Annual Comprehensive Financial Report 2021

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CITY OF RED OAK, TEXAS SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET (BUDGET BASIS) AND ACTUAL GENERAL FUND FOR THE YEAR ENDED SEPTEMBER 30, <strong>2021</strong> Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES Property taxes $ 6,800,074 $ 6,800,074 $ 6,780,776 $( 19,298) Sales taxes 2,489,095 2,489,095 3,169,140 680,045 Franchise tax 763,000 763,000 728,690 ( 34,310) Alcoholic beverage tax 15,312 15,312 11,185 ( 4,127) Intergovernmental 596,000 716,773 871,688 154,915 Contributions 20,000 20,000 33,577 13,577 Licenses and permits 716,000 716,000 1,284,074 568,074 Fines and forfeitures 432,500 432,500 341,300 ( 91,200) Charges for services 624,464 624,464 654,699 30,235 Investment earnings 45,000 45,000 23,120 ( 21,880) Miscellaneous 26,000 26,000 44,143 18,143 Total revenues 12,527,445 12,648,218 13,942,392 1,294,174 EXPENDITURES Current: General government 1,843,116 1,843,116 1,678,326 164,790 Public safety 8,620,029 8,740,802 8,303,211 437,591 Culture and recreation 1,147,202 1,129,100 853,375 275,725 Public works 2,067,139 2,067,139 2,016,707 50,432 Capital outlay 2,462,718 2,980,480 1,721,787 1,258,693 Debt service: Principal 66,395 66,395 - 66,395 Bond issuance costs 40,000 40,000 88,106 ( 48,106) Total expenditures 16,246,599 16,867,032 14,661,512 2,205,520 Excess (deficiency) of revenues over (under) expenditures ( 3,719,154) ( 4,218,814) ( 719,120) 3,499,694 OTHER FINANCING SOURCES (USES) Issuance of bonds 802,654 802,654 1,930,000 1,127,346 Premium on issuance of bonds - - 160,760 160,760 Insurance recovery - - 23,064 23,064 Transfers in 689,856 944,856 961,364 16,508 Transfers out - ( 1,814,857) ( 1,814,857) - Total other financing sources (uses) 1,492,510 ( 67,347) 1,260,331 1,327,678 CHANGE IN FUND BALANCE ( 2,226,644) ( 4,286,161) 541,211 4,827,372 FUND BALANCE - BEGINNING 4,955,029 4,955,029 4,955,029 - FUND BALANCE - ENDING $ 2,728,385 $ 668,868 $ 5,496,240 $ 4,827,372 44
CITY OF RED OAK, TEXAS SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET (BUDGET BASIS) AND ACTUAL INDUSTRIAL DEVELOPMENT CORPORATION FOR YEAR ENDED SEPTEMBER 30, <strong>2021</strong> Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES Sales taxes $ 1,286,450 $ 1,286,450 $ 1,587,251 $ 300,801 Contributions - - 421,713 421,713 Investment earnings 35,000 35,000 11,750 ( 23,250) Land sale - - 121,712 121,712 Miscellaneous - - 500 500 Total revenues 1,321,450 1,321,450 2,142,926 821,476 EXPENDITURES Current: Industrial development 9,550,499 9,550,499 5,596,763 3,953,736 Capital outlay 55,000 55,000 37,642 17,358 Debt service: Principal 397,000 397,000 397,000 - Interest and fiscal charges 87,542 87,542 87,514 28 Total expenditures 10,090,041 10,090,041 6,118,919 3,971,122 Excess (deficiency) of revenues over (under) expenditures ( 8,768,591) ( 8,768,591) ( 3,975,993) 4,792,598 OTHER FINANCING SOURCES (USES) Transfers out ( 515,198) ( 515,198) ( 1,290,901) ( 775,703) Total other financing sources (uses) ( 515,198) ( 515,198) ( 1,290,901) ( 775,703) CHANGE IN FUND BALANCE ( 9,283,789) ( 9,283,789) ( 5,266,894) 4,016,895 FUND BALANCE - BEGINNING 12,424,092 12,424,092 12,424,092 - FUND BALANCE - ENDING $ 3,140,303 $ 3,140,303 $ 7,157,198 $ 4,016,895 45
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City of Red Oak, Texas Annual Compr
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Required Supplementary Information
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THE CITY The City of Red Oak (the
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at the intersection of State Highwa
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OTHER INFORMATION Independent Audit
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CITIZENS City Attorney Robert Hager
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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 35 and 36: CITY OF RED OAK, TEXAS STATEMENT OF
Page 37 and 38: CITY OF RED OAK, TEXAS BALANCE SHEE
Page 43 and 44: CITY OF RED OAK, TEXAS RECONCILIATI
Page 51 and 52: Governmental fund financial stateme
Page 53 and 54: The costs of normal maintenance and
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Page 57 and 58: IV. RECEIVABLES The City’s receiv
Page 59 and 60: Bond Reserve Fund For the Industria
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Page 69 and 70: XII. TAX ABATEMENTS The city enters
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Page 97 and 98: CITY OF RED OAK, TEXAS FUND BALANCE
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CITY OF RED OAK, TEXAS CAPITAL ASSE
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Compliance and Other Matters As par
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