HomeMy WebLinkAboutFY 1989 Comprehensive Annual Financial ReportThe City of
EULESS, TEXAS
Comprehensive
Annual Financial Report
September 30, 1989
INTRODUCTORY
SECTION
CITY OF EULESS, TEXAS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
YEAR ENDED SEPTEMBER 30, 1989
CITY OFFICIALS
HAROLD D. SAMUELS, Mayor
FRANK DOUGLASS, Councilmember Place One
BOB EDEN, Councilmember Place Two
GLENN D. WALKER, Councilmember Place Three
and Mayor Pro Tem
MARY LIB SALEH, Councilmember Place Four
RON STERNFELS, Councilmember Place Five
TOM HART
City Manager
H. KAY GODBEY, CMC/AAE
Assistant City Manager/City Secretary
JIM HICKERSON, CGFO
Assistant City Manager/Director of Finance
Prepared by: Finance Department
CITY OF EULESS, TEXAS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
Year ended September 30, 1989
TABLE OF CONTENTS
INTRODUCTORY SECTION
Exhibit Page(s)
Title page I
Table of contents II -IV
Letter of transmittal VI-XVI
GFOA certificate of achievement XVII
Organizational chart XVIII
FINANCIAL SECTION
Report of independent auditors 1-2
General Purpose Financial Statements
Combined balance sheet - all fund types and
account groups 1 4-7
Combined statement of revenues, expenditures
and changes in fund balances - all govern-
mental fund types 2 8-11
Combined statement of revenues, expenditures
and changes in fund balance - budget and
actual - General Fund 3 12-14
Statement of revenues, expenses and changes
in retained earnings - proprietary fund type
Water and Sewer Enterprise Fund 4 15
Statement of cash flows - proprietary fund type -
Water and Sewer Enterprise Fund 5 16-17
Notes to financial statements 18-37
II
CITY OF EULESS, TEXAS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
Year ended September 30, 1989
TABLE OF CONTENTS, Continued
Schedule/
statement Page(s)
Supplemental statements and schedules
Special revenue funds
Combining balance sheet A-1 40
Combining statement of revenues, expendi-
tures and changes in fund balances A-2 41
Capital projects funds
Combining balance sheet B-1 44-45
Combining statement of revenues, expendi-
tures and changes in fund balances B-2 46-47
Water and sewer enterprise fund
Comparative balance sheet C-1 50-51
Comparative schedule of operating expenses C-2 52-53
All agency funds
Combining balance sheet D-1 56
Combining statement of changes in
assets and liabilities D-2 57
General fixed assets account group
Comparative schedule of general fixed assets
by source E-1 60
Schedule of general fixed assets by function
and activity E-2 61
Schedule of changes in general fixed assets by
function and activity E-3 62
III (Continued)
CITY OF EULESS, TEXAS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
Year ended September 30, 1989
TABLE OF CONTENTS, Continued
Table Page(s)
STATISTICAL SECTION (Unaudited)
General governmental expenditures by function 1 63
General governmental revenues by source 2 64
Property tax levies and collections 3 66-67
Assessed and estimated actual value of
taxable property 4 68-69
Property tax rates - all overlapping
governments (per $100 of assessed
value) 5 70
Principal taxpayers 6 71
Computation of legal debt margin 7 72
Ratio of net general bonded debt to assessed
value and net bonded debt per capita 8 74-75
Ratio of annual debt service expenditures
for general obligation bonded debt to
total general expenditures 9 76
Computation of direct and overlapping debt 10 77
Revenue bond coverage - Water and Sewer Bonds 11 78-79
Demographic statistics 12 80
Property value, construction and bank
deposits 13 81
Miscellaneous statistics 14 82-83
IV
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October 31, 1989
Mr. Tom Hart
City Manager
City of Euless, Texas
Dear Mr. Hart:
"We're Building a Beautiful Tomorrow"
The comprehensive annual financial report of the City of Euless,
Texas (the "City") for the fiscal year ended September 30, 1989,
is hereby submitted. Responsibility for both the accuracy of the
data, and the completeness and fairness of the presentation,
including all disclosures, rests with the City. To the best of
our knowledge and belief, the enclosed data is accurate in all
material respects and are reported in a manner designed to
present fairly the financial position and results of operations
of the various funds and account groups of the City. All
disclosures necessary to enable the reader to gain an
understanding of the City's financial activities have been
included.
The comprehensive annual financial report is presented in three
sections: introductory, financial and statistical. The
introductory section includes this transmittal letter, the City's
organizational chart and a list of principal officials. The
financial section includes the general purpose financial
statements and supplemental statements and schedules, as well as
the auditors' report on the financial statements and supplemental
statements and schedules. The statistical section includes
selected financial and demographic information, generally
presented on a multiyear basis.
REPORTING ENTITY
The financial statements, supplemental statements and 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 signal maintenance, water and sewer operations,
parks, recreation, courts and a library.
VI
201 N. Ector Drive • Euless, Texas 76039-3595 • 817/283-5381 Metro 267-4403
Mr. Tom Hart
October 31, 1989
Page 2
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.
ECONOMIC CONDITIONS AND OUTLOOK
The City of Euless is located in Northeast Tarrant County
directly between the cities of Dallas and Fort Worth. Euless is
also adjacent to the world's largest and second busiest airport--
D/FW International. Since early 1986, the economic condition of
Euless has been one with guarded optimism. With the entire State
of Texas suffering through a recession, the last year has brought
renewed optimism for Texas and especially the Dallas/Fort Worth
metropolitan area. According to Bob Bullock, State Comptroller,
in a September press release, "This has been a banner year for a
lot of local governments that count on sales tax rebates for
revenue." To further illustrate the economic recovery, Euless
reported a 17 percent increase in sales tax collections over the
1988 fiscal year. Although the city had a modest increase in
building permits issued, the city reported a phenomenal 92
percent increase in building permits for single-family
residential construction. Both sales tax collections and new
housing starts are excellent indicators of Euless' rebounding
economy.
The Fort Worth/Arlington area, of which Euless is a part, added
over 10,400 jobs since 1988 and unemployment has dropped 1.2
percent. In Euless, unemployment is near its lowest rate in four
years. The economic outlook for Euless should reveal a dynamic
and prosperous future.
In 1988 Euless landed one of the hottest property transactions in
Tarrant County with the relocation of Santa Fe Railway and their
$7 million annual payroll. This past year was no different as
Tarrant Printing moved their corporate headquarters to Euless,
Texas. As one of the largest printing companies in North Texas,
Tarrant Printing will employ over 140 people and is projected to
house 200 plus employees within two years.
In addition to Euless' strengthened economy, Tarrant County has
experienced rapid growth, primarily due to several major
developments that have occurred in Northeast Tarrant County.
Construction is already under way on Alliance Airport (H. Ross
Perot's development), the nation's first airport designed
VII
Mr. Tom Hart
October 31, 1989
Page 3
specifically for industrial use. Other notable projects are the
United States currency plant in Fort Worth, IBM-Solona project,
the expansion of American Airlines World Headquarters, as well as
other developments in the Euless area.
The aggressive growth in the Euless area is projected to continue
into the 1990's. The proposed expansion plans at D/FW Airport
should have a positive impact for North Texas, but will create
some unique challenges for government officials in Euless.
However, the varied types of economic growth in and around the
Euless area will enable city officials to provide a better level
of service and quality of life to both our corporate and
residential citizens.
MAJOR INITIATIVES
In preparing the 1989 fiscal budget, city officials identified
and addressed several key programs needed to adequately serve the
public, either through quality of life issues or technological
advancements. These key programs included a new $1.5 million
multipurpose recreation center, implementation of an advanced
life support ambulance system, the integration of a Geographic
Information System (GIS) to better equip the city to address
future concerns regarding infrastructure and environmental needs
into the twenty-first century, as well as other important
programs to serve the citizens of Euless more efficiently.
To begin the fiscal year in October 1983, the city began
operating a paramedic -trained ambulance service. In addition to
securing the capital equipment necessary and the certified
personnel needed to operate effectively, the city trained an
additional 11 firefighters to be cross -trained as paramedics.
Today, Euless, Texas, is proud to say that a paramedic can be
dispatched to any Euless residence and be at the scene in just
over three minutes (average response time). Euless' emergency
medical service is one of the State's finest (according to
response time) and the public reception has been excellent to
this service.
In mid -year the city officially opened its 26,000 sq.ft.
multipurpose recreation center. The center offers racquetball,
aerobics, arts and crafts, basketball, weights, and other
activities for all citizens, regardless of age. The center is
completely accessible for the handicapped.
Probably one of the most exciting moments in 1989 was Euless
being awarded with a $1 million park grant from the Texas
VIII
Mr. Tom Hart
October 31, 1989
Page 4
Department of Parks and Wildlife. This matching grant will
enable Euless to convert 41 acres of mostly floodplain land to
soccer fields, nature trails, picnic areas along with an outdoor
amphitheater, in addition to other leisure pursuits for Euless
residents. This park should be the "showcase" of parks in
Tarrant County.
In response to rising community concerns over public safety, the
City of Euless emphasized both police and fire education
activities in the community during 1989. The police department
strengthened its anti -drug efforts with both the junior high and
senior high school students. Furthermore, police officers began
meeting once a month with neighborhood watch programs and
instructing residents on methods to deter criminal activity.
Traffic safety was another area that received added emphasis, as
high traffic accident sites and potential unsafe areas were
investigated and appropriate mitigation was implemented.
The Euless Fire Department, in addition to providing ambulance
service, also increased its efforts in educating the general
public. Fire safety education programs were implemented in
elementary school levels, CPR classes were offered to interested
citizens, accident precautions and first -aid methods were
presented to the community at "Care Fair Days" in a local mall.
Also, the Euless Fire Department maintained its excellent fire
insurance key rate of $0.22, the lowest possible rate in Texas.
The City of Euless has taken a proactive approach to addressing
America's No. 1 concern --public safety. With a qualified
management team in police and fire, the city will address public
safety concerns in a professional and responsible manner.
THE FUTURE
Probably the one area that most cities fail to address properly
is infrastructure maintenance. The city has recently implemented
a Geographic Information System (GIS) to acquire a better
knowledge regarding the city's vast infrastructure inventory.
The GIS is a computerized process that enables cities to address
any, or all, geographic areas within the city and connect various
types of information to a specific area. A geographic area may
be an intersection, a house, or a particular room in a
building. The city will soon have a complete inventory of all
water and sewer lines, as well as streets, drainage and other
infrastructure items, and be able to generate maintenance
schedules, replacement dates, etc. The applications for GIS
transcend all city departments.
IX
Mr. Tom Hart
October 31, 1989
Page 5
The city's economic development department has begun addressing
the city's original retail/industrial corridor --State Highway 10.
State Highway 10 no longer has the exceedingly high traffic
counts or appeal as other areas within the city. In a joint
effort with the City of Hurst, the two cities are in the process
of developing a strategic plan and marketing plan to revitalize a
once vibrant economic area.
During 1990 the city will have implemented a professional
purchasing department complete with appropriate policies, central
warehousing and stringent controls over the city's investment in
goods and services.
The city is also preparing architectural plans for a mini -
conference center/training facility. Since the Hurst -Euless
Bedford area is void of a conference center and training
facility, the city is preparing plans to renovate an existing
city facility into a conference center that could accommodate 75-
80 people for banquet/dinner functions. Naturally, the facility
could be used to provide in-house training for police and fire
personnel who currently leave the city to receive most training
exercises. The city's hotel/motel tax fund will help finance the
construction. Euless hotels will now have adequate space to host
functions requiring meeting rooms.
There are positive trends taking place in all departments despite
past economic problems. The past economic recession has forced
city leaders and staff to become more entrepreneurial and
innovative and it is this type of attitude that will lead Euless
successfully into the 1990's.
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
Mr. Tom Hart
October 31, 1989
Page 6
records for preparing financial statements and maintaining
accountability for assets. The concept of reasonable assurance
recognizes that the cost of a control should not exceed the
benefits likely to be derived and the evaluation of costs and
benefits requires estimates and 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 $10,099,214 in 1989, an increase of 3.52 percent
over 1988. The increase in revenues is primarily attributable to
increased general property tax rates and increased general sales
taxes. Revenues were hindered slightly by the expiration of an
inter -city fire service contract. The amount of revenue from
various sources and the changes from the previous year are
reflected in the following table:
Revenue Source
General property taxes
Gross receipts taxes
General sales taxes
Licenses and permits
Fines and fees
Interest income
Intergovernmental
Other
Percent
Amount of total
$ 5,117,180
1,140,932
2,136,541
222,424
506,748
419,945
265
658,797
Increase
(decrease)
from 1988
50.15% $ 36,353
11.18 (4,627)
20.94 318,025
2.18 58,393
4.97 5,597
4.12 77,139
(380,347)
6.46 336,477
$10,202,832 100.00%
XI
$ 447,010
Percent of
increase
(decrease)
.72%
(.40)
17.49
35.60
1.12
22.50
(99.93)
104.39
Mr. Tom Hart
October 31, 1989
Page 7
In addition to the above general revenue, $1,145,592 was trans-
ferred from the Water and Sewer Enterprise Fund and $121,000 was
transferred from the Capital Projects Fund to the General Fund.
Expenditures for general governmental purposes and general debt
service totaled $10,848,320 an increase of 3.97 percent over
1988. Changes in levels of expenditures 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
Percent
Amount of total
$ 1,385,187
5,643,811
480,722
361,417
970,633
589,342
768,347
648,861
$10,848,320
12.77%
52.02
4.43
3.33
8.95
5.43
7.08
5.99
Increase
(decrease)
from 1988
$(50,945)
140,663
84,150
15,348
99,171
39,610
4,781
81,066
100.00% $413,844
Percent of
increase
(decrease)
(3.55)%
2.56
21.22
4.43
11.38
7.21
.63
14.8
The increase in public safety expenditures is due primarily to
increased expenditures for police and fire protection in the
current year. The increase in streets is due primarily to
increased expenditures for repairs in the current year. The
increase in parks and recreation is due primarily to increased
recreational classes.
WATER AND SEWER ENTERPRISE FUND
The City's water and sewer utility showed a gain in sewer service
revenues and in number of customers in the current year. There
was a decrease in water revenue due to excessive rainfall during
the summer months. Comparative data for the past two fiscal
years are presented in the following table.
XII
Mr. Tom Hart
October 31, 1989
Page 8
Net income (loss)
Add (deduct):
Amortization of capitalized
water and sewer facility
contract rights
Depreciation
Interest on revenue bonds
Transfers to other funds - net
Principal payments on obligations
under capital lease
1989
1988
$ 8,263 $ (695,044)
623,112
737,392
347,301
1,145,592
(576,834)
495,843
802,767
367,888
523,345
(354,551)
Net revenue available for debt
service $2,2841826 $1,140,248
Average annual debt service $ 478,722 $ 490,072
Coverage 4.77 times 2.33 times
Net income increased primarily due to a refund received from the
Trinity River authority for less water usage during the prior
year, net of increased transfers to other funds. Increased
amortization of capitalized water and sewer facility contract
rights is due to a $4,676,039 increase in contract rights.
During the year, $310,000 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
$11,475,440 at September 30, 1989. 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, 1989 were as follows:
XIII
Mr. Tom Hart
October 31, 1989
Page 9
Net bonded
debt
Ratio of net
bonded debt to
assessed value
$10,906,633 1.01
Net bonded
debt per
capita
$270.97
Revenue bonds, which are secured by the net revenues of the Water
and Sewer Enterprise Fund, totaled $4,935,000 at September 30,
1989. Tables 8-11 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.
RISK MANAGEMENT
The City provides employee medical coverage on a self -insured
basis. Premiums are paid into a separate Insurance Fund by all
other funds and by the City's employees and are available to pay
claims, claim reserves and administrative costs of the program.
An excess coverage insurance policy covers individual claims in
excess of $40,000.
The city maintains self-insurance for workmen's compensation.
Contributions are made to a separate workmen's compensation fund
by other funds and are available to pay claims, claims reserves
and administrative costs of the program. An excess coverage
insurance policy covers individual claims in excess of $500,000.
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Mr. Tom Hart
October 31, 1989
Page 10
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
September 30, 1989, the general fixed assets of the City amounted
to $9,752,003. 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' report has been included in this
report.
AWARD
The Government Finance Officers Association of the United States
and Canada ("GFOA") awarded a Certificate of Achievement for
Excellence in Financial Reporting to the City for its
comprehensive annual financial report for the fiscal year ended
September 30, 1988. In order to be awarded a Certificate of
Achievement, the City published an easily readable and
efficiently organized comprehensive annual financial report whose
contents conform to program standards. Such reports must satisfy
both generally accepted accounting principles and applicable
legal requirements.
A Certificate of Achievement is valid for a period of one year
only. We believe that our current comprehensive annual financial
report continues to meet the Certificate of Achievement Program's
requirements and we are submitting it to the GFOA to determine
its eligibility for another certificate.
ACKNOWLEDGEMENTS
The preparation of this report on a timely basis could not he
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
XV
Mr. Tom Hart
October 31, 1989
Page 11
office and the members of the City Council for their interest and
support in planning and conducting the financial operations of
the City in a responsible and progressive manner.
Respectfully submitted,
Jim Hickerson, CGFO
XVI
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
City of Euless,
Texas
For its Comprehensive Annual
Financial Report
for the Fiscal Year Ended
September 30, 1988
A Certificate of Achievement for Excellence in Financial
Reporting is presented by the Government Finance Officers
Association of the United States and Canada to
government units and public employee retirement
systems whose comprehensive annual financial
reports (CAFR's) achieve the highest
standards in government accounting
and financial reporting.
President
y#70,/i.oet
Executive Director
XVII
City of Euless
Organizational Chart
Accounting
Data Processing
Budget
Municipal Court
George Boring
City Judge
Jim Nickerson, CGFO
Asst. City Manager/Dir. of Finance
Bob McFarland
City Au.
Randy Byers Jay Heilman
Dir of Sir & Utl Dir of Comm Sery
Water
Waste Water
Streets
Service Center
Traffic Safety
Personnel
Health Insurance
Parks
Recreation
Library
City Council
Tom Hart
City Manger
K.B. Fuller
Police Chief
I 1
H. Kay Godbey, CMC/AAE
City Secretary
Steve Norwood
Asst to CM/Eco. Dev. Dir.
Police Admin
Patrol Division
Criminal Invst
Service Division
Pub Safety Dispatch
E.O.C.
Lee Koontz
Fire Chief
Fire Admin.
Fire Suppression
Jim Nickerson
Court Clerk
James Knight,P.E.
Dir. Plan & Eng
Engineering
Planning
Const. Inspection
Capt. Improvements
N. K. Godbey, CMC/AAE
Asst. City Mgr./City Secretery
Lynn Shackelford
Dir of Admin Ser
Facilities Maint
Bldg. Const. Mgmt
Risk Management
Fleet Management
John Craig
Dir. Insp. Ser.
Bldg Inspection
Envrmt Health
fire Marshals Off
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XIX
FINANCIAL
SECTION
2200 Texas American Bank Building
500 Throckmorton
Fort Worth, Texas 76102
Telephone: (817) 335-1900
Fax: (817) 335-5603
Telex: 758521
REPORT OF INDEPENDENT AUDITORS
The Honorable Mayor and City Council
City of Euless, Texas
We have audited the accompanying general purpose financial
statements of the City of Euless, Texas (the "City") at September
30, 1989 and for the year then ended, as listed in the table of
contents. These financial statements are the responsibility of
the City's management. Our responsibility is to express an
opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of the City at September 30, 1989, the results of its operations
for the year then ended and the cash flows of the Water and Sewer
Enterprise Fund for the year then ended, in conformity with
generally accepted accounting principles.
0ur audit has been made primarily for the purpose of expressing
an opinion on the general purpose financial statements taken as a
whole. The accompanying additional financial information listed
as supplemental statements and schedules in the table of contents
is presented for purposes of additional analysis and is not a
required part of the general purpose financial statements of the
City. Such information has been subjected to the procedures
applied in the audit of the general purpose financial statements
and, in our opinion, is fairly stated in all material respects in
relation to the general purpose financial statements taken as a
-1-
whole. The statistical information listed in the statistical
section of the table of contents (tables 1-14) has not been
subjected to the procedures applied in the audit of the general
purpose financial statements, and, accordingly, we express no
opinion on it.
October 31, 1989
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CITY OF EULESS, TEXAS
COMBINED BALANCE SHEET - ALL FUND TYPES AND ACCOUNT GROUPS
September 30, 1989
With comparative totals for September 30, 1988
ASSETS AND OTHER DEBITS
Governmental fund types
Special Debt Capital
General Revenue Service Projects
Fund Funds Fund Funds
Cash and cash equivalents $2,222,461 $274,787 $640,376 $2,239,869
Receivables:
Delinquent property taxes, net of
allowance for doubtful collections
of $188,302 99,895 43,694
Accounts receivable 4,086
Unbilled water and sewer revenue
Deposits 8,628
Accrued interest receivable 51,750 3,369
Due from other funds (Note 10) 146,103 775
Due from other governments 131,084
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 $3,904,918 (Note 5)
Amount available for retirement of
general long-term debt
Amount to be provided for retirement
of general long-term debt
$2,664t007 $274,787 $684,070 $2,244,013
EXHIBIT 1
Proprietary
fund type
Water and
Sewer
Enterprise
Fund
$ 1,774,902
683,049
339,038
36,005
132,000
3,208,503
19,916,136
20,562,707
Fiduciary
fund type
Agency
Funds
$1,320,616
68,958
Account groups
General
fixed
assets
9,752,003
General
long-term
debt
Totals (memorandum only)
1989
1988
- $ 8,473,011 $ 7,797,382
568,807
10,906,633
$46,652,340 $1,389,574 $9,752,003 $11,475,440
143,589 143,007
687,135 635,571
339,038 339,038
8,628
91,124 92,450
347,836 748,774
131,084 109,609
3,208,503 3,506,202
9,752,003 8,760,181
19,916,136 20,040,770
20,562,707 16,509,780
568,807 383,429
10,906,633 10,181,354
$75,136,234 $69,247,547
-5-
(Continued)
CITY OF EULESS, TEXAS
COMBINED BALANCE SHEET - ALL FUND TYPES AND ACCOUNT GROUPS
September 30, 1989
With comparative totals for September
(Continued)
LIABILITIES AND FUND EQUITY
Liabilities:
Accounts payable
Accrued salaries and wages
Customer and escrow deposits
Accrued interest
Due to other funds (Note 10)
Obligations under capitalized water
and sewer facility contract rights
(Note 5)
Bonds payable (Note 3)
Deferred revenue
Commitments and contingent
liabilities (Notes 8 and 9)
Total liabilities
Fund equity:
Investment in general fixed assets
Contributed capital (Note 11)
Fund balances:
Reserved:
For recreation equipment
For public safety
For park improvements
For drug enforcement
For recycling
Unreserved:
Designated for:
Contingency
Emergency
Undesignated
Retained earnings:
Reserved for debt service
(Notes 3 and 4)
Unreserved
Total fund balances/
retained earnings
Total equity
General
Fund
30, 1988
Governmental fund types
Special
Revenue
Funds
Debt
Service
Fund
$ 152,570 $ 66,504 $
84,306
Capital
Projects
Funds
59,671 41,000 76,112 132,000
89,511
39,151
386,058 107,504 115,263 132,000
24,717
119,759
539
103,561
2,812
628,125
500,000
898,436 167,283 568,807 2,112,013
2,277,949 167,283 568,807 2,112,013
2,277,949 167,283 568,807 2,112,013
$2,664,007 $274,787 $684,070 $2,244,013
See notes to financial statements.
-6-
Proprietary Fiduciary
fund type fund type
Water and
Sewer
Enterprise Agency
Fund Funds
$ 8,303 $ 181,082 $
13,120
490,518 1,207,717
70,845
38,278 775
21,713,627
4,935,000
135,073
27,404,764 1,389,574
13,786,857
2,396,315
3,064,404
Account groups
General
fixed
assets
General
long-term
debt
EXHIBIT 1
(continued)
Totals (memorandum only)
1989
408,459 $
97,426
1,698,235
70,845
347,836
1988
848,162
103,274
1,705,812
75,219
748,774
21,713,627 17,614,422
11,475,440 16,410,440 15,809,783
263,735 273,110
- 11,475,440 41,010,603 37,178,556
- 9,752,003
5,460.719 - - -
19,247,576 - 9,752,003 -
$46,652,340 $1,389,574 $9,752,003 $111475,440
9,752,003 8,760,181
13,786,857 13,694,612
24,717
119,759
539
103,561
2,812
628,125
500,000
3,746,539
2,396,315
3,064,404
10,586,771
34,125,631
$75,136,234
10,943
153,969
5,129
21,452
665,347
500,000
2,804,902
2,395,610
3,056,846
9,614,198
32,068,991
$69,247,547
-7-
CITY OF EULESS, TEXAS
COMBINED STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES - ALL GOVERNMENTAL FUND TYPES
Year ended September 30, 1989
With comparative totals for year ended September 30, 1988
Governmental fund types
Special Debt Capital
General Revenue Service Projects
Fund Funds Fund Funds
Revenues:
General property tax $3,574,113 $ - $1,543,067 $
Gross receipts tax 1,140,932 131,978
General sales tax 2,136,541
Licenses and permits 222,424
Fines and fees 506,748
Interest income 419,945 23,203
Intergovernmental 265
Other revenues 658,797 924,425 17,253
Total revenues 8,659,765 1,056,403 1,543,067 40,456
Expenditures:
Current:
City Council 33,159 -
General government 435,762
Civil Service 114,971
Police Department 3,156,658
Legal and Corporation Court 233,922
Fire Department 2,011,991
Street Department 480,722
Traffic Safety
Planning and development 117,961 117,344
Library 361,417
Recreation Department 181,004
Swimming pools 27,227
Civic Center 352,430
Code enforcement 121,658
Health and animal shelter 181,978
Jail fund 27,268
Recreation classes 200,645
Insurance claims and fees 770,090
Nondepartmental 648,861
Parks Department 561,757
Debt service:
Principal retirement 589,342
Interest and service charges 768,347
EXHIBIT 2
Totals (memorandum only)
1989
$ 5,117,180
1,272,910
2,136,541
222,424
506,748
443,148
265
1,600,475
11,299,691
1988
$ 5,080,827
1,256,495
1,818,516
164,031
501,151
386,612
380,612
1,095,004
10,683,248
33,159 18,316
435,762 443,947
114,971 91,164
3,156,658 2,876,512
233,922 195,377
2,011,991 1,833,741
480,722 396,572
79,372
235,305 236,090
361,417 346,069
181,004 163,067
27,227 37,633
352,430 335,959
121,658 127,154
181,978 163,313
27,268 122,883
200,645 145,240
770,090 669,150
648,861 567,795
561,757 525,522
589,342 549,732
768,347 763,566
CITY OF EULESS, TEXAS
COMBINED STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES - ALL GOVERNMENTAL FUND TYPES
Year ended September 30, 1989
With comparative totals for year ended September 30, 1988
Expenditures (continued):
Debt service (continued):
Capital outlay and main-
tenance
Total expenditures
Excess (deficiency) of revenues
over expenditures
Other financing sources (uses):
Sale of general obligation
bonds (Note 3)
Operating transfers in
Operating transfers out
Total other financing
sources (uses)
Excess of revenues and other
financing sources over
expenditures and other
financing uses
Fund balances, beginning of year
Fund balances, end of year
(Continued)
General
Fund
Governmental
Special
Revenue
Funds
fund types
Debt Capital
Service
Fund
Projects
Funds
$ 241,240 $ - $ - $ 1,225,773
9,490,631 887,434 1,357,689 1,225,773
(830,866) 168,969
1,198,676
(197,771) (133,688)
1,000,905 (133,688)
185,378 (1,185,317)
- 1,480,554
399,375
(121,000)
- 1,758,929
170,039 35,281 185,378
2,107,910 132,002 383,429
$2,277,949 $ 167,283 $ 568,807
See notes to financial statements.
573,612
1,538,401
$ 2,112,013
-10-
EXHIBIT 2
(continued)
Totals (memorandum only)
1989
$ 1,467,013
12,961,527
(1,661,836)
1,480,554
1,598,051
(452,459)
2,626,146
1988
$ 2,523,406
13,211,580
(2,528,332)
430,000
768,345
(245,000)
953,345
964,310 (1,574,987)
4,161,742 5,736,729
$ 5,126,052 $ 4,161,742
CITY OF EULESS, TEXAS
COMBINED STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL -
GENERAL FUND
Year ended September 30, 1989
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 licenses and pound fees
Ambulance fees
Actual
$3,505,092
69,021
3,574,113
252,452
642,007
105,543
54,792
26,342
59,796
1,140,932
2,136,541
118,592
95,281
8,551
222,424
413,147
8,734
84,867
506,748
EXHIBIT 3
Variance
favorable
Budget (unfavorable)
$3,480,608 $
50,000
3,530,608
250,000
625,000
130,000
62,000
27,500
65,750
1,160,250
1,805,000
85,000
10,000
71,150
9,500
175,650
480,000
9,000
75,000
564,000
24,484
19,021
43,505
2,452
17,007
(24,457)
(7,208)
(1,158)
(5,954)
(19,318)
331,541
33,592
(10,000)
24,131
(949)
46,774
(66,853)
(266)
9,867
(57,252)
CITY OF EULESS, TEXAS
COMBINED STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL -
GENERAL FUND
Year ended September 30, 1989
Interest income
Intergovernmental
Other revenues:
Library receipts
Rental income
Miscellaneous income
Texas Court cost service fee
Swimming pools
Total revenues
Expenditures:
Current:
City Council
General Government
Civil Service
Police Department
Legal and Corporation Court
Fire Department
Street Department
Planning and development
Library
Recreation Department
Swimming pools
Civic Center
Code enforcement
Health and animal shelter
Jail fund
Recreation classes
Nondepartmental
Parks Department
Capital outlay and maintenance
Total expenditures
(Continued)
EXHIBIT 3
(continued)
Variance
favorable
Actual Budget (unfavorable)
$ 419,945 $
265
350,000 $ 69,945
265
13,060 15,000 (1,940)
5,703 40,000 (34,297)
615,744 202,000 413,744
14,278 12,000 2,278
10,012 15,000 (4,988)
658,797 284,000 374,797
8,659,765 7,869,508 790,257
33,159 29,000 (4,159)
435,762 420,781 (14,981)
114,971 110,239 (4,732)
3,156,658 3,229,744 73,086
233,922 239,460 5,538
2,011,991 1,955,500 (56,491)
480,722 521,988 41,266
117,961 120,250 2,289
361,417 374,766 13,349
181,004 267,505 86,501
27,227 52,200 24,973
352,430 449,135 96,705
121,658 137,368 15,710
181,978 175,823 (6,155)
27,268 (27,268)
200,645 (200,645)
648,861 710,311 61,450
561,757 561,129 (628)
241,240 (241,240)
9,490,631 9,355,199 (135,432)
-13- (Continued)
CITY OF EULESS, TEXAS
COMBINED STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL -
GENERAL FUND
Year ended September 30, 1989
(Continued)
Excess of expenditures over
revenues
Other financing sources (uses):
Operating transfers in
Operating transfers out
Total other financing sources
Excess (deficiency) of revenues and
other financing sources over expendi-
tures and other financing uses
Fund balance, beginning of year
Fund balance, end of year
Actual
Budget
EXHIBIT 3
(continued)
Variance
favorable
(unfavorable)
$ (830,866) $(1,485,691) $ 654,825
1,198,676
(197,771)
1,000,905
170,039
2,107,910
1,132,230
1,132,230
(353,461)
2,107,910
$2,277,949 $ 1,754,449,
See notes to financial statements.
66,446
(197,771)
(131,325)
523,500
$ 523,500
-14-
EXHIBIT 4
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, 1989
Operating revenues:
Water service $ 4,178,004
Sewer service 2,446,837
Water and sewer tap fees 72,164
Service fees and miscellaneous 199,792
Total operating revenues 6,896,797
Operating expenses:
General and administrative 328,012
Water production (160,762)
Water distribution 322,186
Utility engineering 141,494
Sewage collection and treatment 527,279
Nondepartmental 672,460
Service center 389,775
Amortization of capitalized water and
sewer facility contract rights
(Note 5) 623,112
Depreciation 737,392
Total operating expenses 3,580,948
Operating income 3,315,849
Nonoperating revenues (expenses):
Investment income 545,974
Loss on sale of equipment (5,184)
Interest on revenue bonds (347,301)
Interest on obligations under capitalized
water and sewer facility contract rights (2,355,483)
Total nonoperating expenses, net (2,161,994)
Income before operating transfers 1,153,855
Operating transfers from other funds -
Operating transfers to other funds (1,145,592)
Net income 8,263
Retained earnings, beginning of year 5,452,456
Retained earnings, end of year $ 5,460,719
See notes to financial statements.
-15-
EXHIBIT 5
CITY OF EULESS, TEXAS
STATEMENT OF CASH FLOWS -
PROPRIETARY FUND TYPE -
WATER AND SEWER ENTERPRISE FUND
Year ended September 30, 1989
Cash flows from operating activities:
Operating income $ 3,315,849
Adjustments to reconcile operating income to net
cash provided by operating activities:
Depreciation expense 737,392
Amortization of capital contract rights 623,112
Increase in accounts receivable (51,563)
Increase in due from other funds (132,000)
Decrease in accounts payable (69,679)
Decrease in accrued salaries and wages (747)
Increase in customer deposits 14,518
Increase in interfund payables 276
Decrease in deferred revenue (7,800)
Total adjustments 1,113,509
Net cash provided by operating activities 4,429,358
Cash flows from noncapital financing activities:
Interest paid on revenue bonds (351,675)
Reduction in revenue bonds payable (310,000)
Operating transfers to other funds (1,145,592)
Net cash used for noncapital financing
activities (1,807,267)
Cash flows from capital financing activities:
Contributions in aid to construction
Principal payments on obligations under capital
lease
Interest paid on obligations under capitalized
water and sewer facility contract rights
Purchase of utility plant in service
Proceeds from sale of utility plant in service
92,245
(576,834)
(2,355,483)
(621,041)
3,099
Net cash used for capital financing
activities i(3,458,014)
Cash flows from investing activities:
Decrease in restricted assets
Interest received on investments
297,699
543,773
CITY OF EULESS, TEXAS
STATEMENT OF CASH FLOWS -
PROPRIETARY FUND TYPE -
WATER AND SEWER ENTERPRISE FUND
Year ended September 30, 1989
(Continued)
Net cash provided by investing activities
Net increase in cash and cash equivalents
Cash and cash equivalents, beginning of year
Cash and cash equivalents, end of year
Noncash investing, capital, and financing activities:
During the year, the City increased their capitalized
water and sewer facility contract rights and the
related obligation to the Trinity River Authority of
Texas by $4,676,039.
See notes to financial statements.
EXHIBIT 5
(continued)
$ 841,472
5,549
1,769,353
$ 1,774,902
-17-
CITY OF EULESS, TEXAS
NOTES TO FINANCIAL STATEMENTS
September 30, 1989
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The financial statements of the City of Euless
(the "City") have been prepared in conformity with generally
accepted accounting principles (GAAP) as applied to
government units. The Governmental Accounting Standards
Board (GASB) is the accepted standard -setting body for
establishing governmental accounting and financial reporting
principles. The City's significant accounting policies are
described below.
A. REPORTING ENTITY
The combined financial statements of the City
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 interdepen-
dency, 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 library services. 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;
-18- (Continued)
CITY OF EULESS, TEXAS
NOTES TO FINANCIAL STATEMENTS
September 30, 1989
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Texas Municipal Retirement System - provides
retirement benefits to city employees;
Trinity River Authority of Texas - provides
water and sewer services to various
municipalities.
Texas Municipal League Joint Self Insurance
Fund - provides administrative services for
various municipalities' self insurance plans.
The accounting policies of the City conform to
generally accepted accounting principles as applicable
to governmental units. The following is a summary of
the more significant of such policies:
B. FUND ACCOUNTING
The City uses funds and account groups to
report on its financial position and the results of its
operations. Fund accounting is designed to demonstrate
legal compliance and to aid financial management by
segregating transactions related to certain City
functions or activities.
A fund is a separate accounting entity with a
self -balancing set of accounts. An account group, on
the other hand, is a financial reporting device designed
to provide accountability for certain assets and
liabilities that are not recorded in the funds because
they do not directly affect net expendable available
financial resources.
Funds are classified into three categories:
governmental, proprietary and fiduciary. Each category,
in turn, is divided into separate "fund types."
Governmental funds are used to account for all
or most of the City's general activities, including the
collection and disbursement of earmarked monies (special
revenue funds), the acquisition or construction of
general fixed assets (capital projects funds) and the
-19- (Continued)
CITY OF EULESS, TEXAS
NOTES TO FINANCIAL STATEMENTS
September 30, 1989
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
servicing of general long-term debt (debt service
funds). The general fund is used to account for all
activities of the City not accounted for in some other
fund.
Proprietary funds are used to account for
activities similar to those found in the private sector,
where the determination of net income is necessary or
useful to sound financial administration. Goods or
services from such activities can be provided either to
outside parties or to other departments or agencies
primarily within the City (internal service funds).
Fiduciary funds are used to account for assets
held on behalf of outside parties, including other
governments, or on behalf of other funds within the
City. Agency funds generally are used to account for
assets that the City holds on behalf of others as their
agent.
C. BASIS OF ACCOUNTING
The accounting and financial reporting
treatment applied to a fund is determined by its
measurement focus. All governmental funds are accounted
for using a current financial resources measurement
focus. With this measurement focus, only current assets
and current liabilities generally are included on the
balance sheet. Operating statements of these funds
present increases (i.e., revenues and other financing
sources) and decreases (i.e., expenditures and other
financing uses) in net current assets.
All proprietary funds are accounted for on a
flow of economic resources measurement focus. With this
measurement focus, all assets and all liabilities
associated with the operation of these funds are
included on the balance sheet. Fund equity (i.e., net
total assets) is segregated into contributed capital and
-20- (Continued)
CITY OF EULESS, TEXAS
NOTES TO FINANCIAL STATEMENTS
September 30, 1989
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
retained earnings components. Proprietary fund -type
operating statements present increases (e.g., revenues)
and decreases (e.g., expenses) in net total assets.
The modified accrual basis of accounting is
used by all governmental fund types and agency funds.
Under the modified accrual basis of accounting, revenues
are recognized when susceptible to accrual (i.e., when
they become both measurable and available). "Measur-
able" means the amount of the transaction can be
determined and "available" means collectible within the
current period or soon enough thereafter to be used to
pay liabilities of the current period. The City
considers property taxes as available if they are
collected within 60 days after year-end. A one-year
availability period is used for revenue recognition for
all other governmental fund revenues. Expenditures are
recorded when the related fund liability is incurred.
Principal and interest on general long-term debt are
recorded as fund liabilities when due or when amounts
have been accumulated in the debt service fund for
payments to be made early in the following year.
Those revenues susceptible to accrual are
property taxes, gross receipts tax and interest
revenue. Sales taxes collected and held by the state at
year-end on behalf of the City also are recognized as
revenue. Fine and permit revenues are not susceptible
to accrual because generally they are not measurable
until received in cash.
The accrual basis of accounting is utilized by
proprietary fund types. Under this method, revenues are
recorded when earned and expenses are recorded at the
time liabilities are incurred.
The City reports deferred revenue on its
combined balance sheet. Deferred revenues arise when a
potential revenue does not meet both the "measurable"
and "available" criteria for recognition in the current
period. Deferred revenues also arise when resources are
-21- (Continued)
CITY OF EULESS, TEXAS
NOTES TO FINANCIAL STATEMENTS
September 30, 1989
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
received by the government before it has a legal claim
to them, as when grant monies are received prior to the
incurrence of qualifying expenditures. In subsequent
periods, when both revenue recognition criteria are met,
or when the City has a legal claim to the resources, the
liability for deferred revenue is removed from the
combined balance sheet and revenue is recognized.
D. BUDGETARY DATA
The City Council follows these procedures in
establishing budgetary data reflected in the financial
statements:
(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
General 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
-22- (Continued)
CITY OF EULESS, TEXAS
NOTES TO FINANCIAL STATEMENTS
September 30, 1989
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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 Funds due to minimal activity
occuring within the funds.
(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
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 exceeded appropriations in the
general fund for the year ended September 30,
1989. Differences were covered with transfers
from the Water and Sewer Enterprise Fund
authorized by the City Manager.
E. CASH, CASH EQUIVALENTS AND INVESTMENTS
Substantially all operating cash, restricted
cash and cash equivalents are maintained in consolidated
cash and cash equivalent accounts. Cash equivalents
consist solely of certificates of deposits.
-23- (Continued)
CITY OF EULESS, TEXAS
NOTES TO FINANCIAL STATEMENTS
September 30, 1989
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Investments consist solely of U.S. Government
securities and are stated at cost or amortized cost.
State statutes authorize the City to invest in
obligations of the U.S. Government or its agencies;
obligations of the State of Texas or its agencies; and
certain other obligations, repurchase agreements, money
market mutual funds and certificates of deposit within
established criterion.
F. TAXES
Property taxes attach as an enforceable lien
on property as of January 1, are levied for appropria-
tion for the fiscal year beginning on October 1, are due
October 1, and become delinquent on February 1. Prop-
erty 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
$.46 per $100 of assessed valuation and assessed
valuation is approximately 100 percent of estimated
actual value.
G. FIXED ASSETS
Fixed assets are 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 con-
sisting of certain improvements other than buildings,
including roads, bridges, curbs and gutters, streets and
sidewalks, drainage systems and lighting systems are not
capitalized in the general fixed assets account group.
No depreciation is recorded on general fixed assets.
-24- (Continued)
CITY OF EULESS, TEXAS
NOTES TO FINANCIAL STATEMENTS
September 30, 1989
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Expenditures for utility plant are capitalized
in the Water and Sewer Enterprise Fund. Depreciation is
recorded on each class of depreciable property in the
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.
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.
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.
-25- (Continued)
CITY OF EULESS, TEXAS
NOTES TO FINANCIAL STATEMENTS
September 30, 1989
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
K. TOTALS (MEMORANDUM ONLY) COLUMN ON COMBINED STATEMENTS
The totals column 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 princi-
ples. Neither is such data comparable to a consolida-
tion. Interfund eliminations have not been made in the
aggregation of this data.
L. INTERFUND TRANSACTIONS
Quasi -external transactions are accounted for
as revenues, expenditures or expenses. Transactions
that constitute reimbursements to a fund for expendi-
tures/expenses initially made from it that are properly
applicable to another fund, are recorded as expendi-
tures/expenses in the reimbursing fund and as reductions
of expenditures/expenses in the fund that is reimbursed.
All other interfund transactions, except
quasi -external transactions and reimbursements, are
reported as transfers. Nonrecurring or nonroutine
permanent transfers of equity are reported as residual
equity transfers. All other interfund transfers are
reported as operating transfers.
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.
3. BONDS PAYABLE
During 1989, the City issued $1,500,000 in general
obligation bonds, in the form of certificates of obligation,
for the Capital Projects Fund. Bonds were recorded net of
-26- (Continued)
CITY OF EULESS, TEXAS
NOTES TO FINANCIAL STATEMENTS
September 30, 1989
3. BONDS PAYABLE
discount. Outstanding bonds were
payments of $589,342 and $310,000
Bonds and Water and Sewer Revenue
reduced by principal
on General Obligation
Bonds, respectively.
Bonded debt outstanding at September 30, 1989,
consists of the following:
General Obligation Bonds
Range of
interest
rates
Outstanding
balance
Current Long-term
maturities maturities
6.00 to 10% $11,475,440 $639,281 $10,836,159
Water and Sewer Revenue
Bonds 4.5 to 10.75% 4,935,000 320,000 4,615,000
$16,410,440 $959,281 $15,451,159
The bonds mature serially through the year 2007
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:
1990
1991
1992
1993
1994
1995-1999
2000-2004
2005-2007
Less interest
Principal
as
General
Obligation
Bonds
$ 1,497,978
1,521,336
1,421,663
1,417,510
1,437,123
6,891,090
5,063,684
446,250
19,696,634
8,221,194
$11,475,440
Water and Sewer
Revenue Bonds
$ 651,225
602,825
553,900
547,700
544,925
2,689,625
1 ,938 ,725
130,625
7,659,550
2,724,550
$4,935,000
General Obligation Bonds
of September 30, 1989, amounted
Total
$ 2,149,203
2,124,161
1,975,563
1,965,210
1,982,048
9,580,715
7,002,409
576,875
27,356,184
10,945,744
$16,410,440
authorized and unissued
to $300,000. Water and
(Continued)
-27-
CITY OF EULESS, TEXAS
NOTES TO FINANCIAL STATEMENTS
September 30, 1989
3. BONDS PAYABLE
Sewer Revenue Bonds authorized and unissued as of September
30, 1989, 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, 1989.
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.
-28- (Continued)
CITY OF EULESS, TEXAS
NOTES TO FINANCIAL STATEMENTS
September 30, 1989
4. PROPERTY SALE PROCEEDS ACCOUNTS
The City 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
the City 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, 1989, the balance in the
property sales proceeds account was $439,622 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 34 years to share in the costs of operations,
maintenance and debt service of TRA. Payments under these
contracts approximated $3,838,183 in 1989. 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 the
original 50 year agreement.
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,
1989:
-29- (Continued)
CITY OF EULESS, TEXAS
NOTES TO FINANCIAL STATEMENTS
September 30, 1989
5. WATER AND SEWER FACILITY CONTRACT RIGHTS
Year ending September 30:
1990
1991
1992
1993
1994
Thereafter
Less amount representing interest
Present value of minimum
requirements
6. FIXED ASSETS
The
general fixed
$ 2,957,758
3,089,146
3,113,835
3,104,436
3,117,277
30,241,529
45,623,981
23,910,354
$21 ,713,627
following is a summary of changes in the
assets account group during the fiscal year:
Land
Buildings
Improvements other than
buildings
Machinery and equipment
Construction in progress
Total general fixed
assets
The following
Enterprise Fund utility
1989:
Balance
September
30, 1988
$ 869,571
3,583,107
476,943
3,491,827
338,733_
Additions Deductions
$ 808 $
987,945
106,072
334,040 98,310
338,733
Balance
September
30, 1989
$ 870,379
4,571,052
583,015
3,727,557
$8,760,181 $1,428,865 $437,043 $9,752,003
is a summary of Water and Sewer
plant in service at September 30,
Land
Equipment
Waterworks and sanitary sewer
Less accumulated depreciation
system
$ 1,528,966
847,020
24,971,104
27,347,090
7,430,954
$19,916,136
-30-
(Continued)
CITY OF EULESS, TEXAS
NOTES TO FINANCIAL STATEMENTS
September 30, 1989
7. SERVICE CENTER
The Water and Sewer Enterprise Fund historically
bears the major portion of the operating costs of the City's
service center which provides services to all city
departments.
8. COMMITMENTS AND CONTINGENCIES
The City has participated in a number of State and
Federally assisted grant programs, principal of which was
Federal Revenue Sharing. These programs were subject to
financial and compliance audits by the grantors or their
representatives, the purpose of which was 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 he material.
At September 30, 1989, 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.
10. INTERFUND ASSETS/LIABILITIES
Due from/to other funds:
Receivable fund
General
Capital projects:
Street and drainage
Payable fund
Insurance
Debt service
Water and sewer
Developers'
escrow
Amount
$ 41,000
76,112
28,991
775
-31-
(Continued)
CITY OF EULESS, TEXAS
NOTES TO FINANCIAL STATEMENTS
September 30, 1989
10. INTERFUND ASSETS/LIABILITIES (continued)
Receivable fund
Payable fund Amount
Agency:
Social Security General $ 59,671
Social Security Water and sewer 9,287
Water and sewer Capital projects 132,000
$347,836
11. CONTRIBUTED CAPITAL
During the current year, contributed capital of
the Water and Sewer Enterprise Fund increased by developer's
contributions in aid to construction in the amount of
$92,245.
12. DEPOSITS AND INVESTMENTS
At September 30, 1989, the carrying amount of the
City's deposits was $9,765,313 and the bank balance was
$10,030,741. The City's deposits are categorized as either
(1) insured or collateralized with securities held by the
City or by its agent in the City's name, (2) collateralized
with securities held by the pledging financial institution's
trust department in the City's name or (3) uncollateralized,
as follows:
Category
Deposit
amount
1 $ 6,552,550
2 3,282,494
3 195,697
$10,0301741
-32- (Continued)
CITY OF EULESS, TEXAS
NOTES TO FINANCIAL STATEMENTS
September 30, 1989
12. DEPOSITS AND INVESTMENTS
At September 30, 1989, the carrying amount of the
City's investments was $1,855,851 and the market value was
$1,833,934. All of the investments were held by the City's
agent in the City's name.
13. RISK MANAGEMENT
The City participates in the Texas Municipal
League Joint Self Insurance Fund ("TMLIF") to provide both
general liability and property insurance. The City, along
with other participating entities, contribute annual amounts
determined by TMLIF management. As claims arise they are
submitted to and paid by TMLIF. The City is not liable for
payments beyond their annual contributions to TMLIF.
The City provides employee medical coverage on a
self -insured basis. Premiums are paid into a separate
Insurance Fund by other funds and by the City's employees
and are available to pay claims, claim reserves and
administrative costs of the program. An excess coverage
insurance policy covers individual claims in excess of
$40,000. During 1989, the City and the City's employees
paid premiums amounting to approximately $549,000 and
$192,000, respectively. The City's contributions are
accounted for as quasi -external transactions. Claims
incurred but not reported have been considered in
determining the claims liability at September 30, 1989.
The City also maintains self-insurance for workmen's compen-
sation. Contributions are made to a separate workmen's
compensation fund by other funds and are available to pay
claims, claims reserves and administrative costs of the
program. An excess coverage insurance policy covers
individual claims in excess of $500,000. During 1989, the
City contributed approximately $183,000 to the fund.
14. EMPLOYEE RETIREMENT SYSTEM
Plan description - The City provides pension
benefits for all of its full-time employees through a
nontraditional, joint contributory, defined contribution
plan in the state-wide Texas Municipal Retirement System
-33- (Continued)
CITY OF EULESS, TEXAS
NOTES TO FINANCIAL STATEMENTS
September 30, 1989
14. EMPLOYEE RETIREMENT SYSTEM
("TMRS"), one of over 500 administered by TMRS, an agent
multiple -employer public employee retirement system. It is
the opinion of the TMRS management that the plans in TMRS
are substantially defined contribution plans, but they have
elected to provide additional voluntary disclosure to help
foster a better understanding of some of the nontraditional
characteristics of the plan.
Benefits depend upon the sum of the employee's
contributions to the plan, with interest, and the City -
financed monetary credits, with interest. At the date the
plan began, the City granted monetary credits for past
service rendered, of a theoretical amount equal to twice the
amount that would have been contributed by the employee,
with interest, prior to establishment of the plan. Monetary
credits for service since the plan began are a percent
(100%a, 150%o, or 200%o) of the employee's accumulated
contributions. In addition, the City can grant as often as
annually another type of monetary credit referred to as an
updated service credit. This credit is a theoretical amount
which, when added to the employee's accumulated
contributions and the monetary credits for service since the
plan began, would be the total monetary credits and employee
contributions accumulated with interest if the current
employee contribution rate and city matching percent had
always been in existence and if the employee's salary had
always been the average of his salary in the last three
years. At retirement, the benefit is calculated as if the
sum of the employee's accumulated contributions with
interest and the employer -financed monetary credits with
interest were used to purchase an annuity.
Members can retire at ages 60 and above with 10 or
more years of service or with 25 years of service regardless
of age. The plan also provides death and disability
benefits. A member is vested after 10 years, but he must
leave his accumulated contributions in the plan. If a
member withdraws his own money, he is not entitled to the
employer -financed monetary credits, even if he was vested.
The plan provisions are adopted by the governing body of the
city, within the options available in the state statutes
governing TMRS and within the actuarial constraints also in
the statutes.
-34- (Continued)
CITY OF EULESS, TEXAS
NOTES TO FINANCIAL STATEMENTS
September 30, 1989
14. EMPLOYEE RETIREMENT SYSTEM
Contributions - The contribution rate for the
employees is 7% of their salaries, and the City matching
percent is currently 11.09%, both as adopted by the
governing body of the City. Under the state law governing
TMRS, the City contribution rate is annually determined by
the actuary. Part of the City contribution rate (the normal
cost) is to fund the currently accruing monetary credits,
with the other part (the prior service contribution rate)
calculated as the level percent of payroll needed to
amortize the unfunded actuarial liability over the remainder
of the plan's 25-year amortization period. When the City
periodically adopts updated service credits and increases in
annuities in effect, the increased unfunded actuarial
liability is to be amortized over a new 25-year period.
Currently, the unfunded actuarial liability is being
amortized over the 25-year period which began January,
1989. The unit credit actuarial cost method is used for
determining the city contribution rate. Contributions are
made monthly by both the employees and the City. Since the
City needs to know its contribution rate in advance to
budget for it, there is a one-year lag between the actuarial
valuation that is the basis for the rate and the calendar
year when the rate goes into effect.
The City's total payroll in fiscal year 1989 was
$6,956,588, and the City's contributions were based on a
payroll of 6,781,968. Both the City and the covered
employees made the required contributions, amounting to
$733,986 (10.04% of covered payroll for the months in
calendar year 1988 and 11.09% for the months in calendar
year 1989) for the City and $474,740 (7%) for the
employees. The City adopted changes in the plan since the
previous actuarial valuation, which had the effect of
increasing the City's contribution rate for 1989 by 0.20% of
payroll.
Funding status and progress - Even though the
substance of the City's plan is not to provide a defined
benefit in some form, some additional voluntary disclosure
is appropriate due to the nontraditional nature of the
defined contribution plan which had an initial unfunded
pension benefit obligation due to the monetary credits
-35- (Continued)
CITY OF EULESS, TEXAS
NOTES TO FINANCIAL STATEMENTS
September 30, 1989
14. EMPLOYEE RETIREMENT SYSTEM
granted by the City for past services rendered and which can
have additions to the unfunded pension benefit obligation
through the periodic adoption of increases in benefit
credits and benefits. Statement No. 5 of the Governmental
Accounting Standards Board (GASB 5) defines pension benefit
obligation as a standardized disclosure measure of the
actuarial present value of pension benefits, adjusted for
the effects of projected salary increases, estimated to be
payable in the future as a result of employee service to
date. The measure is intended to help users assess the
funding status of public employee pension plans, assess
progress made in accumulating sufficient assets to pay
benefits when due, and make comparisons among public
employee pension plans.
The City's pension benefit obligation shown below
is similar in nature to the standardized disclosure measure
required by GASB 5 for defined benefit plans except that
there is no need to project salary increases since the
benefit credits earned for service to date are not dependent
upon future salaries. The calculations were made as part of
the annual actuarial valuation as of December 31, 1988.
Because of the money -purchase nature of the plan, the
interest rate assumption, currently 8.5% per year, does not
have as much impact on the results as it does for a defined
benefit plan. Market value of assets is not determined for
each participating city's plan, but the market value of
assets for TMRS as a whole was 103.6% of book value as of
December 31, 1988.
Pension benefit obligation -
Annuitants currently receiving benefits
Terminated employees
Current employees:
Accumulated employee contributions including
allocated invested earnings
Employer -financed vested
Employer -financed nonvested
$ 474,700
551,100
3,383,500
5,462,200
1,423,800
Total $11,295,300
-36- (Continued)
CITY OF EULESS, TEXAS
NOTES TO FINANCIAL STATEMENTS
September 30, 1989
14. EMPLOYEE RETIREMENT SYSTEM
Net assets available for benefits, at book
value
Unfunded pension benefit obligation
$ 8,594,400
$ 2,700,900
The book value of assets is amortized cost for
bonds and original cost for short-term securities and
stocks. The actuarial assumptions used to compute the
actuarially determined City contribution rate are the same
as those used to compute the pension benefit obligation.
The amounts above reflect changes in actuarial assumptions
since the previous actuarial valuation, which had the effect
of decreasing the pension benefit obligation by $1,359,300.
Because of the one-year lag between the actuarial valuation
date and the calendar year when the newly calculated rate
goes into effect, the new actuarial assumptions will first
affect the 1990 contribution rate for the City. The amounts
above also reflect the adoption of changes in the plan since
the previous actuarial valuation which had the effect of
increasing the pension benefit obligation by $441,800.
(This page left blank intentionally)
SPECIAL REVENUE FUNDS
Industrial Development Fund - to account for the revenues and
expenditures used in developing new industry in the City.
Future activity of this type will be accounted for in the
General Fund.
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.
Workmen's Compensation Fund - to account for the revenue and
expenditures from providing self-insurance for workmen's
compensation.
ASSETS
CITY OF EULESS, TEXAS
SPECIAL REVENUE FUNDS
COMBINING BALANCE SHEET
September 30, 1989
Industrial Hotel/ Totals
Development Motel Insurance Workmen's
Fund Fund Fund Compensation 1989 1988
A-1
Cash and cash
equivalents $ - $12,948 $142,373 $119,466 $274,787 $173,002
Due from other
funds 66,504
$12,948 $142,373 $119,466 $274,787 $239,506
LIABILITIES AND
FUND EQUITY
Accounts pay-
able $ - $ - $ 66,504 $ - $ 66,504 $ 66,504
Due to other
funds 41,000 41,000 41,000
Total
liabilities
Fund balances
- - 107,504 - 107,504 107,504
12,948 34,869 119,466 167,283 132,002
$ - $12,948 $142,373 $119,466 $274,787 $239,506
A-2
CITY OF EULESS, TEXAS
SPECIAL REVENUE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
Year ended September 30, 1989
Industrial
Development
Fund
Revenues:
Gross
receipts tax $
Other
revenues
Expenditures:
Planning and
development
Insurance
claims and
fees
Capital out-
lay and
maintenance
Excess of
revenues
over expendi-
tures
Other financing
sources (uses):
Net operating
transfers
out
Excess (defi-
ciency) of
revenues over
expenditures
and other
financing uses
Fund balances,
beginning
of year
Fund balances,
end of year
Hotel/
Motel Insurance Workmen's
Fund
$ 131,978 $
Fund Compensation
741,133
- 131,978 741,133
117,344
$ 183,292
183,292
706,264 63,826
117,344 706,264 63,826
14,634 34,869 119,466
(1,605) (132,083)
(1,605) (117,449) 34,869 119,466
1,605 130,397
- $ 12,948 $ 34,869
Totals
1989 1988
$ 131,978
924,425
1,056,403
117,344
770,090
887,434
168,969
$ 110,936
670,755
781,691
102,694
669,150
4,454
776,298
5,393
(133,688) (55,000)
35,281
132,002
(49,607)
181,609
$119,466 $ 167,283 $ 132,002
-41-
(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 and
$430,000 in 1988.
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 was 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.
Conference Center Construction Fund - to account for financing and
construction of a new conference center. Financing will primarily
be provided through transfers from the Hotel/Motel Fund.
Certificates of Obligation Fund - to account for the construction on
Texas Highway 10. Financing was provided from the sale of
Certificates of Obligation of $1,500,000 in 1989.
ASSETS
Cash and cash
equivalents
Accrued interest
receivable
Due from other funds
LIABILITIES AND
FUND EQUITY
Accounts payable
Due to other funds
Fund balances
CITY OF EULESS, TEXAS
CAPITAL PROJECTS FUNDS
COMBINING BALANCE SHEET
September 30, 1989
Street
Park and Improvement Revenue Equipment
Recreation and Drainage Sharing Certificates
Fund Fund Fund Fund
$205,481
$205,481
205,481
$205,481
$254,003 $4,323 $71,933
3,369
775
$258,147 $4,323 $71,933
$ -
258,147
$258,147
$ - $
4,323 71,933
$4,323 $71,933
Conference
Center
Construction
Fund
$251,586
$251,586
$
132,000
119,586
$251,586
Certificates
of
Obligation
Fund
1989
Totals
1988
$1,452,543 $2,239,869 $1,474,358
3,369
775
7,465
469,475
$1,452,543 $2,244,013 $1,951,298
1,452,543
$1,452,543 $2,244,013 $1,951,298
$ - $ 412,897
132,000
2,112,013 1,538,401
CITY OF EULESS, TEXAS
CAPITAL PROJECTS FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
Year ended September 30, 1989
Revenues:
Investment income
Other revenues
Expenditures:
Capital outlay and
maintenence
Excess (defi-
ciency) of reve-
nues over
expenditures
Other financing
sources:
Sale of general
obligation
bonds
Net operating
transfers in
(out)
Total other
financing
sources
(uses)
Excess (deficiency)
of revenues and
other financing
sources over ex-
penditures and
other financing
(uses)
Fund balances,
beginning of year
Fund balances, end
of year
Park and
Recreation
Fund
719,719
(719,719)
280,000
280,000
(439,719)
645,200
$ 205,481
Street
Improvement
and Drainage
Fund
$ 23,203
17,042
40,245
432,662
(392,417)
(121,000)
(121,000)
(513,417)
771,564
$ 258,147
-46-
Revenue
Sharing
Fund
5,904
Equipment
Certificates
Fund
39,477
(5,904) (39,477)
(5,904) (39,477)
10,227 111,410
$ 4,323 $ 71,933
Conference Certificates
Center of Totals
Construction Obligation
Fund Fund 1989 1988
$ 23,203 $ 43,806
17,042 101,929
40,245 145,735
28,011 1,225,773 2,000,806
28,011 (1,185,528) (1,855,071)
1,480,554 1,480,554 430,000
119,586 278,586
119,586 1,480,554 1,759,140 430,000
119,586
1,452,543 573,612
1,538,401
(1,425,071)
2,963,472
$119,586 $1,452,543. $ 2,112?013 $ 1,538,401
-47-
(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, 1989 and 1988
ASSETS
Current assets:
Cash and cash equivalents
Accounts receivable, less allowance
for estimated uncollectible accounts
of $1,463 in 1989 and 1988
Unbilled water and sewer revenue
Accrued interest receivable
Due from other funds
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 $3,904,918 in 1989
and $3,281,806 in 1988
1989
1988
$ 1,774,902 $ 1,769,353
683,049
339,038
36,005
132,000
2,964,994
52,551
1,416,229
500,000
439,622
250,824
490,518
58,759
3,208,503
1,528,966
847,020
24,971,104
27,347,090
7,430,954
19,916,136
631,486
339,038
33,804
2,773,681
59,191
1,413,257
500,000
439,622
559,373
476,000
58,759
3,506,202
1,528,966
822,966
24,388,803
26,740,735
6,699,965
20,040,770
20,562,707 16,509,780
$46,652,340 $42,830,433
-50-
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
Unreserved
Total retained earnings
Total fund equity
1989
$ 21,423 $
38,278
644,376
320,000
490,518
70,845
1,585,440
21,069,251
4,615,000
135,073
27,404,764
13,532,240
239,617
15,000
13,786,857
52,551
1,843,764
500,000
2,396,315
3,064,404
5,460,719
19,247,576
$46,652,340
1988
91,849
38,002
435,728
310,000
476,000
75,219
1,426,798
17,178,694
4,935,000
142,873
23,683,365
13,439,995
239,617
15,000
13,694,612
59,191
1,836,419
500,000
2,395,610
3,056,846
5,452,456
19,147,068
$42,830,433
-51-
C-2
CITY OF EULESS, TEXAS
WATER AND SEWER ENTERPRISE FUND
COMPARATIVE SCHEDULE OF OPERATING EXPENSES
Years ended September 30, 1989 and 1988
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
Utility engineering:
Salaries and wages
Employee benefits
Operating supplies and expenses
Maintenance of structures and equipment
Contractual services
1989 1988
$ 174,125 $ 110,014
68,030 33,424
21,469 18,452
14,513 13,899
17,618 18,315
32,257 54,157
328,012 248,261
171,666
67,797
8,871
14,194
(423,290)
(160,762)
155,966
70,589
9,696
79,472
4,851
1,612
322,186
95,412
27,017
2,265
2,803
13,997
141,494
223,360
66,656
10,270
41,472
1,644,536
1,986,294
236,082
89,301
12,458
53,731
7,962
1,807
401,341
CITY OF EULESS, TEXAS
WATER AND SEWER ENTERPRISE FUND
COMPARATIVE SCHEDULE OF OPERATING EXPENSES
Years ended September 30, 1989 and 1988
(Continued)
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
Nondepartmental:
Employee benefits
Operating supplies and expense
Contractual services
Service center:
Salaries
Employee benefits
Motor fuel and supplies
Maintenance of structures and equipment
Other
Amortization of capitalized water and
sewer facility contract rights
Depreciation
Total operating expenses
1989
$ 106,429
49,297
4,315
14,551
3,278
343,454
5,955
527,279
8,880
491,983
171,597
672,460
99,405
29,830
128,759
117,413
14,368
389,775
623,112
737,392
$3,580,948
C-2
(continued)
1988
$ 140,152
53,974
3,869
6,101
3,942
450,193
3,171
661,402
7,116
491,737
127,066
625,919
95,555
23,931
100,260
101,397
14,187
335,330
495,843
802,767
$5,557,157
(This page left blank intentionally)
ALL 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.
D-1
ASSETS
Cash and cash equivalents
Due from other funds
LIABILITIES
Payroll related payables
Escrow deposits
Due to other funds
CITY OF EULESS, TEXAS
ALL AGENCY FUNDS
COMBINING BALANCE SHEET
September 30, 1989
Social Developers'
Security Escrow
Fund Fund
$112,124 $1,208,492
68,958
$181,082 $1,208,492
$181,082 $
1,207,717
775
$181,082 $1,208,492
Totals
1989
$1,320,616
68,958
$1,389,574
1988
$1,802,001
66,692
$1,868,693
$ 181,082 $ 169,406
1,207,717 1,229,812
775 469,475
$1,389,574 $1,868,693
D-2
CITY OF EULESS, TEXAS
ALL AGENCY FUNDS
COMBINING STATEMENT OF CHANGES IN
ASSETS AND LIABILITIES
Year ended September 30, 1989
SOCIAL SECURITY FUND
Assets
Cash and cash equivalents
Due from other funds
Liabilities
Payroll related payables
DEVELOPERS' ESCROW FUND
Assets
Cash and cash equivalents
Liabilities
Escrow deposits
Due to other funds
TOTAL ALL AGENCY FUNDS
Assets
Cash and cash equivalents
Due from other funds
Liabilities
Payroll related payables
Escrow deposits
Due to other funds
Balance
September 30,
1988 Additions
$ 102,714
66,692
$ 169,406
$ 169,406
$1,699,287
$1,229,812
469,475
$1,6991287
$2,637,139
2,266
$2,639,405
$2,639,405
$ 160,693
$ 133,393
27,300
$ 160,693
$1,802,001 $2,797,832
66,692 2,266
$1,868,693 $2,800,098
$ 169,406 $2,639,405
1,229,81E 133,393
469,475 27,300
$1,8681693 $2,800,098
Balance
September 30,
Deductions 1989
$2,627,729
$2,627,729
$2,627,729
$ 651,488
$ 155,488
496,000
$ 651,488
$3,279,217
$3,279,217
$2,627,729
155,488
496,000
$3,279,217
$ 112,124
68,958
$ 181,082
$ 181,082
$1,208,492
$1,207,717
775
$1,208,492
$1,320,616
68,958
$1,389,574
$ 181,082
1,207,717
775
$1,389,574
(This page left blank intentionally)
GENERAL FIXED ASSETS ACCOUNT GROUP
To account for fixed assets not
used in proprietary fund operations.
E-1
CITY OF EULESS, TEXAS
COMPARATIVE SCHEDULE OF GENERAL FIXED ASSETS
BY SOURCE
September 30, 1989 and 1988
General fixed assets:
Land
Buildings
Improvements other than buildings
Machinery and equipment
Construction in progress
Total general fixed assets
Investment in general fixed assets by
source:
General fund
Special revenue funds
Capital projects funds
Total investment in general
fixed assets
1989
$ 870,379
4,571,052
583,015
3,727,557
$9,752,003
$4,749,483
83,249
4,919,271
$9,752,003
1988
$ 869,571
3,583,107
476,943
3,491,827
338,733
$8,760,181
$4,442,059
152,797
4,165,325
$8,760,181
E-2
CITY OF EULESS, TEXAS
SCHEDULE OF GENERAL FIXED ASSETS BY FUNCTION AND ACTIVITY
September 30, 1989
Function
and
activity
General government
Public saftey
Culture and recrea-
tion
Highways and streets
Land Buildings
$269,088 $1,382,874
234,325 976,250
366,966 2,211,928
$870,379 $4,571,052
Improvements
other than
buildings
583,015
$583,015
Machinery
and
equipment
494,122
2,239,129
570,696
423,610
$3,727,557
Total
$2,146,084
3,449,704
3,732,605
423,610
$9,752,003
E-3
CITY OF EULESS, TEXAS
SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS
BY FUNCTION AND ACTIVITY
Year ended September 30, 1989
Function and
activity
General government
Public safety
Culture and recreation
Highways and streets
Construction in
progress
General fixed
assets
9-30-88
$2 , 067 , 247
3,298,877
2,626,339
428,985
338,733
$8,7601181
Additions
$ 95,816
208,264
1,112,900
11,885
$1,428,865
Deductions
$ 16,979
57,437
6,634
17,260
338,733
$437,043
General fixed
assets
9-30-89
$2,146,084
3,449,704
3,732,605
423,610
$9,752,003
STATISTICAL
SECTION
TABLE 1
CITY OF EULESS, TEXAS
GENERAL GOVERNMENTAL EXPENDITURES BY FUNCTION (1)
Last ten fiscal years
(Unaudited)
Fiscal General
year government
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
$ 680,381
739,346
737,311
741,825
905,018
1,060,047
1,197,589
1,316,296
1,436,132
1,385,187
Public
safety
$1,539,987
1,734,324
2,285,229
2,447,377
3,529,424
3,963,322
4,954,072
4,649,517
5,503,148
5,643,811
Culture -
Streets recreation
$266,714 $ 545,733
255,642 530,593
332,829 644,703
323,104 667,854
364,058 859,754
401,902 947,590
424,806 1,015,965
402,974 1,034,905
396,572 1,217,531
480,722 1,332,050
(1) Includes General and Debt Service Funds.
Debt
service Other
$ 430,350
427,658
429,364
425,799
506,439
780,540
964,011
1,341,171
1,313,298
1,357,689
$395,736
418,557
458,351
480,838
509,600
592,995
760,176
593,150
567,795
648,861
Total
$ 3,858,901
4,106,120
4,887,787
5,086,797
6,674,293
7,746,396
9,316,619
9,338,013
10,434,476
10,848,320
TABLE 2
Fiscal
year
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
Taxes
$2,763,651
3,229,395
3,609,418
4,320,153
4,967,971
5,902,338
6,374,355
7,450,693
8,044,902
8,394,653
CITY OF EULESS, TEXAS
GENERAL GOVERNMENTAL REVENUES BY SOURCE (1)
Last ten fiscal years
(Unaudited)
Licenses Inter- Charges Fines
and governmental for and Miscel-
permits revenues services fees laneous
$119,383 $126,671 $46,512 $210,772 $291,721
187,263 206,722 34,590 208,746 443,065
191,551 312,553 37,714 259,293 375,297
379,549 288,355 38,254 200,793 457,210
601,181 402,107 38,484 265,800 594,673
429,929 521,896 51,401 356,381 702,740
330,136 601,988 60,466 423,482 664,199
201,468 535,814 52,890 413,120 729,595
164,031 380,612 54,682 501,151 610,444
222,424 265 43,053 506,748 932,071
(1) Includes General and Debt Service Funds.
Total
$ 3,558,710
4,309,781
4,785,826
5,684,314
6,870,216
7,964,685
8,454,626
9,383,580
9,755,822
10,099,214
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CITY OF EULESS, TEXAS
PROPERTY TAX LEVIES AND COLLECTIONS
Last ten fiscal years
(Unaudited)
Fiscal Total tax
year levy
1980 $1,683,564
1981 1,966,178
1982 2,133,114
1983 2,597,676
1984 2,808,055
1985 3,298,386
1986 3,814,110
1987 4,845,209
1988 5,001,323
1989 4,975,719
Current tax
collections
$1,598,304
1,889,920
2,045,992
2,543,591
2,745,623
3,182,483
3,575,594
4,704,417
4,921,426
4,926,213
Percent
of levy
collected
94.94%
96.12
95.92
97.92
97.78
96.49
93.75
97.09
98.40
99.00
Delinquent
tax
collections
$ 93,789
101 ,408
71,417
39,762
77,156
127,288
76,236
167,892
174,978
165,469
Total tax
collections
$1,692,093
1,991,328
2,117,409
2,583,353
2,822,779
3,309,771
3,651,830
4,872,309
5,096,404
5,091,682
TABLE 3
Percent of
total tax
collections
to tax levy
100.51%
101.28
99.26
99.45
100.52
100.35
95.75
100.56
101 .90
102.33
Outstanding
delinquent
taxes at
year-end
$213,555
188,405
202,081
246,369
268,760
256,955
393,256
428,865
355,562
331,891
Percent of
delinquent
taxes to
tax levy
12.68%
9.58
9.47
9.48
9.57
7.79
10.31
8.85
7.11
6.67
Fiscal
year
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
(1)
(1)
(2)
(2)
(2)
(2)
(2)
(2)
(2)
(2)
CITY OF EULESS, TEXAS
ASSESSED AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY
Last ten fiscal years
(Unaudited)
Real property
Assessed
value
$ 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
1,024,645,236
968,871,391
Estimated
actual value
$ 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
1,024,645,236
968,871,391
Personal
Assessed
value
$ 20,977,300
31,980,350
39,621,390
57,430,322
58,805,741
68,347,443
88,759,776
101,144,524
112,007,718
112,795,668
property
Estimated
actual value
$ 32,272,769
31,980,350
39,621,390
57,430,322
58,805,741
68,347,443
88,759,776
101,144,524
112,007,718
112,795,668
(1) Source: Hurst -Euless -Bedford Independent School District.
(2) Source: Tarrant County Appraisal District.
TABLE 4
Total
Assessed
value
$ 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
1,136,652,954
1,081,667,059
Estimated
actual value
$ 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
1,136,652,954
1,081,667,059
Ratio of total assessed
to total estimated
actual value
65%
100
100
100
100
100
100
100
100
100
TABLE 5
CITY OF EULESS, TEXAS
PROPERTY TAX RATES - ALL OVERLAPPING GOVERNMENTS
(PER $100 OF ASSESSED VALUE)
Last ten fiscal years
(Unaudited)
Fiscal City School County
year (4) (2) (1)
1980 $.94 $1.76
1981 .70 1.24
1982 .70 1.24
1983 .70 1.24
1984 .70 1.24
1985 .44 .74
1986 .44 .82
1987 .42 .78
1988 .44 .9169
1989 .46 1.02
NOTES:
$.95
. 285
.204
.202
. 125
.125
.09866
.11772
. 11772
. 156509
State
(3)
$.10
Hospital
(1)
$.56
.31
. 168
.178
. 104
.104
. 09634
. 11125
. 11125
. 13300
Junior
college
(1) Total
$.35
.095
.048
.052
.031
.031
. 03165
.03153
. 03153
.03148
$4 .66
2.63
2.36
2.37
2.20
1.44
1.48665
1.46050
1.6174
1.80098
(A) General property taxes for cities are limited by the Texas
Constitution to $2.50 per $100 of assessed valuation.
(B) 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.
(C) 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
TABLE 6
CITY OF EULESS, TEXAS
PRINCIPAL TAXPAYERS
September 30, 1989
(Unaudited)
Taxpayer
Sunbelt Savings Associa-
tion of Texas
Robert S. Folsom, et. al.
Southwestern Bell Tele-
phone Company
Texas Utilities Electric
Company
Crossmark Partners II, Ltd.
Prudential Reality Group
Sky Chef, Inc.
Misty Hollow Apartments,
Ltd.
Courage Point Apartments
George Basil
First Southwest Equity
Corp.
Type of business
Land
Apartments
Utility
Utility
Apartments
Retail
Food service
Apartments
Apartments
Land
Apartments
1989
Assessed
valuation
$ 29,592,687
20,317,492
Percentage
of total
assessed
valuation
2.74%
1.89
16,905,459 1.56
14,434,870 1.33
10,517,005 .97
8,058,295 .74
7,516,250 .69
7,344,674 .68
7,159,129 .66
7,010,766 .65
$128,856,627 11.91%
TABLE 7
CITY OF EULESS, TEXAS
COMPUTATION OF LEGAL DEBT MARGIN
September 30, 1989
(Unaudited)
Article XI, Section 5 of the State of Texas Constitution states
in part:
"...no tax for any purpose shall ever be lawful for any
one year, which shall exceed two and one-half percent
of the taxable property of such city."
Additionally, the state Attorney General's Office normally limits
general property taxes to $1.50 per $100 of assessed valuation
for the payment of principal and interest on general obligation
bonds.
The City's total tax rate for fiscal 1989 was established at $.46
per $100 of assessed valuation based on 100% of appraised value.
(This page left blank intentionally)
CITY OF EULESS, TEXAS
RATIO OF NET GENERAL BONDED DEBT TO ASSESSED VALUE
AND NET BONDED DEBT PER CAPITA
Last ten fiscal years
(Unaudited)
General
Fiscal Assessed bonded Less debt Net bonded
year Population (1) value (2) debt service funds debt
1980 24,000 $ 179,102,500 $ 5,370,000 $156,522 $ 5,213,478
1981 26,250 280,882,530(A) 5,225,000 173,872 5,051,128
1982 26,100 304,730,630 5,070,000 171,395 4,898,605
1983 28,200 390,181,030 5,520,000 235,147 5,284,853
1984 32,500 401,889,801 7,825,000 285,142 7,539,858
1985 37,950 765,356,327 9,095,000 348,633 8,746,367
1986 37,650 868,463,818 10,396,586 313,522 10,083,064
1987 38,700 1,181,375,746 10,684,514 318,010 10,366,504
1988 40,250 1,136,652,954 10,564,783 383,429 10,181,354
1989 40,250 1,081,667,059 11,475,440 568,807 10,906,633
(1) Source: Estimates by North Central Texas Council of Governments as
adjusted for 1980 census data.
(2) Source: Tarrant County Appraisal District.
NOTE: (A) Increased basis of assessment from 65 percent to 100 percent.
TABLE 8
Ratio of net Net bonded
bonded debt to debt
assessed value per capita
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
. 90 252.95
1.01 270.97
TABLE 9
CITY OF EULESS, TEXAS
RATIO OF ANNUAL DEBT SERVICE EXPENDITURES FOR
GENERAL OBLIGATION BONDED DEBT TO TOTAL GENERAL EXPENDITURES
Fiscal
year Principal
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
$140,000
145,000
155,000
165,000
195,000
230,000
290,000
60,428
549,732
589,342
Last
ten fiscal years
(Unaudited)
Interest
$ 290,350
282,658
274,364
260,799
311,439
550,540
674,011
1,280,743
763,566
768,347
Ratio of
debt service
Total to total
Total debt general general
service expenditures expenditures
$ 430,350
427,658
429,364
425,799
506,439
780,540
964,011
1,341,171
1,313,298
1,357,689
$ 3,858,901
4,106,120
4,887,787
5,086,797
6,674,293
7,746,396
9,316,619
9,338,013
10,434,476
10,848,320
11.15%
10.42
8.78
8.37
7.59
10.08
10.35
14.36
12.59
12.52
TABLE 10
CITY OF EULESS, TEXAS
COMPUTATION OF DIRECT AND OVERLAPPING DEBT
September 30, 1989
(Unaudited)
Jurisdiction
City of Euless
Grapevine - Colleyville
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
$ 10,906,633
41,201,389
47,334,000
109,791,637
39,385,167
45,750,000
Percent
applicable
to City of
Euless
100.00%
2.12
26.79
2.72
2.72
2.72
Amount
applicable
to City of
Euless
$10,906,633
873,469
12,680,779
2,986,333
1,071,277
1,244,400
$29,762,891
Fiscal
year
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
CITY OF EULESS, TEXAS
REVENUE BOND COVERAGE
WATER AND SEWER BONDS
Last ten fiscal years
(Unaudited)
Gross
revenues
(1)
$2,993,063
3,252,549
3,610,582
4,138,656
5,197,388
6,601,117
6,169,486
7,677,625
7,273,249
7,442,771
Direct
operating
expenses
(2)
$1,923,578
2,289,427
2,557,799
2,897,770
3,100,233
3,691,945
4,865,806
5,595,639
6,133,001
5,152,761
Net
revenue
available
for debt
service
$1,069,485
963,122
1,052,783
1,240,886
2,097,155
2,909,172
1,303,680
2,081,986
1,140,248
2,290,010
(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 11
Debt service requirements
Principal Interest Total Coverage
$ 140,000 $190,175 $330,175 3.24
145,000 183,800 328,800 2.93
155,000 177,138 332,138 3.17
160,000 170,075 330,075 3.76
165,000 475,323 640,323 3.28
250,000 422,923 672,923 4.32
255,000 406,625 661,625 1.97
275,000 390,012 665,012 3.13
305,000 372,300 677,300 1.68
310,000 347,301 657,301 3.48
TABLE 12
Fiscal
year
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
CITY OF EULESS, TEXAS
DEMOGRAPHIC STATISTICS
Last ten fiscal years
(Unaudited)
Population (1)
24,000
26,250
26,100
28,200
32,500
37,950
37,650
38,700
40,250
40,250
Per capita
income (2)
$ 9,362
10,226
11,184
12,091
13,006
13,940
14,828
15,739
16,650
17,560
Sources:
(1) Estimates by North Central Texas
(2) Estimates by City
(3) Hurst -Euless -Bedford Independent
(4) Texas Employment Commission
School Unemployment
enrollment (3) rate (4)
14,765
14,845
15,003
15,172
15,606
15,248
16,067
16,818
16,887
17,011
4.4%
4.4
5.7
4.9
4.2
5.0
6.7
6.9
5.7
5.8
Council of Governments
School District
TABLE 13
CITY OF EULESS, TEXAS
PROPERTY VALUE, CONSTRUCTION AND BANK DEPOSITS
Last ten fiscal years
(Unaudited)
Construction (1)
Fiscal Number
year of permits
1980 394
1981 410
1982 741
1983 1,178
1984 1,139
1985 879
1986 443
1987 314
1988 405
1989 392
(1) Source:
(2) Source:
(3) Source:
(4) Source:
Estimated
value
$ 17,755,469
21,485,417
29,631,480
66,419,093
113,992,018
47,670,451
42,546,836
14,128,587
27,937,240
23,231,436
Ban k
deposits
(4)
(000's)
$ 33,851
33,029
34,651
36,219
44,872
48,834
72,689
93,681
186,022
182,305
Property
value
$ 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
1,136,652,954
1,081,667,059
City Records
Tarrant County Appraisal District
Hurst -Euless -Bedford Independent School District
Bank Records
(3)
(3)(A)
(2)
(2)
(2)
(2)
(2)
(2)
(2)
(2)
NOTE: (A) Increased basis of assessment from 65 percent to 100 percent.
TABLE 14
CITY OF EULESS, TEXAS
MISCELLANEOUS STATISTICS
September 30, 1989
(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
Full time City employees 251
Police protection:
Number of stations
Number of certified officers
Fire protection:
Number of stations
Number of certified firefighters
1
56
3
42
Parks and recreation:
Number of swimming pools 3
Number of parks 13
Area of parks 184 acres
Community buildings 2
Library holdings 51,136
CITY OF EULESS, TEXAS
MISCELLANEOUS STATISTICS
September 30, 1989
(Unaudited)
(Continued)
Education:
Elementary Schools
Junior High Schools
High School
City Water and Sewer service:
Water service:
Number of customers
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
(continued)
7
2
1
17,774
14,000,000 gallons
4,000,000 gallons
18,000,000 gallons
11,393,000 gallons
6,480,000 gallons
148 miles
1,115
3,671,000 gallons
17,301
125 miles
120 miles
17.2 miles