HomeMy WebLinkAboutCAFR 2008
CITY OF GEORGETOWN, TEXAS
COMPREHENSIVE
ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2008
Prepared by:
Division of Finance and Administration
Micki Rundell, CGFO – Director
Leticia Zavala, CGFO – Controller
Lorie Lankford, CGFO – Accounting Supervisor
TABLE OF CONTENTS
INTRODUCTORY SECTION:
Letter of Transmittal ......................................................................................................................................i
GFOA Certificate of Achievement..............................................................................................................vii
Organizational Chart ................................................................................................................................. viii
Elected Officials and Administrative Officers...............................................................................................ix
City of Georgetown Map...............................................................................................................................x
FINANCIAL SECTION:
Independent Auditors’ Report.......................................................................................................................1
Management’s Discussion and Analysis......................................................................................................3
Basic Financial Statements
Government-wide Financial Statements
Statement of Net Assets................................................................................................................17
Statement of Activities...................................................................................................................18
Fund Financial Statements
Governmental Funds
Balance Sheet...............................................................................................................................23
Reconciliation of The Governmental Funds Balance Sheet
to the Statement of Net Assets...............................................................................................24
Statement of Revenues, Expenditures, and Changes in
Fund Balance..........................................................................................................................25
Reconciliation of the Governmental Funds Statement of Revenues, Expenditures
and Changes in Fund Balance to the Statement of Activities.................................................26
Statement of Revenues, Expenditures and Changes in Fund Balance
Budget and Actual – General Fund ........................................................................................28
Proprietary Funds
Statement of Net Assets................................................................................................................29
Statement of Revenues, Expenses and Changes in Fund Net Assets ........................................30
Statement of Cash Flows..............................................................................................................32
Fiduciary Funds
Statement of Fiduciary Net Assets – Agency Funds.....................................................................34
Notes to the Financial Statements.......................................................................................................36
Required Supplementary Information
Texas Municipal Retirement System Trend Data ................................................................................69
Modified Approach for Streets Infrastructure Capital Assets...............................................................70
Combining and Individual Fund Financial Statements and Schedules
Combining Financial Statements – Nonmajor Governmental Funds
Combining Balance Sheet.............................................................................................................72
Combining Statement of Revenues, Expenditures and Changes in Fund Balance......................74
Schedules of Revenues and Expenditures – (Budget Basis) – Budget and Actual (Non-GAAP) –
Reconciled to GAAP Basis
Special Revenue Funds
Court Fees..............................................................................................................................76
Fire Billing...............................................................................................................................77
Library Restricted....................................................................................................................78
Main Street Façade ................................................................................................................79
Mapping..................................................................................................................................80
Parks.......................................................................................................................................81
Police......................................................................................................................................82
Street Tax ...............................................................................................................................83
Tourism...................................................................................................................................84
Village Improvement District...................................................................................................85
Downtown TIF ........................................................................................................................86
Supplementary Individual Fund Financial Statements and Schedules – Major Governmental Funds
General Fund
Comparative Balance Sheets........................................................................................................88
Comparative Statements of Revenues, Expenditures and Changes in Fund Balances ...............89
Schedule of Revenues and Expenditures (Budget Basis) - Budget and Actual............................90
Georgetown Transportation Enhancement Corporation (GTEC)
Comparative Balance Sheets........................................................................................................94
Comparative Statements of Revenues, Expenditures and Changes in Fund Balance.................95
Schedule of Revenues and Expenditures (Budget Basis) – Budget and Actual.........................96
Debt Service Fund
Comparative Balance Sheets........................................................................................................97
Comparative Statements of Revenues, Expenditures and Changes in Fund Balances ...............98
Schedule of Revenues and Expenditures (Budget Basis) – Budget and Actual...........................99
General Capital Projects
Comparative Balance Sheet........................................................................................................100
Comparative Statements of Revenues, Expenditures and Changes in Fund Balances .............101
Schedule of Revenues and Expenditures (Budget Basis) – Budget and Actual.........................102
Combining Financial Statements - Nonmajor Proprietary Funds
Enterprise Funds
Combining Statement of Net Assets ...........................................................................................104
Combining Statement of Revenues, Expenses and Changes in Fund Net Assets.....................105
Combining Statement of Cash Flows..........................................................................................106
Internal Service Funds
Combining Statement of Net Assets ...........................................................................................108
Combining Statement of Revenues, Expenses and Changes in Fund Net Assets.....................109
Combining Statement of Cash Flows..........................................................................................110
Supplementary Individual Fund Financial Statements
Enterprise Funds
Electric Fund
Comparative Statements of Net Assets ...............................................................................114
Comparative Statements of Revenues, Expenses and Changes in Fund Net Assets .........115
Water Services Fund
Comparative Statements of Net Assets............................................................................... 116
Comparative Statements of Revenues, Expenses and Changes in Fund Net Assets ......................117
Airport Fund
Comparative Statements of Net Assets................................................................................118
Comparative Statements of Revenues, Expenses and Changes in Fund Net Assets .........119
Sanitation Fund
Comparative Statements of Net Assets ...............................................................................120
Comparative Statements of Revenues, Expenses and Changes in Fund Net Assets .........121
Stormwater Drainage Fund
Comparative Statements of Net Assets................................................................................122
Comparative Statements of Revenues, Expenses and Changes in Fund Net Assets .........123
Agency Funds ..........................................................................................................................................126
Capital Assets Used In the Operation of Governmental Funds................................................................128
STATISTICAL SECTION
Net Assets by Component – Last Six Fiscal Years..................................................................................132
Changes in Net Assets – Last Six Fiscal Years.......................................................................................134
Fund Balances of Governmental Funds – Last Ten Fiscal Years............................................................138
Changes in Fund Balances of Governmental Funds – Last Ten Fiscal Years.........................................140
Property Tax Levies and Collections - Last Ten Fiscal Years..................................................................142
Assessed and Estimated Actual Value of Taxable Property - Last Ten Fiscal Years..............................144
Property Tax Rates - Direct and Overlapping Governments - Last Ten Fiscal Years..............................146
Principal Taxpayers – Current Year and Nine Years Ago........................................................................147
Taxable Sales by Category – Last Ten Fiscal Years ...............................................................................148
Direct and Overlapping Sales Tax Rates – Last Ten Fiscal Years ..........................................................150
Sales Tax Revenue Payers by Industry – Fiscal Years 2006 and 1997 ..................................................151
Ratio of Outstanding Debt by Type – Last Ten Fiscal Years ...................................................................152
Ratio of Net General Obligation Bonded Debt to Assessed Value and
Net General Obligation Bonded Debt Per Capita - Last Ten Fiscal Years........................................154
Computation of Direct and Estimated Overlapping Bonded Debt............................................................156
Computation of Legal Debt Margin...........................................................................................................158
Revenue Bond Coverage - Utility Funds - Last Ten Fiscal Years............................................................160
Utility System Condensed Statement of Operations................................................................................162
City’s Equity in Utility System...................................................................................................................164
Demographic and Economic Statistics - Last Ten Fiscal Years...............................................................166
Principal Employers – Current Year and Nine Years Ago........................................................................167
Full Time Equivalent City Government Employees by Function – Last Ten Fiscal Years........................168
Operating Indicators by Functions – Last Ten Fiscal Years.....................................................................170
Summary of Insurance Coverage.............................................................................................................172
About the cover...
The annual Red Poppy Art Contest sponsored by the Main Street Program attracts a wide variety of artwork
featuring the red poppy, which is Georgetown’s signature flower. This year for the first time in the history of
the contest, the winning entry is a tapestry rather than a painting. Nadene Brown’s depiction of red poppies
on a scenic tapestry, titled My Poppies, is the 2007 contest winner and cover for our budget.
Introductory
Section
February 11, 2009
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, 2008, 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. 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.
The Reporting Entity. This report includes all the funds of the City, as well as, the City’s discretely
presented component unit, the Georgetown Economic Development Corporation (GEDCO), its 4A
economic development corporation. 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 also financially accountable for Georgetown Transportation Enhancement
Corporation (GTEC), a Texas 4B economic development corporation, which funds transportation projects
that enhance economic development within the City. GTEC is presented as a blended component unit
within the reporting entity.
Management Discussion and Analysis. GAAP requires management to 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 independent auditors’ report located at the front of the financial section of this report.
DESCRIPTION OF THE CITY
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 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
47,353, with an additional 15,000 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.
Page ii Transmittal Letter
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 City adopted a Downtown Master Plan in 2003 to provide
guidance in managing growth and redevelopment of the area to preserve its historic character and small
town “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 5,365 homes with
over 11,000 retirees make Sun City and Georgetown their home. Del Webb intends to complete the
7,500 unit development within the next few years.
Georgetown is also 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 425 employees, the University provides
substantial economic and cultural contributions to Georgetown.
GEORGETOWN'S ECONOMIC OUTLOOK
Community Growth – 2007/08 Review Summary
Providing services to a rapidly growing community continues to challenge community leaders. Much
headway has been made, as new revenue sources were developed and existing ones expanded. The
City’s tax base grew to over $4.1 billion, while the population topped 47,000. Utility customers have
grown to over 23,000, a 4.5% increase over the prior year. Funding city services continues to provide
challenges for city leaders. Revenue sources continue to be developed to offset potential tax increases,
and keep property taxes among the lowest in the region. Some examples are expanding the City’s
Electric Utility into the City of Round Rock to provide electric service to the Premium Outlet Mall and Scott
and White Hospital. The City also provides water services to municipal utility districts outside our extra
territorial jurisdiction. Both of these expansions generate revenues without the requirements of providing
public services.
Continued build out at both the Wolf Ranch and Rivery retail centers has occurred with the opening of
restaurants and retail. Souper Salad, Montana Mikes, and Sephora opened during 2008. Additional
retail space is being developed for the Vitamin Shoppe, James Avery, Wolf Camera and Video,
Firehouse Subs, Mana Fu’s Asian House and a third Starbucks. The “Square” experienced growth
during 2008 with the opening of Silver and Stone Restaurant and Wine Bar, Dia Thai Cuisine and D’vine
Wine. The Monument Cafe moved to a new location on the “Square”.
Development also continues at Sun City, with residential homes now exceeding 5,000. The guidebook
“Retirement Places Rated”, ranked Georgetown as the top place in the country to retire, sighting the
City’s strong economy and affordable housing. These same factors have also helped bring several large,
non-age restricted, development projects to the area such as Water Oaks, a 2,600 acre development and
Somerset, a 3,000 acre master planned development in Northern Georgetown. The 600 unit Sierra
Ridge project, being developed by Georgetown Housing Authority, is aimed to fulfill the need for added
options for affordable housing in Georgetown. Overall, it’s an exciting time to be in Georgetown.
Current Economic Outlook
The recent economic downturn of the economy nation wide has affected Georgetown and the
surrounding area. In January 2009 the City enacted the Budget Contingency Plan as outlined in the
Fiscal and Budgetary Policy. Sales tax projections were lower by 10% and a hiring freeze was issued for
several open and new positions in the General Fund. The City is taking a conservative approach during
this time. The City does have close 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 well
above the state average.
Transmittal Letter Page iii
Georgetown is located on Interstate 35, the major corridor between Dallas and San Antonio, at the
intersection of State Highway 130. SH 130 is a new toll road linking Georgetown with Interstate 10, east
of San Antonio, thereby bypassing the highly congested Austin area. The final expansion of Parmer
Lane, a major arterial from Round Rock to IH 35 North of Georgetown on the far western side will open
many sites for future development. This project is expected to alleviate traffic congestion and provide an
economic benefit to the area.
Georgetown offers viable economic opportunities. Two local employers, Airborn and Texas Outdoor
Power Equipment, have announced expansion plans for next year. Build out at both Wolf Ranch and
Rivery retail centers have also occurred. A major hotel/convention center is scheduled to open by 2010
at the Rivery, providing much needed meeting space to the community, as well as, improvements to
Rivery Park. A second Walgreen’s drug store is under construction on HW29, across from Wolf Ranch.
Two new hotels are being built along IH35 that will jump start the implementation of the Williams Drive
Gateway Master Plan redevelopment project. Over 1 million square feet of new commercial property,
valued over $72 million, was added in 2007/08.
The Downtown area continues to see revitalization and development. The recently completed Tamiro
Plaza, a four story 34,000 sq ft office building, provides added office and professional services space in
the area. The City continues to implement projects outlined in the Downtown Master Plan.
Improvements and beautification of Main Street and downtown sidewalks reinforce the quaint feeling of
the downtown area.
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.
The City continues preliminary negotiations with LCRA regarding its long term power supply contract, as
the current contract expires in 2016. Currently, the City receives 90% of its power needs from the LCRA.
The City’s goal is to ensure adequate supplies well into the future, with minimal financial impacts to the
rate base.
MAJOR INITIATIVES
Utility Rates. The City continues to review rate requirements for all utilities annually, as part of the
budget process. Environmental mandates for water and wastewater continue to be the driving factor in
rate analysis. Water and wastewater rates were reviewed by the City to ensure rates were funding the
costs of providing services. 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. Electric rates were increase in
January 2008 by 5%, to adequately recover costs associated with service delivery and purchased power
costs. At this time the power cost adjustment was then eliminated as elements were redistributed. In
July 2008, the power cost adjustment was reinstated at a rate of $.01/per kWh due to soaring oil prices.
Utility System Expansion. Contracting for additional water with the Brazos River Authority has ensured
the availability of a long-term water supply for Georgetown. Expenses in the wastewater utility have
increased due to the Edwards Aquifer compliance issues and increasing treatment plant operational
costs. The expansion of effluent for irrigation purposes, which provides large commercial customers a
non-potable water supply for irrigation needs, has been completed to help mitigate the demand on the
City’s water plants for treated water. The City continues to pursue options for regional wastewater
service and is taking a leadership role in developing methods to promote sanitary sewer service and
eliminate the proliferation of septic solutions to ensure water quality.
Transportation. Traffic and transportation was one of the top highest concerns and priorities of the
community during the 2008 Citizen Quality of Life Survey. In November 2008, city voters authorized $46
million for road projects, with bonds to be issued within the next ten years. The City is developing a plan
to assume responsibility of traffic lights within the City by 2010. Developing a regional pavement design
Page iv Transmittal Letter
system and implementing the program to ensure cohesiveness of the City’s roadways is also a top
priority. Development of a Transit System Master Plan to provide reliable alternatives to navigating the
City was evaluated during the year. During the 2008/09 budget process, a pilot program was approved to
assess the usage of a transit system.
Public Safety. Improving public safety response has been a major priority for the last several years.
2008 provided for the additional staffing for public safety including an Impact Team and a second Warrant
Officer. In addition, efforts have been made to improve public safety compensation to make Georgetown
more competitive with other local governments when hiring new officers.
Long Range Planning. Planning for Georgetown’s future is a major priority, as the City began an
update of its comprehensive plan. Over the last several years, the City has annexed over 10,000 acres
to ensure land use control over critical growth areas along Georgetown’s gateways. These annexations
will require over $7 million in water and sewer improvements over the next few years.
Park Improvements. The City continues to expand its award winning park system through continued
development of the City’s trail system along the San Gabriel Rivers to Lake Georgetown. Construction
of the Recreation Center expansion approved by the voters in November 2004 was completed in January
2009. This expansion provided an additional 47,000 sq ft to create a 65,000 sq ft facility, which includes
an indoor pool and track, weight and cardio areas and a larger babysitting room. In addition, in
November 2008 city voters authorized $35.5 million in bonds to fund park improvements. The bonds will
be issued over the next ten to fifteen years.
Facility Construction. The City continues to implement its long range facility plan. The City’s new
55,000 sq ft Library opened in January 2008, when library operations relocated from their 17,000 sq ft
facility built in the late 1980’s. The expanded Recreation Center was also constructed in 2007/08.
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 is 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
City was not required to have Single Audit testing for fiscal year 2007/08.
Transmittal Letter Page v
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, US
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.
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, Franklin & Niemeier was selected by the City
Council. The goal of the independent audit is to provide reasonable assurance that the financial
statements of the City for the fiscal year ended September 30, 2008 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 September
30, 2008, 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 fiscal year ended September 30, 2007. The Certificate of
Achievement is the highest form of recognition for excellence in state and local government financial
reporting. In order to be awarded a Certificate of Achievement, a government 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 received a Certificate of Achievement for twenty 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 twenty 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.
Page vi Transmittal Letter
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 Lorie Lankford, Accounting Supervisor, Lisa Haines, Accountant III, Lindsay
Daniell, Accountant I, and Danella Elliott, Administrative Analyst, 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.
Sincerely,
Micki Rundell, CGFO Leticia Zavala, CGFO
Director of Finance and Administration Controller
vii
viii
PoliceFinance &Administration FireGeorgetownUtility Systems Assistant City
Manager
Transportation
Electric Services
Water Services
Community
Services
Engineering Facilities
VSC
Accounting
Purchasing
CVBMain Street
Tourism
ParksRecreation
Library
Airport
InformationTechnology
A HOME RULE CITY
CITY COUNCILMAYOR (elected at large)
SEVEN COUNCIL PERSONS(elected by district)
CITIZENS OFGEORGETOWN
CITY SECRETARYCITY ATTORNEY MUNICIPALCOURT JUDGE BOARDS &
COMMISSIONSCITY MANAGER
Municipal Court
Economic
Development
Human
Resources
Community
Development
Support Services
Bureau
AdministrativeServices Bureau
Animal Services
Field OperationsBureau
Administration
Operations
= City Divisions
Utility BIlling
Sanitation
PlanningServices
InspectionServices
Housing &
NeighborhoodDevelopment
GeographicInformation
System
ix
CITY OF GEORGETOWN, TEXAS
ELECTED OFFICIALS AND ADMINISTRATIVE OFFICERS
SEPTEMBER 30, 2008
ELECTED OFFICIALS
Mayor George Garver
City Council Member, District 1 Patty Eason
City Council Member, District 2 Gabe Sansing
City Council Member, District 3 Keith Brainard
City Council Member, District 4 Bill Sattler
City Council Member, District 5, Mayor Pro Tem Pat Berryman
City Council Member, District 6 Dale Ross
City Council Member, District 7 Ben Oliver
APPOINTED OFFICIALS
City Manager Paul Brandenburg
City Attorney Patricia Carls
Carls, McDonald & Dalrymple, LLP
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
Interim Fire Chief Clay Shell
Police Chief David Morgan
Austin
Dallas/Fort Worth
San Antonio
Lubbock
El Paso
Amarillo
Houston
Georgetown
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 two hours north,
Houston is two hours
southeast and San
Antonio is just one-and-
a-half hours south,
placing Georgetown in
a very advantageous
position for cultural
and economic develop-
ment. Traveling to and
from Georgetown is easy,
as it is at the crossroads of
IH-35 going north/south and
State Highway 29 going east/
west. Access to Georgetown via
the Austin-Bergstrom International
Airport was made much easier with the
recent opening of State Highway 130, a
new toll road from Georgetown to San
Antonio that parallels IH-35.
Financial
Section
3
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, 2008. 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 $11.0 million, or 40% of the FY 2008 General Fund expenditures. The
undesignated fund balance increased by $1.8 million from FY2007. Of this amount,
$500,000 represented an increase in budgeted contingency reserves. Revenues were
$1.6 million more than the original budget estimates.
General Fund revenues increased $2.8 million, an increase of 13% over FY 2007.
General Fund expenditures increased by $3.1 million, an increase of 13% over FY
2007. This increase was due to increased staffing in Public safety and the creation of
the Transportation division. Community service related staffing increases and cost of
living salary increases also contributed to this increase.
Governmental Activities
On a government-wide basis for governmental activities, the City had expenses net of
program revenue of $27.7 million. General revenues and transfers totaled $40 million,
resulting in an increase in net assets of $12.2 million.
As of September 30, 2008, the City's governmental activities reported combined
ending net asset balances of $171 million. The largest element of this balance,
$129.4 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, 2008, the City issued $5.1 million in General
Obligation bonds and Certificates of Obligation, of which $750,000 was in support of
utility projects in the Stormwater Fund to be repaid through the monthly fees charged
in the utility rate. The debt issue funded general capital projects and public safety
equipment. The City's general obligation debt is rated AA by Standard & Poor's and
Moody's.
Business-Type Activities
The net assets of the City's business-type activities had a current year increase of
$16.3 million, additionally the beginning net assets increased by $16.2 million as noted
on page 46. The current year increase is primarily due to $11 million of infrastructure
assets contributed by developers for commercial projects and other residential
subdivisions.
CITY OF GEORGETOWN, TEXAS
MD&A
4
The City issued $9.4 million of utility system revenue bonds for electric and water
system expansion. The City also issued $7.1 million in Refunding Revenue Bonds to
retire outstanding debt issued at a higher interest rate, with a net savings of $489,672.
Both Standard & Poor's and Moody's have rated the City's utility system revenue debt
as AA-.
Entity-Wide
The City's total net assets on a government-wide basis totaled $374.8 million at
September 30, 2008, an increase of 14% over September 30, 2007, including the prior
period change as noted on page 46. Most of this balance is invested in capital assets,
restricted for specific purposes, or related to a long-term receivable.
The City received $12.0 million of grants and other capital contributions in FY 2008,
along with $493,00 of operation grants and contributions for public safety and flood
clean-up.
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
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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, which are the difference between the City’s assets and liabilities,
are 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 can readily be converted to cash flow (in
and out), and
(2) Year-end balances readily available for spending.
Consequently, the governmental funds statements provide a short-term view that helps
determine whether there are greater 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 explain 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 collects fees and rates intended 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, similar to 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 in 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:
2008 2007 2008 2007 2008 2007
Current and other assets $ 48,758 $ 58,680 $ 50,018 $ 45,861 $ 98,776 $ 104,541
Capital assets 210,452 188,842 228,467 208,550 438,919 397,392
Total assets $ 259,210 $ 247,522 $ 278,485 238,263 $ 537,695 $ 501,933
Long-term liabilities $ 83,506 $ 82,348 62,839 $ 56,165 146,345 $ 138,513
Other liabilities 4,868 6,531 11,660 10,590 16,528 17,121
Total liabilities $ 88,374 $ 88,879 $ 74,499 $ 66,755 $ 162,873 $ 155,634
Net assets:
Invested in capital assets, net of related debt $ 129,355 $ 116,739 $ 173,247 $ 157,361 $ 302,602 $ 274,099
Restricted 25,011 36,306 25,011 36,306
Unrestricted 16,470 5,598 30,739 30,296 47,209 35,894
Total net assets $ 170,836 $ 158,643 $ 203,986 $ 187,657 $ 374,822 $ 346,299
Summary Statement of Net Assets
(In thousands)
Govtl Activities Bus-Type Activities Total Primary Government
CITY OF GEORGETOWN, TEXAS
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The City's combined net assets increased by $28.5 million to $374.8 million from the
restated amount of $346.3 million in FY 2007.
Net assets of the governmental funds were $170.8 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 $16.5 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, 2008 was $3.5 million.
Net assets increased primarily as a result of increases in capital assets and
construction in progress. Projects completed during the year included:
Construction of Recreation Center expansion
Animal Shelter kennel additions and triage intake area
City office building improvements
Park Improvements
River Ridge pool renovations
Skate park project
Equipment at various locations
Transportation improvements including:
Design of Oak Tree Bridge
Rehabilitation of Main Street, University to 21st Street
Net assets invested in capital assets net of related debt increased in part due to
developer's contributed capital totaling $12.0 million, including $900,000 of street
improvements and $11.1 million of utility improvements due to annexations and new
residential developments.
Current year net assets of business-type activities increased by $16.3 million,
additionally the beginning net assets increased by $16.2 million due to the recognition
of the historical valuation of the Electric system by McCord Engineering, developer
contributed capital, and increases to capital assets.
CITY OF GEORGETOWN, TEXAS
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During 2008, the City invested $12.8 million towards improving and expansion of utility
infrastructure, compared to $20.3 million in 2007. Projects included:
Electric residential and commercial expansion
Escalera Elevated Storage Tank
Sun City and Park Lift Stations upgrade
Edward’s Aquifer Recharge Zone inflow and infiltration repairs
Main Street line upgrades
Smith Branch/San Gabriel Interconnect
Downtown regional drainage pond
2008 2007 2008 2007 2008 2007
Revenues:
Program Revenues
Charges for Service $ 6,432 $ 5,538 $ 85,700 $ 72,835 $ 92,132 $ 78,373
Operating Grants & Contributions 493 683 493 683
Capital Grants & Contributions 909 3,655 11,072 8,851 11,981 12,506
General Revenues
Property Taxes 12,611 10,738 12,611 10,738
Sales Taxes 13,237 12,206 13,237 12,206
Other Taxes 1,134 1,186 1,134 1,186
Franchise Taxes 2,740 2,083 2,740 2,083
Interest 2,223 2,085 1,019 1,495 3,242 3,580
Other 803 2,295 4,418 3,098 4,418
Total Revenues $ 40,582 $ 38,174 $ 100,086 $ 87,600 $ 140,668 $ 125,774
Expenses:
Culture-recreation 6,979 5,460 6,979 5,460
Development 2,458 2,518 2,458 2,518
Fire 5,553 4,962 5,553 4,962
General government 3,605 3,227 3,605 3,227
Interest on long term debt 4,181 2,977 4,181 2,977
Police 9,595 8,252 9,595 8,252
Streets 3,147 5,213 3,147 5,213
Airport 3,460 2,589 3,460 2,589
Electric 48,183 38,936 48,183 38,936
Sanitation 4,316 3,612 4,316 3,612
Stormwater 1,689 1,448 1,689 1,448
Water Services 18,980 17,585 18,980 17,585
Total Expenses $ 35,518 $ 32,609 $ 76,628 $ 64,170 $ 112,146 $ 96,779
Change in net assets before transfers 5,064 5,565 23,458 23,430 28,522 28,994
Transfers 7,130 5,987 (7,130) (5,987)
Change in net assets 12,194 11,552 16,329 17,442 28,522 28,994
Net Assets - Beginning 158,643 147,091 187,657 170,215 346,299 317,305
Net Assets - Ending $ 170,836 $ 158,643 $ 203,986 $ 187,657 $ 374,822 $ 346,299
(In thousands)
Changes in Net Assets
Bus-Type ActivitiesGovtl Activities Total
CITY OF GEORGETOWN, TEXAS
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REVENUES
For the fiscal year ended September 30, 2008, program revenues from governmental
activities totaled $7.8 million, of which $6.4 million resulted from charges for services.
Charges for services increased $900,000 over the prior year, primarily due to growth
in the municipal court and development fee areas.
General property taxes totaled $12.6 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 3.2%, while total assessed
valuation increased 14.8% over the prior year. The variance is attributed to $336
million in new and annexed property.
The ad valorem tax rate for fiscal year 2008 was $0.35659 per $100 of assessed
valuation. This is 2.9% less than the FY 2007 actual rate and 4.2% higher than
the 2007 effective rate.
Sales taxes, the City’s largest source of general government revenue, totaled $13.2
million for fiscal year 2008, which was an increase of 8% over the prior year. This
increase was primarily due to new commercial development within the City, including
Wolf Ranch and Rivery area. Sales tax revenues represented 32% of the general
revenue total in 2008, excluding transfers from the return on investment transfers from
the utility funds.
Hotel/motel taxes and automobile inventory taxes, totaled $1.1 million and were
included in other revenue of $1.4 million.
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 $7.8 million, a decrease of 21%
over the prior year. This is includes a decrease in streets capital contributions of
$2.7 million. 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.
CITY OF GEORGETOWN, TEXAS
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Business-type activities program revenues totaled $96.8 million, a 18%
increase over the prior year. Capital grants and contributions were $2.2 million
higher than the prior year, due to increased developments and new subdivisions
added. Charges for services were over $13 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 18%.
This increase was primarily in the electric rate due to increased purchased power
costs, which were passed along to customers, as well as an increase in fuel
charges. Other program revenues include airport fuel sales, hangar rentals and
stormwater drainage fees.
EXPENSES
Expenses for governmental activities totaled $35.5 million, versus $32.6 million in
2007. Major expenses include salaries for providing services in the public safety area,
as well as for parks maintenance. Expenses were $2.9 million higher than the prior
year. Major increases included the addition of police and fire personnel. Salaries also
increased due to a 4.25% cost of living adjustment for all non-civil service staff.
Higher fuel costs also contributed to the increase in operational program expenses.
Expenses for business-type activities totaled $76.6 million, a 19.4% 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 is
associated with increased purchased power costs, 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, 2008, the City's governmental funds reflect a
combined fund balance of $41 million.
This fund balance includes a $1.3 million increase in the 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 balance is due to increased revenues, due
to higher than anticipated sales tax and increased charges for services in the park and
recreation programs. Interest was less than anticipated due to the downturn in the overall
economic and financial market conditions for 2008. Total direct expenditures for public
safety totaled $14.6 million. Culture and recreation expenditures for the Library and Parks
areas totaled $6.3 million in 2008. General government expenditures included $410,283
of social services contributions to various organizations in the community. Street
maintenance expenditures for 2008 were $2.8 million.
General Capital Project Fund had a $10.4 million decrease in fund balance for FY2008,
due to the timing of projects. The City issued $4.4 million of bond proceeds for projects
including Oak Tree Drive Bridge construction, parking lots, building improvements and
public safety vehicles and equipment. The City expended $16.4 million in various general
capital projects in the above projects along with a Public safety radio system upgrade.
Non-major governmental funds include an increase in fund balance of $658,000 due to
the funding and timing of street improvement projects in the Sales Tax Maintenance Fund.
General Debt Service Fund reflects a decrease of $105,000 in FY2008. This decrease
reflects lower property tax collections than anticipated.
Georgetown Transportation Enhancement Corporation (GTEC), the City’s blended
component unit had a decrease in fund balance of $760,000, due to the timing of capital
improvement projects. GTEC contributed $4.6 million in transportation improvements to
facilitate economic development in 2008.
GENERAL FUND BUDGETARY HIGHLIGHTS:
BUDGET ADJUSTMENTS
The following is a brief analysis of the budgetary changes in the General Fund from the
original to the final budget.
The City approved two General Fund budget amendments during fiscal year 2008. The
amendments increased overall budgeted expenditures by $354,200 from the original
budget, representing a .01%. increase in appropriations. This increase was offset by
program revenues and unallocated prior year fund balances.
An amendment dated April 8, 2008 increased total General Fund appropriations by
$179,200. This amendment related to timing of projects and the outsourcing of
inspections approved after final budget was adopted.
CITY OF GEORGETOWN, TEXAS
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An amendment dated January 13, 2009 increased General Fund appropriations by
$175,000. This amendment approved a transfer to the Sanitation Fund to eliminate a
deficit balance and enable consolidation of fund in 2008/09.
These amendments used fund balance to offset expenditures related to those functions.
These amendments did not significantly alter the total budget.
The variance between the actual ending fund balance at September 30, 2008 and the final
budgetary fund balance is attributed to timing of street maintenance projects and various
open positions.
CAPITAL ASSETS
The City's governmental activities (including a percentage of internal service funds) had
invested $210.5 million in a variety of capital assets and infrastructure. The City has
$228.5 million invested in its business-type activities capital assets. The detail is reflected
in the following schedule:
Balance Deletions Balance
9/30/2007 Additions & Transfers 9/30/2008
Non-depreciable Assets:
Land $ 4,108 $ 114 $ 4,222
Construction in progress 15,116 18,737 $ (21,967) 11,886
Streets 116,038 16,681 132,719
Other capital assets
Equipment 20,613 1,672 (638) 21,647
Buildings 35,621 3,874 39,495
Improvements 19,562 6,538 26,100
Capital lease 452 452
Less accumulated depreciation (22,668) (3,908) 507 (26,069)
Capital Assets - Governmental $188,842 $ 43,708 $ (22,098) $ 210,452
Balance Deletions Balance
9/30/2007 Additions & Transfers 9/30/2008
Non-depreciable Assets:
Land $ 2,571 - $ 2,571
Construction in progress 6,763 $ 12,873 $ (14,246) 5,390
Other capital assets
Equipment 1,066 86 1,152
Buildings 6,949 6,949 Improvements 244,989 28,776 273,765
Less accumulated depreciation (53,787) (7,574) (61,361)
Capital Assets - Business-Type $208,551 $ 34,161 $ (14,246) $ 228,466
City-wide Totals $397,393 $ 77,869 $ (36,344) $ 438,918
*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
CITY OF GEORGETOWN, TEXAS
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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. This established a base line for inventory reporting under the modified approach
for GASB 34 reporting
The City financial policy establishes and Council adopted an average condition level of 85
to maintain the streets in “good” condition. The Pavement Condition Index is a
measurement scale for pavement condition, ranging from zero (poor) to 100 for pavement
in perfect condition. The PCI for fiscal years 2005-2007 was 91. During 2008, the City
contracted with Fugro Consultants, Inc. to reassess the condition of the pavement
management system. The PCI for 2008 is 93.
The City budgets approximately $1.25 million annually of General Fund revenues for on-
going street maintenance projects, along with the staff and maintenance costs of the
street department. In addition, the City also budgets for the approximate $1.2 million of
funds received in dedicated 1/4 cent sales tax for street maintenance. The 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 2008,
funding for electric and water services infrastructure maintenance was $7.5 million.
For more detailed notes about the City’s capital assets, please see pages 52-54 of the
notes to the financial statements.
2008 2007 2008 2007 2008 2007
General Obligation Bonds $ 69,970 $ 68,856 $ 4,985 $ 4,539 $ 74,955 $ 73,395
Sales tax revenue bonds 11,115 11,330 11,115 11,330
Revenue Bonds 57,280 51,070 57,280 51,070
Obligation under capital lease 13 75 13 75
Compensated absence payable 2,394 2,072 574 555 2,968 2,627
Arbitrage rebate payable 15 15 15 15
Total Long Term Debt $ 83,507 $ 82,348 $ 62,839 $ 56,164 $ 146,346 $ 138,512
Govtl Activities Bus-Type Activities Total
City of Georgetown Outstanding Debt and Long-Term Liabilities
(In thousands)
LONG-TERM DEBT
At September 30, 2008, the City had a total of $75.0 million in general obligation debt
outstanding. This represents a 4% increase over prior year. This increase reflects the
$750,000 of self-supporting bonds, issued on behalf of the Stormwater Fund for the
construction of Oak Tree Drive Bridge, as well as, $4.4 million for parking lots, building
improvements and public safety vehicles and equipment. Additional information about
the City's long -term debt is presented in Note 6 to the financial statements.
CITY OF GEORGETOWN, TEXAS
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The state limits the legal amount of tax levy available for general obligation debt
service to $1.50 per $100 valuation. The City's 2008 debt levy equaled $0.15337 per
$100 assessed valuation, or 11% of the maximum allowed.
Total utility system revenue debt was $57.3 million as of September 30, 2008,
including new debt of $9.4 million issued within the Electric Services Fund and Water
Services Fund to fund system expansion. This increase is 12% greater than debt
reported at September 30, 2007.
A detailed analysis of the City’s long-term debt is located on pages 55-60 in the notes
to the financial statements.
ECONOMIC FACTORS
Unemployment in the City decreased from 3.8% in 2007 to 4.1% in 2008.
Population continued to grow steadily, at 6% annually, yet utility customer growth
averaged approximately 4.5% for all utilities. This variance represents continued
growth within the City's extra territorial jurisdiction (ETJ), which receives City utility
services.
Retail development continued to expand within the City, which included the opening of
Mel’s Bowling Lanes, Montana Mikes, Comfort Inn & Suites and Catfish Parlor. The
expansion is evidenced by the overall increase in general sales tax revenue of 9%
over 2007.
DISCRETELY PRESENTED COMPONENT UNIT
The Georgetown Economic Development Corporation (GEDCO) has been included in the
reporting entity as a discretely presented component unit since it provides benefits to
other entities aside from the City. Separate audited financial statements are not issued for
GEDCO.
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, 2008
Primary Government Unit
Georgetown
Economic
Governmental Business-type Development
Activities Activities TOTAL Corporation
ASSETS:
Cash and cash equivalents $ 7,950,765 $ 7,265,197 $ 15,215,962 $ 802,460
Cash and cash equivalents - restricted 232,545 232,545
Investments 36,399,974 14,840,304 51,240,278 1,557,716
Investments - restricted 6,787,483 6,787,483
Prepaid items 2,961 1,780,065 1,783,026
Accounts receivable:
Services (net of allowance for uncollectibles) 11,172,167 11,172,167
Other 2,514,096 1,700,137 4,214,233 69,383
Internal balances (24,806) 24,806 0
Inventories 302,480 2,338,825 2,641,305
Long-term note receivable 300,152 2,282,857 2,583,009
Deferred charges - bond issuance costs 1,312,477 1,593,931 2,906,408
Capital assets: net of accumulated depreciation 61,626,807 220,504,448 282,131,255
Land 4,222,114 2,571,661 6,793,775
Streets 132,718,756 132,718,756
Construction in progress 11,884,569 5,390,543 17,275,112
TOTAL ASSETS $ 259,210,345 $ 278,484,969 $ 537,695,314 $ 2,429,559
LIABILITIES AND NET ASSETS:
Liabilities:
Current Liabilities:
Accounts payable $ 4,153,526 $ 9,209,160 $ 13,362,686
Accrued interest 401,667 352,220 753,887
Liabilities payable from restricted assets:
Construction contracts and retainages payable 203,037 203,037
Customer deposits 923,087 923,087
Unearned revenue 313,000 972,140 1,285,140
Noncurrent liabilities:
Due within one year 5,275,590 4,200,674 9,476,264 $ 46,734
Due in more than one year 78,230,808 58,638,510 136,869,318 1,258,266
Total liabilities 88,374,591 74,498,828 162,873,419 1,305,000
Net Assets:
Invested in capital assets (net of related debt) 129,354,365 173,247,297 302,601,662
Restricted for:
Debt Service 1,215,234 1,215,234
Capital Projects 23,795,983 23,795,983
Unrestricted 16,470,172 30,738,844 47,209,016 1,124,559
Total net assets 170,835,754 203,986,141 374,821,895 1,124,559
TOTAL LIABILITIES AND NET ASSETS $ 259,210,345 $ 278,484,969 $ 537,695,314 $ 2,429,559
The notes to the financial statements are an integral part of this statement.
Component
CITY OF GEORGETOWN, TEXAS
STATEMENT OF ACTIVITIES
FISCAL YEAR ENDED SEPTEMBER 30, 2008
Charges for Operating Grants Capital Grants
Expenses Services & Contributions & Contributions
Functions/Programs
Primary government
Governmental Activities
Culture-recreation $ 6,978,982 $ 1,391,416 $ 78,369
Development 2,457,868 1,232,533 18,934
Fire 5,553,135 1,044,870 16,298
General government 3,604,501 1,418,786 5,933 $ 909,209
Police 9,595,062 1,344,259 179,269
Streets 3,147,899 193,829
Interest on long term debt 4,181,243
Total governmental activities 35,518,690 6,431,864 492,632 909,209
Business -type Activities
Airport $ 3,459,377 $ 3,308,889 $ 27,071
Electric 48,183,299 52,846,962 736,053
Sanitation 4,315,729 4,398,047
Stormwater 1,689,013 1,832,165 3,396,883
Water 18,980,021 23,313,864 6,911,900
Total business-type activities 76,627,439 85,699,927 11,071,907
Total primary government $ 112,146,129 $ 92,131,791 $ 492,632 $ 11,981,116
Component Unit
Georgetown Economic & Development
Corporation $1,476,758
General revenues:
Property Tax
Sales Tax
Taxes - other
Franchise taxes
Interest on investments
Other
Transfers
Total general revenues and transfers
Change in Net Assets
Net Assets, beginning of the year, as restated
Net Assets, end of the year
The notes to the financial statements are an integral part of this statement.
Program Revenues
Component
Unit
Georgetown
Economic
Governmental Business-Type Development
Activities Activities Total Corporation
$ (5,509,197) $ (5,509,197)
(1,206,401) (1,206,401)
(4,491,967) (4,491,967)
(1,270,573) (1,270,573)
(8,071,534) (8,071,534)
(2,954,070) (2,954,070)
(4,181,243) (4,181,243)
(27,684,985) (27,684,985)
$ (123,417) $ (123,417)
5,399,716 5,399,716
82,318 82,318
3,540,035 3,540,035
11,245,743 11,245,743
20,144,395 20,144,395
$ (27,684,985) $ 20,144,395 $ (7,540,590)
$ (1,476,758)
12,610,638 12,610,638
13,236,686 13,236,686 916,625
1,134,493 1,134,493
2,739,567 2,739,567
2,222,952 1,018,860 3,241,812 90,424
803,334 2,295,472 3,098,806
7,129,529 (7,129,529)
39,877,199 (3,815,197) 36,062,002 1,007,049
12,192,214 16,329,198 28,521,412 (469,709)
158,643,540 187,656,943 346,300,483 1,594,268
$ 170,835,754 $ 203,986,141 $ 374,821,895 $ 1,124,559
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, 2008
GEORGETOWN
TRANSPORTATION GENERAL NONMAJOR TOTAL
ENHANCEMENT DEBT CAPITAL GOVERNMENTAL GOVERNMENTAL
GENERAL CORPORATION SERVICE PROJECTS FUNDS FUNDS
ASSETS
Cash and cash equivalents $ 3,955,465 $ 1,820,280 $ 1,311,553 7,087,298$
Investments 7,698,596 $ 19,730,412 $ 1,215,378 3,533,484 2,545,962 34,723,832
Accounts receivable (net of allowance for
uncollectible accounts):
Delinquent taxes 186,033 134,774 320,807
Sales tax 597,610 265,604 164,807 1,028,021
Grants 76,942 76,942
Other 656,992 196,329 137,924 991,245
Inventories 6,578 6,578
Long-term note receivable 300,152 300,152
TOTAL ASSETS $ 13,401,426 $ 19,996,016 $ 1,350,152 $ 5,550,093 $ 4,237,188 44,534,875$
LIABILITIES AND FUND BALANCE
Liabilities:
Accounts payable $ 1,102,766 $ 354,608 $ 1,278,621 $ 143,435 2,879,430$
Due to other funds 24,806 24,806
Unearned revenue 356,165 $ 126,065 116,897 25,971 625,098
Total liabilities $ 1,458,931 $ 354,608 $ 126,065 $ 1,395,518 $ 194,212 3,529,334$
Fund Balance:
Reserved for:
Encumbrances $ 949,165 $ 1,468,360 $ 8,853 $ 4,154,575 $ 566,094 7,147,047$
Inventories/prepaid items 6,578 6,578
Debt service 1,215,234 1,215,234
Special programs 3,476,882 3,476,882
Capital projects funds 18,173,048 18,173,048
Unreserved, reported in:
General fund 10,986,752 10,986,752
Total fund balance $ 11,942,495 $ 19,641,408 $ 1,224,087 $ 4,154,575 $ 4,042,976 41,005,541$
TOTAL LIABILITIES AND FUND BALANCE $ 13,401,426 $ 19,996,016 $ 1,350,152 $ 5,550,093 $ 4,237,188 44,534,875$
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, 2008
Total fund balance - total governmental funds $ 41,005,541
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 governmental funds
balance sheet.202,064,658
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.9,879,182
Premiums, discounts and debt issuance costs have not been included
in the fund financial statements. 1,312,477
Bonds payable and contractual obligations are not due and payable in
the current period therefore have not been included in the fund financial statements. (81,085,050)
Accrued liabilities for compensated absences are not due and payable in
the current period therefore have not been included in the fund financial statements. (2,224,004)
Capital leases are not due and payable in the current period, therefore have not
been included in the fund financial statements. (12,831)
Liabilities for arbitrage are not due and payable in the current period therefore
have not been reflected in the fund financial statements. (14,650)
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.312,098
Interest is accrued on outstanding debt in the government-wide financial
statements, whereas in the fund financial statements interest
expense is reported when due. (401,667)
Net Assets of Governmental Activities $ 170,835,754
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, 2008
GEORGETOWN
TRANSPORTATION GENERAL NONMAJOR TOTAL
ENHANCEMENT DEBT CAPITAL GOVERNMENTAL GOVERNMENTAL
GENERAL CORPORATION SERVICE PROJECTS FUNDS FUNDS
REVENUES:
Property taxes:
Current $ 7,288,031 $ 5,255,186 $ 12,543,217
Delinquent 57,783 33,252 91,035
Penalties and interest 69,257 69,257
Other 322,961 $ 440,581 763,542
Property assessment 210,659 210,659
Sales tax 7,736,933 $ 3,666,502 1,833,251 13,236,686
Franchise taxes 2,739,567 2,739,567
Licenses and permits 1,158,433 1,158,433
Charges for service 2,193,590 95,903 2,289,493
Fines and forfeitures 1,013,699 97,116 1,110,815
Donations and grants 28,927 269,876 298,803
Investment income 436,575 986,310 92,231 $ 566,838 140,998 2,222,952
Other revenue 1,406,736 756,302 205,879 454,337 2,823,254
Total revenues 24,452,492 5,409,114 5,380,669 772,717 3,542,721 39,557,713
EXPENDITURES:
Current:
Culture - recreation 5,564,579 761,201 6,325,780
Development 2,411,971 42,839 2,454,810
Fire services 5,271,624 108,623 5,380,247
General government 2,738,903 299,973 3,038,876
Highways and streets 2,768,367 2,768,367
Police 8,915,180 307,524 9,222,704
Capital outlay 3,538,839 16,363,547 1,720,460 21,622,846
Debt service:
Principal retirement 215,000 3,280,684 3,495,684
Interest and fiscal charges 595,948 3,798,821 85,735 4,480,504
Total expenditures 27,670,624 4,649,760 7,079,505 16,449,282 2,940,647 58,789,818
EXCESS (DEFICIENCY) OF REVENUES OVER
EXPENDITURES (3,218,132) 759,354 (1,698,836) (15,676,565) 602,074 (19,232,105)
OTHER FINANCING SOURCES (USES):
Transfers in 6,687,060 1,593,710 1,775,698 140,284 10,196,752
Transfers out (2,091,633) (1,566,314) (915,474) (84,723) (4,658,144)
Sale of property 47,029 47,029
Bonds issued 4,395,000 4,395,000
Total other financing sources (uses) 4,595,427 (1,519,285) 1,593,710 5,255,224 55,561 9,980,637
NET CHANGE IN FUND BALANCES 1,377,295 (759,931) (105,126) (10,421,341) 657,635 (9,251,468)
FUND BALANCES, Beginning of period 10,565,200 20,401,339 1,329,213 14,575,916 3,385,341 50,257,009
FUND BALANCES, End of period $ 11,942,495 $ 19,641,408 $ 1,224,087 $ 4,154,575 $ 4,042,976 $ 41,005,541
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, 2008
Net change in fund balances - governmental funds $ (9,251,468)
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 2008, which is allocated to governmental activities 1,244,674
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 $21,967,575 in construction in
progress reclassifications. The effect of removing the 2008
capital outlays is to increase net assets.23,156,195
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.(2,119,486)
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.(104,039)
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-wide financial statements.3,557,797
The notes to financial statements are an integral part of this statement. (continued)
Current year bond proceeds on bonds ($4,395,000)
and related debt issuance costs ($85,735) are not shown
as revenue and expenditures in the government-wide financial statements.$ (4,309,265)
Interest is accrued on outstanding debt in the government-wide financia
statements, whereas in the fund financial statements, the expenditure
is reported when due.255,452
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.(305,067)
Revenue from property taxes 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.67,421
Change in Net Assets of Governmental Activities $ 12,192,214
CITY OF GEORGETOWN, TEXAS
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
FISCAL YEAR ENDED SEPTEMBER 30, 2008
2008 ACTUAL
BUDGETARY VARIANCE TO
ORIGINAL FINAL BASIS FINAL BUDGET
REVENUES:
Property taxes :
Current $ 7,330,265 $ 7,330,265 $ 7,288,031 $ (42,234)
Delinquent 50,000 50,000 57,783 7,783
Penalties and interest 30,000 30,000 69,257 39,257
Sales tax 7,415,000 7,415,000 7,736,933 321,933
Franchise taxes 2,579,169 2,579,169 2,739,567 160,398
Licenses and permits 1,465,825 1,465,825 1,195,446 (270,379)
Charges for services 2,073,810 2,073,810 2,163,801 89,991
Fines and forfeitures 1,018,200 1,018,200 1,013,699 (4,501)
Other taxes 184,100 184,100 322,961 138,861
Investment income 405,000 405,000 422,901 17,901
Miscellaneous 639,900 639,900 1,773,166 1,133,266
Total revenues 23,191,269 23,191,269 24,783,545 1,592,276
EXPENDITURES:
Current:
Culture - recreation 5,599,637 5,690,637 5,634,835 55,802
Development 2,568,408 2,623,408 2,455,532 167,876
Fire services 5,719,136 5,719,136 5,311,478 407,658
General government 3,402,156 3,379,756 2,734,484 645,272
Highways and streets 3,202,940 3,236,940 2,630,784 606,156
Police services 9,606,189 9,627,789 9,003,559 624,230
Total expenditures 30,098,466 30,277,666 27,770,672 2,506,994
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (6,907,197) (7,086,397) (2,987,127) 4,099,270
OTHER FINANCING SOURCES (USES):
Transfers in 6,472,549 6,472,549 6,687,060 214,511
Transfers out (2,050,202) (2,225,202) (2,091,633) 133,569
Total other financing sources (uses) 4,422,347 4,247,347 4,595,427 348,080
EXCESS (DEFICIENCY) OF REVENUES AND
OTHER FINANCING SOURCES OVER
EXPENDITURES AND OTHER FINANCING (USES) (2,484,850) (2,839,050) 1,608,300 4,447,350
FUND BALANCES, Beginning of period 8,376,647 8,730,847 9,405,370 674,523
FUND BALANCES, End of period $ 5,891,797 $ 5,891,797 11,013,670 $ 5,121,873
Adjustments to GAAP:
Reverse current year encumbrances 949,165
Record net unrealized gain on investments (20,340)
FUND BALANCE - GAAP BASIS, End of period $ 11,942,495
The notes to the financial statements are an integral part of this statement.
BUDGETED AMOUNTS
CITY OF GEORGETOWN, TEXAS
STATEMENT OF NET ASSETS
PROPRIETARY FUNDS
AS OF SEPTEMBER 30, 2008
WATER OTHER
ELECTRIC SERVICES ENTERPRISE GOVERNMENTAL ACTIVITIES
FUND FUND FUNDS TOTAL INTERNAL SERVICE FUNDS
ASSETS:
Current Assets:
Cash and cash equivalents 6,643,715$ 621,482$ 7,265,197$ 863,467$
Cash and cash equivalents - restricted 232,545 737,818 970,363
Investments 12,896,623 1,205,863 14,102,486 1,676,142
Investments - restricted 6,787,483 6,787,483
Prepaid expenses 1,780,065 1,780,065 2,961
Accounts receivable:
Services (net of allowance for uncollectibles) 7,239,339$ 3,072,176 860,652 11,172,167 97,081
Other 105,409 1,594,728 1,700,137
Due from other funds 430,515 430,515
Inventories 2,316,531 22,294 2,338,825 295,902
Total current assets 9,661,279 33,437,850 3,448,109 46,547,238 2,935,553
Noncurrent Assets:
Long-term note receivables 2,282,857 2,282,857
Deferred charges - bond issuance costs 621,788 800,643 171,500 1,593,931
Capital assets:
Land and land rights 1,120,807 469,354 981,500 2,571,661 217,118
Distribution system 98,185,648 147,771,057 21,592,012 267,548,717
Buildings and improvements 73,707 3,019,794 10,071,597 13,165,098 3,954,072
Machinery, furniture and equipment 609,614 310,775 231,200 1,151,589 16,352,866
Construction in progress 156,828 5,123,509 110,206 5,390,543 113,646
Less accumulated depreciation (19,780,555) (33,640,166) (7,940,235) (61,360,956) (12,250,114)
Total capital assets (net of
accumulated depreciation)80,366,049 123,054,323 25,046,280 228,466,652 8,387,588
Total noncurrent assets 80,987,837 126,137,823 25,217,780 232,343,440 8,387,588
TOTAL ASSETS 90,649,116$ 159,575,673$ 28,665,889$ 278,890,678$ 11,323,141$
LIABILITIES AND NET ASSETS:
Liabilities:
Current liabilities:
Accounts payable 7,298,039$ 1,436,055$ 475,066$ 9,209,160$ 1,274,096$
Compensated absence 94,592 90,505 32,678 217,775 60,734
Due to other funds 316,514 89,195 405,709
Current portion of long-term debt 1,342,996 2,297,004 342,899 3,982,899
Accrued interest 121,046 202,739 28,435 352,220
Total current liabilities payable
from unrestricted assets 9,173,187 4,026,303 968,273 14,167,763 1,334,830
Current liabilities payable from restricted assets:
Construction contracts and retainages payable 203,037 203,037
Customer deposits 923,087 923,087
Total current liabilities payable
from restricted assets 923,087 203,037 1,126,124
Total current liabilities 10,096,274 4,229,340 968,273 15,293,887 1,334,830
Noncurrent liabilities:
Compensated absence 150,285 149,114 57,060 356,459 109,129
Unearned revenue 972,140 972,140
Long-term debt 23,281,954 30,358,046 4,642,051 58,282,051
Total noncurrent liabilities 23,432,239 31,479,300 4,699,111 59,610,650 109,129
Total liabilities 33,528,513 35,708,640 5,667,384 74,904,537 1,443,959
Net Assets:
Invested in capital assets (net of related debt) 55,741,099 96,707,051 20,799,147 173,247,297 8,387,588
Unrestricted 1,379,504 27,159,982 2,199,358 30,738,844 1,491,594
Total net assets 57,120,603 123,867,033 22,998,505 203,986,141 9,879,182
TOTAL LIABILITIES AND NET ASSETS 90,649,116$ 159,575,673$ 28,665,889$ 278,890,678$ 11,323,141$
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, 2008
WATER OTHER GOVERNMENTAL
ELECTRIC SERVICES ENTERPRISE ACTIVITIES
FUND FUND FUNDS TOTAL INTERNAL SERVICE FUNDS
OPERATING REVENUES:
Charges for sales and services:
Service charges 11,466,994$
Electric 51,833,477$ 51,833,477$
Water 14,001,707$ 14,001,707
Wastewater 7,423,190 4,320,335$ 11,743,525
Other 1,013,485 1,888,967 5,218,766 8,121,218
Total operating revenues 52,846,962 23,313,864 9,539,101 85,699,927 11,466,994
OPERATING EXPENSES:
Electric 1,230,199 1,230,199
Water 6,249,197 6,249,197
Depreciation 2,994,216 3,614,886 964,709 7,573,811 1,788,312
Utility contracts 42,790,537 5,625,261 4,282,685 52,698,483
Plant management 2,027,713 2,027,713
Other 3,986,375 3,986,375 11,433,543
Total operating expenses 47,014,952 17,517,057 9,233,769 73,765,778 13,221,855
NET OPERATING INCOME (LOSS) 5,832,010 5,796,807 305,332 11,934,149 (1,754,861)
NONOPERATING REVENUES (EXPENSES):
Investment earnings 110,368 845,312 63,180 1,018,860 149,599
Donations and grants 27,071 27,071
Interest and fiscal charges (1,168,347) (1,462,964) (230,350) (2,861,661)
Gain (loss) on disposed assets (22,159)
Other 1,094,292 1,149,468 51,712 2,295,472 371,965
Total nonoperating revenues (expenses) 36,313 531,816 (88,387) 479,742 499,405
INCOME (LOSS) BEFORE CONTRIBUTIONS
AND TRANSFERS 5,868,323 6,328,623 216,945 12,413,891 (1,255,456)
CONTRIBUTIONS AND TRANSFERS:
Capital contributions 736,053 6,911,900 3,396,883 11,044,836 909,209
Transfers in 86,161 175,600 261,761 1,732,377
Transfers out (4,669,681) (2,413,416) (308,193) (7,391,290) (141,456)
Total contributions and transfers (3,847,467) 4,498,484 3,264,290 3,915,307 2,500,130
CHANGE IN NET ASSETS 2,020,856 10,827,107 3,481,235 16,329,198 1,244,674
TOTAL NET ASSETS - beginning 55,099,747 113,039,926 19,517,270 187,656,943 8,634,508
TOTAL NET ASSETS - ending 57,120,603$ 123,867,033$ 22,998,505$ 203,986,141$ 9,879,182$
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, 2008
WATER OTHER GOVERNMENTAL
ELECTRIC SERVICES ENTERPRISE ACTIVITIES
FUND FUND FUNDS TOTAL INTERNAL SERVICE FUNDS
CASH FLOWS FROM OPERATING ACTIVITIES:
Cash received from customers 54,198,040$ 23,525,125$ 9,703,288$ 87,426,453$ 11,549,302$
Payments to suppliers (40,822,561) (11,071,396) (7,581,760) (59,475,717) (5,248,047)
Franchise fees (1,118,612) (462,478) (127,886) (1,708,976)
Payments to employees for services (714,479) (1,640,161) (557,586) (2,912,226) (5,693,466)
Net cash provided by operating activities 11,542,388 10,351,090 1,436,056 23,329,534 607,789
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
Transfers in 86,161 175,600 261,761 1,732,377
Transfers out (4,669,681) (2,413,416) (308,193) (7,391,290) (141,456)
Payments from (to) other funds 316,514 1,222,305 13,029 1,551,848
Net cash provided by (used for) noncapital
financing activities (4,267,006) (1,191,111) (119,564) (5,577,681) 1,590,921
CASH FLOWS FROM CAPITAL AND
RELATED FINANCING ACTIVITIES:
Acquisition of capital assets (10,146,814) (6,499,391) (291,902) (16,938,107) (1,474,507)
Donations and grants 27,071 27,071
Impact fees 1,138,771 1,138,771
Proceeds from issuance of long-term debt 1,977,150 7,437,850 750,000 10,165,000
Principal paid on revenue and certificates of obligation bonds (1,152,630) (2,047,370) (294,315) (3,494,315)
Interest paid on revenue and certificates of obligation bonds (1,028,656) (1,520,921) (238,421) (2,787,998)
Net cash used for capital and related financing
activities (10,350,950) (1,491,061) (47,567) (11,889,578) (1,474,507)
CASH FLOWS FROM INVESTING ACTIVITIES:
Interest received 110,368 845,312 63,180 1,018,860 149,599
Change in temporary investments 2,817,347 (5,185,134) (127,562) (2,495,349) (210,232)
Net cash provided by (used for) investing activities 2,927,715 (4,339,822) (64,382) (1,476,489) (60,633)
Net increase (decrease) in cash and cash equivalents (147,853) 3,329,096 1,204,543 4,385,786 663,570
Cash and cash equivalents at beginning of year 147,853 3,547,164 154,757 3,849,774 199,897
Cash and cash equivalents at end of year 6,876,260 1,359,300 8,235,560 863,467
Classified as:
Current assets 6,643,715 621,482 7,265,197 863,467
Restricted assets 232,545 737,818 970,363
Total $ 6,876,260$ 1,359,300$ 8,235,560$ 863,467$
Non-cash disclosure
Developer contributions 736,053$ 6,911,900$ 3,396,883$ 11,044,836$
Proprietary transfers to internal service funds 132,646$
Governmental transfers to internal service funds 776,563
The City issued capital bonds to refund debt issued in 1998
The $7,055,000 proceeds were deposited immediately
into an irrevocable trust for the defeasement of
$7,060,000 of outstanding revenue bond principle and
$1,286,078 of interest.
The notes to the financial statements are an integral part of this statement.(continued)
CITY OF GEORGETOWN, TEXAS
STATEMENT OF CASH FLOWS (CONTINUED)
PROPRIETARY FUNDS
FISCAL YEAR ENDED SEPTEMBER 30, 2008
WATER OTHER GOVERNMENTAL ELECTRIC SERVICES ENTERPRISE ACTIVITIES
FUND FUND FUNDS TOTAL INTERNAL SERVICE FUNDS
OPERATING INCOME (LOSS)5,832,010$ 5,796,807$ 305,332$ 11,934,149$ (1,754,861)$ Adjustments to reconcile operating income (loss) to cash provided by operating activities:
Depreciation 2,994,216 3,614,886 964,709 7,573,811 1,788,312 Other income 1,094,292 145,807 51,712 1,291,811 371,965 Bad debt expense (31,347)(12,147)(4,572)(48,066)
Increase (decrease) in unearned revenue (1,023,526)(1,023,526) Decrease (increase) in prepaid expenses (173,005)(173,005)4,675 Decrease (increase) in inventories (120,581)26,005 (94,576)(22,644)
Decrease (increase) in accounts receivable 261,033 100,746 117,047 478,826 (10,636) Decrease (increase) in customer deposits 27,100 27,100 Decrease (increase) in notes receivable 1,000,381 1,000,381
Increase (decrease) in accounts payable 1,505,869 864,783 (26,869)2,343,783 214,204 Increase (decrease) in compensated absences payable (20,204)36,358 2,692 18,846 16,774
Net cash provided by operating activities 11,542,388$ 10,351,090$ 1,436,056$ 23,329,534$ 607,789$
CITY OF GEORGETOWN, TEXAS
STATEMENT OF FIDUCIARY NET ASSETS
AGENCY FUNDS
AS OF SEPTEMBER 30, 2008
ASSETS:
Cash and cash equivalents $ 33,482
Accounts receivable 892,948
TOTAL ASSETS $ 926,430
LIABILITIES:
Accounts payable $ 39,473
Due to other governments 886,957
TOTAL LIABILITIES $ 926,430
The notes to the financial statements are an integral part of this statement.
Notes
Section
Notes to the Financial Statements
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2008
36
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. Based upon these considerations, the City’s financial statements
include the Georgetown Transportation Enhancement Corporation as a blended component
unit. Discretely presented component units, on the other hand, are reported in a separate
column in the government-wide financial statements to emphasize they are legally separate
from the primary government, and whose exclusion would cause the reporting entity’s financial
statements to be misleading or incomplete. Based upon these considerations, the City’s
financial statements include the Georgetown Economic Development Corporation as a
discretely presented component unit.
BLENDED COMPONENT UNIT
The Georgetown Transportation Enhancement Corporation (GTEC), the City’s 4B economic
development corporation, is a legally separate entity from the City that was created in May 2001
by voters approving an additional sales tax. GTEC is governed by a seven member board
appointed by City Council, of which, four are 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.
DISCRETELY PRESENTED COMPONENT UNIT
The Georgetown Economic Development Corporation (GEDCO) has been included in the
reporting entity as a discretely presented component unit. GEDCO can not be considered a
blended component unit because the revenues are not only for the benefit of the City. GEDCO
was created by the City in May 2005, under the Texas Development Act of 1979 for the purpose
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2008
37
of promoting, assisting, and enhancing economic and development activities on behalf of the
City. It is funded through voter authorized sales tax. The five member Board, which includes
three City Council members, is appointed by and serves at the discretion of the City Council.
City Council approval is required for annual budgets and bonded debt issuance. In the event of
dissolution, net assets of GEDCO shall be converted to the City. The City accounts for GEDCO
as a discretely presented component unit on the government-wide financial statements.
GEDCO is audited as part of the City of Georgetown; however, separately issued unaudited
financial statements are available through the City of Georgetown’s Finance Department.
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.
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 is 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.
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2008
38
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 Fund. 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.
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 Fund – 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.
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.
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2008
39
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.
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.
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2008
40
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.
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.
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2008
41
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, with the exception of amendments related to capital projects,
purchased power, grant expenditures and Avgas fuel purchases and refunding bonds issued,
whose actual costs were unknown when the budget was adopted. 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
governmental and proprietary 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.
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, 2008. Interest
earnings are then allocated to each fund based on average monthly pooled equity balances.
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2008
42
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.
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, 2008 was $972,137 in the Water Services Fund and $300,152 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 are $2,282,857, which
also includes long term tap repayment plans from customers of $5,720 and $1,305,000 due
from GEDCO.
At September 30, 2008, the city has an outstanding receivable from Simon Properties for $1.5
million in conjunction with obligations related to the Wolf Ranch Development Agreement. As
part of that agreement, Simon was required to pay for all utility infrastructure costs that
exceeded $3.5 million. With the completion of the South San Gabriel Wastewater Interceptor in
2008, the last infrastructure project related to the development, Simon’s costs totaled $5 million,
exceeding the $3.5 million by $1.5 million. The City is considering legal action to recover the full
amount owed under the Agreement.
I. Inventories and Prepaids
Inventories consist of electric materials, motor fuel, office and other supplies valued at the
weighted average cost method and are recognized as expenditures or expenses when used.
The prepaid items consist of required payments made to vendor for a contract in the following
fiscal year.
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 Services Fund and interfund payables of the deficit fund.
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2008
43
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 will not
receive payment of sick leave, unless they have a balance that originated prior to October 1,
2004. These employees were grandfathered under the old policy of receiving payment for half
of their balance of sick leave up to 120 days at the rate of pay when the hours were banked.
Upon termination, Civil Service employees are paid for the entire balance of their sick leave
earned after October 30, 2003 or October 30, 2006 (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.
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2008
44
Interest incurred during the construction phase of capital assets of business-type activities is
capitalized. No interest was capitalized in enterprise funds during the 2008 fiscal year.
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 2008 were $11,044,836 and $909,209 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
2008.
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 fiscal year 2008 is 93. The previous score for 2005-2007 was 91. This will be re-
evaluated in 2011. 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.
PCI Rating
100 - 85 Good
84 - 45 Fair
44 - 0 Poor
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2008
45
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. 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.
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 2008, 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.
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2008
46
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, 2008, 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.
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.
Inventories and prepaid items- assets such as supplies, fuel and prepaid expenses that
are unavailable for spending.
Special Programs - funds relating to grants, hotel/motel tax, and other restricted sources.
V. Prior Period Adjustment
The City is restating net assets as of October 1, 2007 due to recognizing a capital asset in the
Electric fund that was previously accounted for as an expense:
Government Wide Statement of Net Assets:
Net Assets, October 1, 2007, as previously recorded 330,151,481$
McCord Engineering historical valuation 16,149,002
Net Assets, October 1, 2007, as restated 346,300,483$
Electric Fund Statement of Net Assets:
Net Assets, October 1, 2007, as previously recorded 38,950,745$
McCord Engineering historical valuation 16,149,002
Net Assets, October 1, 2007, as restated 55,099,747$
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2008
47
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 statutes 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.
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 102% of the bank deposits not covered by federal deposit
insurance.
At year-end, the carrying amount of the City’s bank deposits was $1,664,626 and the bank balances
were a negative $138,240 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 City’s discretely presented
component unit had a carrying amount of $80,584 at year end.
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.
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.
Interest Rate Risk - In compliance with the City’s Investment Policy, as of September 30, 2008, 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.
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2008
48
The City’s investments carried at fair value as of September 30, 2008, are:
Credit Risk – In compliance with the City’s Investment Policy, as of September 30, 2008, 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.
At year end, balances in TexSTAR and TexPool were rated AAAm by Standard & Poor’s. Balances
in Texas TERM were rated AAAf by Standard & Poor’s.
Fair Weighted Average
Value Maturity (days)
Investments
U S Government Agency Securities $ 47,202,371 225
U.S. Treasury Plus MMKT Fund - Chase (sweep) 3,281,997 1
Texas Local Government Investment Pool (TexPool) 2,206,182 1
Texas Short Term Asset Reserve Program (TexSTAR) 19,121,092 1
Total Fair Value of Investments:$71,811,642
Portfolio weighted average maturity:148
Carrying Amount $1,664,626
Total Cash & Investments:$73,476,268
Fair Weighted AverageValue Maturity (days)
Investments
U S Government Agency Securities $1,255,478 109
Texas Short Term Asset Reserve Program (TexSTAR) 1,024,114 1
Total Fair Value of Investments:$2,279,592
Portfolio weighted average maturity:69
Carrying Amount $80,584
Total Cash & Investments:$2,360,176
Primary Government
Component Unit
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2008
49
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 $15,137 less than the book value for the pools at September 30, 2008.
During 2008, 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 increase in the fair value of
investments held at year-end of $134,126.
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,
2008 was $8,003.
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, 2008, was $.35659 per $100 of assessed valuation.
The Williamson Central 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
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.
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2008
50
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. In November 2006, the citizens readopted this ¼ cent sales tax option. The
sunset provision will expire in March 2011. These funds are reported in the Streets Special Revenue
Fund.
On October 1, 2005, the City began collecting an additional 1/8 cent 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. GEDCO is reported as a discretely presented component unit of the
City.
On October 1, 2005, the City began collecting an additional 1/8 cent sales tax to be used toward the
reduction of ad valorem property taxes. Proceeds are credited to the City’s General Fund.
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2008
51
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.
The net transfers between the governmental types and business types total $7,129,529. Per the
city’s fiscal and budgetary policy, utility operations transfer eight percent of is gross billings for utility
services to the General fund as a payment of the profits of the fund or a return on investment. Other
types of transfers include grant matching, fire hydrant testing, equipment purchases and capital
project funding.
Interfund Interfund
Receivables Payables
MAJOR FUNDS:
Electric fund $316,514
Water Services fund $ 430,515
Total major funds 430,515 316,514
NONMAJOR FUNDS:
Library SRF 24,806
Sanitation funds 89,195
Total nonmajor funds 114,001
TOTAL INTERFUND
RECEIVABLES & PAYABLES $ 430,515 $ 430,515
Major Funds Nonmajor Funds
General Fund Debt Service
Gen. Capital
Projects
Nonmajor
Funds
Internal
Services Electric
Nonmajor
Enterprise Funds
TOTAL
TRANSFERS OUT
Governmental Funds:
Major Funds
T General fund 1,539,165$ 115,951$ 261,517$ 175,000$ 2,091,633$
R GTEC 1,566,314$ 1,566,314 A Gen. capital projects 915,474 915,474
N
S Nonmajor Funds
F Special revenue funds (SRFs) 20,000$ 40,000 21,633 3,090 84,723 E Internal service funds 27,396 90,000 2,700 20,760 600 141,456
R
S Enterprise Funds:
Major funds
O Electric 4,257,717 49,428 362,536 4,669,681
U Water services 2,123,060 54,195 150,000 86,161$ 2,413,416 T
Nonmajor funds
Nonmajor enterprise funds 286,283 2,910 19,000 308,193
TOTAL TRANSFERS IN 6,687,060$ 1,593,710$ 1,775,698$ 140,284$ 1,732,377$ 86,161$ 175,600$ 12,190,890 Transfers eliminated in Government-wide statements: (5,061,361) Net Transfers: 7,129,529$
Governmental Funds
Nonmajor FundsMajor Funds
T R A N S F E R S I N
Enterprise Funds
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2008
52
5. CAPITAL ASSETS
Capital asset activity for the year ended September 30, 2008 was as follows:
Balance
as restated Deletions Balance
10/01/07 Additions & Transfers 9/30/08
Governmental activities:
Capital assets not being depreciated
Land $ 4,108,135 $ 113,979 $ 4,222,114
Streets 116,037,400 16,681,356 132,718,756
Construction in progress 15,114,922 18,737,222 $ (21,967,575) 11,884,569
Total capital assets not being depreciated 135,260,457 35,532,557 (21,967,575) 148,825,439
Capital assets being depreciated
Equipment 20,614,093 1,671,629 (638,068) 21,647,654
Buildings 35,621,352 3,874,031 39,495,383
Improvements 19,562,228 6,538,055 26,100,283
Capital Lease 452,109 452,109
Total capital assets being depreciated 76,249,782 12,083,715 (638,068) 87,695,429
Less accumulated depreciation for:
Equipment (11,598,047) (2,354,767) 507,125 (13,445,689)
Buildings (4,802,861) (748,379) (5,551,240)
Improvements (6,086,197) (804,652) (6,890,849)
Capital lease (180,844) (180,844)
Total accumulated depreciation (22,667,949) (3,907,798) 507,125 (26,068,622)
Total capital assets being depreciated, net 53,581,833 8,175,917 (130,943) 61,626,807
Governmental activities capital assets, net $188,842,290 $ 43,708,474 $ (22,098,518) $ 210,452,246
Electric activities:
Capital assets not being depreciated
Land $ 1,120,807 $ $ 1,120,807
Construction in progress 3,080,700 6,108,435 $ (9,032,307) 156,828
Total capital assets not being depreciated 4,201,507 6,108,435 (9,032,307) 1,277,635
Capital assets being depreciated
Equipment 572,308 37,306 609,614
Buildings 73,707 73,707
Improvements 84,880,023 13,305,625 98,185,648
Total capital assets being depreciated 85,526,038 13,342,931 - 98,868,969
Less accumulated depreciation for:
Equipment (504,030) (46,975) (551,005)
Buildings (19,679) (1,644) (21,323)
Improvements (16,262,630) (2,945,597) (19,208,227)
Total accumulated depreciation (16,786,339) (2,994,216) (19,780,555)
Total capital assets being depreciated, net 68,739,699 10,348,715 - 79,088,414
Electric activities capital assets, net $72,941,206 $ 16,457,150 $ (9,032,307) $ 80,366,049
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2008
53
Balance
as restated Deletions Balance
10/1/07 Additions & Transfers 9/30/08
Water services activities:
Capital assets not being depreciated
Land $ 469,354 $ 469,354
Construction in progress 2,739,563 $ 6,537,100 $ (4,153,154) 5,123,509
Total capital assets not being depreciated 3,208,917 6,537,100 (4,153,154) 5,592,863
Capital assets being depreciated
Equipment 289,785 20,990 310,775
Buildings 3,019,794 3,019,794
Improvements 136,757,654 11,013,403 147,771,057
Total capital assets being depreciated 140,067,233 11,034,393 - 151,101,626
Less accumulated depreciation for:
Equipment (226,852) (18,992) (245,844)
Buildings (1,348,300) (93,476) (1,441,776)
Improvements (28,450,128) (3,502,418) (31,952,546)
Total accumulated depreciation (30,025,280) (3,614,886) (33,640,166)
Total capital assets being depreciated, net 110,041,953 7,419,507 - 117,461,460
Water services activities capital assets, net $113,250,870 $ 13,956,607 $ (4,153,154) $ 123,054,323
Other nonmajor business type activities:
Capital assets not being depreciated
Land $ 981,500 $ 981,500
Construction in progress 942,807 $ 227,644 $ (1,060,245) 110,206
Total capital assets not being depreciated 1,924,307 227,644 (1,060,245) 1,091,706
Capital assets being depreciated
Equipment 203,627 27,573 231,200
Buildings 3,856,218 3,856,218
Improvements 23,350,265 4,457,126 27,807,391
Total capital assets being depreciated 27,410,110 4,484,699 - 31,894,809
Less accumulated depreciation for:
Equipment (187,971) (12,461) (200,432)
Buildings (1,194,381) (952,248) (2,146,629)
Improvements (5,593,174) (5,593,174)
Total accumulated depreciation (6,975,526) (964,709) (7,940,235)
Total capital assets being depreciated, net 20,434,584 3,519,990 - 23,954,574
Other nonmajor business-type activities
capital assets, net $ 22,358,891 $ 3,747,634 $ (1,060,245) $ 25,046,280
Total Business-type activities:
Capital assets not being depreciated
Land $ 2,571,661 $ - $ 2,571,661
Construction in progress 6,763,070 12,873,179 $ (14,245,706) 5,390,543
Total capital assets not being depreciated 9,334,731 12,873,179 (14,245,706) 7,962,204
Capital assets being depreciated
Equipment 1,065,720 85,869 - 1,151,589
Buildings 6,949,719 - - 6,949,719
Improvements 244,987,942 28,776,154 - 273,764,096
Total capital assets being depreciated 253,003,381 28,862,023 - 281,865,404
Less accumulated depreciation for:
Equipment (918,853) (78,428) (997,281)
Buildings (2,562,360) (1,047,368) (3,609,728)
Improvements (50,305,932) (6,448,015) (56,753,947)
Total accumulated depreciation (53,787,145) (7,573,811) (61,360,956)
Total capital assets being depreciated, net 199,216,236 21,288,212 - 220,504,448
Total business-type activities capital assets, net $ 208,550,967 $ 34,161,391 $ (14,245,706) $ 228,466,652
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2008
54
Depreciation expense was charged to function/programs of the primary government as follows:
Invested in Capital Assets (net of related debt):
Governmental activities:
Culture-recreation $ 687,933
Development 7,370
Fire 88,426
General government 658,290
Highways & streets 397,542
Police 279,926
Internal service funds 1,788,312
Total depreciation expense
governmental activities $ 3,907,798
Business-type activities:
Electric $ 2,994,216
Water services 3,614,886
Nonmajor 964,709
Total depreciation expense
business-type activities $ 7,573,811
GOVERNMENTAL
ACTIVITIES
BUSINESS-TYPE
ACTIVITES TOTAL
Invested in capital assets (net of related debt)
Total capital assets (net of accumulated
depreciation) 210,452,246$ 228,466,652$ 438,918,898$
Add unspent bond proceeds 7,045,595 7,045,595
Less long-term debt (81,097,881) (62,264,950) (143,362,831)
Invested in capital assets (net of related debt) 129,354,365$ 173,247,297$ 302,601,662$
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2008
55
6. 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, 2008:
Fiscal
Year Ending
September 30 Principal Interest Principal Interest Principal Interest
2009 4,467,101$ 3,512,337$ 3,982,899$ 2,841,733$ 8,450,000$ 6,354,070$
2010 4,618,990 3,276,111 4,276,010 2,447,677 8,895,000 5,723,788
2011 4,664,292 3,098,869 4,045,708 2,286,583 8,710,000 5,385,452
2012 4,655,043 2,910,015 4,114,957 2,127,357 8,770,000 5,037,372
2013 4,856,069 2,718,338 3,943,931 1,966,191 8,800,000 4,684,529
2014-2018 24,549,422 10,548,440 18,980,578 7,435,809 43,530,000 17,984,249
2019-2023 21,133,676 5,497,859 14,636,323 3,784,199 35,769,999 9,282,058
2024-2028 12,140,457 1,211,922 8,284,544 970,860 20,425,001 2,182,782
81,085,050$ 32,773,891$ 62,264,950$ 23,860,409$ 143,350,000$ 56,634,300$
Governmental TotalBusiness-type
Balance Balance
October 1, September 30, Due within
2007 Additions Retirements 2008 one year
Governmental activities:
General obligation bonds $ 68,855,734 $ 4,395,000 $ (3,280,684) $ 69,970,050 $ 4,067,101
(payable from tax pledge)
Sales tax revenue bonds 11,330,000 (215,000) 11,115,000 400,000
Compensated absences 2,072,026 1,009,998 (688,157) 2,393,867 795,658
Obligation under capital lease 74,944 (62,113) 12,831 12,831
Arbitrage rebate payable 14,650 14,650
Total governmental activities 82,347,354 5,404,998 (4,245,954) 83,506,398 5,275,590
Business-type activities:
Revenue bonds 51,070,000 16,470,000 (10,260,000) 57,280,000 3,640,000
Compensated absences 555,387 224,936 (206,089) 574,234 217,775
General obligation bonds 4,539,267 750,000 (304,317) 4,984,950 342,899
(payable from airport and
stormwater revenues)
Total business-type activities 56,164,654 17,444,936 (10,770,406) 62,839,184 4,200,674
TOTAL LONG-TERM DEBT $ 138,512,008 $ 22,849,934 $ (15,016,360) $ 146,345,582 $ 9,476,264
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2008
56
B. General Obligation Debt
A summary of Tax-Supported General Obligation Debt outstanding at September 30, 2008 follows:
$5,220,000, 1998 Combination tax & revenue certificates of obligation due in annual
installments through August 15, 2018; interest at 4% to 5%; portion refunded 2007
(portion included below) $ 1,391,045
$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) 240,240
$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% 65,000
$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%; portion refunded
2007 1,205,000
$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 1,338,478
$985,000, 2004 Limited tax notes due in annual installments through February 15,
2011; interest at 2.5% to 4.0% 185,000
$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) 2,600,000
$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) 12,663,434
$7,100,000, 2005A General obligation and Refunding bonds due in annual
installments through August 15, 2025; interest at 3.5% to 4.75% 6,580,000
$4,135,000, 2006 Combination tax & revenue certificates of obligation due in annual
installments through August 15, 2026; interest at 4% to 4.625% 3,400,000
$13,070,000, 2007 General obligation and Refunding bonds due in annual
installments through August 15, 2027; interest at 4% to 4.625% (portion included
below) 12,455,330
$8,200,000, 2007 Combination tax & revenue certificates of obligation due in annual
installments through August 15, 2027; interest at 4% to 4.5% (portion included
below) 7,270,000
$4,395,000, 2008 Combination tax & revenue certificates of obligation due in annual
installments through August 15, 2028; interest at 3.5% to 4.625% (portion included
below) 4,395,000
Subtotal Tax-Supported General Obligation Debt $ 53,788,527
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2008
57
A summary of Self-Supporting General Obligation Debt outstanding at September 30, 2008:
$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; portion refunded 2007 $ 1,183,955
$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 89,760
$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 2,510,000
$567,133, 2003 Combination tax & revenue certificates of obligation due in annual
installments through August 15, 2023; interest at 3.0% to 4.5%; designated for GTEC
capital improvements to be paid through revenues from the ½ cent GTEC sales tax 456,522
$8,825,000, 2004 Limited tax notes due in annual installments through February 15,
2011; interest at 2.5% to 4.0%; portion refunded in 2006; designated for GTEC capital
improvements to be paid through revenues from the ½ cent GTEC sales tax
495,000
$435,000, 2005 Combination tax & revenue certificates of obligation due in annual
installments through August 15, 2025; interest at 3% to 4.5%; to be paid through
monthly Stormwater Drainage fees charged to utility customers within City limits 390,000
$1,804,835, 2005 General obligation and Refunding bonds due in annual
installments through August 15, 2020; interest at 3% to 4.75%; portion dedicated for
Airport Improvements, $1,240,200, to be paid with Airport fees. Portion dedicated for
Stormwater Drainage Improvements, $457,840, to be paid through monthly fees
charged to utility customers within City limits
1,626,570
$4,175,000, 2005 Combination tax & revenue certificates of obligation due in annual
installments through August 15, 2025; interest at 3% to 4.5%; designated for GTEC
capital improvements to be paid through revenues from the ½ cent GTEC sales tax 3,725,000
$7,830,00, 2006 Combination tax & revenue refunding bonds due in annual
installments through August 15, 2024; interest at 4.2% to 5%; designated for GTEC
capital improvements to be paid through revenues from the ½ cent GTEC sales tax
$1,235,000, 2006 Combination tax & revenue certificates of obligation due in annual
installments through August 15, 2026; interest at 4% to 4.625%; designated for
GTEC capital improvements to be paid through revenues from the ½ cent GTEC
$439,666, 2007 General obligation and Refunding bonds due in annual installments
through August 15, 2021; interest at 4% to 4.625%; portion dedicated for Airport
Improvements, $23,855, to be paid with Airport fees. Portion dedicated for
Stormwater Drainage Improvements, $415,811, to be paid through monthly fees
charged to utility customers within City limits
7,830,000
1,165,000
439,666
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2008
58
$515,000, 2007 Combination tax & revenue certificates of obligation due in annual
installments through August 15, 2027; interest at 4% to 4.5%; to be paid through
monthly Sanitation fees charged to utility customers within City limits 505,000
$750,000, 2008 Combination tax & revenue certificates of obligation due in annual
installments through August 15, 2028; interest at 3.5% to 4.625%; to be paid through
monthly Stormwater Drainage fees charged to utility customers within City limits 750,000
Subtotal Self-Supporting General Obligation Debt $ 21,166,473
Total outstanding General Obligation Debt as of September 30, 2008 $ 74,955,000
C. Advanced Refunding/Defeasance
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, 2008, the outstanding balance of the defeased bonds
is $17,590,000.
D. Sales Tax Revenue Debt – Georgetown Transportation Enhancement Corporation
A summary of Sales Tax Revenue Debt outstanding at September 30, 2008 follows:
$11,330,000, 2007 Senior lien sales tax revenue bonds due in annual installments
through August 15, 2027; interest at 4% to 4.5%; repaid with 1/2 cent sales tax
revenue $ 11,115,000
Total outstanding Sales Tax Revenue Debt as of September 30, 2008 $ 11,115,000
E. Revenue Debt
A summary of Revenue Debt outstanding at September 30, 2008 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%; portion refunded
2007 & 2008 $ 1,760,000
$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% 450,000
$4,320,000, 2000 Utility System Revenue bonds due in annual installments
through August 15, 2020; interest at 5.1% to 5.9% 195,000
$1,900,000, 2001 Utility System Revenue bonds due in annual installments
through August 15, 2021; interest at 4.75% to 5.12%; portion refunded 2007 330,000
$6,500,000, 2002 Utility System Revenue bonds due in annual installments
through August 15, 2022; interest at 4.0% to 5.0% 5,250,000
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2008
59
$6,940,000, 2003 Utility System Revenue bonds due in annual installments
through August 15, 2023; interest at 3.55% to 4.55%
5,875,000
$4,025,000 2005 Utility System Revenue bonds due in annual installments through
August 15, 2025; interest at 2.85% to 4.75% 3,595,000
$8,665,000 2006 Utility System Revenue bonds due in annual installments through
August 15, 2026; interest at 4% to 4.625% 8,200,000
$3,205,000, 2006 Utility System Revenue & Refunding bonds due in annual
installments through August 15, 2020; interest at 4% to 4.5% 3,125,000
$8,250,000 2007 Utility System Revenue bonds due in annual installments through
August 15, 2027; interest at 4% to 4.5% 8,095,000
$3,935,000, 2007 Utility System Revenue & Refunding bonds due in annual
installments through August 15, 2021; interest at 4% to 4.25% 3,935,000
$9,415,000, 2008 Utility System Revenue bonds due in annual installments
through August 15, 2028; interest at 3.5% to 4.625% 9,415,000
$7,055,000, 2008 Utility System Revenue & Refunding bonds due in annual
installments through August 15, 2018; interest at 3.5% to 4% 7,055,000
Total outstanding Revenue Debt as of September 30, 2008 $ 57,280,000
F. Revenue Bond Advanced Refunding/Defeasance
All net revenues of the electric and water services 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, 2008.
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, 2008, the outstanding balance of the defeased bonds
is $12,110,000.
On May 20, 2008, the City issued $7,055,000 in Utility System Revenue & Refunding bonds with an
average interest rate of 3.57% to advance refund $7,060,000 of outstanding Series 1998 with
average interest rates of 4.92%. The net proceeds (after insurance and other issuance costs) were
deposited in an irrevocable trust with an escrow agent to provide for all future debt service payments
on the defeased series bonds. As a result, the following bonds are considered to be defeased and
the liabilities for those bonds have been removed from the financial statements.
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2008
60
Maturities Series
1998
2010 1,790,000$
2011 950,000
2012 965,000
2013 790,000
2014 830,000
2015 875,000
2016 280,000
2017 270,000
2018 310,000
7,060,000$
The City advanced funded these bonds to reduce its total debt service payments over the next 16
years by approximately $342,181 and to obtain a net economic gain (difference between the present
values of debt service payments on the old and new debt) of $489,672.
G. 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:
Year Governmental Activities
2009 $ 12,487
Total principal 12,487
plus – Applicable interest 344
Total principal + interest $ 12,831
H. Discretely Presented Component Unit – Loan Payable
Georgetown Economic Development Corporation (GEDCO) received a loan from the Water
Services Fund as part of a tri-party agreement for economic development. The loan repayment
schedule by GEDCO is as follows:
Fiscal
Year Ending
September 30 Principal Interest
2009 $ 46,734 $ 55,183
2010 49,166 53,313
2011 50,778 51,346
2012 53,196 49,315
2013 54,808 47,187
2014-2018 307,892 201,311
2019-2023 376,402 132,886
2024-2027 366,024 42,073
1,305,000$ 632,614$
GEDCO
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2008
61
7. 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 827 municipalities having the benefit plan administered
by TMRS, an agent multiple-employer public employee retirement system. Each of the 827
municipalities has an annual, individual actuarial valuation performed. The following assumptions
were used for the December 31, 2007 valuations:
Actuarial Cost Method Projected Unit Credit
Amortization Method Level Percent of Payroll
Remaining Amortization Period 30 Years – Closed Period
Asset Valuation Method Amortized Cost
Investment Rate of Return 7%
Projected Salary Increases Varies by age and service
Includes Inflation At 3.0%
Cost-of-Living Adjustments 2.1% (3.0% CPI)
At its December 8, 2007 meeting, the TMRS Board of Trustees adopted actuarial assumptions to be
used in the actuarial valuation for the year ended December 31, 2007. A summary of actuarial
assumptions and definitions can be found in the December 31, 2007 TMRS Comprehensive Annual
Financial Report (CAFR).
Since its inception, TMRS has used the Unit Credit actuarial funding method. This method accounts
for liability accrued as of the valuation date, but does not project the potential future liability of
provisions adopted by a city. Two-thirds of the cities participating in TMRS have adopted the
Updated Service Credit and Annuity Increases provisions on an annually repeating basis. For the
December 31, 2007 valuation, the TMRS Board determined that the Projected Unit Credit (PUC)
funding method should be used, which facilitates advance funding for future updated service credits
and annuity increases that are adopted on an annually repeating basis. In addition, the Board also
adopted a change in the amortization period from a 25-year “open” to a 25-year “closed” period.
TMRS Board of Trustee rules provide that, whenever a change in actuarial assumptions or methods
results in a contribution rate increase in an amount greater than 0.5%, the amortization period will be
increased to 30 years, unless a city requests that the period remain at 25 years. For cities with
repeating features, these changes would likely result initially in higher required contributions and
lower funded ratios; however, the funded ratio should show steady improvement over time. To
assist in this transition to higher rates, the Board also approved an eight-year phase-in period, which
will allow cities the opportunity to increase their contributions gradually (approx. 12.5% each year) to
their full rate (or their required contribution rate).
If the changes in actuarial funding method and assumptions had not been adopted for the 2007
valuation, the city’s unfunded actuarial accrued liability would have been $9,784,043 and the funded
ratio would have been 76.1%.
In addition, TMRS is currently working on its legislative package for 2009. There is a possibility that
the investment rate of return (IRR) assumption of 7% would need to be lowered if desired legislation
for the 2009 session is unsuccessful. Maintaining a 7% IRR assumption is contingent in part on the
continued diversification of the TMRS portfolio, from an almost exclusive bond portfolio to a portfolio
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2008
62
that includes equities as well. If state legislation needed to facilitate the continued diversification is
not enacted, TMRS may have to revisit the continued diversification of the portfolio and consider
reducing the assumed IRR. A reduction in the IRR would result in increased actuarial accrued
liabilities, thus causing further increases in city contribution rates, following the December 31, 2009
actuarial valuation.
The December 31, 2007 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 7%, 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 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 30
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, 2007 valuation is effective for rates beginning January 2009).
The City’s total payroll in fiscal year 2008 was $22,063,110 and the City’s contributions were based
on a payroll of $22,037,455. Both the City and the covered employees made the required
contributions, amounting to $2,464,920 for the City and $1,542,910 for the employees. The City’s
contribution amounted to 11.3% of the covered payroll for the calendar year. The employees’
contribution amounted to 7% of covered payroll.
Schedule of Actuarial Liabilities and Funding Progress
Actuarial Valuation Date
12/31/2007
Actuarial Value of Assets (A) $ 31,091,875
Actuarial Accrued Liability (B) $ 47,706,550
Percentage funded (C)=(A)/(B) 65.2%
Unfunded (Over-funded) Actuarial Accrued Liability (UAAL) (D)=(B)-(A) $ 16,614,675
Annual Covered Payroll (E) $ 21,074,348*
UAAL as a Percentage of Covered Payroll (D)/(E) 78.8%
*Based on calendar year ending 12/31/07, which varies from the City’s fiscal year.
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2008
63
Annual Pension Cost
Fiscal Year
Funding
Annual Pension
Cost (APC)
APC funded Net Pension
Obligation (NPO)
Employer’s
Contribution as a
% of Covered
Payroll
09/30/06 $ 1,771,043 $ 1,771,043 0 10.68
09/30/07 $ 2,160,919 $ 2,160,919 0 10.87
09/30/08
$ 2,464,920
$ 2,464,920
0
11.30
A copy of the TMRS Comprehensive Annual Financial Report may be obtained by contacting TMRS
at P.O. Box 149153, Austin, Texas 78714-9153.
8. OTHER POST EMPLOYMENT BENEFITS (OPEB)
In January 2008, the City received a report on the results of the actuarial valuation of assets and
benefit values associated with the employer financed retirement health benefits provided by the City
of Georgetown. The City of Georgetown is considering plan changes that may reduce or eliminate
the liability prior to implementation of GASB 45 Other Post Employment Benefits (OPEB) in
2008/2009. The six year liability based on the current plans is as follows:
Fiscal Year beginning 10/01 Total
2007 $12,654
2008 16,900
2009 21,480
2010 26,617
2011 29,302
2012 30,548
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.
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2008
64
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 $2,278,171 for the fiscal year ended September 30, 2008.
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, 2008 is $57.00 and the City paid a total of
$1,759,858 for water during the fiscal year. The City has two 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 $367,640 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 25,448 acre-feet of
water per year at BRA’s system wide rate. The City paid $1,392,218 for water under this
agreement in 2007/08.
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, Jonah Water Special Utility District and Chisholm Trail 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
was approximately $40 million. In 2007, BRA refunded a portion of the original $89 million in
debt. It is approximately $69 million, including principal and interest. It is to be repaid through
annual payments from the participants. The City’s obligation is $31 million, including principal
and interest, to be repaid annually through 2032. The amount for fiscal year 2008 was
$808,557. The following schedule reflects the City's obligation:
Year Ending September 30 Amount
2009 $ 853,324
2010 963,297
2011 1,365,598
2012 1,023,396
2013 1,021,945
2014-2032 21,308,484
Total $ 26,536,044
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2008
65
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 $164,883 as of September 30, 2008.
(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 $234,227 as of September 30, 2008.
(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 $234,227 as of September 30, 2008.
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 transferred to CTSUD, a phased financial
position in the Lake Water Treatment Plan, valued at $1,681,070, equaling 4.36 mgd, not to
exceed 28% of the off-peak plant capacity. CTSUD pays prorata operating costs for all water
utilized.
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, 2008,
5,365 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. 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. 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.
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
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2008
66
reservation payments to the City. The City received $261,039 from Del Webb for reservation
fees related to the Water and Wastewater Agreement.
In May 2006, the City approved the Eighth Amendment to the Development Agreement
with Del Webb. The Eighth Amendment set the build out at 7,500 age restricted units at Sun
City. Additionally, it escalated the payment of “stranded costs” and addressed the water and
wastewater capacity needed to serve the 2,500 age restricted units above the 5,000 units
originally defined in the Seventh Amendment. The SIP fee for units 5,001 through 7,000 was
also set in this agreement at $3,292.00 per unit. As of September 30, 2008 there were 365
units under this agreement.
G. 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 $153,064 was recognized
for 2008. As of September 30, 2008 all costs associated with the Georgetown Village Public
Improvement District have been reimbursed.
H. 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 was
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, 2008 outstanding
assessments totaled $254,050.
I. 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. The City also collects a per unit transportation fee which will be used to fund
necessary roadway improvements and bridge crossings in the area. As of September 30,
2008, 95 homes had been completed for this development. PID assessment collection began
in 2002. In 2008, PID assessments were $442,075. The developer was reimbursed $473,709
from current year collections and available fund balance. The assessments and related
disbursements are recorded in the Agency Funds.
J. 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 includes
Target and 70 other retailers and restaurants. As part of the agreement, the City provided
utility improvements to the site, as well as, funded $10.5 million of highway improvements for
the project. The $10.5 million was funded with debt to be repaid by GTEC. Improvements to
SH 29, as well as, provide the frontage road for IH-35 were constructed as part of this project.
As of September 30, 2008, $10,555,000 of GTEC debt had been issued for this project.
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2008
67
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 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. Wolf
Ranch utility revenue collections exceeded related debt service payments for the project.
The public road assessment for Wolf Ranch was $788,508 including interest as of September
2008.
K. 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. This
project is currently under construction.
L. In November 2006, the City entered into a 10 year tax abatement agreement with Citigroup,
NA, Inc who constructed a $475 million data center within the City. The abatement will begin
in tax year 2008 (fiscal year 2008/09). The Georgetown Economic Development Corporation
(GEDCO) also entered into an agreement with Citicorp, NA to fund $1.3 million of offsite
wastewater improvements as an incentive for the creation of 50 jobs.
M. In November 2006, the City created the Williams Drive Tax Increment Financing Zone
(TIRZ) to fund improvements needed for redevelopment of the Williams Drive gateway area.
A master plan for the area was developed in 2006, with implementation planned for future
years.
N. Downtown Tax Increment Financing Zone was established in 2004 to fund improvements
in the downtown overlay district to assist in funding the downtown master plan. As of
September 30, 2008, $102,202 has been collected.
O. Rivery Summit Tax Increment Financing Zone was established in 2008 to fund a
convention center/hotel complex, as well as, expansion to Rivery Park. The City and
Williamson County agreed to reimburse up to $25 million for the project.
P. In April 2008, the City entered into a Memorandum of Understanding (MOU) with Williamson
County for the expansion of FM 2338 (Williams Drive). The County agreed to up front the
costs of the project in order to accelerate its construction to address safety issues near Sun
City. Under the MOU, the City agreed to repay the County at a later date for the City’s share
of these costs. The City will be responsible for 65% of the total project costs, estimated at
$22 million, for the portion of the project inside the City.
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2008
68
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 $4,129,791 for Governmental Fund Types and approximately $4,318,781 for
Enterprise Funds.
11. SUBSEQUENT EVENTS
In November 2008, voters authorized $81.5 million for Road and Park improvements. The City
expects to begin issuing these bonds in May 2009.
In January 2009, the City Council approved an inter-local agreement with Williamson County to
addresses repayment for the Williams Drive expansion project approved as a Memorandum of
Understanding in April 2008. In December 2008, the City was notified that the City was awarded
$8.8 million from the Capital Area Metropolitan Planning Organization (CAMPO) for funding their
portion of the project. These funds will be forwarded directly to the County for funding the project.
The remaining balance of $5.1 million will be repaid to the County over 4 years, beginning in
September 2009.
CITY OF GEORGETOWN, TEXAS
REQUIRED SUPPLEMENTARY INFORMATION –
TEXAS MUNICIPAL RETIREMENT SYSTEM TREND DATA –
LAST TEN FISCAL YEARS
69
Unfunded UAAL
Actuarial Actuarial Actuarial Annual as a % of
Fiscal Value of Accrued Liability Percentage Accrued Liability Covered Covered
Year (1) Assets (AAL) (1) Funded (UAAL) (1) Payroll Payroll
1999 8,989,024$ 9,889,405$ 90.9% 900,381$ 8,426,312$ 10.7%
2000 10,556,981 11,677,541 90.4% 1,120,560 8,602,728 13.0%
2001 12,223,288 14,104,239 86.7% 1,880,951 10,127,470 18.6%
2002 13,594,005 16,130,453 84.3% 2,536,448 11,269,422 22.5%
2003 15,549,049 18,658,884 83.3% 3,109,835 12,183,510 25.5%
2004 18,195,567 22,347,396 81.4% 4,151,829 13,698,260 30.3%
2005 20,947,687 25,168,237 83.2% 4,220,550 14,985,460 28.2%
2006 23,848,360 31,247,055 76.3% 7,398,695 16,585,727 44.6%
2007 27,478,717 36,054,408 76.2% 8,575,691 18,062,706 47.5%
2008 31,091,875 47,706,550 65.2% 16,614,675 21,074,348 78.8%
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
70
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 44 of the notes. The following is additional information for the City’s streets infrastructure for fiscal
year 2008. This information is updated every three years and comparative data is included.
2005-2007 2008
Arterial 91.91 93.00
Collector 88.38 93.75
Local 91.00 92.70
Total 90.87 93.00
PCI Rating by Functional Class
Condition Rating Summary
Center
% of Line % of
Condition Rating Segments Segments Miles Segments
Very Good 90-100 2,194 72.1% 190.8 72.4%
Good 80-90 557 18.3% 45.5 17.3%
Fair 45-80 282 9.3% 26.0 9.9%
Poor < 45 11 0.4% 1.1 0.4%
3,044 100.0% 263.4 100.0%
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 $2,985,734
Budgeted Maintenance Cost $4,284,000
Actual Maintenance Cost $2,637,368
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 Texas Department of Transportation grant for a Selective Traffic Enforcement
Project (STEP) related to overtime costs and the receipt and expenditure of seized 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.
Downtown and Wolf Ranch Tax Increment Financing Districts (TIF) – to account for public improvements
within an area that will generate private-sector development. The tax base is frozen at a pre-development
level and the increases in taxes derived from increases in assessed valuations are to retire bonds originally
issued for the development or to leverage future growth in the assigned areas.
CITY OF GEORGETOWN, TEXAS
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
AS OF SEPTEMBER 30, 2008
FIRE MAIN
COURT BILLING AND LIBRARY STREET
FEES DONATIONS RESTRICTED FACADE MAPPING
ASSETS:
Cash and cash equivalents $ 30,258 $ 34,471 $ 12,177 $ 22,505
Investments 58,736 66,915 23,639 43,687
Accounts receivable:
Tax
Grants
Other 25,474 $ 75,000
TOTAL ASSETS $ 88,994 $ 126,860 $ 75,000 $ 35,816 $ 66,192
LIABILITIES AND FUND BALANCE
Liabilities:
Accounts payable $ 2,061 $ 831 $ 9,655 $ 2,681 $ 12,223
Due to other funds 24,806
Unearned revenue 25,474
Total liabilities 2,061 26,305 34,461 2,681 12,223
Fund Balance:
Reserved for:
Encumbrances 5,347 4,263
Special programs 81,586 100,555 36,276 33,135 53,969
Total fund balance 86,933 100,555 40,539 33,135 53,969
TOTAL LIABILITIES AND FUND BALANCE $ 88,994 $ 126,860 $ 75,000 $ 35,816 $ 66,192
SPECIAL REVENUE FUNDS
TOTAL
2008
VILLAGE
IMPROVEMENT DOWNTOWN
PARKS POLICE STREETS TOURISM DISTRICT TIF
$ 222,995 $ 17,123 $ 740,962 $ 176,757 $ 18,498 $ 35,807 $ 1,311,553
432,872 33,241 1,438,339 343,116 35,909 69,508 2,545,962
132,802 31,733 272 164,807
76,942 76,942
35,200 2,250 137,924
$ 691,067 $ 127,306 $ 2,312,103 $ 553,856 $ 54,679 $ 105,315 $ 4,237,188
$ 7,555 $ 68,485 $ 28,787 $ 11,157 $ 143,435
24,806
$ 225 272 25,971
225 7,555 68,485 28,787 11,429 194,212
2,780 52,711 457,298 42,764 931 566,094
688,062 67,040 1,786,320 482,305 42,319 $ 105,315 3,476,882
690,842 119,751 2,243,618 525,069 43,250 105,315 4,042,976
$ 691,067 $ 127,306 $ 2,312,103 $ 553,856 $ 54,679 $ 105,315 $ 4,237,188
SPECIAL REVENUE FUNDS
CITY OF GEORGETOWN, TEXAS
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE
NONMAJOR GOVERNMENTAL FUNDS
FISCAL YEAR ENDED SEPTEMBER 30, 2008
FIRE MAIN
COURT BILLING AND LIBRARY STREET
FEES DONATIONS RESTRICTED FAÇADE MAPPING PARKS
REVENUES:
Grants and entitlements $ 14,998 $ 13,271
Hotel/Motel tax
Property assessments
Sales tax
Court fees $ 97,116
Investment earnings 3,446 4,230 $ 1,027 $ 2,142 $ 22,052
Donations 1,300 59,374 5,724
Mapping fees 37,087
Fire incident billings 58,816
Other 28,494 268,815
Total revenues 100,562 107,838 72,645 6,751 39,229 290,867
EXPENDITURES:
Culture - recreation 82,150 16,163 82,614
Development 42,839
Fire services 108,623
Police 66,492
Capital outlay 5,731
Total expenditures 66,492 108,623 82,150 16,163 42,839 88,345
EXCESS (DEFICIENCY) OF REVENUES OVER
EXPENDITURES 34,070 (785) (9,505) (9,412) (3,610) 202,522
OTHER FINANCING SOURCES (USES):
Transfers in 2,700 21,633 25,257
Transfers out (20,000)
Total other financing sources (uses) (17,300) 21,633 25,257
NET CHANGE IN FUND BALANCE 16,770 (785) (9,505) 12,221 (3,610) 227,779
FUND BALANCES, Beginning of period 70,163 101,340 50,044 20,914 57,579 463,063
FUND BALANCES, End of period $ 86,933 $ 100,555 $ 40,539 $ 33,135 $ 53,969 $ 690,842
SPECIAL REVENUE FUNDS
TOTAL
2008
VILLAGE
IMPROVEMENT DOWNTOWN
POLICE STREETS TOURISM DISTRICT TIF
$ 122,918 $ 151,187
$ 440,581 440,581
$ 153,064 $ 57,595 210,659
$ 1,833,251 1,833,251
97,116
2,927 81,552 17,078 4,425 2,119 140,998
52,291 118,689
37,087
58,816
91,019 66,009 454,337
269,155 1,914,803 523,668 157,489 59,714 3,542,721
432,958 147,316 761,201
42,839
108,623
241,032 307,524
28,695 1,686,034 1,720,460
269,727 1,686,034 432,958 147,316 2,940,647
(572) 228,769 90,710 10,173 59,714 602,074
46,123 44,571 140,284
(40,000) (24,723) (84,723)
6,123 19,848 55,561
5,551 228,769 110,558 10,173 59,714 657,635
114,200 2,014,849 414,511 33,077 45,601 3,385,341
$ 119,751 $ 2,243,618 $ 525,069 $ 43,250 $ 105,315 $ 4,042,976
SPECIAL REVENUE FUNDS
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, 2008
ORIGINAL
BUDGET
FINAL
BUDGET
ACTUAL
BUDGETARY
BASIS
VARIANCE
TO BUDGET
REVENUES:
Court fees $ 25,000 $ 25,000 $ 24,536 $ (464)
Investment earnings 5,000 5,000 3,446 (1,554)
Other 82,249 82,429 75,480 (6,949)
Total revenues 112,249 112,429 103,462 (8,967)
EXPENDITURES:
Personnel 49,007 51,707 51,190 517
Operations 53,000 53,000 17,660 35,340
Total expenditures 102,007 104,707 68,850 35,857
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 10,242 7,722 34,612 26,890
OTHER FINANCING (USES):
Operating transfers in 2,700 2,700
Transfers out (20,000) (20,000) (20,000)
Total other financing (uses) (20,000) (17,300) (17,300)
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES AND
OTHER FINANCING (USES) - BUDGETARY BASIS (9,758) (9,578) 17,312 26,890
FUND BALANCE, Beginning of period 9,578 9,578 64,274 54,696
FUND BALANCE - BUDGETARY BASIS,
End of period $ $ 81,586 $ 81,586
Adjustments to GAAP:
Reverse current year encumbrances 5,347
FUND BALANCE - GAAP BASIS
End of period $ 86,933
2008
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, 2008
ORIGINAL
& FINAL
BUDGET
ACTUAL
BUDGETARY
BASIS
VARIANCE TO
FINAL
BUDGET
REVENUES:
Grants and entitlements $ 14,998 $ 14,998
Investment earnings $ 2,000 4,230 2,230
Donations 1,000 1,300 300
Fire incident billings 124,500 87,310 (37,190)
Total revenues 127,500 107,838 (19,662)
EXPENDITURES:
Operations 127,500 108,147 19,353
Total expenditures 127,500 108,147 19,353
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (309) (309)
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES AND
OTHER FINANCING (USES) - BUDGETARY BASIS (309) (309)
FUND BALANCE, Beginning of period 100,864 100,864
FUND BALANCE - BUDGETARY BASIS,
End of period $ 100,555 $ 100,555
Adjustments to GAAP:
Reverse current year encumbrances
FUND BALANCE - GAAP BASIS
End of period $ 100,555
2008
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, 2008
ORIGINAL
BUDGET
FINAL
BUDGET
ACTUAL
BUDGETARY
BASIS
VARIANCE
TO BUDGET
REVENUES:
Grants and entitlements $ 13,300 $ 13,271 $ (29)
Investment earnings $ 1,200 1,200 (1,200)
Donations 20,000 54,700 59,373 4,673
Total revenues 21,200 69,200 72,644 3,444
EXPENDITURES:
Personnel 2,153 13,273 13,271 2
Operations 36,980 73,860 73,124 736
Total expenditures 39,133 87,133 86,395 738
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (17,933) (17,933) (13,751) 4,182
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES AND
OTHER FINANCING (USES) - BUDGETARY BASIS (17,933) (17,933) (13,751) 4,182
FUND BALANCE, Beginning of period 17,933 17,933 50,027 32,094
FUND BALANCE - BUDGETARY BASIS,
End of period $ $ 36,276 $ 36,276
Adjustments to GAAP:
Reverse current year encumbrances 4,263
FUND BALANCE - GAAP BASIS
End of period $ 40,539
2008
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, 2008
ORIGINAL &
FINAL
BUDGET
ACTUAL
BUDGETARY
BASIS
VARIANCE
TO BUDGET
REVENUES:
Investment earnings $ 400 $ 1,027 $ 627
Donations 200 5,724 5,524
Total revenues 600 6,751 6,151
EXPENDITURES:
Operations 16,680 16,163 517
Total expenditures 16,680 16,163 517
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (16,080) (9,412) 6,668
OTHER FINANCING SOURCES:
Transfers in 15,000 21,633 6,633
Total other financing sources 15,000 21,633 6,633
EXCESS (DEFICIENCY) OF REVENUES AND OTHER
FINANCING SOURCES OVER EXPENDITURES
- BUDGETARY BASIS (1,080) 12,221 13,301
FUND BALANCE, Beginning of period 1,080 20,914 19,834
FUND BALANCE - BUDGETARY BASIS,
End of period $ 33,135 $ 33,135
Adjustments to GAAP:
FUND BALANCE - GAAP BASIS
End of period $ 33,135
2008
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, 2008
ORIGINAL &
FINAL
BUDGET
ACTUAL
BUDGETARY
BASIS
VARIANCE
TO BUDGET
REVENUES:
Investment earnings $ 700 $ 2,142 $ 1,442
Mapping fees 32,988 37,087 4,099
Other 11,200 (11,200)
Total revenues 44,888 39,229 (5,659)
EXPENDITURES:
Operations 68,731 42,463 26,268
Total expenditures 68,731 42,463 26,268
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (23,843) (3,234) 20,609
FUND BALANCE, Beginning of period 23,843 57,203 33,360
FUND BALANCE - BUDGETARY BASIS,
End of period $ 53,969 $ 53,969
Adjustments to GAAP:
Reverse current year encumbrances
FUND BALANCE - GAAP BASIS
End of period $ 53,969
2008
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, 2008
ORIGINAL
& FINAL
BUDGET
ACTUAL
BUDGETARY
BASIS
VARIANCE TO
BUDGET
REVENUES:
Investment earnings 8,550$ 22,052$ 13,502$
Other 166,034 268,815 102,781
Total revenues 174,584 290,867 116,283
EXPENDITURES:
Operations 325,710 85,394 240,316
Capital outlay 384,433 3,126 381,307
Total expenditures 710,143 88,520 621,623
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (535,559) 202,347 737,906
OTHER FINANCING SOURCES:
Transfers in 25,257 25,257
Total other financing sources 25,257 25,257
EXCESS (DEFICIENCY) OF REVENUES AND OTHER
FINANCING SOURCES OVER EXPENDITURES
- BUDGETARY BASIS (510,302) 227,604 737,906
FUND BALANCE, Beginning of period 510,302 460,458 (49,844)
FUND BALANCE - BUDGETARY BASIS,
End of period $ 688,062 688,062$
Adjustments to GAAP:
Reverse current year encumbrances 2,780
FUND BALANCE - GAAP BASIS
End of period 690,842$
2008
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, 2008
ORIGINAL
BUDGET
FINAL
BUDGET
ACTUAL
BUDGETARY
BASIS
VARIANCE
TO BUDGET
REVENUES:
Grants and entitlements 26,500$ 149,972$ 122,918$ (27,054)$
Investment earnings 1,500 1,500 2,927 1,427
Donations 30,200 30,200 52,291 22,091
Other 8,700 85,228 91,017 5,789
Total revenues 66,900 266,900 269,153 2,253
EXPENDITURES:
Personnel 41,357 94,051 93,536 515
Operations 67,341 214,647 193,102 21,545
Capital outlay 35,939 35,939 28,229 7,710
Total expenditures 144,637 344,637 314,867 29,770
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (77,737) (77,737) (45,714) 32,023
OTHER FINANCING SOURCES (USES):
Transfers in 14,857 14,857 46,123 31,266
Transfer out (40,000) (40,000) (40,000)
Total other financing sources (uses) (25,143) (25,143) 6,123 31,266
EXCESS (DEFICIENCY) OF REVENUES AND OTHER
FINANCING SOURCES OVER EXPENDITURES AND
OTHER FINANCING SOURCES (USES) - BUDGETARY BASIS (102,880) (102,880) (39,591) 63,289
FUND BALANCE, Beginning of period 102,880 102,880 106,631 3,751
FUND BALANCE - BUDGETARY BASIS,
End of period $ $ 67,040 67,040$
Adjustments to GAAP:
Reverse current year encumbrances 52,711
FUND BALANCE - GAAP BASIS
End of period 119,751$
2008
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, 2008
ORIGINAL
& FINAL
BUDGET
ACTUAL
BUDGETARY
BASIS
VARIANCE
TO BUDGET
REVENUES:
Sales tax 1,750,000$ 1,833,251$ 83,251$
Investment earnings 60,000 81,552 21,552
Total revenues 1,810,000 1,914,803 104,803
EXPENDITURES:
Capital outlay 3,184,000 1,753,420 1,430,580
Total expenditures 3,184,000 1,753,420 1,430,580
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (1,374,000) 161,383 1,535,383
FUND BALANCE, Beginning of period 1,575,787 1,624,937 1,572,334
FUND BALANCE - BUDGETARY BASIS,
End of period 201,787$ 1,786,320 1,584,533$
Adjustments to GAAP:
Reverse current year encumbrances 457,298
FUND BALANCE - GAAP BASIS
End of period 2,243,618$
2008
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, 2008
ORIGINAL
BUDGET
FINAL
BUDGET
ACTUAL
BUDGETARY
BASIS
VARIANCE
TO BUDGET
REVENUES:
Hotel/Motel tax $ 380,000 $ 380,000 $ 440,580 $ 60,580
Investment earnings 7,500 7,500 17,078 9,578
Other 39,834 39,834 66,009 26,175
Total revenues 427,334 427,334 523,667 96,333
EXPENDITURES:
Personnel 194,027 179,082 179,077 5
Operations 229,656 233,133 230,617 2,516
Capital Outlay 15,000 19,835 19,833 2
Total expenditures 438,683 432,050 429,527 2,523
EXCESS OF REVENUES
OVER EXPENDITURES (11,349) (4,716) 94,140 98,856
OTHER FINANCING SOURCES (USES):
Transfers in 44,571 44,571 44,571
Transfers out (18,090) (24,723) (24,723)
Total other financing sources (uses) 26,481 19,848 19,848
EXCESS OF REVENUES AND OTHER
FINANCING SOURCES OVER EXPENDITURES AND
OTHER FINANCING (USES) - BUDGETARY BASIS 15,132 15,132 113,988 98,856
FUND BALANCE, Beginning of period 278,133 278,133 368,317 90,184
FUND BALANCE - BUDGETARY BASIS,
End of period $ 293,265 $ 293,265 482,305 $ 189,040
Adjustments to GAAP:
Reverse current year encumbrances 42,764
FUND BALANCE - GAAP BASIS
End of period $ 525,069
2008
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, 2008
ORIGINAL
& FINAL
BUDGET
ACTUAL
BUDGETARY
BASIS
VARIANCE TO
BUDGET
REVENUES:
Property assessments $ 151,355 $ 153,065 $ 1,710
Investment earnings 500 4,425 3,925
Other 14,060 (14,060)
Total revenues 165,915 157,490 (8,425)
EXPENDITURES:
Operations 165,415 144,922 20,493
Total expenditures 165,415 144,922 20,493
EXCESS OF REVENUES
OVER EXPENDITURES 500 12,568 12,068
FUND BALANCE, Beginning of period 29,751 29,751
FUND BALANCE - BUDGETARY BASIS,
End of period $ 500 42,319 $ 41,819
Adjustments to GAAP:
Reverse current year encumbrances 931
FUND BALANCE - GAAP BASIS
End of period $ 43,250
2008
CITY OF GEORGETOWN, TEXAS
DOWNTOWN TIF SPECIAL REVENUE FUND
SCHEDULE OF REVENUES AND EXPENDITURES (BUDGET BASIS) -
BUDGET AND ACTUAL (NON-GAAP) - RECONCILED TO GAAP BASIS
FISCAL YEAR ENDED SEPTEMBER 30, 2008
ORIGINAL &
FINAL
BUDGET
ACTUAL
BUDGETARY
BASIS
VARIANCE TO
BUDGET
REVENUES:
Property assessments $ 30,000 $ 57,595 $ 27,595
Investment earnings 1,000 2,119 1,119
Total revenues 31,000 59,714 28,714
EXCESS OF REVENUES
OVER EXPENDITURES 31,000 59,714 28,714
FUND BALANCE, Beginning of period 48,771 45,601 (3,170)
FUND BALANCE - BUDGETARY BASIS,
End of period $ 79,771 105,315 $ 25,544
Adjustments to GAAP:
Reverse current year encumbrances
FUND BALANCE - GAAP BASIS
End of period $ 105,315
2008
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, 2008 AND 2007
2008 2007
ASSETS:
Cash and cash equivalents $ 3,955,465 $ 1,397,917
Investments 7,698,596 10,258,059
Accounts receivable (net of allowance for uncollectible accounts):
Delinquent taxes 186,033 165,922
Sales taxes 597,610
Other 656,992 650,823
Prepaid items 171,551
Inventories 6,578 4,023
Long-term note receivable 300,152 597,786
TOTAL ASSETS $ 13,401,426 $ 13,246,081
LIABILITIES AND FUND BALANCE:
Liabilities:
Accounts payable $ 1,102,766 $ 1,091,433
Unearned revenue 356,165 1,589,448
Total liabilities 1,458,931 2,680,881
Fund Balance:
Reserved for:
Encumbrances 949,165 1,166,495
Inventories/prepaid items 6,578 175,574
Unreserved 10,986,752 9,223,131
Total fund balance 11,942,495 10,565,200
TOTAL LIABILITIES AND FUND BALANCE $ 13,401,426 $ 13,246,081
CITY OF GEORGETOWN, TEXAS
GENERAL FUND
COMPARATIVE STATEMENTS OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
FISCAL YEARS ENDED SEPTEMBER 30, 2008 AND 2007
2008 2007
REVENUES:
Property taxes:
Current $ 7,288,031 $ 6,370,616
Delinquent 57,783 69,575
Penalties and interest 69,257 70,905
Other 322,961 398,739
Sales tax 7,736,933 7,120,422
Franchise taxes 2,739,567 2,083,306
Licenses and permits 1,158,433 1,527,886
Charges for service 2,193,590 1,700,490
Fines 1,013,699 976,538
Donations and grants 28,927 163,725
Investment income 436,575 490,231
Other income 1,406,736 726,107
Total revenues 24,452,492 21,698,540
EXPENDITURES:
Current:
Culture - recreation 5,564,579 4,741,777
Development 2,411,971 2,572,746
Fire services 5,271,624 4,783,187
General government 2,738,903 2,696,325
Highways and streets 2,768,367 1,739,495
Police 8,915,180 8,015,663
Total expenditures 27,670,624 24,549,193
EXCESS EXPENDITURES OVER REVENUES (3,218,132) (2,850,653)
OTHER FINANCING SOURCES (USES):
Transfers in 6,687,060 5,162,236
Transfers out (2,091,633) (702,697)
Total other financing sources (uses) 4,595,427 4,459,539
NET CHANGE IN FUND BALANCES 1,377,295 1,608,886
FUND BALANCES, Beginning of period 10,565,200 8,956,314
FUND BALANCES, End of period $ 11,942,495 $ 10,565,200
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, 2008 (WITH COMPARATIVE FOR 2007)
2008 ACTUAL 2007 ACTUAL
ORIGINAL FINAL BUDGETARY VARIANCE BUDGETARY
BUDGET BUDGET BASIS TO BUDGET BASIS
REVENUES:
TAXES:
Property tax:
Current $ 7,330,265 $ 7,330,265 $ 7,288,031 $ (42,234) $ 6,370,616
Delinquent 50,000 50,000 57,783 7,783 69,575
Penalties and interest 30,000 30,000 69,257 39,257 70,905
Total property tax 7,410,265 7,410,265 7,415,071 4,806 6,511,096
Sales tax 7,415,000 7,415,000 7,736,933 321,933 7,120,422
Franchise taxes 2,579,169 2,579,169 2,739,567 160,398 2,083,306
Other 184,100 184,100 322,961 138,861 415,496
Total taxes 17,588,534 17,588,534 18,214,532 625,998 16,130,320
LICENSES AND PERMITS:
Permits and inspection fees 1,448,560 1,448,560 1,188,138 (260,422) 1,534,594
Licenses 17,265 17,265 7,308 (9,957) 22,518
Total licenses and permits 1,465,825 1,465,825 1,195,446 (270,379) 1,557,112
CHARGES FOR SERVICES:
Library 68,500 68,500 83,834 15,334 70,141
Animal services 40,000 40,000 36,862 (3,138) 29,581
Parks and recreation 900,810 900,810 972,758 71,948 822,386
Fire protection 962,000 962,000 964,784 2,784 723,000
Police support 102,500 102,500 105,563 3,063 26,156
Total charges for services 2,073,810 2,073,810 2,163,801 89,991 1,671,264
FINES AND FORFEITURES 1,018,200 1,018,200 1,013,699 (4,501) 976,538
INTEREST AND OTHER:
Investment income 405,000 405,000 422,901 17,901 482,941
Rent 42,000 42,000 80,081 38,081 80,006
Miscellaneous 597,900 597,900 1,693,085 1,095,185 809,876
Total interest and other 1,044,900 1,044,900 2,196,067 1,151,167 1,372,823
TOTAL REVENUES 23,191,269 23,191,269 24,783,545 1,592,276 21,708,057
EXPENDITURES:
CULTURE - RECREATION:
Parks:
Personnel 1,133,571 1,137,211 1,134,623 2,588 1,063,920
Operations 886,396 866,901 857,873 9,028 730,362
Capital outlay 25,000 25,100 25,078 22 43,311
Total parks 2,044,967 2,029,212 2,017,574 11,638 1,837,593
Recreation:
Personnel 620,962 636,837 636,831 6 570,827
Operations 315,415 312,625 312,619 6 253,009
Capital outlay 62,925 62,920 5
Total recreation 936,377 1,012,387 1,012,370 17 823,836
Recreation programs Personnel 469,262 462,552 462,519 33 340,084 Operations 530,181 567,636 567,634 2 486,738 Capital outlay 4,000 4,000 4,000Total recreation programs 1,003,443 1,034,188 1,034,153 35 826,822
(continued)
2008 ACTUAL 2007 ACTUAL
ORIGINAL FINAL BUDGETARY VARIANCE BUDGETARY
BUDGET BUDGET BASIS TO BUDGET BASIS
Library: Personnel $938,880 $938,880 $918,502 $20,378 $772,733 Operations 539,842 539,232 515,505 23,727 366,135 Capital outlay 136,128 136,738 136,731 7 110,589Total library 1,614,850 1,614,850 1,570,738 44,112 1,249,457
TOTAL CULTURE - RECREATION 5,599,637 5,690,637 5,634,835 55,802 4,737,708
DEVELOPMENT:Planning: Personnel 842,755 789,900 789,894 6 606,097 Operations 225,842 251,382 251,379 3 208,851 Capital outlay 50,000 110,035 110,030 5 16,149Total current planning 1,118,597 1,151,317 1,151,303 14 831,097
Housing & Neighborhood Developmen Personnel 65,306 70,006 69,547 459 257,530 Operations 6,450 8,450 1,126 7,324 246,580 Capital outlay 55,000 68,000 68,000Total long range planning 126,756 146,456 138,673 7,783 504,110
Inspection services Personnel 747,799 710,379 631,682 78,697 597,629 Operations 126,588 166,588 121,824 44,764 155,580Total inspection services 874,387 876,967 753,506 123,461 753,209 Code enforcement Personnel 358,722 358,722 338,939 19,783 323,165 Operations 89,946 89,946 73,111 16,835 65,533Total code enforcemen 448,668 448,668 412,050 36,618 388,698
TOTAL DEVELOPMENT 2,568,408 2,623,408 2,455,532 167,876 2,477,114
FIRE SERVICES:Fire administration Personnel 371,987 484,441 455,209 29,232 252,572 Operations 342,542 339,542 334,401 5,141 265,730Total fire administration 714,529 823,983 789,610 34,373 518,302
Fire operations Personnel 4,399,442 4,289,988 3,926,081 363,907 3,744,752 Operations 575,165 575,165 575,165 478,648 Capital outlay 30,000 30,000 20,622 9,378 22,891Total fire operations 5,004,607 4,895,153 4,521,868 373,285 4,246,291
TOTAL FIRE SERVICES 5,719,136 5,719,136 5,311,478 407,658 4,764,593
GENERAL GOVERNMENT:
General government:
Personnel 397,161 244,561 244,561
Operations 1,621,006 1,621,006 1,371,605 249,401 1,365,142
Total general government 2,018,167 1,865,567 1,371,605 493,962 1,365,142
City council:
Personnel 141,904 157,479 157,473 6 152,816
Operations 222,177 211,107 180,267 30,840 244,244
Capital outlay 1,495 1,492 3 10,751
Total City council 364,081 370,081 339,232 30,849 407,811
(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, 2008 (WITH COMPARATIVE FOR 2007)
2008 ACTUAL 2007 ACTUAL
ORIGINAL FINAL BUDGETARY VARIANCE BUDGETARY
BUDGET BUDGET BASIS TO BUDGET BASIS
City manager's office:
Personnel $ 688,771 $ 688,771 $ 659,749 $ 29,022 $ 638,679
Operations 275,257 305,467 305,459 8 242,080
Capital outlay 55,880 149,870 58,439 91,431 14,620
Total City manager's office 1,019,908 1,144,108 1,023,647 120,461 895,379
TOTAL GENERAL GOVERNMENT 3,402,156 3,379,756 2,734,484 645,272 2,668,332
HIGHWAYS AND STREETS:
Transportation Admin:
Personnel 306,405 306,405 152,226 154,179
Operations 7,930 7,930 7,770 160
Total streets operating 314,335 314,335 159,996 154,339
Streets:
Personnel 786,830 820,830 702,822 118,008 697,781
Operations 851,775 851,775 619,801 231,974 682,491
Capital outlay 1,250,000 1,250,000 1,148,165 101,835 675,473
Total streets operating 2,888,605 2,922,605 2,470,788 451,817 2,055,745
TOTAL HIGHWAYS AND STREETS 3,202,940 3,236,940 2,630,784 606,156 2,055,745
POLICE SERVICES:
Organization and administration:
Personnel 701,591 778,121 778,111 10 687,327
Operations 513,828 575,338 575,338 421,029
Capital outlay 54,328 119,308 119,308 46,447
Total organization and administration 1,269,747 1,472,767 1,472,757 10 1,154,803
Support services bureau:
Personnel 2,080,177 2,070,077 1,618,129 451,948 1,365,073
Operations 205,458 198,558 187,257 11,301 181,070
Capital outlay 90,000 7,580 7,487 93 41,250
Total support services bureau 2,375,635 2,276,215 1,812,873 463,342 1,587,393
Field operations bureau:
Personnel 4,251,358 4,097,833 3,937,748 160,085 3,739,997
Operations 671,100 743,825 743,825 622,461
Capital outlay 38,400 100 96 4 874
Total field operations bureau 4,960,858 4,841,758 4,681,669 160,089 4,363,332
Animal services Personnel 383,211 401,451 401,444 7 368,754 Operations 165,778 163,038 163,038 134,564Total animal services 548,989 564,489 564,482 7 503,318
Municipal court: Personnel 348,421 350,056 350,054 2 289,530 Operations 102,539 122,504 121,724 780 79,200Total municipal court 450,960 472,560 471,778 782 368,730
TOTAL POLICE SERVICES 9,606,189 9,627,789 9,003,559 624,230 7,977,576
(continued)
2008 ACTUAL 2007 ACTUAL
ORIGINAL FINAL BUDGETARY VARIANCE BUDGETARY
BUDGET BUDGET BASIS TO BUDGET BASIS
TOTAL EXPENDITURES $ 30,098,466 $ 30,277,666 $ 27,770,672 $ 2,506,994 $ 24,681,068
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (6,907,197) (7,086,397) (2,987,127) 4,099,270 (2,973,011)
OTHER FINANCING SOURCES (USES):
Transfers in 6,472,549 6,472,549 6,687,060 214,511 5,162,236
Transfers out (2,050,202) (2,225,202) (2,091,633) 133,569 (702,697)
Total other financing sources (uses) 4,422,347 4,247,347 4,595,427 348,080 4,459,539
EXCESS (DEFICIENCY) OF REVENUES AND
OTHER FINANCING SOURCES OVER
EXPENDITURES AND OTHER FINANCING
(USES) - BUDGETARY BASIS (2,484,850) (2,839,050) 1,608,300 4,447,350 1,486,528
FUND BALANCE - BUDGETARY BASIS,
Beginning of period 8,376,647 $ 8,730,847 9,405,370 674,523 7,918,842
FUND BALANCE - BUDGETARY BASIS,
End of period $ 5,891,797 $ 5,891,797 11,013,670 $ 5,121,873 9,405,370
Adjustments to GAAP:
Reverse current year encumbrances 949,165 1,166,495
Record net unrealized gain (loss) on investments (20,340) (6,665)
FUND BALANCE - GAAP BASIS, End of period $ 11,942,495 $ 10,565,200
CITY OF GEORGETOWN, TEXAS
GEORGETOWN TRANSPORTATION ENHANCEMENT CORPORATION
COMPARATIVE BALANCE SHEETS
AS OF SEPTEMBER 30, 2008 AND 2007
2008 2007
ASSETS:
Cash and cash equivalents
Investments $ 19,730,412 $ 22,126,859
Accounts receivable:
Sales Tax 265,604
TOTAL ASSETS $ 19,996,016 $ 22,126,859
LIABILITIES AND FUND BALANCE
Liabilities:
Accounts payable $ 354,608 $ 173,695
Due to other funds 1,551,825
Total liabilities 354,608 1,725,520
Fund Balance:
Reserved for:
Encumbrances 1,468,360 2,924,234
Capital projects 18,173,048 17,477,105
Total fund balance 19,641,408 20,401,339
TOTAL LIABILITIES AND FUND BALANCE $ 19,996,016 $ 22,126,859
CITY OF GEORGETOWN, TEXAS
GEORGETOWN TRANSPORTATION ENHANCEMENT CORPORATION
COMPARATIVE STATEMENTS OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE
FISCAL YEAR ENDED SEPTEMBER 30, 2008 AND 2007
2008 2007
REVENUES:
Sales tax $ 3,666,502 $ 3,390,451
Development contributions 756,302
Investment earnings 986,310 753,722
Total revenues 5,409,114 4,144,173
EXPENDITURES:
General government 299,973 321,698
Capital outlay 3,538,839 2,951,481
Total expenditures 3,838,812 3,273,179
EXCESS (DEFICIENCY) OF REVENUES OVER
EXPENDITURES 1,570,302 870,994
OTHER FINANCING SOURCES (USES):
Bond proceeds 11,330,000
Sale of property 47,029 54,599
Principal retirement (215,000)
Interest and fiscal charges (595,948) (394,688)
Transfers out (1,566,314) (713,031)
Total other financing sources (uses) (2,330,233) 10,276,880
NET CHANGE IN FUND BALANCES (759,931) 11,147,874
FUND BALANCES, Beginning of period 20,401,339 9,253,465
FUND BALANCES, End of period $ 19,641,408 $ 20,401,339
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, 2008 (WITH COMPARATIVE FOR 2007
ORIGINAL
BUDGET
FINAL
BUDGET
2008 ACTUAL
BUDGETARY
BASIS
VARIANCE
TO
BUDGET
ACTUAL
BUDGETARY
BASIS
REVENUES:
Sales tax $ 3,500,000 $ 3,500,000 $ 3,666,502 $ 166,502 $ 3,390,451
Investment earnings 500,000 500,000 952,387 452,387 705,475
Other 840,178 840,178 830,059 (10,119)54,599
Total revenues 4,840,178 4,840,178 5,448,948 608,770 4,150,525
EXPENDITURES:
Operations 292,155 305,355 305,349 6 296,295
Capital outlay 14,178,990 14,161,595 2,104,317 12,057,278 2,999,214
Total expenditures 14,471,145 14,466,950 2,409,666 12,057,284 3,295,509
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (9,630,967)(9,626,772)3,039,282 12,666,054 855,016
OTHER FINANCING SOURCES (USES):
Bond proceeds 11,330,000
Principal, interest and fiscal charges (869,470)(869,495)(869,493)2 (290,683)
Transfers out (1,562,150)(1,566,320)(1,566,314)6 (713,031)
Total other financing sources (uses) (2,431,620)(2,435,815)(2,435,807)8 10,326,286
EXCESS (DEFICIENCY) OF REVENUES AND OTHER
FINANCING SOURCES OVER EXPENDITURES AND
OTHER FINANCING (USES) - BUDGETARY BASI (12,062,587)(12,062,587)603,475 12,666,062 11,181,302
FUND BALANCES, Beginning of period 15,698,210 15,698,210 17,534,349 1,836,139 6,353,047
FUND BALANCES - BUDGETARY BASIS
End of period $ 3,635,623 $ 3,635,623 18,137,824 $ 14,502,201 17,534,349
Adjustments to GAAP:
Reverse current year encumbrance 1,468,360 2,924,234
Record net unrealized loss on investmen 80,684 46,760
Reverse bond interes (45,460)(104,004)
FUND BALANCES - GAAP BASIS
End of period $ 19,641,408 $ 20,401,339
CITY OF GEORGETOWN, TEXAS
DEBT SERVICE FUND
COMPARATIVE BALANCE SHEETS
SEPTEMBER 30, 2008 AND 2007
2008 2007
ASSETS:
Investments $ 1,215,378 $ 1,324,559
Accounts receivable:
Delinquent taxes 134,774 83,409
TOTAL ASSETS $ 1,350,152 $ 1,407,968
LIABILITIES AND FUND BALANCE:
Liabilities:
Deferred Revenue $ 126,065 $ 78,755
Total liabilities 126,065 78,755
Fund Balances:
Reserved for:
Encumbrances 8,853
Capital projects 1,215,234 1,329,213
Total fund balance 1,224,087 1,329,213
TOTAL LIABILITIES AND FUND BALANCES $ 1,350,152 $ 1,407,968
CITY OF GEORGETOWN, TEXAS
DEBT SERVICE FUND
COMPARATIVE STATEMENTS OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
FISCAL YEARS ENDED SEPTEMBER 30, 2008 AND 2007
2008 2007
REVENUES:
Ad valorem taxes:
Current $ 5,255,186 $ 4,385,906
Delinquent 33,252 41,486
Total ad valorem taxes 5,288,438 4,427,392
Investment earnings and other 92,231 133,481
Total revenues 5,380,669 4,560,873
EXPENDITURES:
Principal retirement 3,280,684 2,755,592
Interest and fiscal charges 3,798,821 2,172,383
Total expenditures 7,079,505 4,927,975
DEFICIENCY OF REVENUES
OVER EXPENDITURES (1,698,836) (367,102)
OTHER FINANCING SOURCES (USES):
Bond Proceeds 3,230,334
Payment to refunding escrow agent (3,160,147)
Transfers in 1,593,710 747,460
Total other financing sources (uses)1,593,710 817,647
NET CHANGE IN FUND BALANCES (105,126) 450,545
FUND BALANCES, Beginning of period 1,329,213 878,668
FUND BALANCES, End of period $ 1,224,087 $ 1,329,213
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, 2008 (WITH COMPARATIVE FOR 2007)
ORIGINAL
& FINAL
BUDGET
2008
ACTUAL
BUDGETARY
BASIS
VARIANCE
TO
BUDGET
2007 ACTUAL
BUDGETARY
BASIS
REVENUES:
Ad valorem taxes $ 5,410,000 $ 5,288,439 $ (121,561) $ 4,427,392
Investment earnings 60,000 92,231 32,231 133,480
Total revenues 5,470,000 5,380,670 (89,330) 4,560,872
OTHER FINANCING SOURCES (USES):
Principal, interest and fiscal charges (7,461,155) (7,088,359) 372,796 (4,927,974)
Bond proceeds 3,230,334
Payment to refunding escrow agent (3,160,147)
Transfers in 1,589,546 1,593,710 4,164 747,460
Total other financing sources (uses) (5,871,609) (5,494,649)376,960 (4,110,327)
EXCESS OF REVENUES AND OTHER
FINANCING SOURCES OVER EXPENDITURES AND
OTHER FINANCING USES - BUDGETARY BASIS (401,609) (113,979) 287,630 450,545
FUND BALANCE, Beginning of period 1,032,171 1,329,213 297,042 878,668
FUND BALANCE - BUDGETARY BASIS,
End of period $ 630,562 1,215,234 $ 584,672 1,329,213
Adjustments to GAAP:
Reverse current year encumbrances 8,853
FUND BALANCE - GAAP BASIS
End of period $ 1,224,087 $ 1,329,213
CITY OF GEORGETOWN, TEXAS
GENERAL CAPITAL PROJECTS
COMPARATIVE BALANCE SHEET
AS OF SEPTEMBER 30, 2008 AND 2007
2008 2007
ASSETS:
Cash and cash equivalents 1,820,280$ 1,961,599$
Investments 3,533,484 14,385,057
Accounts Receivable 196,329
TOTAL ASSETS 5,550,093$ 16,346,656$
LIABILITIES AND FUND BALANCES:
Liabilities:
Accounts payable 1,278,621$ 1,696,047$
Deferred revenue 116,897 74,693
Total liabilities 1,395,518 1,770,740
Fund Balances:
Reserved for encumbrances 4,154,575 13,009,564
Reserved for capital projects 1,566,352
Total fund balances 4,154,575 14,575,916
TOTAL LIABILITIES AND FUND BALANCES 5,550,093$ 16,346,656$
CITY OF GEORGETOWN, TEXAS
GENERAL CAPITAL PROJECTS
COMPARATIVE STATEMENTS OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
FISCAL YEAR ENDED SEPTEMBER 30, 2008 AND 2007
2008 2007
REVENUES:
Investment earnings 566,838$ 573,821$
Other 205,879 27,800
Total revenues 772,717 601,621
EXPENDITURES:
Capital outlay 16,363,547 10,874,081
Total expenditures 16,363,547 10,874,081
DEFICIENCY OF REVENUES
OVER EXPENDITURES (15,590,830) (10,272,460)
OTHER FINANCING SOURCES (USES)
Bond proceeds 4,395,000 17,085,000
Interest and fiscal charges (85,735) (342,045)
Transfers in 1,775,698 1,803,869
Transfers out (915,474) (1,820,844)
Total other financing sources (uses) 5,169,489 16,725,980
NET CHANGE IN FUND BALANCES (10,421,341) 6,453,520
FUND BALANCES, Beginning of period 14,575,916 8,122,396
FUND BALANCES, End of period 4,154,575$ 14,575,916$
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, 2008 (WITH COMPARATIVE FOR 2007)
ORIGINAL
BUDGET
FINAL
BUDGET
2008 ACTUAL
BUDGETARY
BASIS
VARIANCE
TO BUDGET
2007 ACTUAL
BUDGETARY
BASIS
REVENUES:
Investment earnings $ 296,300 $ 296,300 $ 529,294 $ 232,994 $ 606,280
Other 16,800 16,800 286,959 270,159 27,800
Total revenues 313,100 313,100 816,253 503,153 634,080
EXPENDITURES:
Capital outlay 5,856,575 10,209,075 7,515,537 2,693,538 18,751,430
Bond issuance cost 161,994 161,994 85,735 76,259 342,045
Total expenditures 6,018,569 10,371,069 7,601,272 2,769,797 19,093,475
DEFICIENCY OF REVENUES
OVER EXPENDITURES (5,705,469) (10,057,969) (6,785,019) 3,272,950 (18,459,395)
OTHER FINANCING SOURCES (USES):
Bond proceeds 4,218,837 8,571,337 4,395,000 (4,176,337) 17,085,000
Transfers in 1,834,000 1,834,000 1,669,165 (164,835) 1,372,734
Transfers out (929,000) (929,000) (915,474) 13,526 (1,820,844)
Total other financing sources (uses) 5,123,837 9,476,337 5,148,691 (4,327,646) 16,636,890
EXCESS OF REVENUES AND
OTHER FINANCING SOURCES OVER
EXPENDITURES AND OTHER FINANCING
(USES) - BUDGETARY BASIS (581,632) (581,632) (1,636,328) (1,054,696) (1,822,505)
FUND BALANCES, Beginning of period 700,255 700,255 1,598,784 898,529 3,421,289
FUND BALANCES - BUDGETARY BASIS,
End of Period $ 118,623 $ 118,623 (37,544) $ (156,167) 1,598,784
Adjustments to GAAP:
Reverse Mkt to Mkt Adjs 37,544 (32,432)
Reverse current year encumbrances 4,154,575 13,009,564
FUND BALANCES - GAAP BASIS,
End of period $ 4,154,575 $ 14,575,916
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, 2008
STORMWATER TOTAL
AIRPORT SANITATION DRAINAGE NONMAJOR
FUND FUND FUND ENTERPRISE FUNDS
ASSETS:
Current Assets:
Cash and cash equivalents 253,287$ 368,195$ 621,482$
Cash and cash equivalents - Restricted 737,818 737,818
Investments 491,675 714,188 1,205,863
Accounts receivable:
Services (net of allowance for uncollectibles) 135,583 509,362$ 215,707 860,652
Inventories 22,294 22,294
Total current assets 902,839 509,362 2,035,908 3,448,109
Noncurrent Assets:
Deferred charges - bond issuance costs 54,657 12,726 104,117 171,500
Capital assets:
Land and land rights 981,500 981,500
Distribution system 79,335 21,512,677 21,592,012
Buildings and improvements 9,577,597 494,000 10,071,597
Machinery, furniture and equipment 137,577 79,573 14,050 231,200
Construction in progress 84,940 25,266 110,206
Less accumulated depreciation (5,505,030) (56,640) (2,378,565) (7,940,235)
Total capital assets (net of accumulated depreciation)5,270,979 601,873 19,173,428 25,046,280
Total noncurrent assets 5,325,636 614,599 19,277,545 25,217,780
TOTAL ASSETS 6,228,475$ 1,123,961$ 21,313,453$ 28,665,889$
LIABILITIES AND NET ASSETS:
Liabilities:
Current liabilities:
Accounts payable 102,415$ 319,135$ 53,516$ 475,066$
Compensated absence 11,279 6,819 14,580 32,678
Due to other funds 89,195 89,195
Current portion of long-term debt 150,133 20,000 172,766 342,899
Accrued interest 7,370 2,661 18,404 28,435
Total current liabilities 271,197 437,810 259,266 968,273
Noncurrent liabilities:
Compensated absence 22,976 11,433 22,651 57,060
Long-term debt payable 1,214,576 485,000 2,942,475 4,642,051
Total noncurrent liabilities 1,237,552 496,433 2,965,126 4,699,111
Total liabilities 1,508,749 934,243 3,224,392 5,667,384
Net Assets:
Invested in capital assets (net of related debt) 3,906,270 96,872 16,796,005 20,799,147
Unrestricted 813,456 92,846 1,293,056 2,199,358
Total net assets 4,719,726 189,718 18,089,061 22,998,505
TOTAL LIABILITIES AND NET ASSETS 6,228,475$ 1,123,961$ 21,313,453$ 28,665,889$
CITY OF GEORGETOWN, TEXAS
COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND NET ASSETS
NONMAJOR ENTERPRISE FUNDS
FISCAL YEAR ENDED SEPTEMBER 30, 2008
STORMWATER TOTAL
AIRPORT SANITATION DRAINAGE NONMAJOR
FUND FUND FUND ENTERPRISE FUNDS
OPERATING REVENUES:
Waste 4,320,335$ 4,320,335$
Other 3,308,889$ 77,712 1,832,165$ 5,218,766
Total operating revenues 3,308,889 4,398,047 1,832,165 9,539,101
OPERATING EXPENSES:
Depreciation 400,081 4,640 559,988 964,709
Utility contracts 4,282,685 4,282,685
Other 2,989,876 996,499 3,986,375
Total operating expenses 3,389,957 4,287,325 1,556,487 9,233,769
NET OPERATING INCOME (LOSS) (81,068) 110,722 275,678 305,332
NONOPERATING REVENUES (EXPENSES):
Investment earnings 23,535 143 39,502 63,180
Donations and grants 27,071 27,071
Interest and fiscal charges (69,420) (28,404) (132,526) (230,350)
Other 51,712 51,712
Total nonoperating revenues (expenses) 32,898 (28,261) (93,024) (88,387)
INCOME (LOSS) BEFORE CONTRIBUTIONS
AND TRANSFERS (48,170) 82,461 182,654 216,945
CONTRIBUTIONS AND TRANSFERS:
Capital contributions 3,396,883 3,396,883
Transfer in 175,600 175,600
Transfers out (135,157) (173,036) (308,193)
Total contributions and transfers 0 40,443 3,223,847 3,264,290
CHANGE IN NET ASSETS (48,170) 122,904 3,406,501 3,481,235
TOTAL NET ASSETS - beginning 4,767,896 66,814 14,682,560 19,517,270
TOTAL NET ASSETS - ending 4,719,726$ 189,718$ 18,089,061$ 22,998,505$
CITY OF GEORGETOWN, TEXAS
COMBINING STATEMENT OF CASH FLOWS
NONMAJOR ENTERPRISE FUNDS
FISCAL YEAR ENDED SEPTEMBER 30, 2008
STORMWATER TOTAL
AIRPORT SANITATION DRAINAGE NONMAJOR
FUND FUND FUND ENTERPRISE FUNDS
CASH FLOWS FROM OPERATING ACTIVITIES:
Cash received from customers 3,454,055$ 4,410,692$ 1,838,541$ 9,703,288$
Payments to suppliers (2,722,277) (4,172,806) (686,677) (7,581,760)
Franchise fees (90,105) (37,781) (127,886)
Payments to employees for services (248,152) (56,839) (252,595) (557,586)
Net cash provided by (used for) operating activities 483,626 90,942 861,488 1,436,056
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
Transfers in 175,600 175,600
Transfers out (135,157) (173,036) (308,193)
Payments from (to) other funds 13,029 13,029
Net cash provided by (used for) noncapital
financing activities 53,472 (173,036) (119,564)
CASH FLOWS FROM CAPITAL AND
RELATED FINANCING ACTIVITIES:
Acquisition of capital assets (112,512) (179,390) (291,902)
Donations and grants 27,071 27,071
Proceeds from issuance of long-term debt 750,000 750,000
Principal paid on revenue and certificates of obligation bonds (144,505) (149,810) (294,315)
Interest paid on revenue and certificates of obligation bonds (65,279) (39,766) (133,376) (238,421)
Net cash provided by (used for) capital and related
financing activities (182,713) (152,278) 287,424 (47,567)
CASH FLOWS FROM INVESTING ACTIVITIES:
Interest received 23,535 143 39,502 63,180
Change in temporary investments (121,623) (5,939) (127,562)
Net cash provided by (used for) investing activities (98,088) 143 33,563 (64,382)
Net increase (decrease) in cash and cash equivalents 202,825 (7,721) 1,009,439 1,204,543
Cash and cash equivalents at beginning of year 50,462 7,721 96,574 154,757
Cash and cash equivalents at end of year 253,287 1,106,013 1,359,300
Classified as:
Current assets 253,287 368,195 621,482
Restricted assets 737,818 737,818
Total 253,287$ $ 1,106,013$ 1,359,300$
Non-cash disclosure
Developer contributions 3,396,883$ 3,396,883$
(continued)
CITY OF GEORGETOWN, TEXAS
NONMAJOR ENTERPRISE FUNDS
FISCAL YEAR ENDED SEPTEMBER 30, 20
OPERATING INCOME (LOSS)
Adjustments to reconcile operating income (loss) to
cash provided by (used in) operating activities:
Depreciation
Other income
Bad debt expense
Decrease (increase) in inventories
Decrease (increase) in accounts receivable
Increase (decrease) in accounts payable
Increase (decrease) in compensated absences payable
Net cash provided by (used in) operating activities
COMBINING STATEMENT OF CASH FLOW
008
STORMWATER TOTAL
AIRPORT SANITATION DRAINAGE NONMAJOR
FUND FUND FUND ENTERPRISE FUNDS
(81,068)$ 110,722$ 275,678$ 305,332$
400,081 4,640 559,988 964,709
51,712 51,712
(639) (2,876) (1,057) (4,572)
26,005 26,005
94,093 15,521 7,433 117,047
(7,743) (45,515) 26,389 (26,869)
1,185 8,450 (6,943) 2,692
483,626$ 90,942$ 861,488$ 1,436,056$
WS (CONTINUED)
INTERNAL SERVICE FUNDS
AS OF SEPTEMBER 30, 2008
FLEET JOINT FACILITIES INFORMATION
MANAGEMENT SERVICES MAINTENANCE SERVICES TOTAL
FUND FUND FUND FUND 2008
ASSETS:
Current:
Cash and cash equivalents 267,387$ 440,240$ 88,548$ 67,292$ 863,467$
Investments 519,045 854,584 171,886 130,627 1,676,142
Prepaid expense 2,961 2,961
Accounts receivable 97,081 97,081
Inventories 295,902 295,902
Total current assets 786,432 1,690,768 260,434 197,919 2,935,553
Property and equipment
Land and land rights 217,118 217,118
Buildings and improvements 38,145 808,562 492,348 2,615,017 3,954,072
Machinery, furniture and equipmen 14,335,924 1,096,635 468,198 452,109 16,352,866
Units in progress 113,646 113,646
Total property and equipment cos 14,374,069 2,122,315 960,546 3,180,772 20,637,702
Less accumulated depreciation (7,769,220)(1,849,311)(625,594)(2,005,989)(12,250,114)
Net property and equipmen 6,604,849 273,004 334,952 1,174,783 8,387,588
TOTAL ASSETS 7,391,281$ 1,963,772$ 595,386$ 1,372,702$ 11,323,141$
LIABILITIES AND NET ASSETS:
Liabilities:
Current liabilities
Accounts payable 54,337$ 1,077,210$ 97,471$ 45,078$ 1,274,096$
Compensated absence 10,667 20,210 29,857 60,734
Total current liabilities 65,004 1,077,210 117,681 74,935 1,334,830
Long term liabilities
Compensated absence 14,835 41,726 52,568 109,129
Total liabilities 79,839 1,077,210 159,407 127,503 1,443,959
Net Assets:
Invested in capital assets (net of related deb 6,604,849 273,004 334,952 1,174,783 8,387,588
Unrestricted 706,593 613,558 101,027 70,416 1,491,594
Total net assets 7,311,442 886,562 435,979 1,245,199 9,879,182
TOTAL LIABILITIES AND NET ASSETS 7,391,281$ 1,963,772$ 595,386$ 1,372,702$ 11,323,141$
CITY OF GEORGETOWN, TEXAS
COMBINING STATEMENT OF NET ASSETS
CITY OF GEORGETOWN, TEXAS
COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND NET ASSETS
INTERNAL SERVICE FUNDS
FISCAL YEAR ENDED SEPTEMBER 30, 2008
FLEET JOINT FACILITIES INFORMATION
MANAGEMENT SERVICES MAINTENANCE SERVICES TOTAL
FUND FUND FUND FUND 2008
OPERATING REVENUES - Charges for services 1,476,926$ 6,883,497$ 1,437,429$ 1,669,142$ 11,466,994$
OPERATING EXPENSES
Administration 771,601 771,601
Accounting 649,088 649,088
City wide HR services 708,198 708,198
Economic development administration 421,000 421,000
Employee and organizational services 407,483 407,483
Facilities maintenance contracts 810,467 810,467
Facilities maintenance services 557,966 557,966
Finance and administration 595,545 595,545
Fleet management operations 271,156 271,156
GIS 177,473 177,473
Information resources 932,538 932,538
Information resources capital replacement & contracts 685,526 685,526
Joint services contracts 800,632 800,632
Legal services 569,875 569,875
Purchasing and properties 456,612 456,612
Service center 785,563 785,563
Systems engineering 803,872 803,872
Utility office 1,028,948 1,028,948
Depreciation 1,342,436 28,636 72,121 345,119 1,788,312
Total operating expenses 2,399,155 7,418,963 1,440,554 1,963,183 13,221,855
NET OPERATING (LOSS)(922,229) (535,466) (3,125) (294,041) (1,754,861)
NONOPERATING REVENUES (EXPENSES)
Investment earnings 46,200 50,204 27,911 25,284 149,599
Loss on sale of assets (22,159) (22,159)
Other 92,944 277,729 1,292 371,965
Total nonoperating revenues (expenses 116,985 327,933 27,911 26,576 499,405
INCOME (LOSS) BEFORE CONTRIBUTIONS AND TRANSFER (805,244) (207,533) 24,786 (267,465) (1,255,456)
CONTRIBUTIONS AND TRANSFERS
Capital contributions 669,201 9,711 230,297 909,209
Transfers in 987,474 477,000 28,400 239,503 1,732,377
Transfers out (90,000) (24,060) 0 (27,396) (141,456)
Total contributions and transfers 1,566,675 452,940 38,111 442,404 2,500,130
CHANGE IN NET ASSETS 761,431 245,407 62,897 174,939 1,244,674
NET ASSETS, Beginning of period 6,550,011 641,155 373,082 1,070,260 8,634,508
NET ASSETS, End of period 7,311,442$ 886,562$ 435,979$ 1,245,199$ 9,879,182$
CITY OF GEORGETOWN, TEXAS
COMBINING STATEMENT OF CASH FLOWS
INTERNAL SERVICE FUNDS
FISCAL YEAR ENDED SEPTEMBER 30, 2008
FLEET JOINT FACILITIES INFORMATION
MANAGEMENT SERVICES MAINTENANCE SERVICES TOTALS
FUND FUND FUND FUND 2008
CASH FLOWS FROM OPERATING ACTIVITIES:
Department contributions 1,569,870$ 6,872,861$ 1,437,429$ 1,669,142$ 11,549,302$
Payments to suppliers (702,242) (2,639,911) (883,175) (1,022,719) (5,248,047)
Payments to employees for services (336,356) (4,204,193) (426,564) (726,353) (5,693,466)
Net cash provided by (used in) operating activities 531,272 28,757 127,690 (79,930) 607,789
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
Transfers in 987,474 477,000 28,400 239,503 1,732,377
Transfers out (90,000) (24,060) (27,396) (141,456)
Net cash provided by noncapital
financing activities 897,474 452,940 28,400 212,107 1,590,921
CASH FLOWS FROM CAPITAL AND
RELATED FINANCING ACTIVITIES:
Acquisition of capital assets (1,207,364) (23,245) (91,976) (151,922) (1,474,507)
Net cash (used) for capital and related
financing activities (1,207,364) (23,245) (91,976) (151,922) (1,474,507)
CASH FLOWS FROM INVESTING ACTIVITIES:
Interest received 46,200 50,204 27,911 25,284 149,599
Change in temporary investments (62,457) (162,756) (23,686) 38,667 (210,232)
Net cash provided by (used for) investing activities (16,257) (112,552) 4,225 63,951 (60,633)
Net increase in cash 205,125 345,900 68,339 44,206 663,570
Cash and cash equivalents at beginning of year 62,262 94,340 20,209 23,086 199,897
Cash and cash equivalents at end of year 267,387 440,240 88,548 67,292 863,467
Classified as:
Current assets 267,387 440,240 88,548 67,292 863,467
Total 267,387$ 440,240$ 88,548$ 67,292$ 863,467$
Non-cash disclosure
Proprietary transfer to internal service funds 19,000$ 113,646$ 132,646$
Governmental transfers to internal service funds 9,711$ 650,201 116,651 776,563$
(continued)
CITY OF GEORGETOWN, TEXAS
STATEMENT OF CASH FLOWS (CONTINUED)
INTERNAL SERVICE FUNDS
FISCAL YEAR ENDED SEPTEMBER 30, 2008
FLEET JOINT FACILITIES INFORMATION
MANAGEMENT SERVICES MAINTENANCE SERVICES
FUND FUND FUND FUND 2008
OPERATING INCOME (LOSS)(922,229)$ (535,466)$ (3,125)$ (294,041)$ (1,754,861)$
Adjustments to reconcile operating income (loss) to
cash provided by (used in) operating activities:
Depreciation 1,342,436 28,636 72,121 345,119 1,788,312
Other income 92,944 277,729 1,292 371,965
Decrease (increase) in prepaid expenses 2,179 2,496 4,675
Decrease (increase) in inventories (22,644) (22,644)
Decrease (increase) in accounts receivable (10,636) (10,636)
Increase (decrease) in accounts payable 13,956 288,959 51,350 (140,061) 214,204
Increase (decrease) in compensated absences payable 4,165 4,848 7,761 16,774
Net cash provided by (used in) operating activities 531,272$ 28,757$ 127,690$ (79,930)$ 607,789$
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, 2008 and 2007
TOTALS
2008 2007
ASSETS:
Current Assets:
Cash and cash equivalents 40,335$
Cash and cash equivalents - restricted 107,518
Investments 2,028,878
Investments - restricted 788,469
Accounts receivable:
Services (net of allowance for uncollectibles) 7,239,339$ 6,988,757
Other 105,409 585,677
Inventories 2,316,531 2,195,950
Total current assets 9,661,279 12,735,584
Noncurrent Assets:
Deferred charges - bond issuance costs 621,788 625,469
Total noncurrent assets 621,788 625,469
Property and Equipment:
Land and land rights 1,120,807 1,120,807
Distribution system 98,185,648 84,880,023
Buildings and improvements 73,707 73,707
Machinery, furniture and equipment 609,614 572,308
Construction in progress 156,828 3,080,700
Total cost property and equipment 100,146,604 89,727,545
Less accumulated depreciation (19,780,555) (16,786,339)
Net property and equipment 80,366,049 72,941,206
TOTAL ASSETS 90,649,116$ 86,302,259$
LIABILITIES AND NET ASSETS:
Liabilities:
Current liabilities:
Accounts payable 7,298,039$ 5,792,171$
Compensated absence 94,592 100,112
Due to other funds 316,514
Current portion of long-term debt 1,342,996 1,152,644
Accrued interest 121,046 146,695
Total current liabilities payable from unrestricted assets 9,173,187 7,191,622
Current liabilities payable from restricted assets:
Construction contracts and retainages payable 300,733
Customer deposits 923,087 895,987
Total current liabilities payable from restricted assets 923,087 1,196,720
Total current liabilities 10,096,274 8,388,342
Long term liabilities:
Compensated absence 150,285 164,968
Long-term debt 23,281,954 22,649,202
Total noncurrent liabilities 23,432,239 22,814,170
Total liabilities 33,528,513 31,202,512
Net Assets:
Invested in capital assets (net of related debt) 55,741,099 51,423,678
Unrestricted 1,379,504 3,676,069
Total net assets 57,120,603 55,099,747
TOTAL LIABILITIES AND NET ASSETS 90,649,116$ 86,302,259$
CITY OF GEORGETOWN, TEXAS
ELECTRIC FUND
COMPARATIVE STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN FUND NET ASSETS
FISCAL YEARS ENDED SEPTEMBER 30, 2008 AND 2007
2008 2007
OPERATING REVENUES:
Electric services 51,833,477$ 42,805,466$
Other:
Penalties 393,131 381,845
Connection and hookup fees 620,354 841,444
Total other 1,013,485 1,223,289
TOTAL OPERATING REVENUES 52,846,962 44,028,755
OPERATING EXPENSES:
Electric operations:
Personnel 694,275 2,443,522
Operations 535,924 1,831,831
Total electric operations 1,230,199 4,275,353
Depreciation 2,994,216 2,430,439
Electric contracts 42,790,537 31,526,044
TOTAL OPERATING EXPENSES 47,014,952 38,231,836
NET OPERATING INCOME 5,832,010 5,796,919
NONOPERATING REVENUES (EXPENSES):
Investment earnings 110,368 393,722
Interest and fiscal charges (1,168,347) (704,336)
Other 1,094,292 1,110,663
Total nonoperating revenues (expenses) 36,313 800,049
INCOME BEFORE CONTRIBUTIONS AND TRANSFERS 5,868,323 6,596,968
CONTRIBUTIONS AND TRANSFERS:
Capital contributions 736,053 1,052,389
Transfers in 86,161 86,161
Transfers out (4,669,681) (3,606,779)
Total contributions and transfers (3,847,467) (2,468,229)
CHANGE IN NET ASSETS 2,020,856 4,128,739
NET ASSETS, Beginning of period* 55,099,747 50,971,008
NET ASSETS, End of period 57,120,603$ 55,099,747$
CITY OF GEORGETOWN, TEXAS
WATER SERVICES FUND
COMPARATIVE STATEMENTS OF NET ASSETS
AS OF SEPTEMBER 30, 2008 and 2007
TOTALS
2008 2007
ASSETS:
Current Assets:
Cash and cash equivalents 6,643,715$ 3,523,465$
Cash and cash equivalents - restricted 232,545 23,699
Investments 12,896,623 14,325,178
Investments - restricted 6,787,483 173,794
Prepaid expenses 1,780,065 1,607,060
Accounts receivable:
Services (net of allowance for uncollectibles) 3,072,176 2,963,868
Other 1,594,728 1,791,635
Due from other funds 430,515 1,652,820
Total current assets 33,437,850 26,061,519
Noncurrent Assets:
Long-term note receivables 2,282,857 3,283,238
Deferred charges - bond issuance costs 800,643 805,473
Total noncurrent assets 3,083,500 4,088,711
Property and Equipment:
Land and land rights 469,354 469,355
Distribution system 147,771,057 136,757,654
Buildings and improvements 3,019,794 3,019,794
Machinery, furniture and equipment 310,775 289,785
Construction in progress 5,123,509 2,739,563
Total cost property and equipment 156,694,489 143,276,151
Less accumulated depreciation (33,640,166) (30,025,280)
Net property and equipment 123,054,323 113,250,871
TOTAL ASSETS 159,575,673$ 143,401,101$
LIABILITIES AND NET ASSETS:
Liabilities:
Current liabilities:
Accounts payable 1,436,055$ 571,272$
Compensated absence 90,505 75,103
Current portion of long-term debt 2,297,004 2,047,356
Accrued interest 202,739 175,042
Total current liabilities payable from unrestricted assets 4,026,303 2,868,773
Current liabilities payable from restricted assets:
Construction contracts and retainages payable 203,037 147,779
Total current liabilities payable from restricted assets 203,037 147,779
Total current liabilities 4,229,340 3,016,552
Long term liabilities:
Compensated absence 149,114 128,158
Unearned revenue 972,140 1,995,665
Long-term debt 30,358,046 25,220,800
Total noncurrent liabilities 31,479,300 27,344,623
Total liabilities 35,708,640 30,361,175
Net Assets:
Invested in capital assets (net of related debt) 96,707,051 87,938,338
Unrestricted 27,159,982 25,101,588
Total net assets 123,867,033 113,039,926
TOTAL LIABILITIES AND NET ASSETS 159,575,673$ 143,401,101$
CITY OF GEORGETOWN, TEXAS
WATER SERVICES FUND
COMPARATIVE STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN FUND NET ASSETS
FISCAL YEARS ENDED SEPTEMBER 30, 2008 AND 2007
2008 2007
OPERATING REVENUES:
Water/Irrigation:
Water services 13,602,151$ 10,345,351$
Wastewater services 7,423,190 7,039,407
Irrigation services 399,556 207,077
Water/Wastewater tap fees 689,670 1,134,142
Total water/irrigation 22,114,567 18,725,977
Other:
Penalties 175,872 192,755
Connection and hookup fees 77,074 84,183
Service fees 946,351 1,797,936
Total other 1,199,297 2,074,874
TOTAL OPERATING REVENUES 23,313,864 20,800,851
OPERATING EXPENSES:
Water services distribution:
Personnel 1,676,519 1,475,443
Operations 4,572,678 1,691,236
Total water services distribution 6,249,197 3,166,679
Depreciation 3,614,886 3,438,831
Water services plant management 2,027,713 3,704,164
Water services contracts 5,625,261 5,892,775
TOTAL OPERATING EXPENSES 17,517,057 16,202,449
NET OPERATING INCOME 5,796,807 4,598,402
NONOPERATING REVENUES (EXPENSES):
Investment earnings 845,312 1,014,538
Interest and fiscal charges (1,462,964) (1,382,513)
Other 1,149,468 3,257,318
Total nonoperating revenue (expenses) 531,816 2,889,343
INCOME BEFORE CONTRIBUTIONS
AND TRANSFERS 6,328,623 7,487,745
CONTRIBUTIONS AND TRANSFERS:
Capital contributions 6,911,900 4,354,000
Transfers out (2,413,416) (2,123,927)
Total contributions and transfers 4,498,484 2,230,073
CHANGE IN NET ASSETS 10,827,107 9,717,818
NET ASSETS, Beginning of period 113,039,926 103,322,108
NET ASSETS, End of period 123,867,033$ 113,039,926$
CITY OF GEORGETOWN, TEXAS
AIRPORT FUND
COMPARATIVE STATEMENTS OF NET ASSETS
AS OF SEPTEMBER 30, 2008 and 2007
TOTALS
2008 2007
ASSETS:
Current Assets:
Cash and cash equivalents 253,287$ 50,462$
Investments 491,675 370,052
Accounts receivable:
Services (net of allowance for uncollectibles) 135,583 142,527
Other 86,510
Inventories 22,294 48,299
Total current assets 902,839 697,850
Noncurrent Assets:
Deferred charges - bond issuance costs 54,657 59,618
Total noncurrent assets 54,657 59,618
Property and Equipment:
Land and land rights 981,500 981,500
Distribution system 79,335 79,335
Buildings and improvements 9,577,597 9,577,597
Machinery, furniture and equipment 137,577 137,577
Total cost property and equipment 10,776,009 10,776,009
Less accumulated depreciation (5,505,030) (5,104,948)
Net property and equipment 5,270,979 5,671,061
TOTAL ASSETS 6,228,475$ 6,428,529$
LIABILITIES AND NET ASSETS:
Liabilities:
Current liabilities:
Accounts payable 102,415$ 110,158$
Compensated absence 11,279 10,670
Current portion of long-term debt 150,133 144,505
Accrued interest 7,370 8,191
Total current liabilities 271,197 273,524
Long term liabilities:
Compensated absence 22,976 22,400
Long-term debt 1,214,576 1,364,709
Total noncurrent liabilities 1,237,552 1,387,109
Total liabilities 1,508,749 1,660,633
Net Assets:
Invested in capital assets (net of related debt) 3,906,270 4,221,465
Unrestricted 813,456 546,431
Total net assets 4,719,726 4,767,896
TOTAL LIABILITIES AND NET ASSETS 6,228,475$ 6,428,529$
CITY OF GEORGETOWN, TEXAS
AIRPORT FUND
COMPARATIVE STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN FUND NET ASSETS
FISCAL YEARS ENDED SEPTEMBER 30, 2008 AND 2007
2008 2007
OPERATING REVENUES:
Fuel sales 2,765,552$ 1,989,990$
Contract leases 198,809 163,717
Hangar/tie down rental fees 339,301 315,111
Terminal sales 5,227 4,468
TOTAL OPERATING REVENUES 3,308,889 2,473,286
OPERATING EXPENSES:
Administration:
Personnel 249,337 234,574
Operations 2,740,539 1,913,371
Total administration 2,989,876 2,147,945
Depreciation 400,081 370,250
TOTAL OPERATING EXPENSES 3,389,957 2,518,195
NET OPERATING LOSS (81,068) (44,909)
NONOPERATING REVENUES (EXPENSES)
Investment earnings 23,535 28,111
Interest and fiscal charges (69,420) (71,190)
Donations and grants 27,071
Other 51,712 49,824
Total nonoperating revenues (expenses) 32,898 6,745
TRANSFERS:
Donations and grants 1,047,145
Total transfers 1,047,145
CHANGE IN NET ASSETS (48,170) 1,008,981
NET ASSETS, Beginning of period 4,767,896 3,758,915
NET ASSETS, End of period 4,719,726$ 4,767,896$
CITY OF GEORGETOWN, TEXAS
SANITATION FUND
COMPARATIVE STATEMENTS OF NET ASSETS
AS OF SEPTEMBER 30, 2008 and 2007
TOTALS
2008 2007
ASSETS:
Current Assets:
Cash and cash equivalents 7,721$
Accounts receivable:
Services (net of allowance for uncollectibles) 509,362$ 522,007
Total current assets 509,362 529,728
Noncurrent Assets:
Deferred charges - bond issuance costs 12,726 13,434
Total noncurrent assets 12,726 13,434
Property and Equipment:
Land and land rights
Buildings and improvements 494,000 494,000
Machinery, furniture and equipment 79,573 52,000
Construction in progress 84,940
Total cost property and equipment 658,513 546,000
Less accumulated depreciation (56,640) (52,000)
Net property and equipment 601,873 494,000
TOTAL ASSETS 1,123,961$ 1,037,162$
LIABILITIES AND NET ASSETS:Liabilities:
Current liabilities:
Accounts payable 319,135$ 364,650$
Compensated absence 6,819 3,634
Due to other funds 89,195 76,166
Current portion of long-term debt 20,000 10,000
Accrued interest 2,661 4,730
Total current liabilities 437,810 459,180
Long term liabilities:
Compensated absence 11,433 6,168
Long-term debt 485,000 505,000
Total liabilities 934,243 970,348
Net Assets:
Invested in capital assets (net of related debt) 96,872
Unrestricted 92,846 66,814
Total net assets 189,718 66,814
TOTAL LIABILITIES AND NET ASSETS 1,123,961$ 1,037,162$
CITY OF GEORGETOWN, TEXAS
SANITATION FUND
COMPARATIVE STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN FUND NET ASSETS
FISCAL YEARS ENDED SEPTEMBER 30, 2008 AND 2007
2008 2007
OPERATING REVENUES:
Sanitation:
Sanitation services 4,320,335$ 3,688,612$
Total sanitation 4,320,335 3,688,612
Other:
Penalties 33,281 37,184
Connection and hookup fees 14,931 12,978
Other 29,500
Total other 77,712 50,162
TOTAL OPERATING REVENUES 4,398,047 3,738,774
OPERATING EXPENSES:
Administration:
Personnel 65,289 47,679
Operations 553,730 7,447
Total administration 619,019 55,126
Sanitation contracts 3,663,666 3,551,204
Depreciation 4,640
TOTAL OPERATING EXPENSES 4,287,325 3,606,330
NET OPERATING INCOME 110,722 132,444
NONOPERATING REVENUES (EXPENSES)
Investment earnings 143 1,721
Interest and fiscal charges (28,404) (5,437)
Total nonoperating revenues (expenses)(28,261) (3,716)
INCOME BEFORE TRANSFERS 82,461 128,728
TRANSFERS IN (OUT):
Transfers in 175,600 70,000
Transfers out (135,157) (231,055)
Total transfers 40,443 (161,055)
CHANGE IN NET ASSETS 122,904 (32,327)
NET ASSETS, Beginning of period 66,814 99,141
NET ASSETS, End of period 189,718$ 66,814$
CITY OF GEORGETOWN, TEXAS
STORMWATER DRAINAGE FUND
COMPARATIVE STATEMENTS OF NET ASSETS
AS OF SEPTEMBER 30, 2008 and 2007
TOTALS
2008 2007
ASSETS:
Current Assets:
Cash and cash equivalents 368,195$ 96,574$
Cash and cash equivalents - restricted 737,818
Investments 714,188 708,249
Accounts receivable:
Services (net of allowance for uncollectibles) 215,707 222,083
Total current assets 2,035,908 1,026,906
Noncurrent Assets:
Deferred charges - bond issuance costs 104,117 98,690
Total noncurrent assets 104,117 98,690
Property and Equipment:
Distribution system 21,512,677 17,055,550
Machinery, furniture and equipment 14,050 14,050
Construction in progress 25,266 942,807
Total cost property and equipment 21,551,993 18,012,407
Less accumulated depreciation (2,378,565) (1,818,577)
Net property and equipment 19,173,428 16,193,830
TOTAL ASSETS 21,313,453$ 17,319,426$
LIABILITIES AND NET ASSETS:
Liabilities:
Current liabilities:
Accounts payable 53,516$ 63,813$
Compensated absence 14,580 16,570
Current portion of long-term debt 172,766 149,811
Accrued interest 18,404 13,827
Total current liabilities 259,266 244,021
Long term liabilities:
Compensated absence 22,651 27,604
Long-term debt 2,942,475 2,365,241
Total noncurrent liabilities 2,965,126 2,392,845
Total liabilities 3,224,392 2,636,866
Net Assets:
Invested in capital assets (net of related debt) 16,796,005 13,777,468
Unrestricted 1,293,056 905,092
Total net assets 18,089,061 14,682,560
TOTAL LIABILITIES AND NET ASSETS 21,313,453$ 17,319,426$
CITY OF GEORGETOWN, TEXAS
STORMWATER DRAINAGE FUND
COMPARATIVE STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN FUND NET ASSETS
FISCAL YEARS ENDED SEPTEMBER 30, 2008 AND 2007
2008 2007
OPERATING REVENUES:
Stormwater drainage fees 1,815,722$ 1,773,130$
Other:
Penalties 9,963 13,745
Service fees 6,480 6,898
Total other 16,443 20,643
TOTAL OPERATING REVENUES 1,832,165 1,793,773
OPERATING EXPENSES:
Stormwater drainage:
Personnel 245,652 256,415
Operations 750,847 686,548
Total stormwater drainage 996,499 942,963
Depreciation 559,988 485,320
TOTAL OPERATING EXPENSES 1,556,487 1,428,283
NET OPERATING INCOME 275,678 365,490
NONOPERATING REVENUES (EXPENSES):
Investment earnings 39,502 57,392
Interest and fiscal charges (132,526) (19,407)
Other
Total nonoperating revenue (expenses) (93,024) 37,985
INCOME BEFORE CONTRIBUTIONS AND TRANSFERS 182,654 403,475
CONTRIBUTIONS AND TRANSFERS:
Capital contributions 3,396,883 2,397,434
Transfers out (173,036) (181,814)
Total contributions and transfers 3,223,847 2,215,620
CHANGE IN NET ASSETS 3,406,501 2,619,095
NET ASSETS, Beginning of period 14,682,560 12,063,465
NET ASSETS, End of period 18,089,061$ 14,682,560$
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, 2008
BALANCE BALANCE
OCTOBER 1, SEPTEMBER 30,
2007 ADDITIONS DEDUCTIONS 2008
Cafeteria Plan-Flex Spending:
ASSETS:
Cash and cash equivalents $ 34,107 $ 139,800 $ 147,137 $ 26,770
TOTAL ASSETS $ 34,107 $ 139,800 $ 147,137 $ 26,770
LIABILITIES:
Accounts payable $ 34,107 $ 139,800 $ 147,137 $ 26,770
TOTAL LIABILITIES $ 34,107 $139,800 $147,137 $26,770
Public Improvement Districts:
ASSETS:
Cash and cash equivalents $ 47,016 $ 433,405 $ 473,709 $ 6,712
Accounts receivable 260,042 430 259,612
TOTAL ASSETS $ 307,058 $ 433,405 $ 474,139 $ 266,324
LIABILITIES:
Accounts payable $ 53,007 $ 433,405 $ 473,709 $ 12,703
Due to other governments 254,051 430 253,621
TOTAL LIABILITIES $ 307,058 $ 433,405 $ 474,139 $ 266,324
Texas Capital Fund Repayments:
ASSETS:
Accounts receivable $ 702,926 $ $ 69,590 $ 633,336
TOTAL ASSETS $ 702,926 $ $ 69,590 $ 633,336
LIABILITIES:
Due to other governments $ 702,926 $ $ 69,590 $ 633,336
TOTAL LIABILITIES $ 702,926 $ $ 69,590 $ 633,336
TOTAL AGENCY FUNDS
ASSETS:
Cash and cash equivalents $ 81,123 $ 573,205 $ 620,846 $ 33,482
Accounts receivable 962,968 70,020 892,948
TOTAL ASSETS $ 1,044,091 $ 573,205 $ 690,866 $ 926,430
LIABILITIES:
Accounts payable $ 87,114 $ 573,205 $ 620,846 $ 39,473
Due to other governments 956,977 70,020 886,957
TOTAL LIABILITIES $ 1,044,091 $ 573,205 $ 690,866 $ 926,430
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, 2008 and 2007
2008 2007
GOVERNMENTAL FUNDS CAPITAL ASSETS
Land $ 4,004,996 $ 3,891,017
Buildings 39,048,927 35,174,897
Improvements 155,311,423 134,745,071
Machinery, furniture and equipment 5,746,899 4,143,144
Construction in progress 11,770,923 14,664,057
TOTAL GOVERNMENTAL FUNDS CAPITAL ASSETS $ 215,883,168 $ 192,618,186
INVESTMENT IN GOVERNMENTAL FUNDS CAPITAL ASSETS
General Fund $ 6,537,948 $ 6,535,056
Capital Projects Funds:
General obligation bonds and certificates of obligation 72,157,660 62,520,240
State grant 411,531 200,000
Other 125,666,415 112,253,276
Special Revenue Funds:
Federal grant 2,265,506 2,265,506
Other 2,232,584 2,232,584
State grant 2,351,975 2,351,975
Transfer from proprietary fund 2,283,110 2,283,110
Acquisitions prior to August 31, 1985 - source
undetermined 1,976,439 1,976,439
TOTAL INVESTMENT IN GOVERNMENTAL FUNDS CAPITAL ASSETS $ 215,883,168 $ 192,618,186
CITY OF GEORGETOWN, TEXAS
CAPITAL ASSETS USED IN THE OPERATION OF GOVERNMENTAL FUNDS
SCHEDULE BY FUNCTION AND ACTIVITY
SEPTEMBER 30, 2008
LAND BUILDINGS IMPROVEMENTS EQUIPMENT
CONSTRUCTION
IN PROGRESS TOTAL
FUNCTION AND ACTIVITY
Culture-recreation
Library $ 11,059,549 $ 61,340 $ 910,487 $ 12,031,376
Parks administration 639,192 1,880,062 37,910 2,557,164
Parks maintenance $ 743,579 5,985 2,428,328 214,014 3,391,906
Recreation 113,979 2,149,070 1,042,254 546,075 3,851,378
Total culture-recreation 857,558 13,853,796 5,411,984 1,708,486 21,831,824
Development
Planning administration 21,995 131,679 153,674
Planning 34,212 34,212
Inspections 81,206 81,206
Total development 21,995 247,097 269,092
Economic development
Administration 25,000 5,489 30,489
Total economic development 25,000 5,489 30,489
Fire
Administration 13,614 44,314 57,928
Operations 2,846,523 241,351 304,637 3,392,511
Total fire 13,614 2,846,523 241,351 348,951 3,450,439
General Government
City council 593,084 784,722 146,832 107,998 1,632,636
City manager's office 296,852 115,592 23,620 436,064
Facilities 289,374 13,520,653 3,015,222 177,121 17,002,370
General government 463,297 7,190,181 4,161,758 471,434 12,286,670
Total general government 1,642,607 21,495,556 7,439,404 780,173 31,357,740
Highways and streets
Bridges 9,039,783 9,039,783
Streets 130,705,589 246,164 130,951,753
Streets capital improvements 1,491,217 1,890,546 423,044 3,804,807
Total highways and streets 1,491,217 141,635,918 669,208 143,796,343
Police
Administration 65,521 466,828 1,394,042 1,926,391
Support services bureau 342,514 342,514
Field operations bureau 155,669 155,669
Animal services 787,531 68,943 81,668 938,142
Municipal court 13,602 13,602
Total police 853,052 535,771 1,987,495 3,376,318
TOTAL CAPITAL ASSETS 4,004,996 39,048,927 155,311,423 5,746,899 204,112,245
CONSTRUCTION IN PROGRESS 11,770,923$ 11,770,923
11,770,923 11,770,923
TOTAL GOVERNMENTAL
FUNDS CAPITAL ASSETS $ 4,004,996 $ 39,048,927 $ 155,311,423 $ 5,746,899 $ 11,770,923 $ 215,883,168
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, 2008
BALANCE
10/1/2007 ADDITIONS DELETIONS
BALANCE
9/30/2008
FUNCTION AND ACTIVITY
Culture-recreation
Library $ 11,979,475 $ 51,901 $ 12,031,376
Parks administration 2,456,229 100,935 2,557,164
Parks maintenance 3,333,967 57,939 3,391,906
Recreation 2,986,862 864,516 3,851,378
Total culture-recreation 20,756,533 1,075,291 21,831,824
Development
Planning administration 95,288 58,386 153,674
Planning 34,212 34,212
Inspections 29,206 52,000 81,206
Total development 158,706 110,386 269,092
Economic development
Administration 30,489 30,489
Total economic development 30,489 30,489
Fire
Administration 57,929 57,929
Operations 3,239,101 153,409 3,392,510
Total fire 3,297,030 153,409 3,450,439
General Government
City council 1,632,636 1,632,636
City manager's office 336,065 100,000 436,065
Facilities 10,611,410 6,390,960 17,002,370
General government 11,487,463 799,206 12,286,669
Total general government 24,067,574 7,290,166 31,357,740
Highways and streets
Bridges 6,539,783 2,500,000 9,039,783
Streets 116,806,069 14,181,356 130,987,425
Streets capital improvements 3,690,314 78,821 3,769,135
Total highways and streets 127,036,166 16,760,177 143,796,343
Police
Administration 1,593,711 332,680 1,926,391
Support services bureau 82,540 259,974 342,514
Field operations bureau 43,330 112,340 155,670
Animal services 874,449 63,693 938,142
Municipal court 13,602 13,602
Total police 2,607,632 768,687 3,376,319
TOTAL CAPITAL ASSETS 177,954,129 26,158,116 204,112,245
CONSTRUCTION IN PROGRESS 14,664,057 18,623,575 $ 21,516,709 11,770,923
14,664,057 18,623,575 21,516,709 11,770,923
TOTAL GOVERNMENTAL
FUNDS CAPITAL ASSETS $ 192,618,186 $ 44,781,691 $ 21,516,709 $ 215,883,168
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.
Statistical
Section
Statistical Section
This part of the City of Georgetown’s comprehensive annual financial report presents detailed information
as a context for understanding what the information in the financial statements, note disclosures, and
required supplementary information says about the government’s overall financial health.
Contents:
Financial Trend ..................................................................................................................................... 132
These schedules contain trend information to help the reader understand how the
government’s financial performance and well-being have changed over time.
Revenue Capacity................................................................................................................................. 142
These schedules contain information to help the reader assess the government’s
most significant local revenue source, the property tax.
Debt Capacity........................................................................................................................................ 152
These schedules present information to help the reader assess the affordability
of the government’s current levels of outstanding debt and the government’s
ability to issue additional debt in the future.
Demographic and Economic Information.............................................................................................. 166
These schedules offer demographic and economic indicators to help the reader
understand the environment within which the government’s financial activities
take place.
Operating Information ........................................................................................................................... 170
These schedules contain service and infrastructure data to help the reader
understand how the information in the government’s financial report related
to the services the government provides and the activities it performs
Sources: Unless otherwise noted, the information in these schedules is derived from the comprehensive
annual financial reports for the relevant year. The City implemented Statement 34 in 2003; schedules
presenting government-wide information include information beginning in that year.
CITY OF GEORGETOWN, TEXAS
NET ASSETS BY COMPONENT
LAST SIX FISCAL YEARS
(ACCRUAL BASIS OF ACCOUNTING)
2008 2007 2006 2005
Governmental activities
Invested in capital assets, net of related debt 130,666,842$ 116,738,898$ 122,268,551$ 107,692,319$
Restricted 19,388,282 36,306,468 18,254,529 16,836,756
Unrestricted 20,780,630 5,598,174 6,567,654 9,833,977
Total governmental activities net assets 170,835,754$ 158,643,540$ 147,090,734$ 134,363,052$
Business-type activities
Invested in capital assets, net of related debt 174,841,229$ 141,211,947$ 117,419,122$ 98,081,179$
Restricted 5,389,063 1,251,844
Unrestricted 29,144,912 30,295,994 30,942,450 31,393,246
Total business-type activities net assets 203,986,141$ 171,507,941$ 153,750,635$ 130,726,269$
Primary government
Invested in capital assets, net of related debt 302,601,662$ 257,950,845$ 239,687,673$ 205,773,498$
Restricted 25,011,217 36,306,468 23,643,592 18,088,600
Unrestricted 47,209,016 35,894,168 37,510,104 41,227,223
Total primary government net assets 374,821,895$ 330,151,481$ 300,841,369$ 265,089,321$
Source: Audited Financial Statements of City of Georgetown.
2004 2003
96,516,068$ 102,199,237$
12,067,284 5,073,123
7,169,828 6,886,592
115,753,180$ 114,158,952$
88,000,994$ 74,920,347$
389,312 844,225
29,760,025 28,239,895
118,150,331$ 104,004,467$
184,517,062$ 117,119,584$
12,456,596 5,917,348
36,929,853 35,126,487
233,903,511$ 158,163,419$
CITY OF GEORGETOWN, TEXAS
CHANGES IN NET ASSETS
LAST SIX FISCAL YEARS
(ACCRUAL BASIS OF ACCOUNTING)
2008 2007 2006 2005
Expenses
Governmental activities:
Culture-recreation 6,978,982$ 5,460,488$ 5,649,191$ 4,701,552$
Development 2,457,868 2,518,113 2,325,761 2,061,017
Fire 5,553,135 4,962,020 4,397,108 3,767,816
General government 3,604,501 3,227,227 3,671,786 4,405,436
Police 9,595,062 8,251,836 7,392,816 5,961,731
Streets 3,147,899 5,212,766 3,757,919 1,522,161
Interest on long-term debt 4,181,243 2,976,803 2,010,409 2,256,135
Total governmental activities expenses 35,518,690 32,609,253 29,204,990 24,675,848
Business-type activities
Airport 3,459,377 2,589,385 2,753,948 2,606,270
Electric 48,183,299 38,936,172 37,866,853 29,026,475
Sanitation 4,315,729 3,611,767 3,519,487 2,868,758
Stormwater 1,689,013 1,447,690 1,370,267 1,216,219
Water 18,980,021 17,584,962 15,668,061 14,234,866
Total business-type activities expenses 76,627,439 64,169,976 61,178,616 49,952,588
Total primary government expense 112,146,129$ 96,779,229$ 90,383,606$ 74,628,436$
Program Revenues
Governmental activities:
Charges for services:
Culture-recreation 1,391,416$ 1,101,159$ 991,505$ 812,920$
Development 1,232,533 1,596,801 1,761,166 1,350,955
Fire 1,044,870 848,066 210,453 478,378
General government 1,418,786 783,235 635,546 1,452
Police 1,344,259 1,182,064 880,807 838,302
Streets 26,900 101,685
Operating grants and contributions 492,632 683,731 168,863 900,681
Capital grants and contributions 909,209 3,654,737 6,153,637 13,474,330
Total governmental activities
program revenues 7,833,705 9,876,693 10,903,662 17,857,018
Business-type activities:
Charges for services:
Airport 3,308,889 2,473,286 2,595,764 2,352,094
Electric 52,846,962 44,028,755 42,526,728 35,002,038
Sanitation 4,398,047 3,738,774 3,446,566 3,227,268
Stormwater 1,832,165 1,793,773 1,716,066 1,572,854
Water 23,313,864 20,800,851 20,318,603 17,046,731
Capital grants and contributions 11,071,907 8,850,968 14,217,294 6,665,628
Total business-type activities
program revenues 96,771,834 81,686,407 84,821,021 65,866,613
Total primary government
program revenues 104,605,539$ 91,563,100$ 95,724,683$ 83,723,631$
Net (expense)/revenue
Governmental activities (27,684,985)$ (22,732,560)$ (18,301,328)$ (6,818,830)$
Business-type activities 20,144,395 17,516,431 23,642,405 15,914,025
Total primary government net expens (7,540,590)$ (5,216,129)$ 5,341,077$ 9,095,195$
2004 2003
4,773,059$ 4,165,382$
1,956,243 1,607,886
3,862,168 3,611,523
4,005,079 3,715,369
5,833,644 5,476,245
2,752,225 3,267,717
1,253,934 1,241,202
24,436,352 23,085,324
1,962,826 1,773,928
26,237,073 23,957,507
2,740,495 2,577,159
986,876 841,591
13,218,349 11,727,956
45,145,619 40,878,141
69,581,971$ 63,963,465$
672,882$ 643,950$
1,097,581 887,830
141,280 209,207
769,389 602,434
176,169 228,828
110,077 1,700,000
2,967,378 4,272,249
1,667,154 1,459,523
30,152,942 26,689,395
2,932,480 2,791,467
1,331,962 1,209,132
15,500,302 15,055,711
12,051,096 2,070,954
63,635,936 49,276,182
66,603,314$ 53,548,431$
(21,468,974)$ (18,813,075)$
18,490,317 8,398,041
(2,978,657)$ (10,415,034)$
CITY OF GEORGETOWN, TEXAS
CHANGES IN NET ASSETS (CONTINUED)
LAST SIX FISCAL YEARS
(ACCRUAL BASIS OF ACCOUNTING)
2008 2007 2006 2005
General Revenues and Other
Changes in Net Assets
Governmental activities:
Property Tax 12,610,638$ 10,737,981$ 8,919,694$ 8,329,395$
Sales Tax 13,236,686 12,206,099 10,962,790 8,496,160
Taxes - other 1,134,493 1,185,511 844,718 749,301
Franchise taxes 2,739,567 2,083,306 2,209,235 1,942,246
Interest on investments 2,222,952 2,085,055 1,398,706 507,038
Gain on sale of capital assets 859,286
Other 803,334 463,719 1,167,654
Transfers 7,129,529 5,987,414 6,230,148 5,220,063
Total governmental activities 39,877,199$ 34,285,366$ 31,029,010$ 27,271,143$
Business-type activities:
Interest on investments 1,018,860$ 1,495,484$ 1,673,167$ 732,461$
Gain on sale of capital assets 160,949
Other 2,295,472 4,417,805 3,938,942 988,566
Transfers (7,129,529) (5,987,414) (6,230,148) (5,220,063)
Total business-type activities (3,815,197) (74,125) (618,039) (3,338,087)
Total primary governmen 36,062,002$ 34,211,241$ 30,410,971$ 23,933,056$
Changes in Net Assets
Governmental activities 12,192,214$ 11,552,806$ 12,727,682$ 20,452,313$
Business-type activities 16,329,198 17,442,306 23,024,366 12,575,938
Total primary governmen 28,521,412$ 28,995,112$ 35,752,048$ 33,028,251$
2004 2003
6,927,438$ 6,380,597$
7,395,657 6,091,190
585,921 560,458
1,844,683 1,579,729
171,949 197,103
466,185 2,420,183
5,671,960 4,661,635
23,063,793$ 21,890,895$
444,169$ 159,864$
883,338 1,009,560
(5,671,960) (4,661,635)
(4,344,453) 10,131,573
18,719,340$ 32,022,468$
1,594,819$ 3,077,820$
14,145,864 18,529,614
15,740,683$ 21,607,434$
CITY OF GEORGETOWN, TEXAS
FUND BALANCES OF GOVERNMENTAL FUNDS
LAST TEN FISCAL YEARS
(MODIFIED ACCRUAL BASIS OF ACCOUNTING)
2008 2007 2006 2005
General Fund
Reserved 955,743$ 1,342,069$ 1,038,758$ 1,181,489$
Unreserved 10,986,752 9,223,131 7,917,556 6,289,465
Total general fund 11,942,495$ 10,565,200$ 8,956,314$ 7,470,954$
Reserved 10,889,998$ 20,648,352$ 11,214,177$ 6,280,990$
Unreserved, reported in:
Special revenue funds
Capital projects funds 18,173,048 19,043,457 9,778,067 12,389,201
Total all other governmental funds 29,063,046$ 39,691,809$ 20,992,244$ 18,670,191$
2004 2003 2002 2001 2000 1999
952,348$ 879,218$ 256,987$ 199,071$ 71,899$ 72,774$
4,484,457 3,104,887 2,749,025 3,516,422 3,870,170 2,569,654
5,436,805$ 3,984,105$ 3,006,012$ 3,715,493$ 3,942,069$ 2,642,428$
4,166,714$ 4,040,224$ 9,700,650$ 9,971,623$ 8,659,997$ 8,560,393$
462,040 279,158 (1,513,403) (56,377) (57,377) (186,544)
9,192,972 1,948,752
13,821,726$ 6,268,134$ 8,187,247$ 9,915,246$ 8,602,620$ 8,373,849$
CITY OF GEORGETOWN, TEXAS
CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
LAST TEN FISCAL YEARS
(MODIFIED ACCRUAL BASIS OF ACCOUNTING)
2008 2007 2006 2005
Revenues
Property taxes 12,703,509$ 10,938,488$ 9,047,916$ 8,408,150$
Property assessment 210,659 155,864 173,011 89,134
Sales tax and other taxes 14,000,228 13,053,780 11,495,335 8,927,263
Franchise taxes 2,739,567 2,083,306 2,209,235 1,942,246
Licenses and permits 1,158,433 1,527,886 1,723,082 1,266,295
Charges for service 2,289,493 1,830,286 1,067,460 955,940
Fine and forfeitures 1,110,815 1,067,934 907,983 773,882
Donations and grants 298,803 683,731 168,863 798,822
Investment income 2,222,952 2,085,055 1,398,706 507,038
Other revenue 2,823,254 1,112,119 1,428,485 2,134,184
Total revenues 39,557,713 34,538,449 29,620,076 25,802,954
Expenditures
Culture - recreation 6,325,780 5,397,344 4,968,902 5,197,709
Development 2,454,810 2,611,432 2,127,927 1,952,474
Fire services 5,380,247 4,903,325 4,171,527 3,675,033
General government 3,038,876 3,018,023 2,302,417 1,987,046
Highways and streets 2,768,367 1,739,495 1,761,494 1,741,217
Police 9,222,704 8,162,359 7,070,088 5,798,432
Capital outlay 21,622,846 15,538,147 15,950,142 11,916,076
Debt service
Principal retirement 3,495,684 2,755,592 2,387,035 2,500,901
Interest and fiscal charges 4,480,504 2,909,116 2,307,846 1,897,649
Total expenditures 58,789,818 47,034,833 43,047,378 36,666,537
Excess (deficiency) of revenues
over expenditures (19,232,105) (12,496,384) (13,427,302) (10,863,583)
Other financing sources (uses)
Transfers in 10,196,752 7,823,154 8,580,426 6,400,033
Transfers out (4,658,144) (3,558,105) (3,940,019) (2,691,211)
Sale of property 47,029 54,599 31,102 896,113
Capital lease issued
Payment to refunding escrow agent (3,160,147) (7,736,794) (9,243,904)
Bonds issued 4,395,000 31,645,334 20,300,000 22,385,166
Total other financing
sources (uses)9,980,637 32,804,835 17,234,715 17,746,197
Net change in fund balances (9,251,468)$ 20,308,451$ 3,807,413$ 6,882,614$
Debt service as a percentage of noncapita
expenditures 21.5%19.5%17.3%17.8%
2004 2003 2002 2001 2000 1999
7,217,442$ 6,596,246$ 5,991,068$ 5,165,637$ 4,797,764$ 4,224,047$
81,916 76,816 39,450 21,296
7,797,747 6,477,415 5,563,400 3,958,624 3,755,243 3,137,685
1,844,683 1,579,729 1,489,345 1,378,703 1,387,777 1,052,249
1,078,048 866,451 827,395 731,600 662,344 530,896
919,219 946,450 817,255 130,031 121,931 116,541
684,999 533,703 419,297 417,192 319,886 239,511
286,246 228,827 284,052 227,965 1,082,421 1,608,949
171,949 197,102 404,008 646,471 714,567 453,730
764,592 3,463,798 800,523 1,308,940 1,249,944 982,452
20,846,841 20,966,537 16,635,793 13,986,459 14,091,877 12,346,060
4,509,436 3,904,361 2,611,676 2,520,044 2,989,751 2,587,431
1,914,223 1,565,612 1,666,489 1,253,338 1,284,017 1,276,021
3,832,320 3,507,243 3,400,239 3,104,714 2,513,832 2,415,371
1,905,979 1,619,356 3,019,178 3,131,439 1,937,898 1,762,119
1,931,782 1,587,154 1,885,222 1,193,979 1,032,006 971,154
5,585,002 5,359,643 4,569,239 4,245,123 4,023,129 3,761,479
6,570,321 9,749,963 3,325,393 5,726,880 4,198,563 4,902,985
1,262,782 1,159,660 1,104,989 1,247,477 880,535 964,454
1,253,934 1,241,201 1,099,808 1,128,275 879,267 831,984
28,765,779 29,694,193 22,682,233 23,551,269 19,738,998 19,472,998
(7,918,938) (8,727,656) (6,046,440) (9,564,810) (5,647,121) (7,126,938)
5,856,656 5,190,366 3,614,115 5,933,886 6,553,059 5,052,659
(1,454,546) (528,730) (5,156) (753,026) (827,526) (1,353,212)
75,270
283,120
12,240,000 3,125,000 5,470,000 1,450,000 4,975,000
16,925,230 7,786,636 3,608,959 10,650,860 7,175,533 8,749,717
9,006,292$ (941,020)$ (2,437,481)$ 1,086,050$ 1,528,412$ 1,622,779$
11.3%12.0%11.4%13.3%11.3%12.3%
CITY OF GEORGETOWN, TEXAS
PROPERTY TAX LEVIES AND COLLECTIONS
LAST TEN FISCAL YEARS
CURRENT PERCENT DELINQUENT
FISCAL TOTAL TAX OF LEVY TAX
YEAR TAX LEVY COLLECTIONS COLLECTED COLLECTIONS
1999 4,195,903$ 4,145,351$ 98.80% 48,279$
2000 4,952,688 4,726,489 95.43% 56,614
2001 5,357,851 5,115,255 95.47% 64,518
2002 6,201,997 5,979,605 96.41% 22,186
2003 6,912,129 6,598,745 95.47% 46,401
2004 7,525,174 7,215,477 95.88% 30,046
2005 8,694,027 8,274,192 95.17% 161,088
2006 9,442,953 9,096,910 96.34% 76,076
2007 11,500,980 11,138,968 96.85% 111,061
2008 13,156,096 12,744,960 96.87% 91,036
Source: City of Georgetown Tax Assessor.
TOTAL OUTSTANDING
COLLECTIONS DELINQUENT
AS A PERCENT OUTSTANDING TAXES AS A
TOTAL TAX OF CURRENT DELINQUENT PERCENT OF
COLLECTIONS LEVY TAXES CURRENT LEVY
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%
9,172,986 97.14%277,077 2.93%
11,250,029 97.82%250,951 2.18%
12,835,996 97.57%320,807 2.44%
CITY OF GEORGETOWN, TEXAS
ASSESSED AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY
LAST TEN FISCAL YEARS
REAL PROPERTY PERSONAL PROPERTY
ESTIMATED ESTIMATED
FISCAL ASSESSED ACTUAL ASSESSED ACTUAL
YEAR VALUE (1)VALUE VALUE (1)VALUE
1999 $ 1,103,282,662 $ 1,103,282,662 $ 96,548,570 $ 96,548,570
2000 1,278,247,074 1,278,247,074 131,824,968 131,824,968
2001 1,450,396,227 1,450,396,227 178,948,682 178,948,682
2002 1,660,732,507 1,660,732,507 178,037,876 178,037,876
2003 1,915,334,794 1,915,334,794 200,707,337 200,707,337
2004 1,935,628,300 1,935,628,300 196,487,678 196,487,678
2005 2,094,066,974 2,094,066,974 166,921,359 166,921,359
2006 2,367,099,144 2,367,099,144 157,265,408 157,265,408
2007 2,749,816,041 2,749,816,041 136,821,317 136,821,317
2008 3,330,727,230 3,330,727,230 238,557,091 238,557,091
Source: City of Georgetown Tax Assessor.
(1) Net of exemptions.
TOTAL RATIO OF TOTAL
ESTIMATED ASSESSED VALUE
ASSESSED ACTUAL TO TOTAL ESTIMATED
VALUE (1)VALUE ACTUAL VALUE
$ 1,199,831,232 $ 1,199,831,232 100.00%
1,410,072,042 1,410,072,042 100.00%
1,629,344,909 1,629,344,909 100.00%
1,838,770,383 1,838,770,383 100.00%
2,116,042,131 2,116,042,131 100.00%
2,132,115,978 2,132,115,978 100.00%
2,260,988,333 2,260,988,333 100.00%
2,524,364,552 2,524,364,552 100.00%
2,886,637,358 2,886,637,358 100.00%
3,569,284,321 3,569,284,321 100.00%
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
FISCAL GENERAL SERVICE TOTAL INDEPENDENT WILLIAMSON
YEAR FUND FUND CITY SCHOOL DISTRICT COUNTY TOTAL
1999 0.21 0.14 0.35 1.75 0.35 2.45
2000 0.21 0.13 0.34 1.63 0.35 2.32
2001 0.20 0.11 0.31 1.74 0.40 2.45
2002 0.20 0.11 0.31 1.69 0.40 2.40
2003 0.20 0.10 0.30 1.73 0.46 2.49
2004 0.22 0.10 0.32 1.77 0.48 2.57
2005 0.23 0.11 0.34 1.76 0.51 2.61
2006 0.21 0.14 0.35 1.73 0.50 2.58
2007 0.22 0.15 0.37 1.63 0.50 2.50
2008 0.20 0.15 0.35 1.29 0.47 2.11
Source: Information furnished by respective tax assessors.
CITY OF GEORGETOWN, TEXAS
PRINCIPAL PROPERTY TAXPAYERS
CURRENT YEAR & NINE YEARS AGO
PERCENTAGE PERCENTAGE
OF TOTAL OF TOTAL
TYPE OF ASSESSED ASSESSED ASSESSED ASSESSED
TAXPAYER BUSINESS VALUE RANK VALUE(1) VALUE RANK VALUE(1)
SPG Wolf Ranch LP Development $ 62,498,544 1 1.75%
St. David's Healthcare Partnership Hospital 37,634,524 2 1.05%
Del Webb Texas Ltd Development 31,459,133 3 0.88% $ 27,438,949 1 2.29%
Stonehill Waters Edge Ltd Apartments 24,942,050 4 0.70%
Wal-Mart Real Estate Retailer 16,500,311 5 0.46%
Hewlett Holdings Ltd Automobile dealer 13,759,757 6 0.39%
H. E. Butt Grocery Company Grocer 13,200,000 7 0.37%6,364,988 5 0.53%
Republic Square K/C Ltd Development 12,177,143 8 0.34%
Inland Western Georgetown Rivery Development 11,771,240 9 0.33%
Target Corporation Retailer 11,648,560 10 0.33%
General Telephone Utility 9,982,434 2 0.83%
Oaks at Georgetown LP Apartments 9,002,948 3 0.75%
Commonwealth Land & Title Co Development 6,393,211 4 0.53%
Inck Apartments LP Retailer 4,784,800 6 0.40%
SCG Partners Ltd Development 4,687,571 7 0.39%
Albertsons Apartments 4,350,299 8 0.36%
David Starr Apartments 4,250,595 9 0.35%
Bridge-Georgetown Park Ltd Development 4,176,000 10 0.35%
Total $ 235,591,262 6.60% $ 81,431,795 6.79%
(1) The total assessed valuation for the fiscal year ended September 30, 2008 was certified at $3,569,284,321.
Sources: City Tax Assessor/Collector.
* Per certified roll. Does not include some major property owners whose property is under protest as of date of certification.
19992008
CITY OF GEORGETOWN, TEXAS
TAXABLE SALES BY CATEGORY
LAST TEN FISCAL YEARS
NAICS Sectors 2008 2007 2006 2005
Mining, quarrying, oil & gas extraction 302,512$ 9,526,650$
Utilities 16,575,671 13,957,517$ 13,957,517 12,511,431$
Construction 7,909,000 8,867,280 10,399,944 14,938,206
Manufacturing 9,491,959 8,753,965 3,726,375 5,892,050
Wholesale trade 16,376,383 23,466,004 19,296,699 17,363,298
Retail trade 386,206,645 367,659,270 343,177,903 227,220,375
Transportation, warehousing 1,631,361 1,926,996 1,471,067 1,075,717
Information 26,677,568 24,852,272 22,801,763 18,039,429
Finance, insurance 353,585 358,689 382,058 245,406
Real estate, rental, leasing 3,870,068 4,186,642 6,328,408 4,137,449
Professional, scientific, technical svcs 6,770,808 6,124,376 6,255,576 5,304,715
Management of companies, enterprises 64,799
Admin, support, waste mgmt, remediation svc 3,585,104 3,155,585 3,939,792 3,766,944
Educational svcs 41,141 28,053 18,923 24,679
Healthcare, social assistance 208,144 167,879 162,081 156,629
Arts, entertainment, recreation 9,670,761 7,972,749 4,742,112 4,292,148
Accommodation, food services 73,832,592 66,063,700 56,700,789 47,515,213
Other svcs (except public administration) 13,907,863 13,796,541 12,145,585 11,873,575
Public administration 1,403 10,102,695
Other 647 11,700 18,391
Total 577,412,568$ 551,338,165$ 515,044,942$ 384,543,149$
SIC Codes 2005 2007 2006 2005
Agriculture, forestry, fishing
Construction
Manufacturing
Transportation, communications, utilities
Wholesale trade
Retail trade
Finance, insurance, real estate
Services
Public administration
Other
Total
City direct sales tax rate 2.00%2.00%2.00%1.75%
Source: Window on State Government - Susan Combs, Texas Comptroller of Public Accounts website.
Amounts subject to sales tax have been restated by the state since the 2007 CAFR release.
Notes: All reporting is now by North American Industry Classification System (NAICS) sector. Standard Industrial
Classification (SIC) Codes are no longer being assigned to taxpayers.
2004 2003 2002 2001 2000 1999
7,941,520$ 6,029,954$ 8,308,033$
5,124,040 4,669,755 5,125,749
14,274,570 16,190,503 38,535,197
198,330,935 193,285,682 157,168,007
678,344 783,305 984,293
16,454,334 15,060,779 13,214,897
28,302 3,449
2,940,680 4,777,489 6,543,900
5,410,006 4,990,963 4,455,827
3,632,634 3,684,132 4,105,120
18,657
151,172 162,861 153,513
3,983,432 3,693,671 3,503,705
42,346,791 37,004,699 35,683,167
10,986,389 10,676,164 9,710,425
8,340,851 7,696,163 6,738,964
420,399 1,028,154 3,209,388
321,063,056$ 309,737,723$ 297,440,187$
2004 2003 2002 2001 2000 1999
1,136,583$ 659,105$ 935,211$
8,121,175 10,964,602 6,603,008
7,442,465 7,199,965 6,646,803
11,696,473 9,906,842 9,927,907
15,403,048 12,477,416 12,020,426
209,521,177 206,468,551 186,066,531
413,182
29,036,528 26,438,953 23,370,272
6,725,228 4,642,274
289,495,859$ 278,757,708$ 245,570,158$
1.75%1.75%1.50%1.00%1.00%1.00%
CITY OF GEORGETOWN, TEXAS
DIRECT AND OVERLAPPING SALES TAX RATES
LAST TEN FISCAL YEARS
CITY
FISCAL DIRECT STATE OF
YEAR RATE TEXAS
1999 1% 6.25%
2000 1% 6.25%
2001 1% 6.25%
2002 1.5% 6.25%
2003 1.75% 6.25%
2004 1.75% 6.25%
2005 1.75% 6.25%
2006 2% 6.25%
2007 2% 6.25%
2008 2% 6.25%
Source: Information furnished by City of Georgetown.
CITY OF GEORGETOWN, TEXAS
SALES TAX REVENUE PAYERS BY INDUSTRY
FISCAL YEARS 2008 AND 1999
Number Percent Tax Percent
NAICS Sectors of Filers of Total Liability of Total
Mining, quarrying, oil & gas extraction 3 0.16% 6,050$ 0.05%
Utilities 7 0.37% 331,513 2.87%
Construction 121 6.37% 158,180 1.37%
Manufacturing 132 6.95% 189,839 1.64%
Wholesale trade 103 5.42% 327,528 2.84%
Retail trade 750 39.49% 7,724,133 66.89%
Transportation, warehousing 24 1.26% 32,627 0.28%
Information 30 1.58% 533,551 4.62%
Finance, insurance 12 0.63% 7,072 0.06%
Real estate, rental, leasing 35 1.84% 77,401 0.67%
Professional, scientific, technical svcs 180 9.48% 135,416 1.17%
Management of companies, enterprises 1 0.05% - 0.00%
Admin, support, waste mgmt, remediation svcs 109 5.74% 71,702 0.62%
Educational svcs 10 0.53%823 0.01%
Healthcare, social assistance 14 0.74%4,163 0.04%
Arts, entertainment, recreation 43 2.26% 193,415 1.67%
Accommodation, food services 131 6.90% 1,476,652 12.79%
Other svcs (except public administration)157 8.27% 278,157 2.41%
Public administration 5 0.26%28 0.00%
Other 32 1.69%- 0.00%
Totals 1,899 100.00% 11,548,251$ 100.00%
Number Percent Tax Percent
SIC Codes of Filers of Total Liability of Total
Agriculture, forestry, fishing 36 2.58%9,352$ 0.38%
Mining 1 0.07%- 0.00%
Construction 85 6.09% 66,030 2.69%
Manufacturing 71 5.09% 66,468 2.71%
Transportation, communications, utilities 21 1.51% 99,279 4.04%
Wholesale trade 54 3.87% 120,204 4.89%
Retail trade 742 53.19% 1,860,665 75.77%
Finance, insurance, real estate 3 0.22%- 0.00%
Services 353 25.30% 233,703 9.52%
Public administration 3 0.22%- 0.00%
Nonclassifiable establishments 1 0.07%- 0.00%
Other 25 1.79%- 0.00%
Totals 1,395 100.00% 2,455,702$ 100.00%
Source: Window on State Government.
Notes: The City direct sales tax rate for 2008 and 1999 is 2% and 1%, respectively. Due to confidentiality issues,
the names of the ten largest revenue payers are not available. The categories presented are intended to provide
alternative information regarding the sources of the City's revenue. All reporting is now by North American Industry
Classification System (NAICS) sectors. Standard Industrial Classification (SIC) Codes are no longer being
assigned to taxpayers.
2008
1999
CITY OF GEORGETOWN, TEXAS
RATIOS OF OUTSTANDING DEBT BY TYPE
LAST TEN FISCAL YEARS
General Sales Tax Arbitrage
Fiscal Obligation Revenue Compensated Capital Rebate
Year Bonds Bonds Absences Leases Payable
1999 16,378,878$ 740,402$ 34,433$
2000 16,948,092 775,779 89,235
2001 21,170,615 901,139 106,910
2002 20,065,626 999,881 67,774
2003 22,217,455 1,252,751 166,968$ 63,277
2004 33,194,673 1,329,545 368,787 17,663
2005 44,306,603 1,522,801 255,702 17,663
2006 54,429,567 1,767,492 142,633 14,650
2007 68,855,734 11,330,000$ 2,072,026 74,944 14,650
2008 69,970,050 11,115,000 2,393,867 12,831 14,650
Note: Details regarding the City's outstanding debt can be found in the notes to the financial statements.
Governmental Activities
General Total
Revenue Compensated Obligation Primary
Bonds Absences Bonds Government
28,850,000$ 336,595$ 5,166,122$ 51,506,430$
32,090,000 317,852 5,056,908 55,277,866
32,075,000 362,325 4,939,385 59,555,374
30,005,000 405,004 4,734,374 56,277,659
34,498,514 470,239 4,514,031 63,183,235
38,903,763 496,860 4,261,564 78,572,855
40,064,012 531,152 4,509,384 91,207,317
45,885,000 546,452 4,265,434 107,051,228
51,070,000 555,387 4,539,267 138,512,008
57,280,000 574,234 4,984,950 146,345,582
Business-Type Activities
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
GROSS LESS SELF TOTAL TAX
FISCAL ASSESSED BONDED SUPPORTING SUPPORTED
YEAR POPULATION VALUE (1) DEBT (2)DEBT (3)DEBT
1999 26,400 $ 1,199,831,232 21,545,000$ 5,166,122$ 16,378,878$
2000 28,328 1,410,072,042 22,005,000 5,056,908 16,948,092
2001 30,000 1,629,344,909 26,110,000 4,939,385 21,170,615
2002 34,273 1,838,770,383 24,800,000 4,734,374 20,065,626
2003 35,300 2,116,042,131 26,731,486 7,639,031 19,092,455
2004 36,359 2,132,115,978 37,456,237 19,511,564 17,944,673
2005 38,265 2,260,988,333 48,815,988 20,675,096 28,140,892
2006 41,294 2,524,364,552 58,695,001 21,111,145 37,583,856
2007 44,324 2,886,637,358 73,395,001 25,608,155 47,786,846
2008 47,353 3,569,284,321 74,955,000 21,166,473 53,788,527
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, Stormwater Drainage and Georgetown Transportation
Enhancement Corporation funds).
(4) Less debt service funds available.
Note: Details regarding the City's outstanding debt can be found in the notes to the financial statements.
RATIO OF NET RATIO OF GROSS
LESS DEBT NET BONDED DEBT BONDED DEBT NET BONDED TOTAL BONDED
SERVICE FUNDS BONDED TO ASSESSED TO ASSESSED DEBT PER DEBT PER
AVAILABLE DEBT VALUE (4) VALUE (4) CAPITA (4) CAPITA (4)
625,913$ 15,752,965$ 1.31%1.74%596.70 $ 792.39$
868,584 16,079,508 1.14%1.50%567.62 746.13
628,288 20,542,327 1.26%1.56%684.74 849.39
657,757 19,407,869 1.06%1.31%566.27 704.41
663,644 18,428,811 0.87%1.23%522.06 738.47
768,436 17,176,237 0.81%1.72%472.41 1,009.04
508,151 27,632,741 1.22%2.14%722.14 1,262.45
878,668 36,705,188 1.45%2.29%888.87 1,400.11
1,329,213 46,457,633 1.61%2.50%1,048.14 1,625.89
1,224,087 52,564,440 1.47%2.07%1,110.06 1,557.05
CITY OF GEORGETOWN, TEXAS
COMPUTATION OF DIRECT AND ESTIMATED OVERLAPPING BONDED DEBT
SEPTEMBER 30, 2008
DEBT CITY'S SHARE (2)
PER
TAXING BODY AMOUNT AS OF PERCENT AMOUNT CAPITA (1)
ESTIMATED OVERLAPPING DEBT:
Georgetown I.S.D. $ 211,915,156 6-30-08 76.69% $ 162,507,180 $ 3,432
Williamson County 693,722,136 * 9-30-08 12.68% 87,983,609 1,858
Total estimated
overlapping debt 905,637,292 27.66% 250,490,790 5,289
DIRECT DEBT - City of
Georgetown 74,955,000 9-30-08 100.00% 74,955,000 1,583
DIRECT AND ESTIMATED
OVERLAPPING DEBT $ 980,592,292 $ 325,445,790 $ 6,872
Source: Jurisdiction listed.
(1) GISD population - 61,750
Williamson County population - 373,363
City of Georgetown population - 47,353
(2) Information represents the share of the respective debt which are obligations of the citizens
of the City of Georgetown
* Includes Williamson County and Avery Ranch
CITY OF GEORGETOWN, TEXAS
COMPUTATION OF LEGAL DEBT MARGIN
SEPTEMBER 30, 2008
2008 2007 2006 2005
Debt Limit 40,154,449$ 32,474,670$ 28,399,101$ 25,436,119$
Total net debt applicable to limit (1)7,614,171 5,278,417 4,916,116 4,645,554
Legal debt margin 32,540,278$ 27,196,253$ 23,482,985$ 20,790,565$
Total net debt applicable to limit
as a percentage of debt limit 18.96% 16.25% 17.31%18.26%
ASSESSED VALUATION 2008 3,569,284,321$
Allowable tax levy for annual debt service purpose:
assuming 90% collection rate 40,154,449$
2008 annual debt service requirements for general obligation debt:
Principal $3,585,000
Interest and fiscal charges 4,029,171 7,614,171
Legal margin for annual debt service requirements 32,540,278$
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 $100 of valuation, based on 90% collection of tax.
(1) The legal margin computation includes the general obligation debt that will be repaid by self-supporting sources
such as the Airport, Stormwater Drainage and Georgetown Transportation Enhancement Corporation (GTEC) funds.
2004 2003 2002 2001 2000 1999
23,986,305$ 23,805,474$ 20,686,167$ 18,330,130$ 15,863,310$ 13,498,101$
2,949,202 2,739,059 2,654,863 2,594,285 2,074,767 1,898,756
21,037,103$ 21,066,415$ 18,031,304$ 15,735,845$ 13,788,543$ 11,599,345$
12.30% 11.51% 12.83% 14.15% 13.08% 14.07%
,
CITY OF GEORGETOWN, TEXAS
REVENUE BOND COVERAGE
UTILITY FUNDS (1)
LAST TEN FISCAL YEARS
OPERATING
EXPENSES NET REVENUE
FISCAL ELIGIBLE INTEREST (EXCLUDING AVAILABLE FOR
YEAR REVENUES EARNINGS DEPRECIATION) DEBT SERVICE
1999 31,107,463$ 879,406$ 19,205,976$ 12,780,893$
2000 36,216,903 995,272 21,872,920 15,339,255
2001 40,844,133 1,202,418 25,762,110 16,284,441
2002 41,550,381 610,791 26,227,232 15,933,940
2003 46,041,368 155,951 30,122,878 16,074,441
2004 47,346,431 423,987 33,420,226 14,350,192
2005 54,144,359 705,118 36,669,650 18,179,827
2006 66,723,744 1,600,113 46,356,026 21,967,831
2007 69,197,587 1,408,260 48,565,015 22,040,832
2008 78,404,586 955,680 57,922,907 21,437,359
Source: Finance and Administration Division.
Notes: (1) Electric, Water and Wastewater only.
DEBT SERVICE REQUIREMENTS
INTEREST AND TIMES
PRINCIPAL FISCAL CHARGES TOTAL COVERAGE
145,000$ 1,471,341$ 1,616,341$ 7.91
1,080,000 1,393,904 2,473,904 6.20
1,915,000 1,809,436 3,724,436 4.37
2,070,000 1,640,674 3,710,674 4.29
2,145,000 1,668,819 3,813,819 4.21
2,534,751 1,920,886 4,455,637 3.22
2,864,751 1,875,451 4,740,202 3.84
3,049,012 2,006,822 5,055,834 4.35
2,721,700 2,086,849 4,808,549 4.58
3,200,000 2,631,311 5,831,311 3.68
CITY OF GEORGETOWN, TEXAS
UTILITY SYSTEM CONDENSED STATEMENT OF OPERATIONS (2)
2008 2007 2006 2005
Revenues:
Water System $ 21,424,897 $ 18,725,977 $ 19,709,559 $ 16,605,408
Electric System 51,833,477 42,805,466 41,338,196 33,800,761
Miscellaneous 5,146,212 7,666,144 5,675,987 3,738,190
Interest Earnings 955,680 1,408,260 1,600,113 705,118
Total revenues 79,360,266 70,605,847 68,323,855 54,849,477
Expenses: (1)
Water System 6,249,197 3,166,679 3,192,839 2,947,875
Electric System 1,230,199 4,275,353 3,360,467 2,721,507
Utility Contracts 50,443,511 41,122,983 39,802,720 31,000,268
Total expenses 57,922,907 48,565,015 46,356,026 36,669,650
NET AVAILABLE FOR
DEBT SERVICE $ 21,437,359 $ 22,040,832 $ 21,967,829 $ 18,179,827
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, 2009-2028 $ 3,971,080
Coverage of Average Requirements by Fiscal Year 2008 Net Income 5.40 times
Maximum Principal and Interest Requirements, 2009 $ 6,254,254
Coverage of Maximum Requirements by Fiscal Year 2008 Net Income 3.43 times
FOR FISCAL YEAR ENDED SEPTEMBER 30,
2004 2003 2002 2001 2000 1999
$ 15,082,426 $ 14,648,293 $ 13,635,949 $ 12,789,401 $ 12,390,817 $ 10,577,570
29,199,618 25,916,557 23,412,202 24,340,991 20,790,680 17,843,712
1,371,199 3,285,657 2,647,885 2,217,825 3,035,406 2,686,181
423,987 155,951 610,791 1,202,418 995,272 879,406
46,077,230 44,006,458 40,306,827 40,550,635 37,212,175 31,986,869
2,831,106 1,588,617 1,504,162 1,338,135 1,091,765 879,523
2,331,235 1,889,965 1,850,345 1,199,854 995,767 935,020
28,257,885 26,644,295 22,872,725 23,224,121 19,785,388 17,391,433
33,420,226 30,122,877 26,227,232 25,762,110 21,872,920 19,205,976
$ 12,657,004 $ 13,883,581 $ 14,079,595 $ 14,788,525 $ 15,339,255 $ 12,780,893
CITY OF GEORGETOWN, TEXAS
CITY'S EQUITY IN UTILITY SYSTEM (1)
2008 2007 2006 2005
Utility system (1) $ 251,560,756 $ 215,276,162 $ 185,294,457 $ 163,596,097
Less:
Accumulated depreciation (53,420,721) (51,053,351) (45,184,081) (40,012,018)
Net value of system 198,140,035 164,222,811 140,110,376 123,584,079
Plus: Construction fund 5,280,337 5,820,263 9,470,135 5,521,737
Net plant 203,420,372 170,043,074 149,580,511 129,105,816
Plus: Working capital 29,899,639 28,736,708 30,833,629 22,950,794
Total 233,320,011 198,779,782 180,414,140 152,056,610
Revenue bond debt (2) 57,280,000 51,070,000 45,885,000 40,064,012
CITY'S EQUITY IN SYSTEM $ 176,040,011 $ 147,709,782 $ 134,529,140 $ 111,992,598
PERCENTAGE CITY'S
EQUITY IN SYSTEM 75.45% 74.31% 74.57% 73.65%
(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,
2004 2003 2002 2001 2000 1999
$ 149,400,672 $ 125,750,396 $ 104,850,674 $ 88,470,161 $ 78,050,279 $ 70,807,624
(35,295,782) (31,675,236) (23,780,397) (21,203,791) (19,223,681) (17,249,590)
114,104,890 94,075,160 81,070,277 67,266,370 58,826,598 53,558,034
4,985,311 11,384,576 3,970,852 3,249,523 4,660,467 4,853,440
119,090,201 105,459,736 85,041,129 70,515,893 63,487,065 58,411,474
17,695,702 13,101,178 16,757,986 22,060,143 18,008,284 14,246,430
136,785,903 118,560,914 101,799,115 92,576,036 81,495,349 72,657,904
38,903,764 34,498,514 30,005,000 32,075,000 32,090,000 28,850,000
$ 97,882,139 $ 84,062,400 $ 71,794,115 $ 60,501,036 $ 49,405,349 $ 43,807,904
71.56% 70.90% 70.53% 65.35% 60.62% 60.29%
CITY OF GEORGETOWN, TEXAS
DEMOGRAPHIC & ECONOMIC STATISTICS
LAST TEN FISCAL YEARS
Per
Capita
Fiscal Personal Personal School Unemployment
Year Population Income income Enrollment Rate
1999 26,400 800,052,000$ 30,305$ 7,321 2.33%
2000 28,328 891,028,912 31,454 7,551 1.88%
2001 30,000 886,950,000 29,565 7,900 2.96%
2002 34,273 944,084,058 27,546 7,900 5.90%
2003 35,300 983,705,100 27,867 8,300 6.02%
2004 36,359 1,050,484,228 28,892 8,600 4.76%
2005 38,265 1,212,885,705 31,697 8,820 4.20%
2006 41,294 1,391,236,154 33,691 9,400 4.09%
2007 44,324 1,518,540,240 34,260 9,900 3.80%
2008 47,353 1,649,731,167 34,839 10,000 4.10%
Sources:
Population: City of Georgetown Planning and Development Division.
Per Capital Personal Income: U.S. Dept. of Commerce / Bureau of Economic Development
School Enrollment: Georgetown Independent School District.
Unemployment Rate: Texas Workforce Commission, Labor Market Information TRACER.
Notes: Per capita personal income and personal income is for Williamson County.
Per capital personal income was computed using Census Bureau midyear population estimates.
Estimates for 2000 -2006 reflect county population estimates available as of April 2008.
2007 and 2008 personal income and per capita personal income are calculated estimations.
CITY OF GEORGETOWN, TEXAS
PRINCIPAL EMPLOYERS
CURRENT YEAR AND NINE YEARS AGO
Percentage Percentage
of Total City of Total City
Employer Employees Rank Employment Employees Rank Employment
Georgetown ISD 1,575 1 3.47% 1,000 2 3.88%
Williamson County 1,550 2 3.41% 800 3 3.10%
St Davids Hospital 600 3 1.32% 500 4 1.94%
City of Georgetown 528 4 1.16% 289 6 1.12%
Southwestern Univ 450 5 0.99% 430 5 1.67%
Airborne, Inc. 300 6 0.66% 221 8 0.86%
Sun City Texas 260 7 0.57% 1,500 1 5.82%
Wal-Mart 240 8 0.53% 180 10 0.70%
Wesleyan Homes 233 9 0.51%
Texas Crushed Stone 225 10 0.50%
HEB 275 7 1.07%
Manitex 190 9 0.74%
Totals 5,961 13.13% 5,385 20.88%
Source: Finance and Administration Division.
2008 1999
CITY OF GEORGETOWN, TEXAS
FULL TIME EQUIVALENT CITY GOVERNMENT EMPLOYEES BY FUNCTION
LAST TEN FISCAL YEARS
2008 2007 2006 2005 2004
Function
General Government
Culture & Recreation
Parks 22.5 20.5 21.5 18.5 18.5
Recreation 27.5 27.5 25.5 26.5 26.5
Rec. Programs 43333
Library 21.5 21.5 17.5 17.5 15.5
Development
Administration 4.5
Dev. Process Team
Planning 13 14
Current Planning 9 10 5
Long Range Planning 4 3 2
Inspection Svcs.13 12 11 11 11
Code Enforcement 6 6 5.5 5.5 5.5
Fire Services
Administration 63333
Operations 66 61 56 51 46
Prevention & Comm. Analysis
Gen. Govt.
Gen. Govt.43333
City Council 23111
City Manager's Office 8 7.5 6.5 6.5 6.5
Legal Svcs
Highways / Streets 15.75 14.75 14.75 14.75
Transportation Admin.3
Streets 15.75
Police Services
Org. & Administration 88888
Support Svcs.36 26 31 31 32
Field Operations 60 56 47 41 35
Special Operations
Information Mgmt.
Professional Standards
Animal Svcs.8 7.5 7.5 6.75 6.75
Municipal Court 77544
Fleet Mgmt.66554
Facilities Mgmt.75432
Information Svcs.10.5 10 10 9 8
Joint Svcs.58 55 53 51 50
Water 13 16 14 14 14
Sewer 12 13 12 12 9
Electric 42 39 30 25 25
Other Enterprises 12 12 11 11 11
Total 491.75 458.25 418.75 395.00 374.50
Source: City Finance & Administration Division.
Notes: A full-time employee is scheduled to work 2,088 hours per year (including vacation and sick leave). Full-time
equivalent employment is calculated by dividing total labor hours by 2,088.
2003 2002 2001 2000 1999
19.5 19.5 19.5 18 16.5
24 24 24.25 25 21.5
3 1.5 3.5 3.5 3.5
15.5 15.5 14.5 16 16.25
3 4.5 6 7 6.5
7 7.25
77 7
22
10 8 9 10 10
4 4444
46 43 43 34.5 33
5.5 5.5 6 4 4
3.5 2 2.5 2
11
5.5 5.5 6.5 6.75 5.25
55
11.75 11.75 12.75 12.75 12
3 3344
30 29 22
42 38 45 33 30
13 15
17 17
33
6.75 6.5 6.5 6 5.75
3 3 2.5 2.5 2
4.5 4.5 4.5 4 4
1 1111
8 8 8 7 6.25
46.75 42.75 39.25 38.75 36.75
13 17.25 15.25 15.25 14.75
10 6.25 6.25 7 7
22 22 19 17 16.25
11 11 9.75 11.75 10.75
362.25 347.00 338.00 336.25 320.25
CITY OF GEORGETOWN, TEXAS
OPERATING INDICATORS BY FUNCTIONS
LAST TEN FISCAL YEARS
Function 2008 2007 2006 2005
Culture and recreation
Recreation Center memberships 5,487 5,060 4,294 2,074
CVB number of visitor inquiries 45,044 36,086 37,062 40,117
Library
Circulation 431,294 386,948 347,662 350,716
Number of patrons added 2,514 2,592 1,784 1,684
Economic Development
Number of proposals generated 35 51 72 71
Community Development
Inspections/Code Enforcement
Number of inspections 33,198 43,006 47,197 39,677
New residential permits issued 768 902 1,316 930
New commercial permits issued/TFO/Industrial 77 114 152 132
Number of code enforcement violations 10,570 12,928 15,603 11,187
Planning and Development Services
Development applications filed 344 348 397 280
Annexations (in acres)369 362 8,909 5,062
Fire Services
Number of calls for service 5,321 4,766 4,257 3,957
General Govt
Bond rating - S&P AA AA-AA-A+
City Manager's Office
Number of public information requests processed 801 773 786 616
Highways and streets
Center line miles 9 9 251 230
Police Services
Number of calls for service 51,033 53,323 48,739 40,649
Number of traffic accidents 1,837 1,863 1,513 1,510
Animal Services
Number of pets impounded 1,500 1,448 1,452 1,775
Number of adoptions 614 611 642 793
Municipal Court
Number of court cases 13,275 14,787 13,824 11,279
Number of warrants served 748 557 398 712
Utility Office
Number of utility customers 23,678 22,784 21,365 19,862
Water
Number of new connects 10,980 1,213 1,281 670
Average daily water treated (million gallons)15.57 10.31 11.88 8.71
Average daily consumption (million gallons 13.35 8.21 10.30 10.09
Sewer
Number of new connects 10,850 1,422 1,307 1,021
Average daily wastewater treated (million gallons)3.48 4.27 2.95 3.28
Electric
kWhs consumed ########## 441,088,000 419,651,791 377,198,661
Number of new connects 999 1,093 1,134 817
AMR
Total number of work orders completed 5,141 3,724 6,106 2,347
Total reads by AMR - - 34,781 31,373
Other Enterprises
Stormwater & drainage
Number of detention ponds cleaned 228 228 228 164
Number of work orders 617 728 705 -
Airport
Gallons of fuel sold 723,669 721,657 773,340 842,223
Sources: Various City departments and City-Monthly Activity Indicators Report.
2004 2003 2002 2001 2000 1999
1,538 1,589 1,592 2,127 1,976 1,963
41,426 33,063 15,179 21,190 - 13,000
330,171 318,820 326,282 330,503 276,000 240,319
1,533 1,611 1,781 1,730 1,989 1,836
59 20 14 6 - -
28,389 24,631 15,602 21,775 23,342 22,842
890 612 648 825 931 25
75 33 31 46 48 30
2,026 1,948 3,266 2,599 1,126 1,348
209 203 182 159 - -
443 700 101 253 121 58
3,402 3,335 3,374 3,277 3,194 2,439
A+A+A+A+A A
702 545 565 248 80 79
202 189 186 180 172 168
41,986 36,002 30,156 33,298 29,428 27,226
1,382 1,425 1,429 928 1,299 -
1,591 1,337 1,367 1,280 1,352 1,413
696 456 529 537 - -
11,018 9,417 5,767 6,054 5,854 4,742
819 489 366 92 - -
18,621 18,198 17,496 16,939 15,718 14,501
912 705 568 338 - -
7.97 8.21 9.00 - - -
7.97 7.46 8.30 7.53 7.43 6.27
922 685 453 224 - -
3.07 2.70 3.10 - - -
350,104,864 343,553,661 ########## ########## ########## ##########
473 861 1,265 230 - -
1,347 1,173 1,277 - - -
30,121 26,462 24,351 20,625 - -
113 100 45 54 15 14
116 741 1,605 1,635 - -
688,719 610,710 709,293 653,916 631,377 379,318
CITY OF GEORGETOWN, TEXAS
SUMMARY OF INSURANCE COVERAGE
POLICY TYPE INSURER AGENT POLICY NUMBER
Airport Liability Texas Municipal Texas Municipal 2903
League League
Automobile Liability Texas Municipal Texas Municipal 2903
League League
Automobile Physical Damage Texas Municipal Texas Municipal 2903
League League
Boiler & Machinery Texas Municipal Texas Municipal 2903
League League
General Liability Texas Municipal Texas Municipal 2903
League League
Law Enforcement Liability Texas Municipal Texas Municipal 2903
League League
Mobile Equipment Texas Municipal Texas Municipal 2903
League League
Public Employee Dishonesty Texas Municipal Texas Municipal 2903
Bond League League
Public Officials Texas Municipal Texas Municipal 2903
League League
Real/Personal Property Texas Municipal Texas Municipal 2903
League League
Workers' Compensation Texas Municipal Texas Municipal 2903
League League
Pollution Liability Amgrip Texas Municipal BTA2149987-05
League
Animal Mortality/Theft Texas Municipal Texas Municipal 2903
League League
Errors and Omissions Liability Texas Municipal Texas Municipal 2903
League League
SEPTEMBER 30, 2008
COVERAGE
POLICY PERIOD DESCRIPTION LIMIT PREMIUM
October 1, 2007 to Airport, Aviation $ 20,000,000 occ 13,513$
September 30, 2008 Non-owned aircraft, 50,000 Fire
(Hangarkeepers) Hangar 2,000,000 Aircraft
Liability 5,000,000 occ
October 1, 2007 to Damage caused by 5,000,000 occ 42,621
September 30, 2008 City Vehicles 25,000 person
October 1, 2007 to Damage caused to ACV 53,735
September 30, 2008 City Vehicles
October 1, 2007 to Library HVAC 2,000,000 accident Included
September 30, 2008 Direct Damage
October 1, 2007 to General Liability 10,000,000 agg annual 58,524
September 30, 2008 5,000,000 occ
October 1, 2007 to Police Department 10,000,000 annual 35,607
September 30, 2008 5,000,000 occ
October 1, 2007 to Damage to per schedule 11,170
September 30, 2008 Mobile Equipment 2,005,364
October 1, 2007 to Crime/Public Employee 1,000,000 3,182
September 30, 2008 Crime/Theft disappearance
Destruction (inside/outside)300,000 1,116
October 1, 2007 to Mayor, Council, City Attorney 10,000,000 annual Included
September 30, 2008 Boards, Commissions 5,000,000 occ
and Employees
October 1, 2007 to Real / Personal 140,053,459 176,795
September 30, 2008 Property per schedule
October 1, 2007 to Losses as Prescribed per TWCC 95,567
September 30, 2008 by the Texas Workers'Statute
Compensation Law
October 1, 2007 to Pollution Liability 1,000,000 ann agg 2,250
September 30, 2008 Underground Storage Tanks 1,000,000 occ
October 1, 2007 to Police Canine Loss of use/ per schedule 500
September 30, 2008 Theft mortality/Vet/Surgical 1 PD canines
October 1, 2007 to Errors and Omissions 5,000,000 wrongful agg
September 30, 2008 Includes Public Officials 10,000,000 annual 70,449
TOTAL 565,029$