HomeMy WebLinkAboutFY 2024 Annual Comprehensive Financial Report
City of Euless, Texas
Annual Comprehensive Financial Report
Fiscal Year Ended
September 30, 2024
Prepared by
City of Euless
Finance Department
201 North Ector Drive
Euless, TX 76039
CITY OF EULESS, TEXAS
ANNUAL COMPREHENSIVE FINANCIAL REPORT
YEAR ENDED SEPTEMBER 30, 2024
C O N T E N T S
Page(s)
INTRODUCTORY SECTION
Letter of Transmittal i-vii
City Officials viii
Organizational Chart ix
GFOA Certificate of Achievement x
FINANCIAL SECTION
Independent Auditor's Report 1-3
Management’s Discussion and Analysis (unaudited) 5-19
Basic Financial Statements
Government-Wide Financial Statements
Statement of Net Position 20
Statement of Activities 21
Fund Financial Statements
Governmental Funds
Balance Sheet 22-23
Reconciliation of the Governmental Funds Balance Sheet to the
Statement of Net Position 25
Statement of Revenues, Expenditures and Changes in Fund Balances 26-27
Reconciliation of the Statement of Revenues, Expenditures and
Changes in Fund Balances of Governmental Funds to the Statement
of Activities 29
Proprietary Funds
Statement of Net Position 30-31
Statement of Revenues, Expenses, and Changes in Net Position 32-33
Statement of Cash Flows 34-35
Fiduciary Funds
Statement of Net Position 36
Statement of Changes in Fiduciary Net Position 37
Notes to Basic Financial Statements 39-85
Required Supplementary Information
Schedule of Changes in Net Pension Liability/(Asset)
and Related Ratios (Texas Municipal Retirement System) 88
Schedule of Contributions (Texas Municipal Retirement System) 89
Schedule of Changes in Net OPEB Liability and Related Ratios 90
Schedule of Contributions – OPEB Trust 91
Budgetary Comparison Schedules
General Fund 92-93
Car Rental Special Revenue Fund 94
Notes to Required Supplementary Information 95
Combining and Individual Fund Statements and Schedules
Non-Major Governmental Funds
Combining Balance Sheet 100-103
CITY OF EULESS, TEXAS
ANNUAL COMPREHENSIVE FINANCIAL REPORT
YEAR ENDED SEPTEMBER 30, 2024
C O N T E N T S – CONTINUED
Page(s)
Combining and Individual Fund Statements and Schedules - Continued
Non-Major Governmental Funds
Combining Statement of Revenues, Expenditures, and Changes
in Fund Balances 104-107
Schedule of Revenues, Expenditures, and Changes in Fund Balances
Budget and Actual
Hotel/Motel Special Revenue Fund 108
Half-Penny Sales Tax Special Revenue Fund 109
Police Drug Enforcement Special Revenue Fund 110
Crime Control and Prevention District Special Revenue Fund 111
Grant Special Revenue Fund 112
Police Seized Assets Special Revenue Fund 113
Juvenile Case Special Revenue Fund 114
TIRZ #3 Glade Parks Special Revenue Fund 115
Midtown Public Improvement District Special Revenue Fund 116
TIRZ #4 Midtown Special Revenue Fund 117
Cable PEG Fees Special Revenue Fund 118
Internal Service Funds
Combining Statement of Net Position 120
Combining Statement of Revenues, Expenses, and Changes in Net Position 121
Combining Statement of Cash Flows 122
STATISTICAL SECTION (Unaudited) Table
Net Position by Component 1 125
Changes in Net Position 2 126-127
Fund Balances, Governmental Funds 3 128
Changes in Fund Balances, Governmental Funds 4 129
Estimated Actual Value of Taxable Property 5 130
Direct and Overlapping Property Tax Rates 6 131
Principal Property Taxpayers 7 132
Property Tax Levies and Collections 8 133
Ratio of Outstanding Debt by Type 9 134
Ratio of Net General Bonded Debt to Assessed Value and
Net Bonded Debt Per Capita 10 135
Direct and Overlapping Governmental Activities Debt 11 136
Schedule of Revenue Bond Coverage Water and Wastewater Bonds 12 137
Demographic Statistics 13 138
Principal Employers 14 139
Full-time City Government Employees by Function/Program 15 140
Operating Indicators by Function/Program 16 141
Capital Asset Statistics by Function/Program 17 142
INTRODUCTORY SECTION
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201 N. Ector Drive, Euless TX 76039-3595
817/685-1400 Metro 817/267-4403 Fax 817/685-1416
www.eulesstx.gov
February 25, 2025
To the Honorable Mayor,
Members of the City Council, and
Citizens of the City of Euless, Texas
The Finance Department and City Manager’s Office are pleased to submit the Annual
Comprehensive Financial Report for the City of Euless, Texas (“City”) for the fiscal year
ended September 30, 2024. This report complies with State law which requires that all
local governments publish, within six months of the close of each fiscal year, a complete
set of financial statements presented in conformity with accounting principles generally
accepted in the United States of America (“GAAP”) and audited in accordance with
auditing standards generally accepted in the United States of America by a firm of
licensed certified public accountants.
This report is published to provide the City Council, City staff, citizens, bondholders, and
other interested parties with detailed information concerning the financial condition and
activities of the City. The report consists of City management’s representations
concerning the finances of the City. Consequently, management assumes full
responsibility for the accuracy, completeness, and reliability of all of the information
presented in the report. To provide a reasonable basis for making these representations,
management of the City has established a comprehensive internal control framework that
is designed both to protect the City’s assets from loss, theft, or misuse and to compile
sufficient reliable information for the preparation of the City’s financial statements in
conformity with GAAP. Because the cost of internal controls should not outweigh the
benefits derived from them, the City’s comprehensive framework of internal controls has
been designed to provide reasonable rather than absolute assurance that the financial
statements will be free from material misstatement. As management, we assert that, to the
best of our knowledge and belief, this financial report is complete and reliable in all
material respects.
The City’s financial statements have been audited by Weaver and Tidwell, L.L.P., a firm
of licensed, certified public accountants. The goal of the independent audit is to provide
reasonable assurance that the financial statements of the City for the fiscal year ended
September 30, 2024, are free of material misstatement. The independent audit involved
examining, on a test basis, evidence supporting the amounts and disclosures in the
financial statements; assessing the accounting principles used and significant estimates
made by management; and evaluating the overall financial statement presentation. The
independent auditor concluded, based upon the audit, that there was a reasonable basis
for rendering an unmodified (“clean”) opinion that the City’s financial statements for the
fiscal year ended September 30, 2024, are fairly presented in conformity with GAAP.
The independent auditor’s report is presented as the first component of the Financial
Section of this report.
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This report is presented in three sections: Introductory, Financial, and Statistical. The
Introductory Section includes this transmittal letter, a listing of City Officials, and an
organizational chart of the City. The Financial Section includes the Independent
Auditor’s Report on the basic financial statements, Management’s Discussion and
Analysis (“MD&A”), Basic Financial Statements, the Notes to the Basic Financial
Statements, and Combining and Individual Fund Statements and Schedules. The MD&A
is a narrative introduction, overview, and analysis to accompany the basic financial
statements. This letter of transmittal is designed to complement, and should be read in
conjunction with, the MD&A. The City of Euless’ MD&A can be found immediately
following the independent auditor’s report. The Statistical Section includes financial and
demographic information relevant to readers of the City’s financial statements. The
statistical data is generally presented on a multi-year basis.
Profile of the City of Euless, Texas
The City of Euless is located in North Central Texas in Northeast Tarrant County
approximately 16 miles west of Dallas and 16 miles east of Fort Worth. Euless is readily
accessible by State Highway 183 which is a multi-lane expressway linking Dallas to Fort
Worth. Other major highways through the City include State Highway 121, State
Highway 360, State Highway 10 and Farm-to-Market Road 157. Euless’ centralized
location provides quick access to both Dallas and Fort Worth metropolitan areas and is
adjacent to Dallas-Fort Worth International Airport (“DFW Airport”), one of the world’s
busiest airports. The City encompasses approximately 16.2 square miles and serves a
population of approximately 61,555.
The City of Euless was incorporated February 24, 1953 and is a home rule city operating
under a Council/Manager form of government. The City Council is comprised of the
mayor and six council members who are elected at large. The Council has the authority
to enact local legislation, levy taxes, adopt budgets, determine policies, incur debt, and
appoint the City Secretary, City Attorney, Municipal Court Judge, and the City Manager.
The City Manager reports directly to the City Council, and is responsible for the daily
management of the various City departments. Council members serve three-year
staggered terms, with two council members elected each year. The Mayor is elected to
serve a three-year term. In addition, several boards and commissions were created to
assist the City Council in deciding matters of policy and procedure and meet on various
issues throughout the year.
The City of Euless provides a full range of services to its citizens including: police and
fire protection; emergency ambulance services; municipal court operations; development
and code services; construction and maintenance of streets and highways, parks, and
recreational facilities; water service and wastewater collection and treatment; and library
operations. The City also operates a top-ranked, 18-hole golf course and conference
center, youth athletic complex, and an aquatics center. Internal services of the City
account for risk management, equipment replacement, and employee insurance coverage
activities on a cost reimbursement basis. Private contractors, through franchise
agreements, provide solid waste and recycling collections and disposal services for the
City.
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Four component units of the City, the Euless Development Corporation, the Euless Crime
Control and Prevention District, Tax Increment Reinvestment Zone (“TIRZ”) #3 – Glade
Parks, and Tax Increment Reinvestment Zone (“TIRZ”) #4 – Midtown, are presented in
the financial statements of the City as blended component units. Data for these
component units is recorded in and presented as special revenue funds in the City’s
financial statements. Additional information on these component units can also be found
in Note 1 in the Notes to the Basic Financial Statements.
The annual budget serves as the foundation for the City of Euless’ financial planning and
control. Per the City Charter, the City Manager provides to the City Council the
proposed budget by August 1st each year. The budget is filed with the City Secretary and
is open for public inspection. Upon receipt of the budget, the City Council sets a date for
a public hearing at which time interested citizens may express their opinions regarding
the proposed budget. The Charter requires the Council to adopt the budget by a favorable
majority vote at least ten days prior to the beginning of the next fiscal year.
The City Manager is authorized to transfer budgeted amounts between line items and
departments within any fund; however, any revisions that alter the total expenditures of
any fund must be approved by the City Council. Budgetary control has been established
at the individual fund level. Financial reports are produced showing budget to actual
expenditures by line item and are distributed monthly to City departments for review.
Economic Condition
The information presented in the financial statements is perhaps best understood when it
is considered from the broader perspective of the specific environment within which the
City of Euless operates.
The City of Euless is located in Tarrant County in the heart of the Dallas/Fort Worth
(“DFW”) Metroplex and adjacent to the DFW Airport. Thus, the economic vitality of the
region significantly impacts the economic health of Euless.
DFW Airport reports itself as the third largest airport in terms of operations and third
largest in terms of passengers in the world, handling 79.7 million passengers annually.
According to the North Texas Commission, DFW is the 4th largest region in the U.S. and
has experienced tremendous growth during the past decade. With its highly-diversified
economy, DFW has a population of over 7.7 million, a Gross Domestic Product of $534.8
billion, a labor force of over 4 million with the fourth largest labor force of U.S.
metropolitan areas, an 8.1% job growth rate, and is home to 23 Fortune 500 Firms, 33
colleges and universities, 113 school districts, and 58 public charter schools. Such an
economic environment has helped the region weather economic downturns in key sectors
better than many other regions in the nation.
The AllianceTexas development in North Fort Worth is a 27,000-acre development that
has generated an estimated $120 billion in economic impact with over 575 companies,
generating 66,000 direct jobs. It is anchored by the inland port known as the Alliance
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Global Logistics Hub. This area offers a variety of commercial real estate options,
industrial space, office space, and retail facilities.
Assessed value for all residential and commercial property in the City of Euless is
estimated at approximately $7.3 billion for tax year 2024, which is a 6.8% increase from
the prior year, due to increases in both residential and commercial real estate property
values and to new growth. Sales tax collections decreased almost 1.6% from FY2022-23
to FY2023-24. Euless continues to look for additional revenue opportunities in order to
minimize the tax burden to citizens and strives to cut costs without impacting service.
The City receives a significant amount of revenue from a consolidated rental car facility
located at DFW Airport. The City Council has chosen to continue to use this funding
source to support general government operations and to cash flow capital projects in lieu
of debt issuance when possible. The City has been very cautious to not become overly
dependent on this volatile resource while providing for needed improvements for citizens.
The Dallas Cowboys AT&T Stadium, Texas Rangers Globe Life Park and Choctaw
Stadium in Arlington are located within minutes of Euless and, continue to attract
additional tourism to the City by hosting concerts and sporting events.
Euless population has increased from 54,050 to 61,555 in ten years (North Central Texas
Council of Governments). The City’s median household income is $77,403, which
compares favorably to $73,035 for Texas and $75,149 for the United States (U.S. Census
Bureau). The City’s educational level is 91.2% high school graduate or higher, which
again is favorable to 85.2% for Texas and 89.1% for the United States (U.S. Census
Bureau). The City of Euless has approximately 397.42 acres of undeveloped land.
Long-Term Financial Planning
The City of Euless has developed a comprehensive capital improvements document.
Such strategic planning has allowed the City Council to fund several major infrastructure
upgrades, park enhancements, and capital purchases in a systematic manner while
considering the full impact to the operating budget and tax requirements. Many of these
projects have been completed on a pay-as-you-go basis by utilizing operating revenues,
excess reserves, and rental car taxes.
The City Council and citizens of Euless have determined that debt issuance is a viable
method of financing major capital projects and equipment purchases. Analysis of
potential debt issuance includes the operating impact the repayment thereof will have on
citizens, property tax rates, and enterprise fund service fee revenues. Per the City’s fiscal
policies, long-term debt will not be used for operating purposes and the life of the debt
instruments will not exceed the useful life of the projects or equipment financed. Policy
also specifies that debt with an average life of 20 years or less will be issued to reduce net
interest cost and maintain future flexibility by paying off debt earlier. The majority of the
City’s existing long-term debt was used to finance infrastructure needs and traditional
government facilities such as fire and police stations, streets, utility infrastructure, and
development of parks and open spaces.
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The City’s fiscal policies state current expenditures will be paid with current revenues.
Deferrals, short-term loans, or one-time sources will be avoided as budget balancing
techniques. Reserves will be used for emergencies or nonrecurring expenditures, except
when balances can be reduced because levels exceed guidelines or legally-required
minimums.
Fiscal policies provide for a General Fund reserve equal to between 30 and 60 days of
working capital. At no time shall the reserve fall below 8.3% of the General Fund
expenditure budget (i.e. 30-day level). The current operating reserve is at 149 days of
operations. At the end of the current year, the City was in compliance with this fiscal
policy reserve level.
The City’s fiscal policies for the Water and Wastewater Fund require the maintenance of
a minimum reserve of 45 to 75 days of working capital. The City currently maintains a
102-day reserve. Water and Wastewater revenue bond covenants require the City to
maintain reserve amounts sufficient to cover the average annual debt service
requirements. This revenue bond reserve is in addition to the working capital required by
the City’s fiscal policies and is maintained in a separate fund on the general ledger. As of
September 30, 2024, the revenue bond reserve totaled $715,087 which meets the required
average annual debt service per bond covenants.
Standard & Poor’s Ratings Services, a subsidiary of the McGraw-Hill Companies, Inc.
rates the City’s general obligation debt at AA+ and has sales tax revenue debt at AA and
the water and wastewater revenue debt at AA+. Moody’s Investor Service, Inc. rates the
general obligation debt and water and wastewater revenue debt at Aa2. Additional
information about the rating agencies or the significance of the ratings provided may be
obtained from each agency’s web site.
Major Initiatives
The City has partnered with Tarrant County, surrounding cities, local churches, and
businesses to renovate qualifying homes in the community through the Tarrant County
Home Program and the Community Powered Revitalization Program (“CPR”). Through
these partnerships, the cities of Hurst, Euless, and Bedford have joined forces to assist
qualifying residents in all three communities.
The City participates in tax abatement programs as addressed in the Notes to Basic
Financial Statements Note 1. Currently, there are no active property tax abatement
agreements. Requests are considered on a case by case basis for economic development,
redevelopment, stimulus, or retention. The City has various General Economic
Development Agreements via Texas Local Government Code Chapter 380. These
agreements are to stimulate economic development in the City, are authorized by City
Council, are considered on a case by case basis, and are reflected in the budget and
financial statements of the General Fund Non-Departmental Division and the Euless
Development Corporation Fund.
The City’s Capital Improvements Program and Americans With Disability Act (“ADA”)
Transition Plan address facility needs of the City. The Parks Master Plan, which is
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currently being updated, focuses on improving the quality of life for the community,
includes additional hike/bike trails, park amenities and upgrades. The City believes it is
critical that the street, water, wastewater, and drainage systems are properly maintained
and systematically upgraded. While these are not glamorous, these represent the most
basic governmental functions. Deferral of these projects creates a financial burden for
future generations.
Work continues on a significant number of these capital improvement projects. Paving
work on West Pipeline Road is underway and should be completed over the course of the
upcoming year. Street maintenance and overlays were completed in accordance with
Pavement Condition Index (PCI) scoring criteria during FY2023-24. Public Works
continued their partnership with Tarrant County to complete several street improvements
throughout the City. Water and wastewater line replacement projects are proceeding in
the Trailwood Addition and in multiple areas in South Euless. Fire Station No. 2 is
expected to be completed early this year. Renovation of the animal shelter will begin as
soon Fire Station No. 2 personnel completes their move to the new facility. The Police
and Court facility renovation is proceeding on schedule. A new volleyball court was
added at Midway Park and Wilshire Park was completed. Staff is now working on
providing new playgrounds and shade structures at several different parks. Design work
is underway for an additional restroom facility at the PATS near the soccer fields.
Over the last several years, the City has worked with developers on some major, mixed-
use centers. Glade Parks, located along the southwest corner of Glade Road and
Highway 121, provides approximately 1.2 million square feet of retail/office space and
includes a unique residential component. In an effort to promote development in this
area, the City created a TIRZ for the Glade Parks development and approved the related
project and financing plan. This plan authorized the City to undertake certain public
improvements associated with the Glade Parks development. Additionally, the City
created the Glade Parks Public Improvement District (“PID”) which is funded from
assessments within the district. Over the last several fiscal years, numerous businesses
opened in this development creating increased property values and retail sales. The
single-family residential component continues to add value to the property tax base as
well.
The RiverWalk! development, includes approximately 200 acres located at the northwest
corner of Airport Freeway and State Highway 360 extending north to Harwood Road.
Lennar Homes has developed five (5) subdivisions within this mixed-use project. The
remaining approximately 63 acres was sold and is being developed as a separate master
planned development, known as Watercolor. This project includes approximately 141
villas and row homes, 201 townhomes and urban lofts. The infrastructure work and the
work on the primary water feature is nearing completion.
In 2015, the City approved a 56-acre mixed-use development called Founders Parc,
previously known as Midtown, located on the south side of State Highway 183, east of
Farm-to-Market Road 157 and north of State Highway 10. Building is continuing on this
development of 259 new single-family homes, 285 urban lofts, and over 57,000 square
feet of retail and commercial space. Both a TIRZ and a PID have been created by the
City to support debt for public improvements needed for the area including roadways,
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water distribution system, sanitary sewer and storm sewer collections systems,
hardscaping, and amenities.
During the upcoming year, we expect to see construction of the long-awaited HEB
Grocery store. HEB ISD is also planning several major capital projects including the
renovation of Trinity High School, Wilshire Elementary and Midway Park Elementary.
Awards and Acknowledgements
The Government Finance Officers Association (“GFOA”) awarded a Certificate of
Achievement for Excellence in Financial Reporting to the City of Euless for its Annual
Comprehensive Financial Report for the fiscal year ended September 30, 2023. The
Certificate of Achievement is a prestigious national award recognizing conformance with
the highest standards for preparation of state and local government financial reports. In
order to be awarded a Certificate of Achievement, a government unit must publish an
easily readable and efficiently organized Annual Comprehensive Financial Report, whose
contents conform to program standards. Such report must satisfy both Generally
Accepted Accounting Principles and applicable legal requirements.
The City has been awarded a Certificate of Achievement for the last 37 consecutive
years. We believe that the current Annual Comprehensive Financial Report meets the
Certificate of Achievement program requirements and are submitting it to GFOA for
review.
In addition, the City of Euless received the GFOA’s Distinguished Budget Presentation
Award for its annual budget document. The City of Euless has received the Distinguished
Budget Award for the last 33 years. In order to qualify for the award, the City’s budget
document was judged to be proficient in several categories, including as a policy
document, a financial plan, an operations guide, and a communications device.
The preparation of this report on a timely basis could not have been accomplished
without the efficient and dedicated services of the entire staff of the Finance Department.
Appreciation is expressed to City employees throughout the organization, especially
those who were instrumental in the successful completion of this report.
We would like to thank the Mayor and members of the City Council for their support in
planning and conducting the financial operations of the City in a responsible,
professional, and progressive manner. As always, the City of Euless staff welcomes and
appreciates your comments.
Respectfully Submitted,
Chris Barker Janina Jewell
City Manager Director of Finance
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FINANCIAL SECTION
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2300 North Field Street, Suite 1000
Dallas, Texas 75201
972-490-1970
Weaver and Tidwell, L.L.P.
1 CPAs AND ADVISORS | WEAVER.COM
Independent Auditor’s Report
To the Honorable Mayor,
City Council and City Manager
City of Euless, Texas
Report on the Audit of the Financial Statements
Opinions
We have audited the accompanying financial statements of the governmental activities, the business-type
activities, each major fund, and the aggregate remaining fund information of the City of Euless, Texas (City)
as of and for the year ended September 30, 2024, and the related notes to the financial statements which
collectively comprise the City’s basic financial statements as listed in the table of contents.
In our opinion, the accompanying financial statements present fairly, in all material respects, the respective
financial position of the governmental activities, the business-type activities, each major fund, and the
aggregate remaining fund information of the City, as of September 30, 2024, and the respective changes in
financial position, and, where applicable, cash flows thereof for the year then ended in accordance with
accounting principles generally accepted in the United States of America.
Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United States of
America (GAAS) and the standards applicable to financial audits contained in Government Auditing
Standards issued by the Comptroller General of the United States (Government Auditing Standards). Our
responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of
the Financial Statements section of our report. We are required to be independent of the City and to meet our
other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We
believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinions.
Responsibilities of Management for the Financial Statements
The City’s management is responsible for the preparation and fair presentation of the financial statements in
accordance with accounting principles generally accepted in the United States of America, and for the
design, implementation, and maintenance of internal control relevant to the preparation and fair presentation
of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is required to evaluate whether there are conditions or
events, considered in the aggregate, that raise substantial doubt about the City’s ability to continue as a going
concern for twelve months beyond the financial statement date, including any currently known information
that may raise substantial doubt shortly thereafter.
The Honorable Mayor,
City Council and City Manager
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Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our
opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not
a guarantee that an audit conducted in accordance with GAAS and Government Auditing Standards will
always detect a material misstatement when it exists. The risk of not detecting a material misstatement
resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered
material if there is a substantial likelihood that, individually or in the aggregate, they would influence the
judgment made by a reasonable user based on the financial statements.
In performing an audit in accordance with GAAS and Government Auditing Standards, we:
Exercise professional judgment and maintain professional skepticism throughout the audit.
Identify and assess the risks of material misstatement of the financial statements, whether due to
fraud or error, and design and perform audit procedures responsive to those risks. Such procedures
include examining, on a test basis, evidence regarding the amounts and disclosures in the financial
statements.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the City’s internal control. Accordingly, no such opinion is expressed.
Evaluate the appropriateness of accounting policies used and the reasonableness of significant
accounting estimates made by management, as well as evaluate the overall presentation of the
financial statements.
Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that
raise substantial doubt about the City’s ability to continue as a going concern for a reasonable period
of time.
We are required to communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit, significant audit findings, and certain internal control–related matters
that we identified during the audit.
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the management’s
discussion and analysis, and the required supplementary information, as listed in the table of contents, be
presented to supplement the basic financial statements. Such information is the responsibility of management
and, although not a part of the basic financial statements, is required by the Governmental Accounting
Standards Board who considers it to be an essential part of financial reporting for placing the basic financial
statements in an appropriate operational, economic, or historical context. We have applied certain limited
procedures to the required supplementary information in accordance with GAAS, which consisted of
inquiries of management about the methods of preparing the information and comparing the information for
consistency with management’s responses to our inquiries, the basic financial statements, and other
knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or
provide any assurance on the information because the limited procedures do not provide us with
sufficient evidence to express an opinion or provide any assurance.
The Honorable Mayor,
City Council and City Manager
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Other Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively
comprise the City’s basic financial statements. The combining and individual nonmajor fund financial
statements and schedules are presented for purposes of additional analysis and are not a required part of the
financial statements.
The combining and individual nonmajor fund financial statements and schedules are the responsibility of
management and were derived from and relate directly to the underlying accounting and other records used
to prepare the basic financial statements. Such information has been subjected to the auditing procedures
applied in the audit of the basic financial statements and certain additional procedures, including comparing
and reconciling such information directly to the underlying accounting and other records used to prepare the
basic financial statements or to the basic financial statements themselves, and other additional procedures in
accordance with GAAS. In our opinion, the combining and individual nonmajor fund financial statements
and schedules are fairly stated, in all material respects, in relation to the basic financial statements as a
whole.
Other Information Included in the Annual Comprehensive Financial Report (ACFR)
Management is responsible for the other information included in the ACFR. The other information comprises
the introductory and statistical sections but does not include the basic financial statements and our auditor's
report thereon. Our opinions on the basic financial statements do not cover the other information, and we do
not express an opinion or any form of assurance thereon. In connection with our audit of the basic financial
statements, our responsibility is to read the other information and consider whether a material inconsistency
exists between the other information and the basic financial statements, or the other information otherwise
appears to be materially misstated. If, based on the work performed, we conclude that an uncorrected
material misstatement of the other information exists, we are required to describe it in our report.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated
February 24, 2025, on our consideration of the City’s internal control over financial reporting and on our
tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other
matters. The purpose of that report is to describe the scope of our testing of internal control over financial
reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of
the City’s internal control over financial reporting or on compliance. That report is an integral part of an
audit performed in accordance with Government Auditing Standards in considering the City’s internal
control over financial reporting and compliance.
WEAVER AND TIDWELL, L.L.P.
Dallas, Texas
February 24, 2025
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CITY OF EULESS, TEXAS
MANAGEMENT’S DISCUSSION AND ANALYSIS
FOR THE YEAR ENDED SEPTEMBER 30, 2024 (UNAUDITED)
Management of the City of Euless offers the readers of the City’s financial statements this narrative
overview and analysis of the financial activities and financial position of the City for the fiscal year
ended September 30, 2024. In the broadest context, the financial well-being of a government lies in the
underlying wealth and willingness of its citizens and property owners to pay adequate taxes combined
with the vision of the government’s elected and appointed leadership to spend those taxes strategically
so that the City’s tax base, service levels, City assets, and the City’s desirability will be maintained not
just for the current year but well into the future.
Financial reporting is limited in its ability to provide the “big picture” but rather focuses on financial
position and changes in financial position. In other words, are revenues and/or expenditures higher or
lower than the previous year? Has net position (containing both short-term and long-term assets and
liabilities) or fund balance (the current “spendable” assets less current liabilities) of the government been
maintained? Readers are encouraged to consider the information presented here in conjunction with the
additional information furnished in the letter of transmittal (pages i-vii of this report) and the statistical
section (pages 125-142 of this report) as well as information in the annual budget and the capital
improvement plan along with other community information found on the City’s website at
www.eulesstx.gov. It should be noted that the Independent Auditor’s Report describes the auditors’
association with the various sections of this report and that all of the additional information from the
website and other City sources is unaudited.
Financial Highlights
The assets and deferred outflows of resources of the City of Euless exceeded its liabilities and
deferred inflows of resources at the close of the most recent fiscal year by $351,962,304 (net
position). This number must be viewed in the context that the vast majority of the City’s net
position of $211,262,237 (60%) is net investment in capital assets and that most capital assets in
government do not directly generate revenue nor can they be sold to generate liquid capital. The net
position restricted for specific purposes totaled $13,907,316 (4%). The remaining $126,792,751
(36%) is unrestricted net position and may be used to meet the government’s ongoing obligations to
citizens and creditors in accordance with the City’s fund designation and fiscal policies.
Governmental activities realized an increase in total net position of $27,082,563 and business-type
activities realized an increase in total net position of $8,459,857 bringing the total increase in net
position for the City to $35,542,420.
At the close of the current fiscal year, the City of Euless’ governmental funds reported combined
ending fund balances of $116,639,057 which represents an increase of $6,689,019. Within this total,
$5,127,305 is restricted for debt service; $27,607,196 is restricted by bond covenants for capital
projects; $117,184 and $252,130 are restricted for court technology and juvenile case management,
respectively; and another $2,776,788 is restricted for capital projects by developer agreements.
Amounts restricted for cable PEG fees and historical preservation total $665,638 and $843,
respectively. Another $34,808 is restricted for opioid remediation. Non-spendable fund balance of
$262,087 represents fund balance amounts for inventories and prepaid items. Fund balances of
$57,055,508 represent assigned fund balance in the general, special revenue, and capital projects
funds. The unassigned fund balance in the General Fund of $22,771,542 can be used for any lawful
6
purpose. The General Fund unassigned balance represents 44% of fiscal year 2024 total fund
expenditures.
The City’s total capital and intangible assets (net of accumulated depreciation and amortization)
increased by $11,903,493 which is attributed to completion of capital improvement projects and
other asset additions including construction in progress exceeding current year depreciation expense
and asset retirements.
The City’s debt payable decreased by $7.4 million or 7% due primarily to payments on existing debt
plus amortization of premiums and discounts outpacing new debt issuance.
OVERVIEW OF THE FINANCIAL STATEMENTS
The discussion and analysis are intended to serve as an introduction to the City of Euless’ basic financial
statements which are comprised of three components: 1) government-wide financial statements, 2) fund
financial statements, and 3) notes to the financial statements. This report also contains other required
supplementary information in addition to the basic financial statements themselves.
Government-wide Financial Statements. The government-wide financial statements are designed to
provide readers with a broad overview of the City of Euless’ finances, in a manner similar to a private-
sector business.
The statement of net position presents information on all of the City of Euless’ assets and deferred
outflows of resources and liabilities and deferred inflows of resources, with the difference between them
reported as net position. Over time, increases or decreases in net position may serve as a useful
indicator of whether the financial position of the City of Euless is improving or deteriorating.
The statement of activities presents information showing how the City’s net position changed during the
fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the
change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported
in this statement for some items that will only result in cash receipts and cash outlays in future fiscal
periods (e.g., uncollected taxes and earned but unused compensated absences).
The government-wide financial statements distinguish between functions of the City that are principally
supported by taxes and intergovernmental revenues (governmental activities) from other functions that
are intended to recover all or a significant portion of their costs through user fees and charges (business-
type activities). The governmental activities functions of the City include general and administrative,
public safety, highways and streets, development services, and culture and recreation. The business-type
activities of the City include water and wastewater system, drainage system, golf course, and other
recreational enterprises.
The government-wide financial statements include not only the City of Euless (the primary
government), but also the Euless Development Corporation, the Crime Control and Prevention District,
the Tax Increment Reinvestment Zone #3 – Glade Parks, and Tax Increment Reinvestment Zone #4 –
Midtown which are legally separate entities that are financially accountable to the City. A blended
presentation has been used to report the financial information of these component units.
The government-wide financial statements can be found on pages 20-21 of this report.
7
Fund Financial Statements. A fund is a self-balancing set of accounts that is used to maintain control
over resources that have been segregated for specific activities or objectives. The City of Euless, like
other state and local governments, uses fund accounting to ensure and demonstrate compliance with
finance-related legal requirements. All of the funds of the City can be divided into three categories:
governmental funds, proprietary funds, and fiduciary funds.
Governmental Funds. Governmental funds are used to account for essentially the same functions
reported as governmental activities in the government-wide financial statements with the exclusion of
internal service fund activity. However, unlike the government-wide financial statements, governmental
fund financial statements focus on near-term inflows and outflows of spendable resources, as well as on
balances of spendable resources available at the end of the fiscal year. Such information may be useful
in evaluating a government’s near-term financing requirements.
Because the focus of governmental funds is narrower than that of the government-wide financial
statements, it is useful to compare the information presented for governmental funds with similar
information presented for governmental activities in the government-wide financial statements. By
doing so, the reader may better understand the long-term impact of the government’s near-term
financing decisions. Both the governmental fund balance sheet and the governmental fund statement of
revenues, expenditures, and changes in fund balances provide a reconciliation to facilitate this
comparison between governmental funds and governmental activities.
The City maintains twenty-four individual governmental funds. Information is presented separately in
the governmental funds balance sheet and in the governmental funds statement of revenues,
expenditures, and changes in fund balances for the General, Debt Service, Car Rental Tax, General CIP
and Police CIP funds, all of which are considered to be major funds. Data from the other nineteen
governmental funds are combined into a single, aggregate presentation. Individual fund data for each of
these non-major governmental funds is provided in the form of combining statements elsewhere in this
report.
The City adopts an annual appropriated budget for its General and Car Rental Tax major governmental
funds. A budgetary comparison schedule has been provided for each fund to demonstrate compliance
with the adopted budgets.
The basic governmental fund financial statements can be found on pages 22-29 of this report.
Proprietary funds. The City maintains two different types of proprietary funds. Enterprise funds are
used to report the same functions presented as business-type activities in the government-wide financial
statements. The City uses enterprise funds to account for its water and wastewater, drainage utility, golf
operations, and other recreation enterprises. Internal service funds are an accounting device used to
accumulate resources and allocate costs internally among the City’s various functions. The City uses
internal service funds to account for its equipment replacement, risk management, and health insurance
services. Because these services predominately benefit governmental rather than business-type
functions, a portion of the activities in these funds is included within governmental activities in the
government-wide financial statements.
Proprietary funds provide the same type of information as the government-wide financial statements,
only in more detail. The proprietary fund financial statements provide separate information for Water
and Wastewater, Drainage Utility, Golf, and Other Recreation enterprises all of which are considered to
be major funds of the City. The internal service funds are combined into a single, aggregate
8
presentation in the proprietary fund financial statements. Individual data for the internal service funds is
provided in the form of combining statements elsewhere in this report.
The basic proprietary fund financial statements can be found on pages 30-35 of this report.
Fiduciary funds. Fiduciary funds are used to account for resources held for the benefit of parties
outside the government. Fiduciary funds are not reflected in the government-wide financial statements
because the resources of those funds are not available to support the City’s own programs. The
accounting used for fiduciary funds is much like that used for proprietary funds.
The basic fiduciary fund financial statements can be found on pages 36 and 37 of this report.
Notes to the financial statements. The notes provide additional information that is essential to a full
understanding of the data provided in the government-wide and fund financial statements. The notes to
the financial statements can be found on pages 39-85 of this report.
Other information. In addition to the basic financial statements and accompanying notes, this report
also presents certain required supplementary information concerning the City’s progress in funding its
obligations to provide pension and post-employment healthcare benefits to its employees. Additionally,
schedules comparing budgetary figures and actual results of the General and Car Rental Tax funds are
also located in this section of the report. Required supplementary information can be found on pages 88-
95 of this report.
The combining statements referred to earlier in connection with non-major governmental funds and
internal service funds are presented immediately following the required supplementary information on
pensions, other post-employment benefits (“OPEB”), and budgetary comparisons. Combining and
individual fund statements and schedules can be found on pages 100-122 of this report.
Government-Wide Financial Statement Analysis
As noted earlier, net position and especially net position by category may serve over time as a useful
indicator of a government’s financial position. In the case of the City of Euless, assets and deferred
outflows of resources exceeded liabilities and deferred inflows of resources by $351,962,304 as of
September 30, 2024.
The largest portion of the City’s net position (60%) reflects its investment in capital assets (i.e., land,
buildings, equipment, improvements, construction in progress, and infrastructure) net of accumulated
depreciation, less any debt used to acquire those assets that is still outstanding. The City uses these
capital assets to provide services to citizens; consequently, these assets are not available for future
spending and with the exception of business-type assets, do not generate direct revenue for the City.
They do, however, represent an obligation on the part of the City to maintain these assets into the future.
Although the City’s investment in its capital assets is reported net of related debt, it should be noted that
the resources needed to repay this debt must be provided from other sources, since the capital assets
themselves cannot be used to liquidate these liabilities.
9
An additional portion of the City’s net position (4%) represents resources that are subject to external
restrictions on how they may be used. The remaining balance of unrestricted net position of
$126,792,751 (36%) may be used to meet the City’s ongoing obligations to citizens, creditors, and
employees.
Net Position
Governmental Business-type
Amounts shown in 000's activities activities Total
2024 2023 2024 2023 2024 2023
Current and other assets 171,825$ 158,965$ 51,774$ 50,979$ 223,599$ 209,944$
Capital assets 190,818 182,695 94,682 90,901 285,500 273,596
Total assets 362,643 341,660 146,456 141,880 509,099 483,540
Total deferred outflows 12,223 19,438 2,489 3,948 14,712 23,386
Long-term liabilities 107,629 128,149 21,345 25,776 128,974 153,925
Other liabilities 20,718 18,058 10,767 12,637 31,485 30,695
Total liabilities 128,347 146,207 32,112 38,413 160,459 184,620
Total deferred inflows 9,950 5,405 1,440 481 11,390 5,886
Net position:
Net investment in capital
assets 133,199 130,728 78,063 72,764 211,262 203,492
Restricted 9,033 8,186 4,874 4,659 13,907 12,845
Unrestricted 94,337 70,572 32,456 29,511 126,793 100,083
Total net position 236,569$ 209,486$ 115,393$ 106,934$ 351,962$ 316,420$
As of September 30, 2024, the City reports positive balances in all three categories of net position, for
the government as a whole, as well as for its separate governmental and business-type activities. The
same was true for the prior year.
The City’s unrestricted net position increased by $26,709,898 in fiscal year 2024 as compared to the
unrestricted net position for the prior year. Restricted net position realized an increase of $1,062,676
and the amount invested in capital assets, net of related debt increased by $7,769,846. The increase in
total net position of more than $35.5 million results primarily from current year operating results
flowing to the net investment in capital assets and unrestricted categories of net position. The details of
the results of current year operations are found in the table shown on the following page.
10
Changes in Net Position
Governmental Business-type
Amounts shown in 000's Activities Activities Totals
2024 2023 2024 2023 2024 2023
REVENUES
Program revenues:
Charges for services 7,525$ 6,804$ 40,918$ 38,973$ 48,443$ 45,777$
Operating grants and contributions 579 1,163 - - 579 1,163
Capital grants and contributions 851 530 7,446 1,019 8,297 1,549
General revenues:
Property taxes 30,133 27,569 - - 30,133 27,569
Sales taxes 29,310 29,779 - - 29,310 29,779
Car rental taxes 20,229 18,710 - - 20,229 18,710
Mixed beverage taxes 213 215 - - 213 215
Occupancy taxes 1,656 1,830 - - 1,656 1,830
Gross receipts taxes 4,674 4,634 - - 4,674 4,634
Investment income 8,707 5,180 1,708 1,097 10,415 6,277
Rents and royalties 1,144 1,346 - - 1,144 1,346
Miscellaneous 1,769 1,355 - - 1,769 1,355
Total revenues 106,790 99,115 50,072 41,089 156,862 140,204
EXPENSES
Culture and recreation 8,565 8,017 - - 8,565 8,017
Development services 1,284 1,304 - - 1,284 1,304
General government 28,889 31,849 - - 28,889 31,849
Highways and streets 4,765 4,591 - - 4,765 4,591
Public safety 33,777 33,625 - - 33,777 33,625
Interest and fiscal charges 2,912 2,414 - - 2,912 2,414
Water and wastewater - - 31,567 29,143 31,567 29,143
Drainage utility - - 1,595 1,747 1,595 1,747
Golf course - - 5,741 5,330 5,741 5,330
Recreation enterprises - - 2,225 2,026 2,225 2,026
Total expenses 80,192 81,800 41,128 38,246 121,320 120,046
Increase (decrease) in net position
before transfers 26,598 17,315 8,944 2,843 35,542 20,158
Transfers 485 695 (485) (695) - -
Increase (decrease) in net position 27,083 18,010 8,459 2,148 35,542 20,158
Net position, beginning 209,486 191,476 106,934 104,786 316,420 296,262
Net position ending 236,569$ 209,486$ 115,393$ 106,934$ 351,962$ 316,420$
Governmental activities. Governmental activities increased the City’s net position by $27,082,563
thereby accounting for most of the growth (76%) in total net position. Sound fiscal management and
close monitoring of revenues and expenses allowed the City to realize an increase in governmental
activities net position before transfers of $26,597,138.
Total revenue for the governmental activities (excluding transfers) increased from the previous year
by $7.7 million mainly due to a net increase in general revenues of $7.2 million. Program revenues
consisting of charges for services, grants, and contributions also realized an increase of $457,000
overall. General revenues are primarily comprised of property taxes, sales taxes, and car rental taxes
as well as investment income, rents and royalties, and miscellaneous revenues. Property tax revenue
increased due to an overall increase in taxable values of 11.9% over the prior year values (See
Statistical Table 5). The continued resurgence in the travel industry produced increased car rental
taxes which reached an all-time high of $20.2 million by the end of the fiscal year. Culture and
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recreation total program revenues rose by more than $129,000 due primarily to the award of an
Energy Efficiency and Conservation Block Grant from the state for the Parks at Texas Star lighting
project. Public safety charges for services revenues fell by $1.2 million for the year predominantly
due to the prior year funding of a portion of patrol salaries with American Rescue Plan Act
(“ARPA”) funds. Streets and highways realized a decrease of $189,000 in operating grants and
contributions due to the finalization of the collaborative project with the City of Bedford for
intersection improvements to Cheek-Sparger Road at State Highway 121. A majority of the funding
from City of Bedford was collected in the previous fiscal year.
Total expenses of governmental activities decreased by $1.6 million from FY2023 to FY2024. The
FY2024 Operating Budget included a 3.5% raise package for public safety plus merit increases
expected to average 3.5% for non-public safety employees across all funds. These raise packages
increased governmental salary expenses by about $1.9 million across all governmental functions.
Benefits based upon salaries also increased accordingly. Several positions were added in FY2024
including a school resource officer, a public service officer, a public works inspector, an animal
control officer, and an assistant conference center manager. Pension-related entries increased salary-
related expenses in the prior year, but decreased governmental expenses by approximately $1.3
million in FY2024. The overall difference between the two years’ expenses totals more than $3.9
million mostly due to the recording of changes in and amortization of deferred outflows and deferred
inflows ($35.9 million increase) combined with a decrease of $39.8 million in the net pension
liability. OPEB-related expenses which includes the change in the net OPEB liability, related
deferred inflows and deferred outflows, as well as the amortization of the deferrals decreased salary-
related expenses by approximately $1.1 million compared to a decrease in expenses of $553,000 in
the prior year. Rebates and revenue sharing increased by $1.2 million primarily as a result of higher
car rental tax collections. In the previous fiscal year, development services realized an increase of
$95,000 in professional services due to consulting services and commercial plan review resulting
from staffing shortages. In the current year, only $10,000 in expense was incurred. Insurance and
prescription claims decreased by more than $1.9 million predominantly due to savings realized from
the implementation of a new third-party administrator contract. Savings in administrative fees of
almost $123,000 were also recorded in the current year. Supplies expense rose by more than
$300,000 primarily due to higher costs for janitorial supplies such as soaps and paper products,
partial payment for the installation of the Flock camera system, and irrigation costs for Highland
Drive beautification. Additional supply costs were also incurred for the purchase of fire protection
gear, ballistic vests, pharmaceuticals, shades and carpet for the library, and postage. Purchase
quantities and inflationary pressures account for the majority of the increase in supplies. Interest
increased by $498,000 because of higher scheduled payments primarily resulting from the 2023
certificates of obligation which were issued in August of 2023. No interest costs were paid on these
obligations in the prior fiscal year. The net position of general governmental operations accounts for
67% of total net position.
Business-type activities. Business-type activities increased the City’s net position by $8,459,857.
The change in net position before transfers is $8,945,282. Charges for services program revenues
for the business-type activities increased from the previous year by $1.9 million due primarily to
increased Water and Wastewater (“W&WW”) revenues and recreation revenues of $2.4 million and
$157,000, respectively. Water rates increased $1 on the monthly residential base rate to cover the
City’s operational cost increases. Volumetric rates for water increased 58¢ per thousand gallons to
cover the pass-through increase from Trinity River Authority (“TRA”) for water purchases.
Wastewater base rates increased by $1 per month to cover the City’s operational cost increases. The
volumetric rate increased by 46¢ per thousand gallons to cover the pass-through increase from TRA
for treatment costs. The City received almost $1.1 million from TRA for the annual water and
12
wastewater cost true-up calculations. In the current year, golf course rounds were below those of the
prior year by almost 9,000 rounds and green fees decreased by $358,000. Capital grants and
contributions increased by more than $6.4 million due largely to additional developer contributions
of W&WW and drainage infrastructure combined with American Rescue Plan Act (ARPA) funding
for water and wastewater projects. Investment revenues increased by $610,000 due to improved
market rates as well as the availability of additional funds to invest. At fiscal year-end, a large
portion of the American Rescue Plan Act (ARPA) funding for W&WW projects remained unspent
resulting in unearned revenue ($3.9 million) per reporting requirements.
Overall, total business-type expenses realized a net increase for the year of $2.88 million combined.
Net pension, net OPEB, and related deferral entries combined increased expenses by almost
$800,000 in the business-type activities this year compared to a decline of approximately $105,000
in the prior year. Water purchases and wastewater treatment costs climbed from the prior year
predominantly as a result of increased TRA rates. Increased costs of $411,000 at the golf course
resulted mostly from higher costs for salaries, benefits, and equipment replacement as well as
adjustments for pension and OPEB. Drainage utility realized an expense decrease of almost
$152,000, while other recreation enterprises expenses rose by nearly $199,000 over the prior year.
Net position for business-type activities represents 33% of total net position.
Financial Analysis of the City’s Funds
As noted earlier, the City uses fund accounting to ensure and demonstrate compliance with finance-
related legal requirements.
Governmental funds. The focus of the City’s governmental funds is to provide information on near-
term inflows, outflows, and balances of spendable resources. Such information is useful in assessing the
City’s financing requirements. In particular, unassigned fund balance may serve as a useful measure of
a City’s net resources available for spending at the end of the fiscal year.
At the end of the current fiscal year, the City of Euless’ governmental funds reported combined ending
fund balances of $116,639,057, which represents an increase of $6,689,019 in comparison with prior
year. Approximately 20% or $22.7 million constitutes unassigned fund balance in the general fund that
is available for spending at the City’s discretion. Another $262,087 in non-spendable fund balance
represents amounts invested in inventories and prepayments. Another portion is restricted to indicate
that it is not available for new spending because it has already been committed 1) to pay debt service
($5,127,305); 2) to pay for specific capital improvements per developer agreements ($2,776,788); 3)
restricted by bond covenants for specific capital projects ($27,607,196); and 4) for a variety of other
restricted purposes ($1,070,603). Assigned fund balance includes funds that management intends to use
for a specific purpose as well as any residual balances of governmental funds other than the general
fund. Assigned fund balance totals $57,055,508 and includes assigned fund balance in the general fund
of $207,125 and $56,848,383 represents positive residual balances in other governmental funds. See
discussion under Fund Balance Classifications in Note 1 of the Notes to Basic Financial Statements for
additional details.
General fund budgetary analysis. In the General Fund, the City budgeted for a decrease in fund
balance (i.e. a planned reduction) of $8,355,205 which was revised to a decrease of $8,788,874. Due to
a positive budget variance in overall revenues and expenditures, the General Fund ended the year with a
decrease in fund balance of only $1,066,627. This figure represents a positive budget variance of
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$7,722,247 resulting primarily from sales tax collections, electric franchise fees, jail revenue, ambulance
fees, rental income, building permit revenue, and investment income realizing significant increases over
expectations. The positive variance in sales tax collections results from conservative estimates used for
budgetary purposes. Electric franchise fees rose due to increased billings and collections by the
provider. Rental income exceeded budget expectations because the income from one building is
contingent upon the amount of sales tax paid by the occupant. Due to the volatile nature of the
contingency, nothing is included in the budget for this building rental. For several years, building
permit revenue has exceeded projected levels. Management intentionally decided to conservatively
budget this revenue stream so that the City does not become overly dependent upon a finite revenue
source. As the City nears build-out, building permit collections will decline until reaching a point more
aligned with reconstruction and renovation levels. Permits for new construction will decline drastically
over time. Investment income results from much-improved market rates and additional funds available
for investment. Jail revenues outpaced projections due to the implementation of a new
intergovernmental contract to house City of Hurst detainees. Budget estimates included only the
housing of City of Bedford detainees. The Hurst contract was effective for the third and fourth quarters
of the fiscal year.
General Fund budgetary expenditure savings total $2.6 million before transfers. General and
administrative (“G&A”) expenditures account for approximately $1.1 million of the savings. New
positions and the raise package previously mentioned account for increases of $379,000 in this expense
category. Capital purchases realized budgetary savings of almost $996,000; all of which was rolled to
FY2025 for continuing projects at fiscal year-end. Subscription-based information technology
arrangement expenditures attained budgetary savings of $408,000 which included funding for financial
and human resource system software which was not implemented in FY2024. Budgetary overages were
experienced in janitorial supplies due to increased costs for soap and paper products and rebates
exceeded budget parameters due in large part to higher than anticipated sales tax collections. Public
safety expenditures recognized budgetary savings of $1.2 million of which 83% is related to salaries and
benefits. A variety of open positions in the police department throughout the year is primarily
responsible for this variance. Public works added an inspector position during the fiscal year. The
remainder of the variances in general fund expenditures are predominantly attributable to salary and
benefit increases.
General fund. Several General Fund revenue categories realized increases over the prior year including
current property tax collections, franchise fees, investment earnings, jail income, ambulance fees and
miscellaneous income. Taxable property values increased over the prior year values by 11.9%, while
the tax rate dropped from 46¢ to 45.75¢ per $100 of taxable property valuation resulting in increased
property tax collections of more than $1.4 million. Overall franchise fee receipts rose by just over
$50,000 due to increased sales in electric service and water and wastewater system revenues. Natural
gas and cable fees dropped $76,000 and $31,000, respectively. Due to a relatively mild winter, natural
gas sales declined taking franchise fees down in the process. Legislative changes for providers of
telephone and cable service are responsible for the decrease in cable fees. The increase in jail income is
attributable to the midyear implementation of an intergovernmental contract with the City of Hurst for
housing of detainees. Building permit revenues outpaced prior year collections by close to $1.2 million
due predominantly to increased inspections performed and activity in the Watercolor development.
Investment income realized an increase of more than $500,000 due to favorable market conditions and
having additional funds available for investing. In the prior year, ARPA revenues of approximately $2
million were recognized in intergovernmental revenues along with another $614,000 in state and local
reimbursements. In the current year, no ARPA funds were recognized in the general fund, thereby
14
accounting for the decline of $2 million in intergovernmental income. Total revenues surpassed prior
year levels by nearly $1.6 million.
Expenditures declined $245,000 or .5% below the prior year resulting from a combination of increases
and decreases across expenditure categories. All of the decrease is realized in G&A expenditures which
dropped close to $2.7 million as compared to the previous fiscal year. In the prior fiscal year, one-time
lump sum non-merit raises were given to employees that were topped out on their pay ranges. No such
expenditures were approved for the current year resulting in a decrease from the prior year of $400,000.
Software purchases increased by more than $458,000 stemming from the FY2024 implementation of a
new SBITA contract. One-time capital purchases declined by more than $987,000 primarily due to the
timing of purchases and deliveries. Unspent funding for these purchases was rolled into FY2025 for
continuing projects. Prior year transfers to equipment replacement included a $3.2 million one-time
transfer to fund replacement depreciation on existing equipment. The current year amount dropped by
$2.9 million as a consequence of eliminating the one-time transfer and establishing monthly transfers for
the remaining useful lives of the equipment. Maintenance expenditure increases included plumbing
repairs, structural maintenance, and roof repairs to aging structures. Public safety expenditures increased
over prior year levels by $1.9 million and is primarily attributable to salaries and benefits ($1.5 million)
as previously described. Other expenditures rose by $371,000 due in large part to the implementation of
traffic management services and the purchase of fire protection equipment combined with increased
participation in the Trinity GAP rescue program. Equipment replacement fees also increased for public
safety as did maintenance costs that included various subscriptions, consulting, support, software and
data backup services. Culture and recreation realized an overall increase in expenditures of $186,000
mainly due to higher costs for equipment replacement, salaries, and benefits. Land betterment costs
increased due primarily to the replacement of playground chips and landscaping rock. Special events
increased by more than $11,000 due to holding of the Trunk or Treat, the Christmas Parade, and the
Daddy/Daughter Dance events. These events were charged elsewhere in the prior fiscal year. Due to
staffing shortages, development services incurred costs of $95,000 for consulting services and
commercial plan review in the prior fiscal year. Similar costs were not incurred in the current fiscal
year. This decrease combined with the salary and benefit increases account for the growth in
expenditures over the prior year. Streets and highways expenditures were $255,000 over the previous
year’s figures. This is predominantly due to implementation of the raise package during the year as well
as the purchase of sign materials which were minimal in the prior year. Additionally, pavement marking
service costs rose due in part to the expansion of the street overlay program which increased from
345,000 square feet in the prior year to 650,000 square feet in the current year. Debt service
expenditures in the general fund result from principal and interest payments on leases and subscription-
based information technology arrangements and were relatively flat with prior year levels.
Debt service fund. The Debt Service fund balance increased $235,875 which is $180,025 better than
the anticipated increase of $55,850. Compared to the prior year, revenues increased by $959,000.
Property taxes improved by $894,000 over the prior year due in large part to higher taxable values.
Investment revenues exceeded prior year amounts by $46,000 due to favorable market conditions.
Expenditures rose by $931,000 due to scheduled payments exceeding those of the prior fiscal year.
Car rental tax fund. The Car Rental Tax fund balance was originally anticipated to decrease $4.5
million but the revised budget showed a projected decrease of $5.7 million. This fund ended the year
with a fund balance decrease of $2,265,655 due in large part to the continued improvement in the travel
industry. Car rental tax revenues, which are highly dependent upon the travel sector, exceeded those of
the prior year by $1.5 million. Investment income was approximately $133,000 more than prior year
levels due to favorable market rates combined with an increase in investable balances in this fund. Per
15
contractual agreement, the car rental revenues are shared with the cities of Dallas and Fort Worth. The
increased collections resulted in additional expenditures of $1,013,000, while one-time capital transfers
rose due mainly to the $6.1 million contribution to the animal shelter project. Operating transfers to
other funds increased over the prior year by $1.9 million due to the reinstatement of the amount
contributed to the general fund. The prior year transfer was not made from car rental tax fund; the
expenditures were funded with ARPA monies.
General CIP fund. The General CIP fund balance increased by $3.3 million due predominantly to
project funding from transfers exceeding capital expenditures on projects. More than $6.1 million was
transferred to fund the animal shelter expansion. Another $4 million was transferred for future projects
and to cover increased costs due to inflationary pressures in ongoing projects. Investment income rose
to over $1 million due to additional funds available for investment and favorable market conditions.
Most of the capital expenditures were incurred for the fire station #2 remodel project ($7.5 million) and
architectural services for the animal shelter expansion project ($249,000).
Police CIP fund. For the Police CIP fund, transfers of $1,250,000 from the crime control and
prevention district (“CCPD”) and accumulated funding for equipment replacement of $1,834,236 were
made to the police department/municipal court remodel project. Investment income totaled nearly $1.4
million for the current year due to the amounts invested as well as favorable market conditions.
Professional and construction service costs totaling $2.3 million were incurred on this project. This fund
realized an increase in fund balance of $2.1 million.
Non-major governmental funds. Please note the General CIP fund, which was formerly shown as a
non-major governmental fund in the prior year, was reclassified as a major fund in the current year
financial statements. The non-major governmental funds realized a combined increase in fund balance
of $4,335,724; special revenue funds contributed $3,043,034, while the capital projects funds
contributed $1,292,690 to the balance. The car rental, TIRZ#4 Midtown, and half-penny sales tax CIP
funds realized fund balance decreases as expenditures on projects outpaced new funding. The remaining
non-major capital projects funds contributed nearly $2.9 million to the combined fund balance. Current
year project funding for all CIP funds from transfers totaled $5.8 million while project expenditures
totaled $5.7 million. The CCPD, police seized asset, and the Midtown PID funds drew down fund
balance by $919,658, $24,575 and $67,899, respectively. A drawdown of $1.3 million was budgeted in
the CCPD for the approved funding for the police/court remodel project. Midtown PID revenues fell
short of projections causing expenditures and transfers out to exceed collections. Hotel/motel
collections exceeded expectations by approximately $50,000, but dropped below prior year collections
by $174,000. Hotel/motel fund expenditures and transfers finished out the year under budget
parameters. This fund added $235,000 to fund balance for the year. The Half-Penny Sales Tax
(“EDC”) fund increased fund balance by $1.8 million largely due to a decline in expenditures of
$630,000, combined with increased revenues of $31,000. Transfers to CIP and debt service approved
for the current year fell below prior year levels by $3 million. A large number of projects were funded
in the prior fiscal year and many of those projects were ongoing in the current year. As such, due to a
decline in the number of new projects, less funding was needed in the current year. The TIRZ #3 Glade
Parks and the TIRZ #4 Midtown funds increased fund balance mainly due to property tax collections
and sales taxes receipts from participating entities outpacing debt service expenditures. The juvenile
case and cable PEG fees funds each added a small amount to fund balance for the year.
Enterprise funds. The City’s enterprise fund statements provide the same type of information found in
the government-wide financial statements for business-type activities, but in more detail. Most of the
City’s enterprise funds are heavily dependent upon local weather conditions. During the year, rainfall
16
exceeded that of a “normal” year by more than ten inches and was also over prior year levels by nearly
19 inches.
The W&WW fund realized a decline in operating income of $250,000 resulting principally from
increased operating revenues of close to $2 million combined with an increase in expenses of $2.2
million. The W&WW fund revenues increased largely as a result of volumetric rate increases in water
consumption and wastewater treatment passed through from TRA. Residential base rates also increased
$1 per month for both water and wastewater to cover the City’s increased operating costs. Water
purchases and wastewater treatment costs grew by nearly $1.8 million combined. Salary and benefit
expenses (excluding non-departmental) increased by almost $183,000 resulting from the raises
previously mentioned. Non-departmental salary and benefit expenses declined by more than $519,000
primarily due to the collective changes in the net pension liability, the net OPEB liability, related current
year deferred inflows and outflows, as well as the amortization of the deferrals. Franchise and
administrative fees increased by $86,000 each from the prior year primarily as a result of increased
rates; electric service rose by $94,000; and software subscriptions dropped by $46,000. Non-operating
revenues include $3.5 million in ARPA funding for water and wastewater capital projects. Investment
income and developer contributions totaled $1.4 million and $2.6 million, respectively. Including
nonoperating and other revenues and expenses, an increase of more than $7 million was realized in the
W&WW fund for FY2024.
In an effort to prolong the life of the greens, Texas Star Golf Course instituted closures on Tuesdays for
the performance of course maintenance. Additionally, tee times were spread out to every twenty
minutes to limit player count and reduce wear and tear. As a result, paid golf rounds dropped by nearly
9,000 and green fees fell by $358,000. The course realized total revenues of close to $4.6 million and
expenses of $5.7 million leading to an operating loss of $1.16 million. Last year, the operating loss was
$377,000 which equates to a difference of $785,000. Operating revenues which are directly linked to
the number of paid rounds dropped by $601,000. Operating expenses increased by $185,000 including
depreciation and amortization. Combined entries relating to net pension and net OPEB liabilities and
related deferrals increased salary expenses by $154,000 as compared to last year’s increase of $38,000.
Other salary and related benefits increased due to employee raises which added $292,000 to operating
costs. Increases in user fee transfers to equipment replacement totaled $446,000 which represents an
increase of $191,000; while cost of goods sold decreased by $52,000 for food, beverage, and alcohol
sales. Net position for the golf course dropped by $350 for FY2024.
The increase in net position of the drainage utility fund results largely from developer contribution of
capital assets. Operating costs decreased by $107,000. The drainage utility fund recorded a gain in net
position of $703,000. Other recreation enterprises operating revenues increased by $157,000, while
operating expenses decreased $51,000. Costs decreases include instructor fees, camp programs, and
recreational supplies. User fees paid to the equipment replacement fund declined. Maintenance costs
increased by approximately $49,000 due in large part to inflationary pressures. The net result of the
other recreational activity was net income of $187,000.
17
Capital Asset and Debt Administration
Capital assets. The City’s investment in capital assets for its governmental and business-type activities
as of September 30, 2024, totaled $285,499,618 (net of accumulated depreciation and amortization).
The investment in capital assets includes land, buildings, improvements, machinery and equipment,
infrastructure, intangible assets, and construction in progress. The net increase in the City’s investment
in capital assets for the current fiscal year was $11,903,493 or about 4%. Major capital asset activity
that occurred during the current fiscal year included the following:
Capital asset contributions included $536,000 in developer dedications of streets, water and
wastewater infrastructure, drainage structures and land. Community Development Block Grant
(“CDBG”) funding of wastewater lines totaled almost $26,000.
Capital asset additions for governmental activities include, but are not limited to, a multi-purpose
hard court at Midway Park, LED lighting for the outdoor volleyball courts, and a self-loan station at
the library. Completed projects for the year include the city-wide fiber optic project Phase I, PATS
North staff building and parking lot, Blessing Branch and Wilshire park improvements, lighting
upgrades at PATS South, FY2024 street improvements project, and the reconstruction of South
Pipeline Road, Highland Drive, and West Harwood Road.
Construction-in-progress related to general government activity of $13,170,648 primarily consists of
the following projects: fire station #2 ($8.6M), West Pipeline Road reconstruction ($1M), police and
courts remodel ($2.9M), PATS North entryway sign ($122K), and animal shelter remodel design
($269K).
The Huntington Drive water line replacement project was completed at a cost of almost $469,000.
Wastewater lines along South Main Street from Alexander Lane to East Huitt Lane were replaced
and the 48th and 49th year CDBG project was completed during the fiscal year.
Construction-in-progress related to business-type operations of $4,744,539 principally consists of
water line replacements at Midway Park 1st addition ($606K), at Oakwood Terrace ($1.1M), and
along South Main Street ($1.5M). Wastewater line replacements at Cedar Hills Estates South Phases
I & II ($300K) and at Trailwood Addition ($1.2M) are also in progress.
Capital Assets (Net of Accumulated Depreciation)
Amounts shown in 000s activities activities Total
2024 2023 2024 2023 2024 2023
Land 44,105$ 43,526$ 5,719$ 5,719$ 49,824$ 49,245$
Buildings 39,730 40,258 4,061 4,283 43,791 44,541
Other improvements 17,636 15,654 7,132 7,649 24,768 23,303
M&E 15,278 13,634 908 1,020 16,186 14,654
Infrastructure 59,883 53,134 72,020 70,685 131,903 123,819
Right-to-use equipment 73 136 93 148 166 284
Right-to-use software 942 224 5 9 947 233
Construction in
Progress 13,171 16,129 4,744 1,388 17,915 17,517
Total 190,818$ 182,695$ 94,682$ 90,901$ 285,500$ 273,596$
Governmental Business-type
Additional information on the City’s capital assets can be found in Note 3 of this report.
18
Long-term debt. At fiscal year-end, the City’s outstanding debt totaled $95,873,962 net of unamortized
losses on prior refundings. Of this amount, $76,296,207 comprises debt backed by the full faith and
credit of the government, where $2,241,270 is the amount of self-supported debt for Texas Star Golf
Course and Stars Center. The remainder of the City’s debt, $19,577,755, represents debt secured solely
by specific revenue sources (i.e. revenue bonds).
Outstanding Debt
Amounts shown in 000s activities activities Total
2024 2023 2024 2023 2024 2023
GO Bonds 685$ 1,870$ 1,705$ 2,245$ 2,390$ 4,115$
COs 67,465 70,675 - - 67,465 70,675
Premiums/discounts 3,391 3,687 45 63 3,436 3,750
Leases 73 136 93 149 166 285
Subscriptions 942 224 5 9 947 233
Tax notes 5,575 7,165 - - 5,575 7,165
Revenue bonds 4,570 4,800 14,910 15,875 19,480 20,675
Deferred charges (10) (51) (139) (204) (149) (255)
Totals 82,691$ 88,506$ 16,619$ 18,137$ 99,310$ 106,643$
Governmental Business-type
In fiscal year 2024, the City did not issue any new general bonded debt. One new governmental SBITA
was implemented at a cost of $1,046,792 during the year. No new bonded debt was issued for the City’s
enterprise operations during the year. The City’s total debt decreased $7,018,462 (exclusive of deferred
losses) or 6.8% during fiscal year 2024 and is attributed to scheduled payments outpacing the issuance
of new debt.
The City’s debt continues to be highly rated by both Moody’s Investors Service (“Moody’s”) and
Standard & Poor’s Ratings Services (“S&P”). Moody’s maintains an Aa2 rating on the City’s debt,
while S&P rates the City’s general obligation debt and water and wastewater revenue debt at AA+.
Both agencies recognized the City’s strong financial position, and specifically cited consistent budgetary
performance, effective financial management, and healthy reserves as a basis for reaching this
conclusion. Additionally, factors such as long-term financial and capital planning, along with positive
economic growth indicators, contributed to the high ratings and reinforced the City’s stable fiscal
outlook and ability to meet debt service obligations.
Economic Factors and Next Year’s Budgets and Rates
In the FY2024-25 budget, general fund revenues and transfers in are budgeted to increase by 7% from
the FY2023-24 original budget. Property taxes account for 41% of budgeted revenues and sales taxes
comprise approximately 32% of budgeted revenues. Certified assessed taxable valuations as of July 25,
2024 increased 6.8% from the preceding year. The property tax rate decreased from 45.75¢ per $100 of
taxable assessed valuation to 44.67¢ per $100 of taxable assessed valuation for FY2024-25.
In the FY2024-25 budget, total sales tax receipts are projected to increase approximately $707,000 over
the FY2023-24 original projections. The car rental tax receipts are budgeted below prior year actual
collections due mainly to the timing of budget preparation. By the end of FY2023-24, monthly car rental
tax receipts were exceeding expectations. However, the budget preparation work was completed prior to
receipt of final collection results for FY2023-24. In the FY2024-25 budget, total car rental tax receipts
19
are projected to increase roughly $1,440,000 over the FY2023-24 original projections, but are about
$1,094,000 less than final FY2023-24 collections.
Baseline budgeted expenditures in the general fund are projected to increase around 7% from the
FY2023-24 original budget excluding capital programs. The proposed employee pay plan includes a
baseline salary increase of 3.5% for public safety personnel and funding for merit-based increases for
non-public safety employees. The anticipated average increase for the merit raises is 3.5%. The City
elected to use excess reserves to fund capital needs.
For the Water and Wastewater Fund, the FY2024-25 budget includes the continuation of the tiered rate
structure for residential and irrigation water volume billing. Under the tiered structure, customers pay a
graduated volume rate based on varying levels of monthly water consumption. Residential volume rates
range from $5.67 to $8.30 per thousand gallons. A wastewater volume charge of $5.35 per thousand
gallons applies to all customer classes. Residential wastewater volume charges are capped at a
maximum of 12,000 gallons per month. Residential base rates on water and wastewater service will
remain the same as in the previous year. The City increased annual funding for pay-as-you-go capital
expenses by $25,000 for a total of $1,125,000. W/WW capital projects include funding for the Phase II
water line replacement at Sotogrande Boulevard. The engineering phase of the Oakwood Terrace North
projects is scheduled to begin next year and funding has been allocated accordingly. Appropriation of
the 51st year Community Development Block Grant funding has been assigned to the Fair Oaks
Boulevard and Lone Oak Circle wastewater line replacement project.
The Texas Star Golf Course and Conference Centre is a vibrant part of the Euless community. This
secluded facility, located in the midst of the Dallas/Fort Worth Metroplex, is well-known for world class
golf and a challenging course that has been recognized as a premier municipal facility by leading golf
publications, including Golf Digest and Golfweek. Additionally, Raven’s Grille and the Conference
Centre continue to receive rave reviews. The Conference Centre has 7,000 square feet of divisible space
and hosts business conferences, weddings, concerts, and other events. During FY2024-25 the course
will be closed for several months for greens replacement. Budgetary projections have taken this planned
closure into consideration and excess reserves will be utilized to offset lost revenues. The adopted
budget includes revenue projections of $5,651,184 and budgeted operating expenses of $5,647,329.
Request for Information
The financial report is designed to provide citizens, customers, investors, and creditors with a general
overview of the City’s finances. If you have questions about this report or need additional information,
contact the Finance Department, Attn: Janina Jewell, Director of Finance, at 201 North Ector Drive,
Euless, Texas 76039, call (817) 685-1626, or e-mail jjewell@eulesstx.gov.
CITY OF EULESS, TEXAS
GOVERNMENT-WIDE STATEMENT OF NET POSITION
SEPTEMBER 30, 2024
The Notes to the Basic Financial Statements
are an integral part of these statements.
20
Primary Government
Governmental Business-type
Activities Activities Total
Deposits and investments 132,606,503$ 30,005,587$ 162,612,090$
Receivables, net of allowances 11,418,271 5,578,720 16,996,991
Lease receivables 4,140,191 318,226 4,458,417
Internal balances (6,700,480) 6,700,480 -
Inventories, at cost 11,344 276,520 287,864
Prepaid items 1,029,814 40,961 1,070,775
Restricted assets
Deposits and investments 29,320,048 8,854,162 38,174,210
Capital assets
Land and construction in progress 57,276,134 10,463,084 67,739,218
Other capital assets, net of
accumulated depreciation 132,526,708 84,120,999 216,647,707
Intangible right-to-use assets, net of
accumulated amortization 1,014,938 97,755 1,112,693
Total assets 362,643,471 146,456,494 509,099,965
Deferred outflows related to pension 10,870,636 2,089,586 12,960,222
Deferred outflows related to OPEB 1,342,377 259,955 1,602,332
Deferred charges on refunding 9,584 139,146 148,730
Total deferred outflows of resources 12,222,597 2,488,687 14,711,284
Accounts payable 15,959,173 3,894,407 19,853,580
Contracts payable 2,619,903 - 2,619,903
Accrued liabilities 1,798,058 328,861 2,126,919
Accrued interest payable 340,336 54,012 394,348
Unearned revenue - 4,058,364 4,058,364
Money held in escrow - 2,430,833 2,430,833
Noncurrent liabilities
Due within one year 6,878,569 1,517,318 8,395,887
Due in more than one year 100,750,899 19,828,145 120,579,044
Total liabilities 128,346,938 32,111,940 160,458,878
Deferred inflows related to pension 1,404,190 270,408 1,674,598
Deferred inflows related to OPEB 4,406,022 851,030 5,257,052
Deferred inflows related to leases 4,140,191 318,226 4,458,417
Total deferred inflows of resources 9,950,403 1,439,664 11,390,067
Net investment in capital assets 133,199,143 78,063,094 211,262,237
Restricted for
Debt service 5,127,305 1,331,015 6,458,320
Impact fees - 3,543,589 3,543,589
Developer agreements 2,776,788 - 2,776,788
Court technology 117,184 - 117,184
Juvenile cases 252,130 - 252,130
Cable PEG fees 665,638 - 665,638
Historical preservation 843 - 843
Opioid remediation 92,824 - 92,824
Unrestricted 94,336,872 32,455,879 126,792,751
Total net position 236,568,727$ 115,393,577$ 351,962,304$
ASSETS
LIABILITIES
NET POSITION
DEFERRED OUTFLOWS OF RESOURCES
DEFERRED INFLOWS OF RESOURCES
CITY OF EULESS, TEXAS
GOVERNMENT-WIDE STATEMENT OF ACTIVITIES
YEAR ENDED SEPTEMBER 30, 2024
The Notes to the Basic Financial Statements
are an integral part of these statements.
21
Primary Government
Operating Capital Business-
Charges Grants and Grants and Governmental Type
Program Activities Expenses for Services Contributions Contributions Activities Activities Total
Primary government
Governmental activities
Culture and recreation 8,564,660$ 305,064$ 583$ 117,300$ (8,141,713)$ -$ (8,141,713)$
Development services 1,283,753 2,471,248 - - 1,187,495 - 1,187,495
General and administrative 28,888,669 713,362 10,562 - (28,164,745) - (28,164,745)
Highways and streets 4,765,479 261,316 6,000 616,995 (3,881,168) - (3,881,168)
Public safety 33,776,738 3,774,206 561,843 116,415 (29,324,274) - (29,324,274)
Interest 2,912,405 - - - (2,912,405) - (2,912,405)
Total governmental activities 80,191,704 7,525,196 578,988 850,710 (71,236,810) - (71,236,810)
Business-type activities
Water and wastewater 31,566,816 33,255,251 - 6,109,155 - 7,797,590 7,797,590
Drainage utility 1,594,990 945,588 - 1,337,110 - 687,708 687,708
Golf course 5,741,319 4,558,952 - - - (1,182,367) (1,182,367)
Other recreation enterprises 2,224,471 2,158,949 - - - (65,522) (65,522)
Total business-type activities 41,127,596 40,918,740 - 7,446,265 - 7,237,409 7,237,409
Total primary government 121,319,300$ 48,443,936$ 578,988$ 8,296,975$ (71,236,810) 7,237,409 (63,999,401)
General Revenues
Taxes
Property taxes 30,132,666 - 30,132,666
Sales taxes 29,309,986 - 29,309,986
Car rental taxes 20,228,890 - 20,228,890
Mixed beverage taxes 213,322 - 213,322
Hotel/motel occupancy taxes 1,655,528 - 1,655,528
Gross receipts taxes 4,673,962 - 4,673,962
Investment income 8,706,659 1,707,873 10,414,532
Rents and royalties 1,144,401 - 1,144,401
Miscellaneous 1,768,534 - 1,768,534
Transfers 485,425 (485,425) -
Total general revenues and transfers 98,319,373 1,222,448 99,541,821
Change in net position 27,082,563 8,459,857 35,542,420
NET POSITION, beginning of year 209,486,164 106,933,720 316,419,884
NET POSITION, end of year 236,568,727$ 115,393,577$ 351,962,304$
Net (Expense) Revenue and
Changes in Net Position
Program
Revenues
CITY OF EULESS, TEXAS
BALANCE SHEET – GOVERNMENTAL FUNDS
SEPTEMBER 30, 2024
The Notes to the Basic Financial Statements
are an integral part of these statements.
22
Debt Car
General Service Rental Tax
Fund Fund Fund
Deposits and investments 21,927,396$ 2,999,557$ 19,877,081$
Receivables
Property taxes 270,281 71,036 -
Accounts receivable 587,601 - -
Accrued interest receivable 205,428 - 48,210
Due from other governments 3,227,006 - 3,363,031
Lease receivable 893,244 1,649,060 -
Prepaids and deposits 167,071 - -
Inventories, at cost 11,344 - -
Restricted deposits and investments - - -
Total assets 27,289,371$ 4,719,653$ 23,288,322$
Accounts payable 1,583,361$ 50,474$ 12,211,273$
Contracts payable - - -
Accrued liabilities 982,404 - -
Total liabilities 2,565,765 50,474 12,211,273
Unavailable revenue - property taxes 270,281 68,061 -
Unavailable revenue - other 251,007 - -
Deferred inflow related to leases 893,244 1,649,060 -
Total deferred inflows of resources 1,414,532 1,717,121 -
Nonspendable
Prepaids, deposits, and inventories 178,415 - -
Restricted fo r
Debt service - 2,952,058 -
Capital projects - - -
Developer agreements - - -
Court technology 117,184 - -
Juvenile case management - - -
Cable PEG fees - - -
Historical preservation - - -
Opioid remediatio n 34,808 - -
Assigned 207,125 - 11,077,049
Unassigned 22,771,542 - -
Total fund balances 23,309,074 2,952,058 11,077,049
Total liabilities, deferred inflows of resources,
and fund balances 27,289,371$ 4,719,653$ 23,288,322$
ASSETS
LIABILITIES
DEFERRED INFLOWS OF RESOURCES
FUND BALANCES
23
General Police Non-major Total
CIP CIP Governmental Governmental
Fund Fund Funds Funds
15,664,421$ 4,132,813$ 31,651,759$ 96,253,027$
- - 64,948 406,265
6,428 - 494,212 1,088,241
17,669 81,715 20,517 373,539
- - 1,946,279 8,536,316
- - 1,597,887 4,140,191
- - 83,672 250,743
- - - 11,344
1,970,787 21,260,630 6,088,631 29,320,048
17,659,305$ 25,475,158$ 41,947,905$ 140,379,714$
158$ 2,933$ 1,352,007$ 15,200,206$
1,712,852 886,823 20,228 2,619,903
- - 172,134 1,154,538
1,713,010 889,756 1,544,369 18,974,647
- - - 338,342
- - 36,470 287,477
- - 1,597,887 4,140,191
- - 1,634,357 4,766,010
- - 83,672 262,087
- - 2,175,247 5,127,305
257,935 21,260,630 6,088,631 27,607,196
- - 2,776,788 2,776,788
- - - 117,184
- - 252,130 252,130
- - 665,638 665,638
- - 843 843
- - - 34,808
15,688,360 3,324,772 26,758,202 57,055,508
- - (31,972) 22,739,570
15,946,295 24,585,402 38,769,179 116,639,057
17,659,305$ 25,475,158$ 41,947,905$ 140,379,714$
24
CITY OF EULESS, TEXAS
RECONCILIATION OF THE GOVERNMENTAL FUNDS
BALANCE SHEET TO THE STATEMENT OF NET POSITION
SEPTEMBER 30, 2024
The Notes to the Basic Financial Statements
are an integral part of these statements.
25
Total fund balances - governmental funds 116,639,057$
Capital assets of governmental funds are not current financial resources, therefore,
capital assets are not reported in the governmental funds balance sheet. 183,085,112
Interest payable on long-term debt does not require current financial resources,
therefore, interest payable is not reported as a liability in the governmental funds
balance sheet. (340,336)
Internal service funds are used by management to charge the cost of certain
activities, such as insurance and equipment replacement, to individual funds. The
assets and liabilities ofthe internalservice funds are net of the amount allocated to
business-type activities. 37,773,598
Revenues earned but not available within sixty days of the year end are not
recognized as revenue on the fund financial statements. 625,819
Funds comprising the net OPEB liability ($4,204,697), deferred inflows
($4,406,022), and deferred outflows $1,342,377 of resources related to OPEB
are not current financial resources, therefore, they are not reported in the
governmental funds balance sheet. (7,268,342)
(8,850,205)
Long-termliabilities, includingbonds payable, deferred charges on refundings, and
compensated absences (excluding those ofinternal service funds) are not due and
payable in the current period, therefore, theyare not reported inthe fund financial
statements. (85,095,976)
Net position of governmental activities 236,568,727$
Amounts reported for governmental activities in the statement of net position are
different because:
Funds comprising the net pension liability ($18,316,651), deferred inflows
($1,404,190), and deferred outflows $10,870,636 of resources related to the
pension are not current financial resources, therefore, they are not reported in the
governmental funds balance sheet.
CITY OF EULESS, TEXAS
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCES – GOVERNMENTAL FUNDS
YEAR ENDED SEPTEMBER 30, 2024
The Notes to the Basic Financial Statements
are an integral part of these statements.
26
Debt Car
General Service Rental Tax
Fund Fund Fund
Revenues
Property tax 21,307,423$ 6,022,040$ -$
Gross receipts tax 4,613,971 - -
Mixed beverage tax 213,322 - -
Sales tax 17,829,107 - -
Car rental tax - - 20,228,890
Fines and fees 4,222,869 - -
Licenses and permits 2,333,992 - -
Investment income 1,289,662 368,789 1,302,551
Drug enforcement revenues - - -
Intergovernmental 561,842 - -
Rents and royalties - 465,367 -
Other revenues 1,345,581 - -
Total revenues 53,717,769 6,856,196 21,531,441
Expenditures
Current
Culture and recreation 3,931,722 - -
Development services 1,073,819 - -
General and administrative 10,931,239 - 13,485,926
Highways and streets 1,892,782 - -
Public safety 31,494,202 - -
Debt service
Principal 167,680 6,203,816 -
Interest and fiscal charges 6,086 2,752,594 -
Capital outlay 2,114,178 - -
Total expenditures 51,611,708 8,956,410 13,485,926
Excess (deficiency) of
revenues over (under) expenditures 2,106,061 (2,100,214) 8,045,515
Other financing sources (uses)
Issuance of subscription debt 1,046,792 - -
Proceeds from sale of assets 8,650 - -
Transfers in 3,682,112 2,336,089 -
Transfers out (7,910,242) - (10,311,170)
Total other financing sources (uses), net (3,172,688) 2,336,089 (10,311,170)
Net change in fund balances (1,066,627) 235,875 (2,265,655)
Fund balances, beginning of year, as previously presented 24,375,701 2,716,183 13,342,704
Change within financial reporting entity (nonmajor to major fund) - - -
Fund balances, end of year, as adjusted 23,309,074$ 2,952,058$ 11,077,049$
27
General Police Non-major Total
CIP CIP Governmental Governmental
Fund Fund Funds Funds
-$ -$ 2,862,547$ 30,192,010$
- - 1,715,519 6,329,490
- - - 213,322
- - 11,480,879 29,309,986
- - - 20,228,890
- - - 4,222,869
- - - 2,333,992
1,001,632 1,351,445 1,734,495 7,048,574
- - 156,853 156,853
- - 239,715 801,557
30,908 - 81,878 578,153
2,200 - 817,243 2,165,024
1,034,740 1,351,445 19,089,129 103,580,720
- - 3,779,012 7,710,734
- - 237,928 1,311,747
- - 701,537 25,118,702
- - 57,147 1,949,929
- - 3,429,811 34,924,013
- - 234,634 6,606,130
- - 165,847 2,924,527
7,850,852 2,294,867 6,161,748 18,421,645
7,850,852 2,294,867 14,767,664 98,967,427
(6,816,112) (943,422) 4,321,465 4,613,293
- - - 1,046,792
- - - 8,650
10,125,000 3,084,236 5,858,178 25,085,615
- - (5,843,919) (24,065,331)
10,125,000 3,084,236 14,259 2,075,726
3,308,888 2,140,814 4,335,724 6,689,019
- 22,444,588 47,070,862 109,950,038
12,637,407 - (12,637,407) -
15,946,295$ 24,585,402$ 38,769,179$ 116,639,057$
28
CITY OF EULESS, TEXAS
RECONCILIATION OF THE STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES OF
GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES
YEAR ENDED SEPTEMBER 30, 2024
The Notes to the Basic Financial Statements
are an integral part of these statements.
29
Net change in fund balances - total governmental funds 6,689,019$
Governmental funds report capital outlays as expenditures. However, inthe statement of activities the
cost of those assets is allocated over the estimated useful lives and reported as depreciationexpense.
This is the amount of capital expenditures recorded in the current period. 18,421,645
Governmental funds report cash proceeds from the disposal of capital assets as revenues, while only
the net gain/loss on the transaction is reported in the statement of activities and capital contributions
are not reported in governmental funds. This is the amount of capital contributions and disposals
recorded in the current period.(3,449,382)
Depreciation and amortization expense on capitaland intangible assets is reported inthe statement of
activities but does not require the use of current financial resources. Therefore, depreciation and
amortization expenses are not reported as expenditures in the governmental funds. (7,565,947)
The issuance oflong-termdebt provides current financialresources to governmental funds, but has no
effect on net position.(1,046,792)
The repayment of the principal of long-term debt consumes current financial resources o f
governmental funds, but has no effect on net position. 6,606,130
Governmental funds report the effect of premiums, discounts, and deferred charges on refunding when
debt is first issued, whereas the amounts are deferred and amortized in the statement of activities. 255,262
Current year changes in the long-term liabilities for compensated absences do not require the use of
current financial resources; therefore, they are not reported as expenditures in governmental funds. (112,533)
Current year changes in accrued interest payables do not require the use of current financial
resources; therefore, they are not reported as expenditures in governmental funds. 12,123
Changes in the net OPEB liability and related deferred inflows and outflows not recognized on the
fund financial statements under the modified accrual basis are recognized on the accrual basis in the
government-wide financial statements. 1,058,562
Changes in the net pension liability and related deferred inflows and outflows not recognized on the
fund financial statements under the modified accrual basis are recognized on the accrual basis in the
government-wide financial statements. 1,344,285
Internal service funds are used by management to charge the costs of certain activities, such as
insurance and equipment replacement, to individual funds. The net revenue of the internal service
funds is reported with governmental activities net of the amount allocated to business-type activities. 5,109,340
Certain revenues in the government-wide statement of activities that do not provide current financial
resources are not reported as revenue in the governmental funds. (239,149)
Change in net position of governmental activities 27,082,563$
Amounts reported for governmental activities in the statement of activities are different because:
CITY OF EULESS, TEXAS
STATEMENT OF NET POSITION – PROPRIETARY FUNDS
SEPTEMBER 30, 2024
The Notes to the Basic Financial Statements
are an integral part of these statements.
30
Governmental
Activities -
Other Total Internal
Water and Draina ge Golf Recreation Enterprise Service
Wastewater Utility Course Enterprises Funds Funds
Current assets
Deposits and investments 23,272,828$ 1,188,264$ 3,180,815$ 2,363,680$ 30,005,587$ 36,353,476$
Accounts receivable and unbilled revenue
less allowance for uncollectibles of
$23,470 for water and wastewater and
$660 for drainage utility 5,145,591 109,737 185,706 8,442 5,449,476 708,720
Accrued interest receivable 129,244 - - - 129,244 305,190
Lease receivable - - - 38,860 38,860 -
Prepaids and deposits 19,316 - 21,645 - 40,961 779,071
Inventory 128,720 - 123,316 24,484 276,520 -
Total unrestricted current assets 28,695,699 1,298,001 3,511,482 2,435,466 35,940,648 38,146,457
Restricted deposits and investments
W&WW impact fees 3,543,589 - - - 3,543,589 -
Capital projects 3,979,558 - - - 3,979,558 -
Revenue bond reserve for debt service 1,331,015 - - - 1,331,015 -
Total restricted assets 8,854,162 - - - 8,854,162 -
Total current assets 37,549,861 1,298,001 3,511,482 2,435,466 44,794,810 38,146,457
Non-current assets
Lease receivable - - - 279,366 279,366 -
Property, plant, and equipment in service, at cost
Land 3,676,667 559,826 897,520 584,532 5,718,545 -
Building 3,324,896 - 3,621,666 488,275 7,434,837 -
Equipment 1,153,716 114,380 535,782 1,645,153 3,449,031 20,674,261
Improvements 1,097,774 1,346,583 8,963,462 9,989,968 21,397,787 -
Construction in progress 4,744,539 - - - 4,744,539 -
Utility syste m 113,198,351 32,882,561 - - 146,080,912 -
Total property, plant, and equipment in service 127,195,943 34,903,350 14,018,430 12,707,928 188,825,651 20,674,261
Less accumulated depreciation 56,825,223 19,794,753 9,864,924 7,756,668 94,241,568 12,941,593
Net property, plant, and equipment in service 70,370,720 15,108,597 4,153,506 4,951,260 94,584,083 7,732,668
Intangible assets
Right-to-use equipment 24,238 - 157,878 45,014 227,130 -
Right-to-use software 14,233 - - - 14,233 -
Total intangible assets 38,471 - 157,878 45,014 241,363 -
Less accumulated amortization 26,891 - 84,401 32,316 143,608
Net intangible assets 11,580 - 73,477 12,698 97,755 -
Total non-current assets 70,382,300 15,108,597 4,226,983 5,243,324 94,961,204 7,732,668
Total assets 107,932,161 16,406,598 7,738,465 7,678,790 139,756,014 45,879,125
Deferred outflows related to pension 1,598,971 187,317 251,464 51,834 2,089,586 -
Deferred outflows related to OPEB 191,055 22,810 39,681 6,409 259,955 -
Deferred charges on refunding - - 139,146 - 139,146 -
Total deferred outflows of resources 1,790,026$ 210,127$ 430,291$ 58,243$ 2,488,687$ -$
ASSETS
DEFERRED OUTFLOWS OF RESOURCES
Business-Type Activities -
Enterprise Funds
CITY OF EULESS, TEXAS
STATEMENT OF NET POSITION – PROPRIETARY FUNDS – CONTINUED
SEPTEMBER 30, 2024
The Notes to the Basic Financial Statements
are an integral part of these statements.
31
Governmental
Activities -
Other Total Internal
Water and Draina geGolfRecreationEnterprise Service
Wastewater Utility Course Enterprises Funds Funds
Current liabilities
Payable from current assets
Accounts payable 3,732,994$ -$ 99,501$ 61,912$ 3,894,407$ 758,967$
Accrued salaries and wages 179,212 20,345 109,674 19,630 328,861 10,519
Current portion of bonds payable 838,715 - 573,902 - 1,412,617 -
Current portion of compensated absences 30,179 2,811 8,191 1,383 42,564 256
Current portion of lease liability 5,858 - 40,657 10,879 57,394 -
Current portion of subscription liability 4,743 - - - 4,743 -
Accrued insurance claims - - - - - 633,001
Unearned revenue 3,979,558 - 78,806 - 4,058,364 -
Accrued interest 48,679 - 5,333 - 54,012 -
Total current liabilities 8,819,938 23,156 916,064 93,804 9,852,962 1,402,743
Non-current liabilities
Customer and escrow deposits 2,307,498 - 123,335 - 2,430,833 -
Net pension liabilit y 2,662,863 264,203 401,392 81,574 3,410,032 -
Net OPEB liability 559,915 55,874 116,290 19,826 751,905 -
Bonds payable 14,059,711 - 1,187,807 - 15,247,518 -
Compensated absences 271,611 25,303 73,710 12,448 383,072 2,304
Lease liability 979 - 32,820 1,819 35,618 -
Total non-current liabilities 19,862,577 345,380 1,935,354 115,667 22,258,978 2,304
Total liabilities 28,682,515 368,536 2,851,418 209,471 32,111,940 1,405,047
Deferred inflows related to pensions 198,402 23,590 41,718 6,698 270,408 -
Deferred inflows related to OPEB 625,243 74,222 130,537 21,028 851,030 -
Deferred inflows related to leases - - - 318,226 318,226 -
Total deferred inflows of resources 823,645 97,812 172,255 345,952 1,439,664 -
NET POSITION
Net investment in capital assets 55,472,294 15,108,597 2,530,943 4,951,260 78,063,094 7,732,668
Restricted for
Impact fees 3,543,589 - - - 3,543,589 -
Debt service 1,331,015 - - - 1,331,015 -
Unrestricted 19,869,129 1,041,780 2,614,140 2,230,350 25,755,399 36,741,410
Total net position 80,216,027$ 16,150,377$ 5,145,083$ 7,181,610$ 108,693,097 44,474,078$
Reconciliation to government-wide statement of net position
Adjustment to reflect the consolid ation of internal
service funds' activities related to enterprise funds 6,700,480
Net position of business-type activities 115,393,577$
LIABILITIES
DEFERRED INFLOWS OF RESOURCES
Business-Type Activities -
Enterprise Funds
CITY OF EULESS, TEXAS
STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION –
PROPRIETARY FUNDS
YEAR ENDED SEPTEMBER 30, 2024
The Notes to the Basic Financial Statements
are an integral part of these statements.
32
Governmental
Activities -
Other Total Internal
Water and Drainage Golf Recreation Enterprise Service
Wastewater Utility Course Enterprises Funds Funds
Operating revenues
Water service 18,131,512$ -$ -$ -$ 18,131,512$ -$
Reclaimed water service 800,868 - - - 800,868 -
Wastewater service 11,851,372 - - - 11,851,372 -
Drainage fees - 945,588 - - 945,588 -
Recreation fees - - - 661,880 661,880 -
Insurance premiums - - - - - 7,740,896
Service fees and miscellaneous 2,471,499 - 4,558,797 1,497,029 8,527,325 6,263,800
Total operating revenues 33,255,251 945,588 4,558,797 2,158,909 40,918,545 14,004,696
Operating expenses
General and administrative 603,629 - - - 603,629 1,944,960
Water production 11,825,965 - - - 11,825,965 -
Water distribution 1,764,185 - - - 1,764,185 -
Utility engineering 511,090 - - - 511,090 -
Wastewater collection and treatment 6,878,126 - - - 6,878,126 -
Nondepartmental 4,897,980 - - - 4,897,980 -
Geographic information systems 696,095 - - - 696,095 -
Service center 1,452,451 - - - 1,452,451 -
Drainage - 774,492 - - 774,492 -
Recreation classes - - - 443,140 443,140 -
Golf course - - 1,994,626 - 1,994,626 -
Pro shop - - 459,820 - 459,820 -
Food and beverage - - 1,539,857 - 1,539,857 -
Conference center - - 933,223 - 933,223 -
Cart operations - - 323,211 - 323,211 -
Parks at Texas Star - - - 1,166,447 1,166,447 -
Arbor Daze - - - 149,034 149,034 -
Insurance costs - - - - - 6,294,411
Depreciation 2,711,546 820,031 404,244 453,568 4,389,389 2,054,429
Amortization 30,305 - 66,439 10,822 107,566 -
Total operating expenses 31,371,372 1,594,523 5,721,420 2,223,011 40,910,326 10,293,800
Operating income (loss) 1,883,879 (648,935) (1,162,623) (64,102) 8,219 3,710,896
Business-Type Activities -
Enterprise Funds
CITY OF EULESS, TEXAS
STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION –
PROPRIETARY FUNDS – CONTINUED
YEAR ENDED SEPTEMBER 30, 2024
The Notes to the Basic Financial Statements
are an integral part of these statements.
33
Governmental
Activities -
Other Total Internal
Water and Draina geGolfRecreationEnterprise Service
Wastewater Utility Course Enterprises Funds Funds
Nonoperating revenues (expenses)
Gain (loss) on sale of capital assets -$ -$ 155$ 40$ 195$ 329,258$
Intergovernmental revenue 3,509,301 - - - 3,509,301 -
Investment income 1,411,334 62,623 128,495 105,421 1,707,873 1,658,086
Interest expense (222,274) - (48,939) (98) (271,311) -
Total nonoperating revenues, net 4,698,361 62,623 79,711 105,363 4,946,058 1,987,344
Income (loss) before contributions
and transfers 6,582,240 (586,312) (1,082,912) 41,261 4,954,277 5,698,240
Developer contributions 2,599,854 1,337,110 - - 3,936,964 -
Transfers in - - 1,082,562 145,508 1,228,070 1,749,377
Transfers out (2,115,553) (47,942) - - (2,163,495) (1,834,236)
Net income (loss) 7,066,541 702,856 (350) 186,769 7,955,816 5,613,381
Net position, beginning 73,149,486 15,447,521 5,145,433 6,994,841 38,860,697
Net position, end of year 80,216,027$ 16,150,377$ 5,145,083$ 7,181,610$ 44,474,078$
Reconciliation to government-wide statement of net position
Adjustment to reflect the consolidation of internal
service funds' activities related to enterprise funds 504,041
Change in net position of business-type activities 8,459,857$
Business-Type Activities -
Enterprise Funds
CITY OF EULESS, TEXAS
STATEMENT OF CASH FLOWS – PROPRIETARY FUNDS
YEAR ENDED SEPTEMBER 30, 2024
The Notes to the Basic Financial Statements
are an integral part of these statements.
34
Governmental
Activities -
Other Total Internal
Water and Drainage Golf Recreation Enterprise Service
Wastewater Utility Course Enterprises Funds Funds
OPERATING ACTIVITIES
Cash received from customers 29,961,482$ 949,879$ 4,560,448$ 2,217,361$ 37,689,170$ 14,957,407$
Cash payments to suppliers for goods and services (23,521,918) (320,019) (2,913,500) (1,343,686) (28,099,123) (7,757,072)
Cash payments to employees for services (4,190,314) (492,297) (2,457,143) (428,782) (7,568,536) (138,010)
Net cash provided by (used in)
operating activities 2,249,250 137,563 (810,195) 444,893 2,021,511 7,062,325
NONCAPITAL FINANCING ACTIVITIES
Transfer in - - 1,082,562 145,508 1,228,070 1,749,377
Transfer out (2,115,553) (47,942) - - (2,163,495) (1,834,236)
Net cash provided by (used in)
noncapital financing activities (2,115,553) (47,942) 1,082,562 145,508 (935,425) (84,859)
CAPITAL AND RELATED FINANCING ACTIVITIES
Impact fees 267,991 - - - 267,991 -
Acquisition/construction of capital/intangible assets (4,349,967) (205,000) - (6,668) (4,561,635) (2,824,749)
Interest paid on capital debt (247,861) - (50,458) (98) (298,417) -
Principal paid on capital debt (965,000) - (540,000) - (1,505,000) -
Principal paid on leases (5,827) - (38,959) (10,822) (55,608) -
Principal paid on subscriptions (4,634) - - - (4,634) -
Capital contributions - cash and cash equivalents 3,509,301 - - - 3,509,301 -
Proceeds from sale of capital assets - - 155 40 195 383,379
Net cash used in capital
and related financing activities (1,795,997) (205,000) (629,262) (17,548) (2,647,807) (2,441,370)
INVESTING ACTIVITIES
Interest received on investments 1,400,214 62,623 128,495 105,421 1,696,753 1,606,093
Net cash provided by investing activities 1,400,214 62,623 128,495 105,421 1,696,753 1,606,093
Net change in cash and cash equivalents (262,086) (52,756) (228,400) 678,274 135,032 6,142,189
Cash and cash equivalents, beginning of year 32,389,076 1,241,020 3,409,215 1,685,406 38,724,717 30,211,287
Cash and cash equivalents, end of year 32,126,990$ 1,188,264$ 3,180,815$ 2,363,680$ 38,859,749$ 36,353,476$
Noncash Financing Activities
Contribution of capital assets 2,331,863$ 1,337,110$ -$ -$ 3,668,973$ -$
Right-to-use assets acquired with subscription financing -$ -$ -$ -$ -$ -$
Business-Type Activities -
Enterprise Funds
CITY OF EULESS, TEXAS
STATEMENT OF CASH FLOWS – PROPRIETARY FUNDS – CONTINUED
YEAR ENDED SEPTEMBER 30, 2024
The Notes to the Basic Financial Statements
are an integral part of these statements.
35
Governmental
Activities -
Other Total Internal
Water and Drainage Golf Recreation Enterprise Service
Wastewater Utility Course Enterprises Funds Funds
Reconciliation of operating income (loss)
to net cash provided by (used in)
operating activities
Operating income (loss) 1,883,879$ (648,935)$ (1,162,623)$ (64,102)$ 8,219$ 3,710,896$
Adjustments to reconcile operating
income (loss) to net cash provided by (used in)
operating activities:
Depreciation and amortization 2,741,851 820,031 470,683 464,390 4,496,955 2,054,429
Changes in assets and liabilities:
Accounts receivable and
unbilled revenue (230,218) 4,291 39,822 58,452 (127,653) 952,711
Prepaids and deposits (5,321) - (14,689) - (20,010) 279,184
Inventor y 9,411 - (22,852) 15,480 2,039 -
Net OPEB liabilit y (575,839) (67,746) (120,975) (19,356) (783,916) -
Net pension liabilit y (1,522,266) (179,090) (319,804) (51,168) (2,072,328) -
Deferred outflows 1,040,912 120,517 198,403 34,274 1,394,106 -
Deferred inflows 732,691 85,465 154,585 (13,560) 959,181 -
Accounts payable 1,220,500 (617) (30,966) 13,249 1,202,166 417,498
Accrued salaries and wages 23,111 1,506 25,026 6,418 56,061 606
Accrued insurance claims - - - - - (352,999)
Compensated absences (5,910) 2,141 11,366 816 8,413 -
Customer and escrow
deposits 92,816 - (31,348) - 61,468 -
Unearned revenue (3,156,367) - (6,823) - (3,163,190) -
Net cash provided by (used in)
operating activities 2,249,250$ 137,563$ (810,195)$ 444,893$ 2,021,511$ 7,062,325$
Reconciliation of cash to balance sheet:
Cash - current 23,272,828$ 1,188,264$ 3,180,815$ 2,363,680$ 30,005,587$ 36,353,476$
Cash - restricted 8,854,162 - - - 8,854,162 -
Cash and cash equivalents 32,126,990$ 1,188,264$ 3,180,815$ 2,363,680$ 38,859,749$ 36,353,476$
Business-Type Activities -
Enterprise Funds
CITY OF EULESS, TEXAS
STATEMENT OF NET POSITION – FIDUCIARY FUNDS
SEPTEMBER 30, 2024
The Notes to the Basic Financial Statements
are an integral part of these statements.
36
Star Center Escrow OPEB
Custodial Fund Trust Fund
ASSETS
Investments at fair value
Investment pool 1,439,494$ -$
Money market account - 346,877
Fixed income funds - 5,595,281
Equity funds - 9,139,461
Total assets 1,439,494 15,081,619
LIABILITIES
Refunds payable 18,947 -
Total liabilities 18,947 -
NET POSITION
Restricted for
Debt service 1,420,547 -
Other post-employment benefits - 15,081,619
Total net position 1,420,547$ 15,081,619$
CITY OF EULESS, TEXAS
STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
YEAR ENDED SEPTEMBER 30, 2024
The Notes to the Basic Financial Statements
are an integral part of these statements.
37
Star Center Escrow OPEB
Custodial Fund Trust Fund
ADDITIONS
Employer contributions -$ 1,275,600$
Other contributions - 263,735
Investment income
Investment income 76,173 2,801,934
Less: investment expense - (66,736)
Net investment income 76,173 2,735,198
Total additions 76,173 4,274,533
DEDUCTIONS
Payments to beneficiaries 76,173 -
Insurance claims - 604,237
Administrative expenses - 171,718
Total deductions 76,173 775,955
Change in net position - 3,498,578
Net position - beginning of year 1,420,547 11,583,041
Net position - ending 1,420,547$ 15,081,619$
38
CITY OF EULESS, TEXAS
NOTES TO BASIC FINANCIAL STATEMENTS
39
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
General Statement
The City of Euless (the City) was incorporated on February 24, 1953. The City operates under a
Council-Manager form of government and provides the following services as authorized by its
charter: general government, police and fire protection, emergency ambulance service, road and
traffic signal maintenance, water and wastewater operations, drainage system, parks and
recreational facilities, courts, library services, planning land use, building inspection, and traffic
control.
The accounting and reporting policies of the City relating to the funds included in the
accompanying basic financial statements conform to accounting principles generally accepted in
the United States of America (GAAP) applicable to state and local governments. GAAP for local
governments include those principles prescribed by the Governmental Accounting Standards
Board (GASB) and the American Institute of Certified Public Accountants in the publication
entitled Audits of State and Local Governmental Units.
The more significant accounting policies of the City are described as follows:
Financial Reporting Entity
As required by GAAP, these basic financial statements present the primary government and its
component units, entities for which the government is considered to be financially accountable.
The blended component units, although legally separate entities, are, in substance, part of the
primary government’s operations. As such, data from these units is combined with data of the
primary government.
Blended Component Units
The City includes four component units in the financial statements. The Euless Development
Corporation (Corporation) is used to account for the accumulation of half-cent sales tax
proceeds dedicated to building and improving City parks and facilities, enhancing library
services, and stimulating economic development activities within the City. The Euless Crime
Control and Prevention District (District) is used to account for the accumulation and use of
quarter-cent sales tax proceeds dedicated for crime reduction programs. The Corporation and
the District are reported as special revenue funds of the primary government. The Boards of
Directors of both component units are substantively the same as the City Council. There are
seven directors on each board, four of whom are council members which constitutes a voting
majority of the City Council. The remaining three board members are residents of the City.
Upon dissolution of the Corporation or the District, the entity’s assets will be distributed to
the City. Each component unit provides all of its services to the City. The financial
statements for the units were obtained from the respective Boards of Directors. Financial
information for both entities may be obtained from the City.
CITY OF EULESS, TEXAS
NOTES TO BASIC FINANCIAL STATEMENTS
40
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – CONTINUED
Financial Reporting Entity – Continued
Blended Component Units – Continued
The Tax Increment Reinvestment Zone #3 – Glade Parks (TIRZ #3) is also a blended
component unit of the City and is reflected in the financial statements as a special revenue
fund. TIRZ #3 was created to stimulate development and enhance the value of taxable real
property within the boundaries of the zone. Tarrant County and Tarrant County College
District are taxing entities participating in TIRZ #3. The Board of Directors of TIRZ #3 is
substantially the same as the City Council and management of the City has operational
responsibility for TIRZ #3. The Board is comprised of seven directors, four of whom are
council members which constitutes a voting majority of the Board. The remaining three
board members are representatives selected by the other participating taxing entities and the
Tarrant County Hospital District. Financial information for TIRZ #3 may be obtained from
the City.
The Tax Increment Reinvestment Zone #4 – Midtown (TIRZ #4) is also a blended
component unit of the City and is reflected in the financial statements as a special revenue
fund. The Midtown CIP Fund is also part of TIRZ#4. TIRZ #4 was created to stimulate
development and enhance the value of taxable real property within the boundaries of the
zone. Tarrant County, Tarrant County Hospital District, and Tarrant County College District
are taxing entities participating in TIRZ #4. The Board of Directors of TIRZ #4 is
substantially the same as the City Council and management of the City has operational
responsibility for TIRZ #4. The Board is comprised of seven directors, four of whom are
council members which constitutes a voting majority of the Board. The remaining three
board members are representatives selected by the other participating taxing entities.
Financial information for TIRZ #4 may be obtained from the City.
Basis of Presentation
The government-wide financial statements (the statement of net position and the statement of
activities) report information on all of the activities of the City, except fiduciary funds. The
effect of interfund activity, with the exception of interfund services provided or used, within the
governmental and business-type activities columns, has been removed from these statements.
Governmental activities, which normally are supported by taxes and intergovernmental revenues,
are reported separately from business-type activities, which rely to a significant extent on user
fees and charges for support.
The statement of activities demonstrates the degree to which the direct expenses of a given
program are offset by program revenues. Direct expenses are those that are clearly identifiable
with a specific program. Program revenues include 1) charges to customers or applicants who
purchase, use, or directly benefit from goods, services, or privileges provided by a given program
and 2) operating or capital grants and contributions that are restricted to meeting the operational
or capital requirements of a particular program. Taxes and other items not properly included
among program revenues are reported instead as general revenues.
CITY OF EULESS, TEXAS
NOTES TO BASIC FINANCIAL STATEMENTS
41
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – CONTINUED
Basis of Presentation – Continued
Fund Financial Statements
The City segregates transactions related to certain functions or activities in separate funds in
order to aid financial management and to demonstrate compliance with various legal
provisions. Separate statements are presented for governmental funds, proprietary funds, and
fiduciary funds, even though the latter are excluded from the government-wide financial
statements. These statements present each major fund as a separate column on the fund
financial statements; all non-major funds are aggregated and presented in a single column.
Governmental funds are those funds through which most governmental functions are
typically financed. The measurement focus of governmental funds is on the sources, uses,
and balances of current financial resources. The City has presented the following major
governmental funds:
General Fund
The General Fund is the main operating fund of the City. This fund is used to account for
all financial resources not accounted for in other funds. All general tax revenues and
other receipts that are not restricted by law or contractual agreement to some other fund
are accounted for in this fund. General operating expenditures, fixed charges, and capital
improvement costs that are not paid through other funds are paid from the General Fund.
Debt Service Fund
The Debt Service Fund is used to account for the accumulation of financial resources for
the payment of principal, interest, and related costs on general long-term debt paid
primarily from property taxes levied by the City. The fund balance of the Debt Service
Fund is restricted for debt service expenditures.
Car Rental Tax Fund
The Car Rental Tax Fund is used to account for revenues received from the collection of
short-term motor vehicle rental taxes and the expenditures thereof. Per contractual
agreement, revenues are shared with the cities of Dallas and Fort Worth. The City’s
portion of the revenue is used primarily for debt reduction, one-time capital projects, and
to maintain the property tax rate.
Police CIP Fund
The Police CIP Fund is used to account for various construction projects related to the
City Police and Courts building renovation primarily funded with Tax and Waterworks
and Sewer System Revenue Certificates of Obligation, Series 2023 issuance.
CITY OF EULESS, TEXAS
NOTES TO BASIC FINANCIAL STATEMENTS
42
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – CONTINUED
Basis of Presentation – Continued
General CIP Fund
The General CIP Fund is used to account for various construction projects within the
City.
Proprietary funds are accounted for using the economic resources measurement focus and the
accrual basis of accounting. The accounting objectives are determinations of net income,
financial position, and cash flow. All assets and liabilities are included on the statement of net
position. The City has presented the following major proprietary funds:
Water and Wastewater Fund
Water and Wastewater Fund is used to account for the acquisition, operation and
maintenance of a municipal water and wastewater utility, supported primarily by user
charges.
Drainage Utility Fund
Drainage Utility Fund is used to account for the acquisition, operation, and maintenance
of a municipal drainage utility, supported primarily by user charges.
Golf Course Fund
Golf Course Fund is used to account for operation and maintenance of the City’s golf
course, supported primarily by user charges.
Additionally, the City reports the Internal Service Funds which are used to account for
equipment replacement, risk management, and self-funded health insurance coverage and
disability insurance provided to employees of the City.
Proprietary funds distinguish operating revenues and expenses from non-operating items.
Operating revenues and expenses generally result from providing services and producing and
delivering goods in connection with a proprietary fund’s principal ongoing operations. All
revenues and expenses not meeting this definition are reported as non-operating revenues and
expenses. Operating expenses for the proprietary funds include the cost of personnel and
contractual services, supplies, and depreciation on capital assets.
The City also reports two fiduciary funds in the financial statements. The Stars Center Escrow
Custodial Fund is a custodial fund that accounts for investments that will be held on behalf of the
Dallas Stars until the debt issued for the specific purpose of purchasing the Stars Center is fully
repaid. Custodial funds account for resources held for others in a custodial capacity. This fund
type is used to account for assets held by the City as an agent.
CITY OF EULESS, TEXAS
NOTES TO BASIC FINANCIAL STATEMENTS
43
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – CONTINUED
Basis of Presentation – Continued
The OPEB Trust Fund accounts for the accumulation and use of resources for benefit payments
related to post-employment health care.
The fiduciary funds are reported using the economic resources measurement focus and the
accrual basis of accounting. Reporting is oriented toward providing accountability for the
sources, uses, and balances of resources held for others; therefore, the additions and deductions
in fiduciary balances are reported. With this measurement focus, assets and liabilities which are
due and payable associated with the operation of these funds are included on the funds’
statements of net position. The funds’ equity is segregated into restricted net position and
unrestricted net position, if applicable.
Measurement Focus and Basis of Accounting
Measurement focus refers to what is being measured; basis of accounting refers to when
revenues and expenditures/expenses are recognized in the accounts and reported in the financial
statements. Basis of accounting relates to the timing of the measurement made, regardless of the
measurement focus applied.
The government-wide, proprietary fund and fiduciary financial statements are reported using the
economic resources measurement focus and the accrual basis of accounting. The economic
resources measurement focus means all assets, deferred inflows/outflows of resources, and
liabilities (whether current or noncurrent) are included on the statement of net position and the
operating statements present increases and decreases in total net position. Under the accrual basis
of accounting, revenues are recognized when earned, including unbilled water, wastewater, and
drainage services which are accrued. Expenses are recognized at the time the liability is incurred.
Governmental fund financial statements are reported using the current financial resources
measurement focus and are accounted for using the modified accrual basis of accounting. Under
the modified accrual basis of accounting, revenues are recognized when susceptible to accrual,
i.e., become both measurable and available. “Measurable” means the amount of the transaction
can be determined and “available” means collectible within the current period or soon enough
thereafter to be used to pay liabilities of the current period. The City considers property taxes and
other revenues as available if they are collected within 60 days of year end. Expenditures are
recorded when the related fund liability is incurred. However, debt service expenditures, as well
as expenditures related to compensated absences and other long-term liabilities are recorded only
when payment is due.
CITY OF EULESS, TEXAS
NOTES TO BASIC FINANCIAL STATEMENTS
44
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – CONTINUED
Measurement Focus and Basis of Accounting – Continued
The significant revenues susceptible to accrual are property taxes, franchise fees, licenses,
charges for service, interest income, and intergovernmental revenues. Sales taxes and short-term
motor vehicle rental taxes collected and held by the state at year end on behalf of the City are
also recognized as revenue. All other governmental fund revenues are recognized when received.
Any residual balances outstanding between the governmental activities and business-type
activities are reported in the government-wide financial statements as “internal balances.”
Deposits and Investments
Substantially all operating cash, deposits, and short-term investments are maintained in
consolidated cash accounts or individual fund investment accounts. Related interest income is
allocated to the various funds based primarily on ownership by each fund of specific
investments. Cash equivalents consist of highly-liquid investments with original maturities of
three months or less.
For purposes of the statement of cash flows, the City considers all highly liquid investments to
be cash equivalents.
Investments in U.S. Treasury and agency obligations with maturities of one year or less when
purchased are reported at amortized cost. All other investments are reported at fair value.
State statutes authorize the City to invest in obligations of the U.S. Government or its agencies;
obligations of the State of Texas or its agencies; and certain other obligations, repurchase
agreements, money market mutual funds, and certificates of deposits within established criterion.
Property Taxes
Property taxes are levied for appropriation for the fiscal year beginning on October 1, are due
October 1, attach as an enforceable lien on property as of January 1, and become delinquent on
February 1. Property taxes are accrued based on the period for which they are levied and
available. Delinquent taxes estimated not to be available are treated as deferred inflows of
resources. Property taxes for cities, including those applicable to debt service, are limited by the
Texas Constitution to $2.50 per $100 of assessed valuation. The City's current tax rate is $0.4575
per $100 of assessed valuation ($0.4600 per $100 last year) and assessed valuation is
approximately 100% of estimated value.
Inventories
Inventories, which are recognized as expenditures/expenses as consumed, are stated at cost
(first-in, first-out method) for the General Fund, Enterprise Funds and Internal Service funds.
CITY OF EULESS, TEXAS
NOTES TO BASIC FINANCIAL STATEMENTS
45
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – CONTINUED
Inventories – Continued
Inventories consist primarily of expendable supplies for the General Fund and Internal Service
funds and merchandise for resale for the Enterprise Funds.
Prepaid Items
Prepaid balances are for payments made by the City in the current year to provide services
occurring in the subsequent fiscal year, and are recognized as expenditures utilizing the
consumption method.
Transactions Between Funds
Interfund services provided and used are accounted for as revenues and expenditures or
expenses. Transactions that constitute reimbursements to a fund for expenditures or expenses
initially made from it that are properly applicable to another fund, are recorded as expenditures
or expenses in the reimbursing fund and as a reduction of expenditures or expenses in the fund
reimbursed. All other interfund transactions are recorded as transfers.
Capital Assets
Capital assets, which include property, plant, equipment, and infrastructure assets, are reported in
the applicable governmental or business-type activities columns in the government-wide
financial statements and in the fund financial statements for proprietary funds. All capital assets
are recorded at historical cost or estimated historical cost if actual historical cost is not available.
Donated assets are recorded at acquisition value on the date donated. Repairs and maintenance
are recorded as expenses. Renewals and betterments are capitalized.
Capitalized assets have an original cost of $5,000 or more and over one year of useful life.
Depreciation has been calculated on each class of depreciable property using the straight-line
method. Estimated useful lives are as follows:
Buildings 33 1/3 years
Water and wastewater system 33 1/3 years
Storm drainage system 33 1/3 years
Infrastructure 7 - 40 years
Machinery and equipment 5 - 15 years
Improvements 25 years
Right-to-use assets 5 - 15 years
CITY OF EULESS, TEXAS
NOTES TO BASIC FINANCIAL STATEMENTS
46
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – CONTINUED
Leases - Lessee
The City is a lessee for noncancellable leases of property and equipment. The City recognizes a
lease liability, reported with long-term debt, and right-to-use lease asset (lease asset), reported
with other capital assets in the government-wide and proprietary fund financial statements. The
City recognizes lease liabilities with an initial, individual value of $5,000 or more.
At the commencement of a lease, the City initially measures the lease liability at the present
value of payments expected to be made during the lease term. Subsequently, the lease liability is
reduced by the principal portion of lease payments made. The lease asset is initially measured as
the initial amount of the lease liability, adjusted for lease payments made at or before the lease
commencement date, plus certain initial direct costs. Subsequently, the lease asset is amortized
on a straight-line basis over the shorter of the lease term or its useful life.
Key estimates and judgments related to leases include how the City determines (1) the discount
rate it uses to discount the expected lease payments to present value, (2) lease term, and (3) lease
payments.
The City uses the interest charged by the lessor as the discount rate. When no interest rate
is provided by the lessor, the City generally uses its estimated incremental borrowing rate
as the discount rate for leases.
The lease term includes the noncancellable period of the lease.
Lease payments included in the measurement of the lease liability are composed of fixed
payments, variable payments fixed in substance or that depend on an index or a rate,
purchase option price that the City is reasonably certain to exercise, lease incentives
receivable from the lessor, and any other payments that are reasonably certain of being
required based on an assessment of all relevant factors.
The City monitors changes in circumstances that would require a remeasurement of its leases and
will remeasure the lease asset and liability if certain changes occur that are expected to
significantly affect the amount of the lease liability.
Subscription-Based Information Technology Arrangements (SBITAs)
The City has noncancellable contracts with SBITA vendors for the right-to-use information
technology (IT) software, alone or in combination with tangible capital assets (the underlying IT
assets). The City recognizes a subscription liability, reported with long-term debt, and a
right‐to‐use subscription asset (an intangible asset), reported with other capital assets, in the
government‐wide and proprietary fund financial statements. The City recognizes subscription
liabilities with an initial, individual value of $25,000 or more.
CITY OF EULESS, TEXAS
NOTES TO BASIC FINANCIAL STATEMENTS
47
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – CONTINUED
Subscription-Based Information Technology Arrangements (SBITAs) - Continued
At the commencement of a SBITA, the City initially measures the subscription liability at the
present value of payments expected to be made during the subscription term. Subsequently, the
subscription liability is reduced by the principal portion of SBITA payments made. The
subscription asset is initially measured as the initial amount of the subscription liability, adjusted
for SBITA payments made at or before the SBITA commencement date, plus certain initial
implementation costs. Subsequently, the subscription asset is amortized on a straight‐line basis
over the shorter of the subscription term or the useful life of the underlying IT assets.
Key estimates and judgments related to SBITAs include how the City determines (1) the
discount rate it uses to discount the expected subscription payments to present value,
(2) subscription term, and (3) subscription payments.
The City uses the interest rate charged by the SBITA vendor as the discount rate. When no
interest rate is provided by the vendor, the City generally uses its estimated incremental
borrowing rate as the discount rate for SBITAs. The subscription term includes the
noncancellable period of the SBITA. Subscription payments included in the measurement of the
subscription liability are composed of fixed payments, variable payments fixed in substance or
that depend on an index or a rate, termination penalties if the City is reasonably certain to
exercise such options, subscription contract incentives receivable from the SBITA vendor, and
any other payments that are reasonably certain of being required based on an assessment of all
relevant factors.
The City monitors changes in circumstances that would require a remeasurement of its SBITAs
and will remeasure the subscription asset and liability if certain changes occur that are expected
to significantly affect the amount of the subscription liability.
Compensated Absences
Employees may accumulate a maximum of two times their annual vacation accrual. The City's
policy is to pay the employee accumulated vacation upon termination. The City does not pay
employees for accumulated sick leave upon termination. The short-term portion of vacation pay
accrued in the proprietary fund financial statements is reported as short-term compensated
absences (a current liability). The long-term component is reflected in non-current liabilities as
compensated absences. Compensated absences are recorded in governmental funds as they
mature (i.e., as taken). The liability for governmental fund compensated absences is typically
liquidated in the general fund, the juvenile case fund, the half-penny sales tax fund, and the
crime control and prevention district fund.
CITY OF EULESS, TEXAS
NOTES TO BASIC FINANCIAL STATEMENTS
48
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – CONTINUED
Fund Balance Classifications
Fund balances are classified as follows on the governmental fund financial statements:
General Fund
Debt Service
Fund
Car Rental Tax
Fund
General CIP
Fund Police CIP Fund
Nonmajor
Governmental
Funds
Total
Governmental
Funds
Nonspendable 178,415$ -$ -$ -$ -$ 83,672$ 262,087$
Restricted for
Debt service - 2,952,058 - - - 2,175,247 5,127,305
Capital projects - - - 257,935 21,260,630 6,088,631 27,607,196
Developer agreements - - - - - 2,776,788 2,776,788
Court technology 117,184 - - - - - 117,184
Juvenile case management - - - - - 252,130 252,130
Cable PEG fees - - - - - 665,638 665,638
Historical preservation - - - - - 843 843
Opioid remediation 34,808 - - - - 34,808
Assigned
Capital projects - - - 15,688,360 3,324,772 7,431,424 26,444,556
Betterments 104,781 - - - - - 104,781
Emergency/radio systems 47,230 - - - - - 47,230
Tourism and
conference facilities - - - - - 2,592,358 2,592,358
Parks, library, and
economic development - - - - - 7,218,356 7,218,356
Police department - - - - - 2,213,872 2,213,872
Other 55,114 - 11,077,049 - - 7,302,192 18,434,355
Unassigned 22,771,542 - - - - (31,972) 22,739,570
Total 23,309,074$ 2,952,058$ 11,077,049$ 15,946,295$ 24,585,402$ 38,769,179$ 116,639,057$
Reported in
Non-spendable: This classification includes amounts that cannot be spent because they are either
(a) not in spendable form or (b) are legally or contractually required to be maintained intact. The
City has classified prepaid items and inventory as being non-spendable.
Restricted: This classification includes amounts for which constraints have been placed on the
use of the resources either (a) externally imposed by creditors (such as through a debt covenant),
grantors, contributors, or laws or regulations of other governments, or (b) imposed by law
through constitutional provisions or enabling legislation.
The City has recorded the following restrictions at year-end:
a. Restricted for debt service represents that portion of fund equity legally restricted for
retirement of bond principal and payment of interest and related charges.
b. Restricted for capital projects represents that portion of fund equity legally restricted by
debt covenant for capital projects and capital equipment purchases.
CITY OF EULESS, TEXAS
NOTES TO BASIC FINANCIAL STATEMENTS
49
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – CONTINUED
Fund Balance Classifications – Continued
c. Restricted for developer agreements represents the portion of fund equity that must be
used for future improvements to various development areas within the City.
d. Restricted for court technology represents funds collected from a court technology fee
that must be used to upgrade court systems.
e. Restricted for juvenile case processing represents funds collected from a fee on municipal
court citations that must be used to support the expenditures associated with juvenile case
processing.
f. Restricted for cable PEG fees represents the portion of fund equity that must be used for
the expansion of the City’s public, educational, and government access channel.
g. Restricted for historical preservation represents donations that must be used toward the
preservation of the City’s historical sites.
h. Restricted for opioid remediation represents the portion of fund equity that must be used
for opioid remediation activities.
Committed: This classification includes amounts that can be used only for specific purposes
pursuant to constraints imposed by formal action (ordinance) of the City Council. These
amounts cannot be used for any other purpose unless the City Council removes or changes
the specified use by taking the same type of action that was employed when the funds were
initially committed. This classification also includes contractual obligations to the extent that
existing resources have been specifically committed for use in satisfying those contractual
requirements. The City has no committed fund balance at year-end.
Assigned: This classification includes amounts that are constrained by the City’s intended
use for a specific purpose but are neither restricted nor committed. The City Council
delegates the authority for determining this intent to the City Manager. Assignments are
made at the City Manager's discretion, but generally represent items for which specific funds
have been informally dedicated internally. This classification also includes the remaining
positive fund balance for all governmental funds except for the General Fund. The City has
recorded the following assignments at year-end:
a. Assigned for capital projects represents revenue sources that are to be used for capital
projects for the City.
b. Assigned for betterment represents funds donated by citizens that are to be used for the
betterment of the community.
c. Assigned for emergency/radio systems represents funding that is to be used to upgrade
emergency and radio systems.
d. Assigned for tourism and conference facilities represents funds to promote the City
through tourism, conference booking, and historical preservation.
e. Assigned for parks, libraries, and economic development represents funds from sales
taxes that are to be used for park improvements, library activities, and economic
development throughout the City.
CITY OF EULESS, TEXAS
NOTES TO BASIC FINANCIAL STATEMENTS
50
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – CONTINUED
Fund Balance Classifications – Continued
f. Assigned for the police department are funds from the Crime Control and Prevention
District and police drug arrests and asset seizures to be used for police department
expenditures.
g. Assigned for other are funds from specific revenues that are to be spent for facility
remodel, victim assistance, and injured animals, as well as residual balances of selected
special revenue funds.
Unassigned: This classification includes all amounts that are not included in other spendable
classifications and the remaining negative fund balance for any governmental funds. The General
Fund is the only fund that reports a positive unassigned fund balance.
When available, the City uses restricted fund balances first, followed by committed resources,
assigned resources, then unassigned resources, as appropriate opportunities arise. However, the
City reserves the right to selectively spend unassigned resources first to defer the use of these
other classified funds.
Net Position
Net position represents the difference between assets and deferred outflows of resources and
liabilities and deferred inflows of resources of governmental and business-type activities and
proprietary funds. Net investment in capital assets consists of capital assets, net of accumulated
depreciation, plus capital-related deferred outflows of resources, reduced by the outstanding
balances of any borrowing and capital related deferred inflows of resources used for the
acquisition, construction, or improvements of those assets, plus unspent debt proceeds. Net
position is reported as restricted when there are limitations imposed on its use, either through the
enabling legislation adopted by the City or through external restrictions imposed by creditors,
grantors, or laws or regulations of other governments.
Pensions
For purposes of measuring the net pension liability, pension-related deferred outflows and inflows
of resources, and pension expense, City-specific information about its Fiduciary Net Position in the
Texas Municipal Retirement System (TMRS) and additions to/deductions from the City’s
Fiduciary Net Position have been determined on the same basis as they are reported by TMRS. For
this purpose, plan contributions are recognized in the period that compensation is reported for the
employee, which is when contributions are legally due. Benefit payments and refunds are
recognized when due and payable in accordance with the benefit terms. Investments are reported at
fair value. Information regarding the City’s Total Pension Liability is obtained from TMRS
through a report prepared for the City by TMRS consulting actuary, Gabriel Roeder Smith &
Company, in compliance with Governmental Accounting Standards Board (GASB) Statement No.
68, Accounting and Financial Reporting for Pensions.
CITY OF EULESS, TEXAS
NOTES TO BASIC FINANCIAL STATEMENTS
51
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – CONTINUED
Other Post-Employment Benefits (OPEB)
For purposes of measuring the net OPEB liability, OPEB-related deferred outflows and inflows of
resources, and OPEB expense, City-specific information about its Fiduciary Net Position and
additions to/deductions from the City’s Fiduciary Net Position have been determined on the same
basis as they are reported. For this purpose, plan contributions are recognized in the period that
compensation is reported for the employee. Benefit payments and refunds are recognized when due
and payable in accordance with the benefit terms. Investments are reported at fair value.
Information regarding the City’s OPEB liability is obtained from an actuarial valuation through a
report prepared for the City by their consulting actuary in compliance with Governmental
Accounting Standards Board (GASB) Statement No. 75, Accounting and Financial Reporting for
Postemployment Benefits other than Pensions.
Deferred Outflows/Inflows of Resources
In addition to assets and liabilities, the statement of net position reports a separate section for
deferred outflows of resources and deferred inflows of resources. These separate financial
statement elements, deferred outflows of resources and deferred inflows of resources, represent a
consumption and acquisition of net assets that apply to a future period(s) and will not be
recognized as an outflow or inflow of resources (expense/expenditure or revenue) until then. The
City has the following items that qualify for reporting as deferred outflows and inflows of
resources:
Deferred charges on refundings – deferred charges on refundings result from the difference
in the carrying value of refunded debt and its reacquisition price. This amount is deferred
and amortized over the shorter of the life of the refunded debt or refunding debt (deferred
outflow of resources).
Pension contributions subsequent to the measurement date – these contributions are
deferred and recognized in the following fiscal year (deferred outflow of resources).
Difference in pension expected and actual experience – this difference is deferred and
amortized over a closed period that approximates the estimated average remaining lives of
all members on the measurement date (deferred outflow and inflow of resources).
Changes in pension actuarial assumptions – this difference is deferred and amortized over a
closed period that approximates the estimated average remaining lives of all members on
the measurement date (deferred inflow of resources).
Difference in projected and actual investment earnings for pension assets – the difference is
deferred and amortized over a closed five-year period (deferred outflow of resources).
Difference in OPEB expected and actual investment experience – this difference is deferred
and amortized over a closed period that approximates the estimated average remaining
lives of all members on the measurement date (deferred inflow of resources).
Changes in OPEB actuarial assumption changes – this difference is deferred and amortized
over a closed period that approximates the estimated average remaining lives of all
members on the measurement date (deferred outflow and inflow of resources).
CITY OF EULESS, TEXAS
NOTES TO BASIC FINANCIAL STATEMENTS
52
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – CONTINUED
Deferred Outflows/Inflows of Resources – Continued
Difference in projected and actual investment earnings on OPEB assets – this difference is
deferred and amortized over a closed five-year period (deferred inflow of resources).
Leases – this amount results from the City’s long-term lease agreements in which the City
is a lessor. This amount is deferred and amortized over the lease period (deferred inflow of
resources).
Tax Abatements
The City provides tax abatement programs through economic development agreements designed
to promote local economic development and redevelopment; spur economic improvement;
stimulate business and commercial activity within the City; retain, create, and attract jobs; train
and retrain employees of local businesses; generate additional sales tax and enhance the property
tax base and economic condition of the City. Agreements generally contain recapture provisions
which may require repayment or termination if the recipients do not meet the required
provisions.
As of September 30, 2024, the City has two categories of tax abatement programs for economic
development:
Tax Abatements – The City has designated tax reinvestment zones and negotiated tax abatement
agreements with applicants as authorized by the Texas Tax Code Chapter 312 and administered
through the City’s Tax Abatement Policy to promote development and redevelopment within the
City. Such abatement agreements authorize the appraisal district to reduce the assessed value of
the taxpayer’s property by a percentage specified in the agreement, and the taxpayer will pay
taxes on the lower assessed value during the term of the agreement.
Recipients receiving tax abatements generally commit to the creation of new value of eligible
property improvements, either for new or improved existing facilities, made subsequent to the
agreement ranging from 35% to 75% for up to 10 years. No property taxes were abated under
this program in fiscal year 2024.
General Economic Development Agreements – The City has entered into various agreements
under Texas Local Government Code Chapter 380 to stimulate economic development. Such
agreements may provide rebates, grants, or loans for promotion of economic development
including attracting new business and encouraging expansion or retention of existing businesses.
Rebates may be a flat amount or percentage of property taxes or sales taxes received by the City.
For fiscal year 2024, the City rebated $1,136,453 in sales taxes, or 3.88% of the total sales tax
revenues and $17,601 in property tax revenue, or less than 0.06% of the total property tax
revenues. These rebates are reflected in non-departmental expenditures in the general fund and in
general and administrative expenditures in the EDC fund.
CITY OF EULESS, TEXAS
NOTES TO BASIC FINANCIAL STATEMENTS
53
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – CONTINUED
Leases - Lessor
The City is a lessor for noncancellable leases of property and buildings. The City recognizes a
lease receivable and a deferred inflow of resources in the government-wide, governmental fund
and proprietary fund financial statements. At the commencement of a lease, the City initially
measures the lease receivable at the present value of payments expected to be received during the
lease term. Subsequently, the lease receivable is reduced by the principal portion of lease
payments received. The deferred inflow of resources is initially measured as the initial amount of
the lease receivable, adjusted for lease payments received at or before the lease commencement
date. Subsequently, the deferred inflow of resources is recognized as revenue over the life of the
lease term.
Key estimates and judgments related to leases include how the City determines (1) the discount
rate it uses to discount the expected lease receipts to present value, (2) lease term, and (3) lease
payments.
The City uses its estimated incremental borrowing rate as the discount rate for leases.
The lease term includes the noncancellable period of the lease.
Lease payments included in the measurement of the lease receivable are composed of
fixed payments from the lessee, variable payments from the lessee that are fixed in
substance or that depend on an index or a rate, residual value guarantee payments from
the lessee that are fixed in substance, and any lease incentives that are payable to the
lessee.
The City monitors changes in circumstances that would require a remeasurement of its leases and
will remeasure the lease receivable and deferred inflows of resources if certain changes occur
that are expected to significantly affect the amount of the lease receivable.
NOTE 2. DEPOSITS AND INVESTMENTS
Deposits
State statutes and the City’s investment policy require that all uninsured deposits in financial
institutions be fully collateralized by U.S. Government obligations or its agencies or
instrumentalities or direct obligations of Texas or its agencies or instrumentalities that have a
market value of not less than the principal amount of the deposits or by a letter of credit issued
by a federal home loan bank. The City’s deposits were fully insured or collateralized as required
by state statutes as of September 30, 2024. At year-end, the carrying amount of the City’s
deposits was $1,232,470, with a bank balance of $1,584,096.
The total bank balance is covered by Federal Depository Insurance Corporation (FDIC)
insurance or by collateral for balances in excess of FDIC coverage. Collateral is held by Bank of
NY Mellon in the City’s name under a joint safekeeping agreement with Frost National Bank for
CITY OF EULESS, TEXAS
NOTES TO BASIC FINANCIAL STATEMENTS
54
NOTE 2. DEPOSITS AND INVESTMENTS – CONTINUED
Deposits – Continued
City deposits at Frost Bank. The market value of the collateral provided by Frost Bank at the
close of the fiscal year was $1,776,645 plus FDIC coverage of $250,000.
Investments
State statutes, City bond ordinances, and City resolutions authorize the City’s investments. The
City is authorized to invest in obligations of the U.S. Government and its agencies and
instrumentalities, obligations of the State of Texas and its agencies and instrumentalities,
fully-insured or collateralized certificates of deposit, fully-collateralized repurchase agreements
and reverse repurchase agreements, government pools, and no-load SEC-registered money
market funds consisting of any of these securities listed.
Because the City is responsible for the investment portfolio of its component units, the City’s
investment practices and policies disclosed herein apply equally to its component units. During
the year ended September 30, 2024, the City did not own any types of securities other than those
permitted by statute.
Book Value
Fair Value
Level 2
% of
Portfolio WAM Rating
Rating
Agency
Investments measured at amortized cost:
Investment Pools:
TexasClass 45,150,149$ 22.3% 12 AAAm S&P
TexPool 46,741,384 23.2% 26 AAAm S&P
TexSTAR 47,088,141 23.4% 24 AAAm S&P
Investments measured at fair value:
Certificates of Deposit 4,080,000 4,142,061 2.0% 10 Not rated
U.S. Government Agency Securities:
FNMA 8,000,000 8,012,609 4.0% 21 AA+/Aaa S&P/Moody's
FFCB 7,000,000 7,062,237 3.5% 16 AA+/Aaa S&P/Moody's
FHLB 30,445,158 30,596,626 15.1% 87 AA+/Aaa S&P/Moody's
FHLMC 10,000,000 10,010,584 5.0% 20 AA+/Aaa S&P/Moody's
FAMCA 3,000,000 3,026,934 1.5% 8 Not rated
Totals 201,504,832$ 62,851,051$ 100%
Investment Type
Weighted average maturity (WAM) of the portfolio by investment type categories reflected in the previous table is stated in days. For the investment
pools, the Reset WAM is presented. Investment type acronyms displayed in the previous table are defined as follows: FNMA – Federal National
Mortgage Association, FFCB – Federal Farm Credit Bank, FHLB – Federal Home Loan Bank, FHLMC – Federal Home Loan Mortgage Corporation, and
FAMCA – Federal Agricultural Mortgage Corporation. The rating agency acronyms are defined as follows: S&P – Standard and Poor’s Ratings Services,
a division of the McGraw-Hill Companies, Inc. and Moody’s – Moody’s Investor Service, Inc. Additional information about the rating agency or the
significance of the ratings provided may be obtained from each agency’s web site.
CITY OF EULESS, TEXAS
NOTES TO BASIC FINANCIAL STATEMENTS
55
NOTE 2. DEPOSITS AND INVESTMENTS – CONTINUED
Investments – Continued
Fair Value
The City categorizes its fair value measurements within the fair value hierarchy established
by generally accepted accounting principles. GASB Statement No. 72, Fair Value
Measurement and Application provides a framework for measuring fair value which
establishes a three-level fair value hierarchy that describes the inputs that are used to measure
assets and liabilities.
Level 1 inputs are quoted prices (unadjusted) for identical assets or liabilities in active
markets that a government can access at the measurement date.
Level 2 inputs are inputs – other than quoted prices included within Level 1 that are
observable for an asset or liability, either directly or indirectly.
Level 3 inputs are unobservable inputs for an asset or liability.
The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to
Level 3 inputs. If a price for an identical asset or liability is not observable, a government
should measure fair value using another valuation technique that maximizes the use of
relevant observable inputs and minimizes the use of unobservable inputs. If the fair value of
an asset or a liability is measured using inputs from more than one level of the fair value
hierarchy, the measurement is considered to be based on the lowest priority level input that is
significant to the entire measurement.
The City has recurring fair value measurements as presented in the previous table. The City’s
investment balances and weighted average maturity of such investments are as shown.
Investment pools are measured at amortized cost and are exempt from fair value reporting.
U.S Treasury and U.S. Government Agency Securities classified in Level 2 of the fair value
hierarchy are valued using a matrix pricing technique. Matrix pricing is used to value
securities based on the securities’ relationship to benchmark quoted prices.
Certificates of Deposit classified in Level 2 of the fair value hierarchy are valued using
inputs such as interest rates and yield curves that are observable at commonly quoted
intervals.
CITY OF EULESS, TEXAS
NOTES TO BASIC FINANCIAL STATEMENTS
56
NOTE 2. DEPOSITS AND INVESTMENTS – CONTINUED
Investments – Continued
Fair Value – Continued
All of the public fund investment pools (pools) in which the City is a participant use
amortized cost to value the portfolio. Amortized cost, in most cases, approximates the market
value of the securities held. In order to meet the criteria to be recorded at amortized cost,
investment pools must transact at a stable net asset value per share and maintain certain
maturity, quality, liquidity and diversification requirements within the investment pool. The
pools in which the City invests transact at a net asset value of $1.00 per share, have a
weighted average maturity of 60 days or less and weighted average life of 120 days or less,
hold investments that are highly rated by a nationally recognized statistical rating
organization, have no more than 5% of the portfolio with one issuer (excluding U.S.
government securities), and can meet reasonably foreseeable redemptions.
The TexPool investment pool is an external investment pool that has a redemption notice
period of one day and has no maximum transaction amounts. Texpool’s authorities may only
impose restrictions on redemptions in the event of a general suspension of trading on major
securities markets, general banking moratorium or national or state emergency that affects
the pool’s liquidity.
The TexSTAR investment pool is an external investment pool with an investment strategy
that seeks preservation of principal, liquidity and current income through investment in a
diversified portfolio of short-term marketable securities. TexSTAR has a redemption notice
period of one day and may redeem daily. The investment pool’s authorities may only impose
restrictions on redemptions in the event of a general suspension of trading on major securities
markets, general banking moratorium or national or state emergency that affects the pool’s
liquidity.
The MBIA Texas CLASS Investment Pool is governed by a Board of Trustees. The number
of trustees is determined and elected by the participants in the pool annually but it must be
comprised of an odd number with a minimum of three trustees. The Board meets upon the
request of at least two trustees, but not less than once annually. The pool is tailored to
comply with the Public Funds Investment Act. Duties of the governing board include
oversight responsibility.
TexPool falls under the purview of the Texas Comptroller of Public Accounts (Comptroller)
who is responsible for oversight of TexPool operations. The Comptroller exercises oversight
of the pools’ activities via daily, weekly, and monthly reporting requirements. Federated
Hermes is responsible for managing pool assets and day-to-day operations. TexSTAR is duly
chartered and administered by HilltopSecurities Inc. and JP Morgan Asset Management.
TexSTAR has established a governing board that is partially comprised of pool participants.
Duties of the governing board include oversight responsibility.
CITY OF EULESS, TEXAS
NOTES TO BASIC FINANCIAL STATEMENTS
57
NOTE 2. DEPOSITS AND INVESTMENTS – CONTINUED
Investments – Continued
Fair Value – Continued
Additionally, per the requirements of the Public Funds Investment Act (PFIA), all pools will
maintain an AAA or equivalent rating from at least one nationally recognized rating agency.
The PFIA also requires an annual examination of the financial statements of the pools by an
independent certified public accounting firm. In connection with the financial audit, a
compliance audit of management controls on investments and adherence to the investment
policies is also required.
Interest Rate Risk
In compliance with the City’s Investment Policy, as of September 30, 2024, the City minimized
the interest rate risk, the risk relating to the decline in market value of securities in the portfolio,
by: limiting the weighted average maturity to 365 days and the stated maturity to two years or
less, with the exception of securities purchases related to reserve funds; structuring the
investment portfolio so that securities mature to meet cash requirements for ongoing operations,
thereby avoiding the need to sell securities in the secondary market prior to maturity; monitoring
credit ratings of portfolio positions to assure compliance with rating requirements imposed by
the PFIA; and investing funds primarily in money market mutual funds, government investment
pools, and shorter-term securities.
The following table details the maturity schedule for the City’s investment portfolio as of
September 30, 2024:
Maturity Schedule Book Value Fair Value % of Portfolio
Overnight 138,979,674$ 138,979,674$ 69%
Less than 1 month 2,000,000 2,000,160 1%
1 to 6 months 8,425,158 8,477,753 4%
6 to 9 months 5,480,000 5,502,660 3%
9 to 12 months 4,480,000 4,494,378 2%
12 to 18 months 14,720,000 14,773,915 7%
18 to 24 months 7,960,000 8,019,522 4%
24 to 36 months 19,460,000 19,582,663 10%
Total 201,504,832$ 201,830,725$ 100%
CITY OF EULESS, TEXAS
NOTES TO BASIC FINANCIAL STATEMENTS
58
NOTE 2. DEPOSITS AND INVESTMENTS – CONTINUED
Credit Risk
In compliance with the City’s Investment Policy, as of September 30, 2024, the City minimized
credit risk losses due to default of a security issuer or backer, by: limiting investments to the
safest types of securities; primarily investing in U.S. Agency Bonds rated AA+ by Standard &
Poor’s; pre-qualifying financial institutions, brokers/dealers, and advisors with which the City
will do business; and diversifying the investment portfolio so that the potential losses on
securities are minimized.
Custodial credit risk – risk that a government will not be able to recover (a) deposits if the
depository financial institution fails or (b) the value of investment or collateral securities that are
in the possession of an outside party if the counterparty to the investment or deposit transaction
fails. To minimize such risk, the City requires collateralization of deposits in excess of FDIC
coverage, utilizes the delivery vs. payment method for investment purchases, and contracts with
a third-party collateral safekeeping agent.
Per the terms of its depository agreement, for bank deposits in excess of the coverage provided
by the FDIC, the City requires the depository bank to pledge to the City securities (collateral)
equal to 105% of the largest balances the City maintains in the bank. The percentage as shown
reflects the requirement based on market value of the pledged securities. The City actively
monitors and manages collateral levels for all deposits. On September 30, 2024, the City’s bank
balances were fully insured or collateralized.
The City’s depository bank also acts as its safekeeping agent per the terms of the depository
contract. City policy dictates that all securities rendered for payment will be sent delivery vs.
payment, meaning that the funds required for purchase of a security will not be released until the
safekeeping agent has received the security purchased in the City’s name. No broker holds City
funds. The City does not purchase securities from its depository bank or any subsidiary banks of
the same bank holding company.
CITY OF EULESS, TEXAS
NOTES TO BASIC FINANCIAL STATEMENTS
59
NOTE 3. CAPITAL ASSETS
Capital asset activity for the year ended September 30, 2024, was as follows:
Balance Balance
Beginning Adjustment/ End of
of Yea r Increase Decrease Transfer Year
Governmental activities
Capital assets - nondepreciable
Land 43,526,306$ -$ -$ 579,180$ 44,105,486$
Construction in progress 16,128,702 16,831,604 - (19,789,658) 13,170,648
Total nondepreciable capital assets 59,655,008 16,831,604 - (19,210,478) 57,276,134
Capital assets - depreciable
Buildings 75,084,338 - (171,536) 1,794,367 76,707,169
Improvements other than buildings 22,932,561 76,992 (174,825) 2,811,045 25,645,773
Infrastructure 108,776,349 115,087 - 9,599,044 118,490,480
Machinery and equipment 17,393,978 471,757 (530,556) 1,783,530 19,118,709
Total depreciable capital assets 224,187,226 663,836 (876,917) 15,987,986 239,962,131
Less accumulated depreciation
Buildings (34,825,547) (2,184,425) 32,665 - (36,977,307)
Improvements other than buildings (7,278,628) (730,803) - - (8,009,431)
Infrastructure (55,642,130) (2,965,451) - - (58,607,581)
Machinery and equipment (10,776,407) (1,294,140) 496,775 - (11,573,772)
Total accumulated depreciation (108,522,712) (7,174,819) 529,440 - (115,168,091)
Total depreciable capital assets, net 115,664,514 (6,510,983) (347,477) 15,987,986 124,794,040
Intangible right-to-use assets - amortizable
Equipment 259,697 - - - 259,697
Software 337,794 1,046,792 - - 1,384,586
Total amortizable intangible assets 597,491 1,046,792 - - 1,644,283
Less accumulated amortization
Equipment (124,003) (62,435) - - (186,438)
Software (114,214) (328,693) - - (442,907)
Total accumulated amortization (238,217) (391,128) - - (629,345)
Total amortizable intangible assets, net 359,274 655,664 - - 1,014,938
Total governmental fund capital assets, net 175,678,796 10,976,285 (347,477) (3,222,492) 183,085,112
Internal service funds
Capital assets - depreciable
Machinery and equipment 18,743,829 2,824,750 (894,318) - 20,674,261
Total depreciable internal service assets 18,743,829 2,824,750 (894,318) - 20,674,261
Less accumulated depreciation
Machinery and equipment (11,727,360) (2,054,429) 840,196 - (12,941,593)
Total internal service funds
capital assets, net 7,016,469 770,321 (54,122) - 7,732,668
Total governmental activities
capital and intangible assets, net 182,695,265$ 11,746,606$ (401,599)$ (3,222,492)$ 190,817,780$
CITY OF EULESS, TEXAS
NOTES TO BASIC FINANCIAL STATEMENTS
60
NOTE 3. CAPITAL ASSETS – CONTINUED
Balance Balance
Beginning Adjustment/ End of
of Year Increase Decrease Transfer Year
Business-type activities
Capital assets - nondepreciable
Land 5,718,545$ -$ -$ -$ 5,718,545$
Construction in progress 1,387,836 4,580,684 - (1,223,981) 4,744,539
Total nondepreciable capital assets 7,106,381 4,580,684 - (1,223,981) 10,463,084
Capital assets - depreciable
Buildings 7,434,837 - - - 7,434,837
Equipment 3,338,360 6,670 - 104,000 3,449,030
Improvements 21,296,788 - - 101,000 21,397,788
Utility system 141,418,676 3,643,255 - 1,018,981 146,080,912
Total depreciable capital assets 173,488,661 3,649,925 - 1,223,981 178,362,567
Less accumulated depreciation
Buildings (3,152,471) (221,051) - - (3,373,522)
Equipment (2,317,713) (223,495) - - (2,541,208)
Improvements (13,648,195) (617,257) - - (14,265,452)
Utility system (70,733,800) (3,327,586) - - (74,061,386)
Total accumulated depreciation (89,852,179) (4,389,389) - - (94,241,568)
Total depreciable capital assets, net 83,636,482 (739,464) - 1,223,981 84,120,999
Intangible right-to-use assets - amortizable
Equipment 227,130 - - - 227,130
Software 14,233 - - - 14,233
Total amortizable intangible assets 241,363 - - - 241,363
Less accumulated amortization
Equipment (78,510) (55,608) - - (134,118)
Software (4,856) (4,634) - - (9,490)
Total accumulated amortization (83,366) (60,242) - - (143,608)
Total amortizable intangible assets, net 157,997 (60,242) - - 97,755
Total business-type activities capital assets, net 90,900,860$ 3,780,978$ -$ -$ 94,681,838$
Capital asset depreciation and amortization expense was charged as a direct expense to programs of the
primary government as follows:
Governmental activities
Culture and recreation 1,034,651$
Development 32,244
General administrative 4,366,167
Highways and streets 2,918,153
Public safety 1,269,161
Total capital asset depreciation and amortization expense - governmental activities 9,620,376$
Business-type activities
Water and wastewater 2,722,007$
Drainage utility 820,031
Golf course 443,203
Other recreation enterprises 464,390
Total capital asset depreciation and amortization expense - business-type activities 4,449,631$
CITY OF EULESS, TEXAS
NOTES TO BASIC FINANCIAL STATEMENTS
61
NOTE 3. CAPITAL ASSETS – CONTINUED
Outstanding commitments at September 30, 2024, under authorized construction contracts, were
$28,446,300. These outstanding commitments are to be financed by available deposit and investment
balances, which include proceeds from previous bond issuances.
NOTE 4. LONG-TERM DEBT
The following is a summary of long-term debt activity of the City for the year ended September 30,
2024:
Balance Balance Due
Beginning End within
of Year Increases Decreases of Year One Year
Governmental activities
General obligation bonds 1,870,000$ -$ (1,185,000)$ 685,000$ 685,000$
Certificates of obligation 70,675,000 - (3,210,000) 67,465,000 3,985,000
Sales tax revenue bonds 4,800,000 - (230,000) 4,570,000 245,000
Tax notes 7,165,000 - (1,590,000) 5,575,000 1,050,000
Premium on debt 3,737,139 - (306,123) 3,431,016 306,123
Discount on debt (49,606) - 9,682 (39,924) (9,682)
Lease liability 135,695 - (62,436) 73,259 62,765
Subscription liability 223,580 1,046,792 (328,694) 941,678 313,654
Net pension liability 29,036,476 - (10,719,825) 18,316,651 -
Net OPEB liability 8,259,771 - (4,055,074) 4,204,697 -
Compensated absences 2,295,667 522,427 (411,003) 2,407,091 240,709
Total governmental activities 128,148,722 1,569,219 (22,088,473) 107,629,468 6,878,569
Business-type activities
Water and sewer revenue bonds 15,875,000 - (965,000) 14,910,000 840,000
General obligation refunding bonds 2,245,000 - (540,000) 1,705,000 555,000
Premiums on debt 79,001 - (19,240) 59,761 19,240
Discounts on debt (16,252) - 1,626 (14,626) (1,626)
Lease liability 148,620 - (55,608) 93,012 57,394
Subscription liability 9,377 - (4,634) 4,743 4,743
Net pension liability 5,482,360 - (2,072,328) 3,410,032 -
Net OPEB liability 1,535,821 - (783,916) 751,905 -
Compensated absences 417,223 49,562 (41,149) 425,636 42,567
Total business-type activities 25,776,150 49,562 (4,480,249) 21,345,463 1,517,318
Total primary government 153,924,872$ 1,618,781$ (26,568,722)$ 128,974,931$ 8,395,887$
Governmental fund net pension liability and net OPEB liability are typically liquidated by the
general, half-penny sales tax, crime control and prevention district, and juvenile case funds.
CITY OF EULESS, TEXAS
NOTES TO BASIC FINANCIAL STATEMENTS
62
NOTE 4. LONG-TERM DEBT – CONTINUED
General Obligation Bonds
General obligation bonds and general obligation refunding bonds provide funds for the
acquisition and construction of major capital equipment, City facilities, and infrastructure assets
and the refunding of previously issued debt instruments. General obligation bonds require voter
authorization; whereas general obligation refunding bonds do not. General obligation bonds are
direct obligations of the City, payable from a continuing and direct ad valorem tax, levied within
the limits prescribed by law, on all taxable property within the City as provided in the ordinances
authorizing issuance of the bonds.
The City is required to compute an interest and sinking fund tax rate sufficient to cover the
annual debt service requirements inclusive of anticipated drawdown of reserves, transfers or
revenues from self-supporting debt systems, and other miscellaneous sources.
As of September 30, 2024, general obligation bonds currently outstanding are as follows:
Interest Maturity Principal
Rate % Dated Date Outstanding
General Obligation Bonds:
Taxable Refunding, Series 2010 4.4% 08/15/2010 08/01/2025 $ 685,000
Refunding, Series 2012A 2.375% – 2.625% 11/01/2012 02/15/2027 1,705,000
Total $2,390,000
Annual debt service requirements to maturity for general obligation bonds are as follows:
Fiscal
Year Principal Interest Principal Interest Total
2025 $685,000 $30,140 $555,000 $36,072 $1,306,212
2026 - - 565,000 22,419 587,419
2027 - - 585,000 7,678 592,678
Total $685,000 $30,140 $1,705,000 $66,169 $2,486,309
Governmental Activities Business-Type Activities
The business-type activities general obligation refunding bonds outstanding were issued to
refund previously issued golf course debt. The City anticipates repayment of the debt will occur
from the golf system revenues. However, these plans are subject to change.
CITY OF EULESS, TEXAS
NOTES TO BASIC FINANCIAL STATEMENTS
63
NOTE 4. LONG-TERM DEBT – CONTINUED
Certificates of Obligation
Certificates of obligation are issued for many of the same purposes as general obligation bonds,
but certificates do not require voter authorization nor may they be used to refund existing debt.
The certificates constitute direct obligations of the City, payable from (i) the levy and collection
of a direct and continuing ad valorem tax, levied within the limits prescribed by law, on all
taxable property within the City, and (ii) a limited pledge (not to exceed $1,000 per issue) of the
Net Revenues of the City’s waterworks and sanitary sewer system.
The City currently has the following certificates of obligation outstanding as of the end of the
fiscal year:
Interest Maturity Principal
Rate % Dated Date Outstanding
Certificates of Obligation:
Series 2011 4% – 4.25% 01/15/2011 08/15/2030 $1,245,000
Series 2014
Series 2015
Series 2016
Series 2018
Series 2019
Series 2020
Series 2021
Series 2023
3%
3% – 3.5%
3% – 3.25%
3% – 4%
3.25% – 5%
2% – 3%
1.625% – 4%
4% – 5%
10/15/2014
10/27/2015
01/12/2016
03/01/2018
01/15/2019
01/14/2020
04/08/2021
09/07/2023
08/15/2034
02/15/2035
02/15/2041
02/15/2038
02/15/2039
02/15/2040
02/15/2041
02/15/2038
3,625,000
2,095,000
12,775,000
7,155,000
9,820,000
5,995,000
4,755,000
20,000,000
Total $67,465,000
Annual debt service requirements to maturity for the certificates of obligation are as follows:
Fiscal Governmental Activities
Year Principal Interest Total
2025 $3,985,000 $2,416,651 $6,401,651
2026 4,025,000 2,269,951 6,294,951
2027 4,080,000 2,115,841 6,195,841
2028 4,090,000 1,958,563 6,048,563
2029 4,260,000 1,792,850 6,052,850
2030-2034 22,970,000 6,377,414 29,347,414
2035-2039
2040-2041
21,420,000
2,635,000
2,117,981
77,925
23,537,981
2,712,925
Total $67,465,000 $19,127,176 $86,592,176
CITY OF EULESS, TEXAS
NOTES TO BASIC FINANCIAL STATEMENTS
64
NOTE 4. LONG-TERM DEBT – CONTINUED
Revenue Bonds
Each series of revenue bonds is backed by the pledged revenue sources identified in the bond
ordinances authorizing issuance of the bonds. The purpose and primary pledged revenue sources
of each type of revenue bond are summarized as follows.
Half-penny sales tax fund issues sales tax revenue bonds (STRB) to finance library, park, and
economic development projects throughout the City. Sales tax revenue bonds are special
obligations of the Euless Development Corporation (EDC), payable solely from and secured by a
lien on and pledge of certain Pledged Revenues which includes the gross proceeds of a ½¢ sales
and use tax levied within the City for the benefit of the EDC. The EDC is reflected in the
financial statements of the City as a special revenue fund. Accordingly, the EDC’s debt is
reflected in governmental activities debt.
Water and wastewater fund issues revenue bonds (W&WW) for the construction of and
improvements to the City’s combined waterworks and sanitary sewer infrastructure or to refund
previously issued revenue bonds. Water and sewer revenue bonds and refunding bonds are
payable solely from and equally secured by a first lien on and pledge of the net revenues of the
City’s water and wastewater system.
The City currently has the following revenue bonds outstanding at the end of the fiscal year:
Interest Maturity Principal
Rate % Dated Date Outstanding
Revenue Bonds:
W&WW Improvement, Series 2013 4% – 5% 06/25/2013 07/15/2033 $ 860,000
W&WW Improvement, Series 2015A 1.25% – 1.98% 06/15/2015 07/15/2035 2,700,000
W&WW Improvement, Series 2015B
W&WW Improvement, Series 2018
W&WW Improvement, Series 2019
STRB, Series 2018
STRB, Series 2019
0.95% – 1.68%
0.67% – 1.49%
0.5% – 1.66%
3% – 4%
2.5% – 4%
06/15/2015
04/12/2018
04/25/2019
10/15/2018
12/12/2019
07/15/2035
07/15/2038
07/15/2049
09/15/2038
09/15/2039
1,420,000
2,005,000
7,925,000
1,250,000
3,320,000
Total $ 19,480,000
CITY OF EULESS, TEXAS
NOTES TO BASIC FINANCIAL STATEMENTS
65
NOTE 4. LONG-TERM DEBT – CONTINUED
Revenue Bonds – Continued
Annual debt service requirements to maturity for revenue bonds are as follows:
Fiscal
Governmental Activities
Business-Type Activities
Year Principal Interest Principal Interest Total
2025 $245,000 $156,075 $840,000 $233,658 $1,474,733
2026 250,000 146,975 845,000 224,201 1,466,176
2027 260,000 136,975 860,000 213,835 1,470,810
2028 270,000 126,575 870,000 201,924 1,468,499
2029 280,000 115,775 885,000 189,096 1,469,871
2030-2034 1,555,000 429,000 4,545,000 711,089 7,240,089
2035-2039 1,710,000 161,450 2,575,000 378,384 4,824,834
2040-2044 - - 1,675,000 229,543 1,904,543
2045-2049 - - 1,815,000 90,747 1,905,747
Total $4,570,000 $1,272,825 $14,910,000 $2,472,477 $23,225,302
The gross ½¢ sales tax revenues of the EDC recognized in the year ending September 30, 2024
totaled $7,331,559. The principal, interest and fiscal charges on the EDC debt for the same
period totaled $400,481 which equates to approximately 5.5% of the gross ½¢ sales tax revenues.
The recognized net revenues of the water and wastewater fund totaled $3,295,215 for the year
ending September 30, 2024. Principal, interest and fiscal charges on the water and sewer revenue
bonds totaled $1,209,786 which equates to approximately 36.7% of net system revenues.
In accordance with the water and sewer revenue and refunding bond ordinances, the following
reserves were established:
Reserve for revenue bond debt service – to be used for retirement of the current portion of
principal and interest payments.
Reserve for emergency – to be used for payment of extraordinary repairs or replacements to
the system necessitated by an emergency for which no other funds are available.
CITY OF EULESS, TEXAS
NOTES TO BASIC FINANCIAL STATEMENTS
66
NOTE 4. LONG-TERM DEBT – CONTINUED
Revenue Bonds – Continued
Revenue bond reserve – a reserve established at the time of issuance pursuant to the revenue
bond covenants which will be used for principal and interest payments in the event of default
by the issuer.
Should the reserve for revenue bond debt service and/or the revenue bond reserve prove
deficient, the reserve for emergency shall be used for the purpose of meeting principal and/or
interest requirements of the bonds.
All funding requirements for the above reserves were met at September 30, 2024.
Investments of funds included in the bond reserve and emergency accounts are restricted to
obligations of the United States or its agencies or instrumentalities (except for mortgage
pass-through securities).
Water and sewer revenue bonds authorized and unissued as of September 30, 2024, amounted to
$1,200,000. The water and sewer bonds were authorized in 1970, and currently the City Council
has no intent to issue these bonds.
Tax Notes
Tax notes are issued for payments made for the acquisition, design, construction, improvement,
expansion, and equipment for one or more fire stations and the costs of professional services
rendered in connection therewith and the financing thereof. The City currently has the following
tax notes outstanding as of the end of the fiscal year:
Interest Maturity Principal
Rate % Dated Date Outstanding
Tax Notes:
Series 2022 2.89% 09/20/2022 02/15/2029 $5,575,000
$5,575,000
CITY OF EULESS, TEXAS
NOTES TO BASIC FINANCIAL STATEMENTS
67
NOTE 4. LONG-TERM DEBT – CONTINUED
Tax Notes – Continued
Annual debt service requirements to maturity for the tax notes are as follows:
Fiscal
Governmental Activities
Year Principal Interest Total
2025 $1,050,000 $145,945 $1,195,945
2026
2027
2028
2029
1,085,000
1,115,000
1,145,000
1,180,000
115,094
83,304
50,647
17,051
1,200,094
1,198,304
1,195,647
1,197,051
Total $5,575,000 $412,041 $5,987,041
Lease Liability
The City leases equipment consisting of printers, copiers and GPS equipment to utilize in various
operations of the City.
Prior to October 1, 2021, the City entered into a five-year lease agreement as lessee for the
use of printers and copiers. An initial lease liability was recorded in the amount of $346,263. As
of September 30, 2024, the value of the lease liability was $97,678. The City is required to make
monthly principal and interest payments of $7,000. The lease has an implicit interest rate of
1.9235%. The value of the right-to-use asset as of September 30, 2024 was $346,263 with
accumulated amortization of $248,585.
During the year ended September 30, 2022, the City entered into a four-year lease agreement as
lessee for the use of GPS equipment. An initial lease liability was recorded in the amount of
$140,564. As of September 30, 2024, the value of the lease liability was $68,593. The City is
required to make monthly principal and interest payments of $3,040. The lease has an interest
rate of .527%. The value of the right-to-use asset as of September 30, 2024 was $140,564 with
accumulated amortization of $71,971.
The future principal and interest lease payments as of September 30, 2024 were as follows:
Fiscal
Governmental Activities
Business-Type Activities
Year Principal Interest Principal Interest Total
2025 $62,766 $234 $56,393 $1,087 $120,480
2026 10,493 7 36,619 322 47,441
Total $73,259 $241 $93,012 $1,409 $167,921
CITY OF EULESS, TEXAS
NOTES TO BASIC FINANCIAL STATEMENTS
68
NOTE 4. LONG-TERM DEBT – CONTINUED
Subscription-based IT Arrangements
The City leases certain software under subscription-based IT arrangements (SBITAs).
In August 2023, the City entered into a three-year subscription arrangement for the use of certain
software. An initial subscription liability was recorded in the amount of $35,130. As of
September 30, 2024, the value of the subscription liability was $12,700. The City is required to
make annual principal and interest payments that range from $12,000 to $13,000. The
subscription has an implicit interest rate of 2.363%. The value of the right-to-use asset as of
September 30, 2024 was $35,130 with accumulated amortization of $22,430.
In April 2023, the City entered into a three-year subscription arrangement for the use of certain
software. An initial subscription liability was recorded in the amount of $237,215. As of
September 30, 2024, the value of the subscription liability was $79,056. The City is required to
make annual principal and interest payments of $80,926. The subscription has an implicit interest
rate of 2.3633%. The value of the right-to-use asset as of September 30, 2024 was $237,215 with
accumulated amortization of $158,159.
In July 2023, the City entered into a three-year subscription arrangement for the use of certain
software. An initial subscription liability was recorded in the amount of $79,682. As of
September 30, 2024, the value of the subscription liability was $26,688. The City is required to
make annual principal and interest payments of $27,552. The subscription has an implicit interest
rate of 3.238%. The value of the right-to-use asset as of September 30, 2024 was $79,682 with
accumulated amortization of $52,994.
In January 2024, the City entered into a five-year subscription arrangement for the use of certain
software. An initial subscription liability was recorded in the amount of $1,046,792. As of
September 30, 2024, the value of the subscription liability was $827,977. The City is required to
make annual principal and interest payments of $226,895. The implicit interest rate is 2.31%.
The value of the right-to-use asset as of September 30, 2024 was $1,046,792 with accumulated
amortization of $218,814.
The future principal and interest lease payments as of September 30, 2024 were as follows:
Fiscal
Year Principal Interest Principal Interest Total
2025 $313,654 $21,859 $4,743 $112 $340,368
2026 204,574 14,316 - - 218,890
2027 209,304 9,586 - - 218,890
2028 214,146 4,748 - - 218,894
Total $941,678 $50,509 $4,743 $112 $997,042
Governmental Activities Business-Type Activities
CITY OF EULESS, TEXAS
NOTES TO BASIC FINANCIAL STATEMENTS
69
NOTE 5. COMMITMENTS AND CONTINGENT LIABILITIES
The City entered into a contract dated January 21, 1972, with Trinity River Authority (TRA)
whereby TRA agreed to provide treated water to the City. This contract was for an original term of
thirty-five (35) years and continues in effect until all bonds, or any bonds issued to refund same,
have been paid in full. Additionally, on October 10, 1973, the City entered into a contract with TRA
to provide wastewater treatment services to the City. The contract remains in force and effect for a
period of fifty (50) years and thereafter until any bonds, or any bonds issued to refund same, have
been paid in full. Payments by the City are based on metered usage at rates designed to charge the
City a prorata share of TRA's annual operating and maintenance expenses and principal and interest
requirements on bonds issued by TRA. Payments under these contracts in the year ended September
30, 2024 totaled $16,428,560 and are included as operating expenses of the water and wastewater
fund.
The City entered into a 20-year contract dated February 2, 2010, with the City of Fort Worth
(Fort Worth) whereby Fort Worth agreed to provide reclaimed water service to the City. Payments
by the City are based on metered volume. Payments under this contract totaled $448,911 in the year
ended September 30, 2024 and are included as operating expenses of the water and wastewater fund.
The City is involved in a number of lawsuits arising in the ordinary course of business. In the
opinion of the City's legal counsel and management, any liability resulting from such litigation
would not be material in relation to the City's financial position.
NOTE 6. SERVICE CENTER
The water and wastewater enterprise fund historically bears the major portion of the operating costs
of the City's service center, which provides services to all City departments.
CITY OF EULESS, TEXAS
NOTES TO BASIC FINANCIAL STATEMENTS
70
NOTE 7. INTERFUND TRANSFERS
All interfund transfers between the various funds are approved supplements to the operations of
those funds.
General Debt Service Police CIP General CIP
Non-major
Governmental
Subtotal
Governmental
Transfers out
General -$ -$ -$ 4,000,000$ 3,312,996$ 7,312,996$
Car rental tax 1,968,617 - - 6,125,000 1,500,000 9,593,617
Water and wastewater 1,665,553 - - - - 1,665,553
Drainage utility 47,942 - - - - 47,942
Nonmajor governmental - 2,336,089 1,250,000 - 1,045,182 4,631,271
Internal service - - 1,834,236 - - 1,834,236
Total transfers in 3,682,112$ 2,336,089$ 3,084,236$ 10,125,000$ 5,858,178$ 25,085,615$
Golf Other recreation Subtotal Total
Internal Service Course enterprises Enterprise Transfers Out
Transfers out
General 581,824$ 15,422$ -$ 15,422$ 7,910,242$
Car rental tax 717,553 - - - 10,311,170
Water and wastewater 450,000 - - - 2,115,553
Drainage utility - - - - 47,942
Nonmajor governmental - 1,067,140 145,508 1,212,648 5,843,919
Internal service - - - - 1,834,236
Total transfers in 1,749,377$ 1,082,562$ 145,508$ 1,228,070$ 28,063,062$
Transfers in
Transfers in
Transfers are primarily used to move funds from:
The general fund to the general CIP fund and non-major governmental funds to fund
approved capital projects and to satisfy grant matching requirements.
The car rental tax fund to the general fund primarily to maintain the property tax rate.
The water and wastewater fund and the drainage utility fund to the general fund for general
and administrative charges.
The car rental tax fund to the general CIP and non-major governmental funds to provide
funding for approved capital projects.
The car rental tax fund to the internal service funds for the replacement of capital assets.
The non-major governmental funds to the Police CIP fund for approved capital project
funding.
The non-major governmental funds to the non-major governmental funds to provide task
force and project funding.
CITY OF EULESS, TEXAS
NOTES TO BASIC FINANCIAL STATEMENTS
71
NOTE 7. INTERFUND TRANSFERS – CONTINUED
The non-major governmental funds to the other recreation enterprises funds to provide
festival funding.
The non-major governmental funds to debt service funds for debt payments on previously
issued debt.
The general fund and water and wastewater fund to the internal service funds for health
insurance premiums and workers’ compensation and general liability insurance claims.
The general fund to the golf course fund to rebate a portion of city sales tax paid by golf
operations.
The non-major governmental funds to the golf course fund to cover a portion of the operating
and debt costs associated with the conference center.
The internal service funds to the Police CIP fund for approved project funding.
NOTE 8. RISK MANAGEMENT
The City is exposed to various risks of loss related to torts; theft of, damage to, and destruction of
assets; errors and omissions; injuries to employees; and natural disasters. The City participates in the
Texas Municipal League Intergovernmental Risk Pool (TMLIRP) to provide both general liability
and property insurance.
The City, along with other participating entities, contributes annual amounts determined by TMLIRP
management. As claims arise they are submitted to and paid by TMLIRP. The City is not liable for
payments beyond their annual contributions to TMLIRP and related deductibles.
In fiscal year 2006, the City contracted with the Texas Municipal League Intergovernmental Risk
Pool to provide workers’ compensation insurance and effectively discontinued being self-insured for
workers’ compensation claims. This policy has no deductibles, includes all claims handling, and has
a fixed premium.
In fiscal years prior to 2006, the City was self-insured for workers' compensation claims.
Contributions were made to a separate risk management fund by other funds and were available to
pay claims, claim reserves, and administrative costs of the program. The City remains liable under
its self-insurance program for any claims occurring prior to October 1, 2005.
The City provides employee health insurance coverage on a self-insured basis. Premiums are paid
into a separate insurance fund by other funds, by the City's employees, and by retirees. The
premiums are used to fund claims, administrative costs of the program, and claim reserves. An
excess coverage insurance policy covers individual claims in excess of $125,000, and aggregate
claims in excess of $7,723,838. During fiscal year 2024, the City and the City's employees
contributed approximately $5,665,274 and $1,546,965 respectively, for medical coverage.
The City's contributions are accounted for as interfund services provided and used. Claims liabilities
are based on estimates of the ultimate cost of claims (including future claim adjustment expenses)
that have been reported but not settled, and of claims that have been incurred but not reported and
are accounted for in the Insurance Internal Service Fund.
CITY OF EULESS, TEXAS
NOTES TO BASIC FINANCIAL STATEMENTS
72
NOTE 8. RISK MANAGEMENT – CONTINUED
Changes in the balances of health, dental, and prescription claims liabilities for the years ended
September 30, 2024 and 2023 are as follows:
2024 2023
Unpaid claims, beginning of year 986,000$ 419,951$
Incurred claims 4,743,399 5,480,216
Paid claims (5,096,398) (4,914,167)
Unpaid claims, end of year 633,001$ 986,000$
Settlement amounts have not exceeded stop loss insurance coverage for the year ended
September 30, 2024 or any of the three preceding years ended September 30.
NOTE 9. DEFINED BENEFIT PENSION PLAN
Plan Description
The City participates as one of 934 plans in the defined benefit cash-balance plan administered
by the Texas Municipal Retirement System (TMRS). TMRS is a statewide public retirement plan
created by the State of Texas and administered in accordance with the TMRS Act, Subtitle G,
Title 8, Texas Government Code (the TMRS Act) as an agent multiple-employer retirement
system for employees of participating Texas cities. The TMRS Act places the general
administration and management of TMRS with a six-member, Governor-appointed Board of
Trustees; however, TMRS is not fiscally dependent on the State of Texas. TMRS issues a
publicly available Annual Comprehensive Financial Report (Annual Report) that can be obtained
at tmrs.com.
All eligible employees of the City are required to participate in TMRS.
Benefits Provided
TMRS provides retirement, disability and death benefits. Benefit provisions are adopted by the
governing body of the City, within the options available in the state statutes governing TMRS.
At retirement, the member’s benefit is calculated based on the sum of the member’s
contributions, with interest, the city-financed monetary credits with interest, and their age at
retirement and other actuarial factors. The retiring member may select one of seven monthly
benefit payment options. Members may also choose to receive a portion of their benefit as a
lump sum distribution in an amount equal to 12, 24 or 36 monthly payments, which cannot
exceed 75% of the total member contributions and interest.
CITY OF EULESS, TEXAS
NOTES TO BASIC FINANCIAL STATEMENTS
73
NOTE 9. DEFINED BENEFIT PENSION PLAN – CONTINUED
Benefits Provided – Continued
Plan provisions for the City are as follows:
Employee deposit rate 7%
Matching ratio (City to employee) 2 to 1
A member is vested after 5 years
Service retirement eligibility 20 years at any age, 5 years at 60 and above
Updated service credit 100% Repeating, Transfers
Annuity increase (to retirees) 70% of CPI
Employees Covered By Benefit Terms
At the December 31, 2023 valuation and measurement date, the following employees were
covered by the benefit terms:
Inactive employees or beneficiaries currently receiving benefits 309
Inactive employees entitled to, but not yet receiving benefits 209
Active employees 391
Tota l 909
Contributions
Member contribution rates in TMRS are either 5%, 6%, or 7% of the Member’s total
compensation, and the city matching percentages are either 1:1 (1 to 1), 1.5:1 (1 ½ to 1), or 2:1
(2 to 1), both as adopted by the governing body of the City. Under the state law governing
TMRS, the contribution rate for each city is determined annually by the actuary, using the Entry
Age Normal (EAN) actuarial cost method. The city’s contribution rate is based on the liabilities
created from the benefit plan options selected by the City and any changes in benefits or actual
experience over time.
Employees for the City were required to contribute 7% of their annual gross earnings during the
year ended September 30, 2024. The contribution rates for the City were 17.71% and 18.66% in
calendar years 2023 and 2024, respectively. The City’s contributions to TMRS for the year
ended September 30, 2024 totaled $6,558,023 and were equal to the required contributions.
Net Pension Liability
The City’s Net Pension Liability (NPL) was measured as of December 31, 2023, and the Total
Pension Liability (TPL) used to calculate the Net Pension Liability was determined by an
actuarial valuation as of that date.
CITY OF EULESS, TEXAS
NOTES TO BASIC FINANCIAL STATEMENTS
74
NOTE 9. DEFINED BENEFIT PENSION PLAN – CONTINUED
Actuarial Assumptions
The TPL in the December 31, 2023 actuarial valuation was determined using the following
actuarial assumptions:
Inflation 2.5% per year
Overall payroll growth 2.75% per year, adjusted down for population declines, if
any
Investment rate of return 6.75%, net of pension plan investment expense,
including inflation
Salary increases are based on a service-related table. Mortality rates for active members are
based on the PUB(10) mortality tables with 110% of the Public Safety table used for males and
100% of the General Employee table used for females. Mortality rates for healthy retirees and
beneficiaries are based on the Gender-distinct 2019 Municipal Retirees of Texas mortality tables.
Male rates are multiplied by 103% and female rates are multiplied by 105%. The rates for
actives, healthy retirees and beneficiaries are projected on a fully generational basis by the most
recent Scale MP-2021 to account for future mortality improvements. For disabled annuitants, the
same mortality tables for healthy retirees are used with a 4-year set-forward for males and a 3-
year set-forward for females. In addition, a 3.5% and 3.0% minimum mortality rate is applied,
for males and females respectively, to reflect the impairment for younger members who become
disabled. The rates are projected on a fully generational basis by the most recent Scale MP-2021
to account for future mortality improvements subject to the 3.5% and 3.0% floor.
The actuarial assumptions were developed primarily from the actuarial investigation of the
experience of TMRS over the four-year period from December 31, 2018 to December 31, 2022.
The assumptions were adopted in 2023 and first used in the December 31, 2023 actuarial
valuation. The post-retirement mortality assumption for Annuity Purchase Rates (APRs) is based
on the Mortality Experience Investigation Study covering 2009 through 2011 and dated
December 31, 2013. Plan assets are managed on a total return basis with an emphasis on both
capital appreciation as well as the production of income in order to satisfy the short-term and
long-term funding needs of TMRS.
The long-term expected rate of return on pension plan investments was determined by best
estimate ranges of expected returns for each major asset class. The long-term expected rate of
return is determined by weighting the expected return for each major asset class by the respective
target asset allocation percentage.
CITY OF EULESS, TEXAS
NOTES TO BASIC FINANCIAL STATEMENTS
75
NOTE 9. DEFINED BENEFIT PENSION PLAN – CONTINUED
Actuarial Assumptions – Continued
The target allocation and best estimates of real rates of return for each major asset class for the
year ended December 31, 2023 are summarized in the following table:
Asset Class Target Allocation
Long-Term Expected Real Rate of
Return (Arithmetic)
Global Equity 35.0% 6.70%
Core Fixed Income 6.0% 4.70%
Non-Core Fixed Income 20.0% 8.00%
Other Public and Private Markets 12.0% 8.00%
Real Estate 12.0% 7.60%
Hedge Funds 5.0% 6.40%
Private Equity 10.0% 11.60%
Total 100.0%
Discount Rate
The discount rate used to measure the Total Pension Liability was 6.75%. The projection of cash
flows used to determine the discount rate assumed that employee and employer contributions
will be made at the rates specified in statute. Based on that assumption, the pension plan’s
Fiduciary Net Position was projected to be available to make all projected future benefit
payments of current active and inactive members. Therefore, the long-term expected rate of
return on pension plan investments was applied to all periods of projected benefit payments to
determine the Total Pension Liability.
CITY OF EULESS, TEXAS
NOTES TO BASIC FINANCIAL STATEMENTS
76
NOTE 9. DEFINED BENEFIT PENSION PLAN – CONTINUED
Changes in the Net Pension Liability
Total Pension
Liability
(a)
Plan Fiduciary
Net Position
(b)
Net Pension
Liability
(a) - (b)
Balance at 12/31/2022 265,151,312$ 230,632,476$ 34,518,836$
Changes for the year:
Service cost 6,375,962 - 6,375,962
Interest 17,715,585 - 17,715,585
Change in benefit terms - - -
Difference between expected
and actual experience (396,247) - (396,247)
Changes of assumptions (1,543,563) - (1,543,563)
Contributions - employer - 6,044,874 (6,044,874)
Contributions - employee - 2,389,279 (2,389,279)
Net investment income - 26,680,738 (26,680,738)
Benefit payments, including
refunds of employee contributions (11,772,376) (11,772,376) -
Administrative expense - (169,815) 169,815
Other changes - (1,186) 1,186
Net changes 10,379,361 23,171,514 (12,792,153)
Balance at 12/31/2023 275,530,673$ 253,803,990$ 21,726,683$
Increase (Decrease)
There were no changes in benefit terms during the year.
Sensitivity of the Net Pension Liability to Changes in the Discount Rate
The following presents the net pension liability of the City, calculated using the discount rate of
6.75%, as well as what the City’s net pension liability would be if it were calculated using a
discount rate that is 1-percentage-point lower (5.75%) or 1-percentage-point higher (7.75%) than
the current rate:
1% Decrease in
Discount Rate
(5.75%)
Discount Rate
(6.75%)
1% Increase in
Discount Rate
(7.75%)
City’s net pension liability 58,686,783$ 21,726,683$ (8,853,752)$
CITY OF EULESS, TEXAS
NOTES TO BASIC FINANCIAL STATEMENTS
77
NOTE 9. DEFINED BENEFIT PENSION PLAN – CONTINUED
Pension Plan Fiduciary Net Position
Detailed information about the pension plan’s Fiduciary Net Position is available in the Schedule
of Changes in Fiduciary Net Position, by Participating City. That report may be obtained at
tmrs.com.
Pension Expense and Deferred Outflows of Resources and Deferred Inflows of Resources
Related to Pensions
For the valuation date of December 31, 2023, the City recognized pension expense of
$4,951,079. At September 30, 2024, the City reported deferred outflows of resources and
deferred inflows of resources related to pensions from the following sources:
Deferred
Outflows of
Resources
Deferred
Inflows of
Resources
Differences between expected
and actual experience 1,762,097$ (458,061)$
Changes in actuarial assumptions - (1,216,537)
Difference between projected and
actual investment earnings 6,317,220 -
Contributions subsequent to the
measurement date 4,880,905 -
Totals 12,960,222$ (1,674,598)$
$4,880,905 reported as deferred outflows of resources related to the pension resulting from
contributions subsequent to the measurement date will be recognized as a reduction of the net
pension liability for the year ended September 30, 2025. Other amounts reported as deferred
outflows and inflows of resources related to pensions will be recognized in pension expense as
follows:
Measurement Net Deferred
Year Outflows/(Inflows)
December 31, of Resources
2024 1,890,038$
2025 2,337,686
2026 4,695,502
2027 (2,518,507)
Total 6,404,719$
CITY OF EULESS, TEXAS
NOTES TO BASIC FINANCIAL STATEMENTS
78
NOTE 10. OTHER POSTEMPLOYMENT BENEFITS
Postemployment Healthcare Plan
Plan Description
The City adopted the City of Euless Post-Employment Benefits Trust (OPEB Trust) by passage
of Resolution No. 09-1319 on September 8, 2009 which authorized participation in the PARS
Public Agencies Post-Retirement Health Care Plan Trust, including the City of Euless Public
Agencies Post-Retirement Health Care Plan (the Plan), as part of the City’s Retirement Program.
Article III of the Public Agencies Post-Retirement Health Care Plan Master Plan Document as
adopted provides for the determination of eligibility under the plan to each participating
Employer to the extent provided in the Employer’s applicable policies.
The City’s policies with regard to post-employment healthcare coverage are governed by the
City of Euless Medical and Dental Plan, the City’s group health insurance plan, the benefits of
which are established by management.
Benefits provided. The City provides post-employment medical, dental, life, and vision benefits
under the Plan to eligible retirees and dependents qualifying as one of the eligible classes of
dependents as described in the Plan. To be eligible for coverage under the Plan, an employee
must retire with the City of Euless and be eligible for retirement through TMRS. TMRS
retirement eligibility requirements are described in detail in Note 9. Additionally, written
application to enroll himself/herself and all eligible dependents (for which coverage is elected) in
the Plan must be made by the employee prior to or on the retirement date.
The Plan provides lifetime benefits or until Medicare eligibility is attained. Regardless of
Medicare enrollment status, the Plan will base payment of benefits as though Medicare were
responsible for primary payment of benefits insomuch as allowed by Federal law.
The Plan is a single-employer defined benefit healthcare plan administered by the City Manager,
his/her successor, or his/her designee. Separate financial statements for the Plan are not issued,
but rather are included in the financial statements of the City which are available on-line at
https://www.eulesstx.gov/departments/finance/annual-comprehensive-financial-report.
The OPEB Trust is an agent multiple-employer trust arrangement established to provide
economies of scale and efficiency of administration to public agencies. The OPEB Trust is
established as a tax-exempt trust within the meaning of Section 115 of the Internal Revenue
Code and is intended to hold the assets used to fund the City’s post-employment benefits offered
by the City to its employees as specified in the City’s policies.
Upon adoption of the Trust Agreement, a separate Agency Account was established under the
OPEB Trust for the City, and all assets of the Trust attributable to the City are held in the City’s
Agency Account. The assets of the Trust are available only to pay post-employment healthcare
benefits of eligible employees of the City and their dependents and other associated
administrative costs.
CITY OF EULESS, TEXAS
NOTES TO BASIC FINANCIAL STATEMENTS
79
NOTE 10. OTHER POSTEMPLOYMENT BENEFITS – CONTINUED
Funding Policy
A Participant in the OPEB Trust is required from time to time to contribute to its Agency
Account an amount determined by such Participant at its sole discretion. Such amount may, but
need not, equal such Participant’s actuarially determined contribution (ADC) as determined in
accordance with GASB 74. However, it is currently the intent of the Plan Administrator to
annually fund an amount equal to, or in excess of, the ADC. This intent is subject to change and
is subject to annual appropriation.
Contribution requirements of Plan members and the City are determined by the Plan
Administrator and may be amended by same from time to time. For the year ending September
30, 2024, plan members contributed:
Medical Plan Dental Vision
Retiree Only 876.16$ 39.04$ 7.86$
Retiree plus Children 1,664.69 74.16 12.84
Retiree plus Spouse 2,015.15 89.78 15.24
Retiree plus Family 2,540.84 113.21 21.56
Retired employees meeting all eligibility requirements as set forth in the Plan that were hired
prior to October 1, 2006 and are either:
a) Retired and enrolled in the Plan on or prior to September 30, 2007; or
b) Retired and not enrolled in the Plan on or prior to September 30, 2007 and meet
guidelines for reinstatement to the Plan; or
c) Employees who were not retired as of September 30, 2007 that retire with at least ten
years of service to the City of Euless and have a combined age and years of service equal
to at least 70
will qualify for a service discount on their total premium, subject to annual appropriation, as set
forth in the following table.
Retired employees meeting all eligibility requirements as set forth in the Plan that were hired
after October 1, 2006 and before October 1, 2014 retiring with a minimum of 20 years of service
with a combined age and years of service to the City of Euless equal to at least 80 qualify for a
service discount on their total premium, subject to annual appropriation, as set forth in the
following:
Service Retiree Retiree+ Retiree Retiree+ Retiree Retiree+
10 to 14 years 15% 30% N/A N/A N/A N/A
15 to 19 years 25% 40% N/A N/A N/A N/A
20 to 24 years 35% 50% 35% 50% N/A N/A
25 to 29 years 50% 65% 50% 65% N/A N/A
30+ years 60% 75% 60% 75% N/A N/A
Hired Pre-10/2006 Hired Post-10/2006 Hired Post-10/2014
Discounts on Premiums
CITY OF EULESS, TEXAS
NOTES TO BASIC FINANCIAL STATEMENTS
80
NOTE 10. OTHER POSTEMPLOYMENT BENEFITS – CONTINUED
Funding Policy – Continued
Retirees are permitted to participate with active employees in the healthcare plan but retirees
must pay all premiums (less applicable discounts) assigned to them. The City will continue to
apply the applicable discount to surviving spouse/dependents based upon a deceased employee’s
years of service. Employees hired on or after October 1, 2014 will not be eligible for premium
discounts regardless of years of service.
Per the requirements of GASB 74 and GASB 75, the following data is presented.
Plan Membership
At the October 1, 2023 actuarial valuation and measurement date, plan membership consisted of
the following:
Employees/retirees covered by the benefit terms:
Inactive plan members or beneficiaries currently receiving benefit payments 58
Inactive plan members entitled to, but not yet receiving benefit payments 15
Active plan members 335
408
Investments
Investment policy. The City’s policy in regard to the allocation of invested assets is established
and may be amended by the City Manager. The City Council appointed the City Manager or her
successor or her designee as the City’s Plan Administrator. The City Manager selected the
balanced, moderately aggressive actively-managed investment option to provide growth of
principal and income. While dividend and interest income are an important component of the
objective’s total return, it is expected that capital appreciation will comprise a larger portion of
the total return. The portfolio will be allocated between equity and fixed income investments.
Asset Class
Strategic
Range
Target
Allocation
9/30/2024
Allocation
Equity 50-70% 60% 61%
Fixed income 30-50% 35% 37%
Cash 0-20% 5% 2%
100% 100%
Rate of return. For the year ended September 30, 2024, the annual money-weighted rate of
return on investments, net of investment expense, was 23.78%. The money-weighted rate of
return expresses investment performance, net of investment expense, adjusted for the changing
amounts actually invested.
CITY OF EULESS, TEXAS
NOTES TO BASIC FINANCIAL STATEMENTS
81
NOTE 10. OTHER POSTEMPLOYMENT BENEFITS – CONTINUED
Investments – Continued
Concentrations. The following investments comprised 5% or more of the OPEB plan’s fiduciary
net position as of September 30, 2024:
% of
Asset Class Investment Vehicle Portfolio
Fixed Income FDS Investment Grade 9.70%
Fixed Income Dodge & Cox Income 9.30%
Fixed Income iShares MBS ETF 9.30%
Equity Schwab US Large-Cap ETF 7.20%
Fixed Income iShares Core US Aggregate Bond ETF 7.00%
Equity Columbia Contrarian Core Inst3 6.20%
Equity iShares Russell Midcap ETF 5.80%
Net OPEB Liability of the City
The components of the net OPEB liability of the City at September 30 were as follows:
2024 2023
Total OPEB liability 20,038,221$ 21,378,634$
Plan fiduciary net position (15,081,619) (11,583,042)
City's net OPEB liability 4,956,602$ 9,795,592$
Plan fiduciary net position as a percent
of the total OPEB liability 75.26% 54.18%
Actuarial Methods and Assumptions
Projections of benefits for financial reporting purposes are based on the substantive plan (the
plan as understood by the employer and the plan members) and include the types of benefits
provided at the time of each valuation and the historical pattern of sharing of benefit costs
between the employer and plan members at that point. The actuarial methods and assumptions
used include techniques that are designed to reduce the effects of short-term volatility in actuarial
accrued liabilities and the actuarial value of plan assets, consistent with the long-term perspective
of the calculations.
CITY OF EULESS, TEXAS
NOTES TO BASIC FINANCIAL STATEMENTS
82
NOTE 10. OTHER POSTEMPLOYMENT BENEFITS – CONTINUED
Actuarial Methods and Assumptions – Continued
An actuarial valuation was performed as of October 1, 2023 using the entry age normal actuarial
cost method. The liability was then rolled forward to the measurement date of September 30,
2024. The actuarial assumptions include:
Inflation 2.50% per annum
Salary increases 3.00% per annum
Investment rate of return 7.50%
Healthcare cost trend rates 6.51% with annual increases/decreases to
an ultimate rate of 4.2% in 2048
Dental cost trend rates 3.00%
Mortality rates were based on the sex distinct PUB 2010 general employee/retiree headcount
weighted mortality table with mortality improvements scale MP-2021. The plan has not had a
formal actuarial experience study performed.
The expected return of each asset class is determined through a combination of historical rates of
return, valuation projections, and economic expectations. Expected rates of return are developed
and annually reviewed. The long-term expected rate of return on OPEB plan investments is then
calculated by weighting the returns for each asset class according to the exposure as determined
by the current strategic allocation. The anticipated long-term rate of return is 6.58% with an
expected standard deviation of 9.7%. Anticipated long-term returns by asset class are not
available.
Discount rate. The discount rate used to measure the total OPEB liability was 7.5%. The
projection of cash flows used to determine the discount rate assumed the City contributions will
be made at rates at least equal to the actuarially determined contribution rates. Based on those
assumptions, the OPEB Plan’s fiduciary net position was projected to be available to make all
projected future benefit payments of current plan members. Therefore, the long-term expected
rate of return on OPEB plan investments was applied to all periods of projected benefit payments
to determine the total OPEB liability.
Sensitivity of the OPEB liability to changes in the discount rate. The following presents the net
OPEB liability of the City as well as what the City’s net OPEB liability would be if it were
calculated using a discount rate that is one percentage point lower (6.5%) or one percentage point
higher (8.5%) than the current discount rate:
1% Decrease
(6.5%)
Discount Rate
(7.5%)
1% Increase
(8.5%)
Net OPEB liability 8,436,358$ 4,956,602$ 2,197,703$
CITY OF EULESS, TEXAS
NOTES TO BASIC FINANCIAL STATEMENTS
83
NOTE 10. OTHER POSTEMPLOYMENT BENEFITS – CONTINUED
Actuarial Methods and Assumptions – Continued
Sensitivity of the OPEB liability to changes in the healthcare cost trend rates. The following
presents the net OPEB liability of the City as well as what the City’s net OPEB liability would be
if it were calculated using healthcare cost trend rates that are one percentage point lower or one
percentage point higher than the current healthcare cost trend rates:
1% Decrease
Current Trend
Rates (6.51%) 1% Increase
Net OPEB liability 1,941,033$ 4,956,602$ 8,790,444$
Net OPEB Liability
Total OPEB
Liability
(a)
Plan Fiduciary
Net Position
(b)
Net OPEB
Liability
(a) - (b)
Balance at 9/30/2023 21,378,634$ 11,583,042$ 9,795,592$
Changes for the year:
Service cost 175,050 - 175,050
Interest 1,307,026 - 1,307,026
Difference between expected
and actual experience (3,738,721) - (3,738,721)
Changes of assumptions 1,428,452 - 1,428,452
Difference in expected and
actual net investment income - 887,464 (887,464)
Contributions - employer - 1,275,600 (1,275,600)
Contributions - other 263,735 263,735 -
Net investment income - 1,847,733 (1,847,733)
Benefit payments, including
refunds of employee contributions (604,237) (604,237) -
Administrative expense (171,718) (171,718) -
Net changes (1,340,413) 3,498,577 (4,838,990)
Balance at 9/30/2024 20,038,221$ 15,081,619$ 4,956,602$
Increase (Decrease)
CITY OF EULESS, TEXAS
NOTES TO BASIC FINANCIAL STATEMENTS
84
NOTE 10. OTHER POSTEMPLOYMENT BENEFITS – CONTINUED
OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of Resources
Related to OPEB
For the year ended September 30, 2024, the City recognized OPEB expense of $15,079.
At September 30, 2024, the City reported deferred outflows of resources and deferred inflows of
resources related to OPEB from the following sources:
Deferred
Outflows of
Resources
Deferred
Inflows of
Resources
Difference between expected and
actual investment experience -$ (3,498,106)$
Changes in actuarial assumptions 1,602,332 (1,042,521)
Difference between projected and
actual investment earnings - (716,425)
Total 1,602,332$ (5,257,052)$
Amounts reported as deferred outflows and inflows of resources related to OPEB will be
recognized in OPEB expense as follows:
Fiscal Year Net Deferred
Ending Outflows/(Inflows)
September 30, of Resources
2025 (577,327)$
2026 (387,309)
2027 (1,041,216)
2028 (988,790)
2029 (330,038)
2030 (330,040)
Total (3,654,720)$
NOTE 11. EXCESS OF EXPENDITURES OVER APPROPRIATIONS AND FUND DEFICIT
For the year ended September 30, 2024, the following funds had excess of expenditures over
appropriations:
- Car rental special revenue fund expenditures exceeded appropriations by $47,273.
As of September 30, 2024, the Midtown PID fund had a deficit fund balance of $31,972.
CITY OF EULESS, TEXAS
NOTES TO BASIC FINANCIAL STATEMENTS
85
NOTE 12. LEASE RECEIVABLES
The City leases various property and buildings to other entities. The leases range from five to 23
years in length. The City received annual payments from these leases of $818,669. The City
recognized $690,419 in lease revenue and $128,250 in interest revenue during the current fiscal year
related to these leases. As of September 30, 2024, the City’s receivable and deferred inflows of
resources for leases was $4,140,191 for governmental activities and $318,226 for business-type
activities. The deferred inflow of resources associated with these leases will be recognized as
revenue over the lease terms.
The future principal and interest lease payments to be received as of September 30, 2024 were as
follows:
Fiscal
Year Principal Interest Principal Interest Total
2025 $659,426 $102,297 $38,860 $4,040 $804,623
2026 452,183 85,208 39,386 3,514 580,291
2027 385,789 72,368 40,733 2,980 501,870
2028 404,202 59,406 42,432 2,418 508,458
2029 421,098 45,774 43,006 1,844 511,722
2030-2034 898,988 111,553 113,809 2,054 1,126,404
2035-2039 407,928 64,475 - - 472,403
2040-2044 483,964 24,949 - - 508,913
2045 26,613 79 - - 26,692
Total $4,140,191 $566,109 $318,226 $16,850 $5,041,376
Governmental Activities Business-Type Activities
NOTE 13. CHANGE TO OR WITHIN THE FINANCIAL REPORTING ENTITY
The City’s General CIP fund met the quantitative threshold for reporting as a major fund for the year
ended September 30, 2024. The effect of this change is displayed on the financial statements.
86
87
REQUIRED SUPPLEMENTARY INFORMATION
CITY OF EULESS, TEXAS
SCHEDULE OF CHANGES IN NET PENSION LIABILITY (ASSET) AND RELATED RATIOS
FOR THE MEASUREMENT YEAR ENDED DECEMBER 31
88
2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
Total pension liability
Service cost 6,375,962$ 5,966,121$ 5,642,742$ 5,645,675$ 5,375,963$ 5,253,722$ 5,149,378$ 4,868,631$ 4,539,237$ 4,331,759$
Interest (on the total pension liability) 17,715,585 16,821,152 15,918,254 15,244,423 14,557,634 13,864,487 13,129,452 12,462,429 12,302,430 11,698,243
Difference in expected and actual experience (396,247) 1,567,444 2,211,218 (728,824) (171,396) (206,128) 169,296 (361,966) (579,992) (752,184)
Change in assumptions (1,543,563) - - - 145,747 - - - (595,757) -
Benefit payments, including refunds (11,772,376) (10,845,200) (10,270,056) (10,084,210) (9,652,090) (7,756,635) (7,465,146) (6,990,135) (6,911,946) (6,588,671)
Net change in total pension liability 10,379,361 13,509,517 13,502,158 10,077,064 10,255,858 11,155,446 10,982,980 9,978,959 8,753,972 8,689,147
Total pension liability, beginning of year 265,151,312 251,641,795 238,139,637 228,062,573 217,806,715 206,651,269 195,668,289 185,689,330 176,935,358 168,246,211
Total pension liability, ending of year 275,530,673$ 265,151,312$ 251,641,795$ 238,139,637$ 228,062,573$ 217,806,715$ 206,651,269$ 195,668,289$ 185,689,330$ 176,935,358$
Plan fiduciary net position
Contributions - employer 6,044,874$ 5,713,524$ 5,511,185$ 5,419,109$ 5,192,816$ 5,146,736$ 5,027,855$ 4,691,585$ 4,644,735$ 4,787,533$
Contributions - employee 2,389,279 2,267,255 2,140,878 2,144,052 2,077,001 2,023,998 1,981,736 1,877,709 1,801,285 1,789,251
Net investment income 26,680,738 (18,380,677) 29,364,122 16,076,966 28,704,340 (5,754,957) 23,456,668 10,748,002 235,212 8,631,343
Benefit payments, including refunds (11,772,376) (10,845,200) (10,270,056) (10,084,210) (9,652,090) (7,756,635) (7,465,146) (6,990,135) (6,911,946) (6,588,671)
Administrative expense (169,815) (159,083) (135,860) (104,023) (162,161) (111,206) (121,542) (121,371) (143,262) (90,113)
Other (1,186) 189,833 930 (4,058) (4,871) (5,810) (6,160) (6,539) (7,076) (7,409)
Net change in plan fiduciary net position 23,171,514 (21,214,348) 26,611,199 13,447,836 26,155,035 (6,457,874) 22,873,411 10,199,251 (381,052) 8,521,934
Plan fiduciary net position - beginning 230,632,476 251,846,824 225,235,625 211,787,789 185,632,754 192,090,628 169,217,217 159,017,966 159,399,018 150,877,084
Plan fiduciary net position - ending 253,803,990$ 230,632,476$ 251,846,824$ 225,235,625$ 211,787,789$ 185,632,754$ 192,090,628$ 169,217,217$ 159,017,966$ 159,399,018$
Net pension liability (asset) - ending 21,726,683$ 34,518,836$ (205,029)$ 12,904,012$ 16,274,784$ 32,173,961$ 14,560,641$ 26,451,072$ 26,671,364$ 17,536,340$
Plan fiduciary net position as a % of TPL 92.11% 86.98% 100.08% 94.58% 92.86% 85.23% 92.95% 86.48% 85.64% 90.09%
Covered payroll 34,132,558$ 32,389,362$ 30,583,969$ 30,616,434$ 29,619,629$ 28,914,263$ 28,308,838$ 26,824,411$ 25,732,638$ 25,560,729$
Net pension liability (asset) as a % of covered payroll 63.65% 106.57% (0.67%) 42.15% 54.95% 111.27% 51.44% 98.61% 103.65% 68.61%
CITY OF EULESS, TEXAS
SCHEDULE OF CONTRIBUTIONS – PENSION
FOR THE FISCAL YEAR ENDED SEPTEMBER 30
89
2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Actuarially determined contributions 6,558,023$ 5,917,958$ 5,518,493$ 5,534,917$ 5,532,423$ 5,174,020$ 5,094,779$ 4,971,811$ 4,670,520$ 4,602,538$
Actual contributions (6,558,023) (5,917,958) (5,518,493) (5,534,917) (5,532,423) (5,174,020) (5,094,779) (4,971,811) (4,670,520) (4,602,538)
Contributions deficiency (excess) -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Covered payroll 35,591,209$ 33,832,208$ 31,442,237$ 30,853,753$ 31,348,108$ 29,411,252$ 28,640,420$ 28,113,691$ 26,464,297$ 25,453,407$
Ratio of actual contributions to
covered payroll amount 18.43% 17.49% 17.55% 17.94% 17.65% 17.59% 17.79% 17.69% 17.65% 18.08%
Notes to Schedule
Valuation Date
Methods and Assumptions Used to Determine Contribution Rates:
Actuarial Cost Method Entry Age Normal
Amortization Method Level Percentage of Payroll, Closed
Remaining Amortization Period 21 years
Asset Valuation Method 10 year smoothed market; 12% soft corridor
Inflation 2.5%
Salary Increases 3.60% to 11.85% including inflation
Investment Rate of Return 6.75%
Retirement Age
Mortality
Other information:
Notes: There were no benefit changes during the year.
Experience-based table of rates that vary by age. Last updated for the 2023 valuation pursuant to an experience study of the period ending 2022.
Actuarially determined contribution rates are calculated as of December 31st each year and become effective in January, 13 months later.
Post-retirement: 2019 Municipal Retirees of Texas Mortality Tables. Male rates are multiplied by 103% and female rates are mult iplied by 105%. The
rates are projected on a fully generational basis by the most recent Scale MP-2021 (with immediate convergence). Pre-retirement: PUB (10) mortality
tables with the 110% of the Public Safety table used for males and the 100% of the General Employee table used for females. The rates are projected
on a fully generational basis by the most recent Scale MP-2021 (with immediate convergence).
CITY OF EULESS, TEXAS
SCHEDULE OF CHANGES IN NET OPEB LIABILITY AND RELATED RATIOS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30
90
2024* 2023* 2022* 2021* 2020* 2019* 2018* 2017*
Total OPEB liability
Service cost 175,050$ 306,311$ 331,127$ 287,730$ 267,668$ 435,930$ 447,155$ 75,083$
Interest on total OPEB liability 1,307,026 1,531,512 1,603,744 1,539,416 1,379,257 1,360,548 1,271,483 825,331
Effect of changes of benefit terms - - - - - - - -
Effect of difference between expected
and actual experience (3,738,721) - (200,028) - (627,155) - 1,459,988 432,425
Contributions - other 263,735 252,575 246,671 281,524 276,885 270,205 - -
Effect of changes of assumptions 1,428,452 - (1,824,415) - 1,322,815 - (798,143) 5,480,748
Administrative expense (171,718) (171,897) (144,973) (140,970) (131,481) (135,119) - -
Benefit payments (604,237) (1,226,752) (1,053,109) (955,297) (898,811) (1,019,931) (1,230,281) (1,332,839)
Net change in OPEB liability (1,340,413) 691,749 (1,040,983) 1,012,403 1,589,178 911,633 1,150,202 5,480,748
Beginning balance 21,378,634 20,686,885 21,727,868 20,715,465 19,126,287 18,214,654 17,064,452 11,583,704
Ending balance 20,038,221$ 21,378,634$ 20,686,885$ 21,727,868$ 20,715,465$ 19,126,287$ 18,214,654$ 17,064,452$
Plan fiduciary net position
Contributions - employer 1,275,600$ 1,906,655$ 1,663,312$ 1,515,094$ 1,455,171$ 1,583,715$ 1,754,093$ 1,832,839$
Contributions - other 263,735 252,575 246,671 281,524 276,885 270,205 320,471 -
Net investment income (loss) 887,464 754,490 (1,928,493) 668,472 577,387 502,656 381,824 559,716
Difference in expected and actual
net investment income 1,847,733 262,122 - 950,076 11,026 (226,279) - -
Benefit payments (604,237) (1,226,752) (1,053,109) (955,297) (898,811) (1,019,931) (1,230,281) (1,332,839)
Administrative expense (171,718) (171,897) (144,973) (140,970) (131,481) (135,119) (147,597) (13,525)
Net change in plan fiduciary
net position 3,498,577 1,777,193 (1,216,592) 2,318,899 1,290,177 975,247 1,078,510 1,046,191
Beginning balance 11,583,042 9,805,849 11,022,441 8,703,542 7,413,365 6,438,118 5,359,608 4,313,417
Ending balance 15,081,619$ 11,583,042$ 9,805,849$ 11,022,441$ 8,703,542$ 7,413,365$ 6,438,118$ 5,359,608$
City's net OPEB liability ending 4,956,602$ 9,795,592$ 10,881,036$ 10,705,427$ 12,011,923$ 11,712,922$ 11,776,536$ 11,704,844$
Plan fiduciary net position as a %
of the total OPEB liability 75.26% 54.18% 47.40% 50.73% 42.01% 38.76% 35.35% 31.41%
Covered employee payroll 35,591,209$ 33,832,208$ 31,442,237$ 30,853,753$ 31,348,108$ 29,411,252$ 28,640,420$ 25,944,080$
City's net OPEB liability as a %
of covered employee payroll 13.93% 28.95% 34.61% 34.70% 38.32% 39.82% 41.12% 45.12%
* This schedule is presented to illustrate the requirement to show ten years of information. However, until a full ten-year tr end is available, the schedule will present the information that is available.
CITY OF EULESS, TEXAS
SCHEDULE OF CONTRIBUTIONS – OPEB TRUST
FOR THE FISCAL YEAR ENDED SEPTEMBER 30
91
2024* 2023* 2022* 2021* 2020* 2019* 2018* 2017*
Actuarially determined contribution 748,653$ 1,297,029$ 1,300,719$ 1,421,454$ 1,388,216$ 1,486,177$ 1,492,738$ 1,226,144$
Contributed in relation to the actuarially
determined contribution 1,275,600 1,906,655 1,663,312 1,515,094 1,455,171 1,583,715 1,754,093 1,832,839
Contribution deficiency (excess) (526,947)$ (609,626)$ (362,593)$ (93,640)$ (66,955)$ (97,538)$ (261,355)$ (606,695)$
Covered employee payroll 35,591,209$ 33,832,208$ 31,442,237$ 30,853,753$ 31,348,108$ 29,411,252$ 28,640,420$ 25,944,080$
Contributions as a percentage of
covered employee payroll 3.6% 5.6% 5.3% 4.9% 4.6% 5.4% 6.1% 7.1%
* This schedule is presented to illustrate the requirement to show ten years of information. However, until a full ten-year tr end is available, the schedule will present the information that is available.
Notes to Schedule
Significant assumptions used in preparation of actuarial valuation
Valuation date 10/1/2023
Actuarial cost method Entry Age Normal
Amortization method Level Dollar Method
Remaining amortization period 23 years - closed period
Amortization period for new losses 25 years - closed period
Asset valuation method Market value
Discount rate 7.5%
Inflation 2.5% per annum
Healthcare cost trend rates 6.51% increasing/decreasing annually to 4.2% in 2048+
Dental cost trend rates 3.0% per annum
Payroll growth rate 3.0% per annum
Long-term investment rate of return,
net of investment expense 7.5%
Retirement age Varies with age and service level
Mortality Sex distinct PUB 2010 general employee retiree
headcount weighted mortality table with mortality
improvement scale MP-2021.
CITY OF EULESS, TEXAS
BUDGETARY COMPARISON SCHEDULE
GENERAL FUND
YEAR ENDED SEPTEMBER 30, 2024
92
Variance with
Actual Final Budget
GAAP Positive
Original Final Basis (Negative)
Revenues
General property tax
Current and delinquent taxes 21,907,546$ 21,907,546$ 21,276,645$ (630,901)$
Penalty and interes t 75,000 75,000 30,778 (44,222)
Total property tax 21,982,546 21,982,546 21,307,423 (675,123)
Gross receipts tax
Telephone line access fee 71,550 71,550 75,391 3,841
Electric company 1,662,860 1,662,860 1,721,471 58,611
Gas company 568,645 568,645 567,351 (1,294)
Cable TV 180,000 180,000 181,734 1,734
City garbage service 345,177 345,177 368,597 23,420
Water and wastewater system 1,656,790 1,656,790 1,665,553 8,763
Others 238,885 238,885 247,196 8,311
Total gross receipts tax 4,723,907 4,723,907 4,827,293 103,386
General sales ta x 17,293,580 17,293,580 17,829,107 535,527
Fines and fees
Municipal court fines 1,617,362 1,617,362 1,674,035 56,673
Jail income 716,625 716,625 1,128,723 412,098
Dog licenses and pound fees 7,500 7,500 8,755 1,255
Ambulance fees 936,000 936,000 1,218,619 282,619
Library fees 5,214 5,214 7,878 2,664
Zoning fees 14,500 14,500 20,708 6,208
Deferred adjudication fee 73,978 73,978 59,032 (14,946)
Total fines and fees 3,371,179 3,371,179 4,117,750 746,571
Licenses and permits
Building permits 300,000 300,000 1,967,413 1,667,413
Miscellaneous permits 245,429 245,429 307,506 62,077
Minimum housing 96,600 96,600 59,073 (37,527)
Total licenses and permits 642,029 642,029 2,333,992 1,691,963
Investment income 112,404 112,404 1,289,662 1,177,258
Intergovernmental 565,834 565,834 561,842 (3,992)
Other revenues
Rental income 485,050 485,050 767,563 282,513
Swimming pools 221,000 221,000 270,918 49,918
Miscellaneous income 220,295 220,295 412,219 191,924
Total other revenues 926,345 926,345 1,450,700 524,355
Total revenues 49,617,824 49,617,824 53,717,769 4,099,945
Budgeted Amounts
CITY OF EULESS, TEXAS
BUDGETARY COMPARISON SCHEDULE
GENERAL FUND
YEAR ENDED SEPTEMBER 30, 2024
(Continued)
93
Variance with
Actual Final Budget
GAAP Positive
Original Final Basis (Negative)
Expenditures
Current
Culture and recreation 4,246,032$ 4,285,032$ 3,931,722$ 353,310$
Development services 1,099,025 1,099,025 1,073,819 25,206
General and administrative 14,292,047 14,097,209 13,045,417 1,051,792
Highways and streets 1,977,088 1,977,088 1,892,782 84,306
Public safet y 32,257,559 32,715,242 31,494,202 1,221,040
Debt service
Principal - - 167,680 (167,680)
Interest and fiscal charges - - 6,086 (6,086)
Total expenditures 53,871,751 54,173,596 51,611,708 2,561,888
Excess (deficiency) of revenues
over (under) expenditures (4,253,927) (4,555,772) 2,106,061 6,661,833
Other financing sources (uses)
Issuance of subscription debt - - 1,046,792 1,046,792
Proceeds from sale of assets 5,000 5,000 8,650 3,650
Transfers in 3,672,917 3,672,917 3,682,112 9,195
Transfers out (7,779,195) (7,911,019) (7,910,242) 777
Total other financing
sources (uses), net (4,101,278) (4,233,102) (3,172,688) 1,060,414
Net change in fund balance (8,355,205) (8,788,874) (1,066,627) 7,722,247
Fund balance,
beginning of yea r 24,375,701 24,375,701 24,375,701 -
Fund balance, end of year 16,020,496$ 15,586,827$ 23,309,074$ 7,722,247$
Budgeted Amounts
CITY OF EULESS, TEXAS
BUDGETARY COMPARISON SCHEDULE
CAR RENTAL SPECIAL REVENUE FUND
YEAR ENDED SEPTEMBER 30, 2024
94
Variance with
Actual Final Budget
GAAP Positive
Original Final Basis (Negative)
Revenues
Car rental tax 17,717,551$ 17,717,551$ 20,228,890$ 2,511,339$
Investment income 352,750 352,750 1,302,551 949,801
Total revenues 18,070,301 18,070,301 21,531,441 3,461,140
Expenditures
General and administrative 11,911,700 13,065,681 13,485,926 (420,245)
Capital outlay 372,972 372,972 - 372,972
Total expenditures 12,284,672 13,438,653 13,485,926 (47,273)
Excess of revenues
over expenditures 5,785,629 4,631,648 8,045,515 3,413,867
Other financing uses
Transfers out (10,311,170) (10,311,170) (10,311,170) -
Total other financing uses (10,311,170) (10,311,170) (10,311,170) -
Net change in fund balance (4,525,541) (5,679,522) (2,265,655) 3,413,867
Fund balance, beginning of year 13,342,704 13,342,704 13,342,704 -
Fund balance, end of year 8,817,163$ 7,663,182$ 11,077,049$ 3,413,867$
Budgeted Amounts
CITY OF EULESS, TEXAS
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
95
NOTE 1. BUDGET BASIS OF ACCOUNTING
The City Council adheres to the following procedures in establishing budgetary data reflected in the
financial statements:
1. Prior to August 1, the City Manager submits to the City Council a proposed operating budget
for the fiscal year commencing the following October 1. The operating budget includes
proposed expenditures and expenses and means of financing them.
2. Public hearings are conducted to obtain taxpayers' comments.
3. Prior to September 30, the budget is legally enacted through passage of an ordinance and a
budgetary report is prepared.
4. The City Manager is authorized to transfer budgeted amounts between departments within
any fund; however, any revision that alters the total expenditures or expenses of any fund
must be approved by the City Council. The budget presented reflects revisions made during
the year. The legal level of control is at the fund level.
5. A budget is legally adopted for the general fund and special revenue funds on a basis
consistent with accounting principles generally accepted in the United States of America.
Formal budgetary integration is employed as a management control device during the year
for the general fund and special revenue funds. Appropriations and encumbrances lapse at
year-end.
6. Formal budgetary integration is not employed for the debt service funds because effective
budgetary control is alternatively achieved through general obligation bond indenture
provisions.
7. Budgetary data for the capital projects funds has not been presented in the accompanying
basic financial statements as such funds are budgeted over the life of the respective projects
and not on an annual basis. Accordingly, formal budgetary integration of the capital projects
funds is not employed and comparison of actual results of operations to budgetary data for
such funds is not presented.
8. Appropriated budgets for the proprietary funds are also adopted but have not been presented
since reporting on such budgets is not legally required.
The Budgetary Comparison Schedules – general fund and car rental tax special revenue fund present
a comparison of budgetary data to actual results. These funds utilize the same basis of accounting for
both budgetary purposes and actual results. A budgetary comparison schedule is not presented for
the Glade Parks PID fund due to lack of budgeted activity for the prior and current years.
96
97
COMBINING AND INDIVIDUAL FUND
STATEMENTS AND SCHEDULES
98
NON-MAJOR GOVERNMENTAL FUNDS
SPECIAL REVENUE FUNDS
Special revenue funds are used to account for specific revenues that are legally restricted to
expenditures for particular purposes.
Hotel/Motel Fund – to account for the operations and expenditures for which hotel/motel
occupancy taxes are used. Occupancy tax revenues are used primarily for advertising and
promotion of the City.
Half-Penny Sales Tax Fund – to account for the sales tax revenues and expenditures of the
Euless Development Corporation, a component unit of the City of Euless. The revenues can only
be spent on parks, library, debt service, and economic development activities within the City of
Euless.
Police Drug Enforcement Fund – to account for proceeds from drug seizures and the sale of
assets seized in connection with drug arrests. Revenues are used solely for police department
expenditures.
Crime Control and Prevention District Fund – to account for the revenues and expenditures of
this component unit of the City of Euless. The revenues are collected from sales taxes and
expenditures can only be spent for police department operations and capital as approved by the
Crime Control and Prevention District Board.
Grant Fund – to account for grant revenues received by the City, which must be spent in
accordance with grant provisions.
Police Seized Asset Fund – to account for resources received from asset forfeiture pursuant to
court judgment File No. 09-13-640 to be administered in compliance with Chapter 59, Texas
Code of Criminal Procedure.
Juvenile Case Fund – to account for a fee added to municipal court citations. This fee is used to
support the expenditures associated with juvenile case processing.
Glade Parks Public Improvement District (PID) Fund – to account for the accumulation of
resources from an assessment levied upon properties within the district boundaries. The
resources are utilized for the repayment of debt issued to fund public improvements within the
district. The district assesses property owners only for the portion of the debt payment not
covered with resources of the Glade Parks TIRZ #3.
Tax Increment Reinvestment Zone #3 – Glade Parks Fund (TIRZ #3) – to account for the
accumulation of a portion of the incremental property taxes from taxing entities participating in
the tax increment reinvestment zone. The resources are used for the repayment of debt issued to
fund public improvements within the zone.
99
NON-MAJOR GOVERNMENTAL FUNDS – Continued
Midtown Public Improvement District (PID) Fund – to account for the accumulation of resources
from an assessment levied upon properties within the district boundaries. The resources are
utilized for the repayment of debt issued to fund public improvements within the district.
Midtown TIRZ #4 Fund – to account for the accumulation of a portion of the incremental
property taxes from taxing entities participating in the tax increment reinvestment zone. The
resources are used for the repayment of debt issued to fund public improvements within the zone.
The TIRZ #4 fund revenues reduce the amount of revenue needed from the Midtown PID fund to
pay debt service.
Cable PEG Fees Fund – to account for a 1% fee collected from cable channel providers for
expansion of the city’s public, educational, and governmental access channel.
CAPITAL PROJECTS FUNDS
Half-Penny Sales Tax CIP Fund – to account for bond proceeds and sales tax receipts to be
expended for capital projects funded by the Euless Development Corporation, a component unit
of the City of Euless.
Developers' Contribution Fund – to account for funds received for the purpose of making new
and future improvements to various development areas within the City.
Street CIP Fund – to account for street construction and reconstruction projects and the means of
financing such improvements.
Redevelopment CIP Fund – to account for land acquisition and revitalization projects designed
to enhance development and promote redevelopment throughout the community.
Midtown Reserve Fund – to account for resources used to re-establish the Midtown debt reserve.
TIRZ #4 Midtown CIP Fund – to account for construction projects and the means of financing
such projects within the development area generally known as Founders Parc, formerly Euless
Midtown.
Car Rental CIP Fund – to account for building and infrastructure projects that are funded from
short-term motor vehicle rental tax.
CITY OF EULESS, TEXAS
COMBINING BALANCE SHEET
NON-MAJOR GOVERNMENTAL FUNDS
SEPTEMBER 30, 2024
100
Police Crime
Drug Control and
Hotel/ Half-Penny Enforce- Prevention
Motel Sales Tax ment District Grant
Fund Fund Fund Fund Fund
ASSETS
Deposits and investments 2,535,166$ 6,630,954$ 850,331$ 787,884$ -$
Accounts receivable 320,856 - - - 82,017
Property taxes receivable - - - - -
Accrued interest receivable - 20,517 - - -
Due from other governments - 1,290,802 8,050 647,427 -
Lease receivable - 1,597,887 - - -
Prepaids and deposits - 1,903 - 78,334 -
Restricted deposits and investments - - - - -
Total assets 2,856,022$ 9,542,063$ 858,381$ 1,513,645$ 82,017$
LIABILITIES
Accounts payable 262,821$ 216,593$ 177,048$ 5,657$ 81,610$
Contracts payable - - - - -
Accrued salaries and wages - 81,802 - 88,078 407
Total liabilities 262,821 298,395 177,048 93,735 82,017
DEFERRED INFLOWS OF RESOURCES
Unavailable revenue - other - - - - -
Deferred inflows related to leases - 1,597,887 - - -
Total deferred inflows of resources - 1,597,887 - - -
FUND BALANCES
Nonspendable - 1,903 - 78,334 -
Restricted, debt service - 425,522 - - -
Restricted, capital projects - - - - -
Restricted, developer agreements - - - - -
Restricted, juvenile case management - - - - -
Restricted, cable PEG fees - - - - -
Restricted, historical preservation 843 - - - -
Assigned 2,592,358 7,218,356 681,333 1,341,576 -
Unassigned - - - - -
Total fund balances 2,593,201 7,645,781 681,333 1,419,910 -
Total liabilities, deferred inflows of
resources, and fund balances 2,856,022$ 9,542,063$ 858,381$ 1,513,645$ 82,017$
Special Revenue Funds
101
Police Cable Special
Seized Juvenile Glade Parks TIRZ #3 Midtown TIRZ #4 PEG Revenue
Assets Case PID Glade Parks PID Midtown Fees Funds
Fund Fund Fund Fund Fund Fund Fund Totals
192,119$ 252,928$ 750,000$ 6,031,276$ 7,229$ 1,130,020$ 650,638$ 19,818,545$
- - - 74,148 - 1,800 15,000 493,821
- - - 58,659 - 6,289 - 64,948
- - - - - - - 20,517
- - - - - - - 1,946,279
- - - - - - - 1,597,887
- - - - - - 3,435 83,672
- - - - - - - -
192,119$ 252,928$ 750,000$ 6,164,083$ 7,229$ 1,138,109$ 669,073$ 24,025,669$
-$ 107$ -$ -$ 2,731$ -$ -$ 746,567$
- - - - - - - -
1,156 691 - - - - - 172,134
1,156 798 - - 2,731 - - 918,701
- - - - 36,470 - - 36,470
- - - - - - - 1,597,887
- - - - 36,470 - - 1,634,357
- - - - - - 3,435 83,672
- - 750,000 - - - - 1,175,522
- - - - - - - -
- - - - - - - -
- 252,130 - - - - - 252,130
- - - - - - 665,638 665,638
- - - - - - - 843
190,963 - - 6,164,083 - 1,138,109 - 19,326,778
- - - - (31,972) - - (31,972)
190,963 252,130 750,000 6,164,083 (31,972) 1,138,109 669,073 21,472,611
192,119$ 252,928$ 750,000$ 6,164,083$ 7,229$ 1,138,109$ 669,073$ 24,025,669$
Special Revenue Funds
CITY OF EULESS, TEXAS
COMBINING BALANCE SHEET
NON-MAJOR GOVERNMENTAL FUNDS
SEPTEMBER 30, 2024
102
Half-Penny
Sales Tax Developers' Street Redevelopment
CIP Contribution CIP CIP
Fund Fund Fund Fund
ASSETS
Deposits and investments 2,916,989$ 2,884,810$ 3,646,472$ 1,156,645$
Accounts receivable - - 391 -
Property taxes receivable - - - -
Accrued interest receivable - - - -
Due from other governments - - - -
Lease receivable - - - -
Prepaids and deposits - - - -
Restricted deposits and investments - - 6,027,640 -
Total assets 2,916,989$ 2,884,810$ 9,674,503$ 1,156,645$
LIABILITIES
Accounts payable 23,614$ 108,022$ 402,280$ 9,270$
Contracts payable - - 20,228 -
Accrued salaries and wages - - - -
Total liabilities 23,614 108,022 422,508 9,270
DEFERRED INFLOWS OF RESOURCES
Unavailable revenue - other - - - -
Deferred inflows related to leases - - - -
Total deferred inflows of resources - - - -
FUND BALANCES
Nonspendable - - - -
Restricted, debt service - - - -
Restricted, capital projects - - 6,027,640 -
Restricted, developer agreements - 2,776,788 - -
Restricted, juvenile case management - - - -
Restricted, cable PEG fees - - - -
Restricted, historical preservation - - - -
Assigned 2,893,375 - 3,224,355 1,147,375
Unassigned - - - -
Total fund balances 2,893,375 2,776,788 9,251,995 1,147,375
Total liabilities, deferred inflows of
resources, and fund balances 2,916,989$ 2,884,810$ 9,674,503$ 1,156,645$
Capital Project Funds
103
TIRZ #4 Car Capital Total
Midtown Midtown Rental Project Non-major
Reserve CIP CIP Funds Governmental
Fund Fund Fund Totals Funds
999,725$ -$ 228,573$ 11,833,214$ 31,651,759$
- - - 391 494,212
- - - - 64,948
- - - - 20,517
- - - - 1,946,279
- - - - 1,597,887
- - - - 83,672
60,991 - 6,088,631 6,088,631
999,725$ 60,991$ 228,573$ 17,922,236$ 41,947,905$
-$ -$ 62,254$ 605,440$ 1,352,007$
- - - 20,228 20,228
- - - - 172,134
- - 62,254 625,668 1,544,369
- - - - 36,470
- - - - 1,597,887
- - - - 1,634,357
- - - - 83,672
999,725 - - 999,725 2,175,247
- 60,991 - 6,088,631 6,088,631
- - - 2,776,788 2,776,788
- - - - 252,130
- - - - 665,638
- - - - 843
- - 166,319 7,431,424 26,758,202
- - - - (31,972)
999,725 60,991 166,319 17,296,568 38,769,179
999,725$ 60,991$ 228,573$ 17,922,236$ 41,947,905$
Capital Project Funds
CITY OF EULESS, TEXAS
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND
BALANCES – NON-MAJOR GOVERNMENTAL FUNDS
YEAR ENDED SEPTEMBER 30, 2024
104
Police Crime
Drug Control and
Hotel/ Half-Penny Enforce- Prevention
Motel Sales Tax ment District Grant
Fund Fund Fund Fund Fund
Revenues
General property tax -$ -$ -$ -$ -$
Gross receipts tax 1,655,528 - - - -
General sales tax - 7,331,559 - 3,649,530 -
Investment income 128,203 302,146 24,913 26,877 -
Drug enforcement revenues - - 156,853 - -
Intergovernmental - - - - 116,415
Rents and royalties - 81,878 - - -
Other revenues - 1,530 - 12,627 -
Total revenues 1,783,731 7,717,113 181,766 3,689,034 116,415
Expenditures
Culture and recreation - 3,709,316 - - -
Development services - 237,928 - - -
General and administrative 314,304 268,845 - - -
Highways and streets - - - - -
Public safety - - 10,904 3,331,735 52,396
Debt service
Principal - 234,634 - - -
Interest and fiscal charges - 165,847 - - -
Capital outlay 21,608 289,732 - 21,957 75,750
Total expenditures 335,912 4,906,302 10,904 3,353,692 128,146
Excess (deficiency) of revenues
over (under) expenditures 1,447,819 2,810,811 170,862 335,342 (11,731)
Other financing sources (uses)
Transfers in - - 5,000 - 11,731
Transfers out (1,212,648) (1,023,838) - (1,255,000) -
Total other
financing sources (uses), net (1,212,648) (1,023,838) 5,000 (1,255,000) 11,731
Net change in fund balances 235,171 1,786,973 175,862 (919,658) -
Fund balance, beginning of
year, as previously presented 2,358,030 5,858,808 505,471 2,339,568 -
Change within financial reporting entity - - - - -
Fund balance, end of year 2,593,201$ 7,645,781$ 681,333$ 1,419,910$ -$
Special Revenue Funds
105
Police Cable Special
Seized Juvenile Glade Parks TIRZ #3 Midtown TIRZ #4 PEG Revenue
Asset Case PID Glade Parks PID Midtown Fees Funds
Fund Fund Fund Fund Fund Fund Fund Totals
-$ -$ -$ 1,908,024$ -$ 954,523$ -$ 2,862,547$
- - - - - - 59,991 1,715,519
- - - 488,345 - 11,445 - 11,480,879
10,201 11,309 - 277,141 2,413 - 31,570 814,773
- - - - - - - 156,853
- - - - - - - 116,415
- - - - - - - 81,878
- 45,362 - - 261,316 - - 320,835
10,201 56,671 - 2,673,510 263,729 965,968 91,561 17,549,699
- - - - - - - 3,709,316
- - - - - - - 237,928
- 23,961 - - 9,190 - 34,076 650,376
- - - - - - - -
34,776 - - - - - - 3,429,811
- - - - - - - 234,634
- - - - - - - 165,847
- - - - - - - 409,047
34,776 23,961 - - 9,190 - 34,076 8,836,959
(24,575) 32,710 - 2,673,510 254,539 965,968 57,485 8,712,740
- - - - - - - 16,731
- - - (1,130,113) (322,438) (742,400) - (5,686,437)
- - - (1,130,113) (322,438) (742,400) - (5,669,706)
(24,575) 32,710 - 1,543,397 (67,899) 223,568 57,485 3,043,034
215,538 219,420 750,000 4,620,686 35,927 914,541 611,588 18,429,577
- - - - - - - -
190,963$ 252,130$ 750,000$ 6,164,083$ (31,972)$ 1,138,109$ 669,073$ 21,472,611$
Special Revenue Funds
CITY OF EULESS, TEXAS
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND
BALANCES – NON-MAJOR GOVERNMENTAL FUNDS - CONTINUED
YEAR ENDED SEPTEMBER 30, 2024
106
Formerly
Half-Penny Non-major
Sales Tax Developers' Street General Redevelopment
CIP Contribution CIP CIP CIP
Fund Fund Fund Fund Fund
Revenues
General property tax -$ -$ -$ -$
Gross receipts tax - - - -
General sales tax - - - -
Investment income 172,648 132,269 519,084 67,264
DEA revenues - - - -
Intergovernmental 117,300 - 6,000 -
Rents and royalties - - - -
Other revenues - 496,408 - -
Total revenues 289,948 628,677 525,084 67,264
Expenditures
Culture and recreation 69,078 618 - -
Development services - - - -
General and administrative - - - 42,234
Highways and streets - - 57,147 -
Public safety - - - -
Debt service
Principal - - - -
Interest and fiscal charges - - - -
Capital outlay 1,650,169 - 1,533,506 1,494,299
Total expenditures 1,719,247 618 1,590,653 1,536,533
Excess (deficiency) of revenues
over (under) expenditures (1,429,299) 628,059 (1,065,569) (1,469,269)
Other financing sources (uses)
Transfers in 882,700 - 3,458,747 1,500,000
Transfers out - (157,482) - -
Total other
financing sources (uses), net 882,700 (157,482) 3,458,747 1,500,000
Net change in fund balances (546,599) 470,577 2,393,178 30,731
Fund balance, beginning of
year, as previously presented 3,439,974 2,306,211 6,858,817 12,637,407 1,116,644
Change within financial reporting entity - - - (12,637,407) -
Fund balance, end of year 2,893,375$ 2,776,788$ 9,251,995$ -$ 1,147,375$
Capital Project Funds
107
TIRZ #4 Car Capital Total
Midtown Midtown Rental Project Non-major
Reserve CIP CIP Funds Governmental
Fund Fund Fund Totals Funds
-$ -$ -$ -$ 2,862,547$
- - - - 1,715,519
- - - - 11,480,879
- - 28,457 919,722 1,734,495
- - - - 156,853
- - - 123,300 239,715
- - - - 81,878
- - - 496,408 817,243
- - 28,457 1,539,430 19,089,129
- - - 69,696 3,779,012
- - - - 237,928
- 8,484 443 51,161 701,537
- - - 57,147 57,147
- - - - 3,429,811
- - - - 234,634
- - - - 165,847
- - 1,074,727 5,752,701 6,161,748
- 8,484 1,075,170 5,930,705 14,767,664
- (8,484) (1,046,713) (4,391,275) 4,321,465
- - - 5,841,447 5,858,178
- - - (157,482) (5,843,919)
- - - 5,683,965 14,259
- (8,484) (1,046,713) 1,292,690 4,335,724
999,725 69,475 1,213,032 28,641,285 47,070,862
- - - (12,637,407) (12,637,407)
999,725$ 60,991$ 166,319$ 17,296,568$ 38,769,179$
Capital Project Funds
CITY OF EULESS, TEXAS
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES –
BUDGET AND ACTUAL
HOTEL / MOTEL SPECIAL REVENUE FUND
YEAR ENDED SEPTEMBER 30, 2024
108
Variance with
Actual Final Budget
GAAP Positive
Original Final Basis (Negative)
Revenues
Gross receipts tax 1,605,135$ 1,605,135$ 1,655,528$ 50,393$
Investment income 27,755 27,755 128,203 100,448
Total revenues 1,632,890 1,632,890 1,783,731 150,841
Expenditures
General and administrative 674,430 674,430 335,912 338,518
Total expenditures 674,430 674,430 335,912 338,518
Excess of revenues
over expenditures 958,460 958,460 1,447,819 489,359
Other financing uses
Transfers out (1,217,140) (1,217,140) (1,212,648) 4,492
Total other financing uses (1,217,140) (1,217,140) (1,212,648) 4,492
Net change in fund balance (258,680) (258,680) 235,171 493,851
Fund balance, beginning of year 2,358,030 2,358,030 2,358,030 -
Fund balance, end of year 2,099,350$ 2,099,350$ 2,593,201$ 493,851$
Budgeted Amounts
CITY OF EULESS, TEXAS
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES –
BUDGET AND ACTUAL
HALF-PENNY SALES TAX SPECIAL REVENUE FUND
YEAR ENDED SEPTEMBER 30, 2024
109
Variance with
Actual Final Budget
GAAP Positive
Original Final Basis (Negative)
Revenues
General sales tax 7,087,974$ 7,087,974$ 7,331,559$ 243,585$
Investment income 32,157 32,157 302,146 269,989
Rents and royalties 115,267 115,267 81,878 (33,389)
Other revenue - - 1,530 1,530
Total revenues 7,235,398 7,235,398 7,717,113 481,715
Expenditures
Culture and recreation 4,363,123 4,363,123 3,999,048 364,075
Development services 1,087,800 1,087,800 237,928 849,872
General and administrative 378,367 378,367 268,845 109,522
Debt service
Principal 230,000 230,000 234,634 (4,634)
Interest and fiscal charges 165,626 165,626 165,847 (221)
Total expenditures 6,224,916 6,224,916 4,906,302 1,318,614
Excess of revenues
over expenditures 1,010,482 1,010,482 2,810,811 1,800,329
Other financing sources (uses)
Transfers out (1,096,890) (1,096,890) (1,023,838) 73,052
Total other financing sources (uses), net (1,096,890) (1,096,890) (1,023,838) 73,052
Net change in fund balance (86,408) (86,408) 1,786,973 1,873,381
Fund balance, beginning of year 5,858,808 5,858,808 5,858,808 -
Fund balance, end of year 5,772,400$ 5,772,400$ 7,645,781$ 1,873,381$
Budgeted Amounts
CITY OF EULESS, TEXAS
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES –
BUDGET AND ACTUAL
POLICE DRUG ENFORCEMENT SPECIAL REVENUE FUND
YEAR ENDED SEPTEMBER 30, 2024
110
Variance with
Actual Final Budget
GAAP Positive
Original Final Basis (Negative)
Revenues
Investment income 15,729$ 15,729$ 24,913$ 9,184$
Drug enforcement revenues 15,000 15,000 156,853 141,853
Total revenues 30,729 30,729 181,766 151,037
Expenditures
Public safety 220,000 220,000 10,904 209,096
Total expenditures 220,000 220,000 10,904 209,096
Excess (deficiency) of revenues
over (under) expenditures (189,271) (189,271) 170,862 360,133
Other financing sources
Transfers in 5,000 5,000 5,000 -
Total other
financing sources 5,000 5,000 5,000 -
Net change in fund balance (184,271) (184,271) 175,862 360,133
Fund balance, beginning of year 505,471 505,471 505,471 -
Fund balance, end of year 321,200$ 321,200$ 681,333$ 360,133$
Budgeted Amounts
CITY OF EULESS, TEXAS
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES –
BUDGET AND ACTUAL
CRIME CONTROL AND PREVENTION DISTRICT SPECIAL REVENUE FUND
YEAR ENDED SEPTEMBER 30, 2024
111
Variance with
Actual Final Budget
GAAP Positive
Original Final Basis (Negative)
Revenues
General sales tax 3,500,062$ 3,500,062$ 3,649,530$ 149,468$
Other revenue 10,925 10,925 12,627 1,702
Investment income 21,181 21,181 26,877 5,696
Total revenues 3,532,168 3,532,168 3,689,034 156,866
Expenditures
Public safety 3,556,279 3,556,279 3,353,692 202,587
Total expenditures 3,556,279 3,556,279 3,353,692 202,587
Excess (deficiency) of revenues
over (under) expenditures (24,111) (24,111) 335,342 359,453
Other financing uses
Transfers out (1,255,000) (1,255,000) (1,255,000) -
Total other
financing uses (1,255,000) (1,255,000) (1,255,000) -
Net change in fund balance (1,279,111) (1,279,111) (919,658) 359,453
Fund balance, beginning of year 2,339,568 2,339,568 2,339,568 -
Fund balance, end of year 1,060,457$ 1,060,457$ 1,419,910$ 359,453$
Budgeted Amounts
CITY OF EULESS, TEXAS
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES –
BUDGET AND ACTUAL
GRANT SPECIAL REVENUE FUND
YEAR ENDED SEPTEMBER 30, 2024
112
Variance with
Actual Final Budget
GAAP Positive
Original Final Basis (Negative)
Revenues
Intergovernmental 812,915$ 812,915$ 116,415$ (696,500)$
Total revenues 812,915 812,915 116,415 (696,500)
Expenditures
Public safety 950,445 950,445 128,146 822,299
Total expenditures 950,445 950,445 128,146 822,299
Excess (deficiency) of revenues
over (under) expenditures (137,530) (137,530) (11,731) 125,799
Other financing sources (uses)
Transfers in 137,530 137,530 11,731 (125,799)
Transfers out (635,925) (635,925) - 635,925
Total other financing sources (uses), net (498,395) (498,395) 11,731 510,126
Net change in fund balance (635,925) (635,925) - 635,925
Fund balance, beginning of year - - - -
Fund balance, end of year (635,925)$ (635,925)$ -$ 635,925$
Budgeted Amounts
CITY OF EULESS, TEXAS
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES –
BUDGET AND ACTUAL
POLICE SEIZED ASSET SPECIAL REVENUE FUND
YEAR ENDED SEPTEMBER 30, 2024
113
Variance with
Actual Final Budget
GAAP Positive
Original Final Basis (Negative)
Revenues
Investment income 9,826$ 9,826$ 10,201$ 375$
Total revenues 9,826 9,826 10,201 375
Expenditures
Public safety 51,048 51,048 34,776 16,272
Total expenditures 51,048 51,048 34,776 16,272
Net change in fund balance (41,222) (41,222) (24,575) 16,647
Fund balance, beginning of year 215,538 215,538 215,538 -
Fund balance, end of year 174,316$ 174,316$ 190,963$ 16,647$
Budgeted Amounts
CITY OF EULESS, TEXAS
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES –
BUDGET AND ACTUAL
JUVENILE CASE SPECIAL REVENUE FUND
YEAR ENDED SEPTEMBER 30, 2024
114
Variance with
Actual Final Budget
GAAP Positive
Original Final Basis (Negative)
Revenues
Investment income 6,251$ 6,251$ 11,309$ 5,058$
Other revenues 46,277 46,277 45,362 (915)
Total revenues 52,528 52,528 56,671 4,143
Expenditures
General and administrative 40,005 40,005 23,961 16,044
Total expenditures 40,005 40,005 23,961 16,044
Net change in fund balance 12,523 12,523 32,710 20,187
Fund balance, beginning of year 219,420 219,420 219,420 -
Fund balance, end of year 231,943$ 231,943$ 252,130$ 20,187$
Budgeted Amounts
CITY OF EULESS, TEXAS
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES –
BUDGET AND ACTUAL
TIRZ #3 GLADE PARKS SPECIAL REVENUE FUND
YEAR ENDED SEPTEMBER 30, 2024
115
Variance with
Actual Final Budget
GAAP Positive
Original Final Basis (Negative)
Revenues
General property tax 2,023,408$ 2,023,408$ 1,908,024$ (115,384)$
General sales ta x 430,212 430,212 488,345 58,133
Investment income 137,686 137,686 277,141 139,455
Total revenues 2,591,306 2,591,306 2,673,510 82,204
Other financing uses
Transfers out (1,130,113) (1,130,113) (1,130,113) -
Total other financing uses (1,130,113) (1,130,113) (1,130,113) -
Net change in fund balance 1,461,193 1,461,193 1,543,397 82,204
Fund balance, beginning of year 4,620,686 4,620,686 4,620,686 -
Fund balance, end of year 6,081,879$ 6,081,879$ 6,164,083$ 82,204$
Budgeted Amounts
CITY OF EULESS, TEXAS
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES –
BUDGET AND ACTUAL
MIDTOWN PID SPECIAL REVENUE FUND
YEAR ENDED SEPTEMBER 30, 2024
116
Variance with
Actual Final Budget
GAAP Positive
Original Final Basis (Negative)
Revenues
Other revenues 361,321$ 361,321$ 261,316$ (100,005)$
Investment income 5,143 5,143 2,413 (2,730)
Total revenues 366,464 366,464 263,729 (102,735)
Expenditures
General and administrative 38,883 38,883 9,190 29,693
Total expenditures 38,883 38,883 9,190 29,693
Excess (deficiency) of revenues
over (under) expenditures 327,581 327,581 254,539 (73,042)
Other financing uses
Transfers out (322,438) (322,438) (322,438) -
Total other financing uses (322,438) (322,438) (322,438) -
Net change in fund balance 5,143 5,143 (67,899) (73,042)
Fund balance, beginning of year 35,927 35,927 35,927 -
Fund balance, end of year 41,070$ 41,070$ (31,972)$ (73,042)$
Budgeted Amounts
CITY OF EULESS, TEXAS
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES –
BUDGET AND ACTUAL
TIRZ #4 MIDTOWN SPECIAL REVENUE FUND
YEAR ENDED SEPTEMBER 30, 2024
117
Variance with
Actual Final Budget
GAAP Positive
Original Final Basis (Negative)
Revenues
Property tax revenues 1,028,582$ 1,028,582$ 954,523$ (74,059)$
General sales tax 4,690 4,690 11,445 6,755
Total revenues 1,033,272 1,033,272 965,968 (67,304)
Other financing uses
Transfers out (742,400) (742,400) (742,400) -
Total other financing uses (742,400) (742,400) (742,400) -
Net change in fund balance 290,872 290,872 223,568 (67,304)
Fund balance, beginning of year 914,541 914,541 914,541 -
Fund balance, end of year 1,205,413$ 1,205,413$ 1,138,109$ (67,304)$
Budgeted Amounts
CITY OF EULESS, TEXAS
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES –
BUDGET AND ACTUAL
CABLE PEG FEES SPECIAL REVENUE FUND
YEAR ENDED SEPTEMBER 30, 2024
118
Variance with
Actual Final Budget
GAAP Positive
Original Final Basis (Negative)
Revenues
Gross receipts tax 74,032$ 74,032$ 59,991$ (14,041)$
Investment income 21,602 21,602 31,570 9,968
Total revenues 95,634 95,634 91,561 (4,073)
Expenditures
General and administrative 35,600 35,600 34,076 1,524
Capital outlay 84,400 84,400 - 84,400
Total expenditures 120,000 120,000 34,076 85,924
Net change in fund balance (24,366) (24,366) 57,485 81,851
Fund balance, beginning of year 611,588 611,588 611,588 -
Fund balance, end of year 587,222$ 587,222$ 669,073$ 81,851$
Budgeted Amounts
119
INTERNAL SERVICE FUNDS
Internal service funds are used to account for the financing of goods or services provided by one
department to other departments of the City on a cost reimbursement basis.
Equipment Replacement Fund – to account for the accumulation of funds to be used for
replacement of existing equipment. Funding is provided annually by the user departments.
Insurance Fund – to account for the revenues and expenses resulting from providing health
insurance to the City's employees.
Risk Management/Workers’ Compensation (Risk/WC) Fund – to account for the revenue
and expenses applicable to providing workers’ compensation coverage for all City
employees, as well as, general liability and property coverage.
CITY OF EULESS, TEXAS
COMBINING STATEMENT OF NET POSITION
INTERNAL SERVICE FUNDS
SEPTEMBER 30, 2024
120
Equipment
Replacement Insurance Risk/WC
Fund Fund Fund Total
Current Assets
Deposits and investments 25,031,378$ 8,153,376$ 3,168,722$ 36,353,476$
Accounts receivable - 535,485 173,235 708,720
Prepaid expenses 779,071 - - 779,071
Accrued interest receivable 230,186 65,698 9,306 305,190
Total current assets 26,040,635 8,754,559 3,351,263 38,146,457
Non-current Assets
Property, plant, and equipment, at cost
Equipment 20,566,693 - 107,568 20,674,261
Less accumulated depreciation 12,877,933 - 63,660 12,941,593
Net property, plant, and equipment 7,688,760 - 43,908 7,732,668
Total assets 33,729,395 8,754,559 3,395,171 45,879,125
Current Liabilities
Accounts payable 344,834 131,842 282,291 758,967
Accrued salary and wages - 4,454 6,065 10,519
Current portion of compensated absences - - 256 256
Accrued insurance claims - 633,001 - 633,001
Total current liabilities 344,834 769,297 288,612 1,402,743
Non-current Liabilities
Compensated absences - - 2,304 2,304
Total non-current liabilities - - 2,304 2,304
Total liabilities 344,834 769,297 290,916 1,405,047
Net investment in capital assets 7,688,760 - 43,908 7,732,668
Unrestricted 25,695,801 7,985,262 3,060,347 36,741,410
Total net position 33,384,561$ 7,985,262$ 3,104,255$ 44,474,078$
ASSETS
LIABILITIES
NET POSITION
CITY OF EULESS, TEXAS
COMBINING STATEMENT OF REVENUES, EXPENSES, AND CHANGES
IN NET POSITION
INTERNAL SERVICE FUNDS
YEAR ENDED SEPTEMBER 30, 2024
121
Equipment
Replacement Insurance Risk/WC
Fund Fund Fund Total
Operating revenues
Insurance premiums -$ 7,212,239$ 528,657$ 7,740,896$
Service fees and miscellaneous 4,593,672 1,670,128 - 6,263,800
Total operating revenues 4,593,672 8,882,367 528,657 14,004,696
Operating expenses
General and administrative 403,110 1,432,287 109,563 1,944,960
Insurance costs - 5,223,078 1,071,333 6,294,411
Depreciation 2,044,435 - 9,994 2,054,429
Total operating expenses 2,447,545 6,655,365 1,190,890 10,293,800
Operating income (loss) 2,146,127 2,227,002 (662,233) 3,710,896
Nonoperating revenues
Gain on sale of capital assets 329,258 - - 329,258
Investment income 1,163,705 356,100 138,281 1,658,086
Total nonoperating revenues 1,492,963 356,100 138,281 1,987,344
Income (loss) before transfers 3,639,090 2,583,102 (523,952) 5,698,240
Transfers
Transfers in 717,553 131,824 900,000 1,749,377
Transfers out (1,834,236) - - (1,834,236)
Total transfers (1,116,683) 131,824 900,000 (84,859)
Change in net position 2,522,407 2,714,926 376,048 5,613,381
Net position, beginning of year 30,862,154 5,270,336 2,728,207 38,860,697
Net position, end of year 33,384,561$ 7,985,262$ 3,104,255$ 44,474,078$
CITY OF EULESS, TEXAS
COMBINING STATEMENT OF CASH FLOWS
INTERNAL SERVICE FUNDS
YEAR ENDED SEPTEMBER 30, 2024
122
Equipment
Replacement Insurance Risk/WC
Fund Fund Fund Total
OPERATING ACTIVITIES
Cash received from customers 4,593,672$ 9,949,428$ 414,307$ 14,957,407$
Cash payments to suppliers for goods and services 215,876 (6,876,806) (1,096,142) (7,757,072)
Cash payments to employees for services - (59,129) (78,881) (138,010)
Net cash provided by (used in) operating activities 4,809,548 3,013,493 (760,716) 7,062,325
NONCAPITAL FINANCING ACTIVITIES
Transfers in 717,553 131,824 900,000 1,749,377
Transfers out (1,834,236) - - (1,834,236)
Net cash provided by noncapital financing activities (1,116,683) 131,824 900,000 (84,859)
CAPITAL AND RELATED FINANCING ACTIVITIES
Acquisition/construction of capital assets (2,824,749) - - (2,824,749)
Proceeds from sale of capital assets 383,379 - - 383,379
Net cash used in capital and related financing activities (2,441,370) - - (2,441,370)
INVESTING ACTIVITIES
Interest received on investments 1,124,191 343,803 138,099 1,606,093
Net cash provided by investing activities 1,124,191 343,803 138,099 1,606,093
Net change in cash and cash equivalents 2,375,686 3,489,120 277,383 6,142,189
Cash and cash equivalents, beginning of year 22,655,692 4,664,256 2,891,339 30,211,287
Cash and cash equivalents, end of year 25,031,378$ 8,153,376$ 3,168,722$ 36,353,476$
Reconciliation of operating income (loss) to net
cash provided by (used in) operating activities
Operating income (loss) 2,146,127$ 2,227,002$ (662,233)$ 3,710,896$
Adjustments to reconcile operating income (loss) to
net cash provided by (used in) operating activities
Depreciation expense 2,044,435 - 9,994 2,054,429
Changes in assets and liabilities
Receivables - 1,067,061 (114,350) 952,711
Prepaids 279,184 - - 279,184
Accounts payable 339,802 72,690 5,006 417,498
Accrued salaries and wages - (261) 867 606
Accrued insurance claims - (352,999) - (352,999)
Net cash provided by (used in) operating activities 4,809,548$ 3,013,493$ (760,716)$ 7,062,325$
Reconciliation of cash to balance sheet:
Cash - current 25,031,378$ 8,153,376$ 3,168,722$ 36,353,476$
Cash and cash equivalents 25,031,378$ 8,153,376$ 3,168,722$ 36,353,476$
123
STATISTICAL SECTION
(Unaudited)
124
STATISTICAL SECTION
(Unaudited)
The statistical section of the City of Euless’ annual comprehensive financial report presents detailed
information as a context for understanding what the information in the financial statements, note
disclosures, and required supplementary information says about the City’s overall financial health.
Contents Tables
Financial Trends 1-4
The financial trend schedules contain trend information to help the reader
understand how the City’s financial performance and well-being have changed
over time.
Revenue Capacity 5-8
The revenue capacity schedules contain information to help the reader assess
the City’s most significant local revenue source, the property tax.
Debt Capacity 9-12
The debt capacity schedules present information to help the reader assess
the affordability of the City’s current level of outstanding debt (including that
of its blended component units) and the City’s ability to issue additional
debt in the future.
Demographic and Economic Information 13-14
The demographic and economic schedules offer demographic and economic
indicators to help the reader understand the environment within which
the City’s financial activities occur.
Operating Information 15-17
The operating information schedules contain service and infrastructure data
to help the reader understand how the information in the City’s financial
report relates to the services it provides and the activities it performs.
CITY OF EULESS, TEXAS
NET POSITION BY COMPONENT – LAST TEN FISCAL YEARS
(Accrual Basis of Accounting – Unaudited)
Table 1
125
Fiscal Year
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Governmental activities
Net investment in capital assets 99,539,958$ 108,135,655$ 113,509,089$ 112,710,338$ 99,744,023$ 104,018,729$ 130,459,839$ 123,862,163$ 130,728,192$ 133,199,143
Restricted 5,666,450 17,508,943 10,293,057 13,620,993 26,158,342 30,103,225 7,441,090 7,579,559 8,185,722 9,032,712
Unrestricted 17,302,574 3,610,521 12,466,943 10,698,663 18,071,669 25,147,659 37,117,415 60,034,944 70,572,250 94,336,872
Total governmental activities net position 122,508,982$ 129,255,119$ 136,269,089$ 137,029,994$ 143,974,034$ 159,269,613$ 175,018,344$ 191,476,666$ 209,486,164$ 236,568,727$
Business-type activities
Net investment in capital assets 55,396,268$ 59,184,256$ 62,421,284$ 63,283,054$ 65,621,697$ 66,554,698$ 64,950,870$ 73,306,877$ 72,764,199$ 78,063,094$
Restricted for debt service 733,562 733,164 733,264 1,018,037 1,426,830 1,425,701 1,426,103 1,348,929 1,348,271 1,331,015
Restricted for capital projects 1,183,350 4,265,268 1,166,442 3,962,644 10,646,450 4,256,167 - - - -
Restricted for impact fees 1,966,315 1,980,150 2,467,095 2,895,677 3,047,942 3,010,687 3,247,897 3,234,445 3,310,647 3,543,589
Unrestricted 12,554,695 11,122,601 14,528,797 12,286,319 7,130,279 14,728,131 23,441,214 26,895,689 29,510,603 32,455,879
Total business-type activities net position 71,834,190$ 77,285,439$ 81,316,882$ 83,445,731$ 87,873,198$ 89,975,384$ 93,066,084$ 104,785,940$ 106,933,720$ 115,393,577$
Primary government
Net investment in capital assets 154,936,226$ 167,319,911$ 175,930,373$ 175,993,392$ 165,365,720$ 170,573,427$ 195,410,709$ 197,169,040$ 203,492,391$ 211,262,237$
Restricted 9,549,677 24,487,525 14,659,858 21,497,351 41,279,564 38,795,780 12,115,090 12,162,933 12,844,640 13,907,316
Unrestricted 29,857,269 14,733,122 26,995,740 22,984,982 25,201,948 39,875,790 60,558,629 86,930,633 100,082,853 126,792,751
Total primary government net position 194,343,172$ 206,540,558$ 217,585,971$ 220,475,725$ 231,847,232$ 249,244,997$ 268,084,428$ 296,262,606$ 316,419,884$ 351,962,304$
Source: Annual Comprehensive Financial Reports
CITY OF EULESS, TEXAS
CHANGES IN NET POSITION – LAST TEN FISCAL YEARS
(Accrual Basis of Accounting – Unaudited)
Table 2
126
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Expenses
Governmental activities:
Culture and recreation 6,468,332$ 6,998,904$ 7,349,035$ 7,070,484$ 7,330,168$ 5,538,905$ 6,890,021$ 7,714,207$ 8,016,590$ 8,564,660$
Development services 877,713 918,214 999,153 1,038,328 1,057,414 1,062,784 903,633 934,100 1,304,416 1,283,753
General and administrative 19,949,733 20,722,236 20,816,148 21,356,342 21,112,696 20,827,914 20,604,298 24,293,764 31,849,368 28,888,669
Highways and streets 3,374,422 3,708,184 4,143,412 3,787,336 7,193,189 3,601,998 3,905,567 4,015,628 4,591,037 4,765,479
Public safety 23,807,143 26,673,966 28,265,072 27,424,253 30,352,705 27,354,689 27,489,405 27,379,929 33,625,098 33,776,738
Interest on long-term debt 1,136,786 1,807,001 1,502,912 1,632,302 2,010,814 2,560,933 2,507,261 2,417,173 2,414,153 2,912,405
Total governmental activities expenses 55,614,129 60,828,505 63,075,732 62,309,045 69,056,986 60,947,223 62,300,185 66,754,801 81,800,662 80,191,704
Business-type activities:
Water and wastewater 19,970,346 21,009,701 21,673,844 23,225,786 23,493,321 25,333,182 24,823,460 26,754,590 29,142,646 31,566,816
Drainage utility 1,319,999 1,414,483 1,396,736 1,515,183 1,563,021 1,502,275 1,571,836 1,517,199 1,746,667 1,594,990
Golf 4,155,834 4,409,773 4,632,475 4,764,095 4,731,810 3,997,255 4,201,337 4,703,615 5,330,321 5,741,319
Other recreation enterprises 2,009,582 2,211,065 2,321,414 2,416,337 2,270,768 1,491,533 1,568,441 2,024,308 2,025,933 2,224,471
Total business-type activities expenses 27,455,761 29,045,022 30,024,469 31,921,401 32,058,920 32,324,245 32,165,074 34,999,712 38,245,567 41,127,596
Total primary government expenses 83,069,890 89,873,527 93,100,201 94,230,446 101,115,906 93,271,468 94,465,259 101,754,513 120,046,229 121,319,300
Program Revenues
Governmental activities:
Fees, fines, and charges for services
Culture and recreation 317,024 291,349 264,307 252,000 266,091 10,124 295,097 319,544 293,667 305,064
Development services 1,409,703 1,717,416 2,019,496 1,875,120 2,133,420 1,697,637 1,578,146 1,149,319 1,144,743 2,471,248
General and administrative 1,342,091 1,285,797 1,156,745 1,066,075 861,929 1,067,485 687,136 787,552 62,769 713,362
Highways and streets 93,258 350,920 607,588 988,302 1,114,507 1,075,865 982,070 717,124 287,767 261,316
Public safety 3,452,086 3,383,743 3,151,407 3,104,895 2,541,205 2,288,377 2,325,458 3,200,585 5,015,159 3,774,206
Operating grants and contributions 597,437 578,007 592,870 740,969 622,061 3,594,939 810,821 1,054,703 1,163,344 578,988
Capital grants and contributions 3,228,945 3,375,733 2,356,556 2,354,450 1,304,420 2,190,770 396,317 550,799 530,101 850,710
Total governmental activities program revenues 10,440,544 10,982,965 10,148,969 10,381,811 8,843,633 11,925,197 7,075,045 7,779,626 8,497,550 8,954,894
Business-type activities:
Charges for services
Water and wastewater 20,593,262 23,759,236 24,178,812 27,504,814 26,400,731 26,934,154 28,571,921 29,412,986 30,852,319 33,255,251
Drainage utility 716,595 725,152 730,202 818,622 826,711 833,890 842,003 1,193,159 958,637 945,588
Golf 4,168,578 4,187,728 4,247,345 4,337,003 4,067,026 3,363,915 4,350,610 5,131,494 5,159,600 4,558,952
Other recreation enterprises 1,848,434 2,059,413 2,168,944 2,123,825 2,197,926 884,286 1,433,139 1,905,434 2,001,970 2,158,949
Operating grants and contributions - - - - - - - 949,068 - -
Capital grants and contributions 1,746,638 2,943,188 2,280,769 1,729,219 3,058,291 2,677,913 1,002,393 1,254,532 1,018,715 7,446,265
Total business-type activities program revenues 29,073,507 33,674,717 33,606,072 36,513,483 36,550,685 34,694,158 36,200,066 39,846,673 39,991,241 48,365,005
Total primary government program revenues 39,514,051 44,657,682 43,755,041 46,895,294 45,394,318 46,619,355 43,275,111 47,626,299 48,488,791 57,319,899
(Continued) (Continued) (Continued) (Continued) (Continued) (Continued) (Continued) (Continued) (Continued) (Continued)
CITY OF EULESS, TEXAS
CHANGES IN NET POSITION – LAST TEN FISCAL YEARS
(Accrual Basis of Accounting – Unaudited) – Continued
Table 2
127
Net (Expense) Revenue
Governmental activities (45,173,585)$ (49,845,540)$ (52,926,763)$ (51,927,234)$ (60,213,353)$ (49,022,026)$ (55,225,140)$ (58,975,175)$ (73,303,112)$ (71,236,810)$
Business-type activities 1,617,746 4,629,695 3,581,603 4,592,082 4,491,765 2,369,913 4,034,992 4,846,961 1,745,674 7,237,409
Total primary government net expense (43,555,839) (45,215,845) (49,345,160) (47,335,152) (55,721,588) (46,652,113) (51,190,148) (54,128,214) (71,557,438) (63,999,401)
General Revenues
and Other Changes in Net Position
Governmental activities:
Taxes
Property taxes 14,358,074 14,752,044 16,656,028 18,630,301 20,428,821 22,837,075 24,195,500 24,974,349 27,569,306 30,132,666
Sales taxes 18,359,717 20,364,878 21,252,491 20,728,210 21,419,831 22,088,364 24,373,082 28,693,421 29,778,805 29,309,986
Car rental taxes 14,112,552 14,842,109 14,401,763 14,776,566 14,797,320 10,042,659 13,062,591 18,372,898 18,709,978 20,228,890
Mixed beverage taxes 84,533 101,503 128,250 154,035 138,219 146,188 171,687 201,348 215,340 213,322
Hotel/motel occupancy taxes 391,991 696,805 798,905 864,829 841,588 924,551 1,182,845 1,736,088 1,829,672 1,655,528
Gross receipts taxes 4,556,355 4,467,535 4,455,137 4,811,119 4,549,026 4,238,664 4,221,250 4,478,146 4,633,488 4,673,962
Investment income 127,367 271,786 451,406 963,670 1,882,696 1,054,661 123,646 804,074 5,180,191 8,706,659
Rents and royalties 1,166,832 1,105,829 1,149,534 1,223,788 1,348,465 1,462,429 1,574,739 1,567,269 1,345,885 1,144,401
Gain on sale of assets - - 124,792 - - - - - - -
Miscellaneous 35,128 692,939 755,996 772,773 930,764 971,040 1,081,893 1,304,396 1,354,694 1,768,534
Transfers 722,702 (703,751) (233,569) 760,590 820,663 551,974 986,638 (6,698,492) 695,251 485,425
Total governmental activities 53,915,251 56,591,677 59,940,733 63,685,881 67,157,393 64,317,605 70,973,871 75,433,497 91,312,610 98,319,373
Business-type activities:
Investment income 40,282 104,618 158,805 385,513 746,865 368,999 42,346 174,403 1,097,357 1,707,873
Gain on disposal of assets 4,199 13,185 57,466 2,873 9,500 (84,752) - - - -
Transfers (722,702) 703,751 233,569 (760,590) (820,663) (551,974) (986,638) 6,698,492 (695,251) (485,425)
Total business-type activities (678,221) 821,554 449,840 (372,204) (64,298) (267,727) (944,292) 6,872,895 402,106 1,222,448
Total primary government 53,237,030 57,413,231 60,390,573 63,313,677 67,093,095 64,049,878 70,029,579 82,306,392 91,714,716 99,541,821
Change in Net Position
Governmental activities 8,741,666 6,746,137 7,013,970 11,758,647 6,944,040 15,295,579 15,748,731 16,458,322 18,009,498 27,082,563
Business-type activities 939,525 5,451,249 4,031,443 4,219,878 4,427,467 2,102,186 3,090,700 11,719,856 2,147,780 8,459,857
Total primary government 9,681,191$ 12,197,386$ 11,045,413$ 15,978,525$ 11,371,507$ 17,397,765$ 18,839,431$ 28,178,178$ 20,157,278$ 35,542,420$
(concluded) (concluded) (concluded) (concluded) (concluded) (concluded) (concluded) (concluded) (concluded) (concluded)
Source: Annual Comprehensive Financial Reports
CITY OF EULESS, TEXAS
FUND BALANCES, GOVERNMENTAL FUNDS – LAST TEN FISCAL YEARS
(Modified Accrual Basis of Accounting – Unaudited)
Table 3
128
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
General Fund
Nonspendable 47,834$ 35,250$ 52,050$ 51,409$ 74,835$ 158,975$ 223,609$ 113,090$ 257,194$ 178,415$
Restricted 109,618 121,041 104,340 125,753 132,954 123,748 117,674 108,919 111,942 151,992
Assigned 116,336 113,655 107,657 121,708 135,720 145,057 164,801 187,649 203,295 207,125
Unreserved/Unassigned 10,775,542 11,973,524 13,185,421 14,255,823 16,630,106 19,790,726 20,240,670 24,896,247 23,803,270 22,771,542
Total general fund 11,049,330$ 12,243,470$ 13,449,468$ 14,554,693$ 16,973,615$ 20,218,506$ 20,746,754$ 25,305,905$ 24,375,701$ 23,309,074$
All Other Governmental Funds
Nonspendable 15,399$ 7,738$ 22,028$ 12,427$ -$ 24,873$ 1,086$ 15,655$ 12,219$ 83,672$
Restricted for:
Debt service 2,477,981 1,995,548 2,285,719 2,765,013 3,429,240 3,828,633 4,316,041 4,405,396 4,884,252 5,127,305
Capital projects 594,211 12,715,424 4,985,922 7,501,009 19,287,010 22,369,460 18,996,535 15,184,734 36,154,995 27,607,196
Other 2,455,941 2,718,045 2,952,158 3,229,218 3,309,138 3,081,384 3,007,375 3,065,244 3,125,843 3,695,399
Assigned 13,765,385 12,541,184 14,730,171 21,356,289 19,461,628 17,221,925 22,761,358 32,889,510 41,397,028 56,848,383
Unassigned - - - - - - - - - (31,972)
Total all other governmental funds 19,308,917$ 29,977,939$ 24,975,998$ 34,863,956$ 45,487,016$ 46,526,275$ 49,082,395$ 55,560,539$ 85,574,337$ 93,329,983$
Source: Annual Comprehensive Financial Reports
CITY OF EULESS, TEXAS
CHANGES IN FUND BALANCES, GOVERNMENTAL FUNDS
LAST TEN FISCAL YEARS
(Modified Accrual Basis of Accounting – Unaudited)
Table 4
129
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Revenues:
Property tax 14,351,598$ 14,771,632$ 16,674,673$ 18,652,639$ 20,408,581$ 22,736,528$ 24,144,693$ 25,236,242$ 27,594,201$ 30,192,010$
Gross receipts tax 5,032,879 5,265,843 5,382,292 5,829,983 5,528,832 5,309,401 5,575,782 6,415,583 6,678,500 6,542,812
Sales tax 18,359,717 20,364,878 21,252,491 20,728,209 21,419,831 22,088,364 24,373,083 28,693,421 29,778,805 29,309,986
Car rental tax 14,112,552 14,842,109 14,401,763 14,776,566 14,797,320 10,042,659 13,062,591 18,372,898 18,709,978 20,228,890
Fines and fees 4,289,681 4,461,439 3,961,369 3,806,964 3,313,059 2,835,050 2,702,221 3,652,725 3,521,246 4,222,869
Licenses and permits 1,379,332 1,682,431 1,997,082 1,847,315 2,105,716 1,673,143 1,552,088 1,127,642 1,117,424 2,333,992
Investment income 105,443 237,949 385,769 821,642 1,623,907 869,827 103,170 711,952 4,174,317 7,048,574
Drug enforcement revenues 39,292 18,274 9,994 2,656 18,353 13,678 117,144 42,175 35,377 156,853
Intergovernmental 906,695 507,966 1,490,142 813,633 629,332 3,738,184 793,091 1,039,952 3,107,263 801,557
Rents and royalties 637,196 612,365 628,486 668,036 635,553 635,464 711,814 620,575 577,890 578,153
Other revenues 1,795,395 1,943,007 1,996,374 2,217,797 2,362,730 2,387,958 2,125,528 2,574,468 1,589,138 2,165,024
Total Revenues 61,009,780 64,707,893 68,180,435 70,165,440 72,843,214 72,330,256 75,261,205 88,487,633 96,884,139 103,580,720
Expenditures:
Culture and recreation 5,704,520 6,023,057 6,324,436 6,372,535 6,258,492 6,785,529 6,120,370 7,335,273 7,241,266 7,710,734
Development services 882,212 862,571 931,119 1,036,278 1,001,587 1,065,028 924,919 993,827 1,187,377 1,311,747
General and administrative 18,357,428 18,975,116 18,985,489 19,790,021 19,038,500 18,727,050 19,881,563 22,755,689 28,851,315 25,118,702
Highways and streets 1,606,372 1,688,714 1,616,714 1,222,905 4,555,735 1,322,786 1,180,954 1,528,043 1,949,997 1,949,929
Public safety 23,521,280 24,698,550 26,068,993 26,977,362 27,738,238 28,322,488 28,534,814 30,662,083 32,871,946 34,924,013
Debt Service:
Principal 4,284,197 3,530,000 3,848,825 4,761,697 4,828,848 4,605,000 4,635,000 4,631,897 6,036,322 6,606,130
Interest and fiscal charges 1,243,589 1,743,450 1,516,936 1,662,399 1,943,495 2,627,550 2,462,387 2,432,243 2,565,221 2,924,527
Issuance costs - - - - - - - -
Capital outlay 9,086,345 14,871,624 10,600,631 6,839,864 8,979,048 16,839,574 14,879,407 15,714,436 9,220,011 18,421,645
Total expenditures 64,685,943 72,393,082 69,893,143 68,663,061 74,343,943 80,295,005 78,619,414 86,053,491 89,923,455 98,967,427
Excess (deficiency) of revenues
over (under) expenditures (3,676,163) (7,685,189) (1,712,708) 1,502,379 (1,500,729) (7,964,749) (3,358,209) 2,434,142 6,960,684 4,613,293
Other Financing Sources (Uses):
Issuance of lease - - 249,370 - - - - 259,697 - -
Issuance of subscription debt - - - - - - - - 337,794 1,046,792
Issuance of debt 11,400,000 20,760,000 - 9,805,000 13,420,000 12,345,000 6,985,000 7,660,000 20,620,000 -
Payment of escrow for refunding (6,074,450) - - - - - - - - -
Premiums on issuance of debt 789,428 403,354 - 264,116 869,936 524,348 401,414 - 1,630,433 -
Proceeds from sale of assets - - - 23,513 25,625 118,830 20,525 199,400 61,913 8,650
Transfers in 5,897,789 7,468,038 8,845,061 13,942,847 11,040,601 10,122,378 8,193,943 11,857,126 13,373,428 25,085,615
Transfers out (6,421,904) (9,083,041) (11,177,666) (14,544,672) (10,813,451) (10,861,657) (9,158,305) (11,373,070) (13,900,658) (24,065,331)
Total other financing sources 5,590,863 19,548,351 (2,083,235) 9,490,804 14,542,711 12,248,899 6,442,577 8,603,153 22,122,910 2,075,726
Net change in fund balances 1,914,700$ 11,863,162$ (3,795,943)$ 10,993,183$ 13,041,982$ 4,284,150$ 3,084,368$ 11,037,295$ 29,083,594$ 6,689,019$
Debt service as a percentage
of noncapital expenditures 9.9% 9.2% 9.0% 10.4% 10.4% 11.4% 11.1% 10.0% 10.7% 11.8%
Source: Annual Comprehensive Financial Reports
CITY OF EULESS, TEXAS
ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY – LAST TEN FISCAL YEARS
(Unaudited)
Table 5
130
Total
Less: Direct
Fiscal Real Personal Total Tax-Exempt Total Taxable Tax
Year Property Property Value Property Value Rate
2015 2,920,206,326$ 509,189,960$ 3,429,396,286$ 369,393,032$ 3,060,003,254$ 0.467500
2016 3,352,029,682 513,118,652 3,865,148,334 410,557,810 3,454,590,524 0.467500
2017 3,470,371,005 531,751,946 4,002,122,951 450,853,105 3,551,269,846 0.462500
2018 3,922,338,493 564,286,167 4,486,624,660 492,318,425 3,994,306,235 0.462500
2019 4,353,413,236 576,907,417 4,930,320,653 549,709,999 4,380,610,654 0.462500
2020 4,877,396,769 628,387,146 5,505,783,915 599,654,547 4,906,129,368 0.462500
2021 5,160,656,914 666,521,372 5,827,178,286 631,904,229 5,195,274,057 0.462500
2022 5,445,666,114 637,973,264 6,083,639,378 768,537,626 5,315,101,752 0.475000
2023 6,024,406,774 734,267,287 6,758,674,061 810,917,542 5,947,756,519 0.460000
2024 6,651,035,261 872,086,428 7,523,121,689 868,672,694 6,654,448,995 0.457500
Source: Tarrant Appraisal District
Estimated Value
CITY OF EULESS, TEXAS
DIRECT AND OVERLAPPING PROPERTY TAX RATES (per $100 of Assessed Value) – LAST TEN FISCAL YEARS
(Unaudited)
Table 6
131
Fiscal
Year
Operating /
General Rate
General
Obligation Debt
Service Total Direct Rate
Hurst-Euless-
Bedford ISD
Grapevine-
Colleyville ISD Tarrant County
Tarrant County
Hospital District
Tarrant County
College District
2015 0.364505 0.102995 0.467500 1.3750 1.3201 0.2640 0.2279 0.1495
2016 0.366571 0.100929 0.467500 1.3500 1.3201 0.2640 0.2279 0.1495
2017 0.363053 0.099447 0.462500 1.3160 1.3967 0.2540 0.2279 0.1447
2018 0.361056 0.101444 0.462500 1.2630 1.3967 0.2440 0.2244 0.1401
2019 0.371710 0.090790 0.462500 1.2730 1.3967 0.2340 0.2244 0.1361
2020 0.377974 0.084526 0.462500 1.2200 1.3267 0.2340 0.2244 0.1302
2021 0.381954 0.080546 0.462500 1.1980 1.3031 0.2340 0.2244 * 0.1302
2022 0.402888 0.072112 0.475000 1.1608 1.2751 0.2290 0.2244 0.1302
2023 0.370847 0.089153 0.460000 1.1098 1.1308 0.2240 0.2244 0.1302
2024 0.362697 0.094803 0.457500 0.9211 0.9247 0.1945 0.1945 0.1122
Sources: City of Euless Budget Office, Tarrant Appraisal District
* Corrected in FY2024
Overlapping RatesCity Direct Rates
CITY OF EULESS, TEXAS
PRINCIPAL PROPERTY TAXPAYERS
Current Year and Nine Years Ago
(Unaudited)
Table 7
132
Percentage Percentage
of Total City of Total City
Taxable Taxable Taxable Taxable
Assessed Assessed Assessed Assessed
Taxpayer Value Value (1)Taxpayer Value Value (2)
EAN Holdings, LLC 153,041,860$ 2.30 %EAN Holdings, LLC 70,545,871$ 2.31 %
Stoneleigh at Bear Creek Apt./Fountainwood Apt. LLC 139,900,000 2.10 JLB Glade Road LP 56,970,000 1.86
Star Monticello LLC/Star Kensington LLC 131,900,000 1.98 Westdale Hills 2013 LP 56,777,649 1.86
Westdale Hills 2013 LP 129,955,128 1.95 UDR The Mandolin, LLC 52,839,810 1.73
1045 EDGE LLC 120,936,615 1.82 Hertz Corp 50,643,127 1.66
Creekwood Trinity Union LLC 112,000,000 1.68 Avis Rent A Car System LLC 45,397,075 1.48
CH Realty 1X-Knightvest MF Mandolin Owner LP 105,000,000 1.58 Stoneleigh at Bear Creek 45,200,000 1.48
Oakmont of Bear Creek LLP/Parkside on the Creek LLC 101,800,000 1.53 AT&T Mobility, LLC 45,106,267 1.47
BVA Glade SPE LLC 99,278,374 1.49 AP WP Vineyard Reit LLC 43,000,000 1.41
CMF 15 Portfolio LLC 91,000,000 1.37 AP WP Seramont Reit LLC 40,300,000 1.32
Total 1,184,811,977$ 17.80 %Total 506,779,799$ 16.58 %
Source: Tarrant County Tax Office
Notes:
(1) Total Taxable Value including real and personal property for tax year 2023 (fiscal year 2024) is $6,654,448,995.
(2) Total Taxable Value including real and personal property for tax year 2014 (fiscal year 2015) is $3,060,003,254.
Fiscal Year 2024 Fiscal Year 2015
CITY OF EULESS, TEXAS
PROPERTY TAX LEVIES AND COLLECTIONS – LAST TEN FISCAL YEARS
(Unaudited)
Table 8
133
Taxes Levied Adjustments Adjusted
Within the to Levy in Taxes Levied Collections
Fiscal Fiscal Year Subsequent for the Percentage in Subsequent Percentage Percentage
Year of the Levy Years Fiscal Year Amount of Levy Years Amount of Levy Amount of Levy
2015 14,245,865 (194,614) 14,051,251 14,049,020 99.98% (10,556) 14,038,464 99.91% 12,787 0.09%
2016 13,671,980 870,928 14,542,908 14,481,033 99.57% 46,852 14,527,885 99.90% 15,023 0.10%
2017 15,828,162 378,113 16,206,275 16,191,555 99.91% 134 16,191,689 99.91% 14,586 0.09%
2018 18,199,497 (43,030) 18,156,467 18,131,429 99.86% 10,802 18,142,231 99.92% 14,236 0.08%
2019 19,850,820 (62,056) 19,788,764 19,769,021 99.89% (2,213) 19,766,808 99.89% 21,956 0.11%
2020 22,134,132 (149,576) 21,984,556 21,970,578 99.71% (20,681) 21,949,897 99.84% 34,659 0.16%
2021 23,340,538 (187,234) 23,153,304 23,180,576 99.86% (61,174) 23,119,402 99.85% 33,902 0.15%
2022 24,283,254 (172,749) 24,110,505 24,176,819 99.98% (112,697) 24,064,122 99.81% 46,383 0.19%
2023 26,481,396 (234,213) 26,247,183 26,384,135 99.63% (178,241) 26,205,894 99.84% 41,289 0.16%
2024 29,363,359 - 29,363,359 29,327,018 99.88% - 29,327,018 99.88% 36,341 0.12%
Source: Tarrant County Tax Office and Tarrant Appraisal District
Delinquent TaxesTotal Collection
Collected within the
Fiscal Year of the Levy
CITY OF EULESS, TEXAS
RATIO OF OUTSTANDING DEBT BY TYPE – LAST TEN FISCAL YEARS
(Unaudited)
Table 9
134
General
General C ertificates Sales Tax Premiums/W&S Obligation Premiums/Total Percentage
Fiscal Obligation of Tax Revenue Discounts Revenue Refunding Discounts Primary of Personal Per
Year Bonds Obligation Notes Bonds Leases Subscriptions on Debt Issues
(1)Bonds Bonds Leases Subscriptions on Debt Issues
(1)Government Income
(2)Capita (2)
2015 20,655,000$ 8,365,000$ -$ 285,000$ -$ -$ 994,148$ $10,940,000 6,320,000$ -$ -$ 211,601$ 47,770,749$ 2.98% 884$
2016 17,425,000 27,710,000 1,280,000 120,000 - - 1,497,876 10,305,000 5,695,000 - - 186,063 64,218,939 3.94% 1,184$
2017 14,490,000 27,350,000 860,000 75,000 160,545 - 1,099,640 9,540,000 5,240,000 - - 168,446 58,983,631 3.62% 1,075$
2018 11,460,000 35,660,000 735,000 40,000 83,848 - 1,211,502 11,545,000 4,770,000 - - 150,830 65,656,180 3.82% 1,190$
2019 8,805,000 46,200,000 -1,565,000 - - 1,887,637 19,905,000 4,295,000 - - 133,213 82,790,850 4.49% 1,474$
2020 6,040,000 51,710,000 1,110,000 5,450,000 - - 2,195,218 18,725,000 3,805,000 - - 115,597 89,150,815 4.48% 1,549$
2021 4,115,000 54,930,000 2,370,000 5,245,000 (3)- (3)- 2,432,587 17,780,000 3,295,000 - - 97,984 90,265,571 4.48% 1,549$
2022 3,010,000 52,560,000 9,155,000 5,025,000 197,802 - 2,244,842 16,835,000 2,775,000 203,458 -80,364 92,086,466 4.57% 1,581$
2023 1,870,000 70,675,000 7,165,000 4,800,000 135,695 223,580 3,687,533 15,875,000 2,245,000 148,620 9,377 62,749 106,897,554 4.43% 1,737$
2024 685,000 67,465,000 5,575,000 4,570,000 73,259 941,678 3,391,092 14,910,000 1,705,000 93,012 4,743 45,135 99,458,919 3.96% 1,616$
Note: Details regarding the City's outstanding debt can be found in the notes to the Financial Statements.
(1)Column added to table in 2016; prior year figures have been restated to include amounts reflected.
(2)See Table 13 for personal income and population data.
(3)Figure updated in FY2022.
Business-Type Activities Governmental Activities
CITY OF EULESS, TEXAS
RATIO OF NET GENERAL BONDED DEBT TO ASSESSED VALUE AND NET BONDED DEBT PER CAPITA
AS OF SEPTEMBER 30, 2024 – (Unaudited)
Table 10
135
Premiums/
Discounts
General Certificates on Debt Issues Less: Debt Net General Debt Net General
Fiscal Obligation of and Losses on Service Net O/S Estimated Taxable to Taxable Debt Per
Year Bonds Obligation Refundings
(1)Reserves (5)Debt Population
(2)Value (3)Value Capita
2015 (4)26,975,000 8,365,000 1,228,901 813,841 35,755,060 54,050 3,060,003,254 1.17% 662$
2016 23,120,000 27,710,000 1,446,619 2,055,746 51,220,598 54,250 3,454,590,524 1.48% 944$
2017 19,730,000 27,350,000 1,288,664 2,398,220 46,970,169 54,870 3,551,269,846 1.32% 856$
2018 16,230,000 35,660,000 1,381,631 2,913,866 51,357,490 55,170 3,994,306,235 1.29% 931$
2019 13,100,000 46,200,000 2,038,856 3,415,104 58,923,477 56,160 4,380,610,654 1.35% 1,049$
2020 9,845,000 51,710,000 2,066,094 3,676,024 60,944,795 57,550 4,906,129,368 1.24% 1,059$
2021 7,410,000 54,930,000 2,546,006 4,153,924 61,731,807 58,260 5,195,274,057 1.19% 1,060$
2022 5,785,000 52,560,000 2,105,638 3,242,540 58,207,823 61,480 5,315,101,752 1.10% 947$
2023 4,115,000 70,675,000 3,543,290 3,715,908 75,617,107 61,544 5,947,756,519 1.27% 1,229$
2024 2,390,000 67,465,000 3,715,908 3,951,783 70,682,107 61,555 6,654,448,995 1.06% 1,148$
Note:
Source:(1) Column added to table in 2016, prior years restated to include amounts shown.
(2) Estimates by North Central Texas Council of Governments and Euless Planning and Development Department
(3) Amounts provided by Tarrant Appraisal District
(4) Taxable value restated to fiscal year end amounts.
(5) Amounts from 2016 to the present year restated to include Midtown Debt Reserves.
General Bonded Debt Outstanding
Details regarding the City's outstanding debt can be found in the Notes to the Financial Statements. Total does not include revenue bonds.
CITY OF EULESS, TEXAS
DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT
AS OF SEPTEMBER 30, 2024 (Unaudited)
Table 11
136
Estimated
Estimated Share of
Debt Percentage Overlapping
Governmental Unit Outstanding Applicable Debt
Debt repaid with property taxes
Grapevine-Colleyville Independent School District 272,665,659$ 10.25% 27,948,230$
Hurst-Euless-Bedford Independent School District 837,940,000 21.10% 176,805,340
Tarrant County 345,130,000 2.42% 8,352,146
Tarrant County Hospital District 440,020,000 2.42% 10,648,484
Tarrant County College District 569,915,000 2.42% 13,791,943
Subtotal, overlapping debt 237,546,143
Debt repaid with property taxes and sales taxes
City of Euless (direct debt)88,547,224 100.00% 88,547,224
Total direct and overlapping debt repaid with property taxes and EDC sales taxes 326,093,367$
Notes:The percentage of overlapping debt applicable is estimated using taxable property values. Applicable percentages were
estimated by determining the portion of another governmental unit's taxable value that is within the City's boundaries and
dividing it by each unit's total taxable value.
The current year calculation of direct debt includes all general governmental activities debt including sales tax
revenue bonds which are not repaid with property taxes. Amounts shown have been adjusted for losses on prior
refundings, premiums, and discounts.
Source: Debt outstanding data provided by Municipal Advisory Council of Texas and City records.
CITY OF EULESS, TEXAS
SCHEDULE OF REVENUE BOND COVERAGE WATER AND WASTEWATER BONDS – LAST TEN FISCAL YEARS
(Unaudited)
Table 12
137
Interest
Less Net and
Fiscal Total Operating Revenue Fiscal Coverage
Year Revenues
(1)Expenses (2)Available Principal Charges Total Ratio
2015 21,182,560 17,879,209 3,303,351 410,000 129,703 539,703 6.12
2016 24,311,965 18,625,302 5,686,663 635,000 181,747 816,747 6.96
2017 24,353,525 19,249,699 5,103,826 765,000 175,682 940,682 5.43
2018 27,828,648 20,880,984 6,947,664 780,000 184,154 964,154 7.21
2019 27,603,615 21,006,298 6,597,317 915,000 191,327 1,106,327 5.96
2020 27,683,951 23,101,386 4,582,565 1,180,000 306,354 1,486,354 3.08
2021 29,072,318 22,122,296 6,950,022 945,000 274,924 1,219,924 5.70
2022 29,733,939 24,625,613 5,108,326 945,000 267,554 1,212,554 4.21
2023 (3)32,139,886 26,660,040 5,479,846 960,000 255,341 1,215,341 4.51
2024 38,175,886 28,629,521 9,546,365 965,000 244,787 1,209,787 7.89
Notes: (1)Operating and nonoperating revenues of water and wastewater fund
(2)Total operating expenses of water and wastewater fund exclusive of depreciation and amortization
(3)Restated
CITY OF EULESS, TEXAS
DEMOGRAPHIC STATISTICS – LAST TEN FISCAL YEARS
(Unaudited)
Table 13
138
Personal
Per Income
Fiscal Estimated Capita (thousands Median School Unemployment
Year Population
(1)Income (2)of dollars) Age
(2)Enrollment (3)Rate (4)
2015 54,050 29,651$ 1,602,637$ 34.7 22,762 3.6%
2016 54,250 30,054$ 1,630,430$ 34.9 23,090 3.8%
2017 54,870 29,730$ 1,631,285$ 34.9 23,425 3.2%
2018 55,170 31,117$ 1,716,725$ 34.9 23,632 3.5%
2019 56,160 32,810$ 1,842,610$ 36.1 23,624
(5)3.6%
2020 57,550 34,575$ 1,989,791$ 35.3 23,756 8.9%
2021 58,260 34,575$ 2,014,340$ 35.3 22,884 4.6%
2022 61,480 36,494$ 2,243,651$ 35.6 22,815 3.5%
2023 61,544 39,240$ 2,414,987$ 35.6 22,971 3.7%
2024 61,555 40,783$ 2,570,398$ 34.3 23,092 3.9%
Notes: (1) Estimates by North Central Texas Council of Governments
(2) Estimates by Claritas Site Reports; Research & Demographic Solutions; 2014 forward from US Census Bureau
(3) Hurst-Euless-Bedford Independent School District
(4) Texas Workforce Commission; Bureau of Labor Statistics
(5) Updated from projected to actual
CITY OF EULESS, TEXAS
PRINCIPAL EMPLOYERS
CURRENT YEAR AND NINE YEARS AGO
(Unaudited)
Table 14
139
Percentage of Percentage of
Estimated Total Estimated Total
Employer Employees City Employment Employer Employees City Employment
HEB ISD 1,210 4.34% HEB ISD 1,000 3.63%
LSG Sky Chefs, Inc. 663 2.38% LSG Sky Chefs, Inc. 600 2.18%
City of Euless 408 1.46% Autogrill Group, Inc. 450 1.64%
Target 250 0.90% City of Euless 434 1.58%
Lowe's 225 0.81% Life Outreach International 180 0.65%
Life Outreach International 186 0.67% Super Target 160 0.51%
Smyrna Concrete 185 0.66% Lowe's 140 0.58%
Dave and Buster's 150 0.54% Home Depot 125 0.45%
QuikTrip 130 0.47% Redi-Mix Concrete 67 0.24%
Flynn BEC, LP 120 0.43% Structural and Steel Products 40 0.15%
Thirsty Lion 120 0.43%
Total 3,647 13.09% 3,196 11.61%
Source: City of Euless Planning and Development Department
* Prior year data used if updated information was unavailable.
2024* 2015
CITY OF EULESS, TEXAS
FULL–TIME CITY GOVERNMENT EMPLOYEES BY FUNCTION/PROGRAM – LAST TEN FISCAL YEARS
(Unaudited)
Table 15
140
Function/Program 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
General Government
and Administration 48.00 49.50 50.00 51.00 50.50 50.50 49.00 49.50 49.50 49.50
Public Safety 136.00 136.00 136.00 137.00 137.00 139.00 139.00 142.00 142.00 144.00
Fire Safety 72.00 72.00 75.00 75.00 75.00 75.00 75.00 78.00 78.00 78.00
Development Services 7.50 7.50 8.00 7.50 7.50 7.50 7.50 7.50 8.50 8.50
Culture and Recreational 34.25 34.25 35.25 35.25 35.25 34.25 34.25 34.25 35.25 35.00
Water and Wastewater 42.00 42.50 42.50 43.50 43.00 44.00 43.50 45.00 45.00 45.00
Golf Course 11.75 11.75 11.75 11.75 11.75 11.75 11.75 11.75 11.75 13.00
Public Works 20.00 20.00 21.00 22.50 23.50 23.50 23.50 23.50 26.50 28.50
Service Center 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00
Risk Management / Insurance 1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.50
Total 378.00 380.00 386.00 390.00 390.00 392.00 390.00 398.00 403.00 408.00
Source: City Budget Office
CITY OF EULESS, TEXAS
OPERATING INDICATORS BY FUNCTION/PROGRAM – LAST TEN FISCAL YEARS
(Unaudited)
Table 16
141
Function/Program 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Public Safety
Police
Number of Certified Officers 92 92 87 91 91 86 85 93 85 87
Number of Citations Issued 24,573 18,483 25,061 19,100 16,552 11,154 9,283 17,224 12,993 13,242
Fire
Number of Certified Firefighters 70 70 72 73 74 72 75 74 76 76
Number of Alarms 4,686 4,770 4,678 3,758 4,324 4,735 4,827 6,245 6,179 6,523
Number of EMS Calls 3,424 3,431 3,772 3,468 2,958 3,256 3,204 3,910 4,202 4,525
Municipal Court
Cases Filed 28,885 25,957 25,061 25,101 22,472 15,400 12,751 17,224 14,236 15,956
Development
Number Residential Inspections - New 176 186 176 214 93 3 0 0 3 19
Number Commercial Inspections - New 33 15 36 32 18 12 13 7 12 9
Number Multifamily Inspections - New 1 0 0 1 6 0 0 0 0 0
Public Works
Street Overlay (Square Footage) 430,504 1,156,833 1,549,065 1,063,046 1,289,759 1,010,016 421,848 483,310 344,965 650,288
Cultural and Recreational
Parks and Recreation
Recreation Center Memberships 6,742
(1)6,975 6,528 7,183 7,125 2,820 3,886 5,008 5,321 5,209
Water and Wastewater
Number of Water Consumers 26,014 25,812 25,970 26,200 26,659 27,467 27,855 27,942 28,249 28,006
Water Produced (In Gallons x 1000) 741,225 540,921 439,255 580,337 569,697 8,520
#0 (3) 0 (3) 267,803 355,011
Water Purchased - TRA (In Gallons x 1000) 1,628,651 1,787,547 1,766,692 1,767,677 1,586,667 2,250,350 2,187,563 2,586,490 2,421,154 2,265,173
Water Supplied (In Gallons x 1000) 2,369,876 2,328,468 2,205,947 2,348,014 2,156,364 2,258,870 2,187,563 2,586,490 2,688,957 2,620,184
Annual Rainfall (In Inches) 44.45 53.16 34.96 42.39 48.20 45.27 33.41 29.92 28.88 47.59
Golf Course
Number of Paid Rounds Played 33,735 32,852 33,237 32,557 32,016 30,860 42,429 41,645 41,727 32,729
Source: City Departments
Annual Comprehensive Financial Report
City Budget Office
Notes:
(1) Amount restated to include recreation, aquatic and senior memberships.
(2) Wells were out of operation for most of the year; two wells are in the process of being replaced.
(3) All wells inoperable for the entire fiscal year; the two under construction are substantially complete but not yet in service.
CITY OF EULESS, TEXAS
CAPITAL ASSET STATISTICS BY FUNCTION/PROGRAM – LAST TEN FISCAL YEARS
(Unaudited)
Table 17
142
Function/Program 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Public Safety
Police Stations 1 1 1 1 1 1 1 1 1 1
Fire Stations 333333 3 3 3 3
Public Works
Streets - Paved (1)342.8 344.77 350.12 350.12 351.74 351.74 352.60 352.60 352.40 352.40
Cultural and Recreational
Aquatic Facilities 3 3 3 3 3 2 2 2 1 1
Parks (2)16 16 16 16 16 16 16 16 16 16
Parks Land (Acres) (3)341 341 341 341 341 341 341 341 341 341
Other Facilities (Acres) (3)291 291 291 291 291 291 291 291 291 291
Community Buildings 6 6 6 6 6 6 6 6 6 6
Amphitheater 3 3 3 3 3 3 3 3 3 3
Conference Centre 1 1 1 1 1 1 1 1 1 1
Golf Course 1 1 1 1 1 1 1 1 1 1
Softball Facility (4)111 1 1 1 - - - -
Athletic Fields 28 30 30 30 30 30 31 31 31 31
Library Holdings 98,596 101,160 85,123 80,241 81,353 82,501 85,010 88,577 91,560 93,590
Water and Wastewater
Water Mains - Potable (5)234.84 235.50 236.30 239.10 241.93 242.28 243.00 244.50 248.74 248.80
Water Mains - Reclaimed (5)3.70 3.82 3.96 4.12 7.15 11.65 11.65 11.65 11.65 11.65
Fire Hydrants 1,648 1,674 1,719 1,798 1,805 1,836 1,845 1,886 1,903 1,901
Wastewater Mains (5)192.4 193.2 195.2 197.0 198.4 201.0 202.1 203.0 203.0 203.3
Source: City Departments
(1) Reported in lane miles.
(2) Restated to exclude Softball Facility
(3) Restated to reflect Golf Course and Softball Facility land separately
(4) Softball Facility operations were combined with Parks at Texas Star in FY2021.
(5) Miles of lines.