Annual Comprehensive Financial Report 2021

More documents

Recommendations

Info

CITY OF RED OAK, TEXAS LEGAL DEBT MARGIN INFORMATION Table 12 SEPTEMBER 30, 2021 Net Assessed Value $ 1,272,908,523 Plus Exempt Property 494,002,097 Total Assessed Value $ 1,766,910,620 Debt Limit - (10%) of Total Assessed Value $ 176,691,062 Less amount of debt applicable to debt limits 39,214,000 Legal Debt Margin 137,477,062 The Debt Rate legal limit percentage 22% As a home rule city, the City of Red Oak is not limited by law in the amount of debt it may issue. Chapter VIII, Section 8.01 of the City of Red Oak Charter states in part: The Council shall have the power granted to municipalities by the Constitution and laws of the state of Texas to levy, assess and collect lawful taxes on property within the territory of the City, not to exceed the maximum limits set by the constitution and laws of the State of Texas. Texas Local Government code section 1507.152 -.154 states the governing body may pledge to the payment of bonds issued under this subchapter an ad valorem tax sufficient to pay when due the principal of and interest on the bonds. A municipality may not issue bonds under this subchapter in a principal amount that: Exceeds the amount of loss sustained or anticipated by the municipality and the cost of issuing the bonds; or would result in the outstanding aggregate principal amount of tax bond indebtedness of the municipality exceeding 10% of the Assessed valuation of taxable property in the municipality according to the most recent ad valorem tax roll of the municipality. 79
CITY OF RED OAK, TEXAS PLEDGE-REVENUE COVERAGE Table 13 LAST TEN FISCAL YEARS Fiscal (1) (2) (3) Year Less Net Average Ended Gross Operating Available Debt 9/30 Revenue Expense Revenue Service Coverage 2012 4,367,643 3,104,920 1,262,723 1,775,620 0.95 2013 4,747,708 3,491,798 1,255,910 1,389,497 1.05 2014 5,179,084 4,042,943 1,136,141 1,521,694 1.31 2015 5,577,700 3,945,042 1,632,658 1,542,945 1.54 2016 6,369,552 4,579,093 1,790,459 1,698,340 1.42 2017 7,129,965 4,631,965 2,498,000 1,484,467 1.97 2018 7,676,753 4,851,428 2,825,325 1,538,190 1.79 2019 8,009,066 5,633,340 2,375,726 1,581,608 1.27 2020 8,727,199 6,569,673 2,157,526 1,316,000 1.14 2021 9,477,411 6,701,841 2,775,570 1,390,000 1.51 Source: Annual Comprehensive Financial Report (1) Gross Revenue includes all Water and Sewer revenues. (2) Operating expense includes all Water and Sewer expense excluding depreciation. (3) Average annual debt service is the average principal and interest payments due over the remaining term of all water and sewer bonds. 80
Page 1:
City of Red Oak, Texas Annual Compr
Page 4 and 5:
Required Supplementary Information
Page 6 and 7:
THIS PAGE LEFT BLANK INTENTIONALLY
Page 8 and 9:
Page 10 and 11:
THE CITY The City of Red Oak (the
Page 12 and 13:
at the intersection of State Highwa
Page 14 and 15:
OTHER INFORMATION Independent Audit
Page 16:
CITIZENS City Attorney Robert Hager
Page 19 and 20:
Page 21 and 22:
Page 23 and 24:
Other Matters Required Supplementar
Page 25 and 26:
Both of the government-wide financi
Page 27 and 28:
Changes in Net Position Governmenta
Page 29 and 30:
Governmental Activities Business-ty
Page 31 and 32:
This requirement was met, and excee
Page 33 and 34:
Page 35 and 36:
CITY OF RED OAK, TEXAS STATEMENT OF
Page 37 and 38:
CITY OF RED OAK, TEXAS BALANCE SHEE
Page 39 and 40:
Page 41 and 42:
Page 43 and 44:
CITY OF RED OAK, TEXAS RECONCILIATI
Page 45 and 46:
Page 47 and 48:
Page 49 and 50:
Page 51 and 52:
Governmental fund financial stateme
Page 53 and 54:
The costs of normal maintenance and
Page 55 and 56:
In the fund financial statements, g
Page 57 and 58:
IV. RECEIVABLES The City’s receiv
Page 59 and 60:
Bond Reserve Fund For the Industria
Page 61 and 62:
Annual debt service requirements fo
Page 63 and 64: A summary of plan provisions for th
Page 65 and 66: The City’s net pension liability
Page 67 and 68: Discount Rate The SDBF program is t
Page 69 and 70: XII. TAX ABATEMENTS The city enters
Page 71 and 72: THIS PAGE LEFT BLANK INTENTIONALLY
Page 73 and 74: CITY OF RED OAK, TEXAS SCHEDULE OF
Page 81 and 82: CITY OF RED OAK, TEXAS COMBINING BA
Page 83 and 84: CITY OF RED OAK, TEXAS COMBINING ST
Page 91 and 92: CITY OF RED OAK, TEXAS NET POSITION
Page 93 and 94: CITY OF RED OAK, TEXAS CHANGES IN N
Page 95 and 96: CITY OF RED OAK, TEXAS CHANGES IN N
Page 97 and 98: CITY OF RED OAK, TEXAS FUND BALANCE
Page 99 and 100: CITY OF RED OAK, TEXAS CHANGES IN F
Page 101 and 102: CITY OF RED OAK, TEXAS ASSESSED VAL
Page 103 and 104: CITY OF RED OAK, TEXAS DIRECT AND O
Page 107 and 108: CITY OF RED OAK, TEXAS RATIOS OF GE
Page 111 and 112: CITY OF RED OAK, TEXAS RATIOS OF GE
Page 113: CITY OF RED OAK, TEXAS DIRECT AND O
Page 119 and 120: CITY OF RED OAK, TEXAS FULL-TIME EQ
Page 121 and 122: CITY OF RED OAK, TEXAS OPERATING IN
Page 123 and 124: CITY OF RED OAK, TEXAS CAPITAL ASSE
Page 127 and 128: Compliance and Other Matters As par
Page 129: THIS PAGE LEFT BLANK INTENTIONALLY
show all

Annual Comprehensive Financial Report 2021

Create successful ePaper yourself

Delete template?

Save as template?