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Home My WebLink About1974 09 30 Audited Financial Report - City of Friendswood J I U, 111 AUDITED FINANCIAL STATEMENTS AND OTHER FINANCIAL INFORMATION 4 CITY OF FRIENDSWOOD, TEXAS FRIENDSWOOD, TEXAS 111 September 30, 1974 1111 111 `fr 41,1 LA/RSON, YOUNG F/TCH 11 I 11 CONTENTS Page Audited Financial Statements Accountants' Report 3 91 Balance sheets - All Funds 1 4 Statement of Revenue and Expenditures - All Funds 8 Statement of Changes in Fund Balances 10 Description of Funds and Significant Accounting Policies 12 Notes to Financial Statements 14 40 Other Financial Information Accountants' Report on Other Financial Information 16 Organization Data 17 40 Statement of Revenue and Expenditures - General Fund 18 Statement of Revenue and Expenses - Water and Sewer Fund 19 Summary of Budgeted and Actual Expenditures - General Fund 20 40 Summary of Budgeted and Actual Operating Expenses - Water and Sewer Fund 22 Statement of Cash Receipts and Disbursements - All Funds 23 Bonded Indebtedness - Summary 25 Bonded Indebtedness - General Obligation Bonds 26 Bonded Indebtedness - Revenue Bonds 27 40 Tax Levies and Tax Collections 28 Audited Financial Statements - Revenue and Sharing Fund 40 Accountants' Report 31 Statement of Revenue, Appropriations, Encumbrances, Expenditures and Balance 32 40 Statement of Obligations Incurred 33 Summary of Data Submitted to Bureau of the Census 34 Accountants' Report on Compliance 35 III A I A ei -2-+ 44 LAIRSOA YOUNG B FITCH 1111 LIIIRSON, YOUNG 8 FITCIL CERTIFIED PUBLIC ACCOUNTANTS MEMBERS 475 CAPITAL NATIONAL BANK BLDG. AMERICAN INSTITUTE OF HOUSTON,TEXAS 77002 CERTIFIED PUBLIC ACCOUNTANTS 713-227-6364 4 I 141 Honorable Mayor and City Councilmen City of Friendswood, Texas 44 Friendswood, Texas 4 We have examined the balance sheets of the various funds of the City 71 of Friendswood, Texas as of September 30, 1974, and the related statements of revenue and expenditures - all funds and changes in fund 4, 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 41 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 September 30, 1974, and the results of their operations for the year then ended, in con- "; formity with generally accepted accounting principles applied on a basis consistent with that of the preceding year. mefrk, eA "ffL--' go mo Houston, Texas January 15, 1975 me gm 411 41 -3- 411 4011 Ili BALANCE SHEETS - ALL FUNDS w VIP CITY OF FRIENDSWOOD, TEXAS September 30, 1974 IP to City AnnexedPP Total General Water & Water All Funds Fund Sewer Fund District Fund PP ASSETS CURRENT ASSETS PP Cash including certificates of deposit of $868,583 $ 980,081 $31,979 $ 88,489 ri Accounts receivable less allowance for doubtful accounts of $500 35,992 18,671 $ 10,223 to Due from other funds 38,765 38,507 expensePI Prepaid 980 965 15 P ,,,-- TOTAL CURRENT ASSETS 1,055,818 32,944 145,682 10,223 RESTRICTED ASSETS Water & Sewer Construction Fund - cash including !I certificates of deposit of $341,387 375,532 375,53211111 Revenue Bond Reserve - certificates of deposits 38,821 38,821IT TOTAL RESTRICTED ASSETS 414,353 38,821 375,532 LAND 215,207 38,229 24,455 ho PLANT AND EQUIPMENT - at cost 5,029,262 2,084,631 2,256,919r Less allowance for depreciation 392,418 275,860 116,558 4,636,844 � 1,808,771 2,140,361 1111 AMOUNT AVAILABLE FOR DEBT SERVICE 28,889 AMOUNT TO BE PROVIDED FOR DEBT SERVICE 1,594,111 ��T o $7,945,222 $32 944 $4031,503 $2,550,571 IP r -4- r LAIRSON, YOUNG 8 FITCH 41. qui Debt Capital General General Sales Revenue Service Projects Fixed Bonded Tax Sharing Fund Fund Assets Debt Fund Fund $32,911 $803,413 $6,965 $16,324 *I 7,098 258 32,911 803,413 7,223 23,422 Riii $152,523 # 687,712 687,712 4111 $ 28,889 1,594,111 4I $32,911 $803,413 $840L235 $1,623,000 $7,223 $23,422 011 See notes to financial statements. ,5r 411 11.1 IAIRSON, YOUNG 9 FITCH mg PP BALANCE SHEETS - ALL FUNDS - 2 CITY OF FRIENDSWOOD, TEXAS r September 30, 1974 r City Annexed Total General Water & Water P All Funds Fund Sewer Fund District Fund LIABILITIES, RESERVES, CONTRIBUTIONS, p AND FUND BALANCES CURRENT LIABILITIES r Accounts payable $ 26,469 $ 8,609 $ 3,107 Customer deposits 11,400 6,515 $ 4,885 FP Unearned interest on bonds 4,022 P Due to other funds 38,765 9,776 28,731 Current portion of bonds payable 58,000 11,000 25,000 r TOTAL CURRENT LIABILITIES 138,656 18,385 20,622 58,616 LONG-TERM LIABILITIES l' Bonds payable - less portion due within one year 4,629,000 683,000 2,345,000 RESERVES Reserve for authorized construction 1,150,849 346,801 Fr Reserve for revenue bonds 38,821 38,821 1,189,670 38,821 346,801 r CONTRIBUTIONS i Federal government 292,935 292,935 Land owners 11,768 11,768 304,703 304,703 FUND BALANCES 1,683,193 14,559 984,357 (199,846) 47,945,222 $32,944 $2,031,503 $2,550,571 , r r p4 -6- r LA/RSON, 10UNG 8 FITCH AR q Debt Capital General General Sales Revenue 44 Service Projects Fixed Bonded Tax Sharing Fund Fund Assets Debt Fund Fund ml $ 14,753 $ 4,022 $ 258 $ 22,000 4,022 14,753 22,000 258 g1 1,601,000 'o 788,660 15,388 788,660 15,388 mi 28,889 $840,235 $7,223 7,776 $32,911 $803,413 $840,235 $1,623,000 $7,223 $23,422 4 411 4111 See notes to financial statements. -7- .16 14! LAIIRSON, YOUNG 16 FITCH MP STATEMENT OF REVENUE AND EXPENDITURES - ALL FUNDS CITY OF FRIENDSWOOD, TEXAS !" Year ended September 30, 1974 PP City Annexed Total General Water & Water !` All Funds Fund Sewer Fund District Fund REVENUE I" Taxes - ad valorem, beverage and fire protection $ 440,972 $295,161 Water sales and services 289,538 $146,673 $ 67,765 O"` Federal revenue sharing and grants 172,716 56,390 87,600 Franchises, licenses and permits 62,460 62,460 Proceeds of bonds issued 800,000 P" Interest on investments 73,759 1,473 4,179 41,459 f Sanitation income 70,217 70,217 Fines and forfeitures 10,732 10,732 Other income 15,960 7,751 3,848 2,203 1,936,354 504,184 242,300 111,427 r EXPENDITURES 6 Operating expenses 623,324 438,618 113,068 71,502 Capital outlay 245,408 164,689 36,544 3,807 Capital projects completed 172,883 6 Debt service 301,919 1,343,534 603,307 149,612 75,309 r EXCESS (DEFICIT) OF REVENUE OVER EXPENDITURES BEFORE DEPRECIATION 592,820 (99,123) 92,688 36,118 r PROVISION FOR DEPRECIATION 88,841 43,710 45,131 REVENUE OVER (UNDER) EXPENDITURES $ 503,979 $(99,123) $ 48,978 $ (9,013) r -8- LAIRSON, YOUNG 8 FITCH 4.1 Debt Capital Sales Revenue Service Projects Tax Sharing Fund Fund Fund Fund 410 $ 96,592 $49,219 75,100 $ 28,726 $ 800,000 10,049 14,139 1,525 935 2 158 183,899 814,139 50,744 29,661 136 40,368 172,883 301,919 302,055 172,883 40,368 111 (118,156) 641,256 50,744 (10,707) $(118,156) $ 641,256 $50 744 $(10,707) 4 See notes to financial statements. -9- MIRSON, YOUNC th FITCH it STATEMENT OF CHANGES IN FUND BALANCES CITY OF FRIENDSWOOD, TEXAS Year ended September 30, 1974 City Annexed Total General Water & Water PP- All Funds Fund Sewer Fund District Fund Fund balances at October 1, 1973 $1,548,661 $ 16,263 $900,934 $(153,181) P Add (deduct) excess (deficit) of revenue over expenditures 503,979 (99,123) 48,978 (9,013) A` Add capital outlays for property, plant and equipment. P Included in fund expense 40,351 36,544 3,807 Transferred from capital projects fund 172,881 P Transferred from general fund 164,689 Transferred from revenue sharing fund 40,368 Deduct reserve for income earned r' on restricted funds (43,558) (2,099) (41,459) Contribution from Water & Sewer PIP resources 46,500 46,500 Retirement of fixed assets (2,018) Reserve for authorized construction (788,660) Interfund cash transfers - 50,919 FUND BALANCES AT P SEPTEMBER 30, 1974 $1,683,193 $ 14,559 $984,357 $(199,846) PP FP r r -10- !! IAIRSON, YOUNG 8 FITCH 411 Debt Capital General Sales Revenue Service Projects Fixed Tax Sharing Fund Fund Assets Fund Fund $ 147,045 $ 147,404 $464,315 $ 7,398 $ 18,483 1111 (118,156) 641,256 50,744 (10,707) 172,881 164,689 40,368 ■ (2,018) (788,660) (50,919) $ 28,889 $ - $840,235 $ 7,223 $ 7,776 I 4 See notes to financial statements. -11- I' l ARSON, YOUNG 8 FITCH I 4, DESCRIPTION OF FUNDS AND SIGNIFICANT ACCOUNTING POLICIES ill CITY OF FRIENDSWOOD, TEXAS i September 30, 1974 7! 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 4 the General Fund are property taxes, franchises, sanitation income and fines and forfeitures. Primary expenditures are for general government, public safety, public 41 works, sanitation and other community services. 4 The accounting records of the General Fund are primarily on the accrual method of 141 accounting. Delinquent taxes receivable assesed for General Fund purposes of $8,883 at September 30, 1974 have been fully reserved and omitted from the financial statement. 71 CITY WATER AND SEWER FUND AND ANNEXED WATER DISTRICT FUND ill 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 qj 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. 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 11 for revenue bonds. e The accounting records of the Debt Service Fund are primarily on the cash basis of 11 accounting. Delinquent taxes receivable assessed for debt service of $7,596 at September 30, 1974 have been fully reserved and omitted from the financial statements. 1! CAPITAL PROJECTS FUND 1! The Capital Projects Fund is used to account for the receipt and expenditures of resources used for acquisition of designated fixed assets. 1! -12- 11 LIIRSON. YOUNG 6 FITCH I DESCRIPTION OF FUNDS AND SIGNIFICANT ACCOUNTING POLICIES - 2 Mi 1111 41 GENERAL FIXED ASSETS FUND The General Fixed Assets Fund 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 recorded at cost. No depreciation is recorded on these assets. I GENERAL BONDED DEBT FUND The General Bonded Debt Fund is used to record the City's liability for general obligation bonds due at varying dates through the year 2000. I SALES TAX FUND The Sales Tax Fund is used to account for revenue received from sales and use taxes. Expenditure of these revenues is restricted to one-half for street program and one-half for parks and recreation. !I REVENUE SHARING FUND The Revenue Sharing Fund is used to account for revenue received from the Federal 4.1 government under State and Local Fiscal Assistance Act of 1972. Such funds may be used only for "priority expenditures" as defined in the Act. 411 11 1111 7! -13- 4 LIIRSON, YOUNG 6 FITCH la 11 1! NOTES TO FINANCIAL STATEMENTS CITY" OF FRIENDSWOOD, TEXAS 1! September 30, 1974 to ORGANIZATION The City of Friendswood operates under a "Home Rule Charter" which provides for a "Council-Manager" form of city government. 11 2. ISSUE OF BONDS 411 During the year ended September 30, 1974, the City issued $100,000 of Drainage Improvement Bonds approved at an election on August 13, 1973. The City also issued $700,000 of General Obligation Bonds approved at an election on April 6, 1974. 3. LITIGATION At September 30, 1974, the City was defendant or co-defendant in four lawsuits including (1) a 1973 suit seeking compensation for damages in the amount of $170,000 resulting from damages caused by the overflow of Cowards Creek, (2) a 1971 suit seeking compensation for damages in the amount of $100,000 resulting from the construction and operation of a sewer plant (3) a 1974 suit seeking compensation for damages resulting from diverting floodwater and (4) a suit claiming damages relating to wrongful termination of an employee of Galveston County. It is the opinion of the City management and legal council for the 111 City that the liability of the City from these lawsuits is not determinable at this time. A 111 41 4 41 9 44 4 A -14- IP LAIRSON, YOUNG 6 FITCH I I 111 I OTHER FINANCIAL INFORMATION 1 41111 11 -15- LAIRSON, YOUNG& FITCH 41 ACCOUNTANTS' REPORT ON OTHER FINANCIAL INFORMATION 41 71 I City of Friendswood, Texas Friendswood, Texas I The audited financial statements of the City and our report thereon are presented in the preceding section of this report. The financial information presented hereinafter, excepting the schedule of organization data, was derived from the accounting records tested by us as part of the !I 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 presentation of the financial position or results of the opera- tions 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. 411 4 s49/11114 ' Y1)411 4 7-14-4 .-- 411 Houston, Texas 41 January 31, 1975 41 4 411 41 4 41 -16- 4 I 4 L,� 1IRSON, YOUNG 8 FITCH A 41 ORGANIZATION DATA 41 CITY OF FRIENDSWOOD, TEXAS September 30, 1974 41 Date of Charter - October 16, 1971 ql Type of Government - Council-Manager Mayor - Ralph L. Lowe Councilmen - Benny Baker 41 Ralph G. Gonzalez Richard L. Haken William B. Patton 11 Milton L. Windler Edward 0. Zeitler City Manager - James C. Morgan Assistant City Manager - L. B. Cline 411 City Secretary - Bobbie C. Henry 411 Tax Assessor and Collector - Alta Carbone 4 City Water and Sewer Superintendent - Kenneth R. Toon 11 City Engineer - Thomas D. Heaney I 41 4141 I 4 I -17- 1110 LAIRSON, YOUNG 8 F/TCH/ 1 STATEMENT OF REVENUE AND EXPENDITURES 1,1 CITY OF FRIENDSWOOD, TEXAS - GENERAL FUND Years ended September 30, 1974 and September 30, 1973 1 1974 Actual Over (Under) 1973 !I Budget Actual Budget Actual Operating revenue 111 Taxes General property taxes $286,710 $ 275,737 $ (10,973) $243,957 Fire protection taxes 24,000 18,211 (5,789) - Liquor tax - 1,213 1,213 130 310,710 295,161 (15,549) 244,087 Franchises, licenses and permits Franchises 26,000 31,671 5,671 25,139 Licenses and permits 16,730 30,789 14,059 19,417 !I 42,730 62,460 19,730 44,556 Other income Sanitation income 72,000 70,217 (1,783) 69,836 Fines and forfeitures 12,000 10,732 (1,268) 12,255 Miscellaneous 400 7,751 7,351 3,268 84,400 88,700 4,300 85,359 A TOTAL OPERATING REVENUE 437,840 446,321 8,481 374,002 Less operating expenses 470,211 603,307 133,096 398,618 NET OPERATING REVENUE (DEFICIT) (32,371) (156,986) (124,615) (24,616) 4 Non-operating income 111 Federal and state grants - 56,390 56,390 Interest on investments 1,200 1,473 273 3,996 1 200 57,863 56,663 3,996 31,171) (99,123) (67,952) (20,620) Contributions to other funds (33,385) 33,385 Contributions from other funds 65,000 97,419 32,419 33,612 NET REVENUE (DEFICIT) $ 444 $ (1,704) $ (2,148) $ 12,992 1 ill 41 4 -18- 411 41! LAMSON, YOUNG 8 PATH A I 71 STATEMENT OF REVENUE AND EXPENSES 11 CITY OF FRIENDSWOOD, TEXAS - CITY WATER AND SEWER FUND AND ANNEXED WATER DISTRICT FUND Years ended September 30, 1974 and September 30, 1973 I 1 1974 Actual Over 71 (Under) 1973 4 Budget Actual Budget Actual 71 Operating revenue Water and sewer charges $125,252 $178,730 $ 53,478 $213,434 Taps and connections 21,000 14,450 (6,550) 25,025 1 Fees and penalties 2,500 5,997 Forest Bend sewerage fee 21,000 21,258 3,497 258 15,229 Miscellaneous 5,000 54 (4,946) 591 1 TOTAL OPERATING REVENUE 174,752 220,489 45,737 254,279 I Less operating expenses 191,797 224,921 (17,045) (4,432) 3132:1621/.; 196,549 57,730 71 Contributions to other funds - - - 73,736 Contributions from other funds 17,045 - (17,045) - 71 OPERATING INCOME (LOSS) BEFORE DEPRECIATION $ -0- (4,432) $ (4,432) (16,006) III Provision for depreciation 88,841 64,819 NET OPERATING LOSS (93,273) $(80,825) Non-operating income Interest on investments 45,638 Environmental Protection Agency grant 87,600 133,238 7! NET REVENUE (DEFICIT) $ 39,965 11 City Water & Sewer Fund $ 48,978 Annexed Water District Fund (9,013) 1 41 $ 39,965 1 1 41 -19- 1 4 A MIRSON, YOUNG e3 FITCH II 11 SUMMARY OF BUDGETED AND ACTUAL EXPENDITURES RI CITY OF FRIENDSWOOD, TEXAS - GENERAL FUND A Years ended September 30, 1974 and September 30, 1973 MI A 1974 414 Actual (Over) Under 1973 41 Budget Actual Budget Actual A General Government and Administration 1111 Personal services $39,411 $ 40,172 $ (761) $35,749 Supplies 4,700 5,479 (779) 7,040 Contractual services 33,375 51 ,749 (18,374) 17,113 Capital outlay 6,120 6,000 120 4,059 83,606 103,400,/ (19,794) 63,961 qi Engineering Personal services 7,521 7,497 24 3,514 Supplies 125 35 90 63 ' Contractual services 175 19 156 - 7,821 7,551 ✓ 270 3,577 ''l Municipal Court Personal services 340 460 (120) - Supplies 450 75 375 7 411 Contractual services 3,707 2,080 1,627 2,825 Capital outlay 893 210 683 - 5,390 2,825✓ 2,565 2,832 qi Fire Service 21 ,000 14,432✓ 6,568 21,036 Recreation 18,500 123,640 ✓ (105,140) 15,246 A Police Service 111 Personal services 85,604 91,337 (5,733) 74,025 Supplies 5,102 7,211 (2,109) 5,030 Contractual services 4,744 7,287 (2,543) 7,743 41 Capital outlay 5,813 10,272 (4,459) 5,769 101,263 116,107 ,/ (14,844) 92,567 Ili iiii h* MN -20- III w LAIRSON, YOUNG 8 FITCH a 41 0 1 SUMMARY OF BUDGET AND ACTUAL EXPENDITURES - 2 111 Ill 1974 Actual (Over) Under 1973 41 Budget Actual Budget Actual 0 Sanitation I Personal services $ 33,222 $ 40,839 $ (7,617) $ 22,255 Supplies 2,525 7,473 (4,948) 5,535 Contractual services 13,367 20,242 (6,875) 12,753 41 Capital outlay 18,200 - 18,200 16,455 67,314 68,554 ✓ (1,240) 56,998 MI Street and Drainage Personal services 57,448 46,197 11,251 39,956 Supplies 13,700 39,963 (26,263) 23,859 I Contractual services 18,200 21,549 (3,349) 22,548 Capital outlay 42,000 22,024 19,976 30,845 131,348 129,733 ✓ 1,615 117,208 Ili Library Personal services 14,472 15,280 (808) 11,863 411 Supplies 550 920 (370) 579 fi Contractual services 5,140 5,798 (658) 4,637 Capital outlay 5,310 8,567 (3,257) 4,078 25,472 30,565 ✓ (5,093) 21,157 0 Health and Welfare 6,197 4,696 // 1,501 3,915 11 Boards and Commissions 2,300 1,804 ✓ 496 121 TOTAL $470,211 $603,307 $(133,096) $398,618 4 it Ili 4 III gi A 1 4 -21- 7, lie LA/RSON, YOUNG 8 FITCH a 1! STATEMENT OF BUDGETED AND ACTUAL OPERATING EXPENSES la CITY OF FRIENDSWOOD, TEXAS - CITY WATER AND SEWER FUND AND ANNEXED WATER DISTRICT FUND Years ended September 30, 1974 and September 30, 1973 1 1974 Actual (Over) Under 1973 Budget Actual Budget Actual a Personal services $ 99,572 $ 97,619 $ 1,953 $ 75,802 Supplies 23,700 28,296 (4,596) 5,624 Contractual services 22,800 58,655. (35,855) 62,481 a Capital outlay 45,725 40,351 5,374 52,642 11 TOTAL OPERATING EXPENSES $191,797 $224 124) $196 549,921 - $(33, , I 4 I A I A 41 4 4 4 411 -22- 4111 LAIRSON, YOUNG 8 FITCH 4 Debt Capital Sales Revenue Service Projects Tax Sharing 4 Fund Fund Fund Fund $ 96,592 $ 49,219 MI a 4 14,071 $ 14,139 1,525 $ 935 11 2,158 28,837 `k 0 75, 100 I A 411 800,000 40,000 (4,809) (50,919) 227,921 809,330 (175) 29,772 411 136 A 10 158,128 18,708 43,954 393,502 393,638 158,128 18,708 43,954 (165,717) 651,202 (18,883) (14,182) 40 198,628 152,211 25,848 30,506 $ 32,911 $803,413 $ 6,965 $ 16,324 Si $ - $ - $ - $ - 32,911 803,413 6,965 16,324 011 $ 32,911 $803,413 $ 6,965 $ 16,324 40 -24- MI 041 MIRSON, YOUNG 8 FITCH 4 1! 1! BONDED INDEBTEDNESS SUMMARY 91 CITY OF FRIENDSWOOD, TEXAS 1 September 30, 1974 111 II Year ending Total General Obligation Bonds Revenue Bonds 11 September 30 Principal Interest Principal Interest Principal Interest 4 1975 $ 58,000 $ 331,266 $ 22,000 $ 98,766 $ 36,000 $ 232,500 11 1976 89,000 313,526 33,000 97,813 56,000 215,713 1977 86,000 294,232 31,000 96,295 55,000 197,937 1978 98,000 288,668 36,000 94,630 62,000 194,038 1979 102,000 282,380 36,000 92,818 66,000 189,562 A 1980 107,000 275,820 41,000 90,832 66,000 184,988 1981 120,000 268,953 47,000 88,591 73,000 180,362 1982 132,000 261,321 52,000 86,021 80,000 175,300 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 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 41 1988 174,000 204,376 64,000 67,839 110,000 136,537 1989 180,000 192,528 65,000 63,965 115,000 128,563 1990 195,000 179,820 70,000 59,820 125,000 120,000 II 1991 205,000 166,084 75,000 55,178 130,000 110,906 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 1995 270,000 99,821 95,000 32,565 175,000 67,256 1996 340,000 80,994 100,000 25,650 240,000 55,344 III 1997 305,000 63,309 105,000 18,681 200,000 44,628 A 1998 325,000 44,633 105,000 11,601 220,000 33,032 1999 345,000 24,505 115,000 4,049 230,000 20,456 111 2000 105,000 9,925 105,000 9,925 a $4,687,000 $4,961,385 $1,623,000 $1,606,909 $3,064,000 $3,354,476 11 A 1 A 111, 4 I 4 -25- 11 II LIIRSON, YOUNG 8 FITCH A BONDED INDEBTEDNESS - GENERAL OBLIGATION BONDS CITY OF FRIENDSWOOD, TEXAS September 30, 1974 Waterworks and Sewer Waterworks and Sewer System Unlimited Tax Bonds- System Unlimited Tax Bonds - Series 1962 (Galveston Series 1963 (Galveston General Obligation County Water Control and County Water Control and Sewer Improvement Bonds - Refunding Bonds - General Obligation Drainage Improvement General Obligation Year Ending Total Improvement District No. 15) Improvement District No. 15) Series 1967 Series 1969 Bonds - Series 1973 Bonds- Series 1973 Bonds - Series 1974 September 30 Principal Interest Principal Interest Principal Interest Principal Interest Principal Interest Principal Interest Principal Interest Principal Interest 1975 $ 22,000 $ 98,766 $ 6,750 $ 5,000 $ 5,478 $ 10,000 $ 7,295 $ 7,000 $ 10,225 $8,175 $ 6,075 $ 54,768 1976 33,000 97,813 6,750 6,000 5,285 10,000 6,885 7,000 9,875 $ 10,000 8,175 6,075 54,768 1977 ) 31,000 96,295 6,750 6,000 5,075 10,000 6,475 9,700 10,000 7,650 6,075 $ 5,000 54,570 1978 36,000 94,630 6,750 6,000 4,865 10,000 6,065 5,000 9,575 10,000 7,125 6,075 5,000 54,175 1979 36,000 92,818 6,750 6,000 4,633 10,000 5,655 5,000 9,325 10,000 6,600 6,075 5,000 53,780 ^�l 1980 41,000 90,832 6,750 6,000 4,377 10,000 5,245 10,000 8,950 10,000 6,050 6,075 5,000 53,385 """`•••11\ 1981 47,000 88,591 6,750 7,000 4,101 15,000 4,725 10,000 8,450 10,000 5,500 6,075 5,000 52,990 v1 1982 52,000 86,021 6,750 7,000 3,804 15,000 4,095 10,000 7,950 10,000 4,950 6,075 10,000 52,397 1983 52,000 83,253 6,750 7,000 3,506 15,000 3,465 10,000 7,450 10,000 4,400 6,075 10,000 51,607 N �+ i 1984 52,000 80,487 6,750 7,000 3,209 15,000 2,835 10,000 6,950 10,000 3,850 6,075 10,000 50,818 1985 57,000 77,718 6,750 7,000 2,911 15,000 2,205 10,000 6,450 15,000 3,300 6,075 10,000 50,027 1986 63,000 74,531 6,750 8,000 2,593 15,000 1,575 15,000 5,825 15,000 2,475 6,075 10,000 49,238 1987 63,003 71,194 6,750 8,000 2,252 15,000 945 15,000 5,075 15,000 1,650 6,075 10,000 48,447 �` 1988 64,000 67,839 6,750 9,000 1,891 15,000 -315 15,000 4,325 15,000 825 6,075 10,000 47,658 1989 65,000 63,965 6,750 10,000 1,488 15,000 3,575 $ 10,000 6,075 30,000 46,077 '44 1990 70,000 59,820 6,750 10,000 1,062 15,000 2,825 15,000 5,475 30,000 43,708 1991 75,000 55,178 6,750 10,000 638 15,000 2,075 15,000 4,575 35,000 41,140 1992 74,000 50,347 6,750 10,000 212 14,000 1,350 15,000 3,660 35,000 38,375 1993 80,000 45,210 6,750 20,000 500 15,000 2,745 45,000 35,215 1994 90,000 39,055 '6,750 15,000 1,830 75,000 30,475 1995 95,000 32,565 $ 30,000 6,075 15,000 915 50,000 25,575 1996 100,000 25,650 30,000 4,725 70,000 20,925 1997 105,000 18,681 30,000 3,375 75,000 15,306 1998 105,000 11,601 35,000 1,913 70,000 9,688 1999 115,000 4,049 25,000 562 90,000 3,487 $1,623,000 $1,606,909 $150,000 $151,650 $135,000 $57,380 $180 000 $57,780 $208,000 $120,450 $150,000 C/0,725 $100,000 $110,325 $700,000 $1,038,599 Redeemable in reverse Redeemable in reverse Redeemable in reverse Redeemable in reverse Redeemable in reverse order on payment dates order on payment dates order on payment dares order on payment dates order on payment dates beginning 3-1-81 beginning 3-1-81 beginning 3-1-82 beginning 3-1-84 beginning 3-1-93 BONDED INDEBTEDNESS - REVENUE BONDS CITY OF FRIENDSW00D, TEXAS September 30, 1974 Combination Revenue Waterworks and Sewer and Unlimited Tax Bonds - System Combination Tax and Waterworks and Sewer Waterworks and Sewer Waterworks and Sewer Series 1957 (Galveston Revenue Bonds - Series 1964 Waterworks and System Combination Tax System Combination Tax and System Combination Tax County Water Control and (Galveston County Water Control Sanitary Sewer System and Revenue Bonds - Series Revenue Bonds - Series 1970-A and Revenue Refunding Bonds - Year Ending Total Improvement District No. 15) and Improvement District No. 21) Revenue Bonds - Series 1969 1970 (Sunmeadow M. U. D.) (Sunmeadow M. U. D.) Series 1972 (Sunmeadow M. U. D.) September 30 Principal Interest Principal Interest Principal Interest Principal Interest Principal Interest Principal Interest Principal Interest 1975 $ 36,000 $ 232,500 $ 1,000 $1,425 $ 10,000 $ 28,500 $ 10,000 $ 41,550 $ 15,000 $ 51,000 $ 45,900 $ 64,125 1976 56,000 215,713 6,000 1,250 10,000 28,000 15,000 40,738 25,000 49,725 45,900 50,100 1977 55,000 197,937 1,100 15,000 27,500 15,000 39,762 25,000 47,600 45,900 36,075 1978 62,000 194,038 2,000 1,050 15,000 26,750 15,000 38,788 30,000 45,475 45,900 36,075 1979 66,000 189,562 6,000 850 15,000 26,000 15,000 37,812 30,000 42,925 45,900 36,075 1980 66,000 184,988 6,000 550 15,000 25,250 15,000 36,838 30,000 40,375 45,900 36,075 `� 1981 73,000 180,362 8,000 200 15,000 24,500 15,000. 35,862 35,000 37,825 45,900 36,075 f� 1982 80,000 175,300 20,000 23,750 20,000 34,725 40,000 34,850 45,900 36,075 \ o 1983 80,000 169,600 20,000 22,750 20,000 33,425 40,000 31.450 45,900 36,075 1984 85,000 163,900 20,000 21,750 20,000 32,125 45,000 28,050 45,900 36,075 O I 1985 90,000 157,775 20,000 20,750 20,000 30,825 50,000 24,225 45,900 36,075 1986 95,000 151,225 20,000 19,750 20,000 29,525 55,000 19,975 45,900 36,075 1987 105,000 144,088 25,000 18,750 25,000 28,063 55,000 15,300 45,900 36,075 1. 1988 110,000 136,537 25,000 17,500 25,000 26,437 60,000 10,625 45,900 36,075 ' 1989 115,000 128,563 25,000 16,250 25,000 24,813 65,000 5,525 45,900 36,075 y! 1990 125,000 120,000 25,000 15,000 30,000 23,025 $ 70,000 45,900 36,075 1991 130,000 110,906 25,000 13,750 30,000 21,131 75,000 39,950 36,075 1992 150,000 101,291 30,000 12,500 35,000 19,141 85,000 33,575 36,075 1993 155,000 90,422 30,000 11,000 35,000 16,997 90,000 26,350 36,075 1994 160,000 79,128 30.000 9,500 35,000 14,853 95,000 18,700 36,075 1995 175,000 67,256 30,000 8,000 40,000 12,556 70,000 10,625 $ 35,000 36,075 1996 240,000 55,344 30,000 6,500 40,000 10,106 55,000 4,675 115,000 34,063 1997 200,000 44,628 30,000 5,000 45,000 7,503 125,000 32,125 1998 220,000 33,032 35,000 3,500 50,000 4,594 135,000 24,938 1999 230,000 20,456 35,000 1,750 50,000 1,531 145,000 17,175 2000 105.000 9.925 01 5.000 9.925 $3,064,000 $3,354,476 529,000 $6,425 $570,000 4$ 34,250 5665,000 $642,725 $600,000 48$ 4,925 $540,000 $868,275 66$ 0,000 $917,876 Redeemable in reverse Redeemable in reverse order Redeemable in reverse Redeemable inreverse Redeemable in reverse order Redeemable in reverse order order on payment dates on payment dates beginning order on payment dates order on payment dates on payment dates beginning on payment dates beginning beginning 3-1-75 8-1-79 beginning 3-1-87 beginning 4-1-85 4-1-85 4-1-85 II II Total Per Cent Balance at Sept. 30, 1974 Current Collections Collected Total Due to Year to to Delinquent General Debt Service Collections Sept. 30, 1974 Sept. 30, 1974 Taxes Fund Fund I! II $ - $ 82,290 100.00% $ - $ - $ - - 104,090 99.82 184 122 62 - 113,957 99.83 197 114 83 1! 87 124,607 99.80 251 165 86 384 139,039 99.85 210 172 38 284 154,794 99.80 306 187 119 509 170,637 99079 364 226 138 4,790 222,560 98.33 3,778 3,211 567 240,059 240,059 98.09 4,662 4,175 487 1! NA NA NA 1! $ - $ 47,290 100.00'% $ - $ - $ - - 55,232 100.00 - - - 1! - 60,784 100.00 - - - - 60,870 100.00 - - - 145 67,840 100.00 - - - 67,429 67,429 99.16 571 511 60 NA NA NA 11 $ 75 $ 9,508 99.74% $ 25 $ -. $ 25 III 140 19,495 99.97 404 - 404 3,075 39,004 95.62 1,788 - 1,788 55,026 55,026 93.64 3,739 - 3,739 NA NA NA a 411 4/ 4 ill 41 4 -29- I 4 411 LAIRSON, YOUNG 8 FITCH 4 !! 1! 1! 1! 11 AUDITED FINANCIAL STATEMENTS - REVENUE SHARING FUND CITY OF FRIENDSWOOD, TEXAS 46 FRIENDSWOOD, TEXAS 41 September 30, 1974 1! 11 11 4111 4 -30- L IIRSON, YOUNG 8 FITCH L1IIRSON, YOUNG 8 FITCH CERTIFIED PUBLIC ACCOUNTANTS MEMBERS 475 CAPITAL NATIONAL BANK BLDG. AMERICAN INSTITUTE OF HOUSTON,TEXAS 77002 +"A CERTIFIED PUBLIC ACCOUNTANTS 713-227-6364 46 Honorable Mayor and 40 City Councilmen City of Friendswood, Texas Friendswood, Texas 91 We have examined the Revenue Sharing Fund Statement of Revenue, Appropria- Ai tions Encumbrances, Expenditures and Balance and Statement of Obligations r P g Incurred of the City of Friendswood for the year ended September 30, 1974, and have compared the financial data for the year ended September 30, 1973, 1! 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 Ai 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, 11 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, 1974, in conformity with generally accepted accounting principles applied on a consistent basis. Further, financial data included on Bureau of Census Form RS-9 for the year ended September 30, 1973 is in agreement with audited records of the City of Friendswood except as shown in this report. ihmits.x.t4 frz/vi, 444. Houston, Texas 41111 January 31, 1975 11111 -31- lig 11 44 STATEMENT OF REVENUE, APPROPRIATIONS, ENCUMBRANCES, EXPENDITURES AND BALANCE P a' CITY OF FRIENDSWOOD, TEXAS - REVENUE SHARING FUND Year ended September 30, 1974 im Per 40 Books Adjustments Adjusted 11 Available funds, beginning of year Unappropriated $ -0- $-0- $ -0- Unencumbered appropriations 18,483 -0- 18,483 TOTAL 18,483 -0- 18,483 11 Add revenue Entitlement payments 28,726 -0- 28,726 Interest 935 -0- 935 11 TOTAL 29,661 -0- 29,661 Less unappropriated, end of year -0- -0- -0- 4 11 Available for obligation during year 48,144 -0- 48,144 I Less Expenditures 40,368 -0- 40,368 M Encumbrances (net) -0- -0- -0- TOTAL OBLIGATIONS INCURRED 40,368 -0- 40,368 • Unencumbered balance, end of year 7,776 -0- 7,776 Unappropriated, end of year -0- -0- -0- 4 1 AVAILABLE FUNDS, END OF YEAR $ 7,776 $-0- $ 7,776 m 11 4 I a . !I 4 11 -32- 4 41 IAIRSOA1 YOUNG 9 FITCH 1! STATEMENT OF OBLIGATIONS INCURRED CITY OF FRIENDSWOOD, TEXAS - REVENUE SHARING FUND Year ended September 30, 1974 Per 1! Books Adjustments Adjusted Capital expenditures 11 Multipurpose and general government Transportation - public $40,368 $-0- $40,368 TOTAL CAPITAL EXPENDITURES 40,368 -0- 40,368 40 TOTAL OBLIGATIONS INCURRED $40,368 $-0- $40,368 A 11111 I -3 3- I LAMSON, YOUNG 8 FITCH p 004 SUMMARY OF DATA SUBMITTED TO BUREAU OF THE CENSUS CITY OF FRIENDSWOOD, TEXAS - REVENUE SHARING FUND 44 Year ended September 30, 1974 r Reported Audit to Census Adjustments Adjusted PART I il 1. Property taxes - Note A $287,970 $-0- $287,970 2. Local sales taxes a. General sales tax 36,333 399 36,732 MR b. Gasoline tax -0- -0- -0- 40 c. Liquor tax 130 -0- 130 d. Cigarette and tobacco taxes -0- -0- -0- MP e. Public utilities tax 25,139 -0- 25,139 44 f. Other -0- -0- -0- 3. Licenses, permits and other taxes a. Income, payroll, or earning 44 tax (local) -0- -0- -0- b. Motor vehicle licenses (local) -0- -0- -0- 91 c. Fees retained from tax 4. collections by officials of your government -0- -0- -0- 11 d. Other - licenses and permits 19,417 -0- 19,417 4. Taxes for education -0- -0- -0- 11 PART II From State Government -0- -0- -0- 1! From Federal Government 6. State and Local Fiscal Assistance 11 Act of 1972 (Federal General Revenue Sharing Program) 36,865 -0- 36,865 7. All other -0- -0- -0- 11 4 11/ 1 ill A Note A - Financial statements for year ended September 30, 1973 included taxes collected in the amount of $5,259 which relate to Sunmeadow Municipal MI Utility District before annexation. f 111 -34- il :4 LI/RSON, YOUNG 61 FITCH 1! ml ACCOUNTANTS' REPORT ON COMPLIANCE 1111 111 111 111 Honorable Mayor and City Councilmen City of Friendswood, Texas Friendswood, Texas We have examined the Revenue Sharing Fund Statement of Revenue, Appropria- tions, Encumbrances and Expenditures, and Statement of Obligations Incurred of the City of Friendswood, Texas for the year ended September 30, 1974 and have compared the financial data for the year ended September 30, 1973 in- cluded on Bureau of Census Form RS-9 with the audited records of the City 41 of Friendswood, Texas. The report thereon was issued on December 29, 1973. Our examination was made in accordance with generally accepted auditing standards and the "Audit Guide and Standards for Revenue Sharing Recipients" 4111 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. 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 11 30, 1974. Our study of compliance, which related to the requirements cited above, 11 disclosed no conditions which we consider matters of non-compliance. 11 ,yiyibte,/ ?)44-% jajaig;v, 7! Houston, Texas 71 January 31, 1975 411 411 4111 -35- 71 LAIRSON, YOUNG FITCH