ML20091M013
| ML20091M013 | |
| Person / Time | |
|---|---|
| Site: | South Texas  |
| Issue date: | 09/30/1994 |
| From: | AUSTIN, TX |
| To: | |
| Shared Package | |
| ML20091L976 | List: |
| References | |
| NUDOCS 9508300046 | |
| Download: ML20091M013 (544) | |
Text
> l. , > ; V. h :. '. . C"
.. . ...,: / f :.'L ..M
, k': G:: .7H, :.. "'. :f!' a:,,*.y;.
^
'
- V . f ;..n ; .[* .[;' .; ' . ;' _* y, * %.9 .;'r .'.';"" f, ':T& 'r W:', *:;' 0l.1,j . %. 9'# ' %y:. .:v4 .f .- l,:-l-* *4'*-4,b ' j;, fe;%.'.}'R.h ,. ii *.':'V . ,.g[l?g : ';;;;M':; ; 'f ,. ,y* ;'& .:}~ ~"
- 'Y[.'[1. d: :q..
. ; f. ' }w:,. :', n*} .;' L,.'** \,. [
. . , . . ^__ .~..; ,,
.c~.; ; [ ;
7.,.,p',.....;.,'._.;,.y.....e-..,._.y
. .. .-. .y,r;,; .
' . ,. . . '_, i;:.: ;.L. :., .. : . .: _. . . , _ : . ._
- : _;3. .
,a.
- s. ..;. [ .. .q. ;. ~_.: _ - - . '. ..:y
. . . . . ..e f : *y.s. . ,- . . - . . . - . ,4..,
..::. v,. 5' , .j^,--.^.:.. ..;.'.;.; - . ....s,.s..- _ ,...:.. . ..'.".,;.-' : -, , - __ _~- ' ..- .:. , . .,y*t
- . .: i l . 2. t .' .
?
". . .,. ; ;......,'. - . .. . ...t
'~l.;.
^
T
.- ( \'? ', . . ! T 1 '. > .,.. .'.. .l '. lE5
- .,-. . '.,= " 's,.3. _;:.'. ' .bt ..J hz...*,'h. .. , .:. . :-
.], .f, . T'c.y,: ::~.: ~.*) ," 'j-; ,.. '.;'. I ' : '.; . . -,. . . .. .c....
. , nf. . ' .'lr ,l. % _ %;,*_ef. .s. . g.' .,..:...' . . ,.:.; . : -.. ;....-; .: - - -., . ' , . , . :.
. Q. __
< .. . . .. .:... r.
. . . . .- .y, :.,.. . ,.-.:
- ,. c . ..
.. . . . . ,~- . . . . .
._.,,z_...-.-
- s'-.~_..._'.
. .- . .. . ' , . -~. c ,; ,._7.., .Q - ,..r.
w.......,-. s. . : ,.. . . ' . .;*:.y . . . v ?.
_. . .;, > . . s.:,.
.....a. .. -.., . , . .,......g-..,., ;* ... ;,L. c. ;s. _ : :..7-._.-..... . .. .. ..;. .. ... ., .-
.. .: , . . v , , . ,
.ce . . , .." .. p :.. ' . ,;y, ..,;r
- . p:_.:.;'.~ v .: . . -*
~c
.',j.7n.._- ._...~J. -
.c
. .:. . . :i .. - p . .; .
F. u y :T .: . . ' .s. : ; * ,. , ; - ;
. . m c c . ,. . ; *; .,,_. .. ., .._
'l . :
, , ..,- n. . . . . .;. . .\.
,' L
.;- :. _.'.,*..,j*.',^'.y,,.,;..'*',,.','..-l._,
,4, ., ' . _
.r...' '* - ' 1 ' I ' , ' * . ': . [ .
7..._' - .; ,;,...,q . g +. _ , .p,.v.4 '.
7.-
..,..; . ..: . .., , ;;; ; r.;.,,..i: - y
..,.,c. .,
.;,......;... : . :- . . . . . : .. ._,.m, . , ... ,
.:, ,c.,
1 . . .
, . , ;g , , ',... x
- j; '..
.- ' ..-l, .. .* . . .. . : s : .:'
. . ' ,J. . '.. . .. _,.,
-' , .7 ' ~ ;. " , j :, ' , (. } : ~; _ - ..
- e.. .. .s..,
g.
- :s q - .c ".,1'f.
=
o.., v.
j ' - ..., - .. ,' .. . .?
- . _ ,._.+.e.-
j
. ; ' ., 2 ..~,.'Y
~... ., ., . . . , - . .. _ ' . , , , ..
l- ; -:
-.?-a
. 1 . .
^ ' * ' -
. :.,,,- '.;...'. :.~,. ., .,. .y.., ~
eb.**
., . .,,..:}. QL;<d,-Ui [ '-::.'.' '- .- . . .,y',.,; . , a ; ; ., . ; .. :+ * - :..'. .L.,...a.-' .,
+ -
.:;'.,,..;. ' -- .. : _,[. i^ y ,;, -' .. ,. .* ..:.: ,.-
. - _ - _, ._'.3
'..- .- _ :. +
. .- . - . ' . . . " . . . .. .u. , ' ) ; .;? ..a.. . . :~r .. . ' . ~ .
- + '
.y
. .x.
- ,. . - . . ~ . . -
.,/ ' :- . .p
'"V - .,:. :;. .: :. ' ::>. .: <:
.- '.. ..-, ,~.. r.*
's ..... .'-' ^ ' . : . , . . . .. .. ;'.
'. L . . -'. ^
. -- . . . . - . . > c
_ }. . . ? -: _: ;.-. ..; ..: . /j .0 ::
._' _ . .:,, .:,~.'.._ , . l.* ; ' ' . . ' . n..-, ...' ': f<9 .:. ,:.: _..n. .,- [; '. -.,, '.{.._ ._-[}.%
. . . .} .; ,*q:j' ,s
-~.... ,_,._
- . y , _ _
r . .
. ....i...,. .. ..-. .- . . . . . ... . . . - . ..,;.. ;. . - , . . , . ,- . .
. .. .. .. .- ,..v;...
g, ;,,..3...,7-. .s,-- . . ... :...._..-::.,.... .. .. , .
...a< .. . . . . . .. .
. :. .x-
. ~ :.. . ._ ..
. . , .. ,: . . ..u) . . .;.;,. >.,. . . .c--".s.. . - . . . .- .'
, ;y. . .,. . .... .. ,. ; - ;. *; ^, . .... ..: . . . ,..,9..
$.,m : - > , .. . '.;_;},. _ .',.
. : . _ .;;.[,
. 7 , _:,3;
.:+ .. ;:q. { ' " ;,
L.
. . . .. .n.. ..n, . ; .?L. . . ,.- . ' .. ~;. . -.;- b .:
.. . . . .;. - ,: ,:.~. . . . . . . ~ .. . ' /n ,. _ % .;. - , ' _- . , , . > . . . :~ - . .: - .. . . . - . M
,s;
.. _ .:. - . . '~... _, ..f -
> .- < .. n
...y.;
- p. ; 'i
- 4 . .i. < ;
*. .. . q r. ..* . c. -
'. ..,L.- .
.,..y._,.:
_.:.v.,..'.
. . .~, +.: 4l * '.
- : ~. .' '. .~ . . . , . ,.
+ . ' .. - . . ' . '
- r. .
"n,-
g.' . . . . .. r'..:. : '. *;_ ;,3,, .,; . . ._q, p , .;._,_. -. ... _
~; _.
; 4..--., ,.;...' ..,-.. ... --. ...7 r . , ' .
9- . , ...:. -. -- * . . ' ... . ' _g:y . 7 :,' , ;. _:,; ^ :. _. ..: . . - ;,._ _ . s.
. .;; 2. ;. . * -
f; . . : . . -
<.c.. , ,
.x ,< ..- :.
~
s.....,,. . .
; ; ,....3_.,..:.
.. ... ;. . - . , . ....:_ n._
. ,. .,~. ... .:. ... :-.*,., ,..
x-s .. i., .~*
- p. .,-
- ... : .: . ' ' . . . . + .;..<, . . . '..' .- ..t ;..
.. ,:.) .c. *-
*l)
. ,. , , . .:, , -9.. ._ ', .. ., .*-- , * *' l- l *- *- , . , (' 3_ _
- ['..'. .
[' a - ., . .
;-_ e[ . , ;. . ;-: e. ?'~ y ' y ;: '*. '.* %,_ . ; ' ': .
., . . . , . -4 n_ 9 *
, :
- q s', *,*.. . ' ' . -
l . .
] . ',' y ; *.. #
+*,:..
.. * * * . * * '.. ,- l.'."*
- +
. ,. .k
. , , . . . -._'l-(.._'_ - .. .. ,. _ ; . .a,, ,**'".,,+.,'.i -* +-;_'w...; ;._< + +, ., ..',.;+;, . % * ;. . .
', ^ 7 .-
s : s
~-
- c 'i
, _ . . , -' . - , t+ :,
"..,._f,.+,.,.y. +, ..,..'..',.s
., ;... - . . ' ' . , - + . .. , , . ,, ;o
.+
,... +
s . . .y;.g l..._., .., ., .; ;., _ , . , , ,
- ' . +, .-
.(... .
. ..v
..;,,[.: . - . . '#,. , .I%. -. ... - .. , .-....
..':?. .' . . ,' i J** , ,. , . . , . , * . +. . .. . ,;
. ,..* ] c' ,y ) , ' , .*.-. . .l '. * _'
f 5 *'. !. , - .- , ,j'_#
.f+ **}*
+ +
.l,. ...,
.- ',;,'.,.,*.'- ..L.'
g.*. * . i'.._."-. . .- , .- .. ..s . ,.
.-}- _,.
-* * ;e '.
,s .'--;.; ,, , .' - ,, ,.
- y. . s ; .. -, .. ,f .4 s , . -a .~~.'.'.'.,,.l,_
^
_O
, - , - +
.t +
f, s{ ,=, 'e.J+*-.,.- g s . ,.* + . , . . , , ' , . . y :- -. ,, ' , - . .
- .y' .,s. .
* ) a'7;.-- ~ ';- ~ *
',* .' * ,';. f[ ' *' .* k l
. ' h., * ..
; *,. *l k .* ,
- i.. ') $' . . . ;,* *' .
*} .
?' ((,',
*.- L .( ...:".. .,.i+
a .' : . . .. -
?^
. c, : _ . - . 7..- ; .v y, .: :.. ^
~ f% ,' : .',.,
L s .'.. . .;; . h _ . ;- Y .. . .,
....d '.: ;E.g?...'..* . .,
~,--p '- .- ; .
._;.. .. ., ,,, '**=:-
s
, : ^ '. '.: J'
. .n j(,- ._,'ej.;.J. .,4' J.,f.'..
.
- _ ' ' . ' , -:'[* " , * .t;,;,q - -
m ' L.1 v ..c,
.'..,'...i . -
+;. .. - . g ; - .: . .' c, .., .. ,- .
.+ s..
,e . . ,. . , ... , , +
._.y-.e-
; j. . ..> w 3*;' , .'_ ;[
,e .,
-..4
, , . j; +..s.
. _ .?,,, .t, .
.,E. - .+.,- .* ' ;... . N. - ;.-
4!.
,.,A + * .g. ?. .4.\..
. . s .s. .*.
n, y . . .-.y..3.
. .~ ,
- s. . . . , .,- ,,,....:
l . , . . - ;.l . <-
. . . , . . y .,c, g;. .r ; . . .- . , .
4.; .
......-.6... 7. ,pp
.. ..; ,9 .. ,. ,
a -. :l :.,. . . ' . . ' , . . .
.., ... . m . .. , . . .
, - . ,i. . o i s . . . ; .. .; , . -. ;
e..g.,. . : .: .. . .. ..- ... ...... .. . . ..- . .-- ' s.,.
., -._.. u . . . . . . ,.c,
,e.
> . . v '. .
;; v. s. . . < .
. ; , . .;..< l
; ;. .. . .y ." 9.. .. ; N._: . :... . . , . . < ' .- -
. :.. . .n_ ",- y...u.. . . . c.
.....t.~.:..._ ,. ~pp.
. - ;...t.-. :
- . :T e. :., . ... . .:
e:.~.L . -
,.z.. .. ... s - ' < .,:
.e. .....,.9;"... ::. :. .;. : ~ . . . ., *c. ,." ^,.s .
; s%,).p:*s
- s .c. . _ _. :._.y - . . . v. y
., . . . , . s. . y
..y ~ ' * ** :y 7
- . ~
- c.
; <. t -
..:n:, : , 'n . : . .. . . . : ild '* b f .- - .:' :., L :1 g ; ' - :;' . ' - : '-l- : ?.. , '/ s ' \, .:..-l,..
..- ' 1 '? v...-
a
." '. .. ';-^
.c
' <, 3 /- .,'e'. -l
*I'..; ~'?,r,....',.:.. ...:.^...'i <;.: i.
-.;'^.Yli.l:l. ,~ ';. E .;E. g : (.:h' .' '+ , :. ' . ; N Y l ',: '
i -j
;.y: p:' . .n.. llx. -, ';f, 32 " ; .. ' ;.L. > :; +; ;u.2. .v: . .v:n . w, . . . (.e ;l,
.':.;f;; ,.. [yl?
p;y?,o.,
- ..:...y'..*
g _ . .- ;
-' :. ' ' . l~ . . 'lq - -
t ; - .. s.y, o n.. ,4. p...-..,;;,... . .
.r .. . . . .
+ -
..,<.,..p*.-,, :.3.,.r,.,.....a,
, . , ~-. . .*. *. <...n..
., ,. . s . . . ' .- r,.. .' _. . . : y x=.
.,s. r . . . , .
, . - . . . . y ;,. ;;r.. .:
A. . M, ~,j(r , '.,;.t x. .. . .. 5.l ', \..# l.' , '
' . - . c. , , . :' N..., .{ . , .-'f .' .; N, .' h ?*
..>+a.
n?.,
. .E * ~
' .- '?': ; ~ ' .:.ih. v: ,W4. + '..,.. ,5 !
- ,l * : ~ . :;, .;_ ,,
_ : .v,~~....
< _ .- :^.:: . . 7- '! V ' Y '. , b ' . ,' . . s] , .L. .- .' .
.. i.! ,.'.;, . .Y. O.',)
7 _l'.'....s..
- l. :..: :~ ' ;:,...
, . - L . : .: .. .. , -. . .. ;d l .,:L- ?..% .. ' " v: ;, L;:y. . *Y,.
' / .- *;. - ?. ~ ; , : . ; .. :.v,
. - ??.v .c . . ' .
J; '.l.
.. .> ~ '."" ~- - ; . ..
' y : . y ; ; 'e*. . .. ..:* 3* N ,l,,: *. ' '. * . .;.. . . : . . . . +; '; ., --'-;
1: . , ' . ':
.. k.1 : y ?.k. : .',: t. ,..'.;,
~
'<:. 7,; 2 % - - :
';J., .
.. . .6y $'.
. .*.; c t ~,q:. ..:'.:>.'.-
., - . '.; -..': 'I..-
* ..'*.Cc r
. :: . .v.t'.~~:'.~...~. ;,;,; . ~n, .s - .,; .';...n;.,g." :<. . ..,.j ::.+..'t.-
- f. .:,..:r m : .....;s.~. o'
. ~?'--+' y . , . . . . -. % . ;. .s..... ..^.... :;:. . .
.p
- , . e :: .
. . u; . .. . , :.; -',.,:..,c..l*, -
< ..c * * * %
y
. - * ;;;v. :. .,
v.. . ' . h.' :, :.; (: L. .
. $n ;.;,' f [ ', .~;;. : .y ,l , f ' b 4;) ' .; ^
'l. *_': [' : . ' '. nl. .' ' :. . . . ':l ' . j ' ' % , ., _ ' '_ . . l ;; y} . ,}N
",. ::,..;.' ,h.,..',*L. ~* . ~' ,jy ' _ .' ?
}'.. . . g . .n.~.: '.. .. ,n. ~ ir..'p,{. .;',.
l l,' ; ;i
.. ,, i ,,.c. ,',....n,..>
._ 4) w;.,j',...e..1 ..n.'....:...,...... . .>
.c...,.. ;; 7 , , _ m- . . . .., . v ., . .. ., . u; .. -:
.a
;, ., ..,m;-> :: . .;~.....:
.: . . ;: A g
,. <. . _ . .7 p;..; e. . . ' , . _ ' . t:; , _ ,
^ , , ; . . . . . . . .w .f..r,.- m.
, ,.e 0,p_. . .U's H '- ;
.p:~. . :. Q_l ; ,.C . .. .l(:.*.L Y ' 4., ; fi' u .-.c. ::
. . :CI . ;,&.; . ;Vy: '.: !l l a (. .:K ;i h IlN5 ..% 3. . . j.. .' '- i.. .;/. .': '~ C. .:l :~.,: F... :..a ;;,::*. . ., . z : y ;!
. ':.; 3.. ."^ ; ; ' y ', ~y:*.'. :.., .:. z x
- ; .": .\ .,'; .w&, ( ' .'.' ,:..f... O'
- . y . :. .:_ -; . . . .
- b y; :
.? _: .;.
. \ ;4.l'; : y . :. ;,... . ' . , 9. . :
.c ; .. ' y , :0.. ; _
. - w . . t.
- ,..~.: :. . . . .. ,,. ,. -a;- ". ;9 - ..-.., . *.. w:#',,~,- f,_ , ,: _'. . : ~L'., ; . ;. .; :..;. ... g .,
y ... . ' /. 2 l W?g . . . . . :' :. .- .. . , . ; o .
*.:^ i. ;.: p. t ; . i.; :
- ....:. .<...4 ,....c. ,.,s-:. .,.,....v. ..... <v...,%, . . . . :~. .@w c.
- .s . . ;..
....i..:.,
. ; : :; . . . .w. - . .?. a . :.. ~.e.'., .1.,. . #:::
;,. .p,w;. .
..,..p..,..c, ,, , . . .,.
" .: g , ....c..
.m., q,:u. :. ..+*u..... . ~ . . . , .
. . .. .. ., ,,'. ,s .a
- 6 '. '.;;bL-' 6. . .., ' ."'. . ',,.h. .'* .L; ., 'V .*. '. . ,[ .',,.. ,%, : 'h:
,,.e e....s...rr - .. . .
;7 ,n s .. .a.
' ';n.ft . . '.. . _ . . .. . ..
- . a -
.. . t. ,-- +-
' 'r:; P ' . -
. .* h_ . .'.;' .4. 'ih' ; lv.'.* s. ,h ... v. i e. .: ,N.
..','.'.$.'.i..
u a ;
.' ~ ; ..
- s 4
! ;.. . /, A'.:: :.M Ve ;: ; .;.,. , '. ' . h.'.l .T j '+: W.: .%
,,:. . .n. . ; ;;u Y : h*0 h.b ' f, i . .f.'. .Gl.U, >1. . m.)'.. . . , *' . . . .
c'< ?fe . .; . : ~. : 4 h .,'*;" -
,,.n? .,
'.A. ~Y. :-. . . .,. . . . l- . . , ' ". . ~ u 4 .:w: :.:. :p '- sv ~ , '. . . -:
. %'::;' ..;;w?'.; . ~ ,Q>e.-
Yf :-;',-.f.'?; ; ll.>.'.k.,:
. ;- : ...v.. ...-^ ,:n - a . i s.~. -
. . 0 -v i. p m. ;. , : ,. ,
. , $. -l C. " .he;';' - " : l . l.5 f . _ { ~ ; f*h ~
L ': . . -
.' ) ' ~ :' ] A. .l N '. ~. ; h.. '. N
%Ql:
$ , . . .., .g :,0.f.,}; + ,.yf..
61.
*.3.o
- . ga .j j f,; ' l ' '.y :l }4. ;[I l: : ,f;_ ';;,2 s
'.),. .{ }. .l'.U.}.'}. l. .,.l[j.._ . Q.; 'd_', . . .!, _ . ;[P; ;;._ .-
' }.&: f ).f. ; :: l: ;, .' L ; . ; ?. . ' ^ :;
g ,.7;,;.-_, :;, ef jg,s ,,, , . . . .. ,<: . w! . ,... ;< . . .; :'g_ m3t
- - - 1 3 +,, ,. ., y .. .
..?.,- t, e' . . ..c,,s. . ,:.. .g..
... .f,
. .-r . v, . i:- v :' n >..*5*..
9:, . w-
. 4 , .;
' ;y..:;4' .,, , . , ;, , ,.
.. . ..J
- p. ..:,::.: f ppQ.i# .t x .;.:.
u .n ,; ty"......n+?'~
; ; ; . . .: . , . . ,7 t; ;. * , . . , . . . , , . 7.~ ,.
j..' .?
-e ,. .. ~j*.
V p . -. . . . .~;.'.'.~.. -
..* . ,4%,;:i.l.:y 4 }: :' :::.,v. .
.' , ",. ?.a . ' ;
.,;+...i:fn.,, V :u:T ..v:,.,L.C..k: v< .f ';.r ? *;1;. :*: ',, Q ; ,s,,
[:f,;l j? *:: 1. '.:t..'..>. o ). : : .- r
- ., . ; .: 3. ~ . ': . L . - ,g.,,..,..-...~.1
- .i . - _ e .:.'i . .
?. .:.%.>9. 5 , : . . L ..
.. : t::a. a. v. . . ' d,. ;;?.,: '%. M n .- .
u . ,. . 5 ...p,,.,
- w. . .. , x .,.9. ~. t. ;m: ;~.:q .v i .v.]: .. V . : :
.... . : .,. . , ,,..a-.~:.:.L.g.~. ^
. . .. .:, e, , :. .c - . . . . ; . ,, a .?
.,s 9 +. j.
., . ; m. ,&. f.. .g*,4;:y . . . . ,.: v., .s.... .;..:;:. .:s,.~. :. :.;s ~...ge..
, .s,r, . <c .,
/. , . . n, . .. .-
, o- .1. .; t- .. ,*n :: a.p::.
t
...g.sy ,ru ..Q t .:7. t. ,, % , s.; , c. . .~,;, .2 .
7'.a . .. '~..::-
- 3. 1 ,g.
.e.,.,s.,
e - vr. .s.,,, :3 J,..r -
. -- + ~ ' . . . - < . . :,-
. . . ; - . e.
[' .b' !.[' N . , ,i,("w.?.>.. N
,') b [.'. . ' .m ' .:, : ,. ~'..n... .,, ,,,s.'.a'. '
.**ff i;[ . . -[' ,.'Y'.QJ $ : ' ./. Y i '.'
..- M. . ~,., '.'s;.u.,
4.
- ,. . , e. . *c ". n., . ;< . ,{ ... ...~;, ., .,.i: _.S. , .v .[ ..h - .;; e, ..p , .. ;u-e .y . . . , . . .. .. ., :. .. _ ,, . ,. . .,..7,*..,.
-tf Q.- : e. g.
r ,
- y. .. ..
.' . ' . , ' . .>.- 9 * . ~,.., .'."/ :..,',..i.'.v:.,.".
'k *,.'ny : lib. t.9 . n.;+i.1 ..,.J.\. '.. , %,..a. ' .
.'.'.,-l:
F * * . l .. . ... A.
* - ,"?..'.-
u ,' - .. c. u>. ?< -, .: ,: :.4.>.y %,i * : L - ,*: - -
' , .<ri . e..% >n ...* 't .em. ' . ...
+
'e...
~ . .' ..':'
.'...:.. 1 .
.s. .u.,
- s -
.w : _..:,
A~,.u.?: ;pf. f'- . .. F , 3 ;. ' ::.:5 :.7 b. . * .o j :. ~
': 7
.;W;:: - ::; e.Y e - ' -
..j.f$,M.T[.;,:h;M.c RW l 5 '.Y.:l93 J:3_ ~ .; ,. ; , y::.?;. Y;al .-l ' *.T.;l.L.: q:. *T.L.T _ fl> .l.. ..q y..
{. .._ l .?: ' ,..v. .
? k ];3 '..ij.?;; 0+' N Y.[_- '.;. n* :- .: /k l .? '. _. .. ' y . .; \ U. , . . . .. :
,. . e r. t . ,,
...;: >;....t...s.... . +. .t. .... ? .p . ...;... ..,....
,r....a.,.. .,.._,.....,,u......,;.
- ,? .
.,..,;-. y. s ,. . s. . :.. : ...,..,....s...
. . ,w : .~ . ,., .,s . 'm : >.
. ...:... . . c?. .
.. +. .: , . . . g . . n., . . 4. .,. .
. , . . ;. . 1.a.
y., ...
.,. s: . . . .. . . c.:
- . :.. . c
. . y;: ..,; -:... - . .- . ,v.,..
. .. . ~.z..-,,.,..~..,.:.y..:.,.:.
. .4.,, .
..- . .q.,.,x . .
>s.
.. ,~; ...
...... .... a g. . . . .. . - - . . . . .~.
,......f..<).+c<+ :&.y>:'...
.w u ...n..
. : , . , ., ,,i' . . :.
~.
+y . . ..: .. .
,;;. - >;;;,.x,,,._.:~,..-+.n... 3,.,.
?
't
. . s. .ny*jm-t ...'\ J:' .
< 5. : . _, ,. v . , _ .. .. . . . , -* . ,. ; .
- R,...?% . . ' .e.. .._;m, .r.
y .- g ;. c ,7. :. ,.,.
. . . .. . .. .. ._ .. .4*. . . ~ . - ...c
; L ;; .:*' f ; '. . _ 7. . ' .; . . J - .' - - ;: y
. ._ . . ... l L } ,.c': ' . . ... :_ . _ ' .x. ? .y [ .
';s?, b.p .; . ' _.- .. ; . . .
- y. >. .; ... , :e e t ._..'...-.j.,,.e.h.,y.i
.. 9. :x- .c .(. - ; . . - : ,
;* : , .:. ; .;; r-. v-e ._
n..
.. . . ._,......,',;* .,.. . _ .y p.:. .,...> . y,; :. . :,
. :...... . .1
..n - w,. .;, . , .. .
.. , ~ _ .. . .:.e... -. . . .' . ;.. - .- - .
- . . c ... :.. ^[ e 'ij. . + ' .f
. ~ .> ._ .
;,;.l :. '. * 'ff. . '
. ,g. :< ;.r. '. .j^ ;[ [: . ',' ' [ .' ; , _ ;;' .* ' _ j...',r, ...'- .:
_d *('.:.v j Mi.f. v._; . 1.^ .hl.; * :. . . .,} ,. f. .. :[-: ; l'.}., ~>. A ;? f ; -._.'.; , .[p,,.
;f . . .,.,:. ., - . . . ., , . . . _ y7 u ; ;, -
3v ;. :
, , ;w. ; ;Qm-.x.-. t.9.s , - y.', y. , c <;. _- . ..; > , .; . _ ; . , .! ; ._s_._
- . .s . ,a
]- .
,_.. j oy : .. ,... 3. ~ 1.
; q :, . ; _.
. : . ....r. .
.g
- J : ,: : . ;. , p.; ; ?. , ;, .
.' .. @l G.P._'?. / .a :l:'::;y
? : :p , . ,,.; '; ~-l- :
~ I
- v. '5' ,;_jl,...l -:i.,w:* f.. y.. ... . j~i. '.. .'(;, . ,: .; j.; '. h.' . . /V.;c:. .:..' , b _ 'i . *.,. l l ' E '.. ':. ' ;_ ;.',' ,'I,..:,; ._"_. . : .. .):_pQc'.. .:,:. . i . . : ' .l,'.. '_ . vQ
-.. .'. . -' ~.... .. _] ;: :., ..t.,... % j. ,'q::.y .. . . . ., ., ~. . . \ .. ; -
i [. e ~ . . 9;.n%. f . 'h. 3 'l, ' 'd;.k
. - s , . .
, '." \ 1 p I j. .;.- -; f. ,j . . . , ').-
.,l',. ; ' y:l .' . '..; l.' , ,fT . h .. ';.l
.k...j,~a .. * ...s.,.k.
. . . , ~ . ,.. , . . .7 2. ... f., -.2j 'i . Ej. .y_,v . y . .,::;, f. . S '.".jn... -)). , ,'l ,: ~ ,cyf ..-..> .; . . ..:= 3.; [; ,; ,., .
, ,; ;. ;; ,i j..3a ;u,.. .- 3. m . . ,._ w,;g:.. , . . .
. s g: . ,.. .'L . > u.
. y,,
... . . ;a
, . ,. m.. . . A z - ,l.: . . . . y* , .:: i Q.' 1 ' . p" e d '. . .o'.'q.
. n .. : - ' c ; ,
- V. s ,, , ': <. . - * . ' . . ..
OY -
- +4- 's~. '-
; .:: .. -n.:'...~.
n.'e :. . ; . y %.. ..a: . .'..:' :. v -- - . y . .-
. f;;:2,,,$7. ,:;'y :g,. J., :% .f ,.8:: .lg: -.L 1i9
- y.T
.: . 1 ;:..,. ;
.y. ., ,:e . . ._ . , m .. : .... . . . . .
?;~;. s', s.y. .,a'. . _.. , . .c. ., ;3., b ',; -?_. -}.l , ;L, . ;. _'.'.
j' .' .q.e _,, : , y' .:_ . _ , , ' . : / _f. l :. Y: a ; ,q ,L. .,. _.. . . . *.;.
.. . ,y j y, x: k
's
;, . *l . ' * '.. .,
* ,,.d
' ,, ..t .4.,,, ,.;,. ' ~ . . . .; ,;.-.k.
,'. - t . ' . ' - *',. 's,,id,,,
g.
'('.,% '*:/. -' . . -*.
'[. ^$/ '4 {,' . ,I:.y: . T.
. . . '-r.:
. . . . . . ,- "j ; , v ,' X %. . [ '., , . . , , f i '_ %.,..:4...,.V'/.,,
;s .,
. , , -w a. .m ._ * ; - , .
( .,t . ' . . . . ., . -, . .'; ,. , . , . , -. ..y ; ,. .,. :. ec. . .: p .4. .,,,, s. ,: . 4 cj . , . ...p, 6;: e 6
" . . , ..t.,.. - ;J' -- ,. .
g .' ,. ;. , t, ; l ?;; _ f. .. ,' :,; 'Y,; . .'. ., .:- . ) ':. - .. , , * . . ,l._._ ) ;. *g.,...*.. ',- . .\
' fe. ...-.;F .jQ;.;,_'- ,'. .. :..l [ f ~ .:3 .-...,l ';).s,' v f,..+ ,'; /;[ry,(7 ul ; ..o,.
6'.
? ';.'.,5;'l.'. . . .
< f;:l l., . . _ .u: [,'. , . ; ~y . ' d, . ,. , . , e. v.f, [). y. .;. .; : .,. ' ; ; i
.g. ,
p:y?y ; ;&; 9.. .?..,. .'.,, y,s.4 _ ! :.3 . . ': . c ;,;, ; : :. , :.: '.. :. . 3. , .r. p ;.. y.,>... . .:-. : v.q. . .y
. ._ :... ;.. .3 . .. + ; c...y
? s
,g.;.. .
, (:7.,, ..
.]. .- , -; .
,':..'...'j.'.....*....:
4 ..
. .e . .
- f. ,..., ...y ..: _.. ,, ;. . .... .
,,. . ., , j :. 3 '. .. *, d , .< "; *. .}, ) f, *. . y . .
I,, . .
- Ar ?.. ,( .*l d' $ Y , >a . ' , . , ; .f . .l; -l. ..
. .: .. g.bw. ;: '. . .l$,* L. . l_ ^.
-,a.,. - . t;.3, *f. ..' .' .f '.. f!} i^ J ' . Q,.:}
' . ', :. , -l':p ^., .;,; Y.';.4. . . .
s-3..~...,.:....
>.. .i ' .
- 9..c :: * ^
p __ ;:. : / ,.
.. . ; , . ; . d .ju ;;;u Q O ' < : ... .<,. , , y, . : ~
t
' ' ;. .. .+ .. ,). $. . .: . 4,- . y : y ,v
..y.. ,.n.
. y &. . .:
;- : 1,,. 2, . - - ' T ;.,. ' .._q
;.e..,.... . ..
< .. e4 .9,, r, s.p.... . , _ ...r. . .; .;. ._-.
,.a... . . .. .,; A,..e.x..,.,. .
., .
- h j. A _ ...,_..,,.u.n.y , . . .;,. ..g, ..:, a.,.>.u .-
.e.. . . , 3. ..w
. ,; ...r. .. . , . . . , g a
/ -. ;: , . , , . ",'..j4_...
__ .; ,. . ti h * , ,.n 2; \:.l l), .,. :;,, . .,)- )[ . ; j '_ Q. . . ., ; , ,, ;
',;., , ,f, q y :', f?,
- ay, , ., .)gi ,,,,[,. .
+
er '.r. .
. :,J. .f 7:, y,.: : . .(
;. ., , . _;. . /v.?,..,'},.,.,',,,
- 3. ;
4 *
,,.,a.
- 4. ; - . ,. . . , - , , , .. .e *- ,*
..e - 4 .. ,4- .4 .. . . ; I . . .- . ' .' . *.4: ...8 . t
h s*~, . -r -u .w- g r . ,x rm.- o~. s yee w we er _ + g e jy3 : , - - . s
. g
, . . -..,)., .
, a s_
. /.*
.e-8 . r. r-wfT' 7
p e
, " g 9
.,,,.. . ..'l ,._d'
,..% n2 . ..g'm; 3 S # I 'T)'
1 p s' , 1* . 4
. .,s "1 .f*_ e4 4
Ib . 4 .,
...-s- e'. . j
,a
.e. . - #'1.
,g ,. * , N
-[$$. [ _'
+
t
., s
. s s j, r*
m' . ,e *
.r ,,.._7,s.- -
s
. . ,. s-- y f. .. V s - .s p. . ). , % y s. . ., s, n. , , ..
r
, ...c + /
- $ ,q' ' Cr) ( ,,. g *, ,, a d' '6 > ,
.t*. "
.( i
,.pry. ' * :-
6 ,
'
- p 9 ,. s c., < . , . - >
,,..;q..
* * .y . ,e r ,
^* + .. < . . w
..yj..f..y,,a ,,
... -~ e;4 [ . ' ' ' , - .
4 .
. e ,
s '. ,% e
,g. ....
, , , , , 9. - '?.'s ...; - '
s-J. * ,e w $ , ' + 1 y'. t } [-' , ., - . ", $[ / .; , J .y j>. *.
-e
,,, ,,y 6 .,N e." .) '. , u s, ,, .f.$w.. d,,
M .\ ' .,.3' .a.- ,,%.., m~ .. aid,
.t b1 - .,
.,y d rg / < a ,,
*,[a* 1# ' a,
^
'. ). . y . '- a -.. r ; ' = r4 _, ; j g, 5 ' - (*,. g - ,..
- S3 eg.'s,. [, % .-
,4.rr,,,.
. e
. i .
'%q:.
.2 '.
~
y*, sh. . n .- .. w .p* . . ;s w-" ' O,;M ga4 1,f..,,i, N. . Lc ,% . -~ ,, ,~ ., - %' .}n:t-yr 3~ ~. g
.3
. .,i .
%g
*/ ' f-3
~ , ~ . , .
.- . . .,...-e.v.-.t-,.,. , , , .m
- n - . .-
- e e
. 14 ,
*** ,u v.U,s *- . , > > .
e City of Austm. ,~'e ,,J. 'f.? T e*...<,..,,~.,t..#..t s .*$,..,e
. t ... '.y#
e, 4 y [,. 4W ,,% . . - -
)* #. *. # #,,,*
*1 11,g((_
. s 14., s.
s -_
* ,4 y j,'**;
3 n .,
<'c y ) "' .,g* $ s .' . . . '
-'d**- 1* r .,'..'v 5; (, -* .i .. .*\N,
.a/r1# f.e'+
p r
.I',.,,.-
4
,' )/ i.
.-s.*. c, r. . 5%
.%... s
- 5 ,, ,, -
- 0,
/
, = . a .j - s
.si*' A
.'y'f. e ,"s. ,,'#'.*. .
; g . A..
+
,s a ',-. ,. Qnnnal q 1 y - .
Compi'eh.en.siv,e, e%. .
, .O.. . W.
Financia . eF. . m-m. ..
- x. 7,-
7 ort. yqisA,1.~,
- . . r,
- y. , 7 . , . ..; n,u,
- 9. .,.y...
1 s ,
. c. . .~.
. , <. ~ , , . ... s. ,., y,. . o) , .
, r r.- :,
. cs.
.,,,.s.n .-r . s 1 r o
,s> ,
,s. , .i
..e.. ... <j%.s
. ,+ .,;.. . ~ ~
.a m, , .v. ,
.~. .y
., . . ~ . , , .. .
o s , ...., .w m_.
- ws.., ,,.q.,'.;.y.
n
, :w -
.4< w.*nq.
s
' <4r<* ; <s -,
%. a c . ,, -
.e .* j ;.. < '. .4se o e,...,',,4,, ,r ,.
a,, 3 p,, u
.i
,. q, .s4i * . ye .. ,
f' , es.g.,-- a a , ,. . .o
.:o . . y, s+," m .,c,.u k.,
fs.c ,
,- 4 o,y- ,# s _y, , . , . m.. , , .
. , . . ,. 4
.a,. # 3.
. , < .v . ~ . g. ,
, . c .
, ., 3 _ . 7.,,
- t.'.
.. w <.,a -1 e 1 tr y.
- n. y*
. + .. +v. m . .
. . , s. . -
= . s,. .
) .a
.~s.. -
,.,.u.
f g 5 .,f '. P'A
+
. ., -;ew.
3L,,'
, g{F 6
%, . e.
- y .
, - p.
./ .
p ,
. .e ut :.
,.t, j .
.s p.
a ~ , s { / - , .m.. . ,%y x... + -
...;,, o r .
~
IJ i
. , a.
- '4'., .
- 2- ' , ,
l # b "4 p ,
. - 1
- n. . . u-4 . ,
. . . 2.
i . il
- + . : .~
i . . -- ,. , c. .
... ~
A
.' 4 O' t
_J4 i
, . r. ,, . . ,
> i-.' :,g,a s.
. e. ,, ' . 5 ?p ! <.g. ,, .* , .
, 7 ', *
*\,y**-
,.- 4 . ,. .,,.
f 4 ) .
'. < .. . r . *, . .
I.
,fg,s
,,.. w
't b^
4 0 4 >
- x. . . < . . <
1
. c. ,
+
1 @ :. For the year ended Sept' ember 30,'199'4-
's S -.
g y ,
~
-e.
9 J g i 2 3
Comprehensive
- Annual Financial Report
,a r
,.N /
, City.ofAustin, Texas Forthe year ended September 30,1994 i Prepared by: FinancialServices Department Betty Dunkerley, CPA 1 Director
- John Stephens, CPA Controller 1
1
W sr '
\N ../., ..
City Council Bruce Todd Mayor Michael " Max" Nofziger Mayor Pro Tem i Councilmembers Ronney Reynolds
- Jackie Goodman l i
Brigid Shea Gus Garcia i Eric Mitchell i Jesus Garza City Manager 1
)
CITY OF AUSTIN, TEXAS COMPREHENSIVE ANNUAL FINANCIAL REPORT Year Ended September 30,1994 TABLE OF CONTENTS INTRODUCTION Exhibit Page Letter of Transmittal - I Certificate of Achievement - xlil 4 City Organization Chart - xiv FINANCIAL SECTION i independent Auditors' Report ' - xv CENERAL PURPOSE FINANCIAL STATEMENTS
' All Fund Types and Account Groups - Combined Balance Sheet A-1 2
. All Governmental Fund Types and Expendable Trust Funds - Combined Statement of RIvenues Expenditures and Changes in Fund Balances A-2 8 G:neral Fund, Special Revenue Funds and Debt Service Fund - Combined Statement of RIvenues, Expenditures and Changes in Fund Balances Budget and Actual-Budget Basis A-3 10
- All Proprietary Fund Types and Similar Trust Funds - Combined Statement of Revenues, Expenses and Changes in Retained Earnings / Fund Ba!ances A-4 12
- All Proprietary Fund Types and Similar Trust Funds Combined Statement of Cash Flows A-5 14 Not:s to Combined Financial Statements 17 SUPPLEMENTAL INFORMATION GOVERNMENTAL FUNDS Gen:ral Fund j Bal:nce Sheet B-1 73 j Stat: ment of Revanues, Expenditures and Changes in Fund Balances - Budget and l Actual-Budget Basis B-2 74 Sch dule of Revenues - Budget and Actual-Budget Basis B-3 75 Schedule of Expenditures Budget and Actual-Budget Basis B-4 76 Schedule of Transfers Budget and Actual-Budget Basis B-5 79 l Special Revenue Funds Combining Balance Sheet C-1 82 Combining Statement of Revenues, Expenditures and Changes in Fund Balances C-2 83 Combining Balance Sheet All Special Revenue Grants C-3 84 Combining Schedule of Expenditures - All Special Revenue Grants C-4 96 Ent:rprise Related - Combining Balance Sheet C-5 108 Enterprise Related - Combining Schedule of Expenditures C-6 109 Other - Combining Balance Sheet C-7 110 Other - Combining Statement of Revenues, Expenditures and Changes in Fund Balances C-8 112 Other - Combining Schedule of Revenues, Expenditures and Transfers - Budget and . Actual-Budget Basis C-9 113
CITY OF AUSTIN, TEXAS COMPREHENSIVE ANNUAL FINANCIAL REPORT Year Ended September 30,1994 TABLE OF CONTENTS FINANCIAL SECTION, Continued Exhibit P_ age Debt Service Fund Balance Sheet D-1 117 Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual-Budget Basis D-2 118 Capital Projects Funds Combining Balance Sheet E-1 120 Combining Statement of Revenues, Expenditures and Changes in Fund Balances E-2 121 Comb!ning Balance Sheet E-3 122 Combin;ng Statement of Revenues, Expenditures and Changes in Fund Balances E-4 128 PROPRIETARY FUNDS Enterprise Funds Combining Balance Sheet F-1 136 Combining Statement of Revenues, Expenses and Changes in Retained Eamings F2 142 Combining Statement of Cash Flows F-3 144 Combining Schedule of Changes in Fixed Assets and Accumulated Dtpreciation F-4 150 Internal Service Funds Combining Balance Sheet G-1 155 Combining Statement of Revenues, Expenses and Changes in Retained Eamings G-2 157 Combining Statement of Cash Flows G-3 158 Combining Schedule of Changes in Fixed Assets and Accumulated Depreciation G-4 160 FIDUCIARY FUNDS Trust and Agency Funds Combining Balance Sheet H-1 161 Expendable Trust Funds Combining Balance Sheet H-2 162
- Combining Statement of Revenues, Expenditures and Changes in Fund Balances H-3 163 Pension Trust Funds Combining Balance Sheet H-4 164 Combining Statement of Revenues, Expenses and Changes in Fund Balances H-5 165 i
Agency Funds Combining Balance Sheet H-6 166 Combining Statement of Changes in Assets and Liabilities H-7 167 i
4 f i CITY OF AUSTIN, TEXAS l COMPREHENSIVE ANNUAL FINANCIAL REPORT Year Ended September 30,1994 ] l TABLE OF CONTENTS FINANCIAL SECTION, Continued l l Exhibit P_ age ; ACCOUNT GROUPS General Flued Assets !
. Schedule of Changes in General Fixed Assets 1-1 169 General Long-Term Debt
. Schedule of Changes la General Long-Term Debt 1-2 170 SUPPLEMENTAL SCHEDULES l
)
Schedule of General Obligation Bonds Authorized and Unissued J-1 171 Schedule of Revenue Bonds Authorized, Deauthorizeu and Unissued J-2 172 STATISTICAL SECTION 1 Exhibit P_ age , G:neral Government Total Expenditures and Expenditures Per Capita 1 176 G:neral Obli0ation Net Debt and Net Debt Per Capita 2 177 City of Austin Employees Per Capita .
. 3 178 R:tio of General Fund Unreserved Ending Balance to General Government
' AnnualExpenditures 4 179 1
Table P_ age ! l G:neral Government Expenditures by Function 1 180 : General Government Expenditures by Function (Constant Dollars) 2 182 l General Fund Revenues and Other Financing Sources by Source 3 183 ! Assessed Valuation, Estimated Market Value. Tax Rates, Tax Levies, and Tax Collections 4 184 j PrincipalTaxpayers 5 185 R tio of Net General Bonded Debt to Assessed Value and Net Bonded Debt Per Capita 6 186 i Ratts of Annual Debt Service Expenditures for General Bonded Debt to Total General Fund Expenditures 7 187 : Computation of Legal Debt Margin 8 188 l Computation of Direct and Overlapping Debt . 9 189 i Property Tax Rates and Tax Levies for Direct and Overlapping Governments with Applicable 1 P;rcentages Over 10% 10 190 . City Sales Tax - Tax Levied Effective January 1,1968 11 191 Electric Fund and Water and Wastewater Fund - Miscellaneous Statistics 12 192
. Electric Fund and Water and Wastewater Fund - Five Year Comparative Operat!ng Statement 13 193 Electric Fund and Water and Wastewater Fund - Plant Cost and Equity in Utility Systems 14 195 Schedule of Combined Utility Systems Revenue Bond Coverage 15 196 !
Transfers from Electric Fund and Water and Wastewater Fund to General Fund 16 197 1 Electric Fund and Water and Wastewater Fund - Statistical Data 17 198 Elactric Fund and Water and Wastewater Fund - Large Customers 18 199 - Schedule of Insurance in Force 19 200 j
i i CITY OF AUSTIN, TEXAS COMPREHENSIVE ANNUAL FINANCIAL REPORT Year Ended September 30,1994
' TABLE OF CONTENTS STATISTICAL SECTION, Continued Table Eage Hotel-Motel Occupancy Tax - Tax Levied Effective January 1,1971 20. 201 Miscellaneous Statistical Data 21 202 Miscellaneous Statistical Data - Economic and Grc uth Ir.dicators 22 203 Miscellaneous Statistical Data - Employment Characteristics 23 204
. ~ . -
m .. . c ,.m. . . .m. . . - -n , n, ... -
. . . -.. ~ .
- r yf. 'm*
.t v . ~_ . ,.~p.',','
s v, e J y,'- . . , .
'. 5 %
ta
. . , w s
.- m,. , .,i., " >-- : - *s m'e . : r,.-
a
- .. i .
~
. ,y;w.,'*...,~ . gt
." '. w; ( ars. .< *
- ,* {p,.
. ; +~,/ ;9 -
....,.4",,s,,,4 , ,'j
- A
., - 3.,*,. g ., y a .3 -
.: .g. .. " . .+ .
v . - ,
-y
,"m... - . . . - 5
.1
, _ , .. . ~. .
. e.,c
.. , m, , .. .w._ ..
.. . x.
s,, ., s.
-+ -
-~ p.s.s+
, , .k o 1.- . t
, ., 4, .i,_ . .
y r y # g
-c a
s INTRODUCTION.,&+M #_ ;,3...; A .*g - , j J -
.n, .
'e' aso %. ,
j ,, ,e y .~.~~ , . ** *a.'s W.,-
^, T 6-', ~
,o* A 3,<#.'. *J 6 ,a.
I &
'O P$ ' re f , #
+dys. . .* 4,% p-
,'d"P- 8 .,
vi,4,,** 4=e ^.- sa,, ey f 40 j
, . 9 s
N ), 0 %.-} g 4
- s .
> 9 l'v * , ' , ' % . ~ " > ; - 'r,.'- . ,
* 'a s as
.t., d * ,,r e**- '
% + , , ' - j , g* \
I{4'g< 8
- g ,,d
- * ,.s',1,.
I $c
..%, g
, p 4 .. 'l ..- A ,,
. 9,*- * . ,, ),
s , , .
. ,' .,ij i, sef ..'b ,,, ,*,.+-
, ,.]'. I S
~ ' .
- 1 .,, ,
, a
. . t
'* p , j ,,.Y h.
a, E j
#"' 4 ,.,
i,
'1
,+ . ,
--e s 3
< >- hp .. .4, r s .'. 4,.~*j 4 a ,5 . .
- . ,. , u ,4,.
rn, ra , y,. .
,g,
,-e J -
.-.. 5,
. .s .< i w . , s<
< w . h i : t; . sr-. - . . , , .,e 4 .
,. , , ,
- s
.
- T= ,E , <K-r ,, e c
- g .
# f 9 8'
% 7g- y #
' N EI '.*%. ' , af j ^*
whd
+ .
7
--e . rp . '- w- .
g, ., s ,f , g*'e., 4
,,,,,s-'- ,#,,f'
*,) e.
P y
* ., f % A O
'#@g ,7
' , g -.p.
+. * ' * ,at, *,J - 4 !
' b -
s'f II
-s, 4
, ,'o s
~
i, ~, e
- > '..- p_ .
,* t I p ,
f
,5,% r Y
# * # e J .
. s s , [ g. .^ , ,#A >.s g ,
g i
+ , - J 4 y . e, us. ,. , . . , '
3 s. e
- f. ,-
..e * . . -
,*'#' .? P v . ; n. .j ' '
M 4 ,- r.3' d e .h h
, w ,. < , . - , E' A+.
4 r
.. p
+ ^
**' ' ..% 5 8 h #
t
- v. ,I *- b '%. R- e" , d
, . . ,f . ,
s *
- f. . **~
e *g e ", 6)
- r-
" , ,4 .,'- ( i . ; .y e
'nf* '. * * **
2 ' a
' r
'4'h sp $
i a ?e Y s r , , . , . ,
's s."%*. s
, ,,\ . % : >
g
- e. , ~,1.. ,
. p k $ 4 0 # r
.a # 3, ' F%
p W . gae f,*
.y.
6 ,
,. ',.h- ,
+
- ui
+ < - y&
,. .rp
* .;.e y 9 b E -
e,e e k * % 8 8
- r b d\eg . ,
f
- n. ;
rL< ,. " \
# n f !
..f - O $
d
..(' ,
A,
** ,. j s.
*)I b e"L E
% -09 8 q
\
$ Li ,
y 1 r e ,7, e (. ' e p 9
, , g*M uxp .P, y [!4*
'[ #'I'
*'9
.pp.k,,
*- ,. i
,, . . , 3 ,1* ,, ,
e, 3'. ,
,p ' g' 1-t . ,; , , .4'.- / *ra
* ^
$ to $, T , J, ,
v ,. . -
'- 4
. ** r 4 i e. ,
- a. a +
s O' e n
'i 9 %' s e,. * 'r ..,
% sg p 1
*e a 4
j . m I e
$ . . e
*g' 4 R 5 . *
- I E g , y *a d
- 4 .
I
#t m.i
# h. e a. ,=9
.,s *, ,
j
.4.1 4 s ,. ,g. ,
i '2
, t, q 3'
'4
- D, , g a i es i' t,,
e f
,-.l- e
t r a 6
, (#' '.l
- k( I'
.I .g
.5 -
*q i se 7 -e. e 'A.
, t
,' d
' e4 w
.pe, e
% - S * ,
',[ -' - , k* e" r [g
* ' .'- p e
,h,, .; ,D- .,
.i,,,
#*' 4
. . 4 3 't g,848 - g
^1 0'
- T 4 # $ ,,' =, *5' 4 ,
>f,
., .s s ?
_=* 8
. a' w 4 9 g.3 4 0 .,
_g
+n
' ; ., 4 -
< 4, , .;.,, , ,i .
,n
, 3 p p . - ~ 4 *6 e-
*F *I g f m J -
, . . .. ~ , .n :
4 , t s
, ,.4 r .y a
r
-,u a %
5 4 e n L ( e f
- f. E &
- _*g.
a L l 4 O a i r *
+ a
, y,- ,,
* * ; a 5 '
+
e -
%4
/9" .
' * # .,k 3
t.
,,g' m
g.. w l g B' / l-(' - b fI
+
(
l City of Austin ,
~Foun'd ed by Congress. Republic of Texas.1839 P.O. Box 1088, Austin, Texas 78767 l
t l March 31,1995 Honorable Mayor and Councilmembers Cityof Austin, Texas WJ cre pleased to submit to you the 1994 Comprehensive Annual Financial Report of the City of Austin, Texas. The report was prepared by the Controller's Office of the Financial Services Department. The combined financial statements and r~ lated notes have been audited by an independent firm of Certified Public Accountants, KPMG Peat Marwick LLP, whose report is included herein. This audit satisfies Article Vll, Section 15 of the City Charter, which requires an annual audit of all accounts of the City by an independent Certified Public Accountant. Additionally, the administrative and accounting controls over Federal financial assistance received by the City directly from Federal agencies or passed through by the State of , Texas or other governmental entitles during 1994 were tested by KPMG Peat Marwick LLP for compliance with applicable j laws cnd regulations. This report will be available under separate cover. Responsibility for both the accuracy of the presented data and the completeness and fairness of the presentations, including I til disclosures, rests with the City. We believe the data, as presented, are accurate in all material respects and are l presented in a manner which fairly sets forth the financial position and results of operations of the City. Furthermore, we I believe that all disclosures necessary to enable the reader to gain an understanding of the City's financial activity have been ) included. l l These financial statements have been prepared in accordance with generally eccepted accounting principles for local govemments as prescribed by the Governmental Accounting Standards Board and the American Institute of Certified Pub!!c I Accountants. l The City received a Certificate of Achievement for Excellence in Financial Reporting from the Govemment Finance Officers Association of the United States and Canada (GFOA) for its 1993 Comprehensive Annual Financial Report (CAFR). l City management believes that this 1994 CAFR conforms to the Certificate of Achievement Program requirements, and we l cre submitting it to GFOA for their review. This CAFR consists of three parts. The introductory section includes an organization chart and this transmittal letter, which highlights significant aspects of financial operations during the year and particular financialissues faced by the City. The financial section includes the independent auditors' report, combined financial statements and related notes, and , I supplemental financial data. The statistical section includes several exhibits and tables of unaudited data depicting the financial history of the City, as well as demographic and other miscellaneous statistics. Reporting Entity l The City of Austin, chartered in 1839, has a Council-Manager form of government with six Councilmembers and the Mayor. A charter . amendment approved in January 1985 changed the terms of office from two-year terms that expire concurrently to 1
three-year staggered terms. The City Manager, appointed by the City Council,is responsible to them for the rnanagement of all City employees and the administration of all City affairs. This. report includes financial statements of the funds and account groups required to account for those activities, organizations and functions that relate to the City and are controlled by or dependent upon the City's goveming body, the City Council. Criteria used by the City for including activities in preparing its financial statements are in conformity with Statement No.14 of the Govemmental Accounting Standards Board, 7he F/nanclat Reporting Entity. On the basis of these critena, the following activities are included in the City's 1994 financial statements: all municipal service,s (as listed below), pension trust funds, City of Austin Deferred Compensation Pian for City employees, and the Austin Housing Finance Corporation, whose activities are reported in the Housing Assistance Fund, a special revenue fund. The City provides a full range of municipal services including police and fire, sanitation, parks, libraries, public health and social services, public improvements, street maintenance, electric and water and wastewater utilities, planning and zoning, and general administrative services. Year in Review For at least a decade now, Austin has been recognized as one of the most desirable cities in the U.S. in which to live and work . Last year Austin continued to receive awards and accolades for its quality of life and its vigorcus economy. Austin's municipal govemment was also cited for excellence: Financial Worldmagazine ranked Austin as the, fifth best-managed city
' in the country in the annual " State of the Cities" 1994 rankings, citing its strong financial policies and a focus on improving basic services. Austin was also cited favorably for actively using performance measurement information for better management, for maintaining its infrastructure, and for having a coordinated strategic information technology plan.
Austin is widely regarded in many ways for its quality of life. In 1994, Austin was recognized as one of America's "16 Most Livable Communities" by Partners for Livable Communities, a nonprofit organization. Austin was recognized for its commitment to youth through a variety of programs involving parks and recreation and private /public partnerships in youth initiatives. Austin was recognized in 1994 in Parade magazine as one of the " Safest Places to Live," with mention in the
" clean air" and "best for babies" categories. Austin also won the Clean Texas 2000 Governor's Award for Environmental Excellence in 1994 and was featured in MD magazine as a " medically sophisticated" town and a good place to practice
- medicine.
Austin's economy and its business climate have also been widely admired for several years now, particularly in the high-technology industry. Selling magazine mentioned Austin in an article titled " Selling USA - Six Great Sales Towns" and described it as a " hip college town, state capital, and ' Silicon Prairie' rolled into one." The article noted that the major draws for the city are the absence of state corporate and personalincome taxes, and that business costs are on average ten to 25 percent lower than in most Califomia and East Coast cities. Home O// ice Corpputing magazine ranked Austin as the Third Best Place for Running a Hor,;e-Based Business. Among the strengths mentioned was the economic stability of the city which is based on an expanding technology industry. However, Austin still remains an affordable place to live: it was ranked fourth by U.S. News & Werid Reporf magazine in an article on the nation's housing markets titled " Top 100 Markets." The article focused on the best housing markets within the United States, and described Austin as a city still offering attractive home prices despite rising housing prices in recent years. Austin continues to attract both employers and job-soekers and its population grew last year to an estimated 507,468, an increase of more than six percent from 1993. While this is evidence of the resilience of the local economy and the qualit life that makes Austin unique, it also presents challenges for municipal govemment. As Austin strives to become the most livable community in the country, its municipal govemment must also face the challenge of maintaining the quality of services it provides to an ever-increasing population and the challenges that its hospital and electric utility face from competition. To face these challenges, the City of Austin has taken sieps to plan strategically for the future and to understand and plan for the changes that are happening nationally, regionally, and locally. The watchwords for the mid-90s are " repositioning" or " restructuring," and they apply to municipal governments as readiry as they do to IBM or General Motors. In September 1994, the City Council approved a set of performance measures for City management to use in evalua! performance. These performance measures include re-engineering some of the City's key business practices, particula . the land development process. They also include refocusing on basic City services and reporting on performance indicators and benchmarks such as the desired span-of-control ratio for particular departments. 1 For several years, the City has examined attematives for restructuring the management of City-owned and operated 1 ii I
Brackenridge Hospital,in an effort to improve the hospital's ability to provide quality health care to the Austin community. On February 9,1995, pursuant to a letter of intent from Austin's Seton Medical Center (Seton), the City Council authorized City management to negotiate a lease agreement with Seton, a nonprofit hospital owned by the Daughters of Charity N;tional Health System. Under the terms of the letter of intent, the City will negotiate exclusively with Seton over a 45-day period. In 1993, the City Council approved a master plan for a new airport at Bergstrom Air Force Base which was closed by the Departr,1e:1t of Defense as part of its military scale back. Shortly thereafter, on May 3,1993, Austin voters authorized the issuance of 30 to $400 million in airport revenue bonds to move the City's airport from its current location at Robert Mueller to the Bergstrt,m site. The Federal Aviation Administration (FAA) conducted an environmental study to assess potential impacts associated with the project and issued a favorable record of decision on March 1,1994. On September 30,1994, the FAA issued a letter of intent to provide fundmg for the project of up to $90.9 million and awarded the first in a series of gr:nts to be issued under the letter of intent. Design of the new airport is underway with construction scheduled to begin in February 1995. Opening day for the new airport is projected for November 1998. In 1993, the City began the evaluation of the possible replacement of the Electric Utility's Holly Power Plant. On January 19, 1995, the City Council passed a resolution adopting a phased-retirement approach for the plant. Under the resolution, generating units one and two of the plant would be retired by December 31,1998, with units three and four retired by the y ar 2005. This approach will provide adequate time to complete the necessary transmission projects and build 300 megawatts of replacement capacity and will allow the utilization of the fuh 30-year lives of the units. Economic Outlook The United States economy performed very well in 1994. Despite corporate downsizing, the nation added fVe million jobs in 1994, far outdistancing Europe and Japan. The overall rate in employment growth for 1994 wa s three percent. Unemployment, at 5.4 percent, was the lowest in four years. Manufacturing surged to its strongest level in ten years. With personal income up seven percent over last year, consumers continued to express confidence in the er onomy by freely spending earnings on durable and nondurable goods and services. The United States economic outlook calis for moderate growth for 1995. The Texas economy is currently experiencing a period of relatively strong growth. In 1993 and 1994 statewide nonfarm smployment increased at a rate of approximately three percent per year. This is significantly above the two percent annual employment growth rate expected during periods of moderate economic expansion, and well above the anemic growth rate of one to 1.5 percent during the second half of the 1980s. The current growth is being powered by national-level factors, including the increased competitiveness of the U.S. manufacturing sector and the revival of residential construction activity. . 1 Th3 Texas economy is powered by the construction, manufacturing, and service industries, with construction proving to be l th3 fastest growing industry in 1994. Although building activity did not approach the superheated rates of the late 1970s and ! cirly 1980s, the rate of housing constructbn in 1994 is twice what it was in 1988 and 1989. Employment in this industry has ris:n by 34,000 jobs since September 1992, with a 5.1 percent increase over the last year. The manufacturing industry is benefiting from the recent strength in construction as the manufacturing of building materials is now the major source of st:te manufacturing job growth, resulting in a 3.6 percent increase. The service industry will remain the major job generator j of Texas employment. This sector already comprises four-fifths of total Texas employment, and accounted for almost 90 ) percent of new jobs in Texas in 1994. Th3 outlook for the increasingly diversified Texas economy remains favorable. However, the recent devaluation of the M:xican peso will hamper both State and local economic growth for the next year, Some 40 percent of the State's exports and 38 percent of Austin's exports are tied to Mexico. Before the December devaluation, Texas exports to Mexico were projected to be $4 billion for 1995. This increase is now estimated to be only $2.5 billion. The Austin economy experienced well balanced growth across all employment sectors last year. This growth was fueled primarily by corporate relocations and expansions of existing companies such as Motorola, Inc., Applied Materials, and Advanced Micro Devices, which had a direct effect on construction activity in the area. In 1995, job growth is expected to j rcmain at more than four percent, keeping Austin one of the loading Texas cities for job growth. l lii
Life in Austin Austin, located deep in the heart of Texas, is a dynamic community that has been sculpted through time with a delicate weave of history, politics, geographical beauty, and technological progress. Austin represents a national model for quality living, from neighborhood park lands to the nationally recognized Town Lake recreation corridor that winds through downtown Austin. The city is home to a number of corporations and to nine institutions of higher leaming, and these place Austin on the global map of technological leadership and make the city one of the most educated communities in the nation. With its nine institutions of higher learning, education is a significant aspect of life in Austin. Access to these institutions, especially the University of Texas at Austin, has attracted many of the high-technology industries, which now drive most of the growth in the city's economy. The University of Texas has the fifth-largest academic library in the United States, with approximately 6.7 million volumes. At 35 % of its adult population, Austin is first in the nation for the number of adults completing 16 or more years of education. The city also has the highest bookstore sales among the country's 50 largest cities, the most highly educated populace among cities of 200,000 or more, and the most computer-literate citizenry. Austin is a great place to enjoy the outdoors. With winter temperatures rarely dipping below freezing and often reaching the 70's and 80's and with long summers, Austin's city, county, and state parks and recreation facilities are busy year-round. Austin Weather Mean ternperature 68 Mean low temperature 58 Mean high terriperature 77 Clear days 116 Average rainfall 32 Average days of sunshine 300 Austin offers 11,800 acres of parks located throughout the city. Zilker Park is one such site, considered by many to be the spiritual soul of Austin. Zilker is home of the famous Barton Springs natural swimming pool where swimmers enjoy the 6 degree, spring fed water. The park is also known for its many varieties of gardens, including Japanese, herb, xeriscape demonstration, rose and fragrance gardens. Austin's hike and bike trails follow undeveloped creek beds where urban bir plants, rocks and fossils can be found in addition, the Wild Basin Preserve has over 227 acres of typical Hill Country home to the endangered golden cheeked warbler and black capped vireo. The Central Texas area around Austin is blessed with water, from the sparkling clear springs that gush from the Balcone Fault limestone, to the cool green of the Hill Country rivers, to the glorious blue of the limestone bottomed Highland Along the Balcones Fault, diverse eco-systems converge - blackland prairie, coastal plains and, of course the The area is home to a wide variety of flowers, trees, birds and bats - the largest urban bat colony in North America. This varied terrain creates some fascinating micro-environments such as the Lost Pines of Bastrop and the sulfurous swa Palmetto State Park. A number of outdoor sporting events and festivals can be found in Austin, including the Dallas Cowboys sum camp, the Capitol 10,000 Race, the Annual Texas Hill Country Wine and Food Festival, the Pecan Street Arts Festival and the Annual Spam-O-Rama, where hundreds of devotees of the canned-meat product converge for cooking an contests. Austin has the most restaurants, bars, and movie screens per person of any American city. The city is sixth in the Un States for the number of artist and musicians per capita. The South by Southwest (SXSW) Music Festival has one of the most popular venues for new bands hoping to get the attention of record companies and critics. Sixth Street is the center of Austin's music scene, where in the course of a few blocks, jazz, blues, rock, reggae, Mexican-influenced l Tejano, pop, Texas swing, country, folk, and assorted hybrids pour from the club doorways. Across the city, o music attractions include Antone's, the Broken Spoke, and the Backyard, a 2.000-seat natural amphitheater on the outskirts; of the city. There are also frequent outdoor concerts at Zilker Park and on the banks of Town Lake. I I iv
industry and Business Job growth, a healthy economy, and high technology were the key themes that emerged in Austin's headlines last year. The un:mployment rate for the Austin-San Marcos metropolitan statistical area inched downward in 1994 - hovering below four p;rcent for all but two months of the year. Due mainly to continued healthy expansion of the high technology industry, the cutlook for job growth in the Austin area over the next year ranges from 3.5 percent to six percent. Even at the low end, this would maintain Austin's reputation as one of the fastest-growing cities of its size in the nation. In 1994, the number of service-related jobs grew to approximately the same level as the number of government jobs. This is significant because Austin has for a long time been considered a government and un!versity town. This image has changed in large part because cf the computer and software industries, which have put Austin on the map of high technology hot spots. While government employment is still a stabilizing force in the Austin economy, it now accounts for a much lower percentage of the make-up of Austin's total employment. As the comparison below shows, since 1970, government employment has decrease substantially relative to the other large employment sectors in the Austin area. l Austin's Changing Employment Profile l 40 0 % 35.0 %
} 30.0%
$ 2s0% E Government ,
5 20.0% 1 G O SerWes 1s.0% mig gj n s
=
dME' [
= lE 10.0 % gn = =T==w= - -
!@ E Manufacturing 0 '
2 1970 1980 1994 Year Source: Texas Employment Commission
)
l Although large companies accounted for many of the new jobs added in 1994, much of the job growth came from smaller ] businerses such as the approximately 300 software companies here. This trend is adding to Austin's reputation as an - I cntripreneurial center: in 1993, the city was recognized by Entrepreneur magazine as fifth among "The Best Cities to Start a Business" and in 1994 by Home O// ice Corrputing magazine, which rated Austin fifth as "The Best Place for Running a Hom2 Based Business." As further evidence of this, four Austin companies - Tivoll Systems, Flood Data Services, Blue Whila Moving Co., and SabreData Inc. rated mention on Inc. magazine's 1994 list of fastest-growing privately held, independent companies. During 1994,23 companies announced plans to relocate to the Austin area, which will add approximately 1,800 jobs to the Economy, included in this list are: Tokyo Electron Ltd., a manufacturer of chipmaking equipment second in size to Applied Materials, which moved its American headquarters to Austin last fall, adding 100 jobs to the area; SBC Comrnunications (formerly known as Southwestern Bell Corp.), which will move to Austin l from St. Louis, creating 175 mostly scientific and engineering jobs; and l l Omnifax, a manufacturer of fax n,achines, which will move its corporate headquarters to Austin, 4 adding another 200 jobs. v
I , In addition,24 Austin companies announced expansion plans during 1994, which will add approximately 2,800 more Jobs to the economy. Some of these companies include Applied Materials, the world's largest manufacturer of chipmaking equipment. Tivoli Systems, c.nd Crystal Semiconductor. Motoro!a, a large manufacturer of computer microchips that expanded to Austin from Phoenix 20 years ago because of the Austin's quality of life, its strong area universities, and its ample supply of workers, announced this year that it will build a new semiconductor manufacturing complex and that it is considering severallocations in Central Texas. This manufacturing complex will be in addition to the company's $1 billion investment in its laboratory and factory coruplex now under construction in East Austin. , The outlook for Austin's high-technology industry remains promising. Although economists predicted slower growth for the industry, computer makers experienced revenue increases of more than 20 percent, due in large part to the unexpected strength of the markets in Europe and Asia. While SEMATECH, a major Austin research consortium, expects to lose its , funding from the Federal government, the industry appears strong enough to support continued research. The city's ability to attract new businesses and individuals remains strong, as Austin is a unique place that offers an abundance of recreational and cultural activities and excellent municipal services. The large student population of more than i 100,000, half of them at the University of Texas, help keep the city intellectually active and provide a valuable resource to companies locating to the area. The Accounting System and Budgetary Control I The Financial Services Department is responsible for providing all City financial services including financial accounting and reporting, payroll and accounta payable disbursement functions, cash and investment management, debt management, : budgeting, purchasing, contract administration, utility customer services, regulatory affairs, and special financial and policy analyses for City management. The Director of Financial Services, appointed by the City Manager, supervises the department's operations. The City employs a computerized financial accounting system that includes a system of internal accounting con'.nols. These controls have been designed and are continually being re-evaluated to provide reasonable, but not absolute. assurance for 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. t 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. All internal control evaluations occur within this framework and are believed to adequately safeguard assets and provide reasonable assurance of proper recording of financialtransactions. Accounting records for governmental fund types are maintained on a modified accrual basis, with revanues being recorded when avallable and measurable and expenditures being recorded when services or goods are received and the liabilities are incurred. Accounting records for proprietary fund types and similar trust funds are maintained on the accroal basis. The annual operating budget, or financial plan, is proposed by the City Manager and enacted by the City Counch after public , discussion. Subsequent intradepartmental budget transfers must be approved by the City Manager, interdepartmental i transfers and any increase or decrease in total appropriations must be approved by the City Council. Management control for the operating budget is maintained at the departmental level. During 1994, no General Fund departments exceeded their authorized appropriations. General Fund The City's General Fund is used to account for expenditures for traditional govemmental services as well as all financial resources other than those required to be accounted for in other funds. Sources of revenue for this fund are widely diversified and include property tax, sales tax, transfers from the City-owned utility system, and other sources as shown on the following pages. [ vi
. ~ . _ . . _ _ _ _ _ .._ . . . . _ _ . _ _ _ _ _ _ . . _ _ _ _ _ . . . _ _ _ _ . _ . _ . . _ _ _ _ . _ _ _ _ . . . . _ =
j i i l 4 I I 1 4 I i i i i j Sales Taxes 1 Other Financing 1
; Property Taxes j Ucenses, inspections q Franchise Fees jj Fines, Forfeitures 3 Charges br Sen4ces/ Goods interest arx!Other Other Taxes ,
0.0% 5.0% 10.0% 15.m 20.0 % 25.0 % 30.0 % i 2 i l i i i i l d i i l Public Safety l Public Health Public Recreation & Culture
- Operating Transfers Ptblic Service & Utilities l
Urban Growth Managoment l Social Services Management l Adrninistration l 0.0% 5.0% 10.0 % 15.0 % 20.0 % 25.0 % 30.0 % 35.0 % 40.0 % 45.0 % 50.0 % l l h. i 1 i Vii
General Fund Sources and Uses (Dollare in Millions) increase 1994 1993 (Decrease) SOURCES OF FUNDS 1 Property taxes 63.57 58.76 4.81 8 Sales taxes 75.27 67.05 8.22 12 Other taxes 2.01 1.83 0.18 10 Franchise fees 11.98 11.14 0.84 8 Fines, fortdtures, and penalties 9.77' 9.50 0.27 3 Licenses, permits, and inspections 12.85 10.31 2.54 25 Charges for services, goods 6.52 7.24 (0.72) (10) Interest and other 6.09 5.59 0.50 9 Transfer and other sources 67.94 68.58 (0.64) (1) Total 256.00 240.00 16.00 7 USES OF FUNDS Adtrdnistration 5.05 4.77 0.28 6 Urban grnwth management 10.86 9.25 1.61 17 Public safety 122.43 111.99 10.44 9 Public services and utilities 14.09 13.89 0.20 1 Public health 39.46 40.54 (1.08) (3) Public recreation and culture 28.77 26.18 2.59 10 Social services management 7.15 6.83 0.32 5 Nondepartmental expenditures (0.40) 1.61 (2.01) (125) Operating transfers out 24.50 23.63 0.87 4 Totat 251.91 238.69 13.22 6 increase (decrease)in fund balance 4.09 1.31 2.78 (212) Total fund balance, beginning of year 25.31 24.00 1.31 5 Residual equity transfers (1.35) 0.00 (1.35) (100) Total fund balance, end of year _ 28.05 25.31 2.74 11 For the year ended September 30,1994, actual revenues on a budget basis were $6.0 million more than amended budget, primarily due to increased sales tax and building development and safety fees. Act,ual expenditures on a budget basis w
$1.4 million lower than amended budget, with significant savings achieved by the Planning Department and the Health Department. Overall, the General Fund stayed within the amended budget, maintained emergency and contingency reserves of $11,243,263 and $1,827,082, respectively, and achieved an undesignated fund ~ #ioncu hs excess of 3% of total , expenditures.
Special Revenue Funds The special revenue funds include the Federal grants funds, State grants funds, other s acial reventa grants funds, other special revenue funds, which include the Hotel-Motel Occupancy Tax Fund, and the Housmg Assistance Fund. Coll these funds expended $46,014,779 during 1994. Feoaralgrants $17,201,281 State grants 2,352.673 Other special revenue grants 417,982 Other special revenue funds 24,461,469 Housing Assistance Fund ~ 1.581.374 Total $46,014,779 viii i-
The grant programs have an important effect on the Austin community by allowing the City to operate community centers,
' provide services to the elderly, provide health services to women and children, and provide assistance in construction of cirport improvernents.
In 1994, the Hotel-Motel Occupancy Tax Fund transferred $1.640,016 to the Parks and Recreation Department Cultural Arts Fund for cultural arts programs, $7,377,201 to the Convention Center Tax Fund, and $2,459,450 to the Austin Convention Center Visitors Bureau for promotion of the tourism industry. 1 GeneralObligation Debt Administration The City maintains a separate fund, the Debt Service Fund, to administer debt associated with its general obligation bonds, c:rtificates of obligation, and contractual obligations. A separate ad valorem tax is levied and collected to provide funds to retire such debt issued for general govemment capital projects (debt service on general obligation debt issued for enterprise
, fund capital projects is rlid from related enterprise fund revenues). For 1994, this tax was $.2763 per $100 assessed , v luation.
L The fund balance designated for debt service at September 30,1994, was $6,522,820 or 10.4% of 1994 budget-basis debt servica expenditures. At September 30, 1994, the City had $429,260,808 in tax-supported geacrd obligation bonds, esttificates of obligation, and contractual obligations outstanding (not including amounts supported by enterprise funds). Authorized but unissued general obligation bonds at September 30,1994, totaled $150,710,000. The ratio of net bonded debt to assessed valuation and the amount of bonded debt per capita for 1994 and 1993 are shown below. i 1994 1993 Net bonded debt $422,737,988 $418.233,093 Ratio of debt to assessed value 2.32 2.46 Debt per capita $833.03 $874.50 i Assessed valuation (000's) $18.237,532 $16.977,306
- Debt service tax rate per
$100 assessed va!uation $02763 $02950 The City's outstanding general obligation debt is rated Aa by Moody's, and AA by Standard & Poor's and Fitch.
Capit:1 Projects Funds The City maintains capital projects funds to account for general govemment capital improvements, which are funded primarily by general obligation bond proceeds. When projects are completed, they are recorded as additions to the General Fixed Asset Account Group. Capital projects for proprietary funds that use general obligation bonds as a funding source (primarily Hospital, Airport and Solid Waste Services) ars accounted for within the enterprise or internal service funds rather than within the capital projects funds. During 1994, a total of $59,537,170 was expended in the capital projects funds, primarily for street and drainage improv1ments, flood prevention, parks improvements and fire facilities. At September 30,1994, total fund balance was
$82,597,063 consisting of a reserve for encumbrances of $23,679,357 and an unreserved balance of $58,917,706.
ix
Utilities The City owns and operates its electric, water, and wastewater systems and issues revenue bonds for the majority of its capital expenditures for its electric, water, and wastewater facilities. Both Moody's and Fitch rate the City's outstanding prior fien Combined Utility Systems Revenue Bonds and subordinate lien bonds A, while Standard & Poor's rates the prior lien bonds A and the subordinate lien bonds A . At Septernber 30,1994, authorizeJ but unissued revenue bonds totaled $562,388,000 for electric projects, $311,947,000 for water projects, and $220,679,000 for wastewater projects. Activity relating to revenue bonds is summarized in the following table (in thousands of dotlars): Subordinate Prior Lien t.len Bonds Bonds Total Balance payable, net of discount and inclusive of premium - October 1,1993 $269,298 $2,102,650 $2,371,948 Debt issued, net of discount and inclusive of premium 3.500 0 3,500 Debt repaid, defeased, or refunded, net of discount (31,090) (18,626) (49,716) Amortization of bond discount and premiura 1289 5,427 6.716 Balance payable, net cf discount and inclusive of premium September 30.1994 $242.997 $2,089,451 $2,332,448 The Electric Fund and the Water and Wastewater Fund transferred $54,886,700 and $13,027,676, respectively, to the General Fund in 1994. Electric Fund Electric operating revenues for 1994 were $495,610,273, an increase of 1.4% over the prior year. Operating expenses before depreciation for 1994 were $297,878,670, an increase of 2.6% over the prior year. Water and Wastewater Fund The City owns and operates three water treatment plants with an average daily consumption of 89 million gallons per day (mgd), and four wastewater treatment plants with an average daily volume of 68 mgd. The City also owns and operates its own distribution and collection systems. Total Water and Wastewater operating revenues for 1994 were $167,196,281 an increase of 7% over the prior year. Operating expenses before depreciation for 1994 were $75,116,011 an increase of 10.7% over the prior year. The City has certain contractual commitments with several municipal utility districts (MUDS) for the construction of certain additions, improvements, and extensions of the City's water and wastewater delivery systems. These MUDS are authorized to issue contract revenue bonds to finance the construction of such improvements. The City will become the owner of these improvements and will make debt service payments on the MUDS' bonds. This arrangement will enable the City to expand its system in a manner that prevents the proliferation of stand-alone utilities, which would ultimately need to be integrated into a regional system upon annexation. Under',iiese contracts, the MUDS had issued and outstanding $124,515,000 City of Austin, Texas, Contract Revenue Bonds as of Ueptember 30,1994. x
I H: spit:1 Fund
, - The City owns and operates Brackenridge Hospital, a full-service health care provider. For several years, the City has cxamined alternatives for restructuring the management of City-owned and operated Brackenridge Hospital, in an effort to improva the hospital's ability to provide quality health care to the Austin community. On February 9,1995, pursuant to a j IIttIt of intent from Austin's Seton Medical Center (Seton), the City Council authorized City management to negotiate a lease (greement with Seton, a nonprofit hospital owned by the Daughters of Charity National Health System. Under the terms of
, the lettIr of intent, the City will negotiate exclusively with Seton over a 45-day period. in 1994, hospital net patient revenues increased approximately $6.8 million over 1993 net patient revenues. Hospital l operating expenses before depreciation in 1994 decreased by approximately $8.8 million from 1993, due to reductions in personnel expense and reductions in bad debt expense. 1
] Altport Fund The Airport Fund accounts for the operation of the Robert Mueller Municipal Airport. The airport is currently self-sustaining, providing for operating expenses including depreciation, an amount equivalent to the airport's interest on debt, payment for 1
support services from other City departments, and funding of capitalimprovement projects. Operating revenues for the year j snded September 30,1994, were $26,329,789. After deducting operating expenses of $15,911,514 the airport had operating
; incom3 of $10.418.275 and net income of $10,281,186. Effective November 1,1993, the Airport Fund began to charge each cmplIn d passenger a $3 passenger facility charge, as allowed by the Federal Aviation Administration. Airport Fund 1994 4 optrating revenues included $4,418,783 in passenger facility charges, which are dedicated solely for the construction of l Inttrim improvements at Robert Mueller Airport.
I i
' Pen:lon Fund d
4 Tha City has three contributory defined benefit retirement plans. Since August 26,1991, and pursuant to State legislation, th3 City of Austin Employees' Retirement and Pension Fund and the City of Austin Police Officers' Retirement and Pension
- Fund h:ve been govemed and administered by their respective eleven-member boards. The third plan, the Fire Fighters' Rtlief and Retirement Fund of Austin, Texas was established by State statute and is governed and administered by a five-4 member board. Together the three plans cover substantially all full-time employees.
i j During the year ended September 30,1994, the City contributed 7%,12%, and 14.05% of salaries to each of these funds,
- trspectivsly. Total contributions by the City to these funds were $29,949,000 for 1994. Total assets in excess of the pension benefit obligation at December 31,1993 (latest available date) for the Employees' Fund were $74,421,000. The i
unfunded pension benefit obligation at December 31,1993 (latest available date) for the Police Officers' Fund and the Fire Fight:rs' Fund was $12,215,000 and $28,411,000, respectively. , i Th3 City's pension plans are qualified under IRS regulations allowing pre tax status for employee contributions to the plans. C :h M:nagement Cash balances of all City funds (except for all debt service, revenue bond retirement reserve, and pension trust funds) are pooled and invested in consideration of five factors: safety, term, liquidity, market exposure, and rate of retum. These invIstments are made in accordance with the Texas City Depository Act and the Public Funds Investment Act of 1987, and cra r stricted primarily to obligations of the United States, the State of Texas, the County, the City, certificates of deposit issued by Texas state ano aational banks, local government investment pools, bankers' acceptances, prime commercial piper and fully collateralized direct repurchase agreements meeting the requirements of the above-mentioned statutes. During 1994, the City's cash resources were primarily invested in Repurchase Agreements and U.S. Treasury and Agency
- issues. The average yield on pooled investments during the year was 4.20%
xi
Acknowledgments i The preparation of this report on a timely basis could not have been accomplished without the dedicated services of a highly qualified staff. The City of Austin has such a staff in the Controllers Office of the Financial Services Department. We would like to express our appreciation to all the staff of the Controllers Office who assisted and contributed to the preparation of this report. Other departments and offces of the City have also contributed directly or indirectly to the preparation of this report. In particular, the Budget Office of the Financial Services Department and the Office of the City Auditor have been instrumental in ensuring that good financial management practices are maintained, and their cooperation and continued assistance is appreciated. We also acknowledge the efforts of the City departments in following good financial management practices and in providing information and assistance during the preparatinn of the report. We acknowledge the thorough, professional, and timely manner in which the audit was conducted by our independent auditors, KPMG Peat Marwick LLP. Finally, we acknowledge the Mayor and Council Members who have consistently supported the City's goal of excellence in all aspects of financial management. Their support is greatly appreciated. esus Garza [ City Manager M U Betty Dun riey, CPA Director of Financial Services xil
l 1 I l Certifica e o' : Acaievement I for Excellence The Govemment Finance Off.icers in Financia Association of the United States cnd Canada (GFOA) awarded a Certificate of Achievement for Re.aorting' Excellence in Financial Reporting 13 the City of Austin, Texas for its Presented tO Comprehensive Annual Financial Report for the Fiscal Year Ended . Sept:mber 30,1993. Ity Or Austin, in order to be awarded a CIrtificate of Achievement, a Texas - 8 , ",'*'"*"'^' y ,g ,"$ *n"g ,,P1b$h y FOr its Comprehensive Annual organized Comprehensive Annual Financial Report Financial Report, whose contents conform to program standards. for the Fiscal Year Ended Such reports must satisfy both 8eptember 30,1993 generally accepted accounting A Certificate of Achievement for Excellence in Financial principles and applicable legal Reporting is presented by the Government Finance Officers requirements. A Certificate of Association of the United States and Canada to Achievement is valid for a period government units and public employee retirement of one year only. City systems whose comprehensive annual financial m nagement believes that this reports (CAFRs) achieve the highest 1994 CAFR conforms to the standards in government accounting C rtificate of Achievement and financial reporting. Progr:m requirements, and we cra submitting it to GFOA for their
- review, wG
'i, 3&%
sw. !l 8 President Executive Director xiii l l
CITY OF AUSTIN, TEXAS Organization Chart r m C1112 ENS OF AUST1N w a i r 3 Mayor and w , . r 3 r , ' f 3 r .3 Municipal Court City Clerk
- City Auditor Commissions -
E- t J t i t J L J r 3 City Manager L J r 3 r 3 r 3 Assistant City ( m Manager Adrnintstrative Assistant City Administrator for Manager 3 D_.w.
. _ _ne
_ nt L > t ; t ; Services ( ) Austin Convention & Financial Services Brackenridge Hospital Aviation Planning & Development Visitors Bureau Human Resources Health & Human Services Electric Austin Convention Center Information Pthlic Works & Law Emergency Medcal Library Systems Transportation
, Police Services Parks & Recreation Water & Wastewater Small Business Environmental &
Resources Conservat'e nServices Fire
I T _ s g. .,. p**g-.
- m. .m, m s . , m,...- ~..m .
m,w;,. t ._ t .* e -
,,',' s a
.se E
en. *._, .f. '- ,, . g.
, , , . ....a..g.- t'~ ..,
~~
s dF p
~.,J. s.
mN. '.k
% ,.,k .* ** .' .. ~_., y,c s
Y
, , .- ,/ s ,a ,.b r o y... ~, i.- \ $.",
- s, s.. ...,
*s V. . ; c
, s.
... .-.,3 .,
.m ,. ..
~.__,m. ,, ..
w.., m-. . . , - . , a~, a. x,. . ,. - . , . . .. . , . . .
.y m.c .. u.,-
e
; v -- -
, s. .. .- , . ,
.,2 y,
. -.c es. a 1
s,. .,r. *. s s - ,*, r
, q . ,. );, , . . , r. ~. .',-+-)
- e.
. .< .. . a
.. + ~, .s x.- c ... .
'
- q -,,
y.y., ,-c n, t
., . . , -s ' s-- m. .t ' Q1 i
s a
, , FINANCIAL o,'
, ; r*
SECTIONf,3M;,;y1 . 4 -, w - * < , n
* , %~
3
,..e ,
, . . , t - w h 1
--L % :, ,\ 9 y - \,,, w.,
- ,
- s,a z- L' - f .*.
, r , , j.
** J.
i
,4 m, - . ,s -
*n -
t'
,f,1',,'t.,#..% . , * ..7,.",ad ,,J, p,. q^ ',, . '*.r'>. 'y ~.. - ',. Q
.c e
,,q } _
l,'. g - -- 8
, -e 3 ; ,
., ' . . , , - ..i.,s. ~
~ .
s
.;'4 'e ' . 3. *y..<=.g, q
,7
* =
,u p : q ,' <, +
R H. . , . . . > G., , e..-
.,p' ... , o,w
- m. . .* a;' -* c,.. % ,.s
*. . *s.. , - ) ' ,/ j4 , ,,
t
, ,y
+ , , e. *r .
-1 v .,. ,, *e *.,..s , . . - gy % .
W ' 6[ o .,* /; r, !' *t ..-'4' o r ,' a ,e,
- f, ,f I
+ 3. , a ,'.p .s N'g,, &
, 2 . s.i- ,
- n. - s,,.c- ( c c
,. '3 , ,
- ' . . .' ,.,'_ .. ,W
*[. s. , -
V 'n . , -
,- s> .
- e t y -
' , , '* e>
. , , -, f . ,
., ,*, '.'d4~I 8-
- d. ,*
.. .> I
;1'I g
.'e'f, ) g de
, 3 *,_ r T.
4
','.4 5 ..
". jg, e, .
***g s y'p" 9- # I
.' *f '
< r
, . >.. , % -re,,..
, *,,,*'.,t ; ' ',Y,' 3' ~ ' .j 4 gb u.u- .
o' , , 4' } . . .a .-
'l* *"
.a
,f **/ 3 ,,
.e . ] . ,,'*s ,- b
' ', ; , y .'t
- y ,
'*5 .pf $ ,s,,'
4 f
. -. .z,. m v.., , , .
j-...w-4 I 1 * **,"5 p, A g 7
,- %s* g P', '
p..,i 5 gD d,A.,.1
/ -
,{s*. J ' e .
, , y '~ . A ,',
e '^
.-u .
.*..p -
e 4
" er A. 3 I "
g , 1 **4 .> + e g
- d-
, g #
Y
- r. x ) l ** " " % } s - '"
- e ,, ,V. '. '., 'l , ' -
- r w ,,f + .- , ,. . ,^f' , . , t g *
- I i."- 4k h.,,.-,
.4 /
g
-' s .. ,,
-y' .
. ' , e.* .
g,.. i
+,a a * 't .,'- 1e o,,
- a 1
(,
- g**='...- . g 0 '
#" Yg '*
..I I. '; y'pj.j ,' . g b t
3
'.h-.,,,, !T ,,
era y , '
; a, css ' , _ . '- L ., 3 .- t
. ~--
. - -- ;:r ,~ . . . _ :.9
.y,n4
, , 4
, , a-a e,w-d.
, *..I
. . , ! 4.,,
- . 1n-5, , - !" ;<
~ ,
.p? ;
<e
% s ':
- V.,
u
< . .~ n
; - r - '?, * -' .h . s u
s e r. . C*' , ;i ; *y. t , j 6, "r s
- a "g g , , , e,, f 4
.$,,* f g ..t > #*, - v i
. ;1
- b N,
' l .~,'.8 '
A) g, s e "e 'f' ,. g...,F'w ,
. a
. , -.,F...'
.- t
, .. .f< a
',.e. .
4
% g 6 ,* a 4 4 ,'
J 2.g-a.
, f, E "'I, ,
% ' 5* g g.,* .* , y-
, p .i.
.g-s I
e ap
. . ,',.r 9 4
- 4.'
- F $ a.,
4 i ha f d'" I
? 4 * 'n a ,
W . q ,' 4- 4 w , .- ,
rsy 4 *
. . s .
'. ,I ' 4 e.
3
.*[*.
er ,O, .$ 8
.d' e ,
7 t ,
.-4*.* P P u- s' .' -
$ g 8
) *
- 3 ,.C4s y ,"
- p. .m.
e., s -g- e , 4
.--g* *,.,, d
+ .,,,
8 81 I
- i
- a.
- 4' ~
, ?j . , f' 4l g
g I
, " ^, . ., i . g ,6,nd,
.g# ./ * ,. ,
e i -y. 4.t *. ,- a y. 3
'.i d' **
t . \, s. i . . X ',, . (*e I -t
,.. i, s i e g ,t g. #
, # )
4 '
$ $ v','
- }#
. . .p
- 1 ,
., - As , ,f-
. ,, s T .' **
.. ,* 8 s . ,.
U ipn, .a. ' ' 'y.
.t.
-e p ~ % .}- g 1 w..
, s y r {. .=s.>" [
e f ,- ,..t. i *- . ' - eN* e
,e
,H ,g e%*
4 s ., da* # 4 *; ,e, , , . t
- e. '.4, ,
s , e "a- t .
.og ', f ...,!** I I ' ' ..
- b d '8'
%f
- j Pg ,g $ '.g*
a
, , . . .;, .s'. ,
'44 1 .. e -.:a.- -
..s t
# g s
)' ., l P *
~"t.
d . 4. 'P. 4 o b e .Y # A
- 4 g
.r
- y
.-y'. 1 '
'y 7,
,- ,c.,-.
.f i
- r
, ' =. .. . .
I at g9 f *
. _g q e. ,g. 4F.
4#' 1 s- 3-. {q
- j '; ' **
g 9
{ Y y
- . h...'.<T , ' ,, a '
b $T J , d y
. y
- z g, 8 n'.h., * ,'
r _.e97** . J N., 4 4, e. .><* w, J
', t 9 "
4 # g sJ . ~4, -
) '
'A m
'} .,s_
-. - .- - , - - . , - - - - - -.- .- - - - - - - .~. - -- - - - - . -
- . ;w ,-
n
.i ;
i; , 1 L J L , INDEPENDENT AUDITOR 8' REPORT. J: i
- ThiHonorable Mayor and . ]
e M:mbers of the City Council, - ' City of Austin, Texas: r .,-- - - - y
, eWa ha3{ve audited the general purpose financial statements of the City of Austin, Texas (" City") as of and for the year onded -
- Sept:mber 30,1994, as listed in the accompanying table of contents under " General Purpose Financial Statements" and the ' ;
a j ' . following individual fund supporting finsncial statements included in Exhibit F 1, Exhibit F-2, and Exhibit F-3: Electric Fund i" Balance Shoot, Electric Fund Statement of Revenues. Expenses, and Changes in Retained Eamings,; Electric Fund. , Sttement of Cash Flows, Water and Wastewater Fund Balance Sheet, Water and. Wastewater Fund Statement of : 1 Revenues, Expenses, and Changes in Retained Earnings, Water and Wastewater Fund Statement of Cash Flows, Hospital 3 i
. Fund Balance Sheet, Hospital Fund Statement of Revenues, Expenses, and Changes in Retained Earnings, Hospital Fund L 1 Statement of Cash Flows, Solid Waste Services Fund Balance Sheet, Solid Waste Services Fund Statement of Revenues, !
Expenses, and Changes in Retained Eamings, Solid Waste Services Fund Statement of Cash Flows, Airport Fund Balance j 0 Sheet, Airport Fund Statement of Revenues, Expenses, and Changes in Retained Earnings, Airport Fund Statement of Cash
> Flows, Corwention Center Fund Balance Sheet, Conventson Center Fund Statement of Revenues, Expenses, and Changes in . . . ?a
, Retained Eamings, and Convent.on Center Fund Staterpent of Cash Flows. These general purpose financial statements and m ! i individual fund supporting financial statements listed above are the ' responsibility of the City's management. . Our { r;;sponsibility is to express an opinion on these general purpose financial statements and individual fund supporting financial i ' statements listed above based on our audit. We did not audit the financial statements of the Pension Trust Funds, which ; ; ; represent 89 percent and 100 percent, respectively of the assets and revenues of the Fiduciary Fund Type. Those financial i 1 [1 r htes to the amounts included in the Pension Trust Funds of the Fiduciary Fund Type, is based solel{ other cuditors. I ' Ws conducted our audit in'accordance with generally accepted auditing standards.- Those standards require that we plan } cnd perform the audit to obtain reasonable assurance about whether the general purpose financial statements and individual j . fund supporting financial statements listed above are free of material misstatement. An audit includes examining, on a test
- bash,' evidence supporting the amounts and disclosures in the general purpose financial statements and individual fund .
}
. cupporting financial statements listed above. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentatiore and the ,
presentation of the individual fund supporting financial statements listed above. We believe that our audit and the reports of l L; cther cuditors provide a reasonable basis for our opinion. I
?
111n our opinion, based on our audit and the report of other auditors, the general purpose financial statements referred to ' cbove present fairly, in all material respects, the financial position of the City of Austin, Texas as of September 30,1994,
.cnd the r::sults of its operations and cash flows of its proprietary fund types and similar trust funds for the year then ended in ;
F conformity with generally accepted accounting principles.' Also, in our opinion, the individual fund supporting financial
- st;tements referred to above present fairly, in all material respects, the financial position of each of the individual funds as of
- SeptImber 30,1994, and the iesults of operations of such funds and the cash flows of such funds for the year then ended in
- conformity with generally accepted accounting principles. ,
4-Our cudit was made for the purpose of forming an opinion on the general purpose financial statements taken as a whole and I on the individual fund supporting financial statements referred to in the first paragraph. The accompanying combining, , individual fund and individual account group financial statements and schedules, other than those referred to in the first ,
- paragraph, and schedules of, bonds authorized and unissued, as listed under " Supplemental Information'in the ;
5 cocompanying table of contents are presented for purposes of additional analysis arid are not a required part of the general , l purpose financial statements of the City of Austin, Texas. Such information, other than those individual fund supporting l financial statements referred to in the first paragraph, has been subjected to the auditing procedures applied in the audit of ;
- the general purpose financial statements and, in our opinion, is fairly stated in all material respects in relation to the general i purpose financial statements taken as a whole. The schedules listed under " Statistical Section" in the accompanying table of ;
p contents were not audited by us, and, accordingly, we express no opinion on them. i l Y w . . lcf M 4 f u t ? h w ick M l anoa,y >0, im. .xcepi for ; ( Note 20 as to whleh the dateis ; March 10,1995 - l p , ;
' i
. 9 XY ,L. f
, a m ,14 - A .x .a -_--a-. m b- --.4 -- A 4 ---+a" a & --.-wg.w,-_ Eu -n s ,,,,,,.Aa
( i 1 4 4 1 i i 4 4 k e t; l .i 4 J 4 I l 4 i I F 1 a 9
) '
4 .a 4 4 J k i 1 4 7 i 9 4 1 a i 4 1 1 4 I i t e i ) i i e t i 4 l 8 l e e 4 l 1 J -l P J i l I i I
* --- - . ___ _. - _. _._ ___ ____ _ _ _ _ _ _ _ .___-.- - _ _____ _ _ _ ___ __-- ___ ___ -. -- I
4.
.,w
.g.
- . n ..
* *c.,-.
s c...n
,*.n,,.
_s.- , pw p r , : u. ,. ,, ex ".. n. , e.: i,r., t Y *b*,* , 4. - w M ,,
- n. . ~.
- ie ; ',M *
. 4.h . .
,>r. .%
t < .
,y
,.., .y , ,.. rv:r ~. ~ p - , .w-N i.f
> ., , ,.~!
s . '~ n ; .',.~. w.~,. c.~.r 1.tem-; ,*3;,. .,b..as&* * \ .
- m; A ,.:J
- - + ,
< ~ - r:< ,,.v g '/.v,5 ,3 7,g,.-9 oy :*, l , n .:ni
.,'..n. m.pv r .e e e, .j. , .%o ,
e <s m., ..,..r._.,. .
.e mf. .
+
... , m, w .. m , m x.
. =~.,
,,.e.. w s ..m.,~.
., ~ .
. . .a , , , -s,* n. , .
o g.,,*-m. r,4',** ,.1 . v~ ;. . vd-.m. .f;t 4 a
- -,- , ,_ ... .v. e * * , ;, i, ., .s '" :. y ), 1 . ; ,e. .' Y s, ,_'l, w
_ . w, f ..
. ,,,t
.,n.,..,.
COMBINED FU.N.DSO.N., . s .. - A:. s < - *
, *--! .e. -M9
,s..* &' ,p3 ,- z.;s
- ,, ~ u s -. . > .a
~',
f...; qw..v:-. N
+
e. G .v .. .;s - . ,.
- 4. , , i.
e,- pq f , . . 7 e ,. g ,
,. .~., qy,,t..,.3, ,
. . ~ , ,
m uy,3c.,,a,s
.- .v., s , - q q .s
- w. g. c ..
- s. .
- s ,a ,.
r . 3 , . , , - , </, f. .,. y , e n + ,3. .
.. /, . 3;; ^. ; ;,, 9, +y
>o>.- ~4 4 ,
- t. . .>-_ _ . , .. , . n am s
..s. .
a,. i y .. e, , -* s s L:. .-
- 1. ~;
- n. .. ? m. . < .. v,. 7, ,n. ;2. n~ h . , .. m. b
. . x-
'... ,, 4.' o ,, . . e t N, .n .J.]>,. J., ,,s o .4. sq
,. .# ' 4
+ > - >o . '
t ' , 4., 4 .
,< ' y r-wy
.S@% n l.g Q. 1 , a ,m af . f.. *r .., a M ,..f. ; og .g ,0*.4q. .p.g
(
' ~
,> a..,...,, a %g , ) ; ;~
r,
. - ' > < 'w ,
~ .p .i,.,,,q*w,.. 4* 9-g*p n, , - w,s.*
L , ~-
..yQ -. by r b' v. . ..;
e , 0
, * /. >;
t., 3m5- *,e $ria b +2. 4 g, m.,.
} , ,P 1 #
.,.- *s - #'*i ' 4,1,4 .s .f , e I -
;> t*
%M, . }.,.l'A ,'lM* gyn. ,1 x,
y *
' ) y ' . ". , y ;,,, ,'r.uo .e
( [.\ . # $ .5Q. 6,).' {.('r f, ; ' {y 7 -,, ,a,,,',' 4 [.4 } hj./
. ,., .' , s.
' - . g ,*
( ,,
. .. 4,,. ; ..+ , t,, e< a y
. s-
.m . , . y - .3 .,.v.,- y y ,&,,
ai Ao
- e sh .$ $b M *" * .<* * ^'k J
ei O ee t 9 r y,
+ .
N. ..(
',",eg*,
g
<c.
qi
. , y-g ' '1f' -p. ,*
t,.,, r,, ,; . * , ;,g ,"f., p.,%gj.
- i.
, *,'g p g
^., , ., a,
, - u,
#, C ,.p.
.. .N,';,2,o.f . ."* / ,,,h+
5 f*A**, p F' 6 + s c, .-
* ..s., , ,# <+'# ..,,g.
+ , e ** . 14 * .
- y . 3 ,' 3 :
6 / a 91, 6 g . (;*/ , g
,.s. %e
, ,. y. - - . .y %*
- 1-
.l,
.f ,
d-ag
-,N'+.e
. .g g.i.n,, . .. ja7 . 4 4,.-,
l'
'.g
. .- -.j g g 9 m.,
,.,,9.,,.
o, ,' ,,,j',, . ., 8- # q a m
<.f* f
)., g ,
g ,
..g.....-sc - . , ..-
- e , . , r , - ,.
-<' ,.A ,
y ,'./ -%_,.
.wq ,4.g T 1 ', ,
.'e g q
s g g
'. , .t g.9 s .,,Y '
,',,4, aC . k ll V y
'4 ' > + - ~
s ",
.,. m t ',a .
3
, s' , ,- y y <
v p JL
+..,/ .
4, ,* , $ , O
,t,s.A s 86 E
p.
) 4 ,a
$ -* .or . , - ? t
,.g w j w
^
9 , de y
,=g.&',
- q
( .,'t e
. < > , h. .
i I ,' ,, .*j' $J - e .. q 4 e.,
" t
, *.-, ?f,-
g g
,. ),..f#8 ,g$*F
i - #g* '; * , -
n,
.,f'- p 1
a' s .'g-* / '
-e,
' r
?. , , ,e,, i e a4 l_ . g.. -a. .t', o < + . ,. e.er .f',.,*
1, *'-4' p , ' , ,. r, .g
, ,, ,,y , . , s. ,
. j k
*i - w , 4,e,e e .h
.,,,.'W.1.a's
.a.
ta s-g gg %. , . , , . t 4., s
, <y ,. :; h, C=. ,
y s s,. ., e. .< ,, ' . ;
- y 1 .s.*1 .-J, a. y j , .,
*- n i ,e "y f .s , , m, '$\..
- l s og ' <(%4 d .
b 4
'*T.*g e
*, m.
, . { . .e ?*
s [ ;e 8 9 hj_. O E $ 4 s# k-n
<<< . ;. ~ ~ , - , , , , <
l
* 'I a" ,.g*,,,
b a y,1
= . , - ,
- %e.-
i , si, e * ,
% , &, , / p
.. s'k , . , * , ,
.e ,
* , .. v . \
.s
,, ;1 I, , q#h m,'9-
. 4
~'
4*~
* ,, .% ,.- %.9 ',
rg 3
+
6 4'% 8 \ '* I g
, M e ,
*5*,
., ' * . ,b,e,9 f,s y p , . _.
- e #
q
- . , 43>.
. , , l
-av . e .,
1 e
. q'. . -
e,. , f
,[.
* %. 4'm
, g g
{ (" ,, $ b "% t
",=,hJ.f
'g*t ' .,
- w I # #
', g, .; d'< 1.
4 4 M', ',, 'e',' ,
. 4.
- . . ..,. L -
, u,
*6 a A h* ed 1 [y* -e is t
$ sf j gi* fI f 4 *. - %( ,'*. f 4"' A ( 4 $
"g,,,,=.
,.v"*( j - .,/*. , , - -
1+tr 6 ^,9 ." . s. 3 4 o
, , ~ , * ,'I
-,$ i .
- *
- e. ,
y + 1 f e v,4 - I 'i e4 4 * , a4 2.,e l 1 m S%y- 4
, - (~'
k .
,'s.
g ,-.* * %.'" t y
. l s, ,_.w'-
.. b
.$. ,#8 *.. h-i,4 g
4.[.'" g
' 9 y c
- y. , n, g 1
# * % ,.F ,
I %.q g g, g ? T
-'{. .y" - '.
, s
- 4 4 t M 'y+
a . 4 , ,
' ' * ' F'-, '*
I g ' P( , p.. -' .i g
. s t . % ,, _
- h. - .t.
I I' %
-w'
+
g N.- '% .g t> 4 q
$ - , p 4
% j' I'
'w Ss,
- 3
$ g, l
4 ' '
, , .. i 4 1
4
'I y s ,4 4
, 4 1
- t v p .
A & 8 1 ,,, #4 g , T,
, ,. k <* , I g
<*-. e, s
.'t
, Ib' *=."'.4.4 f e' % ,.4
.n,L.
1
' ,'- r 4 y b
** 6 1 5 e
-h, ,,
* *1
% _, 9 4
.A. = .. . - ,
rm-1 %, .,; Ik ( 4 W +5,.- 9e I
* ' l
' a, f
J 6 - , - , . .m .-wqo a S 4 4m .M-,m.e - eJ- a n a_p y -mmus--.w.,- 44&a -+ >no,,..eav m-- + - - - - - w~ w w - -- ---v-,w Y d i I i
)
I d I i 4 i t J
\
l l f l a l 8 l i i i j i i d i l l l l I 1 i i
ALL FUND TYPES AND ACCOUNT GROUPS COMBINED BALANCE SHEET September 30,1994 With comparative totals for September 30,1993 Governmental Fund Types Special Debt Capital General Revenue Service prek:ts ASSETS AND OTHER DEBITS Current assets:
$ 86,766 663,696 152,965 -
Cash 97,536,862 10,f 12,622 33,265.149 - Pooled investments and cash
- 5,521,935 6,278,092 -
investments, at amortized cost - Working capital advances - - Cash and investments held by trustee Receivables,notof allowances: 3,232,364 - 2,694,294 - Property taxes 5,965,883 7,652,650 1,549,100 - Accounts and other taxes receivable -
- 6,093,941 -
Receivables from other govemments - - 23,055,439 - Due from other funds - - 1,554,616 - Inventories, at cost
- 3,235,588 - -
Real property held for resale 37,339
- 898,724 -
Other assets 45.694,477 51,228,133 9,125,351 103,540,084 Total current assets Restricted assets: - - - Revenue bond debt sennce account - - - Revenue bond retirement reserve account - - Tax and revenue bond debt service account - - - Construction account - - - Construction account due from other funds - - - Constructon account advances to other funds - - Decomrnissioning account - - Capitalimprovement account - - Operating reserve account - - Hotel occupancy tax account - - Revenue account - - Ranewul and replacement account - Capital lease retirement rcerve account - Investments and cash held by trustee - Nuclear fuel inventory acquisition account - Customer and escrow deposits
~ - -
~
Total restricted assets _ Fixed assets, at cost Property, plant and equipment - Less accumulated depreciation Net property, plant and equipment - 2 investrnent in municipal utility districts Deterred costs and expenses, including bond issue cost,netof amortzation Other debits: - Amount available in Debt Service Fund - Amount to be provided for accrued compensated absences Amount to be provided for accrued claims Amount to be provided Ior retrement of general lon9-term debt S 45,694.477 51,228,133 9.125,351 103,540,084 Totat assets The accompanying notes are an integral part of the financial statements. 2
I CITY OF AUSTIN, TEXAS Exhibit A-1 Fiduciary Totals Proprietary Fund Types Fund Types Account Groups (Memorandum Only) Internal Trust and General Fixed General Long-Enterprise Service Agency Assets Term Debt 1994 1993 57,468 19,920 468,894 - - 1,449,729 1,483,751 56,040.337 6,386,615 31,144,599 - - 234,486,184 216,250,783
- - 765,905,989 - - 777,706,016 663,720,828 6,165,316 - - - - 6,165,316 5,590,507
- - 63.271,429 - - 63,271,429 55,828,529
- - - - - 5,926,658 6,269,797 87,421,679 126,412 65,247 - - 102,780,971 120,279,186 9,691,826 - - - - 15,785,767 7,610,139 539,876 - - - - 23,595,315 13,699,322 54,544,075 1,388226 - - - 57,486,917 42,825,801
- - - - 3,235,588 2,040,625 1,994.834 239,582 6,176,518 - - 9,346,997 15,706.193 216.455,411 8.160,755 867,032,676 - - 1,301,236,887 1,151,305,461 85,303,340 - - - - 85.303,340 74,366,676 174,943,995 - - - - 174,943,995 175,313,164 ,
278,122 - - - - 278,122 98,210 141,644,142 749,855 - - - 142,393,997 142,176,648 , 384,424 - - - - 384,424 384,424
; 2,575,267 - - - - 2,575,267 2,959,691 18,408,267 - - - - 18,408,267 14,625,812 ;
3,825,636 - - - 3,825,636 3,712,721 ) 4.623,948 - - - 4,623,948 6,428,914 l 1 830,186 - - - 830,186 314,647 l 1,622,675 - - - - 1,622.675 1,327,275 5,136,469 - - - - 5,136,469 90,755 3,343,707 - - - - 3,343,707 3,379,429 401,693 - - - - 401,693 410,181 3,597,403 - - - - 3,597,403 17,200,513 6.038,959 - - - - 6.038,959 6,173,497 452,958,233 749,855 - -- - 453,708,088 448,962,557 4.212,238,403 42,653,608 664,905 397,302,503 - 4,652,859,419 4,465,571,340 (1,023,586 641) (26,933.119) - - - (1,050,513,760) (946,230,718) 3,188,657,762 15,720,489 6S4,905 397,302,503 - 3,602,345,659 3,519,340,622 , 24,638,680 - - - - 24,638,680 26,939,756 i 396,754.243 - - - - 396,754,243 344,099,906 l
- - - - 6,522,820 6,522,820 6,453,738
- - - - 35,134,915 35,134,915 35,757,736
- - - - 6,024,196 6,024,196 6,110,301
-- - - - 422.737,988 422,737,988 418233,093 4,279,464.329 24.631,099 867,697,581 397,302 503 470,419,919 6,249,103,476 5,957203,170 (continued) l 3 ;
l
)
ALL FUND TYPES AND ACCOUNT GROUPS COMBINED BALANCE SHEET September 30,1994 With comparative totals for September 30,1993 - Governmental Fund Types Special Cebt Capital General Revenue Service Projects LIABLITIES, EQUITY AND OTHER CREDITS Current liabilities:
$ 3,640,413 3,399,458 - 2,474,519 Accounts payable 6,023,674 737,335 - -
Acr*ued payroll 1,836,322 80,065 - - Accrued compensated absences payable Claims payable Construction contracts payable Contract revenue bonds payable Due to other governments 450,000 4,956,808 - 18,098,631 Due to other funds -
' interest payable on other debt General obligation bonds payable and other tax supported debt Water irrprovement district bonds payable Capitallease obligations payable 5.691,338 26,137,880 2,602,531 369,871 Other liabilities 17,641,747 35,311,546 2,602,531 20,943.021 Total current liabilities Payable from restricted assets:
Cash overdraft Accounts and retainage payable Accrued interest payable General obligation bonds and other tax supported debt payable Revenue bonds payable within one year Other liabilities Decommissioning expense payable Nuclear fuel expense payable Total liabilities payable from restricted assets Long-term obligations, not of current portion: Accrued compensated abserces payable - Claims payable Construction contracts payntAe Contract revenue bonds payable Advances from other funds Capital appreciation bond interest payable - Commercial paper notes payable - General obligation bonds payable, net of discount, and other tax supported debt Revenue bonds payable, net of discount / premium Water improvement district bonds payable - Capitallease obligations payable Other liabilities Decommissioning assessment payable - Accrued landfill closure and postclosure costs - - Totalliabilities S 17,641,747 35,311,546 2,602,531 20,943,021 The accompanying notes are an integral part of the financial statements. 4
f CITY OF AUSTIN, TEXAS Exhibit A-1 (Continued) Fiduciary Totals Proprietary Fund Types Fund Types Account Groups (Memorandum Only) Internal Trust and General Fixed General Long-Enterprise Service Agency Assets Term Debt 1994 1993 23,017,049 1,164,020 1,599,356 - - 35,294,815 42,506,003 7,019,271 1,817,594 - - - 16,197,874 12.976,549 14,200,883 2,179,953 - - - 18,297,223 13,442,282
- - 15,022,741 - - 15,022,741 18,196,482 1,980,821 - - - - 1,980,821 1,507,190 2,720,000 - - - - 2,720,000 2,580,000
- - 979,348 - - 979,348 688,318 30,825 443,475 - - - 23,979,739 14,083,746 4,604,048 29,042 - - - 4,633,090 3,320,589 5,517,514 116,925 - - - 5,634,439 6,217,074 109,000 - - -- - 109,000 104,000 2,286,261 972,797 - - - 3,259,058 3,697,648 4,524,938 7,522 65,467,637 - - 104,801,717 92,353.879 66,610,610 6,731,328 83,069,082 - - 232,909,865 211,673,760
- - - - - - 1,913 11,302,790 12,342 - - - 11,315.132 11,218,536 60,895,483 - - - - 60,895,483 62,434,737 1,147,124 - - - - 1,147,124 725,000 40,297,201 - - - - 40,297,201 14,885,001 8,800,364 - - - - 8,800.364 8,002,767 18,408,267 - - -- - 18,408,267 14,927,012 3,597,403 - - - - 3,597,403 17,200,513 144,448,632 12,342 - - - 144,460,974 129,395,529 8,236,024 2,353,557 - - 35,134,915 45,724,496 45,021,096
- - - - 6,024,196 6,024,196 6,110,301 2.597,516 - - - - 2,597,516 4,279,217 121,795,000 - - - - 121,795,000 123,985,000 184,952 2,390,315 - - - 2,575,267 2,959,691 l 64,133,080 - - - - 64,133,080 45,023,620 l 135,200,000 - - - - 135,200,000 41,000,000 72,268,639 666,150 - - 429,260,808 502,195,597 491,682,714 2,391,501,680 - - - - 2,391,501,680 2,454,016,768 i 848,000 - - - - 848,000 957,000 29,068,896
{ 1,045,046 - - - 30.113,942 32,986,203
- - - - - - 5,514,992 3,472,795 - - - - 3,472,795 3.915,600 i
7,593,087 - - - - 7,593,087 - 3,047,958,911 13,198,738 83,069,082 - 470,419,919 3,691,145,495 3,598,521,491 (continued) l 1 1 5 l
ALL FUND TYPES AND ACCOUNT GROUPS COMBINED BALANCE SHEET September 30,1994 With comparative totals for September 30,1993 Governmental Fund Types Special Debt Capital General Revenue Service Projects LIABlUTIT.S EQUITY AND OTHER CREDITS, Continued Equity and other credas: Contributions from rnunicipality $ - Contribubons from State and Federal govemments Contributions in aid of construction Contrbutions from the private sector Investment in general fixed assets ' Retained eamings: Reserved for renewal and replacement Reserved for passenger facility charge Unreserved Fund belances: 6,273,745 2,332,116 - 23,679,357 Reserved for encumbrances Reserved for inventories and prepaid items 1,554,616 - - - Reserved for real property held for resale - 'J,235,588 - - Reserved for nonexpendable trust Reserved for retirement syttems Unreserved: Designated for emergency reserve 11,243,263 - - - Designated for contingency reserve 1,821,082 - - - Designated for future use
- 10,350,238 - -
Designated for debt service
- - 6,522,820 -
Designated for purposes of trust 7,154,024 (1,355) - 58,917,706 Undesignated 28,052,730 15,916,587 6,522,820 82,597,063 Total equity and other credits S 45,694.477 51,223,133 9,125,351 103,540,084 Total liabilities, equity and other credits The accompanying notes are an integral part of the financial statements, 6 l
CITY OF AUSTIN, TEXAS Exhibit A-1 (Continued) Fiduciary Totals Proprietary Fund Types Fund Types Account Groups (Memorandum Only) Internal Trust and General Fixed General Long-Enterprise Service Agency Assets Term Debt 1994 1993 39,517,647 12,652,226 - - - 52,170,073 52,878,021 69,211,200 - - - - 69,211.200 66,604,661 272,976,236 - - - - 272,976,236 263,757,546 3,421,625 - - - - 3,421,625 2,860,738
- - - 397,302,503 - 397,302,503 357,421,016 5,136,469 - - - - 5,136,469 90,755 488,129 - - - - 488,129 -
840,753,912 (1,219,865) - - - 839,534,047 798,543,493
- - - - - 32,285,218 23,724,601
- - - - - 1,554,616 1,701,275
- - - - - 3,235,588 -
- - 26,374 - - 26,374 26,374
- - 772,050,819 - - 772,050,819 658,480,061
- - - - - 11,243,263 11,033,584
- - - - - 1,827,082 1,144,843
- - - - - 10,350,238 17,296,874
- - - - - 6,522,820 6,453,738
- - 13,178,443 - - 13,178,443 11,470,817 ,
- - (627,137) - - 65,443,238 85,193,282 j 1,231,505,418 11,432,361 784,628,499 397.302,503 - 2,557,957,981 2,358,681,679 4,279,464,329 24,631,099 867,697,581 397,302,503 470,419,919 6,249,103,476 5,957,203,170 i
l l l l 1 7
ALL GOVERNMENTAL FUND TYPES AND EXPENDABLE TRUST FUNDS COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES Year ended September 30,1994 With comparative totals for year ended September 30,1993 Governmental Fund Types Special Debt Capital General Revenue Service Projects REVENUES Taxes S 140,854,407 - 50,844,422 - Franchise fees 11,982,640 - - - Fines, forfeitures and penalties 9,764,462 - - - Licenses, permits and in:,pections 12,850,578 - - - Charges for services / goods 6,518,502 - - - intergovernmental revenues - 19,971,936 - 5,197,555 Property owners' participation and contributions - - - 107,045 Contrbutions to trusts Interest and other 6,093.626 31,602,726 1,574,996 5,181,705 Total revenues 188,064215 51,574,662 $2.419,418 10.486,305 EXPENDITURES Current, including capimi outlay in the General Fund of $3267,305 Administration 5,050,210 26,042,843 - - Urban growth management 10,860,524 - - - Public safety 122,433,078 - - - Public services and utilities 14,087,484 - - - Public health 39,454,664 - - - Public recreation and culture 28,770,857 - - Social services management 7,152,881 - - - Nondepartmental expenditures (398,994) - - - Special projects - 19,971,936 - - Capital outlay for construction - - - 59.537,170 Debt service: Principal retirement - - 28,329,565 - Interest, corrmssions and other - - 24,604,771 - Trust - - - - Total esponditures 227,410,704 46,014,779 52,934,336 F9,537,170 Excess (deficiency) of revenues over expenditures (39,346,489) 5,559,883 (514,918) (49,050,865) OTHER FINANCING SOURCES (USES) Proceeds of refunding bonds - - 62,770,521 - Payment to refunded bond escrow agent - - (62,770,521) - Proceeds from tasuance of general obligation bonds and other iax supported debt - - - 26,023,008 Operating transfers in 67,939,376 5,935,057 584,000 10,831,300 Operating transfers out (24,503,922) (16.304,720) - (3,958,986) Total other financing sources (uses) 43,435,454 (10,369,663) 584,000 32,895.322 Excess (deficiency) of revenues and other sources over expenditures and other uses 4,088,965 (4,809,780) 69,082 (16,155,543) Fund balances at beginning of year 25,314,693 19,103,329 6.453,738 98,752,606 Residual equity transfers in (out) (1,350,928) 1,623.038 - - Fund balances at end of year 5 28,052.730 15,916,587 6,522,820 82,597,063 The accompanying notes are an integral part of the financial statements. 8
. _ ~
CITY OF AUSTIN, TEXAS Exhibit A-2 l 4 t Fiduciary Totals Fund Type - (Memorandum Only) Expendable Trust 1994 1992
- 191,696,829 178,107,535
- 11,982,640 11,139,492
- 9,764,462 9,501,047
- 12,850,578 10,306.752
- 6,518,502 7,238,465
- 25,169,491 24,290,233
- 107,045 148,585 41,052,272 41,052,272 37,826,615 44,453,053 30,143,623 41,052 272 343,596,872 308,702,347
- 31,093,053 13,893,132
- 10,860,524 9,246,220
- 122,433,078 111,994,491
- 14,087,484 13,888,153
- 39,454,664 40,539,969
- 28,770,857 26,184,922 ,
- 7,152,881 6,825,339 !
- (398,994) 1,613,204 l
- 19,971,936 19,656,349
- 59,537,170 40,601,053
- 28,329,565 26,479,680
- 24,604,771 25,676,027 47,607,198 47,607,198 48,543,189 47,607.198 433,504.187 385,141,808 (6,554,926) (89,907,315) (76,439,461)
- 62,770,521 63,505,692 ,
- (62,770,521) (63,505,692) I l
- 26,023h08 53,626,000 10,711,584 96,001,317 90,509,114
- (44,767,628) (37,989,016) 10,711.584 77,256,697 106,146,098 i
l 4,156,638 (12,650,618) 29,708,637 8,394,648 158,019.014 128,312,377
- 272.110 -
19,551,306 145,640,506 158,019,014 l l 9
GENERAL FUND, SPECIAL REVENUE FUNDS AND DEBT SERVICE FUND COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL-BUDGET BASIS Year Ended September 30,1994 Gen tral Fund Special Revenue Funds Actual- Variance - Actual- Variance - Sudget Favorable Budget Favorable Basis B'soget (Unfavorable) Basis Budget (Unfavorable) REVENUES -
$ 140,854,407 135,449,897 5,404,510 -
Taxes - 11.982,640 11,145,050 837,590 - Franchise fees - - Fines, forfeitures and penalbes 9,764,462 12,116,329 (2,351,867) - 12,850,578 11,768,485 1,082,093 -- Licentes, permits and inspections - 6,518,502 6,301,587 216,915 - - Charges for services / goods 4.337,755 838,090 28,836,312 27,134,195 1,702,117 5.175,845 Interest and other 6,027,331 28,836,312 27,134,195 1,702.117 Total revenues 187,146,434 181,119,103 EXPENDITURES 5,012,219 196 22,501,756 22,762,551 260,795 Administration 5,012,023 11.014,470 11,438,300 423,830 - - Urban growth rnanagement - 121,133,523 121,393.411 259,888 - - Public safety - 14,339,599 14,459,666 120,067 - - Public services and utlities - 40,001,561 40,607,481 605,920 - - Pubfc health - 28,909,467 28,919,081 9,614 - - Public recreation and culture - Social services managernent 7,241,522 7,241,522 - - 1,100,000 1,118,421 18,421 - Nondepartmental expenditures - Principal redemption - Interest and other - 7 - - - - Fees and commissions 1,437,936 22,501,756 22,762,551 260,795 Total expenditures 228,752.165 230,190,101 Excess (deficiency) of revenues 7,465,267 6,334,556 4,371,644 1,962,912 over expenditures (41,605,731) (49.070,998) l OTHER FINANCING SOURCES (USES) 68.857,157 6,010,733 5,773,703 237,030 Operating transfers in 68,857,157 - (25253,922) (25288.397) 34,475 (16,332,943) (15,583,976) (748,967) Operating transfers out 43,603,235 43,568,760 34,475 (10,322210) (9.810273) (511,937) Total other financing sources (uses) Excess (defciency) of revenues and other 1,997,504 (5,502,238) 7,499,742 (3,987,654) (5,438,629) 1,450,975 sources over expenditures and other uses 27,565,251 27,565251 - 6,863,938 6,863,938 - Fund balances at beginning of year
$ 29.562,755 22.063,013 7,499,742 2.876284 1,425.309 1,450,975 i Fund balances at end of year The accompanying notes are an integral part of the firencial statements.
4 'I 10
CITY OF AUSTIN, TEXAS Exhibit A-3 Debt Service Fund Totals (Memorandum Only) Actual. Variance - Actual- Variance - Budget Favorable Budget Favorable Basis Budget (Unfavorable) Basis Budget (Unfavorable) 50,844,422 50,865,919 (21,497) 191,698,829 186,315,816 5.383,013
- - - 11,982,640 11,145,050 837,590
- - - 9.764,462 12,116,329 (2,351,867)
- - - 12,850,578 11,768,485 1,082,093
- - - 6,518,502 6,301,587 216,915 1,574,996 1,131.587 443,409 35.587,153 32,603,537 2,983,616 52,419,418 51.997.506 421.912 268,402.164 260,250,804 8.151,360
-- - - 27,513,779 27,774,770 260,991
- - - 11,014.470 11,438,300 423,830
- - - 121,133,523 121.393,411 259,888
- - - 14,339,599 14,459,666 120,067
- - - 40,001,561 40,607,481 605,920
- - - 28,909,467 28,919.081 9,614
- - - 7,241,522 7,241,522 -
- - - 1,100,000 1,118,421 18,421 35,410,000 34,620,000 (790,000) 35,410.000 34,620,000 (790,000) 87,592,452 29,332,112 1,739,660 27,592,452 29,332,112 1,739,660 3,717 10.000 6283 3.717 10,000 6.283 G3.006.169 63.962,112 955,943 314.260,090 316,914,764 2,654.674 (10,586,751) (11,964,606) 1,377,855 (45,857,926) (56,663,960) 10,806.034 10,655,833 11,887,875 (1232,042) 85,523,723 86,518,735 (995,012)
- - - (41,586.835) (40.872,373) (714.492) 10.655,833 11.887.875 (1,232,042) 43,936,858 45.646.362 (1,709,504) 69,082 (76,731) 145,813 (1,921,068) (11,017,598) 9,096,530 6,453.738 6.453,738 - 40,882,927 40,882.927 -
6,522,820 6,377,007 145,813 38,9G1,859 29,865,329 9,096.530 l 11
ALL PROPRIETARY FUND TYPES AND SIMILAR TRUST FUNDS COMBINED STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS / FUND BALANCES Year ended September 30,1994 With comparative totals for year ended September 30,1993 Proprietary Fund Types Internal Enterprise Service REVENUES Electric services S 495,610.273 - Water and wastewater services 167,196281 - Hospital patient services, net 167,967,089 - 79,421,405 - User fees and rentals
- 58,960,009 Billings to departments Pension contributions 23,010,503 - -
Other 933,205,551 58,960,009 Operating revenues EXPENSES Electric operations 297,878,670 - Water and wastewater operations 75,116.011 - Hospital operatons 158,632,125 - Other enterprise operations 62,132,244 - Intemal service operations
- 72,563,833 Depreciation 107,398265 2,643,437 Benefit payments Contributions refunded Total operating expenses 701.157,315 75.207,270 Operating income (loss) before nonoperating revenues (expenses) and operating transfers 232,048.236 (16.247,261)
NONOPERATING REVENUES (EXPENSES) 27,998,399 193,395 Interest and other revenues Interest on revenue bonds and other debt (199,539,070) (185,547) Amortization of bond issue costs (856,933) - Gain (loss) on disposal of assets 119,392 574,493 Total nonoperating revenues (expenses) (172,278,212) 582,341 Costs to be recovered in future years 73,109,435 - Income (loss) before operating transfers 132,879.459 (15.664,920) Operating transfers: Operating transfers in 13,787,552 12,937,954 Operating transfers out (77,107,598) (851,597) Income (loss) before extraordinary gain 69,559,413 (3,578,563) Ext'aordinary gain on bond debt extinguishment 1,110,881 - Not income 70,670,294 (3,578,563) Add depreciation transferred to contributions 1,066,874 - Net increase (decrease)in retained eamings/ fund balances 71,737,168 (3,578,563) Retained earnings / fund balances at beginning of year, as previously reported 796,275,550 2,358,698 Prior period adjustment (See Note 22) (21,634 208) - Retained eamings/ fund balances at beginning of year, as restated 774.641,342 2,358,698 Retained earnings / fund balances at end of year S 846,378,510 (1,219.865) The accompanying notes are an integral part of the financial statements. 12
CITY OF AUSTIN, TEXAS Exhibit A 4 Totals Fiduciary Fund Type (Memorandum Only) Nonexpendable Pension Trust Trusts 1994 1993
- - 495.610.273 488,844,474
- - 167,196,281 156,230.529
- - 167,967,089' 161,784,726 * "*
- - 79,421,405 68,805,547-
- - 58,960,009 55,618,566
- 46,011,742 46,011,742 41.796,248
- - 23,010,503 21,533,789
- 46,011,742 1,038,177,302 994,613,879
- - 297,878,670 290,417,842
- - 75,116,011 67,862,077
- - 158,632,125 167,477,741
- - 62.132,244 58,986,303
- - 72,563.833 64,473,444
- - 110,041,702 103,912,237
- 25,005,604 25,005,604 21,715,736
- 3,419,210 3.419,210 4.736,865
- 28.424,814 804.789,399 779,582.245
- 17,586,928 233,387,903 215.031,634
- 95,983,830 124,175,624 78,749,986 l (199,724,617) (215,667,896) 1
- - (856,933) (830,949)
- ' ~ 693,885 59,402
- 95,983,830 (75,712,041) (137,689,457)
- - 73,109,435 75,727,639 l
- 113.570,758 230,785.297 153,069,816
- - 26,725,506 26,541,298
- - (77,959,195) (79,061,3 % ) :
- 113,570,758 179,551,608 100,549,718 l
- - 1,110,881 4,240,419
- 113,570,758 180,662,489 104,790,137
- - 1,066,874 847,843
- 113,570,758 181,729,363 - 105,637,980 26,374 658,480,061 1,457,140,683 1,351,502,703
- - (21,634,208) -
26,374 658,480,061 1,435,506,475 1,351,502,703 26.374 772,050.819 1,617.235,838 1,457,140.683 l R I l 13
ALL PROPRIETARY FUND TYPES AND SIMILAR TRUST FUNDS CITY OF AUSTIN, TEXAS COMBINED STATEMENT OF CASH FLOWS Exhibit A 5 Year ended September 30,1994 With Comparative totals for year ended September 30,1993 Fiduciary Totals Proprietary Fund Types Fund Type (Memorandum Only) Internal Nonexpendable Enterprise Service Trust (1) 1994 1993 CASH FLOWS FROM OPERATING ACTIVITIES: Cash received from customers S 926,501,455 58,716.165 - 985,217,620 914,652,353 Cash payments to suppliers for goods and services (403.629,721) (25,561,828) - (429,191,549) (397,742,867) Cash paymer.ts to employees for services (196,600,387) (42,199,365) - (238,799,752) (232,306,701) 17,741,760 - - 17,741,760 17,004,673 Cash received from other govemments Taxes collected and remitted to other goverraents (11,492,108) - - (11,492.108) (9,628,573) 5,353,564 282,766 - 5,636,330 4,766,721 Other operating revenues 337,874,563 (8.762.262) - 329.112.301 296,745,606 Net cash provided (used) by operating activities CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES: 13,787,552 12,937,954 - 26,725,506 26,541,298 Operating transfers in Operating transfers out (77,107,598) (851,597) - (77,959,195) (79,061,396) 499,229 - - 499,229 480,473 Proceeds from rentai receipts (?81,717) - -- (281,717) (285,686) interest paid on revenue notes and other debt (461,768) - - (461,768) 1,435,871 (Increase) decrease in deferred assets (50,605) - - (50,605) 50,605 Loan (to) from other funds Contributions from municipality - 981,166 - 981,166 - 4,126 - - 4,126 - Contributions from pnvate sector Not cash provided (used) by noncepital (63.610.781) 13,067,523 - (50,543,258) (50,838,835) financing activities CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES: 112.051,992 - - 112,051,992 50,044,000 Proceeds from long-term debt issues Pnncipal paid on long term debt (34,254,492) (276,374) - (34,530,866) (32,249,946) 529,177 580,755 - 1,109,932 622,111 Proceeds from the saie of fixed assets
- - - - 1,845,413 Accrued interest received Interest paid on revenue bonds and other debt (168,080,171) (189,079) - (168,269,250) (197,679,002)
Acquisition and construction of capital assets (165,604,809) (3,894,189) - (169,498,998) (156,466,3 % ) (1,499,427) 1,919,109 - 419,682 4,449,607 Contributions (to) from municipality Contributions from State and Federal govemments 3,214,620 - - 3,214,620 5,027,532 17,927,190 - - 17,927,190 13,357.675 Contrbutions in aid of construction Bond discounts and issuance costs (5,209,411) - - (5,209,411) (15,099,654) Bonds issued for advanced refundings of debt 105,633,656 - - 105,633,650 474,827,562 Cash paid for bond refundings/defeasances (138,835,038) - - (138,835,038) (500,481,240) Cash paid for nuclear fuelinventory (2,500,662) - - (2,500,662) (3,035,774) 348,365 (9,163) - 339.202 43,281 increase (decrease)in deposits Net cash used by capital and related financing activities (276.279.010) (1,868.941) - (278,147,951) (354.794,831) CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of investment securities (400,310.091) - - (400,310.091) (355,156,566) Proceeds from sale and matunties of investment secunties 404,296,683 - - 404,296,683 366,708,430 Interest on investments 25,725,490 193,395 - 25,918,885 29,178,154 Net cash provided by investing activities 29,712.082 193,395 - 29.905.477 40,730.018 Net increase (decrease) in cash and cash equivalents 27,696,854 2,629,715 - 30,326,569 (68,158,042) Cash and cash equivalents October 1 (including $155,622,750 in restricted accounts) 190,754,460 4,526,675 26,374 195,307,509 263,465.551 Cash and cash equivalents, September 30 (including $163,103,364 in restricted accounts) $ 218,451,314 7,156,390 26,374 225.634.078 195,307,509 (continued) The accompanying notes are an integral part of the financial statements, 14
i ALL PROPRIETARY FUND TYPES AND SIMILAR TRUST FUNDS CITY OF AUSTIN, TEXAS COMBINED STATEMENT OF CASH FLOWS Exhibit A i Year ended September 30,1994 (Continued) With comparatlVe totals for year ended September 30,1993 , Fiduciary Totale Proprietary Fund Types Fund Type (Memorandum Only) Internal Nonexpendable Enterprise Service Trust (1) 1994 1993 RECONCILIATION OF JPERATING INCOME TO NET CASH PROVIDED BY OPERATING ACTIVITIES: Oper: ting income (loss) $ 232,048236 (16,247,261) - 215,800,975 199,687,987 Adjustments to reconcile operating income to not cish provided by operating activities: Depreciation 107,398.265 2,643,437 - 110,041,702 103,912,237 Allowance for uncollectible accounts 3,554,169 106,463 - 3,660,632 2,731,985 Amortization 5,897,552 - - 5,897,552 2,815,652 - Change in assets and liabihties: fncrease in working capital advances (574,809) - - (574,809) (270,326) (Increase) decrease in accounts receivable 9,343,336 (67,541) - 9,275,795 (18,603,539) (Increase) decrease in receivable from other govemments (9.212,107) - -- (9,212,107) 1,301,217 (Increase) decrease in due from other funds 60,124 - - 60,124 (600,000) (Increase) decrease in inventory (14.239,991) (382,784) - (14,622,775) 8,817,839 (Increase) decrease in prepaid expenses and deferred costs 2,601,451 (239,582) - 2,361,869 (2,771,850) Increase (decrease) in accounts payable (8,601,950) 172.135 - (8,429,815) (1,944,273) Increase in accrued payroll and compensated absences 2,812,305 5,162,629 - 7,974,934 3,285.498 Decrease in due to third party reimbursement program - - - - (3,993,760) ) Increase in deferred revenue 277,202 - - 277202 67,718 (Increase) decrease in unrecovered fuel revenue 2,630,630 - - 2,630,630 (1,442,211) Increase in accrued landf!Il closure costs 283,240 - - 283,240 - Increase in due to other funds - 89.876 - 89,876 - Increase in other liabilities 3,579,000 366 - 3,579,366 3,993,536 Increase (decrease) in customer deposits 17,910 - - 17,910 (242,104) Tttat adjustments 105.826,327 7,484,999 - 113,311,326 97,057,619 Not cash provided by operating activities __$ 337,874,563 (8.762,262) - 329.112.301 296,745.606 NONCASH INVESTING, CAPITAL AND FINANCING ACTIVITIES: Incruse in deferred assets / expenses 24,184,148 - - 24,184,148 130,819,688 Unamortized bond discounts / issue costs on advance refundings (2.280,866) - - (2,280.866) (9,573,777) incrf ase in capital appreciation bond interest payable (19,365,352) - - (19,365,352) (15,784,363) Fixed assets acquired through capital leases - - - - 3,111,932 Fixed assets contributed (to) from other funds (1,371,041) (1,164,684) - (2,535,725) 7,240,516 Fixed assets acquired through interfund advance / payable - - - - 3,223,141 incrase (decrease) in contributed facilities (1,232,100) 941,147 - (290,953) 355,215 Amortization of bond discountsAssue costs (1,095,901) (1,095,901) (863,716)
)
Amortization of capitalized interest - - - - (102,981) j Amortizat.on of deferred loss on refundings (411,759) - - (411,759) - Loss on disposal of assets (409,784) (6,262) - (416,046) (492,718) Costs to be recovered in future years 73,109,434 - - 73,109,434 75,287,393 Lecs on extinguishment of debt (610,565) - - (610,565) - j Decommissioning assessment payable 186,673 - - 186,673 (4,216,800)
]
Due to other funds for fixed assets (210,218) - - (210,218) (241,043) i increase in other receivables - - - - 3,223,141 (1) Nonexpendable trust fund cash and cash equivalents of $26,374 at end of year are reported on the balance sheet with all trust and agency funds' pooled investments and cash of $31,144,599. Thz accompanying notes are an integral part of the financial statements. 15
1 1 l e, l i i l i 1 l i I 1 4 i I I. i h l t i j I s , l l I. s '
- i i i
l t' F 16
NOTES TO COMBINED FINANCIAL STATEMENTS CITY OF AUSTIN, TEXAS September 30,1994 - Note Page 1- ' Reporting Entity 18 , 2 . Significant Accounting Policies 19
~3 Budget Basis Reporting 29 4 Deficits in Fund Balance and Fund Equity 31 5 Pooled investments and Cash 32 6 ~ investments and Deposits 32
.7 Property Taxes 35 8 Fixed Assets 36 .
9 . Retirement Plans 37
-10 Airport Fund Rental Revenue 44 11 General Long-Term Debt 44 l
12 Enterprise Funds - Revenue Bonds and Other Long-Term Debt 48 13 Debt Service Requirements 62 j 14 Interfund Receivables and Payables 60 l 15' Interfund Transfers 61 16 Segment information 63 17 Joint Operations 64 18 Litigation 66 19 Commitments and Contingencies 66 4 20 Other Post Employment Benefits 69 21 Subsequent Events 69 22 Restatements of Prior Year Balances 71 t I J 17
NOTES TO COMBINED FINANCIAL STATEMENTS CITY OF AUSTIN, TEXAS September 30,1994 (Continued) 1 - REPORTING ENTITY The City of Austin, Texas (the City) is a municipal corporation incorporated under Article XI, Section 5 of the Constitution of the State of Texas (Home Rule Amendment). The City operates under a Council-Manager form of govemment, with a City Council composed of a Mayor and six Councilmembers, all of whom are elected at large for three-year staggered terms. As required by generally accepted accounting principles, these financial statements present the City cad its component units, entities for which the City is considered to be financially accountable. Blended component units, although legally separate entities, are, in substance, part of the City's operations and so data from these units are combined with data of the City. The City's major activities or functions include police and fire protection, emergency medical services, parks and licraries, public health and social services, planning and zoning, and general administrative services. In addition, the City owns and operates certain major enterprise activities, including a'i electric utility system, water and wastewater utility system, hospital, airport, convention center, and other enterprise activities. These activities are included in the accompanying financial statements. Blended Component Units The Austin Housing Finance Corporation (AHFC) is a legally separate entity from the City. AHFC serves all the citizens of Austin and is governed by a board composed of the City Cour flmembers, its activities are reported in the Housing Assistance Fund, a special revenue fund, in 1994 and prior years. Separately issued, unaudited financial statements for AHFC are available through the City of Austin Controller's Office. Pension Trust Funds City management believes that the three pension plans that operate for the benefit of City employees and that are discussed below do not meet the criteria of financial accountability for inclusion in the City's reporting entity. Nevertheless, the nature and significance of their relationship with the City is such that it wmld be misleading to exclude them from the City's Comprehensive Annual Financial Report, and accordingly, they have been included in this report as pension trust funds. The pension trust funds included in this report are: City of Austin Employees' Retirement and Pension Fund (Employees' Fund) City of Austin Police Officers' Retirement and Pension Fund (Police Officers' Fund) Fire Fighters' Relief and Retirement Fund of Austin, Texas (Fire Fighters' Fund). l Since August 26,1991, and pursuant to State legislation, the operations of the Employees' Fund and the Police Officers'
- Fund have been administered by their respective eleven-member boards, each of which consists of one City Counci!
l Member; the City Manager or designee; the Director of the Financial Services Department; four active employee members of l the system elected by the members of the system; three legally qualified voters of the city, two of which are designated by ( the City Council, and one that is designated by the board; and a retired member elected by the retired members of the system. The Fire Fighters' Fund is govemed pursuant to State legislation by a five-member board that includes the Mayor and the City Treasurer. The board administers all of the fund's operations. The City and pension plan participants are obligated to fund liabilities of the pension funds based upon actuarial valuations. Expenses for administration and operation of the funds are paid entirely by the funds. The fiscal years differ for the City (September 30) and the pension funds (December 31). The separately available audited financial statements of the pension funds for the year ended during the City's fiscal year (December 31,1993) have been included in the City's 1994 financial statements in order that accurate data may be presented in a timely manner. Significant events occurring subsequent to the pension funds' year end are disclosed in Note 9. 18 l
i i CITY OF AUSTIN, TEXAS I NOTES TO COMBINED FINANCIAL STATEMENTS September 30,1994 (Continued) I 1 - REPORTING ENTITY, continued City of Austin Deferred Compensation Plan for City Employees ! l The City offers its employees a deferred compensation plan created in accordance with Internal Revenue Code Section 457. The plan, available to all City employees, permits them to defer a portion of their salary until future years. The City does not j make any contributions to the plan. The deferred compensation is not available to employees until termination, retirement, or unforeseeable emergency Deferred compensation is avaitable to employees' beneficiaries in case of death. All Emounts of compensau deferred under the plan, all property and rights purchased with those amounts, and all income rttributable to those amounts, property, or rights are (until paid or made available to the employee or other beneficiary) solely the property and rights of the City (without being restricted to the provisions of benefits under the plan), subject only to th2 claims of the City's general creditors. Participants' rights under the plan are equal to those of general creditors of the City in an amount equal to the fair market value of the deferred account for each participant. In management's opinion, the City has no liability for losses under the plan. However, the City does have the duty of due cara that would be required of an ordinary prudent investor. The City believes it is unlikely that it will use the assets to s tisfy the claims of general creditors in the future. All assets of the plan are held by an independent administrator whose activity is monitored by a board consisting of City employees. It is appropriate to include this entity in the City's 1994 financial statements since the City has title to these cssets. The deferred compensation plan is reported as an agency fund, and its assets are presented at market value at September 30,1994. Related Organizations The City Council appoints the members of the boards of the Capital Metropolitan Transit Authority and the Austin Housing Authorit/, but the City's accountability for these organizations does not extend beyond making the appointments. In eddition, City Councilmembers appoint themselves as members of the board of the Austin Industrial Development Corporation; however, their function on the board is ministerial rather than substantive. The City has no financial cccountability for any of these three entities. 2 - SIGNIFICANT ACCOUNTING POLICIES The accounting and reporting policies of the City relating to the funds and account groups included in the accompanying fin:ncial statements conform to generally accepted accounting principles applicable to state and local govemments. Ginerally accepted accounting principles for local governments include those principles prescribed by the Govemmental Lccounting Standards Board (GASB) in its publication GASB Statement 1 entitled Authoritative Status of NCGA Pronouncements and AICPA Industry Auditing Guide, and all subsequent GASB statements, interpretations, concept st;tements, and technical bulletins; the National Council on Governmental Accounting (NCGA) in the publication entitled Govemmental Accounting, Auditing, and Financial Reporting, including NCGA Statements 1 through 7 and interpretations thereof; and by the American Institute of Certified Public Accountants in the publication entitled Audits of State and Local Govemmental Units. The following , represent the more significant accounting and reporting policies and practices used by th) City. Casis of Presentation The accounts of the City are organized and operated on the basis of funds or account groups, each of which is considered to be a separate accounting entity. The operations of each fund are accounted for with a self-balancing set of accounts that comprise its assets, liabilities, fund balances or retained eamings, revenues, and expenditures or expenses. The various funds are grouped by category and type in the financial statements. The City maintains the following fund types within three broad fund categories and the account groups: 19
NOTES TO COMBINED FINANCIAL STATEMENTS CITY OF AUSTIN, TEXAS September 30,1994 (Continued) 2 - SIGNIFICANT ACCOUNTING POLICIES, continued Governmental Funds Govemmental funds are those through which most govemmental functions of the City are financed. The acquisition, use and balances of the City's expendable financial resources and the related current liabilities (except those, if any, which should be accounted for in proprietary funds) are accounted for through governmental funds. The measurement focus is on determination of financial position and changes in financial position rather than on determination of net income. The following govommental fund types are maintained by the City: General Fund - The General Fund is the general operating fund of the City. It is used to account for all financial resources except those required to be accounted for in another fund. All general tax revenues and other receipts that are not allocated by law, ordinance, or contractual agreement to other funds are accounted for in this fund. Special Revenue Funds - Special revenue funds are used to account for the proceeds of specific evenue sources (other
' than expendable trusts or major capital projects) that are legally restricted to expenditures for specified purposes. There are - four major groups of funds within the special revenue funds in addition to the Housing Assistance Fund. Of these groups, three account for the activities related to grant programs and one accounts for activities for which expenditures are legally re-stricted. The groups are: Federal grant funds (both direct and indirect funds), State grant funds, other special revenue grant funds, and other special revenue funds.
Debt Service Fund - The Debt Service Fund is used to account for the accumulation of resources for, and the payment of, general long-term debt principal, interest, and related costs. Capital Project Funds - Capital project funds are used to account for financial resources for the acquisition or construction of major capital facilities (other than those reported within proprietary funds and trust funds). Capital projects are funded primarily by general obligation bonds, in 1981, the City Council passed an ordinance that requires the establishment of a separate fund for each bond proposition l approved in each bond election. There are twelve major groups of funds within the capital projects funds that account for the activities related to various capital improvement projects as follows: funds authorized prior to 1981; funds authorized August 29,1981, for street and drainage, fire stations, traffic signals and emergency modical service projects; funds authorized September 11,1982, for various purposes; funds authorized October 22,1983, for Jollyville Road improvements; funds authorized September 8,1984, for various purposes; funds authorized January 19,1985, for cultural arts; funds authorized July 26,1985, for parks and recreation; funds authorized September 26,1985, for art in public places; funds authorized December 14,1985, for various purposes; funds authorized September 3,1987, for street improvements, funds authorized August 10,1992, for various purposes; and l other funds established for various purposes. t Proprietary Funds Proprietary funds are used to account for the City's ongoing organizations and activities that are similar to those found in the private sector. The measurement focus is on capital maintenance and on determination of net income, financial position, and changes in financial position. I 20
NOTES TO COMBINED FINANCIAL STATEMENTS CITY OF A.z d, TEXAS September 30,1994 I sntinued) 2 - SIGNIFICANT ACCOUNTING POLICIES, continued Enterprise Funds - Enterprise funds are used to account for operations: (1) that 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 be financed or recovered primarily through user charges, or (2) where the governing body has decided that periodic determination of revenues earned, expenses incurred, or net income is appropriate for capital maintenance, public policy, management control, accountability, or other purposes. The City's enterprise funds are the following: M:Jor Enterprise Funds: . Fund Accounts For ElIctric System Activities of the City owned electric utility Wttsr and Wastewater System Activities of the City-owned water and wastewater utility Hospital Activities of the City-owned Brackenridge Hospital Solid Waste Services Solid waste collection and disposal activities Airport Operations of the Robert Mueller Municipal Airport Convention Center Operations of the Convention Center, Palmer Auditorium, and the City Coliseum Other Enterprise Funds: Fund Accounts For Drainage Drainage management activities Transportation Street maintenance activities Golf Public golf courses Parks and Recreation City sponsored softball and recreation programs Inttrnal Service Funds - Intemal service funds are used to account for the financing of goods or services provided by one d:partent or agency to other City departments or agencies or to other governmental units on a cost-reimbursement basis. Tha City maintains four internal service funds: the Fleet Maintenance Fund, which is used to account for maintenance costs of City-owned vehicles and related revenues, the Support Services Fund, which is used to account for the activities of the City's support service departments, the information Systems Fund, which is used to account for the activities of the information Systems Department, and the Utility Customer Service Fund, which is used to account for the activities of the j Utility Customer Service Office. The latter three activities moved from the General Fund to become internal service funds in 1993. Fiduciary Funds Fiduciary funds are used to account for assets held by the City in a trustee capacity or as an agent for individuals, private
, organizations, other governmental units, or other funds. Fioaciary funds include expendable and nonexpendable trust funds, pension trusts, and agency funds. ! Expendable Trust Funds - Expendable trust funds are accounted for in essentially the same manner as governmental funds. The measurement focus is on determination of changes in financial position rather than on net income.
Nonexpendable Trust and Pension Trust Funds - These funds are accounted for in the same manner as proprietary funds, with the measurement focus on determination of net income and capital maintenance. The City has one nonexpendable trust fund, which is not active, i Agency Funds - Agency funds are purely custodial (assets equalliabilities) and thus do not involve measurement of results of operations. Account Groups Account groups are used to establish accounting control and accountability for the City's general fixed assets and general long-term liabilities. The following are the account groups maintained by the City: f Grneral Fixed Assets Account Group - This account group accounts for all fixed assets of the City other than those accounted for in the proprietary and pension trust funds. 21 l
CITY OF AUSTIN, TEXAS NOTES TO COMBINED FINANCIAL STATEMENTS September 30,1994 (Continued) 2 - SIGNIFICANT ACCOUNTING POLICIES, continued j Generallong Term Debt Account Group- This account group accounts for and provides control over all long-term liabilities other than those accounted for in the proprietary funds, including unmatured general obligation bonds. Basis of Accounting Basis of accounting refers to the time at which revenues and expenditures (govemmental funds) or expenses (proprietary funds) are recognized in the accounts and reported in the financial statements. Govemmental funds and expendable trust funds are accounted for on the modified accrual basis of accounting. Under the modified accrual basis of accounting, certain revenues are recorded when susceptible to accrual (i.e., both measurable and available). Available means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. Expenditures,if measurable, are generally recognized on the accrual basis of accounting when the related 4 liability is incurred. Exceptions to this general rule include the unmatured principal an< enterest on general obligation long-term debt, which is recognized when due. This exception is in conformity with generaky accepted govemmental accounting principios. Property tax revenues are recognized when they become available in accordance with the National Council on Governmental Accounting (NCGA) Interpretation 3, Revenue Recognition -- Property Taxes. In this case, available means when due or l past due, and receivable within the current period or soon enough thereafter to be used to pay liabilities of the current period (within 60 days). Tax collections expected to be received after the 60-day availability period are reported as deferred revenue. Sales taxes, mixed drink taxes, and certain franchise fees are recorded when susceptible to accruel, i.e., both measurable and available. Money collected for licenses and permits, charges for services, fines and forfeitures, and miscellaneous revenues (except earnings on investments) is recorded as revenue when received because it is generally not measurable until then. Investment earnings are recorded on the accrual basis in all funds. In applying the susceptible-to-accrual concept to intergovernmental revenues, the legal and contractual requirements of the individual grant programs are used for guidance. For most of the City's grants, money must be expended for the specific purpose or project before any amounts will be paid to the City. For all grants, revenues are recognized based upon the expenditures recorded. Proprietary funds, nonexpendable trust funds, and pension trust funds use the accrual basis of accounting, under which - revenues are recognized in the accounting period in which they are earned and become measurable. Expenses are recorded in the accounting period incurred, if measurable. Revenues in the Electric Fund, Water and Wastewater Fund, and Solid Waste Services Fund are recognized as they are billed to customers on a cyclical basis. Electric rates include a fixed rate and a fuel recovery cost-adjustment factor that allows recovery of coal, gas, purchased power, and other fuel costs. Unbilled revenues are recorded if actual fuel costs differ from amounts billed to customers, and any over collections or under- collections are applied to the cost-adjustment factor two months later. Revenues for the Airport Fund are recognized as they are billed to customers on a cyclical basis. Effective November 1, 1993, the Airport Fund began to charge each emplaned passenger a $3 passenger facility charge, as allowed by the Federal Aviation Administration. Airport Fund 1994 operating revenues included $4,418,783 in passenger facility charges, which are dedicated solely for the construction of interim improvements at Robert Mueller Airport. Revenues for the Convention Center are recognized as they are billed to custumers upon completion of events held at the Convention Center facilities. Rates The City Council has exclusive original jurisdiction over utility rates and other services. The determination of utility rates is based on the cost of operations and a debt service coverage approach. 22
NOTES TO COMBINED FINANCIAL STATEMENTS CITY OF AUSTIN, TEXAS September 30,1994 (Continued) 2 - SIGNIFICANT ACCOUNTING POLICIES, continued Budget in accordance with the City Charter, the City adheres to the following procedutas in establishing its operating budgets: (1) At least thirty days prior to the beginning of the new fiscal year, the City Manager submits a proposed budget to the City Council. The budget represents the financial plan for the new fiscal year and includes proposed expenditures and the means of financing them. (2) Public hearings are conducted on the budget. (3) The budget Is legally enacted by the City Council no later than the twenty seventh day of the last rnonth of the old fiscal year, through passage of an appropdation ordinance and tax levying ordinance. (4) The City Manager has the authority to transfer appropriation balances from one expenditure account to another within a single office, department, or agency of the City. The City Council must approve transfers of appropriations from one office, department, or agency to another. The budgetary data presented in these financial statements have been revised for amendments authorized during the year. A reconciliation of original to amended budget for the General Fund is presented in Note 3. (5) Formal budgetary control through the accounting system is employed as a management cont ol device during the year for the General Fund, Debt Service Fund and proprietary funds. Management control foi the operating budget is maintained at the office, department or agency level. Formal budgetary control through the accounting system is employed as a management control device in the special revenue grant funds and capital projects funds for the life of the related grants or projects. (6) Annual budgets are legally adopted for the General Fund, certain special revenue funds, the Debt Service Fund, certain trust funds, and proprietary funds. Budgets for the grant-related special revenue funds are established pursuant to the terms of the related grant awards. A comparison of budget to actual 4 oresented in the financial statements for all governmonul fursds that adopt annual budgets. A comparison of budget to etisal for other fund types is prepared for budget purpow, but is not legally required and is not presented in the financial statements. l Capital project fund appropriations are increased on an annual basis through the budgetary process. However, the budgets are not binding on an annual basis. Rather, budgets are long-range and are useo for planning purposes. l Accordingly, no comparison of budget to actualis presentud in the financial statements for such funds. l (7) The City Charter does not permit a deficiency of anticipated revenues over appropriations. If at any time during the fiscal year the City Manager determines that available revenues plus beginning fund balance will be less than total appropriations for the year, he or she shall reconsider the work programs of the departments and agencies and revise l them to prevent deficit spending. Expenditures may not legally exceed budgeted activities at the departmental level. ! (9) At the close of each fiscal year, any unencumbered appropriation balances (appropriation less current year expenditures and encumbrances) in the General Fund lapse or revert to the undesignated fund balance, in the proprietary funds, i unencumbered appropriations also lapse but do not revert to fund balance for accounting purposes because of the l differences in methods of accounting. Unencumbered appropriation balances in the grant-related special revenue funds l and capital projects fundo do not lapse at year end. Certain differences exist between the basis of accounting used for budgetary purposes (budget basis) and that used for l reporting in accordance with generally accepted accounting principles (GAAP basis). These differences, as well as other information regarding budgetary control, are described in Note 3. 23
CITY OF AUSTIN, TEXAS NOTES TO COMBINED FINANCIAL STATEMENTS September 30,1994 (Continued) 2 - SIGNIFICANT ACCOUNTING POLICIES, continued Encumbrances Encumbrances represent commitments for unperformed (executory) contracts for goods or services. Encumbrance accounting, under which purchase orders, contracts, and other commitments are recorded to reserve appropriations, is used in the governmental funds. Encumbrances outstandug at year end are reported as reservations of fund balance and do not constitute GAAP-basis expenditures or liabilities, since the commitments will be honored during the subsequent year. For budgetary purposes, unencumbered appropriations lapse at year end. Encumbrances outstanding at year end and the related appropriation are available for expenditure in subsequent years. For governmental funds, encumbrances constitute the equivalent of expenditures for budgetary purposes and accordingly, the accompanying financial statements present comparisons of actual results to the budgets for governmental funds on a budget-basis (see Note 3). Pooled Investments and Cash
- Cash balances of all City funds (except for certain funds shown in Note 6 as having non-pooled investments) are pooled and invested. Investments purchased with pooled cash, consisting primarily of U.S. govemment obligations and U.S. agency obligations, are stated at amortized cost. Interest eamed on investments purchased with poofed cash is allocated monthly to each participating fund based upon the fund's average daily balance. Funds that incur a negative balance in pooled cash and investments, classified as " advanced pooled investments and cash," are not allocated interest earnings nor charged interest expense.
Investments All investments owned by the City, except for those of the City's deferred compensation plan (which are stated at market value), are stated at amortized cost. Premiums and discounts on investments are amortized or accrated by the straight-line method, which approximates the interest method, over the terms of the related securities, except for discounts on mortgage loans owned by the pension trust funds, which are accreted at the rate of eight percent (Fire Fighters' Fund) and ten percent (Employees' Fund) per year of the unaccreted portion of the discount for each respective loan. Realized gains or losses resulting from the sale of investments are determined by the specific cost of the securities sold. The market values of the funds' investments (see Note 6) are based on quoted market prices with the exception of mortgage loans of the pension trust funds, whose market values were determined based on estimated realizable value. Inventorias inventories are valued at cost, which is determined as follows: Fund inventorv Valuation Method General Fund Average cost (predominantly); some first-in, first-out Electric Fund Fueloil and coal Last-in, first out Other inventories Average cost Hospital Fund Weighted average All other funds Average cost Inventories for all funds use the consumption method and record expenditures when issued. Inventories reported in the General Fund are offset by a fund balance reserve, which indicates they do not represent "available spendable resources." 24
N NOTES TO COMBINED FINANCIAL STATEMENTS . . CITY OF AUSTIN, TEXAS September 30,1994 (Continued) 2 - SiONIFICANT ACCOUNTING POLICIES, continued Property, Plant and Equipment - Proprietary Funds
. Property, plant and equipment owned by the proprietary funds are stated at historical cost. Maintenance and repairs are -
charged to operations as incurred, and improvements and betterments, which extend the useful lives of fixed assets, are
.cepitalized. Interest paid on long-term debt in the enterprise funds is capitalized when it can be attributed to a specific
- project and when it exceeds the interest revenue generated by the bond proceeds issued to fund the project. Depreciation of
- plant and equipment classified by functional components is provided by the straight-line method over their estimated useful
' liv:s.' Estimated usefullives are as follows:
Enterprise Funds: .
' Electric Fund and Water and Wastewater Fund:
Plant . . . 30-50 years improvements to grounds - ~ 30-50 years Transmission and distribution system 12-50 years Other machinery and equipment 7 30 years iVehicles 7 years Major and Other Enterprise Funds: Buildings and improvements 40 years improvements to grounds 15 years Machinery and equipment 7-12 years Vehicles 7 years intomal Service Funds: Buildings and improvements 40 years improvements to grounds - 15 years Machinery and equipment 712 years
~ Vehicles 7 years ' Depreciation of completed but unclassified fixed assets is provided by the straight-line method, using a composite rate.
When fixed assets of proprietary funds are retired from service or otherwise disposed of, a gain or loss on disposal of Essets is recognized. C:ntributions of funds from Federal, State or local grants, which are restricted for the purpose of purchasing property, plant, g.nd squipment and contributions in aid of construction, are recorded as equity contributions when received. Depreciation on cintributed assets is recorded as an expense in the statement of operations and then transferred to the related accounts. Contributions of funds from the municipality are recorded as equity contributions when received. GeneralFixed Assets Gineral fixed assets have been acquired for general govemmental purposes. Assets purchased or constructed are recorded ts cxpenditures in the govemmental funds and capitalized at historical cost in the General Fixed Assets Account Group. Contributed fixed assets are recorded in the General Fixed Assets Account Group at estimated fair market value at the time received.' The City does not capitalize public domain general fixed assets (infrastructure) and, accordingly, no such assets are rec:rded in the General Fixed Assets Account Group. Infrastructure consists of certain improvements other than buildings, including roads, bridges, curbs and gutters, streets and sidewalks, drainage systems and lighting systems. Such assets normally are immovable and are of value only to the City. Therefore, the responsibility for stewardship for capital Expenditures is satisfied without recording these assets.
- No depreciation has been provided on general fixed assets. No interest has been capitalized on general fixed assets.
2S
NOTES TO COMBINED FINANCIAL STATEMENTS CITY OF AUSTIN, TEXAS September 30,1994 (Continued)
.'2 - SIGNIFICANT ACCOUNTING POLICIES, continued Long Term Debt The debt service for general obligation bonds and other general obligation debt issued to fund general government capital-projects is paid from tax revenues. Such general obligation debt is recorded in the General Long Term Debt Account Group.
The debt service for general obligation bonds and other general obligation debt issued to fund proprietary fund capital projects is normally paid from net revenues of the applicable proprietary fund, although such debt will be repaid from tax revenues if necessary. Such general obligation debt is shown as a specific liability of the applicable proprietary fund, which is appropriate under generally accepted accounting principles and in view of the expectation that the proprietary fund will . provide resources to service the debt. Revenue bonds that have been issued to fund capital projects of certain enterprise funds are to be repaid from net revenues of these funds. Such debt is recorded in the funds.
- The City defers and amortizes gains or losses that its proprietary funds realize on refundings of debt and reports both the new debt liability and the related deferred amount on the funds' balance sheets. The City recognizes gains or losses on debt defeasance when funds from current operations are used.
Compensated Absences All full-time employees accumulate vacation benefits in varying annual amounts up to a maximum allowable accumulation of six weeks. Sick leave benefits are eamed by all full-time employees at a rate of twelve days per year and may be accumulated without limit. Upon termination, an employee is reimbursed for all accumulated vacation days. If the terminating employee has at least five years continuous service, was employed prior to October 1,1986, and leaves in good standing, reimbursement is also made for all accrued sick leave up to ninety days. Certain employees are also allowed to accumulate credit for compensatory time in lieu of overtime pay up to 120 hours. Compensatory time accrued by employees is taken into consideration when calculating accrued compensated absence liabilities. For govemmental funds, the estimated current portion of the accrued vacation and sick pay liability is recorded as an expenditure and liability in the General Fund, with the non-current portion of the liability recorded in the General Long-Term Debt Account Group. The current portion is estimated based on amounts paid to terminating employees during the most re-cent fiscal year. Actual vacation and sick benefits paid during the year are recorded as expenditures in the govemmental funds. For proprietary f unds, vacation and sick pay are recorded as an expense and related liability in the year earned. The current portion is estimated based on an analysis of the historical use of benefits by the employees. Pension Plans it is the policy of the City to fund pension costs annually. Pension costs are composed of normal cost and, where applicable, amortization of unfunded actuarial accrued liability and of unfunded prior service cost (see Note 9). Federal and State Grants, Entitlements and Shat ad Revenues Grants, entitlements and shared revenues may be accounted for within any of the seven fund types. The purpose and requirements of each grant, entitlement, or shared revenue are analyzed to determine the proper fund type in which to record the related transactions. Grants, entitlements and shared revenues received for activities normally recorded in a particular fund type may be accounted for in that fund type, provided that applicable legal restrictions can be satisfied. Revenues received for activities normally recorded in other governmental funds are accounted for within these special revenue fund groups: Federal grant funds, State grant funds, and other special revenus grant funds. Capital grants . restricted for capital acquisitions or construction, other than those associated with proprietary type funds, are accounted for in the applicable capital projects funds. Revenues received for operating activities of proprietary funds or revenues that may be used for either operations or capital expenditures at the discretion of the City are recognized in the applicable proprietary fund. ' Grant money restricted for acquisition or construction of capital assets is recorded as contributed equity in the j applicable proprietary fund. 26 ;
NOTES TO COMBINED FINANCIAL STATEMENTS CITY OF AUSTIN, TEXAS September 30,1994 (Continued) 2 - SIGNIFICANT ACCOUNTING POLICIES, continued intergovernmental Revenues, Receivables and Liabilities Intergovemmental revenues and related receivables arise primarily through funding received from Federal and State grants. These revenues and receivables are earned through expenditure of money for grant purposes. Intergovernmental liabilities cris; primarily from funds held in an agency capacity for other local govemmental units. Transactions Between Funds During the course of normal operations, the City has numerous transactions between funds. Short-term advances between funds are accounted for in the pooled investments and cash accounts. Transactions between funds that would be treated as revenues, expenditures, or expenses if they involved organizations external to the govemmental unit are accounted for as revenues, expenditures, or exper.ses in the funds involved. Transactions between funds that constitute reimbursements for cxpenditures or expenses are recorded as expenditures or expenses in the reimbursing fund and as reductions of the cxpenditure or expense in the fund that is reimbursed. Nonrecurring or nonroutine transfers of equity between funds are treated as residual equity transfers and are reported as cdditions to or deductions from the fund balance of govemmental funds. Residual equity transfers to proprietary funds are trzted as contributed capital, and such transfers from proprietary funds are reported as reductions of retained earnings or contributed capital as appropriate in the circumstances. All other legally authorized transfers are treated as operating it:nsfers and are included in the results of operations of both governmental and proprietary funds. Comparative Data Comparative data for the prior year have been presented in the accompanying financial statements in order to provide an understanding of changes in the City's financial position and operations. However, complete comparative data, (i.e., presentation of prior year totals by fund type) have not been presented in each of the statements since their inclusion would mak2 the statements unduly complex and difficult to read. Reclassifications C:rtain comparative data have been reclassified to present them in a manner consistent with the current year's financial stat:ments. Tot:1 Columns on Combined Financial Statements Totil columns on the combined financial statements are captioned " Memorandum Only" to indicate they are presented only to fIcilitate financial analysis. Data in these columns do not present financial position, results of operations, or cash flows in conformity with generally accepted accounting principles. No consolidating or other eliminations of interfund balances or trans:ctions were made in arriving at the totals, Such data are not comparable to a consolidation. Deferred items The City's utility systems are reported in accordance with Statement of Financial Accounting Standards No. 71, Accounting for the Effects of Certain Tpes of Regulation. Certain utility expenses that do not currently require funds are deferred to futura periods in which they are intended to be recovered by rates. Likewise, certain credits to income are deferred to periods in which they are matched with related costs. Deferred expenses will be recovered in these future periods by setting r t:s sufficient to provide funds for the related debt service requirements. Statement of Cash Flows For purposes of the statement of cash flows, the City considers cash and cash equivalents to be currency on hand, cash held by trustee, demand deposits with banks, and all amounts included in pooled investment and cash accounts. 27 ;
CITY OF AUSTIN, TEXAS NOTES TO COMBINED FINANCIAL STATEMENTS September 30,1994 (Continued) 2 - SIGNIFICANT ACCOUNTING POLICIES, continued Brackenridge Hospital Brackenridge Hospital (the Hospital) has agreements with third party payors that provide for payments to the Hospital at amounts different from its established rates. A summary of the payment arrangements with major third-parties follows: (1) Medicare. Inpatient acute care services rendered to Medicare program beneficiaries are paid at prospectively determined rates per discharge These rates vary according to a patient classification system that is based on clinical, diagnostic, and other factors, inpatient nonacute services, certain outpatient services, and defined capitaf and medical education costs related to Medicare beneficiaries are paid based on a cost reimbursement methodology. The Hospital is reimbursed for cost-reimbursable items at a tentative rate with final settlement determined after submission cost reports by the Hospital and audits by the Medicare fiscal intermediary. The Hospitars classification of patients under the Medicare program and the appropriateness of their admission are subject to an independent review by a peer-review organization under contract with the Hospital. (2) Medicaid. Inpatient and outpatient services rendered to Medicaid program beneficiaries are reimbursed under a cost-reimbursement methodology. The Hospital is reimbursed at a tentative rate, with final settlement determined after submission of annual cost reports by the Hospital and audits by the Medicaid fiscalintermediary. The Hospital has also entered into payment agreements with certain commercial insurance carriers, health maintenance organizations, and preferred provider organizations. The basis for payment to the Hospital under these agreements includes prospectively determined rates per discharge, discounts from established charges, and prospectively determined daily rates. In light of certain interpretations of the City Charter and applicable laws of the State of Texas, the hospital provides charity ; care to indigent patients but does not have a formal charity care policy. The Hospital cannot reasonably estimate the amount of charity care provided. Landfill Closure and Postclosure Care Costs The City'has implemented the Governmental Accounting Standards Board Statement No.18, " Accounting for Municipal ! Solid Waste Landfill Closure and Postclosure Care Costs," which establishes the standards of accounting and financial reporting for municipal solid waste landfill closure and postclosure costs that are required to be incurred by federal, state, or local laws or regulations. These laws and regulations require the City to place a final cover on the City of Austin landfill l when it stops accepting waste and to perform certain maintenance and monitoring functions at the site for thirty years after closure. Although closure and postclosure care costs will be paid only near or after the date that the landfill stops accepting waste, the City reports, in the Solid Waste Services Fund, a portion of these closure and postclosure care costs as an operating expense in each period based on landfill capacity used as of each balance sheet date. The $7,593,087 reported as accrued landfill closure and postclosure costs at September 30,1994, represents the cumulative amount reported to date based on the use of 85 percent of the estimated capacity of the landfill. The Solid Waste Services Fund will recognize the remaining estimated cost of closure and postclosure care of $1,318,913 as the remaining estimated capacity is filled. These amounts are based on what it would cost to perform all closure and postclosure care in 1994. The City expects to close the landfill in the year 1998. Actual costs may be higher due to inflation, changes in technology, or changes in regulations. , l The City is required by state and federallaws and regulations to demonstrate financial assurance for closure, postclosure, and/or corrective action by satisfying the local govemment financial test and govemment-guarantee. The City satisfies the p financial and public notice components of this test. l j l 28 l 1
. N3TES TO COMBINED FINANCIAL STATEMENTS CITY OF AUSTIN, TEXAS September 30,1994 (Contitaed) 3 - BUDGET BASIS REPORTING o - General The City of Austin prepares its annual operating budge? on a basis (budget basis) that differs from generally accepted cecounting principles (GAAP basis). In order to provide a meaningful comparison of actual results with the budget, the Combined Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual-Budget Basis for the G:neral Fund, certain special revenue funds, and Debt Service Fund presents the actual and budget amounts in accordance with the City's budget basis.
b- Reconciliation of GAAP Basis and Budget Basis Amounts The primary differences between GAAP and budget leporting for the General Fund are the reporting of encumbrances and the recording of payroll and compensated absences on the accrual basis (GAAP), as opposed to the cash basis (budget). CIrtain special revenue funds have a legally adopted annual budget. The reporting of encumbrances and the recording of pIyroll on the accrual basis (GAAP), as opposed to the cash basis (budget) is the difference between GAAP basis and budget basis for these funds. Adjustments necessary to convert the excess of revenues and other sources over expenditures cnd other uses on a GAAP basis to a budget basis for the General Fund and special revenue funds are provided as follows: General Special Fund Revenue Funds (1) Excess (deficiency) of revenues and other sources over expenditures and other uses GAAP basis $ 4,088.965 (4,809,780) l Adjustment: Less excess (deficiency) of revenues and other sources over expenditures and other uses for nonbudgeted funds - GAAP basis - (327,796) j Adjusted excess (deficiency) of revenues and other sources over expenditures and other uses GAAP basis 4,088,965 (4,481,984) l Other adjustments: Decrease / increase due to net payroll accrual (57,817) 702,522 Decrease due to accrued payroll budgeted in 1994 (1,015,000) -- , increase due to net compensated absences accrual 723,138 59,710 Decrease due to outstanding encumbrances established in 1994 (6,992,477) (1,153,242) Increase due to payments against prior year encumbrances 4,797,695 885,340 increase due to other accrued liabilities 453,000 - . Excess (deficiency) of revenues and other sources 1.997,504 (3,987,654) over expenditures and other uses budget basis $ I (1) .The Special Revenue Funds that have legally adopted budgets are Austin Convention and Visitors Bureau. Aviation Asset Forfeiture, Cable TV, Child Safety, Disproportionate Share, Economic Development, Energy . Conservation Rebates and incentives, Environmental Conservation Services, Environmental Remediation, Federally Qualified Health Center, Hotel-Motel Occupancy Tax, Music Channel, PARD Cultural Projects, Police Drug Education, Police Federal Seized Funds, Police Seized Money, and Public improvement District. Five budgeted Special Revenue funds reported expenditures in excess of appropriations, as follows: Austin Convention and Visitors Bureau ($21,734), Energy Conservation Rebates and Incentives ($188,831), Music Channel ($2,643), Police Drug Edue: tion ($9,237), and Police Federal Seized Funds ($36,738). These funds did not report a deficit fund balance. Although the Debt Service Fund is prepared on a budget basis, no differences exist between GAAP basis and budget basis fund balance for this fund except for the amount of enterprise-related debt payments ($10,071,833) budgeted as operating I tr:nsfers, i 29
CITY OF AUSTIN, TEXAS NOTES TO COMBINED FINANCIAL STATEMENTS September 30,1994 (Continued) 3 - BUDGET BASIS REPORTING, continued c-Budget Amendments The Original budget of the General Fund was amended several times during 1994. The following table compares origina amended budgets: Amendments Original increase Amended Budget (Decrease) Budget REVENUES-3 135,449,897 - 135,449,897' Taxes 11,445,050 (300,000) 11,145,050
' Franchise fees 12,116,329 - 12,116,329 Fines, forfeitures and penalties 11.363,951 404,534 11,768,485 Licenses, permits and inspections 6,177,587 124,000 6,301,587 Charges for services / goods 3,950,926 386,829 4.337,755 Interest and other 180,503,740 615.363 181.119,103 Total revenues EXPENDITURES 4,983,623 28,596 5,012,219 Administration 11,346,300 92,000 11,438,300 Urban growth rnanagement 120,978,796 414,615 121,393,411 Pubhc safety 14,622,166 (162,500) 14,459,666 Pubhc services and utilities Pubhc health:
4,950,000 - 4,950,000 Physician stipend Medical Assistance Program-6,700,000 - 6,700,000 patient services payments to Brackenridge Hospital 28,051,486 905,995 28,957,481 Other public health 28,626,208 292,873 28,919.081 Pubhc recreation and culture 7,141,522 100,000 7,241,522 Social servlees management 1,260,801 (142,380) 1.118,421 Nondepartmental expenditures 228,660,902 1,529.199 230,190.101 Total expenditures TRANSFERS 68,857,157 - 68,857,157 Operating transfers in (24,453,594) (834.803) (25,288,397) Operating transfers out 44,403,563 (834,803) 43,568.760 Total transfers Excess (deficiency) of revenues and other sources over
$ (3,753.599) (1,748,639) (5,502,238) expenditures and other uses The amended budget is presented in the accompanying financial statements. The budgeted General Fund other requirements for tuition reimbursement of $85,000 are included in the original budget for nondepartmental expenditures.
Accrued payroll of $1,015,000, a wage and benefit adjustment of $6,033, and a reappropriation of department savings of
$154,768 are also included in the original budget for nondepartmental expenditures, P
e
t s NOTES TO COMBINED FINANCIAL STATEMENTS CITY OF AUSTIN, TEXAS September 30,1994 (Continued) 3 - CUDGET BASIS REPORTING, continued Ther2 were budget amendments to the following special revenue funds during 1994: Amendments Original incrosse Anwnded Budget (Decrease) Budget REVENLES Chilt' Safety $ 996,000 26,000 1,022,000 Putdc improvement District - 647,161 647,161 EXPEN0ITURES Am tin Convention and Visitors Bureau 2,605,803 3.517 2,609,320 Chk1 Safety 1,063,310 388 S42 1,451,952 Envhonmental Remedation -- 49,572 49,572 , Pub 4ir, improvement Distnet - 647,161 647,161 OPERATHIG TRANSFERS OUT 36,497 58,880 95,377 Austin Convention and Visitors Bureau Econorm: Development - 25,000 25,000 t There were no significant budget amendments to the Debt Service Fund. 4 - DEFICITS IN FUND BALANCE AND FUND EQUITY At September 30,1994, several funds reported deficits in fund balance or retained earnings. Certain capital projects funds h d deficit balances. Management intends to recover these deficits through future operating transfers. In the internal service funds, the Support Services Fund had a deficit in retained earnings of $2,490,678, and the Information Systems I Fund had a deficit in retained earnings of $1,086,635, Management intends to recover these deficits through future operating revenues or transfers, The Liability Reserve Fund within the expendable trust funds reports a deficit of $627,137. M nagement intends to recover the deficit through future operating revenues or transfers. i I i i i l l I 31 l l
! i r !' NOTES TO COMBINED FINANCIAL STATEMENTS CITY OF AUSTIN, TEXAS September 30,1994 (Continued) 5 - POOLED INVESTMENTS AND CASH ; The following summarizes the amounts of pooled investments and cash by fund type at September 30,1994: Pooled - l Investments and Cash .
- General Fund $ 10,112,622 Special Revenue Funds 33,265,149 i Capital Projects Funds 97,536,862 ,
Enterprise Funds - cunent. Electric 16,926,230 Water and Wastewater 15,858,867 Hospital 9,203,117 Solid Waste Services 3,892,544 Airport 4,157,783 Convention Center 1,706,357
; Other 4,295,439 -
Enterprise Funds - restricted: Electric 36,877,780 .* Water and Wastewater 26,042,232 . Hospital 13,178,144 Solid Waste Services 9,065,089 Airport 53,167,217 [ Convention Center 3,316,817 Other 16,564,352 Internal Service Funds: Current 6,386,615 Construction account- restricted 749,855 , Fiduciary Funds 31,144,599 Total pooled investments and cash S 393,447,670 6-INVESTMENTS AND DEPOSITS INVESTMENTS ! Chapter 2256, Texas Government Code (The Public Funds investment Act), authorizes the City to invest in the following: 2 (1) obligations of the U.S, Treasury or its agencies and instrumentalities; 3 (2) direct obligations of the State of Texas or its agencies; (3) 'other obligations, the principal of and interest on which are unconditionally guaranteed or insured by the State of Texas t or the United States; 1> . (4) obligations of states, agencies, counties, or cities rated A or better by a nationalinvestment rating firm; _ ,
. (5) certificates of deposit that are insured by the Federal Deposit Insurance Corporation or the Federal Savings and Loan l insurance Corporation or its successor, or secured by obligations having a market value of at least the principal amount of the certificates; (6) fully collateralized direct and reverse repurchase agreements. State statutes require that securities underlying repur-chase agreements must have a market value of at least 100% of the repurchase agreement's cost; ;
(7) bankers acceptances accepted by a domestic bank maturing 'in 270 days or less from the date of its issuance and is rated at least A-1, P-1 by a national investment rating firm; (8) commercial paper with a stated maturity of 270 days or less from the date of its issuance and is either (a) rated not less 1
- than A-1, P-1 by at least two national investment rating firms, or (b) is rated at least A-1, P 1 by one national investment rating firm and is fully secured by an irrevocable letter of credit issued by a bank organized and existing under the laws
- of the United States or any state thereof; t
# - -_a. - - - - , - ---- - - _ _ _ _ _ - - _ _ _a --- - a -_= m-_--- _ - - - - - - - -_ _ - - - - - - - - - - - - - - _ _ - _ - - - _ - - - - - - - - m -
CITY OF AUSTIN, TEXAS NOTES TO COMBINCD FINANCIAL STATEMENTS September 30,1994 (Continued) i 6-INVESTMENTS AND DEPOSITS, continued (9) SEC-registered, no load money market mutual funds with a dollar weighted average portfolio maturity of 90 days or less, whose assets consist exclusively of securities described in (1) through (8) above and whose investment objectives include seeking to maintain a stable net asset value of $1 per share; (10) local government investment pools organized in accordance with Chapter 791, Texas Government Code (The Interlocal Cooperation Act), whose assets consist of the obligations described in (1) through (8) above; and j (11) common trust funds or comparable investment devices owned or administered by banks domiciled in Texas; trust fund
- assets shall consist exclusively of obligations described in (1) through (8) above. ,
Each pension trust fund is authorized by a state statute to invest in the aforementioned, described in (1) through (8). In' addition, the statute governing each pension trust fund authorizes investment in stocks, investment grade corporate bonds rated A or better by Standard & Poor's Corporation or Moody's Bond Ratings, commercial paper rated A 1 by Standard & Poor's Corporation and P 1 by Moody's Bond Ratings, and investment grade international equities (limited to 10% of the fund portfolio for the Employees' and Police Officers' Funds,5% of the fund portfolio for the Fire Fighters' Fund). The state statutes permit the City to enter into reverse repurchase agreements, that is, a sale of securities with a simultaneous agreement to repurchase them in the future at the same price plus a contract rate of interest. The securities lending program contract functions as a reverse repurchase agreement; however, the securities loaned by the City are colliteralized by securities that cannot be pledged or sold and no funds are obtained from the broker or dealer for rsinvestment. Under the City's program, for an agreed-upon fee, City-owned investments in obligations of the U.S. govgrnment and its agencies totaling $556,885,794 at September 30,1994, were in the possession of a borrowing financial instrtution. The lending agreement requires that the borrowing institution place and maintain securities with a total market value of at least 102% of loaned City securities in a third party account in favor of the City, Under the agreement, the borrowed securities are ultimately returned to the City. The pension trust funds also participate in a securities lending program. As of December 31,1993, pension-owned invest-i msnts of $100,095,592 in obligations of the U.S. government and its agencies, $10,209,849 in corporate bonds, j $16,449,846 in corporate stocks, and $1,625,788 in international equity securities were in possession of a bonowing financialinstitution. The lending agreement requires securities on loan be collateralized by cash and/or securities with a total market value of at least 102% of loaned fund securities. (For global securities pledged as collateral, total market value shall ' not be less than 105%.) Both City and pension trust funds investments on loan under the terms of such agreements are excluded from the categorization shown below. The City's investments (with exceptions noted above) are categorized below to give an indication of the level of risk j (Category 1-lowest level of risk to Category 3-highest level of risk) assumed by the City at year end. Category 1 includes invsstments that are insured or registered or for which the securities are held by the City's agent in the City's name. Category 2 includes uninsured and unregistered investments for which the securities are held by the counterparty's trust , department or agent in the City's name, Category 3 includes uninsured and unregistered investments for which the securities are held by the broker or dealer, or by the City's trust department or agent, but not in the City's name. Category Carrying 1 2 3 Amount lDyestments Repurchase agreements $ 25,000,000 -- -- 25,000,000 Obligations of the U.S. government and its agencies 209,920,455 - -- 209,920,455 Corporate bonds 105,555,012 -- -- 105,555,012 Corporate stocks 301,056,093 - -- 301,056,093 Commercial paper 16,898,437 -- -- 16,898,437 International equity securities 29,342,467 - -- 29,342,467 687,772,464 -- -- 687,772,464 Investments held bv trustee Obligations of the U.S. government and its agencies 17,399.844 -- -- 17,399,844 Total (1) $ 705.172.308 -- -- 705.172.308 (1) Excludes securities on loan of $683.641,081, investments in pools managed by other governments of $796,758, and international mutual funds of $5,048.508. 33
NOTES TO COMBINED FINANCIAL STATEMENTS CITY Oi: AUSTIN, TEXAS September 30,1994 (Continued) 6-INVESTMENTS AND DEPOSITS, continued investments owned by the various funds of the City at September 30,1994, are as follows: Carrying Market Unreallaed Description Yields Amount Value Gain (Loss) NON POOLED INVESTMENTS - Repurchase agreements 4.90 % $ 15,000,000 15,000,000 -- Obligations of the U.S. government and its agencies 4.59% -13,10 % 274,725,460 271,732,461 (2,992,999) Texas Local Government investment Pool 3.73 % 745,936 745,936 -- Total non-pouled investments 290,471,396 287,478,397 (2,992,999) POOLED INVESTMENTS Repurchase agreements 4.83 % 10,000,000 10,000,000 -- Obligations of the U.S. government and its agencies 4.41 % - 5.53 % 369,810,478 364,747,851 (5,062,627) Commercial paper 4.85 % 14,500,000 14,500,000 --
. Texas Local Government investment Pool 4.41 % 50,822 50,822 --
Total pooled investments 394,361,300 389,298,673 (5.062,627) PENSION FUNDS (1) Obligations of the U.S. government and its agencies 1.")9,765,747 244,894,317 5,128,570 l Corporate bonds 115,764,861 118,030,770 2,265,909 Corporate stocks 317,505,939 426,036,949 108,531,010 Commercial paper 2,398,437 2 d98,437 -- FHA & VA insured real estate mortgages 590,684 661,172 70,488 Real estate partnership interest 5,000,000 5,012,594 12,594 Intemationalinvestments 34,393,975 42,765,414 8,374,439 Short-term investment funds 50,489,346 50,498,649 9,303 Total pension func.2 765,905,989 890.298,302 124,392,313 TOTAL ALL INVESTMENTS $ 1,450,738.685 1,567,075,372 116.336,687 (1) Amounts shown represent investments owned by the Pension Funds as of December 31,1993. Assets of the City's employee deferred compensation plan totaling $63,136,111 at September 30,1994, consist of mutual funds hcid by the plan trustee, DEPOSITS The September 30,1994, carrying amount of deposits is as follows: Cash Unrestricted $ 1,449,729 Cash held by trustee Unrestricted 135,318 Restricted 4,141,875 Pooled cash (6.492,887)
$ (765.965)
All bank balances were either insured or collateralized with securities held by M City or by its agent in the City's name, with the exception of three separate days during the year in which deposits exceeAJ tne collateral pledged. These instances were the r3sult of rising volumes of liquidity trades which accelerated the possibility of failed trades. Collateral coverage was increased by $10 million to avoid insufficient depository collateral coverage in the future. 34
i NOTES TO COMBINED FINANCIAL STATEMENTS CITY OF AUSTIN, TEXAS - September 30,1994 (Continued) + 7 - PROPERTY TAXES i The City's property tax is levied each October 1 on the assessed value listed as of January 1 for all real and personal property located in the City. The adjusted assessed value for the roll as of January 1,1993, upon which the 1994 levy was based, was $18,237,532,094. 2 Taxis are due by January 31 following the October 1 levy date. During the year ended Septeraber 30,1994,98.76% of the curr:nt tax levy (October 1,1993) was collected. The statutory lien date is January 1. t The methocs of property assessment and tax coilection are determined by Texas statute. The statutes provide for a property tax code, county-wide appraisal districts, a State property tax board, and certain exemptions from taxation, such as intangible personal property, household goods, and family-owned automobiles. Th] appraisal of property within the City is the responsibility of the Travis Central Appraisal District. The appraisal district is required under the Property Tax Code to assess all property within the appraisal district on the basis of 100% of its appraised value and is prohibited from applying any assessment ratios. The value of property within the appraisal district must be reviewed every five years; however, the City may require more frequent reviews of appraised values at its own s cxpense. The Travis Central Appraisal District has chocen to review the value of property every two years. The City may challenge appraised values established by the appraisal district through various appeals and, if necessary, legal action. . Th] City S authorized to set tax rates on property within the City limits. However, if the effective tax rate, excluding tax rates ' for bonds, certificates of obligation, and other contractual obligations, and adjusted for new improvements and revaluation, ' cxceeds the rate for the previous year by more than 8%, qualified voters of the City may petition for an election to determine s whether to limit the tax rate increase to no more than 8%. Through a contractual arrangement, T ravis County bills and collec's property taxes for the City, as well as for several other j gov rnmental entities. The City is permitted by Article 11, Section 5 of the State of Texas Constitution to levy taxes up to ']
$2.50 per $100 of assessed valuation for general govemmental services, including the payment of principal and interest on I general obligation long-term debt. Under the City Charter, a limit on taxes levied for general governmental services, t cxclusive of payments of principal and interest on general obligation long-term debt, has been established at $1.00 per $100 cssessed valuation. A practical limitation on tues levied for debt service of $1.50 per $100 of assessed valuation is e
cstablished by referring to the State Statute and City Charter limitations. The tax rate to finance general governmental purposes, other than the payment of principal and interest on general obligation long-term debt, for the year ended September 30,1994, was $.3462 per $100 assessed valuation. The City has a 1 x margin for general governmental purposes of $.6538 per $100 assessed valuation, and could levy approximately
$119,236,985 in additional taxes from the assessed valuation of $18.237,532,094 before the legislative limit is reached.
T e, 35
1 N0 fLS TO COMBINED FINANCIAL STATEMENTS CITY OF AUSTIN, TEXAS September 30,1994 (Continued) 8-FIXED ASSETS Components of the City's fixed assets, (excluding Pension Fund net fixed assets of $664,905), at September 30,1994, are o summarized as follows (in thousands of dollars): Water & Solid Weste Convention Other internal General Electric Wasteweter Hoepital Services Airport Center ~ Enterprios Service Flued Fund Fund Fund Fund Fund Fund Funds Funde Assets Total 29,770 40,860 760 10,023 1,547 12.183 394 485 133,948 229,970 Land andland nghts $ 505.367 946,339 71,567 629 64,350 78,100 3,171 3,563 121,940 1,795,026 Bulk 9ngs and improwsments Mactunary andequipment 1,505,658 246,908 49,482 11,024 4.155 2,068 2,865 28l723 58,308 1,909,191 80.075 60 338 - 1.022 18.070 4.460 791 9.283 - 182.039 Completed assets not classified 2,120.87o 1,302.445 121,809 22,698 PS.122 96.811 7,221 42,054 314,196 4,116,226 Total plant h servka Less meumulated depreciation (616.810) (308.554) (43 559) (11.855) (29.964) (9.625) (3 213) (26,933) - (1.050.513) Net property, plant, and equipment 10 843 58.158 87.188 4.000 15 121 314.196 3.065.71., in service 1.504.060 993.891 78.250 127,887 207,333 2,179 6,526 23,066 1,269 10.014 599 83,107 461,980 Constructson in progret,a 47,739 - - - - - - 47,739 Nuclear fuel, ret of amortization - - 31.914 - - - - - - - - 31.914 Piant told for future use 1,201.224 80.429 17.369 81.224 88.455 14.022 15.720 397,303 3.607.346 Total property, plant, and equipment s 1,711.600 The following table summarizes the changes in components of the General Fixed Assets Account Group for the year ended l September 30,1994: Improvements Machinery Other Than and Construction Land Buildings Buildings Equipment in Progress Total
$ 107.269,038 83.128,079 30,594,787 55,572.350 80,856,762 357,421,016 Balance, September 30,1993
- -- - -- 38.517,305 38,517.305 Additions
- - - (2,484.177) (79,901) (2,564,078)
Retirements Completed construction 26,678,938 3,265,976 2,311,984 4,928,590 (37,185,488) -
- 811.404 1,827.844 291.043 997.969 3.928260 Transfers from (to) other funds Balance, September 30,1994 $ 133.947,976 87.205.459 34.734.615 58.307.806 83.106.647 397.302.503 The City does not capitalize public domain general fixed assets. This accounting policy affects only the General Fixed Asset Account Group. During 1994, the City did not capitalize completed infrastructure assets amounting to $23,968,514.
Construction in progress includes various capitai projects that are funded primarily by general obligation and revenue bonds. The General Fixed Asset Account Group includes as construction-in-progress certain completed capital projects in service at September 30,1994, which have not been unitized or capitalized pending classification to the proper fixed asset in-service categories. In all other funds, completed construction unclassified is included in property, plant and equipment. The City anticipates the need for numerous additional utility-related projects over the next several years. However, the City has no formal commitments to projects other than those currently under construction. Estimated unfunded future expenditures for capital projects will be funded from operations, issuance of additional general obligation or revenue bonds, er from alternative methods of financing. I. 4 I
NOTES TO COMBINED FINANCIAL STATEMENTS CITY OF AUSTIN, TEXAS September 30,1994 (Continued) ;
- 9 - RETIREMENT PLANS c - General The City participate; in funding three contributory, defined benefit retirement plans
- City of Austin Employees' Retirement crid Pension Fund, City of Austin Police Officers' Retirement and Pension Fund, and Fire Fighters' Relief and Retirement t Fund of Austin, Texas. These plans are City-wide single employer funded plans that cover substantially all full-time cmployees, Membership of the plans and payroll (in thousands of dollars) at December 31,1993,is as follows: ,
Total City Police Fire (Memorandum Employees Officers Fighters Only) , Retirees and beneficiaries currently receiving benefits and terminated
, errpioyees entitled to benefits but not yet receiving them 1,906 104 233 2243 Current errpioyees Vested 4,213 423 368 5,004 Nonvested 3,548 487 389 4,424 9,667 1 o14 99o 11,671 Totalpayroll for the year ended December 31,1993 $ 282,197 35,642 31,918 349,757 i
Payroll for errpioyees covered by the plan for the year ended December 31, 1993 $ 235,227 32,535 29,018 296,780 , City cnd employee contributions are governed by State law. The City's total retirement plan expense for the year ended September 30,1994, was approximately $24,949,000. Contributions and contribution requirements to the plans for the yxt cnded September 30,1994, and net assets available for benefits at December 31,1993, are as follows (in thousands): i Total l City Police Fire (Memorandum . Employees Officers Fighters Only) ) Contributions for the year ended September 30,1994 City $ 16,625 4,125 4,199 24,949 Employees 16,625 3.094 4,094 23.813 Totalcontrbutons 33250 7219 8293 48,762 Contrbution requirements for the year ended September 30,1994 Unfunded actuarial accrued liabihty - 1,613 26 1,639 l Normalcosts 33,250 5,606 8267 47,123
$ 33,250 7219 8.293 48,762 l l
Contribution requirements for the year ended ~ September 30,1994, as a percent of covered payroll j City 7.07 % 12.68 % 14.47% 8.41 % Employee 7.07% 9.51 % 14.11 % 8.02 % Total 14.14 % 22.19% 28.58 % 16.43 % , 1 Net assets available for benefits at ) December 31,1993 $ 529,137 89238 153,675 772,050 l 37 i i i
CITY OF AUSTIN, TEXAS
' NOTES TO COMBINED FINANCIAL STATEMENTS September 30,1994 (Continued) 9 - RETIREMENT PLANS, continued b - Contribution Method and Benefits The following is a summary of contribution methods and benefits.
City of Austin City of Auelin Employees' Police Officers' Retirement and Retirement and Fire Fighters' Relief Penelon Fund Pension Fund and Retirement Fund Authority establishing State Legislation . Statef.egislation State Legislation contibutions obligation Biweeldy Biweeldy Frequency of contrbution Beweeldy Employee's contribution 9.0% (1) 13.70*4 (percent of eamings) 7.0% City's contrbution 12.0% 14.05 % (percent of eamings) 7.0*4 (2) 5 years 10 years toyears Period required to vest Eligibility for distribution of Age 55 with 20 years of creditable Age 55 with 20 years of creditable Age 52 with at least 10 years of service, or creditable service, and 10 years of
' retirement benefits to member servico, or contributions, or or beneficiary Age 62, regardless of number of Age 50 with 25 years of creditable Age 50 with 25 years of creditable service years, or service, or service,or 25 years of creditable service, Age 62, regardless of number of 27 years of creditable service, regardless of age. service years, or regardless of age.
30 years of creditable service, regardless of age. Increases in benefits Denefits may be increased annually Benefits may be increased annually Benefits may be increased amualty ' by the amount of increase in the based on the Consumer Price barned on the amount of increase in Consumer Price Index, up to 6% Index, the actuarial experience of the Consumer PriceIndex. the Fund, the investment experience of the Fund, and prior cost of living increases, up to 6% increases must be approved by the Increases must be approved by the Increases must be approved by the Board and actuaries of the Fund. Board and actuaries of the Fund. Board and actuaries of the Fund. 1993 - 6 % 1993 6% 1993 3.2% 1992 3% 1992- 6 % 1992 2.9% Terms of benefits For all three funds, terms of benefits are deterrrmw! by certain elections made by the member, the member's level of eamings, and length of service. Benefits are distrbuted in equal rnonthly instafIments over a period of time, or in a lurip sum in the event of death. Distrbutions are also available in the event of total and permanent disability. (1) Effective October 1993, participant officers' contribution rate changed from 6% to 9% (2) The City contrbutes two-thirds of the cost of prior service benefit payments. 38
N2TES TO COMBINED FINANCIAL STATEMENTS CITY OF AUSTIN, TEXAS
- September 30,1994 (Continued) 9 - RETIREMENT PLANS, continued o - Actuarial Present Value of Veeted Benefits Whil] the contribution requirements are not actuarially determined, state law requires that each plan of benefits adopted be approved by a qualified actuary. The actuary certifies that the contribution commitment by the participants and the City provides an adequate financing arrangement. Using the entry age actuarial cost method, the normal cost is determined as a percentage of payroll. The excess of the total contribution rate over the normal cost rate is used to amortize the unfunded -
cctu: rial accrued liability, if any exists, over the number of years needed to amortize the unfunded actuarial accrued liability. Contribution requirements nave been made in accordance with this method for all years for which trend information is shown. The amortization periods for the Police Officers' Fund and Firefighters' Fund are approximately 5.6 years and 14.6 ye:rs, respectively. The Employees' Fund is fully funded. Calculations of the actuarially computed value of vested benefits wer7 made by actuaries for all funds as of December 31,1993. The following actuarial cost method and significant assumptions underlying the actuarial calculation were used in the , d;t:rmination of the required plan funding level. Significant actuarial assumptions used to compute contribution requirements are substantially the same as those used to compute the standardized measure of the pension benefit cbligation. City Employees Police Officers Fire Fighters Actuarial Cost Method Entry Age Actuarial Cost Entry Age Actuarial Cost Entry Age Actuarial Cost Method Method Method ' Assumed Rate of , R; turn on investments 8% 8% 8% Hetiriment Age Dependent on entry age and Dependent on entry age and Dependent on entry age and length of service length of service length of service Ass;t Valuation Basis The actuarial value of assets is Amortized costs for bonds Smoothed Market Value the book value for bonds and and other fixed income other fixed income securities, securities, average of market the average of market value value and orijinal cost for and book value for international securities and l International equities, and an real estate, and adjusted adjusted market value for market value for corporate corporate common stocks. common stocks Other significant assumptions used for all pension funds are the assumed employee turnover, salary increases and mortality tit s, which are based on published statistical data. The cmount shown below as the " pension benefit obligation" is a standardized measure of the present value of pension benefits estimated to be payable in the future as a result of employee service to date. These benefits have been adjusted for the effects of projected salary increases. The pension benefit obligation is the actuarial present value of credited projected benefits and is intended to help users tsy;ss the system's funding status on a going-concern basis, assess progress made in accumulating sufficient assets to l l pry benefits when due, and make comparisons among public employee retirement systems. This measure is independent of the actuarial funding method used to perform the actuarial valuation. i "s: 39
CITY OF AUSTIN, TEXAS NOTES TO COMBINED FINANCIAL STATEMENTS September 30,1994 (Continued) J l 9 - RETIREMENT PLANS, continued J The pension benefit obligation is based on actuarial valuations as of December 31,1993, and the plan in effect on December 31,1993. Significant actuarial assumptions used include: City Police Fire Employees Officers Fighters Rate of return on the investment of present and future assets 8.00% 8.00% 8.00 % (compounded annually) 6.50 % 5.00 % 5.50 % Average projected salary increases, attributable to inflation (compounded annually) 1.50 % 1.70 % 1.50 % Additional projected salary increases, attributable to merit, promotion, andlongevity 6.00% effective 6.00% effective 5.00% effective Post retirsment benefit increases January 1,1995 January 1,1995 January 1,1994 and 6% effective and 5% each January 1,1996 January thereafter through 1998 Pension benefit obligation as of December 31,1993,is as foffows (in thousands): Total City Police Fire (Memorandum Employees Officers Fighters Only) Retirees and beneficiaries currently receiving benefits and
$ 164,870 25,540 70,865 261,275 terminated employees not yet receiving benefits Current employees:
127.103 23,995 45,678 196,776 Accumulated employee contnbutions 140,848 45,617 55,259 241,724 Employer financed vested 21,895 6,301 10,284 38,400 Employer-financed nonvested 454,716 101,453 182,086 738,255 Total pension benefit obligation 529,137 89,238 153,675 772,050 Not assets available for benefits (at book value) S (74,421) 12.215 28,411 (33,795) Unf unded (assets in excess of) pension benefit obligation S 606,556 101,266 189,364 897,186 Net assets available for benefits (at market value) f 40
y NOTES TO COMBINED FINANCIAL STATEMENTS CITY OF AUSTIN, TEXAS September 30,1994 (Continued) 9 - RETIREMENT PLANS, continued d-Changes Related to Actuarial Assumptions City of Austin Employees' City of Austin Police Officers' Fire Fighters' Relief Retirement and Pension Fund Retirement and Pension Fund and Retirement Fund 1993
- 1. A 6% post-retirement benefit 1. The salary increase assumption 1. The mortality assumption for herease was projected for has been changed from 5.5% per females was updated from UP 1994
' January 1,1995. year in addition to merit, Mortality with 7 year setback to promotion, and longevity to 5.0% Group Annuity 1983 female per year. mortality.
- 2. The annual payroll growth 2. Growth in payroll no longer
, assumption has changed from assumes a 1% growth in 7.0% to 5.0% per year. membership annually.
- 3. Service retirement incidence rates have been increased to reflect unfavorable retirement rate experience in 1992 and 1993,
, when officers were retiring 4 somewhat earlier on the average (age 54.5) than expected based on previous assumed rates of retirement (age 55.0).
- 4. The rates of withdrawal were reduced to give partial recognition to the lower-than-expected turnover in the past 4 years (1990-1993).
1992
- 1. A 4% post-retirement benefit 1. A rate of return on the investment 1. Anticipated cost-of-living increases increase was projected for of present and future assets equal are 3.2% for 1993 and 5% through January 1,1994. to 8.0% per year compounded 1996.
annually, previously 8.5%.
- 2. Projected salaryincreases of 5.5% 2. Beginning in 1993, a $1,000 per per year compounded annually, month minimum current service attributable to inflation, previously retiree and spouse benefit is 6.5%. assumed, previously $850.
- 3. Post-retirement benefit increases increased to 6% from 4% effective January 1,1993.
41
CITY OF AUSTIN, TEXAS NOTES TO COMBINED FINANCIAL STATEMENTS September 30,1994 (Continued) 9 - RETIREMENT PLANS, continued e - Changes in Plan Provisions City of Austin Police Officers' Fire Fighters' Relief City of Austin Employees' Retirement and Pension Fund and Retirement Fund Retirement and Pension Fund 1993
- 1. The contribution rate by the police 1. A 3.2% cost-of-living increase was
- 1. A 6% cost of-living increase was officers was increased in October approved effective January 1,1993, -
approved effective January 1, followed by a 2.8% cost-of-living 1993. 1993 from 6% to 9%. increase effective January 1,1994,
- 2. The normal retirement age was
- 2. Retirement eligibility requirements reduced from 53 to 52 years of age were reduced from 30 years of creditable service to 25 years of with ten years of service or upon creditable service, regardless of completion of 27 years of service regardless of age, down from 28 ago.
years of service.
- 3. The reduced early retirement requirements were changed from age 50 with 25 years of service to age 50 or 25 years of service.
- 4. The survivor (spousal) benefit is changed to a flat 75% of retiree benefits.
- 5. Contribution refunds are paid with 5% interest.
1992
- 1. A 3% cost-of-living increase was 1. A 6% cost-of-living increase we. 1. A 2.9% cost-of-living increase approved effective January 1, approved effective January 1,1992, approved effective January 1, 1992. 1992.
- 2. The minimum monthly benefit for current annuitants was increased from $650 to $1,000.
42
NOTES TO COMBINED FINANCIAL, STATEMENTS CITY OF AUSTIN, TEXAS September 30,1994 (Continued) 9 - RE11REMENT PLANS, continued f - Federalincome Taxes ,
. The pension funds are public employees' pension plans and are exempt from Federal income taxes and the provisions of the Employee Retirement income Security Act of 1974. l g - Plan Administration Costs Plan administration costs include audit fees and actuarial fees (valuations performed in afternating years). Each pension fund b responsible for all administrative costs.
h - Historical Trend Information Unaudited historical trend information required by GASB Statement No 5 (implemented in 1987), designed to provide details regarding the Fund's progress in accumulating assets to pay benefits when due and to summarize operating reaults, i is presented in separately issued retirement fund financial statements. Analysis of funding progress for the plans at December 31 is as follows (in thousands): Unfunded (Assets in ; Unfunded excess of) r (Assets in Benefit Employer excess of) Obligation Contribution Not Assets Pension Pension Annual as a Percent as a Percent Available for Benefit Percentage Benefit Employer Covered of Covered of Covered : Benefits ' Obligation Funded Obligation Contribution Payroll Payroll Payroll l City Employees 1993 529,137 454,716 116.4 % (74,421) 15,645 235,227 (31.6%) 6.7% 1992 457,454 389,226 117.5 % (68,228) 14,266 203,802 (33.5%) 7.0% 1991 414,570 353,628 117.2 % (60,942) 12,660 180,853 (33.7%) 7.0% 1990 365,319 317,848 114.9 % (47.471) 11,425 163,216 (29.1%) 7.0% 1989 329,325 279,636 117.8 % (49,689) 10,598 151,400 (32.8%) 7.0% 1988 297,846 259,914 114.6 % (37,933) 11,246 175,720 (21.6%) 6.4% , 1 l Pos.ce Officers 1993 89,238 101,453 88.0 % 12,215 3,904 32,535 37.5 % 12.0 % ! 75,680 89,275 84.8 % 3,555 29,621 45.9 % 12.0 % ) 1992 13.595 1991 71,223 76,159 93.5 % 4,936 3,361 28,006 17.6% 12.0 % 1990 62,269 68,854 90.4 % 6,584 3,146 26,219 25.1 % 12.0 % 1989 55,226 60,566 91.2 % 5,340 2.915 24,291 22.0 % 12.0 % 1988 47,558 53,442 89.0 % 5,884 3,004 25,032 23.5 % 12.0% Fira Fighters 1993 153,675 182,086 84.4 % 28,411 4,071 29,018 97.9 % 14.0 % 1992 125,346 159,671 78.5 % 34,325 3,906 28,731 119.5 % 13.6 % ) 1991 110,350 141,527 78.0 % 31,177 3,735 26,595 117.2 % 14.0 % ; 1990 97,233 124,997 77.8 % 27,764 3,568 25,395 109.3 % 14.0% l
^
1989 82,847 112,391 73.7 % 29,544 3,370 24,034 122.9 % 14.0 %
'1988 73,711 98,989 74.5 % 25,279 3,379 24,053 105.1 % 14.0 %
l- Subsequest Events Effective October 1994, the employer contribution rate for the Police Officers' and the Fire Fighters' Pension Funds ) increased 2%, to 14% and 16.05%, respectively, j
'43
CITY OF AUSTIN, TEXAS NOTES TO COMBINED FINANCIAL STATEMENTS September 30,1994 (Continued) 10 - AIRPORT FUND RENTAL REVENUE The City has entered into certain lease agreements as lessor for concessions at the Airport. These lease agreements qualify as operating leases for accounting purposes. Airport Fund 1994 revenues included minimum concession guarantees of $7,743,180. The following is a schedule by year of minimum future rentals on noncancelatie operating leases as of September 30,1994: Fiscal Year Ended Airport September 30 Fund 1995 $ 6,429,307 1996 6,466,782 1997 6,388,657 1998 5,423,198 1999 148,971 S 24,856.919 11 - GENERAL LONG TERM DEBT a - General Obligation Debt - Capital Projects Funding Capital projects funds are used to account for the acquisition and construction of general fixed assets. Capital projects are funded prirnarily by the issuance of general obligation debt, other tax supported debt, interest income and intergovernmental revenues. General obligation debt is collateralized by the full faith and credit of the City and is reported as an obligation of the General Long-Term Debt Account Group (GLTDAG), except as described below. The City intends to retire its general obligation debt, plus interest, from future ad valorem tax levies, and is required by ordinance to create from such tax revenues a sinking fund sufficient to pay the current interest due thereon and each installment of principal as it becomes due. General obligation debt sold to fund fixed assets of proprietary funds is reported as an obligation of these proprietary funds, although they are not obligated by the applicable bond indentures to repay any portion of principal and interest on outstanding general obligation debt. However, the City intends for the proprietary funds to meet the debt service requirements. As described in Note 7, State Statute and the City Charter establish a practical limitation of $1,50 per $100 of assessed valuation on the debt service tax rate levied to service general obligation debt, including interest. The tax rate to finance the payment of principal and interest on general obligMion long-term debt for the year ended September 30,1994, was $.2763 per $100 assessed valuation. At September 30,1994, allowable taxes related to debt service (assuming the rate of $1.50 per $100 assessed valuation) are approximately $273,562,981, providing potential additional taxes for debt service o'
$223,172,680 from the assessed valuation of $18,237,532,094.
There are a number of limitations and restrictions contairrd in the various general obligation bond indentures. The City is in compliance with alllimitations and restrictions. 44
l l 1 1 CITY OF AUSTIN, TEXAS j NOTES TO COMBINED FINANCIAL STATCMENTS September 30,1994 (Continued) 11 - GENERAL LONG-TERM DEBT, continued l The following table summarizes significant facts about general obligation bonds, certificates of obligation, and contractual i 1 obligations outstanding at September 30,1994,incluuing those reported in certain enterprise funds: Interest Rates j Amount Aggregate Interest Of Debt ) l Outstanding at Requirements at Outstanding at September 30, September 30, Maturity Dates ! September 30, Date issued Originellesue 1994 1994 1994 Of Serial Debt 5 5 5 % October,1985 229.048,455 32.953,455 (2) 59.241,545 (1) 0.00 9/1/1995-2000 Series 1985A Series 1986 July,1986 100,000,000 12,175,000 1,866,900 (1) 7.20 7.60 9/1/1995-1997 i l Series 1986A August,1986 14,710,000 2,425.000 360,875 (1) 7.10 7.30 9/1/1995 1997 Series 1987 July,1987 53,000,000 5,975,000 1.000,550 (1) 6.30 8.50 9/1/1995-1997 l Series 1988 September,1988 24.860,000 2.935,000 423,660 (1) 6.90 7.10 9/1/1995-1997 October,1989 24,995.000 5,375.000 1,656,750 (1) 7.00 10.00 9/1/1995-2000 Series 1989 122,368.632 55,993.632 (3) 33.728,621 (1) 6.00- 7.00 9/1/1995-2005 Series 1990A&B January,1990 Series 19900 November,1990 25,000,000 7,100.000 2,169,550 (1) 6.50 9.50 9/1/1995-2001 Senea 1991 April,1991 3,000.000 2.075,000 322,325 6 5.60 - 6 00 11/t/1994-1998 November,1991 25,000,000 24,500,00C 18,068,250 (1) 5.86 - 8.88 9/1/1995 2011 , Series 1991 A Series 1991B Novernber,1991 2,900,000 2,180.000 307,280 (4) 5.00 740 11/1/1994-1998 Series 1992 May,1992 114,856.765 113.881,765 (5) 60,842,938 (1) 4 75- 6.25 9/1/1995 2008 October,1992 52,490.000 52,490.000 38,306,550 (1) 4.25 7.25 9/1/1995 2012 Series 1992
- Series 1992 October,1992 5,405.000 5.250,000 3.522,538 (1) 5.25 8.25 9/1/1995 2012 October,1992 4,195,000 3.650,000 568.300 (4) 4.60 7.25 11/1/1994-1999 Senes 1992 71,600,000 69.055,000 41,644.393 (1) 4.00 - 5.75 9/1/1995 2009 (
Series 1993 February,1993 Series 1993 October.1993 25,000,000 25,000.000 14.016,450 (1) 4.13- 7.00 9/1/1996-2013 l October,1993 6,435.000 6.435.000 3.608,391 (1) 4.13 - 7.00 9/1/1996 2013 l Series 1993 Series 1993 October,1993 8.820,000 8,035.000 735,178 (4) 3.00 4.38 11/1/1994-1998 i Series 1993A October,1993 70,230,000 68,635,000 30.952.280 (1) 3.15 5.00 9/1/1995 2010 l (1) Interest is paid semiannually on March 1 and September 1. (2) Represents capital appreclation bonds. l (3) includes $14,158.632 of capital appreciation bonds, which have interest payable at rnaturity from 9/1/1997 2000. (4) Interest is pad semiannually on May 1 and November 1. (5) includes $13,281,765 of capital appreciation bonds, which have interest payable at rnaturity from 9/1/19971999. In October 1993, the City issued Public improvement Bonds, Series 1993, in the amount of $25,000,000. Of the proceeds j from the issue, $81,000 will be used for parks and recreation construction, $1,855,000 will be used for street improvements, j
$3,342,000 will be used for drainage and flood control, $300,000 will be used for park land acquisition, $169,000 will be used ;
for park improvements, $1,272,000 will be used for fire stations, $1,250,000 will be used for police substations, $2,380,000 will be used for health, safety, and welfare renovations, $3,458,000 will be used for erosion and flood control, $4,437,000 will ] be used for street reconstruction and traffic signals, $2,814,000 will be used for parks and recreation facilities, $242,000 will ) be used for libraries, $3,000,000 will be used to acquire land for the Balcones Canyonlands Conservation Plan, and
$400,000 will be used to acquire land for the Barton Creek Greenway. These L ~1s will be amortized serially on September 1 of each year from 1996 to 2013. Certain of these bonds are callable bege September 1,2003. Interest is payable on March 1 and September 1 of each year, commencing March 1,1994. Total sturest requirements for these bonds, at rates ranging from 4.125% to 7.0%, are $15,260,084.
In October 1993, the City issued Certificates of Obligation, Series 1993, in the amount of $6,435,000. Of the proceeds from ;
! ths issue, $1,923,710 will be used for Solid Waste Services Department facilrties and $4,511,290 will be used by the Parks )
cnd Recreation Department golf d; vision. These certificates of obligation will be amortized serially September 1 of each year l from 1996 to 2013. Certail, of these obligations are callable beginning September 1,2003. Interest is payable on March 1 {
- cnd September 1 of each year, commencing Mar;h 1,1994 Total interest requirements for these obligations, at rates j ringing from 4.125% to 7.0%, are $3,928,459, 45
NOTES TO COMBINED FINANCIAL STATEMENTS CITY OF AUSTIN, TEXAS September 30,1994 (Continued) 11 - GENERAL LONG-TERM DEBT, continued In October 1993, the City issued Public Property Finance Contractual Obligations, Series 1993, in the amount of $8,820,000.
; Of the proceeds from the sale, $3,648,427 will be used for Brackenridge Hospital medical equipment, $122,721 will be used for a Law Department office automation project, $900,287 will be used for Planning Department in-car computers,
$2,482,581 will be used for Solid Waste Services Departr6 2nt carts and other equipment, and $1,665,984 will be used for Water and Wastewater Department equipment. These contractual obhgations will be amortized serially November 1 and May 1 of each year beginning on May 1,1994, and continuing through November 1,1998. The contractual obligations are
; not subject to optional redemption. Interest is payable on May 1 and November 1 of each year, commencing May 1,1994.
Total interest requirements for these contractual obligations. at rates ranging from 3.0% to 5.0%, are $955,861. In October 1993, the City issued $70,230,000 in Public Improvement Refunding Bonds, Series 1993A, with an average - interest rate of 4.38% to advance refund the followir g (together hereinafter referred to as the " refunded bonds"): 1 $3,025,000 of outstanding Assumed Water District Bonds, Series 1986, with an average interest rate of 6.55%
$7,325,000 of outstanding Public improvement Bonds, Series 1987, with an average interest rate of 6.25%
$1,230,000 of outstanding Public improvement Bonds, Series 1988, with an average interest rate of 7.30%
SR800,000 of outstanding Public Improvement Bonds, Series 1989, with an average interest rate of 7.11%
' $39,225,000 of outstanding Public improvement Bonds, Series 1990B, with an average interest rate of 6.29%
$9,000,000 of outstanding Public Improvement Bonds, Series 1990C, with an average interest rate of 6.81%
The net proceeds of $69,744,087 (at'er receipt of $393,113 in accrued interest and payment of $879,026 in underwriting fees and other issuance costs) were used to purchase U.S. govemment securities. Those securities were deposited in an irrevocable trust with an escrow agent to provide for all future debt service payments on the refunded bonds. As a result, the 1 refunded bonds are considered to be legally defeased and the liability for the refunded bonds has been removed from the General Long-Term Debt Account Group (GLTDAG). i ' The City advance refund (d the refunded bonds to reduce its total debt service payments in the current period and in future years by approximately $3.8 million and to obtain an economic gain (difference between the present values of the debt service payments on the old and new debt) of approximately $3.2 milhon.
- - A portion of the refunded bonds had funded certain capital improvements at Brackenridge Hospital, which the City reports as an enterprise fund. Amounts shown above include the portion that pertains to Brackenridge Hospital. For that portion of the refunding transaction that pertains only to the hospital, the advance refunding resulted in an accounting loss of $610,565, which will be amortized over the lik of the refunded bonds. The hospital decreased its aggregate debt service payments by approximately $234,000 in the current period and in future years, and obtained an economic gain (difference between the present values of the debt service payments on the old and new debt) of approximately $201,000.
46
~ _
NOTES TO COMBINED FINANCIAL STATEMENTS CITY OF AUSTIN, TEXAS September 30,1994 (Continued) 1 11 - GENER AL LONG-TERM DEST, continued l The following is a summary of general obligation bonds, certificates of obligation, and entractual obligation transactions of th3 City (including certain enterprise funds) for the year ended September 30,1994 (in tnousands of dollars): l GeneralObligation Bonds and Other Tax Supported Debt . General Long-Term Debt Account Group Proprietary i Balance payable- September 30,1993 $ 424,687 65,937 Refunding activity: Refunding debt issued 62,770 7,460 Outstanding debt defeased by refunding (55,890) (3.690) Balance payable subsequent to refunding 431,567 69,707 Debt issued: Drainage and flood control improvements 3,343 -- Parks and recreation construction 81 -- Parks and recreation (golf division) -- 4,511 - Street improvements 1,855 - Police Department construction 1,250 -- Fire Department construction 1,272 -- Park land acquisition 300 -- 4 Erosion and flood control 3,458 -- Parkimprovements 169 -- Health Department safety and welfare renovations 2,380 -- Street reconstruction and traffic signals 4,437 -- Parks and recreation facilities 2,814 - Library improvements 242 -- Balcones Canyonlands Conservation Plan land purchase 3,000 - 3 Barton Creek Greenwayland purchase 400- - Brackenridge Hospital medical equipment -- 3,648 Law Department equipment 123 -- Planning Department computer equipment 900 -- Water and Wastewater Department equipment -- 1,666 Solid Waste Services Department equipment and facilities - 4,406 Debt issued during the year 26,024 14,231 Debt retired during the year (28,330) (7,080) Balance payable--September 30,1994 $ 429,261 76,858 G1neral obligation bonds authorized and unissued amount to $150,710,000 at September 30,1994. 47 i
NOTES TO COMBINED FINANCIAL STATEMENTS CITY OF AUSTIN, TEXAS September 30,1994 (Continued) 11 - GENERAL LONG TERM DEBT, continued b - Other Long-Term Debt in addition to general obligation bonds, certificates of obligation, and contractual obligations, the General Long-Term Debt Account Group includes all liabilities of the City (other than those reported in the proprietary funds) which are not due in the current period. The following table summarizes the transactions for these other general long term debt items for the year ended September 30,1994: Compensated Claims Absences Balance September 30,1993 $ 6.110,301 35,757,736 increase (decrease)in accrual (86,105) (622.821) Balance September 30,1994 $ 6,024,196 35,134.915 12- ENTERPRISE FUNDS- REVENUE BONDS AND OTHER LONG-TERM DEBT a - General- Combined Utility Systems Debt The City's Electric Fund and Water and Wastewater Fund comprise the " Combined Utility Systems," which issue Combined Utikty Systems revenue bonds to fund Electric Fund and Water and Wastewater Fund capital projects. Principal and interest on these bonds are payable solely from the combined net revenues of the Electric Fund and Water and Wastewater Fund. The following table summarizes Combined Utility Systems revenue bonds and other long-term financing transactions for the year ended September 30,1994 (in thousands of dollars): Subordinate Prior Lien Lien Bonds Bonds Total Balance payable, net of discount and inclusive of premium - October 1,1993 $ 269,298 2,102,650 2,371,948 Debt issued, not of discount and inclusive of premium 3,500 -- 3,500 Debt repaid, defeased, or refunded, net of discount (31,090) (18,626) (49,716) Amortization of bond discount and premium 1,289 5.427 6,716 Balance payable, net of discount and inclusive of premium-September 30,1994 $ 242,997 2,089,451 2,332,448 The total Combined Utility Systems obligations at September 30,1994, consist of $2,146,604,883 prior lien bonds and $244,165,000 subordinate lien bonds. Aggregate interest requirements for all prior lien and subordinate lien bonds are $2,111,087,120 at September 30,1994. Revenue bonds authorized and unissued amount to $1,095,014,000 at that date. b - Revenue Bond Refunding issues - Combined Utility Systems Debt The Combined Utility Systems have refunded various issues of revenue bonds, notes, and certificates of obligation through refunding revenue bonds. Principal and interest on these refunding bonds are payable solely from the combined net revenues of the City's Electric Fund and Water and Wastewater Fund. The prior lien bonds are subordinate only to the prior lien revenue bonds outstanding at the time of issuance, while the subordinate lien bonds are subordinate to prior tien revenue bonds and to subordinate lien revenue bonds outstanding at the time of issuance. Some of these bonds are calleblo prior to maturity at the option of the City. The term bonds are subject to a mandatory redemption prior to the maturity dates as defined in tne respective official statements, 48
NOTES TO COMBINED FINANCIAL STATEMENTS CITY OF AUSTIN, TEXAS September 30,1994 (Continued) 12 - ENTERPRISE FUNDS - REVENUE BONDS AND OTHER LONG-TERM DEBT, continued i The net proceeds of each of the refunding bond issuances were used to purchase U.S. government securities. Those
; securities were deposited in an irrevocable trust with an escrow agent to provide for all future debt service. As a result, the rIfunded bonds are considered to be legally defeased and the liability for the refunded bonds has been removed. The j g.ccounting gains and losses due to the advance refunding of debt have been deferred and are being amortized over the life of the refunding bonds by the straight-line method. However, a gain or ioss on defeased bonds is recognized when funds from current operations are used. The following schedule shows all original and refunding revenue bonds outstanding at Srptember 30,1994 (in thousLnds of dollars):
Original Amount Outstanding at Series Bonds Dated issued September 30,1994 1982 Refunding March 1982 598,000 234,840 1985 March 1985 225,000 24,970 1985A November 1985 162,000 16,775 1985 Refunding October 1985 454,950 20,830
- 1986A April 1986 325,000 42,850 1986C November 1986 137,915 17,440 l 1986 Refunding March 1986 545,145 125,290 1987 May 1987 65,000 10,605 1988 September 1988 33,990 5,925 1988AB Refunding October 1988 369,901 344,746 1989 July 1989 65,800 53,770 4
1990 August 1990 6,395 5,825 1990AB Refunding February 1990 236,009 217,525 1991 Refunding March 1991 143,740 138,540 1991 A Refunding June 1991 57,080 49,315 1992 Refunding March 1992 265,806 265,806 1992A Refunding May 1992 351,706 351,706 1993 Refunding February 1993 203,166 197,101 1993A Refunding June 1993 263,410 263,410 1994 May 1994 3,500 3,500 2,390,769 in May 1994, the City received subordinate lien bond proceeds from the Texas Water Pollution Control Revolving Fund (SRF), which is administered by the Texas Water Development Board (TWDB). The proceeds of $3,500,000 from the Texas Water Development Board (SRF) Subordinate Lien Bonds, Series 1994 will be used by the City to pay for construction on the City's sewer system. The debt is payable as to both principal and interest solely from and secured by a subordinate lien on the combined revenues of the City's Electric Fund and Water and Wastewater Fund. 2 4 49
NOTES TO COMBINED FINANCIAL STATEMENTS CITY OF AUSTIN, TEXAS September 30,19M (Continued) 12 - ENTERPRISE FUNDS - REVENUE BONDS AND OTHER LONG-TERM DEBT, continued in September 1994, the City defeased $35,294,615 of Combined Utility Systems revenue bonds, with a cash payment of
$39,097,287, $39,083.662 was placed in an irrevocable escrow account that was used to purchase U.S. govemment obligations to provide for all future debt service payments on the defeased bonds. The City is legally released from the I obligation for the defeased debt. The following bonds were defeased in September 1994 (in thousands of dollars):
Series Amount 1982 Refunding 20,130 1985 410 1985A 1,425 1986 1,965 1986C 1,770 19888 Refunding 1,280 1990A Refunding 4,340 1991 A Refunding 3,975 c - Revenue Bond indenture Requirements - Combined Utility Systems Debt The City is required by bond indentures to pledge the net revenues of the Combined Utility Systems for debt service, and is required to maintain debt service funds and bond reserve funds for all outstanding revenue bonds. The debt service funds, with assets of $82,911,294 including accrued interest at September 30,1994, are restricted within the utility systems and require that the net revenues of the systems, after operating and maintenance expenses are deducted, be irrevocably pledged by providing equal monthly installments that will accumulate to the semiannual principal and interest requirements as they become due. The bond reserve fund for revenue bond retirement, with assets of $165,984,971 of investments at cost at September 30, 1994, is also restricted within the utility systems. The City is required to maintain a combined reserve fund for the benefit of the holders of prior lien bonds and subordinate lien bonds, which must contain cash and investments of not less than
$85,000,000 and which shall be increased upon the issuance of any additional bonds to the greater of such amount or the average annual principal and interest requirements on all prior lien bonds and subordinate lien bonds. Additional amounts required to be deposited in the reserve fund must be funded from bond proceeds or accumulated in the reserve fund in equal monthly installments within 60 months from the date of delivery of the additional bonds. The City also covenants under the bond indentures that the custodian of the reserve fund shall be an official City depository and investment of the reserve furd shall be in direct or guaranteed obligations of the United Sta.es of America (USA), including obligations guaranteed by the USA, and certificates of deposit of any bank or trust company, the deposits of which are fully secured by a pledge or obligation of the USA or guaranteed by the USA. The revenue bond indentures also provide for a number of other limitations and restrictions. The City is in compliance with all significant limitations and restrictions contained in the revenue bond indentures. j d - Commercial Paper Notes - Combined Utility Systems Debt The City is authorized pursuant to Ordinance No. 930318 A adopted by the City Council on March 18, 1993, to issue commercial paper notes, (the " notes"), in an aggregate principal amount not to exceed $250,000,000 outstanding at any one time. Proceeds from the notes are used to provide interim financing for capital project costs for additions, improvements and extensions to the City's Water and Wastewater System and the City's Electric System; and to refinance, renew or refund maturing notes and other obligations of the systems. The notes will be in denominations of $100,000 or more and mature not more than 270 days from the date of issuance. Principal and interest on the notes are payable from the combined net revenues of the City's Electric Fund and Water and Wastewater Fund.
At September 30,1994, the Electric Fund had outstanding commercial paper notes of $88,200,000, and the Water and Wastewater had $47,000,000 of commercial paper notes outstanding. Interest rates on the Notes range from 2.8% to 3.65%, and subsaquent issues cannot exceed the maximum rate of 15% The City intends to refinance maturing commercial paper notes by issuing additional commercial paper notes or by issuing long-term debt. 50
NOTES TO COMBINED FINANCIAL STATEMENTS CITY OF AUSTIN, TEXAS September 30,1994 (Continued) 12 - ENTERPRISE FUNDS - REVENUE BONDS AND OTHER LONG TERM DEBT, continued o- Refunds Payable on Construction Contracts - Water and Wastewater Fund Rifunds payable on construction contracts of approximately $4,578,337 at September 30,1994, excluding accrued interest, r:present contractual obligations of the Water and Wastewater Fund to refund a percentage of certain construction costs incurred by developers. The contra:tc vary as to terms and conditions. Most of the contracts provide for the City to pay intsrest at 3% per annum on the unpaid balance. Generally, the Water and Wastewater Fund has agreed to pay annually to l the developers a sum equal to 75% of the amount of revenues realized (based on rates in existence at the contract date) from sales and service relating to the water and wastewater facilities constructed by these developers. Such payments are made in March of each year based upon the revenues for the previous cajeridar year; however, the total number of payments is limited, ranging primarily from 20 to 25 years, at which time the unpaid principal balance, if any, reverts to the Water and Wrstewater Fund as a contribution in aid of construction. f - Convention Center Refunding Bonds in January 1994, the City issued Hotel Occupancy Tax Revenue Refunding Bonds, Series 1993A, in the amount of
$75,955,000 and Convention Center Revenue Refunding Bonds, Series 1993B, in the amount of $6,170,000. The bonds w re used to advance refund the Hotel Occupancy Tax Revenue Bonds, Series 1999A, in the amount of $32,000,000 and the Convention Center Revenue Bonds, Series 1989B, in the amount of $36,240,000. The refunding is considered a legal dif:asance of debt. The refunding resulted in a reduction in cash flow requirements to service the debt of $8,023,250. An economic savings of $4,747,215 was recognized on this transaction. An accounting loss of $10,187,210 which will be deferred and amortized was recognized on the refunding.
- The net proceeds of the refunding bonds were used to purchase U.S. government securities, which were deposited in an irrevocable trust with an escrow agent to provide for all future debt service payments on the refunded bonds. The Series 1993A ir,terest rates range from 3.9% to 6%, and the Series 19938 interest rate is 6%. Interest is payable semiannually on November 15 and May 15 of each year, 1
l l l i l l 1 51
NOTES TO COMBINED FINANCIAL STATEMENTS CITY OF AUSTIN, TEXAS September 30,1994 (Continued) 13 - DEST SERVICE REQUIREMENTS The following is a summary of the City's debt service requirernents for all funds at September 30,1994: Combined Utility Systems Prior and Assumed Assumed Combined Fiscal Year Subordinate Contract Water District Tax and Commerclaf Utility Ended Lien Revenue Revenue improvement Revenue Paper Systems Debt September 30 Bonds Bonds (1) Bonds Bonds Notes (2) Subtotal
$ 194,309,206 10,340,789 153,633 315,424 136,162,042 341,281,094 1995 237,263,659 10,457,216 152,272 331,474 - 248,204,621 1996 1997 238,811,199 12,243,278 155,598 90,330 - 251,300,405 1998 239,267,319 12.391,126 157,400 88,470 - 251,904,315 1999 240,784.210 13.044,168 152,850 86,550 - 254,067,778 2000 244,557,750 12,424.989 121,875 94,600 - 257,199.214 239,509,878 12,718,203 149,675 92,000 - 252,469,756 2001 236,206,388 12,078,709 105,575 89,400 - 248,480,072 2002 2003 212,790,916 12,455,608 - 96,800 - 225,343,324 225,857,835 12,619,596 - 93,550 - 238,570.981 2004 2005 222,102,446 12,819,408 - 90,300 - 235,012,154 2006 216,142,364 12,873,945 - 617,050 - 229,633,359 2007 214,349,620 12,995,639 - - - 227,345,259 2008 188,312,739 13,178,614 -- - - 201,491,353 2009 176,080,546 13,315,743 - - - 189,396,289 2010 174,898,310 13,562,727 - - - 188,461,037 2011 175,021,315 315,984 - - - 175.337,299 2012 168,741,093 312,363 - - - 169,053.456 2013 164,564,228 312,450 - - - 164,876,678 2014 144,063,731 311,063 - - - 144,374,794 2015 143,315,288 - - - - 143,315,288 2016 83,051,712 - - - - 83,051,712 2017 63,934,725 - -- - - 63,934,725 2018 22,678,007 - - - - 22,678,007 2019 13.239,850 - - - - 13.239,850 2020 12,960,944 - - - - 12,960,944 2021 9,041,725 - - - - 9.041,725 Requirements at September 30,1994 S 4,501,857,(03 200,771,618 1,148,878 2,085,948 136.162,042 4,842,025.489 (1) includes principal of $124,515,000 and interest of $76,256,618.
(2) The City intends to refinance maturing commercial paper notes by issuing additional commercial paper notes or by issuing long-term debt. 52
NOTES TO COMBINED FINANCIAL STATEMENTS CITY OF AUSTIN, TEXAS September 30,1994 (Continued) Solid Waste Convention , Services Altport Center Public Prior and Property , Revenue Prior Lien Subordinate General - Finance Certificates ~ Revenue den Revenue Obligation Contractual Certificates of Otdigation Bonds Bondo Bonds Obligations of Obligation Total
. 797,677 2,205,000 4,091,294 59,777,469 3,750,613 823,192 412,726,339 798,633 2,205,000 4,091,294 58,918,637 3,783,825 1,033,756 319,035,766 801,695 2,648,095 4,091,294 59,405,425 3,817,285 1,043,568 323,107,767 ,
801,500 2,643,183 5,939,536 59,278,125 3,817,325 1,020,268 325,404,252 802,500 2.645,697 5,938,579 59,207,659 2.319,660 1,027,568 326,009,441
- 2,635,640 6,456,509 57,804,649 384,375 1,012,206 325,492,593 ~
~ 2,642,642 6,683,844 56,591,882 - 1,024.880 319,413,004
- 2,636,338 6,679,709 56,154,445 - 1,008,961 314,959,525
- 2,636,725 6,685,906 54,404.585 - 1,022,151 290,092,691
- 2,633,437 6,691,489 54,000,012 - 1,007.739 302,909,658
- 2,626,475 6,690,859 50,995,173 - 1,021,857 296,346,518
- 2,625,470 6,693,953 48,620.938 - 1,028,237 288,601,957
- 2,620,055 5,570,401 33,281,195 - 1,037,087 269,853,997 ,
-' 2,619,862 5,575,806 23,038,355 - 1,042,797 233,768,173
- 2,614,525 5,576,031 16,825,563 - 1,021,063 215,433,471
- 2,613,675 5,572.156 15,055,675 - 1,027,3a8 212,729,931
- 2,606.945 5,573,016 10,858,825 - 1,025,975 195,402,060
- a. - 2.603,967 5,577,744 6,390,713 - 1,032,063 184,657,943
- 2,594,375 5.572,991 2,157,850 - 555,175 175,757,069
- 2,587.800 5,573,372 - - - 152,535,966
- 2,583,507 ~ 5,573.247 - - - 151,472,042 l
- 2,580,763 5.576,975 - - - 91,209,450
- 2,578,830 5,574,044 - - - 72,087,599
- 2,567,343 5.573,941 - - - 30,819,291
- 2,555,933 5,575,897 - - - 21,371,680 !
- 2,553,498 5,574,272 - - - 21,088,714
- 2,529.670 - - - - 11,571,395 l
4,002,005 69,594,450 148,774,159 782,773,175 17,873.083 18,815,931 5.883.858,292 l l l l 1 i I 53 l
I CITY OF AUSTIN, TEXAS NOTES TO FINANCIAL STATEMENTS September 30,1994 (Continued) 13 - DEBT SERVICE REQUIREMENTS, continued The fonowing is a schedu8e of debt service requirements for the Combmed Utdtty Systems as of SeptemrAr 33,1994: Fiscal Year Outstanding Prior Lien Bonds Outstanding Subordinate Lien Bonds Total Ended Principal interest Total Principal interest Total Principal (1) Interest Total September 30 27247,200 123,002.105 150249,305 13,050,000 31,009.901 44,059F1 40297200 154,012,006 194.309.206 1995 $ 61270,330 120216,094 181,486,424 26,490,000 29287235 55,777235 87,760.330 149,503.329 237,263,659 1996 69275,580 116,319,876 185,595,456 26,885,000 26,330,743 53215.743 96,160,580 142,650,619 238,811,199 1997 73237,452 112,810,660 186,048,112 30225,000 22.994 207 53219207 103,462,452 135,804,867 239,267,319 1998 78,518,871 109,976,754 188.495.625 33.555,000 18,733.585 52 288.585 112.073,871 128,710,339 240,784 210 1999 75,658,940 113,626,464 189 285,404 41,505,000 13,767,346 55.272.346 117.163,940 127.393,810 244,557.750 2000 76,835,742 112270,383 189.106,125 42,430.000 7,973,753 50,403.753 119265,742 120,244,136 239,509,878 2001 87277,G56 123,329,402 210,607258 23,635,000 1,964,130 25,599,130 110,912,856 125293,532 236,206,388 2002 95,637,809 116.355,190 211,992,999 480.000 317,917 797,917 96,117,809 116,673.107 212,790,916 2003 126,888.761 98.171,186 225,059,947 505,000 292,888 797,888 127,393,761 98,464,074 225,857,835 2004 138,393,325 82,907,836 221,301,161 535,000 266 285 801,285 138,928,325 83,174,121 222.102,446 2005 74,384,802 560,000 230.097 798,097 141,519,465 74.622,899 216.142,364 m 2006 140,959.465 215.344267 6 146213,940 67,337,372 213,551,312 590,000 208,308 798,308 146,803.940 67,545,680 214.349,620 2007 120,738,981 66,772,108 187,511,089 625,000 176,650 801,650 121,363,981 66.948,758 188,312.739 2008 83,617,473 91.660,105 175277,578 660,000 142,968 802,968 84277,473 91,803,073 176,080,546 2009 67,441,541 106,654,529 *174,096,070 695,000 107,240 802240 68,136,541 106,761,769 174,898.310 2010 76,880,175 97,341,637 174 221,812 730,000 69,503 799,503 77,610,175 97,411.140 175,021,315 2011 78,392,117 90,069,591 168,461.708 235,000 44,385 279.385 78,627.117 90,113,976 168,741,093 2012 2013 106,831,488 57,455,176 164286,664 245,000 32,564 277,564 107,076.488 57,487,740 164.564 228 121,960,000 21,823,731 143,783,731 260,000 20,000 280,000 122 220,000 21,843,731 144,063,731 2014 2015 123208,885 19,829,653 143,038.538 270,000 6,750 276,750 123,478.885 19,836,403 143,315288 2016 69,392,916 13,658.796 83,051,712 - - - 69,392,916 13,658,796 83,051,712 2017 53,961,905 9,972,820 63,934,725 - - - 53,961,905 9,972,820 63.934,725 2018 14,859,131 7.818,876 22,678,007 - - - 14,859,131 7,818,876 22,678,007 2019 11.470,000 1,769,850 13239,850 - - - 11,470,000 1,769,850 13239,850 2020 11,895,000 1.065,944 12,960,944 - - - 11,895,000 1,065,944 12,960,944 2021 8,540,000 501,725 9,041,725 - - - 8.540,000 501,725 9.041,725 Requirements at September 30,1994 $ 2.146.604,883 1,957.102.665 4,103,707,548 244,165.000 153,984.455 398.149,455 2,390,769.883 2,111.087,120 4,501,857,003 (1) Principal is due annually on November 15 or May 15 according to the dates the bonds were sold, and interest is due semiannualty on November 15 and May 15. Interest rates on revenue bonds outstanding range from 2.4% to 1425%,
CITY OF AUSTIN, TEXAS NITES TO COMBINED FINANCIAL STATEMENTS ' September 30,1994 (Continued) 13 - DEST SERVICE REQUIREMENTS, continued The following schedule represents the Water and Wastewater Fund debt service requirements at September 30,1994, for cssumed Water District improvement Bonds: Fiscal Year Ended September 30 Principal Interest Total 1995 $ 109,000. 44,633 153,633 1996 113,000 39,272 152,272 1997 122,000 33,598 155,598 1998 130,000 27,400 157,400 1999 132,000 20,850 152,850 2000 107,000 14,875 121,875 2001 141,000 8,675 149,675 2002- 103,000 2,575 105,575
$ 957,000 191,878 1.148,878 The following schedule represents the Water and Wastewater Fund debt service requirements at September 30,1994, for cssumed North Central Austin Growth Corridor MUD #1 Unlimited Tax and Revenue Bonds, Series 1986 and 1987:
Fiscal Year Ended September 30 Principal Interest Total 1995 $ 220,000 95,424 315,424 1996 255,000 76,474 331,474 1997 30,000 60,330 90,330 1998 30,000 58,470 88,470 1 1999 30,000 56,550 86,550 2000 40,000 54,600 94,600 2001 40,000 52,000 92,000 2002 40,000 49,400 89,400 2003 50,000 46,800 96,800 2004 50,000 43,550 93,550 2005 50,000 40,300 90,300 ! 2006 580,000 37,050 617,050
$ 1,415,000 670,948 2,085,948 Tha following schedule represents the debt service requirements at September 30,1994, for the Solid Waste Services Fund
- Revenue Certificates of Obligation:
Fiscal Year Ended September 30 Principal Interest Total ' 1995 $ 570,000 227,677 797,677 1996 610,000 188,633 798,633 1997. 655,000 146,695 801,695 ; 1998 700,000 101,500 801,500 1999 750,000 52,500 802,500
$ 3.285,000 717,005 4,002.005 l
55 j
f NOTES TO COMBINED FINANCIAL STATEMENTS CITY OF AUSTIN, TEXAS September 30,1994 (Continued) 13 - DEBT SERVICE REQUIREMENTS, continued The following schedule represents the debt service requirernents at September 30,1994, for the Airport Fund - Prior Lien Revenue Bonds: Fiscal Year Ended September 30 Principal Interest Total 1995 5 -- 2,205,000 2,205,000 1996 -- 2,205,000 2,205,000 1997 460,000 2,188,095 2,648,095 1998 490,000 2,153,183 2,643,183 1999 530,000 2,115,697 2,645,697 2000 560,000 2,075,640 2.635,640 2001 610,000 2,032,642 2,642,642 2002 650,000 1,98F.,338 2,636,338 2003 700,000 1,936,725 2,636,725 2004 750,000 1,883,437 2,633,437 2005 800,000 1,826,475 2,626,475
- 2006 860,000 1,765,470 2,625,470 2007 920,000 1,700,055 2,620,055 2008 990,000 1,629,862 2,619,862 2009 1,060,000 1,554,525 2,614,525 2010 1,140,000 1,473,675 2,613,675 2011 1,220,000 1,386,945 2,606,945 2012 1,310,000 1,293,967 2,603,967 2013 1,400,000 1,194,375 2,594,375 2014 1,500,000 1,087,800 2,587,800 2015 1,610,0v0 973,507 2,583,507 2016 1,730,000 850,763 2,580,763 2017 1,860,000 718,830 2,578,830 2018 1,990,000 577,343 2,567,343 2019 2,130,000 425,933 2,555,933 2020 2,290,000 263,498 2,553,498 2021 2,440,000 89,670 2,529.670
$ 30,000,000 39,594,450 69,594,450 T
NOTES TO COMBINED FINANCIAL STATEMENTS CITY OF AUSTIN, TEXAS September 30,1994 (Continued) 13 - DEBT SERVICE REQUIREMENTS, continued The following is a scheduie of debt service requirements for the Convention Center Fund at September 30,1994: Fiscal Year Ended Outstanding Prior Lien Bonds Outstanding Subordinate Lien Bonds Total September 30 Principal (1) Interest Total Principal (1) Interest Total Principal Interest Total 1995 $ - 3.721,094 3,721,094 - 370,200 370,200 - 4,091294 4,091,294 1996 - 3,721.094 3,721,094 - 370200 370,200 - 4,091,294 4,091,294 1997 - 3,721,094 3.721.094 - 370200 370200 - 4,091,294 4,091 294 1998 1,885,000 3,684,336 5,569,336 - 370200 370,200 1,885,000 4,054,536 5,939,536 1999 1,960,000 3,608,379 5,568,379 - 370,200 370200 1,960,000 3,978,579 5,938.579 2000 2,040,000 3,527,359 5,567,359 535,000 354,150 889,150 2,575,000 3,881,509 6,456,509 2001 2,130,000 3,439,744 5,569,744 800,000 314,100 1,114,100 2,930,000 3,753,844 6,683,844 2002 2220,000 3,345,109 5,565,109 850,000 264,600 1,114,600 3,070,000 3,609,709 6,679,709 2003 2,325,000 3,243,956 5,568,956 905,000 211,950 1,116,950 3 230,000 3,455,906 6,685,906 m 2004 2,435,000 3,135,639 5,570,639 965,000 155,850 1,120,850 3,400,000 3,291,489 6,691,489
" 2005 2.550,000 3,019,709 5,569,709 1,025,000 96,150 1,121.150 3,575,000 3,115,859 6,690,859 2006 2,675,000 2,896 253 5.571,253 1,090,000 32,700 1,122,700 3,765,000 2,928,953 6,693.953 2007 2,805,000 2,765,401 5,570,401 - - - 2,805,000 2,765,401 5,570,401 2008 2.950,000 2,625,806 5,575,806 - - - 2,950,000 2,625,806 5,575,806 2009 3,100,000 2,476,031 5,576,031 - - - 3,100,000 2,476,031 5,576,031 2010 3 255,000 2,317,156 5.572,156 - - - 3,255,000 2,317,156 5,572,156 2011 3,425,000 2,148,016 5,573,016 - - - 3,425,000 2,148,016 5,573,016 2012 3,610,000 1,967,744 5.577,744 - - - 3,610,000 1,967,744 5,577,744 2013 3,795,000 1,777,991 5,572,991 - - - 3,795,000 1,777,991 5,572,991 2014 3,995,000 1.578,372 5,573,372 - - -
3,995,000 1,578,372 5,573,372 2015 4,205,000 1,368,247 5,573 247 - - - 4,205,000 1,368,247 5,573,247 2016 4,430,000 1,146,975 5,576,975 - - - 4,430,000 1,146,975 5,576,975 2017 4,660,000 914.044 5.574,044 - - - 4,660,000 914,044 5,574,044 2018 4,905,000 668,941 5,573,941 - - - 4,905,000 668,941 5,573,941 2019 5,165,000 410,897 5,575,897 - - - 5,165,000 410,897 5.575,897 2020 5,435,000 139,272 5.574,272 - - - 5,435,000 139272 5.574 272 Requirements at September 30,1994 $ 75,955.000 63,368,659 139,323,659 6,170,000 3 280,500 9.450,500 82,125,000 66,649.159 148,774,159 (1) Pnncipal is due annually on November 15 on the revenue bonds, and interest is due semiannually on November 15 and May 15. Interest rates on revenue bonds outstanding range from 6.5% to 825% _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ___ _ _ _ _ _ _ _ _ _ _ _ _ _ - _ _ _ _ _ _ - _ _ _ _ . ~ . _
NOTES TO COMBINED FINANCIAL STATEMENTS CITY OF AUSTIN, TEXAS _ September 30,1994 (Continued) 13 - DEST SERVICE REQUIREMENTS, continued Outstanding General Obligation Bonds of the City at September 30,1994, are as fo!Iows: Fiscal Year Ended Enterprise General Obligation Bonds General Long-Term Debt Account Group Total . September 30 Principal interest Total Principal Interest Total Principal (1) Interest Total 1995 $ 3,238,606 4,806,836 8,045,442 21,320,567 30,411,460 51,732,027 24,559,173 35,218,296 59.777.469 1996 3,035,443 4,710,606 7,746,049 21,666,790 29,505,798 51,172,588 24,702,233 34,216,404 58.918,637 1997 2,729,379 4,644,889 7,374.268 21,140,350 30.890.807 52,031,157 23,869,729 35,535,696 59,405,425 1998 2.624,905 4,637,807 7.262,712 20,163,509 31,851,904 52,015.413 22,788,414 36,489,711 59,278,125 1999 2,517,683 4,455,099 6,972,782 20.320.045 31,914,832 52,234,877 22,837,728 36,369,931 59,207,659 2000 2,741,155 3,917,779 6.658,934 23,255,420 27,890.295 51,145,715 25,996,575 31,808,074 57,804,649 2001 4,770,445 2,045,812 6,816,257 32,829,555 16,946,070 49,775,625 37,600,000 18,991,882 56,591.882 2002 4,611,905 1,752,617 6.364,522 34,698,095 15,091,828 49,789,923 39,310,000 16,844,445 56,154,445 2003 4,585,080 1,478,470 6,063,550 35,239,920 13,101,115 48,341,035 39,825,000 14,579,585 54,404,585 2004 4,580.260 1,197,651 5,777,911 37,234,740 10.993,361 48,228,101 41,815,000 12,191,012 54,006,012
$ 2005 4,052,736 924,115 4,976,851 37,187,264 8.831.058 46,018,322 41,240,000 9,755,173 50,995,173 2006 4,009,787 701,478 4,711,265 37,115.213 6,794,460 43,909.673 41,125,000 7,495,938 48,620,938 2007 2,657,630 485,796 3,143,426 25,342,370 4,795,399 30,137,769 28,000,000 5,281,195 33,281,195 2008 1,752,634 329,582 2,082,216 17,642,366 3,313,773 20,956,139 19,395,000 3,643,355 23.038,355 2009 1,317,207 231,796 1,549,003 12,942,793 2.333,767 15.276,560 14,260,000 2,565,563 16,825,563 2010 1,482,426 155,975 1,638,401 11,817,574 1,599,700 13,417,274 13,300,000 1,755,675 15,055,675 2011 1,212,640 71,243 1,283,883 8,642,360 932,582 9.574,942 9,855,000 1,003,825 10,858,825 2012 - - - 5,955,000 435,713 6.390,713 5,955,000 435,713 6,390,713 2013 - - - 2.060,000 97,850 2,157,850 2,060,000 97,850 2,157,850 Requirements at September 30,1994 $ 51,919,921 36,547,551 88,467,472 426,573,931 267,731,772 694,305,703 478,433,852 304,279,323 782,773,175 (1) Prinopalis due annualty on July 1 or September 1, according to the dates the bonds were sold, and interest is due semiannually on March 1 and September 1 or January 1 and July 1 depending e the issue, at interest rates ranging from 3.10% to 10.00%
NOTES TO COMBINED FINANCIAL STATEMENTS CITY OF AUSTIN, TEXAS September 30,1994 (Continued) 13 - DEST SERVICE REQUIREMENTS, continued Outstanding Public Property Finance Contractual Obligations at September 30, 1994, as reported in the Water and W:stewater Fund, the Hospital Fund, the Solid Waste Services Fund, the Fleet Fund, and the General Long-Term Debt Account Group are as follows: Fiscal Year Ended September 30 Principal (1) Interest Total 1995 $ 3,070,000 680,613 3,750,613 1996 3,255,000 528,825 3,783,825 1997 3,425,000 392,285 3,817,285 1998 3,575,000 242,325 3,817,325 1999 2,240,000 79,660 2,319,660 2000 375,000 9,375 384,375
$ 15,940,000 1,933,083 17,873,083 (1) Principal and interest are due semiannually on May 1 and November 1.
Interest rates range from 3.0% to 7.25% Outstanding Certificates of Obligation at September 30,1994, as reported in the Solid Waste Services Fund, the Golf Fund, cnd the General Long Term Debt Account Group are as follows: Fiscal Year Ended September 30 Principal (1) Interest Total 1995 $ 175,000 648,192 823,192 1996 400,000 633,756 1,033,756 1997 440,000 603,568 1,043,568 1998 450,000 570,268 1,020,268 1999 490,000 537,568 1,027,568 2000 505,000 507.206 1,012,206 2001 545,000 479,880 1,024,880 2002 555,000 453,961 1,008,961 . 2003 595,000 427,151 1,022,151 2004 610,000 397,739 1,007,739 2005 655,000 366,057 1,021,857 2006 695,000 333,237 1,028,237 2007 740,000 297,087 1,037,087 l 2008 785,000 257,797 1,042,797 2009 805,000 216,063 1,021,063 2010 855,000 172,388 1,027,388 2011 900,000 125,975 1,025,975 2012 955,000 77,063 1,032,063 2013 530,000 25,175 555,175
$ 11,685,000 7.130,931 18,815,931 (1) Principal is due annually on September 1, Interest is due semiannually on March 1 and September 1. Interest rates range from 4.1% to 8.2%
i
- 59
NOTES TO COMBINED FINANCIAL STATEMENTS CITY OF AUSTIN, TEXAS September 30,1994 (Continued) 14-INTERFUND RECElVABLES AND PAYABLES Interfund receivables and payables at September 30,1994, are as follows: Current Long-Term Due From DueTo Advance To Advance From Other Funds Other Funde Other Funds Other Funds BECE1YABLEE General Fund ReceNable f rom Special Revenue Funds $ 4,956,808 -- - -- Recekable from Capital Projects Funds 18,098,631 -- - Enterprios Funds Electric Fund: 12,385 - 74,310 - Receivable from Sold Waste Services Fund Receivable from Airport Fund 1,455 - 8,730 - Receivable from 0rsinage Fund 3,045 -- 18,270 -- Internal Service Funds: 13,875 - 83,250 - Receivable from Fleet Mamtenance Fund Receivable from informaton Systerns Fund 124,932 - 749,594 -- Water and Wastewater Fund: 10,225 -- 61,351 - Racekable from Sold Waste Servicea Fund Racekable from Airport Fund 1,201 - 7,207 - Receivable from Drainage Fund 2,514 -- 15,084 - Internal Serv 6ce Funds: Receivable from Fleet Mantenance Fund 11,455 - 68.731 - Receivable from informaton Systerns Fund 203,337 - 1,488,740 - Hosphal Fund. RoceIvable irom General Fund 450,000 - - - Airport Fund: Recekable from Support Services Fund 83,876 - - - PAYABLEt General Fund Paya!.le to Hospital Fund - 450,000 - - Special Revenue Funde Payable to General Fund -- 4,956,808 - - Capital Projects Funds Payable to General Fund -- 18,098,631 - - - Enterprise Funds Solid Waste Services Fund. Payable to Electric Fund -- 12,385 - 74,310 Payable to Water and Wastewater Fund - 10,225 - 61,351 Airport Fund: Payable to Electric Fund - 1,455 -- 8,730 Payable to Water and Wastewater Fund -- 1,201 -- 7,207 Drainage Fund: Payable to Electric Fund - 3,045 -- 18.270 , Payable to Water and Wastewater Fund - 2,514 -- 15,084 internal Service Funds Fleet Maintenance Fund: Payable to Electric Fund - 13,875 - 83,250 Payable to Water and Wastewater Fund - 11,455 - 68,731 Support Serv 6ces Fund: Payable to Airport Fund - 89,876 -- - Inf armaton Systems Fund: Payable to Electric Fund - 124,932 - 749,594 Payable to Water and Wastewater Fund - 203.337 -- 1.488.740
$ 23.979.739 23.979.739 2.575.267 2.575.267 60 1
' NOTES TO COMBINED FINANCIAL STATEMENTS CITY OF AUSTIN, TEXAS September 30,1994 (Continued) ' 15 -INTERFUND TRANSFERS o - Opersting Transfers i
Operating transfers between funds during the year were as follows: Operating Transfers in Operating Transfers Out Amount Enterpnse Funds: Electric Fund 5 54,886,700 General Fund Water and Wastewater Fund 13.027,676 Other Funds 25.000 67,939,376 Other Special Revenue Funde: Special Revenue Funds: HoteLMotel Occupancy Tax Fund 2,459,450 Austm Convention and Vistors Bureau Fund Environmental & Conservation Rebates and incentives Fund General Fund k975591 Enterprise Funds: Water and Wastewater Fund 241,500 Environmental Remediation Fund Solid Waste Services Fund 241,500 Drainage Fund 217,000 PARD Cutural Projects Fund Special Revenue Funds: HoteLMotel Occupancy Tax Fund 1,640,016 Voluntary Assistance Fund Other Funds 160.000 5.935,057 Captal Projects Funds: Other Funds $84.000 Debt Service Fund Capital Projects Funds: Other Funds 3,146.635 Capital Projects Funds 4 Special Revenue Funds: Disproportionate Share Fund 3.925,881' Enterprise Funds: Hospdal Fund 2,800,000 Drainage Fund 250,000 tr:temal Service Funds: intormation Systems Fund 203,000 Other Funds 505.784 10,831,300 Enterprise Funds: General Fund 5,600,000 I Hospital Fund Special Revenue Funds: Environmental Remediation Fund 700,000 Solid Waste Services Fund Other Funds 42,000 Special Revenue Funds: HoteLMotel Occupancy Tax Fund 7.377,201 Conventon Center Fund Other Funds 68,351 Parks and Recreation Funds 13.787,552 Internal Service Funds: Other Funds 160,000 Fleet Maintenance Fund Support Services Fund General Fund 9,083,006 Intormation Systems Fund General Fund 3 694,948 12,937.954 Trust and Agency Funds - Expendable Trusts: Ltbility Reserve Fund General Fund 1,500,000 Enterprise Funds: Electric Fund 1.000,000 Water and Wastewater Fund 585,000 Hospital Fund 385,000 Other Funds 208.000 Workers Compensation Fund General Fund 3,001,473 Enterprise Funds: Electric Fund 582,582 Water and Wastewater Fund 1,064,745 Solid Waste Services Fund 613,490 Hospital Fund 658,613 Transportaton Fund 340,529 Intemal Service Funds: Fleet Maintenance Fund 299,715 Utildy Customer Service Fund 283.882 Other Funds 188.555 10.711.584 S 122.726.823 61
CITY OF AUSTIN, TEXAS NOTES TO COMBINED FINANCIAL STATEMENTS
. September 30,1994 (Continued)
.15 - INTERFUND TR ANSFERS, continued
.I b - Residual Equity Transfers Residual equity transfers between funds during the year were as follows: l
- Residual Equity Residual Equity Transfers in Transfers Out GOVERNMENTAL FUNDS General Fund $ - 1,350,928 +
Special Revenue Funds: [ Other Special Revenue Funds: , Austin Convention and Visitors Bureau Fund 1,286,755' -- Federally Qualified Health Center Fund 336,283 -- PROPRIETARY FUNDS Enterprise Funds: Convention Center Fund
-- 1,286,755 y Parks and Recreation Funds 33,479 --
Intemal Service Funds: Support Services Fund 776,550 - Information Systems Fund 183,093 - Utility Customer Service Fund 21,533 ,
$ 2,637,683 2,637,683 Certain accounts relating to residual equity transfers have been restated to conform to generally accepted accounting principles, I
L 1 i 8 I'
NOTES TO COMBINED FINANCIAL STATEMENTS CITY OF AUSTIN, TEXAS September 30,1994 (Continued) 16 - SEGMENT INFORMATION a - Enterprise Fund Activities The City maintains ten enterprise funds, which provide cectric, water and wastewater,' health care, solid waste services, cirport, convention, drainage, transportation services, golf, and parks and recreation activities. Segment information for the ye:r ended September 30,1994, is as follows (in thousands of dollars): Water & Solid Waste Convention Other Total Electric Wastewater Hospital Services Airport Center Enterprise Enterprise Fund Fund Fund Fund Fund Fund Funds Funds Operating revenues S 495,610 167,196 187,964 23,655 26,330 5,225 27,225 933,205 Depreclation and amortization expense 61,373 32,192 6.207 2,140 3,643 2,299 400 108,254 Operating income 136,870 60,115 23,149 1,011 10,418 (4,969) 5,454 232,048 Operating transfers in - - 5,600 742 - 7.377 68 13,787 Operating transfers out (56,469) (14,919) (3,844) (920) (89) (18) (849) (77,108) Net income (loss) 14.477 20.660 22.053 242 10,281 (2,054) 4,990 70,669 Current assets 117,850 30,468 48,059 4,966 5,715 2,958 6,440 216,456 Current liabilities 26,834 14.308 17,541 3.127 1,551 969 2.281 66,611 Net working capnal surplus 91,016 16,160 30,518 1,839 4,164 1,989 4,159 149,845 Property, plant and equipment: Additions 89,108 42,482 3,967 6,170 11,802 546 7,588 161,663 Retirements . (1,207) (259) (11,613) (212) (49) (5) (10) (13.355) Transfers from (to) other funds (7) 6 - 41 (9) (190) (2,589) (2,748) Net property, plant and equpment 1,711,599 1,201,223 80,429 17,369 75,561 88,455 14,023 3,188,659 Total assets 2,334,620 1,481,967 142,399 31,500 145,045 106,876 37,057 4,279,464 Bond, restricted, and other long-term habild 4 1,837,513 949,994 53,887 23,637 34,981 73,461 7,875 2.981,348 Current capital contrit;utions 5,544 10,583 821 60 4,002 (1,800) 1,554 20,764 Total equity 470,273 517,664 70,971 4.737 108,512 32,447 26,901 1.231,505 b - Proprietary Fund Contributed Capital The fotbwing table summarizes activi*y in cor:tributed capital for the year ended September 30,1994: Balance Contribution Type Balance September 30, (N) From From From Other in Ald of Depreciation September 30, ~ 1993 Municipality Donors Governments Construction Taken 1994 Electric Fund $ 47,177,393 (483,017) - - 6,026,594 (2.366,879) 50,354,091 Water and Wastewater Furd 259,854,582 (491,787) - - 11,074,852 (9,673,228) 260,764,41 Hospital Fund 11,440,197 - 821,099 - - - 12261,296 Solid Waste Services Fund 1,254,593 (10,804) - 71,121 - - 1,314,910 Airport Fund 25,172,946 (8,195) - 5.011,710 - (1,001,364) 29,175,097 Convention Center Fund 23l364,b22 (1,474,510) (260,213) (65,509) - - 21,564,690 Drainage Fund 5,220,028 (7,813) - 2,324,168 - - 7,536,383 Transportation Fund $2,081 67,792 - - - - 119,873 Golf Fund 985,234 (19.061) - - -- - 966,175 Parks and Aecreation Funds 1,881,461 (6:1A851 - - - - 1,069,976 Fleet Maintenance Fund 4,922,552 1,006,853 - - - -- 5,929,405 Support Services Fund 755,448 775,877 - - - - 1,531,325 informatlon Systems Fund 2.904,408 1,678,157 - - - - 4,582,565 Utlhty Customer Service Fund 589.081 19,850 - - -- - 608,931 Total pi574,926 241,857 560,886 7,341,490 17,101,446 (13,041,471) 397,779,134 63
NOTES TO COMBINED FINANCIAL STATEMENTS CITY OF AUSTIN, TEXAS September 30,1994 (Continued) 17 - JOINT OPERATIONS The City has entered into several participating agreements on joint projects. As required by generally accepted accounting principles, such joint operations have been evaluated to determine if they fall within the definition of the reportinn entity. The following joint operations meet the criteria of an undivided interest as defined in Governmental Accounting Standards Board Statement No.14 and, accordingly, the City's share of assets, liabilities, and expenses is included in the City's financial r.tatements. a - Fayette Power Project The Fayette Power Project (the " Project", Units I and 11) is jointly owned by the City and the Lower Colorado River Authority (LCRA, Project Manager)-- each participant has an undivided interest in the Project. The Project is a pint operation of two coal-fired electric power generation units with a net capacity of 1,100 megawatts. Each participarts actual equity in the Project may vary from 50% depending on the percentage of kilowatt hours produced by the Project .and used by each. The Project is governed by a management committee whose four members are administratively appointed, two each, by the participants. As managing partner, LCRA is responsible for the operation of the Project and appoints the Project's management. However, the City has the ability to influence significantly the operation of the Project through approval of major contracts and new major expenditures by its appointees to the management committee. Each participant issued its own debt to finance its share of construction costs. The City's portion is financed through revenue bonds to be repaid by the Electric Fund. In addition, each participant has the obligation to finance its portion of any deficits that may occur. The following is a summary of financial information taken from the Project's audited financial statements, dated June 30, 1994, and 199'3, the Project's fiscal year end. These statements were not examined by the City's auditors. Amounts presented are in thousands of dollars. June 30,1994 June 30,1993 Total COA LCHA Total COA LCRA Assets S 81,807 27,968 53,839 78,888 28,972 49,916 Liabilities 15,973 -- 15,973 14,929 2,620 12,309 Equity 65,834 27,968 37,866 63,959 26,352 37,607 Revenues 1,377 569 808 2,760 1,775 985 Expenses 176,761 60,863 115,898 184,079 62,668 121,411 Net Expenses incurred $ 175,384 60,294 115,090 181,319 60,893 120,426 b - South Texas Project The South Texas Project (STP) was formed for the purpose of licensing, constructing and operating two 1250 megawatt nuclear generating units. The City was admitted to the STP in December 1973, with a 16% ownership in generating units and common facilities. The City is a tenant-in-common with Houston Lighting and Power Company (HL&P, the project man-ager), City Public Service of San Antonio (CPS), and Central Power and Light Company (CP&L). An STP management committee was formed pursuant to the participation agreement to secure effective cooperation and interchange of information and to provide consultation among the participants. Each participant appoints one primary representative and an attemate to the management committee. The project manager is responsible for the construction, op-eration, and maintenana a tha project. Each participant is responsible for its debt related to STP, with the City's portion being financed through tyr.n ae bonds, repaid by the Electric Fund (see Note 12). In addition, each participant has the obligation to finance any d',cits that may occur. The City's portion of Units 1 and 2 of the South Teras Project is classified as plant in service. Nuclear fuel includes fuelin the reactor as well as nuclear fuel in process. 64
NOTES TO COMBINED FINANCIAL STATEMENTS CITY OF AUSTIN, TEXAS
- September 30,1994 (Continued) 17- JOINT OPERATIONS, continued The following is a summary of financial information taken from the South Texas Project's unaudited financial statements dated September 30,1994. Amounts presented are in thousands of dollars.
San HL&P Antonio Central Austin Total Construction $ 136 123 111 70 440 Operations 120,409 109,463 98,516 62,550 390,938 Direct pay insurance 1,371 1,247 1,122 713 4,453 Nuclear fuel 278 253 228 145 904 Nuclear fuel disposalfees 601 492 307 273 1,673 Nuclear fuel D & D fees 516 469 422 268 1,675 Westinghouse Steam Generation litigation 2,363 2,148 1,933 1,227 7,671 Total 1994 funding S 125,674 114,195 102.639 65.246 407,754 o - South Texas Project Nuclear Decommissioning The South Texas Project (STP) is subject to regulation by the Nuclear Regulatory Commission (NRC). The NRC requires thit cach holder of a nuclear plant operating license submit information to the NRC indicating the minimum amount of funds th!.t will be required to decommission the plant and demonstrating reasonable assurance that sufficient funds are being cecumulated to provide the minimum amount at the time the plant is decommissioned. This minimum amount must be cdjusted annually in accordance with an adjustment factor as required by the NRC. The City of Austin and other STP p;rticipants have provided the required information to the NRC, and the City of Austin has established an external irr; vocable trust for decommissioning and has been collecting through its rates since 1989 sufficient amounts to provide for its share of the decommissioning costs. For fiscal year 1994, the City collected $2,658,019 for decommissioning expense. d - Municipal Utility Districts Tha City has certain contractual commitments with several mur.icipal utility districts (MUDS) for the construction of additions Cnd improvements to the City's water and wastewater system that serves the MUDS and surrounding areas. These additions end improvements are funded by the issuance of City contract revenue bonds, whose principal and interest are payable primarily from the not revenues of the Water and Wastewater Fund. The City reports the bond proceeds as " investment in municipality utility districts
- on the balance sheet of the Water and Westewater Fund. As facilities funded by the contract revenue bonds are completed, the City's investment in municipal utility districts is reduced and plant in service is increased. The City records the contract revenue bonds as a liability on the bahnce sheet of the Water and Wastewater Fund.
. o- Brushy Creek i in 1985, the City entered into a contract with the Brushy Creek Water Control and improvement District No.1, Williamson County MUD No. 2, Williamson County MUD No. 3, and the City of Round Rock to fund, construct, and operate a regional , mstwater collection and treatment system (the project) serving the upper Brushy Creek watershed in 1994, the project p;rticipants terminated the agreement. The City of Austin and the City of Round Rock are currently negotiating a new intirlocal agreement under which the project would be continued. At September 30,1994, the City of Austin owned 85% of the project and had $7.1 million of the project recorded as plant in ; sIrvice on the balance sheet of the Water and Wastewater Fund. i i I 65
1 NOTES TO COMBINED FINANCIAL STATEMENTS CITY OF AUSTIN, TEXAS September 30,1994 (Continued) 18 - LITIGATION a - Action against Houston Lighting and Power On February 22,1994, the City of Austin filed a lawsuit in State District Court in Harris County,152nd Judicial District, Cause of Action No. 94-007946, against HL&P. This lawsuit alleges that HL&P breeched its contractual duties to operate and maintain and manage STP and was negligent in operating the plant. The City contends that these operational and management failures resulted in an extenced shut down of both STP units beginning in early February 1993 and lasting well into 1994. The City is seeking recovery of at least $125 million in damages. There have been no amounts recorded in the ! accompanying financial statements related to potential recoveries under this lawsuit. t b - Water and Wastewater Litigation The City is involved in a number of lawsuits involving the operation of its water and wastewater system. Some of the , cases involve failure to provide sewer service on a timely basis; some small lawsuits involve various property claims. The City believes these suits will not have a material adverse effect on these financial statements. c - Westinghouse Litigation On October 15,1990, the four STP owners (City of Austin, City of San Antonio, Houston Lighting & Power Company lHL&P), and Central Power and Light Company (CP&L)) jointly filed a lawsuit against Westinghouse Electric Corporation and two of its employees in the District Court of Matagorda County, Texas,130th Judicial District, Cause of Action No. 90 0684A-C. This litigation alleges that Westinghouse knowingly sold the STP owners a nuclear steam supply system containing steam generator tubing that is susceptible to stress corrosion cracking and that Westinghouse has failed to meet its warranty obligations to repair, modify, or replace the steam generator tubes as required. The suit also alleges that Westinghouse violated the Texas Deceptive Trade Practices Act by misrepresenting the quality and capabilities of the steam generator tubing and by failing to disclose information it knew regarding deficiencies in the steam generator tubes. Extensive discovery in the form of oocument production and depositions has taken place over the past two years. It is anticipated that a trial setting will be obtained for the summer of 1995. There have been no amounts recorded in the accompar' 7 financial statements related to potential recoveries under this lawsuit. d - Other Litigation The City is a defendant in several lawsuits alleging medical malpractice at Brackenridge Hospital. The Texas Torts and Clairr.s Act operates to set a maximum liability of $250,000 on such claims. The City believes these suits will not have a , material adverte effect on these financial statements. A number of other claims against the City are pending with respect to various matters arising in the normal course of the City's operations. Legal counsel and City management are of the opinion that the settlement of these oihar claims and pending litigation will not have a material edverse effect on the City's financial statements. The City has accrued liabilities in the Liability Reservo Fund and Genera! Long-Term Debt Account Group for c! aims payable at September 30,1994. These liabilities incluoe amounts for lawsuits settled subsequent to year end. 19-COMMITMENTS AND CONTINGENCIES a-Certificates of Participation The City has entered into several capital lease arrangements through the issuance of Certificates of Participation as follows:
$23,060,000 Certificates of Participation, City of Austin, Texas Electric Utility Office Project, Series 1987;
$14,000,000 Certificates of Participation, City of Austin, Texas Water and Wastewater Utility Office Project, Series 1987; 66
I l I CITY OF AUSTIN, TEXAS ' NOTES TO COMBINED FINANCIAL STATEMENTS September 30,1994 (Continued) l 19 - COMMITMENTS AND CONTINGENCIES, continued The certificates represent proportionate interests in lease payments to be made by the City to a third-party lessor. The City , his title to the office projects, pursuant to generd warranty deeds; however, the trustee maintains a vendor's lien and superior title to the properties until all sums due are paid in full : The City's obligation to make lease payments and any other obligations of the City under the lease agreements are subject to and dependent upon annual appropriations for such purpose haing made by the City Council. The City's obligation to make lease payments under the lease agreement does not constitute an obligation for which the City is obligated to levy or pirdge any form of taxation or for which the City has levied or pledged any form of taxation. Thus the certificates are treated as capital lease obligations rather than long-term bonds and are recorded as a liability in the funds below. Th3 following table presents information regarding these certificates: Water and Electric Fund Wastewater Fund Office Project (1) Office Project (1) February 1987 August 1987 Date issuec' . 23,060,000 14,000,000 Amount issued Interest rates 4.00 % - 7.00 % 5.25 % 8.00 % Interest payable on March 15 and May 15 and September 15 November 15 Maturity dates September 15 November 15 1988 2007 1989- 2007 Present value of 17,825,000 11,875,000 lease payments 2,000,000 1,250,000 Reserve fund (2) (1) Subject to mandatory redemption upon the occurrence of certain events. (2) Held by trustee, to be used to make final payments. b- Federal Financial Assistance Programs The City participates in a number of federal financial assistance programs, Although the City grant programs have been audited in accordance with the provisions of the Single Audit Act of 1984 through September 30,1994, these programs are subject to financial and compliance audits and resolution of previously identified questioned costs. The amount, if any, of expenditures which may be disallowed.by the granting agencies cannot be determined at this time, although the City expects i such amounts, if any, to be immaterial. c - Arbitrage Rebate Payable The City's financial advisor has determined that the C.ty may have eamed interest revenue on unused bond proceeds in excess of amounts allowed by applicable Federal regulations, which may have to be rebated to the Federal government. Estimated amounts payable at September 30, 1994, as arbitrage rebates are $202,105 for the enterprise funds and
$350,000 for the capital projects funds which are recorded as liabilities of tnese funds.
d - Capitalimprovement Plan As required by the City Charter, the City has a Five Y9ar Capitallmprovemert Plan that is an anticipated spending plan for projects in the upcoming year (a Capital Budget) as well as for future years. The City's 1995 Capital Budget includes appropriations of $90,866,888 for the City's enterprise funds and appropriations of $35,900,475 for general govemment projects. The City has substantial contractual commitments relating to its capitalimprovement plan. 67
\
l' l l l i
)
i NOTES TO COMBINED F!NANCIAL STATEMENTS CITY OF AUSTIN, TEXAS September 30,1994 (Continued) i 19 - COMMITMENTS AND CONTINGENCIES, continued e - Other Commitments and Contingencies The City is committed under various leases for building and office space, tracts of land and rights of way, and various equipment. These leases are considered for accounting purposes to be operating leases. Lease expense for the year ended September 30,1994, amounted to $9,200,981. The City expects these leases to be replaced in the ordinary course of business with similar leases Future minimum lease payments for these leases should be approximately the same amount. The City does not subscribe to workers' compensation insurance. The City contributes amounts to an expendable trust fund based on an estimate of the cost of claims expected to be incurred each year, The amount to be pa:d out ultimately may be more or less than the amount accrued at September 30,1994. The City has entered into certain lease agreements, including the certificates of participation, as lessee for financing the purchase of equipment used in the Electric Utility, Water and Wastewater Utility. . Hospital, Convention Center and Information Systems funds. These lease agreements qualify as capital leases for eccounting purposes and, therefore, have been recorded at the present value of the future minimum lease payments as of the date of their inception. The following summarizes assets recorded at September 30,1994, under capitallease obligations: Water & Convention Information Electric Wastewater Hospital Center Systems Fund Fund Fund Fund Fund Total Assets Machinery and equipment; Medical $ - -- 720,172 -- - 720,172 Other 1,177,686 -- -- 917,242 4,984,769 7,079,697 Building 20.180,834 12,750,000 -- -- - 32,930,834 21,358,520 12,750,000 720,172 917,242 4,984,769 40,730,703 Accumulated Depreciation 3,926,920 1,657,500 360,086 198,438 2,492.384 8,635,328
$ 17,431,600 11,092,500 360,086 718,804 2,492.385 32,095.375 The following is an analysis of the future minimum lease payments under these capital leases and certificates of participation and the present value of the net minimum lease payments, as of September 30,1994:
Fiscal Water and Convention information Year Ended Electric Wastewater Hospital Center Systems September 30 Fund Fund Fund Fund Fund Total 1995 $ 2,417,821 1,390,256 174,736 291,392 1,086,253 5,360,468 1996 2,418,836 1,405,056 29,123 - 1,086,263 4,939,278 1997 2,414.545 1,391,231 -- - - 3.805,776 i 1998 2,337,756 1,398,919 - -- - 3,736,675 1999 2,128,652 1,402,263 -- -- -- 3,530,914 Later years 16,928,785 12,493,510 - -- - 29,422,295 Total minimum lease payments 28,646,394 19,481,235 203,859 291,392 2,172,526 50,795,406 Less: Amount representing interect 9,819,591 7,606,235 -- 9,521 154,682 17,590,030 Present value of net minimum lears payments 18,826.802 11,875,000 203.859 281.871 2,017,843 33,205,376 Current portion 1,162,029 500,000 174,737 281,871 972,797 3,091,434 Long-term portion $ 17,664,774 11,375,000 29,122 - 1.045,o46 30.113,942
' The City guarantees certain energy improvement loans made by two banks. The maximum contingent liability of the RMD Loan Fund, a special revenue fund,is $8.3 million, which City management does not anticipate having to fulfill.
68
I CITY OF AUSTIN, TEXAS NOTES TO COMBINED FINANCIAL STATEMENTS September 30,1994 (Continued) 20 - OTHER POST-EMPLOYMENT BENEFITS , in Eddition to making contributions to the three (3) pension systems, the City provided certain other post-employment bin; fits to its retirees. Other post-employment benefits include access to health and dentalinsurance for the retiree and the rztiree's family and $1,000 of life insurance on the retiree only. All r tirees who are eligible to receive pension benefits under any of the City's three pension systems are eligible for other post-employment benefits. Retirees may also enroll eligible dependents under the medical and dental plan (s) in which they pirticipate. Eligible dependents of the retiree include a legaily married spouse, unmarried children under age 19 (under age 24 if a full-time student) who are dependent upon the retiree for support, qualified children placed pending adoption,
- grandchildren who qualify as a dependent on the retiree's or retiree's spouse's federal income tax retum, and disabled children regardless of age who are unable to support themselves, and who were covered by the medical plan at the time the disibility occurred. Surviving dependents of a deceased retiree may continue medical and dental coverage for 36 months by paying the entire premium plus a two-percent administrative fee.
The City is under no obligatinn, statutory or otherwise, to offer other post-employment benefits or to pay any portion of the cost of other post-employment benefits to any retirees. Allocation of City funds to pay other post-employment benefits or to mike other post employment benefits available is determined on an annual basis by the City Council as part of the budget process. l The City pays a portion of the retiree's health insurance premium and a portion of the retiree's dependents' health insurance prcmium. The portion paid by the City varies according to age, coverage selection, and years of service. The percentage of the health insurance premium paid by the City ranges as follows: Ymattofjervice Balkeg_gnly Dependent onh' } Less than 5 years 12 % - 20 % 5% - 9% 5 to 10 years 18 % - 30 % 7 % 14 % ; 10 to 15 years 24 % 40 % 9% 18% 15 to 20 years 36 % 60 % 14 % 27 % 20 to 25 years 49% 80% 19 % - 36% Greater than 25 years 61 % - 100 % 23% - 45% The City pays 100% of the retiree's life insurance premium. Group dental coverage is available to retirees and their eligible .i dependents. The full cost of the dental premium is paid by the retiree. Other post-employment benefits are expensed and funded on a pay-as-you-go basis. The City recognizes the cost of providing these benefits as a payroll expense / expenditure in an operating fund witn a corresponding revenue in the Health B:nefits Fund. Payments for medical, dental and life insurance are then shown as an expenditure in the Health Benefits Fund. The cost of providing these benefits for 1,423 retirees and 10,417 active employees in 1994 and 1,404 retirees and 9,636 active employees in 1993 is not separable. Total payments to the Health Benefits Fund for retirees and active amployees were $26,900,548 in 1994 and $24,600,025 in 1993. As more fully described in Note 17, the City is a participant in the South Texas Project (STP) and as such is liable for certain post-employment benefits for STP employees. At September 30,1994, the City's portion of this obligation, $1,177,805, is not reflected in the financial statements of the Electric Fund. 21 - SUBSEQUENT EVENTS o - Brackenridge Hospital For several years, the City has examined alternatives for testructuring the management of City-owned and operated Brtckenridge Hospital, in an effort to improve the hospital's ability to provide quality health care to the Austin community. On February 9,1995, pursuant to a letter of intent from Austin's Seton Medical Center (Seton), the City Council authorized j City management to negotiate a lease agreement with Seton, a nonprofit hospital owned by the Daughters of Charity l Nitional Health System. Under the terms of the letter of intent, the City will negotiate exclusively with Seton over a 45-day period. 69
b 4 CITY OF AUSTIN, TEXAS l NOTES TO COMBINED FINANCIAL STATEMENTS September 30,1994 (Continued) l' 3 i 21 - SUBSEQUENT EVENTS, continued l i U b - General Obligation Bonds issuance t- In Oc+ober 1954, the City issued Public Improvement Bonds, Series 1994, in the amount of $33,260,000. Of the proceeds ' i from the issue, $21,000 will be used for parks and recreation, $1,623,000 will be used for street improvements, $2,081,000 will be used for drainage and flood control, $90,000 will be used for park land acquisition, $450,000 will be used for fire l'
~ stations, $275,000 will be used for police substations, $502,000 will be used for health, saiety and welfare renovations,
$4,668,000 will be used for erosion and flood control, $5,740,000 will be used for street reconstruction and traffic signals,
$120,000 will be used for neighborhood sidewalks, $100,000 will be used for parks and recreation facilities, $3,680,000 will be used for libraries, $11,000,000 will be used to purchase land for the Balcones Canyonlands Conservation Plan, and
$2,910,00C will be used to purchase land for the Barton Creek Greenway. These bonds will be amortized serially on September 1 of each year from 1997 to 2014. Certain of these bonds are ca!lable beginning September 1,2004. Interest is payable on March 1 and September 1 of each year, commencing March 1,1995. Total interest requirements for these bonds, at rates ranging from 5.2% to 7.0%, are $28,056,950.
c - Public Property Finance Contractual Obligations issuance in October 1994, the City issued Public Property Finance Contractual Obligations, Series 1994, in the amount of $5,025,000. Of the proceeds from the issue, $1,260,000 will be used for a Health and Human Services Department computer system upgrade, $330,000 will be used by Municipal Court for a telephone system upgrade, $805,000 will be used by the Police Department for a computer equipment, $115,000 will bc used for equipment for the Balcones Canyonlands Conservation Plan, and $2,515,000 will be used by the Water and Wastewater Department for trucks and other equipment. These contractual obligations will be amortized serially May 1 and November 1 of each year from 1995 to 1999. The contractual obligations are not subject to optional redemption prior to their maturity. Interest is payable on May 1 and Noverrber 1 of each year, commencing May 1,1995. Total interest requirements for these contractual obligations, at rates ranging from 3.7% to 6.7%, aggregate $714,305. d-Certificates of Obligationissuance in October 1994, the City issued Certificates of Obiigation, Series 1994, in the amount of $3,550,000. Of the proceeds ft am the issue, $1,690,000 will be used by the Health and Human Services Department for an animal shelter, $755,000 will de used by the Parks and Recreation Department for a golf irrigation system, and $1,105,000 will be used by the Transportation and Public Services Department for a multi-purpose building. These certificates of obligation will be amortized serially September 1 of each year from 1997 to 2014. Certain of these obligations are callable beginning September 1,2004. Interest is payable on March 1 and September 1 of each year, commencing, March 1,1995. Total interest requirements for these obligations, at rates ranging from 5.1% to 6.5%, aggregate $2,723,055. e - Commercial Paper Notes, Series A Between October 1994, and March 10,1995, the City issued Commercial Paper Notes to provide interim financing for capital project costs for the Electric Fund ($33,800,000) and Water and Wastewater Fund ($7,300,000) with interest rates ranging from 3.2% to 4.2%. f- Refunding of Revenue Bonds On October 19,1994, the City issued $142,558,632 in Combined Utility Systems Revenue Refunding Bonds, Series 1994. This refunding accomplished a restructuring of a portion of the Combined Utility Systems debt attributable to the Water and Wastewater Fund in order to more closely match debt service with the service life of the fund's assets. The bonds were used to refund $98,388,030 of previously issued bonds, $25,000,000 of commercial paper, and to fund issuance costs. This refunding, a legal defeasance of debt, resulted in an increase in cash flow requirements of $231,464,587, which will be recovered through future utility rates, and an economic loss of $1,560,804. The refunding transaction also resulted in an accounting loss of $5,666,430, which will be deferred and amortized. 70
i
, NOTES TO COMBINED FINANCIAL STATEMENTS CITY OF AUSTIN, TEXAS , . September 30,1994 (Continued) 22 - RESTATEMENTS OF PRIOR YEAR BALANCES The following schedule summarizes the effect of restatements on enterprise funds' 1994 beginning retained earnings:
Amount
. Adjustment for the Hospital Fund $ (8,382,461)_
Adjustment for Solid Waste Services Fund landfill , closure and postclosure costs (7,309,847) Adjustment for the Airport Fund federal contributions (313,870) Adjustment for restatement of Airport Fund construction work in progress (5,663,268) Adjustment for Airport Fund depreciation transferred to 35.238 contributions
' Total $ (21,634.208)
Hospital J The Hospital Fund beginning retained earnings have been restated for a prior period adjustment. Property, plant, and , equipment and retained earnings were decreased by $8,382,461. Solid Waste Services Fund i The Solid Waste Services Fund beginning retained earnings have been restated for the accrual of landfill closure and postclosure costs resulting from the implementation of Governmental Accounting Standards Board Statement No.18. R;t:.ined earnings were decreased and accrued landfill closure and postclosure costs payable was increased by $7,309,847. ; Airport Fund , . l l The Airport Fund 1993 balance sheet and statement of revenues, expenses, and changes in retained earnings have been r;stited for several prior period adjustments. Constiuction work in progress and retained earnings have been decreased by ;
$5,663.268 for certain projects relating to the airport project at Manor.
Retrined eamings were decreased and contributions were increased by $313,870 for federal contributions originally reported cs trvenue and expense refunds. Retained earnings were increased and contributions were decreased by $35,238 for depreciation relating to the increase in contributions, , 8 S I 71 i
.g_; _ ...a,.am _6 aa uma _ .m- .a. a 4 4--me. usres.., 2. .-4a+-*-4_m.4 # _ mJ,#,.J.,a aw 4ma#.Ja ,____u,mm. 4, ___m l
r I l f i i p .i i f f i ! I l' i . t l I l I . 1 A k i t i l f I I
- t l
i }- t i I t i i I' 2 i i f 1 l i h 72 i f -
't,
- j ' . - ,,
, . f
?. . 'y .. .f
# 4 L
P .- f e ,
, -(. .
f - 4 : . G,ENERAL FUND ~
+ ; -
+
. ~ . ,
Tid General 'Fund is the general operating 5..
~
fund of the City.' It is used to account for all ' financial resources except for those required -
- " ~- - to be accounted for in another' fund!-
. . .. L,
. , . ,. >
- b' ,
E I. A f g 4
.)*
8 h
*
- e
* - ?; 1
,[, , ,--,
p' , w
- i. g m e ., ,
4 p d '. # , ,
* # 't /
(
- . , ; 4 -
, h 4- b 0, e 2
~
4 i y s
' j. , % ! 9
- e
( 4
- g A
, f 4 +
= ,
' i g /
9 4 .y'+ _g. n
? g E s_
'b i $
4 % 4 .Y $
,} \ 1
% 4 I
\
4
, 4 . ,
r%
. 6 4
~ , ,
I t 9 1 . b ., J ,- S
, 9 I 1
5 y O
. e e '
'e P , ~
. , 4 I
m ', 4 g 4 l'
% t er 4
1
,g'
- l ,
5 9 6 4 1 4 0 h 4 9 4
.{
# g t
t - b t 3
1 l l l l GENERALFUND CITY OF AUSTIN, TEXAS BALANCE SHEET Exhibit B September 30,1994 With comparative totals for September 30,1993 1984 1993 ASSETS , Cash on hand S 86,786 82,461 ! Pooledinvestments and cash 10,112,622 21,178,823 l Property taxes receivable 4,378,625 4,609,300 l Lees a8owance for uncotectbie taxes (1,146,261) (1,198,420) i Nottaxes receivable 3,232,364 3,410,889 1 Accourus and omer taxes receivable 25,806,207 17,402,814 1 Lees slowarcelos doubtful accounts (17,953,557) (10,174,455) , Not accounts receivable 7,652,650 7,228,359 3 l Due frorn other funds 23,055,439 8,365,752 inventories, at cost 1,554,616 1,516,275 Propolditerns and other essets - 185,000 Total aseets 45.694.477 41,967.559 LIABlWTIES AND FUND BALANCES Llabilities: 4 Accounts payable 3,640,413 4,481,970 Accruedpayroll 6,023,674 6,081,491 l Accrued cornpensated abr -As 1,836,322 1,113,184 Due to other funds 450',000 600,000 Defected revenue 3.260,408 3,287,669 i Perfoernance, secrow and other deposits 1,977,930 1,088,552 i 453,000 - I Other liabilities TotalliabHities 17,641,747 16,652,866 l 4 Fund balances: Reserved for encurrtrances 6,273,745 4,660,871 Reserved for inventorias and prepaid iterns 1,554,616 1,701,275 Unreserved: Decignated for emergency reserve 11,243,263 11,033,584 Designated for contingency reserve 1,827,082 1,144,843 , Undosignated 7,154,024 6,774.120 Total fund balances 28.052,730 25,314,693 Totalliabilities and fund balances $ 45.694.477 41.967.559 1 d 4 4 4 73
CENERAL FUND CITY OF AUSTIN, TEXAS STATEMENT OF REVENUES, EXPENDITURES AND CHANGES Exhibit B-2 IN FUND BALANCES- BUDGET AND ACTUAL-BUDGET BASIS Year ended September 30,1994 With comparative totals for year ended September 30,1993 1994 1993 Actual- Variance- Actual. Adjustments Budget Favorable Budget Actual (1) Basis Budget (Unfavorable) Basis REVENUES 8 140,854,407 - 140,854,407 135,449,897 5,404,510 127,636,693 Taxes 11.982,640 - 11,982,640 11,145,050 837,590 11,139,492 Franchise fees Fines, forfeitures and penalties 9,764,462 - 9,764,462 12,116,329 (2,351,867) 9,501,047 12,850,578 - 12,850,578 11,768,485 1,092,093 10,306,752 Licenses, permits and inspections Charges for services / goods 6,518,502 - 6,518,502 6,301,587 216,915 7,238,465 Interest and other 6.093,626 (917,781) 5,175,845 4.337,755 838,090 3.716.398 188,064,215 (917,781) 187,146,434 181,119,103 6,027,331 169.538,847 Total revenues EXPENDITURES Adrninistration 5,050,210 (38,187) 5,012,023 5,012219 196 4,711,794 Urban orowth managernent 10,860,524 153,946 11,014,470 11,438,300 423,830 9,435,033 Public safety 122,433,078 (1,299,555) 121,133,523 121,39't,411 259,888 111,499,166 Public services and utilities 14,087,484 252,115 14,339,599 14,459,666 120.067 13,666,268 ^ Public health: Physician stipend 4,950,000 - 4,950,000 4.950,000 - 5,150,000 Medical Assistance Program-patient 4 services payments 2 Brackenridge Hospital 6.070,796 - 6,070,796 6,700,000 629,204 6,183,179 Other public health 28,433,868 546,897 28,980,765 28,957,481 (23,284) 28,756,537 Pubuc recreation and culture 28,770,857 138,610 28,909,467 28,919,081 0,614 26,325,280 Social services managernent 7,152,881 88,641 7,241,522 7,241,522 - 6,883,044 , No,-tmpadn. ental expenditures (398,994) 1,498,994 1,100,000 1,118,421 18,421 184,944 Total expenditures 227,410,704 1,341,461 228,752,165 230,190,101 1,437,936 212,795.245 i Excess (deficiency) of revenues over expenditures (39,346,489) (2,259,242) (41,605,731) (49,070,998) 7,465,267 (43,256,398) OTHER FINANCING SOURCES (USES) Operating transfers in 67,939,376 917,781 68,857,157 68,857,157 *- - 70,459,349 Operating transfers out (24,503,922) (750,000) (25,253,922) (25,288,397) 34,475 (24,325,023) Total other financing sources (uses) 43,435,454 167,781 43,603,235 43,568,760 34,475 46,134,326 Excess (deficiency)of revenues and other sources over expenditures and other uses 4,088,965 (2,031,461) 1,997,504 (5,502,238) 7,499,742 2,877,928 Fund balances at beginning of year 25.314,693 2,250,558 27,565,251 27,565,251 - 24,687,323 Residual equity transfers in (out) Special revenue funds: Federally Qualified Health Center (336,283) 336,283 - - - - Enterprise funds: Parks and Recreation (33,479) 33,479 - - - - Internal service funds: Support Services (776,550) 776,550 - - - - Information Systems (183,083) 183,083 - - - - Utility Customet Service (21,533) 21,533 -- -- - - Fund balances at end of year $ 28.052,730 1,510.025 29,562,755 22,063,013 7,499,742 27,565,251 (1) includes adjustrnents for 1994 encumbrances, payrnents against prior year encumbrances, accrued payro!!, compensated absences, and arnounts budgeted as operating transfers. 74
_ . = _ . - I l l l GENERAL FUND CITY OF AUSTIN TEXAS SCHEDULE OF REVENUES - BUDGET AND ACTUAL-BUDGET BASIS Exhibit B-3 Year ended September 30,1994 With comparative totals for year ended September 30,1993 1994 1993 Actuab Verlanos- Actual-Aajustments Bud9et Favorelde Bud 9et l Actual (1) Basis Budget (Unfeworelde) Basis Taaes j Propertytaxes: Current S 62,353,740 - 62,353,740 61,983,891 370,049 57,392,329 Dehnquent 738,558 - 738,558 913,752 (175,194) 863,109 Penalty and interest 475,063 - 475,063 487,454 (12.391) 500,510 Sales taxes 75,272,778 - 75,272,778 70,180,000 5,112,778 67,054,207 Oher taxes 2,014.268 - 2.014,268 1,906,000 109,268 1,826,538 Totaltaxes 140,854,407 - 140,854,407 135,449,897 5,404,510 127,636,693 Frenchlee fees 11,982,640 - 11,982,640 11,145,050 837,590 11,139,492 Fines, forfeitures and penalties 219,316 - 219,316 322,500 (103,184) 312,274 Lbren/ fines Traffic fees 4,359,591 - 4,359,591 4,634,400 (274,809) 4,536,570 Puking violations 2,541,841 - 2,541,841 2,354,625 187,216 2,312,900 i Weights and measures 151,131 - 151,131 2,500,000 (2,348,869) - Other 2,492,583 - 2,492.583 2,304,804 187,779 2,339,303 Total fines, forfeitures and penalties 9,764,462 - 9,764,462 12,116,329 (2,351,867) 9,501,047 i Liczees, permits and inspections ! Parking rneters 1,600,423 - 1,600,423 1,631,170 (30,747) 1,392.224 ! Alarm permits 387,474 - 387,474 262,397 125,077 351,118 Commercial solid wasle 159,114 - 159,114 300,000 (140,886) - 1 Put)iic health 440,311 - 440,311 512,581 (72,270) 373.101 Development 3,664,037 - 3,664,037 2,822,610 d41,427 2,841,794 Building safety 6,164,927 - 6,164.927 5,831,000 333,847 4,990,467
- Beer and wine permits 179,489 - 179,489 162,000 17,489 179,759
- Other 254,803 - 254,803 246,647 8.156 178,289 Total licenses, permits and inspections 12,850,578 - 12,850,578 11,768,48C 1,082,093 10,306,752 l
Charges for services 9/ 0cds , Recreation and culture 1,462,191 - 1,462,191 1,347,042 115,149 1,272,066 i Public health 1,072,903 - 1,072,903 1,186,965 (114,062) 2,980,790 Ernergency rnedicalservices 3,330,151 - 3,330,151 3,248,622 81,529 2,361,306 1 4 General government 653,257 - 653,257 518,958 134,299 624,303 1 J - - - - indirect cost recovery - - l Totalcharges for services / goods 6,518,502 - 6,518,502 6,301,587 216,915 7.238,465 i l Interest and other l ^ treerest 3,353,735 - 3,353,735 2,994,000 359,735 2,515,571 Rentalincome 629,585 - 629,585 520,348 109,237 571,425
^ Sale of property 488,392 - 488,392 287,202 201,190 388,948 Other 1,621,914 (917,781) 704.133 536,205 167,928 240,454 , Totalinterest and other 6,093,626 (917,781) 5.175.845 4.337,755 838,090 3,716,398
. Total revenues 5 188,064.215 (917,781) 187.146.434 181.119.103 6f27.331 169.538.847 1 4 (1) Includes revenues from certain enterprise funds for general obligation debt budgeted as an operating transfer, d 75 l l
GENERAL FUND CITY OF AUSTIN, TEXAS SCHEDULE OF EXPENDITURES - Exhibit B-4 t' BUDGET AND ACTUAL-BUDGET BASIS Year ended September 30,1994 With comparative totals for year ended September 30,1993 1994 1993 Actuai- varirnce. Actus:- Adjustments Budget Favorable Budget Actual (1) Basis Budget (Unfavorable) Basis Administration Municipal Court 4,214,377 (38,329) 4,176,048 4,263,115 87,067 3,902,131 Salaries and fringe benefits 8 624,710 1,427 626,137 602,573 (23,564) 592,847 Conlrectual services 156,182 14 156,196 124,678 (31,518) 171,669 Commodties (2,949) - (2,949) (5,000) (2,051) (3,885) Expense refunds 57,890 (1,299) 56,591 26,853 (29,738) 49,032 Capitaloutlay 5,050,210 (38,187) 5.012,023 5.012.219 196 4,711,794 2 Total administration _ Urban growth management Planning: 9,910,304 (129,248) 9,781,056 10,383,052 601,996 8,732,606 Sa:arles and fringe benefits 1,396,759 191,579 1,588,338 1,867,508 279,170 943.102 Contractual services 460,003 47,546 507,549 502,124 (5,425) 183,914 Commodities Expense refunds (1,792,552) - (1,792,552) (1,029,825) (37,273) (1,778,567) 886.010 44,069 930,079 515,441 (414,638) 1,353,978 Capital outlay Total urban growth 10,860,524 153,946 11,014,470 11,438,300 423,830 9,435,033 management } Public safety . Police: Salaries and fringe benefits 60,426,176 (603,735) 59,822,441 59,606,536 (215,905) 55,483,209 6,712.046 127,988 6,840,034 6,482,290 (357,744) 6,429,410 Contractualservices 1,148,447 26,472 1,174,919 1,246,659 71,740 1,045,487 2 Commodities Expense refunds (1,155,565) - (1,155,565) (573,673) 581,892 (1,189,680) 827,105 178,143 1,005.248 1,175,747 170,499 491,622 Capital outlay 67,958,209 (271,132) 67,687,077 67,937,559 250,482 62,260,048 Fire: Salaries and fringe benefits 43,215,353 (685,277) 42,530,076 42,752,285 222,209 39,566,017 Contractual services 2,561,726 76,365 2,638,091 2,675.377 37,286 2,466,644 Cvwaxfities 1,116,437 23,985 1,140,422 988,490 (151,932) 902,957 Indirect cost 46,245 - 46,245 61,163 14,918 22,880 , Expense refunds (2,200,713) - (2,200,713) (2,306,230) (105,517) (1,664,657) Capital outlay 238,224 9,818 248,042 232,626 (15,416) 101,121 44,977,272 (575,109) 44,402,163 44,403,711 1,548 41,394,962 Emergency MedicalServices: Salaries and fringe benefits 8,067,578 (573,225) 7,494.353 7,471,010 (23,343) 6,208.055 Contractual services 1,003,769 23,316 1,027,085 951,242 (75,843) 1,059,409 Commodities 410,727 14,789 425,516 395,593 (29,923) 363,956 Expense refunds (106,343) - (106,343) - 106,343 (111,724) Capital outlay 121,866 81,806 203,672 234,296 30,624 244,460 , 9,497,597 (453,314) 9,044,283 9,052,141 7,858 7,844,156 Total public safety $ 122,433,078 (1,299,555) 121,133,523 121,393,411 259,888 111,499,166 l (1) Includes adjustments for 1994 encumbrances, payments against prior year encumbrances, accrued payroll, ! compensated absences and amounts budgeted as operating transferr., j (continued) ] I 76
. . - .l
l CITY OF AUSTIN, TEXAS GENERAL FUND Exhibit B-4 SCHEDULE OF EXPENDITURES-BUDGET AND ACTUAL-BUDGET BASIS (Continued)
-Year ended September 30,1994 With comparative totals for year ended September 30,1993 1994 1993 Actual. Variance- Actual-Adjustments Budget Favorable Budget Actual Basis Bud 9et (Unfavorable) Basis (1)
Public services and utilities Transportation and Pubile Services: 16,101,756 15,972,998 (128,758) 14,620,443 Salaries and fringe benefits 8 16,211,406 (109,650) 83,394 4,648,763 4,146,728 (502,035) 4,000,332 Contractual services 4,565,369 11,176 897,608 987,087 89,479 1,048,128 Commodities 886,432 5,003,023 4,423,925 (579,098) 4,455,854 Indirect cost 5,003,023 - (17,295,776) (15,786,954) 1,508,822 (15,306,569) Expense refunds (17,295.776) - 267,195 598,368 330,022 (268,344) 374,184 Capitaloutley 331,171 4,385,859 4,385,860 1 4,383,896 Streetlighting 4,385,859 - Total public servicoe 120,067 13,666,268 14.087,484 252,115 14.339,599 14,459,066 4 and utilities 4 Public health 5,150,000 4,950.000 - 4,950,000 4,950,000 - Physician stipend Medical Assistance Praram-patient services payments 6,183,179 6,070,796 - 6,070.796 6,700,000 629,204 to Brackenridge Hospital Other public health: Public health and Medical j Assistance Program excluding patient services: 22,854,142 15,086,582 (62,369) 15,024,213 15,831,015 800,802 Salaries and fringe benefits 7,553,041 ' 15,531,455 548,246 16,079,701 15,415.272 (664,429) Contractual services 3,625,120 1,588,504 (151,924) 1,436,580 1,137,995 (298,585) Commodities - 3,452 indirect cost 166,820 (3,880.610) (3,668,758) 211,852 (5,548,724) Expense refunds (4,047,430) 46,124 320,881 241,957 (78,924) 269,506 Capital outlay 274,757 546,897 28,980,765 28,957,481 (23.284) 28,756,537 Subtotal: other public health 28,433,868 546,897 40,001,561 40,607,481 605,920 40,089,716 T1tal public health $ 39,454,664 (continued) 77
GENERALFUND CITY OF AUSTIN, TEXAS SCHEDULE OF EXPENDITURES- Exhibit B-4 ' BUDGET AND ACTUAL-BUDGET BASIS (Continued) Year ended September 30,1994 4 With comparative totals for year ended September 30,1993 1994 1993 ) Actues- variance- Actual-Adiustmente sudget Favorelde Budget Actual (1) Seele Sudest (Unfavorelde) Boole Putdic recreation and culture - Parks and Recreation: Salaries and frings benefita 14,935,123 (138,329) 14,796,794 15.033,882 237,088 14,125,441 4,926,937. 181,086 5,108,023 4,353,516 (254,507) 4,550,394 Contractual services 1,320,846 8,677 1,329,523 1,156,330 (173,193) 1,291,767 Commodlies 213,642 - 213,642 195,862 (17,700) 177,471 Indirectcost Expense refunds (2,821,476) - (2,621.476) (2,476,649) . 344,827 (2,632,417) 221,193 (49,819) 171,374 35,108 (136,266) 257,064 Capiled oudsy 18,796,265 1,615 18,797,880 18,798,049 169 17,769,720 Lbrarios: 7,327,912 . (67,303) ' 7,260,609 7,584,975 324,366 6,620,737 Salaries and fringe benefits 1,475,766 51,818 1,527,584 1,530,738 3,154 1,410,14C Contractual services 1,465,848 95,588 1,561,436 1,364,055 (197,381) 960,408 Commodhes indirect cost 71 - 71 - (71) Expense refunds (604,394) - (604,394) (484,072) 120,322 (457,140) 309,389 56,893 366,281 125,336 (240,945) 21,415 Capital outlay 9,974,592 136,995 10,111,587 10,121,032 9,445 8,555,560 , Total public recreation 28,770,857 138,610 28,909,467 28,919.081 9,614 26,325,280 and culture Social services management 7,152,881 88,841 7,241,522 7,241,522 - 6,883,044 Nondepartmental expenditures (398,994) 1,498,994 1,100,000 1,n 8,421 18,421 184,944 Total expendituree 1,437,936 _ 212,795,245 _ 227,410,704 __1,341,461._. 228,752p65 _230,190,101 General fund expenditures by coot category Salarios 179,394,811 (2,407,465) 176,987,346 178,898,868 1,911,522 172,192,781 Contractuals 49,819,333 1,285,219 51,104,552 50,175,244 (929,308) 40,428,498 . Commodties 8,553,426 - 76,323 8,629,749 7,903.011 (726,738) 9,593,406 4,659,657 ' Indirect cost 5,262,981 - 5,262,981 4,680,950 (582,031) Expense refunds (30,027,198) 166,820 (29,860,378) (27,131,161) 2,729,217 (28,693,363) Capitaloutlay 3,267,605 632,929 3,900,534 2,917,386 (983,148) 3,162,382
, Street lighting 4,385,859 - 4,385,859 4,385,860 1 4,383,896 Socialservices management 7,152,881 88,641 7,241,522 7,241,522 - 6,883,044 Nondepartmental expendtures (398,994) 1,498,994 1,100,000 1,118,421 18,421 184,944, Total expenditures $_ 227,410,704_ 1,341,461__ _ 228,752,165 23049C,,101 _1,437,936 _ _ _ 212,795.245 .
r l l t I 78 i ! L ~_ _ _
GENERAL FUND CITY OF AUSTIN, TEXAS SCHEDULE OF TRANSFERS - Exhibit B-5 i BUDGET AND ACTUAL-BUDGET BASIS 1 Year ended September 30,1994 i With comparative totals for year ended September 30,1993 l 1994 1993 Actual- Variance- Actual-Adjustments Budget Favora' ale Budget I Actual (1) Basis Budget (Unfavorable) Baels 1 I Operating transfers in Specialrevenue funds: Economic Development $ 25,000 - 25,000 25,000 - - Enterpnee funds: . 54,886,700 - 54,886,700 54,886,700 - 54,967,285 Electric Water and Wastewater 13,027.676 - 13,027,676 13.027,676 - 13,614,583 Hospital - 837,959 837,959 837,959 - 1,717.850
- 20,847 20,847 20,847 - 43,630 Solid Weste
- 58,975 58,975 58.975 - 116,001 Airport Total operating transfers in 67,939,376 917,781 68,857,157 68,857,157 - 70,459,349 Operating transfers out Special revenua funds:
- - - - - 450,000 Homa/2
' Hope 3 - - - - - 250,000 Environmental Conservation 975,591 - 975,591 1,010,066 34,475 524,711 Services ,
I Public improvement District - - - - - 25,000 160,000 - 160,000 160,000 - 160,000 Voluntary Utility Assistance 446,904 - 446,904 446,904 - 1.185,953 Capitalproject funds Enterprise funds: Hospital 5,600,000 - 5,600,000
- 600,000
- 5,600,000 Soud Wasta Services 42,000 - 42,000 42,000 - -
Intemal service funds: Fleet Maintenance - 750,000 750,000 750,000 - - Support Services 9,083,006 - 9,083,006 9,083,006 - 7,496,867 Information Systems 3,694,948 - 3,694,948 3,694 948 - 4,355,829 Trust and agency funds: Workers' Compensation 3,001,473 - 3/J01,473 3,001,473 - 3,276,663 Liability Reserve 1,500,000 - 1,500,000 1,500,000 -- 1,000,000 TCtal operating transfers out 24,503,922 750,000 25,253,922 25,288,397 34,475 24,325.023 Not transfers S 43,435,454 167,781 43,603235 43,568,760 34,475 46,134,326 (1) includes adjustments to actual transfers required for adjusted budget basis presentation. 79
y, _ m & _. -.an; s_.m'_s .,4 .4a. . .- ~__2.- m_M.4+ a L.AJasA.%s.,4 &
. - AL 4 w.wRa.a 4__ .#my 1
1 4 l t, e 1 i s 1 4 5 e 4 4 i f
?
h k e i l 4 i i a i ! d E d 4 80
- u.n . -
- r. . . . . . . w: . -
-- e,. w,m . m . ,
- e. r . . . r. ,,. .[. a: * ; . c . ..
a c y' y'. .:.m' ' ? ,;g .
'~, ?
,,, s' s. -
s w)a. ,. .g' .g 1.
- . . , a ,,t . . . .
- r .: ,
,v
.~..,.
g 3 . , ,
- t *
.%3 .
n,_ .,m.,,;. ...; .. e,
* ,1 e.,.. ~s s t . . s.
, , ,, ,, , . ,, - < . .n ,- -
., . . . . s. ,.
v,sE, ..
.. .a ,. .
~.n
- ,.... tn n .. w: n.a y
- .c ,
~.7.
...% m..:. m,. ,M.s.. .. ; .. :v. . n=. ,x~o .,...+ . e, . +. .
. .. , . . . . . .. ..... s. . >. . .. . v, , . . . . .e . . . .,._o<
.. .,. , , , . + . . -
. . . ., w f. &
.~ , ,, .,, cm.;. ,, ;nf;Jgy, s . . ., ~,, , ,v.; 4,, . .. . y
,.r,.
,, ,,. q.
, ,, ,,c
.f' f..' ~,, ? O,. ., . . . , #. .y< - n ;c, .as Q$;.);,'g, .* g.g..- ~#,. ' Special revenue funds are;used to account fori
;.y - ,
. , p 0 ,:, ..; . . .g _,- .the proceeds of specific revenue sources (other : <:
~
than. spe.ci.al asses. sments, expenda.ble tmsts.'or i ~ *
. c 4
;r . - .
W;n c-:8e
. c 1.-;. sic..V, 3;.4 n; . ./, * .
.n.
, major capital projects) that are legally restncted .w.e.y
.- ' ' ~ e- ' ,. ?.g yjg,g;.,]4.,g,,y.]. .P- .
; .; ; to expenditures for specific piirposes. -Included j '.
,r e9 w
<!. m t ~.M
, , 4. : N * .M.3. s. g p.; v.4M , a. -.* ea. ... -$, . -;in ,o .,.t.he special resenue fu,nds. m. s. .. >. ,.a.r.s.,
a .
.s,n.,~. .o, . y
- w, ,. .
2- ,. r
. .m .
m
- c. ... ,,z .
. ..s.
..~ .
..w*~.;.
.rs, g r ..
g..e. g .,s. . . - . 4.2 ,u
. ,..r . e ... . . , g , i. l-F.ederal grants fu.nd~ss A.. tc@. c*'....~..,c %. c, .'.., . ,
.......n.
...,....m.w.,~ . . .a m , -
- a. . . v4 3.;c
..w n aw . ..i. ..
v . n. , . . t.,
.,~ -
,, y.e.
c.. ..
...; m .; s., 4 .
.c.3 4 v_ p . State grants funds; c.g,... g y , . . . ,,. .
;; y .. w . . m;.<. - - '
c . . g* ,~ - g. .y. . y :s
. . ', . v -
w..~..~ m .. . p,. . . . .
. . . , . . ~ . . . . . .~
, .m
. w~., - .. . , , ~ . .
-?, 4,,. ;,, .' v.., jQ. o..g%'?.~$. 4.. -w
. . . . . u. .,m..,
...g,,a. . .Other'special reven'ue grants funds;". ' ~. v . . ; ", . .
- . . n,. u ,, . . , . . v. ,: .b m.s, ., . .
m.. . -.. .. .
- g. . - e ,t.- ' '
~
f- T :~v fy;f.'[. . 3 l-g[+ .s.... e ; Other spe^cial revenue funds - see ne'xt page for -
-}}