HomeMy WebLinkAboutFY Ended September 30, 1990TABLE OF CONTENTS
Report of independent auditors
Financial section
Combined balance sheet - all fund types
and account groups
Combined statement of revenues, expenditures and
changes in fund balances - all governmental fund types
Combined statement of revenues, expenditures
and changes in fund balances - budget and actual -
General Water and Sewer Fund
Notes to combined financial statements
Supplementaw schedules
Supplementary schedules included within this report
Schedule of services and rates
Schedule of general fund expenditures
Analysis 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
Analysis of changes in general fixed assets
Schedule of notes payable
Comparative schedule of revenues and
expenditures - five years
Insurance coverage
Board members, key administrative personnel
and consultants
Questionnaire to be completed by auditor
Combining schedules
Certificate of the Board of Directors
DAVID E. WELCH
JAMES L. BUXTON
RANDAL R. BOYTS
CERTIFIED PUBLIC ACCOUNTANTS
3015 WEST FIFTH STREET FORT WORTH, TEXAS 76107
8171338-0061
G. MARTIN PHILLIPS
INDEPENDENT AUDITORS' REPORT
Board of Directors
Trophy Club Municipal Utility District No. 1
Trophy Club, Texas
We have audited the accompanying combined financial statements of Trophy Club
Municipal Utility District No. 1 as of September 30, 1990, and for the period then ended as
listed in the foregoing table of contents under the caption "Financial Section". These general
purpose financial statements are the responsibility of Trophy Club Municipal Utility District No.
1's management. Our responsibility is to express an opinion on these general purpose financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable assurance
about whether the general purpose financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts and disclosures in
the general purpose financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as evaluating the overall
general purpose financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the general purpose financial statements referred to above present
fairly, in all material respects, the financial position of Trophy Club Municipal Utility District
No. 1 as of September 30, 1990, and the results of its operations for the year then ended, in
conformity with generally accepted accounting principles.
As discussed in Note 14 to the financial statements, the District changed from an
unacceptable method of accounting for bond discount to an acceptable method. The change
in accounting principles has been accounted for as a correction of an error and prior years'
financial statements have been restated.
Our audit was conducted for the purpose of forming an opinion on the combined
financial statements taken as a whole. The statements and schedules listed in the table of
contents, pages 19 through 42 are presented for purposes of additional analysis and are not a
required part of the combined financial statements of Trophy Club Municipal Utility Districr
No. 1. Such information has been subjected to the auditing procedures applied in the audit of
the combined financial statements and, in our opinion, is fairly presented in all material respects
in relation to the combined financial statements taken as a whole.
November 2, 1990
ASSETS
Current assels
Cash:
Unreslricted cash
Restricled cash
Total cash
Temporary investments, at cost:
Unreslric[ed
Restricted
Total temporary invcstments
Total cash and
lemporary investments
Accounls receivable and accrued revenue,
less allowance Sor doubtful accounts
of $122,940 in 1990 and $34,066 in 1989
Prepaids
Toral current asscls
General lixed ;issets (Notes 3, 4 and 8)
Amounl available in Debt Service Fund
Provision for bonded deht
Aruounl to be providcd lor retiren~ent
01 gencral long-lcrm debt
TROPHY CLUB MUNICIPAL UTILITY DISTRICT NO. 1
COMBINED BALANCE SHEET - ALL FUND TYPES
AND ACCOUNT GROUPS
September 30, 1990
Totals
Governmental fund tvnes Account ernups (memorandum onlv)
General Deb1 Capilal General General Year ended Ycar ended
Water and Service Projects fmed long-term September 30, Seplember 30,
Sewer Fund - Fund Fund debt 1990 1989
LIABILITIES
Current liabilities
Accounts payable and accrued expenses
Rehndable deposits
Interfund payables
Total current liabilities
Notes anyable
Deferred income
Bonded debt payable (Note 5)
Told liabilities
Commilmenls (Note 7)
FUND EOIIITY
Investment in general bed assets
Fund balances:
Reserved for cuslomer deposits
Reserved for debt service (Note 14)
Unrcatricted
Total fund balances
Total eqt~ily
Total liabilities and fund equity
TROPHY CLUB MUNICIPAL UTILITY DISTRICT NO. I
COMBINED BALANCE SHEET - ALL FUND TYPES
AND ACCOUNT GROUPS
September 30, 1990
Totals
Governmental fund tvnes Accounl moups (memorandum only)
General Debt Capital General General Year ended Year ended
Water and Service Projects fixed long-term September 30, September 30,
Sewer Fund - Fund debt 1990 1989
See accompanying notes
I ---
TROPHY CLUB MUNICIPAL UTILITY DISTRICT NO. 1
COMBINED STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCES - ALL GOVERNMENTAL FUND TYPES
Year ended September 30, 1990
Revenues
Se~cc revenues (Nole 6)
Tap connection revenues
Tax revenues (Note 9)
Penalty revenues
hliscellaneous
Interest on temporary inveslmenls
Total revenues
Expenditures
Bulk water purchase
Payoll expenses
Employee benelits
Professional fees
Capital oullay
Utililies
Recurring operating expenses
Tax assessor-colleclor
Bad debts
Governmenla1 fund types Totals (memorandum onlv)
General Debt Capital Year ended Year ended
Waler and Service Projecls September 30, September 30,
Sewer Fund Fund Fund 1990 1989
Expenditures - continued
Debt service:
Principal retirernenl
Interest and fiscal charges
Total expenditures
TROPHY CLUB MUNICIPAL UTILITY DISTRICT NO. 1
COMBINED STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCES - ALL GOVERNMENTAL FUND TYPES
Year ended September 30, 1990
(Continued)
Excess (delicit) of revenues
over expenditures
Other financing sources:
Proceeds of public property
finance obligations
Operating transfers in
Operating Lranslers out
Total other financing
sources
Exceb5 uf revenues and
other linancing sources over
expendilures and othzr uses
Fund balances at beginning of year (Note 14)
Fund balances at end or year
Governmental fund lvnes
General Debt Capital
Waler and Service Projects
Sewer Fund Fund Fund
Totals (memorandum only)
Year ended Year ended
September 30, September 30,
I990 1989
See accompanying notes.
41-
TROPHY CLUB MUNICIPAL UTILITY DISTRICT NO. 1
COMBINED STATEMENT OF REVENUES, EXPENDITURES
AND CHMVGES IN FUND BUVCES - BUDGET AND ACTUAL -
GENERAL WATER AND SEWER FUND
Year ended September 30, 1990
General Water and Sewer Fund
Variance
favorable -
Ad (unfavorahlc 1
Revenues:
Water and sewer senice (Note 6)
Inspection and tap fees
Ad valorem tax revenues (Note 9)
Penally revenues
Interest income
Miscellaneous and carryover
Total revenues
Expenditures:
Water and Sewer Department:
Salaries, wages, benefits and taxes
Contract labor
Water purchases
Utilities and telephone
Consumable supplies
Maintenance and repairs
Capital expenditures
Engineering fees
Rent lease equipment
Bad debt expense
Other expenses
Total Watcr and Sewer
Department
Administrative:
Salaries, wages, benefits and lawes
Prolessional lees:
Legal
Accounling and auditing
Engineering
lvIaintenance and repairs
Contract labor
Printing and oKce supplies
Utilities and telephone
Insurance and bonds
TROPHY CLUB MUNICIPAL UTILITY DISTRICT NO. 1
COMBINED STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL -
GENEW WATER AND SEWER FUND
Year ended September 30, 1990
(Continued)
General Water and Sewer Fund
Variance
Iavorable -
&&e~ &&& [unfavorable I
Expenditures: (continued)
Administrative: (continued)
Travel and seminars
Tax office contract senices
Legal notices and publications
Capital expenditures
Other expenses
Total administrative
Fie Department:
Salaries, wages, benefits and taxes
Ulilities and telephone
Dispatch
Note paymenls
Schools and training
Uniforms
Fuel and supplies
Insurance and bonds
Capital expenditures
Maintenance and repairs
Remote communications
Other expenses
Total Fire Depzrtment
Total expendilurcs
Excess (deficit) of revenues
over expnditures
Fund balances a1 beginning of year
Fund balances at end of year
Sec accumpanying notcs.
-s-
TROPHY CLUB MUNICIPAL UTILITY DISTRICT NO. 1
NOTES TO COMBINED FINANCIAL STATEMENTS
September 30, 1990
1. Summarv of accountine ~olicies
a. Reporting entity - For financial reporting purposes, in accordance with the criteria in
National Council on Governmental Accounting (NCGA) Statement 3, Trophy Club
Municipal Utility District (MUD) No. I (the District) includes all funds, account
groups, agencies, boards, commissions, and authorities that are controlled by or
financially dependent upon the municipal utility district. Control by or financial
dependence is determined on the basis of obligation of the municipal utility district for
financing deficits, guarantee of debt, selection of governing authority, approval of
budget, authority to make a public levy, ownership of assets, and scope of public
service and special financing relationships where there is only partial or no oversight
responsibility.
All pertinent documents, transactions, contracts, and correspondence with
other governmental agencies were reviewed to determine the reporting entity. Based
upon this review, using the forgoing criteria, no additional organizations are included
in the accompanying financial statements.
b. Description of funds -The District has established a number of funds, in conformance
with generally accepted accounting principles and the recommendations of rhe NCGA,
for the purpose of accounting for transactions in compliance with legal requirements.
Funds and account groups in use by the District in accounting for its financial activities
are as follows:
Governmental funds
General Water and Sewer Fund -To account for all of the general water and
sewer revenue of the District not specifically levied or collected for other District
funds, and for expenditures related to the maintenance of operations.
TROPHY CLUB MUNICIPAL UTILITY DISTRICT NO. 1
NOTES TO COMBINED FINANCIAL STATEMENTS
September 30, 1990
1. Summarv of accountine policies (continued)
Debt Service Fund - To account for the source and disposition of funds for
paying interest and principal on general long-term debt.
Capital Projects Fund - To account for the acquisition of capital facilities
being financed from bond proceeds.
Account groups
General Fixed Assets Accounts -To account for property and equipment of
the District.
General Long-term Debt Accounts - To account for the unrnatured principal
of outstanding bonds.
c. Basis of accounting - The District mainrains its accounting records on the modified
accrual basis. Revenues and expenditures are recognized in the accounting period in
which they are earned or incurred; with the exception of interest on general long-term
debt, which is recognized when due, and tax revenues, which are recognized when
received.
d. Propertv, plant and equipment - Property, plant and equipment is recorded at cost
when acquired. General fived assets are recorded as expenditures in the General
Water and Sewer Fund and Capital Projects Fund at the time of purchase and are
capitalized in the General Fixed Assets Account group.
Costs related to repairs and maintenance are recorded as expenditures.
Significant renovations and improvements are capitalized.
TROPHY CLUB MUNICIPAL UTILITY DISTRICT NO. 1
NOTES TO COMBINED FINANCIAL STATElvIENTS
September 30, 1990
1. Summarv of accounting policies (continued)
e. Investment5 - Investments are carried at cost, which approximates market. The
District's intent is to hold these investments until maturity.
f. Total columns on combined statements - Total columns on the combined statements
are captioned "memorandum only" to indicate that they are presented only to facilitate
financial analysis. Data in these columns do not present financial position, resclts of
operations, or changes in financial position in conformity with generally accepted
accounting principles. Neither are such data comparable to a consolidation. Interfund
eliminations have not been made in the aggregation of these data.
g. Retirement plan -The District adopted a defined contribution retirement plan in 1984.
Under the terms of the plan, a certain percent of eligible salaries is contributed to the
plan.
2. Creation of district - The District wGa created by an order of the Texas Water Commission
on March 4, 1975, and confirmed by the e!ectorate of the District 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.
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 payment of bond
interest during the construction period. This bond interest has been capitalized as an
organizational cost for the construction period.
TROPHY CLUB MUNICIPAL UmITr' DISTRICT NO. 1
NOTES TO COMBINED FINANCIAL STATEMENTS
September 30, 1990
4. Oreanizational costs - The District, in conformance with requirements of the Texas Water
Commission, capitalized and charged to organization costs, for the creation period, a11
costs incurred in the creation of the District allowed by statute. The Texas Water
Commission also requires capitalization as organizational costs for the ccnstruction 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 investments
purchased, attorney fees and some administrative 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.
5. General long-term debt - At September 30, 1990, the District's long-term debt consisted
of:
Range of General
interest long-term Current Long-term
Maturity rates debt maturities maturities
Water works and
sewer sysxern
combination
unlimited tax
and revenue Serially
bonds series through 5.50 -
1987 2007 8.60 $5,230,000 5105,000 $5,065,000
Public Property
Finance con- Serially
tractual obli- through 7.60 -
gations 1989 1999 9.00 11 5.000 9.000 109.000
TROPHY CLUB MUNICIPAL umLIn DISTRICT NO. 1
NOTES TO COMBINED FINANCIAL STATEMENTS
September 30, 1990
5. General lono-term debt (continued)
A schedule of bond maturities for the next five (5) years is as follows:
Tax and Tax and
revenue bonds revenue bonds
Year Series 1989 Series 1987 Total
1991
1992
1993
1994
1995
Thereafter
Less interest
Principal
Tax and revenue bonds authorized and unissued as of September 30, 1990,
amounted to $5,579,217.
The bonds are payable from the proceeds of an ad valorem YAY 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.
The provision 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 ended September 30, 1990.
The outstanding bonds 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.
TROPHY CLUB MUNICIPAL UTILITY DISTRICT NO. 1
NOTES TO COMBINED FINANCIAL STATEMENTS
September 30, 1990
6. Water and sewer service rates - The Trophy Club Municipal Utility District No. 1 has
established the following water and sewer service rates:
Tap fee $ 350.00
Sewer inspection fee 25.(1@
Water service only:
Treated water:
First 3,000 gallons of water used -
minimum bill
Each additional 1,000 gallons of
water used thereafter
Each 1,000 gallons of water used
in excess of 20,000
Irrigation water:
First 300,000 gallons of water used -
minimum bill
Each 1,000 gallons of water used
in excess of 300,000
Standby fee per month 6.00
Sewer charge per month - minimum bill
Sewer charge per month - masimum bill
(residential only)
Each 1,000 gallons of water used -
in excess of 3,000
TROPHY CLUB MUNICIPAL UTILlTY DISTRICT NO. 1
NOTES TO COMBINED FINANCWL STATEMENTS
September 30, 1990
Commitments - The District follows the guidelines of the Texas Water Commissioil in its
dealings with developers.
During 1990, the District made application with the Texas Water Commission
to sell up to $4,350,000 in bonds. The bonds have not been sold.
At year end, the District entered into a lease for equipment which wili become
effective on October 1, 1990. The lease will be accounted for as a capital lease in the
amount of $23,001. The lease is for sixty (60) months, at which time the District will own
the equipment.
Future minimum lease payments for the lease described are as follows:
Year Amount
1991
1992
1993
1994
1995
Total
Less amount representing
interest
Present value of net
minimum lease payments
TROPHY CLUB MUNICIPAL UTILITY DISTRICT NO. 1
NOTES TO COMBINED FINANCIAL STATEMENTS
September 30, 1990
8. Chances in eeneral fixed assets - A summary of changes in general fixed assets follows:
Land
Buildings
Water system
Sewage system
Drainage system
Machinery and equipment
Autos and trucks
Furniture and fixtures
Engineering fees
Capitalized construction
period costs
Construction in progress
Balance
September 30,
1989
$ 140,372
223,086
2,403,503
1,730,757
972,898
273,631
280,946
40,097
763,324
Additions
(deletions)
Balance
September 30.
1990
140,372
223,086 * 2,477,977
* 1,760,465
972,898 * 277,320
280,946
30,097
763,321
*Expenditures from general water and sewer fund
9. Propertv txes - Properly taxes attach as an enforceable lien on property as of January 1,
are due October 1. and become delinquent the following February 1. Property tases for
the District are not limited as to rate or amount. The District's current tm rate is S.380
per $100 of assessed valuation, which is approxirnately one hundred percent (100%) of
actual value.
10. Retirement plan - The District, Trophy Club Municipal Utility District No. 11, and the
developers participate in a defined contribution retirement pension plan. iU1 full time
employees twenty-one (21) years old or older are covered after a preliminary period.
After five (5) years of employment employees are fully vested.
TROPHY CLUB MUNICIPAL UTILITY DISTRICT NO. 1
NOTES TO COMBINED FINANCIAL STATEMENTS
September 30, 1990
11. Joint venture - The District, Trophy Club MUD 11, and various developers are joint
venturers in various assets used to provide water and sewer services to persons who live
in Trophy Club, Texas. Ownership of the assets is as follows:
Land on which treatment
plant is located
Water plant
Twenty-one (21) inch Fort Worth
water lime
Elevated tank
Original treatment plant
Expanded treatment plant
MUD 1
DerCenl
MUD 2
The developers and the districts have an agreement making the District the
managing district. The managing district has financial responsibilities which include
preparing and administering the budget. The developers and other districts review and
consent to same. The developers have agreed that any net revenues belong to the districts
using the system.
Based upon this arrangement, the entire project is included in the records of the
managing district. The developers have funded their share of the joint venture. In the
event that the municipal utility districts using the system sell more bonds, the developers
will sell their interest to those districts.
* In escrow but not yet paid.
'* Twenty percent (20%) in escrow but not yet paid.
TROPHY CLUB MUNICIPAL UTILITY DISTXICT NO. 1
NOTES TO COMBINED FINANCWL STATEMENTS
September 30, 1990
12. Extineuishment of debt - During 1987, the District issued bonds in the amount of
$5,675,000. The proceeds, along with cash on hand in the Interest and Sinking Fund, were
used to extinguish the three (3) existing outstanding bond issues. Funds so deposited in
an irrevocable trust are adequate to fund principal and interest payments until the
remaining bonds are callable. At that time, all outstanding bonds will be retired. At
September 30, 1990, $5,795,000 in bonds were outstanding.
13. Subsequent event - The District has initiated negotiations to acquire ownership in the
treatment plant in excess of the original agreement. This excess ownership will be
purchased from the Developer when contract negotiations are completed.
14. Unamortized bond discount - Previously, bond discount had been accounted for as an
intangible asset, and was being amortized over the life of the bond issue. During the year,
management discovered that according to Generally Accepted Accounting Principles, the
bond discount is to be treated as a reduction in bond proceeds. Accordingly, the discount
is not recorded nor amortized in any governmental fund.
To reflect this change, beginning fund balance has been reduced by $148,969.
Had the discount been amortized over the life of the bond issue, current income would
be decreased by $8,512 for amortization expense.
SUPPLEMENTARY SCHEDULES
TROPHY CLUB MUNICIPAL UTILITY DISTRICT NO. 1
SUPPLEMENTARY SCHEDULES INCLUDED WITHIN THIS REPORT
September 30, 1990
D. Notes Required bv the Water District Accounting Manual
These are incorporated into the Notes presented as part of the General Purpose
Financial Statements.
D.(1) Schedule of Services and Rates
D.(2) Schedule of General Fund Expenditures
E. Analysis of Chanees in Cash and Temporary Investments - All Funds
F. General Lone-Term Debt Service Reauirements - bv Years
G. Analysis of Chanees in General Lonn-Term Debt
H. Schedule of Temporan, Investments
I. Analvsis of Taxes Receivable
J. Analysis of Oreanizational Costs
IS. Analysis of Changes in General Fixed Assets
L. Schedule of Notes Payable
M. Comparative Schedule of Revenues and Expenditures - five vears
N. !nsurance Coverage
0. Board Members. Key Administrative Personnel and Consultants
P. Questionnaire to be Comoleted by Auditor
Q. Cornbinine Schedules
R. Certificate of the Board of Directors
TROPHY CLUB MUNICIPAL UTILITY DISTRICT NO. 1
SCHEDULE OF SERVICES AND RATES
Year ended September 30, 1990
1. Services provided by the District:
X Retail water - Wholesale water - Drainage
X Retail sewer - - X Wholesale sewer - Irrigation
- Parks/Recreation - X Fire Protection - Security
- Solid Waste/Garbage - Flood Control - Eoads
X Participates in joint venture, regional system and/or waste water service (other than -
emergency interconnect)
- Other
2. Total water consumption (rounded to the nearest 1,000) during the fiscal year:
Gallons pumped into system: 412,694
Gallons billed to customers: 401,666
3. Retail rates (based on 5/5" meter) based on rate order dated January 17, 1990:
Minimum Rate per
Minimum Usage Flat 1,000 gallons Usage levels
Charee (in gallons) over minimum (in ~allonsL
Water 59.00 0-3000 No $1.65 3,001 to 20,000
$1.35 over 20,000
Sewer $9.00 0-3000 No $1.65 3,001 to QCUX:"
Surcharge: None
Sewer usage does nor employ winter averaging.
Total water and sewer charges per 10,000 gallons usage:
First 10,000 gallons used $40.05
Next 10,000 gallons used 19.50
Next 10,000 gallons used 18.50
Maximum sewer charge is for 12,000 gallons (residential only)
TROPHY CLUB MUNICIPAL UTILITY DISTRICT NO. 1
SCHEDULE OF SERVICES AND RATES
Year ended September 30, 1990
4. Number of retail water and/or waste water comections within the District as of fiscal year
ended September 30, 1990: 1,512
Connections Active Connections Inactive Connections
Single family 1,466 None
Single family equivalents (SFE's) for:
Number of Active SFE Inactive SFE
Active Connections Connections Connections
Multi family
Commercial
Other-recreational centers,
government & VFD
Total
5. Standby fees:
The District currently assesses a standby fee of $6.00 to any lot which has water and sewer
service available, but not connected.
6. Other rates for retail services provided:
For reconnection following disconnection for nonpayment:
Disconnect or reconnect at customer request:
Accuracy reading (if meter is Found to be correct):
Customer deposit (owner of property):
Customer deposit (renter of property):
Customer deposit (builder):
Name of contact person: Roger Unger
Title: District Manager
Phone number: (817) 430-1911
TROPHY CLUB MUNICIPAL UTILITY DISTRICT NO. 1
SCHEDULE OF GENERAL FUND EXPENDITURES
Year ended September 30, 1990
General
Water
and Sewer
Current:
Personnel (including benefits) $ 418,773
Professional fees:
Auditing
Legal
Engineering
Purchased services for resale
Bulk water and sewer service purchases 334,808
Contracted senices:
Tax collector
Utilities
Repairs and maintenance 84,321
Administrative expenditures:
Directors' fees 2,300
Office supplies 5,306
Insurance 41,547
Other administrative expenses 18,959
Capital outlay -
Acquisition of fixed assets
Solid waste disposal
Fire fighting
Parks and recreation
Other expenditures 122,568
Total expenditures $1,253.348
Fire
Department
MUD 1
O~eratin~
Number of persons employed by the Disrrict:
Full-time: 12
Part-time: 1
TROPHY CLUB MUNICIPAL UTILITY DISTRICT NO. 1
ANALYSIS OF CHANGES IN CASH AND TEMPORARY INVESTMENTS - ALL FUNDS
Year ended September 30, 1990
Totals
(memorandum onlvl
General Debt Year ended Year ended
Water and Service September 30, September 30,
Sewer Fund Fund 1990 1989
Sources of cast1 and temporarv investments:
Cash receipts from revenues
Cash transfers from other funds
Refundable deposits
Proceeds from sale of bonds
Interest income
Miscellaneous revenues
Total cash and
temporilry investments provided
Ap~lications of cash and lemporarv investments:
Cash disbursements for currenl expcnditurcs
Cash transfers to other lunds
Payment of bond principal
Refund of customer deposits
Purchase of fixed assets by General Water
and Sewer Fund
Other
Total cash and
tcmporary investments applicd
locreasc (decrease) in cash and
temporary investlnents
Cash nnd temporary invcstr~~cnl balances,
beginning of year
C;thh and tcmptrrilry invcslment bi~lanccs,
cnd ol' ycnr
Due during
fiscal years
ending
Senternher 30
1Wl
1YW
1993
1994
1095
1996
1997
1998
199
2000
2001
2002
2003
2004
2005
2000
2007
Principal
due
Se~ternher 1
$ 165,000
180,000
190,000
200,000
215,000
230,000
245,000
265,000
285,000
305,000
330,000
355,000
385,000
415,000
450,000
485,000
530,0i10
TROPI-IY CLUB MUNICIPAL UTILITY DISTRICT NO. 1
GENERAL LONG-TERM DEBT SERVICE REQULREMENTS - BY YEARS
Year ended September 30, 1990
Series 1987
Interest due
March and
Seplernhcr 1
% 406,137
395,990
384,650
372,395
359,195
344,575
328,475
310,835
291,225
269,565
245,775
219,375
190,620
159,050
124,605
86,805
45,580 -
Total -
571,137
575,990
574,650
572,395
574,195
574,575
573,475
575,835
576,225
574,565
575,775
574,375
575,620
574,050
574,605
571,805
- 575.580
Principal
due
January 1
$ 9,000
10,000
11,000
12,000
13,000
14,000
15,000
16,000
18,000
Series 1989
Intercst due
January and
Julv 1
$ 9,434
8,579
7,634
6,599
5,474
4,357
3,247
2,016
711
Anni~al requirements for all series
Total Total Total principal
Principal I~lterest and interest
due due due
$ 174,000 $ 415,571 $589,571
190,000 404,569 594,569
201,000 392,284 593,284
212,OM) 378,994 590,994
228,000 3G4,669 592,669
244,WO 348,932 592,932
260,000 331,722 591,722
281,000 312,881 593,881
303,000 291.9% 594,936
305,000 269,565 574,565
330,000 245,775 575,775
355,000 219,375 574,375
365,000 190,620 575,620
415,000 159,050 574,050
450,000 124,605 574,605
485,000 86,805 571,805
530.000 45,580 575,580
Cash and temporary investrncnt bal;~nccs
at Septeniber 30, 1990:
Dcbl Servicc Fund X30S.134 -
TROPHY CLUB MUNICIPAL UTILITY DISTRICT NO. 1
Interest rate
ANALYSIS OF CHANGES IN GENEEWL LONG-TERM DEBT
Year ended September 30, 1990
Bond issues
Series
19S9
Series
1987 Total
Dates interest payable 1/1;7/1 3/1;9/1
Maturity dates
Bonds outstanding at beginning
of current year $126,000 $5,385,000 $53 11,000
Bonds sold during
current year
Retirements: Principal 5,000 155,000 163,000
Bonds outstanding at end
of current year 118,000
Retirements: Interest 10,199 415,438 425,637
Paying agent's name and address:
Series 1989 and Series 1987:
NCNB of Texas, Fort Worth, P. 0. Box 830040, Dallas, Texas 75253-0040
Refunding
Bond Authority: Tax Bonds Other bonds Bonds
Amount authorized by voters $12,344,217 $ - $
Amount issued 6,765,000
Remaining to be issued 4,580,000
TROPHY CLUB MUNICIPAL UTILITY DISTRICT NO. 1
SCHEDULE OF TEMPORARY INVESTMENTS
Year ended September 30, 1990
Identification
or certificate Interest Maturity
Funds number rate date
General Water
and Sewer Fund:
MUD 1 Operating
Certificate
of deposit
Accrued
interest
Balances receivable
at end at end
of year of vear
TROPHY CLUB MUNICrPAL UTILITY DISTRICT NO. 1
ANALYSIS OF TAXES RECEIVABLE
September 30, 1990
Fire MUD 1
Department MUD 1 Debt
Operations O~erating Service
Taxes receivable at beginning of year $ 3,268 $ 2,556 $ 32,303
1989 tax roll 118.930 118.931 594.652
Total to be accounted for 122,198 121,487 626,955
Less collections:
Current year 114,958 114,957 574,788
Prior years 1.136 633 10.576
Taxes receivable at end of year $ 6,104 $ 5.897 $ 41.591
Taxes receivable by years:
1980 $ - $ 42 $ 353
1981 - 112 420
1982 - - 235
1983 23 - 336
1984 105 - 1,544
1985 40 583
1986 539 1,419 6,528
1987 398 88 3,823
1988 1,027 264 7,906
1989 3,972 3.972 19.863
$ 41.591
Property valuations:
Five vears ended Seotember 30.
(in thousands except for tax roll amount)
1990 - - 1989 - 1988
Land $ 58,395 $ 54,000 $ 43,998 $ 33,704
Improvements 235,886 144,964 113,125 102,062
Personal property 3,159 2,750 2,508 3,018
Exemptions --..Am (13) (15) (17)
Total property valuations $297.326 $201.701 $159.616 $138.767
Tax rate per $100 valuation - $0.349 - $0.417 $0.598
7
Tax rolls (total) $832.513 $700,958 $665.599 $529,827
For the year ended September 30, 1990:
Percent of current tixxes collected to current taxes levied
Percent of current and delinquent taxes collected to current
and delinquent taxes outstanding at beginning of tax year
TROPHY CLUB MUNICIPAL UTILITY DISTRICT NO. 1
ANALYSIS OF ORGANIZATIONAL COSTS
Year ended September 30, 1990
Balances
at beginning
of vear
Organizational costs -
creation oeriod
Engineering and surveys $ 10,991
Filing fees, licenses, legal
notices and permits 2,640
Legal fees 13,725
Director fees and per diem 400
Other costs 361
Total organizational costs -
creation period 28.117
Organizational costs -
construction oeriod
Legal fees 103,492
Financial consulting fees 161,513
Operating expenses 19,461
Bond interest expense 206,017
Amortized bond discount 4.088
Total organizational costs -
construction period 494.571
Total organizational costs 16522.688
Amounts provided:
For district organizational
costs - creation period
by construction fund 16 28.117
For district organizational
costs - construction period:
By Capital Projects Fund 252,228
By Debt Service Fund 242.343
Total district organizational
costs - construction period 494,571
Total provided - $522.688
Additions
(decreases)
Balances
at end
of vear
TROPHY CLUB MUNICIPAL UTILITY DISTRICT NO. 1
ANALYSIS OF CHANGES IN GENERAL FIXED ASSETS
Year ended September 30, 1990
General Fixed assets:
Land
Buildings
Water system
Sewage system
Drainage system
Machinery and equipment
Autos and trucks
Furniture and fixtures
Engineering fees
Construction in progress
Additions provided by:
Debt Senice Fund
Contributions by developer
Contributions by General
Water and Sewer Fund
Balances
at beginning
of vear
Additions
(deletions]
Balances
at end
of vear
TROPI-IY CLUB MUNICIPK UTILITY DISTRICT NO. 1
SCHEDULE OF NOTES PAYABLE
September 30, 1990
Payable Accrued
Interest Maturity at end interest
rate - date of year on notes
General lone-term debt:
FMC Corporation
Totals - All funds
TROPHY CLUB MUNICIPAL UTILITY DISTRICT NO. 1
COMPARATIVE SCHEDULE OF REVENUES .4ND EXPENDITURES
Years ended September 30, 1990, 1989, 1988, 1987 and 1986
Amount
Year ended
Percent of fund total revenue
Year ended
Sentemher 30.
1990 1989 1988 1987 1986
General Water and Sewer Fund revenues
Service revenues
Tap connection fees
Penalty and interest revenues
Expense reimbursements
Tax revenues
Miscellaneous
Toial General Water and
Sewer Fund revenues
General Warer and Sewer Fund expenditures
Purchased water and sewer services
Payroll expenditures
Professional fees
Recurring operating expendilures
Capital ouilay
Miscellaneoi~s
Total General Water and
Sewer Fund expenditures
Esccss (delicit) of General Water and Sewcr
Fund revenues over expendilures
TIiOPNY CLUB MUNICIPAL UTILITY DISTRICT NO. I
COMPARATIVE SCHEDULE OF REVENUES AND EXPENDITURES
Years ended September 30, 1990, 1989, 1988, 1987 and 1986
(Continued)
Debt Service Fund revenues
Tau revenues
Penalty and interest
Interest on investmenls
Miscellancous
Total Debt Service Fund revenues
Dchl Service Fund exoendilures
Tm collection expenditures
Capital outlay
Debt senice:
Principal retiremen1
Interest and fiscal charges
Total Debt Service Fund expenditures
Excess of Debt Service Fund
revenues over exoendilurcs
Caniial Prcliecis Fund
Revenue
Miscellaneous expenses
Total Capital Projects
Fund expenditures
Exccss or Capital Projects Fund
rc\.cntlcs ovcr exnendilures
Amount
Year ended
Percent of fund total rcvenue
Year ended
Sentember 30,
1990 1989 1988 1986 -
TROPHY CLUB MUNICIPAL UTILITY DISTRICT NO. 1
COMPARATIVE SCHEDULE OF REVENUES ,4ND EXPENDITURES
Years ended September 30, 1990, 1989, 1988, 1987 and 1986
(Continued)
Aniount Percent of fund total revenue
Year ended Year ended
September 30, September 30.
1990 - - 1989 1988 - 1987 p& 1990 198') 1988 1987 l'lR6 -
Average annual debt service requirement
for unpaid principal and interest $ 584,172 $ 584,421 $ 574,176 $ 574,056 $ 650,655 .O% .O% .O% ,076 .O%
Excess revenues from General Fund
and Debt Service Fund before
expenditures for debt service 665,236 475,481 694,349 938,446 589,196 .O% .O% .O% .O% .O%
Coverage (excess revenucs as adjusted
divided by annual debt service
requirement)
Number of water and sewer connections
at end of year
Toti11 amount of water billed to customers
(in iliousands of gallons) 431,666 344,356 351,730 272,206 258,324 .O% .O% .O% .0% 0%
Total amount of water pumped into system
(in thousands of gallons) 412,694 437,313 404,147 282,795 290,960 .O% .O% .O% ,076 .O%
Pcrcentage of water billed to water pumped 97.3% 78.7% 87.0% 96.3% 88.8% ,076 .O% .U% .O% .O%
(1) During 1985 and 1989, (lie calibration cquipmenl had rnechanici~l malfunctions. As a result, the totals of waler pumped into the system are nol corrccl.
TROPHY CLUB MUNICIPAL UTILITY DISTRICT NO. I
INSURANCE COVERAGE
September 30, 1990
Insurer
Type of Policy
Amount of corporation clause
Tvne of coverage From - To coverage Name stock/mutual co-insurance
Employee honesty, etc.:
Tax assessor-collcctor 01-13-YO 01-13-91 $ 10,000 Hartford Company
Public nflicial (each director) 10-03-89 10-03-90 50,OW Fidelity & Deposit Company
Bookkeeper bond 10-03-89 10-03-90 50,000 Fidelity & Deposit Company
Director and officer liability 10-03-90 10-03-91 1,000,000 Colonial Insurance Company
Umbrella liability 09-3(1-90 09-30-91 1,000,000 U. S. Fire Insurance Company
Electronic equipment 09-30-90 09-30-91 23,150 Kemper Lloyds
Building and contents
and water system
Boiler and machinery
Pension bond
Liahili~y:
General:
Bodily injury
Property damage
Automotive (nonowned):
Bodily injury
Property damagc
09-30-88 09-30-91 7,015,000 American Proteclion
09-30-YO 09-30-91 500,000 The Hartford Steam Boiler
01-01-90 01-01-91 10,WO I-Iartford Company
09-30-90 09-30-91 $l,WO,000/ U. S. Fire Insura~~ce
2,000,WO Company
$1,000,000
09-30-90 03-30-91 $1,000,000 U. S. Fire Insurance
$1,000,000 Company
Stock None
Stock None
Stock None
Stock None
Stock None
Stock None
Stock None
Stock None
Stock None
Stock None
Stock None
?'hi5 slatcment, prepared from the policies, is inlendcd only as a dcscriptivc summary; no cxprcssio~~ of opinion :is lo llic xcleilll:icy (>I the c~ver:rgc is inlcn~lcrl
TROPHY CLUB MUNICIPAL UTILITY DISTRICT NO. 1
BOARD MEMBERS, KEY ADMINISTRATIVE PERSONNEL AND CONSULTANTS
September 30, 1990
Complete district mailing address: 100 Municipal Drive, Trophy Club, Texas 76262
District business telephone number: (817) 430-1911
Term of Fees
office elected and expense Residenr
and expires or reimbursement of
Name and address date hired 09-30-90 Title at vear-end District'?
Board members
Jerome H. Svore
250 Oak Hill Drive
Trophy Club, Texas 76262 05-90105-94 $ 1,100 President Yes
Constance S. White
119 Trophy Club Drive
Trophy Club, Texas 76262 05-90105-94 $ 1,200 Vice-president Yes
Ted Neidenberger
1033 Sunset Drive
Trophy Club, Texas 76262 05-88/05-92 $ 1,300 Secretary-Treasurer Yes
David A. Weaver
109 Inverness
Trophy Club, Texas 76262 05-88/05-92 $ 1,000 Director Yes
George Knowles
102 Fresh Meadows
Trophy Club, Texas 76262 05-90/05-91 $ 300 Director Yes
Kev administrative personnel
Roger Unger
102 Carnoustie
Trophy Club, Texas 76262 04-15-86 $42,000 General Manager Yes
TROPHY CLUB MUNICIPAL UTILITY DISTRICT NO. 1
BOARD MEMBERS, KEY ADMINISTRATIVE PERSONNEL AND CONSULTANTS
September 30, 1990
(Continued)
Term of Fees
office elected and expense Resideni
and expires or reimbursement of
Name and address date hired 09-30-90 Title at vear-end Districll
Consultants
Denton County Appraisal District
P. 0. Box 2816
Denton, Texas 04-01-81 $ 8,273 Assessor No
Doma Welsh
P. 0. Box 130
Trophy Club, Texas 76262 12-01-87 $ 8,000 Tax Collector Yes
Godfrey, Decker, McMackin,
Shipman, McClane & Bourland
3200 Continental Plaza
Fort Worth, Texas 76102 Inception $ 25,923 Legal Counsel No
Phillips and Welch, P.C.
3015 West Fifth Street Ce- 1 tli~ed ' " Public
Fort Worth, Texas 76107 03-31-83 $ 8,250 Accc~untants No
Carter & Burgess
1100 Macon Street Consulting
Fort Worth, Texas 76102 1983 $ 65,635 Engineers Nu
Note: No director has any business or family relationsl~ips (as defined by the Texas Water Code) wit11
major landowners in the District, with the District's developer or with any of the District's consultants.
TROPHY CLUB MUNICIPAL UTILITY DISTRICT NO. 1
QUESTIONNAIRE TO BE COMPLETED BY AUDITOR
Year ended September 30, 1990
1. On the following chart, provide the appropriate check marks for each listed accounting record.
Under the "USED?" block for each record indicate either ''NO" (it is not used) or YES" (it is used).
Under the "HOW KEPT?" block indicate if records are maintained manually, by hand, or if data
are input to a computer. Under the "WHEN UPDATED?" block show how often entries are made
to each record. If entries are made less often than monthly, write in the frequency under ''HOIl'
OFTEN?". Indicate who provided the information for the table below: Judv Tannenhill
USED? HOW KEPT? WHEN UPDATED?
BY BY HO\V
RECORD -- NO YES - HAND COMPUTER DAILY WEEKLY MONTHLY OFTEN
Description of accounts
Chart of accounts
General journal
Cash receipts journal
Cash disbursements
journal
Check register
General ledger
Customer subsidiary
ledger
Fixed assets ledger
Bank reconciliation
Trial balance
2. Does the district use double entry accounting?
3. What is the usual location of the accounting records?
100 Municipal Drive, Trophy Club, Texas
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?
If Yes is checked for Question 4, have these topics been
discussed in a Management Letter to the water district's Board
of Directors?
TROPHY CLUB MUNICIPAL UTILITY DISTRICT NO. 1
QUESTIONNAIRE TO BE COMPLETED BY AUDITOR
Year ended September 30, 1990
(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 Capital Projects Fund and Debt Service Fund only
for purposes authorized by the Board of Directors of the
water district and/or within the provisions of the applicable
bond resolutions?
b. Properly escrow the required amount of cash as prescribed
by the Texas Water Commission or disburse the escrowed
cash according to the terms prescribed by the Texas Water
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 grants, gifts, etc., or
observe agreements with governmental agencies for the
purpose of securing funds or services?
e. Have a contract for Social Security coverage for irs
employees with the Texas Employees Retirement System?
f. h4ake rernitta~lces of Social Security taws according to the
terms of the contract for Social Security coverage with the
Social Security Division of the Texas Employees
Retirement System?
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?
X -
YES NO
X - -
YES NO
X - -
YES NO
X - -
YES NO
U -
YES NO
7. - -
YES NO
X - -
YES NO
X - -
YES NO
X - -
YES NO (1) No intergovernmental transactions
TROPHY CLUB MUNICIPAL UTILITY DISTRICT NO. 1
QUESTIONNAIRE TO BE COMPLETED BY AUDITOR
Year ended September 30, 1990
(Continued)
7. Note: A management letter is an audit scope requirement of
the Water District Accountine Manual.
a. The date of the most recent management letter was
November 21, 1990.
b. Were recommendations explained to and discussed with
administrative officials of the water district?
c. Is there evidence indicating that the previous year's
recommendations have been or are being implemented?
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 & depository:
a. The name of the depository bank - Northwest Bank
b. Amount of F.D.I.C. coverage (if member bank)
c. Amount of bond or other security pledged as of the end of
the fiscal period (par value)
d. Largest cash balance
e. Date of largest clish balance
f. The amount of bond or security pledged at the time of the
largest cash balance (excluding F.D.I.C. coverage)
a. The name of the depository bank - First National Bank of
Grapevine
b. Amount of F.D.I.C. coverage (if member bank)
c. Amount of bond or other security pledged as of the end of
the fiscal period (par value)
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)
X - -
YES NO
K - -
YES NO
X - -
YES NO
NONE
$142,441
04/21/90
TROPHY CLUB MUNICIPAL UTILITY DISTRIm NO. 1
QUESTIONNAIRE TO BE COMPLETED BY AUDITOR
Year ended September 30, 1990
(Continued)
a. The name of the depository bank - AMBC Grapevine
b. Amount of F.D.I.C. coverage'(if member bank)
c. Amount of bond or other security pledged as of the end of
the fiscal period (par value)
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)
a. The name of the depository bank - NCNB Texas
b. Amount of F.D.I.C. coverage (if member bank)
c. Amount of bond or other security pledged as of the end of
the fiscal period (par value)
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 a district employee.
10. Was the tau assessor-collector bonded as required by law?
11. What was:
a. The tax assessor-collected bonded for?
b. The greatest amount of the district's taxes in the ta?c
assessor-colle~~tor's possession at any one time?
c. The frequency of tax receipts deposits with the bonded
depository?
12. We (check one):
a. Actually examined the records of the tau assessor-collector
b. Received written confirmation for tax data from the tax
assessor-collector
c. Accepted tax data furnished by the district's administrative
offices
X - -
YES NO
(1) Receipts are deposited as received into district accounts.
TROPHY CLUB MUNICIPAL UTILITY DISTRICT NO. 1
QUESTIONNAIRE TO BE COMPLETED BY AUDITOR
Year ended September 30, 1990
(Continued)
13. Were local tax revenues (including delinquent taxes and
interest and penalties on 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. Full and complete explanations and/or references to notes,
schedules (or comments in the auditor's report letter) for
responses marked (*).
X - -
YES NO
X - -
YES NO
COMBINING BMCE SHEET - GENERAL WATER AND SEWER FUND
September 30, 1990
Cash:
Unrestricted cash
Restricted cash
Water and
Sewer
Total cash 93.462
Temporary investments, at cost:
Unrestricted
Restricted -
Total temporary investments -
Total cash and
temporary investments 93,462
Accounts receivable and accrued revenue,
less allowance for doubtful accounts
of $122,940 in 1990 and $34,066 in 1989 172,006
Due from/to tax fund
Due to/from Systems 118,234
Due to/from operations and maintenance
Prepaid fuel 1,246
Total assets $384.948
Fire
Department
MUD 1
O~eratinq
Combined
Total
TROPHY CLUE IviLTNICIPAL UTILITY DISTRICT NO. 1
COMBINING BALANCE SHEET - GENERAL WATER AND SEWER FUND
September 30, 1990
Current liabilities:
Accounts payable and accrued expenses
Refundable deposits
Total current liabilities
Deferred income
Total liabilities
Fund balances:
Unallocated fund balance
Net income (loss)
Allocated fund balance
Total fund balances
Total liabilities
and fund balance
Water and
Sewer
Fire
Department
MUD 1
Operating
Combined
Total
TROPHY CLUB MUNICIPAL UTILITY DISTRICT NO. 1
COMBINING STATEMENT OF REVENUES, EXPENDITURES
GENERAL WATER AND SEWER FUND
Year ended September 30, 1990
Water and Fire MUD 1 Combined
Sewer Department Ooerating Total
Revenues
Service revenues (Note 6)
Tap connection revenues
Tax revenues (Note 9)
Penalty revenues
Miscellaneous
Interest on temporary investments
Total revenues
Expenditures
Water and Sewer Department:
Salaries, wages, benefits and taxes
Contract labor
Water purchases
Utilities and telephone
Consumable supplies
Maintenance and repairs
Capital expenditures
Engineering fees
Rentllease equipment
Bad debt expense
Other expense
Administrative:
Salaries, wages, benefits and taxes
Professional Eees
Legal
Auditing
Engineering
Maintenance and repairs
Contract labor
Printing and office supplies
Utilities and telephone
TROPHY CLUB MUNICIPAL UTILITY DISTRICT NO. 1
COMBINING STATEMENT OF REVENUES, EXPENDITURES
GENERAL WATER AND SEWER FUND
Year ended September 30, 1990
(Continued)
Water and
Sewer
Expenditures - continued
Administrative: (continued)
Lnsurance and bonds 41,547
Travel and seminars 3,968
Tax office contract senices 3 14
Legal notices and publications 157
Capital expenditures 753
Directors' fees 2,300
Other expenses 11.929
Total administrative expenses 306,547
Fire Department:
Salaries, wages, benefits and tmes 592
Utilities and telephone -
Dispatch -
Note and bond payments -
Schools and training
Uniforms
Fuel and supplies
Insurance and bonds
Capital expenditures (non capitalized)
Maintenance and repairs
Remote communications
Professional fees:
Legal -
Auditing
Tax office contract services
Other expenses
Total Fire Department expenses 592
Total expenditures 1.253.348
Net income (loss) $ 58.043
Fire
De~artment
MUD 1
O~eratinz
Combined
Total
TROPHY CLUB MUNICIPAL UTILITY DISTRICT NO. 1
COMBINING STATEMENT OF REVENUES AND EXPENDITURES -
BUDGET AND ACTUAL - GENERAL WATER AND SEmR FUND
Year ended September 30, 1990
Revenues
Water and sewer service
Inspection and tap fees
Penalty revenue
Interest income
Miscellaneous and carryover
Expenditures
Water and Sewer Department:
Salaries, wages, benefits and taxes
Contract labor
Water purchases
Utilities and telephone
Consumable supplies
Maintenance and repairs
Capital expenditures
Engineering fees
Rentllease equipment
Bad debt expense
Other expense
Administrative:
Salaries, wages, benefits and taxes
Professional fees
Legal
Auditing
Engineering
Maintenance and repairs
Contract labor
Printing and office supplies
Utilities and telephone
General Water and Sewer Fund
Variance
Favorable
Budget Actual /Unfavorable)
TROPHY CLUB MUNICIPAL UTILITY DISTRICT NO. 1
COMBINING STATEMENT OF REVENUES AND EXPENDITliRES -
BUDGET AND ACTUAL - GENERAL WATER AND SEWER FUND
Year ended September 30, 1990
Continued
General Water and Sewer Fund
Variance
Favorable
Budset &&&I (Unfavorable]
E.upenditures - continued
Administrative: (continued)
Insurance and bonds
Travel and seminars
Legal notices and publications
Directors' fees
Other expenses
Total administrative expenses
Fire Department:
Salaries, wages, benefits and taxes
Total e.xpenditures
Net income
Revenues
Ad valorem tues
Interest income
Miscellaneous
E.upenditures
Administrative expenses:
Professional fees
Legal
Auditing
Engineering
Maintenance and repairs
Budget
$ 220,103
MUD #1
Variance
Favorable
Actual iUnfavorable)
TROPHY CLUB IvlUNICIPAL UTILITY DISTRICT NO. 1
COMBINING STATEMENT OF REVENUES AND EXPENDITURES -
BUDGET AND ACTUAL - GENERAL WATER AND SEWER FUND
Year ended September 30, 1990
Continued
MUD #1
Variance
Favorable
Budpet Actual (Unfavorable)
Expenditures - continued
Administrative: (continued)
Printing and office supplies
Insurance and bonds
Travel and seminars
Tax office contract services
Legal notices and publications
Capital expenditures
Directors' fees
Other expenses
Total administrative expenses
Net income
Revenues
Service revenues
Ad valorem taxes
Penalty income
Interest income
Other income
Total revenues
Emenditures
Fire Department:
Salaries, wages, benefits and taxes
Utilities and telephone
Dispatch
Note and bond payments
Fire Department
Variance
Favorable
Budoet Actual (Unfavorablel
TROPHY CLUB MUNICIPAL UTILITY DISTRICT NO. I
COMBINING STATEMENT OF REVENUES AND EXPENDITURES -
BUDGET AND ACTUAL - GENERAL WATER AND SEWER FUND
Year ended September 30, 1990
Continued
Fire Deuartment
Variance
Favorable
Budeet Actual /Unfavorable)
Expenditures - continued
Fire Department: (continued)
Schools and training
Uniforms
Fuel and supplies
Insurance and bonds
Capital e.xpenditures
Maintenance and repairs
Remote communications
Professional fees:
Legal
Auditing
Taw office contract services
Other expenditures
Total Fire Department
Net income
CERTIFICATE OF THE BOARD OF DIRECTORS
Trophy Club 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 September 30, 1990, was received by the Board of Directors on the& da!?
, 1991, and was reviewed and approved; ( ) disapproved at a meeting of the
the Water District on the day of
Signature of Board ~ecrethr~ ggnature of Board President