HomeMy WebLinkAboutFY 1983 Financial Statements and Statistical Information - AuditCITY OF EULESS, TEXAS
FINANCIAL STATEMENTS
AND STATISTICAL INFORMATION
YEAR ENDED SEPTEMBER 30, 1983
with
REPORT OF CERTIFIED PUBLIC ACCOUNTANTS
OFFICIAL COPY
11
DO NOT REMOVE FROM CITY SECRETARY'S
OFFICE
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
3-4
Statement of revenues - budget and actual -
General Fund 5-6
Statement of expenditures - budget and
actual - General Fund 7
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
8
9-10
Notes to financial statements 11-22
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
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 I 40
Water and sewer revenue bond coverage 41
Ratio of net general bonded debt to assessed
value and net bonded debt per capita 42
PHONE (817) 283.5381 • 201 N. ECTOR DRIVE • EULESS, TEXAS 76039
rtr"le p
tteeys
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, 1983 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 $5,684,314 in 1983, an increase of 18.77 percent
over 1982. General property taxes produced 45.45 percent of
general revenue compared to 44.24 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
$2,583,353
851,786
885,014
379,549
200,793
309,775
288,355
185,689
$5 684 ; 314
Percent
of total
45.45
14.98
15.57
6.68
3.53
5.45
5.07
3.27
100.00
Increase
(decrease)
from 1982
$465 , 944
168,036
76,755
187,998
(58,500)
(6,259)
(24,198)
88,712
$8981.488
EULESS MY CHOICE, YOUR OPPORTUNITY
Mr. W. M. Sustaire
Page 2
In addition
ferred from
transferred
to the above general revenue, $200,000 was trans -
the Water and Sewer Enterprise Fund and $40,000
from the Special Revenue Fund to the General Fund.
Expenditures for general governmental purposes and general debt
service totaled $5,086,797 an increase of 4.07 percent over
1982. 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
$ 741,825
2,447,377
323,104
193,297
474,557
165,000
260,799
480,838
$5.086.797
Percent
of total
14.59
48.11
6.35
3.80
9.33
3.24
5.13
9.45
100.00
Increase
(decrease)
from 1982
$ 4,514
162,148
(9,725)
12, 502
10,649
10,000
(13,565)
22, 487
$199.010
General Obligation Bonds, Series 1983, dated May 1, 1983 total-
ing $615,000 were issued during the year.
Cash Management.
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, 1983, the general fixed assets of the City
amounted to $18,621,156. 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:
1983 1982
Net income $ 221,039 $ 237,655
Add (deduct):
Amortization,of capitalized
water and sewer facility
contract rights
Depreciation
Interest on revenue bonds
Transfers to other funds
Principal portion of payments
on water and sewer facility
contracts
231,965 215,905
407,834 378,329
251,227 175,649
259,410 200,000
(130,589) (154,755)
Net revenue available for debt
service $1,240,886 $1,052,783
Average annual debt service $ 529,019 $243,378
Coverage 2.35 times 4.33 times
During the year, $3,000,000 of Water and Sewer Revenue Bonds
were issued and $160,000 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,
jrtejZ �iryozA-
"James R. Hickerson
Director of Finance
ARTHUR YOUNG & COMPANY
2200 TEXAS AMEFiICAN BANK 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, 1983, 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, 1983, 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.
Our 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
&HT
Youme
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.
November 10, 1983
t4s7d-7
CITY OF EULESS, TEXAS
COMBINED BALANCE SHEET - ALL FUND TYPES AND ACCOUNT GROUPS
September 30, 1983
ASSETS
Cash and short-term investments
Receivables:
Delinquent taxes, net of allowance
for doubtful collections of
$134,616
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 and sewer facility
contract rights less accumulated
amortization of $1,244,811 (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
$1,877,080 $235,147
89,402
155,208
41,000
7,543
22,351
2,928
Capital
Projects
$908,934
46,524
Special
Revenue
$ 84,024
40,453
Proprietary
fund types
Water and
Sewer
Enterprise
$ 1,090,936
476,758
233,144
4,712,232
11,785,082
8,828,134
Fiduciary
fund types
Account groups
General General
fixed long-term
Agency assets debt
$1,353,502
64,512
18,621,156
$2,170,233 $260,426 $955,458 $124,477 $27,126,286 $1,418,014 $18,621,156
260,426
5,259,574
$5 , 520 , 000
Total
(memorandum
only)
5,549,623
111,753
631,966
233,144
148,893
46,524
7,543
4,712,232
18,621,156
11,785,082
8,828,134
260,426
5,259,574
$56,196,050
CITY OF EULESS, TEXAS
COMBINED BALANCE SHEET - ALL FUND TYPES AND ACCOUNT GROUPS
September 30, 1983
(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:
Reserved:
For recreation equipment
For inventory
Unreserved:
Designated for:
Equipment replacement
Contingency
Emergency
Undesignated
Retained earnings:
Appropriated for debt service
(Notes 3 and 4)
Unappropriated:
Designated for equipment
Undesignated
Total fund equity
General
Governmental fund types
Proprietary
fund types
Water and
Fiduciary
fund types
Debt Capital Special Sewer
Service Projects Revenue Enterprise Agency
$ 110,702 $ - $ 10,315 $ 4,375 $
113,030
56,974
89,402
370,108
28,633
7,543
10,315
41,000
45,375
300,000
540,962
300,000
622,987 260,426 945,143 79,102
1,800,125 260,426 945,143
$2,170,233 $260.426 4955,458
See notes to financial statements.
79,102
10,527
21,838
282,867
92,114
50,919
9,177,525
6,495,000
181,873
16,312,663
6,951,695
872,097
$ 13,552
98,191
1,306,271
1,418,014
Account
General
fixed
assets
groups
General
long-term
debt
5,520,000
5,520,000
18,621,156
292,000
2,697,831
10,813,623 - 18,621,156
$124,477 $27,126,286 $1,418.014 $18,621,156 $5,520,000
Total
(memorandum
only)
$ 149,471
233,059
1,589,138
92,114
148,893
9,177,525
12,015,000
271,275
23,676,475
18,621,156
6,951,695
28,633
7,543
300,000
540,962
300,000
1,907,658
872,097
292,000
2,697,831
32,519,575
$56�196.050
CITY OF EULESS, TEXAS
COMBINED STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES - ALL GOVERNMENTAL FUND TYPES
Year ended September 30, 1983
Revenues:
General property tax
Gross receipts tax
General sales tax
Licenses and permits
Fines and fees
Interest income
Federal revenue sharing
Intergovernmental
Other revenues
Total revenues
Expenditures:
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
General
Governmental fund types
Debt
Service
$2,068,523 $514,830
851,786
885,014
379,549
200,793
309 ,775
288,355
185,689
5,169,484
15,498
173,151
26,795
1,271,981
80,078
1,017,571
323,104
77,747
133,950
193,297
136,176
306,079
32,302
125,475
109,127
82,369
72,514
480,838
Capital Special
Projects Revenue
6,000
186,429
1,239
73,104
50,409
123,513
28,138
Total
(memorandum
only)
$2,583,353
924,890
885,014
379,549
200,793
315,775
186,429
288,355
237,337
6,001,495
15,498
173,151
26,795
1,271,981
80,078
1,017,571
323,104
77,747
162,088
193,297
136,176
306,079
32,302
125,475
109,127
82,369
72,514
480,838
CITY OF EULESS, TEXAS
COMBINED STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES - ALL GOVERNMENTAL FUND TYPES
Year ended September 30, 1983
(Continued)
Expenditures (continued):
Debt service:
Principal retirement
Interest and service charges
Capital outlay and maintenance
Insurance
Total expenditures
Excess (deficiency) of revenues
over expenditures
Other financing sources:
Sale of general obligation bonds
Net operating transfers in
Total other financing
Excess of revenues and other
financing sources over
expenditures
Unreserved fund balances,
beginning of year
Increase in reserves
Unreserved fund balances,
end of year
sources
Governmental fund types
Debt Capital
General Service Projects
- $165,000
260,799
2,946
662,742
4,6601998 425799 662,742
508,486 89,031 (469,074)
134,890
134,890
615,000
3,929
Total
Special (memorandum
Revenue only)
211,000
239,138
(115,625)
120.591
618,929 120,591
643,376 89,031 149,855
1,113,673 171,395 795,288
6,900 - -
,$1„763,949 $260,426 945,143
See notes to financial statements,
4,966
165,000
260,799
665,688
211,000
5,988,677
74,136 2
79,102
12,818
615,000
259,410
874,410
887,228
154 .492
6,900
$3,048,620
f "
5
CITY OF EULESS, TEXAS
STATEMENT OF REVENUES - BUDGET AND ACTUAL -
Year ended September 30, 1983
General property tax:
Current and delinquent
Penalty and interest
Gross receipts tax:
Southwestern Bell Telephone
Company
Texas Power and Light
Company
Lone Star Gas 'Company
Tarrant County Waste
Disposal
Others
Actual
taxes $2,050,452
18,071
General sales tax
Licenses and permits:
Building permits
Street inspections
Miscellaneous permits
Electric licenses
Fines and, fees:
Corporation Court fines
Dog pound fees
2,068,523
217,362
399,219
128,729
18,118
88,358
851,786
885,014
302,838
55,277
12,006
9,428
379,549
193,268
7,525
200,793
GENERAL FUND
Variance
favorable
Budget (unfavorable)
$1,865,708
20,000
1,885,708
183,000
334,000
88,000
15,000
60,000
680,000
710,000
84,300
20,000
4,200
6,000
$184,744
(1,929)
182,815
34,362
65,219
40,729
3,118
28,358'
171 786
175,014
218,538
35,277
7,806
3,428
114,500 265 049
230,000
5,500
235,500
(36,732)
2,025
(34,707)
CITY OF EULESS, TEXAS
STATEMENT OF REVENUES - BUDGET AND ACTUAL - GENERAL FUND
Year ended September 30, 1983
(Continued)
Interest income
Intergovernmental
Other revenues:
Library receipts
Tarrant County Library
contribution
Rental income
Miscellaneous income
Texas Court cost
service fee
Swimming pools
Actual
$ 309,775
288,355
8,252
7,089
10,338
140,347
3,773
15,890
185.689
$5,1691484
Budget
5.000
7,161
9,000
26,000
3,000
20,000
70,161
$4 , 228.98,3
See notes to financial statements.
6
Variance
favorable
(unfavorable)
$ 9,775
55,241
3,252
(72)
1,338
,114,347
773
(4,110)
115,528
$940,501
7
CITY OF EULESS, TEXAS
STATEMENT OF EXPENDITURES - BUDGET AND ACTUAL - GENERAL FUND
Year ended September 30, 1983
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
15,498
173,151
26,795
1,271,981
80,078
1,017,571
323,104
77,747
133,950
193,297
136,176
306,079
32,302
125,475
109,127
82,369
72,514
480,838
946
$4,660,998
Budget
$ 15,500
175,358
26,991
1,342,796
86,842
1,086,233
365,274
87,990
160,110
220,352
168 ,650
334,445
49,995
164,440
117,431
91,491
$5,360,965
See notes to financial statements.
Variance
favorable
(unfavorable)
$ 2
2,207
196
70,815
6,764
68,662
42,169
10,243
26,160
27,055
32,474
28,367
17,693
38 ,965
8,304
9,122
(7;2,514)
386,229
(2,946)
$699 , 967
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, 1983
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 639,171 890,398
Income before operating transfers 480,449
Operating transfers to other funds 259,410
Net income 221,039
Increase in appropriated retained earnings (817)
Unappropriated retained earnings, beginning
of year 2,769,609
Unappropriated retained earnings, end of year $219891831
$2,056,379
1,521,111
89,677
144,530
811,697
See notes to financial statements.
$231,965
407,834
251,227
3,
2 ,128', 010
683.687
1
639,799
1,043,888
326,959
CITY OF EULESS, TEXAS
STATEMENT OF CHANGES IN FINANCIAL POSITION -
ALL PROPRIETARY FUND TYPES -
WATER AND SEWER ENTERPRISE FUND
Year ended September 30, 1983
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
Increase in revenue bonds payable
Contributions in aid to construction
Increase in obligations under capitalized
water and sewer facility contract rights
1' 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)
Increase in restricted assets
Reduction in revenue bonds payable
Total applications of working capital
Increase in working capital
I 1
3 t_3-1
9
$ 221,039
407,834
231,965
(7,800)
853 038
3,000 000
1,349,602
229,003
431 643
208,823
1,621,912
201,678
3,078,214
165,000
5,275,627
1 156,016
L A
iJ
CITY OF EULESS, TEXAS
STATEMENT OF CHANGES IN FINANCIAL POSITION -
ALL PROPRIETARY FUND TYPES -
WATER AND SEWER ENTERPRISE FUND
Year ended September 30, 1983
(Continued)
Changes in components of working capital:
Increase (decrease) in current assets:
Cash and short-term investments
Accounts receivable
Unbilled water and sewer revenue
Accrued interest receivable
Increase (decrease) in current liabilities:
Accounts payable
Customer deposits
Accrued interest
Due to other funds
Current portion of obligations under
capitalized water and sewer facility
contract rights
Current portion of revenue bonds, payable
10
329,529
47,331
21,955
20,988
419,803
14,368
93,415
56,235
43,861
50,908
5,000
263,787
Increase in working capital 156,016
See notes to financial statements.
11
CITY OF EULESS, TEXAS
NOTES TO FINANCIAL STATEMENTS
September 30, 1983
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.
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.
Revenues and expenditures of the federal revenue sharing
program are accounted for in this fund.
12
CITY OF EULESS, TEXAS
NOTES TO FINANCIAL STATEMENTS
September 30, 1983
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, 1983
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 fo'r 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
CITY OF EULESS, TEXAS
NOTES TO FINANCIAL STATEMENTS
September 30, 1983
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
assessed valuation. The City's current
assessed valuation and assessed
valuation is approximately 100% of estimated actual value.
The City's annual budget for the Gener
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, 1983
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 $169,700 and $32,300 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
16
CITY OF EULESS, TEXAS
NOTES TO FINANCIAL STATEMENTS
September 30, 1983
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
accumulated vacation
upon termination. Accrued vacation pay
is insignificant and is not
does not pay employees for
termination.
RESERVES
recorded by the City. The City
accumulated sick leave upon
Certain assets that are not available spendable
resources of
accounts.
TOTAL COLUMN ON COMBINED STATEMENTS
The total columns 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.
. 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.
the City are offset by fund balance reserve
17
CITY OF EULESS, TEXAS
NOTES TO FINANCIAL STATEMENTS
September 30, 1983
BONDS PAYABLE
Bonded debt outstanding at September 30, 1983,
consists of the following:
Range of Unpaid
interest balance at Current Long-term
rates 9-30-83 maturities maturities
General obligation
bonds 3.6 to 10.75% $ 5,520,000 $195,000 $ 5,325,000
Water and Sewer
Revenue Bonds 4.5 to 10.75% 6,495,000 165,000 6,330,000`
112,0151000'; $360,000 111,655,000
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
bond maturities for the next five years is as follows:
General
Obligation Water and Sewer
Bonds Revenue Bonds Total
1984 $ 504', 558 $ 640,'323 $ 1,144,881
1985 528,122 672,923 1,201,045
1986 523,625 661,625 1,185,250
1987 519,008 665,012 1,184,020
1988 514,660 677,300 1,193,735
Thereafter 6,047,857 8,321,225 14,367,307
8,637,830 11,638,408 20,276,238
Less interest 3,117,830 5,143,408 8,261,238
Principal $, 520,000 6,495,000 $12,015,000
18
CITY OF EULESS, TEXAS
NOTES TO FINANCIAL STATEMENTS
September 30, 1983
. BONDS PAYABLE (co
General obligation bonds authorized and unissued
as of September 30, 1983, amounted to $3,730,000. Wate
and Sewer Revenue Bonds authorized and unissued as of
September 30, 1983, amounted to $4,700,000.
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
used for retirement of the current
cipal and interest payments due.
service
portion
- to be
of prin-
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, 1983
• BONDS PAYABLE (continued)
All requirements for funding of the above
were met at September 30, 1983.
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.
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 percent 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
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
reserves
percent of the requirement on the amount of bonds then
outstanding. As of September 30, 1983, the balance in the
property sales proceeds account was $413,962.
20
CITY OF EULESS, TEXAS
NOTES TO FINANCIAL STATEMENTS
September 30, 1983
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 41 years to share in the costs of operations, mainte-
nance and debt service of the Authority. Payments under
these contracts approximated $1,571,000 in 1983. 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,
1983:
21
CITY OF EULESS, TEXAS
NOTES TO FINANCIAL STATEMENTS
September 30, 1983
5. WATER AND SEWER FACILITY CONTRACT RIGHTS (continued)
Year ending September 30:
1984 $ 956,003
1985 940,503
1986 949,790
1987 944,745
1988 957,368
Thereafter 15,339,888
Less amount representing interest
20,088,297
10,910,772
Present value of minimum
requirements p 9.177,525
6. FIXED ASSETS
The following is a summary of changes in general
fixed assets by source:
Improvements Machinery
Land and other than' and
Total buildings buildings equipment
Balance, beginning of
year $15,838,940 $2,629,844 $11,650,697 ,$1,558,399
Add:
Expenditures from
bond funds 394,476 333,860 42,291 18,325
Expenditures from
current revenue 64,049 789 31,988 31,272
Expenditures from
revenue sharing 232,228 232,228
Expenditures from
developers'
contributions 2,123,499 2,123,499
Expenditures from
general fund 6,875 2,946 3,929
Total additions 2,821,127 337,595 2,197,778 285,754
CITY OF EULESS, TEXAS
NOTES TO FINANCIAL STATEMENTS
September 30, 1983
6. FIXED ASSETS (continued)
22
Improvements Machinery
Land and other than and
Total buildings buildings equipment
Deduct:
Disposals of fixed
assets $ 38,911 $ - $ - $ 38,911
Balance, end of year $18,621,156 $2,967,439 $13,848,475 $1,805,242
The following is a summary of Water and Sewer Fund
utility plant in service at September 30, 1983:
Land $ 1,033,321
Equipment 389,836
Water and sewer system 13,819,838
Less accumulated depreciation
15,242,995
3,457,913
$11,785,082
7. SERVICE CENTER
The Water and Sewer Enterprise Fund bears the
cost of operations of the City's service center ($275,345 in
1983) which includes costs attributable to other operations
of the City; however, the Fund is not charged for the use of
certain city facilities.
SUPPLEMENTARY INFORMATION SECTION
CITY OF EULESS, TEXAS
COMBINING BALANCE SHEET - CAPITAL PROJECTS FUNDS
September 30, 1983
ASSETS
Cash and short-term investments
Due from other governments
LIABILITIES AND FUND EQUITY
Accounts payable
Fund balances
Street
Improvement
and Drainage
Fund
$877,479
$877,479
877'.479
$877,479
Revenue
Sharing
Fund
$31,455
46,524
177,979
23
Total
$908,934
46,524
$955,458
$10,315 $ 10,315
67,664 945,143
$77,979 $955.458
24
CITY OF EULESS, TEXAS
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES - CAPITAL PROJECTS FUNDS
Year ended September 30, 1983
Revenues:
Federal revenue
sharing
Other revenues
Expenditures:
Capital outlay and
maintenance
Excess (deficiency)
of revenues over
expenditures
Other financing sources:
Sale of general obli-
gation bonds
Net operating
transfers in
Total other
financing
sources
Excess (deficiency) of
revenues and other
financing sources
over expenditures
Fund balances, begin-
ning of year
Fund balances, end of
year
Street
Improvement
and Drainage
Fund
1,239
1,239
57,093
(55,854)
615,000
615,000
Public
Safety
Fund
559,146
318,333
$877, 479 $
Revenue
Sharing
Fund
- $186,429
6,000
- 192,429
356,114 249,535
Total
$ 186,429
7,239
193,668
662,742
(356,114) (57,106) (469,074)
3,929
3,929
- 615,000
3,929
618,929
(352,185) (57,106) 149,855
352,185 124,770
- $ 67,664
795,288
945,143
CITY OF EULESS, TEXAS
COMPARATIVE BALANCE SHEET -
WATER AND SEWER ENTERPRISE FUND
September 30, 1983 and 1982
ASSETS
Current assets:
Cash and short-term investments
Accounts receivable, less allowance
for estimated uncollectible accounts
of $1,463 in 1983 and 1982
Unbilled water and sewer revenue
Accrued interest receivable
Total current assets
Restricted assets:
Revenue bond debt service:
Cash with paying agent
Revenue bond retirement:
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 $1,244,811 in 1983
and $1,012,846 in 1982
1983
$ 1,090,936 $
368,901
233,144
107,857
25
1982
761,407
321,570
211,189
86,869
1,800,838 1,381,035
79,388
17,556
261,191
100,000
413,962
3,545,835
282,861
11,439
4,712,232
1,033,321
389,836
13,819,838
15,242,995
3,457,913
11,785,082
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
8,828,134 8,851,276
$27,126,286 $22,437,333_
LIABILITIES AND FUND EQUITY
Current liabilities:
Payable from current assets:
Accounts payable
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
Customer deposits
Accrued interest
Total current liabilities
Obligations under capitalized water
sewer facility contract rights
Revenue bonds payable
Total liabilities
Deferred revenue
Fund equity:
Contributions:
From subdividers
From Environmental
From Trinity River
assets:
Protection Agency
Authority
Total contributions
Retained earnings:.
Appropriated:
For revenue bond
next maturing
For revenue bond retirement
For contingency
Total appropriated
Unappropriated:
Designated for equipment
Undesignated
Total unappropriated
Total fund equity
debt service,
1983
32,365
50,919
201,678
6,697,078
239,617
15,000
6,951,695
79,388
278,747
5131962
872,097
292,000
2,697,831
2,989,831
_10,813,623
$27 ,126 , 286
1982
17,997
7,058
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
2,769,609
9,242,982
$22 , 437 , 333
CITY OF EULESS, TEXAS
COMPARATIVE SCHEDULE OF OPERATING EXPENSES -
WATER AND SEWER ENTERPRISE FUND
Years ended September 30, 1983 and 1982
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
1983
$ 92,365
16,629
15,649
12,608
19,723
12,935
26
1982
$ 76,601
10,556
14,425
10,944
20,185
11,183
169,909 143,894
106,793
23,229
3,100
31,109
431,659
7,448
603,338
165,305
35,874
7,704
45,740
3,457
834
109,530
20,630
3,466
5,860
257,154
5,968,
402,608
170,220
33,204
5,811
34,314
1,607
892
258,914 246,048
126,049
29,111
4,468
8,245
1,724
369,533
3,823
116,237
23,158
3,952
6,386
2,449
245,056
4,011
542,953 401,249
CITY OF EULESS, TEXAS
COMPARATIVE SCHEDULE OF OPERATING EXPENSES -
WATER AND SEWER ENTERPRISE FUND
Years ended September 30, 1983 and 1982
(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
1983
1982
27
$ 1,412 $ 333
247,564 255,489
28,575 21,019
277,551 276,841
60,058
9,961
95,223
16,067
93,426
610
52,304
7,994
143,423
6,198
77,384
118
275,345 287,421
Total operating expenses, excluding
depreciation and interest expense $2,128,010 $1,158,061
CITY OF EULESS, TEXAS
COMBINING BALANCE SHEET - ALL AGENCY FUNDS
September 30, 1983
ASSETS
Cash and short-term investments
Due from other funds
LIABILITIES
Payroll related payables
Escrow deposits
Social
security
$ 47,231
64,512
$111� 743
Developers
escrow
$1,306,271
$1,306,271
28
Total
$1,353,502
64,512
$1 , 4181014
$111,743 $ - $ 111,743
1,306,271 1,306,271
$111,743 $1,306,271 $1,418,014
CITY OF EULESS, TEXAS
COMBINING STATEMENT OF CHANGES IN
ASSETS AND LIABILITIES - ALL AGENCY FUNDS
Year ended September 30, 1983
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
Liabilities
Escrow deposits
TOTAL ALL AGENCY FUNDS
Assets
Cash and short-term investments
Due from other funds
Liabilities
Payroll related payables
Escrow deposits
29
Balance
September 30, 1982 Additions
$ 42,010
44,115
$ 86,125
1461,637
44,115
1505 1752
$ 86,125
419,627
$505,752
Balance
Deductions September 30, 1983
$1,140,595 $1,135,374
20,397
$1,160,992 $1,135;374
$4,410,135 $3,523,491
$4,410,135 $3,523,491
$5,550,730 $4,658,865
20,397
15,571,127 $4,658,865
$1,160,992
4,410,135
$5,571,127
$1,135,374
3,523,491
$4.658.865
47,231
64,512
111,743
$1,306,271
$1,353,502
64,512
$1,418,014
$ 111,743
17306,271
$1,418,014
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
30
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, 1983 1,178
Estimated cost $66,419,093
Full time City employees:
September 30, 1983 188
Police protection:
Number of stations 1
Number of certified officers 40
Fire protection:
Number of stations 3
Number of certified firefighters 34
Parks and recreation:
Number of swimming pools 3
Number of parks 8
Area of parks 122 acres
Community buildings 2
Library volumes 43,084
Education:
Elementary Schools 6
Junior High Schools 2
High School 1
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
Streets:
Improved
State highways
City's ten largest taxpayers:
Sotogrande Apartment Complex
Southwestern Bell Telephone Company
Texas Power & Light Company
Euless Town Centre
Ector Square Apartments
Country 'Villa Apartments
K Mart Store
J. I. Case Co.
Western Village Apartments
Teccor, Inc.
30, 1983
from
wells
31
12,119
8,000,000 gallons
4,000,000 gallons
12,000,000 gallons
8,906,000 gallons
3,648,850 gallons
142 miles
532
2,715,100 gallons
11,751
118 miles
Type of business
Apartments
Utility
Utility
Retail
Apartments
Apartments
Retail
Equipment
Apartments
Manufacturer
112.7 miles
17.2 miles
Assessed
valuation
$21,641,991
10,009,497
7, 906, 0,05
5,269,521
4,430,041
' 3,387,198
3,344,699
2,894,175
2,883,878
2,374,623
Fiscal
year
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
CITY OF EULESS, TEXAS
GENERAL GOVERNMENT REVENUE BY SOURCE
Last ten years
(Unaudited)
Taxes
$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
4,320,153
Licenses
and fees
$ 27,035
12,568
24,160
56,764
37,039,
77,331
119,383
187,263
191,551
379,549
Inter- Charges
governmental for
revenue services
$ 62,974
131,636
35,556
41,205
118,649
'129,516
126,671
206,722
312,553
288,355
$24 , 2.65
23,301
31,556
27,583
27,698
23,827
46,512
34,590
37,714
38,254
32
Miscel-
Fines laneous
$123,847
177,918
193,293
221,650
129,240
151,080
210,772
208,746
259,293
200,793
$ 89,196
102,820
105,850
136,185
195,110
200,111
291,721
443,065
375,297
457,210
Fiscal
year
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
CITY OF EULESS, TEXAS
GENERAL GOVERNMENT EXPENDITURES BY FUNCTION
Last ten years
(Unaudited)
General
government
$213,051
251,449
325,532
285,024
458,500
546,750
680,381
739,346
737,311
741,825
33
Public Culture - Debt
safety Streets recreation service Other*
$ 885,793
954,961
1,130,743
1,180,345
1,235,608
1,327,831
1,539,987
1,734,324
$146,882 $280,161
159,446 329,427
166,229 373,960
177,625
201,074
256,149
266,714
255,642
367,944
422,526
453,046
545,733
530,593
2,285,229 332,829 644,703
2,447,377 323,104 667,854
$310,557
236,558
455,388
346,079
335,448
339,687
430,350
427,658
429,364
425,799
289,670
325,618
350,478
395,736
418,557
458,351
480,838
* 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 ten years
(Unaudited)
Junior
Fiscal year 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 .095 2.63
1982 .70 1.24 .204 .168 .048 2.36
1983 .70 1.24 .202 .178 .052 2.37
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.
•
I t
Fiscal year
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
CITY OF, EULESS, TEXAS
PROPERTY TAX LEVIES AND COLLECTIONS
Last ten 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
2,597,676
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
2,543,59].
Percent
of levy
collected
91.25%
91.80
91.75
90.76
92.46
94.82
94.94
96.12
95.92
97-92
Delinquent
tax
collections
$10,072
51,805
97,107
48,244
90,383
1.71,253
93,789
101,408
71,417
39,762
35
Total tax
collections
$1,080,949
1,187,910
1,276,268
19 504 751
1,6979841
1,755,082
1,692,093
1,991,328
2,117,409
2,583,353
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
99.45
Outstanding
delinquent
taxes at
year end
$141,492
190,509
188,043
283,394
306,769
222,0E34
213,555
188,405
202,081
246,369
Percent of
delinquent
taxes to
tax levy
• 12.67%
15.39
14.63
1.7.66
18.82
13.30
12.68
9.58
9.47
9.48
CITY OF EULESS, TEXAS
ASSESSED AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY
Last ten years
(Unaudited)
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
Real property
Assessed Estimated
value actual 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
332,750,708
$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
332,750,708
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
57,430,322
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
57,430,322
36
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
390,181,030
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
390,181,030
Ratio of total assessed
to total estimated
actual value
65%
65
65
65
65
65
65
100
100
100
Fiscal
year
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
$ 195,000
230,000
240,000
250,000
260,000
275,000
280,000
295,000
320,000
350,000
385,000
390,000
400,000
415,000
320,000
270,000
170,000
75,000
75, 000
80,000
80,000
80,000
85,000
15,520,000
Interest
$ 309,558
298,122
283,625
269,008
254,660
239,315
223,162
207,583
190,435
172,003
150,704
127,785
104,375
81,110
60,090
41,085
26,955
21,525
18,600
15,113
11,393
7,673
3,951
$3,117,830
37
Total
$ 504,558
528,122
523,625
519,008
514,660
514,315
503,162
502,583
510,435
522,003
535,704
517,785
504,375
496,110
380,090
311,085
196,955
96, 525
93,600
95,113
91,393
87,673
88,951
$8.637,830
Fiscal
year
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
$ 165,000
250,000
255,000
275,000
305,000
310,000
320,000
290,000
260,000
270,000
285,000
305,000
335,000
345,000
375,000
370,000
410,000
445,000
490,000
190,000
120,000
125,000
Interest
$ 475,323
422,923
406,625
390,012
372,300
351,675
331,225
312,825
293,900
277,700
259,925
237,350
216,625
193,350
169,425
142,875
114,975
85,275
52,875
19,575
11,025
5,625
38
Total
$ 640,323
672,923
661,625
665,012
677,300
661,675
651,225
602,825
553,900
547,700
544,925
542,350
551,625
538,350
544,425
512,875
524,975
530,275
,542,875
209,575
131,025
130,625
$6,495,000 $5,143,408 $11,638,408
CITY OF EULESS, TEXAS
RATIO OF ANNUAL DEBT SERVICE EXPENDITURES FOR
GENERAL BONDED DEBT TO TOTAL GENERAL EXPENDITURES
Fiscal
year Principal
1975 $ 70,000
1976 220,000
1977 105,000
1978 110,000
1979 110,000
1980 140,000
1981 145,000
1982 155,000
1983 165,000
Last ten years
(Unaudited)
Interest
$166,558
•235,388
241,079
235,448
229,687
290,350
282,658
274,364
260,799
Total debt
service
236,558
455,388
346,079
345,448
339,687
430,350
427,658
429,364
425,799
Total
general
expenditures
$1,695,283
1,996,464
2,300,608
2,988,774
3,273,938
3,858,901
4,106,120
4,887,787
5,086,797
39
Ratio of
debt service
to general
expenditures
(percent)
13.95%
22.81
15.04
11.56
10.38
11.15
10.42
8.78
8.37
CITY OF EULESS, TEXAS
COMPUTATION OF DIRECT AND OVERLAPPING DEBT
September 30, 1983
(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
Net debt
outstanding
$ 5,284,853
12,283,000
30,066,000
18,992,168
11,383,787
Percent
applicable
to City of
Euless
100.00
9.04
25.64
5.04
5.04
40
Amount
applicable
to City of
Euless
$ 5,284,853
1,110,383
7,708,922
957,205
573,742
$15, 635.105
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 other funds
Principal portion of payments on water
and sewer facility con tracts
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)
1983
$3,811,697
326,959
4,138,656
801,193
769,760
1,326,817
2,897,770
$1,240,886
$ 221,039
41
1982
$3,299,067
311,515
3,610,582
502,210
799,738
1,255,851
2,557,799
$1,052,783
$ 237,655
231,965 215,905
407,834 378,329
251,227 175,649
259,410 200,000
(130,589) (154,755)
$1 , 24'0, 886 p,052.783.
677,300 $ 338,175
529,019 243,378
1.83
2.35
3.11
4.33
CITY OF EULESS, TEXAS
RATIO OF NET GENERAL BONDED DEBT TO ASSESSED VALUE
AND NET BONDED DEBT PER CAPITA
Fiscal year
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
Last ten years
(Unaudited)
Assessed
Population* value
19,700
21,500
21,900
22,450
22,900
23,450
24,000
26,250
26,100
28,200
$138,068,760.
145,595,360
191,100
Estimates by North Central
170,718,300
171,894,350
177,701,780
102,5.00
882,530
730,630
390,181,030
Gross
bonded
debt
$3,625
3,555
4,735
4,630
4,520
5,510
5,370
5,225
5,070
000
000
000
000
000
000
000
000
000
5,520,000
Less debt
service funds
$285,211
237,135
136,255
143,138
170,049
201,177
156,522
173,872
171,395
235,147
42
Net bonded
debt
$3,339,789
3,317,865
4,598,745
4,486,862
4,349,951
5,,308,823
5,'213,478
5,051,128
4,898,605
5,284,853
Texas Council of Governments as adjusted
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
73.83
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
187.41