Comprehensive Annual Financial Report 2020

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CITY OF RED OAK, TEXAS RECONCILIATION OF STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES FOR THE YEAR ENDED SEPTEMBER 30, <strong>2020</strong> Total net change in Fund Balances - Governmental Funds $ 15,904,009 Current year capital outlays are expenditures in the fund financial statements, but they should be shown as increases in capital assets in the government-wide financial statements. The net effect of removing the current year capital outlays is to increase net position. 2,294,539 Depreciation is not recognized as an expense in governmental funds since it does not require the use of current financial resources. The net effect of the current year's depreciation is to decrease net position. ( 1,454,041) The net effect of miscellaneous transactions involving capital assets (i.e., sales, trade-ins, and donations) is to increase net position. Donation of capital assets 3,375,568 Sales of capital assets ( 236,138) The issuance of long-term debt (e.g. bonds, loans, leases) provides current financial resources to governmental funds, while the repayment of the principal of long-term debt consumes the current financial resources of governmental funds. Neither transaction, however, has any effect on the net position. Issuance of revenue bonds ( 8,670,000) Issuance of tax notes ( 773,000) Premium on issuance ( 33,386) Refunding bonds ( 56,945) Principal paid on bonds 2,534,062 Revenues and expenditures in the statement of activities that do not provide or use current financial resources are not reported as revenues and expenses in the governmental funds. Fines and fees 41,793 Property taxes 95,712 Some expenses reported in the statement of activities do not require the use of current financial resources and, therefore, are not reported as expenditures in the governmental funds. Accrued interest on long-term debt ( 109,238) Amortization of deferred loss on refunding ( 160,091) Compensated absences ( 14,150) Changes in pension liabilities and related deferred outflows/inflows 7,476 Changes in OPEB liabilities and related deferred outflows/inflows ( 7,308) Total change in net position of Governmental Activities $ 12,738,862 The notes to the financial statements are an integral part of these financial statements. 19
CITY OF RED OAK, TEXAS STATEMENT OF NET POSITION PROPRIETARY FUNDS SEPTEMBER 30, <strong>2020</strong> Business-type Activities - Enterprise Total Utility Storm Water Proprietary Fund Fund Funds ASSETS Current assets: Cash and cash equivalents $ 114,207 $ 484,153 $ 598,360 Investments 2,346,500 - 2,346,500 Accounts receivable (net) 1,110,603 27,182 1,137,785 Inventory 21,589 2,179 23,768 Restricted assets: Cash 1,348,800 14,461 1,363,261 Investments 100,301 268,420 368,721 Total current assets 5,042,000 796,395 5,838,395 Noncurrent assets: Capital assets: Nondepreciable 1,646,232 - 1,646,232 Depreciable, net 14,929,884 40,558 14,970,442 Total noncurrent assets 16,576,116 40,558 16,616,674 Total assets 21,618,116 836,953 22,455,069 DEFERRED OUTFLOWS OF RESOURCES Pension related 59,724 7,500 67,224 OPEB related 3,013 167 3,180 Deferred charge on refunding 510,771 - 510,771 Total deferred outflows of resources 573,508 7,667 581,175 LIABILITIES Current liabilities: Accounts payable 111,474 1,119 112,593 Accrued liabilities 60,737 8,014 68,751 Customer deposits payable 338,869 - 338,869 Accrued interest payable 60,193 705 60,898 Due within one year: Long-term debt 1,312,350 85,868 1,398,218 Total current liabilities 1,883,623 95,706 1,979,329 Noncurrent liabilities: Long-term debt 15,360,540 420,768 15,781,308 Net pension liability 146,658 20,010 166,668 Net OPEB liability 26,986 3,682 30,668 Total noncurrent liabilities 15,534,184 444,460 15,978,644 Total liabilities 17,417,807 540,166 17,957,973 DEFERRED INFLOWS OF RESOURCES Pension related 41,693 5,689 47,382 OPEB related 1,503 191 1,694 Total deferred inflows of resources 43,196 5,880 49,076 NET POSITION Net investment in capital assets 1,008,962 ( 175,725) 833,237 Restricted for capital projects 553,249 - 553,249 Unrestricted 3,168,410 474,299 3,642,709 Total net position $ 4,730,621 $ 298,574 $ 5,029,195 The notes to the financial statements are an integral part of these financial statements. 20
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
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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
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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 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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Compliance and Other Matters As par
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Comprehensive Annual Financial Report 2020

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