HomeMy WebLinkAboutCAFR 2005
Georgetown
Comprehensive AnnualComprehensive Annual
Financial ReportFinancial Report
For the Year EndedFor the Year Ended
September 30, 2005September 30, 2005
City of Georgetown, TexasCity of Georgetown, Texas
CITY OF GEORGETOWN, TEXAS
COMPREHENSIVE
ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2005
Prepared by:
Division of Finance and Administration
Micki Rundell, CGFO - Director
Laurie Brewer, CGFO - Controller
www.georgetown.org
TABLE OF CONTENTS
INTRODUCTORY SECTION:
Letter of Transmittal......................................................................................................................................i
GFOA Certificate of Achievement...............................................................................................................vi
Organizational Chart..................................................................................................................................vii
Elected Officials and Administrative Officers.............................................................................................viii
City of Georgetown Map..............................................................................................................................ix
FINANCIAL SECTION:
Independent Auditors’ Report.......................................................................................................................1
Management’s Discussion and Analysis......................................................................................................3
Basic Financial Statements
Government-wide Financial Statements
Statement of Net Assets................................................................................................................16
Statement of Activities...................................................................................................................17
Fund Financial Statements
Governmental Funds
Balance Sheet...............................................................................................................................21
Reconciliation of Governmental Funds Balance Sheet
to the Statement of Net Assets...............................................................................................22
Statement of Revenues, Expenditures, and Changes in
Fund Balance..........................................................................................................................23
Reconciliation of the Governmental Funds Statement of Revenues, Expenditures
and Changes in Fund Balance to the Statement of Activities.................................................24
Statement of Revenues, Expenditures and Changes in Fund Balance
Budget and Actual – General Fund........................................................................................26
Proprietary Funds
Statement of Net Assets................................................................................................................28
Statement of Revenues, Expenses and Changes in Fund Net Assets ........................................29
Statement of Cash Flows..............................................................................................................30
Fiduciary Funds
Statement of Fiduciary Net Assets – Agency Funds.....................................................................32
Notes to the Financial Statements.......................................................................................................34
Required Supplementary Information
Texas Municipal Retirement System Trend Data................................................................................63
Modified Approach for Streets Infrastructure Capital Assets...............................................................64
Combining and Individual Fund Financial Statements and Schedules
Combining Financial Statements – Nonmajor Governmental Funds
Combining Balance Sheet.............................................................................................................66
Combining Statement of Revenues, Expenditures and Changes in Fund Balance......................68
Schedules of Revenues and Expenditures – (Budget Basis) – Budget and Actual (Non-GAAP) –
Reconciled to GAAP Basis
Special Revenue Funds
Court Fees..............................................................................................................................70
Fire Billing...............................................................................................................................71
Library Restricted....................................................................................................................72
Main Street Façade................................................................................................................73
Mapping..................................................................................................................................74
Parks.......................................................................................................................................75
Police......................................................................................................................................76
Street Tax...............................................................................................................................77
Tourism...................................................................................................................................78
Village Improvement District...................................................................................................79
Capital Projects Fund - Street Improvements...............................................................................80
Supplementary Individual Fund Financial Statements and Schedules – Major Governmental Funds
General Fund
Comparative Balance Sheets........................................................................................................82
Comparative Statements of Revenues, Expenditures and Changes in Fund Balances...............83
Schedule of Revenues and Expenditures (Budget Basis) - Budget and Actual............................84
Georgetown Transportation Enhancement Corporation (GTEC)
Comparative Balance Sheets........................................................................................................88
Comparative Statements of Revenues, Expenditures and Changes in Fund Balance.................89
Schedule of Revenues and Expenditures (Budget Basis) – Budget and Actual.........................90
Debt Service Fund
Comparative Balance Sheets........................................................................................................91
Comparative Statements of Revenues, Expenditures and Changes in Fund Balances...............92
Schedule of Revenues and Expenditures (Budget Basis) – Budget and Actual...........................93
General Capital Projects
Comparative Balance Sheet..........................................................................................................94
Comparative Statements of Revenues, Expenditures and Changes in Fund Balances...............95
Schedule of Revenues and Expenditures (Budget Basis) – Budget and Actual...........................96
Combining Financial Statements - Nonmajor Proprietary Funds
Enterprise Funds
Combining Statement of Net Assets.............................................................................................98
Combining Statement of Revenues, Expenses and Changes in Fund Net Assets.......................99
Combining Statement of Cash Flows..........................................................................................100
Internal Service Funds
Combining Statement of Net Assets...........................................................................................102
Combining Statement of Revenues, Expenses and Changes in Fund Net Assets.....................103
Combining Statement of Cash Flows..........................................................................................104
Reconciliation of Operating Income to Net Cash Provided by Operating Activities....................105
Supplementary Individual Fund Financial Statements
Enterprise Funds
Electric Fund
Comparative Statements of Net Assets ...............................................................................108
Comparative Statements of Revenues, Expenses and Changes in Fund Net Assets.........109
Water Services Fund
Comparative Statements of Net Assets............................................................................... 110
Comparative Statements of Revenues, Expenses and Changes in Fund Net Assets.........111
Airport Fund
Comparative Statements of Net Assets................................................................................112
Comparative Statements of Revenues, Expenses and Changes in Fund Net Assets.........113
Sanitation Fund
Comparative Statements of Net Assets ...............................................................................114
Comparative Statements of Revenues, Expenses and Changes in Fund Net Assets.........115
Stormwater Drainage Fund
Comparative Statements of Net Assets................................................................................116
Comparative Statements of Revenues, Expenses and Changes in Fund Net Assets.........117
Agency Funds..........................................................................................................................................120
Capital Assets Used In the Operation of Governmental Funds................................................................122
STATISTICAL SECTION
Government-wide Expenses by Function.................................................................................................126
Government-wide Revenues....................................................................................................................126
General Governmental Expenditures by Function - Last Ten Fiscal Years.............................................128
General Governmental Revenues by Source - Last Ten Fiscal Years.....................................................130
Property Tax Levies and Collections - Last Ten Fiscal Years..................................................................132
Assessed and Estimated Actual Value of Taxable Property - Last Ten Fiscal Years..............................134
Property Tax Rates - Direct and Overlapping Governments - Last Ten Fiscal Years..............................136
Principal Taxpayers..................................................................................................................................137
Computation of Legal Debt Margin...........................................................................................................139
Ratio of Net General Obligation Bonded Debt to Assessed Value and
Net General Obligation Bonded Debt Per Capita - Last Ten Fiscal Years........................................140
Ratio of Annual Debt Service Expenditures for General Obligation Bonded
Debt to Total General Governmental Expenditures - Last Ten Fiscal Years.....................................142
Computation of Direct and Estimated Overlapping Bonded Debt............................................................145
Revenue Bond Coverage - Utility Funds - Last Ten Fiscal Years............................................................146
Utility Customer Counts - Last Ten Fiscal Years......................................................................................148
Water Utility Statistical Data.....................................................................................................................149
Wastewater Utility Statistical Data............................................................................................................150
Electric Utility Statistical Data...................................................................................................................151
Demographic Statistics - Last Ten Calendar Years.................................................................................152
Property Value and Construction Permits - Last Ten Fiscal Years..........................................................153
Utility System Condensed Statement of Operations................................................................................154
City’s Equity in Utility System...................................................................................................................155
Miscellaneous Statistics...........................................................................................................................157
Summary of Insurance Coverage.............................................................................................................158
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January 26, 2006
Honorable Mayor and City Council,
City Manager and Citizens of Georgetown, Texas:
The comprehensive annual financial report of the City of Georgetown, Texas (the City) for the year ended
September 30, 2005, is hereby submitted. The financial statements are presented in conformity with
generally accepted accounting principles (GAAP) as set forth by the Governmental Accounting Standards
Board (GASB) and have been audited by independent auditors in accordance with generally accepted
auditing standards.
Management Responsibility for Financial Information. This report consists of management’s
representations concerning the finances of the City. The City’s Finance and Administration Division has
prepared the Report and is responsible for both the accuracy of the data and the completeness and
fairness of the presentation, including all disclosures. To the best of our knowledge and belief, the
enclosed data is complete and reliable in all material respects. All disclosures necessary to enable the
reader to gain an understanding of the City's financial activities have been included.
Report Format. The comprehensive annual financial report is presented in three sections: introductory,
financial, and statistical.
• The introductory section includes this transmittal letter, which provides general background and
descriptive information and highlights the financial affairs of the City. Also included here are the
Government Finance Officers Association (GFOA) Certificate of Achievement, the City's
organizational chart, a list of principal officials, and a map showing the location of the City.
• The financial section includes the Audit Opinion from the independent auditor, Management’s
Discussion and Analysis, the Basic Financial Statements, including the notes, combining and
individual fund statements for all of the funds of the City.
• The statistical section includes selected financial and demographic information, generally presented
on a multi-year basis.
The Reporting Entity. This report includes all the funds of the City. The City provides a full range of
services, which include police, and fire protection; construction and maintenance of streets and other
infrastructure; recreational activities and cultural events. In addition to general government activities, the
City also provides electric, wastewater, water, sanitation, stormwater drainage and airport services which
are included in the reporting entity. The City is financially accountable for Georgetown Transportation
Enhancement Corporation (GTEC), a Texas economic development corporation, which funds
transportation projects that enhance economic development, utilizing the ½ cent sales tax approved by
the voters.
Management Discussion and Analysis. GAAP require that management provide a narrative
introduction, overview and analysis to accompany the basic financial statements in the form of
Management’s Discussion and Analysis (MD&A). This letter of transmittal is designed to complement
MD&A and should be read in conjunction with it. The City’s MD&A can be found immediately following
the report of the independent auditors.
Transmittal Letter Page ii
DESCRIPTION OF THE CITY
Georgetown once was a small town, founded in 1848, with a strong agricultural base, in the heart of
Williamson County, 26 miles north of Austin. Today, Georgetown has an estimated population of 38,265,
with an additional 12,000 within the extra-territorial jurisdiction (ETJ) and serves as the county seat of
Williamson County, the second fastest growing county in Texas. Today's Georgetown struggles to
maintain its unique and historic character while managing on-going growth and economic viability.
Over the past 20 years, Georgetown has worked to restore and maintain its historic downtown square
and to ensure that downtown is the heart of the community. This work was acknowledged when it won
the Great American Main Street Award in 1997 and is on-going, as Georgetown continues to ensure the
economic vitality of its downtown. The Downtown Master Plan, adopted in 2003, provides guidance for
growth and redevelopment in the historic downtown area, preserving its historic character and feel.
Due to this unique character and small town charm, Del Webb Corporation elected to build its first Texas
development in Georgetown with the 1995 opening of Sun City Texas. Today, over 5,500 retirees make
Sun City and Georgetown their home. Del Webb has intentions to expand development beyond its
current scope, with an additional 2,500 units over the upcoming five years.
Georgetown is a Home Rule Charter City and operates under a Council - Manager form of government.
A mayor and seven council members are elected on staggered, three-year terms from single member
districts.
Georgetown is also the home to Southwestern University, which continues to receive national
recognition. The University is ranked No. 10 for “Best College Values” on the National Liberal Arts
Colleges list by U.S. News and World Report. With 1,300 students and 430 employees, the University
provides substantial economic and cultural contributions to Georgetown.
GEORGETOWN'S ECONOMIC DEVELOPMENT OUTLOOK
While the overall Texas economy has been slowly recovering from recession, Georgetown’s economy
has continued to expand. This is due in part to its proximity to major employers in the area, such as Dell
Corporation in Round Rock and other high tech companies in the north Austin area, as well as a large
retirement community. The average disposable income in Georgetown and Williamson County continues
to be above the state average.
Georgetown is located on Interstate 35, the major corridor between Dallas and San Antonio, at the
intersection of State Highway 130, currently under construction. SH 130 is a new toll road linking
Georgetown with Interstate 10, east of San Antonio, thereby bypassing the highly congested Austin area.
The expansion of Parmer Lane, a major arterial from the Austin and Round Rock area, will open many
sites between Georgetown and Round Rock for development. This major state construction project is
expected to alleviate traffic congestion and provide an economic benefit to the area.
Georgetown's unique location has already resulted in increased economic benefit, as the first supplier for
the new Toyota plant in San Antonio constructed its Texas plant in Georgetown in 2005. This company,
Tasus Corporation, opened in April 2005, and will eventually bring over 100 jobs to the Georgetown area.
Georgetown continues to expand its tax base with expanded retail opportunities. In June 2005, Simon
Properties opened the first phase of a 750,000 sq. ft. retail center, featuring Target, Best Buy and Old
Navy, with full build out expected by 2007. The sales tax revenues generated by these new
developments will help the City maintain its low tax rate, while continuing to provide a higher quality of
service to its citizens. Simon Properties has also contracted for additional property on the other side of
State Highway 29 for future retail and mixed use development.
The Downtown area continues to see revitalization and development. The City continues to implement
projects outlined in the Downtown Master Plan, which was adopted by City Council in 2003. The
purchase of a second downtown parking lot will increase parking availability for the future. At least four
Transmittal Letter Page iii
new projects are in the first phases of development in the downtown area. These projects include retail,
office and residential units. The City is participating with the developers to provide infrastructure
improvements to this area and continue to expand retail opportunities Downtown.
Georgetown takes an active role in water and wastewater planning with both the Brazos River Authority
(BRA) and Lower Colorado River Authority (LCRA) to find regional solutions to the ever increasing
demand for services, while protecting the natural environment within the area. Growth within the utilities
continues to have strong impacts to the financial and economic conditions of Georgetown.
During 2005, the City began preliminary negotiations with LCRA regarding its long term power supply
contract, with the current contract expiring in 2016. The City’s goal is to ensure adequate supplies well
into the future, with minimal financial impacts to the rate base.
In May 2005, the voters approved the adoption of an additional ¼ cent sales tax that is allowed through
the state statues to be collected by cities. One eighth percent of this sales tax will be used for the
promotion and development of new and expanded business enterprises allowable under Texas Economic
Development Corporation 4A and 1/8 cent will be used to reduce property tax rates, as allowed by state
statues. Collection of this revenue began in October 2005 and the City is now at the maximum allowable
sales tax rate allowed by state law.
MAJOR INITIATIVES
Utility Rates. The City continues to review rate requirements for all utilities annually, as a part of the
budget process. Environmental mandates for water and wastewater continue to be the driving factor in
rate analysis. The City uses a conservation water rate structure that allows the users of the peak
demand for water to pay for the costs of future plant expansion. The City adopted the second phase of a
scheduled wastewater rate increase, as provided by the comprehensive rate study prepared in 2001.
This rate increase is attributable to environmental mandates due to the City’s location over the Edward’s
Aquifer Recharge Zone.
The City prepared a comprehensive rate review in 2004, that identified the components of the rates, as
well as the various customer classification. Fuel cost increases over and above the amount included in
the base rate are adjusted quarterly through a power cost adjustment process.
Utility System Expansion. The City contracted for over $12.8 million to expand the utility system in
fiscal year 2005. The City completed construction of a de-watering facility at the Lake Georgetown Plant,
and began rehabilitation of the Dove Springs Wastewater Treatment Plant. Other Wastewater projects
included the Smith Branch force main, as well as the Wolf Ranch lift station. The City completed the year
three of testing and year two of repairs in an eight year plan for Edward’s Aquifer Recharge Zone Inflow
and Infiltration plan. Electric capital improvements were completed to expand the utility system for new
commercial and residential areas.
Transportation. A 2004 quality of life survey of Georgetown citizens indicated transportation was one of
the top concerns. Many City streets are expanded and maintained by either Williamson County or the
Texas Department of Transportation (TxDot). The Georgetown Transportation Enhancement Corporation
(GTEC) completed an agreement with TxDot in 2004 to contribute funding towards improvements to
expand State Highway 29, and construction of a new frontage road and bridge in front of the new Simon
development. These improvements are expected to be completed in 2006. Street improvements
completed in 2005 include major maintenance projects to improve 13th Street as well as Airport Road.
Public Safety. Improving emergency response was a major priority for the 2004/05 budget. Council
approved a three year staffing plan to bring public safety staffing to acceptable levels, with the addition of
six police officers and five firefighters per year.
Parks Improvements. The City continues to expand its award winning park system. In 2005, Jack and
Cammy Garey announced their intention to dedicate in their wills, their 530 acre ranch for use as a
community park. The ranch, which is five miles west of Georgetown, includes pristine natural areas and
Transmittal Letter Page iv
San Gabriel River frontage. As part of their gift, the Gareys will also donate five million dollars, to be
matched by the City, to be used towards making improvements in the park. The Garey Park Master Plan
is currently under development and is expected to be adopted in 2006.
Facilities Planning. The Council continued to focus resources on long range facility planning in 2005.
The City completed construction of a new Animal Shelter, as well as the renovation an existing facility for
use as Parks Administration offices. The City broke ground on its new 55,000 square foot public library in
August 2005, with completion expected in December 2006. This project was included in the November
2004 $21.4 million bond package. The renovation of the Community Center, another project included in
the bond package, will commence in early 2006.
FINANCIAL INFORMATION
The City is responsible for establishing and maintaining internal controls designed to ensure that the
assets of the City are protected from loss, theft or misuse and that adequate accounting data are
compiled to allow for the preparation of financial statements in conformity with generally accepted
accounting principles. Internal controls are designed to provide reasonable, but not absolute, assurance
that these objectives are met. The concept of reasonable assurance recognizes that: (1) the cost of a
control should not exceed the benefits likely to be derived; and (2) the valuation of costs and benefits
requires estimates and judgments by management.
The City’s Director of Finance and Administration, Controller, and other key staff in the Division of
Finance and Administration design and maintain the internal control structure. These controls are under
continuing review by management, and under annual review by the independent auditors. During the
year, the Finance Division performs internal audits on selected procedures and operations throughout the
City organization. The selection of priorities and timing of audits are determined by the Director of
Finance and Administration, along with the City Manager.
Single Audit. As a recipient of federal and state financial assistance, the City is responsible for ensuring
that adequate internal controls are in place to ensure compliance with applicable laws and regulations
related to those programs. Internal controls are subject to periodic evaluation by management. The tests
relating to the receipt of such funds are known as Single Audit testing. These tests are made to
determine the adequacy of internal controls, including that portion related to federal financial assistance
programs, as well as to determine that the City has complied with applicable laws and regulations. The
reports related to the single audit testing are available in the City’s separately issued Single Audit report.
Budgetary Controls. The City maintains budgetary controls to ensure compliance with legal provisions
embodied in the annual appropriated budget approved by the City Council. Activities of all funds are
included in the annual appropriated budget. The level of budgetary control (that is, the level at which
expenditures cannot legally exceed the appropriated amount) is established by division and department
within an individual fund. The City also maintains an encumbrance accounting system as one technique
of accomplishing budgetary control. Encumbered amounts are reserved at year-end and carried forward
into the following year.
As demonstrated by the statements and schedules included in the financial section of this report, the City
continues to meet its responsibility for sound financial management.
Cash Management. Cash temporarily idle during the year was invested in demand deposits, U.S.
Treasury and agency securities, and the authorized investment pools, TexPool, Texas Term, and
TexStar. Demand deposits were either insured by federal depository insurance or collateralized. An
independent third party bank in the City’s name held collateral on deposits. The City's investment policy
allows investments in collateralized bank certificates of deposit, repurchase agreements, U.S. Treasury
and agency securities and investment pools meeting specific criteria. All investments were in compliance
with this policy and state law. The City had no realized losses on any securities held during the year.
Risk Management. The City strives to enhance its risk management program each year. In order to
minimize insurance costs and mitigate future increases, various risk control techniques are employed.
Transmittal Letter Page v
Those techniques primarily include employee accident prevention training and the review of all accidents
resulting in property damage or personal injury.
OTHER INFORMATION
Independent Audit. The City Charter requires an annual audit by independent certified public
accountants. The accounting firm of Brockway, Gersbach, McKinnon & Niemeier was selected by the City
Council in May 2005. The goal of the independent audit was to provide reasonable assurance that the
financial statements of the City for the fiscal year ended 9/30/05 are free of material misstatement. The
independent auditor concluded, based upon the audit, that there was a reasonable basis for rendering an
unqualified opinion that the City’s financial statements for the fiscal year ended 9/30/05, are fairly
presented in conformity with GAAP. The independent auditor’s report on the basic financial statements
and schedules are included in the financial section of this report.
Awards. The Government Finance Officers Association of the United States and Canada (GFOA)
awarded a Certificate of Achievement for Excellence in Financial Reporting to the City for its
Comprehensive Annual Financial Report for the previous fiscal year ended September 30, 2004. The
Certificate of Achievement is the highest form of recognition for excellence in state and local
governmental financial reporting.
In order to be awarded a Certificate of Achievement, a governmental unit must publish an easily readable
and efficiently organized Comprehensive Annual Financial Report, whose contents conform to program
standards. Such Comprehensive Annual Financial Reports must satisfy both generally accepted
accounting principles and applicable legal requirements.
A Certificate of Achievement is valid for a period of one year. The City has now received a Certificate of
Achievement for eighteen consecutive years. We believe our current report continues to conform to the
Certificate of Achievement program requirements, and we are submitting it to the GFOA.
We are also proud to report that the GFOA has presented the Distinguished Budget Presentation Award
to the City of Georgetown for each of the past seventeen years. We are especially proud of this
recognition since our Annual Operating Plan, or budget, is a part of the City's comprehensive plan, the
Georgetown Century Plan.
Acknowledgments. The presentation of this report on a timely basis could not be accomplished without
the efficient and dedicated services of the entire staff of the Finance Division. We would like to express
our appreciation to all members of the division who assisted and contributed to its presentation. Special
acknowledgment goes to Leticia Zavala, Chief Accountant, Lorie Lankford, Accountant III, Carmen Speis,
Accountant II, and Danella Elliott, Administrative Assistant, for their dedication in preparing this report.
We would also like to thank the City Manager, Mayor and City Council. The preparation of this report
would not be possible without their leadership and support.
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PoliceFinance &Administration FireGeorgetownUtility Systems Assistant City
Manager
TransportationServices
Electric Services
Water Services
CommunityServices
Engineering
Municipal Court
Accounting
Support Services
CVBMain Street
Tourism
Parks
Recreation
Library
Planning &DevelopmentServices
Inspection
Services
Airport
InformationTechnology
A HOME RULE CITY
CITY COUNCIL
MAYOR (elected at large)
SEVEN COUNCIL PERSONS
(elected by district)
CITIZENS OF
GEORGETOWN
CITY SECRETARYCITY ATTORNEY MUNICIPAL
COURT JUDGE BOARDS &COMMISSIONSCITY MANAGER
Utility Billing
EconomicDevelopment HumanResources
CommunityDevelopment
Support Services
Administrative
Services
Animal Services
Field Operations
Administration
Operations
= City Divisions
Organizational Chart
September 30, 2005
viii
CITY OF GEORGETOWN, TEXAS
ELECTED OFFICIALS AND ADMINISTRATIVE OFFICERS
SEPTEMBER 30, 2005
ELECTED OFFICIALS
Mayor Gary Nelon
City Council Member, District 1 Patty Eason
City Council Member, District 2 Gabe Sansing
City Council Member, District 3, Mayor Pro Tem Doug Smith
City Council Member, District 4 Henry Carr
City Council Member, District 5 John Kirby
City Council Member, District 6 Farley Snell
City Council Member, District 7 Ben Oliver
APPOINTED OFFICIALS
City Manager Paul Brandenburg
City Attorney Patricia Carls, Brown & Carls L.L.P.
City Secretary Sandra Lee
Municipal Court Judge Randy Stump
OTHER CITY OFFICIALS
Assistant City Manager Tom Yantis
Assistant City Manager -Utilities Jim Briggs
Director of Finance and Administration Micki Rundell
Fire Chief Anthony Lincoln
Police Chief David Morgan
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Location
Georgetown is the northern most “gateway” to the gently
rolling hills of Central Texas. While Georgetown offers the
amenities and charm of a small community rooted in
values of days gone by, it’s strategically and centrally
located in the middle of the four major
metropolitan areas of Texas. Austin is 26
miles south, Dallas is only two hours
north, Houston is just two hours
southeast and San Antonio is one-and-
a-half hours south, placing Georgetown
in a very advantageous position for
cultural and economic development.
Access to Georgetown via the Austin-
Bergstrom International Airport and the
north/south highway artery of Interstate 35 and
east/west highway artery of Highway 29 make
traveling to and from Georgetown easy.
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CITY OF GEORGETOWN, TEXAS
MANAGEMENT’S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion and analysis of the City of Georgetown financial performance
provides an overview of the City’s financial activities for the fiscal year ended September
30, 2005. Please read it in conjunction with the transmittal letter at the front of this report
and the City’s financial statements, which follow this section.
FINANCIAL HIGHLIGHTS
General Fund
• At the end of the current fiscal year, undesignated fund balance for the General Fund
was $6.3 million, or 34.2% of the FY2005 General Fund expenditures. The
undesignated fund balance increased by $1.8 million from FY2004. Of this amount,
$255,000 represented an increase in budgeted contingency reserves. Revenues were
$1.4 million more than the original budget estimates.
• General Fund revenues increased $1.8 million, an increase of 13% over FY 2004.
• General Fund expenditures increased by $408,000, an increase of 2.3% over FY
2004. This increase was due to the timing of street maintenance projects, as well as
cost of living salary increases and staffing increases in public safety.
Governmental Activities
• On a government-wide basis for governmental activities, the City had expenses net of
program revenue of $6.8 million. General revenues and transfers totaled $27.3
million, resulting in an increase in net assets of $20.5 million.
• As of September 30, 2005, the City's governmental activities reported combined
ending net asset balances of $134.4 million. The largest element of this balance,
$107.7 million, is the value of the City’s investment in capital assets, such as streets,
parks and facilities, net of related debt. Other significant balances are restricted for
specific purposes such as debt service and capital projects.
• During fiscal year ended September 30, 2005, the City issued $13.2 million in General
Obligation bonds and Certificates of Obligation, of which $4.2 million was in support of
the Georgetown Transportation Enhancement Corporation (GTEC) projects to be
repaid through dedicated sales tax collections. The remainder of the debt issues
funded general capital projects and public safety equipment. The City also issued
$10.9 million in Refunding Bonds to retire outstanding debt issued at a higher interest
rate. The City's general obligation debt is rated A+ by Standard & Poor's and
Moody's.
• The City received over $12 million in roadway contributions in FY 2005. This amount
included street improvements in and around the Wolf Ranch retail development, as
well as improvements received through the City’s 2005 annexation initiative and
County road contributions.
• The City recorded a prior period adjustment to recognize an adjusted value for the
streets inventory, in conjunction with its streets inventory and condition assessment,
which reduced net assets by $1.8 million.
CITY OF GEORGETOWN, TEXAS
MD&A
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Business-Type Activities
• The net assets of the City's business-type activities increased by $12.6 million in FY
2005, primarily due to $6.6 million of infrastructure assets contributed by developers
for the Sun City, the Meadows, and other residential sub-divisions.
• The City issued $4 million of utility system revenue bonds for electric and water
system expansion. Both Standard & Poor's and Moody's have rated the City's utility
system revenue debt as A+.
Entity-Wide
• The City's total net assets on a government-wide basis totaled $265.1 million at
September 30, 2005, an increase of 14% over September 30, 2004. Most of this
balance is invested in capital assets, restricted for specific purposes, or related to a
long-term receivable.
• The City received $20.1 million of grants and other capital contributions in FY 2005.
USING THE FINANCIAL SECTION OF THIS COMPREHENSIVE ANNUAL FINANCIAL
REPORT
This Comprehensive Annual Financial Report consists of three sections: introductory,
financial and statistical. As illustrated in the following chart, the financial section of this
report has three components: management’s discussion and analysis (this section), the
basic financial statements, and required supplementary information.
Components of the Financial Section
BASIC FINANCIAL STATEMENTS
MANAGEMENT’S DISCUSSION AND ANALYSIS
FINANCIAL STATEMENTS
REQUIRED SUPPLEMENTARY
INFORMATION
Government-wide
Governmental Activities (Full Accrual)
Business-Type Activities (Full Accrual)
Notes to the Financial Statements
Fund
Governmental (Modified Accrual)
Proprietary (Full Accrual)
Fiduciary (Full Accrual)
CITY OF GEORGETOWN, TEXAS
MD&A
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GOVERNMENT-WIDE FINANCIAL STATEMENTS
The government-wide financial statements report information about the City as a whole,
using accounting methods similar to those used by private-sector companies. The
statement of net assets includes all of the government’s assets and liabilities, reported
using the full accrual basis of accounting. The statement of activities accounts for all of
the current year’s revenues and expenses, regardless of when cash is received or paid.
The two government-wide statements report the City’s net assets and how they have
changed. Net assets, the difference between the City’s assets and liabilities, is one way
to measure the financial health of the City. Over time, increases or decreases in the City’s
net assets are an indicator of whether its financial health is improving or deteriorating. To
assess the overall health of the City, one needs to consider other non-financial factors
such as changes in the City’s property tax base and condition of the City’s infrastructure.
The government-wide financial statements of the City are divided into two categories:
Governmental Activities – Most of the City’s basic services are included here, such as
police, fire and other public safety services, parks and recreation, public library, street
maintenance and general administration. Property and sales taxes, return on investment
from the City’s utility services, and charges for services finance most of these activities.
Business-type Activities – The City’s Water Services Fund, which includes water,
wastewater and irrigation services, as well as its Electric utility, are reported here.
Sanitation, Stormwater Drainage and the City’s Airport are also reported in these
activities. Fees charged to customers fund the costs of providing these services.
FUND FINANCIAL STATEMENTS
The fund financial statements provide more detailed information about the City’s most
significant funds and will be more familiar to traditional users of government financial
statements. The focus is now on major funds rather than fund types.
The City has three types of funds:
Governmental Funds – General Fund, Special Revenue Funds, Capital Projects Funds
and the Debt Service Fund are governmental funds, which focus on:
(1) How cash and other financial assets that can readily be converted to cash flow
in and out, and
(2) The balances left at year-end that are available for spending.
Consequently, the governmental funds statements provide a short-term view that helps
determine whether there are more or fewer financial resources that can be spent in the
near future to finance the City’s programs. Because this information does not encompass
the additional long-term focus of the government-wide statements, additional information
is provided with the governmental fund financial statements that explains the reconciliation
between the fund statements and the government-wide statements.
CITY OF GEORGETOWN, TEXAS
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Proprietary Funds – Services for which the City charges fees and rates that intend to
fully recover the cost of providing the service are reported in proprietary funds. Two types
of proprietary funds are allowed in governmental accounting: enterprise funds and
internal service funds. These funds, like the government-wide statements, provide both
long-term and short-term financial information.
The City’s enterprise funds are substantially the same as its business-type activities, but
the fund financial statements provide more detail and additional information, such as cash
flows. The City utilizes enterprise funds to account for its electric, water services, airport,
sanitation, and stormwater drainage activities. The City uses internal service funds to
report activities that provide supplies and services for the City’s other programs, activities
and funds. The City’s internal service funds are used for providing facility maintenance,
fleet services, joint services (providing administrative functions to the other funds) as well
as information technology services.
Fiduciary Funds – The City is trustee, or fiduciary, for certain amounts held on behalf of
others, and for certain pass-through arrangements. The City is responsible for ensuring
that the assets reported in these funds are used for their intended purposes. The City’s
fiduciary activities are reported in a separate statement of fiduciary net assets. Assets for
the City’s flexible spending cafeteria plan, assessment collections for the City's public
improvement districts, and pass-through lease agreements for Texas Capital Fund
projects are held in fiduciary funds. These fiduciary activities are excluded from the City’s
government-wide financial statements because the City cannot use these assets to
finance its operations.
FINANCIAL ANALYSIS OF THE CITY AS A WHOLE
Statement of Net Assets:
The following table reflects the condensed Statement of Net Assets:
200520042005200420052004
Current and other assets$32,591$24,700 $42,608$36,352 $75,199$61,052
Capital assets152,255128,237 142,655131,166294,910259,403
Total assets$184,846$152,937 $185,263167,518 $370,109320,455
Long-term liabilities$46,103$34,911 45,105$43,66291,208$78,573
Other liabilities4,3804,115 9,4325,70613,8129,821
Total liabilities$50,483$39,026 $54,537$49,368 $105,020$88,394
Net assets:
Invested in capital assets, net of related debt$107,692$94,674 $98,081$88,001 $205,773$182,675
Restricted16,83712,067 1,25238918,08912,456
Unrestricted9,8347,170 31,39329,76041,22736,930
Total net assets$134,363113,911$ $130,726$118,150 $265,089$232,061
Summary Statement of Net Assets
(In thousands)
Govtl ActivitiesBus-Type ActivitiesTotal Primary Government
CITY OF GEORGETOWN, TEXAS
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Net Assets - Primary Government- 9/30/05
Govtl - Inv in Net
Assets
40.625%
Govtl - Restricted
6.351%
Bus-Type - Rest.
0.472%
Govmtl - Unrest.
3.710%
Bus-Type - Inv. In Net
Assets
36.999%
Bus-Type - Unrest.
11.842%
The City's combined net assets increased by $33 million to $265.1 million from $232.1
million in FY 2005.
• Net assets of the governmental funds were $134.4 million. Most of these assets are
invested in capital assets or restricted for particular purposes, such as debt service or
capital projects.
• The City's unrestricted net assets for governmental activities, which can be used to
finance day to day operations, totaled $9.8 million.
• Included in unrestricted net assets are fund balances that are earmarked for particular
purposes, such as parks improvements, street maintenance, and tourism. The
balance of these funds at September 30, 2005 was $2.1 million.
• Net assets increased primarily as a result of increases in capital assets and
construction in progress. Projects completed during the year included:
• Downtown Parking Lot purchase
• Animal Shelter construction
• Building purchase from the Williamson County Appraisal District
• Design work for:
• Relocation of Fire Station 1
• New Public Library
• Expansion of Community Center
• San Gabriel Park improvements, as well as playground equipment purchases in
multiple parks
• Transportation improvements including:
• Contributions by Georgetown Transportation Enhancement Corporation to the
Texas Department of Transportation towards improvements related to the Wolf
Ranch development
• Improvements to Airport Road
• Net assets invested in capital assets net of related debt increased in part due to
developer's contributed capital totaling $20.1 million. This included $10.3 million of
donated roads and bridge from Williamson County.
• Net assets of business-type activities increased by $12.6 million, most of which was
due to the recognition of developer contributed capital.
CITY OF GEORGETOWN, TEXAS
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• During 2005, the City invested $11.3 million towards improving and expansion of utility
infrastructure, compared to $6.1 in 2004. Projects included:
• Electric residential and commercial system expansion
• Smith Branch force main construction
• Wolf Ranch wastewater lift station
• Dove Springs Wastewater Plant rehabilitation (expected completion in 2006)
• Lake Water Treatment Plant dewatering facility
• Edward’s Aquifer Recharge Zone Inflow and Infiltration testing and repairs
200520042005200420052004
Revenues:
Program Revenues
Charges for Service$3,482 $2,681$59,201 $51,585$62,683$54,266
Operating Grants & Contributions901176901176
Capital Grants & Contributions13,4741106,66612,05120,14012,161
General Revenues
Property Taxes8,3296,9278,3296,927
Sales Taxes8,4967,3968,4967,396
Other Taxes749586749586
Franchise Taxes1,9421,8451,9421,845
Interest5071727324441,239616
Gain on Sale of Capital Assets8591611,0200
Other1,1694669898832,1581,349
Total Revenues$39,908 $20,359$67,749 $64,963$107,657$85,322
Expenses:
Culture-recreation4,7024,7734,7024,773
Development2,0611,9562,0611,956
Fire3,7683,8623,7683,862
General government4,4054,0054,4054,005
Interest on long term debt2,2561,2542,2561,254
Police5,9625,8345,9625,834
Streets1,5222,7521,5222,752
Airport2,6061,9632,6061,963
Electric29,02726,23729,02726,237
Sanitation2,8692,7402,8692,740
Stormwater1,2169871,216987
Water Services14,23513,21814,23513,218
Total Expenses$24,676 $24,436$49,953 $45,145$74,629$69,581
Change in net assets before transfers15,232(4,077)17,79619,81833,02815,741
Transfers5,2205,672(5,220)(5,672)
Change in net assets20,4521,59512,57614,14633,02815,741
Net Assets as restated - Beginning 113,911 112,316 118,150 104,004 232,061 216,320
Net Assets - Ending$134,363 $113,911$130,726 $118,150$265,089$232,061
(In thousands)
Changes in Net Assets
Bus-Type ActivitiesGovtl ActivitiesTotal
CITY OF GEORGETOWN, TEXAS
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REVENUES
For the fiscal year ended September 30, 2005, program revenues from governmental
activities totaled $17.9 million, of which $3.5 million resulted from charges for services.
This revenue source increased over $800,875 over the prior year, primarily due to
growth in the municipal court and development fee areas.
General property taxes totaled $8.3 million. Included in these taxes are real and
personal property levies which are assessed October 1, and payable before the
following January 31.
Assessed valuations on existing properties increased 1%, while total assessed
valuation increased 6% over the prior year. The variance is attributed to $119
million in new and annexed property.
The ad valorem tax rate for fiscal year 2005 was $0.34626 per $100 of assessed
valuation. This represented a 7.6% increase over the prior year rate. Of this
amount, 5.7% is attributed to operations increases and the remainder is due to tax
supported bonds issued in the Spring of 2004.
Sales taxes, the City’s largest source of general government revenue, totaled $8.5
million for fiscal year 2005, which was an increase of 14.9% over the prior year. This
increase was primarily due to new commercial development within the City, including
a partial year of Wolf Ranch revenue. Sales tax revenues represent 30.3% of the
general revenue total, excluding transfers from the return on investment transfers from
the utility funds.
Other taxes, which include hotel/motel taxes and automobile inventory taxes, totaled
$749,301.
Program revenues are derived from the program itself and reduce the cost of the
function to the City. Total program revenues for both governmental and business-type
activities are described below.
Governmental activities program revenue was $17.9 million, an increase of
over 400% over the prior year. This increase is due to receipt of capital grants and
contributions for streets donated to the City by the County, as well as the receipt of
funds for a parks trail grant. Program revenue reported in the category "Charges
for Services" represents receipts primarily from development and building
inspection fees, parks fees, fire billing for services and court fines. Other
governmental program revenues included operating grants for parks, fire and
police programs.
Revenues - Fiscal Year 2005
Charges for
Service
58.22%
Grants &
Contributions
19.54%
Property Taxes
7.74%
Sales Taxes
7.89%Other
6.60%
CITY OF GEORGETOWN, TEXAS
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Business-type activities program revenues totaled $65.9 million, a 4% increase
over the prior year. While capital grants and contributions were over $5 million
lower than the prior year, charges for services were over $7 million higher. This
increase is primarily due to increased customer revenue, which is the most
significant of the program revenues. "Charges for Services”, which represent
receipts from utility customers for electric, water, wastewater, and sanitation use,
increased over 15%. This increase was primarily related to increased purchased
power costs, which were passed along to customers, as well as an increase in
wastewater rates. Other program revenues include airport fuel sales, hangar
rentals and stormwater drainage fees.
Primary Government - Functional Expenses for
FY 2005
Culture/Rec
6%
Public Safety
13%
Streets
2%
Electric
39%
Other
21%
Water Services
19%
EXPENSES
Expenses for governmental activities totaled $24.7 million, versus $24.4 million in
2004. Major expenditures include salaries for providing services in the public safety
area, as well as for public library and recreation programs. Expenses were $239,496
higher than the prior year. Major increases included increases to salary costs
resulting from Council's adoption of a public safety compensation program, which
provided a step plan to increase public safety salaries for each year of service, as well
as the first year of a public safety staffing plan. Salaries also increased due to a 2.5%
cost of living adjustment for all other staff. Higher fuel costs also played a role in the
increase in operational expenses for programs.
Expenses for business-type activities totaled $49.9 million, an 11% increase over
the prior year, which provided electric, water, and wastewater services for customers,
as well as airport and stormwater drainage programs. The increase in expenses
relates to increased costs of purchased power, as well as expenses related to
additional customers and infrastructure maintenance for the utilities.
CITY OF GEORGETOWN, TEXAS
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FINANCIAL ANALYSIS OF THE CITY’S FUNDS
For the fiscal year ended September 30, 2005, the City's governmental funds reflect a
combined fund balance of $26.1 million. Included in this year's increase in fund balance is
$2 million in General Fund revenues and other financing sources in excess of
expenditures and other financing uses. The primary reason for the General Fund's
increase in fund balances is due to increased revenues, due to higher than anticipated
sales tax and higher property tax collections, as well as expenditure savings in public
safety due to open staff positions. In addition, these other changes in fund balances
should be noted:
Georgetown Transportation Enhancement Corporation contributed $7 million in
cash and debt funding of street improvements to enhance economic
development in 2005.
Direct expenditures for public safety totaled $9.1 million.
Parks, recreation and library expenditures totaled $3.8 million.
General government expenditures include $262,615 of social service
contributions to different organizations in the community.
Street maintenance expenditures were $1.7 million, a $200,000 decrease from
the prior year. This decrease is a reflection of the timing of expenditures for
street projects.
The City spent $3.9 million in the Capital Projects Funds, which included
facilities improvements and street improvements.
GENERAL FUND BUDGETARY HIGHLIGHTS:
The following is a brief review of the budgetary changes from the original to the final
budget.
The City approved two General Fund budget amendments during fiscal year 2005. The
amendments increased overall budgeted expenditures by $37,000 from the original
budget, representing a .002% increase in appropriations. This increase was offset by
program revenues. The amendments consisted of:
$37,000 for funding a Police Department school resource officer. This expenditure
was offset by revenue received from the Georgetown Independent School District for
the position.
$20,000 was transferred to accommodate a staff position transfer from the
Development Services division to Management Services. This transfer did not impact
the overall budgeted expenditures.
The City also approved the increase to budgeted contingency reserves, from $3,675,000
to $3,930,000. These “rainy day” funds, or funds that are over and above appropriated
expenses, are used only in the case of an emergency.
CAPITAL ASSETS
The City's governmental activities (including a percentage of internal service funds) had
invested $152.3 million in a variety of capital assets and infrastructure. The City has
$142.7 million invested in its business-type activities capital assets. The detail is reflected
in the following schedule:
CITY OF GEORGETOWN, TEXAS
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BalanceDeletionsBalance
10/1/2004 Additions& Transfers9/30/2005
Non-depreciable Assets:
Land$3,292 $750 $4,042
Construction in progress3,583 8,865 $(2,101) 10,347
Other capital assets
Equipment14,729 1,770 (147) 16,352
Buildings19,626 2,064 (433) 21,257
Improvements14,459 4,260 - 18,719
Streets88,781 10,768 - 99,549
Less accumulated depreciation (16,206) (2,303) 498 (18,011)
Capital Assets - Governmental$128,264 $26,174 $(2,183) $152,255
BalanceDeletionsBalance
10/1/2004 Additions& Transfers9/30/2005
Non-depreciable Assets:
Land $1,650 $(6) $1,644
Construction in progress5,081 $11,708 (11,068) 5,721
Other capital assets -
Equipment898 68 - 966
Buildings4,969 - - 4,969
Improvements158,500 16,212 - 174,712
Less accumulated depreciation (39,932) (5,425) - (45,357)
Capital Assets - Business-Type$131,166 $22,562 $(11,074) $142,654
City-wide Totals$259,430 $48,736 $(13,257) $294,909
*Includes internal service funds assets, which are allocated to governmental activities
Change in Capital Assets*
(In thousands)
Governmental Activities
Change in Capital Assets*
(In thousands)
Business-Type Activities
The City prepared a complete inventory of street infrastructure assets in 2003 and 2004
and assigned a value to the inventory based upon the age of the street and construction
indexes. During 2005, the City completed its assessment of the condition of the streets
inventory for reporting under the modified approach for GASB 34 reporting. The inventory
is recorded as a prior period adjustment. An adjustment to the original inventory to
decrease the assets by $1.8 million is recorded as a prior period adjustment to reflect the
condition of the assets.
The City financial policy establishes an average condition level for the City streets. The
Pavement Condition Index is a measurement scale for pavement condition, ranging from
zero (poor) to 100 for pavement in perfect condition. The Council adopted an average
PCI level of 85, to maintain the streets in “good” condition. The PCI for fiscal year 2005
was 91.
The City budgets approximately $825,000 annually of General Fund revenues for on-
going street maintenance projects, along with the staff costs and other maintenance costs
of the street department. In addition, the City also budgets for the approximate $1.2
million of funds received in the dedicated 1/4 cent sales tax for street maintenance. The
CITY OF GEORGETOWN, TEXAS
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maintenance funds are allocated among various projects identified by the analysis to
ensure funds are spent where needed to maintain the PCI adopted by Council.
Utility infrastructure maintenance is budgeted within the utility funds. For fiscal year 2005,
funding for electric and water services infrastructure maintenance was $8.6 million.
For more detailed notes about the City’s capital assets, please see pages 48-50 of the
notes to the financial statements.
LONG-TERM DEBT
At September 30, 2005, the City had a total of $48.8 million in general obligation debt
outstanding. This represents a 30% increase over prior year. This increase reflects
the $4.175 million of self-supporting bonds, issued on behalf of the Georgetown
Transportation Enhancement Corporation for the Wolf Ranch development
improvements and is supported by dedicated sales taxes. Additional information
about the City's long -term debt is presented in Note 7 to the financial statements.
The state limits the legal amount of tax levy available for general obligation debt
service to $1.25 per $100 valuation. The City's 2005 debt levy equaled $0.11332 per
$100 assessed valuation, or 9% of the maximum allowed.
Total utility system revenue debt was $40 million as of September 30, 2005, including
new debt of $4 million issued within the Electric and Water Services Funds to fund
system expansion, including the expansion of the Dove Springs Wastewater Plant.
This increase is 3% greater than debt reported at September 30, 2004.
A detailed analysis of the City’s long-term debt is located on pages 50-54 in the notes
to the financial statements.
ECONOMIC FACTORS
Unemployment in the City decreased from 4.76% in 2004 to 4.2% in 2005.
Population continued to grow steadily, at 3% annually, yet utility customer growth
averaged approximately 5% for all utilities. This variance represents continued growth
within the City's extra territorial jurisdiction (ETJ), that receives City utility services.
Retail development continued to expand, with the opening of the Wolf Ranch shopping
center, which includes Target, Old Navy and Best Buy retailers. The expansion is
evidenced by the overall increase in general sales tax revenue of 14.9% over 2004.
2005 2004 2005 2004 2005 2004
General Obligation Bonds$44,306$33,194$4,509$4,262$48,815$37,456
Revenue Bonds40,06438,90440,06438,904
Obligation under capital lease256369256369
Compensated absence payable1,5231,3305314972,0541,827
Arbitrage rebate payable18181818
Total Long Term Debt$46,103$34,911$45,104$43,663$91,207$78,574
Govtl ActivitiesBus-Type ActivitiesTotal
City of Georgetown Outstanding Debt and Long-Term Liabilities
(In thousands)
CITY OF GEORGETOWN, TEXAS
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CONTACTING THE CITY’S FINANCIAL MANAGEMENT
This report is designed to provide City Council, citizens, customers, bond rating agencies,
investors and creditors with a general overview of the City’s finances. If you have
questions about this report or need additional financial information, contact:
Finance Division
City of Georgetown
113 East 8th Street
Georgetown, Texas 78626
(512) 930-3676
www.georgetown.org
Basic Financial Statements
CITY OF GEORGETOWN, TEXAS
STATEMENT OF NET ASSETS
SEPTEMBER 30, 2005
Primary Government
GovernmentalBusiness-type
Activities Activities TOTAL
ASSETS:
Cash and cash equivalents$2,581,166$3,979,180$6,560,346
Cash and cash equivalents - restricted4,353,6464,353,646
Investments24,389,37411,645,19736,034,571
Investments - restricted824,577824,577
Prepaid items219,6501,352,0761,571,726
Accounts receivable:
Services (net of allowance for uncollectibles)9,532,5639,532,563
Other3,409,014111,9093,520,923
Internal balances(360,999)360,999
Inventories256,0121,355,0381,611,050
Long-term note receivables1,193,5867,726,8158,920,401
Deferred charges - bond issuance costs903,9631,366,1602,270,123
Capital assets: net of accumulated depreciation38,317,659135,289,131173,606,790
Land4,042,5711,644,5895,687,160
Streets99,548,29999,548,299
Construction in progress10,346,0915,720,85816,066,949
TOTAL ASSETS $184,846,386$185,262,738$370,109,124
LIABILITIES AND NET ASSETS:
Liabilities:
Current Liabilties:
Accounts payable$2,170,993$5,394,689$7,565,682
Accrued interest 249,646259,257508,903
Total current liabilities2,420,6395,653,9468,074,585
Liabilities payable from restricted assets:
Construction contracts and retainages payable361,254361,254
Customer deposits741,179741,179
Total liabilities payable from restricted assets1,102,4331,102,433
Unearned revenue1,959,9262,675,5424,635,468
Noncurrent liabilities:
Due within one year 3,013,3933,426,8586,440,251
Due in more than one year43,089,37641,677,69084,767,066
Total liabilities 50,483,33454,536,469105,019,803
Net Assets:
Invested in capital assets (net of related debt)107,692,31998,081,179205,773,498
Restricted for:
Debt Service508,151508,151
Capital Projects16,328,6051,251,84417,580,449
Unrestricted9,833,97731,393,24641,227,223
Total net assets 134,363,052130,726,269265,089,321
TOTAL LIABILITIES AND NET ASSETS $184,846,386$185,262,738$370,109,124
The notes to the financial statements are an integral part of this statement.
CITY OF GEORGETOWN, TEXAS
STATEMENT OF ACTIVITIES
FISCAL YEAR ENDED SEPTEMBER 30, 2005
Charges for Operating GrantsCapital GrantsGovernmentalBusiness-Type
Expenses Services& Contributions& Contributions ActivitiesActivitiesTotal
Functions/Programs
Primary government
Governmental Activities
Culture-recreation$4,701,552$812,920$88,090$589,923$(3,210,619)$$(3,210,619)
Development2,061,0171,350,955(710,062)(710,062)
Fire3,767,816478,3781,07539,653(3,248,710)(3,248,710)
General government4,405,4361,45212,215(4,391,769)(4,391,769)
Police5,961,731838,302123,087(5,000,342)(5,000,342)
Streets1,522,161676,21412,844,75411,998,80711,998,807
Interest on long term debt2,256,135(2,256,135)(2,256,135)
Total governmental activities 24,675,848 3,482,007 900,68113,474,330 (6,818,830)(6,818,830)
Business -type Activities
Airport$2,606,270$2,352,094$$134,358$$(119,818)$(119,818)
Electric29,026,47535,002,038952,5126,928,0756,928,075
Sanitation2,868,7583,227,268358,510358,510Stormwater1,216,2191,572,8541,785,8712,142,5062,142,506
Water14,234,86617,046,7313,792,8876,604,7526,604,752
Total business-type activities 49,952,588 59,200,985 6,665,628 15,914,025 15,914,025
Total primary government $74,628,436 $62,682,992 $900,681$20,139,958 $(6,818,830)$15,914,025 $9,095,195
General revenues:
Property Tax$8,329,395$8,329,395
Sales Tax8,496,1608,496,160
Taxes - other749,301749,301
Franchise taxes1,942,2461,942,246
Interest on investments507,038 $732,4611,239,499
Gain on sale of capital assets859,286160,9491,020,235
Other1,167,654988,5662,156,220
Transfers5,220,063(5,220,063)0
Total general revenues and transfers27,271,143(3,338,087)23,933,056
Change in Net Assets 20,452,313 12,575,938 33,028,251
Net Assets as restated, beginning of the year113,910,739118,150,331232,061,070
Net Assets, end of the year $134,363,052 $130,726,269 $265,089,321
The notes to the financial statements are an integral part of this statement.
Program Revenues
Primary Government
Net (Expense) Revenue and
Changes in Net Assets
Fund Financial Statements
CITY OF GEORGETOWN, TEXAS
BALANCE SHEET
GOVERNMENTAL FUNDS
AS OF SEPTEMBER 30, 2005
GEORGETOWN
TRANSPORTATIONGENERALNONMAJORTOTAL
ENHANCEMENTDEBTCAPITALGOVERNMENTALGOVERNMENTAL
GENERAL CORPORATION SERVICE PROJECTS FUNDS FUNDS
ASSETS
Cash and cash equivalents$1,789,388$63,766$455,978$2,309,132
Investments5,982,547$8,865,547$504,1506,655,7881,470,62223,478,654
Accounts receivable (net of allowance for uncollectible accounts):
Delinquent taxes167,67588,604589256,868
Sales tax887,901438,997244,0381,570,936
Grants 123,692123,692
Other 444,544653,964263,3601,361,868
Prepaid items204,750 204,750
Inventories897 897
Long-term note receivable1,193,586 1,193,586
TOTAL ASSETS $10,671,288$9,958,508$592,754$6,719,554$2,558,279$30,500,383
LIABILITIES AND FUND BALANCE
Liabilities:
Accounts payable $1,259,787$94,942$159,295$158,780$1,672,804
Due to other funds 345,09315,906360,999
Unearned revenue 1,940,547$84,603300,2852,325,435
Total liabilities 3,200,33494,94284,603504,388474,9714,359,238
Fund Balance:
Reserved for:
Encumbrances975,842 2,473,528 1,465,6711,020,7385,935,779
Inventories897 897
Debt service 508,151508,151
Prepaid items204,750 204,750
Special programs 812,902812,902
Unreserved, reported in:
General fund6,289,465 6,289,465
Capital projects funds7,390,0384,749,495249,66812,389,201
Designated for net unrealized gains
Total fund balance7,470,9549,863,566508,1516,215,1662,083,30826,141,145
TOTAL LIABILITIES AND FUND BALANCE $10,671,288$9,958,508$592,754$6,719,554$2,558,279$30,500,383
The notes to the financial statements are an integral part of this statement.
CITY OF GEORGETOWN, TEXAS
RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET
TO THE STATEMENT OF NET ASSETS
SEPTEMBER 30, 2005
Total fund balance - total governmental funds$26,141,145
Amounts reported for governmental activities in the statement of
net assets are different because:
Capital assets used in governmental activities are not current financial
resources and therefore are not reported in the govermental funds
balance sheet.145,504,140
The City uses internal service funds to charge the costs of certain
activities, such as capital assets, administrative services and information
technology to appropriate functions in other funds. The assets
and liabilities of the internal service funds are included in governmental
activities in the statement of net assets. The effect of this consolidation
is to increase net assets.7,678,789
Premiums, discounts and debt issuance costs have not been included
in the fund financial statements.903,963
Bonds payable and contractual obligations are not due and payable in
the current period therefore have not been included in the fund financial statements.(44,306,603)
Accrued liabilities for compensated absences are not due and payable in
the current period therefore have not been included in the fund financial statements.(1,400,880)
Capital leases are not due and payable in the current period, therefore have not
been included in the fund financial statements.(255,702)
Liabilities for arbitrage are not due and payable in the current period therefore
have not been reflected in the fund financial statements.(17,663)
Revenues from property taxes are deferred in the fund financial
statements until they are considered available to fund current
expenditures, but such revenues are recognized in the government-
wide statements.252,278
Revenues recognized at the government-wide financial statements are
not recognized as revenue in the fund financial statements for court
fines.113,231
Interest is accrued on outstanding debt in the government-wide financial
statements, whereas in the fund financial statements interest
expense is reported when due.(249,646)
Net Assets of Governmental Activities $134,363,052
The notes to financial statements are an integral part of this statement.
CITY OF GEORGETOWN, TEXAS
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE
GOVERNMENTAL FUNDS
FISCAL YEAR ENDED SEPTEMBER 30, 2005
GEORGETOWN
TRANSPORTATIONGENERALNONMAJORTOTAL
ENHANCEMENTDEBTCAPITALGOVERNMENTALGOVERNMENTAL
GENERAL CORPORATION SERVICE PROJECTS FUNDS FUNDS
REVENUES:
Property taxes:
Current$5,470,721$2,708,365$8,179,086
Delinquent107,14553,943161,088
Penalties and interest67,976 67,976
Other147,427$283,676431,103
Property assessment 89,13489,134
Sales tax4,823,378$2,448,5211,224,2618,496,160
Franchise taxes1,942,246 1,942,246
Licenses and permits1,266,295 1,266,295
Charges for service823,980131,960955,940
Fines and forfeitures714,59659,286773,882
Donations and grants1,155797,667798,822
Investment income166,095171,31947,098$72,99149,535507,038
Other revenue412,2881,347,125110,760264,0112,134,184
Total revenues 15,943,3023,966,9652,809,406183,7512,899,53025,802,954
EXPENDITURES:
Current:
Culture - recreation 3,808,0221,389,6875,197,709
Development1,933,07619,3981,952,474
Fire services 3,518,597156,4363,675,033
General government1,802,752184,2941,987,046
Highways and streets1,691,87649,3411,741,217
Police 5,603,521194,9115,798,432
Capital outlay 6,774,6273,812,0581,329,39111,916,076
Debt service:
Principal retirement 2,500,9012,500,901
Interest and fiscal charges 100,0001,670,424127,2251,897,649
Total expenditures 18,357,8447,058,9214,171,3253,939,2833,139,16436,666,537
EXCESS (DEFICIENCY) OF REVENUES OVER
EXPENDITURES (2,414,542)(3,091,956)(1,361,919)(3,755,532)(239,634)(10,863,583)
OTHER FINANCING SOURCES (USES):
Transfers in 4,804,6051,165,372313,165116,8916,400,033
Transfers out (355,914)(1,072,849)(1,124,326)(138,122)(2,691,211)
Sale of property 896,113896,113
Payment to refunding escrow agent(9,243,904)(9,243,904)
Certificate of obligation bond issued4,175,0009,180,1669,030,00022,385,166
Total other financing sources (uses) 4,448,6913,102,1511,101,6349,114,952(21,231)17,746,197
NET CHANGE IN FUND BALANCES2,034,14910,195(260,285)5,359,420(260,865)6,882,614
FUND BALANCES, Beginning of period5,436,8059,853,371768,436855,7462,344,17319,258,531
FUND BALANCES, End of period $7,470,954$9,863,566$508,151$6,215,166$2,083,308$26,141,145
The notes to financial statements are an integral part of this statement.
CITY OF GEORGETOWN, TEXAS
RECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCE TO THE STATEMENT OF ACTIVITIES
FISCAL YEAR ENDED SEPTEMBER 30, 2005
Net change in fund balances - governmental funds $6,882,614
Amounts reported for governmental activities in the statement of
activities are different because:
The City uses internal service funds to charge the costs of certain
activities, such as fleet management and information technology to
appropriate functions in other funds. The assets and liabilities of
internal service funds are allocated to the governmental activities
on the statement of net assets. The effect of this consolidation is to
increase net assets. The entry on the statement of activities reflects
the change for FY 2005, which is allocated to governmental activities 1,081,503
Current year capital outlays are expenditures in the fund statements,
but are shown as increases in capital assets in the government-wide
financial statements. The total reflects $6,638,224 in construction in
progress additions. The effect of removing the 2005
capital outlays is to increase net assets.24,780,113
Depreciation is not recognized as an expenditure in governmental funds
since it does not require the use of current financial resources. The
effect of recording current year depreciation is to decrease net assets.(1,144,983)
Amortization of costs associated with debt issuances are not recognized
as an expenditure in governmental funds since it does not require the use
of current financial resources. The effect of recording the current
year's amortization is to decrease net assets.(279,736)
Current year long-term debt principal payments on contractual obligation
bonds payable and capital lease payments are expenditures in the fund
financial statements,but are shown as reductions in long term debt in
the government-widefinancial statements.11,386,320
The notes to financial statements are an integral part of this statement.(continued)
Current year bond proceeds on certificates of obligation ($22,385,165)
and related debt issuance costs ($571,318), along with the transferred capita
lease ($368,787) are not shown as revenue and expenditures in the government-
wide financial statements.$(22,182,634)
Interest is accrued on outstanding debt in the government-wide financia
statements, whereas in the fund financial statements, the expenditure
is reported when due.(23,562)
Additions to vested sick leave and vacation liabilities are not shown
in the fund financial statements. The net effect of the current year's
increase is to decrease net assets.(184,577)
Revenue from property taxes and court fines are recognized in the
fund financial statements on the modified accrual basis but are recognized
on the accrual basis in the government-wide financial statements.137,255
Change in Net Assets of Governmental Activities $20,452,313
The notes to financial statements are an integral part of this statement.
CITY OF GEORGETOWN, TEXAS
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
FISCAL YEAR ENDED SEPTEMBER 30, 2005
2005 ACTUAL
BUDGETARYVARIANCE TO
ORIGINALFINALBASISFINAL BUDGET
REVENUES:
Property taxes :
Current$5,475,000 $5,475,000$5,470,721$(4,279)
Delinquent32,000 32,000107,14575,145
Penalties and interest30,000 30,00067,97637,976
Sales tax4,300,000 4,300,0004,823,378523,378
Franchise taxes1,981,400 1,981,4001,942,246(39,154)
Licenses and permits 876,625 876,6251,266,295389,670
Charges for services 776,100 813,100823,98010,880
Fines and forfeitures 595,000 595,000714,596119,596
Other taxes180,000 180,000147,427(32,573)
Investment income35,000 35,000167,426132,426
Miscellaneous434,100 434,100596,063161,963
Total revenues 14,715,225 14,752,22516,127,2531,375,028
EXPENDITURES:
Current:
Culture - recreation3,858,311 3,858,3113,833,93324,378
Development2,002,600 2,022,6002,007,54315,057
Fire services3,656,148 3,656,1483,519,995136,153
General government 1,979,439 1,959,4391,800,747158,692
Highways and streets1,975,792 1,975,7921,946,29829,494
Police services5,981,280 6,018,2805,725,297292,983
Total expenditures 19,453,570 19,490,57018,833,813656,757
EXCESS EXPENDITURES OVER REVENUES (4,738,345) (4,738,345)(2,706,560)2,031,785
OTHER FINANCING SOURCES (USES):
Transfers in 4,675,500 4,675,5004,804,605129,105
Transfers out (357,785) (357,785)(355,914)1,871
Total other financing sources (uses) 4,317,715 4,317,7154,448,691130,976
EXCESS (DEFICIENCY) OF REVENUES AND
OTHER FINANCING SOURCES OVER
EXPENDITURES AND OTHER FINANCING (USES)(420,630) (420,630)1,742,1312,162,761
FUND BALANCES, Beginning of period4,370,172 4,370,1724,744,968374,796
FUND BALANCES, End of period $3,949,542$3,949,5426,487,099$2,537,557
Adjustments to GAAP:
Reverse current year encumbrances975,842
Record net unrealized gain on investments8,013
FUND BALANCE - GAAP BASIS, End of period $7,470,954
The notes to the financial statements are an integral part of this statement.
BUDGETED AMOUNTS
CITY OF GEORGETOWN, TEXAS
STATEMENT OF NET ASSETS
PROPRIETARY FUNDSAS OF SEPTEMBER 30, 2005
Business-type Activities
Enterprise Funds
WATEROTHER
ELECTRICSERVICESENTERPRISEGOVERNMENTAL ACTIVITIES
FUND FUND FUNDS TOTAL INTERNAL SERVICE FUNDS
ASSETS:
Current Assets:
Cash and cash equivalents$941,256$2,814,333$223,591$3,979,180$272,034
Cash and cash equivalents - restricted170,4713,758,565424,6104,353,646
Investments3,146,3347,750,322748,54111,645,197910,720
Investments - restricted570,708253,869824,577
Prepaid expenses1,352,0761,352,07614,900
Accounts receivable:
Services (net of allowance for uncollectibles)5,895,6792,859,453777,4319,532,56395,650
Other29,93081,979111,909
Due from other funds415,360415,360
Inventories1,311,64843,3901,355,038255,115
Total current assets 12,066,02619,203,9782,299,54233,569,546 1,548,419
Noncurrent Assets:
Long-term note receivables1667,726,6497,726,815
Deferred charges - bond issuance costs283,086923,909159,1651,366,160
Capital assets:
Land and land rights193,735469,354981,5001,644,589214,065
Distribution system48,232,974110,834,0559,923,366168,990,395
Buildings and improvements73,7073,019,7947,597,18710,690,6881,279,886
Machinery, furniture and equipment536,096236,382193,627966,10514,481,240
Construction in progress486,6775,035,060199,1215,720,858124,879
Less accumulated depreciation (16,423,792)(23,588,226)(5,346,039)(45,358,057)(9,349,592)
Total capital assets (net of
accumulated depreciation)33,099,39796,006,41913,548,762142,654,578 6,750,478
Total noncurrent assets 33,382,649104,656,97713,707,927151,747,553 6,750,478
TOTAL ASSETS $45,448,675$123,860,955$16,007,469$185,317,099$8,298,897
LIABILITIES AND NET ASSETS:
Liabilities:
Current liabilities:
Accounts payable$4,049,110$881,851$463,728 $5,394,689$498,189
Compensated absence87,53264,92926,432178,89340,013
Due to other funds 54,36154,361
Current portion of long-term debt782,2642,221,749243,9523,247,965
Accrued interest 58,443173,33227,482259,257
Total current liabilities payable
from unrestricted assets 4,977,3493,341,861815,9559,135,165 538,202
Current liabilities payable from restricted assets:
Construction contracts and retainages payable361,254361,254
Customer deposits741,179741,179
Total current liabilities payable
from restricted assets 741,179361,2541,102,433
Total current liabilities 5,718,5283,703,115815,95510,237,598538,202
Noncurrent liabilities:
Compensated absence169,506128,22054,530352,25681,906
Unearned revenue2,675,5422,675,542
Long-term debt9,085,77227,974,2284,265,43441,325,434
Total noncurrent liabilities 9,255,27830,777,9904,319,96444,353,23281,906
Total liabilities 14,973,80634,481,1055,135,91954,590,830 620,108
Net Assets:
Invested in capital assets (net of related debt)23,231,36165,810,4429,039,37698,081,1796,750,478
Restricted for:
Future construction1,251,8441,251,844
Unrestricted7,243,50822,317,5641,832,17431,393,246928,311
Total net assets 30,474,86989,379,85010,871,550130,726,269 7,678,789
TOTAL LIABILITIES AND NET ASSETS $45,448,675$123,860,955$16,007,469$185,317,099$8,298,897
The notes to the financial statements are an integral part of this statement.
CITY OF GEORGETOWN, TEXAS
STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND NET ASSETS
PROPRIETARY FUNDS
FISCAL YEAR ENDED SEPTEMBER 30, 2005
Business-type Activities
Enterprise Funds
WATEROTHERGOVERNMENTAL
ELECTRICSERVICESENTERPRISEACTIVITIES
FUND FUND FUNDS TOTAL INTERNAL SERVICE FUNDS
OPERATING REVENUES:
Charges for sales and services:
Service charges $8,131,722
Electric$33,800,761$33,800,761
Water $10,530,22710,530,227
Waste 6,075,181$3,150,4939,225,674
Other1,201,277441,3214,001,7255,644,323
Total operating revenues35,002,03817,046,7297,152,21859,200,9858,131,722
OPERATING EXPENSES:
Electric2,721,5072,721,507
Water 1,740,8481,740,848
Waste 1,207,027 1,207,027
Depreciation2,035,0772,681,160709,2515,425,4881,158,113
Utility contracts23,790,6964,490,3782,868,75831,149,832
Plant management 2,719,194 2,719,194
Other 2,903,3562,903,3568,043,625
Total operating expenses28,547,28012,838,6076,481,36547,867,2529,201,738
NET OPERATING INCOME (LOSS)6,454,7584,208,122670,85311,333,733(1,070,016)
NONOPERATING REVENUES (EXPENSES):
Investment earnings131,732573,38627,343732,46152,479
Donations and grants 134,358134,358
Interest and fiscal charges(479,195)(1,396,256)(209,881)(2,085,332)
Gain (loss) on disposed assets160,949160,949(57,594)
Other599,7031,495,88963,8072,159,399229,192
Total nonoperating revenues (expenses)252,240833,96815,6271,101,835224,077
INCOME (LOSS) BEFORE CONTRIBUTIONS
AND TRANSFERS6,706,9985,042,090686,48012,435,568(845,939)
CONTRIBUTIONS AND TRANSFERS:
Capital contributions788,4342,786,1281,785,8715,360,433416,199
Transfers in 1,711,224
Transfers out(2,938,894)(1,905,618)(375,551)(5,220,063)(199,981)
Total contributions and transfers(2,150,460)880,5101,410,320140,3701,927,442
CHANGE IN NET ASSETS4,556,5385,922,6002,096,80012,575,9381,081,503
TOTAL NET ASSETS - beginning25,918,33183,457,2508,774,750118,150,3316,597,286
TOTAL NET ASSETS - ending $30,474,869$89,379,850$10,871,550$130,726,269$7,678,789
The notes to the financial statements are an integral part of this statement.
CITY OF GEORGETOWN, TEXAS
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
FISCAL YEAR ENDED SEPTEMBER 30, 2005
Business-type Activities
Enterprise Funds
WATEROTHERGOVERNMENTAL
ELECTRICSERVICESENTERPRISEACTIVITIES
FUND FUND FUNDS TOTAL INTERNAL SERVICE FUNDS
CASH FLOWS FROM OPERATING ACTIVITIES:
Cash received from customers$34,739,266$20,492,357$7,030,381$62,262,004$8,100,989
Payments to suppliers(22,575,964)(8,951,796)(5,115,466)(36,643,226)(3,691,789)
Franchise fees(700,348)(344,308)(94,010)(1,138,666)
Payments to employees for services(1,349,589)(1,060,047)(434,968)(2,844,604)(4,159,991)
Net cash provided by (used for) operating activities10,113,36510,136,2061,385,93721,635,508249,209
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
Transfers in 1,711,224
Transfers out(2,938,894)(1,905,618)(375,551)(5,220,063)(199,981)
Payments from (to) other funds(292,458)(59,475)(351,933)
Net cash provided by (used for) noncapital
financing activities(2,938,894)(2,198,076)(435,026)(5,571,996)1,511,243
CASH FLOWS FROM CAPITAL AND
RELATED FINANCING ACTIVITES:
Acquisition of capital assets(3,607,388)(7,441,532)(396,019)(11,444,939)(1,550,855)
Gain on sale of capital assets160,949160,949
Donations and grants 134,358134,358
Impact fees 970,482970,482
Proceeds from issuance of long-term debt575,0003,450,000435,0004,460,000
Principal paid on revenue and certificates of obligation bonds(765,552)(2,099,199)(264,349)(3,129,100)
Interest paid on revenue and certificates of obligation bonds(459,893)(1,313,865)(208,468)(1,982,226)
Net asset transfer 9,2429,242
Net cash provided by (used for) capital and related
financing activities(4,257,833)(6,263,923)(299,478)(10,821,234)(1,550,855)
CASH FLOWS FROM INVESTING ACTIVITIES:
Interest received131,732573,38627,343732,46152,479
Change in temporary investments(2,525,615)254,063(267,504)(2,539,056)(293,866)
Net cash provided by (used for) investing activities(2,393,883)827,449(240,161)(1,806,595)(241,387)
Net increase (decrease) in cash and cash equivalents522,7552,501,656411,2723,435,683(31,790)
Cash and cash equivalents at beginning of year588,9724,071,242236,9294,897,143303,824
Cash and cash equivalents at end of year1,111,7276,572,898648,2018,332,826272,034
Classified as:
Current assets941,2562,814,333223,5913,979,180272,034
Restricted assets170,4713,758,565424,6104,353,646
Total $1,111,727 $6,572,898 $648,201 $8,332,826 $272,034
Non-cash disclosure
Developer contributions$788,434$2,786,128$1,785,871$5,360,433
Equity transfers to internal service funds $12,668
Governmental transfers to internal service funds 416,199
Capital lease transfer to general debt (368,787)
The notes to the financial statements are an integral part of this statement.(continued)
CITY OF GEORGETOWN, TEXAS
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDSFISCAL YEAR ENDED SEPTEMBER 30, 2005
Business-type Activities
Enterprise Funds
WATEROTHERGOVERNMENTAL
ELECTRICSERVICESENTERPRISEACTIVITIES
FUND FUND FUNDS TOTAL INTERNAL SERVICE FUNDS
OPERATING INCOME (LOSS)$6,454,758$4,208,122$670,853$11,333,733$(1,070,016)
Adjustments to reconcile operating income (loss) to
cash provided by (used in) operating activities:
Depreciation2,035,0772,681,160709,2515,425,4881,158,113
Other income599,703525,40763,8071,188,917229,192
Bad debt expense26,2167,8121,88735,915
Increase (decrease) in unearned revenue1,410,6181,410,618(11,704)
Decrease (increase) in prepaid expenses(422,405)(422,405)
Decrease (increase) in inventories191,041(30,699)160,342(60,349)
Decrease (increase) in accounts receivable(1,052,917)(445,341)(187,531)(1,685,789)(30,733)
Decrease (increase) in customer deposits164,226164,226
Decrease (increase) in notes receivable1,947,1321,947,132
Increase (decrease) in accounts payable1,669,734217,965155,3402,043,03926,033
Increase (decrease) in compensated absences payable25,5275,7363,02934,2928,673
Net cash provided by operating activities$10,113,365$10,136,206$1,385,937$21,635,508$249,209
The notes to the financial statements are an integral part of this statement.
CITY OF GEORGETOWN, TEXAS
STATEMENT OF FIDUCIARY NET ASSETS
AGENCY FUNDS
AS OF SEPTEMBER 30, 2005
ASSETS:
Cash and cash equivalents$25,786
Accounts receivable1,223,823
TOTAL ASSETS $1,249,609
LIABILITIES:
Accounts payable$29,381
Due to other governments1,220,228
TOTAL LIABILITIES $1,249,609
The notes to financial statements are an integral part of this statement.
Notes to the Financial Statements
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2005
34
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accounting and reporting policies of the City of Georgetown, Texas, (“City”), included in the
accompanying basic financial statements conform to the generally accepted accounting principles
(GAAP) applicable to state and local governments. The Governmental Accounting Standards Board
(GASB) is the accepted standard-setting body for establishing governmental accounting and financial
reporting principles. The following notes to the financial statements are an integral part of the City's
Comprehensive Annual Financial Report.
A. Financial Reporting Entity
The City of Georgetown was incorporated under the laws of the State of Texas in 1848 and
operates under a Council-Manager form of government. The City’s financial statements include
the accounts of all City operations. Generally accepted accounting principles require all funds that
are controlled by or are dependent on the City Council to be included in the City’s financial
statements. The reporting entity is the primary government, or the City, and those component
units for which the primary government is financially accountable. Financial accountability is
defined as the appointment of a voting majority of the potential component unit‘s board and either
the ability to impose its will by the primary government or the possibility that the component unit will
provide a financial benefit or impose a financial burden on the primary government. Blended
component units, although legally separate entities are, in substance, part of the government’s
operations and so data from these units are combined with the data of the primary government.
The following blended component unit has a September 30 year end.
BLENDED COMPONENT UNIT
Georgetown Transportation Enhancement Corporation (GTEC) is a legally separate entity from the
City and is governed by a seven member board appointed by City Council, including four Council
members. The City Council maintains budgetary control over the corporation. The City Manager
serves as the General Manager of the corporation and City’s Director of Finance and
Administration acts as the Financial Manager. For financial reporting purposes, GTEC is
presented as a blended component unit within City operations because its sole purpose is to utilize
sales tax revenues for the improvement of the City’s transportation system. The revenues and
expenditures for GTEC are accounted for in a general capital projects fund. The City issues debt
on behalf of GTEC in exchange for pledged sales tax revenue that is transferred to the City to
reimburse for debt service related to the bonds. GTEC’s debt is shown in the Governmental
Activities in the Statement of Net Assets.
RELATED ORGANIZATIONS
The Mayor and City Council are responsible for appointing a voting majority of the members of
some local boards and commissions, but the City's accountability for these organizations does not
extend beyond making the appointments. These entities are the Georgetown Industrial
Development Corporation, Georgetown Hospital Authority, and Georgetown Higher Education
Finance Corporation.
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2005
35
B. Basis of Presentation
BASIC FINANCIAL STATEMENTS
The basic financial statements include both government-wide financial statements (based on the
City as a whole) and fund financial statements. Both sets of financial statements classify activities
as either governmental, which are supported by taxes and intergovernmental revenues, or
business-type activities, which rely on fees and charges for support.
Government-wide financial statements. The government-wide Statement of Activities
demonstrates the degree to which the direct expenses of a given program or function are offset by
the program’s revenues. Direct expenses are those that are clearly identifiable with a specific
program. Program revenues include 1) charges to customers or applicants who purchase, use, or
directly benefit from goods, services or privileges provided by a given program and 2) grants and
contributions that are restricted to meeting the operational or capital requirements of a particular
program. Taxes and other items not properly included among program revenues are reported
instead as general revenues. The effect of interfund activity within the governmental and business-
type activities columns has been removed from these statements.
Fund financial statements. The City segregates transactions related to certain functions or
activities in separate funds in order to aid financial management and to demonstrate legal
compliance. Each fund is considered a separate accounting entity and the operations of each fund
are accounted for using a separate set of self-balancing accounts that comprise its assets,
liabilities, fund equity, revenues, and expenditures or expenses, as appropriate. Governmental
resources are allocated to and accounted for in individual funds based upon the purposes for
which they are to be spent and the means by which spending activities are controlled. Separate
statements are presented for governmental funds, proprietary funds, and fiduciary funds, even
though the latter are excluded from the government-wide financial statements. These statements
present each major fund as a separate column on the fund financial statements; all non-major
funds are aggregated and presented in a single column.
The government wide focus is on the sustainability of the City as an entity and the change in net
financial position resulting from the activities of the fiscal period. The focus of the fund financial
statements is on the major individual funds of the governmental and business-type categories.
Each presentation provides a different focus, which allows the reader to compare and analyze the
information to enhance the usefulness of the statements.
GOVERNMENTAL FUND TYPES
Governmental Funds are those funds through which most governmental functions typically are
financed. The measurement focus of governmental funds (in the fund financial statements) is on
the sources, uses and balance of current financial resources and include the General Fund,
Special Revenue Funds, Debt Service Fund and Capital Projects Funds. The individual funds are
described as follows:
Major Governmental Funds
General Fund - The General Fund is the general operating fund of the City. It is used to
account for all financial resources except those required to be accounted for in another fund.
Georgetown Transportation Enhancement Corporation (GTEC) – This capital projects fund is
used to account for the City’s 4B Corporation, created to administer the voter approved ½ cent
sales tax for transportation improvements that aid in economic development efforts.
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2005
36
Debt Service Fund - The Debt Service Fund is used to account for the accumulation of
resources for, and the payment of, general long-term debt principal, interest and related costs.
General Capital Projects Funds – This capital projects fund is used to account for financial
resources to be used for the acquisition or construction of parks, buildings, and other facilities.
Such resources are derived from proceeds of general obligation bonds or other sources of
revenue specifically set aside for capital projects.
Non-major Governmental Funds
Special Revenue Funds - The Special Revenue Funds are used to account for the proceeds
of specific revenue sources (other than expendable trusts or major capital projects) that are
restricted to expenditures for specified purposes.
Streets Capital Projects Fund – This capital projects fund is used to account for financial
resources used to construct major streets utility infrastructure.
PROPRIETARY FUND TYPES
The Proprietary Fund Types are used to account for the City's organization and activities which are
similar to those often found in the private sector. These funds are financed and operated in a
manner similar to private business enterprises – where the intent of the City is that the costs
(expenses, including depreciation) of providing goods or services to the general public on a
continuing basis be financed or recovered mainly through user charges; or where the governing
body has decided that periodic determination of revenues earned, expenses incurred and/or net
income is appropriate for capital maintenance, public policy, management control, accountability or
other purposes.
Major Proprietary Funds
Electric Fund – This fund accounts for the City’s electric utility, including operations,
maintenance of the infrastructure and expansion of the system within the City’s service
territory.
Water Services Fund – This fund accounts for the City’s water, sewer and water reuse
systems, including operations, contracted maintenance, internal maintenance, expansion of
the system within the City’s service territory and the costs of environmental mandates that
arise.
Non-major Proprietary Funds
Enterprise Funds - The funds that are operated as enterprise funds within the City but are not
considered major funds are the Sanitation, Stormwater Drainage and Airport Funds.
Internal Service Funds - The Internal Service Funds, which provide services primarily to other
funds of the government, are presented in the summary form as part of the proprietary fund
financial statements. The financial statements of the internal service funds are allocated in
the governmental column when presented at the government-wide level. Various operations
are accounted for as internal service funds, such as operational costs associated with
automobile and heavy equipment owned by the City and made available to various
departments, costs related to maintaining and repairing City owned facilities, operational costs
associated with the City's computer equipment within various departments, as well as jointly
shared administrative departments.
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2005
37
Proprietary funds distinguish operating revenues and expenses from non-operating items.
Operating revenues and expenses generally result from providing services and producing and
delivering goods in connection with the proprietary funds principal on-going operations.
Operating expenses for the proprietary funds include the cost of personnel and contractual
services, supplies and depreciation on capital assets. All revenues and expenses not meeting
this definition are reported as non-operating revenues and expenses.
FIDUCIARY FUND TYPE – AGENCY FUNDS
The City’s fiduciary fund is presented in the fund financial statements by type. Since by definition,
these assets are being held for the benefit of a third party (cafeteria plan participants, local
grantees, public improvement district, etc.) and cannot be used to address activities or obligations
of the government, these funds are not incorporated in the government-wide statements.
C. Measurement Focus/Basis of Accounting
The accounting and financial reporting treatment applied to a fund is determined by its
measurement focus. Measurement focus refers to what is being measured and basis of
accounting refers to timing of revenue and expenditure recognition in the financial statements.
The government-wide statements and fund financial statements for proprietary funds are reported
using the economic resources measurement focus and the accrual basis of accounting. The
agency fund also uses the accrual basis of accounting. The economic resources measurement
focus means all assets and liabilities (whether current or non-current) are included on the
statement of net assets and the operating statements present increases (revenues) and decreases
(expenses) in net total assets. Under the accrual basis of accounting, revenues are recognized
when earned, including unbilled utility services which are accrued. Expenses are recognized at the
time the liability is incurred.
Private-sector standards of accounting and financial reporting issued prior to November 30, 1989
generally are followed in both the government-wide and proprietary fund financial statements to the
extent that those standards do not conflict with or contradict guidance of the Governmental
Accounting Standards Board. Governments also have the option of following subsequent private-
sector guidance for their business-type activities and enterprise funds, subject to this same
limitation. The City has elected not to follow private-sector guidance issued subsequent to
November 30, 1989.
Governmental fund financial statements are reported using the current financial resources
measurement focus and are accounted for using the modified accrual basis of accounting. With
this measurement focus, only current assets and current liabilities generally are included on the
balance sheet. Operating statements of these funds present increases (i.e., revenues and other
financing sources) and decreases (i.e., expenditures and other financing uses) in net current
assets.
Under the modified accrual basis of accounting, revenues are recorded when susceptible to
accrual, i.e., both measurable and available. Available means collectible within the current period
or soon enough thereafter to be used to pay liabilities of the current period. The City considers all
revenues available if they are collected within sixty (60) days after year-end. Expenditures are
recognized when the related fund liability is incurred, if measurable, except for principal and
interest on general long-term debt, which are recorded when due, and compensated absences,
which are recorded when payable from current available financial resources.
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2005
38
Ad valorem, sales, hotel, and franchise tax revenues recorded in the Governmental Fund Types
are recognized under the susceptible to accrual concept. Licenses and permits, charges for
services, fines and forfeitures, and miscellaneous revenues (except earnings on investments) are
recorded as revenues when received in cash because they are generally not measurable until
actually received. Investment earnings are recorded as earned since they are measurable and
available.
D. Budgets
At least 30 days prior to the end of each fiscal year, the City Manager submits a proposed budget
presenting a complete financial plan for the ensuing fiscal year to the City Council (the Council).
Public hearings are conducted, at which time all interested persons' comments concerning the
budget are heard. The budget must be legally adopted by the Council through passage of an
ordinance no later than the twenty-seventh day of the last month of the fiscal year.
Formal budgetary integration is employed as a management control device during the year for all
Governmental and Proprietary Fund Types. Budgets for all funds were legally adopted for the
period. Budgetary control is exercised at the division level. All budgets are prepared on the
budgetary basis, recognizing encumbrances outstanding at year-end as expenditures against that
year’s appropriation. These encumbrances are reconciled to generally accepted accounting
principles where appropriate.
The Council may transfer any unencumbered appropriation balance or portion thereof from one
division, office, department or agency to another at any time. The City Manager has authority,
without Council approval, to transfer appropriation balances from one expenditure account to
another within a single division, office, department, or agency of the City; however, unbudgeted
transfers between funds are prohibited.
The Council may authorize by a majority plus one vote, an emergency expenditure as an
amendment to the original budget, but only in a case of grave public necessity, to meet an unusual
and unforeseen condition that could not have been included in the original budget through the use
of reasonable, diligent thought and attention.
Budget amounts are as originally adopted, or as transferred pursuant to authorization of the City
Manager or amended by the City Council. Individual amendments were not material in relation to
the original appropriations. Unencumbered appropriations lapse each year at September 30.
The Statement of Revenues, Expenditures and Changes in Fund Balances – Budget and Actual-
General Fund presents a comparison of budgetary data to actual results. The General Fund
utilizes the same basis of accounting for both budgetary purposes and actual results, except for the
effect of encumbrances and unrealized investment gains and losses, which are reconciled to the
actual results for this comparison.
E. Encumbrances
Encumbrance accounting is employed as an extension of formal budgetary control in all funds.
Encumbrance accounting is a process whereby purchase orders, contracts and other commitments
for the expending of monies are recorded in order to reserve that portion of the applicable
appropriation. Outstanding year-end encumbrances are reported as reservations of fund balances
and do not constitute expenditures or liabilities because the commitments are carried forward into
the subsequent fiscal year.
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2005
39
F. Cash and Investments
For cash flow purposes, cash and cash equivalents consist of demand deposits, certificates of
deposits and deposits in authorized investment pools.
The operating cash balances from all funds are consolidated in pooled cash and investment
accounts. Excess pooled balances are invested in U.S. Treasury securities, U.S. Government
agency securities, fully collateralized money market funds and local government investment pools.
Maturities on all investments are consistent with the City’s cash flow requirements. Investments
are stated at fair value, or market price as of September 30, 2005. Interest earnings are then
allocated to each fund based on average monthly pooled equity balances. Separate cash and
investment accounts are maintained for restricted cash such as debt service and bond proceeds
reserved for future construction.
G. Restricted Assets
Historically, the utility funds, based on certain bond covenants, were required to establish and
maintain prescribed amounts of resources that could be used only to service outstanding debt. In
July 1998 all outstanding revenue bonds were defeased and debt covenants modernized,
eliminating required debt reserves in utility funds. Included in the restricted assets are capital
recovery fees (impact fees), that are, by law, restricted for future capital improvements. In addition,
the funds also maintain restricted assets for construction of future debt funded capital
improvements. Restricted assets consist of cash and investments, including customer deposits.
When both restricted and unrestricted resources are available for use, it is the City’s policy to use
restricted resources first, then unrestricted resources as they are needed.
H. Long-term Receivables
As part of the Del Webb Development Agreement that provided infrastructure improvements for
Sun City Texas, the City funded water, wastewater and other improvements for a 10,500 unit
development. In April 2003, the City and Del Webb agreed to the Seventh Amendment to the
Development Agreement, whereby the number of units in Sun City was reduced to 5,000 and
costs already spent associated with the additional units were identified as "stranded". As part of
the Seventh Amendment, Del Webb will repay the stranded costs over seven years at 5.25%
interest, as well as a minimum 300 units, annually for seven years, of previously agreed upon
service improvement fees for improvements in Sun City. The outstanding balance as of
September 30, 2005 was $7,683,184 in the Water Services Fund and $1,193,586 in the General
Fund. This agreement is discussed in detail in the Commitments and Contingency section of these
notes. Total long-term receivables in the Water Services Fund is $7,726,649, which also includes
long term tap repayment plans from customers.
I. Inventories
Inventories consist of motor fuel, office and other supplies valued at the weighted average cost
method and are recognized as expenditures or expenses when used.
J. Interfund Receivables and Payables
Short-term advances between funds are accounted for in the appropriate interfund receivable and
payable accounts. Negative balances incurred in pooled cash at year-end are treated as interfund
receivables of the Water Fund and interfund payables of the deficit fund.
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2005
40
K. Interfund Transactions
All legally authorized transfers have been appropriately presented as interfund transfers and are
included in the fund financial statements of both Governmental and Proprietary Fund Types. As a
general rule, the effect of interfund activity has been eliminated from the government-wide financial
statements.
L. Intergovernmental Revenues
Intergovernmental revenues represent entitlements and shared revenues which are accounted for
within the fund financed. Such revenues, received for purposes normally financed through the
general government, are accounted for within the Special Revenue Funds.
M. Compensated Absences
All employees may accumulate a maximum of two times their annual vacation, up to an absolute
cap of 240 hours, or 30 days. Upon termination, non-Civil Service employees are paid for one-half
of their accumulated sick leave up to a maximum of 120 days, as well as any unused accumulated
vacation hours. Upon termination, Civil Service employees are paid for the entire balance of their
sick leave earned after October 30, 2003 or October 30, 2005 (the effective date of the regulations
in the City for fire civil service and police civil service employees, respectively), up to a maximum of
90 days. Civil Service employees hired prior to the effective date of the adoption of Civil Service
regulations are eligible under city policy to receive one-half of their sick leave up to 120 days. Sick
leave in excess of the maximums for both regular and Civil Service employees is not paid upon
termination, but will be paid only upon illness while in the employ of the city.
Accumulated vacation and sick leave, which is expected to be liquidated with expendable available
financial resources, is reported as an expenditure and a fund liability of the governmental fund that
will pay it. Amounts of accumulated vacation leave within governmental funds that are not
expected to be liquidated with expendable available financial resources are reported as a long-
term liability on the statement of net assets. No expenditure is reported for these amounts in the
fund financial statements. Accumulated vacation and sick leave of proprietary fund types are
recorded as an expense and liability of those funds as the benefits accrue to employees.
N. Capital Assets
Capital Assets other than Streets & Drainage:
Capital assets, which include property, plant, equipment and infrastructure assets, are reported in
the applicable governmental or business-type activities column in the government-wide financial
statements and in the fund financial statements for proprietary funds. All capital assets are valued
at their historical cost or estimated historical cost if actual historical cost is not available. Donated
assets are valued at their fair market value on the date donated. Repairs and maintenance are
recorded as expenses. Renewals and betterments are capitalized.
Assets capitalized, not including infrastructure assets, have an original cost of $5,000 or more and
an expected useful life of over one year.
Interest incurred during the construction phase of capital assets of business-type activities is
capitalized. Interest of $162,849 was capitalized in enterprise funds during the 2005 fiscal year.
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2005
41
Depreciation for assets not following the modified approach is computed using the straight-line
method on the composite assets based upon the estimated useful lives as follows:
Distribution systems 25-50 years
Buildings and improvements 10-20 years
Furniture, fixtures and equipment 3-10 years
The City records capital contributions to proprietary funds as revenue. Total capital contributions
to the enterprise funds in fiscal year 2005 were $5,360,433 and $47,414 in the internal service
funds.
Capital Assets - Streets & Drainage:
Governmental Accounting Standards Board Statement # 34 provides for an alternative approach
to depreciation for measuring the value of infrastructure assets and the related costs incurred to
maintain their service life at a locally established minimum standard. In order to adopt this
alternative method, the City must use an asset management system, and must determine if the
minimum standards are being maintained. This measurement occurs every three years at a
minimum. The City has elected to use this alternative method for reporting its street infrastructure
assets. The City contracted with the engineering firm of Kasberg, Patrick and Associates to
complete pavement condition surveys for the City’s street network during 2005. This fiscal year is
the first year to utilize the asset management system.
The City uses the CarteGraph PavementView Pavement Management Information System to track
the condition levels of each of the street sections. The entire streets inventory is captured in the
system and the condition of the pavement is based on the following factors:
• Type of Distress
• Amount of Distress
• Severity of Distress
• Deduct Values (function of the first three)
The Pavement Condition Index (PCI) is a measurement scale based upon a condition index
ranging from zero for a failed pavement to 100 for pavement with perfect condition. The condition
index is used to classify pavement in the following conditions:
The PCI for 2005 was 91. The City’s administrative policy is to maintain an average PCI level of
85. An 85 PCI is considered maintaining the streets in a “good” condition. Staff prepares a street
maintenance budget that meets this target for Council’s consideration during the budget process.
O. Long-term Obligations
The portion of long-term general obligation debt used to finance proprietary fund operations and
payable from the revenues of the Enterprise Funds is recorded in such funds. General obligation
bonds and other forms of long-term debt supported by general revenues are obligations of the City
as a whole and not its individual funds. Accordingly, such unmatured obligations of the City are
accounted for on the statement of net assets and payments of principal and interest relating to the
general obligation bonds are recorded as expenditures when they are paid in the fund statements.
PCIRating
100 - 85Good
84 - 45Fair
44 - 0Poor
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2005
42
Self-supporting general obligation debt, which will be repaid from non-general revenue sources, is
recorded in the appropriate proprietary fund.
P. Bond Issuance Costs
For Governmental fund types, bond premiums and discounts, as well as issuance costs, are
recognized during the current period on the fund financial statements. Bond proceeds are
reported as other financing source net of the applicable premium or discount. Issuance costs,
even if withheld from the actual net proceeds received, are reported as debt service expenditures.
For Proprietary Fund types and on the government-wide statements, premiums and discounts, as
well as issuance costs, are deferred and amortized over the life of the bonds using the straight line
method which does not differ significantly from the effective interest method. Bonds payable are
reported net of the applicable bond premium or discount. Issuance costs are reported as deferred
charges and amortized over the term of the related debt.
Q. Comparative Data/Reclassification
Comparative total data for the prior year have been presented in selected sections of the
accompanying financial statements in order to provide an understanding of the changes in the
City’s financial position and operations. Also, certain amounts presented in the prior year data
have been reclassified in order to be consistent with the current year’s presentation.
R. Post Employment Benefits (other than pension benefits)
Except for health insurance provided pursuant to the Consolidated Omnibus Budget Reconciliation
Act (COBRA), the City provides no post employment benefits and thus has no related obligation.
S. Risk Financing Activity
The City of Georgetown is exposed to various risks of loss related to torts; theft of, damage to, and
destruction of assets; errors and omission; injuries to employees; and natural disasters. During
fiscal year 2005, the City purchased general liability and property insurance from Texas Municipal
League Intergovernmental Risk Pool (TML-IRP). The City pays an annual premium to TML-IRP
for such coverage. TML-IRP purchases reinsurance, and the City does not retain risks of loss
exceeding deductibles. Settled claims have not exceeded insurance coverage in the past three
years.
The workers compensation plan is administered and paid through the Texas Municipal League-
Intergovernmental Risk Pool (TML-IRP). Under this plan, the City does not retain risks of loss
exceeding the deductibles. TML-IRP also brokers the City’s Aviation and Underground Storage
Tank Pollution liability insurance, as well as, the canine and surgical vet coverage. The City does
not retain the risks of loss exceeding the deductibles.
T. Credit Risk
Financial investments which potentially subject the City to concentrations of credit risk consist
principally of cash, investments and accounts receivable. At September 30, 2005, there was not a
significant risk arising from cash, investments or accounts receivable.
U. Nature and Purpose of Reservations and Designation of Fund Equity
In fund financial statements, governmental funds report reservations for amounts that are not
available for appropriation or are legally restricted by outside parties for a specific purpose.
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2005
43
Fund balances and net assets are restricted and/or reserved for the following purposes:
Restrictions:
• Debt Service - tax funds levied and reserved for retirement of general long-term debt.
• Capital Projects - funds identified for capital outlay including infrastructure and other capital
projects; these funds were collected either through impact fees or bonds proceeds, both legally
restricted for capital needs. Impact fees are legally restricted by Texas legislation enabling
their use. Bond proceeds are considered restricted because of ordinances authorizing their
issuance and documents filed with the State Attorney General specifying the usage of the
related proceeds.
Reservations:
• Encumbrances - funds reserved for payment of outstanding commitments related to
unperformed contracts for goods or services, i.e. open purchase orders.
• Prepaid Items and Inventories - assets such as supplies and fuel that are unavailable for
spending.
• Special Programs - funds relating to grants, hotel/motel tax, and other restricted sources.
V. Prior Period Adjustment
The City elected to adopt the modified approach of infrastructure assessment allowed under GASB
34 for its street and drainage infrastructure. A complete inventory was prepared in fiscal year 2003
and the valuation of this inventory was completed in 2004, based on the age of the street and
construction indexes. In 2005, a complete assessment of the condition of the streets inventory was
completed. A full description of this inventory is included in Note N. This resulted in $1.8 million of
street improvements being reduced from the previous balance recorded. As a result of this
adjustment, net assets as of October 1, 2004 are reconciled as follows:
Governmental Activities
Net Assets, October 1, 2004, as previously recorded $115,753,180
Adjust streets assets based upon current condition (1,842,441)
Net Assets, October 1, 2004, as restated $113,910,739
2. CASH AND INVESTMENTS
For Cash flow purposes, cash and temporary investments consist of demand deposits, certificates of
deposits, and in authorized investment pools. The operating cash balance from all funds is
consolidated in pooled cash and investment accounts. Excess pooled balances are invested in U.S.
Treasury securities, U.S. Government agency securities, fully collateralized money market funds and
local government investment pools. Maturities on all investments are consistent with the City’s cash
flow requirements. Investments are recorded at cost. Interest earnings are allocated to each fund
based on average monthly pooled equity balances. Separate cash and investment accounts are
maintained for restricted cash such as debt service, utility debt reserves, and bond proceeds reserved
for future construction.
The investment policies of the City are governed by State statues and a City Council adopted
Investment Policy. Major provisions of the City’s investment policy include: responsibility for
investments, authorized investments, security dealer selection and qualifying procedures, safekeeping
and custodial procedures, statement of investment objectives, and investment reporting requirements.
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2005
44
DEPOSITS
Texas Statutes require that all bank deposits be insured or fully collateralized by the U.S. government
obligations or obligations of the State of Texas and its agencies. Market value of the collateral pledged
must equal at least 100% of the bank deposits not covered by federal deposit insurance.
At year-end, the carrying amount of the City’s bank deposits was a negative $3,853 and the bank
balances were $609,357 all of which were entirely covered by Federal depository insurance or by
collateral held by the City’s agent bank in the City’s name. The negative carrying amount of cash and
positive bank balance reflected above are the result of disbursement float (checks which have been
issued but not yet presented to the bank for payment).
In order to maximize interest earnings, the City utilizes a controlled disbursement account, which allows
the City to deposit only as much money as needed to fund checks presented each day. The required
amount is withdrawn from the investment pools and transferred to the City’s local depository.
INVESTMENTS
The City is authorized to invest in certificates of deposit, direct obligations of the US government, US
government agency securities, fully collateralized direct repurchase agreements, no-load money market
funds whose portfolio meet the City’s investment requirements, and in qualified local government
investment pools as approved by the City Council.
The City’s investments carried at fair value as of September 30, 2005, are:
Interest Rate Risk - In compliance with the City’s Investment Policy, as of September 30, 2005, the
City minimized the interest rate risk, related to the decline in market value of securities due to rising
interest rates in the portfolio by; limiting the weighted average maturity of security types to no longer
than 2 years; structuring the investment portfolio so that securities matured to meet cash requirements
for ongoing operations and capital improvement projects; monitoring credit ratings of portfolio positions
to assure compliance with rating requirements imposed by the Public Funds Investment Act; and
investing operating funds primarily in shorter-term securities and similar government investment pools.
FairWeighted Average
Category 1ValueMaturity (days)
Investments
U S Treasury Securities$2,994,648$2,994,648251
U S Government Agency Securities23,643,20323,643,203370
Texas Local Government Investment Pool (TexPool)3,776,3161
Texas Local Government Investment Pool (TexasTERM)1,553,2651
Texas Short Term Asset Reserve Program (TexSTAR)15,809,5611
Total Fair Value of Investments:$26,637,851 $47,776,993
Portfolio weighted average maturity: 148
Carrying Amount $(3,853)
Total Cash & Investments:$47,773,140
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2005
45
Credit Risk – In compliance with the City’s Investment Policy, as of September 30, 2005, the City
minimized credit risk losses due to default of security issuer or backer by; limiting investments to the
safest types of securities. All City’s purchased investments in U.S. Agencies were rated AAA, AAA, and
Aaa by Standard & Poors, Fitch and Moody’s respectively; pre-qualifying the financial institutions,
broker/dealers, intermediaries, and advisors with which the City will do business; and diversifying the
investment portfolio so that potential losses on individual securities were minimized.
For short-term liquidity requirements, the City primarily utilizes the Texas Short Term Asset Reserve
Program (TexSTAR). JPMorgan Fleming Asset Management, Inc. and First Southwest Asset
Management, Inc. serve as co-administrators under an agreement with the TexSTAR board of directors
to provide investment and participant services for this pool. JPMorgan Chase Bank or its subsidiary
J.P. Morgan Investor Services Co. provides the custodial, transfer agency, fund accounting, and
depository services for this pool.
The City also maintains an account with the Texas Local Government Investment Pool (TexPool).
Under the TexPool Participation Agreement, administrative and investment services to TexPool are
provided by Lehman Brothers Inc. and Federated Investors, Inc. through an agreement with the State of
Texas Comptroller of Public Accounts. The State of Texas Comptroller of Public Accounts is the sole
officer, director, and shareholder of the Texas Treasury Safekeeping Trust Company authorized to
operate TexPool.
The City also maintains an account with the Local Government Investment Pool (TexasTERM).
Administrative and investment services to the pool are provided by PFM Asset Management LLC, under
an agreement with the TexasTERM Advisory Board and act on behalf of the pool participants.
TexSTAR and TexPool operate on a $1 net asset value basis. In order to maintain a stable $1 price of
the fund, the pools will sell portfolio holdings if the ratio of the market value of the portfolio divided by
the book value of the portfolio is less than .995 or greater than 1.005. The pools are stated at their fair
value, which is $13,208 lower than the book value for the pools at 9/30/05.
During 2005, the City realized no gains or losses from the sale of investments, as the City’s investment
strategy is to invest to maturity. The City recognized a net decrease in the fair value of investments held
at year-end of $33,392.
3. TAXES
Property Taxes - Property is appraised and a lien on such property becomes enforceable as of
January 1st of each year. Taxes are levied on and payable the following October 1st. Taxes become
delinquent February 1st of the following year and are subject to interest and penalty charges. Under an
agreement which began August 1, 2000, Williamson County Tax Office collects the City's taxes. In the
fund financial statements, City property tax revenues are recognized when levied to the extent that they
are collected in the current year. Taxes collected prior to the levy date to which they apply are recorded
as unearned revenues and recognized as revenue of the period to which they apply. All collections
from prior year levies are considered delinquent tax revenue for reporting purposes in the year
collected. The allowance for uncollectible taxes at September 30, 2005 was $6,467.
The City is permitted by the State of Texas to levy taxes up to $2.50 per $100 of assessed valuation for
general government services and for the payment of principal and interest on general long-term debt.
The combined current tax rate to finance general government services, including debt service for the
fiscal year ended September 30, 2005, was $.34626 per $100 of assessed valuation.
The Williamson County Appraisal District (Appraisal District) is responsible for the recording and
appraisal of property for all taxing units in Williamson County. The Appraisal District is required to
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2005
46
assess property at 100% of its appraised value. Real property must be reappraised at least every four
years. The City may, at its own expense, require annual reviews by the Appraisal District through
various appeals and, if necessary, legal action. Under this system, if the rate, excluding tax rates for
bonds and other contractual obligations adjusted for new improvements, exceeds the rate for the
previous year by more than 8%, qualified voters of the City may petition for an election to determine
whether to limit the tax rate to an increase of no more than 8%.
In September 2004, voters approved an initiative to freeze property taxes for homeowners over the age
of 65 or disabled. This measure mirrors the State of Texas Constitutional Amendment Proposition 13,
which passed overwhelmingly statewide in 2003. “Prop 13” gives local governments the option of
“freezing” taxes for the elderly and disabled.
Sales Taxes - The City has adopted the provisions of Article 1066C, Vernon's Texas Civil Statutes, as
amended, which grant the City the power to impose and levy a 1% Local Sales and Use Tax within the
City. Proceeds of the tax are credited to the General Fund except for sales taxes generated at the
airport which are credited to the Airport (Enterprise) Fund. Collections and enforcements are effected
through the offices of the Comptroller of Public Accounts, State of Texas, who remits to the City monthly
the proceeds of the tax, after deduction of a 2% service fee.
On October 1, 2001, the City began collecting an additional ½ cent sales tax for its component unit,
GTEC, to fund transportation improvements that promote economic development. These funds are
reported in the GTEC General Capital Projects Fund, a blended component unit of the City.
On April 1, 2003, the City began collecting an additional ¼ cent sales tax in accordance with Texas
House Bill 445 to fund maintenance on streets that were in existence at the time the sales tax was
adopted by the voters. The tax has a sunset provision and will expire in November, 2006, unless
readopted by the citizens. These funds are reported in the Streets Special Revenue Fund.
4. INTERFUND RECEIVABLES / PAYABLES AND TRANSFERS
Interfund receivables and payables relate to negative positions in pooled cash equity. All balances are
expected to be resolved within six months. InterfundInterfund
ReceivablesPayables
GOVERNMENTAL FUND TYPES:
Governmental funds:
Major funds:
General capital projects$345,093
Total major funds 345,093
Nonmajor funds:
Village improvement district 724
Police special revenue 15,182
Total nonmajor funds 15,906
Governmental net total:$360,999
PROPRIETARY FUND TYPES:
Enterprise funds:
Major funds: Water services$415,360
Total major funds415,360
Nonmajor funds
Sanitation 54,361
Total nonmajor funds 54,361
Enterprise net total:$360,999
TOTAL INTERFUND
RECEIVABLES & PAYABLES $360,999$360,999
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2005
47
Transfers InTransfers Out FundDescription
Governmental Funds:
Major funds
General fund$4,550,972 Enterprise funds8% Return on Investment
General fund203,632 Water services fundProvide water hydrant maintenance
General fund40,000 Tourism special revenue fundWayfaring signage
General fund10,000 Court fees special revenue fundBaliff expenses
General fund$80,000 Joint services fundMerit bonuses
General fund17,539 Cemetery special revenueSubsidize the cemetery
General fund191,665 General capital projectsGeneral capital projects
General fund43,940 Tourism special revenue fundFund portion of Main Street Department
General fund22,770 Police special revenue fundGrant matching
GTEC1,061,649 Debt serviceDebt service
GTEC11,200 Special revenue fundMapping expenses
Debt service1,061,649 GTECDebt service
Debt service61,592 Fire special revenue fundFire truck
Debt service42,131 Information services fundVerizon lease
General capital projects191,665 General fundGeneral capital projects
General capital projects8,000 Information services fundToughbooks
General capital projects88,500 Joint services fundEquipment purchases
General capital projects25,000 Electric fundEquipment purchases
General capital projects1,092,074 Fleet management fundEquipment purchases
General capital projects32,253 Information services fundSystem upgrades
Total major funds6,283,141 2,553,090
Nonmajor funds
Special revenue funds116,891 138,122 Transfer between major governmental funds
Internal service funds1,711,224 199,981 Transfer between major governmental and major enterprise funds
Total nonmajor funds1,828,115 338,103
Total governmental funds8,111,256 2,891,193
Total net governmental funds5,220,063
Enterprise Funds:
Major funds
Electric$2,801,394 General fund8% Return on Investment
Electric25,000 General capital projectsEquipment purchases
Electric112,500 Internal service fundsInternal service fund transfer
Water services1,374,028 General fund8% Return on Investment
Water services203,632 General fundProvide water hydrant maintenance
Water services294,240 Internal service fundsInternal service fund transfer
Water services33,718 Fleet management fundEquity transfer
Total major funds4,844,512
Nonmajor funds
Nonmajor enterprise funds375,551 General fund8% Return on Investment
Total nonmajor funds funds375,551
Total enterprise funds5,220,063
TOTAL INTERFUND TRANSFERS$5,220,063 $5,220,063
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2005
48
5. CAPITAL ASSETS Capital asset activity for the year ended September 30, 2005 was as follows:
Balance
10/01/04DeletionsBalance
(as restated)Additions& Transfers9/30/05
Governmental activities:
Capital assets not being depreciated
Land$3,292,452 $750,119 $4,042,571
Construction in progress3,582,988 8,864,530 $(2,101,427) 10,346,091
Total capital assets not being depreciated6,875,440 9,614,649 (2,101,427) 14,388,662
Capital assets being depreciated
Equipment14,728,991 1,770,438 (146,762) 16,352,667
Buildings19,625,883 2,064,158 (433,050) 21,256,991
Improvements14,458,851 4,260,180 18,719,031
Streets88,780,600 10,767,699 99,548,299
Total capital assets being depreciated137,594,325 18,862,475 (579,812) 155,876,988
Less accumulated depreciation for:
Equipment(8,628,043) (1,226,681) 98,634 (9,756,090)
Buildings(3,624,936) (503,199) 399,517 (3,728,618)
Improvements(3,953,104) (573,216) (4,526,320)
Total accumulated depreciation(16,206,083) (2,303,096) 498,151 (18,011,028)
Total capital assets being depreciated, net 121,388,242 16,559,379 (81,661) 137,865,960
Governmental activities capital assets, net$128,263,682 $26,174,028 $(2,183,088) $152,254,622
Electric activities:
Capital assets not being depreciated
Land$193,735 $193,735
Construction in progress$3,567,957 $(3,081,280) 486,677
Total capital assets not being depreciated193,735 3,567,957 (3,081,280) 680,412
Capital assets being depreciated
Equipment496,664 39,432 536,096
Buildings73,707 73,707
Improvements44,363,262 3,869,712 48,232,974
Total capital assets being depreciated44,933,633 3,909,144 - 48,842,777
Less accumulated depreciation for:
Equipment(355,645) (52,075) (407,720)
Buildings(9,814) (4,110) (13,924)
Improvements(14,023,256) (1,978,892) (16,002,148)
Total accumulated depreciation(14,388,715) (2,035,077) - (16,423,792)
Total capital assets being depreciated, net 30,544,918 1,874,067 - 32,418,985
Electric activities capital assets, net$30,738,653 $5,442,024 $(3,081,280) $33,099,397
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2005
49
Balance
10/01/04DeletionsBalance
(as restated)Additions& Transfers9/30/05
Water services activities:
Capital assets not being depreciated
Land$475,070 $(5,716) $469,354
Construction in progress4,985,311 $7,743,719 (7,693,970) 5,035,060
Total capital assets not being depreciated5,460,381 7,743,719 (7,699,686) 5,504,414
Capital assets being depreciated
Equipment207,947 28,435 236,382
Buildings3,019,794 3,019,794
Improvements100,570,493 10,263,562 110,834,055
Total capital assets being depreciated103,798,234 10,291,997 - 114,090,231
Less accumulated depreciation for:
Equipment(178,112) (15,219) (193,331)
Buildings(1,064,340) (95,242) (1,159,582)
Improvements(19,664,615) (2,570,698) (22,235,313)
Total accumulated depreciation(20,907,067) (2,681,159) - (23,588,226)
Total capital assets being depreciated, net 82,891,167 7,610,838 - 90,502,005
Water services activities capital assets, net$88,351,548 $15,354,557 $(7,699,686) $96,006,419
Other nonmajor business type activities:
Capital assets not being depreciated
Land$981,500 $981,500
Construction in progress95,975 $396,019 $(292,873) 199,121
Total capital assets not being depreciated1,077,475 396,019 (292,873) 1,180,621
Capital assets being depreciated
Equipment193,627 193,627
Buildings1,875,808 1,875,808
Improvements13,566,000 2,078,745 15,644,745
Total capital assets being depreciated15,635,435 2,078,745 - 17,714,180
Less accumulated depreciation for:
Equipment(161,943) (9,948) (171,891)
Buildings(901,919) (96,387) (998,306)
Improvements(3,572,926) (602,916) (4,175,842)
Total accumulated depreciation(4,636,788) (709,251) - (5,346,039)
Total capital assets being depreciated, net 10,998,647 1,369,494 - 12,368,141
Other nonmajor business-type activities
capital assets, net $12,076,122 $1,765,513 $(292,873) $13,548,762
Total Business-type activities:
Capital assets not being depreciated
Land$1,650,305 - (5,716) $1,644,589
Construction in progress5,081,286 $11,707,695 $(11,068,123) 5,720,858
Total capital assets not being depreciated6,731,591 11,707,695 (11,073,839) 7,365,447
Capital assets being depreciated
Equipment898,238 67,867 - 966,105
Buildings4,969,309 - - 4,969,309
Improvements158,499,755 16,212,019 - 174,711,774
Total capital assets being depreciated164,367,302 16,279,886 - 180,647,188
Less accumulated depreciation for:
Equipment(695,700) (77,242) - (772,942)
Buildings(1,976,073) (195,739) - (2,171,812)
Improvements(37,260,797) (5,152,506) - (42,413,303)
Total accumulated depreciation(39,932,570) (5,425,487) - (45,358,057)
Total capital assets being depreciated, net 124,434,732 10,854,399 - 135,289,131
Total business-type activities capital assets, net $131,166,323 $22,562,094 $(11,073,839) $142,654,578
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2005
50
BalanceBalance
October 1,September 30,Due within
2004AdditionsRetirements2005one year
Governmental activities:
General obligation bonds$33,194,673$22,385,165$(11,273,235)$44,306,603$2,387,035
(payable from tax pledge)
Compensated absences1,329,545 642,421(449,165)1,522,801512,339
Obligation under capital lease368,787(113,085)255,702114,019
Arbitrage rebate payable17,66317,663
Total governmental activities 34,910,66823,027,586(11,835,485)46,102,7693,013,393
Business-type activities:
Revenue bonds38,903,7634,025,000(2,864,751)40,064,0123,004,013
Compensated absences496,860 197,834(163,542)531,152178,893
General obligation bonds4,261,5642,239,835(1,992,015)4,509,384243,952
(payable from airport and
stormwater revenues)
Total business-type activities 43,662,1876,462,669(5,020,308)45,104,5483,426,858
TOTAL LONG-TERM DEBT$78,572,855$29,490,255$(16,855,793)$91,207,317$6,440,251
Depreciation expense was charged to function/programs of the primary government as follows:
6. OPERATING LEASES
The City leases computer equipment with Koch Financial Corporation for Gateway Computers, which
expires in March 2006. The following is a schedule by year of the lease obligation:
Year Ending September 30 Amount
2006$62,910
Total$62,910
7. LONG-TERM DEBT
A. Overview
The following is a summary of long-term debt transactions of the City for the fiscal year ended
September 30, 2005:
Governmental activities:
Culture-recreation$199,406
Development8,041
Economic development1,250
Fire32,828
General government605,414
Highways & streets263,265
Police34,779
Internal service funds1,158,113
Total depreciation expense
governmental activities$2,303,096
Business-type activities:
Electric$2,035,077
Water services2,681,159
Nonmajor709,251
Total depreciation expense
business-type activities$5,425,487
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2005
51
The annual requirements to retire all debt outstanding as of September 30, 2005 including interest
payments of $33,309,368 are as follows:
At September 30, 2005 there was $10,500,000 of authorized but unissued general obligation bonds.
There are no authorized but unissued revenue bonds. The City is in compliance with all bond
ordinances.
B. General Obligation Debt
A summary of Tax-Supported General Obligation Debt outstanding at September 30, 2005 follows:
$5,185,000, 1997 Combination tax & revenue certificates of obligation due in annual
installments of $70,000 to $610,000 through August 15, 2017; interest at 5% to 7%
$5,220,000, 1998 Combination tax & revenue certificates of obligation due in annual
installments through August 15, 2018; interest at 4% to 5% (portion included below)
$6,750,000, 1999 Combination tax & revenue certificates of obligation due in
annual installments through August 15, 2019; interest at 4.3% to 5.5% (portion
included below)
$1,450,000, 2000 Combination tax & revenue certificates of obligation due in
annual installments through August 15, 2020; interest at 5.15% to 5.9%
$5,470,000, 2001 Combination tax& revenue certificates of obligation due in
annual installments through August 15, 2021; interest at 4.35% to 5.0%
$325,000, 2003 Public Property Finance Contractual Obligations due in annual
installments through July 1, 2006; interest at 4.68%
$1,862,867, 2003 Combination tax & revenue certificates of obligation due in annual
installments through August 15, 2023; interest at 3.0% to 4.5%; $567,133
designated for GTEC capital improvements to be paid through revenues from the ½
cent GTEC sales tax
$ 325,000
2,299,260
899,080
245,000
4,450,000
65,988
1,659,289
Fiscal GeneralGeneral
Year EndingObligationObligation
September 30 Tax-Supported Self-Supported Revenue Total
2006$4,235,786$445,659$4,856,966$9,538,411
2007 4,235,969 446,223 4,665,637 9,347,829
2008 3,994,610 475,248 4,316,057 8,785,915
2009 3,853,294 473,455 4,265,940 8,592,689
2010 3,851,885 446,821 4,220,465 8,519,171
2011-201522,543,6512,252,14917,965,64042,761,440
2016-202012,294,4041,459,22910,856,43424,610,067
2021-2025 5,545,445 164,970 4,323,430 10,033,845
$60,555,044$6,163,754$55,470,569$122,189,367
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2005
52
$985,000, 2004 Limited tax notes due in annual installments through February 15,
2011; interest at 2.5% to 4.0%; $8.825M designated for GTEC capital improvements
to be paid through revenues from the ½ cent GTEC sales tax
$4,130,000, 2005 Combination tax & revenue certificates of obligation due in annual
installments through August 15, 2025; interest at 3% to 4.5% (portion included
below)
$14,080,165, 2005 General obligation and Refunding bonds due in annual
installments through August 15, 2020; interest at 3% to 4.75% (portion included
below)
Subtotal Tax-Supported General Obligation Debt – City Portion
750,000
3,505,000
13,942,275
28,140,892
$3,125,000, 2002 Combination tax & revenue certificates of obligation due in annual
installments through August 15, 2022; interest at 3.0% to 5.0%; entire issue
designated for GTEC capital improvements to be paid through revenues from ½
cent GTEC sales tax
$567,133, 2003 Combination tax & revenue certificates of obligation due in annual
installments through August 15, 2023; interest at 3.0% to 4.5%; $567,133
designated for GTEC capital improvements to be paid through revenues from the ½
cent GTEC sales tax
$8,825,000, 2004 Limited tax notes due in annual installments through February 15,
2011; interest at 2.5% to 4.0%; $8.825M designated for GTEC capital improvements
to be paid through revenues from the ½ cent GTEC sales tax
$4,175,000, 2005 Combination tax & revenue certificates of obligation due in annual
installments through August 15, 2025; interest at 3% to 4.5% (portion included
below)
Subtotal Tax-Supported General Obligation Debt – GTEC portion
Subtotal Tax-Supported General Obligation Debt -Combined
2,890,000
490,711
8,610,000
4,175,000
16,165,711
$44,306,603
A summary of Self-Supporting General Obligation Debt outstanding at September 30, 2005:
$5,220,000, 1998 Combination tax & revenue certificates of obligation due in annual
installments through August 15, 2018; interest at 4% to 5%, portion dedicated for
Airport Improvements, $129,208, to be paid with Airport fees. Portion dedicated for
Stormwater Drainage Improvements, $2,274,059, to be paid through monthly fees
charged to utility customers within City limits 1,960,740
$6,750,000, 1999 Combination tax & revenue certificates of obligation due in annual
installments through August 15, 2019; interest at 4.3% to 5.5%; portion dedicated for
Airport Improvements, $1,775,000 to be paid with Airport fees 435,000
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2005
53
$1,804,835, 2005 General obligation and Refunding bonds due in annual installments
through August 15, 2020; interest at 3% to 4.75% $ 1,777,725
Subtotal Self-Supporting General Obligation Debt 4,509,385
Total outstanding General Obligation Debt as of September 30, 2005 $48,815,988
C. Advanced Refunding/Defeasance
On May 19, 2005, the City issued $10,985,000 in General Obligation Refunding Bonds with an
average interest rate of 4.15% to advance refund $625,000 of outstanding 1994 series, $465,000 of
1995 series, $4,115,000 of 1997 series, $4,290,000 of 1999 series and $1,005,000 of 2000 series
bonds with average interest rates of 6.10%, 5.38%, 5.03%, and 5.50%, respectively. The net
proceeds (after insurance and other issuance costs) were deposited in an irrevocable trust with an
escrow agent to provide for all future debt service payments on the defeased series bonds. As a
result, the following bonds are considered to be defeased and the liabilities for those bonds have
been removed from the financial statements.
The City advanced funded these bonds to reduce its total debt service payments over the
next 15 years by approximately $578,252 and to obtain a net economic gain (difference
between the present values of debt service payments on the old and new debt) of
$426,457.
D. Revenue Debt
A summary of Revenue Debt outstanding at September 30, 2005 follows:
$27,770,000, 1998-A Utility System Revenue & Refunding bonds due in annual
installments through August 15, 2018; interest at 3.8% to 5.0% $17,240,000
$1,225,000, 1998-B Taxable Utility System Revenue & Refunding bonds due in annual
installments through August 15, 2015; interest at 6.15% to 6.65% 745,000
$4,320,000, 2000 Utility System Revenue bonds due in annual installments through
August 15, 2020; interest at 5.1% to 5.9% 3,735,000
MaturitiesSeriesSeries SeriesSeriesSeries
19941995 199719992000Total
2006 145,000$ 35,000$ 180,000$ 2007 150,00035,000185,000
2008 160,00040,000175,000$ 375,000
2009 170,00040,000185,000395,000
2010 45,000375,000345,000$ 70,000$ 835,000
2011 50,000390,000355,00075,000870,000
2012 50,000415,000375,00075,000915,000
2013 55,000435,000395,00080,000965,000
2014 55,000465,000415,000 85,0001,020,000
2015 60,000485,000435,000 90,0001,070,000
2016 580,000455,00095,0001,130,000
2017 610,000480,000100,0001,190,000
2018 505,000105,000610,000
2019 530,000110,000640,000
2020 120,000120,000
625,000$ 465,000$ 4,115,000$ 4,290,000$ 1,005,000$ 10,500,000$
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2005
54
$1,900,000, 2001 Utility System Revenue bonds due in annual installments through
August 15, 2021; interest at 4.75% to 5.12% $1,550,000
$6,500,000, 2002 Utility System Revenue bonds due in annual installments through
August 15, 2022; interest at 4.0% to 5.0% 6,030,000
$325,000, 2003 Public Property Finance Contractual Obligations due in annual
installments through July 1, 2006; interest at 4.68% 49,012
$6,940,000, 2003 Utility System Revenue bonds due in annual installments through
August 15, 2023; interest at 3.55% to 4.55% 6,690,000
$4,025,000 2005 Utility System Revenue bonds due in annual installments through
August 15, 2025; interest at 2.85% to 4.75% 4,025,000
Total outstanding Revenue Debt as of September 30, 2005 $40,064,012
All net revenues of the utility system are pledged for the payment of debt service for the revenue bonds.
Net revenues, as defined by the various bond ordinances, include income and revenues derived from
the operation of the system, after deduction of the amount necessary to pay all operating, maintenance,
replacement and betterment charges of the system. These bond ordinances require that the net
revenues, as defined, equal at least 1.25 times the average annual debt service on all revenue bonds.
The City was in compliance with this requirement at September 30, 2005.
In prior years, the City defeased revenue bonds by placing the proceeds of the refunding bonds in an
irrevocable trust to provide for all future debt service payments on the defeased bonds. Accordingly,
the trust account assets and liabilities for the defeased bonds are not included in the City’s financial
statements. At September 30, 2005, the outstanding balance of the defeased bonds is $12,730,000.
Lease payable represents the remaining principal amounts payable under a lease purchase agreement
for the acquisition of a Voiceover Internet Protocol phone system and hardware. The lease is recorded
as a capital lease. Remaining requirements including interest, under the lease is as follows:
Governmental
YearActivities
2006$125,083
200770,268
200865,930
200913,996
Total principal and interest275,276
less - Applicable interest(19,575)
Total principal $255,701
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2005
55
8. RETIREMENT PLAN
A. Plan Description
The City provides pension benefits for all of its full-time employees through a non-traditional joint
contributory hybrid defined benefit plan, in the state-wide Texas Municipal Retirement System (TMRS).
The City of Georgetown is one of 801 municipalities having the benefit plan administered by TMRS, an
agent multiple-employer public employee retirement system. Each of the 801 municipalities have an
annual, individual actuarial valuation performed. The following assumptions were used for the
December 31, 2004 valuations:
Actuarial Cost Method Unit Credit
Amortization Method Level Percent of Payroll
Remaining Amortization Period 25 Years – Open Period
Asset Valuation Method Amortized Cost
Investment Rate of Return 7%
Projected Salary Increases None
Includes Inflation At 3.5%
Cost-of-Living Adjustments None
Benefits depend upon the sum of the employee's contributions to the plan, with interest, and the City-
financed monetary credits, with interest. At the date the plan began, the City granted monetary credits
for service rendered before the plan began of a theoretical amount equal to two times what would have
been contributed by the employee, with interest, prior to establishment of the plan. Monetary credits for
service since the plan began are a percent (100%, 150%, or 200%) of the employee's accumulated
contributions. In addition, the City can grant, as often as annually, another type of monetary credit
referred to as an updated service credit, which is a theoretical amount which, when added to the
employee's accumulated contributions and the monetary credits for service since the plan began, would
be the total monetary credits and employee contributions accumulated with interest if the current
employee contribution rate and City matching percent had always been in existence and if the
employee's salary had always been the average of his salary in the last three years that are one year
before the effective date. At retirement, the benefit is calculated as if the sum of the employee's
accumulated contributions with interest and the employer-financed monetary credits with interest were
used to purchase an annuity.
The December 31, 2004 calculations were based upon the following benefits. Members can retire at
ages 60 and above with 5 years or more of service or with 20 years of service regardless of age. A
member is vested after 5 years. The plan provisions are adopted by the governing body of the City,
within the options available in the state statutes governing TMRS and within the actuarial constraints
also in the statutes.
B. Contributions
The contribution rate for the employees is 6%, and the City matching ratio is currently 2 to 1, both as
adopted by the governing body of the City. Under the state law governing TMRS, the actuary annually
determines the City contribution rate. This rate consists of the normal cost contribution rate and the
prior service contribution rate, both of which are calculated to be a level percent of payroll from year to
year. The normal cost contribution rate finances the currently accruing monetary credits due to the City
matching percent, which are the obligation of the City as of an employee's retirement date, not at the
time the employee's contributions are made. The normal cost contribution rate is the actuarially
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2005
56
determined percent of payroll necessary to satisfy the obligation of the City to each employee at the
time his/her retirement becomes effective. The prior service contribution rate amortizes the unfunded
(overfunded) actuarial liability (asset) over the remainder of the plan's 25 year amortization period. The
unit credit actuarial cost method is used for determining the City contribution rate. Both the employees
and the City make contributions monthly. Since the City needs to know its contribution rate in advance
to budget for it, there is a one-year delay between the actuarial valuation that is the basis for the rate
and the calendar year when the rate goes into effect. (i.e. December 31, 2004 valuation is effective for
rates beginning January 2006).
The City’s total payroll in fiscal year 2005 was $15,214,438 and the City’s contributions were based on
a payroll of $15,196,795. Both the City and the covered employees made the required contributions,
amounting to $1,312,070 for the City and $911,810 for the employees. The City’s contribution
amounted to 8.79% of the covered payroll for the calendar year. The employees’ contribution
amounted to 6% of covered payroll.
Schedule of Actuarial Liabilities and Funding Progress
Actuarial Valuation Date
12/31/2004
Actuarial Value of Assets (A) $ 20,947,687
Actuarial Accrued Liability (B) $ 25,168,237
Percentage funded (C)=(A)/(B) 83.2%
Unfunded (Over-funded) Actuarial Accrued Liability (UAAL) (D)=(B)-(A) $ 4,220,550
Annual Covered Payroll (E) $ 14,985,460*
UAAL as a Percentage of Covered Payroll (D)/(E) 28.2%
*Based on calendar year ending 12/31/04, which varies from the City’s fiscal year.
Annual Pension Cost
Fiscal Year
Funding
Annual Pension
Cost (APC)
APC funded
Net Pension
Obligation (NPO)
Employer’s
Contribution as a
% of Covered
Payroll
09/30/03
$ 1,030,560
$ 1,030,560
0
7.92
09/30/04
$ 1,183,700
$ 1,183,700
0
8.35
09/30/05 $ 1,312,070 $ 1,312,070 0 8.79
A copy of the TMRS Comprehensive Annual Financial Report may be obtained by contacting TMRS
at P.O. Box 149153, Austin, Texas 78714-9153.
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2005
57
9. DEFERRED COMPENSATION PLAN
The City offers its employees a deferred compensation plan in accordance with Internal Revenue Code
Section 457. The plan, available to all City employees, permits them to defer a portion of their salary
until future years. Participation in the plan is optional. The deferred compensation is not available to
employees until termination, retirement, death or an unforeseeable emergency.
10. COMMITMENTS AND CONTINGENCIES
Long-Term Agreements
The City has the following long-term agreements, which represent significant commitments:
A. Wholesale Power Agreement with the Lower Colorado River Authority (LCRA) - The City
must purchase 90% of its electrical power requirements from the LCRA under a long-term
contract, which extends through 2016. Under the contract, the City's monthly cost of purchased
power averaged $1,756,323 for the fiscal year ended September 30, 2005.
B. Brazos River Authority (BRA) Water Contracts - Effective September 1, 2001, the City
revised its previous water availability agreements with the BRA to further plan for future water
needs and to standardize the pricing to a system-wide rate. The effective system-wide rate for
BRA’s fiscal year beginning September 1, 2005 is $49.65 and the City paid a total of $1,426,938
for water during the fiscal year. The City has three separate agreements with the BRA as
follows:
(1) Lake Georgetown Water - This agreement, effective September 1, 2001 and expiring
August 31, 2050, requires BRA to make available to the City 6,720 acre-feet of water per
year at BRA’s system wide rate. The City paid $309,624 for water under this agreement for
the City’s fiscal year.
(2) Lake Stillhouse Hollow Water - This agreement, effective September 1, 2001 and expiring
August 31, 2040, requires BRA to make available to the City 15,448 acre-feet of water per
year at BRA’s system wide rate. The City paid $711,767 for water under this agreement for
the City’s fiscal year.
(3) Colorado River Basin Water - This agreement, effective September 1, 2001 and expiring
August 31, 2051, requires BRA to make available to the City a total of 6,944 acre-feet of
water per year. Because this water is made available to BRA through the Lower Colorado
River Authority (LCRA), the pricing structure is based upon the cost of water set by LCRA.
The rate for BRA’s fiscal year beginning September 1, 2004 is $53.91 per acre-foot. The
City paid $405,547 under this agreement for the City’s fiscal year.
C. Brazos River Authority - Williamson County Regional Raw Water Line Agreement -
The City is a party to an agreement dated June 30, 1986, with the Brazos River Authority (BRA),
City of Round Rock and Jonah Water Special Utility District to design, construct and operate a
pipeline to transport water from Lake Stillhouse Hollow to Lake Georgetown. Total project
construction cost for the raw water line is approximately $40 million. In 2000, BRA issued
approximately $37 million in debt obligations, to be repaid through annual payments from the
participants. The City’s obligation is $33.5 million, including principal and interest, to be repaid
annually through 2034. The City began paying its allocated costs related to the project in fiscal
year 2002. The amount for fiscal year 2005 was $460,240. The following schedule reflects the
City's obligation:
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2005
58
D. Texas Capital Fund Programs - The City has received awards from this program, which is
operated by the State of Texas to assist in local economic development. Two types of
assistance are provided to businesses relocating to the area: (1) infrastructure improvements
and (2) low cost funding for facility construction. Infrastructure improvements become the asset
of the City upon construction, without repayment of the grant to the State. If the City receives
funding to construct a facility for a business, the City owns the facility and leases it to the
business. These lease payments are then repaid to the State. The leases and pass through
payments are recorded in the Agency Fund of the City. The City has three active awards for
facility construction, where long term agreements are in effect:
(1) Reedholm Instruments, Inc. - This facility was completed in 1997 and lease payments
began in March 1997. The business is current on lease payments and has an outstanding
balance of $223,652 as of September 30, 2005.
(2) Xycarb Ceramics, USA, Inc. - This facility was completed in January 1998 and lease
payments began in February 1998. The business is current on lease payments and has an
outstanding balance of $309,227 as of September 30, 2005.
(3) Schunk Quartz - This facility was completed in January 1998 and lease payments began in
February 1998. The business is current on lease payments and has an outstanding balance
of $309,227 as of September 30, 2005.
E. Chisholm Trail Special Utility District - In February 1999, the City and Chisholm Trail Special
Utility District (CTSUD) entered into an agreement which will provide CTSUD needed water in
exchange for allowing Georgetown the right to provide water service in the Highway 195 and
expanded Sun City areas. The City will transfer to CTSUD a phased financial position in the
Lake Water Treatment Plant up to 4.26 mgd, not to exceed 28% of the off-peak plant capacity.
CTSUD will then pay prorata operating costs for all water utilized. In addition, upon acceptance
of the Williamson County Raw Water Line, the City will transfer 840 acre feet of the Lake
Stillhouse Hollow water rights to CTSUD, which will assume payment for these rights to the
BRA.
As of September 30, 2005 the City has transferred 2.0 mgd of capacity, with a value of
$701,740. The remaining 2.251 mgd, which is expected to be transferred in 2006, has a value
of $979,330, for a total value of $1,681,070.
Year Ending September 30 Amount
2006$584,214
2007730,480
2008767,132
2009829,801
2010883,764
2011-203428,670,248
Total$32,465,639
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2005
59
F. Del Webb Corporation (Sun City Texas) - The Del Webb Corporation (Del Webb) began
development in April 1995 of a proposed 9,500 unit; 5,300 acre active retirement community to
be called Sun City Texas. The City, through a Development Agreement, and in exchange for
payment of Service Improvement Fees (SIP fee - discussed below) provides fire protection,
wastewater, water and electric service to Sun City. The project is annexed into the City limits as
phases of the project are platted. Home sales began in June 1995 and were expected to
average 425 homes per year for 20 years. As of September 30, 2005, 4,171 units have been
completed.
In November 2002, Del Webb filed a revised Concept Plan that reduces the size of Sun City
from 10,500 to 5,000 age-restricted units on the southern portion of the property. The Concept
Plan also allows the northern 2,500 acres to be developed as a non-age restricted community. In
response to the significant changes in the revised Concept Plan, a Seventh Amendment to the
Development Agreement was approved in April 2003 for fiscal year 2003. That Seventh
Amendment re-calculates the SIP fee for Sun City at 5,000 units. The Seventh Amendment also
accelerates the schedule for payment of the SIP Fees from a pure per-unit basis to an annual
minimum payment of SIP Fees for 300 units per year, at $4,324.50 per unit, with build out
completed by 2009. The City anticipates it will be able to make all infrastructure and debt
payments using the SIP Fees without cash shortfalls or additional increases in overall service
rates for water and wastewater.
The Seventh Amendment further identifies the ”stranded costs,” or the costs of infrastructure
built by the City under the Development Agreement for 10,500 units, but not needed as result of
Del Webb's decision to downsize Sun City to 5,000 units. The total Stranded Costs were
approximately $8.4 million. Under the Seventh Amendment, Del Webb paid the City $1.7 million
towards the $8.4 million of Stranded Costs, leaving a balance of $6,670,064. The City agreed to
allow Del Webb to pay the balance, including 5.25% annual interest, over 7 years. The Stranded
Cost payment is $1,139,700 annually, and is being paid on a per unit basis for the remaining
Sun City units. These fees are in addition to SIP fees.
Finally, the Seventh Amendment adjusted the amount of the fiscal surety from $4 million total, to
$2 million for SIP Fees, and $3.8 million for Stranded Costs. The Seventh Amendment also
addressed the possibility of Del Webb selling the Northern Lands to a third party. In such
instance, all stranded costs that remain unpaid as of the date of closing would require either full
payment to the City or 100% fiscal surety for the balance and Del Webb would not be released
from obligation to pay any outstanding SIP fees.
Another element of the Seventh Amendment was a Water Wastewater Agreement to reserve
the Northern Land capacity for future use through 2015, so long as Del Webb makes reservation
payments to the City. The City received $261,039 from Del Webb for reservation fees related to
the Water and Wastewater Agreement.
G. Escalera Ranch - In 1999, the City of Georgetown and Escalera Ranch, Ltd. entered into an
agreement for a 500 home residential subdivision to be built over a period of eight years. The
City agreed to fund the off-site costs of infrastructure improvements required to provide roadway
system improvements and water service, including fire flow, to the development. Escalera
reimburses the City for all costs for the improvements on a per home basis. Escalera pays the
City based on the proposed build out schedule rather than actual permits issued. As of
September 30, 2005, 8 total permits were issued for this development and 315 units paid to
date.
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2005
60
H. Georgetown Village Public Improvement District - In 1999, the City of Georgetown created
the Georgetown Village Public Improvement District No. 1, pursuant to Chapter 372 of the Texas
Local Government Code. The City is required to construct and provide operation, repair and
maintenance of parks, recreational facilities, alleyways, lighting, landscaping and related
improvements to the district that are above the standards that are met elsewhere in the City.
Property owners are assessed an annual maintenance assessment of $0.20 per $100 valuation.
Assessment revenue of $89,134 was recognized for 2005. As of September 30, 2005 all costs
associated with the Georgetown Village Public Improvement District have been reimbursed.
I. Shell Road Public Improvement District - In 2001, the City created the Shell Road Public
Improvement District, pursuant to Chapter 372 of the Texas Local Government Code. The City
was required to design and construct the realignment of Shell Road, which will be accomplished
through an interlocal agreement with Williamson County. The cost of the construction was
$832,500 and will be repaid by the property owners in the PID through an assessment based on
each property’s linear feet of the Shell Road alignment. Each assessment is due at the time the
tract is platted, at the time of the sale of the tract, or within seven years after the realignment of
the road, whichever is earlier. Assessments totaling $832,500 were billed in fiscal year 2004. As
of September 30, 2005, outstanding assessments totaled $378,122.
J. Cimarron Hills Public Improvement District - In May 2000, the City and Paloma Cimarron
Hills, L.P. entered into a development agreement for a 606 home, 813 acre subdivision within
the City’s Extraterritorial Jurisdiction (ETJ). As part of this agreement, the City created the
Cimarron Hills PID to reimburse the developer for costs of certain infrastructure improvements.
Each lot within the development is assessed an annual fee based on its type of usage. Once the
revenue stream is stabilized, and reserve fund requirements are met, the PID may issue revenue
bonds to reimburse the developer. As part of the agreement, the developer will construct a
wastewater treatment plant, to be transferred to the City, who will then operate the plant. The
City will also collect a per unit transportation fee which will be used to fund necessary roadway
improvements and bridge crossings in the area. As of September 30, 2005, 65 homes had been
completed for this development. PID assessment collection began in 2002. In 2005, PID
assessments were $277,116. The developer was reimbursed $302,527 from current year
collections and available fund balance. The assessments and related disbursements are
recorded in the Agency Funds.
K. Wolf Ranch Towne Center - In July 2003, the City approved a development agreement with
Simon Properties for the 750,000 sq ft Wolf Ranch Towne Center. The project will include
Target and 70 other retailers and restaurants. As part of the agreement, the City will provide
utility improvements to the site, as well as, fund $10.5 million of highway improvements for the
project. The $10.5 million to be funded with debt issued and repaid by GTEC, will improve SH
29, as well as, provide the badly needed frontage roads for IH-35. As of September 30, 2005,
$8,825,000 of GTEC debt had been issued for this project. Texas Department of Transportation
will be contributing over $7 million for these improvements as well.
The City’s development agreement with Simon includes a sales tax rebate allowable under
Chapter 380 of the Texas Local Government Code. 53% of the 1% general operating sales tax
revenue generated at the development is rebated to Simon as an economic development
incentive. This arrangement continues for 20 years or up to $15 million, which funds the public
on-site improvements paid by Simon.
In October 2004, the City created Wolf Ranch Tax Increment Reinvestment Zone (TIRZ) as a
part of the development agreement and is created solely for the purpose of refinancing the City’s
obligation to Simon under the development agreement.
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2005
61
In June 2004, the City created the Wolf Ranch Public Improvement District (PID) #1 for all Simon
owned property within the Wolf Ranch development. In the event that revenues from the project
are insufficient to fund any outstanding debt related to the project, an assessment would be
levied against the property in the PID to protect the City from potential revenue shortfalls.
Should revenues meet or exceed expectations, no assessment is made. The utility revenue
collected for this project exceeded the debt service due in 2005 for the public utility improvement
assessment. The public road assessment for Wolf Ranch was $653,964 as of September 2005.
L. TASUS Texas Corporation – In November 2003, the City Council approved an economic
development incentive package for TASUS to locate its plastic injection molding facility in
Georgetown. This package included infrastructure and utility improvements, including water and
wastewater, as well as road improvements, paid for through Georgetown Transportation
Enhancement Corporation (GTEC) economic development sales tax. Infrastructure
improvements totaled $200,950. The City also approved a property tax abatement to TASUS for
fiscal year 2004/05 – 2009/10, based upon job creation. The project is expected to create over
102 jobs for the community.
M. 400 Main Street, LP – In August 2004, the City Council approved a development agreement for
a redevelopment project in the downtown area. This agreement included infrastructure and
utility improvements, paid through the City and the Georgetown Transportation Enhancement
Corporation (GTEC) economic development sales tax. Improvements total $113,093 for Phase I
of the project and $139,057 for Phase II.
N. San Gabriel River Place Partners, LTD – In October 2004, the City Council approved an
economic development agreement for a development project in the downtown area. This
agreement includes infrastructure and utility improvements, paid through the City and the
Georgetown Transportation Enhancement Corporation (GTEC) economic development sales
tax. Infrastructure improvements totaled $750,000. In addition, the City agreed to contribute
50% of the annual 1% general sales tax revenue generated within the development back to the
developer for up to 20 years, or $1,000,000, whichever comes first.
O. Municipal Utility District (MUD) No. 15 – In December 2004, the City Council approved a
consent agreement to allow a MUD to be created within its extra-territorial jurisdiction (ETJ).
The agreement outlines future annexation requirements and utility service provisions.
P. 500 South Austin Avenue, LP – In August 2005, the City Council approved a development
agreement for a redevelopment project in the downtown area. This agreement included
infrastructure and utility improvements paid through the City and the Georgetown Transportation
Enhancement Corporation (GTEC) economic development sales tax, as well as fee waivers.
Improvements are capped at $506,000 and fee waivers at $109,481. These expenditures are
expected for fiscal year 2006.
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2005
62
Grants
Amounts received or receivable from grantor agencies, principally the federal government, are subject
to audit and adjustment by the agencies. Any disallowed claims, including amounts already collected,
may constitute a liability of the applicable funds. The amount, if any, of expenditures which may be
disallowed by the grantor cannot be determined at this time, although the City expects such amounts, if
any, to be immaterial.
Litigation
The City is involved in various legal actions in which claims of varying amounts are being asserted
against the City. The City follows the practice of providing for these claims only when they become
probable and reasonably determinable in amount. In the opinion of City management, these actions
will not result in a significant change in the City's financial position.
Construction Contracts
Estimated costs to complete significant construction projects in progress at year-end totaled
approximately $4,887,393 for Governmental Fund Types and approximately $6,537,772 for Enterprise
Funds.
11. SUBSEQUENT EVENTS
On October 1, 2005, the City began collecting an additional 1/8% sales tax in accordance with the
Texas Development Corporation Act of 1979, Article 5190.6, Section 4A Texas Revised Civil Statues
for the promotion and development of new and expanded business enterprises. This sales tax is
administered through the Georgetown Economic Development Corporation (GEDCO), a legally
separate entity from the City of Georgetown. GEDCO will be presented in the 9/30/06 financial
statements of the City as a discretely presented component unit.
On October 1, 2005, the City began collecting an additional 1/8% sales tax to be used toward the
reduction of ad valorem property taxes. This sales tax revenue was factored in the 2005 property tax
calculation, which was levied October 1, 2005.
The City approved an increase in the contribution toward city employee retirement through the Texas
Municipal Retirement System to 7% (see Note 8), effective November 1, 2005. This action increased
the City’s contribution from 8.79% of payroll to 10.68%.
The City issued $7.1 million of general obligation bonds for the construction of a new public library.
These bonds were approved through a referendum in November 2004 and funds were received from
this issue in December 2005.
Annexation of 4,815 acres of property was completed by the City in December 2005, in accordance
with the City’s annexation plan. Revenues and expenditures for the annexed property are not expected
to significantly impact the financial condition of the City.
CITY OF GEORGETOWN, TEXAS
REQUIRED SUPPLEMENTARY INFORMATION -
TEXAS MUNICIPAL RETIREMENT SYSTEM TREND DATA -
LAST TEN FISCAL YEARS
63
UnfundedUAAL
ActuarialActuarialActuarial Annualas a % of
FiscalValue of Accrued LiabilityPercentageAccrued LiabilityCoveredCovered
Year (1)Assets(AAL) (1)Funded(UAAL) (1)PayrollPayroll
1996$5,731,751$6,501,85188.2%$770,100$5,379,25214.3%
19976,822,6357,749,55388.0%926,9187,210,33612.9%
19988,007,3469,049,05088.5%1,041,7047,812,22313.3%
19998,989,0249,889,40590.9%900,3818,426,31210.7%
200010,556,98111,677,54190.4%1,120,5608,602,72813.0%
200112,223,28814,104,23986.7%1,880,95110,127,47018.6%
200213,594,00516,130,45384.3%2,536,44811,269,42222.5%
200315,549,04918,658,88483.3%3,109,83512,183,51025.5%
200418,195,56722,347,39681.4%4,151,82913,698,26030.3%
200520,947,68725,168,23783.2%4,220,55014,985,46028.2%
Source: Texas Municipal Retirement System ("TMRS") Annual Report and City payroll reports
Notes:
(1)Trend data presented is information as of December 31 of the previous year, which is the fiscal year of the TMRS.
CITY OF GEORGETOWN, TEXAS
REQUIRED SUPPLEMENTARY INFORMATION -
MODIFIED APPROACH FOR STREETS INFRASTRUCTURE CAPITAL ASSETS
64
GASB Statement 34 allows the City to use the Modified Approach with respect to infrastructure assets
instead of depreciating these assets. The City’s system for reporting assets is fully discussed in Note N on
page 41 of the notes. The following is additional information for the City’s streets infrastructure for fiscal
year 2005. Since 2005 is the first year to implement this system, historical information is not presented, but
will be presented in future years to evaluate trends.
Condition Rating Summary
Center
% ofLine% of
ConditionRatingSegmentsSegmentsMilesSegments
Very Good90-1001,581 65.1%128.1 64.9%
Good80-90439 18.1%37.0 18.7%
Fair45-80392 16.1%31.4 15.9%
Poor< 4518 0.7%1.0 0.5%
2,430 100.0%197.5 100.0%
Notes:
[a] Center line miles will vary from the total number of center line due to street
segments that were omitted from the survey. Street segments that were either
scheduled or currently receiving maintenance were omitted from the street survey.
Costs to Maintain System at Designated Level
Estimated Maintenance Cost$2,125,534
Budgeted Maintenance Cost$2,205,000
Actual Maintenance Cost$2,069,900
PCI Rating by Functional Class
Arterial91.91
Collector88.38
Local91.00
Total90.87
Combining and Individual Fund Financial Statements and Schedules
Nonmajor Governmental Funds
Special Revenue Funds
Special Revenue Funds are used to account for specific revenues that are legally restricted for expenditures for
particular purposes.
Court Fees - to account for the receipt and expenditure of court fees that are legally restricted for court
security and technology.
Fire Billing and Donations - to account for the receipt and expenditures of funds received by the City for
various fire services, including calls for service, donations, abandoned vehicle revenue and inspections.
Library Restricted - to account for the receipt and expenditure of restricted donations such as memorials and
gifts for a designated library purchase or program. Also accounts for the receipt of the Telecommunication
Infrastructure grant for computer hardware and software.
Main Street Façade - to account for the receipt of private donations, grants, and money raised through
special events to provide assistance to building/property owners for maintaining the appearance of the
downtown historic district. Funds are distributed through an application/approval process with either a low-
interest loan or grant.
Mapping - to account for expenditures relating to City-wide mapping projects.
Parks - to account for revenues earned by the City from activities on City park land, which are restricted for
improvements to park land and for parkland dedication fees paid by developers, which are restricted by
zones for new parks. Also accounts for the partial administration of a federal drug prevention grant in
coordination with Georgetown Project.
Police - to account for a grant received from the U.S. Department of Justice Community Oriented Policing
Services (C.O.P.S.) for two patrol officers, a U.S. Department of Justice Local Law Enforcement Block grant
for equipment, an Office of the Governor grant for a Victim Service’s Coordinator, a Texas Department of
Transportation grant for a Selective Traffic Enforcement Project (STEP) related to overtime costs and the
receipt and expenditure of seized and donated funds.
Streets Sales Tax - to account for the receipt and expenditure of revenues collected from the ¼ cent sales
tax approved by the citizens in November 2001 under Texas House Bill 445. The funds are required to be
spent on maintenance of streets that were in existence at the time of adoption of the tax.
Tourism - to account for the receipt and expenditure of funds received by the City from the assessment of
hotel and motel occupancy tax. Usage of funds is restricted to promotion of tourism and arts within the City.
Village Public Improvement District - to account for the receipt and expenditure of the revenues collected
from property assessments paid by Georgetown Village Public Improvement District residents and the
developer to fund maintenance on upgraded parks facilities within the subdivision.
Capital Projects Funds
Capital Projects Funds are used to account for revenues and expenditures for the acquisition or construction of
major capital facilities, other than those financed by Proprietary Fund Types.
Streets Improvements - to account for street fees and other revenue used to construct streets infrastructure
improvements.
CITY OF GEORGETOWN, TEXAS
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
AS OF SEPTEMBER 30, 2005
FIREMAIN
COURTBILLING ANDLIBRARY STREET
FEES DONATIONS RESTRICTED FACADE MAPPING PARKS
ASSETS:
Cash and cash equivalents $25,639$32,561$12,352$7,350$7,182$13,639
Investments85,837109,008 41,35324,60624,045 45,666
Accounts receivable:
Sales tax
Grants 91,545
Delinquent taxes
Other 112,689 138,039
TOTAL ASSETS $111,476 $254,258 $53,705 $31,956 $31,227$288,889
LIABILITIES AND FUND BALANCE
Liabilities:
Accounts payable $11,806$510$3,226
Due to other funds
Unearned revenue 112,690 1,994177,187
Total liabilities 124,496 2,504180,413
Fund Balance:
Reserved for:
Encumbrances $37,615 652,888
Special programs 73,861129,76251,136$31,956$31,227105,588
Unreserved, designated for:
Capital projects
Total fund balance 111,476 129,76251,20131,95631,227108,476
TOTAL LIABILITIES AND FUND BALANCE $111,476 $254,258 $53,705 $31,956 $31,227$288,889
SPECIAL REVENUE FUNDS
VILLAGE
IMPROVEMENTSTREETTOTAL
POLICE STREETS TOURISM DISTRICT IMPROVEMENTS 2005
$24,644$239,729 $31,969$60,913$455,978
26,583802,572107,026 203,926 1,470,622
219,499 24,539244,038
32,147 123,692
$589589
12,632263,360
$83,374 $1,261,800 $163,534 $13,221$264,839 $2,558,279
$4,658$102,955 $16,993$11,491$7,141$158,780
15,18272415,906
5897,825300,285
19,840102,955 16,99312,80414,966474,971
62,263875,24242,4602051,020,738
1,271283,603 104,081417812,902
249,668 249,668
63,5341,158,845 146,541417249,873 2,083,308
$83,374 $1,261,800 $163,534 $13,221$264,839 $2,558,279
SPECIAL REVENUE FUNDS
CAPITAL
PROJECTS FUND
CITY OF GEORGETOWN, TEXAS
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE
NONMAJOR GOVERNMENTAL FUNDS
FISCAL YEAR ENDED SEPTEMBER 30, 2005
FIREMAIN
COURTBILLING ANDLIBRARYSTREET
FEES DONATIONS RESTRICTED FAÇADE MAPPING PARKS
REVENUES:
Grants and entitlements$39,653$6,806$589,923
Hotel/Motel tax
Property assessments
Sales tax
Court fees$59,286
Investment earnings2,3643,7181,272$537$5874,709
Donations 1,07537,511767
Mapping fees 17,898
Fire incident billings114,062
Other 73,1786105,718
Total revenues 61,650 231,686 45,595 537 18,485701,117
EXPENDITURES:
Culture - recreation 42,4776,993855,930
Development 19,398
Fire services156,436
Highways and streets
Police19,579
Capital outlay
Total expenditures19,579156,436 42,477 6,99319,398855,930
EXCESS (DEFICIENCY) OF REVENUES OVER
EXPENDITURES 42,071 75,250 3,118 (6,456)(913)(154,813)
OTHER FINANCING SOURCES (USES):
Transfers in 21,44211,20017,539
Transfers out (10,000)(61,592)(5,088)
Total other financing sources (uses) (10,000) (61,592) 21,4426,11217,539
NET CHANGE IN FUND BALANCE32,07113,658 3,118 14,9865,199(137,274)
FUND BALANCES, Beginning of period 79,405116,10448,08316,97026,028245,750
FUND BALANCES, End of period $111,476$129,762$51,201$31,956$31,227$108,476
SPECIAL REVENUE FUNDS
VILLAGE
IMPROVEMENTSTREETTOTAL
POLICE STREETS TOURISM DISTRICT IMPROVEMENTS 2005
$85,422 $721,804
$283,676283,676
$89,13489,134
$1,224,2611,224,261
59,286
1,77021,7663,949936$7,92749,535
36,510 75,863
17,898
114,062
50,64412,21522,250264,011
123,7021,246,027 338,269102,28530,1772,899,530
382,419101,8681,389,687
19,398
156,436
49,34149,341
175,332 194,911
959,356370,0351,329,391
175,3321,008,697 382,419101,868370,0353,139,164
(51,630)237,330 (44,150)417(339,858)(239,634)
22,77043,940116,891
(61,442)(138,122)
22,770 (17,502)(21,231)
(28,860)237,330 (61,652)417(339,858)(260,865)
92,394921,515208,193589,7312,344,173
$63,534$1,158,845$146,541$417$249,873$2,083,308
SPECIAL REVENUE FUNDSPROJECTS FUND
CAPITAL
CITY OF GEORGETOWN, TEXAS
COURT FEES SPECIAL REVENUE FUND
SCHEDULE OF REVENUES AND EXPENDITURES (BUDGET BASIS) -
BUDGET AND ACTUAL (NON-GAAP) - RECONCILED TO GAAP BASIS
FISCAL YEAR ENDED SEPTEMBER 30, 2005
ORIGINAL
& FINAL
BUDGET
ACTUAL
BUDGETARY
BASIS
VARIANCE
TO BUDGET
REVENUES:
Court fees$40,000$59,286$19,286
Investment earnings8002,3641,564
Total revenues 40,80061,65020,850
EXPENDITURES:
Operations101,15049,25551,895
Total expenditures 101,150 49,255 51,895
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES(60,350)12,39572,745
OTHER FINANCING SOURCES (USES):
Transfers out (10,000)(10,000)
Total other financing sources (uses) (10,000)(10,000)
EXCESS (DEFICIENCY) OF REVENUES AND OTHER
FINANCING SOURCES OVER EXPENDITURES AND
OTHER FINANCING (USES) - BUDGETARY BASIS(70,350)2,39572,745
FUND BALANCE, Beginning of period $70,35071,4651,115
FUND BALANCE - BUDGETARY BASIS,
End of period 73,860$73,860
Adjustments to GAAP:
Reverse current year encumbrances37,616
FUND BALANCE - GAAP BASIS
End of period$111,476
2005
CITY OF GEORGETOWN, TEXAS
FIRE BILLING SPECIAL REVENUE FUND
SCHEDULE OF REVENUES AND EXPENDITURES (BUDGET BASIS) -
BUDGET AND ACTUAL (NON-GAAP) - RECONCILED TO GAAP BASIS
FISCAL YEAR ENDED SEPTEMBER 30, 2005
ORIGINAL
& FINAL
BUDGET
ACTUAL
BUDGETARY
BASIS
VARIANCE
TO FINAL
BUDGET
REVENUES:
Investment earnings$2,000$3,718$1,718
Donations 1,0001,07575
Fire incident billings121,500120,477(1,023)
Other 77,058106,41629,358
Total revenues 201,558231,68630,128
EXPENDITURES:
Operations251,492148,734102,758
Total expenditures 251,492 148,734 102,758
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES(49,934)82,952132,886
OTHER FINANCING SOURCES (USES):
Operating transfers out (61,600)(61,592)8
Total other financing sources (uses) (61,600)(61,592)8
EXCESS (DEFICIENCY) OF REVENUES AND OTHER
FINANCING SOURCES OVER EXPENDITURES AND
OTHER FINANCING (USES) - BUDGETARY BASIS(111,534)21,360132,894
FUND BALANCE, Beginning of period $111,534108,402(3,132)
FUND BALANCE - BUDGETARY BASIS,
End of period129,762$129,762
Adjustments to GAAP:
Reverse current year encumbrances
FUND BALANCE - GAAP BASIS
End of period$129,762
2005
CITY OF GEORGETOWN, TEXAS
LIBRARY RESTRICTED SPECIAL REVENUE FUND
SCHEDULE OF REVENUES AND EXPENDITURES (BUDGET BASIS) -
BUDGET AND ACTUAL (NON-GAAP) - RECONCILED TO GAAP BASIS
FISCAL YEAR ENDED SEPTEMBER 30, 2005
ORIGINAL
BUDGET
FINAL
BUDGET
ACTUAL
BUDGETARY
BASIS
VARIANCE
TO BUDGET
REVENUES:
Grants and entitlements$8,800$6,806$(1,994)
Investment earnings$7007001,272572
Donations 20,00022,50037,51715,017
Total revenues 20,70032,00045,59513,595
EXPENDITURES:
Personnel14,29214,292
Operations40,64737,65527,9239,732
Total expenditures 40,647 51,94742,215 9,732
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES(19,947)(19,947)3,38023,327
FUND BALANCE, Beginning of period $19,947$19,94747,75627,809
FUND BALANCE - BUDGETARY BASIS,
End of period 51,136$51,136
Adjustments to GAAP:
Reverse current year encumbrances65
FUND BALANCE - GAAP BASIS
End of period $51,201
2005
CITY OF GEORGETOWN, TEXAS
MAIN STREET FACADE SPECIAL REVENUE FUND
SCHEDULE OF REVENUES AND EXPENDITURES (BUDGET BASIS) -
BUDGET AND ACTUAL (NON-GAAP) - RECONCILED TO GAAP BASIS
FISCAL YEAR ENDED SEPTEMBER 30, 2005
ORIGINAL
& FINAL
BUDGET
ACTUAL
BUDGETARY
BASIS
VARIANCE
TO BUDGET
REVENUES:
Investment earnings$100$537$437
Donations 200(200)
Total revenues 300537237
EXPENDITURES:
Operations29,8836,99322,890
Total expenditures 29,8836,993 22,890
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES(29,583)(6,456)23,127
OTHER FINANCING SOURCES (USES):
Transfers in 15,00021,4426,442
Total other financing sources (uses) 15,00021,4426,442
EXCESS (DEFICIENCY) OF REVENUES AND OTHER
FINANCING SOURCES OVER EXPENDITURES AND
OTHER FINANCING (USES) - BUDGETARY BASIS(14,583)14,98629,569
FUND BALANCE, Beginning of period $14,58316,9702,387
FUND BALANCE - BUDGETARY BASIS,
End of period31,956$31,956
Adjustments to GAAP:
Reverse current year encumbrances
FUND BALANCE - GAAP BASIS
End of period$31,956
2005
CITY OF GEORGETOWN, TEXAS
MAPPING SPECIAL REVENUE FUND
SCHEDULE OF REVENUES AND EXPENDITURES (BUDGET BASIS) -
BUDGET AND ACTUAL (NON-GAAP) - RECONCILED TO GAAP BASIS
FISCAL YEAR ENDED SEPTEMBER 30, 2005
ORIGINAL
& FINAL
BUDGET
ACTUAL
BUDGETARY
BASIS
VARIANCE
TO BUDGET
REVENUES:
Investment earnings$188$587$399
Mapping fees 20,35017,898(2,452)
Total revenues 20,53818,485(2,053)
EXPENDITURES:
Operations38,38819,39818,990
Total expenditures 38,38819,39818,990
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES(17,850)(913)16,937
OTHER FINANCING SOURCES (USES):
Transfers in 11,20011,200
Transfers out(5,088)(5,088)
Total other financing sources (uses) 6,1126,112
EXCESS (DEFICIENCY) OF REVENUES AND OTHER
FINANCING SOURCES OVER EXPENDITURES AND
OTHER FINANCING (USES) - BUDGETARY BASIS(11,738)5,19916,937
FUND BALANCE, Beginning of period $11,73826,02814,290
FUND BALANCE - BUDGETARY BASIS,
End of period 31,227$31,227
Adjustments to GAAP:
Reverse current year encumbrances
FUND BALANCE - GAAP BASIS
End of period$31,227
2005
CITY OF GEORGETOWN, TEXAS
PARKS SPECIAL REVENUE FUND
SCHEDULE OF REVENUES AND EXPENDITURES (BUDGET BASIS) -
BUDGET AND ACTUAL (NON-GAAP) - RECONCILED TO GAAP BASIS
FISCAL YEAR ENDED SEPTEMBER 30, 2005
2005
ORIGINAL
& FINAL
BUDGET
ACTUAL
BUDGETARY
BASIS
VARIANCE
TO BUDGET
REVENUES:
Grants and entitlements$590,000$589,923$(77)
Investment earnings2,3004,7092,409
Donations 767767
Other 132,250105,718(26,532)
Total revenues 724,550701,117(23,433)
EXPENDITURES:
Operations850,433819,66930,764
Total expenditures 850,433819,66930,764
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES(125,883)(118,552)7,331
OTHER FINANCING SOURCES (USES):
Transfers in 17,53917,539
Total other financing sources (uses) 17,53917,539
EXCESS (DEFICIENCY) OF REVENUES AND OTHER
FINANCING SOURCES OVER EXPENDITURES AND
OTHER FINANCING (USES) - BUDGETARY BASIS(108,344)(101,013)7,331
FUND BALANCE, Beginning of period $108,344206,601 98,257
FUND BALANCE - BUDGETARY BASIS,
End of period105,588$105,588
Adjustments to GAAP:
Reverse current year encumbrances2,888
FUND BALANCE - GAAP BASIS
End of period$108,476
CITY OF GEORGETOWN, TEXAS
POLICE SPECIAL REVENUE FUND
SCHEDULE OF REVENUES AND EXPENDITURES (BUDGET BASIS) -
BUDGET AND ACTUAL (NON-GAAP) - RECONCILED TO GAAP BASIS
FISCAL YEAR ENDED SEPTEMBER 30, 2005
ORIGINAL
BUDGET
FINAL
BUDGET
ACTUAL
BUDGETARY
BASIS
VARIANCE
TO BUDGET
REVENUES:
Grants and entitlements$65,049$130,959$85,422$(45,537)
Investment earnings1,3401,3401,770430
Donations 25,20039,70036,510(3,190)
Total revenues 91,589171,999123,702(48,297)
EXPENDITURES:
Personnel89,69099,19287,09012,102
Operations13,20326,04126,041
Capital outlay36,996104,613104,613
Total expenditures 139,889229,846217,74412,102
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES(48,300)(57,847)(94,042)(36,195)
OTHER FINANCING SOURCES (USES):
Transfers in 24,64124,64122,770(1,871)
Total other financing sources (uses) 24,64124,64122,770(1,871)
EXCESS (DEFICIENCY) OF REVENUES AND OTHER
FINANCING SOURCES OVER EXPENDITURES AND
OTHER FINANCING (USES) - BUDGETARY BASIS(23,659)(33,206)(71,272)(38,066)
FUND BALANCE, Beginning of period $23,659$23,65972,54348,884
FUND BALANCE - BUDGETARY BASIS,
End of period 1,271$1,271
Adjustments to GAAP:
Reverse current year encumbrances62,263
FUND BALANCE - GAAP BASIS
End of period $63,534
2005
CITY OF GEORGETOWN, TEXAS
STREET TAX SPECIAL REVENUE FUND
SCHEDULE OF REVENUES AND EXPENDITURES (BUDGET BASIS) -
BUDGET AND ACTUAL (NON-GAAP) - RECONCILED TO GAAP BASIS
FISCAL YEAR ENDED SEPTEMBER 30, 2005
ORIGINAL
BUDGET
FINAL
BUDGET
ACTUAL
BUDGETARY
BASIS
VARIANCE
TO BUDGET
REVENUES:
Sales tax$1,133,000$1,133,000$1,224,261$91,261
Investment earnings2,5002,50021,76619,266
Total revenues 1,135,5001,135,5001,246,027110,527
EXPENDITURES:
Capital outlay1,280,0001,500,0001,347,398152,602
Total expenditures 1,280,0001,500,0001,347,398152,602
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES(144,500)(364,500)(101,371)263,129
EXCESS (DEFICIENCY) OF REVENUES AND OTHER
FINANCING SOURCES OVER EXPENDITURES AND
OTHER FINANCING (USES) - BUDGETARY BASIS (144,500)(364,500)(101,371)263,129
FUND BALANCE, Beginning of period 412,187412,187384,974(27,213)
FUND BALANCE - BUDGETARY BASIS,
End of period$267,687$47,687283,603$235,916
Adjustments to GAAP:
Reverse current year encumbrances 875,242
FUND BALANCE - GAAP BASIS
End of period $1,158,845
2005
CITY OF GEORGETOWN, TEXAS
TOURISM SPECIAL REVENUE FUND
SCHEDULE OF REVENUES AND EXPENDITURES (BUDGET BASIS) -
BUDGET AND ACTUAL (NON-GAAP) - RECONCILED TO GAAP BASIS
FISCAL YEAR ENDED SEPTEMBER 30, 2005
ORIGINAL
BUDGET
FINAL
BUDGET
ACTUAL
BUDGETARY
BASIS
VARIANCE
TO BUDGET
REVENUES:
Hotel/Motel tax $250,000$250,000$283,676$33,676
Investment earnings3,9503,9503,949(1)
Other 36,38451,38450,644(740)
Total revenues 290,334305,334338,26932,935
EXPENDITURES:
Personnel136,542134,142134,06676
Operations200,599243,557243,053504
Total expenditures 337,141377,699377,119 580
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES(46,807)(72,365)(38,850)33,515
OTHER FINANCING SOURCES (USES):
Transfers in43,94043,94043,940
Transfers out (55,000)(61,442)(61,442)
Total other financing sources (uses) (11,060)(17,502)(17,502)
EXCESS (DEFICIENCY) OF REVENUES AND OTHER
FINANCING SOURCES OVER EXPENDITURES AND
OTHER FINANCING (USES) - BUDGETARY BASIS(57,867)(89,867)(56,352)33,515
FUND BALANCE, Beginning of period 146,159146,159160,43314,274
FUND BALANCE - BUDGETARY BASIS,
End of period$88,292$56,292 104,081$47,789
Adjustments to GAAP:
Reverse current year encumbrances42,460
FUND BALANCE - GAAP BASIS
End of period $146,541
2005
CITY OF GEORGETOWN, TEXAS
VILLAGE IMPROVEMENT DISTRICT SPECIAL REVENUE FUND
SCHEDULE OF REVENUES AND EXPENDITURES (BUDGET BASIS) -
BUDGET AND ACTUAL (NON-GAAP) - RECONCILED TO GAAP BASIS
FISCAL YEAR ENDED SEPTEMBER 30, 2005
ORIGINAL
& FINAL
BUDGET
ACTUAL
BUDGETARY
BASIS
VARIANCE
TO BUDGET
REVENUES:
Property assessments$91,675$89,134$(2,541)
Investment earnings500936436
Other 38,77512,215(26,560)
Total revenues 130,950102,285(28,665)
EXPENDITURES:
Operations130,950101,86829,082
Total expenditures $130,950101,86829,082
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES417417
FUND BALANCE - BUDGETARY BASIS,
End of period 417$417
Adjustments to GAAP:
Reverse current year encumbrances
FUND BALANCE - GAAP BASIS
End of period$417
2005
CITY OF GEORGETOWN, TEXAS
STREET IMPROVEMENTS FUND
SCHEDULE OF REVENUES AND EXPENDITURES (BUDGET BASIS) -
BUDGET AND ACTUAL (NON-GAAP) - RECONCILED TO GAAP BASIS
FISCAL YEAR ENDED SEPTEMBER 30, 2005
VARIANCE
REVENUES:
Investment earnings$2,000$7,927 $5,927
Other16,80022,2505,450
Total revenues18,80030,17711,377
DEFICIENCY OF REVENUES
OVER EXPENDITURES18,80030,17711,377
EXCESS (DEFICIENCY) OF REVENUES AND
OTHER FINANCING SOURCES OVER
EXPENDITURES - BUDGETARY BASIS 18,80030,17711,377
FUND BALANCES, Beginning of period95,059219,491124,432
FUND BALANCES - BUDGETARY BASIS,
End of Period $113,859249,668 $135,809
Adjustments to GAAP:
Reverse current year encumbrances205
FUND BALANCES - GAAP BASIS
End of period$249,873
ORIGINAL
& FINAL
BUDGET
ACTUAL
BUDGETARY
BASIS
2005
Supplementary Individual Fund Financial
Statements and Schedules – Major Governmental Funds
These supplementary statements and schedules are included to provide management
additional information for financial analysis.
CITY OF GEORGETOWN, TEXAS
GENERAL FUND
COMPARATIVE BALANCE SHEETS
AS OF SEPTEMBER 30, 2005 AND 2004
20052004
ASSETS:
Cash and cash equivalents$1,789,388$1,774,007
Investments5,982,5473,595,091
Accounts receivable (net of allowance for uncollectible accounts):
Delinquent taxes 167,675184,268
Sales taxes 887,901737,779
Other 444,544139,888
Prepaid items204,750267,193
Inventories 897
Long-term note receivable1,193,5861,491,486
TOTAL ASSETS $10,671,288$8,189,712
LIABILITIES AND FUND BALANCE:
Liabilities:
Accounts payable$1,259,787$742,278
Unearned revenue 1,940,5472,010,629
Total liabilities 3,200,3342,752,907
Fund Balance:
Reserved for:
Encumbrances975,842685,155
Inventories897
Prepaid items204,750267,193
Unreserved6,289,4654,484,457
Total fund balance7,470,9545,436,805
TOTAL LIABILITIES AND FUND BALANCE $10,671,288$8,189,712
CITY OF GEORGETOWN, TEXAS
GENERAL FUND
COMPARATIVE STATEMENTS OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
FISCAL YEARS ENDED SEPTEMBER 30, 2005 AND 2004
20052004
REVENUES:
Property taxes:
Current$5,470,721 $4,891,350
Delinquent107,145 18,550
Penalties and interest67,976 83,362
Other147,427 146,171
Sales tax4,823,378 4,217,991
Franchise taxes1,942,246 1,844,683
Licenses and permits1,266,295 1,078,048
Charges for service823,980 818,407
Fines714,596 634,446
Donations and grants1,155 2,438
Investment income166,095 38,662
Other income412,288 391,438
Total revenues 15,943,30214,165,546
EXPENDITURES:
Current:
Culture - recreation3,808,0223,719,476
Development1,933,0761,888,150
Fire services3,518,5973,246,583
General government1,802,7521,741,600
Highways and streets1,691,8761,879,105
Police5,603,5215,474,007
Total expenditures 18,357,84417,948,921
EXCESS EXPENDITURES OVER REVENUES (2,414,542)(3,783,375)
OTHER FINANCING SOURCES (USES):
Transfers in 4,804,6055,367,736
Transfers out (355,914)(131,661)
Total other financing sources (uses) 4,448,6915,236,075
EXCESS OF REVENUES AND
OTHER FINANCING SOURCES OVER
EXPENDITURES AND OTHER FINANCING (USES)2,034,1491,452,700
FUND BALANCES, Beginning of period5,436,8053,984,105
FUND BALANCES, End of period $7,470,954$5,436,805
CITY OF GEORGETOWN, TEXAS
GENERAL FUND
SCHEDULE OF REVENUES AND EXPENDITURES (BUDGET BASIS) -
BUDGET AND ACTUAL (NON-GAAP) - RECONCILED TO GAAP BASIS
FISCAL YEAR ENDED SEPTEMBER 30, 2005 (WITH COMPARATIVE FOR 2004)
2005 ACTUAL2004 ACTUAL
ORIGINALFINALBUDGETARY VARIANCEBUDGETARY
BUDGETBUDGETBASIS TO BUDGETBASIS
REVENUES:
TAXES:
Property tax:
Current$5,475,000$5,475,000$5,470,721$(4,279)$4,891,350
Delinquent 32,00032,000107,14575,14518,550
Penalties and interest 30,00030,00067,97637,97683,362
Total property tax 5,537,0005,537,0005,645,842108,8424,993,262
Sales tax 4,300,0004,300,0004,823,378523,3784,217,991
Franchise taxes 1,981,4001,981,4001,942,246(39,154)1,844,683
Other 180,000180,000147,427(32,573)146,171
Total taxes 11,998,40011,998,40012,558,893560,49311,202,107
LICENSES AND PERMITS:
Permits and inspection fees 870,625870,6251,246,527375,9021,064,918
Licenses 6,0006,00019,76813,76813,130
Total licenses and permits 876,625876,6251,266,295389,6701,078,048
CHARGES FOR SERVICES:
Library 42,00042,00045,6023,60243,484
Animal services28,00028,00038,92410,92433,258
Parks and recreation608,600608,600653,95745,357629,398
Fire protection 60,00060,00060,00060,000
Police support 37,50074,50025,497(49,003)52,267
Total charges for services 776,100813,100823,98010,880818,407
FINES AND FORFEITURES 595,000595,000714,596119,596634,446
INTEREST AND OTHER:
Investment income 35,00035,000167,426132,42651,341
Rent 85,00085,00070,934(14,066)75,235
Miscellaneous 349,100349,100525,129176,029386,006
Total interest and other 469,100469,100763,489294,389512,582
TOTAL REVENUES14,715,22514,752,22516,127,2531,375,02814,245,590
EXPENDITURES:
CULTURE - RECREATION:
Parks:
Personnel 788,001749,884749,884829,621
Operations 554,581615,958615,958552,996
Capital outlay 7,0007,000104,975
Total parks 1,342,5821,372,8421,372,8421,487,592
Recreation:
Personnel 521,948521,551521,551396,383
Operations 194,864209,446209,446180,786
Total recreation 716,812730,997730,997577,169
(continued)
2005 ACTUAL2004 ACTUAL
ORIGINALFINALBUDGETARY VARIANCEBUDGETARY
BUDGETBUDGETBASIS TO BUDGETBASIS
Recreation programs:
Personnel $329,391$285,376$279,991$5,385$281,104
Operations 436,758442,713442,713413,208
Capital outlay15,00015,000
Total recreation 766,149743,089737,7045,385694,312
Library:
Personnel691,926670,526653,32317,203590,695
Operations 250,592250,592248,8021,790264,812
Capital outlay 90,25090,26590,26590,189
Total library1,032,7681,011,383992,39018,993945,696
TOTAL CULTURE - RECREATION3,858,3113,858,3113,833,93324,3783,704,769
DEVELOPMENT:
Administration:
Personnel261,134192,651192,651282,223
Operations 113,265148,423148,423121,428
Total administration374,399341,074341,074403,651
Current planning:
Personnel317,592344,101344,101353,136
Operations 53,13850,34750,34725,195
Total current planning370,730394,448394,448378,331
Long range planning:
Personnel178,997168,720168,720130,028
Operations 45,67442,80142,80172,962
Total long range planning224,671211,521211,521202,990
Inspection services:
Personnel 559,711575,241567,7687,473455,510
Operations 97,56398,91798,91791,665
Total inspection services657,274674,158666,6857,473547,175
Code enforcement:
Personnel298,915302,135294,5517,584284,955
Operations 76,61199,26499,26470,331
Total fire prevention375,526401,399393,8157,584355,286
TOTAL DEVELOPMENT2,002,6002,022,6002,007,54315,0571,887,433
FIRE SERVICES:
Fire administration:
Personnel 216,937221,165216,4264,739230,791
Operations 184,309190,181190,181185,575
Total fire administration401,246411,346406,6074,739416,366
Fire operations:
Personnel 2,859,3562,835,7562,706,278129,4782,496,551
Operations 395,546409,046407,1101,936347,485
Total fire operations3,254,9023,244,8023,113,388131,4142,844,036
TOTAL FIRE SERVICES 3,656,148 3,656,1483,519,995136,1533,260,402
(continued)
CITY OF GEORGETOWN, TEXAS
GENERAL FUND
SCHEDULE OF REVENUES AND EXPENDITURES (BUDGET BASIS) -
BUDGET AND ACTUAL (NON-GAAP) - RECONCILED TO GAAP BASIS
FISCAL YEAR ENDED SEPTEMBER 30, 2005 (WITH COMPARATIVE FOR 2004)
2005 ACTUAL2004 ACTUAL
ORIGINALFINALBUDGETARY VARIANCEBUDGETARY
BUDGETBUDGETBASIS TO BUDGETBASIS
GENERAL GOVERNMENT:
General government:
Operations $842,627$842,627$824,609$18,018$742,731
Total general government 842,627842,627824,60918,018742,731
City council:
Personnel85,22685,22682,4742,75279,964
Operations 182,251183,951181,2402,711158,351
Total city council 267,477269,177263,7145,463238,315
City manager's office:
Personnel 514,758495,058482,14312,915444,233
Operations 166,577164,577156,5588,019174,230
Capital 188,000188,00073,723114,277211,115
Total city manager's office869,335847,635712,424135,211829,578
TOTAL GENERAL GOVERNMENT 1,979,4391,959,4391,800,747158,6921,810,624
HIGHWAYS AND STREETS:
Streets operating:
Personnel 621,973603,396586,88616,510574,660
Operations 528,819536,794523,81012,984609,769
Capital outlay825,000835,602835,602739,540
Total streets operating1,975,7921,975,7921,946,29829,4941,923,969
TOTAL HIGHWAYS AND STREETS1,975,7921,975,7921,946,29829,4941,923,969
POLICE SERVICES:
Organization and administration:
Personnel 564,206565,110556,990 8,120 509,343
Operations 319,755325,032325,032288,973
Capital outlay15,00018,11918,119
Total organization and administration898,961908,261900,1418,120798,316
Support services bureau:
Personnel 1,560,9291,434,7071,200,281234,4261,368,661
Operations 170,845170,845154,61116,234175,737
Capital outlay 72,00061,20010,8009,241
Total support services bureau1,731,7741,677,5521,416,092261,4601,553,639
Field operations bureau:
Personnel 2,269,3482,280,7612,279,4981,2632,122,144
Operations 409,269454,227454,227378,051
Capital outlay 20,00020,0002,02417,9767,654
Total field operations bureau2,698,6172,754,9882,735,74919,2392,507,849
(continued)
2005 ACTUAL2004 ACTUAL
ORIGINALFINALBUDGETARY VARIANCEBUDGETARY
BUDGETBUDGETBASIS TO BUDGETBASIS
Animal services:
Personnel$278,033$286,967$286,967$270,013
Operations 84,621101,238101,238105,283
Total animal services362,654388,205388,205375,296
Municipal court:
Personnel 230,243219,370215,206$4,164170,267
Operations 59,03169,90469,90469,098
Total municipal court 289,274289,274285,1104,164239,365
TOTAL POLICE SERVICES5,981,2806,018,2805,725,297292,9835,474,465
TOTAL EXPENDITURES19,453,57019,490,57018,833,813656,75718,061,662
DEFICIENCY OF REVENUES
OVER EXPENDITURES(4,738,345)(4,738,345)(2,706,560)2,031,785(3,816,072)
OTHER FINANCING SOURCES (USES):
Transfers in4,675,5004,675,5004,804,605129,1055,367,736
Transfers out(357,785)(357,785)(355,914)1,871(131,661)
Total other financing sources (uses)4,317,7154,317,7154,448,691130,9765,236,075
EXCESS (DEFICIENCY) OF REVENUES AND
OTHER FINANCING SOURCES OVER
EXPENDITURES AND OTHER FINANCING
(USES) - BUDGETARY BASIS(420,630)(420,630)1,742,1312,162,7611,420,003
FUND BALANCE - BUDGETARY BASIS,
Beginning of period4,370,1724,370,1724,744,968374,7963,324,965
FUND BALANCE - BUDGETARY BASIS,
End of period $3,949,542$3,949,5426,487,099$2,537,5574,744,968
Adjustments to GAAP:
Reverse current year encumbrances975,842685,156
Record net unrealized gain on investments8,0136,681
FUND BALANCE - GAAP BASIS, End of period $7,470,954$5,436,805
CITY OF GEORGETOWN, TEXAS
GEORGETOWN TRANSPORTATION ENHANCEMENT CORPORATION
COMPARATIVE BALANCE SHEETS
AS OF SEPTEMBER 30, 2005 AND 2004
20052004
ASSETS:
Cash and cash equivalents
Investments$8,865,547$9,588,656
Accounts receivable:
Sales Tax 438,997364,810
Other 653,9641,808
TOTAL ASSETS $9,958,508 $9,955,274
LIABILITIES AND FUND BALANCE
Liabilities:
Accounts payable$94,942$101,903
Total liabilities 94,942101,903
Fund Balance:
Reserved for:
Encumbrances2,473,528660,399
Capital projects7,390,0389,192,972
Total fund balance9,863,5669,853,371
TOTAL LIABILITIES AND FUND BALANCE $9,958,508 $9,955,274
CITY OF GEORGETOWN, TEXAS
GEORGETOWN TRANSPORTATION ENHANCEMENT CORPORATION
COMPARATIVE STATEMENTS OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE
FISCAL YEAR ENDED SEPTEMBER 30, 2005 AND 2004
20052004
REVENUES:
Sales tax$2,448,521$2,118,443
Development contributions1,347,125
Investment earnings171,31964,748
Total revenues 3,966,9652,183,191
EXPENDITURES:
General government184,294162,379
Capital outlay6,774,6273,657,796
Total expenditures6,958,9213,820,175
EXCESS (DEFICIENCY) OF REVENUES OVER
EXPENDITURES (2,991,956)(1,636,984)
OTHER FINANCING SOURCES (USES):
Bond proceeds4,175,0009,392,133
Interest and fiscal charges(100,000)(48,164)
Total other financing sources (uses) 3,002,1519,070,760
EXCESS (DEFICIENCY) OF REVENUES AND
OTHER FINANCING SOURCES OVER EXPENDI-
TURES AND OTHER FINANCING (USES)10,1957,433,776
FUND BALANCES, End of period $9,863,566$9,853,371
CITY OF GEORGETOWN, TEXAS
GEORGETOWN TRANSPORTATION ENHANCEMENT CORPORATION
SCHEDULE OF REVENUES AND EXPENDITURES (BUDGET BASIS) -
BUDGET AND ACTUAL (NON-GAAP) - RECONCILED TO GAAP BASIS
FISCAL YEAR ENDED SEPTEMBER 30, 2005 (WITH COMPARATIVE FOR 2004)
ORIGINAL
BUDGET
FINAL
BUDGET
2005 ACTUAL
BUDGETARY
BASIS
VARIANCE
TO BUDGET
2004 ACTUAL
BUDGETARY
BASIS
REVENUES:
Sales tax$2,142,300 $2,142,300$2,448,521$306,221$2,118,443
Court fees
Investment earnings65,000 65,000167,467102,46771,628
Other 1,156,7861,156,7861,347,125190,339
Total revenues 3,364,0863,364,0863,963,113599,0272,190,071
EXPENDITURES:
Personnel
Operations250,200250,200214,90635,294162,379
Capital outlay13,438,83312,538,8338,802,8553,735,9783,030,075
Total expenditures 13,689,03312,789,0339,017,7613,771,2723,192,454
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES(10,324,947)(9,424,947)(5,054,648)4,370,299(1,002,383)
OTHER FINANCING SOURCES (USES):
Bond proceeds4,214,9004,214,9004,175,000(39,900)9,392,133
Bond issuance costs(181,500)(181,500)(100,000)81,500(48,164)
Operating transfers out (1,356,853)(1,356,853)(1,061,649)295,204(273,209)
Total other financing sources (uses) 2,676,5472,676,5473,013,351336,8049,070,760
FINANCING SOURCES OVER EXPENDITURES AND
OTHER FINANCING (USES) - BUDGETARY BASIS (7,648,400)(6,748,400)(2,041,297)4,707,1038,068,377
FUND BALANCES, Beginning of period 9,304,1159,304,1159,434,362130,2471,131,474
FUND BALANCES - BUDGETARY BASIS,
End of period$1,655,715 $2,555,715 7,393,065 $4,837,3509,199,851
Adjustments to GAAP:
Reverse current year encumbrances 2,473,528660,399
Record net unrealized loss on investment(3,027)(6,879)
FUND BALANCES - GAAP BASIS
End of period $9,863,566$9,853,371
CITY OF GEORGETOWN, TEXAS
DEBT SERVICE FUND
COMPARATIVE BALANCE SHEETS
SEPTEMBER 30, 2005 AND 2004
20052004
ASSETS:
Investments$504,150$757,759
Accounts receivable:
Delinquent taxes 88,60499,069
TOTAL ASSETS $592,754$856,828
LIABILITIES AND FUND BALANCE:
Liabilities:
Unearned revenue$84,603$88,392
Total liabilities 84,60388,392
Fund Balances:
Reserved for debt service508,151768,436
TOTAL LIABILITIES AND FUND BALANCES $592,754$856,828
CITY OF GEORGETOWN, TEXAS
DEBT SERVICE FUND
COMPARATIVE STATEMENTS OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
FISCAL YEARS ENDED SEPTEMBER 30, 2005 AND 2004
20052004
REVENUES:
Ad valorem taxes:
Current$2,708,365$2,212,776
Delinquent 53,94311,404
Total ad valorem taxes 2,762,3082,224,180
Investment earnings and other 47,09817,098
Total revenues 2,809,4062,241,278
EXPENDITURES:
Principal retirement 2,500,9011,262,782
Interest and fiscal charges 1,670,4241,146,741
Total expenditures4,171,3252,409,523
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES(1,361,919)(168,245)
OTHER FINANCING SOURCES:
Bond Proceeds9,180,166
Payment to refunding escrow agent(9,243,904)
Operating transfers in1,165,372273,037
Total other financing sources 1,101,634273,037
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURE AND OTHER FINANCING (USES)(260,285)104,792
FUND BALANCES, Beginning of period 768,436663,644
FUND BALANCES, End of period $508,151$768,436
CITY OF GEORGETOWN, TEXAS
DEBT SERVICE FUND
SCHEDULE OF REVENUES AND EXPENDITURES (BUDGET BASIS) -
BUDGET AND ACTUAL (NON-GAAP) - RECONCILED TO GAAP BASIS
FISCAL YEAR ENDED SEPTEMBER 30, 2005 (WITH COMPARATIVE FOR 2004)
ORIGINAL
BUDGET
FINAL
BUDGET
2005 ACTUAL
BUDGETARY
BASIS
VARIANCE
TO BUDGET
2004 ACTUAL
BUDGETARY
BASIS
REVENUES:
Ad valorem taxes$2,710,000$2,710,000$2,762,308$52,308$2,224,180
Investment earnings15,00015,00047,31832,31817,241
Total revenues 2,725,0002,725,0002,809,62684,6262,241,421
OTHER FINANCING SOURCES (USES):
Principal, interest and fiscal charges(3,843,828)(4,210,089)(4,171,325)38,764(2,409,666)
Bond proceeds9,180,1659,180,165
Payment to refunding escrow agent(9,243,904)(9,243,904)
Transfers in1,107,8841,107,8841,165,37257,488273,037
Total other financing sources (uses) (2,735,944)(3,165,944)(3,069,692)96,252(2,136,629)
EXCESS (DEFICIENCY) OF REVENUES AND OTHER
FINANCING SOURCES OVER EXPENDITURES AND
OTHER FINANCING SOURCES - BUDGETARY BASIS(10,944)(440,944)(260,066)180,878104,792
FUND BALANCE, Beginning of period 729,7941,159,794768,217(391,577)663,644
FUND BALANCE - BUDGETARY BASIS,
End of period$718,850$718,850 508,151$(210,699) 768,436
Adjustments to GAAP:
Reverse current year encumbrances
FUND BALANCE - GAAP BASIS
End of period $508,151$768,436
CITY OF GEORGETOWN, TEXAS
GENERAL CAPITAL PROJECTS
COMPARATIVE BALANCE SHEET
AS OF SEPTEMBER 30, 2005 AND 2004
20052004
ASSETS:
Cash and cash equivalents$63,766$6,423
Investments6,655,788908,921
TOTAL ASSETS $6,719,554$915,344
LIABILITIES AND FUND BALANCES:
Liabilities:
Accounts payable$159,295$59,598
Due to other funds345,093
Total liabilities504,38859,598
Fund Balances:
Reserved for encumbrances1,465,671582,119
Reserved for capital projects4,749,495273,627
Total fund balances6,215,166855,746
TOTAL LIABILITIES AND FUND BALANCES $6,719,554$915,344
CITY OF GEORGETOWN, TEXAS
GENERAL CAPITAL PROJECTS
COMPARATIVE STATEMENTS OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
FISCAL YEAR ENDED SEPTEMBER 30, 2005 AND 2004
REVENUES:
Investment earnings$72,991$19,314
Other110,76081,782
Total revenues183,751101,096
EXPENDITURES:
Capital outlay3,812,0581,237,241
Total expenditures3,812,0581,237,241
DEFICIENCY OF REVENUES
OVER EXPENDITURES(3,628,307)(1,136,145)
OTHER FINANCING SOURCES (USES)
Bond proceeds9,030,0002,847,867
Interest and fiscal charges(127,225)(59,029)
Sale of property896,113
Tranfers in313,16587,745
Transfers out(1,124,326)(1,035,066)
Total other financing sources (uses)8,987,7271,841,517
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES
OVER EXPENDITURES5,359,420705,372
FUND BALANCES, Beginning of period855,746150,374
FUND BALANCES, End of period $6,215,166$855,746
20052004
CITY OF GEORGETOWN, TEXAS
GENERAL CAPITAL PROJECTS FUND
SCHEDULE OF REVENUES AND EXPENDITURES (BUDGET BASIS) -
BUDGET AND ACTUAL (NON-GAAP) - RECONCILED TO GAAP BASIS
FISCAL YEAR ENDED SEPTEMBER 30, 2005 (WITH COMPARATIVE FOR 2004)
ORIGINAL
BUDGET
FINAL
BUDGET
2005
ACTUAL
BUDGETARY
BASIS
VARIANCE TO
BUDGET
2004 ACTUAL
BUDGETARY
BASIS
REVENUES:
Investment earnings$15,991$15,991$65,784$49,793$19,482
Donations
Other 110,760110,76081,782
Total revenues15,99115,991176,544160,553101,264
EXPENDITURES:
Capital outlay2,376,2758,857,8454,636,3964,221,4491,697,368
Bond issuance cost68,010186,440186,44059,029
Total expenditures2,444,2859,044,2854,822,8364,221,4491,756,397
DEFICIENCY OF REVENUES
OVER EXPENDITURES(2,428,294)(9,028,294)(4,646,292)4,382,002(1,655,133)
OTHER FINANCING SOURCES (USES):
Bond proceeds1,900,0009,000,0009,030,00030,0002,847,867
Sale of Property800,000800,000896,11296,112
Transfers in 313,165313,165323,73810,57313,220
Tranfers out(741,600) (1,241,600) (1,124,327) 117,273(1,035,065)
Total other financing sources (uses) 2,271,565 8,871,5659,125,523253,9581,826,022
EXCESS (DEFICIENCY) OF REVENUES AND
OTHER FINANCING SOURCES OVER
EXPENDITURES - BUDGETARY BASIS(156,729)(156,729)4,479,2314,635,960170,889
FUND BALANCES, Beginning of period171,229171,229270,26499,035102,738
FUND BALANCES - BUDGETARY BASIS,
End of Period $14,500$14,5004,749,495$4,734,995273,627
Adjustments to GAAP:
Reverse current year encumbrances1,465,671582,119
FUND BALANCES - GAAP BASIS,
End of period $6,215,166$855,746
.
Combining Financial Statements
Nonmajor Proprietary Funds
Enterprise Funds - The City's utilities are accounted for and operated in a manner similar to private
business enterprises. Each utility, accounted for as an independent entity, is an enterprise fund.
Enterprise fund accounting is used where the intent of the City Council is to finance or recover the costs
of providing goods or services to the general public on a continuing basis primarily through user charges
or when the City Council has decided that periodic determination of net income is appropriate for
accountability purposes.
Airport Fund - used to account for revenues and expenses related to the operation and maintenance of
the City's airport. All activities necessary to provide such services are accounted for in this fund
including, but not limited to, administration, operations, maintenance, financing and related debt
service, billing, collection and capital improvements.
Sanitation Fund - used to account for revenues and expenses relating to the operations of the City's
sanitation contract.
Stormwater Drainage Fund - used to account for revenues and expenses related to the operations,
capital projects, and debt service of the stormwater drainage facilities.
Internal Service Fund - This fund is used to account for services performed by one government
organization or department for others.
Fleet Management Fund - The City uses this fund to purchase and account for all major equipment and
vehicles. Each item is assigned an annual lease value which the leasing department pays to the
Internal Service Fund. The annual lease value is determined by the projected replacement cost divided
by the years of useful life of the item. The payments made by the departments enable the Internal
Service Fund to replace equipment and vehicles on a pre-planned schedule to minimize maintenance
costs and reduce safety risks due to worn out equipment and vehicles. The fund also provides
maintenance for all vehicles through the Vehicle Service Center.
Joint Services Fund - The Joint Services Fund is composed of departments which provide services to
more than one city fund. Charges for services provided are determined by allocating each specific
department's cost to the using fund.
Facilities Maintenance Fund - The City uses this fund to account for janitorial service, light
maintenance, painting, landscape maintenance and roofing and air conditioning repairs for all City
buildings. Each building is assigned an annual maintenance cost, which is paid to the Internal Service
Fund by the occupying departments, based on square footage occupied. The payments made by the
departments enable the Internal Service Fund to provide major and minor facility repairs on a pre-
planned schedule to minimize maintenance costs and provide preventative care to reduce long-term
maintenance and replacement costs.
Information Services Fund - The City uses this fund to account for purchases and maintenance of the
City’s computer systems. Each department pays an annual predetermined lease payment, based upon
the equipment the department has. These payments enable the fund to replace older equipment and
upgrade the City’s computer resources and provide assistance in maintenance of equipment. This fund
also provides for the management of the City’s computer systems through personnel in the Information
Services department.
CITY OF GEORGETOWN, TEXAS
COMBINING STATEMENT OF NET ASSETS
NONMAJOR ENTERPRISE FUNDS
AS OF SEPTEMBER 30, 2005
Business-type Activities
Enterprise Funds
STORMWATERTOTAL
AIRPORTSANITATIONDRAINAGENONMAJOR
FUND FUND FUND ENTERPRISE FUNDS
ASSETS:
Current Assets:
Cash and cash equivalents$133,677$89,914$223,591
Cash and cash equivalents - Restricted 424,610424,610
Investments447,527301,014748,541
Accounts receivable:
Services (net of allowance for uncollectibles)153,644$420,547203,240777,431
Other81,97981,979
Inventories43,39043,390
Total current assets 860,217420,5471,018,7782,299,542
Noncurrent Assets:
Deferred charges - bond issuance costs68,16591,000159,165
Capital assets:
Land and land rights981,500981,500
Distribution system 9,923,3669,923,366
Buildings and improvements7,597,1877,597,187
Machinery, furniture and equipment127,57752,00014,050193,627
Construction in progress133,49665,625199,121
Less accumulated depreciation (4,332,497)(52,000)(961,542)(5,346,039)
Total capital assets (net of accumulated depreciation)4,507,2639,041,49913,548,762
Total noncurrent assets 4,575,4289,132,49913,707,927
TOTAL ASSETS $5,435,645$420,547$10,151,277$16,007,469
LIABILITIES AND NET ASSETS:
Liabilities:
Current liabilities:
Accounts payable$203,298$233,650$26,780$463,728
Compensated absence12,08814,34426,432
Due to other funds54,36154,361
Current portion of long-term debt113,680130,272243,952
Accrued interest 11,58915,89327,482
Total current liabilities 340,655288,011187,289815,955
Noncurrent liabilities:
Compensated absence26,31428,21654,530
Long-term debt1,625,8592,639,5754,265,434
Total noncurrent liabilities1,652,1732,667,7914,319,964
Total liabilities 1,992,828288,0112,855,0805,135,919
Net Assets:
Invested in capital assets (net of related debt)2,767,7246,271,6529,039,376
Unrestricted675,093132,5361,024,5451,832,174
Total net assets3,442,817132,5367,296,19710,871,550
TOTAL LIABILITIES AND NET ASSETS $5,435,645$420,547$10,151,277$16,007,469
CITY OF GEORGETOWN, TEXAS
COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND NET ASSETS
NONMAJOR ENTERPRISE FUNDS
FISCAL YEAR ENDED SEPTEMBER 30, 2005
Business-type Activities
Enterprise Funds
STORMWATERTOTAL
AIRPORTSANITATIONDRAINAGENONMAJOR
FUND FUND FUND ENTERPRISE FUNDS
OPERATING REVENUES:
Waste $3,150,493 $3,150,493
Other$2,352,094 76,777$1,572,8544,001,725
Total operating revenues2,352,0943,227,2701,572,8547,152,218
OPERATING EXPENSES:
Depreciation429,491 279,760709,251
Utility contracts 2,868,758 2,868,758
Other2,096,005 807,3512,903,356
Total operating expenses2,525,4962,868,7581,087,1116,481,365
NET OPERATING INCOME (LOSS)(173,402)358,512485,743670,853
NONOPERATING REVENUES (EXPENSES):
Investment earnings13,02414,31927,343
Donations and grants134,358 134,358
Interest and fiscal charges(80,773)(129,108)(209,881)
Other63,807 63,807
Total nonoperating revenues (expenses)130,416 (114,789)15,627
INCOME (LOSS) BEFORE CONTRIBUTIONS
AND TRANSFERS (42,986)358,512370,954686,480
CONTRIBUTIONS AND TRANSFERS:
Capital contributions 1,785,8711,785,871
Transfers out (256,182)(119,369)(375,551)
Total contributions and transfers (256,182)1,666,5021,410,320
CHANGE IN NET ASSETS (42,986)102,3302,037,4562,096,800
TOTAL NET ASSETS - beginning3,485,80330,2065,258,7418,774,750
TOTAL NET ASSETS - ending $3,442,817$132,536$7,296,197$10,871,550
CITY OF GEORGETOWN, TEXAS
COMBINING STATEMENT OF CASH FLOWS
NONMAJOR ENTERPRISE FUNDS
FISCAL YEAR ENDED SEPTEMBER 30, 2005
Business-type Activities
Enterprise Funds
STORMWATERTOTAL
AIRPORTSANITATIONDRAINAGENONMAJOR
FUND FUND FUND ENTERPRISE FUNDS
CASH FLOWS FROM OPERATING ACTIVITIES:
Cash received from customers$2,303,942$3,190,910$1,535,529$7,030,381
Payments to suppliers(1,761,477)(2,811,208)(542,781)(5,115,466)
Franchise fees (64,045)(29,965)(94,010)
Payments to employees for services(204,985)(229,983)(434,968)
Net cash provided by operating activities337,480315,657732,8001,385,937
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
Transfers out (256,182)(119,369)(375,551)
Payments from (to) other funds (59,475)(59,475)
Net cash provided by (used for) noncapital
financing activities $(315,657)(119,369)(435,026)
CASH FLOWS FROM CAPITAL AND
RELATED FINANCING ACTIVITES:
Acquisition of capital assets(83,496)(312,523)(396,019)
Donations and grants134,358134,358
Proceeds from issuance of long-term debt 435,000435,000
Principal paid on revenue and certificates of obligation bonds(121,759)(142,590)(264,349)
Interest paid on revenue and certificates of obligation bonds(75,366)(133,102)(208,468)
Net cash provided by (used for) capital and related
financing activities(146,263)(153,215)(299,478)
CASH FLOWS FROM INVESTING ACTIVITIES:
Interest received13,02414,31927,343
Change in temporary investments(194,962)(72,542)(267,504)
Net cash provided by (used for) investing activities (181,938)(58,223)(240,161)
Net increase (decrease) in cash and cash equivalents9,279401,993411,272
Cash and cash equivalents at beginning of year124,398112,531236,929
Cash and cash equivalents at end of year 133,677 514,524 648,201
Classified as:
Current assets133,67789,914223,591
Restricted assets 424,610424,610
Total $133,677 $514,524 $648,201
Non-cash disclosure
Developer contributions $1,785,871$1,785,871
(continued)
CITY OF GEORGETOWN, TEXAS
COMBINING STATEMENT OF CASH FLOWS
NONMAJOR ENTERPRISE FUNDS
FISCAL YEAR ENDED SEPTEMBER 30, 2005
Business-type Activities
Enterprise Funds
STORMWATERTOTAL
AIRPORTSANITATIONDRAINAGENONMAJOR
FUND FUND FUND ENTERPRISE FUNDS
OPERATING INCOME (LOSS)$(173,402)$358,512$485,743$670,853
Adjustments to reconcile operating income (loss) to
cash provided by (used in) operating activities:
Depreciation429,491279,760709,251
Other income63,80763,807
Bad debt expense 9069811,887
Decrease (increase) in inventories(30,699)(30,699)
Decrease (increase) in accounts receivable(111,959)(37,266)(38,306)(187,531)
Increase (decrease) in accounts payable158,454(6,495)3,381155,340
Increase (decrease) in compensated absences payable1,7881,2413,029
Net cash provided by operating activities$337,480$315,657$732,800$1,385,937
INTERNAL SERVICE FUNDS
AS OF SEPTEMBER 30, 2005
JOINT
SERVICESTOTALS
FUND 2005
ASSETS:
Current:
Cash and cash equivalents$159,173$71,492$13,730$27,639$272,034
Investments532,882239,34445,96592,529910,720
Prepaid expense1,7212,49610,68314,900
Accounts receivable1,53794,11395,650
Inventories255,115255,115
Total current assets693,592661,78562,191130,8511,548,419
Property and equipment:
Land and land rights214,065214,065
Buildings and improvements38,145813,681428,0601,279,886
Machinery, furniture and equipment11,107,5151,013,867311,9482,047,91014,481,240
Construction in progress124,879 124,879
Total property and equipment cost11,270,5392,041,613740,0082,047,91016,100,070
Less accumulated depreciation(5,701,699)(1,790,308)(460,418)(1,397,167)(9,349,592)
Net property and equipment5,568,840251,305279,590650,7436,750,478
TOTAL ASSETS $6,262,432$913,090$341,781$781,594$8,298,897
LIABILITIES AND NET ASSETS:
Liabilities:
Current liabilities:
Accounts payable$25,450$404,615$15,054$53,070$498,189
Compensated absence10,0863,89926,02840,013
Total current liabilities35,536404,61518,95379,098538,202
Long term liabilities:
Compensated absence20,9978,10452,80581,906
Total liabilities56,533404,61527,057131,903620,108
Net Assets:
Invested in capital assets (net of related debt)5,568,840251,305279,590650,7436,750,478
Unrestricted637,059257,17035,134(1,052)928,311
Total net assets6,205,899508,475314,724649,6917,678,789
TOTAL LIABILITIES AND NET ASSETS $6,262,432$913,090$341,781$781,594$8,298,897
CITY OF GEORGETOWN, TEXAS
INFORMATION
SERVICES
FLEET
MANAGEMENT
COMBINING STATEMENT OF NET ASSETS
FUND FUND
FACILITIES
MAINTENANCE
FUND
CITY OF GEORGETOWN, TEXAS
COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND NET ASSETS
INTERNAL SERVICE FUNDS
FISCAL YEAR ENDED SEPTEMBER 30, 2005
FLEETJOINTFACILITIESINFORMATION
MANAGEMENT SERVICESMAINTENANCE SERVICES
FUND FUND FUND FUND 2005
OPERATING REVENUES - Charges for services$1,192,546$4,937,167$670,815$1,331,194$8,131,722
OPERATING EXPENSES:
Administration 725,014725,014
Accounting 511,807511,807
City wide HR services 426,831426,831
Customer service 119,930119,930
Economic development administration326,559326,559
Employee and organizational services374,480374,480
Facilities maintenance contracts 500,065500,065
Facilities maintenance services 116,458116,458
Finance and administration 389,388389,388
Fleet management operations165,979 165,979
Information resources 719,126719,126
Information resources capital replacement & contracts 589,493589,493
Joint services contracts 448,074448,074
Legal services 311,853311,853
Purchasing and properties 384,554384,554
Service center596,512 596,512
Systems engineering 581,102581,102
Utility office 756,400756,400
Depreciation922,7226,24854,709174,4341,158,113
Total operating expenses 1,685,2135,362,240671,2321,483,0539,201,738
NET OPERATING INCOME (LOSS)(492,667)(425,073)(417)(151,859)(1,070,016)
NONOPERATING REVENUES (EXPENSES):
Investment earnings16,11016,8916,72012,75852,479
Loss on sale of assets(48,128)(9,466)(57,594)
Other 44,910184,282229,192
Total nonoperating revenues (expenses)12,892191,7076,72012,758224,077
INCOME (LOSS) BEFORE CONTRIBUTIONS AND TRANSFERS (479,775)(233,366)6,303(139,101)(845,939)
CONTRIBUTIONS AND TRANSFERS:
Capital contributions8,197408,002416,199
Transfers in1,338,814240,000132,4101,711,224
Transfers out (149,850)(50,131)(199,981)
Total contributions and transfers1,347,01190,150490,2811,927,442
CHANGE IN NET ASSETS 867,236(143,216)6,303351,1801,081,503
NET ASSETS, Beginning of period5,338,663651,691308,421298,5116,597,286
NET ASSETS, End of period $6,205,899$508,475$314,724$649,691$7,678,789
TOTAL
CITY OF GEORGETOWN, TEXAS
COMBINING STATEMENT OF CASH FLOWS
INTERNAL SERVICE FUNDS
FISCAL YEAR ENDED SEPTEMBER 30, 2005
FLEETJOINTFACILITIESINFORMATION
MANAGEMENTSERVICESMAINTENANCESERVICESTOTALS
FUND FUND FUND FUND 2005
CASH FLOWS FROM OPERATING ACTIVITIES:
Department contributions$1,191,009$4,907,971$670,815$1,331,194$8,100,989
Payments to suppliers(439,301)(2,022,822)(527,499)(702,167)(3,691,789)
Payments to employees for services(261,919)(3,224,854)(85,353)(587,865)(4,159,991)
Net cash provided by (used for) operating activities 489,789(339,705)57,96341,162249,209
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
Transfers in1,338,814240,000132,4101,711,224
Transfers out (149,850)(50,131)(199,981)
Net cash provided by (used for) noncapital
financing activities 1,338,81490,15082,2791,511,243
CASH FLOWS FROM CAPITAL AND
RELATED FINANCING ACTIVITES:
Acquisition of capital assets(1,321,040)(7,000)(33,466)(189,349)(1,550,855)
Net cash provided by (used for) capital and related
financing activities (1,321,040)(7,000)(33,466)(189,349)(1,550,855)
CASH FLOWS FROM INVESTING ACTIVITIES:
Interest received16,11016,8916,72012,75852,479
Change in temporary investments(420,066)129,491(26,885)23,594(293,866)
Net cash provided by (used for) investing activities (403,956)146,382(20,165)36,352(241,387)
Net increase (decrease) in cash 103,607(110,173)4,332(29,556)(31,790)
Cash and cash equivalents at beginning of year55,566181,6659,39857,195303,824
Cash and cash equivalents at end of year 159,173 71,492 13,730 27,639 272,034
Classified as:
Current assets159,17371,49213,73027,639272,034
Total $159,173 $71,492 $13,730 $27,639 $272,034
Non-cash disclosure
Equity transfer$(21,050)$33,718 $12,668
Transfer of capital lease to general debt (368,787)$(368,787)
Governmental tranfers to internal service funds $8,197408,002 $416,199
(continued)
CITY OF GEORGETOWN, TEXAS
STATEMENT OF CASH FLOWS INTERNAL SERVICE FUNDS
RECONCILIATION OF OPERATING INCOME
TO NET CASH PROVIDED BY OPERATING ACTIVITIES
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2005
FLEETJOINTFACILITIESINFORMATION
MANAGEMENTSERVICESMAINTENANCESERVICES
FUND FUND FUND FUND 2005
OPERATING INCOME (LOSS)$(492,667)$(425,073)$(417)$(151,859)$(1,070,016)
Adjustments to reconcile operating income (loss) to
cash provided by (used in) operating activities:
Depreciation922,7226,24854,709174,4341,158,113
Other income44,910184,282229,192
Decrease (increase) in prepaid expenses(1,021)(10,683)(11,704)
Decrease (increase) in inventories(60,349)(60,349)
Decrease (increase) in accounts receivable(1,537)(29,196)(30,733)
Increase (decrease) in accounts payable14,980(14,596)2,15123,49826,033
Increase (decrease) in compensated absences payable1,3811,5205,7728,673
Net cash provided by (used for) operating activities $489,789 $(339,705)$57,963 $41,162 $249,209
TOTALS
Supplementary Individual Fund
Financial Statements – Enterprise Funds
These supplementary statements are included to provide management additional information for
financial analysis.
CITY OF GEORGETOWN, TEXAS
ELECTRIC FUND
COMPARATIVE STATEMENTS OF NET ASSETS
AS OF SEPTEMBER 30, 2005 and 2004
TOTALS
2005 2004
ASSETS:
Current Assets:
Cash and cash equivalents$941,256$398,578
Cash and cash equivalents - restricted170,471190,394
Investments3,146,334804,869
Investments - restricted570,708386,558
Accounts receivable:
Services (net of allowance for uncollectibles)5,895,6794,877,967
Other29,93020,276
Inventories1,311,6481,502,689
Total current assets 12,066,0268,181,331
Noncurrent Assets:
Long-term note receivables166832
Deferred charges - bond issuance costs283,086307,753
Total noncurrent assets 283,252308,585
Property and Equipment:
Land and land rights193,735193,735
Distribution system48,232,97444,363,262
Buildings and improvements73,70773,707
Machinery, furniture and equipment536,096496,664
Construction in progress486,677
Total cost property and equipment 49,523,18945,127,368
Less accumulated depreciation (16,423,792)(14,388,715)
Net property and equipment 33,099,39730,738,653
TOTAL ASSETS $45,448,675$39,228,569
LIABILITIES AND NET ASSETS:
Liabilities:
Current liabilities:
Accounts payable$4,049,110$2,379,376
Compensated absence87,53276,868
Current portion of long-term debt782,264765,552
Accrued interest 58,44363,810
Total current liabilities payable from unrestricted assets 4,977,3493,285,606
Current liabilities payable from restricted assets:
Customer deposits741,179576,953
Total current liabilities payable from restricted assets 741,179576,953
Total current liabilities 5,718,5283,862,559
Long term liabilities:
Compensated absence169,506154,643
Long-term debt9,085,7729,293,036
Total noncurrent liabilities 9,255,2789,447,679
Total liabilities 14,973,80613,310,238
Net Assets:
Invested in capital assets (net of related debt)23,231,36120,680,065
Restricted for:
Unrestricted7,243,5085,238,266
Total net assets 30,474,86925,918,331
TOTAL LIABILITIES AND NET ASSETS $45,448,675$39,228,569
CITY OF GEORGETOWN, TEXAS
ELECTRIC FUND
COMPARATIVE STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN FUND NET ASSETS
FISCAL YEARS ENDED SEPTEMBER 30, 2005 AND 2004
2005 2004
OPERATING REVENUES:
Electric services$33,800,761$29,199,618
Other:
Penalties 340,808301,900
Connection and hookup fees860,469651,424
Total other 1,201,277953,324
TOTAL OPERATING REVENUES35,002,03830,152,942
OPERATING EXPENSES:
Electric operations:
Personnel 1,375,1161,301,435
Operations 1,346,3911,029,800
Total electric operations2,721,5072,331,235
Depreciation 2,035,0771,889,471
Electric contracts 23,790,69621,518,386
TOTAL OPERATING EXPENSES 28,547,28025,739,092
NET OPERATING INCOME 6,454,7584,413,850
NONOPERATING REVENUES (EXPENSES):
Investment earnings 131,73246,466
Interest and fiscal charges(479,195)(497,981)
Other 599,703508,437
Total nonoperating revenues (expenses) 252,24056,922
INCOME BEFORE CONTRIBUTIONS AND TRANSFERS6,706,9984,470,772
CONTRIBUTIONS AND TRANSFERS:
Capital contributions 788,434613,926
Transfers out (2,938,894)(3,637,109)
Total contributions and transfers (2,150,460)(3,023,183)
CHANGE IN NET ASSETS4,556,5381,447,589
NET ASSETS, Beginning of period25,918,33124,470,742
NET ASSETS, End of period $30,474,869$25,918,331
CITY OF GEORGETOWN, TEXAS
WATER SERVICES FUND
COMPARATIVE STATEMENTS OF NET ASSETS
AS OF SEPTEMBER 30, 2005 and 2004
TOTALS
2005 2004
ASSETS:
Current Assets:
Cash and cash equivalents$2,814,333$3,034,938
Cash and cash equivalents - restricted3,758,5651,036,304
Investments7,750,3225,779,605
Investments - restricted253,8692,478,649
Prepaid expenses1,352,076929,671
Accounts receivable:
Services (net of allowance for uncollectibles)2,859,4532,421,924
Due from other funds415,360122,902
Total current assets 19,203,97815,803,993
Noncurrent Assets:
Long-term note receivables7,726,6499,673,781
Deferred charges - bond issuance costs923,9091,010,365
Total noncurrent assets 8,650,55810,684,146
Property and Equipment:
Land and land rights469,354475,070
Distribution system110,834,055100,570,493
Buildings and improvements3,019,7943,019,794
Machinery, furniture and equipment236,382207,947
Construction in progress5,035,0604,985,311
Total cost property and equipment 119,594,645109,258,615
Less accumulated depreciation (23,588,226)(20,907,067)
Net property and equipment 96,006,41988,351,548
TOTAL ASSETS $123,860,955$114,839,687
LIABILITIES AND NET ASSETS:
Liabilities:
Current liabilities:
Accounts payable$881,851$663,885
Compensated absence64,92961,405
Current portion of long-term debt2,221,7492,101,330
Accrued interest 173,332177,396
Total current liabilities payable from unrestricted assets 3,341,8613,004,016
Current liabilities payable from restricted assets:
Construction contracts and retainages payable361,254243,643
Total current liabilities payable from restricted assets 361,254243,643
Total current liabilities 3,703,1153,247,659
Long term liabilities:
Compensated absence128,220126,008
Unearned revenue2,675,5421,264,924
Long-term debt27,974,22826,743,846
Total noncurrent liabilities 30,777,99028,134,778
Total liabilities 34,481,10531,382,437
Net Assets:
Invested in capital assets (net of related debt)65,810,44259,506,372
Restricted for:
Future construction1,251,844389,312
Unrestricted22,317,56423,561,566
Total net assets 89,379,85083,457,250
TOTAL LIABILITIES AND NET ASSETS $123,860,955$114,839,687
CITY OF GEORGETOWN, TEXAS
WATER SERVICES FUND
COMPARATIVE STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN FUND NET ASSETS
FISCAL YEARS ENDED SEPTEMBER 30, 2005 AND 2004
2005 2004
OPERATING REVENUES:
Water/Irrigation:
Water services$9,838,920$8,809,186
Wastewater services5,696,8585,425,273
Irrigation services249,543130,498
Water taps 820,087717,469
Total water/irrigation16,605,40815,082,426
Other:
Penalties 195,010181,388
Connection and hookup fees82,89077,110
Service fees 163,421159,377
Total other 441,321417,875
TOTAL OPERATING REVENUES17,046,72915,500,301
OPERATING EXPENSES:
Water services distribution:
Personnel 1,065,7831,014,193
Operations 1,882,0921,816,913
Total water services distribution2,947,8752,831,106
Depreciation 2,681,1602,224,838
Water services plant management2,719,1942,438,397
Water services contracts4,490,3784,301,102
TOTAL OPERATING EXPENSES 12,838,60711,795,443
NET OPERATING INCOME 4,208,1223,704,858
NONOPERATING REVENUES (EXPENSES):
Investment earnings 573,386377,521
Interest and fiscal charges(1,396,256)(1,422,905)
Gain on disposed asset160,949
Other 1,495,8891,184,751
Total nonoperating revenue (expenses) 833,968139,367
INCOME BEFORE CONTRIBUTIONS
AND TRANSFERS5,042,0903,844,225
CONTRIBUTIONS AND TRANSFERS:
Capital contributions2,786,1287,326,368
Transfers out (1,905,618)(1,693,696)
Total contributions and transfers880,5105,632,672
CHANGE IN NET ASSETS5,922,6009,476,897
NET ASSETS, Beginning of period83,457,25073,980,353
NET ASSETS, End of period $89,379,850$83,457,250
CITY OF GEORGETOWN, TEXAS
AIRPORT FUND
COMPARATIVE STATEMENTS OF NET ASSETS
AS OF SEPTEMBER 30, 2005 and 2004
TOTALS
2005 2004
ASSETS:
Current Assets:
Cash and cash equivalents$133,677$124,398
Investments447,527252,565
Accounts receivable:
Services (net of allowance for uncollectibles)153,644122,875
Other81,979789
Inventories43,39012,691
Total current assets 860,217513,318
Noncurrent Assets:
Deferred charges - bond issuance costs68,16517,500
Total noncurrent assets68,16517,500
Property and Equipment:
Land and land rights981,500981,500
Buildings and improvements7,597,1877,597,187
Machinery, furniture and equipment127,577127,577
Construction in progress133,49650,000
Total cost property and equipment 8,839,7608,756,264
Less accumulated depreciation (4,332,497)(3,903,006)
Net property and equipment 4,507,2634,853,258
TOTAL ASSETS $5,435,645$5,384,076
LIABILITIES AND NET ASSETS:
Liabilities:
Current liabilities:
Accounts payable$203,298$44,844
Compensated absence12,08811,510
Current portion of long-term debt113,680100,120
Accrued interest 11,58911,051
Total current liabilities 340,655167,525
Long term liabilities:
Compensated absence26,31425,104
Long-term debt1,625,8591,705,644
Total noncurrent liabilities 1,652,1731,730,748
Total liabilities1,992,8281,898,273
Net Assets:
Invested in capital assets (net of related debt)2,767,7243,047,494
Unrestricted675,093438,309
Total net assets3,442,8173,485,803
TOTAL LIABILITIES AND NET ASSETS $5,435,645$5,384,076
CITY OF GEORGETOWN, TEXAS
AIRPORT FUND
COMPARATIVE STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN FUND NET ASSETS
FISCAL YEARS ENDED SEPTEMBER 30, 2005 AND 2004
2005 2004
OPERATING REVENUES:
Fuel sales $1,898,554$1,223,120
Contract leases 137,232125,775
Hangar/tiedown rental fees 313,145314,769
Terminal sales 3,1633,489
TOTAL OPERATING REVENUES2,352,0941,667,153
OPERATING EXPENSES:
Administration:
Personnel 206,773199,239
Operations 1,800,5911,243,901
Capital 88,641
Total administration 2,096,0051,443,140
Depreciation 429,491424,212
TOTAL OPERATING EXPENSES2,525,4961,867,352
NET OPERATING LOSS(173,402)(200,199)
NONOPERATING REVENUES (EXPENSES)
Investment earnings 13,0245,243
Interest and fiscal charges(80,773)(95,473)
Donations and grants 134,358181
Other 63,80748,083
Total nonoperating revenues (expenses)130,416(41,966)
CHANGE IN NET ASSETS(42,986)(242,165)
NET ASSETS, Beginning of period 3,485,8033,727,968
NET ASSETS, End of period $3,442,817$3,485,803
CITY OF GEORGETOWN, TEXAS
SANITATION FUND
COMPARATIVE STATEMENTS OF NET ASSETS
AS OF SEPTEMBER 30, 2005 and 2004
TOTALS
2005 2004
ASSETS:
Current Assets:
Accounts receivable:
Services (net of allowance for uncollectibles)$420,547$384,187
Total current assets 420,547384,187
Property and Equipment:
Machinery, furniture and equipment52,00052,000
Total cost property and equipment 52,00052,000
Less accumulated depreciation (52,000)(52,000)
Net property and equipment
TOTAL ASSETS $420,547$384,187
LIABILITIES AND NET ASSETS:Liabilities:
Current liabilities:
Accounts payable$233,650$240,145
Due to other funds54,361113,836
Total current liabilities 288,011353,981
Net Assets:
Unrestricted132,53630,206
Total net assets132,53630,206
TOTAL LIABILITIES AND NET ASSETS $420,547$384,187
CITY OF GEORGETOWN, TEXAS
SANITATION FUND
COMPARATIVE STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN FUND NET ASSETS
FISCAL YEARS ENDED SEPTEMBER 30, 2005 AND 2004
2005 2004
OPERATING REVENUES:
Sanitation:
Sanitation services$3,150,493$2,887,822
Total sanitation3,150,4932,887,822
Other:
Penalties 35,93931,249
Connection and hookup fees15,71413,409
Other 25,124
Total other 76,77744,658
TOTAL OPERATING REVENUES 3,227,2702,932,480
OPERATING EXPENSES:
Sanitation contracts 2,868,7582,740,495
TOTAL OPERATING EXPENSES 2,868,7582,740,495
NET OPERATING INCOME 358,512191,985
INCOME BEFORE TRANSFERS358,512191,985
TRANSFERS (OUT):
Transfers out (256,182)(234,598)
Total transfers (out)(256,182)(234,598)
CHANGE IN NET ASSETS 102,330(42,613)
NET ASSETS, Beginning of period30,20672,819
NET ASSETS, End of period $132,536$30,206
CITY OF GEORGETOWN, TEXAS
STORMWATER DRAINAGE FUND
COMPARATIVE STATEMENTS OF NET ASSETS
AS OF SEPTEMBER 30, 2005 and 2004
TOTALS
2005 2004
ASSETS:
Current Assets:
Cash and cash equivalents$89,914$112,531
Cash and cash equivalents - restricted424,610
Investments301,014228,472
Accounts receivable:
Services (net of allowance for uncollectibles)203,240165,915
Total current assets 1,018,778506,918
Noncurrent Assets:
Deferred charges - bond issuance costs91,00066,177
Total noncurrent assets91,00066,177
Property and Equipment:
Distribution system9,923,3667,844,621
Machinery, furniture and equipment14,05014,050
Construction in progress65,62545,975
Total cost property and equipment 10,003,0417,904,646
Less accumulated depreciation (961,542)(681,782)
Net property and equipment 9,041,4997,222,864
TOTAL ASSETS $10,151,277$7,795,959
LIABILITIES AND NET ASSETS:
Liabilities:
Current liabilities:
Accounts payable$26,780$23,399
Compensated absence14,34413,760
Current portion of long-term debt130,272137,119
Accrued interest 15,89316,699
Total current liabilities 187,289190,977
Long term liabilities:
Compensated absence28,21627,559
Long-term debt2,639,5752,318,682
Total noncurrent liabilities 2,667,7912,346,241
Total liabilities2,855,0802,537,218
Net Assets:
Invested in capital assets (net of related debt)6,271,6524,767,063
Unrestricted1,024,545491,678
Total net assets7,296,1975,258,741
TOTAL LIABILITIES AND NET ASSETS $10,151,277$7,795,959
CITY OF GEORGETOWN, TEXAS
STORMWATER DRAINAGE FUND
COMPARATIVE STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN FUND NET ASSETS
FISCAL YEARS ENDED SEPTEMBER 30, 2005 AND 2004
2005 2004
OPERATING REVENUES:
Stormwater drainage fees$1,551,823$1,314,241
Other:
Penalties13,38311,467
Service fees7,6486,253
Total other21,03117,720
TOTAL OPERATING REVENUES1,572,8541,331,961
OPERATING EXPENSES:
Stormwater drainage:
Personnel231,224224,095
Operations576,127536,607
Total stormwater drainage807,351760,702
Depreciation279,760188,672
TOTAL OPERATING EXPENSES 1,087,111949,374
NET OPERATING INCOME485,743382,587
NONOPERATING REVENUES (EXPENSES):
Investment earnings14,31914,937
Interest and fiscal charges(129,108)(37,502)
Total nonoperating revenue (expenses) (114,789)(22,565)
INCOME BEFORE CONTRIBUTIONS AND TRANSFERS370,954360,022
CONTRIBUTIONS AND TRANSFERS:
Capital contributions1,785,8713,252,691
Transfers out(119,369)(106,557)
Total contributions and transfers1,666,5023,146,134
CHANGE IN NET ASSETS2,037,4563,506,156
NET ASSETS, Beginning of period 5,258,7411,752,585
NET ASSETS, End of period $7,296,197 $5,258,741
Agency Funds
Statement of Changes in Assets and Liabilities
The Agency Fund is used to account for assets and liabilities held by the City acting as an agent for
others.
Cafeteria Plan-Flexible Spending - to account for the City’s Internal Revenue Code Section 125
Cafeteria Plan for employees.
Public Improvement Districts (PID) -
to account for the receipt of the revenue collected from property assessments paid by Cimarron
Hills residents to fund the infrastructure of the new development. The City acts as an agent for
the collection of the assessments and then sends the revenue to an Escrow Agent for Cimarron
Hills.
to account for the receipt of the revenue collected from property assessments paid by property
owners in the Shell Road Public Improvement District. The City acts as an agent for the creation
of the PID and collection of the assessments and then sends the revenue to Williamson County,
who provided the initial up-front costs for road construction.
Texas Capital Fund Repayments - to account for the lease payments received from businesses who
have benefited from the Texas Capital Fund economic development grants and the corresponding
payments to the state to repay the grants. Reedholm Instruments, Inc., Xycarb Ceramics, and USA
Schunk Quartz, Inc., are the businesses currently in the repayment/lease mode for these grants.
CITY OF GEORGETOWN, TEXAS
AGENCY FUNDS
STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
FISCAL YEAR ENDED SEPTEMBER 30, 2005
BALANCE BALANCE
OCTOBER 1,SEPTEMBER 30,
2004 ADDITIONSDEDUCTIONS 2005
Cafeteria Plan-Flex Spending:
ASSETS:
Cash and cash equivalents$8,971$140,731$138,189$11,513
TOTAL ASSETS $8,971$140,731$138,189$11,513
LIABILITIES:
Accounts payable$8,971$140,731$138,189$11,513
TOTAL LIABILITIES $8,971 $140,731 $138,189 $11,513
Public Improvement Districts:
ASSETS:
Cash and cash equivalents$38,905$281,576$306,208$14,273
Accounts receivable532,3573,595154,235381,717
TOTAL ASSETS $571,262$285,171$460,443$395,990
LIABILITIES:
Accounts payable$41,625$285,171$308,928$17,868
Due to other governments529,637151,515378,122
TOTAL LIABILITIES $571,262$285,171$460,443$395,990
Texas Capital Fund Repayments:
ASSETS:
Accounts receivable$911,696$$69,590$842,106
TOTAL ASSETS $911,696$$69,590$842,106
LIABILITIES:
Due to other governments$911,696$$69,590$842,106
TOTAL LIABILITIES $911,696$$69,590$842,106
TOTAL AGENCY FUNDS
ASSETS:
Cash and cash equivalents$47,876$422,307$444,397$25,786
Accounts receivable1,444,0533,595223,8251,223,823
TOTAL ASSETS $1,491,929$425,902$668,222$1,249,609
LIABILITIES:
Accounts payable$50,596$425,902$447,117$29,381
Due to other governments1,441,333221,1051,220,228
TOTAL LIABILITIES $1,491,929$425,902$668,222$1,249,609
Capital Assets Used in the Operation of Governmental Funds
CITY OF GEORGETOWN, TEXAS
CAPITAL ASSETS USED IN THE OPERATION OF GOVERNMENTAL FUNDS
COMPARATIVE SCHEDULES BY SOURCE
SEPTEMBER 30, 2005 and 2004
2004
2005(as restated)
GOVERNMENTAL FUNDS CAPITAL ASSETS
Land $3,828,506$3,078,386
Buildings 20,810,53619,179,428
Improvements 117,433,899102,424,474
Machinery, furniture and equipment 1,871,4271,519,708
Construction in progress 10,221,2123,582,988
TOTAL GOVERNMENTAL FUNDS CAPITAL ASSETS $154,165,580$129,784,984
INVESTMENT IN GOVERNMENTAL FUNDS CAPITAL ASSETS
General Fund $6,394,789$6,350,301
Capital Projects Funds:
General obligation bonds and certificates of obligation41,415,95832,509,152
State grant 200,000200,000
Other 95,497,64078,770,213
Special Revenue Funds:
Federal grant 2,265,5062,225,943
Other 2,211,2982,211,298
State grant 2,351,9753,689,663
Transfer from proprietary fund 1,851,9751,851,975
Acquisitions prior to August 31, 1985 - source
undetermined 1,976,4391,976,439
TOTAL INVESTMENT IN GOVERNMENTAL FUNDS CAPITAL ASSETS $154,165,580$129,784,984
CITY OF GEORGETOWN, TEXAS
CAPITAL ASSETS USED IN THE OPERATION OF GOVERNMENTAL FUNDS
SCHEDULE BY FUNCTION AND ACTIVITY
SEPTEMBER 30, 2005
LANDBUILDINGSIMPROVEMENTSEQUIPMENT
CONSTRUCTION
IN PROGRESS TOTAL
FUNCTION AND ACTIVITY
Culture-recreation
Library$1,292,711 $61,340 $275,549 $1,629,600
Parks administration639,193 1,779,127 14,583 2,432,903
Parks maintenance$743,579 5,985 2,339,965 214,014 3,303,543
Recreation 36,560 25,425 61,985
Total culture-recreation 743,579 1,937,889 4,216,992 529,571 7,428,031
Development
Planning administration 21,995 65,280 87,275
Current planning 25,000 25,000
Long range planning 9,212 9,212
Inspections 29,206 29,206
Total development 21,995 128,698 150,693
Economic development
Administration 25,000 5,489 30,489
Total economic development 25,000 5,489 30,489
Fire
Administation 13,615 14,890 28,505
Operations367,101 142,724 241,408 751,233
Total fire 367,101 156,339 256,298 779,738
General Government
City council593,084 784,722 146,832 107,998 1,632,636
City manager's office296,852 15,592 23,621 336,065
Facilities223,810 9,677,592 518,926 19,304 10,439,632
General government479,964 7,190,181 3,585,185 219,023 11,474,353
Total general government 1,593,710 17,652,495 4,266,535 369,946 23,882,686
Highways and streets
Bridges 6,539,783 6,539,783
Streets 99,548,299 99,548,299
Streets capital improvements1,491,217 2,186,875 373,082 4,051,174
Total highways and streets 1,491,217 108,274,957 373,082 110,139,256
Police
Administration65,521 466,831 44,330 576,682
Support services bureau 38,840 38,840
Field operations bureau 46,035 46,035
Animal services787,530 5,250 70,804 863,584
Municipal court 8,334 8,334
Total police 853,051 472,081 208,343 1,533,475
TOTAL CAPITAL ASSETS 3,828,506 20,810,536 117,433,899 1,871,427 143,944,368
CONSTRUCTION IN PROGRESS $10,221,212 10,221,212
10,221,212 10,221,212
TOTAL GOVERNMENTAL
FUNDS CAPITAL ASSETS $3,828,506 $20,810,536 $117,433,899 $1,871,427 $10,221,212 $154,165,580
This schedule presents only the capital asset balances related to governmental funds. Accordingly, the
capital assets related to internal service funds are excluded from the above amounts.
CITY OF GEORGETOWN, TEXAS
CAPITAL ASSETS USED IN THE OPERATION OF GOVERNMENTAL FUNDS
SCHEDULE OF CHANGES BY FUNCTION AND ACTIVITY
FISCAL YEAR ENDED SEPTEMBER 30, 2005
BALANCE
10/1/2004
(as restated) ADDITIONS DELETIONS
BALANCE
9/30/2005
FUNCTION AND ACTIVITY
Culture-recreation
Library$1,629,600 $1,629,600
Parks administration2,420,053 $12,850 2,432,903
Parks maintenance2,348,141 955,402 3,303,543
Recreation53,795 8,190 61,985
Total culture-recreation 6,451,589 976,442 7,428,031
Development
Planning administration87,275 87,275
Current planning25,000 25,000
Long range planning9,212 9,212
Inspections29,206 29,206
Total development 150,693 150,693
Economic development
Administration30,489 30,489
Total economic development 30,489 30,489
Fire
Administation14,890 13,615 28,505
Operations694,700 56,533 751,233
Total fire 709,590 70,148 779,738
General Government
City council1,640,636 $(8,000) 1,632,636
City manager's office336,065 336,065
Facilities10,735,903 128,779 (425,050) 10,439,632
General government9,260,934 2,213,419 11,474,353
Total general government 21,973,538 2,342,198 (433,050) 23,882,686
Highways and streets
Bridges4,277,690 2,262,093 6,539,783
Streets88,780,600 10,767,699 99,548,299
Streets capital improvements3,119,163 932,011 4,051,174
Total highways and streets 96,177,453 13,961,803 - 110,139,256
Police
Administration576,682 576,682
Support services bureau38,840 38,840
Field operations bureau46,035 46,035
Animal services38,753 824,831 863,584
Municipal court8,334 8,334
Total police 708,644 824,831 - 1,533,475
TOTAL CAPITAL ASSETS 126,201,996 18,175,422 (433,050) 143,944,368
CONSTRUCTION IN PROGRESS 3,582,988 8,739,651 (2,101,427) 10,221,212
3,582,988 8,739,651 (2,101,427) 10,221,212
TOTAL GOVERNMENTAL
FUNDS CAPITAL ASSETS $129,784,984 $26,915,073 $(2,534,477) $154,165,580
This schedule presents only the capital asset balances related to governmental funds. Accordingly, the
capital assets related to internal service funds are excluded from the above amounts.
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CITY OF GEORGETOWN, TEXAS
GOVERNMENT-WIDE EXPENSES BY FUNCTION
LAST TEN FISCAL YEARS
FISCAL CULTURE-GENERAL INTEREST ONYEARRECREATIONDEVELOPMENTFIREGOVERNMENTLONG TERM DEBT
2003$4,165,382$1,607,886$3,611,523$3,715,369$1,241,202
20044,773,0591,956,2433,862,1684,005,0791,253,934
20054,701,5522,061,0173,767,8164,405,4362,256,135
Source: Current year government-wide financials
Note: City of Georgetown first applied GASB Statement No. 34 in fiscal year 2003; therefore,
government-wide financial information for years prior to fiscal year 2003 is not available.
GOVERNMENT-WIDE REVENUES
LAST TEN FISCAL YEARS
FISCAL CHARGES FOR OPERATING GRANTS CAPITAL GRANTSYEARSERVICES& CONTRIBUTIONS & CONTRIBUTIONS
2003$49,548,649$228,828$3,770,954
200454,265,972176,16912,161,173
200562,682,992900,68120,139,958
Source: Current year government-wide financials
Note: City of Georgetown first applied GASB Statement No. 34 in fiscal year 2003; therefore,
government-wide financial information for years prior to fiscal year 2003 is not available.
PROGRAM REVENUES
STORM-T POLICESTREETSAIRPORT ELECTRICSANITATION WATER WATER TOTAL
$5,476,245$3,267,717$1,773,928$23,957,507$2,577,159$841,591$11,727,956$63,963,465
5,833,6442,752,2251,962,82626,237,0732,740,495986,87613,218,34969,581,971
5,961,7311,522,1612,606,27029,026,4752,868,7581,216,21914,234,86674,628,436
EXTRA-FRANCHISE INTEREST ONORDINARYTAXESTAXESINVESTMENTSITEMOTHER TOTAL
$13,032,245$1,579,729$356,967$13,623,784$3,429,743$85,570,899
14,909,0161,844,683616,1181,349,525$85,322,656
17,574,8561,942,2461,239,4993,176,455$107,656,687
GENERAL REVENUES
CITY OF GEORGETOWN, TEXAS
GENERAL GOVERNMENTAL EXPENDITURES BY FUNCTION
LAST TEN FISCAL YEARS
GENERAL ECO-FINANCEPLANNINGGEORGETOWN
FISCAL GOVERN-NOMICAND ANDUTILITY COMMUNITY PARKS &
YEAR MENTDEVEL.ADMIN.DEVEL.SYSTEMS/STREETSSERVICESRECREATION
1996$1,562,102$517,795$788,069$620,105$234,581$940,668
19971,723,910793,6991,034,875844,465526,9011,341,113
19982,145,945924,6551,301,416923,664657,4172,284,301
19991,943,998135,221(1)1,276,021971,154669,8692,587,431
20002,070,926156,1281,284,0171,032,006678,4842,989,751
20012,182,504(2)$329,712163,3291,253,3381,193,9791,358,9422,520,044
20023,466,322396,595217,4371,666,4891,885,222(3)2,611,676
20032,381,789(4)(4)1,565,6121,587,1543,904,361(4)
20042,739,9411,914,2231,931,7824,509,436
20052,843,5241,952,4741,741,2175,197,709
Expenditures presented include the General, Special Revenue, Debt Service and Capital Projects funds.
(1) Beginning in 1999, administrative departments were transferred to the Joint Services Internal Service Fund,
thereby reducing both the expense and the interfund charges for service.
(2) Beginning in 2000, the Economic Development function was added.
(3) Beginning in 2001, the Community Services division was eliminated and the functions were consolidated into
General government.
(4) Beginning in 2003, departments were reorganized to reflect functions for GASB 34. The following changes occurred.
Animal Services and Municipal Court are moved to Police and the Library is moved to Parks and Recreation.
CAPITAL INTERFUND
INFOR-OUTLAY CHARGES
FIREPOLICEMATIONDEBT ANDFOR
SERVICESSERVICESRESOURCESSERVICEOTHERSERVICESTOTAL
$1,481,988$2,218,453$630,086$981,750$2,779,312$(950,958)$11,803,951
1,757,4292,798,512881,4271,086,1447,450,727(1,423,881)18,815,321
1,815,6293,085,20110,0001,292,6135,916,050(1,786,848)18,570,043
2,415,3713,626,2582,4651,676,4384,902,985(734,213)(1)19,472,998
2,513,8323,867,00110,0001,709,8024,248,563(821,512)19,738,998
3,104,7144,081,7942,375,7525,726,880(739,719)23,551,269
3,400,2394,351,8022,204,7973,325,393(843,739)22,682,233
3,507,2435,359,643(4)2,400,8619,749,963(762,433)29,694,193
3,832,3205,585,0022,516,7166,570,321(833,962)28,765,779
3,675,0335,798,4324,398,55011,916,076(856,478)36,666,537
CITY OF GEORGETOWN, TEXAS
GENERAL GOVERNMENTAL REVENUES BY SOURCE
LAST TEN FISCAL YEARS
SALES AND LICENSES
FISCAL AD VALOREMOTHER ANDINTER-
YEAR TAXESTAXESPERMITSGOVERNMENTAL
1996$2,008,801$3,051,092$809,909$522,935
19972,494,6493,254,884567,9361,211,758
19983,491,3013,678,293512,8181,194,178
19994,224,0474,189,934530,8961,471,358
20004,797,7645,143,020662,344942,251
20015,186,9335,337,327731,600171,240
20025,991,0687,092,195827,395214,356
20036,596,2468,057,144866,451228,827
20047,217,4429,642,4301,078,048286,246
20058,408,15010,869,5091,266,295798,822
(1) Recreation fees were recorded in interest and other prior to 2002.
CHARGESINTEREST
FORFINES AND AND
SERVICESFORFEITURESOTHERTOTAL
$101,933$116,027$2,015,089$8,625,786
105,104162,6075,181,380 12,978,318
110,415219,7913,054,803 12,261,599
116,541239,5111,573,773 12,346,060
121,931319,8862,104,681 14,091,877
130,031417,1922,012,136 13,986,459
817,255(1)419,2971,274,227 16,635,793
946,450533,7033,737,716 20,966,537
919,219684,9991,018,457 20,846,841
955,940773,8822,730,356 25,802,954
CITY OF GEORGETOWN, TEXAS
PROPERTY TAX LEVIES AND COLLECTIONS
LAST TEN FISCAL YEARS
CURRENT PERCENT DELINQUENT
FISCAL TOTALTAX OF LEVY TAX
YEAR TAX LEVY COLLECTIONSCOLLECTED COLLECTIONS
1996$1,985,203$1,938,93897.67%$43,769
19972,466,5602,422,65098.22%49,326
19983,442,3283,394,19298.60%64,205
19994,195,9034,145,35198.80%48,279
20004,952,6884,726,48995.43%56,614
20015,357,8515,115,25595.47%64,518
20026,201,997 5,979,605 96.41%22,186
20036,912,129 6,598,745 95.47%46,401
20047,525,174 7,215,477 95.88%30,046
20058,694,027 8,274,192 95.17%161,088
Source: City of Georgetown Tax Assessor.
TOTAL OUTSTANDING
COLLECTIONSDELINQUENT
AS A PERCENT OUTSTANDINGTAXES AS A
TOTAL TAX OF CURRENTDELINQUENTPERCENT OF
COLLECTIONSLEVYTAXESCURRENT LEVY
$1,982,707 99.87%$195,046 9.82%
2,471,976 100.22%181,820 7.37%
3,458,397 100.47%163,595 4.75%
4,193,630 99.95%161,326 3.84%
4,783,103 96.58%169,585 3.42%
5,179,773 96.68%178,078 3.32%
6,001,791 96.77%200,206 3.23%
6,645,146 96.14%266,983 3.86%
7,245,523 96.28%279,652 3.72%
8,435,280 97.02%258,746 2.98%
CITY OF GEORGETOWN, TEXAS
ASSESSED AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY
LAST TEN FISCAL YEARS
REAL PROPERTY PERSONAL PROPERTY
ESTIMATEDESTIMATED
FISCALASSESSED ACTUAL ASSESSEDACTUAL
YEAR VALUE(1)VALUE VALUE(1)VALUE
1996$467,611,075$467,611,075$71,336,431$71,336,431
1997558,828,511558,828,51174,640,53974,640,539
1998900,336,306900,336,30683,786,89383,786,893
19991,103,282,6621,103,282,66296,548,57096,548,570
20001,278,247,0741,278,247,074131,824,968131,824,968
20011,450,396,2271,450,396,227178,948,682178,948,682
20021,660,732,5071,660,732,507178,037,876178,037,876
20031,915,334,7941,915,334,794200,707,337200,707,337
20041,935,628,3001,935,628,300196,487,678196,487,678
20052,094,066,9742,094,066,974166,921,359166,921,359
Source: City of Georgetown Tax Assessor.
(1) Net of exemptions.
TOTALRATIO OF TOTAL
ESTIMATED ASSESSED VALUE
ASSESSED ACTUAL TO TOTAL ESTIMATED
VALUE(1)VALUE ACTUAL VALUE
$538,947,506 $538,947,506 100.00%
633,469,050633,469,050 100.00%
984,123,199984,123,199 100.00%
1,199,831,2321,199,831,232 100.00%
1,410,072,0421,410,072,042 100.00%
1,629,344,9091,629,344,909 100.00%
1,838,770,3831,838,770,383 100.00%
2,116,042,1312,116,042,131 100.00%
2,132,115,9782,132,115,978 100.00%
2,260,988,3332,260,988,333 100.00%
CITY OF GEORGETOWN, TEXAS
PROPERTY TAX RATES - DIRECT AND OVERLAPPING GOVERNMENTS
(PER $100 OF ASSESSED VALUE)
LAST TEN FISCAL YEARS
CITY OF GEORGETOWN
DEBT GEORGETOWN
FISCALGENERALSERVICETOTAL INDEPENDENTWILLIAMSON
YEAR FUNDFUNDCITY SCHOOL DISTRICT COUNTY TOTAL
19960.20%0.17%0.37%1.44%0.32%2.13
19970.210.170.381.440.32 2.14
19980.200.150.351.620.35 2.32
19990.210.140.351.750.35 2.45
20000.210.130.341.630.35 2.32
20010.200.110.311.740.40 2.45
20020.200.110.311.690.40 2.40
20030.200.100.301.730.46 2.49
20040.220.100.321.770.48 2.57
20050.230.110.341.760.51 2.61
Source: Information furnished by respective tax assessors.
CITY OF GEORGETOWN, TEXAS
PRINCIPAL TAXPAYERS
SEPTEMBER 30, 2005
PERCENTAGE
OF TOTAL
ASSESSEDASSESSED
TAXPAYERTYPE OF BUSINESSVALUEVALUE(1)
Del Webb Texas LTDDevelopment$16,709,0920.74%
Wal-Mart Real EstateDevelopment15,683,1080.69%
JP Morgan Chase BankBank15,156,8640.67%
Verizon SouthwestUtility13,458,9300.60%
Watersedge - Georgetown LTDDevelopment10,562,1590.47%
HE Butt GroceryGrocer 10,428,9310.46%
Rivery Partners, LTDDevelopment10,063,9530.45%
Watersedge - Georgetown II LTDDevelopment9,919,4820.44%
Republic Square LTDDevelopment8,867,1500.39%
HD Development Properties LPDevelopment8,761,9200.39%
Total$119,611,5895.29%
(1) The total assessed valuation for the fiscal year ended September 30, 2005 was certified at $2,260,988,333
Sources: City Tax Assessor/Collector.
* Per certified roll. Does not include some major property owners whose property is under protest as of date of certification.
CITY OF GEORGETOWN, TEXAS
COMPUTATION OF LEGAL DEBT MARGIN
SEPTEMBER 30, 2005
ASSESSED VALUATION $2,260,988,333
Allowable tax levy for annual debt service
purpose: $1.25 per $100 of assessed valuation,
assuming 90% collection rate25,436,119
2005 annual debt service requirements for general
obligation debt:
Principal$2,765,249
Interest and fiscal charges1,880,3054,645,554
Legal margin for annual debt service requirements$20,790,565
NOTE: All taxable property within the City is subject to the assessment, levy
and collection by the City of a continuing, direct annual ad valorem tax
sufficient to provide for the payment of principal and interest on the
Bonds within the limits prescribed by law. Article XI, Section 5, of the
Texas Constitution is applicable to the City, and limits the maximum ad
valorem tax rate to $2.50 per $100 assessed valuation (for all City
purposes). The Charter of the City adopts the provisions of the constitution
without further limitation. Under rules promulgated by the Office of
the Attorney General of Texas, such office will not approve tax bonds of
the City unless the City can demonstrate its ability to pay debt service
requirements on all outstanding City tax bonds, including the issue to be
approved, from a tax levy of $1.25 per $100 of valuation, based on 90%
collection of tax.
The legal margin computation includes the general obligation debt that will be repaid by self-supporting sources
such as the Airport, Stormwater Drainage and Georgetown Transportation Enhancement Corporation (GTEC)
funds.
CITY OF GEORGETOWN, TEXAS
RATIO OF NET GENERAL OBLIGATION BONDED DEBT TO ASSESSED
VALUE AND NET GENERAL OBLIGATION BONDED DEBT PER CAPITA
LAST TEN FISCAL YEARS
GROSSLESS SELFTOTAL TAX
FISCALASSESSEDBONDEDSUPPORTINGSUPPORTED
YEAR POPULATION VALUE (1)DEBT (2)DEBT (3)DEBT
199620,300$538,947,506$6,805,000$1,123,455$5,681,545
199724,000633,469,05011,330,0001,081,30010,248,700
199825,500984,123,19915,810,0003,441,66912,368,331
199926,4001,199,831,23221,545,0005,166,12216,378,878
200028,3281,410,072,04222,005,0005,056,90816,948,092
200130,0001,629,344,90926,110,0004,939,38521,170,615
200234,2731,838,770,38324,800,0004,734,37420,065,626
200335,3002,116,042,13126,731,4864,514,03122,217,455
200436,3592,132,115,97837,456,2374,261,56433,194,673
200538,2652,260,988,33348,815,9884,509,38544,306,603
Sources: City of Georgetown Planning and Development Division and the Georgetown Chamber of Commerce.
(1) Net of exemptions.
(2) Includes all long-term general obligation debt.
(3) Includes general obligation debt repaid from other sources (Airport and Stormwater Drainage funds).
(4) Less debt service funds available.
RATIO OF NETRATIO OF GROSS
LESS DEBTNETBONDED DEBTBONDED DEBTNET BONDEDTOTAL BONDED
SERVICE FUNDSBONDEDTO ASSESSEDTO ASSESSEDDEBT PERDEBT PER
AVAILABLE DEBT VALUE (4)VALUE (4)CAPITA (4)CAPITA (4)
$236,930$5,444,615 1.01%1.22%$268.21 $323.55
353,9139,894,787 1.56%1.73%412.28 457.34
522,84611,845,485 1.20%1.55%464.53 599.50
625,91315,752,965 1.31%1.74%596.70 792.39
868,58416,079,508 1.14%1.50%567.62 746.13
628,28820,542,327 1.26%1.56%684.74 849.39
657,75719,407,869 1.06%1.31%566.27 704.41
663,64421,553,811 1.02%1.23%610.59 738.47
768,43632,426,237 1.52%1.72%891.84 1,009.04
508,15143,798,452 1.94%2.14%1,144.61 1,262.45
CITY OF GEORGETOWN, TEXAS
RATIO OF ANNUAL DEBT SERVICE EXPENDITURES
FOR GENERAL OBLIGATION BONDED DEBT TO TOTAL
GENERAL GOVERNMENTAL EXPENDITURES
LAST TEN FISCAL YEARS
TOTALLESS DEBT
INTERESTTOTALSERVICE
FISCALTOTAL AND FISCAL DEBTSELF SUPPORTED
YEAR PRINCIPALCHARGESSERVICEG O DEBT (1)
1996$575,000$485,052$1,060,052$102,736
1997660,000508,0271,168,027104,973
1998740,000656,2811,396,281104,122
19991,015,001883,7551,898,756222,317
2000989,7491,085,0182,074,767364,965
20011,365,0011,229,2842,594,285368,533
20021,310,0001,344,8632,654,863450,066
20031,380,0011,359,0582,739,059553,294
20041,515,2491,433,9532,949,202539,679
20052,765,2491,880,3054,645,5542,816,611
(1) Includes principal, interest and fiscal charges for self supporting general obligation debt of the
Airport, Stormwater Drainage, and Georgetown Transportation Enhancement Corporation.
(2) Includes General, Special Revenue, Debt Service, and Capital Projects Funds.
RATIO OF TOTAL RATIO OF NET
NETTOTALDEBT SERVICE TODEBT SERVICE TO
DEBTGENERALTOTAL GENERAL TOTAL GENERAL
SERVICEEXPENDITURES (2)EXPENDITURESEXPENDITURES
$957,316$11,803,951 8.98%8.11%
1,063,05418,815,321 6.21%5.65%
1,292,15918,570,043 7.52%6.96%
1,676,43919,472,998 9.75%8.61%
1,709,80219,738,998 10.51%8.66%
2,225,75223,551,269 11.02%9.45%
2,204,79722,682,233 11.70%9.72%
2,185,76529,694,193 9.22%7.36%
2,409,52328,493,859 10.35%8.46%
1,828,94336,666,537 12.67%4.99%
CITY OF GEORGETOWN, TEXAS
COMPUTATION OF DIRECT AND ESTIMATED OVERLAPPING BONDED DEBT
SEPTEMBER 30, 2005
DEBTCITY'S SHARE (2)
PER
TAXING BODY AMOUNT AS OFPERCENT AMOUNTCAPITA (1)
ESTIMATED OVERLAPPING DEBT:
Georgetown I.S.D.$65,219,9776-30-0573.46%$47,910,595$1,252
Williamson County426,350,0009-30-0512.04% 51,332,5401,342
Total estimated
overlapping debt491,569,97720.19% 99,243,1352,594
DIRECT DEBT - City of
Georgetown44,306,6039-30-05100.00% 44,306,6031,158
DIRECT AND ESTIMATED
OVERLAPPING DEBT$535,876,580$143,549,738$3,751
Source: Jurisdiction listed.
(1) GISD population - 52,090
Williamson County population - 317,938
City of Georgetown population - 38,265
(2) Information represents the share of the respective debt which are obligations of the citizens
of the City of Georgetown
CITY OF GEORGETOWN, TEXAS
REVENUE BOND COVERAGE
UTILITY FUNDS (1)
LAST TEN FISCAL YEARS
OPERATING
EXPENSESNET REVENUE
FISCALELIGIBLEINTEREST(EXCLUDINGAVAILABLE FOR
YEAR REVENUESEARNINGSDEPRECIATION)DEBT SERVICE
1996$26,305,298$649,084$14,949,418$12,004,964
199726,261,446585,65016,141,63810,705,458
199829,682,527754,17818,413,51212,023,193
199931,107,463879,40619,205,97612,780,893
200036,216,903995,27221,872,92015,339,255
200140,844,1331,202,41825,762,11016,284,441
200241,550,381610,79126,227,23215,933,940
200346,041,368155,95130,122,87816,074,441
200447,346,431423,98733,420,22614,350,192
200554,144,359705,11836,669,65018,179,827
(1) Electric, Water and Wastewater only.
DEBT SERVICE REQUIREMENTS
INTEREST ANDTIMES
PRINCIPAL FISCAL CHARGES TOTALCOVERAGE
$935,000$1,374,495$2,309,495 5.20
1,285,0001,357,1042,642,104 4.05
1,215,1791,215,179 9.89
145,0001,471,3411,616,341 7.91
1,080,0001,393,9042,473,904 6.20
1,915,0001,809,4363,724,436 4.37
2,070,0001,640,6743,710,674 4.29
2,145,0001,668,8193,813,819 4.21
2,534,7511,920,8864,455,637 3.22
2,864,7511,875,4514,740,202 3.84
CITY OF GEORGETOWN, TEXAS
UTILITY CUSTOMER COUNTS
LAST TEN YEARS
FISCAL
YEARELECTRICWATERWASTEWATERSTORMWATERSANITATION
19969,6789,1927,0847,0987,397
199710,81110,1738,1008,5948,855
199811,718 11,0358,8879,3929,619
199912,41311,5739,5199,94510,350
200013,48212,65210,45010,79711,101
200114,269 13,518 11,33811,53211,980
200215,15314,19811,97212,12012,641
200315,81214,87812,66912,66113,430
200416,35615,63013,35413,35713,987
200517,40316,65614,48014,34615,076
CITY OF GEORGETOWN, TEXAS
WATER UTILITY STATISTICAL DATA
WATER USAGE (Gallons)
Avg DayPeak DayTotal
Fiscal UsageUsageUsage
Year(000's)(000's)(000's)
19964,46610,4921,630,257
19975,13012,0931,877,073
19986,39713,4792,335,035
19996,26613,1172,287,137
20007,42515,8002,710,006
20017,52516,7002,774,100
20028,29616,4003,019,800
20037,46418,3002,724,275
20047,97016,1002,909,050
200510,09020,5313,683,017
TEN LARGEST WATER CUSTOMERS (Gallons) (12 Mos ending 09-30-05)
(000 Gal)
CustomerConsumed% Total
Sun City215,0397.78%
Chisholm Trail SUD184,0536.66%
Southwestern University72,7482.63%
City of Georgetown36,0111.30%
Georgetown ISD31,3111.13%
Rivery Towne Crossing30,9421.12%
Georgetown Country Club19,2090.69%
Indian Creek Apartments15,3090.55%
Housing Authority14,1100.51%
The Oaks at Georgetown13,7930.50%
MONTHLY WATER RATES (effective 10/01/03)
Customer Customer Charge per Month:
Meter SizeInside CityOutside City
3/4 inch$16.50$21.80
1 inch23.0027.00
1 1/2 inch29.5035.00
2 inch48.0056.00
3 inch181.50211.50
4 inch231.00269.50
6 inch346.50404.50
8 inch462.00539.00
Cost per thousand$2.25$2.60
CONSERVATION WATER RATES (effective 06/01/02)
Residential Only
Effective on Billings June 1 - October 31
Inside CityOutside City
Per 1,000 Gallons Per 1,000 Gallons
0 Thru 19,000 Gallons $ 2.25$2.60
20,000 Thru 29,000 Gallons3.003.35
30,000 Thru 39,000 Gallons4.504.85
40,000 and up6.006.35
Information provided to comply with continuing disclosure requirements of SEC Rule 15c2-12
CITY OF GEORGETOWN, TEXAS
WASTEWATER UTILITY STATISTICAL DATA
DAILY FLOW (Wastewater Treatment)
Average Daily Wastewater Flow
Fiscal
YearGallons
19961,812,000
19972,557,000
19982,709,000
19992,688,000
20002,840,000
20013,122,000
20022,631,000
20032,890,000
20043,070,000
20053,020,000
TEN LARGEST WASTEWATER CUSTOMERS (12 Mos ending 09-30-05)
CustomerVolume% Total
Southwestern University35,6883.10%
Georgetown ISD23,2152.02%
Indian Creek Apartments15,1881.32%
Georgetown Housing Authority14,1181.23%
Georgetown Hospital13,8611.20%
Wesleyan Homes12,4001.08%
Georgetown Place Apartments12,3251.07%
The Oaks at Georgetown11,2400.98%
Georgetown Park Apartments9,5200.83%
San Gabriel Apartments9,4510.82%
MONTHLY SEWER RATES (effective on billings after 11/15/04)
Customer Charge $11.75 per month
Cost per 1,000 gallons $3.25
Residential rates (Based on average winter water use) Non-Residential (Based on monthly use)
Information provided to comply with continuing disclosure requirements of SEC Rule 15c2-12
CITY OF GEORGETOWN, TEXAS
ELECTRIC UTILITY STATISTICAL DATA
MONTHLY ELECTRIC RATES (effective on billings after 11/15/04)
All Customers:
Power Cost AdjustmentVariable
Residential Sales TaxInside City Limits: 2.0% of total electric charges
Outside City Limits: None
Commercial Sales TaxInside City Limits:8.25% of total electric charges
Outside City Limits:6.25% of total electric charges
Residential Service:
Customer Charge$6.00 per month
Energy Charge
Small General Service:
Customer Charge$12.00 per month
Energy Charge$0.0865 per kWh
School Charge:
Customer Charge$12.00 per month
Energy Charge$0.0976 per kWh
Municipal Water & Wastewater Pumping Service:
Customer Charge$12.00 per month
Energy Charge$0.0776 per kWh
Large General Service:
Customer Charge$20.00 per month
Demand Charge$7.30 per kW, but not less than $365.00
Energy Charge$0.0574 per kWh
Minimum Bill$385.00
Industrial
Customer Charge$50.00 per month
Demand Charge$6.15 per kW, but not less than $3,075.00
Energy Charge$0.0570 per kWh
Minimum Bill$3,125.00
Large Industrial Service
Customer Charge$100.00 per month
Demand Charge$5.20 per kW, but not less than $10,400.00
Energy Charge$0.0560 per kWh
Minimum Bill$10,500.00
Large Institutional Service
Customer Charge$20.00 per month
Energy Charge$0.0795 per kWh
Minimum Bill$20.00
Municipal Service
Customer Charge$12.00 per month
Energy Charge$0.0790 per kWh
Minimum Bill$12.00
MONTHLY GUARD LIGHT SERVICE RATES (effective on billings after 11/15/05)
Guard Light Service:Retail street lighting service Security lighting service
100 Watt HPL per light ( 35 kWh) $4.50 per month $7.50 per month
200 Watt HPLper light ( 71 kWh) $8.30 per month$12.75 per month
250 Watt HPLper light ( 86 kWh) $9.85 per month$14.50 per month
400 Watt HPLper light (137 kWh)$15.35 per month$20.20 per month
Information provided to comply with continuing disclosure requirements of SEC Rule 15c2-12
TEN LARGEST ELECTRIC CUSTOMERS (12 Mos ending 09-30-05)
Due to electric deregulation and the confidentiality of the electric system, the ten largest electric
customers are not being presented.
$0.0889 per kWh
CITY OF GEORGETOWN, TEXAS
DEMOGRAPHIC STATISTICS
LAST TEN CALENDAR YEARS
CALENDAR SCHOOLUNEMPLOYMENT
YEAR POPULATIONENROLLMENTRATE
199620,3006,6502.50%
199724,0006,9202.70%
199825,5007,2002.50%
199926,4007,5512.33%
200028,6007,9001.88%
200130,0008,3002.96%
200234,2738,4575.90%
200335,3008,6006.02%
200436,3598,8204.76%
200538,2658,9024.20%
Sources:
Population:2005 information obtained from the City of Georgetown Planning
and Development Division.
School Enrollment:Georgetown Independent School District. Year shown is school year,
not calendar year.
Unemployment Rate:Texas Workforce Commission, Labor Market Information Department.
All figures are an annual average. 2005 is average of the preliminary
monthly estimates.
CITY OF GEORGETOWN, TEXAS
PROPERTY VALUE AND CONSTRUCTION PERMITS
LAST TEN FISCAL YEARS
COMMERCIAL RESIDENTIAL
CONSTRUCTION CONSTRUCTION
FISCALPROPERTYNUMBERNUMBER
YEARVALUE(1)OF UNITSVALUEOF UNITSVALUE
1996$538,947,50626 $18,864,855 1,243 $174,263,170
1997633,469,05040 27,766,100 881 118,305,068
1998984,123,19935 50,835,410 730 93,486,217
19991,199,831,23241 29,100,000 675 93,647,489
20001,410,072,04243 15,663,210 757 105,212,405
20011,629,344,90923 17,126,030 984 165,352,383
20021,838,770,38331 38,210,061 687 128,834,005
20032,116,042,13132 13,669,958 603 79,667,625
20042,132,115,97865 40,034,747 963 177,932,230
20052,260,988,333142 54,656,434 1086 208,886,431
Sources: City of Georgetown Inspection Services Department (amounts listed include
activity in the E.T.J.)
(1) Estimated actual value.
CITY OF GEORGETOWN, TEXAS
UTILITY SYSTEM CONDENSED STATEMENT OF OPERATIONS (2)
20052004200320022001
Revenues:
Water System$16,605,408$15,082,426$14,648,293$13,635,949$12,789,401
Electric System33,800,76129,199,61825,916,55723,412,20224,340,991
Miscellaneous3,738,1901,371,1993,285,6572,647,8852,217,825
Interest Earnings705,118423,987155,951610,7911,202,418
Total revenues54,849,47746,077,23044,006,45840,306,82740,550,635
Expenses: (1)
Water System2,947,8752,831,1061,588,6171,504,1621,338,135
Electric System2,721,5072,331,2351,889,9651,850,3451,199,854
Utility Contracts31,000,26828,257,88526,644,29522,872,72523,224,121
Total expenses36,669,65033,420,22630,122,87726,227,23225,762,110
NET AVAILABLE FOR
DEBT SERVICE$18,179,827$12,657,004$13,883,581$14,079,595$14,788,525
1) Excludes depreciation costs
2) Electric, Water & Wastewater only
Information provided to comply with continuing disclosure requirements of SEC Rule 15c2-12.
Average Annual Principal and Interest Requirements, 2006-2023 $2,773,422
Coverage of Average Requirements by Fiscal Year 2005 Net Income 3.60 times
Maximum Principal and Interest Requirements, 2006 $4,854,835
Coverage of Maximum Requirements by Fiscal Year 2005 Net Income 6.30 times
FOR FISCAL YEAR ENDED SEPTEMBER 30,
CITY OF GEORGETOWN, TEXAS
CITY'S EQUITY IN UTILITY SYSTEM (1)
20052004200320022001
Utility system (1)$163,596,097$149,400,672$125,750,396$104,850,674$88,470,161
Less:
Accumulated depreciation(40,012,018)(35,295,782)(31,675,236)(23,780,397)(21,203,791)
Net value of system123,584,079114,104,89094,075,16081,070,27767,266,370
Plus: Construction fund5,521,7374,985,31111,384,5763,970,8523,249,523
Net plant129,105,816119,090,201105,459,73685,041,12970,515,893
Plus: Working capital22,950,79417,695,70213,101,17816,757,98622,060,143
Total152,056,610136,785,903118,560,914101,799,11592,576,036
Revenue bond debt (2)40,064,01238,903,76434,498,51430,005,00032,075,000
CITY'S EQUITY IN SYSTEM$111,992,598$97,882,139$84,062,400$71,794,115$60,501,036
PERCENTAGE CITY'S
EQUITY IN SYSTEM73.65%71.56%70.90%70.53%65.35%
(1) Electric, Water and Wastewater Funds only
(2) Changes in bond ordinances no longer require reservation of interest and sinking or reserve funds for utility revenue debt.
Information provided to comply with continuing disclosure requirements of SEC Rule 15c2-12.
FOR FISCAL YEAR ENDED SEPTEMBER 30,
CITY OF GEORGETOWN, TEXAS
MISCELLANEOUS STATISTICS
SEPTEMBER 30, 2005
Miscellaneous Statistics
Number of square miles in city limits 34.18
Public Safety
Police Fire
Number of stations14
Number of officers/firefighters6456
(exclusive of volunteer firefighters)
EducationCity EmployeesBudgeted
Attendance Centers15 Full time395.00
Number of students8,902 Part time23.75
New construction building permits issued Oct. 2004 - Sept. 2005 - 1,062
Total number of utility customers as of September 30, 2005:
Electric - 17,403Water - 16,656
Sanitation - 15,076Wastewater - 14,480
InfrastructureRecreation & Culture
Miles of streets422 Number of parks23
Number of street lights2,589 Acres of parks380
Miles of water mains365
Miles of sanitary sewers290
Miles of storm sewers41 Number of libraries 1 public
Miles of electric distribution lines287 Number of volumes85,312
Annual electric sales - mWh376,917 Library circulation350,716
Peak demand - mW105 Library visits262,565
CITY OF GEORGETOWN, TEXAS
SUMMARY OF INSURANCE COVERAGE
SEPTEMBER 30, 2005
POLICY TYPE INSURER AGENT POLICY NUMBER
Airport LiabilityTexas Municipal Texas Municipal2903
LeagueLeague
Automobile LiabilityTexas Municipal Texas Municipal2903
LeagueLeague
Automobile Physical DamageTexas Municipal Texas Municipal2903
LeagueLeague
Boiler & MachineryTexas Municipal Texas Municipal2903
LeagueLeague
General Liability Texas Municipal Texas Municipal2903
LeagueLeague
Law Enforcement LiabilityTexas Municipal Texas Municipal2903
LeagueLeague
Mobile EquipmentTexas Municipal Texas Municipal2903
LeagueLeague
Public Employee DishonestyTexas Municipal Texas Municipal2903
BondLeagueLeague
Public Officials Texas Municipal Texas Municipal2903
LeagueLeague
Real/Personal PropertyTexas Municipal Texas Municipal2903
LeagueLeague
Workers' CompensationTexas Municipal Texas Municipal2903
LeagueLeague
Pollution LiabilityAmgripTexas MunicipalBTA2149987-05
League
Animal Mortality/TheftTexas Municipal Texas Municipal2903
LeagueLeague
Errors and Omissions LiabilityTexas Municipal Texas Municipal2903
LeagueLeague
COVERAGE
POLICY PERIOD DESCRIPTION LIMIT PREMIUM
October 1, 2004 toAirport, Aviation$20,000,000occ$16,821
September 30, 2005Non-owned aircraft, 50,000Fire
(Hangarkeepers)Hangar2,000,000Aircraft
Liability5,000,000occ
October 1, 2004 toDamage caused by5,000,000occ44,334
September 30, 2005 City Vehicles25,000person
October 1, 2004 toDamage caused toACV42,349
September 30, 2005 City Vehicles
October 1, 2004 toLibrary HVAC 2,000,000accidentincluded
September 30, 2005 Direct Damage
October 1, 2004 toGeneral Liability10,000,000agg annual71,464
September 30, 20055,000,000occ
October 1, 2004 toPolice Department10,000,000annual33,293
September 30, 20055,000,000occ
October 1, 2004 toDamage toper schedule9,106
September 30, 2005 Mobile Equipment1,732,287
October 1, 2004 toCrime/Public Employee500,0003,353
September 30, 2005Crime/Theft disappearance
Destruction (inside/outside)300,0001,116
October 1, 2004 toMayor, Council, City Attorney10,000,000annualIncluded with Errors &
September 30, 2005 Boards, Commissions5,000,000occOmissions Liability
and Employees
October 1, 2004 toReal / Personal78,159,51399,041
September 30, 2005 Propertyper schedule
October 1, 2004 toLosses as Prescribedper TWCC86,472
September 30, 2005 by the Texas Workers'Statuteest.
Compensation Law
October 1, 2004 toPollution Liability1,000,000ann agg2,099
September 30, 2005 Underground Storage Tanks1,000,000occ(inc fees/taxes)
October 1, 2004 toPolice Canine Loss of use/per schedule500
September 30, 2005 Theft mortality/Vet/Surgical1 PD canines
October 1, 2004 toErrors and Omissions5,000,000wrongful agg
September 30, 2005Includes Public Officials10,000,000annual92,588