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City of Georgetown, Texas
CITY OF GEORGETOWN, TEXAS
COMPREHENSIVE
ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2002
Prepared by:
Division of Finance and Administration
Micki Rundell, CGFO - Director
Laurie Brewer, CGFO - Controller
www.georgetown.org
CITY OF GEORGETOWN, TEXAS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2002
TABLE OF CONTENTS
INTRODUCTORY SECTION:
Letter of Transmittal....................................................................................................................................i
GFOA Certificate of Achievement.............................................................................................................xi
Organization Chart...................................................................................................................................xii
List of Principal Officials.......................................................................................................................... xiii
FINANCIAL SECTION:
INDEPENDENT AUDITORS' REPORT.....................................................................................................1
COMBINED FINANCIAL STATEMENTS OVERVIEW
(General Purpose Financial Statements:)
Combined Balance Sheet - All Fund Types and Account Groups.......................................................4
Combined Statement of Revenues, Expenditures and Changes
in Fund Balances - All Governmental Fund Types .......................................................................9
Combined Statement of Revenues, Expenditures and Changes
In Fund Balances – Budget and Actual - All Governmental Fund Types....................................10
Combined Statement of Revenues, Expenses and Changes in Retained
Earnings - All Proprietary Fund Types........................................................................................12
Combined Statement of Cash Flows - All Proprietary Fund Types...................................................13
Combined Statement of Cash Flows - All Proprietary Fund Types
Reconciliation of Operating Income to Net Cash Provided by Operating Activities....................14
Notes to Financial Statements:
Summary of Significant Accounting Policies.....................................................................................16
Cash and Investments.......................................................................................................................24
Taxes.................................................................................................................................................26
Interfund Receivables and Payables.................................................................................................27
Property, Plant and Equipment .........................................................................................................27
Operating Leases..............................................................................................................................28
Long-Term Debt................................................................................................................................28
Retirement Plan.................................................................................................................................31
Deferred Compensation Plan............................................................................................................33
Segment Information of Enterprise Funds.........................................................................................34
Joint Venture.....................................................................................................................................33
Contributed Capital............................................................................................................................34
Commitments and Contingencies .....................................................................................................34
Subsequent Events...........................................................................................................................38
Required Supplemental Information - Texas Municipal Retirement
System Trend Data - Last Ten Fiscal Years...............................................................................39
CITY OF GEORGETOWN, TEXAS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2002
SUPPLEMENTAL FINANCIAL INFORMATION - COMBINING, INDIVIDUAL FUND AND
ACCOUNT GROUP FINANCIAL STATEMENTS AND SCHEDULES:
General Fund:
Comparative Balance Sheets .....................................................................................................42
Comparative Statements of Revenues, Expenditures and Changes in
Fund Balances .....................................................................................................................43
Schedule of Revenues and Expenditures (Budget Basis) -
Budget and Actual (Non-GAAP) - Reconciled to GAAP Basis.............................................44
Special Revenue Funds:
Combining Balance Sheet ..........................................................................................................50
Combining Statement of Revenues, Expenditures and Changes in
Fund Balances .....................................................................................................................52
Combining Schedule of Revenues and Expenditures (Budget Basis) -
Budget and Actual (Non-GAAP) - Reconciled to GAAP Basis.............................................54
Debt Service Fund:
Comparative Balance Sheets .....................................................................................................62
Comparative Statements of Revenues, Expenditures and Changes in
Fund Balances .....................................................................................................................63
Schedule of Revenues, Expenditures and Changes in
Fund Balances - Budget and Actual.....................................................................................64
Capital Projects Funds:
Combining Balance Sheet ..........................................................................................................66
Combining Statement of Revenues, Expenditures and Changes in
Fund Balances .....................................................................................................................67
Combining Schedule of Revenues and Expenditures (Budget Basis) -
Budget and Actual (Non-GAAP) - Reconciled to GAAP Basis.............................................68
Enterprise Funds:
Combining Balance Sheet ..........................................................................................................72
Combining Statement of Revenues, Expenses and Changes in
Retained Earnings................................................................................................................76
Combining Statement of Cash Flows .........................................................................................78
Statement of Cash Flows – Enterprise Funds Reconciliation of
Operating Income to Net Cash Provided by Operating Activities.........................................80
Comparative Statements of Revenues, Expenses and Changes
in Retained Earnings - Electric Fund....................................................................................82
Schedule of Revenues and Expenses (Budget Basis) - Budget and
Actual (Non-GAAP) - Reconciled to GAAP Basis - Electric Fund........................................83
Comparative Statements of Revenues, Expenses and Changes
in Retained Earnings - Water Fund......................................................................................84
Schedule of Revenues and Expenses (Budget Basis) - Budget and
Actual (Non-GAAP) - Reconciled to GAAP Basis - Water Fund..........................................85
CITY OF GEORGETOWN, TEXAS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2002
Comparative Statements of Revenues, Expenses and Changes
in Retained Earnings - Wastewater Fund.............................................................................86
Schedule of Revenues and Expenses (Budget Basis) - Budget and
Actual (Non-GAAP) - Reconciled to GAAP Basis - Wastewater Fund.................................87
Comparative Statements of Revenues, Expenses and Changes
in Retained Earnings - Sanitation Fund................................................................................88
Schedule of Revenues and Expenses (Budget Basis) - Budget and
Actual (Non-GAAP) - Reconciled to GAAP Basis - Sanitation Fund....................................89
Comparative Statements of Revenues, Expenses and Changes
in Retained Earnings - Stormwater Drainage Fund..............................................................90
Schedule of Revenues and Expenses (Budget Basis) - Budget and
Actual (Non-GAAP) - Reconciled to GAAP Basis - Stormwater Drainage Fund..................91
Comparative Statements of Revenues, Expenses and Changes
in Retained Earnings - Airport Fund.....................................................................................92
Schedule of Revenues and Expenses (Budget Basis) - Budget and
Actual (Non-GAAP) - Reconciled to GAAP Basis - Airport Fund.........................................93
Internal Service Funds:
Combining Balance Sheet ..........................................................................................................96
Combining Statement of Revenues, Expenses and Changes in
Retained Earnings ...............................................................................................................98
Combining Statement of Cash Flows .......................................................................................100
Statement of Cash Flows – Internal Service Funds Reconciliation of
Operating Income to Net Cash Provided by Operating Activities.......................................102
Comparative Statements of Revenues, Expenses and Changes in
Retained Earnings - Fleet Management Fund ...................................................................104
Schedule of Revenues and Expenses (Budget Basis) - Budget and
Actual (Non-GAAP) - Reconciled to GAAP Basis - Fleet Management Fund....................105
Comparative Statements of Revenues, Expenses and Changes
in Retained Earnings - Joint Services Fund.......................................................................106
Schedule of Revenues and Expenses (Budget Basis) - Budget and
Actual (Non-GAAP) - Reconciled to GAAP Basis - Joint Services Fund ...........................108
Comparative Statements of Revenues, Expenses and Changes
in Retained Earnings - Facilities Maintenance Fund..........................................................110
Schedule of Revenues and Expenses (Budget Basis) - Budget and
Actual (Non-GAAP) - Reconciled to GAAP Basis - Facilities Maintenance Fund..............111
Comparative Statements of Revenues, Expenses and Changes
in Retained Earnings - Information Services Fund.............................................................112
Schedule of Revenues and Expenses (Budget Basis) - Budget and
Actual (Non-GAAP) - Reconciled to GAAP Basis - Information Services Fund................113
CITY OF GEORGETOWN, TEXAS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2002
Agency Fund:
Statement of Changes in Assets and Liabilities........................................................................116
General Fixed Assets Account Group:
Comparative Schedules of General Fixed Assets - By Source ................................................118
Schedule of General Fixed Assets - By Function .....................................................................119
Schedule of Changes in General Fixed Assets - By Function..................................................119
STATISTICAL SECTION:
General Governmental Expenditures by Function - Last Ten Fiscal Years...........................................122
General Governmental Revenues by Source - Last Ten Fiscal Years..................................................124
Property Tax Levies and Collections - Last Ten Fiscal Years ...............................................................126
Assessed and Estimated Actual Value of Taxable Property - Last Ten Fiscal Years............................128
Property Tax Rates - Direct and Overlapping Governments - Last Ten Fiscal Years ...........................130
Principal Taxpayers ...............................................................................................................................131
Computation of Legal Debt Margin........................................................................................................133
Ratio of Net General Obligation Bonded Debt to Assessed Value and
Net General Obligation Bonded Debt Per Capita - Last Ten Fiscal Years......................................134
Ratio of Annual Debt Service Expenditures for General Obligation Bonded
Debt to Total General Governmental Expenditures - Last Ten Fiscal Years ..................................136
Computation of Direct and Estimated Overlapping Bonded Debt..........................................................139
Revenue Bond Coverage - Utility Funds - Last Ten Fiscal Years .........................................................140
Utility Customer Counts - Last Ten Fiscal Years...................................................................................142
Electric Utility Statistical Data ................................................................................................................143
Water Utility Statistical Data ..................................................................................................................144
Wastewater Utility Statistical Data.........................................................................................................145
Demographic Statistics - Last Ten Calendar Years...............................................................................146
Property Value, Construction Permits and Total Bank Deposits -
Last Ten Fiscal Years......................................................................................................................147
Utility System Condensed Statement of Operations..............................................................................148
City’s Equity in Utility System.................................................................................................................149
Miscellaneous Statistics.........................................................................................................................151
Summary of Insurance Coverage..........................................................................................................152
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INTRODUCTORY SECTION
Letter of Transmittal ................................................................................................................................... i
GFOA Certificate of Achievement.............................................................................................................xi
Organization Chart...................................................................................................................................xii
List of Principal Officials..........................................................................................................................xiii
Transmittal Letter Page i
January 27, 2003
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, 2002, is hereby submitted. Responsibility for both the accuracy of
the data and the completeness and fairness of the presentation, including all disclosures, rests
with the City. To the best of our knowledge and belief, the enclosed data is accurate in all
material respects and is reported in a manner designed to present fairly the financial position
and results of operations of the various funds and account groups of the City. All disclosures
necessary to enable the reader to gain an understanding of the City's financial activities have
been included.
The comprehensive annual financial report is presented in three sections: introductory, financial,
and statistical. The introductory section includes this transmittal letter, the Government Finance
Officers Association (GFOA) Certificate of Achievement, the City's organization chart and a list
of principal officials. The financial section includes the general purpose financial statements
as well as the combining, individual fund and account group financial statements and
schedules, and the independent auditors' report on the financial statements and schedules.
The statistical section includes selected financial and demographic information, generally
presented on a multi-year basis.
This report includes all funds and account groups of the City. The City provides a full range of
services, which include police, and fire protection; construction and maintenance of streets and
other infrastructure; recreational activities and cultural events. In addition to general
government activities, the City also provides electric, wastewater, water, sanitation, stormwater
drainage and airport services which are included in the reporting entity. The City is financially
accountable for Georgetown Transportation Enhancement Corporation (GTEC), a Texas
development corporation, which funds transportation projects that enhance economic
development, utilizing the ½ cent sales tax approved by the voters.
DESCRIPTION OF THE CITY
The City of Georgetown, founded in 1848, is located 26 miles north of Austin on the eastern
edge of the Texas Hill Country. The City had an estimated population of 34,273 at fiscal year
end and serves as the county seat of Williamson County. Georgetown is a Home Rule Charter
City and operates under a Council - Manager form of government. A mayor and seven council
members are elected on staggered, three-year terms from single member districts.
Georgetown is home to Southwestern University, which continues to receive national
recognition. The University is ranked No. 10 for “Best College Values” on the National Liberal
Arts Colleges list by U.S. News and World Report. With 1,300 students and 430 employees,
the University provides substantial economic and cultural contributions to Georgetown.
Page ii Transmittal Letter
GROWTH AND SERVICE DEMANDS
The City, the Central Texas region and the
State of Texas have experienced steady
economic growth over the last several years
with continued expansion expected. For
twelve consecutive years, the Georgetown
housing market has expanded. Housing starts
rose dramatically in 1996, leveling out to a
more reasonable pace in the past four years.
With this growth comes more demand on the
City’s utility system. The number of utility
customers has increased 7-10% over the last
year and by more than 50% over the past five
years. This trend is expected to continue over
the next few years and mirrors the growth that
Williamson County is experiencing as a whole. Williamson County was the fifth fastest growing
large county in the U.S. between 2000 and 2001, and Georgetown is the fastest growing city
within Williamson County. Between 1990 and 2001, the population of Georgetown doubled to
reach almost 30,000.
2002 (2001 tax year) assessed valuation
was $1.9 billion compared to $1.6 billion
in 2001. This 19% valuation increase
includes $130 million new property and a
9% increase in existing property values.
The City's property tax rate was set at
$.30708 per $100 valuation, which was
less than the prior year’s rate of $.31409.
Net assessed values for 2003 rose
11.8% to $2.1 billion, which includes
$167 million for new property and a 4.7%
increase in existing values.
The tax rate for fiscal year 2002/2003
has been set at $.30261, which is a
1.92% increase over the effective tax rate. Georgetown's property tax rate continues to be
among the lowest in the area.
GEORGETOWN'S ECONOMIC DEVELOPMENT EFFORT
The City appointed an Economic Development Commission in 2001 to make recommendations
for the Community’s economic development strategy. The City has contracted with TIPS
Strategies to prepare a marketing plan, among other deliverables, to promote economic
development in Georgetown. The City continues to strive for a diversified and stable
commercial and industrial base to ensure its long-term economic stability.
Assessed Property Valuation
in billions
2,100
1,939
1,629
1,427
1,195
695
653
0
250
500
750
1,000
1,250
1,500
1,750
2,000
2,250
96/97 97/98 98/99 99/00 00/01 01/02 02/03
Existing Property New Property
Building Permits
0
20,000,000
40,000,000
60,000,000
80,000,000
100,000,000
120,000,000
140,000,000
160,000,000
180,000,000
200,000,000
97/98 98/99 99/00 00/01 01/02 02/03*Construction Value0
200
400
600
800
1,000
PermitsValue Permits
Transmittal Letter Page iii
The City also maintains its relationships with industrial allies including the Lower Colorado River
Authority, Pedernales Electric Cooperative, Inc., TXU Electric and Gas, and the Austin - San
Antonio Corridor Council to promote an environment conducive to prosperous economic
development.
Industrial Locations and Retentions:
Schunk Quartz and Xycarb Ceramics, makers of quartz and ceramic materials for the
semiconductor industry, completed construction in February 1998 of a $6 million facility at
Business IH-35 and Innerloop Road. The 35,000 square foot facility employs 75 people and
was built with the aid of a Texas Capital Fund (TCF) loan.
Texas Electric Cooperatives, Inc. (TEC) completed its 132,000 square foot facility in 1998 and
moved its transformer division to Georgetown. The division refurbishes transformers for electric
cooperatives throughout Texas and employs 120 people. The $4 million facility was aided by
a TCF grant to build infrastructure to the site.
Hewlett Chevrolet, an existing downtown car dealer, completed construction on a new $3.7
million, 54,000 square foot facility on the City’s south IH-35 corridor in 2000. The project was
aided with a TCF infrastructure grant to build infrastructure to the site. The company’s move
opened valuable downtown space and provided more opportunities for commercial and retail
expansion in the downtown area.
Advanced Cable Systems designs cable layouts for most of the world’s largest television cable
companies. The company completed construction of a new $1.5 million, 20,000 square foot
facility in February 1999 and employs more than 80 people. The company’s relocation was
aided with a loan from the TCF.
Commercial/Retail/Other:
Georgetown’s phenomenal residential growth over the past decade has provided an attractive
market for commercial development. Albertson’s, a national grocery store, opened in 1997.
A 52-acre commercial development called San Gabriel Village was completed in 1998.
Applebee’s, Luby’s and Chili’s restaurants have all opened within the past five years. A
Holiday Inn Express was completed in 1999 and a luxury apartment complex, Water’s Edge
Apartments is being completed in phases. River Oaks Business Park is also developing for
similar uses. HEB grocer completed its second store in Georgetown in 2001. Walgreen’s
completed a discount pharmacy in the western area of the City in 2002. On the west IH-35
frontage road, the 125 acre Rivery Towne Crossing is in the development process and will
include a Super Wal-Mart, Home Depot and other retail development. The expected opening
date of the anchor stores is in summer of 2003.
The Del E. Webb Corporation (Del Webb) broke ground in May 1995 on an active retirement
community called Sun City Texas. The City’s development agreement with Del Webb provides
for fire protection, wastewater, water and electric services, and collector and arterial street
improvements, as well as, annexation as each phase is started. The City is providing the off-
site improvements with the construction and carrying costs offset by special impact fees, paid
by Del Webb, without cash shortfalls or increases in overall service rates for water and
wastewater.
Page iv Transmittal Letter
Sun City Texas had 2,847 occupied homes at fiscal year end. Del Webb has also built and
opened a large sales center, a three-part village center and two18-hole golf courses. Scott
and White Hospital opened a 34,000 square foot clinic in the fall of 1997 next to Sun City.
Numerous other small businesses have opened in the Sun City area.
MAJOR INITIATIVES
Water. The City continues to plan for long term regional water supply needs. The City is a
party to an agreement dated June 1986 with the Brazos River Authority (BRA) and several area
water providers for the design, construction and operations of a raw water pipeline from Lake
Stillhouse Hollow to Lake Georgetown to provide additional surface water supplies to the
participants. The project is funded through contract revenue bonds issued by BRA. The
construction began in 1998 and is now substantially completed. The City began repaying its
37% share of the $128 million project in 2002. Payments range from $88,749 to $2,153,814
annually through 2034.
Utility Rates. The City contracted with a consultant to review Water and Wastewater rates in
2001. The City committed to review rates annually, since the City is facing new environmental
mandates, as well as plant upgrades and expansions, which place an increasing financial
burden on the utilities. The City increased water conservation rates in 2002. The revenue
generated by this step increase in the rates is set aside for plant expansions. This strategy
allows the users of the peak demand for water pay for the costs of plant expansion.
The City continues to monitor electric deregulation issues closely. While the City has not
elected to “opt-in” to electric deregulation at this time, studies are underway to break down the
components of the electric rates that are billed and determine whether the current rates are
adequate to provide necessary upgrades and maintenance to the system. This study is
expected to be completed in February 2003.
Transportation. City voters approved the levy of an additional ½ cent sales tax in the May
2001 general election. The City began collecting this revenue through a 4-B corporation,
Georgetown Transportation Enhancement Corporation in October 2001. The Council appointed
board, which includes four council members, determines the projects to be funded through this
sales tax. GTEC contracted for $3.1 million of transportation projects in 2002, the majority of
which will be completed in 2003. GTEC pledged sales tax revenues to support $3.1 million of
Certificates of Obligations issued by the City on its behalf in November 2002. The related debt
service will be funded through GTEC sales tax revenues.
The City also spent $623,000 of previously issued bond proceeds to fund transportation
improvements in 2002 that have been scheduled since 2000. This project is scheduled for
completion in June 2003.
In November 2002, the voters approved an additional ¼ cent sales tax, in accordance with
Texas Legislature House Bill 445. The City will begin collecting this tax in April 2003, which
must be used to maintain existing City streets. The HB 445 sales tax contains a sunset
provision, expiring in April 2006 unless voters choose to renew the tax at a future election.
Transmittal Letter Page v
Facilities Planning. The Council continued to focus resources on long range facility planning
in 2001/2002. The renovation of a 60,000 square foot facility, purchased in 2000, will be
completed in 2003. When complete, the facility will house several key functions of the City,
including Georgetown Utility Systems, Planning and Development Services, Utility Billing,
Purchasing and the Central Warehousing, as well as Fleet Services. This relocation is
expected to streamline processes that cross divisional lines through enhanced communication
and support and provide enhanced customer service.
DEPARTMENT FOCUS: Geographic Information Systems
In order to improve the efficiency of City operations, share data with other public and private
agencies, and increase public awareness of the City’s key geographic features, the City of
Georgetown initiated a new Geographic Information System (GIS) program. The first step in
the process was to acquire Environmental Systems Research Institute (ESRI) GIS software,
and find or create critical GIS data sets such as city limits, council districts, extraterritorial
jurisdiction, roads, zoning and land use. The creation of these critical geographic data sets, or
base of information, was critical to almost all City divisions and has become the foundation for
a future city-wide GIS system. A plan for the proposed city-wide GIS system was completed in
the summer of 2002. This “GIS Plan” identified the various needs of the GIS system,
alternatives for meeting these needs, and created a framework for implementing those
alternatives over the next three years.
The GIS Plan has been aggressively implemented in its first year. Over 60 geographic data
sets have been created or collected. In addition to everyday use in municipal operations, this
information has been used effectively in numerous projects, including the Williams Drive
Corridor Study, development of the Unified Development Code, and in the initial phases of the
Georgetown Transportation Plan. Having GIS data has allowed the City to participate in several
regional projects from which the City has benefited. Numerous paper and electronic maps have
been disseminated to the public and have contributed greatly to public understanding of difficult
issues. Currently, GIS staff are using newly acquired high-resolution aerial photography to
increase the accuracy of Georgetown’s GIS data, making it much more effective in geographic
analysis. Plan implementation is on schedule and will meet its overall goal of establishing a
strong foundation for GIS that is used throughout the organization as well as by the public (via
Internet) by 2005.
FINANCIAL INFORMATION
The City is responsible for establishing and maintaining internal controls designed to ensure
that the assets of the City are protected from loss, theft or misuse and that adequate accounting
data are compiled to allow for the preparation of financial statements in conformity with
generally accepted accounting principles. Internal controls are designed to provide reasonable,
but not absolute, assurance that these objectives are met. The concept of reasonable
assurance recognizes that: (1) the cost of a control should not exceed the benefits likely to be
derived; and (2) the valuation of costs and benefits requires estimates and judgments by
management.
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
Page vi Transmittal Letter
laws and regulations related to those programs. Internal controls are subject to periodic
evaluation by management.
As a part of the City's single audit, tests have been performed. 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 results of the City's single audit for the year ended September 30, 2002,
provided no instances of material weaknesses in the internal controls or of material non-
compliance.
Change in Accounting Standards. The City is preparing for the implementation of
Governmental Accounting Standards Board 34 (GASB 34) through a 3-year implementation
plan. In 2002, the City adjusted its capitalization threshold to the Government Finance Officers
Association (GFOA) recommended $5,000 level and conducted a full fixed asset inventory. The
City is now using the direct method of reporting cash flows for proprietary funds, as outlined in
GASB 34. The City has begun asset inventories for infrastructure. In the coming year, the City
will complete valuation of infrastructure and classification of revenues. The City will fully
implement GASB 34 with 2003 financial statements.
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.
General Government Functions. The following schedule presents a summary of General
Fund revenues for the fiscal year ended September 30, 2002, and the amount and percentage
of increases and decreases in relation to the prior year's revenues.
2002 -/+ From 2001
Revenues Amount % of Total Amount %
Taxes $8,827,790 79.26% $ 568,545 6.88%
Licenses and permits 827,395 7.43 95,795 13.09%
Charges for services 817,255 7.34 65,551 8.72%
Fines and forfeitures 390,058 3.50 (795) (0.20)%
Interest and other 275,010 2.47 (151,468)(35.52)%
Total Revenues $11,137,508 100.00%$ 577,628 5.47%
Overall, revenues increased by 5.5% in 2002. Property taxes increased due to the addition of
new property to the tax roles. Licenses and permit revenue increased as a result of a rate
increase for permits. Although a new traffic enforcement program was implemented during the
year, fines and forfeitures remained flat because the City did not participate in the state-wide
Transmittal Letter Page vii
traffic enforcement program during holiday travel as it had in 2001. Interest and other revenue
decreased due to the overall decline in interest rates.
The following schedule presents a summary of the General Fund expenditures for the fiscal
year ended September 30, 2002 and the percentage of increases and decreases in relation to
prior year’s amounts.
2002 -/+ From 2001
Expenditures Amount % of Total Amount %
Current:
General Government $ 3,390,328 20.76% $(112,854) (3.22)%
Finance & Administration 179,317 1.10 15,988 9.79%
Planning & Development 1,661,889 10.17 408,551 32.60%
Georgetown Utility Systems (streets)1,885,222 11.54 563,211 42.60%
Parks & Recreation 2,538,682 15.54 113,470 4.68%
Fire Services 3,367,588 20.62 262,874 8.47%
Police Services 4,155,666 25.44 240,563 6.14%
Interfund Charges for Service (843,739) (5.17) (104,020) 14.06%
Total Expenditures $16,334,953 100.00% $1,387,783 9.28%
Planning and Development increased due to one-time project expenditures for the development
of the Unified Development Code, Downtown Business District, and other planning projects.
Georgetown Utility Systems (Street Department) increased due to the completion of several
major maintenance projects. Interfund charges for services increased due to additional costs
being allocated for the City’s public information program, as well as increases in other
administrative costs.
General Fund Balance. The total General Fund balance was $3,006,012 at September 30,
2002, or more than 67 days of budgeted operating expenditures. The fund balance
significantly exceeds the City’s financial policy contingency reserve requirement of 60 days
worth of operating expenditures, not including capital and internal charges.
Special Revenue Funds. Special Revenue Funds (SRF’s) include federal and state grants,
and special use fees, such as Hotel/Motel taxes, franchise fees and dedicated park, library,
street and police revenues. The City’s blended component unit, Georgetown Transportation
Enhancement Corporation (GTEC), is included in the Special Revenue Funds. Since the City
began collecting the ½ cent sales tax revenues for GTEC on October 1, 2001, the revenues and
expenditures have increased significantly over fiscal year 2001.
Capital Projects Funds. Capital Project Funds are used to account for the acquisition and
construction of major general use capital facilities and street improvements. In 2002, the City
used $3.1 million of existing bond proceeds to fund the remodeling of the building purchased
for the future Georgetown Municipal Complex, as well as for the realignment of Country Club
Boulevard.
Page viii Transmittal Letter
Enterprise Operations. The following schedule presents a summary of Enterprise Operating
Fund revenues and expenses for the fiscal year ended September 30, 2002, and the amount
and percentage of increases and decreases in relation to the prior year’s operating revenues
and expenses.
2002 -/+ From
2001 REVENUES Amount % of Total Amount %
Electric $24,077,524 54.77% $(1,130,751) (4.49)%
Water 9,897,911 22.51 975,955 10.94%
Wastewater 5,109,810 11.62 (108,176) (2.07)%
Sanitation 2,543,635 5.79 141,806 5.90%
Stormwater 899,202 2.05 189,939 26.78%
Airport 1,435,521 3.27 (13,260)(0.92)%
Total $43,963,603 100.00% $55,513 0.13%
2002 -/+ From 2001
EXPENSES Amount % of Total Amount %
Electric $19,677,742 58.84% $(480,573) (2.38)%
Water 5,823,418 17.41 835,677 16.75%
Wastewater 3,308,100 9.89 397,869 13.67%
Sanitation 2,374,166 7.10 161,159 7.28%
Stormwater 651,615 1.95 87,984 15.61%
Airport 1,609,245 4.81 (68,298)(4.07)%
Total $33,444,286 100.00% $933,818 2.87%
Enterprise Operations. Customer growth continued in 2002 at a 5 to 6 percent rate. Electric
revenues decreased due to the lowering of the Lower Colorado River Authority’s (the City’s
source of purchased power) fuel surcharge imposed during 2001. Electric expenses decreased
as a result of the fuel surcharge as well. Water revenue increased due to a rate increased
imposed in 2002, while expenses increased due to the increased cost of raw water and
treatment. Wastewater costs increased due to maintenance costs. Stormwater revenues were
higher due to an increase in rates, which funded a two-man crew to maintain the City’s growing
stormwater detention ponds and other infrastructure.
The combined unreserved working capital of the Enterprise funds at September 30, 2002, was
$17,277,178.
Internal Service Funds. The Fleet Management Fund provides regular service, maintenance
and replacement for vehicles and equipment. The City's Facilities Maintenance Fund provides
maintenance and repair of City buildings. A Joint Services Fund serves all City funds by better
allocating administrative costs to each operating fund. The Information Services Fund provides
for the purchase, replacement and maintenance of computers, printers and software.
Transmittal Letter Page ix
Debt Administration. As of September 30, 2002, the City had $30,005,000 of outstanding
utility revenue debt and $24,800,000 of general obligation bonds, of which $4,734,374 is self-
supporting. The City did not issue debt in fiscal year 2002, however in November 2002, the City
issued $6.5 million in utility revenue bonds to fund the expansion of the Lake Water Treatment
Plan. The City also issued $3.1 million in support of the Georgetown Transportation
Enhancement Corporation projects related to the Rivery Towne Crossing development in
November 2002. GTEC will pay the debt service on the bonds through a contractual agreement
with the City.
All debt coverage requirements were met in fiscal year 2002. The adopted budget for
2002/2003 also provides coverage ratios well exceeding requirements.
Cash Management. Cash temporarily idle during the year was invested in demand deposits,
US Treasury and agency securities, a fully collateralized flexible repurchase agreement, the
authorized investment pools, TexPool and TexStar; and a money market fund, FGIC Public
Trust. 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.
Contingency Reserves. The City sets aside contingency reserves, which are to be used only
in the event of an emergency, such as severe revenue shortfalls or natural disaster. The
reserves are set according to the Council’s contingency reserve policy. The minimum reserve
for fiscal year 2002 was $8.5 million, allocated among the major operating funds of the City. The
overall fund balance/working capital reserves at September 30, 2002 exceeded minimum
budgetary requirements.
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. The City employs
a full time risk management specialist. In addition, the City actively prepares for emergency
management needs.
OTHER INFORMATION
Independent Audit. The City Charter requires an annual audit by independent certified public
accountants. The accounting firm of Davis, Kinard & Co., P.C. was selected by the City Council.
The independent auditors' report on the general purpose financial statements and combining
and individual fund statements and schedules are included in the financial section of this report.
The City is also required to undergo an annual single audit in conformity with the provisions of
the Single Audit Act of 1996 and U.S. Office of Management and Budget Circular A-133, Audits
of State, Local Governments, and Non-Profit Organizations. Information related to this single
audit, including the schedule of federal financial assistance and the independent auditors'
reports on the internal control structure and compliance with applicable laws and regulations,
is included in a separate single audit report.
Presented to
For its Comprehensive Annual
Financial Report
for the Fiscal Year Ended
September 30, 2001
A Certificate of Achievement for Excellence in Financial
Reporting is presented by the Government Fmance Officers
Association of the United States and Canada to
government units and public employee retirement
systems whose comprehensive annual financial
reports (CAFRS) achieve the highest
standards in goverrument accounting
and financial reporting.
xi
CITY OF GEORGETOWN, TEXAS
ORGANIZATION CHART
SEPTEMBER 30, 2002
xii
A Home Rule City
HUMAN
RESOURCESLIBRARY
CITY ATTORNEY CITY SECRETARY
ENGINEERING
SERVICES
WATER
SERVICES
ENERGY
SERVICES
TRANSPORTATION
SERVICES
ASSISTANT CITY MANAGER
FOR
UTILITIES
ANIMAL SERVICES
AIRPORT
FIRE
SERVICES
POLICE
SERVICES
PARKS
and
RECREATION
PLANNING
and
DEVELOPMENT
INFORMATION
RESOURCES
ASSISTANT CITY MANAGER
FOR
OPERATIONS
Municipal
Court
Administration
ACCOUNTING
Vehicle
Service
Center
Purchasing
Facilities
Maintenance
SUPPORT
SERVICES
Sanitation
Services
UTILITY
OFFICE
FINANCE
AND
ADMINISTRATION
CONVENTION
and
VISITOR'S BUREAU
ECONOMIC
DEVELOPMENT
CITY MANAGER MUNICIPAL COURT JUDGE APPOINTED
BOARDS & COMMISSIONS
CITY COUNCIL
MAYOR (elected at large)
SEVEN COUNCIL PERSONS
(elected by district)
CITIZENS OF GEORGETOWN
xiii
CITY OF GEORGETOWN, TEXAS
LIST OF PRINCIPAL OFFICIALS
SEPTEMBER 30, 2002
ELECTED OFFICIALS
Mayor Gary Nelon
City Council Member, District 1 Llorente Navarrette
City Council Member, District 2 Gabe Sansing
City Council Member, District 3, Mayor Pro Tem Doug Smith
City Council Member, District 4 Jack Noble
City Council Member, District 5 Sam Pfiester
City Council Member, District 6 Farley Snell
City Council Member, District 7 Ken Evans
APPOINTED OFFICIALS
City Manager Paul Brandenburg
City Attorney Patricia Carls, Brown & Carls L.L.P.
City Secretary Sandra Lee
Municipal Court Judge Randy Stump
F
I
N
A
N
C
I
A
L
S
E
C
T
I
O
N
FINANCIAL SECTION
Independent Auditors' Report....................................................................................................................1
General Purpose Financial Statements.....................................................................................................4
Notes to Financial Statements ................................................................................................................16
Required Supplemental Information - Texas Municipal Retirement
System Trend Data - Last Ten Fiscal Years.....................................................................................39
Supplemental Financial Information - Combining, Individual Fund and
Account Group Financial Statements and Schedules:
General Fund....................................................................................................................................42
Special Revenue Funds....................................................................................................................50
Debt Service Fund............................................................................................................................62
Capital Projects Funds......................................................................................................................66
Enterprise Funds ..............................................................................................................................72
Internal Service Funds......................................................................................................................96
Agency Fund...................................................................................................................................116
General Fixed Assets Account Group ............................................................................................118
3
General Purpose Financial Statements
CITY OF GEORGETOWN, TEXAS
COMBINED BALANCE SHEET - ALL FUND TYPES AND ACCOUNT GROUPS
SEPTEMBER 30, 2002
(With Comparative Totals for September 30, 2001)
GOVERNMENTAL FUND TYPES
SPECIAL DEBT CAPITAL
GENERAL REVENUE SERVICE PROJECTS
ASSETS AND OTHER DEBITS:
Cash and cash equivalents $ 547,092 $ 376,400 $ 177,467
Investments 2,336,882 1,600,050 $ 653,442 5,859,314
Accounts receivable (net of allowance for uncollectible accounts):
Delinquent taxes 120,191 79,324
Services
Sales tax 590,878 292,167
Grants 46,591
Other 208,433 170,236
Due from other funds
Prepaid expenditures 9,435
Inventories 2,710
Restricted assets:
Cash and cash equivalents
Investments
Deferred charges - bond issuance costs
Long-term note receivable
Investment in joint venture
Property, plant and equipment, net of accumulated depreciation
Amount available in Debt Service Fund
Amount to be provided for retirement of long-term debt
TOTAL ASSETS AND OTHER DEBITS $ 3,815,621 $ 2,485,444 $ 732,766 $ 6,036,781
The notes to financial statements are an integral part of this statement.
ACCOUNT GROUPS
PROPRIETARY FUND TYPES FIDUCIARY GENERAL GENERAL TOTALS
INTERNAL FUND TYPE FIXED LONG-TERM (MEMORANDUM ONLY)
ENTERPRISE SERVICE AGENCY ASSETS DEBT 2002 2001
$ 2,376,537 $ 260,377 $ 95,518 $ 3,833,391 $ 6,569,103
10,134,416 1,100,869 21,684,973 26,487,783
199,515 174,883
6,478,768 18,243 6,497,011 6,419,354
883,045 612,274
46,591 22,522
46,754 1,432,055 1,857,478 1,946,832
45,847 45,847 75,917
1,014,365 2,496 1,026,296 18,142
1,336,228 173,082 1,512,020 1,018,840
292,130 292,130 978,667
594,460 594,460 1,882,123
1,532,803 1,532,803 1,707,984
259,061 259,061 389,031
265,603 265,603 271,024
94,654,787 4,472,400 $ 45,044,927 144,172,114 125,151,803
$ 657,757 657,757 628,288
20,475,524 20,475,524 21,550,376
$ 119,031,759 $ 6,027,467 $ 1,527,573 $ 45,044,927 $ 21,133,281 $ 205,835,619 $ 195,904,946
(continued)
CITY OF GEORGETOWN, TEXAS
COMBINED BALANCE SHEET - ALL FUND TYPES AND ACCOUNT GROUPS (continued)
SEPTEMBER 30, 2002
(With Comparative Totals for September 30, 2001)
GOVERNMENTAL FUND TYPES
SPECIAL DEBT CAPITAL
GENERAL REVENUE SERVICE PROJECTS
LIABILITIES, FUND EQUITY AND
OTHER CREDITS:
Liabilities:
Accounts payable $ 501,573 $ 54,651 $ 828,080
Due to other funds
Due to other governments
Liabilities payable from restricted assets:
Construction contracts and retainages payable
Accrued interest
Customer deposits
Deferred revenue 308,036 104,287 $ 75,009 5,717
Current portion of long-term debt
Accrued compensated absences
Arbitrage rebate payable
Long-term debt
Total liabilities 809,609 158,938 75,009 833,797
FUND EQUITY AND OTHER CREDITS:
Investment in general fixed assets
Contributed capital (net of depreciation)
Retained earnings:
Reserved for future construction
Unreserved
Fund balances:
Reserved for capital projects 2,749,795
Reserved for debt service 657,757
Reserved for encumbrances 254,277 3,199,682 2,453,189
Reserved for inventories 2,710
Reserved for special programs 640,227
Unreserved 2,749,025 (1,513,403)
Total fund equity and other credits 3,006,012 2,326,506 657,757 5,202,984
TOTAL LIABILITIES, FUND EQUITY
AND OTHER CREDITS $ 3,815,621 $ 2,485,444 $ 732,766 $ 6,036,781
The notes to financial statements are an integral part of this statement.
ACCOUNT GROUPS
PROPRIETARY FUND TYPES FIDUCIARY GENERAL GENERAL TOTALS
INTERNAL FUND TYPE FIXED LONG-TERM (MEMORANDUM ONLY)
ENTERPRISE SERVICE AGENCY ASSETS DEBT 2002 2001
$ 3,704,885 $ 516,352 $ 95,518 $ 5,701,059 $ 3,935,233
45,847 45,847 75,917
1,432,055 1,432,055 1,524,982
748,404 748,404 368,308
211,461 211,461 233,859
508,902 508,902 501,372
57,827 550,876 396,410
2,365,341 2,365,341 2,274,954
405,004 71,276 $ 999,881 1,476,161 1,321,787
67,774 67,774 106,910
32,374,033 20,065,626 52,439,659 55,910,046
40,421,704 587,628 1,527,573 21,133,281 65,547,539 66,649,778
$ 45,044,927 45,044,927 41,550,840
10,401,664 1,225,141 11,626,805 10,832,456
395,000 395,000 340,000
67,813,391 4,214,698 72,028,089 62,901,133
2,749,795 6,992,592
657,757 628,288
5,907,148 1,240,663
2,710 2,430
640,227 1,306,721
1,235,622 3,460,045
78,610,055 5,439,839 45,044,927 140,288,080 129,255,168
$ 119,031,759 $ 6,027,467 $ 1,527,573 $ 45,044,927 $ 21,133,281 $ 205,835,619 $ 195,904,946
CITY OF GEORGETOWN, TEXAS
COMBINED STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES - ALL GOVERNMENTAL FUND TYPES
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2002
(With Comparative Totals for the Fiscal Year Ended September 30, 2001)
GOVERNMENTAL FUND TYPES TOTALS
SPECIAL DEBT CAPITAL (MEMORANDUM ONLY)
GENERAL REVENUE SERVICE PROJECTS 2002 2001
REVENUES:
Taxes $ 8,827,790 $ 2,012,039 $ 2,203,984 $ 13,043,813 $ 10,502,964
Property assessments 39,450 39,450 21,296
Licenses and permits 827,395 827,395 731,600
Intergovernmental 214,356 214,356 171,240
Charges for services 817,255 817,255 130,031
Fines and forfeitures 390,058 29,239 419,297 417,192
Investment earnings and other 275,010 421,126 30,282 $ 547,809 1,274,227 2,012,136
Total revenues 11,137,508 2,716,210 2,234,266 547,809 16,635,793 13,986,459
EXPENDITURES:
Current:
General government 3,390,328 75,994 3,466,322 3,541,446
Economic development 396,595 396,595 329,712
Finance and administration 179,317 38,120 217,437 163,329
Planning and development 1,661,889 4,600 1,666,489 1,253,338
Georgetown utility systems / streets 1,885,222 1,885,222 1,193,979
Parks and recreation 2,538,682 72,994 2,611,676 2,520,044
Fire services 3,367,588 32,651 3,400,239 3,104,714
Police services 4,155,666 196,136 4,351,802 4,081,794
Interfund charges for service (843,739) (843,739) (739,719)
Capital outlay 167,675 3,157,718 3,325,393 5,726,880
Debt service:
Principal retirement 1,104,989 1,104,989 1,247,477
Interest and fiscal charges 1,099,808 1,099,808 1,128,275
Total expenditures 16,334,953 984,765 2,204,797 3,157,718 22,682,233 23,551,269
EXCESS (DEFICIENCY) OF REVENUES OVER
EXPENDITURES (5,197,445) 1,731,445 29,469 (2,609,909) (6,046,440)(9,564,810)
OTHER FINANCING SOURCES (USES):
Operating transfers in 3,598,657 15,458 3,614,115 5,933,886
Operating transfers out (5,156) (5,156) (753,026)
Proceeds from bonds 5,470,000
Total other financing sources (uses) 3,593,501 15,458 3,608,959 10,650,860
EXCESS (DEFICIENCY) OF REVENUES AND OTHER
FINANCING SOURCES OVER EXPENDITURES
AND OTHER FINANCING SOURCES (USES) (1,603,944) 1,746,903 29,469 (2,609,909) (2,437,481) 1,086,050
FUND BALANCES, Beginning of period 4,609,956 579,603 628,288 7,812,893 13,630,739 12,544,689
FUND BALANCES, End of period $ 3,006,012 $ 2,326,506 $ 657,757 $ 5,202,984 $ 11,193,258 $ 13,630,739
The notes to financial statements are an integral part of this statement.
CITY OF GEORGETOWN, TEXAS
COMBINED STATEMENTS OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES -
BUDGET AND ACTUAL - ALL GOVERNMENTAL FUND TYPES
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2002
GENERAL FUND SPECIAL REVENUE FUNDS
BUDGET ACTUAL VARIANCE BUDGET ACTUAL VARIANCE
REVENUES:
Taxes $ 8,976,544 $ 8,827,790 $ (148,754) $ 2,170,000 $ 2,012,039 $ (157,961)
Licenses and permits 1,027,976 827,377 (200,599)
Intergovernmental 208,658 214,356 5,698
Charges for services 856,065 817,262 (38,803)
Fines and forfeitures 630,833 390,058 (240,775) 20,000 29,239 9,239
Investment earnings and other 360,038 273,398 (86,640) 2,682,478 460,578 (2,221,900)
Total revenues 11,851,456 11,135,885 (715,571) 5,081,136 2,716,212 (2,364,924)
EXPENDITURES:
Current:
General government 3,451,216 3,411,971 39,245
Finance and administration 198,548 181,878 16,670
Planning and development 1,761,763 1,670,007 91,756
Georgetown utility systems / streets 2,118,017 1,867,614 250,403
Parks and recreation 2,539,982 2,489,637 50,345
Fire services 3,366,337 3,354,676 11,661
Police services 4,245,700 4,140,972 104,728
Other 982,310 810,114 172,196
Interfund charges for service (719,165) (843,739) 124,574
Capital outlay 7,832,955 3,347,754 4,485,201
Debt service:
Principal retirement
Interest and fiscal charges 545,000 545,000
Total expenditures 16,962,398 16,273,016 689,382 9,360,265 4,157,868 5,202,397
EXCESS (DEFICIENCY) OF REVENUES OVER
EXPENDITURES (5,110,942) (5,137,131) (26,189) (4,279,129) (1,441,656) 2,837,473
OTHER FINANCING SOURCES (USES):
Operating transfers in 3,472,747 3,598,655 125,908 15,458 15,458
Operating transfers out (5,156) (5,156)
Proceeds from bonds 4,300,000 (4,300,000)
Total other financing sources (uses) 3,467,591 3,593,499 125,908 4,315,458 15,458 (4,300,000)
EXCESS (DEFICIENCY) OF REVENUES AND OTHER
FINANCING SOURCES OVER EXPENDITURES
AND OTHER FINANCING (USES) - BUDGETARY BASIS (1,643,351) (1,543,632) 99,719 36,329 (1,426,198) (1,462,527)
FUND BALANCE - BUDGETARY BASIS, Beginning of period 4,079,943 4,272,152 192,209 443,057 553,022 109,965
FUND BALANCE - BUDGETARY BASIS, End of period $ 2,436,592 2,728,520 $ 291,928 $ 479,386 (873,176) $ (1,352,562)
Adjustments to GAAP:
Reverse current year encumbrances 254,277 3,199,682
Record net unrealized gain on investments 23,215
FUND BALANCE - GAAP BASIS End of Period $ 3,006,012 $ 2,326,506
The notes to financial statements are an integral part of this statement.
DEBT SERVICE FUND CAPITAL PROJECTS FUNDS
BUDGET ACTUAL VARIANCE BUDGET ACTUAL VARIANCE
$ 2,125,398 $ 2,203,984 $ 78,586
58,000 30,282 (27,718) $ 1,489,729 $ 542,924 $ (946,805)
2,183,398 2,234,266 50,868 1,489,729 542,924 (946,805)
6,970,000 4,792,677 2,177,323
1,105,043 1,104,989 54
1,100,355 1,099,808 547
2,205,398 2,204,797 601 6,970,000 4,792,677 2,177,323
(22,000) 29,469 51,469 (5,480,271) (4,249,753) 1,230,518
(22,000) 29,469 51,469 (5,480,271) (4,249,753) 1,230,518
154,138 628,288 474,150 6,182,657 6,999,548 816,891
$ 132,138 657,757 $ 525,619 $ 702,386 2,749,795 $ 2,047,409
2,453,189
$ 657,757 $ 5,202,984
CITY OF GEORGETOWN, TEXAS
COMBINED STATEMENT OF REVENUES, EXPENSES AND
CHANGES IN RETAINED EARNINGS - ALL PROPRIETARY FUND TYPES
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2002
(With Comparative Totals for the Fiscal Year Ended September 30, 2001)
PROPRIETARY FUND TYPES TOTALS
INTERNAL (MEMORANDUM ONLY)
ENTERPRISE SERVICE 2002 2001
OPERATING REVENUES:
Electric $ 23,412,202 $ 23,412,202 $ 24,340,991
Water 8,986,464 8,986,464 8,021,813
Waste 7,149,348 7,149,348 7,129,627
Other 4,415,589 $ 6,979,151 11,394,740 11,157,383
Total operating revenues 43,963,603 6,979,151 50,942,754 50,649,814
OPERATING EXPENSES:
Electric 1,850,345 1,850,345 1,199,854
Water 972,505 972,505 767,376
Waste 630,611 630,611 699,706
Depreciation 3,152,547 838,113 3,990,660 3,809,766
Utility contracts 22,875,610 22,875,610 23,142,949
Plant management 2,272,327 2,272,327 2,165,232
Other 1,690,341 6,437,853 8,128,194 7,873,492
Total operating expenses 33,444,286 7,275,966 40,720,252 39,658,375
NET OPERATING INCOME (LOSS) 10,519,317 (296,815) 10,222,502 10,991,439
NONOPERATING REVENUES (EXPENSES):
Investment earnings 646,428 74,549 720,977 1,386,523
Donations and grants 257,304 257,304 183,929
Interest and fiscal charges (1,788,664) (1,788,664) (2,000,463)
Loss on disposed asset (25,490) (25,490) (394,401)
Other 2,511,793 88,847 2,600,640 1,569,940
Total nonoperating revenues (expenses) 1,626,861 137,906 1,764,767 745,528
NET INCOME (LOSS) BEFORE OPERATING TRANSFERS 12,146,178 (158,909) 11,987,269 11,736,967
OPERATING TRANSFERS IN (OUT):
Transfers in 941,974 350,027 1,292,001 1,707,380
Transfers out (4,506,071) (147,091) (4,653,162) (6,888,240)
Total operating transfers in (out) (3,564,097) 202,936 (3,361,161) (5,180,860)
NET INCOME 8,582,081 44,027 8,626,108 6,556,107
ADD BACK DEPRECIATION EXPENSE ON
CONTRIBUTED ASSETS 466,178 89,670 555,848 534,379
RETAINED EARNINGS, Beginning of period 59,160,132 4,081,001 63,241,133 56,150,647
RETAINED EARNINGS, End of period $ 68,208,391 $ 4,214,698 $ 72,423,089 $ 63,241,133
The notes to financial statements are an integral part of this statement.
CITY OF GEORGETOWN, TEXAS
COMBINED STATEMENT OF CASH FLOWS -ALL PROPRIETARY FUND TYPESFOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2002(With Comparative Totals for the Fiscal Year Ended September 30, 2001)
PROPRIETARY FUND TYPES TOTALS
INTERNAL (MEMORANDUM ONLY)
ENTERPRISE SERVICE 2002 2001
CASH FLOWS FROM OPERATING ACTIVITIES:
Cash received from customers $ 46,017,579 $ 7,017,671 $ 53,035,250 $ 50,433,148
Payments to suppliers (27,867,650) (3,037,248) (30,904,898) (30,921,574)
Franchise fees (836,038) (836,038) (850,551)
Payments to employees for services (1,941,294) (3,190,902) (5,132,196) (4,767,685)
Net cash provided by operating activities 15,372,597 789,521 16,162,118 13,893,338
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
Transfers in 941,974 350,027 1,292,001 1,707,380
Transfers out (4,506,071) (147,091) (4,653,162) (6,888,240)
Payments from (to) other funds 10,640 10,640 495,998
Net cash provided by (used for) noncapital
financing activities (3,553,457) 202,936 (3,350,521) (4,684,862)
CASH FLOWS FROM CAPITAL AND
RELATED FINANCING ACTIVITES:
Acquisition of capital assets (16,921,070) (857,682) (17,778,752) (7,032,871)
Donations and grants 257,304 257,304 183,929
Impact fees 580,179 580,179 1,389,092
Proceeds from issuance of long-term debt 1,900,000
Proceeds from sale of assets 20,596 20,596 4,780
Principal paid on revenue and certificates of obligation bonds (2,275,010) (2,275,010) (2,032,524)
Interest paid on revenue and certificates of obligation bonds (1,811,066) (1,811,066) (1,959,955)
Bond issuance costs 175,180 175,180 75,289
Net cash used for capital and related
financing activities (19,994,483) (837,086) (20,831,569) (7,472,260)
CASH FLOWS FROM INVESTING ACTIVITIES:
Interest received 646,428 74,549 720,977 1,386,523
Change in temporary investments 4,533,710 (265,130) 4,268,580 (2,210,039)
Net cash provided by (used for) investing activities 5,180,138 (190,581) 4,989,557 (823,516)
Net increased (decrease) in cash and cash equivalents (2,995,205) (35,210) (3,030,415) 912,700
Cash and cash equivalents at beginning of year 5,663,872 295,587 5,959,459 5,046,759Cash and cash equivalents at end of year $ 2,668,667 $ 260,377 $ 2,929,044 $ 5,959,459
NON CASH INVESTING, CAPITAL AND FINANCING ACTIVITIES:
Recognition of contributed capital from developers $ 943,789 $ 943,789 $ 596,865
Recognition of contributed capital from state and federal grants 171,944
Total non-cash investing, capital and financing activities $ 943,789 $ 943,789 $ 768,809
The notes to financial statements are an integral part of this statement.
CITY OF GEORGETOWN, TEXAS
COMBINED STATEMENT OF CASH FLOWS - ALL PROPRIETARY FUND TYPES
RECONCILIATION OF OPERATING INCOME
TO NET CASH PROVIDED BY OPERATING ACTIVITIES
For the fiscal year ended September 30, 2002
(With comparative totals for fiscal year ended September 30, 2001)
TOTALS
INTERNAL (MEMORANDUM ONLY)
ENTERPRISE SERVICE 2002 2001
OPERATING INCOME (LOSS)$ 10,519,317 $ (296,815) $ 10,222,502 $ 10,991,439
Adjustments to reconcile net income (loss) to
cash provided by (used in) operating activities:
Depreciation 3,152,547 838,113 3,990,660 3,809,766
Other income 1,931,614 68,251 1,999,865 176,068
Bad debt expense (39,102) (39,102) (12,977)
Decrease (increase) in prepaid expenses (1,014,365) 15,646 (998,719) 216,254
Decrease (increase) in inventories (530,746) 37,846 (492,900) (280,121)
Decrease (increase) in accounts receivable 23,963 38,520 62,483 (548,111)
Decrease (increase) in customer deposits 7,531 7,531 49,360
Decrease (increase) in notes receivable 129,970 129,970 156,022
Increase (decrease) in accounts payable 1,149,189 75,007 1,224,196 (717,344)
Increase (decrease) in compensated absences payable 42,679 12,953 55,632 52,982
Net cash provided by operating activities $15,372,597 $789,521 $16,162,118 $13,893,338
SUPPLEMENTAL SCHEDULE OF NON-CASH AND RELATED
FINANCING ACTIVITIES
Recognition of net book value of assets transferred from
General Fixed Assets/Enterprise Funds to:
Fleet Management Fund $ 102,026 $ 102,026
Information Services Fund 304,380 304,380
$406,406 $406,406
PROPRIETARY FUND TYPES
15
Notes to the Financial Statements
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2002
16
The accounting methods and procedures adopted by the City of Georgetown, Texas, ("City"), conform to
generally accepted accounting principles as applied to governmental entities. The following notes to the
financial statements are an integral part of the City's Comprehensive Annual Financial Report.
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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. As required by generally accepted
accounting principles, the financial statements of the reporting entity include those of the City of
Georgetown (the primary government), and its component unit.
BLENDED COMPONENT UNIT
Georgetown Transportation Enhancement Corporation (GTEC), is a Texas development
corporation and a legally separate entity from the City. City Council maintains budgetary control
for GTEC and appoints the seven member governing board, four of which are Council members
and three at-large citizens of Georgetown. In May 2001, the citizens of Georgetown approved
an additional ½ cent sales tax to be used solely for transportation improvements. The City
began collection of sales tax in October 2001 and collected $1,737,660 for the fiscal year. For
financial reporting purposes, GTEC is presented within City operations because its governing
body is substantially the same as the City, and the City Council approves all budgeted
expenditures. The revenues and expenditures for GTEC are accounted for in a special revenue
fund.
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 - Fund Accounting
The accounts of the City are organized on the basis of funds and account groups, each of which
is considered a separate accounting entity. 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. The various funds are
grouped by type in the financial statements. The following fund types and account groups are
used by the City:
GOVERNMENTAL FUND TYPES
Governmental Fund Types include the General Fund, Special Revenue Funds, Debt Service
Fund and Capital Projects Funds. The individual funds are described as follows:
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.
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2002
17
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.
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.
Capital Projects Funds - Capital Projects Funds are used to account for financial resources
to be used for the acquisition or construction of major capital facilities other than those
financed by the Proprietary Fund Types. Such resources are derived from proceeds of
general obligation bonds.
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. Proprietary funds include the following
fund types:
Enterprise Funds - The Enterprise Funds are used to account for operations: (a) that are
financed and operated in a manner similar to private business enterprises - where the
intent of the governing body is that the costs (expenses, including depreciation) of
providing goods or services to the general public on a continuing basis be financed or
recovered primarily through user charges; or (b) 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. The City's utility funds (Electric, Water, Wastewater, Sanitation and
Stormwater Drainage operations) and Airport Fund are Enterprise Funds.
Internal Service Funds - The Internal Service Funds are used to account for the financing
of goods or services provided by one government organization or department, for others,
on a cost reimbursement basis. 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.
FIDUCIARY FUND TYPE
The Fiduciary Fund Type is used to account for assets held by the City in a trustee capacity or
as an agent for individuals, private organizations, other governmental units and/or other funds.
Agency Fund - The Agency Fund is custodial in nature (assets equal liabilities) and does
not involve measurement of results of operations.
ACCOUNT GROUPS
Account groups are used to establish accounting control and accountability for the City's
general fixed assets and general long-term debt. The two account groups are not "funds."
They are provided for the measurement of financial position. Account groups are not involved
with measurement of results of operations. The following are the City's account groups:
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2002
18
General Fixed Assets Account Group - This self-balancing account group is established to
account for all fixed assets of the City other than those accounted for in the Proprietary
Funds.
General Long-Term Debt Account Group - This self-balancing account group is established
to account for all long-term general obligations which are not expected to be liquidated with
expendable, available financial resources.
C. Basis of Accounting
The accounting and financial reporting treatment applied to a fund is determined by its
measurement focus. The Governmental Fund Types are accounted for using a current financial
resources measurement focus. 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.
The modified accrual basis of accounting is followed by the Governmental Fund Types and
Agency Fund. 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 currently 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.
The City’s Proprietary Fund Types are accounted for on a flow of economic resources
measurement focus. With this measurement focus, all assets and all liabilities associated with
the operation of these funds are included on the balance sheet. Fund equity (i.e., net total
assets) is segregated into contributed capital and retained earnings components. Proprietary
Fund Type operating statements present increases (i.e., revenues) and decreases (i.e.,
expenses) in net total assets.
The accrual basis of accounting is utilized by the Proprietary Fund Types. Under this basis of
accounting, revenues are recognized when earned and expenses are recognized when
incurred.
The City applies only those applicable FASB pronouncements issued prior to November 30,
1989 in accounting and reporting for its proprietary operations.
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.
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2002
19
The budget must be legally adopted by the Council through passage of an ordinance no later
than the twenty-seventh day of the last month of the fiscal year.
Formal budgetary integration is employed as a management control device during the year for
all Governmental and Proprietary Fund Types. Budgets for all funds were legally adopted for
the period. Budgetary control is exercised at the division level. All budgets are prepared on the
budgetary basis, recognizing encumbrances outstanding at year-end as expenditures against
that year’s appropriation. These encumbrances are reconciled to generally accepted
accounting principles where appropriate.
The Council may transfer any unencumbered appropriation balance or portion thereof from one
division, office, department or agency to another at any time. The City Manager has authority,
without Council approval, to transfer appropriation balances from one expenditure account to
another within a single division, office, department, or agency of the City; however, unbudgeted
transfers between funds are prohibited.
The Council may authorize by a majority plus one vote, an emergency expenditure as an
amendment to the original budget, but only in a case of grave public necessity, to meet an
unusual and unforeseen condition that could not have been included in the original budget
through the use of reasonable, diligent thought and attention.
Budget amounts are as originally adopted, or as transferred pursuant to authorization of the City
Manager or amended by the City Council. Individual amendments were not material in relation
to the original appropriations, with the exception of amendments related to capital projects,
grant projects, and the LCRA electric surcharge, whose actual costs were unknown when the
budget was adopted. Unencumbered appropriations lapse each year at September 30.
E. Encumbrances
Encumbrance accounting is employed as an extension of formal budgetary control in all funds.
Encumbrance accounting is a process whereby purchase orders, contracts and other
commitments for the expending of monies are recorded in order to reserve that portion of the
applicable appropriation. Outstanding year-end encumbrances are reported as reservations of
fund balances and do not constitute expenditures or liabilities because the commitments are
carried forward into the subsequent fiscal year.
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, 2002. Interest
earnings are then allocated to each fund based on average monthly pooled equity balances.
Separate cash and investment accounts are maintained for restricted cash such as debt service
and bond proceeds reserved for future construction.
G. Restricted Assets
Historically, the utility funds, based on certain bond covenants, were required to establish and
maintain prescribed amounts of resources that could be used only to service outstanding debt.
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2002
20
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 that are, by law, restricted for future capital improvements. In addition, the funds
also maintain restricted assets for construction of future debt funded capital improvements.
Restricted assets consist of cash and investments, including customer deposits and accrued
interest.
H. Long-term Receivables
In May 1996, the City loaned Reedholm Instruments Co. $135,000 to partially fund the
construction of a new manufacturing facility. This loan was made in conjunction with a
$439,050 award from the Texas Capital Fund. The loan, which is secured by a lien on
equipment, will be repaid at 8% interest over 8 years. Repayment began March 1997 and as of
September 30, 2002, all scheduled repayments have been received. The balance of the
receivable is $50,172 in the Electric Fund.
The Texas Highway Department completed construction of the East Interstate Highway 35
frontage road from State Highway 29 to Williams Drive in January of 1997. The City agreed to
pay $1,000,000 of the approximate $3.8 million cost. The City funded this expenditure in April
1994, with $400,000 of 1992 Certificates of Obligation proceeds previously issued for this
purpose, and $600,000 as an investment of the City's electric utility. A levy of $672,000 was
assessed on adjacent property owners who benefited by the roadway. This assessment is
being repaid over 8 years at 8% interest. Repayments began in April 1997, and the outstanding
balances as of September 30, 2002 are $99,241 in the Electric Fund and $12,926 in the
General Fund.
I. Inventories
Inventories consist of motor fuel, office and other supplies valued at the weighted average cost
method and are recognized as expenditures or expenses when used.
J. Interfund Receivables and Payables
Short-term advances between funds are accounted for in the appropriate interfund receivable
and payable accounts.
K. Interfund Transactions
All legally authorized transfers have been appropriately presented as operating transfers and
are included in the results of operations of both Governmental and Proprietary Fund Types.
L. Intergovernmental Revenue
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.
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2002
21
M. Statement of Cash Flows
Cash and cash equivalents, as provided in Governmental Accounting Standards Board
Statement No. 9 - Statement of Cash Flows, include all investments with an initial maturity of
three months or less. At September 30, 2002, cash, cash equivalents, and investments of
Proprietary Funds consist of the following:
N. Compensated Absences
Employees may accumulate a maximum of two times their annual vacation, up to an absolute
cap of 240 hours, or 30 days. Upon termination, employees are paid for one-half of their
accumulated sick leave up to a maximum of 120 days, as well as any unused accumulated
vacation hours. 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 in the general long-term debt account group. No expenditure is reported
for these amounts. 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.
Cash &
Equivalents Investments Total
ENTERPRISE FUNDS:
Unrestricted:
Electric $ 499,636 $ 2,164,531 $ 2,664,167
Water 1,071,937 4,539,037 5,610,974
Wastewater 718,595 3,100,426 3,819,021
Stormwater 9,607 5,306 14,913
Airport 76,762 325,116 401,878
Total unrestricted 2,376,537 10,134,416 12,510,953
Restricted:
Electric 95,279 406,190 501,469
Water 42,750 182,250 225,000
Stormwater 152,689 152,689
Airport 1,412 6,020 7,432
Total restricted 292,130 594,460 886,590
Total enterprise funds 2,668,667 10,728,876 13,397,543
INTERNAL SERVICE FUNDS:
Unrestricted:
Fleet Management 61,267 261,190 322,457
Joint Services 162,867 685,169 848,036
Facilities Maintenance 15,572 66,386 81,958
Information Services 20,671 88,124 108,795
Total internal service funds 260,377 1,100,869 1,361,246
TOTAL PROPRIETARY FUNDS $ 2,929,044 $ 11,829,745 $ 14,758,789
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2002
22
O. Property, Plant and Equipment
Governmental Funds - General fixed assets are recorded as expenditures in the Governmental
Fund Types and capitalized at cost (or fair market value, if contributed) when acquired in the
General Fixed Asset Account Group. Public domain (infrastructure) general fixed assets such
as streets, bridges, and sidewalks are capitalized if greater than $5,000. No depreciation is
recorded on general fixed assets.
Proprietary Funds - Property and equipment are recorded at cost, including net interest during
the construction period. Contributed property is recorded at fair market value on the date of
contribution. Major property replacements greater than $5,000 are capitalized, whereas
maintenance, repairs and minor renewals are charged to operating expense, and therefore not
capitalized.
Depreciation 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
Contributions of funds or property from other sources, such as state and federal government,
and developers are recorded as equity contributions when they are received. Depreciation on
contributed assets is recorded as an expense in the statement of operations and then charged
to the related contributions account, rather than retained earnings.
P. 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 in the General Long-Term Debt Account Group and
payments of principal and interest relating to the general obligation bonds are recorded as
expenditures in the Debt Service Fund. Self-supporting general obligation debt, which will be
repaid from non-general revenue sources, is recorded in the appropriate proprietary fund.
Other long-term obligations, including accrued compensated absences of governmental funds,
and arbitrage rebate payable, are recorded in the General Long-Term Debt Account Group.
Q. Bond Issuance Costs
For Governmental fund types, bond premiums and discounts, as well as issuance costs, are
recognized during the current period. Bond proceeds are reported as another 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,
bond premiums and discounts, as well as issuance costs, are deferred and amortized over the
life of the bonds using the effective interest method. Bonds payable are reported net of the
applicable bond premium or discount. Issuance costs are reported as deferred charges.
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2002
23
R. “Memorandum Only” Total Columns
Total columns on the Combined Statements are captioned "Memorandum Only" to indicate that
they are presented only for informational purposes. Adjustments to eliminate interfund
transactions have not been recorded in arriving at such amounts, and the memorandum totals
are not intended to fairly present the financial position or results of operations of the City taken
as a whole.
S. 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.
T. Interfund Charges
General Fund administrative service departments budget and account for gross expenditures,
without reduction for services provided for and charged to other funds. Such charges are
reflected in total as contra-expenditures of $843,739 in the Combined Statement of Revenues,
Expenditures and Changes in Fund Balances - All Governmental Fund Types.
U. Post Employment Benefits (other than pension benefits)
Except for health insurance provided pursuant to the Consolidated Omnibus Budget
Reconciliation Act (COBRA), the City provides no post employment benefits and thus has no
related obligation.
V. 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 2002, 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.
W. 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, 2002, there was
not a significant risk arising from cash, investments or accounts receivable.
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2002
24
X. Fund Balance/Retained Earnings
Fund balances and retained earnings are reserved for the following purposes:
Fund balance reservations:
• Capital projects - resources reserved to fund capital outlay expenditures.
• Debt service - funds reserved for retirement of general long-term debt.
• Encumbrances - funds reserved for payment of outstanding commitments related to
unperformed contracts for goods or services.
• Inventories - assets such as supplies and fuel that are unavailable for spending.
• Special Programs - fund relating to grants, convention and visitors bureau, and other
restricted sources.
Retained earning reservations:
• Future construction - funds whose source is restricted by law for future capital
improvements.
Y. Upcoming Change in Accounting Standards
In June 1999, the Governmental Accounting Standards Board (GASB) issued Statement 34 –
Basic Financial Statements and Management’s Discussion and Analysis for State and Local
Governments. The objective of the statement is to provide enhanced understandability and
usefulness of the general purpose financial reports to the citizenry and other users of the
statements. When this statement is implemented, the City will be required to prepare entity
wide reports on a full accrual basis and will include a management discussion and analysis with
the reports, which will provide an analytic overview of the financial reports.
The requirements of this statement are effective in three phases based on a government’s total
annual revenues. The City will be required to apply the requirements of this Statement in
financial statements beginning in fiscal year 2002/03.
2. CASH AND INVESTMENTS
The City maintains a cash and temporary investment pool consisting of demand deposits and
deposits in authorized investment pools. The combined pool is available for use by all funds. Each
fund's portion of this pool is summarized by fund type in the combined balance sheet.
The investment policies of the City are governed by the Texas Public Funds Investment Act (PFIA)
which requires the City Council to adopt an Investment Policy identifying: responsibility for
investments, authorized investments, security dealer selection and qualifying procedures,
safekeeping and custodial procedures, statement of investment objectives and investment reporting
requirements. The City’s current Investment Policy meets all required guidelines of the PFIA.
DEPOSITS
At year-end, the carrying amount of the City’s bank deposits was $2,405,084 and the bank balances
were $1,485,505 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.
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2002
25
In order to maximize interest earnings, the City utilizes a controlled disbursement account which
allows the City to deposit only as much money as needed to fund checks presented each day. The
required amount is withdrawn from the investment pools and transferred to the City’s local
depository.
INVESTMENTS
The City is authorized to invest in certificates of deposit, direct obligations of the US government, US
government agency securities, fully collateralized direct repurchase agreements, no-load money
market funds whose portfolio meet the City’s investment requirements, and in qualified local
government investment pools as approved by the City Council.
The City’s investments are categorized according to three levels of risk as follows:
(1) Insured and registered, with securities held by the government or its agent in the City’s
name;
(2) Uninsured and unregistered, with securities held by the counterparty’s trust department or
agent in the City’s name; or
(3) Uninsured and unregistered, with securities held by the counterparty, or by its trust
department or agent but not in the City’s name.
Investment pools and money market funds are not categorized since specific securities relating to
the government cannot be identified.
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.
Fair
Category 1 Value
U S Treasury Securities $ 4,559,700 $ 4,559,700
U S Government Agency Securities 11,740,878 11,740,878
Investments not subject to categorization:
Texas Local Government Investment Pool (TexPool) 1,137,224
Texas Short Term Asset Reserve Program (TexSTAR) 6,558,984
FGIC Treasury Fund 3,085
TOTAL INVESTMENTS $ 16,300,578 $ 23,999,871
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2002
26
Both pools 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 $4,164 higher than the book value for the pools at 9/30/02.
None of the state pools are registered with the Securities and Exchange Commission (SEC) as
investment companies. They operate in a manner consistent with the SEC’s Rule 2a-7 of the
Investment Company Act of 1940.
The City also used FGIC Treasury Fund, a United States Treasury Money Market fund registered
with the Securities and Exchange Commission, for investment purposes during the fiscal year.
During 2002, the City realized no gains or losses from the sale of investments, as the City’s
investment strategy is to invest to maturity. In accordance with Governmental Accounting Standards
Board Statement No. 31, the City has recognized a net increase in the fair value of investments held
at year end of $158,295.
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. Georgetown Independent School District collected the taxes prior to August 1,
2000. 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 deferred
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, 2002 was $5,005.
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, 2002, was $.31 per $100 of assessed valuation.
The Williamson County Appraisal District (Appraisal District) is responsible for the recording and
appraisal of property for all taxing units in Williamson County. The Appraisal District is required to
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%.
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. These funds are reported in the GTEC Special
Revenue Fund as a blended component unit of the City.
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2002
27
Interfund Interfund
Receivables Payables
PROPRIETARY FUND TYPES:
Enterprise Funds:
Sanitation $ 45,847
Water $ 45,847
TOTAL INTERFUND
RECEIVABLES & PAYABLES $ 45,847 $ 45,847
4. INTERFUND RECEIVABLES AND PAYABLES
5. PROPERTY, PLANT & EQUIPMENT
A summary of proprietary fund types property and equipment at September 30, 2002, is as follows:
The capitalized interest for the Enterprise Funds for fiscal year 2002 is $144,367.
A summary of changes in general fixed assets for the fiscal year ended September 30, 2002, follows:
Balance Additions Retirements Balance
October 1, and and September 30,
2001 Transfers In Transfers Out 2002
Land $ 2,423,405 $ 2,423,405
Buildings 16,059,105 $ 5,985 16,065,090
Improvements 20,550,705 447,393 20,998,098
Machinery, furniture & equipment 1,330,143 5,207 1,335,350
Construction in progress 1,187,482 3,139,012 $ (103,510) 4,222,984
TOTAL $ 41,550,840 $ 3,597,597 $ (103,510) $ 45,044,927
Internal
Enterprise Service
Funds Funds
Land & land rights $ 1,543,639 $ 217,118
Distribution system 107,507,167
Buildings & improvements 8,479,573 1,356,670
Machinery, furniture, & equipment 348,261 10,156,271
Construction in progress 3,970,852
Total property & equipment cost 121,849,492 11,730,059
Less: accumulated depreciation (27,194,705) (7,257,659)
NET PROPERTY & EQUIPMENT $ 94,654,787 $ 4,472,400
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2002
28
6. OPERATING LEASES
On March 1, 1997, the City entered into a noncancelable operating lease for office space. The six-
year lease is set to expire February 28, 2003. Total 2001/02 costs for the lease were $51,683, which
includes an allowance for the owner’s increased property taxes, as a result of the increase in value
for the leasehold improvements. The final lease payment for 2002/03 is $18,628.
7. LONG-TERM DEBT
A. Overview
The following is a summary of long-term debt transactions of the City for the fiscal year ended
September 30, 2002:
The annual requirements to retire all debt outstanding as of September 30, 2002 including interest
payments of $23,854,251 are as follows:
Balance Balance
October 1, September 30,
2001 Additions Retirements 2002
General long-term debt:
General obligation bonds $ 21,170,615 $ (1,104,989) $ 20,065,626
(payable from tax pledge)
Compensated absences 901,139 $ 98,742 999,881
Arbitrage rebate payable 106,910 (39,136) 67,774
Total general long-term debt 22,178,664 98,742 (1,144,125) 21,133,281
Proprietary fund types:
Revenue bonds 32,075,000 (2,070,000) 30,005,000
General obligation bonds 4,939,384 (205,010) 4,734,374
(payable from airport and
stormwater revenues)
Total proprietary fund debt 37,014,384 (2,275,010) 34,739,374
TOTAL LONG-TERM DEBT $ 59,193,048 $ 98,742 $ (3,419,135) $ 55,872,655
Fiscal General General
Year Ending Obligation Obligation
September 30 Tax-Supported Self-Supported Revenue Total
2003 $ 2,177,522 $ 454,926 $ 3,589,570 $ 6,222,018
2004 2,045,094 476,186 3,611,805 6,133,085
2005 1,730,146 449,329 3,578,268 5,757,743
2006 1,728,622 447,127 3,445,157 5,620,906
2007 1,733,580 446,110 3,303,347 5,483,037
2008-2021 20,718,616 4,683,628 24,040,218 49,442,462
$ 30,133,580 $ 6,957,306 $ 41,568,365 $ 78,659,251
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2002
29
At September 30, 2002 there were no authorized, but unissued general obligation or revenue
bonds, and the City is in compliance with all bond ordinances.
B. General Obligation Debt
A summary of Tax-Supported General Obligation Debt outstanding at September 30, 2002 follows:
$1,600,000, 1992 Combination tax and revenue certificates of obligation
due in annual installments of $25,000 to $475,000 through August 1,
2004; interest at 5% to 8% (portion included below) $ 632,852
$1,750,000, 1994 Combination tax and revenue certificates of obligation
due in annual installments of $65,000 to $170,000 through August 15,
2009; interest at 6% to 7.6% (portion included below)
$1,375,000, 1995 General obligation refunding bonds due in annual
installments of $85,000 to $300,000 through August 1, 2003; interest at
3.9% to 5%
$5,185,000, 1997 Combination tax & revenue certificates of obligation
due in annual installments of $70,000 to $610,000 through August 15,
2017; interest at 5% to 7%
$5,220,000, 1998 Combination tax & revenue certificates of obligation
due in annual installments through August 15, 2018; interest at 4% to
5% (portion included below)
$6,750,000 1999 Combination tax & revenue certificates of obligation
due in annual installments through August 15, 2019; interest at 4.3% to
5.5% (portion included below)
$1,450,000 2000 Combination tax & revenue certificates of obligation
due in annual installments through August 15, 2020; interest at 5.15% to
5.9%
$5,470,000 2001 Combination tax & revenue certificates of obligation
due in annual installments through August 15, 2021; interest at 4.35% to
5.0%
Subtotal Tax-Supported General Obligation Debt
860,004
300,000
4,770,000
2,646,490
4,466,280
1,405,000
4,985,000
$20,065,626
A summary of Self-Supporting General Obligation Debt outstanding at September 30, 2002:
$1,600,000, 1992 Combination tax and revenue certificates of obligation
due in annual installments of $25,000 to $475,000 through August 1,
2004; interest at 5% to 8%; portion designated for airport hangars to be
paid through revenues from rentals of the hangars, $200,000
$1,750,000, 1994 Combination tax and revenue certificates of obligation
due in annual installments of $65,000 to $170,000 through August 15,
2009; interest at 6% to 7.6%; portion designated for airport hangars to be
paid through revenues from rentals of the hangars, $260,000
$ 92,149
149,995
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2002
30
$725,000, 1995 Combination tax & revenue certificates of obligation due
in annual installments of $20,000 to $60,000 through August 1, 2015;
interest at 3.9% to 6.25%; entire issue designated for stormwater
drainage improvements to be paid through revenues from assessed
stormwater drainage fees
$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
$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
Subtotal Self-Supporting General Obligation Debt
Total outstanding General Obligation Debt as of September 30, 2002
$560,000
2,263,510
1,668,720
4,734,374
$24,800,000
C. Revenue Debt
A summary of Revenue Debt outstanding at September 30, 2002 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%
$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%
$4,320,000, 2000 Utility System Revenue & Refunding bonds due in
annual installments through August 15, 2020; interest at 5.1% to 5.9%
$1,900,000 2001 Utility System Revenue & Refunding bonds due in
annual installments through August 15, 2021; interest at 4.75% to 5.12%
$22,860,000
1,225,000
4,185,000
1,735,000
Total outstanding Revenue Debt as of September 30, 2002 $30,005,000
All net revenues of the utility system are pledged for the payment of debt service for the revenue
bonds. Net revenues, as defined by the various bond ordinances, include income and revenues
derived from the operation of the system, after deduction of the amount necessary to pay all
operating, maintenance, replacement and betterment charges of the system. These bond
ordinances require that the net revenues, as defined, equal at least 1.25 times the average
annual debt service on all revenue bonds. The City was in compliance with this requirement at
September 30, 2002.
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2002
31
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, 2002, the outstanding balance of the defeased
bonds is $17,865,000.
8. RETIREMENT PLAN
A. Plan Description
The City provides pension benefits for all of its full-time employees through a non-traditional joint
contributory hybrid defined benefit plan, in the state-wide Texas Municipal Retirement System
(TMRS). The City of Georgetown is one of 758 municipalities having the benefit plan
administered by TMRS, an agent multiple-employer public employee retirement system. Each of
the 758 municipalities have an annual, individual actuarial valuation performed. The following
assumptions were used for the December 31, 2001 valuations:
Actuarial Cost Method Unit Credit
Amortization Method Level Percent of Payroll
Remaining Amortization Period 25 Years – Open Period
Asset Valuation Method Amortized Cost
Investment Rate of Return 8%
Projected Salary Increases None
Includes Inflation At None
Cost-of-Living Adjustments None
Benefits depend upon the sum of the employee's contributions to the plan, with interest, and the
City-financed monetary credits, with interest. At the date the plan began, the City granted
monetary credits for service rendered before the plan began of a theoretical amount equal to two
times what would have been contributed by the employee, with interest, prior to establishment of
the plan. Monetary credits for service since the plan began are a percent (100%, 150%, or
200%) of the employee's accumulated contributions. In addition, the City can grant, as often as
annually, another type of monetary credit referred to as an updated service credit, which is a
theoretical amount which, when added to the employee's accumulated contributions and the
monetary credits for service since the plan began, would be the total monetary credits and
employee contributions accumulated with interest if the current employee contribution rate and
City matching percent had always been in existence and if the employee's salary had always
been the average of his salary in the last three years that are one year before the effective date.
At retirement, the benefit is calculated as if the sum of the employee's accumulated contributions
with interest and the employer-financed monetary credits with interest were used to purchase an
annuity.
The December 31, 2001 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. In February of 2001, the City opted to increase benefits
by providing a 6% employee contribution rate and 20 year retirement service, regardless of age.
These benefits have increased the City’s contributions to TMRS.
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2002
32
B. Contributions
The contribution rate for the employees is 6%, and the City matching ratio is currently 2 to 1, both
as adopted by the governing body of the City. Under the state law governing TMRS, the actuary
annually determines the City contribution rate. This rate consists of the normal cost contribution
rate and the prior service contribution rate, both of which are calculated to be a level percent of
payroll from year to year. The normal cost contribution rate finances the currently accruing
monetary credits due to the City matching percent, which are the obligation of the City as of an
employee's retirement date, not at the time the employee's contributions are made. The normal
cost contribution rate is the actuarially determined percent of payroll necessary to satisfy the
obligation of the City to each employee at the time his/her retirement becomes effective. The
prior service contribution rate amortizes the unfunded (overfunded) actuarial liability (asset) over
the remainder of the plan's 25 year amortization period. The unit credit actuarial cost method is
used for determining the City contribution rate. Both the employees and the City make
contributions monthly. Since the City needs to know its contribution rate in advance to budget for
it, there is a one-year delay between the actuarial valuation that is the basis for the rate and the
calendar year when the rate goes into effect. (i.e. December 31, 2001 valuation is effective for
rates beginning January 2003).
The City’s total payroll in fiscal year 2002 was $12,210,596 and the City’s contributions were
based on a payroll of $12,176,161. Both the City and the covered employees made the required
contributions, amounting to $927,284 for the City and $730,600 for the employees. The City’s
contribution amounted to 7.76% of the covered payroll for the calendar year. The employees’
contribution amounted to 6% of covered payroll.
Schedule of Actuarial Liabilities and Funding Progress
Actuarial Valuation Date 12/31/2001
Actuarial Value of Assets (A) $ 13,594,005
Actuarial Accrued Liability (B) $ 16,130,453
Percentage funded (C)=(A)/(B) 84.3%
Unfunded (Over-funded) Actuarial Accrued Liability (UAAL) (D)=(B)-(A) $ 2,536,448
Annual Covered Payroll (E) $ 11,269,422
UAAL as a Percentage of Covered Payroll (D)/(E) 22.5%
Annual Pension Cost
Fiscal Year
Funding
Annual Pension
Cost (APC)
APC funded Net Pension
Obligation (NPO)
Employer’s
Contribution as a
% of Covered
Payroll
09/30/00 $ 634,184 $ 634,184 0 5.84
09/30/01 $ 761,850 $ 761,850 0 7.23
09/30/02 $ 927,284 $ 927,284 0 7.76
A copy of the TMRS Comprehensive Annual Financial Report may be obtained by contacting
TMRS at P.O. Box 149153, Austin, Texas 78714-9153.
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2002
33
9. DEFERRED COMPENSATION PLAN
The City offers its employees a deferred compensation plan in accordance with Internal Revenue
Code Section 457. The plan, available to all City employees, permits them to defer a portion of
their salary until future years. Participation in the plan is optional. The deferred compensation is
not available to employees until termination, retirement, death or an unforeseeable emergency.
10. SEGMENT INFORMATION OF ENTERPRISE FUNDS
The City maintains enterprise funds which are intended to be self-supporting through user fees
charged for services. Segment information for the fiscal year ended September 30, 2002, is as
follows:
11. JOINT VENTURE
Williamson County Regional Raw Water Line Agreement
The City is a party to an agreement dated June 30, 1986, with the Brazos River Authority (BRA),
City of Round Rock and Jonah Water Special Utility District. The BRA is to design, construct
and operate a pipeline to transport water from Lake Stillhouse Hollow to Lake Georgetown. The
BRA, which is governed by a board of twenty-one directors appointed by the Governor of Texas,
was appointed manager of the project and is solely responsible for operations, budgeting and
financing of the project.
The participants and their percentage shares of the project are as follows:
City of Round Rock 43.30%
City of Georgetown 36.89
Brushy Creek Municipal Utility District 9.55
Jonah Water Special Utility District 5.82
Chisholm Trail Special Utility District 4.44
100.00%
As of September 30, 2002, the City’s net investment in the project is $265,603.
Stormwater
Electric Water Wastewater Sanitation Drainage Airport
Fund Fund Fund Fund Fund Fund Total
Operating revenues $ 24,077,524 $ 9,897,911 $ 5,109,810 $ 2,543,635 $ 899,202 $ 1,435,521 $ 43,963,603
Depreciation expense 963,484 856,723 761,821 105,791 464,728 3,152,547
Net operating income 4,399,782 4,074,493 1,801,710 169,469 247,587 (173,724) 10,519,317
Operating transfers in 431,325 259,350 1,197 2,304 694,176
Operating transfers out (2,051,198) (1,364,134) (815,121) (203,939) (71,679) (4,506,071)
Net income 2,403,162 4,740,240 1,275,856 (34,470) 145,034 52,259 8,582,081
Donation/Grant revenue 257,304 257,304
Net changes in property
& equipment 2,526,248 5,395,953 8,808,777 759,687 411,335 17,902,000
Net working capital 5,720,475 7,146,817 3,890,694 81,828 70,999 366,365 17,277,178
Total assets 29,668,756 45,165,419 33,438,087 309,390 4,339,836 6,110,270 119,031,758
Bonds payable 9,346,822 10,734,846 9,923,332 2,698,921 2,035,452 34,739,373
Total equity $ 17,351,861 $ 33,106,987 $ 22,549,487 $ 81,828 $ 1,555,402 $ 3,964,490 $ 78,610,055
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2002
34
Total project construction cost for the raw water lines is estimated at $40 million. In 2000, BRA
issued approximately $37 million in debt obligations, to be repaid through annual payments from
the participants. The City’s obligation is $41.7 million, which includes principal and interest on
the BRA obligation to be repaid annually through 2034. The City began paying its allocated
costs related to the project in fiscal year 2002. The amount for fiscal year 2002 was $88,749.
The following financial information for the Williamson County Regional Raw Water line is from
the BRA’s audited financial statements at August 31, 2002 (in thousands):
Operating revenue $ 0
Operating loss 0
Net income (1,467)
Net working capital (117)
Total assets 40,950
Total liabilities (40,083)
Total fund equity $ 867
Complete financial statements for the BRA can be obtained from the BRA at 4400 Cobbs Drive,
Waco, Texas, 76714.
12. CONTRIBUTED CAPITAL
During the year ended September 30, 2002, contributed capital increased by the following
amounts:
13. COMMITMENTS AND CONTINGENCIES
Long-Term Agreements
The City has the following long-term agreements which represent significant commitments:
A.Wholesale Power Agreement with the Lower Colorado River Authority (LCRA) - The
City must purchase 90% of its electrical power requirements from the LCRA under a
long-term contract, which extends through 2016. Under the contract, the City's monthly
cost of purchased power averaged $1,126,867 for the fiscal year ended September 30,
2002.
Developers Depreciation
Beginning State and and on Contributed Balance
Balance Federal Grants Donations Assets 9/30/2002
Electric Fund $ 4,918,453 $ (59,195) $ 4,859,258
Water Fund 992,720 $ 87,168 (45,889) 1,033,999
Wastewater Fund 1,064,486 806,934 (17,031) 1,854,389
Stormwater Fund 716,776 49,687 (30,983) 735,480
Airport Fund 2,231,618 (313,080) 1,918,538
Fleet Management Fund 622,136 102,026 (37,621) 686,541
Joint Services Fund 286,269 (15,134) 271,135
Information Services Fund $ 99,115 205,265 (36,915) 267,465
Totals $ 10,832,458 $ 99,115 $ 1,251,080 $ (555,848) $ 11,626,805
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2002
35
B. Brazos River Authority (BRA) Agreements - 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, 2002 is $34.50 and the City paid
a total of $978,836 for water during the fiscal year. The City has three separate
agreements with the BRA as follows:
(1) Lake Georgetown Water - This agreement, effective September 1, 2001 and
expiring August 31, 2050, requires BRA to make available to the City 6,720 acre-feet
of water per year at BRA’s system wide rate. The City paid $185,430 for water under
this agreement for the City’s fiscal year.
(2) Lake Stillhouse Hollow Water - This agreement, effective September 1, 2001 and
expiring August 31, 2040, requires BRA to make available to the City 15,448 acre-
feet of water per year at BRA’s system wide rate. The City paid $451,623 for water
under this agreement for the City’s fiscal year.
(3) Colorado River Basin Water - This agreement, effective September 1, 2001 and
expiring August 31, 2051, requires BRA to make available to the City a total of 6,944
acre-feet of water per year. Because this water is made available to BRA through
the Lower Colorado River Authority (LCRA), the pricing structure is based upon the
cost of water set by LCRA. The rate for BRA’s fiscal year beginning September 1,
2002 is $49.22 per acre-foot. The City paid $341,783 under this agreement for the
City’s fiscal year.
C.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 four 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 $282,424 as of September 30, 2002.
(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 $384,226 as of September 30, 2002.
(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 $384,226 as of September 30, 2002.
(4) Advanced Cable Services, LP - This facility was completed in January 1999 and
lease payments began in February 1999. The business is current on lease payments
and has an outstanding balance of $381,179 as of September 30, 2002.
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2002
36
D. Chisholm Trail Special Utility District - In February 1999, the City and Chisholm Trail
Special Utility District (CTSUD) entered into an agreement which will provide CTSUD
needed water in exchange for allowing Georgetown the right to provide water service in
the Highway 195 and expanded Sun City areas. The City will initially sell CTSUD up to 1
mgd of water at $1.50 per/1000. Upon notification to the City by CTSUD, the City will
transfer to CTSUD a phased financial position in the Lake Water Treatment Plant up to
4.26 mgd, not to exceed 28% of the plant capacity. CTSUD will then pay prorata
operating costs for all water utilized. As of September 30, the City had not received
necessary notification. In addition, upon completion of the Williamson County Raw Water
Line, the City will transfer 840 acre feet of the Lake Stillhouse Hollow water rights to
CTSUD, which will assume payment for these rights to the BRA.
E. Jonah Water Special Utility District - In 1999, the City of Georgetown and Jonah Water
Special Utility District (JWSUD) entered into an agreement to develop a 3 mgd micro-
filtration water treatment facility in Georgetown. JWSUD and Georgetown shared in the
cost of design and construction of the plant. Georgetown retains title to the facility and
JWSUD owns one of the 1mgd micro-filtration units. In October 2002, JWSUD decided to
sell its interest in this facility to the City due to their non-use and inability to supply raw
water to the unit. The City purchased the unit for $1,303,373 in November 2002.
F. Del Webb - In 1995, the City of Georgetown and Del E. Webb Corporation entered into a
development agreement for a 10,500 home, 6,300 acre active retirement community to
be called Sun City Texas. The City agreed to fund the off-site costs of infrastructure
improvements required to serve the project for fire protection, road improvements,
wastewater services and water services by issuing general obligation and revenue debt.
Del Webb then reimburses the City for all costs, including carrying charges on a per
home basis. The repayment was calculated to allow all infrastructure and debt to be paid
without cash shortfalls or increases in overall service rates for water and wastewater.
As of September 30, 2002, 2,847 homes have been completed and more are in various
stages of construction.
In May 2002, Del Webb notified the City of their intent to downsize the development to
5,000 units. Negotiations are currently underway to revise the development agreement
and its related repayment schedule to ensure the City recaptures all related costs
incurred for the development.
G. Escalera Ranch - In 1999, the City of Georgetown and Escalera Ranch, Ltd. entered into
an agreement for a 500 home residential subdivision to be built over a period of eight
years. The City agreed to fund the off-site costs of infrastructure improvements required
to provide roadway system improvements and water service, including fire flow, to the
development. Escalera reimburses the City for all costs for the improvements on a per
home basis. Escalera pays the City based on the proposed build out schedule rather
than actual permits issued. As of September 30, 2002, 8 total permits were issued for
this development and 135 units paid to date.
H. Georgetown Village Public Improvement District - In 1999, the City of Georgetown
created the Georgetown Village Public Improvement District No. 1, pursuant to Chapter
372 of the Texas Local Government Code. The City is required to construct and provide
operation, repair and maintenance of parks, recreational facilities, alleyways, lighting,
landscaping and related improvements to the district that are above the standards that
are met elsewhere in the City. Property owners are assessed an annual maintenance
assessment of $0.20 per $100 valuation. Assessment revenue of $39,450 was
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2002
37
recognized for 2002. As of September 30, 2002 all costs associated with the
Georgetown Village Public Improvement District have been reimbursed.
I. Shell Road Public Improvement District - In 2001, the City created the Shell Road
Public Improvement District, pursuant to Chapter 372 of the Texas Local Government
Code. The City is required to design and construct the realignment of Shell Road, which
will be accomplished through an interlocal agreement with Williamson County. The
estimated cost of the construction of $832,500 will be repaid by 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.
There is no assessment as of September 30, 2002, because construction has not been
completed.
J. Cimarron Hills Public Improvement District - In May 2000, the City and Paloma
Cimarron Hills, L.P. entered into a development agreement for a 606 home, 813 acre
subdivision within the City’s Extraterritorial Jurisdiction (ETJ). As part of this agreement,
the City created the Cimarron Hills PID to reimburse the developer for costs of certain
infrastructure improvements. Each lot within the development is assessed an annual fee
based on its type of usage. Once the revenue stream is stabilized, and reserve fund
requirements are met, the PID may issue revenue bonds to reimburse the developer. As
part of the agreement, the developer will construct a wastewater treatment plant, to be
transferred to the City, who will then operate the plant. The City will also collect a per unit
transportation fee which will be used to fund necessary roadway improvements and
bridge crossings in the area. As of September 30, 2002, 5 homes had been completed
for this development. PID assessment collection began in 2002. The assessments and
related disbursements are recorded in the Agency Funds.
K. Rivery Towne Crossing - On November 27, 2001, the City entered into a development
agreement with Quorum, L.L.C. to develop 125.34 acres within the City limits called
Rivery Towne Crossing. This project requires construction of major transportation
infrastructure to be funded by developer contributions and through Georgetown
Transportation Enhancement Corporation funding. This development will support a
Super Wal-Mart, Home Depot and various other retail establishments. As of September
30, 2002, $526,000 of an estimated $6.3 million in infrastructure projects had been
completed to support this project.
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.
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2002
38
Construction Contracts
Estimated costs to complete significant construction projects in progress at year-end totaled
approximately $2,231,534 for Governmental Fund Types and approximately $10,967,033 for
Enterprise Funds.
14. SUBSEQUENT EVENTS
In May 2002, the Council authorized a bond reimbursement resolution for future funding of the
expansion of the Lake Water Treatment Plant, which began in June. The City issued $6.5
million in utility system revenue bonds in November 2002 to fund this expansion. In November
2002, the City also issued $3.1 million in support of Georgetown Transportation Enhancement
Corporation (GTEC) projects related to the Rivery Towne Crossing Development. GTEC will
pay the debt service on the bonds through a contractual agreement with the City with its sales
tax revenues.
In November 2002, voters approved ¼ cent House Bill 445 Sales Tax for existing street
maintenance with collection to begin April 1, 2003. This tax includes a sunset provision,
whereby the sales tax authorization will expire four years after the effective date. Voter renewal
of the tax will be requested in November 2006.
CITY OF GEORGETOWN, TEXAS
REQUIRED SUPPLEMENTAL INFORMATION -
TEXAS MUNICIPAL RETIREMENT SYSTEM TREND DATA -
LAST TEN FISCAL YEARS
39
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
1993 $ 3,870,286 $ 4,194,587 92.3% $ 324,301 $ 4,625,210 7.0%
1994 4,510,717 4,948,284 91.2% 437,567 4,807,816 9.1%
1995 5,096,380 5,764,962 88.4% 668,582 5,158,404 12.9%
1996 5,731,751 6,501,851 88.2% 770,100 5,379,252 14.3%
1997 6,822,635 7,749,553 88.0% 926,918 7,210,336 12.9%
1998 8,007,346 9,049,050 88.5% 1,041,704 7,812,223 13.3%
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%
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.
41
GENERAL FUND
The General Fund is used to account for resources traditionally associated with government which are not required
legally or by sound financial management to be accounted for in another fund.
CITY OF GEORGETOWN, TEXAS
GENERAL FUND
COMPARATIVE BALANCE SHEETS
SEPTEMBER 30, 2002 AND 2001
2002 2001
ASSETS:
Cash and cash equivalents $ 547,092 $ 1,138,427
Investments 2,336,882 3,232,252
Accounts receivable (net of allowance for uncollectible accounts):
Delinquent taxes 120,191 106,238
Sales taxes 590,878 612,274
Prepaid expenses 9,435
Grants 9,678
Other 208,433 211,671
Inventories 2,710 2,430
TOTAL ASSETS $ 3,815,621 $ 5,312,970
LIABILITIES AND FUND BALANCES:
Liabilities:
Accounts payable $ 501,573 $ 433,042
Deferred revenue 308,036 269,972
Total liabilities 809,609 703,014
Fund Balances:
Reserved for encumbrances 254,277 337,404
Reserved for inventories 2,710 2,430
Unreserved 2,749,025 4,270,122
Total fund balances 3,006,012 4,609,956
TOTAL LIABILITIES AND FUND BALANCES $ 3,815,621 $ 5,312,970
CITY OF GEORGETOWN, TEXAS
GENERAL FUND
COMPARATIVE STATEMENTS OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
FISCAL YEARS ENDED SEPTEMBER 30, 2002 AND 2001
2002 2001
REVENUES:
Taxes $ 8,827,790 $ 8,259,245
Licenses and permits 827,395 731,600
Charges for services 817,255 751,704
Fines and forfeitures 390,058 390,853
Investment income and other 275,010 426,478
Total revenues 11,137,508 10,559,880
EXPENDITURES:
General government 3,390,328 3,503,182
Finance & administration 179,317 163,329
Planning and development 1,661,889 1,253,338
Parks and recreation 2,538,682 2,425,212
Fire services 3,367,588 3,104,714
Police services 4,155,666 3,915,103
Georgetown utility systems / streets 1,885,222 1,322,011
Interfund charges for service (843,739) (739,719)
Total expenditures 16,334,953 14,947,170
EXCESS EXPENDITURES OVER REVENUES (5,197,445) (4,387,290)
OTHER FINANCING SOURCES (USES):
Operating transfers in 3,598,657 5,032,909
Operating transfers out (5,156) (753,026)
Total other financing sources (uses) 3,593,501 4,279,883
DEFICIENCY OF REVENUES AND
OTHER FINANCING SOURCES OVER
EXPENDITURES AND OTHER FINANCING (USES) (1,603,944) (107,407)
FUND BALANCES, Beginning of period 4,609,956 4,717,363
FUND BALANCES, End of period $ 3,006,012 $ 4,609,956
CITY OF GEORGETOWN, TEXAS
GENERAL FUND
SCHEDULE OF REVENUES AND EXPENDITURES (BUDGET BASIS) -
BUDGET AND ACTUAL (NON-GAAP) - RECONCILED TO GAAP BASIS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2002
(With Comparative Totals for Fiscal Year Ended September 30, 2001)
2002
2001
BUDGET ACTUAL VARIANCE ACTUAL
REVENUES:
TAXES:
Property tax:
Current $ 3,725,300 $ 3,719,948 $ (5,352) $ 3,173,807
Delinquent 32,000 13,643 (18,357) 38,810
Penalties and interest 30,000 53,493 23,493 47,062
Total property tax 3,787,300 3,787,084 (216) 3,259,679
Sales tax 3,640,000 3,453,856 (186,144) 3,526,862
Franchise fees 1,449,244 1,489,345 40,101 1,378,703
Other 100,000 97,505 (2,495) 94,000
Total taxes 8,976,544 8,827,790 (148,754) 8,259,244
LICENSES AND PERMITS:
Permits and inspection fees 1,009,976 808,597 (201,379) 724,159
Licenses 18,000 18,780 780 7,440
Total licenses and permits 1,027,976 827,377 (200,599) 731,599
CHARGES FOR SERVICES:
Library 60,489 54,397 (6,092) 43,176
Animal services 28,500 25,665 (2,835) 21,829
Parks and recreation 684,576 654,701 (29,875) 641,998
Fire protection 60,000 59,770 (230) 61,990
Police support 22,500 22,729 229 2,799
Total charges for services 856,065 817,262 (38,803) 771,792
FINES AND FORFEITURES 630,833 390,058 (240,775) 390,853
INTEREST AND OTHER:
Investment income 158,788 93,564 (65,224) 232,987
Rent 42,000 39,626 (2,374) 49,629
Miscellaneous 159,250 140,208 (19,042) 156,838
Total interest and other 360,038 273,398 (86,640) 439,454
TOTAL REVENUES 11,851,456 11,135,885 (715,571) 10,592,942
EXPENDITURES:
GENERAL GOVERNMENT:
General government:
Operations 1,392,083 1,392,083 1,411,302
Total general government 1,392,083 1,392,083 1,411,302
(continued)
2002
2001
BUDGET ACTUAL VARIANCE ACTUAL
City council:
Personnel $ 76,276 $ 73,815 $ 2,461 $ 70,872
Operations 276,627 263,265 13,362 275,154
Total City council 352,903 337,080 15,823 346,026
City manager's office:
Personnel 356,156 351,330 4,826 300,417
Operations 177,937 160,737 17,200 175,328
Total City manager's office 534,093 512,067 22,026 475,745
Administration:
Personnel 157,678
Operations 36,222
Total administration 193,900
Animal services:
Personnel 239,766 239,098 668 224,947
Operations 68,593 68,586 7 69,697
Total animal services 308,359 307,684 675 294,644
Library:
Personnel 577,193 576,632 561 515,617
Operations 196,335 196,334 1 218,487
Capital outlay 90,250 90,091 159 99,068
Total library 863,778 863,057 721 833,172
TOTAL GENERAL GOVERNMENT 3,451,216 3,411,971 39,245 3,554,789
FINANCE AND ADMINISTRATION:
Municipal court:
Personnel 153,714 137,045 16,669 129,541
Operations 42,498 42,497 1 35,823
Capital outlay 2,336 2,336
Total municipal court 198,548 181,878 16,670 165,364
TOTAL FINANCE AND ADMINISTRATION 198,548 181,878 16,670 165,364
PLANNING AND DEVELOPMENT:
Administration:
Personnel 246,863 236,530 10,333 203,660
Operations 383,680 369,248 14,432 145,199
Capital outlay 23,242
Total administration 630,543 605,778 24,765 372,101
(continued)
CITY OF GEORGETOWN, TEXAS
GENERAL FUND
SCHEDULE OF REVENUES AND EXPENDITURES (BUDGET BASIS) -
BUDGET AND ACTUAL (NON-GAAP) - RECONCILED TO GAAP BASIS - (continued)
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2002
(With Comparative Totals for Fiscal Year Ended September 30, 2001)
2002
2001
BUDGET ACTUAL VARIANCE ACTUAL
Current Planning:
Personnel $ 366,082 $ 365,353 $ 729 $ 316,912
Operations 28,889 27,967 922 91,248
Total current planning 394,971 393,320 1,651 408,160
Long Range Planning:
Personnel 105,664 100,523 5,141
Operations 59,230 59,227 3
Capital outlay 10,000 7,749 2,251
Total long range planning 174,894 167,499 7,395
Inspection services:
Personnel 482,480 433,594 48,886 410,261
Operations 78,875 69,816 9,059 89,644
Total inspection services 561,355 503,410 57,945 499,905
TOTAL PLANNING AND DEVELOPMENT 1,761,763 1,670,007 91,756 1,280,166
PARKS AND RECREATION:
Parks:
Personnel 784,656 782,919 1,737 704,912
Operations 493,676 487,579 6,097 493,105
Capital outlay 798
Total parks 1,278,332 1,270,498 7,834 1,198,815
Recreation:
Personnel 314,940 312,384 2,556 266,487
Operations 188,377 156,993 31,384 169,659
Total recreation 503,317 469,377 33,940 436,146
Recreation programs:
Personnel 158,446 158,160 286 179,993
Operations 599,887 591,602 8,285 625,956
Capital outlay 26,157
Total recreation 758,333 749,762 8,571 832,106
TOTAL PARKS AND RECREATION 2,539,982 2,489,637 50,345 2,467,067
FIRE SERVICES:
Fire administration:
Personnel 225,690 225,690 206,968
Operations 162,169 159,676 2,493 159,417
Total fire administration 387,859 385,366 2,493 366,385
(continued)
2002
2001
BUDGET ACTUAL VARIANCE ACTUAL
Fire operations:
Personnel $ 2,191,387 $ 2,187,815 $ 3,572 $ 2,000,530
Operations 452,566 450,946 1,620 414,497
Capital outlay 1,814 1,814 36,056
Total fire operations 2,645,767 2,640,575 5,192 2,451,083
Fire prevention:
Personnel 266,192 262,216 3,976 230,216
Operations 66,519 66,519 53,687
Total fire prevention 332,711 328,735 3,976 283,903
TOTAL FIRE SERVICES 3,366,337 3,354,676 11,661 3,101,371
POLICE SERVICES:
Organization and administration:
Personnel 226,029 226,029 222,361
Operations 190,948 190,944 4 217,754
Total organization and administration 416,977 416,973 4 440,115
Support Services Bureau:
Personnel 1,182,559 1,138,244 44,315 760,882
Operations 172,672 170,876 1,796 152,458
Total support services bureau 1,355,231 1,309,120 46,111 913,340
Field Operations Bureau:
Personnel 1,886,952 1,829,439 57,513 1,970,795
Operations 552,540 552,540 624,905
Capital outlay 34,000 32,900 1,100
Total field operations bureau 2,473,492 2,414,879 58,613 2,595,700
TOTAL POLICE SERVICES 4,245,700 4,140,972 104,728 3,949,155
GEORGETOWN UTILITY SYSTEMS:
Streets Operating:
Personnel 532,824 491,246 41,578 421,520
Operations 760,193 731,865 28,328 793,448
Capital outlay 825,000 644,503 180,497 233,360
Total streets operating 2,118,017 1,867,614 250,403 1,448,328
TOTAL GEORGETOWN UTILITY SYSTEMS 2,118,017 1,867,614 250,403 1,448,328
(continued)
CITY OF GEORGETOWN, TEXAS
GENERAL FUND
SCHEDULE OF REVENUES AND EXPENDITURES (BUDGET BASIS) -
BUDGET AND ACTUAL (NON-GAAP) - RECONCILED TO GAAP BASIS - (continued)
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2002
(With Comparative Totals for Fiscal Year Ended September 30, 2001)
2002
2001
BUDGET ACTUAL VARIANCE ACTUAL
INTERFUND CHARGES FOR SERVICE $ (719,165) $ (843,739) $ 124,574 $ (739,719)
TOTAL EXPENDITURES 16,962,398 16,273,016 689,382 15,226,521
DEFICIENCY OF REVENUES
OVER EXPENDITURES (5,110,942) (5,137,131) (26,189) (4,633,579)
OTHER FINANCING SOURCES (USES):
Operating transfers in 3,472,747 3,598,655 125,908 5,032,909
Operating transfers out (5,156) (5,156) (753,026)
Total other financing sources (uses) 3,467,591 3,593,499 125,908 4,279,883
EXCESS (DEFICIENCY) OF REVENUES AND
OTHER FINANCING SOURCES OVER
EXPENDITURES AND OTHER FINANCING
(USES) - BUDGETARY BASIS (1,643,351) (1,543,632) 99,719 (353,696)
FUND BALANCE - BUDGETARY BASIS,
Beginning of period 4,079,943 4,272,152 192,209 4,620,075
FUND BALANCE - BUDGETARY BASIS,
End of period $ 2,436,592 2,728,520 $ 291,928 4,266,379
Adjustments to GAAP:
Reverse current year encumbrances 254,277 337,404
Record net unrealized gain on investments 23,215 6,173
FUND BALANCE - GAAP BASIS, End of period $ 3,006,012 $ 4,609,956
49
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.
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.
Fire Billing and Donations – to account for the receipt and expenditures of funds received by the City for various fire
services, including calls for service, donations, abandoned vehicle revenue and inspections.
Library Restricted - to account for the receipt and expenditure of restricted donations such as memorials and gifts for
a designated library purchase or program. Also accounts for the receipt of the Telecommunication Infrastructure grant
for computer hardware and software.
Main Street Façade – to account for the receipt of private donations, grants, and money raised through special events
to provide assistance to building/property owners for maintaining the appearance of the downtown historic district.
Funds are distributed through an application/approval process with either a low-interest loan or grant.
Mapping - to account for expenditures relating to City-wide mapping projects.
Parks - to account for revenues earned by the City from activities on City park land, which are restricted for
improvements to park land and for parkland dedication fees paid by developers, which are restricted by zones for new
parks. Also accounts for the partial administration of a federal drug prevention grant in coordination with Georgetown
Project.
Police - to account for a grant received from the U.S. Department of Justice Community Oriented Policing Services
(C.O.P.S.) for two patrol officers, a U.S. Department of Justice Local Law Enforcement Block grant for equipment, an
Office of the Governor grant for a Victim Service’s Coordinator, a Texas Department of Transportation grant for a
Selective Traffic Enforcement Project (STEP) related to overtime costs and the receipt and expenditure of seized and
donated funds.
Village 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.
Georgetown Transportation Enhancement Corporation (GTEC) – a Texas development corporation and legally
separate entity from the City that accounts for ½ cent sales tax to be used solely for transportation improvements.
CITY OF GEORGETOWN, TEXAS
SPECIAL REVENUE FUNDS
COMBINING BALANCE SHEET
SEPTEMBER 30, 2002
(With Comparative Totals for September 30, 2001)
FIRE MAIN
COURT BILLING AND LIBRARY STREET
FEES TOURISM DONATIONS RESTRICTED FACADE
ASSETS:
Cash and cash equivalents $ 10,195 $ 37,726 $ 12,407 $ 8,600 $ 1,081
Investments 43,461 160,404 52,894 36,667 4,607
Accounts receivable:
Sales Tax
Grants 5,040
Other 18,885 104,287
TOTAL ASSETS $ 53,656 $ 217,015 $ 169,588 $ 50,307 $ 5,688
LIABILITIES AND FUND BALANCE
Liabilities:
Accounts payable $ 15,858 $ 20,498 $ 173 $ 206
Due to other funds
Deferred revenue 104,287
Total liabilities 15,858 20,498 104,460 206
Fund Balances:
Reserved for encumbrances 3,125 29,403 4,760 74
Reserved for special programs 34,673 167,114 60,368 50,027 $ 5,688
Unreserved
Total fund balances 37,798 196,517 65,128 50,101 5,688
TOTAL LIABILITIES AND FUND BALANCE $ 53,656 $ 217,015 $ 169,588 $ 50,307 $ 5,688
GEORGETOWN
VILLAGE TRANSPORTATION
IMPROVEMENT ENHANCEMENT
MAPPING PARKS POLICE DISTRICT CORPORATION 2002 2001
$ 3,407 $ 35,807 $ 5,179 $ 2,615 $ 259,383 $ 376,400 $ 153,401
14,524 152,649 22,079 11,149 1,101,616 1,600,050 436,315
292,167 292,167
2,546 39,005 46,591 12,844
47,064 170,236 62,391
$ 17,931 $ 238,066 $ 66,263 $ 13,764 $ 1,653,166 $ 2,485,444 $ 664,951
$ 8,240 $ 9,676 $ 54,651 $ 73,485
10,641
104,287 1,222
8,240 9,676 158,938 85,348
$ 5,349 78 3,156,893 3,199,682 82,958
12,582 $ 238,066 57,945 $ 13,764 640,227 553,022
(1,513,403) (1,513,403) (56,377)
17,931 238,066 58,023 13,764 1,643,490 2,326,506 579,603
$ 17,931 $ 238,066 $ 66,263 $ 13,764 $ 1,653,166 $ 2,485,444 $ 664,951
TOTALS
CITY OF GEORGETOWN, TEXAS
SPECIAL REVENUE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES
FISCAL YEAR ENDED SEPTEMBER 30, 2002
(With Comparative Totals for Fiscal Year Ended September 30, 2001)
FIRE MAIN
COURT BILLING AND LIBRARY STREET
FEES TOURISM DONATIONS RESTRICTED FAÇADE
REVENUES:
Grants and entitlements $ 88,813
Hotel/Motel tax $ 274,379
Property assessments
Sales tax
Court fees $ 29,239
Investment earnings 1,617 6,256 $ 539 1,642 $ 181
Donations 100 3,376 40,674
Mapping fees
Fire incident billings 75,904
Other 50,148 17,960 1,238
Total revenues 30,856 330,883 97,779 131,129 1,419
EXPENDITURES:
General government 38,332
Economic development 394,595 2,000
Finance and administration 38,120
Fire services 32,651
Parks and recreation
Police services
Planning and development
Capital outlay 99,115
Total expenditures 38,120 394,595 32,651 137,447 2,000
EXCESS (DEFICIENCY) OF REVENUES OVER
EXPENDITURES (7,264) (63,712) 65,128 (6,318) (581)
OTHER FINANCING SOURCES (USES):
Operating transfers in 10,302
Total other financing sources (uses) 10,302
EXCESS (DEFICIENCY) OF REVENUES AND
OTHER FINANCING SOURCES OVER EXPENDI-
TURES AND OTHER FINANCING (USES) (7,264) (63,712) 65,128 3,984 (581)
FUND BALANCES, Beginning of period 45,062 260,229 46,117 6,269
FUND BALANCES, End of period $ 37,798 $ 196,517 $ 65,128 $ 50,101 $ 5,688
GEORGETOWN
VILLAGE TRANSPORTATION
IMPROVEMENT ENHANCEMENT TOTALS
MAPPING PARKS POLICE DISTRICT CORPORATION 2002 2001
$ 10,184 $ 115,359 $ 214,356 $ 171,240
274,379 337,761
$ 39,450 39,450 21,296
$ 1,737,660 1,737,660
29,239 26,339
$ 463 4,936 2,400 342 12,052 30,428 40,472
25,546 69,696 56,725
4,746 4,746 5,618
75,904
143,863 27,143 240,352 207,983
5,209 158,983 170,448 39,792 1,749,712 2,716,210 867,434
37,662 75,994 48,905
396,595 329,712
38,120
32,651
43,434 29,560 72,994 94,832
196,136 196,136 166,691
4,600 4,600
68,560 167,675 166,836
4,600 43,434 196,136 29,560 106,222 984,765 806,976
609 115,549 (25,688) 10,232 1,643,490 1,731,445 60,458
5,156 15,458 105,977
5,156 15,458 105,977
609 115,549 (20,532) 10,232 1,643,490 1,746,903 166,435
17,322 122,517 78,555 3,532 579,603 413,168
$ 17,931 $ 238,066 $ 58,023 $ 13,764 $ 1,643,490 $ 2,326,506 $ 579,603
CITY OF GEORGETOWN, TEXAS
BUDGETED SPECIAL REVENUE FUNDS
COMBINING SCHEDULE OF REVENUES AND EXPENDITURES (BUDGET BASIS) -
BUDGET AND ACTUAL (NON-GAAP) - RECONCILED TO GAAP BASIS
FISCAL YEAR ENDED SEPTEMBER 30, 2002
BUDGET ACTUAL BUDGET ACTUAL VARIANCE
REVENUES:
Grants and entitlements
Hotel/Motel tax $350,000 $274,379 $(75,621)
Property assessments
Sales tax
Court fees $20,000 $29,239 $9,239
Investment earnings 1,617 1,617 2,700 6,256 3,556
Donations 100 100
Mapping fees
Fire incident billings
Other 3,000 50,148 47,148
Total revenues 20,000 30,856 10,856 355,700 330,883 (24,817)
EXPENDITURES:
Personnel 92,800 89,793 3,007
Operations 389,651 319,498 70,153
Capital outlay 40,195 33,971 6,224
Bond issuance cost
Total expenditures 40,195 33,971 6,224 482,451 409,291 73,160
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (20,195) (3,115) 17,080 (126,751) (78,408) 48,343
OTHER FINANCING SOURCES (USES):
Bond proceeds
Operating transfers in
Total other financing sources (uses)
EXCESS (DEFICIENCY) OF REVENUES AND OTHER
FINANCING SOURCES OVER EXPENDITURES AND
OTHER FINANCING (USES) - BUDGETARY BASIS (20,195) (3,115) 17,080 (126,751) (78,408) 48,343
FUND BALANCES, Beginning of period $20,195 37,788 17,593 247,537 245,522 (2,015)
FUND BALANCES - BUDGETARY BASIS,
End of period 34,673 $34,673 $120,786 167,114 $46,328
Adjustments to GAAP:
Reverse current year encumbrances 3,125 29,403
FUND BALANCES - GAAP BASIS
End of period $37,798 $196,517
VARIANCE
COURT FEES TOURISM
BUDGET ACTUAL BUDGET ACTUAL VARIANCE
$ 92,713 $ 88,813 $ (3,900)
$ 539 $ 539 1,100 1,642 542
3,376 3,376 20,000 40,675 20,675
$ 37,500 75,904 38,404
17,960 17,960
37,500 97,779 60,279 113,813 131,130 17,317
37,500 37,411 89 44,431 38,407 6,024
103,015 99,115 3,900
$ 37,500 37,411 89 147,446 137,522 9,924
60,368 60,368 (33,633) (6,392) 27,241
10,302 10,302
10,302 10,302
60,368 60,368 (23,331) 3,910 27,241
$ 23,331 46,117 22,786
60,368 $ 60,368 50,027 $ 50,027
4,760 74
$ 65,128 $ 50,101
(continued)
LIBRARY RESTRICTEDFIRE BILLING AND DONATIONS
VARIANCE
CITY OF GEORGETOWN, TEXAS
`
BUDGETED SPECIAL REVENUE FUNDS
COMBINING SCHEDULE OF REVENUES AND EXPENDITURES (BUDGET BASIS) -
BUDGET AND ACTUAL (NON-GAAP) - RECONCILED TO GAAP BASIS - (continued)
FISCAL YEAR ENDED SEPTEMBER 30, 2002
BUDGET ACTUAL VARIANCE BUDGET ACTUAL VARIANCE
REVENUES:
Grants and entitlements
Hotel/Motel tax
Property assessments
Sales tax
Court Fees
Investment earnings $200 $ 181 $ (19) $ 500 $ 463 $ (37)
Donations
Mapping fees 3,000 4,746 1,746
Fire incident billings
Other 1,000 1,238 238
Total revenues 1,200 1,419 219 3,500 5,209 1,709
EXPENDITURES:
Personnel
Operations 2,071 2,000 71 6,284 5,349 935
Capital outlay
Bond issuance cost
Total expenditures 2,071 2,000 71 6,284 5,349 935
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (871) (581) 290 (2,784) (140) 2,644
OTHER FINANCING SOURCES (USES):
Bond proceeds
Operating transfers in
Total other financing sources (uses)
EXCESS (DEFICIENCY) OF REVENUES AND OTHER
FINANCING SOURCES OVER EXPENDITURES AND
OTHER FINANCING (USES) - BUDGETARY BASIS (871) (581) 290 (2,784) (140) 2,644
FUND BALANCES, Beginning of period $871 6,269 5,398 $ 2,784 12,722 9,938
FUND BALANCES - BUDGETARY BASIS,
End of period 5,688 $5,688 12,582 $ 12,582
Adjustments to GAAP:
Reverse current year encumbrances 5,349
FUND BALANCES - GAAP BASIS
End of period $ 5,688 $ 17,931
MAIN STREET FAÇADE MAPPING
PARKS
BUDGET ACTUAL VARIANCE BUDGET ACTUAL VARIANCE
$ 10,184 $ 10,184 $ 115,945 $ 115,359 $ (586)
$ 3,500 4,936 1,436 440 2,400 1,960
19,100 25,546 6,446
89,438 143,863 54,425 1,500 27,143 25,643
92,938 158,983 66,045 136,985 170,448 33,463
124,193 120,635 3,558
81,895 42,566 39,329 75,579 75,579
94,745 868 93,877
176,640 43,434 133,206 199,772 196,214 3,558
(83,702) 115,549 199,251 (62,787) (25,766) 37,021
5,156 5,156
5,156 5,156
(83,702) 115,549 199,251 (57,631) (20,610) 37,021
$83,702 122,517 38,815 $ 57,631 78,555 20,924
238,066 $238,066 57,945 $ 57,945
78
$238,066 $ 58,023
(continued)
POLICE
CITY OF GEORGETOWN, TEXAS
BUDGETED SPECIAL REVENUE FUNDS
COMBINING SCHEDULE OF REVENUES AND EXPENDITURES (BUDGET BASIS) -
BUDGET AND ACTUAL (NON-GAAP) - RECONCILED TO GAAP BASIS - (continued)
FISCAL YEAR ENDED SEPTEMBER 30, 2002
ENHANCEMENT CORPORATION
BUDGET ACTUAL VARIANCE BUDGET ACTUAL VARIANCE
REVENUES:
Grants and entitlements
Hotel/Motel tax
Property assessments $ 20,500 $ 39,449 $ 18,949
Sales tax $ 1,820,000 $ 1,737,660 $ (82,340)
Court Fees
Investment earnings 343 343 20,000 12,053 (7,947)
Donations
Mapping fees
Fire incident billings
Other 9,000 (9,000) 2,450,000 (2,450,000)
Total revenues 29,500 39,792 10,292 4,290,000 1,749,713 (2,540,287)
EXPENDITURES:
Personnel
Operations 36,506 29,560 6,946 91,400 49,316 42,084
Capital outlay 7,595,000 3,213,800 4,381,200
Bond issuance cost 545,000 545,000
Total expenditures 36,506 29,560 6,946 8,231,400 3,263,116 4,968,284
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (7,006) 10,232 17,238 (3,941,400) (1,513,403) 2,427,997
OTHER FINANCING SOURCES (USES):
Bond proceeds 4,300,000 (4,300,000)
Operating transfers in
Total other financing sources (uses) 4,300,000 (4,300,000)
EXCESS (DEFICIENCY) OF REVENUES AND OTHER
FINANCING SOURCES OVER EXPENDITURES AND
OTHER FINANCING (USES) - BUDGETARY BASIS (7,006) 10,232 17,238 358,600 (1,513,403) (1,872,003)
FUND BALANCES, Beginning of period $ 7,006 3,532 (3,474)
FUND BALANCES - BUDGETARY BASIS,
End of period 13,764 $ 13,764 $ 358,600 (1,513,403) $ (1,872,003)
Adjustments to GAAP:
Reverse current year encumbrances 3,156,893
FUND BALANCES - GAAP BASIS
End of period $ 13,764 $ 1,643,490
GEORGETOWN TRANSPORTATION
VILLAGE IMPROVEMENT DISTRICT
BUDGET ACTUAL VARIANCE
$ 208,658 $ 214,356 $ 5,698
350,000 274,379 (75,621)
20,500 39,449 18,949
1,820,000 1,737,660 (82,340)
20,000 29,239 9,239
28,440 30,430 1,990
39,100 69,697 30,597
3,000 4,746 1,746
37,500 75,904 38,404
2,553,938 240,352 (2,313,586)
5,081,136 2,716,212 (2,364,924)
216,993 210,428 6,565
765,317 599,686 165,631
7,832,955 3,347,754 4,485,201
545,000 545,000
9,360,265 4,157,868 5,202,397
(4,279,129) (1,441,656) 2,837,473
4,300,000 (4,300,000)
15,458 15,458
4,315,458 15,458 (4,300,000)
36,329 (1,426,198) (1,462,527)
443,057 553,022 109,965
$ 479,386 (873,176) (1,352,562)
3,199,682
$ 2,326,506
TOTALS
61
DEBT SERVICE FUND
The debt service fund is used to account for the accumulation of resources and payment of general obligation bond
principal and interest from governmental resources and special assessment bond principal and interest from special
assessment levies when the government is obligated in some manner for the payment.
CITY OF GEORGETOWN, TEXAS
DEBT SERVICE FUND
COMPARATIVE BALANCE SHEETS
SEPTEMBER 30, 2002 AND 2001
2002 2001
ASSETS:
Investments $ 653,442 $ 627,032
Accounts receivable:
Delinquent taxes 79,324 68,645
TOTAL ASSETS $ 732,766 $ 695,677
LIABILITIES AND FUND BALANCE:
Liabilities:
Deferred revenue $ 75,009 $ 67,389
Total liabilities 75,009 67,389
Fund Balances:
Reserved for debt service 657,757 628,288
TOTAL LIABILITIES AND FUND BALANCES $ 732,766 $ 695,677
CITY OF GEORGETOWN, TEXAS
DEBT SERVICE FUND
COMPARATIVE STATEMENTS OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
FISCAL YEARS ENDED SEPTEMBER 30, 2002 AND 2001
2002 2001
REVENUES:
Ad valorem taxes:
Current $ 2,195,441 $ 1,880,250
Delinquent 8,543 25,708
Total ad valorem taxes 2,203,984 1,905,958
Investment earnings and other 30,282 79,498
Total revenues 2,234,266 1,985,456
EXPENDITURES:
Principal retirement 1,104,989 1,247,477
Interest and fiscal charges 1,099,808 978,275
Total expenditures 2,204,797 2,225,752
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 29,469 (240,296)
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURE AND OTHER FINANCING (USES) 29,469 (240,296)
FUND BALANCES, Beginning of period 628,288 868,584
FUND BALANCES, End of period $ 657,757 $ 628,288
CITY OF GEORGETOWN, TEXAS
DEBT SERVICE FUND
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
FISCAL YEAR ENDED SEPTEMBER 30, 2002
(With Comparative Totals for Fiscal Year Ended September 30, 2001)
2002
2001
BUDGET ACTUAL VARIANCE ACTUAL
REVENUES:
Ad valorem taxes:
Current $ 2,115,398 $ 2,195,441 $ 80,043 $ 1,880,250
Delinquent 10,000 8,543 (1,457) 25,708
Total ad valorem taxes 2,125,398 2,203,984 78,586 1,905,958
Investment earnings and other 58,000 30,282 (27,718) 79,498
Total revenues 2,183,398 2,234,266 50,868 1,985,456
EXPENDITURES:
Principal retirement 1,105,043 1,104,989 54 1,247,477
Interest and fiscal charges 1,100,355 1,099,808 547 978,275
Total expenditures 2,205,398 2,204,797 601 2,225,752
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (22,000) 29,469 51,469 (240,296)
EXCESS OF REVENUES AND OTHER
FINANCING SOURCES OVER EXPENDITURES
AND OTHER FINANCING USES (22,000) 29,469 51,469 (240,296)
FUND BALANCES, Beginning of period 154,138 628,288 474,150 868,584
FUND BALANCES, End of period $ 132,138 $ 657,757 $ 525,619 $ 628,288
65
CAPITAL PROJECTS FUNDS
Capital projects funds are used to account for the acquisition and construction of major capital facilities other than
those financed by Special Revenue and Enterprise Funds.
General Capital Projects - to account for major construction projects in the City’s parks, public safety projects, and
other facilities.
Street Improvements - to account for the costs to restore and repave various existing streets within the City. The costs
of these projects have been met by transfer of funds from the general fund.
CITY OF GEORGETOWN, TEXAS
CAPITAL PROJECTS FUND
COMBINING BALANCE SHEET
SEPTEMBER 30, 2002
(With Comparative Totals for September 30, 2001)
GENERAL STREET
CAPITAL PROJECTS IMPROVEMENTS TOTALS
FUND FUND 2002 2001
ASSETS:
Cash and cash equivalents $ 15,218 $ 162,249 $ 177,467 $ 292,286
Investments 4,269,409 1,589,905 5,859,314 7,975,981
TOTAL ASSETS $ 4,284,627 $ 1,752,154 $ 6,036,781 $ 8,268,267
LIABILITIES AND FUND BALANCES:
Liabilities:
Accounts payable $ 805,684 $ 22,396 $ 828,080 $ 455,374
Deferred revenue 5,717 5,717
Total liabilities 805,684 28,113 833,797 455,374
Fund Balances:
Reserved for encumbrances 1,741,218 711,971 2,453,189 820,301
Reserved for capital projects 1,737,725 1,012,070 2,749,795 6,992,592
Total fund balances 3,478,943 1,724,041 5,202,984 7,812,893
TOTAL LIABILITIES AND FUND BALANCES $ 4,284,627 $ 1,752,154 $ 6,036,781 $ 8,268,267
CITY OF GEORGETOWN, TEXAS
CAPITAL PROJECTS FUND
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
FISCAL YEAR ENDED SEPTEMBER 30, 2002
(With Comparative Totals for Fiscal Year Ended September 30, 2001)
TOTALS
2002 2001
REVENUES:
Investment earnings $ 148,120 $ 101,614 $ 249,734 $ 293,514
Other 298,075 298,075 280,175
Total revenues 148,120 399,689 547,809 573,689
EXPENDITURES:
Capital outlay 2,533,904 623,814 3,157,718 5,421,371
Bond issuance cost 150,000
Total expenditures 2,533,904 623,814 3,157,718 5,571,371
DEFICIENCY OF REVENUES
OVER EXPENDITURES (2,385,784) (224,125) (2,609,909) (4,997,682)
OTHER FINANCING SOURCES
Bond proceeds 5,470,000
Operating transfers in 795,000
Total other financing sources 6,265,000
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES
OVER EXPENDITURES (2,385,784) (224,125) (2,609,909) 1,267,318
FUND BALANCES, Beginning of period 5,864,727 1,948,166 7,812,893 6,545,575
FUND BALANCES, End of period $ 3,478,943 $ 1,724,041 $ 5,202,984 $ 7,812,893
GENERAL
CAPITAL PROJECTS
FUND FUND
STREET
IMPROVEMENTS
CITY OF GEORGETOWN, TEXAS
CAPITAL PROJECTS FUND
COMBINING SCHEDULE OF REVENUES AND EXPENDITURES (BUDGET BASIS) -
BUDGET AND ACTUAL (NON-GAAP) - RECONCILED TO GAAP BASIS
FISCAL YEAR ENDED SEPTEMBER 30, 2002
GENERAL CAPITAL
PROJECTS FUND
BUDGET ACTUAL VARIANCE
REVENUES:
Investment earnings $ 56,655 $143,235 $86,580
Donations
Other 1,000,000 (1,000,000)
Total revenues 1,056,655 143,235 (913,420)
EXPENDITURES:
Capital outlay 5,830,000 4,114,283 1,715,717
Bond issuance cost
Total expenditures 5,830,000 4,114,283 1,715,717
DEFICIENCY OF REVENUES
OVER EXPENDITURES (4,773,345) (3,971,048) 802,297
OTHER FINANCING SOURCES:
Bond proceeds
Operating transfers in
Operating transfers out
Total other financing sources
EXCESS (DEFICIENCY) OF REVENUES AND
OTHER FINANCING SOURCES OVER
EXPENDITURES - BUDGETARY BASIS (4,773,345) (3,971,048) 802,297
FUND BALANCES, Beginning of period $ 4,773,345 5,708,773 935,428
FUND BALANCES - BUDGETARY BASIS,
End of Period 1,737,725 $ 1,737,725
Adjustments to GAAP:
Reverse current year encumbrances 1,741,218
FUND BALANCES - GAAP BASIS,
End of period $ 3,478,943
TOTALS
BUDGET ACTUAL VARIANCE BUDGET ACTUAL VARIANCE
$ 118,574 $ 101,614 $(16,960) $ 175,229 $ 244,849 $ 69,620
00
314,500 298,075 (16,425) 1,314,500 298,075 (1,016,425)
433,074 399,689 (33,385) 1,489,729 542,924 (946,805)
1,140,000 678,394 461,606 6,970,000 4,792,677 2,177,323
0
1,140,000 678,394 461,606 6,970,000 4,792,677 2,177,323
(706,926) (278,705) 428,221 (5,480,271) (4,249,753) 1,230,518
(706,926) (278,705) 428,221 (5,480,271) (4,249,753) 1,230,518
1,409,312 1,290,775 (118,537) 6,182,657 6,999,548 816,891
$ 702,386 1,012,070 $309,684 $ 702,386 2,749,795 $ 2,047,409
711,971 2,453,189
$ 1,724,041 $ 5,202,984
STREET
IMPROVEMENTS FUND
71
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.
For fiscal year 2001/02, the City operated five utility related funds. The funds include:
Utility Funds
Electric Fund - used to account for revenues and expenses related to the operations, capital projects, and debt service
of the electric system.
Water Fund - used to account for revenues and expenses related to the operations, capital projects, and debt service
of the water system.
Wastewater Fund - used to account for revenues and expenses related to the operations, capital projects, and debt
service of the wastewater system.
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.
Airport Fund
The Airport Fund is 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.
CITY OF GEORGETOWN, TEXAS
ENTERPRISE FUNDS
COMBINING BALANCE SHEET
SEPTEMBER 30, 2002
(With Comparative Totals for September 30, 2001)
ELECTRIC WATER WASTEWATER
FUND FUND FUND
ASSETS:
Current Assets:
Cash and cash equivalents $ 499,636 $ 1,071,937 $ 718,595
Investments 2,164,531 4,539,037 3,100,426
Prepaid expenses 1,014,365
Accounts receivable:
Services (net of allowance for uncollectibles) 3,760,575 1,671,608 585,598
Other 45,964
Due from other funds 45,847
Inventories 1,326,161
Total current assets 7,796,867 8,342,794 4,404,619
Noncurrent Assets:
Long-term note receivables 162,342 45,757 50,962
Deferred charges - bond issuance costs 341,484 615,816 478,420
Investment in joint venture 265,603
Total noncurrent assets 503,826 927,176 529,382
Restricted Assets:
Cash and cash equivalents 95,279 42,750
Investments 406,190 182,250
Total restricted assets 501,469 225,000
Property, Plant and Equipment:
Land and land rights 182,236 9,720 439,996
Distribution system 27,171,866 41,448,286 34,541,879
Buildings and improvements 455,054 102,116 184,089
Machinery, furniture and equipment 161,228 41,895 112,309
Construction in progress 2,618,569 1,352,283
Total cost property and equipment 27,970,384 44,220,586 36,630,556
Less accumulated depreciation (7,103,790) (8,550,137) (8,126,470)
Net property and equipment 20,866,594 35,670,449 28,504,086
TOTAL ASSETS $ 29,668,756 $ 45,165,419 $ 33,438,087
STORMWATER
SANITATION DRAINAGE AIRPORT TOTALS
FUND FUND FUND 2002 2001
$ 9,607 $ 76,762 $ 2,376,537 $ 4,685,205
5,306 325,116 10,134,416 13,380,463
1,014,365
$ 309,390 107,787 43,810 6,478,768 6,419,354
790 46,754 91,026
45,847 75,917
10,067 1,336,228 805,482
309,390 122,700 456,545 21,432,915 25,457,447
259,061 389,031
77,083 20,000 1,532,803 1,707,984
265,603 271,024
77,083 20,000 2,057,467 2,368,039
152,689 1,412 292,130 978,667
6,020 594,460 1,882,123
152,689 7,432 886,590 2,860,790
2,304 909,383 1,543,639 1,543,639
4,345,136 107,507,167 90,345,816
7,738,314 8,479,573 7,918,884
32,829 348,261 272,765
3,970,852 3,495,525
4,347,440 8,680,526 121,849,492 103,576,629
(360,076) (3,054,232) (27,194,705) (24,047,580)
3,987,364 5,626,294 94,654,787 79,529,049
$ 309,390 $ 4,339,836 $ 6,110,271 $ 119,031,759 $ 110,215,325
(continued)
CITY OF GEORGETOWN, TEXAS
ENTERPRISE FUNDS
COMBINING BALANCE SHEET (continued)
SEPTEMBER 30, 2002
(With Comparative Totals for September 30, 2001)
ELECTRIC WATER WASTEWATER
FUND FUND FUND
LIABILITIES AND FUND EQUITY:
Liabilities:
Current liabilities:
Accounts payable $ 1,895,008 $ 1,095,094 $ 467,230
Compensated absence 181,384 100,883 46,695
Due to other funds
Total current liabilities 2,076,392 1,195,977 513,925
Liabilities payable from restricted assets:
Construction contracts and retainages payable 335,620 5,465 391,679
Customer deposits 501,469
Accrued interest 56,592 64,317 59,664
Total liabilities payable from restricted assets 893,681 69,782 451,343
Deferred revenue 57,827
Current portion of long-term debt 636,202 801,187 707,611
Long-term debt 8,710,620 9,933,659 9,215,721
Total liabilities 12,316,895 12,058,432 10,888,600
Fund Equity:
Contributed capital (net of depreciation) 4,859,258 1,033,999 1,854,389
Retained earnings:
Reserved for future construction 395,000
Unreserved 12,492,603 31,677,988 20,695,098
Total fund equity 17,351,861 33,106,987 22,549,487
TOTAL LIABILITIES AND FUND EQUITY $ 29,668,756 $ 45,165,419 $ 33,438,087
STORMWATER
SANITATION DRAINAGE AIRPORT
FUND FUND FUND 2002 2001
$ 172,486 $ 18,579 $ 56,488 $ 3,704,885 $ 2,527,790
9,229 33,122 33,691 405,004 362,325
45,847 45,847 65,276
227,562 51,701 90,179 4,155,736 2,955,391
15,640 748,404 368,308
7,433 508,902 501,372
18,172 12,716 211,461 233,859
33,812 20,149 1,468,767 1,103,539
57,827 57,827
119,380 100,961 2,365,341 2,274,954
2,579,541 1,934,492 32,374,033 34,739,431
227,562 2,784,434 2,145,781 40,421,704 41,131,142
735,480 1,918,538 10,401,664 9,924,051
395,000 340,000
81,828 819,922 2,045,952 67,813,391 58,820,132
81,828 1,555,402 3,964,490 78,610,055 69,084,183
$ 309,390 $ 4,339,836 $ 6,110,271 $ 119,031,759 $ 110,215,325
TOTALS
CITY OF GEORGETOWN, TEXAS
ENTERPRISE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS
FISCAL YEAR ENDED SEPTEMBER 30, 2002
(With Comparative Totals for Fiscal Year Ended September 30, 2001)
ELECTRIC WATER WASTEWATER
FUND FUND FUND
OPERATING REVENUES:
Electric $ 23,412,202
Water $ 8,986,464
Waste $ 4,649,485
Other 665,322 911,447 460,325
Total operating revenues 24,077,524 9,897,911 5,109,810
OPERATING EXPENSES:
Electric 1,850,345
Water 972,505
Waste 531,657
Depreciation 963,484 856,723 761,821
Utility contracts 16,863,913 2,885,057 851,428
Plant management 1,109,133 1,163,194
Other
Total operating expenses 19,677,742 5,823,418 3,308,100
NET OPERATING INCOME (LOSS) 4,399,782 4,074,493 1,801,710
NONOPERATING REVENUES (EXPENSES):
Investment earnings 32,155 299,054 279,582
Donations and grants
Interest and fiscal charges (503,861) (623,280) (513,533)
Loss on disposed assets
Other 278,486 1,922,782 263,868
Total nonoperating revenues (expenses) (193,220) 1,598,556 29,917
INCOME BEFORE OPERATING TRANSFERS 4,206,562 5,673,049 1,831,627
OPERATING TRANSFERS IN (OUT):
Transfer in 247,798 431,325 259,350
Transfers out (2,051,198) (1,364,134) (815,121)
Total operating transfers in (out) (1,803,400) (932,809) (555,771)
NET INCOME (LOSS) 2,403,162 4,740,240 1,275,856
ADD BACK DEPRECIATION ON
CONTRIBUTED ASSETS 59,195 45,889 17,031
RETAINED EARNINGS, Beginning of period 10,030,246 27,286,859 19,402,211
RETAINED EARNINGS, End of period $ 12,492,603 $ 32,072,988 $ 20,695,098
SANITATION AIRPORT TOTALS
FUND FUND 2002 2001
$ 23,412,202 $ 24,340,991
8,986,464 8,021,813
$ 2,499,863 7,149,348 7,129,627
43,772 $ 899,202 $ 1,435,521 4,415,589 4,415,659
2,543,635 899,202 1,435,521 43,963,603 43,908,090
1,850,345 1,199,854
972,505 767,376
98,954 630,611 699,706
105,791 464,728 3,152,547 2,843,706
2,275,212 22,875,610 23,142,949
2,272,327 2,165,232
545,824 1,144,517 1,690,341 1,691,645
2,374,166 651,615 1,609,245 33,444,286 32,510,468
169,469 247,587 (173,724) 10,519,317 11,397,622
19,210 16,427 646,428 1,265,546
257,304 257,304 183,929
(51,281) (96,709) (1,788,664) (2,000,463)
(166,263)
46,657 2,511,793 1,528,132
(32,071) 223,679 1,626,861 810,881
169,469 215,516 49,955 12,146,178 12,208,503
1,197 2,304 941,974 878,340
(203,939) (71,679) (4,506,071) (6,149,502)
(203,939) (70,482) 2,304 (3,564,097) (5,271,162)
(34,470) 145,034 52,259 8,582,081 6,937,341
30,983 313,080 466,178 455,966
116,298 643,905 1,680,613 59,160,132 51,766,825
$ 81,828 $ 819,922 $ 2,045,952 $ 68,208,391 $ 59,160,132
STORMWATER
DRAINAGE
FUND
CITY OF GEORGETOWN, TEXAS
ENTERPRISE FUNDS
COMBINING STATEMENT OF CASH FLOWS
FISCAL YEAR ENDED SEPTEMBER 30, 2002
(With Comparative Totals for Fiscal Year Ended September 30, 2001)
ELECTRIC WATER WASTEWATER
FUND FUND FUND
CASH FLOWS FROM OPERATING ACTIVITIES:
Cash received from customers $ 24,712,419 $ 11,119,518 $ 5,221,441
Payments to suppliers (17,634,515) (4,679,915) (1,968,481)
Franchise fees (488,686) (183,327) (95,120)
Payments to employees for services (996,136) (312,439) (201,841)
Net cash provided by operating activities 5,593,082 5,943,837 2,955,999
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
Transfers in 247,798 431,325 259,350
Transfers out (2,051,198) (1,364,134) (815,121)
Payments from (to) other funds 30,070
Net cash provided by (used for) noncapital
financing activities (1,803,400) (902,739) (555,771)
CASH FLOWS FROM CAPITAL AND
RELATED FINANCING ACTIVITES:
Acquisition of capital assets (2,526,099) (5,676,971) (7,610,163)
Donations and grants
Impact fees 336,661 243,518
Proceeds from issuance of long-term debt
Principal paid on revenue and certificates of obligation bonds (613,077) (774,305) (682,617)
Interest paid on revenue and certificates of obligation bonds (512,998) (627,394) (521,342)
Bond issuance costs 33,108 79,471 55,898
Net cash provided by (used for) capital and related
financing activities (3,619,066) (6,662,538) (8,514,706)
CASH FLOWS FROM INVESTING ACTIVITIES:
Interest received 32,155 299,054 279,582
Change in temporary investments (345,427) 561,432 4,403,653
Net cash provided by (used for) investing activities (313,272) 860,486 4,683,235
Net increase (decrease) in cash and cash equivalents (142,656) (760,954) (1,431,243)
Cash and cash equivalents at beginning of year 737,571 1,875,641 2,149,838
Cash and cash equivalents at end of year $594,915 $1,114,687 $718,595
NON CASH INVESTING, CAPITAL AND FINANCING ACTIVITIES:
Recognition of contributed capital from developers $ 87,168 $ 806,934
Recognition of contributed capital from state and federal grants
Total non-cash investing, capital and financing activities $ 87,168 $ 806,934
SANITATION AIRPORT TOTALS
FUND FUND 2002 2001
$ 2,566,072 $ 894,433 $ 1,503,696 $ 46,017,579 $ 43,682,494
(2,291,009) (324,506) (969,224) (27,867,650) (27,856,116)
(50,985) (17,920) (836,038) (850,551)
(32,386) (199,848) (198,644) (1,941,294) (1,658,791)
191,692 352,159 335,828 15,372,597 13,317,036
1,197 2,304 941,974 878,340
(203,939) (71,679) (4,506,071) (6,149,502)
12,247 (31,677) 10,640 495,998
$(191,692) (102,159) 2,304 (3,553,457) (4,775,164)
(694,360) (413,477) (16,921,070) (6,618,134)
257,304 257,304 183,929
580,179 1,389,092
1,900,000
(115,020) (89,991) (2,275,010) (2,032,524)
(51,957) (97,375) (1,811,066) (1,959,955)
5,453 1,250 175,180 75,289
(855,884) (342,289) (19,994,483) (7,062,303)
19,210 16,427 646,428 1,265,546
62,007 (147,955) 4,533,710 (1,975,704)
81,217 (131,528) 5,180,138 (710,158)
(524,667) (135,685) (2,995,205) 769,411
686,963 213,859 5,663,872 4,894,461
$162,296 $78,174 $2,668,667 $5,663,872
$ 49,687 $ 943,789 $ 596,865
171,944
$ 49,687 $ 943,789 $ 768,809
STORMWATER
DRAINAGE
FUND
CITY OF GEORGETOWN, TEXAS
STATEMENT OF CASH FLOWS ENTERPRISE FUNDS
RECONCILIATION OF OPERATING INCOME
TO NET CASH PROVIDED BY OPERATING ACTIVITIES
For the fiscal year ended September 30, 2002
(With comparative totals for fiscal year ended September 30, 2001)
ELECTRIC WATER WASTEWATER
FUND FUND FUND
OPERATING INCOME (LOSS)$ 4,399,782 $ 4,074,493 $ 1,801,710
Adjustments to reconcile net income (loss) to
cash provided by (used in) operating activities:
Depreciation 963,484 856,723 761,821
Other income 278,486 1,586,121 20,350
Bad debt expense (31,816) (1,869) (3,310)
Decrease (increase) in prepaid expenses (1,014,365)
Decrease (increase) in inventories (536,582)
Decrease (increase) in accounts receivable 341,958 (399,320) 40,616
Decrease (increase) in customer deposits 6,947
Decrease (increase) in notes receivable 39,320 36,675 53,975
Increase (decrease) in accounts payable 99,521 774,671 298,332
Increase (decrease) in compensated absences payable 31,982 30,708 (17,495)
Net cash provided by operating activities $5,593,082 $5,943,837 $2,955,999
SANITATION DRAINAGE AIRPORT TOTALS
FUND FUND FUND 2002 2001
$ 169,469 $ 247,587 $ (173,724) $ 10,519,317 $ 11,397,622
105,791 464,728 3,152,547 2,843,706
46,657 1,931,614 139,040
(1,397) (710) (39,102) (12,977)
(1,014,365) 227,500
5,836 (530,746) (288,902)
23,834 (4,059) 20,934 23,963 (557,041)
584 7,531 49,360
129,970 156,022
10,006 (1,321) (32,020) 1,149,189 (681,766)
(10,220) 4,871 2,833 42,679 44,472
$191,692 $352,159 $335,828 $15,372,597 $13,317,036
CITY OF GEORGETOWN, TEXAS
ELECTRIC FUND
COMPARATIVE STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS
FISCAL YEARS ENDED SEPTEMBER 30, 2002 AND 2001
2002 2001
OPERATING REVENUES:
Electric services $ 23,412,202 $ 24,340,991
Other:
Penalties 282,481 284,627
Connection and hookup fees 382,841 582,657
Total other 665,322 867,284
TOTAL OPERATING REVENUES 24,077,524 25,208,275
OPERATING EXPENSES:
Electric operations:
Personnel 1,028,118 847,905
Operations 822,227 351,949
Total electric operations 1,850,345 1,199,854
Depreciation 963,484 851,227
Electric contracts 16,863,913 18,107,234
TOTAL OPERATING EXPENSES 19,677,742 20,158,315
NET OPERATING INCOME 4,399,782 5,049,960
NONOPERATING REVENUES (EXPENSES):
Investment earnings 32,155 313,711
Interest and fiscal charges (503,861) (510,306)
Loss on disposed assets (85,581)
Other 278,486 58,803
Total nonoperating revenues (expenses) (193,220) (223,373)
INCOME BEFORE OPERATING TRANSFERS 4,206,562 4,826,587
OPERATING TRANSFERS IN (OUT):
Transfers in 247,798 30,017
Transfers out (2,051,198) (3,114,342)
Total operating transfers in (out) (1,803,400) (3,084,325)
NET INCOME 2,403,162 1,742,262
ADD BACK DEPRECIATION EXPENSE ON
CONTRIBUTED ASSETS 59,195 58,054
RETAINED EARNINGS, Beginning of period 10,030,246 8,229,930
RETAINED EARNINGS, End of period $ 12,492,603 $ 10,030,246
CITY OF GEORGETOWN, TEXAS
ELECTRIC FUND
SCHEDULE OF REVENUES AND EXPENSES (BUDGET BASIS) -
BUDGET AND ACTUAL (NON-GAAP) - RECONCILED TO GAAP BASIS
FISCAL YEAR ENDED SEPTEMBER 30, 2002
(With Comparative Totals for Fiscal Year Ended September 30, 2001)
2002
2001
BUDGET ACTUAL VARIANCE ACTUAL
OPERATING REVENUES:
Electric services $ 23,138,600 $ 23,412,202 $ 273,602 $ 24,340,991
Other:
Penalties and service fees 309,225 282,481 (26,744) 284,627
Connection and hookup fees 548,140 382,842 (165,298) 582,657
Total other 857,365 665,323 (192,042) 867,284
TOTAL OPERATING REVENUES 23,995,965 24,077,525 81,560 25,208,275
OPERATING EXPENSES:
Electric operations:
Personnel 1,018,780 996,136 22,644 828,236
Operations 864,081 837,562 26,519 467,387
Capital 137,157
Total electric operations 1,882,861 1,833,698 49,163 1,432,780
Electric contracts 18,093,233 16,843,233 1,250,000 18,041,138
Electric capital projects 3,930,700 2,776,814 1,153,886 3,115,837
TOTAL OPERATING EXPENSES 23,906,794 21,453,745 2,453,049 22,589,755
NET OPERATING INCOME 89,171 2,623,780 2,534,609 2,618,520
NONOPERATING REVENUES (EXPENSES):
Investment earnings 182,825 123,707 (59,118) 187,657
Bond proceeds 1,500,000 (1,500,000) 1,108,333
Bond issuance cost (74,900) 74,900 (58,333)
Principal, interest and fiscal charges (1,087,464) (1,087,141) 323 (1,077,922)
Other 78,425 307,042 228,617 316,137
Total nonoperating revenues (expenses) 598,886 (656,392) (1,255,278) 475,872
NET INCOME BEFORE OPERATING TRANSFERS 688,057 1,967,388 1,279,331 3,094,392
OPERATING TRANSFERS IN (OUT):
Transfers in 258,882 247,798 (11,084) 30,017
Transfers out (1,963,451) (1,963,451) (3,114,342)
Total operating transfers in (out) (1,704,569) (1,715,653) (11,084) (3,084,325)
NET INCOME (LOSS) BUDGET BASIS $ (1,016,512) 251,735 $ 1,268,247 10,067
ADJUSTMENTS TO GAAP:
Record bond payable (1,108,333)
Record bond issuance costs net (33,108) 25,244
Record capital outlay as fixed assets 2,438,501 3,301,884
Record equity transfer to internal service funds 87,747
Record compensated absence accrual (31,982) (19,670)
Record depreciation (963,484) (851,227)
Reverse net encumbrances 155,228 42,952
Record interest accrual 3,310 (14,532)
Record loss on disposal of assets (85,581)
Record principal reduction - long-term note receivable (26,311) (259,578)
Record principal debt reduction 613,077 574,982
Record net unrealized gain on investments (91,551) 126,054
NET INCOME GAAP BASIS $ 2,403,162 $ 1,742,262
CITY OF GEORGETOWN, TEXAS
WATER FUND
COMPARATIVE STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS
FISCAL YEARS ENDED SEPTEMBER 30, 2002 AND 2001
2002 2001
OPERATING REVENUES:
Water/Irrigation:
Water services $8,448,092 $7,198,583
Irrigation services 180,236
Water taps 358,136 823,230
Total water/irrigation 8,986,464 8,021,813
Other:
Penalties 111,665 94,740 Connection and hookup fees 44,267 42,964 Service fees 755,515 762,439
Total other 911,447 900,143
TOTAL OPERATING REVENUES 9,897,911 8,921,956
OPERATING EXPENSES:
Water/Irrigation distribution:
Personnel 343,147 316,173
Operations - Water 602,938 451,203
Operations - Irrigation 26,420 Total water/irrigation distribution 972,505 767,376
Depreciation 856,723 733,293
Water plant management 1,109,133 1,430,221
Water/Irrigation contracts:
Water contracts 2,881,457 2,056,851 Irrigation contracts 3,600
Total water/irrigation contracts 2,885,057 2,056,851
TOTAL OPERATING EXPENSES 5,823,418 4,987,741
NET OPERATING INCOME 4,074,493 3,934,215
NONOPERATING REVENUES (EXPENSES):
Investment earnings 299,054 374,030
Interest and fiscal charges (623,280) (695,186)
Loss on disposal of assets (35,028)
Donations and grants 148,145Other1,922,782 826,927
Total nonoperating revenue (expenses) 1,598,556 618,888
INCOME BEFORE OPERATING TRANSFERS 5,673,049 4,553,103
OPERATING TRANSFERS IN (OUT):
Transfers in 431,325 1,810
Transfers out (1,364,134) (2,479,270)
Total operating transfers in (out) (932,809) (2,477,460)
NET INCOME 4,740,240 2,075,643
ADD BACK DEPRECIATION EXPENSE ON
CONTRIBUTED ASSETS 45,889 40,758
RETAINED EARNINGS, Beginning of period 27,286,859 25,170,458
RETAINED EARNINGS, End of period $ 32,072,988 $ 27,286,859
CITY OF GEORGETOWN, TEXAS
WATER FUND
SCHEDULE OF REVENUES AND EXPENSES (BUDGET BASIS) -
BUDGET AND ACTUAL (NON-GAAP) - RECONCILED TO GAAP BASIS
FISCAL YEAR ENDED SEPTEMBER 30, 2002
(With Comparative Totals for Fiscal Year Ended September 30, 2001)
2002 2001OPERATING REVENUES: BUDGET ACTUAL VARIANCE ACTUAL
Water/Irrigation: Water services $ 8,216,000 $ 8,448,092 $ 232,092 $ 7,198,583 Irrigation services 453,000 180,236 (272,764)
Water taps 500,000 358,136 (141,864) 823,230
Total water/irrigation 9,169,000 8,986,464 (182,536) 8,021,813
Other: Penalties 82,000 111,665 29,665 94,740
Connection and hookup fees 43,150 44,267 1,117 42,964 Service fees 828,465 755,515 (72,950) 762,439
Total other 953,615 911,447 (42,168) 900,143
TOTAL OPERATING REVENUES 10,122,615 9,897,911 (224,704) 8,921,956
OPERATING EXPENSES:
Water/Irrigation distribution: Personnel 312,440 312,439 1 300,190
Operations - water 539,563 539,563 446,330
Operations - irrigation 26,439 26,439 Capital 119,756 119,755 1 42,264 Total water/irrigation distribution 998,198 998,196 2 788,784
Water plant management 1,128,911 1,128,910 1 1,418,121
Water/Irrigation contracts:
Water contracts 2,857,544 2,857,541 3 2,088,728 Irrigation contracts 9,100 3,600 5,500 Total water/irrigation contracts 2,866,644 2,861,141 5,503 2,088,728
Water/Irrigation capital projects:
Water capital projects 14,692,100 14,645,511 46,589 982,849 Irrigation capital projects 909,250 909,249 1 Total water/irrigation capital projects 15,601,350 15,554,760 46,590 982,849
TOTAL OPERATING EXPENSES 20,595,103 20,543,007 52,096 5,278,482
NET OPERATING INCOME (LOSS)(10,472,488) (10,645,096) (172,608) 3,643,474
NONOPERATING REVENUES (EXPENSES):Bond proceeds 7,700,000
Investment earnings 289,102 241,533 (47,569) 374,030
Donations and grants 148,145Principal, interest and fiscal charges (1,322,745) (1,322,228) 517 (1,309,699)
Other 417,000 1,922,782 1,505,782 826,927
Total nonoperating revenues (expenses) 7,083,357 842,087 (6,241,270) 39,403
NET INCOME(LOSS)BEFORE OPERATING TRANSFER (3,389,131) (9,803,009) (6,413,878) 3,682,877
OPERATING TRANSFERS IN (OUT):
Transfers in 431,325 431,325 1,810
Transfers out (1,259,756) (1,205,713) 54,043 (2,479,270)Total operating transfers in (out) (828,431) (774,388) 54,043 (2,477,460)
NET INCOME (LOSS) BUDGET BASIS $ (4,217,562) (10,577,397) $ (6,359,835) 1,205,417
ADJUSTMENTS TO GAAP:
Record bond payableRecord bond issuance cost net (79,471) (79,599)Record capital outlay as fixed assets 5,521,230 1,009,033Record equity transfer to internal service funds 158,421
Record compensated absence accrual (30,707) (15,984)
Record depreciation (856,723) (733,293)Reverse net encumbrances 9,768,948 30,985Record interest payable accrual 4,113 (6,228)Record loss on disposal of assets (35,028)Record principal reduction 774,305 700,340
Record net unrealized gain on investments 57,521
NET INCOME GAAP BASIS $4,740,240 $2,075,643
CITY OF GEORGETOWN, TEXAS
WASTEWATER FUND
COMPARATIVE STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS
FISCAL YEARS ENDED SEPTEMBER 30, 2002 AND 2001
2002 2001
OPERATING REVENUES:
Wastewater:
Wastewater services $ 4,373,794 $ 4,073,384
Wastewater taps 275,691 694,204
Total wastewater 4,649,485 4,767,588
Other:
Penalties 64,623 61,383
Connection and hookup fees 22,697 25,730
Service fees 373,005 363,285
Total other 460,325 450,398
TOTAL OPERATING REVENUES 5,109,810 5,217,986
OPERATING EXPENSES:
Wastewater collection
Personnel 184,346 179,145
Operations 347,311 391,614
Total wastewater collection 531,657 570,759
Depreciation 761,821 709,657
Wastewater plant management 1,163,194 735,011
Wastewater contracts 851,428 894,804
TOTAL OPERATING EXPENSES 3,308,100 2,910,231
NET OPERATING INCOME 1,801,710 2,307,755
NONOPERATING REVENUES (EXPENSES):
Investment earnings 279,582 514,677
Interest and fiscal charges (513,533) (603,944)
Loss on disposed assets (33,696)
Other 263,868 610,186
Total nonoperating revenue (expenses) 29,917 487,223
NET INCOME BEFORE OPERATING TRANSFERS 1,831,627 2,794,978
OPERATING TRANSFERS IN (OUT):
Transfers in 259,350 825,450
Transfers out (815,121) (314,295)
Total operating transfers in (out) (555,771) 511,155
NET INCOME 1,275,856 3,306,133
ADD BACK DEPRECIATION EXPENSE ON
CONTRIBUTED ASSETS 17,031 9,548
RETAINED EARNINGS, Beginning of period 19,402,211 16,086,530
RETAINED EARNINGS, End of period $ 20,695,098 $ 19,402,211
CITY OF GEORGETOWN, TEXAS
WASTEWATER FUND
SCHEDULE OF REVENUES AND EXPENSES (BUDGET BASIS) -
BUDGET AND ACTUAL (NON-GAAP) - RECONCILED TO GAAP BASIS
FISCAL YEAR ENDED SEPTEMBER 30, 2002
(With Comparative Totals for Fiscal Year Ended September 30, 2001)
2002
2001
OPERATING REVENUES: BUDGET ACTUAL VARIANCE ACTUAL
Wastewater:
Wastewater services $ 4,807,000 $ 4,373,794 $ (433,206) $ 4,073,384
Wastewater taps 450,000 275,691 (174,309) 694,204
Total wastewater 5,257,000 4,649,485 (607,515) 4,767,588
Other:
Penalties 55,860 64,623 8,763 61,383
Connection and hookup fees 28,525 22,697 (5,828) 25,730
Service fees 413,100 373,005 (40,095) 363,285
Total other 497,485 460,325 (37,160) 450,398
TOTAL OPERATING REVENUES 5,754,485 5,109,810 (644,675) 5,217,986
OPERATING EXPENSES:
Wastewater collection:
Personnel 235,792 201,841 33,951 182,648
Operations 308,175 299,822 8,353 349,899
Capital 158,000 40,103 117,897 70,616
Total wastewater collection 701,967 541,766 160,201 603,163
Wastewater plant management 1,221,011 1,221,011 695,749
Wastewater contracts 973,528 852,639 120,889 917,604
Wastewater capital projects 3,758,675 3,754,537 4,138 6,650,057
TOTAL OPERATING EXPENSES 6,655,181 6,369,953 285,228 8,866,573
NET OPERATING (LOSS) (900,696) (1,260,143) (359,447) (3,648,587)
NONOPERATING REVENUES (EXPENSES)
Bond proceeds 791,667
Bond issuance costs (41,667)
Investment earnings 215,300 242,643 27,343 514,677
Principal, interest and fiscal charges (1,190,098) (1,185,552) 4,546 (1,177,159)
Other 367,000 263,868 (103,132) 610,186
Total nonoperating revenues (expenses) (607,798) (679,041) (71,243) 697,704
NET (LOSS) BEFORE OPERATING TRANSFERS (1,508,494) (1,939,184) (430,690) (2,950,883)
OPERATING TRANSFERS IN (OUT):
Transfers in 259,350 259,350 825,450
Transfers out (1,323,726) (815,121) 508,605 (314,295)
Total operating transfers in (out) (1,323,726) (555,771) 767,955 511,155
NET (LOSS) BUDGET BASIS $ (2,832,220) (2,494,955) $ 337,265 (2,439,728)
ADJUSTMENTS TO GAAP:
Record bond payable (791,667)
Record bond issuance cost net (55,898) (14,231)
Record capital outlay as fixed assets 8,001,842 1,919,204
Record compensated absence accrual 17,495 3,503
Record depreciation (761,821) (709,657)
Reverse net encumbrances (4,154,011) 4,743,293
Record interest payable accrual 3,647 (10,566)
Record net unrealized gain on investments 36,940
Record loss on disposal of assets (33,696)
Record principal reduction 682,617 639,678
NET INCOME GAAP BASIS $ 1,275,856 $ 3,306,133
CITY OF GEORGETOWN, TEXAS
SANITATION FUND
COMPARATIVE STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS
FISCAL YEARS ENDED SEPTEMBER 30, 2002 AND 2001
2002 2001
OPERATING REVENUES:
Sanitation:
Sanitation services $ 2,499,863 $ 2,355,692
Landfill fees 6,347
Total sanitation 2,499,863 2,362,039
Other:
Penalties 32,228 28,021
Connection and hookup fees 11,544 11,769
Total other 43,772 39,790
TOTAL OPERATING REVENUES 2,543,635 2,401,829
OPERATING EXPENSES:
Collection station:
Personnel 22,166 47,919
Operations 76,788 81,028
Total collection station 98,954 128,947
Sanitation contracts 2,275,212 2,084,060
TOTAL OPERATING EXPENSES 2,374,166 2,213,007
NET OPERATING INCOME 169,469 188,822
NONOPERATING REVENUES:
Investment earnings 121
Total nonoperating revenues 121
INCOME BEFORE OPERATING TRANSFERS 169,469 188,943
OPERATING TRANSFERS (OUT):
Transfers out (203,939) (144,057)
Total operating transfers (out) (203,939) (144,057)
NET INCOME (LOSS) (34,470) 44,886
RETAINED EARNINGS, Beginning of period 116,298 71,412
RETAINED EARNINGS, End of period $ 81,828 $ 116,298
CITY OF GEORGETOWN, TEXAS
SANITATION FUND
SCHEDULE OF REVENUES AND EXPENSES (BUDGET BASIS) -
BUDGET AND ACTUAL (NON-GAAP) - RECONCILED TO GAAP BASIS
FISCAL YEAR ENDED SEPTEMBER 30, 2002
(With Comparative Totals for Fiscal Year Ended September 30, 2001)
2002
2001
BUDGET ACTUAL VARIANCE ACTUAL
OPERATING REVENUES:
Sanitation:
Sanitation services $ 2,482,250 $ 2,499,863 $ 17,613 $ 2,355,692
Landfill fees 24,250 (24,250) 6,347
Total sanitation 2,506,500 2,499,863 (6,637) 2,362,039
Other:
Penalties 27,575 32,228 4,653 28,021
Connection and hookup fees 9,925 11,544 1,619 11,769
Service fees 50 (50)
Total other 37,550 43,772 6,222 39,790
TOTAL OPERATING REVENUES 2,544,050 2,543,635 (415) 2,401,829
OPERATING EXPENSES:
Collection station:
Personnel 32,538 32,386 152 45,551
Operations 76,788 76,788 81,028
Total collection station 109,326 109,174 152 126,579
Sanitation contracts 2,282,774 2,282,773 1 2,102,060
TOTAL OPERATING EXPENSES 2,392,100 2,391,947 153 2,228,639
NET OPERATING INCOME 151,950 151,688 (262) 173,190
NONOPERATING REVENUES
Investment earnings 121
Total nonoperating revenues 121
NET INCOME BEFORE OPERATING TRANSFERS 151,950 151,688 (262) 173,311
OPERATING TRANSFERS (OUT):
Transfers out (203,939) (203,939) (144,057)
Total operating transfers (out) (203,939) (203,939) (144,057)
NET INCOME (LOSS) BUDGET BASIS $ (51,989) (52,251) $ (262) 29,254
ADJUSTMENTS TO GAAP:
Record compensated absence accrual 10,220 (2,368)
Reverse net encumbrances 7,561 18,000
NET INCOME GAAP BASIS $ (34,470) $ 44,886
CITY OF GEORGETOWN, TEXAS
STORMWATER DRAINAGE FUND
COMPARATIVE STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS
FISCAL YEARS ENDED SEPTEMBER 30, 2002 AND 2001
2002 2001
OPERATING REVENUES:
Stormwater drainage fees $ 885,422 $ 698,008
Other:
Penalties 10,128 7,368
Service fees 3,652 3,887
Total other 13,780 11,255
TOTAL OPERATING REVENUES 899,202 709,263
OPERATING EXPENSES:
Stormwater drainage:
Personnel 204,719 138,153
Operations 341,105 337,667
Total stormwater drainage 545,824 475,820
Depreciation 105,791 87,811
TOTAL OPERATING EXPENSES 651,615 563,631
NET OPERATING INCOME 247,587 145,632
NONOPERATING REVENUES (EXPENSES):
Investment earnings 19,210 42,937
Loss on disposed assets (8,740)
Interest and fiscal charges (51,281) (81,910)
Total nonoperating revenue (expenses) (32,071) (47,713)
INCOME BEFORE OPERATING TRANSFERS 215,516 97,919
OPERATING TRANSFERS IN (OUT):
Transfers in 1,197 9,743
Transfers out (71,679) (97,538)
Total operating transfers in (out) (70,482) (87,795)
NET INCOME 145,034 10,124
ADD BACK DEPRECIATION EXPENSE ON
CONTRIBUTED ASSETS 30,983 24,282
RETAINED EARNINGS, Beginning of period 643,905 609,499
RETAINED EARNINGS, End of period $ 819,922 $ 643,905
CITY OF GEORGETOWN, TEXAS
STORMWATER DRAINAGE FUND
SCHEDULE OF REVENUES AND EXPENSES (BUDGET BASIS) -
BUDGET AND ACTUAL (NON-GAAP) - RECONCILED TO GAAP BASIS
FISCAL YEAR ENDED SEPTEMBER 30, 2002
(With Comparative Totals for Fiscal Year Ended September 30, 2001)
2002
2001
BUDGET ACTUAL VARIANCE ACTUAL
OPERATING REVENUES:
Stormwater drainage fees $ 937,276 $ 885,422 $ (51,854) $ 698,008
Other:
Penalties 8,050 10,128 2,078 7,368
Service fees 4,100 3,652 (448) 3,887
Total other 12,150 13,780 1,630 11,255
TOTAL OPERATING REVENUES 949,426 899,202 (50,224) 709,263
OPERATING EXPENSES:
Stormwater drainage:
Personnel 210,601 199,847 10,754 132,958
Operations 386,542 349,398 37,144 333,328
Total stormwater drainage 597,143 549,245 47,898 466,286
Stormwater drainage capital projects 445,000 338,496 106,504 373,543
TOTAL OPERATING EXPENSES 1,042,143 887,741 154,402 839,829
NET OPERATING INCOME (LOSS) (92,717) 11,461 104,178 (130,566)
NONOPERATING REVENUES (EXPENSES):
Investment earnings 7,023 19,210 12,187 42,937
Principal, interest and fiscal charges (255,129) (255,129) (193,698)
Total nonoperating revenue (expenses) (248,106) (235,919) 12,187 (150,761)
LOSS BEFORE OPERATING TRANSFERS (340,823) (224,458) 116,365 (281,327)
OPERATING TRANSFERS IN (OUT):
Transfers in 1,197 1,197 9,743
Transfers out (75,990) (71,679) 4,311 (97,538)
Total operating transfers in (out) (74,793) (70,482) 4,311 (87,795)
NET OPERATING LOSS BUDGET BASIS $ (415,616) (294,940) $ 120,676 (369,122)
ADJUSTMENTS TO GAAP:
Record capital outlay as fixed assets 710,000 310,155
Record compensated absence accrual (4,872) (5,196)
Record depreciation (105,791) (87,811)
Record principal reduction 115,020 51,160
Record bond issuance cost net (5,453) (5,453)
Record interest payable accrual 676 332
Record loss on disposal of assets (8,740)
Reverse net encumbrances (269,606) 124,799
NET INCOME GAAP BASIS $ 145,034 $ 10,124
CITY OF GEORGETOWN, TEXAS
AIRPORT FUND
COMPARATIVE STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS
FISCAL YEARS ENDED SEPTEMBER 30, 2002 AND 2001
2002 2001
OPERATING REVENUES:
Fuel sales $ 1,008,843 $ 1,029,474
Contract leases 121,014 121,089
Hangar/tiedown rental fees 301,321 293,951
Terminal sales 4,343 4,267
TOTAL OPERATING REVENUES 1,435,521 1,448,781
OPERATING EXPENSES:
Administration:
Personnel 201,477 173,968
Operations 943,040 1,041,857
Total administration 1,144,517 1,215,825
Depreciation 464,728 461,718
TOTAL OPERATING EXPENSES 1,609,245 1,677,543
NET OPERATING LOSS (173,724) (228,762)
NONOPERATING REVENUES (EXPENSES)
Investment earnings 16,427 20,070
Interest and fiscal charges (96,709) (109,117)
Donations and grants 257,304 35,784
Loss on disposed assets (3,218)
Other 46,657 32,216
Total nonoperating revenues (expenses) 223,679 (24,265)
INCOME (LOSS) BEFORE OPERATING TRANSFERS 49,955 (253,027)
OPERATING TRANSFERS IN:
Transfers in 2,304 11,320
Total operating transfers in 2,304 11,320
NET INCOME (LOSS)52,259 (241,707)
ADD BACK DEPRECIATION EXPENSE ON
CONTRIBUTED ASSETS 313,080 323,324
RETAINED EARNINGS, Beginning of period 1,680,613 1,598,996
RETAINED EARNINGS, End of period $ 2,045,952 $ 1,680,613
CITY OF GEORGETOWN, TEXAS
AIRPORT FUND
SCHEDULE OF REVENUES AND EXPENSES (BUDGET BASIS) -
BUDGET AND ACTUAL (NON-GAAP) - RECONCILED TO GAAP BASIS
FISCAL YEAR ENDED SEPTEMBER 30, 2002
(With Comparative Totals for Fiscal Year Ended September 30, 2001)
2002
2001
BUDGET ACTUAL VARIANCE ACTUAL
OPERATING REVENUES:
Fuel sales $ 1,091,200 $ 1,008,843 $ (82,357) $ 1,029,474
Contract leases 126,000 121,014 (4,986) 121,089
Hangar/tiedown rental fees 293,500 301,321 7,821 293,951
Terminal sales 4,180 4,343 163 4,267
TOTAL OPERATING REVENUES 1,514,880 1,435,521 (79,359) 1,448,781
OPERATING EXPENSES:
Administration:
Personnel 198,645 198,644 1 169,210
Operations 1,044,723 1,044,016 707 1,040,294
Capital outlay 455,215
Total administration 1,243,368 1,242,660 708 1,664,719
TOTAL OPERATING EXPENSES 1,243,368 1,242,660 708 1,664,719
NET OPERATING LOSS BUDGET BASIS 271,512 192,861 (78,651) (215,938)
NONOPERATING REVENUES (EXPENSES)
Investment earnings 9,009 16,427 7,418 20,070
Principal, interest and fiscal charges (195,230) (195,227) 3 (175,229)
Donations and grants 7,500 257,304 249,804 35,784
Other 44,000 46,657 2,657 32,216
Total nonoperating revenues (expenses) (134,721) 125,161 259,882 (87,159)
NET INCOME (LOSS) BEFORE
OPERATING TRANSFERS 136,791 318,022 181,231 (303,097)
OPERATING TRANSFERS :
Transfers in 2,304 2,304 11,320
Total operating transfers 2,304 2,304 11,320
NET INCOME (LOSS) BUDGET BASIS $ 139,095 320,326 $ 181,231 (291,777)
ADJUSTMENTS TO GAAP:
Record bond issuance cost net (1,250) (1,250)
Record capital outlay as fixed assets 411,335 136,159
Record compensated absence accrual (2,834) (4,758)
Record depreciation (464,728) (461,718)
Record interest accrual 666 475
Reverse net encumbrances (294,083) 340,395
Record reduction in A/R - Developers (7,164) (22,379)
Loss on disposal of assets (3,218)
Record principal reduction 89,991 66,364
NET LOSS GAAP BASIS $ 52,259 $ (241,707)
95
INTERNAL SERVICE FUNDS
The Internal Service 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
INTERNAL SERVICE FUNDS
COMBINING BALANCE SHEET
SEPTEMBER 30, 2002
(With Comparative Totals for September 30, 2001)
JOINT
SERVICES
FUND
ASSETS:
Cash and cash equivalents $ 61,267 $ 162,867
Investments 261,190 685,169
Prepaid expense
Accounts receivable 18,243
Inventories 173,082
Total current assets 322,457 1,039,361
Property and equipment:
Land and land rights 217,118
Buildings and improvements 829,612
Machinery, furniture and equipment 7,615,858 993,477
Units in progress
Total property and equipment cost 7,615,858 2,040,207
Less accumulated depreciation (4,276,689) (1,772,116)
Net property and equipment 3,339,169 268,091
TOTAL ASSETS $ 3,661,626 $ 1,307,452
LIABILITIES AND FUND EQUITY:
Liabilities:
Current liabilities:
Accounts payable $ 8,762 $ 466,739
Compensated absences 24,704
Total current liabilities 33,466 466,739
Fund Equity:
Contributed capital 686,541 271,135
Retained earnings - unreserved 2,941,619 569,578
Total fund equity 3,628,160 840,713
TOTAL LIABILITIES AND FUND EQUITY $ 3,661,626 $ 1,307,452
FLEET
MANAGEMENT
FUND
TOTALS
2002 2001
$ 15,572 $ 20,671 $ 260,377 $ 295,587
66,386 88,124 1,100,869 835,740
2,496 2,496 18,142
18,243 56,763
173,082 210,928
84,454 108,795 1,555,067 1,417,160
217,118 217,118
527,058 1,356,670 1,342,591
174,539 1,372,397 10,156,271 9,330,922
73,589
701,597 1,372,397 11,730,059 10,964,220
(348,122) (860,732) (7,257,659) (6,892,306)
353,475 511,665 4,472,400 4,071,914
$ 437,929 $ 620,460 $ 6,027,467 $ 5,489,074
$ 20,009 $ 20,842 $ 516,352 $ 441,345
6,788 39,784 71,276 58,323
26,797 60,626 587,628 499,668
267,465 1,225,141 908,405
411,132 292,369 4,214,698 4,081,001
411,132 559,834 5,439,839 4,989,406
$ 437,929 $ 620,460 $ 6,027,467 $ 5,489,074
INFORMATION
SERVICES
FUND
FACILITIES
MAINTENANCE
FUND
CITY OF GEORGETOWN, TEXAS
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS
FISCAL YEAR ENDED SEPTEMBER 30, 2002
(With Comparative Totals for Fiscal Year Ended September 30, 2001)
FLEET JOINT
MANAGEMENT SERVICES
FUND FUND
OPERATING REVENUES - Charges for services $ 1,311,819 $ 4,286,405
OPERATING EXPENSES:
Administration 464,105
Accounting 379,787
City wide HR services 82,399
Customer service 75,581
Economic development administration 201,921
Employee and organizational services 356,638
Facilities maintenance contracts
Facilities maintenance services
Finance and administration 309,570
Fleet management operations 196,086
Information resources
Information resources capital replacement & contracts
Joint services contracts 272,605
Legal services 342,792
Pump maintenance 453,714
Purchasing and properties 381,893
Service center 439,925
Systems engineering 358,596
Utility office 524,825
Depreciation 610,871 19,476
Total operating expenses 1,246,882 4,223,902
NET OPERATING INCOME (LOSS) 64,937 62,503
NONOPERATING REVENUES (EXPENSES):
Investment earnings 24,371 28,326
Loss on sale of assets (25,490)
Other 44,415 42,486
Total nonoperating revenues (expenses) 43,296 70,812
INCOME (LOSS) BEFORE OPERATING
TRANSFERS 108,233 133,315
OPERATING TRANSFERS IN (OUT):
Transfer in 117,526
Transfers out (135,592)
Total operating transfers in (out) 117,526 (135,592)
NET INCOME (LOSS) 225,759 (2,277)
ADD BACK DEPRECIATION EXPENSE ON
CONTRIBUTED ASSETS 37,621 15,134
RETAINED EARNINGS, Beginning of period 2,678,239 556,721
RETAINED EARNINGS, End of period $ 2,941,619 $ 569,578
FACILITIES INFORMATION
MAINTENANCE SERVICES
FUND FUND 2002 2001
$ 520,863 $ 860,064 $ 6,979,151 $ 6,741,724
464,105 352,586
379,787 368,451
82,399 213,751
75,581 81,399
201,921
356,638 434,052
468,756 468,756 404,287
64,112 64,112 60,022
309,570 311,193
196,086 172,794
623,707 623,707 524,857
440,841 440,841 525,595
272,605 301,786
342,792 523,873
453,714 417,813
381,893 355,308
439,925 449,604
358,596 240,043
524,825 444,433
67,916 139,850 838,113 966,060
600,784 1,204,398 7,275,966 7,147,907
(79,921) (344,334) (296,815) (406,183)
8,959 12,893 74,549 120,977
(25,490) (228,138)
1,946 88,847 41,808
8,959 14,839 137,906 (65,353)
(70,962) (329,495) (158,909) (471,536)
232,501 350,027 829,040
(11,499) (147,091) (738,738)
221,002 202,936 90,302
(70,962) (108,493) 44,027 (381,234)
36,915 89,670 78,413
482,094 363,947 4,081,001 4,383,822
$ 411,132 $ 292,369 $ 4,214,698 $ 4,081,001
TOTAL
CITY OF GEORGETOWN, TEXAS
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF CASH FLOWS
FISCAL YEAR ENDED SEPTEMBER 30, 2002
(With Comparative Totals for Fiscal Year Ended September 30, 2001)
FLEET JOINT
MANAGEMENT SERVICES
FUND FUND
CASH FLOWS FROM OPERATING ACTIVITIES:
Department contributions $ 1,311,819 $ 4,324,925
Payments to suppliers (410,251) (1,584,080)
Payments to employees for services (197,330) (2,447,107)
Net cash provided by (used for) operating activities 704,238 293,738
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
Transfers in 117,526
Transfers out (135,592)
Net cash provided by (used for) noncapital
financing activities 117,526 (135,592)
CASH FLOWS FROM CAPITAL AND
RELATED FINANCING ACTIVITES:
Acquisition of capital assets (773,675)
Proceeds from sale of assets 18,650
Net cash provided by (used for) capital and related
financing activities (755,025)
CASH FLOWS FROM INVESTING ACTIVITIES:
Interest received 24,371 28,326
Change in temporary investments (89,993) (197,054)
Net cash provided by (used for) investing activities (65,622) (168,728)
Net increase (decrease) in cash 1,117 (10,582)
Cash and cash equivalents at beginning of year 60,150 173,449
Cash and cash equivalents at end of year $61,267 $162,867
SUPPLEMENTAL SCHEDULE OF NON-CASH AND RELATED
FINANCING ACTIVITIES
Recognition of net book value of assets transferred from
General Fixed Assets to:
Fleet Management Fund $ 32,900
Information Services Fund
$32 900
FACILITIES INFORMATION TOTALS
MAINTENANCE SERVICES
FUND FUND 2002 2001
$ 520,863 $ 860,064 $ 7,017,671 $ 6,750,654
(471,944) (570,973) (3,037,248) (3,065,458)
(48,444) (498,021) (3,190,902) (3,108,894)
475 (208,930) 789,521 576,302
232,501 350,027 829,040
(11,499) (147,091) (738,738)
221,002 202,936 90,302
(14,079) (69,928) (857,682) (414,737)
1,946 20,596 4,780
(14,079) (67,982) (837,086) (409,957)
8,959 12,893 74,549 120,977
(2,300) 24,217 (265,130) (234,335)
6,659 37,110 (190,581) (113,358)
(6,945) (18,800) (35,210) 143,289
22,517 39,471 295,587 152,298
$15,572 $20,671 $260,377 $295,587
$ 32,900
$ 127,339 127,339
$127 339 $160 239
CITY OF GEORGETOWN, TEXAS
STATEMENT OF CASH FLOWS INTERNAL SERVICE FUNDS
RECONCILIATION OF OPERATING INCOME
TO NET CASH PROVIDED BY OPERATING ACTIVITIES
For the fiscal year ended September 30, 2002
(With comparative totals for fiscal year ended September 30, 2001)
FLEET JOINT
MANAGEMENT SERVICES
FUND FUND
OPERATING INCOME (LOSS)$ 64,937 $ 62,503
Adjustments to reconcile net income (loss) to
cash provided by (used in) operating activities:
Depreciation 610,871 19,476
Other income 25,765 42,486
Decrease (increase) in prepaid expenses
Decrease (increase) in inventories 37,846
Decrease (increase) in accounts receivable 38,520
Increase (decrease) in accounts payable 736 92,907
Increase (decrease) in compensated absences payable 1,929
Net cash provided by (used for) operating activities $704,238 $293,738
SUPPLEMENTAL SCHEDULE OF NON-CASH AND RELATED
FINANCING ACTIVITIES
Recognition of net book value of assets transferred from
General Fixed Assets/Enterprise Funds to:
Fleet Management Fund $ 102,026
Information Services Fund
$102,026
FACILITIES INFORMATION TOTALS
MAINTENANCE SERVICES
FUND FUND 2002 2001
$ (79,921) $ (344,334) $ (296,815) $ (406,183)
67,916 139,850 838,113 966,060
68,251 37,028
15,646 15,646 (11,246)
37,846 8,781
38,520 8,930
10,912 (29,548) 75,007 (35,578)
1,568 9,456 12,953 8,510
$475 $(208,930)$789,521 $576,302
$ 102,026
$ 304,380 304,380
$304,380 $406,406
CITY OF GEORGETOWN, TEXAS
FLEET MANAGEMENT FUND
COMPARATIVE STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS
FISCAL YEAR ENDED SEPTEMBER 30, 2002 AND 2001
2002 2001
OPERATING REVENUES - Charges for services $ 1,311,819 $ 1,339,166
OPERATING EXPENSES:
Service center:
Personnel 199,259 199,540
Operations 240,666 250,064
Total service center 439,925 449,604
Fleet management operations
Cost of service 196,086 172,794
Depreciation 610,871 627,268
Total fleet management operations 806,957 800,062
Total operating expenses 1,246,882 1,249,666
NET OPERATING INCOME 64,937 89,500
NONOPERATING REVENUES (EXPENSES):
Investment earnings 24,371 40,127
Loss on disposed assets (25,490) (86,906)
Other 44,415 17,350
Total nonoperating revenues (expenses) 43,296 (29,429)
INCOME BEFORE OPERATING TRANSFERS 108,233 60,071
OPERATING TRANSFERS IN (OUT):
Transfers in 117,526 9,081
Transfers out (320,000)
Total operating transfers in (out) 117,526 (310,919)
NET INCOME (LOSS) 225,759 (250,848)
ADD BACK DEPRECIATION EXPENSE ON 37,621 56,739
CONTRIBUTED ASSETS
RETAINED EARNINGS, Beginning of period 2,678,239 2,872,348
RETAINED EARNINGS, End of period $ 2,941,619 $ 2,678,239
CITY OF GEORGETOWN, TEXAS
FLEET MANAGEMENT FUND
SCHEDULE OF REVENUES AND EXPENSES (BUDGET BASIS)
BUDGET AND ACTUAL (NON-GAAP) - RECONCILED TO GAAP BASIS
FISCAL YEAR ENDED SEPTEMBER 30, 2002
(With Comparative Totals for Fiscal Year Ended September 30, 2001)
2002
2001
BUDGET ACTUAL VARIANCE ACTUAL
OPERATING REVENUES - Charges for services $ 1,311,819 $ 1,311,819 $ 1,339,166
OPERATING EXPENSES:
Service center:
Personnel 199,478 197,331 $ 2,147 197,067
Operations 292,403 289,927 2,476 264,479
Total service center 491,881 487,258 4,623 461,546
Fleet management operations
Cost of service 141,915 140,867 1,048 72,944
Capital outlay 671,533 671,532 1 547,386
Total fleet management operations 813,448 812,399 1,049 620,330
Total operating expenses 1,305,329 1,299,657 5,672 1,081,876
NET OPERATING INCOME 6,490 12,162 5,672 257,290
NONOPERATING REVENUES:
Investment earnings 35,000 24,371 (10,629) 40,127
Other 15,000 33,276 18,276 17,349
Total nonoperating revenues 50,000 57,647 7,647 57,476
NET INCOME BEFORE
OPERATING TRANSFERS 56,490 69,809 13,319 314,766
OPERATING TRANSFERS IN (OUT):
Transfers in 48,400 48,400 9,081
Transfers out (320,000)
Total operating transfers in (out) 48,400 48,400 (310,919)
NET INCOME (LOSS) BUDGET BASIS $ 104,890 118,209 $ 13,319 3,847
Adjustments to GAAP:
Record accrual for compensated absences (1,928) (2,472)
Record capital outlay as fixed assets 842,801 323,634
Record equity transfer from enterprise funds (69,126)
Record depreciation (610,871) (627,268)
Reverse net encumbrances (27,836) 138,317
Record loss on diposal of assets (25,490) (86,906)
NET LOSS GAAP BASIS $ 225,759 $ (250,848)
CITY OF GEORGETOWN, TEXAS
JOINT SERVICES FUND
COMPARATIVE STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS
FISCAL YEARS ENDED SEPTEMBER 30, 2002 AND 2001
2002 2001
OPERATING REVENUES - Charges for services $ 4,286,405 $ 3,918,035
OPERATING EXPENSES:
Administration:
Personnel 349,024 255,214
Operations 115,081 97,372
Total administration 464,105 352,586
Accounting:
Personnel 327,613 308,787
Operations 52,174 57,585
Capital 2,079
Total accounting 379,787 368,451
City wide HR services:
Personnel 16,560 111,137
Operations 65,839 102,614
Total city wide HR services 82,399 213,751
Customer service:
Personnel 63,512 59,097
Operations 12,069 21,086
Capital 1,216
Total customer service 75,581 81,399
Economic development administration:
Personnel 132,572
Operations 69,349
Total economic development administration 201,921
Employee and organizational services:
Personnel 244,067 280,244
Operations 112,571 153,808
Total employee and organizational services 356,638 434,052
Finance and administration:
Personnel 149,406 136,981
Operations 160,164 171,718
Capital 2,494
Total finance and administration 309,570 311,193
Legal services:
Personnel 368,310
Operations 342,792 152,375
Capital 3,188
Total legal services 342,792 523,873
Pump maintenance:
Personnel 295,588 264,496
Operations 158,126 153,317
Total pump maintenance 453,714 417,813
(continued)
CITY OF GEORGETOWN, TEXAS
JOINT SERVICES FUND
COMPARATIVE STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS
FISCAL YEARS ENDED SEPTEMBER 30, 2002 AND 2001
2002 2001
Purchasing and properties:
Personnel $ 268,404 $ 248,764
Operations 113,489 106,544
Total purchasing and properties 381,893 355,308
Systems engineering:
Personnel 305,827 207,271
Operations 52,769 32,772
Total systems engineering 358,596 240,043
Utility office:
Personnel 294,534 249,975
Operations 230,291 194,458
Total utility office 524,825 444,433
Joint service contracts 272,605 301,786
Depreciation 19,476 29,616
Total operating expenses 4,223,902 4,074,304
NET OPERATING INCOME (LOSS) 62,503 (156,269)
NONOPERATING REVENUES (EXPENSES):
Investment earnings 28,326 40,639
Loss on disposed assets (13,633)
Other 42,486 18,495
Total nonoperating revenues (expenses) 70,812 45,501
NET INCOME (LOSS) BEFORE OPERATING TRANSFERS 133,315 (110,768)
OPERATING TRANSFERS IN (OUT):
Transfers in 626,000
Transfers out (135,592) (418,738)
Total operating transfers in (out) (135,592) 207,262
NET INCOME (LOSS) (2,277) 96,494
ADD BACK DEPRECIATION EXPENSE ON
CONTRIBUTED ASSETS 15,134 17,488
RETAINED EARNINGS, Beginning of period 556,721 442,739
RETAINED EARNINGS, End of period $ 569,578 $ 556,721
CITY OF GEORGETOWN, TEXAS
JOINT SERVICES FUND
SCHEDULE OF REVENUES AND EXPENSES (BUDGET BASIS)
BUDGET AND ACTUAL (NON-GAAP) - RECONCILED TO GAAP BASIS
FISCAL YEAR ENDED SEPTEMBER 30, 2002
(With Comparative Totals for Fiscal Year Ended September 30, 2001)
2002
2001
BUDGET ACTUAL VARIANCE ACTUAL
OPERATING REVENUES - Charges for services $ 4,407,124 $ 4,286,405 $ (120,719) $ 3,918,035
OPERATING EXPENSES:
Administration:
Personnel 349,026 349,024 2 255,214
Operations 121,409 121,407 2 99,121
Total administration 470,435 470,431 4 354,335
Accounting:
Personnel 328,376 327,613 763 308,787
Operations 53,173 53,173 56,036
Capital outlay 34
Total accounting 381,549 380,786 763 364,857
City wide HR services:
Personnel 16,560 16,560 111,137
Operations 44,983 44,983 138,941
Total city wide HR services 61,543 61,543 250,078
Customer service:
Personnel 64,822 63,512 1,310 59,097
Operations 13,525 11,874 1,651 21,356
Capital outlay 1,216
Total customer service 78,347 75,386 2,961 81,669
Economic development administration:
Personnel 132,797 132,572 225
Operations 211,145 137,847 73,298
Total economic development adminstation 343,942 270,419 73,523
Employee and organizational services:
Personnel 244,067 244,066 1 280,244
Operations 130,251 129,914 337 165,408
Capital outlay 2,500
Total employee and organizational services 374,318 373,980 338 448,152
Finance and administration:
Personnel 150,373 149,406 967 136,981
Operations 152,398 151,838 560 181,913
Capital outlay 2,494
Total finance and administration 302,771 301,244 1,527 321,388
Legal services:
Personnel 368,310
Operations 347,698 347,697 1 154,986
Capital 15,000
Total legal services 347,698 347,697 1 538,296
Pump maintenance:
Personnel 295,685 295,588 97 264,496
Operations 162,521 162,520 1 157,908
Total pump maintenance 458,206 458,108 98 422,404
(continued)
CITY OF GEORGETOWN, TEXAS
JOINT SERVICES FUND
SCHEDULE OF REVENUES AND EXPENSES (BUDGET BASIS)
BUDGET AND ACTUAL (NON-GAAP) - RECONCILED TO GAAP BASIS
FISCAL YEAR ENDED SEPTEMBER 30, 2002
(With Comparative Totals for Fiscal Year Ended September 30, 2001)
2002
2001
BUDGET ACTUAL VARIANCE ACTUAL
Purchasing and properties:
Personnel $ 269,016 $ 268,404 $ 612 $ 248,764
Operations 112,651 112,646 5 107,290
Total purchasing and properties: 381,667 381,050 617 356,054
Systems engineering:
Personnel 305,828 305,827 1 207,271
Operations 51,067 51,066 1 30,762
Total systems engineering 356,895 356,893 2 238,033
Utility office:
Personnel 294,868 294,534 334 249,975
Operations 246,545 246,544 1 199,102
Total utility office 541,413 541,078 335 449,077
Joint service contracts 349,100 282,604 66,496 207,725
Total operating expenses 4,447,884 4,301,219 146,665 4,032,068
NET OPERATING INCOME (LOSS) BUDGET BASIS (40,760) (14,814) 25,946 (114,033)
NONOPERATING REVENUES:
Investment earnings 26,000 28,326 2,326 40,639
Other 3,000 42,486 39,486 18,495
Total nonoperating revenues 29,000 70,812 41,812 59,134
INCOME (LOSS) BEFORE OPERATING TRANSFERS (11,760) 55,998 67,758 (54,899)
OPERATING TRANSFERS IN (OUT):
Transfers in 626,000
Transfers out (135,592) (135,592) (418,738)
Total operating transfers in (out) (135,592) (135,592) 207,262
NET INCOME (LOSS) $ (147,352) (79,594) $ 67,758 152,363
Adjustments to GAAP:
Record depreciation (19,476) (29,616)
Reverse net encumbrances 96,793 (12,620)
Record loss on disposed fixed assets (13,633)
NET INCOME (LOSS) GAAP BASIS $ (2,277) $ 96,494
CITY OF GEORGETOWN, TEXAS
FACILITIES MAINTENANCE FUND
COMPARATIVE STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS
FISCAL YEARS ENDED SEPTEMBER 30, 2002 AND 2001
2002 2001
OPERATING REVENUES - Charges for services $ 520,863 $ 543,813
OPERATING EXPENSES:
Facilities maintenance services:
Personnel 50,012 45,678
Operations 14,100 14,344
Total facilities maintenance services 64,112 60,022
Facilities maintenance contracts:
Cost of services 468,756 404,287
Depreciation 67,916 69,826
Total facilities maintenance contracts 536,672 474,113
Total operating expenses 600,784 534,135
NET OPERATING INCOME (LOSS) (79,921) 9,678
NONOPERATING REVENUES (EXPENSES):
Investment earnings 8,959 14,045
Loss on disposed assets (23,252)
Other 1,183
Total nonoperating revenues (expenses) 8,959 (8,024)
INCOME (LOSS) BEFORE OPERATING TRANSFERS (70,962) 1,654
OPERATING TRANSFERS IN:
Transfers in 57,442
Total operating transfers in 57,442
NET INCOME (LOSS)(70,962)59,096
RETAINED EARNINGS, Beginning of period 482,094 422,998
RETAINED EARNINGS, End of period $ 411,132 $ 482,094
CITY OF GEORGETOWN, TEXAS
FACILITIES MAINTENANCE FUND
SCHEDULE OF REVENUES AND EXPENSES (BUDGET BASIS)
BUDGET AND ACTUAL (NON-GAAP) - RECONCILED TO GAAP BASIS
FISCAL YEAR ENDED SEPTEMBER 30, 2002
(With Comparative Totals for Fiscal Year Ended September 30, 2001)
2002
2001
BUDGET ACTUAL VARIANCE ACTUAL
OPERATING REVENUES - Charges for services $ 545,863 $ 520,863 $ (25,000) $ 543,813
OPERATING EXPENSES:
Facilities maintenance services:
Personnel 48,662 48,443 219 45,313
Operations 14,382 14,100 282 14,433
Total facilities maintenance services 63,044 62,543 501 59,746
Facilities maintenance contracts 506,837 476,126 30,711 551,432
Total operating expenses 569,881 538,669 31,212 611,178
NET OPERATING INCOME (LOSS) (24,018) (17,806) 6,212 (67,365)
NONOPERATING REVENUES:
Investment earnings 10,000 8,959 (1,041) 14,045
Other 1,183
Total nonoperating revenues 10,000 8,959 (1,041) 15,228
INCOME (LOSS) BEFORE OPERATING TRANSFERS (14,018) (8,847) 5,171 (52,137)
OPERATING TRANSFERS IN:
Transfers in 57,442
Total operating transfers in 57,442
NET INCOME (LOSS) $ (14,018) (8,847) $ 5,171 5,305
Adjustments to GAAP:
Record accrual for compensated absences (1,568) (364)
Record capital outlay as fixed assets 14,079 91,103
Record depreciation (67,916) (69,826)
Reverse net encumbrances (6,710) 56,130
Record loss on disposal of fixed assets (23,252)
NET INCOME (LOSS) GAAP BASIS $ (70,962) $ 59,096
CITY OF GEORGETOWN, TEXAS
INFORMATION SERVICES FUND
COMPARATIVE STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS
FISCAL YEAR ENDED SEPTEMBER 30, 2002 AND 2001
2002 2001
OPERATING REVENUES - Charges for services $ 860,064 $ 940,710
OPERATING EXPENSES:
Information resources:
Personnel 507,477 381,910
Operations 116,230 142,947
Total information resources 623,707 524,857
Information resources capital replacement & contracts:
Cost of services 210,053 275,501
Capital replacement 230,788 250,094
Total information resources capital replacement & contracts 440,841 525,595
Depreciation 139,850 239,350
Total operating expenses 1,204,398 1,289,802
NET OPERATING LOSS (344,334) (349,092)
NONOPERATING REVENUES (EXPENSES)
Investment earnings 12,893 26,166
Loss on disposed assets (104,347)
Other 1,946 4,780
Total nonoperating revenues (expenses)14,839 (73,401)
LOSS BEFORE OPERATING TRANSFERS (329,495) (422,493)
OPERATING TRANSFERS IN (OUT):
Transfers in 232,501 136,517
Transfers out (11,499)
Total operating transfers in (out) 221,002 136,517
NET LOSS (108,493) (285,976)
ADD BACK DEPRECIATION EXPENSE ON
CONTRIBUTED ASSETS 36,915 4,186
RETAINED EARNINGS, Beginning of period 363,947 645,737
RETAINED EARNINGS, End of period $ 292,369 $ 363,947
CITY OF GEORGETOWN, TEXAS
INFORMATION SERVICES FUND
SCHEDULE OF REVENUES AND EXPENSES (BUDGET BASIS)
BUDGET AND ACTUAL (NON-GAAP) - RECONCILED TO GAAP BASIS
FISCAL YEAR ENDED SEPTEMBER 30, 2002
(With Comparative Totals for Fiscal Year Ended September 30, 2001)
2002
2001
BUDGET ACTUAL VARIANCE ACTUAL
OPERATING REVENUES - Charges for services $ 860,064 $ 860,064 $ 940,710
OPERATING EXPENSES:
Information resources:
Personnel 500,406 498,020 $ 2,386 376,235
Operations 118,788 113,330 5,458 146,522
Total information resources 619,194 611,350 7,844 522,757
Information resources capital replacement & contracts:
Cost of services 226,267 224,201 2,066 247,341
Capital replacement 126,754 122,256 4,498 256,915
Total information resources capital replacement & contracts 353,021 346,457 6,564 504,256
Total operating expenses 972,215 957,807 14,408 1,027,013
NET OPERATING LOSS (112,151) (97,743) 14,408 (86,303)
NONOPERATING REVENUES
Investment earnings 23,000 12,893 (10,107) 26,165
Other 2,500 1,946 (554) 4,780
Total nonoperating revenues 25,500 14,839 (10,661) 30,945
LOSS BEFORE OPERATING TRANSFERS (86,651) (82,904) 3,747 (55,358)
OPERATING TRANSFERS IN (OUT):
Transfers in 55,460 55,460 136,517
Transfers out (11,499) (11,499)
Total operating transfers in (out) 43,961 43,961 136,517
NET INCOME (LOSS) BUDGET BASIS $ (42,690) (38,943) $ 3,747 81,159
Adjustments to GAAP:
Record accrual for compensated absences (9,456) (5,674)
Record capital outlay as fixed assets 246,967
Record equity transfer from enterprise funds (177,041)
Record depreciation (139,850) (239,350)
Reverse net encumbrances 9,830 (17,764)
Record loss on disposal of assets (104,347)
NET LOSS GAAP BASIS $ (108,493) $ (285,976)
115
AGENCY FUND
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.
Cimarron Hills Public Improvement District – to account for the receipt of the revenue collected from property
assessments paid by Cimarron Hills perspective 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.
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, USA Schunk Quartz, Inc., and Advanced Cable Services, LP
are the businesses currently in the repayment/lease mode for these grants.
CITY OF GEORGETOWN, TEXAS
AGENCY FUND
STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
FISCAL YEAR ENDED SEPTEMBER 30, 2002
BALANCE BALANCE
OCTOBER 1, SEPTEMBER 30,
2001 ADDITIONS DEDUCTIONS 2002
Cafeteria Plan-Flex Spending:
ASSETS:
Cash and cash equivalents $ 4,197 $ 116,658 $ 114,367 $ 6,488
TOTAL ASSETS $ 4,197 $ 116,658 $ 114,367 $ 6,488
LIABILITIES:
Accounts payable $ 4,197 $ 116,658 $ 114,367 $ 6,488
TOTAL LIABILITIES $ 4,197 $116,658 $114,367 $6,488
Cimarron Hills Public Improvement District:
ASSETS:
Cash and cash equivalents $ 89,030 $ 89,030
TOTAL ASSETS $ 89,030 $ 89,030
LIABILITIES:
Accounts payable $ 89,030 $ 89,030
TOTAL LIABILITIES $ 89,030 $ 89,030
Texas Capital Fund Repayments:
ASSETS:
Accounts receivable $ 1,524,982 $ 92,927 $ 1,432,055
TOTAL ASSETS $ 1,524,982 $ 92,927 $ 1,432,055
LIABILITIES:
Due to other governments $ 1,524,982 $ 92,927 $ 1,432,055
TOTAL LIABILITIES $ 1,524,982 $ 92,927 $ 1,432,055
TOTAL AGENCY FUNDS
ASSETS:
Cash and cash equivalents $ 4,197 $ 205,688 $ 114,367 $ 95,518
Accounts receivable 1,524,982 92,927 1,432,055
TOTAL ASSETS $ 1,529,179 $ 205,688 $ 207,294 $ 1,527,573
LIABILITIES:
Accounts payable $ 4,197 $ 205,688 $ 114,367 $ 95,518
Due to other governments 1,524,982 92,927 1,432,055
TOTAL LIABILITIES $ 1,529,179 $ 205,688 $ 207,294 $ 1,527,573
117
GENERAL FIXED ASSETS ACCOUNT GROUP
The General Fixed Assets Account Group is an independent, self-balancing account group set up to account for the
fixed assets of the City which are not accounted for in the Proprietary Funds.
CITY OF GEORGETOWN, TEXAS
GENERAL FIXED ASSETS ACCOUNT GROUP
COMPARATIVE SCHEDULES OF GENERAL FIXED ASSETS - BY SOURCE
SEPTEMBER 30, 2002 and 2001
2002 2001
GENERAL FIXED ASSETS
Land $ 2,423,405 $ 2,423,405
Buildings 16,065,090 16,059,105
Improvements 20,998,098 20,550,705
Machinery, furniture and equipment 1,335,350 1,330,143
Construction in progress 4,222,984 1,187,482
TOTAL GENERAL FIXED ASSETS $ 45,044,927 $ 41,550,840
INVESTMENT IN GENERAL FIXED ASSETS BY SOURCE
General Fund $ 862,740 $ 851,548
Capital Projects Funds:
General obligation bonds and certificates of obligation 23,248,004 20,175,373
State grant 200,000 200,000
Other 8,485,702 8,037,088
Special Revenue Funds:
Federal grant 3,206,396 3,206,396
Other 1,960,442 1,960,442
State grant 3,689,663 3,728,013
Transfer from proprietary fund 1,415,541 1,415,541
Acquisitions prior to August 31, 1985 - source
undetermined 1,976,439 1,976,439
TOTAL INVESTMENT IN GENERAL FIXED ASSETS - BY SOURCE $ 45,044,927 $ 41,550,840
CITY OF GEORGETOWN, TEXAS
GENERAL FIXED ASSETS ACCOUNT GROUP
SCHEDULE OF GENERAL FIXED ASSETS - BY FUNCTION
AS OF SEPTEMBER 30, 2002
LAND BUILDINGS IMPROVEMENTS EQUIPMENT TOTAL
General government $ 1,192,589 $ 12,913,413 $ 3,013,257 $ 511,312 $ 17,630,571
Finance and administration 4,021 4,021
Georgetown utility systems 14,861 17,574,636 290,623 17,880,120
Planning and development 53,846 53,846
Parks and recreation 1,117,388 1,875,921 1,829,123 68,674 4,891,106
Fire services 2,161,331 43,337 355,133 2,559,801
Police services 98,567 1,862,818 12,336 51,741 2,025,462
TOTAL GENERAL FIXED ASSETS $ 2,423,405 $ 18,813,483 $ 22,472,689 $ 1,335,350 $ 45,044,927
* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * *
SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS - BY FUNCTION
FISCAL YEAR ENDED SEPTEMBER 30, 2002
OCTOBER 1, TRANSFERS/ SEPTEMBER 30,
2001 ADDITIONS RETIREMENTS 2002
General government $ 15,135,017 $ 2,533,904 $ (38,350) $ 17,630,571
Finance and administration 4,021 4,021
Georgetown utility systems 16,892,779 1,052,501 (65,160) 17,880,120
Planning and development 53,846 53,846
Parks and recreation 4,885,121 5,985 4,891,106
Fire services 2,554,594 5,207 2,559,801
Police services 2,025,462 2,025,462
TOTAL GENERAL FIXED ASSETS $ 41,550,840 $ 3,597,597 $ (103,510)$45,044,927
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STATISTICAL SECTION
General Governmental Expenditures by Function - Last Ten fiscal Years............................................122
General Governmental Revenues by Source - Last Ten Fiscal Years..................................................124
Property Tax Levies and Collections - Last Ten Fiscal Years...............................................................126
Assessed and Estimated Actual Value of Taxable Property - Last Ten Fiscal Years...........................128
Property Tax Rates - Direct and Overlapping Governments - Last Ten Fiscal Years...........................130
Principal Taxpayers...............................................................................................................................131
Computation of Legal Debt Margin........................................................................................................133
Ratio of Net General Obligation Bonded Debt to Assessed Value and
Net General Obligation Bonded Debt Per Capita - Last Ten Fiscal Years.....................................134
Ratio of Annual Debt Service Expenditures for General Obligation Bonded
Debt to Total General Governmental Expenditures - Last Ten Fiscal Years..................................136
Computation of Direct and Estimated Overlapping Bonded Debt.........................................................139
Revenue Bond Coverage - Utility Funds - Last Ten Fiscal Years.........................................................140
Utility Customer Counts - Last Ten Fiscal Years...................................................................................142
Electric Utility Statistical Data................................................................................................................143
Water Utility Statistical Data..................................................................................................................144
Wastewater Utility Statistical Data.........................................................................................................145
Demographic Statistics - Last Ten Calendar Years ..............................................................................146
Property Value, Construction Permits and Total Bank Deposits -
Last Ten Fiscal Years.....................................................................................................................147
Utility System Condensed Statement of Operations.............................................................................148
City’s Equity in Utility System................................................................................................................149
Miscellaneous Statistics........................................................................................................................151
Summary of Insurance Coverage..........................................................................................................152
CITY OF GEORGETOWN, TEXAS
GENERAL GOVERNMENTAL EXPENDITURES BY FUNCTION LAST TEN FISCAL YEARS
GENERAL ECO- FINANCE PLANNING GEORGETOWN
FISCAL GOVERN- NOMIC AND AND UTILITY COMMUNITY PARKS &
YEAR MENT DEVEL. ADMIN. DEVEL. SYSTEMS/STREETS SERVICES RECREATION
1993 $ 897,615 $ 418,206 $ 386,809 $ 605,829 $ 469,653 $ 772,994
1994 1,319,380 481,887 466,901 584,845 533,888 727,808
1995 1,281,938 468,529 580,006 564,330 583,304 795,960
1996 1,562,102 517,795 788,069 620,105 234,581 940,668
1997 1,723,910 793,699 1,034,875 844,465 526,901 1,341,113
1998 2,145,945 924,655 1,301,416 923,664 657,417 2,284,301
1999 1,943,998 135,221 (1) 1,276,021 971,154 669,869 2,587,431
2000 2,070,926 156,128 1,284,017 1,032,006 678,484 2,989,751
2001 2,182,504 (2)$329,712 163,329 1,253,338 1,193,979 1,358,942 2,520,044
2002 3,466,322 396,595 217,437 1,666,489 1,885,222 (3) 2,611,676
Expenditures presented include the General, Special Revenue, Debt Service and Capital Projects funds.
(1) Beginning in 1999, administrative departments were transferred to the Joint Services Internal Service Fund,
thereby reducing both the expense and the interfund charges for service.
(2) Beginning in 2000, the Economic Development function was added.
(3) Beginning in 2001, the Community Services division was eliminated and the functions were consolidated into
General government.
CAPITAL INTERFUND
INFOR- OUTLAY CHARGES
FIRE POLICE MATION DEBT AND FOR
SERVICES SERVICES RESOURCES SERVICE OTHER SERVICES TOTAL
$ 858,928 $ 1,613,452 $ 635,429 $ 1,452,190 $ (481,385) $7,629,720
995,165 1,753,799 640,652 1,506,324 (507,520)8,503,129
1,069,107 1,889,564 872,849 2,235,742 (669,609)9,671,720
1,481,988 2,218,453 $ 630,086 981,750 2,779,312 (950,958)11,803,951
1,757,429 2,798,512 881,427 1,086,144 7,450,727 (1,423,881)18,815,321
1,815,629 3,085,201 10,000 1,292,613 5,916,050 (1,786,848)18,570,043
2,415,371 3,626,258 2,465 1,676,438 4,902,985 (734,213) (1)19,472,998
2,513,832 3,867,001 10,000 1,709,802 4,248,563 (821,512)19,738,998
3,104,714 4,081,794 2,375,752 5,726,880 (739,719)23,551,269
3,400,239 4,351,802 2,204,797 3,325,393 (843,739)22,682,233
CITY OF GEORGETOWN, TEXAS
GENERAL GOVERNMENTAL REVENUES BY SOURCE
LAST TEN FISCAL YEARS
SALES AND LICENSES
FISCAL AD VALOREM OTHER AND INTER-
YEAR TAXES TAXES PERMITS GOVERNMENTAL
1993 $ 1,425,335 $ 1,738,521 $ 153,332 $ 673,887
1994 1,458,748 2,280,049 247,893 98,313
1995 1,737,848 2,463,807 (1) 307,043 427,002
1996 2,008,801 3,051,092 (1) 809,909 522,935
1997 2,494,649 3,254,884 (1) 567,936 1,211,758
1998 3,491,301 3,678,293 (1) 512,818 1,194,178
1999 4,224,047 4,189,934 (1) 530,896 1,471,358
2000 4,797,764 5,143,020 (1) 662,344 942,251
2001 5,186,933 5,337,327 (1) 731,600 171,240
2002 5,991,068 7,092,195 (1) 827,395 214,356
(1) Includes Special Revenue Funds, Convention & Visitor's Bureau (Hotel/Motel Taxes),
Sales Taxes, Franchise Taxes, Industrial District Taxes, and other taxes.
Revenues presented include the General, Special Revenue, Debt Service and Capital Projects funds.
(2) Recreation fees were recorded in interest and other prior to 2002.
CHARGES INTEREST
FOR FINES AND AND
SERVICES FORFEITURES OTHER TOTAL
$ 203,869 $ 79,786 $ 360,842 $ 4,635,572
186,167 61,234 660,355 4,992,759
106,477 67,970 773,561 5,883,708
101,933 116,027 2,015,089 8,625,786
105,104 162,607 5,181,380 12,978,318
110,415 219,791 3,054,803 12,261,599
116,541 239,511 1,573,773 12,346,060
121,931 319,886 2,104,681 14,091,877
130,031 417,192 2,012,136 13,986,459
817,255 (2) 419,297 1,274,227 16,635,793
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
1993 $ 1,367,245 $ 1,318,493 96.43% $ 47,781
1994 1,439,195 1,395,701 96.98% 39,248
1995 1,724,177 1,686,154 97.79% 31,455
1996 1,985,203 1,938,938 97.67% 43,769
1997 2,466,560 2,422,650 98.22% 49,326
1998 3,442,328 3,394,192 98.60% 64,205
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
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
$ 1,366,274 99.93%$ 199,859 14.62%
1,434,949 99.70%190,054 13.21%
1,717,609 99.62%193,893 11.25%
1,982,707 99.87%195,046 9.82%
2,471,976 100.22%181,820 7.37%
3,458,397 100.47%163,595 4.75%
4,193,630 99.95%161,326 3.84%
4,783,103 96.58%169,585 3.42%
5,179,773 96.68%178,078 3.32%
6,001,791 96.77%200,206 3.23%
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
1993 $ 327,908,454 $ 327,908,454 $ 46,278,448 $ 46,278,448
1994 347,159,629 347,159,629 48,427,845 48,427,845
1995 422,406,583 422,406,583 60,374,198 60,374,198
1996 467,611,075 467,611,075 71,336,431 71,336,431
1997 558,828,511 558,828,511 74,640,539 74,640,539
1998 900,336,306 900,336,306 83,786,893 83,786,893
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
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
$374,186,902 $374,186,902 100.00%
395,587,474 395,587,474 100.00%
482,780,781 482,780,781 100.00%
538,947,506 538,947,506 100.00%
633,469,050 633,469,050 100.00%
984,123,199 984,123,199 100.00%
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%
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
1993 0.21 0.18 0.39 1.54 0.37 2.30
1994 0.20 0.16 0.36 1.42 0.35 2.13
1995 0.20 0.16 0.36 1.44 0.34 2.14
1996 0.20 0.17 0.37 1.44 0.32 2.13
1997 0.21 0.17 0.38 1.44 0.32 2.14
1998 0.20 0.15 0.35 1.62 0.35 2.32
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
Source: Information furnished by respective tax assessors.
CITY OF GEORGETOWN, TEXAS
PRINCIPAL TAXPAYERS
SEPTEMBER 30, 2002
PERCENTAGE
OF TOTAL
ASSESSED ASSESSED
TAXPAYER TYPE OF BUSINESS VALUE VALUE(1)
Watersedge-Georgetown II LTD Apartments $ 15,046,139 0.82%
Verizon Southwest Utility 11,879,160 0.65%
KH Georgetown Partners LTD Development 10,511,180 0.57%
Hewlett Holdings LTD Development 9,485,666 0.52%
Parkview Place LTD Apartments 7,504,150 0.41%
Republic Square Joint Venture Development 7,000,000 0.38%
H.E. Butt, Inc. Grocer 6,570,522 0.36%
Quorum Equities Group LLC Development 6,486,943 0.35%
National Golf Operating Development 5,903,919 0.32%
Hewlett Motor Company Vehicle Dealership 5,903,888 0.32%
Total $ 86,291,567 4.69%
(1) The total assessed valuation at September 30, 2002 was certified at $1,838,770,383.
Sources: City Tax Assessor/Collector.
CITY OF GEORGETOWN, TEXAS
COMPUTATION OF LEGAL DEBT MARGIN
SEPTEMBER 30, 2002
ASSESSED VALUATION $ 1,838,770,383
Allowable tax levy for annual debt service
purpose: $1.25 per $100 of assessed valuation,
assuming 90% collection rate 20,686,167
2002 annual debt service requirements for general
obligation debt:
Principal $1,310,000
Interest and fiscal charges 1,344,863 2,654,863
Legal margin for annual debt service requirements $ 18,031,304
NOTE: All taxable property within the City is subject to the assessment, levy
and collection by the City of a continuing, direct annual ad valorem tax
sufficient to provide for the payment of principal and interest on the
Bonds within the limits prescribed by law. Article XI, Section 5, of the
Texas Constitution is applicable to the City, and limits the maximum ad
valorem tax rate to $2.50 per $100 assessed valuation (for all City
purposes). The Charter of the City adopts the provisions of the constitution
without further limitation. Under rules promulgated by the Office of
the Attorney General of Texas, such office will not approve tax bonds of
the City unless the City can demonstrate its ability to pay debt service
requirements on all outstanding City tax bonds, including the issue to be
approved, from a tax levy of $1.25 per $100 of valuation, based on 90%
collection of tax.
The legal margin computation includes the general obligation debt that will be repaid by self-supporting sources
such as the Airport and Stormwater Drainage funds.
CITY OF GEORGETOWN, TEXAS
RATIO OF NET GENERAL OBLIGATION BONDED DEBT TO ASSESSED
VALUE AND NET GENERAL OBLIGATION BONDED DEBT PER CAPITA
LAST TEN FISCAL YEARS
GROSS LESS SELF TOTAL TAX
FISCAL ASSESSED BONDED SUPPORTING SUPPORTED
YEAR POPULATION VALUE (1) DEBT (2) DEBT (3) DEBT
1993 16,000 $ 374,186,902 $ 4,850,000 $ 4,850,000
1994 17,741 395,587,474 6,280,000 $ 193,750 6,086,250
1995 18,500 482,780,781 7,380,000 1,162,840 6,217,160
1996 20,300 538,947,506 6,805,000 1,123,455 5,681,545
1997 24,000 633,469,050 11,330,000 1,081,300 10,248,700
1998 25,500 984,123,199 15,810,000 3,441,669 12,368,331
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
Sources: City of Georgetown Planning and Development Division and the Georgetown Chamber of Commerce.
(1) Net of exemptions.
(2) Includes all long-term general obligation debt.
(3) Includes general obligation debt repaid from other sources (Airport and Stormwater Drainage funds).
(4) Less debt service funds available.
RATIO OF 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)
$ 127,196 $ 4,722,804 1.26% $ 295.18
151,805 5,934,445 1.50%1.55%334.50 $ 345.43
191,780 6,025,380 1.25%1.49%325.70 388.55
236,930 5,444,615 1.01%1.22%268.21 323.55
353,913 9,894,787 1.56%1.73%412.28 457.34
522,846 11,845,485 1.20%1.55%464.53 599.50
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
CITY OF GEORGETOWN, TEXAS
RATIO OF ANNUAL DEBT SERVICE EXPENDITURES
FOR GENERAL OBLIGATION BONDED DEBT TO TOTAL
GENERAL GOVERNMENTAL EXPENDITURES
LAST TEN FISCAL YEARS
TOTAL LESS DEBT
INTEREST TOTAL SERVICE
FISCAL TOTAL AND FISCAL DEBT SELF SUPPORTED
YEAR PRINCIPAL CHARGES SERVICE G O DEBT (1)
1993 $ 275,000 $ 360,429 $ 635,429
1994 320,000 326,902 646,902 $ 10,751
1995 415,000 473,759 888,759 33,709
1996 575,000 485,052 1,060,052 102,736
1997 660,000 508,027 1,168,027 104,973
1998 740,000 656,281 1,396,281 104,122
1999 1,015,001 883,755 1,898,756 222,317
2000 989,749 1,085,018 2,074,767 364,965
2001 1,365,001 1,229,284 2,594,285 368,533
2002 1,310,000 1,344,863 2,654,863 450,066
(1) Includes principal, interest and fiscal charges for self supporting general obligation debt of the
Airport and Stormwater Drainage funds.
(2) Includes General, Special Revenue, Debt Service, and Capital Projects Funds.
RATIO OF TOTAL RATIO OF NET
NET TOTAL DEBT SERVICE TO DEBT SERVICE TO
DEBT GENERAL TOTAL GENERAL TOTAL GENERAL
SERVICE EXPENDITURES (2) EXPENDITURES EXPENDITURES
$ 7,629,720 8.33%
$ 636,151 8,503,129 7.61% 7.48%
855,050 9,671,720 9.19% 8.84%
957,316 11,803,951 8.98% 8.11%
1,063,054 18,815,321 6.21% 5.65%
1,292,159 18,570,043 7.52% 6.96%
1,676,439 19,472,998 9.75% 8.61%
1,709,802 19,738,998 10.51% 8.66%
2,225,752 23,551,269 11.02% 9.45%
2,204,797 22,682,233 11.70% 9.72%
CITY OF GEORGETOWN, TEXAS
COMPUTATION OF DIRECT AND ESTIMATED OVERLAPPING BONDED DEBT
SEPTEMBER 30, 2002
DEBT CITY'S SHARE (2)
PER
TAXING BODY AMOUNT AS OF PERCENT AMOUNT CAPITA (1)
ESTIMATED OVERLAPPING DEBT:
Georgetown I.S.D. $ 77,524,996 6-30-02 59.35% $ 46,012,091 $ 1,343
Williamson County 383,210,000 9-30-02 12.30% 47,122,531 1,375
Total estimated
overlapping debt 460,734,996 20.21% 93,134,622 2,717
DIRECT DEBT - City of
Georgetown 24,800,000 9-30-02 100.00% 24,800,000 724
DIRECT AND ESTIMATED
OVERLAPPING DEBT $ 485,534,996 $ 117,934,622 $ 3,441
Source: Jurisdiction listed.
(1) GISD population - 57,746
Williamson County population - 278,715
City of Georgetown population - 34,273
(2) Information represents the share of the respective debt which are obligations of the citizens
of the City of Georgetown
CITY OF GEORGETOWN, TEXAS
REVENUE BOND COVERAGE
UTILITY FUNDS (1)
LAST TEN FISCAL YEARS
OPERATING
EXPENSES NET REVENUE
FISCAL ELIGIBLE INTEREST (EXCLUDING AVAILABLE FOR
YEAR REVENUES EARNINGS DEPRECIATION) DEBT SERVICE
1993 $ 17,663,193 $ 347,671 $ 12,050,007 $ 5,960,857
1994 18,413,878 328,922 12,672,021 6,070,779
1995 19,841,643 350,046 13,122,193 7,069,496
1996 26,305,298 649,084 14,949,418 12,004,964
1997 26,261,446 585,650 16,141,638 10,705,458
1998 29,682,527 754,178 18,413,512 12,023,193
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
(1) Electric, Water and Wastewater only.
DEBT SERVICE REQUIREMENTS
INTEREST AND TIMES
PRINCIPAL FISCAL CHARGES TOTAL COVERAGE
$ 640,000 $ 868,319 $ 1,508,319 3.95
700,000 804,738 1,504,738 4.03
765,000 870,648 1,635,648 4.32
935,000 1,374,495 2,309,495 5.20
1,285,000 1,357,104 2,642,104 4.05
0 1,215,179 1,215,179 9.89
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
CITY OF GEORGETOWN, TEXAS
UTILITY CUSTOMER COUNTS
LAST TEN YEARS
FISCAL
YEAR ELECTRIC WATER SEWER STORMWATER (1) GARBAGE
1993 8,053 6,882 5,140 N/A 6,022
1994 8,283 7,189 5,461 N/A 6,301
1995 8,682 7,881 5,997 6,125 6,646
1996 9,678 9,192 7,084 7,098 7,397
1997 10,811 10,173 8,100 8,594 8,855
1998 11,718 11,035 8,887 9,392 9,619
1999 12,413 11,573 9,519 9,945 10,350
2000 13,482 12,652 10,450 10,797 11,101
2001 14,269 13,518 11,338 11,532 11,980
2002 15,153 14,198 11,972 12,120 12,641
(1) Stormwater drainage fees were adopted in fiscal year 1995.
CITY OF GEORGETOWN, TEXAS
ELECTRIC UTILITY STATISTICAL DATA
MONTHLY ELECTRIC RATES (Effective 10-01-91)
All Customers:
Purchased Power Cost Adjustment Varies Monthly
Residential Sales Tax 1% of total electric charges, outside City limits: None
Commercial Sales Tax 7.75% of total electric charges, outside City limits: 6.25%
Seasons:
Summer: May through October billings
Winter: November through April billings
Residential Service:
Customer Charge $6.00 per month
Energy Charge Summer: $0.0678 per kWh
Winter: $0.0678 per kWh for first 1,000 kWh per mo.
$0.0475 per kWh for additional kWh
Small General Service:
Customer Charge $12.00 per month
Energy Charge Summer: $0.0654 per kWh
Winter: $0.0654 per kWh for first 5,000 kWh per mo.
$0.0554 per kWh for additional kWh
School Charge:
Customer Charge $12.00 per month
Energy Charge Summer: $0.0760 per kWh
Winter: $0.0760 per kWh for first 5,000 kWh per mo.
$0.0660 per kWh for additional kWh
Water & Wastewater Pumping Service:
Customer Charge $12.00 per month
Energy Charge Summer: $0.0650 per kWh
Winter: $0.0550 per kWh
Large General Service:
Customer Charge $20.00 per month
Demand Charge Summer: $7.70 per kW, but not less than $385.00
Winter: $6.90 per kW, but not less than $345.00
Energy Charge Summer: $0.0380 per kWh
Winter: $0.0290 per kWh
Load Factor Credit $0.008 per kWh for all kWh in excess of 400kWh
Guard Light Service:
Customer Charge $7.50 per lamp
Information provided to comply with continuing disclosure requirements of SEC Rule 15c2-12
TEN LARGEST ELECTRIC CUSTOMERS (12 Mos ending 09-30-02)
Due to electric deregulation and the confidentiality of the electric system, the ten largest electric
customers are not being presented.
CITY OF GEORGETOWN, TEXAS
WATER UTILITY STATISTICAL DATA
WATER USAGE (Gallons)
Avg Day Peak Day Total
Fiscal Usage Usage Usage
Year (000's) (000's) (000's)
1993 3,721 8,297 1,362,421
1994 4,041 9,610 1,478,514
1995 4,193 10,707 1,530,236
1996 4,466 10,492 1,630,257
1997 5,130 12,093 1,877,073
1998 6,397 13,479 2,335,035
1999 6,266 13,117 2,287,137
2000 7,425 15,800 2,710,006
2001 7,525 16,700 2,774,100
2002 8,296 16,400 3,019,800
TEN LARGEST WATER CUSTOMERS (Gallons) (12 Mos ending 09-30-02)
(000 Gal)
Customer Consumed % Total
Sun City Texas 342,285 12.29%
Southwestern University 128,041 4.60%
Chisholm Trail SUD 118,193 4.24%
City of Georgetown 28,454 1.02%
Georgetown ISD 22,156 0.80%
Williamson County 19,781 0.71%
Georgetown Housing Authority 19,058 0.68%
Indian Creek Apartments 17,354 0.62%
Wesleyan Homes 15,125 0.54%
San Gabriel Apartments 10,418 0.37%
MONTHLY WATER RATES (Effective 10-01-01)
Customer Customer Charge per Month:
Meter Size Inside City Outside City
3/4 inch $ 16.50 $ 21.80
1 inch 23.00 27.00
1 1/2 inch 29.50 35.00
2 inch 48.00 56.00
3 inch 181.50 211.50
4 inch 231.00 269.50
6 inch 346.50 404.50
8 inch 462.00 539.00
Cost per thousand $ 2.13 $ 2.48
CONSERVATION WATER RATES (Effective 06-01-02)
Residential Only
Effective on Billings June 1 - October 31
Inside City Outside City
Per 1,000 Gallons Per 1,000 Gallons
0 Thru 19,000 Gallons $ 2.13 $ 2.48
20,000 Thru 29,000 Gallons 3.00 3.35
30,000 Thru 39,000 Gallons 4.50 4.85
40,000 and up 6.00 6.35
Information provided to comply with continuing disclosure requirements of SEC Rule 15c2-12
CITY OF GEORGETOWN, TEXAS
WASTEWATER UTILITY STATISTICAL DATA
DAILY FLOW (Wastewater Treatment)
Average Daily Wastewater Flow
Fiscal
Year Gallons
1993 2,027,000
1994 1,884,000
1995 1,871,000
1996 1,812,000
1997 2,557,000
1998 2,709,000
1999 2,688,000
2000 2,840,000
2001 3,122,000
2002 2,631,000
TEN LARGEST WASTEWATER CUSTOMERS (12 Mos ending 09-30-02)
Customer Volume % Total
Southwestern University 32,331 3.09%
Georgetown Housing Authority 17,900 1.71%
Williamson County 17,299 1.65%
The Oaks Apartments 16,692 1.60%
Indian Creek Apartments 15,533 1.49%
Georgetown ISD 13,838 1.32%
Wesleyan Homes 13,763 1.32%
San Gabriel Apartments 10,404 1.00%
Georgetown Hospital 9,775 0.94%
Georgetown Place Apartments 8,930 0.85%
MONTHLY SEWER RATES (Effective 10-01-02)
Customer Charge $11.75 per month
Cost per 1,000 gallons $2.95
Residential rates (Based on average winter water use) Non-Residential (Based on monthly use)
Information provided to comply with continuing disclosure requirements of SEC Rule 15c2-12
CITY OF GEORGETOWN, TEXAS
DEMOGRAPHIC STATISTICS
LAST TEN CALENDAR YEARS
CALENDAR SCHOOL UNEMPLOYMENT
YEAR POPULATION ENROLLMENT RATE
1993 17,181 5,348 3.90%
1994 17,741 5,888 2.40%
1995 18,500 6,231 2.30%
1996 20,300 6,650 2.50%
1997 24,000 6,920 2.70%
1998 25,500 7,200 2.50%
1999 26,400 7,551 2.33%
2000 28,600 7,900 1.88%
2001 30,000 8,300 2.96%
2002 34,273 8,457 5.90%
Sources:
Population: 2002 information obtained from the City of Georgetown Planning
and Development Division.
School Enrollment: Georgetown Independent School District. Year shown is school year,
not calendar year.
Unemployment Rate: Texas Workforce Commission, Labor Market Information Department.
All figures are an annual average. 2002 is average of the preliminary
monthly estimates.
CITY OF GEORGETOWN, TEXAS
PROPERTY VALUE, CONSTRUCTION PERMITS AND TOTAL BANK DEPOSITS
LAST TEN FISCAL YEARS
COMMERCIAL RESIDENTIAL
CONSTRUCTION CONSTRUCTION BANK
FISCAL PROPERTY NUMBER NUMBER DEPOSITS (2)
YEAR VALUE(1) OF UNITS VALUE OF UNITS VALUE (IN THOUSANDS)
1993 $ 374,186,902 7 $ 4,230,000 186 $ 14,091,112 $ 82,925
1994 395,587,474 6 11,232,000 300 39,245,889 86,367
1995 482,780,781 21 23,118,250 392 46,469,421 135,669
1996 538,947,506 26 18,864,855 1,243 174,263,170 136,494
1997 633,469,050 40 27,766,100 881 118,305,068 144,732
1998 984,123,199 35 50,835,410 730 93,486,217 156,999
1999 1,199,831,232 41 29,100,000 675 93,647,489 181,298
2000 1,410,072,042 43 15,663,210 757 105,212,405 184,477
2001 1,629,344,909 23 17,126,030 984 165,352,383 167,271
2002 1,838,770,383 31 38,210,061 687 128,834,005 181,137
Sources: City of Georgetown Inspection Services Department (amounts listed include activity in the E.T.J.)
(1) Estimated actual value.
(2) Does not include deposits of branch locations in City.
CITY OF GEORGETOWN, TEXAS
UTILITY SYSTEM CONDENSED STATEMENT OF OPERATIONS
2002 2001 2000 1999 1998
Revenues:
Water System $ 8,986,464 $ 8,021,813 $ 8,011,206 $ 6,744,444 $ 6,472,229
Sewer System 4,649,485 4,767,588 4,379,611 3,833,126 3,396,930
Electric System 23,412,202 24,340,991 20,790,680 17,843,712 17,033,314
Miscellaneous 2,647,885 2,217,825 3,035,406 2,686,181 2,780,054
Interest Earnings 610,791 1,202,418 995,272 879,406 754,178
Total revenues 40,306,827 40,550,635 37,212,175 31,986,869 30,436,705
Expenses: (1)
Water System 972,505 767,376 637,232 504,394 475,444
Sewer System 531,657 570,759 454,533 375,129 364,103
Electric System 1,850,345 1,199,854 995,767 935,020 1,006,370
Utility Contracts 22,872,725 23,224,121 19,785,388 17,391,433 16,567,595
Total expenses 26,227,232 25,762,110 21,872,920 19,205,976 18,413,512
NET AVAILABLE FOR
DEBT SERVICE $ 14,079,595 $ 14,788,525 $ 15,339,255 $ 12,780,893 12,023,193
1) Excludes depreciation costs
Information provided to comply with continuing disclosure requirements of SEC Rule 15c2-12.
Average Annual Principal and Interest Requirements, 2003-2021 $ 2,187,809
Coverage of Average Requirements by Fiscal Year 2002 Net Income 7.29 Times
Maximum Principal and Interest Requirements, 2004 $ 3,611,805
Coverage of Maximum Requirements by Fiscal Year 2002 Net Income 4.42 Times
FOR FISCAL YEAR ENDED SEPTEMBER 30,
CITY OF GEORGETOWN, TEXAS
CITY'S EQUITY IN UTILITY SYSTEM (1)
2002 2001 2000 1999 1998
Utility system (1) $ 104,850,674 $ 88,470,161 $ 78,050,279 $ 70,807,624 $ 66,903,302
Less:
Accumulated depreciation (23,780,397) (21,203,791) (19,223,681) (17,249,590) (15,321,967)
Net value of system 81,070,277 67,266,370 58,826,598 53,558,034 51,581,335
Plus: Construction fund 3,970,852 3,249,523 4,660,467 4,853,440 1,406,669
Net plant 85,041,129 70,515,893 63,487,065 58,411,474 52,988,004
Plus: Working capital 16,757,986 22,060,143 18,008,284 14,246,430 8,008,260
Total 101,799,115 92,576,036 81,495,349 72,657,904 60,996,264
Revenue bond debt (2) 30,005,000 32,075,000 32,090,000 28,850,000 28,995,000
CITY'S EQUITY IN SYSTEM $ 71,794,115 $ 60,501,036 $ 49,405,349 $ 43,807,904 $ 32,001,264
PERCENTAGE CITY'S
EQUITY IN SYSTEM 70.53% 65.35% 60.62% 60.29% 52.46%
(1) Electric, Water and Wastewater Funds only
(2) Changes in bond ordinances no longer require reservation of interest and sinking or reserve funds for utility revenue debt.
Information provided to comply with continuing disclosure requirements of SEC Rule 15c2-12.
FOR FISCAL YEAR ENDED SEPTEMBER 30,
CITY OF GEORGETOWN, TEXAS
MISCELLANEOUS STATISTICS
SEPTEMBER 30, 2002
Miscellaneous Statistics
Number of square miles in city limits 24.47
Public Safety
Police Fire
Number of stations 1 4
Number of officers/firefighters 51 45
(exclusive of volunteer firefighters)
Education City Employees Budgeted
Attendance Centers 13 Full time 332.50
Number of students 8,457 Part time 26.00
New construction building permits issued Oct. 2001 - Sept. 2002 - 718
Total number of utility customers as of September 30, 2002:
Electric - 15,153 Water - 14,198
Sanitation - 12,641 Wastewater - 11,972
Infrastructure Recreation & Culture
Miles of streets 350 Number of parks 23
Number of street lights 2,227 Acres of parks 380
Miles of water mains 305
Miles of sanitary sewers 205
Miles of storm sewers 39 Number of libraries 1 public
Miles of electric distribution lines 269 Number of volumes 79,466
Annual electric sales - mWh 332,678 Library circulation 330,503
Peak demand - mW 85 Library visits 206,478
CITY OF GEORGETOWN, TEXAS
SUMMARY OF INSURANCE COVERAGE
SEPTEMBER 30, 2002
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 BTA2149987-02
League
Animal Mortality/Theft Texas Municipal Texas Municipal 2903
League League
COVERAGE
POLICY PERIOD DESCRIPTION LIMIT PREMIUM
October 1, 2001 to Airport, Aviation $ 20,000,000 $ 15,292
September 30, 2002 Non-owned aircraft, 5,000,000
(Hangarkeepers)
October 1, 2001 to Damage caused by 3,000,000 30,874
September 30, 2002 City Vehicles
October 1, 2001 to Damage caused to ACV 28,450
September 30, 2002 City Vehicles
October 1, 2001 to Library HVAC $ 2,000,000 0 *
September 30, 2002 Direct Damage
October 1, 2001 to General Liability 10,000,000 49,704
September 30, 2002
October 1, 2001 to Police Department 10,000,000 annual 27,378
September 30, 2002 5,000,000 occ
October 1, 2001 to Damage to per schedule 7,676
September 30, 2002 Mobile Equipment
October 1, 2001 to Crime/Public Employee 500,000 4,095
September 30, 2002 Fidelity & Forgery
Crime/Theft disappearance 100,000 1,776
Destruction (inside/outside)
October 1, 2001 to Mayor, Council, City Attorney 10,000,000 annual 59,297
September 30, 2002 Boards, Commissions 5,000,000 occ
and Employees
October 1, 2001 to Real / Personal 66,066,957 59,308
September 30, 2002 Property per schedule
October 1, 2001 to Losses as Prescribed per TWCC 79,251
September 30, 2002 by the Texas Workers' Statute est.
Compensation Law
October 1, 2001 to Pollution Liability 1,000,000 1,697
September 30, 2002 Underground Storage Tanks
October 1, 2001 to Police Canine Loss of use/ per schedule 1,495
September 30, 2002 Theft mortality 3 PD canines
*Included in Real/Personal Property policy