HomeMy WebLinkAbout123106 Comprehensive Annual Financial ReportCOMPREHENSIVE
ANNUAL FINANCIAL REPORT
of the
CITY OF WEST UNIVERSITY
PLACE, TEXAS
Year Ended
December 31, 2006
Officials Issuing Report:
Michael Ross
City Manager
Walter Thomas
Finance Director
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CITY OF WEST UNIVERSITY PLACE, TEXAS
' TABLE OF CONTENTS
December 31, 2006
Page
INTRODUCTORY SECTION
Letter of Transmittal 3
' Organizational Chart 7
Certificate of Achievement for Excellence in Financial Reporting 8
Principal Officials 9
FINANCIAL SECTION
Independent Auditors' Report 13
Management's Discussion and Analysis 17
BASIC FINANCIAL STATEMENTS
Government-Wide Financial Statements
Statement of Net Assets 29
Statement of Activities 30
Fund Financial Statements
Governmental Funds Financial Statements
Balance Sheet-Governmental Funds 32
Statement of Revenues, Expenditures, and Changes in Fund Balances-
Governmental Funds 34
Reconciliation of the Statement of Revenues, Expenditures and Changes
in Fund Balances of Governmental Funds to the Statement of Activities 37
Proprietary Funds Financial Statements
Statement of Net Assets 38
Statement of Revenues, Expenses, and Changes in Fund Net Assets 42
Statement of Cash Flows 44
Notes to Financial Statements 49
REQUIRED SUPPLEMENTARY INFORMATION
Schedule of Revenues, Expenditures, and Changes in Fund Balances-
'
Budget and Actual:
General Fund
69
Schedule of Funding Progress-Texas Municipal Retirement System
71
' COMBINING STATEMENTS AND SCHEDULES
Schedule of Revenues, Expenditures, and Changes in Fund Balances-
'
Budget and Actual:
Debt Servce Fund
75
Combining Balance Sheet-Nonmajor Governmental Funds
78
' Combining Statement of Revenues, Expenditures, and Changes in
Fund Balance-Nonmajor Governmental Funds
80
CITY OF WEST UNIVERSITY PLACE, TEXAS
TABLE OF CONTENTS
December 31, 2006
Page
Schedule of Revenues, Expenditures, and Changes in Fund Balance-
Budget and Actual:
Special Revenue Funds:
Parks 82
Senior Activity 83
Court Technology 84
METRO Grant 85
Combining Balance Sheet-Internal Service Funds 88
Combining Statement of Revenues, Expenditures, and Changes in
Fund Balance-Intemal Service Funds 89
Combining Statement of Cash Flows-Internal Service Funds 90
STATISTICAL SECTION
Net Assets by Component - Last Four Years
93
Changes in Net Assets - Last Four Years
94
Tax Revenues by Source, Governmental Activities - Last Four Years (accrual basis)
97
Fund Balances, Governmental Funds- Last Ten Years
98
Changes in Fund Balance, Governmental Funds - Last Ten Years
100
Tax Revenues by Source, Governmental Activities - Last Ten Years ( modified accrual
basis)
102
Assessed Value and Actual Value of Taxable Property - Last Ten Years
104
Property Tax Rates - Direct and Overlapping Governments - Last Ten Years
106
Principal Property Taxpayers - Current Year and Four Years Ago
109
Property Tax Levies and Collections - Last Ten Years
110
Ratios of Outstanding Debt by Type - Last Four Years
112
Ratio of Net Bonded Debt to Assessed Value, Net Bonded Debt Per Capita, and Assessed
and Estimated Actual Value of Taxable Property - Last Ten Years
114
Direct and Overlapping Governmental Activities Debt
116
Legal Debt Margin Information - Last Four Years
117
Pledged-Revenue Coverage -Last Ten Years
118
Demographic and Economic Statistics
120
Principal Employers - Current Year
121
Full-Time Equivalent City Government Employees by Function/Program - Last Ten
Years
122
Operating Indicators by Function/Program - Last Four Years
123
Capital Asset Statistics by Function/Program - Last Four Years
124
INTRODUCTORY SECTION
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0 City of West University Place
A Neighborhood City
® Recycled Paper
June 1, 2007
To the Honorable Mayor and Citizens of the
City of West University Place, Texas:
The Comprehensive Annual Financial Report of the City of West University Place, Texas (the "City") for the
fiscal year ended December 31, 2006 is hereby submitted. Responsibility for both the accuracy of the data, and
completeness and fairness of the presentation, including all disclosures, rests with the City. To the best of our
knowledge and belief, the enclosed data are accurate in all material respects and are reported in a manner
designed to present fairly the financial position, results of operations and cash flows of the various funds of the
City. All disclosures necessary to enable the reader to gain an understanding of the City's financial activities
have been included.
In developing and evaluating the City's accounting system, consideration is given to the adequacy of internal
accounting controls. These controls are designed to provide reasonable, but not absolute, assurance regarding
the safeguarding of assets against loss from unauthorized use or disposition, and the reliability of financial
records for preparing financial statements and maintaining accountability for assets. The concept of reasonable
assurance recognizes that the cost of a control should not exceed the benefits likely to be derived, and the
evaluation of costs and benefits requires estimates and judgments by management. We believe that the City's
current system of internal controls adequately safeguards assets and provides reasonable assurance of proper
recording of financial transactions.
As required by the City's charter, the financial statements have been audited by Sandersen Knox and Belt,
L.L.P., a firm of certified public accountants. The goal of the independent audit was to provide reasonable
assurances that the fmancial statements of the City of West University Place for the fiscal year ended
December 31, 2006, are free of material misstatement. The independent audit involved examining, on a test
basis, evidence supporting the amounts and disclosures in the financial statements; assessing the accounting
principles used and significant estimates made by management; and evaluating the overall financial statement
presentation. The independent auditor concluded, based upon the audit, that there was a reasonable basis for
rendering an unqualified opinion that the City of West University Place's financial statements for fiscal year
ended December 31, 2006, are presented in conformity with generally accepted accounting principles (GAAP).
The Comprehensive Annual Financial Report is presented in three sections: introductory, financial and statistical.
The introductory section includes this transmittal letter and the City's organizational chart. The financial section
includes auditor's report on the financial statements, a narrative introduction, overview and analysis required by
GAAP in the form of the Management's Discussion and Analysis (MD&A), the basic financial statements, fund
financial statements, and combining and individual financial statements. This letter of transmittal is designed to
complementthe MD&A and should be read in conjunction with it. The City's MD&A can be found immediately
following the report of the independent auditors. The statistical section includes selected unaudited financial and
demographic information generally presented on a multi-year basis.
3800 University Boulevard • West University Place, Tfxas 77005-2899 • 713.668.4441 • www.westu.org
PROFILE OF THE GOVERNMENT
The City was incorporated in 1924 and became a Texas Home-Rule City in 1940. West University Place
operates under the Council-Manager form of municipal government. The mayor and council are responsible
for passing ordinances, adopting the budget, appointing board and committee members, and hiring the City
Manager. The City Manager is responsible for carrying out the policies and ordinances of the mayor and
council, overseeing the day-to-day operations of the City, and appointing department heads. The Mayor and
Council are elected on an at large, non-partisan basis. The Mayor and Council members are elected for two-
year terms.
The City provides a full range of municipal services. These services include police and fire protection,
municipal court, streets, drainage, leisure services, water and sewer, solid waste collection and disposal,
community development, and general administrative services. Based upon the criterion set forth in generally
accepted accounting principles, the following organizations are includable within the City's reporting entity:
Entity Method of Inclusion
Friends of West University Place Parks Blended
ECONOMIC CONDITION AND OUTLOOK
The City of West University Place, Texas encompasses a 1.9 square mile area located a few blocks south of
U.S. Highway 59 (the "Southwest Freeway") and approximately five miles from downtown Houston, Texas.
The City is an integral part of the Houston metropolitan area and is completely surrounded by the Cities of
Houston, Bellaire, and Southside Place. The City is primarily a residential area whose approximately 14,211
inhabitants are employed throughout the Houston urban area. Rice University and the Texas Medical Center
complex are located about one mile east of the city limits in the City of Houston.
There is almost no vacant and/or undeveloped land in West University Place, so construction generally
involves rebuilding and remodeling. In the mid-1980s, building activity took off at a blistering pace. Property
values soared as a result. Assessed value of property in the City rose from $768 million in 1988 to over $2.9
billion in 2006. In 2006, the City gained over $67.5 million in increased property values from new
construction.
The economic condition of the entire Houston area has been steadily improving since the recession that halted
growth in the late 1980s. The economy is much more diverse so it will be less likely to suffer wild swings that
were the hallmark of the past. The collapse of Enron, the merger of Compaq with Hewlett Packard and
Continental Airlines' continued woes all have challenged the resiliency of the Houston area economy. These
events slowed growth, but the economy has proved stable. The City of West University Place's stability and
growth is the result of a trend for suburban families to move closer to work. The City's low crime rate and
hometown appeal has attracted many of these families. These factors have contributed and continue to
contribute to the growth in property values in West University Place.
For the Future Growth in the value of real property in the City is expected to continue to be robust into
2008. Expenditures are also expected to grow due to competitive pressure on personnel costs.
Longterm planning Asa part of the fiscal year 2007 budget process, the Mayor and Council and City Staff
updated a multi-year capital improvements program. Several projects in this plan are moving from planning:
A Park will be constructed.
Transportation improvements aimed at relieving street flooding will be fmanced with a $4.3 million grant
from METRO.
A new safer emergency operations center is planned along with a complete reconstruction of the police
station.
These projects are expected to be implemented in fiscal year 2007.
FINANCIAL INFORMATION
Budgeting Controls The City Charter of the City of West University Place establishes the fiscal year as
January I through December 31. The Charter requires the City Manager to submit a proposed budget and
accompanying budget message to the City Council each year. The proposed budget is presented to the City
Council at a series of budget work sessions. Department directors have an opportunity to make a budget
presentation to the City Council and are available for questions. Copies of the proposed budget are made
available to the public and the press and the public hearing schedule is confirmed. Before the public hearings
are held, notices of the public hearings on the proposed budget are posted and published in the newspaper.
After public hearings at two consecutive regular City Council meetings, the Council may adopt the proposed
budget, with or without amendment. The budget ordinance is to be adopted no later than 60 days after
receiving the Certified Tax Roll from the Harris County Appraisal District which is usually received around
August 12 each year. The Council adopts the tax rate ordinance at the same meeting as the budget. The City
maintains budgetary control by adopting an annual operating budget for the General Fund, Debt Service Fetid,
Water and Sewer Fund, and Solid Waste Fund. Detail control is maintained at the line item level by
encumbering available funds at the time a purchase order is written. Encumbrances do not lapse at fiscal year
end. The City Manager is authorized to transfer budgeted amounts within departments within any fund.
However, any revisions that alter the total expenditures of any fund or department must be approved by the
City Council.
Cash Management Cash temporarily idle during the year was invested in U.S. Treasury Bills and Notes,
Agency Discount Notes and Medium Term Notes and a local government investment pool (Texpool). The
average yield on investments for the year was approximately 2.5%. The primary objectives of the City's
investment policy, in priority order, are safety (preservation of capital), liquidity (to provide adequate and
timely working funds), and return on investment (obtaining a rate of return commensurate with investment risk
constraints and cash flow needs). All deposits were either insured by federal deposit insurance or collateralized
and the collateral was held by a trustee bank in the City's name, which is the lowest category of risk as defined
by the Governmental Accounting Standards Board. The City currently holds the Certificate of Distinction
from the Government Treasurer's Organization of Texas for its investment policy.
' Risk Management Insurance coverage for property, liability, and workers' compensation is provided by the
Texas Municipal League Intergovernmental Risk Pool (the "Risk Pool"), a State Insurance Pool. Contributions
to the Risk Pool for workers' rates are based on the City's past claims history. The Risk Pool retains a limit of
' loss and reinsurance companies insure the risks beyond those limits. During the fiscal year, representatives
from the Risk Pool physically reviewed City facilities to identify possible risks. City employees also
participated in Risk Pool sponsored safety training classes.
' AWARDS AND ACKNOWLEDGEMENTS
' Awards The Government Finance Officers Association of the United States and Canada (GFOA) awarded a
Certificate of Achievement for Excellence in Financial Reporting to the City of West University Place for its
comprehensive annual financial report for the fiscal year ended December 31, 2005. This was the fifteenth
' consecutive year the City has received this prestigious award. In order to be awarded a Certificate of
Achievement, a government must publish an easily readable and efficiently organized comprehensive annual
financial report. This report must satisfy both generally accepted accounting principles and applicable legal
requirements.
A Certificate of Achievement is valid for a period of one year only. We believe that our current comprehensive
annual financial report continues to meet the Certificate of Achievement Program's requirements, and we are '
submitting it to GFOA to determine its eligibility for another certificate.
Acknowledgements The preparation of this report could not have been accomplished on a timely basis '
without the dedicated endeavors of the entire staff of the Finance Department. I would like to express my
sincere appreciation to all employees who contributed to the preparation. Additionally, I would also like to
thank the Mayor, City Council, and City Manager for their support in planning and conducting the financial ,
operations of the City in a responsible and progressive manner.
Respectfully submitted,
Walter Thomas
Finance Director
11
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11
11
CITY OF WEST UNIVERSITY PLACE, TEXAS
ORGANIZATIONAL CHART
December 31, 2006
Citizens of
West University Place
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7
CITY OF WEST UNIVERSITY PLACE, TEXAS
CERTIFICATE OF ACHIEVEMENT FOR
EXCELLENCE IN FINANCIAL REPORTING
Certificate of
Achievement
for Excellence
in Financial
Reporting
Pcc5Cn1€d laa
City= of West University Place
Texas
Fer il+ Cnntprchowime Annual
Financial Rcpon
Asir the fiscal Ycar Ended
Ddccanb r31, 005
A Cenifwair aJ Ac ljoverum fin E,ud kiwe ni Financial
R,vpunsng is presrc let Dj.. Its [iovcum cin F nu.mcr Ofims
A s.a lx[ubiz of Or U nineal Sum and Canada in
al}kC".In31"W.. units -aud lamlic capl-Dpet zcai :LL'#iS.
splenti a'?ur,r ccn2praeiexr`.ism annuaE financial
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rrdneined; u. Fns'crrnaanl as adadang
0,1d . f0dwici4l repnnin},
F culcve Director
8
CITY OF WEST UNIVERSITY PLACE, TEXAS
PRINCIPAL OFFICL4LS
December 31, 2006
City Officials
Elective Position
Term Expires
Burt Ballanfant
Mayor
05/2007
Phyllis Cohen
Council Member
05/2007
Steven Segal
Council Member
05/2007
Mike Woods
Council Member
05/2007
Richard Yehle
Council Member
05/2007
Key Staff
Michael Ross
Chris Peifer
Kaylynn Holloway
Alan Petrov
Candelario Elizondo
Tim O'Conner
Steve Ralls
Wendy Stardorf
Walter Thomas
Ken Walker
Position
City Manager
Assistant City Manager/Public Works Director
City Secretary
City Attorney
City Judge
Parks and Recreation Director
Fire Chief
Director of Human Resources
Finance Director
Police Chief
9
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10
FINANCIAL SECTION
11
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12
INDEPENDENT A UDITORS' REPORT
To the Honorable Mayor and
Members of the City Council
City of West University Place, Texas:
We have audited the accompanying financial statements of the governmental activities, the business-type
activities, each major fund, and the aggregate remaining fund information of the City of West University
Place, Texas (the "City"), as of December 31, 2006, and for the year then ended, which collectively
comprise the City's basic financial statements as listed in the table of contents. These financial
statements are the responsibility of the City's management. Our responsibility is to express opinions on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards in the United States of
America. Those standards require that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes
' assessing the accounting principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our audit provides a reasonable
basis for our opinions.
' In our opinion, the financial statements referred to above present fairly, in all material respects, the
respective financial position of the governmental activities, the business-type activities, each major fund,
' and the aggregate remaining fund information of the City as of December 31, 2006, and the respective
changes in financial position and cash flows, where applicable, thereof for the year then ended, in
conformity with generally accepted accounting principles in the United States of America.
' The management's discussion and analysis on pages 17 through 25, budgetary comparison information on
page 69, and pension information on page 71, are not a required part of the basic financial statements but
are supplementary information required by accounting principles generally accepted in the United States
' of America. We have applied certain limited procedures, which consisted principally of inquiries of
management regarding the methods of measurement and presentation of the required supplementary
information. However, we did not audit the information and express no opinion on it.
13
730 North Post Oak Rd., Ste. 202 Houston, TX 77024 PH: 713.263.1123 FX: 713.263.1550 info@texmauditon.com www.texasauditors.com
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively
comprise the City's basic financial statements. The introductory section, combining statements and
schedules, and statistical tables are presented for purposes of additional analysis and are not a required
part of the basic financial statements. The combining fund statements and schedules have been subjected
to auditing procedures applied in the audit of the basic financial statements and, in our opinion, are fairly
stated in all material respects in relation to the basic financial statements taken as a whole. The
introductory section and statistical tables have not been subjected to the auditing procedures applied in the
audit of the basic financial statements and, accordingly, we express no opinion on them.
Subsequent to the original release of the financial statements on June 29, 2007, we noted that retainage
payable was understated in two funds, as more fully described in footnote 17V D. to the financial
statements. Accordingly, related accounts have been corrected and our report reissued and dual dated for
footnote IV D. as to which the date is July 3, 2007.
June 19, 2007
(except for Note IV.D., as to which the date is July 3, 2007)
14
MANAGEMENT'S DISCUSSION
AND ANALYSIS
15
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16 11
CITY OF WEST UNIVERSITY PLACE, TEXAS
MANAGEMENT'S DISCUSSION AND ANALYSIS (MD&A)
December 31, 2006
The purpose of the management's discussion and analysis (MD&A) is to give the readers an objective and easily
readable analysis of the City of West University Place's financial activities for the year ending December 31,
2006. The analysis is based on currently known facts, decisions, or economic conditions. It presents short and
long-term analysis of the City's activities, compares current-year results with those of the prior year, and
discusses the positive and negative aspects of that comparison. GASB Statement No. 34 establishes the content of
the minimum requirements for MD&A. Please read the MD&A in conjunction with the transmittal letter at the
front of this report and the City's financial statements, which follow this section.
THE STRUCTURE OF OUR ANNUAL REPORT
Components of the Financial Section
Management's
Discussion and
Analysis
Basic Financial
Statements
I Required
Supplementary
Information
Inde endent Govemment- Fund Financial Component Units Notes to the
P
Auditor's Report Wide Financial Statements Financial Financial
Statements Statements Statements
Summary Detail
The Comprehensive Annual Financial Report is presented as compliant with the financial reporting model in
effect pursuant to GASB Statement No. 34. This financial reporting model requires governments to present
certain basic financial statements as the MD&A and certain other required supplementary information (RSI). The
basic financial statements include (1) government-wide financial statements, (2) individual fund financial
statements, and (3) notes to the financial statements.
Government-Wide Statements
The government-wide statements report information for the City as a whole. These statements include
transactions and balances relating to all assets, including infrastructure capital assets. These statements are
designed to provide information about cost of services, operating results, and financial position of the City as an
economic entity. The statement of net assets and the statement of activities, which appear first in the City's
financial statements report information on the City's activities that enable the reader to understand the financial
condition of the City of West University Place. These statements are prepared using the accrual basis of
accounting, which is similar to the accounting used by most private-sector companies. All of the current year's
revenues and expenses are taken into account even if cash has not yet changed hands.
17
CITY OF WEST UNIVERSITY PLACE, TEXAS
MANAGEMENT'SDISCUSSIONANDAAALYSIS, Continued
December 31, 2006
The statement of net assets presents information on all of the City of West University Place's assets and liabilities.
The difference between the two is reported as net assets. Over time, increases or decreases in net assets may
serve as a useful indicator of whether the financial position of the City of West University Place is improving or
deteriorating. Other non-financial factors, such as the City's property tax base and the condition of the City's
infrastructure, need to be considered in order to assess the overall health of the City.
The statement of activities presents information showing how the City's net assets changed during the most recent
year. All changes in the net assets are reported as soon as the underlying event giving rise to the change occurs,
regardless of the timing of related cash flows - the accrual method rather than modified accrual that is used in the
fund level statements.
The statement of net assets and the statement of activities divide the City into two classes of activities:
Governmental activities - Most of the City's basic services are reported here including police and
fire protection, municipal court, streets, drainage, leisure services, community development and
general administrative services. Interest payments on the City's debt are also reported here.
Sales tax, property tax, franchise taxes, municipal court fines and permit fees finance most of
these activities.
2. Business-type activities - Services involving a fee for those services are reported here. These
services include the City's water and sewer services as well solid waste collection.
The government-wide financial statements can be found after the MD&A.
FUND FINANCIAL STATEMENTS
Funds may be considered as operating companies of the parent corporation, which is the City of West University
Place. Thev are usually segregated for specific activities or objectives. The City of West University Place uses
fund accounting to ensure and demonstrate compliance with finance related legal reporting requirements. The
two categories of City funds are governmental and proprietary.
Governmental Funds
Governmental funds are used to account for essentially the same functions reported as governmental activities in
the government-wide financial statements. However, unlike the government-wide financial statements,
governmental fund financial statements focus on near-terns inflows and outflows of spendable resources, as well
as on balances of spendable resources available at the end of the year. Such information may be useful in
evaluating the City's near-term financing requirements.
Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is
useful to compare the information presented for governmental funds with similar information presented for
governmental activities in the government-wide financial statements. By doing so, readers may better understand
the long-tern impact of the government's near-term financing decisions. Both the governmental fund balance
sheet and the governmental fund statement of revenues, expenditures, and changes in fund balances provide a
reconciliation to facilitate this comparison between governmental funds and governmental activities.
18
' CITY OF WEST UNIVERSITY PLACE, TEXAS
' MANAGEMENT'S DISCUSSIONAND ANALYSIS, Continued
December 31, 2006
The City of West University Place maintains 11 individual governmental funds. Information is presented
separately in the governmental fund balance sheet and in the governmental fund statement of revenues,
expenditures, and changes in fund balances for the general fund, which is considered to be a major fund. The City
' of West University Place adopts an annual appropriated budget for its general fund and each of the special
revenue funds. Budgetary comparison schedules have been provided for these funds to demonstrate compliance
with these budgets.
Proorietarv Funds
The City maintains two types of proprietary funds. Enterprise funds are used to report the same functions
presented as business-type activities in the government-wide financial statements. The City uses enterprise funds
to account for its water distribution, wastewater collection/treatment, and solid waste operations. The proprietary
fund financial statements provide separate information for the water distribution, wastewater collection/treatment,
and solid waste funds. The basic proprietary fund financial statements can be found in the basic financial
statements of this report.
The City also uses internal service funds to account for its equipment replacement services and for expenses
associated with separated employees and health benefits. These internal service funds have been included within
governmental activities in the government-wide financial statements.
Notes to Financial Statements
The notes to the financial statements provide additional information that is essential to a full understanding of the
data provided in the government-wide and fund financial statements. The notes are the last section of the basic
financial statements.
Other Information
In addition to basic financial statements, MD&A, and accompanying notes, this report also presents certain
required supplementary information (RSI). The RSI that GASB Statement No. 34 requires includes budgetary
comparison schedules for the general fund and schedule of funding progress for Texas Municipal Retirement
System. RSI can be found after the basic financial statements.
GOVERNMENT-R'IDE FINANCIAL ANALYSIS
As noted earlier, net assets may serve over time as a useful indicator of the City's financial position. For the City
of West University Place, assets exceed liabilities by $41,632,280 as of December 31, 2006, in the primary
government. As required by GASB Statement No. 34, a comparative analysis of government-wide data has been
presented as a component of the MD&A for the year ending December 31, 2006. The largest portion of the City's
' net assets (78.6%) reflects its investments in capital assets (e.g., land, building, equipment, improvements,
construction in progress, and infrastructure), less any debt used to acquire those assets that is still outstanding.
The City uses these capital assets to provide services to citizens; consequently, these assets are not available for
future spending. Although the City's investment in its capital assets is reported net of related debt, it should be
noted that the resources needed to repay this debt must be provided from other sources, since the assets
themselves can not be used to liquidate these liabilities.
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1 19
CITY OF WEST UNIVERSITY PLACE, TEXAS '
MANAGEMENT'S DISCUSSIONAND ANALYSIS, Continued '
December 31, 2006
Statement of Net Assets:
The following table reflects the condensed statement of net assets:
SUMMARY OF STATEMENT OF NET ASSETS
Total
Governmental
Business-type
Primary
Activities
Activities
Government
2006
2005
2006
2005
2006
2005
Current and other assets
$ 23,515,145 $
20,305,537 $
1,891,489 $
2,158,800
$ 25,406,634 $
22,464,337
Capital assets, net
80.894,007
75,710,453
35,192,242
36,698,904
116,086.249
112,409,357
Total Assets
104.409.152
WO 15,990
37,083,731
38.857.704
141.492.883
134.873,694
Long-term liabilities
65,878,709
69,043,225
13,804,549
14,247,409
79,683,258
83,290,634
'i
Other liabilities
19,161,269
13,150,602
1,016,076
1,316,700
20,177345
14,467,302
Total Liabilities
85,039.978
82,193,827
14.820,625
15,564,109
99,860,603
97.757,936
Net Assets:
Invested in capital assets,
net of related debt
11,786,607
2,285,217
20,924,046
21,776,495
32,710,653
241061,712
Restricted
3,605,569
8,550,763
813,673
622,627
4,419,242
%173,390
Unrestricted
3,976,998
2,986,183
525,387
894,473
4,502,385
3,880,656
Total Net Assets
$ 19,369.174 $
13,822,163 $
22,263,106 $
23.293,595
$ 41,632,280 $
37.115.758
A portion of the primary government's net assets, $4,419,242 or 10.7%, represents resources that are subject to
external restriction on how they may be used. This is a decrease of 51.9%, primarily as a result of the City
utilizing these restricted funds to continue infrastructure improvements. The remaining balance of unrestricted
net assets, $4,502,385 or 10.9%, may be used to meet the City's ongoing obligation to citizens and creditors.
The City's total net assets increased by $4,516,522 during the current fiscal year, an increase of 12.2% in
comparison to the prior year. This increase is largely the result of an increase in general revenues as well as a
decrease in operating expenses.
11
I
1
20
CITY OF WEST UNIVERSITY PLACE, TEXAS
MANAGEMENT'SDISCUSSIONANDANALYSIS, Continued
December 31, 2006
Statement of Activities:
The following table provides a summary of the City's changes in net assets:
CHANGES IN NET ASSETS
t
Revenues
Proeram revenues:
Charges for services
Operating grants and contributions
Capital grants and contributions
' General revenues.
Ad valorem taxes
Sales Imes
Franchise taxes
Other taxes
Contributions
investment earnings
Other revenues
Loss on sale ofcapital assets
Total Revenues
Expenses
General government
Public safety
Public works
Public services
Interest and fiscal agent
fees on long-term debt
Water and Sewer Systems
Solid Waste
Total Expenses
Increase (Decrease) in Net Assets
Before Transfers
'Transfers
Change in Net Assets
Net assets, beginning of year
I Net Assets, End of Year
I
I
Tidal
Governmental
Business-type
Primary
Activities
Activities
Government
2006
2005
2006
2005
2006
2005
$ 2,108,282 $
2,315,601 $
5_739,970 $
6,010,960 $
7,848 252 s
8,326,561
259,000
16,915
-
-
259,000
16,915
-
370,864
-
-
-
370,864
12,636,535
12,132,958
-
-
12,636,535
12,132,958
1,028946
745,716
-
-
1,028,946
745,716
1,000,930
913,998
-
-
L000,930
913,998
14,795
15,460
-
-
14,795
15,460
326,656
268,081
-
-
326,656
268,081
695,749
458,208
72,757
71,374
768,506
479,582
1,828 944
22,044
139,805
216,047
1,968,749
438,091
(25,950)
-
(25 950)
19,899,837
17,433 895
5,952,532
6248,381
25,852,369
23,682,276
2,706,514
2,594,417
-
-
2,706,514
2,594,417
5,187,464
5,109,968
-
-
5,187,464
5,109,968
2,654,368
3,073,735
-
-
2,654,368
3073,735
1,874,113
1,840,117
-
-
1,874,113
1,840,117
2,984,308
3,501 076
-
-
2 .984,308
3,501,076
-
-
5,084,326
5,083,562
5 .084,326
5,083,562
844,754
850,366
844,754
850,366
15,406,767
16,119,313
5,929090
5 933 928
21,335,847
2,053 241
4,493,070
1,314,582
23,452
314,453
4,516,522
1,629,035
1
053
941
870,000
(1,053,941)
(870900)
,
,
5547,011
2,184,582
(1,030,489)
(555,547)
4,516,522
1,629,035
822,163
13
11,637,581
23.293,595
23,849,142
37,115758
35A86,723
,
369
174 $
$ 19
13,822,163 $
22,263,106 s
23,293,595 $
41.632,28D $
37 115,758
,
,
21
CITY OF WEST UNIVERSITY PLACE, TEXAS
MANAGEMENT'SDISCUSSIONANDANALYSIS, Continued
December 31, 2006
Graphic presentations of selected data from the summary tables follow to assist in the analysis of the City's
activities.
GOVERNMENTAL REVENUES
O ther revenues
9% Charges for services
11
Investment earnings
3%
Contributions
1.6%
Operating grants and
contributions
Other taxes
£ 1.3%
0%
r
Franchise taxes
5%
Ad valorem taxes
SeIQS TAXeS
I
64%
J%
For the year ended December 31, 2006, revenues from governmental activities totaled $19,899,837. Property tax
revenues are the City's largest revenue source. Property tax revenue increased by modest 5% because of the
increase in assessed property values in the prior year. In addition, sales tax increased over 38% during the current
fiscal year. Investment earnings were also up in comparison to the prior year, a dramatic 52%. The City is
continuing to heavily invest in U.S. Agencies as well as TexPool, accounting for these strong investment
earnings.
Franchise fees, collected from electric, gas, cable and telephone/telecommunications utilities, totaled $1,000,930
for the year ended December 31, 2006, an increase of 10% from the prior year.
This graph shows the governmental function expenses of the City:
GOVERNMENTAL FUNCTIONAL EXPENSES
Interest on long-term
debt
22%
General government
Public services
11%
Public safety
34%
Pul
22
CITY OF WEST UNIVERSITY PLACE, TEXAS
MANAGEMENT'SDISCUSSIONANDANALYSIS, Continued
December 31, 2006
For the year ended December 31, 2006, expenses for governmental activities totaled $15,406,767. This represents
a decrease of $712,546 from last year. Over 40% of this aggregate decrease can be attributed to the decrease in
interest on long-tern debt, due to the City's advance refunding of several series of permanent improvement bonds
in 2005. Public works account for the remaining decrease in expenses. A contributing factor in the decrease of
this expense included net decreases in compensated absences for this functional expense. Expenses per capita
were $1,084, a decrease over last year of 4%.
M Business-type activities are shown comparing operating costs to revenues generated by related services
BUSINESS-TYPE ACTIVITIES
Revenue vs. Costs
(Dollars in millions)
® Operating Revenues 0 Operating Costs
Operating revenues and expenses for business-type activities were comparable to those of the prior year.
Transfers included the donation of several capital assets purchased by solid waste to governmental activities.
FINANCIAL ANALYSIS OF THE CITY'S FUNDS
As noted earlier, fund accounting is used to demonstrate and ensure compliance with finance-related legal
requirements.
Governmental Funds - The focus of the City's governmental funds is to provide information of near-term inflows,
outflows and balances of spendable resources. Such information is useful in assessing the City's financing
requirements. In particular, unreserved fund balance may serve as a useful measure of the City's net resources
available for spending at the end of the year.
The City's governmental funds reflect a combined fund balance of $8,891,748. Of this $1,169,072 is reserved for
debt service, $18,127 for prepaids and inventory, and 5486,766 for capital purchases.
There was a decrease in the combined fund balance of $3,016,552 over the prior year. This is largely attributable
to the continuation of both infrastructure replacement and sidewalk construction projects. These projects are
expected to be complete by the end of the next fiscal year. All other funds as presented on the governmental
funds statement of revenues, expenditures, and changes in fund balances experienced a positive net change in
fund balance.
The general fund is the chief operating fund of the City. At the end of the current year, unreserved, undesignated
fund balance of the general fund was $4,187,536, while total fund balance reached $4,203,052. As a measure of
the general fund's liquidity, it may be useful to compare both unreserved fund balance and total fund balance to
23
CITY OF WEST UNIVERSITY PLACE, TEXAS
MANAGEMENT'SDISCUSSIONANDANALYSIS, Continued
December 31, 2006
total fund expenditures. Unreserved, undesignated fund balance represents 40% of total general fund
expenditures, while total fund balance represents 41% of that same amount.
The debt service fund has a total fund balance of $1,169,072, all of which is reserved for the payment of debt
service. The net increase in fund balance during the current year in the debt service fund was $172,145. This
increase can be attributed to the growth in property tax revenues as well as investment earnings.
GENERAL FUND BUDGETARY HIGHLIGHTS
There had been a planned increase in budgeted fund balance in the amount of $712,140 in the general fund.
However, the net change in fund balance increased by $830,011 resulting in a positive variance of $117,871 from
budgeted as amended over actual.
Actual general fund revenues exceeded original and amended budgeted revenues by $89,153 during 2006. This
increase includes the positive variances of $168,377 for charges for services and $52,225 for franchise revenues.
Expenses in Public service exceeded budgeted amounts by $26,545 for the fiscal year. This variance can be
attributed to increased utility costs for the City.
GENERAL FUND BUDGETARY HIGHLIGHTS - YEAR 2006
Original and
Amended Budget
Actual
Revenues
Taxes
$ 7,897,790 $
7,909,827
Other
2,433,070
2,510,186
Total
10,330,860
10,420,013
Expenditures
Expenditures
10,488,720
10,462,932
Other Financing Sources
Transfers in
870,000
872,930
Total
870,000
872,930
Change in Fund Balance
$ 712,140 $
830,011
Proprietary Funds - The City's proprietary funds financial statements provide the same type of information found
in the government-wide financial statements, but in more detail.
CAPITAL ASSETS
At the end of year 2006, the City's governmental activities funds had invested $80,894,007 in a variety of capital
assets and infrastructure (net of accumulated depreciation). This represents a net increase of $5,183,554.
Depreciation is included with the governmental capital assets as required by GASB Statement No. 34 with an
increase in depreciation expense of $1,837,668.
Major capital asset events during the current year include the following:
24
CITY OF WEST UNIVERSITY PLACE, TEXAS
MANAGEMENT'S DISCUSSIONANDANALYSIS, Continued
December 31, 2006
• Continuation of the Area 10 and 11 B Street and Drainage System Projects for $3,281,632
• Sidewalk construction in the amount of $3,173,673
More detailed information about the City's capital assets is presented in note III. C to the financial statements.
LONG-TERM DEBT
At the end of the current year, the City had total bonds and certificates of obligation outstanding of $83,155,000.
Of this amount, $55,945,000 was general obligation debt, $14,580,000 was revenue bond debt, and certificates of
obligation accounted for $12,630,000.
During the year, the City had a net reduction in the long-term debt of $3,404,131. In addition, the City entered
into a capital lease with Bank of America for the purchase of a fire truck in the amount of $473,285. However, as
of year end, the City had not received the fire truck.
More detailed information about the City's long-term liabilities is presented in note 111, D to the financial
statements.
Current underlying ratings on debt issues are as follows:
Moody's
Investors
Service
Water revenue bonds Aaa
ECONOMIC FACTORS AND NEXT YEAR'S BUDGET
Standard and
Poor's
AAA
The City of West University Place City Council approved a $23.9 million budget for the City's major operating
funds (General, Debt Service, Water Utility, and Solid Waste) for calendar year 2007. The budget incorporates a
7% decrease in the property tax rate made possible by a 10% growth in assessed property values. West
University Place's tax rate is one of the lowest in the Houston area and is projected to remain stable into the future
due to steady growth in assessed values, the political stability of the community, and the underlying strength in
the Houston area economy.
The Water Utility Fund had been a source of concern because a series of wetter years and dramatic increases in
debt service had steadily decreased reserves and pushed the Fund into non-compliance with its bond covenants.
The City Council took action in late 2003 by increasing water and sewer rates. Since then, the City has carefully
monitored the performance of this utility and increased rates as needed with the last increase being in April 2006.
Assessed values have grown almost 25% in the last five years and, while the rate of growth is expected to slow,
reconstruction will continue to impact the value of property well into the future.
CONTACTING THE CITY'S FINANCIAL MANAGEMENT
' This financial report is designed to provide a general overview of the City of West University Place's finances for
all those with an interest in the City's finances. Questions concerning this report or requests for additional
' financial information should be directed to Walter Thomas, Finance Director, 3800 University Boulevard, West
University Place, TX, 77005, telephone 713.662.5186, or for general City information, visit the City's website at
www.westu.ore.
25
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26
BASIC FINANCIAL STATEMENTS
27
1
(This page intentionally left blank.)
28
CITY OF WEST UNIVERSITY PLACE, TEXAS
STATEMENT OF NET ASSETS
December 31, 2006
Assets
Cash and equity in pooled cash and investments
Cash with fiscal agent
Receivables, net of allowances
Internal balances
Inventory
Prepaids and other assets
Deferred charges
Restricted assets:
Cash and equity in pooled cash
Capital assets:
Land
construction in progress
Depreciable capital assets, net
Total assets
Liabilities
Accounts payable and accrued liabilities
Unearned revenue
Accrued bond interest
Noncurrent liabilities:
Due within one year
Due in more than one year
Total liabilities
Net Assets
Invested in capital assets, net of related debt
Restricted for:
Capital projects
Debt service
Special revenue projects
Unrestricted
Total net assets
See Notes to Financial Statements.
Primary Government
Governmental Business-Type
Activities Activities Total
$ 14,828,602 $
474,258 $
15,302,860
486,766
-
486,766
7,362,061
902,205
8,264,266
500,000
(500,000)
-
2,611
2,611
15,516
-
15,516
319,589
201,353
520,942
813,673 813,673
5,864,089
193,875 6,057,964
21,355,482
- 21,355,482
53,674,436
34,998,367 88,672,803
104,409,152 37,083,731 141,492,883
1,243,853 146,569 1,390,422
12,646,760 - 12,646,760
1,080,516 204,507 1,285,023
4,190,140 665,000 4,855,140
65,878,709 13,804,549 79,683,258
85,039,978 14,820,625 99,860,603
11,786,607 20,924,046 32,710,653
2,240,303
313,673 2,553,976
88,556
500,000 588,556
1,276,710
- 1,276,710
3,976,998
525,387 4,502,385
$ 19,369,174 $ 22,263,106 $ 41,632,280
29
CITY OF WEST UNIVERSITY PLACE, TEXAS
STATEME7VT OF ACTIVITIES
For the year ended December 31, 2006
Program Revenues
Operating
Charges for
Grants and
Functions/Programs
Expenses
Services
Contributions
Primary Government
Governmental Activities
General government
$ 2,706,514
$ 1,260,376
$ -
Public safety
5,187,464
267,609
259,000
Public works
2,654,368
-
-
Public services
1,874,113
580,297
Interest on long-term debt
2,984,308
-
-
Total Governmental Activities
15,406,767
21108,282
259,000
Business-type Activities
Water and sewer
5,084,326
4,795,073
-
Solid waste
844,754
944,897
Total Business-type Activities
5,929,080
5,739,970
Total Primary Government
$ 21,335,847
$ 7,848,252
$ 259,000
General Revenues:
Ad valorem taxes
Sales taxes
Franchise taxes
Other taxes
Contributions
Investment earnings
Other revenues
Transfers
Total General Revenues and Transfers
Change in Net Assets
Beginning Net Assets
Ending Net Assets
See Notes to Financial Statements.
30
Net Revenue (Expense) and Changes in Net Assets
'
Primary Government
Governmental
Business-Type
Activities
Activities
Total
$ (1,446,138)
$ $
(1,446,138)
(4,660,855)
(4,660,855)
(2,654,368)
(2,654,368)
(1,293,816)
(1,293,816)
(2,984,308)
(2,984,308)
(13,039,485)
(11039,485)
(289,253)
(289,253)
100,143
100,143
(189,110)
(189,110)
(13,039,485)
(189,110)
(13,228,595)
12,636,535
-
12,636,535
1,028,946
-
1,028,946
1,000,930
-
1,000,930
14,795
14,795
326,656
-
326,656
695,749
72,757
768,506
1,828,944
139,805
1,968,749
1,053,941
(1,053,941)
-
18,586,496
(841,379)
171745,117
5,547,011
(1,030,489)
4,516,522
13,822,163
23,293,595
37,115,758
$ 19,369,174 $
22,263,106 $
41,632,280
31
CITY OF WEST UNIVERSITY PLACE, TEXAS
BALANCE SHEET
GOVERNMENTAL FUNDS
December 31, 2006
Assets
Current assets:
Cash and equity in pooled cash
and investments
Cash with fiscal agent
Receivables, net
Due from other funds
Inventory
Prepaid costs
Total Assets
Liabilities and Fund Balances
Liabilities:
Accounts payable and accrued
liabilities
Due to other funds
Deferred revenue
Total Liabilities
Fund Balances:
Reserved for:
Prepaids and inventory
Debt service
Capital purchases
Unreserved, undesignated reported in:
General fund
Special revenue funds
Capital projects funds
Total Fund Balances
Total Liabilities and Fund Balances
Capital Projects
Debt Infrastructure Sidewalk
General Service Replacement Construction
$ 6,554,260 S 4,292,163 $ 1,215,118 $ 932,172
3,640,255 3,627,649
758,540 -
15,516
$ 10,968,571 $ 7,919,812 $ 1,215,118 $ 931172
$ 596,892 $ 44,908 $ 211,281 $ 390,697
36,243 - -
6,132,384 6,705,832 - -
6,765,519 6,750,740 211281 390,697
15,516
- I,169,072
4,187,536
- - 1,003,837 541,475
4,203,052 1,169,072 1,003,837 541,475
$ 10,968,571 $ 7,919.812 $ 1,215,118 $ 932,172
Amounts reported for governmental activities in the statement of net assets are different, because:
Capital assets used in governmental activities are not financial resources and, therefore, are not
reported in the funds.
Capital assets, non-depreciable
Capital assets, net depreciable
Other long-term assets are not available to pay for current period expenditures and, therefore, are deferred
in the funds.
Internal service funds are used by management to charge the costs of certain capital assets to individual funds.
The assets and liabilities of the Internal Service Funds are included in the governmental activities in the
statement of net assets.
Long-term liabilities are not due and payable in the current period and, therefore, are not reported in the funds.
Accrued interest payable
Non-current liabilities due in one year
Non-current liabilities due in more than one year
Deferred charges for issuance costs
Net Assets of Governmental Activities
See Notes to Financial Statements.
32
Nonmajor
Governmental
Funds Total
$ 1,576,743
$ 14,570,456
486,766
486,766
750
7,268,654
-
758,540
2.611
2,611
-
15,516
$ 2,066,870
$ 23,102,543
$ 75
$ 1,2431853
92,483
128,726
-
12,838,216
92,558
14,210,795
2,611
18,127
-
1,169,072
486,766
486,766
-
4,187,536
1,276,710
1,276,710
208.225
1,753,537
1,974,312
8,891,748
$ 2,066,870
27,219,571
52,951,089
191.456
945,086
(1,080,516)
(4,190,140)
(65,878,709)
319,589
$ 19.369,174
33
CITY OF WEST UNIVERSITY PLACE, TEXAS
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
GOVERNMENTAL FUNDS
For the year ended December 31, 2006
Revenues
Taxes
Permits, licenses, and fees
Fines and forfeitures
Charges for services
Intergovernmental
Contributions
Investment earnings
Other revenue
Total Revenues
Expenditures
Current:
General government
Public safety
Public works
Public service
Capital outlay
Debt service:
Principal
Interest and fiscal agent fees
Total Expenditures
Capital Projects
Debt Infrastructure Sidewalk
General Service Replacement Construction
$ 7,909,827 $ 6,748,355 $ $
580,297 -
250,849
1,260,376
268,377 118,703 165,039 110,859
150,287 - 1,173,668 490,356
10,420,013 6,867,058 1,338,707 601,215
2,381,154 - - -
5,028,528 - - -
1,557,955 - - -
1,495,295 - - -
- - 3,336,197 3,173,697
3,375,000 - ,
3,319,913 -
10,462,932 6,694,913 3.336,197 3,173,697 1
Excess (Deficiency) of Revenues
Over (Under) Expenditures (42,919) 172,145 (1,997,490) (2,572,482)
Other Financing Sources (Uses)
Transfers in 872,930
Transfers (out) -
Capital lease proceeds -
Total Other Financing Sources (Uses) 872.930
Net Change in Fund Balance 830,011
172,145
52,682 '
(667,783) -
(667,783) 52,682
(2,665,273) (2,519,800)
Beginning fund balances 3,373,041 996,927 3.669,1 10 3,061.275
Ending Fund Balances $ 4,203,052 $ 1,169,072 $ 1.003,837 $ 541,475
See Notes to Financial Statements. ,
34
Nonmajor
Governmental
Funds
Total
$
$ 14,658,182
580,297
16,760
267,609
-
1,260,376
259,000
259,000
326,656
326,656
25,915
688,893
-
1,814,311
628,331
19,855,324
-
2,381,154
5,028,528
-
1,557,955
216,913
1,712,208
330,509
6,840,403
-
3,375,000
-
3,319,913
547,422
24,215,161
80,909 (4,359,837)
615,101
1,540,713
(2,930)
(670,713)
473.285
473,285
1,085,456
1,343285
1,166,365
(3,016,552)
807,947
11,908,300
$ 1,974,312 $
8,891,748
35
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36
' CITY OF WEST UNIVERSITY PLACE, TEXAS
RECONCILL9TION OF THE STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS TO THE
STATEMENT OFACTIVITIES
For the year ended December 31, 2006
Amounts reported for governmental activities in the statement of activities are different because:
Net changes in fund balances - total governmental funds $ (3,016,552)
Governmental funds report capital outlays as expenditures. However, in the statement of
I activities, the cost of those assets is allocated over their estimated useful lives and reported as
depreciation expense. This is the amount by which capital outlays was more
than depreciation in the current period. 5,246,419
The issuance of long-term debt (e.g., bonds, certificates of obligation) provides current financial
resources to governmental funds, while the repayment of the principal of long-term debt
consumes the current financial resources of governmental funds. Neither transaction,
however, has any effect on net assets. Also, governmental funds report the effect of issuance
costs, premiums, discounts and similar items when debt is first issued; whereas, these
amounts are deferred and amortized in the statement of activities.
Capital lease proceeds (473,285)
Principal payments 3,375,000
Amortization of bond issuance costs, premiums, and discounts 4,547
Revenue in the statement of activities that does not provide current financial resources
are not reported as revenue in the funds. 23,024
Some expenses reported in the statement of activities do not require the use of current
financial resources and, therefore, are not reported as expenditures in governmental funds. 293,102
Internal service funds are used by management to charge the costs of certain capital assets
to individual funds. The net revenue (expense) is reported with governmental activities. 94,756
Change in Net Assets of Governmental Activities $ 5,547,011
See Notes to Financial Statements.
37
CITY OF WEST UNIVERSITY PLACE, TEXAS
STATEMENT OF NET ASSETS (Page I of 2)
PROPRIETARY FUNDS
December 31, 2006
Business-Type Activities-Enterprise Funds
Water and
Solid
Sewer
Waste
Total
Assets
Current assets:
Cash and equity in pooled cash and investments
$ 354,064
$ 120,194 $
474,258
Accounts receivable, net of allowances
742,555
159,650
902,205
Due from other funds
-
Total Current Assets
1,096,619
279,844
1,376,463
Noncurrent assets
Restricted cash and equity in pooled cash
813,673
- 813,673
Total Restricted Assets
813,673
- 813,673
Deferred charges
201,353
- 201,353
Capital assets:
Land
193,875
- 193,875
Buildings and improvements
459,625
- 459,625
Furniture and equipment
788,503
- 788,503
Water and sewer system
53,703,598
- 53,703,598
Construction in progress
-
- -
Less: accumulated depreciation
(19,953,359)
- (19,953,359)
Total Capital Assets (Net of Accumulated Depreciation)
35,192,242
- 35,192,242
Total Noncurrent Assets
36,207,268
- 36,207,268
Total Assets
$ 37,303,887 $
279,844 $ 37,583,731
See Notes to Financial Statements.
38
Governmental
Activities -
Internal Service
Funds
$ 258,146
93,407
36,243
387,796
1,659,028
(935,681)
723,347
723,347
$ 1,111,143
39
CITY OF WEST UNIVERSITY PLACE, TEXAS
STATEMENT OF NET ASSETS (Page 2 of 2)
PROPRIETARY FUNDS
December 31, 2006
Liabilities
Current liabilities:
Accounts payable and accrued liabilities
Accrued interest payable
Due to other funds
Revenue bonds
Total Current Liabilities
Noncurrent liabilities:
Revenue bonds payable (net of unamortized
discounts and deferred amounts on refunding)
Total Noncurrent Liabilities
Total Liabilities
Net Assets
Invested in capital assets, net of related debt
Restricted for capital projects
Restricted for debt service
Unrestricted
Total Net Assets
See Notes to Financial Statements.
Business-Type Activities-Enterprise Funds
Water and Solid
Sewer Waste Total
$ 106,312 $ 40,257 $ 146,569
204,507 - 204,507
500,000 500,000
6651000 665,000
1,475,819 40,257 1,516,076
13,804,549 13,804.549
13,804,549 11804,549
157280,368 40,257 15,320,625
20,924,046 20,924,046
313,673 313,673
500,000 - 500,000
285,800 239,587 525,387
$ 22,023,519 $ 239,587 $ 22,2631106
40
Governmental
Activities -
Internal Service
Funds
166,057
166,057
166,057
723,347
221,739
$ 945,086
41
CITY OF WEST UNIVERSITY PLACE, TEXAS
STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND NET ASSETS
PROPRIETARY FUNDS
For the year ended December 31, 2006
Operating Revenues
Charges for sales and services
Other revenues
Total Operating Revenues
Operating Exnenses
Costs of sales and services
Personnel
Depreciation
Total Operating Expenses
Operating Income
Nonoperatin2 Revenues (Expenses)
Investment income
Interest expense
Gain (loss) on sale of assets
Total Nonoperating Revenues (Expenses)
Income (Loss) Before Transfers
Transfers (out)
Change in Net Assets
Beginning net assets
Ending Net Assets
See Notes to Financial Statements.
Business-Type Activities-Enterprise Funds
Water and
Solid
Sewer
Waste
Total
$ 4,795,073 $
944,897 $
5,739,970
4,955
134,850
139,805
4,800,028
1,079,747
51879,775
1,910,005
336,774
2,246,779
827,993
507,980
1,335,973
1,815,756
-
1,815,756
4,553,754
844,754
51398,508
246,274
234,993
481,267
42,453
30,304
72,757
(530,572)
-
(530,572)
(488,119)
30,304
(457,815)
(241,845)
265,297
233452
(645,000)
(408,941)
(1,053,941)
(886,845)
(143,644)
(1,030,489)
22,910,364
383,231
23,293,595
$ 22,023,519 $
239,587 $
22,263,106
42
Governmental
Activities -
Internal Service
Funds
$ 317,521
26,011
343,532
69,599
181,267
250,866
92,666
6,856
(4,766)
2,090
94,756
94,756
850,330
$ 945,086
43
CITY OF WEST UNIVERSITY PLACE, TEXAS
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS (Page I of 2)
For the year ended December 31, 2006
Cash Flows from Operating Activities
Receipts from customers and users
Payments to suppliers
Payments to employees
Net Cash Provided by Operating Activities
Cash Flows from Noncapital
Financing Activities
Transfer to other funds
Net Cash (Used) by Capital and Related
Financing Activities
Cash Flows from Capital and Related
Financing Activities
Acquisition and construction of capital assets
Principal paid on capital debt
Interest paid on capital debt
Proceeds from sale of capital assets
Net Cash Provided (Used) by Capital and Related
Financing Activities
Cash Flows from investing Activities
Interest received
Net Cash Provided by Investing Activities
Net Increase (Decrease) in Cash and Cash Equivalents
Cash and Cash Equivalents, Beginning of Year
Unrestricted cash and cash equivalents
Restricted cash and cash equivalents
Beginning cash and cash equivalents
Ending Cash and Cash Equivalents
Ending Cash and Cash Equivalents:
Unrestricted cash and cash equivalents
Restricted cash and cash equivalents
See Notes to Financial Statements.
Business-Type Activities-Enterprise Funds
Water and Solid
Sewer Waste Total
$ 4,768,493 $ 1,052,255 $ 5,820,748
(1,603,163) (346,731) (1,949,894)
(827,993) (507,980) (1,335,973)
2,337,337 197,544 2,534,881
(645,000) (408,941) (1,053,941)
(645,000) (408,941) (1,053,941)
(309,093) (309,093)
(675,000) (675,000)
(597,295) (597,295)
(1,581388)
(],581,388)
42,453 30,304 72,757
41453 30,304 72,757
153,402 (181,093) (27,691)
391,708 301,287 692,995
622,627 - 622,627
1,014,335 301,287 1,315,622
$ 1,167,737 $ 120,194 $ 1,287,931
$ 354,064 $ 120,194 $ 474,258
813,673 - 813,673
$ 1,167,737 $ 120,194 $ 1,287,931
44 i
Governmental
Activities -
Internal Service
Funds
$ 364,029
(69,599)
294,430
(128,568)
5.400
(123,168)
6,856
6,856
178,118
80,028
80,028
$ 258,146
$ 258,146
$ 258,146
45
CITY OF WEST UNIVERSITY PLACE, TEXAS
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS (Page 2 of 2)
For the year ended December 31, 2006
Business-Type Activities-Enterprise Funds
Reconciliation of Operating Income (Loss)
to Net Cash Provided (Used) by Operating Activities
Operating income (loss)
Adjustments to reconcile operating income to net
cash provided (used) by operating activities:
Depreciation
Changes in Operating Assets and Liabilities:
(Increase) Decrease in Current Assets:
Accounts receivable
Due from other funds
increase (Decrease) in Current Liabilities:
Accounts payable and accrued liabilities
Due to other funds
Net Cash Provided by Operating Activities
See Notes to Financial Statements.
Water and Solid
Sewer Waste Total
$ 246.274 $ 234,993 $ 481,267
1,815,756 - 1,815,756
(31,535) (27,492) (59,027)
(193,158) (9,957) (203,115)
500,000 - 500,000
$ 2,337,337 $ 197,544 $ 2,534,881
46
Governmental
Activities -
Internal Service
Funds
$ 92,666
181,267
(93,407)
(36,243)
150,147
$ 294,430
47
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48 '
CITY OF WEST UNIVERSITY PLACE, TEXAS
NOTES TO FINANCIAL STATEMENTS
December 31, 2006
L SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
A. Reporting Entity
The City of West University Place, Texas (the "City"), was incorporated in 1924. The City has
operated under a "Home Rule Charter" which provides for a Council-Manager form of government
since 1940.
The City Council is the principal legislative body of the City. The City Manager is appointed by a
majority vote of the City Council and is responsible to the Council for the administration of all the
affairs of the City. The City Manager is responsible for the appointment and removal of department
directors and employees, supervision and control of all City departments, and preparation of the
annual budget.
The City provides the following services: public safety to include police and fire services; municipal
court; leisure services; streets; drainage; water and sewer services; solid waste collection and
disposal; community development; and general administration.
The City is an independent political subdivision of the State of Texas governed by an elected council
and a mayor and is considered a primary government. As required by generally accepted accounting
principles, these basic financial statements have been prepared based on considerations regarding the
potential for inclusion of other entities, organizations, or functions as part of the City's financial
reporting entity. The Friends of West University Parks Fund, Inc., although legally separate, is
considered part of the reporting entity. No other entities have been included in the City's reporting
entity. Additionally, as the City is considered a primary government for financial reporting purposes,
its activities are not considered a part of any other governmental or other type of reporting entity.
Considerations regarding the potential for inclusion of other entities, organizations or functions in the
City's financial reporting entity are based on criteria prescribed by generally accepted accounting
principles. These same criteria are evaluated in considering whether the City is a part of any other
governmental or other type of reporting entity. The overriding elements associated with prescribed
criteria considered in determining that the City's financial reporting entity status is that of a primary
government are that it has a separately elected governing body; it is legally separate; and it is fiscally
independent of other state and local governments. Additionally, prescribed criteria under generally
accepted accounting principles include considerations pertaining to organizations for which the
primary government is financially accountable and considerations pertaining to organizations for
which the nature and significance of their relationship with the primary government are such that
exclusion would cause the reporting entity's financial statements to be misleading or incomplete.
Blended Component Unit
Friends of West University Parks Fund, Inc.
Friends of West University Parks Fund, Inc. (the "Corporation") has been included in the reporting
entity as a blended component unit. The Corporation is a not-for-profit entity created to solicit private
contributions for the beautification, improvement, and maintenance of the City's parkland. The
Corporation's Board of Directors is appointed by and serves at the discretion of City Council. City
Council approval is required for any projects of the Corporation that exceed $1,000. In the event of
dissolution, any assets of the Corporation will be transferred to the City. The operations of the
Corporation are presented as a governmental fund type. Separate financial statements of the
Corporation may be obtained from the Finance Department of the City.
49
CITY OF WEST UNIVERSITY PLACE, TEXAS
NOTES TO FINANCLAL STATEMENTS, Continued
December 31, 2006
B. Financial Statement Presentation
These financial statements include implementation of Governmental Accounting Standards Board
(GASB) Statement No. 34, Basic Financial Statements - and Management's Discussion and Analysis
-for State and Local Governments. Certain of the significant changes in the Statement include the
following:
• A Management's Discussion and Analysis (MD&A) section providing an analysis of the City's
overall financial position and results of operations.
• Financial statements prepared using full accrual accounting for all of the City's activities.
• A change in the fund financial statements to focus on the major funds.
GASB Statement No. 34 established standards for external financial reporting for all state and local
governmental entities, which includes a statement of net assets and a statement of activities. It
requires the classification of net assets into three components: invested in capital assets, net of
related debt; restricted; and unrestricted. These classifications are defined as follows:
Invested in capital assets, net of related debt-This component of net assets consists of capital
assets, including restricted capital assets, net of accumulated depreciation and reduced by the
outstanding balances of any bonds, mortgages, notes, or other borrowings that are attributable to
the acquisition, construction, or improvement of those assets.
Restricted-This component of net assets consists of constraints placed on net asset use through
external constraints imposed by creditors (such as through debt covenants), grantors, contributors,
or laws or regulations of other governments or constraints imposed by law through constitutional
provisions or enabling legislation.
Unrestricted-This component of net assets consists of net assets that do not meet the definition
of "restricted" or "invested in capital assets, net of related debt."
C. Government-wide and Fund Financial Statements
The government-wide financial statements (i.e., the statement of net assets and the statement of '
changes in net assets) report information about the City as a whole. These statements include all
activities of the primary government and its component units. For the most part, the effect of
interfund activity has been removed from these statements. Governmental activities, which normally '
are supported by taxes and intergovermnental revenues, are reported separately from business-type
activities, which rely to a significant extent on fees and charges for support.
The statement of activities presents a comparison between direct expenses and program revenues for '
each segment of the business-type activities of the City and for each function of the City's
governmental activities. Direct expenses are those that are specifically associated with a program or
function and, therefore, are clearly identifiable to a particular function. Program revenues include '
charges paid by the recipients of goods or services offered by the programs and grants that are
restricted to meeting the operational or capital requirements of a particular program. Revenues that
are not classified as program revenues, such as taxes and investment earnings, are presented as '
general revenues.
50 t
' CITY OF WEST UNIVERSITY PLACE, TEXAS
' NOTES TO FINANCIAL STATEMENTS, Continued
December 31, 2006
Separate financial statements are provided for governmental funds and proprietary funds. Major
' individual governmental funds and major individual enterprise funds are reported as separate columns
in the fund financial statements. In the fund financial statements, the accounts of the City are
organized on the basis of funds, each of which is considered a separate accounting entity. The
' operations of each fund are accounted for with a separate set of self-balancing accounts that comprise
its assets, liabilities, fund equity, revenues, and expenditures or expenses, as appropriate. Following
is a description of the various funds:
' Governmental Funds
' Governmental funds are those funds through which most governmental functions are typically
financed.
' General Fund
The general fund is used to account for all financial transactions not properly includable in other
funds. The principal sources of revenues include local property taxes, sales and franchise taxes,
' licenses and permits, fines and forfeitures, and charges for services. Expenditures include general
government, public safety, public works, and public service.
' Special Revenue Funds
The special revenue funds are used to account for proceeds of specific revenue sources that are
legally restricted to expenditures for specified purposes. The special revenue funds include Parks
Fund, Friends of the Parks Fund (blended component unit), Senior Activity Fund, Court
Technology Fund, and the METRO Grant Fund. The special revenue funds are considered
nonmajor funds for reporting purposes.
Debt Service Fund
The debt service fund is used to account for the payment of interest and principal on all general
obligation bonds and other long-term debt of the City. The primary source of revenue for debt
' service is local property taxes. The debt service fund is considered a major fund for reporting
purposes.
Capital Projects Funds
The capital projects funds are used to account for the expenditures of resources accumulated from
sales tax revenues and the sale of bonds and related interest earnings for capital improvement
' projects. The Infrastructure Replacement Fund and the Sidewalk Construction Fund are
considered major funds for reporting purposes with the Capital Projects Fund and Drainage
Improvement Fund reported as nonmajor funds.
Proprietary Fund Types
I' Proprietary funds are used to account for activities that are similar to those often found in the private
sector. All assets, liabilities, equities, revenues, expenses, and transfers relating to the government's
business activities are accounted for through proprietary funds. The measurement focus is on
determination of net income, financial position, and cash flows. Proprietary funds distinguish
operating revenues and expenses from non-operating items. Operating revenues include charges for
services. Operating expenses include costs of materials, contracts, personnel, and depreciation. All
' revenues and expenses not meeting this definition are reported as non-operating revenues and
expenses. Proprietary fund types follow GAAP prescribed by the Governmental Accounting
Standards Board (GASB) and all financial Accounting Standards Board's standards issued prior to
51
CITY OF WEST UNIVERSITY PLACE, TEXAS
NOTES TO FINANCIAL STATEMENTS, Continued
December 31, 2006
November 30, 1989. Subsequent to this date, the City accounts for its enterprise funds as presented
by GASB.
The proprietary fund types used by the City include the following:
Enterprise Funds
The enterprise funds are used to account for the operations that provide water and wastewater
collection, wastewater treatment operations and solid waste collection and disposal. The services
are financed and operated in a manner similar to private business enterprises where the intent of
the governing body is that the costs (expenses including depreciation) of providing goods or
services to the general public on a continuing basis will be financed or recovered primarily
through user charges. The Water and Sewer Fund and the Solid Waste Fund are considered major
funds for reporting purposes.
Additionally, the government reports the following fund types:
Internal Service Funds
Internal service funds account for services provided to other departments or agencies of the
government, or to other governments, on a cost reimbursement basis. The Equipment
Replacement Fund is used to account for equipment replacement and maintenance services. The
Health Benefits Fund accounts for costs associated with retired or separated employees as well as
health benefits.
D. Measurement Focus and Basis of Accounting
The government-wide statements of net assets and statements of activities and all proprietary funds
are accounted for on a flow of economic resources measurement focus, accrual basis of accounting.
With this measurement focus, all assets and all liabilities associated with the operations of these '
activities are included on the balance sheet. Proprietary fund equity consists of net assets.
Proprietary fund-type operating statements present increases (i.e., revenues) and decreases (i.e.,
expenses) in net total assets. '
The accounting and financial reporting treatment applied to a fund is determined by its measurement
focus. All governmental funds and component units are accounted for using a current financial ,
resources measurement focus. With this measurement focus, only current assets and current
liabilities generally are included on the balance sheet. Operating statements of these funds present
increases (i.e., revenues and other financing sources) and decreases (i.e., expenditures and other ,
financing uses) in net current assets.
The City utilizes the modified accrual basis of accounting in the governmental fund type and ,
component units. Under the modified accrual basis of accounting, revenues are recognized in the
accounting period when they are susceptible to accrual (i.e., when they are measurable and available).
Measurable means the amount of the transaction can be determined and available means collectible '
within the current period or soon enough thereafter to pay liabilities of the current period. For this
purpose, the City considers revenues available if they are collected within 60 days of the end of the
current period. Revenues susceptible to accrual include charges for services and interest on '
temporary investments.
52 '
CITY OF WEST UNIVERSITY PLACE, TEXAS
NOTES TO FINANCIAL STATEMENTS, Continued
December 31, 2006
Property taxes, sales taxes, franchise taxes, and interest associated with the current period are all
considered to be susceptible to accrual and so have been recognized as revenues of the current period.
Other receipts and other taxes become measurable and available when cash is received by the
government and are recognized as revenue at that time.
Under modified accrual accounting, expenditures are recognized in the accounting period in which
the liability is incurred, if measurable, except for interest on general long-term debt, which is
recognized when due.
The accrual basis of accounting is used for the proprietary fund types. This basis of accounting
recognizes revenues in the accounting period in which they are earned and become measurable, and
expenses in the accounting period in which they are incurred and become measurable.
The statements of net assets, statements of activities, and financial statements of proprietary fund
types are presented on the accrual basis of accounting. Under this method of accounting, revenues
are recognized in the accounting period in which they are earned, and expenses in the accounting
period in which they are incurred.
Generally, the effect of interfund activity has been eliminated from the goverment-wide financial
statements.
E. Assets, Liabilities, and Net Assets or Fund Equity
1. Deposits and Investments
The City maintains a pooled cash and investments account. Each fund whose monies are deposited in
the pooled cash and investment account has equity therein, and interest earned on the investment of
these monies is allocated based upon relative equity at the previous month end. Amounts on deposit
' in interest bearing accounts and other investments are displayed on the combined balance sheet as
"Cash and equity in pooled cash and investments."
In accordance with GASB Statement No. 31 Accounting and Reporting for Certain Investments and
External Investment Pools, the City reports all investments at fair value, except for "money market
investments" and "2a7-like pools." Money market investments, which are short-term highly liquid
debt instruments that may include U.S. Treasury and agency obligations, are reported at amortized
costs. Investment positions in external investment pools that are operated in a manner consistent with
the SEC's Rule 2a7 of the Investment Company Act of 1910, such as TexPool, are reported using the
pools' share price.
The City has adopted a written investment policy regarding the investment of its funds as defined in
the Public Funds Investment Act, Chapter 2256, Texas Governmental Code. In summary, the City is
authorized to invest in the following:
Direct obligations of the U.S. Government
Money Market Mutual Funds that meet certain criteria
Statewide investment pools
I
I 1 53
CITY OF WEST UNIVERSITY PLACE, TEXAS
NOTES TO FINANCIAL STATEMENTS, Continued
December 31, 2006
2. Receivables
Transactions between funds that are representative of lending/borrowing arrangements outstanding at
the end of the year are referred to as either "interfund receivables/payables" (i.e., the current portion
of interfund loans) or "advances to/from other funds" (i.e., the non-current portion of interfund loans).
All other outstanding balances between funds are reported as "due to/from other funds" in the fund
financial statements. If the transactions are between the primary government and its component unit,
these receivables and payables are classified as "due to/from component unit/primary government"
Any residual balances outstanding between the governmental activities and business-type activities
are reported in the government-wide financial statements as "internal balances."
Advances between funds are offset by a fund balance reserve account in applicable governmental
funds to indicate they are not available for appropriation and are not expendable available financial
resources.
All trade receivables are shown net of an allowance for uncollectibles.
Property taxes
Property taxes are levied during October of each year and are due upon receipt of the City's tax bill.
Taxes become delinquent, with an enforceable lien on property, on February 1 of the following year.
3. Inventories and Prepaid Items
The costs of governmental fund type inventories are recorded as expenditures when the related
liability is incurred (i.e., the purchase method). Certain payments to vendors reflect costs applicable
to future accounting periods (prepaid expenditures) are recognized as expenditures when utilized.
4. Capital assets
Capital assets, which include property, plant, equipment, and infrastructure assets (e.g., roads,
bridges, sidewalks, and similar items), are reported in the applicable governmental or business-type
activities columns in the government-wide financial statements. In accordance with GASB Statement
No. 34, infrastructure has been capitalized retroactively. Capital assets are defined by the government
as assets with an initial, individual cost of more than $5,000 and an estimated useful life in excess of
one year. Such assets are recorded at historical cost or estimated historical cost if purchased or
constructed. Donated capital assets are recorded at estimated fair market value at the date of
donation. Major outlays for capital assets and improvements are capitalized as projects are
constructed.
Interest costs incurred in connection with construction of enterprise fund capital assets are capitalized
when the effects of capitalization materially impact the financial statements.
The costs of normal maintenance and repairs that do not add to the value of the asset or materially
extend assets' lives are not capitalized.
54
' CITY OF WEST UNIVERSITY PLACE, TEXAS
NOTES TO FINANCIAL STATEMENTS, Continued
December 31, 2006
Property, plant, and equipment of the primary government, as well as the component units, are
depreciated using the straight-line method over the following estimated useful years:
Estimated
' Asset Description Useful Life
Buildings 20 to 50 years
Improvements 5 to 50 years
Equipment 5 to 10 years
Water and sewer system 20 to 30 years
Infrastructure 40 to 50 years
5. Compensated Employee Absences
It is the City's policy to permit employees to accumulate earned but unused vacation, sick pay
benefits, and compensatory time. Amounts accumulated, up to certain amounts, may be paid to
employees upon termination of employment. The estimated amount of compensation for services
provided that is expected to be liquidated with expendable available financial resources are reported
as an expenditure and a fund liability of the governmental fund that will pay it when it matures or
becomes due. Amounts of vested or accumulated vacation leave that are not expected to be liquidated
with expendable available financial resources are maintained separately and represent a reconciling
item between the fund and government-wide presentations.
6. Long-Term Obligations
In the government-wide financial statements, long-term debt and other long-term obligations are
reported as liabilities in the applicable governmental activities statement of net assets. The long-term
debt consists primarily of bonds payable and accrued compensated absences.
Long-term debt for governmental funds is not reported as liabilities in the fund financial statements
until due. The debt proceeds are reported as other financing sources, net of the applicable premium or
discount and payments of principal and interest are reported as expenditures. In the governmental
fund types, issuance costs, even if withheld from the actual net proceeds received, are reported as debt
service expenditures. However, claims and judgments paid from governmental funds are reported as a
liability in the fund financial statements only for the portion expected to be financed from expendable
available financial resources.
' Long-term debt and other obligations financed by proprietary funds are reported as liabilities in the
appropriate funds. For proprietary fund types, bond premiums, discounts and issuance costs are
deferred and amortized over the life of the bonds using the effective interest method, if material.
Bonds payable are reported net of the applicable bond premium or discount. Issuance costs are
reported as deferred charges.
The property tax rate is allocated each year between the general and debt service funds. The full
amount estimated to be required for debt service on general obligation debt is provided by the tax
along with interest earned in the debt service fund. Though a portion of the general obligation debt
' was directly related to the purchase of water and sewer infrastructure, the debt service expenditures
are included in the govenmental fund financial statements as they are expected to be paid from debt
service tax revenues instead of water system revenues.
Assets acquired under the terms of capital leases are recorded as liabilities and capitalized in the
government-wide financial statements at the present value of net minimum lease payments at
55
CITY OF WEST UNIVERSITY PLACE, TEXAS
NOTES TO FINANCIAL STATEMENTS, Continued
December 31, 2006
inception of the lease. In the year of acquisition, capital lease transactions are recorded as other
financing sources and as capital outlay expenditures in the applicable fund. Lease payments
representing both principal and interest are recorded as expenditures in the general fund upon
payment with an appropriate reduction of principal recorded in the government-wide financial
statements.
7. Fund Equity
In the fund financial statements, governmental funds report reservations of fund balance for amounts
that are not available for appropriation or are legally restricted by outside parties for use for a specific
purpose. Designations of fund balance represent tentative management plans that are subject to
change.
8. Estimates
The preparation of financial statements, in conformity with generally accepted accounting principles,
requires management to make estimates and assumptions that affect the reported amounts of assets
and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements
and the reported amounts of revenues and expenditures/expenses during the reporting period. Actual
results could differ from those estimates.
H. STEWARDSHIP, COMPLIANCE, AND ACCOUNTABILITY
Annual budgets are adopted on a basis consistent with generally accepted accounting principles (GAAP)
except the capital projects funds, which adopt a project length budget. The original budget is adopted by the
City Council prior to the beginning of the year. The legal level of control as defined by the charter in the
approved budget is the department level in the general fund and all others are the fund level. The City
Manager may transfer appropriations within a department without seeking the approval of City Council.
Appropriations lapse at the end of the year, excluding capital project budgets. Supplemental budget
appropriations were made for the year ended.
Encumbrances represent the estimated amount of expenditures ultimately to result when unperformed
contracts (in progress at year-end) are completed. Such encumbrances do not constitute expenditures or
liabilities because the commitments will be reappropriated and honored during the subsequent year.
A. Excess of Expenditures Over Appropriations
For the year ended, expenditures exceeded appropriations at the legal level of control as follows:
General Fund:
Public Service $26,545
Senior Activity
Transfers (out) $2,930
Court Technology
Capital outlay $2,221
56
CITY OF WEST UNIVERSITY PLACE, TEXAS
NOTES TO FINANCIAL STATEMENTS, Continued
December 31, 2006
III. DETAILED NOTES ON ALL FUNDS
A. Deposits and Investments
Custodial credit risk - deposits. In the case of deposits, this is the risk that in the event of a bank
failure, the City's deposits may not be returned to it. The City's investment policy requires funds on
deposit at the depository bank to be collateralized by securities. As of December 31, 2006, market
values of pledged securities were $3,042,261 and bank balances were $1,928,055.
As of December 31, 2006, the City had the following investments:
Weighted Average
Investment Type Fair Value Maturity (Years)
U.S. Agencies
TexPool
Total fair value
Portfolio weighted average maturity
$ 8,902,374 0.5
6,243,665 0.0
$ 15,146,039
0.5
TexPool
TexPool was established as a trust company with the Treasurer of the State of Texas as trustee,
segregated from all other trustees, investments, and activities of the trust company. The State
Comptroller of Public Accounts exercises oversight responsibility over TexPool. Oversight includes
the ability to significantly influence operations, designation of management, and accountability for
fiscal matters. Additionally, the State Comptroller has established an advisory board composed of
both participants in TexPool and other persons who do not have a business relationship with TexPool.
The advisory board members review the investment policy and management fee structure. Finally,
' Standard & Poor's rate TexPool AAAm. As a requirement to maintain the rating, weekly portfolio
information must be submitted to Standard & Poor's, as well as to the office of the Comptroller of
Public Accounts for review.
TexPool operates in a manner consistent with the SEC's Rule 2a7 of the Investment Company Act of
1940. TexPool uses amortized cost rather than market value to report net assets to compute share
prices. Accordingly, the fair value of the position in TexPool is the same as the value of TexPool
shares.
57
CITY OF WEST UNIVERSITY PLACE, TEXAS
NOTES TO FINANCIAL STATEMENTS, Continued
December 31, 2006
B. Receivables
The following comprise receivable balances at year end:
Water and
General
Debt Service
Sewer
Solid Waste Nonmajor
Ad valorem taxes
$ 3,318,044
$ 3,627,649
$
$ $
Other taxes
237,345
Accounts
49,869
869,283
182,305
Other
35.657
-
- 750
Less allowance
(660)
(126,728)
(22.655) -
$ 3.6407255
$ 3,627,649
$ 742.555
$ 159.650 $ 750
C. Capital assets
A summary of changes in capital assets for the year end were as follows:
Primary Goverment
Beginning
Ending
Balance
Increases
(Decreases)
Balance
Governmental Activities:
Capital assets not being depreciated
Land $
5,864,089
$
$
$ 5,864,089
Construction in progress
14,767,828
6,657,686
(70,032)
21,355,482
Total capital assets not
being depreciated
20,631,917
6,657,686
(70,032)
27,219,571
Other capital assets:
Buildings and improvements
7,966,099
-
7,966,099
Madunery and equipment
4,947,384
437,797
(68,148)
5,317,033
Infrash»cttue
56,738,542
5,936
56,744,478
Total other capital assets
69,652,025
443,733
(68,148)
70,027.610
Less accumilated depreciation for.
Buildings and inhrovenents
(3,818,259)
(281,548)
-
(4,099,807)
Machinery and equipment
(3,463,202)
(421,230)
57,983
(3,826,449)
Inliastruchrre
(7,292,028)
(1,134,890)
-
(8,426,918)
Total accumiateddepiaiation (14,573,489)
(1,837,668)
57,983
(16,353,174)
Other capital assets, net
55,078,536
(1393,935)
(10,165)
53,674,436
Totals $
75,710,453
$ 5,263,751
$ (80,197)
$ 80,894,007
Less associated debt (69,107,400)
Invested in Capital Assets, Net of
Related Debt $ 11,786.607
All capital assets constructed or paid for with funds of the component units are titled in the City's
nane. Accordingly, component unit capital assets and construction in progress are recorded in the
governmental activities totals.
58
11
11
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CITY OF WEST UNIVERSITY PLACE, TEXAS
NOTES TO FIA'ANCIAL STATEMENTS, Continued
December 31, 2006
Depreciation was charged to governmental functions as follows:
General government $ 164,304
Public safety 114,034
Public works 1,209,636
Public service 168,427
Capital assets held by the City's Internal Service Fund are
charged to various functions based on their usage of the assets 181267
Total Governmental Activities Depreciation Expense $ 1,837,668
The following is a summary of changes in capital assets for business-type activities for the year
ended:
II
II
II
Business-type Activities:
Capital assets not being depreciated:
Land
Construction in progress
Total capital assets not
being depreciated
Other capital assets:
Buildings
Water and sewer system
Machinery and equipment
Total other capital assets
Less accumulated depreciation for
Beginning
Balance Increases
$ 193,875 $
2,494,124
2,687,999
459,625 -
50,900,381 2,803,217
788,503 -
52,148,509 2,803,217
- 459,625
- 53,703,598
- 788,503
54,951,726
Buildings
(234,940)
(18,385)
- (253,325)
Water and sewer system
(17,255,860)
(1,777,543)
- (19,033,403)
Machinery and equipment
(646,803)
(19,828)
- (666,631)
Total accumulated depreciation
(18,137,603)
(1,815,756)
- (19,953,359)
Other capital assets, net
34,010,906
987,461
- 34,998,367
Totals
$ 36,698,905 $
987,461 $
(2,494,124) $ 35,192,242
Less associated debt
Invested in Capital Assets, Net
of Related Debt
Depreciation was charged to business-type functions as follows:
Water and sewer $ 1,815,756
Total Business-type Activities Depreciation Expense $ 1,815,756
59
(Decreases)/ Ending
Reclassifications Balance
(2,494,124)
(2,494,124) 193,875
(14268,196)
$ 20,924,046
193,875
CITY OF WEST UNIVERSITY PLACE, TEXAS
NOTES TO FINANCIAL STATEMENTS, Continued
December 31, 2006
D. Long-term Debt
The following is a summary of changes in the City's total governmental long-term liabilities for the
year ended. In general, the City uses the general and debt service funds to liquidate governmental
long-term liabilities.
Governmental Activities:
Bonds, notes and other
payables:
General obligation bonds
Certificates of obligation
Unamortized refunding items
Capital leases
Other liabilities:
Compensated absences
Total Governmental
Activities
Long-term debt due in
more than one year
Business-type Activities:
Revenue bonds
(Less) unamortized premiums
and or discounts
Total Business-type
Activities
Long-term debt due in
more than one year
Beginning Ending
Balance Additions Reductions Balance
Amounts
Due within
One Year
$ 59,095,000 $
- $
3,150,000 $
55,945,000 * $
3,275,000
12,855,000
-
225,000
12,630,000 *
250,000
407,835
-
29,131
378,704 *
-
-
473,285
-
473,285 *
87,466
72,357,835
473,285
3,404,131
69,426,989
3,612,466
603,904
581,470
543,514
641,860
577,674
$ 72,961,739 $
1,054,755 $
3,947,645 $
70,068,849 $
4,190,140
$ 65,878.709
$ 15,255,000 $
(332,591)
$ 14,922,409 $
- $ 675,000 $ 14,580,000 $
(222,140) (110,451)
$ 452,860 $ 14,469,549
$ 13,804,549
*Debt associated with governmental activity capital assets $ 69,426,989
Deferred charges (319,589)
Total debt associated with governmental activity capital assets 69,107,400
**Debt associated with business-type activity capital assets $ 14,469,549
Deferred charges (201,353)
Total debt associated with business-type activity capital assets 14,268,196
11
665,000 '
$ 665,000 1
Long-term liabilities applicable to the City's governmental activities are not due and payable in the
current period, and accordingly, are not reported as fund liabilities in the governmental funds. The
governmental activities compensated absences are generally liquidated by the general fund. Interest
on long-term debt is not accrued in governmental funds, but rather is recognized as an expenditure
when due.
11
11
11
it
1I
60 11
CITY OF WEST UNIVERSITY PLACE, TEXAS
NOTES TO FINANCIAL STATEMENTS, Continued
December 31, 2006
Long-term debt at year end was comprised of the following debt issues:
' Interest
Description Rates
Balance
Governmental Activities
'
General Obligation Bonds
Permanent improvement
Series 2000 5.25-6.75% $
1,825,000
Permanent improvement and refunding
Series 1998 3.65-5.625%
5,895,000
Series 2002 4.0-5.5%
23,175,000
Series 2005 2.45-5.25%
25,050,000
Total General Obligation Bonds
55,945,000
Certificates of Obligation
Series 2001
Series 2003
Total Certificates of Obligation
Total Bond and Certificate Obligations
Capital Leases
Fire truck
Total Capital Leases
Total Governmental Activities Long-Term Debt
Business-type Activities
Revenue Bonds
Water and sewer, series 2001A
Water and sewer, series 2001 B
Water and sewer, refunding series 2005
Total Business-type Activities Long-Term Debt
4.40% 2,955,000
3.15-4.0% 9,675,000
12,630,000
68,575,000
3.95% 473,285
473,285
$ 69,048,285
4.6-6.5% $ 3,340,000
2.25-4.3% 2,745,000
2.8711.50% 8,495,000
$ 14,580,000
The annual requirements to amortize bond and certificate debt issues outstanding at year ending were
as follows:
Year
Ending
Dec 31
2007
2008
2009
2010
2011
2012-2016
2017-2021
2022
Total
Governmental Activit
Principal
Interest
$ 3,525,000
$ 3,166,330
3,690,000
3,004,091
3,875,000
2,823,918
4,055,000
2,640,024
4,235,000
2,461,785
24,530,000
9,018,498
24,665,000
2,381,826
$ 68,575,000 $ 25,496,472
Business-tvv
e Activity
Principal
Interest
$ 665,000 $
601,873
690,000
577,814
715,000
551,749
745,000
523,446
785,000
492,801
4,415,000
1,952,257
5,500,000
891,105
1,065,000
25,455
$ 14,580,000 $
5,616,500
Total
$ 7,958,203
7,961,905
7,965,667
7,963,470
7,974,586
39,915,755
33,437,931
1,090,455
$ 114,267,972
61
CITY OF WEST UNIVERSITY PLACE, TEXAS
NOTES TO FINANCIAL STATEMENTS, Continued
December 31, 2006
General obligation bonds are direct obligations of the City for which its full faith and credit are
pledged. Repayment of general obligation bonds are from taxes levied on all taxable property located
within the City. The City is not obligated in any manner for special assessment debt.
Advance Refundings
In 2005, the City defeased certain permanent improvement bonds, series' 1996, 1998, and 2000 in the
amount of $25,395,000 by placing the proceeds of new bonds in an irrevocable trust to provide for all
future debt service payments on the old bonds. Accordingly, the trust account assets and liability for
the defeased bonds are not included in the City's financial statements. At December 31, 2006,
$5,290,000 of permanent improvement and refunding bonds, series 1998 and $18,045,000 of
permanent improvement bonds, series 2000, were considered defeased related to the 2005 refunding.
The City also defeased certain waterworks and sewer system revenue bonds, series' 1996A, 1996B,
and 1998A in 2005 in the amount of $8,655,000 by placing the proceeds of new bonds in an
irrevocable trust to provide for all future debt service payments on the old bonds. Accordingly, the
trust account assets and liability for the defeased bonds are not included in the City's financial
statements. At December 31, 2006, $4,060,000 of revenue bonds, series 1998A was considered
defeased related to the 2005 refunding.
Federal Arbitrage
The Tax Reform Act of 1986 instituted certain arbitrage restrictions consisting of complex
regulations with respect to issuance of tax-exempt bonds after August 31, 1986. Arbitrage regulations
deal with the investment of tax-exempt bond proceeds at an interest yield greater than the interest
yield paid to bondholders. Generally, all interest paid to bondholders can be retroactively rendered
taxable if applicable rebates are not reported and paid to the Internal Revenue Service at least every
five years for applicable bond issues. Accordingly, there is the risk that if such calculations are not
performed or not performed correctly could result in a substantial liability to the City. The City
periodically engages an arbitrage consultant to perform the calculations in accordance with the IRS's
rules and regulations.
Capital Leases
The annual requirements to amortize capital leases outstanding at year end were as follows:
Year
Ending
Governmental
Activity
Dee 31
Principal
Interest
Total
2007
$ 87,466 $
18,701 $
106,167
2008
90,922
15,245
106,167
2009
94,515
11,652
106,167
2010
98,250
7,918
106,168
2011
102,132
4,036
106.168
Total
$ 473,285 $
57,552 $
530,837
As of year end, the City had not taken possession of the fire truck and according there is no asset and
related accumulated depreciation values related to this obligation.
62
CITY OF WEST UNIVERSITY PLACE, TEXAS
NOTES TO FINANCIAL STATEMENTS, Continued
December 31, 2006
E. Interfund Transactions
The composition of interfund balances as of year end was as follows:
Due To:
General Fund
Health Benefits*
Due From:
Nonmajor governmental funds
Equipment Replacement
Health Benefits
Water and Sewer
General Fund
Amounts
$ 92,483
15,910
150,147
500,000
36,243
$ 794,783
* Internal service funds
Amounts recorded as "due to/from" are considered to be temporary loans and will be repaid during
the following year.
Transfers between the primary government funds during the year were as follows:
Transfer Out
Water and Sewer
Solid Waste
Infrastructure Replacement
Nonmajor governmental funds
Transfer In
General Fund
General Fund
Governmental activities
Sidewalk Contraction
Nonmajor governmental funds
General Fund
Amounts
$ 645,000
225,000
* 183,941
52,682
765,101
2,930
$ 1,874,654
*Solid waste transferred capital assets acquired during the year.
Transfers to the general fund were subsidies for administrative expenditures. Other amounts
transferred between funds related to amounts collected by the nonmajor governmental funds for
various govermnental expenditures.
Amounts recorded as due to/from are considered to be temporary loans and will be repaid during the
following year.
F. Fund Equity
The City records fund balance reserves on the fund level to indicate that a portion of the fund balance
is legally restricted for a specific future use or to indicate that a portion of the fund balance is not
available for expenditure.
63
CITY OF WEST UNIVERSITY PLACE, TEXAS
NOTES TO FINANCL4L STATEMENTS, Continued
December 31, 2006
The following is a list of fund balances reserved or designated recognized by the City:
General Fund
Reserved for prepaids and inventory
Debt Service Fund
Reserved for debt service
Nonmajor Other Governmental Funds
Reserved for inventory
Reserved for capital purchases
G. Restricted Assets
15,516
1,169,072
2,611
486,766
The balance of the restricted cash account in the water and sewer fund recognized by the City is as
follows:
Water and Sewer Fund
Restricted for construction $ 313,673
Restricted for debt service 500,000
$ 813,673
IV. OTHER INFORMATION
A. Risk Management
The City is exposed to various risks of loss related to torts; theft of, damage to and destruction of
assets, errors and omissions; and natural disasters for which the City participates along with 2,539
other entities in the Texas Municipal League's Intergovernmental Risk Pools (the "Pool"). The Pool
purchases commercial insurance at group rates for participants in the Pool. The City has no additional
risk or responsibility to the Pool, outside of the payment of insurance premiums. The City has not
significantly reduced insurance coverage or had settlements which exceeded coverage amounts for the
past three years.
B. Contingent Liabilities
Amounts received or receivable from granting agencies are subject to audit and adjustment by grantor
agencies, principally the federal government. Any disallowed claims, including amounts already
collected, may constitute a liability of the applicable funds. The amounts of expenditures which may
be disallowed by the grantor cannot be determined at this time although the City expects such
amounts, if any, to be immaterial.
The City is a defendant in several lawsuits. Although the outcome of these lawsuits is not presently
determinable, it is the opinion of the City's management that resolution of these matters will not have
a material adverse effect of the financial condition of the City.
64
CITY OF WEST UNIVERSITY PLACE, TEXAS
NOTES TO FINANCIAL STATEMENTS, Continued
December 31, 2006
Liabilities are reported when it is probable that a loss has occurred and the amount of the loss can be
reasonably estimated. Liabilities include an amount for claims that have been incurred but not
reported. Claim liabilities are calculated considering the effects of inflation, recent claim settlement
trends, including frequency and amount of payouts, and other economic and social factors. No claim
liabilities are reported at year end.
C. Pension Plans
1. Texas Municipal Retirement Systems
Plan Description
The City provides pension benefits for all of its full-time employees through a non-traditional, joint
contributory, hybrid defined benefit plan in the state-wide Texas Municipal Retirement System
(TMRS), one of 811 currently administered by TMRS, an agent multiple-employer public employee
retirement system.
Benefits depend upon the sum of the employee's contributions to the plan, with interest, and the City
financed monetary credits, with interest. At the date the plan began, the City granted monetary credits
for service rendered before the plan began of a theoretical amount at least equal to two times what
would have been contributed by the employee, with interest, prior to establishment of the plan.
Monetary credits for service since the plan began are a percent (100%, 150%, or 200%) of the
employee's accumulated contributions. In addition, the City can grant, as often as annually, another
type of monetary credit referred to as an updated service credit which is a theoretical amount which,
when added to the employee's accumulated contributions and the monetary credits for service since
the plan began, would be the total monetary credits and employee contributions accumulated with
interest if the current employee contribution rate and city matching percent had always been in
existence and if the employee's salary had always been the average of his salary in the last three years
that are one year before the effective date. At retirement, the benefit is calculated as if the sum of the
employee's accumulated contributions with interest and the employer-financed monetary credits with
interest were used to purchase an annuity.
Members can retire at ages 60 and above with 5 or more years of service or with 20 years of service
regardless of age. A member is vested after 5 years. The plan provisions are adopted by the
governing body of the City, within the options available in the state statutes governing TMRS and
within the actuarial constraints also in the statutes.
Contributions
The contribution rate for the employees is 7%, and the City's matching ratio is currently two to one,
both as adopted by City Council. Under the state law governing TMRS, the actuary annually
determines the City contribution rate. This rate consists of the normal cost contribution rate and the
prior service contribution rate, both of which are calculated to be a level percent of payroll from year
to year. The normal cost contribution rate finances the currently accruing monetary credits due to the
City matching percent, which are the obligation of the City as of an employee's retirement date, not at
the time the employee's contributions are made. The normal cost contribution rate is the actuarially
determined percent of payroll necessary to satisfy the obligation of the City to each employee at the
time his/her retirement becomes effective. The prior service contribution rate amortizes the unfunded
(over funded) actuarial liability (asset) over the remainder of the plan's 25-year amortization period.
The unit credit actuarial cost method is used for determining the City contribution rate. Both the
employees and the City make contributions monthly.
65
CITY OF WEST UNIVERSITY PLACE, TEXAS
NOTES TO FINANCL4L STATEMENTS, Continued
December 31, 2006
Since the City needs to know its contribution rate in advance for budgetary purposes, there is a
one-year delay between the actuarial valuation that serves as the basis for the rate and the calendar
year when the rate goes into effect (i.e., December 31, 2005 valuation is effective for rates beginning
January 2007).
All assumptions for the 12/31/05 valuations are contained in the 2005 TMRS Comprehensive Annual
Financial Report, a copy of which may be obtained by writing to P.O. Box 149153, Austin, Texas
78714-9153. The following is a summary of the actuarial assumptions:
Actuarial Cost Method
Amortization Method
Remaining Amortization Period
Asset Valuation Method
Investment Rate of Return
Projected Salary Increases
Includes Inflation. at
Cost of Living Adjustments
Three-Year Contribution Information
Unit Credit
Level % of Payroll
25 Years - Open period
Amortized cost
7%
None
3.5%
None
Annual Pension Percentage of ARC
Net Pension
Fiscal year
Cost (ARC) Contributions
Obligation
2004
$
730,622 100%
$
2005
$
893,021 100%
$
2006
$
944,597 100%
$ -
D.
Retainage Payable
Subsequent to the release of the financial statements, additional information was discovered relating
to the recording of a retainage payable in two funds for construction activity. The cumulative effect
of recording this payable resulted in an increase in liabilities and expenditures of $539,772, of which
$390,096 was recorded in the Sidewalk Construction Fund and $149,676 in the Infrastructure
Replacement Fund.
66
I REQUIRED SUPPLEMENTAR Y INFORMA TION
67
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68
' CITY OF WEST UNIVERSITY PLACE, TEXAS
' SCHEDULE OFBEVENUES, EXPENDITURES, AND CHANGES
IN FUND BALANCE - BUDGET AND ACTUAL
GENERAL FUND
' For the year ended December 31, 2006
Variance with
Original Final Final Budget
Budget Budget Actual Positive
Amounts Amounts Amounts (Negative)
Revenues
Taxes:
Ad valorem $ 5,891,350 $ 5,928,220 $ 5,865,156 $ (63,064)
' Franchise 976,200 963,500 1,015,725 52,225
Sales 710,300 1,006,070 1,028,946 22,876
Licenses and permits 484,700 557,260 580,297 23,037
Fines 201,800 250,850 250,849 (1)
Charges for services 1,102,910 1,233,260 1,260,376 27,116
Investment eamings 100,000 100,000 268,377 168,377
Other revenues 190,710 291,700 150,287 (141,413)
Total Revenues 9,657,970 10,330,860 10,420,013 89.153
Expenditures
' General government:
Administration 644,630 919,630 911,548 8,082
Finance 1,472,330 1,472,330 1,469,606 2,724
' Public safety:
Police 2,846,070 2,726,070 2,707,128 18,942
Fire 2,329,390 2,329,390 2,321,400 7,990
Public works 1,812,550 1,572,550 1,557,955 14,595
Public service 1,394,750 1,468,750 1,495,295 (26,545)
Total Expenditures 10,499,720 10,488,720 107462,932 25,788
Excess of Revenues Over
(Under) Expenditures (841,750) (157,860) (42,919) 114,941
Other Financing Sources
Transfers in 870,000 870,000 872,930 2,930
Total Other Financing Sources 870,000 870,000 872,930 2,930
Net Change in Fund Balance $ 28,250 $ 712,140 830,011 $ 117,871
Beginning fund balance
Ending Fund Balance
3.373,041
$ 4,203,052
Notes to Required Supplementary Information:
1. Annual budgets are adopted on a basis consistent with generaly accepted accounting principles (GAAP).
2. Excess of expenditures over appropriations *
69
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70
CITY OF WEST UNIVERSITY PLACE, TEXAS
SCHEDULE OF FUNDING PROGRESS-
TEXAS MUNICIPAL RETIREMENT SYSTEM
The City's annual covered payroll and pension costs are actuarially valued on a calendar year basis. Because the City makes all the
annually required contributions, no net pension obligation (NPO) exists. The information presented below represents the City's
Schedule of Funding Progress.
Fiscal year
2006
2005
2004
2003
2002
Actuarial Valuation date
12/312005
12/31/2004
12/312003
12/31/2002
12/31/2001
Actuarial Value of Assets
$
14.095,876
$
12,886,461
$
13,522,221
$
10,748,722
$
9,745,961
Actuarial Accrued Liability
$
20,777,707
$
19,196,674
$
19,648,251
$
14,372,452
$
13,228,490
Percentage Funded
6Z8%
67.1%
68.8%
74.8%
73.7%
Unfunded Actuarial
Accrued Liability
$
6,681,831
$
6,310,213
$
6,126,030
$
3,623,730
$
3,482,529
Annual Covered Payroll
$
5,700,977
$
5,545,016
$
5,708,418
$
4,902,792
$
4,018,383
Unfunded Actuarial Accrued Liability
(UAAL) % of Covered Payroll
117.2%
113.8%
107.3%
73.9°/
86.7%
Net Pension Obligation (NPO)
at the Beginning of Period
$
-
$
-
$
-
$
-
$
Annual Req. Contrib. (ARC)
$
944,597
$
893,021
$
730,622
$
670,077
$
568,996
Contributions Made
$
944,597
$
893;021
$
730,622
$
670,077
$
568,996
NPO at the End of Period $
-
$
-
$
-
$
-
$
-
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72 ,
COMBINING STATEMENTS
AND SCHEDULES
73
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74 '
CITY OF WEST UNIVERSITY PLACE, TEXAS
SCHEDULE OFREVENUES, EXPENDITURES, AND CHANGES
IN FUND BALANCE- BUDGET AND ACTUAL
DEBT SERVICE FUND
For the year ended December 31, 2006
Revenues
Ad valorem taxes
Investment earnings
Total Revenues
Expenditures
Debt service:
Principal
Interest and fiscal agent fees
Total Expenditures
Net Change in Fund Balance
Beginning fund balance
Ending Fund Balance
996,927
$ 1,169,072
Notes to Required Supplementary Information:
1. Annual budgets are adopted on a basis consistent with generaly accepted accounting principles (GAAP).
Original and
Amended
Budget
Amounts
Actual
Amounts
Variance with
Final Budget
Positive
(Negative)
$ 6,652,670 $ 6,748,355 $ 95,685
42,000 118,703 76,703
61694.670 6,8677058 172,388
3,375,000 3,375,000 -
3,319,670 3,319.913 (243)
6,694,670 6,694,913 (243)
$ - 172,145 $ 172,145
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76
CITY OF WEST UNIVERSITY PLACE, TEXAS
NONMAJOR GOVERNMENTAL FUNDS
December 31, 2005
SPECIAL REVENUE FUNDS
Special Revenue Funds are used to account for specific revenues that are legally restricted to expenditures
for particular purposes.
Parks Fund
This fund is used to account for donations made by citizens for the specific purpose of improving the City's
parks.
Friends of the Parks Fund
This fund accounts for the financial activity of the Friends of West University Parks Fund, Inc. This fund's
revenues are restricted to use in improving the City's parks.
Senior Activity Fund
This fund is used to account for donations made to provide activities for the City's senior citizens.
Court Technology Fund
This fund is used to account for a portion of traffic fine revenue set aside to acquire technology for the
municipal court.
METRO Grant Fund
This fund is used to account for the proceeds of a multi-year transportation grant from METRO.
CAPITAL PROJECTS FUNDS
Capital Projects Funds are used to account for resources used in the acquisition or construction of major
general capital assets.
Capital Projects Fund
This fund is used to account for a wide range of construction projects and the acquisition of very costly
capital equipment.
Drainage Improvement Fund
This fund is used to account for the cost and financing of a major project to improve drainage in the City.
77
CITY OF WEST UNIVERSITY PLACE, TEXAS
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
December 31, 2006
Assets
Current assets:
Cash and equity in pooled cash
and investments
Cash with fiscal agent
Accounts receivable
Inventory
Total Assets
Liabilities and Fund Balance
Liabilities:
Accounts payable
Due to other funds
Total Liabilities
Fund balances
Parks
Special Revenue Funds
Friends of Senior Court
the Parks Activity Technology
$ 15,593 $ 363,449 $ $ 6,300
750
- 2,611 -
$ 15.593 $ 366,810 $ $ 6,300
Reserved for inventory 2,611
Reserved for capital purchases - - -
Unreserved 15,593 364,199 6,300
Total Fund Balances 15,593 366,810 6,300
Total Liabilities and Fund Balances $ 15,593 $ 366,810 $ $ 6,300
78
Special
Total
Revenue Funds
Capital Projects Funds
Nonmajor
METRO
Capital Drainage
Governmental
Grant
Projects Improvement
Funds
$ 983,]01 $ 208,300 $ - $ 1,576,743
486,766 - 486,766
- 750
- 2,611
$ 983,101 $ 695,066 $ - $ 2,066,870
$ $ 75 $ - $ 75
- 92,483 92,483
75 92,483 92,558
- 2,611
- 486,766 486,766
983,101 208,225 (92,483) 1,484,935
983,101 694,991 (92,483) 1,974,312
$ 983,101 $ 695,066 $ - $ 2,066,870
79
CITY OF WEST UNIVERSITY PLACE, TEXAS
COMBINING STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCE
NONMAJOR GOVERA;NIENTAL FUNDS
For the year ended December 31, 2006
Special Revenue Funds
Friends of Senior Court
Parks the Parks Activity Technology
Revenues
Fines and forfeitures $ $ $ $ 16,760
Intergovernmental - - - -
Contributions 15,310 175,682 -
investment earnings 784 6,204 225
Total Revenues 16,094 181,886 16,985
Expenditures
Current:
Public service - 211,642
Capital outlay 11,309
Total Expenditures 11,309 211,642
Excess of Revenues Over (Under) Expenditures 4,785 (29,756)
Other Financing Sources (Uses)
Transfer in
Transfers (out)
Capital lease proceeds
Total Other Financing Sources (Uses)
Net Change in Fund Balances
(2,930)
(2,930)
4,785 (29,756) (2,930)
Beginning fund balances
Ending Fund Balances
17,121
17,121
(136)
(136)
10,808 396,566 2,930 6,436
$ 15,593 $ 366,810 $ - $ 6,300
80
Special
Total
Revenue Funds
Capital Projects Funds
Nonmajor
METRO
Capital Drainage
Governmental
Grant
Projects Improvement
Funds
$ -
$ $ -
$ 16,760
259,000
-
259,000
-
135,664 -
326,656
-
18,702 -
25,915
259,000
154,366 -
628,331
5,271
-
-
216,913
-
205,056
97,023
330,509
5,271
205,056
97,023
547,422
253,729
(50,690)
(97,023)
80,909
465,101
150,000
-
615,101
-
-
-
(2,930)
-
473,285
-
473,285
465,101
623,285
-
1,085,456
718,830
572,595
(97,023)
1,1661365
264,271
122,396
4,540
807,947
$ 983,101 $
694,991 $
(92,483) $
1,974,312
81
CITY OF WEST UNIVERSITY PLACE, TEXAS
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES
IN FUND BALANCE - BUDGET AND ACTUAL
NONMAJOR SPECIAL REVENUE FUNDS
For the year ended December 31, 2006
PARKS
Original and
Variance with
Final
Final Budget
Budget
Actual Positive
Amounts
Amounts (Negative)
Revenues
Contributions
$ 2,500 $
15,310 $
12,810
Investment earnings
100
784
684
Total Revenues
2,600
16,094
13,494
Expenditures
Capital outlay
15,000
11,309
3,691
Total Expenditures
15,000
11,309
3,691
Net Change in Fund Balance
$ (12,400)
4,785 $
17,185
Beginning fund balance
Ending Fund Balance
10,808
$ 15,593
82
CITY OF WEST UNIVERSITY PLACE, TEXAS
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES
IN FUND BALANCE -BUDGET AND ACTUAL
NONMAJOR SPECIAL REVENUE FUNDS
For the year ended December 31, 2006
SENIOR ACTT VITY
Revenues
Permits, licenses and fees
Investment earnings
Total Revenues
Other Financine (Uses)
Transfers (out)
Total Other Financing (Uses)
Net Change in Fund Balance
Beginning fund balance
Ending Fund Balance
1. Excess of expenditures over appropriations.*
Original and
Variance with
Final
Final Budget
Budget
Actual Positive
Amounts
Amounts (Negative)
(2,930) (2,930)
(21930) (2,930)
$ (2,930) $ (2,930)
2,930
83
CITY OF WEST UNIVERSITY PLACE, TEXAS
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES
IN FUND BALANCE -BUDGET AND ACTUAL
'
NONMAJOR SPECIAL REVENUE FUNDS
For the year ended December 31, 2006
COURT TECHNOLOGY
Original and
Variance with
Final
Final Budget
Budget Actual
Positive
Amounts Amounts
(Negative)
Revenues
Fines and forfeitures
Investment earnings
Total Revenues
Expenditures -
Capital outlay
Total Expenditures
Net Change in Fund Balance
Beginning fund balance
Ending Fund Balance
1. Excess of expenditures over appropriations.*
$ 11,700 $
16,760 $
5,060
25
225
200
11,725
16,985
5,260
14,900
17,121
(2,221)
14,900
17,121
(2,221)
$ (3,175)
(136) $
3,039
6,436
$ 6,300
1
t
t
41
'I
II
I I
84 11
CITY OF WEST UNIVERSITY PLACE, TEXAS
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES
IN FUND BALANCE - BUDGET AND ACTUAL
NONMAJOR SPECIAL REVENUE FUNDS
For the year ended December 31, 2006
METRO GRANT
Original and
Final
Budget
Amounts
Actual
Amounts
Variance with
Final Budget
Positive
(Negative)
Revenues
Intergovernmental
$ 259,000 $
259,000 $
Investment earnings
-
-
Total Revenues
259,000
259,000
Expenditures
Public service
518,000
5,271
512,729
Total Expenditures
518,000
5,271
512,729
Other Financing Sources
Transfers in
-
465,101
465,101
Total Other Financing Sources
465,101
465,101
Net Change in Fund Balance
$ (259,000)
718,830 $
977,830
Beginning fund balance
Ending Fund Balance
264,271
$ 983,101
85
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86
ZI
11
I
I
CITY OF WEST UNIVERSITY PLACE, TEXAS
' INTERNAL SERVICE FUNDS
December 31, 2006
Equipment Replacement Fund
This internal service fund is used to account for equipment replacement and maintenance services to
departments or agencies of the City on a cost reimbursement basis.
■ Healtb Benefits Fund
This internal service fund is used to account for the costs associated with health benefits to departments or
agencies of the City on a cost reimbursement basis as well as costs associated with retiring and seperating
employees.
i 1 87
1
CITY OF WEST UNIVERSITY PLACE, TEXAS
COMBINING STATEMENT OF NET ASSETS ,
INTERNAL SERVICE FUNDS
December 31, 2006
Equipment Healthcare
Replacement Benefits Total
Assets
Current assets:
Equity in pooled cash and investments
Accounts receivable
Due from other funds
Total Current Assets
Noncurrent assets:
Capital assets:
$ 223,146 $ 35,000 $ 258,146
- 93,407 93,407
36,243 36.243
223.146 164,650 387,796
1
Machinery and equipment
1,659,028
-
1,659,028
Less: accumulated depreciation
(935,681)
-
(935,681)
Total Capital Assets (Net of Accumulated Depreciation)
723,347
-
723,347
'
Total Noncurrent Assets
723,347
-
723,347
Total Assets
946,493
164,650
1,111,143
Liabilities
Current liabilities:
Due to other funds
15,910
150,147
166,057
Total Current Liabilities
15.910
150,147
166,057
Total Liabilities
15,910
150,147
166,057
Net Assets
Invested in capital assets
723,347
-
723,347
Unrestricted
207,236
14,503
221,739
Total N
t A
t
$
930
583 $
14
503 $
945
086
e
sse
s
,
,
,
88
CITY OF WEST UNIVERSITY PLACE, TEXAS
COMBINING STATEMENT OF REVENUES, EXPENSES,
AND CHANGES IN FUND NET ASSETS
INTERNAL SERVICE FUNDS
For the year ended December 31, 2006
Equipment
Healthcare
Replacement
Benefits
Total
Operating Revenues
Charges for sales and services
$ 257,800
$ 59,721 $
317,521
Other revenues
14,633
11,378
26,011
Total Operating Revenues
272,433
71,099
343,532
Operatine Expenses
Costs of sales and services 10,821
58,778 69,599
Depreciation 181,267
- 181,267
Total Operating Expenses 192,088
58,778 250,866
Operating Income (Loss) 80,345
12,321 92,666
NonoDeratinE Revenues (Expense
Investment income
6,856
- 6,856
(Loss) on sale of capital assets
(4,766)
(4,766)
Total Nonoperating Revenues (Expenses)
2,090
- 2,090
Change in Net Assets
82,435
12,321 94,756
Beginning net assets
848,148
2,182 850,330
Ending Net Assets
$ 930,583 $
14,503 $ 945,086
II ,
89
CITY OF WEST UNIVERSITY PLACE, TEXAS
COMBINING STATEMENT OF CASH FLOWS
INTERNAL SERVICE FUNDS
For the year ended December 31, 2006
Cash Flows from Operating Activities
Receipts from customers and users
Payments to suppliers
Net Cash Provided by Operating Activities
Cash Flows from Capital and Related
Financing Activities
Acquisition and construction of capital assets
Proceeds from sale of capital assets
Net Cash (Used) by Capital and Related
Financing Activities
Cash Flows from Investing Activities
Interest received
Net Cash Provided by Investing Activities
Net Increase in Cash and Cash Equivalents
Beginning cash and cash equivalents
Ending Cash and Cash Equivalents
Reconciliation of Operating Income (Loss)
to Net Cash Provided (Used) by Operating Activities
Operating income (loss)
Adjustments to reconcile operating income to net
cash provided (used) by operating activities:
Depreciation
Changes in Operating Assets and Liabilities:
(Increase) Decrease in Current Assets:
Accounts receivable
Due from other funds
Increase (Decrease) in Current Liabilities:
Accounts payable
Due to other funds
Net Cash Provided by Operating Activities
Equipment Healthcare
Replacement Benefits Total
$ 272,433 $ 91,596 $ 364,029
(10,821) (58,778) (69,599)
261,612 32,818 294,430
(128,568)
- (128,568)
5,400
- 5,400
(123,168)
- (1231168)
6,856
- 6,856
6,856
- 6,856
145,300
32,818 178,118
77,846
2,182 80,028
$ 223,146 $
35,000 $ 258,146
$ 80
345 $ 12
321 $
92
666
,
,
,
181,267 -
181,267
- (931407)
(93,407)
(36,243)
(36,243)
- 150,147
150,147
$ 261,612 $ 32,818 $
294,430
90
i
■ STATISTICAL SECTION
■
' This part of the City's comprehensive annual financial report presents detailed information as a context for
understanding what the information in the financial statements, note disclosures, and required supplementary
information says about the City's overall financial health.
Contents Page
Financial Trends 93
These schedules contain mend information to help the reader understand how the Chys financial performance and
well-being have changed over time.
Revenue Capacity 104
These schedules contain information to help the reader assess the City's most significant local revenue source,
property tax.
Debt Capacity 112
These schedules present information to help the reader assess the affordability of the City's current levels of
outstanding debt and the City's ability to issue additional debt in the future.
Demographic and Economic Information 120
These schedules offer demographic and economic indicators to help the reader understand the environment within
which the City's financial activities take place.
Operating Information 122
These schedules contain service and infi•astr•ucture data to help the reader understand how the information in the
City's financial report relates to the services the City provides and the activities it performs.
91
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92
11
11
tl
CITY OF WEST UNIVERSITY PLACE, TEXAS
NET ASSETS BY COMPONENT
Last Four Years (1)
(accrual basis of accounting)
Fiscal Year
2003 2004 2005
Governmental activities
Invested in capital assets,
net of related debt
Restricted
Unrestricted
Total governmental activities net assets
Business-type activities
■ Invested in capital assets,
net of related debt
Restricted
Unrestricted
Total business-type activities net assets
Priman, government
Invested in capital assets,
net of related debt
Restricted
Unrestricted
Total primary government net assets
$ 7,811,571 $
8,838382 $
2,285,217
$ 11,786,607
305,496
363,478
8,533,406
3,605,569
2.139,980
2,435,721
3,0031540
3,976,998
$ 10,257.047 $
11,637,581 $
13,822163
$ 19,369,174
$ 22,140,957 $
22,647,508 $
21,776,495
$ 20,924,046
1,180,254
1,531649
622,627
813,673
(486,050)
(331,015)
8947473
525,387
$ 22.835,161 $
23,849,142 $
23,293.595
$ 22,2631106
$ 29,952,528
$ 31,4851890
$ 24,061,712
$ 32,710,653
1,485,750
1,896,127
9,156,033
4,419,242
1.653,930
2,104.706
3,898,013
4,502,385
$ 33,092,208
$ 35886,723
$ 37,115,758
$ 41,632,280
(1) The requirement for statistical data is ten years; only four years are available at this time.
93
CITY OF WEST UNIVERSITY PLACE, TEXAS
CHANGES IN NET ASSETS
Last Four Years (1)
(accrual basis of accounting)
Expenses
Governmental activities
General government
Public safety
Public works
Public services
Interest and fiscal agent fees on long-term debt
Total governmental activities expenses
Business-type activities
Water and sewer
Solid waste
Total business-type activities expenses
Total primary government expenses
Program Revenues
Governmental activities
Charges for services
General government
Public safety
Public works
Public services
Operating grants and contributions
Capital grants and contributions
Total governmental activities program revenues
Business-type activities
Charges for services
Water and sewer
Solid waste
Total business-type activities program revenues
Total primary government program revenues
Fiscal Year
2003 2004 2005 2006
$ 2,070,377
$ 2,405,983
$ 2,594,417
$ 2,706,514
4,816,966
4,826,905
5,109,968
5,187,464
2,554,406
1587,621
3,073,735
2.654,368
1,148,718
1,368,549
1,840,117
1,874,113
3.820,949
3.377,944
3,501,076
2,984,308
14,411.416
14.562002
16,119,313
15.406,767
4,567,117
4,844,930
5,083,562
5,084,326
798,759
676.448
850,366
844.754
5365,876
5,521,378
5,933,928
5.929,080
$ 19-777.292
$ 20,088,380
$ 21053,241
$ 21335,847
$ 428,859
710,560
651,351
236,989
261,976
2.289,735
3,106,875
1.048,171
4.155,046
$ 6A44.781
$ 551,379 $ 1,530,847
530,266 186;844
696,804
342,450
1.270,704
3,391,603
597,910
16.915
370,864
2,703,380
4,201,687
1,103,485
5,305,172
$ 8.696.775
Net (Expense)/Revenue
Governmental activities $ (11121,681) $ (11,175,399)
Business-type activities (1,210.830) (216,206)
Total primary government net expense $ (13,332511) $ (11,391,605)
94
5,084,828
926,132
6,010,960
$ 8,714,340
$ (13,415,933)
77,032
$ (13,338,901)
$ 1,260,376
267,609
580;297
259;000
2,367,282
4,795,073
944,897
5,739,970
$ 8,107.252
$ (13,039,485)
(189,110)
$ (13.228,595)
CITY OF WEST UNIVERSITY PLACE, TEXAS
CHANGES EV NET ASSETS (Continued)
Last Four Years (1)
(accrual basis of accounting)
General Revenues and Other Changes in Net Assets
Governmental activities
Taxes
Property taxes, levied for general purposes
Property taxes, levied for debt service
Sales taxes
Franchise and local taxes
Other taxes
Contributions
Investment earnings
Other revenues
Gain (loss) on sale of capital assets
Transfers
Total governmental activities
Business-type activities
Investment earnings
Other revenues
Transfers
Total business-type activities
Total primary government
Change in Net Assets
Governmental activities
Business-type activities
Total primary government
Fiscal Year
2003 2004 2005 2006
$ 4,765,758 $ 5,134,667 $ 5,337,999 $ 5,888,180
6,011,109 6,536,129 6,794,959 6,748355
758947 683,572 745,716 1,028,946
873,649 872,221 913,998 1,000,930
18,343 16,021 15,460 14,795
- - 268,081 326,656
515,414 338,969 458,208 695,749
159,582 197,645 222,044 1,828,944
- - (25,950) -
(2,914,442) (1,223,291) 870,000 1,053,941
10,188,360 12.555,933 15.600,515 18,586,496
10,280 67896 21,374 72,757
- - 216,047 139,805
2,914.442 1,223.291 (870,000) (1.053941)
2,924,722 1.230.187 (632,579) (841,379)
$ 137113.082 $ 13,786,120 $ 14.967,936 $ 17,745,117
$ (1,933,321) $ 1,38M34 $ 2,184,582 $ 5,547011
11711892 1.013,981 (555,547) (1.030,489)
$ (219,429) $ 2.394,515 $ 1,629,035 $ 4,516,522
(1) The requirement for statistical data is ten years; only four years are available at this time.
95
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96
CITY OF WEST UNIVERSITY PLACE, TEXAS
TAXREVENUESBYSOURCE, GOVERNMENTAL ACTIVITIES
Last Four Years (1)
(accrual basis of accounting)
Change
Function
2003
2004
2005
2006
2005-2006
Property
$ 11,481,442
$ 11,670,796
$ 12,132,958
$ 12,636,535
4.2%
Sales
777,290
667,552
730,156
1,028,946
40.9%
Franchise fee
873,649
872,221
913,998
1,000,930
95%
Other taxes
159,582
16,020
15,460
14,795
-4.3%
$ 13,291,963
$ 13,226,589
$ 13,792,572
$ 14,681.206
6.4%
(1) The requirement for statistical data is ten years; only four years are available at this time.
97
CITY OF WEST UNIVERSITY PLACE, TEXAS
FUND BALANCES, GOVERNMENTAL FUNDS
Last Ten Years
(modified accrual basis of accounting)
General Fund
Reserved
Unreserved
Total general fund
All Other Governmental Funds
Reserved
Unreserved, reported in:
Capital project funds
Nonmajor governmental funds
Total all other governmental funds
Fiscal Year
1997 1998 1999 2000
$ 88,752 $ - $ 48,059 $ 5&934
3,875,695 4,394.820 47173,141 3.934.596
$ 3,964.447 $ 4,394,820 $ 4221,200 $ 3.993530
$ 7,699,519 $ 13,927,927 $ 10,951,602 $ 27,915,848
1,884,809 199,695 (551,473) (81,464)
424.134 294.254 400,884 246523
$ 10.008,462 $ 14,421,876 $ 10.801,013 $ 28.080.907
98
Fiscal Year
2001 2002 2003 2004 2005 2006
$
7,364
$
80544
$
2,148,781
$
2,098,916
$
15,504
$
15,516
2,985.884
2,846.051
841,381
936,365
3.357,537
4,187.536
$
2,993,248
$
2,926,595
$
2,990,162
$
3.035,281
$
3.373,041
$
4,201052
$
20,188,647
$
20,919,924
$
656,903
$
782,534
$
998,780
$
1,658,449
538,775
698,630
19,412,415
9,106,291
6,852,781
1,545,312
545,459
121,914
139,427
233,004
683,698
1,484,935
$
21,272,281
$
21.740468
$
20,208,745
$
10,121,829
$
8,535,259
$
4,688,696
99
CITY OF WEST UNIVERSITY PLACE, TEXAS
CHANGES IN FUND BALANCE, GOVERNMENTAL FUNDS
Last Ten Years
(modified accrual basis of accounting)
1997
Revenues
Taxes
Pemits, licenses, and fees
Fines and forfeitures
Charges for services
Intergovernmental
Contributions
investment earnings
Other revenues
Total revenues
Expenditures
General government
Public safety
Public works
Public service
Capital outlay
Debt service
Principal
Interest
Total expenditures
Excess of revenues over (under) expenditures
Other Financing Sources (Uses)
Transfers in
Transfers out
issuance of debt
Premium on debt issued
Payment to refunded bond escrow agent
Sale of capital assets
Total other financing sources
Net change in fund balances
Debt service as a percentage
of noncapital expenditures
Fiscal Year
1999
2000
$ 6,910,111 $
7,495,912 $
7,972,546 $
8,987,973
421,159
558,469
396,484
496,677
367,165
184,813
307,058
274,001
1,488,771
702,131
796,763
914,686
565,919
125,318
650,459
1,055,425
1,100,372
1,120,750
1,288,324
1,015,579
281.251
317,661
343.348
553,268
11,134,748
10,505,054
11,754,982
13,297,609
1,462,013
1,685,246
11803,017
1,777,263
2,900,458
2,892,950
2,952,688
3,525,192
2,007,833
1,288,618
1,435,693
1,490,417
747,746
709,674
866,489
987,209
2,993,082
5,890,116
5,560,612
61473,002
1,085,000
1,425,000
1,585,000
1,780,000
1,856A75
1,935,122
2,045,071
1058,343
13,052,607
15,826,726
16,248,570
18,091,426
(1,917,859)
(5,321,672)
(4,493,588)
(4,793,817)
1,430,000
1,310,390
1,172,500
1,986,950
(520,000)
(711,480)
(473,400)
(1,173,842)
650,000
14,901,901
21,107,933
(5,335,352)
1,560,000
10,165,459
699,100
21,921,041
$ (357,859) $
4,841787 $
(3,794,488)
$ 17,127,224
29.24%
33.82% 33.96% 33.04%
100
Fiscal Year
2001 2002 2003 2004 2005 2006
$ 9,963,477
$ 11,534,667
$ 12,416,216
$ 11263,355 $
13,803,975 $
14,658,182
472,081
386,124
444,886
577,164
597,910
580,297
276,815
319,388
243,931
193,322
186,844
267,609
901,544
1,074,335
1,086,952
974,549
1,165,967
1,260,376
259,000
277,769
307,784
1,392,662
387,779
259,000
-
-
-
-
268,081
326,656
1,720,839
655,918
511,267
336,967
457,078
688,893
389,693
603.217
387,897
451,551
212,924
1,814511
13,983,449
14,851,418
15,398,933
17,189,570
17,080,558
19,855,324
1,981,486
2,061,227
1,952,308
2,211,183
2,268,862
2,381,154
4,019,282
4,3361152
4,701,684
4,616,019
4,769,582
5,028,528
1,515,164
1,500,127
1,631,434
1,642, 867
1,582,592
1,557,955
896,309
941,302
1,015,026
1,255,857
1,579,982
1,712,208
12,886,880
13,583,834
13,107,808
11,882,057
2,569,023
6,840,403
1,880,000
2,185,000
2,295,000
2,685,000
2,900,000
3,375,000
2,812,336
3,130,630
3,808,650
3,775,384
3,669,628
3,319,913
25,991,457
27,738,272
28,511,910
28,068,367
19,339,669
24,215,161
(12,008,008)
(12,886,854)
(13,112,977)
(10,878,797)
(2,259,111)
(4,359,837)
1,790,600
1,691,111
631,000
837,000
1,1391000
1,540,713
(991,500)
(1,002,861)
-
-
(269,000)
(670,713)
3,325,000
29,180,987
9,918331
-
25,075,000
473,285
_
_
-
-
1,793,024
-
(16,397,937)
-
(26,751,058)
_
_
-
-
23,335
-
4,124,100
13,471,300
10,549,331
837,000
1,010,301
1,343,285
$ (7,883,908)
$ 584,446 $
(2,563,646)
$ (10,041,797)
$ (1;248,810) $
(3,016,552)
35.81%
37.55%
39.62%
39.91%
39.26%
39.48%
101
CITY OF WEST UNIVERSITY PLACE, TEXAS
TAX REVENUES BYSOURCE, GOVERNMENTAL ACTIVITIES
Last Ten Years
(modified accrual basis of accounting)
Function
Fiscal Year
1997 1998 1999 2000
Property
$ 5,650,077 S
6,054,801 $
6,610,664 $
7,376,687
Sales
537,074
627,443
531,246
776,085
Franchise fee
716,279
804,005
818,326
786,672
Other taxes
6,681
9,663
12,310
10,587
$ 6,910,111 $
7,495,912 $
7,972,546 $
8,950.031
102
11
it
'
Fiscal Year
Change
2001
2002
2003
2004
2005
2006
2004-2005
$ 81532,873 $
9,717,905
$ 11,481,442 $
11,691,541
$ 12,128,801
$ 12,613,511
4.0%
523,665
862,325
758,987
683,573
745,716
1,028,946
38.0%
533,646
939,577
873,649
872,221
913,998
1,000,930
9.5%
9981
14.860
18,303
16.020
15,460
14.796
-43%
600,165 $
$ 9
11,534,667
13,132,381 $
13,263,355
$ 13,803,975
$ 14,658,183
6.2%
,
I
103
CITY OF WEST UNIVERSITY PLACE, TEXAS
ASSESSED VALUE AND ACTUAL VALUE OF TAXABLE PROPERTY
Last Ten Years
Residential Property
Commercial Property
Less: Tax Exempt Property
Total Taxable Assessed Value (1)
Total Direct Tax Rate
1997
1998
1999
2000
$ 1,475,517,440
$ 1,497,313,260
$ 1,704,205,400
$ 1,997,785,950
55,906,970
48,657,800
54,608,270
56,534,900
(63,727,640)
(59,3265660)
(56,106,070)
(57,022,280)
1,467,696,770
1,486,6441400
1,702,707,600
1,997,298,570
0.38000
0.40000
0.42000
0.41000
Source: Harris County Certified / Uncertified Tax Roll.
(1) Property is assessed at actual value; therefore, the assessed values are equal to actual value.
Tax rates are per $100 of assessed value.
104
2001
2002
2003
2004
2005
2006
$ 2,224,515,970
$ 2,391,518,150
$ 2,544,734,110
$ 2,680,629,150
$ 2,816,526,599
$ 3,032,378,632
64,388,870
60,317,070
52,571,420
56,271,940
79,232,269
200,638,039
014
970)
(54
(54,4261270)
(79,831,440)
(80,402,800)
(128,158,556)
(238,088,255)
,
,
2,234,889,870
2,397,408,950
2,517,474,090
2,6561498,290
2,767,600,312
2,994,928,416
0.42000
0.42000
0.43000
0.44670
0.43000
0.40200
105
CITY OF WEST UNIVERSITY PLACE, TEXAS
PROPERTY TAX RATES - DIRECT AND OVERLAPPING GOVERNMENTS
Last Ten Years
City of West University Place by fund:
General
Debt service
Total Direct Rates
Houston Independent School District
Harris County
Harris County Flood Control District
Port of Houston Authority
Harris County Hospital District
Harris County Dept. of Education
Houston Community College
Total Direct and Overlapping Rates (1)
Tax rates per $100 of assessed valuation
Source: Harris County Appraisal District
1997
1998
1999
2000
$
0.21000
$
0.21000
$
0.21000
$
0.20500
0.17000
0.19000
011000
0.21500
7
0.38000
$
0.40000
$
0.42000
$
0.42000
138400
1.38400
1.45900
1.51900
0.42770
0.41870
0.39480
0.39480
0.07420
0.07420
0.08000
0.08000
0.01600
0.01960
0.02130
0.02040
0.12380
0.12380
0.14650
0.14650
0.06615
0.06615
0.06615
0.08233
$
2.47185
$
2.48645
$
2.58775
S
2.66303
(1) Overlapping rates are those of local and county governments that apply within the City of West
University Place.
106
2001
2002
2003
2004
2005
2006
$
0.19500
$
0.19000
$
0.19670
$
0.20000
$
0.20100
$
0.19200
0.22500
0.24000
0.25000
0.24000
0.22900
0.21000
$
0.42000
$
0.43000
$
0.44670
$
0.44000
$
0.43000
$
0.40200
1.51900
1.58000
1.58000
1.58000
1.62000
1.47570
0.35900
038390
0.38810
0.38800
0.39986
0.40239
0.06170
0.04760
0.04170
0.04170
0.03322
0.03241
0.01830
0.01830
0.01990
0.02000
0.01474
0.01302
0.20270
0.19020
0.19020
0.19020
0.19216
0.19216
_
_
_
-
0.00629
0.00629
0.08133
0.08133
0.08133
0.09598
0.09577
0.09518
$
2.66203
$
2.73133
$
2.74793
$
2.75588
$
2.79204
$
2.61915
107
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108
I
CITY OF WEST UNIVERSITY PLACE, TEXAS
PRINCIPAL PROPERTY TAXPAYERS
Current Year and Four Years Ago (1)
2003
Property Tax Payer
Southwestern Bell $
CenterPoint Energy, Inc.
U West Marketplace Assoc
Bardwell Building Co.
5650 Kirby Partnership
Kenneth and Kimberly Alo
5177 Builders LTD
Covington Builders
Echostar Satellite Corp.
Max and Christine Lukens
Southwestern Bell Tele Co
Houston Lighting & Power
Bellaire Shopping Center
Craig and Patricia Biggio
Frank and Lillian Orson
James L. Salners
Brian and Carol Kirshon
Subtotal
Other Taxpayers
Total
% of
Taxable
Taxable
Assessed
Assessed
Value
Rank
Value
12,715,228
1
0.42%
5,919,230
2
0.20%
5,223,389
3
0.17%
4,989,716
4
0.17%
4,475,596
5
0.15%
3,875,000
6
0.13%
3,841,124
7
0.13%
2,982,078
8
0.10%
2,977,900
9
0.10%
2,693,640
10
0.09%
n/a
n/a
n/a
n/a
n'a
n/a
n/a
$ 49,692,901
2,945,235,515
$ 2,994,928,416
% of
Taxable
Taxable
Assessed
Assessed
Value Rank
Value
$ 21,606,830 1
0.87%
3,775,690 4 0.15%
2,262,700
9
0.09%
2,099,369
10
0.08%
4,487,230
2
0.18%
3,943,040
3
0.16%
2,331,900
8
0.09%
2,460,100
5
0.10%
21435,900
6
0.10%
2,348,700
7
0.09%
1.66% $ 47,751,459
98.34% 2,441,221 8II
100.00% $ 2,488,973,270
Source: Harris County Tax Assessor-Collector's records.
(1) The requirement for statistical date is the current year and nine years ago; only the current year and four years ago
is available at this time.
1.92%
98.08%
100.00%
109
CITY OF WEST UNIVERSITY PLACE, TEXAS
PROPERTY TAXLEHESAND COLLECTIONS
Last Ten Years
1997
Tax levy
Current tax collected
Percent of current tax collections
Delinquent tax collections
Total tax collections
Total collections as a
percentage of current levy
Outstanding delinquent taxes
Outstanding delinquent taxes
as percentage of current levy
$
5,628,421
$
$
5,386,852
$
95.71%
$
240,468
$
$
5,627,320
$
99.98%
$ 1,101 $
0.020%
1998
1999
2000
6,022,837
$
6,564,512
$
7,305,615
5,980,947
$
6,524,907
$
7,255,353
99.30%
99.40%
99.31%
40,081
$
36,821
$
44,389
6,021,028
$
6,561,728
$
7,299,742
99.97%
99.96%
99.92%
1,809
$
2,784
$
5,873
0.030%
0.042%
0.080%
110
2001
2002
2003
2004
2005
2006
$
8,703,604
$
9,630,400
$
10,680,077
$
11,581,528
$
12,192,921
$
12,621,201
$
8,655,130
$
9,582,032
$
10,629,260
$
11,516,657
$
12,124,169
$
12,539,957
99.44%
99.50%
99.52%
99.44%
99.44%
9936%
$
43,160
$
37,410
$
33,046
$
41,448
$
32,902
$
105
$
8,698,290
$
9,619,442
$
10,662,306
$
11,558,105
$
12,157,071
$
12,540,062
99.94%
99.89%
99.83%
99.80%
99.71%
99.36%
$
5,314
$
10,958
$
17,771
$
23,423
$
35,850
$
81,139
0.061%
0.114%
0.166%
0.202%
0.294%
0.643%
111
CITY OF WEST UNIVERSITY PLACE, TEXAS
RATIOS OF OUTSTANDING DEBT BY TYPE
Last Four Years (1)
2003
2004
2005
2006
PRIMARY GOVERNMENT
Governmental Activities:
General obligation bonds
$
64,715,000
$
62,120,000
$
59,095,000
$
55,945,000
Certificates of obligation
13,140,000
13,050,000
12,855,000
12,630,000
Capital leases
-
-
-
473,285
Subtotal
$
77,855.000
$
75,170,000
$
71,950,000
$
69.048,285
Business-Type Activities:
Revenue bonds
$
15,995.000
$
15,455,000
$
15,255,000
$
14.580,000
TOTAL PRIMARY GOVERNMENT
$
93,850,000
$
90,625,000
$
87,205,000
$
83,628,285
PERSONAL INCOME (2)
DEBT AS A PERCENTAGE
OF PERSONAL INCOME (2) - - - -
POPULATION 14,211 14,211 14,211 14,211
DEBT PER CAPITA $ 6,604 $ 6.377 $ 6,136 $ 5,885
(1) The requirement for statistical data is ten years; only four years are available at this time.
(2) Personal income data is not available.
Note: Details regarding the City's outstanding debt can be found in the notes to the financial statements.
112
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113
CITY OF WEST UNIVERSITY PLACE, TEXAS
RATIO OF NET BONDED DEBT TO ASSESSED VALUE,
NET BONDED DEBT PER CAPITA, AND ASSESSED
AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY
Last Ten Years
1997 1998 1999 2000
NET TAXABLE ASSESSED VALUE
All property
$
1,481,163,540
$
1,505,694,530
$
1,567,240,600
$
1,78],467,580
NET BONDED DEBT
Gross bonded debt
$
32,760,000
$
41,020,000
$
39,045,000
$
58,475,000
Less debt service funds
938,753
636.948
811,335
838,547
Net Bonded Debt
$
31,821,247
$
40,383,052
$
38,233,665
$
57.636,453
RATIO OF NET BONDED DEBT
TO ASSESSED VALUE
2.15%
2.68%
2.44%
3.24%
POPULATION
12,920
12,920
12,920
14,211
NET BONDED DEBT PER CAPITA
$
2,463
$
3,126
$
2,959
$
4,056
114
2001 2002 2003 2004 2005 2006
$ 2,022,417,900 $ 2,300,012,640 $ 2,488,976,270 $ 2,517,474,090 $ 2,895,758,868 $ 3,072,558,941
$ 60,050,000 $
70,250,000 $
76,705,000 $
75,170,000 $
71,950,000 $
68,575,000
633,071
567,825
656,144
782,534
1,169,072
11169,072
$ 59,416,929 $
69,6821175 $
76,048,856 $
74,387,466 $
70,7801928 $
67,405,928
2.94%
3.03%
3.06%
2.95%
2.44%
2.19%
14,211
14,211
14,211
14,211
14,211
14,211
$ 4,181 $
4,903 $
5,351 $
5,234 $
4,981 $
4,743
115
11
CITY OF WEST UNIVERSITY PLACE, TEXAS
DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT
December 31, 2006
Estimated
Net Bonded
Estimated
Share of
Debt
Percentage
Overlapping
Governmental Unit
Outstanding
Applicable (1)
Debt
Debt repaid with property taxes
HoustonlSD
$ 2,041,775,818
2.800%
$ 57,169,723
Harris County (2)(3)
2,047,314,000
1.120%
22,929,917
Harris Co. Flood Control District (3)
329,765,000
1.120%
3,693,368
Port of Houston Authority (3)
339,221,000
1.920%
6.513,043
Subtotal, overlapping debt
90,306,051
City direct debt
57,636,453
100.000%
57,636,453
Total direct and overlapping debt
$ 147,942,504
Source: Harris County
(1) Estimated Percentage Applicable obtained from Municipal Advisory Council of Texas
(2) Excludes Toll Road Tax Bonds. The County's policy and practice has been to provide payment of
debt service on the outstanding Toll Road Tax Bonds from toll revenues and certain other funds, and
to date, no tax has been collected to provide for such debt service.
(3) Debt outstanding is as of December 31, 2006
11
11
11
116
CITY OF WEST UNIVERSITY PLACE, TEXAS
LEGAL DEBT MARGIN INFORMATION
Last Four Years (1)
Debt limit
Total net debt applicable to limit
Legal debt margin
Total net debt applicable to the limit
as a percentage of debt limit
Fiscal Year
2003 2004 2005 2006
$ 124,448,664
$ 125,873,705 $
144,787,943
$ 153,627,947
76,048,856
74,387,466
70,953,073
67,405,928
$ 48,399.808
$ 51,486,239 $
73,834,870
$ 86,222,019
61.11%
59.10%
49.00%
43.88%
Legal Debt Margin Calculation for Fiscal Year 2006
Assessed value
$ 3,072,558,941
Debt limit (5% of assessed value)
153,627,947
Debt applicable to limit:
General obligation bonds
68,575,000
Less: amount set aside for
repayment of general
obligation debt
(1,169,072)
Total net debt applicable to limit
67,405,928
Legal debt margin
$ 86,222,019
Note: The City's Home Rule Charter (1983), Section 7.07 limits all bonded debt to no more than 5%
of the assessed valuation.
(1) The requirement for statistical data is ten years; only four years are available at this time.
117
CITY OF WEST UNIVERSITY PLACE, TEXAS
PLEDGED-REVENUE COVERAGE
Last Ten Years
Gross revenues (1)
Operating expenses (2)
Net revenues available for Debt
Service
1997
1998
$ 2,968,012 $
3,366,410 $
$ 1,990,369 $
2,360,258 $
$ 977,643 $
1,006,152 $
1999
2000
3,413,889 $
3,427,821
2,297,558 $
2,613,128
1,116,331 $
814,693
DEBT SERVICE REQUIREMENTS (3)
Principal $ 5,000 $ 220,000 $
Interest 251,590 316.630 _
Total $ 256,590 $ 536,630 $
Coverage 181 1.87
(1) Total revenues including interest, excluding tap fees
(2) Total operating expenses less depreciation
(3) Includes revenue bonds only
225,000 $ 335,000
484,177 510,759
709,177 $ 845,759
1.57 0.96
118
2001
2002
2003
2004
2005
2006
$ 3,274,339 $
3,358,111 $
3,106,875 $
4,204,407 $
57098,008 $
4,842,481
$ 2,352,802 $
21469,348 $
2,359,745 $
2,565,022 $
2,780,664 $
2,737,998
$ 921,537 $
888,763 $
747,130 $
1,639,385 $
2,317,344 $
2,104,483
$ 350,000 $
360,000 $
510,000 $
540,000 $
565,000 $
675,000
489,684
801.739
765,160
740,339
714,225
597,295
$ 839,684 $
1,161,739 $
1,275,160 $
1,280,339 $
1,279,225 $
1,272,295
1.10
0.77
0.59
1.28
1.81
1.65
119
'i
CITY OF WEST UNIVERSITY PLACE, TEXAS
DEMOGRAPHIC AND ECONOMIC STATISTICS
Last Ten Years
Fiscal Year
Per Capita
Ended
Personal
Personal
Median
School
Unemployment
Dec 3l
Population(]) Income(4)
Income (6)
Age (5)
Enrollment(2)
Rate(3)
1997
12,920 -
N/A
N/A
885
0.90%
1998
12,920 -
N/A
N/A
885
0.90%
1999
12,920 -
N/A
N/A
952
1.10%
2000
14,211 -
N/A
39.30
950
0.07%
2001
14,211 -
N/A
39.30
947
1.06%
2002
14,211 -
N/A
39.30
915
1.06%
2003
14,211 -
N/A
39.30
915
1.06%
2004
14,211 -
N/A
3930
951
4.60%
2005
14,211 -
N/A
39.30
972
6.00%
2006
14,211 -
N/A
39.30
981
3.70%
Data sources:
(1) Bureau of the Census
(2) The school enrollment reflects enrollment in schools located within the City limits.
(3) Texas Workforce Commission
(4) Personal income data are not available.
(5) Median age data prior to 2000 are not available.
120 1
' CITY OF WEST UNIVERSITY PLACE, TEXAS
' PRINCIPAL EMPLOYERS
Current Year (1)
I
' Southwestern Bell
West University Elementary School
City of West University Place
1
I Note: The residents of the City of West University Place are primarily employed outside of the City limits.
' (1) The requirement is for the current year and nine years ago, only the current year and one year ago are available
at thistime, which are the same.
I
I
1
I
121
CITY OF WEST UNIVERSITY PLACE, TEXAS
FULL-TIME EQUIVALENT CITY GOVERNMENT EMPLOYEES BY FUNCTIONIPROGRAM
Last Ten Years
Fiscal Year
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
General Fund:
Administration
3
3
3
4
4
4
4
4
4.5
4
Finance
12
10
10
10
10
9
9
9
9
8
Police Department
28
28
28
35
35
36
35
35
34
32
Fire Department
20
20
21
21
20
20
23
24
24.5
25
Public Works
21
22
22
23
22
23
23
21
21
21
Parks & Recreation
6
6
6
6
6
6
6
8
8
8
General Fund Total
90
89
90
99
97
98
100
101
101
98
Enterprise Fund:
Water
15
15
15
14
14
15
14
14
14
14
Solid Waste
9
9
9
10
10
10
10
10
7
7
Enterprise Fund Total
24
24
24
24
24
25
24
24
21
21
TOTAL CITY
POSITIONS
114
113
114
123
121
123
124
125
122
119
NOTES:
Around 20-35 temporary and seasonal employees are hired during the summer months
as camp counselors, pool personnel and front desk. This count is not reflected above.
Around 6 Contract personnel are used year round to augment
solid waste crews. This count is not reflected above.
On-call firefighters (9) are not included.
School crossing guards (8) are not included.
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CITY OF WEST UNIVERSITY PLACE, TEXAS
OPERATING INDICATORS BY FUNCTION/PROGRAM
Last Four Years (1)
Fiscal Year
2004 2005 2006
Function/Program
Police
Arrests
Accident reports
Citations
Offense reports
Calls for service
Fire
Emergency responses
Fire incidents
Average response time
Water
New accounts
Source:
Water
Sewer
Average daily consumption
(millions of gallons)
Number of million gallons of surface water pumped
Number of million gallons of well water pumped
Total consumption (millions of gallons)
Peak daily consumption
(millions of gallons)
Sewer
Average daily sewage treatment
(millions of gallons)
Total consumption (millions of gallons)
Peak daily consumption
(millions of gallons)
145
321
366
432
186
139
138
123
5,235
3,675
3,583
3,581
804
1,018
1,027
1,040
10,896
11,353
13,688
25,790
447
659
624
686
650
655
776
740
2:30
3:08
3:08
3:06
879
915
760
860
80
80
80
80
20
20
20
20
2.170
2.170
2.279
2.149
696.694
674.705
735.622
687.972
174.103
117.389
101.457
87.844
870.797
792.094
837.079
784.499
5.990
5.990
8.640
4.976
1.354
1.423
1.271
1.356
0.000
0.000
452.618
495.250
4.685
5.123
4.684
6.707
Source: Various City departments
(1) The requirement for statistical data is ten years: only four years are available at this time.
123
CITY OF WEST UNIVERSITY PLACE, TEXAS
CAPITAL ASSET STATISTICS BY FUNCTION/PROGRAM
Last Four Years (1)
Function/Program
Police
Fiscal Year
2003 2004 2005 2006
Stations
1
1
1
1
Patrol units
9
9
7
7
Fire stations
1
1
1
1
Other public works
Streets (miles - centerlines)
43.0
43.0
43.0
43.0
Streetlights
690
690
690
690
Parks and recreation
Parks
9
9
9
9
Parks acreage
12.6
12.6
12.6
12.6
Swimming pools
2
2
2
2
Baseball / softball diamonds
5
5
5
5
Tennis courts
5
5
5
5
Racquetball/handball courts
2
2
2
2
Gymnasiums
1
1
1
1
Basketball courts
2
2
2
2
Water
Water mains (miles)
40.0
40.0
40.0
40.0
Fire hydrants
324
357
357
357
Storage capacity (millions of gallons)
3.65
3.65
3.65
3.65
Sewer
Sanitary sewers (miles)
40.0
40.0
40.0
40.0
Storm sewers (miles)
32.0
32.0
32.0
32.0
Open ditch / creek / canal drainage (miles)
1.32
132
1.32
1.32
Treatment capacity (millions of gallons)
2.00
2.00
2.00
2.00
Source: Various City departments
(1) The requirement for statistical data is ten years; only four years are available at this time.
124