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FY23 Popular Annual Financial Report �'' "" r i I Ia _.4� .11 ��tY` i� �� • ` as . e CITY OF WICHITA FALLS, TEXAS POPULAR ANNUAL FINANCIAL REPORT _...,.... , . . ..,,, ...,,,,,„,„,, . / , : r ■ r �,s Ow _: rer r r"� 9� ti ■n _ � . ■la , ! ! _.�1�. " - i t 1 1 9 9 ,l PM I ,. /JAC. 44- .1 um 1 ,,. .11 Wit= :ix., ' '...1 - ' . . . Hn 1! iv —. — H r 1 . ; 6 Fiscal Year Ended September 30, 2023 CONTACT US : www.wichitafallstx.gov 940.761.7462 • • • • • • , • • TABLE OF -% nNTENTs OMessage from the City Manager City of Wichita Falls City Council o Organizational Chart Wichita Falls at a Glance 0 o Where's City Hall? Financial Reporting 0 o City Funds & Fund Types Government-wide Financial Statements O Revenue & Expenses General Fund Comparison O OAdopted Operating Budget Budget th Expenditures Nrif WELCOME 01 I am pleased to present to you the City of Wichita Falls, Popular Annual Financial report for the fiscal year ended September 30, 2023. This report is designed to provide summary view of the financial activities of the City and compliments the City's other financial reporting. The City's Annual Comprehensive Financial Report, Annual Operating Budget, and Budget in Brief as well as additional information on the City's finances can be found on the section of the City's website dedicated to Financial Transparency. For last year's report, the Government Finance Officers Association of the United States and Canada (GFOA) has given an Award for Outstanding Achievement in Popular Annual Financial Reporting to the City of Wichita Falls Popular Annual Financial Report for 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. An Award for Outstanding Achievement in Popular Annual Financial Reporting is valid for a period of one year only. We believe our current report continues to conform to the Popular Annual Financial Reporting requirements, and we are submitting it to GFOA to determine its eligibility for another Award. The information in this report is drawn from the City of Wichita Falls Annual Comprehensive Financial Report for the fiscal year ended September 30, 2023. The City's Annual Comprehensive Financial Report is prepared by Management and audited by an outside audit firm on an annual basis. It is then reviewed by the Government Finance Officers Association, which has repeatedly awarded the City with the organizations award for Excellence in Financial Reporting. The Annual Report includes detailed information on all of the City's funds and financial activities. The report is consistent with Generally Accepted Accounting Principles and reports information pertaining to the City's government wide financial statements and the general fund. The report also references information from the City's Operating Budget for the fiscal year ended September 30, 2024. For more information on any of these topics, the reader is encouraged to visits the city's financial information available at www.wichitafallstx.gov. As stewards of public funds, management is proud to present this report and is hopeful that the report will provide further clarity and transparency for the reader. Darron Leiker City of Wichita Falls, City Manager AgAge4 /, WICHITA FALLS CITY COUNCIL A� JF 1- -.FiCH 31, 2024 02 • 4 . . • • TIM SHORT MAYOR � s x BOBBY WHITELEY MICHAEL SMITH LARRY NELSON AT LARGE DISTRICT 1 DISTRICT 2 • ti# rr Y: JEFF BROWNING MIKE BATTAGLINO TOM TAYLOR DISTRICT 3 DISTRICT 4 DISTRICT 5 The City of Wichita falls operates under a Council-Manager form of Government. This system combines the strong political leadership of elected officials in the form of a City Council, with the strong managerial experience of an appointed City Manager. The City of Wichita Falls has a Mayor and a six-member Council who are elected into 3 year terms in non-partisan elections. City Organizational Chart 411=0 03 • • • • City Council • Municipal Court Judge GM= City Attorney City Clerk Assistant City Manager CIMEDParks & Recreation Strategic Planning • Waterpark'Colf Course • Development Services Information Tec'hno'ogy Property Administration Building Maintenance Housing/Planning/Code Public Works Department :.... Human Resources • Street Maintenance • Employee Benefits Engineering = Personnel • Sanitation • Risk Management t Public Utilities • :".".".. Communications & Marketing • Fire Department ' Convention & Visitors Bureau • Public Information Fire Marshal's Division • • • Multi Purpose Event Center Emergency fl -lagement Ope;a l_i o 7is Division Finance Department • Safety & Traiinin,' Accounti11g • • Budgeting & Finance Police Departme • • Municipal Court • Community Operations Purchasing Public Safety Training Utility Collections Technical Services Aviation, Traffic & Transportation Investigation Operations • Airports Health Department Er7airc�r°rr7 �7La. r� alL 7 Traffic Engineering Laboratory Services Transportation Planning Animal Services Fleet Maintenance Public Health/Nursing Public Transportation WIC Administration - OKLAHOMA- OKLAHOMP CITY 04 wlchita Falls WICHITA FALL TEX AS 4.,,,, Flt F �rt wrtt, N� �' 1N Callas The City of Wichita Falls is located in north-central Texas and now Incorporated in encompasses 70.1 square miles. The city is approximately 130 1889 miles northwest of the Dallas/Fort Worth Metroplex, 15 miles from 0 the Red River that marks the Texas/Oklahoma border, and 125 111 miles south of Oklahoma City. Wichita Falls is linked to major southwestern, western, and mid-western cities by Interstate 44, Population • U.S. Highways 82, 281, 277, 287, and Texas State Route 79. 102,644 411111 TOP EMPLOYERS Median List Price Sheppard Air Force Base r $164K United Regional Health Care System Wichita Falls ISD Unemployment Rate U 10 Midwestern State University 3.7% City of Wichita Falls .L I 1 $ Sales Tax Wal-Mart 8.25% North Texas State Hospital (NO STATE TAX) James V. Allred Prison Unit United Supermarkets Howmet Corporation HOME TO Museum of North TX History Sheppard Air Force Base Hotter N' Hell Hundred Euro-NATO Joint Jet Pilot Training World's Littlest Skyscraper Midwestern State University 11 ,i0,40e.,,I4 , , 4 „t, 9 E i •`sib V' ' 'F` -4'',..4 .i(..,, 1`—'01A1 O0*-44 y 4y 4.ik 1 tiI,i't01,'-'.i.,,F.1_.1,P--4-f,‘,r 1 11•yT'_N,0_Y10 1°' .„ iz ,'(( .',..)., ' . T World's r._ f� } �, } Littlest Skyscraper s 1 _ x r r rr. __... � �.m +'—.,tl� l i -— ' CITY HALL w r iii A , _ movFr 05 In 2024, the City Council of Wichita Falls unanimously approved a resolution for the Memorial Auditorium Building Renovation project. This project includes remodeling the public gathering spaces for the Auditorium Performance Hall, improving and doubling the number of restroom facilities, remodeling the City Council Chambers and renovating office spaces. The project aims to make City Hall more visitor-friendly and create a better work environment for city staff. Approximately 95% of the work performed will be done by local subcontractors. run a,��G=�• The renovation is expected to be Cyr« >,ri� �� LCGT ..w complete in late 2026. a t Elt , a . 6_ e�� F' Pr . e 111 CIS t,,8 ...I '', i_1 �1 f pp F®c ramII ,: / '� r n n 4 ;-, - 1 a ''v r . c ` g c�' a avy T �f 'yj IS‘4\e'llil r � �-` r,tic 47 ;C;'Yi _ ' � 3 A,. • �.11 4 E t A' a, f .., '1 i Wichita Tower Bid Blue Properties A t � - • t , . � ��• ,a 800lndianaAve. 719Scott�t ' . t� I i j Finance&Utility Collection City Manager's Office -.. J Planning&Building Inspections Property Management Prn.}r} P - Y11 _rm t, 7� .� _ , {_ _ fx„ Public Works Human Resources&City CLerk r.R°--ice MPEC Exhibit Hall 1000 5th St. Neighborhood `"""' "' ` Services r., ar<r eK: AGA.rarr 'We? r G r.,.5 - - 7 t'-s' -`. Public Information Office 1800 7th St. rchr0 City Council Chambers (Permanent Location) NOWOPENÔ In October 2023, The City of mo......t, w. S~ 4 - 6. Wichita Falls celebrated the it +�r�, I to - on ilai Ii Ilk) ,,, grand opening of a full- .alir 11 ; o�„I".414, t1/1 ft �v service hotel and convention �tl °T •� " m` CONVENTION CE center. The new project ' �.,... -- W'IC'HIT+ FALLS offers 200 rooms and over i i 35,000 square feet of �' i convention center space. FINANCIAL REP RTIN A., 06 The Popular Annual Financial Report (PAFR) is intended to summarize and simplify the financial information from the Annual Comprehensive Financial Report (ACFR).This report is designed to provide a summary of the City's overall financial condition in a user friendly format available to citizens. The ACFR was prepared in accordance with Generally Accepted Accounting Principles (GAAP) and was audited by an independent certified public accountant. �,�s � parencv rer c 'P�'renc�, � r�rrrrrn , ,ts gym. 01}}IP h„,,u �liituu 10� °`; �� 4 -fiMona l f�'� Ol y 'arc Perm The City of Wichita Falls is dedicated to increasing fiscal transparency. The City participates in the Texas State Comptrollers Transparency Star program, which recognizes government entities for going above and beyond in their transparency efforts. (D Government Finance Officers Assarrah O Award for �� Outstanding 2022 ( k &tea Achievement in Popular Annual Financial Reporting • Distinguished Budget • • Presentation Award Presented to a • Certificate of Achievement f • Cit4 of Wichita Falls for Excellence in Financial Texas Reporting f Ne For its Annual Fi n:nrai Report + ERs • Popular Annual Financial Far the FiscalYeal-Ended � Reporting Award September 30,2022 p t Eurum a DZectar-CED For additional details, visit the City's website at www.wichitafallstx.gov. CITY FUNDS cUND ly p E s 07 • • • • GOVERNMENTAL FUNDS • • • • Governmental Funds are primarily used to manage most of the City's activities. Financial statements for these funds Fund Name Fund Type follow the modified accrual basis of accounting,which tracks cash and easily convertible financial assets. These funds Governmental FundS prioritize short-term inflows and outflows of resources, as well as available resources for future spending at the end of General Fund General Fund the fiscal year. The Net Position represents the fund balance Debt Service Fund Debt Service in governmental funds. The General Fund serves as the main Hotel/Motel Fund Special Revenue operating fund, accounting for all general tax revenues and Water&Sewer Capital Fund Capital unallocated receipts. It covers general operating expenses, Microfiltration and Reverse Osmosis Capital fixed charges, and certain capital improvement costs not Lake Ringgold Fund Capital covered by other funds. Special Revenue Funds manage Community Development Fund Special Revenue revenue from specific sources earmarked for purposes other Section 8 Housing Fund Special Revenue than debt service or capital projects. HOME Fund Special Revenue Transporation Planning Grant Fund Special Revenue PROPRIETARY FUNDS State Routine Airport Main. Fund Special Revenue Community& Rural Health Fund Special Revenue When the City charges customers for its services,whether to TX Healthy Communities Special Revenue external customers or other units within the City, these Infectious Disease Fund Special Revenue activities are typically recorded in proprietary funds.The City Tuberculosis Grant Special Revenue of Wichita Falls manages two types of proprietary funds: enterprise funds and internal service funds. Proprietary funds Immunization Grant Program Fund Special Revenue are accounted for using the economic resources Comprehensive Cancer Central Fund Special Revenue measurement focus and the accrual basis of accounting in WIC Fund Special Revenue the City's financial statements. The fund balance in a Emergency Management Fund Special Revenue proprietary fund is termed 'working capital' in accounting, representing the difference between current assets and Proprietary Funds liabilities. This is because proprietary funds account for long- Water&Sewer Fund Enterprise term commitments not covered in governmental funds. Sanitation Fund Enterprise Regional Airport Fund Enterprise Enterprise funds are used to manage various City operations, including water and sewer services, sanitation collection, Kickapoo Airport Fund Enterprise airports, transit, stormwater management, event centers, Transit Fund Enterprise golf courses, and water parks. Internal service funds are Storm Water Fund Enterprise utilized to report activities providing supplies and services to Waterpark Fund Enterprise other City programs, such as fleet maintenance, printing, Golf Course Fund Enterprise information technology, and employee benefits. As these Fleet Fund Internal Service services benefit both governmental and business-type Information Technology Fund Internal Service functions, they are allocated between governmental and business-type activities in the government-wide financial Duplicating Services Fund Internal Service statements. Enterprise funds adhere to the accrual basis of accounting and the economic resources measurement focus. 5 ,:'!.'i l..t,.r.,.:4A.,,k,,.,, E:04u.,1 t.:, r__,_-I.�^� u'-.0- .. ;"', _ ,4i,o,C --:,-:.--,-11,.',,r,Tj-a*. ' VTo Tf �'Ia� Ay.� ■ /Cd4 r S .. d 1 J T j, k 1 w 'fit.- . r Aik13i;l• .,,.l,,,:-ii ,.0 ` r :tt... � BE - - GOVERNMENI - WIDE 08 FINANciAi ITA -1- ictiTr The government-wide financial statements include the statement of net position and the statement of activities. 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 revenue and expenses are included regardless of when cash is received or paid. • • • • • • • • Condensed Government-wide Statement of Net Position Primary Government Governmental Business Type Activities Activities Total Component Units Assets $299,961,061 $500,665,769 $SOOu626,830 $73,067,941 Deferred Outflows of Resources $48,100,094 $10,495,406 $58,595,5OO - Less: Liabilities $217,729,093 $118,320,507 5336,049,600 $29,7O8,527 Less: Deferred Inflows of Resources $18,8O1,758 $143,611 $18,945,359 - Increase (Decrease) in Net Position $111,530,304 $392,697,057 $504,227,361 $43,356,414 a Statement of Net Position: •"'� The statement of net position offers a thorough view of the city's - if :. assets and liabilities, encompassing capital assets and long-term —eft obligations. It acknowledges the variance between the city's assets and deferred outflows (consumption of net assets), as well as - liabilities and deferred inflows (acquisition of net assets), leading to the net position. Changes in net position over time -- provide valuable insights into the city's financial standing. ' To conduct amore comprehensive evaluation of the city's financial health, readers should also take into account ti �' Y "° k `'7': any alterations in the property tax base and the . + ,_ condition of the city's infrastructure. - __ ,� -.� _. The reader is encouraged to visit the City's website HERE to obtain a full ,,.. copy of the City's Annual Comprehensive Financial Report which includes the full Government-wide Statement of Net Position and Government-wide -- -- �" w Statement of Activities. These statements,in conjuncture with the Notes to the Basic Financial Statements,will provide the reader with an overview of "' the City's financial health and a strong understanding of how the City IL.. %, accounts for all funds. Condensed Government-wide Statement of Activities 09 Net(Expense) Revenue and Program Revenues Changes in Net Position Operating Capital Grants Primary Charges for Component Expenses Grants and and Government Services Units Contributions Contributions Total Governmental Activities $ 120,867,950 $ 12,630,563 $ 22,509,058 $ 1,451,564 $ (84,276,765) - Business-Type Activities 62,317,199 76,389,096 4,605,539 2,274,480 20,951,916 - Total Primary Government 183,185,149 89,019,659 27,114,597 3,726,044 (63,324,849) - Component Units . Community Development $ 8,944,836 - $ 358,735 - $ (8,586,101) General Revenues and Transfers $ 94,871,932 $ 14,078,976 Change in Net Position 31,547,083 5,492,875 Net Position-Ending $504,227,361 $ 43,359,414 Statement of Activities: This statement illustrates the changes in the city's net position over the latest fiscal year, encompassing both gross and net costs of government services, along with all current year revenues and expenses. It categorizes the city's activities into three main types: 1.Governmental activities: This section covers the majority of the city's essential services, such as fire, police, parks, recreation, public works, public health, traffic, transportation, community development, planning, duplicating services, information technology, health insurance claims, the MPEC, Golf Course, and general administration. Primary sources of revenue include property tax, sales tax, franchise fees, and various grant programs. 2.Business-type activities: These are activities for which the city charges fees to cover most or all of the service costs. Examples 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. 3.Component units: The city is financially responsible for five legally separate entities, which include three tax increment financing districts and two sales tax corporations 16 r w W"MtJ..TO r r r _ — P Alftrait6 it km h. 1 L L Iiil M, ■ ■ . • . :, ! u� p r. -1441 I 111110 !! !! iv II II ! Illlu ... �- al 1 1 l! •l 1! ■■ !M 1)I1l I �1 wpm .............Pu u 2 7 0 ; e.. Um In IIIII i; t�. ! l�l II1 ■ tlaw`I + � n a I II !! !1 liil M 1�111---—. u4�—z: wow � 1 !! "III' I I IIu1l # ,, �! I a I I ��11 I l k r+ i. L 111 =T , x. ! .! Nile ... o,,.. . ,, ■ ■ r I � NI l _.._ .. l.". .. REVENUE EXPENSES 10 Revenue by Source Most of the revenue comes from fees for services like water, sewer, and / sanitation.These fees increased by 2% in FY 2023 due to a 5% rise in water rates, v - 4 although lower water usage partially offset this increase. Property taxes and L69HE sales taxes also contribute to the general fund. Property tax earnings rose by 3% ARROWHEAD in FY 2023,despite a lower tax rate,thanks to higher property values. ,,_' x FY 2021 FY 2022 FY 2023 k„,,,e. o i , Property Taxes $ 43,019,69.5 $ 45,229,447 $ 46,719,098 j �" y, Sales Taxes 28,362,467 31,099,772 3{],988,808 " k Other Taxes 8,421,903 8,915,246 9,244,233 „ Investment earnings 71,402 915,689 6,948,111 Miscellaneous 521,187 568,103 971r682 -......... - Charges for Services 80,601,801 87,601,878 89,019,659 Grants and Contributions 28,760,704 26,281,010 30,840,641 Total Revenues $ 189,759,159 $ 200,611,145 $ 214,732,232 Expenses by • ct on The biggest part of the budget goes to public safety. Spending increased because Police and Fire personnel received higher pay, and fuel and equipment costs went up. Water and sewer expenses also grew notably in FY 2023 due to higher costs for chemicals and infrastructure. OLiC Primary Government '�4.'F IC Governmental Activities: • 0 a0' 1.9,9 • General Government $ 16,783,004 $ 17,423,657 $ 20,275,375 J 1"1 �I��I111II/ Public Safety 52,264,608 48,053,820 56,240,160 sT4r / Parks and Recreation 5,134,632 5,810,019 6,554,341 a Community Development 6,955,276 7,498,256 10,261,349 0, k • Public Works 7,894,812 8,620,682 9,329,189 "vie) r���� 1� M� Health 6,229,228 7,065,470 7,585,313 — ', 1TAV N W' Traffic and Transportation 2,412,555 3,076,440 3,265,753 //fi1111, Multi-Purpose Events Center 2,848,607 5,134,193 6,049,052 • 4 0 `. Interest and Fees on Long-Term Debt 1,695,662 1,455,563 1,306,918 Business-Type Activities: Regional Airport 2,753,360 2,929,361 3,041,535 �P .p,LLS FjR Kickapoo Airport 1,185,924 1,642,866 1,549,000 Transit 2,254,674 3,123,714 3,377,663 �` Q Sanitation 10,138,273 10,857,203 11,688,957 -p AP --A Water and Sewer 33,126,472 33.,728,464 39,661,150 5tormwater Drainage 1,137,854 1,147,940 1,118,252 Waterpark 1,605,187 1,681,431 1,880,642 SST. 1893 ' Total Primary Government $ 154,420,128 $ 159,249,079 $ 183,185,149 TEXAS vm GENERAL FUND ) fr ' AR1SON 11 The General Fund is the City's primary operating fund, accounting for resources that have no specific restrictions. These resources may be used for general city operations. Each year, the City reports the status of the General Fund in a separate statement in the Annual Comprehensive Financial Report. This statement is listed on the next page. The statement shows the reader the Fund's revenues, current expenditures, excesses of revenues and expenditures, other financing sources and total ending fund balance. Fund balances listed on this statement do not necessarily exclude uses of fund balance committed for future years by the City's Council. Additional information about the City's Fund Balance Policies and uses are available in the City's Annual Operating Budget, available at www.wichitafallstx.gov. Variance With I inal L udl;ct E3ridgei7ed Arnour7 Positive Cyrilviral FirEl Act,aI (NPg tine) Revenues: Taxes $ R1,473,095 .5 8.1, 73,095 5 81,770,590 S 291..594 Cruet;es'or sure ccs 2.958,:582 2;95 3,582 3,016,851 .58,2.69 .ic-rtse.; end :)errn l3 1.1::1,r11,3 1,711,453 2,:i16,267 30L,li14 Fines and fcrteitures 7,5'..,4,357 2,5":.6,357 2,91C,E5El 404,293 Conlribjlic ns 213,419 713..41.9 277,285 53,866 +wrlc.e118rler [.s ,reven..J;w 1.1,359;805 11,31H,8DL 4,996,B50 (6,372,956) Total '=:venues 100,242,713 100,242,713 94,998,593 (5,244,1.20, xpe.ndit.eres: Current: Arirninistrat vc Eervice.a 1b,369,329 1.7,577,058 16027,771 1, 99,5s37 Police 30,61,8,D19 30,b58,019 29,405,472 1,252,547 Fire 20,'.41,)03 20,234.15i 20,096,678 121,413 Parks and recreation 7,249,107 7)90,2E7 6,256,600 1, 23,G67 Accounting/finance 1,:23,a32 1,123,132 1,020,2 5.3 1.02, 179 C:ornmunity development 7 767,443 2,762,443 2,514. 94 241,841) PL.b''ie works 5,937,082 5,937,082 5,785,3,:r8 150,68.1 Heeil;:•y 4,0'92,60H 4,09 ,47Ci 3,746..879 rc9 347,5(17 Taff c and rransporntion 2,155,912. 2,155,910 2,029,219 126,691 Capital outlay 7,375,673 10},108,5}11 4,44C, 0.6 5,65/,;0`� Total expenditures 98,4b9,006 101,801,049 91,534,1.2[1 IC1,.356,929 Excess of revenues over(under)expenditures 1,773,707 (1,648,336) 3,464,473 5,112,809 Other financing oi..1?;:o,, Hies); Transfers in 3,108,889 3:128,889 3,108,889 Transfers out y4, 8.2,5`J7) (4,8.82,597} r.3,969,4.711) 91.3,12E Total n?nrr ` r,_l'7ciril, ourcr_s (..uses; x1,773,708i (1,113;I:))8) (H60 f3821 913,17E Excess of revenues arid other snu(ces over (undcG c)xpenditres and o'her uses (1) (3,422,044) 7,E1s,.3,291 6,025,935 Fund balance.. - be,gilning 46,051.,2.29 116,051,2'29 45,0 1,22 1 Lund balance ending $ 46,0E11;22€1 $ 42, 399,185. $ 43,665,17CD $ 6:0)5,935 FY 2024 ADOPTED opti4 • GETI 12 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 across all funds was 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. 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. 2022-23 2023-24 Operating Revenue 2021-22 Percent All Funds Actual Adopted Adopted Change Budget Budget Property Taxes S 43,165,659 S 45,112,664 S 48,354,569 7.19% Sales Tax 31,102,272 30,680,000 31,725,000 3.41% Franchise Fees 5,684,241 5,465,100 5,527,634 1.14% Payments in Lieu of Taxes 1,439,374 1,553,000 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 1,981,355 -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 19,308,875 6,362,546 -67.05% Consolidated Revenues $218,522,397 $233,816,962 $232,952,356 -0.37% FY 2024 BUDGET 13 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 8 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 $ 192,049,1.53 $ 233,816,962 $ 232,952,356 -0.37% The City also invests in Capital Improvements which are expenditures for items that 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 1Mi( a 9EXAS $/ct�Skie, 4o7de/OpportLw hies This report was prepared and presented by the City of Wichita Falls Finance Department. Copies of the City's Annual Operating Budget and Annual Comprehensive Financial Report may be found on the City's website at www.wichitafallstx.gov.