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Home My WebLink About1981 04 30 Financial Report - Clearwoods Improvements District CLEARWOODS IMPROVEMENT DISTRICT REPORT ON FINANCIAL STATEMENTS (With Supplemental Matetial) YEAR ENDED APRIL 30, 1981 BREEDLOVE & CO. CERTIFIED PUBLIC ACCOUNTANTS I TABLE OF CONTENTS Schedule Number Page Auditors' Report 1 Balance Sheet - All Funds A 2 Statement of Revenues and Expenses B 4 Statement of Fund Balances - All Funds C 6 Statement of Changes in Financial Position - All Funds D 8 Summary of Accounting Policies and Notes to Financial Statements 10-13 Auditors' Report on Other Financial Information 15 General Long-Term Debt Service Requirements by Years E 16 Analysis of Changes in General Long-Term Debt A-1 18 Schedule of Temporary Investments A-2 20 Analysis of Taxes Receivable A-3 21 Analysis of Organizational Costs A-4 22 Analysis of Changes in General Fixed Assets A-S 23 Comparative Statement of Revenue and Expenses All Funds 24 Insurance Coverage 26 Board Members, Key Administrative Personnel and Legal Counsel 29 bQEEDLOVE oco • - CIRIII III)I'11H11C A((( l;N14Plti 3730 F M. 1960 West, Suite 300 Houston, Texas 77068 • RICHARD W.BREEDLOVE (713)440-3347 a DONN A. LAND July 30, 1981 Board of Directors Clearwoods Improvement District Harris County, Texas We have examined the balance sheets of all funds of Clearwoods Improvement District as of April 30, 1981, and all funds' related statements of revenues, expenses and fund balances and changes in 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- 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 described in detail in Notes 6 and 9 of the notes to financial statements. In our opinion, the accompanying financial statements present fairly the financial position for all funds of Clearwoods Improvement District as of April 30, 1981, and the results of its operation 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 preceeding year. Ca. • Exhibit A CLEARWOODS IMPROVEMENT DISTRICT BALANCE SHEET - ALL FUNDS APRIL 30, 1981 General Memo Operating Total Fund ASSETS Cash $ 72 236 $ 37 256 Certificates of Deposit 75 843 Accrued Interest Receivable 2 166 Accounts Receivable - Water and St:wer Service Customers (Note 3) 27 940 27 940 Taxes Receivable 29 059 - General Fixed Assets 2 788 795 - Unamortized Bond Discount 33 958 - District Organizational Costs 299 879 - Amount to be Provided to Retire General Long-Term Debt 2 360 000 - Amount to be Provided for Bonded Debt - Current Maturity 80 000 - TOTAL ASSETS $5 769 876 $ 65 196 LIABILITIES, RESERVES AND FUND BALANCES Liabilities: Accounts Payable $ 23 684 $ 21 588 Contract Retainage 19 794 - Deferred Revenue 95 000 95 000 Refundable Customer Deposits 12 420 12 420 Bonds Payable (Note 7) 2 360 000 - Series 1967 Bond Principal Payable - Current Maturity 50 000 - Series 1967-A Bond Principal Payable - Current Maturity 10 000 - Series 1972 Bond Principal Payable - Current Maturity 10 000 - Series 1974 Bond Principal Payable - Current Maturity 10 000 - Total Liabilities 2 590 898 129 008 Reserves and Fund Balances: Reserve For: Uncollected Taxes 29 059 - Investment in General Fixed Assets 3 088 674 - Fund Balances 61 245 (63 812) Total Reserves and Fund Balances 3 178 978 (63 812) TOTAL LIABILITIES, RESERVES AND FUND BALANCES $5 769 876 $ 65 196 See the accompanying Summary of Accounting Policies and Notes to Financial Statements. -2- Debt General General Tax Service Construction Long-Term Fixed Fund Fund Fund Debt Fund Assets .Fund $ 9 303 $ 566 $ 25 111 $ - $ - .75 843 - - - - 2 166 - - - - 29 059 - - - - - - - - 2 788 795 - 33 958 - - - - - - - 299 879 - - - 2 360 000 - ' - 80 000 - - - $116 371 $114 524 $ 25 111 $2 360 000 $3 088 674 4 _ $ 822 $ - $ 1 274 $ - $ - - - 19 794 - 1 - - - 2 360 000 - - 50 000 - - - - 10 000 - - - - - 10 000 - - - A = 10 000 - - - 822 80 000 21 068 2 360 000 - - 29 059 - - - - - - - - 3 088 674 86 490 34 524 4 043 - - ` 115 549 34 524 4 043 - 3 088 674 1 $116 371 $114 524 $ 25 111 $2 360 000 $3 088 674 A .. -3- tam • Exhibit B • CLEARWOODS IMPROVEMENT DISTRICT STATEMENT OF REVENUES AND EXPENSES - ALL FUNDS FOR THE YEAR ENDED APRIL 30, 1981 General Memo Operating Total Fund OPERATING REVENUES: Service Revenue (Note 3) $228 195 $228 195 Water Tap Revenue 3 100 3 100 Tax Revenue 290 178 - Penalty and Interest 9 824 7 524 Total Operating Revenues 531 297 238 819 OPERATING EXPENSES: Sewer Service Expense 34 721 34 721 Directors Per Diem 1 375 1 375 Professional Fees 20 414 20 414 Utilities 36 427- 36 427 Management of System 59 400 59 400ri Office Supplies and Expense 8 914 8 914 Repairs and Maintenance 60 750 60 750 Insurance 4 117 4 092 Board of Equalization 84 - Tax Assessor/Collector Fees 9 864 - Other 12 436 12 436 Total Operating Expenses 248 502 238 529 NET INCOME FROM OPERATIONS 282 795 290 NON-OPERATING REVENUES: Interest 23 547 2 969 Sewer Inspection Revenue 140 140 Other 4 510 4 510 Total Non-Operating Revenues 28 197 7 619 NON-OPERATING EXPENSES: Water Tap Expense 2 175 2 175 Service and Related Expenses 164 713 - Total Non-Operating Expenses 166 888 2 175 NET INCOME (LOSS) (NOTE 4) $144 104 $ 5 734 See the accompanying Summary of Accounting Policies and Notes to Financial Statements. -4- Debt Tax Service Fund Fund 290 178 - 2 300 - 292 478 25 - 84 - 9 864 - 9 973 - 282 505 - 19 818 760 19 818 760 164 713 164 713 $302 323 $ (163 953) -5- - - Exhibit C CLEARWOODS IMPROVEMENT DISTRICT STATEMENT OF FUND BALANCES - ALL FUNDS FOR THE YEAR ENDED APRIL 30, 1981 General Memo Operating Total Fund FUND BALANCES, MAY 1, 1980 $3 105 029 $ 72 860 ADDITIONS TO FUND BALANCES: Net Income (Note 4) 144 104 5 734 Transferred from Operating Fund 142 406 - Transferred from Tax Fund 320 424 - Transferred from Construction Fund 165 294 Increase in Investment in Uncollected Taxes 9 845 - Total Additions to Fund Balances 782 073 5 734 DEDUCTIONS FROM FUND BALANCES: Payment of Bond Principal 80 000 - Transferred to Debt Service Fund 241 722 75 406 Transferred to Construction Fund 223 608 67 000 Transferred to General Fixed Assets 162 794 - Total Deductions from Fund Balances 708 124 142 406 NET CHANGES IN FUND BALANCES 73 949 (136 672) FUND BALANCES, APRIL 30, 1981 $3 178 978 $(63 812) See the accompanying Summary of Accounting Policies and Notes to Financial Statements • Debt General Tax Service Construction Fixed Fund Fund Fund Assets Fund $123 805 $ 36 755 $ (54 271) $2 925 880 302 323 (163 953) - - 75 406 67 000 - 163 816 156 608 2 500 - 162 794 9 845 - - - 312 168 77 769 223 608 162 794 80 000 - - 163 816 - 2 500 - 156 608 - - - 162 794 - 320 424 80 000 165 294 - (8 256) (2 231) 58 314 162 794 $115 549 $ 34 524 $ 4 043 $3 088 674 -7- • CLEARWOODS IMPROVEMENT DISTRICT STATEMENT OF CHANGES IN FINANCIAL POSITION - ALL FUNDS FOR THE YEAR ENDED APRIL 30, 1981 General Memo Operating Total Fund SOURCES OF CASH: Cash Receipts from Operations $557 533 $245 026 Cash Disbursements for Operations: Sewer Service Expense 34 721 34 721 Directors Per Diem 1 375 1 375 Professional Fees 18 108 18 108 Utilities 36 427 36 427 Management of System 59 400 59 400 Office Supplies and Expense 8 914 8 914 Repairs and Maintenance 54 211 54 211 Insurance 4 092 4 092 Board of Equalization 84 - Tax Assessor/Collector Fees 9 114 - Debt Service and Related Expenses 162 212 - Other 11 650 11 650 Total Cash Disbursements for Operations 400 308 228 898 Net Cash from Operations 157 225 16 128 Cash Transfers from other Funds 465 330 - Cash Received - Due to Fire Department 11 957 11 957 Sale of Certificates of Deposit 136 333 112 176 Cash Received from Customer Deposits 575 575 Total Cash Provided 771 420 140 836 APPLICATIONS OF CASH: Payment of Bond Principal 80 000 - Payments of Accounts Payable 9 032 8 257 Cash Transfers to Other Funds 662 789 142 406 Total Cash Applied 751 821 150 663 INCREASE (DECREASE) IN CASH 19 599 (9 827) CASH BALANCE, MAY 1, 1980 52 637 47 083 CASH BALANCE, APRIL 30, 1981 $ 72 236 $ 37 256 See the accompanying Summary of Accounting Policies and Notes to Financial Statements. -8- #_ • Debt - Tax Service Construction Fund Fund Fund $311 747 $ 760 $ - 84 - - 9 114 - - 162 212 - 4 9 198 162 212 - 302 549 (161 452) 241 722 223 608 24 157 - - a 326 706 80 270 223 608 - 80 000 - _ 775 - - 320 424 - 199 959 321 199 80 000 199 959 5 507 270 23 649 3 796 296 1 462 - $ 9 303 $ 566 $ 25 111 -9- a CLEARWOODS IMPROVEMENT DISTRICT SUMMARY OF ACCOUNTING POLICIES AND NOTES TO FINANCIAL STATEMENTS APRIL 30, 1981 NOTE (1) CREATION OF DISTRICT 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 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 Organizational 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 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 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 provided 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. 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 adequate allowance for uncollectable accounts and accordingly, no separate allowance is recorded. 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 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. _in_ CLEARWOODS IMPROVEMENT DISTRICT NOTES TO FINANCIAL STATEMENTS Continued NOTE (3) WATER AND SEWER SERVICE RATES The District has established the following rates effective September 7, 1978: 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 Sewer Service Residential and Commercial Monthly' Charge: First 50,000 Gallons of Water Used (minimum bill) 8.00* Each 1,000 Gallons of Water Used Thereafter .25 Tap Fees 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 tapping charges by separate order or agreement. Commercial tap-on fee shall be a negotiated amount per square foot of land in addition to the cost of meter, box and installation. Residential and commercial sewer inspection fee 25.00 Deposits Per customer 15.00 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 limitation as to rate or amount, and are further payable from and secured A 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. A NOTE (5) BOND INTEREST RESERVE In accordance with the Bond Orders, a portion of the bond proceeds was deposited into the Debt Service Fund and reserved for the payment of bond A interest during the construction period. This bond interest is being capitalized as a district organizational cost as it is paid and the • reserve account reduced accordingly. • ' * Amended September 1, 19fl0 4 -11- t _ 1 •.4 Yi.rr CLEARWUODS IMPROVEMENT DISTRICT NOTES TO FINANCIAL STATEMENTS Continued NOTE (6) ENGINEERING REPORT The Bond Order states that a complete engineering inspection report LL of the operations and physical condition of the plant and system shall be made each year by an independent qualified engineer. At the Balance Sheet date, said report had not been made. NOTE (7) REDEMPTION OF BONDS The outstanding bonds of Clearwoods Improvement District, Harris County, Texas, are callable for redemption prior to maturity at the option of the District. The bonds may be called in whole or in part in inverse numerical order for the purpose of retirement 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 on February 1, 1982, August 1, 1982, April 1, 1987 and September 1, 1989, respectively, or any interest date thereafter. NOTE (8) WATER AND SEWER SERVICE CUSTOMERS The following is a comparison of the number of metered water and sewer service customers serviced by the District: April 30, 1980 1,210 April 30, 1981 1,220 NOTE (9) 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 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 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 succeeding year. At the Balance Sheet date, the Operating and Tax Fund Revenues have not been sufficient to make 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 to meet the annual bond principal and interest payments, not provided by funds from the bond sales. • CLEARWOODS IMPROVEMENT DISTRICT NOTES TO FINANCIAL STATEMENTS Continued NOTE (10) RESTRICTED CASH AND TEMPORARY INVESTMENTS The following balances were restricted by the Bond Orders as of April 30, 1981: Restricted For Servicing of Acquisition of Bonded Debt Fixed Assets Cash $ 566 $25 111 Temporary Investments 75 843 - $76 409 $25 111 NOTE (11) INSURANCE 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. The District has physical damage coverage of $209 500 with an 80% co-insurance provision and flood coverage of $125,000. The District has comprehensive general liability coverage with a maximum limit of $300,000. 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. -13- BQEEDI�o E &co (tntu m Pun is Act wNnw.r. 3730 F.M. 1960 We , Suite 300 Houston. Texa 77068 RICHARD W.BREEDIOVE 1713)440-3347 DONNA LAND July 30, 1981 Board of Directors Clearwoods Improvement District Harris County, Texas Supplemental Material In our opinion, the accompanying information is stated fairly in all material respects in relation to the financial statements, taken as a whole, of Clearwoods Improvement District for the year ended April 30, 1981 which are covered by our opinion presented in the first section of this report. The accompanying information is supplemental to the finan- cial statements and is not essential for a fair representation of the financial position, results of operations and changes in financial posi- tion. Our examination, which was made primarily for the purpose of forming an opinion on the financial statements taken as a whole, included such tests of the accounting records, from which the supplementary infor- mation was compiled, and such other auditing procedures as we considered necessary in the circumstances. CA. Exhibit E • CLEARWOODS IMPROVEMENT DISTRICT GENERAL LONG-TERM DEBT AND DEBT SERVICE REQUIREMENTS April 30, 1981 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 1982 $ 50 000 $ 22 500 $ 72 500 $ 10 000 $ 39 600 $ 49 600 1983 75 000 20 000 95 000 10 000 39 000 49 000 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 1989 - - - 75 000 31 500 106 000 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 - - - - - - 1998 - - - - - - 1999 - - - - - - 2000 - - - - - - 2001 - - - - - - 2002 - - - - - - 2003 - - - - - - 2004 - - - - - - TOTALS $450 000 $ 86 250 $53G 250 $660 000 $381 600 $1 041 600 i See the accompanying Summary of Accounting Policies and Notes to Financial Statements. 7 16- Series 1972 Series 1974 Principal Interest Due Principal Interest Due Total Due October 1, Due September 1, Annual April 1 April 1 Total March 1 March 1 Total Requirements $ 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 Q00 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 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 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 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 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 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 $570 000 ' $506 538 $1 076 538 $760 000 $838 100 $1 598 .100 $4 252 488 -17- Schedule A-1 CLEARWOODS IMPROVEMENT DISTRICT ANALYSIS OF CHANGES IN GENERAL LONG-TERM DEBT C APRIL 30„ 1981 Transactions for The Year Ended Bonds April 30, 1981 Outstanding Retirements 4 Description Rate Sayable May 1, 1980 Principal Interest - Clearwoods Improvement District 5.00% 8/1,2/1 $ 500 000 $50 000 $ 25 000 r Waterworks and Sewer System Combination Tax and Revenue Bonds, Series 1967 r Clearwoods Improvement District 6.00% 8/1,2/1 670 000 10 000 40 200 Waterworks and Sewer System Combination Tax and Revenue r Bonds, Series 1967-A Clearwoods Improvement District 6.75% 11/1,4/1 580 000 10 000 39 150 Waterworks and Sewer System Combination Tax and Revenue Bonds, Series 1972 Clearwoods Improvement District 6.75% •/1,3/1 770 000 10 000 57 385 Waterworks and Sewer System 6.90 Combination Tax and Revenue 7.00 f Bonds, Series 1974 7.10 7.25 7.40 7.50 7.60 7.70 _ TOTALS (Note 8) $2 520 000 $80 000 $161 735 l C l l C See the accompanying Summary of Accounting Policies and Notes to Financial Statements. -18- • Debt Service •- • ireme is Bonds For the Year Ending For the ear Ending Outstanding April 30, 1982 Aril ;0, 1983 April 30, 1981 Principal Interest Princi•a Interest $ 450 000 $50 000 $ 22 500 $ 75 00. $ 20 000 660 000 10 000 39 600 10 060 39 000 570 000 10 000 38 475 10 000 37 800 760 000 10 000 56 710 10 060 56 035 $2 440 000 $80 000 $157 285 $105 00 $152 835 -19- s ---- Schedule A-2 CLEARWOODS IMPROVE;•1ENT DISTRICT SCHEDULE OF TEMPORARY INVESTMENTS April 30, 1981 r Accrued Interest Interest Maturity Face Receivable Rate Date Amount April 30, 1981 I TAX FUND • Certificates of Deposit: No. 46-0218982 13.5 9 5-13-81 $30 000 $1 924 r 45-0073387 8.0 7-20-81 45 843 242 Total 75 843 2 166 • 1 TOTAL ALL FUNDS $75 843 $2 166 • See the accompanying Summary of Ac <- .uuLiny Policies and Notes to Financial Statements. z20- CLEARWOODS IMPROVEME7 DISTRICT ANALYSIS OF TAXES RPCEIVABLE AS OF APRIL 30, 1981 Taxes Receivable, May 1, 1980 $ 19 214 1980 Original Tax Role 300 164 Adjustments 141 300 023 Total to be accounted for 319 237 Tax Collections - Current year 283 460 Prior year 6 718 290 178 Taxes Receivable, April 30, 1981 $ 29 059 Taxes Receivable by Years: 1980 $ 16 625 1979 3 631 1978 2 799 1977 2 790 1976 832 1975 996 1974 693 1973 693 Total Taxes Receivable $ 29 059 Assessed Valuation Summary Property Valuations 1980 1979 1978 1977 1976 Land $ 8 167 700 7 998 00 8 087 200 7 939 700 6 573 700 Personal Property 910 800 777 900 718 400 674 000 568 100 Improvements 37 100 600 35 572 700 33 430 600 30 316 000 23 233 100 Total Valuations $46 179 100 44 348 800 42 236 200 38 929 700 30 374 900 Tax Rate per $100 Valuation $0.65 $0.65 $0.65 $0.65 $0.65 Tax Year : January 1, 1980 to December 31, 1980 Percent of the assessed valuation to faik market price 100.0% Percent of current taxes collected to current taxes levied 94.4% Percent of current and delinquent taxes Collected to current and delinquent taxes oustanding at beginning of tax year 90.9% -21- Schedule A-4 CLEARWOODS IMPROVEMENT DISTRICT DISTRICT ORGANIZATIONAL COSTS APRIL 30 , 1981 Balances Balances Moy 1, 1980 April 30, 1981 Financial Advisors Fees 5 16 250 $ 16 250 Discount on Sale of Bonds 14 414 14 414 Bond Issue Costs 1 821 1 821 Bond Interest (Note 5) 245 349 245 349 Ohter Costs 3 066 3 066 Interest on Temporary Investments (135 825) • (135 825) Legal Fees 154 804 154 804 TOTAL $299 879 $299 879 - J -22- • CLEARWOODS IMPROVEMENI DISTRICT ANALYSIS OF CHANGES IN GENERAL FIXED ASSETS APRIL 30, 1981 May 1, 1980 Additions April 30, 1981 Drainage System_ $ 608 329 $ - $ 608 329 Sewer System 1 082 0/9 162 794 1 244 873 Water System 653 800 - 653 800 Engineering 252 111 - 252 171 Land 29 622 - 29 622 TOTAL $2 626 001 $162 794 $2 788 795 Amounts Provided By: Construction Fund $162 794 -23- CLEARWOODS IMPROVEMENT DISTRICT i COMPARATIVE STATEMENT OF REVENUES AND EXPENSES - ALL FUNDS FOR THE TWO YEARS ENDED APRIL 30, 1981 E Amount 1981 1980 OPERATING REVENUES: Service Revenue $228 195 $194 410 Water Tap Revenue 3 100 10 552 r Tax Revenue 290 178 289 630 Penalty & Interest 9 824 12 189 Total Operating Revenue 531 297 506 781 [ OPERATING EXPENSES: Sewer Service Expense 34 721 28 673 Directors Per Diem 1 375 1 200 Professional Fees 20 414 24 979 Utilities 36 427 24 403 Management of System 59 400 41 234 L Office Supplies and Expense 8 914 6 916 Repairs and Maintenance 60 750 42 574 Insurance 4 117 2 868 Board of Equalization 84 75 Tax Assessor/Collector Fee 9 864 8 785 Other 12 436 9 282 r Total Operating Expenses 248 502 190 989 NET INCOME FROM OPERATIONS 282 795 315 792 NON-OPERATING REVENUES: Interest 23 547 27 236 r Sewer Inspection Revenue 140 425 L Flood Insurance Proceeds - 29 057 Other 4 510 3 571 Total Non-Operating Revenues 28 197 60 289 NON-OPERATING EXPENSES: Water Tap Expense 2 175 4 545 Debt Service and Related Expenses 164 713 168 693 Total Non-Operating Expenses 166 888 173 238 r L NET INCOME $144 104 $202 843 I- L r t L -24k- L. • Percent of Total Revenue 1981 1980 43.0% 38.4% _6 2.1 54.6 57.1 1.8 2.4 100.0% 100.0% 6.5 5.7 .3 .3 3.8 4.9 6.9 4.8 11.2 8.1 1.7 1.4 11.4 8.4 .8 .6 1.9 1.7 2.3 1.8 46.8 37.7 53.2 62.3 4.4 5.4 .1 5.7 .9 .7 5.3 11.9 .4 .9 31.0 33.3 31.4 34.2 27.1% 40.0% -25- E: CLEARWOODS IMPROVEMENT DISTRICT 1� INSURANCE COVERAGE APRIL 30, 1981 El Amount of Type of Coverage From To Coverage PLANT AND EQUIPMENT Fire and lightning, extended coverage, 6-14-80 6-14-83 $209,500 explosion, vandalism and malicious mischief EMPLOYEE HONESTY, ETC. Tax Assessor/Collector 1-01-81 12-31-81 5,000 1 Directors Various dates depending 5,000 on term of office each director r L FLOOD INSURANCE Sewer Pump Building and one Lift Station - 7-17-80 7-17-81 25,000 Building Contents 100,000 COMPREHENSIVE AND GENERAL LIABILITY, AUTO Liability and Contractual Liability 6-22-80 6-22-81 Bodily injury, per person and aggregate 300,000 Property damage, per person and aggregate 100,000 1 -;6- Insurer Typ- of Policy Corporation Clause 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 National Surety Corporation Stock No -27- ,i CLEARWOODS IMPROVEMENT DISTRICT BOARD MEMBERS, KEY ADMINISTRATIVE PERSONNEL AND LEGAL COUNSEL April 30, 1981 Relationship With Major Land Term of Board Members Owners, Engi- Office Resident neer, Attorney Elected & Aanual of & Tax Assessor- Expires Salary Title District Collector E. A. Kiessling 4-4-81 Per Diem President Yes None 15402 Wandering Trail 4-4-83 Friendswood, Texas 77546 Thomas J. Linbeck 4-4-81 Per Diem. Vice Pres. Yes None 5114 Coventry Ct. 4-4-83 Friendswood, Texas 77546 Peter S. Cunningham 5-1-80 Per Diem Secretary Yes None 5219 Shady Oaks Lane 4-30-82 Friendswood, Texas 77546 Herman M. Hayley 5-1-80 Par Diem Yes None 5315 Shady Oaks 4-30-82 Friendswood, Texas 77546 M. Greg McCaffrey 4-4-81 Per Diem Yes None 5115 Regal Pineway 4-4-83 Friendswood, Texas 77546 Date Fees Hired Paid District Operator Water District Service Co. 2-15-67 $59 400 No 4234 Richmond Houston, Texas 77027 District (Legal Counsel) W. James Murdaugh 4-29-66 $12 072 No (Smith & Murdaugh) 1811 Houston Natural Gas Bldg. Houston, Texas 77002 District Tax (Assessor-Collector) William Spencer 3-7-73 $ 9 864 No 5318 Pasadena Blvd. Deer Park, Texas 77536 -29-