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CITY OF WICHITA FALLS, TEXAS
ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE YEAR ENDED SEPTEMBER 30, 2024
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, 2024
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-10 110
CITY OF WICHITA FALLS, TEXAS
ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE YEAR ENDED SEPTEMBER 30, 2024
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 9/30/24 1-7 144
Expenditures by Function—FYE 9/30/24 1-8 145
General Governmental Revenues(General Fund Only) 1-9 146
General Governmental Expenditures(General Fund Only) 1-10 147
INTRODUCTORY SECTION
11 -11-1
TEXAS FINANCE DEPARTMENT
Rhte es4olaeen Orrortioaftw
March 24, 2025
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, 2024, 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, 2024. 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 102,691 according to the 2023
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 $8,256,094 in 2023 which was
a 8.8%increase from 2022. The local economy has experienced significant growth in the last three years.
Total Gross Domestic Product for Wichita Falls, TX (MSA)
In Billions of Dollars
Source:U.S.Bureau of Economic Analysis
$8.3
$7.6
$6.5 $6.5 $6.9
■
2019 2020 2021 2022 2023
The unemployment rate for the Wichita Falls MSA was 3.5% in December 2024. 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
combat pilots for 14 NATO partners. According to an economic impact analysis produced by the Texas
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Comptroller, Sheppard Air Force Base contributed at least$3.2 billion to the Texas economy in 2023.The
base employs approximately 17,801 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.
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
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.
iii
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, and 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.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, 2024, and
related appropriations are carried forward to the new fiscal year through a supplemental budgetary
allocation.
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, 2024,the current ratio of general bonded debt outstanding to the
assessed value of all taxable property is .48%.
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 and the Sanitation Fund. Of the four 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.
iv
Funds Appropriated in the Annual Operating Budget
Fund Fund Class Fund Type
General Fund Governmental General Fund
Debt Service Fund Governmental Debt Service
Community Development Block Grant Governmental Special Revenue
Section 8 Housing Fund Governmental Special Revenue
Home Investment Partnership Agreemei Governmental Special Revenue
MPEC/Hotel/Motel Tax Governmental Special Revenue
Hotel/Motel Venue Tax Governmental Special Revenue
Airport Improvement Grant Governmental Special Revenue
Golf Fund Governmental Special Revenue
Miscellaneous Special Revenue 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
Fleet Fund Proprietary Internal Service
Information Technology Fund Proprietary Internal Service
Duplicating Services =und Proprietary Internal Service
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
v
years. The City's property tax rate during the 2024 fiscal year was 0.680000 cents per $100 of assessed
value.
Property Tax Rate
Fiscal Year M&O I&S Total Rate $Change %Change
2020 0.721571 0.041752 0.763323 -0.033 -4.6%
2021 0.722736 0.040587 0.763323 0.000 0.0%
2022 0.726565 0.034363 0.760928 -0.002 -0.3%
2023 0.661483 0.032838 0.694321 -0.067 -8.8%
2024 0.649853 0.030147 0.680000 -0.014 -2.1%
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. For 2024, the property tax rate
generated approximately $47.7 million in revenues, of this amount $45.8 million was received into the
City's General Fund for general city operation. The property tax base for FY 2025 is$7.7 billion, which is a
6.25% increase from the $7.2 billion tax base in FY 2024. Over the past five years, the City has seen an
average annual growth rate of 8% in property values.
Property Tax Values (in Billions)
$7.671
$7.220
$6.596
$5.456 $5.808
FY 2021 FY 2022 FY 2023 FY 2024 FY 2025
The City receives 2.0%of the sales tax collected within City limits. During fiscal year 2024,the City collected
$30.7 million in sales taxes for general operations. The City ended the year with sales tax collections
approximately 1% 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
$10,219,548 and is divided evenly between the two separate sales and economic development
corporations for a total of$5,109,774 each.These corporations are discretely presented component units
vi
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.ARPA funds have been 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. Expenditures also included $3,300,000 for Softball Complex Turf replacement
to help generate economic development through sports tourism. As of September 30, 2024, the ARPA
funds have generated $2,095,795 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. The full
amount of funds received have been allocated to existing projects and the funds are on pace to be spent
by December 31, 2026.
MAJOR INITIATIVES FOR FISCAL YEAR 2024:
The fiscal year 2024 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 continued inflation. The budget reduced the property tax rate by
1.4 cents or 2.1%from 0.6943 to 0.6800. The budget increased employee wages by 6.5%for civil service
and 6% for non-civil service and increased the City's contribution to the Firefighter's Pension Fund. The
budget also invested over $30 million for infrastructure replacement and capital improvement projects.
The budget also set aside $10 million in excess General Fund Reserves for future capital projects.
STRATEGIC PLANNING
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 detailed
plan included 32 objectives that can be found on the City's website.The new plan was adopted by the City
Council on April 2, 2024.
FY 2025 BUDGET HIGHLIGHTS
Adopted Operating Budget
The City's Operating Budget for the fiscal year ended September 30, 2025 (FY 2025) was adopted by the
City Council on September 3, 2024. The revenue and expenditures across all funds were budgeted at
$242,024,764 which was an increase of $9,072,408 or 3.89% from the previous year's budget. This
increase was primarily due to increased compensation for personnel and increased capital expenditures.
Revenues
Two main sources of general 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
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budgeted at$52,125,970 for FY 2025 which was a 6.95%increase in anticipated revenues due to increased
property market values, new property added to the tax base,and an increased tax rate. The City increased
the property tax rate by 0.71%from .680000 to .684800. Sales Tax Revenue was budgeted at$30,903,921
which was a 2.59%decrease from the previous year's budget.
Revenue from Service Charges was budgeted at $100,055,181 which was a 3.12% 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 2025 budget included a 2.5% increase in
retail water, sewer, and sanitation rates to support the increased cost of infrastructure and maintain
market competitive salaries.
FY 24 FY 25
FY 23 Adopted Adopted
Revenue Source Actual Budget Budget Difference %Diff.
Property Taxes 44,719,973 48,739,569 52,125,970 3,386,401 6.95%
Sales Tax 30,995,258 31,725,000 30,903,921 (821,079) -2.59%
Franchise Fees 5,912,238 5,527,634 5,979,706 452,072 8.18%
Payments in Lieu of Taxes 1,573,379 1,573,446 1,576,000 2,554 0.16%
Other Tax Revenue 3,631,028 3,341,500 3,515,482 173,982 5.21%
Service Charges 92,041,730 97,026,937 100,055,181 3,028,244 3.12%
Licenses & Permits 1,994,008 2,049,700 2,114,105 64,405 3.14%
Fines & Forfeitures 3,008,785 2,940,400 3,178,200 237,800 8.09%
Intergovernment Rev. 13,646,995 12,378,000 13,532,690 1,154,690 9.33%
Contributions 5,363,752 1,981,356 2,154,852 173,496 8.76%
Interest Income 5,487,659 5,433,200 5,436,000 2,800 0.05%
Misc. Revenues 9,221,699 5,930,401 7,051,119 1,120,718 18.90%
Operating Revenues 217,596,504 218,647,143 227,623,226 8,976,083 4.11%
Transfer In 18,583,998 7,942,567 5,443,345 (2,499,222) -31.47%
Oth. Fin. Sources - 6,362,646 8,958,193 2,595,547 40.79%
Consolidated Revenues 236,180,502 232,952,356 242,024,764 9,072,408 3.89%
Budget Expenditures
Personnel expenses make up the largest category of spending at 46%of total expenditures. Utilities and
Other Services like professional fees and fleet maintenance costs are 11.9%of the total budget.
viii
FY 24 FY 25
FY 23 Adopted Adopted
Expenditures Actual Budget Budget Difference %Diff.
Personnel Services 95,645,696 104,741,917 110,598,663 5,856,746 5.59%
Supplies 14,717,586 15,838,944 16,133,920 294,976 1.86%
Maintenance & Repair 10,296,703 10,378,043 10,534,680 156,637 1.51%
Utilities/Other Sery 28,776,487 28,573,613 28,702,379 128,766 0.45%
Insur& Contr Supp. 27,957,999 3,395,056 3,513,449 118,393 3.49%
Debt Expenditures 7,312,177 20,030,328 19,995,351 (34,977) -0.17%
Other Expenditures 12,580,787 14,494,516 15,376,576 882,060 6.09%
Non Cap Improvements 78,152 414,634 391,950 (22,684) -5.47%
Capital Improvements 28,722,984 30,041,703 31,410,348 1,368,645 4.56%
Transfers Out 7,342,291 5,043,602 5,367,447 323,845 6.42%
Total Expenditures 233,430,862 232,952,356 242,024,764 9,072,408 3.89%
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 increased from $30,041,703 to
$31,410,348.
Category Amount
Lake Ringgold - Federal Permitting $ 5,000,000
Water and Sewer Line Replacements 3,500,000
Water System Infrastructure 2,825,800
Street Rehab and Improvement 3,545,360
Sanitation Trucks 2,213,979
Vehicles (Fleet) 2,192,297
Stormwater System Improvements 2,173,911
Turf at Sports Complex#2 2,100,000
Venue Projects (Memorial Auditorium and MPEC) 1,583,000
Composting Grinder(Landfill) 1,370,408
Buses (Public Transportation) 1,230,000
Facility Improvements 1,139,450
All Other 2,536,233
Total $31,410,438
The Operating Budget can be found on the City's website.
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
ix
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, 2023. This was the 29th
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.
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 second year in a row, the City earned the Award for Outstanding Achievement in Popular Annual
Financial Reporting for its report for the fiscal year ended September 30, 2023. 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 2023 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.
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COA PAFR BUDGET
AWARD AWARD AWARD
X
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 October of 2024,the
Comptroller's office completed a review of the program and confirmed that we continue to meet the
criteria for this prestigious recognition.
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TRANSPARENCY TRANSPARENCY TRANSPARENCY
STAR STAR STAR
N / /
Texas Comptroller Texas Comptroller Texas Comptroller
TRADITIONAL FINANCES DEBT OBLIGATIONS PUBLIC PENSIONS
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,
/f#i,did'
Stephen Calvert, CPA, CPFO
Chief Financial Officer
xi
Government Finance Officers Association Certificate for Excellence in Financial Reporting
GD
Government Finance Officers Association
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
City of Wichita Falls
Texas
For its Annual Comprehensive
Fuiancial Report
For the Fiscal Year Ended
September 30,2023
P
Executive Director CEO
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, 2023. This was the 29th consecutive year that the government has
achieved this prestigious award. In order to be awarded a Certificate of Achievement, a government must publish
an easily readable and efficiently organized annual comprehensive financial report. This report must satisfy both
generally accepted accounting principles and applicable legal requirements.
A 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.
41;c4ik, l4 CITY OF WICHITA FALLS
T E X A S
8/w5A.,,es 4c/Aar-0PPry'tuseies
( Citizens I
1
( City Council I
1 1
(Municipal Court Judge City Attorney I ( City Manager I ( City Clerk I
(Assistant City Manager) (Assistant City Manager
(Parks&Recreation I (Information Technology I
Parks Maintenance Library ( Building Maintenance Strategic Planning Development Services
MLK Center Recreation Castaway Cove l Building Inspections Code Enforcement
Cemetery ( Property Administration Plannin_ Housing
Champions Course at Weeks Park
(Economic Development ( Neighborhood Resources I
Communications and Marketing Aviation,Traffic&Transportation
( Public Works I
MPEC CVB ) Airports
I1MIER= Street Maintenance
(Ray Clymer Exhibit Half Public Information) (Traffic Engineering 1
1 Environmental Stormwater
(Kay Yeager Coliseum , ( Transportation Planning
I I ( Sanitation I (Public Utilities Operations 1
(JS Bridwell Ag Center) (Fleet Maintenance
I I
(Memorial Auditorium ( Public Transportation Refuse Collection ( Water Distribution
1
Transfer Station 1 ( Water Purification
(Human Resources I Landfill I (Wastewater Treatment
( Employee BenefitsI
I ( Personnel I
( Wastewater Collections
( Risk Management I
( Finance I (Health Department)
Accountin_ Purchasin_ ' " '
ry
Clinical Animal Services
Utili Collections Munici.al Court
Wellness WIC
( Fire Department I (Police Department I
Fire Marshal Division Operations Division Communi 0.erations Public Safet Trainin_
WEESSEBEITE Safety&Training ( Technical Services Investigative Operations Division)
WICHITA FALLS CITY COUNCIL
AS F MARCH 31, 202
4111,
TIM SHORT
MAYOR
OOPow-
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mot
AUSTIN COBB WHITNEY FLACK ROBERT BROOKS
AT LARGE DISTRICT 1 DISTRICT 2
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JEFF BROWNING MIKE BATTAGLINO TOM TAYLOR
DISTRICT 3 DISTRICT 4 DISTRICT 5
}
JAMES MCKECHNIE
INTERIM CITY MANAGER
CITY OF WICHITA FALLS
LIST OF PRINCIPAL OFFICIALS
MARCH 31, 2025
TITLE NAME
Mayor Tim Short
Councilor At Large Austin Cobb
District 1 Councilor Whitney Flack
District 2 Councilor Robert Brooks
District 3 Councilor and Mayor Pro Tem Jeff Browning
District 4 Councilor Mike Battaglino
District 5 Councilor Tom Taylor
Interim City Manager James McKechnie
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
Chief Financial Officer Stephen Calvert
Director of Public Health Amy Fagan
Police Chief Manuel Borrego
Interim Fire Chief Cody Melton
Director of Communications, Marketing, and MPEC Lindsay Lewis
Director of Public Works and Public Utilities Russell Schreiber
Director of Development Services Terry Floyd
FINANCIAL SECTION
fa
v EDGIN, PARKMAN, FLEMING & FLEMING, PC
CERTIFIED PUBLIC ACCOUNTANTS
MICHAEL D. EDGIN, CPA
1401 HOLLIDAY ST.,SUITE 216 • P.O. Box 750 DAVID L. PARKMAN, CPA
WICHITA FALLS,TEXAS 76307-0750 A. PAUL FLEMING, CPA
11 PH.(940)766-5550 • FAX(940)766-5778 JOSHUA R. HARMAN, 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, 2024, 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, 2024, 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, 2025, 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,
ecii4N Taki4,4-1--4zut 7 WA Az-bi C)C-
Edgin, Parkman, Fleming & Fleming, PC
March 26, 2025
3
CITY OF WICHITA FALLS, TEXAS
MANAGEMENT'S DISCUSSION AND ANALYSIS
SEPTEMBER 30, 2024
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, 2024. This narrative is 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, 2024 was $533,245,416. 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 $29,473,242 over the prior year. This
increase is a result of an increase in net position of$16,065,866 from the current fiscal year business-type
activities and an increase in net position of $13,407,376 from the current fiscal year governmental
activities.
The unrestricted net position for Governmental Activities was ($68,343,604), while the Business-type
Activities had an unrestricted net position of $59,570,047, for an overall unrestricted net position of
($8,773,557). Unrestricted net position for Governmental Activities increased by $1,791,632 from the
prior year, while unrestricted net position for Business-type Activities increased by$2,487,813 from the
prior year.
At September 30, 2024, the City's governmental funds reported combined ending fund balances of
$72,172,480. Of this amount, $50,199,237, or 70%, 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$50,432,693 or 52%of total General Fund expenditures of$97,865,476.
During Fiscal Year 2024, the City's debt decreased by$8,033,017. In FY 2024, the City entered into leases
for fire department equipment of$9,920,692.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.
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
4
CITY OF WICHITA FALLS, TEXAS
MANAGEMENT'S DISCUSSION AND ANALYSIS
SEPTEMBER 30, 2024
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
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.
5
CITY OF WICHITA FALLS, TEXAS
MANAGEMENT'S DISCUSSION AND ANALYSIS
SEPTEMBER 30, 2024
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.
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
6
CITY OF WICHITA FALLS, TEXAS
MANAGEMENT'S DISCUSSION AND ANALYSIS
SEPTEMBER 30, 2024
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 $533,245,416 as of September 30, 2024, and increase of
$29,018,055 or 5.8%from the prior year. The largest portion of the City's net position $515,090,128, or
96.6% 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, $26,929,845 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, 2024
Net Position
(in thousands)
Governmental Business-type
Activities Activities Total
2024 2023 2024 2023 2024 2023
Current and Other Assets $100,697 $ 99,721 $100,718 $ 98,598 $201,415 $198,320
Capital Assets 204,985 200,240 412,285 402,067 617,270 602,307
Total Assets 305,683 299,961 513,003 500,666 818,686 800,627
Deferred Outflows of Resources 31,791 48,100 6,899 10,495 38,690 58,596
Long Term Liabilities 167,224 186,626 103,877 112,491 271,101 299,117
Other Liabilities 26,377 31,103 5,793 6,951 32,169 38,054
Total Liabilities 193,601 217,729 109,669 119,442 303,270 337,171
Deferred Inflows of Resources 19,390 18,802 1,470 144 20,860 18,945
Net Position:
Net Investment in Capital Assets 178,715 170,464 336,375 323,220 515,090 493,684
Restricted 14,111 11,202 12,818 12,395 26,929 23,597
Unrestricted (68,344) (70,135) 59,570 57,082 (8,774) (13,053)
Total Net Position $124,482 $111,530 $408,763 $392,697 $533,245 $504,227
8
CITY OF WICHITA FALLS,TEXAS
MANAGEMENT'S DISCUSSION AND ANALYSIS
SEPTEMBER 30, 2024
CHANGES IN NET POSITION
(in thousands)
Governmental Business-type Total
2024 2023 2024 2023 2024 2023
Revenues:
Program Revenues:
Charges for Services 511,675 S 12,631 5 80,461 $ 76,389 5 92,136 $ 89,020
Operating Grants and Contributioi 18,749 22,509 2,347 4,606 21,096 27,115
Capital Grants and Contributions 3,689 1,452 1,107 2,274 4,797 3,726
General Revenues:
Property Taxes 50,166 46,719 50,166 46,719
Sales Taxes 30,657 30,989 30,657 30,989
Other Taxes/Fees 8,919 9,244 8,919 9,244
Investment Earnings 6,103 5,296 2,047 1,652 8,150 6,948
Miscellaneous 841 943 1 29 842 972
Total Revenue 130,800 129,782 85,963 84,951 216,763 214,732
Expenses:
Administrative Services 20,264 19,214 20,264 19,214
Police 31,203 30,332 31,203 30,332
Fire 25,483 25,909 25,483 25,909
Parks and Recreation 7,415 6,554 7,415 6,554
Accounting/Finance 1,109 1,062 1,109 1,062
Community Development 8,402 10,261 8,402 10,261
Public Works 10,628 9,329 10,628 9,329
Health 7,551 7,585 7,551 7,585
Traffic and Transportation 4,195 3,266 4,195 3,266
MPEC 5,177 6,049 5,177 6,049
Interest and Fees on Long-term DI 1,215 1,307 1,215 1,307
Regional Airport - 3,056 3,042 3,056 3,042
Kickapoo Airport - 1,582 1,549 1,582 1,549
Transit - 3,432 3,378 3,432 3,378
Sanitation - 13,787 11,689 13,787 11,689
Water and Sewer - 39,814 39,661 39,814 39,661
Stormwater Drainage - 1,037 1,118 1,037 1,118
Waterpark - 1.939 1.881 1.939 1.881
Total Expenses 122.644 120.868 64.646 62.317 187.290 183.185
Increase in Net Position Before Tra 8,156 8,914 21,317 22,633 29,473 31,547
Transfers 5.251 3.008 (5.251) (3.008) - -
Increase in Net Position 13,407 11,921.900 16,066 19,625 29,473 31,547
Net Position-Beginning,original 111,464 99,668 392,697 374,738 504,161 474,405
Restatement (389) (59) (1,666) (389) (1,725)
Net Position-End of Year,Restatec 124,482 S 111,530 540,3,763 5 392,697 5 533,245 5504,227
9
CITY OF WICHITA FALLS, TEXAS
MANAGEMENT'S DISCUSSION AND ANALYSIS
SEPTEMBER 30, 2024
Governmental Activities—Governmental Activities increased the City's net position by$13,407,376. The
increase in net position in the Governmental Activities is primarily due to lower than anticipated personnel
costs due to vacancies across departments and lower than anticipated supply costs due to reduced due
to slower inflation.
Business-Type Activities— Business-type Activities increased the City's net position by $11,921,900. This
increase is primarily due to debt payments which lowered long-term liabilities by $8,614,488. This
increase was helped by higher vacancies and lower supply costs.
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, 2024,
the City's governmental funds reported combined fund balances of$72,172,480, which is an increase of
$5,665,397. 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 $50,432,693 an increase of $2,417,258 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
51.53% of total General Fund expenditures, while the total fund balance represents 51.96% 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 lower than anticipated
supply costs.
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. ARPA funds have been 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. Expenditures also included $3,300,000 for Softball
Complex Turf replacement to help generate economic development through sports tourism. 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. As of September 30, 2024, the ARPA funds have generated $2,095,795 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, 2024,the
10
CITY OF WICHITA FALLS, TEXAS
MANAGEMENT'S DISCUSSION AND ANALYSIS
SEPTEMBER 30, 2024
net position for the City's internal service funds was$53,803,146, an increase of$4,082,078. This change
is due primarily to 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
$4,743,015 from the original fiscal year 2024 adopted budget. This increase was primarily due to the
carry-forward of capital expenditures from the prior year.
Revenues in the General Fund for the Fiscal Year 2024 were$99,031,285, which was$973,092 more than
final budgeted revenues. Higher than anticipated investment earnings were offset by lower than
anticipated Sales Tax Revenue. Expenditures in the General Fund for the fiscal year were $97,865,476
which was $9,343,222 final budgeted expenditures. Capital expenditures were $5,572,082 due to the
timing of expenditures for capital assets.
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, 2024 was$617,270,432(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:
• Business Park Infrastructure Improvements
• Fire Apparatus Replacements Across All Stations
• Water and Sewer Line Replacements
• Quail Creek Drainage Improvements
• Street Rehab and Improvements
• Memorial Auditorium Renovations from ARPA 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, 2024
Capital Assets,Net of Accumulated Depreciation
(in thousands)
Governmental Activities Business-type Activities Total
2024 2023 2024 2023 2024 2023
Land $ 11,903 $ 11,541 $ 11,072 $ 11,072 $ 22,976 $ 22,613
Land Betterments 19,172 18,063 31,849 33,123 51,020 51,185
Buildings,Systems&Improvements 45,352 43,665 319,687 323,173 365,039 366,837
Infrastructure 112,582 111,968 1,230 1,247 113,811 113,215
Machinery and Equipment 9,244 7,880 2,712 1,979 11,957 9,859
Subscription assets 558 471 - - 558 471
Motor Vehicles - - 32,716 22,566 32,716 22,566
Right-to-use leased assets - - 2,112 2,175 2,112 2,175
Construction in Progress 6,175 6,654 10,906 6,732 17,081 13,386
Totals $204,985 $ 200,240 $412,285 $ 402,067 $617,270 $602,307
Long Term Debt- As of September 30, 2024, the City had total bonded debt, notes, and capital leases
outstanding of$115,297,294. During the fiscal year, the City's total debt decreased by$8,033,017. As of
September 30, 2024, 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
2024 2023 2024 2023 2024 2023
General Obligation Bonds $ 21,238 $24,050 $ 5,102 $ 5,455 $ 26,340 $ 29,505
Combination Tax&Revenue Bonds 10,485 11,485 26,220 27,840 36,705 39,325
Venue Tax Revenue Bonds 2,480 2,535 - - 2,480 2,535
Utility System Revenue Bonds - - 21,415 30,250 21,415 30,250
Premiums on Bonds 961 1,221 1,031 1,894 1,992 3,115
Notes Payable 2,251 2,817 21,295 12,935 23,546 15,752
Subscription Liabilities 563 460 - - 563 460
Right-To-Use Leases - - 2,819 2,849 2,819 2,849
$ 37,978 $42,567 $77,882 $81,223 $115,860 $123,791
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, 2024, was
$.680000 per$100 which means that the City has a tax margin of$1.57 per$100, and could generate up
to $120,438,843 additional tax revenue a year from the present assessed valuation of $7,671,263,859
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, 2024
of all taxable property is .48%. 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 2025 is
$242,024,764 which is an increase of $9,072,408 or 3.89% from the Fiscal Year 2024 Budget of
$232,952,356. This increase is primarily due to increased property tax revenues from increased property
values, new properties added to the tax rolls, and an increased tax rate.
The fiscal year 2025 budget increased the property tax rate by 0.7% from .6800 to .6848. It committed
over $31 million to infrastructure replacement and capital improvement projects while setting aside $3
million in excess General Reserve Funds to designate funds for future capital needs.
The 2025 budget also included significant increases in personnel costs to help maintain competitive
compensation levels. The budget increased police pay by 11%and all other employees by 5%while adding
fire certification pay. Medical and dental premiums were kept level and six benefit holidays were
maintained as healthcare costs continued to be 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 have increased by 1.8%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 continue to reduce interest rates over the next
couple of years. The City has strong reserves and an eye to the future as staff will work to pursue the
vision laid out in Strategic Plan.
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
EXH I BIT A-1
CITY OF WICHITA FALLS, TEXAS
STATEMENT OF NET POSITION
SEPTEMBER 30,2024
Primary Government
Governmental Business-type Component
Activities Activities Total Units
Assets
Cash and cash equivalents $ 70,515,479 $ 56,562,664 $ 127,078,143 $ 45,744,672
Investments 14,133,065 - 14,133,065 -
Receivables(net):
Taxes and assessments 1,427,038 - 1,427,038 -
Customer and trade - 9,238,579 9,238,579 -
Government agencies 11,242,320 1,502,377 12,744,697 1,706,324
Other 2,796,597 623,982 3,420,579 Internal balances (14,143,207) 14,143,207 - -
Inventory 389,735 2,071,731 2,461,466 -
Prepaid items 747,616 471,734 1,219,350 -
Other assets 31,191 260,486 291,677 -
Restricted assets:
Cash and cash equivalents 13,557,675 15,842,988 29,400,663 -
Capital assets not being depreciated 18,077,830 21,978,844 40,056,674 2,517,331
Capital assets net of accumulated depreciation 186,907,535 390,306,223 577,213,758 24,288,877
Total assets 305,682,874 513,002,815 818,685,689 74,257,204
Deferred Outflows of Resources
Pension-related 30,251,676 5,001,836 35,253,512 -
OPEB-related 1,451,414 509,425 1,960,839 -
Deferred losses on bond refundings 87,729 1,388,207 1,475,936 -
Total deferred outflows of resources 31,790,819 6,899,468 38,690,287 -
Liabilities
Accounts payable-trade 2,594,708 1,207,561 3,802,269 423
Accrued payroll 1,800,987 518,072 2,319,059 -
Accrued interest payable 162,596 227,644 390,240 -
Payable to government agencies 646,572 69,917 716,489 -
Estimated health claims payable 1,188,114 - 1,188,114 -
Other liabilities 4,320,870 730,324 5,051,194 94,037
Unearned revenue 15,662,795 - 15,662,795 -
Customer deposits - 3,039,283 3,039,283 -
Long-term liabilities:
Portion due or payable within one year 7,982,301 13,738,674 21,720,975 665,000
Portion due or payable after one year 42,911,355 72,496,966 115,408,321 26,318,679
Net pension liability(payable after one year) 109,019,389 15,074,782 124,094,171 Net OPEB liability(payable after one year) 7,311,085 2,566,090 9,877,175 Total liabilities 193,600,772 109,669,313 303,270,085 27,078,139
Deferred Inflows of Resources
Pension-related 16,926,229 605,141 17,531,370 -
OPEB-related 2,464,203 864,902 3,329,105 -
Total deferred inflows of resources 19,390,432 1,470,043 20,860,475 -
Net Position
Net investment in capital assets 178,714,840 336,375,288 515,090,128 3,813,623
Restricted for:
Perpetual care(nonexpendable) 2,163,297 - 2,163,297 -
Debt service(expendable) 1,782,911 12,817,592 14,600,503 -
Federal grant programs(expendable) 8,371,252 - 8,371,252 -
Tourism(expendable) 1,793,793 - 1,793,793 -
Unrestricted (68,343,604) 59,570,047 (8,773,557) 43,365,442
Total net position $ 124,482,489 $ 408,762,927 $ 533,245,416 $ 47,179,065
See accompanying notes to the basic financial statements.
14
CITY OF WICHITA FALLS, TEXAS
STATEMENT OF ACTIVITIES
FOR THE YEAR ENDED SEPTEMBER 30, 2024
Program Revenues
Operating
Charges for Grants and
Functions/Programs Expenses Services Contributions
Primary government:
Governmental activities:
Administrative services $ 20,263,581 $ 5,542,717 $ 1,886,416
Police 31,202,927 321,523 528,562
Fire 25,483,398 90,273 674,099
Parks and recreation 7,415,430 471,058 235,744
Accounting/finance 1,109,393 - -
Community development 8,402,052 1,825,332 6,968,974
Public works 10,628,459 13,075 861,929
Health 7,550,956 1,122,976 3,396,737
Traffic and transportation 4,195,482 186,392 2,580,592
Multi-Purpose Events Center 5,177,255 2,101,233 35,000
Interest and fees on long-term debt 1,214,911 - 1,581,013
Total governmental activities 122,643,844 11,674,579 18,749,066
Business-type activities:
Regional Airport 3,055,752 1,761,288 -
Kickapoo Airport 1,581,879 1,110,856 -
Transit 3,431,762 663,889 2,346,732
Sanitation 13,787,413 18,578,954 -
Water and sewer 39,813,704 52,793,725 -
Stormwater drainage 1,037,049 3,767,887 -
Waterpark 1,938,552 1,784,687 -
Total business-type activities 64,646,111 80,461,286 2,346,732
Total primary government $ 187,289,955 $ 92,135,865 $ 21,095,798
Component units:
Community development $ 10,574,823
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
Restatement for correction of an error
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
$ 3,241,567 $ (9,592,881) $ - $ (9,592,881) $ -
- (30,352,842) - (30,352,842) -
- (24,719,026) - (24,719,026) -
- (6,708,628) - (6,708,628) -
- (1,109,393) - (1,109,393) -
362,500 754,754 - 754,754 -
- (9,753,455) - (9,753,455) -
- (3,031,243) - (3,031,243) -
- (1,428,498) - (1,428,498) -
85,254 (2,955,768) - (2,955,768) -
- 366,102 - 366,102 -
3,689,321 (88,530,878) - (88,530,878) -
- - (1,294,464) (1,294,464) -
- - (471,023) (471,023) -
- - (421,141) (421,141) -
- - 4,791,541 4,791,541 -
1,107,267 - 14,087,288 14,087,288 -
- - 2,730,838 2,730,838 -
- - (153,865) (153,865) -
1,107,267 - 19,269,174 19,269,174 -
$ 4,796,588 (88,530,878) 19,269,174 (69,261,704) -
$ - - - - (10,574,823)
50,166,104 - 50,166,104 1,322,649
30,656,869 - 30,656,869 10,219,548
5,523,727 - 5,523,727 -
3,025,700 - 3,025,700 -
369,980 - 369,980 -
6,103,382 2,046,798 8,150,180 2,759,161
841,076 1,310 842,386 21,877
5,251,416 (5,251,416) - -
101,938,254 (3,203,308) 98,734,946 14,323,235
13,407,376 16,065,866 29,473,242 3,748,412
111,463,713 392,697,061 504,160,774 43,430,653
(388,600) - (388,600) -
111,075,113 392,697,061 503,772,174 43,430,653
$ 124,482,489 $ 408,762,927 $ 533,245,416 $ 47,179,065
EXHIBIT A-3
CITY OF WICHITA FALLS, TEXAS
BALANCE SHEET-GOVERNMENTAL FUNDS
SEPTEMBER 30, 2024
Nonmajor Total
General ARPA Governmental Governmental
Fund Fund Funds Funds
Assets
Cash and cash equivalents $ 27,760,282 $ 19,124,123 $ 18,016,523 $ 64,900,928
Investments 14,133,065 - - 14,133,065
Receivables(net):
Taxes and assessments 1,146,985 - 280,053 1,427,038
Other City funds 9,736,568 - - 9,736,568
Government agencies 5,440,811 - 5,801,509 11,242,320
Other 2,274,822 - 512,179 2,787,001
Inventory 354,986 - 34,422 389,408
Prepaid items 67,075 - 680,541 747,616
Other assets 1,000 - 30,191 31,191
Total assets $ 60,915,594 $ 19,124,123 $ 25,355,418 $ 105,395,135
Liabilities
Accounts payable $ 1,362,369 $ 784,171 $ 253,797 $ 2,400,337
Accrued payroll 1,636,789 - 131,781 1,768,570
Payable to other City funds - 494,048 5,089,074 5,583,122
Payable to government agencies 556,397 - 90,175 646,572
Other liabilities 3,714,983 187,638 398,277 4,300,898
Claims and judgments payable 11,922 - - 11,922
Unearned revenue - 15,562,470 100,325 15,662,795
Total liabilities 7,282,460 17,028,327 6,063,429 30,374,216
Deferred inflows of resources
Unavailable revenues 2,778,380 - 70,059 2,848,439
Fund balances
Nonspendable:
Inventory and prepaid items 422,061 - 711,322 1,133,383
Permanent Fund principal - - 2,163,297 2,163,297
Restricted for:
Debt service - - 1,712,852 1,712,852
Capital projects - - 3,325,879 3,325,879
Federal and state grant programs - 2,095,796 6,275,456 8,371,252
Tourism - - 1,793,793 1,793,793
Committed for:
Local projects - - 3,472,787 3,472,787
Unassigned 50,432,693 - (233,456) 50,199,237
Total fund balances 50,854,754 2,095,796 19,221,930 72,172,480
Total liabilities,deferred inflows of resources
and fund balances $ 60,915,594 $ 19,124,123 $ 25,355,418 $ 105,395,135
See accompanying notes to the basic financial statements.
16
EXHIBIT A-4
CITY OF WICHITA FALLS, TEXAS
RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET
TO THE STATEMENT OF NET POSITION
SEPTEMBER 30,2024
Total fund balances-governmental funds(Exhibit A-3) $ 72,172,480
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 $ 382,558,272
Related accumulated depreciation 185,050,188 197,508,084
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 2,848,439
Long-term liabilities are not due and payable in the current period and therefor(
not reported as liabilities in the funds.Long-term liabilities at year-end consist of
Bonds payable 34,203,128
Premiums on bonds payable 990,996
Notes payable 2,251,238
Subscription liabilities 216,510
Accrued vacation and sick leave 12,049,693
Claims and judgments payable 750,735
Accrued interest 162,596 (50,624,896)
In the governmental funds financial statements,refunding losses are expended when
incurred,whereas in the government-wide financial statements the losses are capitalize(
and amortized. 87,729
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 108,082,028
Deferred outflows-pension related items (29,940,659)
Deferred inflows-pension related items 16,888,600 (95,029,969)
The City's net OPEB liability and related deferred outflows and inflows related to the Cit)
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 7,200,461
Deferred outflows-OPEB related items (1,429,452)
Deferred inflows-OPEB related items 2,426,918 (8,197,927)
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 23,765,224
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 the
business-type activities. This amount represents the governmental activity portior
of the central garage activity. (18,046,675)
Total net position-governmental activities(Exhibit A-1) $ 124,482,489
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, 2024
Nonmajor Total
General ARPA Governmental Governmental
Fund Fund Funds Funds
Revenues
Taxes $ 84,573,463 $ - $ 5,087,946 $ 89,661,409
Charges for services 3,248,734 - 805,378 4,054,112
Licenses and permits 1,861,123 - - 1,861,123
Fines and forfeitures 3,284,620 - 278,246 3,562,866
Intergovernmental revenue - 6,244,571 12,852,075 19,096,646
Contributions 295,378 - 2,598,608 2,893,986
Miscellaneous revenue 5,767,967 948,921 4,310,864 11,027,752
Total revenues 99,031,285 7,193,492 25,933,117 132,157,894
Expenditures
Current:
Administrative services 16,310,983 369,610 1,707,180 18,387,773
Police 31,376,078 - 553,089 31,929,167
Fire 21,460,539 - 586,432 22,046,971
Parks and recreation 7,170,632 - 22,026 7,192,658
Accounting/finance 1,165,466 - 26,412 1,191,878
Community development 2,602,408 - 6,135,266 8,737,674
Public works 6,420,334 - 13,037 6,433,371
Health 4,237,708 97,670 3,510,079 7,845,457
Traffic and transportation 2,043,032 36,179 1,320,135 3,399,346
Multi-Purpose Events Center - - 4,462,383 4,462,383
Capital outlay 5,078,296 5,741,112 81,655 10,901,063
Debt service:
Principal retirement - - 3,866,606 3,866,606
Interest and paying agent fees - - 1,405,349 1,405,349
Total expenditures 97,865,476 6,244,571 23,689,649 127,799,696
Excess of revenues over(under)expenditures 1,165,809 948,921 2,243,468 4,358,198
Other Financing Sources(Uses)
Issuance of subscription liabilities - - 73,405 73,405
Transfers in 3,288,409 - 2,086,199 5,374,608
Transfers out (2,264,583) - (1,421,040) (3,685,623)
Total other financing sources(uses) 1,023,826 - 738,564 1,762,390
Net change in fund balance 2,189,635 948,921 2,982,032 6,120,588
Fund balance- beginning,as previously reported 48,665,119 1,146,875 16,628,498 66,440,492
Restatement for correction of an error - - (388,600) (388,600)
Fund balance- beginning,as restated 48,665,119 1,146,875 16,239,898 66,051,892
Fund balances-ending $ 50,854,754 $ 2,095,796 $ 19,221,930 $ 72,172,480
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 30,2024
Net change in fund balances-total governmental funds(Exhibit A-5) $ 6,120,588
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 $ 10,612,856
Depreciation expense for the year 8,302,672 2,310,184
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. 447,754
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. 93,893
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 2023-2024. (73,405)
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 2023-2024 were: 4,744,866
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 funs
financial statements,but are included in the government-wide financial statements.The changes
in these long-term obligations were:
Accrued vacation and sick leave (1,332,861)
Claims and judgments payable 34,104 (1,298,757)
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 30,2023 176,960
Accrued interest at September 30,2024 162,596 14,364
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 expenditure_
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. (1,413,214)
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. 568,171
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 30,2024
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. 2,557,013
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. (610,353)
Change in net position of governmental activities(Exhibit A-2) $ 13,407,376
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 30,2024
Enterprise Funds
Non major
Water and Sanitation Enterprise Internal
Sewer Fund Fund Funds Total Service Funds
Assets
Current assets:
Cash and cash equivalents $ 23,768,577 $ 13,947,079 $ 13,373,766 $ 51,089,422 $ 11,087,793
Restricted cash and cash equivalents 13,734,708 - 2,108,280 15,842,988 13,557,675
Receivables(net):
Customer and trade 6,870,545 1,966,899 401,135 9,238,579 -
Government agencies 71,859 - 1,430,518 1,502,377 -
Other 518,894 19,978 84,518 623,390 10,188
Inventory 1,229,907 - 178,093 1,408,000 663,731
Prepaid items (29,738) - 23,222 (6,516) 478,577
Other assets - - 260,486 260,486 -
Total current assets 46,164,752 15,933,956 17,860,018 79,958,726 25,797,964
Long-term assets:
Capital assets,net of accumulated
depreciation 260,853,748 10,750,773 106,064,664 377,669,185 42,093,163
Total long-term assets 260,853,748 10,750,773 106,064,664 377,669,185 42,093,163
Total assets 307,018,500 26,684,729 123,924,682 457,627,911 67,891,127
Deferred Outflows of Resources
Pension-related 2,771,397 1,131,467 609,698 4,512,562 800,292
OPEB-related 302,557 111,768 46,863 461,188 70,198
Deferred losses on bond refundings 1,388,207 - - 1,388,207 -
Total deferred outflows of resources 4,462,161 1,243,235 656,561 6,361,957 870,490
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 30,2024
Enterprise Funds
Non major
Water and Sanitation Enterprise Internal
Sewer Fund Fund Funds Total Service Funds
Liabilities
Current liabilities:
Accounts payable-trade 646,639 71,105 239,979 957,723 444,209
Accrued payroll 273,747 119,098 75,266 468,111 82,378
Accrued vacation and sick leave 574,243 206,451 102,412 883,106 211,590
Payable to other City funds - - 3,691,163 3,691,163 462,283
Payable to government agencies 4 70,687 (774) 69,917 -
Estimated health claims payable - - - - 1,188,114
Other liabilities 383,777 90,590 255,957 730,324 19,972
Payable to U.S.Government-current
maturity 50,303 - - 50,303 -
Right-to-use leases-current maturities - - 31,302 31,302 -
Notes payable-current maturities 894,305 - - 894,305 850,611
Bonds payable-current maturities 11,287,456 - - 11,287,456 -
Subscriptionliabilities-current maturities - - - - 111,621
Accrued interest-revenue bonds 227,644 - - 227,644 -
Total current liabilities 14,338,118 557,931 4,395,305 19,291,354 3,370,778
Long-term liabilities:
Right-to-use leases,less current maturities - - 2,788,165 2,788,165 -
Notes payable,less current maturities 11,128,191 - - 11,128,191 8,371,470
Bonds payable,less current maturities 42,480,130 - - 42,480,130 -
Subscription liabilities,less current maturities - - - - 234,656
Estimated liability for landfill closure and
post-closure care costs - 7,332,168 - 7,332,168 -
Customer deposits 3,039,283 - - 3,039,283 Net pension liability 8,352,574 3,410,071 1,837,538 13,600,183 2,411,960
Net OPEB liability 1,524,048 562,999 236,064 2,323,111 353,603
Total long-term liabilities 66,524,226 11,305,238 4,861,767 82,691,231 11,371,689
Total liabilities 80,862,344 11,863,169 9,257,072 101,982,585 14,742,467
Deferred Inflows of Resources
Pension-related 335,294 136,889 73,764 545,947 96,822
OPEB-related 513,681 189,759 79,566 783,006 119,182
Total deferred inflows of resources 848,975 326,648 153,330 1,328,953 216,004
Net Position
Net investment in capital assets 196,985,517 10,750,773 103,245,197 310,981,487 32,524,805
Restricted for debt service 12,817,592 - - 12,817,592 -
Unrestricted 19,966,233 4,987,374 11,925,644 36,879,251 21,278,341
Total net position $ 229,769,342 $ 15,738,147 $ 115,170,841 360,678,330 $ 53,803,146
Adjustment to reflect the consolidation of internal service funds activities
related to enterprise funds 48,084,597
Net position of business-type activities $ 408,762,927
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 30,2024
Enterprise Funds
(Formerly
Major) Nonmajor
Water and Sanitation Regional Enterprise Internal
Sewer Fund Fund Airport Fund Funds Total Service Funds
Operating revenues:
Charges for services $ 52,613,662 $ 18,531,747 $ - $ 5,461,937 $ 76,607,346 $ 18,607,437
Rents,concessions and other 180,063 47,207 - 3,626,670 3,853,940 1,395,229
Contributions - - - - - 14,900,446
Total operating revenues 52,793,725 18,578,954 - 9,088,607 80,461,286 34,903,112
Operating expenses:
Personnel services 13,454,373 5,348,031 - 3,559,882 22,362,286 3,541,693
Supplies and materials 4,437,253 340,812 - 1,856,074 6,634,139 3,743,810
Maintenance and repairs 2,814,038 143,025 - 549,065 3,506,128 4,810,916
Utilities and other services 6,208,183 6,784,928 - 1,383,683 14,376,794 636,907
Insurance and contract support 883,890 135,668 - 193,810 1,213,368 15,459,250
Other expenses 1,984,889 630,154 - 524,881 3,139,924 2,264,964
Depreciation and amortization 9,108,951 468,807 - 3,257,815 12,835,573 7,343,290
Total operating expenses 38,891,577 13,851,425 - 11,325,210 64,068,212 37,800,830
Operating income(loss) 13,902,148 4,727,529 - (2,236,603) 16,393,074 (2,897,718)
Nonoperating revenues(expenses):
Investment earnings(loss) 1,109,911 410,345 - 526,542 2,046,798 3,017,582
Gain/(loss)on sale/abandonment of capital
assets 1,310 - - - 1,310 981
Interest expense and paying agent fees (1,959,955) - - (27,595) (1,987,550) (326,963)
Intergovernmental operating grants - - - 2,346,732 2,346,732 -
Total nonoperating revenues(expenses) (848,734) 410,345 - 2,845,679 2,407,290 2,691,600
Income(loss)before contributions and transfers 13,053,414 5,137,874 - 609,076 18,800,364 (206,118)
Capital contributions 1,107,267 - - - 1,107,267 -
Transfers in - - - 195,116 195,116 4,621,070
Transfers out (2,143,194) (3,621,335) - (407,763) (6,172,292) (332,879)
Change in net position 12,017,487 1,516,539 - 396,429 13,930,455 4,082,073
Net position-beginning,as previously reported 217,751,855 14,221,608 43,730,953 71,043,460 49,721,073
Adjustment-change from major fund to nonmajor fund - - (43,730,953) 43,730,952 Net position-beginning,as restated 217,751,855 14,221,608 - 114,774,412 49,721,073
Net position-ending $ 229,769,342 $ 15,738,147 $ - $ 115,170,841 $ 53,803,146
Adjustment to reflect the consolidation of internal service funds activities
related to enterprise funds 2,135,411
Change in net position of business-type activities $ 16,065,866
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 30,2024
Enterprise Funds
Nonmajor
Water and Sanitation Enterprise Internal
Sewer Fund Fund Funds Total Service Funds
Cash flows from operating activities:
Received from customers and users $ 51,832,682 $ 18,520,173 $ 9,080,549 $ 79,433,404 $ 3,770,479
Received from interfund charges - - - - 30,093,152
Other operating receipts - - - - 1,078,837
Payments to suppliers (16,500,664) (2,824,109) (4,130,575) (23,455,348) (27,554,068)
Payments for interfund services (4,225,684) (6,743,689) (1,147,209) (12,116,582) (695,525)
Payments to employees (9,479,745) (3,871,772) (2,768,646) (16,120,163) (2,745,782)
Net cash provided(used)by operating activities 21,626,589 5,080,603 1,034,119 27,741,311 3,947,093
Cash flows from noncapital financing activities:
Intergovernmental operating grants - - 2,570,504 2,570,504 -
Interfund loans received(repaid) - - (264,432) (264,432) -
Transfers in from other funds - - 195,116 195,116 4,621,070
Transfers out to other funds (2,143,194) (3,621,335) (407,763) (6,172,292) (332,879)
Net cash provided(used)by noncapital financing
activities (2,143,194) (3,621,335) 2,093,425 (3,671,104) 4,288,191
Cash flows from capital and related financing activities:
Acquisition and construction of capital assets (7,890,389) (1,251,817) (2,741,046) (11,883,252) (9,646,978)
Proceeds from sale of capital assets 1,310 - - 1,310 -
Principal paid on long-term debt (11,670,750) - (28,518) (11,699,268) (770,799)
Interest and fees paid on long-term debt (2,521,087) - (27,595) (2,548,682) (326,963)
Net cash provided(used)for capital and
related financing activities (22,080,916) (1,251,817) (2,797,159) (26,129,892) (10,744,740)
Cash flows from investing activities:
Investment earnings 1,109,911 410,345 526,542 2,046,798 3,017,582
Net cash provided(used)by investing activities 1,109,911 410,345 526,542 2,046,798 3,017,582
Net Increase(Decrease)in Cash and Cash Equivalents (1,487,610) 617,796 856,927 (12,887) 508,126
Cash and Cash Equivalents-Beginning 38,990,895 13,329,283 14,625,119 66,945,297 24,137,342
Cash and Cash Equivalents-Ending $ 37,503,285 $ 13,947,079 $ 15,482,046 $ 66,932,410 $ 24,645,468
Reconciliation of cash and cash equivalents on the
balance sheet to the statement of cash flows:
Cash and cash equivalents $ 23,768,577 $ 13,947,079 $ 13,373,766 $ 51,089,422 $ 11,087,793
Restricted assets-cash and cash equivalents 13,734,708 - 2,108,280 15,842,988 13,557,675
Total cash and cash equivalents at end of year $ 37,503,285 $ 13,947,079 $ 15,482,046 $ 66,932,410 $ 24,645,468
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 30,2024
Enterprise Funds
Nonmajor
Water and Sanitation Enterprise Internal
Sewer Fund Fund Funds Total Service Funds
Reconciliation of Operating Income(Loss)to Net Cash
Provided(Used)by Operating Activities:
Operating income(loss) $ 13,902,148 $ 4,727,529 $ (2,236,603) $ 16,393,074 $ (2,897,718)
Adjustments to reconcile operating income(loss)
to net cash provided(used)by operating activities:
Depreciation and amortization 9,108,951 468,807 3,257,815 12,835,573 7,343,290
Customer deposits received(refunded) (530,756) - - (530,756) -
(Increase)decrease in assets and deferred
outflows:
Receivables:
Customer and trade (430,287) (58,781) 14,412 (474,656) -
Other - - (22,470) (22,470) 36,602
Inventory (181,476) - 55,139 (126,337) 42,688
Prepaid items 30,678 - (23,216) 7,462 -
Other current assets - - (99,450) (99,450) -
Deferred outflows-pension-related 1,435,285 637,702 338,582 2,411,569 602,022
Deferred outflows-OPEB-related 258,198 100,242 43,258 401,698 62,048
Increase(decrease)in liabilities and deferred
inflows:
Accounts payable-trade (528,249) (356,015) 118,381 (765,883) (434,937)
Accrued payroll 56,369 21,519 20,312 98,200 17,034
Accrued vacation and sick leave 86,922 24,625 (3,635) 107,912 27,897
Estimated health claims payable - - - - 140,432
Payable to government agencies - 5,837 (379) 5,458 -
Other liabilities 371,328 11,256 37,266 419,850 2,754
Estimated liability for landfill closure - 421,306 - 421,306 Net pension liability (1,737,286) (833,337) (436,938) (3,007,561) (951,537)
Net OPEB liability (982,134) (384,535) (166,715) (1,533,384) (237,449)
Deferred inflows-pension-related 307,810 125,330 67,568 500,708 87,661
Deferred inflows-OPEB-related 459,088 169,118 70,792 698,998 106,306
Total adjustments 7,724,441 353,074 3,270,722 11,348,237 6,844,811
Net cash provided(used)by
operating activities $ 21,626,589 $ 5,080,603 $ 1,034,119 $ 27,741,311 $ 3,947,093
Noncash capital and financing activities:
Capital assets received from developers $ 1,107,267 $ - $ - $ 1,107,267 $ -
See accompanying notes to the basic financial statements.
25
EXHIBIT A-10
CITY OF WICHITA FALLS, TEXAS
STATEMENT OF FIDUCIARY NET POSITION
SEPTEMBER 30, 2024
Pension Trust Custodial
Fund Fund
Assets
Cash and cash equivalents $ 200 $ 196,238
Receivables 55,959 -
Investments 55,220,779 -
Total assets 55,276,938 196,238
Liabilities
Accrued expenses 21,717 -
Other liabilities - 196,238
Total liabilities 21,717 196,238
Net position $ 55,255,221 $ -
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, 2024
Pension Trust Custodial
Fund Fund
Additions
Contributions:
Employer $ 2,109,816 $ -
Plan members 1,695,157 -
Escheatment additions - 27,459
Total contributions 3,804,973 27,459
Investment earnings(net):
Interest and dividend income 2,019,604 -
Net appreciation (depreciation) in fair value of investments 5,238,544 -
Less investment expenses (434,319) -
Total investment earnings(net) 6,823,829 -
Total additions 10,628,802 27,459
Deductions
Benefits paid to participants 5,970,034 -
Refunds and drop payments 347,059 -
Administrative expenses 97,104 -
Escheatment deductions - 27,459
Total deductions 6,414,197 27,459
Net increase (decrease) in fiduciary net position 4,214,605 -
Net position-beginning 51,040,616 -
Net position-ending $ 55,255,221 $ -
See accompanying notes to the basic financial statements.
27
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS
SEPTEMBER 30,2024
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 30,2024
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 30,2024
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.
Fiduciary Component Unit
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. 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 City is legally obligated to make
contributions to the plan. As such, the Fund is considered a fiduciary component unit of the City.
The Fund operates on a fiscal year ending on December 31 of each year.
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 30,2024
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 and the Sanitation 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 30,2024
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 are generally 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.
Nonmajor 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 30,2024
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 30,2024
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 30,2024
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 ($1,224,911) and
municipal court fines receivable ($1,623,528) 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 30,2024
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 30,2024
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 30,2024
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, 2024 is based on management's estimate of
probable losses in the amount of $750,735. 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, 2022 to September 30, 2024:
Health Workers'
Care Compensation
Liability balance,October 1,2022 $ 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
Incurred claims/adjustments 14,808,476 571,942
Claim payments ( 14,668,044) ( 606,046)
Liability balance,September 30,2024 $ 1,188,114 $ 750,735
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.
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 30,2024.
38
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2024
Note 2 - COMPLIANCE AND ACCOUNTABILITY(CONT'D.)
Deficit Fund Balances—Individual Funds
The Airport Improvement Grant Fund and the Golf Fund, both special revenue funds, had deficit fund
balances of $223,229 and $10,227, respectively, as of September 30, 2024. 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, 2024, the total amount of the City's demand
and time deposits per the general ledger was $3,101,764, and the total amount per the City's
September 30, 2024 bank statements was $5,486,144. 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, 2024.
The investments of the City and its discretely presented component units at September 30, 2024 are
as follows:
Average
Fair Value/ Credit Weighted Average
Carrying Quality/ Days to
Types of Investments Amount Cost Ratings Maturity
Primary Government:
TexPool $ 87,409,287 $ 87,409,287 Not rated 31
LOGIC 39,608,534 39,608,534 Not rated 47
Federal Home Loan Bank 5,056,151 5,026,707 N/A 165
U.S.Treasury Notes 9,076,914 8,973,073 N/A 646
Money market accounts 24,174,595 24,174,595 Not rated 1
Total primary government
investments 165,325,481 165,192,196
Component Units:
TexPool 46,941,826 46,941,826 Not rated 31
Total component unit
investments 46,941,826 46,941,826
Total investments $212,267,307 $212,134,022
39
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2024
Note 3 - DEPOSITS AND INVESTMENTS(CONT'D.)
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.
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.
40
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2024
Note 3 - DEPOSITS AND INVESTMENTS(CONT'D.)
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.
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 $100 of assessed
valuation for general governmental services including the payment of principal and interest on long-
term debt. The combined tax rate to finance general governmental services for the year ended
September 30, 2024 was$.68 per$100 which means that the City has a tax margin of$1.57 per$100,
and could raise up to $113,350,739 additional tax revenue a year from the present assessed valuation
of$7,219,792,277 before the limit is reached.
41
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONTD.)
SEPTEMBER 30,2024
Note 5 - RESTRICTED ASSETS
Restricted assets in the Water and Sewer Fund, Nonmajor Enterprise Funds, 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 $12,939,947
For Capital Improvements:
Cash and cash equivalents 794,761
Total $13,734,708
Nonmajor Enterprise Funds restricted assets are comprised of the following:
For Passenger Facility Charges:
Cash and cash equivalents $ 710,272
For Customer Facility Charges:
Cash and cash equivalents 1.398.008
Total $2,108,280
Internal Service Fund restricted assets are comprised of the following:
For Employee Insurance:
Cash and cash equivalents $13,557,675
42
4, V
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CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2024
Note 7 - CAPITAL ASSETS
Capital asset activity for the year ended September 30, 2024 was as follows:
Balance Balance
Governmental activities: October 1, September 30,
2023 Increases Decreases 2024
Capital assets not being depreciated:
Land $ 11,540,807 $ 362,500 $ - $ 11,903,307
Construction in progress 6,653,524 6,800,461 7,279,462 6,174,523
Total capital assets not being depreciated 18,194,331 7,162,961 7,279,462 18,077,830
Capital assets being depreciated:
Land betterments 28,262,068 1,766,799 - 30,028,867
Buildings,systems and improvements 80,236,682 3,635,412 - 83,872,094
Infrastructure 223,203,595 5,461,841 - 228,665,436
Machinery and equipment 32,526,434 3,576,612 - 36,103,046
Furniture and fixtures 130,848 - - 130,848
Subscription assets 908,443 297,785 - 1,206,228
Total capital assets being depreciated 365,268,070 14,738,449 - 380,006,519
Less accumulated depreciation for:
Land betterments 10,199,356 657,804 - 10,857,160
Buildings,systems and improvements 36,572,008 1,948,093 - 38,520,101
Infrastructure 111,235,732 4,847,908 - 116,083,640
Machinery and equipment 24,646,645 2,211,913 - 26,858,558
Furniture and fixtures 130,848 - - 130,848
Subscription assets 437,893 210,784 - 648,677
Total accumulated depreciation 183,222,482 9,876,502 - 193,098,984
Total capital assets being depreciated,net 182,045,588 4,861,947 - 186,907,535
Governmental activities capital
assets, net $200,239,919 $12,024,908 $7,279,462 $204,985,365
Depreciation expense was charged to functions as follows:
Governmental activities:
Administrative services $2,040,322
Police 816,345
Fire 234,851
Parks and recreation 379,417
Community development 8,075
Public works 4,296,752
Health 197,260
Traffic and transportation 720,244
Multi-Purpose Events Center 1,183,236
Total governmental depreciation $9,876,502
44
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2024
Note 7 - CAPITAL ASSETS(CONT'D.)
Balance Balance
Business-type activities: October 1, September 30,
2023 Increases Decreases 2024
Capital assets not being depreciated:
Land $ 11,072,444 $ - $ - $ 11,072,444
Construction in progress 6,732,088 9,181,142 5,006,827 10,906,400
Total capital assets not being depreciated 17,804,532 9,181,142 5,006,827 21,978,844
Capital assets being depreciated:
Land betterments 60,670,836 365,575 - 61,036,411
Buildings,systems and improvements 515,432,712 7,120,235 - 522,552,947
Infrastructure 1,308,101 - - 1,308,101
Machinery and equipment 11,346,493 1,380,812 - 12,727,305
Furniture and fixtures 16,943 - - 16,943
Motor vehicles 75,586,580 15,781,790 19,403 91,348,967
Right-to-use leased assets 3,066,768 - - 3,066,768
Total capital assets being depreciated 667,428,433 24,648,412 19,403 692,057,442
Less accumulated depreciation for:
Land betterments 27,548,281 1,639,443 - 29,187,724
Buildings,systems and improvements 192,260,202 10,605,304 - 202,865,506
Infrastructure 61,044 17,442 - 78,486
Machinery and equipment 9,367,083 648,188 - 10,015,271
Furniture and fixtures 16,943 - - 16,943
Motor vehicles 53,020,172 5,632,067 19,403 58,632,836
Right-to-use leased assets 891,866 62,587 - 954,453
Total accumulated depreciation 283,165,591 18,605,031 19,403 301,751,219
Total capital assets being depreciated,net 384,262,842 6,043,381 - 390,306,223
Business-type activities capital
assets, net $402,067,374 $15,224,523 $5,006,827 $412,285,067
Depreciation expense was charged to programs as follows:
Business-type activities:
Regional Airport $ 1,646,261
Kickapoo Airport 551,401
Transit 400,394
Sanitation 4,860,894
Water and sewer 10,260,785
Stormwater drainage 594,865
Waterpark 290,431
Total business-type depreciation $18,605,031
45
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2024
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,
2024. Detailed information for each plan follows.
TMRS WFFRRF Total
Net pension liability $52,507,441 $71,586,730 $124,094,171
Deferred outflows of resources 17,422,048 17,831,464 35,253,512
Deferred inflows of resources 2,107,787 15,423,583 17,531,370
Pension expense 7,155,865 5,859,799 13,015,664
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 30,2024
Note 8 - PENSION PLANS(CONT'D.)
Employees Covered by Benefit Terms
At the December 31, 2023 valuation and measurement date, the following employees were
covered by the benefit terms:
Inactive employees or beneficiaries currently receiving benefits 787
Inactive employees entitled to but not yet receiving benefits 620
Active employees 998
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 16.18% and 16.5% in calendar years 2023 and 2024,
respectively. The City's contributions to TMRS for the year ended September 30, 2024, were
$9,713,387, and were equal to the required contributions.
Net Pension Liability
The City's Net Pension Liability (NPL) was measured as of December 31, 2023, 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, 2023 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 30,2024
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 as of December 31, 2022. They were adopted in 2023 and first used in the
December 31, 2023 actuarial valuation. The post-retirement mortality assumption for Annuity
Purchase Rate (APRs) is based on the Mortality Experience Investigation Study covering 2009
through 2011 and dated December 31, 2013.
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 2023 are summarized in the following table:
Long-Term Expected Real
Asset Class Target Allocation Rate of Return (Arithmetic)
Global Equities 35% 7.70%
Core Fixed Income 6% 4.90%
Non-Core Fixed Income 20% 8.70%
Other Public and Private Markets 12% 8.10%
Real Estate 12% 5.80%
Absolute Return 5% 6.90%
Private Equity 10% 11.80%
Total 100%
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.
48
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2024
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, 2022 $331,600,570 $263,743,301 $67,857,269
Changes for the year:
Service cost 7,724,088 - 7,724,088
Interest on total pension liability 22,017,837 - 22,017,837
Change of benefit terms - - -
Difference between expected and
actual experience 1,137,336 - 1,137,336
Change of assumptions ( 3,012,418) - ( 3,012,418)
Contributions—employer - 9,040,321 ( 9,040,321)
Contributions—employee - 3,909,517 ( 3,909,517)
Net investment income - 30,462,384 ( 30,462,384)
Benefit payments,including refunds
of employee contributions ( 18,544,887) ( 18,544,887) -
Administrative expenses - ( 194,195) 194,195
Other changes - ( 1,356) 1,356
Balances as of December 31, 2023 $340,922,526 $288,415,085 $52,507,441
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 $96,164,636 $52,507,441 $16,344,191
Pension Expense, Deferred Outflows of Resources and Deferred Inflows of Resources
For the year ended September 30, 2024,the City recognized pension expense of$7,155,865 related
to its participation in TMRS.
49
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2024
Note 8 - PENSION PLANS(CONT'D.)
At September 30, 2024, 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 $ 2,709,871 $Net difference in assumptions - 2,107,787
Net difference between projected and
actual earnings 7,325,321 -
Contributions made subsequent to
measurement date 7.386.856 -
Total $17,422,048 $2,107,787
$7,386,856 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, 2025 (plan year ending December 31,
2024). 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:
2024 $2,743,957
2025 2,304,403
2026 5,410,985
2027 ( 2,531,940)
Total $7,927,405
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 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 30,2024
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 1,2024.
Employees Covered by Benefit Terms
Plan membership as of January 1,2024:
Inactive employees or beneficiaries currently receiving benefits 147
Inactive employees entitled to but not yet receiving benefits 4
Active employees 157
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, 2024,were$2,245,965, and
were equal to the required contributions.
Net Pension Liability
The City's Net Pension Liability (NPL) was measured as of January 1, 2024, 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, 2024, actuarial valuation was determined using the
following actuarial assumptions:
Inflation 2.5%per year
Salary increases Service-based
Discount Rate 5.67%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 30,2024
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 31,2023 are summarized in the following table:
Long-Term Expected Real
Asset Class Target Allocation Rate of Return (Arithmetic)
Domestic Equity 45.00% 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 5.00% 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 30,2024
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 31,2022 $123,099,731 $51,040,616 $72,059,115
Changes for the year:
Service cost 2,928,522 - 2,928,522
Interest on total pension liability 6,880,704 - 6,880,704
Change of benefit terms - - -
Difference between expected and
actual experience 1,286,962 - 1,286,962
Change of assumptions ( 1,036,875) - ( 1,036,875)
Contributions—employer - 2,109,816 ( 2,109,816)
Contributions—employee - 1,695,157 ( 1,695,157)
Net investment income - 6,795,399 ( 6,795,399)
Benefit payments, including refunds
of employee contributions ( 6,317,093) ( 6,317,093) -
Administrative expenses - ( 97,104) 97,104
Other - 28,430 ( 28,430)
Balances as of December 31,2023 $126,841,951 $55,255,221 $71,586,730
Sensitivity Analysis
The following presents the net pension liability of the City, calculated using the discount rate of
5.67%, 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 (4.67%)or 1 percentage point higher (6.67%)than
the current rate.
1% Current 1%
Decrease Discount Rate Increase
4.67% 5.67% 6.67%
Net pension liability $87,760,640 $71,586,730 $58,117,757
Pension Expense, Deferred Outflows of Resources and Deferred Inflows of Resources
For the year ended September 30, 2024,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 30,2024
Note 8 - PENSION PLANS(CONT'D.)
At September 30, 2024, 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 $ 2,281,934 $ 2,040,741
Difference due to changes in actuarial
assumptions 12,372,625 13,382,842
Net difference between projected and
actual earnings 1,420,598 -
Contributions made subsequent to
measurement date 1,756,307 -
Total $17,831,464 $15,423,583
$1,756,307 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, 2025 (plan year ending December 31,
2024). 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:
2024 $2,770,798
2025 1,390,941
2026 ( 48,254)
2027 ( 3,675,645)
2028 308,393
Thereafter ( 94,659)
Total $ 651,574
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 30,2024
Note 9 - POST-EMPLOYMENT BENEFITS OTHER THAN PENSION BENEFITS(CONT'D.)
Medicare
Under 65 Core CAT HIDD Supplement
Retirees $ 545 $ 409 $ 371 $516
Spouses $1,413 $1,131 $1,086 $516
Post-Medicare: Eligible retirees and spouses on Medicare are eligible to participate in a Medicare
supplement health care plan. Effective January 1, 2011, the following changes were 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.
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.
Retirees may purchase an additional $2,500 of life insurance for$2 per month.
Other Benefits
Retiree dental and vision coverages are available. Retirees pay 100%of vision coverage.
Employees Covered by Benefit Terms
At the December 31, 2023 measurement date, the following employees were covered by the benefit
terms:
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.
55
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2024
Note 9 - POST-EMPLOYMENT BENEFITS OTHER THAN PENSION BENEFITS(CONT'D.)
Actuarial Methods and Assumptions:
Valuation Date December 31,2023
Actuarial Cost Method Entry age, level percent of salary
Discount Rate 6.75%as of December 31, 2023
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 Non-annuitants: Sex distinct headcount weighed PUB-2010
general and safety employees mortality tables recently
published by the Society of Actuaries in conjunction with the
mortality improvement scale MP-2021.
Annuitants: Sex distinct headcount weighed PUB-2010 general
retirees mortality tables recently published by the Society of
Actuaries in conjunction with the mortality improvement
scale MP-2021.
Participation Rates 45% of participants are assumed to elect coverage if they
retire at age of 49 or later.
Healthcare Cost Trend Rates Initial rate of 6.51% declining to ultimate rate of 4.14% in the
year 2043
Discount Rate
The discount rate and expected rate of return on plan assets were 6.75%.
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 31,2022 $24,107,022 $8,674,869 $15,432,153
Changes for the year:
Service cost 649,071 - 649,071
Interest on total OPEB liability 1,606,708 - 1,606,708
Change of benefit terms - - -
Difference between expected and
actual experience - - -
Change of assumptions - - -
Contributions—employer - 2,221,786 ( 2,221,786)
Contributions—employee - -Net investment income - 5,588,971 ( 5,588,971)
Benefit payments, including refunds
of employee contributions ( 1,906,024) ( 1,906,024) -
Administrative expenses - -Other changes - - -
Balances as of December 31,2023 $24,456,777 $14,579,602 $ 9,877,175
56
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2024
Note 9 - POST-EMPLOYMENT BENEFITS OTHER THAN PENSION BENEFITS(CONT'D.)
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%
$12,079,633 $9,877,175 $7,938,782
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
5.21% 6.21% 7.21%
$7,930,041 $9,877,175 $12,154,787
For Governmental Activities, the net OPEB liability is generally liquidated by the General Fund.
OPEB Expense, Deferred Outflows of Resources and Deferred Inflows of Resources
For the year ended September 30, 2024, the City recognized OPEB expense of$1,388,204 related to
the City of Wichita Falls Retiree Health Care Plan.
At September 30, 2024, 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 $ 327,010 $ -
Difference due to changes in actuarial
assumptions 204,311 199,126
Differences between expected and
actual experience,assets - 3,129,979
Contributions made subsequent to
measurement date 1,429,518 -
Total $1,960,839 $3,329,105
57
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2024
Note 9 - POST-EMPLOYMENT BENEFITS OTHER THAN PENSION BENEFITS(CONT'D.)
$1,429,518 reported as deferred outflows of resources related to OPEB resulting from contributions
subsequent to the measurement date will be recognized as a reduction of the net OPEB liability for
the City's fiscal year ending September 30, 2025 (plan year ending December 31, 2024). Other
amounts reported as deferred outflows of resources and deferred inflows of resources related to
OPEB will be recognized in OPEB expense as follows:
Year Ended September 30:
2025 ($ 555,635)
2026 ( 679,065)
2027 ( 561,228)
2028 ( 1,001,856)
Total ($2,797,784)
Note 10 - DEFERRED COMPENSATION PLAN
The City offers its employees a deferred compensation plan created in accordance with Internal
Revenue Code Section 457. The plan, available to all City employees, permits them to defer a portion
of their salary until future years. The deferred compensation is not available to the employees until
termination, retirement, death, or an unforeseen emergency.
Note 11 - 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
$7,245,589 as of September 30, 2024, which is based on 25% usage of the landfill. The City will
recognize the remaining estimated cost of closure and postclosure care of $21,219,225 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$86,579 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.
58
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2024
Note 12 - LONG-TERM LIABILITIES
Long-term liabilities transactions for the year ended September 30,2024 are summarized as follows:
Balance at Balance at
October 1, Retired and September 30, Due Within
2023 Issued Transferred 2024 One Year
Governmental Activities:
General obligation bonds $ 24,049,734 $ - $2,811,606 $ 21,238,128 $2,907,544
Combination tax and revenue bonds 11,485,000 - 1,000,000 10,485,000 1,030,000
Venue tax revenue bonds 2,535,000 - 55,000 2,480,000 55,000
Premiums on bonds 1,220,798 - 229,802 990,996 -
Subscription liabilities 460,214 257,785 155,212 562,787 173,818
Accrued vacation and sick
leave payable 10,768,014 3,643,221 2,288,385 12,122,850 3,600,000
Notes payable 2,816,672 - 565,434 2,251,238 167,159
Claims and judgments payable 796,761 571,942 606,046 762,657 48,780
Total governmental activities 54,132,193 4,472,948 7,711,485 50,893,656 7,982,301
Business-type Activities:
General obligation bonds 5,455,266 - 353,394 5,101,872 357,456
Utility system revenue bonds,
net of premium(discount) 30,250,000 - 8,835,000 21,415,000 9,275,000
Combination tax and revenue bonds 27,840,000 - 1,620,000 26,220,000 1,655,000
Premiums on bonds 1,893,944 - 863,231 1,030,713 -
Accrued vacation and sick
leave payable 907,705 906,637 792,803 1,021,539 675,000
Notes payable 12,935,154 9,920,692 1,560,966 21,294,880 1,744,916
Right-to-use lease liabilities 2,848,743 - 29,276 2,819,467 31,302
Landfill closure, post-closure costs 6,910,862 421,306 - 7,332,168 -
Total business-type activities 89,041,674 11,248,635 14,054,670 86,235,639 13,738,674
Total long-term liabilities $143,173,867 $15,721,583 $21,766,155 $137,129,295 $21,720,975
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 30,2024
Note 12 - LONG-TERM LIABILITIES(CONT'D.)
Bonds Payable
Bonds payable as of September 30, 2024 are comprised of the following individual issues:
Range of Final Annual Bonds
Interest Maturity Serial Bonds Outstanding
Rates Date Payments Authorized At 9/30/24
General Obligation Bonds:
General Obligation Refunding 2.00%- 9/01/26 $200,000 to $9,650,000 $ 2,160,000
Bonds,Series 2015A 5.00% $1,105,000
General Obligation Refunding 0.73%- 9/01/26 $110,000 to 2,885,000 615,000
Bonds,Series 2015E 3.48% $310,000
General Obligation Bonds, 2.00%- 9/01/38 $550,000 to 16,345,000 12,700,000
Series 2018A 5.00% $1,155,000
General Obligation Refunding 2.00%- 10/01/28 $80,000 to 6,170,000 3,345,000
Bonds,Series 2018E 4.00% $725,000
General Obligation Refunding 4.00% 9/01/31 $140,000 to 1,675,000 1,240,000
Bonds,Series 2021 $195,000
General Obligation Refunding 0.40%- 9/01/33 $435,000 to 7,595,000 6,280,000
Bonds,Taxable Series 2021 2.03% $865,000
Total General Obligation Bonds 26,340,000
Combination Tax and Revenue Bonds:
Combination Tax and Revenue 2.00%- 9/01/33 $530,000 to 19,875,000 10,485,000
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 1,325,000
Certificates of Obligation,Series 4.625% $905,000
2013A
Combination Tax and Revenue 0.00%- 3/01/45 $890,000 to 33,545,000 24,895,000
Certificates of Obligation,Series 2015 2.12% $1,425,000
Total Combination Tax and Revenue
Bonds 36,705,000
Revenue Bonds:
Water&Sewer System Revenue 2.00%- 8/01/27 $2,635,000 to 74,005,000 21,415,000
Refunding Bonds,Series 2016 5.00% $9,705,000
Venue Tax Revenue Bonds, 4.00% 9/01/50 $45,000 to 2,680,000 2,480,000
Series 2020 $150,000
Total Revenue Bonds 23,895,000
Total All Bonds $86,940,000
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CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2024
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, 2024, this fund had a fund
balance of$1,954,172.
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.
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.
Signature Public Funding Corp.—Fire Equipment
The City issued a financing agreement in 2024 for the purchase of fire department equipment in the
amount of $9,920,692. These assets are listed under "Motor vehicles" in Business-type Activities.
This agreement carries an interest rate of 1.78% and is for a period of 11 years with final payment
due in fiscal year 2034.
63
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2024
Note 12 - LONG-TERM LIABILITIES(CONT'D.)
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.
Right-to-Use Lease
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$954,453 as of September 30, 2024.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
$771,061.
Rock 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.
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.
UB Holdings, LLC—VenueOps Software for MPEC
The City entered into a SBITA in 2023 for software for use by the MPEC. This agreement includes 3
annual payments totaling$76,850.
Hedgerow Software US, Inc.—Environmental Software for Health Department
The City entered into a SBITA in 2023 for software for use by the Health Department.This agreement
includes 5 annual payments each of$42,000 in addition to implementation costs of$40,000, for total
payments of$250,000.
64
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2024
Note 13 - INTERFUND BALANCES
Transfers to and from other funds during the year ended September 30,2024 were as follows:
Transfers From Transfers To Amount Reason
General Fund Nonmajor Governmental Funds $ 286,071 Supplement operating grants
General Fund Nonmajor Governmental Funds 126,455 Supplement capital projects
General Fund Nonmajor Governmental Funds 25,165 Supplement operating deficits
General Fund Nonmajor Enterprise Funds 195,116 Supplement capital projects
General Fund Internal Service Funds 1,631,776 Purchase capital assets
Nonmajor Governmental Funds Nonmajor Governmental Funds 1,081,645 Fund debt service payment
Nonmajor Governmental Funds Internal Service Funds 339,395 Purchase capital assets
Water and Sewer Fund General Fund 1,962,663 Administrative overhead
Water and Sewer Fund Nonmajor Governmental Funds 159,100 Fund debt service payment
Water and Sewer Fund Internal Service Funds 21,431 Purchase capital assets
Sanitation Fund General Fund 1,013,746 Administrative overhead
Sanitation Fund Internal Service Funds 2,607,589 Purchase capital assets
Nonmajor Enterprise Funds Nonmajor Governmental Funds 407,763 Fund debt service payment
Internal Service Funds General Fund 312,000 Administrative overhead
Internal Service Funds Internal Service Funds 20,879 Purchase capital assets
Total $10,190,794
Balances due to and from other funds as of September 30, 2024 were as follows:
Due To Fund Due From Fund Amount Purpose
General Fund ARPA Fund $ 494,048 Short-term loan
General Fund Nonmajor Governmental Funds 5,089,074 Short-term loan
General Fund Nonmajor Enterprise Funds 3,691,163 Short-term loan
General Fund Internal Service Funds 462,283 Short-term loan
Total $9,736,568
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 30,2024
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, 2024 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 $25,317,149 $15,283,994 $4,013,773 $1,346,785 $1,489,295 $47,450,996
Capital assets,net of accumulated
depreciation 9,862,319 16,943,889 - - - 26,806,208
Total assets 35,179,468 32,227,883 4,013,773 1,346,785 1,489,295 74,257,204
Accounts payable and other
current liabilities 123,312 ( 28,852) - - - 94,460
Long-term liabilities 9,438,679 17,545,000 - - - 26,983,679
Total liabilities 9,561,991 17,516,148 - - - 27,078,139
Net position $25,617,477 $14,711,735 $4,013,773 $1,346,785 $1,489,295 $47,179,065
Condensed statement of activities:
Expenses:
Community development S 3,807,447 S 6,396,259 S 371,117 S - S - S10,574,823
Program revenues:
Operating grants and contributions - - - - - -
Net program expense ( 3,807,447) ( 6,396,259) ( 371,117) - - (10,574,823)
General revenues:
Tax revenues 5,109,774 5,109,774 794,363 160,228 368,058 11,542,197
Non-tax general revenues 1.397.302 1,188,772 91,693 83,087 20,184 2,781,038
Total general revenues 6,507,076 6,298,546 886,056 243,315 388,242 14,323,235
Change in net position 2,699,629 (97,713) 514,939 243,315 388,242 3,748,412
Beginning net position 22,917,848 14,809,448 3,498,834 1,103,470 1,101,053 43,430,653
Ending net position $25,617,477 $14,711,735 $4,013,773 $1,346,785 $1,489,295 $47,179,065
66
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2024
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, 2024, the City abated property taxes totaling $1,731,738
under this program and received payments in lieu of taxes totaling$1,517,516.
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, 2024 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 30,2024
Note 16 - COMMITMENTS AND CONTINGENCIES(CONT'D.)
Contract Commitments
At September 30, 2024, 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 $ 5,873,392
ARPA Fund 14,665,317
Nonmajor Governmental Funds 747,742
Water and Sewer Fund 3,301,830
Sanitation Fund 185,908
Nonmajor Enterprise Funds 5,735,112
Total contract commitments-City $30,509,301
Total contract commitments—Component Units $854,161
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 - ERROR CORRECTION
During the year ended September 30, 2024, the City discovered an error in the amounts reported as
of September 30, 2023. Revenue in the amount of$388,600 for a component unit was recorded in
the Debt Service Fund. Beginning fund balance of Nonmajor Governmental Funds as well as the
beginning net position of Governmental Activities was decreased by $388,600 as a result of this
correction. No correction was necessary in the component unit as a receivable had been recorded in
that fund.
68
CITY OF WICHITA FALLS, TEXAS
NOTES TO THE FINANCIAL STATEMENTS(CONT'D.)
SEPTEMBER 30,2024
Note 18 - NEW ACCOUNTING PRONOUNCEMENT
GASB Statement No. 101, Compensated Absences, is effective for fiscal years beginning after
December 15, 2023. The objective of GASB Statement No. 101 is to better meet the information
needs of financial statement users by updating the recognition and measurement guidance for
compensated absences.That objective will be achieved by aligning the recognition and measurement
guidance under a unified model and by amending certain previously required disclosures. Though
GASB Statement No. 101 will be effective for the fiscal year 2024-2025, the financial impact is not
known at this time.
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, 2024
Variance With
Final Budget-
Budgeted Amounts Positive
Original Final Actual (Negative)
Revenues:
Taxes $ 85,852,149 $ 85,852,149 $ 84,573,463 $ (1,278,686)
Charges for services 3,215,258 3,215,258 3,248,734 33,476
Licenses and permits 2,071,200 2,071,200 1,861,123 (210,077)
Fines and forfeitures 2,940,400 2,940,400 3,284,620 344,220
Contributions 232,500 232,500 295,378 62,878
Miscellaneous revenue 3,746,686 3,746,686 5,767,967 2,021,281
Total revenues 98,058,193 98,058,193 99,031,285 973,092
Expenditures:
Current:
Administrative services 16,769,581 17,096,826 16,310,983 785,843
Police 32,682,147 32,682,147 31,376,078 1,306,069
Fire 21,559,718 21,565,568 21,460,539 105,029
Parks and recreation 7,896,334 7,902,719 7,170,632 732,087
Accounting/finance 1,254,743 1,306,794 1,165,466 141,328
Community development 2,831,697 2,832,696 2,602,408 230,288
Public works 6,552,117 6,567,417 6,420,334 147,083
Health 4,374,422 4,376,452 4,237,708 138,744
Traffic and transportation 2,227,701 2,227,701 2,043,032 184,669
Capital outlay 6,317,223 10,650,378 5,078,296 5,572,082
Total expenditures 102,465,683 107,208,698 97,865,476 9,343,222
Excess of revenues over(under)expenditures (4,407,490) (9,150,505) 1,165,809 10,316,314
Other financing sources(uses):
Transfers in 5,380,216 5,380,216 3,288,409 (2,091,807)
Transfers out (972,726) (972,726) (2,264,583) (1,291,857)
Total other financing sources(uses) 4,407,490 4,407,490 1,023,826 (3,383,664)
Excess of revenues and other sources
over(under)expenditures and other uses - (4,743,015) 2,189,635 6,932,650
Fund balance-beginning 48,665,119 48,665,119 48,665,119 -
Fund balance-ending $ 48,665,119 $ 43,922,104 $ 50,854,754 $ 6,932,650
70
CITY OF WICHITA FALLS, TEXAS
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF CHANGES IN NET PENSION LIABILITY AND RELATED RATIOS
TEXAS MUNICIPAL RETIREMENT SYSTEM
2023 2022 2021 2020
Total Pension Liability
Service cost $ 7,724,088 $ 7,290,057 $ 6,571,147 $ 6,472,668
Interest on total pension liability 22,017,837 21,000,865 20,199,933 19,539,894
Changes of benefit terms - - - -
Difference between expected and
actual experience 1,137,336 4,338,549 937,276 (1,175,031)
Changes of assumptions (3,012,418) - - -
Benefit payments/refunds of
contributions (18,544,887) (17,015,598) (15,388,693) (14,828,151)
Net change in total pension liability 9,321,956 15,613,873 12,319,663 10,009,380
Total pension liability, beginning 331,600,570 315,986,697 303,667,034 293,657,654
Total pension liability, ending (a) $340,922,526 $ 331,600,570 $315,986,697 $303,667,034
Fiduciary Net Position
Contributions-employer $ 9,040,321 $ 8,622,779 $ 7,844,017 $ 7,598,124
Contributions-employee 3,909,517 3,673,895 3,311,593 3,257,273
Net investment income 30,462,384 (21,100,627) 33,864,112 18,618,015
Benefit payments/refunds of
contributions (18,544,887) (17,015,598) (15,388,693) (14,828,151)
Administrative expenses (194,195) (182,885) (156,861) (120,598)
Other (1,356) 218,235 1,072 (4,705)
Net change in fiduciary net position 24,671,784 (25,784,201) 29,475,240 14,519,958
Fiduciary net position, beginning 263,743,301 289,527,502 260,052,262 245,532,304
Fiduciary net position, ending (b) $288,415,085 $ 263,743,301 $289,527,502 $260,052,262
Net pension liability, ending= (a) -(b) $ 52,507,441 $ 67,857,269 $ 26,459,195 $ 43,614,772
Fiduciary net position as a%of total
pension liability 84.60% 79.54% 91.63% 85.64%
Covered payroll $ 55,850,239 $ 52,484,212 $ 47,308,476 $ 46,532,477
Net pension liability as a%of
covered payroll 94.01% 129.29% 55.93% 93.73%
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
2024 2023 2022 2021
Actuarial determined contribution $ 9,713,387 $ 8,844,724 $ 8,805,755 $ 7,624,424
Contributions in relation to the actuarially
determined contribution (9,713,387) (8,844,724) (8,805,755) (7,624,424)
Contribution deficiency
Covered payroll $ 59,147,881 $ 54,472,026 $ 53,500,680 $ 46,206,994
Contributions as a percentage of covered payroll 16.42% 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 22 years(longest amortization ladder)
Asset Valuation Method 10 Year smoothed market; 12%soft corridor
Inflation 2.5%
Salary Increases 3.60%to 11.85%including inflation
Investment Rate of Return 6.75%
Retirement Age Experience-based table of rates that vary by ages. Last updated for
the 2023 valuation pursuant to an experience study of the period
ending 2022.
Mortality Post-retirement: 2019 Municipal Retirees of Texas Mortality Tables.
Male rates are multiplied by 103% and female rates are multiplied
by 105%. The rates are projected on a fully generational basis with
scale MP-2021(with immediate convergence).
Pre-retirement: PUB(10) mortality tables, with 110% the Public
Safety table used for males and 100%of the General Employee table
used for females. The rates are projected on a fully generational
basis with scale MP-2021(with immediate convergence).
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
2023 2022 2021 2020
Total Pension Liability
Service cost $ 2,928,522 $ 2,640,087 $ 3,462,346 $ 3,066,397
Interest on total pension liability 6,880,704 6,792,673 6,175,999 6,287,518
Changes of benefit terms - - - -
Difference between expected and
actual experience 1,286,962 - (2,700,656) -
Changes of assumptions (1,036,875) 2,195,408 (20,894,841) 8,631,596
Benefit payments/refunds of
contributions (6,317,093) (6,006,806) (6,535,299) (5,901,298)
Net change in total pension liability 3,742,220 5,621,362 (20,492,451) 12,084,213
Total pension liability, beginning 123,099,731 117,478,369 137,970,820 125,886,607
Total pension liability, ending (a) $126,841,951 $ 123,099,731 $117,478,369 $ 137,970,820
Fiduciary Net Position
Contributions-employer $ 2,109,816 $ 1,646,524 $ 1,615,588 $ 1,551,830
Contributions-employee 1,695,157 1,615,459 1,583,797 1,551,830
Net investment income 6,795,399 (8,438,527) 8,128,492 7,864,359
Benefit payments/refunds of
contributions (6,317,093) (6,006,806) (6,535,299) (5,901,298)
Administrative expenses (97,104) (144,781) (266,037) (115,915)
Other 28,430 10,060 3,386 Net change in fiduciary net position 4,214,605 (11,318,071) 4,529,927 4,950,806
Fiduciary net position, beginning 51,040,616 62,358,687 57,828,760 52,877,954
Fiduciary net position, ending (b) $ 55,255,221 $ 51,040,616 $ 62,358,687 $ 57,828,760
Net pension liability, ending= (a)-(b) $ 71,586,730 $ 72,059,115 $ 55,119,682 $ 80,142,060
Fiduciary net position as a%of total
pension liability 43.56% 41.46% 53.08% 41.91%
Covered payroll $ 13,039,659 $ 12,426,596 $ 12,183,054 $ 11,937,154
Net pension liability(asset) as a%of
covered payroll 548.99% 579.88% 452.43% 671.37%
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
2024 2023 2022 2021
Actuarial determined contribution $ 2,245,965 $ 2,004,905 $ 1,633,202 $ 1,587,003
Contributions in relation to the actuarially
determined contribution (2,245,965) (2,004,905) (1,633,202) (1,587,003)
Contribution deficiency
Covered payroll $ 13,670,605 $ 12,917,098 $ 12,326,052 $ 12,039,888
Contributions as a percentage of
covered payroll 16.43% 15.52% 13.25% 13.18%
Valuation Date: January 1,2024
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-13.25%
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
2023 2022
Total OPEB Liability
Service cost $ 649,071 $ 628,392
Interest on total OPEB liability 1,606,708 980,948
Changes of benefit terms - -
Difference between expected and actual experience - 266,525
Changes of assumptions - (318,362)
Benefit payments/refunds of contributions (1,906,024) (2,158,526)
Net change in total OPEB liability 349,755 (601,023)
Total OPEB liability, beginning 24,107,022 24,708,045
Total OPEB liability, ending (a) $ 24,456,777 $ 24,107,022
Fiduciary Net Position
Contributions-employer $ 2,221,786 $ 2,580,498
Contributions-employee -Net investment income 5,588,971 (1,558,642)
Benefit payments/refunds of contributions (1,906,024) (2,158,526)
Administrative expenses - -
Other - -
Net change in fiduciary net position 5,904,733 (1,136,670)
Fiduciary net position, beginning 8,674,869 9,811,539
Fiduciary net position, ending (b) $ 14,579,602 $ 8,674,869
Net OPEB liability/(asset), ending =(a)-(b) $ 9,877,175 $ 15,432,153
Fiduciary net position as a%of total OPEB liability 59.61% 35.98%
Covered payroll $ 64,344,926 $ 62,111,131
Net OPEB liability(asset) as a%of covered payroll 15.35% 24.85%
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
2021 2020 2019 2018 2017
$ 667,554 $ 557,600 $ 523,568 $ 518,007 $ 505,385
1,593,949 1,471,238 1,432,914 1,480,271 1,456,410
678,603 - (705,047) -
733,999 281,546 765,976 -
(1,667,492) (1,689,454) (1,685,098) (1,679,932) (1,584,144)
594,011 1,751,986 552,930 379,275 377,651
24,114,034 22,362,048 21,809,118 21,429,843 21,052,192
$ 24,708,045 $ 24,114,034 $ 22,362,048 $ 21,809,118 $ 21,429,843
$ 2,059,484 $ 2,051,116 $ 2,214,088 $ 2,260,421 $ 2,029,653
1,459,619 1,022,243 1,204,836 (374,667) 737,181
(1,667,492) (1,689,454) (1,685,098) (1,679,932) (1,584,144)
- - (1,202) (4,171)
- (344,259) - -
1,851,611 1,383,905 1,389,567 204,620 1,178,519
7,959,928 6,576,023 5,186,456 4,981,836 3,803,317
$ 9,811,539 $ 7,959,928 $ 6,576,023 $ 5,186,456 $ 4,981,836
$ 14,896,506 $ 16,154,106 $ 15,786,025 $ 16,622,662 $ 16,448,007
39.71% 33.01% 29.41% 23.78% 23.25%
$ 63,620,585 $ 59,760,545 $ 58,259,148 $ 57,044,011 $ 55,647,372
23.41% 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
2024 2023 2022
Actuarial determined contribution $ 3,011,353 $ 2,765,123 $ 2,196,691
Contributions in relation to the actuarially
determined contribution (2,221,786) (2,580,498) (2,292,372)
Contribution deficiency(excess) $ 789,567 $ 184,625 $ (95,681)
Covered payroll $ 64,344,926 $ 62,111,131 $ 59,568,372
Contributions as a percentage of
covered payroll 3.45% 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 The actuarial valuation used the PUB-2010 sex distinct
headcount weighted mortality tables with generational
mortality improvement scale MP-2021.
Participation Rates 45% of participants are assumed to elect coverage if they
retire at the age of 49 or older.
Healthcare Cost Initial rate of 6.51%declining to ultimate rates of 4.14% in
Trend Rates 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, 2024
Budgetary Information
General Fund
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$4,743,015 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.
ARPA Fund
A budget is not legally required for the ARPA Fund; therefore, a budgetary comparison schedule is not
presented for that fund.
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, 2024
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
COMBINING FINANCIAL STATEMENTS
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 30,2024
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 $ 324,993 $ 2,784,821 $ 172,258 $ 1,136,489 $ 1,484,069 $ 322,700
Receivables:
Taxes and assessments - - - 176,190 50,344 -
Government agencies 1,350,818 (24,943) 2,164,894 - - 1,262,174
Other 8,455 - - 543,567 - -
Inventory - - - 34,422 - -
Prepaid items - - - - -Other assets - - - 17,320 - -
Total assets $ 1,684,266 $ 2,759,878 $ 2,337,152 $ 1,907,988 $ 1,534,413 $ 1,584,874
LIABILITIES AND FUND BALANCE
Liabilities
Accounts payable-trade $ 18,132 $ 353 $ - $ 78,518 $ - $ 34,727
Accrued payroll 6,455 8,889 594 44,743 - -
Payable to other City funds 381,343 - - 1,192,612 - 1,767,763
Payable to government agencies - 72,460 20,000 (4,587) - -
Other liabilities 2,725 (29,855) 24,744 239,811 - 5,613
Unearned revenue - - - 63,089 -Total liabilities 408,655 51,847 45,338 1,614,186 - 1,808,103
Deferred inflows of resources
Unavailable revenues - - - - - -
Fund balance:
Nonspendable:
Inventory and prepaid items - - - 34,422 - -
Permanent fund principal - - - - - -
Restricted for:
Debt service - - - - - -
Capital projects - - - - - -
Federal and state grant programs 1,275,611 2,708,031 2,291,814 - - -
Tourism - - - 259,380 1,534,413 -
Committed for:
Local projects - - - - - -
Unassigned - - - - - (223,229)
Total fund balance 1,275,611 2,708,031 2,291,814 293,802 1,534,413 (223,229)
Total liabilities,deferred inflows of
resources and fund balances $ 1,684,266 $ 2,759,878 $ 2,337,152 $ 1,907,988 $ 1,534,413 $ 1,584,874
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
$ 146,876 $ 4,424,860 $ 1,270,282 $ 435,580 $ 2,422,097 $ 142,830 $ 785,371 $ 2,163,297 $ 18,016,523
53,519 - - - - - 280,053
1,025,036 23,530 - - - - - 5,801,509
(70,652) 30,809 - - - - - - 512,179
34,422
3,641 - 676,900 - - - - - 680,541
9,871 3,000 - - - - - - 30,191
$ 89,736 $ 5,483,705 $ 2,024,231 $ 435,580 $ 2,422,097 $ 142,830 $ 785,371 $ 2,163,297 $ 25,355,418
$ 99,281 $ 52,321 $ - $ - $ (29,535) $ - $ - $ - $ 253,797
71,100 - - - - - - 131,781
1,749,981 - - - - (2,625) - 5,089,074
2,302 - - - - - - 90,175
682 97,978 - - (2,083) - 58,662 - 398,277
37,236 - - - - - - 100,325
99,963 2,010,918 - - (31,618) - 56,037 - 6,063,429
70,059 - - - - - 70,059
676,900 - - - - - 711,322
2,163,297 2,163,297
1,277,272 435,580 - - - - 1,712,852
2,453,715 142,830 729,334 - 3,325,879
6,275,456
1,793,793
3,472,787 - - - - - - 3,472,787
(10,227) - - - - - - - (233,456)
(10,227) 3,472,787 1,954,172 435,580 2,453,715 142,830 729,334 2,163,297 19,221,930
$ 89,736 $ 5,483,705 $ 2,024,231 $ 435,580 $ 2,422,097 $ 142,830 $ 785,371 $ 2,163,297 $ 25,355,418
CITY OF WICHITA FALLS,TEXAS
COMBINING STATEMENT OF REVENUES,EXPENDITURES AND
CHANGES IN FUND BALANCES-NONMAJOR GOVERNMENTAL FUNDS
FOR THE YEAR ENDED SEPTEMBER 30,2024
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 $ - $ - $ - $ 2,321,697 $ 690,534 $ -
Charges for services 15,518 - - 952 7,655 -
Fines and forfeitures - - - - - -
Intergovernmental revenue 1,220,974 5,490,179 459,482 - - 1,470,179
Contributions - - - 35,000 - -
Miscellaneous revenue 15,877 235,413 1,100 2,101,053 - -
Total revenues 1,252,369 5,725,592 460,582 4,458,702 698,189 1,470,179
Expenditures:
Current:
Administrative services 185,327 - - 53,763 - -
Police - - - - - -
Fire - - - - - -
Parks and recreation 335 - - - - -
Accounting/finance - - - - - -
Community development 791,208 5,228,037 115,657 - - -
Public works - - - - - -
Health - - - - - -
Traffic and transportation 16,000 - - - - 470,179
Multi-Purpose Events Center - - - 4,462,383 - -
Capital outlay - - - 81,655 - -
Debt service:
Principal retirement - - - - 55,000 -
Interest and paying agent fees - - - - 101,400 -
Total expenditures 992,870 5,228,037 115,657 4,597,801 156,400 470,179
Excess of revenues over
(under)expenditures 259,499 497,555 344,925 (139,099) 541,789 1,000,000
Other financing sources(uses):
Issuance of subscription liabilities - - - 73,405 - -
Transfers in - - - 126,455 - -
Transfers out - - - (60,761) - (1,081,644)
Total other financing sources(uses) - - - 139,099 - (1,081,644)
Net change in fund balance 259,499 497,555 344,925 - 541,789 (81,644)
Fund balance-beginning,as previously reported 1,016,112 2,210,476 1,946,889 293,802 992,624 (141,585)
Restatement for correction of an error - - - - - -
Fund balance-beginning,as restated 1,016,112 2,210,476 1,946,889 293,802 992,624 (141,585)
Fund balance-ending $ 1,275,611 $ 2,708,031 $ 2,291,814 $ 293,802 $ 1,534,413 $ (223,229)
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
$ - $ - $ 2,075,715 $ - $ - $ - $ - $ - $ 5,087,946
700,818 80,435 - - - - - - 805,378
278,246 - - - - - - 278,246
4,211,261 - - - - - - 12,852,075
982,596 1,581,012 - - - - - 2,598,608
535,495 539,970 230,437 16 188,701 142,830 46,314 273,658 4,310,864
1,236,313 6,092,508 3,887,164 16 188,701 142,830 46,314 273,658 25,933,117
1,261,477 206,613 - - - - - - 1,707,180
553,089 - - - - - - 553,089
586,432 - - - - - - 586,432
21,691 - - - - - - 22,026
20,412 6,000 - - - - - 26,412
364 - - - - - - 6,135,266
13,037 - - - - - - 13,037
3,510,079 - - - - - - 3,510,079
833,956 - - - - - - 1,320,135
4,462,383
81,655
3,811,606 - - - - - 3,866,606
1,303,949 - - - - - 1,405,349
1,261,477 5,745,673 5,121,555 - - - - - 23,689,649
(25,164) 346,835 (1,234,391) 16 188,701 142,830 46,314 273,658 2,243,468
73,405
25,165 286,072 1,648,507 - - - - - 2,086,199
(278,635) - - - - - - (1,421,040)
25,165 7,437 1,648,507 - - - - - 738,564
1 354,272 414,116 16 188,701 142,830 46,314 273,658 2,982,032
(10,228) 3,118,515 1,928,656 435,564 2,265,014 - 683,020 1,889,639 16,628,498
(388,600) - - - - - (388,600)
(10,228) 3,118,515 1,540,056 435,564 2,265,014 - 683,020 1,889,639 16,239,898
$ (10,227) $ 3,472,787 $ 1,954,172 $ 435,580 $ 2,453,715 $ 142,830 $ 729,334 $ 2,163,297 $ 19,221,930
EXHIBIT C-3
CITY OF WICHITA FALLS, TEXAS
BUDGETARY COMPARISON SCHEDULE- COMMUNITY DEVELOPMENT BLOCK GRANT FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2024
Variance With
Final Budget-
Budgeted Amounts Positive
Original Final Actual (Negative)
Revenues:
Charges for services $ - $ - $ 15,518 $ 15,518
Intergovernmental revenue 1,438,808 1,438,808 1,220,974 (217,834)
Miscellaneous revenue - - 15,877 15,877
Total revenues 1,438,808 1,438,808 1,252,369 (186,439)
Expenditures:
Administrative services 128,202 193,202 185,327 7,875
Parks and recreation 237,634 237,634 335 237,299
Community development 1,056,972 1,056,972 791,208 265,764
Traffic and transportation 16,000 16,000 16,000 -
Capital outlay - - - -
Total expenditures 1,438,808 1,503,808 992,870 510,938
Excess of revenues over(under) expenditures - (65,000) 259,499 324,499
Fund balance-beginning 1,016,112 1,016,112 1,016,112 -
Fund balance-ending $ 1,016,112 $ 951,112 $ 1,275,611 $ 324,499
81
EXHIBIT C-4
CITY OF WICHITA FALLS, TEXAS
BUDGETARY COMPARISON SCHEDULE-SECTION 8 HOUSING FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2024
Variance With
Final Budget-
Budgeted Amounts Positive
Original Final Actual (Negative)
Revenues:
Intergovernmental revenue $ 4,110,448 $ 4,110,448 $ 5,490,179 $ 1,379,731
Miscellaneous revenue 190,356 190,356 235,413 45,057
Total revenues 4,300,804 4,300,804 5,725,592 1,424,788
Expenditures:
Community development 4,300,804 4,300,804 5,228,037 (927,233)
Total expenditures 4,300,804 4,300,804 5,228,037 (927,233)
Excess of revenues over(under) expenditures - - 497,555 497,555
Fund balance-beginning 2,210,476 2,210,476 2,210,476 -
Fund balance-ending $ 2,210,476 $ 2,210,476 $ 2,708,031 $ 497,555
82
EXHIBIT C-5
CITY OF WICHITA FALLS, TEXAS
BUDGETARY COMPARISON SCHEDULE- HOME INVESTMENT PARTNERSHIP AGREEMENT FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2024
Variance With
Final Budget-
Budgeted Amounts Positive
Original Final Actual (Negative)
Revenues:
Intergovernmental revenue $ 461,557 $ 461,557 $ 459,482 $ (2,075)
Miscellaneous revenue - - 1,100 1,100
Total revenues 461,557 461,557 460,582 (975)
Expenditures:
Community development 461,557 461,557 115,657 345,900
Total expenditures 461,557 461,557 115,657 345,900
Excess of revenues over(under) expenditures - - 344,925 344,925
Fund balance-beginning 1,946,889 1,946,889 1,946,889 -
Fund balance-ending $ 1,946,889 $ 1,946,889 $ 2,291,814 $ 344,925
83
EXHIBIT C-6
CITY OF WICHITA FALLS, TEXAS
BUDGETARY COMPARISON SCHEDULE- MPEC/HOTEL/MOTEL TAX FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2024
Variance With
Final Budget-
Budgeted Amounts Positive
Original Final Actual (Negative)
Revenues:
Taxes $ 2,305,000 $ 2,305,000 $ 2,321,697 $ 16,697
Charges for services - - 952 952
Contributions 35,000 35,000 35,000 -
Miscellaneous revenue 1,896,000 1,896,000 2,101,053 205,053
Total revenues 4,236,000 4,236,000 4,458,702 222,702
Expenditures:
Administrative services 56,000 56,000 53,763 2,237
Multi-Purpose Events Center 4,680,000 4,680,000 4,462,383 217,617
Capital outlay - 121,596 81,655 39,941
Total expenditures 4,736,000 4,857,596 4,597,801 259,795
Excess of revenues over(under) expenditures (500,000) (621,596) (139,099) 482,497
Other financing sources(uses):
Issuance of subscription liabilities - - 73,405 73,405
Transfers in 500,000 500,000 126,455 (373,545)
Transfers out - - (60,761) (60,761)
Total other financing sources(uses) 500,000 500,000 139,099 (360,901)
Excess of revenues and other sources
over(under)expenditures and other uses - (121,596) - 121,596
Fund balance-beginning 293,802 293,802 293,802 -
Fund balance-ending $ 293,802 $ 172,206 $ 293,802 $ 121,596
84
EXHIBIT C-7
CITY OF WICHITA FALLS, TEXAS
BUDGETARY COMPARISON SCHEDULE- HOTEL/MOTEL VENUE TAX FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2024
Variance With
Final Budget-
Budgeted Amounts Positive
Original Final Actual (Negative)
Revenues:
Taxes $ 600,000 $ 600,000 $ 690,534 $ 90,534
Charges for services - - 7,655 7,655
Total revenues 600,000 600,000 698,189 98,189
Expenditures:
Capital outlay 600,000 600,000 - 600,000
Debt service:
Principal retirement - - 55,000 (55,000)
Interest and paying agent fees - - 101,400 (101,400)
Total expenditures 600,000 600,000 156,400 443,600
Excess of revenues over(under) expenditures - - 541,789 541,789
Fund balance-beginning 992,624 992,624 992,624 -
Fund balance-ending $ 992,624 $ 992,624 $ 1,534,413 $ 541,789
85
EXHIBIT C-8
CITY OF WICHITA FALLS, TEXAS
BUDGETARY COMPARISON SCHEDULE-GOLF FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2024
Variance With
Final Budget-
Budgeted Amounts Positive
Original Final Actual (Negative)
Revenues:
Charges for services $ 583,000 $ 583,000 $ 700,818 $ 117,818
Miscellaneous revenue 371,391 371,391 535,495 164,104
Total revenues 954,391 954,391 1,236,313 281,922
Expenditures:
Administrative services 954,391 1,167,296 1,261,477 (94,181)
Total expenditures 954,391 1,167,296 1,261,477 (94,181)
Excess of revenues over(under) expenditures - (212,905) (25,164) 187,741
Other financing sources(uses):
Transfers in - 212,905 25,165 (187,740)
Excess of revenues and other sources
over(under)expenditures and other uses - - 1 1
Fund balance-beginning (10,228) (10,228) (10,228) -
Fund balance-ending $ (10,228) $ (10,228) $ (10,227) $ 1
86
EXHIBIT C-9
CITY OF WICHITA FALLS, TEXAS
BUDGETARY COMPARISON SCHEDULE- DEBT SERVICE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2024
Variance With
Final Budget-
Budgeted Amounts Positive
Original Final Actual (Negative)
Revenues:
Taxes $ 2,150,000 $ 2,150,000 $ 2,075,715 $ (74,285)
Contributions 1,713,856 1,713,856 1,581,012 (132,844)
Miscellaneous revenue 187,049 187,049 230,437 43,388
Total revenues 4,050,905 4,050,905 3,887,164 (163,741)
Expenditures:
Accounting/finance - - 6,000 (6,000)
Debt service-principal 4,220,000 4,220,000 3,811,606 408,394
Debt service-interest and paying agent fees 1,492,812 1,492,812 1,303,949 188,863
Total expenditures 5,712,812 5,712,812 5,121,555 591,257
Excess of revenues over(under)expenditures (1,661,907) (1,661,907) (1,234,391) 427,516
Other financing sources(uses):
Transfers in 1,661,907 1,661,907 1,648,507 (13,400)
Excess of revenues and other sources
over(under)expenditures and other uses - - 414,116 414,116
Fund balance-beginning, as previously reported 1,928,656 1,928,656 1,928,656 -
Restatement for correction of error - - (388,600) (388,600)
Fund balance-beginning, as restated 1,928,656 1,928,656 1,540,056 (388,600)
Fund balance-ending $ 1,928,656 $ 1,928,656 $ 1,954,172 $ 25,516
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.
Regional Airport Fund
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.
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
NONMAJOR ENTERPRISE FUNDS
SEPTEMBER 30,2024
Regional Kickapoo
Airport Airport
Assets
Current assets:
Cash and cash equivalents $ 535,432 $ -
Restricted cash and cash equivalents 2,108,280 -
Receivables(net of allowance for
uncollectible accounts):
Customer and trade - -
Government agencies - -
Other 60,962 39,320
Inventory 39,735 55,781
Prepaid items 10,861 12,361
Other current assets - -
Total current assets 2,755,270 107,462
Capital assets,net of accumulated depreciation 42,931,673 10,781,142
Total assets 45,686,943 10,888,604
Deferred outflows of resources
Pension-related 79,374 66,404
OPEB-related 5,686 4,706
Total deferred outflows of resources 85,060 71,110
Liabilities
Current liabilities payable from current assets:
Accounts payable-trade 6,308 1,135
Accrued payroll 12,321 8,770
Accrued vacation and sick leave 2,864 9,952
Payable to other City funds 141,832 22,022
Payable to government agencies (781) 7
Other liabilities 110,637 20,119
Right-to-use leases,current maturities 31,302 -
Total current liabilities payable
from current assets 304,483 62,005
Long-term liabilities:
Right-to-use leases,less current maturities 2,788,165 Net pension liability 239,220 200,132
Net OPEB liability 28,644 23,705
Total long-term liabilities 3,056,029 223,837
Total liabilities 3,360,512 285,842
Deferred inflows of resources
Pension-related 9,603 8,034
OPEB-related 9,654 7,990
Total deferred inflows of resources 19,257 16,024
Net position
Net investment in capital assets 40,112,206 10,781,142
Unrestricted 2,280,028 (123,294)
Total net position $ 42,392,234 $ 10,657,848
88
EXHIBIT D-1
Total
Non major
Stormwater Enterprise
Transit Drainage Waterpark Funds
$ $ 11,665,776 $ 1,172,558 $ 13,373,766
2,108,280
401,135 - 401,135
1,430,518 - - 1,430,518
(4,138) - (11,626) 84,518
82,577 - - 178,093
23,222
260,486 260,486
1,508,957 12,066,911 1,421,418 17,860,018
17,366,939 32,392,335 2,592,575 106,064,664
18,875,896 44,459,246 4,013,993 123,924,682
390,066 73,854 - 609,698
29,020 7,451 - 46,863
419,086 81,305 - 656,561
62,895 169,641 - 239,979
45,730 8,445 - 75,266
72,258 17,338 - 102,412
3,527,309 - - 3,691,163
(774)
20,971 104,230 - 255,957
31,302
3,729,163 299,654 - 4,395,305
2,788,165
1,175,601 222,585 - 1,837,538
146,182 37,533 - 236,064
1,321,783 260,118 - 4,861,767
5,050,946 559,772 - 9,257,072
47,192 8,935 - 73,764
49,271 12,651 - 79,566
96,463 21,586 - 153,330
17,366,939 32,392,335 2,592,575 103,245,197
(3,219,366) 11,566,858 1,421,418 11,925,644
$ 14,147,573 $ 43,959,193 $ 4,013,993 $ 115,170,841
CITY OF WICHITA FALLS, TEXAS
COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
NONMAJOR ENTERPRISE FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2024
Regional Kickapoo
Airport Airport
Operating revenues:
Charges for services $ 45,596 $ -
Rents,concessions and other 1,715,692 1,110,856
Total operating revenues 1,761,288 1,110,856
Operating expenses:
Personnel services 425,673 333,243
Supplies and materials 518,879 477,498
Maintenance and repairs 64,136 72,987
Utilities and other services 265,400 104,464
Insurance and contract support 62,992 43,838
Other expenses 235,159 44,927
Depreciation and amortization 1,609,408 527,141
Total operating expenses 3,181,647 1,604,098
Operating income(loss) (1,420,359) (493,242)
Nonoperating revenues (expenses):
Investment earnings 109,236 3,567
Interest expense and paying agent fees (27,595) -
Intergovernmental operating grants - -
Total nonoperating revenues (expenses) 81,641 3,567
Income (loss) before capital contributions and transfers (1,338,718) (489,675)
Transfers in - -
Transfers out - -
Change in net position (1,338,718) (489,675)
Net position-beginning, as previously reported - 11,147,523
Adjustment-change from major fund to nonmajor fund 43,730,952 Net position-beginning, as restated 43,730,952 11,147,523
Net position-ending $ 42,392,234 $ 10,657,848
89
EXHIBIT D-2
Total
Nonmajor
Stormwater Enterprise
Transit Drainage Waterpark Funds
$ 475,331 $ 3,767,887 $ 1,173,123 $ 5,461,937
188,558 - 611,564 3,626,670
663,889 3,767,887 1,784,687 9,088,607
1,914,808 324,335 561,823 3,559,882
535,664 9,623 314,410 1,856,074
299,035 24,228 88,679 549,065
242,147 219,799 551,873 1,383,683
28,835 103 58,042 193,810
156,499 15,002 73,294 524,881
400,394 430,441 290,431 3,257,815
3,577,382 1,023,531 1,938,552 11,325,210
(2,913,493) 2,744,356 (153,865) (2,236,603)
-
341,945 71,794 526,542
- - - (27,595)
2,346,732 - - 2,346,732
2,346,732 341,945 71,794 2,845,679
(566,761) 3,086,301 (82,071) 609,076
195,116 - - 195,116
-
(407,763) - (407,763)
(371,645) 2,678,538 (82,071) 396,429
14,519,218 41,280,655 4,096,064 71,043,460
- - - 43,730,952
14,519,218 41,280,655 4,096,064 114,774,412
$ 14,147,573 $ 43,959,193 $ 4,013,993 $ 115,170,841
CITY OF WICHITA FALLS, TEXAS
COMBINING STATEMENT OF CASH FLOWS
NONMAJOR ENTERPRISE FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2024
Regional Kickapoo
Airport Airport
Cash flows from operating activities:
Receipts from customers and users $ 1,752,082 $1,085,612
Payments to suppliers (973,827) (732,002)
Payments for interfund services (252,149) (100,710)
Payments to employees (345,484) (258,997)
Net cash provided (used) by operating activities 180,622 (6,097)
Cash flows from noncapital financing activities:
Intergovernmental operating grants - -
Interfund loan received (repaid) - 22,028
Transfers out to other funds - -
Transfers from other funds - -
Net cash provided (used) by noncapital financing activities - 22,028
Cash flows from capital and related
financing activities:
Acquisition and construction of capital assets - -
Principal paid on long-term debt (28,518) -
Interest and fees paid on long-term debt (27,595) -
Net cash provided (used)for capital and related
financing activities (56,113) -
Cash flows from investing activities:
Interest on investments 109,236 3,567
Net cash provided by investing activities 109,236 3,567
Net Increase(Decrease) in Cash and Cash Equivalents 233,745 19,498
Cash and Cash Equivalents- Beginning 2,409,967 (19,498)
Cash and Cash Equivalents- Ending $ 2,643,712 $ -
90
EXHIBIT D-3
(Page 1 of 2)
Total
Nonmajor
Stormwater Enterprise
Transit Drainage Waterpark Funds
$ 675,869 $ 3,782,299 $ 1,784,687 $ 9,080,549
(1,200,504) (32,368) (1,191,874) (4,130,575)
(531,936) (262,414) - (1,147,209)
(1,410,082) (250,190) (503,893) (2,768,646)
(2,466,653) 3,237,327 88,920 1,034,119
2,570,504 - - 2,570,504
(286,460) - - (264,432)
- (407,763) - (407,763)
195,116 - - 195,116
2,479,160 (407,763) - 2,093,425
(17,465) (2,211,685) (511,896) (2,741,046)
- - - (28,518)
- - - (27,595)
(17,465) (2,211,685) (511,896) (2,797,159)
- 341,945 71,794 526,542
- 341,945 71,794 526,542
(4,958) 959,824 (351,182) 856,927
4,958 10,705,952 1,523,740 14,625,119
$ - $ 11,665,776 $ 1,172,558 $ 15,482,046
CITY OF WICHITA FALLS, TEXAS
COMBINING STATEMENT OF CASH FLOWS(CONT'D.)
NONMAJOR ENTERPRISE FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2024
Regional Kickapoo
Airport Airport
Cash flows from operating activities:
Operating income(loss) $ (1,420,359) $ (493,242)
Adjustments to reconcile operating income(loss)
to net cash provided (used) by operating activities:
Depreciation and amortization 1,609,408 527,141
(Increase) decrease in assets and deferred outflows of resources:
Receivables:
Customer and trade - -
Other (9,206) (25,244)
Inventory 42,842 12,034
Prepaid items (10,861) (12,355)
Other current assets - -
Deferred outflows-pension-related 46,516 48,381
Deferred outflows-OPEB-related 7,090 473
Increase (decrease) in liabilities and deferred inflows of resources:
Accounts payable-trade (487) 577
Accrued payroll 3,851 1,191
Accrued vacation and sick leave (10,167) (1,926)
Payable to government agencies (379) -
Other liabilities (3,632) (3,272)
Net pension liability (62,730) (75,182)
Net OPEB liability (28,455) 557
Deferred inflows- pension-related 8,781 7,284
Deferred inflows-OPEB-related 8,410 7,486
Total adjustments 1,600,981 487,145
Net cash provided (used) by
operating activities $ 180,622 $ (6,097)
91
EXHIBIT D-3
(Page 2 of 2)
Total
Nonmajor
Stormwater Enterprise
Transit Drainage Waterpark Funds
$ (2,913,493) $ 2,744,356 $ (153,865) $ (2,236,603)
400,394 430,441 290,431 3,257,815
- 14,412 - 14,412
11,980 - - (22,470)
263 - - 55,139
- - - (23,216)
- - (99,450) (99,450)
187,969 55,716 - 338,582
27,953 7,742 - 43,258
38,626 80,011 (346) 118,381
12,581 2,689 - 20,312
7,198 1,260 - (3,635)
- - - (379)
(7,980) - 52,150 37,266
(210,834) (88,192) - (436,938)
(108,449) (30,368) - (166,715)
43,415 8,088 - 67,568
43,724 11,172 - 70,792
446,840 492,971 242,785 3,270,722
$ (2,466,653) $ 3,237,327 $ 88,920 $ 1,034,119
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 30,2024
Fleet Duplicating Employee Information
Maintenance Services Benefit Technology
Fund Fund Trust Fund Fund Totals
Assets
Current assets:
Cash and cash equivalents $ 5,473,242 $ 144,286 $ 3,226,348 $ 2,243,917 $ 11,087,793
Restricted cash and cash equivalents - - 13,557,675 - 13,557,675
Receivables:
Other 592 - 9,596 - 10,188
Inventory 663,731 - - - 663,731
Prepaid items 478,250 327 - - 478,577
Total current assets 6,615,815 144,613 16,793,619 2,243,917 25,797,964
Capital assets,net of accumulated depreciation 34,615,882 - - 7,477,281 42,093,163
Total assets 41,231,697 144,613 16,793,619 9,721,198 67,891,127
Deferred outflows of resources
Pension-related 489,274 3,005 15,790 292,223 800,292
OPEB-related 48,237 392 - 21,569 70,198
Total deferred outflows of resources 537,511 3,397 15,790 313,792 870,490
Liabilities
Current liabilities:
Accounts payable-trade 249,838 4,500 110,730 79,141 444,209
Accrued payroll 49,961 340 1,617 30,460 82,378
Accrued vacation and sick leave 138,433 - - 73,157 211,590
Payable to other City funds - - 462,283 - 462,283
Estimated health claims payable - - 1,188,114 - 1,188,114
Other liabilities - - 19,972 - 19,972
Notes payable-current maturities 850,611 - - - 850,611
Subscription liabilities-current maturities - - - 111,621 111,621
Total current liabilities 1,288,843 4,840 1,782,716 294,379 3,370,778
Long-term liabilities:
Notes payable,less current maturities 8,371,470 - - - 8,371,470
Subscription liabilities,less current maturities - - - 234,656 234,656
Net pension liability 1,474,599 9,057 47,588 880,716 2,411,960
Net OPEB liability 242,979 1,975 - 108,649 353,603
Total long-term liabilities 10,089,048 11,032 47,588 1,224,021 11,371,689
Total liabilities 11,377,891 15,872 1,830,304 1,518,400 14,742,467
Deferred inflows of resources
Pension-related 59,194 364 1,910 35,354 96,822
OPEB-related 81,896 666 - 36,620 119,182
Total deferred inflows of resources 141,090 1,030 1,910 71,974 216,004
Net position
Net investment in capital assets 25,393,801 - - 7,131,004 32,524,805
Unrestricted 4,856,426 131,108 14,977,195 1,313,612 21,278,341
Total net position $ 30,250,227 $ 131,108 $ 14,977,195 $ 8,444,616 $ 53,803,146
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 30,2024
Fleet Duplicating Employee Information
Maintenance Services Benefit Technology
Fund Fund Trust Fund Fund Totals
Operating revenues:
Charges for services $ 14,364,957 $ 127,655 $ - $ 4,114,825 $ 18,607,437
Rents,concessions and other 18,039 - 1,377,190 - 1,395,229
Contributions - - 14,900,446 - 14,900,446
Total operating revenues 14,382,996 127,655 16,277,636 4,114,825 34,903,112
Operating expenses:
Personnel services 2,220,270 7,333 64,081 1,250,009 3,541,693
Supplies and materials 3,561,033 876 - 181,901 3,743,810
Maintenance and repairs 3,206,382 350 - 1,604,184 4,810,916
Utilities and other services 205,554 988 113,001 317,364 636,907
Insurance and contract support 13,495 - 15,445,258 497 15,459,250
Other expenses 435,607 92,329 1,726,062 10,966 2,264,964
Depreciation and amortization 5,769,459 - - 1,573,831 7,343,290
Total operating expenses 15,411,800 101,876 17,348,402 4,938,752 37,800,830
Operating income(loss) (1,028,804) 25,779 (1,070,766) (823,927) (2,897,718)
Nonoperating revenues(expenses):
Investment earnings - - 3,017,582 - 3,017,582
Gain(loss)on sale of capital assets 981 - - - 981
Interest expense (316,429) - - (10,534) (326,963)
Total nonoperating revenues
(expenses) (315,448) - 3,017,582 (10,534) 2,691,600
Income(loss)before transfers (1,344,252) 25,779 1,946,816 (834,461) (206,118)
Transfers in 2,804,141 - - 1,816,929 4,621,070
Transfers out (332,879) - - - (332,879)
Change in net position 1,127,010 25,779 1,946,816 982,468 4,082,073
Net position-beginning 29,123,217 105,329 13,030,379 7,462,148 49,721,073
Net position-ending $ 30,250,227 $ 131,108 $ 14,977,195 $ 8,444,616 $ 53,803,146
93
EXHIBIT E-3
CITY OF WICHITA FALLS,TEXAS
COMBINING STATEMENT OF CASH FLOWS
INTERNAL SERVICE FUNDS
FOR THE YEAR ENDED SEPTEMBER 30,2024
Fleet Duplicating Employee Information
Maintenance Services Benefit Technology
Fund Fund Trust Fund Fund Totals
Cash flows from operating activities:
Received from customers and users $ 357,766 $ - $ 3,412,713 $ - $ 3,770,479
Received from interfund charges 14,058,052 127,655 11,792,620 4,114,825 30,093,152
Other operating receipts - - 1,078,837 - 1,078,837
Payments to suppliers (7,342,933) (90,622) (17,041,892) (3,078,621) (27,554,068)
Payments for interfund services (560,138) (7,910) - (127,477) (695,525)
Payments to employees (1,680,632) (10,198) (53,682) (1,001,270) (2,745,782)
Net cash provided by operating activities 4,832,115 18,925 (811,404) (92,543) 3,947,093
Cash flows from noncapital financing activities:
Transfers in from other funds 2,804,141 - - 1,816,929 4,621,070
Transfers out to other funds (332,879) - - - (332,879)
Net cash provided(used)by noncapital financing activities 2,471,262 - - 1,816,929 4,288,191
Cash flows from capital and related
financing activities:
Acquisition of capital assets (6,270,019) - - (3,376,959) (9,646,978)
Principal paid on long-term debt (698,611) - - (72,188) (770,799)
Interest and fees paid on long-term debt (316,429) - - (10,534) (326,963)
Net cash used for capital and
related financing activities (7,285,059) - - (3,459,681) (10,744,740)
Cash flows from investing activities:
Income(loss)on investments - - 3,017,582 - 3,017,582
Net cash provided by investing activities - - 3,017,582 - 3,017,582
Net Increase(Decrease)in Cash and Cash Equivalents 18,318 18,925 2,206,178 (1,735,295) 508,126
Cash and Cash Equivalents-Beginning 5,454,924 125,361 14,577,845 3,979,212 24,137,342
Cash and Cash Equivalents-Ending $ 5,473,242 $ 144,286 $ 16,784,023 $ 2,243,917 $ 24,645,468
Cash flows from operating activities:
Operating income(loss) $ (1,028,804) $ 25,779 $ (1,070,766) $ (823,927) $ (2,897,718)
Adjustments to reconcile operating income(loss)to
net cash provided(used)by operating activities:
Depreciation and amortization 5,769,459 - - 1,573,831 7,343,290
(Increase)decrease in assets and deferred outflows:
Receivables:
Other 37,016 - (414) - 36,602
Inventory 42,688 - - - 42,688
Deferred outflows-pension-related 335,438 6,547 10,251 249,786 602,022
Deferred outflows-OPEB-related 43,956 644 - 17,448 62,048
Increase(decrease)in liabilities and deferred inflows:
Accounts payable-trade 165,878 1,500 114,880 (717,195) (434,937)
Accrued payroll 10,589 98 397 5,950 17,034
Accrued vacation and sick leave 5,922 - - 21,975 27,897
Estimated health claims payable - - 140,432 - 140,432
Other liabilities (4,194) - 6,948 - 2,754
Net pension liability (503,499) (13,855) (14,872) (419,311) (951,537)
Net OPEB liability (169,060) (2,655) - (65,734) (237,449)
Deferred inflows-pension-related 53,806 302 1,740 31,813 87,661
Deferred inflows-OPEB-related 72,920 565 - 32,821 106,306
Total adjustments 5,860,919 (6,854) 259,362 731,384 6,844,811
Net cash provided(used)by operating activities $ 4,832,115 $ 18,925 $ (811,404) $ (92,543) $ 3,947,093
Noncash capital and financing activities:
Capital assets acquired through issuance of notes payable $ 9,442,442 $ - $ - $ - $ 9,442,442
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, 2024
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 $ 24,452,275 $ 14,440,650 $ 4,013,773 $ 1,348,679 $ 1,489,295 $ 45,744,672
Receivables:
Government agencies 864,874 843,344 - (1,894) - 1,706,324
Capital assets,net of accumulated depreciation 9,862,319 16,943,889 - - - 26,806,208
Total assets 35,179,468 32,227,883 4,013,773 1,346,785 1,489,295 74,257,204
Liabilities
Accounts payable-trade 67 356 - - - 423
Other liabilities 123,245 (29,208) - - - 94,037
Long-term liabilities:
Portion due or payable within one year 185,000 480,000 - - - 665,000
Portion due or payable after one year 9,253,679 17,065,000 - - - 26,318,679
Total liabilities 9,561,991 17,516,148 - - - 27,078,139
Net position
Net investment in capital assets 3,813,623 - - - - 3,813,623
Unrestricted 21,803,854 14,711,735 4,013,773 1,346,785 1,489,295 43,365,442
Total net position $ 25,617,477 $ 14,711,735 $ 4,013,773 $ 1,346,785 $ 1,489,295 $ 47,179,065
95
CITY OF WICHITA FALLS, TEXAS
COMBINING STATEMENT OF ACTIVITIES
COMPONENT UNITS
FOR THE YEAR ENDED SEPTEMBER 30, 2024
Program
Revenues
Operating
Grants and
Expenses Contributions
Community development
Wichita Falls Economic Development Corporation $ 3,807,447 $ -
Wichita Falls 4B Sales Tax Corporation 6,396,259 -
Wichita Falls Reinvestment Zone#2 371,117 -
Wichita Falls Reinvestment Zone#3 -
Wichita Falls Reinvestment Zone#4 -
Total component units $ 10,574,823 $ -
General revenues:
Taxes:
Property tax
Sales tax
Investment earnings
Miscellaneous
Total general revenues
Change in net position
Net position-beginning
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
$ (3,807,447) $ - $ - $ - $ - $ (3,807,447)
- (6,396,259) - - - (6,396,259)
- - (371,117) - - (371,117)
(3,807,447) (6,396,259) (371,117) - - (10,574,823)
- - 794,363 160,228 368,058 1,322,649
5,109,774 5,109,774 - - - 10,219,548
1,376,925 1,187,272 91,693 83,087 20,184 2,759,161
20,377 1,500 - - - 21,877
6,507,076 6,298,546 886,056 243,315 388,242 14,323,235
2,699,629 (97,713) 514,939 243,315 388,242 3,748,412
22,917,848 14,809,448 3,498,834 1,103,470 1,101,053 43,430,653
$ 25,617,477 $ 14,711,735 $ 4,013,773 $ 1,346,785 $ 1,489,295 $ 47,179,065
SUPPORTING SCHEDULES
CITY OF WICHITA FALLS, TEXAS
COMBINED SCHEDULE OF BONDED DEBT AND INTEREST MATURITIES
SEPTEMBER 30,2024
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
2025 $ 3,265,000 $ 923,971 $ 4,188,971 $ 2,685,000 $ 835,108 $ 3,520,108
2026 3,020,000 797,928 3,817,928 2,750,000 767,058 3,517,058
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 - - - - - -
$ 26,340,000 $ 5,679,928 $ 32,019,928 $ 36,705,000 $ 7,341,310 $ 44,046,310
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
$ 9,330,000 $ 1,136,700 $ 10,466,700 $ 15,280,000 $ 2,895,779 $ 18,175,779
9,765,000 704,000 10,469,000 15,535,000 2,268,986 17,803,986
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 15 2,200 135,000 17,200 15 2,200
145,000 11,800 156,800 145,000 11,800 156,800
150,000 6,000 156,000 150,000 6,000 156,000
$ 23,895,000 $ 3,317,450 $ 27,212,450 $ 86,940,000 $ 16,338,688 $ 103,278,688
CITY OF WICHITA FALLS, TEXAS
COMBINED SCHEDULE OF BONDS PAYABLE
SEPTEMBER 30, 2024
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 (3/1,9/1) 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 $ 7,490,000 $ 2,160,000
2,885,000 2,885,000 2,270,000 615,000
16,345,000 16,345,000 3,645,000 12,700,000
CITY OF WICHITA FALLS, TEXAS
COMBINED SCHEDULE OF BONDS PAYABLE(CONT'D.)
SEPTEMBER 30, 2024
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 2018B (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 2,825,000 3,345,000
7,595,000 7,595,000 1,315,000 6,280,000
1,675,000 1,675,000 435,000 1,240,000
44,320,000 44,320,000 17,980,000 26,340,000
CITY OF WICHITA FALLS, TEXAS
COMBINED SCHEDULE OF BONDS PAYABLE(CONT'D.)
SEPTEMBER 30, 2024
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 9,390,000 10,485,000
13,000,000 13,000,000 11,675,000 1,325,000
CITY OF WICHITA FALLS, TEXAS
COMBINED SCHEDULE OF BONDS PAYABLE(CONT'D.)
SEPTEMBER 30, 2024
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 8,650,000 24,895,000
66,420,000 66,420,000 29,715,000 36,705,000
74,005,000 74,005,000 52,590,000 21,415,000
CITY OF WICHITA FALLS, TEXAS
COMBINED SCHEDULE OF BONDS PAYABLE(CONT'D.)
SEPTEMBER 30, 2024
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 2,680,000 200,000 2,480,000
76,685,000 76,685,000 52,790,000 23,895,000
$ 187,425,000 $ 187,425,000 $ 100,485,000 $ 86,940,000
EXHIBIT G-3
CITY OF WICHITA FALLS, TEXAS
DEBT SERVICE COVERAGE- REVENUE BONDS
SEPTEMBER 30, 2024
Water and Sewer Revenue Bonds:
Change in net position (Exhibit A-8) $ 12,017,487
Add:
Depreciation and amortization $ 9,108,951
Interest expense and paying agent fees 1,959,955
Transfers out 2,143,194 13,212,100
Subtract:
West Texas Utilities water revenues 500,000
Gain (loss)on sale/abandonment of capital assets 1,310
Capital contributions from developers 1,107,267
Transfers in - (1,608,577)
Net earnings for determining debt service coverage $ 23,621,010
Priority Subordinate
Lien Bonds Lien Bonds
Net earnings for determining debt service coverage $ 23,621,010
Principal and interest requirements to maturity $ 23,181,250 $ -
Number of years remaining to pay bonds 3 N/A
Average annual principal and interest requirement 7,727,083 N/A
Minimum bond covenant debt service coverage 1.25 1.10
Minimum debt service coverage requirement $ 9,658,854 $ - 9,658,854
Excess over debt service coverage requirements $ 13,962,156
103
CITY OF WICHITA FALLS, TEXAS
CAPITAL ASSETS USED IN THE OPERATION OF GOVERNMENTAL FUNDS
SCHEDULE BY FUNCTION AND ACTIVITY
SEPTEMBER 30,2024
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 4,787,602 572,629
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
Memorial Auditorium renovation - - -
Total administrative services 4,562,664 11,163,687 1,788,016
Police 1,131,749 10,231,507 15,655,689
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 3,504,892 - -
Lynwood Community Center - 214,895 -
Total parks and recreation 12,446,105 2,471,529 327,162
Accounting/finance:
Information Systems - - 15,379,061
Total accounting/finance - - 15,379,061
Community development:
Planning - - 20,438
Inspection - - 1,360
Property management 10,727,324 420,891 9,275
Section 8 housing - - 47,274
Hazard Mitigation grant 170,800 - -
Total community development 10,898,124 420,891 78,347
Public works:
Engineering - 61,948 183,229
Street maintenance 415,650 100,108 30,606
Infrastructure 1,365,632 - -
Total public works 1,781,282 162,056 213,835
Health:
Administration 34,820 3,066,351 342,842
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 7,182,324 494,553
Traffic and transportation - 31,045 109,683
Multi-Purpose Events Center 9,560,210 45,157,533 675,809
Wichita Falls Business Park 1,099,507 - -
Total capital assets used in the operation of governmental funds $ 41,932,174 $ 83,872,094 $ 36,103,046
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 - - - 5,911,439
3,184 - - - 926,424
2,907,123
512,598
616,770
1,518
584,968
2,271
5,107,378
4,669,206 4,669,206
99,972 - - 4,669,206 22,283,545
8,759 67,040 - 205,700 27,300,444
2,111 8,625,089
5,992,906
5,383,970
148,133
3,504,892
214,895
15,244,796
827,994 - - 16,207,055
827,994 - - 16,207,055
20,438
1,360
11,157,490
47,274
170,800
11,397,362
245,177
546,364
211,914,550 1,194,377 214,474,559
211,914,550 1,194,377 215,266,100
237,789 - 103,129 3,784,931
87,642
69,596
45,235
4,292,359
237,789 - 103,129 8,279,763
16,750,886 - 16,891,614
22,117 73,405 - - 55,489,074
1,099,507
$ 130,848 $ 1,206,228 $ 228,665,436 $ 6,174,523 $ 398,084,349
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 30,2024
Beginning Ending
Balance Balance
10/1/2023 Additions Deletions 9/30/2024
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 5,619,263 292,176 - 5,911,439
General Public Information 926,424 - - 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 5,107,378 - - 5,107,378
Memorial Auditorium renovation - 4,669,206 - 4,669,206
Total administrative services 17,322,163 4,961,382 - 22,283,545
Police 27,076,912 223,532 - 27,300,444
Fire 8,625,089 - - 8,625,089
Parks and recreation:
Recreation 5,992,906 - - 5,992,906
Park maintenance 5,383,970 - - 5,383,970
Cemetery 148,133 - - 148,133
Lake Wichita Revitalization 2,653,267 851,625 - 3,504,892
Lynwood Community Center 214,895 - - 214,895
Total parks and recreation 14,393,171 851,625 - 15,244,796
Accounting/finance:
Information Systems 12,645,716 3,561,339 - 16,207,055
Total accounting/finance 12,645,716 3,561,339 - 16,207,055
Community development:
Planning 20,438 - - 20,438
Inspection 1,360 - - 1,360
Property management 10,794,990 362,500 - 11,157,490
Section 8 Housing 47,274 - - 47,274
Hazard Mitigation Grant 170,800 - - 170,800
Total community development 11,034,862 362,500 - 11,397,362
Public works:
Engineering 245,177 - - 245,177
Street maintenance 546,364 - - 546,364
Infrastructure 210,786,216 3,688,343 - 214,474,559
Total public works 211,577,757 3,688,343 - 215,266,100
Health:
Administration 3,768,810 16,121 - 3,784,931
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 8,263,642 16,121 - 8,279,763
Traffic and transportation 16,093,167 798,447 - 16,891,614
Multi-Purpose Events Center 55,330,415 158,659 - 55,489,074
Wichita Falls Business Park 1,099,507 - - 1,099,507
Total capital assets $ 383,462,401 $ 14,621,948 $ - $ 398,084,349
105
EXHIBIT G-6
CITY OF WICHITA FALLS, TEXAS
REGIONAL AIRPORT FUND
CAPITAL ASSETS AND ACCUMULATED DEPRECIATION
FOR THE YEAR ENDED SEPTEMBER 30, 2024
Balance Balance
10/1/2023 Additions Deletions 9/30/2024
Capital Assets:
Land and betterments $ 20,491,656 $ - $ - $ 20,491,656
Buildings and improvements 34,322,705 - - 34,322,705
Machinery and equipment 247,609 - - 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
Total capital assets 59,449,668 - - 59,449,668
Accumulated Depreciation:
Land and betterments 7,685,905 824,666 - 8,510,571
Buildings and improvements 6,111,987 683,922 - 6,795,909
Machinery and equipment 144,955 20,791 - 165,746
Furniture and fixtures 12,830 - - 12,830
Right-to-use leased assets 891,866 62,587 - 954,453
Infrastructure 61,044 17,442 - 78,486
Total accumulated depreciation 14,908,587 1,609,408 - 16,517,995
Net capital assets $ 44,541,081 $ (1,609,408) $ - $ 42,931,673
106
EXHIBIT G-7
CITY OF WICHITA FALLS, TEXAS
KICKAPOO AIRPORT FUND
CAPITAL ASSETS AND ACCUMULATED DEPRECIATION
FOR THE YEAR ENDED SEPTEMBER 30, 2024
Balance Balance
10/1/2023 Additions Deletions 9/30/2024
Capital Assets:
Land and betterments $ 13,643,355 $ - $ - $ 13,643,355
Buildings and improvements 4,052,631 - - 4,052,631
Machinery and equipment 583,215 - - 583,215
Construction in progress 35,247 - - 35,247
Total capital assets 18,314,448 - - 18,314,448
Accumulated Depreciation:
Land and betterments 4,711,006 382,914 - 5,093,920
Buildings and improvements 1,747,558 120,564 - 1,868,122
Machinery and equipment 547,600 23,664 - 571,264
Total accumulated depreciation 7,006,164 527,142 - 7,533,306
Net capital assets $ 11,308,284 $ (527,142) $ - $ 10,781,142
107
EXHIBIT G-8
CITY OF WICHITA FALLS, TEXAS
TRANSIT FUND
CAPITAL ASSETS AND ACCUMULATED DEPRECIATION
FOR THE YEAR ENDED SEPTEMBER 30, 2024
Balance Balance
10/1/2023 Additions Deletions 9/30/2024
Capital Assets:
Land and betterments $ 2,001,247 $ - $ - $ 2,001,247
Buildings and improvements 17,604,543 - - 17,604,543
Machinery and equipment 546,740 17,465 - 564,205
Total capital assets 20,152,530 17,465 - 20,169,995
Accumulated Depreciation:
Land and betterments 110,766 10,550 - 121,316
Buildings and improvements 1,788,970 379,251 - 2,168,221
Machinery and equipment 502,926 10,593 - 513,519
Total accumulated depreciation 2,402,662 400,394 - 2,803,056
Net capital assets $ 17,749,868 $ (382,929) $ - $ 17,366,939
108
EXHIBIT G-9
CITY OF WICHITA FALLS, TEXAS
STORMWATER DRAINAGE FUND
CAPITAL ASSETS AND ACCUMULATED DEPRECIATION
FOR THE YEAR ENDED SEPTEMBER 30, 2024
Balance Balance
10/1/2023 Additions Deletions 9/30/2024
Capital Assets:
Drainage $ 33,022,416 $ - $ - $ 33,022,416
Land and betterments 686,528 - - 686,528
Machinery and equipment 60,395 - - 60,395
Construction in progress 933,578 2,323,541 - 3,257,119
Total capital assets 34,702,917 2,323,541 - 37,026,458
Accumulated Depreciation:
Drainage 4,095,531 422,487 - 4,518,018
Land betterments 58,955 6,354 - 65,309
Machinery and equipment 49,196 1,600 - 50,796
Total accumulated depreciation 4,203,682 430,441 - 4,634,123
Net capital assets $ 30,499,235 $ 1,893,100 $ - $ 32,392,335
109
EXHIBIT G-10
CITY OF WICHITA FALLS, TEXAS
SANITATION FUND
CAPITAL ASSETS AND ACCUMULATED DEPRECIATION
FOR THE YEAR ENDED SEPTEMBER 30, 2024
Balance Balance
10/1/2023 Additions Deletions 9/30/2024
Capital Assets:
Land and betterments $ 9,744,373 $ 365,575 $ - $ 10,109,948
Buildings and improvements 3,571,328 1,118,432 - 4,689,760
Machinery and equipment 685,008 361,759 - 1,046,767
Construction in progress 906,397 890,058 1,484,007 312,448
Total capital assets 14,907,106 2,735,824 1,484,007 16,158,923
Accumulated Depreciation:
Land and betterments 2,254,762 185,347 - 2,440,109
Buildings and improvements 2,114,146 206,528 - 2,320,674
Machinery and equipment 570,435 76,932 - 647,367
Total accumulated depreciation 4,939,343 468,807 - 5,408,150
Net capital assets $ 9,967,763 $ 2,267,017 $1,484,007 $ 10,750,773
110
EXHIBIT G-11
CITY OF WICHITA FALLS, TEXAS
WATER AND SEWER FUND
CAPITAL ASSETS AND ACCUMULATED DEPRECIATION
FOR THE YEAR ENDED SEPTEMBER 30,2024
Balance Balance
10/1/2023 Additions Deletions 9/30/2024
Capital Assets:
Land and betterments $ 24,349,958 $ - $ - $ 24,349,958
Buildings,systems and
improvements 413,362,023 6,001,803 - 419,363,826
Machinery and equipment 7,071,139 489,692 - 7,560,831
Furniture and fixtures 1,164 - - 1,164
Construction in progress 4,725,909 5,840,527 3,327,459 7,238,977
Total capital assets 449,510,193 12,332,022 3,327,459 458,514,756
Accumulated Depreciation:
Land and betterments 12,724,275 229,613 - 12,953,888
Buildings,systems and
improvements 170,151,617 8,435,028 - 178,586,645
Machinery and equipment 5,675,002 444,309 - 6,119,311
Furniture and fixtures 1,164 - - 1,164
Total accumulated depreciation 188,552,058 9,108,950 - 197,661,008
Net capital assets $ 260,958,135 $ 3,223,072 $ 3,327,459 $ 260,853,748
111
EXHIBIT G-12
CITY OF WICHITA FALLS, TEXAS
WATERPARK FUND
CAPITAL ASSETS AND ACCUMULATED DEPRECIATION
FOR THE YEAR ENDED SEPTEMBER 30,2024
Balance Balance
10/1/2023 Additions Deletions 9/30/2024
Capital Assets:
Land and betterments $ 389,894 $ - $ - $ 389,894
Buildings and improvements 4,641,246 - - 4,641,246
Machinery and equipment 481,601 511,896 - 993,497
Total capital assets 5,512,741 511,896 - 6,024,637
Accumulated Depreciation:
Buildings and improvements 2,882,152 233,212 - 3,115,364
Machinery and equipment 259,479 57,219 - 316,698
Total accumulated depreciation 3,141,631 290,431 - 3,432,062
Net capital assets $ 2,371,110 $ 221,465 $ - $ 2,592,575
112
EXHIBIT G-13
CITY OF WICHITA FALLS, TEXAS
FLEET MAINTENANCE FUND
CAPITAL ASSETS AND ACCUMULATED DEPRECIATION
FOR THE YEAR ENDED SEPTEMBER 30, 2024
Balance Balance
10/1/2023 Additions Deletions 9/30/2024
Capital Assets:
Land and betterments $ 436,269 $ - $ - $ 436,269
Buildings and improvements 4,855,820 - - 4,855,820
Machinery and equipment 1,670,786 - - 1,670,786
Furniture and fixtures 2,950 - - 2,950
Motor vehicles 75,586,580 15,781,789 19,403 91,348,966
Construction in progress 130,954 127,016 195,361 62,609
Total capital assets 82,683,359 15,908,805 214,764 98,377,400
Accumulated Depreciation:
Land and betterments 2,611 - - 2,611
Buildings and improvements 3,368,239 124,312 - 3,492,551
Machinery and equipment 1,617,490 13,080 - 1,630,570
Furniture and fixtures 2,950 - - 2,950
Motor vehicles 53,020,171 5,632,068 19,403 58,632,836
Total accumulated depreciation 58,011,461 5,769,460 19,403 63,761,518
Net capital assets $ 24,671,898 $ 10,139,345 $ 195,361 $ 34,615,882
113
EXHIBIT G-14
CITY OF WICHITA FALLS, TEXAS
DUPLICATING SERVICES FUND
CAPITAL ASSETS AND ACCUMULATED DEPRECIATION
FOR THE YEAR ENDED SEPTEMBER 30, 2024
Balance Balance
10/1/2023 Additions Deletions 9/30/2024
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, 2024
Balance Balance
10/1/2023 Additions Deletions 9/30/2024
Capital Assets:
Machinery and equipment $ 11,352,008 $ 3,336,959 $ - $ 14,688,967
Subscription assets 603,614 224,380 - 827,994
Total capital assets 11,955,622 3,561,339 - 15,516,961
Accumulated Depreciation:
Machinery and equipment 6,043,319 1,468,594 - 7,511,913
Subscription assets 422,530 105,237 - 527,767
Total accumulated depreciation 6,465,849 1,573,831 - 8,039,680
Net capital assets $ 5,489,773 $ 1,987,508 $ - $ 7,477,281
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, 2024
Balance Balance
10/1/2023 Additions Deletions 9/30/2024
Capital Assets:
Land and betterments $ 1,177,156 $ - $ - $ 1,177,156
Buildings and improvements 6,028,915 - - 6,028,915
Construction in progress 1,030,896 1,840,297 - 2,871,193
Total capital assets 8,236,967 1,840,297 - 10,077,264
Accumulated Depreciation:
Buildings and improvements 123,528 91,417 - 214,945
Net capital assets $ 8,113,439 $ 1,748,880 $ - $ 9,862,319
116
EXHIBIT G-17
CITY OF WICHITA FALLS, TEXAS
WICHITA FALLS 46 SALES TAX CORPORATION
CAPITAL ASSETS AND ACCUMULATED DEPRECIATION
FOR THE YEAR ENDED SEPTEMBER 30, 2024
Balance Balance
10/1/2023 Additions Deletions 9/30/2024
Capital Assets:
Buildings and improvements $ - $ 17,311,310 $ - $ 17,311,310
Machinery and equipment - 216,851 - 216,851
Construction in progress 17,528,161 - 17,528,161 -
Total capital assets 17,528,161 17,528,161 17,528,161 17,528,161
Accumulated Depreciation:
Buildings and improvements - 577,044 - 577,044
Machinery and equipment - 7,228 - 7,228
Total accumulated depreciation - 584,272 - 584,272
Net capital assets $ 17,528,161 $ 16,943,889 $17,528,161 $ 16,943,889
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)
2014-2015 2015-2016 2016-2017 2017-2018
Governmental activities
Net investment in capital assets $ 143,014,752 $ 148,206,829 $ 150,776,165 $ 150,833,699
Restricted 3,715,125 4,468,638 5,497,793 5,626,033
Unrestricted (59,103,807) (64,279,354) (68,466,161) (81,755,666)
Total governmental activities net position $ 87,626,070 $ 88,396,113 $ 87,807,797 $ 74,704,066
Business-type activities
Net investment in capital assets $ 238,249,137 $ 236,074,244 $ 250,154,417 $ 254,487,928
Restricted 11,800,667 11,082,332 11,046,973 11,571,092
Unrestricted 13,941,283 31,265,373 27,573,458 35,237,418
Total business-type activities net position $ 263,991,087 $ 278,421,949 $ 288,774,848 $ 301,296,438
Primary government
Net investment in capital assets $ 381,263,889 $ 384,281,073 $ 400,930,582 $ 405,321,627
Restricted 15,515,792 15,550,970 16,544,766 17,197,125
Unrestricted (45,162,524) (33,013,981) (40,892,703) (46,518,248)
Total primary government net position $ 351,617,157 $ 366,818,062 $ 376,582,645 $ 376,000,504
118
EXHIBIT H-1
Fiscal Year
2018-2019 2019-2020 2020-2021 2021-2022 2022-2023 2023-2024
$ 152,824,700 $ 155,903,407 $ 160,441,794 $ 160,339,899 $ 170,463,853 $ 178,714,840
5,974,408 6,632,804 7,260,262 9,812,139 11,201,687 14,111,253
(85,423,347) (94,509,218) (85,096,370) (70,492,162) (70,135,236) (68,343,604)
$ 73,375,761 $ 68,026,993 $ 82,605,686 $ 99,659,876 $ 111,530,304 $ 124,482,489
$ 264,868,493 $ 270,540,608 $ 293,604,354 $ 309,284,549 $ 323,219,696 $ 336,375,288
11,780,255 12,008,946 11,836,811 11,840,406 12,395,127 12,817,592
37,715,916 47,578,892 45,447,623 53,612,672 57,082,234 59,570,047
$ 314,364,664 $ 330,128,446 $ 350,888,788 $ 374,737,627 $ 392,697,057 $ 408,762,927
$ 417,693,193 $ 426,444,015 $ 454,046,148 $ 469,624,448 $ 493,683,549 $ 515,090,128
17,754,663 18,641,750 19,097,073 21,652,545 23,596,814 26,928,845
(47,707,431) (46,930,326) (39,648,747) (16,879,490) (13,053,002) (8,773,557)
$ 387,740,425 $ 398,155,439 $ 433,494,474 $ 474,397,503 $ 504,227,361 $ 533,245,416
CITY OF WICHITA FALLS, TEXAS
CHANGES IN NET POSITION
LAST TEN FISCAL YEARS(UNAUDITED)
2014-2015 2015-2016 2016-2017 2017-2018
Expenses
Governmental activities:
Administrative services $ 14,837,668 $ 14,235,870 $ 15,198,841 $ 16,029,050
Police 23,705,432 25,633,843 25,513,220 25,046,425
Fire 16,455,087 17,476,759 21,107,882 24,205,615
Parks and recreation 5,492,124 5,637,654 5,655,633 5,484,893
Accounting/finance 876,069 787,945 760,506 663,516
Community development 6,400,781 6,681,803 6,902,628 6,579,677
Public works 8,117,413 8,334,993 8,551,971 8,563,442
Health 5,398,191 5,707,386 5,814,947 5,798,759
Traffic and transportation 2,555,837 2,667,418 2,579,284 2,383,760
Multi-Purpose Events Center 4,553,654 4,544,817 4,021,413 3,250,928
Interest and fees on long-term debt 1,910,975 1,631,355 1,443,552 1,556,402
Total governmental activities expenses 90,303,231 93,339,843 97,549,877 99,562,467
Business-type activities:
Municipal Airport 2,532,243 1,881,055 1,827,618 1,907,909
Kickapoo Airport 1,412,211 1,252,359 1,198,823 1,259,413
Transit 2,524,244 2,673,176 2,540,427 2,377,201
Sanitation 9,489,348 9,841,683 10,216,686 10,300,771
Water and Sewer 33,554,406 32,120,018 33,288,819 33,426,850
Stormwater drainage 674,839 828,537 816,334 796,597
Waterpa rk 1,557,158 1,598,720 1,538,193 1,591,560
Total business-type activities expenses 51,744,449 50,195,548 51,426,900 51,660,301
Total primary government expenses $ 142,047,680 $ 143,535,391 $ 148,976,777 $ 151,222,768
Program Revenues
Governmental activities:
Charges for services:
Administrative services $ 4,030,674 $ 4,270,749 $ 4,735,471 $ 4,501,100
Police 396,228 335,112 420,289 338,223
Fire 6,866 1,749 36,937 39,598
Parks and recreation 447,990 429,207 441,751 393,227
Community development 1,006,966 1,101,085 1,209,021 1,233,431
Public works 9,510 11,824 14,223 10,869
Health 995,634 1,051,834 1,081,910 1,110,658
Traffic and transportation 162,184 72,965 126,334 122,384
Multi-Purpose Events Center 1,604,828 1,561,783 892,049 10,872
Operating grants and contributions 11,019,845 14,803,477 14,934,929 12,437,104
Capital grants and contributions 5,349,242 3,942,929 1,032,502 4,296,164
Total governmental activities program
revenues 25,029,967 27,582,714 24,925,416 24,493,630
119
EXHIBIT H-2
(Page 1 of 2)
Fiscal Year
2018-2019 2019-2020 2020-2021 2021-2022 2022-2023 2023-2024
$ 15,853,414 $ 15,623,435 $ 16,023,333 $ 16,701,365 $ 19,214,246 $ 20,263,581
27,736,316 34,225,996 26,119,364 25,454,226 30,331,586 31,202,927
21,059,239 26,796,338 26,145,244 22,599,594 25,908,574 25,483,398
5,995,353 6,057,586 5,134,632 5,810,019 6,554,341 7,415,430
785,465 1,004,472 759,671 722,292 1,061,629 1,109,393
7,253,122 7,586,750 6,955,276 7,498,256 10,261,349 8,402,052
8,533,518 8,708,349 7,894,812 8,620,682 9,329,189 10,628,459
5,964,161 6,630,232 6,229,228 7,065,470 7,585,313 7,550,956
2,951,269 3,255,742 2,412,555 3,076,440 3,265,753 4,195,482
3,126,421 2,791,731 2,848,607 5,134,193 6,049,052 5,177,255
1,780,418 1,607,429 1,695,662 1,455,563 1,306,918 1,214,911
101,038,696 114,288,060 102,218,384 104,138,100 120,867,950 122,643,844
2,014,903 2,097,484 2,753,360 2,929,361 3,041,535 3,055,752
1,451,976 1,282,322 1,185,924 1,642,866 1,549,000 1,581,879
2,622,657 2,552,634 2,254,674 3,123,714 3,377,663 3,431,762
11,407,943 11,727,774 10,138,273 10,857,203 11,688,957 13,787,413
33,564,147 34,893,459 33,126,472 33,728,464 39,661,150 39,813,704
785,974 864,517 1,137,854 1,147,940 1,118,252 1,037,049
1,599,828 1,494,829 1,605,187 1,681,431 1,880,642 1,938,552
53,447,428 54,913,019 52,201,744 55,110,979 62,317,199 64,646,111
$ 154,486,124 $ 169,201,079 $ 154,420,128 $ 159,249,079 $ 183,185,149 $ 187,289,955
$ 4,657,529 $ 4,325,538 $ 6,858,710 $ 5,556,508 $ 5,679,417 $ 5,542,717
288,280 311,390 263,904 393,772 815,908 321,523
85,627 43,306 106 60,360 63,790 90,273
355,005 293,275 263,101 334,990 417,761 471,058
1,419,097 1,426,440 1,549,609 2,231,598 2,170,065 1,825,332
7,511 17,999 5,839 39,213 4,014 13,075
1,126,273 1,107,601 1,132,205 1,131,018 1,134,133 1,122,976
121,251 113,048 153,560 109,655 174,841 186,392
- 3,482 44,326 1,705,277 2,170,634 2,101,233
12,908,026 21,239,893 17,665,897 17,045,852 22,509,058 18,749,066
60,000 - 1,996,829 1,876,048 1,451,564 3,689,321
21,028,599 28,881,972 29,934,086 30,484,291 36,591,185 34,112,966
CITY OF WICHITA FALLS, TEXAS
CHANGES IN NET POSITION (CONT'D.)
LAST TEN FISCAL YEARS(UNAUDITED)
2014-2015 2015-2016 2016-2017 2017-2018
Business-type activities:
Charges for services:
Regional Airport 864,505 1,109,959 1,120,916 1,178,304
Kickapoo Airport 1,090,276 970,129 884,354 924,673
Transit 541,389 503,708 432,083 431,419
Sanitation 12,790,072 13,223,470 13,394,186 13,701,215
Water and Sewer 38,855,845 42,999,399 43,527,980 46,225,281
Stormwater drainage 2,763,120 3,703,803 3,738,019 3,728,335
Waterpa rk 1,492,787 1,437,615 1,321,622 1,501,475
Operating grants and contributions 1,826,749 2,282,163 1,701,652 3,938,011
Capital grants and contributions 1,558,589 209,110 396,830 876,211
Total business-type activities program
revenues 61,783,332 66,439,356 66,517,642 72,504,924
Total primary government program
revenues $ 86,813,299 $ 94,022,070 $ 91,443,058 $ 96,998,554
Net(Expense)/Revenue
Governmental activities $ (65,273,264) $ (65,757,129) $ (72,624,461) $ (75,068,837)
Business-type activities 10,038,883 16,243,808 15,090,742 20,844,623
Total primary government net expense $ (55,234,381) $ (49,513,321) $ (57,533,719) $ (54,224,214)
General Revenues and Other Changes in Net Position
Governmental activities:
Taxes:
Property tax $ 31,072,640 $ 34,515,164 $ 35,120,896 $ 35,842,110
Sales tax 22,403,406 22,373,768 22,413,397 23,861,013
Franchise fees 5,414,414 5,038,247 5,193,721 5,326,403
Hotel occupancy tax 1,775,372 1,910,468 1,878,061 1,952,011
Beverage tax 291,091 286,986 281,687 308,333
Investment earnings 20,732 129,886 303,325 625,368
Miscellaneous 562,290 474,093 1,660,889 499,060
Transfers (2,072,770) 2,003,892 5,184,169 4,611,766
Total governmental activities 59,467,175 66,732,504 72,036,145 73,026,064
Business-type activities:
Investment earnings 14,884 175,860 415,837 748,434
Miscellaneous 87,079 60,331 22,028 89,332
Transfers 2,072,770 (2,003,892) (5,184,169) (4,611,766)
Total business-type activities 2,174,733 (1,767,701) (4,746,304) (3,774,000)
Total primary government $ 61,641,908 $ 64,964,803 $ 67,289,841 $ 69,252,064
Change in Net Position
Governmental activities $ (5,806,089) $ 975,375 $ (588,316) $ (2,042,773)
Business-type activities 12,213,616 14,476,107 10,344,438 17,070,623
Total primary government $ 6,407,527 $ 15,451,482 $ 9,756,122 $ 15,027,850
120
EXHIBIT H-2
(Page 2 of 2)
Fiscal Year
2018-2019 2019-2020 2020-2021 2021-2022 2022-2023 2023-2024
1,165,060 868,429 1,511,517 1,921,572 1,919,173 1,761,288
944,394 765,536 757,246 1,127,421 1,080,143 1,110,856
498,808 405,969 611,213 538,637 486,204 663,889
14,776,821 15,192,130 16,154,115 16,901,006 17,208,729 18,578,954
44,464,193 46,673,593 45,810,693 50,122,232 50,034,772 52,793,725
3,730,485 3,787,383 3,706,349 3,751,220 3,755,677 3,767,887
1,425,913 1,271,508 1,779,308 1,677,399 1,904,398 1,784,687
4,857,917 5,738,059 8,223,555 4,311,198 4,605,539 2,346,732
89,890 727,961 874,423 3,047,912 2,274,480 1,107,267
71,953,481 75,430,568 79,428,419 83,398,597 83,269,115 83,915,285
$ 92,982,080 $ 104,312,540 $ 109,362,505 $ 113,882,888 $ 119,860,300 $ 118,028,251
$ (80,010,097) $ (85,406,088) $ (72,284,298) $ (73,653,809) $ (84,276,765) $ (88,530,878)
18,506,053 20,517,549 27,226,675 28,287,618 20,951,916 19,269,174
$ (61,504,044) $ (64,888,539) $ (45,057,623) $ (45,366,191) $ (63,324,849) $ (69,261,704)
$ 37,898,136 $ 41,399,096 $ 43,019,695 $ 45,229,447 $ 46,719,098 $ 50,166,104
24,894,930 25,205,996 28,362,467 31,099,772 30,988,808 30,656,869
5,314,591 5,164,750 5,451,658 5,681,541 5,911,738 5,523,727
2,075,905 1,878,957 2,660,388 2,873,908 2,956,265 3,025,700
328,163 255,816 309,857 359,797 376,230 369,980
1,375,504 581,802 47,531 679,311 5,295,711 6,103,382
341,079 525,007 521,187 566,004 942,581 841,076
6,453,485 5,045,896 6,490,207 4,045,947 3,008,234 5,251,416
78,681,793 80,057,320 86,862,990 90,535,727 96,198,665 101,938,254
1,005,000 371,124 23,871 236,378 1,652,400 2,046,798
10,654 (1,858) - 2,099 29,101 1,310
(6,453,485) (5,045,896) (6,490,207) (4,045,947) (3,008,234) (5,251,416)
(5,437,831) (4,676,630) (6,466,336) (3,807,470) (1,326,733) (3,203,308)
$ 73,243,962 $ 75,380,690 $ 80,396,654 $ 86,728,257 $ 94,871,932 $ 98,734,946
$ (1,328,304) $ (5,348,768) $ 14,578,692 $ 16,881,918 $ 11,921,900 $ 13,407,376
13,068,222 15,840,919 20,760,339 24,480,148 19,625,183 16,065,866
$ 11,739,918 $ 10,492,151 $ 35,339,031 $ 41,362,066 $ 31,547,083 $ 29,473,242
CITY OF WICHITA FALLS, TEXAS
FUND BALANCES,GOVERNMENTAL FUNDS-
LAST TEN FISCAL YEARS(UNAUDITED)
2014-2015 2015-2016 2016-2017 2017-2018
General Fund
Nonspendable $ 210,069 $ 157,494 $ 131,311 $ 309,042
Assigned 1,102,026 878,314 1,059,850 964,114
Unassigned 13,682,061 13,161,690 13,138,307 14,133,369
Total general fund $ 14,994,156 $ 14,197,498 $ 14,329,468 $ 15,406,525
All other Governmental Funds
Nonspendable $ 95,283 $ 84,013 $ - $ -
Restricted 5,977,567 5,729,434 5,617,402 23,075,586
Committed 2,734,119 2,694,718 2,670,133 2,208,977
Unassigned (550,863) (773,238) (1,224,316) (904,338)
Total all other governmental funds $ 8,256,106 $ 7,734,927 $ 7,063,219 $ 24,380,225
121
EXHIBIT H-3
Fiscal Year
2018-2019 2019-2020 2020-2021 2021-2022 2022-2023 2023-2024
$ 359,446 $ 383,596 $ 251,665 $ 328,907 $ 649,684 $ 422,061
18,310,378 26,955,178 37,181,391 45,732,320 48,015,435 50,432,693
$ 18,669,824 $ 27,338,774 $ 37,433,056 $ 46,061,227 $ 48,665,119 $ 50,854,754
$ 1,822 $ - $ 1,470,561 $ 1,639,863 $ 2,597,356 $ 2,874,619
21,903,321 16,435,498 16,582,041 13,764,738 12,212,135 15,203,776
2,865,289 2,495,627 2,380,635 3,210,175 3,184,286 3,472,787
(994,338) (994,338) (779,966) (86,381) (151,813) (233,456)
$ 23,776,094 $ 17,936,787 $ 19,653,271 $ 18,528,395 $ 17,841,964 $ 21,317,726
CITY OF WICHITA FALLS, TEXAS
CHANGES IN FUND BALANCES,GOVERNMENTAL FUNDS-
LAST TEN FISCAL YEARS(UNAUDITED)
2014-2015 2015-2016 2016-2017 2017-2018
Revenues
Taxes $ 61,007,519 $ 64,201,677 $ 64,886,137 $ 67,254,892
Charges for services 3,362,172 3,370,573 3,340,750 3,339,743
Licenses and permits 1,941,205 1,971,212 1,905,507 1,963,353
Fines and forfeitures 2,262,781 2,561,817 2,795,215 2,757,216
Intergovernmental revenue 12,401,075 13,537,869 10,833,921 9,112,281
Contributions 4,011,809 5,208,537 5,133,510 4,324,823
Miscellaneous revenue 3,118,424 3,120,633 4,239,955 2,499,916
Total revenues 88,104,985 93,972,318 93,134,995 91,252,224
Expenditures
Administrative services 14,413,640 14,805,672 14,870,206 14,778,947
Police 21,997,801 23,580,992 23,883,109 24,205,161
Fire 14,719,074 16,077,272 16,536,044 16,896,863
Parks and recreation 5,065,222 5,204,296 5,277,544 5,287,117
Accounting/finance 747,341 702,883 719,865 701,643
Community development 6,440,963 6,678,753 6,931,301 6,685,328
Public works 5,449,860 5,555,929 5,732,327 5,511,044
Health 5,217,970 5,483,135 5,649,913 5,793,866
Traffic and transportation 2,395,837 2,224,511 2,117,966 2,113,558
Multi-Purpose Events Center 3,747,189 3,718,058 3,231,913 2,415,875
Capital outlay* 5,368,119 6,343,551 6,206,493 5,628,992
Debt service- principal 3,350,000 3,745,000 3,525,000 3,610,000
Debt service- interest 1,998,760 1,764,412 1,591,022 1,597,143
Debt service- bond issuance costs - - - -
Total expenditures 90,911,776 95,884,464 96,272,703 95,225,537
Excess of revenues over(under)
expenditures (2,806,791) (1,912,146) (3,137,708) (3,973,313)
Other Financing Sources(Uses)
Proceeds from bonds - 13,482,256 - 24,171,317
Issuance of notes payable 47,848 (13,295,568) - 3,310,009
Issuance of subscription liabilities - - - -
Payment to refunded bonds escrow agent - - - (6,546,898)
Transfers in 17,594,910 7,574,334 8,965,770 8,722,620
Transfer out (23,335,238) (6,961,378) (6,367,674) (4,393,890)
Total other financing sources(uses) (5,692,480) 799,644 2,598,096 25,263,158
Net change in fund balances $ (8,499,271) $ (1,112,502) $ (539,612) $ 21,289,845
Debt service as a percentage of
noncapital expenditures 6.25% 6.15% 5.68% 5.81%
* Some miscellaneous costs(labor,etc)from other departments are also included as capital additions.
122
EXHIBIT H-4
Fiscal Year
2018-2019 2019-2020 2020-2021 2021-2022 2022-2023 2023-2024
$ 70,389,292 $ 73,868,498 $ 79,855,276 $ 85,201,256 $ 86,776,370 $ 89,661,409
3,426,222 3,399,064 3,701,539 3,628,485 3,875,847 4,054,112
2,080,203 1,737,778 1,631,602 2,303,431 2,016,267 1,861,123
2,833,785 1,798,401 2,435,469 2,667,978 3,728,902 3,562,866
8,738,383 17,514,038 14,647,769 13,991,338 19,323,854 19,096,646
4,169,643 3,725,855 3,022,874 3,054,514 2,796,604 2,893,986
3,274,916 3,093,988 4,420,330 5,918,640 10,959,685 11,027,752
94,912,444 105,137,622 109,714,859 116,765,642 129,477,529 132,157,894
15,235,739 14,394,187 16,644,153 16,735,288 17,978,073 18,387,773
25,064,950 27,416,198 27,380,379 28,178,657 29,904,433 31,929,167
16,891,819 17,740,642 18,402,915 19,216,297 20,972,473 22,046,971
5,423,148 5,314,741 5,081,829 5,775,749 6,442,448 7,192,658
753,748 845,894 853,221 849,276 1,057,534 1,191,878
7,119,550 7,081,495 7,262,275 7,949,102 10,304,073 8,737,674
5,302,692 5,411,047 4,796,841 5,412,349 5,793,264 6,433,371
5,645,601 5,685,128 6,499,796 7,523,335 7,397,026 7,845,457
2,362,089 2,573,962 2,226,382 2,673,643 2,798,352 3,399,346
2,286,621 1,940,870 2,064,199 4,295,907 5,327,942 4,462,383
7,888,964 11,290,435 7,417,749 8,267,619 16,051,010 10,901,063
4,000,000 4,045,000 4,215,000 3,613,482 3,721,606 3,866,606
1,912,443 1,877,363 1,821,451 1,651,608 1,533,392 1,405,349
- - 103,139 83,463 - -
99,887,364 105,616,962 104,769,329 112,225,775 129,281,626 127,799,696
(4,974,920) (479,340) 4,945,530 4,539,867 195,903 4,358,198
- - 2,685,339 3,375,027 - -
- - - - 304,829 73,405
- - - (3,292,314) - -
8,033,886 8,404,493 5,822,104 6,002,411 8,708,035 5,374,608
(3,295,594) (5,095,512) (1,642,211) (3,522,108) (7,299,247) (3,685,623)
4,738,292 3,308,981 6,865,232 2,563,016 1,713,617 1,762,390
$ (236,628) $ 2,829,641 $ 11,810,762 $ 7,102,883 $ 1,909,520 $ 6,120,588
6.43% 6.28% 6.20% 5.06% 4.64% 4.51%
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
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
2023-2024 50,055,987 30,656,869 5,524,654 3,053,421 369,980 498 89,661,409
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
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%
2023-2024 6,231,204,455 988,587,822 7,219,792,277 0.68000 7,219,792,277 100.00%
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 l&S Total M&O l&S Total M&O l&S Total
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
2023-2024 0.65 0.03 0.68 0.49 0.05 0.54 0.82 0.35 1.17
City View ISD(2) Iowa Park CISD(3) Wichita Falls ISD(4) Grand
M&O l&S Total M&O l&S Total M&O l&S Total Total
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
2023-2024 0.75 0.32 1.07 0.77 0.31 1.08 0.72 0.42 1.14 5.69
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 30,2024
2023-2024 2014-2015
Percentage Percentage
Taxable of Total Taxable of Total
Assessed Assessed Assessed Assessed
Taxpayer Value Rank Valuation Value Rank Valuation
Oncor Electric Delivery Co $ 67,504,390 1 0.93% $ 39,946,434 2 0.86%
Atmos Energy/Mid-Tex Division 46,905,180 2 0.65% 14,899,486 8 0.32%
North American Pipe Corp 27,846,101 3 0.39% 17,654,203 6 0.38%
Arbor Creek Apartments LLC 24,536,900 4 0.34% - N/A 0.00%
Wal-Mart Stores Texas LP 23,437,962 5 0.32% 23,673,540 3 0.51%
Sikes Senter Mall Realty Holding LLC 22,715,040 6 0.31% 58,000,000 1 1.25%
Wal-Mart Stores East Inc 22,252,100 7 0.31% 20,645,100 4 0.45%
Dilts Construction Inc. 18,889,417 8 0.26% - N/A 0.00%
Kell West Regional Hospital LLC 17,593,707 9 0.24% 13,951,556 9 0.30%
Burlington Northern&Santa Fe Railroad 16,580,457 10 0.23% - N/A 0.00%
Quail Creek Crossing Ltd - N/A 0.00% 18,581,000 5 0.40%
Southwestern Bell - N/A 0.00% 14,928,053 7 0.32%
Alon USA LP - N/A 0.00% 12,651,296 10 0.27%
Totals $ 288,261,254 3.99% $ 234,930,668 5.06%
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
2014-2015 $ 30,270,748 $ 29,809,308 98.48% $ 328,268 $ 30,137,576 99.56%
2015-2016 33,644,264 33,124,968 98.46% 398,592 33,523,560 99.64%
2016-2017 34,228,872 33,694,059 98.44% 390,293 34,084,352 99.58%
2017-2018 34,887,074 34,298,367 98.31% 397,199 34,695,566 99.45%
2018-2019 37,037,918 36,347,721 98.14% 488,050 36,835,771 99.45%
2019-2020 40,280,490 39,531,671 98.14% 523,263 40,054,934 99.44%
2020-2021 41,645,982 41,044,294 98.56% 372,035 41,416,329 99.45%
2021-2022 44,194,571 43,425,840 98.26% 301,513 43,727,353 98.94%
2022-2023 45,798,161 44,884,913 98.01% 269,757 45,154,670 98.59%
2023-2024 49,054,634 48,015,584 97.88% - 48,015,584 97.88%
127
CITY OF WICHITA FALLS, TEXAS
RATIOS OF OUTSTANDING DEBT BY TYPE-
LAST TEN FISCAL YEARS(UNAUDITED)
Governmental Activities
General Combination
Fiscal Obligation Tax and Revenue Subscription Notes
Year Bonds Revenue Bonds Bonds Liabilities Payable
2014-2015 $ 3,850,706 $ 46,710,294 $ - $ - $ 3,230,595
2015-2016 16,129,132 31,138,675 - - 2,857,166
2016-2017 14,132,973 29,435,100 - - 2,466,589
2017-2018 36,285,854 21,261,971 - - 5,468,665
2018-2019 33,792,967 19,464,301 - - 5,068,463
2019-2020 30,787,806 18,122,209 - - 4,555,678
2020-2021 27,728,646 16,735,708 2,635,000 - 4,010,237
2021-2022 28,178,294 12,487,817 2,585,000 - 3,430,974
2022-2023 25,242,817 11,512,715 2,535,000 460,214 2,816,672
2023-2024 22,206,131 10,507,993 2,480,000 562,787 2,251,238
(1)Amounts include bond premiums,where applicable.
128
EXHIBIT H-10
Business-type Activities
Utility Combination General Right-to-Use Total Percentage
System Tax and Obligation Notes Leases Primary of Personal Per
Revenue Bonds Revenue Bonds Bonds Payable Payable Government Income Capita
$92,086,092 $54,125,933 $1,930,000 $ 1,160,389 $ - $203,094,009 8.47% $1,932.13
87,938,263 51,322,900 - 17,357,438 - 206,743,574 8.63% 1,974.44
83,098,973 46,298,092 - 19,503,566 - 194,935,293 8.14% 1,861.42
78,150,943 41,170,000 - 18,530,644 - 200,868,077 7.73% 1,917.65
69,257,091 39,665,000 - 17,568,069 - 184,815,891 7.58% 1,767.29
60,215,005 38,140,000 - 16,542,952 - 168,363,650 6.58% 1,610.09
51,014,896 36,590,000 - 15,407,763 - 154,122,250 6.05% 1,472.28
41,662,562 29,435,000 5,808,660 14,208,165 2,876,063 140,672,535 5.19% 1,372.44
32,143,944 27,840,000 5,455,266 12,935,154 2,848,743 123,790,525 4.01% 1,201.99
22,445,713 26,220,000 5,101,872 21,294,880 2,819,467 115,890,081 3.53% 1,128.53
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 (1) Revenue Bonds Revenue Bonds Total Property Capita
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 33,986,954 12,487,817 2,585,000 49,059,771 0.84% 478.64
2022-2023 30,698,083 11,512,715 2,535,000 44,745,798 0.68% 434.48
2023-2024 27,308,003 10,507,993 2,480,000 40,295,996 0.56% 392.40
(1)Amount also includes general obligation bonds payable by Business-type Activities.
129
EXHIBIT H-12
CITY OF WICHITA FALLS, TEXAS
DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT(UNAUDITED;
SEPTEMBER 30, 2024
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 $ 38,008,149 100% $ 38,008,149
Overlapping:
Wichita County 62,524,523 100% 62,524,523
Burkburnett Independent School District 35,164,807 25% 8,791,202
City View Independent School District 13,187,546 90% 11,868,791
Iowa Park Consolidated Independent
School District 31,063,350 2% 621,267
Wichita Falls Independent School District 323,531,106 99% 320,295,795
Total overlapping 465,471,332 404,101,578
Total direct and overlapping bonded debt $ 503,479,481 $ 442,109,727
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 $ 7,219,792,277
Maximum tax rate* $ 2.25/$100
Current tax rate for 2023 tax year .68/$100
Maximum tax rate in excess of 2023 tax rate 1.57/$100
Total legal debt margin $ 113,350,739
2014-2015 2015-2016 2016-2017 2017-2018
Assessed value $ 4,624,811,743 $ 4,765,611,306 $ 4,849,376,974 $ 4,941,651,841
Maximum tax rate $ 2.25/$100 $ 2.25/$100 $ 2.25/$100 $ 2.25/$100
Current tax rate .65526/$100 .70598/$100 .70598/$100 .70598/$100
Maximum tax rate in excess of current rate 1.59474/$100 1.54402/$100 1.54402/$100 1.54402/$100
Total legal debt margin $ 73,753,723 $ 73,581,992 $ 74,875,350 $ 76,300,093
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
2018-2019 2019-2020 2020-2021 2021-2022 2022-2023 2023-2024
$ 5,074,578,796 $ 5,276,594,133 $ 5,455,879,419 $ 5,807,983,335 $ 6,596,548,411 $ 7,219,792,277
$ 2.25/$100 $ 2.25/$100 $ 2.25/$100 $ 2.25/$100 $ 2.25/$100 $ 2.25/$100
.72988/$100 .763323/$100 .763323/$100 .760928/$100 .694321/$100 .68/$100
1.52012/$100 1.486677/$100 1.486677/$100 1.489072/$100 1.555679/$100 1.57/$100
$ 77,139,687 $ 78,445,911 $ 81,111,304 $ 86,485,054 $ 102,621,118 $ 113,350,739
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
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
2023-2024 52,293,725 29,782,626 22,511,099
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
$3,610,000 $ 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
9,275,000 1,037,500 10,312,500 2.18
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 Level Enrollment(2) Rate(3)
2014-2015 105,114 $ 2,397,229,884 $ 22,806 32.5 13.2 15,155 4.4%
2015-2016 104,710 2,394,298,860 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 2,597,725,600 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 3,083,460,720 29,940 32.8 13.2 14,417 3.3%
2023-2024 102,691 3,284,777,017 31,987 33.0 13.2 12,868 3.9%
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 30,2024
2023-2024 2014-2015
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%
United Regional Health Care System 2,475 2 3.69% 1,739 4 2.43%
Midwestern State University 1,709 3 2.55% 1,297 5 1.81%
Wichita Falls ISD 1,640 4 2.45% 1,925 3 2.69%
City of Wichita Falls 1,253 5 1.87% 1,175 6 1.64%
Howmet Corporation 1,072 6 1.60% 1,090 7 1.52%
North Texas State Hospital 1,000 7 1.49% 2,071 2 2.90%
Vitro Architectural Glass 934 8 1.39% - N/A -
Wal-Mart-3 locations 900 9 1.34% 1,026 8 1.43%
James V.Allred Prison Unit 687 10 1.03% 869 10 1.22%
Cryovac Division-Sealed Air Corp. - N/A 0.00% 896 9 1.25%
Totals 18,892 28.19% 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)
2014-2015 2015-2016 2016-2017 2017-2018
Administrative services 95.1 94.1 86.0 85.7
Police 299.0 299.0 295.8 295.5
Fire 162.5 162.5 162.5 162.5
Parks and recreation 92.6 92.6 89.5 88.8
Accounting/finance 26.4 26.2 26.0 25.7
Community development 41.0 41.0 40.0 40.0
Public works 78.5 78.5 72.5 72.5
Health 77.5 78.7 78.8 76.3
Traffic and transportation 56.1 57.0 52.0 52.0
Multi-Purpose Events Center 22.8 22.8 22.8 4.6
Water and sewer 187.7 188.6 186.1 183.9
Sanitation 83.5 85.5 86.5 86.5
Regional Airport 3.0 1.6 1.6 1.6
Kickapoo Airport 3.4 4.4 4.4 4.4
Transit 26.7 26.7 25.2 25.2
Stormwater Drainage 1.8 1.8 4.8 4.8
Source:City of Wichita Falls Human Resources Department
135
EXHIBIT H-17
2018-2019 2019-2020 2020-2021 2021-2022 2022-2023 2023-2024
85.9 86.2 88.4 87.0 96.1 89.0
295.5 295.5 295.5 295.5 295.5 292.5
164.0 164.0 164.0 164.0 165.0 164.0
90.7 90.7 90.9 91.2 89.2 90.5
25.7 25.6 26.3 26.6 27.6 27.0
40.0 40.0 41.0 41.1 42.1 39.6
72.5 71.5 70.0 70.0 72.5 72.5
75.4 75.4 70.3 70.3 73.6 73.4
52.0 50.1 52.0 52.0 52.0 52.5
4.0 4.0 3.5 17.2 18.7 20.7
183.9 183.9 184.0 190.0 193.1 201.0
86.5 86.5 86.5 86.5 84.6 87.5
1.6 3.1 3.1 9.1 9.1 8.6
4.4 4.4 4.4 4.4 4.4 5.4
24.2 24.2 24.2 24.2 28.2 31.2
4.8 4.8 5.3 5.3 5.2 4.8
CITY OF WICHITA FALLS, TEXAS
OPERATING INDICATORS BY FUNCTION/PROGRAM
LAST TEN FISCAL YEARS(UNAUDITED)
2014-2015 2015-2016 2016-17 2017-2018
General government
Building permits issued 7,399 7,413 7,874 6,590
Building inspections conducted 12,852 11,302 10,803 10,760
Police
Physical arrests 5,036 5,214 5,845 4,869
Parking violations 90 110 175 27
Traffic violations 18,792 19,424 23,514 23,979
Fire
Emergency responses 9,392 9,432 8,442 11,229
Fires extinguished 432 477 449 601
Inspections 2,931 4,133 3,175 3,248
Refuse collection
Refuse collected (tons) 76,145 136,646 136,911 131,442
Recyclables collected 1,384 16,134 18,232 23,079
Library
Volumes in collection 194,715 176,160 820,301 854,142
Total volumes borrowed 293,364 282,808 294,798 333,381
Water
New connections 74 (2,523) 3,144 160
Water main breaks 863 696 519 766
Average daily consumption 12,051 14,974 14,180 15,131
(thousands of gallons)
Wastewater
Average daily sewage treatment 8,440 7,900 9,877 8,974
(thousands of gallons)
Transit
Total route miles 575,004 591,417 586,565 591,538
Passengers 462,853 486,104 493,164 464,838
This information provided by applicable City of Wichita Falls department.
136
EXHIBIT H-18
Fiscal Year
2018-2019 2019-2020 2020-2021 2021-2022 2022-2023 2023-2024
5,866 5,323 5,492 7,413 7,242 6,241
12,250 13,744 11,821 10,942 13,827 13,692
4,963 3,779 2,768 3,501 3,337 2,961
113 32 24 36 48 11
23,831 15,390 18,749 19,028 21,586 23,206
12,337 12,037 13,518 13,368 13,729 14,329
490 576 591 713 621 577
3,295 937 1,853 2,699 2,839 2,941
155,767 155,752 164,911 181,457 178,867 184,667
24,311 21,730 23,473 23,858 19,774 21,779
976,145 1,002,768 1,190,927 1,508,436 270,947 191,459
366,800 234,496 340,991 306,068 287,385 287,429
182 371 224 86 104 122
546 618 401 614 692 611
13,895 14,110 13,722 14,688 13,296 16,548
8,927 10,339 10,339 9,148 9,070 9,861
606,501 550,901 549,512 561,393 538,491 514,996
445,029 244,265 234,872 243,252 293,574 293,701
CITY OF WICHITA FALLS, TEXAS
CAPITAL ASSET STATISTICS BY FUNCTION/PROGRAM
LAST TEN FISCAL YEARS(UNAUDITED)
2014-2015 2015-2016 2016-2017 2017-2018
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) 515 530 531 534
Streetlights 7,996 8,015 8,451 8,465
Traffic signals 104 104 104 102
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) 580 806 782 808
Fire hydrants 2,593 2,842 2,822 2,836
Storage capacity(thousands of gallons) 37,000 37,000 37,000 37,000
Wastewater
Sanitary sewers(miles) 548 599 592 594
Storm sewers(miles) 98 98 98 99
Treatment capacity(thousands of gallons) 21,410 21,410 21,410 21,410
Transit
Buses 13 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
2018-2019 2019-2020 2020-2021 2021-2022 2022-2023 2023-2024
1 1 1 1 1 1
113 107 117 110 110 127
8 8 8 8 8 8
36 36 36 36 36 36
534 534 570 528 530 615
8,432 8,453 8,463 8,475 8,478 8,483
102 104 104 104 104 104
1,200 1,200 1,200 1,200 1,200 1,200
39 39 39 39 39 39
1 1 1 1 1 1
808 785 781 763 763 763
2,829 2,883 2,917 2,898 2,873 2,873
37,000 37,000 37,000 37,000 37,000 37,000
594 583 583 583 583 583
99 100 172 173 174 174
21,410 21,410 21,410 21,410 21,410 21,410
13 18 18 18 18 20
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