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 TOURISM FOR THE YEAR ENDED SEPTEMBER 30, <strong>2020</strong> Variance with Actual Final Budget Original Final GAAP Positive Budget Budget Basis (Negative) REVENUES Hotel occupancy tax $ 220,000 $ 220,000 $ 162,389 $( 57,611) Charges for services 66,000 66,000 14,353 ( 51,647) Miscellaneous - - 1,564 1,564 Total revenues 286,000 286,000 178,306 ( 107,694) EXPENDITURES Current: Culture and recreation 142,936 142,936 95,526 47,410 Total expenditures 142,936 142,936 95,526 47,410 Excess (deficiency) of revenues over (under) expenditures 143,064 143,064 82,780 ( 60,284) OTHER FINANCING SOURCES (USES) Transfers out ( 66,000) ( 66,000) ( 14,353) 51,647 Total other financing sources (uses) ( 66,000) ( 66,000) ( 14,353) 51,647 CHANGE IN FUND BALANCE 77,064 77,064 68,427 ( 8,637) FUND BALANCE - BEGINNING 327,120 327,120 327,120 - FUND BALANCE - ENDING $ 404,184 $ 404,184 $ 395,547 $( 8,637) 55
CITY OF RED OAK, TEXAS SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET (BUDGET BASIS) AND ACTUAL DEBT SERVICE FUND FOR THE YEAR ENDED SEPTEMBER 30, <strong>2020</strong> Variance with Actual Final Budget Original Final GAAP Positive Budget Budget Basis (Negative) REVENUES Property taxes $ 1,811,428 $ 1,811,428 $ 1,844,434 $ 33,006 Total revenues 1,811,428 1,811,428 1,844,434 33,006 EXPENDITURES Debt service: Principal 1,007,028 1,007,028 1,168,000 ( 160,972) Interest and fiscal charges 804,400 804,400 617,900 186,500 Bond issuance costs - - 43,847 ( 43,847) Total expenditures 1,811,428 1,811,428 1,829,747 ( 18,319) Excess (deficiency) of revenues over expenditures - - 14,687 14,687 OTHER FINANCING SOURCES (USES) Issuance of refunding bonds - 1,830,000 1,830,000 - Premium on issuance of bonds - 216,945 216,945 - Payment to escrow agent - current refunding - ( 2,041,218) ( 2,041,218) - Total other financing sources (uses) - 2,046,945 5,727 ( 2,041,218) CHANGE IN FUND BALANCE - 2,046,945 20,414 ( 2,026,531) FUND BALANCE - BEGINNING 85,641 85,641 85,641 85,641 FUND BALANCE - ENDING $ 85,641 $ 2,132,586 $ 106,055 $( 1,940,890) 56
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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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Other Matters Required Supplementar
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Both of the government-wide financi
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Changes in Net Position Governmenta
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Governmental Activities Business-ty
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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
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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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Page 90 and 91: CITY OF RED OAK, TEXAS NET POSITION
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Page 96 and 97: CITY OF RED OAK, TEXAS FUND BALANCE
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Page 114 and 115: CITY OF RED OAK, TEXAS PLEDGE-REVEN
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Comprehensive Annual Financial Report 2020

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