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CITY OF GEORGETOWN, TEXAS
COMPREHENSIVE
ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2003
Prepared by:
Division of Finance and Administration
Micki Rundell, CGFO - Director
Laurie Brewer, CGFO - Controller
www.georgetown.org
TABLE OF CONTENTS
INTRODUCTORY SECTION:
Letter of Transmittal ......................................................................................................................................i
GFOA Certificate of Achievement...............................................................................................................vi
Organizational Chart ..................................................................................................................................vii
Elected Officials and Administrative Officers............................................................................................. viii
City of Georgetown Map..............................................................................................................................ix
FINANCIAL SECTION:
Independent Auditor’s Report.......................................................................................................................1
Management Discussion and Analysis.........................................................................................................3
Basic Financial Statements
Government-wide Financial Statements
Statement of Net Assets................................................................................................................14
Statement of Activities...................................................................................................................15
Fund Financial Statements
Governmental Funds
Balance Sheet...............................................................................................................................19
Reconciliation of Governmental Funds Balance Sheet
to the Statement of Net Assets...............................................................................................20
Statement of Revenues, Expenditures, and Changes in
Fund Balance..........................................................................................................................21
Reconciliation of the Governmental Funds Statement of Revenues, Expenditures
and Changes in Fund Balance to the Statement of Activities.................................................22
Statement of Revenues, Expenditures and Changes in Fund Balance
Budget and Actual – General Fund ........................................................................................24
Proprietary Funds
Statement of Net Assets................................................................................................................26
Statement of Revenues, Expenses and Changes in Fund Net Assets ........................................27
Statement of Cash Flows..............................................................................................................28
Fiduciary Funds
Statement of Fiduciary Net Assets – Agency Fund.......................................................................30
Notes to the Financial Statements.......................................................................................................32
Required Supplementary Information
Texas Municipal Retirement System Analysis of Funding Progress ...................................................59
Combining and Individual Fund Statements and Schedules
Combining Financial Statements – Nonmajor Governmental Funds
Combining Balance Sheet.............................................................................................................62
Combining Statement of Revenues, Expenditures and Changes in Fund Balance......................64
Schedules of Revenues, Expenditures and Changes in Fund Balances – Budget and Actual
Special Revenue Funds
Court Fees..............................................................................................................................66
Fire Billing and Donations.......................................................................................................67
Library Restricted....................................................................................................................68
Main Street Façade ................................................................................................................69
Mapping..................................................................................................................................70
Parks.......................................................................................................................................71
Police......................................................................................................................................72
Street Tax ...............................................................................................................................73
Tourism...................................................................................................................................74
Village Improvement District...................................................................................................75
Debt Service Fund.........................................................................................................................76
Supplementary Individual Fund Financial Statements and Schedules
General Fund
Comparative Balance Sheet..........................................................................................................78
Comparative Statement of Revenues, Expenditures and Changes in Fund Balance...................79
Schedule of Revenues and Expenditures - Budget and Actual ....................................................80
Nonmajor Proprietary Funds
Enterprise Funds
Combining Statement of Net Assets .............................................................................................86
Combining Statement of Revenues, Expenses and Changes in Fund Net Assets.......................87
Combining Statement of Cash Flows............................................................................................88
Internal Service Funds
Combining Statement of Net Assets .............................................................................................90
Combining Statement of Revenues, Expenses and Changes in Fund Net Assets.......................91
Combining Statement of Cash Flows............................................................................................92
Supplementary Individual Fund Financial Statements
Enterprise Funds
Electric Fund
Comparative Statement of Net Assets ...................................................................................96
Comparative Statement of Revenues, Expenses and Changes in Fund Net Assets.............97
Water Services Fund
Comparative Statement of Net Assets................................................................................... 98
Comparative Statement of Revenues, Expenses and Changes in Fund Net Assets.............99
Airport Fund
Comparative Statement of Net Assets..................................................................................100
Comparative Statement of Revenues, Expenses and Changes in Fund Net Assets...........101
Sanitation Fund
Comparative Statement of Net Assets .................................................................................102
Comparative Statement of Revenues, Expenses and Changes in Fund Net Assets...........103
Stormwater Drainage Fund
Comparative Statement of Net Assets..................................................................................104
Comparative Statement of Revenues, Expenses and Changes in Fund Net Assets...........105
Agency Funds ..........................................................................................................................................108
Capital Assets Used In the Operation of Governmental Funds................................................................110
STATISTICAL SECTION
Government-wide Expenses by Function.................................................................................................114
Government-wide Revenues....................................................................................................................114
General Governmental Expenditures by Function - Last Ten Fiscal Years .............................................116
General Governmental Revenues by Source - Last Ten Fiscal Years.....................................................118
Property Tax Levies and Collections - Last Ten Fiscal Years..................................................................120
Assessed and Estimated Actual Value of Taxable Property - Last Ten Fiscal Years..............................122
Property Tax Rates - Direct and Overlapping Governments - Last Ten Fiscal Years..............................124
Principal Taxpayers..................................................................................................................................125
Computation of Legal Debt Margin...........................................................................................................127
Ratio of Net General Obligation Bonded Debt to Assessed Value and
Net General Obligation Bonded Debt Per Capita - Last Ten Fiscal Years........................................128
Ratio of Annual Debt Service Expenditures for General Obligation Bonded
Debt to Total General Governmental Expenditures - Last Ten Fiscal Years.....................................130
Computation of Direct and Estimated Overlapping Bonded Debt............................................................133
Revenue Bond Coverage - Utility Funds - Last Ten Fiscal Years............................................................134
Utility Customer Counts - Last Ten Fiscal Years......................................................................................136
Electric Utility Statistical Data...................................................................................................................137
Water Utility Statistical Data.....................................................................................................................138
Wastewater Utility Statistical Data............................................................................................................139
Demographic Statistics - Last Ten Calendar Years .................................................................................140
Property Value and Construction Permits - Last Ten Fiscal Years..........................................................141
Utility System Condensed Statement of Operations................................................................................142
City’s Equity in Utility System...................................................................................................................143
Miscellaneous Statistics...........................................................................................................................145
Summary of Insurance Coverage.............................................................................................................146
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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, 2003, is hereby submitted. The financial statements are presented in conformity with
generally accepted accounting principles (GAAP) as set forth by the Governmental Accounting Standards
Board (GASB) and have been audited by independent auditors in accordance with generally accepted auditing
standards.
Management Responsibility for Financial Information. The City’s Division of Finance and Administration
has prepared the Report and is responsible for both the accuracy of the data and the completeness and
fairness of the presentation, including all disclosures. To the best of our knowledge and belief, the enclosed
data is complete and reliable in all material respects. All disclosures necessary to enable the reader to gain
an understanding of the City's financial activities have been included.
Report Format. The comprehensive annual financial report is presented in three sections: introductory,
financial, and statistical.
• The introductory section includes this transmittal letter, which provides general background and
descriptive information and highlights the financial affairs of the City. Also included here are the
Government Finance Officers Association (GFOA) Certificate of Achievement, the City's organization
chart, a list of principal officials, and a map showing the location of the City.
• The financial section includes the Audit Opinion from the independent auditor, Management’s Discussion
and Analysis, the Basic Financial Statements, including the notes, combining and individual fund
statements for all of the funds of the City.
• The statistical section includes selected financial and demographic information, generally presented on
a multi-year basis.
The Reporting Entity. This report includes all the funds of the City. The City provides a full range of
services, which include police, and fire protection; construction and maintenance of streets and other
infrastructure; recreational activities and cultural events. In addition to general government activities, the City
also provides electric, wastewater, water, sanitation, stormwater drainage and airport services which are
included in the reporting entity. The City is financially accountable for Georgetown Transportation
Enhancement Corporation (GTEC), a Texas development corporation, which funds transportation projects that
enhance economic development, utilizing the ½ cent sales tax approved by the voters.
Major Changes in Financial Reporting. The 2003 financial statements represent a substantial change from
the prior year’s format and accounting methodology, due to the City’s implementation of GASB Statement No.
34 (GASB 34) which established a new framework for financial reports. This new framework represents the
single most significant change in the history of governmental reporting. These changes now provide reporting
comparable to private sector companies, by showing Government-wide Statement of Net Assets, similar to
a company-wide “balance sheet” and a Government-wide Statement of Activities, similar to a company-wide
“income statement”. Because governmental agencies are also mandated to account for certain resources and
activities separately, the fund-by-fund financial format continues to be provided. The presentation of these
two different types of statements together in one report requires the inclusion of reconciliations between the
government fund statements and the entity-wide statements.
Page ii Transmittal Letter
DESCRIPTION OF THE CITY
Georgetown once was a small town, founded in 1848, with a strong agricultural base, in the heart of
Williamson County, 26 miles north of Austin. Today, Georgetown has an estimated population of 35,300, with
an additional 15,000 within the extra-territorial jurisdiction (ETJ) and serves as the county seat of Williamson
County, the second fastest growing county in Texas. Today's Georgetown struggles to maintain its unique and
historic character while managing on-going growth and economic viability.
Over the past 20 years, Georgetown has worked to restore and maintain its historic downtown square and to
ensure that downtown is the heart of the community. This work was acknowledged when it won the Great
American Main Street Award in 1997 and is on-going, as Georgetown continues to ensure the economic
vitality of its downtown. The City recently completed a Downtown Master Plan to direct growth and
reinvestment in the area while protecting its historic character.
Due to this unique character and small town charm, Del Webb Corporation elected to build its first Texas
development in Georgetown with the 1995 opening of Sun City Texas. Today, over 5,000 retirees make Sun
City and Georgetown their home.
Georgetown is a Home Rule Charter City and operates under a Council - Manager form of government. A
mayor and seven council members are elected on staggered, three-year terms from single member districts.
Georgetown is also the home to Southwestern University, which continues to receive national recognition. The
University is ranked No. 10 for “Best College Values” on the National Liberal Arts Colleges list by U.S. News
and World Report. With 1,300 students and 430 employees, the University provides substantial economic and
cultural contributions to Georgetown.
GEORGETOWN'S ECONOMIC DEVELOPMENT OUTLOOK
While the overall Texas economy has been somewhat stagnant, Georgetown’s economy has continued to
expand. This is due in part to its proximity to major employers in the area, such as Dell Corporation in Round
Rock and other high tech companies in the north Austin area. The average disposable income in Georgetown
and Williamson County continues to be above the state average.
Georgetown is located on Interstate 35, the major corridor between Dallas and San Antonio, at the intersection
of State Highway 130, currently under construction. SH 130 is a new toll road linking Georgetown with
Interstate 10, east of San Antonio, thereby bypassing the highly congested Austin area.
Georgetown's unique location has already resulted in increased economic benefit, as the first supplier for the
new Toyota plant in San Antonio has announced it would build its Texas plant in Georgetown. This company,
Tasus Corporation, will bring over 100 new jobs to the Georgetown area.
Georgetown continues to expand its tax base with expanded retail opportunities. This year marked the
opening of the 800,000 sq. ft Rivery Town Center, home to a Wal-mart SuperCenter and Home Depot. Simon
Properties will open a 750,000 sq. ft retail center at Wolf Ranch, featuring Target and over 70 other retailers
and restaurants in late 2005. The sales tax revenues generated by these new developments will help the City
maintain its low tax rate, while continuing to provide a higher quality of service to its citizens.
Georgetown takes an active role in water and wastewater planning with both the Brazos River Authority (BRA)
and Lower Colorado River Authority (LCRA) to find regional solutions to the ever increasing demand for
services, while protecting the natural environment within the area. Growth within the utilities continues to have
strong impacts to the financial and economic conditions of Georgetown.
Transmittal Letter Page iii
MAJOR INITIATIVES
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 to pay for the costs of plant
expansion. Wastewater rates were increased in 2003, as outlined in the 2001 plan.
The City continues to monitor electric deregulation issues closely. While the City has not elected to “opt-in”
to electric deregulation at this time, a rate study was completed in 2003 to break down the components of the
electric rates in the new unbundled format that will be required if the City should opt in. A review and
adjustment of the City's rate classes were also performed.
Transportation. In November 2002, the voters approved an additional ¼ cent sales tax, in accordance with
Texas Legislature House Bill 445 regarding street maintenance. The City began collecting this tax in April
2003, and is using the funds to maintain existing City streets. The City collected over $500,000 in 2003, with
over $1.1 million expected in 2004. HB 445 sales tax legislation contains a sunset provision, expiring in April
2006 unless voters choose to renew the tax at a future election.
General Fund Budget. Historically, the General Fund’s revenues did not support its expenses, which had
increased at a higher rate, due in part to the increased demand for governmental services, such as Parks, Fire
and Police Services. The City had historically maintained its low tax rate by using the excess revenues from
its utility funds to balance the General Fund. Because of customer growth and increased demand for utility
services, the excess funds previously sent to the General Fund are now needed to fund infrastructure
improvements within each utility. Recognizing this issue, the Council adopted a new fiscal and budgetary
policy in 2001, which maintains that each fund’s revenue support its expenses. As part of the 2001/02 budget
process, the Council approved a three year implementation plan for General Fund compliance, assuming a
minimal increase in expenses, with increases in property tax and other General Fund revenues. The 2003
General Fund budget was funded with an $850,000 transfer. The 2004 budget cycle marks the first time in
over a decade that the General Fund is self-supporting, that is, on-going revenues fund on-going costs.
Facilities Planning. The Council continued to focus resources on long range facility planning in 2003. The
renovation of a 60,000 square foot facility, purchased in 2000, to 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 was completed in 2003. This relocation is expected to
streamline processes, provide better internal support and enhanced customer service with the addition of a
drive-thru window for utility payments. The City also completed the renovations of the Council
Chambers/Municipal Court Building located on the downtown square. The Municipal Court offices were
relocated from City Hall to this building, providing the Court staff great efficiencies and expanded customer
services. The City will construct a new Animal Shelter and relocate Parks Administration in 2004 to upgrade
facilities in those areas.
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.
Page iv Transmittal Letter
The City’s Director of Finance and Administration, Controller, and other key staff in the Division of Finance
and Administration design and maintain the internal control structure. These controls are under continuing
review by management, and under annual review by the independent auditors. During the year, the Finance
Division performs internal audits on selected procedures and operations throughout the City organization. The
selection of priorities and timing of audits are determined by the Director of Finance and Administration, along
with the City Manager.
Single Audit. As a recipient of federal and state financial assistance, the City is responsible for ensuring that
adequate internal controls are in place to ensure compliance with applicable laws and regulations related to
those programs. Internal controls are subject to periodic evaluation by management. The tests relating to
the receipt of such funds are known as Single Audit testing. These tests are made to determine the adequacy
of internal controls, including that portion related to federal financial assistance programs, as well as to
determine that the City has complied with applicable laws and regulations. The City's receipt of federal and
state funding for the year ended September 30, 2003 did not meet the threshold requiring Single Audit testing.
Budgetary Controls. The City maintains budgetary controls to ensure compliance with legal provisions
embodied in the annual appropriated budget approved by the City Council. Activities of all funds are included
in the annual appropriated budget. The level of budgetary control (that is, the level at which expenditures
cannot legally exceed the appropriated amount) is established by division and department within an individual
fund. The City also maintains an encumbrance accounting system as one technique of accomplishing
budgetary control. Encumbered amounts are reserved at year-end and carried forward into the following year.
As demonstrated by the statements and schedules included in the financial section of this report, the City
continues to meet its responsibility for sound financial management.
Cash Management. Cash temporarily idle during the year was invested in demand deposits, US Treasury
and agency securities, 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.
Risk Management. The City strives to enhance its risk management program each year. In order to
minimize insurance costs and mitigate future increases, various risk control techniques are employed. Those
techniques primarily include employee accident prevention training and the review of all accidents resulting
in property damage or personal injury.
OTHER INFORMATION
Independent Audit. The City Charter requires an annual audit by independent certified public accountants.
The accounting firm of Davis, Kinard & Co., P.C. was selected by the City Council. The independent auditor’s
report on the basic nonmajor fund statements and schedules are included in the financial section of this report.
Awards. The Government Finance Officers Association of the United States and Canada (GFOA) awarded
a Certificate of Achievement for Excellence in Financial Reporting to the City for its Comprehensive Annual
Financial Report for the fiscal year ended September 30, 2002. The Certificate of Achievement is the highest
form of recognition for excellence in state and local government financial reporting.
In order to be awarded a Certificate of Achievement, a government unit must publish an easily readable and
efficiently organized Comprehensive Annual Financial Report, whose contents conform to program standards.
Such Comprehensive Annual Financial Reports must satisfy both generally accepted accounting principles
and applicable legal requirements.
Transmittal Letter Page v
CITY OF GEORGETOWN, TEXAS
ORGANIZATIONAL CHART
SEPTEMBER 30, 2003
vii
CITY MANAGERCITY
SECRETARY
CITY
ATTORNEY
CITY COUNCIL
MAYOR (elected at large)
SEVEN COUNCIL PERSONS
(elected by district)
MUNICIPAL
COURT JUDGE
APPOINTEDBOARDS &COMMISSIONS
Economic
Development
Assistant City Mgr
for Utilities
Assistant City Mgr
for Operations
Finance and
Administration
Engineering
Services
Water Services
EnergyServices
Transportation
Services
Airport
Fire
Services
Animal
Services
Information
Technology
Planning and
Development
Parks andRecreation
VehicleService Center
Purchasing
FacilitiesMaintenance
Utility
Office
Sanitation
Services
Police Services
CITIZENS OF
GEORGETOWN
Accounting
Support
Services
Municipal
Court
A Home Rule City
Main Street
CVB
Economic
Development
HumanResources
Library
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CITY OF GEORGETOWN, TEXAS
ELECTED OFFICIALS AND ADMINISTRATIVE OFFICERS
SEPTEMBER 30, 2003
ELECTED OFFICIALS
Mayor Gary Nelon
City Council Member, District 1 Patty Eason
City Council Member, District 2 Gabe Sansing
City Council Member, District 3, Mayor Pro Tem Doug Smith
City Council Member, District 4 Jack Noble
City Council Member, District 5 John Kirby
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
OTHER CITY OFFICIALS
Assistant City Manager for Operations Tom Yantis
Assistant City Manager for Utilities Jim Briggs
Director of Finance and Administration Micki Rundell
Director of Planning and Development Amelia Sondgeroth
Fire Chief Anthony Lincoln
Police Chief David Morgan
Location
Georgetown is the northern most “gateway” to the gently rolling
hills of Central Texas. While Georgetown offers the
amenities and charm of a small community
rooted in values of days gone by, it’s
strategically and centrally located in the
middle of the four major
metropolitan areas of Texas.
Austin is 26 miles south,
Dallas is only two hours
north, Houston is
just two hours southeast
and San Antonio is one-
and-a-half hours south,
placing Georgetown
in a very advantageous position for
cultural and economic development.
Access to Georgetown via the Austin-Bergstrom
International Airport and the north/south highway
artery of Interstate 35 and east/west highway artery of Highway 29
make traveling to and from Georgetown easy.
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CITY OF GEORGETOWN, TEXAS
MANAGEMENT’S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion and analysis of the City of Georgetown financial performance provides an
overview of the City’s financial activities for the fiscal year ended September 30, 2003. Please
read it in conjunction with the transmittal letter at the front of this report and the City’s financial
statements, which follow this section.
FINANCIAL HIGHLIGHTS
General Fund
• At the end of the current fiscal year, undesignated fund balance for the General Fund was $3.1 million, or
20.5% of the FY2003 General Fund expenditures. The undesignated fund balance increased by
$579,000 from FY2002.
• General Fund revenues increased $1.4 million, an increase of 13% over FY 2002.
• General Fund expenditures decreased by $81,000, a decrease of less than 1% from FY 2002. This
decrease results from changes in fleet allocation for fire apparatus. Overall, FY 2003 expenditures were
1.2% less than budget.
Governmental Activities
• On a government-wide basis for governmental activities, the City had expenses net of program revenue
of $18.8 million. General revenues and transfers totaled $21.9 million, resulting in an increase in net
assets of $3 million.
• As of September 30, 2003, the City's governmental activities reported combined ending net asset
balances of $33.2 million. Most of these balances are restricted for specific purposes such as debt
service and capital projects.
• During fiscal year ended September 30, 2003, the City issued $3.1 million in self-supporting Certificates
of Obligation in support of the Georgetown Transportation Enhancement Corporation (GTEC) projects to
be repaid through dedicated sales tax collections, and $325,000 in Public Property Financial Contractual
Obligations (PPFCO) for public safety equipment. The City's general obligation debt is rated A+ by
Standard & Poor's and Moody's.
Business-Type Activities
• The net assets of the City's business-type activities increased by $18.5 million in FY 2003, primarily due
to the $13.6 million extraordinary item related to the Del Webb/Sun City receivable in the Water Services
Fund.
• The City issued $6.5 million of utility system revenue bonds for electric and water system expansion. Both
Standard & Poor's and Moody's have rated the City's utility system revenue debt as A+.
• The City's electric system assets increased $6.8 million due to a prior period adjustment to recognize
system assets derived from an external electric system inventory and valuation.
Entity-Wide
• The City's total net assets on a government-wide basis totaled $137 million at September 30, 2003, and
increase of 18.7% over September 30, 2002. Most of this balance is invested in capital assets, restricted
for specific purposes, or related to a long-term receivable (Del Webb).
• The City received $3.7 million of grants and capital contributions from developers in FY 2003.
CITY OF GEORGETOWN, TEXAS
MD&A
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USING THE FINANCIAL SECTION OF THIS COMPREHENSIVE ANNUAL FINANCIAL REPORT
This Comprehensive Annual Financial Report consists of three sections: introductory, financial and
statistical. As illustrated in the following chart, the financial section of this report has three
components: management’s discussion and analysis (this section), the basic financial statements,
and required supplementary information.
Components of the Financial Section
BASIC FINANCIAL STATEMENTS
The City implemented Governmental Accounting Standards Board Statement No. 34 (GASB 34)
during this 2003 fiscal year. Previously, the primary focus of local governmental financial
statements has been summarized fund type information on a current financial resource basis.
GASB 34 modified this approach, adding new statements, government-wide statements, which
focus on the City as a whole. The new government-wide financial statements provide both long-
term and short-term information about the City’s overall financial status. The fund financial
statements, which have been provided in the past, focus on the individual parts of the City
government, reporting the operations of the City in more detail than the government-wide
statements.
MANAGEMENT’S DISCUSSION AND ANALYSIS
FINANCIAL STATEMENTS
REQUIRED SUPPLEMENTARY
INFORMATION
Government-wide
Governmental Activities (Full Accrual)
Business-Type Activities (Full Accrual)
Notes to the Financial Statements
Fund
Governmental (Modified Accrual)
Proprietary (Full Accrual)
Fiduciary (Full Accrual)
CITY OF GEORGETOWN, TEXAS
MD&A
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GOVERNMENT-WIDE FINANCIAL STATEMENTS
The government-wide financial statements report information about the City as a whole, using
accounting methods similar to those used by private-sector companies. The statement of net
assets includes all of the government’s assets and liabilities, reported using the full accrual basis of
accounting. The statement of activities accounts for all of the current year’s revenues and
expenses, regardless of when cash is received or paid.
The two government-wide statements report the City’s net assets and how they have changed.
Net assets, the difference between the City’s assets and liabilities, is one way to measure the
financial health of the City. Over time, increases or decreases in the City’s net assets are an
indicator of whether its financial health is improving or deteriorating. To assess the overall health
of the City, once needs to consider other non-financial factors such as changes in the City’s
property tax base and condition of the City’s infrastructure.
The government-wide financial statements of the City are divided into two categories:
Governmental Activities – Most of the City’s basic services are included here, such as police, fire
and other public safety services, parks and recreation, public library, street maintenance and
general administration. Property and sales taxes, return on investment from the City’s utility
services, and charges for services finance most of these activities.
Business-type Activities – The City’s Water Services Fund, which includes water, sewer and
irrigation services, as well as its Electric utility are reported here. Sanitation, Stormwater Drainage
and the City’s Airport are also reported in these activities. Fees charged to customers fund the
costs of providing these services.
FUND FINANCIAL STATEMENTS
The fund financial statements provide more detailed information about the City’s most significant
funds and will be more familiar to traditional users of government financial statements. The focus
is now on major funds rather than fund types.
The City has three types of funds:
Governmental Funds – General Fund, Special Revenue Funds, Capital Project Funds and the
General Debt Service Fund are governmental funds, which focus on:
(1) How cash and other financial assets that can readily be converted to cash flow in and
out, and
(2) The balances left at year-end that are available for spending.
Consequently, the governmental funds statements provide a short-term view that helps determine
whether there are more or fewer financial resources that can be spent in the near future to finance
the City’s programs. Because this information does not encompass the additional long-term focus
of the government-wide statements, additional information is provided with the governmental fund
financial statements that explains the reconciliation between the fund statements and the city-wide
statements.
Proprietary Funds – Services for which the City charges fees and rates that intend to fully recover
the cost of providing the service are reported in proprietary funds. Two types of proprietary funds
are allowed in governmental accounting: enterprise funds and internal service funds. These funds,
like the government-wide statements, provide both long-term and short-term financial information.
CITY OF GEORGETOWN, TEXAS
MD&A
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The City’s enterprise funds are substantially the same as its business-type activities, but the fund
financial statements provide more detail and additional information, such as cash flows. The City
utilizes enterprise funds to account for its electric, water services, airport, sanitation, and
stormwater drainage activities. The City uses internal service funds to report activities that provide
supplies and services for the City’s other programs, activities and funds. The City’s internal
services funds are used for providing facility maintenance, fleet services, joint services (providing
administrative functions to the other funds) as well as information technology services.
Fiduciary Funds – The City is trustee, or fiduciary, for certain amounts held on behalf of others,
and for certain pass-through arrangements. The City is responsible for ensuring that the assets
reported in these funds are used for their intended purposes. The City’s fiduciary activities are
reported in a separate statement of fiduciary net assets and a statement of changes in fiduciary net
assets. Assets for the City’s flexible spending cafeteria plan, assessment collections for the City's
public improvement districts, and pass-through lease agreements for Texas Capital Fund projects
are held in fiduciary funds. These fiduciary activities are excluded from the City’s government-wide
financial statements because the City cannot use these assets to finance its operations.
FINANCIAL ANALYSIS OF THE CITY AS A WHOLE
In accordance with GASB Statement No. 34, the City is not required to restate prior periods for the
purposes of providing comparative information. In future years, when prior year information is
available, a comparative analysis of government-wide information will be presented.
Statement of Net Assets:
The following table reflects the condensed Statement of Net Assets:
Total
Govtl Bus-Type Primary
Activities Activities Government
Current and other assets $ 15,949 34,787 $ 50,736
Capital assets 45,306 114,685 159,991
Total assets $ 61,254 $ 149,473 $ 210,727
Long-term liabilities $ 21,905 36,538 58,443
Other liabilities 6,111 8,930 15,041
Total liabilities $ 28,016 45,468 $ 73,485
Net assets:
Invested in capital assets, net of related debt $ 21,279 74,920 $ 96,199
Restricted 4,847 844 5,692
Unrestriced 6,886 28,240 35,126
Total net assets $ 33,012 $ 104,004 $ 137,017
Summary Statement of Net Assets
as of September 30, 2003
(In thousands)
CITY OF GEORGETOWN, TEXAS
MD&A
7
The City's combined net assets increased by $21.6 million to $137.2 million from $115.6 million in
FY 2002.
• Net assets of the governmental funds were $33.2 million. Most of these assets are invested in
capital assets or restricted for particular purposes, such as debt service or capital projects.
• The City's unrestricted net assets for governmental activities, which can be used to finance day
to day operations, totaled $6.8 million.
• Included in unrestricted net assets are fund balances that are earmarked for particular
purposes, such as parks improvements, street maintenance, and tourism. The balance of
these funds at September 30, 2003 was $2.5 million.
• Net assets increased primarily as a result of increases in capital assets and construction in
progress. Projects completed during the year included
• Rivery Boulevard and bridge
• Georgetown Municipal Complex reconstruction
• City Council Chambers/Courts Building reconstruction
• Net assets invested in capital assets net of related debt increased in part due to developer's
contributed capital totaling $3.7 million, of which $1.7 was related to Rivery projects.
• Net assets of business-type activities increased by $18.5 million, most of which was due to the
recognition of a long term receivable due from Del Webb for previously completed capital
improvements for the Sun City development.
• During 2003, the City invested $15.9 million towards improving and expansion of utility
infrastructure.
As a part of the implementation of GASB Statement No. 34, the City conducted an inventory
and valuation of the City's electric system. This detailed analysis resulted in a net $6.8 million
increase to the Electric Fund assets.
Net Assets - Primary Government
16%
4%
54%
1%
5%
20%
Govmtl - Inv in Net Assets Govmtl - Restricted
Bus-Type - Inv. In Net Assets Bus-Type - Rest.
Govmtl - Unrest.Bus-Type - Unrest.
CITY OF GEORGETOWN, TEXAS
MD&A
8
Govtl Bus-Type
Activities Activities Total
Revenues
Program Revenues
Charges for Service $ 2,343 $ 47,205 $ 49,549
Operating Grants & Contributions 229 229
Capital Grants & Contributions 1,700 2,071 3,771
General Revenues
Property Taxes 6,381 6,381
Sales Taxes 6,091 6,091
Other Taxes 560 560
Franchise Fees 1,580 1,580
Interest 197 160 357
Extraordinary Item 13,624 13,624
Other 2,420 1,010 3,430
Total Revenues $ 21,502 $ 64,069 $ 85,571
Expenses:
Culture-recreation 4,165 4,165
Development 1,608 1,608
Fire 3,612 3,612
General government 3,715 3,715
Interest on long term debt 1,241 1,241
Police 5,476 5,476
Streets 3,268 3,268
Airport 1,774 1,774
Electric 23,958 23,958
Sanitation 2,577 2,577
Stormwater 842 842
Water 11,728 11,728
Total Expenses $ 23,085 40,878 63,963
Increase in net assets before transfers (1,584) 23,191 21,607
Transfers 4,662 (4,662)
Change in net assets 3,078 18,530 21,607
Net Assets - Beginning 30,160 85,475 115,635
Net Assets - Ending $ 33,238 $ 104,004 $ 137,242
(In thousands)
Changes in Net Assets
For the Fiscal Year Ended September 30, 2003
CITY OF GEORGETOWN, TEXAS
MD&A
9
REVENUES
For the fiscal year ended September 30, 2003, program revenues from governmental activities
totaled $4.3 million, of which $2.3 million resulted from charges for services.
General property taxes, the City's largest source of general governmental revenue, totaled $6.4
million. Included in these taxes are real and personal property levies which are assessed
October 1, and payable before the following January 31.
Assessed valuations increased for the fiscal year over 15%, which included $167 million in
new property on the tax rolls.
The ad valorem tax rate for fiscal 2003 was $0.30261 per $100 of assessed valuation.
This represented a 1.9% increase over the prior year rate.
Sales taxes totaled $6 million for fiscal year 2003, which was an increase of 8.2% over the
prior year. This increase was primarily due to the adoption of an additional 1/4 cent sales tax,
which became effective April 1, 2003, dedicated for streets maintenance and due to new
commercial development within the City. Sales tax revenues represent 27.8% of the general
revenue total.
Other taxes, which include hotel/motel taxes and automobile inventory taxes, totaled $560,000.
Program revenues are derived from the program itself and reduce the cost of the function to
the City. Total program revenues for both governmental and business-type activities are
described below.
Governmental activities program revenue was $4.3 million. The most significant of
these revenues is reported in the category "Charges for Services", which represent
receipts primarily from development and building inspection fees, parks fees, fire billing for
services and court fines. Other governmental program revenues included operating grants
for parks, fire and police programs
Business-type activities program revenues totaled $49.2 million. The most significant
of these revenues is reported in the category "Charges for Services, which represent
receipts from utility customers for electric, water, sewer, and sanitation use. Other
program revenues include airport fuel sales, hangar rentals and stormwater drainage fees.
Revenues - Fiscal Year 2003
Charges for
Service
58%
Grants &
Contributions
5%
Extraordinary
Item
16%
Property Taxes
7%
Sales Taxes
7%Other
7%
CITY OF GEORGETOWN, TEXAS
MD&A
10
EXPENSES
Expenses for governmental activities totaled $23.1 million, which primarily represent
salaries for providing services in the public safety area, as well as for public library and
recreation programs. Increases to salary costs resulted from Council's adoption of a public
safety compensation program, which provided a step plan to increase public safety salaries for
each year of service. Salaries also increased due to a 2% cost of living adjustment for all other
staff.
Expenses for business-type activities totaled $40.9 million, which provided electric, water,
and sewer services for customers, as well as airport and stormwater drainage programs.
FINANCIAL ANALYSIS OF THE CITY’S FUNDS
For the fiscal year ended September 30, 2003, the City's governmental funds reflect a combined
fund balance of $10.2 million. Included in this year's increase in fund balance is $978,000 in
General Fund revenues in excess of expenditures and other financing sources and uses. The
primary reason for the General Fund's increase in fund balances is due to increased revenues and
relatively stable expenditures. In addition, these other changes in fund balances should be noted:
Georgetown Transportation Enhancement Corporation contributed $5.6 million in cash
and debt funding of street improvements to enhance economic development in 2003.
Expenditures for public safety totaled $8.8 million.
Parks, recreation and library expenditures totaled $3.9 million.
General government expenditures, which included $189,500 of social service
contributions to different organizations in the community, were $1.5 million.
Street maintenance expenditures were $1.5 million.
The City spent $4 million in the Capital Projects Funds, which included facilities
improvements and street improvements.
Primary Government - Functional Expenses for
FY 2003
Culture/Rec
7%
Public Saf ety
14%
Streets
5%
Electric
38%
Other
18%
Water
18%
CITY OF GEORGETOWN, TEXAS
MD&A
11
GENERAL FUND BUDGETARY HIGHLIGHTS:
The following is a brief review of the budgetary changes from the original to the final budget.
The City approved one General Fund budget amendment during fiscal year 2003. This
amendment increased the overall budgeted expenditures by $61,500 from the original budget,
representing a .05% increase in appropriations. This increase was offset by excess fund balance
from prior years that had not been previously appropriated. The amendment consisted of:
$15,500 for development contract expenses related to 911 addressing.
$34,000 to expand the City's traffic management program with the purchase of two
motorcycles.
CAPITAL ASSETS
The City's governmental activities (including a percentage of internal service funds) had invested
$45.3 million in a variety of capital assets and infrastructure. The City has $159.9 million invested
in its business-type activities. The detail is reflected in the following schedule:
Balance Deletions Balance
October 1 Additions & Transfers September 30
Non-depreciable Assets:
Land $ 2,781 $ 2,781
Construction in progress 4,223 $ 721 4,944
Other capital assets
Equipment 11,516 1,623 $ (355) 12,784
Buildings 14,137 5,545 (711) 18,971
Improvements 24,118 2,721 26,839
Less accumulated depreciation (18,933) (2,595) 514 (21,014)
Total Assets - Governmental $37,842 $ 8,016 $ (552) $ 45,306
Balance Deletions Balance
October 1 Additions & Transfers September 30
Non-depreciable Assets:
Land $1,653 - - $ 1,653
Construction in progress 3,971 $ 14,673 $ (7,233) 11,411
Other capital assets -
Equipment 801 139 - 940
Buildings 10,999 8 - 11,006
Improvements 116,938 8,437 - 125,375
Less accumulated depreciation (31,364) (4,335) - (35,699)
Total Assets - Business-Type $102,997 $ 18,922 $ (7,233) $ 114,685
City-wide Totals $140,840 $ 26,938 $ (7,786) $ 159,991
*Includes internal service funds assets, which are allocated to governmental activities
Change in Capital Assets*
(In thousands)
Governmental Activities
Change in Capital Assets*
(In thousands)
Business-Type Activities
CITY OF GEORGETOWN, TEXAS
MD&A
12
The City's financial policies mandate maintenance and repair of the City's capital assets and
infrastructure. The City budgets approximately $825,000 annually of General Fund revenues for
on-going street maintenance projects, along with the staff costs and other maintenance costs of the
street department. In addition, the City also budgets the approximate $1.1 million of funds received
in the dedicated 1/4 cent sales tax for street maintenance.
Utility infrastructure maintenance is budgeted within the utility funds. For fiscal year 2003, funding
for electric and water services infrastructure maintenance was $3.5 million.
LONG-TERM DEBT
At September 30, 2003, the City had a total of $26.7 million in general obligation debt
outstanding. This represents a 7% over prior year. This increase reflects the $3.1 of self-
supporting bonds, issued on behalf of the Georgetown Transportation Enhancement
Corporation for the Rivery development improvements and is supported by dedicated sales
taxes. Additional information about the City's long -term debt is presented in Note 7 to the
financial statements.
The state limits the legal amount of tax levy available to general obligation debt service to
$1.25 per $100 valuation. The City's 2003 debt levy equaled $0.09954 per $100 assessed
valuation, or 8% of the maximum allowed.
Total utility system revenue debt was $34.5 million as of September 30, 2003, including new
debt of $6.5 million issued within the Electric and Water Services Funds to fund system
expansion, including additional capacity at the Lake Georgetown Water Treatment Plant. This
increase is 15% greater than September 30, 2002.
ECONOMIC FACTORS
Unemployment in the City decreased from 5.9% in 2002 to 5.7% in 2003.
Population continued to grow steadily, at 3% annually, yet utility customer growth averaged
approximately 6% for all utilities. This variance represents continued growth within the City's
extra territorial jurisdiction (ETJ), that receives City utility services.
Retail development continued to expand, with the opening of the Rivery Towne Center, an
800,000 square foot shopping center, evidenced by increased sales tax the last quarter of
fiscal year 2003.
CONTACTING THE CITY’S FINANCIAL MANAGEMENT
This report is designed to provide City Council, citizens, customers, bond rating agencies, investors
and creditors with a general overview of the City’s finances. If you have questions about this report
or need additional financial information, contact:
Finance Division
City of Georgetown
113 East 8th Street
Georgetown, Texas 78626
(512) 930-3676
www.georgetowntx.org
Basic Financial Statements
CITY OF GEORGETOWN, TEXAS
STATEMENT OF NET ASSETS
SEPTEMBER 30, 2003
Primary Government
Governmental Business-type
Activities Activities TOTAL
ASSETS:
Cash and cash equivalents $ 3,678,193 $ 5,009,177 $ 8,687,370
Investments 7,037,963 4,971,967 12,009,930
Prepaid expenses 225,732 1,121,048 1,346,780
Accounts receivable:
Services (net of allowance for uncollectibles) 8,294,257 8,294,257
Other 4,694,044 55,516 4,749,560
Internal balances (444,540) 444,540 0
Inventories 204,988 1,224,854 1,429,842
Restricted assets:
Cash and cash equivalents 297,327 297,327
Investments 271,500 271,500
Long-term note receivables 11,621,984 11,621,984
Deferred charges - bond issuance costs 552,183 1,475,106 2,027,289
Capital assets: net of accumulated depreciation 40,361,512 103,274,901 143,636,413
Construction in progress 4,944,337 11,410,585 16,354,922
TOTAL ASSETS $ 61,254,412 $ 149,472,762 $ 210,727,174
LIABILITIES AND NET ASSETS:
Liabilities:
Accounts payable $ 1,849,809 $ 4,520,132 $ 6,369,941
Accrued interest 9,392 235,259 244,651
Liabilities payable from restricted assets:
Construction contracts and retainages payable 587,185 587,185
Customer deposits 543,000 543,000
Deferred revenue 2,456,760 99,935 2,556,695
Noncurrent liabilities:
Due within one year 1,795,312 2,944,525 4,739,837
Due in more than one year 21,905,139 36,538,259 58,443,398
Total liabilities 28,016,412 45,468,295 73,484,707
Net Assets:
Invested in capital assets (net of related debt) 21,279,116 74,920,347 96,199,463
Restricted for:
Debt Service 663,644 663,644
Prepaid expenditures 225,732 225,732
Capital Projects 4,183,837 844,225 5,028,062
Unrestricted 6,885,671 28,239,895 35,125,566
Total net assets 33,238,000 104,004,467 137,242,467
TOTAL LIABILITIES AND NET ASSETS $ 61,254,412 $ 149,472,762 $ 210,727,174
The notes to the financial statements are an integral part of this statement.
CITY OF GEORGETOWN, TEXAS
STATEMENT OF ACTIVITIES
FISCAL YEAR ENDED SEPTEMBER 30, 2003
Charges for Operating Grants Capital Grants Governmental Business-Type
Expenses Services & Contributions & Contributions Activities Activities Total
Functions/Programs
Primary government
Governmental Activities
Culture-recreation $ 4,165,382 $ 643,950 $ 81,401 $ (3,440,031) $ (3,440,031)
Development 1,607,886 887,830 (720,056) (720,056)
Fire 3,611,523 209,207 54,355 (3,347,961) (3,347,961)
General government 3,715,369 (3,715,369) (3,715,369)
Interest on long term debt 1,241,202 (1,241,202) (1,241,202)
Police 5,476,245 602,434 93,072 (4,780,739) (4,780,739)
Streets 3,267,717 $ 1,700,000 (1,567,717) (1,567,717)
Total governmental activities 23,085,324 2,343,421 228,828 1,700,000 (18,813,075) (18,813,075)
Business -type Activities
Airport $ 1,773,928 $ 1,459,523 $ 12,862 $ (301,543) $ (301,543)
Electric 23,957,507 26,689,395 120,420 2,852,308 2,852,308
Sanitation 2,577,159 2,791,467 214,308 214,308
Stormwater 841,591 1,209,132 367,541 367,541
Water 11,727,956 15,055,711 1,937,672 5,265,427 5,265,427
Total business-type activities 40,878,141 47,205,228 2,070,954 8,398,041 8,398,041
Total primary government $ 63,963,465 $ 49,548,649 $ 228,828 $ 3,770,954 $ (18,813,075) $ 8,398,041 $ (10,415,034)
General revenues:
Property Tax $ 6,380,597 $ 6,380,597
Sales Tax 6,091,190 6,091,190
Taxes - other 560,458 560,458
Franchise fees 1,579,729 1,579,729
Interest on investments 197,103 $159,864 356,967
Extraordinary item 13,623,784 13,623,784
Other 2,420,183 1,009,560 3,429,743
Transfers 4,661,635 (4,661,635) 0
Total general revenues 21,890,895 10,131,573 32,022,468
Change in Net Assets 3,077,820 18,529,614 21,607,434
Net Assets, beginning of the year 30,160,180 85,474,853 115,635,033
Net Assets, end of the year $ 33,238,000 $ 104,004,467 $ 137,242,467
The notes to the financial statements are an integral part of this statement.
Program Revenues
Primary Government
Net (Expense) Revenue and
Changes in Net Assets
Fund Financial Statements
CITY OF GEORGETOWN, TEXAS
BALANCE SHEET
GOVERNMENTAL FUNDS
AS OF SEPTEMBER 30, 2003
GEORGETOWN
TRANSPORTATION OTHER TOTAL
ENHANCEMENT GOVERNMENTAL GOVERNMENTAL
GENERAL CORPORATION FUNDS FUNDS
ASSETS
Cash and cash equivalents $ 1,467,294 $ 236,319 $ 1,494,928 $3,198,541
Investments 1,473,294 2,205,308 2,879,709 6,558,311
Accounts receivable (net of allowance for uncollectible accounts):
Delinquent taxes 169,543 94,905 264,448
Sales tax 663,264 327,898 169,568 1,160,730
Grants 32,500 32,500
Other 2,805,143 392,863 3,198,006
Prepaid expenditures 223,236 223,236
Inventories 2,840 2,840
TOTAL ASSETS $ 6,804,614 $ 2,769,525 $ 5,064,473 $14,638,612
LIABILITIES AND FUND BALANCE
Liabilities:
Accounts payable $ 631,070 $ 349,930 $ 312,672 $1,293,672
Due to other funds 444,540 444,540
Deferred revenue 2,189,439 458,722 2,648,161
Total liabilities 2,820,509 349,930 1,215,934 4,386,373
Fund Balance:
Reserved for:
Encumbrances 653,142 1,457,624 1,317,129 3,427,895
Inventories 2,840 2,840
Debt service 663,644 663,644
Prepaid expenditures 223,236 223,236
Special programs 601,827 601,827
Unreserved, reported in:
General fund 3,104,887 3,104,887
Special revenue funds 279,158 279,158
Capital projects funds 961,971 986,781 1,948,752
Total fund balance 3,984,105 2,419,595 3,848,539 10,252,239
TOTAL LIABILITIES AND FUND BALANCE $ 6,804,614 $ 2,769,525 $ 5,064,473 $14,638,612
The notes to the financial statements are an integral part of this statement.
CITY OF GEORGETOWN, TEXAS
RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET TO THE STATEMENT OF NET ASSETS
SEPTEMBER 30, 2003
Total fund balance - total governmental funds $ 10,252,239
Amounts reported for governmental activities in the
statement of net assets are different because:
Capital assets used in governmental activities are not current
financial resources and therefore are not reported in the govermental
funds balance sheet.40,154,192
The City uses internal service funds to charge the costs of certain
activities, such as capital assets, administrative services and information
technology to appropriate functions in other funds. The net assets
and liabilities of the internal service funds are included in
governmental activites in the statement of net assets. The effect
of this consolidation is to increase net assets 5,540,155
Premiums, discounts and debt issuance costs have not been included
in the fund financial statements.552,183
Bonds payable and contractual obligations are not due and payable in the current
period therefore have not been included in the fund financial statements. (22,217,455)
Accrued liabilities for compensated absences are not due and payable in the current
period therefore have not been included in the fund financial statements. (1,162,045)
Liabilities for arbitrage are not due and payable in the current period therefore have not
been reflected in the fund financial statements. (63,277)
Revenues from property taxes are deferred in the fund financial
statements until they are considered available to fund current
expenditures, but such revenues are recognized in the government
wide statements.110,949
Revenues recognized at the government-wide financial statements are
not recognized as revenue in the fund financial statements for court
fines.80,451
Interest is accrued on outstanding debt in the government-wide financial
statements, whereas in the fund financial statements interest
expense is reported when due.(9,392)
Net Assets of Governmental Activities $ 33,238,000
The notes to financial statements are an integral part of this statement.
CITY OF GEORGETOWN, TEXAS
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE
GOVERNMENTAL FUNDS
FISCAL YEAR ENDED SEPTEMBER 30, 2003
GEORGETOWN
TRANSPORTATION OTHER TOTAL
ENHANCEMENT GOVERNMENTAL GOVERNMENTAL
GENERAL CORPORATION FUNDS FUNDS
REVENUES:
Taxes:
Current $ 4,325,913 $ 2,172,915 $ 6,498,828
Delinquent 29,995 29,995
Penalties and interest 67,423 67,423
Other 136,008 250,217 386,225
Property assessment 76,816 76,816
Sales tax 3,721,898 $ 1,869,166 500,126 6,091,190
Franchise fees 1,579,729 1,579,729
Licenses and permits 866,451 866,451
Charges for service 775,864 170,586 946,450
Fines and forfeitures 492,054 41,649 533,703
Donations and grants 6,000 222,827 228,827
Investment income 41,821 57,380 97,901 197,102
Other revenue 539,607 1,700,000 1,224,191 3,463,798
Total revenues 12,582,763 3,626,546 4,757,228 20,966,537
EXPENDITURES:
Current:
Culture - recreation 3,354,051 550,310 3,904,361
Development 1,547,047 18,565 1,565,612
Fire services 3,340,931 166,312 3,507,243
General government 1,516,243 101,436 1,677 1,619,356
Highways and streets 1,273,278 313,876 1,587,154
Police 5,221,751 137,892 5,359,643
Capital outlay 5,658,911 4,091,052 9,749,963
Debt service:
Principal retirement 1,159,660 1,159,660
Interest and fiscal charges 117,387 1,123,814 1,241,201
Total expenditures 16,253,301 5,877,734 7,563,158 29,694,193
EXCESS (DEFICIENCY) OF REVENUES OVER
EXPENDITURES (3,670,538) (2,251,188) (2,805,930) (8,727,656)
OTHER FINANCING SOURCES (USES):
Transfers in 4,661,635 528,731 5,190,366
Transfers out (13,004) (97,707) (418,019) (528,730)
Proceeds from bonds 3,125,000 3,125,000
Total other financing sources (uses) 4,648,631 3,027,293 110,712 7,786,636
NET CHANGE IN FUND BALANCES 978,093 776,105 (2,695,218) (941,020)
FUND BALANCES, Beginning of period 3,006,012 1,643,490 6,543,757 11,193,259
FUND BALANCES, End of period $ 3,984,105 $ 2,419,595 $ 3,848,539 $ 10,252,239
The notes to financial statements are an integral part of this statement.
CITY OF GEORGETOWN, TEXAS
RECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCE TO THE STATEMENT OF ACTIVITIES
SEPTEMBER 30, 2003
Net change in fund balances - governmental funds $ (941,020)
Amounts reported for governmental activities in the
statement of activities are different because:
The City uses internal service funds to charge the costs of certain
activities, such as fleet management and information technology to
appropriate functions in other funds. The assets and liabilities of
internal service funds are allocated to the governmental activities
on the statement of net assets. The effect of this consolidation is to
increase net assets. The entry on the statement of activities reflects
the loss shown in FY 2003, which is allocated to governmental activiites (498,904)
Current year capital outlays are expenditures in the fund statements,
but are shown as increases in capital assets in the government-wide
financial statements. The total reflects $721,351 in construction in
progress additions. The effect of removing the 2003 capital outlays
is to increase net assets.9,061,787
Depreciation is not recognized as an expense in governmental funds
since it does not require the use of current financial resources. The
effect of recording current year depreciation is to decrease net assets.(1,627,148)
During the year, an asset of the City's which was secured by a long term
lease receivable and a lease payable to the state of Texas through a
grant arrangement was paid early by the business. The effect of
removing the net value of this asset is a decrease to net assets.(650,336)
Amortization of costs associated with debt issuances are not recognized
as an expense in governmental funds since it does not require the use
of current financial resources. The effect of recording the current
year's amortization is to decrease net assets.(35,947)
Current year long-term debt principal payments on contractual obligation
bonds payable are expenditures in the fund financial statements, but
are shown as reductions in long term debt in the government-wide
financial statements.1,159,659
The notes to financial statements are an integral part of this statement.(continued)
Current year bond proceeds on certificates of obligation ($3,311,486)
and related debt issuance costs ($126,064) are not shown as revenue
and expenditures in the government-wide financial statements.(3,185,422)
Interest is accrued on outstanding debt in the government-wide financia
statements, whereas in the fund financial statements, the expenditure
is reported when due.(9,392)
Change in arbitrage liability is not reflected in the fund financial statements,
but is shown here as a debt service expenditure on the government-wide
financial statements.4,497
Additions to vested sick leave and vacation liabilities are not shown
in the fund financial statements. The net effect of the current year's
increase is to decrease net assets.(162,164)
Revenue from property taxes and court fines are not recognized in the
fund financial statements on the modified accrual basis but are recognized
on the accrual basis in the government-wide financial statements.(37,790)
Change in Net Assets of Governmental Activities $ 3,077,820
The notes to financial statements are an integral part of this statement.
CITY OF GEORGETOWN, TEXAS
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
FISCAL YEAR ENDED SEPTEMBER 30, 2003
2003 ACTUAL
BUDGETARY VARIANCE TO
ORIGINAL FINAL BASIS FINAL BUDGET
REVENUES:
Taxes :
Current $ 4,375,000 $ 4,375,000 $ 4,325,913 $ (49,087)
Delinquent 32,000 32,000 29,995 (2,005)
Penalties and interest 30,000 30,000 67,423 37,423
Sales tax 3,385,000 3,385,000 3,721,898 336,898
Franchise fees 1,556,100 1,556,100 1,579,729 23,629
Licenses and permits 844,920 844,920 866,451 21,531
Charges for services 820,260 820,260 775,863 (44,397)
Fines and forfeitures 647,800 647,800 492,054 (155,746)
Investment income and other 386,650 386,650 771,981 385,331
Total revenues 12,077,730 12,077,730 12,631,307 553,577
EXPENDITURES:
Culture - recreation 3,412,838 3,412,838 3,395,253 17,585
Development 1,547,046 1,562,546 1,540,700 21,846
Fire services 3,346,799 3,346,799 3,346,335 464
General government 1,548,966 1,532,407 1,505,088 27,319
Highways and streets 1,790,125 1,790,125 1,655,719 134,406
Police services 5,208,724 5,271,283 5,268,320 2,963
Total expenditures 16,854,498 16,915,998 16,711,415 204,583
EXCESS EXPENDITURES OVER REVENUES (4,776,768) (4,838,268) (4,080,108) (758,160)
OTHER FINANCING SOURCES (USES):
Operating transfers in 4,674,250 4,674,250 4,661,635 12,615
Operating transfers out (13,004) (13,004) (13,004)
Total other financing sources (uses) 4,661,246 4,661,246 4,648,631 12,615
DEFICIENCY OF REVENUES AND
OTHER FINANCING SOURCES OVER
EXPENDITURES AND OTHER FINANCING (USES) (115,522) (177,022) 568,523 (745,545)
FUND BALANCES, Beginning of period 2,391,352 2,514,352 2,756,442 (242,090)
FUND BALANCES, End of period $ 2,275,830 $ 2,337,330 3,324,965 $ (987,635)
Adjustments to GAAP:
Reverse current year encumbrances 653,142
Record net unrealized gain on investments 5,998
FUND BALANCE - GAAP BASIS, End of period $ 3,984,105
The notes to the financial statements are an integral part of this statement.
BUDGETED AMOUNTS
CITY OF GEORGETOWN, TEXAS
STATEMENT OF NET ASSETS
PROPRIETARY FUNDSAS OF SEPTEMBER 30, 2003
Business-type Activities
Enterprise Funds
WATER OTHER
ELECTRIC SERVICES ENTERPRISE GOVERNMENTAL ACTIVITIES
FUND FUND FUNDS TOTAL INTERNAL SERVICE FUNDS
ASSETS:
Current Assets:
Cash and cash equivalents $ 478,112 $ 4,210,506 $ 320,560 $ 5,009,178 $ 479,651
Investments 482,196 4,177,682 312,088 4,971,966 479,652
Prepaid expenses 1,121,049 1,121,049 2,496
Accounts receivable:
Services (net of allowance for uncollectibles) 4,635,739 3,137,454 551,850 8,325,043 51,849
Other 23,942 790 24,732
Due from other funds 515,593 515,593
Inventories 1,214,174 10,678 1,224,852 194,279
Total current assets 7,349,756 12,646,691 1,195,966 21,192,413 1,207,927
Noncurrent Assets:
Long-term note receivables 48,235 11,573,750 11,621,985
Deferred charges - bond issuance costs 318,166 1,066,561 90,380 1,475,107
Total noncurrent assets 366,401 12,640,311 90,380 13,097,092
Restricted Assets:
Cash and cash equivalents 271,500 25,827 297,327
Investments 271,500 271,500
Total restricted assets 543,000 25,827 568,827
Property, Plant and Equipment:
Land and land rights 193,735 475,070 983,804 1,652,609 217,118
Distribution system 41,476,839 79,449,313 4,449,025 125,375,177
Buildings and improvements 404,000 3,005,294 7,597,187 11,006,481 1,356,670
Machinery, furniture and equipment 546,758 199,387 193,627 939,772 11,180,763
Capital Lease 168,989
Construction in progress 11,384,576 26,010 11,410,586
Total cost property and equipment 42,621,332 94,513,640 13,249,653 150,384,625 12,923,540
Less accumulated depreciation (12,856,110) (18,819,126) (4,023,904) (35,699,140) (7,771,883)
Net property and equipment 29,765,222 75,694,514 9,225,749 114,685,485 5,151,657
TOTAL ASSETS $ 38,024,379 $ 100,981,516 $ 10,537,922 $ 149,543,817 $ 6,359,584
LIABILITIES AND NET ASSETS:
Liabilities:
Current liabilities:
Accounts payable $ 3,463,456 $ 765,429 $ 291,248 $ 4,520,133 $ 561,752
Capital lease payable 35,822
Compensated absence 73,881 57,752 25,827 157,460 30,817
Due to other funds 71,053 71,053
Current portion of long-term debt 689,465 1,845,286 252,314 2,787,065
Total current liabilities 4,226,802 2,668,467 640,442 7,535,711 628,391
Liabilities payable from restricted assets:
Construction contracts and retainages payable 587,185 587,185
Customer deposits 543,000 543,000
Accrued interest 56,234 149,613 29,412 235,259
Total liabilities payable from restricted assets 599,234 736,798 29,412 1,365,444
Long term liabilities:
Compensated absence 143,446 116,352 52,978 312,776 59,892
Capital lease payable 131,146
Deferred revenue 99,936 99,936
Long-term debt 8,584,155 23,379,610 4,261,718 36,225,483
Total liabilities 13,553,637 27,001,163 4,984,550 45,539,350 819,429
Net Assets:
Invested in capital assets (net of related debt) 20,491,602 50,469,618 4,711,717 75,672,937 5,151,657
Restricted for:
Future construction 120,420 723,805 844,225
Unrestricted 3,858,720 22,786,930 841,655 27,487,305 388,498
Total net assets 24,470,742 73,980,353 5,553,372 104,004,467 5,540,155
TOTAL LIABILITIES AND NET ASSETS $ 38,024,379 $ 100,981,516 $ 10,537,922 $ 149,543,817 $ 6,359,584
The notes to the financial statements are an integral part of this statement.
CITY OF GEORGETOWN, TEXAS
STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND NET ASSETS
PROPRIETARY FUNDS
FISCAL YEAR ENDED SEPTEMBER 30, 2003
Business-type Activities
Enterprise Funds
WATER OTHER GOVERNMENTAL
ELECTRIC SERVICES ENTERPRISE ACTIVITIES
FUND FUND FUNDS TOTAL INTERNAL SERVICE FUNDS
OPERATING REVENUES:
Charges for sales and services:
Service charges $ 7,640,146
Electric $ 25,916,557 $ 25,916,557
Water $ 9,408,395 9,408,395
Waste 5,239,898 $ 2,744,373 7,984,271
Other 772,839 2,512,818 2,715,750 6,001,407
Total operating revenues 26,689,396 17,161,111 5,460,123 49,310,630 7,640,146
OPERATING EXPENSES:
Electric 1,889,965 1,889,965
Water 1,076,792 1,076,792
Waste 511,825 511,825
Depreciation 1,738,143 2,130,876 557,596 4,426,615 939,895
Utility contracts 19,839,696 4,206,469 2,577,159 26,623,324
Plant management 2,598,131 2,598,131
Other 1,916,821 1,916,821 7,495,610
Total operating expenses 23,467,804 10,524,093 5,051,576 39,043,473 8,435,505
NET OPERATING INCOME (LOSS) 3,221,592 6,637,018 408,547 10,267,157 (795,359)
NONOPERATING REVENUES (EXPENSES):
Investment earnings 38,132 117,819 3,914 159,865 51,036
Donations and grants 12,861 12,861
Interest and fiscal charges (489,703) (1,179,116) (141,103) (1,809,922)
Loss on disposed assets (112,117)
Other 574,119 1,616,742 55,091 2,245,952 357,536
Total nonoperating revenues (expenses) 122,548 555,445 (69,237) 608,756 296,455
INCOME BEFORE CONTRIBUTIONS,
EXTRAORDINARY ITEMS, AND TRANSFERS 3,344,140 7,192,463 339,310 10,875,913 (498,904)
CONTRIBUTIONS, EXTRAORDINARY ITEMS,
AND TRANSFERS:
Capital contributions 1,213,867 1,213,867 182,303
Extraordinary item - SIP 11,518,384 11,518,384
Transfer in 428,997
Transfers out (3,090,059) (1,600,835) (387,658) (5,078,552) (12,080)
Total contributions, extraordinary item, and transfers in (out) (3,090,059) 11,131,416 (387,658) 7,653,699 599,220
CHANGE IN NET ASSETS 254,081 18,323,879 (48,348) 18,529,612 100,316
TOTAL NET ASSETS - beginning 24,216,661 55,656,474 5,601,720 85,474,855 5,439,839
TOTAL NET ASSETS - ending $ 24,470,742 $ 73,980,353 $ 5,553,372 $ 104,004,467 $ 5,540,155
The notes to the financial statements are an integral part of this statement.
CITY OF GEORGETOWN, TEXAS
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
FISCAL YEAR ENDED SEPTEMBER 30, 2003
Business-type Activities
Enterprise Funds
WATER OTHER GOVERNMENTAL
ELECTRIC SERVICES ENTERPRISE ACTIVITIES
FUND FUND FUNDS TOTAL INTERNAL SERVICE FUNDS
CASH FLOWS FROM OPERATING ACTIVITIES:
Cash received from customers $ 26,566,012 $ 17,257,262 $5,416,919 $ 49,240,193 $ 7,606,540
Payments to suppliers (18,442,981) (8,409,850) (3,945,936) (30,798,767) (3,305,756)
Franchise fees (533,542) (299,354) (80,012) (912,908)
Payments to employees for services (1,036,761) (561,065) (422,185) (2,020,011) (3,678,273)
Net cash provided by operating activities 6,552,728 7,986,993 968,786 15,508,507 622,511
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
Transfers in 428,997
Transfers out (3,090,059) (1,600,835) (387,658) (5,078,552) (12,080)
Payments from (to) other funds (515,592) 45,847 25,206 (444,539)
Net cash provided by (used for) noncapital
financing activities (3,605,651) (1,554,988) (362,452) (5,523,091) 416,917
CASH FLOWS FROM CAPITAL AND
RELATED FINANCING ACTIVITES:
Acquisition of capital assets (4,107,592) (11,981,344) (185,327) (16,274,263) (1,379,978)
Donations and grants 12,861 12,861
Capital lease (139,320)
Proceeds from sale of assets 26,890
Impact fees 723,805 723,805
Proceeds from issuance of long-term debt 563,000 6,075,514 6,638,514
Principal paid on revenue and certificates of obligation bonds (636,202) (1,508,798) (220,341) (2,365,341)
Interest paid on revenue and certificates of obligation bonds (490,061) (1,153,484) (142,580) (1,786,125)
Bond issuance costs 23,318 27,676 6,703 57,697
Net cash provided by (used for) capital and related
financing activities (4,647,537) (7,816,631) (528,684) (12,992,852) (1,492,408)
CASH FLOWS FROM INVESTING ACTIVITIES:
Interest received 38,132 117,819 3,913 159,864 51,035
Change in temporary investments 1,817,025 3,644,031 24,354 5,485,410 621,219
Net cash provided by (used for) investing activities 1,855,157 3,761,850 28,267 5,645,274 672,254
Net increase (decrease) in cash and cash equivalents 154,697 2,377,224 105,917 2,637,838 219,274
Cash and cash equivalents at beginning of year 594,915 1,833,282 240,470 2,668,667 260,377
Cash and cash equivalents at end of year 749,612 4,210,506 346,387 5,306,505 479,651
Classified as:
Current assets 478,112 4,210,506 320,560 5,009,178 479,651
Restricted assets 271,500 25,827 297,327
Total $749,612 $4,210,506 $346,387 $5,306,505 $479,651
Non-cash disclosure
Developer contributions $ 1,213,867 $ 1,213,867
Increase in notes receivable for Del Webb $ 11,518,384 $ 11,518,384
Equity transfers to internal service funds $ 182,303
Equipment acquired with capital lease $ 166,968
The notes to the financial statements are an integral part of this statement.(continued)
CITY OF GEORGETOWN, TEXAS
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDSFISCAL YEAR ENDED SEPTEMBER 30, 2003
Business-type Activities
Enterprise Funds
WATER OTHER GOVERNMENTAL
ELECTRIC SERVICES ENTERPRISE ACTIVITIES
FUND FUND FUNDS TOTAL INTERNAL SERVICE FUNDS
OPERATING INCOME (LOSS)$ 3,221,592 $ 6,637,018 $ 408,547 $ 10,267,157 $ (795,359)
Adjustments to reconcile operating income (loss) to
cash provided by (used in) operating activities:
Depreciation 1,738,143 2,130,876 557,596 4,426,615 939,895
Other income 574,119 892,936 55,091 1,522,146 300,977
Bad debt expense 45,217 23,626 6,045 74,888
Increase (decrease) in deferred revenue 42,109 42,109
Decrease (increase) in prepaid expenses (106,684) (106,684)
Decrease (increase) in inventories 111,986 (611) 111,375 (21,197)
Decrease (increase) in accounts receivable (898,358) (903,873) (96,907) (1,899,138) (33,606)
Decrease (increase) in customer deposits 41,531 (7,433) 34,098
Decrease (increase) in notes receivable 114,107 41,353 155,460
Increase (decrease) in accounts payable 1,568,448 (796,895) 43,695 815,248 212,368
Increase (decrease) in compensated absences payable 35,943 26,527 2,763 65,233 19,433
Net cash provided by operating activities $6,552,728 $7,986,993 $968,786 $15,508,507 $622,511
The notes to the financial statements are an integral part of this statement.
CITY OF GEORGETOWN, TEXAS
STATEMENT OF FIDUCIARY NET ASSETS
AGENCY FUND
AS OF SEPTEMBER 30, 2003
ASSETS:
Cash and cash equivalents $ 17,335
Accounts receivable 983,581
TOTAL ASSETS 1,000,916
LIABILITIES AND NET ASSETS
LIABILITIES:
Accounts payable 19,630
Due to other governments 981,286
TOTAL LIABILITIES $ 1,000,916
The notes to financial statements are an integral part of this statement.
Notes to the Financial Statements
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2003
32
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accounting and reporting policies of the City of Georgetown, Texas, (“City”), included in the
accompanying basic financial statements conform to the generally accepted accounting principles
(GAAP) applicable to state and local governments. The Governmental Accounting Standards Board
(GASB) is the accepted standard-setting body for establishing governmental accounting and
financial reporting principles. The following notes to the financial statements are an integral part of
the City's Comprehensive Annual Financial Report.
A. Financial Reporting Entity
The City of Georgetown was incorporated under the laws of the State of Texas in 1848 and
operates under a Council-Manager form of government. The City’s financial statements include
the accounts of all City operations. Generally accepted accounting principles require all funds
that are controlled by or are dependent on the City Council to be included in the City’s financial
statements. The reporting entity is the primary government, or the City, and those component
units for which the primary government is financially accountable. Financial accountability is
defined as the appointment of a voting majority of the potential component unit‘s board and
either the ability to impose its will by the primary government or the possibility that the
component unit will provide a financial benefit or impose a financial burden on the primary
government. Blended component units, although legally separate entities are, in substance,
part of the government’s operations and so data from these units are combined with the data of
the primary government. The following blended component unit has a September 30 year end.
BLENDED COMPONENT UNIT
Georgetown Transportation Enhancement Corporation (GTEC) is a legally separate entity from
the City and is governed by a seven member board appointed by City Council. The City Council
maintains budgetary control over the corporation. The City Manager serves as the General
Manager of the corporation and City’s Director of Finance and Administration acts as the
Financial Manager. For financial reporting purposes, GTEC is presented as a blended
component unit within City operations because its sole purpose is to utilize sales tax revenues
for the improvement of the City’s transportation system. The revenues and expenditures for
GTEC are accounted for in a general capital project 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
BASIC FINANCIAL STATEMENTS
The basic financial statements include both government-wide financial statements (based on
the City as a whole) and fund financial statements. Both sets of financial statements classify
activities as either governmental, which are supported by taxes and intergovernmental
revenues, or business-type activities, which rely on fees and charges for support.
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2003
33
Government-wide financial statements. The government-wide Statement of Activities
demonstrates the degree to which the direct expenses of a given program or function are offset
by the program’s revenues. Direct expenses are those that are clearly identifiable with a
specific program. Program revenues include 1) charges to customers or applicants who
purchase, use, or directly benefit from goods, services or privileges provided by a given
program and 2) grants and contributions that are restricted to meeting the operational or capital
requirements of a particular program. Taxes and other items not properly included among
program revenues are reported instead as general revenues. The effect of interfund activity
within the governmental and business-type activities columns has been removed from these
statements.
Fund financial statements. The City segregates transactions related to certain functions or
activities in separate funds in order to aid financial management and to demonstrate legal
compliance. Each fund is considered a separate accounting entity and the operations of each
fund are accounted for using a separate set of self-balancing accounts that comprise its assets,
liabilities, fund equity, revenues, and expenditures or expenses, as appropriate. Governmental
resources are allocated to and accounted for in individual funds based upon the purposes for
which they are to be spent and the means by which spending activities are controlled. Separate
statements are presented for governmental funds, proprietary funds, and fiduciary funds, even
though the latter are excluded from the government-wide financial statement. These
statements present each major fund as a separate column on the fund financial statements; all
non-major funds are aggregated and presented in a single column.
The government wide focus is on the sustainability of the City as an entity and the change in net
financial position resulting from the activities of the fiscal period. The focus of the fund financial
statements is on the major individual funds of the governmental and business-type categories.
Each presentation provides a different focus, which allows the reader to compare and analyze
the information to enhance the usefulness of the statements.
GOVERNMENTAL FUND TYPES
Governmental Funds are those funds through which most governmental functions typically are
financed. The measurement focus of governmental funds (in the fund financial statements) is
on the sources, uses and balance of current financial resources and include the General Fund,
Special Revenue Funds, Debt Service Fund and Capital Projects Funds. The individual funds
are described as follows:
Major Governmental Funds
General Fund - The General Fund is the general operating fund of the City. It is used to
account for all financial resources except those required to be accounted for in another
fund.
Georgetown Transportation Enhancement Corporation (GTEC) – This general capital
project fund is used to account for the City’s 4B Corporation, created to administer the
voter approved ½ cent sales tax for transportation improvements that aid in economic
development efforts.
Non-major Governmental Funds
Special Revenue Funds - The Special Revenue Funds are used to account for the
proceeds of specific revenue sources (other than expendable trusts or major capital
projects) that are restricted to expenditures for specified purposes.
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2003
34
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 or other sources of revenue specifically set aside for capital
projects.
PROPRIETARY FUND TYPES
The Proprietary Fund Types are used to account for the City's organization and activities which
are similar to those often found in the private sector. These funds are financed and operated in
a manner similar to private business enterprises – where the intent of the City is that the costs
(expenses, including depreciation) of providing goods or services to the general public on a
continuing basis be financed or recovered mainly through user charges; or where the governing
body has decided that periodic determination of revenues earned, expenses incurred and/or net
income is appropriate for capital maintenance, public policy, management control, accountability
or other purposes.
Major Proprietary Funds
Electric Fund – This fund accounts for the City’s electric utility, including operations,
maintenance of the infrastructure and expansion of the system within the City’s service
territory.
Water Services Fund – This fund accounts for the City’s water, sewer and water reuse
systems, including operations, contracted maintenance, internal maintenance, expansion
of the system within the City’s service territory and the costs of environmental mandates
that arise.
Non-major Proprietary Funds
Enterprise Funds - The funds that are operated as enterprise funds within the City but are
not considered major funds are the Sanitation, Stormwater Drainage and Airport Funds.
Internal Service Funds - The Internal Service Funds, which provide services primarily to
other funds of the government, are presented in the summary form as part of the
proprietary fund financial statements. The financial statements of the internal service funds
are allocated by percentage of use to the governmental and business-type columns when
presented at the government wide level. Various operations are accounted for as internal
service funds, such as operational costs associated with automobile and heavy equipment
owned by the City and made available to various departments, costs related to maintaining
and repairing City owned facilities, operational costs associated with the City's computer
equipment within various departments, as well as jointly shared administrative
departments.
Proprietary funds distinguish operating revenues and expenses from non-operating items.
Operating revenues and expenses generally result from providing services and producing
and delivering goods in connection with the proprietary funds principle on-going operations.
Operating expenses for the proprietary funds include the cost of personal and contractual
services, supplies and depreciation on capital assets. All revenues and expenses not
meeting this definition are reported as non-operating revenues and expenses.
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2003
35
FIDUCIARY FUND TYPE – AGENCY FUND
The City’s fiduciary fund is presented in the fund financial statements by type. Since by
definition, these assets are being held for the benefit of a third party (cafeteria plan participants,
local grantees, public improvement district, etc.) and cannot be used to address activities or
obligations of the government, these funds are not incorporated in the government-wide
statements.
C. Measurement Focus/Basis of Accounting
The accounting and financial reporting treatment applied to a fund is determined by its
measurement focus. Measurement focus refers to what is being measured and basis of
accounting refers to timing of revenue and expenditure recognition in the financial statements.
The government-wide statements and fund financial statements for proprietary funds are
reported using the economic resources measurement focus and the accrual basis of
accounting. The economic resources measurement focus means all assets and liabilities
(whether current or non-current) are included on the statement of net assets and the operating
statements present increases (revenues) and decreases (expenses) in net total assets. Under
the accrual basis of accounting, revenues are recognized when earned, including unbilled utility
services which are accrued. Expenses are recognized at the time the liability is incurred.
Private-sector standards of accounting and financial reporting issued prior to November 30,
1989 generally are followed in both the government-wide and proprietary fund financial
statements to the extent that those standards do not conflict with or contradict guidance of the
Governmental Accounting Standards Board. Governments also have the option of following
subsequent private-sector guidance for their business-type activities and enterprise funds,
subject to this same limitation. The City has elected not to follow private-sector guidance issued
subsequent to November 30, 1989.
Governmental fund financial statements are reported using the current financial resources
measurement focus and are accounted for using the modified accrual basis of accounting. With
this measurement focus, only current assets and current liabilities generally are included on the
balance sheet. Operating statements of these funds present increases (i.e., revenues and other
financing sources) and decreases (i.e., expenditures and other financing uses) in net current
assets.
Under the modified accrual basis of accounting, revenues are recorded when susceptible to
accrual, i.e., both measurable and available. Available means collectible within the current
period or soon enough thereafter to be used to pay liabilities of the current period. The City
considers all revenues available if they are collected within sixty (60) days after year-end.
Expenditures are recognized when the related fund liability is incurred, if measurable, except for
principal and interest on general long-term debt, which are recorded when due, and
compensated absences, which are recorded when payable from 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.
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2003
36
D. Budgets
At least 30 days prior to the end of each fiscal year, the City Manager submits a proposed
budget presenting a complete financial plan for the ensuing fiscal year to the City Council (the
Council). Public hearings are conducted, at which time all interested persons' comments
concerning the budget are heard. The budget must be legally adopted by the Council through
passage of an ordinance no later than the twenty-seventh day of the last month of the fiscal
year.
Formal budgetary integration is employed as a management control device during the year for
all Governmental and Proprietary Fund Types. Budgets for all funds were legally adopted for
the period. Budgetary control is exercised at the division level. All budgets are prepared on the
budgetary basis, recognizing encumbrances outstanding at year-end as expenditures against
that year’s appropriation. These encumbrances are reconciled to generally accepted
accounting principles where appropriate.
The Council may transfer any unencumbered appropriation balance or portion thereof from one
division, office, department or agency to another at any time. The City Manager has authority,
without Council approval, to transfer appropriation balances from one expenditure account to
another within a single division, office, department, or agency of the City; however, unbudgeted
transfers between funds are prohibited.
The Council may authorize by a majority plus one vote, an emergency expenditure as an
amendment to the original budget, but only in a case of grave public necessity, to meet an
unusual and unforeseen condition that could not have been included in the original budget
through the use of reasonable, diligent thought and attention.
Budget amounts are as originally adopted, or as transferred pursuant to authorization of the City
Manager or amended by the City Council. Individual amendments were not material in relation
to the original appropriations, with the exception of amendments related to capital projects,
purchase of fire apparatus and the LCRA electric surcharge, whose actual costs were unknown
when the budget was adopted. Unencumbered appropriations lapse each year at September
30.
The Statement of Revenues, Expenditures and Changes in Fund Balances – Budget and
Actual-General Fund presents a comparison of budgetary data to actual results. The General
Fund utilizes the same basis of accounting for both budgetary purposes and actual results,
except for the effect of encumbrances and unrealized investment gains and losses, which are
reconciled to the actual results for this comparison.
E. Encumbrances
Encumbrance accounting is employed as an extension of formal budgetary control in all 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.
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2003
37
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, 2003. Interest
earnings are then allocated to each fund based on average monthly pooled equity balances.
Separate cash and investment accounts are maintained for restricted cash such as debt service
and bond proceeds reserved for future construction.
G. Restricted Assets
Historically, the utility funds, based on certain bond covenants, were required to establish and
maintain prescribed amounts of resources that could be used only to service outstanding debt.
In July 1998 all outstanding revenue bonds were defeased and debt covenants modernized,
eliminating required debt reserves in utility funds. Included in the restricted assets are capital
recovery fees (impact fees), that are, by law, restricted for future capital improvements. In
addition, the funds also maintain restricted assets for construction of future debt funded capital
improvements. Restricted assets consist of cash and investments, including customer deposits.
When both restricted and unrestricted resources are available for use, it is the City’s policy to
use restricted resources first, then unrestricted resources as they are needed.
H. Long-term Receivables
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, 2003 are $41,846 in the Electric Fund and $5,833 in the General
Fund.
As part of the Del Webb Development Agreement that provided infrastructure improvements for
Sun City Texas, the City funded water, wastewater and other improvements for a 10,500 unit
development. In April 2003, the City and Del Webb agreed to the Seventh Amendment to the
Development Agreement, whereby the number of units in Sun City was reduced to 5,000 and
costs already spent associated with the additional units were identified as "stranded". As part of
the Seventh Amendment, Del Webb will repay the stranded costs over seven years at 5.25%
interest, as well as a minimum 300 units, annually for seven years, of previously agreed upon
service improvement fees for improvements in Sun City. The outstanding balance as of
September 30, 2003 was $11,518,384 in the Water Services Fund and $1,789,386 in the
General Fund. This agreement is discussed in detail in the Commitments and Contingency
section of these notes.
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.
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2003
38
J. Interfund Receivables and Payables
Short-term advances between funds are accounted for in the appropriate interfund receivable
and payable accounts. Negative balances incurred in pooled cash at year-end are treated as
interfund receivables of the Electric Fund and interfund payables of the deficit fund.
K. Interfund Transactions
All legally authorized transfers have been appropriately presented as operating transfers and
are included in the fund financial statements of both Governmental and Proprietary Fund Types.
As a general rule, the effect of interfund activity has been eliminated from the government-wide
financial statements.
L. Intergovernmental 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.
M. Compensated Absences
All employees may accumulate a maximum of two times their annual vacation, up to an
absolute cap of 240 hours, or 30 days. Upon termination, non-Civil Service employees are paid
for one-half of their accumulated sick leave up to a maximum of 120 days, as well as any
unused accumulated vacation hours. Upon termination, Civil Service employees are paid for
the entire balance of their sick leave earned after October 30, 2003 (the effective date of the
regulations in the City), up to a maximum of 90 days. Civil Service employees hired prior to the
effective date of the adoption of Civil Service regulations are eligible under city policy to receive
one-half of their sick leave up to 120 days. Sick leave in excess of the maximums for both
regular and Civil Service employees is not paid upon termination, but will be paid only upon
illness while in the employ of the city.
Accumulated vacation and sick leave, which is expected to be liquidated with expendable
available financial resources, is reported as an expenditure and a fund liability of the
governmental fund that will pay it. Amounts of accumulated vacation leave within governmental
funds that are not expected to be liquidated with expendable available financial resources are
reported as a longterm liability on the statement of net assets. No expenditure is reported for
these amounts in the fund financial statements. Accumulated vacation and sick leave of
proprietary fund types are recorded as an expense and liability of those funds as the benefits
accrue to employees.
N. Capital Assets
Capital Assets other than Streets & Drainage:
Capital assets, which include property, plant, equipment and infrastructure assets, are reported
in the applicable governmental or business-type activities column in the government-wide
financial statements and in the fund financial statements for proprietary funds. All capital assets
are valued at their historical cost or estimated historical cost if actual historical cost is not
available. Donated assets are valued at their fair market value on the date donated. Repairs
and maintenance are recorded as expenses. Renewals and betterments are capitalized.
Assets capitalized, not including infrastructure assets, have an original cost of $5,000 or more
and an expected useful life of over one year.
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2003
39
Interest incurred during the construction phase of capital assets of business-type activities is
capitalized. Interest of $291,505 was capitalized in enterprise funds during the 2003 fiscal year.
Depreciation for assets not following the modified approach is computed using the straight-line
method on the composite assets based upon the estimated useful lives as follows:
Distribution systems 25-50 years
Buildings and improvements 10-20 years
Furniture, fixtures and equipment 3-10 years
The City has implemented GASB Statement No. 33 and recorded capital contributions to
proprietary funds as revenue rather than as additions to contributed capital. Total contributions
to the enterprise funds were $1,213,867 and $182,303 in the internal service funds.
Capital Assets - Streets & Drainage:
The Governmental Accounting Standards Board Statement Number 34 allows an alternative to
depreciation expense for certain infrastructure, termed the modified approach. The following
conditions must be met:
The government manages the eligible assets using an asset management system to:
keep an up-to-date asset inventory,
perform condition assessments and report the results on a measurement scale, and
estimate the annual amount to maintain and preserve the eligible infrastructure assets
at the condition level established and disclosed by the government.
The government must document that the eligible assets are being preserved approximately
at or above the condition level established and disclosed by the government.
The City anticipates using the modified approach for streets and drainage infrastructure
prospectively. In 2004 the City will complete its inventory and valuation and perform its
condition assessments. The City intends to implement a pavement management system to
administer this program.
O. Long-term Obligations
The portion of long-term general obligation debt used to finance proprietary fund operations and
payable from the revenues of the Enterprise Funds is recorded in such funds. General
obligation bonds and other forms of long-term debt supported by general revenues are
obligations of the City as a whole and not its individual funds. Accordingly, such unmatured
obligations of the City are accounted for on the statement of net assets and payments of
principal and interest relating to the general obligation bonds are recorded as expenditures
when they are paid in the fund statements. Self-supporting general obligation debt, which will
be repaid from non-general revenue sources, is recorded in the appropriate proprietary fund.
P. Bond Issuance Costs
For Governmental fund types, bond premiums and discounts, as well as issuance costs, are
recognized during the current period on the fund financial statements. Bond proceeds are
reported as an other financing source net of the applicable premium or discount. Issuance
costs, even if withheld from the actual net proceeds received, are reported as debt service
expenditures. For Proprietary Fund types and on the government-wide statements, premiums
and discounts, as well as issuance costs, are deferred and amortized over the life of the bonds
using the straight line method. 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, 2003
40
Q. “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.
R. 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.
S. 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.
T. 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 2003, 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.
U. 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, 2003, there was
not a significant risk arising from cash, investments or accounts receivable.
V. Nature and Purpose of Reservations and Designation of Fund Equity
In fund financial statements, governmental funds report reservations for amounts that are not
available for appropriation or are legally restricted by outside parties for a specific purpose.
Fund balances and net assets are restricted and/or reserved for the following purposes:
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2003
41
Restrictions:
• Debt Service - tax funds reserved for retirement of general long-term debt.
• Capital Projects - funds identified for capital outlay including infrastructure and other
capital projects
Reservations:
• Encumbrances - funds reserved for payment of outstanding commitments related to
unperformed contracts for goods or services, ie open purchase orders.
• Prepaid Items and Inventories - assets such as supplies and fuel that are unavailable for
spending.
• Special Programs - fund relating to grants, hotel/motel tax, and other restricted sources.
W. Implementation of New Accounting Principles / Prior Period Adjustment
For fiscal year 2003, the City implemented the following Governmental Accounting Standards
Board (GASB) Statements:
GASB 34, Basic Financial Statements – Management’s Discussion and Analysis - for State
and Local Governments
GASB 37, Basic Financial Statements – Management’s Discussion and Analysis - for State
and Local Governments Omnibus, and
GASB 38, Certain Financial Statement Note Disclosures
The City elected to utilize the infrastructure transition option in the implementation of GASB
Statement No. 34 (GASB 34), “Basic Financial Statements – Management’s Discussion and
Analysis – for State and Local Governments” and in fiscal year 2003 capitalized certain electric
system improvements not previously capitalized. A complete inventory of the system was made
through the use of a consultant engineering firm, McCord and Associates. Costs were
estimated based on the age of the individual structures within the system and valued using the
Handy-Whitman Index, a recognized tool within the electric industry. The City will prepare an
inventory of its remaining infrastructure over the next two years.
As a result of capitalizing the electric system improvements from this valuation, net assets as of
October 1, 2002 are reconciled as follows:
Business Activities / Electric Fund
Net Assets, October 1, 2002, as previously reported $17,351,861
Capitalization of infrastructure, net 6,864,800
Net Assets, October 1, 2002, as restated $24,216,661
The City has elected to adopt the modified approach of infrastructure assessment allowed
under GASB 34 for its street and drainage infrastructure. A complete inventory has been
prepared in the current fiscal year and an assessment of the condition of the system will be
conducted in fiscal year 2004. Steps have begun to implement a pavement management
system to aid in the administration of the modified approach. The system is expected to be fully
implemented by September 30, 2005.
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2003
42
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 major and nonmajor funds in the fund financial
statements.
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 $5,649,162 and the bank balances
were $2,768,100 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.
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.
Fair
Category 1 Value
U S Government Agency Securities $ 7,556,995 $ 7,556,995
Investments not subject to categorization:
Texas Local Government Investment Pool (TexPool) 5,970,699
Texas Short Term Asset Reserve Program (TexSTAR) 2,089,270
TOTAL INVESTMENTS $ 7,556,995 $ 15,616,964
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2003
43
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. 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 $174 higher than the book value for the
pools at 9/30/03.
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.
During 2003, 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 $26,472.
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. 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, 2003 was $6,675.
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, 2003, was $.30 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
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2003
44
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 General Capital
Projects Fund as a blended component unit of the City.
On April 1, 2003, the City began collecting an additional ¼ cent sales tax in accordance with Texas
House Bill 445 to fund maintenance on streets that were in existence at the time the sales tax was
adopted by the voters. The tax has a sunset provision and will expire in November, 2006, unless
readopted by the citizens. These funds are reported in the Streets Special Revenue Fund.
4. INTERFUND RECEIVABLES / PAYABLES AND TRANSFERS
Interfund receivables and payables relate to negative positions in pooled cash equity. All balances
are expected to be resolved within six months.
Interfund Interfund
Receivables Payables
GOVERNMENTAL FUND TYPES:
Governmental Funds:
Facilities GCP $ 37,540
Public Safety GCP 407,000
Governmental net Total: 444,540
PROPRIETARY FUND TYPES:
Enterprise Funds:
Sanitation 71,053
Electric $ 515,593
Enterprise net Total: 444,540
TOTAL INTERFUND
RECEIVABLES & PAYABLES $ 444,540 $ 444,540
Transfer In Transfer Out
Governmental Funds $ 4,661,635
Electric $ 2,134,169 8% Return on Investment
Electric 850,000 Balancing transfer
Water services 1,197,418 8% Return on Investment
Water services 160,000 Provide water hydrant maintenance
Sanitation 223,317 8% Return on Investment
Stormwater 96,731 8% Return on Investment
TOTAL INTERFUND TRANSFERS $ 4,661,635 $ 4,661,635
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2003
45
5. CAPITAL ASSETS
Capital asset activity for the year ended September 30, 2003 was as follows:
Balance Deletions Balance
10/01/02 Additions & Transfers 9/30/03
Governmental activities:
Capital assets not being depreciated
Land $ 2,781,365 - $ 2,781,365
Construction in progress 4,222,986 $ 721,351 4,944,337
Total capital assets not being depreciated 7,004,351 721,351 - 7,725,702
Capital assets being depreciated
Equipment 11,516,104 1,622,933 $ (355,485) 12,783,552
Buildings 14,136,551 5,545,209 (710,750) 18,971,010
Improvements 24,117,979 2,721,261 26,839,240
Total capital assets being depreciated 49,770,634 9,889,403 (1,066,235) 58,593,802
Less accumulated depreciation for:
Equipment (8,782,363) (1,259,645) 453,415 (9,588,593)
Buildings (8,502,207) (1,205,342) 60,414 (9,647,135)
Improvements (1,648,126) (129,801) (1,777,927)
Total accumulated depreciation (18,932,696) (2,594,788) 513,829 (21,013,655)
Total capital assets being depreciated, net 30,837,938 7,294,615 (552,406) 37,580,147
Governmental activities capital assets, net $37,842,289 $ 8,015,966 $ (552,406) $ 45,305,849
Electric activities:
Capital assets not being depreciated
Land $ 193,735 $ 193,735
Construction in progress - $ 3,757,019 $ (3,757,019) -
Total capital assets not being depreciated 193,735 3,757,019 (3,757,019) 193,735
Capital assets being depreciated
Equipment 447,399 99,359 546,758
Buildings 404,000 404,000
Improvements 37,804,226 3,672,613 41,476,839
Total capital assets being depreciated 38,655,625 3,771,972 - 42,427,597
Less accumulated depreciation for:
Equipment (278,237) (29,757) (307,994)
Buildings (329,933) (26,934) (356,867)
Improvements (10,509,796) (1,681,453) (12,191,249)
Total accumulated depreciation (11,117,966) (1,738,144) - (12,856,110)
Total capital assets being depreciated, net 27,537,659 2,033,828 - 29,571,487
Electric activities capital assets, net $27,731,394 $ 5,790,847 $ (3,757,019) $ 29,765,222
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2003
46
Balance Deletions Balance
10/01/02 Additions & Transfers 9/30/03
Water services activities:
Capital assets not being depreciated
Land $ 475,070 $ 475,070
Construction in progress 3,970,853 $ 10,860,165 $ (3,446,442) 11,384,576
Total capital assets not being depreciated 4,445,923 10,860,165 (3,446,442) 11,859,646
Capital assets being depreciated
Equipment 199,387 199,387
Buildings 2,997,448 7,846 3,005,294
Improvements 74,789,004 4,660,309 79,449,313
Total capital assets being depreciated 77,985,839 4,668,155 - 82,653,994
Less accumulated depreciation for:
Equipment (152,993) (12,902) (165,895)
Buildings (879,478) (91,888) (971,366)
Improvements (15,747,111) (1,934,752) (17,681,863)
Total accumulated depreciation (16,779,582) (2,039,542) - (18,819,124)
Total capital assets being depreciated, net 61,206,257 2,628,613 - 63,834,870
Water services activities capital assets, net $65,652,180 $ 13,488,778 $ (3,446,442) $ 75,694,516
Other nonmajor business type activities:
Capital assets not being depreciated
Land $ 983,804 $ 983,804
Construction in progress - $ 55,977 $ (29,967) 26,010
Total capital assets not being depreciated 983,804 55,977 (29,967) 1,009,814
Capital assets being depreciated
Equipment 153,839 39,788 193,627
Buildings 7,597,187 7,597,187
Improvements 4,345,136 103,889 4,449,025
Total capital assets being depreciated 12,096,162 143,677 - 12,239,839
Less accumulated depreciation for:
Equipment (143,889) (6,117) (150,006)
Buildings (2,962,343) (419,724) (3,382,067)
Improvements (360,076) (131,756) (491,832)
Total accumulated depreciation (3,466,308) (557,597) - (4,023,905)
Total capital assets being depreciated, net 8,629,854 (413,920) - 8,215,934
Other nonmajor business-type activities
capital assets, net $ 9,613,658 $ (357,943) $ (29,967) $ 9,225,748
Total Business-type activities:
Capital assets not being depreciated
Land $ 1,652,609 - - $ 1,652,609
Construction in progress 3,970,853 $ 14,673,161 $ (7,233,428) 11,410,586
Total capital assets not being depreciated 5,623,462 14,673,161 (7,233,428) 13,063,195
Capital assets being depreciated
Equipment 800,625 139,147 - 939,772
Buildings 10,998,635 7,846 - 11,006,481
Improvements 116,938,366 8,436,811 - 125,375,177
Total capital assets being depreciated 128,737,626 8,583,804 - 137,321,430
Less accumulated depreciation for:
Equipment (575,119) (48,776) - (623,895)
Buildings (4,171,754) (538,546) - (4,710,300)
Improvements (26,616,983) (3,747,961) - (30,364,944)
Total accumulated depreciation (31,363,856) (4,335,283) - (35,699,139)
Total capital assets being depreciated, net 97,373,770 4,248,521 - 101,622,291
Total business-type activities capital assets, net $ 102,997,232 $ 18,921,682 $ (7,233,428) $ 114,685,486
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2003
47
Depreciation expense was charged to function/programs of the primary government as follows:
6. OPERATING LEASES
The City leases computer equipment with Koch Financial Corporation for Gateway Computers, which
expires in March 2006. The following is a schedule by year of the lease obligation:
Governmental activities:
Culture-recreation $ 198,245
Development 9,874
Economic development 1,707
Fire 16,181
General government 462,018
Highways & streets 915,736
Police 23,387
Internal service funds 967,640
Total depreciation expense
governmental activities $ 2,594,788
Business-type activities:
Electric $ 1,738,144
Water services 2,039,542
Nonmajor 557,597
Total depreciation expense
business-type activities $ 4,335,283
Year Ending September 30 Amount
2004 $ 125,817
2005 125,817
2006 95,082
Total $346,716
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2003
48
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, 2003:
The annual requirements to retire all debt outstanding as of September 30, 2003 including interest
payments of $26,134,605 are as follows:
Balance Balance
October 1, September 30, Due within
2002 Additions Retirements 2003 one year
Governmental activities:
General obligation bonds $ 20,065,626 $ 3,311,486 $ (1,159,657) $ 22,217,455 $ 1,262,936
(payable from tax pledge)
Compensated absences 999,881 252,870 1,252,751 496,555
Obligation under capital lease 166,968 166,968 35,821
Arbitrage rebate payable 67,774 (4,497) 63,277
Total governmental activities 21,133,281 3,731,324 (1,164,154) 23,700,451 1,795,312
Business-type activities:
Revenue bonds 30,005,000 6,638,514 (2,145,000) 34,498,514 2,534,751
Compensated absences 476,281 (6,042) 470,239 157,460
General obligation bonds 4,734,374 (220,343) 4,514,031 252,314
(payable from airport and
stormwater revenues)
Total business-type activities 35,215,655 6,638,514 (2,365,343) 39,482,784 2,944,525
TOTAL LONG-TERM DEBT $ 56,348,936 $ 10,369,838 $ (3,529,497) $ 63,183,235 $ 4,739,837
Fiscal General General
Year Ending Obligation Obligation
September 30 Tax-Supported Self-Supported Revenue Total
2004 $ 2,357,578 $ 476,185 $ 4,177,810 $ 7,011,573
2005 2,045,434 449,328 4,146,005 6,640,767
2006 2,043,618 447,128 4,012,038 6,502,784
2007 1,980,017 446,110 3,822,089 6,248,216
2008 1,977,083 449,196 3,472,442 5,898,721
2009-2013 9,977,011 2,134,919 15,319,997 27,431,927
2014-2018 9,619,405 1,947,795 9,793,615 21,360,815
2019-2022 2,870,440 151,728 3,247,634 6,269,802
$ 32,870,586 $ 6,502,389 $ 47,991,630 $ 87,364,605
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2003
49
At September 30, 2003 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, 2003 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) $ 414,628
$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)
$5,185,000, 1997 Combination tax & revenue certificates of obligation
due in annual installments of $70,000 to $610,000 through August 15,
2017; interest at 5% to 7%
$5,220,000, 1998 Combination tax & revenue certificates of obligation
due in annual installments through August 15, 2018; interest at 4% to
5% (portion included below)
$6,750,000, 1999 Combination tax & revenue certificates of obligation
due in annual installments through August 15, 2019; interest at 4.3% to
5.5% (portion included below)
$1,450,000, 2000 Combination tax & revenue certificates of obligation
due in annual installments through August 15, 2020; interest at 5.15% to
5.9%
$5,470,000, 2001 Combination tax & revenue certificates of obligation
due in annual installments through August 15, 2021; interest at 4.35% to
5.0%
$325,000, 2003 Public Property Finance Contractual Obligations due in
annual installments through July 1, 2006; interest at 4.68%
$3,125,000, 2002 Combination tax & revenue certificates of obligation
due in annual installments through August 15, 2022; interest at 3.0% to
5.0%; entire issue designated for GTEC capital improvements to be paid
through revenues from ½ cent sales tax.
Subtotal Tax-Supported General Obligation Debt
757,826
4,685,000
2,535,995
4,342,520
1,355,000
4,815,000
186,486
3,125,000
$22,217,455
A summary of Self-Supporting General Obligation Debt outstanding at September 30, 2003:
$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 $ 60,372
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2003
50
$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
$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, 2003
$132,174
$530,000
2,169,005
1,622,480
4,514,031
$26,731,486
C. Revenue Debt
A summary of Revenue Debt outstanding at September 30, 2003 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 bonds due in annual
installments through August 15, 2020; interest at 5.1% to 5.9%
$1,900,000, 2001 Utility System Revenue bonds due in annual
installments through August 15, 2021; interest at 4.75% to 5.12%
$6,500,000, 2002 Utility System Revenue bonds due in annual
installments through August 15, 2022; interest at 4.0% to 5.0%
$325,000, 2003 Public Property Finance Contractual Obligations due in
annual installments through July 1, 2006; interest at 4.68%
$20,915,000
1,225,000
4,045,000
1,675,000
6,500,000
138,514
Total outstanding Revenue Debt as of September 30, 2003 $34,498,514
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2003
51
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, 2003.
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, 2003, the outstanding balance of the defeased
bonds is $16,250,000.
Lease payable represents the remaining principal amounts payable under a lease purchase
agreement for the acquisition of a Voiceover IP phone system and hardware. The lease is
recorded as a capital lease. Remaining requirements including interest, under the lease is as
follows:
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 774 municipalities having the benefit plan
administered by TMRS, an agent multiple-employer public employee retirement system. Each of
the 774 municipalities have an annual, individual actuarial valuation performed. The following
assumptions were used for the December 31, 2002 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
Governmental
Year Activities
2004 43,427
2005 42,573
2006 41,519
2007 31,026
2008 28,441
Total principal and interest 186,985
less - Applicable interest (20,018)
Total principal 166,968
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2003
52
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, 2002 calculations were based upon the following benefits. Members can
retire at ages 60 and above with 5 years or more of service or with 20 years of service regardless
of age. A member is vested after 5 years. The plan provisions are adopted by the governing
body of the City, within the options available in the state statutes governing TMRS and within the
actuarial constraints also in the statutes.
B. Contributions
The contribution rate for the employees is 6%, and the City matching ratio is currently 2 to 1, both
as adopted by the governing body of the City. Under the state law governing TMRS, the actuary
annually determines the City contribution rate. This rate consists of the normal cost contribution
rate and the prior service contribution rate, both of which are calculated to be a level percent of
payroll from year to year. The normal cost contribution rate finances the currently accruing
monetary credits due to the City matching percent, which are the obligation of the City as of an
employee's retirement date, not at the time the employee's contributions are made. The normal
cost contribution rate is the actuarially 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, 2002 valuation is effective for
rates beginning January 2004).
The City’s total payroll in fiscal year 2003 was $13,117,626 and the City’s contributions were
based on a payroll of $13,087,179. Both the City and the covered employees made the required
contributions, amounting to $1,030,560 for the City and $785,220 for the employees. The City’s
contribution amounted to 7.92% of the covered payroll for the calendar year. The employees’
contribution amounted to 6% of covered payroll.
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2003
53
Schedule of Actuarial Liabilities and Funding Progress
Actuarial Valuation Date 12/31/2002
Actuarial Value of Assets (A) $ 15,549,049
Actuarial Accrued Liability (B) $ 18,658,884
Percentage funded (C)=(A)/(B) 83.3%
Unfunded (Over-funded) Actuarial Accrued Liability (UAAL) (D)=(B)-(A) $ 3,109,835
Annual Covered Payroll (E) $ 12,183,510
UAAL as a Percentage of Covered Payroll (D)/(E) 25.5%
Annual Pension Cost
Fiscal Year
Funding
Annual Pension
Cost (APC)
APC funded Net Pension
Obligation (NPO)
Employer’s
Contribution as a
% of Covered
Payroll
09/30/01 $ 761,850 $ 761,850 0 7.23
09/30/02 $ 927,284 $ 927,284 0 7.76
09/30/03 $ 1,030,560 $ 1,030,560 0 7.92
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, 2003
54
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. EXTRAORDINARY ITEM
The City recorded $13,623,784 of extraordinary income in the Water Services Fund to recognize
the various components related to the Del Webb Seventh Amendment to the Development
Agreement, discussed previously in Note 2 H Long Term Receivables and in detail in Note 11,
Commitments and Contingencies. The Seventh Amendment capture revenues previously not
quantified in the original agreement, and also identifies the costs associated with the downsizing
of Sun City from 10,500 units to 5,000 units. Therefore, this revenue was considered unusual
and infrequent in nature
11. 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 $1,464,473 for the fiscal year ended September 30,
2003.
B. Brazos River Authority (BRA) Water Contracts - Effective September 1, 2001, the City
revised its previous water availability agreements with the BRA to further plan for future
water needs and to standardize the pricing to a system-wide rate. The effective system-
wide rate for BRA’s fiscal year beginning September 1, 2003 is $39.75 and the City paid
a total of $1,116,278 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 $234,780 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 $539,715 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,
2003 is $49.22 per acre-foot. The City paid $341,784 under this agreement for the
City’s fiscal year.
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2003
55
C. Brazos River Authority - Williamson County Regional Raw Water Line Agreement -
The City is a party to an agreement dated June 30, 1986, with the Brazos River Authority
(BRA), City of Round Rock and Jonah Water Special Utility District to design, construct
and operate a pipeline to transport water from Lake Stillhouse Hollow to Lake
Georgetown. Total project construction cost for the raw water line is approximately $40
million. In 2000, BRA issued approximately $37 million in debt obligations, to be repaid
through annual payments from the participants. The City’s obligation is $43.4 million,
including principal and interest, to be repaid annually through 2034. The City began
paying its allocated costs related to the project in fiscal year 2002. The amount for fiscal
year for 2003 was $88,749. Principal reduction begins in 2004. The following schedule
reflects the City's obligation:
D. Texas Capital Fund Programs - The City has received awards from this program, which
is operated by the State of Texas to assist in local economic development. Two types of
assistance are provided to businesses relocating to the area: (1) infrastructure
improvements and (2) low cost funding for facility construction. Infrastructure
improvements become the asset of the City upon construction, without repayment of the
grant to the State. If the City receives funding to construct a facility for a business, the
City owns the facility and leases it to the business. These lease payments are then
repaid to the State. The leases and pass through payments are recorded in the Agency
Fund of the City. The City has three active awards for facility construction, where long
term agreements are in effect:
(1) Reedholm Instruments, Inc. - This facility was completed in 1997 and lease
payments began in March 1997. The business is current on lease payments and has
an outstanding balance of $262,834 as of September 30, 2003.
(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 $359,226 as of September 30, 2003.
(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 $359,226 as of September 30, 2003.
E. Chisholm Trail Special Utility District - In February 1999, the City and Chisholm Trail
Special Utility District (CTSUD) entered into an agreement which will provide CTSUD
needed water in exchange for allowing Georgetown the right to provide water service in
the Highway 195 and expanded Sun City areas. The City will 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 off-peak plant capacity. CTSUD will then pay prorata
operating costs for all water utilized. In addition, upon acceptance of the Williamson
Year Ending September 30 Amount
2004 $ 631,188
2005 670,374
2006 800,138
2007 945,102
2008 1,298,214
2009-2034 39,052,455
Total $43,397,471
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2003
56
County Raw Water Line, the City will transfer 840 acre feet of the Lake Stillhouse Hollow
water rights to CTSUD, which will assume payment for these rights to the BRA.
As of September 30, the City had received notification that CTSUD wished to execute a
transfer for 1.01 mgd. As of financial statement publication, no transfer had been made
because of on-going negotiations for the joint operations agreement and the Corps of
Engineers had not yet approved the transfer.
F. Del Webb Corporation (Sun City Texas) - The Del Webb Corporation (Del Webb)
began development in April 1995 of a proposed 9,500 unit; 5,300 acre active retirement
community to be called Sun City Texas. The City, through a Development Agreement,
and in exchange for payment of Service Improvement Fees (discussed below) provides
fire protection, wastewater, water and electric service to Sun City. The project is annexed
into the City limits as phases of the project are platted. Home sales began in June 1995
and were expected to average 425 homes per year for 20 years. As of September 30,
2003, 3,204 units have been completed.
As part of the Development Agreement, the City agreed to fund the cost of off-site
infrastructure improvements required to service Sun City, by issuing general obligation
and revenue debt. The original Development Agreement stated that Del Webb would
reimburse the City for all such costs, including carrying charges for debt, by paying the
City a service improvement fee (SIP Fee) on a per unit basis of $4,568.50 per unit. Del
Webb posted a $4,000,000 surety bond to secure the payment of SIP Fees. The City
began to see significant impacts on service demands and operating costs during the
1996 fiscal year when the first homes in Sun City were completed. Increased property tax
and fee revenue, as well as increased sales tax due to population growth and income
levels within Sun City, have offset additional costs of services.
In November 2002, Del Webb filed a revised Concept Plan that reduces the size of Sun
City from 10,500 to 5,000 age-restricted units on the southern portion of the property.
The Concept Plan also allows the northern 2,500 acres to be developed as a non-age
restricted community. In response to the significant changes in the revised Concept Plan,
a Seventh Amendment to the Development Agreement was approved in April 2003 for
fiscal year 2003. That Seventh Amendment re-calculates the SIP fee for Sun City at
5,000 units. The Seventh Amendment also accelerates the schedule for payment of the
SIP Fees from a pure per-unit basis to an annual minimum payment of SIP Fees for 300
units per year, at $4,324.50 per unit, with build out completed by 2009. The City
anticipates it will be able to make all infrastructure and debt payments using the SIP Fees
without cash shortfalls or additional increases in overall service rates for water and
wastewater.
The Seventh Amendment further identifies the ”stranded costs,” or the costs of
infrastructure built by the City under the Development Agreement for 10,500 units, but not
needed as result of Del Webb's decision to downsize Sun City to 5,000 units. The total
Stranded Costs were approximately $8.4 million. Under the Seventh Amendment, Del
Webb paid the City $1.7 million towards the $8.4 million of Stranded Costs, leaving a
balance of $6,670,064. The City agreed to allow Del Webb to pay the balance, including
5.25% annual interest, over 7 years. The Stranded Cost payment is $1,139,700 annually,
and is being paid on a per unit basis for the remaining Sun City units. These fees are in
addition to SIP Fees.
Finally, the Seventh Amendment adjusted the amount of the fiscal surety from $4 million
total, to $2 million for SIP Fees, and $3.8 million for Stranded Costs. The Seventh
Amendment also addressed the possibility of Del Webb selling the Northern Lands to a
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2003
57
third party. In such instance, all stranded costs that remain unpaid as of the date of
closing would be due to the City, and Del Webb would not be released from obligation to
pay any outstanding SIP fees.
Another element of the Seventh Amendment was a Water Wastewater Agreement to
reserve the Northern Land capacity for future use through 2015, so long as Del Webb
makes reservation payments to the City. The City received $80,602 from Del Webb in
September 2003 for reservation fees related to the Water and Wastewater Agreement.
G. Escalera Ranch - In 1999, the City of Georgetown and Escalera Ranch, Ltd. entered into
an agreement for a 500 home residential subdivision to be built over a period of eight
years. The City agreed to fund the off-site costs of infrastructure improvements required
to provide roadway system improvements and water service, including fire flow, to the
development. Escalera reimburses the City for all costs for the improvements on a per
home basis. Escalera pays the City based on the proposed build out schedule rather
than actual permits issued. As of September 30, 2003, 12 total permits were issued for
this development and 225 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 $76,816 was
recognized for 2003. As of September 30, 2003 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, 2003, 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, 2003, 13 homes had been completed
for this development. PID assessment collection began in 2002. In 2003, PID
assessments were $99,256, of which $176,376 were reimbursed to the developer which
included prior year collections. The assessments and related disbursements are recorded
in the Agency Funds.
CITY OF GEORGETOWN, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2003
58
K. Wolf Ranch Towne Center - In July 2003, the City approved a development agreement
with Simon Properties for the 750,000 sq ft Wolf Ranch Towne Center. The project will
include Target and 70 other retailers and restaurants. As part of the agreement, the City
will provide utility improvements to the site, as well as, fund $10.5 million of highway
improvements for the project. The $10.5 million to be funded with debt issued and repaid
by GTEC, will improve SH 29, as well as, provide the badly needed frontage roads for IH-
35. Texas Department of Transportation will be contributing over $7 million for these
improvements as well.
The City also entered into a sales tax sharing arrangement with Simon for $15 million in
on-site improvements. The City’s net share of the sales tax is expected to exceed $1.1
million in general sales tax within 2-3 years after the project opens in 2005.
Grants
Amounts received or receivable from grantor agencies, principally the federal government, are
subject to audit and adjustment by the agencies. Any disallowed claims, including amounts
already collected, may constitute a liability of the applicable funds. The amount, if any, of
expenditures which may be disallowed by the grantor cannot be determined at this time,
although the City expects such amounts, if any, to be immaterial.
Litigation
The City is involved in various legal actions in which claims of varying amounts are being
asserted against the City. The City follows the practice of providing for these claims only when
they become probable and reasonably determinable in amount. In the opinion of City
management, these actions will not result in a significant change in the City's financial position.
Construction Contracts
Estimated costs to complete significant construction projects in progress at year-end totaled
approximately $1,437,293 for Governmental Fund Types and approximately $2,952,612 for
Enterprise Funds.
12. SUBSEQUENT EVENTS
Tasus Corporation - In December 2003, the City agreed to an incentive package for Tasus
Corporation, a plastic molding supplier for the Toyota plant in San Antonio, to build a new
manufacturing plant in Georgetown. The incentive package includes road improvements to be
funded by the Georgetown Transportation Enhancement Corporation (GTEC) and a property tax
abatement to be approved in early 2004. The abatement will be granted based upon the
number of jobs created.
2003 Bond Issues - In December 2003, the City issued $2,430,000 of Certificates of Obligation
to fund previously authorized projects including engineering for the Southwest By-pass for
GTEC, purchase of two fire apparatus, and purchase of real property for downtown parking. In
addition, the City also issued $7,005,000 of Utility System Revenue Bonds for improvements
related to the Wolf Ranch development and other water and electric system improvements.
Wolf Ranch Tax Increment Financing District (TIF) - As part of the Wolf Ranch Development
Agreement, the City created the Wolf Ranch TIF to be used as a future financing mechanism in
the event the City chooses to issue debt to repay Simon Properties for the on-site improvements
addressed in the development agreement. This TIF district was created in December 2003.
CITY OF GEORGETOWN, TEXAS
REQUIRED SUPPLEMENTAL INFORMATION -
TEXAS MUNICIPAL RETIREMENT SYSTEM TREND DATA -
LAST TEN FISCAL YEARS
59
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
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%
2003 15,549,049 18,658,884 83.3% 3,109,835 12,183,510 25.5%
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.
Combining and Individual Fund Financial Statements and Schedules
Nonmajor Governmental Funds
Special Revenue Funds
Special Revenue Funds are used to account for specific revenues that are legally restricted for expenditures for
particular purposes.
Court Fees - to account for the receipt and expenditure of court fees that are legally restricted for court
security and technology.
Fire Billing and Donations - to account for the receipt and expenditures of funds received by the City for
various fire services, including calls for service, donations, abandoned vehicle revenue and inspections.
Library Restricted - to account for the receipt and expenditure of restricted donations such as memorials and
gifts for a designated library purchase or program. Also accounts for the receipt of the Telecommunication
Infrastructure grant for computer hardware and software.
Main Street Façade - to account for the receipt of private donations, grants, and money raised through
special events to provide assistance to building/property owners for maintaining the appearance of the
downtown historic district. Funds are distributed through an application/approval process with either a low-
interest loan or grant.
Mapping - to account for expenditures relating to City-wide mapping projects.
Parks - to account for revenues earned by the City from activities on City park land, which are restricted for
improvements to park land and for parkland dedication fees paid by developers, which are restricted by
zones for new parks. Also accounts for the partial administration of a federal drug prevention grant in
coordination with Georgetown Project.
Police - to account for a grant received from the U.S. Department of Justice Community Oriented Policing
Services (C.O.P.S.) for two patrol officers, a U.S. Department of Justice Local Law Enforcement Block grant
for equipment, an Office of the Governor grant for a Victim Service’s Coordinator, a Texas Department of
Transportation grant for a Selective Traffic Enforcement Project (STEP) related to overtime costs and the
receipt and expenditure of seized and donated funds.
Streets Sales Tax - to account for the receipt and expenditure of revenues collected from the ¼ cent sales
tax approved by the citizens in November 2001 under Texas House Bill 445. The funds are required to be
spent on maintenance of streets that were in existence at the time of adoption of the tax.
Tourism - to account for the receipt and expenditure of funds received by the City from the assessment of
hotel and motel occupancy tax. Usage of funds is restricted to promotion of tourism and arts within the City.
Village Public Improvement District - to account for the receipt and expenditure of the revenues collected
from property assessments paid by Georgetown Village Public Improvement District residents and the
developer to fund maintenance on upgraded parks facilities within the subdivision.
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
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
AS OF SEPTEMBER 30, 2003
FIRE MAIN
COURT BILLING AND LIBRARY STREET
FEES DONATIONS RESTRICTED FACADE MAPPING PARKS POLICE
ASSETS:
Cash and cash equivalents $ 34,961 $ 267,199 $ 26,698 $ 7,600 $ 10,560 $ 146,250 $ 31,519
Investments 34,962 267,200 26,698 7,600 10,560 146,250 31,519
Accounts receivable:
Sales Tax
Grants 28,800 2,546 1,154
Delinquent taxes
Other 171,243 204,790
TOTAL ASSETS $69,923 $734,442 $53,396 $15,200 $21,120 $499,836 $64,192
LIABILITIES AND FUND BALANCE
Liabilities:
Accounts payable $ 16,928 $ 18,805 $ 6,642 $ 15,646 $ 8,893
Due to other funds
Deferred revenue 148,641 8,092 203,400
Total liabilities 16,928 167,446 14,734 15,646 8,893
Fund Balance:
Reserved for:
Encumbrances 8,145 442,412 590
Special programs 44,850 124,584 38,072 $ 15,200 $ 21,120 1,632 55,299
Debt service
Designated for:
Capital projects
Unreserved 279,158
Total fund balance 52,995 566,996 38,662 15,200 21,120 280,790 55,299
TOTAL LIABILITIES AND FUND BALANCE $69,923 $734,442 $53,396 $15,200 $21,120 $296,436 $64,192
SPECIAL REVENUE FUNDS
VILLAGE
IMPROVEMENT GENERAL STREET DEBT TOTAL
STREETS TOURISM DISTRICT CAPITAL PROJECTS IMPROVEMENTS SERVICE 2003
$ 8,341 $ 93,041 $ 9,617 $ 859,142 $ 1,494,928
8,341 93,042 9,617 $ 725,274 859,142 $ 659,504 2,879,709
169,568 169,568
32,500
94,905 94,905
16,830 392,863
$186,250 $202,913 $19,234 $725,274 $1,718,284 $754,409 $5,064,473
$ 14,438 $ 4,368 $ 130,360 $ 96,592 $ 312,672
444,540 444,540
7,824 $ 90,765 458,722
14,438 4,368 574,900 104,416 90,765 1,215,934
$ 47,437 34,137 6,947 68,722 708,739 1,317,129
138,813 154,338 7,919 601,827
663,644 663,644
81,652 905,129 986,781
279,158
186,250 188,475 14,866 150,374 1,613,868 663,644 3,848,539
$186,250 $202,913 $19,234 $725,274 $1,718,284 $754,409 $5,064,473
SPECIAL REVENUE FUNDS CAPITAL PROJECTS FUNDS
CITY OF GEORGETOWN, TEXAS
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE
NONMAJOR GOVERNMENTAL FUNDS
FISCAL YEAR ENDED SEPTEMBER 30, 2003
FIRE MAIN
COURT BILLING AND LIBRARY STREET
FEES DONATIONS RESTRICTED FAÇADE MAPPING PARKS
REVENUES:
Ad valorem taxes
Grants and entitlements $ 54,000 $ 36,873 $ 10,184
Hotel/Motel tax
Property assessments
Sales tax
Court fees $ 41,649
Investment earnings 1,256 2,447 1,336 $ 170 $ 375 5,539
Donations 355 26,132 2,212
Mapping fees 21,379
Fire incident billings 149,207
Other 55,171 151 110,900
Total revenues 42,905 261,180 64,492 170 21,754 128,835
EXPENDITURES:
Culture - recreation 75,931 86,111
Development 18,565
Fire services 166,312
General government 1,677
Highways and streets
Police 27,708
Capital outlay
Principal retirement
Interest and fiscal charges
Total expenditures 27,708 166,312 75,931 1,677 18,565 86,111
EXCESS (DEFICIENCY) OF REVENUES OVER
EXPENDITURES 15,197 94,868 (11,439) (1,507) 3,189 42,724
OTHER FINANCING SOURCES (USES):
Operating transfers in 407,000 11,019
Operating transfers out
Total other financing sources (uses) 407,000 11,019
NET CHANGE IN FUND BALANCE 15,197 501,868 (11,439) 9,512 3,189 42,724
FUND BALANCES, Beginning of period 37,798 65,128 50,101 5,688 17,931 238,066
FUND BALANCES, End of period $ 52,995 $ 566,996 $ 38,662 $ 15,200 $ 21,120 $ 280,790
SPECIAL REVENUE FUNDS
VILLAGE
IMPROVEMENT GENERAL STREET DEBT TOTAL
POLICE STREETS TOURISM DISTRICT CAPITAL PROJECTS IMPROVEMENTS SERVICE 2003
$ 2,172,915 $ 2,172,915
$ 56,507 157,564
$ 250,217 250,217
$ 76,816 76,816
$ 500,126 500,126
41,649
1,385 3,635 1,166 $ 29,286 $ 32,568 18,738 97,901
36,564 65,263
21,379
149,207
60,513 151,556 845,900 1,224,191
94,456 500,126 314,365 77,982 180,842 878,468 2,191,653 4,757,228
311,388 76,880 550,310
18,565
166,312
1,677
313,876 313,876
110,184 137,892
3,102,411 988,641 4,091,052
1,159,660 1,159,660
1,123,814 1,123,814
110,184 313,876 311,388 76,880 3,102,411 988,641 2,283,474 7,563,158
(15,728) 186,250 2,977 1,102 (2,921,569) (110,173) (91,821) (2,805,930)
13,004 97,708 528,731
(11,019) (407,000) (418,019)
13,004 (11,019) (407,000) 97,708 110,712
(2,724) 186,250 (8,042) 1,102 (3,328,569) (110,173) 5,887 (2,695,218)
58,023 196,517 13,764 3,478,943 1,724,041 657,757 6,543,757
$ 55,299 $ 186,250 $ 188,475 $ 14,866 $ 150,374 $ 1,613,868 $ 663,644 $ 3,848,539
SPECIAL REVENUE FUNDS CAPITAL PROJECTS FUNDS
CITY OF GEORGETOWN, TEXAS
COURT FEES SPECIAL REVENUE FUND
SCHEDULE OF REVENUES AND EXPENDITURES
BUDGET AND ACTUAL
FISCAL YEAR ENDED SEPTEMBER 30, 2003
ORIGINAL
& FINAL
BUDGET
ACTUAL
BUDGETARY
BASIS
VARIANCE
TO BUDGET
REVENUES:
Court fees $ 20,000 $ 41,649 $ 21,649
Investment earnings 1,700 1,256 (444)
Total revenues 21,700 42,905 21,205
EXPENDITURES:
Capital outlay 56,097 34,328 21,769
Total expenditures 56,097 34,328 21,769
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (34,397) 8,577 42,974
EXCESS (DEFICIENCY) OF REVENUES AND OTHER
FINANCING SOURCES OVER EXPENDITURES AND
OTHER FINANCING (USES) - BUDGETARY BASIS (34,397) 8,577 42,974
FUND BALANCE, Beginning of period $ 34,397 36,273 1,876
FUND BALANCE - BUDGETARY BASIS,
End of period 44,850 $ 44,850
Adjustments to GAAP:
Reverse current year encumbrances 8,145
FUND BALANCE - GAAP BASIS
End of period $ 52,995
2003
CITY OF GEORGETOWN, TEXAS
FIRE BILLING SPECIAL REVENUE FUND
SCHEDULE OF REVENUES AND EXPENDITURES
BUDGET AND ACTUAL
FISCAL YEAR ENDED SEPTEMBER 30, 2003
ORIGINAL
BUDGET
FINAL
BUDGET
ACTUAL
BUDGETARY
BASIS
VARIANCE
TO FINAL
BUDGET
REVENUES:
Grants and entitlements $ 84,924 $ 54,000 $ (30,924)
Investment earnings 2,447 2,447
Donations $ 1,000 1,000 355 (645)
Mapping fees
Fire incident billings 75,000 75,000 149,207 74,207
Other 27,800 27,800 55,171 27,371
Total revenues 103,800 188,724 261,180 72,456
EXPENDITURES:
Operations 103,800 655,724 604,445 51,279
Total expenditures 103,800 655,724 604,445 51,279
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (467,000) (343,265) 123,735
OTHER FINANCING SOURCES (USES):
Operating transfers in 407,000 407,000
Total other financing sources (uses) 407,000 407,000
EXCESS (DEFICIENCY) OF REVENUES AND OTHER
FINANCING SOURCES OVER EXPENDITURES AND
OTHER FINANCING (USES) - BUDGETARY BASIS (60,000) 63,735 123,735
FUND BALANCE, Beginning of period 60,000 $ 60,000 60,849 849
FUND BALANCE - BUDGETARY BASIS,
End of period $ 60,000 124,584 $ 124,584
Adjustments to GAAP:
Reverse current year encumbrances 442,412
FUND BALANCE - GAAP BASIS
End of period $ 566,996
2003
CITY OF GEORGETOWN, TEXAS
LIBRARY RESTRICTED SPECIAL REVENUE FUND
SCHEDULE OF REVENUES AND EXPENDITURES
BUDGET AND ACTUAL
FISCAL YEAR ENDED SEPTEMBER 30, 2003
ORIGINAL
& FINAL
BUDGET
ACTUAL
BUDGETARY
BASIS
VARIANCE
TO BUDGET
REVENUES:
Grants and entitlements $ 36,873 $ 36,873 $
Investment earnings 1,100 1,336 236
Donations 20,000 26,283 6,283
Total revenues 57,973 64,492 6,519
EXPENDITURES:
Personnel 26,873 26,873
Operations 10,000 10,427 (427)
Capital outlay 43,886 39,158 4,728
Total expenditures 80,759 76,458 4,301
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (22,786) (11,966) 10,820
EXCESS (DEFICIENCY) OF REVENUES AND OTHER
FINANCING SOURCES OVER EXPENDITURES AND
OTHER FINANCING (USES) - BUDGETARY BASIS (22,786) (11,966) 10,820
FUND BALANCE, Beginning of period $ 22,786 50,038 27,252
FUND BALANCE - BUDGETARY BASIS,
End of period 38,072 $ 38,072
Adjustments to GAAP:
Reverse current year encumbrances 590
FUND BALANCE - GAAP BASIS
End of period $ 38,662
CITY OF GEORGETOWN, TEXAS
MAIN STREET FACADE SPECIAL REVENUE FUND
SCHEDULE OF REVENUES AND EXPENDITURES
BUDGET AND ACTUAL
FISCAL YEAR ENDED SEPTEMBER 30, 2003
ORIGINAL
& FINAL
BUDGET
ACTUAL
BUDGETARY
BASIS
VARIANCE
TO BUDGET
REVENUES:
Investment earnings $ 200 $ 170 $ (30)
Donations 1,000
Total revenues 1,200 170 (30)
EXPENDITURES:
Operations 6,907 1,677 5,230
Total expenditures 6,907 1,677 5,230
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (5,707) (1,507) 4,200
OTHER FINANCING SOURCES (USES):
Operating transfers in 11,019 11,019
Total other financing sources (uses) 11,019 11,019
EXCESS (DEFICIENCY) OF REVENUES AND OTHER
FINANCING SOURCES OVER EXPENDITURES AND
OTHER FINANCING (USES) - BUDGETARY BASIS (5,707) 9,512 15,219
FUND BALANCE, Beginning of period $ 5,707 5,688 (19)
FUND BALANCE - BUDGETARY BASIS,
End of period 15,200 $ 15,200
Adjustments to GAAP:
Reverse current year encumbrances
FUND BALANCE - GAAP BASIS
End of period $ 15,200
2003
CITY OF GEORGETOWN, TEXAS
`
MAPPING SPECIAL REVENUE FUND
SCHEDULE OF REVENUES AND EXPENDITURES
BUDGET AND ACTUAL
FISCAL YEAR ENDED SEPTEMBER 30, 2003
ORIGINAL
& FINAL
BUDGET
ACTUAL
BUDGETARY
BASIS
VARIANCE
TO BUDGET
REVENUES:
Investment earnings $ 1,000 $ 375 $ (625)
Mapping fees 18,500 21,379 2,879
Total revenues 19,500 21,754 2,254
EXPENDITURES:
Operations 22,300 13,216 9,084
Total expenditures 22,300 13,216 9,084
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (2,800) 8,538 11,338
EXCESS (DEFICIENCY) OF REVENUES AND OTHER
FINANCING SOURCES OVER EXPENDITURES AND
OTHER FINANCING (USES) - BUDGETARY BASIS (2,800) 8,538 11,338
FUND BALANCE, Beginning of period 9,938 12,582 2,644
FUND BALANCE - BUDGETARY BASIS,
End of period $ 7,138 21,120 $ 13,982
Adjustments to GAAP:
Reverse current year encumbrances
FUND BALANCE - GAAP BASIS
End of period $ 21,120
2003
CITY OF GEORGETOWN, TEXAS
PARKS SPECIAL REVENUE FUND
SCHEDULE OF REVENUES AND EXPENDITURES
BUDGET AND ACTUAL
FISCAL YEAR ENDED SEPTEMBER 30, 2003
2003
ORIGINAL
& FINAL
BUDGET
ACTUAL
BUDGETARY
BASIS
VARIANCE
TO BUDGET
REVENUES:
Grants and entitlements $ 710,184 $ 10,184 $ (700,000)
Investment earnings 3,900 5,540 1,640
Donations 2,213 2,213
Other 142,625 110,900 (31,725)
Total revenues 856,709 128,837 (727,872)
EXPENDITURES:
Personnel 10,184 10,184
Operations 80,706 74,286 6,420
Capital outlay 901,723 3,275 898,448
Total expenditures 992,613 87,745 904,868
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (135,904) 41,092 176,996
EXCESS (DEFICIENCY) OF REVENUES AND OTHER
FINANCING SOURCES OVER EXPENDITURES AND
OTHER FINANCING (USES) - BUDGETARY BASIS (135,904) 41,092 176,996
FUND BALANCE, Beginning of period $ 135,904 238,066 102,162
FUND BALANCE - BUDGETARY BASIS,
End of period 279,158 $ 279,158
Adjustments to GAAP:
Reverse current year encumbrances 1,632
FUND BALANCE - GAAP BASIS
End of period $ 280,790
CITY OF GEORGETOWN, TEXAS
POLICE SPECIAL REVENUE FUND
SCHEDULE OF REVENUES AND EXPENDITURES
BUDGET AND ACTUAL
FISCAL YEAR ENDED SEPTEMBER 30, 2003
ORIGINAL
& FINAL
BUDGET
ACTUAL
BUDGETARY
BASIS
VARIANCE
TO BUDGET
REVENUES:
Grants and entitlements $ 56,991 $ 56,507 $ (484)
Investment earnings 2,940 1,386 (1,554)
Donations 15,000 36,565 21,565
Total revenues 74,931 94,458 19,527
EXPENDITURES:
Personnel 69,882 69,882
Operations 50,898 40,304 10,594
Capital outlay
Total expenditures 120,780 110,186 10,594
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (45,849) (15,728) 30,121
OTHER FINANCING SOURCES (USES):
Operating transfers in 13,004 13,004
Total other financing sources (uses) 13,004 13,004
EXCESS (DEFICIENCY) OF REVENUES AND OTHER
FINANCING SOURCES OVER EXPENDITURES AND
OTHER FINANCING (USES) - BUDGETARY BASIS (32,845) (2,724) 30,121
FUND BALANCE, Beginning of period 33,435 58,023 24,588
FUND BALANCE - BUDGETARY BASIS,
End of period $ 590 55,299 $ 54,709
Adjustments to GAAP:
Reverse current year encumbrances
FUND BALANCE - GAAP BASIS
End of period $ 55,299
2003
CITY OF GEORGETOWN, TEXAS
STREET TAX SPECIAL REVENUE FUND
SCHEDULE OF REVENUES AND EXPENDITURES
BUDGET AND ACTUAL
FISCAL YEAR ENDED SEPTEMBER 30, 2003
ORIGINAL
& FINAL
BUDGET
ACTUAL
BUDGETARY
BASIS
VARIANCE
TO BUDGET
REVENUES:
Sales tax $ 440,000 $ 500,125 $ (60,125)
Total revenues 440,000 500,125 60,125
EXPENDITURES:
Capital outlay 440,000 361,312 78,688
Total expenditures $ 440,000 361,312 78,688
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 138,813 138,813
EXCESS (DEFICIENCY) OF REVENUES AND OTHER
FINANCING SOURCES OVER EXPENDITURES AND
OTHER FINANCING (USES) - BUDGETARY BASIS 138,813 138,813
FUND BALANCE, Beginning of period
FUND BALANCE - BUDGETARY BASIS,
End of period 138,813 $ 138,813
Adjustments to GAAP:
Reverse current year encumbrances 47,437
FUND BALANCE - GAAP BASIS
End of period $ 186,250
2003
CITY OF GEORGETOWN, TEXAS
TOURISM SPECIAL REVENUE FUND
SCHEDULE OF REVENUES AND EXPENDITURES
BUDGET AND ACTUAL
FISCAL YEAR ENDED SEPTEMBER 30, 2003
ORIGINAL
& FINAL
BUDGET
ACTUAL
BUDGETARY
BASIS
VARIANCE
TO BUDGET
REVENUES:
Hotel/Motel tax $ 290,000 $ 250,217 $ (39,783)
Investment earnings 3,950 3,635 (315)
Other 40,629 60,514 19,885
Total revenues 334,579 314,366 (20,213)
EXPENDITURES:
Personnel 116,730 100,250 16,480
Operations 235,276 215,873 19,403
Total expenditures 352,006 316,123 35,883
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (17,427) (1,757) 15,670
OTHER FINANCING SOURCES (USES):
Operating transfers out (11,019) (11,019)
Total other financing sources (uses) (11,019) (11,019)
EXCESS (DEFICIENCY) OF REVENUES AND OTHER
FINANCING SOURCES OVER EXPENDITURES AND
OTHER FINANCING (USES) - BUDGETARY BASIS (28,446) (12,776) 15,670
FUND BALANCE, Beginning of period 141,233 167,114 25,881
FUND BALANCE - BUDGETARY BASIS,
End of period $ 112,787 154,338 $ 41,551
Adjustments to GAAP:
Reverse current year encumbrances 34,137
FUND BALANCE - GAAP BASIS
End of period $ 188,475
2003
CITY OF GEORGETOWN, TEXAS
VILLAGE IMPROVEMENT DISTRICT SPECIAL REVENUE FUND
SCHEDULE OF REVENUES AND EXPENDITURES
BUDGET AND ACTUAL
FISCAL YEAR ENDED SEPTEMBER 30, 2003
ORIGINAL
& FINAL
BUDGET
ACTUAL
BUDGETARY
BASIS
VARIANCE
TO BUDGET
REVENUES:
Property assessments $ 75,000 $ 76,816 $ 1,816
Investment earnings 500 1,166 666
Other 10,525 (10,525)
Total revenues 86,025 77,982 (8,043)
EXPENDITURES:
Operations 86,025 83,827 2,198
Total expenditures $ 86,025 83,827 2,198
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (5,845) (5,845)
EXCESS (DEFICIENCY) OF REVENUES AND OTHER
FINANCING SOURCES OVER EXPENDITURES AND
OTHER FINANCING (USES) - BUDGETARY BASIS (5,845) (5,845)
FUND BALANCE, Beginning of period 13,764 13,764
FUND BALANCE - BUDGETARY BASIS,
End of period 7,919 $ 7,919
Adjustments to GAAP:
Reverse current year encumbrances 6,947
FUND BALANCE - GAAP BASIS
End of period $ 14,866
2003
CITY OF GEORGETOWN, TEXAS
DEBT SERVICE FUND
SCHEDULE OF REVENUES AND EXPENDITURES
BUDGET AND ACTUAL
FISCAL YEAR ENDED SEPTEMBER 30, 2003
ORIGINAL &
FINAL
BUDGET
ACTUAL
BUDGETARY
BASIS
VARIANCE
TO BUDGET
REVENUES:
Ad valorem taxes $ 2,125,398 $ 2,172,916 $ 47518
Investment earnings 58,000 18,736 (39,264)
Total revenues 2,183,398 2,191,652 8,254
OTHER FINANCING SOURCES (USES):
Principal, interest and fiscal charges (2,291,022) (2,283,473) 7,549
Operating transfers in 98,000 97,708 (292)
Total other financing sources (uses) (2,193,022) (2,185,765) 7,257
EXCESS (DEFICIENCY) OF REVENUES AND OTHER
FINANCING SOURCES OVER EXPENDITURES AND
OTHER FINANCING (USES) - BUDGETARY BASIS (9,624) 5,887 15,511
FUND BALANCE, Beginning of period 628,288 657,757 29,469
FUND BALANCE - BUDGETARY BASIS,
End of period $ 618,664 663,644 $ 44,980
Adjustments to GAAP:
Reverse current year encumbrances
FUND BALANCE - GAAP BASIS
End of period $ 663,644
2003
Supplementary Individual Fund Financial
Statements and Schedules – General Fund
These supplementary statements and schedules are included to provide management
additional information for financial analysis.
CITY OF GEORGETOWN, TEXAS
GENERAL FUND
COMPARATIVE BALANCE SHEETS
AS OF SEPTEMBER 30, 2003 AND 2002
2003 2002
ASSETS:
Cash and cash equivalents $ 1,467,294 $ 547,092
Investments 1,473,294 2,336,882
Accounts receivable (net of allowance for uncollectible accounts):
Delinquent taxes 169,543 120,191
Sales taxes 663,264 590,878
Other 2,805,143 208,433
Prepaid expenses 223,236 9,435
Inventories 2,840 2,710
TOTAL ASSETS $ 6,804,614 $ 3,815,621
LIABILITIES AND FUND BALANCE:
Liabilities:
Accounts payable $ 631,070 $ 501,573
Deferred revenue 2,189,439 308,036
Total liabilities 2,820,509 809,609
Fund Balance:
Reserved for:
Encumbrances 653,142 254,277
Inventories 2,840 2,710
Prepaid expenses 223,236 9,435
Unreserved 3,104,887 2,739,590
Total fund balance 3,984,105 3,006,012
TOTAL LIABILITIES AND FUND BALANCE $ 6,804,614 $ 3,815,621
CITY OF GEORGETOWN, TEXAS
GENERAL FUND
COMPARATIVE STATEMENTS OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
FISCAL YEARS ENDED SEPTEMBER 30, 2003 AND 2002
2003 2002
REVENUES:
Taxes:
Current $ 4,325,913 $ 3,719,948
Delinquent 29,995 13,643
Penalties and interest 67,423 53,493
Other 136,008 97,505
Sales tax 3,721,898 3,453,856
Franchise Fees 1,579,729 1,489,345
Licenses and permits 866,451 827,395
Charges for service 775,864 817,254
Fines 492,054 390,058
Donations and grants 6,000 3,947
Investment income 41,821 110,255
Other income 539,607 160,809
Total revenues 12,582,763 11,137,508
EXPENDITURES:
Culture - recreation 3,354,051 3,402,647
Development 1,547,047 1,661,889
Fire services 3,340,931 3,367,588
General government 1,516,243 1,374,450
Highways and streets 1,273,278 1,885,221
Police 5,221,751 4,643,158
Total expenditures 16,253,301 16,334,953
EXCESS EXPENDITURES OVER REVENUES (3,670,538) (5,197,445)
OTHER FINANCING SOURCES (USES):
Operating transfers in 4,661,635 3,598,657
Operating transfers out (13,004) (5,156)
Total other financing sources (uses) 4,648,631 3,593,501
DEFICIENCY OF REVENUES AND
OTHER FINANCING SOURCES OVER
EXPENDITURES AND OTHER FINANCING (USES) 978,093 (1,603,944)
FUND BALANCES, Beginning of period 3,006,012 4,609,956
FUND BALANCES, End of period $ 3,984,105 $ 3,006,012
CITY OF GEORGETOWN, TEXAS
GENERAL FUND
SCHEDULE OF REVENUES AND EXPENDITURES
BUDGET AND ACTUAL (BUDGETARY BASIS)
FISCAL YEAR ENDED SEPTEMBER 30, 2003 (WITH COMPARATIVE FOR 2002)
2003 ACTUAL 2002 ACTUAL
ORIGINAL FINAL BUDGETARY VARIANCE BUDGETARY
BUDGET BUDGET BASIS TO BUDGET BASIS
REVENUES:
TAXES:
Property tax:
Current $ 4,375,000 $ 4,375,000 $ 4,325,913 $ (49,087) $ 3,719,948
Delinquent 32,000 32,000 29,995 (2,005) 13,643
Penalties and interest 30,000 30,000 67,423 37,423 53,493
Total property tax 4,437,000 4,437,000 4,423,331 (13,669) 3,787,084
Sales tax 3,385,000 3,385,000 3,721,898 336,898 3,453,856
Franchise fees 1,556,100 1,556,100 1,579,729 23,629 1,489,345
Other 110,000 110,000 136,008 26,008 97,505
Total taxes 9,488,100 9,488,100 9,860,966 372,866 8,827,790
LICENSES AND PERMITS:
Permits and inspection fees 826,920 826,920 860,506 33,586 808,597
Licenses 18,000 18,000 5,945 (12,055) 18,780
Total licenses and permits 844,920 844,920 866,451 21,531 827,377
CHARGES FOR SERVICES:
Library 60,555 60,555 47,667 (12,888) 54,397
Animal services 30,000 30,000 25,577 (4,423) 25,665
Parks and recreation 627,205 627,205 596,282 (30,923) 654,701
Fire protection 60,000 60,000 60,000 59,770
Police support 42,500 42,500 46,337 3,837 22,729
Total charges for services 820,260 820,260 775,863 (44,397) 817,262
FINES AND FORFEITURES 647,800 647,800 492,054 (155,746) 390,058
INTEREST AND OTHER:
Investment income 98,000 98,000 68,234 (29,766) 93,564
Rent 70,500 70,500 85,999 15,499 39,626
Miscellaneous 108,150 108,150 481,740 373,590 140,208
Total interest and other 276,650 276,650 635,973 359,323 273,398
TOTAL REVENUES 12,077,730 12,077,730 12,631,307 553,577 11,135,885
EXPENDITURES:
CULTURE - RECREATION:
Parks:
Personnel 811,875 770,101 767,000 3,101 782,919
Operations 473,076 495,540 494,824 716 487,579
Capital outlay 4,000 4,000
Total parks 1,284,951 1,269,641 1,265,824 3,817 1,270,498
Recreation:
Personnel 358,927 376,498 375,605 893 312,384
Operations 190,523 177,402 177,400 2 156,993
Total recreation 549,450 553,900 553,005 895 469,377
(continued)
2003 ACTUAL 2002 ACTUAL
ORIGINAL FINAL BUDGETARY VARIANCE BUDGETARY
BUDGET BUDGET BASIS TO BUDGET BASIS
Recreation programs:
Personnel $ 107,113 $ 295,770 $ 295,769 $ 1 $ 158,160
Operations 574,782 396,985 396,531 454 591,602
Total recreation 681,895 692,755 692,300 455 749,762
Library:
Personnel 599,390 591,787 579,499 12,288 576,632
Operations 206,902 214,505 214,504 1 196,334
Capital outlay 90,250 90,250 90,121 129 90,091
Total library 896,542 896,542 884,124 12,418 863,057
TOTAL CULTURE - RECREATION 3,412,838 3,412,838 3,395,253 17,585 3,352,694
DEVELOPMENT:
Administration:
Personnel 205,472 205,731 205,274 457 236,530
Operations 205,655 211,065 211,065 369,248
Total administration 411,127 416,796 416,339 457 605,778
Current Planning:
Personnel 376,946 376,687 373,194 3,493 365,353
Operations 42,763 42,828 42,828 27,967
Total current planning 419,709 419,515 416,022 3,493 393,320
Long Range Planning:
Personnel 125,080 125,080 124,628 452 100,523
Operations 19,154 34,654 32,139 2,515 59,227
Capital outlay 7,749
Total long range planning 144,234 159,734 156,767 2,967 167,499
Inspection services:
Personnel 480,923 475,448 465,082 10,366 433,594
Operations 91,053 91,053 86,490 4,563 69,816
Total inspection services 571,976 566,501 551,572 14,929 503,410
TOTAL DEVELOPMENT 1,547,046 1,562,546 1,540,700 21,846 1,670,007
FIRE SERVICES:
Fire administration:
Personnel 230,563 231,957 231,956 1 225,690
Operations 159,292 149,437 149,436 1 159,676
Total fire administration 389,855 381,394 381,392 2 385,366
Fire operations:
Personnel 2,390,751 2,407,921 2,407,920 1 2,187,815
Operations 239,098 239,098 238,970 128 450,946
Capital outlay 1,814
Total fire operations 2,629,849 2,647,019 2,646,890 129 2,640,575
(continued)
CITY OF GEORGETOWN, TEXAS
GENERAL FUND
SCHEDULE OF REVENUES AND EXPENDITURES
BUDGET AND ACTUAL (BUDGETARY BASIS)
FISCAL YEAR ENDED SEPTEMBER 30, 2003 (WITH COMPARATIVE FOR 2002)
2003 ACTUAL 2002 ACTUAL
ORIGINAL FINAL BUDGETARY VARIANCE BUDGETARY
BUDGET BUDGET BASIS TO BUDGET BASIS
Fire prevention:
Personnel $ 271,777 $ 264,817 $ 264,812 $ 5 $ 262,216
Operations 55,318 53,569 53,241 328 66,519
Total fire prevention 327,095 318,386 318,053 333 328,735
TOTAL FIRE SERVICES 3,346,799 3,346,799 3,346,335 464 3,354,676
GENERAL GOVERNMENT:
General government:
Operations 724,087 735,197 730,222 4,975 548,344
Total general government 724,087 735,197 730,222 4,975 548,344
City council:
Personnel 78,042 78,564 77,531 1,033 73,815
Operations 179,561 141,614 123,152 18,462 263,265
Total city council 257,603 220,178 200,683 19,495 337,080
City manager's office:
Personnel 418,007 415,763 413,794 1,969 351,330
Operations 149,269 161,269 160,389 880 160,737
Total city manager's office 567,276 577,032 574,183 2,849 512,067
TOTAL GENERAL GOVERNMENT 1,548,966 1,532,407 1,505,088 27,319 1,397,491
HIGHWAYS AND STREETS:
Streets operating:
Personnel 475,742 475,742 427,450 48,292 491,246
Operations 489,058 569,928 569,924 4 731,865
Capital outlay 825,325 744,455 658,345 86,110 644,503
Total streets operating 1,790,125 1,790,125 1,655,719 134,406 1,867,614
TOTAL HIGHWAYS AND STREETS 1,790,125 1,790,125 1,655,719 134,406 1,867,614
POLICE SERVICES:
Organization and administration:
Personnel 232,884 245,746 245,745 1 226,029
Operations 174,508 211,563 211,562 1 190,944
Total organization and administration 407,392 457,309 457,307 2 416,973
Support services bureau:
Personnel 1,526,416 1,329,736 1,329,736 1,138,244
Operations 232,664 224,622 222,084 2,538 170,876
Capital outlay 60,910 60,909 1
Total support services bureau 1,759,080 1,615,268 1,612,729 2,539 1,309,120
Field operations bureau:
Personnel 1,952,822 2,025,366 2,025,365 1 1,829,439
Operations 539,189 546,426 546,425 1 552,540
Capital outlay 48,114 48,113 1 32,900
Total field operations bureau 2,492,011 2,619,906 2,619,903 3 2,414,879
(continued)
2003 ACTUAL 2002 ACTUAL
ORIGINAL FINAL BUDGETARY VARIANCE BUDGETARY
BUDGET BUDGET BASIS TO BUDGET BASIS
Animal services:
Personnel $ 251,944 $ 266,703 $ 266,301 $ 402 $ 239,098
Operations 86,547 100,347 100,347 68,586
Total animal services 338,491 367,050 366,648 402 307,684
Municipal court:
Personnel 155,252 155,251 1 137,045
Operations 154,986 55,142 55,126 16 42,497
Capital outlay 56,764 1,356 1,356 2,336
Total municipal court 211,750 211,750 211,733 17 181,878
TOTAL POLICE SERVICES 5,208,724 5,271,283 5,268,320 2,963 4,630,534
TOTAL EXPENDITURES 16,854,498 16,915,998 16,711,415 204,583 16,273,016
DEFICIENCY OF REVENUES
OVER EXPENDITURES (4,776,768) (4,838,268) (4,080,108) 758,160 (5,137,131)
OTHER FINANCING SOURCES (USES):
Operating transfers in 4,674,250 4,674,250 4,661,635 (12,615) 3,598,655
Operating transfers out (13,004) (13,004) (13,004) (5,156)
Total other financing sources (uses) 4,661,246 4,661,246 4,648,631 (12,615) 3,593,499
EXCESS (DEFICIENCY) OF REVENUES AND
OTHER FINANCING SOURCES OVER
EXPENDITURES AND OTHER FINANCING
(USES) - BUDGETARY BASIS (115,522) (177,022) 568,523 745,545 (1,543,632)
FUND BALANCE - BUDGETARY BASIS,
Beginning of period 2,391,352 2,514,352 2,756,442 242,090 4,272,152
FUND BALANCE - BUDGETARY BASIS,
End of period $ 2,275,830 $ 2,337,330 3,324,965 $ 987,635 2,728,520
Adjustments to GAAP:
Reverse current year encumbrances 653,142 254,277
Record net unrealized gain on investments 5,998 23,215
FUND BALANCE - GAAP BASIS, End of period $ 3,984,105 $ 3,006,012
Combining Financial Statements
Nonmajor Proprietary Funds
Enterprise Funds - The City's utilities are accounted for and operated in a manner similar to private
business enterprises. Each utility, accounted for as an independent entity, is an enterprise fund.
Enterprise fund accounting is used where the intent of the City Council is to finance or recover the costs
of providing goods or services to the general public on a continuing basis primarily through user charges
or when the City Council has decided that periodic determination of net income is appropriate for
accountability purposes.
Airport Fund - used to account for revenues and expenses related to the operation and maintenance of
the City's airport. All activities necessary to provide such services are accounted for in this fund
including, but not limited to, administration, operations, maintenance, financing and related debt
service, billing, collection and capital improvements.
Sanitation Fund - used to account for revenues and expenses relating to the operations of the City's
sanitation contract.
Stormwater Drainage Fund - used to account for revenues and expenses related to the operations,
capital projects, and debt service of the stormwater drainage facilities.
Internal Service Fund - This fund is used to account for services performed by one government
organization or department for others.
Fleet Management Fund - The City uses this fund to purchase and account for all major equipment and
vehicles. Each item is assigned an annual lease value which the leasing department pays to the
Internal Service Fund. The annual lease value is determined by the projected replacement cost divided
by the years of useful life of the item. The payments made by the departments enable the Internal
Service Fund to replace equipment and vehicles on a pre-planned schedule to minimize maintenance
costs and reduce safety risks due to worn out equipment and vehicles. The fund also provides
maintenance for all vehicles through the Vehicle Service Center.
Joint Services Fund - The Joint Services Fund is composed of departments which provide services to
more than one city fund. Charges for services provided are determined by allocating each specific
department's cost to the using fund.
Facilities Maintenance Fund - The City uses this fund to account for janitorial service, light
maintenance, painting, landscape maintenance and roofing and air conditioning repairs for all City
buildings. Each building is assigned an annual maintenance cost, which is paid to the Internal Service
Fund by the occupying departments, based on square footage occupied. The payments made by the
departments enable the Internal Service Fund to provide major and minor facility repairs on a pre-
planned schedule to minimize maintenance costs and provide preventative care to reduce long-term
maintenance and replacement costs.
Information Services Fund - The City uses this fund to account for purchases and maintenance of the
City’s computer systems. Each department pays an annual predetermined lease payment, based upon
the equipment the department has. These payments enable the fund to replace older equipment and
upgrade the City’s computer resources and provide assistance in maintenance of equipment. This fund
also provides for the management of the City’s computer systems through personnel in the Information
Services department.
CITY OF GEORGETOWN, TEXAS
COMBINING STATEMENT OF NET ASSETS
NONMAJOR PROPRIETARY FUNDS
AS OF SEPTEMBER 30, 2003
Business-type Activities
Enterprise Funds
STORMWATER TOTAL
AIRPORT SANITATION DRAINAGE NONMAJOR
FUND FUND FUND ENTERPRISE FUNDS
ASSETS:
Current Assets:
Cash and cash equivalents $ 219,692 $ 100,868 $ 320,560
Investments 219,692 92,396 312,088
Accounts receivable:
Services (net of allowance for uncollectibles) 75,973 $ 333,756 142,121 551,850
Other 790 790
Inventories 10,678 10,678
Total current assets 526,825 333,756 335,385 1,195,966
Noncurrent Assets:
Deferred charges - bond issuance costs 18,750 71,630 90,380
Total noncurrent assets 18,750 71,630 90,380
Restricted Assets:
Cash and cash equivalents 25,827 25,827
Total restricted assets 25,827 25,827
Property, Plant and Equipment:
Land and land rights 981,500 2,304 983,804
Distribution system 4,449,025 4,449,025
Buildings and improvements 7,597,187 7,597,187
Machinery, furniture and equipment 127,577 52,000 14,050 193,627
Construction in progress 26,010 26,010
Total cost property and equipment 8,706,264 52,000 4,491,389 13,249,653
Less accumulated depreciation (3,478,794) (52,000) (493,110) (4,023,904)
Net property and equipment 5,227,470 3,998,279 9,225,749
TOTAL ASSETS $ 5,773,045 $ 333,756 $ 4,431,121 $ 10,537,922
LIABILITIES AND NET ASSETS:
Liabilities:
Current liabilities:
Accounts payable $ 60,723 $ 189,884 $ 40,641 $ 291,248
Compensated absence 11,810 14,017 25,827
Due to other funds 71,053 71,053
Current portion of long-term debt 128,574 123,740 252,314
Total current liabilities 201,107 260,937 178,398 640,442
Liabilities payable from restricted assets:
Accrued interest 11,960 17,452 29,412
Total liabilities payable from restricted assets 11,960 17,452 29,412
Long term liabilities:
Compensated absence 26,093 26,885 52,978
Long-term debt 1,805,917 2,455,801 4,261,718
Total liabilities 2,045,077 260,937 2,678,536 4,984,550
Net Assets:
Invested in capital assets (net of related debt) 3,292,979 1,418,738 4,711,717
Unrestricted 434,989 72,819 333,847 841,655
Total net assets 3,727,968 72,819 1,752,585 5,553,372
TOTAL LIABILITIES AND NET ASSETS $ 5,773,045 $ 333,756 $ 4,431,121 $ 10,537,922
CITY OF GEORGETOWN, TEXAS
COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND NET ASSETS
NONMAJOR PROPRIETARY FUNDS
FISCAL YEAR ENDED SEPTEMBER 30, 2003
Business-type Activities
Enterprise Funds
STORMWATER TOTAL
AIRPORT SANITATION DRAINAGE NONMAJOR
FUND FUND FUND ENTERPRISE FUNDS
OPERATING REVENUES:
Waste $ 2,744,373 $ 2,744,373
Other $ 1,459,524 47,094 $ 1,209,132 2,715,750
Total operating revenues 1,459,524 2,791,467 1,209,132 5,460,123
OPERATING EXPENSES:
Depreciation 424,562 133,034 557,596
Utility contracts 2,577,159 2,577,159
Other 1,248,447 668,374 1,916,821
Total operating expenses 1,673,009 2,577,159 801,408 5,051,576
NET OPERATING INCOME (LOSS) (213,485) 214,308 407,724 408,547
NONOPERATING REVENUES (EXPENSES):
Investment earnings 9,930 (6,016) 3,914
Donations and grants 12,861 12,861
Interest and fiscal charges (100,919) (40,184) (141,103)
Other 55,091 55,091
Total nonoperating revenues (expenses) (23,037) (46,200) (69,237)
INCOME BEFORE TRANSFERS (236,522) 214,308 361,524 339,310
OPERATING TRANSFERS IN (OUT):
Transfers out (223,317) (164,341) (387,658)
Total operating transfers in (out) (223,317) (164,341) (387,658)
CHANGE IN NET ASSETS (236,522) (9,009) 197,183 (48,348)
TOTAL NET ASSETS - beginning 3,964,490 81,828 1,555,402 5,601,720
TOTAL NET ASSETS - ending $ 3,727,968 $ 72,819 $ 1,752,585 $ 5,553,372
CITY OF GEORGETOWN, TEXAS
COMBINING STATEMENT OF CASH FLOWS
NONMAJOR PROPRIETARY FUNDS
FISCAL YEAR ENDED SEPTEMBER 30, 2003
Business-type Activities
Enterprise Funds
STORMWATER TOTAL
AIRPORT SANITATION DRAINAGE NONMAJOR
FUND FUND FUND ENTERPRISE FUNDS
CASH FLOWS FROM OPERATING ACTIVITIES:
Cash received from customers $ 1,475,019 $ 2,767,101 $ 1,174,799 $ 5,416,919
Payments to suppliers (1,036,202) (2,503,932) (405,802) (3,945,936)
Franchise fees 0 (55,829) (24,183) (80,012)
Payments to employees for services (204,409) (9,229) (208,547) (422,185)
Net cash provided by operating activities 234,408 198,111 536,267 968,786
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
Transfers out (223,317) (164,341) (387,658)
Payments from (to) other funds 25,206 25,206
Net cash provided by (used for) noncapital
financing activities $(198,111) (164,341) (362,452)
CASH FLOWS FROM CAPITAL AND
RELATED FINANCING ACTIVITES:
Acquisition of capital assets (25,738) (159,589) (185,327)
Donations and grants 12,861 12,861
Principal paid on revenue and certificates of obligation bonds (100,961) (119,380) (220,341)
Interest paid on revenue and certificates of obligation bonds (101,676) (40,904) (142,580)
Bond issuance costs 1,250 5,453 6,703
Net cash provided by (used for) capital and related
financing activities (214,264) (314,420) (528,684)
CASH FLOWS FROM INVESTING ACTIVITIES:
Interest received 9,930 (6,017) 3,913
Change in temporary investments 111,444 (87,090) 24,354
Net cash provided by (used for) investing activities 121,374 (93,107) 28,267
Net increase (decrease) in cash and cash equivalents 141,518 (35,601) 105,917
Cash and cash equivalents at beginning of year 78,174 162,296 240,470
Cash and cash equivalents at end of year 219,692 126,695 346,387
Classified as:
Current assets 219,692 100,868 320,560
Restricted assets 25,827 25,827
Total $219,692 $126,695 $346,387
Non-cash disclosure
Developer contributions
(continued)
CITY OF GEORGETOWN, TEXAS
COMBINING STATEMENT OF CASH FLOWS
NONMAJOR PROPRIETARY FUNDS
FISCAL YEAR ENDED SEPTEMBER 30, 2003
Business-type Activities
Enterprise Funds
STORMWATER TOTAL
AIRPORT SANITATION DRAINAGE NONMAJOR
FUND FUND FUND ENTERPRISE FUNDS
OPERATING INCOME (LOSS)$ (213,485) $ 214,308 $ 407,724 $ 408,547
Adjustments to reconcile operating income (loss) to
cash provided by (used in) operating activities:
Depreciation 424,562 133,034 557,596
Other income 55,091 55,091
Bad debt expense 3,972 2,073 6,045
Decrease (increase) in inventories (611) (611)
Decrease (increase) in accounts receivable (32,163) (28,338) (36,406) (96,907)
Decrease (increase) in customer deposits (7,433) (7,433)
Increase (decrease) in accounts payable 4,235 17,398 22,062 43,695
Increase (decrease) in compensated absences payable 4,212 (9,229) 7,780 2,763
Net cash provided by operating activities $234,408 $198,111 $536,267 $968,786
INTERNAL SERVICE FUNDS
AS OF SEPTEMBER 30, 2003
ASSETS:
Cash and cash equivalents
Investments
Prepaid expense
Accounts receivable
Inventories
Total current assets
Property and equipment:
Land and land rights
Buildings and improvements
Machinery, furniture and equipment
Capital lease
Total property and equipment cost
Less accumulated depreciation
Net property and equipment
TOTAL ASSETS
LIABILITIES AND NET ASSETS:
Liabilities:
Current liabilities:
Accounts payable
Capital lease payable
Compensated absences
Total current liabilities
Long term liabilities:
Capital lease payable
Compensated absences
Total liabilities
Net Assets:
Invested in capital assets (net of related debt)
Unreserved
Total net assets
TOTAL LIABILITIES AND NET ASSETS
CITY OF GEORGETOWN, TE
COMBINING STATEMENT OF N
JOINT
SERVICES TOTALS
FUND 2003
$ 84,439 $ 269,297 $ 25,385 $ 100,530 $ 479,651
84,439 269,297 25,386 100,530 479,652
2,496 2,496
7,869 43,980 51,849
194,279 194,279
176,747 776,853 53,267 201,060 1,207,927
217,118 217,118
829,612 527,058 1,356,670
8,589,684 999,412 174,539 1,417,128 11,180,763
168,989 168,989
8,589,684 2,046,142 701,597 1,586,117 12,923,540
(4,515,983) (1,789,286) (405,030) (1,061,584) (7,771,883)
4,073,701 256,856 296,567 524,533 5,151,657
$ 4,250,448 $ 1,033,709 $ 349,834 $ 725,593 $ 6,359,584
$ 70,683 $ 415,357 $ 20,647 $ 55,065 $ 561,752
35,822 35,822
9,609 2,668 18,540 30,817
80,292 415,357 23,315 109,427 628,391
131,146 131,146
19,257 5,710 34,925 59,892
99,549 415,357 29,025 275,498 819,429
4,073,701 256,856 296,567 524,533 5,151,657
77,198 361,496 24,242 (74,438) 388,498
4,150,899 618,352 320,809 450,095 5,540,155
$ 4,250,448 $ 1,033,709 $ 349,834 $ 725,593 $ 6,359,584
FUND FUND
FACILITIES
MAINTENANCE
FUND
EXAS
INFORMATION
SERVICES
FLEET
MANAGEMENT
NET ASSETS
CITY OF GEORGETOWN, TEXAS
COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND NET ASSETS
INTERNAL SERVICE FUNDS
FISCAL YEAR ENDED SEPTEMBER 30, 2003
FLEET JOINT FACILITIES INFORMATION
MANAGEMENT SERVICES MAINTENANCE SERVICES
FUND FUND FUND FUND 2003
OPERATING REVENUES - Charges for services $ 1,261,009 $ 4,857,546 $ 446,785 $ 1,074,806 $ 7,640,146
OPERATING EXPENSES:
Administration 589,998 589,998
Accounting 455,964 455,964
City wide HR services 244,202 244,202
Customer service 82,571 82,571
Economic development administration 313,298 313,298
Employee and organizational services 335,945 335,945
Facilities maintenance contracts 417,069 417,069
Facilities maintenance services 68,198 68,198
Finance and administration 342,815 342,815
Fleet management operations 251,309 251,309
Information resources 652,848 652,848
Information resources capital replacement & contracts 456,080 456,080
Joint services contracts 447,062 447,062
Legal services 351,602 351,602
Pump maintenance 462,758 462,758
Purchasing and properties 380,052 380,052
Service center 480,606 480,606
Systems engineering 468,174 468,174
Utility office 695,059 695,059
Depreciation 664,965 17,169 56,908 200,853 939,895
Total operating expenses 1,396,880 5,186,669 542,175 1,309,781 8,435,505
NET OPERATING INCOME (LOSS)(135,871) (329,123) (95,390) (234,975) (795,359)
NONOPERATING REVENUES (EXPENSES):
Investment earnings 13,606 21,362 5,067 11,001 51,036
Loss on sale of assets (112,117)(112,117)
Other 209,897 97,480 50,159 357,536
Total nonoperating revenues (expenses) 111,386 118,842 5,067 61,160 296,455
INCOME BEFORE CONTRIBUTIONS AND
OPERATING TRANSFERS (24,485) (210,281) (90,323) (173,815) (498,904)
CONTRIBUTIONS AND OPERATING TRANSFERS:
Capital contributions 157,555 24,748 182,303
Transfers in 389,669 39,328 428,997
Transfers out (12,080) (12,080)
Total contributions and operating transfers in (out) 547,224 (12,080) 64,076 599,220
CHANGE IN NET ASSETS 522,739 (222,361) (90,323) (109,739) 100,316
NET ASSETS, Beginning of period 3,628,160 840,713 411,132 559,834 5,439,839
NET ASSETS, End of period $ 4,150,899 $ 618,352 $ 320,809 $ 450,095 $ 5,540,155
(continued)
TOTAL
CITY OF GEORGETOWN, TEXAS
COMBINING STATEMENT OF CASH FLOWS
INTERNAL SERVICE FUNDS
FISCAL YEAR ENDED SEPTEMBER 30, 2003
FLEET JOINT FACILITIES INFORMATION
MANAGEMENT SERVICES MAINTENANCE SERVICES TOTALS
FUND FUND FUND FUND 2003
CASH FLOWS FROM OPERATING ACTIVITIES:
Department contributions $ 1,253,140 $ 4,831,809 $ 446,785 $ 1,074,806 $ 7,606,540
Payments to suppliers (254,142) (2,246,161) (433,044) (372,409) (3,305,756)
Payments to employees for services (208,193) (2,898,438) (49,995) (521,647) (3,678,273)
Net cash provided by (used for) operating activities 790,805 (312,790) (36,254) 180,750 622,511
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
Transfers in 389,669 39,328 428,997
Transfers out (12,080) (12,080)
Net cash provided by (used for) noncapital
financing activities 389,669 (12,080) 39,328 416,917
CASH FLOWS FROM CAPITAL AND
RELATED FINANCING ACTIVITES:
Acquisition of capital assets (1,354,059) (5,935) (19,984) (1,379,978)
Capital lease (139,320) (139,320)
Proceeds from sale of assets 6,400 20,490 26,890
Net cash provided by (used for) capital and related
financing activities (1,347,659) (5,935) (138,814) (1,492,408)
CASH FLOWS FROM INVESTING ACTIVITIES:
Interest received 13,606 21,361 5,067 11,001 51,035
Change in temporary investments 176,751 415,874 41,000 (12,406) 621,219
Net cash provided by (used for) investing activities 190,357 437,235 46,067 (1,405) 672,254
Net increase (decrease) in cash 23,172 106,430 9,813 79,859 219,274
Cash and cash equivalents at beginning of year 61,267 162,867 15,572 20,671 260,377
Cash and cash equivalents at end of year 84,439 269,297 25,385 100,530 479,651
Classified as:
Current assets 84,439 269,297 25,385 100,530 479,651
Total $84,439 $269,297 $25,385 $100,530 $479,651
Non-cash disclosure
Equity transfer $ 157,555 $ 24,748 $182,303
Equipment acquired with capital lease $ 166,968 $166,968
(continued)
CITY OF GEORGETOWN, TEXAS
STATEMENT OF CASH FLOWS INTERNAL SERVICE FUNDS
RECONCILIATION OF OPERATING INCOME
TO NET CASH PROVIDED BY OPERATING ACTIVITIES
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2003
FLEET JOINT FACILITIES INFORMATION
MANAGEMENT SERVICES MAINTENANCE SERVICES
FUND FUND FUND FUND 2003
OPERATING INCOME (LOSS)$ (135,871) $ (329,123) $ (95,390) $ (234,975) $ (795,359)
Adjustments to reconcile operating income (loss) to
cash provided by (used in) operating activities:
Depreciation 664,965 17,169 56,908 200,853 939,895
Other income 203,497 97,480 300,977
Decrease (increase) in inventories (21,197) (21,197)
Decrease (increase) in accounts receivable (7,869) (25,737) (33,606)
Increase (decrease) in accounts payable 61,921 (51,382) 638 201,191 212,368
Increase (decrease) in compensated absences payable 4,162 1,590 13,681 19,433
Net cash provided by (used for) operating activities $790,805 $(312,790)$(36,254)$180,750 $622,511
TOTALS
Supplementary Individual Fund
Financial Statements – Enterprise Funds
These supplementary statements are included to provide management additional information for
financial analysis.
CITY OF GEORGETOWN, TEXAS
ELECTRIC FUND
COMPARATIVE STATEMENTS OF NET ASSETS
AS OF SEPTEMBER 30, 2003 and 2002
TOTALS
2003 2002
ASSETS:
Current Assets:
Cash and cash equivalents $ 478,112 $ 499,636
Investments 482,196 2,164,531
Accounts receivable:
Services (net of allowance for uncollectibles) 4,635,739 3,760,575
Other 23,942 45,964
Due from other funds 515,593
Inventories 1,214,174 1,326,161
Total current assets 7,349,756 7,796,867
Noncurrent Assets:
Long-term note receivables 48,235 162,342
Deferred charges - bond issuance costs 318,166 341,484
Total noncurrent assets 366,401 503,826
Restricted Assets:
Cash and cash equivalents 271,500 95,279
Investments 271,500 406,190
Total restricted assets 543,000 501,469
Property, Plant and Equipment:
Land and land rights 193,735 182,236
Distribution system 41,476,839 38,050,842
Buildings and improvements 404,000 455,054
Machinery, furniture and equipment 546,758 161,228
Total cost property and equipment 42,621,332 38,849,360
Less accumulated depreciation (12,856,110) (11,117,966)
Net property and equipment 29,765,222 27,731,394
TOTAL ASSETS $ 38,024,379 $ 36,533,556
LIABILITIES AND NET ASSETS:
Liabilities:
Current liabilities:
Accounts payable $ 3,463,456 $ 1,895,008
Compensated absence 73,881 181,384
Current portion of long-term debt 689,465 636,202
Total current liabilities 4,226,802 2,712,594
Liabilities payable from restricted assets:
Construction contracts and retainages payable 335,620
Customer deposits 543,000 501,469
Accrued interest 56,234 56,592
Total liabilities payable from restricted assets 599,234 893,681
Long term liabilities:
Compensated absence 143,446
Long-term debt 8,584,155 8,710,620
Total liabilities 13,553,637 12,316,895
Net Assets:
Invested in capital assets (net of related debt) 20,491,602 11,519,772
Restricted for:
Future construction 120,420
Unrestricted 3,858,720 12,696,889
Total net assets 24,470,742 24,216,661
TOTAL LIABILITIES AND NET ASSETS $ 38,024,379 $ 36,533,556
CITY OF GEORGETOWN, TEXAS
ELECTRIC FUND
COMPARATIVE STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN FUND NET ASSETS
FISCAL YEARS ENDED SEPTEMBER 30, 2003 AND 2002
2003 2002
OPERATING REVENUES:
Electric services $ 25,916,557 $ 23,412,202
Other:
Penalties 308,843 282,481
Connection and hookup fees 463,996 382,841
Total other 772,839 665,322
TOTAL OPERATING REVENUES 26,689,396 24,077,524
OPERATING EXPENSES:
Electric operations:
Personnel 1,072,704 1,028,118
Operations 817,261 822,227
Total electric operations 1,889,965 1,850,345
Depreciation 1,738,143 963,484
Electric contracts 19,839,696 16,863,913
TOTAL OPERATING EXPENSES 23,467,804 19,677,742
NET OPERATING INCOME 3,221,592 4,399,782
NONOPERATING REVENUES (EXPENSES):
Investment earnings 38,132 32,155
Interest and fiscal charges (489,703) (503,861)
Other 574,119 278,486
Total nonoperating revenues (expenses) 122,548 (193,220)
INCOME BEFORE CONTRIBUTIONS AND TRANSFERS 3,344,140 4,206,562
CONTRIBUTIONS AND TRANSFERS:
Capital contributions 6,864,800
Transfers in 247,798
Transfers out (3,090,059) (2,051,198)
Total contributions and transfers in (out) (3,090,059) 5,061,400
CHANGE IN NET ASSETS 254,081 9,267,962
NET ASSETS, Beginning of period 24,216,661 14,948,699
NET ASSETS, End of period $ 24,470,742 $ 24,216,661
CITY OF GEORGETOWN, TEXAS
WATER SERVICES FUND
COMPARATIVE STATEMENTS OF NET ASSETS
AS OF SEPTEMBER 30, 2003 and 2002
TOTALS
2003 2002
ASSETS:
Current Assets:
Cash and cash equivalents $ 4,210,506 $ 1,790,532
Investments 4,177,682 7,639,463
Prepaid expenses 1,121,049 1,014,365
Accounts receivable:
Services (net of allowance for uncollectibles) 3,137,454 2,257,206
Due from other funds 45,847
Total current assets 12,646,691 12,747,413
Noncurrent Assets:
Long-term note receivables 11,573,750 96,719
Deferred charges - bond issuance costs 1,066,561 1,094,236
Investment in joint venture 265,603
Total noncurrent assets 12,640,311 1,456,558
Restricted Assets:
Cash and cash equivalents 42,750
Investments 182,250
Total restricted assets 225,000
Property, Plant and Equipment:
Land and land rights 475,070 449,716
Distribution system 79,449,313 75,990,165
Buildings and improvements 3,005,294 286,205
Machinery, furniture and equipment 199,387 154,204
Construction in progress 11,384,576 3,970,852
Total cost property and equipment 94,513,640 80,851,142
Less accumulated depreciation (18,819,126) (16,676,607)
Net property and equipment 75,694,514 64,174,535
TOTAL ASSETS $ 100,981,516 $ 78,603,506
LIABILITIES AND NET ASSETS:
Liabilities:
Current liabilities:
Accounts payable $ 765,429 $ 1,562,324
Compensated absence 57,752 147,578
Current portion of long-term debt 1,845,286 1,508,798
Total current liabilities 2,668,467 3,218,700
Liabilities payable from restricted assets:
Construction contracts and retainages payable 587,185 397,144
Accrued interest 149,613 123,981
Total liabilities payable from restricted assets 736,798 521,125
Long term liabilities:
Compensated absence 116,352
Deferred revenue 99,936 57,827
Long-term debt 23,379,610 19,149,380
Total liabilities 27,001,163 22,947,032
Net Assets:
Invested in capital assets (net of related debt) 50,469,618 43,516,357
Restricted for:
Future construction 723,805 975,179
Unrestricted 22,786,930 11,164,938
Total net assets 73,980,353 55,656,474
TOTAL LIABILITIES AND NET ASSETS $ 100,981,516 $ 78,603,506
CITY OF GEORGETOWN, TEXAS
WATER SERVICES FUND
COMPARATIVE STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN FUND NET ASSETS
FISCAL YEARS ENDED SEPTEMBER 30, 2003 AND 2002
2003 2002
OPERATING REVENUES:
Water/Irrigation:
Water services $ 8,814,789 $ 8,448,092
Wastewater services 4,929,301 4,373,794
Irrigation services 166,751 180,236
Water taps 737,452 633,827
Total water/irrigation 14,648,293 13,635,949
Other:
Penalties 188,979 176,288
Connection and hookup fees 62,453 66,964
Service fees 2,261,386 1,128,520
Total other 2,512,818 1,371,772
TOTAL OPERATING REVENUES 17,161,111 15,007,721
OPERATING EXPENSES:
Water services distribution:
Personnel 587,592 527,493
Operations 1,001,025 976,669
Total water services distribution 1,588,617 1,504,162
Depreciation 2,130,876 1,618,544
Water services plant management 2,598,131 2,272,327
Water services contracts 4,206,469 3,736,485
TOTAL OPERATING EXPENSES 10,524,093 9,131,518
NET OPERATING INCOME 6,637,018 5,876,203
NONOPERATING REVENUES (EXPENSES):
Investment earnings 117,819 578,636
Interest and fiscal charges (1,179,116) (1,136,813)
Other 1,616,742 2,186,650
Total nonoperating revenue (expenses) 555,445 1,628,473
INCOME BEFORE CONTRIBUTIONS,
EXTRAORDINARY ITEMS, AND TRANSFERS 7,192,463 7,504,676
CONTRIBUTIONS, EXTRAORDINARY ITEMS,
AND TRANSFERS:
Capital contributions 1,213,867
Extraordinary item - SIP 11,518,384
Transfers in 690,675
Transfers out (1,600,835) (2,179,255)
Total contributions, extraordinary item, and transfers in (out) 11,131,416 (1,488,580)
CHANGE IN NET ASSETS 18,323,879 6,016,096
NET ASSETS, Beginning of period 55,656,474 49,640,378
NET ASSETS, End of period $ 73,980,353 $ 55,656,474
CITY OF GEORGETOWN, TEXAS
AIRPORT FUND
COMPARATIVE STATEMENTS OF NET ASSETS
AS OF SEPTEMBER 30, 2003 and 2002
TOTALS
2003 2002
ASSETS:
Current Assets:
Cash and cash equivalents $ 219,692 $ 76,762
Investments 219,692 325,116
Accounts receivable:
Services (net of allowance for uncollectibles) 75,973 43,810
Other 790 790
Inventories 10,678 10,067
Total current assets 526,825 456,545
Noncurrent Assets:
Deferred charges - bond issuance costs 18,750 20,000
Total noncurrent assets 18,750 20,000
Restricted Assets:
Cash and cash equivalents 1,412
Investments 6,020
Total restricted assets 7,432
Property, Plant and Equipment:
Land and land rights 981,500 909,383
Buildings and improvements 7,597,187 7,738,314
Machinery, furniture and equipment 127,577 32,829
Total cost property and equipment 8,706,264 8,680,526
Less accumulated depreciation (3,478,794) (3,054,232)
Net property and equipment 5,227,470 5,626,294
TOTAL ASSETS $ 5,773,045 $ 6,110,271
LIABILITIES AND NET ASSETS:
Liabilities:
Current liabilities:
Accounts payable $ 60,723 $ 56,488
Compensated absence 11,810 33,691
Current portion of long-term debt 128,574 100,961
Total current liabilities 201,107 191,140
Liabilities payable from restricted assets:
Customer deposits 7,433
Accrued interest 11,960 12,716
Total liabilities payable from restricted assets 11,960 20,149
Long term liabilities:
Compensated absence 26,093
Long-term debt 1,805,917 1,934,492
Total liabilities 2,045,077 2,145,781
Net Assets:
Invested in capital assets (net of related debt) 3,292,979 3,590,841
Unrestricted 434,989 373,649
Total net assets 3,727,968 3,964,490
TOTAL LIABILITIES AND NET ASSETS $ 5,773,045 $ 6,110,271
CITY OF GEORGETOWN, TEXAS
AIRPORT FUND
COMPARATIVE STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN FUND NET ASSETS
FISCAL YEARS ENDED SEPTEMBER 30, 2003 AND 2002
2003 2002
OPERATING REVENUES:
Fuel sales $ 989,501 $ 1,008,843
Contract leases 125,425 121,014
Hangar/tiedown rental fees 339,985 301,321
Terminal sales 4,613 4,343
TOTAL OPERATING REVENUES 1,459,524 1,435,521
OPERATING EXPENSES:
Administration:
Personnel 208,621 201,477
Operations 1,039,826 943,040
Total administration 1,248,447 1,144,517
Depreciation 424,562 464,728
TOTAL OPERATING EXPENSES 1,673,009 1,609,245
NET OPERATING LOSS (213,485) (173,724)
NONOPERATING REVENUES (EXPENSES)
Investment earnings 9,930 16,427
Interest and fiscal charges (100,919) (96,709)
Donations and grants 12,861 257,304
Other 55,091 46,657
Total nonoperating revenues (expenses) (23,037) 223,679
INCOME (LOSS) BEFORE TRANSFERS (236,522) 49,955
TRANSFERS IN:
Transfers in 2,304
Total transfers in 2,304
CHANGE IN NET ASSETS (236,522) 52,259
NET ASSETS, Beginning of period 3,964,490 3,912,231
NET ASSETS, End of period $ 3,727,968 $ 3,964,490
CITY OF GEORGETOWN, TEXAS
SANITATION FUND
COMPARATIVE STATEMENTS OF NET ASSETS
AS OF SEPTEMBER 30, 2003 and 2002
TOTALS
2003 2002
ASSETS:
Current Assets:
Accounts receivable:
Services (net of allowance for uncollectibles) $ 333,756 $ 309,390
Total current assets 333,756 309,390
Property, Plant and Equipment:
Machinery, furniture and equipment 52,000 52,000
Total cost property and equipment 52,000 52,000
Less accumulated depreciation (52,000) (52,000)
Net property and equipment
TOTAL ASSETS $ 333,756 $ 309,390
LIABILITIES AND NET ASSETS:
Liabilities:
Current liabilities:
Accounts payable $ 189,884 $ 172,486
Compensated absence 9,229
Due to other funds 71,053 45,847
Total current liabilities 260,937 227,562
Net Assets:
Unrestricted 72,819 81,828
Total net assets 72,819 81,828
TOTAL LIABILITIES AND NET ASSETS $ 333,756 $ 309,390
CITY OF GEORGETOWN, TEXAS
SANITATION FUND
COMPARATIVE STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN FUND NET ASSETS
FISCAL YEARS ENDED SEPTEMBER 30, 2003 AND 2002
2003 2002
OPERATING REVENUES:
Sanitation:
Sanitation services $ 2,744,373 $ 2,499,863
Landfill fees
Total sanitation 2,744,373 2,499,863
Other:
Penalties 36,706 32,228
Connection and hookup fees 10,388 11,544
Total other 47,094 43,772
TOTAL OPERATING REVENUES 2,791,467 2,543,635
OPERATING EXPENSES:
Collection station:
Personnel 22,166
Operations 76,788
Total collection station 98,954
Sanitation contracts 2,577,159 2,275,212
TOTAL OPERATING EXPENSES 2,577,159 2,374,166
NET OPERATING INCOME 214,308 169,469
INCOME BEFORE TRANSFERS 214,308 169,469
Transfers out (223,317) (203,939)
Total transfers (out)(223,317) (203,939)
CHANGE IN NET ASSETS (9,009) (34,470)
NET ASSETS, Beginning of period 81,828 116,298
NET ASSETS, End of period $ 72,819 $ 81,828
CITY OF GEORGETOWN, TEXAS
STORMWATER DRAINAGE FUND
COMPARATIVE STATEMENTS OF NET ASSETS
AS OF SEPTEMBER 30, 2003 and 2002
TOTALS
2003 2002
ASSETS:
Current Assets:
Cash and cash equivalents $ 100,868 $ 9,607
Investments 92,396 5,306
Accounts receivable:
Services (net of allowance for uncollectibles) 142,121 107,787
Total current assets 335,385 122,700
Noncurrent Assets:
Long-term note receivables
Deferred charges - bond issuance costs 71,630 77,083
Total noncurrent assets 71,630 77,083
Restricted Assets:
Cash and cash equivalents 25,827 152,689
Total restricted assets 25,827 152,689
Property, Plant and Equipment:
Land and land rights 2,304 2,304
Distribution system 4,449,025 4,345,136
Machinery, furniture and equipment 14,050
Construction in progress 26,010
Total cost property and equipment 4,491,389 4,347,440
Less accumulated depreciation (493,110) (360,076)
Net property and equipment 3,998,279 3,987,364
TOTAL ASSETS $ 4,431,121 $ 4,339,836
LIABILITIES AND NET ASSETS:
Liabilities:
Current liabilities:
Accounts payable $ 40,641 $ 18,579
Compensated absence 14,017 33,122
Current portion of long-term debt 123,740 119,380
Total current liabilities 178,398 171,081
Liabilities payable from restricted assets:
Construction contracts and retainages payable 15,640
Accrued interest 17,452 18,172
Total liabilities payable from restricted assets 17,452 33,812
Long term liabilities:
Compensated absence 26,885
Long-term debt 2,455,801 2,579,541
Total liabilities 2,678,536 2,784,434
Net Assets:
Invested in capital assets (net of related debt) 1,418,738 1,288,443
Unrestricted 333,847 266,959
Total net assets 1,752,585 1,555,402
TOTAL LIABILITIES AND NET ASSETS $ 4,431,121 $ 4,339,836
CITY OF GEORGETOWN, TEXAS
STORMWATER DRAINAGE FUND
COMPARATIVE STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN FUND NET ASSETS
FISCAL YEARS ENDED SEPTEMBER 30, 2003 AND 2002
2003 2002
OPERATING REVENUES:
Stormwater drainage fees $ 1,196,006 $ 885,422
Other:
Penalties 9,178 10,128
Service fees 3,948 3,652
Total other 13,126 13,780
TOTAL OPERATING REVENUES 1,209,132 899,202
OPERATING EXPENSES:
Stormwater drainage:
Personnel 216,327 204,719
Operations 452,047 341,105
Total stormwater drainage 668,374 545,824
Depreciation 133,034 105,791
TOTAL OPERATING EXPENSES 801,408 651,615
NET OPERATING INCOME 407,724 247,587
NONOPERATING REVENUES (EXPENSES):
Investment earnings (6,016) 19,210
Interest and fiscal charges (40,184) (51,281)
Total nonoperating revenue (expenses) (46,200) (32,071)
INCOME BEFORE TRANSFERS 361,524 215,516
TRANSFERS IN (OUT):
Transfers in 1,197
Transfers out (164,341) (71,679)
Total transfers in (out) (164,341) (70,482)
CHANGE IN NET ASSETS 197,183 145,034
NET ASSETS, Beginning of period 1,555,402 1,410,368
NET ASSETS, End of period $ 1,752,585 $ 1,555,402
Agency Fund
Statement of Changes in Assets and Liabilities
The Agency Fund is used to account for assets and liabilities held by the City acting as an agent for
others.
Cafeteria Plan-Flexible Spending - to account for the City’s Internal Revenue Code Section 125
Cafeteria Plan for employees.
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, and USA
Schunk Quartz, Inc., 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, 2003
BALANCE BALANCE
OCTOBER 1, SEPTEMBER 30,
2002 ADDITIONS DEDUCTIONS 2003
Cafeteria Plan-Flex Spending:
ASSETS:
Cash and cash equivalents $ 6,488 $ 135,771 $ 136,912 $ 5,347
TOTAL ASSETS $ 6,488 $ 135,771 $ 136,912 $ 5,347
LIABILITIES:
Accounts payable $ 6,488 $ 135,771 $ 136,912 $ 5,347
TOTAL LIABILITIES $ 6,488 $135,771 $136,912 $5,347
Cimarron Hills Public Improvement District:
ASSETS:
Cash and cash equivalents $ 89,030 $ 182,060 $ 259,102 $ 11,988
Accounts receivable 186,264 183,969 2,295
TOTAL ASSETS $ 89,030 $ 368,324 $ 443,071 $ 14,283
LIABILITIES:
Accounts payable $ 89,030 $ 368,324 $ 443,071 $ 14,283
TOTAL LIABILITIES $ 89,030 $ 368,324 $ 443,071 $ 14,283
Texas Capital Fund Repayments:
ASSETS:
Accounts receivable $ 1,432,055 $ 450,769 $ 981,286
TOTAL ASSETS $ 1,432,055 $ 450,769 $ 981,286
LIABILITIES:
Due to other governments $ 1,432,055 $ 450,769 $ 981,286
TOTAL LIABILITIES $ 1,432,055 $ 450,769 $ 981,286
TOTAL AGENCY FUNDS
ASSETS:
Cash and cash equivalents $ 95,518 $ 317,831 $ 396,014 $ 17,335
Accounts receivable 1,432,055 186,264 634,738 983,581
TOTAL ASSETS $ 1,527,573 $ 504,095 $ 1,030,752 $ 1,000,916
LIABILITIES:
Accounts payable $ 95,518 $ 504,095 $ 579,983 $ 19,630
Due to other governments 1,432,055 450,769 981,286
TOTAL LIABILITIES $ 1,527,573 $ 504,095 $ 1,030,752 $ 1,000,916
Capital Assets Used in the Operation of Governmental Funds
CITY OF GEORGETOWN, TEXAS
GENERAL FIXED ASSETS ACCOUNT GROUP
COMPARATIVE SCHEDULES OF GENERAL FIXED ASSETS - BY SOURCE
SEPTEMBER 30, 2003 and 2002
2003 2002
GENERAL FIXED ASSETS
Land $ 2,564,247 $ 2,564,247
Buildings 18,971,010 14,136,551
Improvements 25,482,570 22,761,309
Machinery, furniture and equipment 1,433,800 1,359,834
Construction in progress 4,944,337 4,222,986
TOTAL GENERAL FIXED ASSETS $ 53,395,964 $ 45,044,927
INVESTMENT IN GENERAL FIXED ASSETS BY SOURCE
General Fund $ 875,724 $ 862,740
Capital Projects Funds:
General obligation bonds and certificates of obligation 30,093,066 23,248,004
State grant 200,000 200,000
Other 10,505,186 8,485,702
Special Revenue Funds:
Federal grant 2,495,646 3,206,396
Other 2,144,429 1,960,442
State grant 3,689,663 3,689,663
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 $ 53,395,694 $ 45,044,927
This schedule presents only the capital asset balances related to governmental funds. Accordingly, the
assets related to internal service funds are excluded from the above amounts
CITY OF GEORGETOWN, TEXAS
CAPITAL ASSETS USED IN THE OPERATION OF GOVERNMENTAL FUNDS
SCHEDULE BY FUNCTION AND ACTIVITY
SEPTEMBER 30, 2003
LAND BUILDINGS IMPROVEMENTS EQUIPMENT
CONSTRUCTION
IN PROGRESS TOTAL
FUNCTION AND ACTIVITY
Culture-recreation
Library $ 1,292,711 $ 61,340 $ 275,549 $ 1,629,600
Parks administration 639,193 824,902 14,583 1,478,678
Parks maintenance $ 660,333 5,985 2,322,612 168,534 3,157,464
Recreation 83,246 91,867 17,235 192,348
Total culture-recreation 743,579 1,937,889 3,300,721 475,901 6,458,090
Development
Planning administration 21,995 58,623 80,618
Current planning 25,000 25,000
Total development 21,995 83,623 105,618
Economic development
Administration 25,000 5,489 30,489
Total economic development 25,000 5,489 30,489
Fire
Administation 14,890 14,890
Operations 367,101 142,724 138,166 647,991
Prevention 29,206 29,206
Total fire 367,101 142,724 182,262 692,087
General Government
City council 593,084 792,722 146,832 107,998 1,640,636
City manager's office 435,204 582,169 23,621 1,040,994
Facilities 223,810 9,539,075 717,300 12,995 10,493,180
General government 341,612 6,268,702 2,558,238 120,331 9,288,883
Total general government 1,593,710 16,600,499 4,004,539 264,945 22,463,693
Highways and streets
Streets 1,639,163 27,530 1,666,693
Streets capital improvements 226,958 15,881,599 241,060 16,349,617
Total highways and streets 226,958 17,520,762 268,590 18,016,310
Police
Administration 65,521 466,829 39,161 571,511
Support services bureau 45,700 45,700
Field operations bureau 39,175 39,175
Animal services 28,954 28,954
Total police 65,521 466,829 152,990 685,340
TOTAL CAPITAL ASSETS 2,564,247 18,971,010 25,482,570 1,433,800 48,451,627
CONSTRUCTION IN PROGRESS $ 4,944,337 4,944,337
4,944,337 4,944,337
TOTAL GOVERNMENTAL
FUNDS CAPITAL ASSETS $ 2,564,247 $ 18,971,010 $ 25,482,570 $ 1,433,800 $ 4,944,337 $ 53,395,964
This schedule presents only the capital asset balances related to governmental funds. Accordingly, the
assets related to internal service funds are excluded from the above amounts
CITY OF GEORGETOWN, TEXAS
CAPITAL ASSETS USED IN THE OPERATION OF GOVERNMENTAL FUNDS
SCHEDULE OF CHANGES BY FUNCTION AND ACTIVITY
SEPTEMBER 30, 2003
BALANCE
9/30/2002 ADDITIONS DELETIONS
BALANCE
9/30/2003
FUNCTION AND ACTIVITY
Culture-recreation
Library $ 1,629,600 $ 1,629,600
Parks administration 1,467,829 $ 10,849 1,478,678
Parks maintenance 3,157,464 3,157,464
Recreation 192,348 192,348
Total culture-recreation 6,447,241 10,849 - 6,458,090
Development
Planning administration 75,578 5,040 80,618
Current planning 25,000 25,000
Total development 100,578 5,040 - 105,618
Economic development -
Administration 30,489 30,489
Total economic development 30,489 - 30,489
Fire
Administation 14,890 14,890
Operations 640,203 7,788 647,991
Prevention 21,816 7,390 29,206
Total fire 676,909 15,178 - 692,087
General Government
City council 1,640,636 1,640,636
City manager's office 1,040,994 1,040,994
Facilities 4,692,834 5,800,346 10,493,180
General government 9,999,633 $ (710,750) 9,288,883
Total general government 17,374,097 5,800,346 (710,750) 22,463,693
Highways and streets
Streets 1,530,209 136,484 1,666,693
Streets capital improvements 14,006,498 2,343,119 16,349,617
Total highways and streets 15,536,707 2,479,603 - 18,016,310
Police
Administration 571,511 571,511
Support services bureau 38,200 7,500 45,700
Field operations bureau 39,175 39,175
Animal services 7,034 21,920 28,954
Total police 655,920 29,420 - 685,340
TOTAL CAPITAL ASSETS 40,821,941 8,340,436 (710,750) 48,451,627
CONSTRUCTION IN PROGRESS 4,222,986 8,987,821 (8,266,470) 4,944,337
4,222,986 8,987,821 (8,266,470) 4,944,337
TOTAL GOVERNMENTAL
FUNDS CAPITAL ASSETS $ 45,044,927 $ 17,328,257 $ (8,977,220) $ 53,395,964
This schedule presents only the capital asset balances related to governmental funds. Accordingly, the
assets related to internal service funds are excluded from the above amounts
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CITY OF GEORGETOWN, TEXAS
GOVERNMENT-WIDE EXPENSES BY FUNCTION
LAST TEN FISCAL YEARS
FISCAL CULTURE- GENERAL INTEREST ON
YEAR RECREATION DEVELOPMENT FIRE GOVERNMENT LONG TERM DEBT
2003 $4,165,382 $1,607,886 $3,611,523 $3,715,369 $1,241,202
Source: Current year government-wide financials
Note: City of Georgetown first applied GASB Statement No. 34 in fiscal year 2003; therefore,
government-wide financial information for years prior to fiscal year 2003 is not available.
GOVERNMENT-WIDE REVENUES
LAST TEN FISCAL YEARS
FISCAL CHARGES FOR OPERATING GRANTS CAPITAL GRANTS
YEAR SERVICES & CONTRIBUTIONS & CONTRIBUTIONS
2003 $49,548,649 $228,828 $3,770,954
Source: Current year government-wide financials
Note: City of Georgetown first applied GASB Statement No. 34 in fiscal year 2003; therefore,
government-wide financial information for years prior to fiscal year 2003 is not available.
PROGRAM REVENUES
STORM-
POLICE STREETS AIRPORT ELECTRIC SANITATION WATER WATER TOTAL
$ 5,476,245 $ 3,267,717 $ 1,773,928 $ 23,957,507 $ 2,577,159 $841,591 $ 11,727,956 $ 63,963,465
EXTRA-
FRANCHISE INTEREST ON ORDINARY
TAXES FEES INVESTMENTS ITEM OTHER TOTAL
$ 13,032,245 $ 1,579,729 $ 356,967 $ 13,623,784 $ 3,429,743 $85,570,899
GENERAL REVENUES
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
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
2003 2,381,789 (4) (4) 1,565,612 1,587,154 3,904,361 (4)
Expenditures presented include the General, Special Revenue, Debt Service and Capital Projects funds.
(1) Beginning in 1999, administrative departments were transferred to the Joint Services Internal Service Fund,
thereby reducing both the expense and the interfund charges for service.
(2) Beginning in 2000, the Economic Development function was added.
(3) Beginning in 2001, the Community Services division was eliminated and the functions were consolidated into
General government.
(4) Beginning in 2003, departments were reorganized to reflect functions for GASB 34. The following changes occurred.
Animal Services and Municipal Court are moved to Police and the Library is moved to Parks and Recreation.
CAPITAL INTERFUND
INFOR- OUTLAY CHARGES
FIRE POLICE MATION DEBT AND FOR
SERVICES SERVICES RESOURCES SERVICE OTHER SERVICES TOTAL
$ 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
3,507,243 5,359,643 (4) 2,400,861 9,749,963 (762,433)29,694,193
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
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 3,051,092 809,909 522,935
1997 2,494,649 3,254,884 567,936 1,211,758
1998 3,491,301 3,678,293 512,818 1,194,178
1999 4,224,047 4,189,934 530,896 1,471,358
2000 4,797,764 5,143,020 662,344 942,251
2001 5,186,933 5,337,327 731,600 171,240
2002 5,991,068 7,092,195 827,395 214,356
2003 6,596,246 8,057,144 866,451 228,827
(1) Beginning 1994, 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
$ 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
946,450 533,703 3,737,716 20,966,537
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
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
2003 6,912,129 6,598,745 95.47% 46,401
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
$ 1,434,949 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%
6,645,146 96.14%266,983 3.86%
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
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
2003 1,915,334,794 1,915,334,794 200,707,337 200,707,337
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
$ 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%
2,116,042,131 2,116,042,131 100.00%
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
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
2003 0.20 0.10 0.30 1.73 0.46 2.49
Source: Information furnished by respective tax assessors.
CITY OF GEORGETOWN, TEXAS
PRINCIPAL TAXPAYERS
SEPTEMBER 30, 2003
PERCENTAGE
OF TOTAL
ASSESSED ASSESSED
TAXPAYER TYPE OF BUSINESS VALUE VALUE(1)
Verizon Southwest Utility $ 13,102,770 0.62%
H E Butt Grocery Company Grocer 10,419,235 0.49%
Rivery Partners Development 9,862,190 0.47%
Hewlett Motor Company Vehicle Dealership 8,923,207 0.42%
Watersedge-Georgetown Ltd. Apartments 8,500,500 0.40%
Republic Square Joint Venture Development 7,817,091 0.37%
KH - Georgetown Partners Ltd. Development 7,531,034 0.36%
Watersedge-Georgetown II Ltd. Apartments 7,429,814 0.35%
Manitowoc Boom Trucks, Inc. Manufacturing 7,420,211 0.35%
Airborn, Inc. Manufacturing 3,778,369 0.18%
Total $ 84,784,421 4.01%
(1) The total assessed valuation at September 30, 2003 was certified at $2,116,042,131.
Sources: City Tax Assessor/Collector.
* Per certified roll. Does not include some major property owners whose property is under protest as of date of certification.
CITY OF GEORGETOWN, TEXAS
COMPUTATION OF LEGAL DEBT MARGIN
SEPTEMBER 30, 2003
ASSESSED VALUATION $ 2,116,042,131
Allowable tax levy for annual debt service
purpose: $1.25 per $100 of assessed valuation,
assuming 90% collection rate 23,805,474
2003 annual debt service requirements for general
obligation debt:
Principal $1,380,001
Interest and fiscal charges 1,359,058 2,739,059
Legal margin for annual debt service requirements $ 21,066,415
NOTE: All taxable property within the City is subject to the assessment, levy
and collection by the City of a continuing, direct annual ad valorem tax
sufficient to provide for the payment of principal and interest on the
Bonds within the limits prescribed by law. Article XI, Section 5, of the
Texas Constitution is applicable to the City, and limits the maximum ad
valorem tax rate to $2.50 per $100 assessed valuation (for all City
purposes). The Charter of the City adopts the provisions of the constitution
without further limitation. Under rules promulgated by the Office of
the Attorney General of Texas, such office will not approve tax bonds of
the City unless the City can demonstrate its ability to pay debt service
requirements on all outstanding City tax bonds, including the issue to be
approved, from a tax levy of $1.25 per $100 of valuation, based on 90%
collection of tax.
The legal margin computation includes the general obligation debt that will be repaid by self-supporting sources
such as the Airport, Stormwater Drainage and Georgetown Transportation Enhancement Corporation (GTEC)
funds.
CITY OF GEORGETOWN, TEXAS
RATIO OF NET GENERAL OBLIGATION BONDED DEBT TO ASSESSED
VALUE AND NET GENERAL OBLIGATION BONDED DEBT PER CAPITA
LAST TEN FISCAL YEARS
GROSS LESS SELF TOTAL TAX
FISCAL ASSESSED BONDED SUPPORTING SUPPORTED
YEAR POPULATION VALUE (1) DEBT (2) DEBT (3) DEBT
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
2003 35,300 2,116,042,131 26,731,486 4,514,031 22,217,455
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)
$ 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
663,644 21,553,811 1.02%1.23%610.59 738.47
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)
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
2003 1,380,001 1,359,058 2,739,059 553,294
(1) Includes principal, interest and fiscal charges for self supporting general obligation debt of the
Airport, Stormwater Drainage, and Georgetown Transportation Enhancement Corporation.
(2) Includes General, Special Revenue, Debt Service, and Capital Projects Funds.
RATIO OF TOTAL RATIO OF NET
NET TOTAL DEBT SERVICE TO DEBT SERVICE TO
DEBT GENERAL TOTAL GENERAL TOTAL GENERAL
SERVICE EXPENDITURES (2) EXPENDITURES EXPENDITURES
$ 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%
2,185,765 29,694,193 9.22% 7.36%
CITY OF GEORGETOWN, TEXAS
COMPUTATION OF DIRECT AND ESTIMATED OVERLAPPING BONDED DEBT
SEPTEMBER 30, 2003
DEBT CITY'S SHARE (2)
PER
TAXING BODY AMOUNT AS OF PERCENT AMOUNT CAPITA (1)
ESTIMATED OVERLAPPING DEBT:
Georgetown I.S.D. $ 70,000,000 6-30-03 59.93% $ 41,952,462 $ 1,188
Williamson County 376,880,000 9-30-03 12.16% 45,819,304 1,298
Total estimated
overlapping debt 446,880,000 19.64% 87,771,766 2,486
DIRECT DEBT - City of
Georgetown 26,731,486 9-30-03 100.00% 26,731,486 757
DIRECT AND ESTIMATED
OVERLAPPING DEBT $ 473,611,486 $ 114,503,252 $ 3,244
Source: Jurisdiction listed.
(1) GISD population - 58,900
Williamson County population - 290,355
City of Georgetown population - 35,300
(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
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
2003 46,041,368 155,951 30,122,878 16,074,441
(1) Electric, Water and Wastewater only.
DEBT SERVICE REQUIREMENTS
INTEREST AND TIMES
PRINCIPAL FISCAL CHARGES TOTAL COVERAGE
$ 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
2,145,000 1,668,819 3,813,819 4.21
CITY OF GEORGETOWN, TEXAS
UTILITY CUSTOMER COUNTS
LAST TEN YEARS
FISCAL
YEAR ELECTRIC WATER SEWER STORMWATER (1) GARBAGE
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
2003 15,812 14,878 12,669 12,661 13,430
(1) Stormwater drainage fees were adopted in fiscal year 1995.
CITY OF GEORGETOWN, TEXAS
ELECTRIC UTILITY STATISTICAL DATA
MONTHLY ELECTRIC RATES (Effective 6-01-03)
All Customers:
Power Cost Adjustment Variable
Residential Sales Tax Inside City Limits: 1.75% of total electric charges
Outside City Limits: None
Commercial Sales Tax Inside City Limits: 8.0% of total electric charges
Outside City Limits: 6.25% of total electric charges
Residential Service:
Customer Charge $6.00 per month
Energy Charge
Small General Service:
Customer Charge $12.00 per month
Energy Charge $0.0654 per kWh
School Charge:
Customer Charge $12.00 per month
Energy Charge $0.0760 per kWh
Municipal Water & Wastewater Pumping Service:
Customer Charge $12.00 per month
Energy Charge $0.0574 per kWh
Large General Service:
Customer Charge $20.00 per month
Demand Charge $7.30 per kW, but not less than $365.00
Energy Charge $0.0370 per kWh
Load Factor Credit $0.008 per kWh for all kWh in excess of 400kWh
Curtailable Power Credit
Available to customers with demand exceeding 50 kW; contact the Energy Services Manager for details
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 09-30-03)
Due to electric deregulation and the confidentiality of the electric system, the ten largest electric
customers are not being presented.
$0.0678 per kWh
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)
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
2003 7,464 18,300 2,724,275
TEN LARGEST WATER CUSTOMERS (Gallons) (12 Mos ending 09-30-03)
(000 Gal)
Customer Consumed % Total
Sun City Association 304,453 11.18%
Southwestern University 97,199 3.57%
Chisholm Trail SUD 92,576 3.40%
City of Georgetown 44,393 1.63%
Georgetown ISD 27,663 1.02%
Williamson County 22,047 0.81%
Indian Creek Apartments 20,299 0.75%
Georgetown Housing Authority 17,931 0.66%
Wesleyan Homes 14,945 0.55%
Georgetown Place Apartments 14,462 0.53%
MONTHLY WATER RATES (Effective 10-01-03)
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 $ 2.25 $ 2.60
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 $ 2.25 $ 2.60
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
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
2003 2,890,000
TEN LARGEST WASTEWATER CUSTOMERS (12 Mos ending 09-30-03)
Customer Volume % Total
Southwestern University 32,767 3.02%
Indian Creek Apartments 19,969 1.84%
Williamson County 19,313 1.78%
Georgetown Housing Authority 17,767 1.64%
Georgetown ISD 15,930 1.47%
Wesleyan Homes 15,011 1.38%
Georgetown Place Apartments 14,370 1.33%
Georgetown Hospital 14,275 1.32%
San Gabriel Apartments 11,776 1.09%
The Oaks Apartments 10,237 0.94%
MONTHLY SEWER RATES (Effective 10-01-03)
Customer Charge $11.75 per month
Cost per 1,000 gallons $3.10
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
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%
2003 35,300 8,600 6.02%
Sources:
Population: 2003 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. 2003 is average of the preliminary
monthly estimates.
CITY OF GEORGETOWN, TEXAS
PROPERTY VALUE AND CONSTRUCTION PERMITS
LAST TEN FISCAL YEARS
COMMERCIAL RESIDENTIAL
CONSTRUCTION CONSTRUCTION
FISCAL PROPERTY NUMBER NUMBER
YEAR VALUE(1) OF UNITS VALUE OF UNITS VALUE
1994 $ 395,587,474 6 $ 11,232,000 300 $ 39,245,889
1995 482,780,781 21 23,118,250 392 46,469,421
1996 538,947,506 26 18,864,855 1,243 174,263,170
1997 633,469,050 40 27,766,100 881 118,305,068
1998 984,123,199 35 50,835,410 730 93,486,217
1999 1,199,831,232 41 29,100,000 675 93,647,489
2000 1,410,072,042 43 15,663,210 757 105,212,405
2001 1,629,344,909 23 17,126,030 984 165,352,383
2002 1,838,770,383 31 38,210,061 687 128,834,005
2003 2,116,042,131 32 13,669,958 603 79,667,625
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
2003 2002 2001 2000 1999
Revenues:
Water System $ 14,648,293 $ 13,635,949 $ 12,789,401 $ 12,390,817 $ 10,577,570
Electric System 25,916,557 23,412,202 24,340,991 20,790,680 17,843,712
Miscellaneous 3,285,657 2,647,885 2,217,825 3,035,406 2,686,181
Interest Earnings 155,951 610,791 1,202,418 995,272 879,406
Total revenues 44,006,458 40,306,827 40,550,635 37,212,175 31,986,869
Expenses: (1)
Water System 1,588,617 1,504,162 1,338,135 1,091,765 879,523
Electric System 1,889,965 1,850,345 1,199,854 995,767 935,020
Utility Contracts 26,644,295 22,872,725 23,224,121 19,785,388 17,391,433
Total expenses 30,122,877 26,227,232 25,762,110 21,872,920 19,205,976
NET AVAILABLE FOR
DEBT SERVICE $ 13,883,581 $ 14,079,595 $ 14,788,525 $ 15,339,255 $ 12,780,893
1) Excludes depreciation costs
Information provided to comply with continuing disclosure requirements of SEC Rule 15c2-12.
Average Annual Principal and Interest Requirements, 2004-2022 $ 2,525,875
Coverage of Average Requirements by Fiscal Year 2003 Net Income 6.31 Times
Maximum Principal and Interest Requirements, 2005 $ 4,146,005
Coverage of Maximum Requirements by Fiscal Year 2003 Net Income 3.84 Times
FOR FISCAL YEAR ENDED SEPTEMBER 30,
CITY OF GEORGETOWN, TEXAS
CITY'S EQUITY IN UTILITY SYSTEM (1)
2003 2002 2001 2000 1999
Utility system (1) $ 125,750,396 $ 104,850,674 $ 88,470,161 $ 78,050,279 $ 70,807,624
Less:
Accumulated depreciation (31,675,236) (23,780,397) (21,203,791) (19,223,681) (17,249,590)
Net value of system 94,075,160 81,070,277 67,266,370 58,826,598 53,558,034
Plus: Construction fund 11,384,576 3,970,852 3,249,523 4,660,467 4,853,440
Net plant 105,459,736 85,041,129 70,515,893 63,487,065 58,411,474
Plus: Working capital 13,101,178 16,757,986 22,060,143 18,008,284 14,246,430
Total 118,560,914 101,799,115 92,576,036 81,495,349 72,657,904
Revenue bond debt (2) 34,498,514 30,005,000 32,075,000 32,090,000 28,850,000
CITY'S EQUITY IN SYSTEM $ 84,062,400 $ 71,794,115 $ 60,501,036 $ 49,405,349 $ 43,807,904
PERCENTAGE CITY'S
EQUITY IN SYSTEM 70.90% 70.53% 65.35% 60.62% 60.29%
(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, 2003
Miscellaneous Statistics
Number of square miles in city limits 25.59
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 14 Full time 346.50
Number of students 8,600 Part time 25.75
New construction building permits issued Oct. 2002 - Sept. 2003 - 635
Total number of utility customers as of September 30, 2003:
Electric - 15,812 Water - 14,878
Sanitation - 13,430 Wastewater - 12,669
Infrastructure Recreation & Culture
Miles of streets 376 Number of parks 23
Number of street lights 2,135 Acres of parks 380
Miles of water mains 305
Miles of sanitary sewers 229
Miles of storm sewers 39 Number of libraries 1 public
Miles of electric distribution lines 278 Number of volumes 72,000
Annual electric sales - mWh 343,054 Library circulation 318,820
Peak demand - mW 94 Library visits 224,208
CITY OF GEORGETOWN, TEXAS
SUMMARY OF INSURANCE COVERAGE
SEPTEMBER 30, 2003
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, 2002 to Airport, Aviation $ 20,000,000 $ 16,821
September 30, 2003 Non-owned aircraft, 5,000,000
(Hangarkeepers)
October 1, 2002 to Damage caused by 5,000,000 31,472
September 30, 2003 City Vehicles
October 1, 2002 to Damage caused to ACV 30,302
September 30, 2003 City Vehicles
October 1, 2002 to Library HVAC 2,000,000 0 *
September 30, 2003 Direct Damage
October 1, 2002 to General Liability 10,000,000 agg annual 52,568
September 30, 2003 5,000 occ
October 1, 2002 to Police Department 10,000,000 annual 23,988
September 30, 2003 5,000,000 occ
October 1, 2002 to Damage to per schedule 8,594
September 30, 2003 Mobile Equipment
October 1, 2002 to Crime/Public Employee 500,000 4,095
September 30, 2003 Fidelity & Forgery
Crime/Theft disappearance 100,000 1,776
Destruction (inside/outside)
October 1, 2002 to Mayor, Council, City Attorney 10,000,000 annual 69,008
September 30, 2003 Boards, Commissions 5,000,000 occ
and Employees
October 1, 2002 to Real / Personal 72,092,713 88,996
September 30, 2003 Property per schedule
October 1, 2002 to Losses as Prescribed per TWCC 80,649
September 30, 2003 by the Texas Workers' Statute est.
Compensation Law
October 1, 2002 to Pollution Liability 1,000,000 1,780
September 30, 2003 Underground Storage Tanks (inc fees/taxes)
October 1, 2002 to Police Canine Loss of use/ per schedule 2,240
September 30, 2003 Theft mortality/Vet/Surgical 3 PD canines
*Included in Real/Personal Property policy