Comprehensive Annual Financial Report 2020

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Capital Projects Capital project funds were added to the budget to account for the remaining bond proceeds issued in FY 2019 and carried over to FY 2021 to facilitate the following Strategic Planning Goals; Improve and Expand City Offices and other Facilities; Enhance the Quality of life through Parks and other projects; and to Improve the City's Infrastructure. The FY 2021 budget includes capital budgeted in governmental capital projects funds in the amount of $7,689,591. In addition, the current General Fund budget includes capital for FY 2021 totaling $1,696,418, which includes purchases of vehicles, public safety, information technology, public works and parks equipment, completion of the sports complex project, improvements to the future municipal building and street resurfacing. The Water and Sewer Fund, Storm Water Drainage Fund, and Water and Sewer Capital Project Fund budgets include capital costs for the FY 2021 current year totaling $1,740,785. The capital projects budgeted in these funds include manhole rehabilitation, replacement of lift station pumps, sub-surface leak detection equipment, and various other projects. City Employees Staffing levels for FY 2021 will increase by 1 positions from the previous fiscal year. With these added positions, funding levels will reach 117 full-time and 3 part-time positions. Salary Adjustments We believe it is important to be able to recruit and retain valuable staff by ensuring competitive compensation rates. Uniformed employees will receive step increases October 1 and other staff receive an annual 3% increase on April 1 st, contingent upon performance review. Benefits Health insurance rates for employees and the City decreased overall by just under 10% for the fiscal year 2021 Budget. The City was able to offer an additional insurance plan to the options for employees. This is a high deductible health plan and a corresponding health savings account which the City contributes to on behalf of employees. REQUESTS FOR INFORMATION This financial report is designed to provide a general overview of the City's finances for all those with an interest in the government's finances. Questions concerning any of the information provided in this report or requests for additional financial information should be addressed to the Office of the City Secretary, P. 0. Box 393, Red Oak, Texas 75154. 10
BASIC FINANCIAL STATEMENTS
Page 1 and 2: City of Red Oak, Texas Comprehensiv
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Page 9 and 10: THE CITY The City of Red Oak (the
Page 11 and 12: INDUSTRY During 2020, Compass Datac
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CITY OF RED OAK, TEXAS COMBINING BA
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CITY OF RED OAK, TEXAS SCHEDULE OF
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CITY OF RED OAK, TEXAS NET POSITION
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CITY OF RED OAK, TEXAS CHANGES IN N
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CITY OF RED OAK, TEXAS CHANGES IN N
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CITY OF RED OAK, TEXAS FUND BALANCE
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CITY OF RED OAK, TEXAS CHANGES IN F
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CITY OF RED OAK, TEXAS ASSESSED VAL
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CITY OF RED OAK, TEXAS DIRECT AND O
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CITY OF RED OAK, TEXAS RATIOS OF GE
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CITY OF RED OAK, TEXAS RATIOS OF GE
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CITY OF RED OAK, TEXAS DIRECT AND O
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CITY OF RED OAK, TEXAS PLEDGE-REVEN
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CITY OF RED OAK, TEXAS FULL-TIME EQ
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CITY OF RED OAK, TEXAS OPERATING IN
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Compliance and Other Matters As par
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Comprehensive Annual Financial Report 2020

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