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Home My WebLink About1980 04 30 Financial Report - Clear wood Improvement District r F I ICLEARWOODS IMPROVEMENT DISTRICT REPORT ON FINANCIAL STATEMENTS (With Supplemental Material) , YEAR ENDED APRIL 30, 1980 I I I I I BREEDLOVE & CO. CERTIFIED PUBLIC ACCOUNTANTS i II 11 TABLE OF CONTENTS I Schedule Number Page IIAuditors' Report 1 IIBalance Sheet - All Funds A 2 Statement of Revenues and Expenses B 4 11 Statement of Fund Balances - All Funds C 6 Statement of Changes in Financial Position - IIAll Funds D 8 Summary of Accounting Policies and Notes IIto Financial Statements 10-13 Auditors' Report on Other Financial Information 15 11 General Long-Term Debt Service Requirements by Years E 16 11 Analysis of Changes in General Long-Term Debt A-1 18 11 Schedule of Temporary Investments A-2 20 Analysis of Taxes Receivable A-3 21 I Analysis of Organizational Costs A-4 22 Analysis of Changes in General Fixed Assets A-5 23 11 Comparative Statement of Revenue and Expenses 11 All Funds 24 Insurance Coverage 26 11 Board Members, Key Administrative Personnel and Legal Counsel 29 11 11 BREEDLOVE & CO. 9790 . ..�� 1960 lUea, .. 900 CERTIFIED PUBLIC ACCOUNTANTS "auek+z Yearrb 77068 (719 J.G✓s0-9147 RICHARD W.BREEDLOVE DONN A.LAND August 22, 1980 Board of Directors Clearwoods Improvement District Harris County, Texas 11 We have examined the balance sheets of all funds of Clearwoods Improvement District as of April 30, 1980, and all funds' related statements of revenues, expenses and fund balances and changes in 11 financial position for the year then ended. Our examination was made in accordance with generally accepted auditing standards, and accordingly included such tests of the accounting records and such other auditing procedures as we considered necessary in the cir- 11 cumstances. In accordance with the suggestions of the Texas Water Rights Com- mission, the district did not depreciate its general fixed assets. We observed no departures by the District from the requirements of the bond orders or from applicable laws and regulations except as 11 described in detail in Notes 7 and 10 of the notes to financial statements. In our opinion, the accompanying financial statements present 11 fairly the financial position for all funds of Clearwoods Improvement District as of April 30, 1980, the results of its operations and the changes in financial position for the year then ended, in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year. II 11 II Debt General General Tax Service Construction Long-Term Fixed Fund Fund Fund Debt Fund Assets Fund II 11 $ 3 796 $ 296 $ 1 462 $ - $ - 100 000 - - - - 1 615 - - - - 19 214 - - - - - - - - 2 626 001 II - 36 459 - - - - - - - 299 879 - - - 2 440 000 - 11 - 80 000 - - - $124 625 $116 755 $ 1 462 $2 440 000 $2 925 880 11 11 $ 820 $ - $38 712 $ - $ - - 17 021 - - - - $2 440 000 - - 50 000 - - - - 10 000 0 0 0 11 - 10 000 - - - 10 000 - - - 820 80 000 55 733 2 440 000 - 11 11 19 214 - - - - - - - 2 925 880 104 591 36 755 (54 271) - - 11 123 805 26 755 (54 271) - 2 925 880 $124 625 $116 755 $ 1 462 $2 440 000 $2 925 880 11 11 II -3- Exhibit B CLEARWOODS IMPROVEMENT DISTRICT STATEMENT OF REVENUES AND EXPENSES - ALL FUNDS 11 FOR THE YEAR ENDED APRIL 30, 1980 tit OP e e General Memo Operating Total Fund b OPERATING REVENUES: Service Revenue (Note 3) $194 410 $194 410 Water Tap Revenue 10 552 10 552 t Tax Revenue 289 630 - Penalty and Interest 12 189 6 925 !! Total Operating Revenues 506 781 211 887 OPERATING EXPENSES: ri Sewer Service Expense 28 673 28 673 Directors Per Diem 1 200 1 200 Professional Fees 24 979 24 979 Utilities 24 403 24 403t! Management of System 41 234 41 234 Office Supplies and Expense 6 916 6 907 Repairs and Maintenance 42 574 42 574 [11 Insurance 2 868 2 843 Board of Equalization 75 - Tax Assessor/Collector Fees 8 785 - Other 9 282 9 276 Total Operating Expenses 190 989 182 089 NET INCOME FROM OPERATIONS 315 792 29 798 NON-OPERATING REVENUES: Interest 27 236 15 039 Sewer Inspection Revenue 425 425 Flood Insurance Proceeds 29 057 29 057 Other 3 571 3 5711! Total Non-Operating Revenues 60 289 48 092 NON-OPERATING EXPENSES: Water Tap Expense 4 545 4 545 Debt Service and Related Expenses 168 693 - Total Non-Operating Expenses 173 238 4 545 t! NET INCOME (LOSS) (Note 4) $202 843 $ 73 345 II 1! See the accompanying summary of accounting policies and notes to financial statements. 116, -4- II II Debt Tax Service II Fund Fund $ - $ - 289 630 - 5 264 - 11 294 894 - 1! - 9 - 25 - 75 - 8 785 - 11 6 - 8 900 - 11 285 994 - 11 7 202 4 995 7 202 4 995 - 168 693 11 - 168 693 $293 196 $(163 698) 11 11 11 -5- 41 Exhibit C CLEARWOODS IMPROVEMENT DISTRICT STATEMENT OF FUND BALANCES - ALL FUNDS FOR THE YEAR ENDED APRIL 30, 1980 r General Memo Operating Total Fund 10 FUND BALANCES, MAY 1, 1979 $2 979 202 $60 274 ADDITIONS TO FUND BALANCES: Net Income (Note 4) 202 843 73 345 Transferred from Operating Fund 60 759 - Transferred from Tax Fund 219 978 - Transferred from Construction Fund 212 926 - Total Additions to Fund Balances 696 506 73 345 DEDUCTIONS FROM FUND BALANCES: 00 Payment of Bond Principal 75 000 Transferred to Debt Service Fund 121 646 20 159 Transferred to Construction Fund 159 091 40 600 Transferred to General Fixed Assets 212 926 - FP Decrease in Investment in Uncollected Taxes 2 016 - Total Deductions from Fund Balances 570 679 60 759 NET CHANGES IN FUND BALANCES 125 827 12 586 FUND BALANCES, APRIL 30, 1980 $3 105 029 $72 860 ro 1! !! I! r r e the accompanyingof accountingpolicies and notes to financial See summary statements. -6- I II I 11 Debt General II Tax Service Construction Fixed Fund Fund Fund Assets Fund $ 52 603 $153 807 $ (436) $2 712 954 293 196 (163 698) - - - 20 159 40 600 - - 101 487 118 491 - - - - 212 926 293 196 (42 052) 159 091 212 926 11 - 75 000 - - 101 487 - - - 118 491 - - - 11 - - 212 926 - 2 016 - - - 221 994 75 000 212 926 - II 71 202 (117 052) (53 835) 212 926 11 $123 805 $ 36 755 $(54 271) $2 925 880 11 1! 11 1! 11 11 11 -7- Exhibit D OR r OP 4 kW CLEARWOODS IMPROVEMENT DISTRICT STATEMENT OF CHANGES IN FINANCIAL POSITION - ALL FUNDS '€ ii FOR THE YEAR ENDED APRIL 30, 1980 General Memo Operating Total Fund SOURCES OF CASH: Cash Receipts from Operations $536 045 $226 084 PP Cash Disbursements for Operations: k' Sewer Service Expense 28 673 28 673 Directors per diem 1 200 1 200 Professional Fees 22 169 22 169 Utilities 22 365 22 365 w Management of System 41 234 41 234 Office Supplies and Expense 6 916 6 907 !! Repairs and Maintenance 39 405 39 405 Insurance 2 868 2 843 Board of Equalization 75 - PP Tax Assessor/Collector Fees 8 064 ilk - Debt Service and Related Expenses 166 166 - Other 9 042 9 042 r i Total Cash Disbursements for Operations 348 177 173 832 Net Cash from Operations 187 868 52 252 Cash Transfers from other Funds 280 737 - IP Cash Proceeds from Flood Insurance Claim 29 057 29 057 Sale of Certificates of Deposit 114 950 4 904 Cash Received from Customer Deposits 315 315 IIIP Total Cash Provided 612 927 86 528 APPLICATIONS OF CASH: Payment of Bond Principal 75 000 - Payments of Accounts Payable 6 607 5 920 Purchase of Certificates of Deposit 72 000 - Cash Transfers to Other Funds 440 933 60 759 6 Total Cash Applied 594 540 66 679 INCREASE (DECREASE) IN CASH 18 387 19 849 CASH BALANCE, MAY 1, 1979 34 250 27 234 ri CASH BALANCE, APRIL 30, 1980 $ 52 637 $ 47 083 r r See the accompanying summary of accounting policies and notes to financial statements. -8- 11 11 II II Debt Tax Service Construction IIFund Fund Fund II $300 970 $ 8 991 $ _ II 9 - - 25 - - 75 - - 11 8 064 - - - 166 166 - 11 8 179 166 166 - 292 791 (157 175) - II = 121 646 159 091 - 110 046 - 292 791 74 517 159 091 11 75 000 - 687 - - 72 000 - - II 219 978 - 160 196 292 665 75 000 160 196 I 126 (483) (1 105) 3 670 779 2 567 11 $ 3 796 $ 296 $ 1 462 11 11 11 -9- CLEARWOODS IMPROVEMENT DISTRICT SUMMARY OF ACCOUNTING POLICIES AND NOTES TO FINANCIAL STATEMENTS 010 APRIL 30, 1980 a NOTE (1) CREATION OF DISTRICT a Clearwoods Improvement District, Harris County, Texas, was created by Acts of the 59th Legislature of the State of Texas, Regular Session, . 1965. The Board of Directors held its first meeting on August 10, 1965, and the first bonds were sold on March 21, 1967. NOTE (2) ACCOUNTING METHODS The financial statements and supplemental information contained in this report were prepared in accordance with the accrual method of account- ing except for the Statement of Changes in Financial Position, All Funds, which was prepared on the cash basis. Furthermore, tax revenues and bond interest are not accrued and the amounts shown for these items reflect cash basis accounting treatment. The District capitalizes all costs associated with the creation of the District. All costs directly associated with the sale of bonds are being capitalized. From the date of sale of bonds, through the date 111 of the completion of related improvements, interest revenues and interest expenditures related to the bond proceeds are being capitalized. These amounts are shown on the Balance Sheet as District Organizational111 Costs. In accordance with the requirements of the Texas Department of Water Resources, these amounts are not being amortized. The District capitalizes the cost of meters and boxes and residential FP lines as a part of the water system in the General Fixed Assets. The District does not maintain detailed fixed asset records, and thus de- tailed cost information on individual assets are not readily available. In accordance with the requirements of the Texas Department of Water ea Resources, fixed assets are not being depreciated. Accordingly, re- placements of fixed assets and repairs are not capitalized. The full cost of facilities owned by the District is capitalized, funds provided11 by others are shown as contributions on the balance sheet. Bond discounts are capitalized and are being amortized over the life of the applicable bond issue in relation to the principal amount outstanding. Mk The District requires water and sewer service customers to pay a deposit which will then be refunded or applied against accounts receivable upon termination of service. These refundable deposits are considered to be t! adequate allowance for uncollectable accounts and accordingly, no separate allowance is recorded. 1! Amounts paid by one fund for another fund are transferred to the appro- priate fund by adjusting fund balance. Any subsequent repayment is reported as a contra-adjustment of fund balance. Loans by one fund to 1! another fund are reported as inter-fund receivables and payables in the Balance Sheet if there is intent to repay the amount and if the debtor fund has the ability to repay the advance in a timely manner. -10- 11 11 CLEARWOODS IMPROVEMENT DISTRICT NOTES TO FINANCIAL STATEMENTS 11 Continued I NOTE (3) WATER AND SEWER SERVICE RATES The District has established the following rates effective September 7, 1978: 11 Water Service Residential and Commercial Monthly Charge: First 8,000 Gallons of Water Used (minimum bill) $ 7.00 Each 1,000 Gallons of Water Used Thereafter .65 II Sewer Service Residential and Commercial Monthly Charge: First 50,000 Gallons of Water Used (minimum bill) 6.00 11 Each 1,000 Gallons of Water Used Thereafter .25 Tap Fees 11 Residential Tap Fee (3/4" tap) 475.00 The above fee includes the cost of meter, box and installation. For connections of over 3/4 inch, the District will establish 11 tapping charges by separate order or agreement. Commercial tap-on fee shall be a negotiated amount per square 11 foot of land in addition to the cost of meter, box and installation. Residential and commercial sewer inspection fee 25.00 11 Deposits Per customer 15.00 11 NOTE (4) PLEDGE OF TAX AND OPERATING REVENUES The bonds are payable from the proceeds of an ad valorem tax levied upon all taxable property subject to taxation within the District, without 11 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 op- eration of the District's waterworks and sanitary sewer system. 1! NOTE (5) BOND INTEREST RESERVE In accordance with the Bond Orders, a portion of the bond proceeds was 1! deposited into the Debt Service Fund and reserved for the payment of bond interest during the construction period. This bond interest is being capitalized as a district organizational cost as it is paid and the 11 reserve account reduced accordingly. 11 11 -11- IP CLEARWOODS IMPROVEMENT DISTRICT NOTES TO FINANCIAL STATEMENTS Continued ,31 NOTE (6) EQUIPMENT LEASE AGREEMENTS PP The District is leasing one temporary sewage treatment plant. This lease is summarized as follows: p Date of Lease September 19, 1976 61, Term of Lease 5 years Renewable Option 6 months PP Annual Lease Payments for fiscal year ending April 30, 1980 $10 853 This lease has not been capitalized in the financial statements since it does not meet the criteria for capitalization. NOTE (7) ENGINEERING REPORTPO The Bond Order states that a complete engineering inspection report 6 of the operations and physical conditions of the plant and system shall be made each year by an independent qualified engineer. At the Balance rP Sheet date, said report had not been made. 6 NOTE (8) REDEMPTION OF BONDS The outstanding bonds of Clearwoods Improvement District, Harris 6. County, Texas, are callable for redemption prior to maturity at the option of of the District. The bonds may be called in whole or in part FP in inverse numerical order for the purpose of retirment or refunding, or both, at par, in addition to unpaid accrued interest. Bonds of the Series 1967, Series 1967-A, Series 1972 and Series 1974 may be called PO on February 1, 1982, August 1, 1982, April 1, 1987 and September 1, 1989, respectively, or any interest date thereafter. NOTE (9) WATER AND SEWER SERVICE CUSTOMERS !P The following a is comparison of the number of metered water and sewer service customers serviced by the District: April 30, 1979 1,117 t. April 30, 1980 1,210 NOTE (10) OPERATING AND TAX FUND PAYMENTS TO DEBT SERVICE FUND The Bond Orders state that the District is to transfer on a monthly basis to the Debt Service Fund, commencing when any part of the water t! and sewer system is placed in operation, an amount not less than one- sixth of the next maturing installment of interest and an amount not less than one-twelfth of the next maturing installment of principal. In addition, a sum equal to 20% of such monthly payments is to be paid IP to the Debt Service Fund until the fund balance is equal to the total principal and interest requirements for the current year and the next -12- II IICLEARWOODS IMPROVEMENT DISTRICT NOTES TO FINANCIAL STATEMENTS 11 Continued II succeeding year. At the Balance Sheet date, the Operating and Tax Fund revenues have not been sufficient to make all payments required by the Bond Order. However, the ad valorem tax levied by the District and the restricted cash and temporary investments have been sufficient IIto meet the annual bond principal and interest payments, not provided by funds from the bond sales. IINOTE (11) RESTRICTED CASH AND TEMPORARY INVESTMENTS The following balances were restricted by the Bond Orders as of April 30, 1980: 11 Restricted For Servicing of Acquisition of Bonded Debt Fixed Assets IICash $ 296 $1 462 Temporary Investments 212 176 - $212 472 $1 462 NOTE (12) INSURANCE II The Bond Orders state that so long as any of the bonds are outstanding, the District agrees to maintain insurance for the benefit of the holders of bonds, on the system of a kind and in an amount which usually would be carried by private companies engaged in a similar type of business. 11 The District has physical damage coverage of $142,900 with an 800 coinsurance provision and flood coverage of $165,000. The District has comprehensive general liability coverage with a maximum limit of $300,000. I Since no objective criteria have been established for insurance coverage, a determination could not be made whether or not the District complied with the requirement. IINOTE (13) INTEREST EARNINGS In accordance with the Water Disrict Accounting Manual, which is effective 11 for the District's fiscal year beginning May 1, 1975, all interest on con- struction fund investments should be transferred to the Debt Service Fund when received. Transactions for the current year are summarized as II follows: Interest received not transferred, May 1, 1979 $2 600 Interest received, current year - 11 Transfers to Debt Service Fund - current year (2 600) Reserve for interest earned not transferred, April 30, 1980 $ - I 11 11 -13- BREEDLOVE & CO. 9790 ..lC. /960 %/eg baude,S00 I CERTIFIED PUBLIC ACCOUNTANTS XuekrL ..7e,xz.77068 (71d)440 3347 RICHARD W.BREEDLOVE DONN A.LAND II August 22, 1980 II • II Board of Directors Clearwoods Improvement District Harris County, Texas 11 Supplemental Material 11 In our opinion, the accompanying information is stated fairly in all material repects in relation to the financial statements, taken as a whole, of Clearwoods Improvement District for the year ended April 30, 1980 which are covered by our opinion presented in the first section of this report. The accompanying information is supplemental to the financial statements and is not essential for II a fair presentation of the financial position, results of operations and changes in financial position. Our examination, which was made primarily for the purpose of forming an opinion on the financial I statements taken as a whole, included such tests of the accounting records, from which the supplementary information was compiled, and such other auditing procedures as we considered necessary in the circumstances. II n-r,,A1 µ Co, I I I I I I Exhibit E 11 CLEARWOODS IMPROVEMENT DISTRICT !! GENERAL LONG-TERM DEBT AND DEBT SERVICE REQUIREMENTSill APRIL 30, 1980 !! Series 1967 Series 1967A Principal Interest Due Principal Interest Due For the Years Due August 1, Due August 1, !! Ending April 30 February 1 February 1 Total February 1 February 1 Total 1981 $ 50 000 $ 25 000 $ 75 000 $ 10 000 $ 40 200 $ 50 20C 0 1982 50 000 22 500 72 500 10 000 39 600 49 60e 1983 75 000 20 000 95 000 10 000 39 000 49 00' 1984 75 000 16 250 91 250 10 000 38 400 48 400 !! 1985 75 000 12 500 87 500 10 000 37 800 47 800 1986 75 000 8 750 83 750 10 000 37 200 47 200 1987 75 000 5 000 80 000 10 000 36 600 46 600 1988 25 000 1 250 26 250 75 000 36 000 111 000 1! 1989 - - - 75 000 31 500 106 500 1990 - - - 75 000 27 000 102 000 1991 - - - 75 000 22 500 97 500 1992 - - - 100 000 18 000 118 000 1993 - - - 100 000 12 000 112 000 1994 - - - 100 000 6 000 106 000 !! 1995 - - - - - 1996 - - - - - - 1997 - - - - - - Pil 1998 - - - - - - I. 1999 - - - - - - 2000 - - - - - - 2001 - - - - - - 2002 - - - - - - 1! 2003 - - - - - - 2004 - - - - TOTALS $500 000 $111 250 $611 250 $670 000 $421 800 $1 091 800 r 1! I: I! I! See the accompanying summary of accounting policies and notes to financial statements. -16- 11 11 II Series 1972 Series 1974 Principal Interest Due Principal Interest Due Total Due October 1, Due Septermber 1, Annual April 1 April 1 Total March 1 March 1 Total Requirements 1! $ 10 000 $ 39 150 $ 49 150 $ 10 000 $ 57 385 $ 67 385 $ 241 735 10 000 38 475 48 475 10 000 56 710 66 710 237 285 10 000 37 800 47 800 10 000 56 035 66 035 257 835 10 000 37 125 47 125 10 000 55 360 65 360 252 135 15 000 36 500 51 500 20 000 54 685 74 685 261 485 15 000 35 438 50 438 20 000 53 335 73 335 254 723 20 000 34 425 54 425 20 000 51 985 71 985 253 010 1! 20 000 33 075 53 075 30 000 50 635 80 635 270 960 20 000 31 725 51 725 30 000 48 565 78 565 236 790 20 000 30 375 50 375 30 000 46 465 76 465 228 840 11 30 000 29 025 59 025 30 000 44 335 74 335 230 860 30 000 27 000 57 000 30 000 42 160 72 160 247 160 30 000 24 975 54 975 30 000 39 940 69 940 236 915 11 30 000 22 850 52 850 40 000 37 690 77 690 236 540 40 000 20 925 60 925 40 000 34 650 74 650 135 575 40 000 18 225 58 225 40 000 31 570 71 570 129 795 40 000 15 525 55 525 40 000 28 490 68 490 124 015 II 40 000 12 825 52 825 40 000 25 410 65 410 118 235 50 000 10 125 60 125 40 000 22 330 62 330 122 455 50 000 6 750 56 750 50 000 19 250 69 250 126 000 II 50 000 3 375 53 375 50 000 15 400 65 400 118 775 - - 50 000 11 550 61 550 61 550 - - - 50 000 7 700 57 700 57 700 - - 50 000 3 850 53 850 53 850 $580 000 $545 688 $1 125 688 $770 000 $895 485 $1 665 485 $4 494 223 I II II 11 11 il -17- Schedule A-1 1110 CLEARWOODS IMPROVEMENT DISTRICT ANALYSIS OF CHANGES IN GENERAL LONG-TERM DEBT P APRIL 30, 1980 Po Transactions for The Year Ended Bonds April 30, 1980 PP Interest Outstanding Retirements Description Rate Payable May 1, 1979 Principal Interest Clearwoods Improvement District 5.00% 8/1,2/1 $ 550 000 $50 000 $ 27 500 Waterworks and Sewer System Combination Tax and Revenue Bonds, Series 1967 OP Clearwoods Improvement District 6.00% 8/1,2/1 680 000 10 000 40 800 Waterworks and Sewer System 01 Combination Tax and Revenue Bonds, Series 1967-A Clearwoods Improvement District 6.75% 10/1,4/1 585 000 5 000 39 488 Waterworks and Sewer System Combination Tax and Revenue Bonds, Series 1972 PO Clearwoods Improvement District 6.75% 9/1,3/1 780 000 10 000 58 060 Waterworks and Sewer System 6.90 Combination Tax and Revenue 7.00 Bonds, Series 1974 7.10 7.25 7.40 7.50 7.60 7.70 Totals (Note 8) $2 595 000 $75 000 $165 848 r 1! r r See the accompanying summary of accounting policies and notes to financial statements. -18- I I I Debt Service Requirements Bonds For The Year Ending For The Year Ending 11 Outstanding April 30, 1981 April 30, 1982 April 30, 1980 Principal Interest Principal Interest $ 500 000 $50 000 $ 25 000 $50 000 $ 22 500 670 000 10 000 40 200 10 000 39 600 580 000 10 000 39 150 10 000 38 475 770 000 10 000 57 385 10 000 56 710 11 $2 520 000 $80 000 $161 735 $80 000 $157 285 11 11 -19- Schedule A-2 :I CLEARWOODS IMPROVEMENT DISTRICT SCHEDULE OF TEMPORARY INVESTMENTSI! APRIL 30, 1980 I! Accrued Interest !! Interest Maturity Face Receivable Rate Date Amount April 30, 1980 t! General Operating Fund P g Certificates of Deposit: !! No. 17-507104-8 17.20% 9/27/80 $ 12 176 $ 197 46-003314-2 17.35% 6/15/80 100 000 2 064 Total 112 176 2 2611! Tax Fund Certificate of Deposit 1! No. 17-507104-8 17.20% 9/27/80 100 000 1 615 Total 100 000 1 615 TOTAL ALL FUNDS $212 176 $3 876 r r r 1! r r See the accompanying summary of accounting policies and notes to financial statements. -20- 1! Schedule A-3 CLEARWOODS IMPROVEMENT DISTRICT ANALYSIS OF TAXES RECEIVABLE 1! AS OF APRIL 30, 1980 1! Taxes Receivable, May 1, 1979 $ 21 230 1979 Original Tax Roll 288 267 Adjustments 16 288 251 411/ Total to be accounted for 309 481 Tax Collections - Current year 280 370 ll Prior year 9 897 290 267 li Taxes Receivable, April 30, 1980 $ 19 214 1! Taxes Receivable by Years: 1979 $ 7 882 11 1978 4 013 1977 3 369 1976 1 186 11 1975 1 097 1974 736 1973 743 1972 67 1971 67 1970 54 Total Taxes Receivable $19 214 11 Assessed Valuation Summary 11 Property Valuations 1979 1978 1977 1976 1975 Land $ 7 998 200 8 087 200 7 939 700 6 573 700 5 939 100 11 Personal Property 777 900 718 400 674 000 568 100 439 700 Improvements 35 572 700 33 430 600 30 316 000 23 233 100 14 962 600 Total Valuations $44 348 800 42 236 200 38 929 700 30 374 900 21 341 400 11 Tax Rate per $100 Valuation $0.65 $0.65 $0.65 $0.65 $0.65 11 Tax Year: January 1, 1979 to December 31, 197911 Percent of the assessed valuation to fair market value 100.0% Percent of current taxes collected to current taxes levied 97.3% Percent of current and delinquent taxes collected to current and delinquent taxes outstanding at beginning of tax year 93.8% 11 I 11 -21- Schedule A-4 IP CLEARWOODS IMPROVEMENT DISTRICT DISTRICT ORGANIZATIONAL COSTS 111/ APRIL 30, 1980 FP v Balances Balances P" May 1, 1979 April 30, 1980 Financial Advisors Fees $ 16 250 $ 16 250 r Discount on Sale of Bonds 14 414 14 414 Bond Issue Costs 1 821 1 821 L Bond Interest (Note 5) 245 349 245 349 Other Costs 3 066 3 066 Interest on Temporary Investments (135 825) (135 825) Legal Fees 154 804 154 804 Total $299 879 $299 879 r to 1! r F F F -22- I! Schedule A-5 CLEARWOODS IMPROVEMENT DISTRICT II ANALYSIS OF CHANGES IN GENERAL FIXED ASSETS APRIL 30, 1980 II Balances Balances May 1, 1979 Additions April 30, 1980 Drainage System $ 608 329 $ - $ 608 329 Sewer System 869 153 212 926 1 082 079 Water System 653 800 - 653 800 Engineering 252 171 - 252 171 Land 29 622 - 29 622 11 Total $2 413 075 $212 926 $2 626 001 11 Amounts Provided By: Construction Fund $212 926 11 11 I 11 11 11 11 II 11 -23- PP PP CLEARWOODS IMPROVEMENT DISTRICT COMPARATIVE STATEMENT OF REVENUES AND EXPENSES - ALL FUNDS OP FOR THE TWO YEARS ENDED APRIL 30, 1980 f 10 Yr Amount PP 1980 1979 OPERATING REVENUES: 14 Service Revenue $194 410 $190 350 Water Tap Revenue 10 552 13 580 PO Tax Revenue 289 630 275 212 Penalty and Interest 12 189 8 682 Total Operating Revenue 506 781 487 824 lio OPERATING EXPENSES: Sewer Service Expense 28 673 28 620 PP Directors Per Diem 1 200 1 425 Professional Fees 24 979 22 250 Utilities 24 403 20 462 OP Management of System 41 234 35 850 Office Supplies and Expense 6 916 6 062 Repairs and Maintenance 42 574 28 996 Insurance 2 868 1 809 OR Board of Equalization 75 75 oo Tax Assessor/Collector Fees 8 785 10 985 Other 9 282 12 082 Total Operating Expenses 190 989 168 616 NET INCOME FROM OPERATIONS 315 792 319 208 OP Lw NON-OPERATING REVENUES: Interest 27 236 19 342ril Sewer Inspection Revenue 425 20 Flood Insurance Proceeds 29 057 - Other 3 571 3 607 Total Non-Operating Revenues 60 289 22 969 NON-OPERATING EXPENSES: Water Tap Expense 4 545 6 325 Debt Service and Related Expenses 168 693 169 630 Total Non-Operating Expenses 173 238 175 955 NET INCOME $202 843 $166 222 r r 1! -24- Percent of Total Revenue 1980 1979 38.4% 30.0% 2.1 3.8 57.1 56-4 2.4 1.8 I00'0% 100.0% 5.7 5.9 .3 .3 4.9 4.6 4'8 4.2 8'l 7.] l'4 1.2 8'4 5.9 '6 '4 1.7 2.2 l'O 2.5 37.7 34^5 62'] 65'5 5'4 4.0 .I - m� 5'7 - ,7 ~7 I1'9 4-7 '9 I'] 33'3 34'8 34'2 36'l -- 40,O% 34-1n � -_ -25- �� IF CLEARWOODS IMPROVEMENT DISTRICT INSURANCE COVERAGE PP APRIL 30, 1980 PP Amount of Type of Coverage From To Coverage PLANT AND EQUIPMENT Fire and lightning, extended coverage, 6-14-77 6-14-80 $142,900 explosion, vandalism and malicious mischief 0 A., EMPLOYEE HONESTY, ETC. Tax Assessor/Collector 1-01-80 12-31-80 5,000PP Directors Various dates depending 5,000 on term of office each director P FLOOD INSURANCE Sewer Pump Building and Lift Stations 8-31-79 7-17-80 35,000 MP 130,000 COMPREHENSIVE AND GENERAL LIABILITY, AUTO OP 04 Liability and Contractual Liability 6-22-79 6-22-80 Bodily injury, per person and aggregate 300,000 Property damage, per person and aggregate 100,000 OP p • 66 P 6 op 66, -26- I! Insurer Type of Policy Corporation Clause Name Stock/Mutual Co-Insurance National Surety Corporation Stock Yes Fidelity and Deposit Company of Maryland Stock No Fidelity and Deposit Company of Maryland Stock No National Flood Insurers Corporation Stock No I IINational Surety Corporation Stock No 11 I 11 II 11 11 -27- -• CLEARWOODS IMPROVEMENT DISTRICT BOARD MEMBERS, KEY ADMINISTRATIVE PERSONNEL AND LEGAL COUNSEL APRIL 30, 1980 Relationship With Major Land Term of Board Members Owners, Engi- Office Resident neer, Attorney Elected & Annual of & Tax Assessor- Expires Salary Title District Collector E. A. Kiessling 4-7-79 Per Diem President Yes None 15402 Wandering Trail 4-4-81 11 Friendswood, Texas 77546 Thomas J. Linbeck 4-7-79 Per Diem Vice Pres. Yes None 5114 Coventry Ct. 4-4-81 ' Friendswood, Texas 77546 IPeter S. Cummingham 5-1-78 Per Diem Secretary Yes None 5219 Shady Oaks Lane 4-30-80 Friendswood, Texas 77546 11 Herman M. Hayley 5-1-78 Per Diem Yes None 5315 Shady Oaks 4-30-80 Friendswood, Texas 77546 11 M. Greg McCaffrey 4-7-79 Per Diem Yes None 5115 Regal Pineway 4-4-81 11 Friendswood, Texas 77546 Date Fees 11 Hired Paid District Operator Water District Service Co. 2-15-67 $41 234 No None 4234 Richmond IHouston, Texas 77027 District (Legal Counsel) W. James Murdaugh No None 11 (Smith & Murdaugh) 4-29-66 $ 9 067 1811 Houston Natural Gas Bldg. Houston, Texas 77002 William Spencer 11 District Tax (Assessor-Collector) 3-7-73 $ 8 785 No None 5318 Pasadena Blvd. Deer Park, Texas 77536 11 11 I -29-