2023-2024 Popular Annual Financial Report CITY OF WICHITA FALLS, TX
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Table of
Content
Welcome Message 1
City Leadership I 3
About Wichita Falls 4
FY24 Accomplishments 5
Financial Overview 7
Revenue and Expenses 8
General Fund 9
Capital Assets and Debt 10
FY25 Adopted Budget 11
WELCOME
MESSAGE 14.44,4 5-itx
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a . • We are pleased to present the City of
Wichita Falls' Popular Annual Financial
Report for the fiscal year ended
September 30, 2024. This report
provides a summary of the City's A
financial activities and complements ,
other financial documents, such as �; -�
�'
the Annual Comprehensive Financial �— A
Report and Annual Operating Budget,
available on the City's Financial
Transparency webpage. w Tom' `
The Government Finance Officers
Association (GFOA) awarded the City `mmulump—,
an Award for Outstanding Achievement in ' _
Popular Annual Financial Reporting for the
fiscal year ended September 30, 2023. We believe
this year's report continues to meet these high s'L' ,,c
standards and have submitted it for consideration again.
This report is based on information from the Annual Comprehensive Financial Report, which is
audited annually by an external firm. It provides insights into the City's financial position and
references information from the Operating Budget for the fiscal year ending September 30,
2024.
City Management is proud to present this report and hopes it provides clear and transparent
information for our community. For more details, please visit www.wichitafallstx.gov.
The Popular Annual Financial Report (PAFR) is intended to summarize and
simplify the financial information from the Annual Comprehensive •
Financial Report (ACFR). This report is designed to provide a summary of
the City's overall financial condition in a user friendly format available to
citizens. The ACFR was prepared in accordance with Generally Accepted
Accounting Principles (GAAP) and was audited by an independent certified
public accountant. •u •
FINANCIAL
RE a ! TING
The City of Wichita Falls is dedicated to increasing fiscal transparency. The City
participates in the Texas State Comptrollers Transparency Star program, which
recognizes government entities for going above and beyond in their transparency
efforts.
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TRANSPARENCY TRANSPARENCY TRANSPARENCY
STAR STAR S TAR
Texas Comptroller Texas Comptroller Texas Comptroller
TRADITIONAL FINANCES PUBLIC PENSIONS DEBT OBLIGATIONS
2023 felCV'vtAjVt4 Government Finance Officers Association
Award for
Outstanding
GO Achievement in
Popular Annual
Financial Reporting
Nov
I � , 0 � Presented to
City of Wichita Falls
COA PAFR BUDGET Texas
AWARD AWARD AWARD
For its Annual Financial Report
For the Fiscal Year Ended
—...011111111111111 September 30.2023
P '.7.-u
Executive Direetar.'CEO
For additional details,visit the City's website at www.wichitafallstx.gov.
WICHITA FALLS CITY COUNCIL
AS OF MARCH 31, 2024
TIM SHORT
MAYOR
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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
The City of Wichita falls operates under a Council-Manager form of Government. This system
combines the strong political leadership of elected officials in the form of a City Council, with the
strong managerial experience of an appointed City Manager. The City of Wichita Falls has a Mayor
and a six-member Council who are elected into 3 year terms in non-partisan elections.
OKLAHOMA
WI OH IT FALL OKLAHOMA
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Wichita Vail$
The City of Wichita Falls, home to Sheppard Air TEX AS
Force Base, is located in north-central Texas and Fort wnrth0 Callas
encompasses 70.1 square miles. Incorporated in
1889, Wichita Falls serves as a regional economic hub for North Texas and South-Central
Oklahoma. It is approximately 130 miles northwest of the Dallas/Fort Worth Metroplex, 15 miles
from the Red River marking the Texas/Oklahoma border, and 125 miles south of Oklahoma City.
The city 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. Situated in the crosstimbers area of the
gently rolling north-central plains and crossed by the Wichita River, Wichita Falls is the county
seat of Wichita County and a major population center in North Texas. According to the 2023
U.S. Census Bureau estimate,the population of Wichita Falls is 102,691.
Q Incorporated in The City provides a full range of
0 1889 municipal services to the community.
These services include public safety, fire
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protection, public works, health and
111 Population el welfare, parks and recreation,
102 691 el cemeteries, library, public improvement,
engineering, planning and zoning, and
general administrative services. As part
Median List
Price of public works services, the City
$164K provides water, sewer, and sanitation for
its citizens. The City also provides a full
0 range of transportation options,
Unemployment including bus service, a regional and
Rate municipal airport, and a trolley.
s 3.5% O
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Avg. Household ' Ab 4lgo . Ii
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$58K
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HOME TO: 1 {
Museum of North TX History Sheppard Air Force Base
Hotter N' Hell Hundred Euro-NATO Joint Jet Pilot Training
World's Littlest Skyscraper Midwestern State University
4
FY 2024
ACG .) M PLISH M ENTS
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.
Emergency Responses: r-20=-_„ Refuse Collected (tons):
14,329 184,667
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Building Permits Issued: 41111 Transit Route New Water Connections:
6,241 514,996 122
Building Inspections Conducted: Total Passengers: Average Daily Consumption:
13,692 293,701 16,548 thousands of gallons
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Funds Appropriated in the Annual Operating Budget
Fund Fund Class Fund Type
Fe
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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 Agreement 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
INF Microfiltration and Reverse Osmosis Proprietary Capital
Lake Ringgold Fund Proprietary Capital
Sanitation Fund Proprietary Enterprise
Regional Airport Fund Proprietary Enterprise
TFVPKickapoo Airport Fund Proprietary Enterprise
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Transit Fund Proprietary Enterprise
Storm Water Fund Proprietary Enterprise
Waterpark Fund Proprietary Enterprise
Fleet Fund Proprietary Internal Service
Information Technology Fund Proprietary InternalService
Duplicating Services Fund Proprietary Internal Service
GOVERNMENTAL FUNDS
Governmental Funds are primarily used to manage most of the City's activities. Financial statements for these funds
follow the modified accrual basis of accounting,which tracks cash and easily convertible financial assets.These funds
prioritize short-term inflows and outflows of resources,as well as available resources for future spending at the end of
the fiscal year. The Net Position represents the fund balance in governmental funds. The General Fund serves as the
main operating fund, accounting for all general tax revenues and unallocated receipts. It covers general operating
expenses, fixed charges, and certain capital improvement costs not covered by other funds. Special Revenue Funds
manage revenue from specific sources earmarked for purposes other than debt service or capital projects.
PROPRIETARY FUNDS
When the City charges customers for its services,whether to external customers or other units within the City, these
activities are typically recorded in proprietary funds.The City of Wichita Falls manages two types of proprietary funds:
enterprise funds and internal service funds. Proprietary funds are accounted for using the economic resources
measurement focus and the accrual basis of accounting in the City's financial statements. The fund balance in a
proprietary fund is termed 'working capital' in accounting, representing the difference between current assets and
liabilities.This is because proprietary funds account for long-term commitments not covered in governmental funds.
Enterprise funds are used to manage various City operations,including water and sewer services,sanitation collection,
airports, transit, stormwater management, event centers, golf courses, and water parks. Internal service funds are
utilized to report activities providing supplies and services to other City programs,such as fleet maintenance, printing,
information technology, and employee benefits. As these services benefit both governmental and business-type
functions, they are allocated between governmental and business-type activities in the government-wide financial
statements. Enterprise funds adhere to the accrual basis of accounting and the economic resources measurement
focus.
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6
FINANCIAL OVERVIEW
The City of Wichita Falls continues to maintain a strong financial position,with a net position of$533.25
million as of September 30,2024,reflecting an increase of$29.02 million from the prior year.This growth
is highlighted in the net position chart,which shows increased assets and reduced liabilities across both
governmental and business-type activities. The statement of net position is like a financial snapshot of
the city,showing what it owns (assets) and what it owes (liabilities).The difference between these gives . •
the city's net position, which reflects its overall financial health, and changes in this number over time •'•
indicate whether the city's finances are improving or declining. •'
Net Position •
(in thousands)
Governmental •
Activities Business-type 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
•
•
•
•
• $374.74M
$350.89111
•a As of September 30, 2024, 23.3% .,�: $330,13M
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from governmental activities,
while 76.7%comes from business-
type activities. The following
chart illustrates the City's
improving financial health year
M $99.66M -111.53M
over year. $73 38 124.48M
$68.03M $82.61M
FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024
•Governmental Activities ■Business-Type Activities
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ate. RAd
.� Revenue by Source
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FY 2022 FY 2023 FY 2024
The revenue table shows that total revenues for
the City of Wichita Falls increased from $200.61
Property Taxes $ 45,229,447 $ 46,719,098 $ 50,166,104 million in FY 2022 to $216.76 million in FY 2024,
Sales Taxes 31,099,772 30,988,808 30,656,869 driven mainly by higher property taxes and
Other Taxes 8,915,246 9,244,233 8,919,407 charges for services. Investment earnings also
Investment earnings 915,689 6,948,111 8,150,180 saw significant growth, rising from $915K in FY
Miscellaneous 568,103 971,682 842,386 2022 to $8.15 million in FY 2024. However, sales
Charges f or Services 87,601,878 89,019,659 92,135,865 taxes declined slightly, and grants and
Grants and Contributions 26,281,010 30,840,641 25,892,386 contributions decreased by about $5 million from
Total Revenues $200,611,145 $214,732,232 $216,763,197 FY 2023 to FY 2024.
• • •
a
• Expenses by Function
•
•• FY 2022 FY 2023 FY 2023
•
•
Primary Government
• Governmental Activities:
••
•• General Government $ 17,423,657 $ 20,275,875 $ 21,372,974
• •• Public Safety 48,053,820 56,240,160 56,686,325
The expenditure chart shows that Parks and Recreation 5,810,019 6,554,341 7,415,430
total primary government Community Development 7,498,256 10,261,349 8,402,052
expenses increased from $159.25 Public Works 8,620,682 9,329,189 10,628,459
million in FY 2022 to $187.29 million Health 7,065,470 7,585,313 7,550,956
in FY 2024, with the largest costs Traffic and Transportation 3,076,440 3,265,753 4,195,482
coming from public safety, water Multi-Purpose Events Center 5,134,193 6,049,052 5,177,255
and sewer, and sanitation. Notable Interest and Fees on Long-Term Debt 1,455,563 1,306,918 1,214,911
increases include public works, Business-Type Activities:
which grew by $1.3 million from FY Regional Airport 2,929,361 3,041,535 3,055,752
2023 to FY 2024, and parks and Kickapoo Airport 1,642,866 1,549,000 1,581,879
recreation, which increased by Transit 3,123,714 3,377,663 3,431,762
$861K over the same period. Sanitation 10,857,203 11,688,957 13,787,413
Water and Sewer 33,728,464 39,661,150 39,813,704
Stormwater Drainage 1,147,940 1,118,252 1,037,049
Waterpark 1,681,431 1,880,642 1,938,552
Total Primary Government $ 159,249,079 $ 183,185,149 $ 187,289,955
8
GENERAL FUND
The General Fund is the City's primary operating fund, accounting for resources that have no specific restrictions.
These resources may be used for general city operations. Each year,the City reports the status of the General Fund
in a separate statement in the Annual Comprehensive Financial Report. This statement is listed on the next page.
The statement shows the reader the Fund's revenues, current expenditures, excesses of revenues and
expenditures,other financing sources and total ending fund balance. Fund balances listed on this statement do not
necessarily exclude uses of fund balance committed for future years by the City's Council. Additional information
about the City's Fund Balance Policies and uses are available in the City's Annual Operating Budget, available at
www.wichitafallstx.gov.
Variance
Actual Positive(Negative
Revenues:
General Revenues:
Taxes 85,852,149 84,573,463 (1,278,686)
Chargesfor Services 3,215,258 3,248,734 33,476 • •
Licenses and Permits 2,071,200 1,861,123 (210,077) ••
Fines and forfeitures 2,940,400 3,284,620 344,220
Contributions 232,500 295,378 62,878
Miscellaneous 3,746,686 5,767,967 2,021,231
Total Revenue 98,058,193 99,031,235 973,092 •
•
•
Expenses: ••
Administrative Services 17,096,826 16,310,983 785,843 •
• Police 32,682,147 31,376,078 1,306,069
• •• Fire 21,565,568 21,460,539 105,029
•• Parks and Recreation 7,902,719 7,170,632 732,087
•
• Accounting/Finance 1,306,794 1,165,466 141,328
• Community Development 2,832,696 2,602,408 230,288
•
• Public Works 6,567,417 6,420,334 147,083
• Health 4,376,452 4,237,708 138,744
• Traffic and Transportation 2,227,701 2,043,032 184,659
II • •• Capital outlay 10,650,378 5,078,296 5,572,082
Total Expenses 107,208,693 97,365,476 9,343,222
Excess of revenues over(under)expenditures (9,150,505) 1,165,809 10,316,314
Other Financing Sources(uses):
Transfers in 5,380,216 3,288,409 (2,091,807)
Transfers out (972,726) (2,264,583) (1,291,857)
$ 4,407,490 $1,023,826 5 (3,383,664)
Excess of revenues and other sources
over(under)expenditures and other uses (4,743,015) 2,139,635 6,932,650
Fund Balance-Beginning 48,665,119 48,665,119 -
Fund Balance-Ending 43,922,104 50,854,754 6,932,650
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FUND BALANCE GOAL
Maintain at least 20%of annual operating
expenditures in unassigned funds.
9
CAPITAL ASSETS
V
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Capital Assets,Net of Accumulated Depreciation fieh
(in thousands)
0.144
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 $617,27'0 $602,307 ••
•
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. ••
S.
• •• •
Outstanding Debt at Year-End
(in thousands)
Governmental Busiress :ype Total
_Al EST 2024 2023 2024 2023 2024 2023
General Obligation Bonds $ 21,238 $24,050 $ 5,102 $ 5,455 $ 26,340 $ 29,505
IP* Combination Tax&Revenue Bonds 10,485 11,485 26,220 27,840
2,480 2,535 36,705 39,325
Venue Tax Revenue Bonds 2,480 2,535
Utility System Revenue Bonds 21,415 30,250 21,415 30,250
Premiums an 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
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Subscription Liabilities 563 460 563 460
O Right-To-Use Leases 2,819 2,849 2,819 2,849
$ 37,978 $42,567 $77,882 $81,223 $115,860 $123,791
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. 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.
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• •
.•
FY 2025
•
)TEDF'
• 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.
FY24 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 7,051,11.9 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%
•
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 FY 2025 is 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. 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
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 5upp, 27,957,999 3,395,1O56 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%
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.
IMi( ifE X A S
$/ct&SkieS'4oldei Orportrrmttf :
GET IN TOUCH
6 940-761-7462
., . ..„
■uI www.wichitafallstx.gov
1300 7th Street. Wichita Falls,
TX 76301
This report was prepared and presented by the City of Wichita Falls Finance Department.
Copies of the City's Annual Operating Budget and Annual Comprehensive Financial Report may be
found on the City's website at www.wichitafallstx.gov.
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