1991 Annual Financial ReportIGINAL GOP,
CITY OF BANGER, TEXAS
FINANCIAL STATEMENTS
SEPTEMBER 30, 1991
William C. Spore & Company, PC.
Certified Public Accountants
INDEPENDENT AUDITOR'S REPORT
To the City Council
City of Sanger, Texas
We have audited the accompanying general purpose financial
statements of the City of Sanger, Texas as of September 30, 1991,
and for the year then ended, as listed in the table of contents.
These general purpose financial statements are the responsibility
of City of Sanger, Texas, management. Our responsibility is to
express an opinion on these general purpose financial statements
based upon our audit.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
general purpose financial statements are free of material
misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the general
purpose financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall general purpose
financial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.
In our opinion, the general purpose financial statements referred
to above present fairly, in all material respects, the financial
position of the City of Sanger, Texas, as of September 30, 1991,
and the results of its operations and the cash flows of its
proprietary fund types for the year then ended in conformity with
generally accepted accounting principles.
Our audit was conducted for the purpose of forming an opinion on
the general purpose financial statements taken as a whole. The
combining and individual fund and account group financial
statements and schedules listed in the table of contents are
presented for purposes of additional analysis and are not a
required part of the general purpose financial statement of the
City of Sanger, Texas. Such information has been subjected to the
auditing procedures applied in the audit of the general purpose
financial statements and, in our opinion is fairly presented in all
material respects in relation to the general purpose financial
statements taken as a whole.
William C. Spore & Company, P.C.
Certified Public Accountants
December 17, 1991
1600 Airport Freeway, Suite 208 � Bed ford, TX 76022 � Metro 817/540-2175
ELECTED OFFICIALS
MAYOR
MAYOR PRO TEM
COUNCILMEN
APPOINTED OFFICIALS
CITY MANAGER
CITY SECRETARY
MUNICIPAL COURT JUDGE
CITY ATTORNEY
CITY OF BANGER
CITY OFFICIALS
September 30, 1997
Nel Armstrong
Jerry Jenkins
John Berndt
Margie Braxton
Tommy Kincaid
Harvey W. Thomas
John Hamilton
Rosalie Garcia
Danny Spindle
Ronald Neiman
SEE ACCOUNTANT'S REPORT AND NOTES ATTACHED Page - 2
CITY OF SANGER
COMBINED BALANCE SHEET - ALL FUND TYPES AND ACCOUNT GROUPS
ASSETS
Cash
Receivables, Net of
Allowances for Uncollectables:
Property Taxes
Nonproperty Taxes
Services
Other
Inventory
Prepaid Expenses
Restricted Assets - Cash
Property, Plant and Equipment
Net of Accumulated Depreciation
Amount to be Provided for Retirement
of General Long -Term Debt
TOTAL ASSETS
LIABILITIES
Accounts Payable
Accrued Expenses
Customer Deposits
Deferred Revenues
Long -Term Debt:
Combensated Absences
Notes Payable
Revenue Bonds Payable
Certificate of Obligation Payable
TOTAL LIABILITIES
0
September 30, 1991
GOVERNMENTAL PROPRIETARY
FUND TYPES' FUND TYPES
GENERAL
10,729 $
61,828
10,380
0
0
0
4,348
79,880
0
$ 167,165 $
$ 16,319 $
9,645
0
61,828
0
0
0
0
87,792
FUND EQUITY
Contributed Capital 0
Investment in General Fixed Assets 0
Retained Earning - Reserved 0
Retained Earning - Unreserved 0
Fund Balance - Reserved 82,358
Fund Balance - Unreserved (21985)
TOTAL FUND EQUITY 79,373
TOTAL LIBILITIES AND
FUND EQUITY
$ 167,165 $
ENTERPRISE
251,092
0
0
288,953
2,136
53,001
3,263
3431971
2,910,351
0
31852,767
102,839
71 ,408
63,544
0
0
5,930
11455,000
0
11698,721
100,196
0
3961675
1 ,6571175
0
0
2,154,046
3,852,767
ACCOUNT GROUPS TOTALS
GENERAL GENERAL LONG- (memorandum only)
FIXED ASSETS TERM DEBT 1991
0 $ 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
11166,847 0
0 490,072
1,166,847 $ 490,072
$ 0 $ 0
0 0
0 0
0 0
0 11,775
0 28,297
0 0
0 450,000
0 490,072
0
1,166,847
0
0
0
0
1,166,847
$ 1,166,847 $
0
0
0
0
0
0
0
490,072
$ 261,821
61,828
10,380
288,953
2,136
53,001
7,611
423,851
4,077,198
490,072
$ 5,676,851
0
119,158
81,053
63,544
61,828
11,775
34,227
1,455,000
450,000
2,276,585
100,196
1 ,166,847
396,675
1,657,175
82,358
(2,985)
3,400,266
$ 5,676,851
SEE ACCOUNTANT'S REPORT AND NOTES ATTACHED
Page - 3
CITY OF SANGER
COMBINED STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES - GENERAL FUND
For the Year Ended September 30, 1991
REVENUES
Property Taxes $ 352,352
Nonproperty Taxes 212,077
Penalties and Interest on
Deliquent Taxes 13,002
License and Permits 10,149
Fees and Services 182,240
Grants and Intergovernmental 29,809
Interest Income 81513
Miscellaneous Income 10,374
Donations 19,107
TOTAL REVENUES 837,623
EXPENDITURES
General Government 357,703
Public Safety 280,270
Hiways and Streets 253,262
Health and Welfare 12,625
Culture and Recreation 34,303
Capital Outlay 109,877
Debt Service,
Principal 100,222
Interest 37,118
TOTAL EXPENDITURES 11185,380
EXCESS REVENUES OVER
(UNDER) EXPENDITURES
(347,757)
OTHER FINANCING SOURCES (USES)
Proceeds of Notes Payable 14,000
Transfers In 323,321
TOTAL OTHER FINANCING
SOURCES (USES) 337,321
EXCESS OF REVENUES AND OTHER
SOURCES OVER EXPENDITURES (10,436)
FUND BALANCE - BEGINNING 89,809
FUND BALANCE - ENDING $ 79,373
SEE ACCOUNTANT'S REPORT AND NOTES ATTACHED Page - 4
CITY OF SANGER
COMBINED STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES - GENERAL FUND
For the Year Ended September 30, 1991
REVENUES BUDGET ACTUAL VARIANCE
Property Taxes $ 346,219 $ 352,352 $ 6,133
Nonproperty Taxes 176,400 212,077 35,677
Penalties and Interest on
Deliquent Taxes 10,250 13,002 21752
License and Permits 15,200 10,149 (51051)
Fees and Services 179,100 182,240 31140
Grants and Intergovernmental 270450 29,809 21359
Interest Income 51750 81513 21763
Miscellaneous Income 13,600 10,374 (3,226)
Donations 0 19,107 19,107
TOTAL REVENUES 773,969 837,623 63,654
EXPENDITURES
General Government 296,056 357,703 (61,647)
Public Safety 239,620 280,270 (40,650)
Hiways and Streets 78,736 253,262 (174,526)
Health and Welfare 15,327 12,625 21702
Culture and Recreation 28,622 34,303 (51681)
Capital Outlay 66,175 109,877 (43,702)
Debt Service:
Principal 93,835 100,222 (6,387)
Interest 43,489 37,118 61371
TOTAL EXPENDITURES 861,860 11185,380 (323,520)
EXCESS REVENUES OVER
(UNDER) EXPENDITURES (87,891) (347,757) (259,866)
OTHER FINANCING SOURCES (USES)
Proceeds of Notes Payable 0 14,000 14,000
Transfers In 87,891 323,321 235,430
TOTAL OTHER FINANCING
SOURCES (USES) 879891 337,321 249,430
EXCESS OF REVENUES AND OTHER
SOURCES OVER EXPENDITURES $ 0 (10,436) $ (10,436)
FUND BALANCE - BEGINNING 89,809
FUND BALANCE - ENDING $ 79,373
SEE ACCOUNTANT'S REPORT AND NOTES ATTACHED
Page - 5
CITY OF SANGER
COMBINED STATEMENT OF REVENUES, EXPENSES,
AND CHANGES IN RETAINED EARNINGS - PROPRIETARY FUND
For the Year Ended September 30, 1991
OPERATING REVENUES
Charges and Fees
OPERATING EXPENSES
Personnel Services
Purchase of Services
Materials and Supplies
Depreciation
Franchise Fees
TOTAL OPERATING EXPENSES
OPERATING INCOME
NONOPERATING REVENUES (EXPENSES)
Interest Income
Debt Service Interest & Fees
Transfers Out
TOTAL NONOPERATING REVENUES
(EXPENSES)
NET INCOME
RETAINED EARNINGS -BEGINNING
Isle\I�1��7�sl�ll�Le����Ti7P►[e�
$ 2,386,276
486,431
1,367,752
63,464
175,390
56,721
2,149,758
236,518
53,616
(141 ,067)
(323,321)
(410, 772)
2,328,300
$ 2,154,046
SEE ACCOUNTANT'S REPORT AND NOTES ATTACHED Page - 6
CITY OF SANGER
COMBINED STATEMENT OF CASH FLOWS - ALL PROPRIETARY FUND TYPES
For the Year Ended September 30, 1991
CASH FLOWS FROM OPERATING ACTIVITIES:
Cash Received from Customers
Cash Payments to Suppliers for Goods
and Services
Cash Payments for Employees Services
NET CASH PROVIDED BY OPERATING ACTIVITIES
CASH FLOWS FROM CAPITAL AND RELATED
FINANCING ACTIVITIES:
Acquisition of Capital Assets
Principal Paid on Bonds and Notes
Interest Paid on Bonds and Notes
Cash Transfered to Other Funds
NET CASH USED FOR CAPITAL AND RELATED
FINANCING ACTIVITIES
CASH FLOWS FROM INVESTING ACTIVITIES:
Interest on Investments
NET INCREASE IN CASH
CASH -BEGINNING OF YEAR
CASH -END OF YEAR
Operating Income
ENTERPRISE
FUND
$ 2,396,703
(1,557,831)
(469, 277)
369,595
(180,098)
(117,480)
(143,264)
(323,319)
(764,161)
61,658
(332,908)
927,971
$ 595,063
RECONCILIATION OF OPERATING INCOME TO NET
CASH PROVIDED BY OPERATING ACTIVITIES:
Adjustment to Reconcile Operating Income
to Net Cash Provided by Operating Activities:
Depreciation
Decrease in Receivables
(Increase) in Inventory &Prepaid Expenses
(Decrease) in Accounts Payable
(Decrease) in Accrued Expenses
(Decrease) in Customer Deposits
NET CASH PROVIDED BY OPERATING
ACTIVITIES
$ 236,518
175,390
10,673
(46,072)
(28,041)
21,373
(246)
$ 369,595
SEE ACCOUNTANT'S REPORT AND NOTES ATTACHED Page - 7
CITY OF SANGER
NOTES TO FINANCIAL STATEMENTS
September 30, 1991
NOTE A: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES -
The City of Sanger operates under a Council -Mayor form of
government, following the laws of a General Law City as defined by
the State of Texas. The City provides the following services.
public safety police, fire and ambulance, parks, streets,
sanitation, a public library , senior center, community center and
general administrative services along with water, sewer and
electrical services.
The accounting policies of the City conform to generally accepted
accounting principles as applicable to governments. The following
is a summary of the more significant policies.
1. REPORTING ENTITY:
The City, for financial reporting purposes, includes all of the
funds and account groups relevant to the City of Sanger. The
financial statements presented herein do not include agencies which
have been formed under applicable state laws or separate and
distinct units of government apart from the City of Sanger.
There are no separately administered organizations that are
controlled or dependent on the City.
2. FUND ACCOUNTING:
The accounts of the City are organized on the basis of funds or
account groups, each of which is considered to be a separate
accounting entity. The operations of each fund are accounted for
by providing a separate set of self -balancing accounts which are
comprised of each fund's assets, liabilities, fund equity, revenues
and expenditures or expenses, as appropriate. Governmental
resources are allocated to and for individual funds based upon the
purposes for which they are to be spent and the means by which
spending activities are controlled. The various funds are grouped,
in the financial statements in this report, into two generic fund
types and two broad fund categories as follows.
General Fund
The general fund is the general operating fund of the City. It is
used to account for all financial resources except those required
to be accounted for in another fund.
CITY OF SANGER
NOTES TO FINANCIAL STATEMENTS
September 30, 1991
PROPRIETARY FUND TYPES
Enterprise Funds
Enterprise funds are used to account for operations (a) that are
financed and operated in a manor similar to private business
enterprises - where the intent of the governing body is that costs
(expenses, including depreciation) of providing goods or services
to the general public on a continuing basis be financed or
recovered primarily through user charges or (b) where the governing
body has decided that periodic determination of revenues earned,
expenses incurred, and/or net income is appropriate for capital
maintenance, public policy, management control, accountability, or
other purposes.
3. PROPERTY, PLANT AND EQUIPMENT AND LONG-TERM LIABILITIES:
The accounting and reporting treatment applied to property plant
and equipment and long-term liabilities associated with a fund are
determined by its measurement focus. All governmental fund types
are accounted for on a "financial flow" measurement focus. This
means that only current assets and current liabilities are
generally included on their balance sheets. Their reported fund
balance is considered a measure of "available spendable resources".
Governmental fund operating statements present increases (revenue
and other financing sources) and decreases (expenditures and other
financing uses) in net current assets. Accordingly, they are said
to present a summary of sources and uses of "available spendable
resources" during a period.
Plant, property and equipment used in governmental fund type
operations are accounted for in the General Fixed Assets Account
Group, rather than in governmental funds. No depreciation has been
provided on such property, plant and equipment.
All property, plant and equipment are valued at historical cost or
estimated historical cost if actual cost is not available. Donated
property, plant and equipment are valued at their estimated fair
value on the date donated.
Public domain "infrastructure" general fixed assets consisting of
certain improvements other than buildings, such as roads,
sidewalks, and bridges are not capitalized.
Long-term liabilities expected to be financed from governmental
fund types are accounted for in the General Long -Term Debt Account
Group, not in the governmental funds.
The two account groups are not "funds". They are concerned only
with the measurement of financial position. They are not involved
with measurement of results of operations.
Page - 9
CITY OF SANGER
NOTES TO FINANCIAL STATEMENTS
September 30, 1991
Special reporting treatments are applied to governmental fund
prepaid expenses to indicate that they do not represent "available
spendable resources", even though they are a component of net
current assets. Such amounts are generally offset by fund balance
reserve accounts.
Because of their spending measurement focus, expenditure
recognition for governmental fund types is limited to exclude
amounts represented by non -current liabilities. Since they do not
affect net current assets, such long-term amounts are not
recognized as governmental fund type expenditures or fund
liabilities. They are instead reported as liabilities in the
General Long -Term Debt Account Group.
All proprietary funds are accounted for on a cost of services or
"capital maintenance" measurement focus. This means that all
assets and liabilities (whether current or noncurrent) associated
with their activity are included on their balance sheets. Their
report fund equity (net total assets) is segregated into
contributed capital and retained earnings components.
Depreciation is provided in the proprietary funds in amounts
sufficient to relate the cost of the depreciable assets, to
operations over their estimated service lives on the straight-line
basis. The service lives by type are as follows:
Electric System 20 to 50 years
Water and sewer system 10 to 50 years
Furniture and Equipment 3 to 10 years
4. BASIS OF ACCOUNTING:
Basis of accounting refers to when revenues and expenditures or
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.
All governmental funds are accounted for using the modified
accrual basis of accounting. Their revenues are recognized when
they become measurable and available as net current assets. Gross
receipts and sales taxes are considered "measurable" when in the
hands of intermediary collecting governments and are recognized as
revenues at that time. All major revenues are susceptible to
accrual.
Expenditures are generally recognized under the modified basis of
accounting when the related fund liability is incurred. Exceptions
to this general rule include accumulated unpaid vacation and sick
time which are not accrued and principal and interest on general
long-term debt which is recognized when due.
Page - 10
CITY OF SANGER
NOTES TO FINANCIAL STATEMENTS
September 30, 1991
All proprietary funds are accounted for using the accrual basis of
accounting. Their revenues are recognized when they are earned,
and their expenses are recognized when they are incurred.
5. BUDGETS AND BUDGETARY ACCOUNTING:
The City follows these procedures in establishing the budgetary
data reflected in the financial statements:
A: Prior to July 1, the City Manager submits to the City Council a
proposed operating budget for the fiscal year commencing the
following October 1. The operating budget includes proposed
expenditures and the means of financing them.
B: Public hearings are conducted to obtain taxpayer comments.
C: Prior to October 1, the budget is legally enacted through the
passage of an ordinance.
D: The City Manager is authorized to transfer budgeted amounts
between departments within any fund; any revisions that alter the
total expenditures of any fund must be approved by the City
Council.
E: Budgets for the General and Proprietary Funds are adopted on a
basis consistent with generally accepted accounting principles
(GAAP).
F: Unused appropriations for all of the above annually budgeted
funds lapse at the end of the fiscal year.
6. CASH:
At year-end the City's cash accounts totalled $685,672 of which
$685,572 was held in checking, savings or certificate of deposit
accounts at a local bank. Of the Bank balances, $111,514 was
covered by federal depository insurance and the remaining $574,058
was covered by collateral held by the pledging Bank's agent in the
name of the City. There were no uncollateralized cash accounts.
The securities pledged by the City's depository institution are as
follows:
SECURITY PAR
FNMA
FMV
1,042,810
312,375
Page - 11
CITY OF SANGER
NOTES TO FINANCIAL STATEMENTS
September 30, 1991
7: INVENTORIES:
Inventories of the Enterprise Fund are valued at the lower of cost
(first -in, first -out) or market.
8. ACCUMULATED COMPENSATED ABSENCES:
It is the City's policy to permit employees to accumulate a limited
amount of earned but unused vacation and sick time, which will be
paid to employees upon separation from the City's service. In
governmental funds, the cost of vacation and sick leave is
recognized when paid. A long-term liability of $11,775 of accrued
vacation and sick leave has been recorded in the General Long -Term
Debt Account Group, representing the City's commitment to fund such
costs from future operations. Proprietary funds accrue vacation
leave in the period they are earned.
9. REVENUE RECOGNITION - PROPERTY TAXES:
Property taxes attach as an enforceable lien on property as of
January 1. Taxes are levied on October 1 and are due and payable
at that time. All unpaid taxed levied October 1 become delinquent
February 1 of the following year.
Property tax revenues are recognized when they become available.
Delinquent taxes are considered fully collectable and, therefore,
no allowance for doubtful taxes is provided.
10. ALLOWANCE FOR UNCOLLECTIBLE ACCOUNTS:
Allowance for uncollectible accounts receivable in the Proprietary
Fund at September 30, 1991 is $27,911.
11. TOTAL COLUMNS ON COMBINED STATEMENTS:
Total columns on the Combined Statements are captioned "memorandum
only" to indicate that they are presented only to facilitate
financial analysis. Data in these columns do not present financial
position, results of operations, or changes in financial position
in conformity with generally accepted accounting principles.
Neither is such data comparable to a consolidation. Interfund
eliminations have not been made in the aggregation of this data.
Page - 12
CITY OF SANGER
NOTES TO FINANCIAL STATEMENTS
September 30, 1991
NOTE Be RETIREMENT PLANS:
Firemen's Pension Fund:
The City's firemen are covered
contributory plan is operated
and Retirement Funds. The
September 30, 1991 was $3,304.
Employee Retirement Plan:
by the firemen's pension plan. This
as part of the State Firemen's Relief
PE expense for the year ended
The City belongs to the Texas Municipal Retirement System, a
retirement and disability pension system for municipal employees in
the State of Texas. The plan is administered in accordance with
the Texas Municipal Retirement System Act and is governed by a
Board of Trustees appointed by the governor of the State of Texas.
The City has elected to have monthly contributions from the City's
employees in the amount of 5% of their gross earnings with the City
providing a monthly contribution of 4.34% of the monthly gross
earnings. Employee contributions are tax deferred and not subject
to federal income tax until they are withdrawn. The City's
contributions for the fiscal year totalled $25,871.
NOTE C: LONG-TERM DEBT:
The following is a summary of the City's Long -Term Debt. The
future debt. requirements are detailed in schedules included in
these financial statements.
General Long Term Debt:
Combination Tax and Utility System Junior Lien Revenue Certificates
of Obligation, Series 1986 - Original amount of $700,000; principal
paid annually on August 1; Interest paid semi-annually on February
1, and August 1, at rates ranging from 7.00 to 8.00%. The Bonds
were issued for street improvements and are to be repaid from sales
tax and property tax revenues and are further secured by a pledge
of Enterprise Fund Net Revenues.
Note Payable to Gainesville National Bank - due May 11, 1992 plus
interest at 9.05% The note is secured by fire equipment owned by
the City.
Note Payable to Grumman Credit Corporation - final installment due
July 1, 1992 plus interest at 8.5%. The note is secured by certain
equipment owned by the City.
The Certificates of Obligation require that certain
accounts be
maintained as property taxes are collected.
reserve
Page - 13
CITY OF SANGER
NOTES TO FINANCIAL STATEMENTS
September 30, 1991
Proprietary Fund:
Texas Utility System Revenue Bonds, Series 1973 - Original amount
of $295,000, principal paid annually on May 15; Interest paid
semi-annually on May 15, and November 15, at 5.875%. The Bonds
were issued for improvements to and extension of the City's
Waterworks, Sewer and Electric Systems and are to be repaid from
and secured by the Enterprise Fund Net Revenues.
Texas Utility System Revenue Bonds, Series 1976 - Original amount
of $305,000, principal paid annually on May 15; Interest paid
semi-annually on May 15, and November 15, at rates ranging from
5.50 to 7.25%. The Bonds were issued for improvements to and
extension of the City's Waterworks, Sewer and Electric Systems and
are to be repaid from and secured by the Enterprise Fund Net
Revenues.
Texas Utility System Revenue Bonds, Series 1977 - Original amount
of $360,000, principal paid annually on May 15; Interest paid
semi-annually on May 15, and November 15, at rates ranging from
5.30 to 5.70%. The Bonds were issued for improvements to and
extension of the City's Electric Systems and are to be repaid from
and secured by the Enterprise Fund Net Revenues.
Texas Utility System Revenue Bonds, SeriesOriginal amount
oI $450,000; principal paid annually on May 15; Interest paid
semi-annually on May 15, and November 15, at rates ranging from
12.50 to 13.00%. The Bonds were issued for improvements to and
extension of the City's Waterworks System and are to be repaid from
and secured by the Enterprise Fund Net Revenues.
Texas Utility System Revenue Bonds, Series 1985 - Original amount
of $845,000; principal paid annually on May 15; Interest paid
semi-annually on May 15, and November 15, at rates ranging from
9.10 to 11.50%. The Bonds were issued for improvements to and
extension of the City's Sewer System and are to be repaid from and
secured by the Enterprise Fund Net Revenues.
Note Payable to Gainseville National Bank - installment note
requiring monthly installments of $1,146.04, including interest at
10%, the final payment is due March 10, 1992. The note is secured
by certain equipment owned by the City.
The Bond Obligations require that certain cash reserve accounts be
maintained.
On December 18, 1991 the City Council of the City of Sanger voted
to issue $2,230,000 of Series 1991 Utility System Refunding and
Improvement Bonds. $1,240,000 of these bond proceeds will be used
to refund the Series 1977, 1982, and 1986 Utility System Revenue
Bonds.
Page - 14
CITY OF SANGER
NOTES TO FINANCIAL STATEMENTS
September 30, 1991
NOTE D: DEBT SERVICE REQUIREMENTS NEXT FIVE YEARS:
Debt service requirements for each of the next five years are as
follows:
General Fund:
Proprietary Fund:
Year Principal Interest Principal Interest
1992 $103,297 $ 35,858 $120,930 $133,012
1993 80,000 28,700 120,000 122,387
1994 90,000 22,900 130,000 112,788
1995 100,000 16,150 145,000 101,938
1996 105,000 81400 160,000 89,180
Future --- --- 785,000 191,315
Total $478,297 $112,008 $1 460,930 $7501620
NOTE E: PURCHASE COMMITMENT:
On January 7, 1985 the City entered into a ten year contract with
the Brazoz Electric Power Cooperative, Inc, whereby the City
purchases electric power and energy at agreed upon rates, subject
to a fuel adjustment charge and power adjustment on demand and
energy charges. Power purchased for the current fiscal year
totaled $1,118,914.
Permanent transfers were made to clear all interfund receivables
aIt d payables occurring during the year. The receivable and
payables result from one fund paying an expenditure for another
fund.
E
Page - 15
COMBINING AND INDIVIDUAL FUND
AND ACCOUNT GROUP STATEMENTS
AND SCHEDULES
CITY OF SANGER
COMBINING STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES - GENERAL FUND
For the Year Ended September 30, 1991
REVENUES
Property Taxes
Nonproperty Taxes
Penalties and Interest on
Deliquent Taxes
License and Permits
Fees and Services
Grants and Intergovernmental
Interest Income
Miscellaneous Income
Donations
TOTAL REVENUES
EXPENDITURES
General Government
Public Safety
Hiways and Streets
Health and Welfare
Culture and Recreation
Capital Outlay
Debt Service:
Principal
Interest
TOTAL EXPENDITURES
EXCESS REVENUES OVER
(UNDER) EXPENDITURES
OTHER FINANCING SOURCES (USES)
Proceeds of Notes Payable
Transfers In
TOTAL OTHER FINANCING
SOURCES (USES)
ADMINI- PUBLIC
TRATION WORKS POLICE FIRE
$ 3520352 $ 0 $ 0 $ 0
82,799 0 0 0
13,002 0 0 0
900 5,523 0 0
160,695 0 19,348 0
0 0 0 17,431
31251 0 40 21692
10,374 0 0 0
210 0 0 61060
623,583 51523 19,388 26,183
114,302 34,485 0 0
0 0 242,613 37,657
0 0 0 0
12,625 0 0 0
0 0 0 0
71522 3,578 28,422 28,109
0 0 21281 24,217
0 0 0 31328
134,449 38,063 273,316 93,311
489,134 (32,540) (253,928) (67,128)
0 0 0 14,000
323,321 0 0 0
EXCESS OF REVENUES AND OTHER
SOURCES OVER EXPENDITURES $
FUND BALANCE -BEGINNING
FUND BALANCE -ENDING
323,321 0 0 14,000
812,455 $ (32,540) $ (253,928) $ (53,128)
COMMUNITY
& SENIOR
SANITATION STREETS LIBRARY PARKS CENTERS TOTAL
$ 0 $ 0 $ 0 $ 0 $ 0 $ 352,352
0 129,278 0 0 0 2122077
0 0 0 0 0 13,002
31726 0 0 0 0 10,149
0 0 2,197 0 0 182,240
0 0 12,378 0 0 29,809
0 2,530 0 0 0 81513
0 0 0 0 0 10,374
0 0 0 12,837 0 19,107
3,726 131,808 14,575 12,837 0 837,623
208,916 0 0 0 0 357,703
0 0 0 0 0 280,270
0 253,262 0 0 0 253,262
0 0 0 0 0 12,625
0 0 15,790 8,468 10,045 34,303
0 20,252 41229 17,765 0 109,877
0 73,724 0 0 0 100,222
0 33,790 0 0 0 37,118
208,916 381,028 20,019 26,233 10,045 1,185,380
(205,190) (249,220) (5,444) (13,396) (10,045) (347,757)
0
0
0
0
0
14,000
0
0
0
0
0
323,321
0
0
C
C
337,321
$ 79,373
SEE ACCOUNTANT'S REPORT AND NOTES ATTACHED
Page - 16
CITY OF SANGER
COMBINING STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES - GENERAL FUND
REVENUES
Property Taxes
Nonproperty Taxes
Penalties and Interest on
Deliquent Taxes
License and Permits
Fees and Services
Grants and Intergovernmental
Interest Income
Miscellaneous Income
Donations
TOTAL REVENUES
For the Year Ended September 30, 1991
ADMINISTRATION
BUDGET ACTUAL VARIANCE
$ 346,219
85,400
10,250
0
1601600
0
5,750
13,600
0
621,819
352,352
82,799
13,002
900
160,695
0
3,251
10,374
210
623,583
$ 6,133
(2,601)
2,752
900
95
0
(2,499)
(3,226)
210
1, 764
EXPENDITURES
General Government 1179042 114,302 21740
Public Safety 0 0 0
Hiways and Streets 0 0 0
Health and Welfare 15,327 12,625 21702
Culture and Recreation 0 0 0
Capital Outlay 3,125 71522 (41397)
Debt Service:
Principal 0 0 0
Interest 0 0 0
TOTAL EXPENDITURES 135,494 134,449 11045
EXCESS REVENUES OVER
(UNDER) EXPENDITURES 486,325 489,134 719
OTHER FINANCING SOURCES (USES)
Proceeds of Notes Payable 0 0 0
Transfers In 87,891 323,321 235,430
TOTAL OTHER FINANCING
SOURCES (USES) 87,891 323,321 235,430
EXCESS OF REVENUES AND OTHER
SOURCES OVER EXPENDITURES $ 574,216 $ 812,455 $ 236,149
SEE ACCOUNTANT'S REPORT AND NOTES ATTACHED Page - 17
PUBLIC WORKS POLICE
BUDGE I VARIANCE JACTUALIVARIANCE
$ 0$ 0$ 0$ 0$ 0$ 0
0 0 0 0 0 0
0 0 0 0 0 0
10L000 51523 (41477) 0 0 0
0 0 0 18,500 19,348 848
0 0 0 0 0 0
0 0 0 0 40 40
0 0 0 0 0 0
0 0 0 0 0 0
10,000 51523 (41477) 18,500 19,388 888
30,771 34,485 (3,714) 0 0 0
0 0 0 2119150 242,613 (31,463)
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
31250 31578 (328) 15,600 28,422 (12,822)
0 0 0 21281 21281 0
0 0 0 0 0 0
34,021 38,063 (41042) 229,031 273,316 (44,285)
24,021) (32,540) (8,519) (210,531) (253,928) (43,397)
S)
0
0
0
0
0
0
0
0
0
0
0
0
!J
R
0
0
0
u
SEE ACCOUNTANT'S REPORT AND NOTES ATTACHED Page - 17
CITY OF SANGER
COMBINING STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES - GENERAL FUND
REVENUES
Property Taxes
Nonproperty Taxes
Penalties and Interest on
Deliquent Taxes
License and Permits
Fees and Services
Grants and Intergovernmental
Interest Income
Miscellaneous Income
Donations
TOTAL REVENUES
For the Year Ended September 30, 1991
FIRE
BUDGET JACTUALI I VARIANCE
$ 0
0
0
0
0
17,500
0
0
0
17,500
$ 0
0
0
0
0
17,431
2,692
0
6,060
26,183
0
0
0
0
0
0
(69)
2,692
0
6,060
8,683
EXPENDITURES
General Government 0 0 0
Public Safety 28,470 37,657 (91187)
Hiways and Streets 0 0 0
Health and Welfare 0 0 0
Culture and Recreation 0 0
Capital Outlay 15,650 28,109 (12,459)
Debt Service:
Principal 17,830 24,217 (61387)
Interest 21189 31328 (1,139)
TOTAL EXPENDITURES 64,139 93,311 (29,172)
EXCESS REVENUES OVER
(UNDER) EXPENDITURES (46,639) (67,128) (20,489)
OTHER FINANCING SOURCES (USES)
Proceeds of Notes Payable 0 14,000 14,000
Transfers In 0 0 0
TOTAL OTHER FINANCING
SOURCES (USES) 0 14,000 14,000
EXCESS OF REVENUES AND OTHER
SOURCES OVER EXPENDITURES $ (46,639) $ (53,128) $ (61489)
SEE ACCOUNTANT'S REPORT AND NOTES ATTACHED Page - 17
SANITATION STREETS
BUDGET ACTUAL I VARIANCE I FBUDGE7T]ACTUAL VARIANCE
$ 0$ 0$ 0$ 0$ 0$ 0
0 0 0 91,000 129,278 38,278
0 0 0 0 0 0
51200 31726 (1 ,474) 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 21530 21530
0 0 0 0 0 0
0 0 0 0 0 0
51200 31726 (1 ,474) 91,000 131,808 40,808
148,243 208,916 (60,673) 0 0 0
0 0 0 0 0 0
0 0 0 78,736 253,262 (174,526)
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 18,500 20,252 (11752)
0 0 0 73,724 73,724 0
0 0 0 41,300 33,790 71510
148,243 208,916 (60,673) 212,260 381,028 (168,768)
(143,043) (205,190) (62,147) (121,260) (249,220) (127,960)
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
$ (143,043) $ (205,190) $ (62,147) $ (121,260) $ (249,220) $ (127,960)
SEE ACCOUNTANT'S REPORT AND NOTES ATTACHED Page - 17
CITY OF SANGER
COMBINING STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES - GENERAL FUND
For the Year Ended September 30, 1991
REVENUES
Property Taxes
Nonproperty Taxes
Penalties and Interest on
Deliquent Taxes
License and Permits
Fees and Services
Grants and Intergovernmental
Interest Income
Miscellaneous Income
Donations
TOTAL REVENUES
EXPENDITURES
General Government
Public Safety
Hiways and Streets
Health and Welfare
Culture and Recreation
Capital Outlay
Debt Service:
Principal
Interest
TOTAL EXPENDITURES
EXCESS REVENUES OVER
(UNDER) EXPENDITURES
BUDGET
$ 346,219
176,400
OTHER FINANCING SOURCES (USES)
Proceeds of Notes Payable
Transfers In
TOTAL OTHER FINANCING
SOURCES (USES)
EXCESS OF REVENUES AND OTHER
SOURCES OVER EXPENDITURES $
FUND BALANCE -BEGINNING
FUND BALANCE -ENDING
10,250
15,200
1791100
27,450
5,750
13,600
0
TOTAL
$ 352,352
212,077
13,002
10,149
1821240
29,809
8,513
10,374
19,107
773,969 8371623
296,056 357,703
239,620 280,270
78,736 253,262
15,327 12,625
28,622 34,303
66,175 109,877
93,835 100,222
431489 37,118
861,860 11185,380
(87,891) (347,757)
0 14,000
87,891 323,321
87,891 337,321
VARIANCE
$ 6,133
35,677
2,752
(5,051)
3,140
2,359
2,763
(3,226)
19,107
63,654
(61,647)
(401650)
(1741526)
2,702
(51681)
(431702)
(6,387)
6,371
(323,520)
(259,866)
14,000
235.430
249,430
0 (10,436) $ (10,436)
$ 79,373
SEE ACCOUNTANT'S REPORT AND NOTES ATTACHED Page - 17
COST
Land
Buildings
Equipment
Fire Equipment
Improvements
INVESTMENT IN GENERAL
FIXED ASSETS
CITY OF SANGER
STATEMENT OF GENERAL FIXED ASSETS
For the Year Ending September 30, 1991
63,120
126,395
443,339
60,627
473,366
$ 1,166,847
SEE ACCOUNTANT'S REPORT AND NOTES ATTACHED
CITY OF SANGER
SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS
For the Year Ending September 30, 1991
COST
Land
Buildings
Equipment
Fire Equipment
Improvements
INVESTMENT IN GENERAL
FIXED ASSETS
BEGINNING ADDITIONS]DELETIONS ENDING
$ 58,683 $ 41437 $ 0 $ 63,120
125,945 450 0 126,395
380,695 62,644 0 443,339
32,518 28,109 0 60,627
459,129 14,237 0 473,366
$ 1,056,970 $ 109,877 $
0 $ 1,166,847
SEE ACCOUNTANT'S REPORT AND NOTES ATTACHED Page - 19
CITY OF SANGER
SCHEDULE OF CHANGES IN PROPERTY, PLANT & EQUIPMENT
ENTERPRISE FUND
For the Year Ending September 30, 1991
BEGINNINyj I DELETIONS I ENDING
COST
Water System $ 1,076,536 $ 97,594 $ 0 $ 1,174,130
Sewer System 11805,221 41923 0 11810,144
Electric System 11528,463 44,531 0 11572,994
Equipment 1829644 29,552 0 212,196
Furniture & Fixtures 110,663 31498 0 114,161
Building Improvements 14,623 0 0 14,623
Easement 11500 0 0 11500
TOTAL COST $ 4,719,650 $ 180,098 $ 0 $ 4,899,748
ACCUMULATED DEPRECIATION
Water System $ 415,983 $ 43,193 $ 0 $ 459,176
Sewer System 440,411 46,894 0 4879305
Electric System 757,766 42,050 0 799,816
Equipment 110,556 31,700 0 142,256
Furniture & Fixtures 86,367 10,091 0 96,458
Building Improvements 21924 11462 0 41386
Easement 0 0 0 0
TOTAL ACCUMULATED DEPRECIATION $ 1 ,814,007 $ 175,390 $ 0 $ 1,989,397
NET PROPERTY, PLANT & EQUIPMENT $ 21905,643 $ 21910,351
SEE ACCOUNTANT'S REPORT AND NOTES ATTACHED Page - 20
CITY OF SANGER
STATEMENT OF GENERAL LONG - TERM DEBT
September 30, 1991
Series 1986 Certificates of Obligation
NOTES PAYABLE
Note Payable -Gainesville National Bank
Grumman Credit Corporation
TOTAL NOTES PAYABLE
ACCRUED COMPENSATED ABSENCES
Accrued Vacation Pay
Accrued Sick Pay
TOTAL ACCRUED COMPENSATED ABSENCES
TOTAL TO BE PROVIDED FOR RETIREMENT
OF GENERAL LONG - TERM DEBT
0
14,000
14,297
5,000
6,775
$ 450,000
$ 490,072
SEE ACCOUNTANT'S REPORT AND NOTES ATTACHED Page - 21
CITY OF SANGER
SCHEDULE OF CHANGES IN GENERAL LONG - TERM DEBT
For the Year Ended September 30, 1991
BOND OBLIGATIONS
Series 1986 Certificates of Obligation
BEGINNING] IREDUCTIPNS ENDING
$ 520,000 $ 0 $ 70,000 $ 450,000
NOTES PAYABLE
Note Payable - Gainesville National Bank $
Note Payable - Gainesville National Bank
Note Payable - Gainesville National Bank
Note Payable - Gainesville National Bank
Grumman Credit Corporation
TOTAL NOTES PAYABLE $
ACCRUED COMPENSATED ABSENCES
Accrued Vacation Pay $
Accrued Sick Pay
TOTAL ACCRUED COMPENSATED ABSE $
11,389 $
0 $
11,389 $
0
21281
0
21281
0
31724
0
31724
0
0
14,000
0
14,000
27,125
12,828
14,297
44,519 $
14,000 $
30,222 $
28,297
5,000 $
6,775
TOTAL TO BE PROVIDED FOR RETIREMENT
OF GENERAL LONG -TERM DEBT $ 564,519 $ 25,775 $
SEE ACCOUNTANT'S REPORT AND NOTES ATTACHED
5,000
6,775
11,775
100,222 $ 490,072
Page - 22
CITY OF SANGER
DEBT SERVICE REQUIREMENTS - GENERAL LONG-TERM DEBT
September 30, 1991
Series 1986 Certificates of Obligation
Year Ending TOTAL
September 30, PRINCIPAL INTEREST REQUIREMENTS
1992 $ 75,000 $ 33,950 $ 108,950
1993 80,000 28,700 108,700
1994 90,000 22,900 112,900
1995 100,000 16,150 116,150
1996 105,000 81400 113,400
$ 450,000 $ 110,100 $ 560,100
Note Payable - Gainseville National Bank
Year Ending TOTAL
September 30, PRINCIPAL INTEREST REQUIREMENTS
1992 $ 14,000 $ 11187 $ 15,187
$ 14,000 $ 11187 $ 15,187
Note Payable - Grumman Credit Corporation
Year Ending TOTAL
September 30, PRINCIPAL INTEREST REQUIREMENTS
1992 $ 14,297 $ 721 $ 15,018
$ 14,297 $ 721 $ 15,018
Total Bond Obligations and Notes Payable
i
Year Ending TOTAL
September 30, PRINCIPAL INTEREST REQUIREMENTS
1992 $ 103,297 $ 35,858 $ 139,155
1993 80,000 28,700 108,700
1994 90,000 22,900 112,900
1995 100,000 16,150 116,150
1996 105,000 81400 113,400
i
$ 478,297 $ 112,008 $ 590,305
SEE ACCOUNTANT'S REPORT AND NOTES ATTACHED
Page - 23
CITY OF SANGER
SCHEDULE OF CHANGES IN LONG - TERM DEBT - ENTERPRISE FUND
For the Year Ended September 30, 1991
REVENUE BOND OBLIGATIONS
Series 1973
Series 1976
Series 1977
Series 1982
Series 1985
TOTAL
REVENUE BONDS
BEGINNINGj IREDUCTIONSI ENDING
$ 75,000 $
185,000
185,000
305,000
810,000
$ 11560,000 $
NOTES PAYABLE
Note Payable - Gainesville National Bank $
TOTAL NOTES PAYABLE $
TOTAL LONG - TERM DEBT $
18,410 $
18,410 $
11578,410 $
0 $ 351000 $ 40,000
0 10,000 175,000
0 20,000 165,000
0 25,000 280,000
0 15,000 795,000
0 $ 105,000 $ 11455,000
0 $ 12,480 $ 5,930
0 $ 12,480 $ 51930
0 $ 117,480 $ 11460,930
SEE ACCOUNTANT'S REPORT AND NOTES ATTACHED Page - 24
CITY OF SANGER
DEBT SERVICE REQUIREMENTS - ENTERPRISE FUND
September 30, 1991
Series 1973 Revenue Bonds
Year Ending TOTAL
September 30, PRINCIPAL INTEREST REQUIREMENTS
1992 $ 35,000 $ 2,350 $ 37,350
1993 5,000 294 51294
$ 40,000 $ 21644 $ 42,644
Series 1976 Revenue Bonds
Year Ending TOTAL
September 30, PRINCIPAL INTEREST REQUIREMENTS
1992 $ 15,000 $ 9,888 $ 24,888
1993 50,000 81800 58,800
1994 55,000 6,050 61,050
1995 55,000 31025 58,025
$ 175,000 $ 27,763 $ 202,763
Series 1977 Revenue Bonds
Year Ending TOTAL
September 30, PRINCIPAL INTEREST REQUIREMENTS
1992 $ 20,000 $ 9,205 $ 29,205
1993 201000 8,145 28,145
1994 20,000 71065 27,065
1995 20,000 5,965 25,965
1996 85,000 41845 89,845
$ 165,000 $ 35,225 $ 200,225
SEE ACCOUNTANT'S REPORT AND NOTES ATTACHED
Page - 25
CITY OF SANGER
DEBT SERVICE REQUIREMENTS - ENTERPRISE FUND
September 30, 1991
Series 1982 Revenue Bonds
Year Ending
September 30, PRINCIPAL INTEREST
1992 $ 30,000 $ 35,788 $
1993 30,000 32,038
1994 40,000 28,288
1995 45,000 23,288
1996 50,000 17,550
1997 85,000 11,050
$ 280,000 $ 148,002 $
Series 1985 Revenue Bonds
TOTAL
REQUIREMENTS
65,788
62,038
68,288
68,288
67,550
96,050
428,002
Year Ending TOTAL
September 30, PRINCIPAL INTEREST REQUIREMENTS
1992 $ 15,000 $ 74,835 $ 89,835
1993 15,000 73,110 88,110
1994 15,000 71,385 86,385
1995 25,000 69,660 94,660
1996 25,000 66,785 91,785
1997 85,000 64,160 149,160
1998 190,000 56,510 246,510
1999 210,000 39,220 249,220
2000 210,000 19,900 229,900
2001 51000 475 5,475
$ 795,000 $ 536,040 $ 1,331,040
Note Payable -Gainesville National Bank
Year Ending
September 30,
INTEREST
1992 $
5,930 $
$ 5,930 $
TOTAL
REQUIREMENTS
6,876
6,876
SEE ACCOUNTANT'S REPORT AND NOTES ATTACHED
Page - 25
CITY OF SANGER
DEBT SERVICE REQUIREMENTS - ENTERPRISE FUND
September 30, 1991
TOTAL ALL DEBT
Year Ending TOTAL
September 30, PRINCIPAL INTEREST REQUIREMENTS
1992 $ 120,930 $ 133,012 $ 253,942
1993 120,000 122,387 242,387
1994 130,000 112,788 242,788
1995 145,000 101,938 246,938
1996 160,000 89,180 249,180
1997 170,000 75,210 245,210
1998 190,000 56,510 246,510
1999 210,000 39,220 249,220
2000 210,000 19,900 229,900
2001 51000 475 51475
$ 1,460,930 $ 750,620 $
AVERAGE ANNUAL DEBT
21211,550
221,155
SEE ACCOUNTANT'S REPORT AND NOTES ATTACHED Page - 25
CITY OF SANGER
GOVERNMENTAL AND PROPRIETARY FUNDS
SCHEDULE OF RESTRICTED CASH
September 30, 1991
GENERAL FUND
Certificate of Obligation I & S Funds $ 9,949
Library Department Funds 11605
Police Department Funds 869
Fire Department Funds 671457
TOTAL GENERAL FUND $ 79,880
ENTERPRISE FUND
Revenue Bond I & S Funds $ 37,551
Revenue Bond Reserve Funds 242,000
Customer Utility Deposits 64,420
TOTAL ENTERPRISE FUND $ 343,971
SEE ACCOUNTANT'S REPORT AND NOTES ATTACHED Page - 26
CITY OF SANGER
SCHEDULE OF INSURANCE COVERAGE
September 30, 1991
AMOUNT OF
TYPE OF COVERAGE FROM TO COVERAGE
Business Auto:
Liability 1 /3/91 10/1/91 31000,000
Physical Damage 1/11/91 10/1/91 Scheduled Equip.
Buildings &Contents 12/17/90 12/17/91 1,468,500
Mobil Equipment 12/17/90 12/17/91 106,611
Workmen's Compensation 10/1 /90 10/1 /91 Statutory
Liability -
Law Enforcement Liability 11 /01 /90 11 /01 /91 11000,000
Public Officials Liability 11/01/90 11/01/91 11000,000
General Liability 1/3/91 10/1/91 31000,000
CARRIER
Texas Municipal League
Texas Municipal League
Employers Casualty Company
Employers Casualty Company
Employers Casualty Company
Employers Casualty Company
r
Employers Casualty Company
i'
Texas Municipal League
SEE ACCOUNTANT'S REPORT AND NOTES ATTACHED Page - 28
CITY OF SANGER
ANALYSIS OF TAXES RECEIVABLE
For the Year Ended September 30, 1991
1990 Year Original Tax Roll
Adjustments to Original Tax Roll
ADJUSTED TAX ROLL
Less: Collections and Adjustments
CURRENT YEAR TAXES RECEIVABLE -END OF YEAR
PRIOR YEAR TAXES RECEIVABLE -END OF YEAR
TOTAL TAXES RECEIVABLE -END OF YEAR
Assessed Value
Tax Rate per $100
Percent of Current Taxes Collected to Billed
$ 346,220
508
346,728
327,185
19,543
42,285
$ 72,919,101
$ 0.4748
94.36%
SEE ACCOUNTANT'S REPORT AND NOTES ATTACHED Page - 30