1, 139,997 86,627 1,082,023 Operating transfers out ( 154,121) ( 154,121) - ( 220,598) Proceeds from capital lease - - - 11,220 Total other financing sources (uses) 899,249 985,876 86,627 872,645 Excess of revenues and other sources over (under) expenditures and other uses ($ 5,905,489) 542,748 $6,448,237 2,241,684 Fund balance - beginning 14,231,300 11,989,616 Fund balance - ending $14,774,048 $14,231,300 54 III I III I 11 111111 ills l: I III jrI I 31 I I 11' r,. I it �L is li I 1 I lb II ih I ill f �ilr ai i Iam Wichita ,;•, 11, TEXAS 1111 I 1 1 SPECIAL REVENUE FUNDS Special Revenue Funds are used to account for the proceeds of specific revenue sources (other than expendable trusts or for major capital projects) that are legally restricted to be expended for specified purposes. seven individual funds are reported within the special Revenue Funds as follows: Civic/Community Promotion Fund The Civic/Community Promotion Fund accounts for the operations of the Wichita Falls Municipal Auditorium and the Wichita Falls Activity Center. Hotel/Motel Tax Fund The Hotel/Motel Tax Fund accounts for revenues derived from an occupancy tax which is expended on programs promoting the growth of the City of Wichita Falls. Community Development Block Grant Fund The Community Development Block Grant Fund accounts for federal block grant revenues and related expenditures. 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. Section 8 Housing Fund The Section 8 Housing Fund accounts for federal funds received to subsidize rents and housing payments for lower income families within the City. Rental Rehabilitation Program Fund The Rental Rehabilitation Program Fund accounts for federal funds received to provide decent, safe, sanitary and affordable rental housing for lower income families within the City by rehabilitating existing substandard rental units to a condition which brings them into compliance with the standard Housing Code and the requirements of the U.s. Department of Housing and Urban Development. 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. AI O 0 CO A. .1.O I N O r1.1 n 0 r1! !N ! M .-1 b m O g 0 O N N n .1 q N„ b b r b! .1 I r !N O m!!.1 m N n ! n! o 'F. r m N m n rl ry!!O! !m r1 m ry rm N.l b O H n N e1 b N r m n.1 m.-1.1 N ry r q.1 n m N OCY N n N b N .1 • ✓ O F. n.i g m 0 N Om '.1 N am! ' N m N N .1 O N b N -A !0 n o O r n r! A.0 O F. •N O n m r r!r q b N n b Al N n b O n r r•N 0 q N !CO N m O. r N .l q r N m r r O q q Al Al .l n O .l.l r .1 N.1 b b.l b b.-1 • N n N n N N to N N O C F p Gp n n m b 0 b O b b b (� M E 1 I N! 1 1 1 r N g q I N O 1 1 N I ! 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Y O V V 0 0 0 0 0 O 0 0. 9 9 Y 0%• % y .0 0 m O 0 7 A 01 W 0 m W 14 56 EXHIBIT D-3 CITY OF WICHITA FALLS, TEXAS CIVIC/COMMUNITY PROMOTION FUND COMPARATIVE BALANCE SHEETS SEPTEMBER 30, 1996 AND 1995 1996 1995 ASSETS Cash and cash equivalents $ 12,884 $ 58,911 Receivables: Other - 4,215 ;> Prepaid items 206 - Total assets $ 13,090 $ 63, 126 LIABILITIES AND FUND BALANCE Liabilities: Accounts payable - trade $ 5,258 $ 11,066 Accrued payroll - 1,997 1 Payable to other City funds 301 Total liabilities 5,559 13,063 Fund balance: Reserved for encumbrances - 46,666 Reserved for prepaid items 206 - Unreserved: Undesignated 7,325 3,397 Total fund balance 7,531 50,063 wil Total liabilities and fund balance $ 13,090 $ 63, 126 I u` F MI' 1 xr, 57 I EXHIBIT D-4 CITY OF WICHITA FALLS, TEXAS CIVIC/COMMUNITY PROMOTION FUND STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL FOR THE YEAR ENDED SEPTEMBER 30, 1996 WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1995 1996 Variance - Favorable 1995 Budget Actual (Unfavorable) Actual Revenues: Miscellaneous revenue: Rentals and concessions $ 141,300 $ 122,443 ($ 18,857) $ 202,527 Expenditures: Current: Administrative services division 311,309 288,318 22,991 381,494 Excess of revenues over (under) expenditures ( 170,009) ( 165,875) 4,134 ( 178,967) Other financing sources (uses) : Operating transfers in 123,343 123,343 - 221,000 Excess of revenues and other sources over (under) expenditures and other uses ($ 46,666) ( 42,532) $ 4,134 42,033 Fund balance - beginning 50,063 8,030 Fund balance - ending $ 7,531 50,063 58 EXHIBIT D-5 CITY OF WICHITA FALLS, TEXAS HOTEL/MOTEL TAX FUND COMPARATIVE BALANCE SHEETS SEPTEMBER 30, 1996 AND 1995 1996 1995 ASSETS Cash and cash equivalents $ 475,053 $ 706,694 Receivables: Taxes and assessments 72,783 107,165 Other 111,369 111,109 Total assets $ 659,205 $ 924,968 LIABILITIES AND FUND BALANCE Liabilities: Other liabilities $ 16,689 $ - Fund balance: Reserved for encumbrances 31,425 50,000 Unreserved: Undesignated 611,091 874,968 Total fund balance 642,516 924,968 Total liabilities and fund balance $ 659,205 $ 924,968 �r F FA,e E{ tea) i ♦ . PI 59 EXHIBIT D-6 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, 1996 WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1995 1996 Variance - Favorable 1995 Budget Actual (Unfavorable) Actual Revenues: Taxes: Hotel/motel tax $ 850,000 $ 827,625 ($ 22,375) $ 852,480 Miscellaneous: Other - 31,538 31,538 8,864 Total revenues 850,000 859, 163 9,163 861,344 Expenditures: Current: Administrative services division 1,017,716 978,272 39,444 104,475 Excess of revenues over expenditures ( 167,716) ( 119,109) 48,607 756,869 Other financing sources (uses) : Operating transfers out ( 163,343) ( 163,343) - ( 584,572) Excess of revenues and other sources over (under) expenditures and other uses ($ 331,059) ( 282,452) $ 48,607 172,297 Fund balance - beginning 924,968 752,671 Fund balance - ending $ 642,516 $ 924,968 60 EXHIBIT D-7 CITY OF WICHITA FALLS, TEXAS COMMUNITY DEVELOPMENT BLOCK GRANT FUND COMPARATIVE BALANCE SHEETS SEPTEMBER 30, 1996 AND 1995 1996 1995 ASSETS Cash and cash equivalents $ 3,207 $ - Receivables: Other City funds 30 - Government agencies 2,262,330 2, 174,939 Prepaid items 18,000 18,000 �oyy Total assets $2,283,567 $2, 192,939 LIABILITIES AND FUND BALANCE Liabilities: Accounts payable - trade $ 113, 121 $ 171,675 Accrued payroll 12,955 10, 198 Payable to other City funds 225,000 243,460 Other liabilities 15,879 24,005 ,, Total liabilities 366,955 449,338i�f Fund balance: Reserved for encumbrances 526,445 595,935 Reserved for prepaid items 18,000 18,000 Unreserved: Designated for subsequent years expenditures 1,372,167 1, 129,666 Total fund balance 1,916,612 1,743,601 4' Total liabilities and fund balance $2,283,567 $2, 192,939 61 EXHIBIT D-8 CITY OF WICHITA FALLS, TEXAS COMMUNITY DEVELOPMENT BLOCK GRANT FUND STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE- BUDGET AND ACTUAL FOR THE YEAR ENDED SEPTEMBER 30, 1996 WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1995 1996 Variance - Favorable 1995 Budget Actual (Unfavorable) Actual Revenues: Intergovernmental revenue: operating grants $2,057,000 $2,057,000 $ - $1,966,000 Miscellaneous revenue: Other 119,382 130,111 10,729 13,425 Total revenues 2, 176,382 2, 187,111 10,729 1,979,425 Expenditures: Current: Administrative services division 2,085,458 1,188,654 896,804 826,539 Parks and recreation division 171,670 122,969 48,701 114,772 Public works division 880,689 303,217 577,472 136,188 Health division 222,568 119,709 102,859 106,401 Capital outlay 534,414 279,551 254,863 79,812 Total expenditures 3,894,799 2,014,100 1,880,699 1,263,712 Excess of revenues over (under) expenditures ($1,718,417) 173,011 $1,891,428 715,713 Fund balance - beginning 1,743,601 1,027, 888 Fund balance - ending $1,916,612, $1,743,601, 62 EXHIBIT D-9 CITY OF WICHITA FALLS, TEXAS MISCELLANEOUS SPECIAL REVENUE FUND COMPARATIVE BALANCE SHEETS SEPTEMBER 30, 1996 AND 1995 1996 1995 ASSETS Cash and cash equivalents $1,519,655 $1,670,873 other receivables - 23 Prepaid items - 3,441 other assets 3,000 3,000 Total assets $1,522,655 $1,677,337 LIABILITIES AND FUND BALANCE I Liabilities: Accounts payable - trade $ 34,227 $ 15,852 Accrued payroll 2,322 4,338 IIother liabilities 26,737 11,624 Total liabilities 63,286 31,814 Fund balance: I Reserved for encumbrances 51,979 221,750 1 \i Reserved for prepaid items - 3,441 Unreserved: I 1,\' Designated for subsequent years expenditures 1,407,390 1,420,332 Total fund balance 1,459,369 1,645,523 Total liabilities and fund balance $1,522,655 14r7,337 63 EXHIBIT D-10 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, 1996 WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1995 1996 Variance - Favorable 1995 Budget Actual (Unfavorable) Actual Revenues: Charges for services: Recreation fees $ 309,351 $ 309,351 $ - $ 331, 164 Fines and forfeitures: Forfeitures and confiscated funds 98,857 110,693 11,836 228,820 Miscellaneous revenue: Rentals and concessions 159,456 159,456 - 117,218 Sale of fixed assets 3,348 3,348 - 5,124 Interest 55,961 83,775 27,814 70,567 Donations 78,299 78,299 - 66,816 Cemetery perpetual care - 33,891 33,891 29,500 Other - - - 14,015 Total miscellaneous revenue 297,064 358,769 61,705 303,240 Total revenues 705,272 778,813 73,541 863,224 Expenditures: Current: Administrative services division 360, 149 101,927 258,222 383,846 Police division 235, 160 50,740 184,420 13,955 Fire division 137 - 137 - Parks and recreation division 613,619 367,811 245,808 309,738 Health division 167,570 48,765 118,805 35,582 Capital outlay 589,540 349,096 240,444 89,529 Total expenditures 1,966, 175 918,339 1,047,836 832,650 Excess of revenues over (under) expenditures ( 1,260,903) ( 139,526) 1, 121,377 30,574 Other financing sources (uses) : Operating transfers in - - - 363,572 Operating transfers out ( 47,000) ( 46,628) 372 ( 30,000) Total other financing sources (uses) ( 47,000) ( 46,628) 372 333,572 Excess of revenues and other sources over (under) expenditures and other uses ($1,307,903) ( 186,154) $1, 121,749 364,146 Fund balance - beginning 1,645,523 1,281,377 Fund balance - ending $1,459,369 $1,645,523 64 EXHIBIT D-11 CITY OF WICHITA FALLS, TEXAS SECTION 8 HOUSING FUND COMPARATIVE BALANCE SHEETS SEPTEMBER 30, 1996 AND 1995 1996 1995 ASSETS Cash and cash equivalents $ 335,252 $ 377,932 Receivables: Government agencies 14,978 16,474 Other receivables 60 60 Prepaid items 174,512 146,853 Total assets $ 524,802 $ 541,319 LIABILITIES AND FUND BALANCE Liabilities: Accounts payable - trade $ 456 $ 909 Accrued payroll 6,207 5,291 rs Payable to government agencies 117,325 4, 131 Other liabilities 11,357 195,184 Total liabilities 135,345 205,515 Fund balance: Reserved for prepaid items 174,512 146,853 1�0 Unreserved: Designated for subsequent years expenditures 214,945 188,951 Total fund balance 389,457 335,804 Total liabilities and fund balance $ 524,802 $ 541,319 0010 65 EXHIBIT D-12 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, 1996 WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1995 1996 variance - Favorable 1995 Budget Actual (Unfavorable) Actual Revenues: Intergovernmental revenue: operating grants $2,339,984 $2,208,596 ($ 131,388) $2,026,835 Miscellaneous revenue: Interest - 19,245 19,245 14,413 Total revenues 2,339,984 2,227,841 ( 112,143) 2,041,248 Expenditures: Current: Administrative services division 2,339,984 2,174,188 165,796 2,016,459 Excess of revenues over (under) expenditures S 53,653 $ 53,653 24,789 Fund balance - beginning 335,804 311,015 Fund balance - ending $ 389,457 S 335,804 66 EXHIBIT D-13 CITY OF WICHITA FALLS, TEXAS RENTAL REHABILITATION PROGRAM FUND COMPARATIVE BALANCE SHEETS SEPTEMBER 30, 1996 AND 1995 1996 1995 ASSETS Receivables: Government agencies $ - $ 6,435 Total assets $ - $ 6,435 LIABILITIES AND FUND BALANCE Liabilities $ - $ - Fund balance: Unreserved: Designated for subsequent years expenditures - 6,435 Total liabilities and fund balance $ - $ 6,435 67 EXHIBIT D-14 CITY OF WICHITA FALLS, TEXAS RENTAL REHABILITATION PROGRAM FUND STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL FOR THE YEAR ENDED SEPTEMBER 30, 1996 WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1995 1996 variance - Favorable 1995 Budget Actual (Unfavorable) Actual Revenues: Intergovernmental revenue: Operating grants $ - ($ 6,435) ($ 6,435) $ - Expenditures: Current: Administrative services division 6,435 - 6,435 2,400 Excess of revenues over (under) expenditures ($ 6,435) ( 6,435) $ - ( 2,400) Fund balance - beginning 6,435 8,835 Fund balance - ending S - $ 6,435, 68 EXHIBIT D-15 CITY OF WICHITA FALLS, TEXAS HOME INVESTMENT PARTNERSHIP AGREEMENT FUND COMPARATIVE BALANCE SHEETS SEPTEMBER 30, 1996 AND 1995 1996 1995 ASSETS Receivables: Other City funds $ 3,293 $ Government agencies 779,443 630,940 Total assets $ 782,736 $ 630,940 LIABILITIES AND FUND BALANCE Liabilities: Accounts payable - trade $ 17,218 $ 2,303 Accrued payroll 1,956 1,596 Payable to other City funds 61,960 50,961 Other liabilities 1,356 - r Total liabilities 82,490 54,860 Fund balance: , Unreserved: Designated for subsequent years expenditures 700,246 576,080 Total liabilities and fund balance $ 782,736 $ 630,940 69 EXHIBIT D-16 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, 1996 WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1995 1996 Variance - Favorable 1995 Budget Actual (Unfavorable) Actual Revenues: Intergovernmental revenue: Operating grants $ 528,000 $ 531,647 $ 3,647 $ - Expenditures: Current: Administrative services division 1, 105,653 407,481 698, 172 396,070 Excess of revenues over (under) expenditures ($ 577,653) 124,166 $ 701,819 ( 396,070) Fund balance - beginning 576,080 972,150 Fund balance - ending $ 700,246 $ 576,080 70 ,s Wichita TEXAS 1 1 i 1 DEBT SERVICE FUND p j The Debt Service Fund, also known as the Interest and Sinking Fund, is established by ordinances authorizing the issuance of general obligation bonds to provide for the payment of bond principal and interest. An ad valorem tax rate and tax levy are required to be computed and levied which will be sufficient to produce the funds required to pay principal and interest as they come due. This fund is also used to provide for the payment of paying agent fees. EXHIBIT E-1 CITY OF WICHITA FALLS, TEXAS DEBT SERVICE FUND COMPARATIVE BALANCE SHEETS SEPTEMBER 30, 1996 AND 1995 1 1996 1995 ASSETS Cash and cash equivalents $1,069,808 $1,085,722 Receivables: Taxes (net of allowance for uncollectible taxes of $118,281 and $121,758) 150,140 155,910 Other City funds - 1,123 Government agencies 11,682 12,085 other 3 - Total assets $1,231,633 $1,254,840 LIABILITIES AND FUND BALANCE Liabilities: Other liabilities $ 79,310 - Deferred revenue 156,248 160,900 Total liabilities 235,558 160,900 Fund balance: Unreserved: Designated for debt service 996,075 1,093,940 Total liabilities and fund balance 11... 231„ 3 $1,254,840 4 G� gffjijllI. Sq)➢?D aWi 71 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, 1996 WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1995 1996 variance - Favorable 1995 Budget Actual (Unfavorable) Actual Revenues: Taxes: Ad valorem taxes $2,224,278 $2,204,819 ($ 19,459) $2,256,177 Miscellaneous revenue: Interest - 112,045 112,045 119,997 Total revenues 2,224,278 2,316,864 92,586 2,376, 174 Expenditures: Principal retirement 1, 190,000 1,190,000 - 1,125,000 Interest and paying agent fees 1,339,768 1,335,481 4,287 1,411,364 Refunding bond issuance costs 215,000 211,077 3,923 - Total expenditures 2,744,768 2,736,558 8,210 2,536,364 Excess of revenues over (under) expenditures ( 520,490) ( 419,694) 100,796 ( 160,190) Other financing sources (uses) : Operating transfers in 305,490 - ( 305,490) 309,270 Proceeds from general obligation refunding bonds 9,000,000 9,000,000 - - Payment to refunded bonds escrow agent ( 8,785,000) ( 8,678,171) 106,829 - Total other financing sources (uses) 520,490 321,829 ( 198,661) 309,270 Excess of revenues and other sources over (under) expenditures and other uses ( 97,865) ($ 97,865) 149,080 Fund balance - beginning 1,093,940 944,860 Fund balance - ending $ 996,075 $1,093,940 72 t Wichita tija, TEXAS\\\ 1 1 1 1 CAPITAL PROJECTS FUNDS The Capital Projects Funds are used to account for financial resources to be used for the acquisition or construction of major capital facilities (other than those financed by Proprietary Funds) . The seven Capital Projects Funds are as follows: 1980 General Improvements This fund was established to account for the projects financed by the 1980 General obligation Bonds. Significant projects accounted for in this fund included drainage improvements, installation of traffic control equipment, and improvements to the Central Services Complex. 1981 C.O. General Improvements This fund was established to account for the projects financed by the 1981 Certificates of Obligation. Significant projects accounted for in this fund included the construction of a solid waste transfer station and the improvements to Holliday Creek designed to increase flood control capabilities. 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 and enhance the utility, accessibility, or aesthetic value of the affected properties. Significant projects accounted for in this fund are streets and sidewalks. i i i Wichita1 ..,, TEXASin. 1 1 1 1 l4 £M ff } r � �f@ ENTERPRISE FUNDS fl Enterprise Funds are used to account for operations that are financed and operated in a manner similar to private business enterprises. The intent of the governing body is that the cost of providing the service to the general public on a continuing basis be recovered primarily through user charges. The Enterprise Funds include the following: Airport Fund The Airport Fund was established to account for the operating revenues and expenses of the Wichita Falls Municipal Airport. The airport is operated on land leased from the Department of Defense. Commercial and private aviation share airport facilities and runways owned by Sheppard Air Force Base. 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. { III .0 N b' CO7 n .-1 u1 O In 7 7 cenO N m O m m O n N _ 7 N N m 7 N In 01 O .O n m 0 N 7 .0 n 0 V' .O O In .-1 N 1,1 V m m .D N c•1 In .D V O In N n '-1 CO 10 .0 V .•I .•1 .-I U' W 1e1 .O N Ill V' 01 N '-1 m 7 V N V N Ill .O U1 en Cr .0 n 0. O 01 CO m O N 01 m m '-1 7 N 111 CO m 7 n 7 N 01 Col E Cl N In .•1 .O In m '-I O .O n N n m 01 0 .D I.1 .--1 H DO .-I N V' n m '0' V m N .0 In .•1 01 I-1 (L) .-I ,-1 N '-1 7 7 01 .-1 T. CD .•1 .-1 .•1 X 10 01 yr TR,l w a .-I .... ,11 .N 0 El O In .O n N 7 7 1l1 0 I"1 m I+1 V' .•1 7 0 N I"1 01 n m 0 .-I n .O N n In N 0 n 01 m In .-1 O n N '••1 O 0 .O. l.1 N 7 n 01 In N .O 01 I .O .•1 N N N 7 10 CO 0 CO .O m 'O O n Ill N '-1 '••1 01 .O .O O 7 .O In 01 O 1.) 0. .O m .0 m 01 CO N In N .O V 1'•1 N '0 N '' N V In n N V .--1 I.1 Cl r•1 N .O .•1 N CO CO 7 n1 .O n 01 In V H . . . . . . . . . . . . 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O O Q C.•1 C ..M M 0.• • O O C > • > • > > V O 4 0. 0 0.O O.4 G CC A+1 O • O V • • • ■9 •p V O C ■.1 r.1 .1 V 00p090 •nl_n0444 VV • .1.1V ow V F GV .1 V 00 0 • • ■ Y G V 9 V 9 U • >G >.•1.✓+�r6r1.UI-G O-°I.°1~••'y N G gJF4 4 4 Y O • O S O (1 O V C O O • • M P G 0 4 +1 • U V > O Go • U1� V1� >�>�.0 C M • P P M le M.M 0. V M. • •• •• '✓44 r r • O• 4 •E V G M 04i K 4.•.•0•i 0•i O O .i • 4 4 9p{ +✓1 O•{ V 1 G • .i vpy • V G G C 4.1 r vy 0 11 t '1 V r • • 0 0.0 5 O 4 O V .50 • ..160. e 0 4 U :M e d S a d d O H a M V i a C V V • 4 • • 04 4 O U V L. U 2 V L. 2 78 `p Wichita TEXAS 1 1 II 1 4, INTERNAL SERVICE FUNDS The Internal Service Fund is used to account for the financing of goods or services provided by one department or agency to other departments or agencies of the City on a cost-reimbursement basis. The City's Internal Service Fund accounts for the costs associated with the operation, maintenance and replacement of the City's vehicle and equipment fleet. 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. EXHIBIT H-1 CITY OF WICHITA FALLS, TEXAS INTERNAL SERVICE FUND COMPARATIVE BALANCE SHEETS SEPTEMBER 30, 1996 AND 1995 1996 1995 ASSETS Current assets: Cash and cash equivalents $ 27,476 $ 232,502 Inventory 497,697 482,369 Prepaid items 166 294 Total current assets 525,339 715,165 Plant and equipment: Land and betterments 433,658 433,658 Buildings, systems and improvements 4,010,098 4,010,098 Motor vehicles and equipment 22,005,629 20, 116,401 26,449,385 24,560, 157 Less accumulated depreciation ( 14,858,597) ( 13,975,277) 41114 Total plant and equipment 11,590,788 10,584,8801ii Total assets $12, 116, 127 $11,300,045 LIABILITIES AND FUND EQUITY current liabilities: Accounts payable - trade $ 122,014 $ 95,464 Accrued payroll 79,202 69,029 Payable to other City funds 10,605 - Total current liabilities 211,821 _ 164,493 Fund equity: contributed capital 14,873,760 13,900,612 Retained deficit ( 2,969,454) ( 2,765,060) Total fund equity 11,904,306 11,135,552 Total liabilities and fund equity $12, 116, 127 $11,300,045 1 79 EXHIBIT H-2 CITY OF WICHITA FALLS, TEXAS INTERNAL SERVICE FUND COMPARATIVE STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS FOR THE YEARS ENDED SEPTEMBER 30, 1996 AND 1995 1996 1995 Operating revenues: Rents, concessions and other $5,987,761 $5,822,579 Operating expenses: Personnel services 1,117,107 1,063,665 Supplies and materials 1,373,615 1,214,995 Maintenance and repairs 1,245,709 1,412,517 Utilities and other services 203,750 204,742 Insurance and contract support 80,507 50,421 Depreciation and amortization 1,887,497 1,874,725 Total operating expenses 5,908,185 5,821,065 Operating income 79,576 1,514 Nonoperating revenues (expenses) : Gain on sale of assets 28,030 46,683 Income before operating transfers 107,606 48,197 Operating transfers: Operating transfers out ( 312,000) ( 312,000) Net loss ( 204,394) ( 263,803) Retained deficit' - beginning ( 2,765,060) ( 2,501,257) Retained deficit - ending ($2,969,454) ($2,765,060) 80 EXHIBIT H-3 CITY OF WICHITA FALLS, TEXAS INTERNAL SERVICE FUND COMPARATIVE STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED SEPTEMBER 30, 1996 AND 1995 1996 1995 Cash flows from operating activities: Operating income $ 79,576 $ 1,514 Adjustments to reconcile operating income to net cash provided by operating activities: iu Depreciation and amortization 1,887,497 1,874,725 (Increase) decrease in current assets: Receivables: Other - 604 Inventory ( 15,328) ( 15, 197) Prepaid items 128 148 Increase (decrease) in current liabilities: fij Accounts payable - trade 26,550 ( 66,291) Accrued payroll 10, 173 ( 2,535) Payable to other City funds 10,605 ( 55,379) Total adjustments 1,919,625 1,736,075 Net cash provided by operating activities 1,999,201 1,737,589 ` Cash flows from noncapital financing activities: Operating transfers out to other funds ( 312,000) ( 312,000) slb�l Cash flows from capital and related financing activities: Acquisition of capital assets ( 1,934,150) ( 1,264,162) Proceeds from sale of fixed assets 41,923 71,075 Net cash used for capital and related financing activities ( 1,892,227) ( 1, 193,087) Net increase (decrease) in cash and cash equivalents ( 205,026) 232,502 Cash and cash equivalents at beginning of year 232,502 - Cash and cash equivalents at end of year $ 27,476 $ 232,502, Noncash capital activities: Capital assets received from other City funds $ 973,148 $ 826,345 fit; 81 Fiduciary Funds account for assets held by the City of Wichita Falls in a trustee capacity or as an agent for other governmental units and/or other funds. Trust and Agency Funds include the following: Employee Benefit Trust This expendable 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. Wichita Falls Reinvestment Zone #1 This expendable trust fund is used to account for ad valorem taxes levied on captured increments of growth in real property values in a designated zone. The tax revenues derived from this increment are to be spent on public improvements within this designated zone. Social Security Fund This agency fund is used to account for the collection and payment of social security (FICA) taxes. Payroll Fund This agency fund is used to account for the collection of payroll gross amounts from the various City funds and the distribution of payroll checks to City employees. Accounts Payable Fund This agency fund is used to account for the collection of monies from the various city funds, and the payment of those monies to vendors for goods and services rendered. Deferred Compensation Fund This agency fund is used to account for contributions made by the City and employees to a tax deferred savings plan and the subsequent disbursement of contributions and interest earned upon retirement, death or termination of employment. Escheatment Fund This agency fund is used to account for property that has been abandoned or unclaimed pending escheatment to the State of Texas. I Os mn Cr O N r1 01 o. r . N v O y0, 1 1 1 1r N t o N0 / N u a N 0 a. n r 'O O n el a VI N a. . 1 0 y Cr r 0 4 m 0 m N N n1 en I'• N N m Ill a+ F E. N v aN a .. N h N r1O Pk ,0 o u u a a 1r.0 I mp 10 r r N 1 v .-1 NNOr 9 v ,0 +u1 CO n1d n v v v o .O CO N r N N .- 1 IN . u n1 n n v v v 01 n v v N 0. N 11 0 N ntl en1 r r r r r E 10 V 1 1 1 1 1 1 1 I 1 'G 10 1 1 I a .I Um m m m m m N N . 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U >. .0 C A m14 a -.1 a 4.., O C .1 -.4 U a a .0 m 0 . m E. o0V 0 C a a 14 o a o C> 0 Cu 0 a■ e a C. 0 0 0 C a' 14 N .4 W E. 82 1 EXHIBIT I-2 CITY OF WICHITA FALLS, TEXAS EXPENDABLE TRUST FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES FOR THE YEAR ENDED SEPTEMBER 30, 1996 WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 1995 Employee Wichita Falls Benefit Reinvestment Totals Trust Zone #1 1996 1995 Revenues: Ad valorem taxes $ - $ 95,829 $ 95,829 $ 93,279 Contributions 3,661,973 - 3,661,973 3,282, 133 Interest 30,284 11,298 41,582 33,973 Total revenues 3,692,257 107,127 3,799,384 3,409,385 Expenditures: Current: Administrative services division 3,740,802 - 3,740,802 3,408,286 Excess of revenues over (under) expenditures ( 48,545) 107,127 58,582 1,099 Fund balance - beginning 219,308 183,782 403,090 401,991 Fund balance - ending $ 170,763 $290,909 $ 461,672 $ 403,090 83 EXHIBIT I-3 (Page 1 of 3) CITY OF WICHITA FALLS, TEXAS AGENCY FUNDS COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES FOR THE YEAR ENDED SEPTEMBER 30, 1996 Balance Balance October 1, September 30, 1995 Additions Deductions 1996 ,OCIAL SECURITY FUND ASSETS 'ash and cash equivalents $ - $ 4,396,944 $ 4,396,912 $ 32 receivables: Other City funds - 4,289,999 4,289,999 - 'otal assets $ - $ 8,686,943 $ 8,686,911 $ 32 LIABILITIES Lccounts payable - trade $ - $ 4,062,978 $ 4,062,978 $ Payable to other City funds - 4,062,978 4,062,978 - )ther liabilities - 108,088 108,056 32 'otal liabilities $ - $ 8,234,044 $ 8,234,012 $ 32 PAYROLL FUND ASSETS :ash and cash equivalents $ - $ 30,903,245 $ 30,903,005 $ 240 receivables: Other City funds - 29,493,956 29,493,956 - rotal assets $ - $ 60,397,201 $ 60,396,961 $ 240, LIABILITIES ?ayable to other City funds $ - $ 2,203,227 $ 2,203,099 $ 128 )ther liabilities - 1,412,745 1,412,633 112 rotal liabilities $ - $ 3,615,972 $ 3,615,732 $ 240 84 EXHIBIT I-3 (Page 2 of 3) CITY OF WICHITA FALLS, TEXAS AGENCY FUNDS COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES (CONT'D.) FOR THE YEAR ENDED SEPTEMBER 30, 1996 Balance Balance October 1, September 30, 1995 Additions Deductions 1996 ACCOUNTS PAYABLE FUND ASSETS Cash and cash equivalents $ - $ 48,132,821 $ 48, 129,615 $ 3,206 Receivables: Other City funds - 97,612,147 97,612,030 117 Total assets $ - $145,744,968 $145,741,645 $ 3,323 LIABILITIES Payable to other City funds $ - $ 161,050 $ 157,727 $ 3,323 Total liabilities $ - $ 161,050 $ 157,727 $ 3,323 DEFERRED COMPENSATION FUND ASSETS Investments $2,726,598 $ 602,104 $ - $3,328,702 Total assets $2,726,598 $ 602, 104 $ - $3,328,702 LIABILITIES Other liabilities $2,726,598 $ 602,104 $ - $3,328,702 Total liabilities $2,726,598 $ 602,104 $ - $3,328,702 85 EXHIBIT I-3 (Page 3 of 3) CITY OF WICHITA FALLS, TEXAS AGENCY FUNDS COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES (CONT'D.) FOR THE YEAR ENDED SEPTEMBER 30, 1996 Balance Balance october 1, September 30, 1995 Additions Deductions 1996 SCHEATMENT FUND 1.1 ASSETS 'ash and cash equivalents $ 86,118 $ - $ 4,445 $ 81,673 'otal assets $ 86, 118 $ - $ 4,445, $ 81,673 LIABILITIES )ther liabilities $ 86, 118 $ 8,854 $ 13,299 $ 81,633 'otal liabilities $ 86,118, $ 8,854, $ 13,299 $ 81,673 'OTALS - ALL AGENCY FUNDS ASSETS :ash and cash equivalents $ 86, 118 $ 83,433,010 $ 83,433,977 $ 85, 151 :nvestments 2,726,598 602,104 - 3,328,702 receivables: Other City funds - 131,396,102 131,395,985 117 Cotal assets $2,812,716 $215,431,216 $214,829,962 $3,413,970 LIABILITIES kccounts payable - trade $ - $ 4,062,978 $ 4,062,978 $ - ?ayable to other City funds - 6,427,255 6,423,804 3,451 )ther liabilities 2,812,716 2,131,791 1,533,988 3,410,519 total liabilities $2,812,716 $ 12,622,024 $ 12,020,770 $3,413,970 86 MG !�y g,. 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I en O 0 ma N 0 LU H Q '0 Z U CO.... 2 coNSOO N•o CO V CO In a a s a) .61 — m m .r1 .r1.r1 0 111 a 01 r .i.n 03 a +1 +I 01 P'1 a a a a m 0 m 1.1 — 0 .ri.fl .fl.fl ...... .1-1 c 4Oar O.\ C m e1 a a a a 0 H Ir1 .r1 Y1 0 0 .-1 m O.M r O.\ N elrlaaa — m •• '0 C 0 '0 A 41 0 C 01 0 0 •-1 o 01 'i a) — N••i . 1:1 O 3 a'O 4-) 0 � co N am) 0 Ch 0 A '0 .-1 a) W O. --I 01 C e-•C ~ N 0 A al --1m b N CGa I 0 > .-1 C N 0 m-•i 7 01 ..1 H m A > 1+ CO 11 m 10 +1 7 a1 01 N al 0 alal01 a1 01 A +1 +1 +1 O 0 0 0 w Ei E F 92 EXHIBIT J-3 CITY OF WICHITA FALLS, TEXAS DEBT SERVICE COVERAGE - REVENUE BONDS SEPTEMBER 30, 1996 Water and sewer Revenue Bonds: Net income (Exhibit G-2) $3,096,053 Add: Depreciation and amortization $2,800,855 Loss on sale of assets 1, 160 Interest expense and paying agent fees 2,483,030 operating transfers out 342,560 5,627,605 ft subtract: West Texas Utilities water revenues ( 468,879) Net earnings for determining debt service coverage $8,254,779 Priority Subordinate Lien Lien Bonds Bonds Net earnings for determining debt service coverage $8,254,779 Principal and interest requirements to maturity $24,004,477 $59,382,236 °1 Number of years remaining to pay bonds + 11 20 Average annual principal and interest requirement 2,182,225 2,969, 112 Minimum bond covenant debt service II I coverage x 1.25 x 1.10 Minimum debt service coverage requirement $ 2,727,781 $ 3,266,023 5,993,804 Excess over debt service coverage requirement $2,260,975 93 EXHIBIT J-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, 1996 AND 1995 1996 1995 General Fixed Assets: Land and betterments $14,139,182 $14,139,182 Buildings and improvements 14,764,187 14,170,806 Machinery and equipment 6,424,789 5,533,257 Furniture and fixtures 410,864 424,479 Motor vehicles and equipment 45,925 45,925 Construction in progress - 69,381 Total general fixed assets 35,784,947 34,383,030 Joint Venture Assets: Investment in joint venture 11,849,298 11,302,782 Total $47,634,245 $45,685,812 Investment in General Fixed Assets: From general obligation bonds $ 2,459,962 $ 2,459,962 From local revenues and contributions 4,890,939 3,534,094 Frcm federal government contributions 2,876,687 2,831,615 From unidentified sources 25,557,359 25,557,359 Total investment in general fixed assets 35,784,947 34,383,030 Investment in Joint Venture Assets: From local revenues and contributions 11,849,298 11,302,782 Total $47,634,245, $45,685,812, 94 .... 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U P. 0 z0 F IcI •F 96 EXHIBIT J-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, 1996 I Beginning Ending II Balance Transfers Balance 10/1/95 Additions Deletions In (Out) 9/30/96 Administrative services division: Mayor and City Council $ 12,863 $ 3,797 ($ 3,256) $ - $ 13,404 II General Administration 1,712,622 85,846 - ( 13,081) 1,785,387 Legal and City Clerk 37,000 1,371 - 324 38,695 Personnel/Risk Management 493,243 7,911 - - 501,154 Data Processing 788,294 719,764 - - 1,508,058 IIMartin Luther Ring Center 374,582 - - - 374,582 Library 1,172,733 95,285 - - 1,268,018 Municipal Court 609,252 1,436 - ( 324) 610,364 Midtown Manor 395,578 - - - 395,578 IIAuditorium/Activity Center 6,561,184 - ( 3,250) ( 51,972) 6,505,962 Housing 173,174 - ( 3,525) ( 6,520) 163,129 Building Maintenance 27,277 3,917 - - 31,194 Total administrative services division 12,357,802 919,327 ( 10,031) ( 71,573) 13,195;525, II Police division: Police 4,619,596 111,207 - - 4,730,803 Fire division: ' Fire 2,312,460 50,504 - ( 1,361) 2,361,603 Parks and recreation division: Parks 12,580,978 412,694 ( 1,445) - 12,992,227 II Golf 148,302 - - - 148,302 Cemetery 32,637 - - - - 32,637 Total parks and recreation division 12,761,917 412,694 ( 1,445) - 13,173,166 II Accounting/finance division: Accounting/finance 50,515 4,082 ( 32,519) - - 22,078 Planning division: ' Community development/planning 80,961 2,000 - 9,082 92,043 Code enforcement 12,620 - - - 12,620 Total planning division 93,581 2,000 - 9,082 104,663 IIPublic works division: Engineering 331,437 - - - 331,437 Inspection 64,801 - - - 64,801 Street Maintenance 256,012 1,566 - - 257,578 IITotal public works division 652,250 1,566 - - 653,816 Health division: Health 1,383,797 4,633 - - 1,388,430 IITraffic and transportation division: Traffic Engineering 151,112 3,751 - - 154,863 Total general fixed assets 34,383,030 1,509,764 ( 43,995) ( 63,852) 35,784,947 II Investment in joint venture: Multi-Purpose Events Center 11,302,782 482,664 - 63,852 11,849,298 IITotal general fixed assets and joint venture assets $45,685,812 $ 1,992,428 ($ 43,995) $ - $47,634,245 97 I EXHIBIT J-8 CITY OF WICHITA FALLS, TEXAS AIRPORT FUND PLANT, EQUIPMENT AND DEPRECIATION FOR THE YEAR ENDED SEPTEMBER 30, 1996 Balance Balance 10/1/95 Additions Deletions 9/30/96 Plant and Equipment: Land and betterments $1,468,175 $ - $ - $1,468,175 Buildings and improvements 1,461,222 - - 1,461,222 Machinery and equipment 18,000 10,553 - 28,553 Furniture and fixtures 14,327 - - 14,327 Total plant and equipment 2,961,724 10,553 - 2,972,277 Accumulated Depreciation: Land and betterments 929,245 57,904 - 987,149 Buildings and improvements 658,752 29,403 - 688,155 Machinery and equipment 14,294 1,366 - 15,660 Furniture and fixtures 11,509 265 - 11,774 Total accumulated depreciation 1,613,800 88,938 - 1,702,738 Net plant and equipment $1,347,924 ($ 78,385) $ - $1,269,539 98 111 EXHIBIT J-9 CITY OF WICHITA FALLS, TEXAS TRANSIT FUND PLANT, EQUIPMENT AND DEPRECIATION FOR THE YEAR ENDED SEPTEMBER 30, 1996 Balance Balance 10/1/95 Additions Deletions 9/30/96 1111111 Plant and Equipment: Land and betterments $ 61,925 $ - $ - $ 61,925 Buildings and improvements 626,868 - - 626,868 l Machinery and equipment 78,137 - - 78, 137 ��� Furniture and fixtures 6,128 - - 6,128 Total plant and equipment 773,058 - - 773,058 Accumulated Depreciation: Buildings and improvements 92,610 7,988 - 100,598 Machinery and equipment 69,569 3,396 - 72,965 Furniture and fixtures 4,539 266 - 4,805 Total accumulated depreciation 166,718 11,650 - 178,368 Net plant and equipment $ 606,340 ($ 11,650) $ - $ 594,690 f I� 99 EXHIBIT J-10 CITY OF WICHITA FALLS, TEXAS SANITATION FUND PLANT, EQUIPMENT AND DEPRECIATION FOR THE YEAR ENDED SEPTEMBER 30, 1996 Balance Balance 10/1/95 Additions Deletions 9/30/96 Plant and Equipment: Land and betterments $ 707,215 $ - $ - $ 707,215 Buildings and improvements 2,371,012 - - 2,371,012 Machinery and equipment 109,178 16,704 - 125,882 Furniture and fixtures 4,750 5,057 - 9,807 Total plant and equipment 3, 192, 155 21,761 - 3,213,916 Accumulated Depreciation: Land and betterments 25,345 1,628 - 26,973 Buildings and improvements 625,096 50,349 - 675,445 Machinery and equipment 87,635 5,335 - 92,970 Furniture and fixtures 4,555 195 - 4,750 Total accumulated depreciation 742,631 57,507 - 800, 138 Net plant and equipment $2,449,524, ($ 35,746) $ - $2,413,778 100 I 7.1 Ill n n a 0 f .-. .l V N a f Y N I h aV V ^ N f 0 Y O N ry 0 P el q r 0 M a eaQI P m .l I V 0 V r .l n 0 Y O I .1 9 E ` M n N CO .- r O n Il .l O m A C 0 In ry .1 q r In f r n r V S • .' .I f a N r .1 f .-I O M 0 O' V a V i Ia V + V W Z W Al Y Y .l r ~ O. i N N N N 4.. 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O O • O N >I'O -0 • 0 1. I yaaa V a >C., C .I X ype0 V • >C. a m V a >C. C .I U 3 M '0 OI 11 M • V M V P P. 1 Y ~ 'O P M I • Y 0 • C C • 0 > O • C e • 0 0 X e e • O > O O O. • -.I C V I. Cl. • -.I a V F • -.1 0 V F • '0 01 -N M •y 9 '.I -.1 '0 9 -./ -./ 41 G 'a .I .0 11 .l G 'a .1 .0 C • 'O .I 0 e 0 I C -0 O 0 Vpp C -0 OM 0 C 0 '.1 O 0 V .•7 Oyi t i O A 10 X I.. '�ip r•1 A g 12 Y O N 0 101 1 EXHIBIT J-12 CITY OF WICHITA FALLS, TEXAS INTERNAL SERVICE FUND PLANT, EQUIPMENT AND DEPRECIATION FOR THE YEAR ENDED SEPTEMBER 30, 1996 Balance Balance 10/1/95 Additions Deletions 9/30/96 Plant and Equipment: Land and betterments $ 433,658 $ - $ - $ 433,658 Buildings and improvements 4,010,098 - - 4,010,098 Motor vehicles and equipment 20,116,401 2,907,298 1,018,070 22,005,629 Total plant and equipment 24,560,157 2,907,298 1,018,070 26,449,385 Accumulated Depreciation: Buildings and improvements 921,239 62,412 - 983,651 Motor vehicles and equipment 13,054,038 1,825,085 1,004,177 13,874,946 Total accumulated depreciation 13,975,277 1,887,497 1,004,177 14,858,597 Net plant and equipment $10,584,880 $1,019,801 $ 13,893 $11,590,788 102 [ � § . 1111 [ � § � ( � � ( � " ( . ! 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Z co co 0 co n• O r N a W 4 O m O o m 10 10 m 01 a1 O in . v1 v1 r rn cn v v v v v v H i_ in Q 10 r r .-I N CO 0 0 a o U Z N coco01 01 01 .-1 N .-I N 0 N a o o n o 0 o Lc)}) Id .N r O1 .N N 10 N 10 01 n Cl Id D r at as v con In .o coa al so In as .-1 In co10 W -.I .N (n }) 0 01 01 01 01 a .N r N 0 CO U) 00 7 o cococoo v n n 10 n W ++ co co r r n n n r coo1 N }1 N INN v1• • a w a .i 10 n n .N N CO 0 0 a• 0 al m 01 01 01 .-I N .-I N 0 N 7 '� CO .0 10 an .0 01 a10 In N N .N n 01 .-I N 10 N 10 01 n 00 7 n P1 CO 10 .-I a• 01 n )n 10 W .•I CO 01 P1 .N In a1 .-I In CO 10 N tl ' 01 01 01 01 1 0 a .-I n N 0 CO m 0 CO CO CO v1 n .o n 4 co r N N n n n n n n m a1 n CO 01 0 .-I N PI or In 10 ✓l m m m a1 a1 a1 a1 a1 a1 a1 01 FI a1 a1 01 01 01 01 01 a1 a1 a1 U Id 01 N I I I 1 I I I I I I •..I >) 10 n CO 01 0 .-I N PI a• in p., m m m m 01 01 01 01 01 01 a1 a1 01 01 a1 a1 01 a1 a1 01 106 EXHIBIT K-5 CITY OF WICHITA FALLS, TEXAS PROPERTY TAX RATES AND TAX LEVIES - DIRECT AND OVERLAPPING GOVERNMENTS - LAST TEN FISCAL YEARS (UNAUDITED) 16 Wichita County II Fiscal City of Falls City View Education Wichita Year Wichita Falls I.S.D. (1) I.S.D. (2) District (3) County Total II Tax Rates Per $100 Valuation 1986-1987 $ .62 $ .82 $ .75 $ - $ .24 $2.43 II 1987-1988 .64 .82 .72 - .25 2.43 1988-1989 .64 .85 .81 - .27 2.57 1989-1990 .65 .92 .84 - .28 2.69 II1990-1991 .65 1.00 .98 - .29 2.92 1991-1992 .66 .39 .35 .75 .31 2.46 1992-1993 .67 .39 .35 .85 .34 2.60 II1993-1994 .67 1.28 1.20 - .36 3.51 1994-1995 .67 1.34 1.20 - .36 3.57 1995-1996 .67 1.34 1.23 - .37 3.61 1 Tax Levies 1986-1987 $14,401,856 $18,270,216 $ 669,201 $ - $ 7,898,758 $41,240,031 II 1987-1988 14,508,804 18,063,909 660,750 - 8,175,763 41,409,226 1988-1989 14,664,571 19,273,667 708,713 - 8,900,124 43,547,075 1989-1990 14,896,248 20,682,300 776,012 - 9,426,139 45,780,699 II 1990-1991 14,605,841 22,299,411 886,306 - 9,461,163 47,252,721 1991-1992 14,629,075 8,181,795 307,177 23,070,529 10,098,311 56,286,887 1992-1993 14,940,203 8,127,735 287,728 25,839,980 10,712,983 59,908,629 1993-1994 15,220,570 27,967,742 1,022,231 - 11,545,265 55,755,808 II 1994-1995 15,817,317 30,444,581 1,071,679 - 11,989,730 59,323,307 1995-1996 16,742,241 31,977,379 1,151,028 - 13,058,786 62,929,434 Notes: I (1) Wichita Falls Independent School District - 98.79% in Wichita Falls city limits II (2) City View Independent School District - 83.93% in Wichita Falls city limits (3) County Education Districts were created by the Texas Legislature in 1991. All II 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 IIthe 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. II II 107 I EXHIBIT K-6 CITY OF WICHIITA FALLS, TEXAS TEN LARGEST TAXPAYERS (UNAUDITED) SEPTEMBER 30, 1996 Percentage January 1, 1995 of Total Assessed Assessed Taxpayer Type of Business Valuation Valuation JMB Group Trust III Shopping Center $ 45,364,701 1.83% Southwestern Bell Telephone Utility 43,953,265 1.78% TU Electric Electric Utility 29,268,682 1.18% Wichita Falls Clinic Medical Center 10,348, 813 .42% ABB Control Manufacturing 10,073,332 .41% Wal-Mart Retail Store 9,770,918 .39% Deauville Partnership Retail Store 9,669,234 .39% Panhandle Manufacturing Manufacturing 9,561, 187 .39% Sam's Wholesale Club Retail Store 8,803,922 .36% Vetrotex Certainteed Manufacturing 4,406,924 .18% Totals $181,220,978 7.33% 108 EXHIBIT K-7 CITY OF WICHITA FALLS, TEXAS SPECIAL ASSESSMENT COLLECTIONS (CAPITAL IMPROVEMENT ASSESSMENTS FUND) - LAST TEN FISCAL YEARS (UNAUDITED) (` , Special Special Ratio of 1111 K Fiscal Assessments Assessments Collections Year Due Collected to Amount Due mill 1986-1987 $475, 172 $ 20,465 4.31% 1987-1988 454,730 20,530 4.51% , 1988-1989 446,531 8,199 1.84% 1989-1990 438,376 8, 155 1.86% 1990-1991 362,985 8, 112 2.23% # 1991-1992 238,496 4,414 1.85% 1992-1993 204,833 2,857 1.39% j 1993-1994 191,745 2,184 1.14% 11 1994-1995 173,940 5,267 3.03% 1995-1996 158,976 1,222 0.77% 1 11.. 1111 109 ����1 EXHIBIT K-8 CITY OF WICHITA FALLS, TEXAS COMPUTATION OF LEGAL DEBT MARGIN (UNAUDITED) SEPTEMBER 30, 1996 Total assessed property value per 1995 tax roll $2,473,917,825 Maximum tax levy* $ 2.25/$100 Current tax levy for 1995 tax year .67675/$100 Maximum tax levy in excess of 1995 tax levy 1.57325/$100 Total legal debt margin $ 38,920,912 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 1995 tax rate is $ .67675 per $100 assessed valuation. * Maximum tax levy established by city charter II 1 CO A ,d X y N N 10 U1 -4. r- r- ,n co N .-1 ' ,.I E CU 'd b N ri ri O 01 N .•, O 01 0 m 0 4-) GIJ C.) in. 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N .-IO O 01 N .-I .•I 0 01 Ill m 0 N N N N .-1 N N N N .i LL Z IA co 111 r 1- W W 0. .is. 10 in 0 r` in10 in in 0 01 in10 r) O t` t` t` OD N U Z Z N ra CO N 0 v CO W O 41 rt O N m 1n v r1 ,F1 N 1� O m V) 7 co N d' in r) 01 10 CO •d' ..1I/ y r-1 N CO N .-1 rt ,n 01 in N 01 Q m . in v rn in v rn rn M r) Q CC CO ri N 01 01 in 0 .-4 in in N W r1 N N N N N N N (•) d' CC Z N N N N N N N N N N W ur I- I. 0 a •.i O o 0 01 o O O O in 0 Z Y) O 0 0 in 0 0 0 0 ,n T Q b 0 in 0 N in r` 10 in .••1 r` r, O 01 CO N 10 10 r` co 01 .-1 N 0 rn rn rn rn rn rn on on o o a r` co 01 0 .•i N in of in 10 .-, co co co ON 01 0' o1 rn ON ON11 ,d y 01 01 01 rn en o1 a 01 ON rn U ,O .-I .4 .4 .4 .ti r•, .-, .-, .4 .••, W 0) I I I I I I I I I I •rl >4 10 r` co 01 0 .-4 N M d' in C=, co co co co 01 01 01 01 01 01 01 01 01 01 01 01 01 01 01 01 ri ri ri ri ti ry .i r-1 r♦ r♦ 11111111111 111 EXHIBIT K-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 1986-1987 $ 305,000 $1,980,711 $2,285,711 $29,195,996 7.83% 1987-1988 605,000 1,682,502 2,287,502 27,722,861 8.25% 1988-1989 635,000 1,650,740 2,285,740 27,980,301 8.17% 1989-1990 670,000 1,615,815 2,285,815 28,874,890 7.92% 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% 112 EXHIBIT K-11 CITY OF WICHITA FALLS, TEXAS COMPUTATION OF DIRECT AND OVERLAPPING GENERAL BONDED DEBT (UNAUDITED) SEPTEMBER 30, 1996 Percentage Amount Applicable Applicable Taxing Gross General to City of to City of Jurisdiction Bonded Debt (1) Wichita Falls (2) Wichita Falls Direct: City of Wichita Falls $19,555,000 100.00% $19,555,000 Overlapping: Wichita Falls Independent School District 38,596,207 98.79% 38, 129, 193 Wichita County 7,820,000 67.76% 5,298,832 City View Independent ` school District 380,000 83.93% 318,934 Burkburnett Independent school District 6,034,886 24.00% 1,448,373 Total direct and "111, overlapping bonded debt $72,386,093 $64,750,332 Sources: (1) Listed taxing jurisdictions (2) City of Wichita Falls Planning Department 113 4 a) ri bN 10 01 0 r. 10 40 V' r. 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Marketing Services (3) Wichita Falls I.S.D. - Educational level is grade equivalent of graduating ' �: senior I (4) Texas Workforce Commission l ry yt qc It..?� , ' r�: 115 EXHIBIT K-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 (3) 1986-1987 $2,315,783,297 $31, 161,722 $1, 107,880,373 1987-1988 2,274,820, 154 39,510,717 1,075,698,257 1988-1989 2,299,242,866 34,316,901 1,070,274,273 1989-1990 2,299, 158,235 59,603,631 * 1990-1991 2,254,335,700 36,283,910 * 1991-1992 2,209,594,077 49,894,023 * 1992-1993 2,217,963,473 50,774,737 * 1993-1994 2,259,585,776 71,208,827 * 1994-1995 2,353,242,385 73,692,291 * 1995-1996 2,589,218,286 92,604,277 * Sources: (1) City of Wichita Falls Accounting/Finance Department (2) City of Wichita Falls Planning Department (3) Wichita Falls Times/Record News * Local branches of NationsBank and Bank One are not required, nor have they chosen, to release deposit information on individual branches. Therefore, total bank deposit information is not available for these years. 116 EXHIBIT K-15 CITY OF WICHITA FALLS, TEXAS MISCELLANEOUS STATISTICAL DATA (UNAUDITED) SEPTEMBER 30, 1996 Date of incorporation 1889 Form of government Council - Manager Area 56.43 square miles Miles of streets 543.2 Number of street lights 6,882 Fire protection: Number of stations 9 Number of firemen and officers 149 Police protection: Number of stations 1 Number of police officers 175 41 Municipal water department: Number of consumers - active 32,732 Average daily production 23,487,000 gallons treated water Miles of water mains 800 „y Sewers: Number of customers - active 30,109 Miles of sanitary sewers 490 Miles of storm sewers 275 n Building permits issued: :. Number issued 6,780 Amount issued $92,604,277 Recreation and culture: Number of parks 40 with 1,092 acres Number of golf courses 4 Number of libraries 1 Number of volumes 100,000 Employees - full-time 1,042 117 EXHIBIT K-16 (Page 1 of 5) CITY OF WICHITA FALLS, TEXAS SCHEDULE OF INSURANCE COVERAGE (UNAUDITED) SEPTEMBER 30, 1996 Insurance Code A Policy: Building and Contents Company: Williams-Dwyer Co. Policy No. : XSP2841349 Policy Period: October 1, 1996 to October 1, 1997 Perils: Fire, Extended Coverage, Vandalism and Malicious Mischief, including Difference in Condition, Extra Expense, Valuable Papers, EDP, Demolition/CC Coverages: $64,540,747 Building and Contents $100,000 Extra Expense Deductible: $100,000 Coinsurance: Agreed Value, Replacement Cost Premium: $30,018 B Policy: Boiler and Machinery Company: Williams-Dwyer Co. Policy No. : CRR517534 Policy Period: October 1, 1996 to October 1, 1997 Perils: Comprehensive Blanket Coverage: $5,000,000 Per Occurrence Deductible: $2,500 Coinsurance N/A Premium: $ 4,323 C Policy: Electronic Data Processing Equipment Company: Williams-Dwyer Co. Policy No: XSP2841349 Policy Period: October 1, 1996 to October 1, 1997 Perils: All Risks Coverage: $906,858 Deductible: $5,000 Coinsurance: 100% Premium: $ 2,267 D Policy: Excess Workers' Compensation and Employer's Liability Company: Williams-Dwyer Co. Policy No. : 71 XC 102 SCA Policy Period: October 1, 1996 to October 1, 1997 Perils: Workers' Compensation - Employer's Liability Coverage: $25,000,000 Per Occurrence $1,000,000 Employer's Liability Deductible: $250,000 Coinsurance: N/A Premium: $44,562 118 EXHIBIT K-16 (Page 2 of 5) CITY OF WICHITA FALLS, TEXAS SCHEDULE OF INSURANCE COVERAGE (UNAUDITED) (CONT'D.) SEPTEMBER 30, 1996 Insurance Code E Policy: Airport Liability company: Sedgwick James of Texas, Inc. Policy No. : GENLIAB/TBD Policy Period: October 1, 1996 to October 1, 1997 Perils: Owner's, Landlord, and Tenants Liability Coverage: $1,000,000 CSL 1111 fi Deductible: None Coinsurance: N/A Premium: $ 2,011 F Policy: Public Official Bond Company: Fidelity & Deposit Company Bond No. : FD 09688496 , Bond Period: June 27, 1996 to June 27, 1997 Insured: City Manager - Jim Berzina Coverage: $25,000 Premium: $ 88 G Policy: Public Official Bond II Company: Fidelity & Deposit Company Bond No. : FD 30237391 Bond Period: August 1, 1996 to August 1, 1997 Insured: Purchasing Agent - Margaret Elizabeth (Peggy) Gahagan Coverage: $2,500 Premium: $ 50 I H Policy: Blanket Employees' Dishonesty - Theft, Disappearance Coverage Company: Fidelity & Deposit Company Bond No. : FD 02897925 Bond Period: January 15, 1996 to January 15, 1997 1111111, Insured: Public Employee Blanket - Water Office M Manager Coverages: $10,000 Inside Premises $ 3,000 Outside Premises .isµ $10,000 Per Employee """ $15,000 Excess Limit (Water Office Manager) " Premium: $ 1,667 A ex 119 EXHIBIT K-8 CITY OF WICHITA FALLS, TEXAS COMPUTATION OF LEGAL DEBT MARGIN (UNAUDITED) SEPTEMBER 30, 1996 Total assessed property value per 1995 tax roll $2,473,917,825 Maximum tax levy* $ 2.25/$100 Current tax levy for 1995 tax year .67675/$100 Maximum tax levy in excess of 1995 tax levy 1.57325/$100 Total legal debt margin $ 38,920,912 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 1995 tax rate is $ .67675 per $100 assessed valuation. * Maximum tax levy established by City Charter 110 EXHIBIT K-16 (Page 2 of 5) CITY OF WICHITA FALLS, TEXAS SCHEDULE OF INSURANCE COVERAGE (UNAUDITED) (CONT'D.) SEPTEMBER 30, 1996 Insurance Code ,re E Policy: Airport Liability Company: Sedgwick James of Texas, Inc. Policy No. : GENLIAB/TBD , Policy Period: October 1, 1996 to October 1, 1997 Perils: owner's, Landlord, and Tenants Liability Coverage: $1,000,000 CSL Deductible: None Coinsurance: N/A Premium: $ 2,011 F Policy: Public official Bond Company: Fidelity & Deposit Company Bond No. : FD 09688496 1 Bond Period: June 27, 1996 to June 27, 1997 Insured: City Manager - Jim Berzina Coverage: $25,000 Premium: $ 88 G Policy: Public Official Bond Company: Fidelity & Deposit Company . Bond No. : FD 30237391 Bond Period: August 1, 1996 to August 1, 1997 Insured: Purchasing Agent - Margaret Elizabeth (Peggy) Gahagan Coverage: $2,500 Premium: $ 50 I H Policy: Blanket Employees' Dishonesty - Theft, Disappearance Coverage Company: Fidelity & Deposit Company . Bond No. : FD 02897925 Bond Period: January 15, 1996 to January 15, 1997 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 • i 119 ■ EXHIBIT K-16 (Page 3 of 5) CITY OF WICHITA FALLS, TEXAS SCHEDULE OF INSURANCE COVERAGE (UNAUDITED) (CONT'D.) SEPTEMBER 30, 1996 Insurance Code Policy: Public Official Bond Company: Fidelity & Deposit Company Bond No. : FD 30523655 Bond Period: October 1, 1996 to October 1, 1997 Insured: City Clerk - Lydia Torres Coverage: $25,000 Premium: $ 92 J Policy: Public Official Bond Company: Aetna Insurance Company Bond No. : S10084654 Bond Period: August 6, 1996 to August 6, 1997 Insured: Director of Public Works - George Bonnett Coverage: $2,500 Premium: $ 50 x Policy: Public Official Bond Company: Aetna Insurance Company Bond No. : S100841241 Bond Period: August 24, 1996 to August 24, 1997 Insured: Municipal Court Administrator - Judith Elaine Bourgoin Coverage: $2,500 Premium: $ 50 L Policy: Public official Bond Company: Aetna Insurance Company Bond No. : S18072205 Bond Period: March 5, 1996 to March 5, 1997 Insured: Director of Finance - Fred Werner Coverage: $25,000 Premium: $ 88 M Policy: Public official Bond Company: Aetna Insurance Company Bond No. : 71 S 100648903 Bond Period: May 21, 1996 to May 21, 1998 Insured: Municipal Court Judge - Larry Gillen Coverage: $2,500 Premium: $ 100 120 EXHIBIT K-16 (Page 4 of 5) CITY OF WICHITA FALLS, TEXAS SCHEDULE OF INSURANCE COVERAGE (UNAUDITED) (CONT'D.) SEPTEMBER 30, 1996 Insurance Code N Policy: Health Insurance Company: U.S. Benefits Policy No. : City of Wichita Falls Employee Benefits Trust Policy Period: December 1, 1996 through November 30, 1997 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 or $10,000 yearly, then insurance company pays 100% of eligible expenses. Premium: $90,000 O Policy: Dental Insurance Company: U.S. Benefits Policy No. : City of Wichita Falls Employee Benefits Trust Policy Period: December 1, 1996 through November 30, 1997 ,, Perils: Basic Dental Coverage with Orthodontics for Children Under 19 Coverages: $1,000 Annual Maximum - Basic Coverage $1,000 Lifetime Maximum - Orthodontics 00 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) P Policy: Life Insurance Company: Aetna Life and Casualty Policy No. : GT-447782 (Group #) Policy Period: October 1, 1996 through September 30, 1997 u ! Perils: Death and Dismemberment Benefits Coverage: Varies from $3,000; $5,000; $7,500; $10,000; $12,000; $14,000; $15,000; Double Indemnity it Ni for Accidental Death. Dismemberment Benefits. Deductible: N/A Premium: Annual Estimate $42,000 11111 1000 121 000 EXHIBIT K-16 (Page 5 of 5) CITY OF WICHITA FALLS, TEXAS SCHEDULE OF INSURANCE COVERAGE (UNAUDITED) (CONT'D.) SEPTEMBER 30, 1996 Insurance Code Q Policy: Life Insurance (Directors Only) Company: Pilot Life Insurance Company Policy No. : 0548 (Group #1) Policy Period: January 1, 1997 to December 31, 1997 Perils: Accidental Death and Dismemberment Coverage: $25,000 Deductible N/A Premium: Annual Estimate $248 122 I I I I I *� I WichitaiTEXA I 1 I 1 I111111111 i i i :•. !.!.�A.':.A:i❖:: :::::❖: ❖�i;i❖;*❖;:i::::❖:S::;:❖ .❖:. :::: :: a::❖i:❖:: ::i: ❖. s:❖❖ :�.i•�::i:iii :: -••-:.;.; i:i:iiii❖O•-• -:i❖;i;•ss.i:isi;i:O❖.•.:❖b::•:-:4�❖:::--- .i.i:i:fisi:i•i.•.'.❖::•.:::•:❖.i..•..• :: • fil Cp)s.i.i:i:i:fi=i'•.:•.1•. :•:❖:• •.••.. : ::❖.❖•❖❖ O:i::; •�❖.❖.-.❖.❖ii❖':- ..•.. : ❖:: o:•. ••.❖*::i:i:i::=i:❖❖.•. . •❖.:• .. : •o':❖❖•:-•:' ❖:•:':�:i�i�i�i�i :.'. :: •. .• ••;••:'•:•:-:-•::❖:�i�i:ii '•� :❖i-: :::.::-:-:•••:: -❖:❖:-❖ :: 4*i:i:iif -•:i::❖ : ::::: :••;:•:-•;-.-.•:;:••:.❖❖.::: :.❖ ❖$it i•;: : • . •; :❖❖.: *::❖ .... ❖*•.•❖ii:i!4❖ '❖:❖:;:•❖•.❖::❖❖ .....•:.'.:❖:❖:-:!❖!:!.Ay..!.+i ❖❖•:❖.'.❖:❖:❖••.❖ . ❖ '.':'`::.:'.!-!•.A.H •::❖•: ❖.:-::;; .....❖..:.❖❖:::!❖.i:!.AL�H -..❖.i.:':..:i❖❖!:!-!:!.!.•.`S-Ai-❖i:-'❖:i:i.L - �H iss:L':'::•iLi:! �..... :::••❖:Ji:•:Q�J-i... ::❖ t!.-%.!i!i!..W ::„i•••❖:-::!:*.:i!AL ' .-.❖:.;•:.:.:•::-•::-.❖.;:❖.❖❖:.❖:i::.❖:.❖.•❖.0-P.:._:.:-:.:❖❖L❖:.❖•:.❖::.••::.-:.❖❖ib❖.-:.❖.:.:::__i::•:❖:•::::•::•::O:J:.:❖:❖:.:::•:-:❖❖:: :❖:::❖❖:::.-• coCO -.•-..•.-.•..-.❖. 661 �X ::.w � .❖.. ::•:❖:•. 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