HomeMy WebLinkAboutFY 1982 Financial Statements and Statistical Information - Audit- OFFICIAL COPY
CITY OF EULESS, TEXAS
FINANCIAL STATEMENTS
AND STATISTICAL INFORMATION
YEAR ENDED SEPTEMBER 30, 1982
wi th
REPORT OF CERTIFIED PUBLIC ACCOUNTANTS
irr
OFFICIAL COPY -- DO NOT REMOVE
FROM CITY SECRETARY FILES
TABLE OF CONTENTS
Page
INTRODUCTORY SECTION
Letter of transmittal
FINANCIAL SECTION
Report of certified public accountants
Combined statements - overview
Combined balance sheet - all fund types and
account groups 1-2
Combined statement of revenues, expenditures
and changes in fund balances - all govern-
mental fund types
Statement of revenues - budget and actual -
General Fund
Statement of expenditures - budget and
actual - General Fund
Statement of revenues, expenses and changes
in unappropriated retained earnings - all
proprietary fund types - Water and Sewer
Enterprise Fund
Statement of changes in financial position
all proprietary fund types - Water and
Sewer Enterprise Fund
Notes to financial statements
SUPPLEMENTARY INFORMATION SECTION
Combining and individual fund financial statements
Combining balance sheet - Capital Projects Funds
Combining statement of revenues, expenditures
and changes in fund balances - Capital
Projects Funds
3-4
5-6
7
8
9-10
11-22
23
24
Comparative balance sheet - Water and Sewer
Enterprise Fund 25
TABLE OF CONTENTS
(Continued)
SUPPLEMENTARY INFORMATION SECTION (continued)
Combining and individual fund financial statements
(continued)
Comparative schedule of operating expenses
Water and Sewer Enterprise Fund
Combining balance sheet - All Agency Funds
Combining statement of changes in assets
and liabilities - All Agency Funds
STATISTICAL SECTION
Miscellaneous statistical facts
General government revenue by source
General government expenditures by function
Property tax rates
Property tax levies and collections
Assessed and estimated actual value of
taxable property
Debt service requirements to maturity -
general obligation bonds
Debt service requirements to maturity -
Water and Sewer Revenue Bonds
Page
26-27
28
29
30-31
32
33
34
35
36
37
38
Ratio of annual debt service expenditures for
general bonded debt to total general
expenditures 39
Computation of direct and overlapping debt 40
Water and sewer revenue bond coverage 41
Ratio of net general bonded debt to assessed
value and net bonded debt per capita 42
ii
PHONE (817) 283-5381 • 201 N. ECTOR DRIVE • EULESS, TEXAS 76039
I
di dm, VJJ
Mr. W. M. Sustaire
City Manager
City of Euless
Euless, Texas 76039
Dear Mr. Sustaire:
The Annual Financial Report of the City of Euless, Texas for the
fiscal year ended September 30, 1982 is submitted herewith.
System and Reports
The City's accounting records for general governmental operations
are maintained on a modified accrual basis, with revenue being
recorded when earned and expenditures being recorded when
incurred except for unmatured interest on general long-term
debt, which is recognized when due. Accounting records for the
City's Water and Sewer Enterprise Fund are maintained on a full
accrual basis. Budgetary control is maintained under an annual
budget.
General Governmental Functions
Revenues for general governmental functions and general debt
service totaled $4,785,826 in 1982, an increase of 11.05 percent
over 1981. General property taxes produced 44.24 percent of
general revenue compared to 45.78 percent last year. The amount
of revenue from various sources and the changes over last year
are shown 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
Amount
$2,117,409
683,750
808,259
191,551
259,293
316,034
312,553
96,977
$4.785.826
Percent
of total
44.24
14.29
16.89
4.00
5.42
6.60
6.53
2.03
100.00
Increase
(decrease)
from 1981
$135,346
96,540
148,137
4,288
50,547
(78,847)
105,831
14,203
$476.045
EULESS MY CHOICE, YOUR OPPORTUNITY 9
Mr. W. M. Sustaire
Page 2
In addition to the above general revenue, $200,000 was trans-
ferred from the Water and Sewer Enterprise Fund and $40,000
transferred from the Special Revenue Fund to the General Fund.
Expenditures for general governmental purposes and general debt
service totaled $4,887,787 an increase of 19.04 percent over
1981. Changes in levels of expenditure for major functions of
the City over the preceding year are shown in the following
table:
Function
General government
Public safety
Streets
Library
Parks and recreation
Bonded debt retirement
Bonded debt interest and fees
Nondepartmental
Amount
$ 737,311
2,285,229
332,829
180,795
463,908
155,000
274,364
458,351
$4,887,787
Cash Management
Percent
of total
15.09
46.75
6.81
3.70
9.49
3.17
5.61
9.38
100.00
Increase
(decrease)
from 1981
$ (2,035)
550,905
77,187
30,352
83,758
10,000
(8,294)
39,794
$ 781,667
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. The interest income was recognized by the
appropriate fund.
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, 1982, the general fixed assets of the City
amounted to $15,838,940. This amount represents the original
cost of the assets and is considerably less than their replace-
ment value. Depreciation of general fixed assets is not recog-
nized in the City's accounting system.
Mr. W. M. Sustaire
Page 3
Water and Sewer System
The City's water and sewer utility had a successful year and
continued to show gains in gross sales and number of customers.
Comparative data for the past two fiscal years are presented in
the following table:
1982 1981
Net income $ 237,655 $ 289,291
Add (deduct):
Amortization of capitalized
water and sewer facility
contract rights
Depreciation
Interest on revenue bonds
Transfers to General Fund
Principal portion of payments
on water and sewer facility
contracts
Net revenue available for debt
service
Average annual debt service
215,905
378,329
175,649
200,000
132,334
301,630
182,394
200,000
(154,755) (142,527)
$1,052.783 $ 963,122
$243,378 $247,076
Coverage 4.33 times 3.90 times
During the year, $155,000 of regularly maturing revenue bonds
were retired in the Water and Sewer Enterprise Fund.
All reserve and accounting requirements have been met in accor-
dance with the ordinances authorizing the issuance of the City's
Water and Sewer Revenue Bonds.
Independent Audit
The City Charter requires an annual audit to be made of the
books of account, financial records, and transactions of all
administrative departments of the City by a certified public
accounting firm selected by the City Council. This requirement
has been complied with and the auditor's opinion has been
included in this report.
Mr. W. M. Sustaire
Page 4
Acknowledgments
The preparation of this report on a timely basis could not be
accomplished without the efficient and dedicated services of the
entire staff of the Finance Department. I should like to express
my appreciation to all members of the Department who assisted and
contributed to its preparation. I should also like to thank your
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,
James R. Hickerson'
Director of Finance
ARTHUR YOUNG & COMPANY
2200 FORT WORTH NATIONAL SANK BLDG.
FORT WORTH, TEXAS 76102
The Honorable Mayor and
City Council
City of Euless, Texas
We have examined the combined financial statements of the
City of Euless, Texas, at September 30, 1982, and for the year
then ended, listed in the foregoing table of contents under the
caption "Financial Section." Our examination was made in
accordance with generally accepted auditing standards and,
accordingly, included such tests of the accounting records and
such other auditing procedures as we considered necessary in
the circumstances.
In our opinion, the combined financial statements referred to
above present fairly the financial position of the City of
Euless, Texas, at September 30, 1982, and the results of its
operations and the changes in financial position of the Water
and Sewer Enterprise Fund for the year then ended, in con-
formity with generally accepted accounting principles applied
on a basis consistent with that of the preceding year.
0ur examination has been made primarily for the purpose of
expressing an opinion on the combined financial statements,
taken as a whole. The combining and individual fund financial
statements listed under the caption "Supplementary Information
Section" in the table of contents are presented for purposes of
additional analysis and are not a required part of the combined
L(OUl1�1
financial statements. Such information has been subjected to
the auditing procedures applied in the examination of the
combined financial statements and, in our opinion, is fairly
stated in all material respects in relation to the combined
financial statements taken as a whole. The statistical infor-
mation on pages 30-42 was not examined by us and accordingly, we
do not express an opinion on it.
In connection with our examination, we also (1) performed tests
of compliance with the Revenue Sharing and Antirecession Fiscal
Assistance Acts and regulations as required by Sections II.C.3.
and III.C.3. of the Audit Guide and Standards for Revenue
Sharing and Antirecession Fiscal Assistance Fund Recipients
(Guide) issued by the Office of Revenue Sharing, U.S. Department
of the Treasury and (2) compared the data on Bureau of Census
Form RS-9 to records of the City of Euless, Texas as required by
Section II.C.4. of the "Guide."
Based on these procedures, we noted no instance of noncompliance
with the regulations and no differences (material differences)
between Census data on Form RS-9 and the records of the City of
Euless, Texas for the year ended September 30, 1982.
avtittA4/744.44-0L"14,0Nk07,\
Novembe 9, 1982
CITY OF EULESS, TEXAS
COMBINED BALANCE SHEET - ALL FUND TYPES AND ACCOUNT GROUPS
September 30, 1982
ASSETS
Cash and short-term investments
Receivables:
Delinquent taxes, net of allowance
for doubtful collections of
$118,015
Accounts receivable, net
Unbilled water and sewer revenue
Due from other funds
Due from other governments
Inventories, at cost
Restricted assets (Notes 2, 3 and 4)
General fixed assets (Note 6)
Net utility plant in service (Note 6)
Capitalized water
contract rights
amortization of
and sewer facility
less accumulated
$1,012,846 (Note 5)
Amount available for retirement of
general long-term debt
Amount to be provided for retirement
of general long-term debt
General
Governmental fund types
Debt
Service
$1,107,102 $154,581
67,253 16,814
195,674
2,800
Capital
Projects
$744,820
56,192
Special
Revenue
$74,136
Proprietary
fund types
Water and
Sewer
Enterprise
Fiduciary
fund types
Agency
$ 761,407 $461,637
408,439
211,189
1,634,018
10,571,004
8,851,276
44,115
Account groups
General
fixed
assets
15,838,940
General
long-term
debt
171,395
Total
(memorandum
only)
$ 3,303,683
84,067
604,113
211,189
44,115
65,303
2,800
1,634,018
15,838,940
10,571,004
8,851,276
171,395
4,898,605 4,898,605
11,381,940 1171,395 $801,012 $74,136 122,437,333. $505,752 $15.838.940 $5.070.000 $46.280.508
CITY OF EULESS, TEXAS
COMBINED BALANCE SHEET - ALL FUND TYPES AND ACCOUNT GROUPS
September 30, 1982
(Continued)
LIABILITIES AND FUND EQUITY
Liabilities:
Accounts payable
Accrued salaries and wages
Customer deposits
Accrued interest
Due to other funds
Obligations under capitalized
water and sewer facility
contract rights (Note 5)
Bonds payable (Note 3)
Deferred revenue
Total liabilities
Fund equity:
Investment in general fixed assets
Contributions
Fund balances:
Reserve for recreation equipment
Reserve for inventory
Unreserved
Retained earnings:
Appropriated (Note 3)
Unappropriated
Governmental fund types
Proprietary
fund types
Fiduciary
fund types
Account groups
Water and General General Total
Debt Capital Special Sewer fixed long-term (memorandum
General Service Projects Revenue Enterprise Agency assets debt only)
$ 47,462 $
86,815
37,057
- $ 5,724 $
$ 1,165 $ 13,552 $ - $ - $ 67,903
16,832 72,573 176,220
189,452 419,627 609,079
35,879 35,879
7,058 44,115
9,099,292 9,099,292
3,655,000 5,070,000 8,725,000
67,657 189,673 257,330
238,991 - 5,724 - 13,194,351 505,752 - 5,070,000 19,014,818
- - 15,838,940 - 15,838,940
5,602,093 5,602,093
26,476 26,476
2,800 2,800
1,113,673 171,395 795,288 74,136 2,154,492
871,280 871,280
2,769,609 2,769,609
Total fund equity 1,142,949 171,395 795,288 74,136 9,242,982
- 15,838,940
- 27,265,690
11� 3U-1_940 $171.395 $801.012 $74,136 $22,437,333 $505,752 $15,838\94,o $5,070,000 $46,280,508
See notes to financial statements.
CITY OF EULESS, TEXAS
COMBINED STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES - ALL GOVERNMENTAL FUND TYPES
Year ended September 30, 1982
Revenues:
General property tax
Gross receipts tax
General sales tax
Licenses and permits
Fines and fees
Interest income
Federal revenue sharing
Intergovernmental
Paving assessments
Other revenues
Total revenues
Governmental fund types Total
Debt Capital Special (memorandum
General Service Projects Revenue only)
$1,690,522 $426,887 $ - $ - $2,117,409
683,750 94,603 778,353
808,259 808,259
191,551 191,551
259,293 259,293
316,034 316,034
233,118 233,118
312,553 312,553
17,329 17,329
96,977 8,871 105,848
4,358,939 426,887 259,318 94,603 5,139,747
Expenditures:
City Council 18,545 - - - 18,545
General Government 177,872 177,872
Civil Service 24,211 24,211
Police Department 1,151,044 1,151,044
Legal and Corporation Court 94,161 94,161
Fire Department 959,523 959,523
Street Department 332,829 332,829
Traffic safety 80,501 80,501
Planning and development 128,644 35,345 163,989
Library 180,795 180,795
Recreation Department 131,341 131,341
Parks Department 301,784 301,784
Swimming pools 30,783 30,783
Civic Center 59,938 59,938
Code enforcement 106,515 106,515
Health and animal shelter 76,499 76,499
Jail fund 104,646 104,646
Nondepartmental 458,351 458,351
CITY OF EULESS, TEXAS
COMBINED STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES - ALL GOVERNMENTAL FUND TYPES
Year ended September 30, 1982
(Continued)
Expenditures (continued):
Debt service:
Principal retirement
Interest and service charges
Capital outlay and maintenance
Total expenditures
Other financing sources (uses):
Net operating transfers in (out)
Excess (deficiency) of revenues
and other financing sources
over expenditures and other
uses
Unreserved fund balances,
beginning of year
Increase in reserves
Equity transfer from General Fund
Unreserved fund balances,
end of year
Governmental fund types
Debt Capital Special
General Service Projects Revenue
Total
(memorandum
only)
$ - $155,000 $ - $ - $ 155,000
274,364 274,364
40,441 555,259 595,700
4,458,423 429,364 555,259 35,345 5,478,391
240,000 - - (40,000) 200,000
140,516 (2,477) (295,941) 19,258 (138,644)
1,264,976
21,513
(313,332)
173,872 777,897 54,878 2,271,623
313,332
21,513
$1.113,673 $171,395 $ 795,288 $ 74,136 $2.154.492
See notes to financial statements.
5
CITY OF EULESS, TEXAS
STATEMENT OF REVENUES - BUDGET AND ACTUAL - GENERAL FUND
Year ended September 30, 1982
General property tax
collected:
Current taxes
Penalty and interest
Gross receipts tax:
Southwestern Bell Telephone
Company
Texas Power and Light
Company
Lone Star Gas Company
Tarrant County Waste
Disposal
Miscellaneous
Metroplex Cab Company
General sales tax
Licenses and permits:
Building permits
Street inspections
Miscellaneous permits
Electric licenses
Fines and fees:
Corporation Court fines
Dog pound fees
Actual
$1,661,164
29,358
1,690,522
Budget
$1,606,831
20,000
1,626,831
182,922 165,000
333,686 300,000
88,336 80,000
14,804 14,000
64,002 30,000
200
683,750 589,200
808,259 650,000
151,437 85,000
19,267 25,000
12,254 7,150
8,593 6,000
191,551 123,150
253,327 228,000
5,966 5,500
259,293 233,500
Variance
favorable
(unfavorable)
$ 54,333
9,358
63,691
17,922
33,686
8,336
804
34,002
(200)
94,550
158,259
66,437
(5,733)
5,104
2,593
68,401
25,327
466
25,793
6
CITY OF EULESS, TEXAS
STATEMENT OF REVENUES - BUDGET AND ACTUAL - GENERAL FUND
Year ended September 30, 1982
(Continued)
Interest income
Intergovernmental
Other revenues:
Library receipts
Tarrant County Library
contribution
Rental income
Miscellaneous income
Texas Court cost service fee
Swimming pools
Total revenues
Actual
$ 316,034
312,553
5,907
7,161
13,070
52,102
3,694
15,043
96,977
$4,358,939
Variance
favorable
Budget (unfavorable)
$ 150,000 $166,034
4,000
6,510
5,500
29,000
1,000
20,000
66,010
312,553
1,907
651
7,570
23,102
2,694
(4,957)
30,967
$3,438,691 $920,248
See notes to financial statements.
7
CITY OF EULESS, TEXAS
STATEMENT OF EXPENDITURES - BUDGET AND ACTUAL - GENERAL FUND
Year ended September 30, 1982
City Council
General Government
Civil Service
Police Department
Legal and Corporation Court
Fire Department
Street Department
Traffic safety
Planning and development
Library
Recreation Department
Parks Department
Swimming pools
Civic Center.
Code enforcement
Health and animal shelter
Jail fund
Nondepartmental
Capital outlay and maintenance
Total expenditures
Actual
$ 18,545
177,872
24,211
1,151,044
94,161
959,523
332,829
80,501
128,644
180,795
131,341
301,784
30,783
59,938
106,515
76,499
104,646
458,351
40,441
IA.458.423
Budget
$ 15,500
159,091
26,464
1,210,240
100,022
816,696
351,670
86,900
144,604
196,820
159,212
319,808
50,142
54,549
104,265
87,875
804,060
$4.687,918
See notes to financial statements.
Variance
favorable
(unfavorable)
$ (3,045)
(18,781)
2,253
59,196
5,861
(142,827)
18,841
6,399
15,960
16,025
27,871
18,024
19,359
(5,389)
(2,250)
11,376
(104,646)
345,709
(40,441)
$ 229,495
8
CITY OF EULESS, TEXAS
STATEMENT OF REVENUES, EXPENSES AND CHANGES
IN UNAPPROPRIATED RETAINED EARNINGS - ALL PROPRIETARY
FUND TYPES -. WATER AND SEWER ENTERPRISE FUND
Year ended September 30, 1982
Operating revenues:
Water service
Sewer service
Water and sewer tap fees
Service fees and miscellaneous
Operating expenses excluding depreciation
and amortization
Operating income excluding deprecia-
tion and amortization
Amortization of capitalized water and sewer
facility contract rights (Note 5)
Depreciation
Operating income
Other revenues - investment income
Other expenses:
Interest on revenue bonds
Interest on obligations under capitalized
water and sewer facility contract rights
Income before operating transfers
Operating transfers to general fund
Net income
Decrease in appropriated retained earnings
Unappropriated retained earnings, beginning
of year
Unappropriated retained earnings, end of year
See notes to financial statements.
$215,905
378,329
175,649
$1,710,691
1,418,039
35,370
134,967
3,299,067
1,758,061
1,541,006
594,234
946,772
311,515
644,983 820,632
437,655
200,000
237,655
6,056
2,525,898
$2,769.609
9
CITY OF EULESS, TEXAS
STATEMENT OF CHANGES IN FINANCIAL POSITION -
ALL PROPRIETARY FUND TYPES -
WATER AND SEWER ENTERPRISE FUND
Year ended September 30, 1982
Sources of working capital:
Net income
Add back items not requiring working capital:
Depreciation
Amortization of capitalized water and sewer
facility contract rights
Amortization of deferred revenue - Trinity
River Authority agreement
Total from operations
Contributions in aid to construction
Decrease in restricted assets
Increase in obligations under capitalized
water and sewer facility contract rights
Total working capital provided
Applications of working capital:
Additions to capitalized water and sewer
facility contract rights
Additions to utility plant in service, net
Reduction in obligations under capitalized
water and sewer facility contract rights
(Note 5)
Reduction in revenue bonds payable
Total applications of working capital
Increase in working capital
$ 237,655
378,329
215,905
(7,800)
824,089
543,216
38,331
3,247,443
4,653,079
3,247,443
977,360
150,770
160,000
4,535,573
$ 117,506
10
CITY OF EULESS, TEXAS
STATEMENT OF CHANGES IN FINANCIAL POSITION -
ALL PROPRIETARY FUND TYPES -
WATER AND SEWER ENTERPRISE FUND
Year ended September 30, 1982
(Continued)
Changes in components of working capital:
Increase (decrease) in current assets:
Cash and short-term investments $ 5,918
Accounts receivable 151,516
Unbilled water and sewer revenue (1,319)
156,115
Increase (decrease) in current liabilities:
Accounts payable 11,846
Customer deposits 20,180
Accrued interest (1,490)
Due to other funds 7,058
Current portion of obligations under
capitalized water and sewer facility
contract rights (3,985)
Current portion of revenue bonds payable 5,000
38,609
Increase in working capital $ 117.506
See notes to financial statements.
11
CITY OF EULESS, TEXAS
NOTES TO FINANCIAL STATEMENTS
September 30, 1982
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
DESCRIPTION OF FUNDS
The City has established a number of funds, in
conformance with generally accepted accounting principles
and the recommendations of the National Council on Govern-
mental Accounting, for the purpose of accounting for trans-
actions in compliance with legal requirements. Funds and
account groups in use by the City in accounting for its
financial activities are as follows:
Governmental Funds
General Fund - to account for all of the general revenue
of the City not specifically levied or collected for other
City funds, and for expenditures related to rendering of
general services by the City. Revenues and expenditures of
the federal revenue sharing program are accounted for in
this fund.
Debt Service Fund - to account for the source and disposi-
tion of funds for paying interest and principal on general
obligation bonds.
Capital Projects Funds - to account for the source and
disposition of funds for the acquisition of capital facil-
ities other than those recorded in the Enterprise Fund.
12
CITY OF EULESS, TEXAS
NOTES TO FINANCIAL STATEMENTS
September 30, 1982
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Special Revenue Fund - to account for special revenue sources
that are legally restricted to expenditures for specified
purposes.
Proprietary Funds
Water and Sewer Enterprise Fund - to account for the acquisi-
tion, operation and maintenance of a municipal utility, sup-
ported primarily by user charges to the public.
Fiduciary Funds
Agency Funds - to account for assets received and held by
the City as agent for individuals, private organizations,
other governments, and other funds within the City.
Account Groups
General Fixed Assets Account Group - to account for property
and equipment of the City other than that acquired and
accounted for in the Enterprise Fund.
General Long-term Debt Account Group - to account for the
unmatured principal of outstanding bonds, except those
recorded in the Enterprise Fund.
13
CITY OF EULESS, TEXAS
NOTES TO FINANCIAL STATEMENTS
September 30, 1982
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
BASIS OF ACCOUNTING
The accrual basis of accounting is utilized for
the Enterprise Fund.
Governmental Funds are accounted for using the
modified accrual basis. Revenues are recognized in the
accounting period in which they become available and measur-
able. Expenditures are recognized in the accounting period
in which the fund liability is incurred, if measurable,
except for unmatured interest on general long-term debt,
which is recognized when due. Significant revenues which
are not accrued are licenses, permits, fines and fees.
Property taxes attach as an enforceable lien on
property as of January 1, are levied for appropriation for
the fiscal year beginning on October 1, are due October 1,
and become delinquent on February 1. Property taxes are
accrued based on the period for which they are levied and
available. Delinquent taxes expected to be collected later
than 60 days after the fiscal year-end are considered not
available and are treated as deferred revenue. Property
taxes for cities are limited by the Texas Constitution to
14
CITY OF EULESS, TEXAS
NOTES TO FINANCIAL STATEMENTS
September 30, 1982
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
$2.50 per $100 of assessed valuation. The City's current
tax rate is $.70 per $100 of assessed valuation and assessed
valuation is approximately 100%o of estimated actual value.
The City's annual budget for the General Fund is
prepared on the same basis that the City maintains its
accounts.
INVESTMENTS
Investments are stated at cost which approximates
market value.
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment is recorded at cost
(or fair value, if contributed) when acquired. General fixed
assets are recorded as expenditures in the General Fund and
Capital Projects Funds at the time of purchase or construc-
tion and are capitalized in the General Fixed Assets Account
Group at cost.
Costs related to repairs and maintenance are not
capitalized. Significant renovations and improvements are
capitalized.
15
CITY OF EULESS, TEXAS
NOTES TO FINANCIAL STATEMENTS
September 30, 1982
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
DEPRECIATION
No depreciation is recorded on general fixed
assets. Depreciation is recorded on each class of depre-
ciable property in the Water and Sewer Enterprise Fund
utilizing the straight-line method over the following
estimated useful lives of the assets:
Equipment 15 years
Water and sewer system 33-1/3 years
RETIREMENT PLAN
The City is a member of the Texas Municipal Retire-
ment System which covers all eligible full time employees
under a money purchase plan. Eligible employees contribute
5% of their salaries and the City matches this contribution
on a 2-to-1 ratio. The total pension expense for the year
was approximately $161,400 and $31,900 for the General Fund
and Water and Sewer Enterprise Fund, respectively, which
includes amortization (over 25 years) of prior service cost
attributable to a target benefit.
EMPLOYEES' VACATION AND SICK LEAVE
Employees may accumulate a maximum of 10 days of
vacation. The City's policy is to pay the employee for
accumulated vacation upon termination. Accrued vacation pay
16
CITY OF EULESS, TEXAS
NOTES TO FINANCIAL STATEMENTS
September 30, 1982
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
is insignificant and is not recorded by the City. The City
does not pay employees for accumulated sick leave upon
termination.
RESERVES
Certain assets that are not available spendable
resources of the City are offset by fund balance reserve
accounts.
TOTAL COLUMN ON COMBINED STATEMENTS
The total column on combined statements are cap-
tioned Memorandum Only to indicate that they are presented
only to facilitate financial analysis. Data in the column
does not present financial position, results of operations,
or changes in financial position in conformity with generally
accepted accounting principles. Neither is such data com-
parable to a consolidation. Interfund eliminations have not
been made in the aggregation of this data.
2. RESTRICTED ASSETS
Restricted assets consist of cash and investments
primarily restricted for Water and Sewer Enterprise Fund
debt service and water and sewer system replacements.
17
CITY OF EULESS, TEXAS
NOTES TO FINANCIAL STATEMENTS
September 30, 1982
3. BONDS PAYABLE
Bonded debt outstanding at September 30, 1982,
consists of the following:
General obliga-
tion bonds
Water and Sewer
Revenue Bonds
Range of
interest
rates
Unpaid
balance
at 9-30-82
3.6 to 7.5% $5,070,000
4.5 to 6.0% 3,655,000
$8,725,000
Current Long-term
maturities maturities
$165,000
160,000
$325,000
$4,905,000
3,495,000
$8.400.000
The bonds mature serially through the year 2006
and have various call options whereby they may be redeemed
during certain periods prior to maturity. A schedule of
bond maturities
1983
1984
1985
1986
1987
Thereafter
Less interest
Principal
for the next five years is as follows:
General long-
term debt
$ 429,417
449,938
448,502
446,693
444,763
5,708,004
7,927,317
2,857,317
$5.070,000
Water and Sewer
Revenue Bonds
$ 330,075
327,700
329,960
326,725
338,175
3,945,050
5,597,685
1,942,685
$3,655,000
Total
$ 759,492
777,638
778,462
773,418
782,938
9,653,054
13,525,002
4,800,002
$ 8,725,000
18
CITY OF EULESS, TEXAS
NOTES TO FINANCIAL STATEMENTS
September 30, 1982
3. BONDS PAYABLE (continued)
General obligation bonds authorized and unissued
as of September 30, 1982, amounted to $2,845,000. Water
and Sewer Revenue Bonds authorized and unissued as of
September 30, 1982, amounted to $4,200,000.
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 prin-
cipal 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 contingency - to be used for pay-
ment 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 con-
tingency shall be used for the purpose of meeting
principal and/or interest requirements of the bonds.
19
CITY OF EULESS, TEXAS
NOTES TO FINANCIAL STATEMENTS
September 30, 1982
3. BONDS PAYABLE (continued)
All requirements for funding of the above reserves
were met at September 30, 1982.
Investments of funds included in the bond reserve
and contingency 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.
4. PROPERTY SALE PROCEEDS ACCOUNTS
The City of Euless sold certain of the waterworks
and sewer system properties situated within the City of
Bedford to that city in 1968. The proceeds were equal to
32.33% of the $5,800,000 of revenue bonds issued by Euless
for the original purchase of the combined system. The
property sale proceeds may be applied solely to the prepay-
ment 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% of the requirement
on the amount of bonds then outstanding. As of September 30,
1982, $1,760,000 (30.34%) of the revenue bonds have been
retired with proceeds from the sale.
20
CITY OF EULESS, TEXAS
NOTES TO FINANCIAL STATEMENTS
September 30, 1982
5. WATER AND SEWER FACILITY CONTRACT RIGHTS
Under the City's long-term contracts with the
Trinity River Authority of Texas (TRA)
services and water supply, the City is
next 42 years to share in the costs of
for sewer treatment
obligated for the
operations, mainte-
nance and debt service of the Authority. Net payments under
these contracts approximated $1,302,000 in 1982. The
amounts under the contracts representing debt service have
been capitalized and the related obligation recorded on the
accompanying balance sheet.
The capitalized water and sewer facility contract
rights are being amortized on a straight-line basis over
50 years.
The City's share of the related TRA debt service
is adjusted each year based on the City's usage compared to
that of other users. The City's obligation is amortized
based on its current usage. The following is a schedule by
years of estimated future minimum requirements under the
contracts (debt service portion) together with the present
value of the net minimum requirements as of September 30,
1982:
21
CITY OF EULESS, TEXAS
NOTES TO FINANCIAL STATEMENTS
September 30, 1982
5. WATER AND SEWER FACILITY CONTRACT RIGHTS
Year ending September 30:
1983
1984
1985
1986
1987
Thereafter
Less amount representing
interest
Present value of minimum
requirements
(continued)
$ 826,341
863,871
866,797
868,363
863,065
14, 412,192
18,700,629
9,601,337
$ 9,099.292
6. FIXED ASSETS
The following is a summary of changes in general
fixed assets by source:
Balance, beginning of
year
Add:
Expenditures from
bond funds
Expenditures from
current revenue
Expenditures from
revenue sharing
Expenditures from
developers'
contributions
Expenditures from
general fund
Total additions
Land and
Total buildings
Improvements
other than
buildings
$14,299,727 $2,560,653 $10,353,299
269,968
38,699
206,575
24,320
1,864
3,708
245,648
15,135
2,677
Machinery
and
equipment
$1,385,775
21,700
200,190
1,033,938 1,033,938
40,441 40,441
1,589,621 70,333 1,297,398 221,890
22
CITY OF EULESS, TEXAS
NOTES TO FINANCIAL STATEMENTS
September 30, 1982
6. FIXED ASSETS (continued)
Improvements Machinery
Land and other than and
Total buildings buildings equipment
Deduct:
Disposals of fixed
assets $ 50,408 $ 1,142 $ - $ 49,266
Balance, end of year $15.838.940 $2.629.844 $11.650.697 $1.558,399
The following is a summary of Water and Sewer Fund
utility plant in service at September 30, 1982:
Land $ 1,033,321
Equipment 334,383
Water and sewer system 12,253,379
Less accumulated depreciation
13,621,083
3,050,079
$10.571,004
SUPPLEMENTARY INFORMATION
23
CITY OF EULESS, TEXAS
COMBINING BALANCE SHEET - CAPITAL PROJECTS FUNDS
September 30, 1982
ASSETS
Cash and short-term
investments
Due from other
governments
LIABILITIES AND
FUND EQUITY
Accounts payable
Fund balances
Street
Improvement
and Drainage
Fund
Public
Safety
Fund
Revenue
Sharing
Fund
Total
$318,333 $352,185 $ 74,302 $744,820
56,192 56,192
1318,333 $352.185 $130,494 $801.012
$
318,333
$318,333
$ - $ 5,724
352,185 124,770
$352,185 $130,494
$ 5,724
795,288
$801 , 012
24
CITY OF EULESS, TEXAS
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES - CAPITAL PROJECTS FUNDS
Year ended September 30, 1982
Street
Improvement Park and Public Revenue
and Drainage Recreation Safety Sharing
Fund Fund Fund Fund Total
Revenues:
Paving
assess-
ments $ 17,329 $ - - $ - $ 17,329
Federal
revenue
sharing 233,118 233,118
Other
revenues 8,871 8,871
Expenditures:
Capital
outlay
and main-
tenance
17,329 8,871 - 233,118 259,318
311,451
24,320 219,488 555,259
Excess
(deficiency)
of revenues
over expen-
ditures (294,122) 8,871 (24,320) 13,630 (295,941)
Fund balances,
beginning of
year 612,455 (53,181) 107,483 111,140 777,897
Equity trans-
fer from
General
Fund - 44,310 269,022 - 313,332
Fund balances,
end of year $ 318,333 $ - $352.185 $124,770 $ 795,288
25
CITY OF EULESS, TEXAS
COMPARATIVE BALANCE SHEET -
WATER AND SEWER ENTERPRISE FUND
September 30, 1982 and 1981
ASSETS
Current assets:
Cash and short-term investments
Accounts receivable, less allowance
for estimated uncollectable accounts
of $1,463 in 1982 and 1981
Unbilled water and sewer revenue
Accrued interest receivable
Total current assets
Restricted assets:
Revenue bond debt service:
Cash with paying agent
Revenue bond reserve:
Cash with paying agent
Investments with paying agent, at cost
Revenue bond contingency:
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
Water and sewer system
Less allowance for depreciation
Net utility plant in service
Capitalized water and sewer facility
contract rights less accumulated
amortization of $1,012,846 in 1982
and $796,941 in 1981
1982 1981 LIABILITIES AND FUND EQUITY
Current liabilities:
Payable from current assets:
Accounts payable $ 17,997 $
Due to other funds 7,058
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
$ 761,407 $ 755,489
321,570
211,189
86,869
1,381,035
79,388
16,739
261,191
100,000
413,962
561,847
189,452
11,439
1,634,018
1,033,321
334,383
12,253,379
13,621,083
3,050,079
10,571,004
205,267
212,508
51,656
1,224,920
79,388
8,447
266,213
100,000
423,288
620,357
169,272
5,384
1,672,349
1,013,291
320,780
11,309,652
12,643,723
2,671,750
9,971,973
8,851,276 5,819,738
$22.437.333 $18.688.980
1982
Total liabilities
Deferred revenue
Contributions:
From subdividers
From Environmental Protection Agency
From Trinity River Authority
Total contributions
Retained earnings:
Appropriated:
For revenue bond debt service,
next maturing
For revenue bond retirement
For contingency
Total appropriated
Unappropriated
Total fund equity
150,770
160,000
189,452
35,879
561,156
8,948,522
3,495,000
13,004,678
189,673
5,347,476
239,617
15,000
5,602,093
79,388
277,930
513,962
871,280
2,769,609
9,242,982
$22,437.333
1981
6,151
154,755
155,000
169,272
37,369
522,547
5,851,849
3,655,000
10,029,396
197,473
4,804,260
239,617
15,000
5,058,877
79,388
274,660
523,288
877,336
2,525,898
8,462,111
$18,688.980
26
CITY OF EULESS, TEXAS
COMPARATIVE SCHEDULE OF OPERATING EXPENSES -
WATER AND SEWER ENTERPRISE FUND
Years ended September 30, 1982 and 1981
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
Other
Water distribution:
Salaries and wages
Employee benefits
Operating supplies and expense
Maintenance of structures and equipment
Contractual services
Other
Sewage collection and treatment:
Salaries and wages
Employee benefits
Operating supplies and expense
Maintenance of structures and equipment
Contractual services
Treatment fees - Trinity River Authority
Other
1982 1981
$ 76,601 $ 74,315
10,556 11,283
14,425 11,910
10,944 3,635
20,185 16,143
11,183 5,320
143,894 122,606
109,530 92,746
20,630 20,409
3,466 2,282
5,860 42,308
257,154 707,457
5,968 7,454
402,608 872,656
170,220 133,898
33,204 29,417
5,811 5,463
34,314 33,398
1,607 8,998
892 369
246,048 211,543
116,237 107,692
23,158 21,717
3,952 3,444
6,386 9,479
2,449 6,545
245,056 277,732
4,011 3,394
401,249 430,003
27
CITY OF EULESS, TEXAS
COMPARATIVE SCHEDULE OF OPERATING EXPENSES -
WATER AND SEWER ENTERPRISE FUND
Years ended September 30, 1982 and 1981
(Continued)
Nondepartmental:
Employee benefits
Operating supplies and expense
Contractual services
Service center:
Salaries
Employee benefits
Motor fuel
Operating supplies and expense
Maintenance of structures and equipment
Other
1982
$ 333
255,489
21,019
276,841
52,304
7,994
143,423
6,198
77,384
118
287,421
1981
$ 623
161,143
19,332
181,098
Total operating expenses, excluding
depreciation and interest expense 11,758,061 $1,817,906
28
CITY OF EULESS, TEXAS
COMBINING BALANCE SHEET - ALL AGENCY FUNDS
September 30, 1982
ASSETS
Cash and short-term investments
Due from other funds
LIABILITIES AND FUND BALANCES
Liabilities:
Payroll related payables
Escrow deposits
Social
security
$42,010
44,115
$86,125
$86,125
Developers
escrow
$419,627
$419,627
$ 419,627
$86,125 $419,627
Total
$461 , 6 37
44,115
$505,752
$ 86,125
419,627
$505,752
29
CITY OF EULESS, TEXAS
COMBINING STATEMENT OF CHANGES IN
ASSETS AND LIABILITIES - ALL AGENCY FUNDS
Year ended September 30, 1982
SOCIAL SECURITY FUND
Assets
Cash and short-term investments
Due from other funds
Liabilities
Payroll related payables
ESCROW FUND
Assets
Cash and short-term investments
Due from other funds
Liabilities
Escrow deposits
TOTAL ALL AGENCY FUNDS
Assets
Cash and short-term investments
Due from other funds
Liabilities
Payroll related payables
Escrow deposits
Balance
September 30, 1981 Additions
$ 42,382
42.382
42,382
$306,550
5,296
$311,846
$311.846
$348,932
5,296
$354.228
$ 42,382
311,846
$354.228
$1,079,193
44,115
$1,123,308
$1,123,308
$1,928,964
$1,928,964
$1,928.964
$3,008,157
44,115
$3,052,272
$1,123,308
1,928,964
t3,052,272
Balance
Deductions September 30, 1982
$1,079,565
$1, 079. 565
$1815,887
5,296
$1821,183
$1, 821 ,183
$1', 079,565
1,821,183
$2,900.748
$ 42,010
44,115
$ 86,125
$ 86,125
419,627
$505,752
30
CITY OF EULESS, TEXAS
MISCELLANEOUS STATISTICAL FACTS
(Unaudited)
Date of incorporation
Date of adoption of Charter
Form of government:
Home Rule, Council -Manager
Mayor - elected at large
Five council members
February 24, 1953
July 21, 1962
Area 16.9 square miles
Population:
1960 census
1970 census
1980 census
4,236
19,316
24,000
Building permits issued:
Year ended September 30, 1982 741
Estimated cost $29,631,480
Full time City employees:
September 30, 1982 180
Police protection:
Number of stations 1
Number of certified officers 40
Fire protection:
Number of stations 2
Number of certified firefighters 33
Parks and recreation:
Number of swimming pools 3
Number of parks 8
Area of parks 122 acres
Community buildings 2
Library volumes 42,446
Education:
Elementary Schools 6
Junior High Schools 2
High School 1
31
CITY OF EULESS, TEXAS
MISCELLANEOUS STATISTICAL FACTS
(Unaudited)
(Continued)
City Water and Sewer service:
Water service:
Number of customers at September
Maximum daily capacity available
Trinity River Authority
Maximum daily capacity of City water
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
Street lights
Streets:
Improved
State highways
City's ten largest taxpayers:
Sotogrande Apartment Complex
Texas Power & Light Company
Southwestern Bell Telephone Company
Ector Square Apartments
Concord House Apartments,
Summit Square Apartments, and
Wilbert E. Wiley Properties
Teccor, Inc.
Paso Del Oeste Apartments
K Mart Discount Store
Burgundy Square Apartments
Euless Town Centre
30, 1982
from
wells
11,281
8,000,000 gallons
4,000,000 gallons
12,000,000 gallons
6,316,000 gallons
3,933,840 gallons
132 miles
480
3,400,000 gallons
10,947
118 miles
Type of business
Apartments
Utility
Utility
Apartments
Apartments
Manufacturer
Apartments
Retail
Apartments
Retail
493
102.7 miles
17.2 miles
- Assessed
valuation
$18,640,010
7,510,080
7,443,590
3,852,210
3,326,050
3,068,800
2,945,390
2,910,180
2,507,720
2,309,770
32
Fiscal
year
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
CITY OF EULESS, TEXAS
GENERAL GOVERNMENT REVENUE BY SOURCE
Last ten years
(Unaudited)
Taxes
$1,083,071
1,454,433
1,652,464
1,850,701
2,194,138
2,464,944
2,648,936
2,763,651
3,229,395
3,609,418
Licenses
and fees
$ 35,984
27,035
12,568
24,160
56,764
37,039
77, 331
119,383
187,263
191,551
Inter-
governmental
revenue
$ 66,925
62,974
131,636
35,556
41,205
118,649
129,516
126,671
206,722
312,553
Charges
for
services
$27,475
24,265
23,301
31,556
27,583
27,698
23,827
46,512
34,590
37,714
Miscel-
Fines laneous
$109,720
123,847
177,918
193,293
221,650
129,240
151,080
210,772
208,746
259,293
$ 57,000
89,196
102,820
105,850
136,185
195,110
200,111
291,721
443,065
375,297
33
Fiscal
year
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
CITY OF EULESS, TEXAS
GENERAL GOVERNMENT EXPENDITURES BY FUNCTION
Last ten years
(Unaudited)
General
government
$230,892
213,051
251,449
325,532
285,024
458,500
546,750
680,381
739,346
737,311
Public
safety
$ 552,889
885,793
954,961
1,130,743
1,180,345
1,235,608
1,327,831
1,539,987
1,734,324
2,285,229
Culture - Debt
Streets recreation service Other*
$107,415
146,882
159,446
166,229
177,625
201,074
256,149
266,714
255,642
332,829
$193,761
280,161
329,427
373,960
367,944
422,526
453,046
545,733
530,593
644,703
$162,134 $
310,557
236,558
455,388
346,079
335,448
339,687
430,350
427,658
429,364
289,670
325,618
350,478
395,736
418,557
458,351
* Beginning in 1977 certain expenditures classified as nondepart-
mental have been reported under "other" and were previously
allocated or charged directly to the several functions listed
above.
34
CITY OF EULESS, TEXAS
PROPERTY TAX RATES PER $100 OF ASSESSED VALUE
Last nine years
(Unaudited)
Fiscal year
Junior
City School County State Hospital college Total
1974 $.85 $1.76 $.86 $.17 $.75 $.40 $4.79
1975 .85 1.76 .86 .12 .75 .40 4.74
1976 .85 1.80 .95 .12 .65 .40 4.77
1977 .94 1.76 .95 .10 .60 .40 4.75
1978 .94 1.76 .95 .10 .56 .38 4.69
1979 .94 1.76 .95 .10 .56 .36 4.67
1980 .94 1.76 .95 .10 .56 .35 4.66
1981 .70 1.24 .285 .31 .95 3.49
1982 .70 1.24 .2041 .168 .782 3.09
NOTES:
(1) General property taxes for cities are limited by the Texas
Constitution to $2.50 per $100 of assessed valuation.
(2) City general property taxes are due each year on October 1
and become delinquent on February 1 each year. Penalties
are assessed on late payments ranging from 1% after
February 1 to 8% after July 1. Interest is charged on
late payments at the rate of 1/2 of 1% for each month's
delinquency. There are no discounts.
(3) The City's taxes are collected by the Hurst -Euless -Bedford
Independent School District and are distributed to the
City as collected.
35
Fiscal year
1974
1975
1976
1977
1978
1979
1980
1981
1982
CITY OF EULESS, TEXAS
PROPERTY TAX LEVIES AND COLLECTIONS
Last nine years
(Unaudited)
Total tax
levy
$1,173,599
1,237,576
1,285,139
1,604,752
1,630,303
1,670,397
1,683,564
1,966,178
2,133,114
Current tax
collections
$1,070,877
1,136,105
1,179,161
1,456,507
1,507,458
1,583,829
1,598,304
1,889,920
2,045,992
Percent
of levy
collected
91 .25%
91.80
91.75
90.76
92.46
94.82
94.94
96.12
95.92
Delinquent
tax
collections
$10,072
51,805
97,107
48,244
90,383
171,253
93,789
101,408
71,417
Total tax
collections
$1,080,949
1,187,910
1,276,268
1,504,751
1,597,841
1,755,082
1,692,093
1,991,328
2,117,409
Percent of
total tax
collections
to tax levy
92.11%
95.99
99.31
93.77
98.01
104.70
100.51
101.28
99.26
Outstanding
delinquent
taxes at
year end
$141,492
190,509
188,043
283,394
306,769
222,084
213,555
188,405
202,081
Percent of
delinquent
taxes to
tax levy
12.07%
15.39
14.63
17.66
18.82
13.30
12.68
9.58
9.47
36
CITY OF EULESS, TEXAS
ASSESSED AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY
Last nine years
(Unaudited)
Fiscal
year
1974
1975
1976
1977
1978
1979
1980
1981
1982
Real property
Assessed
value
$126,976,300
131,038,410
133,439,320
152,478,400
149,618,690
153,414,790
158,125,200
248,902,180
265,109,240
Estimated
actual value
$195,348,154
201,597,554
205,291,262
234,582,154
230,182,600
236,022,754
243,269,538
248,902,180
265,109,240
Personal
Assessed
value
$11,092,460
14,556,950
17,751,780
18,239,900
22,275,660
24,286,990
20,977,300
31,980,350
39,621,390
property
Estimated
actual value
$17,065,323
22,395,308
27,310,430
28,061,384
34,270,246
37,364,600
32,272,769
31,980,350
39,621,390
Total
Assessed
value
$138,068,760
145,595,360
151,191,100
170,718,300
171,894,350
177,701,780
179,102,500
280,882,530
304,730,630
Estimated
actual value
$212,413,477
223,992,862
232,601,692
262,643,538
264,452,846
273,387,354
275,542,307
280,882,530
304,730,630
Ratio of total assessed
to total estimated
actual value
65%
65
65
65
65
65
65
100
100
37
Fiscal
year
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
CITY OF EULESS, TEXAS
DEBT SERVICE REQUIREMENTS TO MATURITY -
GENERAL OBLIGATION BONDS
(Unaudited)
Principal
$ 165,000
195,000
205,000
215,000
225,000
230,000
240,000
245,000
255,000
275,000
305,000
335,000
335,000
340,000
345,000
245,000
270,000
170,000
75,000
75,000
80,000
80,000
80,000
85,000
$5.070.000
Interest
$ 264,417
254,938
243,502
231,693
219,763
208,101
195,983
183,592
170,726
156,777
141,991
124,404
105,685
86,950
68,785
53,715
41,085
26,955
21,525
18,600
15,113
11,392
7,673
3,952
12,857,317
Total
429,417
449,938
448,502
446,693
444,763
438,101
435,983
428,592
425,726
431,777
446,991
459,404
440,685
426,950
413,785
298,715
311,085
196,955
96,525
93,600
95,113
91,392
87,673
88,952
17,927,317
38
Fiscal
year
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
CITY OF EULESS, TEXAS
DEBT SERVICE REQUIREMENTS TO MATURITY -
WATER AND SEWER REVENUE BONDS
(Unaudited)
Principal Interest
$ 160,000
165,000
175,000
180,000
200,000
205,000
210,000
220,000
165,000
135,000
120,000
35,000
130,000
135,000
145,.000
150,000
120,000
160,000
170,000
240,000
190,000
120,000
125,000
$3.655.000
$ 170,075
162,700
154,960
146,725
138,175
128,525
118,650
108,450
97,800
88,875
82,800
77,400
75,825
69,975
63,900
57,375
50,625
45,225
38,025
30,375
19,575
11,025
5,625
$1.942.685
Total
$ 330,075
327,700
329,960
326,725
338,175
333,525
328,650
328,450
262,800
223,875
202,800
112,400
205,825
204,975
208,900
207,375
170,625
205,225
208,025
270,375
209,575
131,025
1307625
$5.597.685
39
CITY OF EULESS, TEXAS
RATIO OF ANNUAL DEBT SERVICE EXPENDITURES FOR
GENERAL BONDED DEBT TO TOTAL GENERAL EXPENDITURES
Last nine years
(Unaudited)
Fiscal
year Principal
1974 $155,000
1975 70,000
1976 220,000
1977 105,000
1978 110,000
1979 110,000
1980 140,000
1981 145,000
1982 155,000
Interest
$155,557
166,558
235,388
241,079
235,448
229,249
289,638
281,839
273,485
Total debt
service
$310,557
236,558
455,388
346,079
345,448
339,249
429,638
426,839
428,485
Total
general
expenditures
$1,525,887
1,695,283
1,996,464
2,300,608
2,988,774
3,273,938
3,858,901
4,106,120
4,887,787
Ratio of
debt service
to general
expenditures
(percent)
20.35%
13.95
22.81
15.04
11.56
10.38
11.15
10.40
8.77
40
CITY OF EULESS, TEXAS
COMPUTATION OF DIRECT AND OVERLAPPING DEBT
September 30, 1982
(Unaudited)
Jurisdiction
City of Euless
Grapevine Independent
School District
Hurst -Euless -Bedford
Independent School District
Tarrant County
Tarrant County Junior
College District
Total direct and
overlapping debt
Percent
applicable
Net debt to City of
outstanding Euless
$ 4,898,605
12,994,000
23,411,000
21,271,073
11,622,117
100.00
9.04
25.64
5.04
5.04
Amount
applicable
to City of
Euless
$ 4,898,605
1,174,658
6,002,580
1,072,062
585,754
$13.733,659
41
CITY OF EULESS, TEXAS
WATER AND SEWER REVENUE BOND COVERAGE
Last Two Years
(Unaudited)
Net accrual revenue:
Operating revenue
Investment income
Operating expenses excluding depreciation
and amortization:
Contract charges by Trinity River
Authority for water and sewer
facility:
Operations and maintenance
Debt service
Other
Net accrual revenue available for debt
service
Reconciliation to net income:
Net income
Add (deduct):
Amortization of water and sewer
facility contracts
Depreciation
Interest on revenue bonds
Transfers to General Fund
Principal portion of payments on water
and sewer facility contracts
Net accrual revenue available for debt
service
Annual debt service on outstanding bonds:
Maximum any year
Average all years
Revenue bond coverage:
Maximum (times debt service)
Average (times debt service)
1982
$3,299,067
311,515
3,610,582
502,210
799,738
1,255,851
2,557,799
$1.052,783
$ 237,655
215,905
378,329
175,649
200,000
(154,755)
$1.052.783
1981
$3,126,861
125,688
3,252,549
985,189
471,521
832,717
2,289,427
$ 963.122
$ 289,291
132,334
301,630
182,394
200,000
(142,527)
963.122
$ 338,175 $ 338,175
243,378 247,076
3.11
4.33
2.85
3.90
42
CITY OF EULESS, TEXAS
RATIO OF NET GENERAL BONDED DEBT TO ASSESSED VALUE
Fiscal year
1974
1975
1976
1977
1978
1979
1980
1981
1982
AND NET BONDED DEBT PER CAPITA
Last nine years
(Unaudited)
Population*
19,700
21,500
21,900
22,450
22,900
23,450
24,000
26,250
26,100
Assessed
value
$138,068,760
145,595,360
151,191,100
170,718,300
171,894,350
177,701,780
179,102,500
280,882,530
304,730,630
Gross
bonded
debt
$3,625,000
3,555,000
4,735,000
4,630,000
4,520,000
5,510,000
5,370,000
5,225,000
5,070,000
Less debt Net bonded
service funds debt
$285,211 $3,339,789
237,135 3,317,865
136,255 4,598,745
143,138 4,486,862
170,049 4,349,951
201,177 5,308,823
156,522 5,213,478
173,872 5,051,128
171,395 4,898,605
Ratio of
assessed
value to net
bonded debt
41.34
43.88
32.88
38.05
39.52
33.47
34.35
55.61
62.21
* Estimates by North Central Texas Council of Governments as adjusted for 1980 census data.
Net bonded
debt
per capita
$169.53
154.32
209.99
199.86
189.95
226.39
217.23
192.42
187.68