HomeMy WebLinkAbout1975 09 30 Audited Financial Report - City of Friendswood 1
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1 AUDITED FINANCIAL STATEMENTS
AND OTHER FINANCIAL INFORMATION
1 CITY OF FRIENDSWOOD, TEXAS
FRIENDSWOOD, TEXAS
1 September 30, 1975
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LAIRSON, YOIWG 8 FITCH
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CONTENTS
' Page
Audited Financial Statements
Accountants' Report 4
Balance Sheets - All Funds 5
Statement of Revenue and Expenditures - All Funds 9
Statement of Changes in Fund Balances - All Funds 11
Description of Funds and Significant Accounting Policies 13
Notes to Financial Statements 15
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Other Financial Information
Accountants' Report on Other Financial Information 17
• Organization Data 18
General Fund
Balance Sheet 19
Statement of Changes in Fund Balance 20
Statement of Revenue - Budgeted and Actual 21
Statement of Expenditures - Budgeted and Actual 22
Debt Service Fund
Balance Sheet 24
' Statement of Revenues, Expenditures and Fund Balance 25
Capital Projects Fund
Balance Sheet 26
' Water and Sewer Funds
Balance Sheet - City Water and Sewer Fund 27
Statement of Changes in Retained Earnings -
' City Water and Sewer Fund 28
Balance Sheet - Annexed Water District Fund 29
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' l A/RSON, MGM 8 F/TCH
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CONTENTS - 2
Page
Water and Sewer Funds (Continued)
Statement of Changes in Retained Earnings -
Annexed Water District Fund 30
Statement of Revenue and Expenses - Budgeted and Actual 31
' Statement of Operating Expenses - Budgeted and Actual 32
Sales Tax Fund
Balance Sheet 33
11 Statement of Changes in Fund Balance 34
General Fixed Assets Group of Accounts
' Statement of General Fixed Assets 35
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General Long-Term Debt Group of Accounts
Statement of General Long-Term Debt 36
' Combined Schedule of Long-Term Debt 37
Bonded Indebtedness Summary 40
Bonded Indebtedness - General Obligation Bonds 41
' Bonded Indebtedness - Revenue Bonds 42
' Statement of Cash Receipts and Disbursements - All Funds 43
Tax Levies and Tax Collections 45
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Audited Financial Statements - Revenue Sharing Fund
Accountants' Report 48
' Statement of Revenue, Appropriations, Encumbrances,
Expenditures and Balance 49
Statement of Obligations Incurred 50
Summary of Data Submitted to Bureau of the Census 51
11 Accountants' Report on Compliance 52
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' LA/RSON, YOUNG 8 F/TCH
' L/IIRSON, YOUNG 8 FITCH
CERTIFIED PUBLIC ACCOUNTANTS
' MEMBERS AMERICAN INSTITUTE OF 475 CAPITAL NATIONAL BANK BLDG.
HOUSTON,TEXAS 77002
CERTIFIED PUBLIC ACCOUNTANTS 713-227-6364
Honorable Mayor and
' City Councilmen
City of Friendswood, Texas
Friendswood, Texas
We have examined the balance sheets of the various funds of the City of
Friendswood, Texas as of September 30, 1975, and the related statements
of revenue and expenditures - all funds and changes in fund balances for
the year then ended. 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 circumstances.
In our opinion, the accompanying balance sheets and statements of revenue
and expenditures and changes in fund balances present fairly the financial
' position of the various funds of the City of Friendswood_, Texas at Septem-
ber 30, 1975, and the results of their operations for the year then ended,
in conformity with generally accepted accounting principles applied on a
basis consistent with that of the preceding year.
40i046 frip
Houston, Texas
' December 17, 1975
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BALANCE SHEETS - ALL FUNDS F
CITY OF FRIENDSWOOD, TEXAS
September 30, 1975
Debt '
Total General Service
All Funds Fund Fund
ASSETS
CURRENT ASSETS t
Cash (including certificates of
deposit and time deposits of $114,237) $ 203,432 $15,392 $ 36,061
Accounts receivable - less allowance
for doubtful accounts of $500 40,028 373
Due from other funds 15,040 15,040
Prepaid expenses 113,533 2,172 111,346_ '
TOTAL CURRENT ASSETS 372,033 32,977 147,407
RESTRICTED ASSETS
Water and Sewer Construction Fund -
cash (including certificates of
deposit of $106,089) 178,391
Revenue Bond Reserve -
certificates of deposit 47,403
TOTAL RESTRICTED ASSETS 225,794 '
LAND 248,307
PLANT AND EQUIPMENT - cost 6,318,869
Less allowance for depreciation 483,629
5,835,240
AMOUNT AVAILABLE FOR DEBT SERVICE 36,061 '
AMOUNT TO BE PROVIDED FOR DEBT SERVICE 1,616,939
CONSTRUCTION IN PROGRESS '
$8,334,374 $32,977 $147,407 '
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LfURSON, YOUNG 8 FITCH
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Capital City Annexed Sales General General Revenue
Projects Water and Water Dis- Tax Fixed Bonded Sharing
IIFund Sewer Fund trict Fund Fund Assets Debt Fund
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$105,927 $ 46,051 • $ 1
I19,830 $ 11,524 $8,301
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105,927 65,896 11,524 1 8,301
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36,920 141,471
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47,403
II84,323 141,471
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38,229 24,455 $ 185,623
2,306,182 2,262,474 1,750,213
' 321,692 161,937
1,984,490 2,100,537 1,750,213
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$ 36,061
1,616,939
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$105,927 $2,172,938 $2,277,987 $ 1 $1,935,836 $1,653,000 $8,301
a aaa aaa a aaa=a�aaam -=ammm
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See notes to financial statements.
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' LA/RSON, YOUNG& FITCH
BALANCE SHEETS - 2 '
CITY OF FRIENDSWOOD, TEXAS '
September 30, 1975
Debt ,
Total General Service
All Funds Fund Fund
LIABILITIES, RESERVES, CONTRIBUTIONS,
AND FUND BALANCES
CURRENT LIABILITIES
Accounts payable $ 60,004 $ 5,058
Customer meter deposits 16,580
Due to other funds 15,040 ,
Current portion of bonds payable 99,000 '
TOTAL CURRENT LIABILITIES 190,624 5,058
LONG-TERM LIABILITIES ,
Bonds payable and cutback of obligation -
less current portion 4,582,000
RESERVES
Reserve for authorized construction 200,383
Reserve for revenue bonds 47,403
TOTAL RESERVES 247,786 i
CONTRIBUTIONS
Federal government 292,935
Utility district 197,522
Land owners 11,768
TOTAL CONTRIBUTIONS 502,225 '
FUND BALANCES 2,811,739 27,919 147,407 '
$82334,374 $32,977 $147,407
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LA/RSON, YOUNC 8 FITCH
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IICapital City Annexed Sales General General Revenue
Projects Water and Water Dis- Tax Fixed Bonded Sharing
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Fund Sewer Fund trict Fund Fund Assets Debt Fund
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1 $ 54,547 $ 399 •
9,320 $ 7,260
1 657 3,639 9,164 $1,580
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21,000 35,000 $ 43,000
55,204 34,358 51,424 43,000 1,580
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1 662,000 2,310,000 1,610,000
1 50,723 36,920 112,740
47,403
1 50,723 84,323 112,740
II292,935
1 197,522
11,768
1 502,225
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890,032 (196,177) $ 1 1,935,836 6,721
S105 927 $2,172,938 $2,277,987 $ 1 $1,935,836 $1,653,000 $8,301
is=ajissa _= av-ssa
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See notes to financial statements.
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LA/RSON, YOUNG 8 F/TCH
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STATEMENT OF REVENUE AND EXPENDITURES - ALL FUNDS II
CITY OF FRIENDSWOOD, TEXAS 1
Year ended September 30, 1975 II
Debt
Total General Service IIAll Funds Fund Fund
REVENUE li
Taxes - ad valorem, beverage
and sales $ 707,336 $495,963 $142,510
Water sales and services 339,245 109,020 IIFederal revenue sharing and grants 136,675
Franchises, licenses and permits 63,590 63,590
Proceeds of certificates I
of obligation 52,000
Interest on investments 81,453 5,928 2,960
Sanitation income 88,148 88,148li
Fines and forfeitures 12,784 12,784
Other income 36,813 8,603 2,292
1,518,044 675,016 256,782 II
EXPENDITURES '
Operating expenditures 766,799 594,644 69
Capital outlay 1,148,914 112,791
Capital projects completed 196,995
Debt service 385,243 385,243II
2,497,951 707,435 385,312
EXCESS (DEFICIT) OF REVENUE OVERli
EXPENDITURES BEFORE DEPRECIATION (979,907) (32,419) (128,530)
PROVISION FOR DEPRECIATION 91,212 I
REVENUE OVER (UNDER) EXPENDITURES $(1,071,119) $(32,419) $(128,530)
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LA/RSON, YOUNG 8 FITCH
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ICapital City Annexed Sales Revenue
Projects Water and Water Dis- Tax Sharing
IFund Sewer Fund trict Fund Fund Fund
II $68,863
$ 150,604 $79,621
II32,600 74,480 $29,595
II $ 52,000
II38,242 22,504 9,905 695 1,219
25,545 202 171
I115,787 205,910 164,177 69,558 30,814
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113,853 58,233
746,147 221,551 5,555 31,001 31,869
196,995
II943,142 335,404 63,788 31,001 31,869
II (827,355) (129,494) 100,389 38,557 (1,055)
I45,833 45,379
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$(827,355) $(175,327) $55,010 $38,557 $(1,055)
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ISee notes to financial statements.
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ILA/RSOY 10106 6 F/TCH
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STATEMENT OF CHANGES IN FUND BALANCES - ALL FUNDS II
CITY OF FRIENDSWOOD, TEXAS I
Year ended September 30, 1975
Debt '
Total General Service IIAll Funds Fund Fund
Fund balances at October 1, 1974 $1,683,193 $14,559 $ 28,889 IIReserve for expenditures at October 1, 1974 788,660
Revenue over (under) expenditures (1,071,119) (32,419) (128,530) I
Capital outlays for property, plant
and equipment I
Included in fund expense 227,106
Transferred from capital projects fund 917,093
Transferred from revenue sharing fund 47,257 I
Transferred from general fund 112,791
Transferred from water and sewer fund 2,353 I
Transferred from sales tax fund 31,001
Transfer to bond reserve (6,000) IITransfer from water and sewer reserve
for authorized construction 58,572 58,572 IIDeduct reserve for income earned
on restricted funds (26,305) IIInter-fund cash transfer - 45,779 76,492
Retirement of fixed assets (14,894) I
Reserve for authorized construction (50,723) IIReclassification of interest expensed
in prior year 112,754 111,984 IIReclassification of fund assets
FUND BALANCES AT SEPTEMBER 30, 1975 $2,811,739 $27,919 $147,407 I
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LA/RSON, TO/A 6 FITCH
Capital City Annexed Sales General Revenue
Projects Water and Water Dis- Tax Fixed Sharing
' Fund Sewer Fund trict Fund Fund Assets Fund
$ - $984,357 $ (199,846) $ 7,223 $ 840,235 $7,776
' 788,660
' (827,355) (175,327) 55,010 38,557 (1,055)
221,551 5,555
' 917,093
47,257
112,791
2,353
31,001
(6,000)
' (16,400) (9,905)
89,418 (89,418) (76,492) (45,779)
' (14,894)
(50,723)
770
(28,731) 28,731
' $ - $890,032 $ (196,177) $ a1 $1,935,836 $6,721
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See notes to financial statements.
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1 LAIRSON, YOUNG 8 FITCH
DESCRIPTION OF FUNDS AND SIGNIFICANT ACCOUNTING POLICIES
CITY OF FRIENDSWOOD, TEXAS
September 30, 1975
' GENERAL FUND
The General Fund is used to account for all financial transactions which are
' not accounted for in the accounts of another fund. The primary sources of
revenue of the General Fund are property taxes, franchises, sanitation income
and fines and forfeitures. Primary expenditures are for general government,
' public safety, public works, sanitation and other community services.
The accounting records of the General Fund are primarily on the accrual method
' of accounting. Delinquent taxes receivable assessed for General Fund purposes
of $33,800 at September 30, 1975 have been fully reserved and omitted from the
financial statement.
DEBT SERVICE FUND
' The Debt Service Fund is used to account for the payment of interest and principal
on all bonded debts of the City. The sources of revenue for debt service are
primarily property taxes for general obligation bonds and water and sewer revenue
for revenue bonds.
' The accounting records of the Debt Service Fund are primarily on the cash basis
of accounting. Delinquent taxes receivable assessed for debt service of $9,913
' at September 30, 1975 have been fully reserved and omitted from the financial
statements.
tCAPITAL PROJECTS FUND
' The Capital Projects Fund is used to account for the receipt and expenditures of
resources used for acquisition of designated fixed assets except those financed
by the water and sewer fund.
CITY WATER AND SEWER FUND AND ANNEXED WATER DISTRICT FUND
' These funds are used to account for operations of the Water and Sewer Department.
The accounting records of the Fund are maintained on the accrual basis. Provision
' for depreciation of water and sewer system and equipment has been computed by the
straight-line method. Customer ledgers and related records of billings for
services are maintained by an outside data processing service bureau.
' The issue and retirement of revenue bonds are recorded in the accounts of these
funds.
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11 DESCRIPTION OF FUNDS AND SIGNIFICANT ACCOUNTING POLICIES - 2
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SALES TAX FUND
The Sales Tax Fund is used to account for revenue received from sales and use
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taxes. Expenditure of these revenues is restricted to one-half for street
programs and one-half for parks and recreation.
IIGENERAL FIXED ASSETS GROUP OF ACCOUNTS
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The General Fixed Assets Group of Accounts is used to account for the City's
land, buildings, improvements and equipment which are not owned by the Water
and Sewer Funds. Such assets are acquired by transfer from other funds and are
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recorded at cost. No depreciation is recorded on these assets.
II GENERAL BONDED DEBT
The General Bonded Debt is used to record the City's liability for general
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obligation bonds due at varying dates through the year 2000.
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REVENUE SHARING FUND
The Revenue Sharing Fund is used to account for revenue received from the
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Federal government under State and Local Fiscal Assistance Act of 1972. Such
funds may be used only for "priority expenditures" as defined in the Act.
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' lA/RSON, YOUNG 8 F/TCH
NOTES TO FINANCIAL STATEMENTS
' CITY OF FRIENDSWOOD, TEXAS
September 30, 1975
1. ORGANIZATION
The City of Friendswood operates under a "Home Rule Charter" which provides
for a "Council-Manager" form of city government.
2. ISSUE OF CERTIFICATES OF OBLIGATION
The City authorized the issuance of Certificates of Obligation of $52,000
' during the year ended September 30, 1975. The Certificates of Obligation
were issued for the purpose of purchasing a ditching machine to be used by
the City in constructing, improving and maintaining its drainage facilities
and other public facilities.
' 3. LITIGATION
At September 30, 1975, the City was defendant in lawsuits including (1) a
1973 suit seeking compensation for damages in the amount of $123,000 result-
ing from damages caused by the overflow of Cowards Creek, (2) a 1974 suit
' seeking compensation for damages in the amount of $100,000 resulting from
the construction and operation of a sewer plant, (3) as co-defendant in a
1975 suit seeking compensation for damages in the amount of $600,000
resulting from damages caused by the flooding of Clear Creek, and (4) a'
1975 suit seeking compensation for damages in the amount of $18,783
resulting from an arrest, search and seizure of property. It is the
' opinion of City management and legal council for the City that the liability
of the City from these lawsuits is not determinable at this time.
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1 LA/RSON, YOGNG 8 FITCH
' ACCOUNTANTS' REPORT ON OTHER FINANCIAL INFORMATION
City of Friendswood, Texas
Friendswood, Texas
The audited financial statements of the City and our report thereon are
' presented in the preceding section of this report. The financial informa-
tion presented hereinafter, excepting the schedule of organization data,
was derived from the accounting records tested by us as part of the auditing
procedures of the aforementioned financial statements, and in our opinion it
is fairly presented in all material respects in relation to the financial
statements taken as a whole; however, it is not necessary for a fair presenta-
tion of the financial position or results of the operations of the City.
The information shown in the schedule of organization data was prepared from
information furnished to us by the City, but we did not make independent tests
of the schedule as it does not involve information which enters into the
financial statements.
;4/40$4.1 /014(1
57.2444,
Houston, Texas
December 17, 1975
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' LA/RSON, YOGNC 6 FITCH
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' ORGANIZATION DATA
CITY OF FRIENDSWOOD, TEXAS
September 30, 1975
Date of Charter October 16, 1971
Type of Government Council-Manager
tMayor Ralph L. Lowe
Councilmen Benny Baker
Richard L. Haken
Paul E. Maaz
William B. Patton
' Milton L. Windler
Edward 0. Zeitler
' City Manager James C. Morgan
Assistant City Manager Dale A. Cryer
' City Secretary Bobbie C. Henry
Tax Assessor and Collector Alta Carbone
City Water and Sewer Superintendent Kenneth R. Toon
' City Engineer Thomas D. Heaney
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' LA/RSON, YOUNG 8 F/TCH
BALANCE SHEET
' CITY OF FRIENDSWOOD, TEXAS - GENERAL FUND
September 30, 1975
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ASSETS
Cash - unrestricted $11,556
' Cash - restricted (time deposit) 3,836
' 15,392
Delinquent taxes receivable $33,801
Less estimated uncollectible
' delinquent taxes 33,801 -
Accounts receivable 373
' Due from other funds 15,040
' Prepaid expenses 2,172
' $32,977
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' LIABILITIES AND FUND BALANCE
Accounts payable $ 5,058
Fund balance 27,919
' $32,977
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' LA/RSON, YO62C 8 FITCH
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IISTATEMENT OF REVENUE - BUDGETED AND ACTUAL
IICITY OF FRIENDSWOOD, TEXAS - GENERAL FUND
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Years ended September 30, 1975 and September 30, 1974
I1975
Actual
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Over
(Under) 1974
Budget Actual Budget Actual
IOperating revenue
Taxes
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General property taxes $464,401 $490,595 $26,194 $275,737
Penalties and interest 4,590 4,590 1,942
Fire protection taxes - - - 18,211
II Liquor tax - 778 778 1,213
464,401 495,963 31,562 297,103
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Franchises, licenses and permits
Franchises 29,500 38,432 8,932 31,671
Licenses and permits 17,000 25,158/ 8,158 30,789
' 46,500 63,590 17,090 62,460
Other income
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Sanitation income 79,000 88,148/ 9,148 70,217
Fines and forfeitures 12,000 12,784' 784 10,732
Miscellaneous - 8,603 8,603 5,809
I91,000 109,535 18,535 86,758
TOTAL OPERATING REVENUE 601,901 669 ,088 67,187 446,321
INon-operating income
Federal and state grants 56,390
Interest on investments 1,200 5,928/ 4,728 1,473
I 603,101 675,016 71,915 57,863
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Contributions from other funds 84,692 45,779 (38,913) 97,419
TOTAL $687,793 $720,795 $33,002 $601,603
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ILA/RSON, YOUNG 8 F/TCH
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STATEMENT OF EXPENDITURES - BUDGETED AND ACTUAL
CITY OF FRIENDSWOOD, TEXAS - GENERAL FUND
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Years ended September 30, 1975 and September 30, 1974
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1975
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Actual
(Over)
Under 1974
IBudget Actual Budget Actual
General Government and Administration
APersonal services $48,973 $39,561 $ 9,412 $40,172
Supplies 4,860 9 ,115 (4,255) 5,479
Contractual services 62,365 76,762 (14,397) 51,749
Capital outlay 6,700 6,909 (209) 6,000
11 122,898 132,347/ (9,449) 103,400
Engineering
Personal services 7,549 7,890 (341) 7,497
Supplies 850 340 510 35
Contractual services 170 110 60 19
Capital outlay 200 -
200 -
8,769 8,340 429 7,551
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Municipal Court
Personal services 450 366 84 460
w Supplies 460 32 428 75
Contractual services 4,025 2,828 1,197 2,080
Capital outlay 653 - 653 210
5,588 3,226 . 2,362 2,825
Police Service
i II Personal services 108,162 122,436 (14,274) 91,337
Supplies 5,950 10,262 (4,312) 7,211
Contractual services 9,000 11,521 (2,521) 7,287
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Capital outlay 5,450 6,687 (1,237) 10,272
128,562 150,906 . (22,344) 116,107
IFire Service Personal services 3,920 1,876 2,044 -
Supplies 1,480 4,278 (2,798) 1,539
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Contractual services Capital outlay 11,900 10,774 1,126 7,479
3,700 10,204 (6,504) 5,414
21,000 27,132 . (6,132) 14,432
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' LA/RSON, TOUNG 8 FITCH
All
1 STATEMENT OF EXPENDITURES - BUDGETED AND ACTUAL - 2
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1975
I Actual
(Over)
Under 1974
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Budget Actual Budget Actual
Sanitation
Personal services 42,711 56,866 (14 ,155) 40,839
' Supplies 7,350 11,705 (4,355) 7,473
Contractual services 14,930 21,980 (7,050) 20,242
Capital outlay 23,200 24,486 (1,286)II -
88,191 115,037 , (26,846) 68,554
Street and Drainage
II Personal services 54,042 55,377 (1,335) 46,197
Supplies 39 ,900 41,174 (1,274) 39,963
Contractual services 16,680 46,357 (29 ,677) 21,549
II Capital outlay 77,000 56,047 20,953 22,024
187,622 198,955 , (11,333) 129 ,733
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Library
Personal services 17,554 19,069 (1,515) 15,280
Supplies 550 1,133 (583) 920
II Contractual services 7,036 12,209 (5,173) 5,798
Capital outlay 6,350 6,633 (283) 8,567
31,490 39 ,044 ✓ (7,554) 30,565
' Health and Welfare 6,208 5,769 439 4,696
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Boards and Commissions 5,750 4,676 I 1,074 1,804
Civil Defense 500 109✓ 391 -
IParks and Recreation 31,300 21,894 ✓ 9,406 123,640
637,878 707,435 (69 ,557) 603,307
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Reserve for employees' retirement 15,010 - 15,010 -
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Reserve for increases in employee compensation 15,040 - 15,040 -
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Reserve for Cost of Living Increase 19,150 - 19,150 -
TOTAL $687,078 $707,435 $(20,357) $603,307
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IJA/RSON, YOUNG 8 F/TCH
STATEMENT OF REVENUES, EXPENDITURES AND FUND BALANCE
' CITY OF FRIENDSWOOD, TEXAS - DEBT SERVICE FUND
Year ended September 30, 1975
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Revenues
' General property taxes $142,510
Water sales and services 109,020
Interest on investments 2,960
' Penalty and interest on delinquent taxes 2,292
TOTAL REVENUES 256,782
' Expenditures
Redemption of bonds 58,000
' Interest on bonds 327,243
Fiscal agent's fees 69
TOTAL EXPENDITURES 385,312
(128,530)
Inter-fund cash transfer 135,064
Reclassification of interest expensed in prior year 111,984
Fund balance at October 1, 1974 28,889
' FUND BALANCE AT SEPTEMBER 30, 1975 $147,407
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' lA/RSON, YNG 8 F/TCH
BALANCE SHEET
CITY OF FRIENDSWOOD, TEXAS - CAPITAL PROJECTS FUND
September 30, 1975
1
1 ASSETS
1 Cash (including certificates of
deposit of $105,927) $105,927
1 $1052927
11 LIABILITIES AND FUND BALANCE
Accounts payable $ 54,547
Due to other funds 657
1 Reserve for authorized construction 50,723
' Fund balance
$105,927
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LA/RSON, YOUNG 8 FITCH
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II BALANCE SHEET
IICITY OF FRIENDSWOOD, TEXAS - CITY WATER AND SEWER FUND
September 30, 1975
II
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ASSETS
Current assets
Cash $ 46,051
II Accounts receivable $ 20,330
Less allowance for doubtful accounts 500 19 ,830
Prepaid expenses 15
II 65,896
Restricted assets
um
Water and Sewer Construction Fund
Cash 36,920
Revenue Bond Reserve
Certificate of deposit 47,403
84,323
I Utility plant in service - on the basis of cost
Land 38,229
Plant and equipment 2,306,182
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Less allowance for depreciation 321,692 1,984,490
$2,172,938
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LIABILITIES, CONTRIBUTIONS AND RETAINED EARNINGS
1 Current liabilities
Accounts payable $ 399
II Customer meter deposits 9,320
Due to other funds 3,639
Current portion of bonds payable 21,000
II34,358
Long-term liabilities
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Bonds payable - less portion due within one year 662,000
Reserves
II Reserve for authorized construction $ 36,920
Reserve for revenue bonds 47,403 84,323
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Contributions
Federal government 292,935
Utility district 197,522
IILand owners 11,768 502,225
Retained earnings 890,032
II $2,172,938
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' LAMSON, MGM 8 FITCH
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' STATEMENT OF CHANGES IN RETAINED EARNINGS
' CITY OF FRIENDSWOOD, TEXAS - CITY WATER AND SEWER FUND
Year ended September 30, 1975
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Balance at beginning of year $ 984,357
Net loss for year (175,327)
809,030
' Add
Capital outlays for property,
' plant and equipment 221,551
1,030,581
t Deduct
Reserve for income earned on restricted funds 16,400
Inter-fund cash transfer 89,418
' Reclassification of assets to Annexed Water District Fund 28,731
Transfer to bond reserve 6,000
140,549
' RETAINED EARNINGS AT END OF YEAR $ 890,032
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' LA/RSON, YOUNG c9 F/TCH
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BALANCE SHEET
CITY OF FRIENDSWOOD, TEXAS - ANNEXED WATER DISTRICT FUND
September 30, 1975
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ASSETS
Current assets
' Accounts receivable $ 11,524
11,524
' Restricted assets
Water and Sewer Construction Fund
Cash (including certificates of
' deposit of $106,089) 141,471
141,471
t Utility plant in service - on the basis of cost
Land 24,455
Plant and equipment 2,262,474
Less allowance for depreciation 161,937 2,100,537
$2,277,987
LIABILITIES AND RETAINED EARNINGS
tCurrent liabilities
Customer meter deposits $ 7,260
' Due to other funds 9,164
Current portion of bonds payable 35,000
51,424
' Long-term liabilities
Bonds payable - less portion due within one year 2,310,000
' Reserve for authorized construction 112,740
' Retained-earnings deficit (196,177)
$2,277,987
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' LA/RSON, YOUNG 8 FITCH
STATEMENT OF CHANGES IN RETAINED EARNINGS
CITY OF FRIENDSWOOD, TEXAS - ANNEXED WATER DISTRICT FUND
Year ended September 30, 1975
' Balance at beginning of year $(199,846)
Net income for year 55,010
' (144,836)
Add
' Capital outlays for property, plant and equipment 5,555
Reclassification of assets from City Water and Sewer Fund 28,731
Reclassification of assets expensed in prior year 770
' 35,056
Deduct
' Reserve for income earned on restricted funds 9 ,905
Inter-fund cash transfer 76,492
86,397
' RETAINED-EARNINGS DEFICIT AT END OF YEAR $(196,177)
1
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lA/RSON, YOUNG 8 FITCH
II
II
STATEMENT OF REVENUE AND EXPENSES - BUDGETED AND ACTUAL
IICITY OF FRIENDSWOOD, TEXAS - CITY WATER AND SEWER FUND AND ANNEXED WATER DISTRICT FUND
Years ended September 30, 1975 and September 30, 1974
li
' 1975
Actual
Over
I (Under) 1974
Budget Actual Budget Actual
I
Operating revenue
Water and sewer charges $166,000 $ 161,961 $(4,039) $178,730
Taps and connections 21,000 28,561 7,561 14,450
I
Fees and penalties 5,000 6,202 1,202 5,997
WCID #108 sewerage fee 23,000 33,501 10,501 21,258
Other 12000 373 (627) 54
ITOTAL OPERATING REVENUE 216,000 230,598 13,598 220,489
I
Less operating expenses 210,411 236,901 26.490 224,921
5,589 (6,303) (11,892) (4,432)
I
Contributions to other funds 6,000 6,000 - -
Contributions from other funds - - - -
II
OPERATING INCOME (LOSS)
BEFORE DEPRECIATION $ (411) (12,303)$(112892) (4,432)
IProvision for depreciation 91,212 88,841
I
NET OPERATING LOSS (103,515) (93,273)
Non-operating income
IIInterest on investments 32,409 45,638
Environmental Protection Agency grant 107,080 87,600
139,489 133,238
II
Water and sewer construction
capital expenditures 162,291 -.
INET REVENUE (DEFICIT) $(126,317) $ 39,965
II
City Water & Sewer Fund $(181,327) $ 48,978
Annexed Water District Fund 55,010 (9,013)
INET REVENUE (DEFICIT) i(1262317) $_392965
1
II
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' lA/RSON, YOUNG 8 FITCH
I
IISTATEMENT OF OPERATING EXPENSES - BUDGETED AND ACTUAL
I
CITY OF FRIENDSWOOD, TEXAS - CITY WATER AND SEWER FUND AND ANNEXED WATER DISTRICT FUND
IIYears ended September 30, 1975 and September 30, 1974
I
1975
Actual
I
Under 1974
Budget Actual (Over)
Budget Actual
I
Personal services $ 98,873 $100,690 $ (1,817) $ 75,802
' Supplies 27,080 20,731 6,349 5,624
Contractual services 37,200 49,745 (12,555) 61,781
ICapital outlay 47,258 64,815 (17,557) 52,642
I
Bad debt expense - 910 (910) 700
TOTAL OPERATING EXPENSES 210,411 236,901 $(26,490) $196,549
IWater and sewer construction
capital outlay - 162,291
I
$210,411 $399,192
=-as====
II
1
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II
II
II
II
II
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' LA/RSON, YOUNG 9 FITCH
STATEMENT OF CHANGES IN FUND BALANCE
' CITY OF FRIENDSWOOD, TEXAS - SALES TAX FUND
' Year ended September 30, 1975
Fund balance at beginning of year $ 7,223
' Add
Excess of revenues over expenditures
Revenues 69,558
Expenditures 31,001
38,557
45,780
' Deduct
Inter-fund cash transfer 45,779
' FUND BALANCE AT END OF YEAR $ 1
=3amaao
t
t
' lA/RSO YOU N. NG 8 FITCH
I
ISTATEMENT OF GENERAL FIXED ASSETS
ICITY OF FRIENDSWOOD, TEXAS
September 30, 1975
I
IGENERAL FIXED ASSETS
Land $ 185,623
Buildings 416,706
I
Improvements other than buildings 1,124,121
Equipment 209,386
I $1,935,836
INVESTMENTS IN GENERAL FIXED ASSETS BY SOURCE
IGeneral obligation bonds $ 950,000
Revenues 439,724
IFederal funds 324,571
IContributions 109,541
Certificates of obligation 52,000
IState funds 50,000
ICounty funds 10,000
$1,935,836
I
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ILA/RSON, YOUNG 8 F/TCH
STATEMENT OF GENERAL BONDED DEBT
' CITY OF FRIENDSWOOD, TEXAS
September 30, 19.75
' AMOUNT AVAILABLE AND TO BE PROVIDED
FOR THE PAYMENT OF GENERAL LONG-TERM DEBT
' Amount available in debt service fund $ 36,061
' Amount to be provided for principal 1,616,939
$1,653,000
as=�
GENERAL LONG-TERM DEBT PAYABLE
' Certificates of obligation $ 52,000
' General obligation bonds 1,601,000
$1,653,000
se as
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' L&RSON, YOING 8 F/TCH
I
I
COMBINED SCHEDULE OF LONG-TERM DEBT
ICITY OF FRIENDSWOOD, TEXAS
II
September 30, 1975
I
Interest Date Amount Date of Outstanding at
Final September 30,
Description Rate of Issue of Issue Maturity 1975
IGeneral Obligation Bonds
I
Waterworks and Sewer •
System Unlimited Tax
Bonds, Series 1962
I
(Galveston County Water
Control and Improvement
District No. 15) 4.50% 10- 1-62 150,000 3- 1-99 150,000
IWaterworks and Sewer
System Unlimited Tax
I
Bonds, Series 1963
(Galveston County
Water Control and
I
Improvement District
No. 15) 3.50 10- 1-63 63,000 3- 1-78 18,000
4.25 10- 1-63 112,000 3- 1-92 112,000
ISewer Improvement
Bonds, Series 1967 5.00 3- 1-67 20,000 3- 1-74 -
' 4.10 3- 1-67 60,000
3- 1-67 120,000 3- 1-80 50,000
4.20 3- 1-88 120,000
I
General Obligation
Refunding Bonds,
Series 1969 5.00 3- 1-69 257,000 3- 1-93 201,000
IGeneral Obligation
Bonds, Series 1973 5.25 7- 1-73 30,000 4- 1-78 30,000
II5.50 7- 1-73 120,000 4- 1-88 120,000
Drainage Improvement
I
Bonds, Series 1973 6.00 11- 1-73 25,000
11- 1-73 75,000 6- 1-90 25,000
6.10 6- 1-95 75,000
I General Obligation
Bonds, Series 1974 7.90 9- 1-74 345,000 3- 1-94 345,000
7.75 9- 1-74 355,000 3- 1-99 355,000
ITOTAL GENERAL OBLIGATION BONDS 1,601,000
I
I
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IlA/RSON, YOUNG 8 FITCH
COMBINED SCHEDULE OF LONG-TERM DEBT - 2
I
I
Date of Outstanding at
Interest Date Amount Final September 30,
Description Rate of Issue of Issue Maturity 1975
II
Revenue Bonds
I
Combination Revenue and
Unlimited Tax Bonds,
Series 1957 (Galveston
I
County Water Control
and Improvement Dis-
trict No. 15) 5.00% 7-1-57 246,000 3-1-81 28,000
II
Waterworks and Sewer
System Combination
I Tax and Revenue Bonds,
Series 1964 (Galveston
County Water Control
I
and Improvement
District No. 21) 5.00 11-1-64 600,000 8-1-99 560,000
I Waterworks and Sanitary
Sewer System Revenue
Bonds, Series 1969 6.50 5-1-69 340,000 3-1-90 295,000
II6.125 5-1-69 360,000 3-1-99 360,000
Waterworks and Sewer
I System Combination
Tax and Revenue Bonds,
Series 1970 (Sunmeadow
I
M.U.D.) 8.50 -70 600,000 4-1-89 585,000 -
Waterworks and Sewer
II System Combination Tax
and Revenue Bonds,
Series 1970-A (Sun-
Imeadow M.U.D.) 8.50 -70 540,000 4-1-2000 540,000
Waterworks and Sewer
II
System Combination
Tax and Revenue Refund-
ing Bonds, Series 1972
' -
410,000
(Sunmeadow M.U.D.) 5.75 -72 410,000 4-1- 98
5.00 -72 250,000 4 1-2000 250,000
I
TOTAL REVENUE BONDS 3,028,000
II
I
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' lA/RSON, YOUNG 8 FITCH
1
' COMBINED SCHEDULE OF LONG-TERM DEBT - 3
' Date of Outstanding at
Interest Date Amount Final September 30,
' Description Rate of Issue of Issue Maturity 1975
Equipment purchase
' Certificates of
Obligation,
Series 1975 5.75 7-1-75 52,000 7-1-80 52,000
' TOTAL CERTIFICATES OF OBLIGATION 52,000
' TOTAL LONG-TERM DEBT $4,681,000
I
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' LAIRSON, YOIWG 8 FITCH
II
IIBONDED INDEBTEDNESS SUMMARY
IICITY OF FRIENDSWOOD, TEXAS
September 30, 1975
II
II Certificates of
Obligation and
Year ending Total General Obligation Bonds Revenue Bonds
I
September 30 Principal Interest Principal Interest Principal Interest
1976 $ 99,000 $ 316,516 $ 43,000 $ 100,803 $ 56,000 $ 215,713
II
1977 96,000
108,000 296,647 41,000
46,000 98,710 55,000 197,937
1978 290,508 96,470 62,000 194,038
1979 112,000 283,645 46,000 94,083 66,000 189,562
II
1980 119,000 276,510 53,000 91,522 66,000
88,591 73,000 184,988
1981 120,000 268,953 47,000 180,362
1982 132,000 261,321 52,000 86,021 80,000 175,300
II
1983 132,000 252,853 52,000 83,253 80,000 169,600
1984 137,000 244,387 52,000 80,487 85,000 163,900
1985 147,000 235,493 57,000 77,718 90,000 157,775
II
1986 158,000 225,756 63,000 74,531 95,000 151,225
1987 168,000 215,282 63,000 71,194 105,000 144,088
1988 174,000 204,376 64,000 67,839 110,000 136,537
II
1989 180,000 192,528 65,000 63,965
59,820 115,000 128,563
1990 195,000 179,820 70,000 125,000 120,000
1991 205,000 166,084 75,000 55,178 130,000 110,906
t 1992 224,000 151,638 74,000 50,347 150,000 101,291
1993 235,000 135,632 80,000 45,210 155,000 90,422
1994 250,000 118,183 90,000 39,055 160,000 79,128
II
1995 270,000 99,821 95,000 32,565 175,000 67,256
1996 340,000 80,994 100,000 25,650 185,000 55,344
1997 305,000 67,984 105,000 18,681 200,000 49,303
II 1998 325,000 49,308 105,000 11,601 220,000 37,707
1999 345,000 29,180 115,000 4,049 230,000 25,131
2000 105,000 14,600 160,000 14,600
I $4,681,000 $4,658,019 $1,653,000 $1,517,343 $3,028,000 $3,140,676
I
II
II
II
II
II
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' LA/RSON, YOUNG 8 FITCH
II
BONDED INDEBTEDNESS - GENERAL OBLIGATION BONDS
IICITY OF FRIENDSWOOD, TEXAS
September 30, 1975
II
Waterworks a
I System Unlimite
Series 1962 (
County Water Cement General Obligation Certificates of
Year Ending Total Improvement Dis 1973 Bonds - Series 1974 Obligation - Series 1975
II September 30 Principal Interest Principal :rest Principal Interest Principal Interest
1976 $ 43,000 $ 100,803 5,075 $ 54,768 $10,000 $2,990
I
1977 41,000 98,710 5,075 $ 5,000 54,570 10,000 2,415
1978 46,000 96,470 5,075 5,000 54,175 10,000 1,840
I
1979 46,000 94,083 5,075 5,000 53,780 10,000 1,265
1980 53,000 91,522 5,075 5,000 53,385 12,000 690
II1981 47,000 88,591 5,075 5,000 52,990
1982 52,000 86,021 5,075 10,000 52,397
I
1983 52,000 83,253 5,075 10,000 51,607
1984 52,000 80,487 5,075 10,000 50,818
I
1985 57,000 77,718 5,075 10,000 50,027
1986 63,000 74,531 5,075 10,000 49,238
II1987 63,000 71,194 5,075 10,000 48,447
1988 64,000 67,839 5,075 10,000 47,658
II1989 65,000 63,965 5,075 30,000 46,077
1990 70,000 59,820 5,475 30,000 43,708
II1991 75,000 55,178 4,575 35,000 41,140
II1992 74,000 50,347 3,660 35,000 38,375
1993 80,000 45,210 2,745 45,000 35,215
1994 90,000 39,055 1,830 75,000 30,475
II
1995 95,000 32,565 $ 30,000 915 50,000 25,575
' 1996 100,000 25,650 30,000 70,000 20,925
1997 105,000 18,681 30,000 75,000 15,306
II
1998 105,000 11,601 35,000 70,000 9,688
1999 115,000 4,049 25,000 90,000 3,487
I
$1,653,000 $1,517,343 $150,000 4,250 $700,000 $983,831 $52,000 $9,200
Redeemable in : st Redeemable in reverse
order on paymei order on payment dates
I
beginning 3-1-1 beginning 3-1-93.
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' LA/RSON,YOUNG a Ft
1
IIBONDED INDEBTEDNESS - REVENUE BONDS
CITY OF FRIENDSWOOD, TEXAS
IISeptember 30, 1975
' ks and Sewer Waterworks and Sewer
nation Tax and System Combination Tax
Q - Series 1970-A and Revenue Refunding Bonds -
' Year Ending Total September 30 Principal Interest Pri I ,w M. U.I D.
nte)rest Series 1972 (Sunmeadow M. U. D.)
Principal Interest
1976 $ 56,000 $ 215,713 $ $ 45,900 $ 50,100
I
1977 55,000 197,937 45,900 36,075
1978 62,000 194,038 45,900 36,075
I1979 66,000 189,562 45,900 36,075
1980 66,000 184,988 45,900 36,075
' 1981 73,000 180,362 45,900 36,075
1982 80,000 175,300 45,900 36,075
II1983 80,000 169,600 45,900 36,075
' 1984 85,000 163,900 45,900 36,075
1985 90,000 157,775 45,900 36,075
' 1986 95,000 151,225 45,900 36,075
1987 105,000 144,088 45,900 36,075
I 1988 110,000 136,537 45,900 36,075
1989 115,000 128,563 45,900 36,075
I
1990 125,000 120,000 45,900 36,075
1991 130,000 110,906 39,950 36,075
I
1992 150,000 101,291 33,575 36,075
1993 155,000 90,422 26,350 36,075
I
1994 160,000 79,128 18,700 36,075
1995 175,000 67,256 10,625 $ 35,000 36,075
I
1996 185,000 55,344 4,675 115,000 34,063
1997 200,000 49,303 4,675 125,000 32,125
I
1998 220,000 37,707 4,675 135,000 24,938
1999 230,000 25,131 4,675 145,000 17,175
I
2000 160,000 14,600 _ 4,675 105,000 9,925
$3,028,000 $3,140,676 $2 $841,075 $660,000 $853,751
in reverse Redeemable in reverse order
ayment dates on payment dates beginning
II 4-1-85.
4-1-85.
I LA/
1
011
STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS - ALL FUNDS ■
CITY OF FRIENDSWOOD, TEXAS •
Year ended .September 30, 1975 7
•
Total Debt
All General Service IP
Funds Fund Fund
CASH RECEIPTS A
Ad valorem and beverage taxes $ 638,473 $495,963 $142,510
Sales and use taxes 68,863
Franchises 38,432 38,432
Licenses and permits 25,158 25,158
Sanitation income 73,108 73,108 II
Fines and forfeitures 12,784 12,784
Interest on investments 81,453 5,928 2,960
Other revenue 36,698 8,230 2,292 I
Revenue sharing and grants 135,472
Customer meter deposits received IIin excess of refunds 5,180
Water sales, sewer service
charges and water and sewer '
taps and connections 336,785 109,020
Transfer from water and sewer fund - II
proceeds of bond issue (1972) 58,572 58,572
Proceeds of certificates of II
obligation issued 52,000
Inter-fund transfers - net - 45,779 76,492 11111
TOTAL CASH RECEIPTS 1,562,978 705,382 391,846
CASH DISBURSEMENTS r
Operations 806,708 595,851 69
Reduction of accounts payable IIand accrued expenses 13,585 13,327
Capital outlay 1,319,266 112,791
Debt service 388,627 388,627 I
TOTAL CASH DISBURSEMENTS 2,528,186 721,969 388,696
(965,208) (16,587) 3,150 II
Cash balance at October 1, 1974 1,394,434 31,979 32,911
CASH BALANCE AT SEPTEMBER 30, 1975 $ 429,226 $ 15,392 $ 36,061 II
Unrestricted as to use $ 57,607 $ 11,556 $ -
Restricted as to use 371,619 3,836 36,061 I
$ 429,226 $ 15,392 $ 36,061
I
lA/RSON, ir946 8 FITCH Ir
I
I
1
1
Capital Water Sales Revenue
I
Projects & Sewer Tax Sharing
Fund Fund Fund Fund
1
II
$ 68,863
II
$ 38,242 $ 32,409 695 $ 1,219
II25,545 373 258
107,080 28,392
I 5,180
I227,765
II
II
52,000
II89,418 (165,910) (45,779)
II205,205 206,897 24,037 29,611
210,788
II
258
I
902,691 227,106 31,001 45,677
I
902,691 437,894 31,001 45,935
(697,486) (230,997) (6,964) (16,324)
803,413 502,842 6,965 16,324
I $105,927 $271,845 $ 1 $ -
I
$ -105,927 $ 46225,051 $ -
1 $
,794 -
I $105,927 $271;845 $ 1 $ -
I LA/RSON, raf 8 F/TCH
II
TAX LEVIES AND TAX COLLECTIONS r
CITY OF FRIENDSWOOD, TEXAS
Ten years ending September 30, 1976
Collections to I
Year September 30, 1974 IIEnded Net Total Per Cent of
September 30 Tax Levy Adjustments Tax Levy Collections Tax Levy
CITY OF FRIENDSWOOD I
1967 $104,557 $ (283) $104,274 $104,090 99.82% II1968 115,270 (1,116) 114,154 113,957 99.83
1969 124,642 216 124,858 124,607 99.80
1970 138,767 482 139,249 139,039 99.85 II1971 155,224 (124) 155,100 154,794 99.80
1972 170,148 853 171,001 170,637 99.79
1973 220,721 5,617 226,338 222,560 98.33 II1974 245,485 (754) 244,731 240,059 98.09
1975 524,988 (1,322) 523,666 - -
1976 684,200 - 684,200 N/A N/A II
WATER CONTROL AND IMPROVEMENT DISTRICT NO. 21 IP
1969 $ 47,250 $ 40 $ 47,290 $ 47,290 100.00%
1970 55,643 (411) 55,232 55,232 100.00
1971 60,931 (147) 60,784 60,784 100.00
1972 60,870 - 60,870 60,870 100.00
1973 67,976 (136) 67,840 67,840 100.00 up
1974 68,142 (142) 68,000 67,429 99.16
1975 85,180 (218) 84,962 - -
1976 92,462 - 92,462 N/A N/A A
SUNMEADOW MUNICIPAL UTILITY DISTRICT PO
1971 $ 9,351 $ 182 $ 9,533 $ 9,508 99.74%
1972 19,825 74 19,899 19,495 99.97 pp
1973 41,615 (823) 40,792 39,004 95.62
1974 58,765 - 58,765 55,026 93.64
1975 49,510 - 49,510 - - li
1976 58,545 - 58,545 N/A N/A
ill
L-
IP
IP
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lA/RSON, YOUNG 8 F/TCH IP
I
I
I
Total Per Cent Balance at September 30, 1975
I Current Collections Collected Due to
Year to to Delinquent General Debt Service
Collections Sept. 3Q, 1975 Sept. 30, 1975 Taxes Fund Fund
I
is _ $104,090 99.82% $ 184 $ 122 $ 62
113,957 99.83 197 114 83
- 124,607 99.80 251 165 86
II
- 139,039 99.85 210 172 38
154,794 99.80 306 187 119
- 170,637 99.79 364 226 138
' 2,092 224,652 99.26 1,686 1,433 253
2,026 242,085 98.92 2,646 2,370 276
491,853 491,853 93.92 31,813 24,814 6,999
II
N/A N/A N/A
II
$ - $ 47,290 100.00% $ - $ - $ -
55,232 100.00 - - _
60,784 100.00
- 60,870 100.00 - - -
' - 67,840 100.00 - - -
255 67,684 99.54 316 283 33
84,478 84,478 99.43 484 378 106
I
N/A N/A N/A
I
$ 25 $ 9,533 100.00% $ - $ - $ -
' 374 19,869 99.85 30 _ 30
1,560 40,564 99.44 228 228
3,277 58,303 99.21 462 - 462
' 44,974 44,974 90.84 4,536 3,538 998
N/A N/A N/A
II
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I Ld/RSON, YOUNG 8 FITCH
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' LH/RSON, YOUNG 8 F/TCHI
CERTIFIED PUBLIC ACCOUNTANTS
' MEMBERS A MERICAN INSTITUTE OF 475 CAPITAL NATIONAL BANK BLDG.
HOUSTON,TEXAS 77002
CERTIFIED PUBLIC ACCOUNTANTS 713-227-6384
1
1
' Honorable Mayor and
City Councilmen
' City of Friendswood, Texas
Friendswood, Texas
We have examined the Revenue Sharing Fund Statement of Revenue, Appropria-
tions, Encumbrances, Expenditures and Balance and Statement of Obligations
Incurred of the City of Friendswood for the year ended September 30, 1975
and have compared the financial data for the year ended September 30, 1974,
included on Bureau of Census Form RS-9 with audited records of the City of
' Friendswood. Our examination was made in accordance with generally accepted
auditing standards and the "Audit Guide and Standards for Revenue Sharing
Recipients" issued by the Office of Revenue Sharing, U. S. Department of the
' Treasury, and accordingly, included such tests of the accounting records and
such other auditing procedures as we considered necessary in the circumstances.
' In our opinion, the Statement of Revenue, Appropriations, Encumbrances,
Expenditures and Balance and the Statement of Obligations Incurred present
fairly the revenue, expenditures, obligations incurred and status of revenue
' sharing funds of the City of Friendswood for the year ended September 30, 1975,
in conformity with generally accepted accounting principles applied on a
consistent basis. Further, financial data included on Brueau of Census Form
RS-9 for the year ended September 30, 1974 is in agreement with audited records
of the City of Friendswood except as shown in this report.
A404:t,
' Houston, Texas
December 17, 1975
' -4 8-
1
II
I
STATEMENT OF REVENUE, APPROPRIATIONS, ENCUMBRANCES,
EXPENDITURES AND BALANCE
I
CITY OF FRIENDSWOOD, TEXAS - REVENUE SHARING FUND
Year ended September 30, 1975
I
II Per
Books Adjustments Adjusted
IAvailable funds, beginning of year
Unappropriated $ -0- $-0- $ -0-
' Unencumbered appropriations 7,776 -0- 7,776
TOTAL 7,776 -0- 7,776
II
Add revenue
Entitlement payments 29,595 -0- 29,595
II
Interest 1,219 -0- 1,219
TOTAL 30,814 -0- 30,814
ILess unappropriated, end of year -0- -0- -0-
II Available for obligation
during year 38,590 -0- 38,590
I
Less
Expenditures 31,869 -0- 31,869
Encumbrances (net) -0- -0- -0-
1 TOTAL OBLIGATIONS INCURRED 31,869 -0- 31,869
II Unencumbered balance, end of year 6,721 -0- 6,721
Unappropriated, end of year -0- -0- -0-
1 AVAILABLE FUNDS, END OF YEAR $ 6,721 $_0_ $ 6,721
II
II
11
II
li
-49-
' LAIRSON, YOUNG 6 FITCH
I!
STATEMENT OF OBLIGATIONS INCURRED
1! CITY OF FRIENDSWOOD, TEXAS - REVENUE SHARING FUND
Year ended September 30, 1975
5
I Per
Books Adjustments Adjusted
Capital expenditures
Multipurpose and general government .
' Transportation - public $31,869 $-0- $31,869
TOTAL CAPITAL EXPENDITURES 31,869 -0- 31,869
TOTAL OBLIGATIONS INCURRED 131,862 $_0_ 131 869
1
1
1
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i
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' LA/RSON, YOUNG 8 FITCH
1
II
SUMMARY OF DATA SUBMITTED TO BUREAU OF THE CENSUS
CITY OF FRIENDSWOOD, TEXAS - REVENUE SHARING FUND I
Year ended September 30, 1975
II
II
Reported Audit
to Census Adjustments Adjusted
I
PART I
1. Property taxes $391,753 $-0- $391,753
I
2. Local sales taxes
a. General sales tax 49,219 -0- 49,219
b. Gasoline tax -0- -0- -0-
c. Liquor tax 1,213 -0- 1,213
II d. Cigarette and tobacco taxes -0- -0- -0-
e. Public utilities tax 31,671 -0- 31,671
II f. Other -0- -0- -0-
3. Licenses, permits and other taxes
a. Income, payroll, or earning
II tax (local) -0- -0- -0-
b. Motor vehicle licenses (local) -0- -0- -0-
c. Fees retained from tax
I
collections by officials
of your government -0- -0- -0-
d. Other - licenses and permits 31,083 (294) 30,789
II
4. Taxes for education -0- -0- -0-
II PART II
From State Government -0- -0- -0-
II From Federal Government
6. State and Local Fiscal Assistance
Act of 1972 (Federal General
II Revenue Sharing Program) 28,837 (111) 28,726
7. All other 56,390 -0- 56,390
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' LAIRSON, YOUNG 8 FITCH
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ACCOUNTANTS' REPORT ON COMPLIANCE
II
: '
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II
Honorable Mayor and
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City Councilmen
City of Friendswood, Texas
Friendswood, Texas
I
We have examined the Revenue Sharing Fund Statement of Revenue, Appropria-
'I Encumbrances and Expenditures, and Statement of Obligations Incurred
of the City of Friendswood, Texas for the year ended September 30, 1975 and
have compared the financial data for the year ended September 30, 1974
I
included on Bureau of Census Form RS-9 with the audited records of the City
of Friendswood, Texas. The report thereon was issued on January 15, 1975.
Our examination was made in accordance with generally accepted auditing
standards and the "Audit Guide and Standards for Revenue Sharing Recipients"
issued by the Office of Revenue Sharing, U. S. Department of the Treasury
and accordingly included such tests of the accounting records and such
A other auditing procedures as we considered necessary in the circumstances.
As part of our examination, we made a study of compliance matters as prescribed
in Section V. D. of the "Guide" for the year ended September 30, 1975.
i
III Our study of compliance, which related to the requirements cited above, dis-
closed no conditions which we consider matters of non-compliance.
I ?ii9 k Y17114, 4t --Ltd'
li Houston, Texas
jDecember 17, 1975
II
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IF L1IRSON, YOUNG(8 FITCH