HomeMy WebLinkAboutComprehensive Annual Financial Report (CAFR)-Audit Records-9/30/2006
CITY OF
COLLE~LE,TEXAS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
YEAR ENDED SEPTEMBER 30,2006
Prepared by
Finance Department
Terry Leake
Finance Director
CITY OF COLLEYVILLE, TExAs
TABLE OF CONTENtS
YEAR ENDED SEPTEMBER 30, 2006
Page
Number
INTRODUCTORY SECTION
Letter of Transmittal.......... ........ .................... ........ ................ ........ ........................ ............. 3 - 6
Organizational Chart.................................................... ............................ ........................... 7
Certificate of Achievement.. ........ .............. ...................... .............................. ..................... 8
Principal Officials ............ ........ ...... .............................. ........ .... .................... .................. ..... 9
FINANCIAL SECTION
Independent Auditors' Report............ .................................... .............................................
13 - 14
Management's Discussion and Analysis ......... ........ .............. ........ .......... .............. .............
17-25
Basic Financial Statements
Statement ofN et Assets .............. .................. ........ ................................ .................... .......
28 - 29
Statement of Activities.. .............................. ...... ...............................................................
30 - 31
Balance Sheet - Governmental Funds .............................................................................
32 - 33
Statement of Revenues, Expenditures and Changes in
Fund Balances - Governmental Funds ........ ........ ........ ...... ............................ ...............
34 - 35
Reconciliation of the Statement of Revenues, Expenditures
and Changes in Fund Balance of Governmental Funds to the
Statement of Activities................. ................ .................................................................
36
Statement of Revenues, Expenditures and Changes in
Fund Balances - Budget and ActuaI- General Fund...................................................
37
(continued)
CITY OF COLLEYVILLE, TEXAS
TABLE OF CONTENTS
(Continued)
YEAR ENDED SEPTEMBER 30, 2006
FINANCIAL SECTION (Continued)
Basic Financial Statements (Continued)
Statement of Net Assets - Proprietary Funds ..................................................................
Statement of Revenues, Expenses and Changes in
Fund Net Assets - Proprietary Funds ...........................................................................
Statement of Cash Flows - Proprietary Funds.................................................................
Statement of Fiduciary Net Assets - Fiduciary Funds.....................................................
Notes to Basic Financial Statements .......................................... ................. ... .............. ....
Nonmajor Governmental Funds
Combining Balance Sheet................ ............... ........................... ......................................
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances ..................................................... ...... ... ......... ....... ....... '" ....
Schedule of Revenues, Expenditures and Changes in
Fund Balances - Budget and Actual- Debt Service Fund...........................................
Agency Funds
Page
Number
38
39
40 - 41
42
43 - 68
72 - 76
78 - 82
83
Combining Statement of Fiduciary Net Assets................................................................ 85
Combining Statement of Changes in Assets and Liabilities ............................................ 86
(continued)
CITY OF COLLEYVILLE, TEXAS
TABLE OF CONTENTS
(Continued)
YEAR ENDED SEPTEMBER 30, 2006
STATISTICAL SECTION (Unaudited)
Net Assets by Government .................. ............................ .......................
Changes in Net Assets .......... ..................................................................
Fund Balances - Governmental Funds ...................................................
Changes in Fund Balances - Governmental Funds ................................
Assessed Value and Estimated Actual Value
of Taxable Property... ......................................... ....... ...........................
Direct and Overlapping Property Tax Rates...........................................
Principal Property Taxpayers..................................................................
Property Tax Levies and Collections......................................................
Ratios of Outstanding Debt by Type ......................................................
Ratios of General Bonded Debt Outstanding..........................................
Direct and Overlapping Governmental Activities Debt..........................
Legal Debt Margin Information ......... .... ........... ............................. .........
Pledged Revenue Coverage ............... .... .................................................
Demographic and Economic Statistics ...................................................
Principal Taxpayers ..................................... ......................... ..... .............
Fulltime Equivalent City Government Employees by
Function/Program .......................... ..... .................................................
Operating Indicators by Function/Program ............................................
Capital Asset Statistics by Function/Program.........................................
Page
Exhibit/Table Number
1 89
2 90 - 91
3 93
4 94 - 95
5 96
6 97
7 98
8 99
9 100
10 101
11 102
12 103
13 104 - 105
14 106
15 107
16
108
17
109
18
110
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INTRODUCTORY SECTION
1
THIS PAGE INTENTIONALLY LEFT BLANK
2
February 5, 2007
To the Citizens of the City ofColleyville:
The Comprehensive Annual Financial Report of the City ofColleyville (the "City") for the fiscal year ended
September 30,2006, is hereby submitted. Responsibility for both the accuracy of the data, and completeness
and fairness of the presentation, including all disclosures, rests with the City. To the best of our knowledge
and belief, the enclosed data are accurate in all material respects and are reported in a manner designed to
present fairly the financial position, results of operations and cash flows of the various funds of the City. All
disclosures necessary to enable the reader to gain an understanding of the City's financial activities have been
included.
In developing and evaluating the City's accounting system, consideration is given to the adequacy of internal
accounting controls. These controls are designed to provide reasonable, but not absolute, assurance
regarding the safeguarding of assets against loss from unauthorized use or disposition, and the reliability of
financial records for preparing financial statements and maintaining accountability for assets. The concept
of reasonable assurance recognizes that the cost of a control should not exceed the benefits likely to be
derived, and the evaluation of costs and benefits requires estimates and judgments by management. We
believe that the City's current system of internal controls adequately safeguards assets and provides
reasonable assurance of proper recording of fmancial transactions.
As required by the City's charter, the financial statements have been audited by Pattillo, Brown & Hill,
L.L.P., a firm of certified public accountants. The goal of the independent audit was to provide reasonable
assurances that the financial statements of the City ofColleyville for the fiscal year ended September 30,
2006, are free of material misstatement. The independent audit involved examining on a test basis, evidence
supporting the amounts and disclosures in the fmancial statements; assessing the accounting principles used
and significant estimates made by management; and evaluating the overall financial statement presentation.
The independent auditor concluded, based upon the audit, that there was a reasonable basis for rendering an
unqualified opinion that the City of Colleyville' s financial statements for fiscal year ended September 30,
2006, are presented in conformity with generally accepted accounting principles (GAAP).
The Comprehensive Annual Financial Report is presented in three sections: introductory, fmancial and
statistical. The introductory section includes this transmittal letter and the City's organizational chart. The
fmancial section includes auditors' report on the fmancial statements, a narrative introduction, overview and
analysis required by GAAP in the form of the Management's Discussion and Analysis, the basic fmancial
statements, fund fmancial statements, and combining and individual fmancial statements. This letter of
transmittal is designed to complement the MD&A and should be read in conjunction with it. The City's
MD&A can be found immediately following the report of the independent auditors. The statistical section
includes selected unaudited financial and demographic information generally presented on a multi-year basis.
3
100 MAIN STREET COLLEYVILLE, TEXAS 76034 (817) 503-1000
PRomLE OF THE GOVERNMENT
On January 10, 1956, the City ofColleyville was incorporated and adopted a home-rule charter on January
15, 1977. It has a Council-Manager form of government with policy making and legislative authority vested
in a governing body consisting of a Mayor and five Council members. The Mayor and Council are
responsible for passing ordinances, adopting the budget, appointing board and committee members, and
hiring the City Manager. The City Manager is responsible for carrying out the policies and ordinances of the
Mayor and Council, overseeing the day-to-day operations of the City, and appointing department heads. The
Mayor and six Council members are elected on an at-large, non-partisan basis for three-year terms. The
three-year terms are staggered so that the Mayor and City Council persons from Place 1 and 2 are elected in
year one, City Council persons from Places 3 and 4 are elected in year two, and City Council persons from
Places 5 and 6 are elected in year three.
The City provides a full range of municipal services. These services include police and fire protection,
municipal court, streets, drainage utility, leisure services (parks and recreation, Colleyville Center and library),
water and sewer, engineering/community development, and general administrative services. Based upon the
criterion set forth in generally accepted accounting principles, the following organizations are includable within
the City's reporting entity:
Entity
Method of Inclusion
Colleyville Economic Development Corporation (CEDC)
Colleyville Crime Control and Prevention District
Colleyville Tax Investment Financing Reinvestment Zone
Zone Number One (TIP)
Blended
Blended
Discretely Presented
ECONOMIC CONDITION AND OUTLOOK
The City of Colleyville is a residential-oriented community located 11 miles northeast of the City of Fort
Worth, 22 miles northwest of Dallas and 5 miles west of Dallas/Fort Worth International Airport in
Northeast Tarrant County. Relocations of residents to the City continued in fiscal year 2006, as did
commercial development. During the fiscal year, the City issued 270 residential building permits and the
average square footage of a residence was over five thousand square feet. Also, over 260,000 square feet of
new commercial development was completed or in process during FY 2006, including an !MAX theatre in
Town Center which has six screens including the lMAX screen, and two private viewing rooms.
For the Future. Commercial development will continue in the Colleyville Town Center and in the western
corridor of the City. In the winter of2007, construction will begin on two fire stations funded in part by
General Obligation Bonds approved in 2005. Additionally, the Village at Colleyville has partnered with a
nationally recognized development company, who plan to complete the build-out of the mixed-use
development project.
Long-term Financial Planning. As a part of the fiscal year 2006 budget process, the Mayor and Council
and City Staff embarked upon developing a multi-year capital improvements program. Long-term water
storage and delivery needs in the western area of Colleyville are being addressed with the construction of a
ground storage tank and transmission lines. Additionally, the Council appointed a citizen committee to
review street infrastructure needs and financing opportunities and their recommendations will be presented
in fiscal year 2007.
4
FINANCIAL INFORMATION
Budgeting Controls. The City Charter of the City of Colleyville establishes the fiscal year as October 1
through September 30. The Charter requires the City Manager to submit a proposed budget and accompanying
budget message to the City Council each year. The proposed budget is presented to the City Council at a
budget work session. Department directors have an opportunity to make a budget presentation to the City
Council and are available for questions. Copies of the proposed budget are made available to the public and the
press and the public hearing schedule is confinned. Before the public hearings are held, notices of the public
hearings on the proposed budget are posted and published in the newspaper. After public hearings at two
consecutive regular City Council meetings, the Council may adopt the proposed budget, with or without
amendment. The budget ordinance is to be adopted no later than the 30th day of September and requires an
affirmative vote ofamajority of the Council. The Council adopts the tax rate ordinance at the same meeting as
the budget. The City maintains budgetary control by adopting an annual operating budget for the General Fund,
Debt Service Fund, Drainage Utility Fund, and Water and Sewer Enterprise Fund. Detail control is maintained
at the line item level by encumbering available funds at the time a purchase order is written. Encumbrances
lapse at fiscal year end, but can be re-appropriated through a budget amendment during the following fiscal
year. The City Manager is authorized to transfer budgeted amounts between departments within any fund.
However, any revisions that alter the total expenditures of any fund must be approved by the City Council.
Cash Management. Cash temporarily idle during the year was invested in U. S. Treasury Bills and Notes,
Agency Discount Notes and Medium Term Notes and a local government investment pool (LOGIC). The
average yield on investments for the year was approximately 3.92%. The primary objectives of the City's
investment policy, in priority order, are safety (preservation of capital), liquidity (to provide adequate and
timely working funds), and return on investment (obtaining a rate of return commensurate with investment
risk constraints and cash flow needs). All deposits were either insured by federal deposit insurance or
collateralized and the collateral was held by a trustee bank in the City's name, which is the lowest category of
risk as defmed by the Governmental Accounting Standards Board. The City currently holds the Certificate
of Distinction from the Government Treasurer's Organization of Texas for its investment policy.
Risk Management. Insurance coverage for property, liability and workers' compensation is provided by the
Texas Municipal League Intergovernmental Risk Pool, a State Insurance Pool. Contributions to the Risk Pool for
workers' rates are based on the City's past claims history. The Risk Pool retains a limit ofloss and reinsurance
companies insure the risks beyond those limits. During the fiscal year, representatives from the Risk Pool
physically reviewed City facilities to identify possible risks. City employees also participated in Risk Pool
sponsored safety training classes.
AWARDS AND ACKNOWLEDGEMENTS
Awards. The Government Finance Officers Association of the United States and Canada (GFOA) awarded
a Certificate of Achievement for Excellence in Financial Reporting to the City of Colleyville for its
comprehensive annual financial report for the fiscal year ended September 30, 2005. This was the sixteenth
consecutive year the City has received this prestigious award. In order to be awarded a Certificate of
Achievement, a government must publish an easily readable and efficiently organized comprehensive annual
financial report. This report must satisfy both generally accepted accounting principles and applicable legal
requirements.
5
A Certificate of Achievement is valid for a period of one year only. We believe that our current
comprehensive annual financial report continues to meet the Certificate of Achievement Program's
requirements and we are submitting it to GFOA to determine its eligibility for another certificate.
In addition, the City also received the GFOA's Distinguished Budget Presentation award for its annual budget
dated October 1, 2005. In order to qualify for this award, the City's budget document was judged to be proficient
in several categories, including as a policy document, a financial plan, an operations guide, and a communications
device.
Acknowledgements. The preparation of this report could not be accomplished on a timely basis without the
dedicated endeavors of the entire staff of the Finance Department. I would like to express my sincere
appreciation to all employees who contributed to the preparation. Additionally, I would also like to thank.
the Mayor, City Council, and City Manager for their support in planning and conducting the financial
operations of the City ih a responsible and progressive manner.
Respectfully submitted,
Terry Leake
Finance Director
6
CITY OF COLLEYVILLE CITIZENS OF
ORGANIZATIONAL CHART COLLEYVILLE
FISCAL YEAR 2006
LIBRARY PLANNING ZONING CRIME
BOARD AND ZONING BOARD OF CONTROL
COMMISSION ADJUSTMENT AND
I PREVENTION
DISTRICT COLLEVYILLE
LS~~ CITY ECONOMIC
I I I I
I I COUNCIL DEVELOPMENT
SIGN BOARD PARKS AND AD HOC TAX CORPORATION
OF APPEALS RECREATION COMMITTEES INCREMENT
BOARD FINANCING
DISTRICT
MUNICIPAL CITY CITY MANAGER
JUDGE ATTORNEY
COLLEYVILLE PARKS AND CITY
CENTER I RECREATION SECRETARY
BUILDING DIRECTOR
SERVICES
LIBRARY MANAGER
DIRECTOR DEPUTY
CITY MANAGER
HUMAN COMMUNICA- ASSISTANT
RESOURCES TIONS AND TO THE CITY
DIRECTOR INFORMATION MANAGER
SERVICES
MANAGER
I
FINANCE COMMUNITY PUBLIC WORKS FIRE CHIEF POLICE CHIEF
DIRECTOR DEVELOPMENT DIRECTOR
MANAGER (CITY ENGINEER)
I
PUBLIC WORKS
OPERATIONS
MANAGER
COMMUNITY &
UTILITY ECONOMIC STREETS & RESPONSE PATROL
BILLING DEVELOPMENT DRAINAGE
FLEET INVESTIGATIONS
BUILDING INSPECTIONSI
MUNICIPAL INSPECTION MAINTENANCE I NVESTIGA TIONS ANIMAL
COURT UTILITY ADMIN. CONTROL
CODE AND OPERATION
ENFORCEMENT
7
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
City of Colleyville
Texas
For its Comprehensive Annual
Financial Report
for the Fiscal Year Ended
September 30, 2005
A Certificate of Achievement for Excellence in Financial
Reporting is presented by the Government Finance Officers
Association of the United States and Canada to
government units and public employee retirement
systems whose comprehensive annual financial
reports (CAFRs) achieve the highest
standards in government accounting
and financial reporting. .
President
~/~
Executive Director
8
CITY OF COLLEYVILLE, TEXAS
HOME RULE, COUNCIL - MANAGER
FORM OF GOVERNMENT
CITY OFFICIALS
YEAR ENDED SEPTEMBER 30, 2006
David Kelly
Mayor
George Boll
Councilmember, Place 1
Tony Licata
Councilmember, Place 2
Rich Hendler
Councilmember, Place 3
Jon Ayers
Mayor Pro Tem and
Councilmember, Place 4
Tom Hart
Councilmember, Place 5
Mike Taylor
Councilmember, Place 6
William Lindley
City Manager
Terry Leake
Finance Director
9
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10
FINANCIAL SECTION
11
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12
PH~
PAT T ILL O. B ROW N & H ILL. L. L. P.
CERTIFIED PUBLIC ACCOUNTANTS. BUSINESS CONSULTANTS
INDEPENDENT AUDITORS' REPORT
To the Honorable Mayor and
Members of the City Council
City of Colleyville, Texas
We have audited the accompanying financial statements of the governmental activities, the
business-type activities, the aggregate discretely presented component unit, each major fund, and the
aggregate remaining fund information of City of Colleyville, Texas, as of and for the year ended
September 30, 2006, which collectively comprise the City's basic financial statements as listed in the table
of contents. These financial statements are the responsibility of the City's management. Our
responsibility is to express opinions on these basic fmancial statements based on our audit.
We conducted our audit in accordance with auditing standards generally accepted in the United
States of America. 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 fmancial statements.
An audit also includes assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation. We believe that our audit
provides a reasonable basis for our opinions.
In our opinion, the fmancial statements referred to above present fairly, in all material respects, the
financial position of the governmental activities, the business-type activities, the aggregate discretely
presented component unit, each major fund, and the aggregate remaining fund information of the City of
Colleyville, Texas, as of September 30, 2006, and the respective changes in financial position and, where
applicable, cash flows and the respective budgetary comparison for the General Fund, thereof for the year
then ended in conformity with accounting principles generally accepted in the United States of America.
13
401 WEST HIGHWAY 6. P. O. BOX 20725. WACO, TX 76702-0725. (254) 772-4901. FAX: (254) 772-4920. www.pbhcpa.com
AFFILIATE OFFICES: BROWNSYILLE, TX (956) 544-7778 . HILLSBORO, TX (254) 582-2583
TEMPLE, TX (254) 791-3460. ALBUQUERQUE, NM (505) 266-5904
The management's discussion and analysis on pages 17 through 25 is not a required part of the
basic financial statements but is supplementary information required by accounting principles generally
accepted in the United States of America. We have applied certain limited procedures, which consisted
principally of inquiries of management regarding the methods of measurement and presentation of the
required supplementary information. However, we did not audit the information and express no opinion
on it.
Our audit was conducted for the purpose of forming opinions on the fmancial statements that
collectively comprise the City of Colleyville, Texas' basic financial statements. The introductory section,
combining and individual nonmajor fund fmancial statements and schedules, and statistical tables are
presented for purposes of additional analysis and are not a required part of the basic fmancial statements.
The combining and individual nonmajor fund financial statements have been subjected to the auditing
procedures applied in the audit of the basic financial statements and, in our opinion, are fairly stated in all
material respects in relation to the basic financial statements taken as a whole. The introductory section
and statistical section have not been subjected to the auditing procedures applied in the audit of the basic
financial statements and, accordingly, we express no opinion on them.
w {j ~ .J-1I1J1 L. L. P.
t I
November 16,2006
14
MANAGEMENT'S
DISCUSSION AND ANALYSIS
15
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16
MANAGEMENT'S DISCUSSION AND ANALYSIS
As management of the City of Colleyville, we offer readers of the City's financial statement this
narrative overview and analysis of the fmancial activities of the City for the fiscal year ended
September 30,2006. We encourage readers to consider the information presented here in conjunction
with additional information that we have furnished in our letter of transmittal, which can be found on
pages 3 - 6 of this report. The City implemented Governmental Accounting Standards Board
Statement 34 - Basic Financial Statements and Management's Discussion and Analysis for State and
Local Governments (GASB 34) for the first time this year.
FINANCIAL HIGHLIGHTS
. The assets of the City of Colleyville exceeded its liabilities as of September 30, 2006,
by $132,987,752 (net assets). Of this amount, $38,256,588 (unrestricted net assets)
may be used to meet the City's ongoing obligations to citizens and creditors in
accordance with the City's fund designation and fiscal policies.
. The City's total net assets increased by $10,202,318.
. As of the close of the current fiscal year, the City ofColleyville's governmental funds
reported combined ending fund balances of $20,431,247. Of this amount, $19,348,566
is unreserved fund balance available for use within the City's fund designation and
fiscal policies.
. As of September 30, 2006, unreserved, undesignated fund balance for the General Fund
was $7,575,662 or 50% of the total General Fund budgeted expenditures and other
financing uses.
OVERVIEW OF THE FINANCIAL STATEMENTS
This discussion and analysis is intended to serve as an introduction to the City's basic financial
statements. The City's basic fmancial statements are comprised of three components: (1) government-
wide financial statements, (2) fund financial statements and (3) notes to the financial statements. This
report also contains other supplementary information in addition to the basic fmancial statements
themselves.
Government-wide financial statements - The government-wide financial statements, which begin
on page 28 of this report, are designed to provide readers with a broad overview of the City's fmances,
in a manner similar to a private-sector business.
The Statement of Net Assets presents information on ail of the City's assets and liabilities, with the
difference between the two reported as net assets. Over time, increases or decreases in net assets may
serve as a useful indicator of whether the fmanciaI position of the City is improving or deteriorating.
17
The Statement of Activities presents information showing how the City's net assets changed during
the fiscal year. All changes in net assets are reported when the underlying event giving rise to the
change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are
reported in this statement for some items that will only result in cash flows in the future fiscal periods
(e.g., uncollected taxes and earned but unused compensated absences).
Both of the government-wide fmancial statements distinguish functions of the City that are principally
supported by taxes and intergovernmental revenues (governmental activities) from functions that are
intended to recover all or a significant portion of their costs through user fees and charges (business-
type activities). The governmental activities of the City include General Government, Community
Development and Engineering, Fire and Rescue, Leisure Services, Maintenance, Municipal Court,
Police, and Streets and Drainage. The business-type activities of the City include Water and
Wastewater, and Drainage Utility.
Fund financial statements - A fund is a grouping of related accounts that is used to maintain control
over resources that have been segregated for specific activities or objectives. The City, like other state
and local governments, uses fund accounting to ensure and demonstrate compliance with fmance-
related legal requirements. All funds of the City can be divided into two categories - governmental
funds and proprietary funds.
Governmental Funds - Governmental funds are used to account for essentially the same functions
reported as governmental activities in the government-wide fmancial statements. However, unlike the
government-wide fmancial statements, governmental fund fmancial statements focus on current
sources and uses of spendable resources, as well as on balances of spendable resources available at the
end of the fiscal year. Such information may be useful in evaluating a government's near-term
fmancing requirements.
Because the focus of governmental funds is narrower than that of the government-wide financial
statements, it is useful to compare the information presented for governmental funds with similar
information presented for governmental activities in the government-wide fmancial statements. By
doing so, readers may better understand the long-term impact of the government's near-term financing
decisions. Both the governmental funds balance sheet and the governmental fund statements of
revenues, expenditures, and changes in fund balances provide a reconciliation to facilitate this
comparison between governmental funds and governmental activities.
Beginning on page 34 of this report, information is presented separately in the Governmental Fund
Balance Sheet and in the Governmental Fund Statement of Revenues, Expenditures, and Changes in
Fund Balances for the General Fund, which is considered to be a major fund. Data from the other
governmental funds are combined into a single, aggregated presentation. Individual fund data for
each of these non-major governmental funds is provided in the form of combining statements
elsewhere in this report.
Proprietary Funds - The City maintains one type of proprietary funds. Enterprise Funds are used to
report the same functions presented as business-type activities in the government-wide fmancial
statements. The City uses Enterprise Funds to account for the Water and Wastewater and Drainage
Utility Funds.
18
Proprietary funds provide the same type of information as the government-wide financial statements,
only in more detail. The basic proprietary fund fmancial statements which begin on page 38 of this
report provide separate information for the Water and Wastewater and Drainage Utility Enterprise
Funds since these are considered to be major funds of the City.
Notes to the Financial Statements - The notes provide additional information that is essential to a
full understanding of the data provided in the government-wide and fund fmancial statements. The
notes to the fmancial statements can be found on pages 43 - 68 of this report.
Other Information - In addition to the basic financial statements and accompanying notes, this
report also presents combining fund statements and schedules that further support the information in
the financial statements. The combining fund statements and schedules for nonmajor funds are
presented immediately following the notes to the financial statements beginning on page 72 of this
report.
GOVERNMENTAL-WIDE FINANCIAL ANALYSIS
As noted earlier, net assets may serve over time as a useful indicator of government's fmancial
position. In the case of the City of Colleyville, assets exceeded liabilities by $132,987,752 as of
September 30, 2006.
The largest portion of the City's net assets ($92,910,765) reflects its investments in capital assets (e.g.,
land, building, equipment, improvements, construction in progress and infrastructure), less any
outstanding debt used to acquire those assets. The City uses these capital assets to provide service to
citizens; consequently, these assets are not available for future spending. Although the City's
investment in its capital assets is reported net of related debt, it should be noted that the resources
needed to repay this debt must be provided from other sources, since the capital assets themselves
cannot be used to liquidate these liabilities.
Current and other assets $
Capital assets
Total assets
CITY OF COLLEYVILLE'S NET ASSETS
Governmental Activities Business-type Activities Totals
2006 2005 2006 2005 2006 2005
21,549,324 $ 21,561,854 $ 21,444,685 $ 18,906,388 $ 42,994,009 $ 40,468,242
92,768,124 87,874,144 35,676,552 35,543,442 128,444,676 123,417,586
114,317,448 109,435.998 57,121,237 54,449,830 171,438,685 163,885,828
3,110,199 2,699,448 2,248,985 1,806,789 5,359,184 4,506,237
24,275,709 25,823,288 8,816,040 10,770,869 33,091,749 36,594,157
27,385,908 28,522,736 11,065,025 12,577,658 38,450,933 41,100,394
Other liabilities
Long-term liabilities
Total liabilities
Net assets:
Invested in capital assets,
net of related debt
Restricted
Unrestricted
66,991,146
937,578
19,002,816
60,884,756
896,130
19,132,376
25,919,619
882,821
19,253,772
24,827,365
670,571
16,374,236
92,910,765
1,820,399
38,256,588
85,712,121
1,566,701
35,506,612
Total net assets
$
86,931,540 $
80,913,262 $ 46,056,212 $ 41,872,172 $
132,987,752 $ 122,785,434
19
A portion of the City's net assets ($1,820,399) represents resources that are subject to external
restriction on how they may be used. The remaining balance ($38,256,588) of unrestricted net assets
may be used to meet the City's ongoing obligation to citizens and creditors in accordance with the
City's fund designation and fiscal policies.
As of September 30, 2006, the City has positive balances in all three categories of net assets, both for
the City as a whole, as well as for its governmental and business-type activities separately.
Analysis of the City's Operations - The following table provides a summary of the City's
operations for the year ended September 30, 2006. Governmental activities increased the City of
Colleyville's net assets by $6,323,278, accounting for 60% of the total growth in net assets.
Business-type activities increased the City's net assets by $4,184,040, accounting for 40% of the
total growth in net assets.
20
CITY OF COLLEYVILLE'S CHANGES IN NET ASSETS
Governmental Activities Business-type Activities Totals
2006 2005 2006 2005 2006 2005
Revenues:
Program revenues:
Charges for services $ 4,215,128 $ 2,968,358 $ 13,187,868 $ 10,531,934 $ 17,402,996 $ 13,500,292
Operating grants
and contributions 399,819 523,704 399,819 523,704
Capital grants
and contributions 4,355,357 3,283,774 1,100,354 844,256 5,455,711 4,128,030
General revenues:
Ad valorem taxes 9,483,546 8,938,888 9,483,546 8,938,888
Sales taxes 4,355,627 3,801,369 4,355,627 3,801,369
Franchise taxes 1,790,543 1,477.749 1,790,543 1,477,749
Other taxes 76,005 53,974 76,005 53,974
Investment earnings 904,361 443,570 846,214 377,064 1,750,575 820,634
MisceIlaneous 65,313 153,947 65,313 153,947
Total revenues 25,645,699 21,645,333 15,134,436 11,753,254 40,780,135 33,398,587
Expenses:
General government 2,729,064 2,245,964 2,729,064 2,245,964
Community development
and engineering 1,267,136 1,164,345 1,267,136 1,164,345
Fire and rescue 3,814,585 3,325,103 3,814,585 3,325,103
Leisure services 3,513,992 2,923,958 3,513,992 2,923,958
Maintenance 383,504 364,434 383,504 364,434
Municipal court 270,345 238,874 270,345 238,874
Police 3,801,644 3,533,083 3,801,644 3,533,083
Streets and drainage 2,932,465 2,970,475 2,932,465 2,970,475
Water and wastewater 9,428,373 8,600,654 9,428,373 8,600,654
Drainage 548,963 433,573 548,963 433,573
Interest on
long-tenn debt 1,142,043 1,190,857 440,703 478,408 1,582,746 1,669,265
Total expenseS 19,854,778 17,957,093 10,418,039 9,512,635 30,272,817 27,469,728
Increases in net assets
before transfers 5,790,921 3,688,240 4,716,397 2,240,619 10,507,318 5,928,859
Transfers 532,357 464,393 532,357) 464,393)
Change in net assets 6,323,278 4, I 52,633 4,184,040 1,776,226 10,507,318 5,928,859
Net assets, beginning 80,913,262 76,760,629 41,872,172 40,095,946 122,785,434 116,856,575
Prior period adjustments 305,000) 305,000)
Net assets, ending $ 86,931,540 $ 80,913,262 $ 46,056,212 $ 41,872,172 $ 132,987,752 $ 122,785,434
FINANCIAL ANALYSIS OF THE GOVERNMENT'S FUNDS
Governmental funds - The focus of the City of Colleyville's governmental funds is to provide
information on near-term inflows, outflows, and balances of spendable resources. Such information is
useful in assessing the City's financing requirements. In particular, unreserved fund balance may
serve as a useful measure of a government's net resources available for spending at the end of the
fiscal year.
21
At the end of the current fiscal year, the City of Colleyville's governmental funds reported combined
ending fund balances of $20,431,247. Approximately 80% of this total amount ($19,348,566)
constitutes unreserved fund balance. The remainder of the fund balance ($1,082,681) is reserved to
indicate that is not available for new spending because it has already been committed to pay for
encumbrances or debt service or to provide for other items. Refer to page 32 of this report for a more
detailed presentation of governmental fund balances.
In the General Fund, the City originally budgeted for an decrease in the fund balance of$199,596 as a
planned reduction of excess fund balance to fund "pay-as-you-go" capital expenditures. With budget
amendments made, the final budgeted decrease in fund balance was $1,394,208, as a planned
reduction of excess fund balance to fund "pay-as-you-go" capital expenditures. The actual increase to
fund balance for the General Fund was $724,931 for fiscal year 2006.
Proprietary funds - The City's proprietary fund statements beginning on page 38 of this report
provide the same type of information found in the government-wide fmancial statements, but in more
detail.
Unrestricted net assets of the respective major proprietary funds are Water and Wastewater
($17,519,656), and Drainage Utility ($1,734,116). These funds experienced increases in total net
assets during 2006 as follows: Water and Wastewater ($3,946,649), and Drainage Utility ($237,391).
Governmental Activities - The major increase in revenues comes from the tax category. The
property tax base increased over $72 million, due to construction of new residences, businesses, and
revaluation of property. The current year tax collection rate was over 99% of the levy. There was an
increase in both license and permit revenues and engineering and inspection revenues due an increase
in both residential and commercial building permits. Fines and forfeitures were up due to an increase
in citations issued and enhanced warrant collections. Investment income is up due to higher interest
rates.
Enhancements to the fiscal year 2006 budget continue the renewed focus on street maintenance with a
budget of $650,000, which was an increase of $95,000 form the prior year. The increase in the Fire
and Police areas relate to the addition of three paramedic- firefighter positions and the hiring of a
second Lieutenant position and two public safety assistant positions. The Debt Service Fund's
expenditures increased due to larger principal payments on existing debt.
Business-type Activities - The City has two enterprise operations, the Water and Sewer Fund and the
Drainage Utility Fund. Total operating revenues of the Water and Sewer fund were $12,357,576 for
the fiscal year. Water sales increased due to a severe lack of rainfall throughout the fiscal year and a
small rate increase. Wastewater sales increased primarily due to new residential and commercial
construction. The coverage ratio for debt for this fund was 4.5 for the fiscal year. The increase in the
Drainage Utility fund's revenues was due to new residential and commercial construction and a rate
increase of $1.00 per month for residential drainage fees.
22
Increases in the Water and Sewer Fund expenses relate to the increase in cost of purchased water and
treatment of wastewater from Trinity River Authority. The Authority's increase relates to higher cost
for electricity, debt issuance for plant expansion and compliance with federal water and wastewater
mandates. Also there was an increase included in the Water and Wastewater Fund for the funding of a
Vulnerability/ Emergency Operations Manager to aid the City in meeting the requirements of the
Bioterrorism Act for community water systems. The increase in the Drainage Utility Fund expenses
relates to the addition of two drainage crew employees.
General Fund Budgetary Highlights - The City made revisions to the original appropriations
approved by the City Council. Overall, these changes resulted in an increase from the original budget
of $14,936,142. The increase was for the funding of sales tax incentive agreements and the
acquisition of fIre department capital equipment.
The General Fund's overall budgeted revenue increased by $800,063. The major increase was due to
an anticipated increase in sales tax collections and strong current and delinquent tax collections.
Additionally, there were 270 permits issued for new residences and strong new commercial activity,
which provided increased budgetary revenues.
Refer to the General Fund Statement of Revenue, Expenditures and Changes in Fund Balances -
Budget and Actual on page 37 of this report for a detailed presentation of the actual General Fund
operations compared to both the original and final budget for fiscal year 2006.
CAPITAL ASSETS
The City ofColleyville's investment in capital assets for its governmental and business-type activities
as of September 30, 2006, amounts to $128,444,676 (net of accumulated depreciation). This
investment in capital assets includes land, building, equipment, improvements other than buildings,
infrastructure and construction work in progress. Major capital asset events occurring during the
current fIscal year included the following:
. Capitalized approximately $.4 million in drainage improvements and contributions;
. Capitalized approximately $4.2 million in street improvements and contributions;
. Capitalized approximately $1.4 million on various water and wastewater system
projects and contributions; and
. Acquired land and building totaling approximately $1.5 million to be renovated as
a Senior Center.
23
CITY OF COLLEYVILLE'S CAPITAL ASSETS AT YEAR-END
Governmental Activities Business-type Activities Totals
2006 2005 2006 2005 2006 2005
Land $ 8,166,060 $ 7,292,291 $ 313,057 $ 313,057 $ 8,479,117 $ 7,605,348
Buildings and improvements 31,917,131 31,623,092 53,922 53,922 31,971,053 31,677,014
Equipment 6,453,615 5,943,474 1,042,720 1,099,220 7,496,335 7,042,694
Infrastructure/water
distribution sewer collection 62,994,921 58,555,434 52,343,136 50,519,782 115,338,057 109,075,216
Construction in
progress 6,111,505 4,884,985 797,241 1,050,582 6,908,746 5,935,567
Less: accumulated
depreciation 22,875,108) 20,425,132) 18,873,524) 17,493,121) 41,748,632) 37,918,253)
Total capital assets $ 92,768,124 $ 87,874,144 $ 35,676,552 $ 35,543,442 $ 128.444,676 $ 123,417,586
Additional information on the City's capital assets can be found in Note 4, pages 57 - 60 of this
report.
DEBT ADMINISTRATION
At the end of the current fiscal year, the City of Colleyville had total bonded debt, notes payable and
capital lease obligations of $35,620,336. Of this amount, $10,665,000 represents bonded debt backed
by the full faith and credit of the government, $14,794,008 represents bonds secured by sales tax
revenues, $7,365,000 represents bonds secured solely by water and sewer revenues, and $2,365,000
represents bonds secured solely by drainage utility system revenues. The City's capitalized lease
obligations of $431,328 pertain to the purchase of an asphalt distributor, mini-excavator, skid steer
loader, and fire pumper truck.
OUTSTANDING DEBT AT YEAR-END
BONDS, NOTES AND CAPITALIZED LEASE OBLIGATIONS PAYABLE
Governmental Activities Business-type Activities Totals
2006 2005 2006 2005 2006 2005
General obligation bonds
and certificates of
obligation $ 10,665,000 $ 11,995,000 $ $ $ 10,665,000 $ 11,995,000
Sales tax revenue bonds 14,794,008 15,320,554 14,794,008 15,320,554
Revenue bonds payable 9,730,000 10,675,000 9,730,000 10,675,000
Capitalized lease
obligations 404,395 69,187 26,933 41,077 431,328 110,264
$ 25,863,403 $ 27,384,741 $ 9,756,933 $ 10,716,077 $ 35,620,336 $ 38,100,818
24
The City's General Obligation, Tax and Water Works and Sewer System Certificates of Obligation,
and Water Works and Sewer System Revenue Bond ratings are listed below.
Fitch leBA
Standard
and Poor's
General Obligation Bonds
Water Revenue Bonds
AA+
AA+
AA+
AA-
Most of the City's Bonds are insured, thus holding a Triple A credit rating from both Fitch ICBA and
Standard & Poor's. Additional information on the City of Colleyville's long term-debt can be found
in footnote 4 on pages 60 - 65 of this report.
ECONOMIC FACTORS AND NEXT YEAR'S BUDGETS AND RATES
The General Fund budget (including transfers in and planned utilization of surplus) for fiscal year
2007 is based on projected revenue growth of 9.9% compared to the fiscal year 2006 budget. Taxes
account for the majority of the increase. Property taxes, which are about 50% of General Fund
revenues, are budgeted at a 7.7% increase compared to the 2006 budget. This reflects the net effect of
valuation increases and strong increases in new residential and commercial construction.
Approximately 14% of General Fund revenues are sales taxes, and sales taxes are budgeted at a 15%
increase over the fiscal year 2006 budget. The 2007 budget includes a planned $145,250 utilization of
surplus fund balance to fund one-time capital expenditures.
The 2007 budget includes for the General Fund, and other funds, a 5% merit salary increase for all
classes of employees based upon the employee's performance. The General Fund has budgeted to add
$150,000 to the Street Department budget for the street overlay budget to offset the increased cost of
asphalt, bringing the total budgeted for that program to $800,000. Also included in the General Fund
budget is funding for three police officer positions, a police public safety assistant, for an increased
emphasis on public safety. Other positions added a desktop computer position and a parks
maintenance worker to provide additional support in those areas.
Revenue growth in the Water and Wastewater Fund will come from additional residential and
commercial customers. Included in the Water and Wastewater Fund's budget is $86,943 for the
funding of an accountant position and digitizing of water and sewer maps and plans.
REQUEST FOR INFORMATION
The financial report is designed to provide our citizens, customers, investors and creditors with a
general overview of the City's fmances. If you have questions about this report or need any additional
information, contact Terry Leake, Finance Director, at 100 Main Street, Colleyville, Texas 76034, or
call (817) 503-1015.
25
THIS PAGE INTENTIONALLY LEFT BLANK
26
BASIC
FINANCIAL STATEMENTS
27
CITY OF COLLEYVILLE, TEXAS
STATEMENT OF NET ASSETS
SEPTEMBER 30, 2006
Governmental Business-type
Activities Activities
ASSETS
Cash and equivalents $ 5,049,455 $ 7,475,942
Investments 15,160,983 11,644,956
Receivables (net of allowances for uncolIectibles of$386,828)
Accounts 42,296 1,788,149
Property taxes 146,621
Due from other governments 916,407
Other assets 209,134
Inventories 148,868
Deferred charges 86,425
Accrued interest 147,137 177,636
Capital assets:
Land 8,166,060 313,057
Buildings and improvements 31,917,131 53,922
Equipment 6,453,615 1,042,720
Infrastructure/water distribution/sewer collection 62,994,921 52,343,136
Construction in progress 6,111,505 797,241
Less: accumulated depreciation ( 22,875,108) ( 18,873,524)
Total capital assets 92,768,124 35,676,552
Total assets 114,317,448 57,121,237
LIABILITIES
Accounts payable 473,113 696,391
Accrued liabilities 148,284 26,770
Unearned revenues 1,542
Due to other governments 525
Accrued interest payable 145,103 95,353
Advances from developers 179,068 18,212
Escrow funds 1,168
Customer deposits 51,572 398,114
Noncurrent liabilities:
Due within one year 2,111,517 1,012,452
Due in more than one year 24,275,709 8,816,040
Total liabilities 27,385,908 11,065,025
NET ASSETS
Invested in capital assets, net of related debt 66,991,146 25,919,619
Restricted for:
Debt service 937,578 882,821
Unrestricted 19,002,816 19,253,772
Total net assets $ 86,931,540 $ 46,056,212
The accompanying notes are an integral part of these fmancial statements.
28
Component
Total Units
$ 12,525,397 $ 3,843,975
26,805,939 203,728
1,830,445
146,621
916,407
209,134
148,868
86,425
324,773 570
8,479,117
31,971,053
7,496,335
115,338,057
6,908,746
( 41,748,632)
128,444,676
171,438,685 4,048,273
1,169,504
175,054
1,542
525
240,456 56,065
197,280
1,168
449,686
3,123,969 1,175,000
33,091,749 7,140,000
38,450,933 8,371,065
92,910,765
1,820,399
38,256,588 ( 4,322,792)
$ 132,987,752 $( 4,322,792)
29
Functions/Programs
Primary government
Governmental activities:
General government
Community development
Fire and rescue
Leisure services
Maintenance
Municipal court
Police
Streets and drainage
Interest on long-term debt
Total governmental activities
Business-type activities:
Water and wastewater
Drainage
Total business-type activities
Total primary government
Component unit
Tax increment financing
Total component unit
CITY OF COLLEYVILLE, TEXAS
STATEMENT OF ACTnnTffiS
FOR THE YEAR ENDED SEPTEMBER 30, 2006
Expenses
Charges for
Services
Program Revenue
Operating
Grants and
Contributions
Capital Grants
and
Contributions
$ 2,729,064 $ 6,000 $ 8,950 $
1,267,136 2,163,596 1,700
3,814,585 239,386 5,725
3,513,992 448,606 301,139 237,309
383,504
270,345 813,781
3,801,644 70,899 82,305
2,932,465 472,860 4,118,048
1,142,043
19,854,778 4,215,128 399,819 4,355,357
9,757,824 12,357,576 1,100,354
660,215 830,292
10,418,039 13,187,868 1,100,354
$ 30,272,817 $ 17,402,996 $ 399,819 $ 5,455,711
$ 1,497,553 $ $ $
$ 1,497,553 $ $ $
General revenues:
Taxes:
Property taxes, levied for general purposes
Property taxes, levied for debt service
TIF taxes
Sales taxes
Franchise taxes
Other taxes
Grants and contributions not restricted to a specific purpose
Investment earnings
Miscellaneous
Transfers
Total general revenues, special items, and transfers
Change in net assets
Net assets - beginning
Prior period adjustment
Net assets - beginning, as restated
Net assets - ending
The accompanying notes are an integral part of these financial statements.
30
Net (Expense) Revenue and Changes in Net Assets
Primary Government
Governmental
Activities
Business-type
Activities
Total
Component Units
31
CITY OF COLLEYVILLE, TEXAS
BALANCE SHEET
GOVERNMENTAL FUNDS
SEPTEMBER 30, 2006
General Debt Service Capital Projects
ASSETS
Cash and cash equivalents $ 958,341 $ 542,796 $ 405,222
Investments 6,565,314 532,140 3,877,518
Receivables (net of allowances for uncollectibles)
Accounts 42,296
Taxes 116,605 30,016
Due from other funds 260,621
Due from other governments 475,785 3,521
Accrued interest 65,153 4,224 33,131
Total assets $ 8,223,494 $ 1,112,697 $ 4,576,492
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts payable 299,376 13,070
Accrued liabilities 147,285
Due to other funds
Deferred revenue 149,599 30,016
Advances from developers 148,445
Customer deposits 51,572
Total liabilities 647,832 30,016 161,515
Fund balances:
Reserved for:
Debt service 1,082,681
Unreserved 7,575,662
Unreserved, reported in:
Special revenue funds
Capital projects funds 4,414,977
Total fund balances 7,575,662 1,082,681 4,414,977
Total liabilities and fund balances $ 8,223,494 $ 1,112,697 $ 4,576,492
Amounts reported for governmental activities in the statement of net assets are different because:
Capital assets used in governmental activities are not financial resources and, therefore, are not reported in the funds.
Other long-term assets are not available to pay for current-period expenditures and, therefore are deferred in the funds.
Long-term liabilities are not due and payable in the current period and, therefore, are not reported in the funds.
Net assets of governmental activities
The accompanying notes are an integral part of these financial statements.
32
Total
Other Governmental
Governmental Funds
$ 3,143,096 $ 5,049,455
4,186,011 15,160,983
42,296
146,621
260,621
437,101 916,407
44,629 147,137
$ 7,810,837 $ 21,723,520
160,667 473,113
999 148,284
260,621 260,621
179,615
30,623 179,068
51,572
452,910 1,292,273
1,082,681
7,575,662
4,760,679
2,597,248
7,357,927
4,760,679
7,012,225
20,431,247
$ 7,810,837
92,768,124
178,073
( 26,445,904)
$ 86,931,540
33
CITY OF COLLEYVILLE, TEXAS
STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
GOVERNMENTAL FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2006
General Debt Service Capital Projects
REVENUES
Taxes $ 11,720,577 $ 1,900,328 $
Fees and fines 789,943
Licenses and permits 1,931,265
Intergovernmental
Charges for services 976,279
Capital improvement fees 482,860
Donations
Investment earnings 455,219 46,160 183,318
Developer contributions 549,911
Miscellaneous 64,016
Total revenues 15,937,299 1,946,488 1,216,089
EXPENDITURES
Current:
General government 2,016,382 79,256
Connnunity development and engineering 1,265,251
Fire and rescue 3,630,857
Leisure services 2,323,263 130,123
Maintenance 377,144
Municipal court 244,191
Police 3,399,800 54,369
Streets and drainage 1,604,425
Debt service:
Principal 49,723 1,639,324
Interest and other charges 738,888
Capital outlay 119,191 1,377,587
Total expenditures 15,030,227 2,378,212 1,641,335
EXCESS (.DEFICIENCY) OF REVENUES
OVER (UNDER) EXPENDITURES 907,072 ( 431,724) ( 425,246)
OTHER FINANCING SOURCES (USES)
Capital lease 408,716
Sale of capital assets 22,903 127,767
Transfers in 532,357 524,787
Transfers out 1,146,117)
Total other financing sources and uses 182,141) 524,787 127,767
NET CHANGE IN FUND BALANCES 724,931 93,063 ( 297,479)
FUND BALANCES, BEGINNING 6,850,731 989,618 4,712,456
FUND BALANCES, ENDING $ 7,575,662 $ 1,082,681 $ 4,414,977
The accompanying notes are an integral part of these financial statements.
34
Total
Other Governmental
Governmental Funds
$ 2,088,040 $ 15,708,945
51,652 841,595
1,931,265
5,409 5,409
197,115 1,173,394
482,860
396,627 396,627
219,664 904,361
549,911
19,714 83,730
2,978,221 22,078,097
11,760 2,107,398
1,265,251
26,697 3,657,554
385,251 2,838,637
377,144
25,846 270,037
103,985 3,558,154
1,604,425
240,000 1,929,047
402,929 1,141,817
2,994,563 4,491,341
4,191,031 23,240,805
1,212,810) 1,162,708)
408,716
1,600 152,270
1,146,117 2,203,261
524,787) 1,670,904)
622,930 1,093,343
589,880) 69,365)
7,947,807 20,500,612
$ 7,357,927 $ 20,431,247
35
CITY OF COLLEYVILLE, TEXAS
RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
TO THE STATEMENT OF ACTIVITIES
FOR THE YEAR ENDED SEPTEMBER 30, 2006
Amounts reported for governmental activities in the Statement of Activities (pages
30 - 31) are different because:
Net change in fund balances - total governmental funds:
Governmental funds report capital outlays as expenditures. However, in the
statement of activities, the cost of those assets is allocated over their estimated
usefu11ives and reported as depreciation expense.
Revenues, in the statement of activities, that do not provide current financial
resources, are not reported as revenues in the funds.
The issuance of long-term debt (e.g., bonds, leases) provides current financial
resources to governmental funds, while the repayment of the principal of long-
term debt consumes the current financial resources of governmental funds.
Some expenses reported in the statement of activities do not require the use of
current financial resources and therefore are not reported as expenditures in
governmental funds.
Change in net assets of governmental activities
The accompanying notes are an integral part of these fmancial statements.
36
$(
69,365)
5,404,707
(
535)
1,517,410
( 528,939)
$ 6,323,278
CITY OF COLLEYVILLE, TEXAS
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30,2006
Variance with
Final Budget -
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
Taxes $ 11,033,189 $ 11,033,189 $ 11,720,577 $ 687,388
License and permits 1,320,419 1,320,419 1,931,265 610,846
Fines and forfeitures 699,500 699,500 789,943 90,443
Charges for services 719,098 719,098 976,279 257,181
Investment earnings 276,250 276,250 455,219 178,969
Other 197,065 197,065 64,016 ( 133,049)
Total revenues 14,245,521 14,245,521 15,937,299 1,691,778
EXPENDITURES
Current:
General government 2,230,014 2,230,014 2,016,382 213,632
Community development and engineering 1,287,821 1,287,821 1,265,251 22,570
Fire and rescue 3,223,334 3,223,334 3,630,857 ( 407,523)
Leisure services 2,350,896 2,350,896 2,323,263 27,633
Maintenance 435,086 435,086 377,144 57,942
Municipal court 245,878 245,878 244,191 1,687
Police 3,400,816 3,400,816 3,399,800 1,016
Streets and drainage 1,606,457 1,606,457 1,604,425 2,032
Debt service:
Principal retirement 49,723 ( 49,723)
Capital outlay 155,840 270,452 119,191 151,261
Total expenditures 14,936,142 15,050,754 15,030,227 20,527
EXCESS (DEFICIENCY) OF REVENUES
OVER (UNDER) EXPENDITURES ( 690,621) ( 805,233) 907,072 1,712,305
OTHER FINANCING SOURCES (USES)
Transfers in 491,025 491,025 532,357 41,332
Transfers out ( 1,080,000) ( 1,146,117) ( 66,117)
Sale of capital assets 22,903 22,903
Capital lease 408,716 408,716
Total other financing sources and uses 491,025 ( 588,975) ( 182,141) 406,834
NET CHANGE IN FUND BALANCE ( 199,596) ( 1,394,208) 724,931 2,119,139
FUND BALANCE, BEGINNING 6,850,731 6,850,731 6,850,731
FUND BALANCE, ENDING $ 6,651,135 $ 5,456,523 $ 7,575,662 $ 2,119,139
The notes to the financial statements are an integral part of this statement.
37
CITY OF COLLEYVILLE, TEXAS
STATEMENT OF NET ASSETS
PROPRIETARY FUNDS
SEPTEMBER 30, 2006
EnteIprise Funds
Water and
Wastewater Drainage Utility Total
ASSETS
Current assets:
Cash and cash equivalents $ 6,468,465 $ 1,007,477 $ 7,475,942
Investments 10,992,334 652,622 11,644,956
Accounts receivable, net of allowances 1,691,286 96,863 1,788,149
Other assets 209,134 209,134
Inventories 148,868 148,868
Total current assets 19,510,087 1,756,962 21,267,049
N on-current assets:
Accmed interest receivable 170,981 6,655 177,636
Capital assets:
Land and improvements 313,057 313,057
Buildings 53,922 53,922
Utility system 49,160,617 3,182,519 52,343,136
Equipment and furniture 762,821 279,899 1,042,720
Construction in progress 736,484 60,757 797,241
Less accumulated depreciation 18,261,702) 611,822) 18,873,524)
Total non-current assets 32,936,180 2,918,008 35,854,188
Total assets $ 52,446,267 $ 4,674,970 $ 57,121,237
LIABILITIES
Current liabilities:
Accounts payable $ 694,482 $ 1,909 $ 696,391
Accrued liabilities 22,366 4,404 26,770
Accrued interest payable 80,706 14,647 95,353
Due to other governments 525 525
Advances from developers 18,212 18,212
Escrow funds 1,168 1,168
Customer deposits 398,114 398,114
Compensated absences 12,604 1,708 14,312
Capital lease 13,140 13,140
Revenue bonds payable 825,000 160,000 985,000
Total currentliabilities 2,053,177 195,808 2,248,985
Non-current liabilities:
Compensated absences 50,414 6,833 57,247
Capital lease 13,793 13,793
Revenue bonds payable 6,540,000 2,205,000 8,745,000
Total non-current liabilities 6,590,414 2,225,626 8,816,040
Total liabilities 8,643,591 2,421,434 11,065,025
NET ASSETS
Invested in capital assets, net of related debt 25,400,199 519,420 25,919,619
Restricted for debt service 882,821 882,821
Unrestricted 17,519,656 1,734,116 19,253,772
Total net assets $ 43,802,676 $ 2,253,536 $ 46,056,212
The accompanying notes are an integral part of these financial statements.
38
CITY OF COLLEYVILLE, TEXAS
STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN FUND NET ASSETS
PROPRIETARY FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2006
Enterprise Funds
Water and Drainage
Wastewater Utility Total
OPERATING REVENUES
Metered water sales $ 9,153,333 $ $ 9,153,333
Wastewater service charges 1,914,756 1,914,756
Drainage service charges 806,201 806,201
Other charges and services 1,271,951 24,091 1,296,042
Miscellaneous 17,536 17,536
Total operating revenues 12,357,576 830,292 13,187,868
OPERATING EXPENSES
Personnel services 1,706,567 325,242 2,031,809
Maintenance and contractual services 6,131,075 76,583 6,207,658
Materials and supplies 229,923 42,875 272,798
Depreciation 1,360,808 104,263 1,465,071
Total operating expenses 9,428,373 548,963 9,977,336
OPERATING INCOME 2,929,203 281,329 3,210,532
NON-OPERATING REVENUES (EXPENSES)
Interest and investment revenues 778,900 67,314 846,214
Interest expense and fiscal charges ( 329,451) ( 111,252) ( 440,703)
Total non-operating revenues (expenses) 449,449 ( 43,938) 405,511
INCOME BEFORE CONTRIBUTIONS
AND TRANSFERS 3,378,652 237,391 3,616,043
Capital contributions 1,100,354 1,100,354
Transfers out ( 532,357) ( 532,357)
CHANGE IN NET ASSETS 3,946,649 237,391 4,184,040
TOTAL NET ASSETS, BEGINNING 39,856,027 2,016,145 41,872,172
TOTAL NET ASSETS, ENDING $ 43,802,676 $ 2,253,536 $ 46,056,212
The accompanying notes are an integral part of these financial statements.
39
CITY OF COLLEYVILLE, TEXAS
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
YEAR ENDED SEPTEMBER 30, 2006
Enterprise Funds
Water and Drainage
Wastewater Utility Totals
CASH FLOWS FROM OPERATING ACTIVITIES
Cash received from customers $ 12,363,374 $ 812,299 $ 13,175,673
Cash paid to suppliers for goods and services ( 1,689,601) ( 321,707) ( 2,011,308)
Cash paid to employees for services ( 7,028,866) ( 120,689) ( 7,149,555)
Net cash provided by operating activities 3,644,907 369,903 4,014,810
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
Transfers out ( 532,357) 532,357)
Net cash used for noncapital
financing activities ( 532,357) ( 532,357)
CASH FLOWS FROM CAPITAL AND RELATED
FINANCING ACTIVITIES
Acquisition of capital assets ( 1,577,476) 20,705) 1,598,181)
Capital grants and contributions 1,100,354 1,100,354
Principal paid on debt 795,000) ( 164,144) ( 959,144)
Interest paid on debt 329,451) ( 111,252) ( 440,703)
Net cash used for capital and
related financing activities 1,601,573) ( 296,101) 1,897,674)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase (sale) of investments ( 603,554) ( 13,430) 616,984)
Earnings on investments 778,900 67,314 846,214
Net cash provided by investing activities 175,346 53,884 229,230
NET INCREASE IN CASH
AND CASH EQUIVALENTS 1,686,323 127,686 1,814,009
CASH AND CASH EQffiV ALENTS, BEGINNING 4,782,142 879,791 5,661,933
CASH AND CASH EQffiV ALENTS, ENDING $ 6,468,465 $ 1,007,477 $ 7,475,942
(continued)
40
CITY OF COLLEYVILLE, TEXAS
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
(Continued)
YEAR ENDED SEPTEMBER 30, 2006
Enterprise Funds
Water and Drainage
Wastewater Utility Totals
Reconciliation of operating income (loss) to net cash
provided (used) by operating activities:
Operating income $ 2,929,203 $ 281,329 $ 3,210,532
Adjustments to reconcile operating income (loss)
to net cash provided by (used for) operating activities:
Depreciation and amortization expense 1,360,808 104,263 1,465,071
Changes in assets and liabilities:
Decrease (increase) in assets:
Accounts receivable ( 26,036) ( 17,993) 44,029)
Inventory 5,465 5,465
Accrued interest receivable ( 93,532) 3,375) 96,907)
Other assets 28,167 28,167
Increase (decrease) in liabilities:
Accounts payable ( 600,606) 1,909 ( 598,697)
Accrued liabilities 2,392 1,342 3,734
Due to other governments 525 525
Compensated absences payable 14,574 2,193 16,767
Customer deposits 22,310 22,310
Advances from developers 8,999 8,999
Accrued interest payable ( 7,362) 235 ( 7,127)
Net cash provided by operations $ 3,644,907 $ 369,903 $ 4,014,810
Noncash investing, capital, and financing activities:
Contributions of capital assets $ 1,100,354 $ $ 1,100,354
Increase in fair value of investments 603,554 13,430 616,984
The notes to the financial statements are an integral part of this statement.
41
CITY OF COLLEYVILLE, TEXAS
STATEMENT OF FIDUCIARY NET ASSETS
FIDUCIARY FUNDS
SEPTEMBER 30, 2006
Agency Fund
ASSETS
Cash and investments $ 15,365
Total assets $ 15,365
LIABILITIES
Due to other agencies and individuals $ 15,365
T otalliabilities $ 15,365
The accompanying notes are an integral part of these fmancial statements.
42
CITY OF COLLEYVILLE, TEXAS
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2006
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The City of Colleyville Home Rule Charter was adopted by the voters at an election held on
January 15, 1977. The City operates under a Council-Manager form of government.
The accounting policies of the City of Colleyville, Texas (the "City") conform to generally
accepted accounting principles as applicable to governmental units. The following is a summary
of the more significant of such policies:
A. Renortin2 Entitv
As required by generally accepted accounting principles, these financial statements present
the government and its component units, entities for which the government is considered to
be financially accountable. Blended component units, although legally separate entities are,
in substance, part of the government's operations and so data from these units are combined
with data of the primary government. Each directly presented component unit, on the other
hand, is reported in a separate column in the combined financial statements to emphasize it is
legally separate from the government. Each blended component unit has a September 30
year-end.
Blended Component Unit - The Colleyville Economic Development Corporation (CEDC)
was incorporated on September 3, 1996, as a nonprofit industrial development corporation
under the Development Corporation Act of 1979 ("Act"). The CEDC operates under a seven
(7) member Board of Directors appointed by the City Council. Each of the directors shall be
a resident of the City. The Corporation is organized exclusively for the purposes of
benefiting and accomplishing public purposes of and to act on behalf of, the City, and the
specific purposes for which the Corporation is organized. This includes municipal park
improvements, the purchase of land and improvements for additional neighborhood parks,
the construction of a community center and library. Although it is legally separate from the
City, the CEDC is reported as if it were part of the primary government, because CEDC is
financing public improvements and the City is the primary beneficiary of the services
provided.
(continued)
43
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
A. Reuortine: Entity (Continued)
Blended Component Unit - Colleyville Crime Control and Prevention District (the District)
was formed under Chapter 363 of the Texas Local Government Code, the Crime Control and
Prevention District Act. The District is organized to act on behalf of the City for financing,
development of crime control throughout the City. The District is governed by a six-member
board consisting of all members of the City Council. The District is reported as a part of the
primary government because it provides services entirely for the City.
Directly Presented Component Unit - Colleyville Tax Increment Financing Reinvestment
Zone Number One (the TIF) was formed to make public improvements, under the authority
of the Tax Increment Financing Act. The TIF is governed by a nine-member board
consisting of five members appointed by the City Council and one member each appointed
by the four other participating taxing entities. The primary government appoints a voting
majority of the unit's governing body and the City has a potential economic benefit from this
unit. Therefore, the TIF is presented in the accompanying financial statements as a discretely
presented component unit. Separate financial statements of the individual component units
are not available.
B. Government-wide Fund Financial Statements
The government-wide fmancial statements (Le., the statement of net assets and the statement
of activities) report information on all of the nonfiduciary activities of the primary
government and its component units. For the most part, the effect of interfund activity has
been removed from these statements. Governmental activities, which normally are supported
by taxes and intergovernmental revenue, are reported separately from business-type
activities, which rely to a significant extent on fees and charges for support. Likewise, the
primary government is reported separately from certain legally separate component units for
which the primary government is financially accountable.
The statement of activities demonstrates the degree to which the direct expenses of a given
function or segment are offset by program revenue. Direct expenses are those that are clearly
identifiable with a specific function or segment. Program revenue includes 1) charges to
customers or applicants who purchase, use, or directly benefit from goods, services, or
privileges provided by a given function or segment, and 2) grants and contributions that are
restricted to meeting the operational or capital requirements of a particular function or
segment. Taxes and other items not properly included among program revenue are reported
instead as general revenue.
Separate financial statements are provided for governmental funds, proprietary funds, and
fiduciary funds, even though the latter are excluded from the government-wide financial
statements. Major individual governmental funds and major individual Enterprise Funds are
reported as separate columns in the fund financial statements.
(continued)
44
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
C. Measurement Focus. Basis of Accountin2 and Financial Statement Presentation
The government-wide financial statements are reported using the economic resources
measurement focus and the accrual basis of accounting, as are the proprietary fund and
fiduciary fund financial statements, except for Agency Funds, which have no measurement
focus. Revenues are recorded when earned and expenses are recorded when a liability is
incurred, regardless of the timing of related cash flows. Property taxes are recognized as
revenue in the year for which they are levied. Grants and similar items are recognized as
revenue as soon as all eligibility requirements imposed by the provider have been met.
Governmental fund financial statements are reported using the current financial resources
measurement focus and the modified accrual basis of accounting. Revenues are recognized
as soon as they are both measurable and available. Revenues are considered to be available
when they are collectible within the current period or soon enough thereafter to pay liabilities
of the current period. For this purpose, the government considers revenue to be available if
collected within 60 days of the end of the current fiscal period. Expenditures generally are
recorded when a liability is incurred, as under accrual accounting. However, debt service
expenditures, as well as expenditures related to compensated absences and claims and
judgments, are recorded only when payment is due.
Property taxes, franchise taxes, sales taxes, and interest associated with the current fiscal
period are all considered to be susceptible to accrual and so have been recognized as revenue
of the current fiscal period. All other revenue items are considered to be measurable and
available only when cash is received by the City.
GOVERNMENTAL FUNDS
Governmental Funds are those through which most governmental functions of the City
are financed. The acquisition, use, and balances of the City's expendable financial
resources and the related liabilities (except those accounted for in the proprietary fund
type) are accounted for through governmental funds. The measurement focus is upon
determination of changes in financial position, rather than upon net income
determination. The following are the City's governmental fund types:
The City reports the following major governmental funds:
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.
The Debt Service Fund - is used to account for the acquisition of resources
for, and the payment of, general long-term debt principal and interest, and
related costs.
(continued)
45
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
C. Measurement Focus. Basis of Accountin2 and Financial Statement Presentation
(Continued)
GOVERNMENTAL FUNDS (Continued)
The Caoital Proiects Fund - is used to account for financial resources to be
used for the acquisition or construction of general major capital facilities.
Financing is provided primarily by the sale of general obligation bonds and
developer contributions.
Additionally, the City also reports the following fund type:
The Soecial Revenue Fund - accounts for the revenues and expenditures
associated with a special project or purpose.
PROPRIETARY FUNDS
Proprietary Funds are used to account for activities that are similar to those often found
in the private sector. The measurement focus is upon determination of net income and
capital maintenance.
The City reports the following major proprietary funds:
The Water and Wastewater Fund - is used to account for operations (a) that
are financed and operated in a manner similar to private business enterprises -
where the intent of the governing body is that the costs (expenses, including
depreciation.) of providing goods or services to the general public on a
continuing basis be financed or recovered primarily through user charges; or
(b) where the governing body has decided that periodic determination of
revenue earned, expenses incurred, and/or net income is appropriate for
capital maintenance, public policy, management control, accountability, or
other purposes. This fund is used to account for water and wastewater
operations.
The Drainafle Utilitv Fund - is used to account for the establishment and
maintenance of drainage facilities within the municipal boundaries of the City.
All activities necessary to provide such facilities are accounted for in this
fund, included but not limited to, administration, operations, maintenance,
billing and collections.
FIDUCIARY FUNDS
Aflencv Fund - Fiduciary Funds are used to account for assets held by the
City in a trustee capacity or as an agent on behalf of others. Agency funds are
custodial in nature and do not present results of operations or have a
measurement focus. The City has two agency funds: Employee Activity and
the Sesquicentennial Fund.
(continued)
46
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
C. Measurement Focus. Basis of Accountine and Financial Statement Presentation
(Continued)
Private-sector standards of accounting and fmancial reporting issued prior to December 1,
1989, generally are followed in both the government-wide and proprietary fund financial
statements to the extent that those standards do not conflict with or contradict guidance of the
Governmental Accounting Standards Board. Governments also have the option of following
subsequent private-sector guidance for their business-type activities and Enterprise Funds,
subject to this same limitation. The City has elected not to follow subsequent private-sector
guidance.
As a general rule, the effect of interfund activity has been eliminated from the government-
wide financial statements. Exceptions to this general rule are charges between the City's
water and wastewater function and various other functions of the government. Elimination
of these charges would distort the direct costs and program revenue reported for the various
functions concerned.
Amounts reported as program revenues include: 1) charges to customers or applicants for
goods, services, or privileges provided, 2) operating grants and contributions, and 3) capital
grants and contributions, including special assessments. Internally dedicated resources are
reported as general revenues rather than as program revenue. Likewise, general revenue
includes all taxes.
Proprietary funds distinguish operating revenues and expenses from nonoperating items.
Operating revenues and expenses generally result from providing services and producing and
delivering goods in connection with a proprietary fund's principal ongoing operations. The
principal operating revenues of the City's Enterprise Funds are charges to customers for sales
and services. Operating expenses for Enterprise Funds include the cost of sales and services,
administrative expenses, and depreciation on capital assets. All revenue and expenses not
meeting this definition are reported as nonoperating revenue and expenses.
D. Cash and Cash Eauivalents
For purposes of the statement of cash flows, the Enterprise Fund considers all highly liquid
investments (investments with original maturities less than 90 days, including restricted
assets) to be cash equivalents.
(continued)
47
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
E. Investments
In accordance with GASB Statement No. 31, the City's general policy is to report money
market investments and short-term participating interest-earning investment contracts at
amortized cost and to report nonparticipating interest-earning investment contracts using a
cost-based measure. However, if the fair value of an investment is significantly affected by
the impairment of the credit standing of the issuer or by other factors, it is reported at fair
value. All other investments are reported at fair value unless a legal contract exists which
guarantees a higher value. The term "short-term" refers to investments, which have a
remaining term of one year or less at time of purchase. The term "nonparticipating" means
that the investment's value does not vary with market interest rate changes.
F. Receivables and Pavables
Activity between funds that are representative of lending/borrowing arrangements
outstanding at the end of the fiscal year are referred to as either "due to/from other funds"
(i.e., the current portion of interfund loans) or "advances to/from other funds" (i.e., the
noncurrent portion of interfund loans). All other outstanding balances between funds are
reported as "due to/from other funds." Any residual balances outstanding between the
governmental activities and business-type activities are reported in the government-wide
financial statements as "internal balances."
Advances between funds, as reported in the fund financial statements, are offset by a fund
balance reserve account in applicable governmental funds to indicate that they are not
available for appropriation and are not expendable available financial resources.
All trade and property tax receivables are shown net of an allowance for uncollectibles.
Trade accounts receivable in excess of 30 days comprise the trade accounts receivable
allowance for uncollectibles. The property tax receivable allowance is equal to one percent
of outstanding property taxes at September 30, 2006.
Property taxes are levied on October 1 and attach as an enforceable lien on property as of
January 1. Statements are mailed on October 1, or as soon thereafter as possible, and are due
upon receipt. All unpaid taxes become delinquent if not paid before February 1 of the
following year.
G. Inventories
Inventories in the Enterprise Fund are valued at cost (first-in, first-out method).
(continued)
48
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
H. Capital Assets
Capital assets, which include property, plant, equipment and infrastructure assets (e.g. roads,
bridges, sidewalks and similar items) are reported in the applicable governmental or
business-type activities columns in the government-wide financial statements. The City
defines capital assets as assets with an initial, individual cost of more than $5,000 (amount
not rounded) and an estimated useful life in excess of one year. Such assets are recorded at
historical cost or estimated historical cost if purchased or constructed. Donated capital assets
are recorded at estimated fair market value at the date of donation.
The costs of normal maintenance and repairs that do not add to the value of the asset or
materially extend assets' lives are not capitalized.
Major outlays for capital assets and improvements are capitalized as projects are constructed.
Property, plant and equipment is depreciated using the straight-line method over the
following estimated useful lives:
Assets
Years
Buildings
Improvements
Equipment
Infrastructure (streets and drainage)
Water distribution/sewer collection
15 - 50
20 - 50
5 - 10
50
5 - 40
I. Other Assets - Enterprise Fund
Other assets consist of expenses incurred in connection with the issuance of certain outstanding
revenue bonds. Such charges are amortized on a straight-line basis over the lives of the bonds.
J. Compensated Absences
City employees are granted vacation and sick pay in varying amounts. In the event of
termination, an employee is paid for all accumulated, unused vacation. Vacation pay is
accrued as it vests to the employee. Sick pay is recorded when paid or upon retirement when
a maximum of 90 days is paid. The accrued sick pay is not recorded, as the City's policy is
not to compensate employees upon separation of services with the City, except for
retirement, and such amounts are not considered material. All vacation pay is accrued when
incurred in the government-wide and proprietary fund financial statements.
(continued)
49
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
K. Lonl!-term Oblil!ations
In the government-wide financial statements and proprietary fund types in the fund financial
statements, long-term debt and other long-term obligations are reported as liabilities in the
applicable governmental activities, business-type activities, or proprietary fund type
statement of net assets.
In the fund financial statements, the face amount of debt issued is reported as other financing
sources for the governmental fund types.
For governmental fund types, bond premiums and discounts, as well as issuance costs, are
recognized during the current period. Bond proceeds are reported as an other financing
source. Issuance costs, even if withheld from the actual net proceeds received, are reported
as expenditures. For proprietary fund types, bond premiums and discounts, as well as issuance
costs, are charged to current operations rather than being deferred and amortized due to the
relatively immaterial effect on the basic fmancial statements taken as a whole.
L. Fund Eauity
Reservations of fund balance represent amounts that are not available for appropriation or are
legally segregated for specific purposes. Reservations of retained earnings are limited to
outside third party restrictions. Designations of fund balance represent tentative management
plans that are subject to change.
In the Special Revenue Funds, fund balances reserved for other represent amounts which are
restricted for expenditure in accordance with the purposes for which the fund was
established, such as park and library improvements, tree preservation, hosting recreational
events and tournaments, and increasing recycling efforts within the City. Amounts under
these reservations are listed on the accompanying basic financial statements as reserved for
other.
M. Risk Manal!ement
Insurance coverage for property, liability and workers' compensation is provided by the
Texas Municipal League Intergovernmental Risk Pool, a state insurance pool. Contributions
to the Risk Pool for workers' compensation are based on the City's past claims history. The
Risk Pool is self-sustaining through members' contributions and maintains insurance to limit
risk of loss with an external insurance company. Settlement claims have not exceeded
aggregate limits in the past three fiscal years.
50
2. RECONCILIATION OF GOVERNMENT-WIDE AND FUND FINANCIAL STATEMENTS
Explanation of Certain Differences Between the Governmental Fund Balance Sheet and the
Government-wide Statement of Net Assets
The governmental fund balance sheet includes a reconciliation between fund balance - total
governmental funds and net assets - governmental activities as reported in the government-wide
statement of net assets. One element of that reconciliation explains, "Long-term liabilities are
not due and payable in the current period and therefore are not reported in the funds." The
details of this $(26,445,904) difference are as follows:
Serial Bonds and Certificates of Obligation
Accrued interest payable
Compensated absences
Debt issued or incurred
Principal retirement
Net adjustment to reducefund balance - total
governmental funds to arrive at net assets -
governmental activities
$( 27,797,304)
( 145,103)
( 20,907)
( 408,716)
1,926,126
$( 26,445,904)
Explanation of Certain Differences Between the Governmental Fund Statement of Revenue.
Exuenditures and Chane:es in Fund Balances and the Government-wide Statement of
Activities
The governmental fund statement of revenue, expenditures and changes in fund balances
includes a reconciliation between net changes in fund balances - total governmental fund and
changes in net assets of governmental activities as reported in the government-wide statement of
activities. One element of that reconciliation explains, "Governmental funds report capital
outlays as expenditures. However, in the statement of activities the cost of those assets is
allocated over their estimated useful lives and reported as depreciation expense." The details of
this $5,404,707 difference are as follows:
Capital outlay
Depreciation expense
$
(
8,059,478
2,654,771)
Net adjustment to increase net changes infund balances-
total governmental funds to arrive at changes in net
assets of governmental activities
$
5,404,707
(continued)
51
2. RECONCILIATION OF GOVERNMENT-WIDE AND FUND FINANCIAL STATEMENTS
(Continued)
Explanation of Certain Differences Between the Governmental Fund Statement of Revenue.
Expenditures and Chanszes in Fund Balances and the Government-wide Statement of
Activities (Continued)
Another element of that reconciliation states, "Revenues in the statement of activities that do not
provide current financial resources are not reported as revenues in the funds." The details of this
$(535) difference are as follows:
Property taxes
Ambulance revenue
Adjudicated fines
$(
3,224)
2,075
614
Net adjustment to increase net changes in fund balances -
total governmental funds to arrive at changes in net
assets of governmental activities
$(
535)
Another element of that reconciliation states, "The issuance of long-term debt (e.g., bonds,
leases) provides current financial resources to governmental funds, while the repayment of the
principal of long-term debt consumes the current financial resources of governmental funds."
Neither transaction, however, has any effect on net assets. The details of this $1,517,410
difference are as follows:
Debt issued or incurred
Principal payments
Net adjustment to reducefund balance -total
governmental funds to arrive at net assets -
governmental activities
$( 408,716)
1,926,126
$ 1,517,410
Another element of that reconciliation states, "Some expenses reported in the statement of
activities do not require the use of current financial resources, and therefore are not reported as
expenditures in governmental funds." The details of this $(528,939) difference are as follows:
Compensated absences
Accrued interest
Loss on sale of assets
$(
(
20,907)
2,695
510,727)
Net adjustment to decrease net changes in fund balances -
total governmental funds to arrive at changes in net
assets of governmental activities
$(
528,939)
52
3. STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY
A. Budl!etarv Information
The City Council follows these procedures in establishing budgetary data reflected in the
basic fmancial statements:
(1) Prior to September 1, the City Manager submits to the City Council a
proposed operating budget for the fiscal year commencing the following
October 1. The operating budget includes proposed expenditures and the
means of financing them.
(2) Public hearings are conducted to obtain taxpayer comments.
(3) Prior to September 30, the budget is legally enacted through passage of an
ordinance.
(4) The City Manager is authorized to transfer budgeted amounts between
departments within any fund; however, any revisions that alter the total
expenditures of any fund must be approved by the City Council.
(5) Formal budgetary integration is employed as a management control device
during the year for the General, Debt Service, and Enterprise Funds.
Budgetary control is maintained at the fund level.
Internal budgets are prepared and reviewed by the City Council for
expenditures of Special Revenue Funds. These budgeted expenditures are not
formally adopted by the City Council. No budgets were prepared for revenue
of these funds for the year ended September 30,2006.
(6) Budgets for the General and the Debt Service Funds are adopted on a basis
consistent with generally accepted accounting principles (GAAP). Formal
budgeted amounts are as amended by the City Council for the General, Debt
Service and Enterprise Funds.
(7) Budgetary data for the Capital Projects Fund has not been presented in the
accompanying basic financial statements, as such funds are budgeted over the
life of the respective project and not on an annual basis. Accordingly, formal
budgetary integration of the Capital Projects Fund is not employed and
comparison of actual results of operations to budgetary data for such fund is
not presented.
(8) Budgetary data for the Enterprise and Drainage Utility Funds has not been
presented since the reporting on such budgets is not legally required.
Expenditures Over Appropriations
General Fund expenditures in the Fire and Rescue and Principal Retirement functions
exceeded appropriations by $407,523 and $49,723, respectively. These items involved the
purchase of a fire truck through a capital lease. These overages were funded by under
spending in other functions.
(continued)
53
3. STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY (Continued)
A. Bude:etarv Data (Continued)
Encumbrances
Encumbrance accounting, under which purchase orders, contracts, and other commitments
for the expenditure of funds are recorded in order to reserve that portion of the applicable
fund balance, is employed in the governmental funds. Encumbrances are reported as
reservations of fund balances because they do not constitute expenditures or liabilities.
Deficit Net Assets
The City's component unit, the Tax Increment Financing District, has negative net assets of
$(4,322,792). This deficit is due to the conversion to the new reporting model GASB No.
34. The component unit has long-term debt with no capital assets. Purchases made by this
fund are contributed to the City or other entities that participate in the District. This fund
will continue to have a deficit fund balance until the entities' debt has been repaid.
4. DETAILED NOTES ON ALL FUNDS
Deposits and Investments
As of September 20, 2006, the City had the following investments:
Total fair value
Fair
Value
$ 14,391,224
26,444,736
$ 40,835,960
W eighted Average
Maturity (Days)
39
291
Investment Type
LOGIC
U. S. Treasuries
Portfolio weighted average maturity (days)
200
(continued)
54
4. DETAILED NOTES ON ALL FUNDS (Continued)
Denosits and Investments (Continued)
The Public Funds Investment Act (Government Code Chapter 2256) contains specific provisions
in the areas of investment practices, management reports and establishment of appropriate
policies. Among other things, it requires the City to adopt, implement, and publicize an
investment policy. That policy must address the following areas: (1) safety of principal and
liquidity, (2) portfolio diversification, (3) allowable investments, (4) acceptable risk levels, (5)
expected rates of return, (6) maximum allowable stated maturity of portfolio investments, (7)
maximum average dollar-weighted maturity allowed based on the stated maturity date for the
portfolio, (8) investment staff quality and capabilities, and (9) bid solicitation preferences for
certificates of deposit. Statutes authorize the City to invest in (1) obligations of the U. S.
Treasury, certain U. S. agencies, and the State of Texas; (2) certificates of deposit, (3) certain
municipal securities, (4) money market savings accounts, (5) repurchase agreements, (6) bankers
acceptances, (7) Mutual Funds, (8) investment pools, (9) guaranteed investment contracts, and
(10) common trust funds. The Act also requires the City to have independent auditors perform
test procedures related to investment practices as provided by the Act. The City is in substantial
compliance with the requirements of the Act and with local policies.
The City's investment pools are 2a7-like pools. A 2a7-like pool is one which is not registered
with the Securities and Exchange Commission ("SEC") as an investment company, but
nevertheless has a policy that it will, and does, operate in a manner consistent with the SEC's
Rule 2a7 of the Investment Company Act of 1940.
Interest Rate Risk. In accordance with its investment policy, the government manages its
exposure to declines in fair market values by limiting the average dollar weighted maturity of its
investment portfolios to a maximum of 90 days.
Custodial Credit Risk. In the case of deposits, this is the risk that in the event of a bank failure,
the City's deposits may not be returned to it. As of September 30, 2006, $2,695,178 of the
City's $2,895,178 deposit balance was collateralized with securities held by the pledging
financial institution. The remaining balance, $200,000, was covered by FDIC insurance.
Credit Risk. It is the City's policy to limit its investments to investment types with an
investment quality rating not less than A or its equivalent by a nationally recognized statistical
rating organization. The City's investment pools are rated as follows by Standard and Poor's Investors Service.
LOGIC
AAA
(continued)
55
4. DETAILED NOTES ON ALL FUNDS (Continued)
Receivables
Receivables as of year-end for the government's individual major funds, nonmajor funds and
enterprise funds in the aggregate, including the applicable allowances for uncollectible accounts,
are as follows:
Governmental Funds Enterprise Funds
Debt Capital Nonmajor Water and Drainage
General Service Projects Funds Wastewater Utility Total
Receivables:
Accounts $ 404,886 $ $ $ $ 1,715,524 $ 96,863 $ 2,217,273
Taxes 116,605 30,016 146,621
Due from other
governments 475,785 3,521 437,101 916,407
Accrued interest 65,153 4,224 33,131 44,629 170,981 6,655 324,773
Gross receivables 1,062,429 37,761 33,131 481,730 1,886,505 103,518 3,605,074
Less: allowance for
uncollectibles 362,590) 24,238) 386,828)
Net total receivables $ 699,839 $ 37,761 $ 33,131 $ 481,730 $ 1,862,267 $ 103,518 $ 3,218,246
Governmental funds report deferred revenue in connection with receivables for revenue that is
not considered to be available to liquidate liabilities of the current period. Governmental funds
also defer revenue recognition in connection with resources that have been received, but not yet
earned. At the end of the current fiscal year, the various components of deferred revenue and
unearned revenue reported in the governmental funds were as follows:
Unavailable
Unearned
General Fund
Delinquent property taxes receivable
Other
Total General Fund
Debt Service Fund
Delinquent property taxes receivable
Total Debt Service Fund
Total Governmental Funds
$
116,605
32,994
149,599
$
30,016
30,016
179,615
$
$
The City's property tax is levied each October 1 on the assessed value listed as of the prior
January 1 for all real property and certain personal property located in the City. Tax liens attach
as of January 1. The assessed value, net of exemptions, upon which the fiscal 2006 levy was
based, was $2,873,242,855.
Property taxes are limited by the Texas constitution to $2.50 per $100 of assessed valuation and
by City Charter to $1.50 per $100 valuation. Also, the tax rate set per budget year shall not
result in property tax revenue increase greater than seven percent of the total property tax
revenue collected in the preceding budget year, adjusted for new construction, unless authorized
by the voters of the City at a special election. The combined tax rate to finance general
governmental service and debt service for the year ended September 30, 2006, was $.3474 per
$100 of assessed valuation.
(continued)
56
4. DETAILED NOTES ON ALL FUNDS (Continued)
Receivables (Continued)
Taxes are due by January 31 following the levy date. Tax collections, including related penalties
and interest, for the year ended September 30, 2006. Property taxes receivable at
September 30, 2006, were $146,621.
The appraisal of property within the City is the responsibility of a countywide appraisal district
as required by legislation passed by the Texas Legislature. The appraisal district is required
under such legislation to assess all property within the appraisal district on the basis of 100% of
its appraised value and is prohibited from applying any assessment ratios. The value of property
within the appraisal district must be reviewed every three years; however, the City may, at its
own expense, require annual reviews of appraised values. The City may challenge appraised
values established by the appraisal district through various appeals and, if necessary, legal action.
Cauital Assets
Capital asset activity for the year ended September 30, 2006, was as follows:
Primary Government
Beginning Ending
Balance Increases Decreases Balance
Governmental activities:
Capital assets, not being depreciated:
Land $ 7,292,291 $ 1,375,431 $( 501,662) $ 8,166,060
Construction in progress 4,884,985 4,024,350 ( 2,797,830) 6,111,505
Total assets not being depreciated 12,177,276 5,399,781 ( 3,299,492) 14,277,565
Capital assets, being depreciated:
Buildings and improvements 31,623,092 294,039 31,917,131
Machinery and equipment 5,943,474 714,936 204,795) 6,453,615
Infrastructure 58,555,434 4,439,487 62,994,921
Total capital assets being depreciated 96,122,000 5,448,462 204,795) 10 I ,365,667
Less accumulated depreciation:
Buildings and improvements 4,691,792 955,148 5,646,940
Machinery and equipment 4,685,773 439,724 204,795) 4,920,702
Improvements other than buildings 11,047,567 1,259,899 12,307,466
Total accumulated depreciation 20,425,132 2,654,771 204,795) 22,875, I 08
Total capital assets being depreciated, net 75,696,868 2,793,691 78,490,559
Governmental activities capital
assets, net $ 87,874,144 $ 8,193,472 $( 3,299,492) $ 92,768,124
(continued)
57
4. DETAILED NOTES ON ALL FUNDS (Continued)
Cauital Assets (Continued)
Beginning Ending
Balance Increases Decreases Balance
Business-type activities:
Capital assets, not being depreciated:
Land $ 313,057 $ $ $ 313,057
Construction in progress 1,050,582 294,090 ( 547,431) 797,241
Total assets not being depreciated 1,363,639 294,090 ( 547,431) 1,110,298
Capital assets, being depreciated:
Buildings and improvements 53,922 53,922
Machinery and equipment 1,099,220 56,500) 1,042,720
Improvements other than buildings 50,519,782 1,823,354 52,343,136
Total capital assets being depreciated 51,672,924 I ,823,354 56,500) 53,439,778
Less accumulated depreciation:
Buildings and improvements 43,096 817 43,913
Machinery and equipment 856,309 1,327,737 56,500) 2,127,546
Improvements other than buildings 16,593,716 108,349 16,702,065
Total accumulated depreciation 17,493,121 1,436,903 56,500) 18,873,524
Total capital assets being depreciated, net 34,179,803 386,451 34,566,254
Business-type activities capital assets, net $ 35,543,442 $ 680,541 $( 547,431) $ 35,676,552
Depreciation expense was charged to functions/programs of the primary government as follows:
Governmental activities:
General government
Fire and rescue
Leisure services
Maintenance
Police
Streets and drainage
$ 260,612
149,606
672,971
6,205
237,721
1,327,656
Total depreciation expense - governmental activities
$ 2,654,771
Business-type activities:
Water and wastewater
Drainage utility
$ 1,332,640
104,263
Total depreciation expense - business-type activities
$ 1,436,903
(continued)
58
4. DETAILED NOTES ON ALL FUNDS (Continued)
Cauital Assets (Continued)
Construction Commitments
The government has active construction projects as of September 30, 2006. The major projects
are improvements to the Senior Center and Castleton Trail.
Proiect
Spent-to-date
Remaining
Commitment
Castleton Trail
$
80,000
$
9,092
Interfund Receivables. Pavables and Transfers
The composition of interfund balances as of September 30, 2006, is as follows:
Due to/from Other Funds
Receivable Fund
Payable Fund
Amount
Capital projects
Other governmental funds
$ 260,621
These balances resulted from the time lag between the dates that 1) interfund goods and services
are provided on reimbursable expenditures occur, 2) transactions are recorded in the accounting
system, and 3) payments between funds are made.
Interfund Transfers
Transfer In
Nonmajor
Debt Government
General Service Funds Total
Transfer Out:
General Fund $ $ $ 1,146,117 $ 1,146,117
Nonmajor Governmental Funds 524,787 524,787
Water and Wastewater Fund 532,357 532,357
Total Transfers Out $ 532,357 $ 524,787 $ 1,146,117 $ 2,203,261
The transfer of $532,357 from the Utility Fund to the General Fund represents the 2006
Administrative transfer and the franchise fee based on gross water and wastewater revenue of the
prior year's audited [ffiancial statements. $1,080,000 of the $1,146,117 from the General Fund
to the nonmajor governmental funds represents the annual payments of the three sales tax
incentive agreements. The remaining transfer of $524,787 from the Crime District to the Debt
Service Fund is for the repayment of debt. All principal and interest is paid from the Debt
Service Fund's bank account.
(continued)
59
4. DETAILED NOTES ON ALL FUNDS (Continued)
Capital Leases
The City has entered into a lease agreement as lessee for financing and acquisition of equipment
for the Fire Department. This lease agreement qualifies as a capital lease for accounting
purposes and, therefore, has been recorded at the present value of its future minimum lease
payments as of the inception date.
The assets acquired through capital leases are as follows:
Governmental
Activities
Asset:
Machinery and equipment
Less: accumulated depreciation
$ 505,431
( 80,638)
$ 424,793
Total
Business-type
Activities
$
(
71,077
16,684)
$
54,393
The future minimum lease obligations and the net present value of these minimum lease
payments as of September 30, 2006, were as follows:
Governmental
Activities
2007
2008
2009
2010
2011
2012-2015
Total minimum lease payments
Less: amount representing interest
$
74,046
74,046
49,723
49,723
49,723
198,890
496,151
91,756
404,395
Present value of minimum lease payments
$
Lon!!-term Liabilities
General Obligation Bonds
Business-type
Activities
$
14,479
14,479
$
28,958
2,025
26,933
The government issues general obligation bonds to provide funds for the acquisition and
construction of major capital facilities. General obligation bonds have been issued for
governmental activities. The original amount of general obligation bonds issued in prior years
was $17,060,000.
(continued)
60
4. DETAILED NOTES ON ALL FUNDS (Continued)
Lone:-term Liabilities (Continued)
General obligation bonds are direct obligations and pledge the full faith and credit of the
government. These bonds generally are issued as 20-year serial bonds with equal amounts of
principal maturing each year. General obligation bonds currently outstanding are as follows:
Purpose
Governmental activities
Interest Rates
Amount
3.6 - 6%
$ 25,459,008
$ 25,459,008
Long-term liability activity for the year ended September 30, 2006, was a follows:
Governmental activities
General obligation bonds and
certificates of obligation $
Sales tax revenue bonds
Capital lease obligations
Compensated absences
Total governmental activities
Business-tvDe activities
Revenue bonds and certificates
of obligation
Capital lease obligation
Compensated absences
Total business-type activities
Balance
October 1,
2005
Balance
September 30,
2006
Amounts
Due Within
One Year
$
1,400,000
551,546
55,206
104,765
2,111,517
Additions
Retirements
985,000
13,140
14,312
1,012,452
Total primary government
$ 38,658,526 $ 867,146 $ 3,309,954 $ 36,215,718 $ 3,123,969
Comoonent unit:
Tax Increment Financing Fund
Revenue Bonds
Total component unit
11,995,000
15,320,554
69,187
502,916
27,887,657
$
$ 1,330,000
526,546
73,508
407,519
2,337,573
$
10,665,000
14,794,008
404,395
523,823
26,387,226
1,175,000
$ 9,435,000 $
$ 1,120,000 $ 8,315,000 $ 1,175,000
(continued)
61
For the governmental activities, compensated absences are generally liquidated by the General
Fund.
408,716
428,426
837,142
10,675,000
41,077
54,792
10,770,869
945,000
14,144
13,237
972,381
9,730,000
26,933
71,559
9,828,492
30,004
30,004
9,435,000
1,120,000
8,315,000
4. DETAILED NOTES ON ALL FUNDS (Continued)
Lon2-term Liabilities (Continued)
Governmental activities long-term liabilities at September 30,2006, consisted of the following:
General obligation bonds and certificates of obligation serviced by property tax revenue:
$4,515,000 Series 1994 General Obligation Refunding and Improvement
Bonds due in annual installments of $115,000 to $405,000 through
February 1,2013; interest at 3.60% to 5.60%.
$500,000 Series 1999 General Obligation Bonds due in annual
installments of $5,000 to $40,000 through February 15,2019; interest at
4.00% to 6.00%.
$
915,000
385,000
$9,045,000 Series 2001 General Obligation Bonds due in annual
installments of $55,000 to $1,030,000 through February 15, 2014;
interest at 4.00% to 4.60%.
6,720,000
$3,000,000 Series 2002 Tax and Waterworks and Sewer System Surplus
Revenue Certificates of Obligation Bonds due in annual installments of
$110,000 to $170,000 through February 15, 2020; interest at 4.20% to
4.70%.
2,645,000
Total General Obligation Bonds and Certificates of Obligation
$
10,665,000
$7,170,000 Series 1999 Texas Tax and Waterworks and Sewer System
Certificates of Obligation due in annual installments of $5,000 to
$565,000 through February 15,2019; interest at 3.60% to 5.60%.
$
5,125,000
$2,122,722 Series 2000 Colleyville Economic Development Corporation
Sales Tax Revenue Bonds due in annual installments through February
15,2009; interest at 5.50% to 6.250%.
85,000
$9,570,000 Series 2005 Colleyville Economic Development Corporation
Refunding and Improvement Sales Tax Revenue Bonds due in annual
installments of $20,000 to $635,000 through February 15, 2029; interest
at4.10%
9,550,000
34,008
Unamortized gain on refunding
Total Revenue Bonds
$
14,794,008
The funds utilized for the repayment of long-term liabilities for governmental activities are the
Debt Service Fund, the Crime District Fund and the Colleyville Economic Development
Corporation.
In years past, the City has issued refunding bonds. As a result, the refunded debt is considered to
be defeased and the liability has been removed from the books. The City's defeased debt as of
September 30,2006, was $3,415,000.
(continued)
62
4. DETAILED NOTES ON ALL FUNDS (Continued)
Lone-term Liabilities (Continued)
Business-type activities long-term liabilities at September 30,2006, consisted of the following:
Water and Wastewater Fund:
$4,220,000 Series 1996 Waterworks and Wastewater System Revenue
and Refunding Bonds due in annual installments of $100,000 to
$335,000 through January 1,2017; interest at 3.75% to 5.60%.
$
1,975,000
$2,825,000 Series 1998 Waterworks and Wastewater System Revenue
Bonds due in annaul installments of $85,000 to $220,000 through
January 1,2018; interest at 4.25% to 6.75%.
2,005,000
$2,580,000 Series 2002 Waterworks and Wastewater System Revenue
Bonds due in annual installments of $130,000 to $255,000 through
January 1,2015; interest at 2.00% - 4.00%.
$1,710,000 Series 2004 Waterworks and Wastewater System Refunding
Bonds due in annual installments of $150,000 to $195,000 through
January 1,2014; interest at 3.73%.
1,980,000
Total Water and Wastewater Fund
$
1,405,000
7,365,000
Drainage Utility Fund:
$3,025,000 Series 2001 Municipal Drainage Utility System Revenue
Bonds due in annual installments of $85,000 to $220,000 through
February 15,2021; interest at 4.00% to 5.00%.
Total Drainage Utility Fund
$
$
2,365,000
2,365,000
Total Business-type activities
$
9,730,000
The ordinances authorizing the issuance of Waterworks and Wastewater System Revenue Bonds
created the Interest and Sinking Fund and Reserve Fund. The gross revenue of the waterworks
and wastewater system, after deduction of reasonable expenses of operations and maintenance,
are pledged to such funds in amounts equal to the total annual principal and interest requirements
of the bonds and amounts required to maintain the Reserve Fund. At September 30, 2006, the
City was in compliance with these requirements.
(continued)
63
4. DETAILED NOTES ON ALL FUNDS (Continued)
Lon!!-term Liabilities (Continued)
The City's component unit, the Tax Increment Financing District, long-term liabilities at
September 30,2006, consisted of the following:
Tax Increment Financing District
$2,895,000 Series 2000 Tax Notes due in installments of $670,000 to
$780,000 beginning in 2004 through February 15, 2007; interest at
4.95% to 5.20%.
$
780,000
$680,000 Series 2002 Tax and Tax Increment Revenue Certificates of
Obligation. due in installments of $25,000 to $40,000 beginning in 2004
through February 2012; interest at 4.00% to 5.00%.
600,000
$7,285,000 Series 2001 Tax Notes due in installments of $350,000 to
$660,000 beginning in 2006 through February 15, 2020; interest at
4.30% to 5.00%.
6,935,000
Total Tax Increment Financing District
$
8,315,000
Governmental Activities
General
Obligation Bonds and
Certificates of Obligation Revenue Bonds
September 30, Principal Interest Principal Interest
2007 $ 1,400,000 $ 437,915 $ 550,000 $ 617,126
2008 1,470,000 377,986 575,000 593,397
2009 1,535,000 314,772 595,000 568,530
2010 1,295,000 254,091 625,000 542,703
2011 1,360,000 196,041 650,000 515,792
2012-2016 2,870,000 380,352 3,745,000 2,120,053
2017-2021 735,000 68,752 3,595,000 1,239,660
2022-2026 2,590,000 650,055
2027-2029 1,835,000 114,697
$ 10,665,000 $ 2,029,909 $ 14,760,000 $ 6,962,013
(continued)
64
4. DETAILED NOTES ON ALL FUNDS (Continued)
Lone:-term Liabilities (Continued)
Business-Type Activities
Revenue Bonds
September 30, Principal Interest
2007 $ 985,000 $ 407,372
2008 865,000 369,465
2009 810,000 335,902
2010 855,000 302,203
2011 885,000 206,102
2012-2016 4,115,000 734,669
2017-2021 1,215,000 102,737
$ 9,730,000 $ 2,458,450
Discretely Presented Component Unit-
Tax Increment Financing Fund
September 30,
Revenue Bonds
Principal Interest
2007
2008
2009
2010
2011
2012-2016
2017-2018
$ 1,175,000
410,000
430,000
450,000
470,000
2,705,000
2,675,000
$ 8,315,000
$ 365,620
327,660
308,665
289,209
269,179
996,622
275,390
$ 2,832,345
(continued)
65
4. DETAILED NOTES ON ALL FUNDS (Continued)
Emulovees' Retirement System
Plan Description
The City provides pension benefits for all of its fulltime employees through a nontraditional,
joint contributory, hybrid defined benefit plan in the statewide Texas Municipal Retirement
System (TMRS), one of 811 administered by TMRS, an agent multiple-employer public
employee retirement system.
Benefits depend upon the sum of the employee's contributions to the plan, with interest, and the
City-financed monetary credits, with interest. At the date the plan began, the City granted
monetary credits for service rendered before the plan began of a theoretical amount equal to two
times what would have been contributed by the employee, with interest, prior to establishment of
the plan. Monetary credits for service since the plan began are a percent (100%, 150%, or 200%)
of the employee's accumulated contributions. In addition, the City can grant, as often as
annually, another type of monetary credit referred to as an updated service credit which is a
theoretical amount which, when added to the employee's accumulated contributions and the
monetary credits for service since the plan began, would be the total monetary credits and
employee contributions accumulated with interest if the current employee contribution rate and
City matching percent had always been in existence and if the employee's salary had always
been the average of his salary in the last three years that are one year before the effective date.
At retirement, the benefit is calculated as if the sum of the employee's accumulated contributions
with interest and the employer-financed monetary credits with interest were used to purchase an
annuity.
Members can retire at ages 60 and above with 5 or more years of service or with 20 years of
service regardless of age. A member is vested after 5 years. The plan provisions are adopted by
the governing body of the City, within the options available in the state statutes governing TMRS
and within the actuarial constraints also in the statutes.
TMRS issues a publicly available annual financial report that includes financial statements and
required supplementary information. The report may be obtained by writing to TMRS, P. O.
Box 149153, Austin, Texas 78714-9153.
(continued)
66
4. DETAILED NOTES ON ALL FUNDS (Continued)
Contributions
The contribution rate for the employees is 7%, and the City matching percent is currently 200%,
both as adopted by the governing body of the City. Under the state law governing TMRS, the
actuary annually determines the City contribution rate. This rate consists of the normal cost
contribution rate and the prior service cost contribution rate, both of which are calculated to be a
level percent of payroll from year to year. The normal cost contribution rate finances the
currently accruing monetary credits due to the City matching percent, which are the obligation of
the City as of an employee's retirement date, not at the time the employee's contributions are
made. The normal cost contribution rate is the actuarially determined percent of payroll
necessary to satisfy the obligation of the City to each employee at the time his/her retirement
becomes effective. The prior service contribution rate amortizes the unfunded (overfunded)
actuarial liability (asset) over the remainder of the plan's 25-year amortization period. The unit
credit actuarial cost method is used for determining the City contribution rate. Contributions are
made monthly by both the employees and the City. Since the City needs to know its contribution
rate in advance for budgetary purposes, there is a one-year delay between the actuarial valuation
that serves as the basis for the rate and the calendar year when the rate goes into effect.
Actual valuation date
Schedule of Actuarial Liabilities and Funding Progress
Actuarial value of assets
Actuarial accrued liability
Percentage funded
Unfunded (over-funded)
actuarial accrued liability (UAAL)
Annual covered payroll
UAAL as a percentage of covered payroll
Net pension obligation
(NPO) at the beginning of period
Annual Pension Cost:
Annual required contribution (ARC)
Contributions made
Increase in NPO
NPO at the end of period
12/31/05 12/31/04 12/31/03
$ 19,145,328 $ 17,670,462 $ 15,892,324
21,072,684 19,579,931 19,889,831
90.9% 90.2% 79.9%
1,927,356 1,909,469 3,997,507
7,757,593 7,145,708 7,482,837
24.8% 26.7% 53.4%
1,012,152
1,012,152
1,010,830
1,010,830
973,844
973,844
Actuarial Assumutions
Actuarial Cost Method
Amortization Method
Remaining Amortization Period
Asset Valuation Method
Investment Rate of Return
Projected Salary Increases
Includes Inflation At
Cost-of-Living Adjustments
Unit Credit
Level percent of Payroll
25 Years - Open Period
Amortized Cost (to accurately reflect
the requirements of GASB Statement
No. 25, paragraphs 36e and 138)
7%
None
3.5%
None
(continued)
67
4. DETAILED NOTES ON ALL FUNDS (Continued)
Water and Wastewater Contracts
The City has two contracts with the Trinity River Authority of Texas (TRA) for the purchase of
treated water and for the transportation, treatment and disposal of sanitary sewage and other waste.
The initial terms of the contracts are 35 and 50 years, and they expire in 2015 and 2025. While the
provisions of each of the contracts vary, each contract basically requires the City to pay varying
amounts based on the costs associated with water purchased and sewage transported and/or treated
and disposed. The cost includes the City's proportionate share of TRA's operating and
maintenance expenses, related debt service costs, and certain other miscellaneous charges.
Purchases of treated water and charges for the transportation, treatment and disposal of sewage and
other wastes during 2006 amounted to approximately $4,763,659 and $1,009,472, respectively.
,
Advances from Develouers
Developers are required by ordinance to construct perimeter streets and related storm drainage
facilities. The developer may request a waiver from the Council for the construction
requirements and instead deposit escrow funds with the City equal to one-half of the estimated
cost of construction, which are utilized by the City to complete the project at some later date. At
September 30, 2006, developers had escrowed $179,068 with the City in connection with
developer agreements.
Contin2ent Liabilities
The City has been named as a defendant or co-defendant in a number of legal actions. While the
outcome of these cases is not known at this time, City management believes that any awards to
insured parties which must be paid in excess of amounts covered by insurance will not be
material to the financial position ofthe City.
Risk Financine: and Insurance
The City is exposed to various risks of loss related to torts, theft of, damage to, and destruction
of assets; errors and omissions; injuries to employees; and natural disasters. During the fiscal
year 1974, the City joined the Texas Municipal League Workers Compensation Joint Insurance
Fund for risks related to employees. During the fiscal year 1992, the City joined the Texas
Municipal League Joint Insurance Fund for risks related to general liability, property and errors
and omissions. Premiums are paid to the Pool, which retains a limit of loss. Reinsurance
companies insure the risks beyond those limits. The City retains, as a risk, only the deductible
amount of each policy. There have been no significant reductions in insurance coverage and no
settlements exceeded insurance coverage in the past three fiscal years.
Prior Period Adiustment
In the prior year, the City understated liabilities in the governmental activities. Accordingly, the
City restated beginning fund balance in its financial statements. This restatement decreased
beginning fund balance in the governmental activities in the amount of $305,000.
68
NONMAJORGOVERNMENTALFUNDS
SPECIAL REVENUE FUNDS
Special Revenue Funds are used to account for specific revenues that are legally restricted to
expenditure for particular purposes.
Voluntary Park - This fund is used to account for the operations for which voluntary
contributions by citizens are used. Contributions are used primarily to support park
activities.
Voluntary Library - This fund is used to account for the operations for which voluntary
contributions by citizens are used. Contributions are used primarily to support library
activities.
Police Asset Forfeiture -This fund is used to account for activity related to seizure of assets
in criminal-related activities.
Tree Preservation - This fund is used to account for operations related to replacement of
trees, which are eliminated due to commercial development. Contributions are received from
entities that are developing the property.
Library Donation - This fund is used to account for private and corporate donations for
capital purchases related to the new library building for the City.
Recreational Event - This fund is used to account for activities related to athletic events for
the City.
Community Development Center - This fund is used to account for contributions received to
construct a community center.
Recycling - This fund is used to account for the promotion of recycling activities in the City
ofColleyville. Contributions are received from the holder of the City's recycling franchise.
69
LEOSE (Law Enforcement Officer Standards and Education) - This fund is used to account
for activities related to the continuing education of qualified law enforcement officers as funded
by the State of Texas LEOSE Account.
Colleyville Economic Development - This fund is used to account for the use of bond proceeds
and sales tax revenues for municipal park improvements, the purchase of land and equipment for
additional neighborhood parks and for the construction of a community center and library.
Crime District - This fund is used to account for the Colleyville Crime Control and Prevention
District formed to act on behalf of the City for financing the development of crime control
throughout the City.
Kidsville Maintenance - This fund is used to account for contributions received for the
maintenance of Kidsville Playground.
Special Donations - This fund is used to account for various donations made to the City for
specific projects.
Court Technology - This fund is used to account for the collection and use of fines collected to
be specifically used on technology for the court.
Court Security - This fund is used to account for the collection and use of fmes collected to be
specifically used for security purposes.
TDPA Grant - This fund is used to account for grant proceeds received for the acquisition of
equipment and expenditures relating to fires and rescue.
Cable Equipment - This fund is used to account for the replacement of cable and other
equipment.
Sales Tax Incentive Agreement - This fund is used to account for the repayment of sales tax
incentive agreements.
CAPITAL PROJECTS FUNDS
Capital Projects Funds are used to account for the acquisition and construction of major capital
facilities other than those financed by proprietary funds and trust funds.
Parkland Dedication Fund - This fund is used to account for the acquisition of land for new
park sites and to make improvements to or expand existing parks to better serve new
development. Fees collected from the developers of residential and commercial development
finance the improvements.
Colleyville Economic Development Corporation (CEDC) - This fund is used to account for
financial resources to be used for the acquisition of construction of CEDC capital facilities.
Financing is provided primarily by the revenue from certificate of obligation bonds.
Kimzey Park - This fund is used to account for the construction of Kimzey Park. The source of
funding was a Texas Parks and Wildlife state grant.
70
Tms PAGE INTENTIONALLY LEFT BLANK
71
CITY OF COLLEYVILLE, TEXAS
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
SEPTEMBER 30, 2006
Special Revenue Funds
Voluntary Police Asset
Voluntary Park Library Forfeiture
ASSETS
Cash and cash equivalents $ 33,042 $ 10,397 $ 2,435
Investments 726,684 329,614
Due from other governments
Accrued interest 12,142 2,865
Total assets $ 771,868 $ 342,876 $ 2,435
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts payable $ $ $
Accrued liabilities
Due to other funds
Advances from developers
Total liabilities
Fund balances:
Special revenue funds 771,868 342,876 2,435
Capital projects
Total fund balances 771,868 342,876 2,435
Total liabilities and fund balances $ 771,868 $ 342,876 $ 2,435
72
Special Revenue Funds
Community
Tree library Recreational Development
Preservation Donation Event Center Recycling LEOSE
$ 35,827 $ 124,073 $ 5,595 $ 22,825 $ 5,033 $ 19,606
5,595 $
22,825
$
5,033
$
19,606
$
35,827 $
124,073
$
$
$
$
$
$
$
30,623
30,623
5,204
124,073
5,595
22,825
5,033
19,606
5,204
124,073
5,595
22,825
5,033
19,606
$
35,827 $
124,073
$
5,595 $
22,825
$
5,033 $
19,606
(continued)
73
CITY OF COLLEYVILLE, TEXAS
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
(Continued)
SEPTEMBER 30, 2006
Special Revenue Funds
Colleyville
Economic Kidsville
Development Crime District Maintenance
ASSETS
Cash and cash equivalents $ 813,490 $ 561,012 $ 21,343
Investments 522,759
Due from other governments 229,340 175,399
Accrued interest 1,460
Total assets $ 1,567,049 $ 736,411 $ 21,343
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts payable $ 131,838 $ $
Accrued liabilities 999
Due to other funds
Advances from developers
Total liabilities 131,838 999
Fund balances:
Special revenue funds 1,435,211 735,412 21,343
Capital projects
Total fund balances 1,435,211 735,412 21,343
Total liabilities and fund balances $ 1,567,049 $ 736,411 $ 21,343
74
Capital
Special Revenue Funds Project Funds
Sales Tax
Special Court Court TDPA Cable Incentive Parkland
Donations Technology Security Grant Equipment Agreement Dedication
$ 5,280 $ 31,966 $ 48,150 $ $ 99,102 $ 1,084,700 $
2,044,022
32,362
28,162
$ 5,280 $ 31,966 $ 48,150 $ $ 99,102 $ 1,084,700 $ 2,104,546
$
$
$
$
$
$
$
1,225
260,621
261,846
5,280
31,966
48,150
99,102
1,084,700
31,966
48,150
99,102
1,084,700
1,842,700
1,842,700
5,280
$
5,280 $
31,966 $
48,150 $
$ 99,102 $ 1,084,700 $ 2,104,546
(continued)
75
CITY OF COLLEYVILLE, TEXAS
COMBINlNG BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
(Continued)
SEPTEMBER 30, 2006
Capital Project Funds
Total
CEDC Capital Governmental
Project Kimzey Park Funds
ASSETS
Cash and cash equivalents $ 204,484 $ 14,736 $ 3,143,096
Investments 562,932 4,186,011
Due from other governments 437,101
Accrued interest 44,629
Total assets $ 767,416 $ 14,736 $ 7,810,837
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts payable $ 27,604 $ $ 160,667
Accrued liabilities 999
Due to other funds 260,621
Advances from developers 30,623
Total liabilities 27,604 452,910
Fund balances:
Special revenue funds 4,760,679
Capital projects 739,812 14,736 2,597,248
Total fund balances 739,812 14,736 7,357,927
Total liabilities and fund balances $ 767,416 $ 14,736 $ 7,810,837
76
TIDS PAGE INTENTIONALLY LEFT BLANK
77
CITY OF COLLEYVlLLE, TEXAS
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
FOR THE YEAR ENDED SEPTEMBER 30,2006
Special Revenue Funds
Voluntary Voluntary Police Asset
Park Library Forfeiture
REVENUES
Taxes $ $ $
Fees and fines
Intergovernmental
Charges for services 139,862
Donations 69,931
Investment earnings 31,600 12,698
Miscellaneous
Total revenues 171,462 82,629
EXPENDITURES
Current:
General government
Fire and rescue
Leisure services 71,561
Municipal court
Police
Principal
Interest and other charges
Capital outlay 111,860
Total expenditures 111,860 71,561
EXCESS (DEFICIENCY) OF REVENUES
OVER (UNDER) EXPENDITURES 59,602 11,068
OTHER FINANCING SOURCES (USES)
Sale of capital assets 1,600
Transfers in
Transfers out
Total other financing sources and uses 1,600
NET CHANGE IN FUND BALANCES 59,602 11,068 1,600
FUND BALANCES, BEGINNING 712,266 331,808 835
FUND BALANCES, ENDING $ 771,868 $ 342,876 $ 2,435
78
Special Revenue Funds
Community
Tree Library Recreational Development
Preservation Donation Event Center Recycling LEOSE
$ $ $ $ $ $
4,110 1,299
85,740
16,000 3,714
89,850 1,299 16,000 3,714
11,760
63,718
1,224
4,355
63,718
1,224
11,760
4,355
26,132
75
4,240
(
641)
5,204
26,132
97,941
5,595
75
22,750
4,240
793
(
641)
20,247
$
5,204 $
124,073 $
5,595 $
22,825
$
5,033 $
19,606
(continued)
79
CITY OF COLLEYVILLE, TEXAS
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
(Continued)
FOR THE YEAR ENDED SEPTEMBER 30, 2006
Special Revenue Funds
Colleyville
Economic Kidsville
Development Crime District Maintenance
REVENUES
Taxes $ 1,132,094 $ 955,946 $
Fees and fines
Intergovernmental
Charges for services
Donations 1,500
Investment earnings 22,179 13,833
Miscellaneous
Total revenues 1,155,773 969,779
EXPENDITURES
Current:
General government
Fire and rescue
Leisure services 132,932
Municipal court
Police 94,668
Principal 240,000
Interest and other charges 402,929
Capital outlay 405,704 120,133
Total expenditures 1,181,565 214,801
EXCESS (DEFICIENCY) OF REVENUES
OVER (UNDER) EXPENDITURES ( 25,792) 754,978
OTHER FINANCING SOURCES (USES)
Sale of capital assets
Transfers in
Transfers out ( 524,787)
Total other financing sources and uses ( 524,787)
NET CHANGE IN FUND BALANCES ( 25,792) 230,191
FUND BALANCES, BEGINNING 1,461,003 505,221 21,343
FUND BALANCES, ENDING $ 1,435,211 $ 735,412 $ 21,343
80
Capital
Special Revenue Funds Project Funds
Sales Tax
Special Court Cable Incentive Parkland
Donations Technology Court Security TDP A Grant Equipment Agreement Dedication
$ $ $ $ $ $ $
29,510 22,142
11,947 227,309
4,700 67,047
11,947 29,510 22,142 4,700 294,356
66,117 1,080,000
66,117 1,080,000
( 28,590) 12,134 13,672 66,117 1,084,700 ( 217,306)
33,870 19,832 34,478 32,985 2,060,006
$ 5,280 $ 31,966 $ 48,150 $ $ 99,102 $ 1,084,700 $ 1,842,700
(continued)
81
CITY OF COLLEYVILLE, TEXAS
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
(Continued)
FOR THE YEAR ENDED SEPTEMBER 30, 2006
Capital Project Funds
Total
CEDC Capital Governmental
Project Kimzey Park Funds
REVENUES
Taxes $ $ $ 2,088,040
Fees and fines 51,652
Intergovernmental 5,409
Charges for services 57,253 197,115
Donations 200 396,627
Investment earnings 67,607 219,664
Miscellaneous 19,714
Total revenues 125,060 2,978,221
EXPENDITURES
Current:
General government 11,760
Fire and rescue 26,697
Leisure services 103,563 385,251
Municipal court 25,846
Police 3,375 103,985
Principal 240,000
Interest and other charges 402,929
Capital outlay 1,845,204 2,994,563
Total expenditures 1,952,142 4,191,031
EXCESS (DEFICIENCY) OF REVENUES
OVER (UNDER) EXPENDITURES ( 1,827,082) ( 1,212,810)
OTHER FINANCING SOURCES (USES)
Sale of capital assets 1,600
Transfers in 1,146,117
Transfers out ( 524,787)
Total other financing sources and uses 622,930
NET CHANGE IN FUND BALANCES ( 1,827,082) ( 588,280)
FUND BALANCES, BEGINNING 2,566,894 14,736 7,946,207
FUND BALANCES, ENDING $ 739,812 $ 14,736 $ 7,357,927
82
CITY OF COLLEYVll..LE, TEXAS
DEBT SERVICE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2006
Variance with
Budget -
Positive
Budget Actual eN egative)
REVENUES
Taxes $ 1,830,940 $ 1,900,328 $ 69,388
Investment earnings 32,000 46,160 14,160
Total revenues 1,862,940 1,946,488 83,548
EXPENDITURES
Debt service:
Principal retirement 1,639,324 1,639,324
Interest and fiscal charges 741,314 738,888 2,426
Total expenditures 2,380,638 2,378,212 2,426
EXCESS (DEFICIENCY) OF REVENUES
OVER (UNDER) EXPENDITURES ( 517,698) ( 431,724) 85,974
OTHER FINANCING SOURCES
Transfers in 524,788 524,787 ( 1)
Total other financing sources 524,788 524,787 ( 1)
NET CHANGE IN FUND BALANCE 7,090 93,063 85,973
FUND BALANCE, BEGINNING 989,618 989,618
FUND BALANCE, ENDING $ 996,708 $ 1,082,681 $ 85,973
83
AGENCY FUNDS
Employee Activity Fund - This fund is used to account for funds held by the City for the benefit
of employees of the City.
Sesquicentennial Fund - This fund is used to account for funds held by the city for the benefit
of the City ofColleyville's historical purposes.
84
CITY OF COLLEYVILLE, TEXAS
COMBINING STATEMENT OF FIDUCIARY NET ASSETS
AGENCY FUNDS
SEPTEMBER 30, 2006
Employee
Activity Sesquicentemrial
Fund Fund Total
ASSETS
Cash and cash equivalents $ 1,712 $ 13,653 $ 15,365
Total assets $ 1,712 $ 13,653 $ 15,365
LIABILITIES
1,712
13,653
$
$
15,365
Due to other agencies and individuals
1,712
$
$
15,365
T ota1liabilities
$
$
13,653
85
CITY OF COLLEYVILLE, TEXAS
COMBINING STATEMENT OF CHANGES IN
ASSETS AND LIABILITIES
AGENCY FUNDS
YEAR ENDED SEPTEMBER 30, 2006
Employee Activity Fund
Balance Balance
10/01/05 Additions Deletions 09/30/06
Cash and cash equivalents $ 1,076 $ 2,950 $ 2,314 $ 1,712
Total assets $ 1,076 $ 2,950 $ 2,314 $ 1,712
Due to other agencies and individuals $ 1,076 $ 2,950 $ 2,314 $ 1,712
T otalliabilities $ 1,076 $ 2,950 $ 2,314 $ 1,712
Sesquicentennial Fund
Balance Balance
10/01105 Additions Deletions 09/30/06
Cash and cash equivalents $ 6,663 $ 6,990 $ $ 13,653
Total assets $ 6,663 $ 6,990 $ $ 13,653
Due to other agencies and individuals $ 6,663 $ 6,990 $ $ 13,653
T otalliabilities $ 6,663 $ 6,990 $ $ 13,653
Total Agency Funds
Balance Balance
10/01105 Additions Deletions 09/30/06
Cash and cash equivalents $ 7,739 $ 9,940 $ 2,314 $ 15,365
Total assets $ 7,739 $ 9,940 $ 2,314 $ 15,365
Due to other agencies and individuals $ 7,739 $ 9,940 $ 2,314 $ 15,365
T otalliabilities $ 7,739 $ 9,940 $ 2,314 $ 15,365
86
STATISTICAL SECTION
87
Tms PAGE INTENTIONALLY LEFT BLANK
88
CITY OF COLLEYVILLE, TEXAS
NET ASSETS BY COMPONENT
(Accrual Basis of Accounting)
Governmental activities:
Invested in capital. assets, net of related debt
Restricted
Unrestricted
Total governmental activities net assets
Business-type activities:
Invested in capital assets, net of related debt
Restricted
Unrestricted
Total business-type activities net assets
Primary government:
Invested in capital assets, net of related debt
Restricted
Unrestricted
Total primary government net assets
Note: The City is in the process of gathering information for the previous three years.
89
TABLE 1
2006
$ 66,991,146
937,578
19,002,816
$ 86,931,540
$ 25,919,619
882,821
19,253,772
$ 46,056,212
$ 92,910,765
1,820,399
38,256,588
$ 132,987,752
TABLE 2
CITY OF COLLEYVILLE, TEXAS
CHANGES IN NET ASSETS
(Accrual Basis of Accounting)
2006
EXPENSES
Governmental activities:
General government
Community Development and Engineering
Fire and rescue
Leisure services
Maintenance
Municipal court
Police
Streets and drainage
Interest on long-term debt
Total governmental activities expenses
Total primary government program expenses
$ 2,729,064
1,267,136
3,814,585
3,513,992
383,504
270,345
3,801,644
2,932,465
1,142,043
19,854,778
9,428,373
548,963
440,703
10,418,039
$ 30,272,817
Business-type activities:
Water and Wastewater
Drainage
Interest on long-term debt
Total business-type activities expenses
PROGRAM REVENUES
Governmental activities:
Charges for services:
General government
Community Development and Engineering
Fire and rescue
Leisure services
Municipal court
Police
Streets and drainage
Operating grants and contributions
Capital grants and contributions
Total governmental activities program revenues
Business-type activities:
Charges for services:
Water and Wastewater
Capital grants and contributions
Total business-type activities program revenues
$ 6,000
2,163,596
239,386
448,606
813,781
70,899
472,860
399,819
4,355,357
8,970,304
13,187,868
1,100,354
14,288,222
Total primary government program revenues
$ 23,258,526
(continued)
90
TABLE 2
CITY OF COLLEYVILLE, TEXAS
CHANGES IN NET ASSETS
(Continued)
(Accrual Basis of Accounting)
2006
NET (EXPENSE) REVENUES
Governmental activities
Business-type activities
Total primary government net expense
$( 10,884,474)
3,870,183
( 7,014,291)
GENERAL REVENUES AND OTHER CHANGES IN NET ASSETS
Governmental activities:
Taxes
Property
Franchise
Sales
Other
Investment earnings
Miscellaneous
Transfers
Total governmental activities
9,483,546
4,355,627
1,790,543
76,005
904,361
65,313
532,357
17,207,752
Business-type activities:
Inves1ment earnings
Transfers
Total business-type activities
Total primary government
846,214
( 532,357)
313,857
17,521,609
6,323,278
4,184,040
$ 10,507,318
CHANGE IN NET ASSETS
Governmental activities
Business-type activities
Total primary government
Note: The City is in the process of gathering information for the previous three years.
91
THIS PAGE INTENTIONALLY LEFT BLANK
92
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TABLE 7
CITY OF COLLEYVILLE, TEXAS
PRINCIPAL PROPERTY TAXPAYERS
CURRENT YEAR AND NINE YEARS AGO
2006 1997
Percentage Percentage
of Total City of Total City
Taxable Taxable Taxable Taxable
Assessed Assessed Assessed Assessed
Taxpayer Value Value Value Value
Lifetime Fitness $ 16,414,232 0.57% $ - %
TXU Electric Delivery 16,307,256 0.57% 12,399,794 0.86%
Albertsons 9,934,354 0.35% 11,036,539 0.77%
Melvin & Matrindale 7,685,413 0.27% - %
Colleyville Plaza 6,500,480 0.23% 6,999,896 0.49%
Colleyville 26 Crossing, Ltd. 6,060,000 0.21% 4,571,006 0.32%
Broughton, Ltd. Partnership 5,973,768 0.21% - %
Uhlman Colleyville, LLC 5,784,142 0.20% - %
G Points SC Ltd. 5,289,406 0.19% - %
Village Management 5,174,772 0.18% - %
PayIess Cashways - % 3,508,364 0.24%
K-Mart - % 2,540,597 0.18%
ASG Colleyville Park, Ltd. 4,853,227 0.17% 3,430,546 0.24%
Eagle Colleyville Town Square 4,735,812 0.16% 2,200,000 0.15%
Total $ 94,712,862 3.31% $ 46,686,742 3.25%
S01ITCe: Tarrant Appraisal District
98
TABLE 8
CITY OF COLLEYVILLE, TEXAS
PROPERTY TAX LEVIES AND COLLECTIONS
LAST TEN FISCAL YEARS
Collected With the
Taxes Levied Fiscal Year of the Levy Collections Total Collections to Date
Fiscal for the Percentage in Subsequent Percentage
Year Ended Fiscal Year Amount of Levy Years Amount of Levy
1997 $ 4,847,786 $ 4,789,613 98.8% $ 55,918 $ 4,845,531 99.95%
1998 5,179,670 5,138,233 99.2% 38,638 5,176,871 99.95%
1999 5,534,817 5,479,469 99.0% 53,059 5,532,528 99.96%
2000 6,008,914 5,948,825 98.9% 55,877 6,004,702 99.93%
2001 6,664,042 6,597,402 98.8% 62,195 6,659,597 99.93%
2002 7,399,976 7,325,976 98.3% 63,880 7,389,856 99.86%
2003 8,233,543 8,151,208 98.8% 75,801 8,227,009 99.92%
2004 8,719,444 8,632,250 99.2% 80,641 8,712,891 99.92%
2005 9,201,770 9,109,752 99.1% 77,371 9,187,123 99.84%
2006 9,981,646 9,906,769 99.2% 9,906,769 99.25%
Sources: Tarrant County Appraisal District and City of Colleyville Finance Department.
99
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TABLE 10
CITY OF COLLEYVILLE, TEXAS
RATIOS OF NET GENERAL BONDED DEBT OUTSTANDING
LAST TEN FISCAL YEARS
General Bonded Debt Outstanding Percentage of
General Less Amounts Actual Taxable
Fiscal Obligation Restricted to Value of Per
Year Bonds Repaying Principal Total Property Capita
1997 $ 14,840,000 $ 548,756 $ 14,291,244 0,99% $ 821
1998 14,255,000 614,437 13,640,563 0.91% 754
1999 14,150,000 676,097 13,473,903 0.85% 721
2000 13,490,000 756,106 12,733,894 0.74% 663
2001 12,975,000 863,320 12,111,680 0.63% 621
2002 15,315,000 962,363 14,352,637 0.68% 723
2003 13,820,000 1,025,530 12,794,470 0.54% 635
2004 12,925,000 995,889 11,929,111 0.46% 582
2005 11,955,000 989,618 10,965,382 0.41% 522
2006 10,665,000 1,082,681 9,582,319 0.33% 441
Notes:
Details regarding the City's outstanding debt can be found in the notes to the financial statements.
See Table 5 for property value data.
Population data can be found in Table 14.
101
CITY OF COLLEYVILLE, TEXAS
DJRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT
AS OF SEPTEMBER 30, 2006
Government Unit
Debt repaid with property taxes
Birdville Independent School District
Carroll Independent School District
Grapevine-Colleyville Independent School District
Hurst-Euless-Bedford Independent School District
Keller Independent School District
Tarrant County
Tarrant County College District
Tarrant County Hospital District
Subtotal overlapping debt
City direct debt
Total direct and overlapping debt
Sources:
Debt
Outstanding
$ 172,843,323
161,244,349
275,090,785
220,314,187
484,579,366
236,205,000
30,330,000
60,625,000
Estimated
Percentage
Applicable
0.070%
0.430%
22.940%
1.300%
0.780%
3.010%
3.010%
3.010%
TABLE 11
Estimated
Share of
Direct and
Overlapping
Debt
$ 120,990
693,351
63,105,826
2,864,084
3,779,719
7,109,771
912,933
1,824,813
80,411,487
10,665,000
$ 91,076,487
Assessed value data used to estimate applicable percentages provided by the Tarrant County Appraisal
District and debt outstanding data provided by each governmental unit.
102
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Eo< Eo<
CITY OF COLLEYVILLE, TEXAS
PLEDGED REVENUE COVERAGE
LAST TEN FISCAL YEARS
Water Revenue Bonds
Utility Less: Net
Fiscal Service Operating Available Debt Service
Year Charges Expenses Revenue Principal Interest Coverage
1997 $ 6,759,061 $ 3,757,793 $ 3,001,268 $ 420,000 $ 471,594 $ 2,109,674
1998 7,775,729 4,366,860 3,408,869 410,000 486,163 2,512,706
1999 8,321,893 4,196,771 4,125,122 510,000 576,767 3,038,355
2000 9,540,064 5,698,694 3,841,370 541,000 556,761 2,743,609
2001 8,477,716 5,793,366 2,684,350 566,000 515,003 1,603,347
2002 8,407,033 5,909,848 2,497,185 597,000 485,984 1,414,201
2003 8,840,900 6,444,484 2,396,416 622,000 457,143 1,317,273
2004 8,924,942 6,117,278 2,807,664 680,000 406,306 1,721,358
2005 10,198,733 7,251,998 2,946,735 765,000 361,976 1,819,759
2006 13,136,476 8,067,565 5,068,911 795,000 329,451 3,944,460
Notes:
Details regarding the City's outstanding debt can be fOlmd in the notes to the financial statements.
Operating expenses do not include interest, depreciation, or amortization expenses.
Sales tax increment bonds are backed by the sales tax revenue produced by the sales tax rate in effect when
the bonds were issued (112 percent) applied to the increase in retail sales in the Connnons shopping area
since that time.
104
TABLE 13
Drainage Revenue Bonds Sales Tax. Bonds
Drainage Drainage Net
Service Operations Available Debt Service Sales Tax. Debt Service
Charges Expenses Revenue Principal Interest Coverage Increment Principal Interest Coverage
$ 424,785 $ 163,191 $ 261,594 $ 45,000 $ 88,206 $ 128,388 $ 444,826 $ $ $
444,938 200,246 244,692 50,000 85,475 109,217 792,032 359,354 432,678
427,568 192,442 235,126 50,000 82,600 102,526 836,419 140,000 354,594 341,825
448,990 193,979 255,011 55,000 79,581 120,430 849,426 145,000 344,759 359,667
692,628 230,578 462,050 55,000 142,772 264,270 823,946 160,000 443,401 220,545
615,099 256,866 358,233 205,115 85,550 67,568 881,921 170,000 533,066 178,855
704,031 235,105 468,926 140,000 144,417 184,509 768,846 185,000 419,114 164,732
694,196 312,235 381,961 140,000 122,263 119,698 873,626 195,000 406,472 272,154
71 0,265 338,310 371,955 175,000 116,432 80,523 982,844 210,000 387,085 385,759
897,606 444,700 452,906 150,000 111,252 191,654 1,132,094 240,000 402,929 489,165
105
TABLE 14
CITY OF COLLEYVILLE, TEXAS
DEMOGRAPIDC AND ECONOMIC STATISTICS
LAST TEN FISCAL YEARS
Tarrant
Per Capita County
Calendar Personal Personal Unemployment
Year Population Income Income Rate
1997 17,400 $ 139,963 $ 46,499 5.2%
1998 18,100 141,844 47,124 4.7%
1999 18,700 143,725 47,749 4.5%
2000 19,200 145,606 48,374 3.6%
2001 19,500 147,487 48,999 4.5%
2002 19,850 149,368 49,624 6.1%
2003 20,150 151,249 50,249 6.3%
2004 20,500 153,130 50,874 5.6%
2005 21,000 155,011 51,499 5.1%
2006 21,720 157,009 52,162 4.5%
Sources: Population - North Central Texas Council of Governments, personal income- City of Colleyville
Economic Development Department, Unemployment Rate - Texas Workforce Commission
(unemployment rate is not available solely the City of Colleyville)
106
TABLE 15
CITY OF COLLEYVILLE, TEXAS
PRINCIPAL EMPLOYERS
CURRENT YEAR AND NINE YEARS AGO
2006 1997
Percentage Percentage
of Total City of Total City
Employer Employees Employment Employees Employment*
Grapevine Colleyville ISD 475 8.2% 380 - %
Market Street 415 7.2% - %
Albertsons 205 3.5% 100 - %
City of Colleyville 179 3.1% 121 - %
Kroger - % 150 - %
LaHacienda Ranch 100 1.7% - %
Sonshine Academy 60 1.0% - %
RW A, Inc. 60 1.0% - %
Mac's Steak and Seafood 60 1.0% - %
Creme de la Creme 60 1.0% - %
Payless Cashways - % 60 - %
Emler Swim School 50 0.9% - %
Ebby Halliday Realtors 50 0.9% - %
Applebee's Neighborhood Grill 50 0.9% - %
Total 1,764 30.4% 811 - %
Source: City Economic Development Division
*This information is Wlavailable.
107
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