HomeMy WebLinkAboutFY Ended September 30, 1991ANNUAL FILING AFFIDAVIT
THE STATE OF TEXAS 1
COUNTY OF DENTON 6 TARRANT I
Before me, the undersigned authority, on this day personally appeared
Constance S. White , President or Chairman of the Governing
Board of TROPHY CLUB PIUNICIPAL UTILITY DISTRICT iil I
(Name of Distrtct)
known to me to be the person whose name is hereunder subscribed, and whg,
being by me duly sworn, upon oath says:
I hereby duly swear that to the best of my kncwledge the
district named above has complied in full with all annual
audit report filing requirements 0'1JeTtTon 50.374 of the
Texas Water Code by filing copies of its annual audit report
for the fiscal year or period ending 9/30/1991 I
in the district's office and with the ~ollowing city or
county as listed below:
CITY - Trophy Club
COUNTY - Tarrant L Denton
(Typed Name of City or County) ..
, 19 By: $7 : Dated $ ,/.,,.~?L,%gu. /, ...p. <L 2-
(Signature of Pr'esident or Chairman)
President / Constance S. White
(Typed Name and TitTe)
4- Sworn to and subscribed to before me this day of ~~I~i..ry, 19 e&~
(seal )
commissjon ~~~j~~~ ,,,, 6) .ao -74 Deborah L. Williams
(Typed Name of Notary)
Notary Public in and for the State of Texas.
JAMES L. BUXTON
Certified Public Accountant
5017 S. Hulen, Suite 4. Tel. 346-8315
Fort Worth. Texas 76132
To the Board of Directors
Trophy Club Municipal Utility District No. I
100 Municipal Drive
Trophy Club, Texas 76262
Directors:
I have examined the financial statements of Trophy Club Municipal Utility District
No. I for the period ended September 30, 1991, and have issued my report thereon dated
November 22, 1991. As part of my examination, I made a study and evaluation of the District's
system of internal accounting control to the extent I considered necessary to evaluate the system
as required by generally accepted auditing standards. The purpose of my study and evaluation
was to determine the nature, timing, and extent of the auditing procedures necessary for
expressing an opinion on the District's financial statements. My study and evaluation was more
limited than would be necessary to express an opinion on the system of internal accounting
control taken as a whole.
The management of Trophy Club Municipal Utility District No. I is responsible
for establishing and maintaining a system of internal accounting control. In fulfilling that
responsibility, estimates and judgments by management are required to assess the expected
benefits and related costs of control procedures. The objectives of a system are to provide
management with reasonable, but not absolute, assurance that assets are safeguarded against loss
from unauthorized use or disposition, and that transactions are executed in accordance with
management's authorization and recorded properly to permit the preparation of financial
statements in accordance with generally accepted accounting principles.
Because of inherent limitations in any system of internal accounting control, errors
or irregularities may nevertheless occur and not be detected. Also, projection of any evaluation
of the system to future periods is subject to the risk that procedures may become inadequate
because of changes in conditions or that the degree of compliance with procedures may
deteriorate.
My study and evaluation made for the limited purpose described in the first
paragraph would not necessarily disclose all material weaknesses in the system. Accordingly,
I do not express an opinion on the system of internal accounting control of Denton County
Municipal Utility District No. I1 taken as a whole. However, my study and evaluation disclosed
the following recommendations.
TABLEOFCONTENTS
Indenendent Auditor's Report
General Pumose Financial Statements
Combined balance sheet - all fund types
and account groups
Combined statement of revenues, expenditures and
changes in fund balances - aU governmental fund types
Combined statement of revenues, expenditures
and changes in fund balances (budget and actual)
General Fund
Notes to general purpose financial statements
Su~ulementary 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
Individual General Fund account financial statements
Net general fixed assets by funding source
Certificate of the Board of Directors
JAMES L. BUXTON
Certified Public Accountant
5017 S. Hulen, Suite 4, Tel. 346-8315
Fort Worth. Texas 76132
INDEPENDENT AUDITOR'S REPORT
Board of Directors
Trophy Club Municipal Utility District No. I
Trophy Club, Texas
I have audited the accompanying general purpose financial statements of Trophy
Club Municipal Utility District No. I as of September 30, 1991, and for the year then ended as
identified in the Table of Contents. These general purpose financial statements are the
responsibility of Trophy Club Municipal Utility District No. 1's management. My responsibility
is to express an opinion on these general purpose financial statements based on my audit.
I conducted my audit in accordance with generally accepted auditing standards.
Those standards require that I 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. I believe that my audit provides a reasonable basis for
my opinion.
In my 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. I as of September 30, 1991, and the results of its operations for the year then ended, in
conformity with accounting principles using governmental fund types as required by the Texas
Water Commission. These accounting principles, which are more fully described in note one to the
general purpose financial statements are a comprehensive basis of accounting other than generally
accepted accounting principles.
My audit was conducted for the purpose of forming an opinion on the general purpose
financial statements taken as a whole. The supplementary schedules listed in the table of contents
are presented for purposes of additional analysis and are not a required part of the general purpose
financial statements of Trophy Club Municipal Utility District No. I. This information has been
subjected to the auditing procedures applied in the audit of the general purpose financial statements
and, in my opinion, is fairly presented in all material respects in relation to the general purpose
financial statements taken as a whole.
November 22, 1991
ASSETS
Current assets
Cash:
Unrestrictal cash
Restrictal cash
Total cash
Tempi)rary investments, at cost:
Unrestrictal
ToUl cast1 and
temporary investments
Accounls receivable wd accrued revenue,
less allowance for doubtful uccou~~ts
of $1 13,107 in 1991 wd $122,940 in 1990
Ad valorem property tilxes receivable
Other receivables
Prepaid expenditures
Total current ussets
Derwsi(s
General fixed assets
Amount available in Debt Senlice Fund
Provision for bonded debt
Amount to be provided for retirement
of general long-tent1 debt
Tolnl assets
TROPHY CLUB MUNICIPAL UTILITY DISTRICT NO. I
COMBINED BALANCE SHEET - ALL FUND TYPES
AND ACCOUNT GROUPS
September 30, 1991
Governmental fund tyws Account groups
Debt General Genernl
General Service fixed long-term
Fund Fund ussets deht
Totals
(memorandum only)
September 30, September 30,
1991 1990
(Continual)
Current liabilities:
Accounts payable and uccruul expenditures
Refundable deposits
Total current liabilities
Notes payable
Defer4 income
Bondul debt payable
Total liabilities
TROPHY CLUB MUNICIPAL UTILITY DISTRICT NO. I
COMBINED BALANCE SHEET - ALL FUND TYPES
ANDACCOUNTGROUPS
(Continued)
Senternher 30, 1991
Governmental htnd lvnes Account cn>ups
Debt General General
General Service fixed long-term
Fund Fund assets debt
FUND EOUITY
Investment in general tixd iussets - -
Fund balances:
Reserved for customer deposits
Reserved for debt service
U11rescrvul
Total fund balances
Total equity
Totals
(memorundurn onlv)
September 30, September 30,
1991 1930
Total liahilities md fund equity $l.201.099 -0 $7,920,334 $5.194.250 $14.932.593 $14.414.566
The accompanying notes to financial statements are an integral part of this stltement.
-3-
Revenues
Service
Tap connection fees
Ad valorem propzrty luxes
Ad valorem property lnx penalties
Interest enrnul
Miscellunzoos
Other
TROPHY CLUB MUNICIPAL UTILITY DISTRICT NO. I
COMBINED STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCES - ALL GOVERNMENTAL FUND TYPES
Total revenues
Expenditures
Current:
Water und sewer departmen1
Administrutive
Fire department
Mud I olmrations
Cnpitni outlay
Year endul Ssptemher 30. 199 1
Debt
General Service
Fund Fund
Totnls (memorandum onlv)
Year ended Year ended
September 30, Seplember 30,
1991 1990
(Continued)
-4-
TROPHY CLUB MUNICIPAL UTILITY DISTRICT NO. I
COMBINED STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCES - ALL GOVERNMENTAL FUND TYPES
(Continued)
Expenditures (continued)
Debt service:
Principsl retirement
Interest and fisal charges
Total expenditures
Excess of revenues over expenditures
Other finuncing sources (uses):
Operating transfers in
Operating tninsfers out
Total other finuncing
soi~rces (uses)
Excess of revenues and other finuncing
sources over expenditures and
other financing uses
Fund bulances at beginning of ywt
Fund balimces at end of year
Year ended September 30. 1991
Debt
General Service
Fund Fund
Totals (memorandum only)
Ywr ended Ywr ended
September 30, September 30,
1991 1990
'n~e accompanying notes to financial statements are an integral part of this statement.
-5-
TROPHY CLUB MUNICIPAL UTILITY DISTRICT NO. I
COMBINED STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES (BUDGET AND ACTUAL)
GENERAL FUND
Year ended September 30, 1991
Revenues:
Water and sewer service
Inspection and tap fees
Ad valorem property tax
Ad valorem property tax penalties
Interest earned
Miscellaneous
Other
Total revenues
Expenditures:
Water and Sewer Department:
Salaries, wages, benefits and taxes
Contnct labor
Water purchases
Utilities and telephone
Consumable supplies
Maintenance and repairs
Capital expznditures
Engineering fees
Rent lease equipment
Bad debt
Other
Total Water and Sewer
Department
Administrative:
Salaries, wages, benefits and taxes
Professional fees:
Lad
Auditing
Engineering
Maintenance and repairs
Contract labor
Printing and office supplies
Utilities and telephone
Insurance and bonds
Variance
favorable -
(unfavorable)
(Continued)
6-
TROPHY CLUB MUNICIPAL UTILITY DISTRICT NO. I
COMBINED STATEMENT OF REVENUES, EXPENDmRES
AND CHANGES IN FW BALANCES (BUDGET AND ACTUAL)
GENERAL FUND
Year ended September 30, 1991
(Continued)
Expenditures: (continued)
Administrative: (continued)
Travel and seminars
Legal notices and publications
Capital expenditures
Other expenses
Total administrative
Fire Department:
Salaries, wages, benefits and taxes
Utilities and telephone
Interest
Note payments
Schools and training
Unifonns
Fuel and supplies
Insurance and bonds
Capital expendihtres
Maintenance and repairs
Remote communications
Professional fees:
Legal
Auditing
Tax office contract services
Other
Total Fire Department
(Continued)
Variance
favorable -
runfavorable)
The accompanying notes to tinancial statements are an integral part of this siaternent.
-7-
TROPHY CLUB MUNICIPAL UTILITY DISTRICT NO. I
COMBINED STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES (BUDGET AND ACTUAL)
GENERAL FUND
Year ended September 30, 1991
(Continued)
MUD I Operations:
Professional fees:
Legal
Auditing
Engineering
Maintenance and repairs
Printing and office supplies
Insurance and bonds
Travel and seminars
Tax office contract services
Legal notices and publications
Capital expenditures
Bond issue
Director fees
Other
MUD I Operations
Total expenditures
Excess of revenues
over expenditures
Fund balances at beginning of yea:
Fund balances at end of year
Variance
favorable -
(unfavorable)
The accompanying noes to financial statements are an integral part of his statemml.
-8-
TROPHY CLUB MUNICIPAL UTILTTY DISTRICT NO. I
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS
September 30, 1991
1. Summarv of accounting uolicies
a. Reportine entity - For f~nancial reporting purposes, in accordance with generally accepted
accounting principles, 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 and
financial dependence are determined on the basis of the obligation to finance deficits*
guarantee debt, select members of the governing authority, and approve the budget; the
authority to make a public levy and own assets; the 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. Descriution of funds - The District has established separate funds, in conformance with
generally accepted accounting principles, to account for transactions in compliance with
legal requirements. Funds and account groups used by the District are as follows:
Governmental funds
General 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. I
NOTI3 TO GENERAL PURPOSE FINANCIAL STATEMENTS
September 30, 1991
Summary of accountine uolicies (continued)
Debt Service Fund - To account for the source and disposition of monies for
paying interest and principal on general long-term debt.
Account grouvs .
General Fixed Assets - To account for property and equipment of the District.
General Lone-Term Debt - To account for the unmatured principal of outstanding
General Long-Term Debt.
c. Basis of accounting - Basis of accounting refers to when revenues and expenditures are
recognized in the accounts and reported in the financial statements. Basis of accounting
relates to the timing of the measurements made, regardless of the measurement focus
applied.
All governmental funds are accounted for using the modified accrual basis of
accounting. Their revenues are recognized when they become measurable and available
as net current assets. Property taxes are recorded as revenue when received or expected
to be received in 60 days. Penalties, interest and miscellaneous revenues are recorded
when received in cash because they are generally not measurable until actually received.
Intergovernmental revenue and interest income are accrued, when their receipt occurs scan
enough after the end of the accounting period so as to be both measurable and available.
Expenditures are generally recognized under the modified accrual basis of
accounting when the related fund liability is incurred. Exceptions to this general rule
include principal and interest on general long-term debt which are recognized when due.
TROPHY CLUB MUNICIPAL UTILITY DISTRICT NO. I
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS
September 30, 1991
1. Summary of accounting policies (continued)
d. General fixed assets - General fixed assets consisting of property, plant and equipment are
recognized as expenditures in the General Fund at the time of purchase and capitalized in
the General Fixed Assets Account Group. No depreciation has been provided in general
fixed assets.
The accounting and reporting treatment applied to fixed assets is determined by
a fund's measurement focus. All governmental funds are accounted for on a spending or
"financial flow" measurement focus. This means that only current assets and current
liabilities are generally included on their balance sheets. Their reported fund balance (net
current assets) is considered a measure of "available spendable resources." Governmental
fund operating statements present increases (revenues and other financing sources) and
decreases (expenditures and other financing uses) in net current assets. Accordingly, they
are said to present a summary of sources and uses of "available spendable resources"
during a period.
General fixed assets are valued at historical cost or estimated historical cost, if
actual historical cost is not available. Donated assets are valued at their estimated fair
value on the date donated. Repairs and maintenance are recognized as expenditures;
renewals and betterments are capitalized.
e. Budgets and Bud~etarv Accounting - The District follows these procedures in establishing
the budgetary data reflected in the financial statements:
1. Formal budgetary integration is employed as a management control device during the
year for the General Fund. This budget is adopted on a basis consistent with
generally accepted accounting principles.
TROPHY CLUB MUNICIPAL UTILITY DISTRICT NO. I
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS
September 30, 1991
1. Summarv of accountino wlicies (continued)
2. The Board of Directors approves, by ordinance, budget appropriations. Any revisions
that alter the total appropriations of any fund must be approved by the Board of
Directors. Therefore, the level of budgetary responsibiity for each fund is by total
appropriations.
3. Unused appropriations of the above annually budgeted fund lapse at the end of the
Year.
4. No significant amendments to the budget occurred during the year.
f. Cash and investments - The District maintains a separate bank account for each fund.
Except for bond related transactions, the District conducts all its banking and investment
transactions with its depository bank.
Deuosits
At September 30, 1991, the canying amount of the District's deposits was
$727,084 and its total bank balance was $795,619. Of the bank balance, $252,582 was
covered by federal depository insurance, and $543,037 was covered by collateral in the
District's name held at the Northwest Bank, Roanoke, Texas; Team Bank, Fort Worth,
Texas; and NCNB, Texas Trust Division of Fort Worth, Texas, the District's bond agent.
The District does not carry any bank balance over and above the insured and secured
amounts.
Investments are stated at cost which approximates market for all investments.
All investments mature within one year.
During fiscal year 1991, the District had no investments other than interest
bearing bank accounts and Certificates of Deposits. The District records all interest earned
from investment activities in the respective funds.
TROPHY CLUB MUNICIPAL UTILITY DISTRICT NO. I
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS
September 30, 1991
1. Summarl, of accountino, uolicies (continued)
g. Total columns - Total columns are captioned "memorandum only" to indicate that they are
presented only to facilitate financial analysis. Data in these columns do not present
financial position or results of operations 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. Total columns for the prior year are
presented to provide an understanding of changes in the District's financial position and
operations. However, prior year information by fund type is not presented since their
inclusion would make the statements unduly complex and difficult to read.
2. Creation of district - The District was created by an order of the Texas Water Commission on
March 4, 1975, and confirmed by the electorate 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.
4. Or~anizational costs - The District, in conformance with requirements of the Texas Water
Commission, capitalized and charged to organizational costs, for the creation period, all costs
incurred in the creation of the District allowed by statute. The Texas Water 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 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.
TROPHY CLUB MUNICIPAL UTILITY DISTRICT NO. I
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS
September 30, 1991
5. General lone-term debt - The annual changes to general long-term debt as of September 30,
1991 are as follows:
Notes Pavable Bonded Debt
Balance October 1, 1990
Principal reductions
Balance September 30, 1991 $22.500 $5.174.000
At September 30, 1991, the District's bonded debt consisted of:
Range of General Next Subsequent
interest long-term Year Long-term
Maturity rates debt maturities maturities
Water works and
sewer system
combination
unlimited tax
and revenue Serially
bonds series through 5.50 -
1987 2007 8.60 $5,065,000 $180,000 $4,885,C00
Public Property
Finance con- Serially
tractual obli- through 7.60 -
gations 1989 1999 9.00 109.000 10.000 99.000
TROPHY CLUB MUNICIPAL UTILITY DISTRICT NO. I
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS
September 30, 1991
5. General long-term debt (Continued)
A schedule of bond maturities is as follows:
Year - Interest Princival
Total $4.167.362 $5.174.000
Tax and revenue bonds authorized and unissued as of September 30, 1991,
amounted to $5,579,217.
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.
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, 1991.
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. I
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS
September 30, 1991
6. Water and sewer service rates - The Trophy Club Municipal Utility District No. I has
established the following water and sewer service rates:
Tap fee
Sewer inspection fee
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
Untreated water:
Each 1,000 gallons of water used
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
Sewer charge per month - minimum bill
Each 1,000 gallons of water used -
in excess of 3,000
Sewer charge per month - maximum bill
(residential only)
TROPHY CLUB MUNICIPAL UTILITY DISTRICT NO. I
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS
September 30, 1991
7. Commitments - The District follows the guidelines of the Texas Water Commission in its
dealings with developers.
During 1991, the District made application with the Texas Water Commission to
sell up to $4,350,000 in bonds. The bonds were sold November, 1991.
In September, 1990, the District entered into a lease for equipment which became
effective on October 1, 1991. The lease is accounted for as a capital lease in the amount of
$21,871. 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
Total
Less amount representing
interest (6.323)
Present value of net
minimum lease payments $21.871
TROPHY CLUB MUNICIPAL UTILITY DISTRICT NO. I
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS
September 30, 1991
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 creation and
construction organizational
period costs
Balance
September 30,
1990
$ 140,372
223,086
2,852,575
1,760,465
972,898
277,320
280,946
40,097
763,324
Additions
[deletions)
Balance
September 30,
1991
Total $7.833.771 $86.563 $7.920.334
Additions provided by:
Bond issues $5,694,056
Contributions by developers 850,741
Contributions by General Fund 1.375.537
Total $7,920,334
*Expenditures from General Fund
9. Revenue Recoenition - Ad Valorem Propertv taxes - Property taxes attach as an enforceable
lien on property as of January 1. Taxes are levied on October 1 and are due and payable by
January 31, of the following year. All unpaid taxes become delinquent February 1. The
District receives most of its payments in December. Property taxes for the District are not
limited as to rate or amount. The District's current tax rate is $.256 per $100 of assessed
valuation, which is approximately one hundred percent (100%) of actual value.
TROPHY CLUB MUNICIPAL UTILITY DISTRICT NO. I
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS
September 30, 1991
11. Joint venture - The District holds legal title to and operates the central water supply system
and the central waste disposal system as "Master District" for the Trophy Club joint
venture for the benefit of Trophy Club MUD I, Trophy Club MUD 11, and developers in
the Trophy Club joint venture. The original ultimate build out of Trophy Club anticipated
participation by five (two (2) additional) separate Municipal Utiliry Districts. The
proportionate allocation of costs and related beneficial usage rights in the major assets,
based on estimated ultimate usage of such major assets, is as follows: (A)
Future
MUD I MUD I1 Development
Dercent
Water plant and wzlls 40.91 27.14 31.95
Twentydne (21) inch Fort Worth
water line 36.89 40.00 23.11
Elevated tank 43.99 56.01 00.00
Original treatment plant and land 67.14 32.86 00.00
Expanded treatment plant 33.76 46.25 19.99
Administration building 23.38 0.00 (B) 76.62 (B)
(A) Reimbursement to the developers has not been fully funded at year end.
(B) MUD I1 does not achowledge any portion of the cost of the administration building as being their
responsibility.
The developers and the districts have an agreement making the District the
managing dismict. 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 joint venture is included in the financial
statements 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.
SUPPLEMENTARY SCHEDULES
The following Supplementary Schedules are included to satisfy reporting requirements of
the Texas Water Commission.
TROPHY CLUB MUNICIPAL UTILITY DISTRICT NO. I
SUPPLEMENTARY SCHEDULES INCLUDED WITHIN THIS REPORT
September 30, 1991
D. Notes Reauired bv the Water District Accountine 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 Ex~enditures
E. Analvsis of Changes in Cash and TemDora~ Investments - All Funds
F. General Long-Term Debt Service Reauirements - by Years
G. Analvsis of Chanees in General Lonp-Term Debt
H. Schedule of Tem~orarv Investments
I. Analvsis of Taxes Receivable
J. Analvsis of Oreanizational Costs
K. Analvsis of Chances in General Fixed Assets
L. Schedule of Notes Payable
M. Comvarative Schedule of Revenues and Expenditures - five vears
N. Insurance Coveraee
0. Board Members. Key Administrative Personnel and Consultants
P. Ouestionnaire to be Comvleted by Auditor
Q. Combining Schedules
R. Certificate of the Board of Directors
TROPHY CLUB MUNICIPAL UTILITY DISTRICT NO. I
SCHEDULE OF SERVICES AND RATES
Year ended September 30, 1991
1. Services provided by the District:
Retail water Wholesale water - Drainage
Retail sewer - X Wholesale sewer - Irrigation
- ParksIRecreation - X Fire Protection - Security
- Solid WastelGarbage - Flood Control - Roads
Participates in joint venture, regional system andlor 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: 406,m
Gallons billed to customers: 385.900
3. Retail rates (based on 518" meter) based on rate order dated June 25, 1991:
Minimum Rate per
Minimum Usage Flat 1,000 gallons Usage levels
Charge [in gallons) && over minimum (in gallons)
Water $9.00 0-3000 No $1.65 3,001 to 20,000
$1.85 over 20,000
Sewer $9.00 0-3000 No $1.50 over 3,001*
Surcharge: None
Sewer usage does not employ winter averaging.
Total water and sewer charges per 10,000 gallons usage:
First 10,000 gallons used
Next 10,000 gallons used
Next 10,000 gallons used
* Maximum sewer charge is for 12,000 gallons (residential only).
(Continued)
-23-
TROPHY CLUB MUNICIPAL UTILITY DISTRICT NO. I
SCHEDULE OF SERVICES AND RATES
Year ended September 30, 1991
(Continued)
4. Number of retail water andlor waste water connections within the District as of fiscal year
ended September 30, 1991: 1,763
Connections Active Connections Inactive Connections
Single family 1,433 -
Commercial 138 - -
Single family equivalents (SFE's) for:
Number of Active SFE Inactive SFE
Active Connection2 Connections Connections
Multi family 12 203 -
Commercial 34 307 -
Other-recreational centers,
government & VFD 16 - 16 - -
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.
(Continued)
-24-
TROPHY CLUB MUNICIPAL UTILITY DISTRICT NO. I
SCHEDULE OF GENERAL FUND EXPENDITURES
Year ended September 30, 1991
(Continued)
6. Other rates for retail services provided:
Tap fee
Sewer inspection fee
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)
Construction meter
Returned check charge
Name of contact person: Roger Unger
Title: District Manager
Phone number: (817) 430-1911
TROPHY CLUB MUNICIPAL UTILITY DISTRICT NO. I
SCHEDULE OF GENERAL FUND EXPENDITURES
Year ended September 30, 1991
Water
and
Sewer
Systems
Adminis-
trative
Fire
Devarbnent
MUD1 Actual
berations - Total
Current:
Personnel (including benefits) $148,093
Professional fees:
Auditing 8,300
Legal 5,704
Engineering 4,009
Purchased services for resale
Bulk water and sewer
service purchases -
Contracted services:
Tax collector -
Utilities 20,211
Repairs and maintenance 8,933
Administrative expenditures:
Directors' fees 2,300
Office supplies 9,910
Insurance -
Other 7,818
Fire fighting -
Other expenditures 53,876
Capital outlay -
Acquisition of fmed assets 22.726
Totat expenditures $292,080
Number of persons employed by the District:
Full-time: 14
Part-time: 1
TROPHY CLUB MUNICIPAL UTILITY DISTRICT NO. I
ANALYSIS OF CHANGES IN CASH AND TEMPORARY INVESTMENTS - ALL FUNDS
Year ended September 30, 1991
Totals
(n~emorandum only)
Debt Year ended Ywr ended
General Service September 30, September 30,
Fund Fund 1991 1990
Sources of cush and temporaw investments
Cash receipts from revenues
Cash trnnsfers from sub accounts
Refundable deposits
Interest income
Miscellnneous revenues
Total cash nnd
temporary investments provided
Applications of cash and temporaw investments
Cub disbursements for current expnditures
Cash trnnsfers to sub accounts
Payment of bond principal
Purchase of fixed nssets by General Water
n11d Sewer Fund
Deposits
Other
Total cush wd
temporary investments applied
Increase (dzcrrusc) in cash nnd
temporary investments
Cash nnd temporary investment halnnces,
beginning of year
Cash nnd temporary investment balunces,
end of year
Due during
fiscal ywrs
ending
Sarlternhr 30
1992
1993
1994
1995
1996
1997
1998
1999
2000
200 1
2002
2003
2004
2005
2006
2007
Principal
due
Sentemher I
$ 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,(WO
450,000
485,000
530.(KX)
TROPHY CLUB MUNICIPAL UTILITY DISTRICT NO. I
GENERAL LONG-TERM DEBT SERVICE REQUIREMENTS - BY YEARS
Year ended September 30, 1991
Series 1987
Interest due
March and
September I
$ 395,990
384,650
372,395
359, I95
344,575
328,475
310,835
29 1,225
269,565
245,775
219,375
190.620
159,050
124,605
86.805
45.580
Cash wd temporary investment hnlances
at Septemkr 30, 1991:
Debt Service Fund
Series 1989
Principal
due
~anuaw 1
$ 10,000
11,000
12,000
13.000
14,000
15,000
16.000
18,000
Interest due
Jwunry wd
Julv 1
$ 8.579
7.634
6,599
5,474
4,357
3,247
2,046
711
Annual requirements
Totnl
Principal
due
E 190,000
201,000
212,000
228,000
244,000
260,000
281,000
303.000
305,000
330,000
355.000
385,000
415.000
450,000
485,000
530.000
Total
Interest
due
$ 404.569
392.284
378.994
364,669
348,932
33 1,722
312,881
291,936
269,565
245,775
219,375
190,620
159,050
124,605
86,805
45.580
Totul principal
wd interat
due
$ 594,569
593,284
590,994
592,669
592,932
591.722
593,881
594,936
574.565
575,775
574,375
575,620
574,050
574,605
571,805
575.580
TROPHY CLUB MUNICIPAL UTILITY DISTRICT NO. I
Interest rate
ANALYSIS OF CHANGES IN GENERAL LONG-TERM DEBT
Year ended September 30, 1991
Bond issues
Series
1987
Series
1989
Dates interest payable 3/1;9/1 1/1;7/1
Maturity dates
Bonds outstanding at beginning
of current year $5;230,000 $118,000 $5,348,000
Bonds sold during
current year
Retirements: Principal 165,000 9,000 174,000
Bonds outstanding at end
of current year 5,065,000 109,000 5,174,000
Retirements: Interest 406,137 9,434 415,571
Paying agent's name and address:
Series 1987 and Series 1989:
NCNB of Texas, Fort Worth, P. 0. Box 830040, Dallas, Texas 75283-0040
Refunding
Bond Authority: Tax Bonds Other bonds Bonds
Amount authorized by voters $12,344,217 $ $ -
Amount issued 6,765,000 - -
Remaining to be issued 5,579,217 - -
General Fund:
Svstems
Certificate
of deposit
TROPHY CLUB MUNICIPAL UTILITY DISTRICT NO. I
SCHEDULE OF TEMPORARY ImThlENTS
Year ended September 30, 1991
Identification
or certificate Interest Maturity
number rate date
Accrued
interest
Balances receivable
at end at end
of vear of year
TROPHY CLUB MUNICIPAL UTILITY DISTRICT NO. I
ANALYSIS OF TAXES RECEIVABLE
September 30, 1991
Fire MUD1
Department MUD1 Debt
Maintenance Maintenance Service Total
Taxes receivable at beginning of year $ 6,104 $ 5,897 $ 41,591 $ 53,592
1990 tax roll 154.034 119.804 602.444 876.282
Total to be accounted for 160,138 125,701 644,035 929,874
Less collections:
Current year 150,039 116,697 586,818 853,554
Prior years 1.265 1.216 9.437 11,918
Taxes receivable at end of year $ 8.834 % 7.788 $ 47.780 $ 64.402
Taxes receivable by years:
1981 and prior $ - $ 88 $ 420 $ 508
1982 - - 128 128
1983 16 - 229 245
1984 82 - 1,212 1,294
1985 13 - 196 209
1986 411 1,082 4,976 6,469
1987 310 64 2,950 3,324
1988 750 192 5,770 6,712
1989 3,247 3,247 16,238 22,732
1990 4.M)5 3.115 15.661 22.781
$ 8.834 $ 7.788 $ 47.780 $64.402
Property valuations:
Five years ended September 30.
(in thousands except for tax roll amount)
1990 rn 1988 1987
Land $ 57,533 $ 58,295 $ 54,W $ 43,998 $ 33,704
Improvements 224,165 235,886 144,964 113,125 102,062
Personal property 60,576 3,159 2,750 2,508 3,015
Exemptions (14) (13) (15) (17)
Total property valuations $342.260 $297,326 $201.701 $159.616 $138,767
Tax rate per $100 valuation $0.280 - $0.349 w $0.59E:
Tax rolls (total) $876.182 $832.513 $700.958 $665.599 $829.827
For the year ended September 30, 1991:
Percent of current taxes collected to current taxes levied
Percent of current and delinquent taxes collected to current
and delinquent taxes outstanding at beginning of tax year
All taxes
96.7%
TROPHY CLUB MUNICIPAL UTILITY DISTRICT NO. I
ANALYSIS OF ORGANIZATIONAL COSTS
Year ended September 30, 1991
Balances
at beginning
of vear
Balances
at end
of year
Additions
/decreases1
Organizational costs -
creation ~eriod
Engineering and surveys
Filing fees, licenses, legal
notices and permits
Legal fees
Director fees and per diem
Other costs
Total organizational costs -
creation period
Organizational costs -
construction ~eriod
Legal fees
Financial consulting fees
Operating
Bond interest
Amortized bond discount
Total organizational costs -
construction period
Total organizational costs
Amounts provided:
For district organizational
costs - creation period
by construction fund
For district organizational
costs - construction period:
By Capital Projects Fund
By Debt Service Fund
Total district organizational
costs - construction period
Total provided
TROPHY CLUB MUNICIPAL UTILITY DISTRICT NO. I
ANALYSIS OF CHANGES IN GENERAL FIXED ASSETS
Year ended September 30, 1991
General fixed assets:
Land
Buildings
Water system
Sewage system
Drainage system
Machinery and equipment
Autos and trucks
Furniture and fixtures
Engineering fees
Additions provided by:
Bond issues
Contributions by developer
Contributions by General Fund
Balance
9130190
Additions
/deletions)
Balance
9130191
TROPHY CLUB MUNICIPAL UTILITY DISTRICT NO. I
SCHEDULE OF NOTES PAYABLE
September 30, 1991
Payable Accrued
Interest Maturity at end interest
rate - date ofvear on notes
General lone-term debt:
FMC Corporation
Totals - All funds
Gcneral Fund revenues
Service
Tap connection fees
Ad valorem properfy tax revenues
Penalty wd irrterest revenues
Miscellmu~us
Other
Tolal General Fund revenues
General Fund exnendifures
Purchased wnler and sewer services
Payroll expenditures
Professional fees
Recurring operating expendilures
Cnpilal oullay
Miscellunwus
Total General Fund expenditures
Excess (deficit) of General Fund
revenues over experrditures md
operating trmsfers out
TROPHY CLUB MUNICIPAL UTILITY DISTRICT NO. I
COMPARATIVE SCHEDULE OF REVENUES AND EXPENDITURES
Five Years ended September 30
Amount Percent of fund total revenue
1991 1990 - 1989 - 1988 - 1987 ----- 1991 1990 1989 1988 1987
3
G
2
L.
# - NWNO 0
# 11 i 5 / 4 2 g
7 7 21 go
#
mmb' 0
eR
om1 - 1 j I N q I- 3 21
#
0, pm-' 0 m VI # 1 SAG 1 gl A 61 21 61
NW m
eR -
: a
Y K
3 - k
g p r- u 8
2
0 szg
Ob k
>,ma,
vNv 0
ZR I-m o o ;a1 4-6 1 7 0, GI a $1 $1 - eR
0, vow' 0 mm w v
ZR
21 / 1 a 4 $1 51 -
49 - VI
mm 8 ma3 m m PI w
ml Yt
m m 1, w m $1 LO ' Yt
.- & 7' 4
t 0
Y) 49
L&
2 - m m
0 e : 3 U - B - .-
c .- 3 J
C J s 9 e ?i
X
X U
+A - 3 II a
fi LE n
3 U. a II c
c
-5%
2.
8 #
Yf
b9
Yt 49
.I
TROPHY CLUB MUNICIPAL UTILITY DISTRICT NO. I
COMPARATIVE SCHEDULE OF REVENUES AND EXPENDITURES
Five Years ended September 30
(Continued)
Amount Percent of fund total revenue
1991 1990 )989 1988 1987 - 1991 1990 1989 1988 1987
Average wnual debt service requirement
for unpaid principal wd interest $ 583,835 $ 584,172 $ 584,421 $ 574,176 $ 574,056
Excess revenues from General Fund
and Debt Service Fund before
expenditures for debt service
Coverage (excess revmuzs ns djusted
divided by annual dcht service
ryuirement) 1.68 1.14 0.81 1.21 1.63
Number of water and sewer connections
at end of year
Totill amollnt of water billed to customers
(in thouswds of gallons) 385,900 401,666 344,356 351,730 272,206
Total amount of water pumped into system
(in thouswds of gallons) (A) 406,600 412,694 437,313 404,147 282,795
Percentage of water billed to water pumpul 94.9 % 97.3 % 78.7% 87.0% 96.3 %
Effluent
(in thouswds of gallons)
(A) During 1989, the calibration equipment had mechunical mlfunctions. As s result, the totul of water pumpul into the system is not correct.
(8) Figor- unavuilable
TROPIlY CLUB MUNICIPAL UTILITY DISTRICT NO. I
INSURANCE COVERAGE
September 30, 1991
Insurer
Type of
Amount of corporation
From 32 coveraee Name stoc!i/rnutt~al
Eniployee honesty, etc.:
Tux assessur-follrrtor 01-13-91 01-13-92 $ lO,000 Hartford Company
Public official (each director) 1043-90 10-03-91 50,000 Fidelity & Deposit Company
Buukkzzpzr bond 10-03-90 10-03-91 50,000 Fidelity & Deposit Company
Director and officer liability 09-30-9 1 30-03-92 1,000,OOo Coloniul Insurnnce Company
Umbrella liability 09-30-91 09-30-92 6,000,000 U. S. Fire Insurance Company
Building und conlents
and water syslem
Liuhility:
General:
Bodily injury
Property danug~:
09-30-91 09-30-94 7,015,000 American Protection
09-30-91 09-30-92 1 ,000,000/ U. S. Fire Insurnnce
2,000,000 Comn~;uly
1,000,000
Automotive (nonowed):
Bodtly injury 09-30-91 09-30-92 1 ,~,~ Westchester Insurance
Property dnnlage 1,000,000 Company
Stock
Stock
Stock
Stock
Stuck
Stock
Stock
Stuck
Contractor's equipment 09-30-91 09-30-92 60,500 Sun Insurunce of New York Stuck
Policy
clause
CO-
insurance
None
None
None
None
None
None
None
None
None
This stulernenl, prepared from thr: policies, is intended only as n descriptive snmmry; no expression of opinion as to the ndquucy of the coverage is intended.
TROPHY CLUB MUNICIPAL UTILITY DISTRICT NO. I
BOARD MEMBERS, KEY ADMINISTRATIVE PERSONNEL AND CONSULTANTS
September 30, 1991
Complete district mailing address: 100 Municipal Drive, Trophy Club, Texas 76262
District business telephone number: (8 17) 430-191 1
Term of Fees
office elected and expense Resident
and expires or reimbursement of
Name and address date hired 09-30-91 Title at vear-end District?
Board members
Constance S. White Vice-president
119 Trophy Club Drive and Acting
Trophy Club, Texas 76262 05-90105-94 $ 1,000 President Yes
T. A. Neidenberger
1033 Sunset Drive
Trophy Club, Texas 76262 05-88105-92 $ 1,000 Secretary-Treasurer Yes
John V. Peters
302 Hilltop Court
Trophy Club, Texas 76262 1-91105-92 $ 100 Director Yes
George Knowles
102 Fresh Meadow
Trophy Club, Texas 76262 05-90/05-94 $ 950 Director Yes
Note: No director has any business or family relationships (as defined by the Texas Water Code) with
major landowners in the District, with the District's developer or with any of the District's consultants.
Kev administrative ~ersonnel
Roger Unger
102 Carnoustie
Trophy Club, Texas 76262 04-15-86* $42,000 General Manager Yes
* Assumed responsibility of General Manager on 10-15-89.
(Continued)
TROPHY CLUB MUNICIPAL UTILITY DISTRICT NO. I
BOARD MEMBERS, KEY ADMINISTRATIVE PERSONNEL AND CONSULTANTS
September 30, 1991
(Continued)
Term of
office elected
and expires or
Name and address date hired
Consultants
Denton County Appraisal District
P. 0. Box 2816
Denton, Texas 04-01-81
Donna Welsh
P. 0. Box 130
Trophy Club, Texas 76262 12-01-87
Decker, Jones, McMackin,
McClane, Hall & Bates
2400 City Center I1
Fort Worth, Texas 76102 1975
Phillips and Welch, P.C.
3015 West Fifth Street
Fort Worth. Texas 76107 1983
Carter & Burgess
1100 Macon Street
Fort Worth, Texas 76102 1983
Fees
and expense
reimbursement
09-30-91 Title at vear-end
Assessor
Tax Collector
Legal Counsel
Certified Public
Accountants
Consulting
Engineers
Resident
of
District?
Yes
TROPHY CLUB MUNICIPAL UTLLITY DISTRICT NO. I
QUESTIONNAIRE TO BE COMPLETED BY AUDITOR
Year ended September 30, 1991
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 UPDAm?" block show how often entries are made to each record.
If entries are made less often than monthly, write in the frequency under "HOW OFTEN?". Indicate
who provided the information for the table below: Cathy Morgas
RECORD
Description of accounts
Chart of accounts
General journal
Cash receipts journal
Cash disburs?ments
journal
Check register
Gened ledger
Customer subsidiary
ledger
Fixed assets ledger
Bank reconciliation
Trial balance
USED?
NO YES --
HOW KEPT?
BY BY
HAND COMPUTER
2. Does the district use double entry accounting?
3. What is the usual location of the accounting records?
100 Municipal Drive, Trophy Club, Texas
WHEN UPDATED?
HOW
DAILY WEEKLY MONTHLY OFTEN
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?
Yearly
X
X
If Yes is checked for Question 4, have these topics been discussed
in a Management Letter to the water district's Board of Directors?
(Continued)
TROPHY CLUB MUNICIPAL UTILITY DISTRICT NO. I
QUESTIONNAIRE TO BE COMPLETED BY AUDITOR
Year ended September 30, 1991
(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 its employees
with the Texas Employees Retirement System?
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 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
1l-
YES NO
X - -
YES NO
X - -
YES NO
X - -
YES NO
X - -
YES NO
(1) No intergovernmental transactions
(Continued)
TROPHY CLUB MUNICIPAL UTILITY DISTRICT NO. I
QUESTIONNAIRE TO BE COWLETFD BY AUDITOR
Year ended September 30, 1991
(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, 1991.
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 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 - 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
X - -
YES NO
X - -
YES NO
NONE
$196.178
06-18-91
(Continued)
TROPHY CLUB MUNICIPAL UTILITY DISTRICT NO. I
QUESTIONNAIRE TO BE COMPLETED BY AUDITOR
Year ended September 30, 1991
(Continued)
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 sub-contracted tax
collector.
10. Was the tax 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 tax
assessor-collector'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 tax 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
(1) Receipts are deposited as received into district accounts.
NONE
X --
YES NO
$10.000
A
WEEKLY
(Continued)
-44-
TROPHY CLUB MUNICIPAL UTILITY DISTRICT NO. I
QUESTIONNAIRE TO BE COMPLE'IED BY AUDITOR
Year ended September 30, 1991
(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
TROPHY CLUB MUNICIPAL unLrrY DISTRICT NO. I
WATER AND SEWER ACCOUNT ONLY
BALANCE SHEET
September 30, 1991
ASSETS
Current Assets
Cash:
Unrestricted cash
Restricted cash
Total cash
Temporary investments - Unrestricted
Total cash and temporary investments
Accounts receivable less allowance of $1 13,070 in 1991
Interfund receivables
Prepaid expenditures
Total current assets
Deposits
Total assets
Current Liabilities
Accounts payable/accrued expenditures
Refundable deposits
Interfund payables
Total current liabilities
Fund balances
Reserved for customer deposit
Unreserved
Total fund balances
Total liabilities and fund equity
LIABILITIES
FUND EOUITY
Revenues:
Service revenues
Inspection and tap fees
Penalty revenues
Interest income
Miscellaneous
TROPHY CLUB MUNICIPAL UTILITY DISTRICT NO. I
WATER AND SEWER ACCOUNT ONLY
BUDGET AND ACTUAL
Year ended September 30, 1991
variance
favorable -
Budget Actual funfavorable)
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
Other
Total Water and Sewer Department 1.005.362
Administrative:
Salaries, wages, benefits and taxes
Professional fees:
Legal
Auditing
Engineering
Maintenance and repairs
Contract labor
Printing and office supplies
Utilities and telephone
Insurance and bonds
(Continued)
TROPHY CLUB MUNICIPAL UTILITY DISTRICT NO. I
WATER AND SEWER ACCOUNT ONLY
BUDGET AND ACTUAL
Year ended September 30, 1991
(Continued)
Expenditures: (continued)
Administrative: (continued)
Travel and seminars 3,700 2,283
Legal notices and publications 1,000 73
Directors fees 2,300 2,300
Other 12,420 15,551
Capital expenditures 12.500 22.726
Total administrative 323.042 292.080
Total expenditures 1.328.404 1.206.935
Excess of revenues
over expenditures $ 116.643 $ 125,140
Fund balances, beginning of year 239.064
Variance
favorable -
[unfavorable)
Fund balances, end of year $ 364.204
TROPHY CLUB MUNICIPAL UTILITY DISTRICT NO. I
FIRE DEPARTMENT ACCOUNT ONLY
BALANCE SHEET
September 30, 1991
ASSETS
Current Assets:
Unrestricted cash
Accounts receivable
Interfund receivables
Total current assets
Current Liabilities:
Accounts payablelaccrued expenditures
Interfund payables
Total current liabilities
Deferred Income
Total liabilities
Fund balances:
Unreserved
Total liabilities and fund equity
LIABILITIES
FUND EOUITY
TROPHY CLUB MUNICIPAL UTILITY DISTRICT NO. I
FIRE DEPARTlvIENT ACCOUNT ONLY
BUDGET AND ACTUAL
Year ended September 30, 1991
Revenues:
Service $ 9,W $ 9,633
Ad valorem property tax revenues 179,716 181,801
Ad valorem property tax penalty 2,580 1,800
Interest income 2,300 4,124
Miscellaneous - 1.065
Total revenues 194.196 198.423
Expenditures:
Administrative
Salaries, wages, benefits and taxes
Utilities and telephone
Interest
Notelbond payments
Schools and training
Uniforms
Fuel and supplies
Insurance and bonds
Capital expenditures
Maintenance and repairs
Remote communications
Professional fees:
Legal
Auditing
Tax office contract services
Other
Total expenditures
Deficiency of revenues under expenditures $ $ (746)
Fund deficit, beginning of year (40.901)
Variance
favorable -
[unfavorable)
Fund deficit, end of year S 41.647
TROPHY CLUB MUNICIPAL UTILITY DISTRICT NO. I
MUD I OPERATIONS ACCOUNT ONLY
BALANCE SHEET
September 30, 1991
ASSETS
Current Assets:
Unrestricted cash
Accounts receivable
Other receivable
Interfund receivables
Total current assets
Deposits
Total assets
Current Liabilities:
Accounts payable
Interfund payables
Total current liabilities
Deferred Income
Total ]abilities
Fund balances - Unreserved
Total liabilities and fund equity
LIABILITIES
FUND EOUITY
TROPHY CLUB MUNICIPAL UTILITY DISTRICT NO. I
MUD I OPERATIONS ACCOUNT ONLY
BUDGET AND ACTUAL
Year ended September 30, 1991
Revenues:
Ad valorem property tax revenues $113,559 $117,921
Interest income 20,000 26,118
Miscellaneous - 10,509
Other - 137.182
Total revenues 133.559 29 1.730
Expenditures:
Administrative
Professional fees:
Legal
Auditing
Engineering
Maintenance and repairs
Printing and office supplies
Insurance and bonds
Travel and seminars
Ad valorem property tax
office contract services
Legal notices and publications
Capital expenditures
Bond issue
Directors fees
Other
Total Administrative 133.559 75.593
Excess of revenues over expenditures $ $ 216,137
Fund balance, beginning of year 219.834
Variance
favorable -
funfavorable)
Fund balance, end of year $ 435.971
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TROPHY CLUB MUNICIPAL UTILITY DISTRICT NO. I
CERTIFICATE OF THE BOARD OF DIRECTORS
Troohy Club Municioal 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
;Y,
fiscal year ended September 30, 1991, was received by the Board of Directors on the 2 day of
, 19% and was reviewed and 0() approved; ( ) disapproved at a meeting of the
hard of D:rectors of the Water District on thea3 day of J~,-YL'*IX~
/
199A
Signature of Board ~ecreb
/si-& dd.4~~ J /
Signature of Board President