City of Missouri City, Texas
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City of Missouri City, Texas COMPREHENSIVE ANNUAL FINANCIAL REPORT For the Fiscal Year Ended June 30, 2007 Frank Simpson, City Manager Prepared by: City of Missouri City Finance Department Wes Vela, Director of Finance Michael Higgins, Assistant Director of Finance Cynthia Conley, Budget and Financial Reporting Manager City of Missouri City, Texas COMPREHENSIVE ANNUAL FINANCIAL REPORT Year Ended June 30, 2007 TABLE OF CONTENTS Exhibit Page INTRODUCTORY SECTION Letter of Transmittal i-vii GFOA Certificate of Achievement viii Organizational Chart ix List of Principal Officials x-xii FINANCIAL SECTION Independent Auditors’ Report 5 Management’s Discussion and Analysis 9-18 Basic Financial Statements: Government-Wide Financial Statements: Statement of Net Assets A-1 21 Statement of Activities A-2 22-23 Fund Financial Statements: Balance Sheet - Governmental Funds A-3 24-25 Statement of Revenues, Expenditures, and Changes in Fund Balances - Governmental Funds A-4 26-27 Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balance of Governmental Funds to the Statement of Activities A-5 29 Statement of Net Assets - Proprietary Funds A-6 30-31 Statement of Revenues, Expenses and Changes in Fund Net Assets - Proprietary Funds A-7 32-33 Statement of Cash Flows - Proprietary Funds A-8 34-35 Statement of Fiduciary Net Assets A-9 37 Notes to the Financial Statements A-10 40-70 Required Supplementary Information: General Fund - Schedule of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual (Non-GAAP Budgetary Basis) B-1 72 Tax Increment Reinvestment Zone #1 Fund - Schedule of Revenues, Expenditures and Changes is Fund Balance - Budget and Actual B-2 73 Notes to Required Supplementary Information B-3 74 Texas Municipal Retirement System - Schedule of Funding Progress B-4 75 Combining and Individual Fund Statements and Schedules: Combining Balance Sheet - Nonmajor Governmental Funds C-1 81 Combining Statement of Revenues, Expenditures and Changes in Fund Balances – Nonmajor Governmental Funds C-2 83 Combining Balance Sheet – Nonmajor Special Revenue Funds C-3 84-85 Combining Statement of Revenues, Expenditures and Changes in Fund Balances – Nonmajor Special Revenue Funds C-4 86-87 Combining Balance Sheet – Nonmajor Capital Project Funds C-5 88 Combining Statement of Revenues, Expenditures and Changes in Fund Balances – Nonmajor Capital Project Funds C-6 89 City of Missouri City, Texas COMPREHENSIVE ANNUAL FINANCIAL REPORT Year Ended June 30, 2007 TABLE OF CONTENTS Exhibit Page General Fund – Schedule of Revenues – Budget and Actual C-7 91-93 General Fund – Schedule of Expenditures – Budget and Actual (Non- GAAP Budgetary Basis) C-8 94-99 Park Land Dedication Fund – Schedule of Revenues, Expenditures and Changes is Fund Balance – Budget and Actual (Non-GAAP Budgetary Basis) C-9 100 Law Enforcement Fund – Schedule of Revenues, Expenditures and Changes is Fund Balance – Budget and Actual (Non-GAAP Budgetary Basis) C-10 101 Radio Communications Fund – Schedule of Revenues, Expenditures and Changes is Fund Balance – Budget and Actual (Non-GAAP Budgetary Basis) C-11 102 Court Security Fee Fund – Schedule of Revenues, Expenditures and Changes is Fund Balance – Budget and Actual (Non-GAAP Budgetary Basis) C-12 103 Court Technology Fee Fund – Schedule of Revenues, Expenditures and Changes is Fund Balance – Budget and Actual (Non-GAAP Budgetary Basis) C-13 104 Community Development Block Grant Fund – Schedule of Revenues, Expenditures and Changes is Fund Balance – Budget and Actual (Non-GAAP Budgetary Basis) C-14 105 Regional Wastewater Operating Fund – Schedule of Revenues, Expenditures and Changes is Fund Balance – Budget and Actual C-15 106 Hightower Liftstation Fund – Schedule of Revenues, Expenditures and Changes is Fund Balance – Budget and Actual C-16 107 Northeast Oyster Creek Service Area Fund – Schedule of Revenues, Expenditures and Changes is Fund Balance – Budget and Actual C-17 108 Mustang Bayou Service Area Fund - Schedule of Revenues, Expenditures and Changes is Fund Balance - Budget and Actual C-18 109 Development Authority Fund - Schedule of Revenues, Expenditures and Changes is Fund Balance - Budget and Actual C-19 110 Tax Increment Reinvestment Zone #2 Fund - Schedule of Revenues, Expenditures and Changes is Fund Balance - Budget and Actual (Non-GAAP Budgetary Basis) C-20 111 Public Improvement District #2 Fund - Schedule of Revenues, Expenditures and Changes is Fund Balance - Budget and Actual C-21 112 Public Improvement District #3 Fund - Schedule of Revenues, Expenditures and Changes is Fund Balance - Budget and Actual C-22 113 Debt Service Fund – Comparative Balance Sheets C-23 114 Debt Service Fund – Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual (Non-GAAP Budgetary Basis) C-24 115 Combining Statement of Net Assets - Internal Service Funds C-25 116-117 Combining Statement of Revenues, Expenses, and Changes in Fund Net Assets – Internal Service Funds C-26 118-119 City of Missouri City, Texas COMPREHENSIVE ANNUAL FINANCIAL REPORT Year Ended June 30, 2007 TABLE OF CONTENTS Exhibit Page Combining Statement of Cash Flows - Internal Service Funds C-27 120-121 Combining Statement of Changes in Assets and Liabilities – Agency Funds C-28 122 STATISTICAL SECTION Net Assets by Component 1 125 Changes in Net Assets 2 126-127 Governmental Activities Tax Revenues by Source 3 128 Fund Balances of Governmental Funds 4 129 Changes in Fund Balances of Governmental Funds 5 130 General Governmental Tax Revenues by Source 6 131 Assessed Value and Estimated Actual Value of Taxable Property 7 133 Property Tax Rates - Direct and Overlapping Governments 8 134-135 Principal Property Taxpayers 9 136 Property Tax Levies and Collections 10 137 Ratios of Outstanding Debt by Type 11 138 Ratios of General Bonded Debt Outstanding 12 139 Direct and Overlapping Governmental Activities Debt 13 140 Legal Debt Margin Information 14 141 Demographic and Economic Statistics 15 142 Principal Employers 16 143 Full-time Equivalent City Governmental Employees by Function 17 144 Operating Indicators by Function 18 145 Capital Assets Statistics by Function 19 146 (This Page Intentionally Left Blank) 1522 TEXAS PARKWAY MISSOURI CITY, TEXAS 77489 Phone: 281 403 8500 Fax: 281 261 4317 November 5, 2007 To the Honorable Mayor, Members of the City Council and Citizens of the City of Missouri City, Texas We are pleased to submit to you the Comprehensive Annual Financial Report of the City of Missouri City, Texas for the fiscal year ended June 30, 2007. This report is published to provide the City Council, City staff, our Citizens, our bondholders and other interested parties with detailed information concerning the financial condition and activities of the City. Responsibility for both the accuracy of the presented data and the completeness and fairness of the presentation including all disclosure rests with the City. We believe the data, as presented, is accurate in all material respects and that it is presented in a manner designed to fairly set forth the financial position and results of operations of the City as measured by the financial activity of its government-wide financial statements and its various funds; and that all disclosures necessary to enable the reader to gain the maximum understanding of the City’s financial activity have been included. Sandersen, Knox & Belt, L.L.P., Certified Public Accountants, have issued an unqualified (“clean”) opinion on the City of Missouri City’s financial statements for the year ended June 30, 2007. The independent auditor’s report is located in the front of the financial section of this report. Management’s discussion and analysis (MD&A) immediately follows the independent auditor’s report and provides a narrative introduction, overview, and analysis of the basic financial statements. MD&A complement this letter of transmittal and should be read in conjunction with it. CITY PROFILE Form of Government The City of Missouri City, incorporated in 1956 and, operating under the “Home Rule Charter” adopted in 1974, has a Council-Manager form of government with six Council members and a Mayor serving staggered two-year terms. The City Council enacts local laws, determines policies and adopts the annual budget. The City Manager is appointed by the City Council and is responsible for the daily management of the City. The City council appoints many residents who volunteer their expertise and time to serve on various boards and commissions. The boards and i commissions that meet on a regular basis are Planning and Zoning, Parks, Adjustment, Electrical, Sign, and Economic Development. In addition, three of the seven City council members, City Manager and various Department Directors, meet with various sub committees throughout the year consisting of Architectural, Audit, Banking and Investments, Budget, Insurance, Cable TV, City Beautification, Community Development Block Grant, Citizens’ Advisory Group, Community Relations, Comprehensive Plan, Developer Relations, Drainage and Public Safety relations. Location Missouri City is located approximately 20 miles southwest of downtown Houston, in northeast Fort Bend County. A small portion of the City extends into the southwestern section of Harris County, where its boundaries adjoin the City of Houston. Approximately 10% of the City’s population resides in Harris County. The northern portion of Missouri City is traversed by U.S. Highway 90, which intersects U.S. Highway 59 (Southwest Freeway), within three miles of the City. State Highway 6, one of the principal “outer loops” partially encircling the City of Houston, serves the southern portion of the city. The Sam Houston Tollway (Beltway 8), an 83-mile freeway providing a second freeway loop around the City of Houston, extends through the northeast portion of Missouri City. The highway ties U.S. Highway 90 to the Southwest Freeway, Interstate 10 and State Highway 288. On the east side of Missouri City, the Fort Bend Tollway connects Beltway 8 to State Highway 6. The City of Houston borders the City’s northeastern boundaries with Stafford and Sugar Land bordering the western and southwestern areas of our City.