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Home My WebLink About1977 09 30 Audited Financial Report - City OF Friendswood 1101 1111 41 I I 11 AUDITED FINANCIAL STATEMENTS AND OTHER FINANCIAL INFORMATION CITY OF FRIENDSWOOD 4 FRIENDSWOOD, TEXAS September 30, 1977 I I I I LA/RSON, YOUNG 8 FITCH PP 1 4 !I CONTENTS Page Audited Financial Statements Accountants' Report 4 General Fund Balance Sheet 5 11 Statement of Changes in Fund Balance 6 Statement of Revenues - Budgeted and Actual 7 !I Statement of Expenditures - Budgeted and Actual 8 Statement of Expenditures - Budgeted and Actual - By Object 9 Debt Service Fund 111 Balance Sheet 13 Statement of Revenues, Expenditures and Fund Balance 14 Capital Projects Fund 11 Balance Sheet 15 Statement of Revenues, Expenditures and Reserves 16 Water and Sewer Funds Balance Sheet - City Water and Sewer Fund 17 Statement of Changes in Retained Earnings - City Water and Sewer Fund 18 11 Balance Sheet - Annexed Water District Fund 19 Statement of Changes in Retained Earnings - Annexed Water District Fund 20 Statement of Revenue and Expense - Budgeted and Actual 21 11 Sales Tax Fund 11 Balance Sheet 23 Statement of Revenues, Expenditures and Fund Balance 24 11 Revenue Sharing Fund I LAIRSOAdliUNG $ FITCH I 11 CONTENTS - 2 Page 11 Balance Sheet 25 Statement of Revenues, Expenditures and Fund Balance 26 11 General Fixed Assets Group of Accounts IStatement of General Fixed Assets 27 General Long-Term Debt Group of Accounts 11 Statement of General Long-Term Debt 28 11 Description of Funds and Significant Accounting Policies 29 Notes to Financial Statements 31 I Other Financial Information 11 Accountants' Report on Other Financial Information 33 Organization Data 34 11 Balance Sheets - All Funds 35 IStatement of Revenues and Expenditures - All Funds 39 Statement of Changes in Contributions and Fund Balances - All Funds 41 11 Statement of Cash Receipts and Disbursements - All Funds 43 ICombined Schedule of Long-Term Debt 45 ILong-Term Debt Summary - By Maturity Date 48 Long-Term Debt - General Obligation Bonds - By Maturity Date 49 11 Long-Term Debt - Revenue Bonds - By Maturity Date 50 Tax Levies and Tax Collections 51 I Audited Financial Statements - Revenue Sharing Fund II Accountants' Report 54 Statement of Changes in Available Funds 55 Statement of Obligations Incurred 56 11 Summary of Data Submitted to Bureau of the Census 57 Accountants' Report on Compliance 58 -3- LA/RSON, YOUNG 8 F/TCH I il LiiMSON, YOUNG' (f) RTCI-1 CERTIFIED PUBLIC ACCOUNTANTS MEMBERS K AMERICAN INSTITUTE OF 475 CAPITAL NATIONAL BAN SLOG. HOUSTON,TEXAS 77002 CERTIFIED PUBLIC ACCOUNTANTS 713-656-1745 1 1 Honorable Mayor and 41 City Councilmen City of Friendswood, Texas 1. . We have examined the financial statements of the various funds of the City of Friendswood, Texas for the year ended September 30, 1977. Our examinations were 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. We previously made 141 similar examinations of the financial statements for the preceding year. In our opinion, the financial statements present fairly the financial positions, revenues and expenditures, results of operations, changes in financial position, 11 and changes in fund balances of the respective funds of the City of Friendswood, Texas at September 30, 1977, and for the year then ended, in conformity with generally accepted accounting principles applied on a consistent basis. 441440,146 fri.s.e . 411 - 4 Houston, Texas November 30, 1977 I 1 1 4111 v 4 1 4 -4- I 11 GENERAL FUND BALANCE SHEET CITY OF FRIENDSWOOD, TEXAS September 30, 1977 ASSETS Cash - unrestricted (including certificates of deposit 11 of $243,817) $280,855 Cash - restricted (time deposit) 4,237 285,092 Delinquent taxes receivable $35,954 11 Less allowance for uncollected delinquent taxes 35,954 - Accounts receivable 1,605 111 Due from other funds 12,813 Prepaid expenses 3,319 $302,829 111 n=a=naao LIABILITIES AND FUND BALANCE Accounts payable $ 24,961 41 Park escrow 10,000 Fund Balance 267,868 $302,829 4 I 111 11] See notes to financial statements. I -5- LA/RSON, YOUNG 8 FITCH GENERAL FUND STATEMENT OF CHANGES IN FUND BALANCE CITY OF FRIENDSWOOD, TEXAS 1 4 Year ended September 30, 1977 Fund Balance at October 1, 1976 $ 42,488 Add excess of revenues over expenditures Revenues 1,369,595 Expenditures 1,141,978 227,617 270,105 Add (deduct) prior period adjustments Reclassification of accounts payable 55,000 Reimbursement of debt-service payment made by water and sewer fund (57,237) (2,237) 11 FUND BALANCE AT SEPTEMBER 30, 1977 $ 267,868 11 11 1! • I qj I 141 ql See notes to financial statements. -6- 11 litliSON, YOUNC FITCH I II GENERAL FUND STATEMENT OF REVENUES - BUDGETED AND ACTUAL ' CITY OF FRIENDSWi00D, TEXAS Years ended September 30, 1977 and September 30, 1976 1977 Actual Over 41 (Under) 1976 Budgzet Actual Budget Actual Operating revenue Taxes General property taxes $ 572,150 $ 624,442 $ 52,292 $ 602,844 11 Penalties and interest - 9,155 9,155 9,585 Industrial district taxes 280,053 280,053 151,404 Mixed beverage taxes 500 3,116 2,616 1 652 11 852,703 916,766 64,063 765,485 Franchises, licenses and permits Franchises 42,000 63,229 21,229 50,514 Licenses and permits 28,400 27,438 (962) 36,200 70,400 90,667 20,267 86,714 Other Income Sanitation income 143,200 156,311 13,111 112,021 44 Fines and forfeitures 12,000 19,103 7,103 14,514 Miscellaneous - 2)515 2,515 7,381 • 155,200 177,929 22,729 133,916 44/ TOTAL OPERATING REVENUE 1,078,303 1,185,362 107,059 986,115 41 Non-operating revenue Federal and state grants 39,356 15,450 (23,906) 18,630 Interest on investments 6,000 16,315 10,315 11,535 41 Donations - 2,939 2,939 45,356 34,704 (10,652) 30,165 1,123,659 1,220,066 96,407 1,016,280 1! Contributions from other funds 152,771 149,529 (3,242) 67,931 TOTAL REVENUES $1,276,430 $1,369,595 $ 93,165 $1,084,211 _== 4 1! 41 See notes to financial statements. 1 MIRSON JOUNG 8 FITCH A 11 11 1! GENERAL FUND STATEMENT OF EXPENDITURES - BUDGETED AND ACTUAL 11 CITY OF FRIENDSWOOD, TEXAS 1! Years ended September 30, 1977 and September 30, 1976 1! 1977 Actual (Over) 1! Under 1976 Budget Actual Budget Actual General Government Administration $ 177,808 $ 186,724 $ (8,916) $ 147,833 Engineering 37,528 29,329 8,199 13,597 Municipal Court 14,185 15,421 (1,236) 4,454 11 Planning and zoning 6,077 3,377 2,700 2,328 Total general government 235,598 234,851 747 168,212 II Public Safety Police 252,246 241,878 10,368 199,511 11 Fire and rescue 45,381 54,683 (9302) 98,400 Total public safety 297,627 296,561 1,066 297,911 !I Public welfare Streets 228,494 178,401 50,093 225,439 Drainage 22,250 6,086 16,164 10,100 1! Sanitation 154,683 200,724 (46,04I) 154,027 Health and welfare 7,048 6,905 143 6,353 Total public welfare 412,475 392,116 20,359 395,919 Community services Library 53,140 54,033 (893) 41,027 Parks and recreation 124,550 129,314 (4,764) 37,997 Community counselling 24,406 24,606 (200) 10,506 Civil defense 500 297 203 114 1! Total community services 202,596 208,250 (5,654) 89,644 1,148,296 1,131,778 16,518 951,686 11 Contributions to other funds 10,200 10,200 - 117,956 1! TOTAL EXPENDITURES $1,158,496 $1,141,978 $ 16,518 $1,069,642 ___ _____ = __ ========== Operating expenses $ 878,436 $ 909,414 $(30,978) $ 737,912 1! Capital outlay 269,860 222,364 47_496 213,774 Interfund transfer 10,200 10,200 117,956 1! TOTAL EXPENDITURES $1,158,496 $1,141,978 $ 16,518 $1,069,642 See notes to financial statements. -8- LIIRSON, YOUNG 8 FITCH 1 I. GENERAL FUND 4 STATEMENT OF EXPENDITURES - BUDGETED AND ACTUAL - BY OBJECT 41 CITY OF FRIENDSWOOD, TEXAS 11 Years ended September 30, 1977 and September 30, 1976 11 1977 • Actual (Over) 1111 Under 1976 Budget Actual Budget Actual 411 General Government 4 Administration - Personal services $ 74,733 $ 66,008 $ 8,725 $ 57,946 11 Supplies 8,275 9,284 (1,009) 6,856 Contractual services 77,800 93,850 (16,050) 72,120 Travel and training 3,600 4,188 (588) 2,090 41 Memberships and subscriptions 1,400 2,092 (692) 1,427 Capital outlay 12,000 11,302 698 7,394 177,808 186,724 ✓ (8,916) 147,833 41 Engineering Personal services 33,753 25,575 8,178 12,384 411 Supplies 600 877 (277) 568 4 Contractual services 275 1,614 (1,339) 280 Capital outlay 2,900 1�263 1,637 365 /11 37,528 29,329 ✓ 8,199 13,597 4 Municipal Court Personal services 10,950 11,797 (847) 955 Supplies 460 524 (64) 308 Contractual services 1,975 2,463 (488) 2,706 411 Travel and training 425 464 (39) 485 A Memberships and subscriptions 175 47 128 - Capital outlay 200 126 74 - 41 14,185 15,421 ✓ (1,236) 4,454 4 Planning and Zoning Personal services 1,476 1,476 - 1,174 Supplies 1,700 1,620 80 127 Contractual services 2,651 202 2,449 661 41 Travel and training 100 - 100 43 4 Memberships and subscriptions - 79 (79) - Capital outlay 150 - 150 323 11 6,077 3,377 / 2,700 2,328 1 TOTAL GENERAL GOVERNMENT 235,598 234,851 747 168,212 II 41 4 -9- 041 LAIRSON, YOUNG 6 FITCH 41 11 4 11 STATEMENT OF EXPENDITURES - BUDGETED AND ACTUAL - BY OBJECT - 2 11/1 a _ 1977 Actual (Over) Under 1976 11 Budget Actual Budget Actual 4 Public Safety 4119 Police Service Personal services $206,876 $188,247 $ 18,629 $155,898 Supplies 18,425 18,861 (436) 15,359 Contractual services 17,875 23,074 (5,199) 20,326 Travel and training 825 899 (74) 690 Memberships and subscriptions 450 371 79 330 91 Capital outlay 7z795 10,426 (2,631) 6,908 252,246 241,878 V 10,368 199,511 Fire and Rescue Services Personal services 6,240 4,077 2,163 1,714 Supplies 8,286 12,192 (3,906) 5,962 41 Contractual services 12,785 15,705 (2,920) 13,198 Travel and training 4,100 3,533 567 419 Memberships and subscriptions 1,000 850 150 116 4411 Capital outlay 12,970 18,326 (5 z356) 76,991 45,381 54,683 ✓ (9,302) 98,400 Ill TOTAL PUBLIC SAFETY 297,627 296,561 1,066 297,911 4 Public Welfare 41 Streets Personal services 75,994 62,969 13,025 51,057 Supplies 50,650 44,867 5,783 47,261 41 Contractual services 28,600 41,939 (13,339) 53,047 Travel and training - 990 (990) - Capital outlay 73,250 27,636 45,614 74,074 Ili 228,494 178,4011 50,093 225,439 Drainage Supplies 1,250 192 1,058 71 Contractual services 11,000 5,894 5,106 9,833 Capital outlay 10,000 - 10,000 196 1110 22,250 6,086 ✓ 16,164 10,100 0 li 110 11 1AIRSON, 307 C 8 FITCH 1 I II STATEMENT OF EXPENDITURES - BUDGETED AND ACTUAL - BY OBJECT - 3 4 li I 1977 41 Actual (Over) Under 1976 III Budget Actual Budget Actual 4 Sanitation Personal services $ 89,803 $ 96,313 $ (6,510) $ 78,425 Supplies 10,400 20,950 (10,550) 14,856 Contractual services 25,680 57,009 (31,329) 40,102 1 MI Capital outlay 28,800 26,452 2,348 20,644 154,683 200,724E (46,041) 154,027 411 Health and Welfare 7,048 6,905✓ 143 6,353 TOTAL PUBLIC WELFARE 412,475 392,116 20,359 395,919 Community Services Library 41 Personal services 28,578 27,939 639 21,574 .411 Supplies 1,512 1,510 2 1,738 Contractual services 8,980 7,338 1,642 5,074 Travel and training 925 3,055 (2,130) 2,548 Memberships and subscriptions 800 827 (27) 599 . Capital outlay 12,345 13,364 (1,019) 9,494 II 53,140 54,033 / (893) 41,027 Parks and Recreation 1! Personal services 8,300 7,298 1,002 3,816 Supplies 1,800 2,036 (236) 535 Contractual services 3,000 2,876 124 16,357 11 Contingency 2,000 3,635 (1,635) 337 Capital outlay 109,450 113,469 (4,019) 16,952 124,550 129,314 f (4,764) 37,997 1 I I I LAIRSON,7 2 WC 8 FITCH II 41 ill STATEMENT OF EXPENDITURES - BUDGETED AND ACTUAL - BY OBJECT - 4 A 1 1 1977 Actual • (Over) Under 11 Budget Actual Budget Actual Community Counselling 11 Personal services $ 16,502 $ 17,730 $ (1,228) $ 6,925 Supplies 546 529 17 107 Contractual services 3,714 2,655 1,059 1,021 111 Travel and training 3,458 3,507 (49) 1,962 Memberships and subscriptions 186 185 1 58 Capital outlay - - ✓ - 433 11 24,406 24,606 (200) 10,506 Civil Defense 500 297 ,/ 203 114 !I TOTAL COMMUNITY SERVICES 202,596 208,250 (5,654) 89,644 11 Contributions to other funds 10,200 10,200 ✓ - 117,956 TOTAL EXPENDITURES $1,158,496 $1,141,978 $ 16,518 $1,069,642 11 tt-st-ass-t -=== ua-- Bata---- t----c-o== II 11 11 11 1! 11 1! See notes to financial statements. -12- lA/RSON, YOUNG 8 F/TCH 411 111 DEBT SERVICE FUND 4 BALANCE SHEET 11 CITY OF FRIENDSWOOD, TEXAS September 30, 1977 RI ASSETS J Cash (including certificates of deposit of $38,500) $107,035 41 Delinquent taxes receivable $ 16,177 Less allowance for uncollected delinquent taxes (16,177) - Accrued interest receivable 26 $107,061 :aaa�maa FUND BALANCE 11 Fund Balance $107,061 aaam�as� I 11 A 411 4 1 111 See notes to financial statements. 11 11 LAIRSON, ING 8 FITCH i 1! DEBT SERVICE FUND STATEMENT OF REVENUES, EXPENDITURES AND FUND BALANCE CITY OF FRIENDSWOOD, TEXAS 1! Year ended September 30, 1977 .11 • Revenues General property taxes $333,299 Water sales and services 48,754 Interest on investments 7,022 TOTAL REVENUES 389,075 11 Expenditures Redemption of bonds and certificates of obligation 106,000 Interest expense 298,780 Administrative expense 84 TOTAL EXPENDITURES 404,864 EXCESS OF EXPENDITURES OVER REVENUES (15,789) Fund Balance at October 1, 1976 122,850 FUND BALANCE AT SEPTEMBER 30, 1977 $107,061 ssasa�� 1! 1! 11 11 I I I See notes to financial statements. 11 11 L IIRSON, YANG 8 FITCH CAPITAL PROJECTS FUND BALANCE SHEET CITY OF FRIENDSWOOD, TEXAS September 30, 1977 11 ASSETS Cash (including certificate of deposit of $35,610) $35,611 11 Accrued interest receivable 42 11 Construction in progress 24,921 $60,574 11 11 LIABILITIES AND RESERVE Accounts payable $10,260 Due to other funds 14,660 24,920 11 Reserve for authorized construction 35,654 $60,574 asa==a= I See notes to financial statements. LAMSON. YkUNC 8 F/TCH • 41 CAPITAL PROJECTS FUND 1111 STATEMENT OF REVENUES, EXPENDITURES, AND RESERVES CITY OF FRIENDSWOOD, TEXAS Year ended September 30, 1977 41 Revenues 111 Proceeds of Certificates of Obligation issued $55,000 Interest on Investments 1,753 a 11111 TOTAL REVENUES 56,753 Expenditures Capital Expenditures 55,000 EXCESS REVENUES OVER EXPENDITURES 1,753 41 Reserve for Authorized Construction October 1, 1976 33,901 Reserve for Authorized Construction September 30, 1977 $35,654 assasaa I I I I I I I I See notes to financial statements. :1 LAIRSON, YOUNG 8 FITCH il I CITY WATER AND SEWER FUND 4 BALANCE SHEET II CITY OF FRIENDSWOOD, TEXAS ii September 30, 1977 41 ASSETS 4 Current assets 41 Cash $ 27,295 Accounts receivable $ 88,269 Less allowance for doubtful accounts 500 87,769 II 115,064 Restricted assets - certificates of deposit !I Water and Sewer Construction Fund 33,217 Revenue Bond Reserve 62,194 95,411 111 Utility plant in service - on the basis of cost Land 38,229 Plant and equipment 3,211,100 Less allowance for depreciation 442,899 2,768,201 $3,016,905 li ========== • Il LIABILITIES, CONTRIBUTIONS AND RETAINED EARNINGS Current liabilities • 11, Accounts payable $ 128,615 4 Customer meter deposits 12,930 Due to other funds 15,069 Current portion of bonds payable 15,000 171,614 41 Long-term liabilities Bonds payable - less portion due within one year 632,000 Reserves Reserve for revenue bonds 62,916 41 Contributions Federal government $ 755,857 Utility district 291,088 41 Land owners 11,768 1,058,713 A Retained earnings 1,091,662 1 $3,016,905 ====a==== li See notes to financial statements. LA/RSOA'1Jl7UNG 8 F/TCN CITY WATER AND SEWER FUND STATEMENT OF CHANGES IN RETAINED EARNINGS 11 CITY OF FRIENDSWOOD, TEXAS Year ended September 30, 1977 Balance at October 1, 1976 • $ 937,350 1! Net loss for year (45,280) 892,070 71 Add Capital outlays for plant and equipment 424,471 Reclassification of reserve for authorized I] construction 41,744 Increase in accounts payable - water and sewer construction 118,512 Retirement of revenue bonds 15,000 Transfer to bond reserve 1,276 601i003 1! 1,493,073 Deduct 11 Reserve for income earned on restricted funds 6,536 Reclassification of contribution from federal government and utility districts 337,584 4114 Increase in accounts receivable - water and sewer construction 57 291 401,411 RETAINED EARNINGS AT SEPTEMBER 30, 1977 $1,091,662 • I, W 14 11 See notes to financial statements. 11 0 lAIRSON, YOUNG 8 FITCH ANNEXED WATER DISTRICT FUND BALANCE SHEET j CITY OF FRIENDSWOOD, TEXAS September 30, 1977 lqi ASSETS Current assets . Accounts receivable $ 13,182 Less allowance for doubtful accounts 500 12,682 II Due from other funds 17,498 30,180 Restricted assets Water and Sewer Construction Cash - certificate of deposit 59,957 11 Utility plant in service - on the basis of cost Land 24,455 Plant and equipment $2,367,898 Less allowance for depreciation 252,437 2,115,461 11 $2,230,053 _= LIABILITIES AND RETAINED EARNINGS 11 Current liabilities Customer meter deposits $ 10,935 Current portion of bonds payable 45,000 II 55,935 Long-term liabilities Bonds payable - less portion due within one year 2,225,000 II Reserve for authorized construction 59,957 11 Retained-earnings deficit (110,839) 4 $2,230,053 11 4 11 4 See. notes to financial statements. 1 lA/RSON, J VC 8 FITCH ANNEXED WATER DISTRICT FUND 4 STATEMENT OF CHANGES IN RETAINED EARNINGS CITY OF FRIENDSWOOD, TEXAS 111 Year ended September 30, 1977 114 Balance at October 1, 1976 $(134,733) 4 Net loss for year (132,756) • (267,489) 4 Add Capital outlays for plant and equipment 105,424 Retirement of revenue bonds 40,000 Reclassification of reserve for authorized construction 17,498 41 162,922 (104,567) Deduct Reserve for income earned on restricted funds 6,272 4 RETAINED-EARNINGS DEFICIT AT SEPTEMBER 30, 1977 $(110,839) 4 I % 4 A I 9 R 4 111 See notes to financial statements. RR A -20- lA/RSON, YOUNG 8 FITCH 11 , 91 CITY WATER AND SEWER FUND AND ANNEXED WATER DISTRICT FUND STATEMENT OF REVENUE AND EXPENSE - BUDGETED AND ACTUAL CITY OF FRIENDSWOOD, TEXAS Years ended September 30, 1977 and September 30, 1976 1 I] 1977 Actual 1111 Over (Under) 1976 Budget Actual Budget Actual q Operating revenue Water and sewer charges $349,164 $326,603 $(22,561) $222,269 Taps and connections 18,000 75,186 57,186 44,241 Fees and penalties 5,500 9,195 3,695 9,365 WCID #108 sewerage fee 49,000 48,122 (878) 43,639 Other 614 614 96 41 TOTAL OPERATING REVENUE 421,664 459,720 38,056 319,610 Operating expenses 41 Water department Personal services 56,391 53,814 (2,577) 47,114 Supplies 23,838 17,835 (6,003) 13,301 MI Contractual services 50,730 48,425 (2,305) 40,387 Bad debts 1,824 1,824 2,191 130,959 121,898 (9,061) 102,993 Sewer department Personal services 76,185 74,578 (1,607) 70,671 Supplies 11,165 27,600 16,435 13,984 Contractual services 44,725 74,348 29,623 59,797 132,075 176,526 44,451 144,452 41 TOTAL OPERATING EXPENSES 263,034 298,424 35,390 247,445 158,630 161,296 (2,666) 72,165 Contributions to other funds ' 107,325 48,616 (58,709) 6,000 al OPERATING REVENUE BEFORE DEPRECIATION AND CAPITAL OUTLAY 51,305 112,680 (61,375) 66,165 A Non-operating revenue Interest on investments 1,400 12,808 (11,408) 15,551 REVENUE BEFORE DEPRECIATION AND CAPITAL OUTLAY $ 52,705 125,488 $(72,783) 81,716 -21- 3L1IRSOA' YOG $ FITCH 1! CITY WATER AND SEWER FUND AND ANNEXED WATER DISTRICT FUND STATEMENT OF REVENUE AND EXPENSE - BUDGETED AND ACTUAL - 2 11 11 11 1977 1976 Actual Actual Capital outlay - net of reimbursement grants and refunds of $337,584 - 1977 and $248,153 - 1976 192,311 232,292 11 Provision for depreciation 111,213 100,493 NET LOSS $(178,036) $(251,069) 11 City Water and Sewer Fund $ (45,280) $(202,500) Annexed Water District Fund (132,756) (48,569) 11 NET LOSS $(178,036) $(251,069) 11 11 11 I! See notes to financial statements. -22- LA/RSON, YOUNG 8 FITCH 11 11 SALES TAX FUND BALANCE SHEET CITY OF FRIENDSWOOD, TEXAS September 30, 1977 ASSETS Cash (including certificates of deposit of $61,136) $61,229 Sales taxes receivable 7,019 Accrued interest receivable 100 $68,348 FUND BALANCE Fund balance .08,348 $68,348 11 I I I I See notes to financial statements. I 11 LARSON: 6 FITCH -120h6 SALES TAX FUND STATEMENT OF REVENUES, EXPENDITURES AND FUND BALANCE jI CITY OF FRIENDSWOOD, TEXAS Year ended September 30, 1977 11 Revenues Sales taxes $119,044 Interest on investments 2,936 TOTAL REVENUES 121,980 Interfund cash transfers 91,989 EXCESS REVENUES OVER INTERFUND CASH TRANSFERS 29,991 11 Fund balance at October 1, 1976 38,357 FUND BALANCE AT SEPTEMBER 30, 1977 $ 68,348 I . 41 II' See notes to financial statements. 111 —24— LAlRSON, YOUNG cl F/TCIf REVENUE SHARING FUND BALANCE SHEET CITY OF FRIENDSWOOD, TEXAS September 30, 1977 11 ASSETS Cash - (including certificates of deposit of $39,277) $39,290 Entitlement receivable 11,027 $50,317 LIABILITIES AND FUND BALANCE Accounts payable $ 458 Due to other funds 581 Fund balance 49,278 $50,317 s a,==== 1111 I 4 See notes to financial statements. 111 L1IRSON, YOUNG 8 FITCH REVENUE SHARING FUND STATEMENT OF REVENUES, EXPENDITURES AND FUND BALANCE 11 CITY OF FRIENDSWOOD, TEXAS 411 Year ended September 30, 1977 41 q Revenues 4 Entitlements $43,204 Interest on investments 1,355 TOTAL REVENUES 44,559 Expenditures Capital outlay Library $ 1,088 Public safety 11,554 Public transportation 1,067 Recreation 324 14,033 General operating expenses 396 TOTAL EXPENDITURES 14,429 EXCESS REVENUES OVER EXPENDITURES 30,130 Fund balance at October 1, 1976 19,148 411 FUND BALANCE AT SEPTEMBER 30, 1977 $49,278 r�m�sooa I 11 4 111 I I See notes to financial statements. -26- LAIRSON, YOUNG 8 FITCH 41 111 STATEMENT OF GENERAL FIXED ASSETS 4, CITY OF FRIENDSWOOD, TEXAS September 30, 1977 111 A 411 GENERAL FIXED ASSETS a Land $ 185,623 Buildings 424,564 Improvements other than buildings 1,300,475 Equipment 557,273 $2,467,935 assmssas�s INVESTMENTS IN GENERAL FIXED ASSETS BY SOURCE 441 General obligation bonds $ 950,000 41 Revenues 878,540 Federal funds 362,854 Contributions 109,541 Certificates of obligation 107,000 4 State funds 50,000 County funds 10,000 $2,467,935 � asaasa:sas II,, See notes to financial statements. LIIRSON, YOUNG 8 F/TCH 11 STATEMENT OF GENERAL LONG-TERM DEBT CITY OF FRIENDSWOOD, TEXAS September 30, 1977 71 11 AMOUNT AVAILABLE AND TO BE PROVIDED FOR THE PAYMENT OF GENERAL LONG-TERM 'DEBT 1! Amount available in debt service fund $ 107,035 Amount to be provided for principal 1,506,965 41 $1,614,000 mmmmmm .... I GENERAL LONG-TERM DEBT PAYABLE 4] Certificates of obligation $ 77,000 General obligation bonds 1,537,000 $1,614,000 • 1 1 111 1111 See notes to financial statements. If 4 1! lA/RSON, JWNG 8 FITCH 1! DESCRIPTION OF FUNDS AND SIGNIFICANT ACCOUNTING POLICIES CITY OF FRIENDSWOOD, TEXAS 41 September 30, 1977 !I 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 !I 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. 1! The accounting records of the General Fund are primarily on the accrual method of accounting. Delinquent taxes receivable assessed for General Fund purposes of $35,954 at September 30, 1977 have been fully reserved. 11 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 $16,177 at September 30, 1977 have been fully reserved. 11 CAPITAL PROJECTS FUND 4 The Capital Projects Fund is used to account for the receipt and expenditures of 41 resources used for acquisition of designated fixed assets except those financed by the water and sewer fund. 4111 CITY WATER AND SEWER FUND AND ANNEXED WATER DISTRICT FUND il 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 the 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. 411, Since the City's water and sewer system, including annexed water districts, is operated as one integrated system and the operations of the annexed water districts 41 are required to be accounted for separately, the City allocates the operating expenses of the system based on the ratio of the number of water and sewer taps per fund. 411 41/ LWSON, AVG'6 FITCH 11 !I 1.1 DESCRIPTION OF FUNDS AND SIGNIFICANT ACCOUNTING POLICIES - 2 11 A, 71 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 p programs and !I one-half for parks and recreation programs. 41 REVENUE SHARING FUND 4 The Revenue Sharing Fund is used to account for revenue received from the Federal !I government under State and Local Fiscal Assistance Act of 1972. Such funds may be used only for "priority expenditures" as defined in the Act. 1! GENERAL FIXED ASSETS GROUP OF ACCOUNTS 11 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 recorded at 11 cost. No depreciation is recorded on these assets. A 11 GENERAL LONG-TERM DEBT The General Long-Term Debt is used to record the City's liability for certificates ql of obligation and general obligation bonds due at varying dates through the year 2000. A II 1 a 111 :r 41 111 I I !I -30- LAIRSON, YOUNG(9 FITCH 11 I INOTES TO FINANCIAL STATEMENTS CITY OF FRIENDSWOOD, TEXAS II September 30, 1977 11 1. ORGANIZATION 11 The City of Friendswood operates under a "Home Rule Charter" Which provides for a "Council-Manager" form of city government. 11 2. CERTIFICATES OF OBLIGATION ISSUED 11 During the year ended September 30, 1977 $55,000 in Certificates of Obligation Series 1976 (which were authorized but unissued at September 20, 1976) were issued. The proceeds of the certificates were used to purchase a fire truck. 1! 3. LITIGATION 11 At September 30, 1977, the City was defendant in lawsuits including (1) a 1973 suit seeking compensation for damages in the amount of $134,472 resulting from 11 damages caused by the overflow of Cowards Creek, (2) as co-defendant in a 1975 suit seeking compensation for damages in the amount of $1,480,000 resulting from damages caused by the flooding of Clear Creek, and (3) a 1975 suit seeking compensation for damages in the amount of $18,783 resulting from an arrest, search and seizure of property. Determination of the estimated liability in these suits is not determinable at this time; however, it is the opinion of the I City management and legal counsel for the City that the ultimate liability under such suits will rot be significant. 4. BONDS AUTHORIZED j The citizens of the City authorized the issuance of $1,350,000 in City of Friendswood, Texas Street Improvement Bonds, Series 1977. The proceeds from the sale of these bonds are to be used for street improvements. At September 11 30, 1977 none of the bonds had been issued. 11 11 11 11 11 -31- l9/RSON, YOUNG 8 F/TCH F OTHER FINANCIAL INFORMATION I lAIRSON, J 1 7 TC 8 FITCH !I 4.1 4.1 ACCOUNTANTS' REPORT ON OTHER FINANCIAL INFORMATION I I 11 City of Friendswood Friendswood, Texas 1 The audited financial statements of the City and our report thereon are presented 441 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 auditing procedures of the afore- mentioned 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 operations of the City. The information shown in the schedule of organization data was prepared from 11 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. alAfAt;4^.1, 11244.4.6 1 34.44.274..) IIHouston, Texas il November 30, 1977 1! . 11 1! 1! 1! • 1! ZAIRSON, NG 6 F/TCH 11 ORGANIZATION DATA CITY OF FRIENDSWOOD, TEXAS 11 September 30, 1977 1 11 Date of Charter October 16, 1971 Type of Government Council-Manager 11 Mayor Ralph L. Lowe 11 Councilmen R. J. Blanken Richard L. Haken Paul E. Maaz !! Lorn E. Wood Thomas F. Lay Edward 0. Zeitler !I City Manager James C. Morgan City Secretary Bobbie C. Henry Tax Assessor and Collector Alta Carbone !I City Water and Sewer Superintendent Cecil Chance 101 City Engineer Thomas D. Heaney City Street and Sanitation Superintendent Melvin Meinecke 411 !I I I I I I LAIRSON 1 bl7NG 8 FITCH , - BALANCE SHEETS - ALL FUNDS WI CITY OF FRIENDSWOOD, TEXAS September 30, 1977 Deb t Total General Service r All Funds Fund Fund ASSETS CURRENT ASSETS Cash (overdraft) including certificates 1111 of deposit and time deposits of $422,577 $ 555,552 $285,092 $107,035 4" Accounts receivable - less allowance PP for doubtful accounts of $1,000 120,270 1,605 26 " 11/ Due from other funds 30,311 12,813 Prepaid expenses 3,319 3,319 TOTAL CURRENT ASSETS 709,452 302,829 107,061 " RESTRICTED ASSETS Water and Sewer Construction - cash including certificates of deposit of $42,459 93,174 Revenue Bond Reserve including certificates of deposit of $62,193 62,194 TOTAL RESTRICTED ASSETS 155,368 LAND 248,307 PLANT AND EQUIPMENT - cost 7,861,310 Less allowance for depreciation 695,336 7,165,974 CONSTRUCTION IN PROGRESS 24,921 AMOUNT AVAILABLE FOR DEBT SERVICE 107,035 AMOUNT TO BE PROVIDED FOR DEBT SERVICE 1,506,965 $9,918,022 $302,829 $107,061 I -35- LAIRSON, YOUNG" 6 FITCH ' I 11 1! 11 11 Capital City Annexed Sales Revenue General General 11 Projects Water and Water Dis- Tax Sharing Fixed Long-Term Fund Sewer Fund trict Fund Fund Fund Assets Debt 11 $35,611 $ 27,295 $61,229 $39,290 11 42 87,769 $ 12,682 7,119 11,027 11 17,498 11 35,653 115,064 30,180 68,348 50,317 33,217 59,957 11 62,194 95,411 59,957 11 38,229 24,455 $ 185,623 11 3,211,100 2,367,898 2,282,312 442,899 252,437 - 2,768,201 2,115,461 2,282,312 24,921 11 $ 107,035 1,506,965 I! $60,574 $3,016,905 $2,230,053 $68,348 $50,317 $2,467,935 $1,614,000 _________= ========== 1 LAIRSON,WVG 6 F/TCN OP BALANCE SHEETS - ALL FUNDS - 2 CITY OF FRIENDSWOOD, TEXAS FIP September 30, 1977. P. , Debt Total General Service 0° All Funds Fund Fund LIABILITIES, RESERVES, CONTIRBUTIONS AND FUND BALANCES R CURRENT LIABILITIES ` Accounts payable $ 164,294 $ 24,961 Customer meter deposits 23,865 0 Park escrow 10,000 10,000 Due to other funds 30,310 Current portion of bonds payable 60,000 TOTAL CURRENT LIABILITIES 288,469 34,961 LONG-TERM LIABILITIES Bonds and certificates of obligation - less current portion 4,471,000 Po RESERVES Reserve for authorized construction 95,611 r Reserve for revenue bonds 62,916 FP TOTAL RESERVES 158,527 CONTRIBUTIONS Municipality 1,935,540 Federal government 1,118,711 rP Other 472,397 ` TOTAL CONTRIBUTIONS 3,526,648ri FUND BALANCES 1,473,378 267,868 $107,061 $9,918,022 $302,829 $107,061 === = ==== =====_=_ -_====== r L1IIRSON, !"DUNG 8 FITCH 3 I 3 I 1 Capital City Annexed Sales Revenue General General Projects Water and Water Dis- Tax Sharing Fixed Long-Term Fund Sewer Fund trict Fund Fund Fund Assets Debt 1 11 $10,260 $ 128,615 $ 458 11 12,930 $ 10,935 II 14,660 15,069 581 11 15,000 45,000 11 24,920 171,614 55,935 1,039 11 632,000 2,225,000 $1,614,000 II 35,654 59,957 11 62,916 35,654 62,916 59,957 1! . 1! $1,935,540 755,857 362,854 302,856 169,541 11 1,058,713 2,467,935 4 1,091,662 (110,839) $68,348 49,278 II $60,574 $3,016,905 $2,230,053 $68,348 $50,317 $2,467,935 $1,614,000 === ______= ======= ========== __________ l ARSON, UNC 8 F/TCH IIP I PF t i 1 STATEMENT OF REVENUES AND EXPENDITURES - ALL FUNDS r t i CITY OF FRIENDSWOOD, TEXAS PP kpp Year ended September 30, 1977 F Debt Total General Service All Funds Fund Fund r REVENUES Taxes - ad valorem, beverage and sales $1,089,056 $ 636,713 $333,299 I- Water sales and services 423,479 48,754 Federal revenue sharing and grants 302,672 15,450 Franchises, license and permits 90,667 90,667 i Tap fees 75,186 Utility districts contributions 93,566 Proceeds of industrial district taxes 280,053 280,053 Interest on investments 42,189 16,315 7,022 ri Sanitation income 156,311 156,311 Proceeds of certificates of obligation 55,000 Fines and forfeitures 19,103 19,103 Other income 15,263 5,454 2,642,545 1,220,066 389,075 EXPENDITURES Operating expenditures 1,209,594 909,414 84 Capital outlay 821,292 222,364r Capital projects completed Debt service 404,780 404,780 2.435,666 1,131,778 404,864 r. EXCESS (DEFICIT) OF REVENUE OVER EXPENDITURES BEFORE DEPRECIATION 206,879 88,288 (15,789) PROVISION FOR DEPRECIATION 111,213 95,666 88,288 (15,789) Interfund cash transfers 139,329 REVENUES OVER (UNDER) EXPENDITURES $ 95,666 $ 227,617 $(15,789) r r r , 1 M/RSON, � �NC 8 F/TCH 1 i Capital City Annexed Sales Revenue 1 Projects Water and Water Dis- Tax Sharing Fund Sewer Fund trict Fund Fund Fund ! Mil I 1 $119,044 is $259,731 $ 114,994 244,018 $43,204 a 17,090 58,096 71 93,566 $ 1,753 6,536 6,272 2,936 1,355 55,000 11 6,377 3,432 56,753 627,318 182,794 121,980 44,559 111 157,315 142,385 396 11 55,000 424,471 105,424 14,033 ii II 55,000 581,786 247,809 14,429 a 1,753 45,532 (65,015) 121,980 30,130 65,963. 45,250 ill 1,753 (20,431) (110,265) 121,980 30,130 (24,849) (22,491) (91,989) MO $ 1,753 $(45,280) $(132,756) $ 29,991) $30,130 c¢a=osa aoaaaa:= ssc�000¢s asm�oeso ===s==o MI I Ir 111 LAIRSON, MING 8 FITCH r r STATEMENT OF CHANGES IN CONTRIBUTIONS AND FUND BALANCES - ALL FUNDS 111. CITY OF FRIENDSWOOD, TEXAS Year ended September 30, 1977 Debt Total General Service All Funds Fund Fund !I Balances at October 1, 1976 $3,978,127 $ 42,488 $122,850 Reserve for expenditures at October 1, 1976 33,901 Revenue over (under) expenditures 95,666 227,617 (15,789) Capital outlays for property, plant and equipment Included in fund expense 529,895 Transferred from revenue sharing fund 14,033 Transferred from general fund 222,364 PIP Transfer to bond reserve 1,276 Reimbursement of debt service payment made by water and sewer construction (57,237) (57,237) Increase in water and sewer construction !! accounts payable 118,512 Deduct reserve for income earned t! on restricted funds (12,808) Deduct increase in water and sewer construction accounts receivable (57,291) Reclassification of reserve for authorized construction 59,242 Reserve for authorized construction (35,654) Reclassification of accounts payable 55,000 55,000r Retirement of revenue bonds 55,000 BALANCES AT SEPTEMBER 30, 1977 $5,000,026 $267,868 $107,061 II =_====== ---===== CONTRIBUTIONS $3,526,648 FUND BALANCES 1,473,378 $267,868 $107,061I! $5,000,026 $267,868 $107,061 LA/RSON, ANG 8 FITCH 1 11 I! 14 4 Capital City Annexed Sales Revenue General Projects Water and Water Dis- Tax Sharing Fixed Fund Sewer Fund trict Fund Fund Fund Assets $ - $1,658,479 $(134,733) $38,357 $19,148 $2,231,538 33,901 al 1,753 (45,280) (132,756) 29,991 30,130 424,471 105,424 14,033 71 222,364 1,276 I 11/1 118,512 1 • (6,536) (6,272) I (57,291) 4111 41,744 17,498 41 (35,654) 1111 15,000 40,000 II $ - $2,150,375 $(110,839) $68,348 $49,278 $2,467,935 oaaoa aca aaa=ass asa:sax * $1,058,713 $2,467,935 11 - _ 1,091,662 $(110,839) $68,348 $49,278 - 4 $ - $2,150,375 $(110,839) $68,348 $49,278 $2,467,935 11 a--- a aasaaaa aaaaaaaaaa y -42- LI/RSON, YOUNG 8 FITCH r P STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS - ALL FUNDS P. CITY OF FRIENDSWOOD, TEXAS PP Year ended September 30, 1977 Debt ' Total General Service l' All Funds Fund Fund PP CASH RECEIPTS i. Ad valorem and beverage taxes $ 960,857 $ 627,558 $333,299 .. Sales and use taxes 118,382 Franchises 63,229 63,229 Licenses and permits 27,438 27,438 Pi Sanitation income 156,311 156,311 Fines and forfeitures 19,103 19,103 Interest on investments 40,843 16,009 • 6,994 Other revenue 56,682 1,682 i. Revenue sharing and grants 339,442 15,450 Pi Customer meter deposits received in excess of refunds 1,480 Water sales, sewer service charges P. and water and sewer taps and connections 513,971 48,754 l'` .Park escrow proceeds 10,000 10,000 r Industrial district taxes 280,053 280,053 i Interfund transfers - net -0- 154,200 5,667 rr- TOTAL CASH RECEIPTS 2,587,791 1,371,033 394,714 1' CASH DISBURSEMENTS ril Operations 1,232,390 892,465 82 Capital outlay 698,990 219,287 Debt service 404,780 404,780 TOTAL CASH DISBURSEMENTS 2,336,160 1,111,752 404,862 251,631 259,281 (10,148) Cash balance at October 1, 1976 459,289 25,811 117,183 CASH BALANCE AT SEPTEMBER 30, 1977 $ 710,920 $ 285,092 $107,035 Unrestricted $ 341,367 $ 280,855 $ - r Restricted 369,553 4,237 107,035 pp $ 710,920 $ 285,092 $107,035 = r P IRSON, LIYOUNG 8 FITCH 1 4 1 4 i 1 Capital Sales Revenue Projects Water and Tax Sharing ' 4' Fund Sewer Fund Fund Fund i i $118,382 4 is II $ 1,710 $ 11,939 2,836 $ 1,355 55,000 281,054 42,938 41 1,480 41/1 465,217 f (67,878) (91,989) 1 56,710 691,812 29,229 44,293 339,447 396 55,000 411,709 12,994 1 A 55,000 751,156 - 13,390 1,710 ( 59,344) 29,229 30,903 33,901 242,007 32,000 8,387 11 $35,611 $182,663 $61,229 $39,290 1! $ - $ 60,512 $ - $ - 35,611 122,151 61,229 39,290 11 $35,611 $182,663 $ 61,229 $39,290 1! 1! -44- IIMIRSON, YOUNG 8 FITCH I !I !I 11 COMBINED SCHEDULE OF LONG-TERM DEBT CITY OF FRIENDSWOOD, TEXAS !! September 30, 1977 1 Date of Outstanding at !I Interest Date Amount Final September 30, Description Rate of Issue of Issue Maturity 1977 711 General Obligation Bonds Waterworks and Sewer System Unlimited Tax Bonds, Series 1962 (Galveston County Water 1! Control and Improvement District No. 15) 4.50% 10-1-62 $150,000 3-1-99 $ 150,000 !I Waterworks and Sewer System Unlimited Tax Bonds, Series 1963 !I (Galveston County Water Control and Improvement District No. 15) 3.50 10-1-63 63,000 3-1-78 6,000 II 4.25 10-1-63 112,000 3-1-92 112,000 Sewer Improvement Bonds, 11 Series 1967 5.00 3-1-67 20,000 3-1-74 - 4.10 3-1-67 60,000 3-1-80 30,000 `'' 4.20 3-1-67 120,000 3-1-88 120,000 '/ General Obligation Refunding Bonds, Series 1969 5.00 3-1-69 257,000 3-1-93 194,000 General Obligation III Bonds, Series 1973 5.25 7-1-73 30,000 4-1-78 10,000 5.50 7-1-73 120,000 4-1-88 120,000 Drainage Improvement Bonds, Series 1973 6.00 11-1-73 25,000 6-1-90 25,000 6.10 11-1-73 75,000 6-1-95 75,000 General Obligation Bonds, Series 1974 7.90 9-1-74 345,000 3-1-94 340,000 111 7.75 9-1-74 355,000 3-1-99 _ 355,000 TOTAL GENERAL OBLIGATION BONDS $1,537,000 II 411 LA/RSON, ?UUNC 8 F/TCH 1 !I COMBINED SCHEDULE OF LONG-TERM DEBT - 2 7! 71 . 1 Date of Outstanding at Interest Date Amount Final September 30, Description Rate of Issue of Issue Maturity 1977 71 .evenue Bonds 7! Combination Revenue and Unlimited Tax Bonds, Series 1957 (Galveston 1! County Water Control and Improvement District No. 15) 5.00 7-1-57 246,000 3-1-81 $ 22,000 I! Waterworks and Sewer System Combination I! Tax and Revenue Bonds, Series 1964 (Galveston County Water Control 11 and Improvement District No. 21) 5.00 11-1-64 600,000 8-1-99 535,000 11 Waterworks and Sanitary Sewer System Revenue Bonds, Series 1969 6.50 5-1-69 340,000 3-1-90 265,000 11 6.125 5-1-69 360,000 3-1-99 360,000 'Zaterworks and Sewer II System Combination Tax and Revenue Bonds, Series 1970 (Sunmeadow 11 M.U.D.) 8.50 -70 600,000 4-1-89 535,000 -' Waterworks and Sewer 11,` System Combination Tax and Revenue Bonds, Series 1970-A (Sun IImeadow M.U.D.) 8.50 -70 540,000 4-1-2000 540,000 Waterworks and Sewer 1! System Combination Tax and Revenue Refund- ing Bonds, Series 1972 1! (Sunmeadow M.U.D.) 5.75 -72 410,000 4-1- 98 410,000 5.00 -72 250,000 4-1-2000 250,000 v 1! TOTAL REVENUE BONDS $2,917,000 • 446 um L1IRSON, YOUNG 8 FITCH b (111 COMBINED SCHEDULE OF LONG-TERM DEBT - 3 4 Date of Outstanding at 4 Interest Date Amount Final September 30, Description Rate of Issue of Issue Maturity 1977 Equipment purchase Certificates of Obligation, Series 1975 5.75 7-1-75 52,000 7-1-80 $ 32,000 Series 1976 5.75 7-1-76 55,000 7-1-81 45,000 TOTAL CERTIFICATES OF OBLIGATION 77,000 TOTAL LONG-TERM DEBT $4,531,000 4111 411 041 411/ 461 111 1 4 LAMSON, YOUNG 8 FITCH 4 a III LONG-TERM DEBT SUMMARY - BY MATURITY DATE 4 CITY OF FRIENDSWOOD, TEXAS w September 30, 1977 Certificates of Obligation and Year Ending Total General Obligation Bonds Revenue Bonds 7 September 30 Principal Interest Principal Interest Principal Interest s 1978 $ 118,000 $ 293,096 $ 56,000 $ 99,058 $ 62,000 $ 194,038 141 1979 122,000 285,658 56,000 96,096 66,000 189,562 4 1980 129,000 277,948 63,000 92,960 66,000 184,988 1981 135,000 269,816 62,000 89,454 73,000 180,362 111 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 11 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 MI 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 59,820 125,000 120,000 411 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 14 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 285,000 80,994 100,000 25,650 185,000 55,344 mil 1997 305,000 67,984 105,000 18,681 200,000 49,303 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 mil 2000 160,000 14,600 160,000 14,600 A $4,531,000 $4,051,758 $1,614,000 $1,324,732 $2,917,000 $2,727,026 --_------ _= ===__==___ 4 1 a 1 IIII Re 0 IIII ill a' -48- .MIRSON, YOUNG 8 FITCH 11 11 II 11 I 11 LONG-TERM DEBT - GENERAL OBLIGATION BONDS AND CERTII CITY OF FRIENDSWOOD, TEXAS September 30, 1977 I Waterworks System Unlimit Series 1962 County Water rovement General Obligation Certificates of II Year Ending Total Improvement Dues 1973 Bonds - Series 1974 Obligation - Series 1975/6 September 30 Principal Interest Principal Interest Principal Interest Principal Interest 1978 $ 56,000, $ 99,058 $ 6,075 $ 5,000 $ 54,175 $20,000 $ 4,428 II 1979 56,000 96,096 6,075 5,000 53,780 20,000 3,278 1980 63,000 92,960 6,075 5,000 53,385 22,000 2,128 1981 62,000 89,454 6,075 5,000 52,990 15,000 863 1982 52,000 86,021 6,075 10,000 52,397 II 1983 52,000 83,253 6,075 10,000 51,607 1984 52,000 80,487 6,075 10,000 50,818 1985 57,000 77,718 6,075 10,000 50,027 II 1986 63,000 74,531 6,075 10,000 49,238 1987 63,000 71,194 6,075 10,000 48,447 1988 64,000 67,839 6,075 10,000 47,658 1989 65,000 63,965 6;075 30,000 46,077 II 1990 70,000 59,820 5,475 0,000 43,708 1991 75,000 55,178 4,575 35,000 41,140 1992 74,000 50,347 3,660 35,000 38,375 1993 80,000 45,210 2,745 45,000 35,215 II 1994 90,000 39,055 1,830 75,000 30,475 , 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 TOTAL $1,614,000 $1,324,732 $150,000 $92,100 $695,000 $874,493 $77,000 $10,697 Redeemable in Redeemable in reverse on payment da' order on payment dates 3-1-81. beginning 3-1-93. II I II II 11 LASSO/ I I LONG-TERM DEBT - REVENUE BONDS - BY MATURITY DATE ICITY OF FRIENDSWOOD, TEXAS 11 September 30, 1977 Combinatio and Unlimite,rks and Sewer Waterworks and Sewer Series 19571bination Tax and System Combination Tax County Waterids - Series 1970-A and Revenue Refunding Bonds - Year Ending Total Improvement Aadow M.U.D.) Series 1972 (Sunmeadow M.U.D.) September 30 Principal Interest Principal Interest Principal Interest II1978 $ 62,000 $ 194,038 $ 2,000 $ 45,900 $ 36,075 1979 66,000 189,562 6,000 45,900 36,075 1980 66,000 184,988 6,000 45,900 36,075 1981 73,000 180,362 8,000 45,900 36,075 1982 80,000 175,300 45,900 36,075 1983 80,000 169,600 45,900 36,075 II 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 II 1988 110,000 136,537 45,900 36,075 1989 115,000 128,563 45,900 36,075 1990 125,000 120,000 45,900 36,075 II 1991 130,000 110,906 39,950 36,075 1992 150,000 101,291 33,575 36,075 1993 155,000 90,422 26,350 36,075 1994 160,000 79,128 18,700 36,075 II 1995 175,000 67,256 10,625 $ 35,000 36,075 1996 185,000 55,344 4,675 115,000 34,063 1997 200,000 49,303 4,675 125,000 32,125 II 1998 220,000 37,707 4,675 135,000 24,938 1999 230,000 25,131 4,675 145.000 17,175 2000 160,000 14,600 4,675 105,000 9,925 $2,917,000 $2,727,026 $22,000 $749,275 $660,000 $767,576 I! = ======== II Redeemable in reverse Redeemable in reverse order order on payment dates on payment dates beginning beginning 3-1-85. 4-1-85. I! I! -50- I! LA/RSO.N. MN r r r TAX LEVIES AND TAX COLLECTIONS CITY OF FRIENDSWOOD, TEXAS Ten years ending September 30, 1978 Collections to September 30, 1976 Year Ended Net Total Per Cent of September 30 Tax Levy Adjustments Tax Levy Collections Tax Levy CITY OF FRIENDSWOOD 1969 $124,642 $ 216 $124,858 $124,607 99.80% 1970 138,767 482 139,249 139,067 99.87 1971 155,224 (124) 155,100 154,858 99.84 Ill 1972 170,148 853 171,001 170,735 99.84 1973 220,721 5,617 226,338 225,439 99.60 1974 245,485 (802) 244,683 243,530 99.53 1975 524,988 (1,674) 523,314 511,404 97.72 1976 684,200 (1,606) 682,594 654,271 95.85 1977 793,590 (1,145) 792,445 - - IP 1978 836,860 - 836,860 N/A N/A WATER CONTROL AND IMPROVEMENT DISTRICT NO. 21 1969 $ 47,250 $ 40 $ 47,290 $ 47,290 100.00% PP 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 60,870 100.00r 1973 67,976 (136) 67,840 67,840 100.00 1974 68,142 (142) 68,000 68,000 100.00 1975 85,180 (218) 84,962 84,716 99.71r 1976 92,462 (38) 92,424 91,326 98.81 1977 93,029 (296) 92,733 - - 1978 97,794 - 97,794 N/A N/A SUNMEADOW MUNICIPAL UTILITY DISTRICTr 1971 $ 9,351 $ 182 $ 9,533 $ 9,533 100.00% 1972 19,825 74 19,899 19,899 100.00r 1973 41,615 (823) 40,792 40,738 99.87 1974 58,765 - 58,765 58,659 99.82 1975 49,510 - 49,510 49,268 99.51 1976 58,545 - 58,545 56,734 96.91 1977 76,263 - 76,263 - - 1978 89,740 - 89,740 N/A N/A F LIIIRSOA' Yale 8 FITCH !! I 1! 11 11 Total Per Cent Balance at September 30, 1977 Current Collections Collected Due to Year to to Delinquent General Debt Service 11 Collections Sept. 30, 1977 Sept. 30, 1977 Taxes Fund Fund 11 $ - $124,607 99.80% $ 251 $ 165 $ 86 - 139,067 99.87 182 149 33 154,858 99.84 242 148 94 - 170,735 99.84 266 165 101 146 225,585 99.67 753 640 113 693 244,223 99.81 460 412 48 6,286 517,690 98.93 5,624 4,387 1,237 15,271 669,542 98.09 13,052 9,463 3,589 11 765,826 765,826 96.64 26,620 17,281 9,339 N/A N/A N/A N/A N/A N/A II I $ - $ 47,290 100.00% $ - $ - $ - - 55,232 100.00 - - - - 60,784 100.00 - - - I - 60,870 100.00 - - - 67,840 100.00 - - - - 68,000 100.00 - - - - 84,716 99.71 246 192 54 599 91,925 99.46 500 362 138 90,824 90,824 97.94 1,909 1,240 669 11 N/A N/A N/A N/A N/A N/A II $ - $ 9,533 100.00% $ - $ - $ - - 19,899 100.00 - - - 54 40,792 100.00 - - - 54 58,713 99.91 52 - 52 59 49,327 99.63 183 143 40 1,056 57,790 98.71 755 548 207 75,609 75,609 99.14 654 425 229 I! N/A N/A N/A N/A N/A N/A I! LA/RSON, YOIWC 8 FITCH I I I AUDITED FINANCIAL STATEMENTS - REVENUE SHARING FUND CITY OF FRIENDSWOOD, TEXAS FRIENDSWOOD, TEXAS September 30, 1977 111 3 I I I I LAIRSON. YOL C 8 F/TCH I Li9IRSON, YOUNG 8 FITCII CERTIFIED PUBLIC ACCOUNTANTS MEMBERS 475 CAPITAL NATIONAL BANK BLDG13 AMERICAN INSTITUTE OF HOUSTO N,TEXAS 77002 CERTIFIED PUBLIC ACCOUNTANTS 713-658-1745 41 11 Honorable Mayor and City Councilmen 11 City of Friendswood, Texas We have examined the Revenue Sharing Fund Statements of Changes in Available Funds 1 and Obligations Incurred of the City of Friendswood, Texas for the year ended September 30, 1977, and have compared the financial data included on Bureau of 11 Census Form RS-9 with audited records of the City of Friendswood, Texas for the year ended September 30, 1976. 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 Statements of Changes in Available Funds and Obligation Incurred present fairly the revenue, expenditures, obligations incurred and status 11 of revenue sharing funds of the City of Friendswood, Texas for the year ended September 30, 1977, in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year. Further, financial data included on Bureau of Census Form RS-9 for the year ended September 30, 1976 is in agreement with audited records of the City of Friendswood, Texas. 11 441,M14%,/ 4P‘44401 e 517,40A1 11 Houston, Texas 11 November 30, 1977 I! 11 11 -54- 1 STATEMENT OF CHANGES IN AVAILABLE FUNDS CITY OF FRIENDSWOOD, TEXAS — REVENUE SHARING FUND Year ended September 30, 1977 11 1 Per Books Adjustments Adjusted 11 Available funds, beginning of year Unappropriated $ -0- $-0- $ -0- Unencumbered appropriations 19,147 -0- 19,147 TOTAL 19,147 -0- 19,147 IAdd revenue Entitlement payments 43,204 -0- 43,204 Interest 1,355 —0— 1,355 TOTAL 63,706 -0- 63,706 !I Less unappropriated, end of year -0- -0- -0- 41 Available for obligation during year 63,706 -0- 63,706 Less Expenditures 14,429 -0- 14,429 Encumbrances (net) -0- -0- - -0- IITOTAL OBLIGATIONS INCURRED 14,429 —0— 14,429 Unencumbered balance, end of year 49,277 49,277 Unappropriated, end of year -0- -0- -0- AVAILABLE FUNDS, END OF YEAR $49,277 $-0- $49,277 ,! I lb Ai -55- lAIRSON, YOUNG 8 FITCH STATEMENT OF OBLIGATIONS INCURRED rj CITY OF FRIENDSWOOD, TEXAS - REVENUE SHARING FUND Year ended September 30, 1977 Per Books Adjustments Adjusted Capital expenditures Multipurpose and general government Public safety $11,554 $-0- $11,554 Library 1,088 -0- 1,088 Public transportation 1,067 -0- 1,067 Recreation 324 -0- 324 11 14,033 -0- 14,033 General operating expenditures 396 -0- 396 TOTAL EXPENDITURES $14,429 $-0- $14,429 11 TOTAL OBLIGATIONS INCURRED $14,429 $-0- $14,429 . 11 1! -56- LAIRSON, YOUNC 8 FITCH 11 ll SUMMARY OF DATA SUBMITTED TO BUREAU OF THE CENSUS 1 .4 CITY OF FRIENDSWOOD, TEXAS - REVENUE SHARING FUND Year ended September 30, 1977 Al II !I Reported Audit 441 to Census Adjustments Adjusted PART I 1. Property taxes $839,299 $ -0- $839,299 2. Local sales taxes a. General sales tax 104,320 -0- 104,320 b. Gasoline tax -0- -0- -0- 11 c. Liquor tax -0- -0- -0- d. Cigarette and tobacco taxes -0- -0- -0- e. Public utilities tax 50,514 -0- 50,514 f. Other -0- -0- -0- 3. Licenses, permits and other taxes 1 II a. Income, payroll or earning tax (local) -0- -0- -0- b. Motor vehicle licenses (local) -0- -0- -0- c. Fees retained from tax 11 collections by officials of your government -0- -0- -0- 11 d. Other - licenses and permits 36,200 -0- 36,200 4. Taxes for education -0- -0- -0- !! PART II From State Government 1,657 -0- 1,657 i 1! From Federal Government 6. State and Local Fiscal Assistance 11 Act of 1972 (Federal General Revenue Sharing Program) 35,666 -0- 35,666 7. All other - Environmental IA Protection Agency reimbursement grants and other grants 18,630 254,570 273,200 I A 1 -57- LAIRSON, YOUNG 8 FITCH 41 ACCOUNTANTS' REPORT ON COMPLIANCE 4111 4111 19 Honorable Mayor and City Councilmen ' City of Friendswood, Texas III We have examined the Revenue Sharing Fund Statements of Changes in Available Funds and Obligations Incurred of the City of Friendswood, Texas for the year ended September 30, 1977 and have compared the financial data included on Bureau of III Census Form RS-9 with the audited records of the City of Friendswood, Texas for A the year ended September 30, 1976. Our report thereon was issued on November 26, 1976. Our examination was made in accordance with generally accepted auditing 41 standards and the "Audit Guide and Standards for Revenue Sharing Recipients" 4 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 141 procedures as we considered necessary in the circumstances. a As a part of our examination, we made a study of those internal accounting and ' administrative control procedures and compliance matters that we considered a relevant to the criteria established by the Office of Revenue Sharing as set forth in Section V.D. of its "Guide". Our study, which related to the requirements cited above, disclosed no conditions which we consider matters of non-compliance. II hfAAP•alpoeV 0 36:27Z/ 111 Ili 11 Houston, Texas November 30, 1977 111 ill 4111 -58- LfIIRSON, YOUNG 8 FITCH