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Wich4ita Fall!-
TFXAS
City of Wichita Falls, Texas
COMPREHENSIVE ANNUAL FINANCIAL REPORT
for Year hncleci September JO, 1966
ON THE COVER
Wichita Falls' multi-diamond softball complex was opened in
May of 1988 offering the public four diamonds adjacent to Plum
Creek Lake and located between I-44 and Sheppard Access Road.
The two-story central building houses a concession stand and
rest rooms on the first floor with a large central meeting
room flanked by four score-keepers enclosed boxes. The
complex was built at a cost of 1. 2 million dollars.
Grass warm up areas and picnic facilities separate each
playing field with water fountains by each dugout.
Nearly 5, 000 League players utilized the fields last season
plus 3 , 000 tournament players, and 19 tournaments have been
scheduled for the 1989 softball season including three Amateur
Softball Association State Tournaments and one Texas Amateur
Athletic Federation Tournament, in addition to scheduled
League play which numbers over 312 teams.
The seating capacity for the complex is 1, 000 with expansion
capability to 3 , 000. The Wichita Falls Invitational Fast
Pitch Tournament alone brings in 16 teams of 245 players with
over 1, 000 spectators.
CITY OF WICHITA FALLS, TEXAS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE YEAR ENDED SEPTEMBER 30, 1988
PREPARED BY:
DEPARTMENT OF FINANCE
FRED L. WERNER, C.P.A.
DIRECTOR OF FINANCE
CITY OF WICHITA FALLS, TEXAS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE YEAR ENDED SEPTEMBER 30, 1988
TABLE OF CONTENTS
Exhibit Page
INTRODUCTORY SECTION
Letter of Transmittal i-ix
GFOA Certificate of Achievement x
Organizational Chart xi
List of Principal Officials xii
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 7-8
Combined Statement of Changes in Financial Position - All
Proprietary Fund Types A-5 9-10
Notes to the Financial Statements 11-42
REQUIRED SUPPLEMENTARY INFORMATION:
Defined Contribution Pension Plan - Analysis of Funding
Progress - Last Ten Plan Years B-1 43
Defined Contribution Pension Plan - Revenues by Source and
Expenses by Type - Last Ten Plan Years B-2 44
COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS:
General Fund:
Comparative Balance Sheet C-1 45
Statement of Revenues, Expenditures and Changes in
Fund Balance - Budget and Actual C-2 46-49
CITY OF WICHITA FALLS, TEXAS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE YEAR ENDED SEPTEMBER 30, 1988
TABLE OF CONTENTS (CONT'D.)
Exhibit Page
COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS (CONT'D. ) :
Special Revenue Funds:
Combining Balance Sheet D--1 50
Combining Statement of Revenues, Expenditures and Changes
in Fund Balance - Budget and Actual D--2 51
Revenue Sharing Fund:
Comparative Balance Sheet D--3 52
Statement of Revenues, Expenditures and Changes
in Fund Balance - Budget and Actual D--4 53
Civic/Community Promotion Fund:
Comparative Balance Sheet D--5 54
Statement of Revenues, Expenditures and Changes
in Fund Balance - Budget and Actual D--6 55
Hotel/Motel Tax Fund:
Comparative Balance Sheet D--7 56
Statement of Revenues, Expenditures and Changes
in Fund Balance - Budget and Actual D--8 57
Community Development Block Grant Fund:
Comparative Balance Sheet D--9 58
Statement of Revenues, Expenditures and Changes
in Fund Balance - Budget and Actual D-10 59
Special Revenue Fund:
Comparative Balance Sheet D-11 60
Statement of Revenues, Expenditures and Changes
in Fund Balance - Budget and Actual D-12 61
Section 8 Housing Fund:
Comparative Balance Sheet D-13 62
Statement of Revenues, Expenditures and Changes
in Fund Balance - Budget and Actual D-14 63
Rental Rehabilitation Program Fund:
Comparative Balance Sheet D-15 64
Statement of Revenues, Expenditures and Changes
in Fund Balance - Budget and Actual D-16 65
Debt Service Fund:
Comparative Balance Sheet E-1 66
Statement of Revenues, Expenditures and Changes in
Fund Balance - Budget and Actual E-2 67
Capital Projects Funds:
Combining Balance Sheet F-1 68
Combining Statement of Revenues, Expenditures and
Changes in Fund Balance F-2 69
CITY OF WICHITA FALLS, TEXAS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE YEAR ENDED SEPTEMBER 30, 1988
TABLE OF CONTENTS (CONT'D.)
Exhibit Page
COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS (CONT'D. ) :
Enterprise Funds:
Combining Balance Sheet G-1 70-71
Combining Statement of Revenues, Expenses and Changes
in Retained Earnings G-2 72
Combining Statement of Changes in Financial Position G-3 73-74
Internal Service Fund:
Comparative Balance Sheet H-1 75
Statement of Revenues, Expenses and Changes in
Retained Earnings H-2 76
Statement of Changes in Financial Position H-3 77
Trust and Agency Funds:
Combining Balance Sheet I-1 78
Expendable Trust Funds - Combining Statement
of Revenues, Expenditures and Changes in
Fund Balance I-2 79
Agency Funds - Combining Statement of Changes in
Assets and Liabilities I-3 80-82
Supporting Schedules:
Combined Schedule of Bonded Debt and Interest Maturities J--1 83
Combined Schedule of Bonds Payable J--2 84-85
Debt Service Coverage - Revenue Bonds J--3 86
General Fixed Assets - Comparative Schedule of General
Fixed Assets - By Sources J--4 87
General Fixed Assets - Schedule of Changes in General
Fixed Assets - By Sources J--5 88
General Fixed Assets - Schedule of General
Fixed Assets - By Function and Activity J--6 89
General Fixed Assets - Schedule of Changes in General
Fixed Assets - By Function and Activity J--7 90-91
Airport Fund - Plant, Equipment and Depreciation J--8 92
Transit Fund - Plant, Equipment and Depreciation J--9 93
Sanitation Fund - Plant, Equipment and Depreciation J-10 94
Water and Sewer Fund - Plant, Equipment and Depreciation J-11 95
Internal Service Fund - Plant, Equipment and Depreciation J-12 96
CITY OF WICHITA FALLS, TEXAS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE YEAR ENDED SEPTEMBER 30, 1988
TABLE OF CONTENTS (CONT'D.)
Exhibit Page
STATISTICAL SECTION (UNAUDITED)
General Governmental Expenditures by Function (General Fund Only)
- Last Ten Fiscal Years K--1 97
General Revenues by Source (General Fund Only) - Last Ten
Fiscal Years K--2 98
Property Tax Levies and Collections - Last Ten Fiscal Years K--3 99
Assessed and Estimated Actual Value of Taxable Property -
Last Ten Fiscal Years K--4 100
Property Tax Rates and Tax Levies - All Overlapping
Governments - Last Ten Fiscal Years K--5 101
Ten Largest Taxpayers K--6 102
Special Assessment Collections (Capital Improvement Assessments
Fund) - Last Ten Fiscal Years K--7 103
Computation of Legal Debt Margin K--8 104
Ratio of Net General Bonded Debt to Assessed Value and
Net General Bonded Debt Per Capita - Last Ten Fiscal Years K--9 105
Ratio of Annual Debt Service Expenditures for General Bonded
Debt to Total General Expenditures - Last Ten Fiscal Years K-10 106
Computation of Direct and Overlapping Debt K-11 107
Revenue Bond Coverage - Water and Sewer Revenue Bonds -
Last Ten Fiscal Years K-12 108
Demographic Statistics - Last Ten Fiscal Years K-13 109
Property Value, Building Permits and Bank Deposits - Last
Ten Fiscal Years K-14 110
Miscellaneous Statistical Data K-15 111
Schedule of Insurance Coverage K-16 112-115
Graphics:
Cash and Short-Term Investments L--1 116
Total Bonds Payable L--2 117
General Obligation Bonds Payable L--3 118
Revenue Bonds Payable L--4 119
Total Fund Equity L--5 120
Analysis of Revenues By Source L--6 121
Analysis of Expenditures By Function L--7 122
INTRODUCTORY SECTION
Wichita Falls
January 29, 1989
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, 1988 , 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 with 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
within.
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 activity 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 and the combining and individual fund and account
group financial statements and schedules, as well as the auditor' s
report on the financial statements and schedules. The statistical
section includes selected financial and demographic information,
generally presented on a multi-year basis.
1300 7th Street P.O. Box 1431 817/761-7611 Wichita Falls, Texas 76307
i
This report includes all funds and account groups of the government.
The City provides the full range of basic services contemplated by
charter on a continuing basis. 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.
In accordance with NCGA Statement 3 , 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, four organizations were evaluated. They were
Employee Benefit Trust Fund, Firemen' s Relief and Retirement Board,
Housing Authority of the City of Wichita Falls, and the Wichita
County/City Hospital Board. Only the Employee Benefit Trust Fund 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 50 square miles of land in the City' s
boundary. Wichita Falls is the largest city within a 100-mile radius
and, 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 6. 1% unemployment rate
compared to a state rate of 7 . 1% as of September 30, 1988 .
MAJOR INITIATIVES
For The Year. The City of Wichita Falls has identified several major
programs needed to meet citizens desires for services and to safeguard
the environment in conformity with applicable federal and state
standards. These programs include the improvement and expansion of
the Cypress Water Plant, and the creation of a major water line
linkage between Cypress Plant and Riley Road to equalize water
pressure planes.
ii
Major Initiatives, Continued.
During the year, the City of Wichita Falls completed four-field
regional softball complex in May of 1988. This complex will be used
for State and Regional softball tournaments. The City also received a
Keep Texas Beautiful award in the amount of $100, 000 in June of 1988 .
For the Future. On December 8 , 1988, the City Council authorized the
City to file an application with the Texas Water Development Board for
a low interest revolving fund loan in the amount of $21, 500, 000. The
proceeds from this loan will be used for the expansion and renovation
of the sewer treatment plant and the installation of a large capacity
sewage collection interceptor line. On December 15, 1988 , the City
was informed that their application had been approved for $14 , 300, 000,
with subsequent funding to be made available upon additional analysis
by the Texas Water Development Board.
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
recognizing 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
safeguards 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, 1988 .
GOVERNMENTAL FUND TYPES, General Fund. Revenues in the General Fund
totaled $27 , 026, 407 in the 1987-88 fiscal year, an increase of 5. 6%
from the 1986-87 fiscal year. The increase is primarily due to an
increase in the sales tax and ad valorem taxes. General property
taxes produced 47 . 08% of general revenues compared to 48 . 61% in 1986-
87 and 45. 17% in 1985-86.
iii
Governmental Fund Types, Continued.
Increase
(Decrease)
Percent Over Prior
Revenue Source Amount of Total Year
Taxes $22 , 195,718 82 . 12% $ 697, 000
Charges for service 1, 295, 629 4 .79 130, 962
Licenses and permits 598, 915 2 .22 245, 236
Fines 885, 805 3 . 28 45, 338
Intergovernmental revenue 704 , 187 2 . 61 62 , 238
Miscellaneous revenue 1, 346, 153 4 .98 265, 400
$27 , 026 . 407 100. 00% $1, 446 . 174
Assessed valuation was $2 , 274 , 820, 154 based on 100% of market value.
Current tax collections were 96. 49% of the tax levy, up 1. 06% from
last year. The ratio of total collections (current and delinquent) to
the current tax levy was 99. 84%. Allocation of the property tax levy
by purpose for the year ended September 30, 1988, and the preceding
two fiscal years was as follows:
Purposes 1987-88 1986-87 1985-86
General Government $12 , 186, 667 $12, 116, 281 $11, 337, 416
Debt Service 2 , 322 , 137 2 , 285, 575 2 , 603 , 193
The increase in levels of expenditures for major functions of the City
over the preceding year are shown in the following tabulation.
Increase
(Decrease)
Percent Over Prior
Function Amount of Total Year
Administrative Services $ 4 , 838, 572 16. 27% $ (195, 259)
Police 7 , 578, 322 25. 49 335, 635
Fire 5, 096, 563 17 . 14 252 , 477
Parks and Recreation 3 , 192 , 387 10. 73 264 , 041
Accounting/Finance 432, 777 1. 46 24 , 788
Planning 336, 317 1. 14 66, 655
Public Works 5, 200, 849 17 . 49 (32 , 822)
Health 1, 836, 848 6. 18 (102 , 402)
Traffic and Transportation 1, 217 , 950 4 . 10 (78 , 524)
$29 , 730 , 585 100. 00% $534 . 589
iv
Governmental Fund Types, Continued.
Expenditures from the General Fund totaled $29,730, 585, an increase of
1.83% over the 1986-87 fiscal year.
Major changes are seen in the Administrative Services Department due
to a decrease in subsidized health premiums and medical service
contracts.
Expenditures in the Police Department increased because of a Police
Academy being held in the early part of the year and additional
equipment acquisitions.
There has been an increase in the personnel costs of the Fire
Department due to additional staffing from a new recruit class.
Construction costs for the Parks and Recreation Department have
increased due to the completion of a four-field softball complex.
The decreased costs in the Health Department are due to the completion
of the Women, Infants and Children building extension at the health
facilities which was completed during the prior year.
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, 1988, was $. 6378 per $100 which means that
the City has a tax margin of $1. 6122 per $100, and could raise up to
$36, 674 , 651 additional tax revenue a year from the present assessed
valuation of $2 , 275, 820, 154 before the limit is reached.
General Fund Balance. The fund balance of the general fund increased
by $246, 250 in 1988 which is 2 . 57% over 1987.
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 for a total of 13%.
The Revenue Sharing Funds, Community Development Block Grant, Rental
Rehabilitation Fund and Section 8 Housing, which are used to subsidize
rents and housing payments for lower income families within the City,
are also included in Special Revenue Funds. The use of Revenue Sharing
Funds and Community Development Funds are enumerated in Note 6.
V
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 1987-88 fiscal period, expenditures from the
Capital Projects Funds amounted to $1, 291, 175. Capital Projects Funds
balances on hand as of September 30, 1988 , were $12 , 036, 402 . The
significant uncompleted project in Capital Projects Funds at the
present time is:
Holliday Creek Flood Control Project
CAPITAL IMPROVEMENT ASSESSMENTS. The Capital Improvement Assessment
Fund was a new fund for fiscal year ended September 30, 1987 . This
fund formerly was called the Special Assessment Fund. The change to
Capital Improvement Assessment Fund was made to conform to current
financial reporting standards. It is used to account for street and
sidewalk paving.
PROPRIETARY FUNDS, Water and Sewer. The Water and Sewer operation
for the past three years is presented in the following tabulation:
Water and Sewer: 1987-88 1986-87 1985-86
Income Available for Debt
Service $5, 805, 625 $4 , 230, 749 $4 , 588 , 812
Maximum Annual Debt Service 2 , 453 , 276 2 , 453 , 511 2 , 457 , 972
Maximum coverage (income
available for debt service
divided by maximum annual
debt service) 2 . 36 x 1.72 x 1. 87 x
Airport. Operating revenues of the Airport for the year ended
September 30, 1988, were $181, 959. This is an increase of 4 .9%.
Operating expenses increased 1. 9%. This was due to refurbishing and
improving the interior at the airport.
Transit. Operating revenues of the Transit system were consistent
with the prior year: 87-88 - $145, 453 ; 86-87 - $141, 962 ; a modest
increase of 2 . 47%. Operating expenses were: 87-88 $490, 557 ; 86-87 -
$473 , 878 ; an increase of 3 . 5%.
Sanitation. Sanitation revenues for the year ended September 30,
1988 , were $4, 716, 133 ; in 86-87 they were $4 , 579, 009 ; an increase of
3% from the prior year. Operating expenses decreased . 7% ; from
$4 , 292 , 642 in 86-87 to $4 , 263 , 138 in 87-88 .
vi
INTERNAL SERVICE FUND, Fleet Maintenance Internal Service Fund. The
City created an Internal Service Fund for improved maintenance over
the vehicle fleet on October 1, 1985. Divisions which use the
vehicles and equipment are charged a monthly rental fee for the use of
the vehicle.
The City of Wichita Falls, Texas created the Reinvestment Zone Number
One on March 18 , 1986 under Ordinance 22-86. Subsequent to the
aforementioned date, the City of Wichita Falls, Texas contracted with
the County of Wichita and the Wichita Falls Independent School
District for a 15% reduction in the tax increment which these entities
will be contributing to the Tax Increment Fund for Reinvestment _Zone
Number One. Both of these contracts were passed and approved by
Resolution 199-86 and 200-86 respectively on December 16, 1986. The
City of Wichita Falls, Texas will be contributing 100% of the revenue
from its tax increment. Wichita County and Wichita Falls Independent
School District will be contributing 85% of the revenue from their tax
increment.
The tax increment base for Reinvestment Zone Number One is as follows:
Taxable Taxable
Tax Tax Current Captured
Increment Base Increment Base Appraised Value
1-1-86 1-1-88 1-1-88
City $65, 062, 190 $57 , 270, 134 $685, 910
Wichita County 65, 062 , 190 57 , 270, 134 685, 910
School 64 , 965, 658 57 , 151, 447 674 , 417
Values for January 1, 1988 are subject to modifications by the Wichita
Appraisal District, Appraisal Review Board.
The Reinvestment Zone Number One has received a tax increment as
of September 30, 1988 in the amount of $5, 224 . 00 .
FIDUCIARY FUNDS. Fiduciary Funds are set up for the purpose of
accounting for money and property received from non-enterprise fund
sources and held by a governmental unit in the capacity of trustee,
custodian, or agent for individuals, governmental entities and non-
public organizations. Included in the Fiduciary Funds are Social
Security, Payroll, Tax Collection, Accounts Payable, Deferred
Compensation Funds and the Employee Benefit Trust Fund.
vii
DEBT ADMINISTRATION. Outstanding general obligation bonds at
September 30, 1988, totaled $21, 630, 000 and is considered to be direct
tax supported debt. The ratio of net bonded debt to assessed
valuation and the amount of bonded debt per capita are useful
indicators of the City's debt position to municipal management,
citizens and investors. The data for the 1987-88 fiscal year was as
follows:
Ratio of Debt
to Assessed Debt Per
Value Capita
Net Direct Bonded Debt $21,229, 577 .93% $216
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 government securities and repurchase agreements. The
total amount of interest earned on these investments amounted to
$2 , 945, 785; an increase over the prior year of $177, 004 or 6.4%.
RISK MANAGEMENT. During 1988, 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, selected by the Mayor and City Council. This requirement
has been complied with and Mathis, West, Huffines & Co. , P. C. ' s
opinion has been included in this report. The statistical section of
this report was not included within the scope of the audit.
viii
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, 1987 .
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.
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 Achievement Program
requirements, and we are submitting it to GFOA to determine its
eligibility for another certificate.
ACKNOWLEDGEMENTS. Our appreciation is extended to the various elected
officials, department heads and employees responsible for the fair
presentation of the comprehensive annual report and 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, we would like to acknowledge the special efforts of the
Department of Finance employees who contributed directly to the
development of this report. The continuing support of Wichita Falls'
elected officials and City Manager, who remain committed to fiscal
integrity and financial leadership, is likewise appreciated.
Sincerely yours,
Fred L. Werner, CPA
Director of Finance
ix
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, 1987
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.
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C s PATI yaON k President
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Executive Director
x
CITY OF WICHITA FALLS
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CITY OF WICHITA FALLS, TEXAS
LIST OF PRINCIPAL OFFICIALS
SEPTEMBER 30, 1988
Title Name
Mayor Perry Goolsby
Mayor Pro-Tem Charles Thomas
City Council Member John Hirschi
City Council Member Angus Thompson
City Council Member Dr. Robert Barenberg
City Council Member Ronald Buffum
City Council Member Donald Kirkham
City Manager James Berzina
City Attorney H. P. Hodge
Municipal Court Judge Larry Gillen
City Clerk Wilma Thomas
Assistant City Manager Louise Houseworth
Director of Traffic and Transportation Robert Parker
Director of Finance Fred L. Werner, C.P.A.
Director of Administrative Services Louise Houseworth
Director of Planning Roger McKinney
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.
xii
FINANCIAL SECTION
•
MATHIS,WEST, HUFFINES&CO., P.C. Capital Center • Indiana at Seventh
Certified Public Accountants P.O. Box MWH • Wichita Falls,Texas 76307-9989
(817)723-1471
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, 1988, 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 financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and signif-
icant estimates made by management, as well as evaluating the overall
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, 1988, and the results of
its operations and the changes in financial position of its proprietary and
similar trust 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
Our audit was made 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.
4L--,41„, 4 Cr- /9 c_
•
MATHIS, WEST, HUFFINES & CO., P.C.
Wichita Falls, Texas
January 4, 1989
2
GENERAL PURPOSE FINANCIAL STATEMENTS
CITY OF WICHITA FALLS, TEXAS
EXHIBIT A-1
COMBINED BALANCE SHEET -ALL FUND TYPES AND ACCOUNT GROUPS (Page 1 of 2)
SEPTEMBER 30, 1988
WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1987
Fiduciary Account Groups
Governmental Fund Type. Proprietary Fund Types Fund Types General General Totals
Special Debt Capital Internal Trust and Fixed Long-Term (Memorandum Only)
General Revenue Service Project. Enterprise Service Agency Assets Debt 1988 1987
ASSETS
Cash and short-term investment. $10,192,969 $1,125,963 $ - $11,571,293 $ 6,593,748 $ 851,460 $ 980,348 $ - $ - $ 31,315,781 $ 31,077,088
Receivables (net of allowance for
uncollectible):
Taxes and assessments (Note 7) 1,184,866 156,554 - 454,730 - - 2,675,399 - - 4,471,549 4,618,727
Customer and trade - - - - 1,718,822 - - - - 1,718,822 1,751,576
Other City funds (Note 18) - - - - - - 1,341 - - 1,341 3,116
Government agencies 573,225 2,378,137 - - 186,615 - - - - 3,137,977 3,052,828
Other 224,251 4,206 - 10,379 44,646 - 125 - - 283,607 530,084
Inventory 27,790 - - - 562,097 294,053 - - - 883,940 855,379
Prepaid items 34,825 124,817 - - 8,339 487 - - - 168,468 221,132
Restricted assets (Note 8):
Cash and short-term investments - - 389,655 - 9,249,344 - - - - 9,638,999 10,054,260
Receivables:
Pause - - 327,611 - - - - - 327,611 388,516
Government agencies 135,943 - - - - - - - 135,943 195,474
Other - - - - 142,181 - - - - 142,181 110,376
Plant and equipment (Not.9):
Lend and betterments - - - - 24,573,404 433,658 - 14,327,189 - 39,334,251 38,977.801
Building., systems and improvement. - - - - 61,494,239 4,008,948 - 14,159,440 - 79,662,627 74,353.293
Machinery and equipment - - - - 2,679,738 - - 3,411,385 - 6,091,123 5,766,164
Furniture and fixtures - - - - 46,456 5,974 - 461,194 - 513,624 794,847
Motor vehicles and equipment - - - - 3,670 14,485,375 - 124,805 - 14,613,850 13,488,013
Construction in progress - - - - 9,446,967 - - 694,263 - 10,141,230 11,043,738
Accumulated depreciation ( 30,839,511) ( 7,686,282) - - - ( 38,525,793) ( 35,903,097)
{/J Amount available for retirement of bonds - - - - - - - - 400,423 400,423 269,301
Amount to b. provided for the retirement
of capital lease■ - - - - - - - - 15,000 15,000 213,337
Amount to be provided for accrued
vacation and sick leave - - - - - - - - 2,886,413 2,886,413 2,831,397
Amount to b. provided for the
retirement of bonds - - - - - - - - 21,229,577 21,229,577 21,965,699
Amount to be provided for claims and judgments - - - - - - - - 82,740 82,740 93,918
Deferred charges - - - - 658,130 - - - - 658,130 698,367
Other assets 188 - - - - - - - - 188 -
TOUT aseete S12,174,057 53.789.677 1717.266 212,036,402 8$ 6,568,885 $12,393.673 $3,657,213 $33,178.276 $24.614,153 $189.329.602 1187.451.334
The accompanying Notes are an integral part of these financial statements.
EXHIBIT A-1
CITY OF WICHITA FALLS, TEXAS (Page 2 of 2)
COMBINED BALANCE SHEET -ALL FUND TYPES AND ACCOUNT GROUPS (CONT'D.)
SEPTEMBER 30, 1988
WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1987
Fiduciary Account Groupe
Governmental Fund Types Proprietary Fund Types Fund Types General General Totals
Special Debt Capital Internal Trust and Fixed Long-Term (Memorandum Only)
General Revenue Service Protects Enterprise Service Agency Assets Debt 1988 1987
LIABILITIES AND FUND EOUITY
Liabilities:
Bank overdraft $ - $ 332,316 $ - $ - $ 187,342 $ - $ 1,341 $ - $ - $ 520,999 $ 217,501
Accounts payable - trade - 617,737 221,967 - 93,965 718,981 296,687 839,877 - - 2,789,214 2,142,052
Accrued payroll 197,219 5,207 - - 238,022 62,023 - - - 502,471 1,160,364
Accrued vacation and sick leave (Note 21) 100,000 - - - - - - - 2,886,413 2,986,413 2,931,397
Payable to other City fund. (Note 18) 1,341 - - - - - -
- 1,341 3,116
Payable to government agencies27,300 18,267 - - 1,506 - 2,675,217 - 2,722,290 2,924,825
Estimated health claims payable - - - - - - 193,027 - - 193,027
Other liabilities 485,831 47,465 - 74,430 180,558 - 4,057 - - 792,341 721,032
Deferred revenue 1,133,925 87,762 - 454,730 - - - - - 1,676,417 1,655,561
Capital leases payable (Note 15) - - -
Claims and judgment.payable (Note 21) - - - - - - 15,00012,70 213,337
82,74 0 82,740 93,918
Payable from restricted assets:
Contracts end trade - - 370 - 765 - - - - 1,135 257,O41
Revenue bonds (Note 16) - - - - 600,000 - - - - 600,000 575,000
Accrued Snter..t- revenue bond. - - - - 308,558 - - - - 308,558 313,829
Matured bonds and interest payable - - - - 3,000 - - - - 3,000 3,000
Deferred revenue - - 316,473 - 108,000 - - - - 424,473 367,744
General obligation bonds payable (Note 16) - - - - - - - - 21,630,000 21,630,000 22,235,000
Payable to U.S. Government (Note 13) - - - - 1,093,040 - - - 1,093,040 1,108,940
Revenue bonds payable (Note 16) - - - - 22,835,000 - - - - 22,835,000 23,435,000
Other long-term liabilities:
Customer deposits- payable from
restricted mots - - - - 98e.753 - - 98e.753 922.085
Total liabilities 2,563.353 7.12,98e 316.8{3 623.125 27,259.525 358,710 3,713.519 - 24,614,153 60,162,212 61.280.742
Fund equity:
Contributed capital (Note 20) - - - - 21,988,951 12,060,118 - 34,049,069 33,566,885
Inve.tment in general fixed assets - - - - - - - 33,178,276 - 33,178,276 33,O46,490
Retained earnings (deficit):
Reserved for revenue bond debt service - - - - 2,905,568 - - 2,905,568 2,867,634
Unreserved (Note 4) - - - - 34,414,841 ( 25,155) - - 34,389,686 30,793,782
Fund balances (deficit):
Reserved for encumbrances 637,497 304,812 - 2,600,151 - - - - - 3,542,460 2,082,491
Reserved for inventory and prepaid items 62,615 124,817 - - - - - - 187,432 213,939
Unreserved:
Designated for:
Subsequent years expenditures 1,750,000 2,622,343 - 8,813,126 - - 42,069 - - 13,227,538 15,862,723
Debt service 400,423 - - - - - 400,423 269,301
Undesigna tad (Note 4) 7,360.592 2�1721 - - ( 98.375) - - 7,286.938 7.467.347
Total fund equity (deficit) 9,810,70d 3.076.693 e00.123 11.113,277 59.309,360 12.034,963 ( 56.306) 33,178,276 - 129,167,390 126.170.592
Total liabilities and fund equity $12,374,057 $3,789,677 71$ 7.266 $122 036.e02 $86.568.885 $12,393.673 $3,6571213 $33.�8 17 ,276 $2e.61ea153 $189429.602 $187.e�51.33e
The accompanying Notes are an Integral part of thew financial statements.
EXHIBIT A-2
CITY OF WICHITA FALLS, TEXAS
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES -
ALL GOVERNMENTAL FUND TYPES AND EXPENDABLE TRUST FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 1988
WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 1987
Fiduciary
Governmental Fund Types Fund Types Totals
Special Debt Capital Expendable (Memorandum Only)
General Revenue Service Projects Trust 1988 1987
Revenues:
Taxes (Note 7) $22,195,718 $ 587,386 $ 2,363,009 $ - $ - $25,146,913 $24,280,243
Special assessments - - - 20,530 - 20,530 20,465
Charges for services 1,295,629 - - - - 1,295,629 1,164,667
Licensee and permits 598,915 - - - - 598,915 353,679
Fines 885,805 - - - - 885,805 840,467
Intergovernmental revenue 704,187 2,823,485 - - - 3,527,672 3,055,271
Contributions - - - - 1,926,449 1,926,449 2,096,145
Miscellaneous revenue 1,346.153 515,143 55,931 765.594 5,344 2,688.165 2.591.122
Total revenues 27.026.407 3,926.014 2.419.740 786,124 1.931.793 36.090.078 34.402.059
Expenditures:
Current:
Administrative services
division 4,838,572 2,617,311 - - 2,099,343 9,555,226 9,345,240
Police division 7,578,322 - - - - 7,578,322 7,242,687
Fire division 5,096,563 - - - - 5,096,563 4,844,086
Parks and recreation
division 3,192,387 3,192,387 2,928,346
Accounting/finance division 432,777 - - - - 432,777 469,576
Planning division 336,317 - - - - 336,317 269,662
Public works division 5,200,849 - - - - 5,200,849 5,233,671
Health division 1,836,848 - - - - 1,836,848 1,939,250
Traffic and transportation
division 1,217,950 - - - - 1,217,950 1,296,474
Capital outlay - 36,354 - 1,291,175 - 1,327,529 1,422,645
Debt service:
Principal retirement - - 605,000 - - 605,000 305,000
Interest and paying agent fees - - 1,683,618 - - 1.683,618 1.983.420
Total expenditures 29.730,585 2,653,665 2.288,618 1.291.175 2.099.343 38.063,386 37,280,057
Excess of revenues over (under)
expenditures ( 2.704,178) 1.272.349 131,122 ( 505,051) ( 167,550) ( 1,973,308) ( 2,877,998)
Other financing sources (uses):
Operating transfers in 942,704 193,545 - - 60,000 1,196,249 1,079,605
Operating transfers out - ( 193,545) - - - ( 193,545) ( 346,620)
Contributions from (by)
operating grants (Note 5) 2,007.724 ( 2,288.130) - - - ( 280,406) ( 389.111)
Total other financing
sources (uses) 2.950.428 ( 2.288.130) - - 60,000 722,298 343,874
Excess of revenues and other
sources over (under)
expenditures and other uses 246,250 ( 1,015,781) 131,122 ( 505,051) ( 107,550) ( 1,251,010) ( 2,534,124)
Fund balance - beginning 9.564,454 4,092,474 269,301 11,918,328 51,244 25,895,801 28,429,925
Fund balance (deficit) - ending $ 9,810,704 $3,076,693 $ 400,423 $11,413,277 ($ 56,306) $24,644,791 $25.895.801
The accompanying Notes are an integral part of these financial statements.
BIT A.3
CITE OF WICHITA PALLS, TEXAS
COMBINED STATEMENT OF REVENUES, EXPENDITURES Alf)CHANGES IN FUND BALANCES-SODOM AND ACTUAL-
GENERAL, SPECIAL REVENUE, AND DEBT SERVICE FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 198E
Totals
General Fund Special Revenue Funds Debt Service Pond (Memorandum Only)
Variance- Variance- Variance- Variance-
Pavorable Favorable Favorable Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable) Budget Actual (Unfavorable) Budget Actual (Unfavorable)
Revenues:
Taxes (Note 7) $22,162,897 S22,195,718 $ 32,821 $ 591,167 $ 587,386 ($ 3,781) $2,287,502 $ 2,363,809 $ 76,307 $25,041,566 $25,146,913 $ 105,347
Charges for services 1,266,900 1,295,629 28,729 - - - - - - 1,266,900 1,295,629 28,729
Licenses and permits 422.520 598,915 176,395 - - - - _ _ 422,520 598,915 176,395
Pines 852,950 885,805 32,855 - - - - - - 852,950 885,805 32,855
Intergovernmental revenue 730,401 704,187 ( 26,214) 2,833,446 2,823,485 ( 9,961) _ - - 3,563,847 3,527,672 ( 36,175)
Miscellaneous revenue 939 478 1 346 153 406 675 472 523 515 143 42 620 5 000 55 931 50 931 1,417,001 1,917,227 500,226
Total revenues 2613751146 27.026,407 651,261 3,897,136 3,926,014 28,87E 21292,502 2,419,740 127,23E 32,564,784 33,372,161 807,377
Expenditures:
Current:
Administrative services
division 5,583,560 4,838,572 744,988 3,283,963 2,617,311 666,652 _ - - 8,867,523 7,455,883 1,411,640
Police division 7,703,280 7,578,322 124,958 - - - - _ - 7,703,280 7,578,322 124,958
Fire division 5,129,239 5,096,563 32,676 - - - - - - 5,129,239 5,096,563 32,676
Parks and recreation division 3,239,408 3,192,387 47,021 - - - - - - 3,239,408 3,192,387 47,021
Accounting/finance division 436,451 432,777 3,674 - - - - _ - 436,451 432,777 3,674
Planning division 349,481 336,317 13,164 - - - - - - 349,481 336,317 13,164
Public works division 5,316,706 5,200,849 115,857 - - - - - - 5,316,706 5,200,849 115,857
Health division 1,931,199 1,836,848 94,351 - - - - _ - 1,931,199 1,836,848 94,351
Traffic and transportation
division 1,298,975 1,217,950 81,025 - - - - - - 1,298,975 1,217,950 81.025
Capital outlay - - - 54,389 36,354 18,035 - - - 54,389 36,354 18,035
Debt service:
Principal retirement - - - - - - 605,000 605,000 - 605,000 605,000 -
Interest and paying
41 agent fees - - - - - - 1,687,502 1,683,61E 3,884 1,687,502 1,683,61E 3,884
Total expenditure. 30.988.299 29,730,585 14257,714 3,338,352 2,653,665 684,687 2,292,502 2,288,61E 3,884 36,619,153 34,672,86E 1.946,285
mxoess of revenues over (under)
expenditures ( 4,613,153) ( 2,704,17E) 1,908,975 558,784 1,2 ,72349 713,565 - 131,122 131,122 ( 4,054,369) ( 1.300,707) 2.753,662
Other financing source• (uses):
Operating transfers in 942,704 942,704 - 207,971 193,545 ( 14,426) - - - 1,150,675 1,136,249 ( 14,426)
Operating transfer. out - - - ( 207,610) ( 193,545) 14,065 - - - ( 207,610) ( 193,545) 14,065
Contributions from (by)
operating grants 2,007,724 2,007,724 - ( 2,288,130) ( 2,288,130) - - - - ( 280,406) ( 280.406) -
Total other financing
sources (uses) 2,950,428 2,950,42E - ( 2,287,769) ( 2,288,130) ( 361) - - - 662,659 662,298 ( 361)
Excess of revenues and other sources
over (under) expenditures and other
uses ($ 1,662,725) 246,250 51,908,975 ($1,728,985) ( 1,015,781) 5 713,204 1 - 131,122 1 131,122 ($ 3,391,710) ( 638,409) $ 2.753.301
Fund balance -beginning 9,564,454 4,092,474 269,301 134926,229
Fund balance -ending $ 9,810,704 $3,076,693 $ 400,423 $13,287,820
The accompanying Notes are an integral part of these financial statements.
EXHIBIT A-4
CITY OF WICHITA FALLS, TEXAS (Page 1 of 2)
COMBINED STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS -
ALL PROPRIETARY FUND TYPES
FOR THE YEAR ENDED SEPTEMBER 30, 1988
WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 1987
Proprietary Fund Types Totals
Internal (Memorandum Only)
Enterprise Service 1988 1987
Operating revenues:
Charges for services $17,659,546 $ - $17,659,546 $16,505,890
Rents, concessions and other 326,457 5,478,984 5,805,441 5,784,333
Total operating revenues 17,986,003 5,478,984 23,464,987 22,290,223
Operating expenses:
Personnel services 4,924,630 1 ,062,218 5,986,848 5,842,971
Supplies and materials 651 ,800 905,319 1 ,557, 119 1 ,313,678
V Maintenance and repairs 5,015,457 1 ,130,581 6,146,038 6,558,024
Utilities and other services 2,306,175 258,202 2,564,377 2,419,276
Insurance and contract support 514,913 2,759 517,672 620,684
Depreciation and amortization 1 ,692,622 1 ,579,623 3,272,245 3, 123,722
Total operating expenses 15, 105,597 4,938,702 20,044,299 19,878,355
Operating income 2,880,406 540,282 3,420,688 2,411 ,868
Non-operating revenues (expenses) :
Interest income 970,852 7,244 978,096 1 ,041 ,643
Gain (loss) on sale of fixed assets ( 1 ,764) ( 42,372) ( 44, 136) 46,561
Litigation proceeds 423,709 - 423,709 -
Interest expense and paying agent fees ( 716,105) - ( 716, 105) ( 79,297)
Contributions from operating
grants 286,066 - 286,066 340, 170
Total non-operating revenues (expenses) 962,758 ( 35, 128) 927,630 1 ,349,077
The accompanying Notes are an integral part of these financial statements.
EXHIBIT A-4
CITY OF WICHITA FALLS, TEXAS (Page 2 of 2)
COMBINED STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS -
ALL PROPRIETARY FUND TYPES (CONT'D. )
FOR THE YEAR ENDED SEPTEMBER 30, 1988
WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 1987
Proprietary Fund Types Totals
Internal (Memorandum Only)
Enterprise Service 1988 1987
Income before operating transfers 3,843, 164 505, 154 4,348,318 3,760,945
Operating transfers:
Operating transfers in 228,224 - 228,224 210,049
Operating transfers out ( 630,270) ( 312,434) ( 942,704) ( 943,034)
Net operating transfers ( 402,046) ( 312,434) ( 714,480) ( 732,985)
m Net income 3,441 , 118 192,720 3,633,838 3 ,027,960
Retained earnings (deficit) - beginning 33,879,291 ( 217,875) 33,661 ,416 30,638, 129
Residual equity transfer to Internal
Service Fund - - - ( 4,673)
Retained earnings (deficit) - ending $37,320,409 ($ 25, 155) $37,295,254 $33,661 ,416
The accompanying Notes are an integral part of these financial statements.
EXHIBIT A-5
CITY OF WICHITA FALLS, TEXAS (Page 1 of 2)
COMBINED STATEMENT OF CHANGES IN FINANCIAL POSITION -
ALL PROPRIETARY FUND TYPES
FOR THE YEAR ENDED SEPTEMBER 30, 1988
WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 1987
Proprietary Fund Types Totals
Internal (Memorandum Only)
Enterprise Service 1988 1987
Sources of funds:
Net income $ 3,441 ,118 $ 192,720 $ 3,633,838 $ 3,027,960
Items not requiring (providing)
working capital:
Depreciation and amortization 1 ,692,622 1 ,579,623 3,272,245 3,123,722
(Gain) loss on sale of assets 1 .764 42,372 44, 136 ( 46,561 )
Working capital provided by operations 5,135,504 1 ,814,715 6,950,219 6,105,121
Contributed capital 228,970 253,214 482, 184 410,012
Proceeds from sale of assets - 87,885 87,885 141 ,373
Customer deposits, net 62,668 - 62,668 51 ,913
Transfer of assets to Internal Service Fund - - - 4,673
Contributions from equity transfers - - - 8,485
Decrease in restricted assets 524,582 - 524,582 4,888,501
Total sources of funds 5,951 ,724 2,155,814 8,107,538 11 ,610,078
Application of funds:
Deferred charges - - - 9,223
Purchase of fixed assets 4,436,705 2,105,691 6,542,396 11 ,875,886
Retirement of revenue bonds 600,000 - 600,000 575,000
Payment of U.S. Government obligation 15,900 - 15,900 15,399
Residual equity transfer to
Internal Service Fund - - - 4,673
Transfer of assets from Enterprise Funds - - - 4,673
Transfer of assets from General Fixed
Asset Account Group - - - 3,812
Decrease in current liabilities payable
from restricted assets 128,547 - 128,547 31 ,102
Total application of funds 5,181 ,152 2, 105,691 7,286,843 12,519,768
Net increase (decrease) in working capital $ 770,572 $ 50,123 $ 820,695 ($ 909.690)
The accompanying Notes are an integral part of these financial statements.
EXHIBIT A-5
CITY OF WICHITA FALLS, TEXAS (Page 2 of 2)
COMBINED STATEMENT OF CHANGES IN FINANCIAL POSITION -
ALL PROPRIETARY FUND TYPES (CONT'D. )
FOR THE YEAR ENDED SEPTEMBER 30, 1988
WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 1987
Proprietary Fund Types Totals
Internal (Memorandum Only)
Enterprise Service 1988 1987
Summary of net changes in working capital:
Increase (decrease) in current assets:
Cash and short-term investments $ 1 ,087,007 $ 99,535 $ 1 ,186,542 ($ 1 ,026,755)
Receivables:
Customer and trade ( 32,754) - ( 32,754) 263,194
Other City funds - - - ( 28,885)
0 Government agencies 27,800 - 27,800 72,211
Other ( 41 ,405) ( 347) ( 41 ,752) 50,821
Inventory 62, 189 ( 37,613) 24,576 1 ,228
Prepaid items 4,982 ( 230) 4,752 2,655
Net increase (decrease)
in current assets 1 , 107,819 61 ,345 1 , 169, 164 ( 665,531 )
Increase (decrease) in current liabilities:
Bank overdraft 30, 130 - 30,130 105, 192
Accounts payable - trade 320,537 35,679 356,216 98,003
Accrued payroll ( 123,258) ( 24,457) ( 147,715) 50,743
Payable to other City funds - - - ( 13,672)
Payable to government agencies 1 ,506 - 1 ,506 ( 7,807)
Other liabilities 108,332 - 108,332 11 ,700
Net increase in current liabilities 337,247 11 ,222 348,469 244, 159
Net increase (decrease) in working capital $ 770,572 $ 50, 123 $ 820,695 ($ 909,690)
The,accompanying Notes are an integral part of these financial statements.
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS
SEPTEMBER 30, 1988
Note 1 - DEFINING THE REPORTING ENTITY
In accordance with National Council on Governmental Accounting (NCGA)
Statement 3, which addresses the issue of defining the reporting entity with
respect to other agencies, institutions, commissions, public authorities, or
other government organizations for inclusion in the reporting entity's
general purpose financial statements, City of Wichita Falls, Texas (City)
management identified four organizations which were evaluated for inclusion
using the following criteria:
1 . Exercise of oversight responsibility over such agencies by the City's
elected officials:
a. Financial interdependency
b. Selection of governing authority
c. Designation of management
d. Ability to significantly influence operations and accountability
for fiscal matters.
2. Scope of public service:
a. Whether the activity is for the benefit of the reporting entity
and/or its residents
b. Whether the activity is conducted within the geographic boundaries
of the reporting entity and is generally available to the citizens
of that entity.
The four organizations evaluated were not involved in any joint ventures with
the City as defined by NCGA Statement 7.
The organizations identified and evaluated for inclusion in the City's
financial statements were:
Employee Benefit Trust Fund
Based on the above criteria, the financial statements of the Employee
Benefit Trust Fund are included in the City's accompanying financial
statements as an expendable 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 Employee Benefit Trust Committee consists of
four Trustees selected by the City, who may, but need not be, benefi-
ciaries 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 Fund 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.
11
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D,)
SEPTEMBER 30, 1988
Note 1 - DEFINING THE REPORTING ENTITY (CONT'D.)
Firemen's Relief and Retirement Fund
The activities of the Firemen's Relief and Retirement Fund, in the City's
professional judgment, are not a part of the City and thus are excluded
from the accompanying financial statements. The Wichita Falls Firemen's
Relief and Retirement Fund is established and 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 and Director of Finance, three firefighters elected by a majority
vote of the firefighters and two citizens, who are not employees or
officers of the City and are chosen by the unanimous vote of the first
five Trustees, are subject to the administrative supervision of and report
to the State Firemen's Pension Board.
Other Organizations
Other organizations not meeting the criteria used by the City for inclu-
sion in the City's financial statements include the following:
Housing Authority of the City of Wichita Falls
Wichita County/City Hospital Board
These organizations represent separate non-profit governmental units and
are not controlled by or dependent upon the City. They also did not meet
the criteria of financial interdependency, which is the most significant
manifestation of oversight and includes responsibility for financing
deficits, entitlements to surpluses, and guarantees of or "moral responsi-
bility" for debt.
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 govern-
ments. Generally accepted accounting principles for local governments
include those principles prescribed by the Governmental Accounting Standards
Board (GASB) , which includes all statements and interpretations of the
National Council on Governmental Accounting (NCGA) unless modified by the
GASB, and those principles prescribed by the American Institute of Certified
Public Accountants in the publication entitled Audits of State and Local
Governmental Units. The following is a summary of the more significant
policies and practices used by the City.
12
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1988
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 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 appro-
priation 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 except11
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 Funds - Debt service funds are 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 and trust funds) .
Proprietary Funds
Proprietary funds are those used to account for the City's ongoing organi-
zations and activities which are similar to those found in the private
sector. The measurement focus is upon capital maintenance and upon deter-
mination of net income, financial position, and changes in financial
position.
13
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1988
Note 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D.)
Proprietary Funds (Cont'd.)
Enterprise Funds - Enterprise funds are used to account for operations
(a) that are financed and operated in a manner similar to private busi-
ness enterprises where the intent of the governing body is that the
costs (expenses including depreciation) of providing goods or services
to the general public on a continuing basis be financed or recovered
primarily through user charges, or (b) where the governing body has
decided that periodic determination of revenues earned, expenses
incurred, or net income is appropriate for capital maintenance, public
policy, management control, accountability or other purposes.
Internal Service Funds - Internal service funds are used to account for
the financing of goods or services provided by one department or agency
to other departments or agencies of the City, or to other governmental
units, on a cost reimbursement basis.
Fiduciary Funds
Fiduciary funds are used to account for assets held by the City in a
trustee capacity or as an agent for other governmental units and/or other
funds. Trust and agency funds include expendable trust and payroll agency
funds.
Expendable Trust Funds - These funds are accounted for in the same
manner as governmental funds.
Agency Funds - These funds are purely custodial (assets equal liabili-
ties) and thus do not involve measurement of results of operations.
Account Groups
Account groups are used to establish accounting control and accountability
for the City's general fixed assets and general long-term liabilities.
The following are the account groups maintained by the City:
General Fixed Assets Group - This account group is established to
account for all fixed assets of the City other than those accounted for
in the proprietary funds.
General Long-Term Debt Group - This account group is established to
account for long-term liabilities of the City other than those
accounted for in the proprietary funds.
14
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1988
Note 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D.)
Basis of Accounting
Basis of accounting refers to the time at which revenues and expenditures or
expenses are recognized in the accounts and reported in the financial state-
ments.
Governmental funds, expendable trust funds, and agency funds are accounted
for using 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 general 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 for-
feits, 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 expen-
ditures of the fiscal period. Assessment revenues are considered measurable
and available when collected by the City and recognized as revenue at that
time. Payments for capital improvement assessments received in advance of
the levy are reflected as deferred revenue.
Intergovernmental revenues are recorded on a basis applicable to the legal
and contractual requirements of the various individual grant programs.
Intergovernmental revenues are recognized as follows:
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.
Proprietary funds are accounted for using the accrual basis of accounting.
Under the accrual basis of accounting, revenues are recognized in the
15
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1988
Note 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D.)
Basis of Accounting (Cont'd.)
accounting period in which they are earned and become measurable. Expenses
are recorded in the accounting period incurred, if measurable.
Budget Policies
The City Council adheres to the following procedures in establishing the
budgets reflected in the financial statements:
1 . Prior to the beginning of each fiscal year, the City Manager submits
to the City Council a proposed budget for all City departments, divi-
sions 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' com-
ments 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. Addi-
tional appropriations were made during the year in the amount of
$1 ,011 ,975 which were passed and approved by the City Council.
4. Expenditures may not legally exceed appropriations at the department
level for each legally adopted annual operating budget. The City
Manager may, without Council approval, transfer appropriation balances
from one expenditure account to another within a department or agency
of the City. The City Council, however, must approve any transfer of
unencumbered appropriation balances or portions thereof from one
department or agency to another. The reported budgetary data has been
revised for amendments legally authorized during the year.
5. Annual budgets are legally adopted for all governmental funds on a
basis consistent with generally accepted accounting principles. How-
ever, the budgets for the capital projects funds are adopted for
specific projects, are not binding, and may exceed one year . Accord-
ingly, no comparison of budget to actual is presented in the 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.
16
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1988
Note 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D.)
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 reser-
vations of fund balance for subsequent year expenditures and are reappro-
propriated in subsequent year budgetary accounts.
Investments
The City pools idle cash from all funds (except the Deferred Compensation
Fund) for the purpose of increasing income through investment activities.
Investments are carried at cost except for Deferred Compensation Fund
investments which are carried at market value. Interest earnings are allo-
cated based on cash amounts in individual funds in a manner consistent with
budgetary and legal requirements.
Inventory
Inventories of the general and proprietary funds consist of supplies and
various materials used for the maintenance of fixed assets. The consumption
method is used to account for these inventories. Under this method, inven-
tory acquisitions are recorded in inventory accounts initially and charged as
expenditures when used. Inventories are stated at average cost.
Plant and Equipment - Proprietary Funds
Plant and equipment owned by the proprietary funds are stated at historical
cost. Maintenance and repairs are charged to operations as incurred, and
improvements and betterments which extend the useful lives of fixed assets
are capitalized. Depreciation of plant and equipment is provided by the
straight-line method over the estimated useful lives of the respective
assets. Estimated useful lives for straight-line depreciation are as
follows:
Buildings, systems and improvements 20 - 59 years
Machinery, vehicles and other equipment 3 - 25 years
Furniture and equipment 3 - 10 years
When fixed assets of proprietary funds are sold, the sales proceeds less the
adjusted basis of the assets (initial cost less accumulated depreciation) are
recorded as a gain or loss.
For proprietary fund fixed assets, interest is capitalized on construction
costs incurred during the year at an average interest rate on borrowed funds
(revenue bonds) in accordance with generally accepted accounting principles.
17
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1988
Note 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D.)
Plant and Equipment - Proprietary Funds (Cont'd.)
No interest is capitalized on fixed assets constructed by proprietary funds
which are financed with general obligation bonds because such interest
expenditures are reported in the Debt Service Fund.
For the fiscal year ending September 30, 1988, the City's proprietary funds
incurred a total of $1 ,914,123 of interest costs. Of this amount, $1 ,198,934
was capitalized on construction projects and $715,189 was charged to expense.
Contributions of funds from Federal, State, or local grants restricted for
the purpose of purchasing plant and equipment are recorded as equity contri-
butions when received. The cost of water and sewer lines installed by
developers is valued by the contractor and recorded as contributed capital in
the Water and Sewer Fund. Depreciation on contributed assets from Federal
and State governments is recorded as an expense in the statement of
operations.
General Fixed Assets
General fixed assets are those assets acquired for general governmental
purposes. Assets purchased are recorded as expenditures in the governmental
funds and capitalized at historical cost in the General Fixed Assets Account
Group. Contributed fixed assets are recorded in general fixed assets at
estimated fair market value at the time received.
No depreciation has been provided on general fixed assets. No interest is
capitalized on fixed assets constructed which are financed with general obli-
gation 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.
Grants and Other Intergovernmental Revenues
Categorical grants, except for grants that benefit more than one fund and
"pass through" grants, are accounted for within the appropriate fund of the
City to be financed by such grants. Revenues are recorded when they become
susceptible to accrual. Generally, expenditures govern eligibility for
income recognition, and the revenue is recognized as expenditures are
incurred. Grants financing more than one fund or financing secondary reci-
pients such as the Federal Revenue Sharing and Community Development Block
grants are recorded as special revenue funds pending a determination of the
programs or activities to be financed by such sources. Revenues are recog-
nized when they become measurable and available, and expenditures are
recorded in the fund benefited by such expenditures.
18
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1988
Note 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D.)
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 ordi-
nances. Amounts reserved for inventory and prepaid items have already been
expended and represent a portion of the fund balance that is not available
for future expenditures. Amounts reserved for encumbrances are commitments
for materials and services on purchase orders and contracts which are
unperformed.
Designations of unreserved fund balances in governmental funds indicate City
management's tentative plans for use of financial resources in a future
period.
Transactions Between Funds
Transactions between funds that would be treated as revenues, expenditures,
or expenses if they involved organizations external to the governmental unit
are accounted for as revenues, expenditures, or expenses in the funds
involved. Transactions which constitute reimbursements to a fund for expen-
ditures 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 pro-
prietary funds are treated as contributed capital, and such transfers from
proprietary funds are reported as reductions of retained earnings or contri-
buted capital as is appropriate in the circumstances. All other transfers
are treated as operating transfers and are included in the results of opera-
tions of both governmental and proprietary funds.
Vacation and Sick Leave
All permanent full-time employees earn vacation time and sick leave. Vaca-
tion time is earned at the rate of four hours per pay period up to a maximum
of thirteen days per year. The maximum vacation time that may be accrued is
thirty days. Sick leave is earned at the rate of 4.62 hours per pay period
up to a maximum of ninety days. Upon leaving the employment of the City,
employees will be paid for unused vacation days which have accrued. Addi-
tionally, police officers and firefighters may accumulate an unlimited number
19
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1988
Note 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D.)
Vacation and Sick Leave (Cont'd.)
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.
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 the participating employees and are recognized as revenues
in the funds. The contributions by the City are recorded as expenditures or
expenses of the various funds as appropriate.
Comparative Data
Comparative data for the prior year have 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) have 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 have been reclassified to present such amounts in a
manner consistent with the current year's financial statements.
Total Columns on Combined Financial Statements
Total columns on the combined financial statements are captioned "Memorandum
Only" to indicate that they are presented only to facilitate financial
analysis. Data in these columns do not present financial position, results
of operations, or changes in financial position in conformity with generally
accepted accounting principles. Such data is not comparable to a consoli-
dation. Interfund eliminations have not been made in arriving at the totals.
Note 3 - ESTABLISHMENT OF WICHITA FALLS REINVESTMENT ZONE #1 FUND
Effective October 1 , 1987, the City established an additional expendable
trust fund entitled the Wichita Falls Reinvestment Zone #1 Fund. This fund
was created to account for ad valorem taxes levied on captured increments of
growth in real property values in a designated zone. These increments of
growth in real property values are to be determined using January 1 , 1986
20
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1988
Note 3 - ESTABLISHMENT OF WICHITA FALLS REINVESTMENT ZONE #1 FUND (CONT'D.)
base values. The tax revenues derived from this increment are to be spent
on public improvements within the designated zone or for debt service on
bonds issued to provide funds for public improvements.
Note 4 - FUND DEFICITS
Enterprise Funds
At September 30, 1988, the Airport Fund had a deficit retained earnings
balance of $155,879. The intent of management is that this deficit be
recovered by transfers from other funds during future years.
At September 30, 1988, the Transit Fund had a deficit retained earnings
balance of $148,201 . 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, 1988, the Internal Service Fund had a deficit retained
earnings balance of $25, 155. In the opinion of management, this deficit
will be recovered in the next fiscal year by maintaining the current rates
charged for services rendered to other departments.
Expendable Trust Fund
At September 30, 1988, the Employee Benefit Trust Fund had a deficit fund
balance of $98,375. The intent of the fund's board of trustees is that this
deficit be recovered in the following three fiscal years through increased
premiums charged and implementing new plan provisions.
Note 5 - COLLECTIONS FROM CATEGORICAL BLOCK GRANTS AND FEDERAL REVENUE SHARING
Categorical grant expenditures for the years ended September 30, 1988 and
1987, respectively, have been reflected in the following City funds:
1988 1987
General Fund $2,007,724 $1 ,833,286
Enterprise Funds:
Transit Fund - 158,814
Water and Sewer Fund 122,715 181 ,356
Total Enterprise Funds 122,715 340,170
Total $2,130,439 $2,173,456
21
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1988
Note 5 - COLLECTIONS FROM CATEGORICAL BLOCK GRANTS AND FEDERAL REVENUE SHARING (CONT'D.)
The financing uses of the Revenue Sharing Fund and Community Development Block
Grant as reflected in the General Fund and the Enterprise Fund are detailed as
follows:
Revenue Sharing Community Development
Fund Block Grant
Budget (1) Actual Budget (1) Actual
Personnel services $ - $ - $ 263,458 $ 225,382
Supplies and materials 7,635 7,596 7,594 4,730
Maintenance 923,117 482,685 2,642,950 1 ,025,619
Utilities and other
services 39,550 27,423 200,150 179,947
Insurance and contract
support services 114,265 - 10,000 7,877
Capital outlay 347,295 326,871 9,916 -
Total $1 ,431 ,862 $ 844,575 $3,134,068 $1 ,443,555
(1) Budgeted amounts as shown include current and prior year appropriations to
be carried forward for future use.
Note 6 - DEPOSITS AND INVESTMENTS
Deposits
All of the City's demand and time depository accounts are held in a local
banking institution under the terms of a written depository contract. At
September 30, 1988, the total amount of the City's demand and time deposits per
the general ledgers was ($899,372) , and the total amount per the City's
September 30, 1988 bank statements was $278,662. The entire amount of the
year end bank statement balances was covered by federal depository insurance or
by U.S. Government Securities held as collateral 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 United States or its agencies,
obligations of the State of Texas or its agencies, commercial paper rated A or
its equivalent by a nationally recognized investment rating firm, and repur-
chase agreements.
22
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1988
Note 6 - DEPOSITS AND INVESTMENTS (CONT'D.)
Investments (Cont'd.)
The City's investments are categorized below to give an indication of the
level of risk assumed by the entity at year end. Category 1 includes invest-
ments 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 broker's or
dealer'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 broker or dealer, or its trust department or agent, but not in the City's
name.
Category Carrying Market
Description 1 2 3 Amount Value
Repurchase
Agreements $31 ,600,000 $ - $ - $31 ,600,000 $31 ,628,656
U.S. Government
Securities 9,047,783 - - 9,047,783 9,178,384
Assets of Deferred
Compensation Fund 685,370 - - 685,370 685,370
Total $41 ,333, 153 $ - $ - $41 ,333,153 $41 ,492,410
Note 7 - 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,
1988 was $.6378 per $100 which means that the City has a tax margin of
$1 .6122 per $100, and could raise up to $36,674,651 additional tax revenue a
year from the present assessed valuation of $2,274,820,154 before the limit
is reached.
23
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1988
Note 7 - PROPERTY TAXES (CONT'D.)
The City serves as agent in assessing and collecting ad valorem taxes for the
Wichita Falls Independent School District. It also served the Wichita Falls
College District in a similar capacity during its existence and currently
serves as collector and as custodian of delinquent tax records for successors
to the former District.
Taxes levied and uncollected for the School and College District totaled
$2,675,217 and $2,744,968 at September 30, 1988 and 1987, respectively, and
are reflected in the Tax Collection Fund in the agency fund group.
Note 8 - 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 short-term investments $2,905,568
For Capital Improvements:
Cash and short-term investments 5,359,023
Receivables 142, 181
For Customer Deposits:
Cash and short-term investments 984,753
Total $9,391 ,525
24
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1988
Note 9 - PLANT, EQUIPMENT AND DEPRECIATION
A summary of proprietary fund type plant and equipment at September 30, 1988 is as follows:
Total
Water and Internal Proprietary
Airport Transit Sanitation Sewer Service Funds
Land and betterments $1 ,468,175 $ 61 ,925 $ 653,692 $22,389,612 $ 433,658 $ 25,007,062
Buildings and
improvements 1 ,451 ,662 626,868 2,298,370 56,208,718 4,008,948 64,594,566
Machinery and equipment 13,608 67,822 95,660 2,502,648 - 2,679,738
Furniture and fixtures 11 ,937 6,128 4,750 23,641 5,974 52,430
Motor vehicles and
equipment - - - 3,670 14,485,375 14,489,045
Construction in progress - - - 11 ,034,355 - 11 ,034,355
2,945,382 762,743 3,052,472 92,162,644 18,933,955 117,857,196
v Less accumulated
depreciation ( 988,329) ( 65,905) ( 348,193) ( 29,437,084) ( 7,686,282) ( 38,525,793)
Net plant and
equipment $1 ,957,053 $696,838 $2,704,279 $62,725,560 $11 ,247,673 $ 79,331 ,403
The following table summarizes the changes in the components of the General Fixed Assets Account
Group:
Balance Balance
October 1 , Transfers September 30,
1987 Additions Deletions In (Out) 1988
Land and betterments $14,311 ,189 $ 16,000 $ - $ - $14,327,189
Buildings and improvements 13,919,186 57,913 1 ,410 183,751 14,159,440
Machinery and equipment 3,143,900 355,798 88,313 - 3,411 ,385
Furniture and fixtures 735,666 5,868 280,340 - 461 ,194
Motor vehicles and equipment 150,555 - 25,750 - 124,805
Construction in progress 785,994 92,020 - ( 183,751) 694,263
Total $33,046,490 $ 527,599 $395,813 ' $ - $33,178,276
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1988
Note 10 - DEFINED CONTRIBUTION PENSION PLAN
Plan Description
The City provides pension benefits for all of its full-time employees, except
firemen, 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 500 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.
Members can retire at ages 60 and above with 15 or more years of service, at
ages 50-59 with 25 or more years of service, or with 28 years of service
regardless of age. The plan also provides death and disability benefits. A
member is vested after 20 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 defined contribution plan which had an
initial unfunded pension benefit obligation upon the plan's inception. The
pension benefit obligation shown below is similar in nature to the standard-
ized 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 to date
are not dependent upon future salaries. The calculations were made as part
of the annual actuarial valuation as of December 31 , 1987 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 assump-
tion, currently 5% per year, does not have as much impact on the results as
26
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1988
Note 10 - DEFINED CONTRIBUTION PENSION PLAN (CONT'D.)
Funding Status and Progress (Cont'd.)
it does for a defined benefit plan. 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 105% of book value as of December 31 , 1987.
Total unfunded pension benefit obligation applicable to the City's employees
was $5,304,425 at December 31 , 1987, as follows:
Pension benefit obligation:
Annuitants $ 1,750,076
Terminated employees 1 ,069,364
Current employees:
Accumulated employee contributions
including allocated invested earnings 9,355,960
Employer-financed vested 9,230,824
Employer-financed nonvested 5,830,384
Total pension benefit obligation 27,236,608
Net assets available for benefits,
at book value 21 ,932,183
Unfunded pension benefit obligation $ 5,304,425
The book value of assets is amortized cost for bonds and original cost for
short-term securities and stocks. The actuarial assumptions used to compute
the actuarially determined City contribution rate are the same as those used
to compute the pension benefit obligation. The amounts above reflect changes
in the plan that were adopted after the previous actuarial valuation, which
had the effect of increasing the unfunded pension benefit obligation by
$566,658.
Contributions Required and Contributions Made
The contribution rate for all employees, except policemen, is 5%. Policemen
contribute 7% to the plan. The City's matching percent is currently 200% of
the employee's contribution. Under state laws governing TMRS, the City's
contribution rate is annually determined by an actuary. Part of the City's
contribution rate (the normal cost) is to fund the currently accruing mone-
tary 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 remainder of the plan's 25-year amortization
period. When the City periodically adopts updated service credits and
27
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1988
Note 10 - DEFINED CONTRIBUTION PENSION PLAN (CONT'D.)
Contributions Required and Contributions Made (Cont'd.)
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, 1988. 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 1987 was $21 ,240,641 , and the
City's contributions were based on a covered payroll of $16,147,248. Both
the City and the covered employees made the required contributions for the
calendar year 1987, amounting to $962,376 for the City and $894,829 for the
employees. The City adopted changes in the plan since the previous actuarial
valuation, which had the effect of increasing the City's contribution rate
for 1988 by 0.11% of payroll. There were no related-party transactions.
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 43-44 of the City's comprehensive annual financial report.
For the three plan years ended December 31 , 1985, 1986, and 1987, respect-
ively, available assets were sufficient to fund 80.5, 81 .0, and 80.5 percent
of the pension benefit obligation. Unfunded pension benefit obligation
represented 27.6, 28.7, and 32.9 percent of the annual payroll for employees
covered by the plan for the three years ended December 31 , 1985, 1986, and
1987, 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 , 1985, 1986, and 1987, the City's contributions to the plan, all
made in accordance with actuarially determined requirements, were 5.35, 5.80,
and 5.96 percent, respectively, of annual covered payroll.
Note 11 - FIREMEN'S RELIEF AND RETIREMENT FUND
The City's firemen are covered by a locally administered Firemen's Relief and
Retirement Fund maintained for members of the City of Wichita Falls Fire
Department under provisions of applicable laws of the State of Texas. All
firemen, who are under the age of 35 upon entering service as a City fire-
fighter, must become members of the plan.
28
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1988
Note 11 - FIREMEN'S RELIEF AND RETIREMENT FUND (CONT'D.)
Eighteen percent of each fireman's gross salary is contributed to the Fund,
with one-half of the contributed amount being paid by each fireman and
one-half by the City. For the year ended September 30, 1988, the City
contributed $324,472 to the Fund. Contributions have been made for all plan
years in accordance with actuarially determined contribution requirements
determined through an actuarial valuation. Civil statutes of the State of
Texas currently permit an actuarial valuation no more than once every two
years. The most recent actuarial valuation was performed on April 30, 1986.
The next actuarial valuation is currently projected to be completed in the
spring of 1989.
The actuarial cost method used to value the Fund was the entry-age-actuarial
cost method. Under this method, the actuarial present value of projected
benefits for each participant is allocated as a level percentage of the
earnings of the participant between entry age and assumed retirement. The
unfunded actuarially accrued liability at April 30, 1986, as determined by a
valuation performed as of that date, was $2,949,325. This liability is to be
amortized by a level percentage of payroll over a period of 19 years assuming
that total payroll will increase 6% per annum in future years.
As indicated in Note 1 , the Firemen's Relief and Retirement Fund is not a
part of the City and thus has been excluded from the accompanying financial
statements. A separate audited financial report of this Fund is publicly
available which contains the pension disclosures required by Governmental
Accounting Standards Board (GASB) Statement 5. Summary plan information,
estimated as of the following evaluation dates by the Fund's consulting
actuaries, is as follows:
April 30, March 31 ,
1986 1983
Pension benefit obligation:
Vested benefits for those
currently receiving payments $3,238,041 $1 ,699,778
Vested benefits for active
participants 3,638,660 2,839, 192
Nonvested benefits for active
participants 183,749 179,781
Total pension benefit obligation 7,060,450 4,718,751
Net assets available for benefits,
book value as of above evaluation
date 6,127,702 4,045,578
Unfunded pension benefit obligation $ 932,748 $ 673,173
29
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1988
Note 12 - DEFERRED COMPENSATION PLAN
The City offers its employees a deferred compensation plan created in accord-
ance 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 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 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.
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 13 - PAYABLE TO U.S. GOVERNMENT
The City of Wichita Falls and Wichita County Water Improvement District No.
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, 2004 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 by NCGA Statement 7.
The remaining debt payable to the U.S. Government is classified as follows:
September 30,
1988 1987
Long-term $1 ,093,040 $1 ,108,940
Current portion in other
liabilities 15,900 15,399
Total $1 , 108,940 $1 ,124,339
30
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1988
Note 14 - 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
$10,219 and $9,990 for the fiscal years ended September 30, 1988 and 1987,
respectively.
Note 15 - DESCRIPTION OF LEASING ARRANGEMENTS
The City has entered into a land lease expiring in 1991 which is classified
as a capital lease and is included in the General Fixed Asset and the General
Long-Term Debt account groups.
The majority of the operating leases contain the option for annual renewal at
the end of the initial lease term. In most cases, leases will be removed or
replaced by other leases. The City leases certain equipment and data pro-
cessing software under operating leases expiring at varying times through
1989.
Capital Leases
The following is an analysis of the leased property under capital leases by
major classes:
Asset Balances at
September 30,
Classes of Property 1988 1987
Equipment $ - $ 810,755
Motor vehicles - 339,245
Land 50,000 50,000
Total $ 50,000 $1 ,200,000
The following is a schedule by years of future minimum lease payments under
capital leases together with the present value of the net minimum lease pay-
ments as of September 30, 1988:
31
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1988
Note 15 - DESCRIPTION OF LEASING ARRANGEMENTS (CONT'D.)
Capital Leases (Cont'd.)
Year ending September 30:
1989 $ 5,000
1990 5,000
1991 5,000
1992 -
1993 -
Total minimum lease payments 15,000
Less: Amount representing interest (1) -
Present value of minimum lease payments (2) $ 15,000
Operating Leases
The following is a schedule by years of future minimum rental payments
required under operating leases that have initial or remaining noncancell-
able lease terms in excess of one year as of September 30, 1988:
Year ending September 30:
1989 ; 38,338
1990 1
1991 1
1992 1
1993 1
Later years 15
Total minimum payments required (3) $ 38,357
The following schedule shows the composition of total rental expenses for all
operating leases:
Year Ending
September 30,
1988 1987
Minimum rentals $139,751 $172,108
Contingent rentals 10,219 9,990
Total rentals $149,970 $182,098
32
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1988
Note 15 - DESCRIPTION OF LEASING ARRANGEMENTS (CONT'D.)
(1) The City entered into a capital lease for the purchase of land with an
agreement to pay only the principal portion of the lease. The lessor
agreed to forego all interest payments on this lease.
(2) Reflected in the general long-term debt account group as capital leases
payable.
(3) Minimum payments do not include contingent rentals which may be paid
under the airport lease based on the number of scheduled landings.
Note 16 - LONG-TERM DEBT
The following is a summary of changes in long-term obligations of the City
for the year ended September 30, 1988:
Obligations Obligations
Outstanding New Obligations Outstanding
October 1 , Obligations Retired September 30,
1987 Incurred or Refunded 1988
General Obligation Bonds
payable $22,235,000 $ - $ 605,000 $21 ,630,000
Revenue Bonds payable 24,010,000 - 575,000 23,435,000
Accrued vacation and sick
leave (Note 21) 2,831 ,397 55,016 - 2,886,413
Capital leases payable
(Note 15) 213,337 - 198,337 15,000
Claims and judgements
payable (Note 21) 93,918 - 11 ,178 82,740
Payable to U.S. Govt.
(Note 13) 1 ,124,339 - 15,399 1 ,108,940
Total $50,507,991 $ 55,016 $1 ,404,914 $49, 158,093
Bonds payable at September 30, 1988 are comprised of the following individual
issues:
33
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1988
Note 16 - LONG-TERM DEBT (CONT'D.)
Range of Final Annual Bonds
Interest Maturity Serial Bonds Outstanding
Rates Date Payments Authorized at 9/30/88
General Obligation Bonds:
1986 General Obligation
Refunding Bonds 5.00% to 9/01/06 $305,000 to $22,540,000 $21 ,630,000
8.15% 2,115,000
Revenue Bonds:
Water and Sewer
Revenue Bonds:
1986 Water and
Sewer System
Refunding
Revenue Bonds 5.00% to 8/01/07 395,000 to 24,405,000 23,435,000
8.30% 2,265,000
Total All Bonds $46,945,000 $45,065,000
The 1986 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, 1988, $400,423 was available in this fund
to service these bonds.
The 1986 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.
There are a number of limitations and restrictions contained in the various bond
indentures. The City is in compliance with all significant provisions for such
limitations and restrictions.
The City's current year payments for debt service of general obligation bonds and
revenue bonds included $3,565,475 of interest.
The annual requirements to pay principal and interest on the bond obligations
outstanding as of September 30, 1988 are as follows:
34
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1988
Note 16 - LONG-TERM DEBT (CONT'D.)
Year Ending General
September 30: Obligation Revenue Total
1989 $ 2,285,740 $ 2,451 ,348 $ 4,737,088
1990 2,285,815 2,454,748 4,740,563
1991 2,285,615 2,453,788 4,739,403
1992 2,286,240 2,453,228 4,739,468
1993 2,287,165 2,452,478 4,739,643
1994-1998 11 ,434,396 12,270,643 23,705,039
1999-2003 11,436,524 12,267,905 23,704,429
2004-2007 6,856,988 9,808,102 16,665,090
Total $41 ,158,483 $46,612,240 $87,770,723
Note 17 - DEFEASANCE OF PRIOR DEBT
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 the old
bonds. Accordingly, the trust escrow accounts and the defeased bonds are not
included in the City's financial statements. At September 30, 1988, the
following outstanding bonds are considered defeased:
Amount
General Obligation Bonds:
1959 Wichita County Water Control
and Improvement District No. 6 $ 28,000
1959 Wichita County Water Control
and Improvement District No. 4 30,000
1968-A General Obligation Bonds 250,000
1970 General Obligation Bonds 250,000
1971 General Obligation Bonds 375,000
1980 General Obligation Bonds 2,575,000
1981 General Obligation Bonds 3,450,000
1982 General Obligation Bonds 2,050,000
1985 General Obligation Refunding
and Improvement Bonds 19,450,000
Total Defeased General Obligation Bonds 28,458,000
35
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1988
Note 17 - DEFEASANCE OF PRIOR DEBT (CONT'D.)
Amount
Revenue Bonds:
1966 Water and Sewer Revenue Bonds 385,000
1966-A Water and Sewer Revenue Bonds 225,000
1973 Water and Sewer Revenue Bonds 500,000
1978 Water and Sewer Revenue Bonds 600,000
1980 Water and Sewer Revenue Bonds 650,000
1981 Water and Sewer Revenue Bonds 770,000
1982 Water and Sewer Revenue Bonds 590,000
1984 Water and Sewer Revenue Bonds 18,530,000
Total Defeased Revenue Bonds 22,250,000
Total Defeased Bonds $50,708,000
Note 18 - INTERFUND RECEIVABLE AND PAYABLE BALANCES
Interfund receivable and payable balances at September 30, 1988 are as
follows:
Interfund Interfund
Receivables Payables
General Fund $ - $1 ,341
Trust and Agency Fund:
Accounts Payable Fund 1 ,341 -
Total $1 ,341 $1 ,341
Note 19 - SEGMENT INFORMATION FOR ENTERPRISE FUNDS
The City maintains four enterprise funds which provide transportation, sani-
tation, water and sewer services. Segment information for the year ended
September 30, 1988 is as follows:
36
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1988
Note 19 - SEGMENT INFORMATION FOR ENTERPRISE FUNDS (CONT'D.)
Total
Water Enterprise
Airport Transit Sanitation and Sewer Funds
Operating revenues $ 181 ,959 $145,453 $4,716,133 $12,942,458 $17,986,003
Depreciation and
amortization 91 ,528 14,670 57,125 1 ,529,299 1 ,692,622
Operating income
(loss) (92,313) (345, 104) 452,995 2,864,828 2,880,406
Contributions from
operating grants - 163,351 - 122,715 286,066
Operating transfers
in (out) , net 60,403 167,821 (380,692) (249,578) (402,046)
Net income (loss) (31 ,791) (14,261) 176,527 3,310,643 3,441 ,118
Current capital:
Contributions - - - 205,707 205,707
Plant and equipment:
Additions 4,341 24,001 81 ,944 4,326,419 4,436,705
Deletions - 2,599 - 12,059 14,658
Net working capital 164,453 (26,294) 1 ,989,022 5,660,677 7,787,858
Total assets 2,127,568 883,728 4,827,554 78,730,035 86,568,885
Bonds and other
long-term
liabilities - - - 24,912,793 24,912,793
Total equity 2,121 ,506 670,544 4,693,301 51 ,824,009 59,309,360
I
37
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1988
Note 20 - CONTRIBUTED CAPITAL - PROPRIETARY FUNDS
During the year ended September 30, 1988, contributed capital in the City's proprietary funds increased by
the following amounts:
Total
Water Internal Proprietary
Source Airport Transit Sanitation and Sewer Service Funds
Government - fixed assets $ - $ 23,263 $ - $ 98,041 $ 253,214 $ 374,518
Developers - fixed assets - - - 107,666 - 107,666
Total additions - 23,263 - 205,707 253,214 482,184
Contributed capital,
October 1 , 1987 2,277,385 795,482 2,907,626 15,779,488 11 ,806,904 33,566,885
w
co
Contributed capital,
September 30, 1988 $2,277,385 $818,745 $2,907,626 $15,985,195 $12,060,118 $34,049,069
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1988
Note 21 - COMMITMENTS AND CONTINGENCIES
Litigation
The City is a defendant in numerous lawsuits. The ultimate liability of the
City cannot be determined at this time, although City management believes
such liability 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 $2,986,413 at September 30, 1988. 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 is
funded jointly by the City and the retirees. The City's portion of these
costs is recognized as expense when paid. For the fiscal year ended
September 30, 1988, these costs totaled $5,888.
Workmen's Compensation Claims
The City is liable for workmen's compensation claims arising in various
General Fund departments of $82,740 as of September 30, 1988. This amount is
recorded as a liability in the General Long-Term Debt account group.
The City is also liable for workmen's compensation claims arising in the
enterprise funds of $4,544 as of September 30, 1988. This amount is not
recorded as a liability in the enterprise funds. All payments made as a
result of these claims are charged to an expense account in the respective
enterprise fund.
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
(Company) and agreed to provide an adequate water supply for the Company's
use in generating power upon completion of the Company's construction of a
power plant adjacent to the Lake Kemp-Lake Diversion System.
39
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1988
Note 21 - COMMITMENTS AND CONTINGENCIES (CONT'D.)
Contract Commitment With West Texas Utilities Company (Cont'd.)
The significant terms of the contract provide for standby charges to be paid
to the City and the Wichita County Water Improvement District Number 2 in
equal amounts. The City received $150,000 annually from the date of this
contract through December 31 , 1986.
Minimum annual charges were scheduled to begin when water was actually con-
sumed for the production of electricity upon completion of the first genera-
tion unit or January 1 , 1987, whichever was sooner. On January 1 , 1987,
minimum annual charges began and shall continue as follows:
City's
Years Ending December 31 : Annual Share
1988-1991 $250,000
1992-1996 375,000
1997 and all years thereafter
until end of contract 500,000
For water actually consumed, the Company shall pay the City and Wichita
County Water Improvement District Number 2 equally, at the Base Rate of
twenty-three ($.23) cents per one thousand (1 ,000) gallons, which can be
adjusted annually.
This contract can be terminated at any time by the Company. If the contract
`1 is terminated, the Company is required to make a maximum termination payment
Iequal 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 in the Holliday Creek area and by
modifying the existing Lake Wichita Dam. As of September 30, 1988, the total
project costs under this contract were estimated to be $47,610,000. The City
must provide a 5 percent cash contribution in proportion to the rate of
federal expenditures incurred during the construction period. This required
contribution is presently estimated to be $2,380,500. Additionally, the City
must provide all land, easements, rights-of-way, and waste material disposal
40
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1988
Note 21 - COMMITMENTS AND CONTINGENCIES (CONT'D.)
Contract Commitment With Army Corps of Engineers (Cont'd.)
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 $4,385,956 in project costs
as of September 30, 1988. The City is also responsible for the estimated
$4,500,000 of costs necessary to modify the existing Lake Wichita Dam. These
projects are estimated to be completed during the fiscal year ending
September 30, 1993.
Construction Contracts
At September 30, 1988, several long-term construction contracts were out-
standing in which the City has committed to but has not accrued any expendi-
tures or expense 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 $ 435,955
Special Revenue Funds:
Civic Community Promotion Fund $ 36,662
Federal Revenue Sharing Fund 258,133
Total Special Revenue Funds 294,795
Capital Projects Fund:
1985 Holliday Creek Project 2,600,151
Enterprise Funds:
Airport Fund $ 60,403
Sanitation Fund 250,519
Water and Sewer Fund 3,831 ,549
Total Enterprise Funds 4,142,471
Trust and Agency Fund:
Wichita Falls Reinvestment Zone #1 38,100
Total contract commitments $7,511 ,472
41
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS (CONT'D.)
SEPTEMBER 30, 1988
Note 21 - COMMITMENTS AND CONTINGENCIES (CONT'D.)
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 Federal Revenue Sharing, Community Development
Block Grants, and Section 8 Housing Assistance.
In connection with these grants, the City is required to comply with specific
terms and agreements as well as applicable Federal and State laws and regu-
lations. 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 disallow-
ance of claimed expenditures, the City expects the resulting liability to be
immaterial.
Note 22 - SUBSEQUENT EVENT
On December 8, 1988, the City Council authorized the City to file an appli-
cation with the Texas Water Development Board for a low interest revolving
fund loan in the amount of $21 ,500,000. The proceeds from this loan will be
used for sewer treatment plant renovation and expansion and the installation
of a large capacity sewage collection interceptor line. On December 15,
1988, the City was informed that their application had been approved for
$14,300,000, with subsequent funding to be made available upon additional
analysis by the Texas Water Development Board.
42
REQUIRED SUPPLEMENTARY INFORMATION
EXHIBIT B-1
CITY OF WICHITA FALLS, TEXAS
DEFINED CONTRIBUTION PENSION PLAN - ANALYSIS OF FUNDING PROGRESS -
LAST TEN PLAN YEARS (UNAUDITED)
(6)
(4) Unfunded Pension
( 1 ) (3) Unfunded (5) Benefit Obligation
Net Assets (2) Percentage Pension Benefit Annual as a Percentage
Plan Available Pension Benefit Funded Obligation Covered of Covered Payroll
Year For Benefits* Obligation ( 1 ) + (2) (2) - (1 ) Payroll (4) - (5)
1978 $ 6,465,848 $ 7,326,940 88.2% $ 861 ,092 $ 7,953,297 10.8%
1979 7,439,301 8,350,527 89.1% 911 ,226 9,197,671 9.9%
1980 8,608,043 9,472,370 90.9% 864,327 10,770,238 8.0%
1981 10,076,953 10,893,004 92.5% 816,051 11 ,865,120 6.9%
1982** 11 ,239,691 12,816,960 87.7% 1 ,577,269 13,340,527 11 .8%
1983 12,944,791 15,224,110 85.0% 2,279,319 13,882,452 16.4%
1984 14,902,005 18,130,886 82.2% 3,228,881 14,185,255 22.8%
1985 17,136,495 21 ,280,661 80.5% 4,144,166 15,040,953 27.6%
L"' 1986 19,097,798 23,567,091 81 .0% 4,469,293 15,593,759 28.7%
1987 21 ,932,183 27,236,608 80.5% 5,304,425 16,147,248 32.9%
Analysis of the dollar amounts of net assets available for benefits, pension benefit obligation, and un-
funded pension benefit obligation in isolation can be misleading. Expressing the net assets available for
benefits as a percentage of the pension benefit obligation provides one indication of the City's funding
status on a going-concern basis. Analysis of this percentage over time indicates whether the system is
becoming financially stronger or weaker. Generally, the greater this percentage, the stronger the pension
plan. Trends in unfunded pension benefit obligation and annual covered payroll are both affected by infla-
tion. Expressing the unfunded pension benefit obligation as a percentage of annual covered payroll
approximately adjusts for the effects of inflation and aids analysis of the City's progress made in
accumulating sufficient assets to pay benefits when due. Generally, the smaller this percentage, the
stronger the pension plan.
* At book value (See Note 10. )
** During 1982, plan benefit provisions were amended to retroactively increase prior service credits. This
amendment had the effect of increasing the pension benefit obligation in 1982 by approximately $537,000.
EXHIBIT B-2
CITY OF WICHITA FALLS, TEXAS
DEFINED CONTRIBUTION PENSION PLAN - REVENUES BY SOURCE AND EXPENSES BY TYPE -
LAST TEN PLAN YEARS (UNAUDITED)
Revenues By Source
Plan Employee Employer Investment
Year Contributions Contributions Income Total
1978 $434,071 $361 ,875 $ 418,667 $1 ,214,613
1979 505,439 430,451 480,018 1 ,415,908
1980 591 ,618 497,585 624,517 1 ,713,720
1981 654,082 544,609 867,441 2,066,132
1982* 739,073 606,994 1 ,031 ,285 2,377,352
1983 775,615 656,640 1 ,206,394 2,638,649
1984 793,676 723,448 1 ,419,569 2,936,693
1985 834,538 804,691 1 ,622,861 3,262,090
1986 864,846 904,438 1 ,857,101 3,626,385
1987 894,829 962,376 2, 101 ,277 3,958,482
Expenses By Type
Plan Administrative
Year Benefits Expenses Refunds Total
1978 $ 147,709 $16,571 $253, 153 $ 417,433
1979 147,497 16,719 278,239 442,455
1980 263,686 16,510 264,782 544,978
1981 237,762 16,319 343,141 597,222
1982* 910,482 17,199 286,933 1 ,214,614
1983 703,408 19,047 211 ,094 933,549
1984 631 ,461 18,363 329,655 979,479
1985 587,605 19,700 420,295 1 ,027,600
1986 1 ,298,548 19,639 346,895 1 ,665,082
1987 787,943 20,479 315,675 1 ,124,097
Contributions were made in accordance with actuarially-determined contribution
requirements.
* See note on page 43 for a discussion of the 1982 change in employee benefit
provisions.
44
I
THIS PAGE IS INTENTIONALLY LEFT BLANK.
COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS
THIS PAGE IS INTENTIONALLY LEFT BLANK.
GENERAL FUND
The General Fund is used to account for all revenues and expenditures
not accounted for in other funds. It receives a greater variety and
amount of revenues and finances a wider range of governmental activ-
ities 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.
THIS PAGE IS INTENTIONALLY LEFT BLANK.
EXHIBIT C-1
CITY OF WICHITA FALLS, TEXAS
GENERAL FUND
COMPARATIVE BALANCE SHEET
SEPTEMBER 30, 1988 AND 1987
1988 1987
ASSETS
Cash and short-term investments $10, 192,969 $10,213,556
Receivables:
Taxes and assessments (less $631 ,824
and $573,499 allowance for uncollectible
accounts) 1 ,184,866 1 ,250,327
Other City funds - 2,956
Government agencies 573,225 599,326
Other 224,251 186,758
Inventory 27,790 23,805
Prepaid items 34,825 77,017
Restricted assets:
Receivable from government agencies 135,943 195,474
Other assets 188 -
Total assets $12,374,057 $12,549,219
LIABILITIES AND FUND BALANCE
Liabilities:
Accounts payable - trade $ 617,737 $ 503,074
Accrued payroll 197,219 696,762
Accrued vacation and sick leave 100,000 100,000
Payable to other City funds 1 ,341 160
Payable to government agencies 27,300 43,211
Other liabilities 485,831 481 ,809
Deferred revenue 1 , 133,925 1 , 159,749
Total liabilities 2,563,353 2,984,765
Fund balance:
Reserved for encumbrances 637,497 698,254
Reserved for inventory and prepaid items 62,615 100,822
Unreserved:
Designated for subsequent years expenditures 1 ,750,000 1 ,500,000
Undesignated 7,360,592 7,265,378
Total fund balance 9,810,704 9,564,454
Total liabilities and fund balance $12,374,057 $12,549,219
45
EXHIBIT C-2
(Page 1 of 4)
CITY OF WICHITA FALLS, TEXAS
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE -
BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 1988
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1987
1988
Variance -
Favorable 1987
Budget Actual (Unfavorable) Actual
Revenues:
Taxes:
Ad valorem taxes $12,603,897 $12,723,158 $ 119,261 $12,434,185
Penalties and interest 160,000 ' 217,639 57,639 174,211
City sales tax 6,400,000 6,225,015 ( 174,985) 6,012,230
Franchise taxes 2,780,000 2,768,262 ( 11 ,738) 2,660,813
Other taxes 219,000 261 ,644 42,644 217,279
Total taxes 22, 162,897 22, 195,718 32,821 21 ,498,718
Charges for services:
Golf, tennis and
recreation fees 84,520 72,489 ( 12,031 ) 61 ,895
Tax collection fees 105,000 97,568 ( 7,432) 113,288
Other service charges 1 ,077,380 1 , 125,572 48, 192 989,484
Total charges for
services 1 ,266,900 1 ,295,629 28,729 1 , 164,667
Licenses and permits:
Building permits 106,000 301 ,119 195, 119 78,530
Electrical and plumbing 100,000 72,678 ( 27,322) 57,967
Health and animal control 150,700 155,959 5,259 156,233
Other licenses and permits 65,820 69, 159 3,339 60,949
Total licenses and
permits 422,520 598,915 176,395 353,679
Fines:
Municipal Court 830,950 863,347 32,397 819,038
Library 22,000 22,458 458 21 ,429
Total fines 852,950 885,805 32,855 840,467
Intergovernmental revenue:
Operating grants 498,613 472,868 ( 25,745) 478,051
Wichita Falls School
District 231 ,788 231 ,319 ( 469) 163,898
Total intergovernmental
revenue 730,401 704, 187 ( 26,214) 641 ,949
46
EXHIBIT C-2
(Page 2 of 4)
CITY OF WICHITA FALLS, TEXAS
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE -
BUDGET AND ACTUAL (CONT'D. )
FOR THE YEAR ENDED SEPTEMBER 30, 1988
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1987
1988
Variance -
Favorable 1987
Budget Actual (Unfavorable) Actual
Revenues (Cont'd. ) :
Miscellaneous revenue:
Parking meters 4,000 4,022 22 4,120
Rentals and concessions 108,728 98,737 ( 9,991 ) 98,087
Interest 757,000 1 , 165,761 408,761 852,928
Sale of fixed assets 14,200 28,565 14,365 18,002
Other 55,550 49,068 ( 6,482) 107,616
Total miscellaneous
revenue 939,478 1 ,346, 153 406,675 1 ,080,753
Total revenues 26,375, 146 27,026,407 651 ,261 25,580,233
Expenditures:
Administrative services
division:
Mayor and Board of Aldermen 42,840 42,216 624 32,421
City Manager 286,270 285,934 336 309,529
Legal 292,996 292,986 10 262,589
Personnel 347, 175 299,796 47,379 249,719
City Clerk 78,332 78,267 65 73,376
Martin Luther King Center 149,820 149,800 20 145,693
Farmer's Market 28,380 26,675 1 ,705 28,565
Library 460,996 449,703 11 ,293 361 ,438
Property Management 47,590 47,588 2 48,276
Data Processing 894,178 885,906 8,272 887,832
Community Information 99,555 99,548 7 80,265
Nondepartmental 2, 123,237 1 ,449,709 673,528 1 ,852,248
Municipal Court 310, 147 308,906 1 ,241 300,304
Building Maintenance 372,446 372,220 226 339,989
Purchasing 49,598 49,318 280 61 ,587
Total administrative
services division 5,583,560 4,838,572 744,988 5,033,831
Police division:
Police 7,703,280 7,578,322 124,958 7,242,687
47
EXHIBIT C-2
(Page 3 of 4)
CITY OF WICHITA FALLS, TEXAS
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE -
BUDGET AND ACTUAL (CONT'D.)
FOR THE YEAR ENDED SEPTEMBER 30, 1988
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1987
1988
Variance -
Favorable 1987
Budget Actual (Unfavorable) Actual
Expenditures (Cont'd. ) :
Fire division:
Fire 5,129,239 5,096,563 32,676 4,844,086
Parks and recreation division:
Recreation 705,919 697,644 8,275 714,060
Park maintenance 2,352,178 2,324,550 27,628 2,041 ,095
Cemetery 181 ,311 170, 193 11 , 118 173, 191
Total parks and
recreation division 3,239,408 3, 192,387 47,021 2,928,346
Accounting/finance division:
Accounting/finance 266,690 263,841 2,849 266,776
Tax 169,761 168,936 825 141 ,213
Total accounting/
finance division 436,451 432,777 3,674 407,989
Planning division:
Planning 349,481 336,317 13, 164 269,662
Public works division:
Engineering 1 ,328,041 1 ,233,937 94,104 1 ,173,811
Inspection 752,525 749,135 3,390 732, 155
Street 3,236, 140 3,217,777 18,363 3,327,705
Total public works
division 5,316,706 5,200,849 115,857 5,233,671
Health division:
Administration 329,581 323,499 6,082 312,499
Nursing 692,221 648,832 43,389 800,642
Air and water pollution 177,141 177,133 8 154,867
Laboratory 105,464 97,253 8,211 104,377
General environment 144,912 140,765 4, 147 131 ,663
Food and vector control 295,835 268,050 27,785 268,960
Animal control 186,045 181 ,316 4,729 166,242
Total health division 1 ,931 , 199 1 ,836,848 94,351 1 ,939,250
48
EXHIBIT C-2
(Page 4 of 4)
CITY OF WICHITA FALLS, TEXAS
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE -
BUDGET AND ACTUAL (CONT'D. )
FOR THE YEAR ENDED SEPTEMBER 30, 1988
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1987
1988
Variance -
Favorable 1987
Budget Actual (Unfavorable) Actual
Expenditures (Cont'd. ) :
Traffic and transportation
division:
Traffic engineering 1 ,298,975 1 ,217,950 81 ,025 1 ,272,929
Parking meters - - - 23,545
Total traffic and
transportation
division 1 ,298,975 1 ,217,950 81 ,025 1 ,296,474
Total expenditures 30,988,299 29,730,585 1 ,257,714 29,195,996
Excess of revenues over
(under) expenditures ( 4,613,153) ( 2,704,178) 1 ,908,975 ( 3,615,763)
Other financing sources (uses) :
Operating transfers in 942,704 942,704 - 940,703
Operating transfers out - - - ( 207,718)
Contributions from operating
grants 2,007,724 2,007,724 - 1 ,833,286
Total other financing
sources (uses) 2,950,428 2,950,428 - 2,566,271
Excess of revenues and other
sources over (under)
expenditures and other uses ($ 1 ,662,725) 246,250 $1 ,908,975 ( 1 ,049,492)
Fund balance - beginning 9,564,454 10,613,946
Fund balance - ending $ 9,810,704 $ 9,564,454
49
THIS PAGE IS INTENTIONALLY LEFT BLANK.
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:
Revenue Sharing Fund
The Revenue Sharing Fund accounts for all federal revenue sharing
receipts and related expenditures.
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 grant
revenues and related expenditures.
Special Revenue Fund
The 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 desig-
nated 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.
EXHIBIT D-1
CITY OF WICHITA FALLS, TEXAS
SPECIAL REVENUE FUNDS
COMBINING BALANCE SHEET
SEPTEMBER 30, 1988
WITH COMPARATIVE TOTALS AT SEPTEMBER 30, 1987
Civic/ Hotel/ Community Rental Totals
Revenue Community Motel Development Special Section 8 Rehabilitation
Sharing Promotion Tax Block Grant Revenue Housing Program 1988 1987
ASSETS
Cash and short-term investments $ 665,971 $ 6,618 $ 10,694 $ - $442,680 $ - $ - $1,125,963 $2,103,791
Receivables:
Taxes and assessments - - 156,554 - - - - 156,554 148,260
Government agencies - - - 2,011,450 - 263,691 102,996 2,378,137 2,294,687
Other 763 3,443 - - - - - 4,206 40,344
Prepaid items - 105 18.732 - 105,980 - 124,817 113.117
Total assets S 666.734 $10,166 $167,248 $2,030,182 $442,680 $369,671 $102,996 $3,789,677 $4.700,199
LIABILITIES AND FUND BALANCE
Liabilities:
Bank overdraft $ - $ - $ - $ 109,266 $ - $221,420 $ 1,630 $ 332,316 $ 60,289
Accounts payable - trade 56,170 8,375 - 140,547 7,046 599 9,230 221,967 340,922
CM Accrued payroll - 1,485 - 2,374 - 1,348 - 5,207 15,842
CD
Payable to government agencies - - - - - 18,267 - 18,267 85,017
Other liabilities - - - 47,272 193 - - 47,465 85,015
Deferred revenue - - - 87,762 - 87,762 20,640
Total liabilities 56,170 9,860 299.459 7,239 329,396 10,860 712,984 607,725
Fund balance:
Reserved for encumbrances 258,133 36,748 - 2,568 7,363 - - 304,812 982,640
Reserved for prepaid items - 105 - 18,732 - 105,980 - 124,817 113,117
Unreserved:
Designated for subsequent
years expenditures 352,431 - - 1,709,423 428,078 40,275 92,136 2,622,343 2,794,748
Undesignated - ( 36,547) 167,248 - - ( 105,980) - 24,721 201,969
Total fund balance 610,564 306 167,248 1,730.723 435,441 40,275 92,136 3,076,693 4,092,474
Total liabilities and fund balance $ 666.734 $10,166 $167,248 $2.030.182 $442,680 $369,671 $102,996 $3,789,677 $4,700,199
CITY OF WICHITA FALLS, TEXAS EXHIBIT D-2
SPECIAL REVENUE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 1988
WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 1987
Totals
Rental 1988 1987
Civic/ Hotel/ Community Rehabil- Variance -
Revenue Community Motel Development Special Section 8 itation Favorable
Sharing Promotion Tax Block Grant Revenue Housing Program Actual Budget (Unfavorable) Actual
Revenues:
Taxes:
Hotel/motel tax $ - $ - $584,922 $ - $ - $ - $ - $ 584,922 $ 589,167 (S 4,245) $ 515,220
Penalty and interest - - 2,464 - - - - 2,464 2,000 464 2,423
Total taxes - - 587,386 - - - - 587,386 591,167 ( 3,781) 517,643
Intergovernmental revenue - - - 1,269,000 - 1,367.824 186,661 2,823.485 2.833.446 ( 9,961) 2.413.322
Miscellaneous revenue:
Fees and donations - - - - 273,454 - - 273,454 273,454 - 446,283
Rents and concessions - 167,631 - - 8,804 - - 176,435 178,304 ( 1,869) 190,278
Interest 43,452 - 9,174 - 12,200 74 - 64,900 20,433 44,467 126,378
Other - - - 22 332 - - 354 332 22 7.786
Total miscellaneous
revenue 43,452 167,631 9,174 22 294,790 74 - 515,143 472,523 42,620 770,725
Total revenues 43,452 167,631 596,560 1,269,022 294,790 1.367.898 186,661 3,926,014 3.897.136 28,878 3,701.690
cri
Expenditures:
Administrative services
division:
Personnel services - 141,160 - - - 110,521 - 251,681 285,845 34,164 248,726
Supplies and materials - 18,515 - - 42,390 3,285 - 64,190 139,365 75,175 65,316
Maintenance - 86,686 112,288 - 62,611 76 114,776 376,437 714,985 338,548 358,071
Utilities and other
services - 107,202 447.181 - 167,650 1.202.970 1,925.003 2,143,768 218,765 1.604,508
Total administrative
services division - 353,563 559.469 - 272,651 1.316.852 114,776 2.617.311 3,283,963 666.652 2.276.621
Capital outlay - 7,613 - - 17,970 10.771 - 36.354 54.389 18,035 157.504
Total expenditures - 361.176 559,469 - 290,621 1.327,623 114,776 2.653.665 3,338,352 684,687 2,434,125
Excess of revenues over
(under) expenditures 43,452 ( 193,545) 37,091 1.269,022 4,169 40.275 71,885 1,272,349 558,784 713,565 1.267.565
Other financing sources (uses):
Operating transfers in - 193,545 - - - - - 193,545 207,971 ( 14,426) 138,902
Operating transfers out - - ( 193,545) - - - - ( 193,545)( 207,610) 14,065 ( 138,902)
Contributions from
operating grants ( 844,575) - - ( 1.443,555) - - - ( 2,288,130)( 2.288.130) - ( 2.222.397)
Total other
financing sources
(uses) ( 844,575) 193,545 ( 193,545)( 1,443,555) - - - ( 2.288.130)( 2.287,769) ( 361) ( 2.222,397)
Excess of revenues and other
financing sources over (under)
expenditures and uses ( 801,123) - ( 156,454)( 174,533) 4,169 40,275 71,885 ( 1,015,781)(51.728.985) 1211021 ( 954,832).
Fund balance - beginning 1.411.687 306 323,702 1,905,256 431,272 - 20,251 4.092.474 5.047.306
Fund balance - ending 5 610.564 $ 306 $167,248 $1,730.723 5435,441 $ 40,275 $ 92,136 53.076,693 54.092.474
EXHIBIT D-3
CITY OF WICHITA FALLS, TEXAS
REVENUE SHARING FUND
COMPARATIVE BALANCE SHEET
SEPTEMBER 30, 1988 AND 1987
1988 1987
ASSETS
Cash and short-term investments $ 665,971 $1 ,408,125
Receivables:
Other 763 33,465
Total assets $ 666,734 $1 ,441 ,590
LIABILITIES AND FUND BALANCE
Liabilities:
Accounts payable - trade $ 56,170 $ 29,903
Fund balance:
Reserved for encumbrances 258,133 444,893
Unreserved:
Designated for subsequent years
expenditures 352,431 966,794
Total fund balance 610,564 1 ,411 ,687
Total liabilities and fund balance $ 666,734 $1 ,441 ,590
52
EXHIBIT D-4
CITY OF WICHITA FALLS, TEXAS
REVENUE SHARING FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE -
BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 1988
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1987
1988
Variance -
Favorable 1987
Budget Actual (Unfavorable) Actual
Revenues:
Intergovernmental revenue $ - $ - $ - $ 21 ,953
Miscellaneous revenue:
Interest - 43,452 43,452 82,386
Other - - - 2,455
Total miscellaneous
revenue - 43,452 43,452 84,841
Total revenues - 43,452 43,452 106,794
Expenditures - - - -
Excess of revenues over
(under) expenditures - 43,452 43,452 106,794
Other financing sources (uses) :
Contributions from
operating grants ( 844,575) ( 844,575) - ( 419,878)
Excess of revenues and other
sources over (under)
expenditures and other uses ($ 844,575) ( 801,123) $ 43,452 ( 313,084)
Fund balance - beginning 1 ,411 ,687 1,724,771
Fund balance - ending $ 610,564 $ 1 ,411 ,687
53
EXHIBIT D-5
CITY OF WICHITA FALLS, TEXAS
CIVIC/COMMUNITY PROMOTION FUND
COMPARATIVE BALANCE SHEET
SEPTEMBER 30, 1988 AND 1987
1988 1987
ASSETS
Cash and short-term investments $ 6,618 $ 12,157
Receivables:
Other 3,443 5,261
Prepaid items 105 299
Total assets $ 10,166 $ 17,717
LIABILITIES AND FUND BALANCE
Liabilities:
Accounts payable - trade $ 8,375 $ 12,292
Accrued payroll 1 ,485 5,119
Total liabilities 9,860 17,411
Fund balance:
Reserved for encumbrances 36,748 2,955
Reserved for prepaid items 105 299
Unreserved:
Undesignated ( 36,547) ( 2,948)
Total fund balance 306 306
Total liabilities and fund balance $ 10,166 $ 17,717
54
EXHIBIT D-6
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, 1988
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1987
1988
Variance -
Favorable 1987
Budget Actual (Unfavorable) Actual
Revenues:
Miscellaneous revenue:
Rents and concessions $ 169,500 $ 167,631 ($ 1 ,869) $ 173,608
Total revenues 169,500 167,631 ( 1 ,869) 173,608
Expenditures:
Administrative services
division:
Personnel services 142,153 141 ,160 993 156,406
Supplies and materials 18,945 18,515 430 15,796
Maintenance 126,688 86,686 40,002 35,076
Utilities and other
services 108,621 107,202 1 ,419 98,476
Total administrative
services division 396,407 353,563 42,844 305,754
Capital outlay 4,363 7,613 ( 3,250) 6,706
Total expenditures 400,770 361 ,176 39,594 312,460
Excess of revenues over
(under) expenditures ( 231 ,270) ( 193,545) 37,725 ( 138,852)
Other financing sources (uses) :
Operating transfers in 207,971 193,545 ( 14,426) 138,902
Excess of revenues and other
sources over (under)
expenditures and other uses ($ 23,299) - $ 23,299 50
Fund balance - beginning 306 256
Fund balance - ending $ 306 $ 306
55
EXHIBIT D-7
CITY OF WICHITA FALLS, TEXAS
HOTEL/MOTEL TAX FUND
COMPARATIVE BALANCE SHEET
SEPTEMBER 30, 1988 AND 1987
1988 1987
ASSETS
Cash and short-term investments $ 10,694 $ 186,687
Receivables:
Taxes and assessments 156,554 148,260
Other - 678
Prepaid items - 4,547
Total assets $ 167,248 $ 340, 172
LIABILITIES AND FUND BALANCE
Liabilities:
Accounts payable - trade $ - $ 13,264
Other liabilities - 3,206
Total liabilities - 16,470
Fund balance:
Reserved for encumbrances - 114,238
Reserved for prepaid items - 4,547
Unreserved:
Undesignated 167,248 204,917
Total fund balance 167,248 323,702
Total liabilities and fund balance $ 167,248 $ 340,172
56
EXHIBIT D-8
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, 1988
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1987
1988
Variance -
Favorable 1987
Budget Actual (Unfavorable) Actual
Revenues:
Taxes:
Hotel/motel tax $ 589,167 $ 584,922 ($ 4,245) $ 515,220
Penalty and interest 2,000 2,464 464 2,423
Total taxes 591 , 167 587,386 ( 3,781) 517,643
Miscellaneous revenue:
Interest 8,233 9,174 941 18,890
Total revenues 599,400 596,560 ( 2,840) 536,533
Expenditures:
Administrative services
division:
Maintenance 114,238 112,288 1 ,950 205,180
Utilities and other
services 447,000 447,181 ( 181) 376,961
Total expenditures 561 ,238 559,469 1 ,769 582,141
Excess of revenues over
(under) expenditures 38,162 37,091 ( 1 ,071) ( 45,608)
Other financing sources (uses) :
Operating transfers out ( 207,610) ( 193,545) 14,065 ( 138,902)
Excess of revenues and other
sources over (under)
expenditures and other uses ($ 169,448) ( 156,454) $ 12,994 ( 184,510)
Fund balance - beginning 323,702 508,212
Fund balance - ending $ 167,248 $ 323,702
57
EXHIBIT D-9
CITY OF WICHITA FALLS, TEXAS
COMMUNITY DEVELOPMENT BLOCK GRANT FUND
COMPARATIVE BALANCE SHEET
SEPTEMBER 30, 1988 AND 1987
1988 1987
ASSETS
Receivables:
Government agencies $2,011 ,450 $2,253,205
Prepaid items 18,732 18,000
Total assets $2,030,182 $2,271 ,205
LIABILITIES AND FUND BALANCE
Liabilities:
Bank overdraft $ 109,266 $ 60,289
Accounts payable - trade 140,547 276,582
Accrued payroll 2,374 7, 188
Other liabilities 47,272 21 ,890
Total liabilities 299,459 365,949
Fund balance:
Reserved for encumbrances 2,568 414,074
Reserved for prepaid items 18,732 18,000
Unreserved:
Designated for subsequent years
expenditures 1 ,709,423 1 ,473,182
Total fund balance 1 ,730,723 1 ,905,256
Total liabilities and fund balance $2,030,182 $2,271 ,205
58
EXHIBIT D-10
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, 1988
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1987
1988
Variance -
Favorable 1987
Budget Actual (Unfavorable) Actual
Revenues:
Intergovernmental revenue $ 1 ,269,000 $ 1 ,269,000 $ - $ 1 ,263,000
Miscellaneous revenue:
Other - 22 22 4,989
Total revenues 1 ,269,000 1 ,269,022 22 1 ,267,989
Expenditures - - - -
Excess of revenues over
expenditures 1 ,269,000 1 ,269,022 22 1 ,267,989
Other financing sources (uses) :
Contributions from
operating grants ( 1 ,443,555) ( 1 ,443,555) - ( 1 ,802,519)
Excess of revenues and other
sources over (under)
expenditures and other uses ($ 174,555) ( 174,533) $ 22 ( 534,530)
Fund balance - beginning 1 ,905,256 2,460,037
Residual equity transfer - ( 20,251)
Fund balance - ending $ 1 ,730,723 $ 1 ,905,256
59
EXHIBIT D-11
CITY OF WICHITA FALLS, TEXAS
SPECIAL REVENUE FUND
COMPARATIVE BALANCE SHEET
SEPTEMBER 30, 1988 AND 1987
1988 1987
ASSETS
Cash and short-term investments $ 442,680 $ 453,554
Receivables:
Other - 940
Prepaid items - 80
Total assets $ 442,680 $ 454,574
LIABILITIES AND FUND BALANCE
Liabilities:
Accounts payable - trade $ 7,046 $ 6,626
Other liabilities 193 16,676
Total liabilities 7,239 23,302
Fund balance:
Reserved for encumbrances 7,363 -
Reserved for prepaid items - 80
Unreserved:
Designated for subsequent years
expenditures 428,078 431 , 192
Total fund balance 435,441 431 ,272
Total liabilities and fund balance $ 442,680 $ 454,574
60
EXHIBIT D-12
CITY OF WICHITA FALLS, TEXAS
SPECIAL REVENUE FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE -
BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 1988
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1987
1988
Variance -
Favorable 1987
Budget Actual (Unfavorable) Actual
Revenues:
Miscellaneous revenue:
Fees and donations $ 273,454 $ 273,454 $ - $ 446,283
Rents and concessions 8,804 8,804 - 16,670
Interest 12,200 12,200 - 24,877
Other 332 332 - 342
Total revenues 294,790 294,790 - 488,172
Expenditures:
Administrative services
division:
Personnel services 3,243 - 3,243 -
Supplies and materials 114,484 42,390 72,094 46,175
Maintenance 294,648 62,611 232,037 73,222
Utilities and other
services 274,683 167,650 107,033 147,096
Total administrative
services division 687,058 272,651 414,407 266,493
Capital outlay 36,929 17,970 18,959 144,437
Total expenditures 723,987 290,621 433,366 410,930
Excess of revenues over
(under) expenditures ($ 429,197) 4,169 ($ 433,366) 77,242
Fund balance - beginning 431 ,272 354,030
Fund balance - ending $ 435,441 $ 431 ,272
61
EXHIBIT D-13
CITY OF WICHITA FALLS, TEXAS
SECTION 8 HOUSING FUND
COMPARATIVE BALANCE SHEET
SEPTEMBER 30, 1988 AND 1987
1988 1987
ASSETS
Cash and short-term investments $ - $ 43,268
Receivables:
Government agencies 263,691 21 ,231
Prepaid items 105,980 90, 191
Total assets $ 369,671 $ 154,690
LIABILITIES AND FUND BALANCE
Liabilities:
Bank overdraft $ 221 ,420 $ -
Accounts payable - trade 599 2,255
Accrued payroll 1 ,348 3,535
Payable to government agencies 18,267 85,017
Other liabilities - 43,243
Deferred revenue 87,762 20,640
Total liabilities 329,396 154,690
Fund balance:
Reserved for encumbrances - 6,480
Reserved for prepaid items 105,980 90,191
Unreserved:
Designated for subsequent years
expenditures 40,275 -
Undesignated ( 105,980) ( 96,671 )
Total fund balance 40,275 -
Total liabilities and fund balance $ 369,671 $ 154,690
62
EXHIBIT D-14
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, 1988
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1987
1988
Variance -
Favorable 1987
Budget Actual (Unfavorable) Actual
Revenues:
Intergovernmental revenue $ 1,475,446 $ 1 ,367,824 ($ 107,622) $ 1 ,083,869
Miscellaneous revenue:
Interest - 74 74 225
Total revenues 1 ,475,446 1 ,367,898 ( 107,548) 1 ,084,094
Expenditures:
Administrative services
division:
Personnel services 140,449 110,521 29,928 92,320
Supplies and materials 5,936 3,285 2,651 3,345
Maintenance 2,500 76 2,424 93
Utilities and other
services 1 ,313,464 1 ,202,970 110,494 981 ,975
Total administrative
services division 1 ,462,349 1 ,316,852 145,497 1 ,077,733
Capital outlay 13,097 10,771 2,326 6,361
Total expenditures 1 ,475,446 1 ,327,623 147,823 1 ,084,094
Excess of revenues over
expenditures $ - 40,275 $ 40,275 -
Fund balance - beginning - -
Fund balance - ending $ 40,275 $ -
63
EXHIBIT D-15
CITY OF WICHITA FALLS, TEXAS
RENTAL REHABILITATION PROGRAM FUND
COMPARATIVE BALANCE SHEET
SEPTEMBER 30, 1988 AND 1987
1988 1987
ASSETS
Receivables:
Government agencies $102,996 $ 20,251
Total assets $102,996 $ 20,251
LIABILITIES AND FUND BALANCE
Liabilities:
Bank overdraft $ 1,630 $ -
Accounts payable - trade 9,230 -
Total liabilities 10,860 -
Fund balance:
Unreserved:
Designated for subsequent years
expenditures 92,136 20,251
Total liabilities and fund balance $102,996 $ 20,251
64
EXHIBIT D-16
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, 1988
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMEER 30, 1987
1988
Variance -
Favorable 1987
Budget Actual (Unfavorable) Actual
Revenues:
Intergovernmental revenue $ 89,000 $ 186,661 $ 97,661 $ 44,500
Expenditures:
Administrative services
division:
Maintenance 176,911 114,776 62,135 44,500
Excess of revenues over
(under) expenditures ($ 87,911) 71 ,885 $ 159,796 -
Fund balance - beginning 20,251 -
Residual equity transfer - 20,251
Fund balance - ending $ 92,136 $ 20,251
65
THIS PAGE IS INTENTIONALLY LEFT BLANK.
DEBT SERVICE FUND
The Debt Service Fund, also known as the Interest and Sinking Fund,
is established by ordinances authorizing the issuance of general
obligation bonds to provide for the payment of bond principal and
interest. An ad valorem tax rate and tax levy is 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 SHEET
SEPTEMBER 30, 1988 AND 1987
1988 1987
ASSETS
Restricted assets:
Cash and short-term investments $389,655 5;248,529
Receivables:
Taxes (net of allowance for uncollectible taxes
of $189,322 and $178,201) 327,611 388,516
Total assets $717,266 $637,045
LIABILITIES AND FUND BALANCE
Liabilities payable from restricted assets:
Accounts payable - trade $ 370 $ -
Deferred revenue 316,473 367,744
Fund balance:
Designated for debt service 400,423 269,301
Total liabilities and fund balance $717,266 $637,045
66
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, 1988
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1987
1988
Variance -
Favorable 1987
Budget Actual (Unfavorable) Actual
Revenues:
Taxes:
Ad valorem taxes $2,287,502 $ 2,363,809 $ 76,307 $ 2,263,882
Miscellaneous:
Interest 5,000 55,931 50,931 48,796
Total revenues 2,292,502 2,419,740 127,238 2,312,678
Expenditures:
Principal retirement 605,000 605,000 - 305,000
Interest and paying
agent fees 1 ,687,502 1 ,683,618 3,884 1 ,983,420
Total expenditures 2,292,502 2,288,618 3,884 2,288,420
Excess of revenues over
expenditures $ - 131,122 $ 131 ,122 24,258
Fund balance - beginning 269,301 245,043
Fund balance - ending $ 400,423 $ 269,301
67
THIS PAGE IS INTENTIONALLY LEFT BLANK.
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 six 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.
EXHIBIT F-1
CITY OF WICHITA FALLS, TEXAS
CAPITAL PROJECTS FUNDS
COMBINING BALANCE SHEET
SEPTEMBER 30, 1988
WITH COMPARATIVE TOTALS AT SEPTEMBER 30, 1987
1985
1980 1981 1981 1982 Holliday Capital
General C.O. General G.O. General General Creek Improvement Totals
Improvements Improvements Improvements Improvements Project Assessments 1988 1987
ASSETS
Cash and short-term investments $1,215,596 $426,769 $1,800,359 $1,120,593 $6,569,308 $438,668 $11,571,293 $11,858,258
Receivables:
Capital improvement assessments - - - - - 454,730 454,730 475,172
Other 1,832 - 2,747 1,679 4,121 - 10,379 153,646
Prepaid items - - - - - - - 26,924
Total assets $1,217,428 $426,769 $1,803,106 $1,122,272 $6,573,429 $893,398 $12,036,402 $12,514,000
O%
CO
LIABILITIES AND FUND BALANCE
Liabilities:
Accounts payable - trade $ - $ - $ - $ 77 $ 93,888 $ - $ 93,965 $ 43,675
Other liabilities 4,215 10,000 - 20,218 35,431 4,566 74,430 76,825
Deferred revenue - - - - - 454,730 454,730 475,172
Total liabilities 4,215 10,000 - 20,295 129,319 459,296 623,125 595,672
Fund balance:
Reserved for encumbrances - - - - 2,600,151 - 2,600,151 401,597
Unreserved - designated for
subsequent years expenditures 1,213,213 416,769 1,803,106 1,101,977 3,843,959 434,102 8,813,126 11,516,731
Total fund balance 1,213,213 416,769 1,803,106 1,101,977 6,444,110 434,102 11,413,277 11,918,328
Total liabilities and fund balance $1,217,428 $426,769 $1,803,106 $1,122,272 $6,573,429 $893,398 $12,036,402 $12,514,000
EXHIBIT F-2
CITY OF WICHITA FALLS, TEXAS
CAPITAL PROJECTS FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
FOR THE YEAR ENDED SEPTEMBER 30, 1988
WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 1987
1985
1980 1981 1981 1982 Holliday Capital
General C.O. General G.O. General General Creek Improvement Totals
Improvements Improvements Improvements Improvements Project Assessments 1988 1987
Revenues:
Miscellaneous:
Capital improvement assessments $ - $ - $ - $ - $ - $ 20,530 $ 20,530 $ 20,465
Interest 76,260 16,704 113,480 69,992 421,301 17,857 715,594 687,808
Other - - - - 50,000 - 50,000 2,810
Total revenues 76,260 16,704 113,480 69,992 471,301 38,387 786,124 711,083
Expenditures:
Drainage improvements - - - - - - - 18,396
Park improvements - - - 6,520 - - 6,520 14,165
h Central services complex 13,954 - - - - - 13,954 4,158
D Sanitary landfill - - - - - - - 21,233
Library remodeling - - - - - - - 3,557
Softball complex - - - 2,500 - - 2,500 225,308
Holliday Creek improvements - - - - 1,268,201 - 1,268,201 978,324
Total expenditures 13,954 - - 9,020 1,268,201 - 1,291,175 1,265,141
Excess of revenues over (under)
expenditures 62,306 16,704 113,480 60,972 ( 796,900) 38,387 ( 505,051) ( 554,058)
Fund balance - beginning 1,150,907 400,065 1,689,626 1,041,005 7,241,010 395,715 11,918,328 12,472,386
Fund balance - ending $1,213,213 $416,769 $1,803,106 $1,101,977 $6,444,110 $434,102 $11,413,277 $11,918,328
THIS PAGE IS INTENTIONALLY LEFT BLANK.
ENTERPRISE FUNDS
Enterprise Funds are used to account for operations that are financed and
operated in a manner similar to private business enterprises. The intent of
the governing body is that the cost of providing the service to the general
public on a continuing basis be recovered primarily through user charges.
The Enterprise Funds include the following:
Airport Fund
The Airport Fund was established for control of the operating revenue
and expenses of the Wichita Falls Municipal Airport. The airport is
operated upon land leased from the Department of Defense and commercial
aviation shares the facilities and runways of Sheppard Air Force Base.
Transit Fund
The Transit Fund accounts for the operation of the Wichita Falls Transit
System. The system is supported from passenger fees, subsidies from the
General Fund and subsidies from the Urban Mass Transportation Administra-
tion.
Sanitation Fund
The Sanitation Fund was established to account for the operating revenue
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.
EXHIBIT G-1
CITY OF WICHITA FALLS, TEXAS (Page 1 of 2)
ENTERPRISE FUNDS
COMBINING BALANCE SHEET
SEPTEMBER 30, 1988
WITH COMPARATIVE TOTALS AT SEPTEMBER 30, 1987
Water and Totals
Airport Transit Sanitation Sewer 1988 1987
ASSETS
Current assets:
Cash and short-term investments $ 141 ,248 $ - $1 ,635,783 $ 4,816,717 $ 6,593,748 $ 5,506,741
Receivables:
Customer and trade 29,237 - 481 ,541 1 ,208,044 1 ,718,822 1 ,751 ,576
Government agencies - 186,615 - - 186,615 158,815
Other - - 4,017 40,629 44,646 86,051
Inventory - - - 562,097 562,097 499,908
Prepaid items 30 275 1 ,934 6,100 8,339 3,357
o Total current assets 170,515 186,890 2,123,275 6,633,587 9,114,267 8,006,448
Restricted assets:
Cash and short-term investments - - - 9,249,344 9,249,344 9,805,731
Other - - - 142,181 142,181 110,376
Total restricted assets - - - 9,391 ,525 9,391 ,525 9,916,107
Plant and equipment:
Land and betterments 1 ,468,175 61 ,925 653,692 22,389,612 24,573,404 24,459,843
Buildings, systems and improvements 1 ,451 ,662 626,868 2,298,370 57,117,339 61 ,494,239 56,425,159
Machinery and equipment 13,608 67,822 95,660 2,502,648 2,679,738 2,622,264
Furniture and fixtures 11 ,937 6,128 4,750 23,641 46,456 52,947
Motor vehicles and equipment - - - 3,670 3,670 4,470
Construction in progress - - - 9,446,967 9,446,967 10,257,744
2,945,382 762,743 3,052,472 91 ,483,877 98,244,474 93,822,427
Less accumulated depreciation ( 988,329) ( 65,905) ( 348,193) ( 29,437,084) ( 30,839,511) ( 29,200,020)
Total plant and equipment 1 ,957,053 696,838 2,704,279 62,046,793 67,404,963 64,622,407
Other assets:
Deferred charges - - - 658,130 658,130 698,367
Total assets $2,127,568 $883,728 $4,827,554 $78,730,035 $86,568,885 $83,243,329
•
EXHIBIT G-1
(Page 2 of 2)
CITY OF WICHITA FALLS, TEXAS
ENTERPRISE FUNDS
COMBINING BALANCE SHEET (CONT'D.)
SEPTEMBER 30, 1988
WITH COMPARATIVE TOTALS AT SEPTEMBER 30, 1987
Water and Totals
Airport Transit Sanitation Sewer 1988 1987
LIABILITIES AND FUND EQUITY
Current liabilities payable from
current assets:
Bank overdraft $ - $187,342 $ - $ - $ 187,342 $ 157,212
Accounts payable - trade 3,531 9,823 51,096 654,531 718,981 398,444
Accrued payroll 976 16,019 76,092 144,935 238,022 361,280
Government agencies 1,506 - - - 1,506 -
Other liabilities 49 - 7,065 173,444 180,558 72,226
Total current liabilities
payable from current assets 6,062 213,184 134,253 972,910 1,326,409 989,162
Current liabilities payable from
restricted assets:
Contracts and trade - - - 765 765 257,041
v Revenue bonds - current maturities - - - 600,000 600,000 575,000
J Accrued interest - revenue bonds - - - 308,558 308,558 313,829
Matured bonds and interest payable - - - 3,000 3,000 3,000
Deferred revenue - - - 108,000 108,000 -
Total current liabilities
payable from restricted assets - - - 1,020,323 1,020,323 1,148,870
Long-term liabilities:
Payable to U.S. Government - - - 1,093,040 1,093,040 1,108,940
Revenue bonds, less current maturities - - - 22,835,000 22,835,000 23,435,000
Total long-term liabilities - - - 23,928,040 23,928,040 24,543,940
Long-term liabilities payable from
restricted assets:
Customer deposits - - - 984,753 984,753 922,085
Total liabilities 6,062 213,184 134,253 26,906,026 27,259,525 27,604,057
• Fund equity:
Contributed capital 2,277,385 818,745 2,907,626 15,985,195 21,988,951 21,759,981
Retained earnings:
Reserved for revenue bond •
debt service - - - 2,905,568 2,905,568 2,867,634
Unreserved ( 155,879) ( 148,201) 1,785,675 32,933,246 34,414,841 31,011,657
Total retained earnings
(deficit) ( 155,879) ( 148,201) 1,785,675 35,838,814 37,320,409 33,879,291
Total fund equity 2,121,506 670,544 4,693,301 51,824,009 59,309,360 55,639,272
Total liabilities and fund equity $2,127,568 $883,728 $4,827,554 $78,730,035 $86,568,885 $83,243,329
THIS PAGE IS INTENTIONALLY LEFT BLANK.
EXHIBIT G-2
CITY OF WICHITA FALLS, TEXAS
ENTERPRISE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS
FOR THE YEAR ENDED SEPTEMBER 30, 1988
WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 1987
Water and Totals
Airport Transit Sanitation Sewer 1988 1987
Operating revenues:
Charges for services $ 21,936 $145,453 $4,715,029 $12,777,128 $17,659,546 $16,505,890
Rents, concessions and other 160,023 - 1,104 165,330 326,457 266,333
Total operating revenues 181,959 145,453 4,716,133 12,942,458 17,986,003 16,772,223
Operating expenses:
Personnel services 27,784 322,434 1,650,191 2,924,221 4,924,630 4,806,459
Supplies and materials 408 49,847 16,196 585,349 651,800 587,370
Maintenance and repairs 57,526 51,242 2,145,352 2,761,337 5,015,457 5,277,669
Utilities and other services 93,375 30,209 197,914 1,984,677 2,306,175 2,183,204
Insurance and contract support 3,651 22,155 196,360 292,747 514,913 620,629
Depreciation and amortization 91,528 14,670 57,125 1,529,299 1,692,622 1,587,638
Total operating expenses 274,272 490,557 4,263,138 10,077,630 15,105,597 15,062,969
Operating income (loss) ( 92,313) ( 345,104) 452,995 2,864,828 2,880,406 1,709,254
Non-operating revenues (expenses) :
v N Interest income 119 - 104,224 866,509 973,852 1,033,355
Gain (loss) on sale of assets - ( 329) - ( 1,435) ( 1,764) ( 7,177)
Litigation proceeds - - - 423,709 423,709 -
Interest expense and
paying agent fees - - - ( 716,105) ( 716,105) ( 79,297)
Contributions from operating
grants - 163,351 - 122,715 286,066 340,170
Total non-operating revenues
(expenses) 119 163,022 104,224 695,393 962,758 1,287,051
Income (loss) before operating
transfers ( 92,194) ( 182,082) 557,219 3,560,221 3,843,164 2,996,305
Operating transfers:
Operating transfers in 60,403 167,821 - - 228,224 207,718
Operating transfers out - - ( 380,692) ( 249,578) ( 630,270) ( 630,600)
Net operating transfers 60,403 167,821 ( 380,692) ( 249,578) ( 402,046) ( 422,882)
Net income (loss) ( 31,791) ( 14,261) 176,527 3,310,643 3,441,118 2,573,423
Retained earnings (deficit) - beginning ( 124,088) ( 133,940) 1,609,148 32,528,171 33,879,291 31,310,541
Residual equity transfer to
Internal Service Fund - - - - - ( 4,673)
Retained earnings (deficit) - ending ($ 155,879) ($148,201) $1,785,675 $35,838,814 $37,320,409 $33,879,291
EXHIBIT G-3
(Page 1 of 2)
CITY OF WICHITA FALLS, TEXAS
ENTERPRISE FUNDS
COMBINING STATEMENT OF CHANGES IN FINANCIAL POSITION
FOR THE YEAR ENDED SEPTEMBER 30, 1988
WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 1987
Water and Totals
Airport Transit Sanitation Sewer 1988 1987
Sources of funds:
Net income (loss) ($ 31 ,791) ($ 14,261) $ 176,527 $ 3,310,643 $ 3,441 ,118 $ 2,573,423
Items not requiring (providing)
working capital:
Depreciation and amortization 91 ,528 14,670 57,125 1 ,529,299 1 ,692,622 1 ,587,638
Loss on sale of assets - 329 - 1 ,435 1 ,764 7,177
Working capital provided (used) by
operations 59,737 738 233,652 4,841,377 5, 135,504 4,168,238
Contributed capital - 23,263 - 205,707 228,970 305,502
Customer deposits, net - - - 62,668 62,668 51 ,913
w Transfer of assets to Internal
Service Fund - - - - - 4,673
Decrease in restricted assets - - - 524,582 524,582 4,888,501
Total sources of funds 59,737 24,001 233,652 5,634,334 5,951 ,724 9,418,827
Application of funds:
Deferred charges - - - - - 9,223
Purchase of fixed assets 4,341 24,001 81 ,944 4,326,419 4,436,705 9,792,703
Retirement of revenue bonds - - - 600,000 600,000 575,000
Payment of U.S. Government obligation - - - 15,900 15,900 15,399
Residual equity transfer to Internal
Service Fund - - - - - 4,673
Decrease in current liabilities payable
from restricted assets - - - 128,547 128,547 31 , 102
Total application of funds 4,341 24,001 81 ,944 5,070,866 5,181 ,152 10,428,100
Net increase (decrease) in working
capital $ 55,396 $ - $ 151 ,708 $ 563,468 $ 770,572 ($ 1 ,009,273)
EXHIBIT G-3
(Page 2 of 2)
CITY OF WICHITA FALLS, TEXAS
ENTERPRISE FUNDS
COMBINING STATEMENT OF CHANGES IN FINANCIAL POSITION (CONT'D.)
FOR THE YEAR ENDED SEPTEMBER 30, 1988
WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 1987
Water and Totals
Airport Transit Sanitation Sewer 1988 1987
Summary of net changes in working
capital:
Increase (decrease) in
current assets:
Cash and short-term investments $ 51 ,548 $ - $ 122,035 $ 913,424 $ 1 ,087,007 ($ 1 , 192,536)
Receivables:
Customer and trade 10,001 - 38,437 ( 81 ,192) ( 32,754) 263,194
Other City funds - - - - - ( 28,885)
Government agencies - 27,800 - - 27,800 72,211
v Other ( 5,865) - ( 20,451) ( 15,089) ( 41 ,405) 50,833
Inventory - - - 62,189 62,189 ( 37,782)
Prepaid items ( 243) 207 ( 370) 5,388 4,982 3,357
Net increase (decrease)
in current assets 55,441 28,007 139,651 884,720 1 ,107,819 ( 869,608)
Increase (decrease) in current
liabilities:
Bank overdraft - 30,130 - - 30,130 105, 192
Accounts payable - trade ( 435) 5,943 26,971 288,058 320,537 ( 2,673)
Accrued payroll ( 1,035) ( 8,066) ( 39,028) ( 75,129) ( 123,258) 44,639
Payable to other City funds - - - - - ( 11 ,386)
Payable to government agencies 1 ,506 - - - 1 ,506 ( 7,807)
Other liabilities 9 - - 108,323 108,332 11 ,700
Net increase (decrease)
in current liabilities 45 28,007 ( 12,057) 321 ,252 337,247 139,665
Net increase (decrease) in
working capital $ 55,396 $ - $ 151 ,708 $ 563,468 $ 770,572 ($ 1 ,009,273)
THIS PAGE IS INTENTIONALLY LEFT BLANK.
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 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. Divisions which use the vehicles and
equipment are charged a monthly rental fee based upon actual costs
of operating each class of vehicle or equipment.
EXHIBIT H-1
CITY OF WICHITA FALLS, TEXAS
INTERNAL SERVICE FUND
COMPARATIVE BALANCE SHEET
SEPTEMBER 30, 1988 AND 1987
1988 1987
ASSETS
Current assets:
Cash and short-term investments $ 851 ,460 $ 751 ,925
Receivables:
Other - 347
Inventory 294,053 331 ,666
Prepaid items 487 717
Total current assets 1 ,146,000 1 ,084,655
Plant and equipment:
Land and betterments 433,658 206,769
Buildings, systems and improvements 4,008,948 4,008,948
Furniture and fixtures 5,974 6,234
Motor vehicles and equipment 14,485,375 13,332,988
18,933,955 17,554,939
Less accumulated depreciation ( 7,686,282) ( 6,703,077)
Total plant and equipment 11 ,247,673 10,851 ,862
Total assets $12,393,673 $11 ,936,517
LIABILITIES AND FUND EQUITY
Current liabilities:
Accounts payable - trade $ 296,687 $ 261 ,008
Accrued payroll 62,023 86,480
Total current liabilities 358,710 347,488
Fund equity:
Contributed capital 12,060, 118 11 ,806,904
Retained deficit ( 25, 155) ( 217,875)
Total fund equity 12,034,963 11 ,589,029
Total liabilities and fund equity $12,393,673 $11 ,936,517
75
EXHIBIT H-2
CITY OF WICHITA FALLS, TEXAS
INTERNAL SERVICE FUND
STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS
FOR THE YEAR ENDED SEPTEMBER 30, 1988
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1987
1988 1987
Operating revenues:
Rents, concessions and other $5,478,984 $5,518,000
Operating expenses:
Personnel services 1 ,062,218 1 ,036,512
Supplies and materials 905,319 726,308
Maintenance and repairs 1 ,130,581 1 ,280,355
Utilities and other services 258,202 236,072
Insurance and contract support 2,759 55
Depreciation and amortization 1 ,579,623 1 ,536,084
Total operating expenses 4,938,702 4,815,386
Operating income 540,282 702,614
Non-operating revenues (expenses) :
Interest income 7,244 8,288
Gain (loss) on sale of assets ( 42,372) 53,738
Total non-operating revenues (expenses) ( 35,128) 62,026
Income before operating transfers 505,154 764,640
Operating transfers:
Operating transfers in - 2,331
Operating transfers out ( 312,434) ( 312,434)
Net operating transfers ( 312,434) ( 310,103)
Net income 192,720 454,537
Retained deficit - beginning ( 217,875) ( 672,412)
Retained deficit - ending ($ 25,155) ($ 217,875)
76
EXHIBIT H-3
CITY OF WICHITA FALLS, TEXAS
INTERNAL SERVICE FUND
STATEMENT OF CHANGES IN FINANCIAL POSITION
FOR THE YEAR ENDED SEPTEMBER 30, 1988
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1987
1988 1987
Sources of funds:
Net income $ 192,720 $ 454,537
Items not requiring working capital:
Depreciation and amortization 1 ,579,623 1 ,536,084
(Gain) loss on sale of assets 42,372 ( 53,738)
Working capital provided by operations 1 ,814,715 1 ,936,883
Contributed capital 253,214 112,995
Proceeds from sale of assets 87,885 141 ,373
Total sources of funds 2,155,814 2, 191 ,251
Application of funds:
Purchase of fixed assets 2, 105,691 2,083,183
Transfer of assets from Enterprise Funds - 4,673
Transfer of assets from General Fixed
Asset Account Group - 3,812
Total application of funds 2,105,691 2,091 ,668
Net increase in working capital $ 50,123 $ 99,583
Summary of net changes in working capital:
Increase (decrease) in current assets:
Cash and short-term investments $ 99,535 $ 165,781
Receivables - other ( 347) ( 12)
Inventory ( 37,613) 39,010
Prepaid items ( 230) ( 702)
Net increase in current assets 61 ,345 204,077
Increase (decrease) in current liabilities:
Accounts payable - trade 35,679 100,676
Accrued payroll ( 24,457) 6,104
Payable to other City funds - ( 2,286)
Net increase in current liabilities 11 ,222 104,494
Net increase in working capital $ 50,123 $ 99,583
77
TRUST AND AGENCY FUNDS
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.
Tax Collection Fund
This agency fund is used to account for the collection and payment of
ad valorem taxes to the City's General and Debt Service Funds, the
Wichita Falls Independent School District, and Midwestern State
University.
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 City
employees to a tax deferred savings plan and the subsequent disburse-
ment of contributions and interest earned upon retirement, death or
termination of employment.
EXHIBIT I-1
CITY OF WICHITA FALLS, TEXAS
TRUST AND AGENCY FUNDS
COMBINING BALANCE SHEET
SEPTEMBER 30, 1988
WITH COMPARATIVE TOTALS AT SEPTEMBER 30, 1987
Expendable Trust Funds Agency Funds
Employee Wichita Falls Totals
Benefit Reinvestment Social Tax Accounts Deferred
Trust Zone #1 Security Payroll Collection Payable Compensation 1988 1987
ASSETS
Cash and short-term investments $169,291 $58,921 $ - $ - $ 66,766 $ - $685,370 $ 980,348 $ 642,817
Receivables:
Taxes and assessments - 182 - - 2,675,217 - - 2,675,399 2,744,968
Other City funds - - - - - 1,341 - 1,341 160
Other 125 - - - - - 125 62,938
Total assets $169,416 $59,103 $ - $ $2,741,983 $1,341 $685,370 $3,657,213 $3,450,883
v
02
LIABILITIES AND FUND BALANCE
Liabilities:
Bank overdraft $ - $ - $ - $ - $ - $1,341 $ - $ 1,341 $ -
Accounts payable - trade 74,344 17,019 - - 63,144 - 685,370 839,877 646,558
Payable to other City funds - - - - - - - - 2,956
Payable to government agencies - - - - 2,675,217 - - 2,675,217 2,744,968
Estimated health claims payable 193,027 - - - - - - 193,027 -
Other liabilities 420 15 - 3,622 - 4,057 5,157
Total liabilities 267,791 17,034 - 2,741,983 1,341 685,370 3,713,519 3,399,639
Fund balance (deficit):
Designated for subsequent years
expenditures - 42,069 - - - - - 42,069 51,244
Undesignated ( 98,375) - - - - - - ( 98,375) -
Total fund balance (deficit) ( 98,375) 42,069 - - - - - ( 56,306) 51,244
Total liabilities and fund balance $169,416 $59,103 $ - $ - $2,741,983 $1,341 $685,370 $3,657,213 $3,450,883
EXHIBIT I-2
CITY OF WICHITA FALLS, TEXAS
EXPENDABLE TRUST FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
FOR THE YEAR ENDED SEPTEMBER 30, 1988
WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 1987
Employee Wichita Falls
Benefit Reinvestment Totals
Trust Zone #1 1988 1987
Revenues:
Contributions $1 ,926,449 $ - $1 ,926,449 $2,096,145
Miscellaneous revenue 120 5,224 5,344 230
Total revenues 1 ,926,569 5,224 1 ,931 ,793 2,096,375
Expenditures:
Administrative services division:
Personnel services 41 ,725 - 41 ,725 22,695
Claims and administrative fees 1 ,958,890 - 1 ,958,890 1 ,992,641
Maintenance and repairs 145 - 145 -
Supplies and materials 2,126 416 2,542 702
Utilities and other services 68,569 22,739 91 ,308 80,337
Capital outlay 4,733 - 4,733 -
Total expenditures 2,076, 188 23,155 2,099,343 2,096,375
Excess of revenues over (under)
expenditures ( 149,619) ( 17,931 ) ( 167,550) -
Other financing sources (uses) :
Operating transfers in - 60,000 60,000 -
Excess of revenues and other
financing sources over (under)
expenditures and uses ( 149,619) 42,069 ( 107,550) -
Fund balance - beginning 51 ,244 - 51 ,244 51 ,244
Fund balance (deficit) - ending ($ 98,375) $42,069 ($ 56,306) $ 51 ,244
79
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, 1988
Balance Balance
October 1 , September 30,
1987 Additions Deductions 1988
SOCIAL SECURITY FUND
ASSETS
Cash and short-term investments $ - $ 2,988,327 $ 2,988,327 $ -
Receivables:
Other City funds - 2,942,872 2,942,872 -
Government agencies - 45,813 45,813 -
Total assets $ - $ 5,977,012 $ 5,977,012 $ -
LIABILITIES
Accounts payable - trade $ - $ 2,784,988 $ 2,784,988 $ -
Payable to other City funds - 2,784,988 2,784,988 -
Total liabilities $ - $ 5,569,976 $ 5,569,976 $ -
PAYROLL FUND
ASSETS
Cash and short-term investments $ 892 $24,599,022 $24,599,914 $ -
Receivables:
Other City funds 160 16,453,624 16,453,784 -
Government agencies - 618,455 618,455 -
Other - 14,953 14,953 -
Total assets $ 1 ,052 $41 ,686,054 $41 ,687,106 $ -
LIABILITIES
Payable to other City funds $ 1 ,052 $ 1 ,502,165 $ 1 ,503,217 $ -
Total liabilities $ 1 ,052 $ 1 ,502,165 $ 1 ,503,217 $ -
80
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, 1988
Balance Balance
October 1 , September 30,
1987 Additions Deductions 1988
TAX COLLECTION FUND
ASSETS
Cash and short-term investments $ 55,251 $ 34,033,214 $ 34,021 ,699 $ 66,766
Receivables:
Taxes and assessments 2,744,968 18,808,728 18,878,479 2,675,217
Total assets $2,800,219 $ 52,841 ,942 $ 52,900,178 $2,741 ,983
LIABILITIES
Accounts payable - trade $ 51 ,629 $ 15,562,815 $ 15,551 ,300 $ 63, 144
Payable to government agencies 2,744,968 54,497,572 54,567,323 2,675,217
Payable to other City funds - 15,551 ,300 15,551 ,300 -
Other liabilities 3,622 - - 3,622
Total liabilities $2,800,219 $ 85,611 ,687 $ 85,669,923 $2,741 ,983
ACCOUNTS PAYABLE FUND
ASSETS
Cash and short-term investments $ 1 ,904 $ 61 ,554,232 $ 61 ,556, 136 $ -
Receivables:
Other City funds - 50,384,003 50,382,662 1 ,341
Total assets $ 1 ,904 $111 ,938,235 $111 ,938,798 $ 1 ,341
LIABILITIES
Bank overdraft $ - $ 1 ,341 $ - $ 1 ,341
Payable to other City funds 1 ,904 425,861 427,765 -
Total liabilities $ 1 ,904 $ 427,202 $ 427,765 $ 1 ,341
81
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, 1988
Balance Balance
October 1 , September 30,
1987 Additions Deductions 1988
DEFERRED COMPENSATION FUND
ASSETS
Cash and short-term investments $ 572, 176 $ 113,194 $ - $ 685,370
Total assets $ 572,176 $ 113, 194 $ - $ 685,370
LIABILITIES
Accounts payable - trade $ 572,176 $ 113,194 $ - $ 685,370
Total liabilities $ 572,176 $ 113,194 $ - $ 685,370
TOTALS - ALL AGENCY FUNDS
ASSETS
Cash and short-term investments $ 630,223 $123,287,989 $123,166,076 $ 752, 136
Receivables:
Taxes and assessments 2,744,968 18,808,728 18,878,479 2,675,217
Other City funds 160 69,780,499 69,779,318 1 ,341
Government agencies - 664,268 664,268 -
Other - 14,953 14,953 -
Total assets $3,375,351 $212,556,437 $212,503,094 $3,428,694
LIABILITIES
Bank overdraft $ - $ 1 ,341 $ - $ 1 ,341
Accounts payable - trade 623,805 18,460,997 18,336,288 748,514
Payable to other City funds 2,956 20,264,314 20,267,270 -
Payable to government agencies 2,744,968 54,497,572 54,567,323 2,675,217
Other liabilities 3,622 - - 3,622
Total liabilities $3,375,351 $ 93,224,224 $ 93,170,881 $3,428,694
82
SUPPORTING SCHEDULES
THIS PAGE IS INTENTIONALLY LEFT BLANK.
EXHIBIT J-1
CITY OF WICHITA FALLS, TEXAS
COMBINED SCHEDULE OF BONDED DEBT AND INTEREST MATURITIES
SEPTEMBER 30, 1988
Fiscal Year General Obligation Bonds Water and Sewer Revenue Bonds
Ending Serial Bond Interest Total Bonds Serial Bond Interest Total Bonds
September 30, Maturities on Bonds and Interest Maturities on Bonds and Interest Total
1989 $ 635,000 $ 1,650,740 $ 2,285,740 $ 600,000 $ 1,851,348 $ 2,451,348 $ 4,737,088
1990 670,000 1,615,815 2,285,815 640,000 1,814,748 2,454,748 4,740,563
1991 710,000 1,575,615 2,285,615 680,000 1,773,788 2,453,788 4,739,403
1992 755,000 1,531,240 2,286,240 725,000 1,728,228 2,453,228 4,739,468
1993 805,000 1,482,165 2,287,165 775,000 1,677,478 2,452,478 4,739,643
1994 860,000 1,427,827 2,287,827 835,000 1,621,678 2,456,678 4,744,505
1995 920,000 1,367,627 2,287,627 895,000 1,559,888 2,454,888 4,742,515
1996 985,000 1,300,927 2,285,927 960,000 1,491,868 2,451 ,868 4,737,795
1997 1,060,000 1,227,052 2,287,052 1,035,000 1,416,987 2,451,987 4,739,039
1998 1,140,000 1,145,963 2,285,963 1 ,120,000 1,335,222 2,455,222 4,741,185
1999 1,230,000 1,057,043 2,287,043 1,210,000 1,245,622 2,455,622 4,742,665
2000 1,330,000 959,873 2,289,873 1,305,000 1,148,217 2,453,217 4,743,090
2001 1,435,000 853,473 2,288,473 1,410,000 1,042,512 2,452,512 4,740,985
2002 1,550,000 737,955 2,287,955 1,525,000 928,302 2,453,302 4,741,257
OD 2003 1,670,000 613,180 2,283,180 1,650,000 803,252 2,453,252 4,736,432
4'4 2004 1,805,000 477,910 2,282,910 1,785,000 667,952 2,452,952 4,735,862
2005 1,955,000 331,705 2,286,705 1,930,000 520,690 2,450,690 4,737,395
2006 2,115,000 172,373 2,287,373 2,090,000 361,465 2,451,465 4,738,838
2007 - - - 2,265,000 187,995 2,452,995 2,452,995
$21,630,000 $19,528,483 $41,158,483 $23,435,000 $23,177,240 $46,612,240 $87,770,723
EXHIBIT J-2
(Page 1 of 2)
CITY OF WICHITA FALLS, TEXAS
COMBINED SCHEDULE OF BONDS PAYABLE
SEPTEMBER 30, 1988
Final Annual Bonds
Interest Rates Issue Maturity Serial Retired or
and (Dates) Date Date Payments Authorized Issued Refunded Outstandini
General obligation bonds:
General Obligation
Refunding Bonds,
Series 1986 5.0, 5.25, 5.5, 6.0, 7/01/86 9/01/06 305,000 (1987) $22,540,000 $22,540,000 $ 910,000 $21,630,000
6.25, 6.5, 6.75, 7.0, 605,000 (1988)
7.25, 7.5, 7.65, 7.8, 635,000 (1989)
7.9, 8.0, 8.05, 8.1, 670,000 (1990)
8.15 710,000 (1991)
(3/1, 9/1) 755,000 (1992)
805,000 (1993)
860,000 (1994)
920,000 (1995)
985,000 (1996)
1 ,060,000 (1997)
ce► 1,140,000 (1998)
1,230,000 (1999)
1,330,000 (2000)
1,435,000 (2001)
1,550,000 (2002)
1,670,000 (2003)
1,805,000 (2004)
1,955,000 (2005)
2,115,000 (2006)
Total general obligation
bonds 22,540,000 22,540,000 910.000 21,630,000
EXHIBIT J-2
(Page 2 of 2)
CITY OF WICHITA FALLS, TEXAS
COMBINED SCHEDULE OF BONDS PAYABLE (CONT'D.)
SEPTEMBER 30, 1988
Final Annual Bonds
Interest Rates Issue Maturity Serial Retired or
and (Dates) Date Date Payments Authorized Issued Refunded Outstanding
Revenue bonds:
Water and Sewer System
Refunding Revenue
Bonds, Series 1986 5.0, 5.5, 6.1, 6.4, 7/01/86 8/01/07 395,000 (1987) 24,405,000 24,405,000 970,000 23,435,000
6.7, 7.0, 7.2, 7.4, 575,000 (1988)
7.6, 7.8, 7.9, 8.0, 600,000 (1989)
8.05, 8.1 , 8.2, 8.25, 640,000 (1990)
8.3 680,000 (1991)
(2/1 , 8/1) 725,000 (1992)
775,000 (1993)
835,000 (1994)
895,000 (1995)
960,000 (1996)
1 ,035,000 (1997)
co
1,120,000 (1998)
1,210,000 (1999)
1,305,000 (2000)
1,410,000 (2001)
1,525,000 (2002)
1,650,000 (2003)
1,785,000 (2004)
1,930,000 (2005)
2,090,000 (2006)
2,265,000 (2007)
Total revenue bonds 24,405,000 24,405,000 970,000 23,435,000
Total all bonds $46,945,000 $46,945,000 $ 1,880,000 $45,065,000
EXHIBIT J-3
CITY OF WICHITA FALLS, TEXAS
DEBT SERVICE COVERAGE - REVENUE BONDS
SEPTEMBER 30, 1988
Water and Sewer Revenue Bonds:
Net income (Exhibit G-2) $ 3,310,643
Add:
Revenue bond interest expense and paying
agent fees $ 716,105
Depreciation and amortization 1 ,529,299
Operating transfers out 249,578 2,494,982
Net earnings for determining debt service coverage $ 5,805,625
Total principal and interest requirements $46,612,240
Number of years remaining to pay bonds — 19
Average annual principal and interest requirement $ 2,453,276
Average annual debt service coverage 2.37
Maximum principal and interest requirement $ 2,456,678
Maximum debt service coverage 2.36
86
EXHIBIT J-4
CITY OF WICHITA FALLS, TEXAS
GENERAL FIXED ASSETS
COMPARATIVE SCHEDULE OF GENERAL FIXED ASSETS - BY SOURCES
SEPTEMBER 30, 1988 AND 1987
1988 1987
General Fixed Assets:
Land and betterments $14,327,189 $14,311 ,189
Buildings and improvements 14,159,440 13,919,186
Machinery and equipment 3,411 ,385 3,143,900
Furniture and fixtures 461 ,194 735,666
Motor vehicles and equipment 124,805 150,555
Construction in progress 694,263 785,994
Total general fixed assets $33, 178,276 $33,046,490
Investment in General Fixed Assets:
From general obligation bonds $ 734,066 $ 734,066
From local revenues and contributions 3,468,170 3,021 ,443
From federal government contributions 2,152,096 2,071 ,224
From unidentified sources 26,823,944 27,219,757
Total investment in general fixed assets $33, 178,276 $33,046,490
87
EXHIBIT J-5
CITY OF WICHITA FALLS, TEXAS
GENERAL FIXED ASSETS
SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS - BY SOURCES
FOR THE YEAR ENDED SEPTEMBER 30, 1988
Motor
Buildings Machinery Furniture Vehicles
Land and and and and and Construction
Total Betterments Improvements Equipment Fixtures Equipment In Progress
General fixed assets,
October 1 , 1987 $33,046,490 $14,311 , 189 $13,919, 186 $3, 143,900 $735,666 $150,555 $785,994
Additions:
Expenditures from local
revenues and contributions 446,727 16,000 57,913 274,926 5,868 - 92,020
m Expenditures from federal
government contributions 80,872 - - 80,872 - - -
Completed construction
projects -0- - 183,751 - - - ( 183,751 )
Total additions 527,599 16,000 241 ,664 355,798 5,868 - ( 91 ,731 )
Total 33,574,089 14,327, 189 14, 160,850 3,499,698 741 ,534 150,555 694,263
Deductions:
Assets sold, traded or
retired 395,813 - 1 ,410 88,313 280,340 25,750 -
General fixed assets,
September 30, 1988 $33, 178,276 $14,327, 189 $14, 159,440 $3,411 ,385 $461 , 194 $124,805 $694,263
CITY OF WICHITA FALLS, TEXAS EXHIBIT J-6
GENERAL FIXED ASSETS
SCHEDULE OF GENERAL FIXED ASSETS - BY FUNCTION AND ACTIVITY
SEPTEMBER 30, 1988
Motor
Buildings Machinery Furniture Vehicles
Land and and and and and Construction
Total Betterments Improvements Equipment Fixtures Equipment In Progress
Administrative services division:
Mayor and City Council $ 12,863 $ - $ - $ 7,645 5 5,218 $ - $ -
General Administration 1,881,382 1,290,216 336,872 100,966 42,963 110,365 -
Legal and City Clerk 23,800 - - 11,633 12,167 - -
Personnel/Risk Management 26,475 - - 17,843 8,632 - -
Data Processing 706,593 - - 689,881 16,712 - -
Martin Luther King Center 372,042 - 349,839 6,259 15,944 - -
Library 940,062 610,870 272,051 8,189 48,952 - -
Municipal Court 573,681 230,000 312,788 11,793 19,100 - -
Farmer's Market 946 - - - 946 - -
Building Maintenance 15,153 - - 10,659 4,494 - -
Purchasing 4,420 - - 2,700 1,720 - -
Midtown 2000 418,578 233,798 184,780 - - - -
Auditorium/Activity Center 6,521,616 434,422 5,940,057 74,580 72,557 - -
Community Development 84.964 78.358 6,269 337 - - -
Total administrative
services division 11,582.575 2,877,664 7.402.656 942,485 249,405 110,365 -
Police division:
Police 4,425.365 1,095,114 1.238,558 1.309,798 74,602 13,030 694,263
OD Fire division:
MD Fire 2.096.071 188.851 1,515.143 347,037 45,040 - -
Parks and recreation division:
Parks 12,806,853 9,737,912 2,858,362 201,284 9,295 - -
Golf 148,302 112,539 27,544 8,219 - - -
Cemetery 24,805 15.212 - 9.593 - - -
Total parks and
recreation division 12,979,960 9.865.663 2,885.906 219,096 9,295 - -
Accounting/finance division:
Finance 33,919 - - 17,984 15,935 - -
Tax 17.347 - - 11.596 5,751 - -
Total accounting/
finance division 51.266 - - 29.580 21,686
Planning division:
Planning 81.071 - - 66,418 14,653 - -
Public works division:
Street Maintenance 191,186 29,937 84,050 71,901 5,298 - -
Engineering 297,674 111,120 19,087 154,331 11,726 1,410 -
Inspection 59.088 13,059 - 41.943 4,086 - -
Total public works
division 547,948 154,116 103.137 268.175 21,110 1,410 -
Health division:
Health 1.285.647 111.231 976.775 179.155 18,486 -
Traffic and transportation
division:
Traffic Engineering 123,264 34,550 37,265 47,873 3,576 - -
Parking Meters 5.109 - - 1.768 3,341 - -
Total traffic and
transportation division 128.373 34.550 37.265 49.641 6.917 - -
Total general fixed assets $33,178.276 $14.327.189 $14.159.440 $3.411.385 $461,194 $124,805 $694,263
EXHIBIT J-7
(Page 1 of 2)
CITY OF WICHITA FALLS, TEXAS
GENERAL FIXED ASSETS
SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS - BY FUNCTION AND ACTIVITY
FOR THE YEAR ENDED SEPTEMBER 30, 1988
Beginning Ending
Balance Transfers Balance
10/1/87 Additions Deletions In (Out) 9/30/88
Administrative services
division:
Mayor and City Council $ 12,863 $ - $ - $ - $ 12,863
General Administration 1 ,912,250 31 ,353 26,960 ( 35,261 ) 1 ,881 ,382
Legal and City Clerk 26,706 2,394 - ( 5,300) 23,800
Personnel/Risk Management 21 ,372 6,433 - ( 1 ,330) 26,475
Data Processing 872,473 42,354 196,766 ( 11 ,468) 706,593
Martin Luther King Center 372,042 - - - 372,042
Library 939,494 568 - - 940,062
Municipal Court 570,528 2,380 - 773 573,681
Farmer's Market 946 - - - 946
Building Maintenance 15,153 - - - 15, 153
Purchasing 5,726 1 ,903 837 ( 2,372) 4,420
Midtown 2000 418,578 - - - 418,578
Auditorium/Activity
Center 6,590,674 4,359 76,945 3,528 6,521 ,616
Community Development 84,964 - - - 84,964
Total administrative
services division 11 ,843,769 91 ,744 301 ,508 ( 51 ,430) 11 ,582,575
Police division:
Police 4,243,673 180,562 1 ,070 2,200 4,425,365
Fire division:
Fire 1 ,972,971 121 ,578 - 1 ,522 2,096,071
Parks and recreation division:
Parks 12,804,869 2,164 1 ,287 1 ,107 12,806,853
Golf 148,302 - - - 148,302
Cemetery 24,805 - - - 24,805
Total parks and
recreation division 12,977,976 2, 164 1 ,287 1 , 107 12,979,960
Accounting/finance division:
Finance 26,789 4,788 2,546 4,888 33,919
Tax 17,759 - 2,239 1 ,827 17,347
Total accounting/
finance division 44,548 4,788 4,785 6,715 51 ,266
90
EXHIBIT J-7
(Page 2 of 2)
CITY OF WICHITA FALLS, TEXAS
GENERAL FIXED ASSETS
SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS - BY FUNCTION AND ACTIVITY (CONT'D. )
FOR THE YEAR ENDED SEPTEMBER 30, 1988
Beginning Ending
Balance Transfers Balance
10/1/87 Additions Deletions In (Out) 9/30/88
Planning division:
Planning 43,721 32,142 - 5,208 81 ,071
Public works division:
Street Maintenance 193,210 5,870 3,479 ( 4,415) 191 ,186
Engineering 265,517 32,193 589 553 297,674
Inspection 57,073 1 ,165 - 850 59,088
Total public works
division 515,800 39,228 4,068 ( 3,012) 547,948
Health division:
Health 1 ,206,952 54,075 10,200 34,820 1 ,285,647
Traffic and transportation
division:
Traffic Engineering 191 ,971 1 ,318 72,895 2,870 123,264
Parking Meters 5, 109 - - - 5, 109
Total traffic and
transportation
division 197,080 1 ,318 72,895 2,870 128,373
Total general fixed assets $33,046,490 $ 527,599 $395,813 $ -0- $33,178,276
91
EXHIBIT J-8
CITY OF WICHITA FALLS, TEXAS
AIRPORT FUND
PLANT, EQUIPMENT AND DEPRECIATION
FOR THE YEAR ENDED SEPTEMBER 30, 1988
Balance Balance
10/1/87 Additions Deletions 9/30/88
Plant and Equipment:
Land and betterments $1 ,468,175 $ - $ - $ 1,468,175
Buildings and improvements 1 ,451 ,662 - - 1 ,451 ,662
Machinery and equipment 9,267 4,341 - 13,608
Furniture and fixtures 11 ,937 - - 11 ,937
Total plant and equipment 2,941 ,041 4,341 - 2,945,382
Accumulated Depreciation:
Land and betterments 461 ,569 58,893 - 520,462
Buildings and improvements 422,316 30,715 - 453,031
Machinery and equipment 6,206 1 ,096 - 7,302
Furniture and fixtures 6,710 824 - 7,534
Total accumulated
depreciation 896,801 91 ,528 - 988,329
Net plant and equipment $2,044,240 ($ 87,187) $ - $ 1 ,957,053
92
EXHIBIT J-9
CITY OF WICHITA FALLS, TEXAS
TRANSIT FUND
PLANT, EQUIPMENT AND DEPRECIATION
FOR THE YEAR ENDED SEPTEMBER 30, 1988
Balance Balance
10/1/87 Additions Deletions 9/30/88
Plant and Equipment:
Land and betterments $ 39,814 $ 22,111 $ - $ 61 ,925
Buildings and improvements 626,868 - - 626,868
Machinery and equipment 69,203 737 2,118 67,822
Furniture and fixtures 5,456 1 , 153 481 6, 128
Total plant and equipment 741 ,341 24,001 2,599 762,743
Accumulated Depreciation:
Buildings and improvements 28,704 7,988 - 36,692
Machinery and equipment 23,064 6,283 2,102 27,245
Furniture and fixtures 1 ,737 399 168 1 ,968
Total accumulated
depreciation 53,505 14,670 2,270 65,905
Net plant and equipment $ 687,836 $ 9,331 $ 329 $ 696,838
93
EXHIBIT J-10
CITY OF WICHITA FALLS, TEXAS
SANITATION FUND
PLANT, EQUIPMENT AND DEPRECIATION
FOR THE YEAR ENDED SEPTEMBER 30, 1988
Balance Balance
10/1/87 Additions Deletions 9/30/88
Plant and Equipment:
Land and betterments $ 653,692 $ - $ - $ 653,692
Buildings and improvements 2,216,426 81 ,944 - 2,298,370
Machinery and equipment 95,660 - - 95,660
Furniture and fixtures 4,750 - - 4,750
Total plant and equipment 2,970,528 81 ,944 - 3,052,472
Accumulated Depreciation:
Land and betterments 11 ,551 1 ,805 - 13,356
Buildings and improvements 233,843 47,488 - 281 ,331
Machinery and equipment 42,359 7,618 - 49,977
Furniture and fixtures 3,315 214 - 3,529
Total accumulated
depreciation 291 ,068 57,125 - 348, 193
Net plant and equipment $2,679,460 $ 24,819 $ - $ 2,704,279
94
EXHIBIT J-11
CITY OF WICHITA FALLS, TEXAS
WATER AND SEWER FUND
PLANT, EQUIPMENT AND DEPRECIATION
FOR THE YEAR ENDED SEPTEMBER 30, 1988
Plant and Equipment Accumulated Depreciation Net Plant
Balance Transfers Balance Balance Balance and
10/1/87 Additions Deletions In (Out) 9/30/88 10/1/87 Additions Deletions 9/30/88 Equipment
Water Department:
Land and betterments $22,212,948 $ 91,450 $ - $ - $22,304,398 $ 4,108,819 $ 229,639 $ - $ 4,338,458 $17,965,940
Buildings, systems
and improvements 32,141,359 2,421,935 - 2,155,877 36,719,171 13,319,339 646,108 - 13,965,447 22,753,724
Machinery and
equipment 2,238,191 54,882 2,178 - 2,290,895 1,303,129 38,534 1,307 1,340,356 950,539
Furniture and fixtures 29,574 620 7,783 ( 55) 22,356 20,689 1,467 7,838 14,318 8,038
Motor vehicles 4,470 - 800 - 3,670 4,470 - 800 3,670 -0-
Construction in
progress 10.200.845 72,413 - ( 2,155,877) 8,117,381 - - - - 8,117,381
Total Water
Department $66,827,387 $2,641,300 $ 10,761 ($ 55) $69,457,871 $18,756,446 $ 915,748 $ 9,945 $19,662,249 $49,795,622
Sewer Department:
VI
Land and betterments $ 85,214 $ - $ - $ - $ 85,214 $ - $ - $ - $ - $ 85,214
Buildings, systems
and improvements 19,988,844 352,425 - 56,899 20,398,168 9,027,527 567,405 - 9,594,932 10,803,236
Machinery and
equipment 209,943 3,109 1,298 - 211,754 173,992 5,809 734 179,067 32,687
Furniture and fixtures 1,230 - - 55 1,285 681 155 - 836 449
Construction in
progress 56,899 1,329,585 - ( 56,899) 1,329,585 - - - - 1,329.585
Total Sewer
Department $20,342,130 $1,685,119 $ 1,298 $ 55 $22,026,006 $ 9,202,200 $ 573,369 $ 734 $ 9.774,835 $12,251,171
Combined Water and Sewer
Departments:
Land and betterments $22,298,162 $ 91,450 $ - $ - $22,389,612 $ 4,108,819 $ 229,639 $ - $ 4,338,458 $18,051 ,154
Buildings, systems
and improvements 52,130,203 2,774,360 - 2,212,776 57,117,339 22,346,866 1,213,513 - 23,560,379 33,556,960
Machinery and
equipment 2,448,134 57,991 3,476 - 2,502,649 1,477,121 44,343 2,041 1,519,423 983,226
Furniture and fixtures 30,804 620 7,783 - 23,641 21,370 1,622 7,838 15,154 8,487
Motor vehicles 4,470 - 800 - 3,670 4,470 - 800 3,670 -0-
Construction in
progress 10,257,744 1,401.998 - ( 2,212,776) 9,446,966 - - - - 9,446,966
Total Combined
Water and Sewer
Departments $87,169,517 $4,326,419 $ 12,059 $ -0- $91,483,877 $27,958,646 $1,489.117 $ 10,679 $29,437,084 $62,046,793
EXHIBIT J-12
CITY OF WICHITA FALLS, TEXAS
INTERNAL SERVICE FUND
PLANT, EQUIPMENT AND DEPRECIATION
FOR THE YEAR ENDED SEPTEMBER 30, 1988
Balance Balance
10/1/87 Additions Deletions 9/30/88
Plant and Equipment:
Land and betterments $ 206,769 $ 226,889 $ - $ 433,658
Buildings and improvements 4,008,948 - 4,098,948
Furniture and fixtures 6,234 - 260 5,974
Motor vehicles and equipment 13,332,988 1 ,878,802 726,415 14,485,375
Total plant and equipment 17,554,939 2, 105,691 726,675 18,933,955
Accumulated Depreciation:
Buildings and improvements 319,077 80,085 - 399,162
Furniture and fixtures 3,095 525 104 3,516
Motor vehicles and equipment 6,380,905 1 ,499,796 597,097 7,283,604
Total accumulated
depreciation 6,703,077 1 ,580,406 597,201 7,686,282
Net plant and equipment $10,851 ,862 $ 525,285 $129,474 $11 ,247,673
96
STATISTICAL SECTION
EXHIBIT K-1
CITY OF WICHITA FALLS, TEXAS
GENERAL GOVERNMENTAL EXPENDITURES BY FUNCTION (GENERAL FUND ONLY) -
LAST TEN FISCAL YEARS (UNAUDITED)
Finance
Fiscal Administrative Parks and and Public Traffic and
Year Services Police Fire Recreation Accounting Planning Works Health Transportation Total
1978-1979 $2,838,482 $3,276,845 $2,242,693 $1,240,619 $220,556 $ 299,195 $4,133,082 $ 871,250 $1,025,082 $16,147,804
1979-1980 3,391,765 3,567,359 2,559,343 1,555,801 254,141 458,406 5,194,544 937,651 1,124,071 19,043,081
1980-1981 4,640,642 4,233,007 2,950,147 2,286,817 257,656 1,092,712 9,236,190 1,119,781 1,516,665 27,333,617
1981-1982 4,546,379 5,015,271 3,341,335 2,911,708 577,133 1,125,120 8,524,692 1,482,774 1,562,567 29,086,979
1982-1983 5,001,439 5,685,793 3,883,766 2,584,235 563,936 770,007 7,815,997 1,320,500 1,502,279 29,127,952
1983-1984 7,280,506 6,169,438 4,321,815 2,661,586 480,639 965,744 6,711,669 1,432,771 2,037,931 32,062,099
1984-1985 5,569,049 6,357,917 4,923,585 2,566,444 503,270 339,011 4,751,428 1,655,368 1,381,583 28,047,655
v 1985-1986 4,895,221 7,422,813 4,601,651 2,396,365 525,034 405,519 5,220,861 1,732,984 1,276,928 28,477,376
1986-1987 4,972,244 7,242,687 4,844,086 2,928,346 469,576 269,662 5,233,671 1,939,250 1,296,474 29,195,996
1987-1988 4,838,572 7,578,322 5,096,563 3,192,387 432,777 336,317 5,200,849 1,836,848 1,217,950 29,730,585
EXHIBIT K-2
CITY OF WICHITA FALLS, TEXAS
GENERAL REVENUES BY SOURCE (GENERAL FUND ONLY) -
LAST TEN FISCAL YEARS (UNAUDITED)
Charges Licenses
Fiscal for and Intergovernmental Miscellaneous
Year Taxes Services Permits Fines Revenue Revenue Total
1978-1979 $11 ,249,780 $2,234,529 $422,983 $450,638 $1 ,284,771 $ 779,308 $16,422,009
1979-1980 13,292,089 2,561 ,174 303,713 535,045 1 ,037,185 912,501 18,641 ,707
1980-1981 15,617,860 3,414,456 235,263 539,842 2,568,732 1 ,215,997 23,592,150
1981-1982 16,477,646 4,272,199 234,446 689,301 1 ,543,277 1 ,621 ,773 24,838,642
1982-1983 18,023,712 4,354,410 284,438 808,502 683,388 1 ,292,813 25,447,263
a
1983-1984 20,176,122 5,449,200 342,431 753,274 562,519 1 ,418,298 28,701 ,844
1984-1985 21 ,328,803 1 ,904,610 463,613 815, 148 443,014 1 ,637,783 26,592,971
1985-1986 21 ,943,688 1 ,117,348 418,823 836,851 479,325 1 ,348,003 26, 144,038
1986-1987 21 ,498,718 1 , 164,667 353,679 840,467 641 ,949 1 ,080,753 25,580,233
1987-1988 22,195,718 1 ,295,629 598,915 885,805 704,187 1 ,346,153 27,026,407
EXHIBIT K-3
CITY OF WICHITA FALLS, TEXAS
PROPERTY TAX LEVIES AND COLLECTIONS - LAST TEN FISCAL YEARS (UNAUDITED)
Total
Collections
Percent Delinquent as Percent
Fiscal Total Current Tax of Levy Tax Total Tax of Current
Year Tax Levy Collections Collected Collections Collections Levy
1978-1979 $ 7,050,216 $ 6,896,264 97.82% $118,793 $ 7,015,057 99.50%
1979-1980 7,582,393 7,383,608 97.38% 129,220 7,512,828 99.08%
1980-1981 9,315,184 9,031 ,661 96.96% 152,342 9,184,003 98.59%
1981-1982 10,896,934 10,508,375 96.43% 181 ,577 10,689,952 98.10%
1982-1983 12,490,900 11 ,900,747 95.28% 249,522 12,150,269 97.28%
1983-1934 14,050,573 13,524,855 96.26% 301 ,973 13,826,828 98.41%
1984-1985 14,199,969 13,722,790 96.64% 497,660 14,220,450 100.14%
1985-1986 13,940,609 13,479,038 96.69% 399,623 13,878,661 99.56%
1986-1987 14,401 ,856 13,743,656 95.43% 378,280 14,121 ,936 98.06%
1987-1988 14,508,804 13,998,858 96.49% 487,072 14,485,930 99.84%
99
EXHIBIT K-4
CITY OF WICHITA FALLS, TEXAS
ASSESSED AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY - LAST TEN FISCAL YEARS (UNAUDITED)
Ratio of Total
Assessed
Real Property Personal Property Total to Total
Fiscal Assessed Estimated Assessed Estimated Assessed Estimated Estimated
Year Value Actual Value Value Actual Value Value Actual Value Actual Value
1978-1979 $ 496,581 ,713 $ 709,402,447 $181 ,316,767 $259,023,953 $ 677,898,480 $ 968,426,400 70.00%
1979-1980 552,869,965 789,814,236 205,360,309 293,371 ,870 758,230,274 1 ,083,186, 106 70.00%
1980-1981 906,905,547 906,905,547 335,093,095 335,093,095 1 ,241 ,998,642 1 ,241 ,998,642 100.00%
1981-1982 1 ,068,352,963 1 ,068,352,963 384,544,358 384,544,358 1 ,452,897,321 1 ,452,897,321 100.00%
0 1982-1983 1 ,324,181 ,729 1 ,324,181 ,729 478,256,955 478,256,955 1 ,802,438,684 1 ,802,438,684 100.00%
0
1983-1984 1 ,432,631 ,714 1 ,432,631 ,714 449,813,802 449,813,802 1 ,882,445,516 1 ,882,445,516 100.00%
1984-1985 1 ,587,368,510 1 ,587,368,510 468,310,782 468,310,782 2,055,679,292 2,055,679,292 100.00%
1985-1986 1 ,737,427,089 1 ,737,427,089 489,263, 121 489,263,121 2,226,690,210 2,226,690,210 100.00%
1986-1987 1 ,809,871 ,886 1 ,809,871 ,886 505,911 ,411 505,911 ,411 2,315,783,297 2,315,783,297 100.00%
1987-1988 1 ,789,937,697 1 ,789,937,697 484,882,457 484,882,457 2,274,820,154 2,274,820,154 100.00%
EXHIBIT K-5
CITY OF WICHITA FALLS, TEXAS
PROPERTY TAX RATES AND TAX LEVIES - ALL OVERLAPPING GOVERNMENTS -
LAST TEN FISCAL YEARS (UNAUDITED)
Fiscal WFISD CVISD
Year City School (1 ) School (2) County State Total
Tax Rates Per $100 Valuation
1978-1979 $1 .04 $1 .17 $1 .67 $ .87 $ .10 $4.85
1979-1980 1 .00 1 .06 .89 .87 - 3.82
1980-1981 .75 .74 1 .07 .87 - 3.43
1981-1982 .75 .73 1 .07 .31 - 2.86
1982-1983 .69 .69 .69 .22 - 2.29
1983-1984 .75 .74 .67 .25 - 2.41
1984-1985 .69 .74 .58 .25 - 2.26
1985-1986 .63 .87 .64 .24 - 2.38
1986-1987 .62 .82 .75 .24 - 2.43
1987-1988 .64 .82 .72 .25 - 2.43
Tax Levies
1978-1979 $ 7,050,216 $ 8, 193,611 $327,917 $4,169,834 $452,303 $20,193,881
1979-1980 7,582,393 7,862,586 279,632 4,622,135 - 20,346,746
1980-1981 9,315,184 9,234,676 402,354 4,551 ,667 - 23,503,881
1981-1982 10,896,934 10,427,882 402,523 4,551 ,700 - 26,279,039
1982-1983 12,490,900 12,233,330 488,457 6,858,581 - 32,071 ,268
1983-1984 14,050,573 13,541 ,058 487,548 7,254,768 - 35,333,947
1984-1985 14,199,969 14,642,156 479,099 7,680,915 - 37,002, 139
1985-1986 13,940,609 18,631 ,889 538,827 7,763,760 - 40,875,085
1986-1987 14,401 ,856 18,270,216 669,201 7,916,250 - 41 ,257,523
1987-1988 14,508,804 18,063,909 660,750 8,188, 119 - 41 ,421 ,582
Notes:
( 1 ) WFISD - Wichita Falls Independent School District - 98.49% in Wichita Falls
city limits
(2) CVISD - City View Independent School District - 75.25% in Wichita Falls city
limits
101
EXHIBIT K-6
CITY OF WICHITA FALLS, TEXAS
TEN LARGEST TAXPAYERS (UNAUDITED)
SEPTEMBER 30, 1988
Percentage
January 1 , 1987 of Total
Assessed Assessed
Taxpayer Type of Business Valuation Valuation
Southwestern Bell Telephone Utility $ 46,638,818 2.05%
Texas Utilities Electric Utility 33,037,549 1 .45%
JMB Group Trust III Shopping Center 31 ,656,032 1 .39%
Robert Seabury Shopping Center/ 15,549,954 .68%
Entertainment
Complex
Sprague Electric Manufacturing 13,971 ,120 .61%
Panhandle Manufacturing Manufacturing 10,511 ,775 .46%
Siemens Manufacturing 8,837,627 .40%
Wichita Falls Hotel Hotel 7,791 ,108 .34%
Partnership
Texaco, Inc. Oil and Gas 7,621 ,544 .34%
Lone Star Gas Gas Utility 7,304,160 .32%
$182,919,687 8.04%
102
EXHIBIT K-7
CITY OF WICHITA FALLS, TEXAS
SPECIAL ASSESSMENT COLLECTIONS (CAPITAL IMPROVEMENT ASSESSMENTS FUND) -
LAST TEN FISCAL YEARS (UNAUDITED)
Current Current Ratio of
Fiscal Assessments Assessments Collections
Year Due Collected to Amount Due
1978-1979 $585,315 $146,011 24.95%
1979-1980 578,872 109,360 18.90%
1980-1981 718,281 87,983 12.25%
1981-1982 625,599 323,627 51 .73%
1982-1983 657,912 107,106 16.28%
1983-1984 656,093 216,304 32.97%
1984-1985 539,756 109,799 20.34%
1985-1986 499,695 36,960 7.40%
1986-1987 475,172 20,465 4.31%
1987-1988 454,730 20,530 4.51%
103
EXHIBIT K-8
CITY OF WICHITA FALLS, TEXAS
COMPUTATION OF LEGAL DEBT MARGIN (UNAUDITED)
SEPTEMBER 30, 1988
Total assessed property value per 1987 tax roll $2,274,820,154
Maximum tax levy* $2.25/$100
Current tax levy for 1987 tax year .6378/$100
Maximum tax levy in excess of 1987 tax levy 1 .6122/$100
$ 36,674,651
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 estab-
lished under its Charter is $2.25 per $100 assessed valuation. The
1987 tax rate is $ .6378 per $100 assessed valuation.
* Maximum tax levy established by City Charter
104
EXHIBIT K-9
CITY OF WICHITA FALLS, TEXAS
RATIO OF NET GENERAL BONDED DEBT TO ASSESSED VALUE
AND NET GENERAL BONDED DEBT PER CAPITA - LAST TEN FISCAL YEARS (UNAUDITED)
Ratio of
Net General
Gross Less Debt Bonded Debt Net General
Fiscal Assessed General Service Net General To Assessed Bonded Debt
Year Population Value Bonded Debt Funds Bonded Debt Value Per Capita
1978-1979 111 ,000 $ 677,898,480 $11 ,064,000 $240,535 $10,823,465 1 .60% $ 98
1979-1980 93,600 758,230,274 13,558,000 277,095 13,280,905 1 .75% 142
1980-1981 94,201 1 ,241 ,998,642 13,564,000 467,080 13,096,920 1 .05% 139
1--, 1981-1982 96,500 1 ,452,897,321 19, 153,000 633,207 18,519,793 1 .27% 192
0
1982-1983 97,125 1 ,802,438,684 17,395,000 705,727 16,689,273 .93% 172
1983-1984 104,500 1 ,882,445,516 15,375,000 929,646 14,445,354 .77% 138
1984-1985 100,200 2,055,679,292 21 ,870,000 235,914 21 ,634,086 1 .05% 216
1985-1986 101 ,300 2,226,690,210 22,540,000 245,043 22,294,957 1 .00% 220
1986-1987 99,000 2,315,783,297 22,235,000 269,301 21 ,965,699 .95% 222
1987-1988 98,500 2,274,820, 154 21 ,630,000 400,423 21 ,229,577 .93% 216
EXHIBIT K-10
CITY OF WICHITA FALLS, TEXAS
RATIO OF ANNUAL DEBT SERVICE EXPENDITURES FOR GENERAL BONDED DEBT TO
TOTAL GENERAL EXPENDITURES - LAST TEN FISCAL YEARS (UNAUDITED)
Ratio of
Total Debt Service
Fiscal Total Debt General to General
Year Principal Interest Service Expenditures Expenditures
1978-1979 $1 ,501 ,000 $ 487,880 $1 ,988,880 $16,147,804 12.32%
1979-1980 1 ,306,000 423,175 1 ,729,175 19,043,081 9.08%
1980-1981 1 ,309,000 633,791 1 ,942,791 27,333,617 7.11%
1981-1982 2,801 ,000 596,285 3,397,285 29,086,979 11 .68%
1982-1983 1 ,758,000 1 ,480,829 3,238,829 29,127,952 11 .12%
1983-1984 2,020,000 1 ,365,442 3,385,442 32,062,099 10.56%
1984-1985 1 ,855,000 1 ,242,282 3,097,282 28,047,655 11 .04%
1985-1986 -0- 902,453 902,453 28,477,376 3.17%
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 29,730,585 7.69%
106
EXHIBIT K-11
CITY OF WICHITA FALLS, TEXAS
COMPUTATION OF DIRECT AND OVERLAPPING DEBT (UNAUDITED)
SEPTEMBER 30, 1988
Percentage Applicable Amount Applicable
Taxing Gross Debt to City of to City of
Jurisdiction Outstanding (1) Wichita Falls (2) Wichita Falls
City of Wichita Falls $46,065,000 100.00% $46,065,000
Wichita Falls Independent 22,295,000 98.49% 21 ,958,346
School District
Wichita County 2,785,000 77.23% 2,150,856
City View Independent 716,000 75.25% 538,790
School District
Burkburnett Independent 8,675,000 1 .16% 100,630
School District
$80,536,000 $70,813,622
Sources:
(1 ) Listed taxing jurisdictions
(2) Herbert R. Smith, Incorporated
107
EXHIBIT K-12
CITY OF WICHITA FALLS, TEXAS
REVENUE BOND COVERAGE - WATER AND SEWER REVENUE BONDS -
LAST TEN FISCAL YEARS (UNAUDITED)
Average
Annual Average Maximum
Net Income Principal Annual Principal Maximum
Fiscal Available for and Times and Times
Year Debt Service Interest Covered Interest Covered
1978-1979 $1 ,764,656 $ 553,977 3.19 $1 ,059,691 1 .67
1979-1980 2,904,365 536,677 5.41 1 ,129,840 2.57
1980-1981 2,843,629 507,350 5.60 1 ,129,840 2.52
1981-1982 2,773 ,414 682,840 4.06 1 ,440,487 1 .93
1982-1983 3,242,485 640,749 5.06 1 ,394, 164 2.32
1983-1984 4,844,678 596,430 8.12 1 ,347,556 3.60
1984-1985 5,239,019 2,374,494 2.21 2,377,437 2.20
1985-1986 4,588,812 2,453,643 1 .87 2,457,972 1 .87
1986-1987 4,230,749 2,453,511 1.72 2,457,972 1 .72
1987-1988 5,805,625 2,453,276 2.37 2,456,678 2.36
108
EXHIBIT K-13
CITY OF WICHITA FALLS, TEXAS
DEMOGRAPHIC STATISTICS - LAST TEN FISCAL YEARS (UNAUDITED)
Per
Fiscal Estimated Capita Education School Unemployment
Year Population ( 1 ) Income (2) Level (3) Enrollment (3) Rate (4)
1978-1979 111 ,000 $ 7,185 12.6 14,561 3.2%
1979-1980 93,600 7,500 12.6 14,386 4.0%
1980-1981 94,201 8,703 13.1 14,378 4. 1%
1981-1982 96,500 9,857 13.1 14,256 6.4%
1982-1983 97,125 11 ,302 13.2 14,184 7.1%
1983-1984 104,500 11 ,835 13.3 14,428 4.4%
1984-1985 100,200 11 ,970 13.3 14,118 5.9%
1985-1986 101 ,300 12,985 13.2 14,159 8.4%
1986-1987 99,000 13 ,874 13.2 14,249 7.8%
1987-1988 98,500 14,732 13.1 13 ,856 6.3%
Sources:
( 1 ) City of Wichita Falls Planning Department
(2) Midwestern State University Economics Department
(3) Wichita Falls I.S.D. - Educational level is grade equivalent of
graduating senior.
(4) Texas Employment Commission
109
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)
1978-1979 $ 968,426,400 $131 ,560,312 $ 724,403,250
1979-1980 1 ,083,186,106 45,236,067 811 ,428,863
1980-1981 1 ,241 ,998,642 82,811 ,494 888,732,895
1981-1982 1 ,452,897,321 56,424,318 961 ,142,020
1982-1983 1 ,802,438,684 73,235,522 972,585,375
1983-1984 1 ,882,445,516 45,959,328 1 ,011 ,202, 125
1984-1985 2,055,679,292 68,942,474 1 ,020,034,687
1985-1986 2,226,690,210 40,951 ,045 1 ,086,818,201
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
Sources:
( 1 ) City of Wichita Falls Tax Department
(2) City of Wichita Falls Planning Department
(3) Wichita Falls Times/Record News (as of December 31 )
110
EXHIBIT K-15
CITY OF WICHITA FALLS, TEXAS
MISCELLANEOUS STATISTICAL DATA (UNAUDITED)
SEPTEMBER 30, 1988
Date of incorporation 1889
Form of government Council - Manager
Area 50 square miles
Miles of streets 574.2
Number of street lights 6,563
Fire protection:
Number of stations 9
Number of firemen and officers 152
Police protection:
Number of stations 1 '
Number of police officers 154
Municipal water department:
Number of consumers - active 31 ,475
Average daily consumption 22,655,000 gallons treated water
Miles of water mains 800
Sewers:
Number of customers - active 27,787
Miles of sanitary sewers 650
Miles of storm sewers 200
Building permits issued:
Number issued 8,676
Amount issued $39,510,717
Recreation and culture:
Number of parks 41 with 1 ,104 acres
Number of libraries 1
Number of volumes 125,000
Employees - fulltime 975
111
EXHIBIT K-16
(Page 1 of 4)
CITY OF WICHITA FALLS, TEXAS
SCHEDULE OF INSURANCE COVERAGE (UNAUDITED)
SEPTEMBER 30, 1988
Insurance
Code
A Policy: Building and Contents
Company: Fireman's Fund
Policy No. : XFX65251 28
Policy No. : Extra Expense XFX65251 29
Policy Period: October 1 , 1988 to October 1 , 1989
Perils: Fire, extended coverage, vandalism
and malicious mischief, including
difference in condition
Coverages: $27,999,000 Building and Contents
$ 250,000 Extra Expense
Deductible: $ 100,000
Coinsurance: Agreed Value, Replacement Cost
Premium: $16,478
B Policy: Boiler and Machinery
Company: Home Indemnity Company
Policy No. : BMP 496070 A
Policy Period: October 1 , 1988 to October 1 , 1989
Perils: Comprehensive Blanket
Coverage: $1 ,000,000 Per Occurrence
Deductible: $ 25 ,000
Premium: $ 9,999
C Policy: Electronic Data Processing Equipment
Company: American Standard Lloyds Insurance Co.
Policy No. : 3HF 503 604-00
Policy Period: October 1 , 1988 to October 1 , 1989
Perils: All Risks
Coverage: $633,200
Deductible: $1 ,000
Premium: $ 6,568
D Policy: Excess Worker's Compensation and
Employer's Liability
Company: Aetna Insurance Company
Policy No. : 18XC27SCA
Policy Period: October 1 , 1988 to October 1 , 1989
Perils: Worker's Compensation - Employer's
Liability
Coverage: Statutory Limits Worker's Compensation
$1 ,000,000 Employer's Liability
Deductible: $ 500,000
Premium: $29,845
112
EXHIBIT K-16
(Page 2 of 4)
CITY OF WICHITA FALLS, TEXAS
SCHEDULE OF INSURANCE COVERAGE (UNAUDITED) (CONT'D. )
SEPTEMBER 30, 1988
Insurance
Code
E Policy: Airport Liability
Company: U.S. Fire Insurance Company
Policy No. : GLA 45-2474729
Policy Period: October 1 , 1988 to October 1 , 1989
Perils: Owner's, Landlord, and Tenants Liability
Coverage: $1 ,000,000 CSL
Deductible: None
Premium: $ 1 ,900
F Policy: Public Official Bond
Company: Fidelity & Deposit Company
Bond No. : 9688496
Bond Period: June 27, 1988 to June 27, 1989
Insured: City Manager
Coverage: $25,000
Premium: $ 88
G Policy: Public Official Bond
Company: Fidelity & Deposit Company
Bond No. 9619935
Bond Period: August 1 , 1988 to August 1 , 1989
Insured: Purchasing Agent
Coverage: $2,500
Premium: $ 50
H Policy: Public Employee Blanket Bond
Company: Fidelity & Deposit Company
Bond No. : CCP 9367053
Bond Period: January 15, 1988 to January 15, 1989
Insured: Honesty Blanket Position
Coverage: $10,000 Inside Premises
$ 3,000 Outside Premises
Premium: $ 288
Policy: Public Official Bond
Company: Fidelity & Deposit Company
Bond No. : 9619935
Bond Period: January 15, 1988 to January 15, 1989
Insured: City Clerk
Coverage: $25,000
Premium: $ 88
113
EXHIBIT K-16
(Page 3 of 4)
CITY OF WICHITA FALLS, TEXAS
SCHEDULE OF INSURANCE COVERAGE (UNAUDITED) (CONT'D. )
SEPTEMBER 30, 1988
Insurance
Code
J Policy: Public Official Bond
Company: Aetna Insurance Company
Bond No. : S100138239BCA
Bond Period: April 22, 1988 to April 22, 1989
Insured: Tax Assessor/Collector
Coverage: $50,000
Premium: $ 250
K Policy: Public Official Bond
Company: Aetna Insurance Company
Bond No. : S100084654BCA
Bond Period: August 6, 1988 to August 6, 1989
Insured: Director of Public Works
Coverage: $2,500
Premium: $ 50
L Policy: Public Official Bond
Company: Aetna Insurance Company
Bond No. : 5100179467BCA
Bond Period: July 16, 1988 to July 16, 1989
Insured: Municipal Court Administrator
Coverage: $2,500
Premium: $ 50
M Policy: Public Official Bond
Company: Aetna Insurance Company
Bond No. : 518072205BCA
Bond Period: March 5, 1988 to March 5, 1989
Insured: Director of Finance
Coverage: $25,000
Premium: $ 88
N Policy: Health Insurance
Company: Coordinated Benefits Systems
Policy No. : City of Wichita Falls Employee Benefits Trust
Policy Period: October 1 , 1988 through September 30, 1989
Perils: Illness and Accidental Injury (Non-work
Related)
Coverage: $1 ,000,000 Lifetime Maximum
Deductible: $250 Annually Per Person (Maximum 3 Family
Members)
Coinsurance: Coinsurance coverage begins when a limit of
20% reaches $2,500 yearly, then insurance
company pays 100% of eligible expenses.
Premium: Annual Estimate $1 ,500,000
114
EXHIBIT K-16
(Page 4 of 4)
CITY OF WICHITA FALLS, TEXAS
SCHEDULE OF INSURANCE COVERAGE (UNAUDITED) (CONT'D. )
SEPTEMBER 30, 1988
Insurance
Code
0 Policy: Dental Insurance
Company: Coordinated Benefits Systems
Policy No. : City of Wichita Falls Employee Benefits Trust
Policy Period: October 1 , 1988 through September 30, 1989
Perils: Basic Dental Coverage with Orthodontics for
Children Under 19
Coverage: $1 ,000 Annual Maximum - Basic Coverage
$1 ,000 Lifetime Maximum - Orthodontics
Deductible: Basic Coverage - $100 Annually Per Person
(Maximum 3 Family Members); No Deductible for
Orthodontics
Coinsurance: 80-20 Basic, 50-50 Orthodontics, 50-50
Periodontics
Premium: Annual Estimate $100,000
P Policy: Life Insurance
Company: Aetna Life and Casualty
Policy No. : GT-47782 (Group #)
Policy Period: October 1 , 1988 through September 30, 1989
Perils: Death and Dismemberment Benefits
Coverage: Varies from $3,000; $5,000; $7,500; $10,000;
$12,000; $14,000; $15,000. Double Indemnity
for Accidental Death. Dismemberment Benefits.
Deductible: N/A
Premium: Annual Estimate $ 80,000
Q Policy: Life Insurance (Directors Only)
Company: Pilot Life Insurance Company
Policy No. : 0548 (Group #)
Policy Period: January 1 , 1988 to December 31 , 1989
Perils: Accidental Death and Dismemberment
Coverage: $25,000
Deductible: N/A
Premium: Annual Estimate $ 350
115
GRAPHICS
EXHIBIT L-1
C I TY OF W I CH I TA FALLS , TEXAS
CASH AND SHORT-TERM INVESTMENTS
35
i/f
30 - r j
25 -
n /r N co
-
a.
J O
J
0
O i 15 -
v
10 -
5 -
0 A , A A A
1 1 1 1 1
1984 1985 1986 1987 1988
YEARS ENDED SEPTEMBER 30,
(UNAUDITED)
EXHIBIT L-2
CITY OF WICHITA FALLS , TEXAS
TOTAL BONDS PAYABLE
50
45 -
40 -
35 -
30 -
ncc
cul
J O 25 -
20 -
15 -
10 -
5 -
0
I 1 I I I I I I I I
1979 1980 1981 1982 1983 1984 1985 1986 1987 1988
YEARS ENDED SEPTEMBER 30,
(UNAUDITED)
EXHIBIT L-3
CITY OF :'Jl rl-{ I Tom. BALLS , TEXAS
GENERAL OBLIGATION BONDS PAYABLE
24
22 - -7 V
,e - j j5/
6 ‹ c �2 � j
8 � o
j
j j j j j j •
j j j j
EXHIBIT L-4
CITY OF WICHITA FALLS , TEXAS
REVENUE BONDS PAYABLE
26
24 - /22 - V
20 -
16 -
n
0 14 -
-I
g 12 -
10 -
-/ /7 7 V
6 -
4 -
2 -
1979 1980 1981 1982 1983 1984 1985 1986 1987 1988
YEARS ENDED SEPTEMBER 30,
(UNAUDITED)
EXHIBIT L-5
CITY OF W I CH I TA FALLS , TEXAS
TOTAL FUND EQUITY
140
130 —
120 — /
110 —j
100 —
90 —
BO —
cn
n~i cE
O
O a ' 70 -
J
2 60 —
v
50 —
40 —
30 —
20 —
10 —
0 A //
1984 1985 1986 1987 1988
YEARS ENDED SEPTEMBER 30,
(UNAUDITED)
EXHIBIT L-6
CITY OF WICHITA FALLS, TEXAS
ANALYSIS OF REVENUES BY SOURCE
FOR THE YEAR ENDED SEPTEMBER 30, 1988 (UNAUDITED)
SERVICE CHARGES C32 . 2516)
N
'-' TAXES C42 . 7%J
INTERGOVERNMENTAL C6 . 5%)
LICENSES, PERMITS AND FINES (2 , 5%)
INTEREST AND MISCELLANEOUS C6 . 2%)
RENTS AND CONCESSIONS (9 , 9%)
EXHIBIT L-7
CITY OF WICHITA FALLS, TEXAS
ANALYSIS OF EXPENDITURES BY FUNCTION
FOR THE YEAR ENDED SEPTEMBER 30, 1988 (UNAUDITED)
ACCOUNTING & FINANCE CO , 8%)
ADMINISTRATIVE C114 . 5%)
WATER & SEWER C20 . 8%)
N
TRANSIT C0 . 9%D
POLICE C'14 . 6%)
SANITATION C6 . 2%)
AIRPORT C0 . 5%)
DEBT SERVICE C9 , 4%)
PARKS & RECREATION (6 . 2%)
PLANNING C0 . 6%)
CAPITAL PROJECTS C2 . 5%)
HEALTH C3 . 5%) FIRE C9 , 8%)
PUBLIC WORKS C10 . 0%) TRAFFIC & TRANSPORTATION C2 . 4%)