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HomeMy WebLinkAbout1966 - 1967 P 1 CITY OF DENTON 1 1 1 0~000pp00p~~ 0~~0 a a 1 0 0 0 0 1 q °o 0 ~ 0°f 5 ~O ~ O ~ O S 1 ~ Annual Financial Report 1 ~ 1966-67 1 THE MUNICIPAL FINANCE OFFICERS ASSOCIATION ' OF THE UNITED STATES AND CANADA lttrtitito that THE ANNUAL FINANCIAL REPORT OF `The City of Tentom, Texas For the rtsmt Ymr Cnded. SepUmber30,1965 ' CONFORMS TO THE PRINCIPLES AND STANDARDS OF PUBLIC FINANCIAL RETORTING AS PROMULGATED BY THE I lRunicipat finance ®ffictro glooociation AND THE ' sAtional Committtt on gobtrnmtntal oluounting Prawtsd ranuary 1s, 1"S. CAo"^ Cmmlm " dee 1 ftoc . t 1 1 n CITY OF DENTUN, TEXAS ' Table of Contents A,-countants' Report ' PART I Exhibit Condensed Balance Sheets - All Funds, September 30, 1967 A ' Condensed Statements of Revenues and Expenditures - All Funds, Year ended September 30, 1967 A-1 ' General Fund Bala:ice Sheet, September 30, 1967 B ' Statement of Revenues and Expenditures and Encumbrances ',and Comparison with Budget), Year ended September 30, 1%7 C ' Statement of Fund Balances, Year ended September 30, 1967 D Debt Service Fund Balance :,heet, September 30, 1967 E Statement of Revenues and Expenditures and Fund Balance, Year ended September 30, 19f7 F Bond Funds i Combined Balance Sheet, September 30, 1967 G' ' Combined Statement of Fund Balances, Year ended September 30, 1967 H Combined Statement of Cash Receipts and Disbursements, ' Year ended September 30, 1967 I Motor Pool Fund ' Balance Sheet, September 30, 1967 J Statement of Earnings, Year ended September 30, 1967 K Statements of Investments by Other Funds and Retained Earnings, Year ended September 30, 1967 L 1 2 CITY OF DENTON, TEXAS ' Table of Contents, Continued ' PART I, CONTIN'U'ED ' Exhibit ' Working Capital Fund Balance Sheet, September 30, 1967 M Statement of Earnings, Year ended September 30, 1967 N Statement of Investments by Other Funds, Year ended ' September 30, 1967 0 Trust, Agency and Miscellaneous Funds ' Combined Balance Sheets, September 30, 1967 P , Combined Statement of Fund Balances, Year ended September 30, 1967 Q Electric System Fund , Balance Sheet, September 30, 1967 R Statement of Earnings (and Comparison with Budget), Year ended September 30, 1967 S ' Statement of Retained Earnings, Year ended September 30, 1967 T Water and Sewer System Fund ' Balance Sheet, September 30, 1967 U Statement of Earnings (and Comparison with Budget), ' Year ended September 30, 1967 V Statement of Retained Earnings, Year ended September 30, 1967 W ' Statement of General Fixed Assets, September 30, 1967 x Statement of General Bonded Debt and Interest, September 30, 1967 Y ' Note3 to Financial Statements 1 3 CITY OF DENTON, TEXAS ' Table of Wntents, Continutj ' ' PART II ' Schedule General Fund Schedule of Other Revenues (and Comparison with Budget), Year ended Septembei 30, 1967 1 Schedule of Expenditures and Encumbrances (and Comparison with Budget), Year ended September 30, 1967 2 ' Electric System Fund Schedule of Expenditures (and Comparison with Budget), Year ended September 30, 1967 3 ' Schedule of Long-term Debt - Electric Revenue Bonds, September 30, 1967 4 ' Schedule of Bond and Interest Requirements, September 30, 1967 6 Water acd Sewer System Fund Schedule of Expenditures (and Comparison with Budget), Year ended September 30, 1967 6 t Schedule of Long-term Debt - Wafer and Sewer Revenue Bonds, September 30, 1967 7 1 Schedule of Bond and Interest Requirements, September 30, 1967 g General Fixed Assets Schedule of Changes in General Fixed Assets - by Sources, Year ended September 30, 1967 9 ' Schedule of Changes it General Fixed Assets - by Functions and Activities, Y:ar ended September 30, 1967 10 ' Schedule of Genera.l Fixed Assets - by Functions and Activities, September 30, 19F7 11 Schedule of General Fonds Payable, September 30, 1961 12 1 4 CITY OF DENTON, TEXAS ' Table cf Contents. Continued ' PART II. CONTINUED ' Schedule ' Schedule of General Bond and Interest Requirements, ''ept,:mber 30, 1967 13 Schedulu of Investments, September 30, 1967 14 ' I Schedu14: of Insurance in Force, September `-,J, 1967 is Suppleroin tal Information, Year ended September 30, 1967 16 PART III ' Table Assessed Value and Estimated True Value of All Taxable 1 Property, Ten years ended September 30, 1967 I Tax Rates and Tax Levies, Ten years ended September 30, 1967 II ' Tax Levies and Tax Collections, Ten years ended September 30, 1967 III ' Ratio of Net General Bonded Debt to Assessed Value and Net Bonded Debt per Capita, Ten years ended September 30, 1967 IV Statement of Debt Margin, September 30, 1967 V Statement e° Diroct and Overlapping Debt, September 30, 1967 VI Miscellaneous Statistical Data, September 30, 1967 VII 1 1 r r PEAT, MARIYICK, MITCHELL & CO. CERTIFIED PUBLIC ACCOUNTANTS 211 N. ERVAY BUILDING DALLAS oTEXAS Z5201 r r r The City Council City of Denton, Texas: We have examined the financial statements of the sev9ral funds of the.. City of Denton, Texas as listed in Part I of the accompanying table of contents. Our examination was made in accordance with generally accepted auditing standards, and accordingly included such tests of the accounting records and such other auditing procedures as we considered necessary in the oireumstances, except as stated in the following para- graph. r We did not observe the physical inventory of the Working Capital Fund at September 30, 1966, and we have not been able to satisfy ourselves concerning beginning inventory quantities by other procedures. The amount of the beginning inventory has a significant effect on the results of operations of the Working Capital. Fund for the year. Therefore, we do not express an opinion on the accompanying statement of earnings of the Working Capital Fund for the year ended September 30, 1967. The utility plant in service of the Electric System Fund is recordad at the appraised value of reconstruction cost new, less depreci- ation, as described more fully in note 5 to the financial statements. The recording of appraised values of fixed esuets is not in accordance with enerally accepted accounting prinoiples. Accordingly, in our opinion, the r4,851,497 95 unrealized increment in valuation of utility plant in service should be deducted from the =21,015,293.00 utility plant in service in the accompanying Electric System Fund balance sheet and in the condensed balance ' sheets - all funds. 1 1 ' R M. M. 8 CO- 2 1 In our opinion, except for the statement of earnings of the ' Working Capital Fund and the need to deduct the unrealized increment from the appraised value of utility plant in service in the accompany- ing balance sheets described in the preceding paragraphs, such financial ' statements present fairly the financial position of the several funds of the City of Denton, Texas at September 30, 1967 end the results of their operations for the year then ended, in conformity with generally accepted accounting principles. ThesA. accounting principles have been applied on r a basis consistent with that of the preceding yeer, except for the changes (of which we approve) in accounting for: Unbilled revenues (note 3), allowance for uncollectible accounts (note 1), investment in the Motor Pool Fund (note 4), and depreciation (note 5) in the Electric System Fund; Unbilled revenues (note 3), investment in the Motor Pool Fund (note 4), contributions by municipality and Federal Government (note 8), and long-term water rights (note 9) in the Water and Sewer System Fluid? and ' Investments by other funds (note 4), and appraised value of equipment at inception date, June 1, 1957 (note 14) in the Motor Pool Fund. ' The current year's supplementary dsta included in Schedules 1 through 16 have been subjected to the same auditing procedures and, in our opinion, are stated fairly In all material respects when f.-nsidered in t conjunction with the basic financial statements taken as a wholo. During the course of our examination, we obtained no knowledge of any violation of the accounting restrictions irr9osed by the various revenue bond indentures except as explained in note 11 to the financial statements. However, it should be understood that our examination was not primarily directed toward obtaining such knowledge. j~ ' December 28, 1967 ` i r r r r CITY OF DENTON, TEXAS Condensed Balance Sheets - All Funds ' September 30, 1967 Debt ' Assets General Service Bond Cash $ 17,219.78 60190.b9 309832.61 ' Investments - at cost (Schedule 14) 2209000.00 - 3920500.00 Receivables: 2G3 868.97 , Assessments - - Taxes 116,796.72 - - Less allowance for uncollected taxes and n5 sessments (186,796.72) - (2039868.97) ' Utilities - net - - Other- net 188,237.76 - - Due from other funds 27,592.39 - 209771.58 Prepaid expenses 70991.67 - - Inventories - at average cost - - - Restricted asset accounts - - - ' Bonds authorized and unissued - - 1,396,500.00 Property, plant and equipment (note 5) - - - Less allowances for depreciation - - - Investment in Motor Pool Fund - - - , Investment in Working Capital Fund 406.71. - - Amounts available and to be provided for payment of bond principal and interest - - - $ 461 449.3] 6 190.59 1 840,604.19 Liabilities and Fund Balances Accounts payable $ 16,652.11 - - ' Accrued expenses 11,576.66 - - Accrued interest on bonds Construction contracts and retained percentage payable - - 1570351.43 Customers' deposits - - - Bondod debt and other long-term liabilities - - - ' Interest payable in future years - - - Die to other funds 108,782.39 70943.99 29329.88 Due to restricte4 asset accounts - - - Reeerves for encumbrances 100014.91 - 252,876.87 Reserves - Bond and Interest Funds - - - Unrealized increment in valuation of utility plant in service - - - ' Fund balances (deficit): Investments by General and other funds - - - Investment in general fixed assets - - - ' Contributions by municipality and Federal government - - - Appraised value of equipment at inception - - - , Retained earnings - Appropriated 50770.68 - 1,428,046.;,1 Unappropriated 308,651.56 (19753.40) - $ 4611448.31 6,1~90,ba9 1,8400j604~.19 ' See accompanying notes to financial statements. ' Exhibit A ' F U N D S ' Trust, Agency and W-eter General General Motor Working Miscel- Electric and Sf.wer Fixed Bonded Debt 'Fool Capital laneous System System Assets and Interest 146,064.82 59068.77 20339.65 79347.29 17,504.92 - - 120,000.00 - 1'_0,953.77 3209000.00 5709000.00 - - - - 990,991.70 - - - 39731.86 140816.07 4,252.91 - - ' = - 633.55 266,342.03 163,867.16 = 250,00 120578.04 1,374.48 366,886.87 - - - - = = = 1,732,835.29 1,108,323.39 = = 961.439.Ob - 2793019448.00 9,290,386.53 50487,120.72 (499,297.85) - - (8,286,155.00)(493729099.34) - - ' = = - 69,118.12 72,792.74 _ = 21,167.13 18,135.73 _ _ _ _ _ _ - 4,964,275.98 728 796.02 372,205.64 117,658.85 24,4509488.67 61874,546.52 5,487,120.72 4,964,275.,98 r - 66,154.04 - 258,044.63 81704.81 - - 49316.74 2,219.24 1969025.40 27,981.75 19,638.28 - _ 186,685.78 - ' = _ 13,572,000.00 3,7290365.74 = 3,807,500.00 1,1560775.98 2669342.03 40075.09 869553.95 3,179,38 - _ - 10,146.00 3,184.15 = = 1,049,143.21 249,747.37 L _ _ - 49851,497.95 - - 221,418.29 399709.57 - - - - 504879120.72 - 2,043,766.13 - - 2200101.78 2870275.95 4,236,075.01 786,761.67 113,583.76 _ - - 728.796.02 372,205.64 117,658.85 242450.488.67 6,874,548.52 5,4872120.72 41964,275.98 CITY OF DENTON, TEXAS ' Uondensed Statements of Revenues and Expenditurl:n - All Funds Year ended SeRtember 30, 1967 , Debt ' Guneral Service Revenues: General property taxes and special assessments 5530297.95 296,822.00 Penalties and interest 13,145.92 - Utility sales - Sewer service charges Garbage services 232p999.28 - ' - FranchL-e taxes 34,966.67 - Licenses and permits 190198.89 - ' Parking meter receipts 271x53.32 - Fines and fees 120,178.18 - Sale of land and property 1970477.89 - Interest on investments 12,525.00 19020.00 ' Charges to other funds - - Water and sewer tapping fees - - Miscellaneous 41,659.71 - , Extraordinary items - Pension contributions - Encumbrances carried over from prior year - - ' Bonds authorized - ' 1,252,802.81 297,642.00 Expenditures: Salaries and wages 988,684.94 - Supplies 87,158.16 - Maintenanne 143,464.33 - Equipmen` rental 1340942.18 - ' Other services 184,691.76 - Capital outlay 498,597.96 - Insurance 12,808.36 - ' Provision for uncollectible accounts 1,632.85 - Debt service - 296,962.23 Depreciation - Cost of goods sold to other funds - Equipment purchases - - Pension expenditures - Fuel and power for production - - Encumbrances - Bond Funds - Contribution to Motor Pool Fund 2,792.80 Total expenditures and , encumbrances 2,054,773.34 296,962.23 Excess (deficiency) revenue.q over expenditures (801,970.53) 879,77 Transfers from (to) other funds 769 085.30 - 32 885.23) 879.77 See accompanying notes to financial statements. ' Exhibit A-1 F U N D S Trust, ' Motor Working Agency and Electric Water and Bond Pool Capital Miscellaneous System Sewer System 700706.26 = _ - - - 30050,143.85 7629175.25 2630078.7E - 18,956.83 - - _ 33,710.58 4,125.00 - 3,672.51 34-229.83 61,492,29 1800036.00 54.4,656.41 - - - - 18,921.24 ' 17;153.25 = 32,649,73 271.00 36,399.65 311413.08 16,886.25 408,644.39 = = _ _ _ 1 5 000.00 6 5.214.48 203,117.83 543,656.41 20,558.76 31203,423.06 1,137,351.64 - 570471.92 - 364,011.57 187,0:6.31 - - 2,227.00 - 29,262.99 490845.81 - - 2,652.67 - 66,420.94 67,456.52 - 2,394.00 - 30,346.33 22,028.97 10,453.60 116,227.17 54,778.91 1,033,276.43 - _ - _ 29,604.22 41074.66 19,576.31 149768.94 - - - 472;293.28 1399246.07 1440786.80 - - 6469467,61 443,093.17 397,423.37 1,751.74 - - 7,061.81 - _ 558,579.61 50-120.78 252,876.87 i 1,286,153.30 144,786.80 474,374.30 7,061.81 2,332,790.03 1,032,530.14 (630.938.82) 58L331.03 69,282.11 13,496.95 870 633.03 :x4,821.50 139 337.78) - (503,798.02) :25 949.50) __L770,276.6(5) 58331.03 69,282.11 13,496.95 366,835.01 21 128.00) Exhibit B CITY OF Df'.NTfiN, TEXAS General Fund Balance Sheet September 30, 1967 , Assets Cash $ 17,219.78 Certificates and time deposits (Schedule 14) 220,000.00 i Accounts receivable = 203,569.15 , Less allowance for uncollectible accounts 15,331.39 188,237.76 Taxes receivable 1860796.72 Less'allowance for uncollected taxes w"wj796.72 Due from other funds 27,592.39 Prepaid insurance 79991.67 Investment in Working Capital Fund 406.71 4611 448.31 Liabilities. Reserves and Fund Balances ' Accounts payable 16,652.11 Accrued expenses 11,576.66 Due to other funds 108,782.39 Reserve for encumbrances 10,014.91 Fund balances (Exhibit D): ' Appropriated $ 5,770.68 Unappropriated 308,E 651 56 314,422.24 ~ 461,_448.31 See accompanying notes to financial statements. Exhibit C CITY OF DENTON, TEXAS General Fund Statement of Revenues and Expenditures Find Encumbrances (and Comparison with Budget) 1 Year ended September 30, 1967 Actual over (under) Budget Actual budget Revenues: Ad valorem taxes 5395518.00 5539297.95 13,779.95 Penalties and interest on ad valorem ' taxes _ 9,000.00 _ 139145.92 41145.92 548,518.00 5669443.87 7 925.87 I Other revenues (Schedule 1): Garbage services 230,000.00 232,999.28 21999.28 Franchise taxes 34,000.00 34,966.67 966.67 ' Licenses and permits 20,850.00 199199.89 (2 651.11) Parking meter receipts 25,000.00 27,353.32 ?1353.32 Fines and fees 106,700.00 120,178.18 13,478.18 Other 44,000.00 419659.71 2,340.29) Interes" on investments 17,500.00 129525.00 4,975.00) Sale of land and property - 197,477.89 197,477.89 478,050.00 686,358.94 208,308.94 11026,568.00 11252,802.81 2261,234.81 Expenditures and encumbrances (Schedule 2): Salaries and wages 994,681.50 988,684.94 (5,996.56) Supplies 87,777.00 870158.16 , (618.84) Maintenance 160,940.00 1430464.33 (17,475.67 Equipment rental 136,794.00 1349942.18 (19 W .82~ Other services 184,387.50 1849691.76 304.26 Capital outlay 619958.00 51,067.14 (100890.86) ' Insurance 11,688.00 12,808.36 19120.36 Provision for uncollectible accounts 1,632.85 1,632.85 Contributions to Motor Pool Fund - 2,79?.80 2,792,80 Special projects - capital outlay - 447,530,82 4479530.82 Contingenoies. 22,000.00 - 22 000,00) Excess expenditures and 1,6602226.00 21054,773.34 3949547.34 ' encumbrances over revenues 633,658.OC 8011970.53 168,312.53 Transfers from: Electric System Fund (note 10) 503,798.02 5039798.02 = Water and Sewer System Fund (note 10) 1259949.50 125,949.50 Community Building Bond Fund - 849237.78 E,49237.78 Street Improvement Bond Fund - 559100.00 551100.00 629,747.52 769,085.30 139,337.78 Deduction from unappropriated ' fund balances 3,910.48 32885.23 28,974.75 See accompanying notes to financial statements. Exhibit D CITY OF DENTON9 TEXAS ' General Fund Statement of Fund Balances Year ended September 30, 1967 ' Unappropriated ' Balance, September 30, 1966 $ 330,417.56 Add unbilled revenues at September 30, 1966 (note 3) 11,119.23 Belanoe, September 300 1966 as adjusted 3410536.79 Deduction from unappropriated fund balance for the year (Exhibit C) 32,685.23 Balance, September 30, 1967 $ 308,651.56 I ' Apnrooriatod ' Reserve for Reserve for park improvements airport and maintenance improvements Total Balance, September 30, 1966 $ 30415.14 19752.02 5,167.16 Add: ' Rental income 99265.60 1,545.11 10,910.711 Contributions from individual estates 2,917.64 - 21917.64 ' Deduct expenditures for improvements and 15,598.38 3,297.13 I8,895.51 maintenance 11,156.14 1,968.65 13,124.83 Balance, September 309 1967 $ 4,442.24 1,328.44 50770.68 r See accompanying notes to financial statements. 1 1 Exhibit E CITY OF DENTON, TEXAS Debt Service Fund Balance Sheet September 30, 1967 r Assets ' Cash $ 6,190.59 I r Liabilities and Fund Balance Due to other funds $ '11943.99 ' Fund balance (deficit) (Exhibit F) (1t753.40 " ) I $ 6,190.59 ! I II 1 r r r See accompanying notes to financial. statements. 1 Exhibit E CITY OF DENTON, TEXAS r Debt Service Fund Balance Sheet r September 30, 1967 ' Assets Cash $ 6,190,59 r r Liabilities and Fund Balance ' Due to other funds $ 70943.99 Fund balance (defioit) (Exhibit F) (12753.40) r $ 6,190.59 r r r r i i ~ See accompanying notes to financial statements. r CITY OF DENTON, TEXAS Bond Funds ' Combined Balance Sheet September 30, 1967 t Street Assets Total Improvement Cash (Exhibit I) $ 30t83261 25,307,75 Certificates and time deposits (Schidnle 14) 392,500.00 20,000.00 ' Assessments receivable 203,868.97 2030868.97 Less allowance for uncollected assessments (203,868.97) (203,868.97) Due from other funds 20,771.58 180441.70 Bands authorized and unissued 193969500.00 1,385,000.QO $ 1,84Q,604.19 11448,749,45 e Liabilities, Reserves ' and Fund Balances Construction contracts and retained ' percentage payable $ 157,351.43 49,006.63 Due to other funds 29329.88 - ' Reserve for encumbrances 2520876.87 43,444.78 Fund balances (Exhibit H) 1,4289046.01 11356,298.04 ' $ 11840,604.19 1,448,749,45 1 1 See accompanying notes to !'inancial statements. F•rhibit G r r r F U N D S Fire Park and Swimming Library Community Municipal ' Station Airport Recreation Pool Building Building Building 503.54 14.16 215.47 - - - 4,791.69 ' 110500.00 - 27,000.00 - 8400,J0,00 - 250,000.00 _ 21329.88 11.500.00 - 84,000 00 - 257 121_57 15.47 12 11,b14,16 27 - - 6,000.00 - 7,098.50 - 95,246.30 - - 21329,88 - - 21,215.47 74,571.62 - 113,645.C0 12,003.54 11,514.16 - = - 48,230.27 12,003.54 11,514.16 27,215.47 84,000.00 257,121.57 1 1 1 CITY OF DENTON, TEXAS ' Bond Funds , Combined Statement of Fund Balances Year ended Se2tember 30, 1967 Street Total Improvement Fund balances, September 30, 1966 2,198,322.61 1,712,698.54 Additions: ' Bonds authorized 125,000.00 - Collections on special assessments 70,706.26 70,706.26 , Interest on investments 339710.58 :01325.00 Encumbrances carried over from prior year 408,644.39 84,100.19 Other 171153.25 2,153.25 655,214.48 167,284.,70 ' Deductions: Transfer to reserve for encumbrances 2520876.87 43,444.78 ' Expenditures for property and equipment 100330276.43 425,140.42 Payment of advances by GEneral Fund 139,337.78 55,100.00 1,425,491.08 5239685.20 ' Fund balances, September 30, 1967 19428,046.01 19356,298.04 1 See accompanying notes to financial statements. Exhibit H 1 r r r i F U r }S Fire :ark and Swimming Library Community Municipal Station Airport Recreation Pool Building Building Building 11,773,54 7,771,02 5,506.72 253.21 1052308.31 3559011.27 ' - 125,000.00 - - - - ' 230.00 20286.83 708.75 = 3,760.00 2,600.00 130900.00 324,544.20 - 15,000.00 - 230.00 127,286.83 15,708.75 - 3,760.00 327,044.20 13,900.00 ' - - 21,215.57 - 74,571.82 113,845.00 123,543.69 253.21 34,496.69 2429806.42 207,036.00 84.237.78 123,543.69 21,215.47 253.21 1090068..31 327,044.20 32U,681.00 12,003.59 11,514.16 - - - - 48,230.27 r 1 1 1 1 r i CITY OF DiNTON TEXAS ' Bond Funds ' Combined Statement of Cash Receipts and D'sbursements Year ended September 30, 1967 ' 1 1 Street Total Improvement Cash balance, September 30, 1966 $ 151.715.;,0 31,852,01 Receipts: , Collections on special assessments 70,706.28 70,706.26 Redemption of certificates and time deposits 630,000.00 3609000.00 Interest on investments 3,.'',710.58 10,325.00 ' Other 2.153.25 2.153.25 738,570.09 4432184.51 Disbursements: Capital outlays 706,615.20 394,628.77 Payment of advances by General Fund 139,337.78 559100.00 ' Purchase of certificates and time deposits 110500,00 - _ 857,452.98 449,728.77 Cash balance, September 30, 1967 $ 30,832.61 25,307.75 ' r See accompanying notes to financial statements. ' 1 1 Exhibit I F U N D S Fire Park and Swimming Library Community Municipal Station Airport Recreation Pool Building Building Building 11,773.54 7,771.02 2.506.72 253.21 1.308.31 91,239.42 5.011.27 - _ - _ 20,000.00 150,000.00 1009000.00 230.00 2,286.83 708.75 = 3,760.00 2,500.00 130S~)C.00 _230.00 20266.83 708.75 - 23,760.00 152,500.00 113,9,)0.00 10,043.69 3,000 00 253.21 25,068.31 159,501.64 114,119.58 ' - ' - - _ 849237.78 11,500.00 - _ 11,500.00 10,043.69 3,000.00 253.21 25,068.31 243,739.42 114,119.58 503.54 14.16 215.47 - - 4,791.69 1 1 1 i ' Exhibit ' CITY OF DENTON) TEXAS Motor Pool Fund Statement of Earnings r Year ended Se~mber 30, 1987 r ' Equipment rental $ 190,036.00 ' Gain on sale of equipmEnt 18,956.83 Interest income 4,125.00 ' 203,117.83 Depreciatioo 144 786.80 Net earnings 58,331.03 r r r r r i r ' See accompanying notes to financial statements. r Exhibit L CITY OF DENTON, TEXAS Motor Pool Fund Statements of Investments by Other Funds and Retained Earnings Year ended Seplimber 30, 1967 1 Investments by Other Funds ~ Water and General Electric Sewer Fund System fund 5,yi}t2m Fund Total Investments by other funds in prior years (note 4) 76,714.63 51,119.12 39,958.74 167,792.49 Invested in current year 2,792.80 179999.00 32,834.00 531,625.80 Investments by other funds, September 30, 1967 (note 4) 79,507.43 b9, 118.12 72,792.74 22141 ' j Retained Earninae Balance, September 30, 1966 $ 616,839.19 Deduct: Appraised value of equipment at inception date, June 1, 1957 (note 14) ; 2209101.78 , Investments by other funds in prior years (note 4) 167,792.49 387,894.27 ~o Balance, September 30, 1966, as adjusted 2280944.92 , Net earnings (Exhibit K) 58,331.03 Balance, September 30, 1967 $ 287,24 595 ' I See accompanying notes to financial statements. , Exhibit M I CITY OF DENTON, TEXAS Working Capital Fund Balance Sheet September 30, 1967 I Assets Cash 5,068.77 Inventories, at average cost 366,886.87 ' Deposits on containers 250,00 372, 2,5.64 ' Liabilities and Investment by Other Funde Accounts payable $ 86,154.04 Advance from the Electric System Fund 266,342.03 Total liabilities 332,496.07 Investment by other funds (Exhibit 0) 39,709.57 $ 372,205.64 r 1 See accompanying notes to financial statements. 1 Exhibit N CITY OF DENTON) TEXAS Working Capital Fund , Statement of Earnings Year ended September 30, 1967 ' Machine Central ' Total Warehouse shop Garage storeroom Sales 4770832.68 368,831.49 59091.64 59,841.79 49067.76 Less cost of sales 397,423.37 293,046.74 3,191.91 96,025.59 5,159.13 Cross profit (loss) on sales 800409.31 75,784.75 1,899.73 30816.20 (19091.37) Income from services 65,823.73 - 20,893.50 44,930.23 - 146,233.04 75,784.75 222793.23 48,746.43 (1,091.37) Operating expenses: , Salaries and wages 57,471.92 - 195761.47 37,710.45 - Supplies 2,227.00 1-,105.52 10031.48 - Maintenance 2,652.67 - 2,571.99 80.68; - Equipment rental 2,394.00 - 1,200.00 1,194.00 ' Equipment purchases 19751.74 - 576,64 11175.10 Miscellaneous 10,453.60 21195.69 82257.91 - 76,950.93 - 27,501.31 49,449,62 - ' Net earnings (loss) (note 13) $ 69282,11 7~5 7F~.75~ 4 708.08 703.19) {1,06 9) i See accompanying notes tc, financial statements. , r Exhibit r CITY OF DENTON, TEXAS Working Capital Fund Statement of Investments by Othftr Funds Year ended September 30, 1967 1 Electric Water and ' General System Sewer Total Fund Fund System Fund Investments (deficiencies) by other funds, September 30, 1966 $(29,572.54)(10062.67)(15,232.52) (13,277.35) ' Net earnings (Exhibit N) (note 13) 69,282.11 11469.38 36,389.65 31,413.06 Investments by other funds, September 30, 1967 $ 39,709.57 406.71 21,167.13 18,135.73 1 1 1 r r r r r See accompanying notes to financial statements. 1 Exhibit P CITY OF DENTON, TEXAS Trust, Agency and Miscellaneous Funds ' Combined Balance Sheets ' September 30, 1967 F U N 0 S ' Youth Firemen's Assets Total Corps Pension Payroll ' Cash $ 2,339.65 43.27, 1,996.44 300.00 Investments - at cost, which approximates market (Schedule 14) 110,953.77 - 1100953.77 - Due from other funds 633.55 - 633.65 - Amount receivable from Federal government 31731.88 3,731.88 - - $ 117,658.85 39775.09 1130583.76 300.00 ' Liabilities and Fund Balances ' Due to other funds $ 4,075.09 39775.09 - 300.00 Fund balances (Exhibit Q) 113 L583.76 - 113,583.76 - $ 1 658.85 39775.09 113,583.76 300.00 , 1 See accompanying notes to financial statements. ' Exhibit 0 CITY OF DENTON, TEXAS Trust. Aaenoy and Miscellaneous Funds Combined Statement of Fund Balances Year ended September 30, 1967 F U N D S 1juth Firemen?s Total Corps Pension Payroll Balances, September 30, 1966 $ 100,086.81 - 100,086.81 - Additions; Pension contributions 160886.25 - 16,886.25 - ' Interest 39672.51 = 39672.51 = 20,558.76 20,558.76 Less pension expenditures 79061.81 = 7,061.81 = Excess additions over expenditures 13,496.95 139496.95 Balances, September 30, 1967 113,583.?6 - 113,583.?6 See accompanying notes to financial statements. NTON, TEXAS CITY OF QE_ Electric System Fund Balance Sheet September 30, 1967 S Assets Current assets: Cash $ 7,347.29 Certificates and tima deposits (Schedule 14) 320,000.00 Accrued interest receivable 14,816.07 ' Prepaid insurance 121578.04 Receivables (note 2): Accounts receivable $ 250,634.84 Unbilled revenue (note 3) 755,417.29 1,006,052.13 Less allowance for uncollectible accounts (noto l 15,060.43 990,991.70 Total current assets 103450733.10 Advances to working Capital Fund 266,342.03 Restricted asset accounts (note 7): ' Interest and Redemption Fund: Cash 41.70 Certificates and time deposits (Schedule 14) 717,100.00 Due from Electric System Fund 10700.00 Accrued interest receivable 3,947.96 722,789.66 , Reserve Account: Cash .50 Certificaten and time deposits (Schedule 14) 8770000.00 Investments to U. S. Government Obligations (quoted market, $121,231.25) (Schedule 14) 124,599.13 Due from Electric System Fund 8,446.00 1,010,045.63 Utility plant in service at appraised value (note 5): ' Land and land rights 229,513.00 Electric plant production and distribution facilities, less accumulated depreciation of 46,2P6,155.00 20,765,782 00 21,015,293.00 Investment, in Motor Pool Fund, at cost (note 4) 69,118.12 Investment in Working Capital Fund, at net ' underlying book value 21,167.13 $ 249450,488.67 See accompanying notes to financial statements. , Exhibit R ' Liabilities. Reserves and Retained LarninQs Current liabilities: Accounts payable 258,044.63 Accrued expenses 40316.74 ' Due to c:her funds 960699.95 Customers' deposits 186,685.78 Revenue bonds due within one year _ 4,9333.33 Total current liabilities 590,080.43 Current liabilities payable frcm restricted assets: Revenue bonds due within one year 487,666.67 Accrued interest on revenue bonds 196,025.40 683,692.07 Long-term debt - Electric revenue bonds, .05% - 5-1/2%, payable serially in varying amounts to November 1, 1990 (notes 7 and 11) (Schedules 4 and 5) 13,572,000.00 Less pori-4on due within one year: Payablc £rom'current assets 449333.33 Payable from restricted assets 487.666.67, 532,000-'O 13,140,000.00 Reserves (note 7): Reserve for Interest and Bond Redemption 3990E-7.58 Reserve for Revenue Bond Retirement 1,010,0,100499143.21 Unrealized increment in valuation of utility ' plait in service (note 5) 4,851,497.9o Retained earnings (Exhibit T) (notes 3, 4 and 7) 4,236,075.01 ' Commitments and contingent liability (notes 6 and 12) ' 24,460,488.67 Exhibit S CITY OF DENTON, TEXAS , Electric System Fund Statement of Earnings (and Comparison with Budget) Year ended September 30, 1967 i Actual t over (under) Budget u91 budget ' Operating income: Electricity sales: , Customers $ 398759000.00 29982,508.10 (892,491.90) Intergovernmental 680500.00 67,635.75 (864.25) Othor 452000.00 9,322.38 35 677.62) 3,9881500.00 310599466.23 (929,033.77) ' Operating expenses excluding depreciation (Schedule 3): ' Salaries and wages 428,006.67 364,011.57 (630995.10) Fuel for electricity production 681,900.00 558,579.61 (1231320.39) Supplies 51,191.33 29,262.99 (21,928.34) ' Maintenance 126,432.67 66,420.94 (60,411.73) Insurance 30,000,00 29,604.22 (395.78) Administration services (note 10) 254,343.74 254,343.74 - Provision for uncollectible accounts 19,576.31 19,576.31 Equipment rental 35,181,33 30,346,33 (49835.00) Other services 1129629.67 1169227.17 3,597.50 11719,685.41 1,468t372,88 (251,312.53) ' Operating income before depreciation 2,2680814.59 1,591,0193.35 (6779721.24) Depreciation (note 5) 646,467.61 6460467.61 - I Operating income 1,622,346.98 9449625.74 (677,721.24) Other income: ' Intersst on investments 70,000.00 84,229.83 141229.83 Other - 23,327.35 23,327 35 1,632,348.98 1,0520182.92 (640,164.06) t Other deductions - interest on bonds 481,455.00_ 472,293.28 (9,161.72) Net earnings before extraordinary item 11210,891.98 5790889.64 (631,002.34) Extraordinary item (note 13) - 36,399.65 36,399.65 Net earnings (note 7) 1,210,891.98 616,289.29 (5949602.69) Transfer to General Fund (note 10) 249,454.28 249,454.28 - Net earnings after transfer $ 961,437.70 366,835.01 (5949602.69) See accompanying notes to firaneiai statements. ' Exhibit T CITY OF DENTON; TEXAS Electric System Fund Statement of Retained EarnirW ' Year ended September 30, 1967 Balance, September 30, 1966 $ 2,955,999.32 Add: Unbilled revenues at September 30, 1966 (note 3) $ 1720714.21 Cost of assets transferred to Motor Pool Fund and General Fixed Assets in prior years (note 4) 80,957.18 Excess reserve for bond interest and reuemption ' appropriated in prior years 686,436.88 940,108.27 Balance, September 300 1966, as adjusted 338963107.59 Add net earnings for the year after transfer to General Fund (Exhibit 3) 366,635.01 41262,942.60 Deduct: Increase in reserve for Interest and Bond Redemption (note 7) 18,297.59 Increase in reserve for Revenue Bond Retirement (note 7) 8,® 26,867.59 ' Balance, September 30, 1967 $ 402381075.01 1 . 1 i See accompanying notes to financial statements. CITY OF DQ TON, TEXAS Water and Sewer System Fund Balance Sheet September 30, 1967 ' Assets ' Current assets: ' Caste $ 17,504.92 Certificates and time deposits (Schedule 14) 570,000.00 Accrued interest receivable 41252.91 Prepaid insurance 19374.48 Due from other funds 163,867,16 Total current assets 756,999.47 , Restrictpd assets: Construction Bond Fund: Cash $ 41,011.02 ' Time deposits (Schedule 14) 750,000.00 Aeorued interest receivable 7,083.25 798.094.27 Interest and Sinking Fund (note 7): Cash 34.80 Time deposits (Schedule 14) 66,700.00 Accrued interest receivable 367.76 Due from Water and Sewer System Fund 31184.15 70,286.71 Reserve Fund (note 7): Cash 8.66 Certificates and time deposits (Schedule 14) 2379600.00 ' Accrued interest receivable 2.433.75 239,942.41 Utility plant in service, at cost: Land and land rights 98,063.42 Water utility plant less $2,270,210.06 accumulated depreciation 30644,334.32 Sewer utility plant less $2,101,879.28 - ' accumulated depreciation 1,116,942.09 40859,339.83 Construction work in progress 58,957.36 Investment in Motor Pool Fund, at cost (note 4) 72,792.74 Investment in Working Capital Fvad, at net ' underlying book value 189135.73 $ 6,8748.52 ' See accompanying notes to financial statements. ' Exhibit U 1 ' Liabilities, Reserves, Contributions, and Retained Earnings ' Current liabilities: Accounts payable $ 80704.81 Accrued expenses 21219.24 ' Due to Interest and Sinking Fund 39184.15 Current portion of long-term debt 110,003.21 Total current liabilities 1249111.41 ' Current liabilities payable from restricted assets: Construction contracts and retained percentage payable 19,638.28 Due to other funds 3,179.38 Current portion of long-term debt 32,500.00 Accrued interest on revenue bonds 27~ ,981.75 83,299.41 Long-term debt: Water and sewer revenue bonds, 3 - 5%, payable serially in varying amounts to July 15, 1990 (note 7) (Schedules 7 and 8) 3,6309000.00 Contract payable (note 9) 999365.74 ' 3,729.365.74 Lees portion due within one year: Payable from current assets 110,003.21 Payable from restricted assets 32.500.00 14220521 30588,862.53 Reserves (note 7): Reserve for Interest and Bond Redemption 9,804.96 Reserve for Revenue Bond Retirement 239942.41 249,747.37 ' Contributions by municipality and Federal government (note 8) 2,043,766.13 Retained earnings (Exhibit W) (notes 3, 4, 7, 8 and 9) 786,761.67 Commitments (note 6) .6,874,54 B.,52 r Exhibit V CITY OF DENTON. TEXAS Waiter and Sewer System Fund Statement of Earnings (and Comparison with budget) Year ended September 30, 1967 , i Actual over (under) Budget Ac LA budget ' Operating income: Water sales: , Customers ° 785,000.00 7479696.25 129696.25 Intergovernmental 100500,00 14,479.00 3,979.00 Sewer service charges 265,000.00 263,078.78 (!,921,22) Tapping fees 21,000.00 18,921.24 (2,078.76) Other 149500.00 271.00 14 229.00) 1,0460000.00 11044,446.27 1553.73) I Operating expenses excluding depreciation (Schedule 6); Salaries and wages 212,033.33 1.870096,31 (240937.02) Supplies 56,736.67 49,845.81 (6,890.86) ' Maintenance 690973.bb 67,456.52 (2,516.81} Power 54,6('0000 50012.0,78 (4,479.22) Administration services (rote 10) 630586,94 63v585,94 - ' Equipment rental 37,272.67 220028,97 (15,24-3.70) Other services 61,783.33 64,778,91 (7,004.42) Provision for uncollectible accounts - 1.4,788.94 140788.94 ' Insurance 49000.00 4,,)74.66, 74.66 5$9,985,27 51.30776.84 46 208.43) Operating income before deprebiation 486,014."3 5309669.43 449654.70 Depreciation 443,093.17 4431093.17 - Operating income 42,921.56 870576.26 440654.70 , Other income - interest on investments 359000.00 ^ 61,492.29 26,492.29 779921.56 1490069.55 71,1.46.99 Other deduction - interest on bonds 1409062-50 139,246.07 (816.43) Net earnings (loss) before extraordinary item (62,140.94) 90822.48 710963.42 ' Extraordinary item (note 13) - 31,413.08 31,413.08 Net earnings (loss) (620140.94) 41,235.56 1039376.50 Transfer to General Fund (note 10) 62,363.56 62,363.56 - ' Net loss after transfer $ 124,504.50 21,128.00 103,376.50 See accompanying notes to financial statements. , Exhibit W CITY OF DENTON, TEXAS ' Water and Sewer System Fund Statement of Retained Earnings Year ended September 30, 1967 1 ' Balance, September 30, 1966 2,5989959.99 ' Add; Unbilled revenues at September 30, 1966 (note 3) $ 54,361.48 Cost of assets transferred to Motor Pool Fund and General Fixed Assets in prior years (note 4) 60,611.10 ' Excess reserve for bond interest and redemption appropriated in prior years 67,508.01 Purchase of long-term water rights (net of applicable ' depreciation) charged against earnings in prior years (note 9) 73,178.59 255,659.18 1 Deduct: Contributions by municipality and Federal government recorded.as retained earnings in prior years (note 6) 686.13 (1,719,026.95) Balance, September 30, 1966, as adjusted 8799933.04 ' Deduct: Net loss for the year after transfer to General Fund t (Exhibit, V) 21,128.00 Increase in reserve for Interest and Bond Redemption (note 7) 9,804.96 Increase in reserve for Revenue Bond Retirement (note 7) 621239.41 93,171.37 Balance, September 30, 1967 X86,761.67 1 ' See accompanying notes to financial statements. Exhibit X CITY OF DENfON, TEXAS ' Statement of General Fixed Assets ' September 30, 1967 1 General Fixed Assets (Schedules 91 10 and 11) ' Land ~ 716,741.50 Buildingo 1,250,495.36 ' Improvements other than building; 3p519i883.86 $ 5,487,120.72 ' Investment in General Fixed Assets ' From General Obligation Bonds $ 4,8390764.31 From current revenues 6320356.41 ' From gifts 159000.00 $ 5,4879120.72 ' 1 See accompanying notes to financial statements. ' 1 Exhibit Y CITY OF DENTON, TEXAS ' Statement of General Bonded Debt and Interest September 30, 1967 1 0 AL-sets ' Deficit in Debt Service Fund (Exhibit E) (11753.40) Amounts to be provided for payment of bond ' principal and interest 49966,029.38 ~ 4,964,275.98 0 o Liabilities Bonds payable (Schedules 12 and 13) 3,807r500.00 Interest payable in future years (Schedule 13) 1,156,775.98 ' 40964,275.98 1 1 i 1 0 0 ' See accompanying notes to financial statements. i CITY OF DENTON, TEXAS ' Notes to Financial Statements ' September 30, 1967 (1) In prior years, individual uncollectible accounts for electricity, water, ' sower, and garbage charges were charged against earnings during the year irr which they became uncollectible. Ouring the current year, a provision of $15,060.43 was provided for estimated uncollectible accounts receivable end unbilled revenues at September 30, 1967. ' (2) Receivables in the Electric System Fund include amounts due for water and 8bwcr servicrs provided by the Water and Sewer Fund and garbage sarvicgs ' provided by the General Fund. Utility receivables are carried by the Electric System Fund to facilitate accounting and collection procedures. Each fund records its portion of the revenues and losses from these accounts. (3) In prior years, the amounts due for services provided but for which meters had not been read were not recognized in the accounts of the Electric System Fund, the Water and Sewer System Fund, and the General Fund. These revenues in the ' amount of $281,768.22 were recorded as of September 30, 1967 in the various funds, and are included in the unbilled revenue account in the accompanying be,lanoe sheet of the Electric System Fund. Similar charges of $238,194.92 ' at September 30, 1966 were credited to retained earnings or fund balance of the respective funds. Recording of these amounts increased revenues and net earnings for the year ended September 30, 1967 by $430593.30, of which $29,215.07 is applicable to the Electric System Fund, $10,661.53 to the Water and Sewer System Fund, and $3,716.70 to the General Fund. (4) In prior years, assets contributed to the Motor Pool Fund and transferred to ' General Fixed Assets were charged to retained earnings by the Electric System Fund and the Water and Sewer System Fund. As of September 30, :966 the amounts of such assets contributed in prior years ($80,957.18 in the, Electric System ' Fund and $60,611 10 in the Water and Sewer System Fund) were adjusted to record such contributions as investment in the Motor Pool Fund and as utility plant in service, with a correspQriding increase in retained earnings of the ' funds. Current year contributions of $17,999.00 (Electric System Fund) and $32,834.00 (Water and Sewer System Fund) were recorded as investment in the Motor Pool Fund. The portions of the above prior year contributions applicable to the Motor Pool Fund plus contributions from the General Fund in prior years, the total of which aggregated $167,792.49, were adjusted in the Motor Pool Fund as of ' eptember 30, 1966 to record such contributions as amounts invested by other funds, any' retained earnings were reduced by an equal amount. Current year contributions totaling $53,625.80 were recorded as amounts invested by other funds rather than as retained earnings. ' 1 ' 2 CITY OF DENTON, TEXAS t Notes to Financial Statements, Continued (5) In 1960, the City recorded the utility plant in service of the Electric System Fun: at the appraised value of reconstruction cost new, less depreciation, in the amount of $10,057,760.00. The excess, $49196,210.00, of the appraisal value over acquisition cost less depreciation was recorded in the accounts as of September 30, 1960, and subsequent additions weru recorded at cost. ' For fiscal years ended September 30, 1961 through 1966, depreciation was charged to earnings based on the appraisal value and subsequent additions described in the preceding paragraph. The excess of depreciation based on appraisal ' value over depreciation based on acquisition cost was transferred annually from unrealized increment in valuation of utility plant in service to retained earnings. This procedure was changed during the current year. Depreciation was charged to earnings based on acquisition cost. The excess of depreciation based on appraised values over that based on acquisition cost was transferred from the ' unrealized increment account to the accumulated depreciation account. Had this practice been followed in the prior year, net earnings for the year ended September 30, 1966 would have been increased by $1929554.00. ' On September 30p 1967, the net carrying value of utility plant in service of the Electric System Fund was adjusted to $21,015,293.00, the appraised value of ' reproduction cost new, less depreciation as determined at that date by Black and Veatch, Consulting Engineers. The recorded appraised value of $21,015,293.00 was $4,851,497.95 in excess of acquisition cost, less depreciation. This excess was recorded in the accounts as "unrealized increment in valuation of utility plant in service." In future years, net earnings will be charged with depreciation based on acquisi- tion cost. The excess of depreciation based on appraised value over that based on acquisition cost, $285,000.0(', will be transferred from the unrealized increment in valuation account #.o the accumulated depreciation account. ' (6) The City has entered into various contracts for construction, of which approxi- mately $840,000.00 will be paid subsequent to September 30, 1967. Of this amount the City Council authorized the Electric System Fund and the Water and Sewer System Fund to provide $200,000.00 eaah during the fiscal year ended September 30, 1968 for aid in construction of a new municipal building. The remainder of the contractual obligations will be paid from proceeds of the various bond funds. (7) The ordinances authorizing the issuance of electric revenue bonds created the Interest and Redemption Fund, the Reserve Account and the Extension and Improvement Fund. The net revenues of the electric system, after deduction of reasonable expenses of operation and maintenance, are pledged to such funds 3 CITY OF DENTON, TEUS Notes to Financial Statements, Continued ' (7) Continued ' in amounts equal to the total annual principal and interest requirements ' of the bonds and amounts required to establish the Reserve Account and the Extension and Improvement Fund. Funds required to be set aside in the Reserve Account are to be accumulated at a monthly rate of $20350.00 until a balance of $1,002,000.00 is accumulated. After the required payments to the Interest and Redemption Fund and Reserve Account are made, the Extension and Improvement Fund is to receive monthly 12-1/2% of the gross revenues of the electric system. Such funds are to be used ' only for the purpose of paying the eye'; of extensions and improvements to the electric system or for payment of maturing principal and interest in the event that the Interest and Redemption Fund and Reserve Account are unable to meet current maturities. ' The ordinances authorizing the issuance of water and sewer revenue bonds oreated the Interest and Sinking Fund and the Reserve Fund. The net ' revenues of the water and sewer system, after deduction of reasonable expenses of operation and maintenance, are pledged to such funds in amounts equal to the total annual principal and interest requirements of , the bonds and amounts required to establish the Reserve Fund. Funds required to be set aside in,th a Reserve Fund are to be accumulated at a monthly rate of =1,685.00 until a balance of $265,600.00 is accumulated ' The City also pledged to maintain rates sufficient to pay all operating and maintenance expenses and to produce net revenues, as defined in the ordinances, in amounts not less than 1.3 times the amounts required to pay the principal and interest on the bonds and reserve fund payments as they become due. (8) In prior years the Water and Sewer System Fund received contributions from ' the Federal government and the Electric System Fund and proceeds from the sale of general obligation bonds amounting to $1,974,686.13 which was credited to retained earnings. As of September 30, 1966 this amount was adjusted to record such items as contributions by municipality and Federal gover=ent, and retained earnings were reduced by an equal amount. Current year contributions of $69,080.00 were recoz4ed as con- tributions by municipality and Federal government. , (9) In 1953 the City entered into a contract to acquire storage space in the Garza-Little Elm Dam and Resezvoir for a period of fifty years, with ' payments to be paid annually in twenty installments. In prior years the City recorded the payments as reductions of earnings of the Water and Sewer System Fund. As of September 30, 1966.the Water and Sewer System Fund adjusted its books by recording the storage space as utility plant in service in the amount of $180,046.26 (net of depreciation). It also i ' 4 i CITY OF D ENTON, TEXAS ' Notes to Financial Statements, Continued ' (9) Continued i recorded the pertinent long-term liability in the amount of $99,365.74, and credited retained earnings in the amount of $73,1'18.59 (net of applicable depreciation relating to prior years). Had this practice been in effect in the prior year, earnings would have been increased $7,50: 93. ' (10) The City Charter provides for an annual payment to the General Fund from excass revenues (as defined in the City Charter) of the municipal utility systems ' in an amount not to exceed six per cent of the City's net investment in the utility systems. During the year ended September 30, 1967, the General Fund received transfers of $249,454.28 from the Electric System Fund and $62,363.56 ' from the Water and Sewer System Fund under this provision of the City Charter. The General Fund also receives payments from the Electric System Fund and the Water and Sewer System Fund for administration services, In the current year the General Fund received $254,343.74 and $63,585,94, respectively, from the tvo funds. (11) The City has not complied with the provision of its electric revenue bond ordinances regarding required transfers to the Extension and Improvement Fund as described in note 7. The City follows the practice of not making the ' required transfers if current expenditures for capital additions exceed 12-1/2% of current gross revenues. The ordinances authorizing the electric revenue bonds require that the Interest and Redemption Fund and Reserve Account be deposited in the First National Bank in Dallas as trustee of the pledged revenues, and that all investments of the Reserve Account and Extension and Improvement Fund be held in escrow by the First National Bank in Dallas. The funds have been deposited in the First State Bank, Denton, Texas and the investments are held by the First Na.lonal Bank in Dallas for the account of the First State Bank, Denton, Texas. ' (12) The City is contingently liable on a $200,000.00 personal injury suit arising from electrical injuries by a nonemployee of the City. In the opinion of the City Attorney, the City has a probable defense in the suit and a favorable verdict probably will be obtained, (l3) The Working Capital Fund of the City of Denton, Texas provides central warehouse facilities for the various municipal departments and finances the inventories of the utility funds. These services are provided at approximate cost, and any net earnings or losses which may arise from the operation of the Fund are distributed to the various departments utilizing the services. During the ' current year, an extraordinary inventory adjustment was recorded in the Working 5 CITY OF DENTON, TEXAS ' Notes to Financial Statements, Continued ' (13) Continued Capital Fund which resulted in an abnormal amount of net earnings in that Fund. The distribution of the abnormal net earnings of the Working Capital ' Fund has been recorded as extraordinary items in the accompanying statements of earnings of the Electric System Fund and the Water and Sewer System Fund. (14) The Motor Pool Fund was established June 1, 1957 to provide and maintain trans- portation equipment for the various funds of the City. The appraised value of equipment at that date was $220,101.78, which was credited to retained ' earnings. As of September 30, 1966 this amount was transferred from retained earnings to appraised value of equipment at inception date, June 1, 1957. ' 1 Schedule 1 CITY OF DENTON9 TEXAS General Fund Schedule of Other Revenues (and Comparison with Budget) Year ended September 30, 1367 Actual over (under) ' Budget Actual budget Garbage services $ 230,000.00 232,999.28 2,999.28 ' Franchise taxes: Lone Star Gas Co, 16,000.00 16,345.73 345.73 General Telephone Co, of the: Southwest 18,000.00 18,620.94 620.94 34,000.00 34,966.67 966.67 Licenses and permits: Zoning permits 1,500.00 784.00 (716.00) Dog licenses 250.00 180.50 (69.50) ' Tax certificates 1,200.00 839.00 (361.00) Electric and plumbing licenses 10000.00 880.00 (120.00) Building permits 13,000.00 10,611.11 (21368.89) t Vital statistics 1,500.00 1,655.00 155.00 Miscellaneous permits 19750.00 10916.28 166.28 Loading zones 650.00 600.00 (50.00) Garbage dump permits 1,733.00 1,733.00 20,850.00 19,198.89 (1,651.11) Parking meter receipts 25,000.00 27,353.32 2,353.32 ' Fines and fees: Corporation Court 1059000.00 118,644.68 13,644.68 Animal pound 200.00 191.00 (9.00) Automobile pound 11500.00 1,342.50 157.50) ' 106,700.00 120,178.18 13,478.18 Other: Electric inspection 3,500.00 21352.33 (1,147.67) ' Plumbing inspection 4,300.00 3,187.03 (1,112.91) Paving assessment interest 2,596.19 21596.19 Rent and commissions 41500.00 3,026.81 (10473.19) ' Cemetery service 20000.00 11713.00 (287.00) County fire runs 19200.00 10880.00 680.00 County radio and identification 39000.00 30000.00 - Swimming pool receipts 12,500.00 7,128 57 (53,371.43) Community Building rent - 600.40 600.40 Matching funds 12,000.00 109970.94 (12029.06) Salvage sales revenues - 19966.00 1,966.00 Police record checks = 296.75 296.75 Gain from Working Capital Fund 1,469.38 1,469,38 Miscellaneous 19000,00 12472.25 472.25 ' 44,000.00 41,659.71 2 340,29) Interest on investments 17,500.00 12,525.00 (4,975.00) Sale o•' land and property - 197,477.89 197,477.89 Total other revenues $ 478,050.00 686,358.94 208,308.94 Schedule 2 CITY OF DENTON, TEXAS ' General Fund , Schedule of Expenditures and EncumbrancEa (and Comparison with Budget) ' Year ended September 30, 1967 Actual ' over (under) Budget Actual budget ' General government: Salaries and wages $ 34,328.00 34,486.13 158.13 ' Supplies 3,600.00 3,773.46 173.46 Maintenance 39250.00 20898.53 (351.47) Equipment rental 636.00 636.00 - ' Other services 23,650.00 23,238.39 (411.61) Capital outlay 500.00 132.92 367.08) 65.964.00 65,165.43 798.57) Finance office: ' Salaries and wages 15,402.00 150170.13 (231.87) Supplies 500.00 446.39 (53.61) t Other services 2,530.00 2,587.55 57.55 18,432.00 189204.07 227.93) Tax department: ' Salaries and wages 22,763.00 22,367.72 (395.28) Supplies 20500.00 21071.06 (428.94) ' Maintenance 500.00 78.97 (421.03) Equipment rental 600.00 600.00 Other services 2,500.00 21234.61 265.39) 28,863.00 27,352.36 1 51064) , Utility accounting: Salaries and wages 920479.50 939898.54 11419.04 ' Supplies 150000.00 13,741.89 (11258.11) Maintenance 3,500.00 2,968.95 (531.05) Equipment rental 29,200.00 28,724.30 (475.70) ' Other services 13,500.00 11,062.55 (29437.45) Capital outlay 11800,00 1,337.01 462.99) 155,479.50 151,733.29 3 746.26) Purchasing and warehouse: t SalsxiQs and wages 16,532.00 16,497.85 (34.15) Supplies _ 800.00 715.75 (84.25) ' Maintenance 500.00 366.27 (133.73) Ottrir services 3,400.00 3.6~ 95.67 295.67 21,232.00 21,275.64 43.54 Continued ' 1 ' 2 Schedule 2► Cont. ' CITY OF DENTON, TEXAS ' General Fund Schedule of Expenditures and Encuwt,rences ' (and Comparison with Budget), Continued ' Actual over (under) Budget Actual budget ' L(;gal department: Salaries and wages $ 241710.00 24,428.49 (261.51) Supplies 900.00 789.17 (110.83) t Maintenance 100.00 75.96 (24.04) Other services 17,000.00 169928.43 (71.57) Capital outlay 450.Orj 437.76 12.24) -13,160-00 42,659.Bi 500.19) ' Health and sanitation - inspection: Salaries and wages 59436.00 5,346.OC, (90.00) ' Supplies 900.00 279,78 (620,22) Maintenance 20090 90.15 (109.85) Equipment rental 300.0 300.00 - Other services 5,200.00 5,353433 153.33 ' 12,036.00 11,369.26 666.74) 1 Health and sanitation - garbage collection: Salaries and wages 127,017.00 1250957.43 (1,059.57) Supplies 15,000.90 16,162.35 1,162.35 Maintenance 25,000.90 240999.97 (.03) Equipment rental 22,080.00 22,080.00 - Other services 119800.00 14,349.14 2,549.14 200,897.00 203,548.89 2,651.89 ' health and sanitation - garbage disposal: Salaries and wages 14,980.09 14,958.82 (21.18) ' Supplies 900.00 524:81 (375.19) Maintenance 61500.09 4,570.77 (1,929.23) Equipment rental 5,200.00 40800.00 (400.00) Other services 1,500.00 19337.83 (162.17) ' Capital outlay - 10.46 10.46 29,080.00 26,202.69 (2,877.31) ' Civil defense and safety: Salaries and wages 10,188.00 11,008.00 820.00 Supplies 555.00 674.29 119.29 ' Maintenance 750.00 837.89 87.89 Equipment rental 600.00 600.00 Other services 2,060.00 2,333.12 273.12 Capital outlay 92335.00 9,372.35 37.35 ' 23,488.00 24,825.65 1.337.65 Continued 3 Schedulc• 2. Cont. t CITY OF DENTON, TEXAS General Fund Schedule of Expenditures and Encumbrances (and Comparison with Budget), Continued , Actual ' over (under) Budget Actual budget Police department: ' Salaries and wages $ 218,578.00 2209339.11 1,761.11 Supplies 18,700.00 19,523.85 823.85 Maintenance 18,000.00 16,797.56 (1,202.44) , Equipment rental 15,300.00 159367.50 67.00 Other services 30,249.00 30,631.72 382,72 Capital outlay 568.00 308.24 259.76) , 3013395.00 302,&7.98 1,572.98 Fire department: ' Salaries and wages 166,985.00 164,773.98 (2,211.02) Supplies 7,000.00 69824.16 (175.82) Maintenance 60250.00 61881.14 631.14 Equipment rental 11,820.00 11,820.00 Other services 24,134.00 24,694.52 560.52 Capital outlay 3,425.00 3,095.85 323.15 " 219,814.00 218,089.67 1 524.33) Engineering and drafting: Salaries and wages 702110.00 69,029.32 (1,060.68) ' Supplies 31500.00 3,481.51 (18.49) Maintenance 90000.00 7,012.08 (1,987.92) Equipment rental 3,780.00 31693.00 (87.00) ' Other services 71860.50 8,642.02 781.52 Capital outlay 19385.00 560.91 824 09) 95,635.50 92,418.84 (3,216.66) Street and bridge department: Salaries and wages 940757.00 91,302.65 (3,4.`,4.35) Supplies 60500.00 5,968.39 (531.61) ' Maintenance 75,000.00 639936.81 (110063.19) Equipment rental 35,760.00 34,786.00 (974.00) Other services 23,000.00 180902.78 (4,097.22) ' Capital outlay 20,000.00 13,679.90 (6,320.10) 255,017.00 2289576.53 26 440.47) Continued ' 1 4 Schedule 2, Cont. CITY OF DENTON, TEXAS 1 General Fund Schedule of Expenditures and Encumbrances 1 (and Comparison with Budget), Continued ' Actual over (under) Budget Actual budget 1 Parks and recreation department - director and parks: Salaries and wages $ 530042.00 519570.41 (1,471.59) ' Supplies 7,722.00 8,509.36 787.36 Maintenance 91535.00 91194.95 (340.05) Equipment rental 11,518.00 11,535.38 17,38 1 Other services 10,229.00 11,697.45 12468.45 Capital outlay 20,945.00 18,583.35 f21361.65) 112,991.00 i11,090.90 (L900.10) 1 Parks and recreation department - swimming pool: Salaries and wages 7,636.00 7,978.42 342.42 ' Supplies 1,240.00 1,189.92 (50.08) Maintenance 2,655.00 2,624.1.8 (30.82) Other services 3,125.00 3,670.16 545.76 ' Capital outlay - 29450.00 2,449.54 .46) 17,106.00 17,912.82 806.82 Parks and recreation department - 1 other activities: Salaries and wages 9,680.00 9,731.21 101.21 Supplies 29460.00 2,482.00 22.00 1 Maintenance 200.00 130.15 (69.85) Other services 1,400.00 1,916.43 516.43 Capital outlay 1,100.00 1,098.85 1.15) 14,840.00 15,408.64 568.64 Cemetery department: Salaries and wages 10,058.00 9,790.73 (267.27) ' Other services 1,250.00 1,415.46 165.46 11,308.00 11.206.19 101.81) 1 Nondepartmental expenses: Insurance 110688.00 12,808.36 1,120.36 Provision for uncollectible accounts - 1,632.85 19632.85 ' Contributions to Motor Pool Fund - 2.792.80 2,792.80 11,688.00 17,234.01 5,546.01 Continued 5 Schedule 2. Cont. CITY OF DENTON, TEXAS ' General Fund ' Schedule of Expenditures and Encumbrances (and Comparison with Budget), Continued ' Actual ' over (under) Budget Actual budget Special projects - capital outlay; ' Civic Center $ - <84,988.40 284,888.40 Community building - 162,542.42 162,::2.42 - 447,530.82 447,530.82 ' O,ontingencies 22,000.00 - 22 000.00) Total expenditures and encumbrances 1 660,226.00 21054793.34 394,547 .39 r Schedule 3 CITY OF DENTON, TEXAS Electric System Fund t Schedule of Expenditures (and Comparison with Budget) ' Year ended September 30, 1`e67 Actual ' over (under) Budget Expenditures b:•d¢et Electric production: Salaries and wages ffi 204,164.00 197,699.96 (6,464.04) Supplies 32,690.00 !6,246.72 (16,443.26) Fuel 6819900.00 558,579.61 (1239320.39) ' Maintenance 749956.00 26,426.97 (48,527.03) Lquipment rental 3,060.00 2,235.00 (825.00) Other services 45,992.00 51,639.31 5,647.31 Capital outlay 64,545.00 60.103.83 (4,441.17) ' 1071307.00 9120933.40 (194,373.60) Electric distribution: Salaries and wages 169,612.00 113,553.87 (56,058.13) ' Supplies 14,288.00 10,120.95 (49167.05) Maintenance 41,630.00 33,097.60 (8,532.40) Equipment rental 29,588.00 259778.00 (3,910.00) ' Other services 27,823.00 17,429.42 (10,393.68) Capital outlay 324,235.00 4069822.94 829587.94 607,176.00 606,802.78 373.22) Electric metering: Salaries and wages 30,096.00 29,913.87 (182.13) Supplies 2,380.00 945.55 (1,434.45) ' Maintenance 90380.00 6,615.51 (2,764.49) Equipment rental 2,000.00 11800.00 (200.00) Other services 3,448.00 2,865.42 {682.58) Capital outlay 399150.00 41,535.20 29385.20 860454.00 83,675,55 (2p778.45) Nondepartmental - insurance 30,000.00 299604.22 395.78) ' Pro rata share of utility administration expense: Salaries and wages 24,134.67 229943.87 (1,290.80) Supplies 1,833.33 1,949.77 116.44 Maintenance 466.67 278.86 (187.81) Equipment rental 533.33 533.33 - Other services 35,366.67 44,293.02 89926.35 Capital outlay 6,543.33 41525.28 (20018.05) 689878.00 749424.13 5,546.13 ' Transfers to General Fund - administration - - services 2649343.74 254,343.74 Frovision fo- uncolleetible accounts - 199576,31 199576.31 t Tetal expenditures 2,1542158.74 12981,360.13 (172,798.61) Deduct capital expenditures, 434,473.33 512,987.25 780513.92 Expenditures charged against operating income $ 127192685.41 1,468,372.88 {251,312.53) 1 CITY OF DENION, TEXAS Electric System Fund ' Schedule of Long-term Debt - Electric Revenue Fronds ' September 30, 1967 1 1 Issue date ' Series 1954, .5 to 3 % November 1, 1954 ' 1 Series 1955, 2-3/4 to 3-1/2% May 1, 1955 1 Series B, 1955, 2-3/4 to 3% November 1, 1955 ' 1 Series 1961, 3-3/4 to 5-1/2% January 1, 1961 e Series 1965, .05 to 5% January 1, 1965 1 1 1 e Schedule 4 1 1 Bonds ' Maturing dates of Amount of outstanding bonds outstanding at original September 30, September 30, 1967 issue Redemptions 1967 ' Serially in varying amounts from November 1, 1967 to t November 1, 1984 (option November 1., 1969) 4,2879000.00 102379000.00 30050,000.00 Serially in varying amounts from November 1, 1967 to November 1, 1985 (option November 1, 1979) 1,350,000.00 3810000.00 969,000.00 Serially in varying amounts from November 1, 1967 to November 1, 1985 (option November 1, 1979) 11387,000.00 379,000.00 19008,000.00 Serially in varying amounts from November 1, 1967 to November 1, 1990 (option November 1, 1981) 5,200,000.00 1650000.00 59045,000.00 Serially in varying amounts from November 1, 1937 to November 1, 1984 (option November 1, 1976) 4,000,000.00 500,000.00 305000000.00 $ 16,224,000.00 20652,000.00 13,572,000.00 1 i Schedule 5 CITY OF DENTON, TEAAS Electric System Fund , Schedule of Bond and Interest Requirements September 30, 1967 ' Year ending ' September 30. Principal Interest Totfl 1966 $ 532,000.00 459,319.75 9919319.75 ' 1969 542,000.00 4360831.00 978,831.00 1970 550,000.00 4149024.75 964,024.75 1971 5839000.00 390,755.50 953,755.50 ' 1972 545,000.00 3680786.25 913,786.25 1973 5079000.00 3500783.00 857,783.00 1974 519,000.00 335,014.50 8541014.50 ' 1975 5261000.00 319,068.25 13459066.25 1976 540,000.00 302,602.25 842,802.25 1977 552,000.00 286,122.75 8389122.75 1978 5649000.00 2690058.25 633,068.25 ' 1979 578,000.00 251,494.75 8299494.75 1980 6900000.00 2330290.50 823,290.50 1981 604,000.00 2140530.25 818,530.25 1982 616,000.00 195,276.50 811,276.60 1983 6309000.00 175,591.75 8059591.75 1984 644,000.00 155,519.00 7999519.00 1985 663,000.00 137,654.50 800,654.50 ' 1986 4971000.00 120,912.00 6170912.00 1987 5150000.00 101,842.60 616,842.60 1988 5402000.00 81,000.r30 621,000.00 ' 1989 560,000.CO 590000.00 619,000.00 1990 5851,000.00 380100.00 621,100.00 1991 6109000.00 120200.00 522,200.00 ' $ 1395720000.00 5,7061978.00 3922789978.00 Schedule 6 CITY OF DENTON, TEXAS ' Water and Sewer System Fund Schedule of Expenditures (and Comparison with Budget) Year ended Sejetember 30, 1967 Actual over (under) Budget Actual budget Water production and treatment: Salaries and wages $ 44,73::00 44,325.75 (406.25) Supplies 40,300.00 33,554.32 (61745.68) Power 46,600.00 42,651.36 (39948.64) Maintenance 100000.00 80341.15 (11658.85) Equipment rental 11374.00 11370.00 (4.00) Other services 22,500.00 23,054.01 554.01 165,506.00 1539296.59 (12,209.41) ' Water distribution: Salaries and wages 55,374.00 39,775.08- (J.5,598.92) Supplies 4,100.00 3,724.14 (375.86) Maintenance 39,790.00 41,983.15 29193.15 Equipment rental 172000.00 70618.80 (9,381.20) Other services 62000.00 61056.64 56.54 Capital outlay 42,035.00 103,291.61 61,256.61 16422 9.00 202,449.32 38,150.32 i Water metering: Salaries and wages 14,940.00 14,400.05 (39.95) ' Supplies 11170.00 883.05 (286.95) Maintenance 1,850.00 10319.33 (530.67) Equipment rental 300.00 300.00 Other services 2,300.00 21465.21 155.21 Capital o'xtlay 27,000.00 25,806.14 (19193,86) 47,060.00 459163.78 (1,896.22) 1 Sewage treatment and disposal: Salaries and wages 29,346.00 29,222.85 (123.15) Supplies 5,250.06 50939.54 689.64 ' Power 80000.00 7,469.42 (530.58) Maintenance 5,600.00 4,709.59 (8 0.01) Equipment rental 1,332.00 1,356.00 24.00 Other services 3,300.00 31714.37 414.37 Capital outlay 12895.00 1,100.27 794.73) 54,723.00 53,512.44 (1,210.56) Continued i 2 Schedule 6. Cont. , CITY OF DENTON, TEXAS Water and Sewer System Fund ' Schedu' f Expenditures (and Comparison with Budget), Continued Actual , over (under) Budget Actual budget Sewage collection: Salaries and wages 56,074.00 47,950.64 (89123.36) Supplies 5,000.00 40769.87 (230.13) Maintenance 12,500.00 109963.48 (1,636.52) ' Equipment rental 17,000.00 119117.50 (51682.50) Other services 10,000.00 10,027.08 27.08 Capital outlay 48,835.00 37,027.89 (11,807.11) 149,409.00 1219856.46 (27,552.54) Nondepurtmental - insurance 4.000.00 4,074.66 74.66 ' Pro rats share of utility administration expenses: Salaries and wages 12,067.33 11,421.94 (645.39) Supplies 916.67 974.89 58.22 Maintenance 233.33 139.42 (93.91) Equipment rental L66.67 266.67 Other services 17,683.33 21,974.91 4,291,58 Capital outlay 3.271.67 2,262.64 (1,009.03) 34,439.00 37.040.47 2,601.47 , Transfers to General Fund - administration services 63,585.94 63,585.94 Provision for uncollectible accounts - 14,788.94 14,788.94 1 Total expenditures 683,021.94 6959768.60 129746.66 Deduct capital expenditures and contract ' payment for Garza-Little Elm Reservoir 123,036.87 181,991.76 58,955.09 Expenditures charged against operating income 559,985.27 513,776.84 (46,208.43) 1 1 CITY OF DENTON, TEXAS Water and Sewer System Fund Schedule of Long-term Debt - Water and Sewer Revenue Bonds September 30, 1967 Issue date Series 1960, 4.0 to 5.0% July 15, '.960 i 1 Series 1962, 3.0 to 3.45% January 15, 1962 Series 1964, 3.0 to 3.4% July 15, 1964 1 Series 1966, 3.3 to 4.5% January 15, 1966 Schedule 7 1 bonds Maturing dates of Amount of outstanding bonds outstanding at original September 30, September 30. 1967 issue Redemptions 1967 Serially in varying amounts from July 15, 1968 to July 15, 1990 (option ' July 15, 1975) $ 1,700.000.00 1209000.00 195809000.00 Serially in varying amounts from July 15, 1968 to July 15, 1990 1,0000000.00 1050000.00 8950000.00 $151000.00 annually from July 150 1968 to July 150 1974, $10,000.00 annually. from July 15, 1975 to July 15, 1984 250,000.00 45,000.00 2050000.00 $50,000.00 annually from ' July 152 1988 to July 15, 1986 100000000.00 500000.00 950,000.00 $ 399502000.00 320,000.00 3,630,000.00 Schedule 6 CITY OF DENTON, TEXAS Wate• and Sewer Svstem Fund ' Schedule of Boni and Interest Requirements September 30, 1967 ' Year ending ' September 30. Principal Interest Total 1968 $ 130,000.00 134,312.50 264,312.50 1969 135,000.00 128,662.50 263,032.50 ' 1970 1401000,00 123,162.50 263,162.50 1971 140,000.00 1179650.00 257,650.00 1972 145,000.00 1120500.00 2570500.00 1973 145,000.00 107,500.00 252,500.00 1974 1500000.00 102,500.00 252,500.00 1975 1500000.00 97,300.00 247,300.00 ' 1976 1550000.00 92,075.00 247-1075.00 1977 1550000.00 86,527.50 241,527.50 1978 160,000.00 80,930.00 240,930.00 1979 165,000.00 75,132.50 2401132.50 ' 1.980 170,000.00 69,167.50 239,167.50 1981 170,000.00 62,992.50 232,992.50 1982 180,000.00 56,767.50 236,767.60 1983 180,000.00 509175.00 230,175.00 1984 1859000.00 430677.50 2289577.50 1985 1809000.00 36,780.00 216,780.00 1986 185,000.00 30,100.00 215,100.00 1987 145,000.00 23,220.00 168,220.00 1988 150,000.00 17,720.00 167,720.00 1989 155,000.00 11,995.00 166,995.00 10NO 160,000.00 62097.50 _ 166,097.50 $ 3,630,000.00 11667,045.00 59297,045.00 1 Schedule 9 CITY OF DENTON, TEXAS Schedule of Changes in General Fixed Assets - by Sources ' Year ended SeL ember 30, 19(37 Improvements ' other than Total LP.n- Buildings buildings Ba1ance, Septamber 30, 1966 $ 412039041.63 6089711.19 583934b.32 31010,985.12 Add; Expenditures from Bond Funds 1,033,276.43 59530.31 589,565.11 438,181.01 Expenditures frog, General Fund 4989597.96. 2722500.00 1559380.23 709717.73 11531,874.39, 2780030.31 744,945.34 5080898.74 is3ss assets sold 247,795.30 1709000.00 779795.30 - Balance, September 30, 1967 5,497,11A.72 716,741.50 14250,4~95.36 3,519 1 r CITY OF DENTON, TEXAS Schedule 10 Schedule of Changes in General Fixed Assets - by Functions and Activities Year ended September 30, 1967 ' Balance Balance ' September 30, September 30, ' 1966 Additions Retirements 1967 General government: Staff agencies: ' Administrative offices and boards 1,224.00 132.92 - 10356.92 Finance 7,277.00 - - 79277.00 Law 29325.00 437.76 - 2,762.76 Engineering 14,742,00 560.91 - 15,302.91 General government ' buildings, land and other 701,606,00 8970373.24 247,795.30 1,351,183.94 Utility accounting 266.00 11337.01 - 1,603.01 Total genezal government 727,440.00 899,641.64 247,795.30 1,3'(9,486.54 Public safety: Police protection 3,973.00 308.24 - 4,281.24 Fire protection 142,279.00 31095.85 - 145,374.85 Civil defense and safety 941.00 9,372.35 - 10,313.35 Total p:blic safety 147.193.00 12,776.44 - 159,969.44 ' Streets and highways 2,696.953.00 438,820.32 - 311379773.32 Sanitation and waste removal 540475.00 10.46 - 54,485.46 r Health and hospitals 150,000.00 - - 150,000.00 Libraries 50,000.00 34,496.69 - 84,496.69 Parks and recreation 269,831.00 229384.95 - 292,215.95 Airport 105,149.63 123,543.69 228,693.32 ' 4,203,041.63 11531,874.39 247,795.30 594879120.72 1 1 Schedule 11 CITY OF DENTON, TEXAS Schedule of General Fixed Assets - by Functions and Activities September 30, 1967 Improvements other than Total Land Buildings buildings General government: Staff agencies: Administrative offices - and boards 1,358.92 - 1,356.92 Finance 7,277.00 - - 7,277.00 Law 2,762.76 - - _2,762.76 Engineering 150302.91 - - 15,302.9., General government buildings, 1 land and other 1,351,183.94 524,683.00 8050850.35 20,450.59 Utility accounting 1,603.01 1,603.01 Total general ' government 113799486.54 5249883.00 805,850.35 489753.19 Puolic safety: Police protection 4,281.24 - - 4,281.24 Fire protection 1451374.85 19,849.00 789136.00 479389.85 Civil'defense and safety 10,313.35 - 10,313.35 Total public safety 159,969.44 19,849.00 78,136.00 61,984.44 1 Streets and highways 39137,773.32 51530.50 - 3,1320242.82 Sanitation and waste removal 540485.46 18,479.00 - 36,006.46 Health and hospitals 1509000.00 - 1500000.00 - Libraries 84,496.69 - 84,496.69 - Parks and recreation 292,215.95 83,000.00 5,460.00 203,755.95 Airport 228,693.32 65,000,00 _ 126,552.32 37,141.00 ' $ 5,487,120.72 716,741.50 112509495.36 395199883.86 1 1 1 i f 1 CITY OF DENTON, TEXAS Schedule of General Bonds Payable: , September 30, 1967 Issue date , Fire Station Improvement Bonds - Series 1929, 5% July 1, 1929 ' Park Purchase and Improvement Bonds - Series 1929, 5% July 1, 1929 Street Improvement Bonds - Series 1929, 5% July 1, 1929 Library botlding Bond, - Series 1947, 2-1/2% November 1, 1947 Street Improvement Bonds - Series 1948, 3-1/4% March 11 1948 ' Street Improvement Bonds - Series 1980,3-1/2 to 3.85% July 159 1960 Street Improvement Bonds - Series 1962, 2-3/4 to 3--1/5% March 15, 1962 ' General Obligation Bonds - Series 1963, 2-1/2 to 3-1/4% March 15, 1963 , Permanent Improvement Warrants, 2-3/4 to 2.85% Jkpril 15, 1963 ' General Obligation Bonds - Series 1964, 3 to 5% July 15, 1964 Perk Improvement Bonds - Series 1964, 3 to 6% July 15, 1964 General Obligation Bonds - Series 1966, 3.3 to 5% January 15, 1966 ' Airport Improvement Warrants - Series 1966, 4-1/2% December 1966 , . 1 r Schedule 12 1 Maturing dates of Amount of Bonds ' bonds outstanding at original outstanding September 30, 1967 issue Redemptions September 30, 1967 ' $1,000.00 maturing July 1, 1968, $2,000.00 maturing July 1, 1969 $ 30,000.00 270000.00 30000.00 $1,000.00 maturing July 1, 1968 and July 1, 1969 18,000.00 16,000.00 2,000.00 $2,000.00 maturing July 1, 1968 and July 1, 1969 37,000.00 339000,00 41000.00 $25,000.00 maturing May 1, 1968 ' and May 1, 1969 50,000.00 - 500000.00 $25,000.00 maturing March 1, 1968 and March 1, 19699 $50,000.00 ' maturing March 1, 1970 and March 1, 1971 1500000.00 - 1500000.00 $25,000.00 maturing annually ' July 15, 1968 through July 150 1985 6000000.00 1509000.00 4500000.00 $20,000.00 maturing annually March 15, 1968 through March 15, 1987 5001000.00 100,000.00 4000000.00 $20,000.00 maturing annually March 15, 1966 through March 15, 1988 500 80,000.00 420,000,00 Serially in varying amounts from April 15, 1968 through April 15, 1976 305,000.00 300000.00 275,000.00 Serially in varying amounts from July 15, 1968 through July 15, 1982 800,000.00 30,000.00 7709000.00 $10,000.00 maturing annually July 15, 1968 through July 15, 19780 $15,000.00 maturing annually July 15, 1979 through July 16, 1982 200,000.00 30,000.00 170,000.00 $25,000.00 maturing annually ' January 15, 1968 through Januai,r 15, 1971, $60,000.00 maturing annually January 15, 1972 through January 15, 1986 1,0001000.00 - 11000,000.00 ' Serially in varying amounts from December 1, 1968 through December 1, 1981 _113,500.00 113.500.00 $ 4 L303~500.00 496=ODa. GAO 33 807.500.00 1 Schedule 13 CITY OF DENTON) TEXAS ' Schedule of General Bond and Interest Requirem,.nte ' September 30, 1967 Year ending September 30. Principal Interest Total ' 1468 $ 189,000.00 127,850.00 316,650.00 1969 1950500.00 118,477.50 313,977.50 IQ 206,000.00 1109965.00 3160965.00 ' 1971 2119000.00 1040144.00 315,144.00 1972 238,000.00 97,290.06 335,290.06 1973 243,000.00 890581.50 332,587.56 , 1974 248,000.00 610912.50 ;29,912.50 1975 2490000.00 74,047.50 323,047.60 1976 249,000.00 66,135.00 315,135.00 ' 1977 210,000.00 58,102.56 268,102.56 1978 2100000.00 51,165.06 2619165.06 1979 2101000.00 44,215.06 254,215.06 1980 206,000.00 379167.56 2439167.56 ' 1981 2070000.00 30,212.56 237,212.56 1982 201,000.00 23,316.06 224,315.06 1983 125,000.00 16,651.56 141,651.66 ' 1984 1250000.00 12,315.00 137,315.00 1985 125,000.00 7,972.50 1321972.50 1966 1001000.00 3,630.00 103,630.00 ' 1S97 409000.00 1,295.00 41,295.00 1968 200000.00 _ 325.00 20,325.00 # 3,807,500.00 1,156,775.98 42964,275.98 1 I'll II 1 Schedule 14 CITY OF DENTON, TEXAS Schedule of Investment-, ' September 30, 1967 ' Interest Maturity rate date Amount General Fund :ime certificates of deposit: Denton Federal Savings and Loan Association 5-1/4% 10- 1-67 109000.00 ' North Texas Savings and Loan Association 5-1/4 10- 1-67 100000.00 Open time deposit - First State Bank of Denton 4 I0-16-67 200000.00 ~ 220,000.00 ' Bond Funds ' Street Improvement Time certificates of deposit: Denton Federal Savings and Loan Association 5-1/4% 10- 1-67 $ 24,000.00 ' North Texas Savings and Loan Association 5-1 4 10- 1-67 10,000.00 20,000.00 ' Fire Station Open time deposit - First State Bank of Denton 4 % 11-17-67 $ 11,500.00 Park and Recreation Time certificates of deposit: Denton Federal Savings and Loan Association 5-1/4% 10- 1-67 17,000 00 North Texas Savings and Loan Association 5-1 4 10- 1-67 _10,000.00 27,000.01 ' Library Building Open time deposit - First Sate Bank of Denton 20-26-67 84,000.00 Municipal Building Open time deposit - First State Bank of Denton 11-17-67 250000.00 Motor Pool Fund Time certificates of deposit: Denton Federal Savings and Loan Association 5-1/4% le- 1-67 $ 10,000.00 North Texas Savings and Loan Associaticn 5-1/4 10- 1-67 10,000.00 ' Open time deposit - First State Bank of Denton 4 10-25-67 10 ,000.00 $ 120,000.04 Continued 1 2 Schedule 14, Cont. CITY OF DETNTON, TEXAS Schedule of Investments, Continued ' Interest Maturity rate date Amount Trust. Agency and Miscellaneous Funds ' Firemen's Pension Fund Time cvsrtificates of deposit: Denton Federal Swings and Loan Association 5 % 10- 1-67 $ 100000.00 Denton Feder+il Savings and Loan Association 5 6-.20-68 50000.00 ;north Texas Savings and Loan Association 5-1/4 10- 1-67 15,000.00 ' Colonial Savings and Loan Association 5 1- 1-68 100000.00 Republic Savings and Loan Association 5-1/4 1- 1-68 15,000.00 Am6rican Savings Association 5-1/4 1- 1-68 15,000.00 ' Farn and Home Savings Association 5 1- 1-66 10,000.00 Mutual Savings and Loan Association 5 1- 1-68 10,000.00 Savings account - Decatur SaN-ings and Loan Association 4-3/4 - 15,000.00 ' Common stock (at cost which approximates market value): Bank of America - 25 shares - - 10516.65 ' Standard Oil of New Jersey - 25 shares - - 12567.35 National Dairy Pzoducts - 25 shares - - 917.16 General Foods Corporation - 25 shares - - 1,952.4 1 ' I10` Electric System Fund System Fund Time certificates of deposit: Denton Federal Savings and Loan Association 5-1/4% 10- 1-67 $ 109000.00 North Texas Savings and Loan Association 5-1/4 10- 1-67 10,000.00 Open time deposit - First State Bank of Denton 1- 1-68 300,000.00 ' $ 320,-+,3. Interest and Redemption Fund Time certificates of deposit: Denton Federal Savings and Loan Association 5-1/4% 10- 1-67 $ 10,000.00 North Texas Savings and Loan Association 5-1/4 10- 1-67 100000.0c Open time deposits: First State Bank of Denton 4 10-11.37 2550000.00 Fizet State Bank of Denton 1 10-17-67 174,500.00 ' First State Bank of Denton 1 10-22-67 162,600.00 First State Bank of Denton 4 10„25-67 ;052000,00 $ ?17~100.0a0 1 Continued 1 a 3 Schedule 14, Cont. CITY OF DENTON, TEXAS Schedule of Investments, Continued Interest Maturity rate date Amount ' Electric System Fund, Continued ' Reserve Account Time certificates of deposit: Denton Federal Savings and Loan Association 5-1/9% 10- 1-67 $ 10,000.00 ' North Texas Savings and Loan Association 5-1/4 10- 1-67 10,000.00 Open time deposit - First State Bank of Denton 4 1- 1-68 857,00.00 $ 877,00 U. S. Government obligations: U. S. Treaeury Notes (quoted market $79,100.00) 5 11-15-70 79,809.00 U. S. Treasury Bonds (quoted market $42,1:61.25) 4-1/8 11-15-73 44,790.13 124,599.13 Water and Sewer System Fund ' System Fund Time certificate, of deposit: ' Denton Federal Savings and Loan Association 5-1/4% 10- 1-67 $ 100000.00 North Texas Savings and Loan Association 5-1/4 10- 1-67 109000.00 Open time deposits: First State Bank of Denton 4 10-25-67 1500000.00 First State Bank of Denton 4 11-17-67 100,000.00 First State Bank of Denton 4 1. 1-63 300,000.00 $ 570,000.00 Construction Bond Fund ' Open time deposits: First State Bank of Denton 4 % 10-25-67 $ 150,000.00 First State Bank of Denton 4 1- 1-68 600,000.00 $ Lebo 000 00 Interest and Sinking Fund Open time deposits: First State Bank of Denton 4 % 10-12-67 $ 20,000.00 First State Bank of Denton 4 12-25-67 46,700.00 ' $ 66,700.00 ' Continued 1 4 Ochedule 14, Cont, CITY OF DENTON, TEXAS Schedule of Investments, Continued ' Interest Maturity ' rate date Amount Water and Sewer System Fund, Continued Reserve Fund_ ~ Time certificates of deposit; ' Denton Federal Savings and Loan Association 5-1/4% 10- 1-67 100000.00 North Texas Savingi and Loan Association 5-1/4 10- 1-67 10,000.00 Open time deposits; First State Bank of Denton 4 10-25-67 50,000.00 First State Bank of Denton 4 12-25-67 13,500.00 First State Bank of Denton ' 1- 1-68 154,000.00 , $ 237500.00 r t CITY OF DENTON, TEXAS Schedule of Insurance in ForcQ ' September 30, 1967 ' Policy Expiration Insuring company number date Travelers Insurance Company RBM3139577 10- 1-67 ' Commercial Insurance Company F6006359 10- 1-70 ' Commer-.ial Insurance Company F6006360 10- 1-70 ' ~ 1 Gulf Insurance Company GA5300273 9-10-68 Gulf Insurance Company SPC5154072 12-18-69 ' The Home Insurance Company N326311 10- 1-69 ' The Home Insurance Company NB513727 Continuous Firemen's Insurance Company SP6097530 11- 1-69 ' Schedule 15 Coverage Amount or limit General boiler and machinery: ' Steam power plant 2,000,000.00 Diesel power plant 5000000.00 Other electric and water facilities 3950000.00 Municipal building 50,000.00 ' Fire and extended coverage on utility systems buildings and contents 12,400,000.00 ' 90;d coinsurance Fii,: si:,d extended coverage on buildings and contents not otherwise covered $ 1,643,500.00 90% coinsurance Public liability: ' General: Bodily injury $ 50/100,000.00 Property damage 5/250000.00 ' Automobile: Bodily injury 50/100,000.00 Property damage 50000.00 ' Robbery: Inside premises 2,000.00 Outside premiseo- 1,665.00 ' Faithful performance bond: City Manager 72 500.00 Finance Director 729500.00 Each employee 20500.00 Faithful performance bond - Tax Assessor/Collector 100000.00 Utility accounts receivable - destruction of records 3350000.00 Schedule 15 Coverage Amount or limit General boiler and machinery: ' Steam power plant Z 21000,000.00 Diesel power plant 500,000.00 Other electric and water facilities 395,000.00 Municipal building 509000.00 ' Fite and extended coverage on utility systems buildings and contents 12,400,000.00 coinsurance 90% Fite ur,d extended coverage on buildings and contents not otherwise covered $ 1,643,500.00 90% coinsurance Public liability: ' General: Bodily injury $ 50/100,000.00 Property damage 5/259000.00 Automobile: Bodily injury 50/100,000.00 Property damage 51000.00 Robbery: Inside premises 20000.00 Outside premises 10665.00 t Faithful performance bond: City Manager 72,500.00 Finance Director 720500.00 Each employee 29500.00 Faithful performance bond - Tax Assessor/Collector 109000.00 Utility accounts receivable - destruction of records 3350000.00 1 CITY OF DENTON, TEXAS Assessed Value and Estimated ' True Value of All Taxable Property Ten years ended September 30, 1997 , Real property ' Year ended Tax Assessed Estimated September 30, roll year value true value 1958 1957 # 20,8699089 59,625,969 , 1959 1958 22,1.',9,651 629177,143 1960 1959 23,5440524 679270,069 1961 1960 2601930240 6457810035 1962 1961 29,536,418 73,841,045 1963 1962 32,1670638 8094199095 ' 1964 1963 36,105,470 90,263,675 1965 1964 39,7130490 99,2831725 ' 1966 1965 42,978,610 107,4461625 1967 1966 47,403,190 118,507,975 i TebZe I 1 Ratio of total assessed Personal property 'Total value to Assessed Estimated Assessed Estimated estimated value true value value true value true value 6,0249820 17,213,771 2608939909 7608399740 35% 5,938,983 17,537,143 2890780634 80,2240668 35 ' 6,021,973 17,205,623 29,5669497 840475,705 35 6,9739065 1677169993 330166005 821915,762 40 ' 7,2381756 18,0960890 36;775;174 91,9379935 40 ' 79779,232 190448,080 39,946,870 99,8670175 40 7,2300770 180076,925 4303369240 108,3400600 40 ' 828360110 22,090,275 48,5490600 121,374,000 40 9,494,495 2327360237 5204730105 1310182,762 40 11,255,685 28,1:31212 58,658,875 146,647,187 40 1 i CITY OF DENTON, TEXAS ' Tax Rates and Tax Levies ' Ten years ended September 30, 11jr)7 i Tax Valuations ' Yoni ©nded roll Real Personal September 30, year property property Total 1958 1957 $ 20,869,089 610?49820 260893,909 1959 1958 22,139,651 5,9?8,983 28,078,634 i 1980 1959 23,544,524 6,0210973 290566,497 ' 1961 1960 269193,240 6,9739065 33,166,305 1962 1961 29,536,418 79238,756 36,775,174 1963 1962 32,167,638 71779,232 390946,870 1984 1963 36,1050470 79230,770 43,336,240 ' 1965 1964 39,7132490 8,836,110 48,549,600 ' 1966 1965 42,978,610 91494,495 52,473,105 1967 1966 47,403,190 11,255,685 58,658,875 ' I it Tax Rates The constitutional and statutory tax rate limit, including debt service, is ' $2.50 on each $100.00 of assessed valuation. Tax Due Dates and Penalties e Taxes are due on October 1 and become delinquent on February 1. Taxes may be , paid in two installments, one-half by December 31 and the balance before March 31. Penalties due on delinquent taxes accrue: February 2%, March 5%, April 6%, May 7%. Interest on delinquent taxes, in aidition to penalties, accrues at the rate of 1/2% per month. No discount is allowed for early payment. Table IT_ Taxer levied for t Tax Total General Fund Sinking Fund rate tax levy Rate Amount Rate Amount 1.50 4039409 1.17475 3159936 .32525 870473 1.50 4210179 1.177587 330,649 .322413 900530 ' 1.50 4439497 1.27 375,494 .23 680003 1.50 497,494 1.14 378,096 119,398 1.50 5519628 1.06 389,817 .44 161,811 1.50 599,203 1.075 429,429 .425 169,774 ' 1.50 650,044 1.178 510,501 .322 139,543 ' 1.50 728,244 1.03 5009061 .47 2289183 1.50 787,096 1.055 553,591 4,15 233,505 1.50 879,883 .9625 576,323 .5175 303,560 1 1 CITY OF DENTON, TEXAS Tax Levies and Tax Collections ' Ten yQnz,s ended September 30, 1967 Collec`.ion of ' Year ende6 Total tax current year's Percentage of levy September 30, levy taxes during year collected during year 1958 395,909 365,780 92.39% 1959 4161,500 3890605 93.10 ' 1960 4430497 4150595 93.71 1961 4809450* 462,634 96.29 1962 549,807* 501,956 91.30 ' 1963 598,710* 545,358 91.09 1964 648,283# 608,596 93.88 , 2965 722,718* 683,137 94.52 1966 785,322* 732,325 93.25 1967 677,537* 6110554 92.47 , *Total tax levy figures for 1961-1967 are adjusted to include debit and credit memos and their effects. S'.itistics unavailable for prior years. 1 Table III 1 1 ' Ratio of Collection Ratio accumulated of prior of total Accumulated delinquent years' taxes Total collections delinquent taxes to current ' during year collections to tax levy taxes year's tax levy $ 8,725 374,505 94.59% 100,152 25. W% ' 44,025 433,630 103.62 65,022 20.32 139951 4299546 96.85 990400 22.41 37,774 500,408 104.15 960486 20.08 ' 20,320 522,276 94.99 1170989 21.46 22,666 5689024 94.87 149,168 24.91 43,806 6520402 100.64 1460952 22.67 42,529 725,666 100.41 137,077 18.97 1 239849 7560174 96.28 165,702 21.10 38,566 850,120 96.86 166,797 21.29 1 1 t Table IV CITY OF DENTON9 TEXAS Ratio of Net General Bonded Debt to ' Assessed Value and Net Bonded Debt per Capita Ten years ended September 30, 1967 ' Net Less bonde-9 debt ' Gross sinking Net Ratio to Year wirled Pop- Assessed bonded fund bonded assessed Per Septem r,r 30, ulation valuation debt assetF. debt valuation capita 1958 300000 26,3930909 8019000 36,406 7649594 2.90% 25.49 1959 31,014 270900,000 741,000 43,260 897,740 2.50 22.50 , 1960 26,644 29,566,492 1,236,000 359807 1,200,113 4.06 44.71 1961 288000 32,599,211 11152,000 40,852 1,111214t 3.41 39.68 t 1962 28,240 36,775,174 1,586,000 61,721 1,504,279 4.09 53.27 1963 30,117 39,9460870 2,263,000 84,362 29178,638 5.45 72.33 1 1964 32,082 42,336,240 301339000 26,211 301069789 7.17 96.84 ' 1965 32,988 48,549,600 2,999,000 - 2,939,000 6.18 90.91 1966 36,000 52,473,105 39847,000 311 3,848,689 7.33 106.85 t 1967 38_500 58,658,875 3i 807,500 6,190 3,_801,310 6.48 98.74 I i 1 1 Table V CITY OF DENTON, TEXAS ' Statement of Debt Margin ' September 30, 1967 1 ' Assessed value $ 58,658,875 C. ' Debt 11,it - 10% of assessed value (note) $ 5,865,887 Net bonded debt (exclusive of Revenue Bonds) '198019310 Debt margin $ 2,064,577 1 1 1 1 1 1 1 ' Note - The City of Denton, Texas has no legal debt limit under Texas law. However, 10% is generally accepted as a safe margin. Table VI CITY OF DENTON, TEXAS , Statement of Direct -3 Overlapping Debt Septcmb-r.30, 1967 Percentage ' of debt ' Gross applicable Municipality's debt less to this share of Name sinking funds municipality debt City of Denton, Texas $ 30601,310 100.00'% $ 31P011310 Denton Independent School District 6,543,079 81.67 59356,819 , Denton County 1,496,606 42.57 637,105 Total direct and ' overlapping debt $ 11,640,495 82.72% $ 9,795,234 1 1 1 1 1 1 1 Table VII CITY OF DENTON, TEXAS ' Miscellaneous Statistical Data September 30, 1967 Area of City 22.76 square miles ' Date of incorporation September 26, 1666 Form of government Council - cianager Total City employees (exclusive of police and fire departments) 243 Fire protection 44 fireman, 4 fire stations Police protection 36 policemen ' 1963 1964 1965 1966 1967 Estimated population '30,117 32,082 32,998 360000 380500 Tax rate - per $100 valuation $ 1.50 1.50 1.50 1.50 1.50 Assessed valuation $ 43,336,240 48,549,600 52,473,105 580658,875 61,589,918 Electric production (KWH) 128,448,600 142,649,120 153,610,820 198,346,800 217,275,500 1 Electric customers 99644 9,894 9,958 10,586 109750 Water production (1,000 gallons) 1,428,210 1,4589482 1,489,010 1,507,456 1,5900000 Water customers 80995 9,209 9,317 9,602 90750 General Fund revenues $ 1,080,387 1,222,885 19390,366 1,5040474 2,021,888 General Fund expenditures $ 982,171 1,058,338 10244,503 19664,849 21054,773 1