HomeMy WebLinkAboutFY 2005-2006 -- Comprehensive Annual Financial ReportHEART OF THE RESEARCH VALLEY
FOR FISCAL Y EAR ENDED SEPTEMBER 30, 2006
CITY OF COLLEGE STATION , TEXAS
the heart of the Research Valley
Mission Statement
On behalf of the citizens of College Station, home
of Texas A&M University, we will promote and
advance the community's quality of life.
www.cstx.gov
CITY OF COLLEGE STATION, TEXAS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2006
PREPARED BY THE
CITY OF COLLEGE STATION FISCAL SERVICES DEPARTMENT
JEFF KERSTEN, CHIEF FINANCIAL OFFICER
PHILLIP GUILLEN, ASSISTANT DIRECTOR OF FISCAL SERVICES
CITY OF COLLEGE STATION, TEXAS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2006
Table of Contents
Page
i
INTRODUCTORY SECTION
Letter of Transmittal ................................................................................................................................vi
GFOA Certificate of Achievement for Excellence in Financial Reporting.............................................xiii
Organizational Chart.............................................................................................................................xiv
Principal City Officials ............................................................................................................................xv
FINANCIAL SECTION
Independent Auditors' Report .................................................................................................................1
Management’s Discussion and Analysis (Unaudited).............................................................................3
Basic Financial Statements:
Government-Wide Financial Statements:
Statement of Net Assets..........................................................................................................23
Statement of Activities.............................................................................................................24
Fund Financial Statements:
Balance Sheet – Governmental Funds ...................................................................................26
Reconciliation of Governmental Funds Balance Sheet
to the Statement of Net Assets................................................................................................27
Statement of Revenues, Expenditures, and Changes
in Fund Balances – Governmental Funds...............................................................................28
Reconciliation of the Statement of Revenues, Expenditures, and Changes
in Fund Balances of Governmental Funds to the Statement of Activities...............................29
Statement of Net Assets – Proprietary Funds.........................................................................30
Statement of Revenues, Expenses, and Changes
in Fund Net Assets – Proprietary Funds .................................................................................32
Statement of Cash Flows – Proprietary Funds .......................................................................34
Notes to the Financial Statements.................................................................................................37
Required Supplementary Information:
Schedule of Funding Progress – Texas Municipal Retirement System ........................................69
CITY OF COLLEGE STATION, TEXAS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2006
Table of Contents
Page
ii
Schedule of Revenues, Expenditures, and Changes in Fund
Balances, Budget and Actual (Budgetary Basis) – General Fund.................................................70
Adjustments to General Fund Revenues and Expenditures To
Reconcile From Budget Basis to GAAP Basis...............................................................................71
Supplementary Information:
Combining and Individual Fund Statements and Schedules:
Combining Balance Sheet – Nonmajor Governmental Funds................................................74
Combining Statement of Revenues, Expenditures, and Changes
in Fund Balances – Nonmajor Governmental Funds..............................................................78
Schedules of Revenues, Expenditures, and Changes in Fund Balances – Budget
and Actual (Budgetary Basis):
Debt Service......................................................................................................................82
Adjustments to Debt Service Fund Revenues To
Reconcile from Budget Basis to GAAP Basis...................................................................83
Special Revenue Funds:
Community Development ..........................................................................................84
Convention Center......................................................................................................85
Hotel Tax ....................................................................................................................86
Parks Escrow..............................................................................................................87
Wolf Pen Creek Tax Increment Financing District .....................................................88
Adjustments to Special Revenue Fund Revenues and
Expenditures to Reconcile from Budget Basis to GAAP Basis.........................................89
Capital Projects Funds:
Business Park.............................................................................................................90
Drainage Projects.......................................................................................................91
General Government Projects....................................................................................92
Parks Projects ............................................................................................................93
Streets Projects..........................................................................................................94
CITY OF COLLEGE STATION, TEXAS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2006
Table of Contents
Page
iii
Adjustments to Capital Projects Fund Revenues and
Expenditures to Reconcile from Budget Basis to GAAP Basis.........................................95
Nonmajor Enterprise Funds:
Combining Statement of Net Assets ..........................................................................98
Combining Statement of Revenues, Expenses, and Changes
in Fund Net Assets .....................................................................................................99
Combining Statement of Cash Flows.......................................................................100
Internal Service Funds:
Combining Statement of Net Assets ........................................................................102
Combining Statement of Revenues, Expenses, and Changes
in Fund Net Assets...................................................................................................104
Combining Statement of Cash Flows.......................................................................106
Capital Assets Used in the Operation of Governmental Funds:
Schedule by Source .................................................................................................111
Schedule by Function and Activity ...........................................................................112
Schedule of Changes by Function and Activity........................................................114
STATISTICAL SECTION
Net Assets by Component ..................................................................................................................117
Changes in Net Assets........................................................................................................................118
Program Revenues by Function/Program...........................................................................................120
Fund Balances, Governmental Funds ................................................................................................121
Changes in Fund Balances, Governmental Funds.............................................................................122
Tax Revenue by Source, Governmental Funds ..................................................................................124
Assessed Value and Estimated Actual Value of Taxable Property ....................................................125
Direct and Overlapping Property Tax Rates.......................................................................................126
Principal Property Taxpayers..............................................................................................................127
CITY OF COLLEGE STATION, TEXAS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2006
Table of Contents
Page
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Property Tax Levies and Collections ..................................................................................................128
Taxable Sales by Category.................................................................................................................129
Direct and Overlapping Sales Tax Rates............................................................................................130
Sales Tax Revenue Payers by Industry..............................................................................................131
Ratios of Outstanding Debt by Type...................................................................................................132
Ratios of Net General Bonded Debt Outstanding...............................................................................133
Direct and Overlapping Governmental Activities Debt........................................................................134
Legal Debt Margin Information............................................................................................................135
Pledged-Revenue Coverage...............................................................................................................136
Demographic and Economic Statistics ...............................................................................................137
Principal Employers ............................................................................................................................138
Full-Time-Equivalent City Government Employees by Function/Program .........................................139
Operating Indicators by Function/Program.........................................................................................140
Capital Asset Statistics by Function/Program.....................................................................................142
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March 14, 2007
Honorable Mayor, Members of the City Council, and
Citizens of the City of College Station, Texas
The City Manager and the Fiscal Services Department are pleased to submit the Comprehensive
Annual Financial Report for the City of College Station, Texas (the "City") for the fiscal year
ended September 30, 2006.
This report is published to provide to the City Council, City staff, our citizens, our bondholders and
other interested parties detailed information concerning the financial condition of the City
government. Responsibility for both the accuracy of the presented data and the completeness
and fairness of the presentation, including all disclosures, rests with the City.
To the best of our knowledge and belief, the data is accurate in all material aspects and is
organized in a manner designed to fairly present the financial position and results of operations of
the City as measured by the financial activity of its various funds. We also believe that all
disclosures necessary to enable the reader to gain the maximum understanding of the City's
financial affairs have been included.
The Local Government Code, Section 103.001 (a) states: "A municipality shall have its records
and accounts audited annually and shall have an annual financial statement prepared based on
the audit." Likewise the Fiscal and Budgetary Policy Statements adopted annually by the City
Council as a part of the City's Approved Budget include a requirement that the City shall annually
have an audit performed by an outside, independent auditor. The City has complied with this
requirement, and the Independent Auditors' Report has been included in this report.
THE REPORT
This report is comprised of three sections: Introductory, Financial and Statistical. The
Introductory Section includes this transmittal letter, a listing of the principal City officials, and an
organizational chart of the City. The Financial Section contains the Independent Auditors' Report
on the basic financial statements, Management's Discussion and Analysis ("MD&A"), the basic
financial statements with related notes, and combining and individual fund statements and
schedules. The MD&A is a narrative introduction, overview, and analysis to accompany the basic
financial statements. This letter of transmittal is designed to complement the MD&A and should
be read in conjunction therewith. The City of College Station's MD&A may be found immediately
following the Independent Auditors' Report. The Statistical Section provides financial and
demographic information, usually presented on a multi-year basis, that is relevant to a financial
statement reader.
The Financial section described above is prepared in accordance with generally accepted accounting
principles for governments as prescribed by the Governmental Accounting Standards Board ("GASB")
and other professional associations, as applicable.
CITY PROFILE
Location
The City of College Station, incorporated in 1938, is located in Brazos County in East Central Texas,
approximately 140 miles north of the Gulf of Mexico, approximately 90 miles northwest of Houston,
approximately 165 miles south of Dallas and approximately 100 miles east of Austin, in an area referred
to as the Brazos Valley. The City currently has a land area of 47.2 square miles and a current estimated
population of 83,947 as of September 2006. The City has the power, by state statute, to extend its
corporate limits by annexation, which it has done periodically.
Structure
The City of College Station is a home rule municipality and utilizes a Council-Manager form of
government organized under the Constitution and laws of the State of Texas. The City Council is
composed of a mayor and six council members elected at large. The City Council appoints the City
Manager, City Attorney, City Secretary, Municipal Court Judge and Internal Auditor. Almost all other City
staff work under the direction of the City Manager.
The Reporting Entity and Services Provided
This report includes all government activities, organizations and functions for which the City is financially
accountable as defined by the GASB. Based on these criteria, no other governmental organizations are
included in the report. For additional information on the reporting entity, refer to Note I-A in the basic
financial statements.
The City provides a full range of municipal services as prescribed by statute or charter. These services
include police, fire and emergency medical services, parks and recreational facilities, library services,
street maintenance and construction, public improvements, general administrative services and electrical,
water, sewer, and sanitation systems. Internal services of the City accounted for on a cost
reimbursement basis are print/mail, risk management, employee health and disability, equipment
replacement, fleet management, and communications.
Accounting System and Budgetary Control
The City's accounting records for general governmental operations are maintained on a modified accrual
basis, with the revenues recorded when available and measurable, and expenditures recorded when the
services or goods are received and the liabilities incurred. Accounting records for the City's utilities and
other proprietary activities are maintained on a full accrual basis with revenues recorded when earned
and expenses recorded as goods or services are provided to the user.
In developing and maintaining the City's accounting system, consideration is given to the adequacy of the
internal control structure. Internal accounting controls are designed to provide reasonable, but not
absolute, assurance regarding: (1) the safeguarding of assets against loss from unauthorized use or
disposition, and (2) the reliability of financial records for preparing financial statements and maintaining
accountability for assets. The concept of reasonable assurance recognizes that the cost of a control
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should not exceed the benefits likely to be derived, and the evaluation of costs and benefits requires
estimates and judgments by management.
All internal accounting control evaluations occur within the above framework. We believe that the City's
internal accounting controls adequately safeguard assets and provide reasonable assurance of proper
recording of financial transactions.
The annual budget serves as the foundation for the City's financial planning and control. The City Charter
provides that the City Manager will submit a proposed budget to the City Council between 30 and 90 days
prior to the end of the fiscal year. The City's budget is prepared by function, fund and department. The
City Council is required to hold a public hearing on the proposed budget and to adopt a budget no later
than the 27th day of the last month of the fiscal year. The City's fiscal year begins on October 1 and ends
on September 30. Controls of budgetary spending are at the department level within the City's General
Fund and at the individual fund appropriation in all other funds. The City Council must authorize transfers
between General Fund departments and all increases in total spending in any fund.
The City's departments have direct access to review budgets as often as necessary. Monthly closing
reports are prepared and reviewed by management showing revenues, expenditures, and balance
sheets. Summarized financial reports and budget reports are provided to the City Council on a quarterly
basis.
FACTORS AFFECTING FINANCIAL CONDITION
Economic Conditions
College Station has continued to grow in the last year. The concentration of stable and even-growing
employment sectors such as government, higher education and health care contribute to the steady
growth that College Station has experienced over the last several years. This growth provides some of
the additional resources needed to maintain service levels to the citizens and visitors of College Station.
In 2005, the Bureau of Labor Statistics (BLS) significantly altered the methodology used to calculate
unemployment. The new calculation method resulted in just over a one percent increase in the
unemployment figure for College Station. In prior years, the unemployment rate was in the 1.6 percent to
2.6 percent range. As a result of the BLS change, the unemployment rate for fiscal year 2006 as of
October was approximately 3.4 percent.
In 2006, state sales tax revenues were up by 13.6 percent. Sales tax collections in College Station saw
growth in fiscal year 2006 as well. This is consistent with growth in sales tax receipts the City has
experienced over the last several years. In fiscal year 2006, sales taxes were up by 8.5 percent over
fiscal year 2005 to $16,752,174.
College Station continues to see growth in housing and commercial development. There were 630 new
housing starts during 2006, which is higher than in 2005 by 13.9 percent. Total ad valorem assessed
valuation increased by approximately $354 million or approximately 10.8 percent for fiscal year 2006 over
fiscal year 2005. Commercial development continued to be strong with both new and redevelopment.
Several new commercial businesses opened in College Station in 2006, and several new hotels were
under construction and opened in 2006. Once again, the University Drive corridor had a significant
amount of new business and increased traffic.
One major asset of the City of College Station is that it is the home of Texas A & M University (TAMU).
TAMU is located on an approximately 5,200 acre campus within the City. TAMU has a significant
economic impact on the City, contributing over a billion dollars annually to the local economy. TAMU has
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consistently ranked among the top 50 universities in the United States. Each year, TAMU's
approximately 2,500 faculty members conduct an estimated $450 million worth of sponsored research
projects. The $5.64 billion endowment ranked TAMU tenth in the nation for fiscal year 2006. Student
enrollment at TAMU was 45,370 as of September 2006. TAMU employs more than 20,000 full-time and
part-time staff.
Major Initiatives
In 2006, numerous capital improvement initiatives were undertaken by the City. Projects currently
underway in the Wolf Pen Creek District include additions to the Wolf Pen Creek Amphitheater and the
design of a water feature. These projects are being paid for from the Wolf Pen Creek Tax Increment
Financing District fund, and are designed to help spur additional development in this growing corridor. In
2006, construction began on the second phase of Veterans Park. This project includes the addition of
three soccer fields, three softball fields, a pavilion and a concession area. Construction continued in 2006
on a zero-depth splash park that is being installed at the Lincoln Center. In 2006, parks projects
completed included Steeplechase Park; the installation of a basketball court, cover and iron fence at
Lion’s Park; and various park upgrades such as the installation of lighting, landscaping, benches,
sidewalks, drinking fountains, and shade covers. In addition, the City continues to upgrade and replace
infrastructure within its parks system.
Street projects completed in 2006 included the realignment of Greens Prairie Road with Arrington Road to
connect with Highway 40. This project also included left turn lanes in front of Forest Ridge Elementary
School. Other street projects completed in 2006 included the extension of Central Park Lane. This project
provided the final connection between Southwest Parkway and Krenek Tap Road. In 2006, the design of
the Arrington/Decatur street extension project began. This project will improve north-south traffic flow on
the west side of Highway 6 by providing a connection from Highway 40 to Barron Road. Continuing street
projects include improvements on Barron Road and the Rock Prairie Road Widening project. Traffic
projects completed in 2006 included the Lincoln Avenue traffic striping. Signal projects currently
underway include signals at Harvey Mitchell Parkway and Luther, Harvey Mitchell Parkway and Holleman
and FM2818 and F&B Road. Hike and bike trail projects underway in 2006 included sidewalk
improvements on George Bush Drive and on University Drive and the design of pedestrian and roadway
improvements on University Drive. The Brison Park bike and pedestrian trails project was completed in
2006, which provided for the installation of a bike and pedestrian path through the Old Jersey Street right-
of-way adjacent to Brison Park.
Electric utility projects completed in 2006 included the Brazos Electric Cooperative Transmission Tie to
College Station Utilities. This project involved the construction of transmission lines and the re-build of
College Station Switch Station. Other projects completed by the Electric Department in 2006 included
various system overhead, underground and street lighting improvements. These improvements were
designed to increase system reliability and meet customer requirements. Projects underway in 2006
included the design, material acquisition, transmission line construction and site preparation for Spring
Creek Substation. This substation will provide additional power capacity for customers on the south side
of the City. In the water and wastewater utilities, work continued on a number of capital projects. Two new
shallow wells were completed in 2006 to help ensure water production meets peak usage demands.
Emergency electric generators were installed at Well 5, Well 6, Sandy Point Pump Station, Dowling Road
Pump Station and the Carter Creek Wastewater Treatment Plant to provide power in the event of a
primary electric service outage. In 2006, work continued to relocate the City water lines in conjunction
with the widening of Wellborn Road by TxDOT. Work also continued on the construction of a parallel
water transmission line along FM2818 from Hwy 21 south to Villa Maria Road. The additional system
capacity is required to support the Northgate area and to provide water service to the annexed area west
of FM2818 along FM60. Water and wastewater plant security upgrades continued in 2006 and odor
control and sludge processing improvements continued at the Wastewater Treatment Plant. In addition,
numerous water and wastewater line rehabilitation and replacement projects were ongoing in 2006.
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Fire Station #5 located on Greens Prairie Road in the southern part of College Station was completed in
2006. This station will provide fire protection in the growing southern part of the City. Other facility
projects included work on the design of renovations for the Police Station. Also underway in 2006 were
the conceptual designs for a new Senior Center and the Master Plan design of a new Municipal
Cemetery.
Technology is an ongoing area of advancement for the City. Projects completed in 2006 included the
Public Safety System. The Computer Aided Dispatch, Police Reporting, EMS and Fire Reporting were
replaced as part of this project. Other technology projects completed in 2006 include the PBX (phone
system) replacement and the Police Field Reporting project. The Police Field Reporting project allows
police officers to fill out report forms electronically in the field. The reports can then be downloaded into
the police records management system. Ongoing projects include the Radio System Replacement
project, which provides funds for the replacement of the City's 800 MHz radio system.
Capital Planning
The citizens of the City approved general obligation bond proposals totaling approximately $38.4 million
in November 2003. The third portion of this bond authorization, totaling $7,375,000, was issued in 2006.
It is anticipated that various street, traffic safety, public buildings, parks and fire station projects funded by
these bonds will be built over the next five years. The City has gone to the voters three times in the last
twelve years with successful general obligation bond proposals. Key projects planned include street and
traffic improvements, public safety facility improvements and park expansions. Upcoming street and traffic
improvements include street rehabilitation in the Northgate area, the design of and right-of-way
acquisition for Rock Prairie Road East widening, improvements to Barron Road and the construction of a
number of new traffic signals. Public safety facility improvements include the relocation of Fire Station #3
and renovations to the existing Police Station. Future park expansion projects include the construction of
the second phase of Veterans Park and the construction of a new Forestry Shop. The construction of the
second phase of Veterans Park began in 2006, and it is anticipated construction will be completed in
2007. It is projected that the City will be able to make these improvements without increasing the ad
valorem tax rate for the capital portion of these projects.
Planning in the electric, water, wastewater and drainage utilities provides for an anticipated investment of
$145 million over the next five years. The electric funds will be used to provide electric line extensions,
transmission enhancements, substations, new customer connections, and replacements of existing
facilities. The water utility will continue to replace lines in older neighborhoods, add new transmission and
distribution lines, provide for a looped system, add new shallow wells, and continue a project to add
transmission capacity from the well field to the City. Wastewater projects include sewer outfall lines, line
extensions for annexed areas and new services, and treatment plant improvements. Drainage funds will
be used for improvements that allow the City to maintain adequate storm carrying capacity of the
drainage system. Some rate increases are anticipated for the utilities over the next five years to keep up
with the additional capital requirements.
Cash Management
The City awards its depository contract through official bidding procedures for a two-year period with the
provision for up to three one-year extensions. The current depository contract expires in 2008 and is with
Citibank, Texas N.A. The City's bank depository agreement requires that all demand deposits and time
deposits are secured by pledged collateral with a market value equal to no less than 105 percent of the
deposits, less $100,000 which is insured by the Federal Deposit Insurance Corporation. Evidence of the
pledged collateral is maintained by the Fiscal Services Department and a third party financial institution.
Collateral is reviewed monthly to assure the market value of the securities pledged equals or exceeds the
related bank balances. Assets pledged to the City by its depository are held by the Bank of New York.
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Temporarily idle cash for all funds is invested by City officials in securities as allowed by Texas Statutes
and the City's investment policy. This policy is reviewed and adopted by the City Council annually. The
average balance of the City's investment portfolio for fiscal year 2006 was approximately $143,565,302.
The overall portfolio produced unrestricted interest earnings of $5,245,305, which represents an increase
of $2,809,902 from fiscal year 2005. The City had no realized losses on any securities held during fiscal
year 2006. Investment securities purchased by the City, except investments in pooled funds and mutual
funds, are on a delivery versus payment basis. That is, funds are not wired or paid until verification has
been made that the correct security has been received by the custodian. Securities are held in a custody
account in the City's name. The original copy of all safekeeping statements is delivered to the City.
Risk Management
The City's risk management program is administered by the Risk Management function in the Human
Resources Division. Risk Management is responsible for monitoring all claims filed against the City, as
well as handling the filing of claims as necessary on behalf of the City. Risk Management is also
responsible for administering the City's Workers' Compensation and Property and Casualty Self
Insurance Funds. The City's Risk Manager is responsible for ensuring that the City's coverage is
adequate to protect the City in the event of potential losses and for ensuring continuous coverage. The
City has implemented a strong and proactive safety training program.
Employee Retirement System
The City is a member of the Texas Municipal Retirement System ("TMRS") that covers all full-time and
certain part-time employees. The plan provides for no benefits beyond the contributions of the employee,
employer and earnings on the individual employee account. Employee contributions are seven (7)
percent of gross earnings. The City's contribution rate for 2006 was 11.9 percent. The contribution rate
for the City is set by TMRS annually for a calendar year. Any unfunded liability (actuarially determined
cost to the City not already paid) is paid over a 25-year period and is included as a part of the rate the
City pays.
OTHER INFORMATION
Independent Audit
Section 37 of the City's Charter requires that not less than thirty (30) days prior to the end of each fiscal
year, the City Council shall designate a qualified public accountant or accountants who, as of the end of
the fiscal year, shall make an independent audit of accounts and other evidences of financial transactions
of the city government and shall submit the report to the City Council. Such accountants shall have no
personal interest, direct or indirect, in the fiscal affairs of the city government. They shall not maintain any
account or record of the city business, but, within specifications approved by the City Council, shall post-
audit the books and documents kept by the Department of Fiscal Services and any separate or
subordinate accounts kept by any other office, department or agency of the city government.
The City of College Station has engaged Ingram, Wallis & Company of Bryan, Texas to perform the audit,
and their opinion has been included in this report. It should be noted that the auditors included all funds
in their audit, performed their audit in accordance with U.S. generally accepted auditing standards, and
concluded, based upon the audit, that there was a reasonable basis for rendering an unqualified opinion
that the City of College Station's financial statements for the fiscal year ended September 30, 2006 are
fairly presented in conformity with U.S. generally accepted accounting principals. The independent
auditors' report is presented as the first component of the financial section of this report.
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Certificate of Achievement
The Government Finance Officers Association of the United States and Canada ("GFOA") awarded a
Certificate of Achievement for Excellence in Financial Reporting to the City of College Station for its
Comprehensive Annual Financial Report ("CAFR) for the Fiscal Year ended September 30, 2005. The
Certificate of Achievement is a prestigious national award recognizing conformance with the highest
standards for preparation of state and local government financial reports.
In order to be awarded a Certificate of Achievement, a governmental unit must publish an easily readable
and efficiently organized CAFR with contents that conform to program standards. Such reports must
satisfy both generally accepted accounting principles and applicable legal requirements.
A Certificate of Achievement is valid for a period of one year only. The City of College Station has
received a Certificate of Achievement for twenty-four out of the last twenty-five years. We believe our
current report continues to conform to the Certificate of Achievement Program requirements, and we are
submitting it to the GFOA to determine its eligibility for another certificate.
Responsibilitv for Financial Reportinq
The City's Senior Management, including the City Manager and Chief Financial Officer, accept the
responsibility for the accuracy, integrity, consistency, and reliability of the financial statements. They also
acknowledge their responsibility for assuring the continuous monitoring of the City's system of internal
controls for compliance in order to prevent misappropriation of assets and fraudulent financial reporting.
Additionally, they confirm their commitment to fostering a strong ethical climate and communicating those
standards to employees through personnel rules, administrative regulations, and City law.
Acknowledqement
The preparation of this report could not have been accomplished without the efforts and dedicated
services of the entire staff of the Fiscal Services Department. Appreciation is also expressed to City
employees throughout the organization, especially those employees who were instrumental in the
successful completion of this report.
Acknowledgement is also given to the representatives of Ingram, Wallis & Company for their invaluable
assistance in producing the final product.
Our appreciation is also extended to the Mayor and City Council for their interest and support in planning
and conducting the financial operations of the City in a responsible and progressive manner.
Respectfully submitted,
Glenn Brown
City Manager
kA eff Kersten 'k
Chief Financial Officer
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Certificate of
Achievement
for Excellence
Reporting
Presented to
City of College Station
Texas
For its Comprehensive Annual
Financial Report
for the Fiscal Year Ended
September 30,2005
A Certificate of Achievement for Excellence in Financial
Reporting is presented by the Government Finance Officers
Association of the United States and Canada to
government units and public employee retirement
systems whose comprehensive annual financial
reports (CAFRs) achieve the highest
standards in government accounting
and financial reporting.
President
Executive Director
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xiv
CITY OF COLLEGE STATION, TEXAS
PRINCIPAL CITY OFFICIALS
September 30, 2006
Elected Officials:
Mayor.........................................................................................................................................................Ron Silvia
Council Member, Mayor Pro Tem........................................................................................................... Ben White
Council Member, Place 2 .........................................................................................................................John Happ
Council Member, Place 3 ............................................................................................................................Ron Gay
Council Member, Place 4 ................................................................................................................ Lynn McIlhaney
Council Member, Place 5 ........................................................................................................................Chris Scotti
Council Member, Place 6 ...................................................................................................................David Ruesink
City Administration:
City Manager ........................................................................................................................................Glenn Brown
Deputy City Manager .........................................................................................................................Terry Childers
Assistant City Manager ..................................................................................................................................Vacant
City Attorney...............................................................................................................................Marshall Cargill, Jr.
City Secretary.....................................................................................................................................Connie Hooks
Municipal Court Judge ............................................................................................................Edward J. Spillane III
Internal Auditor ...............................................................................................................................................Vacant
Director of Electric Utility....................................................................................................................David Massey
Director of Human Resources..........................................................................................................Julie O’Connell
Chief Financial Officer............................................................................................................................Jeff Kersten
Chief Information Officer...................................................................................................................Olivia Burnside
Director of Public Communications and Marketing......................................................................Rebecca Nugent
Fire Chief ............................................................................................................................................... Robert Alley
Police Chief.....................................................................................................................................Michael Clancey
Director of Parks and Recreation..................................................................................................Stephen Beachy
Director of Economic and Community Development....................................................................James Gwin, Jr.
Acting Director of Planning and Development Services ...................................................................Lance Simms
Director of Public Works .........................................................................................................................Mark Smith
Director of Water Services....................................................................................................................John Woody
xv
INDEPENDENT AUDITORS' REPORT
The Honorable Mayor and
Members of the City Council of the
City of College Station, Texas
We have audited the accompanying financial statements of the governmental activities,
the business-type activities, each major fund, and the aggregate remaining fund
information of the City of College Station, Texas (the "City"), as of and for the year
ended September 30, 2006, which collectively comprise the City's basic financial
statements as listed in the table of contents. These financial statements are the
responsibility of the City's management. Our responsibility is to express opinions on
these financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally accepted in the
United States of America and the standards applicable to financial audits contained in
Government Auditing Standards, issued by the Comptroller General of the United States.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audit provides a reasonable
basis for our opinions.
In our opinion, the financial statements referred to above present fairly, in all material
respects, the respective financial position of the governmental activities, the business-
type activities, each major fund, and the aggregate remaining fund information of the
City as of September 30, 2006, and the respective changes in financial position and,
where applicable, cash flows thereof for the year then ended in conformity with
accounting principles generally accepted in the United States of America.
In accordance with Government Auditing Standards, we have also issued our report dated
May 2, 2007, on our consideration of the City's internal control over financial reporting
and on our tests of its compliance with certain provisions of laws, regulations, contracts,
and grant agreements and other matters. The purpose of that report is to describe the
scope of our testing of internal control over financial reporting and compliance and the
results of that testing and not to provide an opinion on the internal control over financial
reporting or on compliance. That report is an integral part of an audit performed in
accordance with Government Auditing Standards and should be considered in assessing
the results of our audit.
The management's discussion and analysis, schedule of funding progress - Texas
Municipal Retirement System and budgetary comparison information on pages 3 through
21 and 69 through 71, are not a required part of the basic financial statements but are
supplementary information required by accounting principles generally accepted in the
United States of America. We have applied certain limited procedures, which consisted
principally of inquiries of management regarding the methods of measurement and
presentation of the required supplementary information. However, we did not audit the
information and express no opinion on it.
Our audit was conducted for the purpose of forming opinions on the financial statements
that collectively comprise the City's basic financial statements. The introductory section,
supplementary information and statistical section are presented for purposes of additional
analysis and are not a required part of the basic financial statements. The supplementary
information as listed in the table of contents has been subjected to the auditing procedures
applied in the audit of the basic financial statements and, in our opinion, is fairly stated in
all material respects in relation to the basic financial statements taken as a whole. The
introductory section and statistical section have not been subjected to the auditing
procedures applied in the audit of the basic financial statements and, accordingly, we
express no opinion on them.
Bryan, Texas
January 30,2007
Management's Discussion and Analysis
For the Fiscal Year Ended September 30, 2006
(Unaudited)
This section of the City of College Station's (the “City”) Comprehensive Annual Financial Report
presents a narrative overview and analysis of the financial activities of the City for the fiscal year
ended September 30, 2006. We encourage readers to consider the information presented here
in conjunction with additional information that we have furnished in our letter of transmittal.
FINANCIAL HIGHLIGHTS
• The assets of the City exceeded its liabilities
at the close of the most recent fiscal year by
$331,133,313 (net assets). Of this amount,
$72,582,108 (unrestricted net assets) may
be used to meet the government's ongoing
obligations to citizens and creditors.
• The City's total net assets increased by
$26,855,879 during the fiscal year.
• At the close of the current fiscal year, the
City's governmental funds reported
combined ending fund balances of
$67,546,122, an increase of $8,132,261
when compared to the prior year.
• Approximately 25 percent of the combined
governmental funds ending fund balance, or
$16,910,529 is available for spending at the
City's discretion (unreserved-undesignated
fund balance).
• During fiscal year 2006, the City's total debt
increased by approximately $20,660,000.
Key factors in this increase were the
issuance of $7,375,000 in General
Obligation Improvement Bonds, $8,325,000
in Certificates of Obligation, and
$16,950,000 in Utility System Revenue
Bonds.
Wolf Pen Creek Trails Phase II
OVERVIEW OF THE FINANCIAL STATEMENTS
This discussion and analysis is intended to serve as an introduction to the City's basic financial
statements. The City's basic financial statements are comprised of three components:
(1) Government-wide financial statements
(2) Fund financial statements
(3) Notes to the financial statements.
This report also contains other supplementary information in addition to the basic financial
statements themselves.
City of College Station, Texas
3
Management's Discussion and Analysis
For the Fiscal Year Ended September 30, 2006
(Unaudited)
The following diagram illustrates the relationship between the different components of this report:
Relationship Between Comprehensive
Annual Financial Report (CAFR)
and
Basic Financial Statements and
Required Supplementary Information (RSI)
General information on the government Introductory
structure, services, and environment Section
Pages vi-xv
+
Management's Discussion and Analysis
Pages 3-21
Government-Wide Financial Statements
Basic Pages 23-25
Financial Governmental Fund Financial Statements
Statements Pages 26-29
And Proprietary Fund Financial Statements Financial
RSI Pages 30-35 Section
Notes to the Financial Statements
Pages 37-67
Additional Required Supplementary Information
Pages 69-71
Information on individual funds and other
supplementary information not required by GAAP
Pages 73-115
+
Trend Data and Nonfinancial Data
Pages 117-142
Statistical
Section
City of College Station, Texas
4
Management's Discussion and Analysis
For the Fiscal Year Ended September 30, 2006
(Unaudited)
Government-Wide Financial Statements
The government-wide financial statements are designed to provide readers with a broad overview
of the City's finances, in a manner similar to a private-sector business.
The statement of net assets presents information on all of the City's assets and liabilities, with
the difference between the two reported as net assets. Over time, increases or decreases in net
assets may serve as a useful indicator of whether or not the financial position of the City is
improving or deteriorating.
The statement of activities presents information showing how the City's net assets changed
during the most recent fiscal year. All changes in net assets are reported as soon as the
underlying event giving rise to the change occurs, regardless of the timing of related cash flows.
Thus, revenues and expenses are reported in this statement for some items that will only result in
cash flows in future fiscal periods, such as revenues pertaining to uncollected taxes and
expenses pertaining to earned but unused vacation.
Both of the government-wide financial statements distinguish functions of the City that are
principally supported by taxes and intergovernmental revenues (governmental activities) from
other functions that are intended to recover all or a significant portion of their costs through user
fees and charges (business-type activities). The governmental activities of the City include
general government, fiscal services, police, information systems, planning and development, fire,
municipal services, parks and recreation, and citizen and neighborhood resources. The
business-type activities of the City include electric, water, sewer, sanitation, and the northgate
parking garage. The government-wide financial statements can be found on pages 23-25.
Fund Financial Statements
A fund is a grouping of related accounts that is used to maintain control over resources that have
been segregated for specific activities or objectives. The City, like other state and local
governments, uses fund accounting to ensure and demonstrate compliance with finance-related
legal requirements. All of the funds of the City can be divided into governmental funds and
proprietary funds.
Governmental Funds
Governmental funds are used to account for essentially the same functions reported as
governmental activities in the government-wide financial statements. However, unlike the
government-wide financial statements, governmental fund financial statements focus on near-
term inflows and outflows of spendable resources as well as on balances of spendable resources
available at the end of the fiscal year. Such information may be useful in determining what
financial resources are available in the near future to finance the City's programs.
Because the focus of governmental funds is narrower than that of the government-wide financial
statements, it is useful to compare the information presented for governmental funds with similar
information presented for governmental activities in the government-wide financial statements.
By doing so, readers may better understand the long-term impact of the government's near-term
financing decisions. Both the governmental fund balance sheet and the governmental fund
statement of revenues, expenditures, and changes in fund balances provide a reconciliation to
facilitate this comparison between governmental funds and governmental activities.
City of College Station, Texas
5
Management's Discussion and Analysis
For the Fiscal Year Ended September 30, 2006
(Unaudited)
The City maintains several individual governmental funds organized according to their type
(special revenue, debt service, and capital projects). Information is presented separately in the
governmental fund balance sheet and in the governmental fund statement of revenues,
expenditures, and changes in fund balances for the General Fund, Debt Service Fund, and
Streets Capital Projects Fund, all of which are considered to be major funds. Data from the
remaining governmental funds are combined into a single, aggregated presentation. Individual
fund data for each of the non-major governmental funds is provided in the form of combining
statements elsewhere in this report. The governmental fund financial statements can be found on
pages 26-29.
The City adopts an annual appropriated budget for its General Fund, Debt Service Fund, Special
Revenue Funds, and Capital Projects Funds. A budgetary comparison statement has been
provided for the General Fund, Debt Service Fund, Special Revenue Funds, and Capital Projects
Funds to demonstrate compliance with their budgets.
Proprietary Funds
Proprietary funds are generally used to account for services for which the City charges
customers--either outside customers or internal units or departments of the City. Proprietary
funds provide the same type of information as shown in the government-wide financial
statements, only in more detail. The City maintains the following two types of proprietary funds:
Enterprise funds are used to report the same functions presented as business-type
activities in the government-wide financial statements. The City uses enterprise funds to
account for the operations of the electric, water, sewer, sanitation, and parking activities
of the City. The Electric, Water, and Sewer funds are considered to be major funds of the
City, while the remaining funds (Sanitation and Northgate Parking Garage) are presented
in aggregate as non-major enterprise funds. Individual fund data for the non-major
enterprise funds can be found in the form of combining statements elsewhere in this
report.
Internal service funds are used to report activities that provide supplies and services for
certain City programs and activities. The City uses internal service funds to account for
communication, fleet maintenance, print-mail, and utility customer services. It also uses
internal service funds to account for equipment replacement; employee benefits; and
unemployment, workers' compensation, and property and casualty insurance. All of
these services, with the exception of utility customer service, predominantly benefit
governmental rather than business-type functions and have been included within
governmental activities in the government-wide financial statements. The Utility
Customer Service Fund has been included with the business-type activities in the
government-wide financial statements. The internal service funds are combined into a
single, aggregated presentation in the proprietary fund financial statements. Individual
fund data for the internal service funds is provided in the form of combining statements
elsewhere in this report.
The proprietary fund financial statements can be found on pages 30-35.
Notes to the Financial Statements
The notes to the financial statements provide additional information that is essential to a full
understanding of the data provided in the government-wide and fund financial statements.
City of College Station, Texas
6
Management's Discussion and Analysis
For the Fiscal Year Ended September 30, 2006
(Unaudited)
Required Supplementary Information
In addition to the basic financial statements and accompanying notes, this report presents on
pages 69-71, certain required supplementary information concerning the City's progress in
funding its obligation to provide pension benefits to its employees and the general fund budget-to-
actual comparison.
Combining Statements
The combining statements referred to earlier in connection with the non-major governmental
funds, the non-major enterprise funds, and the internal service funds are presented on pages 73-
107 immediately following the required supplementary information.
GOVERNMENT-WIDE FINANCIAL ANALYSIS
As noted earlier, net assets may serve as a useful indicator of a government's financial position.
For the City, assets exceeded liabilities by $331,133,313 at the close of the most recent fiscal
year.
The largest portion of the City's net assets (76 percent) reflects its investment of $251,066,041 in
capital assets (e.g., land, buildings, and equipment), less any related outstanding debt used to
acquire those assets. The City uses these capital assets to provide services to citizens;
consequently, these assets are not available for future spending. Although the City's investment
in its capital assets is reported net of related debt, it should be noted that the resources needed to
repay this debt must be provided from other sources, since the capital assets themselves cannot
be liquidated for these liabilities.
Net Assets
Governmental Activities Business-Type Activities Total
2006 2005 2006 2005 2006 2005
Assets
Current and Other Assets 86,918,236$ 77,727,672$ 69,005,573$ 66,784,556$ 155,923,809$ 144,512,228$
Capital Assets 172,576,387 159,744,636 217,954,664 192,012,087 390,531,051 351,756,723
Total Assets 259,494,623 237,472,308 286,960,237 258,796,643 546,454,860 496,268,951
Liabilities
Long-Term Liabilities
Outstanding 99,961,411 91,475,720 91,692,313 79,408,055 191,653,724 170,883,775
Other Liabilities 7,079,168 7,349,018 16,588,655 13,758,724 23,667,823 21,107,742
Total Liabilities 107,040,579 98,824,738 108,280,968 93,166,779 215,321,547 191,991,517
Net Assets
Invested in Capital Assets,
Net of Related Debt 108,287,795 106,460,949 142,778,246 132,001,489 251,066,041 238,462,438
Restricted 4,564,184 4,289,531 2,920,980 2,797,735 7,485,164 7,087,266
Unrestricted 39,602,065 27,897,090 32,980,043 30,830,640 72,582,108 58,727,730
Total Net Assets 152,454,044$ 138,647,570$ 178,679,269$ 165,629,864$ 331,133,313$ 304,277,434$
City of College Station, Texas
7
Management's Discussion and Analysis
For the Fiscal Year Ended September 30, 2006
(Unaudited)
An additional portion of the City's net assets, $7,485,164 (2 percent) represents resources that
are subject to external restrictions on how they may be used. The remaining balance of
unrestricted net assets, $72,582,108 (22 percent) may be used to meet the government's
ongoing obligations to citizens and creditors.
At the end of the current fiscal year, the City was able to report positive balances in all three
categories of net assets, both for the government as a whole, as well as for the business-type
activities. The same situation held true for the prior fiscal year.
The City's net assets increased by $26,855,879 as a result of fiscal year 2006 operations. The
increase is primarily attributable to increases in ongoing revenues and relatively stable expenses.
City of College Station, Texas
8
Management's Discussion and Analysis
For the Fiscal Year Ended September 30, 2006
(Unaudited)
The following table provides a summary of the City's operations for the year ended September
30, 2006 and highlights key elements of the increase in the City's net assets:
Changes in Net Assets
For the Fiscal Year Ended September 30, 2006
Governmental Activities Business-Type Activities Total
Revenues 2006 2005 2006 2005 2006 2005
Program Revenues:
Charges for Services 10,082,202$ 9,209,467$ 88,430,022$ 76,316,028$ 98,512,224$ 85,525,495$
Operating Grants and Contributions 3,144,254 2,629,494 - - 3,144,254 2,629,494
Capital Grants and Contributions 7,477,874 4,489,883 4,677,465 1,937,320 12,155,339 6,427,203
General Revenues:
Property Taxes 16,646,519 15,888,475 - - 16,646,519 15,888,475
Sales and Mixed Beverage Taxes 17,082,936 15,705,090 - - 17,082,936 15,705,090
Other Taxes 4,803,758 4,025,419 - - 4,803,758 4,025,419
Interest and Investment Income 3,415,849 1,487,926 1,829,456 947,477 5,245,305 2,435,403
Total Revenues 62,653,392 53,435,754 94,936,943 79,200,825 157,590,335 132,636,579
Expenses
General Government 7,755,725 6,457,556 - - 7,755,725 6,457,556
Fiscal Services 2,452,442 2,467,187 - - 2,452,442 2,467,187
Police 11,214,413 10,666,318 - - 11,214,413 10,666,318
Fire 8,280,257 7,853,876 - - 8,280,257 7,853,876
Planning and Development Services 1,449,327 1,580,317 - - 1,449,327 1,580,317
Public Works 6,227,707 5,401,568 - - 6,227,707 5,401,568
Parks and Recreation 7,353,984 6,549,466 - - 7,353,984 6,549,466
Information Services 3,087,596 2,881,863 - - 3,087,596 2,881,863
Interest on Long Term Debt 4,116,871 3,895,520 - - 4,116,871 3,895,520
Unallocated Depreciation 5,759,049 5,430,745 - - 5,759,049 5,430,745
Electric Utility - - 51,250,110 47,815,339 51,250,110 47,815,339
Water Utility - - 7,770,081 7,908,695 7,770,081 7,908,695
Sewer Utility - - 7,973,677 7,262,208 7,973,677 7,262,208
Sanitation Services - - 5,421,624 4,931,079 5,421,624 4,931,079
Parking Operations - - 621,593 591,944 621,593 591,944
Other - 111,916 - - - 111,916
Total Expenses 57,697,371 53,296,332 73,037,085 68,509,265 130,734,456 121,805,597
Increase in Net Assets Before
Transfers 4,956,021 139,422 21,899,858 10,691,560 26,855,879 10,830,982
Transfers Net 8,850,453 8,188,725 (8,850,453) (8,188,725) - -
Increase in Net Assets 13,806,474 8,328,147 13,049,405 2,502,835 26,855,879 10,830,982
Net Assets at Beginning of Year 138,647,570 130,319,423 165,629,864 163,127,029 304,277,434 293,446,452
Net Assets at End of Year 152,454,044$ 138,647,570$ 178,679,269$ 165,629,864$ 331,133,313$ 304,277,434$
City of College Station, Texas
9
Management's Discussion and Analysis
For the Fiscal Year Ended September 30, 2006
(Unaudited)
Governmental activities. Governmental activities increased the City of College Station's net assets
by $13,806,474 thereby accounting for 51 percent of the total growth in net assets. Key elements of
this increase are as follows:
• Property taxes increased $758,044 (4.8 percent) during the year. This is primarily the
result of the total ad valorem assessed valuations increasing by $354 million or 10.8
percent over fiscal year 2005.
• Sales and mixed beverage taxes increased $1,377,846 (8.8 percent) during the year.
This is attributable to continued economic growth in the area.
• Capital grants and contributions increased $2,987,991. Interest and investment income
increased $2,143,453.
The chart below illustrates the City's governmental revenues by source. For governmental
activities overall without regard to program, property tax (23 percent) and sales tax (24 percent)
are the largest sources of funds followed by charges for services (14 percent), and grants and
contributions (15 percent). All other governmental revenues account for 24 percent of all
governmental revenues.
City of College Station, Texas
Governmental Revenues By Source
$71,521,345
14%
23%
24%
7%
5%
12%
15%Charges for Services
Grants and Contributions
Property Tax
Sales Tax
Other Taxes
Investment Income
Transfers
City of College Station, Texas
10
Management's Discussion and Analysis
For the Fiscal Year Ended September 30, 2006
(Unaudited)
Another useful chart depicts governmental activity program revenues relative to program
expenses. That data is presented below:
Governmental Activities
Comparison of Program Revenues to Program Expenses
-
2,000,000
4,000,000
6,000,000
8,000,000
10,000,000
12,000,000General Government Fisca l S ervices Po l ic e F i re D e ve l op me nt Se rvic es Public Works Pa rks a n d Re cre a t i o n Of f ice of Techno l ogy and Information Services I n t erest on Lo n g-Term D e bt Unall o cated D ep re cia t i o n Program Revenues
Program Expenses
Business-type activities. Business-type activities increased the City of College Station's net
assets by $13,049,405, thereby accounting for 49 percent of the total growth in net assets. Key
elements of this increase are as follows:
• With the continued growth in the area, capital contributions continued to be a major
source of revenue for the electric, water, and sewer funds. In fiscal year 2006 capital
contributions amounted to $4,677,465.
• Electric utility expenses experienced an increase of $3,434,771 or 7 percent from fiscal
year 2005. This is primarily attributable to purchased power expenses.
• Charges for services increased by $12,113,994 or 16 percent from fiscal year 2005 due
to utility rate increases and greater than normal utility usage because of higher
temperatures.
Revenues for the City's business-type activities are presented in the following chart. Charges for
services provided the largest share of revenues (93 percent) for the City's business-type
activities. It was followed by grants and contributions (5 percent) and investment income (2
percent).
City of College Station, Texas
11
Management's Discussion and Analysis
For the Fiscal Year Ended September 30, 2006
(Unaudited)
Business-type Revenues
$94,936,943
93%
5%2%
Charges for Services
Grants and Contributions
Investment Income
Another useful chart depicts business-type activity program revenues relative to program
expenses. That data is presented below:
Business-type Activities
Comparison of Program Revenues to Program Expenses
-
10,000,000
20,000,000
30,000,000
40,000,000
50,000,000
60,000,000
70,000,000
Electric Water Sewer Sanitation Northgate Parking
Program Revenues
Program Expenses
City of College Station, Texas
12
Management's Discussion and Analysis
For the Fiscal Year Ended September 30, 2006
(Unaudited)
FINANCIAL ANALYSIS OF THE CITY'S FUNDS
As noted previously, the City uses fund accounting to ensure and demonstrate compliance with
finance-related legal requirements.
Governmental Funds
The focus of the City's governmental funds is to provide information on near-term inflows,
outflows, and balances of resources that are available for spending. Such information is useful in
assessing the City's financing requirements. In particular, unreserved fund balance may serve as
a useful measure of a government's net resources available for spending at the end of the fiscal
year. The types of governmental funds reported by the City include the General Fund, Debt
Service Fund, and Streets Capital Projects Fund. Other governmental funds of the City are
reported as non-major funds.
As of the end of the current fiscal year, the City's governmental funds reported combined ending
fund balances of $67,546,122. Approximately 25 percent ($16,910,529) of this total amount
constitutes unreserved fund balance and is available for spending at the City's discretion. The
remainder of fund balance is reserved to indicate that it is not available for new spending because
it has already been committed as follows:
(1) To pay debt service ($3,066,675),
(2) To liquidate contracts and purchase orders of the prior period ($12,449,849),
(3) For capital improvements ($33,031,408),
(4) For permanent cemetery endowments ($1,264,906),
(5) For police criminal investigation activity ($26,912),
(6) For inventory ($52,325),
(7) For Juvenile Case Manager ($69,206),
(8) For Court Technology ($299,456),
(9) For Court Security ($339,935), and
(10) For Court Efficiency ($34,921).
Overall, revenues for governmental functions totaled $54,042,151 in the fiscal year ended
September 30, 2006, an increase of 11 percent or $5,357,586 from the fiscal year ended
September 30, 2005. Expenditures for governmental functions totaling $71,120,163 increased by
approximately 2 percent ($1,582,292) from the fiscal year ended September 30, 2005. In fiscal
year 2006, expenditures for governmental functions exceeded revenues by $17,078,012. That
amount was 18 percent less than the previous year's amount of $20,853,306.
The General Fund is the chief operating fund of the City of College Station. At the end of the
current fiscal year, the unreserved, undesignated fund balance was $9,448,389 while the total
fund balance reached $10,972,008. The City's fiscal and budgetary policies require that the
City of College Station, Texas
13
Management's Discussion and Analysis
For the Fiscal Year Ended September 30, 2006
(Unaudited)
General Fund's undesignated fund balance be at least equal to 15 percent of budgeted
expenditures, a percentage equal to 55 days of expenditures. The unreserved, undesignated
fund balance is approximately 21 percent of fiscal year 2006 budgeted expenditures and exceeds
the minimum requirement set by policy.
As a measure of the fund's liquidity, it is useful to compare both unreserved and total fund
balance to total fund actual expenditures. Unreserved fund balance represents 22 percent of
total general fund expenditures, while total fund balance represents 26 percent of the same
amount. The fund balance continues to meet and exceed the Fiscal and Budgetary Policy of
having 15 percent of expenditures available in fund balance.
The fund balance of the General Fund increased by $801,483 during the current fiscal year. Key
factors in this change were as follows:
• Overall revenues were up by approximately 8 percent, primarily due to an increase in
sales tax revenue and property tax revenue that resulted from strong retail sales and new
property values on the tax rolls.
• Other financing sources were up by 19 percent, primarily due to an increase in transfers
in from the utility funds and a decrease in transfers out to capital projects funds.
The Debt Service Fund ended the fiscal year with a fund balance of $3,072,775. This entire
amount is reserved for the payment of debt service. The net increase in fund balance during the
current fiscal year was $254,688. A $1,262,031 increase in debt service revenues and other
financing sources was more than enough to cover principal retirements and interest payments.
The Streets Projects fund ended the fiscal year with a fund balance of $24,049,456. This entire
amount is either reserved for encumbrances related to current capital projects or reserved for
future capital projects. The net increase in fund balance during the current fiscal year was
$5,864,460. This increase is attributable to proceeds received from long term debt to be spent on
future streets capital projects.
Proprietary Funds
The City's proprietary funds provide the same type of information found in the government-wide
financial statements but in more detail.
At the end of the current fiscal year, the City's proprietary funds reported combined ending net
assets of $176,416,676. Approximately 18 percent ($31,336,107) of this total amount constitutes
unrestricted net assets. The remainder of net assets for the proprietary funds, $145,080,569, is
reported as follows:
(1) Invested in capital assets, net of related debt ($142,159,589), and
(2) Restricted for debt service ($2,920,980).
Operating revenues for proprietary activities totaled $87,086,553 for the fiscal year, an increase
of 14.2 percent or $10,824,471 from the previous fiscal year. Operating expenses increased
$4,369,720 or 6.8 percent for the same period causing operating income to increase $6,454,751
or 54.6 percent. The proprietary funds reported net nonoperating expenses of $1,701,141 at the
end of fiscal year 2006 as compared to net nonoperating expenses of $3,419,381 in the previous
City of College Station, Texas
14
Management's Discussion and Analysis
For the Fiscal Year Ended September 30, 2006
(Unaudited)
fiscal year. Net assets increased $12,415,780 in fiscal year 2006. This is $10,255,594 more than
the increase reported in fiscal year 2005.
Electric Fund
At the end of the fiscal year, the unrestricted net assets for the Electric Fund totaled $12,018,433.
The electric utility ended the fiscal year with working capital of $11,857,504, an increase of 98.4
percent from fiscal year 2005. The majority of the increase in working capital is due to an increase
in utility rates and greater than normal utility usage because of higher temperatures . The City’s
policy with regard to its enterprise funds is to maintain at least 15 percent of annual operating
expenses in working capital, a percentage equal to 55 days of expenses. At September 30, 2006,
Electric Fund working capital equaled approximately 24 percent of annual operating expenses.
Electric Fund operating revenues increased by 16.4 percent ($8,419,428) during fiscal year 2006,
while operating expenses increased 7.2 percent ($3,359,985) during the same period. This
resulted in a 107 percent increase ($5,059,443) in operating income. The increase in operating
income is also attributable to an increase in utility rates without a fully offsetting increase in
operating expense. This combination resulted in an increase in net assets of $5,597,773 in the
Electric Fund during the fiscal year.
Water Fund
Unrestricted net assets for the Water Fund at September 30, 2006 were $3,828,748. Working
capital in the Water Fund at the end of fiscal year 2006 was $4,148,959 a decrease of
approximately 51 percent from fiscal year 2005. Water Fund working capital was 67 percent of
total operating expense and exceeds the minimum 15 percent requirement under the Council's
adopted policy.
Water Fund operating revenues increased by 13 percent ($1,263,431) during fiscal year 2006 as a
result of increased water consumption due to drier conditions as compared to fiscal year 2005 and
as a result of an increase to utility rates. Operating expenses decreased 2 percent ($142,796) over
fiscal year 2005. This resulted in operating income increasing 44 percent to $4,589,910 in fiscal
year 2006. The Water Fund's net assets increased $4,029,713 during the fiscal year, a 217 percent
increase over the previous year. This increase is primarily due to lower operating expenses and
higher capital contributions.
Sewer Fund
The Sewer Fund's unrestricted net assets at the end of fiscal year 2006 were $6,269,132. The
Sewer Fund ended the fiscal year with a working capital balance of $5,500,967, which was 8
percent below fiscal year 2005. Sewer Fund working capital was 84 percent of total operating
expenses and is well above the minimum requirement for the fund.
Operating revenues in the Sewer Fund were $10,156,691, a $467,317 (5 percent) increase over the
previous fiscal year. Operating expenses increased from $5,842,266 to $6,532,291 or 12 percent
while operating income decreased by 6 percent from $3,847,108 to $3,624,400.
City of College Station, Texas
15
Management's Discussion and Analysis
For the Fiscal Year Ended September 30, 2006
(Unaudited)
BUDGETARY HIGHLIGHTS
The final amended budget for fiscal year 2006 totaled $198,738,132 for all funds. Of this amount
$145,916,218 (73.42 percent) was budgeted for operations and maintenance expenditures, and
$52,821,914 (26.58 percent) was budgeted for capital improvement projects.
In the General Fund the final revised budgeted change in fund balance was $503,013 lower than
the original budgeted change and the significant items that comprise this difference can be briefly
summarized as follows:
• $185,691 - Encumbrances rolled over from prior fiscal year.
• $142,146 - Appropriation for Gainsharing allocations to City of College Station
employees.
• $43,778 - Appropriation for additional staffing in Emergency Management.
• $40,861 - Appropriation for Public Safety grants received by the City of College Station.
In the General Fund the actual change in fund balance was $2,990,002 higher than the final revised
budgeted change and the significant items that comprise this difference can be briefly summarized
as follows:
• $663,048 - Lower capital outlay expenditures primarily related to the delay in spending
the funds appropriated for the AM radio station and for equipment funded from grants.
• $587,247 - Additional tax revenue generated primarily from higher sales tax and ad
valorem revenues.
• $477,624 - Due in part to lower expenditures related to economic development incentive
outlays that were budgeted for and did not occur in FY06.
• $724,552 - Lower expenditures than budgeted in the Public Works Department due to
less spending on Street operations, and staff vacancies in the Engineering Division.
• $345,502 - Lower expenditures in the Planning and Development Services Department
due to staff vacancies and for expenditures related to the comprehensive plan update
that did not occur.
Strategic planning is a driving force in the preparation of the City's budget. The City Council has
identified the following five areas of strategic priority, under which are listed some of the key items in
the fiscal year 2006 budget:
Core Services
Core services include police, fire and emergency management services; traffic and drainage
services; the City's administrative services; electric, water, wastewater and sanitation services; and
capital projects for each of these areas. Key items included in the 2006 fiscal year budget included:
• Additional resources for the addition of nine police officers,
• Funding for five fire fighters to begin adding the staff necessary for the dedicated ladder truck
company,
• Resources for infrastructure improvements to streets and utilities,
• Resources to fund the market based pay plan for City employees, and
• Resources to fund repairs and enhancements to existing park facilities.
City of College Station, Texas
16
Management's Discussion and Analysis
For the Fiscal Year Ended September 30, 2006
(Unaudited)
Neighborhoods
The 2006 fiscal year budget provided resources to directly benefit College Station neighborhoods.
Additional resources were included for the following:
• Funds for making improvements to low to moderate-income areas,
• Funds for public agencies which offer programs that benefit low to moderate-income residents,
• Funds to purchase Emergency Management NOAA weather radios for distribution to citizens,
and
• Funds for Planning and Development Services to provide a Mosquito Abatement program and
a Neighborhood Gateway Grant program.
Collaboration
The City of College Station continues to cooperate with other governmental entities. The fiscal year
2006 budget included the following:
• Funds for the Brazos Valley Council of Government’s regional park project,
• Funds for an internship program in the City Manager’s office offered to a Texas A&M University
student, and
• Resources for the Larry J. Ringer Library.
Growth Management
The Planning and Development Services department had additional resources budgeted to help
manage growth the City of College Station has experienced over the last several years. Additional
resources were included for the following:
• Funds to review the Comprehensive Plan, and
• Funds to purchase software to streamline and help manage the building permit process.
Economic Development
To encourage further economic development in the City, resources for Economic Development
initiatives were included in the budget. The fiscal year 2006 budget included the following:
• Capital resources for a second business park,
• Funding for the continued development of a hotel/conference center, and
• Funding for Wolf Pen Creek capital projects.
City of College Station, Texas
17
Management's Discussion and Analysis
For the Fiscal Year Ended September 30, 2006
(Unaudited)
CAPITAL ASSETS
The City of College Station's investment in capital assets for its governmental and business-type
activities as of September 30, 2006 amounted to $390,531,051 (net of accumulated depreciation).
This investment in capital assets includes land, utility systems, buildings and building
improvements, improvements other than buildings, machinery and equipment, infrastructure, and
construction in progress.
Capital Assets at Year End
Net of Accumulated Depreciation
Governmental Business-Type
Activities Activities Total
Land 27,693,130$ 709,650$ 28,402,780$
Utility Systems - 162,665,728 162,665,728
Buildings and Building Improvements 14,392,968 5,035,636 19,428,604
Improvements Other than Buildings 13,751,139 - 13,751,139
Machinery and Equipment 11,746,324 41,982 11,788,306
Infrastructure 85,092,262 - 85,092,262
Construction in Progress 19,900,564 49,501,668 69,402,232
172,576,387$ 217,954,664$ 390,531,051$
Major capital projects completed by the City during the 2006 fiscal year include the following:
• Greens Prairie/Arrington Realignment ($1,666,834),
• Lion’s Park Basketball Court and Cover ($245,000),
• Steeplechase Park ($366,741),
• Intergenerational Park Upgrades ($310,000),
• Fire Station #5 ($1,795,000),
• PBX (Phone System) Replacement ($990,328),
• Public Safety System ($723,500),
• Two New Shallow Wells ($2,050,000), and
• Emergency Electric Power at Water and Waste Water Plants ($2,376,214).
Of significance is $12,155,339 in developer capital contributions during fiscal year 2006. These
contributions accounted for approximately 31 percent of the $38.8 million increase in capital
assets.
Additional information on the City's capital assets can be found in Note IV-C to the financial
statements on page 51.
City of College Station, Texas
18
Management's Discussion and Analysis
For the Fiscal Year Ended September 30, 2006
(Unaudited)
DEBT ADMINISTRATION
At the end of the 2006 fiscal year, the City of College Station had total debt outstanding of
$188,780,000. Of this amount, $97,320,000 (52 percent) comprised debt backed by the full faith
and credit of the City. The remaining debt is revenue bonds secured by specified revenue sources.
Year-End Outstanding Debt Payable
Governmental Business-Type
Activities Activities Total
General Obligation Bonds 53,835,000$ -$ 53,835,000$
Revenue Bonds - 91,460,000 91,460,000
Certificates of Obligation 43,485,000 - 43,485,000
97,320,000$ 91,460,000$ 188,780,000$
The City's total debt increased by $20,660,000 (12.3 percent) during the current fiscal year. The
change in total debt was a result of the following:
• Issuance of $7,375,000 in general obligation improvement bonds, $8,325,000 in certificates
of obligation, $16,950,000 in utility revenue system revenue bonds; and
• Retirement of $3,340,000 in general obligation bonds, $3,945,000 in certificates of obligation,
and the retirement/defeasance of $4,705,000 in utility revenue bonds.
The City's General Obligation and Certificates of Obligation have an underlying rating of AA- by
Standard & Poors ("S&P") and Aa3 by Moody's Investors Service ("Moody's"). The underlying
ratings for the City's revenue bonds are A+ by S&P and A1 by Moody's. Because the City's last
bond issue was insured, those bonds were rated AAA with S&P and Aaa with Moody's.
Additional information on the City's long-term debt can be found in Note IV-F to the financial
statements on pages 53-57 of this report.
OTHER POST-EMPLOYMENT BENEFITS (“OPEB”)
The Governmental Accounting Standards Board Statement No. 45 establishes standards for the
measurement, recognition, and display of the OPEB expense and related liabilities, note
disclosures, and required supplementary information in the financial reports of state and local
governments. The City is considered a phase II government under Statement No. 45 and is not
required to implement the standard until fiscal year 2009. In order to take a proactive approach to
understanding and addressing the City’s OPEB liability, on May 24, 2006, the City issued a request
for proposals for an actuarial analysis of future liabilities for Other Post-Employment Benefits under
GASB 45. The actuarial firm of Rudd and Wisdom, Inc. was chosen to perform the study, and on
December 14, 2006 they delivered a pro forma study to the City. This study: 1) outlines actuarial
cost methods and past-service liability actuarial amortization methods available to the City, 2)
reviews the actuarial assumptions and data used in the study, 3) discusses the effect of prefunding
the annual required contribution, 4) discusses the current plan structure, 5) discusses design
options, and 6) outlines the steps the City needs to take prior to implementing GASB 45.
City of College Station, Texas
19
Management's Discussion and Analysis
For the Fiscal Year Ended September 30, 2006
(Unaudited)
City staff has performed an initial review of the pro forma study and a preliminary discussion with
the actuary has taken place. At this point staff plans are to: 1) evaluate, with the assistance of the
actuary and our benefits consultant, the impact of changes to the current plan structure, 2) evaluate,
with the assistance of the City’s financial advisor, possible funding options, and 3) prepare and
present a comprehensive overview with recommendations and a funding strategy to the City
Council.
The study included pro forma valuation results as of October 1, 2005. The present value of future
benefits totaled $22,834,808. The annual OPEB cost for FYE 9/30/2006 was calculated under the
following 3 cost methods: 1) Aggregate Method = $3,045,050, 2) PUC-ARFS Method =
$2,338,410, and 3) FEAN-30 year Method = $1,953,445.
ECONOMIC FACTORS AND NEXT YEAR'S BUDGETS AND RATES
The City of College Station has continued to grow, and indicators of that growth include the
following:
• An estimated population increase of 60 percent for the period of 1990 through 2006,
• An approximate $354 million increase to the ad valorem tax base during the fiscal year,
• A local economy that has maintained an annual unemployment rate of less than 4 percent since
1990, and
• Sales tax revenue that grew by 8.5 percent during the fiscal year.
Part of the reason the City has been insulated from some of the effects of the slower national and
state economy is due to the major influence of Texas A&M University on the local economy.
The Fiscal Year 2007 budget was prepared with the key goal of maintaining and improving quality
of life in College Station. This is done by continuing a prudent approach to City finances, meeting
strategic priorities identified by the City Council, maintaining service quality and excellence, and
enhancing and maintaining infrastructure and public facilities needed to provide excellent services.
The ad valorem tax rate for the 2007 fiscal year is $0.4394 per $100 valuation ($0.1910 for
operations and maintenance and $0.2484 for debt service). This tax rate will meet the debt service
obligations of the City and provide operations and maintenance funding in the General Fund.
Current and anticipated growth in the community has resulted in increased demands for services
and has put pressure on the City's utility systems. Consequently, the 2007 budget includes a 5
percent rate increase in the Water and Sewer Funds and a 12 percent increase in the Electric Fund.
These rate increases are needed to meet the operating, capital and debt service coverage
requirements in the funds and to ensure continued high quality service is provided as the
community continues to grow. Residential and Commercial sanitation rates were increased by 8
percent in FY07 in order to maintain existing residential and commercial sanitation service levels.
The 2007 budget does not include a rate increase in the Drainage Fund.
The fiscal year 2007 budget for capital improvements totals $65,694,515. The City anticipates
significant expenditures for infrastructure rehabilitation and improvements in the Southside area, an
older part of the City. These projects include rehabilitation of utilities, drainage ways, and streets.
Some of the more significant projects are as follows (amounts presented reflect appropriations over
the life of the project):
• Street Rehabilitation in the Southside Area ($3.7 million),
• Street Rehabilitation in the Northgate Area ($4.4 million),
City of College Station, Texas
20
Management's Discussion and Analysis
For the Fiscal Year Ended September 30, 2006
(Unaudited)
• Extension of Dartmouth Drive ($3.6 million),
• Arrington Road/Decatur Extension Design ($4.0 million),
• Barron Road Improvements ($3.0 million),
• Veteran's Park Phase II Construction ($6.9 million),
• University Park Development ($400,000),
• Woodland Hills Development ($315,000),
• Police Station New Addition and Renovation ($3.6 million),
• Fire Station #3 Relocation ($1.7 million),
• Northgate Improvements ($625,000),
• Convention Center Development ($25.0 million),
• Water Utility Construction of Additional Shallow Wells ($3.7 million),
• Water Plant Security Upgrades ($1.5 million),
• Wellborn Road Widening Utility Relocation ($4.3 million),
• Lick Creek Parallel Trunk Line ($3 million),
• Odor Control Improvements ($1.4 million), and
• Bee Creek Combined Drainage Improvements ($3.1 million).
The City plans to issue $4,510,000 in general obligation bonds from the 2003 bond authorization for
the following: $2,840,000 for street improvements, $600,000 for traffic signals and safety system
improvement projects, and $1,070,000 for parks projects. The City also plans to issue $12,501,300
in certificates of obligations for the following: $1,000,000 for the new business park, $450,000 for
street improvements, $405,000 for park projects, $4,000,000 for Convention Center projects,
$2,035,000 for the new cemetery, $2,490,000 for a radio system replacement, $1,750,000 for
municipal complex improvements, and $371,300 for technology projects. The City also plans to
issue $23,200,000 in utility revenue bonds for the following: $1,350,000 for electric capital projects,
$14,750,000 for water capital projects, and $7,100,000 for sewer capital projects.
REQUESTS FOR INFORMATION
This financial report is designed to provide a general overview of the City of College Station's
financial position for all who have an interest in the City's finances. Questions concerning any of
the information provided in this report or requests for additional financial information should be
addressed to:
City of College Station
Fiscal Services Department
ATTN: Chief Financial Officer
P.O. Box 9960
College Station, Texas 77842-9960
or visit our website at http://www.cstx.gov.
City of College Station, Texas
21
22
CITY OF COLLEGE STATION, TEXAS
Statement of Net Assets
As of September 30, 2006
Governmental Business-type
Activities Activities
Total
Assets
Equity in Cash and Cash Equivalents 43,625,081$ 13,399,053$ 57,024,134$
Equity in Investments 38,484,986 11,820,321 50,305,307
Receivables, net 3,928,548 11,396,153 15,324,701
Internal Balances (1,767,799) 1,767,799 0
Inventories 179,941 1,327,489 1,507,430
Prepaid Costs 557,946 0 557,946
Restricted Assets:
Temporarily Restricted:
Equity in Cash and Cash Equivalents 342,734 11,090,521 11,433,255
Equity in Investments 302,352 9,783,790 10,086,142
Receivables, net 0 38,596 38,596
Permanently Restricted:
Equity in Cash and Cash Equivalents 666,022 0 666,022
Equity in Investments 587,548 0 587,548
Receivables, net 9,235 0 9,235
Inventory 1,642 0 1,642
Equity in Joint Venture 0 7,622,569 7,622,569
Deferred Charges, net 0 759,282 759,282
Capital Assets:
Land and Construction in Progress 47,593,694 50,211,318 97,805,012
Other Capital Assets,
net of accumulated depreciation 124,982,693 167,743,346 292,726,039
Total Assets 259,494,623 286,960,237 546,454,860
Liabilities
Accounts Payable 2,979,068 13,301,990 16,281,058
Retainage Payable 402,657 527,788 930,445
Refundable Deposits 22,000 0 22,000
Claims Payable 535,434 0 535,434
Accrued Liabilities 1,819,017 633,803 2,452,820
Customer Construction Advances 60,754 92,544 153,298
Unearned Revenues 670,086 93,618 763,704
Liabilities Payable from Restricted Assets:
Accounts Payable 0 836 836
Accrued Interest Payable 590,152 735,365 1,325,517
Accrued Liabilities 0 15,836 15,836
Refundable Deposits 0 1,186,875 1,186,875
Non-Current Liabilities:
Due within one year:
Compensated Absences 121,828 20,111 141,939
Bonds and Certificates of Obligation Payable 7,820,000 4,910,000 12,730,000
Due in more than one year:
Bonds and Certificates of Obligation Payable 89,500,000 86,550,000 176,050,000
Unamortized Premium on Bonds 0 (169,919) (169,919)
Claims Payable 630,440 0 630,440
Compensated Absences 1,889,143 382,121 2,271,264
Total Liabilities 107,040,579 108,280,968 215,321,547
Net Assets
Invested in Capital Assets, net of related debt 108,287,795 142,778,246 251,066,041
Restricted for:
Debt Service 2,476,523 2,920,980 5,397,503
Perpetual Care - Nonexpendable 1,264,906 0 1,264,906
Other 822,755 0 822,755
Unrestricted 39,602,065 32,980,043 72,582,108
Total Net Assets 152,454,044$ 178,679,269$ 331,133,313$
The notes to the financial statements are an integral part of this statement.
23
CITY OF COLLEGE STATION, TEXAS
Statement of Activities
For the Year Ended September 30, 2006
Program Revenues
Operating Capital
Charges for Grants and Grants and
Functions/Programs Expenses Services Contributions Contributions
Governmental activities:
General Government 7,755,725$ 1,470,123$ 2,887,474$ 0$
Fiscal Services 2,452,442 547,790 0 0
Police 11,214,413 3,798,807 77,093 0
Fire 8,280,257 638,223 179,687 0
Planning and Development Services 1,449,327 1,091,848 0 0
Public Works 6,227,707 1,290,935 0 7,477,874
Parks and Recreation 7,353,984 1,244,476 0 0
Information Services 3,087,596 0 0 0
Interest on long-term debt 4,116,871 0 0 0
Unallocated Depreciation 5,759,049 0 0 0
Total governmental activities 57,697,371 10,082,202 3,144,254 7,477,874
Business-type activities:
Electric 51,250,110 60,217,421 0 2,067,514
Water 7,770,081 10,852,660 0 1,557,068
Sewer 7,973,677 10,363,603 0 1,052,883
Sanitation 5,421,624 6,419,446 0 0
Northgate Parking 621,593 576,892 0 0
Total business-type activities 73,037,085 88,430,022 0 4,677,465
Total primary government 130,734,456$ 98,512,224$ 3,144,254$ 12,155,339$
General Revenue:
Property taxes
Sales and Mixed Beverage taxes
Franchise taxes
Hotel taxes
Unrestricted investment earnings
Transfers
Total general revenues and transfers
Change in net assets
Net assets - beginning
Net assets - ending
The notes to the financial statements are an integral part of this statement.
24
Net Revenue (Expense) and
Changes in Net Assets
Governmental Business-type
Activities Activities Total
(3,398,128)$ 0$ (3,398,128)$
(1,904,652)0 (1,904,652)
(7,338,513)0 (7,338,513)
(7,462,347)0 (7,462,347)
(357,479)0 (357,479)
2,541,102 0 2,541,102
(6,109,508)0 (6,109,508)
(3,087,596)0 (3,087,596)
(4,116,871)0 (4,116,871)
(5,759,049)0 (5,759,049)
(36,993,041)0 (36,993,041)
0 11,034,825 11,034,825
0 4,639,647 4,639,647
0 3,442,809 3,442,809
0 997,822 997,822
0 (44,701)(44,701)
0 20,070,402 20,070,402
(36,993,041)20,070,402 (16,922,639)
16,646,519 0 16,646,519
17,082,936 0 17,082,936
2,132,341 0 2,132,341
2,671,417 0 2,671,417
3,415,849 1,829,456 5,245,305
8,850,453 (8,850,453)0
50,799,515 (7,020,997)43,778,518
13,806,474 13,049,405 26,855,879
138,647,570 165,629,864 304,277,434
152,454,044$ 178,679,269$ 331,133,313$
25
CITY OF COLLEGE STATION, TEXAS
Balance Sheet
Governmental Funds
As of September 30, 2006
General Debt Service
Streets
Projects
Other
Governmental
Funds
Total
Governmental
Funds
Assets
Equity in Cash and Cash Equivalents 6,368,061$ 1,645,563$ 12,856,106$ 16,165,070$ 37,034,800$
Equity in Investments 5,617,748 1,451,676 11,341,345 14,260,431 32,671,200
Receivables
Accrued Interest 36,732 8,806 77,810 95,306 218,654
Grants 90,013 0 0 394,753 484,766
Letter of Credit 25,000 0 0 0 25,000
Accounts 913,106 0 373,512 221,339 1,507,957
Taxes 1,738,447 228,237 0 0 1,966,684
Other 3,850 0 0 0 3,850
Less Allowance for Uncollectible Accounts (265,688)0 0 (76,048)(341,736)
Due from Other Funds 65,817 0 0 0 65,817
Inventories 52,325 0 0 1,642 53,967
Prepaid Costs 0 0 535,979 0 535,979
Restricted Assets
Equity in Cash and Cash Equivalents 342,734 0 0 0 342,734
Equity in Investments 302,352 0 0 0 302,352
Total Assets 15,290,497$ 3,334,282$ 25,184,752$ 31,062,493$ 74,872,024$
Liabilities and Fund Balances
Accounts Payable 832,009$ 0$ 695,056$ 1,050,174$ 2,577,239$
Retainage Payable 14,324 0 28,141 360,192 402,657
Interfund Payable 0 0 0 200,000 200,000
Refundable Deposits 22,000 0 0 0 22,000
Accrued Liabilities 1,859,268 33,270 0 244 1,892,782
Customer Construction Advances 22,168 0 38,586 0 60,754
Other Deferred Revenues 1,568,720 228,237 373,513 0 2,170,470
Total Liabilities 4,318,489 261,507 1,135,296 1,610,610 7,325,902
Fund Balances
Reserved 1,523,619 3,072,775 24,049,456 21,989,743 50,635,593
Unreserved, Undesignated
General Fund 9,448,389 0 0 0 9,448,389
Special Revenue Funds 0 0 0 7,462,140 7,462,140
Total Fund Balances 10,972,008 3,072,775 24,049,456 29,451,883 67,546,122
Total Liabilities and Fund Balances 15,290,497$ 3,334,282$ 25,184,752$ 31,062,493$ 74,872,024$
The notes to the financial statements are an integral part of this statement.
26
CITY OF COLLEGE STATION, TEXAS
Reconciliation of Governmental Funds Balance Sheet
to the Statement of Net Assets
As of September 30, 2006
Amounts reported for governmental activities in the statement of net assets
are different because:
Total Fund Balance per balance sheet:67,546,122$
Capital assets used in governmental activities are not financial
resources and, therefore, are not reported in the funds.162,947,430
Other long-term assets are not available to pay for current-period
expenditures and, therefore, are deferred in the funds.1,500,384
Internal Service Funds are used by management to charge the costs
of certain activities, such as insurance, fleet maintenance,
equipment replacement and print/mail, to individual funds.
The assets and liabilities of certain internal service funds are
included in governmental activities in the statement of net assets.20,186,797
Long-term liabilities, including bonds payable, are not due and payable in
the current period and therefore are not reported in the funds.(99,726,689)
Net Assets of governmental activities:152,454,044$
The notes to the financial statements are an integral part of this statement.
27
CITY OF COLLEGE STATION, TEXAS
Statement of Revenues, Expenditures, and Changes in Fund Balances
Governmental Funds
For the Fiscal Year Ended September 30, 2006
General Debt Service
Streets
Projects
Other
Governmental
Funds
Total
Governmental
Funds
Revenues
Taxes 26,080,234$ 9,016,285$ 0$ 3,436,694$ 38,533,213$
Licenses and Permits 945,593 0 0 0 945,593
Intergovernmental 639,712 0 15,620 2,488,922 3,144,254
Charges for Services 2,755,283 0 0 169,998 2,925,281
Fines, Forfeits and Penalties 3,285,907 0 0 0 3,285,907
Special Assessments 131,823 0 0 1,159,112 1,290,935
Investment Income 577,966 225,646 878,743 1,168,757 2,851,112
Rents and Royalties 244,864 0 0 0 244,864
Contributions 12,281 0 0 0 12,281
Reimbursed Expenditures 131,249 0 0 14,500 145,749
Other 194,843 0 9,183 458,936 662,962
Total Revenues 34,999,755 9,241,931 903,546 8,896,919 54,042,151
Expenditures
Current
General Government 4,023,708 0 105,411 87,463 4,216,582
Fiscal Services 3,025,966 0 12,686 11,881 3,050,533
Police 11,559,669 0 0 0 11,559,669
Fire 8,493,228 0 0 0 8,493,228
Planning and Development Services 1,877,732 0 0 0 1,877,732
Public Works 7,103,339 0 0 12,990 7,116,329
Parks and Recreation 7,519,961 0 0 228 7,520,189
Information Services 2,596,591 0 0 0 2,596,591
Library 870,203 0 0 0 870,203
Community Development Block Grant 0 0 0 340,399 340,399
Home Grant 0 0 0 840,211 840,211
Reimbursed Administrative (6,035,345)0 467,250 2,232,831 (3,335,264)
Contributions 526,689 0 0 1,468,875 1,995,564
Other 82,021 0 0 26,506 108,527
Capital Outlay 523,817 0 1,534,515 9,551,857 11,610,189
Debt Service
Principal Retirement 0 7,285,000 0 0 7,285,000
Interest Payments 0 4,078,635 0 0 4,078,635
Fiscal Charges 0 12,028 102,347 38,354 152,729
Intergovernmental 0 0 743,117 0 743,117
Total Expenditures 42,167,579 11,375,663 2,965,326 14,611,595 71,120,163
Deficiency of Revenues Under Expenditures (7,167,824)(2,133,732)(2,061,780)(5,714,676)(17,078,012)
Other Financing Sources (Uses)
Issuance of Debt 0 0 7,834,512 7,865,488 15,700,000
Sale of Capital Assets 17,500 0 0 0 17,500
Transfers In 8,103,371 2,388,420 91,728 1,280,916 11,864,435
Transfers Out (151,564)0 0 (2,220,098)(2,371,662)
Total Other Financing Sources 7,969,307 2,388,420 7,926,240 6,926,306 25,210,273
Net Change in Fund Balances 801,483 254,688 5,864,460 1,211,630 8,132,261
Fund Balances, October 1 10,170,525 2,818,087 18,184,996 28,240,253 59,413,861
Fund Balances, September 30 10,972,008$ 3,072,775$ 24,049,456$ 29,451,883$ 67,546,122$
The notes to the financial statements are an integral part of this statement.
28
CITY OF COLLEGE STATION, TEXAS
Reconciliation of the Statement of Revenues, Expenditures,
and Changes in Fund Balances of Governmental Funds
to the Statement of Activities
For the Fiscal Year Ended September 30, 2006
Amounts reported for governmental activities in the statement of activities
are different because:
Net change in fund balance - total governmental funds:8,132,261$
Governmental funds report capital outlays as expenditures. However,
in the statement of activities the cost of those assets is allocated
over their estimated useful lives and reported as depreciation
expense. This is the amount by which capital outlays exceeded
depreciation in the current period.4,706,226
The effect of various miscellaneous transactions involving capital
assets is to increase net assets.7,477,874
Revenues in the statement of activities that do not provide current
financial resources are not reported as revenues in the funds.568,630
The issuance of long-term debt provides current financial resources to
governmental funds, while the repayment of the principal of long-
term debt consumes the current financial resources of
governmental funds. Neither transaction, however, has any
effect on net assets. This amount is the net effect of these
differences in the treatment of long-term debt.(8,415,000)
Some expenses reported in the statement of activities do not require
the use of current financial resources and, therefore, are not
reported as expenditures in governmental funds.(270,761)
Internal Service Funds are used by management to charge the costs
of certain activities, such as insurance, fleet maintenance,
equipment replacement and print/mail, to individual funds.
The net revenues of certain activities of internal service
funds is reported within governmental activities.1,607,244
Change in Net Assets of governmental activities:13,806,474$
The notes to the financial statements are an integral part of this statement.
29
CITY OF COLLEGE STATION, TEXAS
Statement of Net Assets
Proprietary Funds
As of September 30, 2006
Governmental
Business-type Activities - Enterprise Funds Activities
Electric Water Sewer
Other
Enterprise
Funds
Total Enterprise
Funds
Internal Service
Funds
Current Assets
Equity in Cash and Cash Equivalents 7,309,959$ 2,359,880$ 2,945,235$ 693,383$ 13,308,457$ 7,346,899$
Equity in Investments 6,448,669 2,081,829 2,598,215 611,686 11,740,399 6,481,256
Restricted Assets
Equity in Cash and Cash Equivalents 1,360,911 1,049,192 1,185,724 0 3,595,827 0
Equity in Investments 1,226,396 921,684 1,058,119 0 3,206,199 0
Accrued Interest Receivable 29,284 (4,407) 13,719 0 38,596 0
Receivables
Accrued Interest 54,358 33,941 24,528 4,505 117,332 43,712
Accounts 8,583,944 1,482,676 1,316,470 758,823 12,141,913 60,785
Notes 0 0 0 12,522 12,522 0
Other 1,098,345 0 0 0 1,098,345 13,586
Less Allowance for Uncollectible Accounts (1,717,261) (67,496) (130,923) (80,129) (1,995,809) (23,625)
Inventories 968,459 306,540 42,187 10,303 1,327,489 127,616
Prepaid Costs 0 0 0 0 0 21,967
Total Current Assets 25,363,064 8,163,839 9,053,274 2,011,093 44,591,270 14,072,196
Noncurrent Assets
Restricted Assets
Equity in Cash and Cash Equivalents 2,884,895 2,311,420 2,298,379 0 7,494,694 0
Equity in Investments 2,519,151 2,042,967 2,015,473 0 6,577,591 0
Total Restricted Assets 5,404,046 4,354,387 4,313,852 0 14,072,285 0
Advance to Other Funds 200,000 0 0 0 200,000 0
Equity in Joint Venture 0 0 0 7,622,569 7,622,569 0
Deferred Charges
Bond Issuance Costs 322,774 313,932 374,869 0 1,011,575 0
Accumulated Amortization (70,192) (85,764) (96,337) 0 (252,293) 0
Total Deferred Charges 252,582 228,168 278,532 0 759,282 0
Property and Equipment
Utility Plant 98,572,133 76,996,702 77,410,818 0 252,979,653 0
Buildings 0 0 0 5,743,755 5,743,755 786,525
Machinery and Equipment 0 0 0 1,295,070 1,295,070 26,686,572
Accumulated Depreciation (45,719,368) (23,861,338) (21,351,876) (1,961,207) (92,893,789) (18,081,723)
Construction in Progress 12,959,873 25,953,918 10,583,547 4,330 49,501,668 856,240
Land 0 0 0 709,650 709,650 0
Total Property and Equipment 65,812,638 79,089,282 66,642,489 5,791,598 217,336,007 10,247,614
Total Noncurrent Assets 71,669,266 83,671,837 71,234,873 13,414,167 239,990,143 10,247,614
Total Assets 97,032,330 91,835,676 80,288,147 15,425,260 284,581,413 24,319,810
Liabilities
Current Liabilities
Accounts Payable 10,459,495 1,670,238 1,018,418 149,324 13,297,475 406,344
Retainage Payable 76,504 275,097 176,187 0 527,788 0
Interfund Payable 0 0 0 0 0 65,817
Accrued Liabilities 327,765 58,275 76,779 124,066 586,885 94,981
Customer Construction Advances 24,382 44,801 23,361 0 92,544 0
Other Deferred Revenues 822 0 0 92,796 93,618 0
Claims Payable 0 0 0 0 0 535,434
Payable from Restricted Assets
Accounts Payable 836 0 0 0 836 0
Accrued Interest Payable 207,624 280,899 246,842 0 735,365 0
Accrued Liabilities 13,174 0 2,662 0 15,836 0
Refundable Deposits 980,644 197,941 0 8,290 1,186,875 0
Revenue Bonds 1,414,313 1,487,629 2,008,058 0 4,910,000 0
Total Current Liabilities 13,505,559 4,014,880 3,552,307 374,476 21,447,222 1,102,576
30
CITY OF COLLEGE STATION, TEXAS
Statement of Net Assets
Proprietary Funds
As of September 30, 2006
Governmental
Business-type Activities - Enterprise Funds Activities
Electric Water Sewer
Other
Enterprise
Funds
Total Enterprise
Funds
Internal Service
Funds
Noncurrent Liabilities
Claims Payable 0 0 0 0 0 630,440
Revenue Bonds 24,855,670 32,557,147 29,137,183 0 86,550,000 0
Unamortized Premium on Bonds (75,594) 10,844 (105,169) 0 (169,919) 0
Accrued Vacation 163,397 54,288 80,357 39,392 337,434 137,404
Total Noncurrent Liabilities 24,943,473 32,622,279 29,112,371 39,392 86,717,515 767,844
Total Liabilities 38,449,032 36,637,159 32,664,678 413,868 108,164,737 1,870,420
Net Assets
Invested in Capital Assets, net of related debt 45,923,723 50,916,374 39,527,894 5,791,598 142,159,589 10,247,614
Restricted for:
Debt Service 641,142 453,395 1,826,443 0 2,920,980 0
Unrestricted 12,018,433 3,828,748 6,269,132 9,219,794 31,336,107 12,201,776
Total Net Assets 58,583,298$ 55,198,517$ 47,623,469$ 15,011,392$ 176,416,676 22,449,390$
Adjustment to reflect the consolidation of internal service fund activities related to enterprise funds: 2,262,593
Net assets business-type activities:178,679,269$
The notes to the financial statements are an integral part of this statement.
31
CITY OF COLLEGE STATION, TEXAS
Statement of Revenues, Expenses, and Changes in Fund Net Assets
Proprietary Funds
For the Fiscal Year Ended September 30, 2006
Governmental
Business-type Activities - Enterprise Funds Activities
Electric Water Sewer
Other
Enterprise
Funds
Total Enterprise
Funds
Internal Service
Funds
Operating Revenues
Electric Sales 58,526,414$ 0$ 0$ 0$ 58,526,414$ 0$
Water Sales 0 10,324,958 0 0 10,324,958 0
Sewer Service 0 0 9,892,072 0 9,892,072 0
Garbage Collection Fees 0 0 0 5,677,297 5,677,297 0
Charges for Services 0 0 0 565,565 565,565 8,504,962
Premiums 0 0 0 0 0 6,884,629
Other 1,324,104 454,862 264,619 56,662 2,100,247 242,329
Total Operating Revenues 59,850,518 10,779,820 10,156,691 6,299,524 87,086,553 15,631,920
Operating Expenses
Electric Operations 46,004,817 0 0 0 46,004,817 0
Salaries and Benefits 0 1,284,231 1,826,720 1,821,544 4,932,495 2,554,708
Supplies 0 32,508 381,870 340,455 754,833 852,385
Maintenance 0 36,114 118,006 580,703 734,823 268,217
Purchased Professional Services 0 23,584 146,920 571,769 742,273 94,663
Purchased Property Services 0 1,073,141 595,597 1,356,412 3,025,150 93,253
Other Purchased Services 0 224,237 257,755 552,213 1,034,205 608,899
Claims 0 0 0 0 0 4,140,516
Administration Fees 0 0 0 0 0 567,944
Premiums 0 0 0 0 0 762,540
Reimbursed Administrative 0 1,478,910 860,537 579,158 2,918,605 1,047,627
Depreciation 4,069,077 2,001,582 2,292,589 172,395 8,535,643 2,795,113
Other 0 35,603 52,297 31,096 118,996 42,704
Total Operating Expenses 50,073,894 6,189,910 6,532,291 6,005,745 68,801,840 13,828,569
Operating Income 9,776,624 4,589,910 3,624,400 293,779 18,284,713 1,803,351
Nonoperating Revenues (Expenses)
Investment Income 844,660 427,448 493,314 55,929 1,821,351 572,842
Reimbursed Expenses 224,959 6,886 2,948 2,680 237,473 77,592
Earnings in Joint Venture 0 0 0 415,718 415,718 0
Interest Expense (955,134) (1,488,323) (1,441,386) 0 (3,884,843) 0
Other, Net (221,082) (91,848) 55,223 (33,133) (290,840) 434,599
Total Nonoperating Revenues (Expenses)(106,597) (1,145,837) (889,901) 441,194 (1,701,141) 1,085,033
Income Before Capital Contributions and
Transfers 9,670,027 3,444,073 2,734,499 734,973 16,583,572 2,888,384
Capital Contributions and Transfers
Capital Contributions 2,067,514 1,557,068 1,052,883 0 4,677,465 0
Transfers In 0 0 0 0 0 76,479
Transfers Out (6,139,768) (971,428) (1,352,561) (381,500) (8,845,257) (723,995)
Total Capital Contributions and Transfers (4,072,254) 585,640 (299,678) (381,500) (4,167,792) (647,516)
Change in Net Assets 5,597,773 4,029,713 2,434,821 353,473 12,415,780 2,240,868
Beginning Net Assets 52,985,525 51,168,804 45,188,648 14,657,919 20,208,522
Ending Net Assets 58,583,298$ 55,198,517$ 47,623,469$ 15,011,392$ 22,449,390$
Adjustment to reflect the consolidation of internal service fund activities related to enterprise funds: 633,625
Change in net assets of business-type activities:13,049,405$
The notes to the financial statements are an integral part of this statement.
32
33
CITY OF COLLEGE STATION, TEXAS
Statement of Cash Flows
Proprietary Funds
For the Fiscal Year Ended September 30, 2006
Governmental
Business-type Activities - Enterprise Funds Activities
Electric Water Sewer
Other
Enterprise
Funds
Total Enterprise
Funds
Internal Service
Funds
Cash Flows from Operating Activities:
Cash Received from Customers 58,977,226$ 10,672,487$ 10,048,995$ 6,238,153$ 85,936,861$ 15,634,900$
Cash Payments to Suppliers for Goods and Services (42,676,219) (1,959,312) (1,774,182) (3,911,690) (50,321,403) (8,885,483)
Cash Payments to Employees for Services (2,896,159) (1,269,526) (1,812,317) (1,810,626) (7,788,628) (2,508,719)
Customer Deposits Received (51,057) 22,345 0 691 (28,021) 0
Cash Received for Reimbursed Expenses 224,959 6,886 2,948 2,680 237,473 77,589
Cash Received for Miscellaneous Revenues 0 0 18,023 4,339 22,362 297,106
Cash Received from Other Funds 0 0 0 0 0 436
Cash Paid for Miscellaneous Expenses (191,649) (106,174) 0 (37,472) (335,295) (3,118)
Net Cash Provided by Operating Activities 13,387,101 7,366,706 6,483,467 486,075 27,723,349 4,612,711
Cash Flows from Noncapital Financing Activities:
Transfers In from Other Funds 0 0 0 0 0 70,233
Transfers Out to Other Funds (6,139,768) (971,428) (1,352,561) (381,500) (8,845,257) (723,995)
Net Cash Used by Noncapital Financing Activities (6,139,768) (971,428) (1,352,561) (381,500) (8,845,257) (653,762)
Cash Flows from Capital and Related Financing Activities:
Acquisition and Construction of Capital Assets (12,009,160) (11,983,042) (5,264,992) (42,763) (29,299,957) (3,434,932)
Proceeds from Sale of Assets 0 0 0 0 0 194,551
Principal Paid on Revenue Bonds (1,330,966) (1,413,839) (1,960,195) 0 (4,705,000) 0
Interest Paid on Revenue Bonds (902,579) (1,458,748) (1,427,621) 0 (3,788,948) 0
Proceeds from Revenue Bonds 7,850,000 6,000,000 3,000,000 0 16,850,000 0
Net Cash Used by Capital and Related Financing Activities (6,392,705) (8,855,629) (5,652,808) (42,763) (20,943,905) (3,240,381)
Cash Flows from Investing Activities:
Purchase of Investments (30,366,995) (15,845,238) (17,169,896) (1,817,233) (65,199,362) (19,244,252)
Proceeds from Sale and Maturities of
Investment Securities 33,779,930 19,472,900 19,723,421 2,010,368 74,986,619 21,265,267
Investment Income 858,317 454,327 510,940 58,129 1,881,713 589,676
Net Cash Provided by Investing Activities 4,271,252 4,081,989 3,064,465 251,264 11,668,970 2,610,691
Net Increase in Cash and Cash Equivalents 5,125,880 1,621,638 2,542,563 313,076 9,603,157 3,329,259
Cash and Cash Equivalents, Oct. 1 6,429,885 4,098,854 3,886,775 380,307 14,795,821 4,017,640
Cash and Cash Equivalents, Sept. 30 11,555,765$ 5,720,492$ 6,429,338$ 693,383$ 24,398,978$ 7,346,899$
34
CITY OF COLLEGE STATION, TEXAS
Statement of Cash Flows
Proprietary Funds
For the Fiscal Year Ended September 30, 2006
Governmental
Business-type Activities - Enterprise Funds Activities
Electric Water Sewer
Other
Enterprise
Funds
Total Enterprise
Funds
Internal Service
Funds
Reconciliation of Operating Income to Net Cash
Provided by Operating Activities:
Operating Income 9,776,624$ 4,589,910$ 3,624,400$ 293,779$ 18,284,713$ 1,803,351$
Adjustment to Reconcile Operating Income to Net
Cash Provided by Operating Activities:
Depreciation, Bad Debt Expense, Inventory Loss 4,069,077 2,001,582 2,292,589 172,395 8,535,643 2,795,113
Provision for Uncollectible Accounts 21,964 6,120 6,788 5,602 40,474 0
Miscellaneous Nonoperating Revenues 224,959 6,886 20,971 7,019 259,835 374,695
Miscellaneous Nonoperating Expenses (191,649) (106,174) 0 (37,472) (335,295) (3,118)
Changes in Assets and Liabilities:
Change in Accounts Receivable (873,292) (107,333) (107,696) (100,421) (1,188,742) 1,976
Change in Deferred Revenues 0 0 0 39,050 39,050 0
Change in Inventory (120,560) (25,329) (16,622) (1,060) (163,571) 14,290
Change in Prepaid Costs 0 0 0 0 0 (10,970)
Change in Accounts Payable 481,099 963,994 646,634 87,554 2,179,281 94,277
Change in Due to Other Funds 0 0 0 0 0 436
Change in Claims Payable 0 0 0 0 0 (493,328)
Change in Accrued Liabilities 28,960 8,915 9,187 13,542 60,604 11,569
Change in Refundable Deposits (51,057) 22,345 0 691 (28,021) 0
Change in Accrued Vacation 20,976 5,790 7,216 5,396 39,378 24,420
Total Adjustments 3,610,477 2,776,796 2,859,067 192,296 9,438,636 2,809,360
Net Cash Provided by Operating Activities 13,387,101$ 7,366,706$ 6,483,467$ 486,075$ 27,723,349$ 4,612,711$
Noncash Operating, Financing, Capital and Investing Activities: During the Fiscal year the Enterprise Fund added contributed capital in the
amount of $4,677,465. Adjustments at 9/30/06 to investments to record income accrual and fair value changes were as follows:
Enterprise Fund $260,607 and Internal Service Funds, 77,740.
The notes to the financial statements are an integral part of this statement.
35
36
Notes to the Financial Statements
For the Fiscal Year Ended September 30, 2006
I. Summary of Significant Accounting Policies
A. Financial Reporting Entity
The City of College Station, Texas ("City"), the financial reporting entity presented in these
financial statements, was incorporated in 1938 and is a municipal corporation incorporated
under the provisions of H.B. 901 of the Texas Legislature. The City operates under a Council-
Manager form of government and provides such services as authorized by its charter to
advance the welfare, health, comfort, safety and convenience of the City and its inhabitants.
The City of College Station entered into a joint venture in 1990 with the City of Bryan, Texas
creating the Brazos Valley Solid Waste Management Agency ("BVSWMA"). BVSWMA was
formed to combine landfill operations for the two cities. It is subject to joint control, and each
City holds a 50% interest and ownership in BVSWMA. The City's equity interest in BVSWMA is
reported in the Sanitation Fund. (See Note V-D).
The financial statements of the City have been prepared in conformity with generally accepted
accounting principles ("GAAP") as applied to state and local governments. The more significant
of the City's accounting policies are described below.
B. Government-Wide and Fund Financial Statements
The government-wide financial statements (i.e., the statement of net assets and the statement
of activities) report information on all of the nonfiduciary activities of the City. For the most part,
the effect of interfund activity has been removed from these statements. Governmental
activities, which normally are supported by taxes and intergovernmental revenues, are reported
separately from business-type activities, which rely to a significant extent on fees and charges
for support.
The statement of activities demonstrates the degree to which the direct expenses for a given
function or segment are offset by program revenues. Direct expenses are those that are clearly
identifiable with a specific function or segment. Program revenues include (1) charges to
customers or applicants who purchase, use, or directly benefit from goods, services or
privileges provided by a given function or segment and (2) grants and contributions that are
restricted to meeting the operational or capital requirements of a particular function or segment.
Taxes and other items not properly included among program revenues are reported instead as
general revenues.
Separate financial statements are provided for governmental funds and proprietary funds.
Major individual governmental funds and major individual enterprise funds are reported as
separate columns in the fund financial statements.
C. Measurement Focus, Basis of Accounting and Financial Statement Presentation
The government-wide financial statements are reported using the economic resources
measurement focus and the accrual basis of accounting, as are the proprietary fund financial
statements. Revenues are recorded when earned and expenses are recorded when a liability is
incurred, regardless of the timing of related cash flows. Property taxes are recognized as
revenues in the year for which they are levied. Grants and similar items are recognized as
revenue as soon as all eligibility requirements have been met.
Governmental fund financial statements are reported using the current financial resources
measurement focus and the modified accrual basis of accounting. Revenues are recognized
as soon as they are both measurable and available. Revenues are considered to be available
City of College Station, Texas
37
Notes to the Financial Statements
For the Fiscal Year Ended September 30, 2006
when they are collectible within the current period or soon enough thereafter to pay liabilities of
the current period. The City considers revenues to be available if they are collected within 30
days of the end of the current fiscal period. Expenditures are generally recorded when a liability
is incurred, as under accrual accounting. However, debt service expenditures, as well as
expenditures related to vacation, claims, and judgments, are recorded only when payment is
due.
Property taxes, other local taxes, licenses, and interest associated with the current fiscal period
are all considered to be susceptible to accrual and, therefore, have been recognized as
revenues of the current fiscal period. All other revenue items are considered to be measurable
and available only when the City receives cash.
The City reports the following major governmental funds:
The General Fund is the City's primary operating fund. It accounts for all financial
resources of the general government, except those required to be accounted for in another
fund. All general tax revenues and other receipts that are not restricted by law or
contractual agreement to some other fund are accounted for in this fund. General
operating expenditures, fixed charges and capital improvement costs that are not paid
through other funds are paid from the General Fund.
The Debt Service Fund accounts for the financial resources accumulated for the payment
of principal, interest and related costs on long-term debt paid primarily from taxes levied by
the City. The fund balance of the Debt Service Fund is reserved to signify that the amounts
are restricted exclusively for debt service expenditures.
The Streets Capital Projects Fund accounts for the costs of new street construction, street
improvements, and traffic signalization made with funds provided by proceeds from the sale
of general obligation bonds and by investing those proceeds.
The City reports the following major proprietary funds:
The Electric Fund accounts for the activities necessary to provide electric services to the
residents of the City. These activities include administration, distribution system operations
and maintenance, transmission system operations and maintenance, new construction,
and financing and related debt service. Billing and collection services are accounted for as
an internal service fund.
The Water Fund accounts for the activities necessary to provide water services to the
residents of the City. These activities include administrative services, water production and
distribution system operations and maintenance, new construction, financing and related
debt service. Billing and collection services are accounted for as an internal service fund.
The Sewer Fund accounts for the activities necessary to provide sewer collection and
treatment services to the residents of the City. These activities include administrative
services, wastewater system operations and maintenance, new construction, financing and
related debt service. Billing and collection services are accounted for as an internal service
fund.
Additionally, the City reports the following fund types:
Internal service funds account for activities related to the operation and maintenance of the
City's radio and telephone systems; administration of health insurance provided to City
employees; the City's risk management activities, including general liability, unemployment,
City of College Station, Texas
38
Notes to the Financial Statements
For the Fiscal Year Ended September 30, 2006
and workers' compensation claims and associated administrative expenses on a cost
reimbursement basis; utility billing and collection activities related to the City's electric,
water, and sewer utilities and residential and commercial garbage collection; activities
related to the management of the City's vehicles and heavy equipment, including
preventative maintenance and vehicle repair; activities related to the City's printing and mail
operations; and activities related to the purchase and replacement of vehicles and large
motorized equipment, telephone and radio systems, and technological infrastructure
equipment not budgeted in other funds.
Private sector standards of accounting and financial reporting issued prior to December 1,
1989, generally are followed in both the government-wide and proprietary fund financial
statements to the extent that those standards do not conflict with or contradict guidance of the
Governmental Accounting Standards Board. Governments also have the option of following
subsequent private sector guidance for their business-type activities and enterprise funds,
subject to this same limitation. The City has elected to not follow subsequent private sector
guidance.
In general, the effect of interfund activity has been eliminated from the government-wide
financial statements. Exceptions to this rule are payments-in-lieu of taxes, indirect costs and
franchise fees, and other charges between the City's Electric, Water, and Sewer funds because
elimination of these charges would distort the direct costs and program revenues reported in
the Statement of Activities.
Amounts reported as program revenues include (1) charges to customers or applicants who
purchase, use, or directly benefit from goods, services, or privileges provided by a given
function or segment and (2) grants and contributions that are restricted to meeting the
operational or capital requirements of a particular function or segment. Taxes and other items
not properly included among program revenues are reported instead as general revenues.
Proprietary funds distinguish operating revenues and expenses from non-operating items.
Operating revenues and expenses generally result from providing services in connection with
the fund's principal ongoing operations. The principal operating revenues of the City's
enterprise and internal service funds are charges for customer services including electric,
water, sewer, and sanitation fees, equipment purchase amounts, and risk management
charges. Operating expenses for enterprise funds and internal service funds include the cost of
services, administrative expenses, and depreciation on capital assets. All revenues and
expenses not meeting this definition are reported as non-operating revenues and expenses.
When both restricted and unrestricted resources are available for use, it is the City's policy to
use unrestricted resources first, and then restricted resources as they are needed.
D. Implementation of New Accounting Principles
In fiscal year 2006, the City adopted three new statements of financial accounting standards
issued by the Governmental Accounting Standards Board (GASB):
GASB Statement No. 44 – Economic Condition Reporting, The Statistical Section – An
Amendment of NCGA Statement 1 (“GASB 44”)
GASB Statement No. 44 establishes and modifies requirements related to the supplementary
information presented in a statistical section. Accordingly, the statistical section has been
revised to conform with the provisions of GASB Statement No. 44.
City of College Station, Texas
39
Notes to the Financial Statements
For the Fiscal Year Ended September 30, 2006
GASB Statement No. 46 – Net Assets Restricted by Enabling Legislation – An Amendment of
GASB Statement No. 34 (“GASB 46”)
GASB Statement No. 46 amends GASB Statement No. 34 in making clarifications regarding
the understandability and comparability of net asset information by making the assessment of
legal enforceability more uniform across governments.
GASB Statement No. 47 – Accounting for Termination Benefits (“GASB 47”)
GASB Statement No. 47 establishes standards of accounting and financial reporting for
termination benefits by providing guidance to governmental employers for measuring,
recognizing, and reporting liabilities and expense/expenditures related to all termination
benefits.
E. Assets, Liabilities, and Net Assets or Equity
Cash and Cash Equivalents
Cash and cash equivalents are short term highly liquid investments that are (a) readily
convertible to known amounts of cash and (b) so near their maturity that they present
insignificant risk of changes in value because of changes in interest rates. Therefore, for
purposes of the statement of cash flows, cash and cash equivalents (including restricted
assets) include demand accounts, investment pools, money market mutual funds, and agency
securities notes with original maturities of three months or less when purchased.
All cash, except for petty cash accounts, is deposited with the City's depository bank in interest
bearing accounts or is invested.
The City uses a pooling method to account for cash and cash equivalents. Equity in cash and
cash equivalents and interest income from the cash pool is allocated to the participating funds
on a monthly basis. The amount of the allocation is determined by calculating a ratio of each
fund's equity in the pool to the total pool.
Investments
Investments are made in accordance with the City's Investment Policy which was adopted by
the City Council in October 2005. This policy is applicable to all City funds and permits
investment in obligations of the U.S. Government or its agencies, repurchase agreements,
commercial paper, certificates of deposit, guaranteed investment contracts, public funds
investment pools, and money market mutual funds. This policy states that the City Manager
shall designate the City’s Investment Officer with whom responsibility and authority for
investment transactions reside.
The investments purchased under the provisions of the Investment Policy are managed to
maintain liquidity for meeting the City's needs for cash and to limit potential market risks in
periods of rising interest rates which depress the market value of securities. As a guideline,
maturity of securities should not exceed five years for cash management purposes, with an
optimum weighted average maturity of less than two years. Investments in securities of a
longer maturity than two years are considered prudent for funds maintained for capital
construction and debt service funds, if necessary to meet projected disbursement schedules.
As a general guideline, the City’s cash management portfolio is designed with the objective of
meeting, over the course of full market cycles, the average return on three-month U.S. Treasury
Bills, or the average rate of federal funds, whichever is higher. These indices are considered
City of College Station, Texas
40
Notes to the Financial Statements
For the Fiscal Year Ended September 30, 2006
benchmarks for riskless investment transactions and therefore comprise a standard for the
portfolio's rate of return. The investment program seeks to augment rates of return above this
level. In a diversified portfolio, measured losses are inevitable and must be considered within
the context of the overall portfolio. The objective in investment of construction funds is at least
to match inflation increases in construction costs.
Active portfolio management includes the practice of selling securities prior to maturity and
using the proceeds to purchase other securities. Such "swaps" are performed for a variety of
valid reasons: to lengthen maturities as interest rates rise, to secure market profits and shorten
maturities as interest rates fall, and to take advantage of the differences in relative yield
between different types of securities and varying maturities. "Swap" analysis is the
responsibility of the City's Investment Officer and the decision to execute the "swap" rests with
him. To protect the portfolio from imprudent trading, no security may be sold until such time as
the current market value of the security plus interest earned from date of purchase is at least
equal to the purchase price of that security.
State statutes authorize the City to invest in fully-insured time deposits, direct debt securities of
the United States or its agencies, and fully collateralized repurchase agreements. The
repurchase agreements must be purchased pursuant to a master repurchase agreement which
specifies that the transaction be held in a safekeeping account subject to the control and
custody of the City.
Investments in security repurchase agreements may be made only with the City's depository
bank, with state or national banks domiciled in the state of Texas, or with securities dealers
reporting to the Federal Reserve Bank of New York ("Primary Dealers"). All securities are
purchased delivery-vs.-payment and held in the City's name in a safekeeping account at JP
Morgan Chase Bank.
Investments of all funds consist mainly of Agency securities, a money market mutual fund with
Fidelity, and investments in Texpool’s public funds investment pool. Investments are stated at
fair value in accordance with GASB Statement No. 31, Accounting and Financial Reporting for
Certain Investments and for External Investment Pools.
The City also uses a pooling method to account for investments. Equity in investments and
interest income from the investment pool is allocated to the participating funds on a monthly
basis and is determined by calculating a ratio of each fund's equity in the investment pool to the
total pool.
GASB Statement No. 31 provides that governmental entities may report all investments at fair
value or they may elect to report certain money market investments and participating interest-
earning investment contracts at amortized cost. The City has elected to report all investments
at fair value.
Inventories and Prepaid Costs
Inventories are accounted for using the consumption method and are valued at year-end based
on cost, with cost determined using an average cost method.
Payments made to vendors for services that will benefit periods beyond September 30, 2006,
are recorded as prepaid costs with a reserve for prepaid items recognized in the governmental
funds in the fund level financial statements to signify that a portion of fund balance is not
available for other subsequent expenditures.
City of College Station, Texas
41
Notes to the Financial Statements
For the Fiscal Year Ended September 30, 2006
Interfund Transactions and Receivables/Payables
Activity between funds that are representative of lending/borrowing arrangements outstanding
at the end of the fiscal year are referred to as either "due to/from other funds" (i.e., the current
portion of interfund loans) or "advances to/from other funds" (i.e., the non-current portion of
interfund loans). All other outstanding balances between funds are reported as "due to/from
other funds." Any residual balances outstanding between the governmental activities and
business-type activities are reported in the government-wide financial statements as "internal
balances."
Restricted Assets
In the Enterprise Funds, proceeds of utility revenue bonds, as well as resources set aside for
their repayment, are classified as restricted assets on the balance sheet because their use is
limited by applicable bond covenants. In addition, customer utility deposits are classified as
restricted assets because the deposit remains the property of the customer and is not available
for operations. In the General Fund, restricted assets are comprised of Municipal Court cash
bonds, Municipal Court technology funds, Municipal Court efficiency time payment fee funds,
Municipal Court security funds, Municipal Court juvenile case manager funds, and police
seizure funds, all of which are not available for operations.
Investment in Joint Venture
The Proprietary Funds' investment in joint venture is recorded using the equity method of
accounting. Required disclosures concerning the joint venture are presented in Note V-D.
Capital Assets
Capital assets, which include property, plant, equipment, and infrastructure assets (e.g., roads,
bridges, sidewalks, and similar items), are reported in the applicable governmental or business-
type activities columns in the government-wide financial statements. Capital assets are defined
by the City as assets with an initial, individual cost of more than $5,000 and an estimated useful
life in excess of three years. Such assets are recorded at historical cost or estimated historical
cost if purchased or constructed. Donated capital assets are recorded at estimated fair market
value at the date of donation.
Assets owned by the electric utility are capitalized in accordance with Federal Energy
Regulatory Commission (FERC) guidelines. Furthermore, assets owned by either the water or
sewer utilities are capitalized in accordance with the National Association of Regulatory Utility
Commissioners (NARUC) guidelines. The costs of normal maintenance and repairs that do not
add to the value of the asset or materially extend the asset's useful life are not capitalized.
Major outlays for capital assets and improvements are capitalized as projects are constructed.
In accordance with Financial Accounting Standards Board Statement No. 71, interest is not
capitalized during construction of capital assets of business-type activities because interest is
recovered currently in the City's established rate.
Depreciation of all assets is recorded and calculated using the straight-line method over the
following estimated useful lives:
Electric System 1-50 Years
Water System 2-50 Years
Sewer System 2-50 Years
Infrastructure 10-50 Years
City of College Station, Texas
42
Notes to the Financial Statements
For the Fiscal Year Ended September 30, 2006
Buildings and Building Improvements 5-50 Years
Land Improvements 10-45 Years
Machinery and Equipment 5-20 Years
Motor Vehicles 3-12 Years
Furniture, Fixtures and Office Equipment 5-20 Years
Compensated Absences
Employees are credited with vacation at rates of 10 to 20 days per year, depending upon length
of service. Carryover of unused vacation time from one year to the next is allowed for a
maximum of two years. Upon termination, the respective employees are paid for any accrued
vacation not taken (up to the two-year maximum). Accumulated vacation is accrued when
earned in the government-wide and proprietary fund financial statements. No liability has been
recorded in the governmental fund financial statements.
Employees are credited with sick leave at the rate of one day per month. There is no maximum
to the number of sick days that each employee can accumulate. Because the City does not
pay employees for unused accumulated sick leave, no related liability has been recorded in the
financial statements.
Long-Term Obligations
In the government-wide financial statements and in the fund financial statements for the
proprietary fund types, long-term debt and other long-term obligations are reported as liabilities
in the applicable governmental activities, business-type activities, or proprietary fund statement
of net assets. Bond premiums and discounts, as well as issuance costs, are deferred and
amortized over the life of the bonds using the straight-line method. Bonds payable are reported
net of the applicable bond premium or discount and deferred amounts on refundings. Bond
issuance costs are reported as deferred charges and amortized over the term of the related
debt.
In the fund financial statements, governmental fund types recognize bond premiums and
discounts, as well as bond issuance costs, during the current period. The face amount of debt
issued is reported as other financing sources. Premiums received on debt issuances are
reported as other financing sources while discounts on debt issuances are reported as other
financing uses. Issuance costs, whether or not withheld from the actual debt proceeds
received, are reported as debt service expenditures.
Fund Equity
In the fund financial statements, governmental funds report reservations of fund balance for
amounts that are not available for appropriation or are legally restricted by outside parties for
use for specific purpose. Designations of fund balance represent tentative management plans
that are subject to change.
F. Budgetary Control
The City follows these procedures in establishing the budgetary data:
1. Prior to September 1, the City Manager submits to the City Council a proposed operating
budget for the fiscal year commencing the following October 1. The operating budget
includes proposed expenditures and the means for financing them.
City of College Station, Texas
43
Notes to the Financial Statements
For the Fiscal Year Ended September 30, 2006
2. All budget requests are compiled by the Office of Budget and Strategic Planning and then
presented with comparative and supporting data to the Mayor and City Council for review.
3. Public hearings are properly advertised and conducted at City Hall for taxpayer comments.
4. Prior to September 27, the budget is legally enacted through passage of an ordinance.
5. The City Council must approve all transfers of budgeted amounts between departments
within any fund and any revision that alters the total expenditures of any fund. An amount
is also budgeted each year for contingencies which may arise. The Council has authorized
the City Manager to make budget transfers for contingencies if the amount does not exceed
$15,000. All other transfers must be approved by City Council. City Council may transfer
amounts among individual budget line items within major expenditure categories during the
year, but no such transfer may increase the overall total budget. Budgeted amounts as
originally adopted were not significantly changed by such transfers during the year.
6. In accordance with the City Charter, the budget may be amended after the following
conditions are met: (a) The City Manager certifies that there are available revenues in
excess of those estimated in the budget. (b) The City Council holds a public hearing on
the supplemental appropriation. (c) The City Council approves the supplemental
appropriation. Management may not amend the budget without seeking the approval of the
City Council.
II. Reconciliation of Government-Wide and Fund Financial Statements
A. Explanation of Certain Differences Between the Governmental Fund Balance Sheet and
the Government-Wide Statement of Net Assets
The governmental fund balance sheet includes a reconciliation between fund balance--total
governmental funds and net assets--governmental activities as reported in the government-
wide statement of net assets. The details of this $84,907,922 difference are as follows:
When capital assets (land, buildings, equipment, etc.) that are to be used
in governmental activities are purchased or constructed, the costs of
those assets are reported as expenditures in governmental funds.
However, the statement of net assets includes those capital assets
among the assets of the City as a whole.
Cost of Capital Assets 257,980,085$
Accumulated Depreciation (95,032,655)
Net Capital Assets 162,947,430$
Long-term liabilities applicable to the City's governmental activities are
not due and payable in the current period and, accordingly, are not
reported as fund liabilities in the governmental funds. All liabilities, both
current and long-term, are reported in the statement of net assets.
Bonds Payable (97,320,000)$
Accrued Interest Payable (590,152)
Compensated Absences (1,816,537)
(99,726,689)$
City of College Station, Texas
44
Notes to the Financial Statements
For the Fiscal Year Ended September 30, 2006
Because the focus of governmental funds is on short-term financing,
some assets will not be available to pay for current period expenditures.
Those assets (for example, receivables) are offset by deferred revenues
in the governmental funds and, thus, are not included in fund balance.
Deferred revenue for emergency medical services, paving assessments,
and property taxes shown on the governmental fund statements is not
deferred on the statement of net assets.
Deferred Property Tax Revenue 413,079$
Deferred Emergency Medical Services Revenue 713,793
Paving Assessment Revenue 373,512
1,500,384$
Internal service funds are used by management to charge certain
activities, such as self insurance, print-mail services, and fleet
maintenance, to individual funds. The assets and liabilities of certain
internal service funds are included in governmental activities in the
statement of net assets.
20,186,797$
B. Explanation of Certain Differences Between the Governmental Fund Statement of
Revenues, Expenditures, and Changes in Fund Balances and the Government-Wide
Statement of Activities
The governmental fund statement of revenues, expenditures, and changes in fund balances
includes a reconciliation between net changes in fund balances--total governmental funds and
changes in net assets of governmental activities as reported in the government-wide statement
of activities. One element of that reconciliation explains that "Governmental funds report capital
outlays as expenditures. However, in the statement of activities the cost of those assets is
allocated over their estimated useful lives and reported as depreciation expense." The details
of this $4,706,226 difference are as follows:
Capital Outlay 11,610,189$
Depreciation Expense (6,903,963)
Net Adjustment to increase net changes in fund balances-
total governmental funds to arrive at changes in net assets
of governmental activities 4,706,226$
Another element of that reconciliation states that "The net effect of various miscellaneous
transactions involving capital assets (i.e., sales, trade-ins, and donations) is to increase net
assets." The details of the $7,477,874 difference are as follows:
Donated Capital Assets 7,477,874$
The net effect of miscellaneous capital asset transactions
increase net assets in the statement of activities, but do not
appear in the governmental funds because they are not
financial resources.7,477,874$
City of College Station, Texas
45
Notes to the Financial Statements
For the Fiscal Year Ended September 30, 2006
Another element of that reconciliation states that "The issuance of long-term debt (e.g., bonds,
leases) provides current financial resources to governmental funds, while the repayment of the
principal of long-term debt consumes the current financial resources of governmental funds.
Neither transaction, however, has any effect on net assets. Also, governmental funds report
the effect of issuance costs, premiums, discounts, and similar items when debt is first issued,
whereas these amounts are deferred and amortized in the statement of activities." The details
of this ($8,415,000) difference are as follows:
Debt issued or incurred:
Issuance of General Obligation Bonds
and Certificates of Obligation (15,700,000)$
Principal Retirement 7,285,000
Net Adjustment to decrease net changes in fund balances-
total governmental funds to arrive at changes in net assets of
governmental activities (8,415,000)$
Another element of that reconciliation states that "Some expenses reported in the statement of
activities do not require the use of current financial resources and, therefore, are not reported
as expenditures in governmental funds." The details of this ($270,761) difference are as
follows:
Compensated Absences (232,525)$
Accrued Interest (38,236)
Net Adjustment to decrease net changes in fund balances-
total governmental funds to arrive at changes in net assets of
governmental activities (270,761)$
City of College Station, Texas
46
Notes to the Financial Statements
For the Fiscal Year Ended September 30, 2006
III. Stewardship, Compliance, and Accountability
A. Budgetary Information
The Council approved three budget amendments during fiscal year 2006. These budget
amendments included the following appropriations:
Police and Fire Grants 436,225$
Animal Control Services ILA 77,000
Emergency Management Positions 43,778
Bee Creek Drainage Project 605,000
Arrington/Decatur Street Extension 423,991
Gainsharing 208,314
Fleet Shop Enhancements 201,500
Demolition Funds 30,000
PEG Fee Expenditures 23,100
FEMA Reimbursement 180,081
Jones Butler Street Extension 1,000,000
Arrington Rd Realignment 75,480
Parks Capital Projects 154,831
Fleet Car Wash 27,950
Replacement Vehicle 15,945
Fiber Optic Splicing Unit Replacement 9,000
Police Equipment 10,000
Library Book Donations 6,000
Purchased Power 5,500,000
Council Audio/Visual Upgrade 16,276
Topographical Aerial Map Project 224,678
9,269,149$
1. Budget appropriations are adopted at the fund level for all funds except the General Fund.
In the General Fund, budget appropriations are adopted at the department level.
Expenditures in excess of appropriations for each fund are prohibited by the City Charter.
Appropriations that have not been expended or lawfully encumbered lapse at the end of the
budget year.
2. Formal budgetary integration is legally enacted and employed as a management control
device during the year for all funds.
3. Encumbrance accounting is employed in governmental funds. Encumbrances (e.g.,
purchase orders, contracts) outstanding at year end are reported as reservations of fund
balances and do not constitute expenditures or liabilities.
City of College Station, Texas
47
Notes to the Financial Statements
For the Fiscal Year Ended September 30, 2006
B. Excess of Expenditures Over Appropriations
The amounts of any excesses of expenditures/expenses over appropriations during fiscal year
2006, and the funds in which they occurred are as follows:
Fund Amount
Drainage Projects 42,873$
Print/Mail 2,441
Fleet Maintenance 147,103
Employee Benefits 413,771
Higher than expected capital outlay expenditures primarily resulted in the $42,873 excess in the
Drainage Projects fund. Higher than expected maintenance and advertising expenses resulted
in the $2,441 excess in the Print/Mail fund. Higher than expected salaries and benefits,
supplies, and capital outlay expenses resulted in the $147,103 excess in the Fleet Maintenance
fund. Higher than expected claims and administrative fee expenses resulted in the $413,771
excess in the Employee Benefits fund.
IV. Detailed Notes on All Funds
A. Cash and Investments
Cash and investments are accounted for within the pooled cash fund of the City. The City
records investments at fair value in accordance with GASB Statement No. 31, Accounting and
Financial Reporting for Certain Investments and for External Investment Pools.
Cash and cash equivalents, investment balances and interest income are allocated to the City’s
participating funds on a monthly basis. The amount of the allocation is based on each fund's
proportional equity to total pooled equity.
Weighted Average
Fair Value Maturity (days)
Bank Demand Accounts 3,179,230$ 1
U.S. Agency Bonds 52,734,861 441
Treasury Securities 8,247,294 557
Texas Local Government Investment Pool 64,204,308 1
Fidelity Money Market Mutual Fund 1,736,715 1
130,102,408$
Portfolio Weighted Average Maturity 501
Interest rate risk. In accordance with the City's Investment Policy, interest rate risk is managed
by limiting the weighted average maturity of the investment portfolio to two years (approximately
720 days) or less and by limiting the maximum maturity of any security purchased to five years
or less.
City of College Station, Texas
48
Notes to the Financial Statements
For the Fiscal Year Ended September 30, 2006
Credit risk. Investments authorized by the City’s policy are those approved by the revised State
of Texas Public Funds Investment Act of 1997 and the Texas Public Collateral Act of 1989.
These investments include the following:
Obligations of the United States or its agencies and instrumentalities;
Direct obligations of the State of Texas or its agencies;
Other obligations, the principal and interest on which is unconditionally
guaranteed or insured by the State of Texas or the United States or its
agencies;
Obligations of states, agencies, counties, cities, and other political subdivisions
of any state having been rated as to investment quality by a nationally
recognized investment rating firm and having received a rating of not less than
“A” or its equivalent;
Certificates of deposit issued by state and national banks domiciled in Texas
that are secured by obligations qualified as acceptable collateral;
Certificates of deposit issued by savings and loan associations domiciled in
Texas that are secured obligations qualified as acceptable collateral;
Repurchase agreements or reverse repurchase agreements;
Commercial paper with a stated maturity of 270 days or less from the date of
issuance that is rated not less than “A-1,” “P-1,” or its equivalent;
Money market mutual funds that are SEC registered no-load funds with dollar-
weighted average portfolio maturity of 120 days or less;
Guaranteed investment contracts; or
Public funds investment pools.
As of September 30, 2006 the City’s investments were rated by Standard & Poor's and Moody's
as follows:
S&P Moody's
Texpool AAAm N/A*
Fidelity Money Market Mutual Fund AAAm Aaa
Federal Home Loan Bank AAA Aaa**
Federal National Mortgage Association AAA Aaa
Federal Farm Credit Bank AAA Aaa
*Texpool is only rated by S&P.
**FHLB Cusip 3133XCRR6 is only rated by S&P.
Credit concentration. With the exception of U.S. Treasury securities and authorized pools, the
City's Investment Policy limits the investment in a single security type or with a single financial
institution to 30%. It also limits the overall investment in Federal Agency securities to 70%. At
September 30, 2006 the issuers whose securities represented more than 5% of the City's
investment portfolio were as follows: the Federal Home Loan Bank (18%), the Federal National
Mortgage Association (10%), and the Federal Farm Credit Banks (15%).
Custodian credit risk - deposits. In the case of deposits, this is the risk that in the event of a
bank failure, the government's deposits may not be returned to it. The City of College Station's
City Council has approved a depository services contract which governs its depository
relationship. This contract requires that deposits not covered by depository insurance be
collateralized at 105%.
City of College Station, Texas
49
Notes to the Financial Statements
For the Fiscal Year Ended September 30, 2006
Custodian credit risk - investments. For an investment, this is the risk that, in the event of the
failure of the counterparty, the government will not be able to recover the value of its
investments or collateral securities that are in the possession of an outside party. The City's
investment portfolio requires that all security transactions be conducted on a Delivery-vs.-
Payment basis and that all securities be held by a third party custodian and evidenced by
safekeeping receipts.
B. Receivables
Receivables as of year end for the City's individual major funds and nonmajor and internal
service funds in the aggregate, including the applicable allowances for uncollectible accounts,
are as follows:
Internal
Governmental Activities:Debt Streets Service Fund
General Service Projects Nonmajor Allocation Total
Taxes:
Property 184,842$ 228,237$ -$ -$ -$ 413,079$
Beverage 81,622 - - - - 81,622
Sales 1,471,983 - - - - 1,471,983
Subtotal Taxes 1,738,447 228,237 - - - 1,966,684
Accrued Interest 36,732 8,806 77,810 95,306 43,164 261,818
Grants 90,013 - - 394,753 - 484,766
Accounts/Charges for Services 913,106 - 373,512 221,339 31,693 1,539,650
Miscellaneous 28,850 - - - - 28,850
Total Gross Governmental 2,807,148 237,043 451,322 711,398 74,857 4,281,768
Less Allowance for
Uncollectible Accounts (265,688) - - (76,048) (2,249) (343,985)
Net Total Receivables 2,541,460$ 237,043$ 451,322$ 635,350$ 72,608$ 3,937,783$
Business-type Activities:Internal
Service Fund
Electric Water Sewer Nonmajor Allocation Total
Accrued Interest 83,642$ 29,534$ 38,247$ 4,505$ 548$ 156,476$
Accounts/Charges for Services 8,583,944 1,482,676 1,316,470 758,823 29,092 12,171,005
Miscellaneous 1,098,345 - - 12,522 13,586 1,124,453
Total Gross Business-type 9,765,931 1,512,210 1,354,717 775,850 43,226 13,451,934
Less Allowance for
Uncollectible Accounts (1,717,261) (67,496) (130,923) (80,129) (21,376) (2,017,185)
Net Total Receivables 8,048,670$ 1,444,714$ 1,223,794$ 695,721$ 21,850$ 11,434,749$
Governmental funds report deferred revenue in connection with receivables for revenues that
are not considered to be available to liquidate liabilities of the current period. Governmental
funds also defer revenue recognition in connection with resources that have been received but
not yet earned. As of fiscal year end, the various components of deferred revenue and
unearned revenue reported in the governmental funds were as follows:
City of College Station, Texas
50
Unavailable Unearned Total
Property Tax 413,079$ -$ 413,079$
Special Assessments 373,512 - 373,512
Fines and Penalties - 645,086 645,086
Emergency Services 713,793 - 713,793
Other 25,000 - 25,000
1,525,384$ 645,086$2,170,470$
Notes to the Financial Statements
For the Fiscal Year Ended September 30, 2006
C. Capital Assets
Capital asset activity for the year ended September 30, 2006 was as follows:
Beginning Ending
Governmental Activities Balance Increases Decreases Balance
Capital Assets, Not Being Depreciated
Land 25,034,570$ 2,658,560$ -$ 27,693,130$
Construction in Progress 19,498,927 11,950,417 (11,548,780) 19,900,564
Total Capital Assets, Not Being Depreciated 44,533,497 14,608,977 (11,548,780) 47,593,694
Capital Assets, Being Depreciated
Buildings and Building Improvements 20,294,477 111,534 - 20,406,011
Improvements Other Than Buildings 17,751,028 3,802,084 - 21,553,112
Machinery and Equipment 26,568,816 4,881,734 (688,935) 30,761,615
Infrastructure 153,763,936 10,688,129 - 164,452,065
Total Capital Assets, Being Depreciated 218,378,257 19,483,481 (688,935) 237,172,803
Less Accumulated Depreciation for:
Buildings and Building Improvements 5,479,503 533,540 - 6,013,043
Improvements Other Than Buildings 7,017,334 784,639 - 7,801,973
Machinery and Equipment 16,448,755 3,184,233 (617,697) 19,015,291
Infrastructure 74,221,526 5,138,277 - 79,359,803
Total Accumulated Depreciation 103,167,118 9,640,689 (617,697) 112,190,110
Total Capital Assets Being Depreciated, Net 115,211,139 9,842,792 (71,238) 124,982,693
Governmental Type Activities Capital Assets, Net 159,744,636$ 24,451,769$ (11,620,018)$ 172,576,387$
Beginning Ending
Business-Type Activities Balance Increases Decreases Balance
Capital Assets, Not Being Depreciated
Land 709,650$ -$ -$ 709,650$
Construction in Progress 26,042,369 29,555,394 (6,096,095) 49,501,668
Total Capital Assets, Not Being Depreciated 26,752,019 29,555,394 (6,096,095) 50,211,318
Capital Assets, Being Depreciated
Electric System 94,243,012 6,100,471 (228,425) 100,115,058
Water System 73,845,049 3,153,092 (1,439) 76,996,702
Wastewater System 75,866,488 1,577,660 (33,329) 77,410,819
Buildings and Building Improvements 5,723,063 20,692 - 5,743,755
Machinery and Equipment 1,277,329 17,741 - 1,295,070
Total Capital Assets, Being Depreciated 250,954,941 10,869,656 (263,193) 261,561,404
Less Accumulated Depreciation for:
Electric System 42,875,072 3,957,898 (189,334) 46,643,636
Water System 21,936,686 1,925,293 (641) 23,861,338
Wastewater System 19,094,302 2,290,084 (32,509) 21,351,877
Buildings and Building Improvements 565,406 142,713 - 708,119
Machinery and Equipment 1,223,407 29,681 - 1,253,088
Total Accumulated Depreciation 85,694,873 8,345,669 (222,484) 93,818,058
Total Capital Assets Being Depreciated, Net 165,260,068 2,523,987 (40,709) 167,743,346
Business Type Activities Capital Assets, Net 192,012,087$ 32,079,381$ (6,136,804)$ 217,954,664$
City of College Station, Texas
51
Notes to the Financial Statements
For the Fiscal Year Ended September 30, 2006
Depreciation expense was charged to governmental activities of the City as follows:
Planning and Development Services 4,435$
Fire 79,479
Fiscal Services 16,003
General Government 97,649
Information Services 176,394
Parks and Recreation 680,105
Police 61,725
Public Works 29,124
Non-departmental 5,759,049
Capital Assets Held by the City's Internal
Service Funds 2,736,726
Total Depreciation Expense 9,640,689$
D. Interfund Transactions
Transfers between funds during the year were as follows:
Governmental Business-type
Transfers In Transfers Out Activities, net Activities, net
General Fund 8,103,371$ (151,564)$ 7,951,807$ -$
Debt Service Fund 2,388,420 - 2,388,420 -
Special Revenue Funds:
Community Development - (709,460) (709,460) -
WPC TIF 300,000 (1,108,452) (808,452) -
Capital Projects Funds:
Drainage Projects - (49,127) (49,127) -
General Government Projects 354,528 (353,059) 1,469 -
Parks Projects 626,388 - 626,388 -
Streets Projects 91,728 - 91,728 -
Enterprise Funds:
Electric - (6,139,768) - (6,139,768)
Water - (971,428) - (971,428)
Sewer - (1,352,561) - (1,352,561)
Sanitation - (381,500) - (381,500)
Internal Service Funds:
Equipment Replacement 59,540 (718,799) (659,259) -
Fleet Maintenance - - - -
Print/Mail Services 16,939 - 16,939 -
Utility Customer Service - (5,196) - (5,196)
11,940,914$ (11,940,914)$ 8,850,453$ (8,850,453)$
Transfers are used to (1) move revenues from the funds with collection authorization to the debt
service fund as debt service principal and interest payments become due, (2) move revenues
from enterprise funds to the general fund to record the return on the investment, (3) move
revenues from enterprise funds to the general fund for economic development activity, (4) move
unrestricted general fund revenues to finance various programs that the government must
account for in other funds in accordance with budgetary authorizations.
City of College Station, Texas
52
Notes to the Financial Statements
For the Fiscal Year Ended September 30, 2006
The composition of due to/due from balances as of September 30, 2006 is as follows:
Due To Due From Amount
General Fund Print/Mail 65,817$
Electric Fund Hotel Tax Fund 200,000$
The outstanding balance between the general fund and the print/mail funds represents a
working capital loan that the general fund expects to collect in the subsequent year. The
outstanding balance between the electric fund and the hotel tax fund represents an amount
related to an economic development project that is expected to be completed in fiscal year
2007.
E. Deferred Charges
See Note IV B.
F. Long-Term Debt
A summary of long-term debt transactions, including current portion, for the year ended
September 30, 2006 is as follows:
Amounts
Beginning Incurred/ Matured/ Ending Due Within
Balance Issued Retired Balance One Year
Governmental Activities:
General Obligation Bonds 49,800,000$ 7,375,000$ 3,340,000$ 53,835,000$ 3,800,000$
Certificates of Obligation 39,105,000 8,325,000 3,945,000 43,485,000 4,020,000
Accrued Vacation 1,806,230 1,340,827 1,136,086 2,010,971 121,828
Governmental Activity
Long Term Debt 90,711,230$ 17,040,827$ 8,421,086$ 99,330,971$ 7,941,828$
Business Type Activities:
Utility Revenue Bonds 79,215,000$ 16,950,000$ 4,705,000$ 91,460,000$ 4,910,000$
Accrued Vacation:
Electric Fund 142,421 139,492 118,516 163,397 8,170
Water Fund 48,498 54,634 48,844 54,288 2,714
Sewer Fund 73,141 73,076 65,859 80,358 4,018
Other 90,864 114,368 101,043 104,189 5,209
Business Type Activity
Long Term Debt 79,569,924$ 17,331,570$ 5,039,262$ 91,862,232$ 4,930,111$
Internal service funds predominantly serve the governmental funds. All internal service funds,
except for the utility customer service fund, are included as part of the above totals for
governmental activities. At year end $72,606 of internal service funds’ accrued vacation was
included in governmental activities, and $64,798 of accrued vacation for the utility customer
service fund was included in business type activities. For the governmental activities, accrued
vacation is generally liquidated by the general fund.
City of College Station, Texas
53
Notes to the Financial Statements
For the Fiscal Year Ended September 30, 2006
Long-term debt at September 30, 2006 includes the following individual issues (not including
unamortized premiums or discounts):
Interest Issue Maturity Original Net
Rate (%) Date Date Issue Retirement Outstanding
General Obligation Bonds:
1996 Issue and Refunding 4.70-7.50 12/1/96 2/15/15 11,845,000$ 8,610,000$ 3,235,000$
1998 Issue 4.50-6.50 4/1/98 2/15/17 6,200,000 1,780,000 4,420,000
1999 Issue 3.40-5.40 4/15/99 2/15/17 6,230,000 1,760,000 4,470,000
2000 Issue 5.00-7.00 4/13/00 2/15/18 8,460,000 2,520,000 5,940,000
2001 Issue 5.00-7.00 8/1/01 2/15/17 4,140,000 1,880,000 2,260,000
2002 Issue 4.25-6.25 3/1/02 2/15/21 6,445,000 1,320,000 5,125,000
2003 Issue 3.00-5.00 7/9/03 2/15/23 4,790,000 365,000 4,425,000
2004 Issue 2.00-5.00 5/1/04 2/15/24 12,940,000 1,465,000 11,475,000
2005 Issue 4.00-6.00 5/26/05 2/15/25 5,710,000 600,000 5,110,000
2006 Issue 4.375-6.375 7/25/06 2/15/26 7,375,000 - 7,375,000
74,135,000$ 20,300,000$ 53,835,000$
Certificates of Obligation:
2000 Issue 5.00-7.00 4/13/00 2/15/18 4,050,000$ 1,760,000$ 2,290,000$
2000A Issue 4.75-6.75 8/1/00 2/15/20 8,100,000 2,735,000 5,365,000
2001 Issue 3.50-5.00 8/2/01 2/15/20 3,650,000 2,325,000 1,325,000
2002 Issue 3.50-5.125 3/1/02 2/15/20 14,480,000 4,140,000 10,340,000
2003 Issue 2.50-3.25 12/5/02 2/15/08 1,000,000 585,000 415,000
2003A Issue 3.00-4.25 7/9/03 2/15/23 780,000 60,000 720,000
2004 Issue 2.00-5.00 5/1/04 2/15/24 9,415,000 835,000 8,580,000
2005 Issue 3.00-5.00 5/26/05 2/15/25 7,595,000 1,470,000 6,125,000
2006 Issue 4.375-6.375 7/25/06 2/15/26 8,325,000 - 8,325,000
57,395,000$ 13,910,000$ 43,485,000$
Utility Revenue Bonds:
1995 Issue 5.25-6.25 8/1/95 2/1/16 6,000,000$ 5,700,000$ 300,000$
1996 Issue 4.15-5.60 12/1/96 2/1/17 10,110,000 9,410,000 700,000
1998 Issue 4.55-6.50 4/1/98 2/1/17 2,700,000 2,125,000 575,000
2000 Issue 5.00-7.00 4/13/00 2/15/18 10,500,000 7,085,000 3,415,000
2001 Issue 3.50-5.50 8/1/01 2/15/21 23,500,000 3,670,000 19,830,000
2002 Issue 4.00-6.00 3/1/02 2/15/22 18,215,000 2,290,000 15,925,000
2003 Issue 3.50-4.25 12/5/02 2/1/14 11,160,000 2,715,000 8,445,000
2003A Issue 2.50-4.25 7/9/03 2/15/23 4,850,000 375,000 4,475,000
2005 Issue 3.50-5.50 5/26/05 2/1/25 8,035,000 140,000 7,895,000
2005A Issue 3.00-5.25 8/18/05 2/1/18 12,995,000 45,000 12,950,000
2006 Issue 4.375-6.375 7/25/06 2/1/26 16,950,000 - 16,950,000
125,015,000$ 33,555,000$ 91,460,000$
City of College Station, Texas
54
Notes to the Financial Statements
For the Fiscal Year Ended September 30, 2006
The annual requirements to amortize debt outstanding as of September 30, 2006 are as
follows. Due to the nature of the obligation for accrued vacation, annual requirements to
amortize such obligations are not determinable and have not been included in the following
summary:
Governmental Activities
General Obligation Certificates of Obligation
Year Ended
September 30, Principal Interest Principal Interest
2007 3,800,000$ 2,473,234$ 4,020,000$ 1,968,002$
2008 3,290,000 2,266,861 3,245,000 1,750,482
2009 3,435,000 2,113,076 2,235,000 1,632,956
2010 3,610,000 1,944,722 2,340,000 1,536,545
2011 3,750,000 1,764,919 2,080,000 1,438,968
2012-2016 18,185,000 6,165,719 12,065,000 5,638,214
2017-2021 11,620,000 2,570,553 12,075,000 2,585,532
2022-2026 6,145,000 580,426 5,425,000 534,786
53,835,000$ 19,879,510$ 43,485,000$ 17,085,485$
Business-Type Activities
Electric Water Sewer
Year Ended
September 30, Principal Interest Principal Interest Principal Interest
2007 1,399,265$ 1,192,437$ 1,506,237$ 1,629,941$ 2,004,498$ 1,431,196$
2008 1,359,856 1,099,686 1,596,463 1,532,387 2,123,680 1,328,058
2009 1,315,945 1,042,591 1,661,026 1,455,350 2,258,029 1,234,961
2010 1,346,703 981,901 1,741,741 1,369,610 2,321,556 1,130,896
2011 1,418,841 915,496 1,880,341 1,273,471 2,285,819 1,020,740
2012-2016 7,715,329 3,502,091 10,633,372 4,868,514 10,646,299 3,529,008
2017-2021 6,801,853 1,869,142 10,852,646 2,254,760 7,930,501 1,310,102
2022-2026 4,928,866 482,614 4,155,654 410,672 1,575,480 146,011
26,286,658$ 11,085,958$ 34,027,480$ 14,794,705$ 31,145,862$ 11,130,972$
The City intends to retire all of its general long-term liabilities, plus interest, from ad valorem
taxes. The proprietary fund type long-term debt will be repaid, plus interest, from the operating
revenues of the Electric, Water, and Sewer Funds.
General Obligation Bonds and Certificates
The City issues general obligation bonds to provide funds for the acquisition and construction of
major capital facilities. General obligation bonds are direct obligations and pledge the full faith
and credit of the City.
The City is required by bond covenants to create from ad valorem tax revenues a sinking fund
sufficient to pay the current interest and principal installments as they become due. In addition
to the sinking fund, there are a number of limitations and restrictions contained in the various
general obligation bonds and certificate indentures. The City is in compliance with the
significant limitations and restrictions at September 30, 2006.
On July 25, 2006 the City issued $7.375 million in General Obligation Improvement Bonds with
a true interest cost of 4.57%. The proceeds from the sale of the bonds will be used to (1) pay
for the cost of construction and acquisition of and improvements to City streets, hike and bike
City of College Station, Texas
55
Notes to the Financial Statements
For the Fiscal Year Ended September 30, 2006
trails, sidewalk improvements, traffic control systems, parks, and public facilities, and (2) pay
the costs incurred in connection with the issuance of the Bonds.
On July 25, 2006 the City issued $8.325 million in Certificates of Obligation with a true interest
cost of 4.57%. The proceeds from the sale of the Certificates will be used to pay for the cost of
(1) construction, acquisition, and rehabilitation of streets and street lighting; (2) park projects;
(3) land acquisition, design of, and construction of a new City-owned cemetery; (4) the
acquisition and construction of capital improvements in the Wolf Pen Creek corridor of the City;
(5) construction, acquisition of, and improvements to public facilities; and (6) to pay the costs
incurred in connection with the issuance of the Certificates.
Revenue Bonds
Utility system revenue bonds are secured by the net revenues of the Electric, Water, and Sewer
Funds as defined in the respective bond indentures. The City pledges income derived from the
acquired or constructed assets to pay the debt service. In addition, the City is required to
maintain debt service funds and bond reserve funds for all outstanding revenue bonds.
Amounts in the reserve fund are to be used to pay principal and interest on outstanding bonds
at any time sufficient funds are not available in the bond interest and redemption fund. The
bond indentures require that the City accumulate reserves to an amount equal to the average
annual principal and interest requirements of all outstanding bonds secured by the net
revenues of the system.
On July 25, 2006 the City issued $16.95 million in Utility System Revenue Bonds with a true
interest cost of 4.61%. Proceeds from the sale of the bonds will be used for electric, water, and
wastewater system improvements and for payment of the costs incurred in connection with the
issuance of the Bonds.
Arbitrage Compliance
Arbitrage provisions of the Internal Revenue Tax Act of 1986 require the City to rebate to the
federal government excess arbitrage earnings from bond proceeds. As of September 30,
2006, the City did not have an arbitrage rebate liability.
Defeasance
In prior years, the City has defeased certain revenue refunding bonds totaling $74,140,000 and
certain general obligation bonds and certificates of obligation totaling $18,392,126 by placing
the proceeds of the refunding bonds in an irrevocable trust to provide for all future debt service
on the refunded bonds. Accordingly, the trust account assets and the liability for the defeased
bonds are not included in the City's financial statements.
At September 30, 2006, the outstanding principal balance of the defeased revenue refunding
bonds was $21,410,000 and the outstanding principal balance of the defeased general
obligation bonds and certificates of obligation was $6,075,000.
The assets, liabilities, and financial transactions of all of these trust accounts and the liability for
refunded (defeased) bonds are not reflected in the financial statements of the City.
City of College Station, Texas
56
Notes to the Financial Statements
For the Fiscal Year Ended September 30, 2006
The tables below reflect refunded debt outstanding at September 30, 2006 and are net of any
amounts to be paid or retired by the trustee on October 1, 2006:
Refunded in Prior Years
Utility System Revenue & Refunding Bonds, Series 1993 1,750,000$
Utility System Revenue Bonds, Series 1994 6,600,000
Utility System Revenue Bonds, Series 1995 2,700,000
Utility System Revenue Bonds, Series 1996 4,260,000
Utility System Revenue Bonds, Series 1998 1,330,000
Utility System Revenue Bonds, Series 2000 4,770,000
General Obligation & Refunding Bonds, Series 1991 750,000
General Obligation & Refunding Bonds, Series 1994 2,200,000
General Obligation Bonds, Series 1995 2,350,000
General Obligation Refunding Bonds, Series 1996 775,000
27,485,000$
G. Reservations of Fund Balances and Net Assets
Fund balances for governmental funds have been reserved at September 30, 2006 as follows:
Reserved
Governmental Funds:
General Fund:
Reserved for Encumbrances 700,864$
Reserved for Inventory 52,325
Reserved for Police Seizure 26,912
Reserved for Court Technology 299,456
Reserved for Court Security 339,935
Reserved for Court Efficiency Improvements 34,921
Reserved for Juvenile Case Manager 69,206
Debt Service:
Reserved for Encumbrances 6,100
Reserved for Bond Debt Service 3,066,675
Other Governmental Funds:
Reserved for Encumbrances 11,742,885
Reserved for Capital Projects 33,031,408
Reserved for Endowment 1,264,906
Total 50,635,593$
City of College Station, Texas
57
Notes to the Financial Statements
For the Fiscal Year Ended September 30, 2006
V. Other Information
A. Property Taxes
Property tax is levied each October 1 on the assessed (appraised) value listed as of the prior
January 1 for all real and business personal property located in the City. Taxable assessed
value represents the appraisal value less applicable exemptions authorized by the City Council.
Taxes are due October 1 and are delinquent after the following January 31. Tax liens are
automatic and become enforceable as of January 1 of each year. Taxes become delinquent
February 1 and are subject to interest and penalty charges. The tax rate to finance general
governmental services including debt service was 43.94 cents per $100 of assessed valuation
for the year ended September 30, 2006. Under current state statutes, the City's ability to
increase the levy for property taxation is subject to a maximum rate of $2.50 per $100 valuation.
The Brazos County Appraisal District ("Appraisal District") is responsible for the recording and
appraisal of property for all taxing units in Brazos County. The Appraisal District is required to
assess property at 100 percent of its appraised value. Real property must be reappraised at
least every three years. The City may, at its own expense, require annual reviews by the
Appraisal District through various appeals and, if necessary, legal action. Under this system, if
the rate, excluding tax rates for bonds and other contractual obligations adjusted for new
improvements, exceeds the rate for the previous year by more than eight (8) percent, qualified
voters of the City may petition for an election to determine whether to limit the tax rate to no
more than eight (8) percent above the tax rate of the previous year.
Brazos County bills and collects the property taxes for the City.
B. Risk Management
A government entity, such as the City of College Station, is faced with many risks. These risks
can be generally subdivided into four categories of loss: direct property loss, indirect property
loss, liability loss, and personnel losses. The City employs a combination of risk management
strategies to provide acceptable levels of protection regarding these potential risks.
The City is self-insured for health benefits, and the plan is administered by Blue Cross Blue
Shield. This activity is accounted for in the Employee Benefits Fund, which is funded monthly by
contributions from employees and from the operating funds of the City. These contributions are
determined based on an analysis of prior year claims and administrative costs and a forecast of
future claims and administrative costs. The City has a stop-loss insurance policy that limits its
liability to $100,000 per individual per year with an aggregate, annual liability of
$1,000,000. The liability for outstanding losses includes $209,873 for claims incurred but not
reported as of September 30, 2006.
In fiscal year 2006 the City was insured by Affiliated FM for all of its real and personal property
and mobile equipment. Affiliated FM is funded by calculated contributions from the City's
operating funds and provides all of the claims handling for these lines of coverage. The City
carries a $100,000 deductible per occurrence on its property insurance policy with Affiliated FM.
Property insurance covers all direct losses and some indirect losses.
On all lines of liability coverage, the City is self-insured. The City has procured excess liability
coverage through State National Insurance Company that is A.M. Best rated A-VII. The self-
insured retention ("SIR") is $250,000 per claim. The claims are handled by Risk Management
staff.
City of College Station, Texas
58
Notes to the Financial Statements
For the Fiscal Year Ended September 30, 2006
The City is also self-insured on its workers' compensation coverage. The City opted for excess
workers' compensation coverage with a SIR of $250,000 per claim feature. The City's carrier is
State National Insurance Company, and the TPA handles all of the workers' compensation
claims. In the event of a simultaneous liability and workers' compensation claim, only one SIR
applies.
Liabilities in the property and casualty fund and the workers’ compensation fund are reported
when it is probable that a loss has occurred and the amount of the loss can be reasonably
estimated. Liabilities include an amount for claims that have been incurred but not reported.
Based upon the most recent actuarial study, the City has recorded the potential liability of
$342,566 in the property and casualty fund and the potential liability of $613,434 in the workers’
compensation fund. The results of the process to estimate the claims liability is not an exact
amount as it depends on many complex factors, such as inflation, changes in legal doctrines,
and damage awards. Accordingly, claims are reevaluated periodically to consider the effects of
inflation, recent claim settlement trends (including frequency and amount of pay-outs), and
other economic and social factors.
Lastly, the City also uses its Unemployment Fund to account for self-insurance activity involving
claims filed under unemployment compensation laws. Monthly contributions based on a
percentage of payroll are determined each year during the budget process and are used to fund
this activity.
Settlements have not exceeded self-insured retention for each of the past three fiscal years.
The liabilities for insurance claims reported in each of the funds are based on Governmental
Accounting Standards Board Statement No. 10, which requires that a liability for claims be
reported if information prior to the issuance of the financial statements indicates that it is
probable that a liability has been incurred at the date of the financial statements and if the
amount of the loss can be reasonably estimated. These liabilities include an estimate for
incurred but not reported claims. Changes in the balances of claims liabilities for the self-
insurance funds that are accounted for as Internal Service Funds for fiscal years 2006 and
2005 are as follows:
2006 2005
Unpaid Claims, October 1 1,659,202$ 1,514,527$
Incurred Claims (including IBNR's) 4,140,516 4,110,008
Claims Paid (4,633,844) (3,965,333)
Unpaid Claims, September 30 1,165,874$1,659,202$
C. Subsequent Events
On December 21, 2006 the City issued General Obligation Refunding Bonds with an average
interest rate of 4.36% to refund $8.5 million of series 1996, 1998, and 2000 General Obligation
Bonds and $1.685 million of series 2000 Certificates of Obligation. As a result of this refunding
the City will reduce its total debt service payments over the next 11 years by approximately
$695,665 and will obtain an economic gain (difference between the present values of debt
service payments on the old and new debt) of $551,827. The proceeds from the issuance of
bonds were used to purchase U.S. Government securities that were placed in an irrevocable
trust with an escrow agent to provide debt service payments on the bonds being refunded. As
a result, the refunded bonds are considered to be defeased, and the liability will be removed
from the business-type activities column of the City’s fiscal year 2007 financial statements.
City of College Station, Texas
59
Notes to the Financial Statements
For the Fiscal Year Ended September 30, 2006
D. Joint Venture
The Brazos Valley Solid Waste Management Agency (“BVSWMA”) was formed under a joint
solid waste management agreement between the Cities of College Station and Bryan. College
Station and Bryan agreed to cooperatively operate a joint facility for the proper disposal of solid
waste for the two cities and outside customers. Each city has 50% ownership in BVSWMA.
BVSWMA has contracted with the City of College Station to serve as landfill operator for the
facility.
BVSWMA is governed by a Policy Advisory Board ("Board") which is charged with providing
recommendations to the City Councils of College Station and Bryan regarding the joint venture.
The Board is comprised of three voting members: the Mayors of College Station and Bryan,
who alternate each year as Chair, and one City Council Member from the City that is not
serving as Chair. The City Managers of each City and a representative of Grimes County
designated by the Commissioners Court serve as non-voting or ex-officio members of the
Board. Legal oversight of BVSWMA is vested in the City Councils of the two cities. The annual
budget is prepared and adopted by the BVSWMA Board and approved by either City Council.
All contracts and expenditures in excess of $50,000 require the approval of the College Station
City Council.
The City's share of BVSWMA's change in net assets for fiscal year 2006 was $415,718.
State and federal laws and regulations require BVSWMA to place a final cover on its Rock
Prairie landfill site when it stops accepting waste and to perform certain maintenance and
monitoring functions at the site for thirty years after closure. Although closure and postclosure
care costs will be paid only near or after the date that the landfill stops accepting waste,
BVSWMA reports a portion of these closure and postclosure care costs as an operating
expense in each period based on landfill capacity used as of each balance sheet date. The
$3.5 million reported as accrued postclosure maintenance costs at September 30, 2006,
represents the cumulative amount reported to date based on the use of 75 percent of the
estimated capacity of the landfill. BVSWMA will recognize the remaining estimated cost of
closure and postclosure care of $1.1 million as the remaining estimated capacity is filled.
These amounts are based on what it would cost to perform all closure and postclosure care in
2006. BVSWMA expects to close the landfill in the year 2008. Actual cost may be higher due
to inflation, changes in technology, or changes in regulations.
City of College Station, Texas
60
Notes to the Financial Statements
For the Fiscal Year Ended September 30, 2006
The following is a summary of information from the audited financial statements of BVSWMA as
of September 30, 2006:
2006 2005
Assets:
Current Assets 9,298,770$ 9,593,720$
Capital Assets
(Net of $5,109,629 Accumulated Depreciation
at 2006 and $4,722,979 at 2005)7,438,392 5,707,912
Deferred Landfill Permits
(Net of $653,132 Accumulated Amortization
at 2006 and $507,081 at 2005)2,316,896 2,363,213
19,054,058 17,664,845
Liabilities:
Current Liabilities 344,481 417,866
Noncurrent Liabilities:
Accrued Post Closure Maintenance Costs 3,464,440 2,833,276
Total Liabilities 3,808,921 3,251,142
Net Assets
Invested In Capital Assets 7,438,392 5,707,912
Unrestricted 7,806,745 8,705,791
Total Net Assets 15,245,137$ 14,413,703$
Program Revenues 5,316,986$ 5,186,729$
Expenses 4,876,127 5,668,732
440,859 (482,003)
General Revenues 390,575 299,941
Change in Net Assets 831,434$ (182,062)$
A copy of BVSWMA's separate audited financial statements may be obtained from the City's
Fiscal Services Department.
E. Retirement Plan
The City has adopted GASB Statement No. 25, Financial Reporting for Defined Benefit Pension
Plans and Note Disclosures for Defined Contribution Plans, and GASB Statement No. 27,
Accounting for Pensions by State and Local Government Employees. These statements require
the following disclosures:
Plan Description
The City provides pension benefits for all of its full-time employees through a nontraditional,
joint contributory, hybrid defined benefit plan in the state-wide Texas Municipal Retirement
System ("TMRS"), one of 811 administered by TMRS, an agent multiple-employer public
employee retirement system.
City of College Station, Texas
61
Notes to the Financial Statements
For the Fiscal Year Ended September 30, 2006
Benefits
Benefits depend upon the sum of the employee's contributions to the plan, with interest, and the
City-financed monetary credits, with interest. At the date the plan began, the City granted
monetary credits for service rendered before the plan began of a theoretical amount at least
equal to two times what would have been contributed by the employee, with interest, prior to
establishment of the plan. Monetary credits for service since the plan began are 200 percent of
the employee's accumulated contributions. In addition, the City can grant as often as annually,
another type of monetary credit referred to as an updated service credit which is a theoretical
amount which, when added to the employee's accumulated contributions and the monetary
credits for service since the plan began, would be the total monetary credits and employee
contributions accumulated with interest if the current employee contribution rate and City
matching percent had always been in existence and if the employee's salary had always been
the average of his salary in the last three years that are one year before the effective date. At
retirement, the benefit is calculated as if the sum of the employee's accumulated contributions
with interest and the employer-financed monetary credits with interest were used to purchase
an annuity.
The plan provisions are adopted by the governing body of the City, within the options available
in the state statutes governing TMRS. Plan provisions for the City were as follows:
Deposit Rate:7%
Matching Ratio (City to Employee): 2 to 1
Members Vested After:5 years
Members can retire at age 60 and above with 5 or more years of service or with 20 years of
service regardless of age. A member is vested after 5 years. The plan provisions are adopted
by the governing body of the City, within the options available in the state statutes governing
TMRS and within the actuarial constraints also in the statutes.
Contributions
Under the state law governing TMRS, the actuary annually determines the City contribution
rate. This rate consists of the normal cost contribution rate and the prior service cost
contribution rate, both of which are calculated to be a level percent of payroll from year to year.
The normal cost contribution rate finances the currently accruing monetary credits due to the
City matching percent, which are the obligation of the City as of an employee’s retirement date,
not at the time the employee’s contributions are made. The normal cost contribution rate is the
actuarially determined percent of payroll necessary to satisfy the obligation of the City to each
employee at the time his/her retirement becomes effective. The prior service contribution rate
amortizes the unfunded (overfunded) actuarial liability (asset) over the remainder of the plan’s
25-year amortization period. The unit credit actuarial cost method is used for determining the
City contribution rate. Both the employees and the City make contributions monthly. Since the
City needs to know its contribution rate in advance for budgetary purposes, there is a one-year
delay between the actuarial valuation that is the basis for the rate and the calendar year when
the rate goes into effect. (i.e. December 31, 2005 valuation is effective for rates beginning
January 2007).
City of College Station, Texas
62
Notes to the Financial Statements
For the Fiscal Year Ended September 30, 2006
The following is a schedule of actuarial liabilities and funding progress:
Actuarial Valuation Date 12/31/2005
Actuarial Value of Assets 75,655,678$
Actuarial Accrued Liability 94,605,300$
Percentage Funded 80.0%
Unfunded (Overfunded) Actuarial Accrued Liability (UAAL) 18,949,622$
Annual Covered Payroll 31,987,028$
UAAL as a Percentage of Covered Payroll 59.2%
Net Pension Obligation (NPO) at Beginning of Period -$
Plus Annual Pension Cost:
Annual Required Contribution (ARC)4,030,369
Less Contributions Made 4,030,369
NPO at the End of the Period -$
Actuarial assumptions as of the latest actuarial valuation are as follows:
Actuarial Cost Method:Unit Credit
Amortization Method:Level Percent of Payroll
Remaining Amortization Period: 25 Years--Open Period
Asset Valuation Method: Amortized Cost (to accurately
reflect the requirements of
GASB Statement No. 25,
paragraphs 36e and 138)
Investment Rate of Return: 7%
Projected Salary Increases: None
Includes Inflation at:3.50%
Cost-of-Living Adjustments: None
Each of the 811 Municipalities have an annual, individual actuarial valuation performed. All
assumptions for the 12/31/05 valuations are contained in the 2005 TMRS Comprehensive Annual
Financial Report, a copy of which may be obtained by writing to P.O. Box 149153, Austin, Texas
78714-9153.
Trend Information
Trend information gives an indication of the progress made in accumulating sufficient assets to pay
benefits when due. Applicable historical trend information concerning this plan is presented on the
next page:
City of College Station, Texas
63
Notes to the Financial Statements
For the Fiscal Year Ended September 30, 2006
Fiscal Year Annual Required Contributions Net Pension
Ending Contribution (ARC) Made Obligation
1997 $1,299,737 $1,299,737 -
1998 $1,662,022 $1,662,022 -
1999 $1,965,749 $1,965,749 -
2000 $2,154,204 $2,154,204 -
2001 $2,272,217 $2,272,217 -
2002 $2,511,159 $2,511,159 -
2003 $2,694,930 $2,694,930 -
2004 $3,204,948 $3,204,948 -
2005 $3,814,370 $3,814,370 -
2006 $4,030,369 $4,030,369 -
Unfunded Net Assets Available
Accrued Accrued as a Percent of
Actuarial Actuarial Actuarial Actuarial Pension Benefit
Valuation Date Value of Assets Liability (AAL) Liability (UAAL) Obligation
12/31/1996 $30,332,645 $36,941,994 $6,609,349 82%
12/31/1997 $34,566,021 $42,100,099 $7,534,078 82%
12/31/1998 $38,759,223 $45,574,205 $6,814,982 85%
12/31/1999 $43,010,803 $49,987,308 $6,976,505 86%
12/31/2000 $47,880,750 $55,811,761 $7,931,011 86%
12/31/2001 $52,927,528 $61,856,550 $8,929,022 86%
12/31/2002 $57,742,291 $68,424,249 $10,681,958 84%
12/31/2003 $63,223,606 $80,476,343 $17,252,737 79%
12/31/2004 $70,336,601 $87,906,815 $17,570,214 80%
12/31/2005 $75,655,678 $94,605,300 $18,949,622 80%
Annual UAAL as a
Actuarial Covered Percentage of
Valuation Date Payroll Covered Payroll
12/31/1996 $18,001,720 37%
12/31/1997 $17,839,856 42%
12/31/1998 $19,339,128 35%
12/31/1999 $20,803,862 34%
12/31/2000 $23,651,256 34%
12/31/2001 $25,422,558 35%
12/31/2002 $27,784,120 38%
12/31/2003 $28,537,016 61%
12/31/2004 $30,978,906 57%
12/31/2005 $31,987,028 59%
City of College Station, Texas
64
Notes to the Financial Statements
For the Fiscal Year Ended September 30, 2006
Post Retirement/Employment Benefits
In addition to providing pension benefits, the City provides certain health care benefits for
retired employees as established by City Resolution No. 9-13-90-5.10, which was passed and
approved by the City Council on September 13, 1990. According to this resolution, employees
who retire while working for the City and their dependents are eligible to remain on the City’s
health plan as long as the employee makes monthly premium payments. During fiscal year
2006, fifteen former employees were covered under this arrangement. Prior to the passage of
this resolution, employees who reached retirement while working for the City were eligible to
remain on the City’s self-insured health plan and have their monthly premiums paid for by the
City. During fiscal year 2006, one retiree was covered under this plan; however, claims filed by
this retiree were not material.
The City also provides health benefits as required by the Federal Government under the
Consolidated Omnibus Budget Reconciliation Act of 1985 ("COBRA"). COBRA requires
employers that sponsor group health plans to provide continuation of group coverage to
employees and their dependents under certain circumstances where coverage would otherwise
end. Eligible participants who qualify under COBRA pay premium costs for themselves and
dependents. COBRA participants are on the same health plan and are reimbursed at the same
levels as active employees. The amount of expenditures related to COBRA claims for the year
ended September 30, 2006 was $20,234. As of September 30, 2006 the City had 1 COBRA
participant.
F. Deferred Compensation Plan
The City offers its employees a deferred compensation plan created in accordance with Internal
Revenue Code ("IRC") 457. The plan, as amended, is available to all employees and permits
them to defer a portion of their salary until future years. The plan funds are not available to
employees until termination, retirement, death, or emergency.
All amounts of compensation deferred under the plan (until paid or made available to the
employee or other beneficiary) were placed in trust for the exclusive benefit of the participants
and the beneficiaries. This action is in accordance with changes made to IRC Section 457.
Since the City is no longer the Plan Administrator or the trustee, the assets of the plan are no
longer a reportable fund in the City's basic financial statements.
City of College Station, Texas
65
Notes to the Financial Statements
For the Fiscal Year Ended September 30, 2006
G. Commitments and Contingencies
Construction Commitments
The City has active construction projects as of September 30, 2006. At year-end, the
construction commitments with contractors for specific projects were as follows:
Remaining
Project Name Spent to Date Commitment
Highway 30/60 Infrastructure Phase II 1,169,119$ 245,986$
Switch Station Control House Additions 370,500 142,900
Veterans Park & Athletic Complex 3,320,566 2,258,648
Splash/Waterplay Park 192,862 41,782
Bee Creek Playground Replacement 62,114 13,406
LS #1 Gravity Sewer & LS #2 Force Main 399,907 24,588
Bee Creek Combined Channel Imp.587,104 2,102,615
Carter Creek Sludge Processing & Odor Control Imp.515,240 2,836,860
Barron Rd., Lick Creek, Rock Prairie Wtr. Svc. Ext. Ph. 1 2,020,090 145,682
Wolf Pen Creek Amphitheater Improvements 139,203 927,796
Emergency Electric Generators & Security Imp.1,766,209 228,067
Dowling Road Pump Station Chemical Feeding Building 2,405,713 380,387
Rehabilitation of Water Wells 4 & 5 106,455 21,426
West Park Rehabilitation Project 572,673 3,015,587
Northeast Sanitary Sewer Trunkline 112,991 258,586
Fire Station #5 1,240,556 65,292
Fleet Facility Expansion 0 189,150
CSU Parking Lot Expansion 0 80,091
Nantucket Sewer Line Project 0 943,191
CSU Dispatch Operations 0 92,595
Jones Butler Road Extension Phase II 0 1,312,920
University Drive Sidewalk Improvements 0 104,799
Wellborn Road Utility Relocation Project 0 2,824,678
909 Montclair 53,401 14,024
Lions Park Basketball Pavilion 127,711 77,516
Central Park Lane Extension 108,033 43,502
Spring Creek & Brazos Transmission Line 779,937 360,146
Sparta & Carrizo Aquifer Wells 1,473,234 285,298
17,523,618$ 19,037,518$
City of College Station, Texas
66
Notes to the Financial Statements
For the Fiscal Year Ended September 30, 2006
H. Bonds Available for Sale
Authorized general obligation bonds available for future issue are as follows:
Year Unissued
Authorized Amount
Public Buildings 1984 700,000$
Street Improvements 1984 500,000
Street Improvements 2003 12,633,000
Traffic Management 2003 1,657,000
Park Improvements 2003 1,270,000
Municipal Complex Improvements 2003 3,655,000
Total 20,415,000$
I. Revenue Bond Coverage
All the net revenues of the Electric, Water, and Sewer Funds are pledged for the payment of
debt service of the revenue bonds and other indebtedness payable from those revenues. Net
revenues, as defined by the revenue bond resolutions, include substantially all of the revenues
and expenses of the above named funds other than certain interest income and expense, and
depreciation and amortization. These bond resolutions further require that the net revenues, as
defined, equal at least 1.40 times the average annual debt service on all revenue bonds and
other indebtedness payable from those revenues and 1.25 times the maximum annual debt
service on all revenue bonds and other indebtedness payable from those revenues. The
maximum annual debt service is defined as the maximum principal and interest payments to be
paid in any one year remaining in the life of the bonds, and the average annual debt service is
defined as the sum of all principal and interest payments due over the remaining life of the
bonds divided by the remaining life of the bonds. The City is in compliance with these
requirements.
City of College Station, Texas
67
68
CITY OF COLLEGE STATION, TEXAS
Schedule of Funding Progress
Texas Municipal Retirement System
Last Ten Fiscal Years
UAAL as a
Actuarial Actuarial Percentage
Actuarial Value of Accrued Unfunded Funded Covered of Covered
Valuation Assets Liability (AAL)AAL (UAAL)Ratio Payroll Payroll
Date*(a)(b)(b-a)(a/b)(c)[(b-a)/c]
12/31/1997 $30,332,645 $36,941,994 $6,609,349 82.1%$18,001,720 36.7%
12/31/1998 $34,566,021 $42,100,099 $7,534,078 82.1%$17,839,856 42.2%
12/31/1999 $38,759,223 $45,574,205 $6,814,982 85.0%$19,339,128 35.2%
12/31/2000 $43,010,803 $49,987,308 $6,976,505 86.0%$20,803,862 33.5%
12/31/2001 $47,880,750 $55,811,761 $7,931,011 85.8%$23,651,256 33.5%
12/31/2002 $52,927,528 $61,856,550 $8,929,022 85.6%$25,422,558 35.1%
12/31/2003 $57,742,291 $68,424,249 $10,681,958 84.4%$27,784,120 38.4%
12/31/2004 $63,223,606 $80,476,343 $17,252,737 78.6%$28,537,016 60.5%
12/31/2005 $70,336,601 $87,906,815 $17,570,214 80.0%$30,978,906 56.7%
12/31/2006 $75,655,678 $94,605,300 $18,949,622 80.0%$31,987,028 59.2%
*Assets are stated at cost as of December 31 of the preceding year.
69
CITY OF COLLEGE STATION, TEXAS
Schedule of Revenues, Expenditures, and Changes
in Fund Balances, Budget and Actual (Budgetary Basis)
General Fund
For the Fiscal Year Ended September 30, 2006
Original Budget Final Budget Actual
Variance
Over (Under)
Revenues
Taxes 25,489,096$ 25,489,096$ 26,076,343$ 587,247$
Licenses and Permits 1,026,100 1,026,100 945,593 (80,507)
Intergovernmental 386,785 926,648 640,176 (286,472)
Charges for Services 2,573,500 2,573,500 2,755,283 181,783
Fines, Forfeits and Penalties 3,630,000 3,630,000 3,285,907 (344,093)
Special Assessments 0 0 131,823 131,823
Investment Income 422,356 422,356 507,718 85,362
Rents and Royalties 251,000 251,000 244,864 (6,136)
Contributions 20,000 20,000 12,281 (7,719)
Reimbursed Expenditures 3,700 80,700 130,785 50,085
Other 201,000 201,000 194,843 (6,157)
Total Revenues 34,003,537 34,620,400 34,925,616 305,216
Expenditures
Current
General Government 4,021,120 4,201,562 4,013,691 (187,871)
Fiscal Services 3,283,555 3,241,853 3,043,289 (198,564)
Police 11,232,786 11,553,677 11,590,958 37,281
Fire 8,535,811 8,637,241 8,501,228 (136,013)
Planning and Development Services 2,203,667 2,219,349 1,873,847 (345,502)
Public Works 7,897,176 8,073,892 7,349,340 (724,552)
Economic and Community Development 0 0 12,720 12,720
Parks and Recreation 7,427,976 7,485,076 7,521,788 36,712
Information Services 2,689,417 2,794,177 2,595,365 (198,812)
Library 866,124 866,124 870,203 4,079
Nondepartmental
Reimbursed Administrative (6,329,398)(6,329,398)(6,035,345)294,053
Contributions 1,004,313 1,004,313 526,689 (477,624)
Other 318,633 154,118 69,920 (84,198)
Capital Outlay 875,120 1,193,113 530,065 (663,048)
Total Expenditures 44,026,300 45,095,097 42,463,758 (2,631,339)
Deficiency of Revenues Under Expenditures (10,022,763)(10,474,697)(7,538,142)2,936,555
Other Financing Sources (Uses)
Sale of Capital Assets 8,000 8,000 17,500 9,500
Transfers In 8,053,000 8,077,421 8,087,336 9,915
Transfers Out (50,556)(126,056)(92,024)34,032
Total Other Financing Sources 8,010,444 7,959,365 8,012,812 53,447
Net Change in Fund Balances (2,012,319)(2,515,332)474,670 2,990,002
Fund Balances, October 1 10,170,525 10,170,525 10,170,525 0
Fund Balances, September 30 8,158,206$ 7,655,193$ 10,645,195$ 2,990,002$
70
CITY OF COLLEGE STATION, TEXAS
Adjustments to General Fund Revenues and
Expenditures To Reconcile From
Budget Basis to GAAP Basis
For the Fiscal Year Ended September 30, 2006
Net change in fund balances - Budget Basis 474,670$
Revenues
Market Adjustment for Investments 70,248
Revenue Accrual 3,891
Other 16,035
Expenditures
Bad Debt Expense (6,100)
Payroll Accrual, net 21,247
Reverse Expense Accrual 26,000
Capitalize/Reclass Assets 169,249
Reclass Expense 32,241
Other (5,998)
Net change in fund balances - GAAP Basis 801,483$
71
72
COMBINING FINANCIAL STATEMENTS
NONMAJOR GOVERNMENTAL FUNDS
SPECIAL REVENUE FUNDS
Special revenue funds are used to account for specific revenues that are legally restricted to expenditures for particular purposes.
Community Development - to account for funds granted to the City by the Federal Department of Housing and Urban Development
for use on various community improvement projects.
Convention Center - to account for the receipt and expenditure of funds received by the City in the operation and maintenance of a
convention center. Revenues associated with this fund are derived from the hotel and motel occupancy tax and convention center
rentals.
Hotel Tax - to account for the receipt and expenditure of funds received by the City from the assessment of hotel and motel
occupancy tax. Usage of funds is restricted to the construction and maintenance of convention and civic facilities and to the
promotion of tourism and arts within the City.
Parks Escrow - to account for the receipt and expenditure of funds received by the City from residential land developers, who
dedicate land, or money in lieu of land, for use in the development of neighborhood parks in residential areas.
Wolf Pen Creek Tax Increment Financing District - to account for the receipt and expenditure of funds received by the City from the
creation of a tax increment financing district for the Wolf Pen Creek area.
CAPITAL PROJECTS FUNDS
Capital Projects Funds are used to account for the acquisition and construction of major capital improvements other than those
financed by proprietary funds and trust funds.
Business Park - to account for the cost of street, water, and sewer improvements at the College Station Business Park.
Drainage Projects - to account for the cost of drainage improvements made with funds provided by a drainage utility fee and
proceeds from the sale of general obligation bonds.
General Government Projects - to account for the cost of new building construction and building improvements made with funds
provided by proceeds from the sale of general obligation bonds.
Parks Projects - to account for the costs of new parks and improvements to existing parks made with funds provided from the sale
of general obligation bonds.
PERMANENT FUNDS
Permanent Funds are used to report resources that are legally restricted to the extent that only earnings, not principal, may
be used for purposes that support the City's programs.
Cemetery Perpetual Care Fund - to account for principal trust amounts received and related interest income for the College
Station cemetery.
73
CITY OF COLLEGE STATION, TEXAS
Combining Balance Sheet
Nonmajor Governmental Funds
As of September 30, 2006
Special Revenue
Funds
Capital Projects
Funds
Permanent
Funds Total
Assets
Equity in Cash and Cash Equivalents 5,264,195$ 10,234,853$ 666,022$ 16,165,070$
Equity in Investments 4,643,945 9,028,938 587,548 14,260,431
Receivables
Accrued Interest 30,543 60,746 4,017 95,306
Grants 394,753 0 0 394,753
Accounts 57,293 157,878 6,168 221,339
Less Allowance for Uncollectible Accounts (57,293)(17,805)(950)(76,048)
Inventories 0 0 1,642 1,642
Total Assets 10,333,436$ 19,464,610$ 1,264,447$ 31,062,493$
Liabilities and Fund Balances
Liabilities
Accounts Payable 235,228$ 815,405$ (459)$ 1,050,174$
Retainage Payable 92,714 267,478 0 360,192
Interfund Payable 200,000 0 0 200,000
Accrued Liabilities 0 244 0 244
Total Liabilities 527,942 1,083,127 (459)1,610,610
Fund Balances
Reserved
Reserved for Encumbrances 2,343,354 5,140,750 0 7,484,104
Reserved for Capital Projects 0 13,240,733 0 13,240,733
Reserved for Perpetual Care 0 0 1,264,906 1,264,906
Unreserved
Undesignated 7,462,140 0 0 7,462,140
Total Fund Balances 9,805,494 18,381,483 1,264,906 29,451,883
Total Liabilities and Fund Balances 10,333,436$ 19,464,610$ 1,264,447$ 31,062,493$
74
CITY OF COLLEGE STATION, TEXAS
Combining Balance Sheet
Nonmajor Governmental Funds - Special Revenue Funds
As of September 30, 2006
Community
Development
Convention
Center Hotel Tax Parks Escrow
Wolf Pen
Creek Tax
Increment
Financing
District Total
Assets
Equity in Cash and Cash Equivalents 397,054$ 348,897$ 2,379,415$ 778,818$ 1,360,011$ 5,264,195$
Equity in Investments 350,271 307,788 2,099,062 687,055 1,199,769 4,643,945
Receivables
Accrued Interest 0 2,125 14,502 4,702 9,214 30,543
Grants 394,753 0 0 0 0 394,753
Accounts 0 0 57,293 0 0 57,293
Less Allowance for Uncollectible Accounts 0 0 (57,293)0 0 (57,293)
Total Assets 1,142,078$ 658,810$ 4,492,979$ 1,470,575$ 2,568,994$ 10,333,436$
Liabilities and Fund Balances
Liabilities
Accounts Payable 150,330$ 0$ 2,777$ 225$ 81,896$ 235,228$
Retainage Payable 6,473 69,968 0 4,669 11,604 92,714
Interfund Payable 0 0 200,000 0 0 200,000
Total Liabilities 156,803 69,968 202,777 4,894 93,500 527,942
Fund Balances
Reserved
Reserved for Encumbrances 823,982 396,439 162,503 83,785 876,645 2,343,354
Unreserved
Undesignated 161,293 192,403 4,127,699 1,381,896 1,598,849 7,462,140
Total Fund Balances 985,275 588,842 4,290,202 1,465,681 2,475,494 9,805,494
Total Liabilities and Fund Balances 1,142,078$ 658,810$ 4,492,979$ 1,470,575$ 2,568,994$ 10,333,436$
75
CITY OF COLLEGE STATION, TEXAS
Combining Balance Sheet
Nonmajor Governmental Funds - Capital Projects Funds
For the Fiscal Year Ended September 30, 2006
Business Park
Drainage
Projects
General
Government
Projects
Parks
Projects Total
Assets
Equity in Cash and Cash Equivalents 953,263$ 3,029,650$ 4,171,200$ 2,080,740$ 10,234,853$
Equity in Investments 840,946 2,672,683 3,679,731 1,835,578 9,028,938
Receivables
Accrued Interest 5,753 18,537 24,270 12,186 60,746
Accounts 0 157,878 0 0 157,878
Less Allowance for Uncollectible Accounts 0 (17,805)0 0 (17,805)
Total Assets 1,799,962$ 5,860,943$ 7,875,201$ 3,928,504$ 19,464,610$
Liabilities and Fund Balances
Liabilities
Accounts Payable 0$ 408,171$ 28,556$ 378,678$ 815,405$
Retainage Payable 0 43,345 4,084 220,049 267,478
Accrued Liabilities 0 0 0 244 244
Total Liabilities 0 451,516 32,640 598,971 1,083,127
Fund Balances
Reserved
Reserved for Encumbrances 68,000 2,405,274 472,031 2,195,445 5,140,750
Reserved for Capital Projects 1,731,962 3,004,153 7,370,530 1,134,088 13,240,733
Total Fund Balances 1,799,962 5,409,427 7,842,561 3,329,533 18,381,483
Total Liabilities and Fund Balances 1,799,962$ 5,860,943$ 7,875,201$ 3,928,504$ 19,464,610$
76
77
CITY OF COLLEGE STATION, TEXAS
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances
Nonmajor Governmental Funds
For the Fiscal Year Ended September 30, 2006
Special Revenue
Funds
Capital Projects
Funds
Permanent
Funds Total
Revenues
Taxes 3,436,694$ 0$ 0$ 3,436,694$
Intergovernmental 2,488,922 0 0 2,488,922
Charges for Services 0 70,695 99,303 169,998
Special Assessments 0 1,159,112 0 1,159,112
Investment Income 375,252 741,557 51,948 1,168,757
Reimbursed Expenditures 0 14,500 0 14,500
Other 394,886 62,698 1,352 458,936
Total Revenues 6,695,754 2,048,562 152,603 8,896,919
Expenditures
Current
General Government 87,299 164 0 87,463
Fiscal Services 0 11,881 0 11,881
Public Works 0 12,990 0 12,990
Parks and Recreation 228 0 0 228
Community Development Block Grant 340,399 0 0 340,399
Home Grant 840,211 0 0 840,211
Reimbursed Administrative 1,058,220 1,174,611 0 2,232,831
Contributions 1,258,875 210,000 0 1,468,875
Other 85 25,691 730 26,506
Capital Outlay 1,162,201 8,389,656 0 9,551,857
Debt Issuance Cost 0 38,354 0 38,354
Total Expenditures 4,747,518 9,863,347 730 14,611,595
Excess (Deficiency) of Revenues Over (Under)
Expenditures 1,948,236 (7,814,785)151,873 (5,714,676)
Other Financing Sources (Uses)
Issuance of Debt 0 7,865,488 0 7,865,488
Transfers In 300,000 980,916 0 1,280,916
Transfers Out (1,817,912)(402,186)0 (2,220,098)
Total Other Financing Sources (Uses)(1,517,912)8,444,218 0 6,926,306
Net Change in Fund Balances 430,324 629,433 151,873 1,211,630
Fund Balances, October 1 9,375,170 17,752,050 1,113,033 28,240,253
Fund Balances, September 30 9,805,494$ 18,381,483$ 1,264,906$ 29,451,883$
78
CITY OF COLLEGE STATION, TEXAS
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances
Nonmajor Governmental Funds - Special Revenue Funds
For the Fiscal Year Ended September 30, 2006
Community
Development
Convention
Center Hotel Tax Parks Escrow
Wolf Pen
Creek Tax
Increment
Financing
District Total
Revenues
Taxes 0$ 0$ 2,671,417$ 0$ 765,277$ 3,436,694$
Intergovernmental 2,488,922 0 0 0 0 2,488,922
Investment Income 0 32,728 178,831 57,947 105,746 375,252
Other 21,823 5,237 88 367,383 355 394,886
Total Revenues 2,510,745 37,965 2,850,336 425,330 871,378 6,695,754
Expenditures
Current
General Government 0 0 87,299 0 0 87,299
Parks and Recreation 0 0 0 0 228 228
Community Development Block Grant 340,399 0 0 0 0 340,399
Home Grant 840,211 0 0 0 0 840,211
Reimbursed Administrative 623,329 25,000 409,891 0 0 1,058,220
Contributions 0 0 1,258,875 0 0 1,258,875
Other 0 0 0 85 0 85
Capital Outlay 0 304,151 0 124,965 733,085 1,162,201
Total Expenditures 1,803,939 329,151 1,756,065 125,050 733,313 4,747,518
Excess (Deficiency) of Revenues Over
(Under) Expenditures 706,806 (291,186)1,094,271 300,280 138,065 1,948,236
Other Financing Sources (Uses)
Transfers In 0 0 0 0 300,000 300,000
Transfers Out (709,460)0 0 0 (1,108,452)(1,817,912)
Total Other Financing Uses (709,460)0 0 0 (808,452)(1,517,912)
Net Change in Fund Balances (2,654)(291,186)1,094,271 300,280 (670,387)430,324
Fund Balances, October 1 987,929 880,028 3,195,931 1,165,401 3,145,881 9,375,170
Fund Balances, September 30 985,275$ 588,842$ 4,290,202$ 1,465,681$ 2,475,494$ 9,805,494$
79
CITY OF COLLEGE STATION, TEXAS
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances
Nonmajor Governmental Funds - Capital Projects Funds
For the Fiscal Year Ended September 30, 2006
Business Park
Drainage
Projects
General
Government
Projects Parks Projects Total
Revenues
Charges for Services 0$ 0$ 0$ 70,695$ 70,695$
Special Assessment 0 1,159,112 0 0 1,159,112
Investment Income 70,044 258,976 334,895 77,642 741,557
Reimbursed Expenditures 0 14,500 0 0 14,500
Other 337 509 54,471 7,381 62,698
Total Revenues 70,381 1,433,097 389,366 155,718 2,048,562
Expenditures
Current
General Government 0 164 0 0 164
Fiscal Services 0 0 4,567 7,314 11,881
Public Works 0 12,990 0 0 12,990
Reimbursed Administrative 25,000 968,915 172,823 7,873 1,174,611
Other 0 6,034 19,746 (89)25,691
Contributions 0 210,000 0 0 210,000
Capital Outlay 42,981 1,404,736 2,232,698 4,709,241 8,389,656
Debt Issuance Cost 0 0 26,015 12,339 38,354
Total Expenditures 67,981 2,602,839 2,455,849 4,736,678 9,863,347
Excess (Deficiency) of Revenues Over (Under)
Expenditures 2,400 (1,169,742)(2,066,483)(4,580,960)(7,814,785)
Other Financing Sources (Uses)
Issuance of Debt 0 0 1,624,390 6,241,098 7,865,488
Transfers In 0 0 354,528 626,388 980,916
Transfers Out 0 (49,127)(353,059)0 (402,186)
Total Other Financing Sources (Uses)0 (49,127)1,625,859 6,867,486 8,444,218
Net Change in Fund Balances 2,400 (1,218,869)(440,624)2,286,526 629,433
Fund Balances, October 1 1,797,562 6,628,296 8,283,185 1,043,007 17,752,050
Fund Balances, September 30 1,799,962$ 5,409,427$ 7,842,561$ 3,329,533$ 18,381,483$
80
81
CITY OF COLLEGE STATION, TEXAS
Debt Service Fund
Schedule of Revenues, Expenditures, and
Changes in Fund Balances
Budget and Actual (Budgetary Basis)
For the Fiscal Year Ended September 30, 2006
Original
Budget
Revised
Budget Actual
Variance
Over
(Under)
Revenues
Taxes 9,107,137$ 9,107,137$ 9,016,285$ (90,852)$
Investment Income 100,000 100,000 155,710 55,710
Accrued Bond Interest 40,895 40,895 52,369 11,474
Total Revenues 9,248,032 9,248,032 9,224,364 (23,668)
Expenditures
Debt Service
Principal Payments 7,285,000 7,285,000 7,285,000 0
Interest Payments 4,080,338 4,080,338 4,078,635 (1,703)
Debt Issuance Cost 16,000 16,000 12,028 (3,972)
Total Expenditures 11,381,338 11,381,338 11,375,663 (5,675)
Deficiency of Revenues Under Expenditures (2,133,306) (2,133,306) (2,151,299) (17,993)
Other Financing Sources
Transfers In 2,388,420 2,388,420 2,388,420 0
Total Other Financing Sources 2,388,420 2,388,420 2,388,420 0
Net Change in Fund Balances 255,114 255,114 237,121 (17,993)
Fund Balances, October 1 2,818,087 2,818,087 2,818,087 0
Fund Balances, September 30 3,073,201$ 3,073,201$ 3,055,208$ (17,993)$
82
CITY OF COLLEGE STATION, TEXAS
Adjustments to Debt Service Fund Revenues
To Reconcile From Budget Basis to GAAP Basis
Debt Service Fund
For the Fiscal Year Ended September 30, 2006
Change in Fund Balances - Budget Basis 237,121$
Revenues
Market Adjustment for Investments 17,567
Change in Fund Balances - GAAP Basis 254,688$
83
CITY OF COLLEGE STATION, TEXAS
Community Development Fund
Schedule of Revenues, Expenditures, and
Changes in Fund Balances
Budget and Actual (Budgetary Basis)
For the Fiscal Year Ended September 30, 2006
Original
Budget
Revised
Budget Actual
Variance
Over
(Under)
Revenues
Intergovernmental
Community Development Block Grant 1,986,780$ 1,986,780$ 1,480,632$ (506,148)$
Home Grant 1,313,886 1,313,886 992,255 (321,631)
Other 0 0 21,823 21,823
Total Revenues 3,300,666 3,300,666 2,494,710 (805,956)
Expenditures
Community Development Block Grant 1,986,780 1,986,780 340,046 (1,646,734)
Home Grant 1,313,886 1,313,886 840,211 (473,675)
Reimbursed Administrative 0 0 623,329 623,329
Affordable Housing 240,394 240,394 0 (240,394)
Total Expenditures 3,541,060 3,541,060 1,803,586 (1,737,474)
Excess (Deficiency) of Revenues Over (Under)
Expenditures (240,394) (240,394) 691,124 931,518
Other Financing Uses
Transfers Out 0 0 (693,425) (693,425)
Total Other Financing Uses 0 0 (693,425) (693,425)
Change in Fund Balances (240,394) (240,394) (2,301) 238,093
Fund Balances, October 1 987,929 987,929 987,929 0
Fund Balances, September 30 747,535$ 747,535$ 985,628$ 238,093$
See reconciliation to GAAP basis on page 89.
84
CITY OF COLLEGE STATION, TEXAS
Convention Center Fund
Schedule of Revenues, Expenditures, and
Changes in Fund Balances
Budget and Actual (Budgetary Basis)
For the Fiscal Year Ended September 30, 2006
Original
Budget
Revised
Budget Actual
Variance
Over
(Under)
Revenues
Investment Income 7,500$ 7,500$ 28,967$ 21,467$
Total Revenues 7,500 7,500 28,967 21,467
Expenditures
Current
Reimbursed Administrative 25,000 25,000 25,000 0
Other 10,000 10,000 0 (10,000)
Capital Outlay 1,000,000 1,000,000 297,687 (702,313)
Total Expenditures 1,035,000 1,035,000 322,687 (712,313)
Deficiency of Revenues Under Expenditures (1,027,500) (1,027,500) (293,720) 733,780
Other Financing Sources
Issuance of Debt 1,000,000 1,000,000 0 (1,000,000)
Other 0 0 5,237 5,237
Total Other Financing Sources 1,000,000 1,000,000 5,237 (994,763)
Change in Fund Balances (27,500) (27,500) (288,483) (260,983)
Fund Balances, October 1 880,028 880,028 880,028 0
Fund Balances, September 30 852,528$ 852,528$ 591,545$ (260,983)$
See reconciliation to GAAP basis on page 89.
85
CITY OF COLLEGE STATION, TEXAS
Hotel Tax Fund
Schedule of Revenues, Expenditures, and
Changes in Fund Balances
Budget and Actual (Budgetary Basis)
For the Fiscal Year Ended September 30, 2006
Original
Budget
Revised
Budget Actual
Variance
Over
(Under)
Revenues
Taxes 2,406,000$ 2,406,000$ 2,671,417$ 265,417$
Investment Income 67,000 67,000 153,432 86,432
Other 500 500 88 (412)
Total Revenues 2,473,500 2,473,500 2,824,937 351,437
Expenditures
Current
General Government 0 612,784 87,299 (525,485)
Reimbursed Administrative 421,901 421,901 409,891 (12,010)
Contributions 1,258,875 1,258,875 1,258,875 0
Other 6,200 6,200 0 (6,200)
Contingency 40,000 27,208 0 (27,208)
Total Expenditures 1,726,976 2,326,968 1,756,065 (570,903)
Excess of Revenues Over Expenditures 746,524 146,532 1,068,872 922,340
Other Financing Uses
Transfers Out (1,200,000) (600,000) 0 600,000
Total Other Financing Uses (1,200,000) (600,000) 0 600,000
Change in Fund Balances (453,476) (453,468) 1,068,872 1,522,340
Fund Balances, October 1 3,195,931 3,195,931 3,195,931 0
Fund Balances, September 30 2,742,455$ 2,742,463$ 4,264,803$ 1,522,340$
See reconciliation to GAAP basis on page 89.
86
CITY OF COLLEGE STATION, TEXAS
Parks Escrow Fund
Schedule of Revenues, Expenditures, and
Changes in Fund Balances
Budget and Actual (Budgetary Basis)
For the Fiscal Year Ended September 30, 2006
Original
Budget
Revised
Budget Actual
Variance
Over
(Under)
Revenues
Investment Income 9,000$ 9,000$ 49,628$ 40,628$
Other 0 0 367,383 367,383
Total Revenues 9,000 9,000 417,011 408,011
Expenditures
Current
Other 0 0 85 85
Capital Outlay 692,722 692,722 124,005 (568,717)
Total Expenditures 692,722 692,722 124,090 (568,632)
Change in Fund Balances (683,722) (683,722) 292,921 976,643
Fund Balances, October 1 1,165,401 1,165,401 1,165,401 0
Fund Balances, September 30 481,679$ 481,679$ 1,458,322$ 976,643$
See reconciliation to GAAP basis on page 89.
87
CITY OF COLLEGE STATION, TEXAS
Wolf Pen Creek Tax Increment Financing District Fund
Schedule of Revenues, Expenditures, and
Changes in Fund Balances
Budget and Actual (Budgetary Basis)
For the Fiscal Year Ended September 30, 2006
Original
Budget
Revised
Budget Actual
Variance
Over
(Under)
Revenues
Taxes 764,026$ 764,026$ 765,277$ 1,251$
Investment Income 40,000 40,000 91,156 51,156
Other 0 0 355 355
Total Revenues 804,026 804,026 856,788 52,762
Expenditures
Current
Parks and Recreation 0 0 228 228
Capital Outlay 2,100,000 2,100,000 720,396 (1,379,604)
Total Expenditures 2,100,000 2,100,000 720,624 (1,379,376)
Excess (Deficiency) of Revenues Over
(Under) Expenditures (1,295,974) (1,295,974) 136,164 1,432,138
Other Financing Sources (Uses)
Transfers In 300,000 300,000 300,000 0
Transfers Out (1,108,452) (1,108,452) (1,108,452) 0
Total Other Financing Uses (808,452) (808,452) (808,452) 0
Change in Fund Balances (2,104,426) (2,104,426) (672,288) 1,432,138
Fund Balances, October 1 3,145,881 3,145,881 3,145,881 0
Fund Balances, September 30 1,041,455$ 1,041,455$ 2,473,593$ 1,432,138$
See reconciliation to GAAP basis on page 89.
88
CITY OF COLLEGE STATION, TEXAS
Adjustments to Special Revenue Fund Revenues and
Expenditures to Reconcile from Budget Basis to GAAP Basis
For the Fiscal Year Ended September 30, 2006
Community
Development
Convention
Center Hotel Tax Parks Escrow
Wolf Pen
Creek Tax
Increment
Financing
District
Change in Fund Balances - Budget Basis (2,301)$ (288,483)$ 1,068,872$ 292,921$ (672,288)$
Revenues:
Market Adjustment for Investments 0 3,761 25,399 8,319 14,590
Accrue Grant Draw 16,035 - 0 0 0
Expenditures:
Grant Transfer (16,035)- 0 0 0
Accrue Expense (353)- 0 0 0
Capitalize Salaries 0 (6,464) 0 (960)(12,689)
Change in Fund Balances - GAAP Basis (2,654)$ (291,186)$ 1,094,271$ 300,280$ (670,387)$
89
CITY OF COLLEGE STATION, TEXAS
Business Park Fund
Schedule of Revenues, Expenditures, and
Changes in Fund Balances
Budget and Actual (Budgetary Basis)
For the Fiscal Year Ended September 30, 2006
Original
Budget
Revised
Budget Actual
Variance
Over
(Under)
Revenues
Investment Income 28,000$ 28,000$ 59,861$ 31,861$
Other 0 0 337 337
Total Revenues 28,000 28,000 60,198 32,198
Expenditures
Current
Reimbursed Administrative 25,000 25,000 25,000 0
Capital Outlay 1,309,000 1,309,000 41,807 (1,267,193)
Debt Issuance Cost 29,945 29,945 0 (29,945)
Total Expenditures 1,363,945 1,363,945 66,807 (1,297,138)
Deficiency of Revenues Under Expenditures (1,335,945) (1,335,945) (6,609) 1,329,336
Other Financing Sources
Issuance of Debt 2,229,000 2,229,000 0 (2,229,000)
Total Other Financing Sources 2,229,000 2,229,000 0 (2,229,000)
Change in Fund Balances 893,055 893,055 (6,609) (899,664)
Fund Balances, October 1 1,797,562 1,797,562 1,797,562 0
Fund Balances, September 30 2,690,617$ 2,690,617$ 1,790,953$ (899,664)$
See reconciliation to GAAP basis on page 95.
90
CITY OF COLLEGE STATION, TEXAS
Drainage Projects Fund
Schedule of Revenues, Expenditures, and
Changes in Fund Balances
Budget and Actual (Budgetary Basis)
For the Fiscal Year Ended September 30, 2006
Original
Budget
Revised
Budget Actual
Variance
Over
(Under)
Revenues
Special Assessment 1,137,400$ 1,137,400$ 1,153,435$ 16,035$
Investment Income 121,000 121,000 226,526 105,526
Total Revenues 1,258,400 1,258,400 1,379,961 121,561
Expenditures
Current
Fiscal Services 0 0 12,990 12,990
Reimbursed Administrative 1,140,132 1,140,132 968,915 (171,217)
Contributions 0 210,000 210,000 0
Capital Outlay 674,600 1,184,600 1,385,700 201,100
Total Expenditures 1,814,732 2,534,732 2,577,605 42,873
Deficiency of Revenues Under Expenditures (556,332) (1,276,332) (1,197,644) 78,688
Other Financing Sources (Uses)
Transfers Out (49,126) (49,126) (49,127) (1)
Other 0 0 14,845 14,845
Total Other Financing Uses (49,126) (49,126) (34,282) 14,844
Change in Fund Balances (605,458) (1,325,458) (1,231,926) 93,532
Fund Balances, October 1 6,628,296 6,628,296 6,628,296 0
Fund Balances, September 30 6,022,838$ 5,302,838$ 5,396,370$ 93,532$
See reconciliation to GAAP basis on page 95.
91
CITY OF COLLEGE STATION, TEXAS
General Government Projects Fund
Schedule of Revenues, Expenditures, and
Changes in Fund Balances
Budget and Actual (Budgetary Basis)
For the Fiscal Year Ended September 30, 2006
Original
Budget
Revised
Budget Actual
Variance
Over
(Under)
Revenues
Investment Income 96,000$ 96,000$ 290,226$ 194,226$
Other 0 0 54,471 54,471
Total Revenues 96,000 96,000 344,697 248,697
Expenditures
Current
Fiscal Services 0 0 4,567 4,567
Reimbursed Administrative 172,823 172,823 172,823 0
Other 15,000 21,000 19,746 (1,254)
Capital Outlay 2,881,676 2,957,176 2,206,199 (750,977)
Debt Issuance Cost 20,700 20,700 26,015 5,315
Total Expenditures 3,090,199 3,171,699 2,429,350 (742,349)
Deficiency of Revenues Under Expenditures (2,994,199) (3,075,699) (2,084,653) 991,046
Other Financing Sources (Uses)
Issuance of Debt 2,670,000 2,670,000 1,624,390 (1,045,610)
Transfers In 171,676 447,433 354,528 (92,905)
Transfers Out (300,000) (324,421) (353,059) (28,638)
Total Other Financing Sources 2,541,676 2,793,012 1,625,859 (1,167,153)
Change in Fund Balances (452,523) (282,687) (458,794) (176,107)
Fund Balances, October 1 8,283,185 8,283,185 8,283,185 0
Fund Balances, September 30 7,830,662$ 8,000,498$ 7,824,391$ (176,107)$
See reconciliation to GAAP basis on page 95.
92
CITY OF COLLEGE STATION, TEXAS
Parks Projects Fund
Schedule of Revenues, Expenditures, and
Changes in Fund Balances
Budget and Actual (Budgetary Basis)
For the Fiscal Year Ended September 30, 2006
Original
Budget
Revised
Budget Actual
Variance
Over
(Under)
Revenues
Charges for Services 69,700$ 69,700$ 70,695$ 995$
Investment Income 38,000 38,000 55,357 17,357
Other 0 0 7,381 7,381
Total Revenues 107,700 107,700 133,433 25,733
Expenditures
Current
Fiscal Services 0 0 7,314 7,314
Reimbursed Administrative 7,873 7,873 7,873 0
Other 0 0 (89) (89)
Capital Outlay 7,064,000 7,143,331 4,696,531 (2,446,800)
Debt Issuance Cost 70,000 70,000 12,339 (57,661)
Total Expenditures 7,141,873 7,221,204 4,723,968 (2,497,236)
Deficiency of Revenues Under Expenditures (7,034,173) (7,113,504) (4,590,535) 2,522,969
Other Financing Sources
Issuance of Debt 6,735,000 6,735,000 6,241,098 (493,902)
Transfers In 290,000 329,331 626,388 297,057
Total Other Financing Sources 7,025,000 7,064,331 6,867,486 (196,845)
Change in Fund Balances (9,173) (49,173) 2,276,951 2,326,124
Fund Balances, October 1 1,043,007 1,043,007 1,043,007 0
Fund Balances, September 30 1,033,834$ 993,834$ 3,319,958$ 2,326,124$
See reconciliation to GAAP basis on page 95.
93
CITY OF COLLEGE STATION, TEXAS
Streets Projects Fund
Schedule of Revenues, Expenditures, and
Changes in Fund Balances
Budget and Actual (Budgetary Basis)
For the Fiscal Year Ended September 30, 2006
Original
Budget
Revised
Budget Actual
Variance
Over
(Under)
Revenues
Intergovernmental 0$ 0$ 15,620$ 15,620$
Investment Income 234,000 234,000 740,982 506,982
Other 0 0 9,183 9,183
Total Revenues 234,000 234,000 765,785 531,785
Expenditures
Current
General Government 264,000 162,000 105,411 (56,589)
Fiscal Services 0 0 12,686 12,686
Reimbursed Administrative 467,250 467,250 467,250 0
Capital Outlay 4,171,552 5,948,023 1,736,010 (4,212,013)
Debt Issuance Cost 80,000 80,000 102,347 22,347
Intergovernmental 0 (175,000) 743,117 918,117
Total Expenditures 4,982,802 6,482,273 3,166,821 (3,315,452)
Deficiency of Revenues Under Expenditures (4,748,802) (6,248,273) (2,401,036) 3,847,237
Other Financing Sources
Issuance of Debt 3,777,000 4,227,000 7,834,512 3,607,512
Transfers In 0 0 91,728 91,728
Total Other Financing Sources 3,777,000 4,227,000 7,926,240 3,699,240
Change in Fund Balances (971,802) (2,021,273) 5,525,204 7,546,477
Fund Balances, October 1 18,184,996 18,184,996 18,184,996 0
Fund Balances, September 30 17,213,194$ 16,163,723$ 23,710,200$ 7,546,477$
See reconciliation to GAAP basis on page 95.
94
CITY OF COLLEGE STATION, TEXAS
Adjustments to Capital Projects Fund Revenues and
Expenditures to Reconcile from Budget Basis to GAAP Basis
For the Fiscal Year Ended September 30, 2006
Business
Park
Drainage
Projects
General
Government
Projects
Parks
Projects
Streets
Projects
Change in Fund Balances - Budget Basis (6,609)$ (1,231,926)$ (458,794)$ 2,276,951$ 5,525,204$
Revenues:
Market Adjustment for Investments 10,183 32,450 44,669 22,285 137,761
Revenue Accrual 0 5,677 0 0 0
Expenditures:
Capitalize Salaries (1,174)(19,036) (24,931)(12,710)(91,287)
Bad Debt Expense 0 (6,034) 0 0 0
Reclass Expense 0 0 (1,568) 0 220,246
Expense Accrual 0 0 0 0 72,536
Change in Fund Balances - GAAP Basis 2,400$ (1,218,869)$ (440,624)$ 2,286,526$ 5,864,460$
95
96
COMBINING FINANCIAL STATEMENTS
NONMAJOR ENTERPRISE FUNDS
Sanitation - to account for all sanitation collection and disposal activities by the City for both residential
and commercial customers.
Northgate Parking Garage - to account for revenues and expenses related to the operation and
maintenance of the Northgate parking garage and parking lot.
97
CITY OF COLLEGE STATION, TEXAS
Combining Statement of Net Assets
Nonmajor Enterprise Funds
As of September 30, 2006
Sanitation
Northgate
Parking Garage Total
Current Assets
Equity in Cash and Cash Equivalents 227,653$ 465,730$ 693,383$
Equity in Investments 200,830 410,856 611,686
Receivables
Accrued Interest 1,692 2,813 4,505
Accounts 755,904 2,919 758,823
Notes 12,522 0 12,522
Less Allowance for Uncollectible Accounts (80,054)(75)(80,129)
Inventories 10,303 0 10,303
Total Current Assets 1,128,850 882,243 2,011,093
Equity in Joint Venture 7,622,569 0 7,622,569
Property and Equipment
Buildings 0 5,743,755 5,743,755
Machinery and Equipment 1,149,026 146,044 1,295,070
Accumulated Depreciation (1,129,879)(831,328)(1,961,207)
Construction in Progress 0 4,330 4,330
Land 0 709,650 709,650
Total Property and Equipment 19,147 5,772,451 5,791,598
Total Assets 8,770,566 6,654,694 15,425,260
Liabilities
Current Liabilities
Accounts Payable 147,440 1,884 149,324
Accrued Liabilities 108,321 15,745 124,066
Other Deferred Revenues 0 92,796 92,796
Total Current Liabilities 255,761 110,425 366,186
Current Liabilities Payable from Restricted Assets
Refundable Deposits 0 8,290 8,290
Total Current Liabilities Payable from Restricted Assets 0 8,290 8,290
Noncurrent Liabilities
Accrued Vacation 35,854 3,538 39,392
Total Noncurrent Liabilities 35,854 3,538 39,392
Total Liabilities 291,615 122,253 413,868
Net Assets
Invested in Capital Assets, net of related debt 19,147 5,772,451 5,791,598
Unrestricted 8,459,804 759,990 9,219,794
Net Assets 8,478,951$ 6,532,441$ 15,011,392$
98
CITY OF COLLEGE STATION, TEXAS
Combining Statement of Revenues, Expenses, and Changes in Fund Net Assets
Nonmajor Enterprise Funds
For the Fiscal Year Ended September 30, 2006
Sanitation
Northgate
Parking Garage Total
Operating Revenues
Garbage Collection Fees 5,677,297$ 0$ 5,677,297$
Charges for Services 0 565,565 565,565
Other 56,662 0 56,662
Total Operating Revenues 5,733,959 565,565 6,299,524
Operating Expenses
Salaries and Benefits 1,578,086 243,458 1,821,544
Supplies 320,448 20,007 340,455
Maintenance 554,185 26,518 580,703
Purchased Professional Services 476,841 94,928 571,769
Purchased Property Services 1,313,170 43,242 1,356,412
Other Purchased Services 546,422 5,791 552,213
Reimbursed Administrative 554,049 25,109 579,158
Depreciation 9,855 162,540 172,395
Other 31,096 0 31,096
Total Operating Expenses 5,384,152 621,593 6,005,745
Operating Income (Loss)349,807 (56,028)293,779
Nonoperating Revenues (Expenses)
Investment Income 21,332 34,597 55,929
Reimbursed Expenses 2,655 25 2,680
Earnings in Joint Venture 415,718 0 415,718
Other, Net (37,472)4,339 (33,133)
Total Nonoperating Revenues 402,233 38,961 441,194
Income (Loss) Before Transfers 752,040 (17,067)734,973
Transfers
Transfers Out (381,500)0 (381,500)
Total Transfers (381,500)0 (381,500)
Change in Net Assets 370,540 (17,067)353,473
Beginning Net Assets 8,108,411 6,549,508 14,657,919
Ending Net Assets 8,478,951$ 6,532,441$ 15,011,392$
99
CITY OF COLLEGE STATION, TEXAS
Combining Statement of Cash Flows
Nonmajor Enterprise Funds
For the Fiscal Year Ended September 30, 2006
Northgate
Parking
Sanitation Garage Total
Cash Flows from Operating Activities:
Cash Received from Customers 5,627,174$ 610,979$ 6,238,153$
Cash Payments to Suppliers for Goods and Services (3,691,803) (219,887) (3,911,690)
Cash Payments to Employees for Services (1,571,682) (238,944) (1,810,626)
Customer Deposits Received 0 691 691
Cash Received for Reimbursed Expenses 2,655 25 2,680
Cash Received for Miscellaneous Revenues 0 4,339 4,339
Cash Paid for Miscellaneous Expenses (37,472) 0 (37,472)
Net Cash Provided by Operating Activities 328,872 157,203 486,075
Cash Flows from Noncapital Financing Activities:
Transfers Out to Other Funds (381,500) 0 (381,500)
Net Cash Used by Noncapital Financing Activities (381,500) 0 (381,500)
Cash Flows from Capital and Related Financing Activities:
Acquisition of Capital Assets 0 (42,763) (42,763)
Net Cash Used by Capital and Related Financing Activities 0 (42,763) (42,763)
Cash Flows from Investing Activities:
Purchase of Investments (616,591) (1,200,642) (1,817,233)
Proceeds from Sale and Maturities of
Investment Securities 727,596 1,282,772 2,010,368
Investment Income 21,923 36,206 58,129
Net Cash Provided by Investing Activities 132,928 118,336 251,264
Net Increase in Cash and Cash Equivalents 80,300 232,776 313,076
Cash and Cash Equivalents, Oct. 1 147,353 232,954 380,307
Cash and Cash Equivalents, Sept. 30 227,653$ 465,730$ 693,383$
Reconciliation of Operating Income (Loss) to Net Cash
Provided by Operating Activities:
Operating Income (Loss) 349,807$ (56,028)$ 293,779$
Adjustment to Reconcile Operating Income (Loss) to Net
Cash Provided by Operating Activities:
Depreciation, Bad Debt Expense, Inventory Loss 9,855 162,540 172,395
Provision for Uncollectible Accounts 5,724 (122) 5,602
Miscellaneous Nonoperating Revenues 2,655 4,364 7,019
Miscellaneous Nonoperating Expenses (37,472) 0 (37,472)
Changes in Assets and Liabilities:
Change in Accounts Receivable (106,785) 6,364 (100,421)
Change in Deferred Revenue 0 39,050 39,050
Change in Inventory (1,060) 0 (1,060)
Change in Accounts Payable 93,269 (5,715) 87,554
Change in Accrued Liabilities 8,861 4,681 13,542
Change in Refundable Deposits 0 691 691
Change in Accrued Vacation 4,018 1,378 5,396
Total Adjustments (20,935) 213,231 192,296
Net Cash Provided by Operating Activities 328,872$ 157,203$ 486,075$
100
COMBINING FINANCIAL STATEMENTS
INTERNAL SERVICE FUNDS
Communication Services - to account for the activities related to the operation and maintenance of the City’s
radio and telephone systems.
Employee Benefits - to account for self-insurance activity related to administration of the City's health benefits
plan.
Equipment Replacement - to account for the purchase of City equipment such as vehicles and large motorized
equipment, telephone and radio systems, and replacement assets for existing technological infrastructure
equipment not budgeted in other funds.
Fleet Maintenance - to account for all activities related to the management of the City’s vehicles and heavy
equipment, including preventive maintenance and vehicle repair activities.
Print/Mail Services - to account for the activities related to the City’s printing and mailing operations.
Property and Casualty - to account for insurance activity relating to all claims filed for liability cases (both injury
and property) and property losses incurred for City property.
Unemployment - to account for self-insurance activity on claims filed under unemployment compensation laws.
Utility Customer Service - to account for the billing and collection activities relating to the City’s electric, water,
and sewer utilities and residential and commercial garbage collection.
Workers' Compensation - to account for self-insurance activity relating to administration of the City's workers'
compensation plan.
101
CITY OF COLLEGE STATION, TEXAS
Internal Service Funds
Combining Statement of Net Assets
As of September 30, 2006
Communication
Services
Employee
Benefits
Equipment
Replacement
Fleet
Maintenance
Print/Mail
Services
Current Assets
Equity in Cash and Cash Equivalents 118,288$ 2,473,900$ 3,891,090$ 71,009$ 0$
Equity in Investments 104,350 2,182,414 3,432,625 62,642 0
Receivables
Accrued Interest 714 14,995 23,276 435 (440)
Accounts 0 2,584 0 0 0
Other 0 0 0 0 0
Less Allowance for Uncollectible Accounts 0 (14)0 0 0
Inventories 0 0 0 97,682 29,934
Prepaid Costs 0 0 0 0 21,967
Total Current Assets 223,352 4,673,879 7,346,991 231,768 51,461
Property and Equipment
Buildings 0 0 0 786,525 0
Machinery and Equipment 1,226,849 0 23,491,726 279,154 145,918
Accumulated Depreciation (1,109,535)0 (15,439,798)(465,473)(142,649)
Construction in Progress 0 0 856,240 0 0
Total Property and Equipment 117,314 0 8,908,168 600,206 3,269
Total Assets 340,666 4,673,879 16,255,159 831,974 54,730
Liabilities
Current Liabilities
Accounts Payable 9,695 216,974 56,646 51,912 41,965
Due to Other Funds 0 0 0 0 65,817
Claims Payable 0 209,874 0 0 0
Accrued Liabilities 13,620 0 0 26,772 7,671
Total Current Liabilities 23,315 426,848 56,646 78,684 115,453
Noncurrent Liabilities
Claims Payable 0 0 0 0 0
Accrued Vacation 12,149 0 0 45,596 14,861
Total Noncurrent Liabilities 12,149 0 0 45,596 14,861
Total Liabilities 35,464 426,848 56,646 124,280 130,314
Net Assets
Invested in Capital Assets 117,314 0 8,908,168 600,206 3,269
Unreserved 187,888 4,247,031 7,290,345 107,488 (78,853)
Total Net Assets 305,202$ 4,247,031$ 16,198,513$ 707,694$ (75,584)$
102
Property and
Casualty Unemployment
Utility Customer
Service
Workers'
Compensation Total
300,052$ 75,291$ 90,596$ 326,673$ 7,346,899$
264,699 66,420 79,922 288,184 6,481,256
1,807 454 548 1,923 43,712
29,109 0 29,092 0 60,785
0 0 13,586 0 13,586
(2,235)0 (21,376)0 (23,625)
0 0 0 0 127,616
0 0 0 0 21,967
593,432 142,165 192,368 616,780 14,072,196
0 0 0 0 786,525
0 0 1,542,925 0 26,686,572
0 0 (924,268)0 (18,081,723)
0 0 0 0 856,240
0 0 618,657 0 10,247,614
593,432 142,165 811,025 616,780 24,319,810
15,409 0 4,515 9,228 406,344
0 0 0 0 65,817
96,716 0 0 228,844 535,434
0 0 46,918 0 94,981
112,125 0 51,433 238,072 1,102,576
245,850 0 0 384,590 630,440
0 0 64,798 0 137,404
245,850 0 64,798 384,590 767,844
357,975 0 116,231 622,662 1,870,420
0 0 618,657 0 10,247,614
235,457 142,165 76,137 (5,882)12,201,776
235,457$ 142,165$ 694,794$ (5,882)$ 22,449,390$
103
CITY OF COLLEGE STATION, TEXAS
Internal Service Funds
Combining Statement of Revenues, Expenses,
and Changes in Fund Net Assets
For the Fiscal Year Ended September 30, 2006
Communication
Services
Employee
Benefits
Equipment
Replacement
Fleet
Maintenance
Print/Mail
Services
Property and
Casualty
Operating Revenues
Charges for Services 789,826$ 0$ 3,287,427$ 1,825,980$ 421,728$ 0$
Premiums 0 5,366,101 0 0 0 738,413
Other 0 35,515 0 0 0 0
Total Operating Revenues 789,826 5,401,616 3,287,427 1,825,980 421,728 738,413
Operating Expenses
Salaries and Benefits 339,441 0 0 753,831 204,755 0
Supplies 29,980 0 900 664,908 77,225 0
Maintenance 116,078 0 1,200 33,502 63,341 0
Purchased Professional Services 292 4,755 0 1,590 31 8,000
Purchased Property Services 14,160 0 0 18,351 23,384 0
Other Purchased Services 31,235 220 0 45,075 59,289 0
Claims 0 3,719,411 0 0 0 247,560
Administration Fees 0 492,653 0 0 0 25,291
Premiums 0 421,120 0 0 0 225,058
Reimbursed Administrative 111,355 54,194 0 147,980 31,623 129,869
Depreciation 20,604 0 2,681,748 27,793 6,581 0
Other 0 735 0 30,084 (1,911)3,104
Total Operating Expenses 663,145 4,693,088 2,683,848 1,723,114 464,318 638,882
Operating Income (Loss)126,681 708,528 603,579 102,866 (42,590)99,531
Nonoperating Revenues (Expenses)
Investment Income 7,649 195,596 316,149 5,080 (3,839)18,110
Reimbursed Expenses 2,384 8,287 0 1,581 3,160 60,754
Other, Net 0 1,980 137,747 0 1,713 0
Total Nonoperating Revenues 10,033 205,863 453,896 6,661 1,034 78,864
Income (Loss) Before Transfers 136,714 914,391 1,057,475 109,527 (41,556)178,395
Transfers
Transfers In 0 0 59,540 0 16,939 0
Transfers Out 0 0 (718,799)0 0 0
Total Transfers 0 0 (659,259)0 16,939 0
Change in Net Assets 136,714 914,391 398,216 109,527 (24,617)178,395
Beginning Net Assets 168,488 3,332,640 15,800,297 598,167 (50,967)57,062
Ending Net Assets 305,202$ 4,247,031$ 16,198,513$ 707,694$ (75,584)$ 235,457$
104
Unemployment
Utility Customer
Service
Workers'
Compensation Total
0$ 2,180,001$ 0$ 8,504,962$
27,090 0 753,025 6,884,629
0 203,949 2,865 242,329
27,090 2,383,950 755,890 15,631,920
0 1,256,681 0 2,554,708
0 78,027 1,345 852,385
0 54,096 0 268,217
0 60,175 19,820 94,663
0 37,358 0 93,253
0 472,493 587 608,899
11,757 0 161,788 4,140,516
0 0 50,000 567,944
0 0 116,362 762,540
0 442,737 129,869 1,047,627
0 58,387 0 2,795,113
0 10,692 0 42,704
11,757 2,470,646 479,771 13,828,569
15,333 (86,696)276,119 1,803,351
6,028 8,105 19,964 572,842
0 1,426 0 77,592
0 (253)293,412 434,599
6,028 9,278 313,376 1,085,033
21,361 (77,418)589,495 2,888,384
0 0 0 76,479
0 (5,196)0 (723,995)
0 (5,196)0 (647,516)
21,361 (82,614)589,495 2,240,868
120,804 777,408 (595,377)20,208,522
142,165$ 694,794$ (5,882)$ 22,449,390$
105
CITY OF COLLEGE STATION, TEXAS
Internal Service Funds
Combining Statement of Cash Flows
For the Fiscal Year Ended September 30, 2006
Communication Employee Equipment Fleet Print/Mail
Services Benefits Replacement Maintenance Services
Cash Flows from Operating Activities:
Cash Received from Customers 789,826$ 5,406,346$ 3,287,427$ 1,825,980$ 421,728$
Cash Payments to Suppliers for Goods and Services (297,381) (4,850,677) 29,474 (1,025,673) (238,130)
Cash Payments to Employees for Services (333,202) 0 0 (732,296) (201,988)
Cash Received for Reimbursed Expenses 2,381 8,287 0 1,581 3,160
Cash Received for Miscellaneous Revenues 0 1,981 0 0 1,713
Cash Received from Other Funds 0 0 0 0 436
Cash Paid for Miscellaneous Expenses 0 0 0 0 0
Net Cash Provided (Used) by Operating Activities 161,624 565,937 3,316,901 69,592 (13,081)
Cash Flows from Noncapital Financing Activities:
Transfers In from Other Funds 0 0 53,294 0 16,939
Transfers Out to Other Funds 0 0 (718,799) 0 0
Net Cash Provided (Used) by Noncapital Financing Activities 0 0 (665,505) 0 16,939
Cash Flows from Capital and Related Financing Activities:
Acquisition of Capital Assets (18,905) 0 (3,376,077) (39,950) 0
Proceeds from Sale of Assets 0 0 194,551 0 0
Net Cash Used by Capital and Related Financing Activities (18,905) 0 (3,181,526) (39,950) 0
Cash Flows from Investing Activities:
Purchase of Investments (273,154) (6,387,593) (10,446,316) (179,759) 0
Proceeds from Sale and Maturities of
Investment Securities 218,194 6,847,565 12,122,803 184,411 0
Investment Income 7,190 199,365 330,488 4,916 (3,858)
Net Cash Provided (Used) by Investing Activities (47,770) 659,337 2,006,975 9,568 (3,858)
Net Increase in Cash and Cash Equivalents 94,949 1,225,274 1,476,845 39,210 0
Cash and Cash Equivalents, Oct. 1 23,339 1,248,626 2,414,245 31,799 0
Cash and Cash Equivalents, Sept. 30 118,288$ 2,473,900$ 3,891,090$ 71,009$ $ 0
Reconciliation of Operating Income (Loss) to Net Cash
Provided (Used) by Operating Activities:
Operating Income (Loss) 126,681$ 708,528$ 603,579$ 102,866$ (42,590)$
Adjustment to Reconcile Operating Income (Loss) to Net
Cash Provided (Used) by Operating Activities:
Depreciation 20,604 0 2,681,748 27,793 6,581
Miscellaneous Nonoperating Revenues 2,381 10,268 0 1,581 4,873
Miscellaneous Nonoperating Expenses 0 0 0 0 0
Change in Assets and Liabilities:
Change in Accounts Receivable 0 2,750 0 0 0
Change in Inventories 0 0 0 15,877 (1,587)
Change in Prepaid Costs 0 0 0 0 (10,970)
Change in Accounts Payable 5,719 107,103 31,574 (90,060) 27,409
Change in Due to Other Funds 0 0 0 0 436
Change in Claims Payable 0 (262,712) 0 0 0
Change in Accrued Liabilities 2,119 0 0 2,040 (108)
Change in Accrued Vacation 4,120 0 0 9,495 2,875
Total Adjustments 34,943 (142,591) 2,713,322 (33,274) 29,509
Net Cash Provided (Used) by Operating Activities 161,624$ 565,937$ 3,316,901$ 69,592$ (13,081)$
106
Property and Utility Customer Workers'
Casualty Unemployment Service Compensation Total
739,377$ 27,090$ 2,381,236$ 755,890$ 15,634,900$
(568,936) (11,757) (1,158,448) (763,955) (8,885,483)
0 0 (1,241,233) 0 (2,508,719)
60,754 0 1,426 0 77,589
0 0 0 293,412 297,106
0 0 0 0 436
0 0 (3,118) 0 (3,118)
231,195 15,333 (20,137) 285,347 4,612,711
0 0 0 0 70,233
0 0 (5,196) 0 (723,995)
0 0 (5,196) 0 (653,762)
0 0 0 0 (3,434,932)
0 0 0 0 194,551
0 0 0 0 (3,240,381)
(730,307) (194,919) (246,727) (785,477) (19,244,252)
680,127 210,152 294,121 707,894 21,265,267
17,669 6,141 8,373 19,392 589,676
(32,511) 21,374 55,767 (58,191) 2,610,691
198,684 36,707 30,434 227,156 3,329,259
101,368 38,584 60,162 99,517 4,017,640
300,052$ 75,291$ 90,596$ 326,673$ 7,346,899$
99,531$ 15,333$ (86,696)$ 276,119$ 1,803,351$
0 0 58,387 0 2,795,113
60,754 0 1,426 293,412 374,695
0 0 (3,118) 0 (3,118)
(814) 0 40 0 1,976
0 0 0 0 14,290
0 0 0 0 (10,970)
8,928 0 (5,624) 9,228 94,277
0 0 0 0 436
62,796 0 0 (293,412) (493,328)
0 0 7,518 0 11,569
0 0 7,930 0 24,420
131,664 0 66,559 9,228 2,809,360
231,195$ 15,333$ (20,137)$ 285,347$ 4,612,711$
107
108
109
CAPITAL ASSETS USED IN THE OPERATION
OF GOVERNMENTAL FUNDS
110
Governmental funds capital assets:
Buildings and Building Improvements 19,619,486$
Improvements 21,553,113
Machinery and Equipment 5,617,968
Infrastructure 164,452,064
Construction in Progress 19,044,324
Land 27,693,130
257,980,085$
Investments in governmental funds capital assets by source:
Capital Projects 161,213,972$
General Fund Revenues 6,393,445
Special Revenue Funds 11,337,170
Contributions 79,035,498
257,980,085$
This schedule presents only the capital asset balances related to governmental funds.
Accordingly, the capital assets reported in internal service funds are excluded from the above
amounts. Generally, the capital assets of internal service funds are included as governmental
activities in the statement of net assets.
CITY OF COLLEGE STATION, TEXAS
Capital Assets Used in the Operation of Governmental Funds
Schedule by Source
As of September 30, 2006
111
Improvements Machine/Tool
Function and Activity Total Buildings Other than Bldg Equipment Infrastructure Land
Planning and Development Services:
Development Services Administration 38,499$ 15,500$ -$ 22,999$ -$ -$
Inspection - - - - - -
38,499 15,500 - 22,999 - -
Fire:
Emergency Management 9,818 - - 9,818 - -
Emergency Medical Services 312,952 - - 312,952 - -
Fire Administration 310,024 - - 310,024 - -
Fire Prevention - - - - - -
Fire Suppression 259,175 - - 259,175 - -
891,969 - - 891,969 - -
Fiscal Services:
Accounting - - - - - -
Budget/Research - - - - - -
Fiscal Administration - - - - - -
Municipal Court 79,991 - - 79,991 - -
Purchasing - - - - - -
Risk Management - - - - - -
79,991 - - 79,991 - -
General Government:
Community Development 20,840 - - - - 20,840
City Manager 79,322 - - 79,322 - -
City Programs 1,437,504 - - - - 1,437,504
City Secretary - - - - - -
Economic Development 14,470 - - - - 14,470
Human Resources - - - - - -
Legal - - - - - -
Capital Projects 23,762,484 - 181,736 1,962,524 607,061 21,011,163
Public Communications 179,343 - - 179,343 - -
25,493,963 - 181,736 2,221,189 607,061 22,483,977
Information Services:
Geographic Information Systems 32,292 - - 32,292 - -
Library Services 276,969 - - 236,969 - 40,000
Management Information Systems 1,021,443 - - 1,021,443 - -
IS Administration 155,994 - - 155,994 - -
1,486,698 - - 1,446,698 - 40,000
Police:
Criminal Investigation 36,620 - - 36,620 - -
Communications/Jail - - - - - -
Police Administration 324,006 - - 324,006 - -
Professional Standards - - - - - -
Quartermaster 16,849 - - 16,849 - -
Special Services 42,912 - - 42,912 - -
Technical Services - - - - - -
Uniform Patrol 51,838 - - 51,838 - -
472,225 - - 472,225 - -
CITY OF COLLEGE STATION, TEXAS
Capital Assets Used in the Operation of Governmental Funds
Schedule by Function and Activity
As of September 30, 2006
112
Improvements Machine/Tool
Function and Activity Total Buildings Other than Bldg Equipment Infrastructure Land
CITY OF COLLEGE STATION, TEXAS
Capital Assets Used in the Operation of Governmental Funds
Schedule by Function and Activity
As of September 30, 2006
Parks and Recreation:
Forestry 24,025 - 13,735 10,290 - -
Parks Administration 207,050 - 207,050 - - -
Parks Maintenance/Operations 278,632 - 149,571 129,061 - -
Capital Projects 19,867,669 898,445 18,218,276 - - 750,948
Recreation 5,199 - - 5,199 - -
Special Facilities 22,619 - 10,619 12,000 - -
20,405,194 898,445 18,599,251 156,550 - 750,948
Public Works:
Drainage Maintenance 14,993 - - 14,993 - -
Engineering 17,987 - - 17,987 - -
Facilities Maintenance 117,858 70,238 - 14,720 - 32,900
Public Works Administration 20,517 - - 20,517 - -
Capital Projects 50,032,606 - 1,430,035 - 47,198,334 1,404,237
Streets Maintenance 204,588 - - 204,588 - -
Traffic Signs/Markings 5,689 - - 5,689 - -
Traffic Signals 47,854 1 - 47,853 - -
50,462,092 70,239 1,430,035 326,347 47,198,334 1,437,137
Other:
Non-departmental 139,605,130 18,635,302 1,342,091 - 116,646,669 2,981,068
139,605,130 18,635,302 1,342,091 - 116,646,669 2,981,068
Construction in Progress 19,044,324 2,585,876 4,730,037 525,824 11,202,587 -
19,044,324 2,585,876 4,730,037 525,824 11,202,587 -
Total Governmental Funds Capital Assets 257,980,085$ 22,205,362$ 26,283,150$ 6,143,792$ 175,654,651$ 27,693,130$
This schedule presents only the capital asset balances related to governmental funds.
Accordingly, the capital assets reported in internal service funds are excluded from the above
amounts. Generally, the capital assets of internal service funds are included as governmental
activities in the statement of net assets.
113
Governmental Funds Governmental Funds
Capital Assets Capital Assets
Function and Activity 9/30/05 Additions Retirements Transfers/Other 9/30/06
Planning and Development Services:
Development Services Administration 24,029$ 14,470$ -$ -$ 38,499$
Inspection - - - - -
24,029 14,470 - - 38,499
Fire:
Emergency Management - 9,818 - - 9,818
Emergency Medical Services 312,951 - - - 312,951
Fire Administration 188,745 121,280 - - 310,025
Fire Prevention - - - - -
Fire Suppression 259,175 - - - 259,175
760,871 131,098 - - 891,969
Fiscal Services:
Accounting - - - - -
Budget/Research - - - - -
Fiscal Administration - - - - -
Municipal Court 79,991 - - - 79,991
Purchasing - - - - -
Risk Management - - - - -
79,991 - - - 79,991
General Government:
Community Development 20,840 - - - 20,840
City Manager 79,322 - - - 79,322
City Programs 1,437,504 - - - 1,437,504
City Secretary - - - - -
Economic Development 14,470 - - - 14,470
Human Resources - - - - -
Legal - - - - -
Capital Projects 20,642,209 3,120,275 - - 23,762,484
Public Communications 123,426 55,917 - - 179,343
22,317,771 3,176,192 - - 25,493,963
Information Services:
Geographic Information Systems 32,292 - - - 32,292
Library Services 236,970 40,000 - - 276,970
Management Information Systems 938,654 82,788 - - 1,021,442
IS Administration 155,994 - - - 155,994
1,363,910 122,788 - - 1,486,698
Police:
Criminal Investigation 36,620 - - - 36,620
Communications/Jail - - - - -
Police Administration 323,662 344 - - 324,006
Professional Standards - - - - -
Quartermaster - 16,849 - - 16,849
Special Services - 42,912 - - 42,912
Technical Services - - - - -
Uniform Patrol 23,440 28,398 - - 51,838
383,722 88,503 - - 472,225
CITY OF COLLEGE STATION, TEXAS
Capital Assets Used in the Operation of Governmental Funds
Schedule of Changes by Function and Activity
As of September 30, 2006
114
Governmental Funds Governmental Funds
Capital Assets Capital Assets
Function and Activity 9/30/05 Additions Retirements Transfers/Other 9/30/06
CITY OF COLLEGE STATION, TEXAS
Capital Assets Used in the Operation of Governmental Funds
Schedule of Changes by Function and Activity
As of September 30, 2006
Parks and Recreation:
Forestry 24,025 - - - 24,025
Parks Administration 207,050 - - - 207,050
Parks Maintenance/Operations 195,517 83,115 - - 278,632
Capital Projects 16,152,914 3,714,754 - - 19,867,668
Recreation - 5,200 - - 5,200
Special Facilities 22,619 - - - 22,619
16,602,125 3,803,069 - - 20,405,194
Public Works:
Drainage Maintenance - 14,993 - - 14,993
Engineering 9,387 8,600 - - 17,987
Facilities Maintenance 19,975 97,883 - - 117,858
Public Works Administration 20,517 - - - 20,517
Capital Projects 45,524,156 4,508,450 - - 50,032,606
Streets Maintenance 178,408 26,180 - - 204,588
Traffic Signs/Markings - 5,689 - - 5,689
Traffic Signals 47,854 - - - 47,854
45,800,297 4,661,795 - - 50,462,092
Other:
Non-departmental 132,267,657 7,337,473 - - 139,605,130
132,267,657 7,337,473 - - 139,605,130
Construction in Progress 19,277,213 11,258,400 (11,491,289) - 19,044,324
19,277,213 11,258,400 (11,491,289) - 19,044,324
Total Governmental Funds Capital Assets 238,877,586$ 30,593,788$ (11,491,289)$ -$ 257,980,085$
This schedule presents only the capital asset balances related to governmental funds.
Accordingly, the capital assets reported in internal service funds are excluded from the above
amounts. Generally, the capital assets of internal service funds are included as governmental
activities in the statement of net assets.
115
116
2003 2004 2005 2006
Governmental activities
Invested in capital assets, net of related debt 86,587,535$ 100,066,963$ 106,460,949$ 108,287,795$
Restricted 12,031,989 4,289,623 4,289,531 4,564,184
Unrestricted 28,076,989 25,962,837 27,897,090 39,602,065
Total governmental activities net assets 126,696,513$ 130,319,423$ 138,647,570$ 152,454,044$
Business-type activities
Invested in capital assets, net of related debt 109,857,913$ 130,810,275$ 132,001,489$ 142,778,246$
Restricted 2,466,731 2,651,325 2,797,735 2,920,980
Unrestricted 31,766,395 29,665,429 30,830,640 32,980,043
Total business-type activities net assets 144,091,039$ 163,127,029$ 165,629,864$ 178,679,269$
Primary government
Invested in capital assets, net of related debt 196,445,448$ 230,877,238$ 238,462,438$ 251,066,041$
Restricted 14,498,720 6,940,948 7,087,266 7,485,164
Unrestricted 59,843,384 55,628,266 58,727,730 72,582,108
Total primary government net assets 270,787,552$ 293,446,452$ 304,277,434$ 331,133,313$
Source: City of College Station
Note: The City began to report accrual information when it implemented GASB Statement 34 in fiscal year 2003
CITY OF COLLEGE STATION, TEXAS
Fiscal Year
NET ASSETS BY COMPONENT
LAST FOUR FISCAL YEARS
(accrual basis of accounting)
117
2003 2004 2005 2006
Expenses
Governmental activities:
General government 7,857,618$ 7,536,427$ 6,457,556$ 7,755,725$
Fiscal services 1,834,859 1,953,189 2,467,187 2,452,442
Police 9,374,251 9,654,447 10,666,318 11,214,413
Fire 7,102,089 7,189,495 7,853,876 8,280,257
Planning and development services 1,651,761 1,586,114 1,580,317 1,449,327
Public works 5,242,162 5,004,976 5,401,568 6,227,707
Parks and recreation 6,361,728 6,154,862 6,549,466 7,353,984
Information services 2,919,155 2,652,957 2,881,863 3,087,596
Interest on long-term debt 3,643,268 3,448,533 3,895,520 4,116,871
Unallocated depreciation 2,543,780 2,690,998 5,430,745 5,759,049
Total governmental activities expense 48,530,671 47,871,998 53,184,416 57,697,371
Business-type activities:
Electric 43,299,695 41,120,750 47,815,339 51,250,110
Water 6,283,025 6,542,184 7,908,695 7,770,081
Sewer 7,347,315 7,214,296 7,262,208 7,973,677
Sanitation 4,419,352 4,848,591 4,931,079 5,421,624
Cedar Creek Condominiums 0 61,150 0 0
Northgate parking 461,394 550,544 591,944 621,593
Total business-type activities expense 61,810,781 60,337,515 68,509,265 73,037,085
Total primary government expense 110,341,452$ 108,209,513$ 121,693,681$ 130,734,456$
Program Revenues
Governmental activities:
Charges for services:
Fines, forfeits and penalties 3,215,162$ 3,563,970$ 4,008,637$ 3,798,807$
Licenses and permits 1,104,793 1,215,924 1,043,672 1,091,848
Publice works 1,237,447 1,784,694 1,110,686 1,290,935
Parks and recreation 1,399,390 1,346,580 1,044,134 1,244,476
Other activities 1,480,889 1,614,408 2,002,338 2,656,136
Operating grants and contributions 1,891,808 3,208,957 2,629,494 3,144,254
Capital grants and contributions 6,399,178 5,266,837 4,489,883 7,477,874
Total governmental activities program revenues 16,728,667 18,001,370 16,328,844 20,704,330
Business-type activities:
Charges for services:
Electric sales 46,592,459 47,431,497 51,467,169 60,217,421
Water sales 8,861,195 8,319,779 9,519,714 10,852,660
Sewer service 9,159,142 9,334,778 9,697,314 10,363,603
Garbage collection fees 5,986,207 4,829,150 5,151,204 6,419,446
Parking garage fees 545,566 603,465 480,627 576,892
Other activities 4,341 0 0 0
Operating grants and contributions 50,700 0 0 0
Capital grants and contributions 3,887,629 5,179,221 1,937,320 4,677,465
Total business-type activities program revenues 75,087,239 75,697,890 78,253,348 93,107,487
Total primary government program revenues 91,815,906$ 93,699,260$ 94,582,192$ 113,811,817$
Fiscal Year
CITY OF COLLEGE STATION, TEXAS
CHANGES IN NET ASSETS
LAST FOUR FISCAL YEARS
(accrual basis of accounting)
118
2003 2004 2005 2006
Net (Expense)/Revenue
Governmental activities (31,802,004)$ (29,870,628)$ (36,855,572)$ (36,993,041)$
Business-type activities 13,276,458 15,360,375 9,744,083 20,070,402
Total primary government net expense (18,525,546)$ (14,510,253)$ (27,111,489)$ (16,922,639)$
General Revenues and Other Changes in Net Assets
Governmental activities:
Taxes
Property taxes 13,441,000$ 14,668,641$ 15,888,475$ 16,646,519$
Sales and mixed beverage taxes 14,027,489 15,238,995 15,705,090 17,082,936
Franchise taxes 1,688,947 1,974,587 1,718,491 2,132,341
Hotel taxes 2,120,015 2,191,429 2,306,928 2,671,417
Unrestricted investment earnings 1,739,929 1,224,546 1,487,926 3,415,849
Gain (Loss) on sale of capital assets 19,563 4,386 (111,916) 0
Correction to value of capital assets 7,795,715 0 0 0
Adjustment to claims payable 0 (904,263) 0 0
Transfers 6,856,352 (904,783) 8,188,725 8,850,453
Total governmental activities 47,689,010 33,493,538 45,183,719 50,799,515
Business-type activities:
Unrestricted investment earnings 1,126,900 662,359 947,477 1,829,456
Correction to value of capital assets 0 2,108,473 0 0
Transfers (6,856,352) 904,783 (8,188,725) (8,850,453)
Total business-type activities (5,729,452) 3,675,615 (7,241,248) (7,020,997)
Total primary government 41,959,558$ 37,169,153$ 37,942,471$ 43,778,518$
Change in net assets
Governmental activities 15,887,006$ 3,622,910$ 8,328,147$ 13,806,474$
Business-type activities 7,547,006 19,035,990 2,502,835 13,049,405
Total primary government 23,434,012$ 22,658,900$ 10,830,982$ 26,855,879$
Source: City of College Station
Notes: The City began to report accrual information when it implemented GASB Statement 34 in fiscal year 2003.
Correction to value of capital assets in fiscal years 2003 and 2004 are prior period adjustments.
Adjustment to claims payable in fiscal year 2004 is a prior period adjustment.
Fiscal Year
CITY OF COLLEGE STATION, TEXAS
CHANGES IN NET ASSETS - Continued
LAST FOUR FISCAL YEARS
(accrual basis of accounting)
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City of College Station
1101 Texas Avenue
College Station, Texas 77842
www.cstx.gov