1983 Annual Financial ReportCITY OF BANGER, TEXAS
ANNUAL FINANCIAL REPORT
YEAR ENDED AUGUST 31, 1983
ELECTED CITY OFFICALS
CITY COUNCIL
Ralph B. Cole, Mayor.
Benny Bridges, Alderman
Carolyn Adkins, Alderman
Freddy Inman, Alderman
Danny Spindle, Alderman
Harvey W. Thomas, Alderman
APPOINTED OFFICALS
Lloyd Henderson, City Manager
Mary .io Stover, City Secretary and Tax Assessor -Collector
CITY OF SANGER, TEXAS
TABLE OF CONTENTS
Page
Accountant's Report on Financial Statements and
Supplemental Schedules A-1
FINANCIAL STATEMENTS
Combined Balance Sheet - All Funds
Combined Schedule of Bonds Payable
Combined
General Fund
Balance Sheet
Statement of Changes in Fund Balance
Statement of Revenue - Estimated and Actual
Statement of Expenditures and Encumbrances
Compared With Authorizations
Utilitv Fund
Balance Sheet
Statement of Revenue And Expense
Statement of Changes in Retained Earnings
Tax And Warrant Interest And Sinlci
Balance Sheet
Statement of Cash Receipts and Disbursements
Capital Projects Funds
Balance Sheet
Statement of Changes in Fund Balances
Balance Sheet
Payroll Fund
Revenue Sharing Fund
Fund
Balance Sheet
Analysis of Changes in Fund Balance
Statement of Revenues - Estimated and Actual
Summary Statement of Expenditures Compared With Authorizations
G-1
CITY OF SANGER, TEXAS
TABLE OF CONTENTS
(CONTINUED)
General Funded Debt
Statement of General Funded Debt I-1
General Fixed Assets
Statement of Changes in General Fixed Assets - By Sources J-1
NOTES TO TtIE FINANCIAL STATENtENTS
Notes to the Financial Statements K-1/K-3
SUPPLEMENTAL SCHEDULES
General Fund
Detail Schedule of Expenditures and Encumbrances
Compared With Authorizations
Utility Fund
Schedule of P.evenue - Estimated and Actual M-1
Summary Schedule of Expenditures - Estimated and Actual M-2
Detail Schedule of Expenditures - Estimated and Actual M-3
STATISTICAL SECTION
Property Tax Levies and Collections N-1
Utility Revenue Bonds - Principal and Interest Requirements N-2
Electric System Balance Sheet N-3
Util:i.N-4
ty Rates
n,
628 FIRST 8TA I BANK BLDG.
DENTON* TEXAS 76201
617/Wee8721
Mayor and City Council
City of Sanger, Texas
December 16, 1983
MEMBER:
AMERICAN INSTITUTE
CERTIFIED PUBLIC ACCOUNTANTS
We have examined the financial statement:: of the various funds and account
groups of the City of Sanger, Texas for the year ended August 31, 1983, listed
in the foregoing table of contents. Except as explained in the following
paragraph, our examination was made in accordance with generally accepted auditing
standards and, accordingly, included such test of the accounting records and such
other auditing procedures as we considered necessary in the circumstances.
We were unable to satisfy ourselves as to the carrying value of electric
plant: and general fixed assets reflected in the Utility Fund and General Fixed
Assets, because the City's accounting records relating to such assets are incomplete.
The carrying value of such Utility Fund assets effects the amount of depreciation
of the Utility Fund.
In our opinion, except for the effects of such adjustments, if any, as might
have been necessary if we had been able to satisfy ourselves as to the carrying
value of Utility Fund and General Fixed Assets and the resulting charge for
depreciation, such financial statements present fairly the financial position
of the various funds and account groups of the City of Sanger, Texas at August
31, 1983, and the results of operations of such funds for the year then ended,
in conformity with generally accepted accounting principals applied on a basis
consistent with that of the preceding year. It is our further opinion that the
accounting requirements of the bond ordinances for the revenue bond issues have
been met.
The accompanying supplemental schedules and statistical section listed in
the foregoing table of contents are not considered essential for the f,itir
presentation of financial position, results of operations, or changes in financial
position in conformity with generally accepted accounting principal, but are
presented as additional analytical data. Thi's information has been subjected
to the audit procedures applied in the examination of the financial statements
mentioned above and, in our opinion, is fairly stated in all material respects
in relation to the financial statements taken as a whole.
Maston A. Wright, CPA
MAW/dm
Cash
Investments
Accounts Receivable
Taxes Receivable
Interest Receivable
Other Receivable
Due From Other Funds
Prepaid Expenses
Restricted Assets
Fixed Assets (Net)
Accumulated Deficit of
Amount to be Provided
Due From HUD
Total Assets
CITY OF SANGER, TEXAS
COMBINED BALANCE SHEET - ALL FUNDS
AUGUST 31, 1982 and 1983
ASSETS
Sanger Electric System
for the Retirement of Bonds
Certificate of ,Obligation
Accounts Payable
Advances Payable
Accrued Liabilities
Due to Other Funds
Deposits
Other Liability
General Obligation Bonds Payable
Note Payable - First National Bank
Revenue Bonds Payable
Total Liabilities
LIABILITIES
of
Sanger
1982
$ 103,210 $ 61,341
145,378 220,236
166,349 226,104
21,157 30,494
2,421 2,989
7,246
866
9,486 8,121
735,678 222,463
1,830,99 21342,481
75,45� 82,216
1559000 130,000
3,399
$ 3,245,134 $ 3,337,956
$ 26,409 $ 21,127
179,735 1635076
230750 18,750
27,015 32,767
866
42,554 46,690
827
155,000 130200Qi`
9,904 4,952
1,295,000 1,240,00
$ 1,759,367
RESERVES. FUND BALANCES AND SURPLUS
Contingent Liabilities
Reserves:
Reserve for Uncollected Taxes - Delinquent
Revenue Bond Debt Service
Contributions
Fund Balances
Investment In General Fixed Assets
Retained Earnings
Total Reserves, fund Balances and Surplus
Total Liabilities, Reserves, Fund Balances & Sur.plus
44
21,157
122,578
1460972
1959945
4530304
501.343
$ 1,4852767
3,245.134
$ 1,659,055
34,944
30,494
127,081
154,676
141,620
502,834
687,252
$ 1,678,901
$ 3Z337,956
These financial statements and accompanying notes are subject to the accountant',s
opinion.
N
0
O
O
O
O
O
C
O O
O
O
O
O
O
�
1 0
0
0
0
0
t_
O
C
O
O
O
In
G
�n
1
VI
SJ
O
G
O
O
O
O
O
pl
O
O
0
0
0
0
0
w
c
o
n
o
n
0
o
q
o
G
In
o
o
In
a�
v,
1
�
•n
.D
..
a
0
0
0
o
c
q
0
o
G
o
0
0
0
0
0
0
0
0
�
In
O•
O
•D
0
0
0
0
0
0
0
C
C
O
0
0
0
0
0
N
O
O
O
O
O
O
O
a
0In
O
nIn
OIn
H
V1
In
Vl
T
O
XI
In
rA
r
T
a
N
'
VI
u
O
H
O
00
ro
l+
N
M
h
v1
M
vl
•D
h
N
T
C
7
U
w
Op
W
T
T
T
T
u
ro
TT
T
TTD•T
a
a.1
w
ro
q
.+
.�
.-+
.+
..�
......•
w
a
r.
U
.-+
.�
to
M
•r,
,�
q
In
W
O
Ivil
¢
H
ro
Hrn
Nrn�mm
H
q
U
W
H
•
Vi
\
rl
r-V
•-+
H
rH
H
N
h
U
IN
ftIry
In
In
\
\
\
\
\
\
\
'
H
•D
V1
Vl
1,n
V1
V\
CO
./1
•p
\
0
\
O
u
h
M
M
n
�A
O
v
N
N
In
r+
•O
O
d"
T
.+
C
to
O
O
O
G
O
O
G•
O
7
tl
� u•
I HI
C
O
C
O
h
N
�
b
O
C
C
>
o
m
.I
M
r!
T
M
•D
h
N
N
U
h
CO
N
•D
h
h
h�
a
ro
rn
rn
h
T
T
T
T
T
N
C
-+
IA
m
i
•n
IA
vl
n
IV
N
N
N
N
N
�.
..�
.rl
r4
•.1
.l
•.1
..I
..I
u
1•
U
la
H
U
1+
1+
ILI
N
VI
In
L
In
N
VI
V)
VI
IA
N
N
v
N
m
tj
N
N
U
O
O
O
U
?
H
H
GTTY of SANGER, MAAs
GENERAL FUND
BALANCE SHEET
AUGUST 31, 1982 and 1983
Cash
Investments
Due From Other Funds:
G. 0. Tax Warrant
HUD
Taxes Receivable - Delinquent
Interest Receivable
Prepaid Insurance
Total. Assets
Assets
1982 1983
$ 26,555 $ 5,228
65;295 100,091
-0- 6,672
-0- 3,399
21,157 303494
2,273 2,004
2,896 2,606
$ 118,176 $ 150,494
Liabilities Reserves and Fund Balance
Due t:o Payroll
Reserve For Uncollected Taxes - Delinquent.
Fund Balance
Total. Liabilities, Reserves and Fund Balance
n
21,157
97.019
$ 118,176
$ 557
30,494
119,443
$ 150,494
These financial statements and accompanying notes are subject to the accountant's
opinion.
C-1
CITY OF SANGLR, TEXAS
GENERAL FUND
STATEMENT OF CHANGES IN FUND BALANCE
FOR THE YEARS ENDED AUGUST 31, 1982 and 1983
Balance, Beginning of Year
Prior Year Adjustment to Fund Balance
Revenues
Expenditures
Excess of Revenues & Expenditures
Balance, End of Year
1982
$ 55,542
(11126)
54,/+16
340,271
(297,668)
42,603
$ 97,O1J9
1983
$ 97,019
-0-
97,019
372,038
(349.564)
22,474
$ 119,493
These financial statements and accompanying notes are subject to the accountant's
opinion.
C-2
CITY OF SANGER, TEXAS
GENERAL FUND
STATEMENT OF REVENUE - ESTIMATED AND ACTUAL
(Rounded to the nearest dollar)
FOR THE YEAR ENDED AUGUST 31, 1983
(Over)
Final Under
Budget Actual Budget
General Property Taxes:
Current Year's Levy $ 172,019�
Prior Year's Levy 5,91T
Penalty and Interest 41976
Total $ 1831872 $ 182,912w', $ 960
City Sales Tax $ 37)000 $ 45,464 ✓ $ (8,464)
Charges for Services:
Sanitation Service $ 700537
Use of Equipment -O-
Total $ 74,500 $ 70,537 $ 3,963
Appropriation from Utility Fund $ -0- $ 20,960 $ (20)960),
Other Revenues:
Fines $ $ 11,620 $
Franchise Tax CIO-) 33Cf
Occupation Tax and Permits 610 t�-'"
Other Fees and Permits 9,607�
Sale of Equipment 477
Tax Certificates 469�
Interest 7,982
Miscellaneous, Insurance 11,066
Totaal $ 31�000 $ 52,165
Total.
Total Revenues $ 326,372 $ 372,038 $ (45,666)
These financial statements and accompanying notes are subject to the accountant's
opinion.
C-3
CITY OF SANGER, TEXAS
GENERAL FUND
STATEMENT OF EXPENDITURES AND ENCUMBRANCES
COMPARED WITH AUTHORIZATIONS
(Rounded to the Nearest Dollar)
FOR THE YEAR ENDED AUGUST 31, 1983
(Over
Final Under
Budget Actual Budget
Administrative $ 91,617 $ 90,995 $ 622
Fire Department 16,573 13$03 3,2.70
Police Department 893502 97,069 (7)567)
Street Department 60,688 37,855 22,833
Sanitation Department 76,571 65,946 10,625
Park Department 3,200 2,474 726
Appropriations to Other Funds 51,755 411922 9J833
Total $ 3892906 $ 349,564 $ 40,342
These financial statements and accompanying notes are subject to the accountant's
opinion.
C-4
CITY OF SANGER, TEXAS
UTILITY FUND
BALANCE SHEET
AUGUST 31, 1983
ASSETS
Current Assets:
Cash
Investments
Accounts Receivable
Less Allowance for Bad Debt
Prepaid Expense
Interest Receivable
Total Current Assets
Restricted Assets:
Revenue Bond Debt Service:
Interest Receivable
Investment
Revenue Bond Construction:
Cash
Investments
Interest Receivable
Customer Deposit - Brazos
Total Restricted Assets
Fixed Assets:
Electric Plant
Water System
Sewer System
Furniture and Equipment
Easement
Work in Progress
Less: Accumulated Depreciation
Total Fixed Assets
$ 51,744
103,104
226,104
5,515
831
Accumulated Deficit of Sanger Electric System,
Reimbursable by Brazos Electric Power Corporation
Total Assets
1,377
158,021
36
72
37,7
384
24,873
1,227,424
921,579
538,128
59,088
1,500
49,324
(957,396)
387,298
222,463
1,839,647
82,216
$ 2,531,624
These financial statements and accompanying notes are subject to the accountant's
opinion.
LIABIT,ITIES
Current Liabilities
(Payable from Current Assets):
Due to Payroll Account
Account Payable
(Purchase Power & Operating & Maintenance)
Advances Payable to Brazos
Consumer Deposits
Certificate of Obligation
Total
(Payable"from Restricted Assets):
Accrued Revenue Bond Interest Payable
Revenue Bonds Payable - Current Portion
Total
Total Current Liabilities
Other Liabilities:
Revenue Bonds Payable
Less Current Portion
Note Payable - First National Bank of Sanger
Total Other Liabilities
$ 309
163,076
18,750
46,690
21,127
32,767
80,000
1,240,000
(80,000)
4,952
Contingent Liability - Due to Brazos for Capital Improvements
Contributions:
Customers 77,766
Others (Grant) 76,910
Total Contributions
Retained Earnings and Fund Balance
Total Liabilities
$ 249,952
112,767
$ 362,719
1,164,9�2
34,944
154,676
814,333
$ 2,531,624
D-1
CITY OF SANGER, TEXAS
UTILITY FUND
STATEMENT OF REVENUE AND EXPENSE
FOR -THE YEARS ENDED AUGUST 31, 1982 and 1983
Operating Revenue:
Electricity Sales
Water Sales
Sewer Charges
Sale of Material
Miscellaneous
Total Operating Revenues
Operating Revenue Deductions:
Sanger Electric System
Water Department
Less Utilities Exp. & Cap. Outlays
Sewer Department
Less Utilities Exp. & Cap. Outlays
Total Operating Revenue Deductions
Operating Revenue Before Depreciation '
Depreciation
( Operating Revenue
Non -Operating Revenue (Expenses)
Excess of Sanger Electric System Revenue
Over Expenses - Allocable to Brazos
Interest Earnings
Non -Operating Expense
Interest Expense & Fees on Revenue Bonds
Other
Net Revenue
1982
$ 1,144,492
138,605
45,929
5, 364
3.176
$ 1,337,566
1983
$ 1,351,544
188,203
74,870+.,'
7,7871��
18.288 c ..•,w
$ 1,640,692
$ 1,019,079 $ 1,1.79,882
6'6, 774 78,184
33�899 29,208
$ 1,119,752 $ 1,287 274.
$ 217,814 $ 353,418
57,545 ,% 66,238>
160,269 287,180
-0-
34,333 28,441
192,416 315,621
(61,197) (106,704)
$ 131,219 $ 1902412
` These financial statements and accompanying notes are subject to the accountant's
opinion,
u
CITY OF SANGER, TEXAS
UTILITY FUND
STATEMENT OF CHANGES IN RETAINED EARNINGS AND FUND BALANCE
FOR THE YEAR ENDED AUGUST 31, 1983
Balance Beginning of Year
Add: Net Revenue
Total. Balance and Additions
Balance, End of Year
Retained Bond Debt
Earnin s Service Total
$ 5013343 $ 122,578 $ 623,921
185,909 4,503 190,412
687,252 1272081 814,333'
$ 6879252 $J 27,081 $ 814 033
These financial statements and accompanying notes are subject to the accountant's
opinion.
D-3
CITY OF SANGER, TEXAS
TAX AND WARRANT INTEREST AND SINKING FUND
BALANCE SHEET
AUGUST 31, 1982 and 1983
ASSETS
1982 1983
Cash $ 14,968 $ 3,099
Investment 52,925 9,028
Interest Receivable 59 96
Total Assets $ 67)952 $ 12,223
LIABILITIES AND FUND BALANCE
Fund Balance $ 6�9�2 $ 12,223
STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS
FOR THE YEAR ENDED AUGUST 31, 1982 and 1983
1982 1983
Receipts:
Bond Principal-0-
Interest 23558 5,272
Appropriation from General Fund 12,100 48,517
Total Receipts $ 164,658 $ 53,789
Disbc.�rsements:
Landfill Expenditures $ 96,416 $ 68,999
Bond Retirements 5,000 25,000
Interest Payments 538 1533.69
Agent's Fees/Bank Charges 100 150
Total Disbursements $ 102,054 $ 1092518
Excess of Receipts Over Disbursements 62,604 (55)729)
Cash Balance, Beginning of Year 5,348 67,952
Cash Balance, End of Year $ 672952 $ 12,223
These> Financial statements and accompanying notes are subject to the accountant's
opinion.
E-1
Muncipal Building
Total Assets
Fund Balance
CITY OF SANDER, TEXAS
CAPITAL PROJECTS FUNDS
BALANCE SHEET
AUGUST 31, 1983
ASSETS
1973
General
Obligations
Improvements
$ 22,097
$ 22,097
FUND BALANCE /
$ 22,097
These financial statements and accompanying notes are subject to the account's
opinion.
F-1
CITY OF SANGER, TEXAS
CAPITAL PROJECTS FUNDS
STATEMENT OF RECEIPTS AND DISBURSEMENTS
FOR THE YEAR ENDED AUGUST 31, 1983
Initial Project Authorization
Fund Balance, Beginning of Year
Add:
Muncipal Building
Deduct:
Construction Project
Fund Balances, End of Year
Total
All Funds
$ 22,097
22,097
j (22,097)
$ 22,097
These financial statements and accompanying notes are subject to the accountant's
opinion.
F-2
CITY OF BANGER, TEXAS
PAYROLL FUND
BALANCE SHEET
AUGUST 31, 1982,and 1983
ASSETS
1982 1983
Cash $ 435 $ 702
Prepaid Insurance 880 -0-
Due from Other Funds -0- 1,440
Total Assets $ 1,315 $ 2,142
LIABILITIES AND FUND BALANCE
Payroll Taxes Payable $ / -0- $ 144
Other Payable (Insurance, Credit Union) -0- 683
Due to Other Funds;
General Fund -0- -0
Utility Fund -0- -0-
Fund Balance (Deficit) 1,315 1,315
Total Liabilities and Fund Balance $ 1,315 $ 2,142
These financial statements and accompanying notes are subject to the accountant's
opinion .
G-1
CI1.Y OF SANGER, TEXAS
REVENUE SHARING FUND
BALANCE SHEET
AUGUST 31, 1982 and 1983
ASSETS
1982 1983
Cash $ 7,550 $ 568
Investment - Savings 12 8,013
Interest Receivable -0- 58
Total Assets $ 7,562 $ 8,639
LIABILITIES AND FUND BALANCE
Fund Balance $ 7,562 $ 81639
ANALYSIS OF CHANGES IN FUND BALANCE
FOR THE YEARS ENDED AUGUST 31, 1982 and 1983
Balance, Beginning of Year $ 5,967 $ 7,562
Add: Excess of Revenues Over
(Under) Expenditures
Revenue 9;908 13,194
Expenditures (8)313) (12)117)
Total 1,595 1,077
Balance, End of Year $ 7,562 $ 8,639
These financial statements and accompanying notes are subject to the accountant`s
opinion.
H-1
CITY OF BANGER, TEXAS
REVENUE SHARING FUND
STATEMENT OF REVENUE - ESTIMATED AND ACTUAL
(Rounded to the Nearest Dollar)
FOR THE YEAR ENDED AUGUST 31, 1983
(Over)
Final Under
Budget Actual Budget
Thirteenth Entitlement Period $ 2,575
Fourteenth Entitlement Period $ 93500 10,560 $(3)635)
Interest Income 59 (59)
Total $ 9,500 $13,194 $(3)694)
SUMMARY STATEMENT OF EXPENDITURES
COMPARED WITH AUTHORIZATIONS
FOR THE YEAR ENDED AUGUST 31, 1983
(Over)
Final Under
Budget Actual Budget
Capital Expenditures:
Environmental Protection $ 2,600 $ 2,622 $ (22)
Public Safety 8,135 9,495 (1)360)
Total Capital Expenditures $ 10�735 $19117 $(1,3II2)
These financial statements and accompanying notes are subject to the accountant's
opinion.
H-2
CITY OF SANGER, TEXAS
STATEMENT OF GENERAL FUNDED DEBT
AUGUST 31, 1982 and 1983
ASSETS
Amounts to be provided for Retirement of Debt
Total Assets
LIABILITIES AND FUND BALANCE
Warrants Payable
General Obligation Bonds Payable
Total Liabilities and Fund Balance
1982
$ 155)000
$ 155,000
155,00
$ 155,000
1983
$ 130,000
$ 130,000
130)000
$ 130,000
These financial statements and accompanying notes are subject to the accountant's
opinion,
I-1
CITY OF SANGER, TEXAS
STATEMENT OF CHANCH IN GENERAL FIXED ASSETS BY SOURCES
(Rounded to the Nearest Dollar)
FOR THE YEAR ENDED AUGUST 31, 1983
Improvements Machinery
Other Than and
Total Land Building Building Equipment
General Fixed Assets
Beginning of Year $ 4533304 $ 58,683 $ 95,476 $ 163,515
Deletions
Additions
Volunteer Fire Dept 25,834 25,834
Expenditures from
General 23,696 4,635 12,459
General Fixed Assets
End of Year $ 502,834 $ 582683 $125,945 $ 175z974
$ 135,630
6.602
These financial statements and accompanying notes are subject to the accountant's
opinion,
J-1
CITY OF BANGER, TEXAS
NOTES TO THE FINANCIAL STATEMENTS
AUGUST 31, 1983
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accounting. policies of the City of Sanger, Texas conform
to generally accepted accounting principles as applicable to govern-
mental units. The following is a summary of the significant policies:
Basis of Accounting
The accounting records for general governmental operations Are
maintained on a modified basis. Revenues are recorded on the
cash basis, except for property taxes, which are accrued. Delinquent
taxes receivable at year-end are fully reserved. Expenditures are
recorded at the time of payment. Unrecorded general fund payables
at year-end are not accrued since such amounts are not material.
The financial statements for utility and enterprise operations
are reflected on an accrual basis.
Investments
Investments are stated at cost.
Fixed Assets and Depreciation
Fixed assets are recorded on the basis of original cost. Fixed
assets, except for those recorded in the Utility Fund, are presented
as General Fixed Assets with no depreciation recorded. Depreciation
on fixed assets of the Utility Fund has been determined by the
straight-line method.
Accounting for Sanger Electric System
The records of Sanger Electric System have been maintained as
if the system were a separate entity (See Note 2). The net assets
and the results of operations of the electric system are included
with other utility operations in these financial statements. All
intrafund accounts and transactions have been eliminated.
2. BANGER ELECTRIC SYSTEM
The City has entered into an agreement, dated January 1, 1971
and amended July 11, 1973 with Brazos Electric Power Cooperative,
Inc., (Brazos) whereby Brazos has assumed full responsibility for
K-1
CITY OF BANGER, TEXAS
NOTES TO THE FINANCIAL STATEMENTS
(Continued)
AUGUST 31, 1983
the operation of the City's electrical distribution system. The
agreement is terminable by either the City or Brazos upon one
year's written notice and will ,expire on December 31,1985. Brazos
has guaranteed the City a minimum annual income from the operation
of the system of an amount equal to the greater amount yielded by
the methods described below:
Method A
1
1. An amount equal to 5% of the gross annual revenues derived
from operation of the City's system; and,
2. An amount equal to ad valorem which the City caould other-
wise receive from the property included in the City's system if such
system and property were under private ownership; and,
3. An amount equal to the total amount of interest derived from
an investment of $450,000 at a rate of 6% per annum; and,
4. An amount equal to the annual interest and principal require-
ments for the existing bonded indebtedness of the City as of January
1, 1971, namely, Utility Revenue Bonds, Series 1969, except for that
portion of $61,000 voted upon as refunding bonds of existing revenue
bonds; or,
Method B
1. An amount equal to 60% of the annual gross revenue from sales
of electrical power and energy by the City's system reduced by the
corresponding annual cost of electrical power and energy purchased by
and for such system, such reduction for cost of purchased power to be
made prior to application of the percentage as herein set out.
Brazos Electric Power Cooperative, Inc.- has advanced the System
$50,000. The advance is unsecured, bears a current interest rate of
and has no established due date.
3. FIRST LIEN AND PLEDGE OF THE NET REVENUES OF THE UTILITY BOARD
The Utility Revenue Bonds are secured by a first lien and pledge
on the net revenues of the Utility Fund.
CITY OF SANGER, TEXAS
NOTES TO THE FINANCIAL STATEMENTS
(Continued)
AUGUST 31, 1983
4. DEBT SERVICE REQUIREMENTS
The City is required under provision of revenue bond ordinances to
maintain interest and sinking funds adequate for payments of interest and
principal on the revenue bonds, and to establish reserve and emergency funds
which are to be used only for payment of interest and principal in the event
there is not sufficient funds available in the required interest and sinking
funds. For the year ended August 31, 1983 the required interest and sinking
funds were adequately maintained and the required amounts of reserve and
emergency funds have been established.'
5, CONTINGENT LIABILITY
The $82,2I6 is a contingent liability which will be paid only by net profits
of the electric system. If Brazos Electric Coop cannot operate the Sanger
Electric System in a profitable manner thus reducing this contingent liability,
no payment is due from the City of Sanger.
6. CERTIFICATE OF OBLIGATION
The City of Sanger entered into an agreement with the First National Bank
of Sanger with regards of issuing a Certificate of Obligation for an original
amount of $36,972.72. This Certificate was issued as part payment for emergency
public improvements. The Certificate is scheduled to be reduced by annual
payments beginning September 4, 1980 of $5,281.80 plus interest. All the
City's payments will be reimbursed by Jesse A. Coffey, a local builder and
developer.
7, SECURITY BOND
The First National Bank of Sanger operates as the depository bank for
the. City of Sanger. The First National Bank of Sanger pledged bonds totaling
$941,000 as security for the City's cash accounts.
K-3
CITY OF BANGER, TEXAS
GENERAL FUND
DETAIL SCHEDULE OF EXPENDITURES AND ENCUMBRANCES
COMPARED WITH AUTHORIZATIONS
FOR THE YEAR ENDED AUGUST 31, 1983
Administrative:
Salaries and Wages
Supplies
Maintenance
Telephone
Insurance
Legal and Accounting
Advertising
Utilities
City Council Fees and Expenses
Tax Assessing and Collecting Expenses
Contract Labor
Election Expense
Dues and Subscriptions
Rents
Other
Travel & Fees
Capital Outlay
Fire Department:
Salaries and Wages
Fire Calls
Maintenance
Other Charges/Supplies
Capital Outlays
Final
Budget
$ 51,487
1,550
2,450
$ 35,530
600
Actual
$ 50,385
l� 594
3;731
1,776
2,893
12,715
211
1,591
2,442
1,775
3,484
538
2,439
1,915
2,294
498
$ 34,631
654
$ 91, 617 $ 90� 995
600 720
4,383 2,198
73850 81,895
2,300 50
$ 16,573 $ 13�303
(Over)
Under
Budget
(44)
1,281)
$ 899
(54)
$ 622
(120)
2,185
(1)045)
2,250
$ 3,270
L-1
CITY OF SANGER, TEXAS
GENERAL FUND
DETAIL SCHEDULE OF EXPENDITURES AND ENCUMBRANCES
COMPARED WITH AUTHORIZATIONS
(Continued)
FOR THE YEAR ENDED AUGUST 31, 1983
(Over)
Final Under
Budget Actual Budget
Sanitation Department:
Salaries and Wages $ 34,471 $ 21,364 $ 13 107
Supplies 2,225 - 3,014 789)
Maintenance -Landfill 1181500 487 18 013
Maintenance -Equipment 71200 9,609 2,409)
Insurance 2,612
Contract Labor 9,755/
Special Services 17,178
Other Charges _ 235
12,775 ^29)780 17,005)
Capital Outlays 1,400 1,692 (292)
76,571 $ 65,946 $ 10,625
Park Department & Planning & Zoning
Supplies $ 400 $ 572 $ (172)
Maintenance 13900 1,453 447
Other Charges 600 230 370
Capital Outlays 300 219 81
Appropriations to Other Funds
General Obligation, Interest
And Sinking Fund
$ 3,200
$
45,469
$ 45,469
2474
$ ,
$ 41,922
$ 726
$ 3,547
$ 3,547
L-2
CITY OF BANGER, TEXAS
GENERAL FUND
DETAIL SCHEDULE OF EXPENDITURES AND ENCUMBRANCES
COMPARED WITH AUTHORIZATIONS
(Continued)
FOR THE YEAR ENDED AUGUST 31, 1983
(Over)
Final Under
Budget Actual Budget
Police Department;
Salaries $ 72,733 $ 72,478 $ 255
Supplies 1a150 2,219 (12069)
Maintenance 7,150 �72811 (661)
Telephone 2,656
Insurance 2,644
Judge Fees 1,161
Utilities 1,492
Court Cost 977
Other Charges 1,644
8,050 102574 (r2)524)
Capital Outlays 419 3)987 kf13,568),
Street Department;
Salaries and Wages
Supplies
Maintenance
-
Maintenance -
Insurance
Utilities
Contract Labor
Streets Equ
ipment
Capital Outlays
and Hauling
$ 903 $ 245 $ 658
375 405 (30)
800 932 132)
4,650 42808 (158)
244
17,186
1�576
16,960 19:006 (2)046)
37,000 12,459 24,541
$ 60,688 $ 37,855 $ 22,833
L-3
cITY or sANCER, 'rrxns
UTILITY FUNll
SCHEDULE OF REVENUE - ESTIMATED AND ACTUAL
(Rounded to the Nearest Dollar)
FOR THE YEAR ENDED AUGUST 31, 1983
L'lectricity Sales
Water Sales
Sewer Charges
Sales of Material
Miscellaneous
Interest
Final
laud yet Actual
$ 160,000�'� $ 176,815
$ 177,000
70,000
2,000
3,500
3.000
$ 255,500
$ 188,203
74,870
7,787
18,288
28,441
$ 317,589
(Ove.r)
Under
Budget
$ (16,815)
$ (11,203)
(4,870)
(5,787)
(14,788)
(25,441)
$ (62,089)
�'� 'The City's budget included only an estimate of the amount of the Brazos
Electric Power Cooperative, Inc.'s guarantee.
M-1
CITY OF BANGER, TEXAS
UTILITY FUND
SUMMARY SCHEDULE OF EXPENDITURES - ESTIMATED AND ACTUAL
FOR THE YEAR ENDED AUGUST 31, 1983
Sanger Electric System
(Over)
Final Under
Budget Actual Budget
$ 1,019,079..
Water Department $ 103,041 $ 108,945.
Sewer Department 47,113 43,069 4,044
Debt Service 156,354; 172,539 (16)185)
$ 306,508 $ 324,553 (18)045)
Capital Improvements - Sanger Electric $ 33,000 $ 94,603
Contribution - Sanger Electric $ $ 5,375 $
DETAIL SCHEDULE OF EXPENDITURES - ESTIMATED AND ACTUAL
FOR THE YEAR ENDED AUGUST 31, 1983
Final
Iiucige t
Actual
Sanger Electric System�'�
Cost of Purchased Power
Labor 71,194
Other 79,484
Water Department:
(Over)
Under
Budget
Salaries and Wages $ 47,791 $ 48,801 $ (1,010)
Supplies 2,125 2,188 (63)
Repairs and Maintenance 19,900 15,864 41036
Other Charges 25,950 363338 (10)388)
Capital Outlays 7,275 5,754 1,521
$ 103,041 $ 108,945 $ (59904)
�'� The City's budget included only an estimate of the amount of Brazos
Electric Power Cooperative, Inc,'s Guarantee,
r1- 2
CITY OF SANDER, TEXAS
UTILITY FUND
DETAIL SCHEDULE OF EXPENDITURES - ESTIMATED AND ACTUAL
(Continued)
FOR THE YEAR ENDED AUGUST 31, 1983
Final
Budget
Sewer Department:
Actual
(Over)
Under
Budget
Salaries and Wages $ 18,788 $ 18,864 $ (76)
Supplies 2,975 2,373 602
Repairs and Maintenance 105900 3,493 7,407
Other Charges 12,350 172191• (4,841)
Capital Outlays 2,100 1)148 952
$ 47,113 $ 43069 $ 4,044
Debt Service:
Revenue Bonds $ 150,154 $ 161,704 $ (11,550)
Time Warrant (Computer) 6,200 5,554 646
Certificate of Obligation, 5,281 ;: (5)281)
$ 156,354 $ 172,539 $ (169185)
Capital Improvements - Sanger Electric $ 84,603
Contribution to Sanger Electric $ 5,282
M-3
CITY OF SANGER) TEXAS
PROPERTY TAX LEVIES AND COLLECTIONS
YEAR ENDED AUGUST 31, 1983
Tax Assessed Tax
Year Value Lev
Current
Collections
Total
Percent Collections Percent
1971 $ 3y768,411 $ 22,606 $I 120,418 90.32% $ 21,509 95.15%
1972 4,029,693 24,165 22,760 94.19% 23,938 99.06%
1973 4,5191878 27,119 24,482 90,28% 25,100 92.56%
1974 5,4112061 32,466 29,088 89.6O% 29,907 92.12%
1975 5,9741913 359846 33,067 92.25% 36,040 100*54%
1976 6,478,717 38,873 352643 91.69% 39,244 100.96%
1977 6,782,337 40,694 37,601 92.40% 39,885 98.00%
1978 7,740,725 46,444 419947 90.30% 44,368 95.50%
1979 8,655,680 60,821 52,391 86.10% 54,643 89.80%
1980 9,5975514 65,951 58,384 88.50% 5,652 97.10%
1981 21,3781529 106,870 992068 92.70% 8,076 100930%
1982 40,919,840 184,139 172,019 93.42% 5,917 96.63%
Tax Rate - 1968 - 1970 $ .90
1971 - 1977 .60
1978 - 1980 .70
1981 .50
1982 .45
N-1
Year Ended
August 31
CITY OF SANGER, TEXAS
PRINCIPAL AND INTEREST REQUIREMENTS
AUGUST 31, 1983
UTILITY REVENUE BONDS
Principal
Interest
Total
1984 $ 55,000 $ 101,730 $ 156,730
1985 60,000 975368 157,368
1986 65,000 92,731 157,731
1987 70,000 87,907 15.7,907
1988 75,000 82,534 157,534
1989 80,000 76,835 156,835
1990 85,000 70,823 % 155,823
1991 90,000 643152 154,152
1992 100,000 573143 1573143
1993 105,000 49,115 154,115
1994 115,000 41,165 156,165
1995 120,000 313940 1513940
1996 135,000 21,782 156,782
1997 85z000 10,838 95,838
$ 1,240,000 $ 886,063 $ 22126,063
GENERAL OBLIGATION BONDS
1984 $ 25,000 $ 14,300 $ 39,300
1985 30,000 113550 41,550
1986 35,000 8,250 43,250
1987 405000 4,400 442400
$ 130,000
$ 3II,500
168,500
N-2
CITY OF SANGER, TEXAS
ELECTRIC SYSTEM
(OPERATED BY BRAZOS ELECTRIC POWER COOPERATIVE, INC.)
BALANCE SHEET
AUGUST 31, 1983
ASSETS
Current Assets:
Cash $ 24,027
Accounts Receivable - Customers 193,767
Contributions Receivable for Construction 14,558
Prepaid Expense - Sales Tax 1,796
Total Current Assets
Restricted Assets:'
Cash - Consumer Deposits
Utility Plant:
Electric Plant in Service 1,227,424
Construction in Progress 49,324
Less: Accumulated Depreciation (461)145)
Total Utility Plant
Total Assets
LIABILITIES
Current Liabilities:
Accounts Payable - Contract Guarantee $ 21,731
Accounts Payable - Purchased Power & Operating 163,076
Total Current Liabilities
Other Liabilities:
Consumer Deposits �c},�/s
Advance from Brazos Electric Power Coop., Inc. 18,750
Due to Brazos Electric for Capital Improvement 342944
Total Other Liabilities
Contributions
City of
Sanger, Texas
$ 234,148
24,873
815,603
$ 1,074,624
184,807
78,567
990,798
Retrained Earnings (Deficit) (179,548)
Total Liabilities $ 1,074,624
N-3
CITY OF SANGER, TEXAS
UTILITY RATES
AUGUST 31, 1983
Water Rates
First 1,000 gallons (minimum)
Per 1,000 gallons thereafter
Sanitation Rates
Residential - Flat Rate
Commerical - Flat Rate
Sewer Rates
Residential - First 1,000 gallons
Per 1,000 gallons thereafter
Commercial - First 1,000 gallons
Per 1,000 gallons thereafter
Number of Connections (August 31, 1983)
Water
Sewer
Electric
Water- Usage
$ 8.00
1000
$ 5.50
6.50 - 15.50
1,147
1,090
1,222
92,995,100 gallons
N-4