HomeMy WebLinkAbout1973 05 04 Financial Report - Sunmeadow Municipal Utiliy District F
11
TABLE OF CONTENTS
I
Page
Number
Letter of Transmittal
Exhibit A Combined Balance Sheet - All Funds 1 & 2
Schedule A-1 Schedule on Certificates of Deposit 3
Exhibit B Revenues, Expenses and Fund Balance
Operating Fund 4
eExhibit C Revenues, Expenses and Fund Balance
Tax Fund 5
Schedule C-1 Taxes Receivable 6
Exhibit D Revenues, Expenses and Fund Balance
Debt Service Fund 7
Schedule D-1 Bond Interest Reserve 8
Exhibit E Cash Receipts and Disbursements
Construction Fund 9
Exhibit F Statement of Bond Maturities and
Interest Requirements 10
Schedule F-1 Statement of Bonds Payable 11 & 12
Exhibit G General Fixed Assets 13 & 14
11
I/
1
I
I
HELOISE BROWN CANTER
CERTIFIED PUBLIC ACCOUNTANT
1101 Memorial Professional Building
HOUSTON, TEXAS 77002
I
11
I
Honorable Mayor and City Council
City of Friendswood, Texas
I
We have examined the combined balance sheet of all funds of SUNMEADOW
11 MUNICIPAL UTILITY DISTRICT as of May 4, 1973, and the related statements
of revenues, expenses and fund balances for the period October 20, 1969
through May 4, 1973. Our examination was made in accordance with generally
I/ accepted auditing standards, and accordingly included such tests of the
accounting records and such other auditing procedures as we considered
necessary in the circumstances.
The exhibits and schedules contained in this report were prepared
on the accrual method of accounting except for Exhibit E which was
prepared on a cash basis.
The District is in the developmental stage and construction of the
facilities is not complete at the balance sheet date. Construction
11 contracts outstanding as of May 4, 1973 have been included in Exhibit A
of this report . The requirements of the Bond Orders have been satisfied.
In our opinion, the accompanying combined balance sheet of all funds
and the related statements of revenues, expenses and fund balances present
fairly the financial position of SUNMEADOW MUNICIPAL UTILITY DISTRICT as
of May 4, 1973 and the results of its operations for the period October 20,
1969 through May 4, 1973, in conformity with generally accepted accounting
principles.
Very truly yours,
Heloise Brown Canter
Certified Public Accountant
11
September 26, 1973
1
Exhibit A II
SUNMEADOW MUNICIPAL UTILITY DISTRICT, GALVESTON COUNTY, TEXAS
COMBINED BALANCE SHEET - ALL FUNDS
AS OF MAY 4, 1973
Operating Tax
Fund Fund
ASSETS AND OTHER DEBITS
Cash in Bank $ 369.10
Certificates of Deposit (Schedule A-1)
Cash Restricted For Payment of Unpresented
Interest Coupons
Accounts Receivable - Water and Sewer Service Customers 313.05
Accounts Receivable - Other 27.77
Taxes Receivable (Schedule C-1) $ 9,394.0211
Due from Construction Fund 5,209.05
Due from Tax Fund 425.00
Due from Operating Fund 64.00
Due from Bond Fund
General Fixed Assets (Exhibit G)
Amount to be Provided to Retire General
Long-Term Debt
Total Assets $ 6,343.97 $ 9,458.02
LIABILITIES, RESERVES AND FUND BALANCES
Liabilities 1
Contracts Payable - M. M. Brown Construction Co.
Engineering Fees Payable - Edminister, Hinshaw
and Associates11
Customers' Meter Deposits $ 870.00
Unpresented Bond Interest Coupons Payable
Due to Bond Fund 118.11
Due to Construction Fund 9,291.28 $ 725.00
Due to Tax Fund 64.00
Due to Operating Fund 425.00
Bonds Payable (Exhibit F)
Total Liabilities $ 10,343.39 $ 1,150.00
Reserves 1
Reserve for Uncollected Taxes $ 9,394.02
Reserve for Authorized Construction
Reserve for Bond Interest During Construction I
(Schedule D-1)
Reserve for Investment in General Fixed Assets
Total Reserves $ 9,394.02 1
Fund Balances $ (3,999.42) $ (1,086.00)
Total Liabilities, Reserves and Fund
Balances $ 6,343.97 $ 9,458.02
1
I
11
Debt General General
Service Construction Long-Term Fixed
Fund Fund Debt Assets
$ 28,053.96 $ 118,214.06
125,000.00 270,000.00
11 4,025.00
212.50
47,881.25
725.00
118.11 9,291.28
4,116.25
$1,646,357.66
1/ $1,800,000.00
$ 205 ,290.82 $ 402,346.59 $1,800,000.00 $1,646,357.66
1
$ 190,173.87
5,440.08
$ 4,237.50
I 47,881.25
4,116.25
' 5,209.05
$1,800,000.00
$ 8,353.75 $ 248,704.25 $1,800,000.00
1
$ 153,642.34
$ 117,650.00
$1,646,357.66
11 $ 117,650.00 $ 153,642.34 $1,646,357.66
$ 79,287.07
I
$ 205,290.82 $ 402,346.59 $1,800,000.00 $1,646,357.66
1 2
1
Schedule A-1
SUNMEADOW MUNICIPAL UTILITY DISTRICT, GALVESTON COUNTY, TEXAS
CERTIFICATES OF DEPOSIT
AS OF MAY 4, 1973
I
Interest Maturity Face
11 Rate Date Amount
Debt Service Fund
Liberty Bank, Houston, Texas
Certificate of Deposit #4748 5.00% 9-28-73 $ 62,500.00
Certificate of Deposit #4747 5.50% 12-01-73 62,500.00
Total $ 125,000.00
11
Construction Fund
Liberty Bank, Houston, Texas
Certificate of Deposit #4753 6.25% 12-01-73 $ 170,000.00
Certificate of Deposit #1030 6.50% 5-15-73 100,000.00
Total $ 270,000.00
1
i
1
1
1
1
1
i
1 3
1
1 Exhibit B
1 SUNMEADOW MUNICIPAL UTILITY DISTRICT, GALVESTON COUNTY, TEXAS
REVENUES, EXPENSES AND FUND BALANCE
OPERATING FUND
IIFOR THE PERIOD OCTOBER 20, 1969 through MAY 4, 1973
October 20, 1969 January 1, 1973 Total
1 through through through
December 31, 1972 May 4, 1973 May 4, 1973
II Revenues
Water $ 9,514. 17 $ 1,558.43 $ 11,072.60
Sewer 6,340.50 964.00 7,304.50
Garbage 874.01 1,482.00 2,356.01
I Miscellaneous 20.51 20.51
Late Charges 22.51 39.29 61.80
Total Revenue $ 16,771.70 $ 4,043.72 $ 20,815.42
IIExpenses
Bookkeeping and Accounting $ 2,000.00 $ 500.00 $ 2,500.00
1 Auditing 2,300.00 2,300.00
Legal 200.00 818.73 1,018.73
Director's Per Diems 1,825.00 1,075.00 2,900.00
Election Expense 225.00 225.00
1 Publication of Legal Notices 163.13 43.75 206.88
Miscellaneous 131.86 133.29 265.15
Office Supplies 372.57 54.05 426.62
1 Utilities 5,791.87 2,003.92 7,795.79
Secretarial Service 1,435.00 400.00 1,835.00
Plant Operators Fees 6,720.00 1,360.00 8,080.00
1 Repairs and Maintenance Insurance 2,472.04 531.10 3,003.14
122.00 338.00 460.00
Maintenance Supplies 588.08 72.45 660.53
Garbage Pickup 1,282.50 1,530.00 2,812.50
1 Landscaping 365.00 365.00
Water Expense 10.00 30.00 40.00
Total Expenses $ 23,704.05 $ 11,190.29 $ 34,894.34
IINet Operating Loss $ (6,932.35) $ (7,146.57) $ (14,078.92)
Non-Operating Items
II Water Tap Fees $ 22,447.50 $ 2,975.00 $ 25,422.50
Water Tap Expense 11,750.50 3,592.50 15,343.00
Net Tap Revenue $ 10,697.00 $ (617.50) $ 10,079.50
1 Net Revenue* $ 3,764.65 $ (7,764.07) $ (3,999.42)
II
*Pledge of Tax and Operating Revenue
g P g
The bonds are payable from the proceeds of an Ad Valorem tax levied upon all taxable
II property subject to taxation within the District, without limitation as to rate or amount,
and are further payable from and secured by a lien on and pledge of the net revenues to
be received from the operation of the District 's Waterworks and Sanitary Sewer System.
II 4
11
Exhibit C
II SUNMEADOW MUNICIPAL UTILITY DISTRICT, GALVESTON COUNTY, TEXAS
REVENUES, EXPENSES AND FUND BALANCE
TAX FUND
IIFOR THE PERIOD OCTOBER 20, 1969 through MAY 4, 1973
II
October 20, 1969 January 1, 1973 Total
through through through
IIDecember 31, 1972 May 4, 1973 May 4, 1973
II Revenues
Taxes Collected $ 45,808.41 $ 14,984.67 $ 60,793.08
Penalty and Interest 776.74 274.28 1,051.02
Tax Certificates 35.00 29.00 64.00
IITotal Revenues $ 46,620.15 $ 15,287.95 $ 61,908.10
II Expenses
Board of Equalization $ 375.00 $ 75.00 $ 450.00
Tax Assessor and Collector Fees 200.00 500.00 700.00
IITotal Expenses $ 575.00 $ 575.00 $ 1,150.00
Net Revenues for Period $ 46,045.15 $ 14,712.95 $ 60,758.10
II
Transfers to Debt Service Fund 46,585.15 15,258.95 61,844.10
II
11 Balance - Tax Fund $ (540.00) $ (546.00) $ (1,086.00)
I
II
1
1
I
II 5
II
11 Schedule C-1
II SUNMEADOW MUNICIPAL UTILITY DISTRICT, GALVESTON COUNTY, TEXAS
TAXES RECEIVABLE
AS OF MAY 4, 1973
IIOctober 20, 1969 January 1, 1973 Total
through through through
IIDecember 31, 1972 May 4, 1973 May 4, 1973
Taxes Levied
II 1970 Tax Roll
$ 9,351.19 $ 9,351.19
1971 Tax Roll
19,825.04
19,825.04
1972 Tax Roll 41,614.97 41,614.97
II $ 70,791.20 Additions and Corrections
(604.10) $ 70,791.20
(604.10)
Total to be Accounted For $ 70,187.10 $ 70,187.10
IITax Collections 45,808.41 $ 14,984.67 60,793.08
Taxes Receivable $ 24,378.69 $ 9,394.02
II Taxes Receivable
1970 Tax Roll $ 87.50
1971 Tax Roll 1,053.02
11 1972 Tax Roll 8,253.50
Total Taxes Receivable, May 4, 1973 $ 9,394.02
II
Property Valuations 1972 1971 1970
Improvements
1 Land
1,985,378
2,638,496 948,774 1,883,375
1,713,733
156,504
Total Valuations 4,623,874 2,832,149 1,870,237
11 Tax Rate Per $100 Valuation $ 0.90 $ 0.70 $ 0.50
Tax Levy $ 41,614.97 $ 19,825.04 $ 9,351.19
II Additions and Corrections
(823 .27)
$ 40,791.70 74.79
$ 19,899.83 144.38
Net Taxes Receivable
$ 9,495.57
IITotal Collections $ 32,538.20 $ 18,846.81 $ 9,408.07
Ratio of Total Collections
IIto Tax Levy 79.77% 94.71% 99.08%
II
1 6
1
II Exhibit D
II SUNMEADOW MUNICIPAL UTILITY DISTRICT, GALVESTON COUNTY, TEXAS
REVENUES, EXPENSES AND FUND BALANCE
DEBT SERVICE FUND
IIFOR THE PERIOD OCTOBER 20, 1969 through MAY 4, 1973
IIOctober 20, 1969 January 1, 1973 Total
through through through
IIDecember 31, 1972 May 4, 1973 May 4, 1973
Revenues
Transfers from Bond Interest Reserve
II (Schedule D-1) $ 192,887.50 $ 48,000.00 $ 240,887.50
Interest Earned on Certificates of
Deposit 20,284.51 2,166.85 22,451.36
I
Accrued Interest Received on Bonds
at Time of Sale 20,504.93 20,504.93
Transfers from Tax Fund 46,585.15 15,258.95 61,844.10
IITotal Revenues $ 280,262.09 $ 65,425.80 $ 345 ,687.89
II Expenses
Bond Interest Requirements
4-1-70 $ 18,000.00 $ 18,000.00
II 10-1-70 25,500.005 25,500.00
4-1-71 26,987.50 26,987.50
10-1-71 34,000.00 34,000.00
4-1-72 39,950.00 39,950.00
I10-1-72 48,450.0048,450.00
4-1-73 $ 73,500.00 73,500.00
Office Supplies 13.32 13.32
IITotal Expenses $ 192,900.82 $ 73,500.00 $ 266,400.82
1
Balance - Debt Service Fund $ 87,361.27 $ (8,074.20) $ 79,287.07
1
1
1
I
II 7
11
1! Schedule D-1
1 SUNMEADOW MUNICIPAL UTILITY DISTRICT, GALVESTON COUNTY, TEXAS
BOND INTEREST RESERVE
AS OF MAY 4, 1973
II
Appropriation from Bond Funds for Interest
II During Construction Period
$600,000 Series 1969
Interest due 4-01-70 $ 18,000.00
II $600,000 Series 1970 Refunding
Interest due 10-01-70 $ 25,500.00
4-01-71 25,500.00
11 10-01-71 4-01-72 25,500.00
25 ,500.00
10-01-72 25,500.00 127,500.00
$540,000 Series 1970-A
II Interest due 4-01-71 $ 1,487.50
10-01-71 8,500.00
4-01-72 14,450.00
Ir 10-01-72 22,950.00
4-01-73 22,950.00
10-01-73 21,462.50 91,800.00
$660,000 Series 1972 Refunding
II Interest due 4-01-73 $ 25,050.00
10-01-73 32,062.50
4-01-74 32,062.50
10-01-74 32,062.50 121,237.50
Total Transfer out of Bond Funds $ 358,537.50
I Less : Transfers to Debt Service Fund on
Interest Payment Dates
$600,000 Series 1969 $ 18,000.00
600,000 Series 1970 Refunding 127,500.00
li
540,000 Series 1970-A 70,337.50
660,000 Series 1972 Refunding 25,050.00
Total Transfer to Debt Service Fund 240,887.50
II
Balance - Bond Interest Reserve $ 117,650.00
1r
I Bond Interest Reserve
$540,000 Series 1970-A $ 21 ,462.50
660,000 Series 1972 Refunding 96,187.50
Total $ 117,650.00
I
II 8
Exhibit E
SUNMEADOW MUNICIPAL UTILITY DISTRICT, GALVESTON COUNTY, TEXAS
CASH RECEIPTS AND DISBURSEMENTS
CONSTRUCTION FUND
11 FOR THE PERIOD OCTOBER 20, 1969 through MAY 4, 1973
I
October 20, 1969 January 1, 1973 Total
I through through through
December 31, 1972 May 4, 1973 May 4, 1973
Receipts
411
Proceeds from Sale of Bonds $1,415,750.00 $1,415,750.00
IN Redemption of Certificates of
Deposit 652,400.00 $ 200,000.00 852,400.00
ilTotal Receipts $2,068,150.00 $ 200,000.00 $2,268,150.00
ItDisbursements
Purchase of Certificates of Deposit $1,122,400.00 $1,122,400.00
Construction of System 797,463.84 $ 102,745.55 900,209.39
11 District Organizational Costs 114,288.32 5,458.50 119,746.82
Payments for Other Funds 5,197.50 2,382.23 7,579.73
11 Total Disbursements $2,039,349.66 $ 110,586.28 $2,149,935.94
II
Cash in Bank $ 28,800.34 $ 118,214.06
I
1r
1r
1;
It
ir 9
1
Exhibit F
I SUNMEADOW MUNICIPAL UTILITY DISTRICT, GALVESTON COUNTY, TEXAS
STATEMENT OF BOND MATURITIES AND INTEREST REQUIREMENTS
AS OF MAY 4, 1973
I
Total
Bond Principal
Maturities Interest Requirements and
Year Ending December 31 April 1 April 1 October 1 Interest
{ 1973 $ 80,512.50. $ 80,512.50
11 1974 $ 80,512.50 80,512.50 161,025.00
1975 $ 15 ,000.00 80,512.50 79,875 .00 175,387.50
1976 25,000.00 65,850.00 64,787.50 155 ,637.50
1977 25,000.00 64,787.50 63,725.00 153,512.50
1978 30,000.00 63,725 .00 62,450.00 156,175.00
1979 30,000.00 62,450.00 61,175.00 153,625.00
1 1980 30,000.00 61,175 .00 59,900.00 151,075.00
1981 35 ,000.00 59,900.00 58,412.50 153,312.50
1982 40,000.00 58,412.50 56,712.50 155 ,125.00
I 1983 40,000.00 56,712.50 55,012.50 151,725.00
1984 45,000.00 55,012.50 53,100.00 153,112.50
1985 50,000.00 53,100.00 50,975 .00 154,075 .00
1986 55 ,000.00 50,975 .00 48,637.50 154,612.50
1 1987 55,000.00 48,637.50 46,300.00 149,937,50
1988 60,000.00 46,300.00 43,750.00 150,050.00
1989 65,000.00 43,750.00 40,987.50 149,737.50
I 1990 70,000.00
75,000.00 40,987.50 38,012.50 149,000.00
199138,012.50 34,825.00 147,837.50
1992 85 ,000.00 34,825.00 31,212.50 151,037.50
1 1993 90,000.00
95,000.00 31,212.50 27,387.50 148,600.00
1994 27,387.50 23,350.00 145,737.50
1995 105,000.00 23,350.00 19,368.75 147,718.75
1996 115,000.00 19,368.75 16,062.50 150,431.25
I 1997 125 ,000.00 16,062.50 12,468.75 153,531.25
1998 135 ,000.00 12,468.75 8,587.50 156,056.25
1999 145 ,000.00 8,587.50 4,962.50 158,550.00
1 2000 160,000.00 4,962.50 164,962.50
ITotals $1,800,000.00 $1,209,037.50 $1,223,062.50 $4,232,100.00
1
I
1
1 10
4
I
Schedule F-1
IE SUNMEADOW MUNICIPAL UTILITY DISTRICT, GALVESTON COUNTY, TEXAS
STATEMENT OF BONDS PAYABLE
AS OF MAY 4, 1973
I
Amount Maturity
IE of Interest Bonds
Name of Issue Issue Date Rate Amount Outstanding
ll Sunmeadow Municipal Utility District
Waterworks and Sewer System
Combination Tax and Revenue
Refunding Bonds, Series 1970 $ 600,000 $ 600,000.00
Ir
IR Bonds maturing April 1, 1986 4/1/75 8.50% $ 15,000
and thereafter are redeemable 4/1/76 8.50 25,000
in whole or in part in inverse 4/1/77 8.50 25,000
I! numerical order on April 1 , 1985 4/1/78 8.50 30,000
or on any interest payment date 4/1/79 8.50 30,000
thereafter at par plus accrued 4/1/80 8.50 30,000
I! interest. 4/1/81 8.50 35,000
4/1/82 8.50 40,000
4/1/83 8.50 40,000
4/1/84 8.50 45 ,000
4/1/85 8.50 50,000
4/1/86 8.50 55,000
I 4/1/87 8.50 55,000
4/1/88 8.50 60,000
4/1/89 8.50 65,000
1 Sunmeadow Municipal Utility District
Waterworks and Sewer System
I Combination Tax and Revenue Bonds
Series 1970 A $1,200,000 540,000.00
Bonds are redeemable in whole or 4/1/90 8.50% 70,000
in part in inverse numerical order, 4/1/91 8.50 75,000
on April 1, 1985 or on any interest 4/1/92 8.50 85,000
payment date thereafter at par 4/1/93 8.50 90,000
plus accrued interest . 4/1/94 8.50 95,000
4/1/95 8.50 70,000
4/1/2000 8.50 55,000
7
Sunmeadow Municipal Utility District
I Waterworks and Sewer System
Combination Tax and Revenue
Refunding Bonds, Series 1972 $ 660,000 660,000.00
Bonds are redeemable in whole 4/1/95 5.75%*Ir 35,000
or in part in inverse numerical 4/1/96 5.75 * 115,000
order on April 1, 1985 or on 4/1/97 5 .75 * J25,000
11
II
I
ISTATEMENT OF BONDS PAYABLE
- continued -
II
I
IIany interest payment date 4/1/98 5.75%* $135,000
thereafter at par plus 4/1/99 5.00 * 145,000
accrued interest . 4/1/2000 5.00 * 105,000
II
11 Bonds Payable $1,800,000.00
I
II
II
*A11 bonds bear additional interest
IF at the rate of 4.25% per annum
from January 1, 1973 to October 1,
1975 . Additional interest is
Ir evidenced by supplemental coupons
attached to the bonds with first
coupon due April 1, 1973 and
semi-annually thereafter.
II
II
II
11
12
I
11 Exhibit G
I SUNMEADOW MUNICIPAL UTILITY DISTRICT, GALVESTON COUNTY, TEXAS
GENERAL FIXED ASSETS
AS OF MAY 4, 1973
11
Total
Authorized
I
Expenditures
Drainage System
Texala Construction Company 1969-70 $ 102,689.91
II M. M. Brown Construction Company 1972-73 143,781.50
Charles Toops (Easement) 1973 2,000.00
Amoco Production Company (Easement) 1973 2,088.40
ITotal $ 250,559.81
Sanitary Sewer Plant
Sunmeadow Development Company 1969-70 $ 19,170.84
I Miscellaneous 1970-71 1,210.00
George C. Cox 1971-72 128,525.00
Total $ 148,905.84
IISanitary Sewer Collection System
Joseph V. Tantillo, Inc. 1969-70 $ 32,143.00
Walter M. Mischer Company 1969-71 174,749.62
II Industrial Contractors, Inc. 1969-70 38,270.00
Bost Ditching Service 1972 5,692.76
Miscellaneous 1972 4,838.56
11 M. M. Brown Construction Company 1972-73 101,026.85
Total $ 356,720.79
ir Water Plant
Sunmeadow Development Company 1969-70 $ 3,793.48
Layne-Texas Company 1971 1,187.80
Total $ 4,981.28
Ir
Water Distribution System
Joseph V. Tantillo, Inc. 1969-70 $ 34,508.10
II Sunmeadow Development Company 1970-72 4,346.26
Layne-Texas Company 1971-72 125,162.42
Bost Ditching Service 1970-72 517.51
Ir Water Meters 1970-73 5,149.05
M. M. Brown Construction Company 1972-73 51,662.00
Total $ 221,345.34
Land
Ir Stewart Title Co. (Frank Willaert) Sewer Plant Site 5-28-71 $ 3,991.17
Stewart Title Co. (Sunmeadow Golf Club)
Water Well Site 5-28-71 5,491.16
I Stewart Title Co. Water Plant 2-07-72 6,665.00
Total $ 16,147.33
II
1r 13
I
It
GENERAL FIXED ASSETS
- continued -
Total
Authorized
Expenditures
11
Engineering Fees (Edminister, Hinshaw and Associates)
Organization and Creation of District
11 and Estimated Construction
1% of $1,084,168.50 $ 10,841.68
Construction, Field Layout and Inspection
9% of $931,588.42 83,842.97
Miscellaneous Fees and Reimbursements 2,478.30
Total $ 97,162.95
District Organizational Costs
Bond Coupon Interest $ 358,537.50*
Discount on Bonds 72,250.00
Bond Printing Expenses 545.50
Financial Advisory Fees 12,700.00
Legal Fees 92,736.14
Director's Per Diems 2,250.00
District Officials Bond Premiums 521.00
Election Expenses 360.50
Publication of Legal Notices 848.14
Creation of District 663.74
Other Interest Expense 7,546.39
Office Supplies 75.41
Bookkeeping 1,500.00
Total $ 550,534.32
Ir
Total General Fixed Assets $1,646,357.66
I!
I
*In accordance with Section VIII of the Bond
Orders, a portion of the bond proceeds was
deposited into the Debt Service Fund and
reserved for the payment of bond interest
during the construction period.
14