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HomeMy WebLinkAbout1972 07 31 Financial Report - Harris county water control and improvement district No. 133 INDEX AUDITOR'S REPORT EXHIBIT A Balance Sheet, All Funds, July 31, 1972, Supported by Schedule A-1 EXHIBIT B Revenues, Expenses and Fund Balance - Operating Fund EXHIBIT C Revenues, Expenses and Fund Balance - Tax Fund, Supported by Schedule C-1 EXHIBIT D Cash Transactions - Debt Service Fund, Supported by Schedule D-1. EXHIBIT E Receipts and Disbursements - Construction Fund EXHIBIT F General Long - Term Debt and Debt Service Requirements EXHIBIT G General Fixed Assets EXHIBIT H District Organization Cost NOTES TO FINANCIAL STATEMENTS immill! STONE & STEED PUBLIC ACCOUNTANTS AND AUDITORS ESPERSON BUILDING W FRANK STONE P A HOUSTON, TEXAS 77002 P.FRANK STEED.JR C P A September 5 , 1972 Board of Directors Harris County Water Control and Improvement District #133 Harris County, Texas We have examined the balance sheet of Harris County Water Control and Improvement District #133 as of July 31, 1972, and the related statements of operations for each fund for the period 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 circumstances. The District is in the development stage and construction of facilities is not complete at the date of this report. We observed no departures by The District from the requirements of the Bond Order except as stated in Notes To Financial Statements Numbers 5 and 10. In our opinion, the accompanying balance sheet and supporting exhibits and schedules present fairly the financial position of Harris County Water Control and Improvement District #133 at July 31, 1972, and the results of its operations for the period then ended, in confor- mity with generally accepted accounting principles. CO4C) 126-.1-1E4 aNNOWA Mill.0101111111'' 411l10r., EXHIBIT A General Construction Long-Term Asset Fund Debt Fund $ 22,462.95 12,635.86 48.47 $ 1,405,197.32 303,403.00 $ 1,925,000.00 $ 35,147.28 $ 1,925,000.00 $ 1,708,600.32 $1,025.00 5,000.00 $1,925,000.00 6,025.00 1,925,000.00 -0- 1,708,600.32 29,122.28 $35,147.28 $1,925,000.00 $1,708,600.32 'mma SCHEDULE A-1 Harris County Water Control and Improvement District 133 Certificates of Deposit July 31, 1972 Accrued Interest Interest Maturity Face Receivable Rate Date Amount 7-31-72 Debt Service Fund Certificates of Deposit No. 20240 4% 8-22-72 $165,189.45 $ 2,896.46 No. 4729 5% 6-25-72 25,000.00 123.30 Total Debt Service Fund $190,189.45 $ 3,019.76 Construction Fund Certificate of Deposit No. 1726 5% 7-3-72 $ 12,635.86 $ 48.47 The Notes to Financial Statements are an Integral Part of This Statement. EXHIBIT B Harris County Water Control and Improvement District #133 Revenues Expenses and Fund Balance - Operating Fund — For the Period Ending July 31, 1972 Operating Revenues Water Service $ 2,721.00 Sewer Service 496.34 Penalties 30.73 Sewer Inspection Service 125.00 Service Charge 5.00 Total Operating Revenues $ 3,378.07 Operating Expenses Monthly Service $ 7,350.00 Utilities 3,789.61 Maintenance and Repair 52.50 Office 125.70 Total Operating Expenses $11, 317.81 Net Operating Revenue ($ 7,939.74) Non Operating Revenue and Expenses Water Tap Fees $24,625.00 Water Tap Expenses ( 9,470.00) 15,155.00 Net Revenue for the Period $ 7,215.26 Fund Balance, March 26, 1970 -0- Fund Balance, July 31, 1972 $ 7,215.26 4401111001110111 The Notes to Financial Statements are an integral part of this report. EXHIBIT C Harris County Water Control and Improvement District #133 Revenue Expense and Fund Balance - Tax Fund For the Period Ending July 31, 1972 Revenue 1971 Tax Collections $ 12,137.97 Penalties 1,395.86 Tax Certificates 4.00 Total Revenue $ 13,537.83 Expenses Assessment and Collection Fee $ 1,200.00 Office Expense 48.25 Total Expenses $ 1,248.25 Net Revenue for the Period 12,289.58 Fund Balance - March 26, 1970 -0- Fund Balance - July 31, 1972 Note #9 $ 12,289.58 The Notes To Financial Statements are an integral part of this report. SCHEDULE C-1 mommak Harris County Water Control and Improvement District #133 Taxes Receivable July 31, 1972 Original Tax Roll 1971 $ 12,137.97 Collections Through July 31, 1972 12,137.97 Taxes Receivable, July 31, 1972 -0- Tax Valuations 1971 Land 2,415,593.00 Improvements 12,000.00 Personalty -0- Total $2,427,593.00 Rate per $100.00 Valuation .50 Tax Roll 12,137.97 The Notes to Financial Statements are an integral part of this report. EXHIBIT D immik Harris County Water Control and Improvement District 133 Cash Transactions-Debt Service Fund For the Period Ending July 31, 1972 Cash Receipts From Sale of Bonds $ 312,710.00 Accrued Interest on Bonds Sold 20,266.63 Redemption of Certificates of Deposit 274,000.00 Interest Received on Certificates of Deposit 4,126.95 Advance from Smith Rowe Fisher and Hay 10.00 Total Cash Received $ 611,113.58 Cash Disbursements Accrued Interest on Bonds Sold $ 20,266.63 Bond Coupon Interest 125,002.12 Purchase of Certificates of Deposit 464,189.45 Office Expense 6.15 Total Cash Disbursements $ 609,464.35 Excess Cash Receipts over Disbursements 1,649.23 Cash Balance March 26, 1970 -0- Cash Balance July 31, 1972 $ 1,649.23 011.00001111 The Notes to Financial Statements are an integral part of this report. SCHEDULE D-1 Harris County Water Control and Improvement District #133 Bond Interest Reserve July 31, 1972 Bond Interest Reserve, March 26, 1970 -0- Additions: Two Years Interest During Construction Period Note #7 $1,675,000 Series 1971 $ 274,700.00 $ 250,000 Series 1971A 38,010.00 $ 312,710.00 Deductions: Bond Interest Payments From Reserve $1,675,000 Series 1971 $ 119,036.67 $ 250,000 Series 1971A 5,965.45 $ 125,002.12 Bond Interest Reserve, July 31, 1972 $ 187,707.88 Bond Interest Reserve $1,675,000.00 Series 1971 $ 155,663.33 $ 250,000.00 Series 1971A 32,044.55 $ 187,707.88 mommioNOW The Notes To Financial Statements are an integral part of this report. EXHIBIT E ` Harris County Water Control and Improvement District #133 Receipts and Disbursements - Construction rood For the Period Ending July 31, 1972 Receipts Proceeds from Sale of Bonds ¢1,518,540.00 miscellaneous 10.00 Interest z000ma 385,86 Redemption of Certificates of Deposit 49,631.37 Total Receipts $1,568,567.23 Disbursements Construction of System $1,398,422.32 District organization Expense 83,994.73 Purchase of certificates of Deposit 62,267'23 Loans to other Funds 1,410.00 Miscellaneous 10.00 Total Disbursements $1,546,104.28 Excess Cash Receipts over Disbursements 32,462.95 Cash Balance March 26, 1970 -O- Caob Balance July 31, 1972 $ 22,462.95 The Notes to Financial Statements are an integral Dart of this report. � 11.1111111111.11111m Irr EXHIBIT F Page 1 of 2 nxismak Debt Service Requirements Bonds Year Ending Year Ending Outstanding July 31,1973 July 31,1974 July 31,1972 Prin. Interest Prin. Interest 1,675,000.00 $ 137,350.00 15,000.00 $ 137,042.50 250,000.00 19,005.00 19,005.00 mmimMOmmlf 26,650.00 26,650.00 $1,925,000.00 -0- $ 183,005.00 $ 15,000.00 $ 182,697.50 EXHIBIT F Page 2 of 2 ...41111, Harris County Water Control and Improvement District #133 General Long-Term Debt and Debt Service Requirements July 31, 1972 Principal Interest Interest Total For the Years Due Due Due Annual Ended Annually Semi Annually Semi Annually Payments 1972 -0- -0- $ 91,502.50 $ 91,502.50 1973 -0- $ 91,502.50 91,502.50 183,005.00 1974 $ 15,000.00 91,502.50 91,195.00 197,697.50 1975 30,000.00 90,887.50 90,171.25 211,058.75 1976 35,000.00 89,582.50 88,587.00 213,169.50 1977 45,000.00 87,917.50 87,042.00 219,959.50 1978 45,000.00 86,167.50 85,292.50 216,460.00 1979 45,000.00 84,417.50 83,542.50 212,960.00 1980 50,000.00 82,667.50 81,690.00 214,357.50 1981 55,000.00 80,712.50 79,653.75 215,366.25 1982 55,000.00 78,595.00 77,536.25 211,131.25 1983 60,000.00 76,477.50 75,316.25 211,793.75 1984 60,000.00 74,155.00 72,993.75 207,148.75 1985 60,000.00 71,832.50 70,671.25 202,503.75 1986 75,000.00 69,637.50 68,496.25 213,133.75 1987 75,000.00 67,030.00 65,563.75 207,593.75 1988 75,000.00 64,097.50 62,631.25 201,728.75 1989 100,000.00 61,165.00 59,191.25 220,356.25 1990 100,000.00 56,827.50 55,243.75 212,071.25 1991 85,000.00 53,270.00 51,602.50 189,872.50 1992 110,000.00 49,935.00 47,755.00 207,690.00 1993 110,000.00 45,575.00 43,395.00 198,970.00 1994 110,000.00 41,215.00 39,035.00 190,250.00 1995 140,000.00 36,855.00 34,060.00 210,915.00 1996 150,000.00 31,265.00 28,302.50 209,567.50 1997 150,000.00 25,340.00 22,377.50 197,717.50 1998 150,000.00 19,415.00 16,452.50 185,867.50 1999 170,000.00 13,490.00 10,117.50 193,607.50 2000 170,000.00 6,745.00 3,372.50 180,117.50 $ 2,325,000.00 $ 1,728,280.00 $ 1,774,292.75 $ 5,827,572.75 The Notes To Financial Statements are an integral part of this report. EXHIBIT G .r..� Harris County Water Control and Improvement District #133 General Fixed Assets July 31, 1972 Balances Additions July 31, 1972 Land $ 15,109.50 $ 15,109.50 Drainage System 417,995.50 417,995.50 Sewer System 541,760.54 541,760.54 Water System 290,875.80 290,875.80 Engineering 139,455.98 139,455.98 Totals $1,405,197.32 $1,405,197.32 Additions Provided by Construction Fund $1,405,197.32 The Notes To Financial Statements are an integral part of this report. EXHIBIT H Harris County Water Control and Improvement District #133 District Organization Costs July 31, 1972 Balance Additions July 31, 1972 Bond Printing $ 825.00 $ 825.00 Creation of The District 2,087.75 2,087.75 Discount on Bonds 93,750.00 93,750.00 Interest on Bonds 125,002.12 125,002.12 Legal Fees 76,828.58 76,828.58 Other 4,909.55 4,909.55 Total Note #6 $303,403.00 $303,403.00 Additions Provided by Construction Fund $ 178,400.88 Debt Service Fund 125,002.12 Total Additions $ 303,403.00 The Notes to Financial Statements are an integral part of this report. Alimmimmik Harris County Water Control and Improvement District #133 Notes To Financial Statements July 31, 1972 Note 1 Creation of District Harris County Water Control and Improvement District was created by order of the Texas Water Rights Commission effective March 26, 1972. Note 2 Accounting Methods The exhibits and schedules in this report were prepared on the accrued and modified accrued basis as described in the book Governmental Accounting, Auditing and Financial Reporting, except for Exhibit E and Exhibit D which were prepared on the cash basis Note 3 Water and Sewer Rates The District established the following water and sewer service rates: Combined Water and Sewer Service First 5,000 gallons of water used $ 8.00 Each 1,000 gallons of water over 5,000 gallons .45 Minimum Bill 8.00 Water Service Only First 5,000 gallons of water used 5.00 Each 1,000 gallons of water used over 5,000 gallons .45 Minimum Bill 5.00 Sewer Service Only Sewer Service 3.00 Minimum Bill 3.00 The rate order was amended to include Apartment Projects at a maximum of 85% of occupancy at the above rate for water. A combined water and sewer tap rate for commercial property was set at 2 1/3 per foot of land. Water tap only is 1 1/3 per v*mmisimi foot of land and Sewer Tap Only is 1p per foot of land. The required service deposit is $15.00. Note 4 Water and Sewer Service Customers The following is the number of metered water and sewer service customers serviced by the District: July 31, 1972 165 immmiON Note 5 Insurance Coverage At the date of this report, there is no insurance coverage as required by the bond orders. Note 6 District Organization Cost The District has elected to capitalize and charge to District Organization Cost all cost incurred in the issue and sale of bonds, costs of creating and organizing the District and some administrative costs until construction of fixed assets is completed. Note 7 Bond Interest Reserve In accordance with section VIII of the Bond order, a portion of the bond proceeds was deposited into the debt service and reserved for payment of bond interest during the construction period. This interest is being capitalized as a District Organization Cost as it is paid and the reserve account reduced accordingly. Note 8 Redemption of Bonds Bonds of the District are subject to redemption prior to maturity at the option of the District, or whole or in part, in inverse order for the purpose of retirement or refunding, or both, at par in addition to unpaid accrued interest. Bonds of the Series 1971., Series 1971A and Series 1972, may be called on March 1, 1976, 1987 and 1988 respectively or any interest date thereafter. Note 9 Pledge of Tax and Operating Revenues The bonds are payable from 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 by a lien on and pledge of the net revenues to be received from the Operation of the District's water works and sanitary sewer system. Note 10 Engineering Report The Bond Order dated March 1, 1971, Section X, Paragraph I, requires a complete engineering inspection report of the operations and physical condition of the system to be made each year by an independent qualified engineer. At the date of the audit report, MINE no such engineer's inspection report had been made. Note 11 Subsequent Events On September 5, 1972 Harris County Water Control and Improvement District #133 Water Works and Sewer System Combination Unlimited Tax and Revenue Bonds, Series 1972 were sold. This series totals $400,000 bringing the total bonded indebtedness to $2,325,000.