City of Corpus Christi, Texas

City of Corpus Christi, Texas www.CCTEXAS.com The City of Corpus Christi, Texas (the City) is filing the following Comprehensive Annual Financial Report solely to comply with contractual commitments made in connection with the issuance of the City’s securities to provide specified information. Descriptions of the securities, the source of payment and security for the securities, and risks associated with an investment in the securities at the time of issuance are described in the Official Statements related to the securities, as supplemented, copies of which are on file with the Municipal Securities Rulemaking Board. This report is not made in connection with a purchase or sale of securities by the City and accordingly does not contain all information material to a decision to purchase or sell the securities. Any statement in this report which includes a matter of opinion, whether or not expressly so stated, is intended as such, and not as a representation of fact. The information contained in this report is provided as of the respective dates and for the periods specified herein and is subject to change without notice, and the filing of this report does not, under any circumstances, imply that there has been no change in the affairs of the City since the specified date as of which such information is provided. In particular, the dates as of and periods for which information is provided occurred before the worldwide COVID-19 pandemic and before realizing the economic impact of measures instituted to slow it. The pandemic has adversely affected travel, commerce, and financial markets globally and is expected to adversely affect economic output worldwide and in the area of the City. These affects may slow the growth of or reduce future property values and the collection of sales taxes, charges, and fees within the City, as well as the assets of the City’s pension funds, and increase the City’s expenses to an extent that cannot currently be predicted, but could be material. Accordingly, the historical information set forth in this report is not indicative of future results or performance due to these and other factors, including those discussed in the Official Statements referred to above. In its continuing disclosure undertakings, the City has disclaimed any contractual or tort liability for damages resulting in whole or in part from any breach of the disclosure undertakings or from any statement made pursuant to the undertakings. See "Continuing Disclosure of Information" in the Official Statements. This document is formatted for optimal viewing using View>Page Display>Two Page View. CITY OF CORPUS CHRISTI, TEXAS Comprehensive Annual Financial Report For Fiscal Year Ended September 30, 2019 CITY COUNCIL City Manager Peter Zanoni Mayor Joe McComb Chief of Staff Michael Rodriguez City Council Members Chief Financial Officer Everett Roy, District 1 Constance P. Sanchez, CPA Ben Molina, District 2 Roland Barrera, District 3 Assistant City Managers Greg Smith, District 4 Keith Selman Gil Hernandez, District 5 Steve Viera Rudy Garza, Jr., At-Large Paulette Guajardo, At-Large Director of Finance and Business Analysis Michael T. Hunter, At-Large Alma I. Casas, Interim Assistant Director of Finance and Business Analysis Judy A. Sandroussi, Interim Chief Accountant Martha A. Messer, CPA Prepared by the staff of the Finance and Business Analysis Department Rocky Barrera Eva Barton Rose Bond Yvonne Cabeso Trevino Adriane Ferraro Teddi Giggy Vicky Glenn, CPA Emily Gonzalez Jason Gooding, CPA LaCresa Martin Donna Mesmer David Riggs Tina Samford Judy Villalon, CPA City of Corpus Christi, Texas For the Year Ended September 30, 2019 TABLE OF CONTENTS Exhibit Page Number Number INTRODUCTORY SECTION Letter of Transmittal 1 GFOA Certificate of Achievement for Excellence in Financial Reporting 13 City Organizational Chart 14 FINANCIAL SECTION Independent Auditor's Report 15 Management's Discussion and Analysis 19 Basic Financial Statements Government-Wide Financial Statements Statement of Net Position 1-A 30 Statement of Activities 1-B 32 Fund Financial Statements Governmental Funds Balance Sheet 2-A 34 Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Position 2-B 37 Statement of Revenues, Expenditures and Changes in Fund Balance 2-C 38 Reconciliation of the Governmental Funds Statement of Revenues, Expenditures and Changes in Fund Balances to the Statement of Activities 2-D 41 General Fund Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual 3 42 Proprietary Funds Statement of Net Position 4-A 44 Statement of Revenues, Expenses and Changes in Net Position 4-B 47 Statement of Cash Flows 4-C 48 Fiduciary Funds Statement of Net Position 5-A 50 Statement of Changes in Fiduciary Net Position 5-B 51 Notes to the Financial Statements Note 1. Summary of Significant Accounting Policies 53 Note 2. Budget Policy and Budgetary Accounting 61 Note 3. Sales Tax Revenue 62 Note 4. Property Taxes 62 Note 5. Cash, Cash Equivalents, and Investments 63 Note 6. Budgetary Data 67 Note 7. Receivables 68 Note 8. Capital Assets 68 Note 9. Employment Retirement Benefits 70 Note 10. Other Postemployment Benefits 76 Note 11. Risk Management 79 Note 12. Operating Leases 80 Note 13. Long-term obligations 81 Note 14. Advance Refundings and Defeasances 90 Note 15. Interfund Transfers, Receivables and Payables 91 Note 16. Fund Deficits 91 Note 17. Conduit Debt Obligations 91 Note 18. Commitments 91 Note 19. Agreement for City Golf Courses 93 Note 20. Segment Information for Enterprise Funds 93 Note 21. Tax Abatements 95 Note 22. Other Information 96 City of Corpus Christi, Texas For the Year Ended September 30, 2019 TABLE OF CONTENTS Exhibit Page Number Number Required Supplementary Information Schedule of Changes in the City's Net Pension Liabilities and Related Ratios - Texas Municipal Retirement System 97 Schedule of Changes in the City's Net Pension Liabilities and Related Ratios - Firefighters' Retirement System 98 Schedule of Contributions - Texas Municipal Retirement System 100 Schedule of Contributions - Firefighters' Retirement System 102 Schedule of Changes in the City's Total OPEB Liability and Related Ratios 104 Combining and Individual Fund Financial Statements and Schedules Governmental Funds General Fund Balance Sheet 6-A 105 Schedule of Revenues and Other Financing Sources, Compared to Budget 6-B 106 Schedule of Expenditures, Compared to Budget 6-C 112 Debt Service Fund Balance Sheet 7-A 132 Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual 7-B 133 Non-major Governmental Funds Combining Balance Sheet 8-A 136 Combining Statement of Revenue, Expenditures and Changes in Fund Balances 8-B 137 Special Revenue Funds Combining Balance Sheet 9-A 140 Combining Statement of Revenue, Expenditures and Changes in Fund Balances 9-B 144 Visitors Facilities Funds Schedule of Revenues, Expenditures and Changes in Fund Balance - Compared to Budget 10 148 Hotel Occupancy Tax Fund Schedule of Revenues, Expenditures and Changes in Fund Balance - Compared to Budget 11 149 State Hotel Occupancy Tax for Beaches Fund Schedule of Revenues, Expenditures and Changes in Fund Balance - Compared to Budget 12 150 Public Education and Governmental Cable TV Fund Schedule of Revenues, Expenditures and Changes in Fund Balance - Compared to Budget 13 151 Development Services Fund Schedule of Revenues, Expenditures and Changes in Fund Balance - Compared to Budget 14 152 Redlight Photo Enforcement Fund Schedule of Revenues, Expenditures and Changes in Fund Balance - Compared to Budget 15 154 Parking Imrpovement Fund Schedule of Revenues, Expenditures and Changes in Fund Balance - Compared to Budget 16 155 Streets Maintenance Fund Schedule of Revenues, Expenditures and Changes in Fund Balance - Compared to Budget 17 156 Residential/Local Street Fund Schedule of Revenues, Expenditures and Changes in Fund Balance - Compared to Budget 18 158 Dockless Vehicles Schedule of Revenues, Expenditures and Changes in Fund Balance - Compared to Budget 19 159 City of Corpus Christi, Texas For the Year Ended September 30, 2019 TABLE OF CONTENTS Exhibit Page Number Number Federal/State Grants Fund Schedule of Revenues, Expenditures and Changes in Fund Balance - Compared to Budget 20 160 Municipal Court Fees Fund Schedule of Revenues, Expenditures and Changes in Fund Balance - Compared to Budget 21 161 Local Emergency Planning Committee Schedule of Revenues, Expenditures and Changes in Fund Balance - Compared to Budget 22 162 Health Medicaid Waiver Fund Schedule of Revenues, Expenditures and Changes in Fund Balance - Compared to Budget 23 163 Corpus Christi Crime Control and Prevention District Statement of Revenues, Expenditures and Changes in Fund Balance - Compared to Budget 24 165 Corpus Christi Business and Job Development Corporation Balance Sheet 25-A 166 Schedule of Revenues, Expenditures and Changes in Fund Balance 25-B 168 Seawall Improvement Fund - Schedule of Revenues, Expenditures and Changes in Fund Balance - Compared to Budget 25-C 170 Arena Facility Fund - Schedule of Revenues, Expenditures and Changes in Fund Balance- Compared to Budget 25-D 171 Economic Development Fund - Schedule of Revenues, Expenditures and Changes in Fund Balance - Compared to Budget 25-E 172 Seawall Debt Service Fund - Schedule of Revenues, Expenditures and Changes in Fund Balance - Compared to Budget 25-F 173 Arena Debt Service Fund - Schedule of Revenues, Expenditures and Changes in Fund Balance - Compared to Budget 25-G 174 Corpus

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