Comprehensive Annual Financial Report 2020

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CITY OF RED OAK, TEXAS STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES GOVERNMENTAL FUNDS FOR THE YEAR ENDED SEPTEMBER 30, <strong>2020</strong> Special Revenue Industrial Economic General Development Development Fund Corporation Corporation REVENUES Property taxes $ 6,060,672 $ - $ - Sales taxes 2,802,285 1,391,261 1,391,261 Franchise tax 742,438 - - Hotel occupancy tax - - - Alcoholic beverage tax 9,878 - - Intergovernmental 1,372,133 - - Contributions 144,367 - - Licenses and permits 1,068,879 - - Fines and forfeitures 379,145 - - Charges for services 550,359 7,589,503 - Investment earnings 77,730 112,672 63,162 Miscellaneous 43,819 - 10,370 Total revenues 13,251,705 9,093,436 1,464,793 EXPENDITURES Current: General government 1,610,525 - - Public safety 8,070,342 - - Culture and recreation 704,904 - - Public works 1,971,561 - - Industrial development - 1,104,636 - Economic development - - 58,940 Capital outlay 523,251 109,138 470,332 Debt service: Principal - 385,000 981,062 Interest and fiscal charges 22,100 99,504 191,627 Bond issuance costs - - 255,321 Total expenditures 12,902,683 1,698,278 1,957,282 Excess (deficiency) of revenues over (under) expenditures 349,022 7,395,158 ( 492,489) OTHER FINANCING SOURCES (USES) Issuance of bonds 773,000 - 8,670,000 Issuance of refunding bonds - - Premium on issuance of bonds - - 33,386 Payment to escrow agent - current refunding - - - Transfers in 754,225 - - Transfers out - ( 3,036,825) ( 196,285) Total other financing sources (uses) 1,527,225 ( 3,036,825) 8,507,101 CHANGE IN FUND BALANCE 1,876,247 4,358,333 8,014,612 FUND BALANCE - BEGINNING 3,078,782 5,885,528 5,314,868 PRIOR PERIOD ADJUSTMENT - 2,180,231 - FUND BALANCE - BEGINNING, RESTATED 3,078,782 8,065,759 5,314,868 FUND BALANCE - ENDING $ 4,955,029 $ 12,424,092 $ 13,329,480 The notes to the financial statements are an integral part of these financial statements. 17
Capital Projects Other Total Debt 2019 CO Governmental Governmental Service Bond Fund Funds Funds $ 1,844,434 $ - $ - $ 7,905,106 - - - 5,584,807 - - - 742,438 - - 162,389 162,389 - - - 9,878 - - - 1,372,133 - - - 144,367 - - 208,241 1,277,120 - - - 379,145 - - 14,353 8,154,215 - 63,554 14,928 332,046 - - 2,193 56,382 1,844,434 63,554 402,104 26,120,026 - - - 1,610,525 - - - 8,070,342 - - 95,526 800,430 - - 92,163 2,063,724 - - - 1,104,636 - - - 58,940 - 1,080,889 41,562 2,225,172 1,168,000 - - 2,534,062 617,900 - - 931,131 43,847 - - 299,168 1,829,747 1,080,889 229,251 19,698,130 14,687 ( 1,017,335) 172,853 6,421,896 - - - 9,443,000 1,830,000 - - 1,830,000 216,945 - - 250,331 ( 2,041,218) - - ( 2,041,218) - - 2,500,000 3,254,225 - - ( 21,115) ( 3,254,225) 5,727 - 2,478,885 9,482,113 20,414 ( 1,017,335) 2,651,738 15,904,009 85,641 5,347,218 1,697,719 21,409,756 - - - 2,180,231 85,641 5,347,218 1,697,719 23,589,987 $ 106,055 $ 4,329,883 $ 4,349,457 $ 39,493,996 18
Page 1 and 2: City of Red Oak, Texas Comprehensiv
Page 3 and 4: Required Supplementary Information
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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
Page 13 and 14: In order to be awarded a Certificat
Page 15 and 16: Government Finance Officers Associa
Page 22 and 23: Other Matters Required Supplementar
Page 24 and 25: Both of the government-wide financi
Page 26 and 27: Changes in Net Position Governmenta
Page 28 and 29: Governmental Activities Business-ty
Page 30 and 31: Capital Projects Capital project fu
Page 34 and 35: CITY OF RED OAK, TEXAS STATEMENT OF
Page 36 and 37: CITY OF RED OAK, TEXAS BALANCE SHEE
Page 42 and 43: CITY OF RED OAK, TEXAS RECONCILIATI
Page 48 and 49: Governmental fund financial stateme
Page 50 and 51: The costs of normal maintenance and
Page 52 and 53: Committed fund balance includes fun
Page 54 and 55: V. CAPITAL ASSETS Capital asset act
Page 56 and 57: VII. LONG-TERM DEBT Long-term debt
Page 58 and 59: Bonds payable currently outstanding
Page 60 and 61: Revenue Bonds - Governmental Activi
Page 62 and 63: The actuarial assumptions were deve
Page 64 and 65: The City reported $384,378 as defer
Page 66 and 67: OPEB Expense, Deferred Outflows, an
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CITY OF RED OAK, TEXAS NET POSITION
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CITY OF RED OAK, TEXAS FUND BALANCE
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CITY OF RED OAK, TEXAS FULL-TIME EQ
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Compliance and Other Matters As par
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Comprehensive Annual Financial Report 2020

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