HomeMy WebLinkAboutFY 1987 Compresensive Annual Financial ReportOFFICIAL COPY
DO NOT REMOVE FROM CITY
SECRETARY"S RECORDS
CITY OF EULESS , TEXAS
COMPREHENSIVE
ANNUAL FINANCIAL REPORT
SEPTEMBER 30, 1987
INTRODUCTORY
SECTION
CITY OF EULESS, TEXAS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
YEAR ENDED SEPTEMBER 30, 1987
CITY OFFICIALS
HAROLD D. SAMUELS, Mayor
RAY OZEBEK, Councilmember Place One
BOB EDEN, Councilmember Place Two
GLENN D. WALKER, Councilmember Place Three
and Mayor Pro Tem
CAROLYN PARK, Councilmember Place Four
RON STERNFELS, Councilmember Place Five
KAY GODBEY RAINEY
City Secretary
W. M. SUSTAIRE
City Manager
TOM HART
Assistant City Manager
JAMES R. HICKERSON
Director of Finance
Prepared by: Finance Department
I
CITY OF EULESS, TEXAS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
Year ended September 30, 1987
TABLE OF CONTENTS
INTRODUCTORY SECTION
Exhibit Page(s)
Title page I
Table of contents II -IV
Letter of transmittal VI -XI
Organizational chart XII
FINANCIAL SECTION
Report of certified public accountants 1
Combined financial statements - overview ("Liftable"
General Purpose Financial Statements):
Combined balance sheet - all fund types and
account groups
1 2-5
Combined statement of revenues, expenditures
and changes in fund balances - all govern-
mental fund types 2 6-9
Statement of revenues - budget and actual -
General Fund 3 10-11
Statement of expenditures - budget and
actual - General Fund 4 12
Statement of revenues, expenses and changes
in retained earnings - proprietary fund
type 5 13
Statement of changes in financial position -
proprietary fund type 6 14
Notes to financial statements 15-28
II (Continued)
CITY OF EULESS, TEXAS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
Year ended September 30, 1987
TABLE OF CONTENTS, Continued
Schedule/
statement Page(s)
Supplemental statements and schedules
Special revenue funds
Combining balance sheet A-1 30
Combining statement of revenues, expendi-
tures and changes in fund balances A-2 31
Capital projects funds
Combining balance sheet B-1 34-35
Combining statement of revenues, expendi-
tures and changes in fund balances B-2 36-37
Water and sewer enterprise fund
Comparative balance sheet C-1 40-41
Comparative schedule of operating expenses C-2 42-43
All agency funds
Combining balance sheet D-1 46
Combining statement of changes in
assets and liabilities D-2 47
Table
STATISTICAL SECTION (Unaudited)
General governmental expenditures by function 1 49
General revenues by source 2 50
Property tax rates - all overlapping
governments (per $100 of assessed
value) 3 51
III (Continued)
CITY OF EULESS, TEXAS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
Year ended September 30, 1987
TABLE OF CONTENTS, Continued
Property tax levies and collections
Assessed and estimated actual value of
taxable property
Ratio of net general bonded debt to assessed
value and net bonded debt per capita
Computation of direct and overlapping debt
Ratio of annual debt service expenditures
for general bonded debt to total general
expenditures
Revenue bond coverage - Water and Sewer Bonds
Debt service requirements to maturity -
General Obligation Bonds
Debt service requirements to maturity -
Water and Sewer Revenue Bonds
Property value, construction and bank
deposits - last ten fiscal years
Principal taxpayers
Miscellaneous statistics
Table Page(s)
4 52-53
5 54-55
6 56-57
7 58
8 59
9 60-61
10 62
11 63
12 64
13 65
14 66-67
IV
(This page left blank intentionally)
"We're Building a Beautiful Tomorrow"
October 29, 1987
Mr. W. M. Sustaire
City Manager
City of Euless, Texas
Dear Mr. Sustaire:
The Comprehensive Annual Financial Report of the City of Euless,
Texas for the fiscal year ended September 30, 1987 is submitted
herewith. The report has been prepared in accordance with the
City Charter and complies with all applicable generally accepted
accounting principles.
FINANCIAL REPORTING STANDARDS
This report, together with the statistical data contained herein,
has been prepared in conformity with current principles and
standards of public financial reporting as recommended by the
Government Finance Officer's Association and the Governmental
Accounting Standards Board.
REPORTING ENTITY
The financial statements, schedules and statistical information
included in this report pertain to all functions and funds under
the control of the Mayor and Council of the City of Euless,
including agency funds administered and controlled by various
elected or appointed officials.
The City provides the full range of municipal services contem-
plated by statute or charter. Included in these services are
traditional city functions such as police and fire protection,
road and traffic signalmaintenance, water and sewer operations,
parks, recreation, courts and a library.
Elementary and Secondary education services within the City are
provided by the Hurst -Euless -Bedford Independent School Dis-
trict. The City Council has no oversight responsibility over the
District and, accordingly, financial data for the District are
not included in the combined financial statements in this report.
VI
201 N. Ector Drive • Euless, Texas 76039-3595 • 817/283-5381 Metro 267-4403
Mr. W. M. Sustaire
Page 2
ACCOUNTING SYSTEM AND BUDGETARY CONTROL
The City's accounting records for the Water and Sewer Enterprise
Fund are maintained on an accrual basis whereby revenues and
expenses are recorded in the accounting period in which they are
earned or incurred. The remainder of the City's funds are
maintained on the modified accrual basis whereby revenue is
recorded when measurable and available and expenditures are
recorded when the liability is incurred except for interest on
general long-term debt, which is recognized when due.
One of the objectives of the City's financial accounting system
is to provide adequate internal controls. Internal controls are
designed to provide reasonable, but not absolute, assurance
regarding the safeguarding of assets against loss from
unauthorized use or disposition and the reliability of financial
records for preparing financial statements and maintaining
accountability for assets. The concept of reasonable assurance
recognizes that the cost or a control should not exceed the
benefits likely to be derived and the evaluation of costs and
benefits requires estimates and judgment by management. We
believe that the City's internal controls adequately safeguard
assets and provide reasonable assurance of proper recording of
financial transactions.
Budgetary control is accomplished by the adoption of an annual
operating budget for the general governmental functions and the
Water and Sewer Enterprise Fund. Detail control is accomplished
by maintaining expenditures by line item account within each
operating department within each operating fund.
Further explanation of the basis of accounting for all fund types
and the City's budgetary controls are furnished in the
accompanying Notes to Financial Statements.
GENERAL GOVERNMENTAL FUNCTIONS
Revenues for general governmental functions and general debt
service totaled $9,383,580 in 1987, an increase of 10.99 percent
over 1986. The increase in revenues is almost solely
attributable to general property taxes, resulting primarily from
a reappraisal of properties by the Tarrant Appraisal District.
Revenues were hindered slightly by the decline in new
construction during the year, resulting in decreased building
permits. The amount of revenue from various sources and the
changes from the previous year are reflected in the following
table:
VII
Mr. W. M. Sustaire
Page 3
Revenue Source
General property taxes
Gross receipts taxes
General sales taxes
Licenses and permits
Fines and fees
Interest income
Intergovernmental
Other
Amount
$4,826,752
1,063,170
1,560,771
201,468
413,120
432,958
535,814
349,527
$9,383,580
Percent
of total
51 .44%
11.33
16.63
2.15
4.40
4.61
5.71
3.73
100.00%
Increase
(decrease)
from 1986
$1,150,920
(56,827)
(17,755)
(128,668)
(10,362)
23,661
(66,174)
34 ,159
$ 928,954
In addition to the above general revenue, $200,000 was
transferred from the Water and Sewer Enterprise Fund and $55,000
was transferred from the Special Revenue Fund to the General
Fund.
Expenditures for general governmental purposes and general debt
service totaled $9,338,013 and increase of .23 percent over
1986. Changes in levels of expenditure for major functions of
the City over the preceding year are shown in the following
table:
Function
General government
Public safety
Streets
Library
Parks and recreation
Bonded debt retirement
Bonded debt interest and fees
Nondepartmental
Amount
$1,316,296
4,649,517
402,974
299,644
735,261
60,428
1,280,743
593,150
Percent
of total
14.10%
49 .79
4.32
3.21
7.87
.65
13.72
6.34
$9,338,013 100.00
Increase
(decrease)
from 1986
$(221,874)
36,026
(21,832)
17,313
1,627
(229,572)
606,732
(167,026)
$ 21,394
The decline in general government expenditures is due primarily
to decreased capital expenditures in the current year. The
VIII
Mr. W. M. Sustaire
Page 4
changes in bonded debt retirement resulted from the City
refinancing several of its bond issues in November 1985 and thus,
deferring principal payments. The increase in interest and fees
is due to an increase in general obligation bonds issued in June
of 1986. No general obligation bonds were issued during the
current fiscal year, however citizen committees were formed to
strategically address the future capital needs of the City.
These recommendations have been completed and are now under study
by the City Council for calling a future bond election.
WATER AND SEWER ENTERPRISE FUND
The City's water and sewer utility had a successful year and
showed gains in gross revenues and in number of customers.
Comparative data for the past two fiscal years are presented in
the following table.
1987 1986
Net income (loss) $ 290,313 $ (271,854)
Add (deduct):
Amortization of capitalized
water and sewer facility
contract rights
Depreciation
Interest on revenue bonds
Transfers to other funds
Principal portion of payments
on water and sewer facility
contracts
492,990
758,019
386,226
480,713
407,960
670,333
403,070
317,241
(326,275) (223,070)
Net revenue available for debt
service $2,081,986 $1,303,680
Average annual debt service $ 499,918 $ 508,607
Coverage 4.16 times 2.56 times
Net income increased primarily from an increase in revenues
resulting from increased water consumption and a slight rate
increase. Expenses remained relatively constant, only showing
increases in water production expense. Amortization of
capitalized contract rights and principal portion of payments on
water and sewer facility contracts increased in 1987 due to a
significant issuance of new bonds under the contract with Trinity
River Authority.
IX
Mr. W. M. Sustaire
Page 5
During the year, $275,000 of regularly maturing revenue bonds
were retired in the Water and Sewer Enterprise Fund. All reserve
and accounting requirements have been met in accordance with the
ordinances authorizing the issuance of the City's Water and Sewer
Revenue Bonds.
DEBT ADMINISTRATION
General obligation debt, which is directly tax supported, totaled
$10,684,514 at September 30, 1987. The ratio of net bonded debt
per capita are useful indicators of the City's debt position for
municipal management, citizens and investors. These data for the
City at September 30, 1987 were as follows:
Ratio of net Net bonded
Net bonded bonded debt to debt per
debt assessed value capita
$10,291,612 .87 $265.93
Revenue bonds, which are secured by the net revenues of the Water
and Sewer Enterprise Fund, totaled $5,550,000 at September 30,
1987. Tables 6-11 in the Statistical Section of this report
present more detailed information about the debt position of the
City.
The City's bonds are currently rated by Moody's Investor Services
and Standard & Poor's as follows:
General obligation bonds
Revenue bonds
CASH MANAGEMENT
Moody's Standard & Poor's
A-1 A+
A A
The City maintains cash accounts on a consolidated basis for
investment purposes. These short-term investments consist of
certificates of deposit and government securities which are
stated at cost. Interest income, from the investments was
allocated to various funds based primarily on the average cash
balances of the funds.
GENERAL FIXED ASSETS
The general fixed assets of the City are those fixed assets used
in the performance of general governmental functions and exclude
the fixed assets of the Water and Sewer Enterprise Fund. As of
Mr. W. M. Sustaire
Page 6
September 30, 1987, the general fixed assets of the City amounted
to $38,527,803. This amount represents the original cost of the
assets and is considerably less than their replacement value.
Depreciation of general fixed assets is not recognized in the
City's accounting system.
INDEPENDENT AUDIT
The City Charter requires an annual audit to be made of the books
of account, financial records and transactions of all administra-
tive departments of the City by a certified public accounting
firm selected by the City Council. This requirement has been
complied with and the auditors' opinion has been included in this
report.
ACKNOWLEDGEMENTS
The preparation of this report on a timely basis could not be
accomplished without the efficient and dedicated services of the
entire staff of the Finance Department. I would like to express
my appreciation to all members of the Department who assisted and
contributed to its preparation. I would also like to thank your
office and the members of the City Council for their interest and
support in planning and conducting the financialoperations of
the City in a responsible and progressive manner.
Respectfully submitted,
James R. Hickerson
Director of Finance
YI
CITY OF EULESS
ORGANIZATIONAL CHART
i
K. B. FULLER
POLICE CHIEF
LEE KOONTZ
FIRE CHIEF
POLICE ADMINISTRATION FIRE ADMINISTRATION
PATROL DIVISION FIRE SUPPRESSION
CRIMINAL INVESTIGATION
SERVICE DIVISION
PUBLIC SAFETY DISPATCH
E.E.O.C.
i
i
JIM NICKERSON
DIR. OF FINANCE
ACCOUNTING
DATA PROCESSING
WATER OFFICE
PURCHASING
CITY COUNCIL
BLACKIE SUSTAIRE
CITY MANAGER
JAMES KNIGRT
DIR. PLAN. L ENG.
ENGINEERING
PLANNING
CONSTRUCTION INSPEC.
CAPITOL IMPROVEMENTS
CLERICAL SERVICES
TOM HART
ASST. CITY MGR.
i
ECONOMIC DEV.
BOB MCFARLAND
CITY ATT.
LYNN SHACKELFORD
DIR. OF ADMIN. SERVICE
KAY RAINEY
CITY SECRETARY
JAY NEILMAN
DIR. OF COMMUNITY SERVICE
i
ELMER BOYD
COURT ADMINISTRATOR
RANDY BYERS
DIR. OF STR. [ UTILITIES
FACILITIES MAINT. TRAFFIC SAFETY WATER
BLDG. CONSTRUCTION MGT. PERSONNEL WASTE WATER
RISK MANAGEMENT HEALTH INSURANCE STREETS
FLEET MGT. PARKS SERVICE CENIER
LANDSCAPE DEPT. RECREATION
LIBRARY
TOM HART
ASST. CITY MANAGER
BUILDING INSPECTION
ENVIRONMENTAL HEALTH
FIRE MARSHAL'S OFFICE
(This page left blank intentionally)
XIII
FINANCIAL
SECTION
®® A MEMBER OF ARTHUR YOUNG INTERNATIONAL
2200 Texas American Bank Building
Fort Worth, Texas 76102
Telephone: (817) 335-1900
The Honorable Mayor and City Council
City of Euless, Texas
We have examined the accompanying general purpose financial
statements, by fund types and account groups, of the City of
Euless, Texas, at September 30, 1987, and for the year then
ended, listed in the foregoing table of contents under the
caption "Financial Section." Our examination was made in
accordance with generally accepted auditing standards and,
accordingly, included such tests of the accounting records and
such other auditing procedures as we considered necessary in the
circumstances.
In our opinion, the general purpose financial statements
mentioned above present fairly the financial position of the fund
types and account groups of the City of Euless, Texas, at
September 30, 1987, the results of operations for the year then
ended and the changes in financial position of the Water and
Sewer Enterprise Fund for the year then ended, in conformity with
generally accepted accounting principles applied on a basis
consistent with that of the preceding year.
Our examination was made primarily for the purpose of expressing
an opinion on the general purpose financial statements, taken as
a whole. The supplemental statements and schedules listed in the
table of contents are presented for purposes of additional
analysis and are not a required part of the general purpose
financial statements. Such supplementalstatements and schedules
have been subjected to the auditing procedures applied in the
examination of the general purpose financial statements and, in
our opinion, is fairly stated in all material respects in
relation to the general purpose financialstatements taken as a
whole. The statistical information on tables 1-14 was not
examined by us and accordingly, we do not express an opinion on
it.
w u I 7
October 29, 1987
-1-
CITY OF EULESS, TEXAS
COMBINED BALANCE SHEET - ALL FUND TYPES AND ACCOUNT GROUPS
September 30, 1987
With comparative totals for September 30, 1986
ASSETS AND OTHER DEBITS
Cash and short-term investments
Receivables:
Delinquent property taxes, net of
allowance for doubtful collections
of $265,448
Accounts receivable
Unbilled water and sewer revenue
Accrued interest receivable
Due from other funds
Due from other governments
Restricted assets (Notes 2, 3 and 4)
General fixed assets (Note 6)
Net utility plant in service (Note 6)
Capitalized water and sewer facility
contract rights less accumulated
amortization of $2,785,962 (Note 5)
Amount available for retirement of
general long-term debt
Amount to be provided for retirement
of general long-term debt
General
Fund
Governmental fund types
Special
Revenue
Funds
$2,147,149 $ 69,379
112,356
4,735
135,047
115,892 183,703
135,321
Debt
Service
Fund
Capital
Projects
Funds
$392,902 $2,530,338
51,061
25,707
407,427
$27650,500 $2531082 $4431963 $2,963,472
EXHIBIT 1
Proprietary
fund type
Water and
Sewer
Enterprise
Fund
$ 1,913,867
652,956
339,038
85,475
3,421,017
20,524,980
16,975,842
Fiduciary
fund type
Agency
Funds
$1,730,184
42,302
Account groups
General
fixed
assets
38,527,803
General
long-term
debt
Totals (memorandum only)
1987
1986
- $ 8,783,819 $10,011,206
318,010
10,366,504
$43,913,175 $1,772,486 $38,527,803 $10,684,514
163,417
657,691
339,038
246,229
749,324
135,321
3,421,017
38,527,803
20,524,980
16,975,842
318,010
10,366,504
$101,208,995
127,808
504,182
339,038
248,616
645,500
100,449
4,044,041
34,676,121
19,483,171
14,654,532
300,684
10,095,902
$95,231,250
-3-
(Continued)
CITY OF EULESS, TEXAS
COMBINED BALANCE SHEET - ALL FUND TYPES AND ACCOUNT GROUPS
September 30, 1987
With comparative totals for September 30, 1986
(Continued)
Governmental fund types
LIABILITIES AND FUND EQUITY
Liabilities:
Accounts payable $ 98,745 $ 30,473 $ - $ -
Accrued salaries and wages 61,595
Customer deposits
Accrued interest
Due to other funds 104,166 41,000 74,892
Obligations under capitalized water
and sewer facility contract rights
(Note 5)
Bonds payable (Note 3)
Deferred revenue 112,356 51,061
Total liabilities 376,862 71,473 125,953
Commitments and contingent liabilities
(Notes 8 and 9)
Fund equity:
Investment in general fixed assets - - - -
Contributed capital
Fund balances:
Reserved:
For recreation equipment 3,620
For public safety 156,131
For park improvements 10,189
Unreserved:
Designated for:
Equipment replacement (deficit) (139,963)
Contingency 375,167
Emergency 500,000
Undesignated 1,368,494 181,609 318,010 2,963,472
Retained earnings:
Reserved for debt service
(Notes 3 and 4)
Designated for equipment
Unreserved and undesignated
Total fund balances/
retained earnings
Total fund equity
Special Debt Capital
General Revenue Service Projects
Fund Funds Fund Funds
2,273,638 181,609 318,010 2,963,472
2,273,638 181,609 318,010 2,963,472
$2,650,500 $253,082 $443,963 $2,963t472
See notes to financial statements.
-4-
Proprietary Fiduciary
fund type fund type
Water and
Sewer
Enterprise Agency
Fund Funds
$ 110 $ 172,643 $
7,516
474,170 1,192,416
79,631
121,839 407,427
17,939,191
5,550,000
150,673
24,323,130 1,772,486
13,442,545
2,412,220
696,900
3,038,380
Account groups
General
fixed
assets
General
long-term
debt
10,684,514
- 10,684,514
- 38,527,803
EXHIBIT 1
(continued)
Totals (memorandum only)
1987
$ 301,971
69,111
1,666,586
79,631
749,324
17,939,191
16,234,514
314,090
37,354,418
1986
$ 342,824
234,605
1,869,908
83,418
645,500
15,451,166
16,221,586
286,281
35,135,288
- 38,527,803 34,676,121
13,442,545 12,573,465
3,620
156,131
10,189
(139,963)
375,167
500,000
4,831,585
2,412,220
696,900
3,038,380
1,687
60,061
4,922
412,255
500,000
6,010,264
2,308,521
633,853
2,914,813
6,147,500 - - - 11,884,229 12,846,376
19,590,045 - 38,527,803 - 63,854,577 60,095,962
$43,913,175 $1,772,486 $382527,803 $10,684,514 $101,208,995 $95,231,250
CITY OF EULESS, TEXAS
COMBINED STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES - ALL GOVERNMENTAL FUND TYPES
Year ended September 30, 1987
With comparative totals for year ended September 30, 1986
Revenues:
General property tax
Gross receipts tax
General sales tax
Licenses and permits
Fines and fees
Interest income
Federal revenue sharing
Intergovernmental
Other revenues
Total revenues
Expenditures:
Current:
City Council
General government
Civil Service
Police Department
Legal and Corporation Court
Fire Department
Street Department
Traffic safety
Planning and development
Library
Recreation Department
Swimming pools
Civic Center
Code enforcement
Health and animal shelter
Jail fund
Recreation classes fund
Insurance
Nondepartmental
Parks department
Debt service:
Principal retirement
Interest and service charges
General
Fund
Governmental
Special
Revenue
Funds
$3,519,865 $ -
1,063,170 120,357
1,560,771
201,468
413,120
432,958
535,814
297,917
8,025,083
fund types
Debt
Service
Fund
$1,306,887
118,960 51,610
239,317 1,358,497
11,094
320,430
117,566
2,288,909
175,714
1,675,041
402,974
110,678
157,510 82,305
299,644
176,633
37,334
315,852
172,393
114,945
106,506
127,671
593,150
393,623
526,263
60,428
1,280,743
Capital
Projects
Funds
78,726
2,589
127,247
208,562
-6-
EXHIBIT 2
Totals (memorandum only)
1987
$ 4,826,752
1,183,527
1,560,771
201,468
413,120
511,684
2,589
535,814
595,734
9,831,459
11,094
320,430
117,566
2,288,909
175,714
1,675,041
402,974
110,678
239,815
299,644
176,633
37,334
315,852
172,393
114,945
106,506
127,671
526,263
593,150
393,623
60,428
1,280,743
1986
$ 3,675,832
1,275,434
1,578,526
330,136
423,482
491,911
141,428
601,988
594,492
9,113,229
11,542
275,906
107,655
2,103,186
156,830
1,692,952
424,806
88,520
171,253
282,331
159,265
38,459
264,054
183,578
113,607
103,763
107,467
483,071
760,176
428,443
290,000
674,011
-7- (Continued)
CITY OF EULESS, TEXAS
COMBINED STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES - ALL GOVERNMENTAL FUND TYPES
Year ended September 30, 1987
With comparative totals for year ended September 30, 1986
(Continued)
General
Fund
Expenditures (continued):
Capital outlay and maintenance $ 399,175
Total expenditures 7,996,842
Excess (deficiency) of revenues
over expenditures
Other financing sources (uses):
Sale of general obligation
bonds (Note 3)
Principal retirement -
refunded
Excess of refunded bonds over
refunding bonds and related
issuance costs
Net operating transfers in
(out) 156,672 352,303
Total other financing
sources 156,672 352,303
Governmental fund types
Special
Revenue
Funds
Excess (deficiency) of revenues
and other financing sources
over expenditures
Fund balances, beginning of year
Fund balances, end of year
$ 3,910
612,478
Debt
Sery ice
Fund
$ 1,341,171
28,241 (373,161) 17,326
Capital
Projects
Funds
$ 1,962,497
1,962,497
(1,753,935)
348,356
(28,262)
320,094
(20,858) 17,326 (1,433,841)
202,467 300,684 4,397,313
$2,273,638 $ 181,609 $ 318,010 $ 2,963,472
184,913
2,088,725
See notes to financial statements.
-8-
EXHIBIT 2
(continued)
Totals (memorandum only)
1987 1986
$ 2,365,582 $ 2,800,307
11,912,988 11,721,182
(2,081,529) (2,607,953)
348,356 10,395,574
(8,805,000)
908,414
480,713 317,241
829,069 2,816,229
(1,252,460) 208,276
6,989,189 6,780,913
$ 5,736,729 $ 6,989,189
EXHIBIT 3
CITY OF EULESS, TEXAS
STATEMENT OF REVENUES - BUDGET AND ACTUAL -
GENERAL FUND
Year ended September 30, 1987
General property tax:
Current and delinquent taxes
Penalty and interest
Gross receipts tax:
Southwestern Bell Telephone
Company
Texas Power and Light
Company
Lone Star Gas Company
Cable TV
Tarrant County Waste
Disposal
Others
General sales tax
Licenses and permits:
Building permits
Street inspections
Miscellaneous permits
Electric licenses
Fines and fees:
Corporation Court fines
Dog pound fees
Actual
$3,466,258
53,607
3,519,865
Budget
$3,378,943
25,000
3,403,943
241,189 230,000
571,015 620,000
118,008 140,000
55,100 44,000
24,894 25,000
52,964 59,250
1,063,170 1,118,250
1,560,771 ' 1,565,000
82,692
37,877
70,000
10,899
201,468.
405,638
7,482
413,120
225,000
40,000
46,100
13,500
324,600
360,000
9,000
369,000
Variance
favorable
(unfavorable)
$ 87,315
28,607
115,922
11,189
(48,985)
(21,992)
11,100
(106)
(6,286)
(55,080)
(4,229)
(142,308)
(2,123)
23,900
(2,601)
(123,132)
45,638
(1,518)
44,120
-10-
(Continued)
CITY OF EULESS, TEXAS
STATEMENT OF REVENUES - BUDGET AND ACTUAL -
GENERAL FUND
Year ended September 30, 1987
(Continued)
Interest income
Intergovernmental
Other revenues:
Library receipts
Rental income
Miscellaneous income
Texas Court cost service
fee
Swimming pools
Total revenues
Actual
$ 432,958
535,814
14,241
15,063
245,027
9,010
14,576
297,917
$8,025,083
EXHIBIT 3
Variance
favorable
Budget (unfavorable)
$ 300,000 $ 132,958
429,643 106,171
12,500
20,000
75,000
6,900
12,000
126,400
1,741
(4,937)
170,027
2,110
2,576
171,517
$7,636,836 $ 388,247
See notes to financial statements.
-11-
EXHIBIT 4
CITY OF EULESS, TEXAS
STATEMENT OF EXPENDITURES - BUDGET AND ACTUAL - GENERAL FUND
Year ended September 30, 1987
Current:
City Council
General Government
Civil Service
Police Department
Legal and Corporation
Court
Fire Department
Street Department
Traffic safety
Planning and development
Library
Recreation Department
Swimming pools
Civic Center
Code enforcement
Health and animal shelter
Jail fund
Recreation classes fund
Nondepartmental
Parks Department
Capital outlay and
maintenance
Total expenditures
Actual
$ 11,094
320,430
117,566
2,288,909
175,714
1,675,041
402,974
110,678
157,510
299,644
176,633
37,334
315,852
172,393
114,945
106,506
127,671
593,150
393,623
399,175
Budget
$ 19,300
412,002
126,454
2,574,491
178,372
1,932,233
544,531
119,561
197,883
350,429
209,400
47,700
362,215
224,338
133,500
695,200
508,176
$7,996,842 $8,635,785
See notes to financial statements.
Variance
favorable
(unfavorable)
$ 8,206
91,572
8,888
285,582
2,658
257,192
141,557
8,883
40,373
50,785
32,767
10,366
46,363
51,945
18,555
(106,506)
(127,671)
102,050
114,553
(399,175)
$ 638,943
-12-
CITY OF EULESS, TEXAS
STATEMENT OF REVENUES, EXPENSES AND CHANGES
IN RETAINED EARNINGS - PROPRIETARY
FUND TYPE - WATER AND SEWER ENTERPRISE FUND
Year ended September 30, 1987
Operating revenues:
Water service
Sewer service
Water and sewer tap fees
Service fees and miscellaneous
Total operating revenues
Operating expenses:
General and administrative
Water production
Water distribution
Sewage collection and treatment
Nondepartmental
Service center
Amortization of capitalized water and
sewer facility contract rights
(Note 5)
Depreciation
Total operating expenses
Operating income
Nonoperating revenues (expenses):
Investment income
Loss on sale of equipment
Interest on revenue bonds
Interest on obligations under capitalized
water and sewer facility contract rights
Total nonoperating expenses, net
Income before operating transfers
Operating transfers to other funds
Net income
Retained earnings, beginning of year
Retained earnings, end of year
See notes to financial statements.
EXHIBIT 5
$ 3,944,899
2,210,356
37,572
914,617
7,107,444
217,380
1,565,311
430,102
586,811
640,374
283,206
492,990
758,019
4,974,193
2,133,251
570,181
(6,082)
(386,226)
(1,540,098)
(1,362,225)
771,026
(480,713)
290,313
5,857,187
$ 6,147,500
-13-
CITY OF EULESS, TEXAS
STATEMENT OF CHANGES IN FINANCIAL POSITION -
PROPRIETARY FUND TYPE -
WATER AND SEWER ENTERPRISE FUND
Year ended September 30, 1987
Sources:
Operations:
Net income
Add (deduct) non -cash items:
Increase in accounts receivable
Depreciation
Amortization of capitalized water
and sewer facility contract rights
Amortization of deferred revenue -
Trinity River Authority agreement
Decrease in accounts payable
Decrease in accrued salaries and wages
Decrease in accrued interest payable
Decrease in accrued interest receivable
Decrease due to other funds
Total cash provided from operations
Net book value of utility plant in service disposals
Increase in customer deposits
Contributions in aid to construction
Decrease in restricted assets
Increase in obligations under capitalized
contract rights (Note 5)
Total sources of cash
Uses:
Additions to utility plant in service
Additions to capitalized water and sewer
facility contract rights
Reduction in obligations under capitalized water
and sewer facility contract rights (Note 5)
Reduction in revenue bonds payable
Total uses of cash
Net increase in cash
Cash and short-term investments:
At beginning of year
At end of year
See notes to financial statements.
EXHIBIT 6
$ 290,313
(152,971)
758,019
492,990
(7,800)
(2,420)
(22,235)
(3,787)
11,485
(7,924)
1,355,670
9,953
10,948
869,080
623,024
2,814,300
5,682,975
1,809,781
2,814,300
326,275
275,000
5,225,356
457,619
1,456,248
$1,913,867
-14-
CITY OF EULESS, TEXAS
NOTES TO FINANCIAL STATEMENTS
September 30, 1987
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The combined financial statements of the City of
Euless include all government activities and entities for
which the City exercises oversight responsibility. The
criteria considered in determining governmental activities
and entities to be reported within the City's combined
financial statements include the degree of oversight
responsibility (e.g. financial interdependency, selection of
governing authority, designation of management, ability to
significantly influence operations) exercised by the City
over a government activity or entity, the City's
accountability for the activity's or entity's fiscal
matters, its scope of public service and the nature of any
special financing relationships which may exist between the
City and the government activity or entity. These criteria
are based upon and consistent with the Government Accounting
and Financial Reporting Standards.
The City provides the full range of municipal
services contemplated by statute or charter. Included in
these services are traditional city functions such as police
and fire protection, road and traffic signal maintenance,
water and sewer operations, parks, recreation, courts and a
library. The following entities are not included in the
combined financial statements because they are autonomous
governments and do not meet any of the above criteria.
Hurst -Euless -Bedford Independent School District -
provides education services;
Texas Municipal Retirement System - provides
retirement benefits to city employees (Note 1.G.);
Trinity River Authority - provides water and sewer
services to various municipalities.
The accounting policies of the City of Euless,
Texas conform to generally accepted accounting principles as
applicable to governmental units. The following is a
summary of the more significant of such policies:
-15- (Continued)
CITY OF EULESS, TEXAS
NOTES TO FINANCIAL STATEMENTS
September 30, 1987
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
A. DESCRIPTION OF FUNDS
The City has established a number of funds, in
conformance with generally accepted accounting
principles and the recommendations of the National
Council on Governmental Accounting, for the purpose of
accounting for transactions in compliance with legal
requirements. Funds and account groups in use by the
City in accounting for its financial activities are as
follows:
Governmental Funds
General Fund - to account for all of the general revenue
of the City not specifically levied or collected for
other City funds, and for expenditures related to
rendering of general services by the City.
Special Revenue Funds - to account for special revenue
sources that are legally restricted to expenditures for
specified purposes.
Debt Service Fund - to account for the source and
disposition of funds for paying interest and principal
on general obligation bonds.
Capital Projects Funds - to account for the source and
disposition of funds for the acquisition of capital
facilities other than those recorded in the Enterprise
Fund. Revenues and expenditures of the federal revenue
sharing program are accounted for in these funds.
Proprietary Funds
Water and Sewer Enterprise Fund - to account for the
acquisition, operation and maintenance of a municipal
utility, supported primarily by user charges to the
public.
-16- (Continued)
CITY OF EULESS, TEXAS
NOTES TO FINANCIAL STATEMENTS
September 30, 1987
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Fiduciary Funds
Agency Funds - to account for assets received and held
by the City as agent for individuals, private
organizations, other governments, and other funds within
the City.
Account Groups
General Fixed Assets Account Group - to account for
property and equipment of the City other than that
acquired and accounted for in the Water and Sewer
Enterprise Fund.
General Long-term Debt Account Group - to account for
the unmatured principal of outstanding bonds, except
those recorded in the Water and Sewer Enterprise Fund.
B. BASIS OF ACCOUNTING
The accrual basis of accounting is utilized
for the proprietary fund type.
Governmental and fiduciary fund types are
accounted for using the modified accrual basis.
Revenues are recognized in the accounting period in
which they become available and measurable.
Expenditures are recognized in the accounting period in
which the fund liability is incurred, if measurable,
except for unmatured interest on generallong-term debt,
which is recognized when due. General property tax,
gross receipts tax and general sales tax have been
accrued in the financial statements. Significant
revenues which are not accrued are licenses, permits,
fines and fees because they are generally not measurable
until actually received.
C. BUDGETARY DATA
The City Council follows taese procedures in
establishing budgetary data reflected in the financial.
statements:
-17- (Continued)
CITY OF EULESS, TEXAS
NOTES TO FINANCIAL STATEMENTS
September 30, 1987
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(1) Prior to August 1, the City Manager submits to the
City Council a proposed operating budget for the
fiscal year commencing the following October 1.
The operating budget includes proposed
expenditures and the means of financing them.
(2) Public hearings are conducted to obtain taxpayers
comments.
(3) Prior to September 21, the budget is legally
enacted through passage of an ordinance.
(4) The City Manager is authorized to transfer
budgeted amounts between departments within any
fund; however, any revisions that alter the total
expenditures of any fund must be approved by the
City Council.
(5) Formal budgetary integration is employed as a
management control device during the year for the
Genera]. Fund. Budgetary control is maintained at
the function level.
(6) A budget for the General Fund is adopted on a
basis consistent with generally accepted
accounting principles. Budgeted amounts are as
originally adopted and amended by the City
Council. Appropriations and encumbrances lapse at
year-end.
(7) The City does not maintain a formal budget for the
Special Revenue fund due to minimal activity
occuring within the fund.
(8) Formal budgetary integration is not employed for
Debt Service Funds because effective budgetary
control is alternatively achieved through general
obligation bond indenture provisions.
(9) Budgetary data for the Capital Projects Funds has
not been presented in the accompanying combined
financial statements as such funds are budgeted
-18- (Continued)
CITY OF EULESS, TEXAS
NOTES TO FINANCIAL STATEMENTS
September 30, 1987
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
over the life of the respective project and not on
an annual basis. Accordingly, formal budgetary
integration of the Capital Projects Funds is not
employed and comparison of actual results of
operations to budgetary data for such funds is not
presented.
(10) Budgetary data for the Water and Sewer Enterprise
Fund has not been presented since the reporting on
such budget is not legally required.
(11) Expenditures did not exceed appropriations in
individual funds for the year ended September 30,
1987.
D. CASH AND INVESTMENTS
Substantially all operating and restricted
cash and investments are maintained in consolidated cash
and investment accounts. Investments consist
principally of certificates of deposits and U.S.
Treasury Notes (authorized investments) and are stated
at cost which approximates market. Interest income is
allocated to the various funds based primarily on the
average cash balances of the funds.
The City's demand deposits and certificates of
deposits, at September 30, 1987, were secured by Federal
depository insurance or collateral held in safekeeping
by a financial institution, as follows:
Insured by Federal Depository Insurance
Corp.
Collateralized with securities held by a
related bank of the pledging financial
institution in the city's name
Total demand deposits and certificates of
deposit
$ 9,318,833
959,056
$10,277,889
-19- (Continued)
CITY OF EULESS, TEXAS
NOTES TO FINANCIAL STATEMENTS
September 30, 1987
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Investments, in U.S. Treasury Notes, were
$1,868,188 at September 30, 1987 and were held by the
bond agent in the City's name.
E. TAXES
Property taxes attach as an enforceable lien
on property as of January 1, are levied for
appropriation for the fiscal year beginning on October
1, are due October 1, and become delinquent on February
1. Property taxes are accrued based on the period for
which they are levied and available. Delinquent taxes
expected to be collected later than 60 days after the
fiscal year-end are considered not available and are
treated as deferred revenue. Property taxes for cities
are limited by the Texas Constitution to $2.50 per $100
of assessed valuation. The City's current tax rate is
$.42 per $100 of assessed valuation and assessed
valuation is approximately 100 percent of estimated
actual value.
F. PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment is recorded at
cost (or fair value, if contributed) when acquired.
General fixed assets are recorded as expenditures in the
General Fund, Capital Projects Fund and Special Revenue
Fund at the time of purchase or construction and are
capitalized in the General Fixed Assets Account Group at
cost. Public domain ("infrastructure") general fixed
assets consisting of certain improvements other than
buildings, including roads, bridges, curbs and gutters,
streets and sidewalks, drainage systems and lighting
systems are capitalized along with other general fixed
assets. No depreciation is recorded on general fixed
assets.
Expenditures for utility plant are capitalized
in the Water and Sewer Enterprise Fund. Depreciation is
recorded on each class of depreciable property in the
-20- (Continued)
CITY OF EULESS, TEXAS
NOTES TO FINANCIAL STATEMENTS
September 30, 1987
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Water and Sewer Enterprise Fund utilizing the straight-
line method over the following estimated useful lives of
the assets:
Equipment
Waterworks and sanitary
sewer system
5 - 15 years
33-1/3 years
Costs related to repairs and maintenance are
recorded as expenditures or expenses. Significant
renovations and improvements are capitalized.
G. RETIREMENT PLAN
The City is a member of the Texas Municipal
Retirement System (TMRS) which is a statewide defined
contribution (money -purchase) pension plan covering all
eligible full time employees. Eligible employees
contribute 7 percent of their salaries and the City
contributes 9.85%. There are no benefits guaranteed
under this plan other than to the extent provided by
employee and employer contributions, plus earnings,
accumulated in individual accounts of employees. Total
pension expense for the year was approximately $508,100
and $82,700 for the General Fund and Water and Sewer
Enterprise Fund, respectively, which includes
amortization (over 25 years) of prior service cost
attributable to a target benefit. The city has no
further liability to TMRS for benefits under this
plan. Control over the operation and administration of
the plan is vested with the State of Texas along with
custody of plan assets.
H. EMPLOYEES' VACATION AND SICK LEAVE
Employees may accumulate a maximum of 20 days
of vacation. The City's policy is to pay the employee
for accumulated vacation upon termination. Accrued
vacation pay is insignificant and is not recorded by the
City. The City does not pay employees for accumulated
sick leave upon termination.
-21- (Continued)
CITY OF EULESS, TEXAS
NOTES TO FINANCIAL STATEMENTS
September 30, 1987
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
I. RESERVES
Certain assets that are restricted to a
specific future use or are not available for
appropriation or expenditure are offset by fund balance
reserve accounts.
J. COMPARATIVE DATA
Comparative total data for the prior year have
been presented in the accompanying combined financial
statements in order to provide an understanding of the
changes in the City's financial position and operations.
Complete comparative data (i.e. presentation of prior
year totals by fund type in each of the statements) have
not been presented since their inclusion would make the
statements unduly complex and difficult to read.
K. TOTAL COLUMN ON COMBINED STATEMENTS
The total columns on combined statements are
captioned Memorandum Only to indicate that they are pre-
sented only to facilitate financial analysis. Data in
these columns do not present financial position, results
of operations, or changes in financial position in
conformity with generally accepted accounting
principles. Neither is such data comparable to a
consolidation. Interfund eliminations have not been
made in the aggregation of this data.
2. RESTRICTED ASSETS
Restricted assets consist of cash, investments and
accrued interest primarily restricted for Water and Sewer
Enterprise Fund debt service and water and sewer system
replacements.
-22- (Continued)
CITY OF EULESS, TEXAS
NOTES TO FINANCIAL STATEMENTS
September 30, 1987
3. BONDS PAYABLE
No bonds were issued during the year and
outstanding bonds were reduced by principal payments of
$60,428 and $275,000 on General Obligation Bonds and Water
and Sewer Revenue Bonds, respectively.
Bonded debt outstanding at September 30, 1987,
consists of the following:
Range of
interest
rates
Outstanding Current
balance maturities
General Obligation Bonds 6.25 to 10.00% $10,684,514 $549,732
Water and Sewer Revenue
Bonds
4.50 to 10.75, 5,550,000 305,000
$16,234,514 $854,732
Long-term
maturities
$10,134,782
5,245,000
$15,379,782
The bonds mature serially through the year 2005
and have various call options whereby they may be redeemed
during certain periods prior to maturity. A schedule of
bond and interest maturities is as follows:
1988
1989
1990
1991
1992
Thereafter
General
Obligation
Bonds
$ 1,318,106
1,317,962
1,294,719
1,302,725
1,208,670
12,525,195
18,967,377
Less interest 8,282,863
Principal $10,684,514
Water and Sewer
Revenue Bonds
$ 677,300
661,675
651,225
602,825
553,900
5,851,600
8,998,525
3,448,525
$5,550,000
Total
$ 1,995,406
1,979,637
1,945,944
1,905,550
1,762,570
18,376,795
27,965,902
11,731,388
$16,234,514
-23-
(Continued)
CITY OF EULESS, TEXAS
NOTES TO FINANCIAL STATEMENTS
September 30, 1987
3. BONDS PAYABLE
General Obligation Bonds authorized and unissued
as of September 30, 1987, amounted to $730,000. Water and
Sewer Revenue Bonds authorized and unissued as of September
30, 1987, amounted to $1,200,000.
Water and Sewer Revenue Bonds are payable solely
from and equally secured by a first lien on and pledge of
the net revenue of the City's combined waterworks and
sanitary sewer system.
In accordance with the revenue bond ordinances,
the following special reserves were established:
Reserve for revenue bond debt service - to be used
for retirement of the current portion of principal and
interest payments due.
Reserve for revenue bond retirement - to be used
for payment of principal and interest on bonds at any time
where there is not sufficient money available in the revenue
bond debt service fund. No payments are required into this
fund after accumulating therein an amount equal to the
average annual principal and interest requirements of the
bonds outstanding.
Reserve for emergency - to be used for payment of
extraordinary repairs or replacements to the system
necessitated by an emergency for which no other funds are
available. Should the reserve for bond debt service and/or
reserve for bond retirement prove deficient, the reserve for
emergency shall be used for the purpose of meeting principal
and/or interest requirements of the bonds.
All requirements for funding of the above reserves
were met at September 30, 1987.
Investments of funds included in the bond reserve
and emergency accounts are restricted to direct obligations
of or obligations unconditionally guaranteed by the United
States of America having maturities not in excess of ten and
five years, respectively.
-24- (Continued)
CITY OF EULESS, TEXAS
NOTES TO FINANCIAL STATEMENTS
September 30, 1987
4. PROPERTY SALE PROCEEDS ACCOUNTS
The City of Euless sold certain of the waterworks
and sanitary sewer system properties situated within the
City of Bedford to that city in 1968. The proceeds were
equal to 32.33 percent of the $5,800,000 of revenue bonds
issued by Euless for the original purchase of the combined
system. The property sale proceeds must be applied solely
to the prepayment or prior redemption of the revenue bonds
and investment income of the funds may be applied to current
revenue bond interest in an amount not to exceed 32.33
percent of the requirement on the amount of bonds then
outstanding. As of September 30, 1987, the balance in the
property sales proceeds account was $435,000 and is included
in restricted assets in the accompanying balance sheet.
5. WATER AND SEWER FACILITY CONTRACT RIGHTS
Under the City's long-term contracts with the
Trinity River Authority of Texas (TRA) for sewer treatment
services and water supply, the City is obligated for the
next 37 years to share in the costs of operations,
maintenance and debt service of the Authority. Payments
under these contracts approximated $3,288,576 in 1987. The
amounts under the contracts representing debt service have
been capitalized and the related obligation included in the
accompanying balance sheet.
The capitalized water and sewer facility contract
rights are being amortized on a straight-line basis over 50
years.
The City's share of the related TRA debt service
is adjusted each year based on the City's usage compared to
that of other users. The City's obligation is amortized
based on its current usage. The following is a schedule by
years of estimated future minimum requirements under the
contracts (debt service portion) together with the present
value of the net minimum requirements as of September 30,
1987:
-25- (Continued)
CITY OF EULESS, TEXAS
NOTES TO FINANCIAL STATEMENTS
September 30, 1987
5. WATER AND SEWER FACILITY CONTRACT RIGHTS
Year ending
1988
1989
1990
1991
1992
Thereafter
September
30:
Less amount representing interest
Present value of minimum
requirements
6. FIXED ASSETS
$ 1,866,065
1,919,918
1,944,325
1,937,308
1,964,271
28,514,932
38,146,819
20,207,628
$17.939.191
The following is a summary of changes in general
fixed assets by source:
Balance, beginning of
year
Add:
Expenditures from
bond funds
Expenditures from
developers'
contributions
Expenditures from
general fund
Expenditures from
special revenue
fund
Total additions
Deduct:
Disposals of fixed
assets
Balance, end of year
Land and
buildings
$3,330,307
40,948
141,082
182,030
$3 2512 t337
Improvements
other than
buildings
$28,372,238
1,396,092
1,897,145
36,219
3,329,456
13,709
$31,687,985
Machinery
an d
equipment
$2,973,576
213,204
283,062
2,238
498,504
144,599
$32327,481
Total
$34,676,121
1,650,244
1,897,145
460,363
2,238
4,009,990
158,308
$382527,803
-26-
(Continued)
CITY OF EULESS, TEXAS
NOTES TO FINANCIAL STATEMENTS
September 30, 1987
6. FIXED ASSETS
The following is a summary of Water and Sewer
Enterprise Fund utility plant in service at September 30,
1987:
Land
Equipment
Waterworks and sanitary sewer system
Less accumulated depreciation
7. SERVICE CENTER
$ 1,528,966
821,478
24,076,498
26,426,942
5,901,962
$20,524,980
The Water and Sewer Enterprise Fund bears the
major portion ($283,207) of the operating costs of the
City's service center. In 1987, costs of $30,879 were
allocated to the General Fund.
8. COMMITMENTS AND CONTINGENCIES
The City has participated in a number of State and
Federally assisted grant programs, principal of which is
Federal Revenue Sharing. These programs are subject to
financial and compliance audits by the grantors or their
representatives, the purpose of which is to insure
compliance with conditions precedent to the granting of
funds. Any liability for reimbursement which may arise as
the result of these audits is not believed to be material.
At September 30, 1987, the City did not have any
significant long-term lease agreements.
9. LITIGATION
The City is involved in a number of lawsuits
arising in the ordinary course of business. In the opinion
of the City's legal counsel and management, any liability
resulting from such suits would not be material in relation
to the City's financial position.
-27- (Continued)
CITY OF EULESS, TEXAS
NOTES TO FINANCIAL STATEMENTS
September 30, 1987
10. INTERFUND ACCOUNTS
Individual fund interfund receivable and payable
balances at September 30, 1987 were as follows:
Fund
General
Special Revenue
Debt Service
Capital Projects
Water and Sewer Enterprise
Agency
Due from
other funds
$115,892
183,703
407,427
42,302
$749.324
Due to
other
funds
$104,166
41,000
74,892
121,839
407 ,427
$749 , 324
SPECIAL REVENUE FUNDS
Hotel/Motel Fund - to account for the operations and expenditures
for which hotel/motel occupancy taxes are used. Occupancy tax
revenues are used primarily for advertising and promotion of
the City.
Insurance Fund - to account for the revenue and expenditures
resulting from providing health insurance to the City's
employees.
Industrial Development Fund - to account for the revenues and
expeditures used in developing new industry in the City.
CITY OF EULESS, TEXAS
SPECIAL REVENUE FUNDS
COMBINING BALANCE SHEET
September 30, 1987
ASSETS
Cash and short-term
investments
Due from other funds
LIABILITIES AND FUND EQUITY
Accounts payable
Due to other funds
Fund balances
Hotel/
motel
Fund
Industrial
Insurance development
Fund Fund
$177,155 $(112,230)
183,703
$177,155 $ 71,473
$ 30,473
41,000
177,155
$177,155 $ 71,473
A-1
Totals
1987 1986
$4,454 $ 69,379 $132,220
183,703 141,720
$4,454 $253,082 $273,940
$
4,454
$4,454
$ 30,473 $ 30,473
41,000 41,000
181,609 202,467
$253,082 $273,940
CITY OF EULESS, TEXAS
SPECIAL REVENUE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
Year ended September 30, 1987
Revenues:
Gross receipts tax
Other revenues
Expenditures:
Planning and development
Insurance claims and
fees
Capital outlay and
maintenance
Excess (deficiency) of
revenues over expendi-
tures
Other financing sources:
Net operating transfers
in (out)
Excess of revenues and
other financing sources
over expenditures
Fund balances, beginning
of year
Fund balances, end of year
Hotel/
motel
Fund
Industrial
Insurance development
Fund Fund
$120,357 $ -
120,357 118,960
82,305
118,960
A- 2
Totals
1987 1986
$ - $ 120,357 $ 155,437
118,960 116,928
526,263
2,238 - 1,672
84,543 526,263 1,672
239,317
82,305
526,263
3,910
612,478
272,365
33,769
483,071
7,740
524,580
35,814 (407,303) (1,672) (373,161) (252,215)
(55,000) 407,303 352,303 246,143
(19,186) - (1,672) (20,858) (6,072)
196,341 - 6,126 202,467 208,539
$177,155 $ - $ 4,454 $ 181,609 $ 202,467
(This page left blank intentionally)
CAPITAL PROJECTS FUNDS
Park and Recreation Fund - to account for the financing and
construction of park facilities. Financing was provided primarily
by the sale of general obligation bonds of $1,500,000 in 1986.
Street Improvement and Drainage Fund - to account for the financing
and construction of improvements to various street and drainage
projects. Financing was provided primarily from the sale of general
obligation bonds of $1,000,000 in 1986.
Revenue Sharing Fund - to account for the capital project expenditures
for which this grant funding is used. Financing is provided by
entitlement grants from the Federal government.
Equipment Certificates Fund - to account for the purchase of
communication equipment to be used generally in the area of public
safety. Financing was provided from the sale of Equipment
Certificates of $348,356 in 1986 as authorized under the Public
Property Finance Act of 1979, State of Texas.
ASSETS
Cash and short-term
investments
Accrued interest
receivable
Due from other funds
FUND EQUITY
Fund balance
CITY OF EULESS, TEXAS
CAPITAL PROJECTS FUNDS
COMBINING BALANCE SHEET
September 30, 1987
Park and
Recreation
Fund
Street
Improvement
and Drainage
Fund
Revenue
Sharing
Fund
$39,645
Equipment
Certificates
Fund
$1,452,317 $ 915,330 $123,046
25,707
407,427
$1,452,317 $1,348,464 $39,645 $123,046
$1,452,317
$1,348,464 $39,645 $123,046
Totals
1987
$2,530,338
25,707
407,427
$22963,472
1986
$4,042,904
27,348
327,061
$4,397,313.
$2,9632472 $4,397,313
CITY OF EULESS, TEXAS
CAPITAL PROJECTS FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES
Revenues:
Investment income
Federal revenue
sharing
Other revenues
Expenditures:
Capital outlay and
maintenence
Excess (deficiency)
of revenues over
expenditures
Other financial
sources:
Sale of general
obligation
bonds
Net operating
transfers out
Total other
financing
sources
Excess (deficiency)
of revenues and
other financing
sources over
expenditures
Fund balances,
beginning of year
Fund balances, end
of year
AND CHANGES IN FUND BALANCES
Year ended September 30, 1987
Park and
Recreation
Fund
Street
Improvement
and Drainage
Fund
$ - $
Revenue
Sharing
Fund
78,726 $
127,247
205,973
44,224 1,690,963
(44,224) (1,484,990)
(44,224) (1,484,990)
1,496,541
2,833,454
2,589
2,589
Equipment
Certificates
Fund
2,000 225,310
589 (225,310)
348,356
(28,262)
(28,262) 348,356
(27,673) 123,046
67,318
$1,452,317 $ 1,348,464 $ 39,645 $ 123,046
-36-
Totals
1987 1986
$ 2,589 $ 141,428
78,726 82,614
127,247 162,196
208,562 386,238
1,962,497 1,879,983
(1,753,935) (1,493,745)
348,356 2,498,988
(28,262) (160,969)
320,094 2,338,019
(1,433,841) 844,274
4,397,313 3,553,039
$ 2,963,472 $ 4,397,313
(This page left blank intentionally)
WATER AND SEWER ENTERPRISE FUND
To account for the acquisition, operation and maintenance of a
municipal utility, supported primarily by user charges to the
public.
CITY OF EULESS, TEXAS
WATER AND SEWER ENTERPRISE FUND
COMPARATIVE BALANCE SHEET
September 30, 1987 and 1986
ASSETS
Current assets:
Cash and short-term investments
Accounts receivable, less allowance
for estimated uncollectible accounts
of $1,463 in 1987 and 1986
Unbilled water and sewer revenue
Accrued interest receivable
Total current assets
Restricted assets:
Revenue bond debt service:
Cash with paying agent
Revenue bond retirement:
Investments with paying agent, at cost
Revenue bond emergency:
Cash and short-term investments
Property sale proceeds account:
Investments with paying agent, at cost
Capital projects account:
Cash and short-term investments
Customer deposits:
Short-term investments
Interest receivable on investments
Total restricted assets
Utility plant in service, at cost:
Land
Equipment
Waterworks and sanitary sewer system
Less accumulated depreciation
Net utility plant in service
Capitalized water and sewer facility
contract rights less accumulated
amortization of $2,785,962 in 1987
and $2,292,972 in 1986
1987
1986
$ 1,913,867 $ 1,456,248
652,956
339,038
85,475
2,991,336
64,904
1,428,566
500,000
439,622
454,996
474,170
58,759
3,421,017
1,528,966
821,478
24,076,498
26,426,942
5,901,962
20,524,980
499,985
339,038
96,960
2,392,231
121,364
1,453,605
300,000
458,210
1,188,881
463,222
58,759
4,044,041
1,215,252
743,192
22,686,621
24,645,065
5,161,894
19,483,171
16,975,842 14,654,532
$43,913,175 $40 t573 ,975
LIABILITIES AND FUND EQUITY
Current liabilities:
Payable from current assets:
Accounts payable and accrued salaries
and wages
Due to other funds
Current portion of obligations under
capitalized water and sewer facility
contract rights
Current portion of revenue bonds payable
Payable from restricted assets:
Customer deposits
Accrued interest
Total current liabilities
Obligations under capitalized water and
sewer facility contract rights
Revenue bonds payable
Deferred revenue
Total liabilities
Fund equity:
Contributions:
From subdividers
From Environmental Protection
From Trinity River Authority
Total contributions
Agency
Retained earnings:
Reserved:
For revenue bond debt service,
next maturing
For revenue bond retirement
For emergency
Total for debt service
Designated for equipment
Unreserved and undesignated
Total retained earnings
Total fund equity
1987
7,626 $
121,839
361,830
305,000
474,170
79,631
1,350,096
17,577,361
5,245,000
150,673
24,323,130
13,187,928
239,617
15,000
13,442,545
79,388
1,558,172
774,660
2,412,220
696,900
3,038,380
6,147,500
19,590,045
$43,913,175
1986
32,281
129,763
266,275
275,000
463,222
83,418
1,249,959
15,184,891
5,550,000
158,473
22,143,323
12,318,848
239,617
15,000
12,573,465
79,388
1,654,473
574,660
2,308,521
633,853
2,914,813
5,857,187
18,430,652
$40,573,975
-41-
CITY OF EULESS, TEXAS
WATER AND SEWER ENTERPRISE FUND
COMPARATIVE SCHEDULE OF OPERATING EXPENSES
Years ended September 30, 1987 and 1986
General and administrative:
Salaries and wages
Employee benefits
Postage and supplies
Maintenance of office machinery
Contractual services
Bad debts
Water production:
Salaries and wages
Employee benefits
Operating supplies and expense
Maintenance of structures and equipment
Water - Trinity River Authority
Water distribution:
Salaries and wages
Employee benefits
Operating supplies and expense
Maintenance of structures and equipment
Contractual services
Other
Sewage collection and treatment:
Salaries and wages
Employee benefits
Operating supplies and expense
Maintenance of structures and equipment
Contractual services
Treatment fees - Trinity River Authority
Other
1987
$ 114,281
21,405
18,482
14,962
19,548
28,702
217,380
187,449
49,020
3,415
146,446
1,178,981
1,565,311
C-2
1986
$ 111,175
20,323
17,113
15,123
18,996
29,406
212,136
131,328
33,719
6,983
186,603
668,277
1,026,910
194,100 204,581
47,378 47,289
7,911 8,130
172,609 118,028
6,606 9,087
1,498 2,126
430,102 389,241
146,329 258,458
42,619 58,751
3,120 4,639
3,894 6,569
2,799 6,251
385,641 503,800
2,409 3,933
586,811 842,401
-42-
(Continued)
CITY OF EULESS, TEXAS
WATER AND SEWER ENTERPRISE FUND
COMPARATIVE SCHEDULE OF OPERATING EXPENSES
Years ended September 30, 1987 and 1986
(Continued)
Nondepartmental:
Employee benefits
Operating supplies and expense
Contractual services
Service center:
Salaries
Employee benefits
Motor fuel
Maintenance of structures and equipment
Other
Amortization of capitalized water and
sewer facility contract rights
Depreciation
1987 1986
C- 2
$ 4,363 $ 916
471,939 443,800
164,072 95,196
640,374 539,912
94,168
17,776
65,102
91,227
14,933
88,493
15,972
69,566
98,675
7,458
283,206 280,164
492,990 407,960
758,019 670,333
Total operating expenses $4,974,193 $4,369,057
(This page left blank intentionally)
AGENCY FUNDS
Social Security Fund - to account for the liability of various
payroll taxes deducted from the City's payroll.
Developers' Escrow Fund - to account for funds held in escrow
for the purpose of making improvements to new development areas
within the City.
CITY OF EULESS, TEXAS
ALL AGENCY FUNDS
COMBINING BALANCE SHEET
September 30, 1987
ASSETS
Cash and short-term investments
Due from other funds
LIABILITIES
Payroll related payab]es
Escrow deposits
Due to other funds
Social Developers'
Security Escrow
Fund Fund
$130,341
42,302
$1,599,843
$172,643 $1,599,843
Totals
1987 1986
D-1
$1,730,184 $1,825,831
42,302 122,881
$1,772,486 $1,948,712
$172,643 $ - $ 172,643 $ 214,966
1,192,416 1,192,416 1,406,686
407,427 407,427 327,060
$172,643 $1,599,843 $1,772,486 $1,948,712
CITY OF EULESS, TEXAS
ALL AGENCY FUNDS
COMBINING STATEMENT OF CHANGES IN
ASSETS AND LIABILITIES
Year ended September 30, 1987
SOCIAL SECURITY FUND
Assets
Cash and short-term invest-
ments
Due from other funds
Liabilities
Payroll related payables
DEVELOPERS' ESCROW FUND
Assets
Cash and short-term invest-
ments
Liabilities
Escrow deposits
Due to other funds
TOTAL ALL AGENCY FUNDS
Assets
Cash and short-term
investments
Due from other funds
Liabilities
Payroll related payables
Escrow deposits
Due to other funds
Balance
September 30,
1986 Additions
$ 92,085
122,881
$ 214,966
$ 214,966
$1,733,746
$1, 406 , 686
327,060
$1,733,746
$1,825,831
122,881
$1,948,712
$ 214,966
1,406,686
327,060
$1,948,712
-47-
$2,297,781
$2,297,781
$2,297,781
$2,541,589
$2,461,222
80,367
$2,541,589
Deductions
$2,259,525
80,579
$2,340,104
$2,340,104
$2,675,492
$2,675,492
$2,675,492
D-2
Balance
September 30,
1987
$ 130,341
42,302
$ 172,643
$ 172,643
$1,599,843
$1,192,416
407,427
$1,599,843
$4,839,370 $4,935,017 $1,730,184
80,579 42,302
$4,839,370 $5,015,596 $1,772,486
$2,297,781 $2,340,104
2,461,222 2,675,492
80,367
$4,839,370 $5,015,596
$ 172,643
1,192,416
407,427
$1,772,486
(This page left blank intentionally)
STATISTICAL
SECTION
Fiscal
year
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
CITY OF EULESS, TEXAS
GENERAL GOVERNMENTAL EXPENDITURES BY FUNCTION
Last ten fiscal years
(Unaudited)
General Public
Culture -
government safety Streets recreation
$ 458,500
546,750
680,381
739,346
737,311
741,825
905,018
1,060,047
1,197,589
1,316,296
$1,235,608
1,327,831
1,539,987
1,734,324
2,285,229
2,447,377
3,529,424
3,963,322
4,954,072
4,649,517
$201,074
256,149
266,714
255,642
332,829
323,104
364,058
401,902
424,806
402,974
422,526
453,046
545,733
530,593
644,703
667,854
859,754
947,590
1,015,965
1,034,905
NOTE: Includes General and Debt Service Funds.
TABLE 1
Debt
service Other
$ 335,448
339,687
430,350
427,658
429,364
425,799
506,439
780,540
964,011
1,341,171
$325,618
350,478
395,736
418,557
458,351
480,838
509,600
592,995
760,176
593,150
TABLE 2
CITY OF EULESS, TEXAS
GENERAL REVENUES BY SOURCE
Last ten fiscal years
(Unaudited)
Licenses Inter- Charges Fines
Fiscal and governmental for and Miscel-
year Taxes permits revenues services fees ].aneous
1978 $2,464,944 $ 37,039 $118,649 $27,698 $129,240 $195,110
1979 2,648,936 77,331 129,516 23,827 151,080 200,111
1980 2,763,651 119,383 126,671 46,512 210,772 291,721
1981 3,229,395 187,263 206,722 34,590 208,746 443,065
1982 3,609,418 191,551 312,553 37,714 259,293 375,297
1983 4,320,153 379,549 288,355 38,254 200,793 457,210
1984 4,967,971 601,181 402,107 38,484 265,800 594,673
1985 5,902,338 429,929 521,896 51,401 356,381 702,740
1986 6,374,355 330,136 601,988 60,466 423,482 664,199
1987 7,450,693 201,468 535,814 52,890 413,120 729,595
NOTE: Includes General and Debt Service Funds.
Fiscal
year
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
NOTES:
CITY OF EULESS, TEXAS
PROPERTY TAX RATES - ALL OVERLAPPING GOVERNMENTS
(PER $100 OF ASSESSED VALUE)
Last
ten fiscal years
(Unaudited)
City School County
(4) (2) (1)
$ .94 $1.76 $ .95
. 94 1.76 .95
. 94 1.76 .95
. 70 1.24 .285
.70 1.24 .204
. 70 1.24 .202
. 70 1.24 .125
. 44 .74 .125
. 44 .82 .09866
.42 .78 .11772
State
(3)
$.10
.10
.10
Hospital
(1)
$ .56
.56
.56
.31
.168
.178
.104
.104
.09634
.11125
TABLE 3
Junior
college
(1) Total
$ .38 $4.69
.36 4.67
. 35 4.66
.095 2.63
. 048 2.36
.052 2.37
.031 2.20
.031 1.44
. 03165 1.48665
.03153 1.46050
(1) General property taxes for cities are limited by the Texas
Constitution to $2.50 per $100 of assessed valuation.
(2) City general property taxes are due each year on October 1
and become delinquent on February 1 each year. Penalties are
assessed on late payments ranging from 1% after February 1 to
8% after July 1. Interest is charged on late payments at the
rate of 1/2 of 1% for each month's delinquency. There are no
discounts.
(3) The City's taxes are collected by the Hurst -Euless -Bedford
Independent School District and are distributed to the City as
collected.
Sources:
(1)
(2)
(3)
(4)
Tarrant County
Hurst -Euless -Bedford Independent School District
State of Texas
City Records
Fiscal Total tax
year levy
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
CITY OF EULESS, TEXAS
PROPERTY TAX LEVIES AND COLLECTIONS
Last ten fiscal years
(Unaudited)
$1,630,303
1,670,397
1,683,564
1,966,178
2,133,114
2,597,676
2,808,055
3,298,386
3,814,110
4,845,209
Current tax
collections
$1,507,458
1,583,829
1,598,304
1,889,920
2,045,992
2,543,591
2,745,623
3,182,483
3,575,594
4,704,417
Percent
of levy
collected
92.46
94.82
94.94
96.12
95.92
97.92
97.78
96.49
93.75
97.09
Delinquent
tax
collections
$ 90,383
171,253
93,789
101,408
71,417
39,762
77,156
127,288
76,236
167,892
Total tax
collections
$1,597,841
1,755,082
1,692,093
1,991,328
2,117,409
2,583,353
2,822,779
3,309,771
3,651,830
4,872,309
TABLE 4
Percent of
total tax
collections
to tax levy
98.01
104.70
100.51
101.28
99.26
99.45
100.52
100.35
95.75
100.56
Outstanding
delinquent
taxes at
year-end
$306 , 769
222,084
213,555
188,405
202,081
246,369
268,760
256,955
393,256
428,865
Percent of
delinquent
taxes to
tax levy
18 .82
13.30
12.68
9.58
9.47
9.48
9.57
7.79
10.31
8.85
Fiscal.
year
1978*
1979*
1980*
1981*
1982**
1983**
1984**
1985**
1986**
1987**
CITY OF EULESS, TEXAS
ASSESSED AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY
Last ten fiscal years
(Unaudited)
Real property
Assessed
value
$ 149,618,690
153,414,790
158,125,200
248,902,180
265,109,240
332,750,708
343,084,060
697,008,884
779,704,042
1,080,231,222
Estimated
actual value
$ 230,182,600
236,022,754
243,269,538
248,902,180
265,109,240
332,750,708
343,084,060
697,008,884
779,704,042
1,080,231,222
Personal
Assessed
value
$ 22,275,660
24,286,990
20,977,300
31,980,350
39,621,390
57,430,322
58,805,741
68,347,443
88,759,776
101,144,524
property
Estimated
actual. value
$ 34,270,246
37,364,600
32,272,769
31,980,350
39,621,390
57,430,322
58,805,741
68,347,443
88,759,776
101,144,524
* Source: Hurst -Euless -Bedford Independent School District.
** Source: Tarrant County Appraisal District.
TABLE 5
Total
Assessed
value
$ 171,894,350
177,701,780
179,102,500
280,882,530
304 ,730 ,630
390,181 ,030
401,889,801
765,356,327
868,463,818
1,181,375,746
Estimated
actual value
$ 264,452,846
273,387,354
275,542,307
280,882,530
304,730,630
390,181 ,030
401,889,801
765,356,327
868,463,818
1,181,375,746
Ratio of total assessed
to total estimated
actual value
65%
65
65
100
100
100
100
100
100
100
Fiscal
year
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
CITY OF EULESS, TEXAS
RATIO OF NET GENERAL BONDED DEBT TO ASSESSED VALUE
Population*
$22,900
23,450
24,000
26,250
26,100
28,200
32,500
37,950
37,650
38,700
AND NET BONDED DEBT PER CAPITA
Last ten fiscal years
(Unaudited)
Assessed
value**
General
bonded
debt
$ 171,894,350 $ 4,520,000
177,701,780 5,510,000
179,102,500 5,370,000
280,882,530(1) 5,225,000
304,730,630 5,070,000
390,181,030 5,520,000
401,889,801 7,825,000
765,356,327
868,463,818
1,181,375,746
9,095,000
10,396,586
10,684,514
Less debt Net bonded
service funds debt
$170,049
201,177
156,522
173,872
171,395
235,147
285,142
348,633
313,522
318,010
$ 4,349,951
5,308,823
5,213,478
5,051,128
4,898,605
5,284,853
7,539,858
8,746,367
10,083,064
10,366,504
* Source: Estimates by North Central Texas Council of Governments as
adjusted for 1980 census data.
**
Source: Tarrant County Appraisal District.
Note (1) Increased basis of assessment from 65 percent to 100 percent.
TABL E 6
Ratio of net Net bonded
bonded debt to debt
assessed value per capita
2.5370 $189.95
2.99 226.39
2.91 217.23
1.80 192.42
1.61 187.68
1.35 187.41
1.88 232.00
1.14 230.47
1.16 267.81
.88 267.87
TABLE 7
CITY OF EULESS, TEXAS
COMPUTATION OF DIRECT AND 0VERLAPPING DEBT
September 30, 1987
(Unaudited)
Jurisdiction
City of Euless
Grapevine - Colleyvi_lle
Independent School
District
Hurst -Euless -Bedford
Independent School District
Tarrant County
Tarrant County Junior
College District
Tarrant County Hospital
District
Total direct and
overlapping debt
Net debt
outstanding
$10,291,612
35,200,000
47,546,000
43,599,622
38,140,463
47,000,000
Percent
applicable
to City of
Euless
Amount
applicable
to City of
Euless
100.00 $10,291,612
4.22
24.98
2.55
2.55
2.55
1,485,440
11,876,990
1,111,790
972,582
1,198,500
$26,936,914
TABLE 8
CITY OF EULESS, TEXAS
RATIO OF ANNUAL DEBT SERVICE EXPENDITURES FOR
GENERAL BONDED DEBT TO TOTAL GENERAL EXPENDITURES
Fiscal
year Principal
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
$110,000
110,000
140,000
145,000
155,000
165,000
195,000
230,000
290,000
60,428
Last ten fiscal years
(Unaudited)
Total debt
Interest service
$ 235,448
229,687
290,350
282,658
274,364
260,799
311,439
550,540
674,011
1,280,743
$ 345,448
339,687
430,350
427,658
429,364
425,799
506,439
780,540
964,011
1,341,171
Total
general
expenditures
$2,988,774
3,273,938
3,858,901
4,106,120
4,887,787
5,086,797
6,674,293
7,746,396
9,316,619
9,338,013
Ratio of
debt service
to total
general
expenditures
(percent)
11.56
10.38
11.15
10.42
8.78
8.37
7.59
10.08
10.35
14.36
Fiscal
year
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
CITY OF EULESS, TEXAS
REVENUE BOND COVERAGE
WATER AND SEWER BONDS
Last ten fiscal years
(Unaudited)
Gross
revenues
(1)
$2,391,184
2,457,438
2,993,063
3,252,549
3,610,582
4,138,656
5,197,388
6,601,117
6,169,486
7,677,625
Direct
operating
expenses
(2)
$1,522,381
1,554,852
1,923,578
2,289,427
2,557,799
2,897,770
3,100,233
3,691,945
4,865,806
5,595,639
Net
revenue
available
for debt
service
$ 868,803
902,586
1,069,485
963,122
1,052,783
1,240,886
2,097,155
2,909,172
1,303,680
2,081,986
(1) Includes operating revenues and interest on investments.
(2) Excludes amortization and depreciation and includes debt
service payments to the Trinity River Authority treated as
operating expense for bond coverage purposes.
TABLE 9
Debt service requirements
Principal
$130 , 000
140,000
140,000
145,000
155,000
160,000
165,000
250,000
255,000
275,000
Interest Total Coverage
$201,131
194,841
190,175
183,800
177,138
170,075
475,323
422,923
406,625
390,012
$331,131
334,841
330,175
328,800
332,138
330,075
640,323
672,923
661 ,625
665,012
2.62
2.70
3.24
2.93
3.17
3.76
3.28
4.32
1 .97
3.13
TABLE 10
Fiscal
year
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
CITY OF EULESS, TEXAS
DEBT SERVICE REQUIREMENTS TO MATURITY -
GENERAL OBLIGATION BONDS
(Unaudited)
Principal
$ 549,732
589,342
609,282
664,573
620,000
665,000
745,000
795,000
855,000
950,000
910,000
910,000
367,790
349,277
354,866
367,836
381,816
Interest
$ 768,375
728,620
685,437
638,152
588,670
540,418
486,218
425,770
359,415
285,285
207,660
130,668
557,054
490,235
472,165
464,537
454,184
$10 ,684 .514 $8 ,282 .863
Total
$1,318,107
1,317,962
1,294,719
1,302,725
1,208,670
1,205,418
1,231,218
1,220,770
1,214,415
1,235,285
1,117,660
1,040,668
924,844
839,512
827,031
832,373
836,000
$18.967.377
TABLE 11
CITY OF EULESS, TEXAS
DEBT SERVICE REQUIREMENTS TO MATURITY -
WATER AND SEWER REVENUE BONDS
(Unaudited)
Fiscal
year Principal Interest Total
1988 $ 305,000 $ 372,300 $ 677,300
1989 310,000 351,675 661,675
1990 320,000 331,225 651,225
1991 290,000 312,825 602,825
1992 260,000 293,900 553,900
1993 270,000 277,700 547,700
1994 285,000 259,925 544,925
1995 305,000 237,350 542,350
1996 335,000 216,625 551,625
1997 345,000 193,350 538,350
1998 375,000 169,425 544,425
1999 370,000 142,875 512,875
2000 410,000 114,975 524,975
2001 445,000 85,275 530,275
2002 490,000 52,875 542,875
2003 190,000 19,575 209,575
2004 120,000 11,025 131,025
2005 125,000 5,625 130,625
$5,550.000 $3,448.525 $8,998.525
TABLE 12
CITY OF EULESS, TEXAS
PROPERTY VALUE, CONSTRUCTION AND BANK DEPOSITS
September 30, 1987
(Unaudited)
Fiscal
year-end
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
Source:
Source:
Source:
Source:
Construction *
Number
of permits
183
215
394
410
741
1,178
1,139
879
443
314
Estimated
value
$ 5,449,864
13,243,497
17,755,469
21,485,417
29,631,480
66,419,093
113,992,018
47,670,451
42,546,836
14,128,587
Bank
deposits
****
$31,175
37,219
33,851
33,029
34,651
36,219
44,872
48,834
72,689
93,681
Property
value
$ 264,452,846
273,387,354
275,542,307
280,882,530
304,730,630
390,181,030
401,889,801
765,356,327
868,463,818
1,181,375,746
City Records
Tarrant County Appraisal District
Hurst -Euless -Bedford Independent School. District
Bank Records
NOTE: (1) Increased basis of assessment from 65 percent to 100 percent.
TABLE 13
CITY OF EULESS, TEXAS
PRINCIPAL TAXPAYERS
September 30, 1987
(Unaudited)
Taxpayer
Robert S. Folsom, et. al.
Southwestern Bell Tele-
phone Company
Tall Timbers, Ltd.
Euless Town Center
Courage Pointe Apartments
Texas Utilities Electric
Company
Village Green Investors,
Ltd.
EBC Associates, Ltd.
First Southwest Equity
Corporation
Burbank Associates Ltd.
Type of business
Apartments
Utility
Apartments
Retail
Apartments
Utility
Apartments
Apartments
Apartments
Apartments
1987
Assessed
valuation
$ 37,280,857
15,382,066
12,839,127
12,674,195
11,835,839
10,893,617
10,004,777
9,379,997
8,975,877
8,454,944
Percentage
of total
assessed
valuation
3.16%
1.30
1.09
1.07
1.00
.92
. 85
. 79
. 76
. 72
$137,721,296 11.66%
CITY OF EULESS, TEXAS
MISCELLANEOUS STATISTICS
September 30, 1987
(Unaudited)
Date of incorporation February 24, 1953
Date of adoption of Charter July 21, 1962
Form of government:
Home Rule, Council -Manager
Mayor - elected at large
Five council members
Area 16.9 square miles
Population:
1960 census
1970 census
1980 census
4,236
19,316
24,000
Building permits issued:
Year ended September 30, 1987 314
Estimated cost $14,128,587
Full time City employees:
September 30, 1987 238
Police protection:
Number of stations 1
Number of certified officers 56
Fire protection:
Number of stations 3
Number of certified firefighters 41
Parks and recreation:
Number of swimming pools 3
Number of parks 8
Area of parks 122 acres
Community buildings 2
Library holdings 47,040
-66- (Continued)
CITY OF EULESS, TEXAS
MISCELLANEOUS STATISTICS
September 30, 1987
(Unaudited)
(Continued)
Education:
Elementary Schools
Junior High Schools
High School
City Water and Sewer service:
Water service:
Number of customers at September 30, 1987
Maximum daily capacity available from
Trinity River Authority
Maximum daily capacity of City water wells
Total daily capacity
Maximum daily consumption
Average daily consumption
Water mains
Fire hydrants
Sewer service:
Average daily flow of wastewater
Number of customers
Sewer mains
Streets:
Improved
State highways
TABLE 14
6
2
1
17,372
12,000,000 gallons
4,000,000 gallons
16,000,000 gallons
12,918,000 gallons
4,732,000 gallons
148 miles
1,107
4,100,000 gallons
16,972
125 miles
120.0 miles
17.2 miles