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Home My WebLink AboutFY Ended September 30, 1981TABLE OF CONTENTS Auditor's Opinion Statement of Assets, Liabilities and Fund Balances - Statutory Basis - All Funds Statement of Revenues, Expenses and Fund Balances - Statutory Basis - All Funds Statement of Changes in Cash and Temporary Investments - All Funds General Long-term Debt Service Requirements - by Years Analysis of Changes in General Long-term Debt Schedule of Temporary Investments Analysis of Taxes Receivable Analysis of Organizational Costs Aualysis of Changes in General Fixed Assets Notes Lo Financial Statements Supplementary Information: Certificate of The Board of Directors Questionnaire to be Completed by Auditor Insurance Coverage Schedule Number Page Board klembers, Key Administra-tive Personnel and Legal Counsel Board of Directors Denton County Municipal Utility District No. 1 Denton County, Texas We have examined the accompanying statement of assets, liabil- ities and fund balances - statutory basis of all funds of Denton County Municipal Utility District No. 1 as of March 31, 1981, all funds' related statements of revenues, expenses and fund balances - statutory basis and changes in cash and temporary investments for the year then ended and the related exhibit and schedules (Exhibit D and Schedules A-1 through A-5). Our examination was made in accordance with generally accepted auditing standards and, accordingly, included such tests of the accounting records and such other' auditing procedures as we considered necessary in the circumstances. As described in Note 2, the District prepares its fi.11ancia1 statements on the basis of accounting practices prescribed by the Texas Water Rights Commission. These practices differ in some respects from generally accepted accouu ting pr inciiples. Accordingly, the accompanying f inancia1 s1:atments are not i.ntended to present financial position and results of operat ions in conformity with generally accepted accounting principles. This report is intended solely for fi.1ing with regulatory agencies and i.s not i-ntended for any o-ther purpose. In our opinion, the statements mentioned above present fairly the assets, liabilities and fund balances - all funds of Denton County Municipal Utility District No. 1 as of March 31, 1981, and the results of its operations and the changes in cash and temporary investmeuts for the year then ended, and in our opinion, Exhibit D and Schedules A-1 througli A-5 present fairly the information stated therein, on the basis of accounting described in Note 2, which basis has been applied in a manner consistent with that of the preceding year. Our examination was made primarily for the purpose of forming an opinion on the basic financial statements, talcen as a whole. The accompanying supplementary information is presented for purposes of additional analysis and is not a required part of the basic financial statements. 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N ri : t- . m 2: NI 4 DCNTON COUNTY hlUNICIPAL 0TIi.I'PY DISTIIICT NO. 1 STATELICNT Of CHANGES II< CASB AND TEblPORAllY INVESThlCNTS - ALL FUNDS for rhe year cnded hlat.ch 31, 1981 Deb: Ccncrvl IJeinorandus Consri.uctian Scrvicc Tux OperaLIlig Totzil Fund Fund fund - - fund Sources oi Cash Casll Receipts from Olici'atioos CBS~ Di~bu~.~~m!ellls roi. O~cratioos: Conirnci Labor Maintenance and Relmirs Professional Fees Service Accounl Collection DooBkeeping Utilities Recurring Opcrnting Expenses Tax Assessov-Collectoi Debt Service Espcnsc Tala1 Cash Dlahursemcnrs Cur Operations $ 538,069 $ 13 8 264,719 S 12.821 !$260.416 Nei Cvsll froin Opcrntions Sale oi Bonds (C;lsh iillocared to Constrt~cl ion Fund) ReIundable Dcposirs Received Cash Tr.?nsiers from Other Funds Total Cnsb Provided Applicatiolis oi Cash Ileirnbui~semenL of 'Pa: Overpayments Purchase 01 District Organiznlional Cosis (Asset 'Praasirrc.ed to Gciiernl Fixed Asset Fund) Payment oi ConstrucLion Coniracts Payable Denosiis Rciundcd Purchase ol Fixed Asscrs (1," Gcocrai Operating Fund) Cn$h Transrers Lo OLlicr Furids Orhcr Applicotians ToLBI CBS~ igppl ied Increase (Dccre;ise) in Cosli Ciisii and Tcriiporary Iiwesirncnr Dvlances at ApVil 1, 1980 Cnsb and Temporary Iiivestn~car naiances it Murch 31, 1981 Sec nccolnpanylng notes. -7- 4J m 0 ' *i ", ? . . - CWGI mnm 0" %n *i /n .A G c r m- if u E d iU :m ." ..** ..---..-----+..-- ,.,,,,,,. ,,\\. mom nnmmmmmmmmmmmm ,- .. .- ,- ,- ,. .. ,- ,. .. .. .- .- .- .- .- .- -+C4..--+i----- . .,,,, ..,\,. .,. nmo r nnonnnnnnnnmnn SCHEDULE A-2 DENTON COUNTY MUNICIPAL UTILITY DISTRICT NO. 1 SCHEDULE OF TEMPORARY INVESTMENTS For the year ended March 31, 1981 Accrued Identification Interest o r Balances Receivable Certificate Interest Maturity at End at End Fun d s Number Rate Date of Year of Year - Debt Service Fund Certificate of Deposit 191350 10.25 7-31-81 $102,000 $ 9,596 Certificate of Deposit 206555 15.00 8-31-81 334,000 4,392 Certificate of Deposit 207816 12.75 8-31-81 443,000 1,238 Totals $879,000 $15,226 SCHEDULE A-3 DENTON COUNTY MUNICIPAL UTILITY DISTRICT NO. 1 ANALYSIS OF TAXES RECEIVABLE As of March 31. 1981 Taxes Receivable at Beginning of Year $ 62,731 1980 Year Tax Roll Tot a1 to be Accounted For Less collections: Current Year Prior Years' Taxes Taxes Receivable at End of Year Taxes Receivable by Years Assessed Valuation Summary Property Valuations: Land Impr ovements Persona1 Property Total Valuations Tax Rate Per $100 Valuation Tax Year: From January 1, 1980 to December 31, 1980 Percent of the Assessed Valuation to Fair Market Value 100.0% Percent of Current Taxes Collected to Current Taxes Levied 82.3% Percent of Current and Delinquent Taxes Collected to Current and Delinquent Taxes Outstanding at the Beginning of the Tax Year 79.8% SCHEDULE A-4 DENTON COUNTY UUNICIPBL UTILITY DISTRICT NO. 1 ANALYSIS OF ORGtINIZATIONAL COSTS For thc year cnded March 31, 1881 BulnnceS at l3;~luoces Beginning Additions at End of Year (Dccreoscs) of Ycnr Orgunizutianal Costs - Creation Period Engirkeering orid Surveys Filing Fees, L,iccnscs, Lcgal Noriccs, and Pcrmlts Lelriil Fees ~irector Fees and Per Diem Oiller Costs Total Orgnnizntional Costs - Creation Period Lrgvl Pees Financial Consultiiig Fees Operating Expensos Bond Tnteres t Expense A80l.t ized Bond Oiscoun t Total Organizational Costs - Construcrion Period Total Organizationul Costs Aliiounts Provided : For District Organizutionul Costs - Crcalion Period by Construction Fund For District Orgunizationvl Costs - Constructiaii Period: By Construction Fund By Debt Service Fund Total Districr Organizutional Casts - Construction Pcriod Torn1 Provided SCHEDULE A-5 DENTON COUNTY MUNICIPAL UTILITY DISTRICT NO. 1 ANALYSIS OF CHANGES IN GENERAL FIXED ASSETS For the year ended March 31, 1981 Land Buildings Water System Sewage System Drainage System Machinery and Equipment Engineering Fees Totals Additions Provided by: Construction Fund Contributions by Developers Transferred from System Fund Balances at Balances Beginning at End of Year Additions of Year Tot a1 DENTON COUNTY MUNICIPAL UTILITY DISTRICT NO. 1 NOTES TO FINANCIAL STATEMENTS March 31. 1981 Note 1: Creation of District - Denton County Municipal Utility District No. 1 was created by an order of the Texas Water Rights Commission on March 4, 1975 and confirmed by the electorate of Denton County Municipal Utility District No. 1 at a confirmation election held on October 7, 1975. The Board of Directors held its first meeting on April 24, 1975, and the first bonds were sold on June 8, 1976. Note 2: Basis of Accounting - The exhibits and supporting schedules contained in this report were prepared on the accrual basis of accounting except for the state- ment of changes in cash and temporary investments - all funds, which is a cash basis statement. However, tax revenues, purchases of supplies for inventory and bond interest are not accrued and fixed assets are not depreciated, as required by generally accepted account- ing principles, but conform to accounting practices prescribed by the Texas Water Rights Commission. DENTON COUNTY MUNICIPAL UTILITY DISTRICT NO. I NOTES TO FINANCIAL STATEMENTS March 31, 1981 Note 3: Bond Interest - In accordance with the bond resolution dated October 29, 1975, a portion of the bond proceeds was deposited into the Debt Service Fund for the pay- ment of bond interest during the construction period. This bond interest has been capitalized as an organi- zational cost for the construction period. Note 4: Organizational Costs - The District, in conformance with requirements of the Texas Water Rights Commission, capitalized and charged to organization costs for the creation period all costs incurred in the creation of the District allowed by statute. The Texas Water Rights Commission also requires capitalization as organizational costs for the construction period all costs incurred in the issue and sale of bonds, bond interest and amortized bond premium and discount, losses on sales of investments, accrued interest on investmellts purchased, attorney fees and some adminis- trative expenses until construction and acceptance or use of the first revenue producing facility has occurred. As the District purchased its facilities already completed by the developer, only those costs funded by bond proceeds were capitalized. DENTON COUNTY MUNICIPAL UTILITY DISTRICT NO. 1 NOTES TO FINANCIAL STATEMENTS March 31, 1981 Note 5: Pledge of Revenues - The bonds are payable from the proceeds of an ad valorem tax levied upon all property subject to taxation within the District, without limitation as to rate or amount, and are further payable from and secured by a lien on and pledge of the net revenues to be received from the operation of the District's waterworks and sanitary sewer system. Note 6: Compliance with Debt Service Requirements - The provisions of the bond resolutions relating to debt service requirements have been met and the cash allocated for these purposes is sufficient to meet debt service requirements for the fiscal year ending March 31, 1982. The ability of the District to meet future debt service requirements depends primarily on successful collection of taxes levied against property within the District and operations of the waterworks and sanitary sewer system. DENTON COUNTY MUNICIPAL UTILITY DISTRICT NO. 1 NOTES TO FINANCIAL STATEMENTS March 31, 1981 Note 7: Redemption of Bonds - The outstanding bonds of Denton County Municipal Utility District No. 1 are callable for redemption prior to maturity at the option of the District. The bonds may be called in whole or in part for the purpose of retirement or refunding, or both, at par in addition to unpaid accrued interest. Note 8: Water and Sewer Service Rates - The Denton County Municipal Utility District No. 1 has established the following water and sewer service rates: Tap Fee Sewer Inspection Fee Water Service Only Treated Water - First 8,000 Gallons of Water Used - Minimum Bill Each 1,000 Gallons of Water Used Thereafter Untreated Water - First 8,000 Gallons of Water Used - Minimum Bill Each 1,000 Gallons of Water Used Thereafter to 15,000 Gall.ons of Water Used Each 1,000 Gallons of Water Used Thereafter Standby Fee Per Month Sewer Charge Per Month DENTON COUNTY MUNICIPAL UTILITY DISTRICT NO. 1 NOTES TO FINANCIAL STATEMENTS March 31, 1981 Note 9: Commitments - The District has an agreement with a developer whereby the developer awards contracts and makes progress payments to independent contractors for the construction of works, improvements, facilities, plants, equipment and appliances necessary to provide a waterworks system, sanitary sewer system, storm sewer and drainage system within said District. Upon the completion of a project and the approval of a bond issue, the District is obligated to reimburse a per- centage of the total cost of the project plus accrued interest from the date of the progress payments to the developer. The amount shown by the developer as the District's share of construction costs on projects in progress was approximately $4.4 million at July 31, 1981. SUPPLEMENTARY INFORMATION CERTIFICATE OF THE BOARD OF DIRECTORS Denton County Municipal Utility District No. 1 Name of Water District Denton County We, the undersigned, do hereby certify that the audit report of the above named Water District for the fiscal year ended March 31, 1981 was received by the Board of Directors on the , 1981 and was reviewed and approved disapproved at a meeting of the Board of Directors of the Water District on the , 1981. Signature of Board President Signature of Board Secretary Page - 1 of 5 - QUESTIONNAIRE TO BE COLIPLETED BY AUDITOR For the year ended March 31, 1981 Denton County Municipal Utility District No. 1 Name of Water District 1. At the time that your firm was engaged by the Board of Directors of the above-named water district to perform this audit, was a copy of the Water ~iktrict Accounting Manual made available to you? 2. The Water District Accounting Manual prescribes accounting principles and policies. After taking these into consideration, did the local water district: a. Maintain a proper classification of expenses and revenues? b. Record expenses and revenues on the basis of full accrual accounting except for the specific revenue and expense items required to be maintained on the cash basis by the Water District Accounting Manual? c. Maintain the double entry system of accounting? d. Keep a general ledger in accordance with the uniform classification of general ledger accounts prescribed in Water District Accounting Manual? e. Adhere to other provisions of Water District Accounting Manual? 3. Did the Board of Directors of the water district impose on your firm any audit require- ments in addition to those minirnum audit requirements of the Water District Accounting Manual? 4. Did you identify, during the course of your examination of the financial statements of the water district, any areas pertaining to accounting matters in which action should be taken by the Board of Directors of the water district? Denton County X -- Yes No x -- Yes No X -- Yes No X -- Yes No X -- Yes No X -- Yes No X -- Yes No X -- Yes No QUESTIONNAIRE TO BE COMPLETED BY AUDITOR For the year ended March 31, 1981 (Continued) 5. Did you obtain representation from the Board of Directors of the water district that - all records of the water district were made available to you for your examination? 6. Did the water district: a. Use the construction fund, tax fund and debt service fund only for purposes authorized by the Board of Directors of the water district and/or within the provisions of applicable bond resolu- tions? h. Properly segregate and maintain the required amount of cash escrowed by the Texas Water Rights Commission or disburse the escrowed cash according to the terms prescribed by the Texas Water Rights Commission? c. Do business only with firms or corporations in which members of the Board of Directors had no pecuniary interest? d. Observe the conditions for obtaining gran-ts, gifts, etc., or observe agreements with governmental a.gencies for the purpose of securing funds or services? e. Have a contract for Social Security coverage for its employees with the Texas Department of Public Welfare, Social Security Division? f. Make remittances of Social Security taxes according to the terms of the contract for Social Security coverage with the Social Security Division of the Texas Depar-tment of Public \\'elfare? X -- Yes No x -- Yes No x -- Yes No x -- Yes No (1) -- Yes No x -- Yes No x -- Yes No NOTE: See Page 5 of 5 for explanation of references (1) - (4) -21 - Page - 3 of - 5 QUESTIONNAIRE TO BE COMPLETED BY AUDITOR For the year ended March 31, 1981 (Continued ) G. Did the water district (continued): g. Deposit receipts to the proper funds kept by the approved depository bank? h. Draw checks only on funds approved by the Board of Directors and signed by authorized personnel? 7. Do you issue a management letter to administra- tive officials of the water district at least annually which sets forth your comments (based on matters which came to your attention during your examination) for strengthening internal accounting control procedures? If Yes is checked for question 7: a. Were your recommendations explained to and discussed with administrative officials of the water district? b. The date of your most recent management letter was July 22, 1977. c. Is there evidence indicating that your previous year(s) recommendations have been or are being implemented? d. Has a copy of the management letter been filed with the Texas Water Rights Commission? 8. The Texas Water Code makes specific provisions relating to security provided by depository banks. After consideration of the applicable laws pertaining to the specific water district, did the depository bank provide adequate security of the correct type? Please indicate for each depository: (2) a. The name of the depository bank - First National Bank, Fort Worth; h. Amount of F.D.I.C. coverage (if member hank) c. Amount of bond or other security pledged as of the end of the fiscal year X -- Yes No X -- Yes No see 7.b. -- Yes No X -- Yes No X -- Yes No X -- Yes No x -- Yes No Page - 4 of - 5 QUESTIONNAIRE TO BE COMPLETED BY AUDITOR For the year ended blarch 31, 1981 (~ont inued ) 8. (continued ) : d. Largest cash balance e. Date of largest cash balance f. The amount of bond or security pledged at the time of the largest cash balance (excluding F .D. I .C. coverage) 9. The water district's taxes were collected by (check one): a. An employee of the district b. The county tax assessor-collector c. A city or other tax assessor-collector d. More than one of the above 10. Was the tax assessor-collector bonded as required by law? 11. What was: a. The tax assessor-collector bonded for? b. The greatest amount of the district's taxes in the tas assessor-collector's possession at any one time? c. The frequency of tax receipts deposits with the bonded depository? (check one) (1) Daily (2) Weeltly (3) Monthly d. The percent of the assessed valuation to fair market value? 12. We (check one): a. Actually examined the records of the tax assessor-collector. b. Received written confirmation for tax data frorn the tax assessor-collector. c. Accepted tax data furnished by the district's administrative offices. x -- yes no $ l0,OOO QUESTIONNAIRE TO BE COMPLETED BY AUDITOR For the year ended March 31, 1981 (Continued) 13. As a result, were local tax revenues (including delinquent taxes and interest and penalties 011 taxes) properly separated for debt service? 14. Was the water district in compliance with applicable bond resolutions with the general or special legislation under which the district was created and with the specific statutes excerpted and included in the Legal Compliance Guidelines in Section 70-03-1 of the Water District Accounting Manual? 15. Other Comments of the Auditor: None (1) No intergovernmental transactions. (2) The District also maintains a tax depository account at Jetero Bank, Westfield, Texas. It is the policy of the District that deposits held in the account are not to exceed F.D.I.C. coverage of $100,000. (3) Based on audit review, cash and temporary investment balances exceeded securities pledged the last six months of fiscal year ended March 31, 1981. Subsequent thereto First of Fort Worth pledged additional securities totaling $500,000. x -- Yes No X -- Yes No (4) Receipts are deposited as received into district account. d d d C) "7 UU U L" c mc >..- >. X >. ic: c -1 ii' m.eL 1 ~ro-09 a: 5 >1 Dm ,,so c Ed* m YI o, 3 E- U a: -1 n L e J B B "13 m ,I 3 ic Y VIE d .-U . . . . LO II :Ci 3 3 = W 0.- "2 ou m m m u rr:. c .-c d a FJ iUi: - id U U U i God * k 0 lime i CS d " 2 ' '0" " &" c = YI CO a 00 - Y -i , $*U c i- *WOO * c <<<=i; C - i C 6 0, mw ." ' ow= d= GI&, nor *mi) 6. L. a 0" U ill 0 0 0 0 0 0 0 0 00 00 00 $DO s- 0 w: 0 1- ,- 00 00 00 00 ?. 9% 0 0 0 Lo i "3 (r; 'f > - - m 5 0 0 + M i 13 m Wd 9" 72 c c nr 0 i .4 0 C C m .-. .+ I N Ui 0 i .d a.. >" -0 . m ? 8" oco .+ 0 13 i 0.i: 0 .+",a i 3rJ' Y OOC O mi.- ,. a .-. O%V1 0 ram.+ - - i OW Y ECM . 0 " 3 L.." L. >,a m - i > 3 TldD 13 .+ oeu Y iE c C. d,Ci .d" am: 0 0 " OU + a, w 0.- fm >id C,d - a>- LE 0"s m3 .iO 3" "'C &O ;->. .?, 0 u .ri P G C Ok C.dU -, "-; 10 Uid + > ....at. .a .*?. E U 3 XE OY1W hi..," iiY UL 'WW i d.i a 0.i a .i CI *no .rt im 0 Em 0 3Y Y d iU0' DO,. 0 Yld + CC~ +ma a N : Ci 3 Yl m: no c - .idr .* 3: -1 - i .%.%.%.%.% .. .. - - - - YYUUU 0 u 0 ODDDO ' Y i i 4 0 0 2 u 9 - ill ill ill ill ill ill YI YI - 0 - .O i do i ILIXO Cli X.66 o urn 0 .-. c=* BW C-I ?, rn a- U .' Ui >, i =LO' UlYiCO CC5-D 020m .+OW 0, * 'Oi m-4.m -r < u 6 e i : 0 0 c C 0 0 0 Z L L DCNTON COUNTY LIUNICIPAL UTILITY UISTlllCT NO. I BOdRD MEMBERS, KEY ADLIINISTRATIVE PERSONNEL AND LEGAL COUNSEL &$arc!? 31, i98l (Continued) Nalne and Address Willie P. Brown 1200 Summit PorL Worth, TBSZS Advanced Cosputiag, Illc P. 0. Box 130 Roonolio, Tenns 76262 1lil.ed PEES Pnid TiLle district? Assessor-Collector - - Contract 1 9,635 UooBLeeper, Rill- No ing nnd Collcc- xion Agent Disrrict 1,rgnl Cou!lsel LlcCo!vn, Godlrcy, Decker, Inception $ 9,991 hlchlacltin, Shipman & McClnne 1800 Cominerce Building FOri Worth, Texas Kenneth R. Byrd P. 0. Box 90663 llouston, Tosvs 77090 tluioid I'orernnn !loUte 1 Uos '120 Lone UaR, 7ra:is 754.53 District Tol Assessor-Collecior Yes No Monc