Annual Comprehensive Financial Report 2021

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CITY OF RED OAK, TEXAS RECONCILIATION OF THE BALANCE SHEET OF GOVERNMENTAL FUNDS TO THE STATEMENT OF NET POSITION SEPTEMBER 30, <strong>2021</strong> Total Fund Balances - Governmental Funds $ 43,396,048 Amount reported for governmental activities in the statement of net position are different because: Capital assets, net of accumulated depreciation, used in governmental activities are not financial resources and, therefore, are not reported in the funds. Capital assets 49,333,959 Accumulated depreciation ( 18,231,071) Long-term liabilities, including bonds payable, that are not due and payable in the current period, and, therefore are not reported as liabilities in the funds. Revenue bonds ( 16,015,000) General obligation bonds ( 4,990,000) Certificates of obligation ( 14,966,000) Tax notes ( 2,754,000) Accrued interest payable on long-term debt ( 216,848) Compensated absences ( 737,255) Net pension liability ( 779,161) Total OPEB liability ( 239,633) Other long-term assets are not available to pay for current period expenditures and therefore, are deferred in the governmental funds. 226,723 Governmental funds report the effect of premiums, discounts, and refundings and similar items when debt is first issued, whereas these amounts are deferred and amortized in the statement of activities. Premium on bonds ( 1,819,613) Differences between expected and actual experiences, assumption changes and netdifferences between projected and actual earnings and contributions subsequent to the measurement date for the postretirement benefits (pension and OPEB) are recognized asdeferred outflows of resources and deferred inflows of resources on the statement of netposition. Deferred outflows - pension related 426,364 Deferred outflows - OPEB related 62,922 Deferred inflows - pension related ( 373,407) Deferred inflows - OPEB related ( 10,016) Net Position of Governmental Activities $ 32,314,012 The notes to the financial statements are an integral part of these financial statements. 16
CITY OF RED OAK, TEXAS STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES GOVERNMENTAL FUNDS FOR THE YEAR ENDED SEPTEMBER 30, <strong>2021</strong> Special Revenue Industrial Economic General Development Development Fund Corporation Corporation REVENUES Property taxes $ 6,780,776 $ - $ - Sales taxes 3,169,140 1,587,251 1,587,251 Franchise tax 728,690 - - Hotel occupancy tax - - - Alcoholic beverage tax 11,185 - - Intergovernmental 871,688 - - Contributions 33,577 421,713 - Licenses and permits 1,284,074 - - Fines and forfeitures 341,300 - - Charges for services 654,699 - - Investment earnings 23,120 11,750 8,413 Land sale - 121,712 1,103,869 Miscellaneous 44,143 500 - Total revenues 13,942,392 2,142,926 2,699,533 EXPENDITURES Current: General government 1,678,326 - - Public safety 8,303,211 - - Culture and recreation 853,375 - - Public works 2,016,707 - - Industrial development - 5,596,763 - Economic development - - 209,880 Capital outlay 1,721,787 37,642 37,642 Debt service: Principal - 397,000 355,000 Interest and fiscal charges - 87,514 239,641 Bond issuance costs 88,106 - 1,500 Total expenditures 14,661,512 6,118,919 843,663 Excess (deficiency) of revenues over (under) expenditures ( 719,120) ( 3,975,993) 1,855,870 OTHER FINANCING SOURCES (USES) Issuance of bonds 1,930,000 - - Premium on issuance of bonds 160,760 - - Insurance recovery 23,064 - - Transfers in 961,364 - - Transfers out ( 1,814,857) ( 1,290,901) ( 743,690) Total other financing sources (uses) 1,260,331 ( 1,290,901) ( 743,690) CHANGE IN FUND BALANCE 541,211 ( 5,266,894) 1,112,180 FUND BALANCE - BEGINNING 4,955,029 12,424,092 13,329,480 FUND BALANCE - ENDING $ 5,496,240 $ 7,157,198 $ 14,441,660 The notes to the financial statements are an integral part of these financial statements. 17
Page 1: City of Red Oak, Texas Annual Compr
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