Comprehensive Annual Financial Report 2020

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CITY OF RED OAK, TEXAS SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET (BUDGET BASIS) AND ACTUAL ECONOMIC DEVELOPMENT CORPORATION FOR THE YEAR ENDED SEPTEMBER 30, <strong>2020</strong> Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES Sales taxes $ 1,286,450 $ 1,286,450 $ 1,391,261 $ 104,811 Investment earnings 42,750 42,750 63,162 20,412 Miscellaneous - - 10,370 10,370 Total revenues 1,329,200 1,329,200 1,464,793 135,593 EXPENDITURES Current: Economic development 3,458,475 11,731,366 58,940 11,672,426 Capital outlay 1,800 39,100 470,332 ( 431,232) Debt service: Principal 489,891 866,587 981,062 ( 114,475) Interest and fiscal charges - - 191,627 ( 191,627) Bond issuance costs - 16,500 255,321 ( 238,821) Total expenditures 3,950,166 12,653,553 1,957,282 ( 10,696,271) Excess (deficiency) of revenues over (under) expenditures ( 2,620,966) ( 11,324,353) ( 492,489) 10,831,864 OTHER FINANCING SOURCES (USES) Issuance of bonds - 8,670,000 8,670,000 - Premium on issuance of bonds - 33,386 33,386 - Transfers out ( 196,285) ( 196,285) ( 196,285) - Total other financing sources (uses) (uses) ( 196,285) 8,507,101 8,507,101 - CHANGE IN FUND BALANCE ( 2,817,251) ( 2,817,252) 8,014,612 10,831,864 FUND BALANCE - BEGINNING 5,314,868 5,314,868 5,314,868 - FUND BALANCE - ENDING $ 2,497,617 $ 2,497,616 $ 13,329,480 $ 10,831,864 47
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City of Red Oak, Texas Comprehensiv
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Required Supplementary Information
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THE CITY The City of Red Oak (the
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INDUSTRY During 2020, Compass Datac
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In order to be awarded a Certificat
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Government Finance Officers Associa
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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
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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
Page 70 and 71: CITY OF RED OAK, TEXAS SCHEDULE OF
Page 82 and 83: CITY OF RED OAK, TEXAS COMBINING BA
Page 90 and 91: CITY OF RED OAK, TEXAS NET POSITION
Page 92 and 93: CITY OF RED OAK, TEXAS CHANGES IN N
Page 94 and 95: CITY OF RED OAK, TEXAS CHANGES IN N
Page 96 and 97: CITY OF RED OAK, TEXAS FUND BALANCE
Page 98 and 99: CITY OF RED OAK, TEXAS CHANGES IN F
Page 100 and 101: CITY OF RED OAK, TEXAS ASSESSED VAL
Page 102 and 103: CITY OF RED OAK, TEXAS DIRECT AND O
Page 106 and 107: CITY OF RED OAK, TEXAS RATIOS OF GE
Page 110 and 111: CITY OF RED OAK, TEXAS RATIOS OF GE
Page 112 and 113: CITY OF RED OAK, TEXAS DIRECT AND O
Page 114 and 115: CITY OF RED OAK, TEXAS PLEDGE-REVEN
Page 118 and 119: CITY OF RED OAK, TEXAS FULL-TIME EQ
Page 120 and 121: CITY OF RED OAK, TEXAS OPERATING IN
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Compliance and Other Matters As par
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