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Home My WebLink About03-Financial SummaryFinancial Summary Financial Summary Table of Contents Summary City Operations by Fund...........................................................................................................19 City Operations by Fund / by Division......................................................................................20 Budgeted Revenues.................................................................................................................21 Budget Expenses by Division...................................................................................................22 Budgeted Expenses by Program..............................................................................................23 Revenues Property Taxes.........................................................................................................................24 Sales Tax .................................................................................................................................26 Utility Revenues .......................................................................................................................28 Capital Recovery Fees.............................................................................................................30 Other Enterprise Fund Revenues.............................................................................................31 Other Miscellaneous Revenues ...............................................................................................32 Fund Summaries All Funds Summary (By Fund / By Division) ............................................................................34 All Funds Summary (By Fund / By Personnel-Operating-Capital) ...........................................36 General Fund ...........................................................................................................................38 Electric Fund ............................................................................................................................40 Water Services Fund................................................................................................................42 Airport Fund..............................................................................................................................44 Sanitation Fund........................................................................................................................45 Stormwater Drainage Fund......................................................................................................46 General Capital Projects Funds ...............................................................................................47 Special Revenue Funds...........................................................................................................48 Internal Service Funds .............................................................................................................49 19 GENERAL FUND SPECIAL REVENUE FUND INTERNAL SERVICE FUND OTHER ENTERPRISE FUND WATER SERVICES FUND ELECTRIC FUND Tourism Electric Operations AMR Wastewater Collection Reuse Irrigation Water Distribution Sanitation Contract Stormwater Drainage Airport Operations CVB Main Street Fleet Management Information Technology Facilities Maintenance Joint Services Facilities Management Economic Development Accounting F & A Admin GUS Admin Purchasing Systems Engineering Legal Contracts Utility Office Electric T & D Municipal Court City Council Inspection Services City Manager's Office Planning Recreation Library Parks Streets Fire Transportation Admin Police Housing GIS City Operations 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. 20 City Operations 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.G e n e r a l F u n d S p e c i a l R e v e nu e F u n d T o u r i s m E l e c t r i c F u nd W a t e r S e r v i c e s F u n d O t h e r E n t e r pr i s e F u n d I n t e rn a l S e rv i c e F u n d F l e e t M a n a g e m e n t F a c i l i t i e s M a i n t e n a n c e I n f o r ma t i o n T e c h n o l o g y J o i n t S e r v i c e s F u n d Community Development Code Geographic Enforcement Information Systems Building (GIS) Inspections Planning Housing Parks CVB Recreation Main Street Library Municipal Facilities Administration Court Management Accounting Fleet Management Purchasing Utility Office Administration Operations Electric Water Sanitation GUS Operations Services Contract Administration Electric Wastewater Systems T&D Services Engineering SCADA / AMR Reuse Irrigation City Council Airport Information Human Operations Technology Resources City Manager's Economic Office Development Governmental Legal Contracts Contract Administrative Services Support Services Field Operations Animal Services Administration Stormwater Drainage Streets Community Development Community Services Finance and Administration Fire Georgetown Utility Systems Management Services Police Transportation 21 Budgeted Revenues 2007/2008 05/06 Actual 06/07 Amended Budget 06/07 Projected Actual 07/08 Proposed Budget 08/09 Estimated Budget Property Taxes 9,130,657 11,041,835 11,016,860 13,070,365 13,604,250 Sales Taxes 7,922,290 8,453,375 8,688,570 9,165,000 9,498,330 Bond Proceeds 27,730,000 26,394,957 25,850,300 16,873,837 25,708,176 Charges for Services 10,014,338 11,242,864 11,312,864 13,143,791 13,060,139 Capital Recovery Fees 866,968 922,000 794,000 1,212,000 1,364,000 Service Improvement Fees 5,654,496 1,092,500 2,322,897 982,500 982,500 Utility Revenue 64,859,098 66,299,056 72,335,843 81,907,350 88,670,481 Grants 489,949 0 913,346 26,500 0 Interest 2,469,946 974,389 2,394,343 1,917,318 1,432,950 Other Revenue 17,138,220 14,660,146 17,292,052 18,593,858 20,009,578 Interfund Transfers 9,205,432 11,208,849 9,250,012 10,125,648 7,162,090 TOTAL REVENUE 155,481,394 152,289,971 162,171,087 167,018,167 181,492,494 *Fund balance (increase or use)(6,568,388) 16,198,021 5,314,083 18,180,405 (2,167,423) TOTAL BUDGET 148,913,006 168,487,992 167,485,170 185,198,572 179,325,071 * Represents actual excess revenues collected and spent or available to be spent in subsequent years. 22 Budgeted Expenses by Division 2007/2008 05/06 Actual 06/07 Amended Budget 06/07 Projected Actual 07/08 Adopted Budget 08/09 Estimated Budget Community Development 2,334,019 2,718,462 2,619,858 2,829,913 2,700,248 Community Services 4,894,357 5,717,429 5,603,840 6,804,276 6,340,112 Finance & Administration 9,586,039 8,390,132 8,366,273 6,939,360 6,638,317 Fire Services 4,221,216 5,096,722 5,063,425 5,846,636 6,033,615 Georgetown Utility Systems 21,317,984 30,439,253 30,242,993 28,671,590 * 30,401,963 GUS - Purchased Power 28,915,149 29,500,000 31,622,000 **40,752,000 45,340,000 Management Services 9,333,554 10,460,096 10,239,983 11,601,917 10,785,488 Police Services 6,629,980 7,891,236 7,721,627 9,299,866 9,156,126 Transportation 4,191,328 * 3,178,365 Capital Improvements 35,007,994 45,779,498 45,751,823 43,765,903 36,769,251 Debt Payments 17,467,282 11,286,315 11,003,336 14,370,135 14,819,496 Interfund Charges & Transfers 9,205,432 11,208,849 9,250,012 10,125,648 7,162,090 TOTAL BUDGET 148,913,006 168,487,992 167,485,170 185,198,572 179,325,071 * New Transportation Division created in 2007/08, previously included in Georgetown Utility Systems (GUS). ** Projected Purchased Power greater than Amended Budget possible budget amendment at later date 23 Budgeted Expenses by Program 2007/2008 Amended Adopted 2006/07 Budget % 2007/08 Budget % Community Development 2,513,045 1.7% 2,606,009 1.6% Community Services 4,622,912 3.2% 5,446,650 3.4% Fire Services 4,707,101 3.2% 5,358,594 3.3% Management Svc-Others 1,459,094 1.0% 1,230,624 0.8% Administration 13,531,816 9.3% 12,675,242 7.8% Airport 1,967,355 1.3% 2,246,589 1.4% Economic Development 361,443 0.2% 423,552 0.3% Police Services 7,723,679 5.3% 9,018,192 5.6% Electric 34,659,878 23.7% 46,274,202 28.6% Sanitation 3,552,497 2.4% 3,861,414 2.4% Stormwater Drainage 423,019 0.3% 441,676 0.3% Water Services 11,026,839 7.5% 11,292,296 7.0% Transportation 2,471,651 1.7% 3,014,060 1.9% Capital Improvements 45,779,498 31.3% 43,765,903 27.0% Debt Payments 11,286,315 7.7% 14,370,135 8.9% Budget Total By Program 146,086,142 100.0% 162,025,138 100.0% Interfund Transfers & Premiums 22,401,850 23,173,434 TOTAL OPERATING BUDGET 168,487,992 185,198,572 24 *Projected Property Tax Revenue Taxable Property Values *Projected 25 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 2006/07 is 98.52%. Taxable Valuations: Over the past 5 years, new construction permits have ranged from 750 to 1,500. This growth trend is expected to continue into 2008, based on information from builders, planned subdivisions within the city and anticipated commercial development. Values on existing property increased 3.2% over last year. The average home value is $183,970, which is an increase of 3% over the prior year. Overall, total assessed valuation was 14.8% greater than prior year. 2007/08 new values include $336 million in new construction and annexed property, of which $26 million is new commercial property. Adopted Property Tax Rate for 2007/08 is $0.35659/$100 valuation: Represents a 4.2% increase over the adjusted effective rate of $0.34217/$100 valuation, which includes a $0.032 adjustment for sales tax dedicated to property tax relief. The City adopted an 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 $0.0467. Breakdown: 07/08 06/07 M & O - Maintenance and Operations (General Fund) $0.20322 $0.21979 I & S - Debt Service (payment on existing debt) $0.15337 $0.14749 *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 $150 million in 2008/09, then $100 million in the out years as new retail properties are added to the tax role, with a 3% annual increase in existing valuations. No increases in M & O; projected at effective rate. Reflects impact of 1/8% sales tax for property tax relief. Includes proposed debt increases for bond issues, including roads, parks and facilities. Fiscal Year 02/03 03/04 04/05 05/06 06/07 07/08* 08/09* 09/10* 10/11* 11/12* Property Tax Revenues: (in thousands) General Fund 4,456 5,011 5,663 5,638 6,596 7,429 7,964 8,163 8,367 8,576 Debt Service 2,173 2,223 2,708 3,478 4,368 5,548 5,657 6,600 6,725 6,775 Property Values: (in millions) Existing Property 2,024 2,130 2,272 2,507 2,793 3,275 3,719 3,831 3,946 4,064 New & Annexed 167 92 120 136 267 336 150 100 100 100 Property Tax Rates Per $100 - taxable 0.303 0.322 0.346 0.346 0.367 0.357 0.382 0.372 0.387 0.380 valuation *Projected 26 *Projected 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 2006, expires in March 2011 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, such as Walgreens, a second HEB grocery, Home Depot and Walmart Supercenter. Wolf Ranch Shopping Center, a 750,000 sq ft Simon development, includes Target, Old Navy, Kohl’s, Michaels, and Best Buy, among others opened in June 2005. Future projections are based on the following assumptions: 2007/08 includes a 5% increase in the overall sales tax base projections from prior year. Growth in baseline sales tax (without Wolf Ranch) has averaged about 10% due to increased building material sales. A 5% increase in baseline sales tax is projected in 2007/08 due to the volatility of the housing market and local economic conditions. The City’s development agreement with Simon for Wolf Ranch includes a sales tax rebate of 53% of General operating sales tax revenue as an economic development incentive. 28 Electric Revenue Water Services Revenue – Water *Projected *Projected 29 Water Services Revenue - Wastewater Utility Revenues: The revenue shown include 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 four-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 4.5% customer growth for Electric through the next five, as the City’s southern electric service area is developed. Assumes a 5% customer growth for Water for the next five years. Rising purchased power costs also attribute to increased electric revenue, as these costs are passed on to the customer through a fuel adjustment in the rate. 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 5% customer growth over the next five years. (historical average is 5-6%) City implemented a flat rate sewer rate structure in April 2007, thus eliminating “winter averaging” within the rate. Flat rates allocate cost equitability between all system users, and thus eliminates any cross-class subsidies. *Projected 30 Capital Recovery Fee Revenue Fiscal Year 02/03 03/04 04/05 05/06 06/07* 07/08* 08/09* 09/10* 10/11* 11/12* Service Improvement Fees: Water $1,590 $1,593 $1,597 $3,040 $2,186 $1,112 $1,112 $533 $533 $533 Wastewater $671 $671 $671 $1,162 $564 $742 $742 $355 $355 $355 Total (thousands) $2,261 $2,265 $2,268 $4,202 $2,750 $1,854 $1,854 $888 $888 $888 Impact Fees: Water $433 $400 $544 $867 $794 $1,212 $1,364 $1,408 $1,494 $1,557 Wastewater $294 $321 $427 $599 $684 $898 $1,100 $1,153 $1,208 $1,259 Total (thousands) $727 $722 $970 $1,466 $1,478 $2,110 $2,464 $2,561 $2,702 $2,816 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 in revenue in 2005/06 is due to a one-time payment from Del Webb to reimburse the City for stranded costs associated with Sun City. Additionally, the large increase (over normal growth) in 2006/07 is due to a one-time payment from ABG 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 will be reviewed again in 2008. *Projected 31 Other Enterprise Fund Revenues Sanitation Revenue: Sanitation revenue includes fees collected for curbside garbage pick-up, including recycling and special pick-ups. In 2007, the Sanitation rates were increased to reflect increases in costs passed to the City by the City’s waste collection contractor. Growth in the City’s customer base continues to be steady, mirroring the City’s overall growth rate. The City contracts with Texas Disposal Systems for garbage service. Airport Revenue: Airport revenue consists primarily of fuel sales, T-hangar rentals and tie-down fees. A 63-space T- hangar was completed in January 2000, to accommodate demand for hangar rental space, therefore increasing revenue. Fuel sales have also increased significantly, increasing revenue to the fund. 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. *Projected Fiscal Year (in thousands)99/00 00/01 01/02 02/03 03/04 04/05 05/06 06/07* 07/08* 08/09* Stormwater Drainage $668 $698 $885 $1,196 $1,299 $1,539 $1,721 $1,816 $1,885 $1,966 Airport $1,324 $1,449 $1,431 $1,451 $1,647 $2,336 $2,577 $2,285 $2,562 $2,305 Sanitation $2,089 $2,362 $2,500 $2,744 $2,888 $3,150 $3,447 $3,858 $4,390 $4,784 32 Other Miscellaneous Revenues Interest Income: The Federal Reserve raised interest rates over the past year, thus increasing projected interest revenue. 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. The City budgets for grants that have been approved and awarded by the granting agency. 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 rights of way and public properties and are collected to offset the cost of street maintenance. Increases in revenue are predicted to mirror the City’s growth rate. Fiscal Year 00/01 01/02 02/03 03/04 04/05 05/06 06/07* 07/08* 08/09* (in thousands) Interest Income 1,903 1,192 681 583 1,164 2,470 2,394 1,917 1,433 Grant Revenue 307 472 160 209 1,207 490 913 27 0 Miscellaneous Revenue 4,133 4,173 5,071 6,020 7,049 9,556 8,906 9,769 10,091 Franchise Fees 1,379 1,489 1,580 1,845 1,942 2,209 2,357 2,579 2,722 *Projected 34 All Funds Summary (By Fund / By Division) (1) Includes Airport, Sanitation, & 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 / 36,988,358 8,376,647 2,568,307 700,255 1,032,171 Working Capital SOURCES & REVENUES: Property taxes 13,070,365 7,429,365 231,000 5,410,000 Sales taxes 9,165,000 7,415,000 1,750,000 Bond Proceeds 16,873,837 4,218,837 Charges for Services 13,143,791 1,328,351 Capital Recovery Fees 1,212,000 Special Improvement Fees 982,500 16,800 Utility Revenues 81,907,350 Grants 26,500 26,500 Interest 1,917,318 405,000 102,850 296,300 60,000 Other Revenue 18,593,858 7,941,904 906,085 1,562,150 (2) Interfund Transfers - ROI, Etc.10,125,648 6,472,549 99,685 1,834,000 27,396 Total Revenues 167,018,167 30,992,169 3,116,120 6,365,937 7,059,546 USES & EXPENSES: Georgetown Utility Systems 28,671,590 Purchased Power 40,752,000 Transportation 4,191,328 3,202,940 Community Development 2,829,913 2,568,408 68,731 Finance & Administration 6,939,360 450,960 102,007 Fire Services 5,846,636 5,719,136 127,500 Management Services 11,601,917 4,730,507 Community Services 6,804,276 5,599,637 1,204,639 Police Services 9,299,866 9,155,229 144,637 Capital Improvements 43,151,909 3,184,000 5,856,575 Debt Payments 13,633,135 7,461,155 (2) Debt Service - New 737,000 Debt Issuance Costs 613,994 161,994 Interfund Transfers 10,125,648 2,050,202 278,090 929,000 Total Uses & Expenses 185,198,572 33,477,019 5,109,604 6,947,569 7,461,155 Ending Fund Balance / 18,807,953 5,891,797 574,823 118,623 630,562 Working Capital RESERVATIONS: Contingency 13,350,000 5,850,000 75,000 Capital Projects/Other 5,210,285 499,823 118,623 630,562 Available Fund Balance/ 247,668 41,797 0 0 0 Working Capital GOVERNMENTAL FUND TYPES 35 All Funds Summary (By Fund / By Division) Other Internal Electric Water Enterprise Service Fund Fund Funds (1) Funds Beginning Fund Balances / 7,161,087 16,482,359 1,027,593 (360,061) Working Capital SOURCES & REVENUES: Property taxes Sales taxes Bond Proceeds 5,425,000 6,480,000 750,000 Charges for Services 11,815,440 Capital Recovery Fees 1,212,000 Special Improvement Fees 965,700 Utility Revenues 56,387,000 19,366,550 6,153,800 Grants Interest 250,000 555,300 50,000 197,868 Other Revenue 1,972,689 3,446,270 (3) 2,744,760 20,000 Interfund Transfers - ROI, Etc. 86,161 1,605,857 Total Revenues 64,120,850 32,025,820 9,698,560 13,639,165 USES & EXPENSES: Georgetown Utility Systems 8,652,346 14,253,981 4,193,144 1,572,119 Purchased Power 40,752,000 Transportation 988,388 Community Development 192,774 Finance & Administration 6,386,393 Fire Services Management Services 2,339,714 4,531,696 Community Services Police Services Capital Improvements 11,186,334 21,240,000 1,685,000 Debt Payments 2,310,850 3,339,700 (3) 521,430 Debt Service - New 339,000 360,000 38,000 Debt Issuance Costs 203,000 215,000 34,000 Interfund Transfers 4,419,090 2,040,333 278,177 130,756 Total Uses & Expenses 67,862,620 41,449,014 10,077,853 12,813,738 Ending Fund Balance / 3,419,317 7,059,165 648,300 465,366 Working Capital RESERVATIONS: Contingency 3,350,000 3,750,000 325,000 Capital Projects/Other 3,284,471 211,440 465,366 Available Fund Balance/ 69,317 24,694 111,860 0 Working Capital ENTERPRISE FUNDS PROPRIETARY FUND TYPES 36 All Funds Summary (By Fund / By Personnel-Operating-Capital) (1) Includes Airport, Sanitation, & 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 / 36,988,358 8,376,647 2,568,307 700,255 1,032,171 Working Capital SOURCES & REVENUES: Property taxes 13,070,365 7,429,365 231,000 5,410,000 Sales taxes 9,165,000 7,415,000 1,750,000 Bond Proceeds 16,873,837 4,218,837 Charges for Services 13,143,791 1,328,351 Capital Recovery Fees 1,212,000 Special Improvement Fees 982,500 16,800 Utility Revenues 81,907,350 Grants 26,500 26,500 Interest 1,917,318 405,000 102,850 296,300 60,000 Other Revenue 18,593,858 7,941,904 906,085 1,562,150 (2) Interfund Transfers - ROI, Etc.10,125,648 6,472,549 99,685 1,834,000 27,396 Total Revenues 167,018,167 30,992,169 3,116,120 6,365,937 7,059,546 USES & EXPENSES: Personnel 31,287,916 20,034,515 243,034 Operating 81,419,877 9,603,566 875,295 Capital 4,229,093 1,788,736 529,185 Capital Improvements 43,151,909 3,184,000 5,856,575 Debt Payments 13,633,135 7,461,155 (2) Debt Service - New 737,000 Debt Issuance Costs 613,994 161,994 Interfund Transfers 10,125,648 2,050,202 278,090 929,000 Total Uses & Expenses 185,198,572 33,477,019 5,109,604 6,947,569 7,461,155 Ending Fund Balance / 18,807,953 5,891,797 574,823 118,623 630,562 Working Capital RESERVATIONS: Contingency 13,350,000 5,850,000 75,000 Capital Projects/Other 5,210,285 499,823 118,623 630,562 Available Fund Balance/ 247,668 41,797 0 0 0 Working Capital GOVERNMENTAL FUND TYPES 37 All Funds Summary (By Fund / By Personnel-Operating-Capital) Other Internal Electric Water Enterprise Service Fund Fund Funds (1) Funds Beginning Fund Balances / 7,161,087 16,482,359 1,027,593 (360,061) Working Capital SOURCES & REVENUES: Property taxes Sales taxes Bond Proceeds 5,425,000 6,480,000 750,000 Charges for Services 11,815,440 Capital Recovery Fees 1,212,000 Special Improvement Fees 965,700 Utility Revenues 56,387,000 19,366,550 6,153,800 Grants Interest 250,000 555,300 50,000 197,868 Other Revenue 1,972,689 3,446,270 (3) 2,744,760 20,000 Interfund Transfers - ROI, Etc. 86,161 1,605,857 Total Revenues 64,120,850 32,025,820 9,698,560 13,639,165 USES & EXPENSES: Personnel 2,937,379 1,680,601 576,433 5,815,954 Operating 46,128,876 12,162,880 6,925,813 5,723,447 Capital 338,091 410,500 19,000 1,143,581 Capital Improvements 11,186,334 21,240,000 1,685,000 Debt Payments 2,310,850 3,339,700 (3) 521,430 Debt Service - New 339,000 360,000 38,000 Debt Issuance Costs 203,000 215,000 34,000 Interfund Transfers 4,419,090 2,040,333 278,177 130,756 Total Uses & Expenses 67,862,620 41,449,014 10,077,853 12,813,738 Ending Fund Balance / 3,419,317 7,059,165 648,300 465,366 Working Capital RESERVATIONS: Contingency 3,350,000 3,750,000 325,000 Capital Projects/Other 3,284,471 211,440 465,366 Available Fund Balance/ 69,317 24,694 111,860 0 Working Capital ENTERPRISE FUNDS PROPRIETARY FUND TYPES 38 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. 06/07 07/08 08/09 05/06 06/07 PROJECTED ADOPTED ESTIMATED ACTUAL BUDGET ACTUAL BUDGET BUDGET Beginning Fund Balance 6,487,099 6,588,727 7,918,842 8,376,647 5,891,797 REVENUES: Property Taxes 5,593,600 6,596,365 6,570,300 7,429,365 7,964,250 Sales Taxes 6,402,041 6,834,375 7,026,070 7,415,000 7,685,830 Interest 387,605 290,000 433,000 405,000 405,000 Administrative Charges 945,566 1,145,830 1,215,830 1,328,351 1,250,098 All Other Revenue 6,509,761 6,713,368 7,228,466 7,941,904 8,183,635 Return on Investment 5,424,057 5,523,249 5,556,419 6,092,549 6,558,923 Transfers In 325,540 (1)217,570 217,570 380,000 380,000 Total Revenues 25,588,170 27,320,757 28,247,655 30,992,169 32,427,736 EXPENSES: Transportation 1,496,631 2,640,862 2,520,494 3,202,940 3,178,365 Community Development 2,312,687 2,649,299 2,550,695 2,568,408 2,377,920 Finance & Administration 378,557 402,629 380,976 450,960 451,084 Fire Department 4,102,765 4,935,560 4,905,157 5,719,136 5,906,115 Management Services 1,538,388 2,327,890 2,168,046 2,358,078 2,388,052 Community Services 4,351,122 4,973,646 4,855,774 5,599,637 5,637,019 Police Department 6,570,721 7,819,766 7,641,982 9,155,229 9,115,726 Administrative Expense 1,673,430 2,112,598 2,112,598 2,372,429 2,382,521 Transfers Out 1,732,126 602,128 654,128 2,050,202 95,725 Total Expenses 24,156,427 28,464,378 27,789,850 33,477,019 31,532,527 Ending Fund Balance 7,918,842 5,445,106 8,376,647 5,891,797 6,787,006 RESERVATIONS: Contingency 4,700,000 5,350,000 5,350,000 5,850,000 6,100,000 Available Fund Balance 3,218,842 95,106 3,026,647 41,797 687,006 (1) Contingency reserve reallocation 39 Fiscal Year 2007/08 Revenues Expenditures Significant Issues/Comments: Funds for street capital maintenance total $1,250,000, and represents 4% of the General Fund on-going operating budget. The total General Fund portion of street maintenance is $2.89 million, which includes staff costs, utility costs for street lighting and other maintenance costs. The Transportation Services division was created to better coordinate the City’s growing transportation system, as well as, to provide direct support in alleviating traffic problems within the city. A Division Director is included in 2007/08. Transfers fund various facility improvements, including additional funding for the Recreation Center expansion, as well as, other one-time equipment purchases. To address the Council Priority of improved emergency response levels, increased staffing is included in the 2007/08 budget. Funding includes six additional fire personnel to staff the next fire station, a four-officer proactive “IMPACT” team in Police, and an additional police officer to expand the warrant collection program. A total of 22.5 full time Public Safety positions are included for 2007/08, including a Communications Manager and an additional Command Operator to help staff the new communications system. Contingency Reserves were increased to comply with the City’s budgetary and financial policy for 90 days of operating expense in reserve for this fund. 40 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. 06/07 07/08 08/09 05/06 06/07 PROJECTED ADOPTED ESTIMATED ACTUAL BUDGET ACTUAL BUDGET BUDGET Beginning Working Capital 6,921,246 5,518,342 5,831,034 7,161,087 3,419,317 REVENUES: Electric Services 41,338,196 42,670,900 47,797,000 56,387,000 61,894,000 Bond Proceeds 8,665,000 5,790,000 6,918,000 5,425,000 3,895,000 Interest 261,902 85,500 400,000 250,000 175,000 All Other Revenue 3,511,005 1,618,271 2,302,864 1,972,689 1,972,739 Transfers In 86,161 86,161 86,161 86,161 Total Revenues 53,776,103 50,250,832 57,504,025 64,120,850 68,022,900 EXPENSES: Georgetown Utility Systems 6,038,136 7,799,521 7,795,157 8,652,346 9,000,655 Purchased Power 28,915,149 29,500,000 31,622,000 40,752,000 45,340,000 Capital Projects 14,601,717 7,358,000 10,767,000 11,186,334 5,848,075 Debt Payments 1,207,020 1,883,800 1,883,800 2,310,850 2,281,375 Debt Payments - New Debt 213,515 90,000 339,000 671,000 Debt Issuance Costs 178,975 260,550 208,000 203,000 76,000 Transfers Out 3,925,318 5,513,274 3,808,015 4,419,090 4,559,200 Total Expenses 54,866,315 52,528,660 56,173,972 67,862,620 67,776,305 Ending Working Capital 5,831,034 3,240,514 7,161,087 3,419,317 3,665,912 RESERVATIONS: Contingency 2,245,000 3,200,000 3,200,000 3,350,000 3,350,000 Available Working Capital 3,586,034 40,514 3,961,087 69,317 315,912 41 Fiscal Year 2007/08 Revenues Expenditures 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. In 2007/08, the automated meter reading system will be upgraded. Capital projects are funded through operating revenues and debt when necessary. In 2008, $2.3 million of operating revenues and $6.7 million of bond proceeds fund the annual capital projects plan. Transfers out include the 8% return on investment to the General Fund. In 2007, two new substations were added to serve east and south Georgetown. 42 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. 06/07 07/08 08/09 05/06 06/07 PROJECTED ADOPTED ESTIMATED ACTUAL BUDGET ACTUAL BUDGET BUDGET Beginning Working Capital 10,042,336 14,033,309 16,856,900 16,482,359 7,059,165 REVENUES: Water Services 11,916,401 10,888,600 11,687,141 11,946,060 12,426,269 Wastewater Services 6,229,500 6,657,500 7,102,002 7,162,290 7,482,912 Irrigation Services 283,474 284,900 258,400 258,200 258,200 Bond Proceeds 4,290,000 1,332,300 6,480,000 8,803,000 Impact Fees 866,968 922,000 794,000 1,212,000 1,364,000 Service Improvement Fees 5,633,846 1,075,700 2,306,097 965,700 965,700 Interest 793,961 127,300 860,300 555,300 505,300 All Other Revenue 2,257,175 2,022,100 3,232,430 3,344,150 4,982,150 Transfer In 10,376 102,120 100,200 Total Revenues 27,991,701 26,268,100 27,572,670 32,025,820 36,887,731 EXPENSES: Georgetown Utility Systems 11,395,979 13,512,413 13,736,858 14,253,981 14,427,543 Capital Projects 4,260,204 14,217,480 9,065,000 21,240,000 15,325,000 Debt Payments 3,617,760 3,514,459 3,452,995 3,339,700 3,276,450 Debt Payments - New Debt 360,000 981,000 Bond Issue Costs 133,000 40,000 215,000 243,000 Transfers Out 1,903,194 2,006,877 2,071,358 2,040,333 1,954,400 Total Expenses 21,177,137 33,384,229 28,366,211 41,449,014 36,207,393 Ending Working Capital 16,856,900 6,917,180 16,063,359 7,059,165 7,739,503 RESERVATIONS: Contingency 3,100,000 3,475,000 3,475,000 3,750,000 3,475,000 SIP Reservation/Stranded Fees 5,246,901 2,540,179 2,873,912 3,284,471 3,695,031 Conservation Rate 806,300 Available Working Capital 7,703,699 902,001 9,714,447 24,694 569,472 43 Fiscal Year 2007/08 Revenues Expenditures Significant Issues/Comments: Water supply is provided through agreements with the Brazos River Authority (BRA). BRA expenses will increase 15% over the prior year for an increase in raw water cost, as well as principal and interest payments and operational cost for the Williamson County Raw Water Line, which became operational in 2003. Future raw water increases are projected at 15% per year. Service Improvement Fees (SIP) are reserved to fund future payments on debt issued for infrastructure related to development, as well as, capital improvements. The SIP fees in 2006/07 were higher than usual due to a one-time payment for Escalera SIP Fees. Capital projects are funded through operating revenues, service improvement fees, impact fees and debt when necessary. In FY 2007/08, the City will review the current impact fees. In FY 2007/08, the City will update both the Water and Wastewater System Master Plans. The Masters Plans are used for system and capital planning. The City will begin year 6 of an 8 year program to test all wastewater lines for inflow and infiltrations as required by the Texas Commission on Environmental Quality (TCEQ) for environmental safety of the Edwards Aquifer. 98% of the city is located over the Aquifer, therefore 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. 44 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: The Airport was awarded a Federal Tower Grant for airport improvements from the Aviation Division of the Texas Department of Transportation in 2006 The tower was completed in June 2007, and is planned to be operational in October 2007. The Federal Aviation Administration’s tower maintenance program is funding staffing cost of the tower. The City pays utility and building maintenance costs. 06/07 07/08 08/09 05/06 06/07 PROJECTED ADOPTED ESTIMATED ACTUAL BUDGET ACTUAL BUDGET BUDGET Beginning Working Capital 546,781 547,111 (654,452) 247,174 361,440 REVENUES: Fuel & Terminal Sales 2,136,173 1,844,180 1,844,180 2,120,780 1,864,380 Leases & Rents 437,579 440,880 440,880 440,880 440,880 Interest 31,701 15,000 25,000 30,000 35,000 Grant 389,988 900,000 Bond Proceeds 250,000 Bond Reimbursement (250,000) All Other Revenue 74,042 109,600 70,600 72,600 74,600 Transfers In 562 Total Revenues 3,070,045 2,409,660 3,280,660 2,664,260 2,414,860 EXPENSES: Management Services 2,361,385 2,057,632 2,049,859 2,339,714 2,090,868 Capital Projects 1,721,907 50,000 139,100 Bond Issue Costs 5,000 Debt Payments 187,986 190,075 190,075 210,280 209,725 Total Expenses 4,271,278 2,302,707 2,379,034 2,549,994 2,300,593 Ending Working Capital (654,452) 654,064 247,174 361,440 475,707 RESERVATIONS: Contingency 150,000 150,000 150,000 150,000 150,000 Future Capital Improvements 504,064 97,174 211,440 325,707 Available Working Capital (809,959)0000 45 Sanitation Fund Fund Description: The Sanitation Fund is used to account for revenues from all operating and maintenance activities of the utility and the expenses of the departments, which support those activities. Sanitation includes operating costs for the City’s payment to a private contractor for solid waste disposal services, as well as contracted costs for the City’s collection station for bulky waste disposal. Significant Issues/Comments: During FY 2006/07, staff conducted community focus groups to ensure services provided in the City’s sanitation contract reflect the needs and expectations of the community. Sanitation rates were reviewed and updated in FY 2006/07. The rates became effective in the summer of 2007. The rates were increased to reflect the increasing cost of service. In 2007 the fence surrounding the City’s collection station will be replaced along with the gates and signage leading into the collection station. 06/07 07/08 08/09 05/06 06/07 PROJECTED ADOPTED ESTIMATED ACTUAL BUDGET ACTUAL BUDGET BUDGET Beginning Working Capital 19,600 32,851 (478,935) 1,244 28,632 REVENUES: Sanitation Services 3,397,255 4,054,556 3,705,000 4,299,000 4,693,000 All Other Revenue 49,311 75,000 83,000 90,500 91,000 Transfer In, Gfund 70,000 Bond Proceeds 511,383 Total Revenues 3,446,566 4,129,556 4,369,383 4,389,500 4,784,000 EXPENSES: Finance & Administration 3,095,027 Georgetown Utility Systems 3,780,310 3,528,325 4,168,144 4,480,341 Hazardous Waste Clean-up 574,600 37,000 37,000 25,000 25,000 Issuance Costs 11,383 11,383 Debt Serice - New 40,775 42,300 Transfers Out 275,474 321,952 312,496 128,193 136,596 Total Expenses 3,945,101 4,150,645 3,889,204 4,362,112 4,684,237 Ending Working Capital (478,935) 11,762 1,244 28,632 128,395 RESERVATIONS: Contingency 25,000 50,000 Available Working Capital (478,935) 11,762 1,244 3,632 78,395 46 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: Stormwater rates are $4.25 per unit cost which provides operational and capital costs for drainage maintenance and improvements. City engineers have prepared a complete 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. 06/07 07/08 08/09 05/06 06/07 PROJECTED ADOPTED ESTIMATED ACTUAL BUDGET ACTUAL BUDGET BUDGET Beginning Working Capital 715,003 1,114,496 1,199,158 779,175 258,228 REVENUES: Stormwater Fees 1,694,272 1,742,600 1,786,300 1,854,800 1,916,100 Bond Proceeds 750,000 1,375,000 Interest 49,743 2,300 45,000 20,000 20,000 All Other Revenue 21,794 20,000 20,000 20,000 40,000 Total Revenues 1,765,809 1,764,900 1,851,300 2,644,800 3,351,100 EXPENSES: Georgetown Utility Systems 865,259 968,826 1,001,464 988,388 948,593 Capital Projects 21,358 1,275,000 865,000 1,685,000 1,800,000 Debt Payments 257,935 260,315 260,315 270,375 264,325 Bond Issue Costs 34,000 62,000 Debt Service - New Debt 38,000 129,000 Transfers Out 137,102 141,100 144,504 149,984 154,888 Total Expenses 1,281,654 2,645,241 2,271,283 3,165,747 3,358,806 Ending Working Capital 1,199,158 234,155 779,175 258,228 250,522 RESERVATIONS: Contingency 150,000 150,000 150,000 150,000 150,000 Available Working Capital 1,049,158 84,155 629,175 108,228 100,522 47 General Capital Projects Funds - Summary 2007/2008 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 and Parks Capital Projects Funds: Includes funds for City facility renovations (parking lots, old Library building and study for a parking garage), repairs to the River Ridge pool, adult baseball field, fencing and Recreation Center equipment. Funds are also included for the design phase of Fire Station 5 and animal kennel additions. Streets Capital Projects Fund: Includes revenues from the various transportation fees received by the City through development agreements. Projects to be constructed with existing funding sources are included in the City’s five- year capital improvement program. The Oaks Tree Drive Bridge will be replaced in 2007/08. Vehicle and Equipment (Capital Projects Fund): Includes funds for the public safety vehicle replacement program and new public safety equipment. FACILITIES & STREETS GENERAL PARKS VEHICLE/EQUIP CAPITAL CAPITAL PROJECTS PROJECTS PROJECTS PROJECTS TOTAL Beginning Fund Balance 486,765 120,257 93,233 700,255 REVENUES: Interest 294,300 2,000 296,300 Bond Proceeds 1,453,040 2,147,797 618,000 4,218,837 Service Improvement Fees 16,800 16,800 Transfer In 1,718,500 115,500 1,834,000 Total Revenues 3,465,840 2,263,297 636,800 6,365,937 EXPENDITURES: Debt Issuance Costs 62,040 81,954 18,000 161,994 Capital Projects 3,883,975 1,372,600 600,000 5,856,575 Transfers Out 929,000 929,000 Total Expenditures 3,946,015 2,383,554 618,000 6,947,569 Ending Fund Balance 6,590 0 112,033 118,623 Service Improvement Reservations 67,200 67,200 Available Fund Balance 6,590 0 44,833 51,423 48 Special Revenue Funds – Summary 2007/2008 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: x G r a n t s x Donations x Hotel Occupancy Tax (HOT) x Police seizures x Parkland dedication fees x Street Maintenance Sales Tax 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 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 will sunset in March 2011. Projects for 2008 are included in the Capital Improvement Project section of this document. BEGINNING ENDING FUND FUND FUND DIVISION/SECTION BALANCE REVENUES EXPENDITURES BALANCE Mapping Fund Community Development 23,843 44,888 68,731 0 0 Cemetery Fund Community Services 42,005 38,641 80,646 0 0 Library Donations Community Services 17,933 21,200 39,133 0 0 Main Street Facade Fund Community Services 1,080 15,600 16,680 0 0 Parks Restricted Community Services 468,297 161,200 629,497 0 0 Tourism Fund Community Services 278,133 471,905 456,773 293,265 0 Juvenile SRF Fund Finance & Administration 9,578 39,429 49,007 0 0 Court Fee Fund Finance & Administration 0 73,000 73,000 0 0 Downtown TIF Fund Finance & Administration 48,771 31,000 0 79,771 0 Wolf Ranch TIF Fund Finance & Administration 0 200,000 200,000 0 0 Fire Billing for Service Fire Services 0 127,500 127,500 0 0 Animal Services Fund Police Services 45,539 30,400 75,939 0 0 Police Restricted Police Services 57,341 51,357 108,698 0 0 Street Tax Transportation 1,575,787 1,810,000 3,184,000 201,787 Total Special Revenue Funds 2,568,307 3,116,120 5,109,604 574,823 49 Internal Service Funds – Summary 2007/2008 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 and staff support to all using City departments. 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 and Properties 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 7,365 (438,302) 58,380 12,496 (360,061) REVENUES: Charges for Services 1,437,429 1,475,603 1,669,142 7,233,266 11,815,440 Interest & Other 25,000 23,000 17,500 132,368 197,868 Sale of Property 20,000 20,000 Interfund Transfers 21,000 968,500 139,357 477,000 1,605,857 Total Revenues 1,483,429 2,487,103 1,825,999 7,842,634 13,639,165 EXPENSES: Georgetown Utility Systems 1,572,119 1,572,119 Community Development 192,774 192,774 Finance & Administration 1,482,277 1,610,113 3,294,003 6,386,393 Management Services 1,851,106 2,680,590 4,531,696 Interfund Transfers 90,000 27,396 13,360 130,756 Total Expenses 1,482,277 1,700,113 1,878,502 7,752,846 12,813,738 Ending Working Capital 8,517 348,688 5,877 102,284 465,366