FY 2023 Annual Comprehensive Financial Report ANNUAL COMPREHENSIVE
FINANCIAL REPORT
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Fiscal Year Ended
September 30, 2023
CONTACT US :
www.wichitafallstx.gov
940.761.7462
CITY OF WICHITA FALLS, TEXAS
ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE YEAR ENDED SEPTEMBER 30, 2023
ISSUED BY:
DEPARTMENT OF FINANCE
CITY OF WICHITA FALLS, TEXAS
ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE YEAR ENDED SEPTEMBER 30, 2023
TABLE OF CONTENTS
Exhibit Page
INTRODUCTORY SECTION
Letter of Transmittal i-xii
GFOA Certificate of Achievement xiii
Organizational Chart xiv
City Council & List of Principal Officials xv-xvi
FINANCIAL SECTION
Independent Auditor's Report 1-3
Management's Discussion and Analysis(Required Supplementary Information) 4-13
BASIC FINANCIAL STATEMENTS:
Statement of Net Position A-1 14
Statement of Activities A-2 15
Balance Sheet-Governmental Funds A-3 16
Reconciliation of the Governmental Funds Balance Sheet to the Statement
of Net Position A-4 17
Statement of Revenues, Expenditures and Changes in Fund Balances-
Governmental Funds A-5 18
Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund
Balances of the Governmental Funds to the Statement of Activities A-6 19-20
Statement of Net Position- Proprietary Funds A-7 21-22
Statement of Revenues, Expenses and Changes in Net Position-
Proprietary Funds A-8 23
Statement of Cash Flows- Proprietary Funds A-9 24-25
Statement of Fiduciary Net Position A-10 26
Statement of Changes in Fiduciary Net Position A-11 27
Notes to the Financial Statements 28-69
REQUIRED SUPPLEMENTARY INFORMATION:
Budgetary Comparison Schedule-General Fund B-1 70
Schedule of Changes in Net Pension Liability and Related Ratios—
Texas Municipal Retirement System B-2 71
Schedule of Contributions—Texas Municipal Retirement System B-3 72
Schedule of Changes in Net Pension Liability and Related Ratios—
Wichita Falls Firemen's Relief and Retirement Fund B-4 73
Schedule of Contributions—Wichita Falls Firemen's Relief and
Retirement Fund B-5 74
Schedule of Changes in Net OPEB Liability and Related Ratios—
City of Wichita Falls Retiree Health Care Plan B-6 75
Schedule of Contributions—City of Wichita Falls Retiree
Health Care Plan B-7 76
Notes to the Required Supplementary Information 77-78
CITY OF WICHITA FALLS, TEXAS
ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE YEAR ENDED SEPTEMBER 30, 2023
TABLE OF CONTENTS(CONT'D.)
Exhibit Page
COMBINING FINANCIAL STATEMENTS:
Nonmajor Governmental Funds:
Combining Balance Sheet C-1 79
Combining Statement of Revenues, Expenditures and Changes in Fund Balances C-2 80
Budgetary Comparison Schedule—Community Development Block Grant Fund C-3 81
Budgetary Comparison Schedule—Section 8 Housing Fund C-4 82
Budgetary Comparison Schedule—Home Investment Partnership Agreement Fund C-5 83
Budgetary Comparison Schedule—MPEC/Hotel/Motel Tax Fund C-6 84
Budgetary Comparison Schedule—Hotel/Motel Venue Tax Fund C-7 85
Budgetary Comparison Schedule—Golf Fund C-8 86
Budgetary Comparison Schedule—Debt Service Fund C-9 87
Nonmajor Enterprise Funds:
Combining Statement of Net Position D-1 88
Combining Statement of Revenues, Expenses and Changes in Fund Net Position D-2 89
Combining Statement of Cash Flows D-3 90-91
Internal Service Funds:
Combining Statement of Net Position E-1 92
Combining Statement of Revenues, Expenses and Changes in Fund Net Position E-2 93
Combining Statement of Cash Flows E-3 94
Component Units:
Combining Statement of Net Position F-1 95
Combining Statement of Activities F-2 96
SUPPORTING SCHEDULES:
Combined Schedule of Bonded Debt and Interest Maturities G-1 97
Combined Schedule of Bonds Payable G-2 98-102
Debt Service Coverage—Revenue Bonds G-3 103
Capital Assets Used in the Operation of Governmental Funds-
Schedule By Function and Activity G-4 104
Capital Assets Used in the Operation of Governmental Funds-
Schedule of Changes By Function and Activity G-5 105
Regional Airport Fund—Capital Assets and Accumulated Depreciation G-6 106
Kickapoo Airport Fund—Capital Assets and Accumulated Depreciation G-7 107
Transit Fund—Capital Assets and Accumulated Depreciation G-8 108
Stormwater Drainage Fund-Capital Assets and Accumulated Depreciation G-9 109
Sanitation Fund—Capital Assets and Accumulated Depreciation G-10 no
CITY OF WICHITA FALLS, TEXAS
ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE YEAR ENDED SEPTEMBER 30, 2023
TABLE OF CONTENTS(CONT'D.)
Exhibit Page
Water and Sewer Fund—Capital Assets and Accumulated Depreciation G-11 111
Waterpark Fund—Capital Assets and Accumulated Depreciation G-12 112
Fleet Maintenance Fund—Capital Assets and Accumulated Depreciation G-13 113
Duplicating Services Fund—Capital Assets and Accumulated Depreciation G-14 114
Information Technology Fund—Capital Assets and Accumulated Depreciation G-15 115
Wichita Falls Economic Development Corporation—Capital Assets and
Accumulated Depreciation G-16 116
Wichita Falls 4B Sales Tax Corporation—Capital Assets and
Accumulated Depreciation G-17 117
STATISTICAL SECTION (UNAUDITED)
Net Position By Component—Last Ten Fiscal Years H-1 118
Changes in Net Position—Last Ten Fiscal Years H-2 119-120
Fund Balances,Governmental Funds—Last Ten Fiscal Years H-3 121
Changes in Fund Balances,Governmental Funds—Last Ten Fiscal Years H-4 122
Tax Revenues By Source,Governmental Funds—Last Ten Fiscal Years H-5 123
Assessed and Estimated Actual Value of Taxable Property—Last Ten Fiscal Years H-6 124
Direct and Overlapping Property Tax Rates—Last Ten Fiscal Years H-7 125
Principal Property Taxpayers—Current Year and Nine Years Ago H-8 126
Property Tax Levies and Collections—Last Ten Fiscal Years H-9 127
Ratios of Outstanding Debt by Type—Last Ten Fiscal Years H-10 128
Ratios of General Bonded Debt Outstanding—Last Ten Fiscal Years H-11 129
Direct and Overlapping Governmental Activities Debt H-12 130
Computation of Legal Debt Margin—Last Ten Fiscal Years H-13 131
Pledged Revenue Coverage—Water and Sewer Revenue Bonds—
Last Ten Fiscal Years H-14 132
Demographic Statistics—Last Ten Fiscal Years H-15 133
Principal Employers—Current Year and Ten Years Ago H-16 134
Full-Time Equivalent City Government Employees by Function/Program—
Last Ten Fiscal Years H-17 135
Operating Indicators by Function/Program—Last Ten Fiscal Years H-18 136
Capital Asset Statistics by Function/Program—Last Ten Fiscal Years H-19 137
Graphics:
Cash and Investments I-1 138
Total Bonds Payable 1-2 139
General Obligation Bonds Payable 1-3 140
Revenue Bonds Payable 1-4 141
General Fund Equity 1-5 142
Comparison of Tax Levy and Collections 1-6 143
Revenues by Source—FYE 9/30/22 1-7 144
Expenditures by Function—FYE 9/30/22 1-8 145
General Governmental Revenues(General Fund Only) 1-9 146
General Governmental Expenditures(General Fund Only) 1-10 147
INTRODUCTORY SECTION
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TEXAS FINANCE DEPARTMENT
Rhte es4olaeen Orrortioaftw
March 28, 2024
The Honorable Mayor,
Members of the City Council,
City Manager and Citizens of Wichita Falls, TX
We are pleased to submit the Annual Comprehensive Financial Report of the City of Wichita Falls, TX for
the fiscal year ended September 30, 2023, together with the opinion of our independent certified public
accountants, Edgin, Parkman, Fleming & Fleming, PC, whose report is included. The Finance Department
prepared this report to present the financial position of the City. The financial statements and supporting
schedules have been prepared in accordance with generally accepted accounting principles and meet the
requirements of the State of Texas and the City Charter.
Management assumes full responsibility for the completeness,fairness, and reliability of the information
contained in this report, based on a comprehensive framework of internal controls established for this
purpose. We believe the data presented here is accurate in all material respects. It is presented to fairly
set forth the financial position and results of operation of the City, as measured by the financial activity
of its various funds. All disclosures necessary to enable the reader to gain an understanding of the City's
financial activities have been included.
Edgin, Parkman, Fleming & Fleming, PC, issued an unmodified opinion on the City's financial statements
for the year ended September 30, 2023. The Independent Auditor's Report may be found on page 1 of
this document.
Management's Discussion and Analysis (MD&A) immediately follows the Independent Auditor's Report in
this document. The MD&A provides additional detail and a narrative overview and analysis of the financial
statements. It should be read in conjunction with the Basic Financial Statements and the Notes to the
Basic Financial Statements.
CITY OF WICHITA FALLS PROFILE
The City of Wichita Falls,the home of Sheppard Air Force Base, is located in north-central Texas. The City
was incorporated in 1889 and now encompasses 70.1 square miles. Wichita Falls is linked to major
southwestern, western, and mid-western cities by Interstate 44, U.S. Highways 82, 281, 277, 287, and
Texas State Route 79.The city is approximately 130 miles northwest of the Dallas/Fort Worth Metroplex,
15 miles from the Red River that marks the Texas/Oklahoma border, and 125 miles south of Oklahoma
City.The city is located in the crosstimbers area of the gently rolling north-central plains and is crossed by
the Wichita River. Due to the city's geographic location, Wichita Falls serves as a regional economic hub
for North Texas and South-Central Oklahoma. Wichita Falls is the county seat of Wichita County and a
major population center in North Texas. The population of Wichita Falls is 102,644 according to the 2022
US Census Bureau estimate.
ECONOMIC CONDITION AND ACTIVITY
Wichita Falls has successfully diversified its economy to include new manufacturing,government, medical
services, retail, and service-related commerce.This diversification is in addition to the more typical North
Texas industries of agriculture and oil and gas production. The Wichita Falls Metropolitan Statistical Area
(MSA) houses a robust manufacturing sector with many companies having employment in excess of 100
persons. The MSA covers three North Texas counties of Archer, Clay, and Wichita. The largest portion of
the MSA production includes Health, Social Services, and Manufacturing.The total population of the MSA
is 149,947.
The Total Gross Domestic Product (GDP) of the Wichita Falls MSA totaled $7,590,310 in 2022 which was
a 10.3% increase from 2021. After leveling off in 2020 due to the pandemic, the local economy has
experienced significant growth in recent years.
Total Gross Domestic Product for Wichita Falls,TX(MSA)
In Billions of Dollars
Source:U.S.Bureau of Economic Analysis
T.
I
$6.2
$6.5 $6.5 $6.
■
2018 c_u 2022
The unemployment rate for the Wichita Falls MSA was 3.7% in October of 2023.This is down from a high
of 10.2% in April of 2020. The area's largest employers include Sheppard Air Force Base, United Regional
Health Care System, Wichita Falls ISD, Midwestern State University, and North Texas State Hospital.
The economy is based on mineral production, retail trade, manufacturing, agribusiness, and government
installations. Principal sources of agricultural income include cattle, cotton, and wheat. The City has
several institutions of higher learning, a strong international presence through Sheppard Air Force Base,
an eager workforce,all with a community spirit geared toward family,friends,and a desire to see that this
thriving city continues to grow and prosper.
The central business district is 5 miles from Sheppard Air Force Base. Sheppard Air Force Base was
established in 1941 and is the most diverse training installation for the Air Force. The base is home to the
Air Force's largest technical training wing and Euro-NATO Joint Jet Pilot Training program, which trains
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combat pilots for 14 NATO partners. According to an economic impact analysis produced by the Texas
Comptroller, Sheppard Air Force Base contributed at least$3.6 billion to the Texas economy in 2021.The
base employs approximately 19,928 active duty and civilian personnel.
The City operates a Multi-Purpose Events Center (MPEC), which includes a coliseum, exhibit hall, and
an agricultural arena/show barn. The City collaborated with a private investor to complete a hotel and
convention center. This collaboration will include a privately-owned hotel with a private investment of
over$48 million and a public conference center, supported with 4B Sales Tax funds.The grand opening of
the facility was celebrated in October of 2023.
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CITY SERVICES AND ORGANIZATION OF THE GOVERNMENT
The City of Wichita Falls is a Council-Manager form of government organized under the Constitution and
Laws of the State of Texas. The City Council is comprised of five members elected from separate districts,
one member at large, and an elected Mayor. The City Council appoints the City Manager, City Attorney,
Municipal Court Judge, and City Clerk. All other staff members work under the direction of the City
Manager.
The City provides a full range of municipal services to the community.These services include public safety,
fire protection, public works, health and welfare, parks and recreation, cemeteries, library, public
improvement, engineering, planning and zoning, and general administrative services. As part of public
works services, the City provides water, sewer, and sanitation for its citizens. The City also provides a full
range of transportation options, including bus service, a regional and municipal airport, and a trolley.
All funds included within the Financial Section of this report are considered to be financially accountable
by the City and its elected and appointed officials. The financial statements of the City include all
governmental activities, business-type activities, organizations, and functions as required by generally
accepted accounting principles. The criteria considered in determining which activities are reported
include: the organization's legal status, appointment of the organization's boards, the City's ability to
impose its will on the organization, the ability to impose a financial benefit/burden on the City, and fiscal
dependency by the organization on the City. The criteria used by the City for including activities in
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preparing its financial statements are in conformity with Governmental Accounting Standards Board
(GASB) Statement 14, "The Financial Reporting Entity," as amended by Statement 61.
The City promotes economic development efforts for the benefit of Wichita Falls. Under Chapter 312 of
the Texas Tax Code, the City is authorized to enter into Tax Abatement Agreements for commercial-
industrial and residential purposes. Three areas of the City are designated as Reinvestment Zones(#2,#3,
and #4) which capture increments of growth in real property values which are then used for public
improvements in the zoned area. The public improvements in these zones are expected to encourage
new commercial investment and revitalization of the targeted areas. The City also promotes economic
development through cooperation with the Wichita Falls Economic Development Corporation (4A) and
the Wichita Falls 4B Sales Tax Corporation which operate under the authority of Vernon's Civil Statutes,
Article 5190.6. The three reinvestment zones and the two economic development corporations are legally
separate entities from the City; however, the City is considered to be financially accountable for their
operations. These five entities are presented as Discretely Presented Component Units and more
information related to their finances can be found on pages 95-96.
FINANCIAL INFORMATION & FINANCIAL POLICY
A further discussion of the City's Financial Policies may be found in the Notes to the Basic Financial
Statements included in this document beginning on page 28.The City's financial direction begins with the
City's Charter, which is the basis for all financial policies the City implements. The City maintains financial
policies for general operations, which include policies for financial management and fund balances,
budget compliance, debt issuance and management, accounts payable, water service, and purchasing,
among others. Additional information about financial policies may be found in the City's Adopted
Operating Budget in the Policy Statement section.
In developing and evaluating the City's accounting system, the City Manager considers the adequacy of
internal control as deemed appropriate. Internal control is designed to provide reasonable, but not
absolute, assurance regarding: (1) the safeguarding of assets against loss from unauthorized use or
disposition; and (2) the reliability of financial records for preparing financial statements and maintaining
accountability for assets.The concept of reasonable assurance recognizes that the cost of a control should
not exceed the benefits likely to be derived, and the evaluation of costs and benefits requires estimates
and judgments by the City Manager. The City believes that its internal control adequately safeguards
assets and provides reasonable assurance of proper recording of financial transactions.
The Annual Operating Budget is proposed by the City Manager and approved by the City Council following
public discussion. Budgetary control is maintained at the department (class)/fund level by the Finance
Department through the use of an integrated enterprise resource planning solution. All legally required
funds are budgeted annually. In instances when budgetary transfers are necessary, management control
of the operating budget is maintained at the fund and department level.The City Manager must approve
transfers within a department of the same fund.Transfers across unlike Departments(outside of class)or
funds must be approved by the City Council.A summary overview of the City's budget process is presented
in the graphic below.The process starts in March and concludes with Budget Adoption in September.The
City's fiscal year runs from October 1 to September 30.
Unencumbered appropriation balances lapse at year-end and are not carried forward to new budget
periods. Open encumbrances are reported as reservations of fund balance at September 30, 2023, and
related appropriations are carried forward to the new fiscal year through a supplemental budgetary
allocation.
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The City has a fund balance policy in place for the General Fund, Water/Sewer Fund, and the Sanitation
Fund. The policy requires the City to maintain at least 20%of expenditures in unassigned fund balance in
each fund. If funds fall below these percentages, plans are created to replenish these funds. These
financial statements reflect that the policy has been followed in all three funds. The City also maintains
an informal policy to limit tax-supported debt to no more than 5% of total assessed property value or
$1,500 per capita.As of September 30, 2023,the current ratio of general bonded debt outstanding to the
assessed value of all taxable property is .55%.
The major governmental funds are the General Fund and the American Rescue Plan Act(ARPA) Fund. The
major enterprise funds are the Water and Sewer Fund,the Sanitation Fund,and the Regional Airport Fund.
Of the five major funds,ARPA is the only one that is not included in the annual budget appropriation. The
following table lists each of the funds appropriated as part of the annual operating budget.
Funds Appropriated in the Annual Operating Budget
Fund Fund Type Description
General Fund General Fund General Fund
Debt Service Fund Governmental Debt Service
Hotel/Motel Fund Governmental Special Revenue
Community Development Fund Governmental Special Revenue
Section 8 Housing Fund Governmental Special Revenue
HOME Fund Governmental Special Revenue
Transportation Planning Grant Fund Governmental Special Revenue
State Routine Airport Maint. Fund Governmental Special Revenue
Community&Rural Health Fund Governmental Special Revenue
TX Healthy Communities Governmental Special Revenue
Infectious Disease Fund Governmental Special Revenue
Tuberculosis Grant Governmental Special Revenue
Immunization Grant Program Fund Governmental Special Revenue
Comprehensive Cancer Ctrl. Fund Governmental Special Revenue
WIC Fund Governmental Special Revenue
Emergency Management Fund Governmental Special Revenue
Water&Sewer Fund Proprietary Enterprise
Water&Sewer Capital Fund Proprietary Capital
Microfiltration and Reverse Osmosis Proprietary Capital
Lake Ringgold Fund Proprietary Capital
Sanitation Fund Proprietary Enterprise
Regional Airport Fund Proprietary Enterprise
Kickapoo Airport Fund Proprietary Enterprise
Transit Fund Proprietary Enterprise
Storm Water Fund Proprietary Enterprise
Waterpark Fund Proprietary Enterprise
Golf Course Fund Proprietary Enterprise
Fleet Fund Proprietary Internal Service
Information Technology Fund Proprietary Internal Service
Duplicating Services Fund Proprietary Internal Service
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GENERAL GOVERNMENT FUNCTIONS
The City's two largest revenue sources are property tax(ad valorem tax) and sales tax. The City Council is
responsible for adopting a tax rate annually. All eligible property within the City is subject to assessment,
levy, and collections of a continuing, direct ad valorem tax. The City Council works closely with City staff
to analyze and adopt rates that assist the City, the tax payer and the community at large. The following
discussion highlights the property and sales tax information for the next fiscal year.
As a reminder, the City may levy taxes only in accordance with the budget. The tax rate consists of two
components, the amount of taxes to pay maintenance and operation expenditures and the amount of
taxes to pay debt service(interest and sinking).The table below shows the total of each over the past five
years. The City's property tax rate during the 2023 fiscal year was 0.694321 cents per $100 of assessed
value.
Property Tax Rate
Fiscal Year M&O I&S Total Rate $Change %Change
2019 0.687102 0.042778 0.729880 0.024 3.39%
2020 0.721571 0.041752 0.763323 0.033 4.58%
2021 0.722736 0.040587 0.763323 0.000 0.00%
2022 0.726565 0.034363 0.760928 -0.002 -0.31%
2023 0.661483 0.032838 0.694321 -0.067 -8.75%
The adopted total tax rate is applied to the total Certified Value of the City to generate the total tax levy.
This year the City saw significant increases in the property values. This property tax rate generated
approximately$46.7 million in revenues, of this amount$42.2 million was received into the City's General
Fund for general city operation.The property tax base for FY 2024 is$7.2 billion,which is a 9.45%increase
from the $6.6 billion tax base in FY 2023. Over the past five years, the City has seen an average annual
growth rate of 6% in property values.
Property Tax Values (in Billions)
$6.6 �.......
S5
$5.5 $5.8
2019-20 2020-21 2021-22 2022-23 2023-24
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The City receives 2.0%of the sales tax collected within City limits. During fiscal year 2023,the City collected
$31.0 million in sales taxes for general operations. The City ended the year with sales tax collections
approximately 0.36% lower than the prior year. These collections do not include the sales tax, which is
collected, and directed, to the City's discretely presented component units as those funds are voter-
approved for a specific and dedicated purpose outside of general city use.
In 1998, voters in Wichita Falls approved a %-cent economic development sales tax. The passage of the
sales tax for economic development created two separate corporations, the Wichita Falls Economic
Development Corporation (WFEDC), previously referred to as a 4A Corporation, and the 4B Sales Tax
Corporation. The WFEDC was created to fund industrial development projects, manufacturing, research,
and development. These funds may be used to fund military base realignment,job training classes, and
public transportation. The 4B Corporation may fund all projects the 4A Corporation may fund, in addition
to parks, museums, sports facilities, conference facilities and affordable housing opportunities. Sales tax
collected in accordance with the voter-approved %-cent economic development sales tax totaled
$10,329,556 and is divided evenly between the two separate sales and economic development
corporations for a total of$5,164,778 each.These corporations are discretely presented component units
of the City. A further discussion of component units may be found in the Notes to the Basic Financial
Statements, beginning on page 28 of this document.
ARPA FUNDS:
The City of Wichita Falls received $29,091,650 in American Rescue Plan Act Funds. The funds were
received in equal installments May of 2021 and in May of 2022. The City waited for final US Treasury
Guidance on expenditure of the funds to make final decisions regarding use. Following 3 public meetings,
the City Council approved a non-binding resolution as of June 14, 2022 which set forward their plan for
expenditure of the funds. During fiscal year 2023, $1,850,000 of ARPA funds were spent for community
development including $1,500,000 to nonprofit organizations, $250,000 to the Wichita Falls Alliance for
Arts and Culture, and $100,000 to the Helen Farabee Center. Capital expenditures in fiscal year 2023,
included $3,300,000 for Softball Complex Turf replacement and initial professional costs for the
renovation of Memorial Auditorium. As of September 30, 2023, the ARPA funds have generated
$1,146,874 in interest income. On February 20, 2024, the City Council approved a contract for the
renovation of Memorial Auditorium with a total project cost of$19,089,745. With this approval, the full
amount of funds received have been allocated to existing projects.
MAJOR INITIATIVES FOR FISCAL YEAR 2023:
The fiscal year 2023 budget provided an opportunity for the City Council to lower the City's property tax
rate as the local economy continued to experience above average property appreciation. The budget
continued current service levels despite record levels of inflation. The budget reduced the property tax
rate by 6.66 centers or 8.75% from 0.7609 to 0.6943. The budget increased employee pay by 5% and
increased the City's contribution to the Firefighter's Pension Fund. The budget also invested$19.3 million
of surplus reserves for one-time expenditures.
STRATEGIC PLANNING
In March 2021,the City Council and City staff conducted a 2-day strategic planning workshop at the MPEC
to ensure the best possible decisions for Wichita Falls are made over the next few years. The Azimuth
Group, Inc. was contracted to facilitate and document the results of this collective planning and priority-
setting effort. The Strategic Plan is an example of the operation of the "Council Manager" form of
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government in that the City Council adopts the Strategic Plan and its policies, and the City Manager is
responsible for implementation. The City Council ratified the plan and its goals on May 18, 2021.The plan
described the five highest priority items (those items with the greatest opportunity for continued
improvement) as (1) Accelerate Economic Growth, (2) Provide Quality Infrastructure, (3) Redevelop
Downtown (4) Efficiently Deliver City Services and (5)Actively Engage & Inform the Public.
In January 2024,the City Council and City staff met to develop an updated strategic plan. The City Council
identified areas of focus as(1)Accelerate Economic Growth, (2) Provide Quality Infrastructure, (3)Actively
Engage and Inform the Public, and (4) Optimize Engagement with the City and City Services. The draft of
the current plan includes many new goals which reflect the updated expectations of our City Council and
new Mayor. The new plan is expected to be finalized and adopted in the coming months.
FY 2024 BUDGET HIGHLIGHTS
Adopted Operating Budget
The City's Operating Budget for the fiscal year ended September 30, 2024 (FY 2024) was adopted by the
City Council on September 5, 2023. The revenue and expenditures across all funds were budgeted at
$232,952,356 which was a decrease of $864,606 or -0.37% from the previous year's budget. This
reduction is primarily due to the use of $19.3 million in fund balance for use in one-time projects in FY
2023.
Revenues
Two main sources of revenue in the City's budget are Property Taxes and Sales Taxes which provide
funding for many City services including Police, Fire, and Health. Property Tax revenue was budgeted at
$48,354,569 for FY 2024 which was a 7.19% increase in anticipated revenues due to increased property
market values and new property added to the tax base. The City reduced the property tax rate by 2.06%
from .694321 to .680000. Sales Tax Revenue was budgeted at $31,725,000 which was a 3.41% increase
from the previous year's budget.
Revenue from Service Charges was budgeted at $97,026,937 which was a 6.93% increase from the
previous year's budget. The Water & Sewer, Sanitation, and Stormwater funds receive the majority of
their revenues from service charges on each utility bill. The FY 2024 budget included a 5% increase in
retail water rates to support the increased cost of replacing water and sewer infrastructure and maintain
market competitive salaries. The FY 2024 budget also included a 6%increase all curbside and commercial
customers and a 13% increase for alley customers. This represented the first increase in Sanitation rates
in three years and was needed to support the increased cost of equipment used in trash collection and to
maintain market competitive salaries. Additional service charges in the City Budget include internal
service charges which help to ensure that Fleet, Information Technology, and other administrative costs
are appropriately reflected in the funds responsible for that cost.
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2022-23 2023-24
Operating Revenue 2021-22 Percent
Adopted Adopted
All Funds Actual Change
Budget Budget
Property Taxes $ 43,165,659 5 45,112,664 $ 48,354,569 7.19%
Sales Tax 31,102,272 30,680,000 31,725,000 3.41%
Franchise sees 5,684,241 5,465,100 5,527,634 1.14%
Payments in Lieu of Taxes 1,439,374 1,550,000 1,438,446 -7.20%
Other Taxes 3,813,711 3,631,427 3,861,500 6.34%
Service Charges 89,070,802 90,742,569 97,026,937 6.93%
Licenses&Permits 2,296,894 1,701,991 2,049,700 20.43%
Fines & Forfeitures 2,375,884 2,516,357 2,940,400 16.85%
Intergovernmental Rev. 13,091,644 12,285,508 12,378,000 0.75%
Contributions 2,352,418 2,126,644 1,981,356 -6.83%
Interest Income 855,397 2,504,947 5,433,200 116.90%
Misc. Revenues 7,911,570 6,656,021 5,930,401 -10.90%
Operating Revenues $203,159,866 $204,973,228 $ 218,647,143 6.67%
Transfer In 13,360,233 9,534,859 7,942,567 -16.70%
Other Financing Sources 2,002,298 19,.308,E /5 6,362,646 -67.05%
Consolidated Revenues $218,522,397 $233,816,962 $ 232,952,356 -0.37%
Budget Expenditures
The FY 2024 budget for expenditures across all funds is $232,952,356 which was a decrease of$864,606
or-0.37%from the previous year's budget. Personnel expenses make up the largest category of spending
at 45.0% of total expenditures. Utilities and Other Services like professional fees and fleet maintenance
costs are 12.3%of the total budget.
2022-23 2023-24
2021-22 Actual Percent
Expenditures All Funds Adopted Adopted
Expenditures Budget Budget
Change
g g
Personnel Services $ 90,770,593 $ 97,981,335 $ 104,741,916 6.90%
Supplies 12,403,097 16,303,433 15,838,944 -2.85%
Maintenance & Repair 8,418,369 9,550,830 10,378,043 8.66%
Utilities/Other Services 22,813,304 25,824,625 28,573,613 10.64%
Insurance& Contract Supp. 3,249,143 3,478,367 3,381,856 -2.77%
Debt Expenditures 18,037,329 19,467,705 20,030,328 2.89%
Other Expenditures 11,679,896 13,574,669 14,507,717 6.87%
Non Capital Improvements 142,358 160,541 414,634 158.27%
Capital Improvements 18,129,297 38,711,168 30,041,703 -22.40%
Transfers Out 6,405,767 8,764,290 5,043,602 -42.45%
Total Expenditures $ 192,049,153 $ 233,816,962 $ 232,952,356 -0.37%
ix
The City also invests in Capital Improvements which are expenditures for items that cost more than
$25,000 and last longer than one year. Funding for capital improvements decreased from$38,711,168 to
$30,041,703. This reduction is primarily due to the use of$19.3 million in fund balance for use in one-
time projects in FY 2023.
Capital Improvements Amount
Street Rehab and Improvement $ 5,290,500
Lake Ringgold - Federal Permitting 5,000,000
Water and Sewer Line Replacements 3,000,000
Water System Infrastructure 2,488,800
Vehicles (Fleet) 2,453,923
Sanitation Trucks 2,078,823
Stormwater System Improvements 2,000,000
Information Technology 1,715,154
Facility Improvements 1,401,195
Buses (Public Transportation) 1,110,000
Castaway Cove- New Attraction 1,100,000
All Other 2,403,308
Total Capital Improvements $30,041,703
The Operating Budget can be found at https://www.wichitafallstx.gov/1668/Annual-Budgets.
INDEPENDENT AUDIT
The City Charter requires an annual audit of the books of account, financial records, and transactions of
all administrative departments of the City by Certified Public Accountants. The accounting firm of Edgin,
Parkman, Fleming & Fleming, PC was selected by the Mayor and City Council to satisfy this charter
requirement. The auditors' report on the basic financial statements and combining fund statements and
schedules is included in the financial section of this report. In addition to meeting the requirements set
forth in the City Charter,the audit also was designed to meet the requirements of the federal Single Audit
Act Amendments of 1996 and related Uniform Guidance and the State Single Audit Act. These reports are
issued under separate cover.
AWARDS
The Government Finance Officers Association of the United States and Canada (GFOA) awarded a
Certificate of Achievement for Excellence in Financial Reporting to the City of Wichita Falls for its Annual
Comprehensive Financial Report for the fiscal year ended September 30, 2022. This was the 28th
consecutive year that the City of Wichita Falls has achieved this prestigious award. In order to be awarded
this Certificate of Achievement, a government must publish an easily readable and efficiently organized
comprehensive annual financial report. This report must satisfy both generally accepted accounting
principles and applicable legal requirements. This Certificate of Achievement is valid for a period of one
year only. We believe that our current Annual Comprehensive Financial Report continues to meet the
x
Certificate of Achievement Program's requirements, and we are submitting it to GFOA to determine its
eligibility for another certificate.
The City has also earned the Distinguished Budget Award from the Government Finance Officers
Association of the United States and Canada for the past four years. As stated by GFOA, "This award
represents a significant achievement by the entity. It reflects the commitment of the governing body and
staff to meeting the highest principles of governmental budgeting. In order to receive the budget award,
the entity had to satisfy nationally recognized guidelines for effective budget presentation."
For the first time, the City earned the Award for Outstanding Achievement in Popular Annual Financial
Reporting for its report for the fiscal year ended September 30, 2022. In order to receive an Award for
Outstanding Achievement in Popular Annual Financial Reporting, a government unit must publish a
Popular Annual Financial Report, whose contents conform to program standards of creativity,
presentation, understandability, and reader appeal. For the 2022 Fiscal Year,we have won all three GFOA
awards (Distinguished Budget Presentation Award, Certificate of Achievement for Excellence in Financial
Reporting, Popular Annual Financial Reporting Award). Organizations that win all three awards are
recognized as GFOA Triple Crown Winners.
GD
G G,f, GD
COA PAFR BUDGET
AWARD AWARD AWARD
- 11111
The City of Wichita Falls is dedicated to increasing fiscal transparency. The City participates in the Texas
State Comptrollers Transparency Star program. The program recognizes government entities for going
above and beyond in their transparency efforts.The program has awarded the City of Wichita Falls 3 stars
for opening our books and providing information related to traditional finances, public pensions,and debt
obligations. We provide clear and meaningful financial information not only by posting financial
documents, but also through summaries, visualizations, and downloadable data. In August of 2023, the
Comptroller's office completed a review of the program and confirmed that we continue to meet the
criteria for this prestigious recognition.
,a�sParencys�d�
* — _
0-"IlonaI00z* lOhttq'����
xi
ACKNOWLEDGEMENTS
I am grateful to the Mayor, City Council, City Manager,City leaders and staff for their contributions to the
sound financial management of the City of Wichita Falls. We all work together to be good stewards of the
public funds that are in our care. I am especially grateful to the personnel of the Finance Department
whose work makes this report possible.
Respectfully submitted,
ICJ did'
Stephen Calvert, CPA, CPFO
Chief Financial Officer
xii
Government Finance Officers Association Certificate for Excellence in Financial Reporting
Government Finance Officers Association
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
City of Wichita Falls
Texas
For its Annual Comprehensive
Financial Report
For the Fiscal Year Ended
September 30,2022
C?r � . P- �c
Executive Duector/CEC
The Government Finance Officers Association of the United States and Canada (GFOA) awarded a
Certificate of Achievement for Excellence in Financial Reporting to the City of Wichita Falls for its
Comprehensive Annual Financial Report for the fiscal year ended September 30, 2022.
This was the 28th consecutive year that the City of Wichita Falls has achieved this prestigious award. In
order to be awarded this Certificate of Achievement, a government must publish an easily readable and
efficiently organized comprehensive annual financial report. This report must satisfy both generally
accepted accounting principles and applicable legal requirements. This Certificate of Achievement is valid
for a period of one year only. We believe that our current Annual Comprehensive Financial Report
continues to meet the Certificate of Achievement Program's requirements, and we are submitting it to
GFOA to determine its eligibility for another certificate.
xiii
City Organizational Chart
GED
City Council
•
Municipal Court Judge City Manager City Attorney OMMID.
•
Assistant City Manager Assistant City Manager
•
Parks & Recreation Strategic Planning
•
Waterpark/Golf Course • Development Services
•
I Information Technology • Property Administration I
•
Building Maintenance • Housing/Planning/Code
•
Public Works Department • Human Resources
•
Street Maintenance • Employee Benefits
•
Engineering • Personnel
•
Sanitation •L
Risk Management)
Public Utilities J •
• Communications & Marketing
Fire Department • Convention & Visitors Bureau
•
• Public Information
Fire Marshal's Division •
Multi-Purpose Event Center
Emergency Management •
Operations Division I finance Department
Safety & Training • Accounting
•
• Budgeting & Finance
Police Department
•
Municipal Court
r •
Community Operations •• Purchasing
Public Safety Training Utility Collections
Technical Services •
Aviation, Traffic & Transportation
L Investigation Operations
•
• Airports
Health Department
Environmental Health Traffic Engineering
Laboratory Services Transportation Planning
Animal Services Fleet Maintenance
Public Health/Nursing Public Transportation
WIC Administration xiv
WICHITA FALLS CITY COUNCIL
AS OF MARCH 31, 201-.
TIM SHORT
MAYOR
0,,6_10,
440 ..:. •
BOBBY WHITELEY MICHAEL SMITH LARRY NELSON
AT LARGE DISTRICT 1 DISTRICT 2
i`'S
Nfi ink
a 4
4
JEFF BROWNING MIKE BATTAGLINO TOM TAYLOR
DISTRICT 3 DISTRICT 4 DISTRICT 5
M .
4,1411P
DARRON LEIKER
CITY MANAGER
CITY OF WICHITA FALLS
LIST OF PRINCIPAL OFFICIALS
MARCH 31, 2024
TITLE NAME
Mayor Tim Short
Mayor Pro-Tem &At Large Bobby Whiteley
District 1 Councilor Michael Smith
District 2 Councilor Larry Nelson
District 3 Councilor Jeff Browning
District 4 Councilor Mike Battaglino
District 5 Councilor Tom Taylor
City Manager Darron Leiker
City Attorney Kinley Hegglund
Municipal Court Judge Diane Dockery
City Clerk Marie Balthrop
Assistant City Manager Paul Menzies
Assistant City Manager Blake Jurecek
Director of Human Resources Christi Klyn
Director of Aviation/Traffic and Transportation John Burrus
Chief Financial Officer Stephen Calvert
Director of Public Health Amy Fagan
Police Chief Manuel Borrego
Fire Chief Donald Hughes
Director of Communications, Marketing, and MPEC Lindsay Lewis
Director of Public Works and Public Utilities Russell Schreiber
Director of Development Services Terry Floyd
xvi
FINANCIAL SECTION
i. • EDGIN, PARKMAN, FLEMING & FLEMING, PC
CERTIFIED PUBLIC ACCOUNTANTS
ani 1401 HOLLIDAY ST.,SUITE 216 • P.O.Box 750 MICHAEL D.EDGIN,CPA
WICHITA FALLS,TEXAS 76307-0750 DAVID L.PARKMAN,CPA
PH. (940)766-5550 • FAX(940)766-5778 A.PAUL FLEMING,CPA
Independent Auditor's Report on Financial Statements
The Honorable Mayor and Members of the City Council
City of Wichita Falls, Texas
Opinions
We have audited the accompanying financial statements of the governmental activities, the business-type
activities, the aggregate discretely presented component units, each major fund, and the aggregate
remaining fund information of the City of Wichita Falls, Texas (the City) as of and for the year ended
September 30, 2023, and the related notes to the financial statements, which collectively comprise the
City's basic financial statements as listed in the table of contents.
In our opinion, the financial statements referred to above present fairly, in all material respects, the
respective financial position of the governmental activities, the business-type activities, the aggregate
discretely presented component units, each major fund, and the aggregate remaining fund information of
the City as of September 30, 2023, and the respective changes in financial position, and, where applicable,
cash flows thereof for the year then ended in conformity with accounting principles generally accepted in the
United States of America.
Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United States of
America. Our responsibilities under those standards are further described in the Auditor's Responsibilities
for the Audit of the Financial Statements section of our report. We are required to be independent of the
City of Wichita Falls, Texas, and to meet our other ethical responsibilities, in accordance with the relevant
ethical requirements relating to our audit. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our audit opinions.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in
accordance with accounting principles generally accepted in the United States of America; this includes
the design, implementation, and maintenance of internal control relevant to the preparation and fair
presentation of financial statements that are free from material misstatement, whether due to fraud or
error.
In preparing the financial statements, management is required to evaluate whether there are conditions or
events, considered in the aggregate, that raise substantial doubt about the City's ability to continue as a
going concern for twelve months beyond the financial statement date, including any currently known
information that may raise substantial doubt shortly thereafter.
1
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor's report that
includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance
and therefore is not a guarantee that an audit conducted in accordance with generally accepted auditing
standards will always detect a material misstatement when it exists. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Misstatements are considered material if there is a substantial likelihood that, individually or in the
aggregate, they would influence the judgment made by a reasonable user based on the financial
statements.
In performing an audit in accordance with generally accepted auditing standards, we:
• Exercise professional judgment and maintain professional skepticism throughout the audit.
• Identify and assess the risks of material misstatement of the financial statements, whether due to
fraud or error, and design and perform audit procedures responsive to those risks. Such
procedures include examining, on a test basis, evidence regarding the amounts and disclosures
in the financial statements.
• Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the City's internal control. Accordingly, no such opinion is
expressed.
• Evaluate the appropriateness of accounting policies used and the reasonableness of significant
accounting estimates made by management, as well as evaluate the overall presentation of the
financial statements.
• Conclude whether, in our judgment, there are conditions or events, considered in the aggregate,
that raise substantial doubt about the City's ability to continue as a going concern for a
reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters,
the planned scope and timing of the audit, significant audit findings, and certain internal control-related
matters that we identified during the audit.
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the Management's
Discussion and Analysis, the Budgetary Comparison Schedule—General Fund, the schedules on the Texas
Municipal Retirement System, the Wichita Falls Firemen's Relief and Retirement Fund, and the Wichita
Falls Retiree Health Care Plan be presented to supplement the basic financial statements. Such
information, although not a part of the basic financial statements, is required by the Governmental
Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the
basic financial statements in an appropriate operational, economic, or historical context. We have applied
certain limited procedures to the required supplementary information in accordance with auditing standards
generally accepted in the United States of America, which consisted of inquiries of management about the
methods of preparing the information and comparing the information for consistency with management's
responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit
of the basic financial statements. We do not express an opinion or provide any assurance on the information
because the limited procedures do not provide us with sufficient evidence to express an opinion or provide
any assurance.
2
Other Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively
comprise the City's basic financial statements. The introductory section, combining financial statements,
supporting schedules, and statistical section are presented for purposes of additional analysis and are not
a required part of the basic financial statements.
The combining financial statements and supporting schedules are the responsibility of management and
were derived from and relate directly to the underlying accounting and other records used to prepare the
financial statements. Such information has been subjected to the auditing procedures applied in the audit
of the basic financial statements and certain additional procedures, including comparing and reconciling
such information directly to the underlying accounting and other records used to prepare the basic
financial statements or to the basic financial statements themselves, and other additional procedures in
accordance with auditing standards generally accepted in the United States of America. In our opinion,
the combining financial statements and supporting schedules are fairly stated in all material respects in
relation to the basic financial statements as a whole.
The introductory and statistical sections have not been subjected to the auditing procedures applied in the
audit of the basic financial statements and, accordingly, we do not express an opinion or provide any
assurance on them.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued under separate cover our report
dated March 26, 2024, on our consideration of the City's internal control over financial reporting and on our
tests of its compliance with certain provisions of laws, regulations, contracts, grant agreements and other
matters. The purpose of that report is to describe the scope of our testing of internal control over financial
reporting and compliance and the results of that testing and not to provide an opinion on the internal control
over financial reporting or on compliance. That report is an integral part of an audit performed in
accordance with Government Auditing Standards in considering the City's internal control over financial
reporting and compliance.
Respectfully submitted,
edgb%hi Ta1.4-1--412g-p;ut 7 fltAZ4-411
Edgin, Parkman, Fleming & Fleming, PC
March 26, 2024
3
CITY OF WICHITA FALLS, TEXAS
MANAGEMENT'S DISCUSSION AND ANALYSIS
SEPTEMBER 30, 2023
Management's discussion and analysis provides a narrative overview of the financial activities and
changes in the financial position of the City of Wichita Falls, Texas, for the fiscal year ended September
30, 2023. The management of the City offers it here to the readers of its financial statements. Readers
should use the information presented in conjunction with additional information furnished in our letter
of transmittal, which is in the Introductory Section of this Annual Comprehensive Financial Report.
Financial Highlights
The net position of the City of Wichita Falls on September 30, 2023 was $504,227,361. The net position
represents the amount that assets and deferred outflows of the City of Wichita Falls exceeded its liabilities
and deferred inflows. The net position for the City increased by $31,547,083 over the prior year. This
increase is a result of an increase in net position of$19,625,183 from the current fiscal year business-type
activities and an increase in net position of $11,921,900 from the current fiscal year governmental
activities.
The unrestricted net position for Governmental Activities was ($70,135,236), while the Business-type
Activities had an unrestricted net position of $57,082,234, for an overall unrestricted net position of
($13,053,002). Unrestricted net position for Governmental Activities increased by $356,764 from the
prior year, while unrestricted net position for Business-type Activities increased by $593,499 from the
prior year.
In both Governmental and Business-type activities,the City made increased investments in capital in fiscal
year 2023 as part of the plan to use excess fund balance for one-time expenditures. Total assets benefited
from increases in fund balance in the City's General Fund of$2,603,892 to$48,665,119.The City's General
Fund benefited from increased property valuations. In Fiscal Year 2023, property tax values increased
14%. These increases were offset by increased deferred outflows of resources for pension-related
obligations due to investment losses in the pension plans.
At September 30, 2023, the City's governmental funds reported combined ending fund balances of
$66,507,083. Of this amount, $47,863,622, or 72%, is available for spending at the government's
discretion (unassigned fund balance). At the end of the current fiscal year, the unassigned fund balance
for the General Fund was$48,015,435 or 52%of total General Fund expenditures of$91,534,120
During Fiscal Year 2023, the City's total debt decreased by$17,362,346. No new debt was issued in the
fiscal year, and the City had taken steps to refinance debt in previous years as lower interest rates offered
the opportunity to lower overall debt payments. Additional information on the City's debt service may be
found in the Notes to the Basic Financial Statements.
Overview of the Financial Statements
This discussion and analysis is intended to serve as an introduction to the City's basic financial statements.
The reporting focus is on the City as a whole and on individual major funds. It is intended to present a
comprehensive view of the City's financial activities. The basic financial statements are comprised of three
components: 1) government-wide financial statements, 2) fund financial statements, and 3) notes to the
financial statements. This report contains other supplementary information in addition to the basic
financial statements.
4
CITY OF WICHITA FALLS, TEXAS
MANAGEMENT'S DISCUSSION AND ANALYSIS
SEPTEMBER 30, 2023
Government-wide Financial Statements
The government-wide financial statements, which can be found on pages 14-15 of this report, include the
Statement of Net Position (Exhibit A-1) and the Statement of Activities (Exhibit A-2). These statements
are designed to provide readers with a broad overview of the City's finances in a manner similar to a
private-sector business. Both are prepared using the economic resources focus and the accrual basis of
accounting, meaning that all current year's revenues and expenses are included regardless of when cash
is received or paid. Thus, revenues and expenses are reported in these statements for some items that
will result in cash flows in future fiscal periods (e.g., uncollected taxes and earned but not used vacation
leave).
The Statement of Net Position presents information on all of the City's assets and liabilities, including
capital assets and long-term obligations. The difference between the City's assets and deferred outflows
and liabilities and deferred inflows is reported as net position. Over time, the increases or decreases in
net position may serve as a useful indicator of whether the financial position of the City is improving or
deteriorating. Other indicators of the City's financial position should be taken into consideration, such as
the change in the City's property tax base and condition of the City's infrastructure (e.g., roads, traffic
signals, water and sewer lines, etc.), in order to more accurately assess the overall financial condition of
the City.
The Statement of Activities presents information showing how the City's net position changed during the
most recent fiscal year. It focuses on both the gross and net costs of government services. This statement
includes all current year revenues and expenses.
The Statement of Net Position and the Statement of Activities divide the City's activities into three types:
Governmental activities— Most of the City's basic services are reported here, including police, fire, parks
and recreation, public works, health, traffic and transportation, community development and planning,
duplicating services, information technology, health insurance claims, and general administration and
finance. The Multi-Purpose Events Center and Champions Golf Course are also reported as governmental
activities. Property taxes, sales taxes, franchise fees, and various grant funds provide the majority of
financing for these activities.
Business-type activities—Activities for which the City charges fees to customers to pay most or all of the
cost of a service it provides are reported as business-type activities. The City's business-type activities
include water and wastewater treatment and distribution, solid waste collection and disposal, regional
and municipal airports, transit system, stormwater drainage improvements, fleet maintenance services,
and water park operations.
Component Units — Five legally separate organizations for which the City is financially accountable are
included in these statements as discretely presented component units. These organizations include the
Wichita Falls Economic Development Corporation, Wichita Falls 4B Sales Tax Corporation, Wichita Falls
Reinvestment Zone#2, Wichita Falls Reinvestment Zone#3, and the Wichita Falls Reinvestment Zone#4.
Fund Financial Statements
The City of Wichita Falls, like other state and local governments, uses fund accounting to provide more
detailed information about the City's most significant funds, not the City as a whole. A fund is a grouping
of related accounts that is used to maintain control over resources that have been segregated for specific
5
CITY OF WICHITA FALLS, TEXAS
MANAGEMENT'S DISCUSSION AND ANALYSIS
SEPTEMBER 30, 2023
activities or objectives. Some funds are required to be established by state law or bond covenants.
However, the City Council establishes many other funds to help it control and manage money for
particular purposes or to show that it is meeting legal responsibilities. All of the funds of the City can be
divided into three categories: governmental funds, proprietary funds, and fiduciary funds.
Governmental Funds—These funds are used to account for the majority of the City's activities, which are
essentially the same functions reported as governmental funds in the government-wide statements.
However, unlike the government-wide financial statements, governmental fund financial statements are
reported using an accounting method identified as the modified accrual basis of accounting, which
measures cash and all other financial assets that can be readily converted to cash. The governmental fund
statements focus on near-term inflows and outflows of expendable resources, as well as expendable
resources available at the end of the fiscal year for future spending. Such information may be useful in
evaluating a government's near-term financing requirements.
The focus of the governmental fund's financial statements is narrower than that of the government-wide
financial statements. Therefore,it is useful to compare the information presented for governmental funds
with similar information presented for governmental activities in the government-wide statements. By
doing so, readers may better understand the long-term impact of the government's short-term financing
decisions. Both the Governmental Fund Balance Sheet and the Governmental Fund Statement of
Revenues, Expenditures, and Changes in Fund Balances provide a reconciliation to facilitate this
comparison. The reconciliation explains the differences between the government's activities reported in
the governmentwide statements and the information presented in the governmental fund's financial
statements.
The City of Wichita Falls maintains 16 individual governmental funds. Information for the General Fund
and the American Rescue Plan Act Fund are presented separately in the Governmental Fund Balance Sheet
and in the Governmental Fund Statement of Revenues, Expenditures, and Changes in Fund Balances
because they are considered major funds of the City. Data for the other governmental funds are combined
into a single,aggregated presentation. Individual fund data for each of the non-major governmental funds
are provided in the Combining Financial Statement Section of this report.
The Basic Governmental Funds Financial Statements can be found on pages 16-20 of this report.
Proprietary Funds — When the City charges customers for services it provides, whether to outside
customers or to other units within the City,the activities are generally reported in proprietary funds. The
City of Wichita Falls maintains two different types of proprietary funds: enterprise funds and internal
service funds.
• Enterprise funds are used to report the same functions presented as business-type activities in
the government-wide financial statements. The City uses enterprise funds to account for its water
and sewer operations,sanitation collection and disposal services, regional and municipal airports,
transit operations, stormwater drainage improvements, and water park operations.
• Internal service funds are an accounting device used to report activities that provide supplies
and services to other City programs, such as fleet maintenance, print shop services, information
technology, and employee benefit trust. Because these services benefit both governmental and
business-type functions, they have been allocated between governmental and business-type
activities in the government-wide financial statements.
6
CITY OF WICHITA FALLS, TEXAS
MANAGEMENT'S DISCUSSION AND ANALYSIS
SEPTEMBER 30, 2023
Proprietary fund financial statements provide the same type of information as the business-type activities
shown in the government-wide financial statements, only in more detail and include some of the internal
service fund-type activities. The proprietary fund financial statements provide separate information for
the Water and Sewer Fund, the Sanitation Fund, and the Regional Airport Fund since they are considered
major funds of the City. The non-major proprietary funds are combined into a single, aggregated
presentation in the proprietary fund financial statements. Individual fund data for each of the non-major
proprietary funds are provided in the Combining Financial Statement Section of this report.
Fiduciary Funds—Fiduciary funds are used to account for resources held for the benefit of parties outside
the government. Fiduciary funds are not reflected in the government-wide financial statements because
the resources of those funds are not available to support the City's own programs. The accounting
method used for fiduciary funds is much like that used for proprietary funds. Custodial funds are a
component of fiduciary funds and are used to account for situations where the City's role is purely
custodial, such as receipt,temporary investment, and remittance of fiduciary funds to individuals, private
organizations, or other governments. The City maintains one fiduciary fund. This fund is a custodial fund
used to account for property that has been abandoned or unclaimed pending escheatment to the State
of Texas.
Notes to the Financial Statements
The Notes to the Financial Statements provide additional information that is essential to a full
understanding of the data provided in the government-wide and fund financial statements. These notes
can be found on pages 28-69 of this report.
Government-Wide Financial Analysis
The City's combined net position was $504,227,361 as of September 30, 2023, and increase of
$31,547,083 or 6.7%from the prior year. The largest portion of the City's net position $495,550,637, or
98.3% is reflected in capital assets (land and improvements, buildings, infrastructure, machinery, and
equipment), less any related debt used to acquire those assets that is still outstanding. The City uses these
assets to provide services to its citizens; consequently,these assets are not available for future spending.
Although the City reports its capital assets net of related debt, the resources needed to repay this debt
must be provided from other sources since the capital assets themselves cannot be used to liquidate these
liabilities.
An additional portion of the City's net position,$23,596,814 or 4.7% represents resources that are subject
to external restrictions on how they can be used.
7
CITY OF WICHITA FALLS,TEXAS
MANAGEMENT'S DISCUSSION AND ANALYSIS
SEPTEMBER 30, 2023
Net Position
(in thousands)
Governmental Business-type
Activities Activities Total
2023 2022 2023 2022 2023 2022
Current and Other Assets $ 99,721 $103,721 $ 98,598 $ 97,105 $198,320 $200,826
Capital Assets 200,240 189,289 402,067 397,468 602,307 586,757
Total Assets 299,961 293,010 500,666 494,573 800,627 787,583
Deferred Outflows of Resources 48,100 34,248 10,495 4,973 58,596 39,221
Long Term Liabilities 186,626 142,975 111,896 112,491 298,522 255,466
Other Liabilities 31,103 38,385 6,424 6,951 37,527 45,336
Total Liabilities 217,729 181,360 118,321 119,442 336,050 300,802
Deferred Inflows of Resources 18,802 46,238 144 5,366 18,945 51,604
Net Position:
Net Investment in Capital Assets 170,464 160,288 323,220 304,743 493,684 465,031
Restricted 11,202 9,812 12,395 11,840 23,597 21,652
Unrestricted (70,135) (70,492) 57,082 56,489 (13,053) (14,003)
Total Net Position $111,530 $ 99,608 $392,697 $373,072 $504,227 $472,680
8
CITY OF WICHITA FALLS,TEXAS
MANAGEMENT'S DISCUSSION AND ANALYSIS
SEPTEMBER 30, 2023
CHANGES IN NET POSITION
(in thousands)
Governmental Business-type Total
2023 2022 2023 2022 2023 2022
Revenues:
Program Revenues:
Charges for Services S 12,631 S 11,562 $ 76,389 S 76,039 S 89,020 S 87,601
Operating Grants and Contributiot 22,509 17,046 4,606 4,311 27,115 21,357
Capital Grants and Contributions 1,452 1,876 2,274 3,048 3,726 4,924
General Revenues:
Property Taxes 46,719 45,230 46,719 45,230
Sales Taxes 30,989 31,100 30,989 31,100
Other Taxes/Fees 9,244 8,915 9,244 8,915
Investment Earnings 5,296 679 1,652 237 6,948 916
Miscellaneous 943 566 29 2 972 568
Total Revenue 129,782 116,974 84,951 83,637 214,732 200,611
Expenses:
Administrative Services 19,214 16,701 19,214 16,701
Police 30,332 25,454 30,332 25,454
Fire 25,909 22,600 25,909 22,600
Parks and Recreation 6,554 5,810 6,554 5,810
Accounting/Finance 1,062 722 1,062 722
Community Development 10,261 7,498 10,261 7,498
Public Works 9,329 8,621 9,329 8,621
Health 7,585 7,066 7,585 7,066
Traffic and Transportation 3,266 3,076 3,266 3.076
MPEC 6,049 5,134 6,049 5,134
Interest and Fees on Long-term Di 1,307 1,456 1,307 1,456
Regional Airport - - 3,042 2,929 3,042 2,929
Kickapoo Airport - - 1,549 1,643 1,549 1,643
Transit - - 3,378 3,124 3,378 3,124
Sanitation - - 11,689 10,857 11,689 10,857
Water and Sewer - - 39,661 33,729 39,661 33,729
Stormwater Drainage - - 1,118 1,148 1,118 1,148
Waterpark - - 1.881 1.681 1.881 1.681
Total Expenses 120.868 104.138 62.317 55.111 183.185 159.249
Increase in Net Position Before Tra 8,914 12,836 22,633 28,526 31,547 41,362
Transfers 3.008 4.046 (3.008) (4,046) - -
Increase in Net Position 11,922 16,882 19,625 24,480 31,547 41,362
Net Position-Beginning,original 99,668 82,778 374,738 350,892 474,435 433,670
Prior Period Adjustment (59) 8 (1,666) (634) (1,725) (626)
Net Position-End of Year,Restatec 111,530 S 99,668 5392,697 S 374,738 S 504,227 S474,406
9
CITY OF WICHITA FALLS, TEXAS
MANAGEMENT'S DISCUSSION AND ANALYSIS
SEPTEMBER 30, 2023
Governmental Activities—Governmental Activities increased the City's net position by$11,921,900. The
increase in net position in the Governmental Activities is primarily due to lower than anticipated personnel
costs due to vacancies across departments and delayed capital spending due to supply chain and
contractor availability.
Business-Type Activities— Business-type Activities increased the City's net position by $21,290,936. This
increase is primarily due to an increase in Net Investment in Capital Assets of$19,830,109. This increase
is primarily due to lower than anticipated personnel costs due to vacancies across departments and
delayed capital spending due to supply chain and contractor availability.
Financial Analysis of the City's Funds
Governmental Funds — The focus of the governmental funds is to provide information on near-term
inflows,outflows,and balances of expendable resources. Such information is useful in assessing the City's
financing requirements. In particular, unassigned fund balance may serve as a useful measure of a
government's net resources available for spending at the end of the fiscal year. As of September 30, 2023,
the City's governmental funds reported combined fund balances of$66,507,083, which is an increase of
$1,909,520 from the prior year. The General Fund is the chief operating fund of the City. At the end of
the current fiscal year, the unassigned fund balance of the General Fund was$48,015,435 an increase of
$2,283,115 from the prior year. As a measure of the General Fund's liquidity, it may be useful to compare
both the unassigned fund balance and total fund balance to total fund expenditures. Unassigned fund
balance represents 52.46% of total General Fund expenditures, while the total fund balance represents
53.17% of total General Fund expenditures. The increase in net position in the Governmental Funds is
primarily due to lower than anticipated personnel costs due to vacancies across departments and delayed
capital spending due to supply chain and contractor availability.
The City received a total of$29.1 million in American Rescue Plan Act funds. These funds are being used
for a variety of projects that address health,safety,tourism and benefits to the non-profit community.On
June 14, 2022 the City Council adopted a non-binding resolution showing their support for a variety of
projects for which the funds will be used. During fiscal year 2023, $1,850,000 of ARPA funds were spent
for community development including $1,500,000 to nonprofit organizations, $250,000 to the Wichita
Falls Alliance for Arts and Culture, and $100,000 to the Helen Farabee Center. Capital expenditures in
fiscal year 2023, included $3,300,000 for Softball Complex Turf replacement and initial professional costs
for the renovation of Memorial Auditorium. As of September 30, 2023, the ARPA funds have generated
$1,146,874 in interest income.
Proprietary Funds—The financial statements of the proprietary funds provide information for two types
of funds: the business type (enterprise) funds and the internal service funds. The accounting principles
applied to proprietary funds are similar to that of the private sector. Consequently, with the exception of
the allocation of internal service fund net income or loss, the net position and changes in net position of
the enterprise funds in these financial statements are identical with the net position and changes in net
position reflected in the business-type activities in the city-wide presentation.
The City's internal service funds include the Fleet Maintenance Fund, Employee Benefit Trust Fund,
Duplicating Services Fund, and the Information Technology Fund. At the close of September 30, 2023,the
10
CITY OF WICHITA FALLS, TEXAS
MANAGEMENT'S DISCUSSION AND ANALYSIS
SEPTEMBER 30, 2023
net position for the City's internal service funds was$49,721,068, an increase of$8,399,939. This change
is due primarily to transfers in of surplus funds for capital expenditures for fleet and investment earnings
of the employee benefit trust.
General Fund Budgetary Highlights
The final amended expenditure budget for the General Fund, including transfers out, was increased by
$3,422,043 from the original fiscal year 2023 adopted budget. This increase was primarily due to the
carry-forward of items from the prior year. Items carried forward included busses, vehicles, equipment
and other projects that were delayed in fiscal year 2023 as supply chains were still seeing significant
delays.
Revenues in the General Fund for the Fiscal Year 2023 were$94,998,593, which was$5,244,120 less than
final budgeted revenues. The budgeted revenue included the use of excess general fund balance for one-
time expenditures in fiscal year 2023 which did not need to be fully accessed due to lower than anticipated
capital expenditures. Expenditures in the General Fund for the fiscal year were $91,534,120, which was
$10,356,929 final budgeted expenditures. Capital expenditures were $5,667,705 due to the delayed
timing of capital expenditures and lower than anticipated personnel costs due to vacancies across
departments.
Capital Assets and Debt Administration
Capital Assets—The City's investment in capital assets for its governmental and business-type activities
as of September 30, 2023 was$602,307,293(net of accumulated depreciation). This investment in capital
assets includes land, buildings, equipment, infrastructure, and construction in progress.
Major capital investments during this fiscal year included the following:
• 9th Street Tower Replacement
• Water and Sewer Line Replacements
• Convention Center Construction from bond funds
• MPEC Renovations from surplus funds
• Street Replacements (increased from routine levels due to use of surplus funds)
• Athletic Turf at Softball Complex from ARPA funds
• Business Park Infrastructure Improvements from bond funds
Additional information on the City's capital assets can be found in Note 7 in the Notes to the Financial
Statements section of this report.
11
CITY OF WICHITA FALLS,TEXAS
MANAGEMENT'S DISCUSSION AND ANALYSIS
SEPTEMBER 30, 2023
Capital Assets,Net of Accumulated Depreciation
(in thousands)
Governmental Activities Business-type Activities Total
2023 2022 2023 2022 2023 2022
Land $ 11,541 $ 10,753 $ 11,072 $ 11,072 $ 22,613 $ 21,825
Land Betterments 18,063 15,286 33,123 34,583 51,185 49,869
Buildings,Systems&Improvements 43,665 41,419 323,173 320,806 366,837 362,225
Infrastructure 111,968 105,384 1,247 1,264 113,215 106,648
Machinery and Equipment 7,880 6,850 1,979 2,208 9,859 9,058
Subscription assets 471 241 - - 471 241
Motor Vehicles - - 22,566 19,972 22,566 19,972
Right-to-use leased assets - - 2,175 2,237 2,175 2,237
Construction in Progress 6,654 9,597 6,732 3,659 13,386 13,256
Totals $200,240 $ 189,530 $402,067 $ 395,803 $602,307 $585,333
Long Term Debt- As of September 30, 2023, the City had total bonded debt, notes, and capital leases
outstanding of$123,330,000. During the fiscal year,the City's total debt decreased by$17,363,000.As of
September 30, 2023, Moody's Investor's Service had assigned a credit rating of Aa2 for the City's General
Obligation Bonds and a rating of A3 for the City's Water and Sewer System Revenue Bonds. Standard &
Poor's had assigned a credit rating of AA for the City's General Obligation Bonds and a rating of A+for its
Water and Sewer System Revenue Bonds.
Outstanding Debt at Year-End
(in thousands)
Governmental Business-type Total
2023 2022 2023 2022 2023 2022
General Obligation Bonds $ 24,050 $26,751 $ 5,455 $ 5,809 $ 29,505 $ 32,560
Combination Tax&Revenue Bonds 11,485 12,455 27,840 29,435 39,325 41,890
Venue Tax Revenue Bonds 2,535 2,585 - - 2,535 2,585
Utility System Revenue Bonds - - 30,250 38,660 30,250 38,660
Premiums on Bonds 1,221 1,481 1,894 3,002 3,115 4,483
Notes Payable 2,817 3,431 12,935 14,208 15,752 17,639
Right-to-use Leases - - 2,849 2,876 2,849 2,876
$ 42,107 $46,703 $81,223 $93,990 $123,330 $140,693
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, 2023, was
$.694321 per$100 which means that the City has a tax margin of$1.489072 per$100,and could generate
up to$102,624,178 additional tax revenue a year from the present assessed valuation of$6,596,548,411
before the limit is reached. The current ratio of general bonded debt outstanding to the assessed value
12
CITY OF WICHITA FALLS, TEXAS
MANAGEMENT'S DISCUSSION AND ANALYSIS
SEPTEMBER 30, 2023
of all taxable property is .55%. Additional information about the City's long-term debt can be found in
Note 12 in the Notes to the Financial Statements section of this report.
Economic Factors and Next Year's Budget and Rates
The total operating budget for the City includes all expenditures, revenues, and transfers anticipated in
the coming year. This includes expenditures for items funded outside of the City, like federal grants for
large capital projects and funds for programs received from other sources. The budget also includes the
adoption of payments for debt services. The total Adopted Operating Budget for Fiscal Year 2024 is
$232,952,356 which is a decrease of $864,606, or 0.37%, from the Fiscal Year 2023 Budget of
$233,816,962. This reduction is primarily due to the use of$19.3 million in fund balance for use in one-
time projects in FY 2023.
The fiscal year 2024 budget reduced the property tax rate by 2.1%from .6943 to .6800. It committed over
$30 million to infrastructure replacement and capital improvement projects while setting aside $10
million in excess General Reserve Funds to establish a Capital Fund for future capital needs.
The 2024 budget also included significant increases in personnel costs to help maintain competitive
compensation levels. The budget increased civil service personnel pay by to 6.5%,and increased the City's
contribution to the Firefighter's Pension Fund to maintain parity with TMRS employees. Non-civil service
compensation was increased by up to 6.0% and stability pay was increased to help retain long-term
employees. Medical and dental premiums were kept level and six benefit holidays were established as
healthcare costs have been lower than anticipated.
The entire budget may be found on the City's website at www.wichitafallstx.gov.
Moving forward into the FY 2025 budget year, the City continues to monitor forecasts of key economic
indicators. Sales tax revenue has declined as receipts are 2.6% less for the 12-month period through
March. Property values are levelling off after several years of above average increases, and interest rates
are expected to decline as the Federal Reserve projects that it will start reducing interest rates by the end
of this year. The City has strong reserves and an eye to the future as staff will work to pursue the vision
laid out in our newly drafted Strategic Plan. Management strongly encourages the reader to review the
Finance Department's available resources online as we move forward.
Requests for Information
This financial report is designed to provide a general overview of the finances of the City of Wichita Falls
for all those with an interest in the government's finances. Questions concerning any of the information
provided in this report, or request for additional financial information, should be addressed to the City
Finance Department, 1300 Seventh Street, Wichita Falls, Texas 76301.
13
BASIC FINANCIAL STATEMENTS
EXHIBIT A-1
CITY OF WICHITA FALLS, TEXAS
STATEMENT OF NET POSITION
SEPTEMBER 30,2023
Primary Government
Governmental Business-type Component
Activities Activities Total Units
Assets
Cash and cash equivalents $ 67,421,086 $ 57,214,966 $ 124,636,052 $ 45,050,829
Investments 17,794,888 - 17,794,888 -
Receivables(net):
Taxes and assessments 1,252,468 - 1,252,468 -
Customer and trade - 8,763,923 8,763,923 -
Government agencies 12,400,201 1,726,149 14,126,350 1,817,757
Other 2,431,656 638,528 3,070,184 557,755
Internal balances (12,870,360) 12,870,360 - -
Inventory 645,136 1,988,082 2,633,218 -
Prepaid items 712,592 946 713,538 Other assets 31,190 210,186 241,376 -
Restricted assets:
Cash and cash equivalents 9,902,285 15,185,255 25,087,540 -
Capital assets not being depreciated 18,194,331 17,804,532 35,998,863 2,517,331
Capital assets net of accumulated depreciation 182,045,588 384,262,842 566,308,430 23,124,269
Total assets 299,961,061 500,665,769 800,626,830 73,067,941
Deferred Outflows of Resources
Pension-related 45,460,791 7,748,843 53,209,634 -
OPEB-related 2,497,846 955,079 3,452,925 -
Deferred losses on bond refundings 141,457 1,791,484 1,932,941 -
Total deferred outflows of resources 48,100,094 10,495,406 58,595,500 -
Liabilities
Accounts payable-trade 2,121,149 1,804,566 3,925,715 265,491
Accrued payroll 1,412,005 409,283 1,821,288 -
Accrued interest payable 176,960 321,913 498,873 -
Payable to government agencies 641,351 63,694 705,045 -
Estimated health claims payable 1,047,682 - 1,047,682 -
Other liabilities 3,801,670 254,962 4,056,632 1,727,857
Unearned revenue 21,901,922 - 21,901,922 -
Customer deposits - 3,570,039 3,570,039 -
Long-term liabilities:
Portion due or payable within one year 8,112,532 12,345,750 20,458,282 655,000
Portion due or payable after one year 46,019,661 76,695,924 122,715,585 27,060,179
Net pension liability(payable after one year) 121,330,542 18,585,842 139,916,384 Net OPEB liability(payable after one year) 11,163,619 4,268,534 15,432,153 Total liabilities 217,729,093 118,320,507 336,049,600 29,708,527
Deferred Inflows of Resources
Pension-related 18,558,576 50,627 18,609,203 -
OPEB-related 243,182 92,984 336,166 -
Total deferred inflows of resources 18,801,758 143,611 18,945,369 -
Net Position
Net investment in capital assets 170,463,853 323,219,696 493,683,549 3,915,075
Restricted for:
Perpetual care(nonexpendable) 1,889,639 - 1,889,639 -
Debtservice(expendable) 1,743,468 12,395,127 14,138,595 -
Federal grant programs(expendable) 6,320,350 - 6,320,350 -
Tourism(expendable) 1,248,230 - 1,248,230 -
Unrestricted (70,135,236) 57,082,234 (13,053,002) 39,444,339
Total net position $ 111,530,304 $ 392,697,057 $ 504,227,361 $ 43,359,414
See accompanying notes to the basic financial statements.
14
CITY OF WICHITA FALLS, TEXAS
STATEMENT OF ACTIVITIES
FOR THE YEAR ENDED SEPTEMBER 30,2023
Program Revenues
Operating
Charges for Grants and
Functions/Programs Expenses Services Contributions
Primary government:
Governmental activities:
Administrative services $ 19,214,246 $ 5,679,417 $ 309,014
Police 30,331,586 815,908 409,502
Fire 25,908,574 63,790 1,331,630
Parks and recreation 6,554,341 417,761 3,723,939
Accounting/finance 1,061,629 - -
Community development 10,261,349 2,170,065 9,260,160
Public works 9,329,189 4,014 10,815
Health 7,585,313 1,134,133 3,449,342
Traffic and transportation 3,265,753 174,841 2,014,069
Multi-Purpose Events Center 6,049,052 2,170,634 35,000
Interest and fees on long-term debt 1,306,918 - 1,965,587
Total governmental activities 120,867,950 12,630,563 22,509,058
Business-type activities:
Regional Airport 3,041,535 1,919,173 -
Kickapoo Airport 1,549,000 1,080,143 -
Transit 3,377,663 486,204 4,605,539
Sanitation 11,688,957 17,208,729 -
Water and sewer 39,661,150 50,034,772 -
Stormwater drainage 1,118,252 3,755,677 -
Waterpark 1,880,642 1,904,398 -
Total business-type activities 62,317,199 76,389,096 4,605,539
Total primary government $ 183,185,149 $ 89,019,659 $ 27,114,597
Component units:
Community development $ 8,944,836 $ - $ 358,735
General revenues and transfers:
Taxes:
Property tax
Sales tax
Franchise fees
Hotel occupancy tax
Beverage tax
Investment earnings
Miscellaneous
Transfers
Total general revenues and transfers
Change in net position
Net position-beginning,as originally stated
Prior period adjustments
Net position-beginning,as restated
Net position-ending
See accompanying notes to the basic financial statements.
15
EXHIBIT A-2
Net(Expense) Revenue and
Changes in Net Position
Capital Primary Government
Grants and Governmental Business-type Component
Contributions Activities Activities Total Units
$ - $ (13,225,815) $ - $ (13,225,815) $ -
- (29,106,176) - (29,106,176) -
- (24,513,154) - (24,513,154) -
- (2,412,641) - (2,412,641) -
- (1,061,629) - (1,061,629) -
- 1,168,876 - 1,168,876 -
833,800 (8,480,560) - (8,480,560) -
- (3,001,838) - (3,001,838) -
- (1,076,843) - (1,076,843) -
617,764 (3,225,654) - (3,225,654) -
- 658,669 - 658,669 -
1,451,564 (84,276,765) - (84,276,765) -
- - (1,122,362) (1,122,362) -
67,220 - (401,637) (401,637) -
- - 1,714,080 1,714,080 -
- - 5,519,772 5,519,772 -
2,207,260 - 12,580,882 12,580,882 -
- - 2,637,425 2,637,425 -
- - 23,756 23,756 -
2,274,480 - 20,951,916 20,951,916 -
$ 3,726,044 (84,276,765) 20,951,916 (63,324,849) -
$ - - - - (8,586,101)
46,719,098 - 46,719,098 1,176,846
30,988,808 - 30,988,808 10,329,556
5,911,738 - 5,911,738 -
2,956,265 - 2,956,265 -
376,230 - 376,230 -
5,295,711 1,652,400 6,948,111 2,490,111
942,581 29,101 971,682 82,463
3,008,234 (3,008,234) - -
96,198,665 (1,326,733) 94,871,932 14,078,976
11,921,900 19,625,183 31,547,083 5,492,875
99,667,817 374,737,627 474,405,444 34,795,035
(59,413) (1,665,753) (1,725,166) 3,071,504
99,608,404 373,071,874 472,680,278 37,866,539
$ 111,530,304 $ 392,697,057 $ 504,227,361 $ 43,359,414
EXHIBIT A-3
CITY OF WICHITA FALLS, TEXAS
BALANCE SHEET-GOVERNMENTAL FUNDS
SEPTEMBER 30,2023
Total
ARPA Nonmajor Governmental
General Fund Governmental Funds
Assets
Cash and cash equivalents $ 19,392,350 $ 23,072,478 $ 16,176,128 $ 58,640,956
Investments 17,794,888 - - 17,794,888
Receivables(net):
Taxes and assessments 977,831 - 274,637 1,252,468
Other City funds 10,509,970 - - 10,509,970
Government agencies 5,795,034 - 6,605,167 12,400,201
Other 2,300,164 1,986 120,324 2,422,474
Inventory 606,615 - 38,194 644,809
Prepaid items 43,069 - 669,523 712,592
Other assets 1,000 - 30,191 31,191
Total assets $ 57,420,921 $ 23,074,464 $ 23,914,164 $ 104,409,549
Liabilities
Accounts payable $ 480,199 $ 300 $ 845,464 $ 1,325,963
Accrued payroll 1,275,973 - 110,060 1,386,033
Payable to other City funds - 77,231 6,014,852 6,092,083
Payable to government agencies 553,593 - 87,758 641,351
Other liabilities 3,727,517 43,018 18,112 3,788,647
Claims and judgments payable 11,922 - - 11,922
Unearned revenue - 21,807,041 94,881 21,901,922
Total liabilities 6,049,204 21,927,590 7,171,127 35,147,921
Deferred inflows of resources
Unavailable revenues 2,706,598 - 47,947 2,754,545
Fund balances
Nonspendable:
Inventory and prepaid items 649,684 - 707,717 1,357,401
Permanent Fund principal - - 1,889,639 1,889,639
Restricted for:
Debt service - - 1,695,520 1,695,520
Capital projects - - 2,948,034 2,948,034
Federal and state grant programs - 1,146,874 5,173,476 6,320,350
Tourism - - 1,248,231 1,248,231
Committed for:
Local projects - - 3,184,286 3,184,286
Unassigned 48,015,435 - (151,813) 47,863,622
Total fund balances 48,665,119 1,146,874 16,695,090 66,507,083
Total liabilities,deferred inflows of resources
and fund balances $ 57,420,921 $ 23,074,464 $ 23,914,164 $ 104,409,549
See accompanying notes to the basic financial statements.
16
EXHIBITA-4
CITY OF WICHITA FALLS, TEXAS
RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET
TO THE STATEMENT OF NET POSITION
SEPTEMBER 30,2023
Total fund balances-governmental funds(Exhibit A-3) $ 66,507,083
Amounts reported for governmental activities in the Statement of Net Position(Exhibit A-1)
are different because:
Capital assets used in governmental activities are not financial resources and therefore no
reported in the funds.Capital assets at year-end consist of
Gross capital assets $ 371,497,662
Related accumulated depreciation 176,747,516 194,750,146
Property taxes receivable and municipal court fines are not available to pay for current
period expenditures and therefore are reported as deferred inflows of resources in the funds 2,754,546
Long-term liabilities are not due and payable in the current period and therefore
not reported as liabilities in the funds.Long-term liabilities at year-end consist of
Bonds payable 38,069,734
Premiums on bonds payable 1,220,798
Notes payable 2,816,672
Subscription liabilities 226,130
Accrued vacation and sick leave 10,716,832
Claims and judgments payable 784,839
Accrued interest 176,960 (54,011,965)
In the governmental funds financial statements,refunding losses are expended when
incurred,whereas in the government-wide financial statements the losses are capitalizes
and amortized. 141,457
The City's net pension liability and related deferred outflows and inflows related to it
participation in the Texas Municipal Retirement System and the Wichita Falls Firemen's
Relief and Retirement Fund do not meet criteria to be reported in the governmental fund:
financial statements.These items consist of:
Net pension liabilities 119,945,142
Deferred outflows-pension related items (44,883,191)
Deferred inflows-pension related items 18,554,803 (93,616,754)
The City's net OPEB liability and related deferred outflows and inflows related to the Cite
of Wichita Falls Retiree Health Care Plan do not meet the criteria to be reported in the
governmental funds financial statements.These items consist of
Net OPEB liabilities 10,984,607
Deferred outflows-OPEB related items (2,457,792)
Deferred inflows-OPEB related items 239,283 (8,766,098)
Internal service funds are used by management to charge the costs of duplicating services
information technology and health insurance claims to the individual funds.The assets an(
liabilities of these internal service funds are included with the governmental activities 19,882,901
Internal service funds are used by management to charge the costs of central garage
services to the individual funds.The assets and liabilities of this fund are included with thi
business-type activities. This amount represents the governmental activity portior
of the central garage activity. (16,111,012)
Total net position-governmental activities(Exhibit A-1) $ 111,530,304
See accompanying notes to the basic financial statements.
17
EXHIBIT A-5
CITY OF WICHITA FALLS, TEXAS
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES-GOVERNMENTAL FUNDS
FOR THE YEAR ENDED SEPTEMBER 30,2023
Total
ARPA Nonmajor Governmental
General Fund Governmental Funds
Revenues
Taxes $ 81,770,690 $ - $ 5,005,680 $ 86,776,370
Charges for services 3,016,851 - 858,996 3,875,847
Licenses and permits 2,016,267 - - 2,016,267
Fines and forfeitures 2,920,650 - 808,252 3,728,902
Intergovernmental revenue - 6,271,815 13,052,039 19,323,854
Contributions 277,285 - 2,519,319 2,796,604
Miscellaneous revenue 4,996,850 1,006,288 4,956,547 10,959,685
Total revenues 94,998,593 7,278,103 27,200,833 129,477,529
Expenditures
Administrative services 16,227,221 17,003 1,733,849 17,978,073
Police 29,405,472 - 498,961 29,904,433
Fire 20,096,678 142,426 733,369 20,972,473
Parks and recreation 6,266,600 - 175,848 6,442,448
Accounting/finance 1,020,253 - 37,281 1,057,534
Community development 2,514,594 1,850,000 5,939,479 10,304,073
Public works 5,786,398 - 6,866 5,793,264
Health 3,746,879 - 3,650,147 7,397,026
Traffic and transportation 2,029,219 - 769,133 2,798,352
Multi-Purpose Events Center - - 5,327,942 5,327,942
Capital outlay 4,440,806 3,714,520 7,895,684 16,051,010
Debt service-principal - - 3,721,606 3,721,606
Debt service-interest and paying agent fees - - 1,533,392 1,533,392
Total expenditures 91,534,120 5,723,949 32,023,557 129,281,626
Excess of revenues over(under)expenditures 3,464,473 1,554,154 (4,822,724) 195,903
Other Financing Sources(Uses)
Issuance of subscription liabilities - - 304,829 304,829
Transfers in 3,108,889 - 5,599,146 8,708,035
Transfers out (3,969,471) (547,866) (2,781,910) (7,299,247)
Total other financing sources(uses) (860,582) (547,866) 3,122,065 1,713,617
Net change in fund balance 2,603,891 1,006,288 (1,700,659) 1,909,520
Fund balances-beginning 46,061,228 140,586 18,395,749 64,597,563
Fund balances-ending $ 48,665,119 $ 1,146,874 $ 16,695,090 $ 66,507,083
See accompanying notes to the basic financial statements.
18
EXHIBIT A-6
(Page 1 of 2)
CITY OF WICHITA FALLS, TEXAS
RECONCILIATION OF THE STATEMENT OF REVENUES,EXPENDITURES
AND CHANGES IN FUND BALANCES OF THE GOVERNMENTAL FUNDS
TO THE STATEMENT OF ACTIVITIES
FOR THE YEAR ENDED SEPTEMBER 30,2023
Net change in fund balances-total governmental funds(Exhibit A-5) $ 1,909,520
Amounts reported for governmental activities in the Statement of Activities(Exhibit A-2)are different because:
Capital outlays are reported in governmental funds as expenditures.However,in the
Statement of Activities,the cost of those assets are allocated over their estimated useful
lives as depreciation expense.The net difference between the two is as follows:
Capital outlay during the year $ 16,096,948
Depreciation expense for the year 7,561,986 8,534,962
Donated capital assets are not recorded as revenues in the governmental funds.In the
the Statement of Activities,the value of the assets are added to capital assets and the
contribution is recorded as a capital contribution. 1,451,564
Proceeds from the sale of capital assets are recorded as revenues when received in the
the governmental funds. In the Statement of Activities,the difference between the
proceeds and the book value of the capital asset is reported as a gain(loss)from sale. (115,985)
Because property tax receivables and municipal court receivables will not be collected
for several months after the City's fiscal year ends,they are not considered'available'revenues
and are deferred in the governmental funds.Deferred inflows increased by this amount this year. 568,492
The issuance of long-term debt provides current financial resources to governmental funds.However,
the issuance increases long-term liabilities in the Statement of Net Position.The City issued
subscription liabilities during 2022-2023. (304,829)
Repayment of long-term debt principal is an expenditure in the governmental funds,but the
repayment reduces long-term liabilities in the Statement of Net Position.Principal payments
in 2022-2023 were: 4,674,466
Included in long-term debt are obligations for accrued vacation and sick leave,and claims and
judgments payable. The changes in these obligations are not included in the governmental func
financial statements,but are included in the government-wide financial statements.The changes
in these long-term obligations were:
Accrued vacation and sick leave (544,706)
Claims and judgments payable 65,712 (478,994)
Interest on long-term debt in the Statement of Activities differs from the amount reported in the
governmental funds because interest is recognized as an expenditure in the funds when it is due,
and thus requires the use of current financial resources.In the Statement of Activities,however,
interest expense is recognized as the interest accrues,regardless of when it is due.The
decrease in accrued interest is as follows:
Accrued interest at September 30,2022 197,304
Accrued interest at September 30,2023 176,960 20,344
Amortization of deferred losses on refundings is only reported in the government-wide
financial statements.Current year amortization was: (53,728)
The City participates in two defined benefit pension plans.Contributions to the plans are expenditures
at the fund level when payments are due.At the government-wide level,pension expenses are
recognized on an actuarial basis.Payments were more than the actuarial expense in the current year. (6,677,029)
The City sponsors an OPEB plan for retiree health care.Contributions to the plan are expenditures at
the fund level when payments are due.At the government-wide level,pension expenses are
recognized on an actuarial basis.Payments were more than the actuarial expense in the current year. 763,812
See accompanying notes to the basic financial statements.
19
EXHIBIT A-6
(Page 2 of 2)
CITY OF WICHITA FALLS, TEXAS
RECONCILIATION OF THE STATEMENT OF REVENUES,EXPENDITURES
AND CHANGES IN FUND BALANCES OF THE GOVERNMENTAL FUNDS
TO THE STATEMENT OF ACTIVITIES
FOR THE YEAR ENDED SEPTEMBER 30,2023
Internal service funds are used by management to charge the costs of duplicating services,
information technology and health insurance claims to the individual funds.The net
revenues of these internal service funds are included with the governmental activities. 1,589,830
Internal service funds are used by management to charge the costs of central garage services to the
individual funds.The net revenue of this fund is included with the business-type activities.This.
amount represents the governmental activity portion of the central garage activity. 39,475
Change in net position of governmental activities(Exhibit A-2) $ 11,921,900
See accompanying notes to the basic financial statements.
20
EXHIBIT A-7
(Page 1 of 2)
CITY OF WICHITA FALLS, TEXAS
STATEMENT OF NET POSITION
PROPRIETARY FUNDS
SEPTEMBER 30,2023
Enterprise Funds
Nonmajor
Water and Regional Enterprise Internal
Sewer Sanitation Airport Funds Total Service Funds
Assets
Current assets:
Cash and cash equivalents $ 25,804,684 $ 13,329,284 $ 410,923 $ 12,215,151 $ 51,760,042 $ 14,235,054
Restricted cash and cash equivalents 13,186,211 - 1,999,044 - 15,185,255 9,902,285
Receivables(net):
Customer and trade 6,440,258 1,908,118 - 415,547 8,763,923 Government agencies 71,859 - - 1,654,290 1,726,149 -
Other 518,894 19,978 51,756 10,292 600,920 46,790
Inventory 1,048,431 - 82,577 150,655 1,281,663 706,419
Prepaid items 940 - - 6 946 327
Other assets - - - 210,186 210,186 -
Total current assets 47,071,277 15,257,380 2,544,300 14,656,127 79,529,084 24,890,875
Long-term assets:
Capital assets,net of accumulated
depreciation 260,958,135 9,967,763 44,541,081 61,928,498 377,395,477 30,161,670
Total long-term assets 260,958,135 9,967,763 44,541,081 61,928,498 377,395,477 30,161,670
Total assets 308,029,412 25,225,143 47,085,381 76,584,625 456,924,561 55,052,545
Deferred Outflows of Resources
Pension-related 4,206,682 1,769,169 125,890 822,390 6,924,131 1,402,314
OPEB-related 560,755 212,010 12,776 77,345 862,886 132,246
Deferred losses on bond refundings 1,791,484 - - - 1,791,484 -
Total deferred outflows of resources 6,558,921 1,981,179 138,666 899,735 9,578,501 1,534,560
See accompanying notes to the basic financial statements.
21
EXHIBIT A-7
(Page 2 of 2)
CITY OF WICHITA FALLS, TEXAS
STATEMENT OF NET POSITION
PROPRIETARY FUNDS
SEPTEMBER 30,2023
Enterprise Funds
Nonmajor
Water and Regional Enterprise Internal
Sewer Sanitation Airport Funds Total Service Funds
Liabilities
Current liabilities:
Accounts payable-trade 1,174,888 427,120 6,795 111,803 1,720,606 879,146
Accrued payroll 217,378 97,579 8,470 46,484 369,911 65,344
Accrued vacation and sick leave 487,321 181,826 13,031 93,016 775,194 183,693
Payable to other City funds - - 141,832 3,813,772 3,955,604 462,283
Payable to government agencies 4 64,850 (1,160) - 63,694 -
Estimated health claims payable - - - - - 1,047,682
Other liabilities 12,449 79,334 114,269 44,716 250,768 17,218
Payable to U.S.Government-current
maturity 48,751 - - - 48,751 -
Right-to-use leases-current maturities - - 29,276 - 29,276 -
Notes payable-current maturities 813,605 - - - 813,605 -
Bonds payable-current maturities 11,671,625 - - - 11,671,625 -
Subscription liabilities-current maturities - - - - - 72,188
Accrued interest-revenue bonds 321,913 - - - 321,913 -
Total current liabilities 14,747,934 850,709 312,513 4,109,791 20,020,947 2,727,554
Long-term liabilities:
Payable to U.S.Government,less
current maturities 50,303 - - - 50,303 -
Right-to-use leases,less current maturities - - 2,819,466 - 2,819,466 -
Notes payable,less current maturities 12,022,496 - - - 12,022,496 -
Bonds payable,less current maturities 53,767,585 - - - 53,767,585 -
Subscription liabilities,less current maturities - - - - - 161,897
Estimated liability for landfill closure and
post-closure care costs - 6,910,862 - - 6,910,862 -
Customer deposits 3,570,039 - - - 3,570,039 Net pension liability 10,089,860 4,243,408 301,950 1,972,526 16,607,744 3,363,497
Net OPEB liability 2,506,182 947,534 57,099 345,680 3,856,495 591,052
Total long-term liabilities 82,006,465 12,101,804 3,178,515 2,318,206 99,604,990 4,116,446
Total liabilities 96,754,399 12,952,513 3,491,028 6,427,997 119,625,937 6,844,000
Deferred Inflows of Resources
Pension-related 27,484 11,559 822 5,374 45,239 9,161
OPEB-related 54,593 20,641 1,244 7,530 84,008 12,876
Total deferred inflows of resources 82,077 32,200 2,066 12,904 129,247 22,037
Net Position
Net investment in capital assets 184,959,199 9,967,763 41,692,339 61,928,498 298,547,799 30,161,670
Restricted for debt service 12,395,127 - - - 12,395,127 -
Unrestricted 20,397,531 4,253,846 2,038,614 9,114,961 35,804,952 19,559,398
Total net position $ 217,751,857 $ 14,221,609 $ 43,730,953 $ 71,043,459 346,747,878 $ 49,721,068
Adjustment to reflect the consolidation of internal service funds activities
related to enterprise funds 45,949,179
Net position of business-type activities $ 392,697,057
See accompanying notes to the basic financial statements.
22
EXHIBIT A-8
CITY OF WICHITA FALLS, TEXAS
STATEMENT OF REVENUES,EXPENSES AND
CHANGES IN NET POSITION
PROPRIETARY FUNDS
FOR THE YEAR ENDED SEPTEMBER 30,2023
Enterprise Funds
Nonmajor
Water and Regional Enterprise Internal
Sewer Sanitation Airport Funds Total Service Funds
Operating revenues:
Charges for services $ 49,836,040 $ 17,187,480 $ 100,979 $ 5,546,790 $ 72,671,289 $ 17,010,066
Rents,concessions and other 198,732 21,249 1,818,194 1,679,632 3,717,807 1,445,757
Contributions - - - - - 15,557,244
Total operating revenues 50,034,772 17,208,729 1,919,173 7,226,422 76,389,096 34,013,067
Operating expenses:
Personnel services 12,310,011 5,095,312 427,506 2,857,353 20,690,182 3,918,157
Supplies and materials 5,032,422 345,592 514,604 1,673,258 7,565,876 4,087,257
Maintenance and repairs 2,363,739 165,961 77,925 357,076 2,964,701 3,616,538
Utilities and other services 7,261,006 5,817,969 226,966 1,076,097 14,382,038 524,285
Insurance and contract support 856,592 104,603 105,135 149,508 1,215,838 13,640,592
Other expenses 2,056,614 537,550 179,413 355,298 3,128,875 2,072,673
Depreciation and amortization 8,904,531 320,058 1,611,133 1,642,331 12,478,053 5,757,727
Total operating expenses 38,784,915 12,387,045 3,142,682 8,110,921 62,425,563 33,617,229
Operating income(loss) 11,249,857 4,821,684 (1,223,509) (884,499) 13,963,533 395,838
Nonoperating revenues(expenses):
Investment earnings(loss) 893,781 340,098 78,141 340,380 1,652,400 1,312,285
Gain/(loss)on sale/abandonment of capital
assets 28,525 - - 576 29,101 700,440
Interest expense and paying agent fees (2,219,148) - (28,761) - (2,247,909) (22,432)
Intergovernmental operating grants - - - 4,605,539 4,605,539 -
Total nonoperating revenues(expenses) (1,296,842) 340,098 49,380 4,946,495 4,039,131 1,990,293
Income(loss)before contributions and transfers 9,953,015 5,161,782 (1,174,129) 4,061,996 18,002,664 2,386,131
Capital contributions 2,207,260 - 67,220 - 2,274,480 -
Transfers in 784,916 - 163,445 909,361 1,857,722 6,385,221
Transfers out (1,880,468) (4,618,755) - (2,840,508) (9,339,731) (312,000)
Change in net position 11,064,723 543,027 (943,464) 2,130,849 12,795,135 8,459,352
Net position-beginning,as originally stated 206,015,794 13,678,582 44,674,417 71,249,705 41,321,129
Prior period adjustments 671,340 - - (2,337,095) (59,413)
Net position-beginning,as restated 206,687,134 13,678,582 44,674,417 68,912,610 41,261,716
Net position-ending $ 217,751,857 $ 14,221,609 $ 43,730,953 $ 71,043,459 $ 49,721,068
Adjustment to reflect the consolidation of internal service funds activities
related to enterprise funds 6,830,048
Change in net position of business-type activities $ 19,625,183
See accompanying notes to the basic financial statements.
23
EXHIBIT A-9
(Page 1 of 2)
CITY OF WICHITA FALLS, TEXAS
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
FOR THE YEAR ENDED SEPTEMBER 30,2023
Enterprise Funds
Nonmajor
Water and Regional Enterprise Internal
Sewer Sanitation Airport Funds Total Service Funds
Cash flows from operating activities:
Received from customers and users $ 49,626,368 $ 17,079,993 $ 1,941,170 $ 7,276,833 $ 75,924,364 $ 4,225,458
Received from interfund charges - - - - - 28,623,688
Other operating receipts - - - - - 1,167,038
Payments to suppliers (16,810,165) (1,856,444) (1,088,954) (4,880,882) (24,636,445) (23,224,126)
Payments for interfund services (4,181,128) (5,622,708) (136,069) (825,703) (10,765,608) (712,720)
Payments to employees (8,167,393) (3,419,126) (310,207) (2,178,925) (14,075,651) (2,722,372)
Net cash provided(used)by operating activities 20,467,682 6,181,715 405,940 (608,677) 26,446,660 7,356,966
Cash flows from noncapital financing activities:
Intergovernmental operating grants - - 450,093 3,580,621 4,030,714 -
Interfund loans received(repaid) - - - 2,110,610 2,110,610 -
Transfers in from other funds 784,916 - 163,445 909,361 1,857,722 6,385,221
Transfers out to other funds (1,880,468) (4,618,755) - (2,840,508) (9,339,731) (312,000)
Net cash provided(used)by noncapital financing
activities (1,095,552) (4,618,755) 613,538 3,760,084 (1,340,685) 6,073,221
Cash flows from capital and related financing activities:
Capital contributions - - 67,220 - 67,220 -
Acquisition and construction of capital assets (9,274,227) (996,073) (230,665) (3,461,720) (13,962,685) (9,421,678)
Proceeds from sale of capital assets 28,525 - - 576 29,101 952,618
Principal paid on long-term debt (11,160,312) - (27,321) - (11,187,633) (532,370)
Interest and fees paid on long-term debt (2,996,459) - (28,761) - (3,025,220) (22,432)
Net cash provided(used)for capital and
related financing activities (23,402,473) (996,073) (219,527) (3,461,144) (28,079,217) (9,023,862)
Cash flows from investing activities:
Investment earnings 893,781 340,098 78,141 340,380 1,652,400 1,312,285
Net cash provided(used)by investing activities 893,781 340,098 78,141 340,380 1,652,400 1,312,285
Net Increase(Decrease)in Cash and Cash Equivalents (3,136,562) 906,985 878,092 30,643 (1,320,842) 5,718,610
Cash and Cash Equivalents-Beginning 42,127,457 12,422,299 1,531,875 12,184,508 68,266,139 18,418,729
Cash and Cash Equivalents-Ending $ 38,990,895 $ 13,329,284 $ 2,409,967 $ 12,215,151 $ 66,945,297 $ 24,137,339
Reconciliation of cash and cash equivalents on the
balance sheet to the statement of cash flows:
Cash and cash equivalents $ 25,804,684 $ 13,329,284 $ 410,923 $ 12,215,151 $ 51,760,042 $ 14,235,054
Restricted assets-cash and cash equivalents 13,186,211 - 1,999,044 - 15,185,255 9,902,285
Total cash and cash equivalents at end of year $ 38,990,895 $ 13,329,284 $ 2,409,967 $ 12,215,151 $ 66,945,297 $ 24,137,339
See accompanying notes to the basic financial statements.
24
EXHIBIT A-9
(Page 2 of 2)
CITY OF WICHITA FALLS, TEXAS
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
FOR THE YEAR ENDED SEPTEMBER 30,2023
Enterprise Funds
Nonmajor
Water and Regional Enterprise Internal
Sewer Sanitation Airport Funds Total Service Funds
Reconciliation of Operating Income(Loss)to Net Cash
Provided(Used)by Operating Activities:
Operating income(loss) $ 11,249,857 $ 4,821,684 $ (1,223,509) $ (884,499) $ 13,963,533 $ 395,838
Adjustments to reconcile operating income(loss)
to net cash provided(used)by operating activities:
Depreciation and amortization 8,904,531 320,058 1,611,133 1,642,331 12,478,053 5,757,727
Customer deposits received(refunded) 84,289 - - - 84,289 -
(Increase)decrease in assets and deferred
outflows:
Receivables:
Customer and trade (502,969) (128,203) - (13,305) (644,477) -
Other 10,276 (533) 21,997 63,716 95,456 (3,546)
Inventory 22,933 - (10,648) 466 12,751 (8,025)
Prepaid items (940) - 414 11,812 11,286 474,490
Other current assets - - - (210,186) (210,186) -
Deferred outflows-pension-related (3,153,389) (1,327,514) (94,929) (606,334) (5,182,166) (1,052,689)
Deferred outflows-OPEB-related (75,282) (33,673) (3,469) (3,488) (115,912) (20,260)
Increase(decrease)in liabilities and deferred
inflows:
Accounts payable-trade 208,814 387,934 (4,810) (94,137) 497,801 480,128
Accrued payroll 25,806 18,970 920 4,561 50,257 897
Accrued vacation and sick leave 40,093 (18,438) (9,138) 2,707 15,224 (15,694)
Estimated health claims payable - - - - - 156,367
Payable to government agencies 4 (815) (2,889) (1,144) (4,844) -
Other liabilities 191,955 38,502 3,632 (1,101,882) (867,793) 6,663
Estimated liability for landfill closure - 607,738 - - 607,738 Net pension liability 6,194,562 2,610,074 187,451 1,173,504 10,165,591 2,070,510
Net OPEB liability 97,417 62,682 10,920 (20,774) 150,245 35,412
Deferred inflows-pension-related (2,649,613) (1,110,972) (77,869) (543,765) (4,382,219) (879,461)
Deferred inflows-OPEB-related (180,662) (65,779) (3,266) (28,260) (277,967) (41,391)
Total adjustments 9,217,825 1,360,031 1,629,449 275,822 12,483,127 6,961,128
Net cash provided(used)by
operating activities $ 20,467,682 $ 6,181,715 $ 405,940 $ (608,677) $ 26,446,660 $ 7,356,966
Noncash capital and financing activities:
Capital assets received from developers $ 2,207,260 $ - $ - $ - $ 2,207,260 $ -
See accompanying notes to the basic financial statements.
25
EXHIBIT A-10
CITY OF WICHITA FALLS, TEXAS
STATEMENT OF FIDUCIARY NET POSITION
SEPTEMBER 30,2023
Custodial
Fund
Assets
Cash and cash equivalents $ 183,794
Liabilities
Other liabilities 183,794
Net position $
See accompanying notes to the basic financial statements.
26
EXHIBIT A-11
CITY OF WICHITA FALLS, TEXAS
STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
FOR THE YEAR ENDED SEPTEMBER 30, 2023
Custodial
Fund
Additions
Escheatment additions $ 57,516
Deductions
Escheatment deductions 57,516
Change in net position -
Net position- beginning -
Net position-ending $ -
See accompanying notes to the basic financial statements.
27
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS
SEPTEMBER 30,2023
Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accounting and reporting policies of the City of Wichita Falls,Texas (City) conform to accounting
principles generally accepted in the United States of America (GAAP) applicable to state and local
governments. GAAP for local governments includes those principles prescribed by the Governmental
Accounting Standards Board (GASB),which includes all statements and interpretations of the National
Council on Governmental Accounting (NCGA) unless modified by the GASB, and those principles
prescribed by the American Institute of Certified Public Accountants in the publication entitled Audits
of State and Local Governmental Units. The following is a summary of the more significant policies
and practices used by the City.
A. Reporting Entity
The City is a municipal corporation governed by an elected Mayor and six-member City Council. As
required by various Governmental Accounting Standards Board (GASB) statements, these financial
statements present the City and its component units, entities for which the City is considered to be
financially accountable. Blended component units, although legally separate entities, are in
substance, part of the City's operations and data from these units are combined with data presented
by the City. A discretely presented component unit, on the other hand, is reported in a separate
column in the basic financial statements to emphasize it is legally separate from the City. Each
blended and discretely presented component unit has a September 30th year end.
Blended Component Unit
Employee Benefit Trust Fund. On October 1, 1983, an "Agreement and Declaration of Trust" was
made and entered into between the City and the Employee Benefit Trust Committee, acting as
Trustee to administer the Employee Benefit Trust (Trust). The Trust Committee consists of four
Trustees selected by the City, who may, but need not be, beneficiaries of the health and welfare
program funded by the Trust, and/or officers or employees of the City. The purpose of the Trust
is to provide health and welfare benefits, which may include life, accidental death and
dismemberment, disability, medical and dental insurance, and any other benefits as determined
by the Trustee Committee. The Trust is funded through contributions by the City and employees
who choose to participate. It may be terminated in writing, at any time, by either party. The
Employee Benefit Trust Fund is presented in the accompanying financial statements as an internal
service fund.
Discretely Presented Component Units
The Wichita Falls Economic Development Corporation. The Wichita Falls Economic Development
Corporation is a non-profit corporation formed in May 1997 for the purpose of increasing
employment opportunities, primarily through assisting qualifying enterprises with funds provided
by a portion of the local sales tax. Assistance may be in the form of incentive grants, loans or
leases which call for discounted rates or rebates for job development. The Corporation operates
under the authority of Vernon's Civil Statutes, Article 5190.6, Section 4A. Since the City Council
appoints its Board of Directors, approves its budgets, and exercises final authority over its
operations, the Wichita Falls Economic Development Corporation is considered to be part of the
City's reporting entity and presented in the accompanying basic financial statements as a
discretely presented component unit. The Wichita Falls Economic Development Corporation
utilizes full accrual accounting.
28
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2023
Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(CONT'D.)
The Wichita Falls 48 Sales Tax Corporation. The Wichita Falls 4B Sales Tax Corporation is a non-
profit corporation formed in May 1997 for the purpose of increasing employment opportunities
and for public improvement projects such as parks, auditoriums, learning centers, open space
improvements, athletic and exhibition facilities, and the related maintenance and operating costs
of such projects. The Corporation operates under the authority of Vernon's Civil Statutes, Article
5190.6, Section 4B. Since the City Council appoints its Board of Directors, approves its budgets,
and exercises final authority over its operations, the Wichita Falls 4B Sales Tax Corporation is
considered to be part of the City's reporting entity and presented in the accompanying basic
financial statements as a discretely presented component unit. The Wichita Falls 4B Sales Tax
Corporation utilizes full accrual accounting.
Wichita Falls Reinvestment Zone#2. On August 16, 2005, the City of Wichita Falls,Texas, with the
advice and consent of the Wichita Falls Independent School District and Wichita County,
approved the creation of the Wichita Falls Reinvestment Zone #2 (Zone). This Zone is permitted
by Article 1066e of the State of Texas Tax Increment Financing Act passed in 1981.The area of the
Zone is approximately 236 acres and includes the Lawrence Road area of the City. The purpose of
the Zone is to capture increments of growth in real property values in the Zone from base values
established on January 1, 2004, and use the ad valorem taxes derived from these increments to
contribute to the zoned area. Tax funds derived from the increment can only be spent for public
improvements in the Zone or for the payment of debt service on bonds issued to provide funds
for public improvements. The Zone terminates on December 31, 2025, or when all debt has been
paid if later. After all costs have been paid at the end of the tax increment financing period, any
money remaining is to be remitted to the taxing entities. Since the City Council appoints a
majority of its Board, approves its budget, and exercises final authority over its operations, the
Wichita Falls Reinvestment Zone #2 is considered to be part of the City's reporting entity and
presented in the accompanying basic financial statements as a discretely presented component
unit. The Zone utilizes full accrual accounting.
Wichita Falls Reinvestment Zone#3. On September 1, 2009, the City of Wichita Falls, Texas, with
the advice and consent of the Wichita Falls Independent School District and Wichita County,
approved the creation of the Wichita Falls Reinvestment Zone #3 (Zone). This Zone is permitted
by Article 1066e of the State of Texas Tax Increment Financing Act passed in 1981.The area of the
Zone is approximately 630 acres and includes a significant portion of the Eastside Neighborhood.
The purpose of the Zone is to capture increments of growth in real property values in the Zone
from base values established on January 1, 2009, and use the ad valorem taxes derived from
these increments to contribute to the zoned area. Tax funds derived from the increment can only
be spent for public improvements in the Zone or for the payment of debt service on bonds issued
to provide funds for public improvements. The Zone terminates on December 31, 2029. After all
costs have been paid at the end of the tax increment financing period, any money remaining is to
be remitted to the taxing entities. Since the City Council appoints a majority of its Board, approves
its budget, and exercises final authority over its operations, the Wichita Falls Reinvestment Zone
#3 is considered to be part of the City's reporting entity and presented in the accompanying basic
financial statements as a discretely presented component unit. The Zone utilizes full accrual
accounting.
29
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2023
Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(CONT'D.)
Wichita Falls Reinvestment Zone#4. On March 17, 2015,the City of Wichita Falls, Texas, with the
advice and consent of the Wichita Falls Independent School District and Wichita County,
approved the creation of the Wichita Falls Reinvestment Zone #4 (Zone). This Zone is permitted
by Article 1066e of the State of Texas Tax Increment Financing Act passed in 1981.The area of the
Zone is approximately 246 acres and includes a significant portion of the downtown area. The
purpose of the Zone is to capture increments of growth in real property values in the Zone from
base values established on January 1, 2015, and use the ad valorem taxes derived from these
increments to contribute to the zoned area. Tax funds derived from the increment can only be
spent for public improvements in the Zone or for the payment of debt service on bonds issued to
provide funds for public improvements. The Zone terminates on December 31, 2035. After all
costs have been paid at the end of the tax increment financing period, any money remaining is to
be remitted to the taxing entities. Since the City Council appoints a majority of its Board,
approves its budget, and exercises final authority over its operations, the Wichita Falls
Reinvestment Zone #4 is considered to be part of the City's reporting entity and presented in the
accompanying basic financial statements as a discretely presented component unit. The Zone
utilizes full accrual accounting.
No separate audited financial statements are available for the City's blended and discretely
presented component units. Complete financial statements for the individual component units
may be obtained from the City's Director of Finance/CFO at 1300 7th Street,Wichita Falls,Texas.
Excluded From the Reporting Entity
Wichita Falls Firemen's Relief and Retirement Fund. The Wichita Falls Firemen's Relief and
Retirement Fund was established and is controlled through various State of Texas legislative
enactments. This Fund is administered locally by a seven-member board, independent of the
City Council. City management and the City Council do not influence or control the
administrative and financial affairs of the Fund, and the assets of the Fund are not the property
of the City. The seven-member Board of Trustees, composed of the Mayor, the Director of
Finance from the City's Finance Department, three firefighters elected by a majority vote of the
firefighters and two citizens, who are not employees or officers of the City and are chosen by
the unanimous vote of the first five Trustees, are subject to the administrative supervision of
and report to the State Firemen's Pension Board. The activities of the Firemen's Relief and
Retirement Fund, in the City's judgment, are not a part of the City and thus are excluded from
the accompanying financial statements.
B. Basis of Presentation
Government-wide financial statements
The basic financial statements include both government-wide (based on the City as a whole) and fund
financial statements. The government-wide financial statements (i.e., the statement of net position
and the statement of activities) report information on all non-fiduciary activities of the primary
government and its component units. For the most part, the effect of interfund activity has been
removed from these statements. However, interfund services provided and used are not eliminated
in the process of consolidation. Governmental activities, which normally are supported by taxes and
intergovernmental revenues, are reported separately from business-type activities, which rely to a
significant extent on fees and charges for support.
30
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2023
Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(CONT'D.)
The government-wide statement of activities demonstrates the degree to which the direct expenses
of a functional category(police, public works, etc.) or segment are offset by program revenues. Direct
expenses are those that are clearly identifiable with a specific function or segment. Program revenues
include 1) charges to customers or applicants who purchase, use or directly benefit from goods,
services or privileges provided by a given function or segment, 2) grants and contributions that are
restricted to meeting operational requirements of a particular function or segment, and 3) grants and
contributions that are restricted to meeting the capital requirements of a particular function or
segment. Taxes and other items not included among program revenues are reported instead as
general revenues.
Fund financial statements
Separate fund-based financial statements are provided for governmental funds, proprietary funds,
and fiduciary funds, even though the latter are excluded from the government-wide financial
statements. Major individual governmental funds and major enterprise funds are reported as
separate columns in the fund financial statements. GASB Statement No. 34 sets forth minimum
criteria (percentage of assets (combined with deferred outflows of resources), liabilities (combined
with deferred inflows of resources), revenues or expenditures/expenses of either fund category for
governmental and enterprise) for the determination of major funds. The major governmental funds
are the General Fund and the American Rescue Plan Act (ARPA) Fund. The major enterprise funds are
the Water and Sewer Fund, the Sanitation Fund and the Regional Airport Fund. Nonmajor funds are
combined in a column in the fund financial statements. Nonmajor funds are detailed in the combining
section of the statements.
Internal service funds,which traditionally provide services primarily to other funds of the government,
are presented in the summary form as part of the proprietary fund financial statements. Because the
principal users of internal services are the City's governmental and business-type activities, financial
statements of internal service funds are allocated (based on the percentage of goods or services
provided) between the governmental and business-type activities when presented at the government-
wide level.
The government-wide focus is more on the sustainability of the City as an entity and the change in
aggregate financial position resulting from the activities of the fiscal period. The focus of the fund
financial statements is on the major individual funds of the governmental and business-type
categories. Each presentation provides valuable information that can be analyzed and compared to
enhance the usefulness of the information.
C. Measurement focus, basis of accounting and financial statement presentation
The government-wide financial statements are reported using the economic resources measurement
focus and the accrual basis of accounting, as are the proprietary and fiduciary funds. Revenues are
recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing
of related cash flows. Property taxes are recognized as revenues in the year in which they are levied.
Grants and similar items are recognized as soon as all eligibility requirements imposed by the provider
have been met.
31
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2023
Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(CONT'D.)
Government fund-level financial statements are reported using the current financial resources
measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon
as they are both measurable and available. Revenues are considered to be available when they are
collectible within the current period or soon enough thereafter to pay liabilities of the current period.
For this purpose, the government considers revenues to be available if they are collected within 60
days of the end of the current fiscal period. Expenditures generally are recorded when a liability is
incurred, as under accrual accounting. However, debt service expenditures, as well as expenditures
related to compensated absences and claims and judgments, are recorded only when payment is due.
Property tax, franchise fees, and sales tax associated with the current fiscal period are all susceptible
to accrual and have been recognized as revenues of the current fiscal period. All of the revenue items
are considered to be measurable and available only when cash is received.
The City reports the following major governmental funds:
The General Fund is the City's primary operating fund. All general tax revenues and other receipts
that are not allocated by law or contractual agreement to some other fund are accounted for in
this fund. From the fund are paid general operating costs,fixed charges, and capital improvement
costs that are not paid through other funds.
The ARPA Fund is used to account for Coronavirus State and Local Fiscal Recovery Funds received
through the American Rescue Plan Act of 2021.
Nonmajor governmental funds are a summarization of all the nonmajor governmental funds.
The City reports the following major proprietary funds:
The Water and Sewer Fund accounts for the water and sewer utility services provided to residents
of the City. Activities necessary to provide such services are accounted for in the fund, including,
but not limited to, administration, operations, maintenance,finance and related debt service.
The Sanitation Fund accounts for refuse collection services to the residents of the City as well as
the operations of the City's landfill. Activities necessary to provide such services are accounted for
in the fund, including, but not limited to, administration, operations and maintenance.
The Regional Airport Fund accounts for the operations of the Wichita Falls Regional Airport.
Operational activities, including administration, operations and maintenance, of the airport are
accounted for in this fund.
Other enterprise funds are a summarization of all of the nonmajor proprietary funds.
The City additionally reports the following fund types:
Internal service funds are used to account for the financing of materials and services provided by
one department of the City to other departments of the City on a cost-reimbursement basis. The
City uses internal service funds to report the activities of fleet maintenance, duplicating services,
employee health and life insurance, and information technology.
32
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2023
Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(CONT'D.)
A custodial fund is used to account for any unclaimed vendor or payroll checks that will be escheated
to the State if they remain unclaimed.These funds are held on a purely custodial basis.
Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating
revenues and expenses generally result from providing services and producing and delivering goods in
connection with a proprietary fund's principal ongoing operations. The principal operating revenues
of the City's water and sewer, sanitation, transit, and airport funds are charges to customers for
services. Operating expenses for the enterprise funds and internal service funds include the cost of
sales and services, administrative expenses and depreciation on capital assets. All revenues and
expenses not meeting this definition are reported as nonoperating revenues and expenses.
When both restricted and unrestricted resources are available for use, it is the government's policy to
use restricted resources first,then unrestricted resources as they are needed.
Capital improvement assessments are recorded as revenues in the fiscal period when the assessment
becomes both measurable and available to finance expenditures of the fiscal period. Assessment
revenues are considered measurable and available when collected by the City and recognized as
revenue at that time. Payments for capital improvement assessments received in advance of the levy
are reflected as deferred revenue.
D. Nonexchange Transactions
In a nonexchange transaction, a government gives (or receives) value without directly receiving (or
giving) equal value in return. The statement defines when the City should recognize revenue or
expense for nonexchange transactions involving financial or capital resources and how to account for
timing and purpose restrictions. The timing of recognition depends on whether a nonexchange
transaction is (a) a derived tax revenue (b) an imposed nonexchange revenue transaction or (c) a
government-mandated or voluntary nonexchange transaction. Under this standard, revenue
transactions with purpose restrictions are recorded as restricted resources until the purpose
restrictions are met.
Nonexchange transactions include the following classifications:
• Derived tax revenues result from assessments imposed by governments on exchange
transactions.
• Imposed nonexchange revenues result from assessments by governments on nongovernmental
entities, other than assessments on exchange transactions.
• Government-mandated nonexchange transactions occur when a government at one level
provides resources to a government at another level and require that government to use them
for a specific purpose or purposes established in the provider's enabling legislation.
• Voluntary nonexchange transactions result from legislative or contractual agreements, other
than exchanges, entered into willingly by two or more parties. Examples of the City's voluntary
nonexchange transactions include capital grants, state shared revenue and private donations.
33
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2023
Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(CONT'D.)
Providers of government-mandated nonexchange transactions and voluntary nonexchange
transactions should recognize liabilities and expenses/expenditures and recipients should recognize
receivables (or decrease in liabilities) and revenue when all applicable eligibility requirements,
including time requirements are met.
All nonexchange transactions occurring in governmental fund types are also subject to the modified
accrual revenue recognition criteria. Accordingly, assets and revenue should not be recognized unless
measurable and available.
E. Assets, liabilities and net position or fund balances
1. Cash, cash equivalents and investments
The City's cash and cash equivalents are considered to be cash on hand, demand deposits and
short-term investments with original maturities of three months or less from the date of
acquisition.
Investments are carried at fair value. Fair value is determined as the price at which two
willing parties would complete an exchange. Interest earned on investments is recorded in
the funds in which the investments are recorded.
2. Inventory and Prepaid Items
Inventories of the general and proprietary funds consist of supplies and various materials
used for the maintenance of capital assets. The consumption method is used to account for
these inventories. Under this method, inventory acquisitions are recorded in inventory
accounts initially and charged as expenditures when used. Inventories are stated at average
cost.
Certain payments to vendors reflect costs applicable to future accounting periods and are
recorded as prepaid items in both government-wide and fund financial statements via the
purchases method.
3. Capital Assets
Capital assets, which include property, plant and equipment, and infrastructure assets (e.g.
roads, bridges, sidewalks and similar items), are reported in the applicable governmental or
business-like activities columns in the government-wide financial statements. The City
defines capital assets as assets with an initial, individual cost of more than $1,000 and an
estimated useful life in excess of one year. Such assets are recorded at historical cost or
estimated historical cost if purchased or constructed. Donated capital assets are recorded at
acquisition value at the time received.
Capital assets are depreciated using the straight-line method over the following useful lives:
34
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2023
Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(CONT'D.)
Assets Years
Buildings, systems and improvements 20-59 years
Infrastructure 8-100 years
Machinery,vehicles and other equipment 3-25 years
Furniture and equipment 3- 10 years
Right-to-use leased assets 50 years
Subscription assets 2- 10 years
Contributions of funds from federal, state, or local grants restricted for the purpose of
purchasing plant and equipment are recorded as revenue when received. The cost of water
and sewer lines installed by developers is valued by the contractor and recorded as
nonoperating revenue in the Water and Sewer Fund.
4. Deferred Outflows/Inflows of Resources
In addition to assets, the statement of financial position will sometimes report a separate
section for deferred outflows of resources. This separate financial statement element
represents a consumption of net assets that applies to a future period(s) and so will not be
recognized as an outflow of resources (expense/expenditure) until then. Certain amounts
related to the City's participation in pension plans (See Note 8) and OPEB plan (See Note 9)
are reported in this category, along with deferred losses on bond refunding.
In addition to liabilities, the statement of financial position will sometimes report a separate
section for deferred inflows of resources. This separate financial statement element
represents an acquisition of net assets that applies to a future period(s) and so will not be
recognized as an inflow of resources (revenue) until that time. The City has only two types of
items that qualify for reporting in this category. Property taxes receivable ($1,114,795) and
municipal court fines receivable ($1,639,751) are unavailable and therefore cannot be
recognized as revenue in the governmental funds until they are received. There are also
certain items related to the City's participation in pension plans (See Note 8) and OPEB plan
(See Note 9)that are reported in this category.
5. Long-Term Obligations
Long-term debt and other obligations for general government purposes are recorded in the
government-wide statement of net position. Long-term debt and other obligations financed by
proprietary funds are reported as liabilities in the appropriate funds.
For the government-wide financial statements and proprietary fund types, bond premiums and
discounts, as well as issuance costs, are deferred and amortized over the life of the bonds using
the straight-line method in the government-wide financial statements. Bonds payable are
reported net of the applicable bond premium or discount. Issuance costs are reported as
deferred bond issue costs and amortized over the term of the related debt. In addition,gains or
losses on proprietary fund bond refunding are amortized over the term of the lesser of the new
bonds or the refunded bonds' life using the effective interest method. In the governmental
fund financials, bond proceeds are reported as another financing source. Bond premiums and
discounts in governmental funds are also recognized currently as other financing sources or
uses. Issuance costs, even if withheld from the actual net proceeds received, are reported as
debt service expenditures.
35
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2023
Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(CONT'D.)
6. Fund Balances—Governmental Funds
Fund balances of the governmental funds are classified as follows:
Nonspendable Fund Balance — represents amounts that cannot be spent because they are
either not in spendable form (such as inventory or prepaid insurance) or legally required to
remain intact(such as notes receivable or principal of a permanent fund).
Restricted Fund Balance — represents amounts that are constrained by external parties,
constitutional provisions or enabling legislation.
Committed Fund Balance — represents amounts that can only be used for a specific purpose
by adoption of an ordinance by the City Council. Committed amounts cannot be used for any
other purpose unless the governing board removes those constraints through the adoption of
another ordinance. Committed fund balance amounts differ from restricted balances in that
the constraints on their use do not come from outside parties, constitutional provisions, or
enabling legislation, but rather from inside the City.
Assigned Fund Balance — represents amounts which the City intends to use for a specific
purpose, but that do not meet the criteria to be classified as restricted or committed. The
City Council has by resolution authorized the Director of Finance/CFO to assign fund balance.
Specific amounts that are not restricted or committed in a special revenue, capital projects,
debt service or permanent fund are assigned for purposes in accordance with the nature of
their fund type or the fund's primary purpose. Assignments within the General Fund convey
that the intended use of those amounts is for a specific purpose that is narrower than the
general purposes of the City itself. Unlike commitments, assignments only exist temporarily.
Therefore, additional action does not normally have to be taken for the removal of an
assignment.
Unassigned Fund Balance— represents amounts which are unconstrained in that they may be
spent for any purpose. Only the General Fund reports a positive unassigned fund balance.
Other governmental funds might report a negative balance in this classification because of
overspending for specific purposes for which amounts had been restricted, committed or
assigned.
When an expenditure is incurred for a purpose for which both restricted and unrestricted
fund balance is available, the City considers restricted funds to have been spent first. When
an expenditure is incurred for which committed, assigned, or unassigned fund balances are
available, the City considers amounts to have been spent first out of committed funds, then
assigned funds, and finally unassigned funds.
7. Federal and State Grants
Grants and shared revenues are generally accounted for within the appropriate fund of the
City to be financed by such grants or shared revenues. Federal grants include Community
Development Block Grant, Section 8 Housing Assistance, Home Investment Partnership
Agreement Program,and numerous health-related grants.
36
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2023
Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(CONT'D.)
Each Federal grant is accounted for in a separate special revenue fund. State grant revenues
received for purposes normally financed through the general government are accounted for
within the General Fund.
8. Transactions Between Funds
Outstanding balances between funds are reported as "due to/from other City funds." Any
residual balances between governmental activities and business-type activities are reported in
the government-wide statements as "internal balances." Nonrecurring or non-routine transfers
of equity between funds are accounted for as transfers.
9. Vacation and Sick Leave
All full-time employees accumulate vacation benefits based on length of service up to 20 days
per year. The maximum allowable accumulation is 35 days. Upon leaving the employment of
the City, employees will be paid for unused vacation days which they have accrued.
Sick leave is earned at the rate of 4.62 hours per pay period up to a maximum of ninety days.
Additionally, police officers and firefighters may accumulate an unlimited number of sick
leave days while employed with the City. Upon termination, police officers and firefighters
are compensated for up to 720 hours and 1,080 hours, respectively.
10. Risk Management
The government is exposed to various risks of loss related to torts; theft of, damage to and
destruction of assets; errors and omissions; and natural disasters for which the government
carries commercial insurance. For insured programs, there have been no significant
reductions in insurance coverage.Settlement amounts have not exceeded insurance coverage
for the current year or the three prior years.
The City maintains a group health insurance plan for employees and dependents which is
partially self-insured by the City. A group life insurance plan is maintained through an
insurance company. Contributions to the plans are provided for by both the City and
participating employees. These contributions are recognized as revenues in the internal
service fund used to account for these plans.The contributions made by the City are recorded
as expenditures or expenses of the various funds as appropriate.
Liabilities are reported when it is probable that a loss has occurred and the amount of the loss
can be reasonably estimated. An excess coverage insurance policy covers individual claims in
excess of$500,000. Liabilities include an amount for claims that have been incurred but not
reported. Claim liabilities are calculated considering the effects of inflation, recent claim
settlement trends including frequency and amount of pay-outs and other economic and social
factors.
37
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2023
Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(CONT'D.)
The City is also self-insured up to $250,000 for workers' compensation claims. Such claims
are processed by a third-party administrator. The City's estimated liability for workers'
compensation claims payable at September 30, 2023 is based on management's estimate of
probable losses in the amount of $784,839. The payment dates of such claims cannot be
precisely determined, but are expected to be paid on a periodic basis over the next few years.
Accordingly, the long-term liability has been recorded in the government-wide financial
statements.
The following represents changes in the amount of claims liabilities for the City from October
1, 2021 to September 30, 2023:
Health Workers'
Care Compensation
Liability balance, October 1, 2021 $ 1,380,955 $ 926,002
Incurred claims/adjustments 11,325,583 1,301,846
Claim payments ( 11,815,223) ( 1,365,375)
Liability balance, September 30, 2022 891,315 862,473
Incurred claims/adjustments 12,993,555 563,535
Claim payments ( 12,837,188) ( 641,169)
Liability balance, September 30, 2023 $ 1,047,682 $ 784,839
F. Pension Plan
For purposes of measuring the net pension liability, deferred outflows of resources, and deferred
inflows of resources related to pensions, and pension expense, information about the Fiduciary Net
Position of the Texas Municipal Retirement System (TMRS) and the Wichita Falls Firemen's Relief
and Retirement Fund (WFFRRF) and additions to/deductions from Fiduciary Net Position have been
determined on the same basis as they are reported to TMRS and WFFRRF. For this purpose, plan
contributions are recognized in the period that compensation is reported for the employee,which is
when contributions are legally due. Benefit payments and refunds are recognized when due and
payable in accordance with the benefit terms. Investments are reported at fair value.
G. Other Post-Employment Benefits
The fiduciary net position of the City of Wichita Falls Retiree Health Care Plan has been determined
using the flow of economic resources measurement focus and full accrual basis of accounting. This
includes for purposes of measuring the net OPEB liability,deferred outflows of resources and deferred
inflows of resources related to other post-employment benefits, OPEB expense, and information
about assets, liabilities and additions to/deductions from the Plan's fiduciary net position. Benefit
payments are recognized when due and payable in accordance with the benefit terms.
38
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2023
Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(CONT'D.)
H. New Accounting Standard Adopted
For fiscal year 2023, the City implemented GASB Statement No. 96, "Subscription Based Information
Technology Agreements". This statement requires recognition of certain subscription assets and
liabilities for agreements that previously were only recognized as inflows of resources or outflows of
resources based on the payment provisions of the contract. Due to the implementation of GASB
Statement No. 96, certain subscription-based information technology agreements with an initial
noncancelable period of more than one year that were not reported on the statement of net position
prior to the implementation of GASB Statement No. 96, will be reported as subscription assets and
subscription liabilities. This reclassification resulted in the restatement of the City's statement of net
position and statement of activities.
Note 2 - COMPLIANCE AND ACCOUNTABILITY
Finance-Related Legal and Contractual Provisions
The City had no violations of finance-related legal and contractual provisions for the year ended
September 30, 2023.
Deficit Fund Balances—Individual Funds
The Airport Improvement Grant Fund and the Golf Fund, both special revenue funds, had deficit fund
balances of $141,585 and $10,228, respectively, as of September 30, 2023. The City plans for these
deficits to be alleviated within a year.
Note 3 - DEPOSITS AND INVESTMENTS
Deposits
All of the City's demand and time depository accounts are held in local banking institutions under the
terms of written depository contracts. At September 30, 2023, the total amount of the City's demand
and time deposits per the general ledger was $6,251,122, and the total amount per the City's
September 30, 2023 bank statements was $5,090,530. The entire amount of the year-end bank
statement balances was covered by federal depository insurance or by collateral held by the City's
agent in the City's name.
Investments
The investment policies of the City and its discretely presented component units are governed by the
Public Funds Investment Act (PFIA). Authorized investments include obligations of the U.S. Treasury,
agencies and instrumentalities, obligations of the State of Texas and related agencies, obligations of
states, agencies, counties, cities and political subdivisions of any state rated A or above by a nationally
recognized investment rating firm, repurchase agreements, public funds investment pools, and
commercial paper.The City was in compliance with PFIA during the year ended September 30, 2023.
39
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2023
Note 3 - DEPOSITS AND INVESTMENTS(CONT'D.)
The investments of the City and its discretely presented component units at September 30, 2023 are
as follows:
Average
Fair Value/ Credit Weighted Average
Carrying Quality/ Days to
Types of Investments Amount Cost Ratings Maturity
Primary Government:
TexPool $ 82,550,202 $ 82,550,202 Not rated 26
LOGIC 37,506,479 37,506,479 Not rated 45
Federal Home Loan Bank 4,944,450 5,026,707 N/A 531
U.S.Treasury Notes 12,764,360 12,918,980 N/A 232
Money market accounts 21,181,777 21,181,777 Not rated 1
Total primary government
investments 158,947,268 159,184,145
Component Units:
TexPool 43,032,640 43,032,640 Not rated 26
Total component unit
investments 43,032,640 43,032,640
Total investments S201,979,908 S202,216,785
TexPool is a local government investment pool organized in conformity with the Interlocal
Cooperation Act, Chapter 791 of the Texas Government Code, and operates under the Public Funds
Investment Act, Chapter 2256 of the Texas Government Code. The State Comptroller of Public
Accounts is the sole officer, director, and shareholder of the Texas Treasury Safekeeping Trust
Company, which is authorized to operate TexPool. Pursuant to the TexPool Participation Agreement,
administrative and investment services to TexPool are provided by Federated Investors, Inc., under an
agreement with the Comptroller, acting on behalf of the Trust Company. As required by the Public
Funds Investment Act, the Advisory Board is composed equally of participants in TexPool and other
persons who do not have a business relationship with TexPool who are qualified to advise TexPool.
TexPool is comprised of two investment alternatives: TexPool (which the City is invested in) and
TexPool Prime. Both funds seek to maintain a net asset value of$1.00 per unit and are rated AAAm by
Standard and Poor's.
Local Government Investment Cooperative (LOGIC) was organized in conformity with the Interlocal
Cooperation Act, Chapter 791 of the Texas Government Code, and the Public Funds Investment Act,
Chapter 2256 of the Texas Government Code, and operates as a public funds investment pool under
the Public Funds Investment Act. LOGIC is organized and existing as a business trust under the laws of
the State of Texas with all Participant funds and all investment assets held and managed in trust by a
Board of Trustees for the benefit of the Participants. The Board of Trustees is LOGIC's governing body
and is comprised of employees, officers or elected officials of Participant Government Entities or
individuals who do not have a business relationship with the Pool and are qualified to advise it. A
maximum of two advisory board members represent the Co-Administrators of the Pool. LOGIC seeks
to maintain a net asset value of$1.00 per unit and are rated AAAm by Standard and Poor's.
40
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2023
Note 3 - DEPOSITS AND INVESTMENTS(CONT'D.)
The City categorizes its fair value measurements with the fair value hierarchy established by generally
accepted accounting principles. The hierarchy is based on the valuation inputs used to measure the
fair value of the asset. Level 1 inputs are quoted prices in active markets for identical assets; Level 2
inputs are significant other observable inputs; Level 3 inputs are significant unobservable inputs.
Investments that are measured at fair value using the net asset value per share (or its equivalent) as a
practical expedient are not classified in the fair value hierarchy below. In instances where inputs used
to measure fair value fall into different levels in the above fair value hierarchy, fair value
measurements in their entirety are categorized based on the lowest level input that is significant to
the valuation. The City's assessment of the significance of particular inputs to these fair value
measurements requires judgement and considers factors specific to each asset or liability.
The City values its United States Treasury Bills and Notes using Level 1 inputs,which are quoted prices
in active markets. The City values its money market accounts using Level 2 inputs, which are values
provided by the City's depositories. TexPool and LOGIC are valued at net asset value per unit/share.
GASB Statement No. 40 requires a determination as to whether the City was exposed to the following
specific investment risks at year end and if so,the reporting of certain related disclosures:
a. Credit Risk
Credit risk is the risk that an issuer or other counterparty to an investment will not fulfill its
obligations. The ratings of securities by nationally recognized rating agencies are designed to
give an indication of credit risk.At year end,the City was not exposed to credit risk.
b. Custodial Credit Risk
Deposits are exposed to custodial credit risk if they are not covered by depository insurance
and the deposits are uncollateralized, collateralized with securities held by the pledging
financial institution, or collateralized with securities held by the pledging financial institution's
trust department or agent but not in the City's name.
Investment securities are exposed to custodial risk if the securities are uninsured, are not
registered in the name of the government, and are held by either the counterparty or the
counterparty's trust department or agent but not in the City's name.
At year end,the City was not exposed to custodial credit risk.
c. Concentration of Credit Risk
This risk is the risk of loss attributed to the magnitude of a government's investment in a single
issuer. At year end,the City was not exposed to concentration of credit risk.
d. Interest Rate Risk
This is the risk that changes in interest rates will adversely affect the fair value of an
investment. In accordance with its investment policy, the City manages its exposure to
interest rate risk by allowing no more than 20% of the City's portfolio to be invested for a
period greater than one year.
41
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2023
Note 3 - DEPOSITS AND INVESTMENTS(CONT'D.)
e. Foreign Currency Risk
This is the risk that exchange rates will adversely affect the fair value of an investment. At year
end,the City was not exposed to foreign currency risk.
Note 4 - PROPERTY TAXES
Property taxes attach as an enforceable lien on property as of the prior January 1. Taxes are levied on
October 1, and become delinquent after January 31, unless the half-payment option is elected, in
which case one-half of the tax is due November 30, and the balance the following June 30.
The City is permitted by its Home Rule Charter to levy taxes up to $2.25 per $100 of assessed
valuation for general governmental services including the payment of principal and interest on long-
term debt. The combined tax rate to finance general governmental services for the year ended
September 30, 2023 was $.694321 per$100 which means that the City has a tax margin of$1.489072
per$100, and could raise up to $102,624,178 additional tax revenue a year from the present assessed
valuation of$6,596,548,411 before the limit is reached.
Note 5 - RESTRICTED ASSETS
Restricted assets in the Water and Sewer Fund, Regional Airport Fund, and Internal Service Funds, are
held for specific purposes in accordance with bond ordinances or other legal restrictions.
Water and Sewer restricted assets are comprised of the following:
For Debt Service:
Cash and cash equivalents $12,395,127
For Capital Improvements:
Cash and cash equivalents 791,084
Total $13,186,211
Regional Airport restricted assets are comprised of the following:
For Passenger Facility Charges:
Cash and cash equivalents $ 673,471
For Customer Facility Charges:
Cash and cash equivalents 1,325,573
Total $1,999,044
Internal Service Fund restricted assets are comprised of the following:
For Employee Insurance:
Cash and cash equivalents $9,902,285
42
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CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2023
Note 7 - CAPITAL ASSETS
Capital asset activity for the year ended September 30, 2023 was as follows:
Restated
Balance Balance
Governmental activities: October 1, September 30,
2022 Increases Decreases 2023
Capital assets not being depreciated:
Land $ 11,448,557 $ 92,250 $ - $ 11,540,807
Construction in progress 9,596,446 5,544,788 8,487,710 6,653,524
Total capital assets not being depreciated 21,045,003 5,637,038 8,487,710 18,194,331
Capital assets being depreciated:
Land betterments 24,127,091 4,134,977 - 28,262,068
Buildings,systems and improvements 76,169,633 4,067,049 - 80,236,682
Infrastructure 213,262,386 11,021,848 1,080,639 223,203,595
Machinery and equipment 29,688,846 2,837,588 - 32,526,434
Furniture and fixtures 130,848 - - 130,848
Subscription assets 603,614 304,829 - 908,443
Total capital assets being depreciated 343,982,418 22,366,291 1,080,639 365,268,070
Less accumulated depreciation for:
Land betterments 9,536,897 662,459 - 10,199,356
Buildings,systems and improvements 34,750,730 1,821,278 - 36,572,008
Infrastructure 107,878,192 4,322,194 964,654 111,235,732
Machinery and equipment 22,838,678 1,807,967 - 24,646,645
Furniture and fixtures 130,382 466 - 130,848
Subscription assets 362,169 75,725 - 437,893
Total accumulated depreciation 175,497,048 8,690,089 964,654 183,222,482
Total capital assets being depreciated, net 168,485,370 13,676,202 115,985 182,045,588
Governmental activities capital
assets,net $189,530,373 $19,313,240 $8,603,695 $200,239,919
Depreciation expense was charged to functions as follows:
Governmental activities:
Administrative services $1,602,171
Police 744,235
Fire 236,889
Parks and recreation 383,167
Community development 8,679
Public works 3,692,341
Health 149,013
Traffic and transportation 713,815
Multi-Purpose Events Center 1,159,779
Total governmental depreciation 58,690,089
44
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2023
Note 7 - CAPITAL ASSETS(CONT'D.)
Restated
Balance Balance
Business-type activities: October 1, September 30,
2022 Increases Decreases 2023
Capital assets not being depreciated:
Land $ 11,072,444 $ - $ - $ 11,072,444
Construction in progress 3,659,488 6,041,811 2,969,211 6,732,088
Total capital assets not being depreciated 14,731,932 6,041,811 2,969,211 17,804,532
Capital assets being depreciated:
Land betterments 60,513,675 157,161 - 60,670,836
Buildings,systems and improvements 502,742,851 12,847,861 158,000 515,432,712
Infrastructure 1,308,101 - - 1,308,101
Machinery and equipment 11,115,395 231,098 - 11,346,493
Furniture and fixtures 16,943 - - 16,943
Motor vehicles 74,139,975 7,315,798 5,869,193 75,586,580
Right-to-use leased assets 3,066,768 - - 3,066,768
Total capital assets being depreciated 652,903,708 20,551,918 6,027,193 667,428,433
Less accumulated depreciation for:
Land betterments 25,911,275 1,637,006 - 27,548,281
Buildings,systems and improvements 181,956,568 10,461,634 158,000 192,260,202
Infrastructure 43,603 17,441 - 61,044
Machinery and equipment 8,907,512 459,571 - 9,367,083
Furniture and fixtures 16,943 - - 16,943
Motor vehicles 54,167,749 4,469,438 5,617,015 53,020,172
Right-to-use leased assets 829,279 62,587 - 891,866
Total accumulated depreciation 271,832,929 17,107,677 5,775,015 283,165,591
Total capital assets being depreciated, net 381,070,779 3,444,241 252,178 384,262,842
Business-type activities capital
assets,net $395,802,711 $ 9,486,052 $3,221,389 $402,067,374
Depreciation expense was charged to programs as follows:
Business-type activities:
Regional Airport $ 1,631,802
Kickapoo Airport 544,460
Transit 427,364
Sanitation 3,720,456
Water and sewer 9,929,619
Stormwater drainage 597,600
Waterpark 256,376
Total business-type depreciation $17,107,677
45
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2023
Note 8 - PENSION PLANS
Eligible City employees participate in one of two pension plans. Eligible firefighters participate in the
Wichita Falls Firemen's Relief and Retirement Fund (WFFRRF). All other eligible employees participate
in the Texas Municipal Retirement System (TMRS).
The table below summarizes the amounts reported by the City for each plan as of September 30,
2023. Detailed information for each plan follows.
TMRS WFFRRF Total
Net pension liability $67,857,269 $72,059,115 $139,916,384
Deferred outflows of resources 28,291,168 24,918,466 53,209,634
Deferred inflows of resources 184,836 18,424,367 18,609,203
Pension expense 11,106,043 7,159,611 18,265,654
Texas Municipal Retirement System
Plan Description
The City participates as one of more than 900 plans in the nontraditional, joint contributory,
hybrid defined benefit plan administered by the TMRS. TMRS is an agency created by the State of
Texas and administered in accordance with the TMRS Act, Subtitle G, Title 8, Texas Government
Code (the TMRS Act) as an agent multiple-employer retirement system for municipal employees
in the State of Texas. The TMRS Act places the general administration and management of the
System with a six-member Board of Trustees.Although the Governor,with the advice and consent
of the Senate, appoints the Board, TMRS is not fiscally dependent on the State of Texas. TMRS's
defined benefit pension plan is a tax-qualified plan under Section 401(a) of the Internal Revenue
Code. TMRS issues a publicly available Annual Comprehensive Financial Report(ACFR)that can be
obtained at www.tmrs.com.
All eligible employees of the City are required to participate in TMRS.
Benefits Provided
TMRS provides retirement, disability, and death benefits. Benefit provisions are adopted by the
City Council,within the options available in the governing state statutes of TMRS.
At retirement, the benefit is calculated as if the sum of the employee's contributions, with
interest, and the City-financed monetary credits with interest were used to purchase an annuity.
Members may choose to receive their retirement benefit in one of seven payment options.
Members may also choose to receive a portion of their benefit as a Partial Lump Sum Distribution
in an amount equal to 12, 24, or 36 monthly payments, which cannot exceed 75% of the
member's deposits and interest.
46
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2023
Note 8 - PENSION PLANS(CONT'D.)
Employees Covered by Benefit Terms
At the December 31, 2022 valuation and measurement date, the following employees were
covered by the benefit terms:
Inactive employees or beneficiaries currently receiving benefits 763
Inactive employees entitled to but not yet receiving benefits 548
Active employees 992
Contributions
The contribution rates for employees in TMRS are either 5%, 6%, or 7% of employee gross
earnings, and the participating city matching percentages are either 100%, 150%, or 200%, both
as adopted by the governing body of the participating city. Under the state law governing TMRS,
the contribution rate for each city is determined annually by the actuary, using the Entry Age
Normal (EAN) actuarial cost method. The actuarially determined rate is the estimated amount
necessary to finance the cost of benefits earned by employees during the year, with an additional
amount to finance any unfunded accrued liability.
Employees of the City are required to contribute 7% of their annual gross earnings. The
contribution rates for the City were 16.42% and 16.18% in calendar years 2022 and 2023,
respectively. The City's contributions to TMRS for the year ended September 30, 2023, were
$8,844,724,and were equal to the required contributions.
Net Pension Liability
The City's Net Pension Liability (NPL) was measured as of December 31, 2022, and the Total
Pension Liability used to calculate the Net Pension Liability was determined by an actuarial
valuation as of that date.
Actuarial Assumptions
The Total Pension Liability in the December 31, 2022 actuarial valuation was determined using the
following actuarial assumptions:
Inflation 2.5% per year
Overall payroll growth 2.75% per year
Investment rate of return 6.75%, net of pension plan investment expense, including
inflation
Salary increases are based on a service-related table. Mortality rates for active members are
based on the PUB(10) mortality tables with the Public Safety table used for males and the General
Employee table used for females. Mortality rates for healthy retirees and beneficiaries are based
on the Gender-distinct 2020 Municipal Retirees of Texas mortality tables. The rates for actives,
healthy retirees and beneficiaries are projected on the fully generational basis by Scale UMP to
account for future mortality improvements. For disabled annuitants, the same mortality tables for
healthy retirees is used with a 4-year set-forward for males and a 3-year set-forward for females.
In addition, a 3.5% and 3.0% minimum mortality rate is applied, for males and females
respectively, to reflect the impairment for younger members who become disabled.The rates are
47
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2023
Note 8 - PENSION PLANS(CONT'D.)
projected on a fully generational basis by Scale UMP to account for future mortality
improvements subject to the floor.
The actuarial assumptions were developed primarily from the actuarial investigation of the
experience of TMRS over the four-year period from December 31, 2014 to December 31, 2018.
They were adopted in 2019 and first used in the December 31, 2019 actuarial valuation. The post-
retirement mortality assumption for healthy annuitants and Annuity Purchase Rate (APRs) are
based on the Mortality Experience Investigation Study covering 2009 through 2011 and dated
December 31, 2013. In conjunction with these changes first used in the December 31, 2013
valuation, the System adopted the Entry Age Normal (EAN) actuarial cost method and a one-time
change to the amortization policy. Plan assets are managed on a total return basis with an
emphasis on both capital appreciation as well as the production of income, in order to satisfy the
short-term and long-term funding needs of TMRS.
The long-term expected rate of return on pension plan investments is 6.75%. The pension plan's
policy in regard to the allocation of invested assets is established and may be amended by the
TMRS Board of Trustees. Plan assets are managed on a total return basis with an emphasis on
both capital appreciation as well as the production of income, in order to satisfy the short-term
and long-term funding needs of TMRS.
The long-term expected rate of return on pension plan investments was determined using a
building-block method in which best estimate ranges of expected future real rates of return
(expected returns, net of pension plan investment expense and inflation) are developed for each
major asset class. These ranges are combined to produce the long-term expected rate of return
by weighing the expected future real rates of return by the target asset allocation percentage and
by adding expected inflation. In determining their best estimate of a recommended investment
return assumption under the various alternative asset allocation portfolios, TMRS focused on the
area between (1) arithmetic mean (aggressive) without an adjustment for time (conservative) and
(2) the geometric mean (conservative) with an adjustment for time (aggressive). The target
allocation and best estimates of arithmetic real rates of return for each major asset class in fiscal
year 2021 are summarized in the following table:
Long-Term Expected Real
Asset Class Target Allocation Rate of Return (Arithmetic)
Global Equities 30% 5.30%
Core Fixed Income 10% 1.25%
Non-Core Fixed Income 20% 4.14%
Real Return 10% 3.85%
Real Estate 10% 4.00%
Absolute Return 10% 3.48%
Private Equity 10% 7.75%
Total 100%
48
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2023
Note 8 - PENSION PLANS(CONT'D.)
Discount Rate
The discount rate used to measure the Total Pension Liability was 6.75%. The projection of cash
flows used to determine the discount rate assumed that employee and employer contributions will
be made at the rates specified in statute. Based on that assumption, the pension plan's Fiduciary
Net Position was projected to be available to make all projected future benefit payments of current
active and inactive employees. Therefore, the long-term expected rate of return on pension plan
investments was applied to all periods of projected benefit payments to determine the Total
Pension Liability.
Changes in Net Pension Liability
Increase(Decrease)
Total Pension Fiduciary Net Net Pension
Liability Position Liability
(a) (b) (a)—(b)
Balances as of December 31, 2021 $315,986,697 $289,527,502 $26,459,195
Changes for the year:
Service cost 7,290,057 - 7,290,057
Interest on total pension liability 21,000,865 - 21,000,865
Change of benefit terms - - -
Difference between expected and
actual experience 4,338,549 - 4,338,549
Change of assumptions - - -
Contributions—employer - 8,622,779 ( 8,622,779)
Contributions—employee - 3,673,895 ( 3,673,895)
Net investment income - (21,100,627) 21,100,627
Benefit payments,including refunds
of employee contributions ( 17,015,598) ( 17,015,598) -
Administrative expense - ( 182,885) 182,885
Other changes - 218,235 ( 218,235)
Balances as of December 31, 2022 S331,600,570 S263,743,301 S67,857,269
Sensitivity Analysis
The following presents the net pension liability of the City, calculated using the discount rate of
6.75%, as well as what the City's net pension liability/ (asset) would be if it were calculated using a
discount rate that is 1 percentage point lower(5.75%) or 1 percentage point higher(7.75%)than the
current rate.
1% Current 1%
Decrease Discount Rate Increase
5.75% 6.75% 7.75%
Net pension liability $110,350,783 $67,857,269 $32,691,121
Pension Expense, Deferred Outflows of Resources and Deferred Inflows of Resources
For the year ended September 30, 2023, the City recognized pension expense of $11,106,043
related to its participation in TMRS.
49
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2023
Note 8 - PENSION PLANS(CONT'D.)
At September 30, 2023, the City reported deferred outflows of resources and deferred inflows of
resources related to TMRS from the following sources:
Deferred Outflows Deferred Inflows
of Resources of Resources
Differences between expected and
actual experience $ 3,457,521 $184,836
Net difference in assumptions -Net difference between projected and
actual earnings 18,120,093 -
Contributions made subsequent to
measurement date 6,713,554 -
Total $28,291,168 $184,836
$6,713,554 reported as deferred outflows of resources related to pensions resulting from
contributions subsequent to the measurement date will be recognized as a reduction of the net
pension liability for the City's fiscal year ending September 30, 2024 (plan year ending December 31,
2023). Other amounts reported as deferred outflows of resources and deferred inflows of resources
related to pensions will be recognized in pension expense as follows:
Plan Year Ended December 31:
2023 $ 2,025,609
2024 5,838,988
2025 5,399,434
2026 8,128,747
Total S21,392,778
Wichita Falls Firemen's Relief and Retirement Fund
Plan Description
The City provides pension benefits for all of its firefighters through a single-employer defined
benefit pension plan. The Wichita Falls Firemen's Relief and Retirement Fund (Fund) operates
under an act passed in 1937 by the Texas State Legislature and adopted by the City's firefighters.
The stand-alone financial report for the Firemen's Relief and Retirement Fund can be obtained
from the City's Director of Finance/CFO at 1300 7th Street, Wichita Falls,Texas.
Benefits Provided
Benefits are determined on a "formula" or a "final salary" plan. A firefighter who qualifies for a
retirement benefit will receive monthly retirement equal to 2.55% (2.50% for those hired after
April 20, 2016) of the firefighter's average salary, multiplied by the member's years of credited
service. Benefits are calculated based upon a member's average salary for the 78 consecutive
biweekly pay periods which produce the highest average.
50
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2023
Note 8 - PENSION PLANS(CONT'D.)
Members hired prior to April 21, 2016 can receive a service retirement at ages 50 and above with
20 or more years of service. Members hired after April 20, 2016 can receive a service retirement
at ages 55 and above with 20 or more years of service. Members are eligible for actuarially
reduced early retirement benefits before the applicable retirement age, provided the employee
has accrued at least 20 years of service. The plan also provides death and disability benefits.
Members who terminate their service and are nonvested are entitled to the excess of the
member's contributions over any benefits previously received.
The valuations used for this plan are based on a valuation performed as of January 1, 2020.
Employees Covered by Benefit Terms
Plan membership as of January 1, 2022:
Inactive employees or beneficiaries currently receiving benefits 147
Inactive employees entitled to but not yet receiving benefits 3
Active employees 160
Contributions
The contribution rate for the firefighters is 13% and the City contributes 13.25%. Both the
firefighters and City make contributions bi-weekly. Contribution requirements are not actuarially
determined, however, state law requires that each plan of benefits adopted by the Fund must be
approved by a qualified actuary. The actuary certifies that the contribution commitments by the
firefighters and the City provide an adequate financing arrangement. Using the individual entry
age normal cost method,the plan's normal cost is determined as a percentage of payroll.
The City's contributions to the Plan for the year ended September 30, 2023,were$1,966,971, and
were equal to the required contributions.
Net Pension Liability
The City's Net Pension Liability (NPL) was measured as of January 1, 2021, and the Total Pension
Liability used to calculate the Net Pension Liability was determined by an actuarial valuation as of
that date. The NPL related to Governmental Activities is generally liquidated by the General Fund
through annual contributions.
Actuarial Assumptions
The Total Pension Liability in the January 1, 2021, actuarial valuation was determined using the
following actuarial assumptions:
Inflation 3.0% per year
Salary increases Service-based
Discount Rate 4.99% per year
Investment rate of return 7.75%, net of pension plan investment expense, including
inflation
51
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2023
Note 8 - PENSION PLANS(CONT'D.)
Mortality rates for employee and healthy annuitant combined rates were taken from the PubS-
2010 Mortality Tables. The mortality assumptions for all participants are sex distinct with
mortality improvement projected 5 years beyond the valuation date using scale MP-2020 and a
base year of 2010.
Actuarial assumptions used in the valuation were based on the results of actuarial experience
studies.The experience study was last performed October 6, 2017.
The long-term expected rate of return on pension plan investments was determined using a
method in which best estimate ranges of expected future real rates of return (expected returns,
net of pension plan investment expense and inflation) are developed for each major asset class.
For 2021 the inflation rate assumption of the investment advisor was 2.50%. These ranges are
combined to produce the long-term expected rate of return by weighing the expected future real
rates of return by the target asset allocation percentage and by adding expected inflation.
Best estimates of geometric real rates of return for each major class included in the Plan's target
asset allocation as of December 31, 2020 are summarized in the following table:
Long-Term Expected Real
Asset Class Target Allocation Rate of Return (Arithmetic)
Domestic Equity 40.00% 7.50%
International Equity 15.00% 8.50%
Domestic Fixed Income 20.00% 2.50%
Global Fixed Income 5.00% 3.50%
Real Estate 10.00% 4.50%
GTAA 10.00% 3.50%
Total 100.00%
Discount Rate
The projection of cash flows used to determine the discount rate assumed that current plan
member and sponsor contributions will be made at the current contribution rate. Future
member's contributions in excess of their normal cost were also included. Based on these
assumptions, the pension plan's Fiduciary Net Position was projected to provide future benefit
payments for 26 years. These payments were discounted using a discount rate of 7.75%. Future
benefit payments beyond 26 years were discounted using a high quality municipal bond rate of
3.26%. The high quality municipal bond rate was based on the week closest to, but not later than,
the measurement date of the S&P Municipal Bond 20 Year High Grade Rate Index as published by
the S&P Dow Jones.The single equivalent discount rate was 4.99%.
52
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2023
Note 8 - PENSION PLANS(CONT'D.)
Changes in Net Pension Liability
Increase(Decrease)
Total Pension Fiduciary Net Net Pension
Liability Position Liability
(a) (b) (a)—(b)
Balances as of December 31, 2021 $117,478,369 $62,358,687 $55,119,682
Changes for the year:
Service cost 2,640,087 - 2,640,087
Interest on total pension liability 6,792,673 - 6,792,673
Change of benefit terms - - -
Difference between expected and
actual experience - - -
Change of assumptions 2,195,408 - 2,195,408
Contributions—employer - 1,646,524 ( 1,646,524)
Contributions—employee - 1,615,459 ( 1,615,459)
Net investment income - ( 8,438,527) 8,438,527
Benefit payments, including refunds
of employee contributions ( 6,006,806) ( 6,006,806) -
Administrative expense - ( 144,781) 144,781
Other - 10,060 ( 10,060)
Balances as of December 31, 2022 S123,099,731 S51,040,616 S72,059,115
Sensitivity Analysis
The following presents the net pension liability of the City, calculated using the discount rate of
5.80%, as well as what the City's net pension liability/ (asset) would be if it were calculated using
a discount rate that is 1 percentage point lower(4.80%) or 1 percentage point higher(6.80%)than
the current rate.
1% Current 1%
Decrease Discount Rate Increase
4.80% 5.80% 6.80%
Net pension liability $87,847,743 $72,059,115 $58,930,571
Pension Expense, Deferred Outflows of Resources and Deferred Inflows of Resources
For the year ended September 30, 2023, the City recognized pension expense of$7,159,611 related
to the Wichita Falls Firemen's Relief and Retirement Fund.
Pension Plan Fiduciary Net Position
Detailed information about the pension Plan's Fiduciary Net Position is available in the separately
issued Plan financial report.
53
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2023
Note 8 - PENSION PLANS(CONT'D.)
At September 30, 2023, the City reported deferred outflows of resources and deferred inflows of
resources related to the WFFRRF from the following sources:
Deferred Outflows Deferred Inflows
of Resources of Resources
Differences between expected and
actual experience $ 1,768,233 $ 2,740,290
Difference due to changes in actuarial
assumptions 18,811,264 15,684,077
Net difference between projected and
actual earnings 2,718,812 -
Contributions made subsequent to
measurement date 1,620,157 -
Total S24,918,466 S18,424,367
$1,620,157 reported as deferred outflows of resources related to pensions resulting from
contributions subsequent to the measurement date will be recognized as a reduction of the net
pension liability for the City's fiscal year ending September 30, 2024 (plan year ending December 31,
2023). Other amounts reported as deferred outflows of resources and deferred inflows of resources
related to pensions will be recognized in pension expense as follows:
Plan Year Ended December 31:
2023 $ 1,983,718
2024 3,348,324
2025 1,968,467
2026 529,272
2027 ( 3,098,119)
Thereafter 142,280
Total $4,873,942
Note 9 - POST-EMPLOYMENT BENEFITS OTHER THAN PENSION BENEFITS
Plan Description
The City administers the City of Wichita Falls Retiree Health Care Plan for all permanent employees
who retire after satisfying eligibility retirement requirements through a single-employer defined
benefit plan. All employees who retire and are actively in one of the City's health plans can continue
to receive health care benefits under the City's plan for themselves and any dependents for as long
as the retiree and/or dependents live. The plan does not issue a stand-alone financial report.
Retiree Premiums
Pre-Medicare: Retirees share in the cost of the Plan by paying premiums according to the following
schedule:
54
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2023
Note 9 - POST-EMPLOYMENT BENEFITS OTHER THAN PENSION BENEFITS(CONT'D.)
PPO PPO PPO
Under 65 Core CAT HSA
Retiree Only $ 406 $ 304 $ 288
Retiree/Spouse $1,630 $1,285 $1,229
Retiree/Child $1,273 $ 999 $ 954
Retiree/Family $2,344 $1,856 $1,778
Rates for pre-Medicare retirees over the age of 65 are $514 for retiree only and $1,028 for
retiree/spouse.
Post-Medicare: Eligible retirees and spouses on Medicare are eligible to participate in a Medicare
supplement health care plan. Effective January 1, 2009, the following changes will be implemented
to Medicare eligible retirees:
For retirees and spouses who were on Medicare as of January 1, 2009, the City will provide $250
in premium assistance towards the full premium for a Medicare subsidy program. The $250 is
expected to be a fixed amount.
For retirees and spouses retired as of January 1, 2009 but not yet Medicare-eligible, the City will
provide $100 in premium assistance towards the full premium for a Medicare subsidy program.
The$100 is expected to be a fixed amount.
For members who retire on or after January 1, 2009, the City will provide no premium assistance
once Medicare-eligible.
Benefits for Spouses of Retired Employees
Spouses of retirees are eligible to participate in the retiree health care program. Spouses are eligible
to continue with same coverage after the death of the retiree.
Vision Coverage
Vision coverage is offered through a separate, fully-insured plan. Retirees may participate but are
100% responsible for payment of the vision premiums.
Dental Coverage
Retirees and spouses, prior to qualifying for Medicare, are eligible to participate in the same dental
care program as active employees. There is no dental coverage for retirees or spouses on the
Medicare supplement.
Life Insurance Coverage
General employees and Firefighters receive $7,500 of employer-paid life insurance which is included
in the liabilities of the Plan. No life insurance coverage is provided for spouses of retirees.
Employees Covered by Benefit Terms
At the December 31, 2021 measurement date,the following employees were covered by the benefit
terms:
55
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2023
Note 9 - POST-EMPLOYMENT BENEFITS OTHER THAN PENSION BENEFITS(CONT'D.)
Inactive plan members or beneficiaries currently receiving benefits 764
Inactive plan members entitled to but not yet receiving benefits -
Active plan members 1,039
Actuarial Assumptions
The demographic assumptions are based on the assumptions that were developed for the defined
benefit plans in which the City participates (TMRS and the Firemen's Pension Plan). The TMRS
assumptions are based on the experience study covering the four-year period ending December 31,
2018 as conducted for TMRS.The firefighter assumptions are based on the January 1, 2020 Valuation
for the Wichita Falls Firemen's Relief and Retirement Fund.
Actuarial Methods and Assumptions:
Valuation Date December 31, 2022
Actuarial Cost Method Entry age, level percent of salary
Discount Rate 6.75%as of December 31, 2022
Inflation 2.25%
Salary Increases 2.75% per annum
Demographic Assumptions TMRS: Based on the experience study covering the four-year
period ending December 31, 2018 as conducted for TMRS.
Based on the January 1, 2020 valuation for the Wichita Falls
Firemen's Relief and Retirement Fund.
Mortality TMRS: For healthy retirees, the gender-distinct 2019
Municipal Retirees of Texas mortality tables are used. The
rates are projected on a fully generational bases using the
ultimate mortality improvement rates in the MP tables to
account for future mortality improvements.
Fire: For healthy retirees, gender-distinct PubS-2010 (safety
employees) mortality tables are used. The rates are projected
on a fully generational basis using the projection scale MP-
2019 to account for future mortality improvements.
Participation Rates TMRS: 45% of employees retiring after the age of 49 or with
disability at any age were assumed to elect retiree health care
benefits through the City. 0% of TMRS employees retiring
before the age of 49 were assumed to elect coverage.
Fire: 70% of employees retiring at any age were assumed to
elect retiree health care benefits through the City.
Healthcare Cost Trend Rates Initial rate of 6.51% declining to ultimate rate of 4.14% in the
year 2043
Discount Rate
A single discount rate of 6.75% was used to measure the total OPEB liability. The asset portfolio of
the OPEB trust largely consists of long-term growth stocks and can therefore support a 6.75% long-
term rate of return. The City's current funding policy is to pay the recommended actuarially
determined contribution,which is based on a closed amortization period.As a result, the OPEB plan's
fiduciary net position is expected to be available to make all projected future benefit payments for
current plan members. Therefore, the long-term expected rate of return on OPEB plan investments
was applied to all periods of projected benefit payments to determine the total OPEB liability.
56
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2023
Note 9 - POST-EMPLOYMENT BENEFITS OTHER THAN PENSION BENEFITS(CONT'D.)
Changes in Net OPEB Liability
Increase(Decrease)
Total OPEB Plan Fiduciary Net OPEB
Liability Net Position Liability
(a) (b) (a)—(b)
Balances as of December 31, 2021 $24,708,045 $9,811,539 $14,896,506
Changes for the year:
Service cost 628,392 - 628,392
Interest on total OPEB liability 980,948 - 980,948
Change of benefit terms - - -
Difference between expected and
actual experience 266,525 - 266,525
Change of assumptions ( 318,362) - ( 318,362)
Contributions—employer - 2,580,498 ( 2,580,498)
Contributions—employee - - -
Net investment income - ( 1,558,642) 1,558,642
Benefit payments, including refunds
of employee contributions ( 2,158,526) ( 2,158,526) -
Administrative expense - - -
Other changes - - -
Balances as of December 31, 2021 S24,107,022 $8,674,869 S15,432,153
Discount Rate Sensitivity Analysis
The following schedule shows the impact of the net OPEB liability if the discount rate used was 1%
less than and 1% greater than the discount rate that was used (6.75%) in measuring the net OPEB
liability.
Current
1% Discount 1%
Decrease Rate Increase
5.75% 6.75% 7.75%
$17,603,114 $15,432,153 $13,521,481
The following schedule presents the net OPEB liability of the plan using the assumed healthcare cost
trend rate as well as what the net OPEB liability would be if it were calculated using a trend ratio that
is 1% less than and 1%greater than the assumed healthcare cost trend rate:
Current
Healthcare
1% Cost Trend 1%
Decrease Rate Increase
S13,512,865 S15,432,153 S17,677,193
For Governmental Activities,the net OPEB liability is generally liquidated by the General Fund.
57
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2023
Note 9 - POST-EMPLOYMENT BENEFITS OTHER THAN PENSION BENEFITS(CONT'D.)
OPEB Expense, Deferred Outflows of Resources and Deferred Inflows of Resources
For the year ended September 30, 2023, the City recognized OPEB expense of$1,388,204 related to
the City of Wichita Falls Retiree Health Care Plan.
At September 30, 2023, the City reported deferred outflows of resources and deferred inflows of
resources related to the City of Wichita Falls Retiree Health Care Plan from the following sources:
Deferred Outflows Deferred Inflows
of Resources of Resources
Differences between expected and
actual experience, liability $ 506,495 $ 77,422
Difference due to changes in actuarial
assumptions 478,704 258,744
Differences between expected and
actual experience,assets 848,831 -
Contributions made subsequent to
measurement date 1,618,895 -
Total $3,452,925 $336,166
$1,618,895 reported as deferred outflows of resources related to OPEB resulting from contributions
subsequent to the measurement date will be recognized as a reduction of the net OPEB liability for
the City's fiscal year ending September 30, 2024 (plan year ending December 31, 2023). Other
amounts reported as deferred outflows of resources and deferred inflows of resources related to
OPEB will be recognized in OPEB expense as follows:
Year Ended September30:
2024 $ 301,440
2025 442,917
2026 319,486
2027 437,323
2026 ( 3,302)
Total $1,497,864
Note 10 - DEFERRED COMPENSATION PLAN
The City offers its employees a deferred compensation plan created in accordance with Internal
Revenue Code Section 457. The plan, available to all City employees, permits them to defer a portion
of their salary until future years. The deferred compensation is not available to the employees until
termination, retirement, death, or an unforeseen emergency.
58
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2023
Note 11 - LANDFILL AND TRANSFER STATION CLOSURE AND POSTCLOSURE CARE COSTS
State and federal laws and regulations require that the City place a final cover on its landfill when
closed, and perform certain maintenance and monitoring functions at the landfill site for thirty years
after closure. In accordance with the Texas Administrative Code, Title 30, Part 1, Chapter 7, the City
annually submits a financial assurance letter to the Texas Commission on Environmental Quality
(TCEQ). In addition to operating expenses related to current activities of the landfill, an expense
provision and related liability are being recognized based on the future closure and postclosure care
costs that will be incurred near or after the date the landfill no longer accepts waste. The recognition
of these landfill closure and postclosure care costs is based on the amount of the landfill used during
the year. The estimated liability for landfill closure and postclosure care costs has a balance of
$6,827,292 as of September 30, 2023, which is based on 24% usage of the landfill. The City will
recognize the remaining estimated cost of closure and postclosure care of $20,648,397 as the
remaining estimated capacity is filled. The landfill is expected to be filled to capacity in 2153.
Additionally, the City has recorded a liability of$83,570 for closure and postclosure care costs related
to the City's transfer station. Actual costs may be higher due to inflation, change in technology, or
changes in regulations.
Note 12 - LONG-TERM LIABILITIES
Long-term liabilities transactions for the year ended September 30, 2023 are summarized as follows:
Restated
Balance at Balance at
October 1, Retired and September 30, Due Within
2022 Issued Transferred 2023 One Year
Governmental Activities:
General obligation bonds $ 26,751,340 $ - $ 2,701,606 $ 24,049,734 $2,811,606
Combination tax and revenue bonds 12,455,000 - 970,000 11,485,000 1,000,000
Venue tax revenue bonds 2,585,000 - 50,000 2,535,000 55,000
Premiums on bonds 1,480,657 - 259,859 1,220,798 -
Subscription liabilities 303,164 304,829 147,779 460,214 131,712
Accrued vacation and sick
leave payable 10,248,532 3,469,734 2,950,252 10,768,014 3,500,000
Notes payable 3,430,974 - 614,302 2,816,672 565,434
Claims and judgments payable 862,473 563,535 629,247 796,761 48,780
Total governmental activities 58,117,140 4,338,098 8,323,045 54,132,193 8,112,532
Business-type Activities:
General obligation bonds 5,808,660 - 353,394 5,455,266 353,394
Utility system revenue bonds,
net of premium(discount) 38,660,000 - 8,410,000 30,250,000 8,835,000
Combination tax and revenue bonds 29,435,000 - 1,595,000 27,840,000 1,620,000
Premiums on bonds 3,002,562 - 1,108,618 1,893,944 -
Accrued vacation and sick
leave payable 882,951 863,464 838,710 907,705 675,000
Notes payable 14,208,165 - 1,273,011 12,935,154 862,356
Right-to-use lease liabilities 2,876,063 - 27,320 2,848,743 29,276
Landfill closure,post-closure costs 6,303,124 607,738 - 6,910,862 -
Total business-type activities 101,176,525 1,471,202 13,606,053 89,041,674 12,375,026
Total long-term liabilities $159,293,665 $5,809,300 $21,929,098 $143,173,867 $20,487,558
For governmental activities, claims and judgments payable and compensated absences are generally
liquidated by the General Fund.
59
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2023
Note 12 - LONG-TERM LIABILITIES(CONT'D.)
Bonds Payable
Bonds payable as of September 30, 2023 are comprised of the following individual issues:
Range of Final Annual Bonds
Interest Maturity Serial Bonds Outstanding
Rates Date Payments Authorized At 9/30/23
General Obligation Bonds:
General Obligation Refunding 2.00%- 9/01/26 $200,000 to $9,650,000 $ 3,190,000
Bonds,Series 2015A 5.00% $1,105,000
General Obligation Refunding 0.73%- 9/01/26 $110,000 to 2,885,000 910,000
Bonds,Series 2015B 3.48% $310,000
General Obligation Bonds, 2.00%- 9/01/38 $550,000 to 16,345,000 13,370,000
Series 2018A 5.00% $1,155,000
General Obligation Refunding 2.00%- 10/01/28 $80,000 to 6,170,000 3,935,000
Bonds,Series 2018B 4.00% $725,000
General Obligation Refunding 4.00% 9/01/31 $140,000 to 1,675,000 6,715,000
Bonds,Series 2021 $195,000
General Obligation Refunding 0.40%- 9/01/33 $435,000 to 7,595,000 1,385,000
Bonds,Taxable Series 2021 2.03% $865,000
Total General Obligation Bonds 29,505,000
Combination Tax and Revenue Bonds:
Combination Tax and Revenue 2.00%- 9/01/33 $530,000 to 19,875,000 11,485,000
Certificates of Obligation,Series 2013 3.375% $1,315,000
Combination Tax and Revenue 2.00%- 9/01/33 $505,000 to 13,000,000 1,955,000
Certificates of Obligation,Series 4.625% $905,000
2013A
Combination Tax and Revenue 0.00%- 3/01/45 $890,000 to 33,545,000 25,885,000
Certificates of Obligation,Series 2015 2.12% $1,425,000
Total Combination Tax and Revenue
Bonds 39,325,000
Revenue Bonds:
Water&Sewer System Revenue 2.00%- 8/01/27 $2,635,000 to 74,005,000 30,250,000
Refunding Bonds,Series 2016 5.00% $9,705,000
Venue Tax Revenue Bonds, 4.00% 9/01/50 $45,000 to 2,680,000 2,535,000
Series 2020 $150,000
Total Revenue Bonds 32,785,000
Total All Bonds $101,615,000
60
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CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2023
Note 12 - LONG-TERM LIABILITIES(CONT'D.)
All of the General Obligation Bonds were issued on the full faith and credit of the City and are secured
by ad valorem taxes levied against all taxable property. These bonds are serviced by the Debt Service
Fund with an apportionment of the ad valorem tax levy. At September 30, 2023, this fund had a fund
balance of$1,928,656.
The Combination Tax and Revenue Bonds are secured by ad valorem taxes levied against all taxable
property as well as a pledge of surplus net revenues of the City's combined waterworks and sewer
system. The Series 2010 and 2011 Certificates will be serviced by the Debt Service Fund by
contributions from the Wichita Falls 4B Economic Development Corporation. The Series 2016
Certificates will be serviced by the net revenues of the Water and Sewer Fund, as well as the Series
2010 Combination Tax and Revenue Refunding Certificates. A portion of the Series 2013 General
Obligation Refunding Bonds will also be serviced by these net revenues.
The Venue Tax Revenue Bonds were issued for the purpose of improving the City's MPEC and
Memorial Auditorium facilities and are serviced by an additional hotel/motel tax designated for these
purposes.
All of the Water and Sewer Revenue Bonds were issued for purposes of improving the City's water and
sewer systems and are serviced by the net revenues of the Water and Sewer Fund.
Notes Payable
United States Government—Lake Kemp
The City of Wichita Falls and Wichita County Water Improvement District Number 2, upon the
completion of the Lake Kemp reconstruction project in January 1976 by the U.S. Government, are
required to reimburse the U.S. Government 22.7% of its reported total cost of $8,774,705, or
$1,991,858. The City's share of this amount is 66.11%, or $1,316,817, payable in forty-nine annual
installments through January 2025 of$51,974,which includes interest at the rate of 3.253%.
The City's share of the total costs ($5,800,957) as well as the U.S. Government funded portion
($4,484,140) is reflected as capital assets in the Water and Sewer Enterprise Fund.
Sun Trust Equipment Finance&Leasing Corp. —Energy Efficiency Project
The City entered into a financing agreement in 2012 to finance a portion of an energy efficiency project
that includes several City facilities. The agreement financed $4,419,310 of the total project. The assets
are listed under"Buildings, systems and improvements" in both Governmental Activities and Business-
type Activities. The note carries an interest rate of 2.54% and is for a period of 12 years, with final
payment due in fiscal year 2024.
Banc of America Public Capital Corp. —Water Meters
The City entered into a financing agreement in 2016 to finance the replacement of all of the City's
water meters. The total amount financed was $16,506,103. These assets are listed under "Buildings,
systems and improvements" in Business-type Activities. The agreement carries an interest rate of
3.23%and is for a period of 20 years,with final payment due in fiscal year 2036.
63
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2023
Note 12 - LONG-TERM LIABILITIES(CONT'D.)
Signature Public Funding Corp. —Fire Equipment
The City issued a financing agreement in 2017 for the purchase of fire department equipment in the
amount of $2,682,710. These assets are listed under "Motor vehicles" in Business-type Activities.
This agreement carries an interest rate of 1.98%and is for a period of 6 years with final payment due
in fiscal year 2023.
AMERESCO Inc. —Street Lights
The City entered into a financing agreement in 2018 to finance the conversion of the City's street
lights to more energy-efficient LED lights. These assets are listed under "Infrastructure" in
Governmental Activities. This agreement carries an interest rate of 3.45% and is for a period of 15
years,with final payment due in fiscal year 2034.
Signature Public Funding Corp. —Traffic Signals
The City also issued a financing agreement in 2018 for the purchase of new traffic signal
communication equipment in the amount of$414,225. These assets are listed under "Infrastructure"
under Governmental Activities. This agreement carries an interest rate of 3.03% for a period of 5
years with final payment due in fiscal year 2023.
Right-to-Use Leases
The Regional Airport facilities are located on land at Sheppard Air Force Base. The land is leased
from the Department of the Air Force for a period of fifty years, beginning May 15, 2009 and expiring
May 14, 2059. The lease payment increases by 3% per year with a final lease payment of$157,805 in
2058.The total value of assets under this agreement was$3,066,768, with accumulated amortization
of$891,866 as of September 30, 2023.An interest rate of 1%is imputed for this lease agreement.
Subscription Liabilities
The City has multiple subscription-based information technology agreements (SBITAs). An interest
rate of 4.50% has been used in calculating the total present value of the agreements at inception, as
well as annual interest expense on each agreement.
Aqua-Metric Sales Co. —Automated Meter Reading System
The City entered into a SBITA in 2016 for software related to an automated water meter reading
system. The agreement called for annual payments over the 10-year term of the agreement totaling
$786,522.
Flock Group, Inc. —Police Software
The City entered into a SBITA in 2023 for software for use by the City's Police Department. This
agreement calls for two annual payments of$31,000 in addition to implementation costs of$6,375,
for total payments of$68,375.
64
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2023
Note 12 - LONG-TERM LIABILITIES(CONT'D.)
Patagonia Health Inc. —Electronic Health Record Software
The City entered into a SBITA in 2023 for electronic health record software for use by the Health
Department. This agreement includes 58 monthly payments of$3,870 in addition to implementation
costs of$41,325, for total payments of$265,785.
Note 13 - INTERFUND BALANCES
Transfers to and from other funds during the year ended September 30, 2023 were as follows:
Transfers From Transfers To Amount Reason
General Fund Nonmajor Governmental Funds $ 223,529 Supplement operating grants
General Fund Nonmajor Governmental Funds 2,689,000 Supplement capital projects
General Fund Nonmajor Enterprise Funds 575,000 Supplement capital projects
General Fund Internal Service Funds 340,000 Supplement operating deficits
General Fund Internal Service Funds 141,942 Purchase capital assets
ARPA Fund Water and Sewer Fund 547,866 Purchase capital assets
Nonmajor Governmental Funds Nonmajor Governmental Funds 1,080,744 Fund debt service payment
Nonmajor Governmental Funds Nonmajor Governmental Funds 1,200,000 Fund capital projects
Nonmajor Governmental Funds Regional Airport Fund 163,445 Purchase capital assets
Nonmajor Governmental Funds Nonmajor Enterprise Funds 334,361 Purchase capital assets
Nonmajor Governmental Funds Internal Service Funds 3,360 Purchase capital assets
Water and Sewer Fund General Fund 1,827,817 Administrative overhead
Water and Sewer Fund Internal Service Funds 52,651 Transfer capital assets
Sanitation Fund General Fund 969,072 Administrative overhead
Sanitation Fund Water and Sewer Fund 170,750 Purchase capital assets
Sanitation Fund Internal Service Funds 3,478,933 Purchase capital assets
Nonmajor Enterprise Funds Water and Sewer Fund 66,300 Purchase capital assets
Nonmajor Enterprise Funds Nonmajor Governmental Funds 405,873 Fund debt service payment
Nonmajor Enterprise Funds Internal Service Funds 2,368,335 Purchase capital assets
Internal Service Funds General Fund 312,000 Administrative overhead
Total $16,950,978
Balances due to and from other funds as of September 30, 2023 were as follows:
Due To Fund Due From Fund Amount Purpose
General Fund ARPA Fund $ 77,231 Short-term loan
General Fund Nonmajor Governmental Funds 6,014,852 Short-term loan
General Fund Regional Airport Fund 141,832 Short-term loan
General Fund Nonmajor Enterprise Funds 3,813,772 Short-term loan
General Fund Internal Service Funds 462,283 Short-term loan
Total $10,509,970
All amounts due are scheduled to be repaid within one year.
65
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2023
Note 14 - CONDENSED FINANCIAL INFORMATION FOR DISCRETELY PRESENTED
COMPONENT UNITS
The City has five component units that are discretely presented in the City's basic financial
statements. Condensed financial information for the year ended September 30, 2023 is as follows:
Wichita Falls Wichita Falls
Economic 4B Sales
Development Tax Wichita Falls Reinvestment
Corporation Corporation Zone#2 Zone#3 Zone#4 Totals
Condensed statement of net position:
Cash,investments and other
current assets $24,482,366 $17,240,617 $3,498,835 $1,103,471 $1,101,052 $47,426,341
Capital assets,net of accumulated
depreciation 8,113,439 17,528,161 - - - 25,641,600
Total assets 32,595,805 34,768,778 3,498,835 1,103,471 1,101,052 73,067,941
Accounts payable and other
current liabilities 54,017 1,939,331 - - - 1,993,348
Long-term liabilities 9,695,179 18,020,000 - - - 27,715,179
Total liabilities 9,749,196 19,959,331 - - - 29,708,527
Net position $22,846,609 $14,809,447 $3,498,835 $1,103,471 $1,101,052 $43,359,414
Condensed statement of activities:
Expenses:
Community development $ 5,541,049 $ 3,044,067 $ 359,720 $ - $ - $ 8,944,836
Program revenues:
Operating grants and contributions - 358,735 - - - 358,735
Net program expense ( 5,541,049) ( 2,685,332) ( 359,720) - - ( 8,586,101)
General revenues:
Tax revenues 5,164,778 5,164,778 781,870 116,169 278,807 11,506,402
Non-tax general revenues 1,271,755 1,126,724 81,878 74,193 18,024 2,572,574
Total general revenues 6,436,533 6,291,502 863,748 190,362 296,831 14,078,976
Change in net position 895,484 3,606,170 504,028 190,362 296,831 5,492,875
Beginning net position 21,951,125 11,203,277 2,994,807 913,109 804,221 37,866,539
Ending net position $22,846,609 $14,809,447 $3,498,835 $1,103,471 $1,101,052 $43,359,414
66
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2023
Note 15 - TAX ABATEMENT AGREEMENTS
The City has approved value limitation agreements with companies for a limitation on the appraised
value of properties within the City pursuant to Chapter 312 of the Texas Tax Code, as amended, i.e.,
the Property Tax Abatement Act. Under these agreements, the City has agreed to abate varying
amounts of property taxes levied on qualified improvements during the abatement period. These
abatements may be granted to businesses that construct improvements within certain areas
designated by the Mayor and City Council.
For the fiscal year ended September 30, 2023, the City abated property taxes totaling $1,685,836
under this program and received payments in lieu of taxes totaling$1,438,447.
Note 16 - COMMITMENTS AND CONTINGENCIES
Litigation
The City is a defendant in various lawsuits. In the opinion of the City's management, any unrecorded
liabilities resulting from such suits will not materially affect the financial position of the City.
Contract Commitment with West Texas Utilities Company
In 1977,the City and Wichita County Water Improvement District Number 2 entered into a sixty-year
contract with the West Texas Utilities Company(Company) and agreed to provide an adequate water
supply for the Company's use in generating power upon completion of the Company's construction
of a power plant adjacent to the Lake Kemp-Lake Diversion System.
The significant terms of the contract provide for standby charges to be paid to the City and the
Wichita County Water Improvement District Number 2 in equal amounts. Minimum charges for the
calendar year 1997 and all years thereafter until the end of contract will be$500,000 per year.
For water actually consumed, the Company shall pay the City and Wichita County Water
Improvement District Number 2 equally, at the base rate of$0.23 per one thousand gallons, which is
adjusted annually. The rate for the year ended September 30, 2023 was $.404046 per one thousand
gallons.
This contract can be terminated at any time by the Company. If the contract is terminated, the
Company is required to make a maximum termination payment equal to the minimum charges which
would have become due and payable during the following twenty-four month period.
In December 2021,this contract was assumed by Oklaunion Industrial Park, LLC.
67
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2023
Note 16 - COMMITMENTS AND CONTINGENCIES(CONT'D.)
Contract Commitments
At September 30, 2023, the City was committed to various contracts. The amounts for which the
various funds are committed to complete these contracts are as follows:
General Fund $ 4,994,444
ARPA Fund 1,446,508
Nonmajor Governmental Funds 730,587
Water and Sewer Fund 3,049,850
Sanitation Fund 327,105
Nonmajor Enterprise Funds 6,968,641
Total contract commitments-City $17,517,135
Total contract commitments—Component Units $3,938,814
Federal and State Grants-Compliance Audits
The City participates in numerous Federal and State grants, on both a direct and state pass-through
basis, as well as on a service-provider basis. Principal among these are Community Development
Block Grants, Section 8 Housing Assistance, Home Investment Partnership Agreement Program, and
numerous health-related grants.
In connection with these grants,the City is required to comply with specific terms and agreements as
well as applicable Federal and State laws and regulations. Such compliance is subject to review and
audit by the grantors and their representatives.
In the opinion of management, the City has complied with all requirements. However, since such
programs are subject to future audit or review, the possibility of disallowed expenditures exists. In
the event of any disallowance of claimed expenditures, the City expects the resulting liability to be
immaterial.
Note 17 - PRIOR PERIOD ADJUSTMENTS
Implementation of New Standard
During fiscal year 2023, the City adopted GASB Statement No. 96, Subscription-Based Information
Technology Agreements (SBITAs). Prior to the implementation of GASB 96, information technology
agreements that were for periods greater than one year were not recorded on the Statement of Net
Position as assets and liabilities. Upon the implementation of GASB 96, the City reviewed all SBITAs
for applicability. The City restated beginning net position for the effects of GASB 96. The net effect
was a reduction in the beginning net position of the Internal Service Funds in the amount of$59,413.
This amount is also shown as a reduction in the beginning net position for Governmental Activities.
Correction of Errors
During fiscal year 2023, the City discovered certain errors related to capital asset amounts reported
for the year ended September 30, 2022. The funds affected included the Water and Sewer Fund
(increase of $671,340) and the Nonmajor Enterprise Funds (decrease of $2,337,095). The overall
impact on the beginning net position for Business-Type Activities was a reduction of$1,665,753.
68
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2023
Note 17 - PRIOR PERIOD ADJUSTMENTS(CONT'D.)
During fiscal year 2023, the City also discovered certain errors related to receivables and capital
assets reported for Component Units for the year ended September 30, 2022. A receivable in the
amount of $734,409 was not included in the Net Position of Component Units while capital assets
were under-reported by $2,337,095 for a total effect of$3,071,504 on the beginning net position of
Component Units on the Statement of Activities.
Note 18 - SUBSEQUENT EVENT
Purchase of Fire Apparatus via Financing Arrangement
In December 2021, the City approved the replacement of front-line fire apparatus. This purchase will
be financed through the issuance of a note payable. However, the equipment was not delivered by
September 30, 2023. Therefore, no assets or liabilities related to this transaction have been reflected
during the year ended September 30, 2023. The total principal and interest payments will be
$11,165,446 and will be repaid over 11 annual payments of $1,015,041. These annual payments
begin on October 1, 2023.
69
REQUIRED SUPPLEMENTARY INFORMATION
EXHIBIT B-1
CITY OF WICHITA FALLS, TEXAS
REQUIRED SUPPLEMENTARY INFORMATION
BUDGETARY COMPARISON SCHEDULE-GENERAL FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2023
Variance With
Final Budget-
Budgeted Amounts Positive
Original Final Actual (Negative)
Revenues:
Taxes $ 81,473,096 $ 81,473,096 $ 81,770,690 $ 297,594
Charges for services 2,958,582 2,958,582 3,016,851 58,269
Licenses and permits 1,711,453 1,711,453 2,016,267 304,814
Fines and forfeitures 2,516,357 2,516,357 2,920,650 404,293
Contributions 213,419 213,419 277,285 63,866
Miscellaneous revenue 11,369,806 11,369,806 4,996,850 (6,372,956)
Total revenues 100,242,713 100,242,713 94,998,593 (5,244,120)
Expenditures:
Current:
Administrative services 16,369,329 17,527,058 16,227,221 1,299,837
Police 30,658,019 30,658,019 29,405,472 1,252,547
Fire 20,144,703 20,234,151 20,096,678 137,473
Parks and recreation 7,249,107 7,290,267 6,266,600 1,023,667
Accounting/finance 1,123,132 1,123,132 1,020,253 102,879
Community development 2,762,443 2,762,443 2,514,594 247,849
Public works 5,937,082 5,937,082 5,786,398 150,684
Health 4,092,608 4,094,476 3,746,879 347,597
Traffic and transportation 2,155,910 2,155,910 2,029,219 126,691
Capital outlay 7,976,673 10,108,511 4,440,806 5,667,705
Total expenditures 98,469,006 101,891,049 91,534,120 10,356,929
Excess of revenues over(under)expenditures 1,773,707 (1,648,336) 3,464,473 5,112,809
Other financing sources(uses):
Transfers in 3,108,889 3,108,889 3,108,889 -
Transfers out (4,882,597) (4,882,597) (3,969,471) 913,126
Total other financing sources(uses) (1,773,708) (1,773,708) (860,582) 913,126
Excess of revenues and other sources
over(under)expenditures and other uses (1) (3,422,044) 2,603,891 6,025,935
Fund balance-beginning 46,061,228 46,061,228 46,061,228 -
Fund balance-ending $ 46,061,227 $ 42,639,184 $ 48,665,119 $ 6,025,935
70
CITY OF WICHITA FALLS, TEXAS
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF CHANGES IN NET PENSION LIABILITY AND RELATED RATIOS
TEXAS MUNICIPAL RETIREMENT SYSTEM
2022 2021 2020
Total Pension Liability
Service cost $ 7,290,057 $ 6,571,147 $ 6,472,668
Interest on total pension liability 21,000,865 20,199,933 19,539,894
Changes of benefit terms - - -
Difference between expected and
actual experience 4,338,549 937,276 (1,175,031)
Changes of assumptions - - -
Benefit payments/refunds of
contributions (17,015,598) (15,388,693) (14,828,151)
Net change in total pension liability 15,613,873 12,319,663 10,009,380
Total pension liability, beginning 315,986,697 303,667,034 293,657,654
Total pension liability, ending (a) $ 331,600,570 $315,986,697 $303,667,034
Fiduciary Net Position
Contributions-employer $ 8,622,779 $ 7,844,017 $ 7,598,124
Contributions-employee 3,673,895 3,311,593 3,257,273
Net investment income (21,100,627) 33,864,112 18,618,015
Benefit payments/refunds of
contributions (17,015,598) (15,388,693) (14,828,151)
Administrative expenses (182,885) (156,861) (120,598)
Other 218,235 1,072 (4,705)
Net change in fiduciary net position (25,784,201) 29,475,240 14,519,958
Fiduciary net position, beginning 289,527,502 260,052,262 245,532,304
Fiduciary net position, ending (b) $ 263,743,301 $289,527,502 $ 260,052,262
Net pension liability, ending= (a) -(b) $ 67,857,269 $ 26,459,195 $ 43,614,772
Fiduciary net position as a %of total
pension liability 79.54% 91.63% 85.64%
Covered payroll $ 52,484,212 $ 47,308,476 $ 46,532,477
Net pension liability as a %of
covered payroll 129.29% 55.93% 93.73%
This schedule is presented to illustrate the requirement to show information for 10 years. However,
recalculations of prior years are not required, and if prior years are not reported in accordance with the
standards of GASB 67/68, they should not be shown here. Therefore, we have shown only years for which the
new GASB statements have been prepared.
71
EXHIBIT B-2
2019 2018 2017 2016 2015 2014
$ 6,447,967 $ 4,990,566 $ 4,917,413 $ 2,466,531 $ 4,697,339 $ 4,098,031
18,913,918 17,400,438 16,873,140 16,126,720 16,093,246 15,665,423
12,613,317 - - - - -
(1,475,630) 540,881 (1,117,057) 3,641,511 203,406 (2,042,671)
(26,378) - - - 1,340,184 -
(14,368,878) (13,335,060) (12,461,447) (12,342,806) (12,073,025) (11,744,340)
22,104,316 9,596,825 8,212,049 9,891,956 10,261,150 5,976,443
271,553,338 261,956,513 253,744,464 243,852,508 233,591,358 227,614,915
$ 293,657,654 $271,553,338 $ 261,956,513 $ 253,744,464 $ 243,852,508 $ 233,591,358
$ 5,913,578 $ 5,783,625 $ 5,565,648 $ 5,339,437 $ 5,639,053 $ 5,379,333
2,590,541 2,558,451 2,470,741 2,494,525 2,497,984 2,303,770
33,663,780 (6,883,878) 28,538,620 13,331,438 296,795 11,109,980
(14,368,878) (13,335,060) (12,461,447) (12,342,806) (12,073,025) (11,744,340)
(190,372) (133,122) (147,954) (150,608) (180,789) (116,005)
(5,719) (6,955) (7,498) (8,114) (8,931) (9,538)
27,602,930 (12,016,939) 23,958,110 8,663,872 (3,828,913) 6,923,200
217,929,374 229,946,313 205,988,203 197,324,331 201,153,244 194,230,044
$ 245,532,304 $217,929,374 $ 229,946,313 $ 205,988,203 $ 197,324,331 $ 201,153,244
$ 48,125,350 $ 53,623,964 $ 32,010,200 $ 47,756,261 $ 46,528,177 $ 32,438,114
83.61% 80.25% 87.78% 81.18% 80.92% 86.11%
$ 46,321,599 $ 45,081,895 $ 44,380,980 $ 44,793,885 $ 45,036,746 $ 41,538,672
103.89% 118.95% 72.13% 106.61% 103.31% 78.09%
CITY OF WICHITA FALLS, TEXAS
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF CONTRIBUTIONS
TEXAS MUNICIPAL RETIREMENT SYSTEM
2023 2022 2021
Actuarial determined contribution $ 8,844,724 $ 8,805,755 $ 7,624,424
Contributions in relation to the actuarially determined contribution (8,844,724) (8,805,755) (7,624,424)
Contribution deficiency
Covered payroll $ 54,472,026 $ 53,500,680 $ 46,206,994
Contributions as a percentage of covered payroll 16.24% 16.46% 16.50%
Valuation Date:
Actuarially determined contribution rates are calculated as of December 31 and become effective 13 months later.
Methods and Assumptions Used to Determine Contribution Rates:
Actuarial Cost Method Entry Age Normal
Amortization Method Level Percentage of Payroll,Closed
Remaining Amortization Period 23 years(longest amortization ladder)
Asset Valuation Method 10 Year smoothed market; 12%soft corridor
Inflation 2.5%
Salary Increases 3.50%to 11.50%including inflation
Investment Rate of Return 6.75%
Retirement Age Experience-based table of rates that are specific to the City's plan
of benefits. Last updated for the 2019 valuation pursuant to an
experience study of the period 2014-2018
Mortality Post-retirement: 2019 Municipal Retirees of Texas Mortality Tables.
The rates are projected on a fully generational basis with scale
U M P.
Pre-retirement: PUB(10) mortality tables, with the Public Safety
table used for males and the General Employee table used for
females. The rates are projected on a fully generational basis with
scale U M P.
Other Information:
There were no benefit changes during the year.
72
EXHIBIT B-3
2020 2019 2018 2017 2016 2015
$ 7,185,753 $ 5,877,907 $ 5,675,065 $ 5,521,772 $ 5,427,145 $ 5,422,031
(7,185,753) (5,877,907) (5,675,065) (5,521,772) (5,427,145) (5,422,031)
$ $ - $ - $ - $ - $
$ 46,894,603 $ 45,968,759 $ 44,522,000 $ 44,687,123 $ 44,674,967 $ 42,951,296
15.32% 12.79% 12.75% 12.36% 12.15% 12.62%
CITY OF WICHITA FALLS, TEXAS
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF CHANGES IN NET PENSION LIABILITY AND RELATED RATIOS
WICHITA FALLS FIREMEN'S RELIEF AND RETIREMENT FUND
2022 2021 2020
Total Pension Liability
Service cost $ 2,640,087 $ 3,462,346 $ 3,066,397
Interest on total pension liability 6,792,673 6,175,999 6,287,518
Changes of benefit terms - - -
Difference between expected and
actual experience - (2,700,656) -
Changes of assumptions 2,195,408 (20,894,841) 8,631,596
Benefit payments/refunds of
contributions (6,006,806) (6,535,299) (5,901,298)
Net change in total pension liability 5,621,362 (20,492,451) 12,084,213
Total pension liability, beginning 117,478,369 137,970,820 125,886,607
Total pension liability, ending (a) $ 123,099,731 $ 117,478,369 $ 137,970,820
Fiduciary Net Position
Contributions-employer $ 1,646,524 $ 1,615,588 $ 1,551,830
Contributions-employee 1,615,459 1,583,797 1,551,830
Net investment income (8,438,527) 8,128,492 7,864,359
Benefit payments/refunds of
contributions (6,006,806) (6,535,299) (5,901,298)
Administrative expenses (144,781) (266,037) (115,915)
Other 10,060 3,386 -
Net change in fiduciary net position (11,318,071) 4,529,927 4,950,806
Fiduciary net position, beginning 62,358,687 57,828,760 52,877,954
Fiduciary net position, ending (b) $ 51,040,616 $ 62,358,687 $ 57,828,760
Net pension liability, ending= (a)-(b) $ 72,059,115 $ 55,119,682 $ 80,142,060
Fiduciary net position as a %of total
pension liability 41.46% 53.08% 41.91%
Covered payroll $ 12,426,596 $ 12,183,054 $ 11,937,154
Net pension liability(asset) as a %of
covered payroll 579.88% 452.43% 671.37%
This schedule is presented to illustrate the requirement to show information for 10 years. However,
recalculations of prior years are not required, and if prior years are not reported in accordance with the
standards of GASB 67/68, they should not be shown here. Therefore, we have shown only years for
which the new GASB statements have been prepared.
73
EXHIBIT B-4
2019 2018 2017 2016 2015 2014
$ 2,916,767 $ 3,073,858 $ 2,859,969 $ 1,560,472 $ 1,493,672 $ 1,447,068
6,110,936 5,899,445 5,728,347 5,827,804 5,298,361 5,537,931
- (5,007,726) - - 7,781 -
(399,085) - 5,304,698 (2,151,748) (1,542,023) (320,862)
3,933,059 (1,453,521) 14,862,872 24,107,651 - (423,984)
(5,759,722) (5,292,918) (5,250,040) (4,543,166) (3,950,906) (3,616,549)
6,801,955 (2,780,862) 23,505,846 24,801,013 1,306,885 2,623,604
119,084,652 121,865,514 98,359,668 73,558,655 72,251,770 69,628,166
$125,886,607 $ 119,084,652 $121,865,514 $ 98,359,668 $ 73,558,655 $ 72,251,770
$ 1,442,485 $ 1,455,950 $ 1,411,351 $ 1,283,410 $ 1,273,913 $ 1,232,957
1,468,465 1,475,242 1,463,122 1,350,904 1,221,926 1,144,644
9,142,584 (2,225,595) 6,581,299 2,577,572 421,270 3,284,243
(5,759,722) (5,292,918) (5,250,040) (4,543,166) (3,950,906) (3,616,549)
(111,432) (96,102) (124,267) (115,843) (87,245) (85,636)
- - 347,490 250 - -
6,182,380 (4,683,423) 4,428,955 553,127 (1,121,042) 1,959,659
46,695,574 51,378,997 46,950,042 46,396,915 47,517,957 45,558,298
$ 52,877,954 $ 46,695,574 $ 51,378,997 $ 46,950,042 $ 46,396,915 $ 47,517,957
$ 73,008,653 $ 72,389,078 $ 70,486,517 $ 51,409,626 $ 27,161,740 $ 24,733,813
42.00% 39.21% 42.16% 47.73% 63.07% 65.77%
$ 11,295,885 $ 11,348,015 $ 11,254,785 $ 10,391,569 $ 10,182,717 $ 9,520,903
646.33% 637.90% 626.28% 494.72% 266.74% 259.78%
CITY OF WICHITA FALLS, TEXAS
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF CONTRIBUTIONS
WICHITA FALLS FIREMEN'S RELIEF AND RETIREMENT FUND
2023 2022 2021
Actuarial determined contribution $ 2,004,905 $ 1,633,202 $ 1,587,003
Contributions in relation to the actuarially
determined contribution (2,004,905) (1,633,202) (1,587,003)
Contribution deficiency
Covered payroll $ 12,917,098 $ 12,326,052 $ 12,039,888
Contributions as a percentage of
covered payroll 15.52% 13.25% 13.18%
Valuation Date: January 1,2022
Methods and Assumptions Used to Determine Contribution Rates:
Actuarial Cost Method Entry Age Normal
Amortization Method Level Percentage of Compensation
Remaining Amortization Period 43.3 years(as of 1/1/2020 valuation)
Mortality PubS-2010(amount-weighted)tables
Retirement Age Based upon tables dependent upon hire date,in conjunction
with an actuarial study dated October 2017.
Retirement Election Members eligible for the DROP are assumed to elect either straight
service retirement benefits or the DROP,whichever is more valuable.
Other members are assumed to receive straight service retirement
benefits.
Termination Rates Based upon service table,in conjunction with an actuarial experience
study dated October 2017.
Disability Rates Based upon member age, in conjunction with an actuarial experience
study dated October 2017.
Interest Rate: 7.75%per year,compounded annually, net of expenses.This is
supported by the asset allocation of the trust and the long-term
expected return by asset class.
Salary Increases Based upon service table,in conjunction with an actuarial experience
study dated October 2017.
74
EXHIBIT B-5
2020 2019 2018 2017 2016 2015
$ 1,508,426 $ 1,455,581 $ 1,411,351 $ 1,283,410 $ 1,273,913 $ 1,232,957
(1,508,426) (1,455,581) (1,411,351) (1,283,410) (1,273,913) (1,232,957)
$ - $ - $ - $ - $ - $
$ 11,834,931 $ 11,500,098 $ 11,214,407 $ 10,929,570 $ 11,088,538 $ 10,179,831
12.75% 12.66% 12.59% 11.74% 11.49% 12.11%
Payroll Growth 4.00%per year for amortization of the Unfunded Actuarial Accrued
Liability.The assumed payroll growth was approved in conjunction
with an actuarial study dated October 2017.
Marital Status: 100%of actives are assumed to be married at time of benefit commence-
ment. Males are assumed to be two years older than their spouses.
Dependent Children: Each member is assumed to have two children.The first child is
assumed to have been born when the member was 25.The second
child is assumed to be two years younger. It is also assumed that
benefits will be paid until each child reaches the age of 20.
Contribution Rates: Members-13.00%
City-13.00%
Actuarial Asset Method: Fair Market Value
CITY OF WICHITA FALLS, TEXAS
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF CHANGES IN NET OPEB LIABILITY AND RELATED RATIOS
CITY OF WICHITA FALLS RETIREE HEALTH CARE PLAN
2022 2021
Total OPEB Liability
Service cost $ 628,392 $ 667,554
Interest on total OPEB liability 980,948 1,593,949
Changes of benefit terms - -
Difference between expected and actual experience 266,525 -
Changes of assumptions (318,362) -
Benefit payments/refunds of contributions (2,158,526) (1,667,492)
Net change in total OPEB liability (601,023) 594,011
Total OPEB liability, beginning 24,708,045 24,114,034
Total OPEB liability, ending (a) $ 24,107,022 $ 24,708,045
Fiduciary Net Position
Contributions-employer $ 2,580,498 $ 2,059,484
Contributions-employee -Net investment income (1,558,642) 1,459,619
Benefit payments/refunds of contributions (2,158,526) (1,667,492)
Administrative expenses - -
Other - -
Net change in fiduciary net position (1,136,670) 1,851,611
Fiduciary net position, beginning 9,811,539 7,959,928
Fiduciary net position, ending (b) $ 8,674,869 $ 9,811,539
Net OPEB liability/(asset), ending= (a) -(b) $ 15,432,153 $ 14,896,506
Fiduciary net position as a %of total OPEB liability 35.98% 39.71%
Covered payroll $ 62,111,131 $ 63,620,585
Net OPEB liability(asset) as a %of covered payroll 24.85% 23.41%
This schedule is presented to illustrate the requirement to show information for 10 years. However,
recalculations of prior years are not required, and if prior years are not reported in accordance with
the standards of GASB 74/75, they should not be shown here. Therefore, we have shown only years
for which the new GASB statements have been prepared.
75
EXHIBIT B-6
2020 2019 2018 2017
$ 557,600 $ 523,568 $ 518,007 $ 505,385
1,471,238 1,432,914 1,480,271 1,456,410
678,603 - (705,047) -
733,999 281,546 765,976 -
(1,689,454) (1,685,098) (1,679,932) (1,584,144)
1,751,986 552,930 379,275 377,651
22,362,048 21,809,118 21,429,843 21,052,192
$ 24,114,034 $ 22,362,048 $ 21,809,118 $ 21,429,843
$ 2,051,116 $ 2,214,088 $ 2,260,421 $ 2,029,653
1,022,243 1,204,836 (374,667) 737,181
(1,689,454) (1,685,098) (1,679,932) (1,584,144)
- (1,202) (4,171)
(344,259) - -
1,383,905 1,389,567 204,620 1,178,519
6,576,023 5,186,456 4,981,836 3,803,317
$ 7,959,928 $ 6,576,023 $ 5,186,456 $ 4,981,836
$ 16,154,106 $ 15,786,025 $ 16,622,662 $ 16,448,007
33.01% 29.41% 23.78% 23.25%
$ 59,760,545 $ 58,259,148 $ 57,044,011 $ 55,647,372
27.03% 27.10% 29.14% 29.56%
CITY OF WICHITA FALLS, TEXAS
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF CONTRIBUTIONS
CITY OF WICHITA FALLS RETIREE HEALTH CARE PLAN
2023 2022
Actuarial determined contribution $ 2,765,123 $ 2,196,691
Contributions in relation to the actuarially
determined contribution (2,580,498) (2,292,372)
Contribution deficiency(excess) $ 184,625 $ (95,681)
Covered payroll $ 62,111,131 $ 59,568,372
Contributions as a percentage of
covered payroll 4.15% 3.85%
Valuation Date: December 31, 2022
Methods and Assumptions Used to Determine Contribution Rates:
Actuarial Cost Method Entry age, level percentage of salary
Amortization Method Level dollar
Remaining Amortization Period 10 years; closed
Asset Valuation Market Value
Investment Rate of Return 6.75%, net of investment expenses, including inflation
Inflation 2.25%
Salary Increases 2.75%
Payroll Growth 3.00%
Demographic Assumptions TMRS: Based on the experience study covering the four-year period ending
December 31, 2014 as conducted for the TMRS.
Fire: Based on the January 1, 2018 valuation for the Wichita Falls Firemen's
Relief and Retirement Fund.
76
EXHIBIT B-7
2021 2020 2019 2018
$ 2,125,861 $ 2,198,413 $ 2,134,381 $ 2,072,215
(1,966,977) (2,153,169) (2,453,913) (2,072,215)
$ 158,884 $ 45,244 $ (319,532) $ -
$ 54,420,074 $ 55,361,994 $ 58,359,009 $ 55,042,215
3.61% 3.89% 4.20% 3.76%
Mortality TMRS: For healthy retirees, the gender-distinct RP-2000
Combined Healthy Mortality Tables with Blue Collar
Adjustment are used with male rates multiplied by 109%
and female rates multiplied by 103%. The rates are
projected on a fully generational basis by scale BB to
account for future mortality improvements.
Fire: The gender-distinct RP-2000 Combined Healthy
Mortality Tables projected to year 2024 using Scale AA.
Participation Rates TMRS: 45% of employees retiring after the age of 49 or
with disability at any age were assumed to elect retiree
health care benefits through the City. 0% of TMRS
employees retiring before the age of 49 were assumed to
elect coverage.
Fire: 70% of employees retiring at any age were assumed
to elect retiree health care benefits through the City.
Healthcare Cost
Trend Rates Initial rate of 6.51%declining to ultimate rates of 4.14%in
the year 2043
Other Information:
There were no benefit changes during the year.
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE REQUIRED SUPPLEMENTARY INFORMATION
SEPTEMBER 30,2023
Budgetary Information
Demonstrating compliance with the adopted budget is an important component of a government's
accountability to the public. Many citizens participate in the process of establishing the annual operating
budgets of state and local governments, and have a keen interest in following the actual financial progress of
their governments over the course of the year. The City and many other governments revise their original
budgets over the course of the year for a variety of reasons. Under the new reporting model, governments
will continue to provide budgetary comparison information in their annual reports. An important change,
however, is a requirement to add the government's original budget to the current comparison of final budget
and actual results.
The City adheres to the following procedures in establishing the operating budget reflected in the basic
financial statements:
On or before August 15 of each year,the City Manager submits to the City Council a proposed budget for the
fiscal year beginning the following October 1. The operating budget includes proposed expenditures and the
means of financing them. Public hearings are conducted. The budget is legally enacted by the City Council
through passage of appropriation and tax levying ordinances prior to September 30 and is published under a
separate cover.
An annual budget, including debt service requirements, is legally adopted for the General Fund on a basis
which is consistent with generally accepted accounting principles.
The City Council must approve any transfer of appropriation balances or portions thereof from one
department to another. The City Manager has the authority, without City Council approval, to transfer
appropriation balances from one expenditure account to another within a single department of the City.
Supplemental appropriations of$3,422,043 were approved by the City Council. The reported budgetary data
includes amendments made during the year.
At the close of each fiscal year, any unencumbered appropriated balance lapses to the unreserved fund
balance.
Texas Municipal Retirement System
Changes of benefit terms:
For measurement date 12/31/2019, amounts reported as changes of benefit terms resulted from the City
adopting a 7%employee contribution rate for all employees.
77
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE REQUIRED SUPPLEMENTARY INFORMATION (CONT'D.)
SEPTEMBER 30,2023
Wichita Falls Firemen's Relief and Retirement Fund
Changes of benefit terms:
For measurement date 12/31/2018, amounts reported as changes of benefit terms resulted from the
following benefit amendments that were implemented into the Fund for all active participants:
- A maximum accrued benefit cap of$100,000 per year
- The average final compensation period was increased from 3 years to 5 years
- The normal form of annuity payments was amended from a 66-2/3%Joint & Survivor Annuity to
a Life Annuity
Effective April 20, 2016,there have been multiple changes in benefits, as follows:
- The member contribution rate was increased from 12%to 13%of salary for all members.
- All future new entrants will accrue benefits under a "Tier 2" benefit structure.
Changes of assumptions:
For purposes of determining the GASB discount rate at the 12/31/2019 measurement date, a depletion date
projection as of that date was performed. The results of this projection showed a single discount rate of
4.99%.The discount rate was decreased from 5.13%to 4.99%.
For purposes of determining the GASB discount rate at the 12/31/2018 measurement date, a depletion date
projection as of that date was performed. The results of this projection showed a single discount rate of
5.13%.The discount rate was increased from 5.03%to 5.13%.
For purposes of determining the GASB discount rate at the 12/31/2017 measurement date, a depletion date
projection as of that date was performed. The results of this projection showed a single discount rate of
5.03%.The discount rate was decreased from 5.81%to 5.03%.
As a result of an actuarial experience study dated October 6, 2017, the following assumption changes were
approved by the Board of Trustees:
- The investment return assumption was lowered from 8.00% to 7.75% per year, net of all
expenses.
- The assumed rates of salary increases were amended.
- The assumed rates of retirement were amended.
- The assumed rates of withdrawal were amended.
- The assumed rates of disablement were amended.
For purposes of determining the GASB discount rate at the 12/31/2016 measurement date, a depletion date
projection as of that date was performed. The results of this projection showed a single discount rate of
5.81%.The discount rate was decreased from 8.00%to 5.81%.
78
Nonmajor Governmental Funds
Special Revenue Funds
The special revenue funds are used to account for the proceeds from specific revenue sources(other than
for major capital projects or proprietary funds) that are either legally restricted to be expended for
specified purposes or have revenue sources committed for specific purposes.
Community Development Block Grant Fund
The Community Development Block Grant Fund accounts for federal block grant revenues and
related expenditures.
Section 8 Housing Fund
The Section 8 Housing Fund accounts for federal funds received to subsidize rents and housing
payments for lower income families within the City.
Home Investment Partnership Agreement Fund
The Home Investment Partnership Agreement Fund accounts for federal funds received to provide
home ownership opportunities to low income, first-time homebuyers through the acquisition,
rehabilitation and resale of single-family dwellings that are currently owned by governmental
agencies.
MPEC/Hotel/Motel Tax Fund
The MPEC/Hotel/Motel Tax Fund accounts for revenues derived from an occupancy tax which is
expended on programs promoting the growth of the City of Wichita Falls. These funds are used to
support the City's Multi-Purpose Events Center.
Hotel/Motel Venue Tax Fund
The Hotel/Motel Venue Tax Fund accounts for revenues derived from an additional occupancy tax
which is expended on projects classified as a venue such as an arena, coliseum, stadium, or other
facilities.
Airport Improvement Grant Fund
The Airport Improvement Grant Fund is used to account for improvements made to the City's
Regional Airport that are funded by state and federal grants.
Golf Fund
The Golf Fund accounts for the activities at the Weeks Park Golf Course.
Miscellaneous Special Revenue Fund
The Miscellaneous Special Revenue Fund accounts for various revenues generated in the form of
contributions, fees, concessions, rents and other charges and their related expenditures. This fund
also includes revenues derived from various grants for health and police programs. The revenues in
this fund are expended to support the activity generating the revenue or as designated by the
contributor. This fund is not required to have a legally adopted budget; therefore, no budgetary
comparison schedule is presented.
Debt Service Funds
Debt Service Fund
The Debt Service Fund is established by ordinances authorizing the issuance of general obligation
bonds to provide for the payment of bond principal and interest. An ad valorem tax rate and tax
levy are required to be computed and levied which will be sufficient to produce the funds required
to pay principal and interest as they come due. This fund is also used to provide for the payment of
paying agent fees.
Excess Sales Tax Fund
The Excess Sales Tax Fund is used to account for and administer the excess sales tax collected
related to the property reduction tax. This fund is not required to have a legally adopted budget;
therefore,no budgetary comparison schedule is presented.
Capital Projects Funds
The capital projects funds are used to account for financial resources to be used for the acquisition or
construction of major capital facilities,other than those financed by federal grants or proprietary funds.
2018-A Bond Projects
This fund was established to account for the proceeds of the Series 2018-A General Obligation
Bonds that were issued for the purpose of street improvements within the City.
Venue Tax Bond Projects
This fund was established to account for projects financed by the Venue Tax Revenue Bonds, Series
2021. These funds are to be used to make renovations to the Multi-Purpose Events Center and
Memorial Auditorium.
Miscellaneous Capital Projects Funds
This fund is an accumulation of several projects that have been undertaken over the years including
library renovations, street improvements and drainage improvements.
Permanent Fund
The permanent fund is used to account for principal trust amounts received and related interest income.
The interest earnings of this fund may be used for maintenance of the City's cemeteries.
CITY OF WICHITA FALLS,TEXAS
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
SEPTEMBER 30,2023
Special Revenue
Home MPEC/
Community Investment Hotel/ Hotel/ Airport
Development Section 8 Partnership Motel Motel Improvement
Block Grant Housing Agreement Tax Venue Tax Grant
ASSETS
Cash and cash equivalents $ 3,291 $ 2,265,083 $ 131,092 $ 1,370,829 $ 938,196 $ 872,110
Receivables:
Taxes and assessments - - - 190,810 54,428 -
Government agencies 1,555,541 - 1,860,725 - - 759,681
Other 8,455 - - 114,785 - -
Inventory - - - 38,194 - -
Prepaid items - - - - -Other assets - - - 17,320 - -
Total assets $ 1,567,287 $ 2,265,083 $ 1,991,817 $ 1,731,938 $ 992,624 $ 1,631,791
LIABILITIES AND FUND BALANCE
Liabilities
Accounts payable-trade $ 161,384 $ 134 $ - $ 346,791 $ - $ -
Accrued payroll 5,723 6,813 184 35,380 - -
Payable to other City funds 381,343 - - 1,192,612 - 1,767,763
Payable to government agencies - 72,460 20,000 (7,004) - -
Other liabilities 2,725 (24,799) 24,744 (187,287) - 5,613
Unearned revenue - - - 57,645 -Total liabilities 551,175 54,608 44,928 1,438,137 - 1,773,376
Deferred inflows of resources
Unavailable revenues - - - - - -
Fund balance:
Nonspendable:
Inventory and prepaid items - - - 38,194 - -
Permanent fund principal - - - - - -
Restricted for:
Debt service - - - - - -
Capital projects - - - - - -
Federal and state grant programs 1,016,112 2,210,475 1,946,889 - - -
Tourism - - - 255,607 992,624 -
Committed for:
Local projects - - - - - -
Unassigned - - - - - (141,585)
Total fund balance 1,016,112 2,210,475 1,946,889 293,801 992,624 (141,585)
Total liabilities,deferred inflows of
resources and fund balances $ 1,567,287 $ 2,265,083 $ 1,991,817 $ 1,731,938 $ 992,624 $ 1,631,791
79
EXHIBIT C-1
Permanent
Debt Service Capital Projects Fund
Total
Miscellaneous 2018-A Venue Tax Miscellaneous Nonmajor
Golf Special Debt Excess Bond Bond Capital Perpetual Governmental
Fund Revenue Service Sales Tax Projects Projects Projects Care Funds
$ 294,267 $ 3,746,415 $ 1,257,189 $ 435,564 $ 2,233,396 $ - $ 739,057 $ 1,889,639 $ 16,176,128
29,399 - - - - - 274,637
2,407,905 21,315 - - - - - 6,605,167
(38,179) 35,263 - - - - - - 120,324
38,194
823 668,700 - - - - - 669,523
9,871 3,000 - - - - - - 30,191
$ 265,959 $ 6,193,406 $ 1,976,603 $ 435,564 $ 2,233,396 $ - $ 739,057 $ 1,889,639 $ 23,914,164
$ 233,628 $ 133,062 $ - $ - $ (29,535) $ - $ - $ - $ 845,464
61,960 - - - - - - 110,060
2,675,759 - - - - (2,625) - 6,014,852
2,302 - - - - - - 87,758
42,559 97,978 - - (2,083) - 58,662 - 18,112
37,236 - - - - - - 94,881
276,187 3,008,297 - - (31,618) - 56,037 - 7,171,127
47,947 - - - - - 47,947
823 668,700 - - - - - 707,717
1,889,639 1,889,639
1,259,956 435,564 - - - - 1,695,520
2,265,014 - 683,020 - 2,948,034
5,173,476
1,248,231
3,184,286 - - - - - - 3,184,286
(10,228) - - - - - - - (151,813)
(10,228) 3,185,109 1,928,656 435,564 2,265,014 - 683,020 1,889,639 16,695,090
$ 265,959 $ 6,193,406 $ 1,976,603 $ 435,564 $ 2,233,396 $ - $ 739,057 $ 1,889,639 $ 23,914,164
CITY OF WICHITA FALLS, TEXAS
COMBINING STATEMENT OF REVENUES,EXPENDITURES AND
CHANGES IN FUND BALANCES-NONMAJOR GOVERNMENTAL FUNDS
FOR THE YEAR ENDED SEPTEMBER 30,2023
Special Revenue
Home MPEC/
Community Investment Hotel/ Hotel/ Airport
Development Section 8 Partnership Motel Motel Improvement
Block Grant Housing Agreement Tax Venue Tax Grant
Revenues:
Taxes $ - $ - $ - $ 2,268,731 $ 649,360 $ -
Charges for services 10,113 - - 38,716 10,640 -
Fines and forfeitures - - - - - -
Intergovernmental revenue 1,203,986 4,985,830 450,145 - - 1,174,476
Contributions - - - 35,000 - -
Miscellaneous revenue 3,136 212,359 10,500 2,168,627 - -
Total revenues 1,217,235 5,198,189 460,645 4,511,074 660,000 1,174,476
Expenditures:
Current:
Administrative services 184,299 - - 51,063 - -
Police - - - - - -
Fire - - - - -Parks and recreation 134,233 - - - - -
Accounting/finance - - - - -Community development 981,439 4,764,409 75,721 - - -
Public works - - - - - -
Health - - - - - -
Traffic and transportation - - - - - 56,736
Multi-Purpose Events Center - - - 5,040,624 287,318 -
Capital outlay 66,560 47,274 - 3,428,649 579,702 -
Debt service:
Principal retirement - - - - 50,000 -
Interest and paying agent fees - - - - 51,700 -
Total expenditures 1,366,531 4,811,683 75,721 8,520,336 968,720 56,736
Excess of revenues over
(under)expenditures (149,296) 386,506 384,924 (4,009,262) (308,720) 1,117,740
Other financing sources(uses):
Issuance of subscription liabilities - - - - -Transfers in - - - 3,889,000 - -
Transfers out - - - (3,360) - (1,172,944)
Total other financing sources(uses) - - - 3,885,640 - (1,172,944)
Net change in fund balance (149,296) 386,506 384,924 (123,622) (308,720) (55,204)
Fund balance-beginning 1,165,408 1,823,969 1,561,965 417,423 1,301,344 (86,381)
Fund balance-ending $ 1,016,112 $ 2,210,475 $ 1,946,889 $ 293,801 $ 992,624 $ (141,585)
80
EXHIBIT C-2
Permanent
Debt Service Capital Projects Fund
Total
Miscellaneous 2018-A Venue Tax Miscellaneous Nonmajor
Golf Special Debt Excess Bond Bond Capital Perpetual Governmental
Fund Revenue Service Sales Tax Projects Projects Projects Care Funds
$ - $ - $ 2,087,589 $ - $ - $ - $ - $ - $ 5,005,680
717,106 82,421 - - - - - - 858,996
808,252 - - - - - - 808,252
5,228,994 - - - - 8,608 - 13,052,039
907,332 1,576,987 - - - - - 2,519,319
576,476 542,178 594,371 14 152,952 404,801 41,357 249,776 4,956,547
1,293,582 7,569,177 4,258,947 14 152,952 404,801 49,965 249,776 27,200,833
1,203,957 251,505 - - - 43,025 - - 1,733,849
498,961 - - - - - - 498,961
733,369 - - - - - - 733,369
41,615 - - - - - - 175,848
31,281 6,000 - - - - - 37,281
117,910 - - - - - - 5,939,479
6,866 - - - - - - 6,866
3,650,147 - - - - - - 3,650,147
712,397 - - - - - - 769,133
5,327,942
418,772 1,354,022 - - 1,061,757 913,938 25,010 - 7,895,684
3,671,606 - - - - - 3,721,606
1,429,992 - - 51,700 - - 1,533,392
1,622,729 7,398,073 5,107,598 - 1,061,757 1,008,663 25,010 - 32,023,557
(329,147) 171,104 (848,651) 14 (908,805) (603,862) 24,955 249,776 (4,822,724)
304,829 - - - - - - 304,829
223,529 1,486,617 - - - - - 5,599,146
(405,606) - - - (1,200,000) - - (2,781,910)
122,752 1,486,617 - - (1,200,000) - - 3,122,065
(329,147) 293,856 637,966 14 (908,805) (1,803,862) 24,955 249,776 (1,700,659)
318,919 2,891,253 1,290,690 435,550 3,173,819 1,803,862 658,065 1,639,863 18,395,749
$ (10,228) $ 3,185,109 $ 1,928,656 $ 435,564 $ 2,265,014 $ - $ 683,020 $ 1,889,639 $ 16,695,090
EXHIBIT C-3
CITY OF WICHITA FALLS, TEXAS
BUDGETARY COMPARISON SCHEDULE- COMMUNITY DEVELOPMENT BLOCK GRANT FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2023
Variance With
Final Budget-
Budgeted Amounts Positive
Original Final Actual (Negative)
Revenues:
Charges for services $ - $ - $ 10,113 $ 10,113
Intergovernmental revenue 1,294,544 1,294,544 1,203,986 (90,558)
Miscellaneous revenue - - 3,136 3,136
Total revenues 1,294,544 1,294,544 1,217,235 (77,309)
Expenditures:
Administrative services 190,426 251,560 184,299 67,261
Parks and recreation - - 134,233 (134,233)
Community development 1,054,118 1,054,118 981,439 72,679
Traffic and transportation - 50,000 - 50,000
Capital outlay - - 66,560 (66,560)
Total expenditures 1,244,544 1,355,678 1,366,531 (10,853)
Excess of revenues over(under)expenditures 50,000 (61,134) (149,296) (88,162)
Fund balance-beginning 1,165,408 1,165,408 1,165,408 -
Fund balance-ending $ 1,215,408 $ 1,104,274 $ 1,016,112 $ (88,162)
81
EXHIBIT C-4
CITY OF WICHITA FALLS, TEXAS
BUDGETARY COMPARISON SCHEDULE-SECTION 8 HOUSING FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2023
Variance With
Final Budget-
Budgeted Amounts Positive
Original Final Actual (Negative)
Revenues:
Intergovernmental revenue $ 4,147,571 $ 4,147,571 $ 4,985,830 $ 838,259
Miscellaneous revenue - - 212,359 212,359
Total revenues 4,147,571 4,147,571 5,198,189 1,050,618
Expenditures:
Community development 4,277,571 4,277,571 4,764,409 (486,838)
Capital outlay - - 47,274 (47,274)
Total expenditures 4,277,571 4,277,571 4,811,683 (534,112)
Excess of revenues over(under)expenditures (130,000) (130,000) 386,506 516,506
Fund balance-beginning 1,823,969 1,823,969 1,823,969 -
Fund balance-ending $ 1,693,969 $ 1,693,969 $ 2,210,475 $ 516,506
82
EXHIBIT C-5
CITY OF WICHITA FALLS, TEXAS
BUDGETARY COMPARISON SCHEDULE- HOME INVESTMENT PARTNERSHIP AGREEMENT FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2023
Variance With
Final Budget-
Budgeted Amounts Positive
Original Final Actual (Negative)
Revenues:
Intergovernmental revenue $ 480,491 $ 480,491 $ 450,145 $ (30,346)
Miscellaneous revenue - - 10,500 10,500
Total revenues 480,491 480,491 460,645 (19,846)
Expenditures:
Community development 480,490 480,491 75,721 404,770
Total expenditures 480,490 480,491 75,721 404,770
Excess of revenues over(under)expenditures 1 - 384,924 384,924
Fund balance-beginning 1,561,965 1,561,965 1,561,965 -
Fund balance-ending $ 1,561,966 $ 1,561,965 $ 1,946,889 $ 384,924
83
EXHIBIT C-6
CITY OF WICHITA FALLS, TEXAS
BUDGETARY COMPARISON SCHEDULE- MPEC/HOTEL/MOTEL TAX FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2023
Variance With
Final Budget-
Budgeted Amounts Positive
Original Final Actual (Negative)
Revenues:
Taxes $ 2,200,000 $ 2,200,000 $ 2,268,731 $ 68,731
Charges for services - - 38,716 38,716
Contributions 35,000 35,000 35,000 -
Miscellaneous revenue 2,003,785 2,003,785 2,168,627 164,842
Total revenues 4,238,785 4,238,785 4,511,074 272,289
Expenditures:
Administrative services 62,500 62,500 51,063 11,437
Multi-Purpose Events Center 4,851,285 7,976,285 5,040,624 2,935,661
Capital outlay 2,514,000 589,000 3,428,649 (2,839,649)
Total expenditures 7,427,785 8,627,785 8,520,336 107,449
Excess of revenues over(under)expenditures (3,189,000) (4,389,000) (4,009,262) 379,738
Other financing sources(uses):
Transfers in 3,189,000 3,189,000 3,889,000 700,000
Transfers out - - (3,360) (3,360)
Total other financing sources(uses) 3,189,000 3,189,000 3,885,640 696,640
Excess of revenues and other sources
over(under)expenditures and other uses - (1,200,000) (123,622) 1,076,378
Fund balance-beginning 417,423 417,423 417,423 -
Fund balance-ending $ 417,423 $ (782,577) $ 293,801 $ 1,076,378
84
EXHIBIT C-7
CITY OF WICHITA FALLS, TEXAS
BUDGETARY COMPARISON SCHEDULE- HOTEL/MOTEL VENUE TAX FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2023
Variance With
Final Budget-
Budgeted Amounts Positive
Original Final Actual (Negative)
Revenues:
Taxes $ 600,000 $ 600,000 $ 649,360 $ 49,360
Charges for services - - 10,640 10,640
Total revenues 600,000 600,000 660,000 60,000
Expenditures:
Multi-Purpose Events Center - - 287,318 (287,318)
Capital outlay 446,600 446,600 579,702 (133,102)
Debt service:
Principal retirement - - 50,000 (50,000)
Interest and paying agent fees - - 51,700 (51,700)
Total expenditures 446,600 446,600 968,720 (522,120)
Excess of revenues over(under)expenditures 153,400 153,400 (308,720) (462,120)
Other financing sources(uses):
Transfers out (153,400) (153,400) - 153,400
Excess of revenues and other sources
over(under)expenditures and other uses - - (308,720) (308,720)
Fund balance-beginning 1,301,344 1,301,344 1,301,344 -
Fund balance-ending $ 1,301,344 $ 1,301,344 $ 992,624 $ (308,720)
85
EXHIBIT C-8
CITY OF WICHITA FALLS, TEXAS
BUDGETARY COMPARISON SCHEDULE-GOLF FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2023
Variance With
Final Budget-
Budgeted Amounts Positive
Original Final Actual (Negative)
Revenues:
Charges for services $ 900,000 $ 900,000 $ 717,106 $ (182,894)
Miscellaneous revenue - - 576,476 576,476
Total revenues 900,000 900,000 1,293,582 393,582
Expenditures:
Administrative services 936,867 936,867 1,203,957 (267,090)
Capital outlay - 480,000 418,772 61,228
Total expenditures 936,867 1,416,867 1,622,729 (205,862)
Excess of revenues over(under)expenditures (36,867) (516,867) (329,147) 187,720
Other financing sources(uses):
Transfers in 311,000 311,000 - (311,000)
Excess of revenues and other sources
over(under)expenditures and other uses 274,133 (205,867) (329,147) (123,280)
Fund balance-beginning 318,919 318,919 318,919 -
Fund balance-ending $ 593,052 $ 113,052 $ (10,228) $ (123,280)
86
EXHIBIT C-9
CITY OF WICHITA FALLS, TEXAS
BUDGETARY COMPARISON SCHEDULE- DEBT SERVICE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2023
Variance With
Final Budget-
Budgeted Amounts Positive
Original Final Actual (Negative)
Revenues:
Taxes $ 2,166,095 $ 2,166,095 $ 2,087,589 $ (78,506)
Contributions 1,878,225 1,878,225 1,576,987 (301,238)
Miscellaneous revenue - - 594,371 594,371
Total revenues 4,044,320 4,044,320 4,258,947 214,627
Expenditures:
Accounting/finance - - 6,000 (6,000)
Debt service-principal 4,075,000 4,075,000 3,671,606 403,394
Debt service-interest and paying agent fees 1,622,837 1,622,837 1,429,992 192,845
Debt service-bond issuance costs - - - -
Total expenditures 5,697,837 5,697,837 5,107,598 590,239
Excess of revenues over(under)expenditures (1,653,517) (1,653,517) (848,651) 804,866
Other financing sources(uses):
Transfers in 1,653,517 1,653,517 1,486,617 (166,900)
Excess of revenues and other sources
over(under)expenditures and other uses - - 637,966 637,966
Fund balance-beginning 1,290,690 1,290,690 1,290,690 -
Fund balance-ending $ 1,290,690 $ 1,290,690 $ 1,928,656 $ 637,966
87
Nonmajor Enterprise Funds
Nonmajor enterprise funds are used to account for operations that are financed and operated in a
manner similar to private business enterprises. The intent of the governing body is that the cost of
providing the service to the general public on a continuing basis be recovered primarily through user
charges.
Kickapoo Airport Fund
During the year ended September 30, 2000, the City acquired Kickapoo Downtown Airport, a private
airport. The Kickapoo Airport Fund was established to account for the operating revenues and
expenses of the airport.
Transit Fund
The Transit Fund accounts for the operation of the Wichita Falls transit system. This system is
supported from passenger fees, subsidies from the General Fund and subsidies from the Federal
Transit Administration.
Stormwater Drainage Fund
The Stormwater Drainage Fund was established to account for operating revenues and expenses
associated with the Storm Water Drainage Utility System (System). The System was established
effective May 1, 2001 and provides a funding mechanism for drainage improvements in the City.
Waterpark Fund
The Waterpark Fund was established to account for the operating revenues and expenses of the
Castaway Cove Waterpark. The waterpark was purchased on February 4, 2010.
CITY OF WICHITA FALLS, TEXAS
COMBINING STATEMENT OF NET POSITION
NON MAJOR ENTERPRISE FUNDS
SEPTEMBER 30,2023
Kickapoo
Airport Transit
Assets
Current assets:
Cash and cash equivalents $ (19,498) $ 4,958
Receivables(net of allowance for
uncollectible accounts):
Customer and trade - -
Government agencies - 1,654,290
Other 14,076 7,842
Inventory 67,815 82,840
Prepaid items 6 -
Other current assets - -
Total current assets 62,399 1,749,930
Capital assets, net of accumulated depreciation 11,308,284 17,749,868
Total assets 11,370,683 19,499,798
Deferred outflows of resources
Pension-related 114,785 578,035
OPEB-related 5,179 56,973
Total deferred outflows of resources 119,964 635,008
Liabilities
Current liabilities payable from current assets:
Accounts payable-trade 558 24,269
Accrued payroll 7,579 33,149
Accrued vacation and sick leave 11,878 65,060
Payable to other City funds - 3,813,772
Other liabilities 23,391 28,951
Total current liabilities payable
from current assets 43,406 3,965,201
Long-term liabilities:
Net pension liability 275,314 1,386,435
Net OPEB liability 23,148 254,631
Total long-term liabilities 298,462 1,641,066
Total liabilities 341,868 5,606,267
Deferred inflows of resources
Pension-related 750 3,777
OPEB-related 504 5,547
Total deferred inflows of resources 1,254 9,324
Net position
Net investment in capital assets 11,308,284 17,749,868
Unrestricted (160,759) (3,230,653)
Total net position $ 11,147,525 $ 14,519,215
88
EXHIBIT D-1
Total
Non major
Stormwater Enterprise
Drainage Waterpark Funds
$ 10,705,950 $ 1,523,741 $ 12,215,151
415,547 - 415,547
1,654,290
(11,626) 10,292
150,655
6
210,186 210,186
11,121,497 1,722,301 14,65 6,127
30,499,236 2,371,110 61,928,498
41,620,733 4,093,411 76,584,625
129,570 - 822,390
15,193 - 77,345
144,763 - 899,735
89,630 (2,654) 111,803
5,756 - 46,484
16,078 - 93,016
3,813,772
(7,626) - 44,716
103,838 (2,654) 4,109,791
310,777 - 1,972,526
67,901 - 345,680
378,678 - 2,318,206
482,516 (2,654) 6,427,997
847 - 5,374
1,479 - 7,530
2,326 - 12,904
30,499,236 2,371,110 61,928,498
10,781,418 1,724,955 9,114,961
$ 41,280,654 $ 4,096,065 $ 71,043,459
CITY OF WICHITA FALLS, TEXAS
COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
NONMAJOR ENTERPRISE FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2023
Kickapoo
Airport Transit
Operating revenues:
Charges for services $ - $ 464,414
Rents, concessions and other 1,080,143 21,790
Total operating revenues 1,080,143 486,204
Operating expenses:
Personnel services 336,503 1,712,823
Supplies and materials 531,976 708,867
Maintenance and repairs 9,318 195,431
Utilities and other services 89,973 170,934
Insurance and contract support 35,171 59,351
Other expenses 57,572 235,362
Depreciation and amortization 527,380 427,364
Total operating expenses 1,587,893 3,510,132
Operating income (loss) (507,750) (3,023,928)
Nonoperating revenues (expenses):
Investment earnings 3,185 -
Gain (loss) on sale of capital assets - 576
Intergovernmental operating grants - 4,605,539
Total nonoperating revenues (expenses) 3,185 4,606,115
Income (loss) before capital contributions and transfers (504,565) 1,582,187
Transfers in 334,157 204
Transfers out - (2,041,075)
Change in net position (170,408) (458,684)
Net position- beginning 11,317,933 14,977,899
Prior period adjustment -Net position- beginning, as restated 11,317,933 14,977,899
Net position-ending $ 11,147,525 $ 14,519,215
89
EXHIBIT D-2
Total
Nonmajor
Stormwater Enterprise
Drainage Waterpark Funds
$ 3,755,677 $ 1,326,699 $ 5,546,790
577,699 1,679,632
3,755,677 1,904,398 7,226,422
357,379 450,648 2,857,353
66,092 366,323 1,673,258
24,228 128,099 357,076
232,877 582,313 1,076,097
103 54,883 149,508
20,364 42,000 355,298
431,211 256,376 1,642,331
1,132,254 1,880,642 8,110,921
2,623,423 23,756 (884,499)
283,407 53,788 340,380
576
4,605,539
283,407 53,788 4,946,495
2,906,830 77,544 4,061,996
575,000 909,361
(799,433) - (2,840,508)
2,107,397 652,544 2,130,849
41,510,352 3,443,521 71,249,705
(2,337,095) - (2,337,095)
39,173,257 3,443,521 68,912,610
$ 41,280,654 $ 4,096,065 $ 71,043,459
CITY OF WICHITA FALLS, TEXAS
COMBINING STATEMENT OF CASH FLOWS
NONMAJOR ENTERPRISE FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2023
Kickapoo
Airport Transit
Cash flows from operating activities:
Receipts from customers and users $ 1,141,572 $ 488,491
Payments to suppliers (688,070) (2,470,247)
Payments for interfund services (94,401) (450,564)
Payments to employees (247,093) (1,206,143)
Net cash provided (used) by operating activities 112,008 (3,638,463)
Cash flows from noncapital financing activities:
Intergovernmental operating grants - 3,580,621
Interfund loan received (repaid) - 2,110,610
Transfers out to other funds - (2,041,075)
Transfers from other funds 334,157 204
Net cash provided (used) by noncapital financing activities 334,157 3,650,360
Cash flows from capital and related
financing activities:
Acquisition and construction of capital assets (334,157) (204)
Proceeds from sale of capital assets - 576
Net cash provided (used)for capital and related
financing activities (334,157) 372
Cash flows from investing activities:
Interest on investments 3,185 -
Net cash provided by investing activities 3,185 -
Net Increase (Decrease) in Cash and Cash Equivalents 115,193 12,269
Cash and Cash Equivalents- Beginning (134,691) (7,311)
Cash and Cash Equivalents- Ending $ (19,498) $ 4,958
90
EXHIBIT D-3
(Page 1 of 2)
Total
Nonmajor
Stormwater Enterprise
Drainage Waterpark Funds
$ 3,742,372 $ 1,904,398 $ 7,276,833
(295,126) (1,427,439) (4,880,882)
(280,738) - (825,703)
(251,633) (474,056) (2,178,925)
2,914,875 2,903 (608,677)
3,580,621
2,110,610
(799,433) - (2,840,508)
575,000 909,361
(799,433) 575,000 3,760,084
(2,944,502) (182,857) (3,461,720)
576
(2,944,502) (182,857) (3,461,144)
283,407 53,788 340,380
283,407 53,788 340,380
(545,653) 448,834 30,643
11,251,603 1,074,907 12,184,508
$ 10,705,950 $ 1,523,741 $ 12,215,151
CITY OF WICHITA FALLS, TEXAS
COMBINING STATEMENT OF CASH FLOWS (CONT'D.)
NONMAJOR ENTERPRISE FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2023
Kickapoo
Airport Transit
Cash flows from operating activities:
Operating income (loss) $ (507,750) $ (3,023,928)
Adjustments to reconcile operating income (loss)
to net cash provided (used) by operating activities:
Depreciation and amortization 527,380 427,364
(Increase) decrease in assets and deferred outflows of resources:
Receivables:
Customer and trade - -
Other 61,429 2,287
Inventory 13,777 (13,311)
Prepaid items - -
Other current assets - -
Deferred outflows- pension-related (89,263) (429,878)
Deferred outflows-OPEB-related 2,327 (10,737)
Increase (decrease) in liabilities and deferred inflows of resources:
Accounts payable-trade (2,867) 16,764
Accrued payroll 1,711 3,552
Accrued vacation and sick leave 2,347 2,525
Payable to government agencies (4) -
Other liabilities 3,334 (1,087,199)
Net pension liability 180,930 838,518
Net OPEB liability (14,093) 25,225
Deferred inflows- pension-related (64,117) (372,787)
Deferred inflows-OPEB-related (3,133) (16,858)
Total adjustments 619,758 (614,535)
Net cash provided (used) by
operating activities $ 112,008 $ (3,638,463)
91
EXHIBIT D-3
(Page 2 of 2)
Total
Nonmajor
Stormwater Enterprise
Drainage Waterpark Funds
$ 2,623,423 $ 23,756 $ (884,499)
431,211 256,376 1,642,331
(13,305) - (13,305)
63,716
466
11,812 11,812
(210,186) (210,186)
(94,107) 6,914 (606,334)
(3,184) 8,106 (3,488)
(105,380) (2,654) (94,137)
(702) - 4,561
(2,165) - 2,707
(1,140) (1,144)
(15,231) (2,786) (1,101,882)
179,628 (25,572) 1,173,504
8,315 (40,221) (20,774)
(89,287) (17,574) (543,765)
(4,341) (3,928) (28,260)
291,452 (20,853) 275,822
$ 2,914,875 $ 2,903 $ (608,677)
Internal Service Funds
Internal Service Funds are used to account for the financing of goods or services provided by one
department or agency to other departments or agencies of the City on a cost-reimbursement basis.
Fleet Maintenance Fund
The Fleet Maintenance Fund accounts for the costs associated with the operation, maintenance and
replacement of the City's vehicle and equipment fleet. City departments which use the vehicles and
equipment are charged a monthly rental fee based upon actual operating costs associated with each
class of vehicle or equipment.
Duplicating Services Fund
The Duplicating Services Fund accounts for the costs associated with the operation and maintenance
of the City's duplicating equipment. City departments which use the duplicating services are charged
a fee based upon actual usage.
Employee Benefit Trust Fund
The Employee Benefit Trust Fund is used to account for and administer group health insurance,which
is self-insured by the City,and life insurance for employees and covered dependents.
Information Technology Fund
The Information Technology Fund accounts for the costs associated with the operation and
maintenance of the City's Information Technology assets. City departments which use information
technology are charged a fee based on usage.
EXHIBIT E-1
CITY OF WICHITA FALLS, TEXAS
COMBINING STATEMENT OF NET POSITION
INTERNAL SERVICE FUNDS
SEPTEMBER 30,2023
Employee Information
Fleet Duplicating Benefit Technology
Maintenance Services Trust Fund Totals
Assets
Current assets:
Cash and cash equivalents $ 5,454,924 $ 125,361 $ 4,675,559 $ 3,979,210 $ 14,235,054
Restricted cash and cash equivalents - - 9,902,285 - 9,902,285
Receivables:
Other 37,608 - 9,182 - 46,790
Inventory 706,419 - - - 706,419
Prepaid items - 327 - - 327
Total current assets 6,198,951 125,688 14,587,026 3,979,210 24,890,875
Capital assets,net of accumulated depreciation 24,671,897 - - 5,489,773 30,161,670
Total assets 30,870,848 125,688 14,587,026 9,468,983 55,052,545
Deferred outflows of resources
Pension-related 824,712 9,552 26,041 542,009 1,402,314
OPEB-related 92,193 1,036 - 39,017 132,246
Total deferred outflows of resources 916,905 10,588 26,041 581,026 1,534,560
Liabilities
Current liabilities:
Accounts payable-trade 83,960 3,000 (4,150) 796,336 879,146
Accrued payroll 39,372 242 1,220 24,510 65,344
Accrued vacation and sick leave 132,511 - - 51,182 183,693
Payable to other City funds - - 462,283 - 462,283
Estimated health claims payable - - 1,047,682 - 1,047,682
Other liabilities 4,194 - 13,024 - 17,218
Notes payable-current maturities - - - - -
Subscriptionliabilities-current maturities - - - 72,188 72,188
Total current liabilities 260,037 3,242 1,520,059 944,216 2,727,554
Long-term liabilities:
Subscription liabilities,less current maturities - - - 161,897 161,897
Net pension liability 1,978,098 22,912 62,460 1,300,027 3,363,497
Net OPEB liability 412,039 4,630 - 174,383 591,052
Total long-term liabilities 2,390,137 27,542 62,460 1,636,307 4,116,446
Total liabilities 2,650,174 30,784 1,582,519 2,580,523 6,844,000
Deferred inflows of resources
Pension-related 5,388 62 170 3,541 9,161
OPEB-related 8,976 101 - 3,799 12,876
Total deferred inflows of resources 14,364 163 170 7,340 22,037
Net position
Net investment in capital assets 24,671,897 - - 5,489,773 30,161,670
Unrestricted 4,451,318 105,329 13,030,378 1,972,373 19,559,398
Total net position $ 29,123,215 $ 105,329 $ 13,030,378 $ 7,462,146 $ 49,721,068
92
EXHIBIT E-2
CITY OF WICHITA FALLS, TEXAS
COMBINING STATEMENT OF REVENUES,EXPENSES AND
CHANGES IN NET POSITION
INTERNAL SERVICE FUNDS
FOR THE YEAR ENDED SEPTEMBER 30,2023
Employee Information
Fleet Duplicating Benefit Technology
Maintenance Services Trust Fund Totals
Operating revenues:
Charges for services $ 12,766,937 $ 128,304 $ - $ 4,114,825 $ 17,010,066
Rents,concessions and other 16,500 - 1,429,257 - 1,445,757
Contributions - - 15,557,244 - 15,557,244
Total operating revenues 12,783,437 128,304 16,986,501 4,114,825 34,013,067
Operating expenses:
Personnel services 2,337,279 27,500 63,213 1,490,165 3,918,157
Supplies and materials 3,612,421 1,084 65 473,687 4,087,257
Maintenance and repairs 2,346,902 95 - 1,269,541 3,616,538
Utilities and other services 159,268 807 87,899 276,311 524,285
Insurance and contract support 23,313 - 13,613,018 4,261 13,640,592
Other expenses 284,828 83,791 1,688,342 15,712 2,072,673
Depreciation and amortization 4,629,623 - - 1,128,104 5,757,727
Total operating expenses 13,393,634 113,277 15,452,537 4,657,781 33,617,229
Operating income(loss) (610,197) 15,027 1,533,964 (542,956) 395,838
Nonoperating revenues(expenses):
Investment earnings - - 1,312,285 - 1,312,285
Gain(loss)on sale of capital assets 700,440 - - - 700,440
Interest expense (8,893) - - (13,539) (22,432)
Total nonoperating revenues
(expenses) 691,547 - 1,312,285 (13,539) 1,990,293
Income(loss)before transfers 81,350 15,027 2,846,249 (556,495) 2,386,131
Transfers in 6,385,221 - - - 6,385,221
Transfers out (312,000) - - - (312,000)
Change in net position 6,154,571 15,027 2,846,249 (556,495) 8,459,352
Net position-beginning 22,968,644 90,302 10,184,129 8,078,054 41,321,129
Prior period adjustment - - - (59,413) (59,413)
Net position-beginning,as restated 22,968,644 90,302 10,184,129 8,018,641 41,261,716
Net position-ending $ 29,123,215 $ 105,329 $ 13,030,378 $ 7,462,146 $ 49,721,068
93
EXHIBIT E-3
CITY OF WICHITA FALLS, TEXAS
COMBINING STATEMENT OF CASH FLOWS
INTERNAL SERVICE FUNDS
FOR THE YEAR ENDED SEPTEMBER 30,2022
Employee Information
Fleet Duplicating Benefit Technology
Maintenance Services Trust Fund Totals
Cash flows from operating activities:
Received from customers and users $ 289,014 $ - $ 3,936,444 $ - $ 4,225,458
Received from interfund charges 12,495,071 128,304 11,885,488 4,114,825 28,623,688
Other operating receipts - - 1,167,038 - 1,167,038
Payments to suppliers (6,309,258) (83,651) (15,245,087) (1,586,130) (23,224,126)
Payments for interfund services (569,693) (10,202) - (132,825) (712,720)
Payments to employees (1,599,134) (18,679) (50,406) (1,054,153) (2,722,372)
Net cash provided by operating activities 4,306,000 15,772 1,693,477 1,341,717 7,356,966
Cash flows from noncapital financing activities:
Interfund loans received(repaid) - - - - -
Transfersinfrom other funds 6,385,221 - - - 6,385,221
Transfers out to other funds (312,000) - - - (312,000)
Net cash provided(used)by noncapital financing activities 6,073,221 - - - 6,073,221
Cash flows from capital and related
financing activities:
Acquisition of capital assets (7,454,570) - - (1,967,108) (9,421,678)
Proceeds from sale of capital assets 952,618 - - - 952,618
Principal paid on long-term debt (465,597) - - (66,773) (532,370)
Interest and fees paid on long-term debt (8,893) - - (13,539) (22,432)
Net cash used for capital and
related financing activities (6,976,442) - - (2,047,420) (9,023,862)
Cash flows from investing activities:
Income(loss)on investments - - 1,312,285 - 1,312,285
Net cash provided by investing activities - - 1,312,285 - 1,312,285
Net Increase(Decrease)in Cash and Cash Equivalents 3,402,779 15,772 3,005,762 (705,703) 5,718,610
Cash and Cash Equivalents-Beginning 2,052,145 109,589 11,572,082 4,684,913 18,418,729
Cash and Cash Equivalents-Ending $ 5,454,924 $ 125,361 $ 14,577,844 $ 3,979,210 $ 24,137,339
Cash flows from operating activities:
Operating income(loss) $ (610,197) $ 15,027 $ 1,533,964 $ (542,956) $ 395,838
Adjustments to reconcile operating income(loss)to
net cash provided(used)by operating activities:
Depreciation and amortization 4,629,623 - - 1,128,104 5,757,727
(Increase)decrease in assets and deferred outflows:
Receivables:
Other (3,546) - - - (3,546)
Inventory (8,025) - - - (8,025)
Prepaid items 474,490 - - - 474,490
Deferred outflows-pension-related (612,556) (7,296) (19,215) (413,622) (1,052,689)
Deferred outflows-OPEB-related (15,334) (135) - (4,791) (20,260)
Increase(decrease)in liabilities and deferred inflows:
Accounts payable-trade (225,583) (366) (183) 706,260 480,128
Accrued payroll 1,321 (178) 38 (284) 897
Accrued vacation and sick leave 9,530 - - (25,224) (15,694)
Estimated health claims payable - - 156,367 - 156,367
Other liabilities 4,194 - 2,469 - 6,663
Net pension liability 1,193,501 14,567 37,216 825,226 2,070,510
Net OPEB liability 30,688 161 - 4,563 35,412
Deferred inflows-pension-related (533,837) (5,673) (17,179) (322,772) (879,461)
Deferred inflows-OPEB-related (28,269) (335) - (12,787) (41,391)
Total adjustments 4,916,197 745 159,513 1,884,673 6,961,128
Net cash provided(used)by operating activities $ 4,306,000 $ 15,772 $ 1,693,477 $ 1,341,717 $ 7,356,966
94
Component Units
Discretely Presented Component Units of the City of Wichita Falls are legally separate entities; however,
the City is considered to be financially accountable for their operations. The five discretely presented
component units are as follows:
Wichita Falls Economic Development Corporation
The Wichita Falls Economic Development Corporation is a nonprofit corporation formed in May 1997
for the purpose of increasing employment opportunities, primarily through assisting qualified
enterprises with funds provided by a portion of the local sales tax. The Corporation operates under
the authority of Vernon's Civil Statutes,Article 5190.6,Section 4A.
Wichita Falls 4B Sales Tax Corporation
The Wichita Falls 4B Sales Tax Corporation is a nonprofit corporation formed in May 1997 for the
purpose of increasing employment opportunities and for public improvement projects such as parks,
auditoriums, learning centers, open space improvements, athletic and exhibition facilities and the
related maintenance and operating costs of such projects. These projects are funded by a portion of
the local sales tax. The Corporation operates under the authority of Vernon's Civil Statutes, Article
5190.6,Section 4B.
Wichita Falls Reinvestment Zone#2
The Wichita Falls Reinvestment Zone#2 was created in August 2005 by the City, with the advice and
consent of the Wichita Falls Independent School District and Wichita County. The purpose of the
Wichita Falls Reinvestment Zone #2 is to capture increments of growth in real property values in the
designated zone area from base values established in January 2004 and use the ad valorem taxes
derived from the increments to contribute to the zoned area. Tax funds derived from the increment
can only be spent for public improvements in the zoned area or for payment of debt service on bonds
issued to provide funds for public improvements.
Wichita Falls Reinvestment Zone#3
The Wichita Falls Reinvestment Zone #3 was created in September 2009 by the City,with the advice
and consent of the Wichita Falls Independent School District and Wichita County. The purpose of the
Wichita Falls Reinvestment Zone#3 is to capture increments of growth in real property values in the
designated zone area from base values established in January 2009 and use the ad valorem taxes
derived from the increments to contribute to the zoned area. Tax funds derived from the increment
can only be spent for public improvements in the zoned area or for payment of debt service on bonds
issued to provide funds for public improvements.
Wichita Falls Reinvestment Zone#4
The Wichita Falls Reinvestment Zone#4 was created in March 2015 by the City, with the advice and
consent of the Wichita Falls Independent School District and Wichita County. The purpose of the
Wichita Falls Reinvestment Zone#4 is to capture increments of growth in real property values in the
designated zone area from base values established in January 2015 and use the ad valorem taxes
derived from the increments to contribute to the zoned area. Tax funds derived from the increment
can only be spent for public improvements in the zoned area or for payment of debt service on bonds
issued to provide funds for public improvements.
EXHIBIT F-1
CITY OF WICHITA FALLS, TEXAS
COMBINING STATEMENT OF NET POSITION
COMPONENT UNITS
SEPTEMBER 30,2023
Wichita Falls
Economic Wichita Falls Wichita Falls Wichita Falls Wichita Falls
Development 4B Sales Tax Reinvestment Reinvestment Reinvestment
Corporation Corporation Zone#2 Zone#3 Zone#4 Totals
Assets
Cash and cash equivalents $ 23,392,620 $ 15,952,957 $ 3,498,835 $ 1,105,365 $ 1,101,052 $ 45,050,829
Receivables:
Government agencies 920,591 899,060 - (1,894) - 1,817,757
Other 169,155 388,600 - - - 557,755
Capital assets,net of accumulated depreciation 8,113,439 17,528,161 - - - 25,641,600
Total assets 32,595,805 34,768,778 3,498,835 1,103,471 1,101,052 73,067,941
Liabilities
Accounts payable-trade - 265,491 - - - 265,491
Other liabilities 54,017 1,673,840 - - - 1,727,857
Long-term liabilities:
Portion due or payable within one year 180,000 475,000 - - - 655,000
Portion due or payable after one year 9,515,179 17,545,000 - - - 27,060,179
Total liabilities 9,749,196 19,959,331 - - - 29,708,527
Net position
Net investment in capital assets 3,368,093 546,982 - - - 3,915,075
Unrestricted 19,478,516 14,262,465 3,498,835 1,103,471 1,101,052 39,444,339
Total net position $ 22,846,609 $ 14,809,447 $ 3,498,835 $ 1,103,471 $ 1,101,052 $ 43,359,414
95
CITY OF WICHITA FALLS, TEXAS
COMBINING STATEMENT OF ACTIVITIES
COMPONENT UNITS
FOR THE YEAR ENDED SEPTEMBER 30, 2023
Program
Revenues
Operating
Grants and
Expenses Contributions
Community development
Wichita Falls Economic Development Corporation $ 5,541,049 $ -
Wichita Falls 4B Sales Tax Corporation 3,044,067 358,735
Wichita Falls Reinvestment Zone#2 359,720 -
Wichita Falls Reinvestment Zone#3 - -
Wichita Falls Reinvestment Zone#4 - -
Total component units $ 8,944,836 $ 358,735
General revenues:
Taxes:
Property tax
Sales tax
Investment earnings
Miscellaneous
Total general revenues
Change in net position
Net position-beginning,as originally stated
Prior period adjustment
Net position-beginning,as restated
Net position-ending
96
EXHIBIT F-2
Net(Expense) Revenue and
Changes in Net Position
Wichita Falls
Economic Wichita Falls Wichita Falls Wichita Falls Wichita Falls
Development 4B Sales Tax Reinvestment Reinvestment Reinvestment
Corporation Corporation Zone#2 Zone#3 Zone#4 Totals
$ (5,541,049) $ - $ - $ - $ - $ (5,541,049)
(2,685,332) - - - (2,685,332)
- - (359,720) - - (359,720)
(5,541,049) (2,685,332) (359,720) - - (8,586,101)
- - 781,870 116,169 278,807 1,176,846
5,164,778 5,164,778 - - - 10,329,556
1,234,125 1,081,891 81,878 74,193 18,024 2,490,111
37,630 44,833 - - - 82,463
6,436,533 6,291,502 863,748 190,362 296,831 14,078,976
895,484 3,606,170 504,028 190,362 296,831 5,492,875
18,879,621 11,203,277 2,994,807 913,109 804,221 34,795,035
3,071,504 - - - - 3,071,504
21,951,125 11,203,277 2,994,807 913,109 804,221 37,866,539
$ 22,846,609 $ 14,809,447 $ 3,498,835 $ 1,103,471 $ 1,101,052 $ 43,359,414
SUPPORTING SCHEDULES
CITY OF WICHITA FALLS, TEXAS
COMBINED SCHEDULE OF BONDED DEBT AND INTEREST MATURITIES
SEPTEMBER 30,2023
Fiscal Year General Obligation Bonds Combination Tax and 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
2024 $ 3,165,000 $ 1,019,767 $ 4,184,767 $ 2,620,000 $ 1,144,076 $ 3,764,076
2025 3,265,000 923,971 4,188,971 2,685,000 1,081,376 3,766,376
2026 3,020,000 797,928 3,817,928 2,750,000 1,013,327 3,763,327
2027 2,380,000 669,347 3,049,347 2,120,000 695,270 2,815,270
2028 2,450,000 594,991 3,044,991 2,165,000 647,043 2,812,043
2029 2,525,000 516,915 3,041,915 2,220,000 596,910 2,816,910
2030 1,855,000 449,952 2,304,952 2,275,000 541,927 2,816,927
2031 1,910,000 393,522 2,303,522 2,325,000 485,023 2,810,023
2032 1,765,000 335,216 2,100,216 2,385,000 426,018 2,811,018
2033 1,815,000 281,336 2,096,336 2,445,000 364,810 2,809,810
2034 990,000 225,750 1,215,750 1,145,000 299,781 1,444,781
2035 1,030,000 186,150 1,216,150 1,170,000 278,191 1,448,191
2036 1,070,000 144,950 1,214,950 1,185,000 255,699 1,440,699
2037 1,110,000 102,150 1,212,150 1,215,000 232,357 1,447,357
2038 1,155,000 57,750 1,212,750 1,235,000 208,162 1,443,162
2039 - - - 1,260,000 183,148 1,443,148
2040 - - - 1,285,000 157,250 1,442,250
2041 - - - 1,310,000 130,455 1,440,455
2042 - - - 1,340,000 102,761 1,442,761
2043 - - - 1,370,000 74,237 1,444,237
2044 - - - 1,395,000 44,997 1,439,997
2045 - - - 1,425,000 15,105 1,440,105
2046 - - - - - -
2047 - - - - - -
2048 - - - - - -
2049 - - - - - -
2050 - - - - - -
$ 29,505,000 $ 6,699,695 $ 36,204,695 $ 39,325,000 $ 8,977,923 $ 48,302,923
97
EXHIBIT G-1
Revenue Bonds Totals-All Bonded Debt
Serial Bond Interest Total Bonds Serial Bond Interest Total Bonds
Maturities on Bonds and Interest Maturities on Bonds and Interest
$ 8,890,000 $ 1,580,650 $ 10,470,650 $ 14,675,000 $ 3,744,493 $ 18,419,493
9,330,000 1,136,700 10,466,700 15,280,000 3,142,047 18,422,047
9,765,000 704,000 10,469,000 15,535,000 2,515,255 18,050,255
2,495,000 216,350 2,711,350 6,995,000 1,580,967 8,575,967
65,000 92,200 157,200 4,680,000 1,334,234 6,014,234
65,000 89,600 154,600 4,810,000 1,203,425 6,013,425
70,000 87,000 157,000 4,200,000 1,078,879 5,278,879
70,000 84,200 154,200 4,305,000 962,745 5,267,745
75,000 81,400 156,400 4,225,000 842,634 5,067,634
75,000 78,400 153,400 4,335,000 724,546 5,059,546
80,000 75,400 155,400 2,215,000 600,931 2,815,931
85,000 72,200 157,200 2,285,000 536,541 2,821,541
85,000 68,800 153,800 2,340,000 469,449 2,809,449
90,000 65,400 155,400 2,415,000 399,907 2,814,907
95,000 61,800 156,800 2,485,000 327,712 2,812,712
95,000 58,000 153,000 1,355,000 241,148 1,596,148
100,000 54,200 154,200 1,385,000 211,450 1,596,450
105,000 50,200 155,200 1,415,000 180,655 1,595,655
110,000 46,000 156,000 1,450,000 148,761 1,598,761
115,000 41,600 156,600 1,485,000 115,837 1,600,837
120,000 37,000 157,000 1,515,000 81,997 1,596,997
120,000 32,200 152,200 1,545,000 47,305 1,592,305
125,000 27,400 152,400 125,000 27,400 152,400
130,000 22,400 152,400 130,000 22,400 152,400
135,000 17,200 152,200 135,000 17,200 152,200
145,000 11,800 15 6,800 145,000 11,800 15 6,800
150,000 6,000 156,000 150,000 6,000 156,000
$ 32,785,000 $ 4,898,100 $ 37,683,100 $ 101,615,000 $ 20,575,718 $ 122,190,718
CITY OF WICHITA FALLS, TEXAS
COMBINED SCHEDULE OF BONDS PAYABLE
SEPTEMBER 30,2023
Final
Interest Rates Issue Maturity Annual
and(Dates) Date Date Serial Payments
General Obligation Bonds:
General Obligation Refunding Bonds, 2.00,2.25,2.625,2.75, 11/15/15 09/01/26 $ 200,000 (2016)
Series 2015A 3.00,4.00,5.00 810,000 (2017)
(3/1,9/1) 830,000 (2018)
870,000 (2019)
890,000 (2020)
915,000 (2021)
955,000 (2022)
990,000 (2023)
1,030,000 (2024)
1,055,000 (2025)
1,105,000 (2026)
General Obligation Refunding Bonds, 0.73,1.19,1.62,1.99, 11/15/15 09/01/26 110,000 (2016)
Series 2015B 2.29,2.62,2.83,2.91, 255,000 (2017)
3.11,3.27,3.48 255,000 (2018)
(3/1,9/1) 260,000 (2019)
265,000 (2020)
270,000 (2021)
275,000 (2022)
285,000 (2023)
295,000 (2024)
305,000 (2025)
310,000 (2026)
General Obligation Bonds, 2.00,3.00,4.00,5.00 08/01/18 09/01/38 550,000(2019)
Series 2018A (4/1,10/1) 575,000(2020)
595,000(2021)
615,000(2022)
640,000(2023)
670,000(2024)
695,000(2025)
720,000(2026)
750,000(2027)
780,000(2028)
810,000(2029)
845,000(2030)
880,000(2031)
915,000(2032)
950,000(2033)
990,000(2034)
1,030,000(2035)
1,070,000(2036)
1,110,000(2037)
1,155,000(2038)
98
EXHIBIT G-2
(Page 1 of 5)
Bonds
Retired or
Authorized Issued Refunded Outstanding
$ 9,650,000 $ 9,650,000 $ 6,460,000 $ 3,190,000
2,885,000 2,885,000 1,975,000 910,000
16,345,000 16,345,000 2,975,000 13,370,000
CITY OF WICHITA FALLS, TEXAS
COMBINED SCHEDULE OF BONDS PAYABLE (CONT'D.)
SEPTEMBER 30,2023
Final
Interest Rates Issue Maturity Annual
and(Dates) Date Date Serial Payments
General Obligation Refunding Bonds, 2.00,3.00,4.00 08/01/18 10/01/28 80,000(2019)
Series 2018E (4/1,10/1) 515,000(2020)
530,000(2021)
545,000(2022)
565,000(2023)
590,000(2024)
610,000(2025)
635,000(2026)
675,000(2027)
700,000(2028)
725,000(2029)
General Obligation Refunding Bonds, 0.398,0.686,0.959, 10/01/21 09/01/33 445,000(2022)
Taxable Series 2021 1.109,1.281,1.431, 435,000(2023)
1.573,1.833,2.033 435,000(2024)
(3/1,9/1) 440,000(2025)
85,000(2026)
785,000(2027)
795,000(2028)
805,000(2029)
820,000(2030)
835,000(2031)
850,000(2032)
865,000(2033)
General Obligation Refunding Bonds, 4.00 10/01/21 09/01/31 150,000(2022)
Series 2021 (3/1,9/1) 140,000(2023)
145,000(2024)
160,000(2025)
165,000(2026)
170,000(2027)
175,000(2028)
185,000(2029)
190,000(2030)
195,000(2031)
Total General Obligation Bonds
99
EXHIBIT G-2
(Page 2 of 5)
Bonds
Retired or
Authorized Issued Refunded Outstanding
6,170,000 6,170,000 2,235,000 3,935,000
7,595,000 7,595,000 880,000 6,715,000
1,675,000 1,675,000 290,000 1,385,000
44,320,000 44,320,000 14,815,000 29,505,000
CITY OF WICHITA FALLS, TEXAS
COMBINED SCHEDULE OF BONDS PAYABLE (CONT'D.)
SEPTEMBER 30,2023
Final
Interest Rates Issue Maturity Annual
and(Dates) Date Date Serial Payments
Combination Tax and Revenue Bonds:
Combination Tax and Revenue 2.00,3.00,3.25,3.375 03/01/13 09/01/33 530,000 (2014)
Certificates of Obligation, (3/1,9/1) 795,000 (2015)
Series 2013 815,000 (2016)
830,000 (2017)
845,000 (2018)
860,000 (2019)
890,000 (2020)
915,000 (2021)
940,000 (2022)
970,000 (2023)
1,000,000 (2024)
1,030,000 (2025)
1,060,000 (2026)
1,090,000 (2027)
1,125,000 (2028)
1,160,000 (2029)
1,195,000 (2030)
1,235,000 (2031)
1,275,000 (2032)
1,315,000 (2033)
Combination Tax and Revenue 2.00,3.00,3.125,3.25, 08/15/13 09/01/33 505,000 (2014)
Certificates of Obligation, 3.625,3.75,4.00,4.25, 500,000 (2015)
Series 2013A 4.375,4.50,4.625 510,000 (2016)
(3/1,9/1) 520,000 (2017)
530,000 (2018)
545,000 (2019)
560,000 (2020)
580,000 (2021)
595,000 (2022)
615,000 (2023)
630,000 (2024)
650,000 (2025)
675,000 (2026)
700,000 (2027)*
730,000 (2028)*
760,000 (2029)*
795,000 (2030)*
830,000 (2031)*
865,000 (2032)*
905,000 (2033)*
*Refunded
100
EXHIBIT G-2
(Page 3 of 5)
Bonds
Retired or
Authorized Issued Refunded Outstanding
19,875,000 19,875,000 8,390,000 11,485,000
13,000,000 13,000,000 11,045,000 1,955,000
CITY OF WICHITA FALLS, TEXAS
COMBINED SCHEDULE OF BONDS PAYABLE (CONT'D.)
SEPTEMBER 30,2023
Final
Interest Rates Issue Maturity Annual
and(Dates) Date Date Serial Payments
Combination Tax and Revenue 0.00,0.09,0.40,0.68, 01/02/15 03/01/45 890,000 (2016)
Certificates of Obligation, 0.89,1.05,1.16,1.29, 960,000 (2017)
Series 2015 1.40,1.47,1.53,1.59 960,000 (2018)
1.64,1.69,1.74,1.79 960,000 (2019)
1.84,1.89,1.93,1.96 965,000 (2020)
1.99,2.02,2.05,2.08 970,000 (2021)
2.10,2.11,2.12 975,000 (2022)
(3/1,9/1) 980,000 (2023)
990,000 (2024)
1,005,000 (2025)
1,015,000 (2026)
1,030,000 (2027)
1,040,000 (2028)
1,060,000 (2029)
1,080,000 (2030)
1,090,000 (2031)
1,110,000 (2032)
1,130,000 (2033)
1,145,000 (2034)
1,170,000 (2035)
1,185,000 (2036)
1,215,000 (2037)
1,235,000 (2038)
1,260,000 (2039)
1,285,000 (2040)
1,310,000 (2041)
1,340,000 (2042)
1,370,000 (2043)
1,395,000 (2044)
1,425,000 (2045)
Total Combination Tax and Revenue Bonds
Revenue Bonds:
Water and Sewer System 2.00,4.00,5.00 06/01/16 08/01/27 2,635,000 (2017)
Revenue Refunding Bonds, (2/1,8/1) 2,885,000 (2018)
Series 2016 6,915,000 (2019)
7,265,000 (2020)
7,635,000 (2021)
8,010,000 (2022)
8,410,000 (2023)
8,835,000 (2024)
9,275,000 (2025)
9,705,000 (2026)
2,435,000 (2027)
101
EXHIBIT G-2
(Page 4 of 5)
Bonds
Retired or
Authorized Issued Refunded Outstanding
33,545,000 33,545,000 7,660,000 25,885,000
66,420,000 66,420,000 27,095,000 39,325,000
74,005,000 74,005,000 43,755,000 30,250,000
CITY OF WICHITA FALLS, TEXAS
COMBINED SCHEDULE OF BONDS PAYABLE (CONT'D.)
SEPTEMBER 30,2023
Final
Interest Rates Issue Maturity Annual
and(Dates) Date Date Serial Payments
Venue Tax Revenue Bonds, 4.00 12/01/20 09/01/50 45,000(2021)
Series 2020 (3/1,9/1) 50,000(2022)
50,000(2023)
55,000(2024)
55,000(2025)
60,000(2026)
60,000(2027)
65,000(2028)
65,000(2029)
70,000(2030)
70,000(2031)
75,000(2032)
75,000(2033)
80,000(2034)
85,000(2035)
85,000(2036)
90,000(2037)
95,000(2038)
95,000(2039)
100,000(2040)
105,000(2041)
110,000(2042)
115,000(2043)
120,000(2044)
120,000(2045)
125,000(2046)
130,000(2047)
135,000(2048)
145,000(2049)
150,000(2050)
Total Revenue Bonds
Total All Bonds
102
EXHIBIT G-2
(Page 5 of 5)
Bonds
Retired or
Authorized Issued Refunded Outstanding
2,680,000 2,680,000 145,000 2,535,000
76,685,000 76,685,000 43,900,000 32,785,000
$ 187,425,000 $ 187,425,000 $ 85,810,000 $ 101,615,000
EXHIBIT G-3
CITY OF WICHITA FALLS, TEXAS
DEBT SERVICE COVERAGE- REVENUE BONDS
SEPTEMBER 30, 2023
Water and Sewer Revenue Bonds:
Change in net position (Exhibit A-8) $ 11,064,723
Add:
Depreciation and amortization $ 8,904,531
Interest expense and paying agent fees 2,219,148
Transfers out 1,880,468 13,004,147
Subtract:
West Texas Utilities water revenues 500,000
Gain (loss)on sale/abandonment of capital assets 28,525
Capital contributions from developers 2,207,260
Transfers in 784,916 (3,520,701)
Net earnings for determining debt service coverage $ 20,548,169
Priority Subordinate
Lien Bonds Lien Bonds
Net earnings for determining debt service coverage $ 20,548,169
Principal and interest requirements to maturity $ 33,495,500 $ -
Number of years remaining to pay bonds 4 N/A
Average annual principal and interest requirement 8,373,875 N/A
Minimum bond covenant debt service coverage 1.25 1.10
Minimum debt service coverage requirement $ 10,467,344 $ - 10,467,344
Excess over debt service coverage requirements $ 10,080,825
103
CITY OF WICHITA FALLS, TEXAS
CAPITAL ASSETS USED IN THE OPERATION OF GOVERNMENTAL FUNDS
SCHEDULE BY FUNCTION AND ACTIVITY
SEPTEMBER 30,2023
Buildings Machinery
Land and and and
Betterments Improvements Equipment
Administrative services:
Mayor and City Council -
City Manager - 265,898 2,020
Personnel/Risk Management - - 2,963
Martin Luther King Center - 749,447 -
Library 477,942 4,495,425 572,630
General Public Information - 693,348 229,892
Building Maintenance - 2,770,246 136,877
Nondepartmental 46,347 380,754 85,497
Municipal Court 230,000 310,819 75,951
Legal - - 1,518
Homeland security - - 584,968
Training Center - - 2,271
Golf course 3,808,375 1,205,573 93,430
Total administrative services 4,562,664 10,871,510 1,788,017
Police 1,131,749 10,231,507 15,432,157
Fire 190,565 7,051,522 1,380,891
Parks and recreation:
Recreation 4,080,206 1,702,037 210,663
Park maintenance 4,719,322 554,597 110,051
Cemetery 141,685 - 6,448
Lake Wichita Revitalization-Boardwalk 1,738,092 - -
Lynwood Community Center - 214,895 -
Total parks and recreation 10,679,305 2,471,529 327,162
Accounting/finance:
Information Systems - - 12,042,102
Total accounting/finance - - 12,042,102
Community development:
Planning - - 20,438
Inspection - - 1,360
Property management 10,364,824 420,892 9,274
Section 8 housing - - 47,274
Hazard Mitigation grant 170,800 - -
Total community development 10,535,624 420,892 78,346
Public works:
Engineering - 61,948 183,229
Street maintenance 415,650 100,108 30,606
Lake Wichita Revitalization - - -
Infrastructure 1,365,633 - -
Total public works 1,781,283 162,056 213,835
Health:
Administration 34,820 3,066,351 326,721
General City nursing 76,411 1,123 10,108
Environmental health - - 69,596
Lab water pollution - - 45,235
Animal reclaim center 150,737 4,114,850 26,772
Total health 261,968 7,182,324 478,432
Traffic and transportation - 31,045 109,683
Multi-Purpose Events Center 9,560,210 41,814,297 675,809
Wichita Falls Business Park 1,099,507 - -
Total capital assets used in the operation of governmental funds $ 39,802,875 $ 80,236,682 $ 32,526,434
104
EXHIBIT G-4
Furniture
and Subscription Construction
Fixtures Assets Infrastructure in Progress Totals
$ 5,218 $ - $ - $ - $ 5,218
13,644 - - - 281,562
4,660 - - - 7,623
749,447
73,266 - - - 5,619,263
3,184 - - - 926,424
2,907,123
512,598
616,770
1,518
584,968
2,271
5,107,378
99,972 - - - 17,322,163
8,759 67,040 - 205,700 27,076,912
2,111 8,625,089
5,992,906
5,383,970
148,133
1,738,092
214,895
13,477,996
603,614 - - 12,645,716
603,614 - - 12,645,716
20,438
1,360
10,794,990
47,274
170,800
11,034,862
245,177
546,364
915,175 915,175
207,251,156 2,169,427 210,786,216
207,251,156 3,084,602 212,492,932
237,789 - 103,129 3,768,810
87,642
69,596
45,235
4,292,359
237,789 - 103,129 8,263,642
15,952,439 - 16,093,167
22,117 - - 3,257,982 55,330,415
1,099,507
$ 130,848 $ 908,443 $ 223,203,595 $ 6,653,524 $ 383,462,401
EXHIBIT G-5
CITY OF WICHITA FALLS, TEXAS
CAPITAL ASSETS USED IN THE OPERATION OF GOVERNMENTAL FUNDS
SCHEDULE OF CHANGES BY FUNCTION AND ACTIVITY
FOR THE YEAR ENDED SEPTEMBER 30,2023
Beginning Ending
Balance Balance
10/1/2022 Additions Deletions 9/30/2023
Administrative services:
Mayor and City Council $ 5,218 $ - $ - $ 5,218
City Manager 281,562 - - 281,562
Personnel/Risk Management 7,623 - - 7,623
Martin Luther King Center 749,447 - - 749,447
Library 5,619,263 - - 5,619,263
General Public Information 843,652 82,772 - 926,424
Building Maintenance 2,907,123 - - 2,907,123
Nondepartmental 512,598 - - 512,598
Municipal Court 616,770 - - 616,770
Legal 1,518 - - 1,518
Homeland security 584,968 - - 584,968
Training center 2,271 - - 2,271
Golf course 4,688,606 418,772 - 5,107,378
Total administrative services 16,820,619 501,544 - 17,322,163
Police 26,960,619 116,293 - 27,076,912
Fire 8,108,246 516,843 - 8,625,089
Parks and recreation:
Recreation 2,616,850 3,376,056 - 5,992,906
Park maintenance 5,242,504 141,466 - 5,383,970
Cemetery 148,133 - - 148,133
Lake Wichita Revitalization 1,261,180 476,912 - 1,738,092
Lynwood Community Center 214,895 - - 214,895
Total parks and recreation 9,483,562 3,994,434 - 13,477,996
Accounting/finance:
Information Systems 10,678,608 1,967,108 - 12,645,716
Total accounting/finance 10,678,608 1,967,108 - 12,645,716
Community development:
Planning 20,438 - - 20,438
Inspection 1,360 - - 1,360
Property management 10,764,990 30,000 - 10,794,990
Section 8 Housing - 47,274 - 47,274
Hazard Mitigation Grant 170,800 - - 170,800
Total community development 10,957,588 77,274 - 11,034,862
Public works:
Engineering 245,177 - - 245,177
Street maintenance 230,510 315,854 - 546,364
Lake Wichita Revitalization 900,925 14,250 - 915,175
Infrastructure 205,815,781 5,957,906 987,471 210,786,216
Total public works 207,192,393 6,288,010 987,471 212,492,932
Health:
Administration 3,329,739 439,071 - 3,768,810
General city nursing 87,642 - - 87,642
Environmental health 69,596 - - 69,596
Lab water pollution 45,235 - - 45,235
Animal reclaim center 4,292,359 - - 4,292,359
Total health 7,824,571 439,071 - 8,263,642
Traffic and transportation 16,049,096 137,239 93,168 16,093,167
Multi-Purpose Events Center 49,852,613 5,477,802 - 55,330,415
Wichita Falls Business Park 1,099,507 - - 1,099,507
Total capital assets $ 365,027,422 $ 19,515,618 $ 1,080,639 $ 383,462,401
105
EXHIBIT G-6
CITY OF WICHITA FALLS, TEXAS
REGIONAL AIRPORT FUND
CAPITAL ASSETS AND ACCUMULATED DEPRECIATION
FOR THE YEAR ENDED SEPTEMBER 30, 2023
Balance Balance
10/1/2022 Additions Deletions 9/30/2023
Capital Assets:
Land and betterments $ 20,463,606 $ 28,050 $ - $ 20,491,656
Buildings and improvements 34,104,170 218,535 - 34,322,705
Machinery and equipment 219,529 28,080 - 247,609
Furniture and fixtures 12,829 - - 12,829
Infrastructure 1,308,101 - - 1,308,101
Right-to-use leased assets 3,066,768 - - 3,066,768
Construction in progress 44,000 174,535 218,535 -
Total capital assets 59,219,003 449,200 218,535 59,449,668
Accumulated Depreciation:
Land and betterments 6,861,238 824,667 - 7,685,905
Buildings and improvements 5,428,064 683,923 - 6,111,987
Machinery and equipment 122,440 22,515 - 144,955
Furniture and fixtures 12,830 - - 12,830
Right-to-use leased assets 829,279 62,587 - 891,866
Infrastructure 43,603 17,441 - 61,044
Total accumulated depreciation 13,297,454 1,611,133 - 14,908,587
Net capital assets $ 45,921,549 $ (1,161,933) $ 218,535 $ 44,541,081
106
EXHIBIT G-7
CITY OF WICHITA FALLS, TEXAS
KICKAPOO AIRPORT FUND
CAPITAL ASSETS AND ACCUMULATED DEPRECIATION
FOR THE YEAR ENDED SEPTEMBER 30, 2023
Balance Balance
10/1/2022 Additions Deletions 9/30/2023
Capital Assets:
Land and betterments $ 13,643,355 $ - $ - $ 13,643,355
Buildings and improvements 3,264,730 787,901 - 4,052,631
Machinery and equipment 583,215 - - 583,215
Construction in progress 488,991 - 453,744 35,247
Total capital assets 17,980,291 787,901 453,744 18,314,448
Accumulated Depreciation:
Land and betterments 4,328,093 382,913 - 4,711,006
Buildings and improvements 1,626,994 120,564 - 1,747,558
Machinery and equipment 523,697 23,903 - 547,600
Total accumulated depreciation 6,478,784 527,380 - 7,006,164
Net capital assets $ 11,501,507 $ 260,521 $ 453,744 $ 11,308,284
107
EXHIBIT G-8
CITY OF WICHITA FALLS, TEXAS
TRANSIT FUND
CAPITAL ASSETS AND ACCUMULATED DEPRECIATION
FOR THE YEAR ENDED SEPTEMBER 30, 2023
Balance Balance
10/1/2022 Additions Deletions 9/30/2023
Capital Assets:
Land and betterments $ 2,001,247 $ - $ - $ 2,001,247
Buildings and improvements 17,530,899 73,644 - 17,604,543
Machinery and equipment 546,740 - - 546,740
Construction in progress 73,440 204 73,644 -
Total capital assets 20,152,326 73,848 73,644 20,152,530
Accumulated Depreciation:
Land and betterments 100,217 10,549 - 110,766
Buildings and improvements 1,410,480 378,490 - 1,788,970
Machinery and equipment 464,601 38,325 - 502,926
Total accumulated depreciation 1,975,298 427,364 - 2,402,662
Net capital assets $ 18,177,028 $ (353,516) $ 73,644 $ 17,749,868
108
EXHIBIT G-9
CITY OF WICHITA FALLS, TEXAS
STORMWATER DRAINAGE FUND
CAPITAL ASSETS AND ACCUMULATED DEPRECIATION
FOR THE YEAR ENDED SEPTEMBER 30, 2023
Balance Balance
10/1/2022 Additions Deletions 9/30/2023
Capital Assets:
Drainage $ 30,350,663 $ 2,671,753 $ - $ 33,022,416
Land and betterments 686,529 - - 686,529
Machinery and equipment 60,395 - - 60,395
Construction in progress 660,829 468,599 195,850 933,578
Total capital assets 31,758,416 3,140,352 195,850 34,702,918
Accumulated Depreciation:
Drainage 3,673,043 422,488 - 4,095,531
Land betterments 52,601 6,354 - 58,955
Machinery and equipment 46,827 2,369 - 49,196
Total accumulated depreciation 3,772,471 431,211 - 4,203,682
Net capital assets $ 27,985,945 $ 2,709,141 $ 195,850 $ 30,499,236
109
EXHIBIT G-10
CITY OF WICHITA FALLS, TEXAS
SANITATION FUND
CAPITAL ASSETS AND ACCUMULATED DEPRECIATION
FOR THE YEAR ENDED SEPTEMBER 30, 2023
Balance Balance
10/1/2022 Additions Deletions 9/30/2023
Capital Assets:
Land and betterments $ 9,615,262 $ 129,111 $ - $ 9,744,373
Buildings and improvements 3,571,328 - - 3,571,328
Machinery and equipment 685,008 - - 685,008
Construction in progress 39,435 899,646 32,684 906,397
Total capital assets 13,911,033 1,028,757 32,684 14,907,106
Accumulated Depreciation:
Land and betterments 2,071,852 182,910 - 2,254,762
Buildings and improvements 2,019,461 94,685 - 2,114,146
Machinery and equipment 527,972 42,463 - 570,435
Total accumulated depreciation 4,619,285 320,058 - 4,939,343
Net capital assets $ 9,291,748 $ 708,699 $ 32,684 $ 9,967,763
110
EXHIBIT G-11
CITY OF WICHITA FALLS, TEXAS
WATER AND SEWER FUND
CAPITAL ASSETS AND ACCUMULATED DEPRECIATION
FOR THE YEAR ENDED SEPTEMBER 30,2023
Balance Balance
10/1/2022 Additions Deletions 9/30/2023
Capital Assets:
Land and betterments $ 24,349,958 $ - $ - $ 24,349,958
Buildings,systems and
improvements 404,431,813 9,088,210 158,000 413,362,023
Machinery and equipment 7,050,978 20,161 - 7,071,139
Furniture and fixtures 1,164 - - 1,164
Construction in progress 2,352,793 4,367,873 1,994,757 4,725,909
Total capital assets 438,186,706 13,476,244 2,152,757 449,510,193
Accumulated Depreciation:
Land and betterments 12,494,662 229,613 - 12,724,275
Buildings,systems and
improvements 161,905,656 8,403,961 158,000 170,151,617
Machinery and equipment 5,404,045 270,957 - 5,675,002
Furniture and fixtures 1,164 - - 1,164
Total accumulated depreciation 179,805,527 8,904,531 158,000 188,552,058
Net capital assets $ 258,381,179 $ 4,571,713 $ 1,994,757 $ 260,958,135
111
EXHIBIT G-12
CITY OF WICHITA FALLS, TEXAS
WATERPARK FUND
CAPITAL ASSETS AND ACCUMULATED DEPRECIATION
FOR THE YEAR ENDED SEPTEMBER 30,2023
Balance Balance
10/1/2022 Additions Deletions 9/30/2023
Capital Assets:
Land and betterments $ 389,894 $ - $ - $ 389,894
Buildings and improvements 4,641,246 - - 4,641,246
Machinery and equipment 298,744 182,857 - 481,601
Total capital assets 5,329,884 182,857 - 5,512,741
Accumulated Depreciation:
Buildings and improvements 2,648,940 233,212 - 2,882,152
Machinery and equipment 236,315 23,164 - 259,479
Total accumulated depreciation 2,885,255 256,376 - 3,141,631
Net capital assets $ 2,444,629 $ (73,519) $ - $ 2,371,110
112
EXHIBIT G-13
CITY OF WICHITA FALLS, TEXAS
FLEET MAINTENANCE FUND
CAPITAL ASSETS AND ACCUMULATED DEPRECIATION
FOR THE YEAR ENDED SEPTEMBER 30, 2023
Balance Balance
10/1/2022 Additions Deletions 9/30/2023
Capital Assets:
Land and betterments $ 436,269 $ - $ - $ 436,269
Buildings and improvements 4,848,002 7,818 - 4,855,820
Machinery and equipment 1,670,786 - - 1,670,786
Furniture and fixtures 2,950 - - 2,950
Motor vehicles 74,139,975 7,315,798 5,869,193 75,586,580
Construction in progress - 130,954 - 130,954
Total capital assets 81,097,982 7,454,570 5,869,193 82,683,359
Accumulated Depreciation:
Land and betterments 2,611 - - 2,611
Buildings and improvements 3,243,927 124,312 - 3,368,239
Machinery and equipment 1,581,615 35,875 - 1,617,490
Furniture and fixtures 2,950 - - 2,950
Motor vehicles 54,167,751 4,469,436 5,617,015 53,020,172
Total accumulated depreciation 58,998,854 4,629,623 5,617,015 58,011,462
Net capital assets $ 22,099,128 $ 2,824,947 $ 252,178 $ 24,671,897
113
EXHIBIT G-14
CITY OF WICHITA FALLS, TEXAS
DUPLICATING SERVICES FUND
CAPITAL ASSETS AND ACCUMULATED DEPRECIATION
FOR THE YEAR ENDED SEPTEMBER 30, 2023
Balance Balance
10/1/2022 Additions Deletions 9/30/2023
Capital Assets:
Machinery and equipment $ 9,117 $ - $ - $ 9,117
Accumulated Depreciation:
Machinery and equipment 9,117 - - 9,117
Net capital assets $ - $ - $ - $ -
114
EXHIBIT G-15
CITY OF WICHITA FALLS, TEXAS
INFORMATION TECHNOLOGY FUND
CAPITAL ASSETS AND ACCUMULATED DEPRECIATION
FOR THE YEAR ENDED SEPTEMBER 30, 2023
Balance Balance
10/1/2022 Additions Deletions 9/30/2023
Capital Assets:
Machinery and equipment $ 9,384,900 $ 1,967,108 $ - $ 11,352,008
Subscription assets 603,614 - - 603,614
Total capital assets 9,988,514 1,967,108 - 11,955,622
Accumulated Depreciation:
Machinery and equipment 4,975,577 1,067,742 - 6,043,319
Subscription assets 362,169 60,361 - 422,530
Total accumulated depreciation 5,337,746 1,128,103 - 6,465,849
Net capital assets $ 4,650,768 $ 839,005 $ - $ 5,489,773
115
EXHIBIT G-16
CITY OF WICHITA FALLS, TEXAS
WICHITA FALLS ECONOMIC DEVELOPMENT CORPORATION
CAPITAL ASSETS AND ACCUMULATED DEPRECIATION
FOR THE YEAR ENDED SEPTEMBER 30, 2023
Balance Balance
10/1/2022 Additions Deletions 9/30/2023
Capital Assets:
Land and betterments $ 1,177,156 $ - $ - $ 1,177,156
Buildings and improvements 3,621,543 2,407,372 - 6,028,915
Construction in progress - 1,030,896 - 1,030,896
Total capital assets 4,798,699 3,438,268 - 8,236,967
Accumulated Depreciation:
Buildings and improvements 32,111 91,417 - 123,528
Net capital assets $ 4,766,588 $ 3,346,851 $ - $ 8,113,439
116
EXHIBIT G-17
CITY OF WICHITA FALLS, TEXAS
WICHITA FALLS 4B SALES TAX CORPORATION
CAPITAL ASSETS AND ACCUMULATED DEPRECIATION
FOR THE YEAR ENDED SEPTEMBER 30, 2023
Balance Balance
10/1/2022 Additions Deletions 9/30/2023
Capital Assets:
Construction in progress $ 8,555,075 $ 8,973,086 $ - $ 17,528,161
Total capital assets 8,555,075 8,973,086 - 17,528,161
Accumulated Depreciation:
None - - - -
Net capital assets $ 8,555,075 $ 8,973,086 $ - $ 17,528,161
117
STATISTICAL SECTION (UNAUDITED)
This part of the City of Wichita Falls, Texas' Annual Comprehensive Financial Report presents detailed
information as a context for understanding what the information in the financial statements, note
disclosures, and required supplementary information says about the government's overall financial
health.
Contents Page
Financial Trends 118
These schedules contain trend information to help the reader understand how the
government's financial performance and well-being have changed over time.
Revenue Capacity 123
These schedules contain information to help the reader assess the government's most
significant local revenue source, the property tax.
Debt Capacity 128
These schedules present information to help the reader assess the affordability of the
government's current levels of outstanding debt and the government's ability to issue
additional debt in the future.
Demographic and Economic Information 133
These schedules offer demographic and economic indicators to help the reader understand
the environment within which the government's financial activities take place.
Operating Information 135
These schedules contain service and infrastructure data to help the reader understand
how the information in the government's financial report relates to the services the
government provides and the activities it performs.
CITY OF WICHITA FALLS, TEXAS
NET POSITION BY COMPONENT
LAST TEN FISCAL YEARS(UNAUDITED)
2013-2014 2014-2015 2015-2016 2016-2017
Governmental activities
Net investment in capital assets $ 128,168,873 $ 143,014,752 $ 148,206,829 $ 150,776,165
Restricted 5,290,076 3,715,125 4,468,638 5,497,793
Unrestricted 5,789,973 (59,103,807) (64,279,354) (68,466,161)
Total governmental activities net position $ 139,248,922 $ 87,626,070 $ 88,396,113 $ 87,807,797
Business-type activities
Net investment in capital assets $ 225,576,460 $ 238,249,137 $ 236,074,244 $ 250,154,417
Restricted 11,885,698 11,800,667 11,082,332 11,046,973
Unrestricted 22,571,945 13,941,283 31,265,373 27,573,458
Total business-type activities net position $ 260,034,103 $ 263,991,087 $ 278,421,949 $ 288,774,848
Primary government
Net investment in capital assets $ 353,745,333 $ 381,263,889 $ 384,281,073 $ 400,930,582
Restricted 17,175,774 15,515,792 15,550,970 16,544,766
Unrestricted 28,361,918 (45,162,524) (33,013,981) (40,892,703)
Total primary government net position $ 399,283,025 $ 351,617,157 $ 366,818,062 $ 376,582,645
118
EXHIBIT H-1
Fiscal Year
2017-2018 2018-2019 2019-2020 2020-2021 2021-2022 2022-2023
$ 150,833,699 $ 152,824,700 $ 155,903,407 $ 160,441,794 $ 160,339,899 $ 170,977,795
5,626,033 5,974,408 6,632,804 7,260,262 9,812,139 11,201,687
(81,755,666) (85,423,347) (94,509,218) (85,096,370) (70,492,162) (70,649,178)
$ 74,704,066 $ 73,375,761 $ 68,026,993 $ 82,605,686 $ 99,659,876 $ 111,530,304
$ 254,487,928 $ 264,868,493 $ 270,540,608 $ 293,604,354 $ 309,284,549 $ 324,572,842
11,571,092 11,780,255 12,008,946 11,836,811 11,840,406 12,395,127
35,237,418 37,715,916 47,578,892 45,447,623 53,612,672 55,729,088
$ 301,296,438 $ 314,364,664 $ 330,128,446 $ 350,888,788 $ 374,737,627 $ 392,697,057
$ 405,321,627 $ 417,693,193 $ 426,444,015 $ 454,046,148 $ 469,624,448 $ 495,550,637
17,197,125 17,754,663 18,641,750 19,097,073 21,652,545 23,596,814
(46,518,248) (47,707,431) (46,930,326) (39,648,747) (16,879,490) (14,920,090)
$ 376,000,504 $ 387,740,425 $ 398,155,439 $ 433,494,474 $ 474,397,503 $ 504,227,361
CITY OF WICHITA FALLS, TEXAS
CHANGES IN NET POSITION
LAST TEN FISCAL YEARS (UNAUDITED)
2013-2014 2014-2015 2015-2016 2016-2017
Expenses
Governmental activities:
Administrative services $ 13,873,741 $ 14,837,668 $ 14,235,870 $ 15,198,841
Police 23,195,421 23,705,432 25,633,843 25,513,220
Fire 14,387,072 16,455,087 17,476,759 21,107,882
Parks and recreation 5,574,156 5,492,124 5,637,654 5,655,633
Accounting/finance 923,727 876,069 787,945 760,506
Community development 6,497,467 6,400,781 6,681,803 6,902,628
Public works 8,155,640 8,117,413 8,334,993 8,551,971
Health 5,166,135 5,398,191 5,707,386 5,814,947
Traffic and transportation 2,617,801 2,555,837 2,667,418 2,579,284
Multi-Purpose Events Center 4,302,368 4,553,654 4,544,817 4,021,413
Interest and fees on long-term debt 1,992,169 1,910,975 1,631,355 1,443,552
Total governmental activities expenses 86,685,697 90,303,231 93,339,843 97,549,877
Business-type activities:
Municipal Airport 855,765 2,532,243 1,881,055 1,827,618
Kickapoo Airport 1,423,952 1,412,211 1,252,359 1,198,823
Transit 2,416,274 2,524,244 2,673,176 2,540,427
Sanitation 9,333,512 9,489,348 9,841,683 10,216,686
Water and Sewer 32,364,514 33,554,406 32,120,018 33,288,819
Stormwater drainage 560,389 674,839 828,537 816,334
Waterpark 1,456,084 1,557,158 1,598,720 1,538,193
Total business-type activities expenses 48,410,490 51,744,449 50,195,548 51,426,900
Total primary government expenses $ 135,096,187 $ 142,047,680 $ 143,535,391 $ 148,976,777
Program Revenues
Governmental activities:
Charges for services:
Administrative services $ 4,220,786 $ 4,030,674 $ 4,270,749 $ 4,735,471
Police 339,867 396,228 335,112 420,289
Fire 15,854 6,866 1,749 36,937
Parks and recreation 530,305 447,990 429,207 441,751
Community development 1,094,904 1,006,966 1,101,085 1,209,021
Public works 94,772 9,510 11,824 14,223
Health 1,051,444 995,634 1,051,834 1,081,910
Traffic and transportation 133,133 162,184 72,965 126,334
Multi-Purpose Events Center 1,553,729 1,604,828 1,561,783 892,049
Operating grants and contributions 10,837,248 11,019,845 14,803,477 14,934,929
Capital grants and contributions 12,956,740 5,349,242 3,942,929 1,032,502
Total governmental activities program
revenues 32,828,782 25,029,967 27,582,714 24,925,416
119
EXHIBIT H-2
(Page 1 of 2)
Fiscal Year
2017-2018 2018-2019 2019-2020 2020-2021 2021-2022 2022-2023
$ 16,029,050 $ 15,853,414 $ 15,623,435 $ 16,023,333 $ 16,701,365 $ 19,214,246
25,046,425 27,736,316 34,225,996 26,119,364 25,454,226 30,331,586
24,205,615 21,059,239 26,796,338 26,145,244 22,599,594 25,908,574
5,484,893 5,995,353 6,057,586 5,134,632 5,810,019 6,554,341
663,516 785,465 1,004,472 759,671 722,292 1,061,629
6,579,677 7,253,122 7,586,750 6,955,276 7,498,256 10,261,349
8,563,442 8,533,518 8,708,349 7,894,812 8,620,682 9,329,189
5,798,759 5,964,161 6,630,232 6,229,228 7,065,470 7,585,313
2,383,760 2,951,269 3,255,742 2,412,555 3,076,440 3,265,753
3,250,928 3,126,421 2,791,731 2,848,607 5,134,193 6,049,052
1,556,402 1,780,418 1,607,429 1,695,662 1,455,563 1,306,918
99,562,467 101,038,696 114,288,060 102,218,384 104,138,100 120,867,950
1,907,909 2,014,903 2,097,484 2,753,360 2,929,361 3,041,535
1,259,413 1,451,976 1,282,322 1,185,924 1,642,866 1,549,000
2,377,201 2,622,657 2,552,634 2,254,674 3,123,714 3,377,663
10,300,771 11,407,943 11,727,774 10,138,273 10,857,203 11,688,957
33,426,850 33,564,147 34,893,459 33,126,472 33,728,464 39,661,150
796,597 785,974 864,517 1,137,854 1,147,940 1,118,252
1,591,560 1,599,828 1,494,829 1,605,187 1,681,431 1,880,642
51,660,301 53,447,428 54,913,019 52,201,744 55,110,979 62,317,199
$ 151,222,768 $ 154,486,124 $ 169,201,079 $ 154,420,128 $ 159,249,079 $ 183,185,149
$ 4,501,100 $ 4,657,529 $ 4,325,538 $ 6,858,710 $ 5,556,508 $ 5,679,417
338,223 288,280 311,390 263,904 393,772 815,908
39,598 85,627 43,306 106 60,360 63,790
393,227 355,005 293,275 263,101 334,990 417,761
1,233,431 1,419,097 1,426,440 1,549,609 2,231,598 2,170,065
10,869 7,511 17,999 5,839 39,213 4,014
1,110,658 1,126,273 1,107,601 1,132,205 1,131,018 1,134,133
122,384 121,251 113,048 153,560 109,655 174,841
10,872 - 3,482 44,326 1,705,277 2,170,634
12,437,104 12,908,026 21,239,893 17,665,897 17,045,852 22,509,058
4,296,164 60,000 - 1,996,829 1,876,048 1,451,564
24,493,630 21,028,599 28,881,972 29,934,086 30,484,291 36,591,185
CITY OF WICHITA FALLS, TEXAS
CHANGES IN NET POSITION (CONT'D.)
LAST TEN FISCAL YEARS (UNAUDITED)
2013-2014 2014-2015 2015-2016 2016-2017
Business-type activities:
Charges for services:
Municipal Airport 775,829 864,505 1,109,959 1,120,916
Kickapoo Airport 1,239,973 1,090,276 970,129 884,354
Transit 476,716 541,389 503,708 432,083
Sanitation 13,196,489 12,790,072 13,223,470 13,394,186
Water and Sewer 31,272,972 38,855,845 42,999,399 43,527,980
Stormwater drainage 2,601,158 2,763,120 3,703,803 3,738,019
Waterpark 1,292,639 1,492,787 1,437,615 1,321,622
Operating grants and contributions 1,830,334 1,826,749 2,282,163 1,701,652
Capital grants and contributions 1,017,827 1,558,589 209,110 396,830
Total business-type activities program
revenues 53,703,937 61,783,332 66,439,356 66,517,642
Total primary government program
revenues $ 86,532,719 $ 86,813,299 $ 94,022,070 $ 91,443,058
Net(Expense)/Revenue
Governmental activities $ (53,856,915) $ (65,273,264) $ (65,757,129) $ (72,624,461)
Business-type activities 5,293,447 10,038,883 16,243,808 15,090,742
Total primary government net expense $ (48,563,468) $ (55,234,381) $ (49,513,321) $ (57,533,719)
General Revenues and Other Changes in Net Position
Governmental activities:
Taxes:
Property tax $ 29,784,202 $ 31,072,640 $ 34,515,164 $ 35,120,896
Sales tax 22,397,536 22,403,406 22,373,768 22,413,397
Franchise fees 5,558,600 5,414,414 5,038,247 5,193,721
Hotel occupancy tax 1,684,329 1,775,372 1,910,468 1,878,061
Beverage tax 281,598 291,091 286,986 281,687
Bingo tax 36,688 32,764 26,736 9,098
Investment earnings 33,309 20,732 129,886 303,325
Miscellaneous 879,538 529,526 447,357 1,651,791
Transfers (18,778,342) (2,072,770) 2,003,892 5,184,169
Total governmental activities 41,877,458 59,467,175 66,732,504 72,036,145
Business-type activities:
Investment earnings 11,680 14,884 175,860 415,837
Miscellaneous 138,419 87,079 60,331 22,028
Transfers 18,778,342 2,072,770 (2,003,892) (5,184,169)
Total business-type activities 18,928,441 2,174,733 (1,767,701) (4,746,304)
Total primary government $ 60,805,899 $ 61,641,908 $ 64,964,803 $ 67,289,841
Change in Net Position
Governmental activities $ (11,979,457) $ (5,806,089) $ 975,375 $ (588,316)
Business-type activities 24,221,888 12,213,616 14,476,107 10,344,438
Total primary government $ 12,242,431 $ 6,407,527 $ 15,451,482 $ 9,756,122
120
EXHIBIT H-2
(Page 2 of 2)
Fiscal Year
2017-2018 2018-2019 2019-2020 2020-2021 2021-2022 2022-2023
1,178,304 1,165,060 868,429 1,511,517 1,921,572 1,919,173
924,673 944,394 765,536 757,246 1,127,421 1,080,143
431,419 498,808 405,969 611,213 538,637 486,204
13,701,215 14,776,821 15,192,130 16,154,115 16,901,006 17,208,729
46,225,281 44,464,193 46,673,593 45,810,693 50,122,232 50,034,772
3,728,335 3,730,485 3,787,383 3,706,349 3,751,220 3,755,677
1,501,475 1,425,913 1,271,508 1,779,308 1,677,399 1,904,398
3,938,011 4,857,917 5,738,059 8,223,555 4,311,198 4,605,539
876,211 89,890 727,961 874,423 3,047,912 2,274,480
72,504,924 71,953,481 75,430,568 79,428,419 83,398,597 83,269,115
$ 96,998,554 $ 92,982,080 $ 104,312,540 $ 109,362,505 $ 113,882,888 $ 119,860,300
$ (75,068,837) $ (80,010,097) $ (85,406,088) $ (72,284,298) $ (73,653,809) $ (84,276,765)
20,844,623 18,506,053 20,517,549 27,226,675 28,287,618 20,951,916
$ (54,224,214) $ (61,504,044) $ (64,888,539) $ (45,057,623) $ (45,366,191) $ (63,324,849)
$ 35,842,110 $ 37,898,136 $ 41,399,096 $ 43,019,695 $ 45,229,447 $ 46,719,098
23,861,013 24,894,930 25,205,996 28,362,467 31,099,772 30,988,808
5,326,403 5,314,591 5,164,750 5,451,658 5,681,541 5,911,738
1,952,011 2,075,905 1,878,957 2,660,388 2,873,908 2,956,265
308,333 328,163 255,816 309,857 359,797 376,230
2,626 - - - - -
625,368 1,375,504 581,802 47,531 679,311 5,295,711
496,434 341,079 525,007 521,187 566,004 942,581
4,611,766 6,453,485 5,045,896 6,490,207 4,045,947 3,008,234
73,026,064 78,681,793 80,057,320 86,862,990 90,535,727 96,198,665
748,434 1,005,000 371,124 23,871 236,378 1,652,400
89,332 10,654 (1,858) - 2,099 29,101
(4,611,766) (6,453,485) (5,045,896) (6,490,207) (4,045,947) (3,008,234)
(3,774,000) (5,437,831) (4,676,630) (6,466,336) (3,807,470) (1,326,733)
$ 69,252,064 $ 73,243,962 $ 75,380,690 $ 80,396,654 $ 86,728,257 $ 94,871,932
$ (2,042,773) $ (1,328,304) $ (5,348,768) $ 14,578,692 $ 16,881,918 $ 11,921,900
17,070,623 13,068,222 15,840,919 20,760,339 24,480,148 19,625,183
$ 15,027,850 $ 11,739,918 $ 10,492,151 $ 35,339,031 $ 41,362,066 $ 31,547,083
CITY OF WICHITA FALLS, TEXAS
FUND BALANCES,GOVERNMENTAL FUNDS-
LAST TEN FISCAL YEARS(UNAUDITED)
2013-2014 2014-2015 2015-2016 2016-2017
General Fund
Nonspendable $ 180,992 $ 210,069 $ 157,494 $ 131,311
Assigned 1,949,792 1,102,026 878,314 1,059,850
Unassigned 14,886,199 13,682,061 13,161,690 13,138,307
Total general fund $ 17,016,983 $ 14,994,156 $ 14,197,498 $ 14,329,468
All other Governmental Funds
Nonspendable $ 120,573 $ 95,283 $ 84,013 $ -
Restricted 13,834,375 5,977,567 5,729,434 5,617,402
Committed 2,831,488 2,734,119 2,694,718 2,670,133
Unassigned (460,883) (550,863) (773,238) (1,224,316)
Total all other governmental funds $ 16,325,553 $ 8,256,106 $ 7,734,927 $ 7,063,219
121
EXHIBIT H-3
Fiscal Year
2017-2018 2018-2019 2019-2020 2020-2021 2021-2022 2022-2023
$ 309,042 $ 359,446 $ 383,596 $ 251,665 $ 328,907 $ 649,684
964,114 - - - - -
14,133,369 18,310,378 26,955,178 37,181,391 45,732,320 48,015,435
$ 15,406,525 $ 18,669,824 $ 27,338,774 $ 37,433,056 $ 46,061,227 $ 48,665,119
$ - $ 1,822 $ - $ 1,470,561 $ 1,639,863 $ 2,597,356
23,075,586 21,903,321 16,435,498 16,582,041 13,764,738 12,212,135
2,208,977 2,865,289 2,495,627 2,380,635 3,210,175 3,184,286
(904,338) (994,338) (994,338) (779,966) (86,381) (151,813)
$ 24,380,225 $ 23,776,094 $ 17,936,787 $ 19,653,271 $ 18,528,395 $ 17,841,964
CITY OF WICHITA FALLS, TEXAS
CHANGES IN FUND BALANCES,GOVERNMENTAL FUNDS-
LAST TEN FISCAL YEARS(UNAUDITED)
2013-2014 2014-2015 2015-2016 2016-2017
Revenues
Taxes $ 59,739,545 $ 61,007,519 $ 64,201,677 $ 64,886,137
Charges for services 3,331,183 3,362,172 3,370,573 3,340,750
Licenses and permits 2,048,293 1,941,205 1,971,212 1,905,507
Fines and forfeitures 2,402,794 2,262,781 2,561,817 2,795,215
Intergovernmental revenue 18,081,798 12,401,075 13,537,869 10,833,921
Contributions 5,712,190 4,011,809 5,208,537 5,133,510
Miscellaneous revenue 3,642,155 3,118,424 3,120,633 4,239,955
Total revenues 94,957,958 88,104,985 93,972,318 93,134,995
Expenditures
Administrative services 13,347,029 14,413,640 14,805,672 14,870,206
Police 21,539,820 21,997,801 23,580,992 23,883,109
Fire 14,085,219 14,719,074 16,077,272 16,536,044
Parks and recreation 5,197,591 5,065,222 5,204,296 5,277,544
Accounting/finance 831,313 747,341 702,883 719,865
Community development 6,559,064 6,440,963 6,678,753 6,931,301
Public works 5,613,107 5,449,860 5,555,929 5,732,327
Health 5,057,946 5,217,970 5,483,135 5,649,913
Traffic and transportation 2,274,249 2,395,837 2,224,511 2,117,966
Multi-Purpose Events Center 3,536,661 3,747,189 3,718,058 3,231,913
Capital outlay* 5,230,269 5,368,119 6,343,551 6,206,493
Debt service-principal 3,000,000 3,350,000 3,745,000 3,525,000
Debt service-interest 2,342,331 1,998,760 1,764,412 1,591,022
Debt service-bond issuance costs - - - -
Total expenditures 88,614,599 90,911,776 95,884,464 96,272,703
Excess of revenues over(under)
expenditures 6,343,359 (2,806,791) (1,912,146) (3,137,708)
Other Financing Sources(Uses)
Proceeds from bonds - - 13,482,256 -
Issuance of notes payable - 47,848 (13,295,568) -
Issuance of subscription liabilities - - - -
Payment to refunded bonds escrow agent - - - -
Transfers in 16,643,513 17,594,910 7,574,334 8,965,770
Transfer out (36,860,991) (23,335,238) (6,961,378) (6,367,674)
Total other financing sources(uses) (20,217,478) (5,692,480) 799,644 2,598,096
Net change in fund balances $ (13,874,119) $ (8,499,271) $ (1,112,502) $ (539,612)
Debt service as a percentage of
noncapital expenditures 6.41% 6.25% 6.15% 5.68%
* Some miscellaneous costs(labor,etc)from other departments are also included as capital additions.
122
EXHIBIT H-4
Fiscal Year
2017-2018 2018-2019 2019-2020 2020-2021 2021-2022 2022-2023
$ 67,254,892 $ 70,389,292 $ 73,868,498 $ 79,855,276 $ 85,201,256 $ 86,776,370
3,339,743 3,426,222 3,399,064 3,701,539 3,628,485 3,875,847
1,963,353 2,080,203 1,737,778 1,631,602 2,303,431 2,016,267
2,757,216 2,833,785 1,798,401 2,435,469 2,667,978 3,728,902
9,112,281 8,738,383 17,514,038 14,647,769 13,991,338 19,323,854
4,324,823 4,169,643 3,725,855 3,022,874 3,054,514 2,796,604
2,499,916 3,274,916 3,093,988 4,420,330 5,918,640 10,959,685
91,252,224 94,912,444 105,137,622 109,714,859 116,765,642 129,477,529
14,778,947 15,235,739 14,394,187 16,644,153 16,735,288 17,978,073
24,205,161 25,064,950 27,416,198 27,380,379 28,178,657 29,904,433
16,896,863 16,891,819 17,740,642 18,402,915 19,216,297 20,972,473
5,287,117 5,423,148 5,314,741 5,081,829 5,775,749 6,442,448
701,643 753,748 845,894 853,221 849,276 1,057,534
6,685,328 7,119,550 7,081,495 7,262,275 7,949,102 10,304,073
5,511,044 5,302,692 5,411,047 4,796,841 5,412,349 5,793,264
5,793,866 5,645,601 5,685,128 6,499,796 7,523,335 7,397,026
2,113,558 2,362,089 2,573,962 2,226,382 2,673,643 2,798,352
2,415,875 2,286,621 1,940,870 2,064,199 4,295,907 5,327,942
5,628,992 7,888,964 11,290,435 7,417,749 8,267,619 16,051,010
3,610,000 4,000,000 4,045,000 4,215,000 3,613,482 3,721,606
1,597,143 1,912,443 1,877,363 1,821,451 1,651,608 1,533,392
- - - 103,139 83,463 -
95,225,537 99,887,364 105,616,962 104,769,329 112,225,775 129,281,626
(3,973,313) (4,974,920) (479,340) 4,945,530 4,539,867 195,903
24,171,317 - - 2,685,339 3,375,027 -
3,310,009 - - - - -
- - - - - 304,829
(6,546,898) - - - (3,292,314) -
8,722,620 8,033,886 8,404,493 5,822,104 6,002,411 8,708,035
(4,393,890) (3,295,594) (5,095,512) (1,642,211) (3,522,108) (7,299,247)
25,263,158 4,738,292 3,308,981 6,865,232 2,563,016 1,713,617
$ 21,289,845 $ (236,628) $ 2,829,641 $ 11,810,762 $ 7,102,883 $ 1,909,520
5.81% 6.43% 6.28% 6.20% 5.06% 4.64%
EXHIBIT H-5
CITY OF WICHITA FALLS, TEXAS
TAX REVENUES BY SOURCE,GOVERNMENTAL FUNDS-
LAST TEN FISCAL YEARS (UNAUDITED)
Fiscal Hotel
Year Property Sales Franchise Occupancy Beverage Bingo Total
2013-2014 $ 29,780,795 $ 22,397,536 $ 5,558,599 $ 1,684,329 $ 281,598 $ 36,688 $ 59,739,545
2014-2015 31,090,472 22,403,406 5,414,414 1,775,372 291,091 32,764 61,007,519
2015-2016 34,567,763 22,373,768 5,035,947 1,910,477 286,986 26,736 64,201,677
2016-2017 35,110,173 22,413,397 5,193,721 1,878,061 281,687 9,098 64,886,137
2017-2018 35,804,507 23,861,013 5,326,402 1,952,011 308,333 2,626 67,254,892
2018-2019 37,775,703 24,894,930 5,314,591 2,075,905 328,163 - 70,389,292
2019-2020 41,362,767 25,205,996 5,164,962 1,878,957 255,816 1,211 73,869,709
2020-2021 43,069,773 28,362,467 5,451,658 2,660,388 309,857 1,132 79,855,275
2021-2022 45,183,405 31,099,772 5,682,741 2,873,908 359,797 1,633 85,201,256
2022-2023 46,541,726 30,988,808 5,911,738 2,956,265 376,230 1,602 86,776,369
123
EXHIBIT H-6
CITY OF WICHITA FALLS,TEXAS
ASSESSED AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY-
LAST TEN FISCAL YEARS(UNAUDITED)
Personal Ratio of Total
Real Property Property Total Total Assessed to
Fiscal Assessed Assessed Assessed Direct Estimated Total Estimated
Year Value Value Value Tax Rate Actual Value Actual Value
2013-2014 $ 3,777,010,620 $ 771,002,233 $4,548,012,853 $0.63526 $ 4,548,012,853 100.00%
2014-2015 3,859,560,337 765,251,406 4,624,811,743 0.65526 4,624,811,743 100.00%
2015-2016 3,944,783,610 820,827,696 4,765,611,306 0.70598 4,765,611,306 100.00%
2016-2017 4,031,689,962 817,687,012 4,849,376,974 0.70598 4,849,376,974 100.00%
2017-2018 4,123,022,727 818,629,114 4,941,651,841 0.70598 4,941,651,841 100.00%
2018-2019 4,230,948,499 843,630,297 5,074,578,796 0.72988 5,074,578,796 100.00%
2019-2020 4,387,106,524 889,487,609 5,276,594,133 0.76332 5,276,594,133 100.00%
2020-2021 4,582,918,683 872,960,736 5,455,879,419 0.76332 5,455,879,419 100.00%
2021-2022 4,952,234,074 855,749,261 5,807,983,335 0.76093 5,807,983,335 100.00%
2022-2023 5,662,747,875 933,800,536 6,596,548,411 0.69432 6,596,548,411 100.00%
124
EXHIBIT H-7
CITY OF WICHITA FALLS, TEXAS
DIRECT AND OVERLAPPING PROPERTY TAX RATES-
LAST TEN FISCAL YEARS(UNAUDITED)
Tax Rates Per$100 Valuation
Fiscal City of Wichita Falls Wichita County Burkburnett ISD(1)
Year M&O I&S Total M&O I&S Total M&O I&S Total
2013-2014 $ 0.62 $ 0.01 $ 0.63 $ 0.51 $ - $ 0.51 $ 1.17 $ 0.12 $ 1.29
2014-2015 0.64 0.02 0.66 0.51 - 0.51 1.17 0.14 1.31
2015-2016 0.69 0.02 0.71 0.55 - 0.55 1.17 0.14 1.31
2016-2017 0.69 0.02 0.71 0.58 0.03 0.61 1.17 0.37 1.54
2017-2018 0.69 0.02 0.71 0.58 0.08 0.66 1.17 0.37 1.54
2018-2019 0.69 0.04 0.73 0.59 0.07 0.66 1.17 0.37 1.54
2019-2020 0.72 0.04 0.76 0.60 0.07 0.67 1.07 0.37 1.44
2020-2021 0.72 0.04 0.76 0.57 0.07 0.64 1.05 0.38 1.43
2021-2022 0.73 0.03 0.76 0.54 0.07 0.61 1.05 0.37 1.42
2022-2023 0.66 0.03 0.69 0.50 0.06 0.56 1.00 0.34 1.34
City View ISD (2) Iowa Park CISD (3) Wichita Falls ISD(4) Grand
M&O I&S Total M&O I&S Total M&O I&S Total Total
2013-2014 $ 1.17 $ 0.25 $ 1.42 $ 1.04 $ 0.24 $ 1.28 $ 1.04 $ 0.17 $ 1.21 $ 6.34
2014-2015 1.17 0.25 1.42 1.04 0.23 1.27 1.04 0.10 1.14 6.31
2015-2016 1.17 0.25 1.42 1.17 0.16 1.33 1.04 0.19 1.23 6.55
2016-2017 1.17 0.25 1.42 1.17 0.16 1.33 1.04 0.19 1.23 6.84
2017-2018 1.17 0.25 1.42 1.17 0.16 1.33 1.04 0.19 1.23 6.89
2018-2019 1.17 0.25 1.42 1.17 0.16 1.33 1.04 0.18 1.22 6.90
2019-2020 1.07 0.32 1.39 1.07 0.36 1.43 0.97 0.18 1.15 6.84
2020-2021 1.05 0.32 1.37 1.05 0.38 1.43 0.97 0.18 1.15 6.78
2021-2022 1.04 0.32 1.36 1.03 0.38 1.41 0.94 0.43 1.37 6.93
2022-2023 0.96 0.32 1.28 0.94 0.30 1.24 0.87 0.43 1.30 6.41
Notes:
(1) Burkburnett Independent School District-25%in Wichita Falls city limits
(2) City View Independent School District-90% in Wichita Falls city limits
(3) Iowa Park Consolidated Independent School District- 2%in Wichita Falls city limits
(4) Wichita Falls Independent School District-99%in Wichita Falls city limits
125
EXHIBIT H-8
CITY OF WICHITA FALLS, TEXAS
PRINCIPAL PROPERTY TAXPAYERS
CURRENT YEAR AND NINE YEARS AGO
SEPTEMBER 30,2023
2022-2023 2013-2014
Percentage Percentage
Taxable of Total Taxable of Total
Assessed Assessed Assessed Assessed
Taxpayer Value Rank Valuation Value Rank Valuation
Oncor Electric Delivery Co $ 74,685,260 1 1.13% $ 40,015,926 2 0.88%
Atmos Energy/Mid-Tex Division 39,125,470 2 0.59% 13,503,380 9 0.30%
Sikes Senter Mall Realty Holding LLC 35,000,000 3 0.53% 51,500,000 1 1.13%
North American Pipe Corp 28,903,611 4 0.44% 13,031,894 10 0.29%
Arbor Creek Apartments LLC 23,318,900 5 0.35% - N/A 0.00%
Wal-Mart Stores East Inc 21,557,100 6 0.33% 19,559,600 6 0.43%
Wal-Mart Stores Texas LP 19,761,848 7 0.30% 22,129,220 4 0.49%
Kell West Regional Hospital LLC 17,393,493 8 0.26% 15,060,037 8 0.33%
Banc of America Leasing&Capital, LLC 15,976,710 9 0.24% - N/A 0.00%
Quail Creek Crossing Ltd 15,832,000 10 0.24% 20,162,000 5 0.44%
Texas Express Pipeline - N/A 0.00% 27,000,000 3 0.59%
Southwestern Bell - N/A 0.00% 15,448,654 7 0.34%
Totals $ 291,554,392 4.42% $ 237,410,711 5.22%
Source:
Wichita Appraisal District
126
EXHIBIT H-9
CITY OF WICHITA FALLS, TEXAS
PROPERTY TAX LEVIES AND COLLECTIONS-
LAST TEN FISCAL YEARS(UNAUDITED)
Collected within the
Taxes Levied Fiscal Year of the Levy Collections Total Collections to Date
Fiscal for the Percentage in Subsequent Percentage
Year Fiscal Year Amount of Levy Years Amount of Levy
2013-2014 $ 28,876,552 $ 28,375,563 98.27% $ 302,537 $ 28,678,100 99.31%
2014-2015 30,270,748 29,809,308 98.48% 323,005 30,132,313 99.54%
2015-2016 33,644,264 33,124,968 98.46% 392,569 33,517,537 99.62%
2016-2017 34,228,872 33,694,059 98.44% 382,237 34,076,296 99.55%
2017-2018 34,887,074 34,298,367 98.31% 383,294 34,681,661 99.41%
2018-2019 37,037,918 36,347,721 98.14% 466,764 36,814,485 99.40%
2019-2020 40,280,490 39,531,671 98.14% 489,573 40,021,244 99.36%
2020-2021 41,645,982 41,044,294 98.56% 326,506 41,370,800 99.34%
2021-2022 44,194,571 43,425,840 98.26% 222,766 43,648,606 98.76%
2022-2023 45,798,161 44,884,913 98.01% - 44,884,913 98.01%
127
CITY OF WICHITA FALLS, TEXAS
RATIOS OF OUTSTANDING DEBT BY TYPE-
LAST TEN FISCAL YEARS(UNAUDITED)
Governmental Activities
General Combination Utility
Fiscal Obligation Tax and Revenue Subscription Notes System
Year Bonds Revenue Bonds Bonds Liabilities Payable Revenue Bonds
2013-2014 $ 4,679,866 $ 49,302,503 $ - $ - $ 3,510,950 $ 95,723,505
2014-2015 3,850,706 46,710,294 - - 3,230,595 92,086,092
2015-2016 16,129,132 31,138,675 - - 2,857,166 87,938,263
2016-2017 14,132,973 29,435,100 - - 2,466,589 83,098,973
2017-2018 36,285,854 21,261,971 - - 5,468,665 78,150,943
2018-2019 33,792,967 19,464,301 - - 5,068,463 69,257,091
2019-2020 30,787,806 18,122,209 - - 4,555,678 60,215,005
2020-2021 27,728,646 16,735,708 2,635,000 - 4,010,237 51,014,896
2021-2022 28,178,294 12,487,817 2,585,000 - 3,430,974 41,662,562
2022-2023 25,242,817 11,512,715 2,535,000 460,214 2,816,672 32,143,944
(1)Amounts include bond premiums,where applicable.
128
EXHIBIT H-10
Business-type Activities
Combination General Right-to-Use Total Percentage
Tax and Obligation Notes Leases Primary of Personal Per
Revenue Bonds Bonds Payable Payable Government Income Capita
$ 24,284,987 $ 1,930,000 $ 1,473,806 $ - $ 180,905,617 7.74% $ 1,724.59
54,125,933 1,930,000 1,160,389 - 203,094,009 8.47% 1,932.13
51,322,900 - 17,357,438 - 206,743,574 8.63% 1,974.44
46,298,092 - 19,503,566 - 194,935,293 8.14% 1,861.42
41,170,000 - 18,530,644 - 200,868,077 7.73% 1,917.65
39,665,000 - 17,568,069 - 184,815,891 7.58% 1,767.29
38,140,000 - 16,542,952 - 168,363,650 6.58% 1,610.09
36,590,000 - 15,407,763 - 154,122,250 6.05% 1,472.28
29,435,000 5,808,660 14,208,165 2,876,063 140,672,535 5.19% 1,372.44
27,840,000 5,455,266 12,935,154 2,848,743 123,790,525 4.01% 1,201.99
EXHIBIT H-11
CITY OF WICHITA FALLS, TEXAS
RATIOS OF GENERAL BONDED DEBT OUTSTANDING -
LAST TEN FISCAL YEARS (UNAUDITED)
Governmental Activities Percentage of
General Combination Actual Taxable
Fiscal Obligation Tax and Venue Tax Value of Per
Year Bonds Revenue Bonds Revenue Bonds Total Property Capita
2013-2014 $ 4,679,866 $ 49,302,503 $ - $ 53,982,369 1.19% $ 514.62
2014-2015 3,850,706 46,710,294 - 50,561,000 1.09% 481.01
2015-2016 16,129,132 31,138,675 - 47,267,807 0.99% 451.42
2016-2017 14,132,973 29,435,100 - 43,568,073 0.90% 416.03
2017-2018 36,285,854 21,261,971 - 57,547,825 1.16% 549.40
2018-2019 33,792,967 19,464,301 - 53,257,268 1.05% 509.27
2019-2020 30,787,806 18,122,209 - 48,910,015 0.93% 467.73
2020-2021 27,728,646 16,735,708 2,635,000 47,099,354 0.86% 449.92
2021-2022 28,178,294 12,487,817 2,585,000 43,251,111 0.74% 421.97
2022-2023 25,242,817 11,512,715 2,535,000 39,290,532 0.60% 381.51
129
EXHIBIT H-12
CITY OF WICHITA FALLS, TEXAS
DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT(UNAUDITED;
SEPTEMBER 30,2023
Gross Percentage Amount
Governmental Applicable Applicable
Activities to City of to City of
Debt (1) Wichita Falls (2) Wichita Falls
Direct:
City of Wichita Falls $ 42,107,204 100% $ 42,107,204
Overlapping:
Wichita County 65,834,667 100% 65,834,667
Burkburnett Independent School District 37,957,562 25% 9,489,391
City View Independent School District 14,132,633 90% 12,719,370
Iowa Park Consolidated Independent
School District 32,834,641 2% 656,693
Wichita Falls Independent School District 338,218,993 99% 334,836,803
Total overlapping 488,978,496 423,536,923
Total direct and overlapping bonded debt $ 531,085,700 $ 465,644,127
Sources:
(1) Listed taxing jurisdictions
(2) City of Wichita Falls Planning Department calculated based on percentage of taxing entity within the
City of Wichita Falls city limits.
130
CITY OF WICHITA FALLS, TEXAS
COMPUTATION OF LEGAL DEBT MARGIN-
LAST TEN FISCAL YEARS(UNAUDITED)
Total assessed property value per 2022 tax roll $ 6,596,548,411
Maximum tax rate* $ 2.25/$100
Current tax rate for 2022 tax year .694321/$100
Maximum tax rate in excess of 2022 tax rate 1.555679/$100
Total legal debt margin $ 102,621,118
2013-2014 2014-2015 2015-2016 2016-2017
Assessed value $ 4,548,012,853 $ 4,624,811,743 $ 4,765,611,306 $ 4,849,376,974
Maximum tax rate $ 2.25/$100 $ 2.25/$100 $ 2.25/$100 $ 2.25/$100
Current tax rate .63526/$100 .65526/$100 .70598/$100 .70598/$100
Maximum tax rate in excess of current rate 1.61474/$100 1.59474/$100 1.54402/$100 1.54402/$100
Total legal debt margin $ 73,438,583 $ 73,753,723 $ 73,581,992 $ 74,875,350
There is no debt limit established by law. The limit is,therefore,governed by the City's ability to
levy and collect taxes to service the outstanding indebtedness. The City's maximum legal tax rate
established under its Charter is$2.25 per$100 assessed valuation. The 2022 tax rate was$.694321
per$100 assessed valuation.
* Maximum tax levy established by City Charter
131
EXHIBIT H-13
Fiscal Year
2017-2018 2018-2019 2019-2020 2020-2021 2021-2022 2022-2023
$ 4,941,651,841 $ 5,074,578,796 $ 5,276,594,133 $ 5,455,879,419 $ 5,807,983,335 $ 6,596,548,411
$ 2.25/$100 $ 2.25/$100 $ 2.25/$100 $ 2.25/$100 $ 2.25/$100 $ 2.25/$100
.70598/$100 .72988/$100 .763323/$100 .763323/$100 .760928/$100 .694321/$100
1.54402/$100 1.52012/$100 1.486677/$100 1.486677/$100 1.489072/$100 1.555679/$100
$ 76,300,093 $ 77,139,687 $ 78,445,911 $ 81,111,304 $ 86,485,054 $ 102,621,118
CITY OF WICHITA FALLS, TEXAS
PLEDGED REVENUE COVERAGE-WATER AND SEWER REVENUE BONDS
LAST TEN FISCAL YEARS (UNAUDITED)
Net Revenue
Fiscal Gross Operating Available For
Year Revenues (1) Expenses (2) Debt Service
2013-2014 $ 30,839,265 $ 20,981,384 $ 9,857,881
2014-2015 38,456,107 20,477,673 17,978,434
2015-2016 42,499,482 20,415,375 22,084,107
2016-2017 43,054,453 21,643,920 21,410,533
2017-2018 46,159,318 20,861,265 25,298,053
2018-2019 44,671,282 21,755,354 22,915,928
2019-2020 46,388,403 23,627,160 22,761,243
2020-2021 45,310,693 22,937,053 22,373,640
2021-2022 49,376,771 23,246,418 26,130,353
2022-2023 49,534,772 29,880,384 19,654,388
Notes:
(1) Includes all operating revenues with the exception of water sales to West Texas Utilities
(see Exhibit G-3).
(2) Includes all operating expenses of the Water and Sewer Fund with the exception of
depreciation and amortization (see Exhibit G-3).
(3) Excludes bond premium amortization.
132
EXHIBIT H-14
Debt Service Requirement
Principal (3) Interest Total Coverage
$ 3,460,000 $ 4,385,925 $ 7,845,925 1.26
3,610,000 4,238,875 7,848,875 2.29
4,625,000 3,356,255 7,981,255 2.77
2,635,000 3,777,314 6,412,314 3.34
2,885,000 3,535,250 6,420,250 3.94
6,915,000 3,391,000 10,306,000 2.22
7,635,000 2,682,000 10,317,000 2.21
8,010,000 2,300,250 10,310,250 2.17
8,410,000 1,899,750 10,309,750 2.53
8,835,000 1,479,250 10,314,250 1.91
EXHIBIT H-15
CITY OF WICHITA FALLS, TEXAS
DEMOGRAPHIC STATISTICS-
LAST TEN FISCAL YEARS (UNAUDITED)
Per
Capita
Fiscal Estimated Personal Personal Median Education School Unemployment
Year Population (1) Income Income(1) Age(1) Level Enrollment(2) Rate(3)
2013-2014 104,898 $ 2,336,602,95C $ 22,275 32.5 13.2 15,181 4.9%
2014-2015 105,114 2,397,229,884 22,806 32.5 13.2 15,155 4.4%
2015-2016 104,710 2,394,298,86C 22,866 32.5 13.2 15,181 4.8%
2016-2017 104,724 2,395,980,396 22,879 32.5 13.2 15,124 3.4%
2017-2018 104,747 2,597,725,60C 24,800 32.8 13.2 15,150 3.1%
2018-2019 104,576 2,439,548,928 23,328 32.9 13.2 15,158 3.0%
2019-2020 104,568 2,558,445,480 24,467 32.9 13.2 15,133 7.0%
2020-2021 104,683 2,546,937,390 24,330 33.1 13.2 14,144 6.5%
2021-2022 102,498 2,709,432,132 26,434 32.4 13.2 14,623 2.3%
2022-2023 102,988 3,083,460,72C 29,940 32.8 13.2 14,417 3.3%
Sources:
(1) U.S.Census Bureau
(2) Texas Education Agency
(3) Bureau of Labor Statistics
133
EXHIBIT H-16
CITY OF WICHITA FALLS, TEXAS
PRINCIPAL EMPLOYERS
CURRENT YEAR AND NINE YEARS AGO(UNAUDITED)
SEPTEMBER 30,2023
2022-2023 2013-2014
Percentage Percentage
of Total of Total
City City
Employer Employees Rank Employment Employees Rank Employment
Sheppard Air Force Base 7,222 1 10.78% 10,015 1 14.01%
Wichita Falls ISD 2,378 2 3.55% 1,925 3 2.69%
United Regional Health Care System 2,100 3 3.13% 1,739 4 2.43%
Midwestern State University 1,276 4 1.90% 1,297 5 1.81%
City of Wichita Falls 1,217 5 1.82% 1,175 6 1.64%
Howmet Corporation 1,072 6 1.60% 1,090 7 1.52%
Wal-Mart-3 locations 1,009 7 1.51% 1,026 8 1.43%
North Texas State Hospital 1,000 8 1.49% 2,071 2 2.90%
Vitro Architectural Glass 934 9 1.39% - N/A -
James V.Allred Prison Unit 921 10 1.37% 869 10 1.22%
Cryovac Division-Sealed Air Corp. - N/A 0.00% 896 9 1.25%
Totals 19,129 28.54% 22,103 30.90%
Sources:
All data is from Wichita Falls Chamber of Commerce.
134
CITY OF WICHITA FALLS, TEXAS
FULL-TIME EQUIVALENT CITY GOVERNMENT EMPLOYEES BY FUNCTION/PROGRAM
LAST TEN FISCAL YEARS(UNAUDITED)
2013-2014 2014-2015 2015-2016 2016-2017
Administrative services 94.1 95.1 94.1 86.0
Police 300.0 299.0 299.0 295.8
Fire 162.5 162.5 162.5 162.5
Parks and recreation 92.1 92.6 92.6 89.5
Accounting/finance 27.0 26.4 26.2 26.0
Community development 42.0 41.0 41.0 40.0
Public works 78.5 78.5 78.5 72.5
Health 78.7 77.5 78.7 78.8
Traffic and transportation 56.1 56.1 57.0 52.0
Multi-Purpose Events Center 22.8 22.8 22.8 22.8
Water and sewer 189.1 187.7 188.6 186.1
Sanitation 83.5 83.5 85.5 86.5
Regional Airport 1.6 3.0 1.6 1.6
Kickapoo Airport 3.4 3.4 4.4 4.4
Transit 26.2 26.7 26.7 25.2
Stormwater Drainage 1.8 1.8 1.8 4.8
Source: City of Wichita Falls Human Resources Department
135
EXHIBIT H-17
2017-2018 2018-2019 2019-2020 2020-2021 2021-2022 2022-2023
85.7 85.9 86.2 88.4 87.0 96.1
295.5 295.5 295.5 295.5 295.5 295.5
162.5 164.0 164.0 164.0 164.0 165.0
88.8 90.7 90.7 90.9 91.2 89.2
25.7 25.7 25.6 26.3 26.6 27.6
40.0 40.0 40.0 41.0 41.1 42.1
72.5 72.5 71.5 70.0 70.0 72.5
76.3 75.4 75.4 70.3 70.3 73.6
52.0 52.0 50.1 52.0 52.0 52.0
4.6 4.0 4.0 3.5 17.2 18.7
183.9 183.9 183.9 184.0 190.0 193.1
86.5 86.5 86.5 86.5 86.5 84.6
1.6 1.6 3.1 3.1 9.1 9.1
4.4 4.4 4.4 4.4 4.4 4.4
25.2 24.2 24.2 24.2 24.2 28.2
4.8 4.8 4.8 5.3 5.3 5.2
CITY OF WICHITA FALLS, TEXAS
OPERATING INDICATORS BY FUNCTION/PROGRAM
LAST TEN FISCAL YEARS(UNAUDITED)
2013-2014 2014-2015 2015-2016 2016-17
General government
Building permits issued 8,542 7,399 7,413 7,874
Building inspections conducted 13,472 12,852 11,302 10,803
Police
Physical arrests 6,042 5,036 5,214 5,845
Parking violations 43 90 110 175
Traffic violations 22,538 18,792 19,424 23,514
Fire
Emergency responses 8,708 9,392 9,432 8,442
Fires extinguished 452 432 477 449
Inspections 3,316 2,931 4,133 3,175
Refuse collection
Refuse collected (tons) 121,502 76,145 136,646 136,911
Recyclables collected 14,643 1,384 16,134 18,232
Library
Volumes in collection 174,993 194,715 176,160 820,301
Total volumes borrowed 293,860 293,364 282,808 294,798
Water
New connections (344) 74 (2,523) 3,144
Water main breaks 944 863 696 519
Average daily consumption 13,207 12,051 14,974 14,180
(thousands of gallons)
Wastewater
Average daily sewage treatment 6,452 8,440 7,900 9,877
(thousands of gallons)
Transit
Total route miles 572,744 575,004 591,417 586,565
Passengers 460,484 462,853 486,104 493,164
This information provided by applicable City of Wichita Falls department.
136
EXHIBIT H-18
Fiscal Year
2017-2018 2018-2019 2019-2020 2020-2021 2021-2022 2022-2023
6,590 5,866 5,323 5,492 7,413 7,242
10,760 12,250 13,744 11,821 10,942 13,827
4,869 4,963 3,779 2,768 3,501 3,337
27 113 32 24 36 48
23,979 23,831 15,390 18,749 19,028 21,586
11,229 12,337 12,037 13,518 13,368 13,729
601 490 576 591 713 621
3,248 3,295 937 1,853 2,699 2,839
131,442 155,767 155,752 164,911 181,457 178,867
23,079 24,311 21,730 23,473 23,858 19,774
854,142 976,145 1,002,768 1,190,927 1,508,436 270,947
333,381 366,800 234,496 340,991 306,068 287,385
160 182 371 224 86 104
766 546 618 401 614 692
15,131 13,895 14,110 13,722 14,688 13,296
8,974 8,927 10,339 10,339 9,148 9,070
591,538 606,501 550,901 549,512 561,393 538,491
464,838 445,029 244,265 234,872 243,252 293,574
CITY OF WICHITA FALLS, TEXAS
CAPITAL ASSET STATISTICS BY FUNCTION/PROGRAM
LAST TEN FISCAL YEARS(UNAUDITED)
2013-2014 2014-2015 2015-2016 2016-2017
Police
Stations 1 1 1 1
Patrol units 113 113 113 113
Fire stations 8 8 8 8
Refuse collection
Collection trucks 36 36 36 36
Other public works
Streets(miles) 515 515 530 531
Streetlights 7,972 7,996 8,015 8,451
Traffic signals 104 104 104 104
Parks and recreation
Acreage 1,200 1,200 1,200 1,200
Playgrounds 39 39 39 39
Golf courses 1 1 1 1
Water
Water mains(miles) 579 580 806 782
Fire hydrants 2,588 2,593 2,842 2,822
Storage capacity(thousands of gallons) 37,000 37,000 37,000 37,000
Wastewater
Sanitary sewers(miles) 547 548 599 592
Storm sewers(miles) 98 98 98 98
Treatment capacity(thousands of gallons) 21,410 21,410 21,410 21,410
Transit
Buses 14 13 13 13
This information maintained by the City of Wichita Falls Finance Department,with assistance
from various departments.
137
EXHIBIT H-19
Fiscal Year
2017-2018 2018-2019 2019-2020 2020-2021 2021-2022 2022-2023
1 1 1 1 1 1
113 113 107 117 110 110
8 8 8 8 8 8
36 36 36 36 36 36
534 534 534 570 528 530
8,465 8,432 8,453 8,463 8,475 8,478
102 102 104 104 104 104
1,200 1,200 1,200 1,200 1,200 1,200
39 39 39 39 39 39
1 1 1 1 1 1
808 808 785 781 763 763
2,836 2,829 2,883 2,917 2,898 2,873
37,000 37,000 37,000 37,000 37,000 37,000
594 594 583 583 583 583
99 99 100 172 173 174
21,410 21,410 21,410 21,410 21,410 21,410
13 13 18 18 18 18
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