HomeMy WebLinkAbout06- Financial-Summary-pp-43-741 Financial
Summary
Financial Summary Table of Contents
Summary
City Operations and Departments by Fund .............................................................................. 45
City Operations and Departments by Fund / by Division .......................................................... 46
Budgeted Revenues ................................................................................................................. 47
Budget Expenses by Division ................................................................................................... 48
Budgeted Expenses by Program.............................................................................................. 49
Revenues
Property Taxes ......................................................................................................................... 50
Sales Tax ................................................................................................................................. 53
Utility Revenues........................................................................................................................ 54
Capital Recovery Fees ............................................................................................................. 56
Other Enterprise Fund Revenues ............................................................................................ 57
Other Miscellaneous Revenues ............................................................................................... 59
Fund Summaries
All Funds Summary (By Fund / By Division)............................................................................. 60
All Funds Summary (By Fund / By Personnel-Operating-Capital) ........................................... 62
General Fund ........................................................................................................................... 64
Electric Fund ............................................................................................................................ 66
Water Services Fund................................................................................................................ 68
Airport Fund .............................................................................................................................. 70
Stormwater Drainage Fund ...................................................................................................... 71
General Capital Projects Funds ............................................................................................... 72
Special Revenue Funds ........................................................................................................... 73
Internal Service Funds ............................................................................................................. 74
CAFR Adjustments on the Fund Schedules are made to the previous actual (2009/10) provided. These adjustments balance the budgeted fund balances to the City’s Comprehensive Annual
Financial Report (CAFR).
45
City Operations and Departments by Fund
This chart represents the City’s operational departments by fund. It is
intended to help the budget user understand the City’s organizational
structure and its related funding sources.
46
City Operations and Departments by Fund / by Division
This matrix represents the City’s operational departments by fund / by division. It is intended to help the budget user understand the City’s organizational structure and its related funding sources.
General Fund
Special Revenue
Funds
Electric Fund
Water Services
Fund
Other Enterprise
Funds
Internal Service
Funds
Joint Service
Fund
Community
Development
Administration Code Enforcement Building Inspections Planning
Community
Services
Parks
Recreation Library
CVB
Tourism
Finance and
Administration
Municipal Court Facilities Maintenance
Fleet Management Information Technology
Administration
Accounting Purchasing
Utility Office
Geographic Information Systems (GIS)
Fire
Administration
Operations
Georgetown
Utility Systems (GUS)
Environmental Services Electric Operations
Electric T&D
SCADA/AMR
Water Services
Wastewater Services Reuse Irrigation
GUS Administration
Systems Engineering
Management Services
City Council City Manager’s Office Governmental Contracts
Communications
Human Resources Economic Development Main Street
Legal
Police
Administrative Services Support Services Field Operations Animal Services
Transportation
Administration
Streets
Stormwater Drainage
Airport Operations
Electric Transmission and Distribution Supervisory Control and Data Acquisition - Automatic Meter Reading (SCADA-AMR)
Convention and Visitor’s Bureau
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Budgeted Revenues
2011/12
09/10 Actual
10/11
Amended
Budget
10/11
Projected
Actual
11/12
Proposed
Budget
12/13
Estimated
Budget
Property Taxes 14,644,406 14,698,732 14,823,841 16,006,682 16,606,682
Sales Taxes 9,791,842 9,470,000 10,200,700 10,315,000 10,394,000
Bond Proceeds 18,065,000 21,980,500 21,650,000 6,170,000 26,544,000
Charges for Services 14,426,388 16,001,670 15,945,432 15,977,787 16,277,034
Capital Recovery Fees 1,028,109 1,130,332 1,063,899 1,099,499 1,199,899
Service Improvement Fees 693,689 791,750 487,250 470,000 470,000
Utility Revenue 86,445,352 92,146,806 85,144,206 91,670,192 95,111,239
Grants 2,947,241 472,179 3,334,330 485,373 0
Interest 354,222 380,750 309,120 288,750 287,750
Other Revenue 17,298,332 16,429,838 17,866,907 19,059,484 18,660,399
Interfund Transfers 7,888,444 8,418,505 7,732,048 8,574,501 8,229,287
TOTAL REVENUE 173,583,025 181,921,062 178,557,733 170,117,268 193,780,290
*Fund balance increase or (use)(10,692,768)27,220,995 25,868,494 8,153,985 (42,425)
TOTAL BUDGET 162,890,257 209,142,057 204,426,227 178,271,253 193,737,865
48
Budgeted Expenses by Division
2011/12
09/10
Actual
10/11
Amended
Budget
10/11
Projected
Actual
11/12
Proposed
Budget
12/13
Estimated
Budget
Community Development 2,360,399 2,226,353 2,220,909 2,051,045 2,072,667
Community Services 7,519,289 8,237,935 8,329,207 8,410,001 7,914,359
Finance & Administration 7,920,222 13,130,169 12,883,616 13,075,589 12,393,038
Fire Services 6,939,388 7,770,389 7,663,258 8,213,955 8,295,471
Georgetown Utility Systems (GUS)30,598,093 36,208,040 35,737,078 37,505,728 37,349,233
Purchased Power (GUS)35,340,218 37,448,760 35,018,526 39,149,279 43,244,954
Management Services 8,689,317 7,575,200 7,174,616 6,759,353 6,700,788
Police Services 9,484,821 10,261,988 9,890,256 10,342,898 10,332,405
Transportation 9,413,173 6,864,702 9,269,319 8,103,238 8,149,410
Capital Improvements 21,681,947 54,134,355 52,810,179 19,114,000 31,363,000
Debt Payments 14,684,889 16,865,661 15,697,863 16,971,666 17,693,253
Interfund Charges & Transfers 8,258,501 8,425,955 7,732,048 8,574,501 8,229,287
TOTAL BUDGET 162,890,257 209,149,507 204,426,875 178,271,253 193,737,865
49
Amended Adopted
2010/11 Budget %2011/12 Budget %
Community Development 1,972,195 1.1%1,829,255 1.2%
Community Services 6,527,312 3.5%6,638,589 4.3%
Fire Services 7,191,974 3.9%7,548,364 4.9%
Management Svc-Others 1,198,948 0.6%1,326,172 0.9%
Administration 17,488,832 9.5%16,869,484 11.0%
Airport 2,450,450 1.3%3,248,714 2.1%
Economic Development 399,278 0.2%396,672 0.3%
Police Services 9,965,430 5.4%9,907,224 6.4%
Electric 45,387,530 24.5%48,631,932 31.6%
Sanitation 4,245,087 2.3%4,427,364 2.9%
Stormwater Drainage 461,432 0.2%470,639 0.3%
Water Services 13,765,398 7.4%13,249,878 8.6%
Transportation 2,880,888 1.6%3,257,637 2.1%
Capital Improvements 54,134,355 29.3%19,114,000 12.4%
Debt Payments 16,865,661 9.1%16,971,666 11.0%
Budget Total By Program 184,934,770 100.0%153,887,590 100.0%
Interfund Transfers & Premiums 24,207,287 24,383,663
TOTAL OPERATING BUDGET 209,142,057 178,271,253
Budgeted Expenses by Program
2011/12
50
Property Tax Revenue
Taxable Property Values
51
Fiscal Year 06/07 07/08 08/09 09/10 10/11*11/12*12/13*13/14*14/15*15/16*
Property Tax Revenues:
(in thousands)
General Fund 6,596 7,542 8,103 8,422 8,492 9,220 9,320 9,939 10,242 10,557
Debt Service 4,368 5,288 6,329 5,766 5,567 6,575 7,075 7,864 8,051 8,468
Property Values:
(in millions)
Existing Property 2,793 3,275 3,895 4,014 4,023 4,283 4,436 4,580 4,749 4,930
New & Annexed 267 336 275 156 104 93 110 100 100 100
Property
Tax Rates
Per $100 - taxable 0.3673 0.3566 0.3562 0.3562 0.3562 0.3875 0.3921 0.4108 0.4034 0.4017
valuation
*Projected
Taxes:
Taxes are levied on January 1 of each year and are considered past due on February 1 of the following year. The Williamson Central Appraisal District determines the value for each property in the city. Property tax roles are certified in July and the tax rate is adopted in September, along with the budget. The City’s tax collector, currently
the Williamson County Tax Collector, sends statements in October to each taxpayer. The City’s tax collection rate for 2011/12 was 99.2%.
Taxable Valuations:
Over the past 5 years, new residential construction permits have ranged from 750 to 1,500. In 2011, 509 permits, valued at over $127 million were issued. The general slowdown in the local economy, which
impacted the current year, is also taken into consideration for future projections.
Values on existing property where nearly flat compared to prior year. The average home value is $184,959, which increased slightly at 1.18% compared to the prior year. Overall, total assessed valuation approximately the same as the previous year due to $93 million of new or annexed property added to the roll.
2011/12 new values include $93 million in new construction and annexed property
Adopted Property Tax Rate for 2011/12 is $0.3875/$100 valuation:
Represents a 5% increase over the effective rate of $0.36901/$100 valuation, which includes an adjustment
for sales tax dedicated to property tax relief.
The City adopted a 1/8 cent sales tax rate for property tax relief in May 2005, with the primary intent to offset debt service related to the November 2004 voter approved general obligation bonds. All authorized 2004 bonds have been issued with a total tax impact of $0.03731.
Breakdown: 11/12 10/11
M & O Maintenance and Operations (General Fund) $0.22290 $0.21987 I & S Debt Service (payment on existing debt) $0.16460 $0.13635
*Future Projections:
Assumptions for the forecasts of future years are based upon historical trends, expected build out of planned subdivisions, and utility tap requests. Assumptions include:
Continued new and annexed property growth of $100 million in 2012/13, then $125 to $150 million in the out
years as new retail properties are added to the tax role, a 1% increase in 2012/13 and then 1.25 – 1.5% in the later years.
Reflects impact of 1/8% sales tax for property tax relief.
Reflects an annual increase of 2.5 %– 5% in the properties that have their taxes frozen due to the over 65
provision, adopted by voter referendum in May 2004.
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Sales Tax Revenue – 1% General Operating
The City receives 2% of the 8.25% sales and use taxes that are remitted by retailers within the City limits:
1.000% is used for general operating purposes
0.500% is used for transportation improvements through the Georgetown Transportation Enhancement Corporation (GTEC), the City’s 4B Economic Development Corporation, authorized in May 2001
0.125% is for Georgetown Economic Development Corporation (GEDCO), the City’s 4A Economic Development
Corporation, approved in May 2005
0.125% is for property tax relief, approved in May 2005
0.250% is used for street maintenance; sunset revision approved November 2010, expires in March 2015
2.000% City portion
6.250% is collected and retained by the State of Texas
8.250% Total sales tax rate
The City’s sales tax base is diverse, with revenues being generated by national retailers, building materials and utilities, etc. The heavy residential growth over the past few years has also created a demand for more restaurants and other
retailers that have also expanded the City’s tax base. Sales tax has increased over the past few years due to an increase in new retail developments within the City.
Future projections are based on the following assumptions:
2011/12 includes a 2.5 increase in overall sales tax projections from the prior year. Sales Tax revenue for FY11 is estimated to end at $7.8 million, right in line with original projections and about 6.8% higher than in FY10. The
growth has mostly been attributed to large growth in the information sector of the local economy, as well as very moderate growth in other areas.
Long term projections assume modest growth based on population projections and lower unemployment rates, as well as a return to rising per capita disposable income locally in 2014. Otherwise, a general dormancy in economic
conditions is assumed for the near term.
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Electric Revenue
Water Services Revenue – Water
55
Water Services Revenue - Wastewater
Utility Revenues:
The revenue shown includes tap or hookup fees. Developer contributions, such as capital recovery or impact fees and interest are presented elsewhere.
Generally, utility revenue projections are based on five-year forecasting models for each utility. The City
prepares a financial model of each utility, forecasting revenues, expected infrastructure needs and other expected expenses. The models are prepared based upon assumptions regarding customer growth, the
City’s five and ten year capital improvements plans, forecasted increases in costs, including personnel, and historical data. The models serve as a planning tool to forecast the ability to pay cash for
infrastructure, anticipate debt needs for the upcoming five to ten year period, as well as, predict rate increases for customers.
Electric and Water Revenues:
Calculated on a five-year rolling average of per capita consumption in order to hedge against variations in weather conditions.
Growth estimates are based upon building permits, expected build out of subdivisions and other
planning and development activity.
Assumes a 3% peak load growth for Electric through the next five years, as the City’s southern electric service area continues to develop.
Assumes a 1-2% customer growth for Water for the next five years.
The City will conduct an electric rate review during 2011/12 to ensure the various rates adequately cover the costs of the system components.
The City continues to be proactive in planning for regional water needs. The City has signed additional
agreements with Brazos River Authority to ensure future water needs are met. Major treatment and system expansions will be made as growth occurs and are included in the 5-year capital improvement
schedule. Wastewater Revenues:
Assumes a 1-2% customer growth over the next five years. (historical average is 5-6%)
Flat rates allocate cost equitability between all system users, and thus eliminates any cross-class subsidies.
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Capital Recovery Fee Revenue
Fiscal Year 06/07 07/08 08/09 09/10 10/11*11/12*12/13*13/14*14/15*15/16*
Service Improvement Fees:
Water 2,200 1,155 899 338 265 381 457 457 304 76
Wastewater 564 757 986 203 254 254 304 304 203 51
Total (thousands)2,764 1,912 1,886 541 519 634 761 761 507 127
Impact Fees:
Water 883 806 882 738 487 891 992 1,098 1,131 1,165
Wastewater 585 333 412 290 233 213 214 221 227 234
Total (thousands)1,468 1,139 1,294 1,028 720 1,104 1,207 1,319 1,359 1,400 Service Improvement Fees:
These fees are collected from Del Webb and Escalera Ranch on a per unit basis to offset costs of infrastructure improvements to serve the developments. The fees, similar to impact fees, are collected
for water and wastewater improvements as part of these development agreements. The large increase (over normal growth) in 2006/07 is due to a one-time payment to reimburse the City for
stranded costs associated with the Escalera water line. Impact Fees:
In 1996, the City adopted water and wastewater impact fees under Chapter 395 of the Texas Local
Government Code. These revenues are used as partial funding for qualifying water and wastewater infrastructure projects for increased system capacity. The fees were updated in 2003 and again in
2005, through a study prepared by an Impact Fee Advisory Committee, to reflect changes in the City’s five and ten year Capital Improvements Plans, the Future Land Use Plan, and updated construction
costs. The fee is $5,204 per unit for water and wastewater. These fees were reviewed in 2010 but no charges are expected through 2012.
*Projected
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Other Enterprise Fund Revenues
Fiscal Year (in thousands)06/07 07/08 08/09 09/10 10/11*11/12*12/13*13/14*14/15*15/16*
Stormwater Drainage 1,773 1,816 1,883 1,945 1,956 2,332 2,484 2,520 2,557 2,594
Airport 2,458 3,293 2,221 2,422 2,660 3,660 3,660 3,660 3,756 3,856
Airport Revenue:
Airport revenue consists primarily of fuel sales, T-hangar rentals and tie-down fees. The increase in 2007/08 was due to the higher cost of fuel for that time frame compared to other years. The Airport
continues to be self-supporting and is projected to be able to sustain operations at the current level of service into the foreseeable future.
Stormwater Drainage Revenue:
Revenue for stormwater drainage is collected on a per unit basis to pay for maintenance of drainage, detention and filtration infrastructure and to pay for the debt service on bonds issued for major capital
drainage improvements. The rate of $4.25 per unit also provides $300,000 annually for capital maintenance to correct drainage problems in the City. A rate analysis was conducted in 2011 to
evaluate the current commercial and residential calculations for impervious cover, which had not been reviewed since the fee was established in 1995. As of budget adoption, a $0.50 per residential billing
unit increase is expected to be presented to Council for adoption in early 2012 and implemented in March 2012. The stormwater drainage fee has not been adjusted since November 2004. The cost of
maintenance of detention ponds continues to increase, and other environmental mandates are expected to be forthcoming, which may impact rates.
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Miscellaneous Revenues
Interest Income: Interest income continues to decrease due to the existing economic conditions that have resulted in lower yields
for all investments. Projections are based on anticipated cash balances from contingency reserves, bond proceeds invested through the life of construction projects and fund balances, as well as, continued existing market conditions.
Grant Revenue: The City receives grants for a variety of purposes. Council approves all grant applications prior to submission.
The City budgets for grants that have been approved and awarded by the granting agency. The City received a grant in 2009/10 from U.S. Department of Homeland Security to fund nine additional firefighters.
Miscellaneous Revenue: Revenues not falling into another category are classified as miscellaneous revenue. This source of funding is expected to rise due to fee increases, including building permits, fines, parks fees, recreation charges and other user fees, as well as, revenue for services from the Williamson County Emergency Service District (ESD) #8 which began in 2006/07. Surplus property sales and donations are also included in this category.
Franchise Fee Revenue: The City receives revenue from franchise fees. These fees are paid to the City’s General Fund by both City and
outside utilities for use of right of ways and public properties and are collected to offset the cost of street maintenance. The City elected to change the City franchise fee rate to 3% from 2% in 2010/11. This change was made due to anticipated legislation impacting deregulation of the electric industry.
Environmental Services Revenue: Environmental Services revenue includes fees collected for curbside garbage pick-up, including recycling and
special pick-ups. In 2009, the Sanitation rates were increased by $0.30 for inside the City residential customers and $0.45 for outside the City customers and an average of 3.7% increase for non-residential accounts to reflect
increased cost of service. The City will begin the process to bid and negotiate the contract for solid waste and recycling services in 2011/12. Final selection and implementation of the new contract is set for July 2012.
Fiscal Year (in thousands)06/07 07/08 08/09 09/10 10/11*11/12*12/13*
Interest Income 2,982 2,408 1,369 354 309 289 288
Grant Revenue 1,024 157 1,880 2,942 3,334 458 -
Miscellaneous Revenue 10,184 9,708 8,452 9,524 8,507 8,127 8,743
Franchise Fees 2,083 2,740 2,802 2,603 3,637 3,758 3,877
Environmental Svcs 3,689 4,320 4,583 4,809 4,866 4,937 4,964
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General General
Special Capital Debt
Total General Revenue Projects Service
Budget Fund Funds Funds Fund
Beginning Fund Balances /34,040,245 7,829,950 2,453,325 1,401,057 1,807,060
Working Capital
SOURCES & REVENUES:
Property taxes 16,006,682 9,298,000 113,682 6,595,000
Sales taxes 10,315,000 8,375,000 1,940,000
Bond Proceeds 6,170,000 3,970,000
Charges for Services 15,977,787 1,174,767
Capital Recovery Fees 1,099,499
Special Improvement Fees 350,000
Utility Revenues 91,670,192 4,937,000
Grants 485,373 485,373
Interest 288,750 40,000 30,650 10,000 20,000
Other Revenue 19,179,484 9,233,419 1,000,720 846,000 1,740,058
Interfund Transfers - ROI, Etc.8,574,501 6,294,205 30,168
Total Revenues 170,117,268 39,352,391 3,600,593 4,826,000 8,355,058
USES & EXPENSES:
Georgetown Utility Systems 37,505,728 4,431,608 488,360
Purchased Power 39,149,279
Transportation 8,103,238 3,484,079
Community Development 2,051,045 2,051,045
Finance & Administration 13,075,589 526,256 123,103
Fire Services 8,213,955 7,569,156 644,799
Management Services 6,759,353 4,161,243 212,363
Community Services 8,410,001 7,247,680 1,162,321
Police Services 10,342,898 10,207,265 135,633
Capital Improvements 19,114,000 1,582,000 4,417,000
Debt Payments 16,718,566 8,933,641 (2)
Debt Service - New 80,000
Debt Issuance Costs 173,100 150,000
Interfund Transfers 8,574,501 19,718 77,012 1,544,000
Total Uses & Expenses 178,271,253 39,698,050 4,425,591 6,111,000 8,933,641
Ending Fund Balance / 25,886,260 7,484,291 1,628,327 116,057 1,228,477
Working Capital
RESERVATIONS:
Contingency 15,341,000 7,000,000 75,000
Capital Projects/Other 9,737,625 1,553,327 67,200 1,228,477
Available Fund Balance/807,635 484,291 0 48,857 0
Working Capital
GOVERNMENTAL FUND TYPES
All Funds Summary (By Fund / By Division)
(1) Includes Airport & Stormwater Drainage
(2) Includes debt service payments on behalf of GTEC offset by transfer from GTEC (3) Includes debt service payments on behalf of GEDCO offset by transfer from GEDCO
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All Funds Summary (By Fund / By Division)
Other Internal
Electric Water Enterprise Service
Fund Fund Funds (1)Funds
Beginning Fund Balances /10,626,623 7,441,746 971,552 1,508,932
Working Capital
SOURCES & REVENUES:
Property taxes
Sales taxes
Bond Proceeds 2,200,000
Charges for Services 14,803,020
Capital Recovery Fees 1,099,499
Special Improvement Fees 350,000
Utility Revenues 61,527,544 22,873,227 2,332,421
Grants
Interest 35,000 104,100 12,000 37,000
Other Revenue 1,813,584 761,323 3,736,880 47,500
Interfund Transfers - ROI, Etc.69,108 2,181,020
Total Revenues 63,376,128 27,457,257 6,081,301 17,068,540
USES & EXPENSES:
Georgetown Utility Systems 13,610,003 16,492,964 2,482,793
Purchased Power 39,149,279
Transportation 4,619,159
Community Development
Finance & Administration 12,426,230
Fire Services
Management Services 2,385,747
Community Services
Police Services
Capital Improvements 5,145,000 7,214,000 756,000
Debt Payments 3,117,398 4,107,833 (3)559,694
Debt Service - New 80,000
Debt Issuance Costs 1,800 19,800 1,500
Interfund Transfers 4,413,349 2,309,841 210,581
Total Uses & Expenses 65,436,829 30,224,438 6,146,934 17,294,770
Ending Fund Balance / 8,565,922 4,674,565 905,919 1,282,702
Working Capital
RESERVATIONS:
Contingency 3,400,000 4,566,000 300,000
Capital Projects/Other 5,000,000 605,919 1,282,702
Available Fund Balance/165,922 108,565 0 0
Working Capital
ENTERPRISE FUNDS
PROPRIETARY FUND TYPES
62
All Funds Summary (By Fund / By Personnel-Operating-Capital)
(1) Includes Airport & Stormwater Drainage
(2) Includes debt service payments on behalf of GTEC offset by transfer from GTEC (3) Includes debt service payments on behalf of GEDCO offset by transfer from GEDCO
General General
Special Capital Debt
Total General Revenue Projects Service
Budget Fund Funds Funds Fund
Beginning Fund Balances /34,040,245 7,829,950 2,453,325 1,401,057 1,807,060
Working Capital
SOURCES & REVENUES:
Property taxes 16,006,682 9,298,000 113,682 6,595,000
Sales taxes 10,315,000 8,375,000 1,940,000
Bond Proceeds 6,170,000 3,970,000
Charges for Services 15,977,787 1,174,767
Capital Recovery Fees 1,099,499
Special Improvement Fees 350,000
Utility Revenues 91,696,192 4,963,000
Grants 485,373 485,373
Interest 288,750 40,000 30,650 10,000 20,000
Other Revenue 19,179,484 9,233,419 1,000,720 846,000 1,740,058 (2)
Interfund Transfers - ROI, Etc.8,574,501 6,294,205 30,168
Total Revenues 170,143,268 39,378,391 3,600,593 4,826,000 8,355,058
USES & EXPENSES:
Personnel 37,871,106 22,846,743 730,343
Operating 88,583,557 15,396,589 1,260,933
Capital 7,156,423 1,435,000 775,303
Capital Improvements 19,114,000 1,582,000 4,417,000
Debt Payments 16,798,566 8,933,641 (2)
Debt Issuance Costs 173,100 150,000
Interfund Transfers 8,574,501 19,718 77,012 1,544,000
Total Uses & Expenses 178,271,253 39,698,050 4,425,591 6,111,000 8,933,641
Ending Fund Balance / 25,912,260 7,510,291 1,628,327 116,057 1,228,477
Working Capital
RESERVATIONS:
Contingency 15,441,000 7,100,000 75,000
Capital Projects/Other 9,700,302 1,552,494 67,200 1,228,477
Available Fund Balance/770,958 410,291 833 48,857 0
Working Capital
GOVERNMENTAL FUND TYPES
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All Funds Summary (By Fund / By Personnel-Operating-Capital)
Other Internal
Electric Water Enterprise Service
Fund Fund Funds (1)Funds
Beginning Fund Balances /10,626,623 7,441,746 971,552 1,508,932
Working Capital
SOURCES & REVENUES:
Property taxes
Sales taxes
Bond Proceeds 2,200,000
Charges for Services 14,803,020
Capital Recovery Fees 1,099,499
Special Improvement Fees 350,000
Utility Revenues 61,527,544 22,873,227 2,332,421
Grants
Interest 35,000 104,100 12,000 37,000
Other Revenue 1,813,584 761,323 3,736,880 47,500
Interfund Transfers - ROI, Etc.69,108 2,181,020
Total Revenues 63,376,128 27,457,257 6,081,301 17,068,540
USES & EXPENSES:
Personnel 4,126,662 2,151,456 519,839 7,496,063
Operating 47,391,620 14,091,508 4,089,320 6,353,587
Capital 1,241,000 250,000 10,000 3,445,120
Capital Improvements 5,145,000 7,214,000 756,000
Debt Payments 3,117,398 4,187,833 (3)559,694
Debt Issuance Costs 1,800 19,800 1,500
Interfund Transfers 4,413,349 2,309,841 210,581
Total Uses & Expenses 65,436,829 30,224,438 6,146,934 17,294,770
Ending Fund Balance / 8,565,922 4,674,565 905,919 1,282,702
Working Capital
RESERVATIONS:
Contingency 3,400,000 4,566,000 300,000
Capital Projects/Other 5,000,000 574,208 1,277,923
Available Fund Balance/165,922 108,565 31,711 4,779
Working Capital
ENTERPRISE FUNDS
PROPRIETARY FUND TYPES
64
General Fund
Fund Description:
The General Fund is used to account for resources traditionally associated with government which are not required legally or by sound financial management to be accounted for in another fund.
10/11 11/12 12/13
09/10 10/11 PROJECTED ADOPTED ESTIMATED
ACTUAL BUDGET ACTUAL BUDGET BUDGET
Beginning Fund Balance 9,549,550 8,320,423 8,604,398 7,829,950 7,484,291
REVENUES:
Property Taxes 8,636,360 8,957,957 9,128,000 9,220,000 9,320,000
Sales Tax 7,928,140 7,655,000 8,297,000 8,375,000 8,444,000
Sanitation Revenue 4,809,271 4,814,034 4,866,250 4,937,000 4,964,000
Interest 61,092 60,000 45,000 40,000 40,000
Administrative Charges 1,063,045 1,132,639 1,142,110 1,174,767 1,167,719
All Other Revenue 8,324,985 9,125,706 8,960,355 9,311,419 9,698,092
Return on Investment 6,177,601 6,242,401 5,629,749 5,808,393 6,039,507
Transfers In 179,306 160,812 140,812 485,812 485,812
Total Revenues 37,179,800 38,148,549 38,209,276 39,352,391 40,159,130
EXPENSES:
Community Development 2,105,294 2,226,353 2,220,909 2,051,045 2,072,667
Community Services 6,862,441 7,241,914 7,333,942 7,247,680 7,311,841
Finance & Administration 505,492 571,480 565,337 526,256 542,382
Fire Department 6,702,351 7,128,769 7,031,445 7,569,156 8,237,971
Georgetown Utility Systems 4,259,300 4,256,405 4,353,868 4,431,608 4,434,103
Management Services 1,868,430 2,454,747 2,351,299 1,786,105 1,781,051
Police Department 9,329,934 10,154,282 9,711,252 10,207,265 10,303,505
Transportation 2,905,769 3,087,575 2,911,046 3,484,079 3,504,919
Administrative Expense 2,243,580 2,414,447 2,418,882 2,375,138 2,441,174
Transfers Out 1,342,361 78,549 85,744 19,718 25,860
Total Expenses 38,124,952 39,614,521 38,983,724 39,698,050 40,655,473
Ending Fund Balance 8,604,398 6,854,451 7,829,950 7,484,291 6,987,948
RESERVATIONS:
Contingency 6,740,000 6,847,000 6,847,000 7,000,000 7,235,000
Available Fund Balance 1,864,398 7,451 982,950 484,291 (247,052)
65
Fiscal Year 2011/12
Revenues
Significant Issues/Comments:
The General Fund is within Fiscal & Budgetary
compliance by having an operating budget balanced with
sustainable funding sources.
Funds for street capital maintenance total $1,250,000 of
new funding, and represents 3% of the General Fund on-
going operating budget.
The Environmental Services department is funded through garbage rates. A portion of these rates are passed through for contracted services with Texas Disposal Services.
There are currently 16 frozen positions that are not funded in the General Fund for 2011/12. The Council did approve the funding of 3 positions in Fire Services to address staffing needs of the new Fire Station 5.
Funds are included for Public Safety step increases,
equipment and capital maintenance for Parks and
operational increases in Police and Fire.
Contingency Reserves were increased to comply with the
City’s Fiscal and Budgetary Policy that requires the City
to reserve 90 days of operating expenses to offset any
potential revenue shortfall or other unexpected event.
Current projections show that City will face a deficit in the 2012/13 fiscal year due to increasing needs in the General Fund such as the opening of Fire Station No. 5 and the continued slow growth in the local and national economy. Staff and Council actively addressed this need
as part of the 2011/12 budget workshops. As result of
those efforts, that potential deficit has been reduced from
approximately $1 million to the current $247,052
projection. The review and prioritization process will
continue in 2011/12 to eliminate the potential deficit in the
subsequent year.
Expenditures
66
Electric Fund
Fund Description:
The Electric Fund is used to account for the revenues from all operating and maintenance activities of the utility
and the expenses of the departments, which support those activities. This includes the Electric department, the Automated Meter Reading (AMR) Department, purchased power costs, debt payments and capital projects. The fund also makes transfers out to the General Fund for the City’s return on investment for the Electric utility.
10/11 11/12 12/13
09/10 10/11 PROJECTED ADOPTED ESTIMATED
ACTUAL BUDGET ACTUAL BUDGET BUDGET
Beginning Working Capital 8,822,616 14,603,573 15,223,575 10,626,623 8,565,922
REVENUES:
Electric Services 59,058,745 62,990,014 55,236,673 61,527,544 63,271,406
Bond Proceeds 3,067,000 2,900,000
Interest 56,184 50,000 58,163 35,000 35,000
All Other Revenue 2,371,959 1,513,584 2,305,793 1,813,584 1,813,584
Transfers In 89,361
Total Revenues 64,643,249 64,553,598 57,600,629 63,376,128 68,019,990
EXPENSES:
Georgetown Utility Systems 9,744,870 12,394,348 8,850,422 12,439,003 11,995,266
Operating Capital Improvements 2,978,481 1,171,000 1,131,000
Purchased Power 35,340,218 37,448,760 35,018,526 39,149,279 43,244,954
Capital Projects 6,110,371 8,194,000 8,107,250 5,145,000 3,950,000
Debt Payments 2,786,727 3,108,796 3,108,796 3,117,398 2,996,462
Debt Payments - New Debt 380,000
Debt Issuance Costs 23,606 1,800 1,800 1,800 16,800
Transfers Out 4,453,752 4,788,502 4,132,306 4,413,349 4,182,792
Total Expenses 58,459,544 65,936,206 62,197,581 65,436,829 67,897,274
Ending Working Capital 15,006,321 13,220,965 10,626,623 8,565,922 8,688,638
RESERVATIONS:
Contingency 2,625,000 3,262,000 3,262,000 3,400,000 3,400,000
Other 217,254 5,000,000 5,000,000 5,000,000 5,000,000
Available Working Capital 12,598,575 4,958,965 2,364,623 165,922 288,638
67
Fiscal Year 2011/12
Revenues
Significant Issues/Comments:
Purchased power costs fluctuate with the variances in
the fuel surcharge implemented by the Lower Colorado River Authority, the City’s wholesale
supplier. This surcharge is passed along to the City’s customers as a pass-through charge. Power costs
have increased significantly over prior years due to the increased cost of natural gas.
The Electric and Water Services funds share the maintenance of the City’s automated meter reading
system. A new vendor was selected in 2009/10 and the implementation began in 2010/11 and will continue
in 2011/12. Funds have been included to upgrade the Customer Information System to compliment the
automated meter reading system.
Capital projects are funded through operating
revenues and debt when necessary. In 2012, $5.1 million of operating revenues fund the annual capital
projects plan.
Transfers out include the 7% return on investment to
the General Fund. The fund also includes a 3%
franchise fee payment to the General fund, which constitutes a payment for the continuing use of public property and right of ways.
A rate stabilization reserve has been established to
mitigate future rate fluctuations.
Expenditures
68
Water Services Fund
Fund Description:
The Water Services Fund is used to account for the revenues from all operating and maintenance activities for water, wastewater and irrigation utilities. Expenses also include debt payments, capital costs and the transfers
out to the General Fund for the City’s return on investment. Each utility service type is tracked separately for rate design purposes to ensure rates are charged to fully recover operational costs.
10/11 11/12 12/13
09/10 10/11 PROJECTED ADOPTED ESTIMATED
ACTUAL BUDGET ACTUAL BUDGET BUDGET
Beginning Working Capital 17,064,782 22,662,602 21,907,677 7,441,746 4,674,565
REVENUES:
Water Services 12,523,363 14,028,136 14,724,000 14,401,320 15,529,705
Wastewater Services 7,753,305 7,919,250 7,969,811 8,050,729 8,419,938
Irrigation Services 355,936 400,865 391,571 421,178 442,237
Bond Proceeds 10,120,000 2,200,000 4,500,000
Impact Fees 1,028,109 1,130,332 1,063,899 1,099,499 1,199,899
Service Improvement Fees 550,529 634,250 350,000 350,000 350,000
Interest 118,025 104,100 79,100 104,100 104,100
All Other Revenue 1,253,569 717,390 748,033 656,923 656,923
Transfer In 170,500 170,508 170,508 173,508 171,308
Total Revenues 33,873,336 25,104,831 25,496,922 27,457,257 31,374,110
EXPENSES:
Georgetown Utility Systems 14,610,474 17,061,453 17,021,402 16,492,964 16,937,894
Capital Projects 8,946,454 18,216,000 17,083,000 7,214,000 7,872,000
Debt Payments 3,705,825 4,115,540 4,115,540 4,107,833 3,912,166
Debt Payments - New Debt 80,000 400,000
Bond Issue Costs 118,940 4,800 4,800 19,800 29,800
Transfers Out 2,051,844 1,711,795 1,738,111 2,309,841 2,175,616
Total Expenses 29,433,537 41,109,588 39,962,853 30,224,438 31,327,476
Ending Working Capital 21,504,581 6,657,845 7,441,746 4,674,565 4,721,199
CAFR Adjustment 403,096
RESERVATIONS:
Contingency 4,110,000 4,266,000 4,266,000 4,566,000 4,566,000
SIP Reservation/Stranded Fees 3,695,031
Available Working Capital 14,102,646 2,391,845 3,175,746 108,565 155,199
69
Fiscal Year 2011/12
Revenues
Significant Issues/Comments:
The City’s water supply is provided through agreements with the Brazos River Authority (BRA).
BRA expenses increased 15% over the prior year, due to an increase in raw water cost, as well as, principal
and interest payments and operational cost for the Williamson County Raw Water Line. Future raw water
increases are projected at 15% per year.
Capital projects are funded through operating
revenues, impact fees and debt when necessary. In 2011/12, $7.2 million will be spent in capital
improvements, including the projects related to the 2006 Annexations and areas identified by prior year
testing related to the Edwards Aquifer Recharge Zone (EARZ).
The City will test 20% of the collection system each year by testing wastewater lines for inflow and
infiltrations as required by the Texas Commission on
Environmental Quality (TCEQ) for environmental safety for the Edwards Aquifer. Because 98% of the
city is located over the Aquifer, testing and repair costs are a major component of the wastewater capital improvement program. The City budgets repairs for all problems found in the next budget cycle.
Expenditures
70
Airport Fund
Fund Description:
The Airport fund is used to account for revenues and expenses related to the operation and maintenance of the Georgetown Municipal Airport. Capital improvements for the Airport and debt payments on outstanding debt for the Airport fund are also accounted for here.
Significant Issues/Comments:
Excess funds are reserved for future capital maintenance, grant match or other airport related assets.
10/11 11/12 12/13
09/10 10/11 PROJECTED ADOPTED ESTIMATED
ACTUAL BUDGET ACTUAL BUDGET BUDGET
Beginning Working Capital 872,384 562,425 457,755 379,145 375,705
REVENUES:
Fuel & Terminal Sales 1,896,283 2,104,180 2,104,180 3,104,180 3,104,180
Leases & Rents 526,141 556,100 556,100 556,100 556,100
Interest 5,085 16,000 4,000 4,000 3,000
Grant 4,642 6,175
All Other Revenue 63,909 61,600 91,907 57,600 57,600
Transfers In 3,300
Total Revenues 2,499,360 2,737,880 2,762,362 3,721,880 3,720,880
EXPENSES:
Management Services 2,690,026 2,589,964 2,675,910
Transportation 3,416,642 3,410,703
Capital Projects 100,000 20,000
Debt Payments 165,069 165,062 165,062 162,738 162,998
Transfers Out 59,500 45,940
Total Expenses 2,914,595 2,755,026 2,840,972 3,725,320 3,593,701
Ending Working Capital 457,149 545,279 379,145 375,705 502,884
CAFR Adjustment 606
RESERVATIONS:
Contingency 150,000 150,000 150,000 150,000 150,000
Future Capital Improvements 307,755 171,979 229,145 225,705 352,884
Available Working Capital 0 223,300 0 0 0
71
Stormwater Drainage Fund
Fund Description:
The Stormwater Fund is used to account for all operating and maintenance activities of the City’s drainage system
and the debt payments for bonds issued in past years to improve drainage problems.
Significant Issues/Comments:
City engineers began the Regional Stormwater Drainage Master Plan (RSMP), which outlines future capital improvements that are needed to improve drainage in the City.
Operating costs continue to increase due to the increase in the number of detention ponds within the city.
A rate analysis was concluded in 2011 to evaluate calculations for impervious cover and future environmental
mandates. A rate increase of $0.50 per residential billing unit will be proposed for March 2012.
10/11 11/12 12/13
09/10 10/11 PROJECTED ADOPTED ESTIMATED
ACTUAL BUDGET ACTUAL BUDGET BUDGET
Beginning Working Capital 1,714,422 2,399,804 2,551,773 592,407 530,214
REVENUES:
Stormwater Fees 1,944,732 1,994,507 1,955,901 2,332,421 2,483,953
Bond Proceeds 1,020,649
Interest 11,654 10,000 8,000 8,000 8,000
All Other Revenue 14,275 20,000 19,000 19,000 19,000
Total Revenues 2,991,310 2,024,507 1,982,901 2,359,421 2,510,953
EXPENSES:
Transportation 1,069,895 1,187,163 1,126,919 1,202,517 1,233,788
Capital Projects 577,161 2,242,000 2,242,000 656,000 750,000
Debt Payments 355,258 433,605 433,605 396,956 396,216
Bond Issue Costs 11,253 1,500 1,500 1,500 1,500
Transfers Out 156,721 141,015 138,243 164,641 175,207
Total Expenses 2,170,288 4,005,283 3,942,267 2,421,614 2,556,711
Ending Working Capital 2,535,444 419,028 592,407 530,214 484,456
CAFR Adjustment 16,329
RESERVATIONS:
Contingency 150,000 150,000 150,000 150,000 150,000
Available Working Capital 2,401,773 269,028 442,407 380,214 334,456
72
General Capital Projects Fund
Fund Description:
Capital projects funds are used to account for the acquisition and construction of major capital facilities and equipment
other than those financed by Special Revenue (grants) and Enterprise Funds (i.e. utilities and airport). Facilities Capital Projects Fund:
Includes funding for the construction of Fire Station #5 and #2, fire training facility and capital replacement of public safety vehicles.
Parks Capital Projects Fund:
Includes projects that were approved in the November 2008 bond authorization. Voters approved $35.5 million of
parks and recreation bonds. The expansion and grant match for the City’s trails system will funded through bonds previously issued in 2011.
Streets Capital Projects Fund:
Includes projects that were approved in the November 2008 bond authorization. Voters approved $46 million of street and road bonds. The City will continue work on previously funded project that includes Southeast Arterial
1, Southwest Bypass and Williams Drive widening.
10/11 11/12 12/13
09/10 10/11 PROJECTED ADOPTED ESTIMATED
ACTUAL BUDGET ACTUAL BUDGET BUDGET
Beginning Working Capital 3,163,653 1,951,576 2,595,665 1,401,057 116,057
REVENUES:
Service Improvement Fees 6,450 7,250
Bond Proceeds 3,857,351 21,980,500 21,650,000 3,970,000 19,144,000
Interest 18,366 10,000 26,800 10,000 10,000
All Other Revenue 330,390 382,271 846,000
Transfers In 775,800
Total Revenues 4,988,357 21,990,500 22,066,321 4,826,000 19,154,000
EXPENSES:
New Equipment 3,855 90,000
Streets CIP 2,408,196 12,352,355 11,847,929 1,200,000 750,000
General CIP 3,509,489 8,555,000 8,955,000 2,927,000 16,500,000
Community Service CIP 1,000,000 1,000,000 200,000
Debt Issuance Cost 50,482 460,500 180,000 150,000 300,000
Transfers Out 104,411 1,346,000 1,278,000 1,544,000 1,594,000
Total Expenses 6,076,433 23,713,855 23,260,929 6,111,000 19,144,000
Ending Working Capital 2,075,577 228,221 1,401,057 116,057 126,057
CAFR Adjustment 520,088
RESERVATIONS:
SIP Reservation 67,200 67,200 67,200 67,200 67,200
Available Working Capital 2,528,465 161,021 1,333,857 48,857 58,857
73
Special Revenue Funds – Summary 2011/12
Fund Description:
Special revenue funds (SRF’s) are used to account for specific revenues that are legally restricted for expenditures for particular purposes. The City uses these funds to track revenues and expenditures for:
• Grants • Donations
• Hotel Occupancy Tax (HOT) • Police seizures
• Parkland dedication fees • Street Maintenance Sales Tax
• Tax Incremental Reinvestment Zones
Significant Issues/Comments:
These funds vary significantly with the level of donation and grant activity for each year.
The ¼ cent Street Maintenance Sales Tax was originally approved by voters in November 2002. Funds may only be spent on existing city streets. The tax was reauthorized by voters in November 2006 and 2010. This authorization will sunset in March 2015. Projects for 2011/12 are included in the Capital Improvement Project
section of this document.
BEGINNING ENDING
FUND FUND
FUND DIVISION BALANCE REVENUES EXPENDITURES BALANCE
Cemetery Fund Community Services 32,080 55,600 87,680 0
Library Donations Community Services 12,727 130,400 143,127 0
Parks Restricted Community Services 424,635 71,200 495,835 0
Tourism Fund Community Services 382,087 414,370 437,251 359,206
Courts Fund Finance & Administration 54,135 108,968 163,103 0
Downtown TIF Fund Finance & Administration 354,111 98,000 212,363 239,748
Rivery TIRZ Finance & Administration 37,169 11,616 0 48,785
Gateway TIRZ Finance & Administration 6,918 5,066 0 11,984
Fire Fund Fire Services 171,926 472,873 644,799 0
Conservation Fund GUS 248,360 240,000 488,360 0
Main Street Facade Fund Management Services 19,840 15,600 35,440 0
Animal Services Fund Police Services 46,705 25,400 72,105 0
Police Restricted Police Services 174,335 3,500 63,528 114,307
Street Tax Transportation 488,297 1,948,000 1,582,000 854,297
Total Special Revenue Funds 2,453,325 3,600,593 4,425,591 1,628,327
74
Internal Service Funds – Summary 2011/12
Fund Description:
Internal Service Funds are used to account for operations of the City that provide services to other departments within the City, and are allocated to using department based on specific criteria which is reviewed annually.
Facilities Maintenance Fund:
Provides janitorial services, light maintenance, equipment repair and replacement (copiers, HVAC, etc.), landscape maintenance, building repair and replacement (roofs, painting, carpet) on an established schedule.
Charges for services to each department are made based on predetermined lease fees. Fleet Management Fund:
Provides vehicles, vehicle equipment and communications equipment to all using City departments, as well as maintenance of all vehicles. Charges for services are based on annualized replacement and maintenance costs of each vehicle.
Information Services Fund:
Provides computer hardware, software, training, staff support to all using City departments and Geographic Information Systems (GIS) analysis. Charges are based on hardware and software replacements for each department.
Joint Services Fund:
Composed of departments providing administrative support to City funds and departments. GUS Administration, Systems Engineering and Utility Office provide support to the City’s utility funds. Administrative departments, including Accounting, Finance Administration, Human Resources and Safety, and Purchasing
provide support to all City funds and departments. The City’s Economic Development department is included, which is funded by the General Fund and the City’s Electric and Water Service funds.
FACILITIES FLEET INFORMATION JOINT INTERNAL
MAINTENANCE MANAGEMENT SERVICES SERVICES SERVICES FUND
FUND FUND FUND FUND TOTAL
Beginning Working Capital 32,528 1,173,997 59,039 243,368 1,508,932
REVENUES:
Charges for Services 1,914,262 1,676,152 2,299,858 8,912,748 14,803,020
Interest & Other 8,000 19,000 13,000 24,500 64,500
Sale of Property 20,000 20,000
Interfund Transfers 298,500 1,540,500 342,020 2,181,020
Total Revenues 2,220,762 3,255,652 2,654,878 8,937,248 17,068,540
EXPENSES:
Georgetown Utility Systems 2,482,793 2,482,793
Finance & Administration 2,018,947 3,630,527 2,657,227 4,119,529 12,426,230
Management Services 2,385,747 2,385,747
Total Expenses 2,018,947 3,630,527 2,657,227 8,988,069 17,294,770
Ending Working Capital 234,343 799,122 56,690 192,547 1,282,702
CIP/Other 234,343 799,122 56,690 192,547 1,282,702
Available Working Capital 0 0 0 0 0