1990 Annual Financial ReportAUDIT REPORT
•■ THE FISCAL YEAR ENDED
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TEXAS
76201
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ELECTED CITY OFFICIALS
CITY COUNCIL
Nel Armstrong
Jerry Jenkins
Margie Braxton
Danny McDaniel
Carroll McNeill
Harvey W. Thomas
APPOINTED OFFICIALS
John Hamilton
Rosalie Garcia
Mayor
Alderman
Mayor ProTem
Alderman
Alderman
Alderman
Alderman
City Manager
City Secretary
Tax Collector
CITY OF SANGER, TEXAS
TABLE OF CONTENTS
SEPTEMBER 30, 1990
Accountants Report of Financial Statements and
Supplemental Schedules
Combined Balance Sheet -All Funds
Combined Statement of Revenue, Expenditures, and Changes
I
n Fund Balances -All Governmental Fund Types
Statement of Revenue, Expense, and Changes in Retained
Earnings -Proprietary Fund
Statement of Cash Flows - Proprietary Fund
Notes to Financial Statements
Balance Sheet -General Fund
Statement of Revenue, Expendituresand Ch
Balances -General Fund , anges in Fund
Statement of Revenue, Expenditures, and Changes in Fund
Balances -Budget versus Actual -General Fund
Balance Sheet -Enterprise Fund
Schedule of Revenue and Expenditures -Enterprise Fund
Schedule of Revenue and Expenditures -Budget versus
Actual -Enterprise Fund
Statement of General Funded Debt
Statement of Changes in General Fixed Assets -By Source
Combined Schedule of Bonds Payable
Property Tax Levies and Collections
Utility Revenue Bonds -Principal and Interest Requirement
Utility Rates
Page
1
2-5
6-7
8
9
10-17
18
19-20
21
22-23
24
25
26
27
28-29
30
31
32
CERTIFIED PUBLIC ACCOUNTANT
(917) 666.2449
520 SOUTH HIGHWAY 377 P,O, 60X 33 PINT POINT, TEXAS 76255
December 19, 1990
To the City Council
City of Sanger, Texas
We have audited the accompanying financial statements of the City
of Sanger, Texas, as of September 30, 1990, and for the year then
ended as listed in the table of contents. These financial
statements are the responsibility of the City of Sanger, Texas,
management. Our responsibility is to express an opinion on these
financial statements based on 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 financial statements are free of material misstatement.
An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as
the overall financial statements presentation. We believe that
our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of the City of Sanger, Texas, as of September 30, 1990, and
the results of its operations and cash flows of its proprietary
fund types for the year then ended in conformity with generally
accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the
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 financial statements of the City of Sanger, Texas.
Such information has been subjected to the auditing procedures
applied in the audit of the financial statements and, in our
opinion, is fairly presented in all material respects in
relation to the financial statements taken as a whole.
� r
J9 in P. Graves
Certified Public Accountant
Certified Internal Auditor
Certified Fraud Examiner
CITY OF SANGER, TEXAS
COMBINED BALANCE SHEET
ALL FUND TYPES AND ACCOUNT GROUPS
SEPTEMBER 30, 1990
Assets
CASH AND INVESTMENTS:
Cash (Note 8) $
Certificates of Deposit
and Savings (Note 7)
RECEIVABLES:
Taxes
Accounts (Net)
Other
DUE FROM OTHER FUNDS
INVENTORY - at cost (Note 9)
RESTRICTED ASSETS:
Investments at cost
PROPERTY, PLANT, AND EQUIPMENT:
Land/Easement
Building
Water System
Sewer System
Electric System
Equipment
Improvements
Accumulated Depreciation
AMOUNT TO BE PROVIDED FOR RETIREMENT
OF GENERAL LONG-TERM DEBT
Governmental Fund Types
Special Debt Library
-General--Revenue--Service-Projects
6,067 $
84,310
102,073
154
7,462
---------------------------
TOTAL ASSETS --------
See Notes to Financial Statements
2
Proprietary Fund Account Groups Totals
---------------- -------------------- ------------------------
General General
Fixed Long -Term (Memorandum Only)
Enterprise Assets Debt 1990 1989
--------------------------------------------------------------------
$ 221686
88,586 172,896
102,073
299,626 299,626
10,178 10,332
7,462
10,192 10,192
816,699 816,699
1,500 58,683 60,183
125,945 125,945
11076,536 11076,536
11805,221 11805,221
11528,464 1,528,464
293,308 380f695 674,003
14,623 491,647 506,270
(11814,007) (11814,007)
$ 98,040
136,799
87,380
2941277
73,550
61,445
60,183
125,945
943,290
1,790,298
1,528,466
591,095
489,178
(1,648,489)
564,519 564,519 663,106
--------------------------------------------------------------------
$ 41153,612 $ 11056,970 $ 564,519 $ 51975,167 $ 61144,045
3
CITY OF SANGER, TEXAS
COMBINED BALANCE SHEET (CONT'D)
ALL FUND TYPES AND ACCOUNT GROUPS
SEPTEMBER 30, 1990
Liabilities -and -Fund -Equity
LIABILITIES:
Accounts Payable $
Due to other funds
Customer Deposits
Deferred tax revenue
PAYABLE FROM RESTRICTED ASSETS:
Revenue bonds payable (Current)
Accrued Interest Payable
REVENUE BON
Governmental Fund Types
-----------------------------
Special Debt Librar
General Revenue Service Projec
----------------------------------
102,073
DS PAYABLE (Less Current)
CERTIFICATES OF OBLIGATION
INSTALLMENT NOTE PAYABLE
TOTAL LIABILITIES
FUND EQUITY:
Contributed capital
Investment in general
fixed assets
Retained Earnings
Reserved for revenue
bond retirement
Unreserved
Fund Balances
Unreserved
Undesignated
TOTAL FUND EQUITY
------------------------
$
-----------------------------
89,809 $
-------------------------------
TOTAL LIABILITIES & FUND EQUITY ------
$ 2001066 $ $ $
See Notes to Financial Statements
Proprietary Fund Account Groups Totals
------------------ ------------------ ---------------------
General General
Fixed Long -Term (Memorandum Only)
Enterprise Assets Debt 1990 1989
------------------------------------------------------------------
$ 130,880 $ $ $ 130,880 $ 122,073
72,695
63,790 63,790 61,108
102,073 86,811
1051000 105,000 95,000
52,232 60,416 48,062
11455,000 1,455,000 1,565,000
520,000 520,000 585,000
18,410 44,519 62,929 107,781
------------------------------------------------------------------
$ 11825,312 $ $ 564,519 $ 21500,088 $ 21743,530
$ 100,196 $ $ $ 100,196 $ 100,196
1,056,970 1,056,970 1,026,348
871,231 871,231 871,231
1,356,873 I 1,356,873 1,374,677
89,809 28,063
------------------------------------------------------------------
$ 21328,300 $ 11056,970 $ $ 31475,079 $ 31400,515
------------------------------------------------------------------
$ 41153,612 $ 11056,970 $ 564,519 $ 51975,167 $ 61144,045
5
COMBINED STATEMENT OF
J FOR
' w
CITY OF SANGER, TEXAS
REVENUES, EXPENDITURES, AND
ALL GOVERNMENTAL FUND TYPES
THE YEAR ENDED SEPTEMBER 30,
REVENUES:
Ad valorem taxes,
penalties, and interest
Franchise taxes
Municipal sales tax
Sanitation
Court/Fines
Intergovernmental revenue
Interest Income
Miscellaneous
Forgiveness of Debt (Note 6)
TOTAL REVENUES
EXPENDITURES:
Current:
General Government
Public Works
Public safety
Non -departmental
Capital Outlay
Debt Service:
Principal Retirement
Interest
Fees
TOTAL EXPENDITURES
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES
OTHER FINANCING SOURCES (USES):
Operating transfers in
Operating transfers out
TOTAL OTHER FINANCING
SOURCES (USES)
EXCESS OF REVENUES AND OTHER
SOURCES OVER (UNDER)
FUND BALANCES -BEG. OF YEAR
FUND BALANCES -END OF YEAR
CHANGES IN FUND BALANCES
1990
Governmental Fund Types
------------------------------
Special Debt Library
-General--Revenue--Service--Projects
$
$ 350,751 $ $
24,016
93,490
159,162
18,525
10,452
57,420
68,374
266,028
241,696
3 0,622
93,976
60,536
757
-------------------------
$ (44,965)
$ 106,711
---------------------------
$ 106,711 $ $
$ 61,746
$
-------------------------
(Note 5)$ 28,063 $
$ 89,809 $ $
--------------------------------------
(Memorandum Only)
1990 1989
--------------------------------------
$ 350,751 $ 347,871
24,016 28,925
93,490 95,003
159,162 145,733
18,525 17,442
11,814
10,452 61311
57,420 46,925
68,374
-----------------------------------------------
$ 782,190 $ 700,024
-----------------------------------------------
$ 133,540 $ 206,098
266,028 212,446
241,696 212,842
20,812
30,622 30,220
93,976 86,276
60,536 54,877
757 1,033
827,155 $ 824,604
(44,965) $ (124,580)
$ 106,711 $ 123,245
-----------------------------------------------
$ 106,711 $ 123,245
-----------------------------------------------
$ 61,746 $ (11335)
-----------------------------------------------
$ 28,063 $ 28,018
-----------------------------------------------
$ 89,809 $ 26,683
7
CITY OF SANGER, TEXAS
FUND
STATEMENT OF REVENUE AND EXPENSERISE AND CHANGES
FOR THE YEAR ENDED SEPTEMBER
Operating Revenue:
Electricity
Water Sales
Sewer Charges
Sanitation
Miscellaneous
Total Operating Revenues
Operating Deductions:
Sanger Electric System
Water Department
Sewer Department
Other Departmental Expense
Total Operating Deductions
Operating Revenue before Depr.
Depreciation
Operating Revenue
Non -Operating Revenue:
Interest Earnings
EPA Grant
Total Non -Operating Revenue
Non -Operating Expense:
Interest Expense and
Fees on Revenue Bonds
Transfer to Other Funds (Net)
Total Non -Operating Expense
Net Revenue
Retained Earnings:
Beginning of Year
End of Year
IN RETAINED EARNINGS
30, 1990
1990 1989
$ 11758,754 $ 11761,675
322,211 259,220
232,380 177,442
150,848 145,444
852 2,450
----------------------
$ 21465,045 $ 21346,231
$ 1,485,360 $ 1,309,833
219,548 139,709
86,977
92,128
195,771
$ 11987,656 $ 11541,670
$ 477,389 $ 804,561
--(165,518) (144,603)
--------------------
$ 311,871 $ 659,958
$ 83,360 $ 62,076
4,490
$ 83,360 $ 66,566
(256, 626) (383, 627)
-------------------
$ (413,035) $ (548,602)
$ (17,804) $----177,922
$ 21228,105 $ 21245,909
These Financial Statements are subject to the accountants opinion.
1001
CITY OF SANGER, TEXAS
ACCRUAL CASH FLOW STATEMENT
FOR THE YEAR ENDED SEPTEMBER 30, 1990
Year to Date
Cash from Operating Activities:
Sales $ 21465,045
(Increase) Decrease -Accounts Receivable 49,873
Total Cash from Customers $ 21514,918
Total Cash from Operations $ 21514,918
Cash Disbursed for Operating Activities
Cost of Sales $ 11485,360
(Increase) Decrease - Accounts Payable (71978)
Cash Paid for Merchandise $ 11477,382
Expenses:
Operating Expenses $ 924,440
(Increase) Decrease -Accrued Expenses (41170)
Less Depreciation Expense (165,518)
Cash Paid for Expenses $ 754,752
Total Cash Disbursed $ 21232,134
Net Cash from Operations $ 282,784
Cash Flow from Investing Activities:
Interest Income $ 83,360
Interest Expense (156,409)
Cash from Investing $ (73,049)
Cash Flow from Financing Activities:
Increase (Decrease) -Long Term Debt (106,298)
(Increase) Decrease Fixed Assets (166,292)
Increase (Decrease) in Fund Equity 11380
Cash from Financing $ (271,210)
Net Increase (Decrease) in Cash $ (62,527)
Reconciliation:
Cash in Bank - Operating $ (60,578)
Cash in Bank - Investments 30,834
Restricted Assets (32,783)
Net Change in Cash Accounts $ (62,527)
CITY OF SANGER, TEXAS
NOTES TO THE FINANCIAL STATEMENTS
SEPTEMBER 30, 1990
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The City of Sanger operates under a Council -Manager form of government
and provides the following services as authorized by its charter:
public safety (police and fire), highway and streets, sanitation,
health and social services, culture -recreation, public improvements,
planning and zoning, and general administrative services.
The C0t0Z comprehensive annual financial report included the accounts
of all City operations.
The accounting policies %d the City of Sanger, Texas conform to
generally accepted accounting principles. The following is a summary
of such significant policies:
Principles Determining Scope of Reporting Entity
-------------------------------------
The financial statements of the City consist only of the fund and
account groups for the City. The City has no oversight responsibility
for any other governmental entity since no other entities are
considered to be controlled by or dependent on the City. Control
or dependence is determined on the basis of budget adoption, taxing
authority, funding, and appointment of the respective governing board.
Fund Accounting
---------------
The accounts of the City are organized on the basis of fund and
account groups, each of which is considered a separate accounting
entity. The operations of each fund are accounted for with a separate
set of self -balancing accounts that comprise its assets, liabilities,
fund equity, revenues, and expenditures, or expenses, as appropriate.
Government resources are allocated to and accounted for in 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 the report, into
generic fund types and broad fund categories as follows:
Governmental Funds
------------------
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.
SPECIAL REVENUE FUNDS - The Special Revenue Funds account for revenues
derived from specific taxes or other earmarked revenue sources.
The Revenue Sharing Fund is a special revenue fund used to account
for revenue from Federal Revenue Sharing.
DEBT SERVICE FUND - The General Debt Service Fund is used to account
for the accumulation of resources for, and the payment of, general
long-term debt principal, capitalized lease obligations, interest,
and related costs.
Proprietary Funds
-----------------
ENTERPRISE FUND - The Water Works, Electric and Sewer System Fund
is used to account for the operations of the Water, Electric and
Sewer Utility Enterprise Fund. Enterprise Funds are used to account
for operations (a) which are financed and operated in a manner similar
to private business enterprises - where the intent of the governing
body is the costs (expenses, including depreciation) of providing
goods or services to the general public on a continuing basis to 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.
Fixed Assets and Long -Term Liabilities
--------------------------------------
The accounting and reporting treatment applied to the fixed assets
and long-term liabilities associated with a fund are determined by
its measurement focus. All governmental funds are accounted for
on a spending or "financial flow" measurement focus. This means
that only current assets and current liabilities are generally
included on their balance sheets. Their fund balance (net current
assets) is considered a measure of "available spendable resources".
Governmental fund operating statements present increases (revenues
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.
Fixed assets used in governmental fund type operations (general fixed
assets) are accounted for in the General Fixed Assets Account Group,
rather than in governmental funds. Public domain ("infrastructure")
general fixed assets consisting of certain improvements other than
buildings, including roads, bridges, curbs and gutters, streets and
sidewalks, drainage systems, and lighting systems, have not been
capitalized. Such assets are normally immovable and of value only
to the City, therefore, the purpose of stewardship for these items
is satisfied without recording of these assets. No depreciation
has been provided on general fixed assets.
All fixed assets are valued at historical cost or estimated historical
cost if actual historical cost is not available. Donated fixed assets
are valued at their estimated fair value on the date donated.
Long -Term liabilities expected to be financed from governmental funds
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 financing position. They are not involved
with measurement of results of operations.
Because U.L their spending measurement focus, expenditure recognition
for governmental fund types is limited to exclude amounts represented
by noncurrent 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 all liabilities (whether current or noncurrent) associated with
their activity are included on their balance sheets.
Their orted
fund equity (net total assets) is segregated into contributedecapital
and retained earnings components. Proprietary fund type operating
statements present increases (revenues) and decreases (expenses)
in net total assets.
Depreciation of all exhaustible fixed assets used b
y prop rietary
funds is charged as an expense against their operationse Accumulated
depreciation is reported on proprietary fund balance sheets.
Depreciation has been provided over the estimated useful lives using the
straight line method. The estimated useful lives are as follows:
Utility Plant 40-50 years
Improvements 20-30 years
Machinery and Equipment 5-10 years
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
measurements 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. Property Taxes are
recorded as revenue when levied even though a portion of the taxes
may be collected in subsequent years. Penalties and Interest, Court
and Miscellaneous Revenues are recorded when received in cash because
they are generally not measurable until actually received. Franchise
Taxes, Sales Taxes, Intergovernmental Revenue, and Interest Income are accrued, when their receipt occurs soon enough after the end
of the accounting period so as to be both measurable and available.
12
Expenditures are generally recognized under the modified accrual
basis of accounting when the related fund liability is incurred.
Exceptions to this general rule include principal and interest on
general long-term debt which is recognized when due.
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. Unbilled
Water Works, Electric, and Sewer System Fund utility service
receivables are recorded at year end.
Investments
Investments are stated at cost or amortized cost, which approximates
market.
Inventories
Inventory held by the Water Works, Electric, and Sewer System Fund
is priced at the lower of cost (first -in, first -out) or market.
Minimum amounts of inventory are not maintained, therefore, equity
reserves for inventory have been presented on an average cost basis.
Restricted Assets
VW67e "e
assets consist of cash and short-term investments restricted
for Water Works, Electric, and Sewer System Fund debt service.
Reserves
The City records reserves to indicate that a portion of the fund
balance is legally segregated for a specific future use.
Following is a list of all reserves used by the City and a description
of each:
Reserved for Revenue Bond Debt Service - An account used to segregate
a portion of fund balance for debt service resources legally
restricted to the payment of long-term debt principal and interest
amounts maturing in future years.
Reserved for Revenue Bond Retirement - An account used to segregate
ii'i, a portion of fund balance for debt service resources restricted to
the payment of long-term debt principal and interest amounts maturing
in future years when sufficient amounts are not reserved in bond
debt service accounts.
Reserved for Revenue Bond Contingency - An account used to segregate
a portion of fund balance for debt service resources restricted to
the payment of long-term principal and interest amounts maturing
in future years when sufficient amounts are not reserved in the bond
debt service and bond retirement reserve accounts.
13
Revenue Recognition - Property Taxes
-----------------------------------
Property taxes attach as
1. Taxes are levied on
time. All unpaid taxes
1 of the following year.
an enforceable lien on property as of January
October 1 and are due and payable at that
levied October 1 become delinquent February
Property tax revenues are recognized when they become available.
Available includes those property tax receivables expected to be
collected within sixty days after year end. Delinquent taxes are
considered fully collectable and therefore no allowance for
uncollectable taxes is provided.
General obligation Enterprise Bonds
-----------------------------------
The Water, Electric, and Sewer System Fund provides the annual debt
service requirements on certain general obligation enterprise bonds
(not secured by system revenues) issued to finance system
I
mprovements. Since the Water, Electric, and Sewer System Fund
provides the annual debt service on these general obligation
enterprise bonds, the bonds are considered to be obligations of the
Water, Electric, and Sewer System Fund and have been reported on
the balance sheet of the Water, Electric, and Sewer System Fund.
Although the general obligation enterprise bonds are reported on
the balance sheet of the Water, Electric, and Sewer System Fund they are backed by the full faith and credit of the City and are
therefore a contingent liability to the general government.
Total Columns on Combined Statements - Overview
---------------------------------
Total columns on the Combined Statements - Overview 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.
NOTE 2 - 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 onlyforpayment
and principal in the event there are not sufficientfunds lavailable
in the required interest and sinking funds. For the year ended
September 30, 1990, the required interest and sinking funds were
adequately maintained and the required amounts of reserve and
emergency funds had been established.
NOTE 3 - CERTIFICATES OF OBLIGATION/NOTES PAYABLE
Certificates of Obligation consisted of the following:
Description
General Fund -Street
Construction
8-11% interest rate
Original
Use Amount
Road Improve.
Notes Payable consisted of the following:
Description
Gainesville National Bank
of Sanger
9.5% interest rate
Gruman Emergency Products,
Inc.
8.25% interest rate
Sanger Bank
9.576 interest rate
Sanger Bank
9.5� interest rate
Gainesville National Bank
of Sanger
9.5% interest rate
TOTAL
NOTE 4 - SECURITY BOND
Use
Utility
Truck
Fire Truck
Police Car
Patchman
Fire Equipment
current
Amount
$ 700,000 $ 520,000
$ 54,487 $ 18,410
76,688 27,125
23,914 2,281
23,675 3,724
16,000 11,389
$ 894,764 $
The Gainesville National Bank of Sanger operates as the depository
bank for the City of Sanger. The Gainesville National Bank of
Sanger pledged bonds totaling $1,300,000 as security for the
City's cash accounts.
NOTE 5 - Prior Period adjustment to General Fund Equity.
On the FYE 09-30-89 audit report, the Police Reserve Checking
� account was not reported as an asset or as fund equity. The total
value of this savings account at 9-30-89 was $1,380, The
following is a recalculation of the beginning General Fund balance:
15
582
,929
Fund Balance as reported $ 26,683
Police Reserve Savings 11380
Fund Balance, as adjusted $ 28,063
NOTE 6 - FORGIVENESS OF DEBT - ENTERPRISE FUND
During FYE 09-30-901 Sanger Electric entered into a loan
agreement with the General Fund. Total funds loaned to General
Fund were as follows:
General Fund
Street Fund
Total Loans
The City Council for the
loan because funds were
General Fund would need
The debt was cancelled.
$ 60,400
7,974
$ 68,374
City of Sanger decided not to repay this
not available for repayment. Also, the
a fund transfer to pay operaerating overhead.
NOTE 7 - CERTIFICATES OF DEPOSIT - UNRESTRICTED
The following is a listing of Certificates of Deposit and savings
held by the General Fund that are unrestricted:
Library CD
Fire Truck Savings
General Fund Equip,
Street Bond Savings
Fire Department CD
Total Investments
57154 $ 1,500
197673 51757
Replacement 176891 71093
192211 17,453
57388 52,507
$ 84,310
The following is a listing of Certificates of Deposit and savings
held by the Enterprise Fund that are unrestricted:
Water Capital Reserve CD#58091 $ 4,466
Sewer Capital Reserve CD#58092 51499
Sanger Electric CD#58641 51,936
Sanger Electric CD#57167 15,598
Equipment Replacement CD#57829 11,087
Total Investments $ 88,586
16
NOTE 8 - CASH IN BANK - GENERAL FUND AND ENTERPRISE FUNDS
GENERAL FUND - The following are included in cash for the
General Fund:
General Fund Checking
Police Reserve
Fire Department
Accounts Payable
Payroll
Total
2493 $
195164
3038
12930
299
(7,737)
1,407
11,128
802
467
6,067
ENTERPRISE FUND - The following are included in cash for the
Enterprise Fund:
Sanger Electric 2535 $ 17,453
Equipment Replacement 160002 41925
Water Capital Reserve 208108 103
Sewer Capital Reserve 208116 105
Cash on Hand - Register 100
Total $ 22,686
NOTE 9 - RESTRICTED ASSETS - ENTERPRISE FUND
I
The following Certificates of Deposit and savings accounts
are held as restricted assets in the Enterprise Fund as
required by Bond Ordinances and Customer Deposits: tw
Sanger Electric Deposits 448 $ 7,880
Water Deposit 10553 61018
Sanger Electric CD #58026 127,308
Sanger Electric CD #57610 115,121
Water Deposit CD #93741 25,000
Sanger Electric Deposit CD #57855 25,000
Bond Construction Checking 2543 94,429
Bond Construction Savings _82
Reserve CD #56736 C_242,000_j
Interest & Sinking Savings 192245 22,500X
Interest & Sinking CD #57183 8814001�
Emergency CD #57829 13,65,4
Emergency Checking 160101 420
Interest & Sinking CD #58117 48,887x
Total $ 816,699
17
CITY OF SANGER, TEXAS
GENERAL FUND
BALANCE SHEET
SEPTEMBER 30, 1990
Cash (Note 8)
Investments (Note 7)
Due from other Funds
Taxes Receivable -Delinquent
Fire Department CD (Note 7)
Other Receivables
TOTAL ASSETS
ASSETS
Sept. 30,
1990
$ 6,067
31,803
7,462
102,073
52,507
154
$ 200,066
LIABILITIES, REVENUES, AND FUND BALANCE
---------------------------------
Accounts Payable
Interest Payable
Reserve for Uncollected
Due to Other Funds
Fund Balance (Note 5)
Taxes -Delinquent
TOTAL LIABILITIES, RESERVES, AND FUND
BALANCE
8, 184
102,073
89,809
$ 200,066
Sept. 30,
1989
$ 12,583
23,836
2,855
87,380
50,000
$ 176,654
$ (460)
86,811
68,374
21,929
$ 176, 654
These financial statements and accompanying notes are subject to
the accountant's opinion.
E�3
CITY OF SANGER, TEXAS
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE
FOR THE YEAR ENDED SEPTEMBER 30, 1990
1990
1989
-------------------------
REVENUES:
Ad valorem taxes, penalties
and interest $ 350,751 $ 347,871
Franchise taxes 24,016 28,925
Municipal sales tax 93,490 95,003
Sanitation 159,162 145,733
Court/Fines 18,525 17,442
Interest Income 10,452 51901
Miscellaneous 57,420 46,311
Forgiveness of Debt
(Enterprise Fund - Note 6) 68,374
-------------------
TOTAL REVENUES $ 782,190 $ 687,186
EXPENDITURES:
General Government $ 133,540 $ 206,098
TOTAL GENERAL GOVERNMENT $ 133,540 $ 206,098
Public Works:
Sanitation $ 156,306 $ 133,356
Streets 83,730 70,270
Planning/Parks 11,449 81820
Public Works 14,543
-------------------
TOTAL PUBLIC WORKS $ 266,028 $ 212,446
Public Safety:
Police $ 200,762 $ 184,475
Fire 40,934 28,367
-------------------
TOTAL PUBLIC SAFETY $ 241,696 $ 212,842
TOTAL CURRENT EXPENDITURES $ 641,264 $ 631,386
Capital Outlay 30,622 30,220
-------------------
TOTAL EXPENDITURES $ 671,886 $ 661,606
See Notes to Financial Statements
CITY OF SANGER, TEXAS
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE
FOR THE YEAR ENDED SEPTEMBER 30, 1990
1990 1989
-------------------------
OTHER FINANCING SOURCES (USES)s
Debt Service $ (155,269) $ (142,186)
Operating transfers in 106,711 123,245
Operating transfers out
---------- ---------
TOTAL OTHER FINANCING
SOURCES (USES) $ (48,558) $ (18,941)
EXCESS OF REVENUES AND
OTHER FINANCING SOURCES
OVER EXPENDITURES AND
OTHER USES $ 61,746 $ 61639
FUND BALANCE (DEFICIT)
Beginning of Year (Note 5) $ 28,063 $ 15,290
FUND BALANCE (DEFICIT) -
End of Year $ 89,809 $ 21,929
See Notes to Financial Statements
CITY OF SANGER, TEXAS
GENERAL FUND
SCHEDULE OF INCOME AND EXPENDITURES
BUDGET VERSUS ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 1990
Excess
Over/(Under)
Budget Actual Budget
-----------------------------------
Revenue:
Ad valorem Taxes:
Penalties and Interest $ 351,752 $ 350,751 $ (11001)
Franchise Taxes 25,250 24,016 (11234)
Municipal Sales Taxes 102,250 93,490 (81760)
Sanitation 145,250 159,162 13,912
Court/Fines 18,500 18,525 25
Interest Income 3,500 10,452 6,952
Miscellaneous Income 59,130 57,420 (11710)
Forgiveness of Debt 68,374 68,374
---------------------------
Total Revenue $ 705,632 $ 782,190 $ 76,558
Expenditures:
Current:
General Government $ 118,909 $ 133,540 $ 14,631
Public Works 286,524 266,028 (20,496)
Public Safety 235,604 241,696 61092
Capital Outlay 30,622 30,622
Debt Service:
Principal Retirement 98,636 93,976 (41660)
Interest 52,570 60,536 71966
Fees 757 757
---------------------------
Total Expenditures $ 792,243 $ 827,155 $ 34,912
Excess Expenditures
Over Revenue $ 86,611 $ (44,965) $ 41,646
Operating Transfers In $ 91,711 $ 106,711 $ 15,000
Operating Transfers Out
--------- --------- ---------
Remaining Excess $ 51100 $ 61,746 $ 56,646
Fund Balance, Beginning (Note 5) 28,063
Fund Balance, Ending $ 89,809
These Financial Statements are subject to the accountant's opinion.
21
Current Assets:
---------------
Cash (Note 8)
Investments (Note 7)
Accounts Receivable
(Net of Allowance for
Inventory
Interest Receivable
CITY OF SANGER, TEXAS
ENTERPRISE FUND
BALANCE SHEET
SEPTEMBER 30, 1990
ASSETS
Doubtful Accounts)
Total Current Assets
Restricted Assets:
------------------
Customer Deposits (Note 9)
Investments at Cost (Note 9)
Total Restricted Assets
Property, Plant, and Equipment:
-------------------------------
Electric Plant
Water System
Sewer System
Furniture and Fixtures
Easement
Improvements
Less: Accumulated Depreciation
Total
Total Assets
Property, Plant,
and Equipment
22,686
88,586
299,626
10,192
10,178
63,790
752,909
1,528,464
1,076,536
11805,221
293,308
1,500
14,623
(11814,007)
$ 431,268
816,699
2,905,645
$ 4,153,612
CITY OF SANGER, TEXAS
ENTERPRISE FUND
BALANCE SHEET
SEPTEMBER 30, 1990
(Continued)
LIABILITIES AND EQUITY
----------------------
Current Liabilities:
--------------------
Accounts Payable $ 130,880
Customer Deposits 63,790
Accrued Interest Payable 52,232
Current Portion of Long -Term
Liabilities 113,017
Total Current Liabilities
Long -Term Liabilities:
----------------------
Bonds Payable 11560,000
Notes Payable 18,409
Less: Current Portion (113,017)
Total Long -Term Liabilities
Contributions:
--------------
Customers 25,314
In Aid of Construction 74,882
Total Contributions
Equity:
Retained Earnings, September 30, 1989 21245,909
Current Period Loss (17,804)
Ending Retained Earnings
Total Liabilities and Equity
23
$ 359,919
1,465,392
2,228,105
$ 4,153,612
CITY OF SANGER, TEXAS
UTILITY FUND
SUMMARY SCHEDULE OF REVENUES AND EXPENDITURES
FOR THE YEAR ENDED SEPTEMBER 1990
REVENUES:
Electricity System
Water System
Sewer System
Sanitation
Miscellaneous
Interest
Grant
EXPENDITURES:
Sanger Electric System
Water Department
Sewer Department
Debt Service
Other Departmental
Transfer to General Fund
1990
$ 1,758,754 $ 1,761,675
322,211 259,220
232,380 177,442
150,848 145,444
852 2,450
83,360 62,076
4,490
--------------------
$ 21548,405 $ 21412,797
$ 11555,440 $ 11367,455
268,256 193,553
133,707 125,265
156,409 164,975
195,771
--------------------
$ 21309,583 $ 1,851,248
(Net) $ 256,626 $ 383,627
These Financial Statements and accompanying notes are subject to
the accountants opinion.
24
CITY OF SANGER, TEXAS
ENTERPRISE FUND
SCHEDULE OF INCOME AND EXPENDITURES
BUDGET VERSUS ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 1990
Revenue:
Electric System
Water
Sewer
Sanitation
Miscellaneous
Interest
Total Revenue
Operating Expenditures:
Electric System
Water Department
Sewer Department
Debt Service
Other Departmental
Total Operating
Expenditures
Transfer to General Fund
Excess Income
Over Expenditures
Beginning Retained Earnings
Ending Retained Earnings
Excess
Over/ (Under)
Budget Actual Budget
------------------------------------
$1,620,000
305,310
232,500
23,150
11,000
$ 1,758,754
322,211
232,380
150,848
852
83,360
$ 138,754
16,901
(120)
150,848
(22,298)
72,360
------------------------------------
$2,191,960 $ 2,548,405 $ 356,445
$1,432,177 $ 1,555,440 $ 123,263
129,435 268,256 138,821
78,977 133,707 54,730
150,931 156,409 51478
181,278 195,771 14,493
-----------------------------------
$11972,798 $ 21309,583 $ 336,785
-----------------------------------
$ 241,626 256,626 $ 15,000
----------------------------------
$ (22,464)$ (17,804)$ 41660
2,245,909
$ 2,,
228105
These Financial Statements are subject to the accountants opinion.
25
CITY OF SANGER, TEXAS
STATEMENT OF GENERAL FUNDED DEBT
SEPTEMBER 30, 1990
Amounts to be provided for
Retirement of Debt
TOTAL ASSETS
ASSETS
1990
$ 564,519
$ 663,106
------------------------
$ 564,519 $ 663,106
LIABILITIES AND FUND BALANCE
----------------------------
Certificates of Obligation
Note Payable
TOTAL FUND BALANCE
5851000
44,519 78,106
------------------------
$ 564,519 $ 663,106
These financial statements and accompanying notes are subject
to the accountants opinion.
26
CITY OF SANGER, TEXAS
STATEMENT OF CHANGES IN GENERAL FIXED ASSETS -BY SOURCE
FOR THE YEAR ENDED SEPTEMBER 30, 1990
Improvements Machinery
other than and
Total Land Building Building Equipment
----- ---- -------- ----------------------
General Fixed Assets
Beginning of Year $1,026,348 $58,683 $125,945 $ 474,555 $367,165
Capital Expenditures 30,622 17,092 13,530
--------------------------------------------------
General Fixed Assets
End of Year $1,056,970 $58,683 $125,945 $ 491,647 $380,695
These financial statements and accompanying notes are subject to the
accountant's opinion.
27
CITY OF SANGER, TEXAS
COMBINED SCHEDULE OF BONDS PAYABLE
SEPTEMBER 30, 1990
--------Description
--------------
General Obligation Bonds:
Series 1986
Utilities Revenue Bond:
Series 1973
Series 1976
Series 1977
Series 1982
Series 1985
Total Utility Revenue Bonds
Totals
Final
Issues Maturity
Interest Rates Dates Date Date
--------- ------------- --------------
9.385�
05/15, 11/15 1986 1996
05/15, 11/15 1973 1993
5 1/2%-7 1/ 0 05/15, 11/15 1976 1995
4.9*-6% 05/15, 11/15 1977 1996
12.71% 05/15, 11/15 1982 1997
9.3835% 05/15, 11/15 1985 2001
These financial statements and accompanying notes are subject to the
accountants opinion.
m
Bonds
Authorized Issued Retired
$ 700,000 $ 700,000 $ 180,000 $
Outstanding
520,000
295,000 295,000 220,000 75,000
305,000 305,000 120,000 185,000
360,000 360,000 175,000 185,000
450,000 450,000 145,000 3051000
845,000 845,000 35,000 810,000
---------------------------------------------------
$2,255,000 $ 21255,000 $ 695,000 $ 11560,000
---------------------------------------------------
$2,955,000 $ 21955,000 $ 875,000 $ 21080,000
---------------------------------------------------
---------------------------------------------------
29
CITY OF SANGER, TEXAS
PROPERTY TAX LEVIES AND COLLECTIONS
FOR THE YEAR ENDED SEPTEMBER 30, 1990
Tax Assessed Tax Current Total
Year Value Levy Collections Percent Collections Percent
------------------------
1974-1979 $ 41,043,433 $ 255,144 $ 171 $ 00.07% $ 244,286
95*74
1980 91597,514 65,951 15 00.02% 64,064 97.14
1981 21,378,529 106,870 21 00.02% 107,174 100.,28
1982 40,919,840 184,139 206 00.11% 178,214 96.78
1983 43,072,978 202,443 187 00.09% 205,566 101.54
1984 44,445,069 215,559 311 00.14% 210,968 97.87
1985 51,763,572 271,672 1029 00.38% 251,426 92.55
1986 62,066,231 295,496 1250 00.42% 298,927 101.16
1987 74,735,416 308,107 2401 00.78% 282,729 91.76
1988 78,458,315 328,387 9597 02.92% 320,083 97.47
1989 81,801,369 361,971 324,642 89.6996 324,642 89.69
TAX RATE:
1971-1977
1978-1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
$ .60
.70
.50
.45
.47
.485
.524
.4740
.4163
.4181
.4425
These financial statements and
the accountants opinion.
accompanying notes are subject to
CITY OF SANGER, TEXAS
PRINCIPAL AND INTEREST REQUIREMENTS
SEPTEMBER 30, 1990
UTILITY REVENUE BONDS
Year Ended
September 30 Principal Interest Total
1991 105,000 140,737 245,737
1992 115,000 132,066 247,066
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
$ 11560,000 $ 890,411 $ 21450,411
GENERAL OBLIGATION BONDS
1991 70,000 41,300 111,300
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 8,400 113,400
--------------------------------------
$ 520,000 $ 151,400 $ 671,400
These financial statements and accompanying notes are subject to the
accountants opinion.
31
CITY OF SANGER, TEXAS
UTILITY RATES
SEPTEMBER 30, 1990
Water Rates:
First 2,000 gallons (minimum) $ 9.00
Per 11000 gallons thereafter 1.20
Sanitation Rates:
Residential - Flat Rate $ 6.50
Commercial - Flat Rate 9.00
Sewer Rates:
Residential
First 11000 gallons $ 8.00
Per 1,000 gallons thereafter 0.60
Commercial
First 11000 gallons $ 14.00
Per 11000 gallons thereafter 0.60
Number of Connections (September 30, 1990):
Water 1,457
Sewer 1,404
Electric 11741
Water Usage 121,401,200 gallons
These financial statements and accompanying notes are subject to the
accountant's opinion.