HomeMy WebLinkAbout1st_Qtr_ Report_FY2020FY2020 BUDGET
AND FIVE YEAR CAPITAL IMPROVEMENT PLAN
G e o r g e t o w n : A c a r i n g c o m m u n i t y h o n o r i n g
o u r p a s t a n d i n n o v a t i n g f o r t h e f u t u r e
Quarterly Report
FINANCIAL REPORT AND INVESTMENT REPORT
For the Quarter Ended December 31, 2019
Table of Contents
Executive Summary .................................................................................................................................... 1-6
General Fund Schedule ................................................................................................................................. 7
Electric Fund Schedule .................................................................................................................................. 8
Water Services Fund Schedule .......................................................................................................................9
Joint Services Fund Schedule ....................................................................................................................... 10
Council Discretionary Fund Schedule .......................................................................................................... 11
Convention & Visitors Bureau Fund Schedule ............................................................................................. 12
Airport Fund Schedule ................................................................................................................................. 13
Georgetown Transportation Enhancement Corporation Fund Schedule .................................................... 14
Georgetown Economic Development Corporation Fund Schedule ............................................................. 15
Quarterly Investment Report - City ........................................................................................................ 16-43
Quarterly Investment Report - GTEC ...................................................................................................... 44-49
Quarterly Investment Report - GEDCO ................................................................................................... 50-55
Grant Applications ....................................................................................................................................... 56
Capital Improvement Projects ................................................................................................................ 57-59
Long-term Commitments and Other Unfunded Liabilities ..................................................................... 60-62
F FY2020 Quarterly Report
EXECUTIVE SUMMARY FOR THE QUARTER ENDED DECEMBER 31, 2019
I. QUARTERLY FINANCIAL ANALYSIS
Each year, the City amends the budget for multi‐year capital projects, as well as operational changes that
were unknown at the time the budget was adopted. The first reading of the “Roll Forward” amendment
occurred in December, with second reading adoption occurring in January. Therefore, this 1st quarter report
does not reflect the budget amendment that affected many major funds. It will be reflected in the 2nd
quarter report.
GENERAL FUND REVENUES:
General Fund revenues total $20.7 million, or 27.5% of budget. Year to date, revenues exceed last year’s
first quarter revenue by 22.33%. This large increase is explained in the following paragraphs.
Sales tax is the largest segment of revenue in the general fund. Sales tax revenue received through
December totals $1.6 million, or 9.3% of budget. Sales tax is two months in arrears. The first quarter returns
were 12.3% higher than last the previous year. The increase in sales tax revenue is the result of continued
growth in the City’s core sales tax sectors of retail, food, and information, as well as the opening of
new large retail businesses, and a one time in nature payment received in the month. Second quarter
returns year to date are $5 million, a 19.5% increase over the same period last year.
Property tax is the second largest revenue segment in the fund. Property tax revenue is typically received
during the first two quarters of the fiscal year, with most of the taxes being received in December and
January. Property tax revenue for the first quarter of FY2020 is up 12.1%, or $928,577 from the first quarter
of FY2019. Through the first quarter of FY2020, collections total 57.9% of budget. After the first quarter in
FY2019, property tax collections totaled 55.2% of budget.
Development related revenue continues to be very strong. In the first quarter, development related
revenue totals $1.9 million, or 55.7% of budget. While the City continues to witness growth in building
permits, the large increase in revenue is related to a Master Development Fee the City received from a
Municipal Utility District.
The increases seen in sales tax, property tax, and development fee revenue accounts for most of the
increase from the first quarter of FY2019 to the first quarter of FY2020.
Parks and Recreation revenue totals $415,577 through the first quarter. This represents an increase of 3.2%
from the first quarter of FY2019. Year to date, Parks and Rec revenues are at only 17.1% of budget.
However, Parks and Rec revenues historically skew more heavily to the spring and summer months. Garey
Park revenue totals $78,688, or 19.7% of budget. It is anticipated Garey Park revenue will increase in the
spring and summer months.
The City collects franchise fees for electric, natural gas, cable, and non‐cellular telephone services. Through
the first quarter, franchise fee revenues total $787,695 in FY2020, an increase of 0.3% from the first quarter
of FY2019.
Return on Investment (ROI) totals $1.9 million through the first quarter, or 24.2% of budget. The City
collects a ROI on the electric, water, and stormwater utilities.
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F FY2020 Quarterly Report
EMS Revenue through the first quarter totals $708,666, or 25.2% of budget. Sanitation revenue through
the first quarter totals $2.6 million or 25.7% of budget.
The City’s two largest revenue streams, property tax and sales tax, are projected at or above budget. Other
revenue streams like EMS, Parks and Rec fees, and development related revenues and fees continue to
grow with population and new development. Overall, general fund revenues through the first quarter are
in line with budget.
GENERAL FUND EXPENDITURES:
Overall expenditures (personnel, operations, and capital) through the first quarter total $19.9 million, or
26% of budget. Total salaries and benefit expenditures through the first quarter total $11.4 million.
Operational costs total $7.4 million.
The table below excludes capital accounts (like street repair or transfers out for fleet purchases) and is used
to compare the personnel and operations costs year to year.
Generally, year over year increases are reflective of growth in new programs, and personnel costs for new
salaries and benefits as well as merit and market adjustments.
Personnel and Operations Summary (excludes capital accounts)
The Administration Services Division (Administrative Services, City Council, City Secretary, and Social Service
Funding) expenditures for the first quarter total $717,436, which represents 25.7% of budget.
Year‐to‐date expenditures for the Community Services (Parks and Rec., Library, and Communications) and
Finance Division (Municipal Court) total $3.4 million or 26.3% of budget.
Development and Planning expenditures for the first quarter total $808,811, or 26.5% of budget.
The Public Works Division (Environmental Services, Public Works, and Streets) expenditures through the
first quarter total $2.2 million or 17.5% of budget.
Year‐to‐date expenditures for Public Safety total $10.1 million, which represents 26.8% of budget.
The City has experienced 7 of 26 pay periods through the first quarter, or 26.9% of total cycles.
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F FY2020 Quarterly Report
Overall, General Fund expenditures are within budget and the fund can cover the 90‐day Contingency
Reserve.
UTILITY FUNDS:
Electric Fund: Electric operating revenues total $20.4 million, or 22.5% of budget. Electric sales revenue,
the largest component of revenue, totals $19.6 million, or 22.9% of budget through the quarter. Electric
revenue sales are typically higher in the summer months when consumption increases. Operating expenses
total $19.5 million through the quarter, or 23.2% of budget. Purchased Power expenses total $13.9 million,
or 22.6% of budget.
Non‐operating revenue is budgeted at $4.8 million. Year to date, non‐operating revenues total $226,117.
The largest portion of non‐operating revenues are bond proceeds. The City plans to issue revenue bonds
later in the spring as part of the City’s annual debt sale. Non‐operating expenses are budgeted at $8.3
million. Year to date, expenses total $1.05 million for capital improvement projects.
Water Fund: Overall water revenue totals $20.4 million, or 32.9% of budget. Water, wastewater, and
irrigation sales revenue through the first quarter totals $11 million, or 24.8% of budget. Capital Recovery
Fees total $7.3 million. Over the past three years, the fund has seen higher than budget Capital Recovery
Fees due to the growth and new development in the City.
Water operating expenses total $12.8 million, or 31.75% of budget. The utility encumbers (reserves funds)
several large raw water contracts at the beginning of the year and therefore this quarter overage is not a
concern. Non‐operational expenses total $3.8 million. These non‐operational expenses are capital
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F FY2020 Quarterly Report
improvement projects that normally span multiple years. A summary report of all CIP projects is attached
to this report.
OTHER MAJOR FUNDS:
Convention & Visitors Bureau Fund: Hotel Occupancy Tax revenue totals $249,317 for the first quarter of
FY2020, or 19.2% of budget. HOT revenue is typically higher in the spring and summer months. Year to date
expenses in the Convention & Visitors Bureau Fund total $460,345, or 31.9% of budget. The fund is
budgeted to finish FY2020 with a fund balance of $1.4 million and able to cover the 90‐day operational
reserve.
Airport Fund: Airport revenue totals $920,375, which represents 23.7% of budget. The largest revenue
stream for the airport is fuel sales. Through the quarter, fuels sales total $681,825, or 23.5% of budget.
Expenses in the Airport fund total $2.47 million, or 68.5% of budget. $2.2 million of the year to date
expenses is fuel related encumbrances. Overall, both revenues and expenses are tracking well relative to
budget and the fund is budgeted to end FY2020 with $1.2 million in fund balance and meet all its debt
service and contingency requirements.
II. INVESTMENTS
The investment activity and strategies described in this report comply with the Public Funds Investment
Act (PFIA), the City’s investment policy, and generally accepted accounting principles. Activity for the first
quarter of fiscal year 2020 includes the maturing of financial institution deposits (CDs), reinvestment of
CD’s, and investing of bond proceeds in CD’s and Treasury Bills. Interest rates for money market accounts,
Treasury bills, and CD’s decreased during this quarter. We have begun to see a decline in rates being
submitted to competitive investment offerings due to changes in the market. The Federal Open Market
Committee (FOMC) announced no change in the Federal Funds rate on Dec 11. The current rate is 1.50%
‐ 1.75%. The City will continue soliciting for the best rates to improve both diversity and yield, while keeping
in mind safety and liquidity. This quarter the portfolio balances increased due to the increase of property
tax payments in December.
The Investment Reports for the quarter ending December 31, 2019, and the supporting schedules are
attached. Valley View Consulting, L.L.C., has prepared the attached investment reports. A component of
our investment advisory services contract includes Valley View preparing the quarterly investment reports
on behalf of the City. A summary of the investment balances at December 31, 2019, compared to the prior
quarter, is shown below for the City, as well as Georgetown Transportation Enhancement Corporation
(GTEC) and Georgetown Economic Development Corporation (GEDCO).
CITY GTEC GEDCO
10/1/19 12/31/19 10/1/19 12/31/19 10/1/19 12/31/19
Total cash and investments
$178,886,821 $204,262,741 $20,551,884 $21,571,214 $8,248,890 $8,602,528
Average Yield 2.29% 1.90% 2.31% 1.95% 2.15% 1.64%
The City’s strategy continues to be matching maturities with cash flow needs, while focusing on the
investment policy’s long‐range goals. The City’s investment strategy is to “ladder” or stagger maturities,
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F FY2020 Quarterly Report
thus minimizing erratic interest rate fluctuations. The City is continuing to manage the yield on bond
proceeds for arbitrage purposes.
The City’s investment portfolio includes bank deposits, local government investment pool balances, money
market accounts, financial institution deposits (CD’s), and Treasury Bills. All of these investments carry
insurance or an implied backing from the Federal Government. The collateral on all City investments are
monitored monthly to ensure the financial institutions carry minimum collateral of 100% with a letter of
credit or 102% with pledged securities for all of the City’s investments. All securities held by financial
institutions as collateral on behalf of the City have been reviewed and met PFIA‐minimum rating criteria.
The City has worked closely with the City’s depository bank (JPMorgan Chase) to find an average daily
balance that is best to receive the highest yield on the account. These balances earn credit against the fees
charged by the bank. As of March 2019, the City is receiving the alternative premium rate of 1.25% for our
Earnings Credit Rate (ECR). The City will continue to verify depository yield versus investment yield to
achieve the best outcome.
The City's investment program is conducted to accomplish the objectives of safety, liquidity, public trust,
and yield. Each aspect is considered when making decisions regarding investments.
III. CAPITAL PROJECTS
The projects in the Capital Improvement Program (CIP) consist of infrastructure and related construction
and do not include small capital items such as furniture, equipment, and vehicle maintenance.
Maintenance‐type projects are not capitalized as a fixed asset and are usually cash funded. Therefore,
these projects are operational in nature and are in the departmental operating budget. A year‐to‐date
budget status for each of the approved projects is included in the quarterly report.
Fire Station No. 6: Site paving is complete with the exception of the sidewalks. HVAC has been installed
and the building has permanent power. Interior sheetrock is on‐going and City contracted data cabling and
security are running wires. The building is expected to reach substantial completion by the end of March.
Fire Station No. 7: Site paving is complete including most of the sidewalks. HVAC has been installed and
the building has permanent power. Interior sheetrock is on‐going and City contracted data cabling and
security are running wires. The building is expected to reach substantial completion by the end of March.
The Braun Elevated Storage Tank, a 3 Million gallon a day tank, is scheduled for completion May 2020.
The Lake Water Treatment Plant Raw Water Pump Station improvements continue. Nine 24‐inch slide gates
to increase the max flow for plant buildout are being installed. This project is scheduled for completion
March 2020.
The Berry Creek Interceptor phase 4, 5, and 6 will be approximately 15,000 linear feet of 36‐inch
wastewater from the existing lift station at Sun City to the Berry Creek lift station. Construction started
January 28, 2019 and is scheduled for completion in the 2nd quarter of FY2020. Staff is working on punch
list items for this project.
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F FY2020 Quarterly Report
The Pecan Branch Wastewater Treatment Plant expansion takes the existing plant from 1.5 million gallons
to 3 million gallons of treatment capacity. The Pecan Branch wastewater treatment plant construction
started in July 2017 and was completed in August 2019. Only minor punch‐list items remain.
The Shell Road and CR 255 water main designs are complete and easement acquisitions are in progress.
Construction of Shell Road Waterline Improvements is estimated to start in July 2020. CR 255 has been on
hold. The Reagan 30‐inch waterline was moved up in priority and was completed in June of 2019.
6
APRROVED BUDGET CURRENT PERIOD
YEAR TO DATE
(W/ENCUMB)
YEAR‐END
PROJECTION
BEGINNING FUND BALANCE 11,490,900 11,490,900
Revenue
Administrative Charges 2,707,730 679,433 679,433 2,707,730
All Other Revenue 6,558,072 997,845 1,340,655 6,558,072
Development and Permit Fees 3,526,250 716,689 1,964,083 3,526,250
Franchise Fees 5,890,270 171,592 787,695 5,890,270
Garey Park 400,000 15,486 78,688 400,000
Parks and Rec Fees 2,433,100 98,718 415,577 2,433,100
Property Tax 14,800,000 7,282,067 8,572,302 14,800,000
ROI 8,060,000 445,860 1,949,803 8,060,000
Sales Tax 17,859,375 35,468 1,655,648 17,859,375
Sanitation Revenue 10,135,450 846,292 2,607,702 10,135,450
EMS Revenue 2,810,000 221,053 708,666 2,810,000
Transfer In 303,634 ‐ ‐ 303,634
Revenue Total 75,483,881 11,510,502 20,760,252 75,483,881
Expense
Administrative Services 1,794,306 140,257 427,378 1,794,306
Animal Services 973,518 101,846 266,316 973,518
Arts & Culture 36,729 7,980 8,705 36,729
City Council 177,608 13,602 44,470 177,608
City Secretary 819,283 74,659 245,588 819,283
Code Compliance 524,383 44,723 113,816 524,383
Communications 684,453 42,359 124,585 684,453
Solid Waste & Recycling Services (Environmental Services)8,525,875 694,032 1,369,382 8,525,875
Community Services 265,732 (417) 1,997 265,732
Fire Emergency Services 14,280,663 1,379,134 3,817,937 14,280,663
Fire Support Services 3,120,345 431,802 1,067,019 3,120,345
Fire EMS 2,847,016 184,723 629,570 2,847,016
Garey Park 1,005,187 108,771 310,201 1,005,187
General Gov't Contracts 3,261,450 879,478 1,563,574 3,261,450
Inspections 1,347,040 123,497 344,368 1,347,040
Municipal Court 664,063 71,178 182,302 664,063
Library 2,778,723 321,748 769,040 2,778,723
Parks 2,726,868 295,613 886,714 2,726,868
Parks Admin 620,893 98,900 167,259 620,893
Planning 1,703,290 190,644 464,443 1,703,290
Police Admin 2,427,662 428,569 661,753 2,427,662
Police Operations 13,821,657 1,355,217 3,606,674 13,821,657
Public Works 1,469,053 116,789 294,025 1,469,053
Rec Programs 1,359,138 71,804 288,716 1,359,138
Recreation 2,753,284 366,261 701,180 2,753,284
Streets 4,400,037 255,558 1,061,648 4,400,037
Tennis Center 460,794 51,915 102,787 460,794
Transfer Out 524,860 457,860 457,860 524,860
Expense Total 75,373,910 8,308,501 19,979,308 75,373,910
EXCESS (DEFICIENCY) OF TOTAL REVENUE OVER TOTAL REQUIREMENTS 109,971 3,202,000 780,944 109,971
ENDING FUND BALANCE 109,971 3,202,000 780,944 109,971
RESERVES
Contingency Reserve 11,200,000 11,200,000
Benefit Payout Reserve 340,000 340,000
Reserve Total 11,540,000 11,540,000
AVAILABLE FUND BALANCE 60,871 60,871
Year‐End Projection to Approved: Dec FY2020
General Fund
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FY2020 BUDGET CURRENT PERIOD YEAR TO DATE
(W/ENCUMB)
YEAR-END
PROJECTION
BEGINNING FUND BALANCE 5,892,640 5,892,640
Operating Revenue
Electric Revenue (SEE NOTE A)85,509,803 6,718,405 19,640,581 85,509,803
Other Revenue 4,498,616 103,808 393,724 4,498,616
Developer Contributions 600,000 354,049 417,998 600,000
Operating Revenue Total 90,608,419 7,176,262 20,452,304 90,608,419
Operating Expenditures
CRR Credits, Net (2,000,000) (160,725) (739,143) (2,000,000)
Georgetown Utility Systems 20,167,271 2,834,974 5,180,830 20,167,271
Purchased Power (SEE NOTE B)61,500,000 4,379,849 13,904,240 61,500,000
Transfers Out-IT 3,000 - - 3,000
Transfers Out-ROI 4,500,000 419,848 1,231,822 4,500,000
Operating Expenditures Total 84,170,271 7,473,945 19,577,750 84,170,271
Total Net Operations 6,438,148 (297,683) 874,555 6,438,148
Non-Operating Revenue
Renewable Energy Credits - 216,209 216,208 216,208
Interest 40,000 650 2,855 40,000
Grant Revenue 250,000 - - -
Bond Proceeds 4,010,000 - - 4,010,000
Sale of Property 10,000 2,207 7,054 10,000
Transfer In-Other 500,000 - - 500,000
Non-Operating Revenue Total 4,810,000 219,066 226,117 4,776,208
Non-Operating Expenditures
CIP 4,010,000 168,519 1,053,206 4,010,000
Debt Service 2,866,312 - - 2,866,312
Interest Expense 1,224,183 - - 1,224,183
Transfer Out-Other 295,059 - - 295,059
Non-Operating Expenditures Total 8,395,553 168,519 1,053,206 8,395,553
Total Net Non-Operations (3,585,553) 50,547 (827,089) (3,619,345)
EXCESS (DEFICIENCY) OF TOTAL REVENUE OVER TOTAL
REQUIREMENTS 2,852,594 (247,136) 47,465 2,818,803
ENDING FUND BALANCE 8,745,234 8,711,442
Contingency 4,190,234 4,190,234
Rate Stabilization Reserve 4,555,000 4,521,208
AVAILABLE FUND BALANCE - -
NOTES:
Year-End Projection to Approved: Dec FY2020
Electric Fund
A.INCLUDES ACCRUAL FOR DECEMBER REVENUE BILLED THROUGH FEB 17.
8
APRROVED BUDGET CURRENT PERIOD
YEAR TO DATE
(W/ENCUMB) YEAR-END PROJECTION
BEGINNING FUND BALANCE 67,516,478 67,516,478
Operating Revenue
Capital Recovery Fee 14,250,000 2,356,302 7,357,457 14,250,000
Irrigation Utility Revenue 310,000 17,548 135,545 310,000
Other Revenue 3,451,800 626,272 2,076,332 3,451,800
Wastewater Utility Revenue 13,298,825 1,096,821 4,331,852 13,298,825
Water Utility Revenue 30,869,778 2,187,729 6,567,072 30,869,778
Operating Revenue Total 62,180,403 6,284,671 20,468,258 62,180,403
Operating Expenditures
Irrigation 270,000 11,290 99,886 270,000
Transfer Out, Fleet/Joint Service/IT 124,500 - - 124,500
Transfer Out, General 275,000 - - 275,000
Transfer Out, ROI 3,300,000 22,164 655,441 3,300,000
Wastewater Distribution 763,100 57,846 371,682 763,100
Wastewater Plant Management 2,717,076 338,767 1,513,203 2,717,076
Water Administration 23,176,352 6,127,216 7,065,586 23,176,352
Water Distribution 2,645,125 161,135 778,218 2,645,125
Water Operations 4,244,971 348,951 1,140,880 4,244,971
Water Plant Management 2,932,017 265,586 1,218,847 2,932,017
Operating Expenditures Total 40,448,141 7,332,955 12,843,744 40,448,141
Total Net Operations 21,732,262 (1,048,284) 7,624,514 21,732,262
Non-Operating Revenue
Bond Proceeds 18,600,000 - - 18,600,000
Grant Revenue - - - -
Interest 949,500 148,403 473,221 949,500
Transfer In-Debt 104,211 - - 104,211 Non-Operating Revenue Total 19,653,711 148,403 473,221 19,653,711
Non-Operating Expenditures
CIP 90 79,257,974 758,136 3,847,642 79,257,974
CIP 91 1,200,000 - - 1,200,000
Debt Service 6,642,418 - - 6,642,418
Non-Operating Expenditures Total 87,100,392 758,136 3,847,642 87,100,392
Total Net Non-Operations (67,446,681) (609,733) (3,374,421) (67,446,681)
EXCESS (DEFICIENCY) OF TOTAL REVENUE OVER TOTAL
REQUIREMENTS (45,714,419) (1,658,017) 4,250,093 (45,714,419)
ENDING FUND BALANCE 21,802,059 21,802,059
Contingency 8,236,379 8,236,379
Non-Operating Contingency 10,000,000 10,000,000
AVAILABLE FUND BALANCE 3,565,680 3,565,680
Year-End Projection to Approved: Dec FY2019
Water Fund
9
APRROVED BUDGET CURRENT PERIOD
YEAR TO DATE
(W/ENCUMB)
YEAR-END
PROJECTION
BEGINNING FUND BALANCE 1,394,842 1,394,842
Revenue
Gedco Admin/Contract Fee 244,771 61,193 61,193 244,771
Gtec Admin/Contract Fee 163,845 40,961 40,961 163,845
Interest 25,000 - 722 25,000
Other 103,000 15,490 72,825 103,000
Service Fees - Airport 129,102 32,276 32,276 129,102
Service Fees - Electric 4,309,470 1,077,368 1,077,368 4,309,470
Service Fees - General 3,398,432 849,608 849,608 3,398,432
Service Fees - Stormwater 998,340 249,585 249,585 998,340
Service Fees - Water 8,431,185 2,107,796 2,107,796 8,431,185
Transfers In 295,059 - - 295,059
VPID Admin/Contract Fee 16,000 4,000 4,000 16,000
Revenue Total 18,114,204 4,438,276 4,496,333 18,114,204
Expense
Accounting 1,128,153 85,457 263,006 1,128,153
BIP 329,898 22,186 59,942 329,898
City Wide Hr 507,500 16,490 60,431 507,500
Conservation 894,920 55,956 136,522 894,920
Customer Care 5,046,552 893,027 1,228,438 5,046,552
Economic Development 663,668 50,874 170,012 663,668
Engineering 2,492,992 250,918 659,537 2,492,992
Engineering Support 1,198,892 93,736 346,602 1,198,892
Finance Administration 1,161,128 80,893 427,085 1,161,128
Gus Administration - *(107,860)- -
Human Resources 1,446,884 105,675 282,033 1,446,884
In-House Legal 1,063,008 77,196 285,616 1,063,008
Insurance & Legal 800,400 - 20,332 800,400
Joint Svcs Con 610,000 74,050 250,370 610,000
Purchasing 923,989 101,248 244,043 923,989
Transfer Out 129,171 - - 129,171
Expense Total 18,397,157 1,799,846 4,433,972 18,397,157
EXCESS (DEFICIENCY) OF TOTAL REVENUE OVER TOTAL
REQUIREMENTS (282,953) 2,638,430 62,361 (282,953)
AVAILABLE FUND BALANCE 1,111,890 62,361 1,111,890
*Entries made to correct expenses going to a closed cost center.
Joint Services Fund
Year-End Projection to Approved: Dec FY2020
10
APRROVED
BUDGET CURRENT PERIOD
YEAR TO DATE
(W/ENCUMB)
YEAR-END
PROJECTION
BEGINNING FUND BALANCE 109,415 109,415
Revenue
Interest 2,500 163 546 2,500
Transfer In, General Fund - - - -
Revenue Total 2,500 163 546 2,500
Expense
Transfer Out, GCP - - - -
Transfer Out, General Fund - - - -
Transfer Out, Joint Services - - - -
Expense Total - - - -
EXCESS (DEFICIENCY) OF TOTAL REVENUE OVER TOTAL REQUIREMENTS 2,500 163 546 2,500
ENDING FUND BALANCE 111,915 546 111,915
Year End Projections to Approved: Dec FY 2020
Council Discretionary Fund
11
APRROVED BUDGET CURRENT PERIOD
YEAR TO DATE
(W/ENCUMB)
YEAR‐END
PROJECTION
BEGINNING FUND BALANCE 1,437,144 ‐ ‐ 1,437,144
Revenue
Hotel/Motel Occupancy Tax Revenues 1,300,000 122,467 249,317 1,300,000
Interest 18,000 2,166 6,934 18,000
Other 18,500 3,206 8,033 18,500
Poppy Festival 144,283 13,220 13,922 144,283
Revenue Total 1,480,783 141,059 278,206 1,480,783
Expense
Operations 812,015 55,110 336,664 812,014
Personnel 413,567 38,859 111,364 413,567
Poppy Festival 186,700 12,050 12,318 186,700
Transfer to Facilities ‐ ‐ ‐ ‐
Transfer to Fleet ‐ ‐ ‐ ‐
Transfer to General Fund 28,634 ‐ ‐ 28,634
Transfer to Information Technology ‐ ‐ ‐ ‐
Expense Total 1,440,916 106,018 460,345 1,440,915
EXCESS (DEFICIENCY) OF TOTAL REVENUE OVER TOTAL REQUIREMENTS 39,867 35,041 (182,140) 39,868
ENDING FUND BALANCE 1,477,011 (182,140) 1,477,012
Year‐End Projection to Approved: Dec FY2020
Convention & Visitors Bureau Fund
12
APPROVED
BUDGET CURRENT PERIOD
YEAR TO DATE
(W/ENCUMB)
YEAR-END
PROJECTION
BEGINNING FUND BALANCE 1,262,948 1,262,948
Operating Revenue
Fuel and Terminal Sales 2,901,500 217,400 681,825 2,901,500
Interest and Other 83,000 5,056 15,395 83,000
Leases and Rentals 896,500 73,297 223,155 896,500
Operating Revenue Total 3,881,000 295,754 920,375 3,881,000
Operating Expenditures
Operations-Fuel 2,270,000 150,441 2,200,000 2,270,000
Operations-Non Fuel 833,327 131,948 187,436 833,327
Personnel 501,098 37,324 127,273 501,098
Operating Expenditures Total 3,604,425 319,713 2,514,709 3,604,425
TOTAL NET OPERATIONS 276,575 (23,959) (1,594,334) 276,575
Non-Operating Revenue
Bond Proceeds 750,000 - - 750,000
Non-Operating Revenue Total 750,000 - - 750,000
Non-Operating Expenditures
Buildings & Improvements 750,000 - - 750,000
Debt Service 161,420 - - 161,420
Furniture & Equipment 22,000 - 8,111 22,000
Hangar Upgrades 40,000 - 2,177 40,000
Improvements 35,000 - - 35,000
Pavement Upgrades 10,000 - - 10,000
Wildlife Management 45,000 - 30,762 45,000
Non-Operating Expenditure Total 1,063,420 - 41,050 1,063,420
TOTAL NET NON-OPERATIONS (313,420) - (41,050) (313,420)
EXCESS (DEFICIENCY) OF TOTAL REVENUE OVER TOTAL
REQUIREMENTS (36,845) (23,959) (1,635,384) (36,845)
ENDING FUND BALANCE 1,226,103 1,226,103
RESERVES
Contingency 256,021 256,021
Debt Service Reserve 143,431 143,431
Reserves Total 399,452 399,452
AVAILABLE FUND BALANCE 826,651 826,651
Airport Operations Fund
Year-End Projection to Approved: Dec FY2020
13
APPROVED BUDGET CURRENT PERIOD
YEAR TO DATE
(W/ENCUMB) YEAR-END PROJECTION
BEGINNING FUND BALANCE 17,130,653 - 17,130,653
Operating Revenue
Sales Tax 7,937,500 15,763 735,844 7,937,500
Interest 230,000 24,578 103,482 230,000
Operating Revenue Total 8,167,500 40,341 839,325 8,167,500
Operating Expenditure
Administrative Support 410,223 102,356 102,356 410,223
Operating Expenditure Total 410,223 102,356 102,356 410,223
TOTAL NET OPERATIONS 7,757,277 (62,015) 736,970 7,757,277
Non-Operating Revenue
Debt Proceeds 4,700,000 - - 4,700,000
Non-Operating Revenue Total 4,700,000 - - 4,700,000
Non-Operating Expenditure
Arterial SE1:Inner Loop/SH130 7,200,000 - - 7,200,000
Rivery TIA Improvements 300,000 - 4,140 300,000
FM 971 / Fontana - - - -
IH 35 / HWY29 Intersection - - - -
SH29 1,150,000 - - 1,150,000
Confido 600,000 - - 600,000
Mays St - 40 43,568 -
Big C 2,000,000 - - 2,000,000
Available for Projects TBD 1,984,375 - - 1,984,375
Debt Service 3,333,921 - - 3,333,921
Non-Operating Expenditure Total 16,568,296 40 47,708 16,568,296
TOTAL NET NON-OPERATIONS (11,868,296) (40) (47,708) (11,868,296)
EXCESS (DEFICIENCY) OF TOTAL REVENUE OVER TOTAL
REQUIREMENTS (4,111,019) (62,055) 689,262 (4,111,019)
ENDING FUND BALANCE 13,019,634 (62,055) 689,262 13,019,634
Georgetown Transportation Enhancement Corporation Fund
Year-End Projections to Approved: Dec FY2020
14
APPROVED
BUDGET CURRENT PERIOD
YEAR TO DATE
(W/ENCUMB)
YEAR-END
PROJECTION
BEGINNING FUND BALANCE 8,018,546 8,018,546
OPERATING REVENUES
Interest 76,000 11,861 37,849 76,000
Sales Tax 1,984,375 3,941 183,961 1,984,375
OPERATING REVENUES Total 2,060,375 15,802 221,810 2,060,375
OPERATING EXPENDITURES
Administrative Charges 244,771 61,193 61,193 244,771
Marketing 100,000 26,384 37,000 100,000
Special Services 30,000 - 9,108 30,000
Miscellaneous Expense 550 - - 550
OPERATING EXPENDITURES Total 375,321 87,577 107,301 375,321
TOTAL NET OPERATIONS 1,685,054 (71,774) 114,509 1,685,054
NON-OPERATING EXPENDITURES
Debt Service 311,880 - - 311,880
Economic Development Projects -Undetermined 4,017,104 - - 4,017,104
Economic Development Projects 4,675,000 - - 4,675,000
NON-OPERATING EXPENDITURES Total 9,003,984 - - 9,003,984
TOTAL NET NON-OPERATIONS (9,003,984) - - (9,003,984)
EXCESS (DEFICIENCY) OF TOTAL REVENUE OVER TOTAL
REQUIREMENTS (7,318,930) (71,774) 114,509 (7,318,930)
ENDING FUND BALANCE 699,616 114,509 699,616
Georgetown Economic Development Corporation Fund
Year-End Projections to Approved: Dec FY2020
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Department Federal Grantor Pass-Through Agency Identifying Number COG Name/Purpose YTD Expenditures YTD Revenue Recognized
Airport N/A Texas Department of
Transportation-Aviation
M1914GEOR RAMP Grant - Routine Airport
Maintenance Program
- -
Airport Federal Aviation
Administration
Texas Department of
Transportation-Aviation
1814GEORG Runway 18/36 Rehabilitation-
Construction
- -
Airport Federal Aviation
Administration
Texas Department of
Transportation-Aviation
1914GEORG Taxiway Lighting Project 12,195.00 10,975.50
Fire US Department of Homeland Security Federal Emergency Management Agency EMW-2017-FH-00496 SAFER 244,751.34 183,563.50
Fire Federal Emergency
Management Agency
Texas Department of Public
Safety - TDEM
TEEX Tracy Ryan Deployment
Urban Search and Rescue
(US&R)
- 12,207.45
Planning US Department of Housing &
Urban Development
Williamson County B-17-UC-48-0502 CDBG Sidewalks and Ramps
along 17th St
1,495.00 1,495.00
Planning US Department of Housing &
Urban Development
Williamson County CDBG Home Repair - -
Police Bureau of Justice Assistance N/A KXPIIIA Bullet Proof Vests - Supply
Police with new vests
- -
Police US. Department of Justice N/A TX2460200 Equitable Sharing Agreement - -
Police US. Department of Treasury N/A TX2460200 Equitable Sharing Agreement 1,684.49 2,573.74
Public Works Dept. of Transportation
/Federal Highway
Administration
Texas Department of
Transportation
CSJ-0914-05-187 Highway Planning &
Construction (Austin Ave
Bridge)
12,140.65 -
Public Works Dept. of Transportation
/Federal Highway Administration
Texas Department of
Transportation
CSJ-0914-05-200,201,202 Highway Planning &
Construction (Williamson Dr Corridor)
- -
Parks Texas Parks and Wildlife
Department (TPWD)
Federal Highway
Administration
RT017010 Recreation San Gabriel Trails $ 173,682.22 -
Reviewed By: Elaine Wilson
CITY OF GEORGETOWN
Grant/Federal Funding Report
as of December 31, 2019
Active
56
Quarterly CIP Report
FY2020 Budget
FY2020 YTD +
Encumbraces FY2020 YTD Actual
Airport
BUILDINGS & IMPROVEMENTS 750,000 - 750,000
FURNITURE & EQUIPMENT 22,000 8,110 13,890
HANGAR UPGRADES 40,000 2,177 37,823
IMPROVEMENTS 35,000 - 35,000
PAVEMENT UPGRADES 10,000 - 10,000
WILDLIFE MANAGEMENT 45,000 30,762 14,239
Airport Total 902,000 41,049 860,951
Electric
ELECTRIC CIP 4,010,000 1,053,206 2,956,794
Electric Total 4,010,000 1,053,206 2,956,794
GCP Downtown & Facilities
DOWNTOWN PARKING GARAGE 4,000,000 - 4,000,000
FUEL STATION 1,100,000 - 1,100,000
GMC REMODEL 250,000 - 250,000
GCP Downtown & Facilities Total 5,350,000 - 5,350,000
GCP Parks
ADA TRANSITION PLAN 150,000 - 150,000
NEIGHBORHOOD PARK DEVELOPMENT 250,000 6,800 243,200
PARKS MASTER PLAN 200,000 - 200,000
SAN GABRIEL PARK 600,000 905,175 (305,175)
TENNIS CENTER POOL DEMO 70,000 - 70,000
TRAIL DEVELOPMENT 1,275,000 - 1,275,000
GCP Parks Total 2,545,000 911,975 1,633,025
GCP Public Safety
DIGITAL MOBILE VIDEO 800,000 800,000 -
57
PUBLIC SAFETY EQUIPMENT - CARDIAC MONITORS 225,000 - 225,000
SCBA REPLACEMENT 290,000 - 290,000
GCP Public Safety Total 1,315,000 800,000 515,000
GCP Transportation
AUSTIN AVE BRIDGES 1,000,000 - 1,000,000
DOWNTOWN SIDEWALKS 1,000,000 162,970 837,030
INTERSECTION IMPROVEMENTS 1,400,000 - 1,400,000
LEANDER RD(NORWOOD-SWBYPASS)3,200,000 - 3,200,000
NORTHWEST BLVD BRIDGE 750,000 2,445 747,555
SOUTHWESTERN BLVD 2,650,000 - 2,650,000
WESTINGHOUSE - SCENIC LAKE TRAFFIC SIGNAL 600,000 - 600,000
GCP Transportation Total 10,600,000 165,415 10,434,585
Stormwater
CURB & GUTTER 650,000 447,365 202,635
DENTENTION PONDS 98,118 - 98,118
DRAINAGE IMPROVEMENT/FLOOD MITIGATION PROJECTS 300,000 - 300,000
STORMWATER INFASTRUCTURE 200,000 21,489 178,511
Stormwater Total 1,248,118 468,854 779,264
Street Tax SRF
STREET MAINTENANCE 4,281,264 423,500 3,857,764
Street Tax SRF Total 4,281,264 423,500 3,857,764
Wastewater
BERRY CREEK INTER (BC 4-6)14,714,161 - 14,714,161
EARZ 1,500,000 178,735 1,321,265
SAN GABRIEL INTER SGI-2 2,000,000 - 2,000,000
SAN GABRIEL WWTP REHAB 2,500,000 - 2,500,000
WW INTERCEPTORS 613,874 - 613,874
BERRY CREEK INTERCEPTOR 10,000,000 (41,641) 10,041,641
LIFT STATION UPGRADE 1,100,000 - 1,100,000
Wastewater Total 32,428,035 137,094 32,290,941
58
Water
AMI SYSTEM 750,000 - 750,000
CR 255 (WD14-2)1,493,963 445 1,493,518
LEANDER INTERCONNECT 225,000 - 225,000
PUMPS & STORAGE 1,000,000 1 999,999
RABBIT HILL WATERLINE 1,050,000 - 1,050,000
ROCK SUPPLY LINE 1,100,000 - 1,100,000
S. LAKE WTP 2018 5,200,000 - 5,200,000
SHELL ROAD WATER LINE 6,033,651 - 6,033,651
WATER MAINS 2,208,325 313,265 1,895,060
WEST LOOP (H-1A)919,000 - 919,000
CARRIAGE OAKS TRANSMISSION 500,000 - 500,000
CR262 WATERLINE 500,000 - 500,000
GATLIN/TERAVISTA IMPROVEMENTS 450,000 - 450,000
HOOVER PUMP STATION 750,000 - 750,000
LWTP RAW WATER INTAKE REHABILITATION 18,750,000 - 18,750,000
MISCELLANEOUS LINE UPGRADES 250,000 267,735 (17,735)
ROUND ROCK SUPPLY LINE 300,000 - 300,000
SOUTH WEST BYPASS WATER (H24-1)1,800,000 - 1,800,000
SOUTHSIDE WATER TREATMENT PLANT 500,000 - 500,000
STONEWALL RANCH PS IMPROVEMENTS 2,250,000 - 2,250,000
TANK REHABILITATION 2,000,000 - 2,000,000
Water Total 48,029,939 581,446 47,448,493
59
Unfunded Liability &
Commitments Financial Impact/Notes Status Updates - 9/30/19 Status Updates - 12/31/19
Cemetery Special Revenue
Fund
Currently cemetery operations are self-funded through plot
sales of approximately $50K per year. The cemetery is
managed through Parks Administration. In 2015, Council
elected to reserve $75,000 annually for future costs
associated with maintaining the property. The General
Fund has made this transfer in since FY 2016.
There has been no change during this quarter.There has been no change during this quarter.
Unfunded Actuarial Accrued
Liability (UAAL)
Recognizes the outstanding liability for the City’s employee
retirement plan through TMRS. The City contributes
monthly to fund the UAAL, based on an annual percentage
of payroll. Actual % of payroll costs is recognized within
each fund. The UAAL is provided by TMRS and lags one
year.
As of 12/31/2018, the net pension liability is $22.3 million and is
85.6% funded. The 2020 total combined contribution rate is
12.26%. This decrease is due to a decrease in payroll growth.
As of 9/30/2019, the net pension liability is $28.8 million and is
81.41% funded. The 2020 total combined contribution rate is
12.26%. This increase is due to a change in the discount rate.
Other Post Employee Benefits
(OPEB)
While the City has no obligation to offer additional retiree
benefits, retirees are eligible to participate in the City’s
health insurance program. That ability represents a subsidy
that impacts health insurance costs to the City. Retirees pay
their monthly premiums to the self insurance fund, which
then processes their health insurance claims.
This is an actuarial calculation based on current and future
employees on future City health insurance costs and Life insurance
benefits, which has numerous and complex factors in its calculation.
Retirees pay their own premiums, and thus the liability is
considered “pay as you go”. With additional employees being
added, potential future retiree impacts increase. The 2018 current
OPEB liability is
$2,182,012 for healthcare benefits and $1,091,292 for Life
insurance benefits.
OPEB liability as of 9/30/2019 is $3.3 million. This is a combination
of sudden death benefits as well as post-retirement healthcare.
Compensated Absence
Future costs associated with benefits such as vacation, and
sick leave for City employees. Compensated Absence is
accrued annually to each proprietary fund type on a GAAP
basis and accounted for on the balance sheet of each fund.
For governmental funds (and for budgetary basis), the
expense is recognized when due and payable. The City
keeps a reserve in the General Fund to help offset large
payouts for long-term employees. The reserve is used as
needed, and annually replenished or increased based on
known risk.
The current amount of the Benefit Payout Reserve is $255,000.
Compensated absences as of 9/30/2019 are $7.5 million. This
increase is due to more time being earned than used in FY19. In
FY2020, the budgeted reserve was increased to $340,000.
Electric Fund Rate Stabilization
Reserve
Intended to mitigate potential rate impacts due to increased
fuel costs or other external factors. The RSR is maintained
within the Electric Fund.
Purchased Power prices continued to affect the fund balance. The
City sold several assets as detailed in the Executive Summary of this
report in order to improve cash flow and begin to recover the rate
stabilization reserve. The City is on track to approve a contract in
December to manage the power portfolio in FY2020. The June PCA
will remain in effect in FY2020.
Purchased Power expenses for the cumulative first quarter are on
track compared to the budget for FY2020. Revenues are also
tracking above budget, helping to restore positive cash flow to the
fund.
CITY OF GEORGETOWN
Long-term Commitments, Reservations, and Other Unfunded Liabilities
December 31, 2019
60
Unfunded Liability &
Commitments Financial Impact/Notes Status Updates - 9/30/19 Status Updates - 12/31/19
Airport Maintenance
Fund on-going maintenance of the Airport grounds,
runways and taxi ways. Terminal and Tower included in
Facilities ISF. An Airport Master Plan was developed to
address long term capital maintenance project
prioritization.
Terminal Drive was paved in late August 2019. That is the only
paving project that I know of here. We did have the runway rehab
project, but that was a TxDOT/FAA funded project.
We have none at this time.
Americans with Disabilities Act
(ADA) Compliance Needs
As facilities are built or repurposed, meeting ADA
compliance will be included in Project Costs. Funding for
program expansion will be needed (General Fund sources).
The City has an adopted policy, as required by Federal Law,
that it will make reasonable accommodations and
modifications to ensure that people with disabilities have an
equal opportunity to enjoy its programs, services, and
activities. The City does not maintain a reserve for these
modifications.
There are currently no changes to the ADA plan. There are currently no changes to the ADA plan.
Sidewalk Maintenance &
Masterplan
Currently, new sidewalks are built as development occurs.
Repairs are funded as needed or if funding is available,
when major roads are repaired. Useful life of a sidewalk is
estimated at 40 to 50 years. The largest revenue source
comes from the City’s General Fund, but there has been
some debt funding as well.
Debt funded projects: Old Town NE Sidewalk – GTAB approved
award to Choice Builders on August 9th. City Council approved
award on August 27th 2019. Notice to proceed issued for 10-7-19,
groundbreaking held on 10-8-19. Contractor has begun working on
the est end of the project near Southwestern University. Austin Ave
Sidewalks (Leander to Hwy 29) – Patin Construction has installed all
sidewalk and pedestrian ramps throughout the project. Striping
work and pedestrian signs are in place. Contractor addressing
punch list and TDLR review items in October. Project to close out
end of October to Mid November.
Debt funded projects: Old Town NE Sidewalk – Contractor has
installed the 8' sidewalk along 7th street from Myrtle to College.
Sidewalk has also been installed along Ash St, College Street, 6th
Street and 8th Streets. Utility relocations along 7th street between
College and Pine are being scheduled at this time. Estimated
completion of the project is the end of March 2020. Austin Ave
Sidewalks (Leander to Hwy 29) – Project is complete and closed
out.
Park Equipment Maintenance
& Replacement
Over the past 5 years, funding for Park Maintenance and
Replacement has increased. $200K transfer from General
Fund included in FY2018 budget. Staff has listed all assets &
developed replacement schedule funded by the General
Fund.
Asset replacement needs for FY20 totaled $394K. Funding was
received through the budget process for $297K leading to $97K
being deferred to a future year.
Funding was provided at $394K in the FY20 budget for capital repair
and maintenace covering the full amount of replacement and repair
needs. Projects are underway to complete the items listed.
Radio Equipment Replacement
Communication system consisting of 500 on-body and in-
vehicle radios for Police, Fire, parks and utilities.
Replacement radios are compatible with newer technology.
The replacement takes place over 5 years due to cost and is
funded with certificate of obligation debt.
The first payment of $867,334.90 is being made October 17th. The
FY2020 budget includes $129,000 for year 4 of the project. Staff is preparing the procurement.
61
Unfunded Liability &
Commitments Financial Impact/Notes Status Updates - 9/30/19 Status Updates - 12/31/19
Street Maintenance
The City funds street maintenance in the General Fund,
supplemented by a 1/8th Street Sales Tax special revenue
fund. In 2017 and 2018, the Council and GTAB reviewed
various methods for enhanced street maintenance and
costs. Direction from Council is to use high performance
surface seals and pavement wearing courses and begin
programmatically addressing the street network's deferred
maintenance backlog, creating a need for approximately $2
million more per year for street maintenance.
Hot In Place Recycling (HIPR) is scheduled for Berry creek
Subdivision and Park View estates in FY 2020. High Performance
Surface Seal is scheduled for Sun City, Park View Estates
subdivisions and areas near San Gabriel Park FY 2020.
No change.
Fiber Asset Allocation
Network fiber infrastructure is installed across the City.
Traditionally, the Electric Fund has installed and maintained
the network. In reviewing all costs for the Electric Fund, the
City has begun moving the fiber asset to the IT Fund. Staff
must develop a multi-year strategy to complete the asset
transfer and allocate costs for maintenance.
In the last quarter of FY 2019, the IT Fund purchased $650,000, or
about 1/4th, of the fiber asset from Electric.
The IT Director is updating the annual and forecasted allocation
model to absorb the asset. Staff will present a plan in the FY 2021
budget development process.
62