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1984 Annual Financial Report0f4jl"jj\jAj Cy CITY OF SANGIR2 TIYAS ANNUAL, 1� INANCIAL RIPOR'l' YEAR END>;D AUGUST 31, 1984 I'sL);CTED CITY OFFICIALS CITY COUNCIL Nel Armstrong, Mayor Benny Bridges, Alderman Carolyn Adlcl_ns, Ad_dc�rman Freddy Inman, Alderman Danny Spindle, Alderman Harvey W. Thomas, Alderman APPOINT);D OFFICIALS L1.oyd Henderson, City Manager Mary Ja Stover, Cj.ty Secretary and Tax Assessor. -Collector c rFY OF SANGER, TEXAS TABLE OF CONTENTS P_ �F e. Accountant's Report on Financial Statements and Supplemental Schedules A.-1 FINANCIAL STATEMENTS Comb inec] Combined Balance Sheet - A11 Funds B-1 Combined Schedule of Bonds Payable B-2 General Fund Balance Sheet C-1 Statement of Changes in Fund Balance C-2 Statement of Revenue - Estimated and Actual C-3 Statement of: Expenditures and Encumbrances Compared with Authorizations C-4 Utility .Fund Balance Sheet D-1 Statement of Revenue and Expenses D-2 Statement of Changes in Retained Earnings and Fund Balance D-3 Tax and Warrant Interest and Sinlcinp Fund Balance Sheet E-1 Statement of Cash Receipts and Disbursements E-2 Capital Protects Funds Balance Sheet F--1 Statement o[ Receipts <ind Disbursements F-2 Payroll Fund Balance Sheet G-1 Revenue Sharing Fund Balance Sheet H-1 Statement of Revenues - Estimated and Actual H-2 General Funded Debt Statement of General. Funded Debt. T-1 General. Fixed Assets Statement of Changes in General Fixed Assets - By Source J-!. CITY OF SANGER, TEXAS TABLE OF CONTENTS (continued) Page NOTES TO THE FINP.NCIAL STATEMENTS Notes to the Fina.nc:ial Statements SUPPLEMEN`.[AL SCHIi;DUT,ES General Fund Detail Schedule of Expenditures and Encumbrances Compared with Authorizations L-1/L-3 Utility Fund Schedule of Revenue - 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 Ut,i_lity Revenue Bonds - Principal and Interest Requirements N-2 Electric System Balance Sheet N-3 Utility Rates N-4 ,; 3 1 i.� " Mayor and Cit}i Council City of Sanger, Texas NIE;MI3F;R: AR�EIiICAN INSTITUTE CERTIFIED F'UI31,IC ACCOUNTANTS November 16, 1984 We have examined the financial statements of the various funds and account groups of the City of Sanger, Texas fox the year ended August 31, 1984, 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 tests 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 rund and General Fixed Assets because the City"s accounting records relating to such assets are in- complete. The carrying value of such Utl.lity fund assets effects the amount of depreciation of the Utility rand. 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 oL Uti1.ity rand and General Fixed Assets and t:he resulting chari;e 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, 1984 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 preced-Ing year. Tt is our further opinion that the accounting requirements of the bond ordinances for the revenue bond issues have been met. The accompanying supplementa]. schedules and statistical section listed in the foregoing table of contents are not considered essential for the fair presentation of financial position, results of operations, or changes in financial position in conformity with generally accepted accounting principals, but are presented as additional analytical data. This 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. /G `' / G �Z�� /� Marton A. Wright, CPA M�,W : c d A-1 C LTY OIL SANGI11R, TKXAS COMBINED BALANCE SHEET - ALL FUNDS AUGUST 31, 1983 and 1984 Cash Investments Accounts Receivable Taxies Receivable Interest Receivable Other Receivable Due. From Other Funds Prepaid Expenses Restricted Assets Fixed Assets (Net) Accumulated Deficit of Amount to be Provided Due f rom HUD Total Assets ASSETS S<:+nger Electric Systc.in for Retirement of Bonds LIABILITTES Certificate of Obligation Accounts Payable Advances Payable Accrued Liabilities Due to Other Funds Deposits Otlier Liability General Obligation Bonds Payable Note Payable - First National Bank Revenue Bonds Payable Total Liabilities of Sanger RESERVES, FUND BALANCES 1983 $ 61,341 2209236 226,104 30,494 2,989 7,246 866 8,121 2227463 2,342,481 82,216 130,000 3,399 $ .3 337,956 $ 21,127 1639076 18,750 32,767 866 46,690 130,QOQ.�,= 4,952 1,240;000 L 1,659,055 AND SURPLUS Contl.ngent Liabilities Reserves: Reserve for Uncollected Taxes - Delinquent Revenue Bond Debt Service Contributions Fmid Balances Investment in General. Retained Earnings Fixed Assets Total Reserves, Fund B al_anccs, and Surplus t Toal Liabilities, Reserves, Fund Balances, and Surplus 34944 $ , 30,494 127,081 154,676 141,620 502,834 687,252 $ 1,6781901 $ 3,337,956 1984 $ 59,119 323,614 216,104 24,588 2,314 26,417 605 9,814 198,976 2,427,904 50,279 105,000 -0- $ 3,444,734 159,860 -0- 28,481 605 49,248 4,639 105,000 1-0- 1,185,000 $ 1,548,678 24,588 142,131 161,263 210,910 554,587 802,577 $ 1,896,056 $ 3,444,734 `.These financial statements and accompanying notes are subject to the accountant°s opinion. B-1 CITY OF SANG R, =4S COMBINED SCHEDULE OF BONTS PAYA3LE AUGUST 31, 1984 Final 155L'2 ''-aturlt'+ Bends CzscintionTnteresr Rates Dates Date Date Alichorized _ssued Retired Outstandinz General Obligation Bonds Series 1973 5 3/8Y 1/1, 711 1973 1983 $ 50,000 3 50,000 S 50,000 S Series 1982 10.102 5/1, 12/1 1982 1987 150,000 150,000 45,000 105,000 Utility Revenue Bonds Series 1969 6 3/4' 5/15, 11/15 1969 1985 1502000 150,000 140,000 102000 Series 1973 5 1/2% - 5 7/8% 5/157 11/15 1973 1993 295,000 295,000 75,000 2=0 000.2,tc;6oc� Series 1976 5 2 - 7;::7 5/15, 11/15 1976 1995 305,004 3057GOO 60,000 245,000 ` 6i e& Series 1977 4.97 - 67 5/15, 11/15 1977 1995 360,000 36n,000 70,000 290,000 ..-.^, Series 1982 12.71E 5/15, 11/15 L 82 1997 450,000 450 000 30,000 '20.000 �foS60 p Total Utilit.: Revenue Bonds S 1 560 000 S 1 560 000 S 375,000 S 1,185,000 %a� og�& Totals S 1 760 000 S 1 760 OGO S 470 000 S 1 290 000 %� a Q0, d & C These financ'_al statements_nd accompanying notes are subject to the accountant`s epiaion. B_2 CITY of SANGER, TExAS GENERAL FUND BALANCE SHEET AUGUST 31, 1983 and 1984 Cac�h Imveatments Due From Other Funds: General Obligation Tax Warrant HUD, Taxes Receivable - Delinquent Interest Receivable Prepaid Insurance Due From State wildlife Total Assets ASSE`i'S 1983 $ 5,228 1002091 6,672 3,399 30,494 2,004 2,606 -0- $ 150,494 LIABILITIES, RESERVES, AND FUND BAZANCE Due to Payroll Reserve For Uncollected Taxes - Delinquent Fund Balance Total Liabilities, Reserves, and Fund Balance $ 557 30,494 11.9,443 $ 150,494 198G $ 5,708 13791.90 -0- 24,588 871 4,858 26,417 $ 199,632 $ 557 24,588 1.74,487 $ 199,632 These Financial statements and accornpanying notes are subject to the accountant`s opinion. C-1 CITY OF SANGER, TEXAS GENERAL FUND STATEMENT OF CHANCES IN FUND BALANCE FOR THE YEARS ENDED AUGUST 31, 1983 and 1984 1983 Balance, Beginning of 5'ear $ 97,091 Prior Year Adjustment to Fund Balance _-0- Adjusted Beginning Fund Balance $ 97,019 Revenues $ 372,038 Expenditures (3492564) Excess of Revenues over Expenditures $ 22,474 Balance, End of Year $ 119,493 1984 $ 119,443 (6,672 $ 112,771 $ 518,136 (456,420 61,716 $ 174,487 These financial statements and accompanying notes are subject to the accountant's opinion. C-2 CITY OF SANGER, '1TMS GENERAL FUND STATEMENT 01' REVENUE m ESTIMATED AND ACTUAL (Rounded to the nearest dollar) FOR THE YEAR ENDED AUGUST 31, 1984 (Over) Final Under Bud et Actual Bud et General Property Taxes: Current Year's Levy $ 192,500 Prior Year's Levy 129726�-" Penalty and Interest 82593G Total $ 197,207 $ 213,819 $ (16,612) City Sales Tax $ 392000 $ 58,437L $ (19,437) Charges for. Services: Sanitation Service $ 82,199 Use of Equipment -0- Total $ 76,500 $ 82PI99 $ (5,699) Appropriation from Utility Fund $ -0- 47 589 ) $ (47)589) Other Revenues: Rental $ 3,902� Fines 10, 252 L_- Franchise Tax 19,577L~' Occupation Tax and Permits 7,828L- Other Fees and PerMi tS 870 �' Dump Ground 13,262v' Tax Certificates 1,162t- Interest 13,594L` Miscellaneous, Insurance 57003 Grants 40,642 L� Total $ 33. 000 $ 116,092 $ (832092) Total Revenues $ 3452707 $ 51.8,136 $ (172,429) These financial statements and accompanyi�7g notes are subject to the accountant's opinion. C-3 CITY OF SANGER, TEXAS GENERAL FUND STATEMENT OIL EXPENDITURES AN]) ENCUTIBRANCES COMPARED WITH AUTHORIZATIONS (Rounded to the Nearest Dollar) FOR THE YEAR ENDED AUGUST 31, 1984 Administrat:Cve Fine Department Police Department Street Department Sanitation Department Park Department Appropriation to Other Funds Total (Over) Final Under Bum Actual Budget $ 96,2.34 $ 107,580 $ (1.1,346) 22,775 13,913 8,862 99,508 101,733 (2,225) 63,825 54,088 9,737 87,784 102,529 (14,745) 8,300 31,832 (23,532) 4. 200 44,745 (1,545) 4?_1,626 $ 456,420 $ (34,794) These financial statement and accompanying notes are subject to the accountant's opinion. C-4 Current Assets Cash Investments Accounts Receivable (Net of Allowance Prepaid Expense Interest Receivable Total Current CITY OF SANGER, TEXAS UTILITY FUND BALANCE SHEEIr AUGUST 31., 1984 ASSETS for Bad Debt) Assets Restricted Assets Revenue Bond Debt Service Interest Receivable Investment Revenue Bond Construction Cash Customer Deposits - Brazos Total Restricted Assets Fixed Assets Electric Plant Water System Sewer System Furniture and Equipment Easement Less* Accumulated Depreciation Total Fixed Assets Accum�.�lated Deficit of Sanger Electric System, Kcimbursable by Brazos Electric Power Corporation Tota]. Assets 44,534 155,380 216,104 4,901 1o223 1,636 171,081 87 26,172 $ 1,336,389 928,480 589)810 59,088 1,500 (11041)950) $ 42`L,142 198,976 1,873,317 50,279 $ 2�544,714 These financial statement and accompanying notes are subject to the accountant's opinion. D-1 CITY OF SANGER, TEXAS UTILITY FUND BALANCE SHEET AUGUST 31, 1984 (continued) LIABILITII�.S Current Liabilities (Payable from Current Assets) Due to Payroll Account $ 309 Account Payable 159,860 (Purchase Power & Operations) Consumer Deposits 49,248 Certificate of Obligation 15,845 Total Payable from Current Assets $ 225,262 (Payable from Restricted Assets) Accrued Revenue Bank Interest Payable $ 28,481 Revenue Bonds Payable - Current Portion m 60 �000 Total Payable from Restricted Assets 882481 Total Current Liabilities $ 313,743 Oilier Liabilities Revenue Bonds Payable $ 1,185,000 Less: Current Portion (60g000) Tl. Other Llities 1, 125,000 Contributions Custome2-s $ 84,353 Others (Grant) 76,910 Total Contributions 161,263 Rei:wined Earnings and Fund Balance 9442708 Total Liabilities $ 29544,714 These financial. statements and accompany3.ng notes are subject to the accountant's opinion. D-1 CITY of SANGER, TEXAS UTILITY FUND STATEMENT OF REVENUE AND EXPENSE FOR THE YEARS ENDED AUGUST 31, 1983 and 1984 OperaCin�; Revenue: Electricity Sales Water Sales Sewer Charges Sale of Material Miscellaneous Total Operating Revenues Operating Revenue Deductions: Sanger Electric System Water Department Less: Utilities Expense and Capital Outlays Sewer Department Less: Utilities Expense and Capital Outlays Total Operating Revenue Deductions Operating Revenue Before Depreciation Depreciation Operating P.evenue Non -Operating Revenue (Expense) Excess of Sanger Electric System Revenue Over Expenses - Allocable to Brazos Interest Earnings Non -Operating Expense Interest Expense and Fees on Revenue Bonds Other Net Revenue 1983 1984 $ 1,351,544 $ 1,420,262 1885203 218,330 74,870 �_81,754 7,787 5,105 18,288 272843 $ 1,6402692 $ 1,7532294 $ 1,179,882 $ 1,252,054 78,184 79,543 29�208 35,098 $ 1,287,274 $ 15366,695 $ 353,418 $ 386,599 66,238 93,000 $ 287,180 $ 293,599 28,441 19,473 275,158 (106,704) (97,194) (18�505) (47L589) $ 190,412 $ 130,375 `lliese financial statement-s and accompanying notes are subject to the accountant's Opillloil, D-2 CITY OF SANDER, TEXAS UTILITY FUND STATEMENT OF CHANGES TN RETAINED EARNTNGS AND FUND BALANCE FOR THE YEAR ENDED AUGUST 31, 1984 Retained on Debt F.ar11 Service Balance, Beginning of Year $ 6877252 $ 127,081 Add: Net Revenue 115,325 15,050 Balance, End of Year 802,577 142,131 $ 814,333 130,375 944,708 These financial statements and accompanying notes are subject to the accountant's opin:Lon. D-3 CITY OF SANGER, TEXAS TAX AND WARRANT INTEREST AND SINKING FUND BALANCE SHEET AUGUST 31, 1983 and 1984 ASSETS 1983 1984 -0- IuveStment 9,028 19,789 Interest Receivable 96 173 Total Assets $ 12,223 $ 192962 LIABILITIES AND FUND BALANCE Fund Balance $ 121223 $ 19,962 STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS FOR THE YEAR ELIDED AUGUST 31, 1983 and 1984 Receipts: Interest $ 5,272 $ 19194 Appropriation from General Fund 482517 44,745 Total Receipts $ 532789 $ 45,939 Disbursements Landfill. Expenditures $ 68,999 $ -0- Bond Retirements 259000 25,000 Interest Payments 159369 13,100 Agent's Fees/Bank Charges _ 150 100 Total Disbursements $ 1092518 $ _38z200 Excess of Receipts Over Disbursements $ (559729) $ 72739 Cash Balance, Beginning; of Year 67z952 122223 Cash Balance, End of Year $ �12,223 $ 19,962 `1'hc�se financial statements and accompanying notes are subject to the accountant's opinion. E-1 CITY OF SANGER, TEXAS CAPTTAL PROJECTS FUNDS BALANCE SHEET AUGUST 31, 1984 ASSETS 7.4unici_pal Building Total Assets FUND BALANCE �trnd '13nlance 1973 General Obli;ations improvements $ 22,097 $ 22,097 $ 22,097 Tk�ese financial statements and accompanying notes are subject to the accountant's opiniona F-1 CITY OF SANGER, TEYAS CAPITAL PROJECTS FUNDS STATEMENT OF RECEIPTS AND DISI3URSIEMENTS FOR THE YEAR ENDED AUGUST 31, 1984 Total All Funds Initial Project Authorization $ 50,000 Fund Balance, Beginning of Fear $ 221097 Acid: Municipal Building 22,097 Deduct: Construction Project (22,097) Fund Balance, End of Year $ 22,097 These finane�ial statements and accompanying notes are suUject to the accountant°s opi_nioi.� . F®2 Cash Prepaid Insurance Due from Other Funds Total Assets CITY OF SANGER, TEXAS PAYROLL FUND BALANCE SHEET AUGUST 31, 1983 and 1984 AssETs LIABILITIES AND FUND BALANCE Payroll Taxes Payable Other Payable (Insurance, Credit Union) Fund Balance (Deficit) Total Liabilities and Fund Balance 1983 1984 $ 702 $ 5,264 ®0- 85 1� 440 605 $ 2,142 $ 5,954 $ 144 $ 3,922 683 717 1.�315 1,315 2,142 $ 5,954 These financial statements and accompanying notes are subject to the accountant's opinion° G-1 CITY OF SANCER, TEXAS 1OWNNOE SHARING FUND BALANCE SHEET AUGUST 31, 1983 and 1984 ASSETS 1983 1984 Cash Investments 8,013 11,255 Lnterest Receivable 58 47 Toi_al Assets $ 8,639 $ 149915 Fund Balance LIABILITIES AND FUND BALANCE � 8,639 $ 14,915 ANALYSIS OF CHANGES IN FUND BALANCE FOR THE YEARS ENDED AUGUST 31, 1983 and 1984 1983 1984 Balance, Beginning of Year $ 7,562 $ 8i639 Addo Excess of Revenues Over Expenditures Revenue 13,194 14,911 Expenditures (12,117) (89635) Total $ __ 1,077 $ 6L276 Balance, End of Year $ 8,639 $ 141915 These financial statements and accompanying notes are subject to the accountant's ah:i_nion6 �I CITY OF SANGER, TEXAS REVENUE SHARING FUND STATEMENT OF REVENUE - ESTIMATED AND ACTUAL (Rounded to the Nearest Dollar) FOR THE YEAR ENDED AUGUST 31, 1984 Fourteenth Entitlement Period Fifteenth Entitlement Period Interest Income Total (over) Fl.nal Under budget Actual Budget $ $ 32517 $ 99500 10,704. (4,721) - 0- 690 (690) $_ 9�500 $ 14911 $ (5,411) SUMMARY STATEMENT OF EXPENDITURES COMPARED WITH AUTHORIZATIONS FOR THE YEAR ENDED AUGUST 31, 1984 (Over) Final Under Buffet Actual Budget Capital Expenditures: Environmental Protection $ 3,100 $ 4,000 $ (900) Public Safety 8, 135 4�635 _ 3�500 Total Capital Expenditures $ 11,235 $ 8,635 $ 2�600 These financial statement anal accompanying notes are subject L-o the accountant's opinion, H-2 CITY OF SANGER, TEMS STATEMENT OF GENERAL FUNDED DEBT AUGUST 31, 1983 and [984 ASSETS 1983 1984 Amounts to be Provided for Retirement- of Debt $ 1.30 t�000 $�105,000 Total Assets 1.30� 000 $ 105,000 LIABILITIES AND FUND BALANCE Warrants Payable-0- General Obligation Bonds Payable �130,000 i105,C00 Total Liabilties and Fund Balance $ 130,000 $ 105y000 These financial statements and accompanying notes are subject to the accountant s opinion a I-1 CITY OF SANGER, `I- EMS STATEMENT OF CHANGES IN GENERAL FIXED ASSETS - BY SOURCES (Rounded to the Nearest Dollar.) FOR THE YEAR ENDED AUGUST 31, 1984 General Fixed Assets Beginning; of Year Deletions Additions Expenditures from General General Fixed Assets End of Year Improvements Machinery Other Than and Total Land Buildi-1IR Building Equipment $ 502,II34 $ 58,683 51,753 554,587 $ 58,683 125,945 $ 175,974 49,040 125,945 $ 225,014 $ 142,232 2,713 144P945 These. financial statements and accompanying notes are subject to the accountant's opinion, J-1 CITY OF SANGER, TEXAS TES TO THE FINANCIAL STA`I'MENTS AUGUST 31, 1984 1. SUIVIIVIARY OF SIGNIFICANT ACCOUNTING POLICIES The accounting policies of the City of Sanger, Texas conform to generally accepted accounting principles as applicable to governmental units. The following Ls a summary of significant policies: Basis of Account The accounting records for general governmental operations are maintained on a modified accrual 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 statement for utility anil 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 Lite 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 San er Electric S,,ystem 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. SANGER ELECTRIC SYSTEM The City has entered into an agreement, dated January 1, 197] and amended July 11, 1973 with Brazos Electric Power Cooperative, Inc., (Brazos) whereby Brazos has assumed full responsibility for the operations 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 minl.mum annual income from the operation of the system of an amount equal to the greater amount yielded by the niethods described below. K-1 CITY OF SANGER, 'TEXAS NOTES TO THE FINANCIAL STATEMENTS (Continued) AUGUST 31, 1984 Method A 1. An amount equal to 5% of the gross annual revenues derived from operation or the City Is systems and, 2. An amount equal to ad valorem which the City would otherwise receive from 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 annunie, and, 4. An amount equal to the annual interest and principal requirements for the exJ,_sting 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, Me.i:hod 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 9%, 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 reveues of the Utility Fund. 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 are not sufficient funds available in the required interest and sinking funds. For the year ended August 31., 1984, the required interest a.nd sinking, funds were adequately maintained and the required amounts of reserve and emergency funds had been established. K-2 CC'IY 01le SANGER, '1'HAS NOTES TO THE FINANCIAL STATEMENTS (continued) AUGUST 31, 1984 5. CERTIFICATE OF OBLIGATION The City of Sanger entered into an agreement with the First National Bank of Stringerwith regards of -Issuing a Certificate of Obl.Igntlon 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. 6. SI?CURITY 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 $922,395.58 as security for the City's cash accounts. i K-3 CITY OF SANGER, FEXAS GENERAL FUND DETAIL SCHEDULE OI'' EXPENDITURES AND ENCUMBRANCES COMPARED 14ITII AUTHORIZATIONS FOR 'CITE YEAR ENDED AUGUST 31 , 1984 Final Bridget Ad:ninistrati.ve: Salaries and ldages $ 58,609 Supplies $ 1.2525 Maintenance $ 2 950 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 and Fees Capital Outlay Fire Department: Salaries and Idages 32,050 (Over) Under Actual Bud et $ 1. 996 $ (471) 2,445 $ 505 1,825 2,989 11,812 261 2,576 2,515 2,940 3,559 299 1, 14 1 1,834 3,636 756 $ 362143 $ (42093) $ 1�992 $ (892) $ 96,234(11,346) 12440 $ 1,440 $ -0- 400 1,265 (865) 4,300 1,464 2,836 99700 9,419 281 6,935 325 6,610 $ 225775 $ 13,913 $ 8 862 These Financial statements and accompanyj.ng notes are subject to the accountant's ohin:ion L-1 CITY OF SANGER, TEXAS GENERAL FUND DETAIL SCHEDULE OF EXPENDITURES AND ENCUMBRANCES COMPARED WITH AUTHORIZATIONS (Continued) FOR THE YEAR ENDED AUGUST 31, 1984 (Over) Final Under BudLet Actual Budget Police Department: Salaries $ 772358 $ 77�180 $ 178 Supplies $ 1,350 $ 1,42.9 $ (79) Maintenance $ 7 650 $ 7L069 $ 581 Telephone $ 25387 Insurance 2,436 Judge Fees 1,200 Utilities 2,092 Court Costs 1,058 Gasoline 4,964 Other Charges _ _ 1,645 $ 9,350 $ 15,782 $ (6,432) Capital Outlay $ 3�800 $ 273 $ 32527 Street Department: Supplies Maintenance - Maintenance Gasoline Insurance Utilities Contract Labor Miscellaneous Capital Out7_ay Streets Equipment and Hauling $ 99_,508 $ 1o1z733 $ (2Z225) $ �650 $ 3,612 $ 1,038 $ 3,743 257 21,256 1,406 501 $�18�500 $ 27,163 _$ (89663) $ 39,500 $ 22�192 $ 172308 $ 631825 $ 54,088 $ 9,737 '1'he�>e financial. sL'atemr.nt, and accompanying note,; are aub,ject to the accountants op:Lnion . L-2 CITY OF BANGER, TEXAS GENERAL FUND DETAIL SCHEDULE OF EXPENDITURI�S AND ENCUMBRANCES COMPARED WITH AUTHORIZATIONS (continued) FOR THE YEAR ENDED AUGUST 31, 1984 Sanitation Department: Sal.ar.ies and Wages Supplies Maintenance - Landfill Maintenance - Equipment Insurance Contract- Labor Special Services Gasoline Other Charges Capital Outlay Park Department, Planning, and Zoning Supplies Maintenance Other Charges Capital Outlays Appropriations to Other Funds General Obligation, Interest and Sinking Fund (Over) Final Under Buffet Actual Bud et $ 35,i12 $ 35,166 $ 246 $ 1�850 $ 2,214 $ (364) $ 18�500 $ 593 $ 17,907 $ 8,200 $ 15,087 $ (6,887) $ 5,401 19,623 13,792 8,170 _ 2,360 _ $ L2,422 $ 49,346 $ (26,924) $_ 1,400 $ 123 $ 1,277 87,784 $ 102,529 $ (14,745) $ 400 $ 259 $ 141 2,800 1,768 1,032 3,600 2,957 643 1,500 26,848 (25,348) $ 8,300 $ 31,832 $ (23Z532) $__43,200 $ 44,745 $ (1,545) i These financl.al statements and accompany3.ng notes are subject to the accountant's opinion, L-- 3 CITY Ob SANGER, 'TEXAS UTILITY FUND SCHEDULF OF REVENUE _ ESTTMATED AND ACTUAL (Rounded to the Nearest Dollar) FOR THE YEAR ENDED AUGUST 319 1984 (Over) final Under Budget Actual Budget Electricity Sales $ 173,000%t $ 179,376 $ (3,566) Water Sales $ 180,000 $ 218,330 $ (38,330) Sevier Charges 74,000 81,754 (7,754) Sales of Material 2,500 5,105 (2,605) Miscellaneous 4,500 13,612 (9,11?_) Int.crest 2,000 19,47.3 0.7,473) Grant 142231 (14,231) 263,000 $ 352 505 $ (89,505) >'� l'he City's budget included only an estimate of the amount of the Brazos E-i-ectric Power Cooperative, Inc.'s guarantee. These financial statements and accompanying notes are subject to the accountant's opinion e M-1 CT`1'Y OI' SANGEIt, 'i'EXAS U7'ILTTY FUND SUlwtA1ARY SCHEDULE OF EXPENDITURES - ESTIMATED AND ACTUAL FOR T1IE YEAR ENllED AUGUST 31, 1984 Fina:1 Bud�;c t Sanger Electric System Actual $ 1,469,197 (Over) Under Bud et Water Department $ ll5,788 $ 121,200 $ (5,412) Se�,c:r Dcpar.tment 51,537 100,959 (49,422) Debt Service __ 156�256 ___. 162�728 __�6�472) $ 323�581 $ 384,887 $ (61,306) Capital Improvements - Sanger Electric $ 46,000 $ 65,494 $ (19,49�E) Sanger Electric Transfer to General Fund DETAIL SCHEDULE OF T'XPENDITURES - ESTIMATED AND ACTUAL FOR THE YEAR ENDED AUGUST 31, 1984 Fiva1 Budd Sanger Electric System* Cost of Purchased Power Labor Othet Actual $ 1,103,966 93,s37 93 ,536 (Over) Under Budget 1, 291, 339 Wal.er. Department Salaries and l�iag;es $ 53,738 $ 44,055 $ 9,683 Supp1_ies 3, 4?..5 2, 650 775 Repairs and Iutaintenanr_e 19,350 17,587 1,763 Other Charges 32,750 50,007 (17,257) Capital Outlays � 6p,525 6,901 p_ (376) $ 115 788 $ 121,200 $__ (5�412) * 'Che city's budget :1.ncluded only an estimate of the amount of Brazos Electric Power Cooperative, Inc.'s Cuarant:ee. Thcsc �lnancLa1 statomea�ts and accompanyan�; notes nre subject to the accountant's opinion, M-2 CITY OF SANGER, '1'1JXAS UTILITY FUND DETAIL SCHEDULE OF EXPENDITURES - ESTIMATED AND ACTUAL (continued) FOR THE YEAR ENDED AUGUST 31, 1984 (Over) Final Under Budget Actual Bud et Sewer DepartmenL: Salaries and Wages $ 19,987 $ 182046 $ 1,941 Supplies 21825 4,445 (1,620) Repairs and Maintenance 95900 42863 5,037 Other Charges 16,725 21,923 (5,198) Capital Outlay 2�100 512682 (49,582) $ 51,.537 $ 100,959 $ (492422) Debt Service: Revenue Bonds $ 156,256 $ 152,194 $ 4,062 Time Warrant (Computer) -0- 5,253 (5,253) Certificate of Obligation —�0- 5�281 (51281) $ 1561256 $ 1622728 $ (65472) Capita]_ Improvements - Sanger Electric $ 65,494 These financial statement and accompanying notes ar.e subject to the accountant's opinion. M-3 CITY OF SANGER, TEXAS P1,OPERTY TAX LEVIES AND COLLECTIONS YEAR ENDED AUGUST 31, 1984 Tax Assessed Tax Current Total Year Value Leyy Collections Percent Collections Percent 1971 $ 3,768,411 $ 225606 $ 20 418 90.32% $ 21,509 95.15% 1972 41029,693 24,165 22,760 94.19% 239938 99.06% 1973 4,5195878 27,119 249482 90.28% 25;100 92.56% 1974 51411,061 32,466 29,088 89.60% 299907 92.12% 1975 55974,913 35,846 33,067 92.25% 36,040 1.00.54% 1976 6,478,717 38,873 35,643 91o69% 39,244 100e96% 1977 6,782,337 405694 379601 92,4O% 39,885 98.00% 1978 7,740,725 46,444 41,947 90.30% 44,368 95.5O% 1979 8,6551680 60,821 529391 86olO% 545643 89.8O% 1980 9,5979514 65,951 589384 88.50% 645036 97olO% 1981 21,3789529 106,870 999068 92.7O% 107,144 100.30% 1982 401919,840 184,139 172,019 93.42% 177,936f 96.63% 1983 43,073,043 202,443 192,500 95,09% 205,226 101*37% Tar: Rate: 1.971-1977 $ .60 1978-1980 .70 1981 o50 1982 .45 1983 .47 T1�ese financial statements and accompanying notes are subject to the accountant's opilliOn. N-1 Year Ended Au Lust 31 CITY OF SANGER, i'EXAS PRTNCTPAL AND TNTEREST IMQU-MEMEN'T'S AUGUST 31, 1984 UTILITY REVENUE BONDS Principa"1 Interest Total 1985 $ 60,000 $ 97,081 $ 157,081 1986 65,000 91,631 156,631 1987 70,000 87,994 157,994 1988 75,000 829671 157,671 1989 801000 77,022 1575022 1990 85,000 71.,060 156,060 1991 90,000 64,452 154,452 1992 100,000 57,506 157,506 1993 105,000 49,552 1549552. 1994 115,000 41,678 1569678 1995 120,000 37,553 157,553 1996 135,000 22,395 157,395 1997 85s 000 11 050 96,050 $ 1,185,000 $ 791,645 $ 1�976,645 GENERAL OBLIGATION BOt•TDS 1985 $ 30,000 $ 10,600 $ 40,600 1986 35,000 7,600 42,600 1987 404000 _ 4z100 41fP_100 $ 105 O00 $ 22,300 $ 127,300 These financial statements and t:lte accompany9n8 notes are subject to the accountant's opinion. N-2 CITY OF SANGER, TEXAS ELECTRIC SYSTEM (OPERATED BY BRAZOS ELECTRIC POWER COOPERATIVE, INC.) BALANCE SHEET AUGUST 31, 1984 ASSETS Current Assets Cash Accounts Receivable - Customers Contributions Receivable for Construction Prepaid Expense - Sales Tax Total Current Assets Restricted Assets Cash - Consumer Deposits Utility Plant Electric Plant in Service Less: Accumulated Depreciation Total Utility Plant 18,771 176,595 18,495 2.682 $ 1,336,389 (491,290) 216,543 26,172 $ 845,099 Total Assets $ 1,087,814 LIABILITIES Current Liabilities Accounts Payable - Contract Guarantee $ 249541 Accounts Payable. - Purchased Power and Operating 141,366 Total Current Liabilities $ 165,907 Other Liabilities Consumer Deposits $ ?_6,172 Due to Brazos Electric for Capital Improvement 18 495 Total Other Liabilities $ 44,667 Contributions City of Sanger, Texas 1,057,597 Remained Earnings (Deficit) (180,357) Total Liabilities $ 1, 087,814 These financial statements anc:l .accompanying notes ire subject to the acco�rntant's opinions N-3 CITY OF SANGER, 'TEXAS UTILITY RATES AUGUST 31, 1984 Water Rates First 1,000 gallons (minimum) Per 1,000 gallons thereafter Sanitation Rates Residential - Flat Rate Commercial - 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. Co�.lnc�ctions (August 31, 1984) Water Sewer Electric Water Usage $ 8000 1.00 $ 5.50 6.50 - 15.50 .40 .40 1,278 1,230 1,280 113,692,000 gallons These financial statements and accompanying notes are subjeck to the accountantPs opinion. N-4