Comprehensive Annual Financial Report 2020

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CITY OF RED OAK, TEXAS CHANGES IN FUND BALANCES - GOVERNMENTAL FUNDS LAST TEN FISCAL YEARS (UNAUDITED) (MODIFIED ACCRUAL BASIS OF ACCOUNTING) 2011 2012 2013 2014 REVENUE Property taxes $ 3,727,806 $ 3,751,225 $ 3,842,276 $ 4,081,650 Sales tax 1,943,444 2,430,548 2,754,847 3,020,651 Franchise tax 585,450 585,424 577,663 648,314 Hotel occupancy taxes 55,940 83,506 94,877 103,030 Alcoholic Beverage tax 3,731 4,186 5,728 8,224 Licenses and permits 240,294 236,842 321,703 342,782 Fines and Forfeitures 668,752 707,514 744,683 495,823 Charges for services 399,922 399,136 401,870 428,433 Investment earnings 102,726 98,132 87,121 103,083 Contributions - - - - Miscellaneous 87,343 100,902 91,657 328,881 Grants from governmental agencies - 600,002 - - Intergovernmental 762,785 224,484 224,921 180,262 Total Revenues 8,578,193 9,221,901 9,147,346 9,741,133 EXPENDITURES Current: General government 854,042 840,664 888,119 1,023,145 Public safety 4,391,479 4,739,546 5,095,260 6,122,424 Culture and recreation 162,124 159,214 184,047 319,174 Public works 916,419 897,334 927,032 919,529 Industrial development 115,968 297,788 210,253 1,261,582 Economic development 206,930 153,764 168,353 212,274 Capital Outlay 3,720,815 2,553,143 595,495 1,703,768 Debt Service: Principal 323,762 517,725 342,045 1,150,444 Interest and fiscal charges 422,110 366,727 439,288 490,263 Issuance costs - - - - Total Expenditures 11,113,649 10,525,905 8,849,892 13,202,603 EXCESS (DEFICIENCY) OF REVENUES OVER (UNDER) EXPENDITURES ( 2,535,456) ( 1,304,004) 297,454 ( 3,461,470) OTHER FINANCING SOURCES (USES) Sale of real property - 1,985,786 - - Release of reserve - ( 769,300) - - Note and Lease proceeds 445,367 950,986 1,368,851 - Issuance of refunding bonds - - - - Issuance of bonds 1,790,000 - 1,090,000 1,674,000 Payment to refunding escrow agent - - - - Premium on issuance of bonds 45,371 - ( 33,000) - Transfers in 226,825 245,140 290,544 457,750 Transfers out ( 226,825) ( 245,140) ( 290,544) ( 373,019) Total other financing sources (uses) 2,280,738 2,167,472 2,425,851 1,758,731 NET CHANGE IN FUND BALANCE $( 254,718) $ 863,468 $ 2,723,305 $( 1,702,739) Debt service as a percentage of noncapital expenditures 10.1% 11.1% 9.5% 14.3% 65
Table 4 2015 2016 2017 2018 2019 <strong>2020</strong> $ 4,177,442 $ 4,718,288 $ 5,248,141 $ 5,919,915 $ 6,881,332 $ 7,905,106 4,072,836 3,897,973 3,761,566 4,433,407 4,693,893 5,584,807 780,644 759,708 853,683 735,818 777,141 742,438 122,882 165,188 162,468 169,662 195,732 162,389 8,663 12,501 11,887 13,641 13,950 9,878 453,860 383,631 448,161 924,535 811,267 1,277,120 467,813 469,496 469,637 363,928 432,708 379,145 456,898 490,104 492,042 525,998 550,923 8,154,215 108,996 117,567 138,703 189,107 353,138 332,046 - - - - - 144,367 274,542 167,734 189,597 126,087 140,620 56,382 - - - - - - 339,721 608,311 454,275 701,691 567,042 1,372,133 11,264,297 11,790,501 12,230,160 14,103,789 15,417,746 26,120,026 1,033,065 1,165,085 1,277,771 755,204 1,052,036 1,610,525 5,607,528 6,044,534 6,403,553 7,547,007 8,519,195 8,070,342 309,878 342,409 324,024 373,696 393,798 800,430 980,329 1,240,448 1,160,727 1,071,367 1,411,637 2,063,724 81,704 59,489 94,367 173,975 155,888 1,104,636 131,452 581,446 157,583 70,634 191,916 58,940 541,862 937,304 2,494,281 1,203,551 7,000,822 2,225,172 707,505 706,007 1,024,536 1,145,992 1,838,205 2,534,062 472,014 401,682 599,303 491,610 822,758 931,131 - - - - - 299,168 9,865,337 11,478,404 13,536,145 12,833,036 21,386,255 19,698,130 1,398,960 312,097 (1,305,985) 1,270,753 ( 5,968,509) 6,421,896 - 1,148,148 196,685 - - - - - - - - - - - - - - - - - - - - 1,830,000 4,097,000 4,208,000 3,305,000 - 10,130,000 9,443,000 ( 3,762,314) - ( 1,016,257) - - ( 2,041,218) 176,016 - 238,193 - 619,355 250,331 398,950 402,540 578,062 449,480 1,251,476 3,254,225 ( 398,950) ( 402,540) ( 744,883) ( 587,438) ( 1,251,476) ( 3,254,225) 510,702 5,356,148 2,556,800 ( 137,958) 10,749,355 9,482,113 $ 1,909,662 $ 5,668,245 $ 1,250,815 $ 1,132,795 $ 4,780,846 $ 15,904,009 12.7% 10.5% 14.7% 14.1% 18.5% 21.6% 66
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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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CITY OF RED OAK, TEXAS STATEMENT OF
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CITY OF RED OAK, TEXAS BALANCE SHEE
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CITY OF RED OAK, TEXAS RECONCILIATI
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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
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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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