Comprehensive Annual Financial Report 2020

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CITY OF RED OAK, TEXAS STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND NET POSITION PROPRIETARY FUNDS FOR THE YEAR ENDED SEPTEMBER 30, <strong>2020</strong> Business-type Activities - Enterprise Total Utility Storm Water Proprietary Fund Fund Funds OPERATING REVENUES Charges for services: Water charges $ 3,113,929 $ 339,174 $ 3,453,103 Sewer charges 4,653,364 - 4,653,364 Tap fees and reconnects 280,225 - 280,225 Penalties 128,506 - 128,506 Miscellaneous 200,063 - 200,063 Total revenues 8,376,087 339,174 8,715,261 OPERATING EXPENSES Personnel services 1,244,551 174,736 1,419,287 Insurance 199,519 39,900 239,419 Materials and supplies 359,374 11,422 370,796 Contractual services 4,338,392 9,164 4,347,556 Maintenance 85,366 8,304 93,670 Other operating costs 98,945 - 98,945 Depreciation 1,421,186 65,116 1,486,302 Total expenses 7,747,333 308,642 8,055,975 Operating income (loss) 628,754 30,532 659,286 NON-OPERATING REVENUES (EXPENSES) Interest earnings 6,848 1,367 8,215 Interest and fiscal charges ( 556,275) ( 15,023) ( 571,298) Gain on sale of capital assets - 108,436 108,436 Bond issuance costs ( 185,250) - ( 185,250) Total non-operating revenues (expenses) ( 734,677) 94,780 ( 639,897) Income (loss) before capital contributions ( 105,923) 125,312 19,389 Capital contributions 1,104,544 - 1,104,544 CHANGE IN NET POSITION 998,621 125,312 1,123,933 NET POSITION - BEGINNING 3,732,000 173,262 3,905,262 NET POSITION - END OF YEAR $ 4,730,621 $ 298,574 $ 5,029,195 The notes to the financial statements are an integral part of these financial statements. 21
CITY OF RED OAK, TEXAS STATEMENT OF CASH FLOWS PROPRIETARY FUNDS FOR THE YEAR ENDED SEPTEMBER 30, <strong>2020</strong> Business-type Activities - Enterprise Total Utility Storm Water Proprietary Fund Fund Funds CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers and users $ 8,451,574 $ 322,328 $ 8,773,902 Payments to suppliers ( 4,852,058) ( 27,390) ( 4,879,448) Payments to employees ( 1,361,278) ( 180,622) ( 1,541,900) Net cash provided (used) by operating activities 2,238,238 114,316 2,352,554 CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES Payments from (to) other funds 30,428 ( 30,428) - Net cash provided (used) by noncapital financing activities 30,428 ( 30,428) - CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Principal paid on bonds ( 1,233,000) ( 83,000) ( 1,316,000) Interest and fiscal charges paid on bonds ( 95,179) ( 18,863) ( 114,042) Disposition of capital assets - 160,000 160,000 Acquisition and construction of capital assets ( 305,404) - ( 305,404) Net cash provided (used) by capital and related financing activities ( 1,633,583) 58,137 ( 1,575,446) CASH FLOWS FROM INVESTING ACTIVITIES Interest on investments 5,180 1,367 6,547 Purchase of investments ( 2,100,201) - ( 2,100,201) Net cash provided (used) by investing activities ( 2,095,021) 1,367 ( 2,093,654) NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS ( 1,459,938) 143,392 ( 1,316,546) CASH AND CASH EQUIVALENTS, BEGINNING 2,922,945 355,222 3,278,167 CASH AND CASH EQUIVALENTS, ENDING $ 1,463,007 $ 498,614 $ 1,961,621 The notes to the financial statements are an integral part of these financial statements. 22
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
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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
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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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