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HomeMy WebLinkAboutComprehensive Annual Financial Report (CAFR)-Audit Records-9/30/2008CITY OF COLLEYVILLE, TEXAS COMPREHENSIVE ANNUAL FINANCIAL REPURT YEAR ENDED SEPTEMBER 30, BOOS Prepared by Finance Department Terry Leake Finance Director CITY OF CULLEYVILLE, TEXAS TABLE OF CONTENTS YEAR ENDED SEPTEMBER 30, 2008 Page Number INTRODUCTORY SECTION Letter of Transmittal ........................................................................................................... 3 - 6 organizational Chart ........................................................................................................... 7 Certificate of Achievement ................................................................................................. 8 Principal Off cials ............................................................................................................... 9 FINANCIAL SECTION independent Auditors' Report ............................................................................................. 13 -~ 14 Management's Discussion and Analysis ............................................................................ 17 - 25 Basic Financiai Statements Statement of Net Assets ................................................................................................... 2S - 29 Statement of Activities ..................................................................................................... 30 - 3 i 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 Actual -General Fund ................................................... 37 (continued) CITY OF C~LLEYVILLE, TEXAS TABLE ~F CONTENTS ~Cont~nued} YEAR ENDED SEPTEMBER 30, Zoos Page Number FINANCIAL SECTION (Continued) Basic Financial Statements Continued} Statement of Net Assets ~-Proprietary Funds ............................................. . .................... 3 8 Statement of Revenues, Expenses and Changes in Fund Net Assets -Proprietary Funds ........................................................................... 39 Statement of Cash Flows -Proprietary Funds ................................................................. 40 - 41 Statement of Fiduciary Net Assets -~ Fiduciary Funds .................................................... 42 Notes to Basic Financial Statements ................................................................................ 43 - 68 Nonmajor Governmental Funds Combining Balance Sheet ................................................................................................ 72 - 76 Combining Statement of Revenues, Expenditures and Changes in Fund Balances ............................................................................................ 78 - 82 Schedule of Revenues, Expenditures and Changes in Fund Balances -Budget and Actual -Debt Service Fund ........................................... 83 Agency Funds Combining Statement of Fiduciary Net Assets ................................................................ 85 Combining Statement of Changes in Assets and Liabilities ............................................ 86 (continued) CITY QF CQLLEYVILLE, TEAS TABLE 4F CONTENTS Continued} YEAR ENDED SEPTEMBER 30, 240$ Page STATISTICAL SECTIQN Unaudited} ExhibitlTable Number Net Assets by Government ..................................................................... 1 89 Changes in Net Assets ............................................................................ 2 90 - 91 Fund Balances -Governmental Funds ................................................... 3 93 Changes in Fund Balances -Governmental Funds ................................ 4 94 - 95 Assessed Value and Estimated Actual Value of Taxable Property .............................................................................. 5 9G Direct and overlapping Property Tax Rates ........................................... 6 97 Principal Property Taxpayers ...................... . .......................... . ... . ............ 7 9 8 Property Tax Levies and Collections ...................................................... 8 99 Principal Water Customers ............................................................. . ....... 9 100 Ratios of Outstanding Debt by Type ...................................................... 10 101 Ratios of General Bonded Debt Outstanding .......................................... 11 102 Direct and Overlapping Governmental Activities Debt .......................... 1 Z 103 Legal Debt Margin Information .............................................................. 13 104 Pledged Revenue Coverage .................................................................... 14 10~ -107 Demographic and Economic Statistics ................................................... 15 108 Principal Taxpayers ................................................................................ 1 ~ 109 Fulltime Equivalent City Government Employees by FunctianlProgram ................................................................................ 17 110 Operating Indicators by FunctionlProgram ............................................ 18 111 Capital Asset Statistics by FunctionlProgram ......................................... 19 112 THIS PACE LEFT BLANK INTENT~~NALLY INTRODUCTORY SECTION THIS PAGE INTENTIONALLY LEFT BLANK ~r~~ ~ ~~ j y ~# ~ 'n ,+~' w J.;•. ~~~x~~ February 3, 2009 To the Citizens of the City of Colleyville; The Comprehensive Annual Financial Report of the City of Colleyville the "City"~ far the fiscal year ended September 30, 2008, 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~udgments by management. we believe that the City's current system of internal controls adequately safeguards assets and provides reasonable assurance of proper recording of financial 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 of Colleyville for the fiscal year ended September 30, 2008, are free of material misstatement. The independent audit involved examining on a test basis, evidence supporting the amounts and disclosures in the financial 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 unqualif ed opinion that the City of Colleyville's financial statements for fiscal year ended September 30, 2008, are presented inconformity with generally accepted accounting principles ~GAAP}. The Comprehensive Annual Financial Report is presented in three sections: introductory, financial and statistical. The introductory section includes this transmittal letter and the City's organizational chart. The financial section includes auditors' report on the financial statements, a narrative introduction, overview and analysis required by GAAP in the form of the Management's Discussion and Analysis, the basic financial statements, fund financial statements, and combining and individual financial 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 an a multiyear basis, 3 100 MAIN SYREET C~LI.EYViLLE, TEXAS 76034 {817) 503-1000 PRgFILE qF THE GgVERN1VIENT 0n January 10,1956, the City of Colleyville was incorporated and adopted ahome-rule charter on January 15,1977. Ithas aCouncil-Manager farm of government with policy making and legislative authority vested in a governing body consisting of a Mayor and six 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 far carrying outthe policies and ordinances of the Mayor and Council, overseeing the day-to-day operations of the City, and appointing depar~nent heads. The Mayor and six Council members are elected on an atwlarge, non-partisan basis forthree-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 sparks and recreation, Colleyville Center and library}, water and sewer, engineeringlcommunity development, and general administrative services. Based upon the criterion set forth in generally accepted accounting principles, the following organizations are includable within the Cit~r's reporting entity: Enti Method of Inclusion Colleyville Economic Development Corporation ~CEDC} Blended Colleyville Crime Control and Prevention District Blended Colleyville Tax Investment Financing Reinvestment Zone done Number Cne ~TIF} Discretely Presented 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 and the proposed budget is presented to the City Council at a budget work session. 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 anal requires an affirmative vote of a majority of the Council. The City maintains budgetary control by adapting an annual operating budget far 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 f scat 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. LgCAL ECUNgMY The City of Colleyville is aresidential-oriented community located 11 miles northeast of the City of Fort North, 22 miles northwest of Dallas and 5 miles west of DallaslFort worth International Airport in Northeast Tarrant County. Relocations of residents to the City continued in fiscal year. 2008, as did commercial development. During the fiscal year, the City issued 131 residential building permits and the average square footage of a residence was almost five thousand square feet. Also, over 120,000 square feet of new commercial development was completed ar in process dining FY 2008. For the Future. In the winter of 2009, construction will be completed on the ground storage tank in the western area of the City. Construction will also be complete on Church Street and Bogart Drive located in the middle of Colleyville, which will provide easy access to the central commercial corridor of Colleyville. Additionally, in spring 2009 construction will begin on Phase ~ of McPherson Park which will include water conservation areas, garden demonstration areas, spray park and renovations to the existing Rock House as a learning center. LUNG-TERM FINANCIAL PLANNING In Fiscal Year 2005, the City Council adapted a Fund Balance Policy requiring a 90-day reserve for fund balance in both the General Fund and the Utility Fund. At the end of Fiscal Year 2008, both the General Fund and the Utility Fund have a fund balance in excess of the required 90-day reserve. The amount in excess of the reserve maybe used to fund one-time capital expenditures. As a part of the Fiscal Year 200$ budget process, the Mayor and Council and City Staff embarked upon developing amulti-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 the completion of transmission lines. Additionally, the Council appointed a citizen committee that reviewed street infrastructure needs and financing opportunities. Their recommendations were incorporated into an infrastructure program approved by Council in Fiscal Year 2008. AWARDS AND ACKNOWLEDGEMENTS Awards. The Government Finance Gff cers Association of the United States and Canada ~GF4A}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, 2007. This was the 18~` 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 eff iciently organized comprehensive annual financial report. This report must satisfy both generally accepted accounting principles and applicable legal requirements. A Certificate of Achievement is valid for a period of one year only. We believe that our current comprehensive annual f"~nancial report continues to meet the Certificate of Achievement Program's requirements and we are submitting it to GFGA to determine its eligibility for another certificate. In addition, the City also received the GF4A's Distinguished Budget Presentation award for its annual budget dated Gctober 1, 2007. 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. 5 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 Interim City Manager for their support in planning and conducting the financial operations of the City in a responsible and progressive manner. Respectfully submitted, Terry Leake Finance Director 6 CITY aF CQLLEYVILLE aRGANfZATIGNAL CHART FISCAL YEAR 2048 CITIZENS GF COLLEYVILLE CRIME LIBRARY PLANNING ZONING CONTROL BOARD AND ZONING BOARD OF AND COMMISSION ADJUSTMENT PREVENTION DISTRICT CITY ~ COLLEYVILLE COUNCIL ECONOMIC DEVELOPMENT CORPORATION SIGN PARKS AND AD HOC TAX BOARD OF RECREAl10N COMMITTEES INCREMENT APPEALS BOARD FINANCING DISTRICT CITM I ATTO NEY I M J DGE L MANAGER PATROL INVESTIGATIONS ANIMAL CoNTRQL STREETS & DRAINAGE FLEET MAINTENANCE UTILITY ADMIN. & np~RaTinN PUBLIC UV4RKS oPf RATfoNs MANAGER RESPONSE INSPECTIONS/ INVESTIGATIONS UTILITY BILLING MUNlCiPAL CQURT POLICE CHIEF ASSISTANT CITY MANAGER ECONOMIC DEVELOPMENT BUILDING DIRECTOR LIBRARY SERVICES & DIRECTOR COMMUNITY CENTER MANAGER i PUBLIC ~ WORKS DIRECTOR PARKS AND HUMAN RECREATION RESOURCES DIRECTOR FIRE CHIEF .~~,~,~"~"""~°°°~~~ '"`~` BUDGET & ADMINISTRATIVE COMMUNICATIONS SERVICES MANAGER MANAGER FINANCE DIRECTQR ~~~~ INFORMATION COMMUNITY SERVICES DEVELQPMENT DIRECTOR CITY .~' SECRETARY BUILDING r iNSPECTI~N ' CGDE 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, 2ao7 A Certificate of Achievement for Excellence in Financial Reporting is presented by the Government Finance Gfficers 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, CITY OF CULLEYVILLE, TEXAS HUME RULE, CQUNCIL -MANAGER FURM OF GGVERNMENT CITY OFFICIALS YEAR ENDED SEPTEMBER 30, 2008 David Kelly Mayor Carol Wollin Councilmember, Place 1 Tony Licata Councilmember, Place 2 Stan Hall Councilmember, Place 3 Jon Ayers Mayor Pro Tem and Councilmember, Place 4 Tom Hart Councilmember, Place 5 Mike Taylor Councilmember, Place 6 Kelly Cooper Interim City Manager Terry Leake Finance Director 9 THIS PAGE INTENTIONALLY LEFT BLANK 10 FINANCIAL SECTION 11 THIS PAGE INTENTIONALLY LEFT BLANK 1Z r.- PATTILL~, BR~~N 8~ HILL, 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, 2008, which collectively comprise the City's basic financial statements as listed in the table of contents. These f nancial statements are the responsibility of the City's management. Our responsibility is to express opinions on these basic financial 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 f nancial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinions. fn our opinion, the financial statements referred to above present fairly, in all material respects, the f nancial 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, 2008, 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. 0, BOx 20725 ^ WACO, TX 76702-0725 ^ (254} 772-4901 ^ FAX: (254} 772-4920 ^ www,pbhcpa.cam AFFILIATE OFFICES: BROWNSVILLE, TX (956} 544-7778 ^ HILLSBORO, TX (254) 582-25$3 TEMPLE, TX (254} 791-3460 ^ WHITNEY, Tx (254} 694-4600 ^ ALBUQUERQUE, NM (505} 266-5904 The management's discussion and analysis on pages ~ 7 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. fur audit was conducted for the purpose of farming opinions on the financial statements that collectively comprise the City of Colleyville, Texas' basic financial statements. The introductory section, combining and individual fund financial statements and schedules, and statistical tables are presented for purposes of additional analysis and are not a required part of the basic financial statements. The combining and individual nonmajor fund financial statements and schedules 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 f nancial 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 f nancial statements and, accordingly, we express no apinion on them. ~a,, ~5. d- It~~L.4.P. January 20, 2009 14 MANAGEMENT' S DISCUSSION AND ANALYSIS 15 THIS PAGE INTENTIONALLY LEFT BLANK 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 f~nara.cial activities of the City for the fiscal year ended September 30, 2008. 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 - 5 of this report. FINANCIAL HIGHLIGHTS • The assets of the City of Colleyville exceeded its liabilities as of September 30, 2008, by $148,540,837 net assets}. Of this amount, $29,699,926 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 $6,184,026. • As of the close of the current fiscal year, the City of Colleyville's governmental funds reported combined ending fund balances of $23,213,476. Of this amount, $22,225,795 is unreserved fund balance available for use within the City's fund designation and fiscal policies. • As of September 30, 2005, unreserved, undesignated fund balance for the General Fund was $8,717,395 or 49% of the total General Fund budgeted expenditures and other financing uses. OVERVIEW 4F 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 rinancial statements are comprised of three components: ~ 1 } government-wide financial statements, ~2} fund financial statements and ~3} notes to the fnancial statements. This report also contains other supplementary information in addition to the basic financial statements themselves. Government-wide financial statements -~ The government-wide financial statements, which begin on page ZS of this report, are designed to provide readers with a broad overview of the City's finances, in a manner similar to aprivate-sector business. The Statement of Net Assets presents information on all 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 usefiil indicator of whether the financial position of the City is improving or deteriorating. The Statement of Activities presents information showing how the City's net assets changed during the f seal 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 far same items that will only .result in cash flows in the future fiscal periods ~e.g., uncollected taxes and earned but unused compensated absences). 17 Both of the government-wide financial statements distinguish functions of the City that are principally supported by taxes and intergovernmental revenues ~gavernmental activities} from functions that are intended to recover all or a signif cant portion of their costs tb~raugh 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 specifrc activities or objectives. The City, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with frnance-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 financial statements. However, unlike the government-wide financial statements, governmental fund financial 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 financing 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 financial 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 32 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- majorgovernmental 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 financial statements. The City uses Enterprise Funds to account for the water and wastewater and Drainage Utility Funds. Proprietary funds provide the same type of information as the government-wide financial statements, only in mare detail. The basic proprietary fund financial statements which begin on page 3 8 of this report provide separate information for the water and wastewater and Drainage Utility Enterprise Funds since these are considered to be maj or 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 financial statements. The notes to the financial statements can be found on pages 43 ~- 68 of this report. 18 Other Infarmat~on -- 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 far 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 financial position. In the case of the City of Colleyville, assets exceeded liabilities by $148,540,837 as of September 30, X008. The largest portion of the City's net assets ~$116,92~,$73}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. CITY OF COLLEYVILLE'S NET ASSETS Governmental Activities Business-type Activities Totals 2008 2007 2008 2007 2008 2007 Current and other assets $ 24,989,626 $ 26,059,908 $ 10,834,957 $ 17,396,799 $ 35,824,583 $ 43,456,707 Capital assets 103,727,039 100,392,539 47,322148 41,372,048, 151,049,187 141,764,587 Totalassets - 128,715,665 125,452,447 58,157,105 58,748,847 186 873 770 185,221,294 ______ atherliabilities 3,763,168 4,795,913 2,714,360 3,320,239 6,477,528 8,116,152 Long term liabilities 24,716,947 26,811,451 ___ 7,138,458 7,934,880 31,855,405 34,748,331 Tonal liabilities __ __ _ 28,480,115 31,607,364 9,852,818 11,257,119 38 332 933 42 844483 _ _ _... Net assets: Invested in capital assets, neto~relateddebt 77,484,725 71,824,719 39,442,148 32,$04,703 116,926,873 104,629,422 Restricted 889,689 1,032,586 1,024,349 1,080,751 1,914,038 2,113,337 Unrestricted 21,852,136 21,987,778 7,837,790 13,626,274 29,699,925 35,614,052 Tonal net assets $ 100,235,550 $ 94,845,083 $ 48 3z 04,287 $ 47 SI 1728 $ r'+rs4 orris o~ 148 540 837 $ 142 356 81 I A portion of the City's net assets x$1,914,038} represents resources that are subject to external restriction on how they may be used. The remaining balance ~$29,G99,926} 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. 19 As of September 30, 2008, the City has positive balances in all three categories of net assets, both for the City as a whole, as well as far its governmental and business-type activities separately. The increase in net assets relating to governmental activities is due to an increase in ad valorem tax collections due to a 10% increase in assessed valuation and an increase in the ad valorem tax rate from $.3474 per hundred dollars of valuation to $.3559 per hundred dollars of valuation to repay debt issued in fiscal year 2007 for the construction of two new fire stations. Additionally, the city received an over $1.4 million dollar grant from the Noah Central Texas Council of Governments to fund a portion of Glade Road construction, which is a major east-west thoroughfare. There also was a decrease of over $2 million of debt repayment that occurred in fiscal year 2008. The increase in net assets of business type activities related to greater revenue received by the water and wastewater fund as compared to f scat year 2007 when record rainfall occurred. Analysis of the City's ~peraiions ~- The following table provides a summary of the City's operations for the year ended September 30, 2008. Governmental activities increased the City of Colleyville's net assets by $5,391,467, accounting for 87% of the total growth in net assets. Business-type activities increased the City's net assets by $792,559, accounting for 13% of the total growth in net assets. za CITY OF CGLLEY'LULE'S CHANGES IN NET ASSETS Governmental Activities Business-type Activities Revenues: Program revenues: Charges for services 9 Operating grants and contn~utions Capital grants and contributions General revenues: Ad valorem taxes Bales taxes Franchise taxes Other taxes Investment earnings Miscellaneous Gain on sale of capital assets Total revenues Expenses: General government Community development and engineering Fire and rescue Leisure services Maintenance Municipal court Police Streets and drainage Water and wastewater Drainage Interest on fang-term debt Total expenses Increases in net assets before transfers Transfers 2008 200? 2008 2007 3,773,311 $ 3,557,299 $ 11,973,905 $ 9,969,443 $ 1,556,567 431,b53 - - 3,873,954 5,372,281 1,415,755 1,561,255 11,367,967 10,153,775 - - 4,740,964 4,674,068 - - i,815,060 1,779,376 - - 52,532 89,132 - - 804,864 1,224,361 350,595 995,710 96,345 97,963 - - 116,112 - - - 25,630,679 27,379,938 13,770,255 12,529,408 2,814,574 2,438,051 - - 1,451,124 1,523,765 - - 3,958,111 3,790,531 - - 4,033,105 3,525,094 - - 417,265 434,984 - - 324,020 262,198 - - 4,657,438 4,232,185 - - 3,129,730 z,s9a,995 - - - - 11,179,545 9,441,458 - 593,600 567,567 1,101,714 1,032,374 362,642 400,752 21,917,381 20,130,480 12,135,790 10,409,507 6,713,298 7,249,455. 1,634,495 2,119,401 541,936 664,085 ( 841,934 ~ 664,085 Totals 2005 2007 i 5,747,216 $ i 3,526,742 1,556,567 431,653 5,389,739 6,933,536 11,367,967 10,153,775 4,740,964 4,674,068 1,815,060 1,779,376 52,532 89,132 1,155,459 2,223,071 96,348 97,963 116,112 - 42,400,964 39,909,346 2,514,574 2,438,051 1,481,124 1,523,768 3,958,111 3,790,831 4,033,105 3,525,094 417,265 434,954 324,020 262,195 4,657,438 4,232,155 3,129,730 2,$90,995 11,179,548 9,441,485 593,600 567,567 1,464,356 1,433,126 34,053,171 30,540,287 5,347,793 9,369,059 Change in net assets 7,555,234 7,913,543 792,559 1,455,514 8,347,793 9,369,059 Net assets, beginning 94,845,083 86,931,540 47,511,725 46,056,212 142,356,511 132,987,752 Prior period adjustments ( 2,163,767) - - - 2,163,767 - Net assets, ending $ 100,236,550 $ 94,845,053 $ 48,304,257 $ 47,511,728 $ 148,540,537 $ 142,356,811 FINANCIAL ANALYSIS ~]F THE GG'~ERNNIENT'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 usefid 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 $23,213,476. Approximately 96% of this total amount t$22,225,795} constitutes unreserved fund balance. The remainder of the fund balance x$987,681} 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 pravide for other items. Refer to page 32 of this report for a more detailed presentation of governmental fiend balances. In the General Fund, the City originally budgeted for a decrease in the fund balance of $180,290 as a planned reduction of excess fund balance to fund "pay-as-you go" capital expenditures. while there was a budget adjustment in Fiscal Year 2008 the expense was offset by additional revenues, the final budgeted decrease in fund balance was $180,290. The actual increase to fund balance for the General Fund was $222,069 for fiscal year 2008, due to greater than anticipated revenues from property taxes and sales tax. Additionally, there was a planned draw down of fund balance in the Debt Service Fund to repay the $420,000 line of credit to be used to acquire furnishings for the new fire stations. Proprietary funds -~ The City's proprietary fund statements beginning an page 38 of this report provide the same type of information found in the government wide financial statements, but in mare detail. Unrestricted net assets of the respective major proprietary funds are water and Wastewater x$6,985,246}, and Drainage Utility x$852,544}. These funds experienced increases in total net assets during 2008 as follows: water and wastewater x$595,911}, and Drainage Utility ~$196,648~. This increase is due to greater water usage because of intermittent drought conditions. Gavernmentai Activities ~ The major increase in revenues comes from the ~ category. The property tax base increased over $304 million, due to construction of new residences, businesses, and revaluation of property. Additionally, the tax rate increased from $.3474 per hundred dollars of valuation to $.3559 per hundred dollars of valuation to fund the debt service payments on the new fire stations. The current year tax collection rate was almost 99% of the levy. There was a decrease in both license and permit revenues due to a decrease in residential building permits.. Fines and forfeitures were up due to an increase in citations issued and enhanced warrant collections. Investment income is down due to lower interest rates from the Federal Reserve lowering rated due to nationally deteriorating economic conditions. Enhancements to the Fiscal Year ZOOS budget continue the renewed focus on street .maintenance with a budget of $1,000,000, which was an increase of $200,000 from the prior year. This is funded in part by an increase in the right way rental fee paid by the Utility Fund to the General Fund from 2% annually to 4%. The increase in the Police area relates to the addition of two patrol officers and one communications worker. Leisure services increases related to the addition of two parks maintenance workers and related expenses for the opening of McPherson Parka 22»acre park in the northwest area of the City. The Debt Service Fund's expenditures increased due to payments on the General Gbligation debt issued in 2007 for the building of two new fire stations and the repayment on the $420,000 bank line of credit used to fi~rnish the fire stations. Busyness-type Activities -The City has two enterprise operations, the water and wastewater Fund and the Drainage Utility Fund. Total. operating revenues of the water and Sewer fund were $11,114,892 for the fiscal year. water sales increased due to normal rainfall conditions as compared to record rainfall that occurred in f scat year 2007. wastewater sales increased primarily due to new residential and commercial construction. The coverage ratio for debt for this fund was 1.8 for the fiscal year. The increase in the Drainage Utility fund's revenues was due to new residential and commercial construction. 22 Increases in the Water and wastewater Fund expenses relate to the increase in cost of purchased water and treatment of wastewater from Trirlity 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. 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 $17,664,731. The increase was far the funding of payments to recreational instructors due to greater than anticipated recreation program participation that was offset by revenues. The General Fund's overall budgeted revenue increased by $153,1 S7. The major increase was due to an anticipated increase in sales tax collections and strong current and delinquent tax collections. Additionally, there was an increase in revenue from greater citation issuance and enhanced warrant collections and the aforementioned recreation program revenue. Refer to the General Fund Statement of Revenue, Expenditures and Changes in Fund Balances -~ Budget and Actual an page 3 7 of this report for a detailed presentation of the actual General Fund operations compared to both the original and final budget far f scat year 2008. CAPITAL ASSETS The City of Colleyville's investment in capital assets far its governmental and business-type activities as of September 30, X008, amounts to $151,049,1 S7 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 $3.7 million in street improvements anal contributions; • Capitalized approximately $4.2 million on various water and wastewater system projects and contributions; • Capitalized approximately $4.1 ' 'on for the construction of two new fire stations, • Capitalized approximately $4.2 million for the construction of McPherson Park, and • Capitalized $.5 million in drainage improvements. CITY OF CGLLEYVILLE'S CAPITAL ASSETS AT YEAR-END Land Buildings and improvements Equipment lnfiastructurelwater distribution sewer collection Cansbructivn in progress Less: accumulated depreciation Total capital assets Governmental Activities Business-type Activities Totals 2008 2007 2oas 2007 Zoos 2007 $ 9,293,b54 $ 9,178,641 $ 313,057 $ 313,057 $ 9,606,711 $ 9,491,698 40,433,039 33,009,573 53,922 53,922 40,48b,961 33,063,495 7,028,032 b,677,567 1,778,060 1,151,754 8,806,092 7,829,321 70,65b,502 66,938,581 59,062,048 54,088,570 129,718,550 121,027,151 4,645,335 10,220,17b 7,967,420 b,llb,151 12,612,755 1b,336,327 __ 28,329,523} 25,b31,999 21852 359 20 351406 50181,$82} ( 45,983,405} ~ ) ~ $ 103,727,039 $ 100,392,539 $ 47,322,148 $ 41,372,048 $ 151,049,187 $ 141,7b4,587 ~_. 23 Additional information on the City's capital assets can be found in Note 4, pages 57 -- 60 of this report. DEBT ADNIINISTRATIUN At the end of the current fiscal year, the City of Colleyville had total bonded debt, notes payable and capital lease obligations of $34,3 $1,465. Of this amount, $16,275,004 represents bonded debt backed by the fill faith and credit of the government, $9,795,916 represents bonds secured by sales tax revenues, $5,840,000 represents bonds secured solely by water and sewer revenues, and $2,040,000 represents bonds secured solely by drainage utility system revenues. The City's capitalized lease obligations of $430,549 pertain to the purchase of a fire pumper truck and ambulance. (IUTSTANDING DEBT AT YEAR-END BLINDS, NOTES AND CAPITALIZED LEASE IIBLIGATIUNS PAYABLE General obligation bonds and certificates of obligation Sales tax revenue bonds Revenue bonds~payable Capitalized Iease obligations Governmental Activities 2Qa8 ~ 16,275,aaa ~ 17,77a,aaa 9,795,916 1x,372,462 430,549 349,189 Business-type Activities 2005 20x7 ~ - ~ - 7,88a,x0a 8,745,Oaa Totals - 2aa8 2aa7 $ 16,275,oaa ~ 17,77o,aoa 9,795,916 10,372,462 7,88a,0a0 8,745,a0a - 13,793 430,549 362,982 $ 26,501,465 $ 28,491,651 $ 7,88axaa $ 8,755,793 $ 34,381,465 $ 37,25x,444 ~~ ~.I-JCtlt ~IIRRn^'^~ 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. Standard ditch ZCBA and Poor°s general Obligation Bonds A.A+ AA+ Water Revenue Bonds AA+ AA- Mast of the City's Bonds are insured, thus holding a AAA credit rating from both Fitch ICBA and Standard & Poor's. Additional information an the City of Colleyville's long term-debt can be found in footnote 4 on pages 60 - d5 of this report. 2aa7 24 ECUNGMIC FACTgRS AND NEXT YEAR'S BUDGETS AND RATES The General Fund budget including transfers in and planned utilization of surplus) for (scat year 2009 is based on proj ected revenue growth of 8.9% compared to the fiscal year 2008 budget. Taxes account for the majority of the increase. Property taxes, which are about 50% of General Fund revenues, are budgeted at an 8.8% increase compared to the 2008 budget. This reflects the net effect of valuation increases and strong increases in new residential and commercial construction. The total tax rate far fiscal year 2009 is $.3559, which is unchanged from .fiscal year 2008. Approximately 14% of General Fund revenues are sales taxes, and sales taxes are budgeted at a 2% increase over the fiscal ear 2008 y budget. The 2009 budget includes a planned $833,523 utilization of surplus fund balance to fund one- time capital expenditures. The majority of utilization x$680,000) will be used to fund street improvements to the Tara subdivision. The 2009 budget includes for the General Fund and other funds a 4% performance based merit salary increase for all classes of employees based upon the employee's performance. The General Fund has continued to budget $1,000,000 in the Street department budget .for the street overlay budget, that will overlay approximately five miles of city streets..A1so included in the General Fund budget is funding for apart-dame library staff member to meet current service demands. Revenue growth in the Water and Wastewater Fund will come from additional residential and commercial customers. Included in the water and Wastewater Fund's fiscal year 2009 budget is $100,000 for the funding of a new financial software package. REQUEST FOR INFORMATION The financial report is designed to provide our citizens, customers, investors and creditors with a general overview of the City's finances. 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 X817) 503-1015. 25 THIS PAGE INTENTIONALLY LEFT BLANK Z6 BASIC FINANCIAL STATEMENTS z~ CITY ~F C~LLEYVILLE, TEAS STATEMENT QF NET ASSETS SEPTEMBER 30, 208 Governmental Business-type Activities Activities ASSETS Cash and equivalents ~ 13,2x5,395 $ 4,273,462 Investments 5,823,582 4,419,593 Receivables net of allowances for uncollectibles of $252,009} Accaunts 52, 054 1, 786, 649 Property taxes 195, 724 - Duefrom other governments 2,333,555 w Other assets - 164,143 Inventories - 169,785 Deferred charges 313,457 - Accrued interest 52,559 25,322 Capital assets: Land 9,293,654 313,057 Buildings and improvements 40, 43 3, 03 9 5 3, 922 Equipment 7,025,032 1,778,06D Infrastructurelwater distributionlsewerrnllection 70,656,502 59,062,048 Construction in progress 4,645,335 7,967,420 Less; accumulated depreciation ~ 25,329,523 (21,852,359 Total capital assets 103,727,039 47,322,145 Total assets 125,716,665 58,157,105 LIABILITIES Accounts payable 678,670 1,250,514 Accrued liabilities 241,705 43,552 Accrued interest payable 139,184 76,252 Advances from developers 242,325 75,596 Escrowfunds - 1,16 5 Customer deposits 61,040 409,504 Noncurrent liabilities: Due within one year 2,40D,244 527,114 Due in more than one year 24,7X6,947 7,135,455 Total liabilities 28,480,115 9,552,515 NET ASSETS Invested in capital assets, net of related debt 77,454,725 39,442,148 Restricted for: Debt service 559,659 1,024,349 Unrestricted 21,562,136 7,837,790 Total net assets $ 100,236,550 $ 48,304,257 The accompanying notes are an vntegra~ part of these financxa~ statements. 28 Component Total Units $ 17,488,857 $ 3,807,120 13,243,175 1,445,789 1, 83 8, 703 - 198,724 - 2,333,555 - 160,143 - 169,788 - 313,457 - 77, 8 81 11, 228 9,606,711 - 40,486,961 - 8,806,092 - 129,718,55D - 12,612,755 4,622,766 50,181,882 - 151, 049,18 7 4, 622, 766 186,873,770 9,886,903 1,959,184 74,412 285,587 - 215,466 39,803 318,221 - 1,168 - 47D,544 - 3,227,358 430,000 31,855,405 6,300,000 ^n 71~ n~~ L O A A ~4t [ 116,926,873 - 1,914,038 - 29,699,926 3,042,688 ~ 148,540,837 $ 3,042,688 Z9 CITY flF CQLLEYVILLE, TEXAS STATEMENT OF ACTIVITIES FOR THE YEAR ENDED SEPTEMBER 30, 2ooS Program Revenue Operating Grants Capital Grants and FunctionsJPragrams Expenses Charges for Services and Contributions Contributions Pruuary government Governmental activities: General government ~ 2,814,874 $ 1b,aaa $ 749 $ - Cammunity development 1,481,125 1,332,453 - - Fire and rescue 3,958,112 25x,814 1x,313 - Leisure services 4,x33,105 563,738 331,117 361,210 Maintenance 417,265 - - - Municipalcourt 324,x2a 1,171,919 - - Police 4,b57,438 79,b99 92,149 - Stxeets and drainage 3,129,730 358,b88 1,422,239 3,612,744 Interest on long-teml debt 1,1 a 1,714 - - - Total governmental activities 21,917,38.1 3,773,311 1,556,567 3,973,954 Business-type activities: Vl~ater and wastewater 11,445,206 11,114,892 - 1,415,785 Drainage 69x,584 859,013 - - Tatal business-type activities 12,135,790 11,973,905 - 1,415,785 Total primary government $ 34,053,171 $ 15,747,216 $ 1,856,567 $ 5,389,739 Component unit Taxincrementfinancing ~ 1,194,521 $ - $ - $ - Total component unit $ 1,194,821 $ - $ - ~ - General revenues: Taxes: Property taxes, levied far general purposes Property taxes, levied far debt service TIC taxes Sales taxes Franchise taxes Other taxes Investment earnings Miscellaneous Gain on sale of capital assets Transfers Total general revenues and transfers Change in net assets Net assets -beginning Priorperiod adjustment Net assets -beginning, as restated Net assets -ending The accompanying notes are an in.tegra~ part of these f~nanc~a~ statements. 30 Net (Expense} Revenue and Changes in Net Assets Primary Government Governmental Business-type Activities Activities Total Component Units $( 2,798,125} $ - $( 2,798,125} $ - ( 148,672} - ( ,148,672) - ( 3,696,985) - ( 3,696,985) - ( 2,777,040) - ( 2,777,040) - ( 417,265} - ( 417,265) - 847,899 - 847,899 - ( 4,485,590} - ( 4,485,590) - 2,263,941 - 2,263,941 - 1,101,714} - ( 1,101,714} - 12,313,549) - ( 12,313,549} - - 1,085,471 1,085,471 - - 168,429 168,429 - - 1,253,900 1,253,900 - ~( 12,313,549} 1,253,900 ( 11,059,649} - - - - ( 1,194,821} - - - ( 1,194,821} 9,039,199 - 9,039,199 - 2,325,768 - 2,328,768 - - - - 3,554,232 4,740,964 - 4,740,964 - 1,818,060 - 1,815,060 - 82,532 - 52,532 - 804,864 380,595 1,185,459 126,525 96,348 - 96,348 - 116,112 - 116,112 - 841,936 ( 841,936} - - 19,868,783 ( 461,341} 19,407,442 3,710,760 7,555,234 792,559 8,347,793 2,515,939 94,545,083 47,511,728 142,356,511 ( 1,637,018} ( 2,163,767 ( .2,163,767) 2,163,767 T^ $ 100,236,550 $ 48,304,287 $ 148,540,837 $ 3,042,688 ~~ CITY OF COLLEYVILLE, TE~A.S BALANCE SHEET GOVERNMENTAL FUNDS SEPTEMBER 30, 2008 General Debt S eryice Capital Projects ASSETS Cash and cash equivalents $ 5,576,647 $ 984,771 $ 1,968,320 Investments 3,311,167 - 2,650,583 Receivables net of allowances far uncallectibles} Accounts 52,054 - - Taxes 157,531 41,193 - Due from other governments 486,830 2,909 1,422,239 Accrued interest 25,219 - 13,254 Total assets $ 9,609,445 $ 1,028,573 ~ 6,054,696 LrABILtTIES AND FUND BALANCES Liabilities: Accounts payable 395, 813 - 261, oo~ Accrued liabilities 237,436 - - Deferredrevenue 197,761 41,192 - Advances from developers - - 202,302 Customer deposits 6 x, 040 - - Total liabilities 892,050 41, I92 463,310 Fund balances: Reserved for: Debt service - 987, 681 - Unreserved 8,717,398 - - Unreserved, reported ~: Special revenuefunds - - - Capital prof ects funds - - 5, 5 91, 3 5 6 Total fund balances 8,717,395 957,651 5,591,386 Total liabilities and fund balances $ 9,609,448 $ 1,028,873 $ 6,054,696 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-team 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 Other Governmental Tatal Governmental ~un.ds $ 4,655,657 $ 13,215,395 2,861,532 5,823,582 - 52,054 - 198,724 421,877 2,333,855 14,086 52,559 $ 7,983,152 $ 24,676,169 21, 849 678, 670 .4,269 241,705 238,953 4O,D23 242,325 - 61,040 - 987,681 - 8,717,398 5,696,905 5,696,905 2,220,106 7, 811,492 7,917,011 23,213,476 $ 7,953,152 103,727,039 235,953 26,942,915 $ 100,236,550 33 CITY OF C~LLEYYILLE, TEXAS STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES GOVERNMENTAL FUNDS FOR THE YEAR ENDED SEPTEMBER 30, Z~~8 REVENUES Taxes Fees and fuses Licenses and permits Intergovernmental Charges for services Capital improvement fees Donations investment earnings Developer contributions Miscellaneous Total revenues EXPENDITURES Current: General government Community development and engineering Fire and rescue Leisure services Maintenance Municipal court Pa11Ge Streets and drainage Debt service: Principal Interest and other charges Capital outlay Total expenditures EXCESS DEFICIENCY} OF REVENUES OVER SUNDER} EXPENDITURES OTHER FINANCING SOURCES BUSES} Capital lease Sale of capital assets Transfers in Transfers out Total other financing sources and uses NET CHANGE IN FUND BALANCES FUND BALANCES, BEGINNING FUND BALANCES, ENDING General Debt Service Capital Projects $ 13,391,891 $ 2,321,572 $ - 1,134,994 - - 1,113,595 - - - - 1,422,239 1,177,717 - - - - 358,688 352,069 34,500 268,740 - - 226,488 96,348 - - 17,266,614 2,356,072 2,276,155 2,510,837 - - 1,386,379 - - 3,679,426 - 57,519 2,878,024 - - 410,636 - - 249,534 - - 4,068,601 - - 1,649,037 - - - 2,314,790 - - 809,785 - 354,490 - 3,604,297 17,186,964 3,1.24,575 3,661,816 79,650 { ..768,503) ~ 1,385,661 176,150 661,936 695,667 142,419 501,498 98,168 595,329 222,069 8,495,329 $ 8,717,398 _~_, _.. ~ 267,005} 1,254,686 $ 987,681 The accompanying notes are an integral part of these flnancxal statements. ---, ~- ~ 692,164} 6,283,SS0 $ 5,591,386 34 Total Qth~x Govexnmental Govexnmental Funds $ 2,261,982 ~ 17,975,445 68,266 1,203,260 - 1,113,595 15,696 1,437,935 145,015 1,322,732 - 358,688 545,093 548,093 149,555 804,864 - 226,48$ 19,932 116,280 3,208,539 25,107,380 26,862 2,537,699 76,187 1,462,566 15,630 3,755,575 293,490 3,171,514 - 410,636 .73,525 323,059 326,455 4,395,056 - 1,649,037 270,000 2,584,790 380,013 1,189,798 1,191,499 5,150,286 2,656,661 26,630,016 551,878 ~ 1,522,636} 176,150 - 98,1 b8 323,338 2,082,101 .544,495 1, 240,165 ~~, 221,160} 1,116,254 330,718 ( 406,382} 7,586,293 23,619,858 $ 7,917,011 $ 23,213,476 35 CITY qF CULLEYVILLE, TEXAS RECUNCILL4TIUN OF THE STATEMENT qF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES OF GUVERNMENTAL FUNDS Tq THE STATEMENT OF ACTIVITIES FUR THE YEAR ENDED SEPTEMBER 34, 2448 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 thane assets is allocated over their estimated useful lives and reported as depreciation expense. The net effect of transactions involving capital assets is to increase net assets. Revenues, in the statement of activities, that do not provide current ~.nnancial resources, are not reported as revenues in the funds. The issuance of long-term debt ~e.g., bands, leases} provides current financial resources to governmental funds, while the repayment of the principal of ivng- termdebt 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 accornpanyin.g notes are an integral part of these financial statements. $~ 406,382} 2,a~4,o69 3,356,254 20,931 2,3?9,812 80,550 $ 7,555,234 36 CITY ~F C~LLEYVIIILE, TEXAS GENERAL FUND STATEMENT 4F REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE -BUDGET AND ACTUAL FUR THE YEAR ENDED SEPTEMBER 30, 2005 Variance with Final Budget - Budgeted Amounts Actual Positive ~riginal_ _ Fugal Amounts Negative) REVENUES Tapes $ 13,265,251 ~ 13,265,251 $ 13,391,891 $ 126,640 License and permits 1,456,321 1,456,321 1,113,S9S ~ 342,726} Fines anal forfeitures 792,300 792,300 1,134,994 342,694 Charges for services 1,129,555 1,129,555 1,177,717 48,162 Investment earnings 382,500 352,500 352,069 ~ 30,431} Other 57,500 57,500 96,348 3$,848 Total revenues 17,083,427 17,083,427 17,266,614 183,187 EXPENDITURES Current. General government 2,621,009 2,621,009 2,510,837 110,172 Community development and engineering 1,431,645 1,431,648 1,386,379 45,269 Fire and rescue 3,673,362 3,673,362, 3,679,426 ~ 6,064} Leisure services 2,900,127 2,987,871 2,878,024 109,847 Maintenance 452,152 452,152 410,636 41,516 Municipal court 250,121 250,121 249,534 587 Police 4,069,272 4,069,272 4,068,601 671 Streets and drainage 2,144,850 2,144,550 1,649,037 495,813 Capital outlay 122,190 122,190 354,490 ~ 232,300 Tatal expenditures 17,664,731 17,752,475 17,186,964 565,511 EXCESS (DEFICIENCY} aF REVENUES AVER (UNDER} EXPENDITURES 581,304 669,045 79,650 748,698 aTHER FINANCING SOURCES BUSES} Transfers in 716,934 716,934 661,936 ~ 54,998} Transfers out ( 150,000} ( 150,000} ( 695,667} ~ 545,667} Sale of capital assets 17,000 17,000 - ~ 17,000} Capital lease - - 176,150 176,150 Total other financing sources and uses 583,934 583,934 142,419 441,515 NET CHANGE IN FUND BALANCE 2,630 ( 85,114} 222,069 307,183 FUND BALANCE, BEGINNING 8,495,329 5,495,329 8,495,329 - FUND BALANCE, ENDING $ 5,497,959 $ 5,410,215 $ 5,717,398 $ 307,183 The notes to the financial statements are an integral part of thzs statement. 37 CITY OF C OLLEYVILLE, TEXAS STATEMENT OF NET ASSETS PRQPRIETARY FUNDS SEPTEMBER 34, 2448 Enterprise Funds Water and ASSETS Current assets: Cash and cash equivalents $ 3,721,426 $ 552,036 $ 4,273,462 Investments 4,194,033 225,560 4,419,593 Accounts receivable, net of allowances 1,687,045 99,604 1,786,649 O~.er assets 160,143 - 160,143 Inventories 169,788 - 169,788 Total current assets 9,932,435 877,200 10,809,635 Nan-current assets: Accrued interest receivable 23,775 1,547 25,322 Capital assets: Land and improvements 313,057 - 313,057 Buildings 53,922 - 53,922 Utility system 55,312,090 3,749,958 59,x62,048 Equipment and furniture 1,133,936 644,124 1,778,060 Construction in progress 7,673,168 294,252 7,967,420 Less accumulated depreciation 21,052,415 ( 800,344) ( 21,852,359 Total non-current assets 43,457,933 3,889,537 47,347,470 Total assets 53,390,368 4,766,737 58,157,105 LL4BILITIES Current liabilities: Accounts payable 1,280,208 306 1,280,514 Accnted liabilities 37,475 6,407 43,882 Accrued interestpayable 64,544 11,738 76,282 Advances from developers 75,896 - 75,896 Escrow funds 1,168 - 1,168 Customer deposits 409,504 - 449,504 Compensated absences 15,564 1,550 17,114 Revenue bonds payable 64x,000 170,004 81x,Ox0 Total currentliabilities 2,524,359 19x,Ox1 2,714,360 Nom current liabilities: Compensated absences 62,256 6,202 68,458 Revenue bands payable 5,20x,040 1,87x,000 7,47x,440 Total non-current liabili~es 5,262,256 1,876,202 7,138,458 Total liabilities 7,786,615 2,466,2x3 9,852,818 NET ASSETS Invested in capital assets, net of related debt 37,594,158 1,847,994 39,442,148 Restricted for debt service 1,x24,349 - 1,424,349 Unrestricted 6,985,246 852,544 7,837,794 Total net assets $ 45,6x3,753 $ 2,70x,534 $ 48,344,287 The accompanying notes are an integral part of these financial statements. 38 CITY OF CULLEYVILLE, TEAS STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND NET ASSETS PROPRIETARY FUNDS FUR THE YEAR ENDED SEPTEMBER 30, 2008 OPERATING REVENUES Metered water sales Wastewater service charges Drainage service charges Other charges and services Miscellaneous Total operating revenues OPERATING EXPENSES Personnel services Maintenance and contractual services Materials and supplies Depreciation Total operating expenses OPERATING INCOME (LOSS} NON-OPERATING REVENUES EXPENSES} Interest and investment revenues Interest expense and fiscal charges Tatalaon-operating revenues expenses) INCOME BEFORE CONTRIBUTIONS .AND TRANSFERS Capital contributions Transfers out CHANGE IN NET ASSETS TOTAL NET ASSETS, BEGINNING Enterprise Funds Water and Drainage Wastewater Ut111ty Total $ 7,835,523 $ - 2,368,188 - 845,577 $88,202 13,436 22,979 11,114,892 859,OI3 2,012,386 7,494,429 164,066 1,508,667 77 lrrn rAn ( 64,656) 330,818 134,473 44,968 83,341 593,600 nrr A1'1 337,376 265,658 +"f ~ r'7 i n 7,062 1,415,785 826,936 595,911 .~r nnn oen 43,219 ~ 96,984 ~ 53,765 2I I,648 15,000 196,648 n can nnr TOTAL NET ASSETS, ENDING $ 45,603,753 $ 2,700,534 The accompanying notes are an integral part of these financ~a statements. $ 7,835,523 2,368,188 845,577 901, 63 8 22,979 ~ ~ n~rn nnr 2,343,204 7,628,902 209,034 T rnn nnn nnn ~'lr^7 380,595 ~ 3 62, 642 1 r'1 f5C•'! 218,710 1,415,785 841,936 792,559 47,511,728 $ 48,304,287 39 CITY OF COLLEYVILLE, TEXAS STATEMENT OF CASH FLOWS PROPRIETARY FUNDS YEAR ENDED SEPTEMBER 30, 2008 Enterprise Funds Water and Drainage Wastewater Utility Totals CASH FLOWS FROM OPERATING ACTIVITIES Cash received from customers $ 11,041,897 $ 864,728 $ 11,942,625 Cash paid to suppliers for goods and services ( 1,998,479) ( 328,569} ( 2,327,048) Cash paid to employees for services 8,040,321 ( 249,877 8,290,198 Net cash provided by operating activities 1,003,x97 282,282 1,285,379 CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES Transfers aut 826,936 15,xOx ( 841,936 Net cash used fox noncapital financing activities 826,936 ( 15,40x ( 841,936} CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Acquisition of capital assets ( 5,161,178} ( 944,320) ( 6,1x5,498} Principal paid an debt ( 7xx,x00} ( 178,793} ( 878,793} Interest paid an debt 265,658 ( 96,984 ( 362,642 Net cash used for capital and related financing activities 6,126,836 ( 1,22x,497 7,346,933 CASH FLOWS FROM INVESTING ACTIVITIES I'urchas;, (sale} G111IY('iStTnerltS 5,436,929 256,748 5,6;'3,637 Earnings an investments 337,376 43,219 38x,595 Net cash provided by investing activities 5,774,3x5 299,927 6,x74,232 NET DECREASE IN CASH AND CASH EQUIVALENTS ~ 176,374) ( 652,888} ( 829,255} CASH AND CASH EQUIVALENTS, BEGINNING 3,897,796 1,2x4,924 5,102,720 CASH AND CASH EQUIVALENTS, ENDING $ 3,721,426 $ 552,436 $ 4,273,462 (continued) 44 CITY OF COLLEYVILLE, TEAS STATEMENT aF CASH FL4'V~S PROPRIETARY FUNDS Continued} YEAR ENDED SEPTEMBER 30, 2ooS Enterprise Funds Water and Drainage Wastewater Utility Totals Reconciliation of operating income (loss) to net cash provided fused} by operating activities: operating income (loss} ~~ 64,656} $ 265,413 $ 200,757 Adjustments to reconcile operating income floss} to net cash provided by fused far} operating activities: Depreciation and amortization expense 1,508,667 83,341 1,592,008 Changes in assets and liabilities; Decrease increase} in assets: Accounts receivable ( 132,868} 1,715 ~ 131,153) Inventory 1,774 - 1,774 Accrued interest receivable 13$,568 8,933 147,501 Increase decrease) in liabilities; Accounts payable ~ 514,582} ~ 77,8$6} ~ 592,468 Accrued liabilities ~ 159} 1,935 1,776 Compensated absences payable 14,066 314 14,380 Customer deposits 2,190 - 2,190 Advances from developers 57,683 - 57,653 Accrued interest payable ~~7,586 1,4$3 9,069 Net cash provided by operations $ 1,003,097 $ 282,282 ~ 1,285,379 Nancash investing, capital, and financing activities: Contributions of capital assets $ 1,415,785 $ - ~ 1,415,785 The notes to the ~na.ancial statements are an integral part of this statement. 41 CITY 4F CULLEYVILLE, TEXAS STATEMENT QF FIDUCIARY NET ASSETS FIDUCIARY FUNDS SEPTEMBER 30, 2008 ASSETS dash and investments Total assets LtAB~LZT~ES Due to other agencies and individuais Totai iiabilities The accompanying notes are an integrai part of these financial statements. Agency F~u~d $ 21,957 ~ 21,957 $ 21,957 $ 21,957 42 CITY QF CQLLEYVILLE, TEXAS NUTES TU FINANCIAL STATEMENTS SEPTEMBER 30, 2008 1. SUMMARY QF SIGNIFICANT ACCOUNTING PQLICIES The City of Colleyville Home Rule Charter was adapted by the voters at an election held on January 15,1977. The City operates under aCouncil-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, Reporting Ent1ty .. 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, 199, 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 pu~oses 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. Repartin~ Entity (Continued} Blended Component Unit - Colleyville Crime Control and Prevention District the District} was farmed 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 seven- 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. Discretely Presented Component Unit - Calleyville Tax Increment Financing Reinvestment Zone Number Cne tthe TIF} was formed to make public improvements, under the authority of the Tax Increment Financing Act. The TIF is governed by a 9-member board consisting of eve members appointed by the City Council and one member each appointed by the four other participating taxing entities. The primary government appoints a voting maj ority of the units 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 financial statements ~i.e., the statement of net assets and the statement of activities} report information on all of the non~duciary activities of the primary government and its camponent units. Far 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 far 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 f nancial 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 Accountin and Financial Statement Presentation The government-wide financial statements are reported using the economic resources measurement facus and the accrual basis of accaunting, 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 recagnized as soon as they are bath 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. GaVERNMFNT~IL 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 determinatian 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 far 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 Accountin and Financial Statement Presentation Continued} GOVERNMENTAL FUNDS (Continued) The ,Capital Protects 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 Special Revenue Fund _ accounts for the revenues and expenditures associated with a special prof ect or purpose. PRnPRIL~TARY 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 fib} where the governing body has decided that periodic determination of revenue earned, expenses incurred, andlor net income is appropriate for capital maintenance, public policy, management control, accountability, or utiler purposes. T~~~s ,~ 1s use to uccour~t nor water ar vVastewr~ter operations. The Drainage Utility Fund - is used to account far 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. FID UCIAR Y FUNDS A~encV 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 Accountin and Financial Statement Presentation Continued} Private-sector standards of accounting and financial reporting issued prior to December 1, 1989, generally are followed in both the gavernment-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 guy ance. 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 nonaperating items. Gperating revenues and expenses generally result from providing services and producing and delivering gaols 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~Equiyalents, 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 cast 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 Pa_yables Activity between funds that are representative of lendinglborrawing arrangements outstanding at the end of the f scat year are referred to as either "due tolfrom other funds" ~i.e., the current portion of interfund laans} or "advances tolfrom other funds" ~i.e., the noncurrent portion of interfund loans}, All other outstanding balances between funds are reported as "due tolfrom other funds." Any residual balances outstanding between the governmental activities and business-type activities are reported in the government-wide financial statements as "interna a ances. 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 praperty 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, 2008. 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 cast of more than $S,aaO 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 far 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 15 - 50 Improvements 20 - 54 Equipment 5 -10 Infrastructure streets and drainage} 50 Water distributionlsewer collection 5 - 40 I. Other Assets -Enterprise Fund ether assets consist of expenses incurred in connection with the issuance of certain outstanding revenue bonds. Such charges are amortized on astraight-line basis over the lives of the bonds. J. Com ensated Absences City employees are granted vacation and sick pay in varying amounts. ~n 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 94 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. Lon -term Gb1I 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 financial statements taken as a whole. L. Fund E uit Restrictions of fund balance represent amounts that are not available for appropriation or are legally segregated for specific purposes. Restrictions of net assets 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. Rlsk Management Insurance coverage for property, liability and workers' campensation 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 Ex lanation of Certain Differences Between the Governmental Fund Balance Sheet and the Government-wide Statement of Net Assets The governmental fund balance sheet includes a reconciliatian between fund balance -total gavernmental funds and net assets -governmental activities as reported in the governmentwwide statement of net assets. One element of that reconciliation explains, `tong-term liabilities are not due and payable in the current period and therefore are not reported in the funds" The details of this $26,942,9 i S} difference are as fallaws: Serial Bonds and Certif cater of Obligation $~ 29,129,240} Accrued interest payable ~ 139,184} Compensated absences ~ 54,306} Debt issued or incurred ~ 176,150} Principal retirement 2,555,962 Net adjustment to reduce fund balance -total governmental funds to arrive at net assets - governmental activities $( 26,942,918) Ex lanation of Certain Differences Between the Governmental Fund Statement of Revenue Ex enditures and Chan 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 ofgovernmental 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 $5,4$0,323 difference areas follows: Capital outlay $ 5,150,28G Depreciation expense ~ 3,056,217) Net adjustment to increase net changes in fund balances - total governmental funds to arrive at changes in net assets ofgovernmental activities $ 2,094,069 (continued) 51 2. RECONCILIATION GF G~VERNIVIENT~wIDE AND FUND FINANCIAL STATEMENTS Continued} Ex lanation of Certain Differences Between the Governmental Fund Statement of Revenue Ex enditures and Chan es 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 $20,931 difference are as follows: Property taxes $ 34,07$ Ambulance revenue ~ 14,754} Adjudicated fines 1,607 Net adjustment to increase net changes in fund balances - totalgovernmental funds to arrive at changes in net assets of governmental activities $ 20,931 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 $2,379,812 difference are as follows: Debt issued or incurred $~ 176,150} Principal payments and refundings 2,555,962 Net adjustment to reduce fund balance -total governmental funds to arrive at net assets - governmental activities $ 2,379,812 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 $80,550 difference are as follows: Compensated absences $~ 54,306} Accrued interest 116,912 Loss on sale of assets 17,944 Net adjustment to decrease net changes in fund balances - totalgovernmentalfunds to arrive at changes in net assets ofgovernmental activities $ 80,550 52 3. STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY A. Budgetary Information i ii.~i ni~inuuinuunuwnumnn~~n~rr..~r. The City Council follows these procedures in establishing budgetary data reflected in the basic financial statements: ~ ~ } Prior to September 1, the City Manager submits to the City Council a proposed operating budget for the fiscal year commencing the following actober ~ . 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, 200$. ~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. ~S} 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 function and capital outlay exceeded appropriations by $d,Qb4 and $232,304, respectively. These overages were funded by under spending in other functions. (continued) 53 3. STEWARDSHIP, COMPLIANCE AND ACCOiJNTABILITY (Continued) A. Bud~e~arY 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, 4. DETAILED NOTES ~N ALL FUNDS Deposits and Investments As of September 20, Zoo8, the City had the following investments: investment Type Fair Value weighted Average Maturity (Days} LQG1C U. S. Treasuries Total fair value Portfolio weighted average maturity days} $ 21,210,138 14,688,964 $ 35,899;102 31 449 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 liq~i~i~c~~ ~2} p~~f~1i~ r~irrPrSif<~atinn~ `~~ ?lln~~a~l~ in~rP~fr~Pnt~, `a~ a~~erta~lP ri~~ le~rPlc~ t5} expected rates of return, t6} maximum allowable stated maturity of portfolio investments, ~7} maximum average dollar-weighted maturity allowed based on the stated maturity date for the portfolio, ~$} 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. (continued) 54 4. DETAILED NOTES ON ALL FUNDS (Continued) Deposits and Investments (Continued) The City's investment pools are 2a7-like pools. A 2a7-like pool is one which is pat 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 Risl~ ~n 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 I~isl~ Zn 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, 2008, $832,848 of the City's $932,848 deposit balance was collateralized with securities held by the pledging financial institution. The remaining balance, $100,000, 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 lnvestars Service. LOGIC AAAm U. S, Treasures AAA Receivables as of year-end for the government's individual major funds, nonmaj or funds and enterprise funds in the aggregate, including the applicable allowances far uncollectible accounts, are as follows: Governmental Funds Entemrise Funds Debt Capital Nonmajor Water and Drainage Service Projects Funds Wastewater Utility Receivables: Accounts $ 341,225 $ - $ - $ - $ 1,706,427 $ 99,604 $ 2, 107,256 Taxes 157,53 i 41,193 - - - - 198,724 Due from other governments 486,830 2,909 1,422,239 421,877 - - 2,333,855 Accraed interest 25,219 - 13,254 14,4$6 23,775 1,547 77,881 Gross receivables 970,805 44,102 1,435,493 435,963 1,730,202 101,151 4,717,7I6 Less: allowance for uncollectibles 249,171 - - - 19,382 - ( 26$,553) Net total receivables $ 721,634 $ 44,102 $ 1,435,493 $ 435,963 $ 1,710,820 $ IO I, I S I $ 4,449,163 (continued) Total 55 4. DETAILED NOTES ON ALL FUNDS (Continued) Receivables Continued} 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 ether Total General Fund $ 157,532 $ 40,229 1 g7.7~ 1 Debt Service Fund Delinquent property taxes receivable Total Debt Service Fund Total Governmental Funds 41,192 41,192 $ 238,953 $ The City's property tax is levied each Gctober 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 ~ . The assessed value, net of exemptions, upon which the fiscal 2008 levy was based, was $3,401,071,793. Property taxes are limited by the Texas constitution to $2.50 per $ ~ 00 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, 2008, was $.3559 per $100 of assessed valuation. Taxes are due by January 31 following the levy date. Tax collections, including related penalties and interest, was $11,903,329 for the year ended September 30, 2008. Property taxes receivable at September 30, 2008, were $198,724. 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. (continued) 56 4. DETAILED NOTES QN ALL FUNDS ~Cantinued~ Capital Assets nn im~rru Capital asset ac>Yivity far the year ended September 3D, 2DD8, was as follows: Primary Government Beginning Ending Balance Increases _ Decreases Balance Gavernmental activities: Capital assets, not being depreciated: Land $ 9,178,441 $ 115,013 $ - $ 9,293,654 Construction in progress 9,352,676 4,525,405 ( 9,232,746 4,645,335 Total assets not being depreciated 18,531,317 4,640,418 ( 9,232,746} 13,938,989 Capital assets, being depreciated; Buildings and improvements 33,009,573 7,551,125 ~ 127,659} 40,433,039 Machinery and equipment 6,677,567 608,826 ~ 25$,361) 7,028,032 Infrastructure 46,938,581 3,717,921 - 70,656,502 Total capital assets being depreciated lOb,625,721 11,877,872 ~ 384,020} 118,117,573 Less accumulated depreciation: Buildings and improvements 6,656,711 1,138,416 ( 145,603} 7,649,524 Machinery and equipment 5,32$,450 549,342 ( 258,341 } 5,619,43 I Improvements other than buildings 13,646,838 1,413,730 - 15,060,568 Total accumulated depreciation 25,631,999 3,101,488 ( 403,964} 28,329,523 Total capital assets being depreciated, net 80,993,722 8,776,384 17,944 89,788,050 Gavernmental activities capital assets, net $ 99,525,039 $ 13,416,802 $( 9,214,802} $ 103,727,039 (continued) 57 4. DETAILED NUTES ON ALL FUNDS Continued} Capztal Assets Continued} Beginning Ending Balance Increases Decreases Balance Business-type activities: Capital assets, not being depreciated: Land $ 313,057 $ - $ - $ 313,057 Construction in progress 6,116,151 5,206,973 ( 3,355,704} 7,967,420 Total assets not being depreciated 6,429,208 5,206,973 ( 3,355,704} 8,280,477 Capital assets, being depreciated: Buildings and improvements 53,922 - - 53,922 Machinery and equipment 1,151,754 696,537 ~ 70,231} 1,778,060 Improvements other than buildings 54,08$,570 4,973,478 - 59,062,045 Total capital assets being depreciated 55,294,246 5,670,415 ~ 70,231} 60,894,430 Less accumulated depreciation: Buildings and improvements ~ 44,730} ( S 17} - ( 45,547) Machinery and equipment ~ 2,212,827} ( $2,626} 70,231 ( 2,225,222) Improvements other than buildings ~ 18,093,849) 1,487,741 - ~ 19,581,590) Total accumulated depreciation ~_ 20,351,406} ~ 1,571,184 70,231 ~ 21,852,359) Total capital assets being depreciated, net 34,942,840 4,098,831 - 39,041,671 Business-type activities capital assets, net $ 41,372,048 $ 9,305,804 $( 3,355,704} $ 47,322,148 Component unit: Capital assets, not being depreciated: Construction in progress $ 567,500 $ 4,622,766 $~ 867,500} $ 4,622,766 Total assets not being depreciated 867,500 4,622,766 ~ 867,500} 4,622,766 Component unit capital assets, net $ 867,500 $ 4,622,766 $~ 867,500 $ 4,622,766 Depreciation expense was charged to functionslprograms of the primary government as follows: Governmental activities: General government $ 265,310 Community development 14,100 Fire and rescue 156,962 Leisure services 553,901 Maintenance 6,205 Police 247,893 Streets and drainage 1,47$,846 Total depreciation expense -governmental activities $ 3,056,217 Business-type activities: Water and wastewater $ 1,457,542 Drainage utility 53,342 Total depreciation expense -business-type activities $ 1,571,1$4 During the year, the City transferred fully depreciated assets from business-type activities to governmental activities. The acc umulated depreciation on these assets is $45,271. continued} 5$ 4. DETAILED NOTES ON ALL FUNDS (Continued) Capital Assets (Continued) Construction Commitments The government has active construction projects as of September 30, 200$. The major projects are listed as follows: Project Spent-to-date Glade Road $ 2,747,003 Church Street Realignment Phase I 615,029 Church Street Realignment Phase II 573,222 Bogart Drive 1,208,498 Total $ 5,403,752 Utility Fund L.D. Lockett Ground Storage Tank $ 6,568,692 Remaining $ 15 1,772 t 65,290 69,324 $ 393,326 $ 584,862 Interfund Receivables Pa abler and Transfers The composition of interfund balances as of September 30, 2005, is as follows: Interfund Transfers Transfer In General Debt Service Nonmajor Capital Government Pro'ects Funds Total m~.,,,. ~~,. n„~. iiaiiSi4i vu~. General $ - $ - $ 595,329 $ 100,338 ~ 695,667 Nonmajor governmental - 501,498 - 43,000 544,49$ Water and wastewater 661,936 - - 165,000 526,936 Drainage utility - - - 15,000 15,000 Total Transfers Out $ 661,936 $ 501,498 $ 595,329 $ 323,33$ $ 2,082,101 The transfer of $66,936 from the Utility Fund to the General Fund represents the 2005 Administrative transfer and the franchise fee based an grass water and wastewater revenue of the prior yew's audited financial statements. The transfer of $695,667 from the General Fund to the Capital Projects and nonmajor governmental funds represents transfers for capital replacement. The remaining transfer of $50,495 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 Funds bank account. (continued) 59 4. DETAILED NOTES ON ALL FUNDS (Continued) Canitai 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 Business-type Activities Activities Asset: Machinery and equipment $ 584,8b6 $ 71,077 Less: accumulated depreciation ~ 140,230} ~ 33,369} Total $ 444,636 $ 37,708 The future minimum lease obligations and the net present value of these minimum lease payments as of September 30, 2008, were as follows: Governmental Business-type Activities Activities 2oa9 ~ 87,900 $ - 2010 87,900 - 2011 87,900 - 2012 87,900 - 2013 49,723 - 2014-2015 99,445 - Total minimum lease payments 500,765 - Less: amount representing interest 70,219 Present value of minimum lease payments $ 430,549 $ - Lon~~term Liabilities Generai gbligation Bonds 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 $22,0 ~ 5,040. (continued) 60 4. DETAILED NOTES ON ALL FUNDS (Continued) Lon term Llab~~~tles 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 Interest Rates Amount ~~ Governmental activities 3,64% - 6,00% $ 26,070,916 $ 26,070,916 Long-term liability activity for the year ended September 30, 2008, was a follows: Balance Balance Amounts October 1, September 30, Due Within 2007 Additions Retirements 2008 One Year Governmental activities General obligation bonds and certificates of obligation $ 17,770,000 $ - $ 1,495,000 $ 16,275,000 $ 1,610,000 Sales tax revenue bonds 10,372,462 - 576,546 9,795,916 S96,S46 Line oi' credit 420,000 - 420,040 - - Capital lease obligations 349,189 176,154 94,790 430,549 70,553 Compensated absences 561,420 112,284 57,978 615,726 123,145 Total governmental activities 29,473,071 2$8,434 2,644,314 27,117,191 2,400,244 Business-t_ype activities Revenue bands and certificates of obligation $,745,000 Capital lease obligation 13,793 Compensated absences 71,192 TVtC~l vu~iiv~S" yr°v iivtiv'itivu 8,829,985 - 865,000 7,ssa,ooo 810,000 - 13,793 - - 14~38~1 R7$~7g3 7,95,572 R27~11.Q Total primary government $ 38,303,056 $ 302,814 $ 3,523,107 $ 35,082,763 $ 3,227,358 Component unit: Tax Increment Financing Fund Revenue Bonds $ 7,140,000 $ - $ 410,000 $ 6,730,000 $ 430,000 Total component unit $ 7,140,000 $ - $ 410,000 $ 6,730,000 $ 430,000 For the governmental activities, compensated absences are generally liquidated by the General Fund. (continued) 61 4. DETAILED NOTES ON ALL FUNDS (Continued) Long-term Liabiiities Continued} Governmental activities long-term liabilities at September 30, 2008, consisted of the following: General obligation bonds and certif Cates of obligation serviced by property tax revenue: $500,000 Series 1999 General Obligatian Bonds due in annual installments of $5,000 to $40,000 through February 15, 2019; interest at 4.00% to 6.00%. $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%. $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%. $4,895,000 Series 2006 General Obligation Refunding bonds due in annual installments of $25,000 to $540,000 through February 15, 2019; interest at 3.64%. $4,575,000 Series 2007 General Obligation Bonds due in annual installments of $50,000 to $555,000 through February 15, 2027; interest at 4.D0% to 5.00%. $ 50,000 4,900,000 l,ssa,DOo 4,870,000 4.575_nnn Total General Obligation Bonds and Certificates of Obligation $ 16,275,000 $7,170,000 Series 1999 Texas Tax and Waterworks and Sewer System Certif cafes of Obligation due in annual installments of $5,000 to $565,000 through February 15, 2019; interest at 3.60% to 5.60%. $ 655,000 $2,122,722 Series 2000 Colleyville Economic Development Corporation Sales Tax Revenue Bands due in annual installments through February 15, 2009; interest at 5.50% to 6,250%. 30,000 $9,570,000 Series 2005 Colleyville Economic Development Corporation Refunding and Improvement Sales Tax Revenue Bands due in annual installments of $20,000 to $635,000 through February 15, 2029; interest at 4.10% 9,080,000 Unamortized gain on refunding 30,916 Total Revenue Bonds $ 9,795,916 The funds utilized for the repayment of long-term liabilities for gavernmental activities are the Debt Service Fund, the Crime District Fund and the Colleyville Economic Development Corporation, (continued) G2 4. DETAILED NOTES 4N ALL FUNDS ~Continued~ Lon -term Liabilities Continued The City's defeased debt as of September 30, 2008, was $2,188,006. Business-type activities long-term liabilities at September 30, 2005, 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%. $2,525,000 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%. $2,580,000 Series 2002 Waterworks and Wastewater System Revenue Bands due in annual installments of $130,000 to $255,000 through January 1, 2015; interest at 2.00% - 4.40%. $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%. Total Water and wastewater Fund 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 Total Business-type activities $ 1,450,000 1,750,000 1,560,000 1,080,000 $ 5,840,000 $ 2,040,000 $ 2,D40,000 $ 7,58a,ooo 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, 2005, the City was in compliance with these requirements, (continued) 63 4. DETAILED NOTES ON ALL FUNDS (Continued) Long-term Liabilities Continued} The City's component unit, the Tax increment Financing District, long-term liabilities at September 30, 2008, consisted of the following: Tax Increment Financing District $680,000 Series 2002 Tax and Tax Increment Revenue Certif cater of Obligation due in installments of $25,000 to $40,000 beginning in 2004 through February 2012; interest at 4.00% to 5.00%. $ 540,000 $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%. ~ ~ an nnn Total Tax Increment Financing District $ 6,730,000 Governmental Activities General Obligation Bond s and Certificates of Obl igation Revenu e Bonds September 30, ^ Principal Interest Principal Interest 2009 $ 1,610,000 $ 624,101 $ 595,000 $ 389,320 2010 1,365,000 562,454 625,000 363,493 2011 1,780,004 497,873 300,000 344,195 2012 1,605,000 428,856 315,000 331,587 2013 1,270,000 369,889 330,000 318,365 2014-2018 4,100,000 1,297,681 1,860,000 1,373,705 2019-2023 2,475,000 635,873 2,290,000 949,765 2024-2028 2,070,OOD 170,600 2,815,000 428,553 2029 - - 635,000 13,018 $ 16,275,DD0 $ 4,587,327 $ 9,765,000 $ 4,512,001 Business-type Activities Revenue Bonds September 30~ Principal Interest 2009 $ 810,000 $ 335,902 2010 855,000 302,202 2011 885,D00 266,101 2012 935,000 227,618 2013 970,000 186,686 2014-2018 3,055,000 394,565 2019-2021 370,000 28,500 $ 7,880,000 $ 1,741,574 (continued) 64 4. DETAILED NOTES ON ALL FUNDS (Continued) Long-term Liabilities (Continued) Discretely Presented Component Unit - Tax increment Financing Fund Revenue Bonds September 30, Principal Interest 2009 $ 430,000 $ 30$,665 2010 450,000 289,209 2011 470,000 269,179 2012 490,000 247,718 2013 515,000 224,98D 2014-2018 2,970,000 728,308 2019-2020 1,405,000 X,008 $ 6,730,000 $ 2,139,067 Em to ees' Retirement S stem 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 827 administered by TMRS, an agent multiple-employer public employee retirement system. 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 827 administered by TMRS, an agent multiple-employer public employee retirement system. Benef is depend upon the sum of the employee's contributions to the plan, with interest, and the City- f nanced 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%, 50%, 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. (continued) G5 4. DETAII~ED NOTES ON ALL FUNDS (Continued) Employees' Retirement System Continued} Plan Description (Continued) 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. Q, Box 149153, Austin, Texas 78714-9153. Contributions The contribution rate for the employees is 7%, and the City matching percent is currently 204%, both as adapted 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, bath of which are calculated to be a level percent of payroll from year to year. The normal cost contributian 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 hislher retirement becomes effective. The prior service contribution rate amortizes the unfunded overfunded} actuarial liability basset} aver the remainder of the plan's 30-year amortization period. The projected 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. Schedule of Actuarial Liabilities and, Funding Progress r Actual valuation date 12/31/07 12/31/06 12/31/05 Actuarial value of assets $ 21,257,894 $ 20,045,209 $ 19,145,328 Actuarial accrued liability 28,297,826 22,297,535 21,072,684 Percentage funded 75.1% 89.9% 90.9% Unfunded hover-funded} actuarial accrued liability (UAAL} 7,039,932 2,252,326 1,927,356 Annual covered payroll 9,383,755 8,175,$10 7,757,593 UAAL as a percentage of covered payroll 75.0°/0 27.5°/0 24.8% Net pension obligation (NPO} at the beginning ofperiod - - - Annual Pension Cost: Annual required contribution ARC} 1,053,134 1,021,354 1,012,152 Contributions made 1,053,134 1,021,354 1,012,152 Increase in NPO - - - NPO at the end ofperiod - - - (continued) G6 4. DETAILED NOTES ON ALL FUNDS (Continued) Empla_yees' Retirement System Continued} Actuarial Assumptions Actuarial Cast Method Amortization Method Remaining Amortization Period Asset Valuation Method Investment Rate of Return Projected Salary Increases Includes Inflation At Cost-off Living Adjustments Payroll Growth Assumption Withdrawl Rates for Malell'emale - Projected Unit Credit - Level percent of Payroll - 30 Years -Closed Period - Amortized Cast Ito accurately reflect the requirements of GASB Statement No. 25, paragraphs 36e and 13$} - 7% - Varies by age and service - 3.0% - 2.1 % ~3.0% CPI} - 3.Q% - MidlMid At its December 8, 2007 meeting, the TMRS Board of Trustees adopted actuarial assumptions to be used in the actuarial valuation for the year ended December 31, 2007. A summary of actuarial assumptions and definitions can be found in the December 31, 2007 TMRS Comprehensive Annual Financial Report ~CAFR}. Since its inception, TMRS has used the Unit Credit actuarial funding method. This method accounts for liability accrued as of the valuation date, but does not project the potential future liability of provisions adopted by a city. Two-thirds of the cities participating in TMRS have adopted the Updated Service Credit and Annuity increases provisions on an annually repeating basis. For the December 31, 2007 valuation, the TMRS Board determined that the Projected Unit Credit ~PUC} funding method should be used, which facilitates advance funding for future updated service credits and annuity increases that are adopted on an annually repeating basis. In addition, the Board also adopted a change in the amortization period from a 25-year "open" to a 25-year "closed" period. TMRS Board of Trustee rules provide that, whenever a change in actuarial assumptions or methods results in a contribution rate increase in an amount greater than 0.5°/a, the amortization period will be increased to 30 years, unless a city requests that the period remain at 25 years. For cities with repeating features, these changes would likely result initially in higher required contributions and lower funded ratios; however, the funded ratio should show steady improvement over time, i o assist in '~nis transition to higher rates, fne Board also dpproveci ati eight-year phase-in period, which will allow cities the opportunity to increase their contributions gradually (approx. 12.5% each year} to their full rate for their required contribution rate}. If the changes in actuarial funding method and assumptions had not been adopted for the 2007 valuation, the City's unfunded actuarial accrued liability would have been $2,949,252 and the funded ratio would have been 87.8%. In addition, TMRS is currently working on its Legislative package for 2009. There is a possibility that the investment rate of return ~IRR} assumption of 7% would need to be lowered if desired legislation for the 2009 session is unsuccessful. Maintaining a 7% IRR assumption is contingent in part on the continued diversification of the TMRS portfolio, from an almost exclusive bond portfolio to a portfolio that includes equities as well. If state legislation needed to facilitate the continued diversification is not enacted, TMRS may have to revisit the continued diversification of the portfolio and consider reducing the assumed IRR. A reduction in the IRR would result in increased actuarial accrued liabilities, thus causing further increases in City contribution rates, following the December 31, 2009 actuarial valuation. 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 2x25. While the provisions of each of the contracts vary, each contract basically requires the City to pay varying amounts based on the casts associated with water purchased and sewage transported andlar treated and disposed. The cost includes the City's proportionate share of TRA's operating and maintenance expenses, related debt service casts, and certain other miscellaneous charges. Purchases of treated water and charges for the transportation, treatment and disposal of sewage and other wastes during 2008 amounted to approximately $5,845,525 and $1,201,234, respectively. Advances from_Develop 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 canstruction 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 same later date. At September 30, 2008, developers had escrowed $318,221 with the City in connection with developer agreements. Continent Liabilities The City has been named as a defendant ar 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 #inancial position of the City. Risk Financing and Insurance _. in o rw.~ n.~irrnn~ur The City is exposed to various risks of loss related to torts, theft of, damage ta, and destruction of assets; errors and omissions; injuries to employees; and natural disastersr During the fiscal year 1974, the City joined the Texas Municipal League Workers Compensation Joint Insurance Fund for ri~iiu i°vi~ted tv ~°•.Yin pit~iye°v~. ~uiiiig ~i,~i~iv fi~val yv~ii ~ QQ2, ~i.~iiv vi4~~ jviiiv~ the Te~ii.~r3 ~~uiiivipu~i L ewgiav 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 risl{s 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 Adjustment ~. The City had one prior period adjustment for the fiscal year 2008. The adjustment involved construction in progress that was funded by the Tax Increment Financing Reinvestment Zone TIF}, the City's discretely presented component unit. In the fiscal year 2006 and f scal year 2007 government- wide financial statements, additions to construction in progress were recorded as an expense to the TIF and capitalized in the governmental activities. However, the construction should remain in the TrF until it is completed and transferred to the governmental activities. The effect of this entry was a $2,163,767 decrease in construuction in progress and net assets of governmental activities and an increase in the TIF construction in progress and net assets. 68 N4NMAJGR GOVERNMENTAL FUNDS 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 far the City. ~n~rro~rti~r~a~rl Fy~~at -- T}~ifi fiinr~ i~ ~~~Pr~ ~~ ~~r~~~nt fr~r a~~i~c~itiP~ rPlatPr~ to ~t~lPfir ~~rP~~c fnr the City. Community Development Center -This fund is used to account for contributions received to construct a community center. Pecycling -This fund is used to account for the promotion of recycling activities in the City of Colleyville. Contributions are received from the holder of the City's recycling franchise, LEDSE {Law Enforcement d facer 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 LEASE Account. G9 Calleyville Economic Development ~- This fund is used to account for the use of bond proceeds and sales tax revenues far 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 fines 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. Public Art -This fund is used to account for the acquisition of art to be placed in City owned facilities with high public visibility. CAPITAL PROJECTS FUNDS Capital Projects Funds are used to account for the acquisition and canstruction 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 THIS PAGE INTENTIONALLY LEFT BLANK 71 CITY OF C OLLEYVILLE, TEAS COMBIlV~NG BALANCE SHEET NONMAJOR GOVERNMENTAL FUNDS SEPTEMBER 3~, 2flU8 Special Revenue ~Znds ASSETS Cash and cash equivalents Investments Due from other governments Accrued interest Tatal assets L~ABIL~TIES AND FUND BALANCES Liabilities: Accounts payable Accrued liabilities Advances from developers Total liabilities Fund balances: Special revenue funds Capital prof ects Tatal fund balances Total liabilities and fund balances Voluntary Police Asset Voluntary Park_ ~ Library Forfeiture $ 24,014 $ 42,232 $ 1,575 374,029 351,815 $ 398,680 $ 395,139 $ 1,575 $ - $ - $ W 398,680 395, I39 1,575 398,680 395, I39 1,575 $ 398,680 $ 395,I39 $ 1,575 72 Special Revenue Funds Community Tree Library Recreational Development Preservation Donation Event Center Recycling LEASE $ 45,227 $ 126,705 $ 9,567 $ 22,770 $ 7,569 $ 23,234 $ 45,227 $ 126,705 $ 9,567 $ 22,770 $ 7,869 $ 23,234 $ - $ - $ - $ - $ 3,431 $ - 40, 023 - - - - - 40,023 - - - 3,431 5.204 126.705 9.567 22.770 4.43$ 23,234 $ 45,227 $ 126,705 $ 9,567 $ 22,770 ~ 7,869 ~ 23,234 (continued) 73 CITY OF COLLEYVILLE, TEXAS COMBINING BALANCE SHEET NONMAJOR GOVERNMENTAL FUNDS ~Continued~ SEPTEMBER 30, 2008 Special Revenue Funds ASSETS Cash and cash equivalents Investments Due from other governments Accrued interest Total assets L~ABIL~TIES AND FUND BALANCES Liabilities: Accounts payable Accrued liabilities Advances from developers Total liabilities F~.nd balances: Special revenue funds Capital prof ects Total fund balances Total liabilities and fund balances Colleyville Economic Kidsville Development Crime District Maintenance $ 1,095,975 $ 804,264 $ 21,343 544,035 - - Z35,543 183,034 - $ 1,885,816 ~ 987,298 ~ 21,343 $ 440 $ - ~ w - 4,269 - 440 4,269 - 1,885,376 983,029 21,343 1,885,376 983,029 21,343 $ 1, 885, 816 ~ 987,298 ~ ~ 21,343 74 Capital S ecial Revenue Funds Project Funds Sales Tax Special Court Court TDPA Cable lncentive Public Art Parkland Donations Technolo Securi Grant E ui ment Agreement Fund Dedication $ 14,266 $ 36,615 $ 77,369 $ - $ 542,079 $ 1,133,616 $ 15,900 $ 27,318 _ _ _ _ - - 1,591,650 _ ~. _ _ - - - 8,397 $ 14,266 $ 36,615 $ 77,369 $ - $ 542,079 $ 1,133,616 $ 15,9DD $ 1,627,365 $ _ $ _ $ _ $ - $ - $ - $ - $ 17,975 - - - 17,978 14,266 36,615 77,369 - 14,266 36,615 77,369 - 542,079 1,133,616 15,900 - 542,079 1,133,616 15,900 1,609,387 $ 14,266 ~ 36,615 ~ 77,369 $ - $ 542,D79 $ 1,133,616 $ 15,900 ~ 1,627,365 (continued) 75 CITY OF C~LLEYVIIILE, TE~iS COMBINING BALANCE SHEET NUNMAJQR GQVERNMENTAL FUNDS (Continued) SEPTEMBER 3U, Z~UB ASSETS Cash and cash equivalents Investments Due from other governments Accrued interest Total assets LL4BILITIES AND FUND BALANCES Liabilities: Accounts payable Accrued liabilities Advances from developers Total liabilities Fund balances: Special revenue funds Capital prof ects Total fiend balances Total liabilities and fund balances Ca ital Project Finds Total CEDC Capital Governmental Project I~.iamzey Park Funds $ 604,61D $ 6,109 $ 4,b8S,bS7 - - 2,861,532 - - 421,877 $ 604,610 $ W 604,61D $ 604,610 7G $ 6,109 $ 7,983,152 $ - $ 21,849 - 4,269 - 5,696,9DS 6,109 2,220,106 6,109 7,917,011 ~ 6,1D9 ~ 7,983,152 THIS PAGE INTENTIONALLY LEFT BLANK 77 CITY OF COLLE'YVILLE, TEXAS COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES NONMAJOR GOVERNMENTAL FUNDS FUR THE YEAR ENDED SEPTEMBER 30, 2008 Special Revenue Funds Voluntary Voluntary Police Asset Park Library Forfeiture REVENUES Taxes ~ $ $ Fees and fines Intergovernmental Charges for services Donations Investment earnings Miscellaneous Total revenues EXPENDITURES Current. General government Community development and engineering Fire and rescue Leisure services Municipal court Police Principal Interest and other charges Capital outlay `~'otai expendituxes EXCESS (DEFICIENCY} OF REVENUES OVER (UNDER EXPENDITURES OTHER FINANCING SOURCES BUSES} Transfers in Transfers out Total other financing sources and uses NET CHANGE IN FUND BALANCES FUND BALANCES, BEGINNING FUND BALANCES, ENDING 145,015 - - - 145,015 - ~ 611 9.113 - 144,404 154,128 - - 148,992 - - - 860 rn r n a nnn n rn b~,4~4 1.4~,~~L ~bU 8a,92o 5,136 s6o ~U,ylU J, l.ib ~ ~bU) 317,760 390,003 2,435 $ 398,680 $ 395,139 $ 1,575 78 Special Revenue finds Community Tree Library Recreational Development Preservation Donation Event Center Recycling LECSE - 15,696 - - - - - 16,386 7,382 - - - - 32,082 7,382 - 16,000 3,932 - - - - 18,615 - - 40,779 3,410 - - - _ _ _ .. - 3,082 ~ nnn n ,~+n ~n f+r ~ nnn - 46,~~y .~,41u - iu,o~J a,v~~ - 14,147 3,972 - ~ 2,615 850 - ~ 14,141) .~,ylL - ~ L,d1J~ ~JV 5,244 140,852 5,595 22,770 7,053 22,384 $ 5,204 $ 126,705 $ 9,567 $ 22,770 $ 4,438 $ 23,234 ~con~inued} 79 CITY OF CULLEYVILLE, TEAS COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES NONMAJUR GOVERNMENTAL FUNDS Continued} FUR THE YEAR ENDED SEPTEMBER 30, 2008 Special Revenue ~.nds REVENUES Taxes Fees and ~.nes Intergovernmental Charges fox services Donations Investment earnings Miscellaneous Total revenues EXPENDITURES Current: General government Community develapment and engineering Fire and rescue Leisure services Municipal court Police Principal Interest and other charges Capital outlay ,. ~i~otai expenaitures EXCESS (DEFICIENCY} qF REVENUES gVER ~UNDER~ EXPENDITURES OTHER FINANCING SOURCES (USES) Transfers in Transfers out Total other financing sources anal uses NET CHANGE IN FUND BALANCES FUND BALANCES, BEGINNING FUND BALANCES, ENDING Colleyville Economic Kidsville Development Crime District Maintenance $ 1,237,632 $ 1,024,350 $ - 62,628 12,314 - 1,300,260 1,036,664 - 76,187 - - 59,650 - - - 321,257 - 274, 000 - - 384,013 - - Su7,7uy ~+53,y13 - 492,551 552,751 - 15,000 529,498 - 15,000 ~ 529,498 - 477,551 23,253 - $ 1,855,376 $ 983,D29 $ 21,343 So Capital S ecial Revenue Funds Project Funds Sales Tax Special Court Court TDFA Cable incentive Public Art Parkland Donations Techn.ola Securi Grant Equipment Agreement Fund Dedication - 39,012 29,254 - - - - - 18,100 - - - - - _ 361,210 - - - - 886 4D,036 - 25,189 18,100 39,012 29,254 - 886 40,036 - 386,399 11,480 3,585 1,256 - - - 8,247 - - - - - - - - 7,150 - - - - - - - 32,362 58,290 15,235 - - - - - 1,779 19,278 14,019 - 7,361 40,036 44,100 ~ 547,063 - - - - 263,338 - 60,000 - - - - - 263,338 - 60,000 - 1,779 ~ 19,278} 14,019 - 255,977 40,036 15,900 ~ 547,063} 12,487 55,893 63,35Q - 286,102 1,093,580 - 2,156,450 ~ 14,266 $ 36,615 ~ 77,369 $ - $ 542,079 ~ 1,x33,616 $ 15,900 $ 1,609,387 (continued) 81 CITY OF COLLEYVILLE, TEXAS COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES NONMAJOR GOVERNMENTAL FUNDS ~Cantln~~ed~ FOR THE YEAR ENDED SEPTEMBER 30, 2008 REVENUES Taxes Fees and dines Intergovernmental Charges for services Donations Investment earnings Miscellaneous Total revenues EXPENDITURES Current: General government Community development and engineering Fire and rescue Leisure services Municipal court Police Principal Interest and other charges Capital outlay ~T~otai expenditures EXCESS (DEFICIENCY} OF REVENUES OVER SUNDER} EXPENDITURES OTHER FINANCING SOURCES (USES} Transfers in Transfers out Total other financing sources and uses NET CHANGE IN FUND BALANCES FUND BALANCES, BEGIlVNING FUND BALANCES, ENDING Ca ital Pro~ect Funds CEDC Capital Project Kimzey Park ~ $ Total Governmental Funds $ 2,261,982 68,266 15,696 145,015 548,093 149,555 - - 26, 862 - - 76,187 - - 18,630 - 4,712 293,490 - - 73,525 - - 326,455 - - 270, 000 - - 380,013 - 4,112 2, 6~ C~, 661 - ~ 4,712 551,878 - - 323,338 - - 544,498 - - 221,160 - ~ 4,712} 330,718 604,610 10,821 7,586,293 $ 604,610 $ 6,109 $ 7,917,011 82 CITY OF C~LLEYVILLE, TEXAS DEBT SERVICE FUND SCHEDULE QF REVENUES, EXPENDITURES AND CH.A.NGES IN FUND BALANCE ~ BUDGET AND ACTUAL FGR THE YEAR ENDED SEPTEMBER 3U, ZUUB REVENUES Taxes Investment earnings Total revenues EXPENDITURES Debt service: Principal retirement Interest and fiscal charges Tatal expenditures EXCESS (DEFICIENCY) aF REVENUES AVER ~J'NDER~ EXPENDITURES OTHER FINANCING SUURCES Transfers in Total other financing sources NET CHANGE IN FUND BALANCE FUND BALANCE, BEGINNIlVG FUND BALANCE, ENDING VarlanCe With Budget - Positive Budget Actual Negative) $ 2,188,919 $ 2,321,572 $ 132,653 32,000 34,SD0 2,500 2,220,919 2,356,072 135,X53 2,314,790 2,314,790 - 847,627 809,785 37,842 3,162,417 3,124,575 37,842 941,498 ( 768,503 172,995 501,498 501,498 - 501,498 501,498 - ~ 440,000} ~ 267,OD5) 172,995 1,254,686 1,254,686 - $ 814,686 $ 987,681 $ 172,995 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 of Colleyville's historical purposes. 84 CITY ~F C~LLEYVILLE, TEXAS COMBIlV~ING STATEMENT QF FIDUCL4RY NET ASSETS AGENCY FUNDS SEPTEMBER 30, 248 Employee Activity Fund ASSETS Cash and cash equivalents $ 3,427 Total assets $ 3,427 L~ABIL~T~ES Due to other agencies and individuals $ 3,427 Total liabilities $ 3,427 Sesquicentennial Fund $ 18,530 $ 18,530 $ 18,530 $ 18,530 Total $ 21,957 $ 21,957 $ 21,957 $ 21,957 85 CITY OF COLLEYVILLE, TEXAS COMBINING STATEMENT DF CHANGES IN ASSETS A.ND LL4BILITIES AGENCY FUND S YEAR ENDED SEPTEMBER 30, 2008 Employee Activity Fund Cash and cash equivalents Total assets Due to other agencies and individuals Total liabilities Cash and cash equivalents Total assets Due to other agencies and individuals Tatal liabilities Balance Balance 10/01/07 Additions Deletions 09/30/08 $ 2,570 $ 4,467 $ 3,610 $ 3,427 $ 2,570 $ 4,467 $ 3,610 $ 3,427 $ 2,570 $ 4,467 $ 3,610 $ 3,427 $ 2,570 $ 4,467 $ 3,610 $ 3,427 S es quicentennial Fund Balance Balance 10/01/07 Additions Deletions 09/30/05 $ 17,484 $ 4,483 $ 3,437 $ 18,530 ~ 17,484 $ 4,483 $ 3,437 $ 18,530 $ 17,484 $ 4,483 $ 3,437 $ 18,530 $ 17,484 $ 4,483 $ 3,437 $ 18,530 Total Agency Funds Balance Balance 10/01/07 Additions Deletions 0913 010 S Cash and cash equivalents $ 20,054 $ 8,950 $ 7,047 $ 21,957 Total assets $ 20,054 $ 8,950 $ 7,047 $ 21,957 Due to other agencies and individuals $ 20,054 $ 8,950 $ 7,047 $ 21,957 Total liabilities $ 20,054 $ 8,950 $ 7,047 $ 21,957 86 STATISTICAL SECTION This part of the City of Colleyville, Texas' comprehensive annual financial report presents detailed information as a context for understanding what the information in the financial statements, note disclosures, and required supplementary information says about the government's overall financial health. Contends Page Financial Trends gg These schedules contain trend information to help the reader understand how the government's financial performance and well- being have changed over time, Revenue Capacity 9~ These schedules contain information to help the reader assess the government's most significant local revenue source, the property tax. Debt Capacity 1 p ~ These schedules present information to help the reader assess the affordability of the government's current levels of outstanding debt and the government's ability to issue additional debt in the future. Demographic and Economic Information 1 D7 These schedules offer demographic and economic indicators to help the reader understand the environment within which the government's financial activities take place. Operating Information 109 These schedules contain service and infrastructure data to help the reader understand how the information in the government's financial report relates to the services the government provides and the activities it performs. Sources: Unless otherwise noted, the information in these schedules is derived from the camprehensive annual financial reports for the relevant year. S7 THIS PAGE INTENTIONALLY LEFT BLANK SS a z h ~ a 0 U W ~ a o w U ~ w ~ O F U ~~ a G 0 .~ O O °o N a N 0 N a N M p 0 N ~na,~ o ~~~ ~ ~tv~N ~o 00 00 ~D m ~t oo ao N ~ ~ ~ C~ N ~ (f3 Ffl 01 ~0 00 m ~ ~ ~ ~ ~~~ o d'NI~ ~ oNo 4 ~ oho n n n n ~ ~ ~ ~ ~ N o~ ~ ~ ~ ~ ~ ~ *~ ~ Od V'1 h ~ ~ r *-a ~ N ~ Q1 C~ C~ m 01 01 ~ 01 ~ ~ ~ ~ ~ ~~~ ~ i~ ~-+ m N n h n r d' ~ N m 00 0~ m ~ 00 00 ~ 01 ~ ~ ~ 64 b4 ~~~ ~~~ ~ ~i ~D o0 4 o~a~,~ ~ ~ ~ ~ ~ ~ ~ N ~ ., ., ., v7 O tD N tD d' d" ~ a~o~ ~ to +~ ~ I N #I ~ ~I ~~~ ~ ~ ~ ~ ~ ~ ~ ~ c.Nd ~ ~ o r~ ~ , a ~ ~ ~ ~~ ~ ~ :~ ~ '~ , r., `~ ~ ~ ` ~~ ~ ~ ~ ~, ~ . ~ o E~ ~ r ~ 4? o~~ ~ ~~~ ~ ~ t~ [~ N ~ N ~ d' O o0 m Q1 ~ ~ Op m ~ dr ~} ~} M~~' ~ D ~ C~ N I~ I~ N E~ o°a o w ~ ~ N t--+ m ~ m ~ ~ ~ ~ ~ N ~ ~ ~D 00 t~ N o~ N m ~ *~ 00 ~ ~ ~rAN ~ -ri 01 ~G N ~,,,+ ~' ~ ~ ~ ~ m ~ m v~ N --~ ~o~ cv ~ ~ m ~ d" tp ,~ N ~ d' 6~3 6F3 cnm~ ~ ~tNN 41 f~ oo O v~i ~~~ o N ~ ~ ~ ~ ~ N N ~ ~ ~ ~ ~ h ~ h h OQ DQ N G1 00 ~ Q ~ ni ~ [~ N ~f mll ~ ~ ~ ~ ~ ~ cad ~ tH r+''~ o '~ d '.~ ~ ~' .~ ~~ .~ ~ ~, .~ ~~ a~ ~ r~ ~ ~ ~ ~' ~ ~ ~ U r~ N ~~ ~ ~ ~~~ ~ moot [~ 0o D ~ omo tDd'01 Q N +~ 01 d' 01 C11 ~D ~ ~~N~ III 6i4 64 N l~ N *r+ N m ~n ~ ~tmo 00 0~ r~i d~ ~D ~~~ m o N m ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ m ~ ~ ooh ~ Dr oa N cT n n n n ~ '~ M m r~ ~ N©+-~ M ~ ~ ~ ~ ~ ~ p a0 ~ ~ ~ ~ o~o~c~ N 64 b4 ~d ~ ~ ~ © [~ I~ ~ o ~d t I ono ~ ,-~ ~p 0o m ~-~+ ~ ~ ~ ~ ~ ~ d' 04 04 ~ ~ a ~ ~ 00 •-~+ ~ ~~ ~[~ ~ ~ ~ ~ rd ~ ~ 4~ o ~ v ~ a ~ 0 ~ ~, ~~ ''"` ~ ~, ~ ~ .~ ~ ~ ~ ~~ ~ r~ ~ o h ~ ~ •~+~~ ~ a 0 N U ,~ m AR .~ .,~ 0 ,,~ ,~ U cd 0 0 .~' U i~ a N a d' d' ~ v1 ~ O 00 O d' *-{ 00 O N O +-+ O C~1 d' 00 0~ 01 OA [~ ~ N ~ N ~ o ~A N m m •-•+ 00 ~-+ ~ •-~ N O d' ~ ~ n n n n n n n n oa m n d' O d' ~n ~D ~D n n n o~ n n [~ .~-; O v7 •-~ m ~ o~ oo a ~ O ~ oo ~ o, +a ~ ~ ~ m o0 '~t *-+ DO ('~1 ~ rF ~ ~ +-+ C~ q~ m N vi n m n n n n n ~G N O m +-~ Q- 00 ~D m cn 00 .~-r o0 wr m ~ N ~ N o ~-+ [~ ~ ~0 m -n •-~+ m vi ~D n ~ vi v1 ~ O 00 N 00 ~ Oti O d' m ~D ~ +-~ R n n n n n R N ~ m ~ d' cn •~-~ O1 .~ ~ v1 m n .~.~ +-~+ n N o ~ m N v] ~ m o4 0~ n n n n ~ ,-~ ...~ m ~D n ~ N *-~ •-a m ~ ~ ~ •-~ oo .~ et d' ov ~n ~ d' O N m N l~ ~ O rt oo d' N ~ n m ~ m ~ ~O cY1 01 Oq ~ 04 0l ~ O E~ oo O Qt ~ *~ O1 M n n n n n n n R n 00 d' n Oo [~ ~ N i~ E~ n n n O 00 n 00 N n O d' ~p N u1 v1 ~l 00 DO O [~ Oo O d' O ~ ~C1 N tD N 00 m O v1 d' N N O N O ~ •~ O 0~ O n n n n R n n n ~D d' m d' N +-~ v1 r+ N n ~ n mNa~Nmacno~cn m c~nO O ~ ~ONmoo~nm~ ~ 00 ~y ~ ~ [~ ~ d' N N oo O n n n n n n n N~ m m ~ N •-~ ~-+ n N c+1 ~ d' n ~ ~ n O to n o 4' M d' ~ M ~ m n n ~ ~n m n a~ 69 ffl 5R3 ~t ~0 vl N ~ ~ d' ~1 Cr1 00 ('~ C~] Cr] Ot E~ O ~G ~G ~ •~ 01 O 01 [~ ~ ~D m ~ O~ C] d' d' ~Q ~ O ~ vl 01 ~(1 (Y'1 ~p d' O R n n R n n R n n l~ [~ n l~ 40 O M C1~ l~ R n R C*1 O n ~ 00 n O of DO O o0 01 ~D --+ ~1 O ill Cn ~D ~ OD OD O4 m R R n R O m a,~~tmmO~NN rt oooaO oo N n n n n n ~DCn~oamoNO,~ n o tiG O N ~ ~ +-~ 00 [~ O m d' ~ N o0 u1 m N oo Qti ~ ~ oa N 'tf' 'd' rt Vy d' •~ d' ~ N ~D cn d' *-+ ~ [~ O~ v1 +-t N rt oo ~ m m [~ ~ O ~y n n R n n n N ~ c~ cn m N •-+ n Q1 n 01 n O n o n n N ~ n o0 ~ ~ m bF1 69 69 'tt ~1 C'~ 00 d' ~F m v1 (~ M O v~ v1 0o O N o0 00 ~ d' ~ rt rt ~D ~ ~D ~ O ~ m [~ oo t~ vy rn m ~-~+ v~ d' oa O d' o0 n n n n n n n n n ~ o m O to o n n ~ m ~ n N ~ n O v~ oti v~ o m ~ O [~ o o ~ ~? oo N ~-+ ~ ~ n n n n n m o0 n ~n ~ v-i m ~ oo c~ O O l~ N O N v~ ~ ~ ~O ~ N ~n ~ m m ~ ~f1 O d' ~ N N ~G m ('~ n o~ N*~m~c+~Ntno~•-~+ ~ rn ~ ~ ~~ r-+ ~ ~ ~ r+ m o0 0~ ~ m N oo ~~m~ mEnN [~ ~ O ~y n n n n R R R N ~ c+1 N c'n N ~-~+ n ~ n o0 n 0~ R N n n ~ m n ~D W L L ~ "~ C~ n w W ~ .~ N bF1 69 69 a ~/ r V1 O ~ V 10 01 ~' 00 ~o +~ m 0` ~ --i O m m d' O *-~ +-~ 01 N vi +~ Or N O ~ ~..~ *-+ N *-+ N V1 u1 ~A D1 N O ~ oo ~ N ~ N et ov o0 ~-~+ [~ ~ ~ ~ 00 N ~p d' O N Oo +-c l~ ('*1 l~ U1 O o rn O n ~n ~ ~ N ~0 oa ~ n n n n n n n R n N ~ d' ' N n ! n n ~ ~ n n ~ c n n n o ~ 1 n p ~ O v~ m d O ~ oa ~ ~ ~ -n v, ~ a, n oa O l -n •~ oo ~ m -n c D [~ V1 0 ~D N v~ E~ •-~ oo N rn o ~ .-r .-i ~ ~ rn ~" W ~ o ~, N .~-~ a~ m N N ~ N n n n n n n ~ n 00 ~ n M n O n ~ ~ m -n ~ ti0 00 n ~ ~ •~ ty N~ m N m N~ ~ n oo N •-~ M ~ ~ W ~ u Q ~ ~ ~ ~ ~ ~ U ~ w - U a~oo~v ,MO,~rn ~a ~-+ ~ oa ~ ~ .-t ~ ~r oo o0 Moa 0 ~ ~ M N ~ ~-~+ oooooo~~rn~r~ O cn v ~ N O N o o o~ ~t N N o0 0 ~ N w n n n n n n n n n ~ n ~D ~ ~ n n n ~-~+ n m n ~ m o 0o a~ o ~ ~ m m v~ n n n n n n n n n m N n *~ O O o0 m Er1 00 ~ *~ v] d' d' +-+ ~ ~D o0 N d' d' O u1 O oo d' o. ~ m O V1 00 •~ N G~ c+l Qt 01 G~ V1 N O [~ *~ N ~ ~ ~t n n n n n n n ov w-+ n O u} o ~ cf 1 ~D n ~ ~O n ~ Od n *~ d' O Cn ~ d' ~t N *~ N +~ C+1 ~1 N C~ O n n o~ o0 n o ~ I I I I III ~ I f ~ ~ .~ ~ a ~ ~ an ~~ ~ ~ . a a~ ~ N ~, ~ ~ ~ '~ ~ o ~ ~ ~ 0 W ~ ~ (~ ~ 0 ~ ~ b ~ ~ ~ '~ ~' ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ A ~ ~ ~ ~ ~ ~ ~ Z ~ ~ ~ ~ ~ °~ ~ .p ~ ~ ~ ~ ~ '~ ~ "~ ~ o ~ ~ , v] as b • ~ C? U b ~ ~ ~ P w~ ~ o o ~n "~ G] Y b ~ ~ ~ ~ 0 '~ ~ ~ ~i a ~ '~" i-[ +~ o 4~i ~ bj] ~ ~ "' ICS ~ ~ ~ ~ ~ • ~ ~ ~ M ~ ~ ~ o ~n ~ W ~ ~ v o ~ ~ , ~ p •~ ~ ~ o~ ~' ° ~ ~ ~' A ~ ~ ~ ~' o o ~ p q ~ ~ .~ ~Uwa~ ~ ~ ~ ~ wv~ g' o ~ ~Cr1U f~ ~--I~i~F4V~ ~ ~r~Q -~ oU ~~ U U W w 01 ~ W N ffl -n rn •~ o0 O 0~ N N o o ~t O a ~ ~ o d' N rt oo N ~D ~ ~ ~ M ~ ~t *~-~ m cn o0 vl ~0 0~ cal •~-~ ~ N ~ ~t rn m ~ cn Or a 00 O n n n n tD n ~l1 n V's ~t n n ~ n Ot O ~ ~'1 O4 M +~-+ a~ n n n n n n n [ ~ vl o~ n n h'1 n d' n N v~ [~ d' G~ ill rn cn m cal ~ ~ 00 o N d' ~D ~D r-r oo O .-a .~ ~ vl N n ~ oa ~ ~ ~ ~ ~ oo ~t ao m o, v~ ~ ~ cn N ~ o ~ ~ ~ oa o rn ~ ~ m oo n oo *~ o0 a 0o oa ~ cn oo ~ d~ o ~ vl rn v~ ~ ~ c~ n n n n n n n n n n n 69 69 b9 r~ O N ill [~ o C O E~ vl ~D 04 N *~ M ill O o ~ v1 ~ c'*1 Ifl 04 l~ l~ vl o~ tiD r-+ ~ N ~ ~ ~ c~ ~D ~0 0o tiD •~-~ oo N o0 ~t *-i vl d' Ot N n n ~D n c~, n N ov n n cn n C~ cn o ~ c~ ~ o n n n n n n n ~ ~ o n n ~ n M n ~ ~ a ~ ~ +-+ o ~ O~ o ov 1 {~l o, ~ ~ d~ ~ ~r N oo ~ ~ [~ c+1 -n o, [~ 0 N d' ~D +~ bo ~ c~ ~ ~ oo ~A N C ~ ~ ~ ~D ~n [~ [~ oo N 0~ ~D --~ ~ ~0 N ~D o0 ~D 0~ ~p v~ ~D crt cn ~ O *~ v1 0~ d~ tiD t~ 0 N ~ ~--~ ~ N a ~ 0` o •~ ~ •-a o0 Ot [~ ~ 0~ 69 69 v 59 69 00 d' N ~ ' h cfl ~-+ ~0 cal ~ ill ~--r cYl l~ N d' [~ ~ ~ oo O o0 ~D t/1 00 Cfi N N N ill [~ 00 'dR *~-~ Or N 4' ~t N O ~ +-s ill ~ ~l ~G o ch cn cYl tll [~ ~+ ~l N c+1 ~ 00 O ~ [~ d' N © ~ cal ~ o oa oo d' o ~ M o ~i ~ ~ -n 1 N ~ ~ N rri ~ cal ~ n ~ o as o --i .-~ 0o N v1 N 00 ~ ov oa •-~+ o vo a, ~ ~ O ~D cal ~ ~ cn 0~ ul o N d' m oo vl .-+ c~ N -n N o0 r~ ~-, 0 ~n o N n n ~ ~-+ n ~ n N n n o cfl n n n n n o, .~ ~ ~ n ~ ~ ~ o r,~ ~ ~ ~ ~ ~ ~ O ~ ~ ~ N o0 ~ ~ ~ o ~ m o ~ cn a~ ~-~+ cn ~ ~ 00 e'} tin 01 N u1 ill O DO d' ~D t~ l~ 'd' Q~ Q~ ~p O~ N ~D cal N vy 00 O N *-~ © N v1 [~ oo l~ Cpl 01 vl 4~ cr] 00 O M cr1 v1 ~D N ao n n n n n n n n n n n n n 1 n n n n n n n n ~ ~ ~ ~ N ~ M n oo ~ ~ M c~ cf1 ~ cal ~ d' n ~ N a o0 ill ~ l~ '~t [~ vl 00 ~D ~ ('~ t~ O vl ~t vl ~0 Crl [~ tiD 00 d' ~ ~ N ~ 00 1p o4 c'*1 ~ *-; Od Cn 01 d' DO '~t ~ ~ ('rl f+7 d' N w-+ E~ O~ n n n n n n n R n n n n N C11 *'3 0~ ,-t rl ~ b0 wi ('() V~ V1 "~' r-I ~f1 W r-i ~ r-{ +~-~ ~ F N ~ °o ~ .' ~ 59 b9 ~ ry9 N W ~ ~ "•~ ~ o ~, ~ N M O ~ ~ ~ N ~ oo ~ d' ~G ~ 00 ~D l~ vl ~D •~-+ ~D ~[? ~-+ t~ ccd5 obi ~ ~ ~ O N ~ ~ oo [~ M ~ ~ M ~ ~ ~ ~ N Qr ~ d' ~ r~ ,~ ~", Crl ~ cn O ~Q N ('rl t(1 ('~ ~ ~o cal [~ 00 N oo t~ n n n n n n n n n n n n ~ n n n n n n n n ~ n N u~l n m ~ vl ~ oo ~ ~ n M M ~ N t~ a ~ N ~D v, p~ ~ N ~ ~ *i o a~ ~t ~ M ~ oa m *~ vl ~ to ~ ~ *-~ ~ ~ Cpl or , ~ ~ W ~r .}, ~ 0 0~ +c ~ 0 00 00 ~ N -n ~ m N ~ ~ ~ ~ cY1 0o N r1 ~n ~ Q1 IF_~I n n n n n n n n n n n n n C •~ N o0 ~ +-+ DO O~ N l~ 00 *~ Cf1 '~t' (+7 d' N ~D [ri ~ ~ ~ ~ n~ W ~~ ~ ~+ ~ ~ 69 &9 ~ U 69 ~ U ,~ ^w ~ '~ V U w-+ O~ N N N o~0 Ot Ot o ~1 ~ Cn ~0 N o *-+ ~ O CA N cal O c+~ ~ t~ o~ O l~ O vl ~ O ~ ~ M N ill ~ ~D oa ~D tiD cT oo N ors (~ ~ U~ !'y o0 M ~ l ~ O 0~ ~0 C+1 ~ ~l1 ('n +-~ ~0 O 0 ~1 ~D O t~ *-+ ~ N Oa cp ~' II~r~~ n n n n n n n n n 1 n n n n n n n n r ~n ~ cn u~ ~n ~n d' •~ cn ~n d~ N ov cn oa vl N oo vl o ~ O~ 00 r c~ a, ~ ~r o 0 oa ~ ~ oa o, ~o cn ~ ~ ~n ~a oo ~n ~ o~ ~ a ~ ~, U ~,.,.~ OO v1 tD d' ~ tiD N © N *i cY1 ~ '~ O *-t N O I~ c'r1 0o N ~+ n n n n n n n n n n n n n n n U N oo •-i O N v1 N M 00 +~ N •~ ~ r-+ ~ 04 •-i O ~ ,~ c~ ~ ~ ~ H `~ ~ W ~ b ~ ~ o ~ ~* ~ ~ y ~ ~ w° ~ ~ ~ V o ~ ~~ ~ °' a ~ v ~., ~ ~' x .~ ~ ~ o •~r ~ ~ ~ ~ ~ a ~ ~ ~ ~ ~ ~~ 0 ~ ~ ~ 0 ~ ~ ,~ ~ a~i ~, ~ 0 ~ ~ W O 4Q Z ~! ~ 'd ~ CA '~ CA ~ , CIS R~ `~ qq ~ DA ~ , '~ b11 ~ ~ ~ cd ad ~ ~ ,"` 4 ~ ~ p 4~ ~ '`p cd U '~ cd ,~ ~ an~~.~ o o ~ ~ o ~nagv°~~ o ~, a ~~ ~, o o W~ ~ ~~~~ H H W~ ~ H ~~ o ~~~ ~ ~ h ~ ~ ~ H H ~~ ~ E° ~H 4 H d Z ~~C~C-~ ~~H ~a~ .~? ~ t~ Z C~ ~ ~ (~ ~ ~ C~ r~l ~ THIS PAGE INTENTIONALLY LEFT BLANK 92 M a W H W a w a a 0 U w O Ei U .~ r.i 0 ~ W G r~~ ~~ V ~~ ry ~{ ~` U a ~Z ~~ ~ w ~ .~ z~ ~ w~ ~ ~~ ~ ~~ ~ ~ ~ `. oO ov ~ vt N ao ~ ~ ~ ~ O ' ( rl ~ ~ ~ n ~ O o CT1 ~"~ l71 [ ^ C ~ G1 ~0 00 '~ N ao 00 ~ n d• t~ b9 6g b9 01 ~ ~O N •-~ 0~ N fYl N C~ oo ~O ~-+ cn 'dam d~ N ~ n ~ ~ ~ ~ ~ ~ N o O d' ~ N oa o *-~ N o0 OO •-+ d' G7 V1 6F3 5R b9 69 N N ~ G~ -n ~ ~ ~ ~ ~ N ~ ~ vi Sri N ~ cV vi o ~ n ~ ~ ~ ~ o ~ -n o ~ o oa N E~ t~ *-+ rt [~ N ', 6R 69 69 69 ', ~ ~ ~ ~ ~ ~ cn l~ n c~n l~ n ov ~ n a m oo d' n n o0 o0 n ~ o O Q1 ~-+ Da 01 o ~ ~' ~ N ~ ~ o n o o n n n n ~ N tiG ~G N t~ t~ ~ b9 b9 59 69 N N ° ° v a , ~ o i ~ o0 i 00 00 ~ ~ `'~ ~ a ~ ~ ~ n o o 0 N 4D ~D cn N d~ O 64 69 69 b9 N N ~D Oq Y1 CJ~ ~ *~~ d' ~ O~0 N ~ J ~ ~ ~ ~ ~ 0 ~ N ~G ~0 N N tiQ D ~ ~ n ~ N ~; 0 0 0 °i °~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ O ~ ~ ~ ~ ~ N ~ ~(1 OO 00 ~ ~ 64 69 69 69 ~1 E~ N *i ~ ~ ~ ~ ~ ~ ~ ~ o ri dR Sri of v; 0 0~ o~ a ~? N v1 ~1 ~ ~ ~ ~ 69 69 69 69 ~ ~ *i N N ~ •-~ •-~ o n n oo •~ n n ~ n ~ ~ n ~ ~ ~ T"~ 0 1~ 0 `~ 1 0^ `~ 1 a~ ~ ~ ~ ~r ~ ~ ~ ~ ~s ~ ~ cad a~ w ~ ~ ~ ~ ~ ~ ~ ~ ~ , °' ~ c~ ~ ~ ~' o ~ ~ 0 ~ ~ 'a b b ~ ~ cn y p '~' ~ a ~ ~ ~ ~ ~ a ~ ~ ~ V] .Q a c~ ~W W •,-~ V] O .~ ~k '~ a~ 0 0 b ,~I .~ h 0 a _` ~ W N W U~ ~~ r.s V W ~ V ~Q ~ W ~N W , U ~ ~~ ti F~ ~ U ~ ~~ ~"~ G N~ w o o ~ ~~ ,~ ~l V ~N V ~ ~oovxoo oN~v~cno 0 ~~~+a~tn~m~n ooa ~ ~ ov o, oo ~ c~ ~ m o, oa o0 0, +o ~ ~ ~ cn u~ to oo ar ~ .-~+ ~~~~ NL~ova,oN n n n n R n cn R uav,v,o~nooaN n R ~~ o ~ ~ ~ M ~ m N rt [~ oo ti0 E~ n n n n n n ~ N v~ v~ .~ p~ c*- O O n n ~ p~ n O o nN~~ oNOC~rt*-c o cn~Dvypr[•~N~v~ aaoa cn o ~ N ~ m N m 00 ~ ~ ~ R n n n R r-+ n ~ d' ~ m ~ ~o cn d' r-+ R n n n R R R ~ ~ ~ n 64 Oi N +--i v1 *-E N ~0 tiC ~1 O N d' N ~D d' ('n c+l f+1 [~ ~ R n n ~ n R n R R +-t v~ n t11 ~ ~ l~ O~ ~] ~D O v1 to N ov ~ ~ l ~ o~ [~ ~ R R n R R O O O N u1 d~ n ~m~ra, v~o~~r-nn ~ n n n nnn~rn~nN~n~ n R d~v~ R ~ O 0oo~roa ~rnN cno ~~nN ~ ~r ~~.~a~+oo~n~m ~ rno rn o cn o, N n*-~ n n n cy N~-na~o~d N~rcn n n n n n n n ov n n ~ n ~ N N Cfl ~ +-+ ~ +n ~ ~ ~ o N m CA v~ N oo ~n ch ch et ~ ~ n n R R R R or O n ~ ~ ~ ~ m N m d' rt c~ N vy ~ tiD ~ O *a t~ n R --+ ~ o0 o o ao ~ oorn~-;N ~+mrt~n~m oo n n n n n R n~~aooo~o[~~ R R .-gar o o vrtMoa ~~o aroo ~ ~ ~ o~tn~nmo~~~ d'N d~ O ~ rn ~ oo • o, m R R R o n ~ N ~ Rn oo ~ N m ~ R R R R A n ~ o, R R N N ~ .~ ~ tN N ~ Cpl M N --~ ~ ~ ~ (~ N 69 o ~n o, *~ o, N o m ati N ~ *-i N 0 0 ~~ ~n m o a oo cn +~ ar N r-r N ~ [~ ~ oo O 0 01 m +-~ ~+ N ~f1 N n a~ n n n ~ n n n n n R er cn ~ m ~ N ~ oo d' oo d' o N oo cn [~ ~ N or ~ n n n n n n n n n ~D 4 oo c~ ~ [~ ~ ~~or~ mom~Nm oo c*~o~oc~oa~oo~a, n n ~m n ~ O n n ~ +o ~ ~ rt ~0 O oo N N ~ ' N ~ +O ~ ~ oo ~ m ~ ~ oo ~ -n O ] cn ~ at d C ~ ~ *-i n n O n 00 ~ ~ N M ~7 N C~ d~ n n R n n n N v1 n n ~ ~ ~ ~ i ~' b9 ~fl ar N ~ ~O N t0 O N o0 *-+ ~ ~ Or ~ N O [~ ~ ~ c~ cn l~ d' ~+ ~ ~ N v7 ~ ~ d' ~ t~ cal ~ ~ ~ ~ m O O ~ n R R R ~ n n n R n n N c+1 R +~ ~ ~ +D N N Or ,~-+ d' N ~ oo ~ N ~ ~ 0o N R n n n n n n n R ~ m ~ ~ R R M d, oa ~ ~n ~ o N ~ oo n N v~ fn ~-~+ ~ ~ o, o o tiD at n ~ c~ o M *~ o ~ N vi ~ N ar ar + et ~ oa v~ N oo N -ri v~ m ' ' ' ~ *~ ~ O ~ rt n v1 ~ ~ N m ~ R n oo n tt N O •-+ d 1 ar d N h n n n n n n R N ~D n n N N M *~ ~ oo ~ N ~ crt m N *~ +~ +~ ~ ~ ~ or ~ ~ N v~ to ~ ao a, ~ oa v~ ~ oa -~ oo c~ o ~n m ar w-+ ~ ~ oo O -n a ar -n ~ N ~n ~t N ar *-t tiC n o oa ~ o ~ ~ o [~ O ~p N C~ rCr ~D ~ 00 0o n n n ~ n n n n n n c~ R [~ O N oa d' [~ ~ oo ~ n n n n n n n n n N ~ ~D ~ ~ N O ~ +n Do ~ ~ ~ m ~ d' ~p *~ N N `~t N O dR o0 ~ m O Oti [~ ~ O O +-+ ~D O O ~ O ~0 C~ N Cf1 ~C Or (~ rD ('~] ~D cY] DO o ~ N M Vl ~ ~!' ~ [~ R cn R d' N oo cn N O N ~ d' n R R R R R R ua ~ n n ~ n N ~ ~ *~ *~ N M N +~-{ [~ ~ +-i N 0o N rD N Or O ~ ~ N oo d' l~ ~ f~ 00 p 00 O ~p d' c'h o0 rn ~ *-+ O N l~ Or ~ *~ ~ ~G vl ~D rt ~ 'd' 04 a vy ~n O ar cn V1 n n n n n n n n n n R '~t c~ E~ ~ ~ ~ ~ ~ ~ +-+ Or ~p oa pr vo ~n O O oa oo n n n n n n n n l~ ~D l n tiD o0 N N ~ d' in o ~ d' ~ ~ ~ ~ ~ d' R v~ ~ cn ~ ~ ~ O N ~ n ~ ~ ~ o arch*in*-;m~Od~vO~n N a N ~ ' ' ~ d' NNo~~++om~noa~t ~ oo ~t O N D vy d r •~ N u1 c n [ R N O n ~ ~ N ~ l ~D N ~ ~ ~C n n n n n n n ..~ .-a cv ~ ~ ~ .~ oo ~ R w-, ~-, o0 n o N b~3 v~ ~ v~ ~ o a> *~ M ~ ~ oo ~ N op m N o N yr or N o, ~+ ~ ~ c*1 ~ ~ M m C~ ~ M o ~ a~~N~oo~ra,t~nOrDOa R n R R R R R R n n n yr O ~1 ~ v~ N ~ u~ Or ~ d' n c*~[~N~DooONOC~ R n R n R R R R O ~ ~ ~ o cn \~i+ ~V 't 1 ~\ M ~ '~"~ v 1 ~ ~ v 1 1~ '~ 1 ~ 1~4/ `~! t '1 \ '~{ Y 1 w Vii M 1 ~~ 1 ~~n ~n \ l l 1 l `}f ''~ O [~ N Vl M ar vl *~+ ~ *-+ Oo ~ Ot m (~ ~ N N O +-~ N v] d' t/1 n O N ~ M 0o N vi ~ c~ ~ N *-~ c~ R n ~ ~ N n 1p ~ M ao •-~ ~b ~t ~ +-~ O R R n R R R n ~ +-~ N ep +--r +-~ ~ oo ~ n n .-~ .~ o0 n C. ~ ~ ~ 69 ~Nm*~v~a~nar~d~oa o ~~n~~n~r~~noN v~o ~ N ~t ~D l~ d~ ~D ~D oa oo c~ ~ Or ~a m ~ ~ ~ r0 cn rn a, O n n R R R R n n n n n ~ ~ R ~ O ~ ~-+ N ~n [~ N ~-+ O d~ rn o, ~!? ~n M ~n cn R n n oa O ~ oo ~ N O N O *~ oo cn d~ cn c~ ~ m O ~ n n n n N ar ~ ~ ~n oo -n N d' n R c+1 d' n N o ~~~M~,~m~~n~ ~ r a, r cnNOa,~r~om~ wo O ] ~ v1 ~ •~+ ~ ~ G ~ ~ N C C 1 O N Crl ~ O ~D •~ •~-{ ~ an 00 00 N O +~ ~ ~ ~D ~ N w-+ N N ~ ~ N *-+ rt7 ~ Ff-3 V1 O a1 c~n l~ O Cfl ~ oo v~ V1 *~ cYl c^~ cn vt N '~!' [~ v] ~-+ N rO Qt ~G oo ~ O N oa ~ N [~ a, oo d' ar O +-~+ d' C~ ar ('~ n n R n n n n n n n N O n d' [~ O oa to oa O a. N *~ cn N ~+ cn l~ N ~D oo n n n n n n n n n oo a ~ Q~ n n O cn n ~ ~ ('~ (Yl N ('~] 00 N C~ ~ d' ~ 00 l~ •~ Cn 00 N S'n N o0 ~D Oq u1 Q~ ~ ~a ~ ~ oo n ~ o ~ n o N oo -~+ + ' M oo ~ ~ M o 00 o m ~ ~ m ~ m ~ +~ ~ m c } d cn ~ N m n at cn R cn ~ O *-~ d o cn ~-+ ~ ~ n R R n R n n *-i +-c N M +-~ +-i N ~n ~ n ~.+ ~ n ~ ~ ~ b9 ~ ~ 4~ o ~ ~ ~ y ~ a ~ W "" ~ ~ ~ + 4 ? 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Omt, ~ t~ ~ '~ ~ "bd ~ U b a ~ ~ ~ ,~ ~ ~ ~~~ ~b~ ~ ~ ~ 00 00 0 0 0 0 0 0 ~' ~ ~,,, ~ d0 N v~ o, ~ ~ [~ [~ ~ ~ ~ ~ ,~ ~ '`~ ~ ~ 0 H '~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~~ ~ ~ N ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ oo ~ ~ U ~ +~ ~ et ~ ~ ~ d' m rt m et ~ d' ~ d' M ~t m d' cn v1 m ~ a "C1 ~ t~ .W b ~ ~ H 0 0 0 0 0 0 0 0 0 0 ~ a~ ~ `~ ~ ~ o ~ ~ v~ o ~ ~ .~ ~ p ~ ~ o~ oo ~ O rt ~ oo ~ ~ ~n ~r O ~o ~O ~ a~ ~ oo rn N ~ ~ ~+ w-+ ~ 0 Q "d q~ w ~~ 0 0 0 0 0 0 0 0 0 0 ~~ A~ v o 0 0 0 0 0 0 0 0 ,~ a~ o °~ r° o Q ~ ~ •~ ~ ~ ~ ~ •~ ~ ~ ~ ~~~~ ~ b ~~ 0 ~ 0 m 0 o ~r ~ m N o o N ~ ~ ~ ~ ~ a, a, ~ ~ ¢+ ~ o ~~~~ ~ 4i v ~ cad ~ ~€ ~ b0 ~t N l~ ~(l N {n ~D N C~ ~D N N l~ N l~ 00 N O O~ N l~ E~ N 00 t~ N N 00 N ~ ~ ,~ ~ ~ ~ ,..., +a • :~ ~~ 0 0 0 0 0 0 0 0 0 0 ~ ~ rl] ~~~ ~ ~ ~ ~ ~ ~ ~ o~ob ~ ~, ~ ~ ~ o 0 N r-+ 0 N N 0 N c~ 0 N d' 0 N to 0 N ~ 0 N ~ 0 N oo 0 N ~ ~ ~ w~ .~ a y 0 a A U G1 CITY OF COLLEYVILLE, TEXAS PRINCIPAL PROPERTY TAXPAYERS CURRENT YEAR AND NINE YEARS AGO 2008 1999 TABLE 7 Percentage Percentage of Total City of Total City Taxable Taxable Taxable Taxable Assessed Assessed Assessed Assessed T a er Value Value Value Value Melvin & Matrindale $ 26,255,353 0.77% $ - - % TXU Electric Delivery 17,176,466 0.51% 12,536,268 0.79% Lifetime Fitness Real Estate 11,500,000 0.34% - - ColleyvillePlaza 6,745,528 0.20% - - GPoints SC Ltd. 6,042,358 0.18% - - VillageManagement 5,957,100 0.18% - - Uhlman Colleyville, LLC 5,456,526 0.16% - Mario Dizon 5,116, S 1 S 0.15 % - - Albertsons 5,097,056 0.15% 11,110,115 0.70% Silver Oak Land Development LP 4,982,559 0.15% - W Colleyville Glade Corporation - - 6,627,441 0.42% Colleyville Development Corporation - - 4,348,454 0.27% ASG Colleyville Paxk, Ltd. - Y 3,837,799 0.24% Payless Cashways - - 3,619,245 0.23% Southwestern BeII - - 3,371,471 0.21% Foxcxeek Residential Development - - 3,190,250 0.20% Bud Sellers - - 2,959,099 0.19% Greenway Glade Partners LP - - 2,603,668 0.16% Tn+~1 11J{.L41 ~ 4Q ~7 Q4] 41 J t,J29, [J 1 ~ 77°% ir. ! 1 /V ~ ~Q 211 R1f1 w ~/ 1, VJ,41 V ~ ~.~~/~ J. IJ /U Source: Tarrant Appraisal District 98 CITY ~F C~LLEYVIIILE, TEAS PRQPERTY TAB LEV~S AND COLLECTYQNS LAST TEN FISCAL YEARS Taxes Levied Fiscal for the Year Ended Fiscal Year TABLE S Collected ~L1'ith the Fiscal Year of the Levy Collections Total Collections to Date Amount 1999 $ 5,534,817 $ 5,479,469 2000 6,008,914 5,948,825 2001 6,664,042 6,597,402 2002 7,399,976 7,325,976 2003 8,233,543 8,151,208 2004 8,719,444 5,632,250 2005 9,201,770 9,109,752 2006 9,981,646 9,906,769 2007 10,725,345 10,592,222 2008 12,024,882 11,903,333 Percentage in Subsequent of Levy Years Amount 99.0% $ 53,059 $ 5,532,528 98.9% 55,877 6,004,702 98.8% 62,195 6,659,597 98.3% 63,880 7,389,856 98.8% 75,801 8,227,009 99.2% 80,641 8,712,891 99.1% 77,371 9,187,123 99.2% 59,882 9,966,651 98.8% - 10,592,222 99.0% - 11,903,333 Sources: Tarrant County Appraisal District and City of Colleyville Finance Department. Percentage of Levy 99.96% 99.93% 99.93% 99.$6% 99.92% 99.92% 99.84% 99.85% 98.76% 98,99% 99 CITY OF C~LLEYVILLE, TEXAS PRZNCrPAL WATER CUSTGMERS CURRENT YEAR AND NINE YEARS AGQ TABLE 9 200$ 1999` Percentage Percentage of Total City of Total City Taxable Taxable Taxable Taxable Assessed Assessed Assessed Assessed T a er Value Value Value Value Grapevine-Colleyville xSD $ 41,920,300 1.74% $ 20,2$6,200 1.08% Town Center 17,500,700 0.72% - - Lifetime Fitness $,557,300 0.35% - - Market Street 7,037,$00 0.29% - - Bluebonnet Hills 6,967,700 0.29% - - % Timarron 4,457,900 O.I$% - - % Shadowaod Trail 4,146,000 0.17% 4,105,40D 0.22% woodland Hills 3,996,600 0.17% 6,539,500 0.35% Gaod Acres 3,$3$,60D 0.16% - - % La Hacienda Ranch 3,375,300 0.14% - - Kroger - - 5,154,000 0.25% Albertsons - ~ 4,563,604 0,24% wash Depot - - 2,465,30D 4,13% Saddlebrook Homeowners Assn - ~ 2,727,204 0.14% Mobil - - I, $ 69, 700 0.10% Highland Meadows HOA - - 1, 71$, 700 0.09% Monticello HOA - - 1,520,100 0.05% Total $ 101,79$,200 4.21% $ 50,9$0,004 2.71% Source: City utility billing records 100 Q a W H W W O U w O U W a E~ Ey A W r~i~ W ~ E O ~ w ~ o a 0 H o~-~+ ~ ~cn d~oaoNoo ~ lnM O N~ Myrd'0oN ~ ~~ n n n n n n n n n n ,,,~ ~ N N N N +-+ ~ *~ ~ *~ ~ ~ U ~ d °~ ~ ~ ~-+N~moo~DOtiv~ ~ O ~ ~ d' t~ N oo '~t N 01 00 ~D ~ d' d' d' d` m m cn N N N w o +i O N N N N N d' 00 ~~ ~ ONNNNN~DN~1~G ~, ~ O t~ t~ ~ ~ t~ N m ~ ~ N r*i N G N~ O~~ ~-+ ~J ~ O N op M ~D o4 ~0 00 d~ 00 .+,~ N N 01 O ~ N ~-+ In ~ ~ N m ~ ~ O Q N O t~ f~ Sri C~ d' 'd' 'd' '~ ~ d' ('~ M M M M b~3 `~' ~ 4 ~ ~ ~~ ~ I I E I I 1 n~ M I Cd 4? '~ r ~ ~„~ d' N ~"'t V ~ 0 0 0 0 0 0 0 0 0 0 a~ ~ 0000000000 ~~~ 0 0 0 0 0 0 0 0 0 0 n n n n n n n n n n ~no~nooo~n~n~no '~ ~ o ~oN~to~~+~o~ A~~ mmoo~oo~~nmNo n n n n n n n n n n ~-~+ ~ t~ N N N N N N N ~,~ o 0 0 o a o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 ~~~ 0 0 0 0 0 0 0 0 0 0 ~~om~~o~ioo ~ ~ v o~OOON~~~r~t N~D+~~~01*-~m~n00 ~~,p4 no4o~aioa0o[~~DEn ~~~ ~ ~ I ., •I .~ .~ rn rn' .~ I ~ ~~ ~~ rn _+ 1 f I I I ! ~ 'I ~ ~ ~ ~ m a N N N N N O O N ~D ~ O N N N N N O o tC ~+ ~, o~~ ~ ~ ~ o o ~ a, ~ ~ ~ N 0 ~ ~ m ~ 0 ~ ~ ~ ~ o o o o i ~r~v~ ~- a~ o 0 0 a~ ~ M ~ ~ ~ n n n n n n n n n o n o~ cn ~~~ ~ ~ ~ ~ ~ .~ .~ .~ as C~ 0 0 0 0 0 0 0 0 0 0 ~ 0 0 0 0 0 0 0 0 0 0 ,~ ~,o~, 0 00 0 0 0 0 0 00 ~ ~ n O ~ n n O !n cT [~ n ~ +-~ n O N n ~] N n ~ 01 n ~ ~ n n p v~ ~ l~ 0 Q1 ~ I~N ~]~~ d' MN ~i ~i N ~ o ~~ ~ 3 ~ a~ a ~-•+ N m ~t In ~o ~ 00 .~ ~, a~ooooo0000 ~"~ ~ N N N N N N N N N w rn I'I] C~ ~~ 0 .~ b ~° ~n U CC3 0 U 0 .~ a~ A r~ 0 0 6~ CCU 0 .~ v 0 N 0 v r-~ r-{ CITY 4F CaLLEYVILLE, TEAS RATIOS OF NET GENERAL BGNDED DEBT OUTSTANDING LAST TEN FISCAL YEARS General Bonded Debt Outstanding Fiscal 1999 2aoo 2001 2002 2003 2004 2005 2006 2007 Zoos General Obligation Bonds Less Amounts Restricted to Repaying Principal Total $ 14,150,000 $ 13,490,000 12,975,000 15,315,000 13,820,000 12, 925, 000 11,955,000 10,665,000 17,770,000 16,275,000 676,097 $ 13,473,903 756,106 12,733,894 863,320 12,111,680 962,363 14,352,637 1,025,530 12,794,470 995,889 11,929,111 989,618 10,965,382 1,082,681 9,582,319 1,254,686 16,515,314 987,681 15,287,319 TABLE 1~ Percentage of Actual Taxable Value of Per Property Capita 0.85% $ 721 0.74% 663 0.63% 621 0.6$% 723 0.54% 635 0.46% 582 0.41% 522 0.33% 442 0.53% 746 0,50% 679 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. 102 CITY OF COLLEYVILLE, TEXAS DIRECT AND OVERLAPPING GOVERNMENTAL ACTTVIT~ES DEBT AS OF SEPTEMBER 30, 2008 Government Unit ............. . Debt repaid with property taxes Birdville Independent School District Carroll Independent School District Grapevine-Colleyville Independent Schoal 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 $ 112,622,099 Sources: Assessed value data used to estimate applicable percentages provided by the Tarrant County Appraisal District and debt outstanding data provided by each governmental unit. TABLE I2 Estimated Share of Estimated Direct and Debt Percentage Overlapping Outstandin,~ _ Applicable Debt $ 272,220,479 0.800% $ 2,177,764 135,566,873 0.450% 610,051 291,650,892 20.790% 60,634,224 214,930,493 1.560% 3,352,916 643,100,493 2.810% 16, 947,124 346,495,000 2.970% 14,290,902 49,005,000 2.970% 1,455,449 29,585,000 2.970% 878,675 96,347,099 - loo.ooo°i° 16,275,aoo 103 M W o E a o ~ V W ~~~. O ~ W U E f~A F 0 q d ~ ~ ~ ~ ~ U ,Wa n 0 o', N .~ w O cd c] U .~ a~i A m ~n o ~ c, ~ n n °o ova ~ ~ ~ ~ ~i ~ ~ ~; o o O N ~ N o a `~° ~ ~ m ~ b9 ~, a~ a~ ~ H .,., ~ ~~`~ ~' ° ~ q ~ ~ b bA ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~AA .~ ~ '', *~ ~ ~ ~ ~ w ~ m ~ ~ ~ ~a ~ ~, v. N o0 +~ ~ r~} ~ 59 ~ ~ ~ m oo ~ L~ N v1 ~ ~ ~ ~ ~ ~ N N ~: ~j ,,,,,~ ~ cfl ~ ~ 64 ~ ar N \° © m n ~' +-i m N o0 N m ~ p o o v~ ~ r-~i rn N 1~ ~0 a~ ~ ~ o o N N a ~1 ~ o o, ~ o ~ c ~ ~ ~' °° ` ~ o N ~ m a ~ ~ m ~ ^ o i~-i ~ 69 69 0 0 0 0 ~ ~' ~ ~ ~n ~ v ~ v o N ~ ~ ~ O ~ ~ ~ ~ a ~ ~ U ono °o ono `~ m p,, p ~ ODD ~ m N O ~ N ~ ~ ~ N ~ ~ ~ U Q o v ~ ~ O ° o m ~ N ~ -n ~' m O ~s ~ ~ ~D O ~D o "d o N N ~ N d~ cC ~ ~ 0 ~ ° m 0 o 0 0 o N ~ °o ~ rn ~ ~ ~ ~ N N ~ 'd ~ E ~ N , ~3 b9 N O N ~ n Q ~t Gt ~ ~ G ~ ~ ~ m Oi M ~t ~-+ Sri N ~ ~ "~ "~ ~ ~ ~ ~ U O M ~ ~ ~' b .r ,~ 41 cd ~A cFd ~ ~ ~ ~ ~ ~ b ~ ~ b ~ ~ ~ ~ ~ ,b .~ q `d ~ t~ n a' i A 0 H ~ ~ a ~ H D ~ O r~ THIS PAGE INTENTIONALLY LEFT BLANK 105 CITY IMF C~LLEYVILLE, TEXAS PLEDGED REVENUE CUVERAGE LAST TEN FISCAL YEARS Water Revenue Bands U~lity Less: Net Fiscal Service Operating Available Debt Service Year ___.~__ Charges Expenses Revenue Princi al interest Coverage 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 5,477,716 5,793,366 2,684,350 566,000 515,003 1,603,347 2002 5,407,033 5,909,848 2,497,185 597,000 485,984 1,414,201 2003 8,540,900 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 20D7 10,046,030 5,040,621 2,005,409 825,000 296,546 583,863 2005 11,452,268 9,670,581 1,781,387 700,000 265,658 815,729 Notes: Details regarding the City's outstanding debt can be found in the notes to the financial statements. operating expenses do not include interest, depreciation, ar 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 X112 percents applied to the increase in retail sales in the Commons shopping area since that time. 106 TABLE 14 Drama a Revenue Bonds Drainage Drainage Net Service Operations Available Debt Service Char es E eases Revenue Princi a1 Interest Covexa e $ 427,568 $ 192,442 $ 235,126 $ 50,000 $ 82,600 $ 102,526 448,994 193,979 255,011 55,000 79,581 120,430 692,628 230,578 462,050 55,000 142,772 264,270 615,099 256,866 358,233 205,115 85,550 67,568 704,031 235,105 468,926 140,000 144,417 184,509 694,196 312,235 381,961 140,000 122,263 119,698 710,265 338,310 371,955 175,000 116,432 80,523 897,606 444,700 452,906 150,000 111,252 191,654 922,123 462,387 459,736 160,000 104,206 355,530 902,232 510,259 391,973 165,000 96,984 294,989 Sales Tax Bonds Sales Tax Debt Service Increment Princi al Interest Coverage $ 836,419 $ 140,000 $ 354,594 $ 341,825 849,426 145,000 344,759 359,667 823,946 160,000 443,401 220,545 881,921 170,000 533,066 178,555 768, 846 1 S5, 000 4I 9,114 164, 732 873,626 195,000 406,472 272,154 982,844 210,000 387,085 385,759 1,132,094 240,000 402,929 489,165 1,208,379 255,000 391,366 562,013 1,300,260 270,000 380,013 650,247 107 CITY OF COLLEYVILLE, TEAS DEMOGRAPHIC AND ECONOMIC STATISTICS LAST TEN FISCAL YEARS Calendar Year Population 1999 18,700 2000 19,200 2001 19,500 2002 19, 850 ZOOS 20,150 2004 20,500 2005 21,000 2046 21,700 2007 22,150 2008 22,5ao TABLE 15 Ta~~rant Per Capzta County Personal Personal Unemployment Income Income Rate $ 141,012 $ 46,848 4.5% 142,877 47,467 3.6% 147,258 48,923 4.5% 151,63 $ 50,378 6.1 157,414 52,297 6.3 161,095 53,520 5.6°/a 165,008 54,820 5.1% 167,009 55,485 4.5% 175,008 58,142 4.3% 173,853 57,755 5.1% Sources: Population -North Central Texas Council of Governments, personal income- City of Calleyville Economic Development Department, Unemployment Rate - Texas tiVorkforce Commission unemployment rate is not available solely for the City of Colleyville} 1~8 CITY 4F C~LLEYVILLE, TEXAS PRINCIPAL EMPLOYERS CURRENT YEAR AND NINE YEARS AGG 2008 Em~lover Grapevine Calleyville ISD Market Street Lifetime Fitness City of Colleyville Albertsons Kroger LaHacienda Ranch Sonshine Academy RWA, Znc. Mac's Steak and Seafood Creme de la Creme Payless Cashvaays Emler Swan Schoal Ebby Halliday Realtors TGW ~surance Percentage of Total City Em to ees Employment 475 8.2% 415 7.2% 225 3.8% 192 3.2% 100 1.7% 100 1.7% 60 1.0% 60 1.0% 60 1.0% 60 1.0% % 50 0.9% 50 0.9°/a 50 0.9°io Total ... 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