Item 4LM E M O R A N D U M
March 29, 2021
To: Shana Yelverton, City Manager
From: Sharen Jackson, Chief Financial Officer
Subject: Approve the 2020 Comprehensive Annual Financial Report
Action
Requested: Approval of September 30, 2020 Comprehensive Annual
Financial Report.
Background
Information: The purpose of this item is to seek approval of the 2020
Comprehensive Annual Financial Report.
• City Charter requires the City at the close of each
fiscal year have an independent audit performed by a
Certified Public Accountant. Weaver L.L.P., Certified
Public Accountants, performed the audit for fiscal year
2020.
• City received a “clean” audit on the City’s financial
statements for the year ended September 30, 2020.
There were not any instances of noncompliance or
other reportable findings.
• John DeBurro, Partner, will present the report to the
audit committee on Tuesday during the committee
meeting scheduled at 5:00 prior to the city council
meeting.
Financial
Considerations: None required
Strategic Link: F4 Establish and maintain effective internal controls
Citizen Input/
Board Review: None required
Legal Review: None required
Alternatives: None required
Supporting
Documents: 2020 Comprehensive Annual Financial Report
Staff
Recommendation: Approval of 2020 Comprehensive Annual Financial Report
CITY OF SOUTHLAKE, TEXAS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2020
As Prepared By
Sharen Jackson, CPA
Chief Financial Officer
Exhibit Page
I. INTRODUCTORY SECTION
Letter of Transmittal i
Certificate of Achievement viii
Organizational Chart ix
List of Principal Officials x
II. FINANCIAL SECTION
Independent Auditor’s Report 1
A. MANAGEMENT'S DISCUSSION AND ANALYSIS 4
B. BASIC FINANCIAL STATEMENTS
Government-Wide Financial Statements
Statement of Net Position 116
Statement of Activities 217
Fund Financial Statements
Governmental Funds Financial Statements
Balance Sheet 318
Reconciliation of the Governmental Funds Balance Sheet
to the Statement of Net Position 4 20
Statement of Revenues, Expenditures, and Changes in Fund Balanc e521
Reconciliation of the Governmental Funds Statement of Revenues, Expenditures
and Changes in Fund Balance to the Statement of Activities 6 23
Proprietary Funds Financial Statements
Statement of Net Position 7 24
Statement of Revenues, Expenses, and Changes in Net Position 8 25
Statement of Cash Flows 9 26
Fiduciary Fund Financial Statement
Statement of Fiduciary Net Position 10 27
Statement of Changes in Fiduciary Net Position 11 28
Notes to the Basic Financial Statements 29
CITY OF SOUTHLAKE, TEXAS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2020
TABLE OF CONTENTS
Exhibit Page
C. REQUIRED SUPPLEMENTARY INFORMATION
Budgetary Comparison Schedule - General Fund A-1 70
Budgetary Comparison Schedule - Southlake Parks Development Corporation Special
Revenue Fund A-2 71
Budgetary Comparison Schedule - Tax Increment Financing Distric t Special
Revenue Fund A-3 72
Notes to Budgetary Comparison Schedules 73
Schedule of Changes in Net Pension Liability and Related Ratios - TMRS A-4 74
Schedule of Pension Contributions - TMRS A-5 75
Schedule of Changes in Net OPEB Liability and Related Ratios - Southlake Net OPEB
Liability for Health Insurance A-6 76
Schedule of Contributions - Southlake Net OPEB Liability for Health Insurance A-7 77
Schedule of Changes in the Total OPEB Liability and Related Ratios - TMRS -
Supplemental Death Benefits A-8 78
Schedule of OPEB Contributions - TMRS - Supplemental Death Benefits A-9 79
Condition Rating of Street System A-10 80
D. COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS AND SCHEDULES
Major Governmental Funds
Budgetary Comparison Schedule - General Obligation Debt Service Fund B-1 83
Nonmajor Governmental Funds
Combining Balance Sheet - Nonmajor Governmental Funds C-1 86
Combining Statement of Revenues, Expenditures, and Changes in Fund Balance -
Nonmajor Governmental Funds C-2 90
Budgetary Comparison Schedule - Parks and Recreation Special Revenue Fund C-3 94
Budgetary Comparison Schedule - Parks Dedication
Special Revenue Fund C-4 95
Budgetary Comparison Schedule - Crime Control District Special Revenue Fund C-5 96
Budgetary Comparison Schedule - Hotel Occupancy Special Revenue Fund C-6 97
Budgetary Comparison Schedule - Storm Water Utility Special Revenue Fund C-7 98
Budgetary Comparison Schedule - Court Security Special Revenue Fund C-8 99
Budgetary Comparison Schedule - Court Technology
Special Revenue Fund C-9 100
Budgetary Comparison Schedule - Library
Special Revenue Fund C-10 101
Budgetary Comparison Schedule -Red Light Camera
Special Revenue Fund C-11 102
Budgetary Comparison Schedule - Storm Water Maintenance Special Revenue Fund C-12 103
Budgetary Comparison Schedule - Southlake Community Enhancement Development
Corporation Special Revenue Fund C-13 104
Budgetary Comparison Schedule - Commercial Vehicle Enforcement C-14 105
Budgetary Comparison Schedule - Southlake Parks Development Corporation
Debt Service Fund C-15 106
Budgetary Comparison Schedule - Community Enhancement Development Corporation
Debt Service Fund C-16 107
CITY OF SOUTHLAKE, TEXAS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2020
TABLE OF CONTENTS
Agency Funds Exhibit Page
Statement of Changes in Assets and Liabilities - Cash Escrow Agency Fund F-1 109
Schedules of Capital Assets Used in the Operation of Governmental Funds
Comparative Schedules of Capital Assets by Source G-1 110
Schedule of Changes in Capital Assets by Function and Activity G-2 111
III. STATISTICAL SECTION Table
Net Position By Component 1113
Changes in Net Position 2115
Fund Balances, Governmental Funds 3 117
Changes in Fund Balances, Governmental Funds 4 118
Assessed Value and Estimated Actual Value of Taxable Property 5 119
Direct and Overlapping Property Tax Rates 6 120
Principal Property Tax Payers 7121
Ad Valorem Tax Levies and Collections 8 122
Ratio of Outstanding Debt By Type 9123
Ratio of General Bonded Debt Outstanding 10 124
Direct and Overlapping Governmental Activities Debt 11 125
Pledged-Revenue Coverage 12 126
Demographic and Economic Statistics 13 127
Principal Employers 14 128
Full-Time Equivalent City Government Employees By Function/Program 15 129
Operating Indicators By Function/Program 16 130
Capital Asset Statistics By Function/Program 17 131
CITY OF SOUTHLAKE, TEXAS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2020
TABLE OF CONTENTS
INTRODUCTORY SECTION
400 Main Street, Suite 440, Southlake, TX 76092 (817) 748-8345
Innovation ◊ Integrity ◊ Accountability ◊ Commitment to Excellence ◊ Teamwork
Finance Department
March 12, 2021
Honorable Mayor Laura Hill and
Members of City Council
City of Southlake
Southlake, Texas
Honorable Mayor and Councilmembers:
It is with pleasure that we submit to you the Comprehensive Annual Financial Report of
the City of Southlake for the fiscal year ended September 30, 2020. This report was
prepared by the Finance Department in accordance with the Southlake Charter, Statutes
and generally accepted accounting principles for governments. In addition to meeting legal
requirements, this report reflects the City’s commitment to full financial disclosure. We
encourage you to thoroughly read this report and take the opportunity to discuss some of
the important items it addresses.
In developing and evaluating the City’s accounting system, consideration is given to the
adequacy of internal accounting controls. These controls are designed to provide
reasonable, but not absolute, assurance regarding the safeguarding of assets against loss
from unauthorized use or disposition, and the reliability of financial records for preparing
financial statements and maintaining accountability for assets. The concept of reasonable
assurance recognizes that the cost of a control should not exceed the benefits likely to be
derived, and the evaluation of costs and benefits requires estimates and judgments by
management. We believe that the City’s current system of internal controls adequately
safeguards assets and provides reasonable assurance of proper recording of financial
transactions.
The financial statements are presented in accordance with Governmental Accounting
Standards Board Statement 34, Basic Financial Statements-and Management’s Discussion
and Analysis-For State and Local Governments. The presentation of the City’s financial
information includes two financial statements that provide a government-wide perspective
using the accrual basis of accounting. The two government-wide statements present
governmental activities separately from business-type activities. The inclusion of the
government-wide statements in this format enables a more thorough understanding of the
financial operations and condition of the City.
ii
The fund financial statements focus on individual major funds. Each major fund is
presented in a separate column in the fund financial statements. Nonmajor funds are
aggregated and presented in a combined column. Budget to actual comparisons are
presented as required supplementary information and are limited to the general fund and
special revenue funds. The comparisons are now more informative, including both the
original adopted budget and the final amended budget.
We believe the reporting model will assist in making economic, social and political
decisions and in assessing accountability to the residents by:
comparing actual financial results with the legal adopted budget, where
appropriate;
assessing financial condition and results of operations;
assisting in determining compliance with fiscally oriented laws, rules and
regulations; and
assisting in evaluating the efficiency and effectiveness of City operations.
Responsibility for both the accuracy of the presented data and the completeness and
fairness of the presentation, including all disclosures, rests with the City. To the best of
our knowledge and belief, the data, as presented, is accurate in all material respects and is
reported in a manner designed to present fairly the financial position and results of
operations. All disclosures necessary to enable the reader to gain an understanding of the
City’s financial activities have been included.
FINANCIAL STATEMENT FORMAT
This report has been prepared and organized to meet the requirements of the Government
Finance Officers Association (GFOA) Certificate of Achievement for Excellence in
Financial Reporting Program. By following the guidelines of this program, the report’s
format facilitates understanding by the residents and provides information needed by the
most sophisticated and interested financial observers. The report is presented in three
sections: introductory, financial and statistical.
The introductory section, which is unaudited, includes this transmittal letter, GFOA
certificate, the City’s organizational chart, and a list of principal officials. This
section is designed to provide an overview and general understanding of the report.
The financial section provides a detailed presentation of the financial position and
results of operations for the fiscal year ended September 30, 2020. The financial
section is divided into four main subsections:
iii
o Management’s Discussion and Analysis
o Basic Financial Statements and related notes
o Required Supplementary Information
o Combining and Individual Fund Financial Statements
Readers are encouraged to pay particular attention to Management’s Discussion
and Analysis and to the footnotes to the basic financial statements. These provide
valuable analysis and explanation of the financial statements.
The statistical section, which is unaudited, includes a number of multi-year tables
and other data designed to present social, economic and financial trends of the City,
providing an overall view of the fiscal capacity of the City.
The financial reporting entity includes all the funds of the primary government, as well as
all of its component units in accordance with GASB Codification of Governmental
Accounting and Financial Reporting Standards, Section 2100, “Defining the Reporting
Entity.” Component units are legally separate entities for which the primary government
is financially accountable and for which the nature and significance of their relationship
with the primary government are such that exclusion would cause the City’s basic financial
statements to be misleading or incomplete. The primary government is considered
financially accountable if it appoints a voting majority of an organization’s governing body
and imposes its will on that organization. The primary government may also be financially
accountable if an organization is fiscally dependent on the primary government regardless
of the authority of the organization’s governing board. Blended component units, although
legally separate entities, are, in substance, part of the primary government’s operations and
are included as part of the primary government. Accordingly, the Southlake Parks
Development Corporation (“SPDC”), Southlake Crime Control and Prevention District
(the “District”), Southlake Community Enhancement and Development Corporation
(CEDC) and Tax Increment Reinvestment Zone (“TIF”). are included in the governmental
funds (special revenue) of the primary government as blended component units. SPDC
was formed in January 1994 pursuant to a successful election in November 1993 to adopt
an additional half-cent sales tax for park and recreation facility development. SPDC is
organized exclusively to act on behalf of the City for the financing, development and
operation of parks and recreation facilities. Also included in this report is financial
information for the District. In November 1997, voters approved an additional half-cent
sales tax for Crime Control and Prevention initiatives. The District is organized
exclusively to act on behalf of the City for the financing, development and crime control
throughout the City. In May 2015, Southlake voters overwhelmingly approved the
reallocation of a portion of the District half-cent sales tax for the purpose of constructing
and operating a recreation center through CEDC. The District’s half-cent sales tax was
reduced to a one-eighth cent tax, and the remaining three-eighths was reallocated to address
recreational and economic development needs for the City, as permitted by State law,
through CEDC. Also, included are the financial statements of the TIF which was created
in 1997 to encourage quality commercial growth. The TIF was formed to finance and make
public improvements, under the authority of the Tax Increment Financing Act.
iv
PROFILE OF THE GOVERNMENT
General Information
Although Southlake has been a high-growth community for years, when the first settlers
arrived in 1845 they found only a vast area of land and trees where the grand prairie and
cross timbers merged. As the site of the first permanent settlement in Tarrant County, a
portion of present day Southlake was homesteaded in 1866, which consisted of 360 acres.
Keeping with the time, the primary industry was agriculture. Farmers grew peanuts, grains
and cotton, and families raised their own livestock.
The area that would become Southlake remained a rural farming community for more than
100 years until the U.S. Army Corps of Engineers built Lake Grapevine in 1952. The lake
spurred much of the area’s early growth and was the beginning of dramatic change. The
town officially incorporated on September 25, 1956 by a public vote of 30 in favor and 24
against. The original town contained 1.62 square miles and had a population of just over
100. The residents chose to call this new town Southlake because it was… south of Lake
Grapevine! The Southlake Fire Department was launched in 1965 and the first piece of
fire equipment was a 1950 Diamond T-Military unit with a tank capacity of 1,000 gallons
and an auxiliary pump. The first chief of police was hired in 1966, and the City purchased
its first patrol car in 1967.
The opening of the Dallas-Fort Worth International Airport in 1974 served as the next
catalyst of growth in the area and Southlake residents adopted a home-rule charter in April
1987, which created the current council-manager form of government with six Council
Members and a Mayor who are elected at large on a non-partisan basis for staggered three-
year terms. But the single most important event in bringing residential subdivision
development to Southlake was the completion of water and sewer lines in the southern
portion of the city in the early 1990s.
Since that time, much like the area’s first settlers were attracted to the area with its endless
possibilities, Southlake has continued to attract the suburban settler desiring a high quality
of life and the small town charm that has been preserved from Southlake’s past.
Services Provided
Services provided by the City under general governmental functions include public events,
public safety, planning and development, engineering, street maintenance, parks operation
and maintenance, recreation, library services, and general administrative services. The
City does not provide educational or welfare services.
Water and sewer services and solid waste collection are provided under an Enterprise Fund
concept, with user charges set by the City Council to ensure adequate coverage of operating
expenses and payments of outstanding debt.
v
Economic Condition and Outlook
The City is in a prime location in Northeast Tarrant County, 5 minutes west of
Dallas/Fort Worth International Airport, and 10 minutes east of the Alliance Airport, a
commercial aviation and industrial complex in north Fort Worth. State Highway 114,
FM1709, and FM1938, the regional road arterials, serve the City.
There were 79 single family
residential permits issued in
Fiscal Year 2020 with an
average new home construction
value, excluding land value, of
approximately $1,150,000. As
noted on the chart the city
experienced a reduction in
residential home construction.
Water customers increased
from 11,133 in Fiscal Year
2019 to 11,309 in 2020, while
wastewater customers
increased from 9,008 to 9,117
during the same year. The
chart shows the five-year trend
of increasing water customers,
the result of the building
permit activity. The City has
developed master plans for
land use, water, sewer, parks,
trails, and thoroughfares, and
has implemented regulatory controls that will maintain the anticipated quality growth into
the future.
The City of Southlake
experienced an increase in
sales tax collections during the
fiscal year as indicated on the
chart. Sales tax collections
totaled $31,376,494 in fiscal
year 2020, a 4.32% increase
from the previous year.
0
50
100
150
200
250
2016 2017 2018 2019 2020
Single Family Residential Home Permits
9,800
10,000
10,200
10,400
10,600
10,800
11,000
11,200
11,400
2016 2017 2018 2019 2020
Number of Water Customers
-
10,000,000
20,000,000
30,000,000
40,000,000
2016 2017 2018 2019 2020
Sales Tax Revenue
General SPDC Crime CEDC
vi
Future Development
During 2020, approximately 20 new construction commercial permits were issued by the
city representing over 249,274 square feet of future retail/office.
Southlake’s newest hotel, Delta Marriott Southlake, opened in December 2020. The
Delta Hotel is approximately 165,475 square feet at six stories tall and include 240
rooms and assorted amenities.
Financial Management Principles
The City has strong financial management principles that provide the framework for the
City’s financial sustainability.
Tax rate management. The tax rate is allocated properly between
maintenance/operations and debt service.
Structural balance. The City’s ability to weather potential economic downturns or
other financial challenges is critical. The City does not use reserves to balance the
operating budget.
Reserve management. The City’s fund balance policy requires a minimum 15%
and optimum 25% balance. The City uses “excess” reserves as a means to fund
one-time, “pay-as-you-go” projects.
Multi-year financial plan. The long-term effect of today’s decisions on tomorrow’s
financial situation is an important consideration during the budget process.
Quality service delivery. The City is committed to meeting the needs of our
community through high quality service delivery.
Risk management. The City supports ongoing initiatives to safeguard the public
trust by internal audits and other initiatives to maintain a strong control
environment.
For fiscal year 2020, the property tax rate was reduced from $0.447 to .41 per $100 net
taxable valuation.
OTHER INFORMATION
Independent Audit
The City Charter requires an annual audit of the financial status of the City by independent
Certified Public Accountants selected by the City Council. This requirement has been met
and the auditor’s report has been included in this report.
Awards
The Certificate of Achievement is a prestigious national award recognizing conformance
with the highest standards for preparation of state and local government financial reports.
In order to be awarded a Certificate of Achievement, a government unit must publish an
easily readable and efficiently organized comprehensive annual financial report, whose
contents conform to program standards.
vii
Such Comprehensive Annual Financial Report must satisfy both generally accepted
accounting principles and applicable legal requirements. A Certificate of Achievement is
valid for a period of one year only. The City of Southlake received a Certificate of
Achievement for the year ended September 30, 2019, and believes our current report
conforms to the Certificate of Achievement program requirements, and we are submitting
it to GFOA.
In addition, the City also received the GFOA’s Distinguished Budget Presentation award
for its annual budget dated October 1, 2019. In order to qualify for this award, the City’s
budget document was judged to be proficient in all categories, including as a policy
document, a financial plan, and operations guide, and a communications device.
Acknowledgments
The preparation of this report could not be accomplished without the dedication and
efficiency of the entire staff and our independent auditor. I would like to express my
sincere appreciation to all employees who contributed to its preparation. I would also like
to thank the Mayor and members of the City Council for their support in planning and
conducting the financial operations of the City in a responsible and efficient manner.
Respectfully submitted,
Sharen Jackson, CPA
Chief Financial Officer
viii
ix
x
LIST OF PRINCIPAL OFFICIALS
Laura K. Hill Mayor
Shawn McCaskill Mayor Pro Tem
John Huffman Deputy Mayor Pro Tem
Kathy Talley Council Member
Chad Patton Council Member
Ronell Smith Council Member
Randy Williamson Council Member
Shana K. Yelverton City Manager
Alison Ortowski Assistant City Manager
Amy Shelley City Secretary
Sharen Jackson Chief Financial Officer
Daniel Cortez Director of Economic Development/Tourism
Robert Cohen Director of Public Works
Chris Tribble Director of Community Services
Stacey Black Director of Human Resources
Ken Baker Director of Planning/Development
FINANCIAL SECTION
1
Independent Auditor’s Report
To Members of the City Council
and City Manager
City of Southlake, Texas
We have audited the accompanying financial statements of the governmental activities, the business-
type activities, each major fund, and the aggregate remaining fund information of the City of Southlake,
Texas (the City) as of and for the year ended September 30, 2020, and the related notes to the financial
statements, which collectively comprise the City’s basic financial statements as listed in the table of
contents.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in
accordance with accounting principles generally accepted in the United States of America; this includes
the design, implementation, and maintenance of internal control relevant to the preparation and fair
presentation of financial statements that are free from material misstatement, whether due to fraud or
error.
Auditor’s Responsibility
Our responsibility is to express opinions on these financial statements based on our audit. We conducted
our audit in accordance with auditing standards generally accepted in the United States of America and
the standards applicable to financial audits contained in Government Auditing Standards, issued by the
Comptroller General of the United States. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in
the financial statements. The procedures selected depend on the auditor’s judgment, including the
assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation
and fair presentation of the financial statements in order to design audit procedures that are appropriate
in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s
internal control. Accordingly, we express no such opinion. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of significant accounting estimates
made by management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our audit opinions.
The Members of the City Council
and City Manager
City of Southlake, Texas
2
Opinions
In our opinion, the financial statements referred to above present fairly, in all material respects, the
respective financial position of the governmental activities, the business-type activities, each major fund,
and the aggregate remaining fund information of the City, as of September 30, 2020, and the respective
changes in financial position, and, where applicable, cash flows thereof for the year then ended in
conformity with accounting principles generally accepted in the United States of America.
Other Matters
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the
management’s discussion and analysis, budgetary comparison information, TMRS pension schedules,
OPEB schedules and condition rating of street system, as listed in the Table of Contents, be presented to
supplement the basic financial statements. Such information, although not a part of the basic financial
statements, is required by the Governmental Accounting Standards Board, who considers it to be an
essential part of financial reporting for placing the basic financial statements in an appropriate
operational, economic, or historical context. We have applied certain limited procedures to the required
supplementary information in accordance with auditing standards generally accepted in the United
States of America, which consisted of inquiries of management about the methods of preparing the
information and comparing the information for consistency with management’s responses to our inquiries,
the basic financial statements, and other knowledge we obtained during our audit of the basic financial
statements. We do not express an opinion or provide any assurance on the information because the
limited procedures do not provide us with sufficient evidence to express an opinion or provide any
assurance.
Other Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively
comprise the City’s basic financial statements. The introductory section, combining and individual fund
financial statements and schedules, and statistical section, are presented for purposes of additional
analysis and are not a required part of the financial statements.
The combining and individual fund financial statements and schedules are the responsibility of
management and were derived from and relate directly to the underlying accounting and other records
used to prepare the basic financial statements. Such information has been subjected to the auditing
procedures applied in the audit of the financial statements and certain additional procedures, including
comparing and reconciling such information directly to the underlying accounting and other records
used to prepare the basic financial statements or to the basic financial statements themselves, and other
additional procedures in accordance with auditing standards generally accepted in the United States of
America. In our opinion, the combining and individual fund financial statements and schedules are fairly
stated in all material respects in relation to the basic financial statements as a whole.
The introductory and statistical sections have not been subjected to the auditing procedures applied in
the audit of the basic financial statements and, accordingly, we do not express an opinion or provide
any assurance on them.
The Members of the City Council
and City Manager
City of Southlake, Texas
3
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated
March 12, 2021, on our consideration of the City’s internal control over financial reporting and on our tests
of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other
matters. The purpose of that report is solely to describe the scope of our testing of internal control over
financial reporting and compliance and the results of that testing, and not to provide an opinion on
internal control over financial reporting or on compliance. That report is an integral part of an audit
performed in accordance with Government Auditing Standards in considering the City’s internal control
over financial reporting and compliance.
WEAVER AND TIDWELL, L.L.P.
Dallas, Texas
March 12, 2021
MANAGEMENT’S DISCUSSION
AND ANALYSIS
4
MANAGEMENT’S DISCUSSION AND ANALYSIS
The City of Southlake’s Management’s Discussion and Analysis (MD&A) is designed to provide
an objective and easy to read analysis of the City’s financial activities based on currently known
facts, decisions, and conditions. It is intended to provide a broad overview and short-term analysis
of the City’s activities based on information presented in the financial statements. Specifically,
this information is designed to assist the reader in focusing on significant financial issues, provide
an overview of the City’s financial activity, identify changes in the City’s financial position (its
ability to address the next and subsequent years’ challenges), identify material deviations from the
approved budget, and identify individual fund issues.
The City presents its financial statements in accordance with the reporting model required by
Governmental Accounting Standards Board Statement 34, Basic Financial Statements-and
Management’s Discussion and Analysis- for State and Local Governments. This reporting model
significantly changes not only the presentation of financial data, but also the manner in which the
information is recorded.
The information contained within this MD&A is only a component of the entire financial statement
report. Readers should take time to read and evaluate all sections of the report, including the
footnotes and the other Required Supplementary Information that is provided in addition to this
MD&A.
FINANCIAL HIGHLIGHTS
The assets and deferred outflows of resources of the City of Southlake exceeded its liabilities and
deferred inflows of resources at September 30, 2020 by $654,834,177 (net position). Of this
amount, $137,098,918 (unrestricted net position) may be used to meet the government’s ongoing
obligations to citizens and creditors.
The City’s total net position increased by $23,719,774. This increase can be attributed to increases
in ad valorem, sales tax revenue and interest on investments.
At September 30, 2020, the City’s governmental funds reported combined ending fund balances
of $125,076,068. Approximately $40,839 is nonspendable, $25,846,836 is restricted by an outside
source, $61,760,342 is committed for future uses, $23,580,908 is assigned by management for
specified purposes, and $13,847,143 is available for spending at the government’s discretion
(unassigned fund balance).
At the end of the current fiscal year, unassigned fund balance for the General Fund was
$14,022,976 or 35.1% of total General Fund expenditures.
At the end of the current fiscal year, the City of Southlake outstanding debt totals $127,706,360 a
net decrease of $20,573,653 from the previous year.
5
OVERVIEW OF THE FINANCIAL STATEMENTS
The discussion and analysis is intended to serve as an introduction to the City’s basic financial
statements. The reporting focus is on the City as a whole and on individual major funds. It is
intended to present a more comprehensive view of the City’s financial activities.
The basic financial statements are comprised of three components: 1) government-wide financial
statements, 2) fund financial statements, and 3) notes to the financial statements. This report also
contains other supplementary information in addition to the basic financial statements themselves.
GOVERNMENT-WIDE FINANCIAL STATEMENTS
The government-wide financial statements include the Statement of Net Position and the Statement
of Activities. These statements are designed to provide readers with a broad overview of the City’s
finances in a manner similar to a private-sector business. Both are prepared using the economic
resources measurement focus and the accrual basis of accounting; meaning that all the current
year’s revenues and expenses are included regardless of when cash is received or paid.
The Statement of Net Position presents information on all of the City’s assets and deferred
outflows of resources and liabilities and deferred inflows of resources, including capital assets and
long-term obligations. The difference between the two is reported as net position. Over time, the
increases or decreases in net position may serve as a useful indicator of whether the financial
position of the City is improving or deteriorating. Other indicators of the City’s financial position
should be taken into consideration, such as the change in the City’s property tax base and condition
of the City’s infrastructure (i.e., roads, drainage systems, water and sewer lines, etc.), in order to
more accurately assess the overall financial condition of the City.
The Statement of Activities presents information showing how the City’s net position changed
during the most recent fiscal year. It focuses on both the gross and net costs of the government’s
various activities and thus summarizes the cost of providing specific government services. This
statement includes all current year revenues and expenses.
The Statement of Net Position and the Statement of Activities divide the City’s activities into two
types:
Governmental activities- Most of the City’s basic services are reported here, including general
administration, debt services, public safety, public works, parks and community services, public
library, public events and facilities, planning and development and finance. Property, sales and
franchise taxes provide the majority of the financing for these activities.
Business-Type activities- Activities for which the City charges a fee to customers to pay most or
all of the costs of a service it provides are reported here. The City’s business-type activities include
water distribution and wastewater collection and solid waste collection and disposal.
The government-wide financial statements are found on pages 16-17 of this report.
6
FUND FINANCIAL STATEMENTS
The City of Southlake, like other state and local governments, uses fund accounting to ensure and
demonstrate compliance with finance-related legal requirements. A fund is a grouping of related
accounts that is used to maintain control over resources that have been segregated for specific
activities or objectives. These statements focus on the most significant funds and may be used to
find more detailed information about the City’s most significant activities. All of the funds of the
City can be divided into two categories: governmental funds and proprietary funds.
Governmental Funds- These funds are used to account for the majority of the City’s activities,
which are essentially the same functions reported as governmental activities in the government-
wide statements. However, unlike the government-wide financial statements, governmental fund
financial statements focus on near-term inflows and outflows of spendable resources, as well as
spendable resources available at the end of the fiscal year for future spending. Such information
may be useful in evaluating a government’s near-term financing requirements.
The focus of the governmental funds financial statements is narrower than that of the government-
wide financial statements. Therefore, it is useful to compare the information presented for
governmental funds with similar information presented for governmental activities in the
government-wide financial statements. By doing so, readers may better understand the long-term
impact of the government’s near-term financing decisions. Both the governmental funds Balance
Sheet and the governmental funds Statement of Revenues, Expenditures and Changes in Fund
Balances provided a reconciliation to facilitate this comparison. The reconciliation explains the
differences between the government’s activities as reported in the government-wide financial
statements and the information presented in the governmental funds financial statements.
The City maintains 26 individual governmental funds. Information is presented separately in the
governmental funds Balance Sheet and in the governmental funds Statement of Revenues,
Expenditures and Changes in Fund Balances for the General Fund, General Obligation Debt
Service Fund, General Capital Projects Fund, Southlake Parks Development Corporation, and Tax
Increment Financing District Fund, all of which are considered to be major funds. Data for the
other governmental funds are combined into a single, aggregated presentation. Individual fund
data for each of the non-major governmental funds is provided in the form of combining statements
elsewhere in this report.
The basic governmental funds financial statements can be found on pages 18-23 of this report.
Proprietary Funds- When the City charges customers for services it provides, the activities are
generally reported in proprietary funds. The City of Southlake maintains two different types of
proprietary funds: enterprise and internal service funds.
Enterprise funds are used to report the same functions presented as business-type activities in the
government-wide financial statements. The City uses enterprise funds to account for its water and
sewer operations and solid waste. These services are primarily provided to outside or non-
governmental customers.
7
Internal service funds are an accounting device used to accumulate and allocate costs internally
among the City’s various functions. The City uses internal service funds to account for vehicle
and equipment replacement.
Proprietary funds financial statements provide the same type of information as the government-
wide financial statements, only in more detail. The proprietary funds financial statements provide
separate information for the water and sewer operations, which is considered to be a major fund
of the City, and can be found on pages 24-26 of this report.
Fiduciary funds – the City presents one trust fund, the Southlake OPEB Liability Trust Fund, which
accounts for the funding of post-employment healthcare benefits for retirees of the City and their
dependents. The financial statements for the fiduciary funds can be found on pages 27-28 of this
report.
NOTES TO THE FINANCIAL STATEMENTS
The Notes provide additional information that is essential to a full understanding of the data
provided in the government-wide and fund financial statements. The Notes to the Financial
Statements can be found on pages 29-69 of this report.
GOVERNMENT-WIDE FINANCIAL ANALYSIS
Total assets of the City at September 30, 2020 were $791,425,301 while total liabilities were
$139,269,265 along with deferred outflows $(6,469,443) and inflows $(3,791,302) of resources
resulting in a net position balance of $654,834,177.
The largest portion of the City’s net position, $492,216,415 reflects its investment in capital assets
(land and improvements, building, infrastructure, machinery and equipment net of accumulated
depreciation); less any related debt used to acquire those assets that is still outstanding. The City
uses these assets to provide services to its citizens; consequently, these assets are not available for
future spending. Although the City reports its capital assets net of related debt, the resources
needed to repay this debt must be provided from other sources, since the capital assets themselves
cannot be used to liquidate these liabilities.
Governmental Activities net position increased by $18,292,690. This increase is primarily
attributable to increases in property taxes, sales taxes, and miscellaneous revenue.
Business-type Activities net position increased by $5,427,084. The majority of this change can be
attributed to an increase in operating revenues.
8
The following analysis highlights the net position as of September 30, 2020:
Governmental Business-Type 2020
Activities Activities Total
Current and other assets: 141,336,978$ 53,173,033$ 194,510,011$
Capital assets 495,541,702 101,373,588 596,915,290
Total assets 636,878,680 154,546,621 791,425,301
Deferred outflows of resources 5,745,765 723,678 6,469,443
Other liabilities 8,601,304 2,961,601 11,562,905
Long-term debt
outstanding 92,490,934 35,215,426 127,706,360
Total liabilities 101,092,238 38,177,027 139,269,265
Deferred inflows of resources 3,143,683 647,619 3,791,302
Net position:
Net investment in
capital assets 415,945,257 76,271,158 492,216,415
Restricted-debt service 6,774,153 - 6,774,153
Restricted-other 18,744,691 - 18,744,691
Unrestricted 96,924,423 40,174,495 137,098,918
Total net position 538,388,524$ 116,445,653$ 654,834,177$
The following analysis highlights the net position as of September 30, 2019:
Governmental Business-Type 2019
Activities Activities Total
Current and other assets: 143,811,649$ 52,372,685$ 196,184,334$
Capital assets 486,520,755 104,640,511 591,161,266
Total assets 630,332,404 157,013,196 787,345,600
Deferred outflows of resources 9,972,998 1,147,611 11,120,609
Other liabilities 10,240,563 7,729,098 17,969,661
Long-term debt
outstanding 109,387,033 38,892,980 148,280,013
Total liabilities 119,627,596 46,622,078 166,249,674
Deferred inflows of resources 581,972 520,160 1,102,132
Net position:
Net investment in
capital assets 399,651,828 83,223,713 482,875,541
Restricted-debt service 8,009,333 - 8,009,333
Restricted-other 24,680,767 - 24,680,767
Unrestricted 87,753,906 27,794,856 115,548,762
Total net position 520,095,834$ 111,018,569$ 631,114,403$
9
The following analysis highlights the changes in net position for the year ended September 30,
2020:
Governmental Business-Type 2020
Activities Activities Total
Revenues:
Program revenues:
Charges for services 8,986,355$ 32,271,341$ 41,257,696$
Operating grants and
contributions 1,807,473 - 1,807,473
Capital grants and
contributions 1,422,315 1,315,092 2,737,407
General revenues:
Taxes 76,904,467 - 76,904,467
Interest on
investments 1,721,876 566,411 2,288,287
Miscellaneous 1,222,231 - 1,222,231
Total revenues 92,064,717 34,152,844 126,217,561
Expenses:
General government 21,275,487 - 21,275,487
Public safety 24,054,527 - 24,054,527
Public works 9,839,646 - 9,839,646
Culture and recreation 17,665,953 - 17,665,953
Interest on long-term debt 2,171,359 - 2,171,359
Water and sewer - 27,490,815 27,490,815
Total expenses 75,006,972 27,490,815 102,497,787
Increase in net position
before transfers 17,057,745 6,662,029 23,719,774
Transfers 1,234,945 (1,234,945) -
Increase in net position 18,292,690 5,427,084 23,719,774
Net position-beginning
of year 520,095,834 111,018,569 631,114,403
Net position-End of Year 538,388,524$ 116,445,653$ 654,834,177$
10
The following analysis highlights the changes in net position for the year ended September 30,
2019:
Governmental Business-Type 2019
Activities Activities Total
Revenues:
Program revenues:
Charges for services 9,369,916$ 29,929,932$ 39,299,848$
Operating grants and
contributions 866,518 - 866,518
Capital grants and
contributions 1,437,166 896,652 2,333,818
General revenues:
Taxes 76,717,267 - 76,717,267
Interest on
investments 3,247,401 868,227 4,115,628
Miscellaneous 476,577 - 476,577
Total revenues 92,114,845 31,694,811 123,809,656
Expenses:
General government 20,014,583 - 20,014,583
Public safety 23,881,485 - 23,881,485
Public works 10,081,721 - 10,081,721
Culture and recreation 15,955,201 - 15,955,201
Interest on long-term debt 2,750,037 - 2,750,037
Water and sewer - 29,873,788 29,873,788
Total expenses 72,683,027 29,873,788 102,556,815
Increase in net position
before transfers 19,431,818 1,821,023 21,252,841
Transfers 1,178,932 (1,178,932) -
Increase in net position 20,610,750 642,091 21,252,841
Net position-beginning
of year 499,485,084 110,376,478 609,861,562
Net position-End of Year 520,095,834$ 111,018,569$ 631,114,403$
11
FINANCIAL ANALYSIS OF THE GOVERNMENTAL FUNDS
Governmental Funds- The focus of the City of Southlake’s governmental funds is to provide
information on near-term inflows, outflows and balances of spendable resources. Such
information is useful in assessing the City’s financing requirements. In particular, unassigned fund
balance may serve as a useful measure of a government’s net resources available for spending at
the end of the fiscal year.
As of the end of the current fiscal year, the City’s governmental funds reported combined fund
balances of $125,076,068. Approximately 34.7% or $13,847,143 constitutes unassigned fund
balance, which is available for spending at the government’s discretion. Other portions of the fund
balance are either nonspendable, restricted, committed or assigned for specific purposes to pay
for debt service $(7,102,145) recycling $(70,395), police expenditures $(5,256,684) parks
$(20,502,844), capital projects $45,315,086, reinvestment zone expenditures $(4,999,895),
municipal court expenditures $(739,828), oil and gas expenditures $(55,424), storm water
expenditures ($1,789,612), promotion of culture and tourism $(1,834,337), strategic initiative
expenditures $(10,603,712), facility maintenance $(8,813,795), economic investment
$(3,525,280) and other $619,888.
The General Fund is the chief operating fund of the City. At the end of the current fiscal year,
unassigned fund balance of the general fund was $14,022,976. As a measure of the General Fund’s
liquidity, it may be useful to compare both the unassigned fund balance and total fund balance to
total fund expenditures. Unassigned fund balance represents 35.1% of total General Fund
expenditures, while total fund balance represents 94.2 % of total General Fund expenditures. The
fund balance of the General fund increased $6,976,171 during the current fiscal year. The key
factor in the increase in fund balance is the increase in sales taxes of $599,666 and the reduction
in expenditures of $736,611.
The General Obligation Debt Service Fund has a fund balance of $4,635,565 all of which is
restricted for the payment of debt service. The fund balance decreased during the year by
$1,327,476 primarily due to increased debt service payments. The fund balance in the General
Capital Projects Funds ended the year at $32,599,899, a decrease of $11,478,849 due to the current
year spending of bond proceeds issued in prior years for capital projects. The Southlake Parks
Development Corporation Special Revenue fund balance decreased by $424,309 primarily due to
an increase in expenditures and transfers out to capital projects funds for projects. The Tax
Increment Financing District fund balance increased by $2,073,918 primarily due to increased
property tax revenues.
12
FINANCIAL ANALYSIS OF THE PROPRIETARY FUNDS
The City’s proprietary funds provide the same type of information found in the government-wide
financial statements, but in more detail.
Unrestricted net position reported in the Proprietary Funds were: $40,174,495 in the Water and
Sewer Fund and $7,906,015 in the Vehicle and Equipment Replacement Fund. Total net position
in the Water and Sewer Fund increased by $5,427,084 while the Vehicle and Equipment
Replacement Fund net position increased by $1,205,011. Operating revenues exceeding operating
expenses is the primary reason for the respective change in the Water and Sewer Fund net position.
GENERAL FUND BUDGETARY HIGHLIGHTS
The City made revisions to the original budget approved by the City Council. Management’s
estimate of the General Fund’s budgeted revenues decreased $1,646,368 or 3.4% from original
budget based on year-to-date experience. Actual revenues exceeded budget by $2,148,427
primarily due to municipal sales and mixed beverage taxes exceeding budget by $1,111,190.
Actual expenditures were $4,733,298 less than budgeted due to costs savings realized by all
departments.
CAPITAL ASSETS AND DEBT ADMINISTRATION
Capital Assets - The City’s investment in capital assets for its governmental and business-type
activities as of September 30, 2020 amount to $596,915,290 (net of accumulated depreciation).
This investment in capital assets includes land, buildings, improvements, machinery and
equipment, infrastructure and construction in progress.
The City has elected to use the modified approach for its street system in lieu of the depreciation
method. An up-to-date inventory of these infrastructure assets was performed and the annual costs
to maintain and preserve these assets was established and disclosed through administrative policy.
The current condition level of the street system meets the target condition level established by the
City. There were no significant changes in the condition levels of infrastructure assets, and the
differences between the estimated amounts necessary to maintain and preserve the street system
at target condition levels and the actual amount of expense incurred for that purpose for 2020 was
not material. Major capital projects completed during the current year included the following:
N. White Chapel Blvd., Highland to SH 114 Phase I
Zena Rucker Connector
Sidewalks citywide
Water mixers and chlorine control system in elevated storage tanks
13
Governmental Business-Type 2020
Activities Activities Total
Land and improvements 113,048,280$ 19,952,145$ 133,000,425$
Buildings and improvements 114,067,795 198,597 114,266,392
Improvements - 79,568,491 79,568,491
Infrastructure 247,525,907 - 247,525,907
Machinery and equipment 9,203,686 259,592 9,463,278
Construction in Progress 11,696,034 1,394,763 13,090,797
Total 495,541,702$ 101,373,588$ 596,915,290$
Governmental Business-Type 2019
Activities Activities Total
Land and improvements 112,044,319$ 19,952,145$ 131,996,464$
Buildings and improvements 117,142,689 228,915 117,371,604
Improvements - 82,831,710 82,831,710
Infrastructure 241,456,744 - 241,456,744
Machinery and equipment 8,784,970 402,114 9,187,084
Construction in Progress 7,092,033 1,225,627 8,317,660
Total 486,520,755$ 104,640,511$ 591,161,266$ Additional information on the City’s capital assets can be found in Note 4 on pages 48-49 of this
report.
Long-term Debt- At the end of the current fiscal year, the City of Southlake had $81,163,954 total
long-term debt outstanding of bonds issued to finance capital improvements for roadway, parks
and recreation, public building and infrastructure. $34,031,551 of Utility System bonds, which
financed projects to increase capacity of the Utility system, was also outstanding. An additional
$1,674,397 was reported for compensated absences at year-end.
Governmental Business-Type 2020
Activities Activities Total
Bonds payable 81,163,954$ 34,031,551$ 115,195,505$
Unearned revenue - 209,631 209,631
Total OPEB liability for SDBF 798,257 64,312 862,569
Net OPEB liability for Health 326,828 - 326,828
Net pension liability 8,616,920 820,510 9,437,430
Compensated absences 1,584,975 89,422 1,674,397
Total 92,490,934$ 35,215,426$ 127,706,360$
Governmental Business-Type 2019
Activities Activities Total
Bonds payable 92,148,845$ 37,279,751$ 129,428,596$
Unearned revenue - 216,652 216,652
Total OPEB liability for SDBF 617,018 50,817 667,835
Net OPEB liability for Health 511,950 - 511,950
Net pension liability 14,699,327 1,273,730 15,973,057
Compensated absences 1,409,893 72,030 1,481,923
Total 109,387,033$ 38,892,980$ 148,280,013$
The City takes it debt obligation very seriously. Several years ago, the City Council working with
City staff set goals to reduce the debt as percentage of assessed valuation over the total long term
debt. As you can see in the figure below, the City has reduced the percentage from 3.29% in 2002
to 0.34% in 2020, during a time of growth for the City. The line that you see on this chart is a
14
graphic illustration of one of the reasons why two bond rating agencies have rated Southlake’s
bonds “AAA”.
The City has been able to effectively manage its debt during a period of growth using cash to
partially offset borrowing needs. Additionally, managing debt amortization has been a tool used
to reduce borrowing costs.
The City’s bonds are rated “AAA” by Standard and Poor’s and Fitch Ratings. The City is permitted
by Article XI, Section 5, of the State of Texas Constitution to levy taxes up to $2.50 per $100 of
assessed valuation for general governmental services including the payment of principal and
interest on general obligation long-term debt.
Additional information on the City’s long-term debt can be found in Note 6 on pages 49-53 of this
report.
3.29%
3.01%
2.79%
2.36%
2.07%2.00%
1.71%
1.46%1.49%1.51%1.49%1.37%
1.19%1.12%
0.92%
0.72%
0.58%
0.44%0.34% $-
$20,000,000
$40,000,000
$60,000,000
$80,000,000
$100,000,000
$120,000,000
0.00%
0.50%
1.00%
1.50%
2.00%
2.50%
3.00%
3.50%
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15
ECONOMIC FACTORS AND NEXT YEAR’S BUDGETS AND RATES
The State of Texas, by constitution, does not have a personal income tax and therefore the State
operates primarily using sales and gasoline taxes. Local governments primarily rely on property
and sales taxes and fees to fund their government activities.
While property taxes are important to the City, they represent 45.9% of total governmental
revenue. Sales tax continues to grow as the second largest governmental resource representing
35.1% of total governmental revenue. The City monitors all of its resources and determines the
need for program adjustment or fee increases accordingly.
The FY 2021 Adopted Budget reduced the City’s property tax rate from $0.41 to $0.405 per $100
net taxable valuation. The City’s property tax roll remained relatively flat with a decrease of 0.01
percent in net taxable value. As an element of the City’s tax relief initiative the homestead
exemption was held at the maximum level of 20%. The estimate of the FY 2021 tax roll is based
on the certified roll as provided by the Tarrant Appraisal District (TAD) in July. The assumed
collection rate is 100 percent.
Requests for Information
This financial report is designed to provide a general overview of the City of Southlake’s
finances for all those with an interest in the government’s finances. Questions concerning any of
the information provided in this report or requests for additional financial information should be
addressed to the Office of the Chief Financial Officer, 1400 Main Street, 4th Floor Finance
Department, Southlake, Texas 76092.
BASIC FINANCIAL STATEMENTS
GOVERNMENT-WIDE
FINANCIAL STATEMENTS
CITY OF SOUTHLAKE, TEXAS EXHIBIT 1
STATEMENT OF NET POSITION
SEPTEMBER 30, 2020
The Notes to Financial Statements are an integral part of this statement.
16
GOVERNMENTAL BUSINESS-TYPE
ACTIVITIES ACTIVITIES TOTAL
ASSETS
Cash and cash equivalents 128,303,459$ 25,564,985$ 153,868,444$
Receivables (net of allowance for uncollectibles) 6,696,456 5,547,448 12,243,904
Prepaid items 1,661,041 - 1,661,041
Inventories 22,808 - 22,808
Restricted assets
Cash and cash equivalents 4,627,190 21,723,366 26,350,556
Restricted cash for customer deposits - 337,234 337,234
Receivables 26,024 - 26,024
Capital assets:
Non-depreciable 321,918,677 21,346,908 343,265,585
Depreciable (net of depreciation) 173,623,025 80,026,680 253,649,705
TOTAL ASSETS 636,878,680 154,546,621 791,425,301
Deferred charge for refunding 1,741,353 444,957 2,186,310
Deferred outflows - TMRS pension 3,302,966 266,873 3,569,839
Deferred outflows - TMRS OPEB 153,910 11,848 165,758
Deferred outflows - OPEB Health 547,536 - 547,536
TOTAL DEFERRED OUTFLOWS OF RESOURCES 5,745,765 723,678 6,469,443
Accounts payable 5,455,589 2,140,283 7,595,872
Accrued liabilities 1,545,954 337,475 1,883,429
Accrued interest payable - 146,609 146,609
Unearned revenue 1,254,120 - 1,254,120
Liabilities payable from restricted assets
Accrued interest 345,641 - 345,641
Customer meter deposits - 337,234 337,234
Non-current liabilities:
Due within one year 11,926,176 2,763,221 14,689,397
Due in more than one year 80,564,758 32,452,205 113,016,963
TOTAL LIABILITIES 101,092,238 38,177,027 139,269,265
Deferred gain on refunding 173,844 438,048 611,892
Deferred inflows - TMRS pension 2,857,730 204,988 3,062,718
Deferred inflows - TMRS OPEB 60,264 4,583 64,847
Deferred inflows - OPEB Health 51,845 - 51,845
TOTAL DEFERRED INFLOWS OF RESOURCES 3,143,683 647,619 3,791,302
NET POSITION
Net investment in capital assets 415,945,257 76,271,158 492,216,415
Restricted for debt service 6,774,153 - 6,774,153
Restricted for municipal court 739,828 - 739,828
Restricted for reinvestment zone 4,999,895 - 4,999,895
Restricted for parks and recreation 9,381,019 - 9,381,019
Restricted for storm water 1,789,612 1,789,612
Restricted for promotion of culture and tourism 1,834,337 1,834,337
Unrestricted 96,924,423 40,174,495 137,098,918
TOTAL NET POSITION 538,388,524$ 116,445,653$ 654,834,177$
PRIMARY GOVERNMENT
LIABILITIES
DEFERRED OUTFLOWS OF RESOURCES
DEFERRED INFLOWS OF RESOURCES
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FUND FINANCIAL STATEMENTS
GOVERNMENTAL FUNDS
FINANCIAL STATEMENTS
CITY OF SOUTHLAKE, TEXAS
BALANCE SHEET
GOVERNMENTAL FUNDS
SEPTEMBER 30, 2020
The Notes to Financial Statements are an integral part of this statement.
18
GENERAL
OBLIGATION GENERAL
DEBT CAPITAL
GENERAL SERVICE PROJECTS
ASSETS
Cash and cash equivalents 38,738,505$ 4,627,190$ 34,916,125$
Receivables, net of allowances for
uncollectibles:
Ad valorem taxes 70,596 17,649 -
Franchise taxes 561,825 - -
Sales taxes 2,715,315 - -
Interest 67,435 8,375 62,862
Other 68,291 - -
Inventories 22,808 - -
Prepaid items 18,031 - -
TOTAL ASSETS 42,262,806$ 4,653,214$ 34,978,987$
LIABILITIES, DEFERRED INFLOWS OF RESOURCES,
AND FUND BALANCES
LIABILITIES
Accounts payable 2,379,739$ -$ 2,379,088$
Accrued liabilities 1,383,166 - -
Unearned revenue 773,595 - -
TOTAL LIABILITIES 4,536,500 - 2,379,088
DEFERRED INFLOWS OF RESOURCES
Unavailable resources 81,583 17,649 -
TOTAL DEFERRED INFLOWS OF RESOURCES 81,583 17,649 -
FUND BALANCES
Nonspendable for:
Inventories 22,808 - -
Prepaid expenditures 18,031 - -
Restricted for:
Debt service - 4,635,565 -
Municipal court expenditures - - -
Reinvestment zone expenditures - - -
Parks and recreation - - -
Storm water - - -
Promotion of culture and tourism - - -
Committed for:
Police expenditures - - -
Parks and recreation - - -
Oil and gas expenditures - - -
Library - - -
Capital projects - - 32,599,899
Assigned for:
Teen Court expenditures 20,693 - -
Senior Center expenditures 11,064 - -
Recycling 70,395 - -
Reforestation expenditures 35,150 - -
Public art 500,819 - -
Facility maintenance 8,813,795 - -
Economic investment 3,525,280 - -
Strategic initiatives 10,603,712 - -
Unassigned 14,022,976 - -
TOTAL FUND BALANCES 37,644,723 4,635,565 32,599,899
TOTAL LIABILITIES, DEFERRED INFLOWS OF
RESOURCES, AND FUND BALANCES 42,262,806$ 4,653,214$ 34,978,987$
EXHIBIT 3
19
SOUTHLAKE TAX
PARKS INCREMENT NON-MAJOR TOTAL
DEVELOPMENT FINANCING GOVERNMENTAL GOVERNMENTAL
CORPORATION DISTRICT FUNDS FUNDS
8,069,945$ 5,010,297$ 35,316,791$ 126,678,853$
- - - 88,245
- - - 561,825
1,349,949 - 1,364,973 5,430,237
14,456 8,985 62,306 224,419
12,819 - 325,435 406,545
- - - 22,808
- - - 18,031
9,447,169$ 5,019,282$ 37,069,505$ 133,430,963$
57,787$ 10,055$ 628,920$ 5,455,589$
8,363 9,332 145,093 1,545,954
- - 480,525 1,254,120
66,150 19,387 1,254,538 8,255,663
- - - 99,232
- - - 99,232
- - - 22,808
- - - 18,031
- - 2,466,580 7,102,145
- - 739,828 739,828
- 4,999,895 - 4,999,895
9,381,019 - - 9,381,019
- - 1,789,612 1,789,612
- - 1,834,337 1,834,337
- - 5,256,684 5,256,684
- - 11,121,825 11,121,825
- - 55,424 55,424
- - 11,323 11,323
- - 12,715,187 45,315,086
- - - 20,693
- - - 11,064
- - - 70,395
- - - 35,150
- - - 500,819
- - - 8,813,795
- - - 3,525,280
- - - 10,603,712
- - (175,833) 13,847,143
9,381,019 4,999,895 35,814,967 125,076,068
9,447,169$ 5,019,282$ 37,069,505$ 133,430,963$
CITY OF SOUTHLAKE, TEXAS EXHIBIT 4
RECONCILIATION OF THE GOVERNMENTAL FUNDS
BALANCE SHEET TO THE STATEMENT OF NET POSITION
AS OF SEPTEMBER 30, 2020
The Notes to Financial Statements are an integral part of this statement.
20
Total fund balances - governmental funds 125,076,068$
Amounts reported for governmental activities in the statement of net position
are different because:
Capital assets used in governmental activities are not current financial resources
and, therefore, are not reported in the governmental funds balance sheet
(Less $4,872,288 in assets allocated to governmental activities from the internal
service fund).490,669,414
Interest payable on long-term debt does not require current financial resources;
therefore, interest payable is not reported as a liability in the governmental
funds balance sheet.(345,641)
Internal service funds are used by management to charge the cost of certain
activities, such as fleet management, to individual funds. This
amount represents the assets less the liabilities of the internal service
fund allocated to governmental activities. 12,778,303
Revenues earned but not available within sixty days of the year end are not
recognized as revenue on the fund financial statements. 99,232
For debt refundings, the difference between the acquisition price and net carrying
amount of the debt has been deferred and amortized in the government-wide
financial statements. This amount is the net of deferred losses , $1,741,353,
and gains ($173,844) on refundings. 1,567,509
Deferred outflows of resources related to the City's pension and OPEB liabilities result in
an increase in net position in the government-wide financial st atements. 4,004,412
Deferred inflows of resources related to the City's pension and OPEB liabilities result in
a decrease in net position in the government-wide financial statements. (2,969,839)
Long-term liabilities, including bonds payable, are not due and payable in the
current period and therefore are not reported in the fund financial statements. (92,490,934)
Net position of governmental activities 538,388,524$
CITY OF SOUTHLAKE, TEXAS
STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCES
GOVERNMENTAL FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2020
The Notes to Financial Statements are an integral part of this statement.
21
GENERAL
OBLIGATION GENERAL
DEBT CAPITAL
GENERAL SERVICE PROJECTS
REVENUES
Ad valorem taxes, penalties and interest 25,072,864$ 6,154,505$ -$
Franchise taxes 2,811,573 - -
Municipal sales and mixed beverage taxes 15,688,190 - -
Licenses, permits and fees 2,304,607 - -
Charges for services 1,459,703 - -
Fines and forfeitures 873,160 - -
Grants 250,329 - -
Capital recovery fees - - 693,293
Interest earned 489,174 77,487 499,865
Contributions - - 22,618
Miscellaneous 416,526 - 1,001,423
TOTAL REVENUES 49,366,126 6,231,992 2,217,199
EXPENDITURES
Current
General government
City secretary/mayor 472,591 - -
City manager's office 956,629 - -
Human resources 782,503 - -
Support services 3,972,568 - -
Economic development 236,243 - -
Finance 1,363,971 - -
Municipal court 701,640 - -
Teen court 150,744 - -
Information technology 3,707,992 - -
Public safety
Police services 6,379,444 - -
Fire services 9,198,969 - -
Public safety support 1,438,993 - -
Building inspection 1,096,482 - -
Public works
Public works administration 1,679,848 - -
Streets and drainage 1,380,161 - 3,114,984
Planning 1,035,617 - -
Cultural and recreation
Community services 966,612 - 25,800
Parks and recreation 3,516,494 - -
Library services 805,933 - -
Promotion of culture and tourism - - -
Intergovernmental - - -
Capital outlay 91,527 - 14,525,264
Debt service:
Principal retirement - 6,506,675 -
Interest and fiscal charges - 1,227,036 -
TOTAL EXPENDITURES 39,934,961 7,733,711 17,666,048
Excess (deficiency) of revenues
over (under) expenditures 9,431,165 (1,501,719) (15,448,849)
OTHER FINANCING SOURCES (USES)
Transfers from other funds 1,995,006 174,243 3,970,000
Transfers to other funds (4,450,000) - -
TOTAL OTHER FINANCING SOURCES (USES)(2,454,994) 174,243 3,970,000
NET CHANGE IN FUND BALANCES 6,976,171 (1,327,476) (11,478,849)
FUND BALANCES, BEGINNING OF YEAR 30,668,552 5,963,041 44,078,748
FUND BALANCES, END OF YEAR 37,644,723$ 4,635,565$ 32,599,899$
EXHIBIT 5
22
SOUTHLAKE TAX
PARKS INCREMENT NON-MAJOR TOTAL
DEVELOPMENT FINANCING GOVERNMENTAL GOVERNMENTAL
CORPORATION DISTRICT FUNDS FUNDS
-$ 10,753,022$ -$ 41,980,391$
- - - 2,811,573
7,908,601 - 8,522,323 32,119,114
- - 563,559 2,868,166
- - 3,554,066 5,013,769
- - 95,335 968,495
- - 1,487,520 1,737,849
- - - 693,293
96,208 38,550 433,017 1,634,301
- - 59,607 82,225
115,368 - 11,029 1,544,346
8,120,177 10,791,572 14,726,456 91,453,522
- - - 472,591
- - - 956,629
- - - 782,503
- 700,968 - 4,673,536
- - - 236,243
- - - 1,363,971
- - 187,606 889,246
- - - 150,744
- - - 3,707,992
- 205,897 1,687,802 8,273,143
- - 1,527,271 10,726,240
- - - 1,438,993
- - - 1,096,482
- - - 1,679,848
- - 623,967 5,119,112
- - - 1,035,617
- - - 992,412
1,391,241 - 5,875,874 10,783,609
- - 2,984 808,917
- - 641,107 641,107
- 7,214,798 - 7,214,798
39,761 595,991 698,882 15,951,425
- - 3,390,000 9,896,675
- - 1,880,978 3,108,014
1,431,002 8,717,654 16,516,471 91,999,847
6,689,175 2,073,918 (1,790,015) (546,325)
- - 9,798,175 15,937,424
(7,113,484) - (5,138,995) (16,702,479)
(7,113,484) - 4,659,180 (765,055)
(424,309) 2,073,918 2,869,165 (1,311,380)
9,805,328 2,925,977 32,945,802 126,387,448
9,381,019$ 4,999,895$ 35,814,967$ 125,076,068$
CITY OF SOUTHLAKE, TEXAS EXHIBIT 6
RECONCILIATION OF THE STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES OF
GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES
FOR THE YEAR ENDED SEPTEMBER 30, 2020
The Notes to Financial Statements are an integral part of this statement.
23
Net change in fund balances - total governmental funds (1,311,380)$
Amounts reported for governmental activities in the statement of activities
are different because:
Governmental funds report capital outlays as expenditures. However, in the
statement of activities, the cost of those assets is allocated over their estimated useful lives
and reported as depreciation expense. This is the amount of capital assets additions recorded
in the current period (does not include additions of $1,495,844 allocated from internal service fund). 15,951,425
Depreciation expense on capital assets is reported in the statement of activities but
does not require the use of current financial resources. Therefore, depreciation
expense is not reported as expenditures in the governmental funds.
(Does not include $870,568 allocated from internal service fund). (8,262,158)
The issuance of long-term debt (e.g. bonds) provides current fi nancial resources
to governmental funds, while the repayment of the principal of long-term debt
consumes the current financial resources of governmental funds. Neither
transaction, however, has any effect on net position. Also, governmental funds
report the effect of premiums, discounts, and similar items when
debt is first issued, whereas the amounts are deferred and amortized in the
statement of activities. This amount is the net effect of the following items:
o Repayments 9,896,675
o Amortization of premiums and deferred losses 853,650
10,750,325
The changes in net pension liability and deferred outflows/inflows from TMRS are not reported in the governmental funds. (579,966)
The changes in total OPEB liability and deferred outflows/inflows from TMRS are not reported in the governmental funds. (70,822)
The changes in net OPEB liability and deferred outflows/inflows for healthcare are not reported in the governmental funds. 182,700
Current year changes in the long-term liability for compensated absences do not require
the use of current financial resources; and therefore, are not reported as expenditures
in governmental funds.(175,082)
Current year changes in accrued interest payable do not require the use of current
financial resources; and therefore, are not reported as expenditures
in governmental funds.83,005
Internal service funds are used by management to charge the costs of certain
activities, such as fleet management, to individual funds. The net income
of the internal service fund is allocated entirely to governmental activities. 1,205,011
Governmental funds do not recognize assets contributed by devel opers. However,
in the statement of activities, the fair value of those assets is
recognized as revenue, then allocated over their estimated useful lives and
reported as depreciation expense.706,404
Certain revenues in the government-wide statement of activities that do not
provide current financial resources are not reported as revenue in the
governmental funds.(186,772)
Change in net position of governmental activities 18,292,690$
PROPRIETARY FUNDS
FINANCIAL STATEMENTS
CITY OF SOUTHLAKE, TEXAS EXHIBIT 7
STATEMENT OF NET POSITION
PROPRIETARY FUNDS
SEPTEMBER 30, 2020
The Notes to Financial Statements are an integral part of this statement.
24
BUSINESS-TYPE GOVERNMENTAL
ACTIVITIES ACTIVITIES
WATER AND SEWER VEHICLE AND EQUIPMENT
ENTERPRISE REPLACEMENT INTERNAL
FUND SERVICE FUND
ASSETS
CURRENT ASSETS
Cash and cash equivalents 25,564,985$ 6,251,796$
Receivables, net of allowance for uncollectibles:
Trade accounts 3,100,295 -
Unbilled trade accounts 2,361,756 -
Interest 85,397 11,209
Prepaid expenses - 1,643,010
Restricted assets:
Cash restricted for capital 21,723,366 -
Restricted cash for customer deposits 337,234 -
Total current assets 53,173,033 7,906,015
NON-CURRENT ASSETS
Capital assets:
Land and improvements 19,952,145 -
Buildings and improvements 935,501 -
Distribution system 148,748,436 -
Equipment 2,553,907 589,465
Vehicles 553,001 9,488,539
Capacity rights 9,190,988 -
Construction in progress 1,394,763 -
Total capital assets 183,328,741 10,078,004
Less: accumulated depreciation (81,955,153) (5,205,716)
Capital assets, net of accumulated depreciation 101,373,588 4,872,288
Total non-current assets 101,373,588 4,872,288
TOTAL ASSETS 154,546,621$ 12,778,303$
DEFERRED OUTFLOW OF RESOURCES
Deferred charge for refunding 444,957$ -$
Deferred outflows - TMRS pension 266,873 -
Deferred outflows - TMRS OPEB 11,848 -
Total deferred outflows of resources 723,678 -
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES, AND NET POSITION
CURRENT LIABILITIES
Accounts payable 2,140,283 -
Accrued liabilities 337,475 -
Accrued interest 146,609 -
Current portion of general obligation debt 2,673,799 -
Current portion of compensated absences 89,422 -
Payable from restricted assets:
Customer meter deposits 337,234 -
Total current liabilities 5,724,822 -
NON-CURRENT LIABILITIES
Unearned revenue 209,631 -
General obligation debt 31,357,752 -
Net pension liability 820,510 -
Total OPEB liability 64,312 -
Total non-current liabilities 32,452,205 -
TOTAL LIABILITIES 38,177,027 -
DEFERRED INFLOW OF RESOURCES
Deferred gain for refunding 438,048 -
Deferred inflows - TMRS pension 204,988 -
Deferred inflows - TMRS OPEB 4,583 -
Total deferred inflows of resources 647,619 -
NET POSITION
Net investment in capital assets 76,271,158 4,872,288
Unrestricted 40,174,495 7,906,015
TOTAL NET POSITION 116,445,653$ 12,778,303$
CITY OF SOUTHLAKE, TEXAS EXHIBIT 8
STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN NET POSITION
PROPRIETARY FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2020
The Notes to Financial Statements are an integral part of this statement.
25
BUSINESS-TYPE GOVERNMENTAL
ACTIVITIES ACTIVITIES
WATER AND SEWER VEHICLE AND EQUIPMENT
ENTERPRISE REPLACEMENT INTERNAL
FUND SERVICE FUND
OPERATING REVENUES
Charges for sales and services:
Water, sewer and garbage 32,104,550$ -$
Service charges 166,791 -
Total operating revenues 32,271,341 -
OPERATING EXPENSES:
Personnel services 2,600,558 -
Contractual services 2,137,312 -
Lease payments 9,501 15,984
Supplies 581,695 -
Utilities 8,756,039 -
Administrative 52,679 -
Maintenance 7,399,044 -
Professional benefits 20,996 -
Depreciation and amortization 4,965,250 870,568
Total operating expenses 26,523,074 886,552
OPERATING INCOME (LOSS)5,748,267 (886,552)
NON-OPERATING REVENUES (EXPENSES)
Gain on sale of capital assets - 3,988
Interest income 566,411 87,575
Interest expense and bond administration expense (967,741) -
Total non-operating revenues (expenses)(401,330) 91,563
INCOME (LOSS) BEFORE CAPITAL
CONTRIBUTIONS AND TRANSFERS 5,346,937 (794,989)
CAPITAL CONTRIBUTIONS AND TRANSFERS
Capital contributions - property owners 756,029 -
Contributions - impact fees 559,063 -
Transfers from other funds - 2,000,000
Transfers to other funds (1,234,945) -
Total capital contributions and transfers 80,147 2,000,000
CHANGE IN NET POSITION 5,427,084 1,205,011
NET POSITION, BEGINNING OF YEAR 111,018,569 11,573,292
NET POSITION, END OF YEAR 116,445,653$ 12,778,303$
CITY OF SOUTHLAKE, TEXAS EXHIBIT 9
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2020
The Notes to Financial Statements are an integral part of this statement.
26
BUSINESS-TYPE GOVERNMENTAL
ACTIVITIES ACTIVITIES
WATER AND SEWER VEHICLE AND EQUIPMENT
ENTERPRISE REPLACEMENT INTERNAL
FUND SERVICE FUND
CASH FLOWS FROM OPERATING ACTIVITIES
Cash received from customers and users 32,728,627$ -$
Cash payments to suppliers (23,773,521) (15,984)
Cash payments to employees (2,489,063) -
Net cash provided by (used in) operating activities 6,466,043 (15,984)
CASH FLOWS FROM CAPITAL AND
RELATED FINANCING ACTIVITIES
Paid for capital purchases (782,543) (3,138,854)
Principal payments on bonds (2,978,325) -
Bond administration cost (4,909) -
Interest paid (1,285,009) -
Proceeds from sale of capital assets - 3,988
Contributions - impact fees 559,063 -
Net cash used in capital and related financing activities (4,491,723) (3,134,866)
CASH FLOWS FROM NON-CAPITAL
FINANCING ACTIVITIES
Transfers from other funds - 2,000,000
Transfers to other funds (1,234,945) -
Net cash provided by (used in) non-capital
financing activities (1,234,945) 2,000,000
CASH FLOWS FROM INVESTING ACTIVITIES
Interest received 531,120 82,175
Net cash provided by investing activities 531,120 82,175
NET CHANGE IN CASH AND CASH EQUIVALENTS 1,270,495 (1,068,675)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 46,355,090 7,320,471
CASH AND CASH EQUIVALENTS, END OF YEAR 47,625,585$ 6,251,796$
RECONCILIATION TO STATEMENT OF NET POSITION
Cash and cash equivalents 25,564,985$ 6,251,796$
Cash restricted for capital 21,723,366 -
Restricted cash for customer deposits 337,234 -
Total cash and cash equivalents 47,625,585$ 6,251,796$
RECONCILIATION OF OPERATING INCOME (LOSS) TO NET CASH
PROVIDED BY (USED IN) OPERATING ACTIVITIES
Operating income (loss)5,748,267$ (886,552)$
Adjustments to reconcile operating income (loss)
to net cash provided by (used in) operating activities:
Pension and OPEB expense (439,725) -
Depreciation 4,965,250 870,568
Bad debt expense 41,128 -
Decrease (increase) in assets and deferred outflows of resources
Receivables 464,307 -
Deferred outflows of resources - pensions and OPEB 346,222 -
Unearned revenue (7,021)
Increase (decrease) in liabilities and deferred outflows of res ources
Payables and accruals (4,821,182) -
Customer deposits (12,105) -
Deferred inflows of resources - pensions and OPEB 180,902 -
Net cash provided by (used in) operating activities 6,466,043$ (15,984)$
NON-CASH CAPITAL AND RELATED FINANCING:
Contributions of capital assets from developers 756,029$ -$
FIDUCIARY FUND
FINANCIAL STATEMENTS
CITY OF SOUTHLAKE, TEXAS EXHIBIT 10
OPEB LIABILITY TRUST FUND
STATEMENT OF FIDUCIARY NET POSITION
DECEMBER 31, 2019
The Notes to Financial Statements are an integral part of this statement.
27
Trust Fund*
Southlake
OPEB
Liability
ASSETS
Cash and cash equivalents 1,765,317$
TOTAL ASSETS 1,765,317$
NET POSITION
Restricted for post employment benefits other
than pensions 1,765,317
TOTAL NET POSITION 1,765,317$
*The Southlake Other Post Employment Benefit (OPEB) Liability Trust fund is reported as of
December 31, 2019.
CITY OF SOUTHLAKE, TEXAS EXHIBIT 11
OPEB LIABILITY TRUST FUND
STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
FOR THE YEAR ENDED DECEMBER 31, 2019
The Notes to Financial Statements are an integral part of this statement.
28
Trust Fund
Southlake
OPEB
Liability
ADDITIONS
Employer contributions 165,967$
Investment earnings, net of unrealized/realized gain/(loss) 207,145
TOTAL ADDITIONS 373,112
DEDUCTIONS
Benefit payments 75,967
Administrative expenses 5,347
TOTAL DEDUCTIONS 81,314
CHANGE IN NET POSITION 291,798
NET POSITION - BEGINNNING OF YEAR 1,473,519
NET POSITION - END OF YEAR 1,765,317$
NOTES TO BASIC FINANCIAL STATEMENTS
CITY OF SOUTHLAKE, TEXAS
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2020
29
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
General Statement
The City of Southlake (the City) operates under a Home Rule Council – Manager form of
government. All powers of the City are vested in an elected council, which enables local legislation,
adopts budgets, determines policies and appoints the City Manager. The City Manager is
responsible for executing the laws and administering the government of the City.
The accounting and reporting policies of the City relating to the funds included in the accompanying
basic financial statements conform to accounting principles generally accepted in the United States
of America applicable to state and local governments. Generally accepted accounting principles for
local governments include those principles prescribed by the Governmental Accounting Standards
Board (GASB). The more significant accounting policies of the City are described below.
Financial Reporting Entity
The City is governed by an elected mayor and a six-member council and has the authority to make
decisions, appoint administrators and managers, and significantly influence operations. It also has
the primary accountability for fiscal matters. Therefore, the City is a financial reporting entity as
defined by the Governmental Accounting Standards Board (GASB) in its Statement No. 14, “The
Financial Reporting Entity”, as amended by GASB Statement No. 39 “Determining Whether Certain
Organizations Are Component Units” and GASB Statement No. 61, “The Financial Reporting Entity:
Omnibus—an amendment of GASB Statements No. 14 and No. 34.”
Under GASB 14 component units are organizations for which the City is financially accountable
and all other organizations for which the nature and significance of their relationship with the City
are such that exclusion would cause the reporting entity’s financial statements to be misleading or
incomplete. Financial accountability exists if the City appoints a voting majority of an organization’s
governing board and is either able to impose its will on that organization or there is a potential for
the organization to provide specific financial benefits to, or impose specific financial burdens on,
the City. The City may be financially accountable for governmental organizations with a separately
elected governing board, a governing board appointed by another government, or a jointly
appointed board that is fiscally dependent on the City. The financial statements of the component
units may be discretely presented in a separate column from the primary government or blended
with the financial statements of the primary government. GASB 39 added clarification to GASB 14
by including entities which meet all three of the following requirements:
1. The economic resources received or held by the separate organization are entirely for the
direct benefit of the primary government, its component units, or its constituents.
2. The primary government, or its component units, is entitled to, or has the ability to otherwise
access, a majority of the economic resources received or held by the separate
organization.
3. The economic resources received or held by an individual organization that the specific
primary government, or its component units, is entitled to, or has the ability to otherwise
access, are significant to that primary government.
CITY OF SOUTHLAKE, TEXAS
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2020
30
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – CONTINUED
Financial Reporting Entity – Continued
Based on these criteria, the financial information of the following entities has been blended within
the reporting entity. Individual financial statements are not available for these component units.
Southlake Parks Development Corporation (the Corporation) - The Corporation is a nonprofit
industrial development corporation formed in January 1994 under the Development
Corporation Act of 1979. The Corporation is organized exclusively to act on behalf of the City
for the financing, development and operation of parks and recreation facilities. The affairs of
the Corporation are managed by a seven member board of directors, of which four are
members of the City Council. The annual corporate budget and issuance of debt must be
approved by the City Council. Since the Board of the Corporation is substantively the same as
the City Council, the Corporation has been reported as a blended component unit.
Southlake Community Enhancement and Development Corporation (CEDC) – The CEDC was
formed under the Development Corporation Act of 1979, as amended, Title 12, Subtitle C1 of
the Texas Local Government Code. The CEDC is organized to promote economic development
within the City, including developing, implementing, providing and financing projects including
a community entertainment and recreation center for the City. The District is governed by a
seven member board appointed by the City Council. The annual budget and issuance of debt
must be approved by the City Council. Since the CEDC provides services entirely to the City,
it has been reported as a blended component unit.
Southlake Tax Increment Financing Districts (the TIF) – The TIF was formed to finance and
make public improvements, under the authority of the Tax Increment Financing Act. The TIF is
governed by a nine member board of directors consisting of the eight members appointed by
the City Council, and one member appointed by Carroll Independent School District. Since the
Board of the TIF is substantively the same as the City Council; the City has operational
responsibility for the TIF and the City receives financial benefit from the TIF, the TIF has been
reported as a blended component unit.
Southlake Crime Control and Prevention District (the District) – The District was formed under
Chapter 363 of the Texas Local Government Code, the Crime Control and Prevention Act. The
District is organized exclusively to act on behalf of the City for the financing, development and
crime control throughout the City. The District is governed by a seven member board appointed
by the City Council. The annual budget and issuance of debt must be approved by the City
Council. Since the District provides services entirely to the City, it has been reported as a
blended component unit.
Basis of Presentation
The government-wide financial statements (the statement of net position and the statement of
activities) report information on all of the activities of the City, except for fiduciary funds. The effect
of interfund activity, within the governmental and business-type activities columns, has been
removed from these statements. Governmental activities, which normally are supported by taxes
and intergovernmental revenues, are reported separately from business-type activities, which rely
to a significant extent on fees and charges for support.
CITY OF SOUTHLAKE, TEXAS
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2020
31
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – CONTINUED
Basis of Presentation – Continued
The statement of activities demonstrates the degree to which the direct expenses of a given
program are offset by program revenues. Direct expenses are those that are clearly identifiable
with a specific program.
Program revenues include 1) charges to customers or applicants who purchase, use, or directly
benefit from goods, services, or privileges provided by a given program and 2) operating or capital
grants and contributions that are restricted to meeting the operational or capital requirements of a
particular program. Taxes and other items not properly included among program revenues are
reported instead as general revenues.
Fund Financial Statements
The City segregates transactions related to certain functions or activities in separate funds in order
to aid financial management and to demonstrate legal compliance. Separate statements are
presented for governmental funds and proprietary funds. These statements present each major
fund as a separate column in the fund financial statements; all non-major funds are aggregated
and presented in a single column.
Governmental funds are those funds through which most governmental functions typically are
financed. The measurement focus of governmental funds is on the sources, uses and balances of
current financial resources.
Governmental Funds
The City reports the following major governmental funds:
General Fund-
The General Fund is the general operating fund of the City. It is used to account for all financial
resources not accounted for in other funds. All general tax revenues and other receipts that are
not restricted by law or contractual agreement to some other fund are accounted for in this fund.
General operating expenditures, fixed charges and capital improvement costs that are not paid
through other funds are paid from the General Fund.
General Obligation Debt Service Fund-
The General Obligation Debt Service Fund is used to account for the accumulation of financial
resources for the payment of principal, interest and related costs on long-term debt paid primarily
from taxes levied by the City. The fund balance of the General Obligation Debt Service Fund is
restricted exclusively for debt service expenditures.
General Capital Projects Fund-
The General Capital Projects Fund is used to account for resources used for the acquisition and/or
construction of capital facilities by the City, except those financed by proprietary funds and not
accounted for by another capital projects fund.
CITY OF SOUTHLAKE, TEXAS
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2020
32
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – CONTINUED
Basis of Presentation – Continued
Southlake Parks Development Corporation-
The Southlake Parks Development Corporation (“SPDC”) Fund was established to account for the
general operations of the non-profit corporation established to finance, develop and operate park
and recreational facilities. The SPDC is funded primarily through the municipal sales taxes.
Tax Increment Financing District-
The Tax Increment Financing (TIF) District Fund was established to account for the general
operations of the TIF, which was formed to finance and make public improvements. The TIF is
funded primarily through the assessment of ad valorem taxes.
In addition, the City reports the following non-major governmental funds:
Special Revenue Funds – The City’s Special Revenue Funds are used to account for revenue
sources that are committed or restricted to expenditures for specified purposes, as follows:
Police Fund-
The Police Fund was established to account for the resources required to be utilized by the police
department.
Parks and Recreation Fund-
The Parks and Recreation Fund was established to account for resources restricted to the
community services department.
Parks Dedication Fund-
The Parks Dedication Fund was established to account for resources restricted to park
improvements. The primary source of revenue for the Parks Dedication Fund is funded through
park dedication fees on development.
Crime Control District-
The Crime Control District Special Revenue Fund was established to account for the operations of
the Crime Control District, which was established for the financing and development of crime control
within the City. The Crime Control Fund is funded primarily through municipal sales taxes.
Hotel Occupancy-
The Hotel Occupancy Tax Fund accounts for all revenues and expenditures relating to the hotel
occupancy tax received by the City.
Storm Water Utility-
The Storm Water Utility Fund is used to account for fees collected for the purpose of improving,
upgrading and maintaining the City’s drainage system.
CITY OF SOUTHLAKE, TEXAS
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2020
33
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – CONTINUED
Basis of Presentation – Continued
Court Security Fund-
The Court Security Fund is used to account for Municipal Court fees assessed to provide for court
security.
Court Technology Fund-
The Court Technology Fund is used to account for Municipal Court fees assessed to provide for
court technology.
Library Fund-
The Library Fund was established to account for resources donated for City library services.
Red Light Camera Fund-
The Red Light Camera Fund is used to account for fees assessed for red light violations captured
through the City’s camera monitoring system.
Storm Water Maintenance Fund-
The Storm Water Maintenance Fund is used to account for the maintenance on storm water
infrastructure.
Community Enhancement and Development Corporation –
The Community Enhancement and Development Corporation (“CEDC”) Fund was established to
account for the general operations of the non-profit corporation established to finance, develop and
operate a community entertainment and recreation center. The CEDC is funded primarily through
municipal sales taxes and user fees.
Oil and Gas Fund-
The Oil and Gas Fund is used to account for permit fees and the related expenditures for oil and
gas drilling.
Commercial Vehicle Enforcement Fund-
The Commercial Vehicle Enforcement Fund is used to account for the fees assessed for
commercial vehicle violations.
CITY OF SOUTHLAKE, TEXAS
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2020
34
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – CONTINUED
Basis of Presentation – Continued
Truancy Prevention
The Truancy Prevention Fund is used to account for municipal court fees assessed to provide for
juvenile case manager services.
Disaster Recovery
The Disaster Recovery Fund is used to account for grant awards to provide disaster relief.
Debt Service Funds – The City’s Debt Service Funds are utilized to account for the accumulation
of financial resources for, and the payment of, long-term debt principal, interest, and related costs
arising from the issuance of bonds.
Southlake Parks Development Corporation Debt Service Fund-
The Southlake Parks Development Corporation Debt Service Fund is utilized to account for the
accumulation of financial resources, primarily transfers from other funds, for the payment of long-
term principal and interest costs associated with the financing of improvements of the Southlake
Parks Development Corporation.
Community Enhancement and Development Corporation Debt Service Fund-
The Community Enhancement and Development Corporation Debt Service Fund is utilized to
account for the accumulation of financial resources, primarily transfers from other funds, for the
payment of long-term principal and interest costs associated with the financing of the community
entertainment and recreation center.
Capital Projects Funds – The City’s Capital Projects Funds are utilized to account for financial
resources to be used for the acquisition or construction of specified capital improvements (other
than those financed by proprietary funds). Such resources are derived from proceeds of general
obligation debt, other sources designated for improvements and interest earned on such proceeds.
The City’s non-major Capital Projects Funds are as follows:
Southlake Parks Development Corporation Capital Projects Fund-
The Southlake Parks Development Corporation (SPDC) Capital Projects Fund is utilized to fund
the acquisition and construction of park recreational facilities as approved by the SPDC board of
directors. The fund has been funded primarily through the issuance of general obligation debt.
Community Enhancement and Development Corporation Capital Projects Fund-
The Community Enhancement and Development Corporation (CEDC) Capital Projects Fund is
utilized to fund the acquisition and construction of a community entertainment and recreation center
as approved by the CEDC board of directors. The fund has been financed through the issuance of
sales tax revenue bonds.
Crime Control District Capital Projects Fund-
The Crime Control District Capital Projects Fund is utilized to account for the acquisition and
construction of capital assets as approved by the District’s board of directors. The fund has been
funded primarily through the issuance of general obligation debt.
CITY OF SOUTHLAKE, TEXAS
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2020
35
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – CONTINUED
Basis of Presentation – Continued
Proprietary Funds-
Proprietary Funds are accounted for using the economic resources measurement focus and the
accrual basis of accounting. The accounting objectives are determinations of net income, financial
position and cash flow. All assets and liabilities are included in the Statement of Net Position.
The City reports the following major proprietary fund:
Water and Sewer Enterprise Fund-
The Water and Sewer Enterprise Fund is used to account for the acquisition, operation and
maintenance of a municipal water and sewer utility, supported primarily by user charges to the
public.
Additionally, the City reports an Internal Service Fund which is used to account for vehicle and
equipment replacement provided to departments of the City.
Proprietary funds distinguish operating revenues and expenses from non-operating items.
Operating revenues and expenses generally result from providing services and producing and
delivering goods in connection with a proprietary fund’s principal ongoing operations. Operating
expenses for the proprietary funds include the cost of personnel and contractual services, supplies
and depreciation on capital assets. All revenues and expenses not meeting this definition are
reported as non-operating revenues and expenses.
Fiduciary Funds
The City also presents one trust fund, Southlake OPEB Liability Trust Fund. The City’s OPEB
Liability Trust Fund accounts for the funding of post-employment healthcare benefits for retirees of
the City and their dependents which is presented as of December 31, 2019.
Measurement Focus and Basis of Accounting
Measurement focus refers to what is being measured; 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 measurement made, regardless of the measurement focus
applied.
The government-wide statements and fund financial statements for proprietary and fiduciary funds
are reported using the accrual basis of accounting. The government-wide, proprietary fund, and
fiduciary trust fund financial statements are prepared using the economic resources measurement
focus. The economic resources measurement focus means all assets and liabilities (whether
current or non-current) are included in the statement of net position and the operating statements
present increases (revenues) and decreases (expenses) in total net position. Under the accrual
basis of accounting, revenues are recognized when earned, including unbilled water and sewer
services which are accrued. Expenses are recognized at the time the liability is incurred.
CITY OF SOUTHLAKE, TEXAS
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2020
36
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – CONTINUED
Measurement Focus and Basis of Accounting – Continued
Governmental fund financial statements are reported using the current financial resources
measurement focus and are accounted for using the modified accrual basis of accounting. Under
the modified accrual basis of accounting, revenues are recognized when susceptible to accrual;
i.e., when they become both measurable and available.
“Measurable” means the amount of the transaction can be determined and “available” means
collectible within the current period or soon enough thereafter to be used to pay liabilities of the
current period. The City considers all revenues as available if they are collected within 60 days
after year end. Expenditures are recorded when the related fund liability is incurred, except for
unmatured interest on long-term debt which is recognized when due, and certain compensated
absences and claims and judgments which are recognized when the obligations are expected to be
liquidated with expendable available financial resources.
Property taxes, sales taxes, franchise taxes and interest are susceptible to accrual. Other receipts
become measurable and available when cash is received by the City and are recognized as
revenue at that time.
Cash, Cash Equivalents and Investments
In accordance with GASB Statement No. 31, the City’s general policy is to report money market
investments and short-term participating interest-earning investment contracts at amortized cost
and to report nonparticipating interest-earning investment contracts using a cost-based measure.
However, if the fair value of an investment is significantly affected by the impairment of the credit
standing of the issuer or by other factors, it is reported at fair value. All other investments are
reported at fair value unless a legal contract exists which guarantees a higher value. The term
“short-term” refers to investments, which have a remaining term of one year or less at the time of
purchase. The term “nonparticipating” means that the investment’s value does not vary with market
interest rate changes.
The City’s cash and cash equivalents are defined as cash on hand, cash and pooled investment
demand deposits held with financial institutions, and short-term investments with original maturities
of three months or less from the date of acquisition. Cash and cash equivalents also includes long-
term investments with maturity of greater than one year. The classification of the City’s cash and
cash equivalents is reported in Note 2.
The City pools idle cash from all funds for the purpose of increasing income through coordinated
investment activities. As of September 30, 2020, the investments held by the City had a remaining
maturity of greater than one year from purchase and accordingly are carried at fair value. Interest
earnings are allocated to the respective funds based upon each fund’s relative balance in the pool.
Cash and cash equivalents reported as restricted are restricted for debt service, acquisition and
construction of capital assets, and for utility deposits held by the City.
Property Taxes
The City’s property tax is levied each October 1 on the assessed value listed as of the prior January
1 for all real and certain personal property located within the City. Appraised values are established
by the Central Appraisal Districts at 100% of estimated market value and certified by the Appraisal
Review Board. The assessed value upon which the 2020 levy was based on was $10,301,814,156.
Taxes are due on October 1 and are delinquent after the following January 31.
CITY OF SOUTHLAKE, TEXAS
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2020
37
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – CONTINUED
Property Taxes – Continued
The City is permitted by Article XI, Section 5 of the State of Texas Constitution to levy taxes up to
$2.50 per $100 of assessed valuation for general governmental services, including the payment of
principal and interest on general obligation long-term debt. The combined tax rate to finance
general governmental services including the payment of principal and interest on long-term debt
for the year ended September 30, 2020 was 0.41 per $100 of assessed valuation.
In Texas, countywide central appraisal districts are required to assess all property within the
appraisal district on the basis of 100% of its appraised value and are prohibited from applying any
assessment ratios. The value of property within the appraisal district must be reviewed every five
years; however, the City may, at its own expense, require annual reviews of appraised values.
Interfund Receivables and Payables
Activities between funds that are representative of lending/borrowing arrangements outstanding at
the end of the fiscal year are referred to as “due to/from other funds.”
Any residual balances outstanding between the governmental activities and business-type
activities are reported in the government-wide financial statements as “internal balances”.
Transactions between Funds
Interfund services provided and used are accounted for as revenues, expenditures or expenses.
Transactions that constitute reimbursements to a fund for expenditures/expenses initially made
from it that are properly applicable to another fund, are recorded as expenditures/expenses in the
reimbursing fund and as a reduction of expenditures/expenses in the fund reimbursed. All other
interfund transactions, except interfund services provided and used and reimbursements, are
recorded as transfers. Interfund services provided and used are not eliminated in the process of
consolidation.
Restricted Resources
When both restricted and unrestricted resources are available for use, it is the City’s policy to use
restricted first, then unrestricted resources as required.
Inventories
Inventories are stated at cost (first-in, first-out) and are determined annually by taking a physical
inventory. Inventory in the general fund consists of gasoline held for consumption and is reported
on the consumption method. Under the consumption method the cost is recorded as an expenditure
at the time individual inventory items are utilized.
Prepaid Items
Certain payments reflect costs applicable to future periods and are recorded as prepaid items in
the government-wide and fund financial statements. These items consist principally of postage and
deposits for purchases and are reported on the consumption method.
CITY OF SOUTHLAKE, TEXAS
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2020
38
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – CONTINUED
Capital Assets
Capital assets, which include property, plant, equipment, and infrastructure assets, are reported in
the applicable governmental or business-type activities columns in the government-wide financial
statements and in the fund financial statements for proprietary funds. All capital assets are valued
at historical cost or estimated historical cost if actual historical cost is not available. Donated assets
are valued at acquisition value on the date donated.
The costs of normal repairs and maintenance that do not add to the value of the asset or materially
extend the asset lives are not capitalized. Renewals and betterments are capitalized. Interest has
not been capitalized during the construction period on property, plant and equipment.
Assets capitalized have an original cost of $5,000 or more and over one year of useful life.
Depreciation has been calculated on each class of depreciable property using the straight-line
method. Estimated useful lives are as follows:
Buildings 20 - 50 Years
Water and Sewer distribution system 35 - 50 Years
Water hydrants 10-15 Years
Water tanks 35 Years
Computer equipment 5 Years
Heavy equipment and vehicles 10 - 20 Years
Light vehicles 2 - 10 Years
Vehicles 5 Years
Improvements 25 Years
Infrastructure 10 Years
The street network is not depreciated. The City has elected to use the modified approach in
accounting for its street infrastructure. The modified approach allows governments to report as
expenses in lieu of depreciation, infrastructure expenditures which maintain the asset but do not
add to or improve the asset. Additions and improvements to the street network are capitalized.
The City uses an asset management system to rate street condition and quantify the results of
maintenance efforts.
The City has established the Vehicle and Equipment Replacement Internal Service Fund to account
for City-owned vehicles and equipment. The fund receives transfers from other funds.
Vacation and Sick Leave (Compensated Absences)
City employees earn vacation and sick leave, which may either be taken or accumulated, up to
certain amounts, until paid upon retirement or termination. Sick leave is not paid upon termination.
Upon termination or retirement, an employee is reimbursed up to a maximum number of hours of
vacation pay based upon the years of service. All vacation is accrued in the government-wide and
proprietary fund financial statements. A liability for these amounts is reported in the governmental
funds only if they have matured.
CITY OF SOUTHLAKE, TEXAS
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2020
39
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – CONTINUED
Long-Term Obligations
In the government-wide financial statements and proprietary fund financial statements, long-term
debt and other long-term obligations are reported as liabilities in the applicable governmental
activities, business-type activities, or proprietary fund statement of net position. Bond premiums
and discounts, as well as any deferred losses and gains on the refunding of bonds, are amortized
over the life of the bonds using the effective interest method. Bonds payable are reported net of
the applicable bond premium or discount. Issuance costs are recorded as expenses when incurred.
In the fund financial statements, governmental fund types recognize bond premiums and discounts,
as well as bond issuance costs, during the current period. The face amount of debt issued is
reported as other financing sources. Premiums and discounts received on debt issuances are
reported as other financing sources or uses. Issuance costs, whether or not withheld from the actual
debt proceeds received, are reported as debt service expenditures.
Pensions and Other Post-Employment Benefits (OPEB)
For purposes of measuring the net pension and total OPEB liabilities, pension and OPEB related
deferred outflows and inflows of resources and pension and OPEB expense, City specific
information about its Fiduciary Net Position in the Texas Municipal Retirement System (TMRS) and
additions to/deductions from the City’s Fiduciary Net Position have been determined on the same
basis as they are reported by TMRS. For this purpose, plan contributions are recognized in the
period that compensation is reported for the employee, which is when contributions are legally due.
Benefit payments and refunds are recognized when due and payable in accordance with the benefit
terms. Investments are reported at fair value.
Information regarding the City’s Total Pension Liability and Total OPEB Liability is obtained from
TMRS through reports prepared for the City by TMRS consulting actuary, Gabriel Roeder Smith &
Company, in compliance with Governmental Accounting Standards Board (GASB) Statement No.
68, Accounting and Financial Reporting for Pensions, and GASB Statement No. 75, Accounting
and Financial Reporting for Postemployment Benefits Other Than Pensions.
Deferred Outflows of Resources on the Statement of Net Position
In addition to assets, the statement of financial position and/or balance sheet will sometimes report
a separate section for deferred outflows of resources. This separate financial statement element,
deferred outflows of resources, represents a consumption of net position that applies to a future
period(s) and so will not be recognized as an outflow of resources (expense/expenditure) until then.
The City has the following items that qualify for reporting in this category:
Deferred Loss on Refunding – these deferred outflows result from the difference in the carrying
value of refunded debt and its reacquisition price. This amount is deferred and amortized over the
shorter of the life of the refunded or refunding debt.
Pensions/OPEB – these deferred outflows result from pension/OPEB contributions after the
measurement date (deferred and recognized as a reduction of the pension/OPEB liability in the
following fiscal year); changes in actuarial assumptions and/or differences between expected and
actual economic experience (deferred and amortized over the estimated average remaining lives
of participants) and/or differences in projected and actual earnings on pension/OPEB assets
(deferred and amortized over a closed five year period).
CITY OF SOUTHLAKE, TEXAS
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2020
40
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – CONTINUED
Deferred Outflows of Resources Reported on Governmental Fund Balance Sheet - Continued
In addition to liabilities, the governmental fund balance sheet reports deferred inflows from
receivables that were not collected within 60 days of year-end. The deferred inflow from receivables
balances and changes are reported as a reconciling amount to the statement of net positions and
activities.
Deferred Inflows of Resources on Statement of Net Position
In addition to liabilities, the statement of net position and/or balance sheet will sometimes report a
separate section for deferred inflows of resources.
Deferred Gain on Refunding – these deferred inflows result from the difference in the debt’s
reacquisition price and its carrying value that was refunded. This amount is deferred and amortized
over the shorter of the life of the refunded or refunding debt.
Pensions/OPEB – These differences are deferred and amortized over a closed period equal to the
estimated average remaining lives of all employees provided pensions through the plan, while
investment experience differences are amortized over a closed 5-year period. While deferred inflow
items reported in the balance sheet are described in detail in Note 5, those that qualify for reporting
in the statement of net position consist of pension and OPEB items (difference in expected and
actual experience and difference in assumption changes).
Fund Equity
The City has adopted the provisions of GASB Statement No. 54, Fund Balance Reporting and
Government Fund Type Definitions. The objective of the statement is to enhance the usefulness
of fund balance information by providing clearer fund balance classifications that can be more
consistently applied and by clarifying the existing government fund type definitions. The statement
establishes fund balance classifications that comprise a hierarchy based primarily on the extent to
which a government is bound to observe constraints imposed upon the use of the resources
reported in governmental funds. Fund balance classifications, under GASB 54 are Nonspendable,
Restricted, Committed, Assigned, and Unassigned. These classifications reflect not only the nature
of funds, but also provide clarity to the level of restriction placed upon fund balance. Fund balance
can have different levels of constraint, such as external versus internal compliance requirements.
The General Fund should be the only fund that reports a positive unassigned balance. In all other
funds, unassigned is limited to negative residual fund balance.
In accordance with GASB Statement No. 54, the City classifies governmental fund balances as
follows:
1. Nonspendable fund balance – includes amounts that are not in a spendable form or are
required to be maintained intact (example – inventory or permanent funds).
2. Restricted fund balance – includes amounts that can be spent only for the specific
purposes stipulated by external resource providers either constitutionally or through
enabling legislation (example – court technology and court security funds).
3. Committed fund balance – includes amounts that can only be used for specific purposes
determined by City Council (example – capital projects and police expenditures).
4. Assigned fund balance – comprises amounts intended to be used by the City for specific
purposes. Intent can be expressed by the City Council or their designee (Chief Financial
Officer). In governmental funds other than the general fund, assigned fund balance
represents the amount that is not restricted or committed. This indicates that resources in
other governmental funds are, at a minimum, intended to be used for the purpose of that
fund (example – Facility Maintenance and economic investments).
5. Unassigned fund balance – is the residual classification of the general fund and includes
all amounts not contained in other classifications.
CITY OF SOUTHLAKE, TEXAS
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2020
41
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – CONTINUED
Fund Equity – Continued
In accordance with GASB 54, the City has also adopted the following policies:
Committed Fund Balance - The City Council is the City’s highest level of decision-making
authority and approval by resolution is required to establish, modify, or rescind a fund balance
commitment. The resolution must either be approved or rescinded, as applicable, prior to the
last day of the fiscal year. The amount subject to the constraint may be determined in the
subsequent period.
Assigned Fund Balance - The City Council has authorized the City’s Chief Financial Officer as
the official authorized to assign fund balance to a specific purpose as approved by this fund
balance policy.
Unassigned Fund Balance - It is the goal of the City to maintain a fund balance in the General
Fund, equal to a minimum of 15% of General Fund budgeted operating expenditures, with the
optimum goal of 25%. The City considers a balance of less than 15% to be cause for concern,
barring unusual or deliberate circumstances.
It is the goal of the City to maintain 60 days of working capital in the Enterprise Fund, with the
optimum goal of 90 days of working capital.
The City shall also maintain all Reserve funds for all statutorily required reserve funds to
guarantee debt service.
Order of Expenditure of Funds - When multiple categories of fund balance are available for
expenditures, the City will start with the most restricted category and spend those funds first
before moving to the next category with available funds (restricted, committed, assigned and
unassigned).
During fiscal year 2006, the City began designating funds for strategic initiatives. The source of
these funds is reserves in excess of 25% of general fund expenditures. The funds will be used for
one-time high impact projects involving infrastructure maintenance, community enhancement and
capital acquisition; and are reported as assigned fund balance in the general fund.
Net Position
Net position represents the difference between assets plus deferred outflows of resources and
liabilities plus deferred inflows of resources. Net investment in capital assets consists of capital
assets, net of accumulated depreciation, reduced by the outstanding balances of any borrowing
used for the acquisition, construction or improvements of those assets, and adding back unspent
proceeds. Net position is reported as restricted when there are limitations imposed on their use
either through the enabling legislations adopted by the City or through external restrictions imposed
by creditors, grantors or laws or regulations of other governments.
Estimates
The preparation of financial statements in conformity with accounting principles generally accepted
in the United States of America requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements, and the reported amounts of revenues and
expenses/expenditures during the reporting period. Actual results could differ from those estimates.
CITY OF SOUTHLAKE, TEXAS
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2020
42
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – CONTINUED
Deficit Fund Balance
The Disaster Recovery Fund reported a deficit fund balance of ($175,833) as of
September 30, 2020 due to a timing issue involving a grant that will cover COVID-19 related
expenditures incurred beginning March 1, 2020, but was not awarded until after fiscal year end.
Subsequent Events
The City has evaluated all events or transactions that occurred after September 30, 2020 up
through March 12, 2021, the date the financial statements were available to be issued. During this
period, there were no subsequent events requiring disclosure.
NOTE 2. CASH AND INVESTMENTS
The funds of the City must be deposited and invested under the terms of a contract, contents of which
are set out in the Depository Contract Law. The depository bank places approved pledged securities
for safekeeping and trust with the City's agent bank in an amount sufficient to protect City funds on a
day-to-day basis during the period of the contract. The pledge of approved securities is waived only to
the extent of the depository bank's dollar amount of Federal Deposit Insurance Corporation (FDIC)
insurance.
At September 30, 2020 the carrying amount of the City's on demand deposits was $8,181,680 and the
bank balance was $9,065,063. As of September 30, 2020, none of the City’s deposits were
uncollateralized.
Legal and contractual provisions governing deposits and investments:
The Public Funds Investment Act (Government Code Chapter 2256) contains specific provisions in the
areas of investment practices, management reports and establishment of appropriate policies.
Among other things, it requires the City to adopt, implement, and publicize an investment policy. That
policy must address the following areas: (1) safety of principal and liquidity, (2) portfolio diversification,
(3) allowable investments, (4) acceptable risk levels, (5) expected rates of return, (6) maximum
allowable stated maturity of portfolio investments, (7) maximum average dollar-weighted maturity
allowed based on the stated maturity date for the portfolio, (8) investment staff quality and capabilities,
(9) and bid solicitation preferences for certificates of deposit.
Statutes and the City’s investment policy authorized the City to invest in the following investments as
summarized in the table below:
Maximum Maximum
Authorized Maximum Percentage Investment
Investment Type Maturity of Portfolio In One Issuer
U.S. Government Securities 5 years 100% None
Commercial Paper 270 days 20% None
Eligible Investment Pools 365 days 100% None
The Act also requires the City to have independent auditors perform test procedures related to
investment practices as provided by the Act. The City is in substantial compliance with the requirements
of the Act and with local policies.
CITY OF SOUTHLAKE, TEXAS
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2020
43
NOTE 2. CASH AND INVESTMENTS – CONTINUED
Cash and investments as of September 30, 2020 are classified in the accompanying financial
statements as follows:
Primary Government:
Cash and cash equivalents 153,868,444$
Restricted cash and cash equivalents 26,350,556
Restricted cash for customer deposits 337,234
Total primary government 180,556,234
Trust Fund:
Investments at fair value 1,765,317
Total fiduciary funds 1,765,317
Total cash and investments 182,321,551$
Cash and investments of the primary government as of September 30, 2020 consist of the following:
Cash on hand 5,150$
Deposits with financial institutions 8,181,680
Investments at amortized cost 82,982,982
Investments at fair value 89,386,422
Total cash and investments 180,556,234$
Disclosures relating to Interest Rate Risk
Interest rate risk is the risk that changes in market interest rates will adversely affect the fair value of
an investment. Generally, the longer the maturity of an investment, the greater the sensitivity of its fair
value to changes in market interest rates. One of the ways that the City manages its exposure to
interest rate risk is by investing mainly in investment pools which purchase a combination of shorter
term investments with an average maturity of less than 60 days, thus reducing the interest rate risk.
The City monitors the interest rate risk inherent in its portfolio by measuring the weighted average
maturity of its portfolio. The City has no specific limitations with respect to this metric.
As of September 30, 2020 the City did not invest in any securities which are highly sensitive to interest
rate fluctuations.
CITY OF SOUTHLAKE, TEXAS
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2020
44
NOTE 2. CASH AND INVESTMENTS – CONTINUED
Disclosures relating to Credit Risk
Generally, credit risk is the risk that an issuer of an investment will not fulfill its obligation to the holder
of the investment. This is measured by the assignment of a rating by a nationally recognized statistical
rating organization. Presented below is the minimum rating required by (where applicable) the Public
Funds Investment Act, the City’s investment policy, or debt agreements, and the actual rating as of
year-end for each investment type.
Minimum Rating as
Legal of Year
Amount Rating End
Government securities 55,223,664$ N/A Not rated
Municipal bonds 9,996,307 N/A Not rated
Commercial paper 14,927,107 N/A Not rated
Mutual funds 9,239,344 N/A AAAm
TexStar 38,031,719 N/A AAAm
TexPool 20,830,285 N/A AAAm
Lonestar Investment Pool 18,808,919 N/A AAAm
Texas Class 5,312,059 N/A AAAm
Total 172,369,404$
Investment Type
Concentration of Credit Risk
The investment policy of the City contains no limitations on the amount that can be invested in any
one issuer. As of September 30, 2020, the City investments other than external investment pools that
represent 5% or more of the City’s investments include mutual funds, commercial paper and
U.S. Government securities as described in the table below.
Custodial Credit Risk
Custodial credit risk for deposits is the risk that, in the event of the failure of a depository financial
institution, a government will not be able to recover its deposits or will not be able to recover collateral
securities that are in the possession of an outside party. The custodial credit risk for investments is the
risk that, in the event of the failure of the counterparty to a transaction, a government will not be able
to recover the value of its investment or collateral securities that are in the possession of another party.
The Public Funds Investment Act and the City’s investment policy do not contain legal or policy
requirements that would limit the exposure to custodial credit risk for deposits or investments, other
than the following provision for deposits: The Public Funds Investment Act requires that a financial
institution secure deposits made by state or local governmental units by pledging securities in an
undivided collateral pool held by a depository regulated under state law (unless so waived by the
governmental unit).
The market value of the pledged securities in the collateral pool must equal at least the bank balance
less the FDIC insurance at all times.
As of September 30, 2020, none of the City’s cash deposits were uncollateralized.
CITY OF SOUTHLAKE, TEXAS
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2020
45
NOTE 2. CASH AND INVESTMENTS – CONTINUED
Custodial Credit Risk – Continued
The City categorizes its fair value measurements within the fair value hierarchy established by generally
accepted accounting principles. GASB Statement No. 72, Fair Value Measurement and Application,
provides a framework for measuring fair value which establishes a three-level fair value hierarchy that
describes the inputs that are used to measure assets and liabilities.
Level 1 inputs are quoted prices (unadjusted) for identical assets or liabilities in active markets
that a government can access at the measurement date.
Level 2 inputs are inputs—other than quoted prices included within Level 1—that are
observable for an asset or liability, either directly or indirectly.
Level 3 inputs are unobservable inputs for an asset or liability.
The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3
inputs. If a price for an identical asset or liability is not observable, a government should measure fair
value using another valuation technique that maximizes the use of relevant observable inputs and
minimizes the use of unobservable inputs. If the fair value of an asset or a liability is measured using
inputs from more than one level of the fair value hierarchy, the measurement is considered to be based
on the lowest priority level input that is significant to the entire measurement.
The City has recurring fair value measurements as presented in the table below. The City’s investment
balances and weighted average maturity of such investments are as follows:
Value at
9/30/20 Level 1 Inputs Level 2 Inputs
Level 3
Inputs
Percent of
Total
Investments
Investments not subject to Fair Value
Investment Pools
TexPool 20,830,285$ -$ -$ -$ 12% 38
TexStar 38,031,719 - - - 22% 39
Lone Star 18,808,919 - - - 11% 48
Texas CLASS 5,312,059 - - - 3% 56
Investments by Fair Value Level
Federal Home Loan Bank 10,009,060 - 10,009,060 - 6% 23
U.S. Treasury 40,212,800 - 40,212,800 - 23% 97
Federal National Mortgage Association 5,001,804 - 5,001,804 - 3% 567
Mutual Funds - Short-Term Investments Trust 9,239,344 9,239,344 - - 5% 22
Texas A&M University 4,825,007 - 4,825,007 - 3%1323
Toyota Motor Credit 4,992,207 - 4,992,207 - 3% 118
State of Texas 5,171,300 - 5,171,300 - 3% 330
Royal Bank of Canada 4,936,456 - 4,936,456 - 3% 13
Baylor Scott & White 4,998,444 - 4,998,444 - 3% 62
Total 172,369,404$ 9,239,344$ 80,147,078$ -$ 100% 114
Fair Value Measurements Weighted
Average
Maturity
(Days)
U.S. Government Securities, commercial paper and municipal bonds classified in Level 2 of the fair
value hierarchy are valued using a matrix pricing technique. Matrix pricing is used to value securities
based on the securities’ relationship to benchmark quoted prices.
Mutual funds reported as level 1 are valued at the net asset value (NAV) of shares held by the City at
year end. The NAV is a quoted price in an active market.
CITY OF SOUTHLAKE, TEXAS
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2020
46
NOTE 2. CASH AND INVESTMENTS – CONTINUED
Investment in State Investment Pools
The City is a voluntary participant in four investment pools: TexPool, TexStar, Texas CLASS and Lone
Star.
The State Comptroller of Public Accounts exercises responsibility over TexPool. This oversight includes
the ability to significantly influence operations, designation of management, and accountability for fiscal
matters. Additionally, the State Comptroller has established an advisory board composed of both
participants in TexPool and other persons who do not have a business relationship with TexPool.
TexPool operates in a manner consistent with the SEC’s Rule 2a7 of the Investment Company Act of
1940. TexPool uses amortized costs rather than market value to report net position to compute share
prices. Accordingly, the fair value of the position in TexPool is the same as the value of TexPool shares.
TexStar is administered by First Southwest Asset Management, Inc. and JPMorgan Chase. TexStar is
a local government investment pool created under the Interlocal Cooperation Act specifically tailored
to meet Texas state and local government investment objectives of preservation of principal, daily
liquidity, and competitive yield. TexStar uses amortized costs rather than market value to report net
position to compute share prices. Accordingly, the fair value of the position in TexStar is the same as
the value of TexStar shares.
Texas CLASS is organized under the Sixth Amended and Restated Trust Agreement in accordance
with all the requirements contained in section 2256.016 of the Act. Texas CLASS is administered by
Public Trust Advisors, LLC and all funds are held by the custodial agent, Wells Fargo N.A. Texas
CLASS may invest in obligations of the U.S. or its agencies and instrumentalities; repurchase
agreements; SEC-registered money market funds rated in the highest rating category by at least one
NRSRO; and commercial paper rated A-1, P-1 or equivalent by two nationally recognized rating
agencies. Texas CLASS is measured at fair value (i.e., net asset value).
The Lone Star Investment Pool (the Pool) is organized in conformity with the Interlocal Cooperation
Act, Chapter 791 of the Texas Government Code, and the Public Funds Investment Act, Chapter 2256
of the Texas Government Code. The Pool is governed by an 11 member Board of Trustees, consisting
of individuals representing entities participating in the Pool. The fair value of the City’s position in the
Pool is the same as the value of the Pool shares.
CITY OF SOUTHLAKE, TEXAS
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2020
47
NOTE 3. RECEIVABLES
Receivables at September 30, 2020, for the government’s individual major, non-major, internal service,
and fiduciary funds in the aggregate, including the applicable allowances for uncollectible accounts,
consist of the following:
General Tax
Obligation General SPDC Increment
Debt Capital Special Rev. Financing
General Service Projects Fund District
Receivables:
Property taxes 586,237$ 146,559$ -$ -$ -$
Sales taxes 2,715,315 - - 1,349,949 -
Franchise taxes 561,825 - - - -
Accounts - - - 12,819 -
Interest 67,435 8,375 62,862 14,456 8,985
Other 68,291 - - - -
Gross receivables 3,999,103 154,934 62,862 1,377,224 8,985
Less: allowance 515,641 128,910 - - -
Net total receivables 3,483,462$ 26,024$ 62,862$ 1,377,224$ 8,985$
Water Primary
Non-Major and Internal Government
Governmental Sewer Service Total
Receivables:
Property taxes -$ -$ -$ 732,796$
Sales taxes 1,364,973 - - 5,430,237
Franchise taxes - - - 561,825
Accounts 325,435 5,742,830 - 6,081,084
Interest 62,306 85,397 11,209 321,025
Other - - - 68,291
Gross receivables 1,752,714 5,828,227 11,209 13,195,258
Less: allowance - 280,779 - 925,330
Net total receivables 1,752,714$ 5,547,448$ 11,209$ 12,269,928$
The Water and Sewer Fund and the Storm Water Utility Fund accounts receivable include unbilled
charges for services rendered through September 30, 2020 of $2,467,320.
CITY OF SOUTHLAKE, TEXAS
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2020
48
NOTE 4. CAPITAL ASSETS
Capital asset activity for the year ended September 30, 2020, was as follows:
Beginning Capital Sales or Adjustments/ Ending
Balance Acquisitions Disposals Transfers Balance
Governmental Activities:
Capital assets not being depreciated:
Land 91,607,167$ 3,000$ -$ 2,994,608$ 94,604,775$
Street infrastructure 209,020,948 6,000 - 6,590,920 215,617,868
Construction-in-progress 7,092,033 15,088,063 - (10,484,062) 11,696,034
Total capital assets not
being depreciated 307,720,148 15,097,063 - (898,534) 321,918,677
Capital assets being depreciated:
Land improvements 40,214,687 - - 239,507 40,454,194
Buildings and building improvements 140,226,672 - - - 140,226,672
Public art 1,156,202 - - 278,000 1,434,202
Equipment 17,798,932 863,363 (119,305) - 18,542,990
Vehicles 14,140,365 1,495,841 (26,201) - 15,610,005
Drainage 58,701,845 697,406 - 381,027 59,780,278
Total capital assets being depreciated 272,238,703 3,056,610 (145,506) 898,534 276,048,341
Accumulated depreciation:
Land improvements (19,777,535) (2,233,154) - - (22,010,689)
Buildings and building improvements (23,405,141) (3,238,596) - - (26,643,737)
Public art (835,044) (114,298) - - (949,342)
Equipment (13,839,218) (862,730) 119,305 - (14,582,643)
Vehicles (9,315,109) (1,077,758) 26,201 - (10,366,666)
Infrastructure (26,266,049) (1,606,190) - - (27,872,239)
Total accumulated depreciation (93,438,096) (9,132,726) 145,506 - (102,425,316)
Total capital assets being depreciated, net 178,800,607 (6,076,116) - 898,534 173,623,025
Governmental activities capital assets, net 486,520,755$ 9,020,947$ -$ -$ 495,541,702$
Beginning Capital Sales or Adjustments/ Ending
Balance Acquisitions Disposals Transfers Balance
Business Type Activities:
Capital assets not being depreciated:
Land 19,952,145$ -$ -$ -$ 19,952,145$
Construction-In-Progress 1,225,627 942,298 - (773,162) 1,394,763
Total capital assets not
being depreciated 21,177,772 942,298 - (773,162) 21,346,908
Capital assets being depreciated:
Buildings and building improvements 935,501 - - - 935,501
Equipment 2,553,907 - - - 2,553,907
Vehicles 553,001 - - - 553,001
Capacity rights 9,190,988 - - - 9,190,988
Distribution system 147,219,245 756,029 - 773,162 148,748,436
Total capital assets being depreciated 160,452,642 756,029 - 773,162 161,981,833
Accumulated depreciation:
Buildings and building improvements (706,586) (30,318) - - (736,904)
Equipment (2,213,009) (109,418) - - (2,322,427)
Vehicles (491,785) (33,104) - - (524,889)
Capacity rights (4,439,315) (183,820) - - (4,623,135)
Distribution system (69,139,208) (4,608,590) - - (73,747,798)
Total accumulated depreciation (76,989,903) (4,965,250) - - (81,955,153)
Total capital assets being depreciated, net 83,462,739 (4,209,221) - 773,162 80,026,680
Business type activities capital assets, net 104,640,511$ (3,266,923)$ -$ -$ 101,373,588$
CITY OF SOUTHLAKE, TEXAS
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2020
49
NOTE 4. CAPITAL ASSETS – CONTINUED
Depreciation expense was charged as a direct expense to functions of the primary government as
follows:
Governmental activities:
General government 1,025,635$
Public safety 1,919,783
Public works 1,929,024
Culture and recreation 4,258,284
Total depreciation expense-
governmental activities 9,132,726$
Business-type activities:
Water and Sewer 4,965,250$
NOTE 5. DEFERRED INFLOWS OF RESOURCES/UNEARNED REVENUE
Governmental funds report deferred inflows of resources in connection with receivables for revenue
that is not considered to be available to liquidate liabilities of the current period. Governmental funds
also defer revenue recognition in connection with resources that have been received, but not yet earned
(unearned revenue). At the end of the current fiscal year, the various components of unearned revenue
and deferred inflows of resources reported in the governmental funds were as follows:
General Debt Service Non-major
Fund Fund Governmental Total
Deferred inflows of resources:
Property taxes 70,596$ 17,649$ -$ 88,245$
Other 10,987 - - 10,987
Total deferred inflows of resources 81,583$ 17,649$ -$ 99,232$
Unearned revenue:
Franchise taxes 673,217$ -$ -$ 673,217$
Unspent grant awards - - 214,345 214,345
Other 100,378 - 266,180 366,558
Total unearned revenue 773,595$ -$ 480,525$ 1,254,120$
NOTE 6. LONG-TERM DEBT
The City issues general obligation bonds, combination tax and revenue certificates of obligation and
tax notes to provide for the acquisition and construction of major capital facilities and infrastructure.
Combination tax and revenue certificates of obligation are issued for both governmental and business-
type activities. General obligation bonds, governmental revenue bonds and tax notes pledge the full
faith and credit of the City. Combination tax and revenue certificates of obligation are payable from the
net revenues of the water and sewer system and general debt service tax.
In prior years, the City has legally defeased certain outstanding general obligation and revenue debt
by placing funds into irrevocable trusts pledged to pay all future debt service payments of the refunded
debt. Accordingly, a liability for the defeased debt issues is not included in the City’s financial
statements. As of September 30, 2020, the City had no additional outstanding bonds that were legally
defeased.
CITY OF SOUTHLAKE, TEXAS
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2020
50
NOTE 6. LONG-TERM DEBT – CONTINUED
General obligation bonds, combination certificates of obligation, governmental revenue bonds are as
follows as of September 30, 2020:
Final Interest Business-
General Obligation Bonds and Certificates of Obligation Maturity Rates Governmental Type
$3,365,000 Series 2011B, Tax and Waterworks and Sewer
System (Limited Pledge) Certificates of Obligation 2031 2.0 - 4.125% -$ 2,135,000$
$11,300,000 Series 2012, Tax and Waterworks and Sewer
System (Limited Pledge) Certificates of Obligation 2032 3.0 - 4.25% - 1,850,000
$9,965,000 Series 2012, General Obligation
Refunding Bonds 2026 3.0 - 4.25% 4,830,000 115,000
$14,250,000 Series 2013, Tax and Waterworks and Sewer
System (Limited Pledge) Certificates of Obligation 2033 2.0 - 5.0% - 1,800,000
$22,295,000 Series 2013, General Obligation
Refunding Bonds 2026 2.0 - 5.0% 14,055,000 610,000
$21,330,000 Series 2014, General Obligation
Refunding Bonds 2026 2.0 - 5.0% 560,000 1,055,000
$8,780,000 Series 2014, Tax and Waterworks and Sewer
System (Limited Pledge) Certificates of Obligation 2034 2.0 - 3.5% - 3,330,000
$3,295,000 Series 2015, Tax and Waterworks and Sewer
System (Limited Pledge) Certificates of Obligation 2035 2.75 - 4.0% - 2,685,000
$7,910,000 Series 2017, General Obligation
Refunding Bonds 2028 3.0 - 4.0% 3,181,176 3,388,824
$5,400,000 Series 2017, Tax and Waterworks and Sewer
System (Limited Pledge) Certificates of Obligation 2037 2.25 - 5.0% - 4,875,000
$4,205,000 Series 2018, Tax and Waterworks and Sewer
System (Limited Pledge) Certificates of Obligation 2038 3.0 - 4.0% - 3,920,000
$17,290,000 Series 2019, General Obligation
Refunding Bonds 2030 3.0 - 5.0% 7,645,000 5,980,000
30,271,176$ 31,743,824$
CITY OF SOUTHLAKE, TEXAS
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2020
51
NOTE 6. LONG-TERM DEBT – CONTINUED
Final Interest
Governmental Revenue Bonds Maturity Rates Governmental
$3,285,000 Series 2011C, Tax and Waterworks and Sewer
System (Limited Pledge) Certificates of Obligation 2031 2.00 - 4.125% 2,085,000$
$11,300,000 Series 2012, Tax and Waterworks and Sewer
System (Limited Pledge) Certificates of Obligation 2032 3.0 - 4.25% 3,925,000
$16,000,000 Series 2014, Southlake Parks Development
Corporation, Sales Tax Revenue Refunding Bonds 2027 3% 8,755,000
$24,450,000 Series 2016, Southlake Community Enhancement
and Development Corporation, Sales Tax Revenue Bonds 2036 3.00 - 5.00% 21,745,000
$9,945,000 Series 2017, Southlake Community Enhancement 2036 2.00 - 5.00% 8,840,000
and Development Corporation, Sales Tax Revenue Bonds
45,350,000$
The following is a summary of long-term transactions for the year ended September 30, 2020:
Amount
Beginning Ending Due within
Balance Additions Reductions Balance One year
Governmental activities:
General obligation bonds and
certificates of obligation 37,107,851$ -$ (6,836,675)$ 30,271,176$ 7,161,201$
Sales tax revenue bonds 48,410,000 - (3,060,000) 45,350,000 3,180,000
Bond premiums (discounts) 6,630,994 - (1,088,216) 5,542,778 -
Total bonds payable 92,148,845 - (10,984,891) 81,163,954 10,341,201
Net OPEB liability - Health 511,950 - (185,122) 326,828 -
Total OPEB liability - SDBF 617,018 181,239 - 798,257 -
Net pension liability 14,699,327 - (6,082,407) 8,616,920 -
Compensated absences 1,409,893 1,589,986 (1,414,904) 1,584,975 1,584,975
Total governmental activities 109,387,033$ 1,771,225$ (18,667,324)$ 92,490,934$ 11,926,176$
Typically, liquidation of the liabilities for compensated absences, net and total OPEB, and net pension
occurs within the governmental funds where payroll costs are incurred.
CITY OF SOUTHLAKE, TEXAS
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2020
52
NOTE 6. LONG-TERM DEBT – CONTINUED
Amount
Beginning Ending Due within
Balance Additions Reductions Balance One year
Business-type activities:
Revenue bonds and certificates
of obligation 34,722,149$ -$ (2,978,325)$ 31,743,824$ 2,673,799$
Bond premiums 2,557,602 - (269,875) 2,287,727 -
Total bonds payable 37,279,751 - (3,248,200) 34,031,551 2,673,799
Unearned revenue 216,652 - (7,021) 209,631 -
Total OPEB liability - SDBF 50,817 13,495 - 64,312 -
Net pension liability 1,273,730 - (453,220) 820,510 -
Compensated absences 72,030 120,127 (102,735) 89,422 89,422
Total business-type activities 38,892,980$ 133,622$ (3,811,176)$ 35,215,426$ 2,763,221$
The annual aggregate maturities for each bond type are as follows:
General Obligation Bonds and Certificates of Obligation
Fiscal Year Ending
September 30, Principal Interest Total
2021 7,161,201$ 1,068,545$ 8,229,746$
2022 4,028,306 812,305 4,840,611
2023 4,187,832 644,558 4,832,390
2024 4,342,358 487,054 4,829,412
2025 3,829,305 334,621 4,163,926
2026-2030 6,722,174 367,721 7,089,895
Total 30,271,176$ 3,714,804$ 33,985,980$
Governmental Activities
Sales Tax Revenue Bonds
Fiscal Year Ending
September 30, Principal Interest Total
2021 3,180,000$ 1,469,055$ 4,649,055$
2022 3,305,000 1,349,455 4,654,455
2023 3,415,000 1,224,206 4,639,206
2024 3,555,000 1,088,705 4,643,705
2025 3,515,000 950,080 4,465,080
2026-2030 13,995,000 3,203,126 17,198,126
2031-2035 11,980,000 1,240,881 13,220,881
2036-2039 2,405,000 36,510 2,441,510
Total 45,350,000$ 10,562,018$ 55,912,018$
Governmental Activities
CITY OF SOUTHLAKE, TEXAS
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2020
53
NOTE 6. LONG-TERM DEBT – CONTINUED
Revenue Bonds and Certificates of Obligation
Fiscal Year Ending
September 30, Principal Interest Total
2021 2,673,799$ 1,124,248$ 3,798,047$
2022 2,376,694 1,028,394 3,405,088
2023 2,467,168 931,488 3,398,656
2024 2,522,642 831,184 3,353,826
2025 2,440,695 731,497 3,172,192
2026-2030 11,667,826 2,204,518 13,872,344
2031-2035 6,040,000 678,391 6,718,391
2036-2039 1,555,000 67,345 1,622,345
Total 31,743,824$ 7,597,065$ 39,340,889$
Business-Type Activities
The City has entered into various contractual agreements to unconditionally finance the principal and
interest or a fixed percentage of principal and interest of Trinity River Authority (TRA) Contract Revenue
Bonds. Under the agreements, the TRA utilized the bond proceeds to administer and construct various
sewer and wastewater treatment projects on the City’s behalf. Such agreements provide the City title
to the assets upon retirement of the debt or capacity rights in the use of constructed assets. The City
has included in its financial statements its proportionate share of these obligations and its investment
in these assets as capacity rights. The contract revenue obligations were paid as of September 30,
2020.
NOTE 7. TRANSFERS
All interfund transfers between the various funds are approved supplements to the operations of those
funds. Individual fund transfers for fiscal year 2020 were as follows:
Transfer In Transfer Out Amount Purpose
Southlake Parks Development
General fund Corporation operations 295,215$ To fund indirect charges
General fund Water and sewer enterprise fund 1,234,945 To fund indirect charges
General fund Non major governmental funds 464,846 To fund indirect charges
General obligation debt service Non major governmental funds 174,243 To pay the principal and interest on debt incurred
General capital project funds Non major governmental funds 1,670,000 To fund capital projects for parks and drainage
General capital project funds General fund 100,000 To fund public art
General capital project funds General fund 2,200,000 To fund future infrastructure
Non major governmental funds General fund 150,000 To fund commercial vehicle enforcement
Southlake Parks Development
Non major governmental funds Corporation operations 2,818,269 To fund debt repayments
Southlake Parks Development
Non major governmental funds Corporation operations 4,000,000 To fund capital projects for parks
Non major governmental funds Non major governmental funds 2,429,906 To fund debt repayments
Non major governmental funds Non major governmental funds 400,000 To fund capital projects for Crime Control District
Vehicle and equipment fund General fund 2,000,000 To replace aging vehicles
17,937,424$
CITY OF SOUTHLAKE, TEXAS
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2020
54
NOTE 8. RETIREMENT PLAN
A. Plan Description
The City participates as one of 888 plans in the nontraditional, joint contributory, hybrid defined
benefit pension plan administered by the Texas Municipal Retirement System (TMRS). TMRS is
an agency created by the State of Texas and administered in accordance with the TMRS Act,
Subtitle G, Title 8, Texas Government Code (the TMRS Act) as an agent multiple-employer
retirement system for municipal employees in the State of Texas. The TMRS Act places the general
administration and management of the System with a six-member Board of Trustees. Although the
Governor, with the advice and consent of the Senate, appoints the Board, TMRS is not fiscally
dependent on the State of Texas. TMRS’ defined benefit pension plan is a tax-qualified plan under
Section 401(a) of the Internal Revenue Code. TMRS issues a publicly available comprehensive
annual financial report that can be obtained at www.tmrs.com.
All eligible employees of the City are required to participate in TMRS.
B. Benefits Provided
TMRS provides retirement, and disability. Benefit provisions are adopted by the governing body
of the City, within the options available in the state statutes governing TMRS.
At retirement, the benefit is calculated as if the sum of the employee’s contributions, with interest,
and the city-financed monetary credits with interest were used to purchase an annuity. Members
may choose to receive their retirement benefit in one of seven payments options. Members may
also choose to receive a portion of their benefit as a Partial Lump Sum Distribution in an amount
equal to 12, 24, or 36 monthly payments, which cannot exceed 75% of the member’s deposits and
interest.
At the date the plan began, the City granted monetary credits for service rendered before the plan
began of a theoretical amount at least equal to two times what would have been contributed by the
employee, with interest, prior to establishment of the plan. Monetary credits for service since the
plan began are a percent (100%, 150%, or 200%) of the employee's accumulated contributions. In
addition, the City can grant, as often as annually, another type of monetary credit referred to as an
updated service credit which is a theoretical amount which, when added to the employee's
accumulated contributions and the monetary credits for service since the plan began, would be the
total monetary credits and employee contributions accumulated with interest if the current
employee contribution rate and city matching percent had always been in existence and if the
employee's salary had always been the average of his salary in the last three years that are one
year before the effective date. At retirement, the benefit is calculated as if the sum of the employee's
accumulated contributions with interest and the employer-financed monetary credits with interest
were used to purchase an annuity.
CITY OF SOUTHLAKE, TEXAS
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2020
55
NOTE 8. RETIREMENT PLAN – CONTINUED
B. Benefits Provided – Continued
Members can retire at ages 60 and above with 5 or more years of service or with 20 years of
service. A member is vested after 5 years. The plan provisions are adopted by the governing body
of the City, within the options available in the state statutes governing TMRS and within the actuarial
constraints also in the statutes.
At the December 31, 2019 valuation and measurement date, the following employees were covered
by the benefit terms:
Inactive employees or beneficiaries currently receiving benefit s130
Inactive employees entitled to but not yet receiving benefits 236
Active employees 343
709
C. Contributions
The contribution rates for employees in TMRS are either 5%, 6%, or 7% of employee gross
earnings, and the city matching percentages are either 100%, 150%, or 200%, both as adopted by
the governing body of the city. Under the state law governing TMRS, the contribution rate for each
city is determined annually by the actuary, using the Entry Age Normal (EAN) actuarial cost method.
The actuarially determined rate is the estimated amount necessary to finance the cost of benefits
earned by employees during the year, with an additional amount to finance any unfunded accrued
liability.
Employees for the City were required to contribute 7% of their annual gross earnings during the
fiscal year. The contribution rates for the City were 12.82% and 12.84% in calendar years 2019
and 2020, respectively. The City’s contributions to TMRS for the year ended September 30, 2020
were $3,201,451, and was greater than the required contributions by $69,784.
D. Net Pension Liability
The City’s Net Pension Liability (NPL) was measured as of December 31, 2019 and the Total
Pension Liability (TPL) used to calculate the NPL was determined by an actuarial valuation as of
that date.
Actuarial Assumptions:
The Total Pension Liability in the December 31, 2019 actuarial valuation was determined using
the following actuarial assumptions:
Inflation 2.5% per year
Salary Increases 3.50% to 11.50% including inflation
Investment Rate of Return 6.75%, net of pension plan investment expense, including inflation
Actuarial Cost Method Entry Age Normal
Amortization Method Level percentage of payroll; closed
CITY OF SOUTHLAKE, TEXAS
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2020
56
NOTE 8. RETIREMENT PLAN – CONTINUED
D. Net Pension Liability – Continued
Salary increases were based on a service-related table. Mortality rates for post-retirement were
based on the 2019 Municipal Retirees of Texas Mortality Tables. The rates are projected on a fully
generational basis with scale UMP. Mortality rates for pre-retirement were based on PUB(10)
mortality tables, with the Public Safety table used for males and the General Employee table used
for females. The rates are projected on a fully generational basis with scale UMP.
Actuarial assumptions used in the December 31, 2019 valuation were developed primarily from the
actuarial investigation of the experience of TMRS over the four-year period from December 31,
2014 to December 31, 2018. They were first adopted in 2019 and first used in the December 31,
2019 actuarial valuation.
The long-term expected rate of return on pension plan investments was determined using a
building-block method in which best estimate ranges of expected future real rates of return
(expected returns, net of pension plan investment expense and inflation) are developed for each
major asset class. These ranges are combined to produce the long-term expected rate of return by
weighting the expected future real rates of return by the target asset allocation percentage and by
adding expected inflation. In determining their best estimate of a recommended investment
return assumption under the various alternative asset allocation portfolios, GRS focused on the
area between (1) arithmetic mean (aggressive) without an adjustment for time (conservative) and
(2) the geometric mean (conservative) with an adjustment for time (aggressive).
The target allocation and best estimates of arithmetic real rates of return for each major asset class
are summarized in the following table:
Long-Term
Expected Real
Target Rate of Return
Asset Class Allocation (Arithmetic)
Domestic Equity 17.5% 4.30%
International Equity 17.5% 6.10%
Core Fixed Income 10.0% 1.00%
Non-Core Fixed Income 20.0% 3.39%
Real Return 10.0% 3.78%
Real Estate 10.0% 4.44%
Absolute Return 10.0% 3.56%
Private Equity 5.0% 7.75%
Total 100.0%
CITY OF SOUTHLAKE, TEXAS
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2020
57
NOTE 8. RETIREMENT PLAN – CONTINUED
D. Net Pension Liability – Continued
Discount Rate
The discount rate used to measure the Total Pension Liability was 6.75%. The projection of
cash flows used to determine the discount rate assumed that employee and employer
contributions will be made at the rates specified in statute. Based on that assumption, the
pension plan’s Fiduciary Net Position was projected to be available to make all projected future
benefit payments of current active and inactive employees. Therefore, the long-term expected
rate of return on pension plan investments was applied to all periods of projected benefit
payments to determine the Total Pension Liability.
Allocations
The City’s net pension liability, pension expense, and deferred outflows of resources related to
TMRS have been allocated between governmental activities and business-type activities using
a contribution-based method.
Changes in the Net Pension Liability
Increase
Total (Decrease) Net
Pension Plan Fiduciary Pension
Liability Net Position Liability
(a) (b) (a) - (b)
Balance at 12/31/2018 102,131,974$ 86,158,917$ 15,973,057$
Changes for the year:
Service Cost 4,190,311 - 4,190,311
Interest 6,945,183 - 6,945,183
Change of benefit terms - - -
Difference between expected and
actual experience 250,630 - 250,630
Changes of assumptions 324,280 - 324,280
Contributions - employer - 3,212,690 (3,212,690)
Contributions - employee - 1,773,541 (1,773,541)
Net investment income - 13,337,326 (13,337,326)
Benefit payments, including refunds
of employee contributions (2,671,062) (2,671,062) -
Administrative expense - (75,264) 75,264
Other changes - (2,262) 2,262
Net Changes 9,039,342 15,574,969 (6,535,627)
Balance at 12/31/19 111,171,316$ 101,733,886$ 9,437,430$
CITY OF SOUTHLAKE, TEXAS
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2020
58
NOTE 8. RETIREMENT PLAN – CONTINUED
D. Net Pension Liability – Continued
Sensitivity of the Net Pension Liability to Changes in the Discount Rate
The following presents the net pension liability of the City, calculated using the discount rate of
6.75%, as well as what the City’s net pension liability would be if it were calculated using a
discount rate that is 1 percentage-point lower (5.75%) or 1 percentage-point higher (7.75%)
than the current rate:
1% Decrease 1% Increase
in Discount Discount in Discount
Rate (5.75%) Rate (6.75%) Rate (7.75%)
Net pension liability 27,251,998$ 9,437,430$ (5,014,500)$
Pension Plan Fiduciary Net Position
Detailed information about the pension plan’s Fiduciary Net Position is available in a
separately-issued TMRS financial report. That report may be obtained at www.tmrs.com.
E. Pension Expense and Deferred Outflows of Resources and Deferred Inflows of Resources
Related to Pensions
For the year ended September 30, 2020, the City recognized pension expense of $3,887,148. At
September 30, 2020, the City reported deferred outflows of resources and deferred inflows of
resources related to pensions from the following sources:
Deferred Deferred
Outflows of Inflows of
Resources Resources
Differences between expected and actual economic experience 699,244$ -$
Changes in actuarial assumptions 342,176 -
Difference between projected and actual investment earnings - 3,062,718
Contributions subsequent to the measurement date 2,528,419 -
Total 3,569,839$ 3,062,718$
CITY OF SOUTHLAKE, TEXAS
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2020
59
NOTE 8. RETIREMENT PLAN – CONTINUED
E. Pension Expense and Deferred Outflows of Resources and Deferred Inflows of Resources
Related to Pensions – Continued
The $2,528,419 reported as deferred outflows of resources related to pensions result from
contributions subsequent to the measurement date and will reduce the net pension liability during
the fiscal year ended September 30, 2021. The other amounts reported as deferred outflows and
inflows of resources related to pensions will be recognized in pension expense as follows:
Fiscal
Year Ended
Sept. 30:
2021 (495,332)$
2022 (589,660)
2023 423,348
2024 (1,370,929)
2025 11,275
Total (2,021,298)$
NOTE 9. OTHER POSTEMPLOYMENT BENEFITS (OPEB)
The City of Southlake provides for two other post-employment benefit (OPEB) plans; one provides for
postemployment health insurance benefits through a single-employer defined benefit medical plan
(Southlake Retiree Health Care Plan), and the other is the Texas Municipal Retirement System
Supplemental Death Benefits Fund, a single employer defined benefit OPEB plan. Both plans are described
in detail below. Aggregate amounts for the two OPEB plans are as follows:
Retiree
Healthcare TMRS
Plan SDBF Total
OPEB liability 326,828$ 862,569$ 1,189,397$
Deferred outflows of resources 547,536 165,758 713,294
Deferred inflows of resources 51,845 64,847 116,692
OPEB expense 118,618 81,162 199,780
CITY OF SOUTHLAKE RETIREE HEALTH CARE PLAN
Plan Description
The City provides other post-employment healthcare benefits in accordance with City policy.
Administration of the City of Southlake Retiree Healthcare Plan trust is through Public Agency
Retirement Services (PARS) with an IRC Section 115 Irrevocable Exclusive Benefit Trust. Trustee
for the plan is US Bank. Ultimate authority for investment decisions and actions necessary to
maintain the City’s participation in the program resides with the City Manager, appointed as Plan
Administrator through a 2009 resolution of the City Council. Investment strategy is currently through
the City’s selection of PARS Moderately Conservative High Mark Plus.
CITY OF SOUTHLAKE, TEXAS
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2020
60
NOTE 9. OTHER POSTEMPLOYMENT BENEFITS (OPEB) – CONTINUED
CITY OF SOUTHLAKE RETIREE HEALTH CARE PLAN – Continued
A third-party administrator is utilized to provide claims administration and payment of claims.
Insurance is purchased to provide specific stop loss and aggregate stop loss protection. A separate
financial statement is not issued for the plan.
Benefits Provided
Regular full-time employees retiring from the City of Southlake have the option to continue medical
insurance coverage until the retiree becomes eligible for Medicare or is eligible to be covered under
another medical plan. The City contributes $125 per month towards the premium for retiree
insurance coverage or $225 towards the premium for retirees and dependents. Recommendations
for plan benefits are presented to City Council for their approval during the annual budget process.
Employees Covered by Benefit Terms
The following table provides a summary of the number of participants in the plan as of
December 31, 2019:
Inactive employees currently receiving benefits 6
Inactive employees entitled to but not yet receiving benefits 0
Active Employees 338
344
Contributions
The City’s contributions during the fiscal year ending September 30, 2020 of $165,967 include trust
contributions of $90,000 and benefit payments of $75,967, which were paid by the City using its
own assets. The benefit payments were determined in a manner similar to how the benefit
payments for the measurement period were developed. The City through its budgeting process
determines the annual contributions to the Plan based on the actuarially determined contribution
and the availability of funds.
Net OPEB Liability
The City’s total OPEB liability is based on an actuarial valuation performed as of December 31,
2018. Update procedures were used to roll forward the total OPEB liability to the measurement
date of December 31, 2019.
CITY OF SOUTHLAKE, TEXAS
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2020
61
NOTE 9. OTHER POSTEMPLOYMENT BENEFITS (OPEB) – CONTINUED
CITY OF SOUTHLAKE RETIREE HEALTH CARE PLAN – Continued
Actuarial Assumptions
The total OPEB liability in the December 31, 2018 actuarial valuation was determined using the
following actuarial assumptions, applied to all periods included in the measurement:
Actuarial cost method Individual Entry-Age
Amortization method
Amortization period 10.0 as of FYE 2019
Asset valuation Market value
Investment rate of return 5.50%, net of investment expenses, including inflation
Inflation 2.50% per year
Salary increases 3.50% to 11.50%, including inflation
Demographic assumptions
Mortality
Participation rates
Healthcare cost trend rates
Based on the experience study covering the four-year
period ending December 31, 2018 as conducted for the
Texas Municipal Retirement System
For healthy retirees, the gender-distinct 2019 Municipal
Retirees of Texas Mortality Tables are used. The rates are
projected on a fully generational basis using the ultimate
mortality improvement rates in the MP tables to account
for future mortality improvements.
30% of employees who retire at age 55 or older, or retire
through disability retirement at any age, were assumed to
maintain their health coverage after retirement.
Initial rates of 7.20% declining to ultimate rates of 4.25%
after 15 years.
Level dollar. Closed bases are established at each
valuation for new unfunded liabilities.
Single Discount Rate. Projected benefit payments are required to be discounted to their actuarial
present values using a Single Discount Rate that reflects (1) a long-term expected rate of return on
OPEB plan investments (to the extent that the plan’s fiduciary net position is projected to be
sufficient to pay benefits), and (2) tax-exempt municipal bond rate based on an index of 20-year
general obligation bonds with an average AA credit rating as of the measurement date (to the extent
that the contributions for use with the long-term expected rate of return are not met).
For the purpose of this valuation, the expected rate of return on OPEB plan investments is 5.50%;
the municipal bond rate is 2.75% (based on the daily rate closest to but not later than the
measurement date of the Fidelity “20-Year Municipal GO AA Index”); and the resulting Single
Discount Rate is 5.50%.
The City’s has consistently funded the actuarially determined employer contribution, which is based
on a closed amortization policy. As a result, the plan’s fiduciary net position is projected to be
sufficient to pay benefits for all future years.
CITY OF SOUTHLAKE, TEXAS
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2020
62
NOTE 9. OTHER POSTEMPLOYMENT BENEFITS (OPEB) – CONTINUED
CITY OF SOUTHLAKE RETIREE HEALTH CARE PLAN – Continued
Changes in the Net OPEB Liability
Total Plan Net
OPEB Fiduciary OPEB
Liability Net Position Liability
(a) (b) (a) - (b)
Balance at 12/31/18 1,985,470$ 1,473,520$ 511,950$
Changes for the year:
Service Cost 66,950 - 66,950
Interest 108,953 - 108,953
Difference between expected and
actual experience (1,262) - (1,262)
Changes of assumptions 8,001 - 8,001
Contributions - employer - 165,967 (165,967)
Contributions - employee - - -
Net investment income - 207,145 (207,145)
Benefit payments, including refunds
of employee contributions (75,967) (75,967) -
Administrative expense - (5,348) 5,348
Other changes - - -
Net Changes 106,675 291,797 (185,122)
Balance at 12/31/19 2,092,145$ 1,765,317$ 326,828$
Increase (Decrease)
Consistent with the requirements of GASB Statements No. 74, the employer contributions include
“amounts for OPEB as the benefits come due that will not be reimbursed to the employer using OPEB
plan assets.” The $75,967 in benefit payments was paid by the City using its own assets.
The plan fiduciary net position is 84.38% of the total OPEB liability as of the measurement date.
The benefit payments during the measurement period were determined as follows:
City's explicit subsidy 15,350$
City's implicit subsidy (explicit subsidy * 3.95) 60,617
Total benefit payments 75,967$
The 3.95 implicit factor equals the ratio of the expected implicit subsidy to the expected explicit
subsidy.
CITY OF SOUTHLAKE, TEXAS
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2020
63
NOTE 9. OTHER POSTEMPLOYMENT BENEFITS (OPEB) – CONTINUED
CITY OF SOUTHLAKE RETIREE HEALTH CARE PLAN – Continued
Sensitivity of the Net OPEB Liability to Changes in the Discount Rate and Healthcare Cost Trend
Rates
Regarding the sensitivity of the net OPEB liability to changes in the Single Discount Rate, the following
presents the plan’s net OPEB liability, calculated using a discount rate of 5.50%, as well as what the plan’s
net OPEB liability would be if it were calculated using a discount rate that is one percent lower or one
percent higher:
1% Decrease
(4.50%)
Current Single
Discount Rate
(5.50%)
1% Increase
(6.50%)
Net OPEB liability 516,206$ 326,828$ 157,250$
Regarding the sensitivity of the net OPEB liability to changes in the healthcare cost trend rates, the following
presents the plan’s net OPEB liability, calculated using the assumed trend rates as well as what the plan’s
net OPEB liability would be if it were calculated using a trend rate that is one percent lower or one percent
higher:
1% Decrease
Current
Healthcare
Cost Trend
Rate
Assumption 1% Increase
Net OPEB liability 124,692$ 326,828$ 565,096$
OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of Resources
For the year ended December 31, 2019, the City recognized OPEB expense of $118,618. At
September 30, 2020, the reported deferred outflows of resources and deferred inflows of resources related
to OPEB from the following sources:
Deferred
Outflows of
Resources
Deferred
Inflows of
Resources
Difference between Expected and Actual Economic Experiences 13,223$ 3,912$
Changes in Assumptions 245,194 -
Investment Experience - 47,933
Contributions subsequent to the measurement date 289,119 -
547,536$ 51,845$
The $289,119 reported as deferred outflows of resources related to OPEB resulting from contributions
subsequent to the measurement date will reduce the net OPEB liability during the year ending
September 30, 2021.
CITY OF SOUTHLAKE, TEXAS
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2020
64
NOTE 9. OTHER POSTEMPLOYMENT BENEFITS (OPEB) – CONTINUED
CITY OF SOUTHLAKE RETIREE HEALTH CARE PLAN – Continued
OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of Resources – Continued
Amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will
be recognized in OPEB expense as follows:
Fiscal Year
Ended Sept. 30:
2021 20,739$
2022 20,740
2023 30,960
2024 7,120
2025 31,873
Thereafter 95,140
Total 206,572$
Differences between expected and actual experience and changes in assumptions are recognized in OPEB
expense using a systematic and rational method over a closed period equal to the average of the expected
remaining service lives of all employees that are provided with OPEB through the OPEB plan (active
employees and inactive employees) determined as of the beginning of the measurement period.
The expected remaining service lives of all active employees in the plan were approximately 3,374 years.
Additionally, the total plan membership (active employees and inactive employees) was 339. As a result,
the average of the expected remaining service lives for purposes of recognizing the applicable deferred
outflows and inflows of resources established in the current measurement period is 9.9521 years.
Additionally, differences between projected and actual earnings on OPEB plan investments should be
recognized in OPEB expense using a systematic and rational method over a closed five-year period. For
this purpose, the deferred outflows and inflows of resources are recognized in the OPEB expense as a
level dollar amount over the closed period identified above.
OTHER POST EMPLOYMENT BENEFITS SUPPLEMENTAL DEATH BENEFIT FUND
Plan Description
Texas Municipal Retirement System (“TMRS”) administers a defined benefit group-term life
insurance plan known as the Supplemental Death Benefits Fund (“SDBF”). This is a voluntary
program in which participating member cities may elect, by ordinance, to provide group-term life
insurance coverage for their active members, including or not including retirees. Employers may
terminate coverage under and discontinue participation in the SDBF by adopting an ordinance
before November 1 of any year to be effective the following January 1. The City has elected to
participate in the SDBF for its active members including retirees. As the SDBF covers both active
and retiree participants, with no segregation of assets, the SDBF is considered to be an unfunded
single-employer OPEB plan (i.e. no assets are accumulated in a trust that meets the criteria in
paragraph 4 of GASB Statement No. 75) for City reporting.
CITY OF SOUTHLAKE, TEXAS
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2020
65
NOTE 9. OTHER POST EMPLOYMENT BENEFITS (OPEB) – CONTINUED
OTHER POST EMPLOYMENT BENEFITS SUPPLEMENTAL DEATH BENEFIT FUND – Continued
Benefits Provided
The death benefit for active employees provides a lump-sum payment approximately equal to the
employee’s annual salary (calculated based on the employee’s actual earnings, for the 12-month
period preceding the month of death). The death benefit for retirees is considered an other
postemployment benefit (“OPEB”) and is a fixed amount of $7,500.
At the December 31, 2019 valuation and measurement date, the following employees were covered
by the benefit terms:
Inactive employees currently receiving benefits 97
Inactive employees entitled to but not yet receiving benefits 63
Active Employees 343
503
Contributions
The member city contributes to the SDBF at a contractually required rate as determined by an
annual actuarial valuation. The rate is equal to the cost of providing one-year term life insurance.
The funding policy for the SDBF program is to assure that adequate resources are available to
meet all death benefit payments for the upcoming year. The intent is not to pre-fund retiree term
life insurance during employees’ entire careers.
Contributions are made monthly based on the covered payroll of employee members of the
participating member city. The contractually required contribution rate is determined annually for
each city. The rate is based on the mortality and service experience of all employees covered by
the SDBF and the demographics specific to the workforce of the city. There is a one-year delay
between the actuarial valuation that serves as the basis for the employer contribution rate and the
calendar year when the rate goes into effect. The funding policy of this plan is to assure that
adequate resources are available to meet all death benefit payments for the upcoming year.
The retiree portion of contribution rates to the SDBF for the City was 0.02% and 0.01% in calendar
years 2019 and 2020. The City’s contributions to the SDBF for the year ended September 30, 2020
were $3,206, and were equal to the required contributions.
Total OPEB Liability
The City’s Total OPEB Liability (TOL) was measured as of December 31, 2019 and was determined
by an actuarial valuation as of that date.
CITY OF SOUTHLAKE, TEXAS
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2020
66
NOTE 9. OTHER POST EMPLOYMENT BENEFITS (OPEB) – CONTINUED
OTHER POST EMPLOYMENT BENEFITS SUPPLEMENTAL DEATH BENEFIT FUND – Continued
Actuarial Assumptions
The Total OPEB Liability in the December 31, 2018 actuarial valuation was determined using the
following actuarial assumptions:
Inflation 2.5% per year
Salary increases 3.5% to 11.5% including inflation
Discount rate 2.75%
Retiree's share of benefit-related costs 0.00%
Actuarial cost method Entry Age Normal
Amortization Method Level percentage of payroll; closed
Salary increases were based on a service-related table. Salary increases were based on a service-
related table. Mortality rates for post-retirement were based on the 2019 Municipal Retirees of
Texas Mortality Tables. The rates are projected on a fully generational basis with scale UMP.
Mortality rates for pre-retirement were based on PUB(10) mortality tables, with the Public Safety
table used for males and the General Employee table used for females. The rates are projected on
a fully generational basis with scale UMP.
Actuarial assumptions used in the December 31, 2019 valuation were developed primarily from the
actuarial investigation of the experience of TMRS over the four-year period from December 31,
2014 to December 31, 2018. They were first adopted in 2019 and first used in the December 31,
2019 actuarial valuation.
The discount rate used to measure the Total OPEB Liability was 2.75% and was based on the
Fidelity Index’s “20-Year Municipal GO AA Index” rate as of December 31, 2019.
Changes in Total OPEB Liability
Total OPEB Liability
Balances as of 12/31/18 667,835$
Changes for the year:
Service cost 38,002
Interest 25,388
Difference between expected and actual experience (13,112)
Changes of assumptions 149,523
Contributions - employer (5,067)
Net Changes 194,734
Balances as of 12/31/19 862,569$
CITY OF SOUTHLAKE, TEXAS
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2020
67
NOTE 9. OTHER POST EMPLOYMENT BENEFITS (OPEB) – CONTINUED
OTHER POST EMPLOYMENT BENEFITS SUPPLEMENTAL DEATH BENEFIT FUND – Continued
Sensitivity of the Total OPEB Liability to Changes in the Discount Rate
The following presents the total OPEB liability of the City, calculated using the discount rate of
2.75%, as well as what the City’s total OPEB liability would be if it were calculated using a discount
rate that is 1 percentage-point lower (1.75%) or 1 percentage-point higher (3.75%) than the current
rate:
1% Decrease
(1.75%)
Discount Rate
(2.75%)
1% Increase
(3.75%)
Total OPEB liability 1,069,405$ 862,569$ 704,045$
OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related
to OPEB
For the year ended September 30, 2020, the City recognized pension expense of $81,162. At
September 30, 2020, the City reported deferred outflows of resources related to pensions from the
following sources:
Deferred
Outflows of
Resources
Deferred
Inflows of
Resources
Difference between Expected and Actual Economic Experiences -$ 24,524$
Changes in Actuarial Assumptions 163,769 40,323
Contributions subsequent to the measurement date 1,989 -
165,758$ 64,847$
CITY OF SOUTHLAKE, TEXAS
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2020
68
NOTE 9. OTHER POST EMPLOYMENT BENEFITS (OPEB) – CONTINUED
OTHER POST EMPLOYMENT BENEFITS SUPPLEMENTAL DEATH BENEFIT FUND – Continued
OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related
to OPEB – Continued
The $1,989 reported as deferred outflows of resources related to OPEB resulting from contributions
subsequent to the measurement date will reduce the Total OPEB liability during the year ending
September 30, 2021. The other amounts reported as deferred outflows and inflows of resources
related to OPEB will be recognized in OPEB expense as follows:
Fiscal Year
Ended Sept. 30:
2021 17,772$
2022 17,772
2023 17,772
2024 17,772
2025 8,955
Thereafter 18,879
Total 98,922$
NOTE 10. DEFERRED COMPENSATION PLAN
The City offers its employees a deferred compensation plan created in accordance with Internal
Revenue Code Section 457. The plan, available to all City employees, permits them to defer a portion
of their salary until future years. The deferred compensation is not available to employees until
termination, retirement, death, or unforeseeable emergency.
The laws governing 457 plans were changed to state that plans would not be considered eligible plans
unless all assets and income of the plans are held in trust for the exclusive benefit of the participants
and their beneficiaries. The City amended the plan documents to comply with these requirements.
In accordance with GASB 32, the plans as amended are not included in the City’s financial statements.
NOTE 11. RISK FINANCING AND INSURANCE
The City is exposed to various risks of loss related to torts, theft of, damage to, and destruction of
assets; errors and omissions; injuries to employees; and natural disasters. During the fiscal year 1990,
the City joined the Texas Municipal League Workers Compensation Joint Insurance Fund (“the Pool”)
for risks related to employees. Premiums are paid to the Pool, which retains a limit of loss. Reinsurance
companies insure the risks beyond those limits. The City retains, as a risk, only the deductible amount
of each policy. The City continues to carry commercial insurance with Texas Municipal League provided
by Mutual of Omaha for other risks including general liability, property, and errors and omissions. There
were no significant reductions in coverage in the past year and there were no settlements exceeding
insurance coverage in any of the past three years.
CITY OF SOUTHLAKE, TEXAS
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2020
69
NOTE 12. COMMITMENTS AND CONTINGENCIES
The City has entered into various contracts with the Trinity River Authority (TRA) and other cities. Terms
of the agreements provide the City will pay an amount equal to its proportional share of maintenance
and operations and debt service based upon volumes of wastewater transported, treated, or disposed
of. The City’s proportional share of future costs under these contracts is indeterminable and has not
been recorded. Payments to the TRA under these contracts for the year ended September 30, 2020
were $4,890,211.
The City has authorized various contracts obligating future funds of the City as the contracted services
are performed. Significant amounts unexpended under such contracts at year end are reflected as
reserves for authorized contracts in the applicable funds.
The City has certain claims and litigation pending with respect to matters arising in the normal course
of operations. City management is of the opinion that the settlement of these matters will not have a
material adverse impact on the City’s financial statements.
NOTE 13. TAX ABATEMENT
The City enters into economic development agreements authorized under Chapter 380 of the Texas
Local Government Code. These agreements are planning tools designed to stimulate economic activity,
redevelopment, community improvement, and provide a return on investment for the community. These
programs abate or rebate property and/or sales taxes and may include other incentive payments such
as fee reductions or construction cost reimbursements. Economic development agreements are
considered on a case by case basis by the City Council and generally contain recapture provisions,
which may require repayment or termination if recipients do not meet the required provisions of the
economic incentives.
Chapter 380 of the Texas Local Government Code allows the City to provide grants for the purpose of
promoting local economic development. These grants are based on a percentage of property and/or
sales tax received by the City. For the fiscal year ending September 30, 2020, the City rebated
$282,980 in property taxes and $160,467 in sales taxes.
NOTE 14. CORONAVIRUS PANDEMIC
In March 2020, the World Health Organization declared the novel coronavirus (‘COVID-19’) a global
pandemic and recommended containment and mitigation measures worldwide. This contagious
disease outbreak, which has continued to spread, and any related adverse public health developments,
has adversely affected public education, workforces, economies, and financial markets globally,
potentially leading to economic downturn. It has also disrupted the normal operations of many
businesses and organizations. It is not possible for management to predict the duration or magnitude
of the adverse results of the outbreak and its disruptive effects on the City’s operations and financial
results at this time.
The City was awarded Coronavirus Relief Funds (CRF) for $1,701,865 in June 2020 to be used to
reimburse costs associated with relief due to the pandemic. The City was awarded $315,172 after year-
end for the Coronavirus Emergency Supplemental Funding.
REQUIRED SUPPLEMENTARY
INFORMATION
BUDGETARY COMPARISON
GENERAL FUND
CITY OF SOUTHLAKE, TEXAS EXHIBIT A-1
GENERAL FUND
BUDGETARY COMPARISON SCHEDULE (GAAP BASIS)
FOR THE YEAR ENDED SEPTEMBER 30, 2020
See Notes to Budgetary
Comparison Schedules
70
VARIANCE WITH
FINAL BUDGET -
POSITIVE
ORIGINAL FINAL ACTUAL (NEGATIVE)
REVENUES
Ad valorem taxes, penalties and interest 25,285,331$ 25,260,331$ 25,072,864$ (187,467)$
Franchise taxes 2,976,885 2,839,902 2,811,573 (28,329)
Municipal sales and mixed beverage tax 15,022,500 14,577,000 15,688,190 1,111,190
License, permits and fees 1,749,900 1,908,200 2,304,607 396,407
Charges for services 1,630,356 1,232,422 1,459,703 227,281
Fines and forfeitures 1,264,000 733,000 873,160 140,160
Grants 72,000 72,000 250,329 178,329
Interest earned 642,700 385,400 489,174 103,774
Miscellaneous 220,395 209,444 416,526 207,082
TOTAL REVENUES 48,864,067 47,217,699 49,366,126 2,148,427
EXPENDITURES
Current:
General government
City secretary/mayor 527,181 532,764 472,591 60,173
City manager's office 1,034,611 1,007,456 956,629 50,827
Human resources 866,157 857,082 782,503 74,579
Support services 3,940,772 4,091,821 3,972,568 119,253
Economic development 154,872 260,422 236,243 24,179
Finance 1,555,758 1,418,969 1,363,971 54,998
Municipal court 783,514 734,984 701,640 33,344
Teen court 169,891 162,729 150,744 11,985
Information technology 5,324,009 3,807,352 3,799,519 7,833
Public safety
Police services 7,444,294 7,015,348 6,379,444 635,904
Fire services 9,630,782 10,003,530 9,198,969 804,561
Public safety support 1,424,540 1,483,589 1,438,993 44,596
Building inspection 1,197,284 1,190,612 1,096,482 94,130
Public works
Public works administration 1,813,718 1,782,758 1,679,848 102,910
Streets and drainage 1,537,964 1,523,914 1,380,161 143,753
Planning 1,096,605 1,057,258 1,035,617 21,641
Culture and recreation
Community services 1,455,507 1,150,645 966,612 184,033
Parks and recreation 3,921,877 3,623,527 3,516,494 107,033
Library services 811,072 815,072 805,933 9,139
TOTAL EXPENDITURES 44,690,408 42,519,832 39,934,961 2,584,871
Excess of revenues over expenditures 4,173,659 4,697,867 9,431,165 4,733,298
OTHER FINANCING SOURCES (USES)
Transfers from other funds 2,300,149 1,995,006 1,995,006 -
Transfers to other funds (4,450,000) (4,450,000) (4,450,000) -
TOTAL OTHER FINANCING SOURCES (USES)(2,149,851) (2,454,994) (2,454,994) -
NET CHANGE IN FUND BALANCE 2,023,808 2,242,873 6,976,171 4,733,298
FUND BALANCES, BEGINNING OF YEAR 30,668,552 30,668,552 30,668,552 -
FUND BALANCES, END OF YEAR 32,692,360$ 32,911,425$ 37,644,723$ 4,733,298$
BUDGETED AMOUNTS
CITY OF SOUTHLAKE, TEXAS EXHIBIT A-2
SOUTHLAKE PARKS DEVELOPMENT CORPORATION SPECIAL REVENUE FUND
BUDGETARY COMPARISON SCHEDULE (GAAP BASIS)
FOR THE YEAR ENDED SEPTEMBER 30, 2020
See Notes to Budgetary
Comparison Schedules
71
VARIANCE WITH
FINAL BUDGET -
POSITIVE
ORIGINAL FINAL ACTUAL (NEGATIVE)
REVENUES:
Municipal sales tax 7,650,000$ 7,200,000$ 7,908,601$ 708,601$
Miscellaneous 153,824 115,368 115,368 -
Interest 145,000 65,000 96,208 31,208
Total revenues 7,948,824 7,380,368 8,120,177 739,809
EXPENDITURES:
Parks and recreation 1,571,364 1,571,364 1,431,002 140,362
Excess of revenues
over expenditures 6,377,460 5,809,004 6,689,175 880,171
OTHER FINANCING USES:
Transfers to other funds (7,136,222) (7,113,484) (7,113,484) -
Net change in fund balance (758,762) (1,304,480) (424,309) 880,171
Fund balance, beginning of year 9,805,328 9,805,328 9,805,328 -
Fund balance, end of year 9,046,566$ 8,500,848$ 9,381,019$ 880,171$
BUDGETED AMOUNTS
CITY OF SOUTHLAKE, TEXAS EXHIBIT A-3
TAX INCREMENT FINANCING DISTRICT SPECIAL REVENUE FUND
BUDGETARY COMPARISON SCHEDULE (GAAP BASIS)
FOR THE YEAR ENDED SEPTEMBER 30, 2020
See Notes to Budgetary
Comparison Schedules
72
VARIANCE WITH
FINAL BUDGET -
POSITIVE
ORIGINAL FINAL ACTUAL (NEGATIVE)
REVENUES
Ad valorem taxes, penalties and interest 9,387,095$ 10,753,022$ 10,753,022$ -$
Interest 9,000 9,000 38,550 29,550
Total revenues 9,396,095 10,762,022 10,791,572 29,550
EXPENDITURES:
General government:
Support services 995,637 988,797 700,968 287,829
Public safety:
Police services 349,849 865,005 801,888 63,117
Intergovernmental 6,145,418 7,214,798 7,214,798 -
Total expenditures 7,490,904 9,068,600 8,717,654 350,946
Excess of revenues
over expenditures 1,905,191 1,693,422 2,073,918 380,496
Net change in fund balance 1,905,191 1,693,422 2,073,918 380,496
Fund balance at
beginning of year 2,925,977 2,925,977 2,925,977 -
Fund balance at
end of year 4,831,168$ 4,619,399$ 4,999,895$ 380,496$
BUDGETED AMOUNTS
CITY OF SOUTHLAKE, TEXAS
NOTES TO BUDGETARY COMPARISON SCHEDULES
YEAR ENDED SEPTEMBER 30, 2020
73
Budgetary Data
The City Council adheres to the following procedures in establishing the budgets reflected in the
financial statements:
1. Each year the City Manager is required to submit to the City Council, between sixty and ninety
days prior to the beginning of each fiscal year, a proposed budget for the fiscal year beginning
on the following October 1. The operating budget includes proposed expenditures and the
means of financing them.
2. Public hearings are conducted to obtain taxpayers' comments.
3. Prior to October 1, the budget is legally enacted by the City Council through passage of an
ordinance.
4. Annual budgets are legally adopted for the General Fund, the Tax Increment Financing District,
Crime Control District, Parks Dedication, Hotel Occupancy, Storm Water Utility, Red Light
Camera, Parks and Recreation, Court Security, Court Technology, Library, Commercial
Vehicle Enforcement, Stormwater Maintenance, Community Enhancement Development
Corporation, and Southlake Parks Development Corporation Special Revenue Funds and all
Debt Service Funds on a basis consistent with accounting principles generally accepted in the
United States of America. Formal budgetary integration is not employed for proprietary funds.
However, the City does adopt an annual budget for those funds for managerial control.
5. During the fiscal year, the City Council may transfer funds allocated to a department to another
department or re-estimate revenues or expenditures. The City Manager may transfer budgeted
funds within a department. Expenditures should not exceed appropriations at the department
level.
6. Budgetary data for the Police, Oil and Gas, Truancy Prevention, Disaster Recovery, and all
Capital Projects Funds are not presented, as such funds are budgeted over the life of the
respective project, and not on an annual basis. Budgetary information for the Proprietary Funds
have not been presented since reporting on such budgets is not legally required.
7. There were no material expenditures in excess of appropriations for the year ended
September 30, 2020 in the General Fund or major Special Revenue Funds.
CITY OF SOUTHLAKE, TEXAS EXHIBIT A-4
SCHEDULE OF CHANGES IN NET PENSION LIABILITY
AND RELATED RATIOS
TEXAS MUNICIPAL RETIREMENT SYSTEM
LAST SIX MEASUREMENT YEARS
74
Measurement
Year
Measurement
Year
Measurement
Year
Measurement
Year
Measurement
Year
Measurement
Year
2019 2018 2017 2016 2015 2014
Total pension liability:
Service cost 4,190,311$ 3,919,389$ 3,579,734$ 3,482,384$ 3,222,126$ 2,906,949$
Interest 6,945,183 6,379,342 5,865,601 5,393,997 5,090,308 4,779,462
Changes of benefit terms - - - - - -
Difference between expected and actual
experience 250,630 537,249 213,937 179,076 102,364 (1,602,645)
Change in assumptions 324,280 - - - 760,500 -
Benefit payments, including refunds of
employee contributions (2,671,062) (2,506,166) (1,930,078) (2,304,726) (1,921,361) (1,680,030)
Net change in total pension liability 9,039,342 8,329,814 7,729,194 6,750,731 7,253,937 4,403,736
Total pension liability - beginning 102,131,974 93,802,160 86,072,966 79,322,235 72,068,298 67,664,562
Total pension liability - ending (a) 111,171,316 102,131,974 93,802,160 86,072,966 79,322,235 72,068,298
Plan fiduciary net position:
Contributions - employer 3,212,690 2,992,110 2,682,629 2,595,919 2,425,455 2,283,310
Contributions - employee 1,773,541 1,673,450 1,520,518 1,480,965 1,409,008 1,340,870
Net investment income 13,337,326 (2,598,044) 10,284,603 4,588,256 97,252 3,463,018
Benefit payments, including refunds of
employee contributions (2,671,062) (2,506,166) (1,930,078) (2,304,726) (1,921,361) (1,680,030)
Administrative expense (75,264) (50,164) (53,258) (51,781) (59,224) (36,150)
Other (2,262) (2,623) (2,699) (2,790) (2,925) (2,972)
Net change in plan fiduciary net position 15,574,969 (491,437) 12,501,715 6,305,843 1,948,205 5,368,046
Plan fiduciary net position - beginning 86,158,917 86,650,354 74,148,639 67,842,796 65,894,591 60,526,545
Plan fiduciary net position - ending (b) 101,733,886 86,158,917 86,650,354 74,148,639 67,842,796 65,894,591
Net pension liability - ending (a) - (b) 9,437,430$ 15,973,057$ 7,151,806$ 11,924,327$ 11,479,439$ 6,173,707$
Plan fiduciary net position as a
percentage of total pension liability 91.51% 84.36% 92.38% 86.15% 85.53% 91.43%
Covered payroll 25,334,408$ 23,710,761$ 21,721,689$ 21,156,637$ 20,113,150$ 19,154,225$
Net pension liability as a percentage
of covered payroll 37.25% 67.37% 32.92% 56.36% 57.07% 32.23%
Note: Only six years of data is presented in accordance with GASB #68, paragraph 138. “The information
for all periods for the 10-year schedules that are required to be presented as required supplementary
information may not be available initially. In these cases, during the transition period, that information should
be presented for as many periods as are available. The schedules should not include information that is
not measured in accordance with the requirements of this statement.” Additional years’ information will be
displayed as it becomes available.
CITY OF SOUTHLAKE, TEXAS EXHIBIT A-5
SCHEDULE OF PENSION CONTRIBUTIONS
TEXAS MUNICIPAL RETIREMENT SYSTEM
LAST SIX FISCAL YEARS
75
Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year
2020 2019 2018 2017 2016 2015
Actuarially determined contribution 3,131,667$ 3,101,504$ 2,829,615$ 2,580,380$ 2,508,791$ 2,439,627$
Contribution in relation of the actuarially
determined contribution 3,201,451 3,182,749 2,894,219 2,654,303 2,632,209 2,439,627
Contribution deficiency (excess) (69,784)$ (81,245)$ (64,604)$ (73,923)$ (123,418)$ -$
Covered payroll 25,202,798$ 25,156,408$ 23,132,172$ 21,525,552$ 21,551,426$ 20,034,712$
Contributions as a percentage of
covered payroll 12.70% 12.65% 12.51% 12.33% 12.21% 12.18%
Note: GASB #68, paragraph 81.2.b requires that the data in this schedule be presented as of the City’s
fiscal year as opposed to the time period covered by the measurement date.
Note: Only six years of data is presented in accordance with GASB #68, paragraph 138. “The information
for all periods for the 10-year schedules that are required to be presented as required supplementary
information may not be available initially. In these cases, during the transition period, that information should
be presented for as many periods as are available. The schedules should not include information that is
not measured in accordance with the requirements of this statement.” Additional years’ information will be
displayed as it becomes available.
CITY OF SOUTHLAKE, TEXAS EXHIBIT A-6
SCHEDULE OF CHANGES IN NET OPEB LIABILITY AND RELATED RATIOS
SOUTHLAKE NET OPEB LIABILITY FOR HEALTH INSURANCE
LAST THREE MEASUREMENT YEARS
76
Measurement
Year
Measurement
Year
Measurement
Year
2019 2018 2017
Total OPEB liability:
Service cost 66,950$ 53,239$ 55,061$
Interest 108,953 87,706 84,496
Changes of benefit terms - - -
Difference between expected and actual
experience (1,262) 16,549 (3,965)
Change in assumptions 8,001 297,855 -
Benefit payments, including refunds of -
employee contributions (75,967) (75,843) (76,779)
Net change in total OPEB liability 106,675 379,506 58,813
Total OPEB liability - beginning 1,985,470 1,605,964 1,547,151
Total OPEB liability - ending (a) 2,092,145 1,985,470 1,605,964
Plan fiduciary net position:
Contributions - employer 165,967 172,843 116,779
Net investment income 207,145 (38,598) 121,500
Benefit payments, including refunds of
employee contributions (75,967) (75,843) (76,779)
Administrative expense (5,348) (4,389) (3,483)
Net change in plan fiduciary net position 291,797 54,013 158,017
Plan fiduciary net position - beginning 1,473,520 1,419,507 1,261,490
Plan fiduciary net position - ending (b) 1,765,317 1,473,520 1,419,507
Net OPEB liability - ending (a) - (b) 326,828$ 511,950$ 186,457$
Plan fiduciary net position as a
percentage of total OPEB liability 84.38% 74.22% 88.39%
Covered payroll 26,143,074$ 22,468,011$ 20,607,676$
Net OPEB liability as a percentage
of covered payroll 1.25% 2.28% 0.90%
Note: Only three years of data is presented in accordance with GASB #75. Additional years’ information
will be displayed as it becomes available.
CITY OF SOUTHLAKE, TEXAS EXHIBIT A-7
SCHEDULE OF CONTRIBUTIONS
SOUTHLAKE NET OPEB LIABILITY FOR HEALTH INSURANCE
LAST THREE FISCAL YEARS
77
Fiscal Year Fiscal Year Fiscal Year
2020 2019 2018
Actuarially determined contribution 140,254$ 89,240$ 89,240$
Contribution in relation of the actuarially
determined contribution 301,318 177,639 168,167
Contribution deficiency (excess) (161,064)$ (88,399)$ (78,927)$
Covered payroll 24,988,882$ 24,537,271$ 23,132,172$
Contributions as a percentage of
covered payroll 1.21% 0.72% 0.73%
Note: Only three years of data is presented in accordance with GASB #75. Additional years’ information
will be displayed as it becomes available.
CITY OF SOUTHLAKE, TEXAS EXHIBIT A-8
SCHEDULE OF CHANGES IN THE TOTAL OPEB LIABILITY AND RELATED RATIOS
TEXAS MUNICIPAL RETIREMENT SYSTEM – SUPPLEMENTAL DEATH BENEFITS
LAST THREE MEASUREMENT YEARS
78
Measurement
Year
Measurement
Year
Measurement
Year
2019 2018 2017
Total OPEB liability:
Service cost 38,002$ 42,679$ 34,755$
Interest 25,388 23,155 21,919
Changes of benefit terms - - -
Difference between expected and actual
experience (13,112) (18,599) -
Change in assumptions 149,523 (56,421) 62,407
Contributions - employer (5,067) (2,371) (4,344)
Net change in total pension liability 194,734 (11,557) 114,737
Total OPEB liability - beginning 667,835 679,392 564,655
Total OPEB liability - ending (a) 862,569$ 667,835$ 679,392$
Covered payroll 25,334,408$ 23,710,761$ 21,721,689$
Net pension liability as a percentage
of covered payroll 3.40% 2.82% 3.13%
Note: Only three years of data is presented in accordance with GASB #75. Additional years’ information
will be displayed as it becomes available.
The TMRS Supplementary Death Benefit Fund (SDBF) is considered to be an unfunded OPEB plan;
therefore, no plan fiduciary net position and related ratios are reported in the above schedule.
CITY OF SOUTHLAKE, TEXAS EXHIBIT A-9
SCHEDULE OF OPEB CONTRIBUTIONS
TEXAS MUNICIPAL RETIREMENT SYSTEM – SUPPLEMENTAL DEATH BENEFITS
LAST THREE FISCAL YEARS
79
Fiscal Year Fiscal Year Fiscal Year
2020 2019 2018
Actuarially determined contribution 3,206$ 3,965$ 2,846$
Contribution in relation of the actuarially
determined contribution 3,206 3,965 2,846
Contribution deficiency (excess) -$ -$ -$
Covered payroll 25,202,798$ 25,156,408$ 23,132,172$
Contributions as a percentage of
covered payroll 0.01% 0.02% 0.01%
Note: Only three years of data is presented in accordance with GASB #75. Additional years’ information
will be displayed as it becomes available. GASB #75, paragraph 57 requires that the data in this schedule
be presented as of the City’s fiscal year as opposed to the time period covered by the measurement date.
The TMRS Supplementary Death Benefit Fund (SDBF) is considered to be an unfunded OPEB plan;
therefore, no plan fiduciary net position and related ratios are reported in the above schedule.
CITY OF SOUTHLAKE, TEXAS EXHIBIT A-10
CONDITION RATING OF STREET SYSTEM
SEPTEMBER 30, 2020
80
CONDITION OF ROADWAY SYSTEM
Index 2020
RCI 5.5
SDI 8.7
PQI 8.2
COMPARISON OF NEEDED-TO-ACTUAL MAINTENANCE/PRESERVATION
Needed Actual Difference
2016 $ 800,000 $ 726,381 $ (73,619)
2017 $ 800,000 650,447 (149,553)
2018 $ 800,000 903,868 103,868
2019 $1,000,000 813,411 (186,589)
2020 $1,100,000 1,100,285 285
Total $4,500,000 $4,194,392 $(305,608)
The City hired a consulting to implement a pavement management system (PMS) to cover all public streets
within the City. The condition of street pavement is measured using the Standard for Roads Pavement
Condition Index (SRPCI) as developed by the American Society for Testing and Materials (ASTM). The
SRPCI is based on a weighted average of thirteen defects found in pavement surfaces. The consultant
conducted a pavement condition survey on all City-owned streets. This consisted of a roughness survey
and a surface distress survey, along with a deflection survey of selected roads. A present status analysis
was conducted using data obtained from pavement condition survey to determine the International
Roughness Index (IRI) and the Pavement Condition Index (PCI). These indices were then combined into
the composite Pavement Quality Index (PQI). Values of PQI can range from 0 to 10. Typical values for a
newly constructed pavement range from 9.5 to 10.0. The PQI level at which a pavement becomes in need
of rehabilitation is typically in the 5.0 to 7.0 range. It was the City’s policy to maintain a PQI of 7.8. Needed
maintenance is calculated based upon inspections and the PQI.
In accordance with GASB Statement No. 34, the City is required to report at least one complete condition
assessment at transition using the modified approach. The condition assessment was completed by the
City and documented that the eligible infrastructure assets are being preserved at or above the condition
level established by the City. Half of the City’s public streets will be assessed annually to ensure all public
streets are assessed every two years.
The City calculates needed maintenance of its street system annually. However, the scheduling of these
road projects often crosses fiscal years. Therefore, actual maintenance may be less than the calculated
needed maintenance in one fiscal year and greater than the calculated needed maintenance in the
subsequent fiscal year.
COMBINING AND INDIVIDUAL FUND
FINANCIAL STATEMENTS AND SCHEDULES
82
MAJOR GOVERNMENTAL FUNDS
GENERAL OBLIGATION DEBT SERVICE FUND
The General Obligation Debt Service Fund is used to account for the accumulation of resources
for, and the payment of, general obligation bonds and interest from governmental resources.
CITY OF SOUTHLAKE, TEXAS EXHIBIT B-1
GENERAL OBLIGATION DEBT SERVICE FUND
BUDGETARY COMPARISON SCHEDULE (GAAP BASIS)
FOR THE YEAR ENDED SEPTEMBER 30, 2020
83
VARIANCE WITH
FINAL BUDGET-
POSITIVE
ORIGINAL FINAL ACTUAL (NEGATIVE)
REVENUES:
Ad valorem taxes 6,217,941$ 6,225,641$ 6,154,505$ (71,136)$
Interest 95,000 60,000 77,487 17,487
Total revenues 6,312,941 6,285,641 6,231,992 (53,649)
EXPENDITURES:
Principal retirement 6,525,302 6,525,302 6,506,675 18,627
Interest and fiscal charges 1,242,888 1,242,888 1,227,036 15,852
Total expenditures 7,768,190 7,768,190 7,733,711 34,479
Excess (deficiency) of revenues
over (under) expenditures (1,455,249) (1,482,549) (1,501,719) (19,170)
OTHER FINANCING SOURCES (USES):
Transfers from other funds 174,243 174,243 174,243 -
Total other financing sources (uses)174,243 174,243 174,243 -
Net change in fund balance (1,281,006) (1,308,306) (1,327,476) (19,170)
FUND BALANCE, BEGINNING OF YEAR 5,963,041 5,963,041 5,963,041 -
FUND BALANCE, END OF YEAR 4,682,035$ 4,654,735$ 4,635,565$ (19,170)$
BUDGETED AMOUNTS
84
NON-MAJOR GOVERNMENTAL FUNDS
SPECIAL REVENUE FUNDS
The Special Revenue Funds are used to account for revenue sources that are legally restricted or
committed to expenditures for specified purposes.
Police Fund –- Established to account for resources required to be utilized by the police department.
Parks and Recreation Fund – Established to account for resources restricted for use by the
community services department.
Parks Dedication Fund – Established to account for resources restricted for use by the community
services department.
Crime Control District Fund – Established to account for the operations of the Crime Control District,
which was established for the financing and development of crime control within the City. The Crime
Control Fund is funded primarily through the municipal sales taxes.
Hotel Occupancy Fund – Established to account for all revenues and expenditures relating to the
hotel occupancy tax received by the City.
Storm Water Utility Fund – Established to account for fees collected for the purpose of improving,
upgrading and maintaining the City's drainage system. The City is mandated by the Texas Commission
on Environmental Quality (TCEQ) to develop and maintain a Storm Water Management Plan in order
to address capacity and quality issues and protect its residents and their properties from possible
flooding and pollution problems. Drainage fees are collected to fund the activities required to comply
with TCEQ regulations.
Court Security Fund – Established to account for municipal court fees assessed to provide court
security.
Court Technology Fund – Established to account for municipal court fees assessed to provide court
technology.
Library Fund – Established to account for resources donated for use by library services.
Red Light Camera Fund – Established to account for fees assessed for red light violations captured
through the City’s camera monitoring system.
Storm Water Maintenance Fund – Established to account for the maintenance on storm water
infrastructure.
Community Enhancement and Development Corporation Special Revenue Fund - Established to
account for the general operations of the non-profit corporation established to finance, develop and
operate a community entertainment and recreation center.
Oil and Gas Fund- Established to account for permits fees and the related expenditures for oil and gas
drilling.
Commercial Vehicle Enforcement Fund – Established to account for the fees assessed for
commercial vehicle violations.
85
SPECIAL REVENUE FUNDS - Continued
Truancy Prevention - Established to account for municipal court fees assessed to provide for juvenile
case manager services.
Disaster Recovery - Established to account for grant awards to provide disaster relief.
DEBT SERVICE FUNDS
The Debt Service Funds are utilized to account for the accumulation of financial resources for, and the
payment of, long-term debt principal, interest, and related costs arising from the issuance of bonds.
Southlake Parks Development Corporation Debt Service Fund – Established to accumulate
resources to finance the debt service of debt issues of the Southlake Parks Development
Corporation.
Community Enhancement and Development Corporation Debt Service Fund – Established to
accumulate resources to finance the debt service of debt issues for the community entertainment and
recreation center.
CAPITAL PROJECTS FUNDS
The Capital Projects Funds are utilized to account for financial resources to be used for the acquisition or
construction of specified capital improvements (other than those financed by proprietary funds).
Southlake Parks Development Corporation Capital Projects Fund – Established to fund the
acquisition and construction of park recreational facilities as approved by the SPDC board of directors.
The fund has been funded primarily through the issuance of general obligation debt.
Community Enhancement and Development Corporation Capital Projects Fund - Established to
fund the acquisition and construction of a community entertainment and recreation center as approved
by the CEDC board of directors. The fund has been financed through the issuance of sales tax revenue
bonds.
Crime Control District Capital Projects Fund – Established to account for the acquisition and
construction of capital assets as approved by the District’s board of directors. The fund has been funded
primarily through the issuance of general obligation debt.
CITY OF SOUTHLAKE, TEXAS
NON-MAJOR GOVERNMENTAL FUNDS
COMBINING BALANCE SHEET
SEPTEMBER 30, 2020
86
Parks Crime
and Parks Control
Police Recreation Dedication District
ASSETS
Cash and cash equivalents 41,399$ 159,172$ 1,250,379$ 4,153,476$
Accounts receivable - - - -
Sales tax receivable - - - 325,961
Interest receivable 47 285 2,242 7,448
TOTAL ASSETS 41,446$ 159,457$ 1,252,621$ 4,486,885$
LIABILITIES AND FUND BALANCES (DEFICITS)
LIABILITIES
Accounts payable 7,984$ -$ -$ 1,880$
Accrued liabilities - - - 38,147
Unearned revenue - - - -
TOTAL LIABILITIES 7,984 - - 40,027
FUND BALANCES (DEFICITS)
Restricted for:
Municipal court expenditures - - - -
Debt service - - - -
Storm water - - - -
Promotion of culture and tourism - - - -
Committed for:
Police expenditures 33,462 - - 4,446,858
Parks and recreation - 159,457 1,252,621 -
Oil and gas drilling - - - -
Library - - - -
Capital projects - - - -
Unassigned - - - -
TOTAL FUND BALANCES (DEFICITS)33,462 159,457 1,252,621 4,446,858
TOTAL LIABILITIES AND FUND BALANCES (DEFICITS)41,446$ 159,457$ 1,252,621$ 4,486,885$
SPECIAL REVENUE
EXHIBIT C-1
CONTINUED
87
Community
Storm Enhancement
Hotel Water Court Court Red Light Storm Water Development
Occupancy Utility Security Technology Library Camera Maintenance Corporation
1,838,032$ 1,623,504$ 431,790$ 291,724$ 11,303$ 705,564$ -$ 9,026,173$
- 218,566 - - - - - 106,869
39,050 - - - - - - 999,962
2,505 2,911 770 523 20 1,265 - 16,061
1,879,587$ 1,844,981$ 432,560$ 292,247$ 11,323$ 706,829$ -$ 10,149,065$
38,239$ 44,963$ 459$ -$ -$ -$ -$ 88,507$
7,011 10,406 605 - - - - 84,631
- - - - - - - 266,180
45,250 55,369 1,064 - - - - 439,318
- - 431,496 292,247 - - - -
- - - - - - - -
- 1,789,612 - - - - - -
1,834,337 - - - - - - -
- - - - - 706,829 - -
- - - - - - - 9,709,747
- - - - - - - -
- - - - 11,323 - - -
- - - - - - - -
- - - - - - - -
1,834,337 1,789,612 431,496 292,247 11,323 706,829 - 9,709,747
1,879,587$ 1,844,981$ 432,560$ 292,247$ 11,323$ 706,829$ -$ 10,149,065$
SPECIAL REVENUE
CITY OF SOUTHLAKE, TEXAS
NON-MAJOR GOVERNMENTAL FUNDS
COMBINING BALANCE SHEET
SEPTEMBER 30, 2020
88
Commercial
Oil and Vehicle Truancy Disaster
Gas Enforcement Prevention Recovery
ASSETS
Cash and cash equivalents 55,325$ 73,697$ 16,056$ 38,512$
Accounts receivable - - - -
Sales tax receivable - - - -
Interest receivable 99 131 29 -
TOTAL ASSETS 55,424$ 73,828$ 16,085$ 38,512$
LIABILITIES AND FUND BALANCES (DEFICITS)
LIABILITIES
Accounts payable -$ -$ -$ -$
Accrued liabilities - 4,293 - -
Unearned revenue - - - 214,345
TOTAL LIABILITIES - 4,293 - 214,345
FUND BALANCES (DEFICITS)
Restricted for:
Municipal court expenditures - - 16,085 -
Debt service - - - -
Storm water - - - -
Promotion of cultural and tourism - - - -
Committed for:
Police expenditures - 69,535 -
Parks and recreation - - - -
Oil and gas drilling 55,424 - - -
Library - - - -
Capital projects - - - -
Unassigned - - - (175,833)
TOTAL FUND BALANCES (DEFICITS)55,424 69,535 16,085 (175,833)
TOTAL LIABILITIES AND FUND BALANCES (DEFICITS)55,424$ 73,828$ 16,085$ 38,512$
SPECIAL REVENUE
EXHIBIT C-1
CONCLUDED
89
Southlake Community Southlake Community TOTAL
Parks Enhancement Parks Enhancement Crime NON-MAJOR
Development Development Development Development Control GOVERNMENTAL
Corporation Corporation Corporation Corporation District FUNDS
1,896,931$ 565,235$ 11,057,134$ 1,546,525$ 534,860$ 35,316,791$
- - - - - 325,435
- - - - 1,364,973
3,401 1,013 19,824 2,773 959 62,306
1,900,332$ 566,248$ 11,076,958$ 1,549,298$ 535,819$ 37,069,505$
-$ -$ 198,875$ 248,013 -$ 628,920$
- - - - - 145,093
- - - - - 480,525
- - 198,875 248,013 - 1,254,538
- - - - - 739,828
1,900,332 566,248 - - - 2,466,580
- - - - - 1,789,612
- - - - - 1,834,337
- - - - - 5,256,684
- - - - - 11,121,825
- - - - - 55,424
- - - - - 11,323
10,878,083 1,301,285 535,819 12,715,187
- - - - - (175,833)
1,900,332 566,248 10,878,083 1,301,285 535,819 35,814,967
1,900,332$ 566,248$ 11,076,958$ 1,549,298$ 535,819$ 37,069,505$
DEBT SERVICE CAPITAL PROJECTS
CITY OF SOUTHLAKE, TEXAS
NON-MAJOR GOVERNMENTAL FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
FOR THE YEAR ENDED SEPTEMBER 30, 2020
90
Parks Crime
and Parks Control
Police Recreation Dedication District
REVENUES
Municipal sales tax -$ -$ -$ 1,921,480$
Licenses, permits and fees - - 563,559 -
Fines and forfeitures - - - -
Charges for services - - - -
Grants - - - -
Interest 333 2,040 15,305 50,706
Contributions - 16,008 - -
Miscellaneous 11,029 - - -
TOTAL REVENUES 11,362 18,048 578,864 1,972,186
EXPENDITURES
Current:
General government
Municipal court - - - -
Public safety
Police services - - - 1,478,861
Fire services - - - -
Public works
Streets and drainage - - - -
Cultural and recreation
Parks and recreation - 17,333 - -
Library services - - - -
Promotion of culture and tourism - - - -
Capital outlay - - - -
Debt service:
Principal retirement - - - -
Interest and fiscal charges - - - -
TOTAL EXPENDITURES - 17,333 - 1,478,861
EXCESS (DEFICIENCY) OF REVENUES OVER
EXPENDITURES 11,362 715 578,864 493,325
OTHER FINANCING SOURCES (USES)
Transfers from other funds - - - -
Transfers to other funds - - (370,000) (479,040)
TOTAL OTHER FINANCING SOURCES (USES)- - (370,000) (479,040)
NET CHANGE IN FUND BALANCES 11,362 715 208,864 14,285
FUND BALANCES,
BEGINNING OF YEAR 22,100 158,742 1,043,757 4,432,573
FUND BALANCES (DEFICITS), END OF YEAR 33,462$ 159,457$ 1,252,621$ 4,446,858$
SPECIAL REVENUE
EXHIBIT C-2
CONTINUED
91
Community
Storm Enhancement
Hotel Water Court Court Red Light Storm Water Development
Occupancy Utility Security Technology Library Camera Maintenance Corporation
742,620$ -$ -$ -$ -$ -$ -$ 5,858,223$
- - - - - - - -
- - 26,860 27,294 - 1,428 - -
- 1,560,295 - - - - - 1,993,771
- - - - - - - -
19,299 17,219 5,226 4,722 126 9,137 4,854 97,185
- - - - 4,653 - - 8,946
- - - - - - - -
761,919 1,577,514 32,086 32,016 4,779 10,565 4,854 7,958,125
- - 30,022 157,584 - - - -
- - - - - 60,264 - -
- - - - - - - -
- 623,967 - - - - - -
- - - - - - - 3,134,469
- - - - 2,984 - - -
641,107 - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
641,107 623,967 30,022 157,584 2,984 60,264 - 3,134,469
120,812 953,547 2,064 (125,568) 1,795 (49,699) 4,854 4,823,656
- - - - - - - -
(26,089) (1,067,009) - - - - (470,034) (2,726,823)
(26,089) (1,067,009) - - - - (470,034) (2,726,823)
94,723 (113,462) 2,064 (125,568) 1,795 (49,699) (465,180) 2,096,833
1,739,614 1,903,074 429,432 417,815 9,528 756,528 465,180 7,612,914
1,834,337$ 1,789,612$ 431,496$ 292,247$ 11,323$ 706,829$ -$ 9,709,747$
SPECIAL REVENUE
CITY OF SOUTHLAKE, TEXAS
NON-MAJOR GOVERNMENTAL FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
FOR THE YEAR ENDED SEPTEMBER 30, 2020
92
Commercial
Oil and Vehicle Truancy Disaster
Gas Enforcement Prevention Recovery
REVENUES
Municipal sales tax -$ -$ -$ -$
Licenses, permits and fees - - - -
Fines and forfeitures - 23,724 16,029 -
Charges for services - - - -
Grants - - - 1,487,520
Interest 670 995 56 -
Contributions - - - -
Miscellaneous - - - -
TOTAL REVENUES 670 24,719 16,085 1,487,520
EXPENDITURES
Current:
General government
Municipal court - - - -
Public safety
Police services - 148,677 - -
Fire services - - - 1,527,271
Public works
Streets and drainage - - - -
Cultural and recreation
Parks and recreation - - - -
Library services - - - -
Promotion of culture and tourism - - - -
Capital outlay - - - 136,082
Debt service:
Principal retirement - - - -
Interest and fiscal charges - - - -
TOTAL EXPENDITURES - 148,677 - 1,663,353
EXCESS (DEFICIENCY) OF REVENUES OVER
EXPENDITURES 670 (123,958) 16,085 (175,833)
OTHER FINANCING SOURCES (USES)
Transfers from other funds - 150,000 - -
Transfers to other funds - - - -
TOTAL OTHER FINANCING SOURCES (USES)- 150,000 - -
NET CHANGE IN FUND BALANCES 670 26,042 16,085 (175,833)
FUND BALANCES,
BEGINNING OF YEAR 54,754 43,493 - -
FUND BALANCES (DEFICITS), END OF YEAR 55,424$ 69,535$ 16,085$ (175,833)$
SPECIAL REVENUE
EXHIBIT C-2
CONCLUDED
93
Southlake Community Southlake
Community TOTAL
Parks Enhancement Parks
Enhancement Crime NON-MAJOR
Development Development Development
Development Control GOVERNMENTAL
Corporation Corporation Corporation
Corporation District FUNDS
-$ -$ -$ -$ -$ 8,522,323$
- - - - - 563,559
- - - - - 95,335
- - - - - 3,554,066
- - - - - 1,487,520
24,381 9,035 117,503 49,862 4,363 433,017
- - 30,000 - - 59,607
- - - - - 11,029
24,381 9,035 147,503 49,862 4,363 14,726,456
- - - - - 187,606
- - - - - 1,687,802
- - - - - 1,527,271
- - - - - 623,967
- - 21,872 2,702,200 - 5,875,874
- - - - - 2,984
- - - - - 641,107
- - 562,800 - - 698,882
2,050,000 1,340,000 - - - 3,390,000
773,572 1,107,406 - - - 1,880,978
2,823,572 2,447,406 584,672 2,702,200 - 16,516,471
(2,799,191) (2,438,371) (437,169) (2,652,338) 4,363 (1,790,015)
2,818,269 2,429,906 4,000,000 400,000 9,798,175
- - - - - (5,138,995)
2,818,269 2,429,906 4,000,000 - 400,000 4,659,180
19,078 (8,465) 3,562,831 (2,652,338) 404,363 2,869,165
1,881,254 574,713 7,315,252 3,953,623 131,456 32,945,802
1,900,332$ 566,248$ 10,878,083$ 1,301,285$ 535,819$ 35,814,967$
DEBT SERVICE CAPITAL PROJECTS
CITY OF SOUTHLAKE, TEXAS EXHIBIT C-3
PARKS AND RECREATION SPECIAL REVENUE FUND
BUDGETARY COMPARISON SCHEDULE (GAAP BASIS)
FOR THE YEAR ENDED SEPTEMBER 30, 2020
94
VARIANCE WITH
FINAL BUDGET -
POSITIVE
ORIGINAL FINAL ACTUAL (NEGATIVE)
REVENUES
Interest 2,000$ 1,500$ 2,040$ 540$
Contributions 46,500 20,000 16,008 (3,992)
Miscellaneous 4,000 - - -
Total revenues 52,500 21,500 18,048 (3,452)
EXPENDITURES
Current:
Cultural and recreation
Parks and recreation 72,500 46,750 17,333 29,417
Total expenditures 72,500 46,750 17,333 29,417
Excess (deficiency) of revenues over
(under) expenditures (20,000) (25,250) 715 25,965
NET CHANGE IN FUND BALANCES (20,000) (25,250) 715 25,965
FUND BALANCES,
BEGINNING OF YEAR 158,742 158,742 158,742 -
FUND BALANCES, END OF YEAR 138,742$ 133,492$ 159,457$ 25,965$
BUDGETED AMOUNTS
CITY OF SOUTHLAKE, TEXAS EXHIBIT C-4
PARKS DEDICATION SPECIAL REVENUE FUND
BUDGETARY COMPARISON SCHEDULE (GAAP BASIS)
FOR THE YEAR ENDED SEPTEMBER 30, 2020
95
VARIANCE WITH
FINAL BUDGET -
POSITIVE
ORIGINAL FINAL ACTUAL (NEGATIVE)
REVENUES:
Park fees 90,000$ 563,500$ 563,559$ 59$
Interest 5,000 5,000 15,305 10,305
Total revenues 95,000 568,500 578,864 10,364
OTHER FINANCING USES:
Transfers to other funds (370,000) (370,000) (370,000) -
Total other financing uses (370,000) (370,000) (370,000) -
Net change in fund balance (275,000) 198,500 208,864 10,364
FUND BALANCES,
BEGINNING OF YEAR 1,043,757 1,043,757 1,043,757 -
FUND BALANCES, END OF YEAR 768,757$ 1,242,257$ 1,252,621$ 10,364$
BUDGETED AMOUNTS
CITY OF SOUTHLAKE, TEXAS EXHIBIT C-5
CRIME CONTROL DISTRICT SPECIAL REVENUE FUND
BUDGETARY COMPARISON SCHEDULE (GAAP BASIS)
FOR THE YEAR ENDED SEPTEMBER 30, 2020
96
VARIANCE WITH
FINAL BUDGET -
POSITIVE
ORIGINAL FINAL ACTUAL (NEGATIVE)
REVENUES:
Municipal sales tax 1,881,000$ 1,759,063$ 1,921,480$ 162,417$
Interest 95,000 41,500 50,706 9,206
Total revenues 1,976,000 1,800,563 1,972,186 171,623
EXPENDITURES:
Current:
Public safety
Police services 1,904,171 1,605,703 1,478,861 126,842
Excess of revenues
over expenditures 71,829 194,860 493,325 298,465
OTHER FINANCING SOURCES USES:
Transfers to other funds (479,040) (479,040) (479,040) -
Net change in fund balance (407,211) (284,180) 14,285 298,465
FUND BALANCES,
BEGINNING OF YEAR 4,432,573 4,432,573 4,432,573 -
FUND BALANCES, END OF YEAR 4,025,362$ 4,148,393$ 4,446,858$ 298,465$
BUDGETED AMOUNTS
CITY OF SOUTHLAKE, TEXAS EXHIBIT C-6
HOTEL OCCUPANCY SPECIAL REVENUE FUND
BUDGETARY COMPARISON SCHEDULE (GAAP BASIS)
FOR THE YEAR ENDED SEPTEMBER 30, 2020
97
VARIANCE WITH
FINAL BUDGET -
POSITIVE
ORIGINAL FINAL ACTUAL (NEGATIVE)
REVENUES:
Municipal sales tax 1,385,283$ 637,800$ 742,620$ 104,820$
Interest 20,000 14,400 19,299 4,899
Total revenues 1,405,283 652,200 761,919 109,719
EXPENDITURES:
Current:
Culture and recreation
Promotion of culture and tourism 828,374 756,990 641,107 115,883
Excess (deficiency) of revenues
over (under) expenditures 576,909 (104,790) 120,812 225,602
OTHER FINANCING USES:
Transfers to other funds (467,003) (26,089) (26,089) -
Net change in fund balance 109,906 (130,879) 94,723 225,602
FUND BALANCES,
BEGINNING OF YEAR 1,739,614 1,739,614 1,739,614 -
FUND BALANCES, END OF YEAR 1,849,520$ 1,608,735$ 1,834,337$ 225,602$
BUDGETED AMOUNTS
CITY OF SOUTHLAKE, TEXAS EXHIBIT C-7
STORM WATER UTILITY SPECIAL REVENUE FUND
BUDGETARY COMPARISON SCHEDULE (GAAP BASIS)
FOR THE YEAR ENDED SEPTEMBER 30, 2020
98
VARIANCE WITH
FINAL BUDGET -
POSITIVE
ORIGINAL FINAL ACTUAL (NEGATIVE)
REVENUES:
Charges for service 1,555,500$ 1,558,000$ 1,560,295$ 2,295$
Interest 13,300 12,000 17,219 5,219
Total revenues 1,568,800 1,570,000 1,577,514 7,514
EXPENDITURES:
Current:
Public works
Streets and drainage 657,006 640,156 623,967 16,189
Excess of revenues
over expenditures 911,794 929,844 953,547 23,703
OTHER FINANCING USES:
Transfers to other funds (1,066,961) (1,067,009) (1,067,009) -
Net change in fund balance (155,167) (137,165) (113,462) 23,703
FUND BALANCES,
BEGINNING OF YEAR 1,903,074 1,903,074 1,903,074 -
FUND BALANCES, END OF YEAR 1,747,907$ 1,765,909$ 1,789,612$ 23,703$
BUDGETED AMOUNTS
CITY OF SOUTHLAKE, TEXAS EXHIBIT C-8
COURT SECURITY SPECIAL REVENUE FUND
BUDGETARY COMPARISON SCHEDULE (GAAP BASIS)
FOR THE YEAR ENDED SEPTEMBER 30, 2020
99
VARIANCE WITH
FINAL BUDGET -
POSITIVE
ORIGINAL FINAL ACTUAL (NEGATIVE)
REVENUES
Fines and forfeitures 42,800$ 19,000$ 26,860$ 7,860$
Interest 5,500 3,700 5,226 1,526
Total revenues 48,300 22,700 32,086 9,386
EXPENDITURES
Current:
General government
Municipal court 61,105 61,105 30,022 31,083
Excess (deficiency) of revenues
over (under) expenditures (12,805) (38,405) 2,064 40,469
Net change in fund balance (12,805) (38,405) 2,064 40,469
FUND BALANCES,
BEGINNING OF YEAR 429,432 429,432 429,432 -
FUND BALANCES, END OF YEAR 416,627$ 391,027$ 431,496$ 40,469$
BUDGETED AMOUNTS
CITY OF SOUTHLAKE, TEXAS EXHIBIT C-9
COURT TECHNOLOGY SPECIAL REVENUE FUND
BUDGETARY COMPARISON SCHEDULE (GAAP BASIS)
FOR THE YEAR ENDED SEPTEMBER 30, 2020
100
VARIANCE WITH
FINAL BUDGET -
POSITIVE
ORIGINAL FINAL ACTUAL (NEGATIVE)
REVENUES
Fines and forfeitures 42,000$ 20,000$ 27,294$ 7,294$
Interest 5,100 3,400 4,722 1,322
Total revenues 47,100 23,400 32,016 8,616
EXPENDITURES
Current:
General government
Municipal court 154,000 160,000 157,584 2,416
Excess (deficiency) of revenues
over (under) expenditures (106,900) (136,600) (125,568) 11,032
Net change in fund balance (106,900) (136,600) (125,568) 11,032
FUND BALANCES,
BEGINNING OF YEAR 417,815 417,815 417,815 -
FUND BALANCES, END OF YEAR 310,915$ 281,215$ 292,247$ 11,032$
BUDGETED AMOUNTS
CITY OF SOUTHLAKE, TEXAS EXHIBIT C-10
LIBRARY SPECIAL REVENUE FUND
BUDGETARY COMPARISON SCHEDULE (GAAP BASIS)
FOR THE YEAR ENDED SEPTEMBER 30, 2020
101
VARIANCE WITH
FINAL BUDGET -
POSITIVE
ORIGINAL FINAL ACTUAL (NEGATIVE)
REVENUES
Interest 125$ 125$ 126$ 1$
Contributions 10,000 4,000 4,653 653
Total revenues 10,125 4,125 4,779 654
EXPENDITURES
Current:
Cultural and recreation
Library services 10,000 4,000 2,984 1,016
Excess of revenues over
expenditures 125 125 1,795 1,670
Net change in fund balance 125 125 1,795 1,670
FUND BALANCES,
BEGINNING OF YEAR 9,528 9,528 9,528 -
FUND BALANCES, END OF YEAR 9,653$ 9,653$ 11,323$ 1,670$
BUDGETED AMOUNTS
CITY OF SOUTHLAKE, TEXAS EXHIBIT C-11
RED LIGHT CAMERA SPECIAL REVENUE FUND
BUDGETARY COMPARISON SCHEDULE (GAAP BASIS)
FOR THE YEAR ENDED SEPTEMBER 30, 2020
102
VARIANCE WITH
FINAL BUDGET-
POSITIVE
ORIGINAL FINAL ACTUAL (NEGATIVE)
REVENUES:
Fines and forfeitures -$ -$ 1,428$ 1,428$
Interest 8,000 6,000 9,137 3,137
Total revenues 8,000 6,000 10,565 4,565
EXPENDITURES:
Current:
Public safety
Police services 71,490 71,490 60,264 11,226
Excess (deficiency) of revenues (63,490) (65,490) (49,699) 15,791
over (under) expenditures
Net change in fund balance (63,490) (65,490) (49,699) 15,791
FUND BALANCES,
BEGINNING OF YEAR 756,528 756,528 756,528 -
FUND BALANCES, END OF YEAR 693,038$ 691,038$ 706,829$ 15,791$
BUDGETED AMOUNTS
CITY OF SOUTHLAKE, TEXAS EXHIBIT C-12
STORM WATER MAINTENANCE SPECIAL REVENUE FUND
BUDGETARY COMPARISON SCHEDULE (GAAP BASIS)
FOR THE YEAR ENDED SEPTEMBER 30, 2020
103
VARIANCE WITH
FINAL BUDGET -
POSITIVE
ORIGINAL FINAL ACTUAL (NEGATIVE)
REVENUES
Interest -$ -$ 4,854$ 4,854$
OTHER FINANCING SOURCES (USES)
Transfers to other funds (470,034) (470,034) (470,034) -
Total other financing sources (uses)(470,034) (470,034) (470,034) -
Net change in fund balance (470,034) (470,034) (465,180) 4,854
FUND BALANCES,
BEGINNING OF YEAR 465,180 465,180 465,180 -
FUND BALANCES, END OF YEAR (4,854)$ (4,854)$ -$ 4,854$
BUDGETED AMOUNTS
CITY OF SOUTHLAKE, TEXAS EXHIBIT C-13
SOUTHLAKE COMMUNITY ENHANCEMENT DEVELOPMENT
CORPORATION SPECIAL REVENUE FUND
BUDGETARY COMPARISON SCHEDULE (GAAP BASIS)
FOR THE YEAR ENDED SEPTEMBER 30, 2020
104
VARIANCE WITH
FINAL BUDGET -
POSITIVE
ORIGINAL FINAL ACTUAL (NEGATIVE)
REVENUES:
Municipal sales tax 5,650,340$ 5,370,072$ 5,858,223$ 488,151$
Charges for services 2,514,104 1,969,865 1,993,771 23,906
Interest 140,000 75,500 97,185 21,685
Contributions 10,000 8,000 8,946 946
Total revenues 8,314,444 7,423,437 7,958,125 534,688
EXPENDITURES:
Current:
Culture and recreation
Parks and recreation 4,303,670 3,868,646 3,134,469 734,177
Excess of revenues
over expenditures 4,010,774 3,554,791 4,823,656 1,268,865
OTHER FINANCING USES:
Transfers to other funds (2,762,484) (2,726,823) (2,726,823) -
Net change in fund balance 1,248,290 827,968 2,096,833 1,268,865
FUND BALANCES,
BEGINNING OF YEAR 7,612,914 7,612,914 7,612,914 -
FUND BALANCES, END OF YEAR 8,861,204$ 8,440,882$ 9,709,747$ 1,268,865$
BUDGETED AMOUNTS
CITY OF SOUTHLAKE, TEXAS EXHIBIT C-14
COMMERCIAL VEHICLE ENFORCEMENT
BUDGETARY COMPARISON SCHEDULE (GAAP BASIS)
FOR THE YEAR ENDED SEPTEMBER 30, 2020
105
VARIANCE WITH
FINAL BUDGET -
POSITIVE
ORIGINAL FINAL ACTUAL (NEGATIVE)
REVENUES
Fines and forfeitures 45,000$ 20,500$ 23,724$ 3,224$
Interest 700 700 995 295
Total revenues 45,700 21,200 24,719 3,519
EXPENDITURES
Current:
General government
Municipal court 151,167 151,167 148,677 2,490
Excess (deficiency) of revenues
over (under) expenditures (105,467) (129,967) (123,958) 6,009
OTHER FINANCING SOURCES
Transfers from other funds 150,000 150,000 150,000 -
Net change in fund balance 44,533 20,033 26,042 6,009
FUND BALANCES,
BEGINNING OF YEAR 43,493 43,493 43,493 -
FUND BALANCES, END OF YEAR 88,026$ 63,526$ 69,535$ 6,009$
BUDGETED AMOUNTS
CITY OF SOUTHLAKE, TEXAS EXHIBIT C-15
SOUTHLAKE PARKS DEVELOPMENT CORPORATION DEBT SERVICE FUND
BUDGETARY COMPARISON SCHEDULE (GAAP BASIS)
FOR THE YEAR ENDED SEPTEMBER 30, 2020
106
VARIANCE WITH
FINAL BUDGET-
POSITIVE
ORIGINAL FINAL ACTUAL (NEGATIVE)
REVENUES:
Interest 70,000$ 20,000$ 24,381$ 4,381$
EXPENDITURES:
Debt service:
Principal retirement 2,050,000 2,050,000 2,050,000 -
Interest and fiscal charges 774,269 774,269 773,572 697
Total expenditure s 2,824,269 2,824,269 2,823,572 697
Excess (deficiency) of revenues
over (under) expenditures (2,754,269) (2,804,269) (2,799,191) 5,078
OTHER FINANCING SOURCES (USES):
Transfers from other funds 2,818,269 2,818,269 2,818,269 -
Total other financing sources (uses)2,818,269 2,818,269 2,818,269 -
Net change in fund balance 64,000 14,000 19,078 5,078
FUND BALANCES,
BEGINNING OF YEAR 1,881,254 1,881,254 1,881,254 -
FUND BALANCES, END OF YEAR 1,945,254$ 1,895,254$ 1,900,332$ 5,078$
BUDGETED AMOUNTS
CITY OF SOUTHLAKE, TEXAS EXHIBIT C-16
COMMUNITY ENHANCEMENT DEVELOPMENT CORPORATION DEBT SERVICE FUND
BUDGETARY COMPARISON SCHEDULE (GAAP BASIS)
FOR THE YEAR ENDED SEPTEMBER 30, 2020
107
VARIANCE WITH
FINAL BUDGET-
POSITIVE
ORIGINAL FINAL ACTUAL (NEGATIVE)
REVENUES:
Interest 40,000$ 6,500$ 9,035$ 2,535$
EXPENDITURES:
Debt service:
Principal retirement 1,340,000 1,340,000 1,340,000 -
Interest and fiscal charges 1,089,906 1,089,906 1,107,406 (17,500)
Total expenditure s 2,429,906 2,429,906 2,447,406 (17,500)
Excess (deficiency) of revenues
over (under) expenditures (2,389,906) (2,423,406) (2,438,371) (14,965)
OTHER FINANCING SOURCES:
Transfers from other funds 2,429,906 2,429,906 2,429,906 -
Net change in fund balance 40,000 6,500 (8,465) (14,965)
FUND BALANCES,
BEGINNING OF YEAR 574,713 574,713 574,713 -
FUND BALANCES, END OF YEAR 614,713$ 581,213$ 566,248$ (14,965)$
BUDGETED AMOUNTS
108
AGENCY FUNDS
An Agency Fund is used to account for resources held for others in a custodial capacity. The City maintains
the following Agency Fund:
Cash Escrow Agency Fund - accounts for the receipt and subsequent disbursement of deposits paid to
the City by builders/developers.
CITY OF SOUTHLAKE, TEXAS EXHIBIT F-1
CASH ESCROW AGENCY FUND
STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
FOR THE YEAR ENDED SEPTEMBER 30, 2020
109
Balance at Balance at
Beginning End
of Year Additions Deletions of Year
ASSETS
Cash and cash equivalents 70,086$ -$ (70,086)$ -$
Accrued interest receivable 75 - (75) -
TOTAL ASSETS 70,161$ -$ (70,161)$ -$
LIABILITIES
Due to builders 70,161$ -$ (70,161)$ -$
TOTAL LIABILITIES 70,161$ -$ (70,161)$ -$
CITY OF SOUTHLAKE, TEXAS EXHIBIT G-1
COMPARATIVE SCHEDULES OF CAPITAL ASSETS BY SOURCE
SEPTEMBER 30, 2020 AND 2019
110
2020 2019
General capital assets
Land and improvements 135,058,969$ 131,821,856$
Buildings and improvements 141,660,874 141,382,874
Equipment 34,152,995 31,939,286
Infrastructure 275,398,146 267,722,802
Construction in progress 11,696,034 7,092,033
Total capital assets 597,967,018$ 579,958,851$
Investment in general capital assets
Capital projects funds 443,708,782$ 428,620,730$
General and other fund revenues 88,614,742 86,401,033
Gifts 65,643,494 64,937,088
Total investment in capital assets 597,967,018$ 579,958,851$
CITY OF SOUTHLAKE, TEXAS EXHIBIT G-2
SCHEDULE OF CHANGES IN CAPITAL ASSETS BY FUNCTION AND ACTIVITY
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2020
111
Capital Capital
Assets Assets
October 1, September 30,
Function and Activity 2019 Additions Deductions 2020
General government 189,387,000$ 788,744$ -$ 190,175,744$
Public safety 68,817,320 261,751 (145,506) 68,933,565
Public works 185,303,566 26,157,688 (10,154,556) 201,306,698
Cultural and Recreation 136,450,965 1,429,552 (329,506) 137,551,011
Total capital assets 579,958,851$ 28,637,735$ (10,629,568)$ 597,967,018$
General Public Public Cultural and
Government Safety Works Recreation Total
Land and improvements 2,193,366$ 4,303,925$ 68,708,417$ 59,853,261$ 135,058,969$
Buildings and improvements 26,381,000 48,647,676 2,386,761 64,245,437 141,660,874
Equipment 7,967,325 15,981,964 7,086,531 3,117,175 34,152,995
Infrastructure 153,634,053 - 112,160,178 9,603,915 275,398,146
Construction in Progress - - 10,964,811 731,223 11,696,034
Total 190,175,744$ 68,933,565$ 201,306,698$ 137,551,011$ 597,967,018$
STATISTICAL SECTION
112
Contents Table #s
Financial Trends 1, 2, 3 & 4
These tables contain trend information to help the reader understand how the City's
financial performance and well-being have changed over time.
Revenue Capacity 5, 6, 7 & 8
These tables contain information to help the reader assess the City's two most
significant local revenue sources, the property and sales taxes.
Debt Capacity 9, 10, 11 & 12
These tables present information to help the reader assess the affordability of the City's
current levels of outstanding debt and the City's ability to is sue additional debt in the
future.
Economic and Demographic Information 13 & 14
These tables offer economic and demographic indicators to help the reader understand
the environment within which the City's financial activities take place.
Operating Information 15, 16 & 17
These tables contain service and infrastructure data to help the reader understand how
the information in the City's financial report relates to the s ervices the City provides.
STATISTICAL SECTION
This part of the City of Southlake's comprehensive annual financial report presents detailed information as a
context for understanding what the information in the financial statements, notes disclosures, and required
supplementary information says about the City's overall financial healt h. This information has not been audited
by the independent auditor.
Source: Unless otherwise noted, the information in these tables is derived from the comprehensive annual
financial reports for the relevant year. The City implemented GASB Statement 34 in fiscal year 2003: tables
presenting government-wide information include information beginning in that year.
CITY OF SOUTHLAKE, TEXAS
NET POSITION BY COMPONENT
LAST TEN FISCAL YEARS
(ACCRUAL BASIS OF ACCOUNTING)
(UNAUDITED)
113
2011 2012 2013 2014
Governmental activities
Net investment in capital assets 298,418,769$ 291,690,099$ 324,928,883$ 338,303,633$
Restricted 9,739,189 67,444,322 15,178,798 15,092,604
Unrestricted 53,157,494 16,726,782 50,356,758 58,732,145
Total governmental activities net position 361,315,452$ 375,861,203$ 390,464,439$ 412,128,382$
Business-type activities
Net investment in capital assets 68,911,163$ 67,918,830$ 70,968,919$ 73,126,147$
Restricted - - - -
Unrestricted 17,613,924 18,908,505 17,673,963 16,085,060
Total business-type activities net position 86,525,087$ 86,827,335$ 88,642,882$ 89,211,207$
Primary government
Net investment in capital assets 367,329,932$ 359,608,929$ 395,897,802$ 411,429,780$
Restricted 9,739,189 67,444,322 15,178,798 15,092,604
Unrestricted 70,771,418 35,635,287 68,030,721 74,817,205
Total primary governmental net position 447,840,539$ 462,688,538$ 479,107,321$ 501,339,589$
Source: Comprehensive Annual Financial Report
Fiscal Year
TABLE 1
114
2015 2016 2017 2018 2019 2020
366,796,228$ 364,161,725$ 385,506,389$ 392,406,812$ 399,651,828$ 415,945,257$
13,624,164 11,589,350 49,850,439 28,492,591 32,690,100 25,518,844
59,447,800 80,992,079 45,930,426 78,585,681 87,753,906 96,924,423
439,868,192$ 456,743,154$ 481,287,254$ 499,485,084$ 520,095,834$ 538,388,524$
78,143,445$ 79,055,138$ 82,251,014$ 83,461,157$ 83,223,713$ 76,271,158$
- - - - - -
13,660,807 19,304,913 23,525,952 26,915,321 27,794,856 40,174,495
91,804,252$ 98,360,051$ 105,776,966$ 110,376,478$ 111,018,569$ 116,445,653$
444,939,673$ 443,216,863$ 467,757,403$ 475,867,969$ 482,875,541$ 492,216,415$
13,624,164 11,589,350 49,850,439 28,492,591 32,690,100 25,518,844
73,108,607 100,296,992 69,456,378 105,501,002 115,548,762 137,098,918
531,672,444$ 555,103,205$ 587,064,220$ 609,861,562$ 631,114,403$ 654,834,177$
Fiscal Year
CITY OF SOUTHLAKE, TEXAS
CHANGES IN NET POSITION, LAST TEN FISCAL YEARS
(ACCRUAL BASIS OF ACCOUNTING)
(UNAUDITED)
115
2011 2012 2013 2014
Expenses
Governmental activities:
General government 13,754,529$ 13,277,006$ 12,892,140$ 13,417,904$
Public safety 15,144,173 15,891,911 18,425,878 18,245,617
Public works 6,279,687 6,399,819 8,528,331 8,870,998
Culture and recreation 7,897,173 8,158,291 8,829,394 8,948,841
Interest on long-term debt 5,638,272 5,865,798 6,747,628 5,097,036
Total governmental activities expenses 48,713,834 49,592,825 55,423,371 54,580,396
Business-type activities:
Water and sewer 20,724,651 22,530,688 22,119,518 25,030,426
Total business-type activities expenses 20,724,651 22,530,688 22,119,518 25,030,426
Total primary government expenses 69,438,485$ 72,123,513$ 77,542,889$ 79,610,822$
Program Revenues
Governmental activities:
Charges for Services:
General government 2,616,321$ 2,575,773$ 2,755,038$ 2,657,883$
Public safety 2,818,913 3,744,708 3,650,079 3,907,068
Public works 71,129 179,094 291,926 360,529
Culture and recreation 1,384,823 1,400,794 1,422,552 1,379,658
Operating grants and contributions 532,100 200,434 639,230 443,157
Capital grants and contributions 2,309,613 518,617 2,244,965 4,436,346
Total governmental activities program revenues 9,732,899 8,619,420 11,003,790 13,184,641
Business-type activities:
Charges for services:
Water and sewer 22,571,056 22,451,738 22,806,432 23,591,438
Capital grants and contributions 1,433,278 1,214,395 1,981,354 3,510,936
Total business-type activities program revenues 24,004,334 23,666,133 24,787,786 27,102,374
Total primary government program revenues 33,737,233$ 32,285,553$ 35,791,576$ 40,287,015$
Net (Expenses) Revenue
Governmental activities (38,980,935)$ (40,973,405)$ (44,419,581)$ (41,395,755)$
Business-type activities 3,279,683 1,135,445 2,668,268 2,071,948
Total primary government net expenses (35,701,252)$ (39,837,960)$ (41,751,313)$ (39,323,807)$
General Revenues
and Other Changes in Net Position
Governmental activities:
Taxes:
Property taxes 31,568,583$ 31,166,847$ 31,844,930$ 33,099,007$
Sales taxes 18,969,870 20,076,478 22,659,917 26,623,661
Franchise taxes 2,783,279 2,598,074 2,646,394 2,841,025
Interest on investments 258,556 232,722 30,110 482,607
Gain (Loss) on sale of capital assets 26,741 91,134 89,923 99,109
Transfers 791,830 890,220 915,475 915,116
Miscellaneous 658,902 463,681 836,068 639,571
Total governmental activities 55,057,761 55,519,156 59,022,817 64,700,096
Business-type activities:
Interest on investments 123,872 46,212 25,227 101,469
Gain (Loss) on sale of capital assets - - - -
Transfers (791,830) (890,220) (915,475) (915,116)
Miscellaneous 42,463 10,811 37,527 6,963
Total business-type activities (625,495) (833,197) (852,721) (806,684)
Total primary government 54,432,266$ 54,685,959$ 58,170,096$ 63,893,412$
Change in Net Position
Governmental activities 16,076,826$ 14,545,751$ 14,603,236$ 23,304,341$
Business-type activities 2,654,188 302,248 1,815,547 1,265,264
Total primary government 18,731,014$ 14,847,999$ 16,418,783$ 24,569,605$
Source: Comprehensive Annual Financial Report
Fiscal Year
TABLE 2
116
2015 2016 2017 2018 2019 2020
14,602,425$ 12,851,787$ 17,430,052$ 18,255,444$ 20,014,583$ 21,275,487$
18,176,698 19,300,590 21,179,963 23,962,971 23,881,485 24,054,527
9,762,184 11,950,671 8,979,020 10,040,453 10,081,721 9,839,646
9,311,006 10,655,763 11,780,022 12,775,020 15,955,201 17,665,953
2,528,113 3,005,359 3,834,897 3,047,221 2,750,037 2,171,359
54,380,426 57,764,170 63,203,954 68,081,109 72,683,027 75,006,972
26,692,373 24,741,428 24,703,007 29,068,434 29,873,788 27,490,815
26,692,373 24,741,428 24,703,007 29,068,434 29,873,788 27,490,815
81,072,799$ 82,505,598$ 87,906,961$ 97,149,543$ 102,556,815$ 102,497,787$
2,309,861$ 2,363,499$ 2,262,247$ 2,895,701$ 2,498,549$ 1,631,816$
4,427,137 4,620,030 3,929,564 2,495,288 3,001,895 2,536,553
265,432 223,533 143,935 1,635,163 1,724,344 1,824,434
1,399,822 1,537,185 1,814,319 1,301,793 2,145,128 2,993,552
455,575 310,636 328,288 459,006 866,518 1,807,473
8,967,466 2,228,863 7,714,765 1,044,834 1,437,166 1,422,315
17,825,293 11,283,746 16,193,118 9,831,785 11,673,600 12,216,143
24,792,619 25,474,777 27,939,504 32,229,361 29,929,932 32,271,341
5,776,438 1,638,842 3,851,057 2,367,774 896,652 1,315,092
30,569,057 27,113,619 31,790,561 34,597,135 30,826,584 33,586,433
48,394,350$ 38,397,365$ 47,983,679$ 44,428,920$ 42,500,184$ 45,802,576$
(36,555,133)$ (46,480,424)$ (47,010,836)$ (58,249,324)$ (61,009,427)$ (62,790,829)$
3,876,684 2,372,191 7,087,554 5,528,701 952,796 6,095,618
(32,678,449)$ (44,108,233)$ (39,923,282)$ (52,720,623)$ (60,056,631)$ (56,695,211)$
33,176,285$ 34,501,608$ 37,705,796$ 40,380,926$ 41,734,946$ 41,973,780$
30,090,614 29,047,285 29,968,331 30,822,431 31,868,204 32,119,114
3,327,739 2,955,114 2,907,537 2,972,143 3,114,117 2,811,573
523,954 379,342 843,082 2,108,804 3,247,401 1,721,876
102,900 102,960 71,284 - - -
968,160 (3,767,400) (157,975) 1,211,036 1,178,932 1,234,945
1,066,818 136,477 216,881 - 476,577 1,222,231
69,256,470 63,355,386 71,554,936 77,495,340 81,620,177 81,083,519
112,967 94,837 167,068 320,473 868,227 566,411
23,100 317,276 350 - - -
(968,160) 3,767,400 157,975 (1,211,036) (1,178,932) (1,234,945)
4,521 4,095 3,968 4,166 - -
(827,572) 4,183,608 329,361 (886,397) (310,705) (668,534)
68,428,898$ 67,538,994$ 71,884,297$ 76,608,943$ 81,309,472$ 80,414,985$
32,701,337$ 16,874,962$ 24,544,100$ 19,246,016$ 20,610,750$ 18,292,690$
3,049,112 6,555,799 7,416,915 4,642,304 642,091 5,427,084
35,750,449$ 23,430,761$ 31,961,015$ 23,888,320$ 21,252,841$ 23,719,774$
Fiscal Year
CI
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TABLE 3
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TABLE 4
CH
A
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A
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,
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)
11
8
20
1
1
2
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1
2
2
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1
3
2
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1
4
2
0
1
5
2
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1
6
2
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7
2
0
1
8
2
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9
2
0
2
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3
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3
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$ 41,980,391 $
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2
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2,811,573
Mu
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32,119,114
Li
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2,868,166
Ch
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5,013,769
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968,495
Gr
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693,293
Co
n
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b
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s
8
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3
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In
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1,544,346
To
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6
1
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91,453,522
EX
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1
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To
t
a
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x
p
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6
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Ex
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Pr
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TABLE 5
AS
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TABLE 6
DI
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p
p
r
a
i
s
a
l
D
i
s
t
r
i
c
t
Ci
t
y
D
i
r
e
c
t
R
a
t
e
s
O
v
e
r
l
a
p
p
i
n
g
R
a
t
e
s
CI
T
Y
O
F
S
O
U
T
H
L
A
K
E
,
T
E
X
A
S
TABLE 7
PR
I
N
C
I
P
A
L
P
R
O
P
E
R
T
Y
T
A
X
P
A
Y
E
R
S
CU
R
R
E
N
T
Y
E
A
R
A
N
D
F
I
V
E
Y
E
A
R
S
A
G
O
(U
N
A
U
D
I
T
E
D
)
12
1
Ta
x
p
a
y
e
r
Ta
x
a
b
l
e
A
s
s
e
s
s
e
d
Va
l
u
e
P
e
r
c
e
n
t
a
g
e
of
T
o
t
a
l
C
i
t
y
Ta
x
a
b
l
e
As
s
e
s
s
e
d
Va
l
u
e
a
Ta
x
p
a
y
e
r
Ta
x
a
b
l
e
A
s
s
e
s
s
e
d
ValuePercentage of Total City Taxable Assessed Value b
To
w
n
S
q
u
a
r
e
V
e
n
t
u
r
e
s
L
P
1
8
3
,
6
8
3
,
9
8
4
$
2
.
2
0
%
V
e
r
i
z
o
n
W
i
r
e
l
e
s
s
T
e
x
a
s
L
L
C
1
7
2
,
8
1
8
,
5
5
5
$
2
.
7
9
%
Da
l
l
a
s
M
T
A
L
P
1
2
8
,
4
2
7
,
3
4
1
1
.
5
4
%
T
o
w
n
S
q
u
a
r
e
V
e
n
t
u
r
e
s
L
P
1
4
1
,
6
9
2
,
7
2
2
2
.
2
9
%
SL
T
S
G
r
a
n
d
A
v
e
n
u
e
/
I
I
L
P
1
0
5
,
1
6
1
,
5
9
1
1
.
2
6
%
S
L
T
S
G
r
a
n
d
A
v
e
n
u
e
/
I
I
L
P
8
0
,
9
9
6
,
3
1
2
1
.
3
1
%
TD
A
m
e
r
i
t
r
a
d
e
S
e
r
v
i
c
e
s
C
o
m
p
a
n
y
I
n
c
8
6
,
0
0
0
,
0
0
0
1
.
0
3
%
S
o
u
t
h
l
a
k
e
L
a
n
d
H
o
l
d
i
n
g
s
L
P
5
6
,
1
5
3
,
0
5
4
0
.
9
1
%
Ca
r
r
o
l
l
/
1
7
0
9
L
T
D
6
2
,
6
9
9
,
0
0
9
0
.
7
5
%
W
y
n
d
h
a
m
P
r
o
p
e
r
t
i
e
s
L
t
d
5
4
,
8
0
3
,
3
8
3
0
.
8
8
%
W
y
n
d
h
a
m
P
r
o
p
e
r
t
i
e
s
L
T
D
/
I
I
L
t
d
6
2
,
7
8
7
,
6
4
5
0
.
7
5
%
C
a
r
r
o
l
l
/
1
7
0
9
L
t
d
5
0
,
2
3
6
,
8
7
7
0
.
8
1
%
H
&
C
S
o
u
t
h
l
a
k
e
H
i
l
t
o
n
L
L
C
5
1
,
3
9
5
,
8
2
2
0
.
6
2
%
S
a
b
r
e
H
e
a
d
q
u
a
r
t
e
r
s
L
L
C
4
5
,
5
3
8
,
8
5
6
0
.
7
3
%
Sa
b
r
e
H
e
a
d
q
u
a
r
t
e
r
s
L
L
C
5
0
,
0
3
8
,
8
5
6
0
.
6
0
%
H
&
C
S
o
u
t
h
l
a
k
e
H
i
l
t
o
n
L
L
C
3
1
,
2
0
8
,
1
4
2
0
.
5
0
%
Ex
c
e
l
S
o
u
t
h
l
a
k
e
L
P
4
8
,
0
0
5
,
1
7
8
0
.
5
8
%
F
o
r
e
s
t
P
a
r
k
M
e
d
i
c
a
l
C
e
n
t
e
r
2
9
,
4
3
5
,
9
8
6
0
.
4
7
%
DS
L
L
a
n
d
l
o
r
d
I
I
L
L
C
3
5
,
5
9
1
,
9
8
3
0
.
4
3
%
I
n
l
a
n
d
W
e
s
t
e
r
n
S
o
u
t
h
l
a
k
e
C
o
r
n
e
r
s
L
t
d
2
2
,
4
9
2
,
5
9
9
0
.
3
6
%
To
t
a
l
8
1
3
,
7
9
1
,
4
0
9
$
9
.
7
5
%
T
o
t
a
l
6
8
5
,
3
7
6
,
4
8
6
$
1
1
.
0
5
%
To
t
a
l
A
s
s
e
s
s
e
d
V
a
l
u
a
t
i
o
n
8
,
3
4
5
,
3
1
5
,
0
1
9
$
1
0
0
.
0
0
%
T
o
t
a
l
A
s
s
e
s
s
e
d
V
a
l
u
a
t
i
o
n
6
,
1
9
9
,
8
3
3
,
4
1
6
$
1
0
0
.
0
0
%
So
u
r
c
e
:
Ta
r
r
a
n
t
A
p
p
r
a
i
s
a
l
D
i
s
t
r
i
c
t
No
t
e
s
:
a Ta
x
p
a
y
e
r
s
a
r
e
a
s
s
e
s
s
e
d
o
n
J
a
n
u
a
r
y
1
,
2
0
1
9
(
2
0
1
9
t
a
x
y
e
a
r
)
f
o
r
t
he
2
0
2
0
f
i
s
c
a
l
y
e
a
r
.
b
Ta
x
p
a
y
e
r
s
a
r
e
a
s
s
e
s
s
e
d
o
n
J
a
n
u
a
r
y
1
,
2
0
1
4
(
2
0
1
4
t
a
x
y
e
a
r
)
f
o
r
t
he
2
0
1
5
f
i
s
c
a
l
y
e
a
r
.
20
2
0
20
1
5
CI
T
Y
O
F
S
O
U
T
H
L
A
K
E
,
T
E
X
A
S
TABLE 8
AD
V
A
L
O
R
E
M
T
A
X
L
E
V
I
E
S
A
N
D
C
O
L
L
E
C
T
I
O
N
S
LA
S
T
T
E
N
F
I
S
C
A
L
Y
E
A
R
S
(U
N
A
U
D
I
T
E
D
)
12
2
Fi
s
c
a
l
Y
e
a
r
Ta
x
e
s
L
e
v
i
e
d
f
o
r
t
h
e
F
i
s
c
a
l
Y
e
a
r
A
m
o
u
n
t
Pe
r
c
e
n
t
a
g
e
o
f
Le
v
y
Co
l
l
e
c
t
i
o
n
s
i
n
S
u
b
s
e
q
u
e
n
t
Ye
a
r
s
A
m
o
u
n
t
Percentage of Levy
20
1
1
2
5
,
6
5
6
,
5
2
5
$
2
5
,
2
9
7
,
2
5
5
$
9
8
.
6
0
2
7
8
,
9
8
0
$
2
5
,
5
7
6
,
2
3
5
$
9
9
.
6
9
20
1
2
2
5
,
9
1
5
,
8
1
3
2
5
,
5
5
2
,
3
9
4
9
8
.
6
0
2
2
2
,
8
1
1
2
5
,
7
7
5
,
2
0
5
9
9
.
4
6
20
1
3
2
6
,
0
5
3
,
1
6
0
2
5
,
7
6
2
,
4
5
7
9
8
.
8
8
1
6
4
,
7
9
7
2
5
,
9
2
7
,
2
5
4
9
9
.
5
2
20
1
4
2
7
,
1
3
6
,
9
9
7
2
6
,
8
6
5
,
8
9
7
9
9
.
0
0
6
8
,
9
6
8
2
6
,
9
3
4
,
8
6
5
9
9
.
2
6
20
1
5
2
7
,
7
9
1
,
8
3
9
2
7
,
5
5
6
,
7
9
0
9
9
.
1
5
1
0
3
,
8
7
9
2
7
,
6
6
0
,
6
6
9
9
9
.
5
3
20
1
6
2
8
,
9
6
5
,
7
9
2
2
8
,
6
8
4
,
1
3
1
9
9
.
0
3
1
6
5
,
2
1
9
2
8
,
8
4
9
,
3
5
0
9
9
.
6
0
20
1
7
3
1
,
4
1
0
,
9
3
4
3
1
,
0
5
4
,
0
0
6
9
8
.
8
6
7
9
,
9
6
3
3
1
,
1
3
3
,
9
6
9
9
9
.
1
2
20
1
8
3
3
,
1
0
3
,
3
7
3
3
2
,
9
7
5
,
6
0
0
9
9
.
6
1
1
8
,
5
3
4
3
2
,
9
9
4
,
1
3
4
9
9
.
6
7
20
1
9
3
4
,
9
5
7
,
5
1
9
3
4
,
4
8
6
,
8
2
0
9
8
.
6
5
(
8
0
,
6
0
3
)
3
4
,
4
0
6
,
2
1
7
9
8
.
4
2
20
2
0
3
4
,
1
0
9
,
1
4
1
3
3
,
5
7
2
,
4
6
9
9
8
.
4
3
-
3
3
,
5
7
2
,
4
6
9
9
8
.
4
3
So
u
r
c
e
:
T
a
r
r
a
n
t
C
o
u
n
t
y
T
a
x
O
f
f
i
c
e
To
t
a
l
C
o
l
l
e
c
t
i
o
n
s
Co
l
l
e
c
t
e
d
w
i
t
h
i
n
t
h
e
F
i
s
c
a
l
Y
e
a
r
o
f
th
e
L
e
v
y
CI
T
Y
O
F
S
O
U
T
H
L
A
K
E
,
T
E
X
A
S
TABLE 9
RA
T
I
O
O
F
O
U
T
S
T
A
N
D
I
N
G
D
E
B
T
B
Y
T
Y
P
E
LA
S
T
T
E
N
F
I
S
C
A
L
Y
E
A
R
S
(U
N
A
U
D
I
T
E
D
)
12
3
Fi
s
c
a
l
Y
e
a
r
Ge
n
e
r
a
l
Ob
l
i
g
a
t
i
o
n
Bo
n
d
s
Ce
r
t
i
f
i
c
a
t
e
s
o
f
Ob
l
i
g
a
t
i
o
n
R
e
v
e
n
u
e
B
o
n
d
s
Ge
n
e
r
a
l
Ob
l
i
g
a
t
i
o
n
Bo
n
d
s
Ce
r
t
i
f
i
c
a
t
e
s
o
f
Ob
l
i
g
a
t
i
o
n
Re
v
e
n
u
e
Bo
n
d
s
Co
n
t
r
a
c
t
Re
v
e
n
u
e
Ob
l
i
g
a
t
i
o
n
s
To
t
a
l
P
r
i
m
a
r
y
Go
v
e
r
n
m
e
n
t
Percentage of Personal Income a Per Capita a
20
1
1
5
7
,
4
6
7
,
6
9
6
$
4
4
,
04
3
,
9
8
5
$
2
5
,
6
9
0
,
0
0
0
$
2
6
,
9
0
7
,
8
0
6
$
2
3
,
4
2
0
,
8
0
0
$
-
$
2
,
06
0
,
0
0
0
$
17
9
,
5
9
0
,
2
8
7
$
1
2
.
2
9
6
,
7
5
2
$
20
1
2
5
5
,
7
4
7
,
9
9
5
3
8
,
97
1
,
9
3
5
3
0
,
3
6
0
,
0
4
5
2
4
,
6
9
2
,
5
0
8
2
3
,
1
2
6
,
8
5
0
1
,
79
0
,
0
0
0
1
,
75
5
,
0
0
0
1
7
6
,
4
4
4
,
3
3
3
1
1
.
4
4
6
,
5
9
1
20
1
3
4
9
,
9
7
5
,
8
8
9
4
4
,
40
2
,
7
6
0
2
8
,
9
1
0
,
0
0
0
2
3
,
1
6
3
,
6
2
4
2
4
,
6
6
0
,
9
8
5
-
1
,
43
5
,
0
0
0
1
7
2
,
5
4
8
,
2
5
8
9
.
8
1
6
,
3
7
2
20
1
4
4
5
,
3
5
5
,
6
7
4
4
1
,
55
3
,
8
5
5
2
7
,
1
5
0
,
0
0
0
1
8
,
9
2
3
,
9
5
5
2
8
,
0
0
9
,
8
6
0
-
1
,
10
0
,
0
0
0
16
2
,
0
9
3
,
3
4
4
1
0
.
9
3
5
,
9
1
0
20
1
5
4
0
,
8
4
7
,
3
6
3
3
3
,
18
2
,
8
5
5
2
5
,
5
4
0
,
0
0
0
1
5
,
4
2
2
,
2
7
0
3
0
,
0
3
5
,
8
6
0
-
75
0
,
0
0
0
14
5
,
7
7
8
,
3
4
8
9
.
0
3
5
,
2
3
8
20
1
6
4
0
,
7
3
3
,
2
8
2
2
9
,
51
1
,
9
0
5
4
8
,
3
3
0
,
0
0
0
1
2
,
9
7
4
,
2
3
2
2
9
,
1
4
3
,
2
0
2
-
38
5
,
0
0
0
16
1
,
0
7
7
,
6
2
1
9
.
3
0
5
,
6
9
4
20
1
7
3
9
,
0
2
2
,
9
3
3
1
8
,
70
6
,
5
2
5
5
7
,
2
0
7
,
6
4
3
1
3
,
8
4
6
,
4
2
2
2
8
,
9
6
3
,
7
0
8
-
-
15
7
,
7
4
7
,
2
3
1
8
.
0
8
5
,
3
5
8
20
1
8
3
0
,
1
1
2
,
1
8
7
1
1
,
05
0
,
0
0
0
5
3
,
6
0
5
,
0
0
0
9
,
1
8
7
,
8
1
3
3
0
,
5
5
0
,
0
0
0
-
-
13
4
,
5
0
5
,
0
0
0
6
.
1
4
4
,
5
4
7
20
1
9
4
0
,
9
4
9
,
9
0
0
-
5
1
,
1
9
8
,
9
4
5
1
4
,
8
1
6
,
0
9
7
2
2
,
4
6
3
,
6
5
4
-
-
12
9
,
4
2
8
,
5
9
6
6
.
0
1
4
,
2
7
0
20
2
0
3
3
,
2
2
4
,
1
4
8
-
4
7
,
9
3
9
,
8
0
6
1
2
,
6
7
8
,
7
9
8
2
1
,
3
5
2
,
7
5
3
-
-
11
5
,
1
9
5
,
5
0
5
5
.
2
9
3
,
7
9
3
No
t
e
:
De
t
a
i
l
s
r
e
g
a
r
d
i
n
g
t
h
e
C
i
t
y
'
s
o
u
t
s
t
a
n
d
i
n
g
d
e
b
t
c
a
n
b
e
f
o
u
n
d
i
n
t
h
e
n
o
t
e
s
t
o
t
h
e
f
i
n
a
n
c
i
a
l
s
t
a
t
e
m
e
n
t
s
.
a S
e
e
T
a
b
l
e
1
3
f
o
r
p
e
r
s
o
n
a
l
i
n
c
o
m
e
a
n
d
p
o
p
u
l
a
t
i
o
n
d
a
t
a
.
Go
v
e
r
n
m
e
n
t
a
l
A
c
t
i
v
i
t
i
e
s
B
u
s
i
n
e
s
s
-
T
y
p
e
A
c
t
i
v
i
t
i
e
s
CI
T
Y
O
F
S
O
U
T
H
L
A
K
E
,
T
E
X
A
S
TABLE 10
RA
T
I
O
O
F
G
E
N
E
R
A
L
B
O
N
D
E
D
D
E
B
T
O
U
T
S
T
A
N
D
I
N
G
LA
S
T
T
E
N
F
I
S
C
A
L
Y
E
A
R
S
(U
N
A
U
D
I
T
E
D
)
12
4
Fi
s
c
a
l
Ye
a
r
Ge
n
e
r
a
l
Ob
l
i
g
a
t
i
o
n
Bo
n
d
s
Ce
r
t
i
f
i
c
a
t
e
s
o
f
Ob
l
i
g
a
t
i
o
n
T
o
t
a
l
Le
s
s
:
A
v
a
i
l
a
b
l
e
De
b
t
S
e
r
v
i
c
e
Fu
n
d
s
Ne
t
G
e
n
e
r
a
l
B
o
n
d
e
d
D
e
b
t
Pe
r
c
e
n
t
a
g
e
o
f
Ac
t
u
a
l
T
a
x
a
b
l
e
Va
l
u
e
o
f
Pr
o
p
e
r
t
y
a Per Capita b
20
1
1
8
4
,
3
7
5
,
5
0
2
$
6
7
,
4
6
4
,
7
8
5
$
1
5
1
,
8
4
0
,
2
8
7
$
1
1
,
8
8
5
,
7
0
6
$
1
3
9
,
9
5
4
,
5
8
1
$
2
.
5
8
%
5
,
2
6
1
$
20
1
2
8
0
,
4
4
0
,
5
0
3
6
2
,
0
9
8
,
7
8
5
1
4
2
,
5
3
9
,
2
8
8
1
2
,
6
5
7
,
8
1
9
1
2
9
,
8
8
1
,
4
6
9
2
.
3
6
%
4
,
8
5
2
20
1
3
7
3
,
1
3
9
,
5
1
3
6
9
,
0
6
3
,
7
4
5
1
4
2
,
2
0
3
,
2
5
8
1
2
,
4
0
6
,
9
0
2
1
2
9
,
7
9
6
,
3
5
6
2
.
3
0
%
4
,
7
9
3
20
1
4
6
4
,
2
7
9
,
6
2
9
6
9
,
5
6
3
,
7
1
5
1
3
3
,
8
4
3
,
3
4
4
1
2
,
1
5
0
,
1
8
4
1
2
1
,
6
9
3
,
1
6
0
2
.
0
7
%
4
,
4
3
7
20
1
5
5
6
,
2
6
9
,
6
3
3
6
3
,
2
1
8
,
7
1
5
1
1
9
,
4
8
8
,
3
4
8
1
1
,
0
5
7
,
1
9
6
1
0
8
,
4
3
1
,
1
5
2
1
.
7
5
%
3
,
8
9
6
20
1
6
5
3
,
7
0
7
,
5
1
4
5
8
,
6
5
5
,
1
0
7
1
1
2
,
3
6
2
,
6
2
1
9
,
0
0
5
,
9
8
5
1
0
3
,
3
5
6
,
6
3
6
1
.
6
8
%
3
,
6
5
3
20
1
7
5
2
,
8
6
9
,
3
5
5
4
7
,
6
7
0
,
2
3
3
1
0
0
,
5
3
9
,
5
8
8
7
,
4
4
4
,
5
1
2
9
3
,
0
9
5
,
0
7
6
1
.
3
8
%
3
,
1
6
2
20
1
8
3
9
,
3
0
0
,
0
0
0
4
1
,
6
0
0
,
0
0
0
8
0
,
9
0
0
,
0
0
0
7
,
3
4
5
,
6
2
2
7
3
,
5
5
4
,
3
7
8
1
.
0
3
%
2
,
4
8
7
20
1
9
5
5
,
7
6
5
,
9
9
7
2
2
,
4
6
3
,
6
5
4
7
8
,
2
2
9
,
6
5
1
8
,
4
1
9
,
0
0
8
6
9
,
8
1
0
,
6
4
3
0
.
9
0
%
2
,
3
0
3
20
2
0
4
5
,
9
0
2
,
9
4
6
2
1
,
3
5
2
,
7
5
3
6
7
,
2
5
5
,
6
9
9
7
,
1
0
2
,
1
4
5
6
0
,
1
5
3
,
5
5
4
0
.
7
2
%
1
,
9
8
1
No
t
e
:
D
e
t
a
i
l
s
r
e
g
a
r
d
i
n
g
t
h
e
c
i
t
y
'
s
o
u
t
s
t
a
n
d
i
n
g
d
e
b
t
c
a
n
b
e
f
o
u
n
d
i
n
th
e
n
o
t
e
s
t
o
t
h
e
f
i
n
a
n
c
i
a
l
s
t
a
t
e
m
e
n
t
s
.
a Se
e
T
a
b
l
e
5
f
o
r
p
r
o
p
e
r
t
y
v
a
l
u
e
d
a
t
a
.
b Se
e
T
a
b
l
e
1
3
f
o
r
p
o
p
u
l
a
t
i
o
n
d
a
t
a
.
Ge
n
e
r
a
l
B
o
n
d
e
d
D
e
b
t
O
u
t
s
t
a
n
d
i
n
g
CI
T
Y
O
F
S
O
U
T
H
L
A
K
E
,
T
E
X
A
S
TABLE 11
DI
R
E
C
T
A
N
D
O
V
E
R
L
A
P
P
I
N
G
G
O
V
E
R
N
M
E
N
T
A
L
A
C
T
I
V
I
T
I
E
S
D
E
B
T
AS
O
F
S
E
P
T
E
M
B
E
R
3
0
,
2
0
2
0
(U
N
A
U
D
I
T
E
D
)
12
5
Gr
o
s
s
B
o
n
d
e
d
De
b
t
Pe
r
c
e
n
t
a
g
e
o
f
De
b
t
A
p
p
l
i
c
a
b
l
e
to
A
r
e
a
S
h
a
r
e
o
f
Ov
e
r
l
a
p
p
i
n
g
D
e
b
t
De
b
t
r
e
p
a
i
d
w
i
t
h
p
r
o
p
e
r
t
y
t
a
x
e
s
Ca
r
r
o
l
l
I
S
D
3
4
6
,
7
0
5
,
0
0
0
$
8
6
.
9
6
%
3
0
1
,
4
9
4
,
6
6
8
$
De
n
t
o
n
C
o
u
n
t
y
6
1
1
,
8
3
5
,
0
0
0
0
.
1
8
%
1
,
1
0
1
,
3
0
3
Gr
a
p
e
v
i
n
e
-
C
o
l
l
e
y
v
i
l
l
e
I
S
D
3
9
9
,
4
0
0
,
4
3
7
1
.
6
2
%
6
,
4
7
0
,
2
8
7
K
e
l
l
e
r
I
S
D
9
9
2
,
7
1
4
,
0
6
0
2
.
4
9
%
2
4
,
7
1
8
,
5
8
0
No
r
t
h
w
e
s
t
I
S
D
1
,
0
6
5
,
2
9
5
,
2
7
2
1
.
3
8
%
1
4
,
7
0
1
,
0
7
5
Ta
r
r
a
n
t
C
o
u
n
t
y
2
4
0
,
4
4
5
,
0
0
0
4
.
2
5
%
1
0
,
2
1
8
,
9
1
3
Ta
r
r
a
n
t
C
o
u
n
t
y
H
o
s
p
i
t
a
l
D
i
s
t
r
i
c
t
2
6
4
,
1
7
5
,
0
0
0
4
.
2
5
%
1
1
,
2
2
7
,
4
3
8
Ta
r
r
a
n
t
C
o
u
n
t
y
H
o
s
p
i
t
a
l
D
i
s
t
r
i
c
t
1
6
,
1
3
5
,
0
0
0
4
.
2
5
%
6
8
5
,
7
3
8
Su
b
t
o
t
a
l
,
o
v
e
r
l
a
p
p
i
n
g
d
e
b
t
3
7
0
,
6
1
8
,
0
0
0
Ci
t
y
o
f
S
o
u
t
h
l
a
k
e
(
d
i
r
e
c
t
d
e
b
t
)
81
,
1
6
3
,
9
5
4
$
1
0
0
.
0
0
%
8
1
,
1
6
3
,
9
5
4
To
t
a
l
d
i
r
e
c
t
a
n
d
o
v
e
r
l
a
p
p
i
n
g
d
e
b
t
45
1
,
7
8
1
,
9
5
4
$
So
u
r
c
e
:
Mu
n
i
c
i
p
a
l
A
d
v
i
s
o
r
y
C
o
u
n
c
i
l
o
f
T
e
x
a
s
.
No
t
e
:
In
c
l
u
d
e
s
o
n
l
y
d
e
b
t
o
f
t
h
e
C
i
t
y
'
s
g
o
v
e
r
n
m
e
n
t
a
l
a
c
t
i
v
i
t
i
e
s
.
No
t
e
:
Th
e
o
v
e
r
l
a
p
p
i
n
g
p
e
r
c
e
n
t
a
g
e
s
a
r
e
c
a
l
c
u
l
a
t
e
d
b
y
d
e
t
e
r
m
i
n
i
n
g
t
h
e
e
st
i
m
a
t
e
d
s
h
a
r
e
a
s
s
e
s
s
e
d
va
l
u
a
t
i
o
n
o
f
t
a
x
a
b
l
e
p
r
o
p
e
r
t
y
w
i
t
h
i
n
t
h
e
o
v
e
r
l
a
p
p
i
n
g
t
a
x
i
n
g
b
o
d
ie
s
a
n
d
t
h
e
C
i
t
y
,
a
n
d
t
h
e
n
d
i
v
i
d
i
n
g
t
h
a
t
s
h
a
r
e
v
a
l
u
e
b
y
t
h
e
t
o
t
a
l
a
s
s
e
s
s
e
d
v
a
l
u
e
o
f
t
a
x
a
b
l
e
p
r
o
p
e
r
t
y
w
i
t
h
i
n
t
h
e
o
v
e
r
l
a
p
p
i
n
g
t
a
x
b
o
d
y
.
Go
v
e
r
n
m
e
n
t
a
l
U
n
i
t
CI
T
Y
O
F
S
O
U
T
H
L
A
K
E
,
T
E
X
A
S
TABLE 12
PL
E
D
G
E
D
-
R
E
V
E
N
U
E
C
O
V
E
R
A
G
E
LA
S
T
T
E
N
F
I
S
C
A
L
Y
E
A
R
S
(U
N
A
U
D
I
T
E
D
)
12
6
Fi
s
c
a
l
Y
e
a
r
T
o
t
a
l
R
e
v
e
n
u
e
s
a
Le
s
s
:
O
p
e
r
a
t
i
n
g
Ex
p
e
n
s
e
s
b
Ne
t
A
v
a
i
l
a
b
l
e
Re
v
e
n
u
e
A
n
n
u
a
l
Re
q
u
i
r
e
m
e
n
t
c
Ti
m
e
s
C
o
v
e
r
a
g
e
20
1
1
2
4
,
1
7
0
,
6
6
6
$
1
4
,
3
3
3
,
0
9
5
$
9
,
8
3
7
,
5
7
1
$
5
,
8
2
5
,
6
1
0
$
1
.
6
9
20
1
2
2
3
,
7
2
3
,
1
5
6
1
5
,
8
6
9
,
4
3
6
7
,
8
5
3
,
7
2
0
4
,
3
9
4
,
7
4
9
1
.
7
9
20
1
3
2
4
,
8
5
2
,
4
3
0
1
4
,
8
4
6
,
8
3
1
1
0
,
0
0
5
,
5
9
9
4
,
8
9
4
,
7
2
0
2
.
0
4
20
1
4
2
4
,
7
0
2
,
5
8
5
1
7
,
2
7
0
,
2
6
2
7
,
4
3
2
,
3
2
3
5
,
1
2
0
,
6
8
5
1
.
4
5
20
1
5
2
6
,
1
1
2
,
5
2
8
1
8
,
2
3
8
,
4
6
1
7
,
8
7
4
,
0
6
7
5
,
3
3
5
,
3
9
6
1
.
4
8
20
1
6
2
6
,
9
8
7
,
1
0
0
1
9
,
4
2
4
,
6
1
0
7
,
5
6
2
,
4
9
0
5
,
4
6
6
,
8
1
4
1
.
3
8
20
1
7
2
8
,
1
1
0
,
8
9
0
2
0
,
0
3
9
,
9
7
9
8
,
0
7
0
,
9
1
1
6
,
0
9
0
,
3
8
2
1
.
3
3
20
1
8
3
2
,
5
5
4
,
3
5
0
2
4
,
2
7
3
,
4
1
9
8
,
2
8
0
,
9
3
1
5
,
1
8
1
,
8
3
7
1
.
6
0
20
1
9
3
1
,
3
9
0
,
4
2
2
2
5
,
6
0
7
,
2
7
1
5
,
7
8
3
,
1
5
1
4
,
2
6
3
,
3
3
4
1
.
3
6
20
2
0
3
2
,
8
3
7
,
7
5
2
2
2
,
7
9
2
,
7
6
9
1
0
,
0
4
4
,
9
8
3
3
,
7
9
8
,
0
4
7
2
.
6
4
No
t
e
:
a In
c
l
u
d
e
s
o
p
e
r
a
t
i
n
g
a
n
d
n
o
n
-
o
p
e
r
a
t
i
n
g
r
e
v
e
n
u
e
s
.
b In
c
l
u
d
e
s
o
p
e
r
a
t
i
n
g
e
x
p
e
n
s
e
s
m
i
n
u
s
d
e
p
r
e
c
i
a
t
i
o
n
p
l
u
s
t
r
a
n
s
f
e
r
s
o
ut
.
c In
c
l
u
d
e
s
P
r
i
n
c
i
p
a
l
a
n
d
I
n
t
e
r
e
s
t
.
W
a
t
e
r
a
n
d
S
e
w
e
r
S
y
s
t
e
m
R
e
v
e
n
u
e
B
o
n
d
s
CI
T
Y
O
F
S
O
U
T
H
L
A
K
E
,
T
E
X
A
S
TABLE 13
DE
M
O
G
R
A
P
H
I
C
A
N
D
E
C
O
N
O
M
I
C
S
T
A
T
I
S
T
I
C
S
LA
S
T
T
E
N
C
A
L
E
N
D
A
R
Y
E
A
R
S
(U
N
A
U
D
I
T
E
D
)
12
7
Fi
s
c
a
l
Y
e
a
r
Es
t
i
m
a
t
e
d
P
o
p
u
l
a
t
i
o
n
a
P
e
r
s
o
n
a
l
I
n
c
o
m
e
Pe
r
C
a
p
i
t
a
P
e
r
s
o
n
a
l
I
n
c
o
m
e
S
c
h
o
o
l
En
r
o
l
l
m
e
n
t
c
Un
e
m
p
l
o
y
m
e
n
t
Rate d
20
1
1
2
6
,
6
0
0
$
1
,
4
6
1
,
3
3
6
,
2
5
2
$
5
4
,
9
3
7
$
7
,
7
1
0
$
6
.
8
%
20
1
2
2
6
,
7
7
0
1
,
5
4
2
,
0
0
9
,
6
5
8
5
7
,
6
0
2
7
,
6
9
2
5
.
3
%
20
1
3
2
7
,
0
8
0
1
,
7
5
8
,
1
0
5
,
1
3
2
6
4
,
9
2
3
7
,
6
6
5
5
.
6
%
20
1
4
2
7
,
4
2
5
1
,
4
8
3
,
4
9
6
,
6
0
7
5
4
,
0
9
3
7
,
8
6
4
4
.
4
%
20
1
5
2
7
,
8
3
3
1
,
6
1
3
,
9
5
0
,
9
6
1
5
7
,
9
8
7
7
,
8
8
4
3
.
5
%
20
1
6
2
8
,
2
9
0
1
,
7
3
2
,
8
7
4
,
7
6
2
6
1
,
2
5
4
8
,
1
7
7
3
.
5
%
20
1
7
2
9
,
4
4
0
1
,
9
5
1
,
9
0
0
,
0
3
8
6
6
,
3
0
1
8
,
1
9
0
3
.
0
%
20
1
8
2
9
,
5
8
0
2
,
1
8
9
,
0
3
0
,
4
7
2
7
4
,
0
0
4
8
,
3
4
1
3
.
2
%
20
1
9
3
0
,
3
1
0
2
,
1
5
1
,
8
2
8
,
1
4
0
7
0
,
9
9
4
8
,
3
4
4
2
.
7
%
20
2
0
3
0
,
3
7
0
2
,
1
7
7
,
8
6
1
,
5
9
5
7
1
,
7
1
1
8
,
5
0
9
5
.
2
%
No
t
e
:
a Ci
t
y
o
f
S
o
u
t
h
l
a
k
e
E
c
o
n
o
m
i
c
D
e
v
e
l
o
p
m
e
n
t
b Ca
r
r
o
l
l
I
n
d
e
p
e
n
d
e
n
t
S
c
h
o
o
l
D
i
s
t
r
i
c
t
c
Te
x
a
s
W
o
r
k
f
o
r
c
e
C
o
m
m
i
s
s
i
o
n
CI
T
Y
O
F
S
O
U
T
H
L
A
K
E
,
T
E
X
A
S
T
A
B
L
E
1
4
PR
I
N
C
I
P
A
L
E
M
P
L
O
Y
E
R
S
CU
R
R
E
N
T
Y
E
A
R
A
N
D
N
I
N
E
Y
E
A
R
S
A
G
O
(U
N
A
U
D
I
T
E
D
)
12
8
E
m
p
l
o
y
e
r
a
E
m
p
l
o
y
e
e
s
a
Pe
r
c
e
n
t
a
g
e
o
f
To
t
a
l
C
i
t
y
Em
p
l
o
y
m
e
n
t
E
m
p
l
o
y
e
r
a
Em
p
l
o
y
e
e
s
aPercentage of Total City Employment
S
a
b
r
e
H
o
l
d
i
n
g
s
2
,
5
5
0
1
7
.
8
0
%
S
a
b
r
e
H
o
l
d
i
n
g
s
2
,
7
0
0
2
2
.
6
5
%
TD
A
m
e
r
i
t
r
a
d
e
1
,
9
7
8
1
3
.
8
1
%
C
I
S
D
-
A
d
m
i
n
i
s
t
r
a
t
i
o
n
B
u
i
l
d
i
n
g
1
,
0
7
2
8
.
9
9
%
Ca
r
r
o
l
l
I
S
D
1
,
1
5
4
8
.
0
6
%
V
e
r
i
z
o
n
W
i
r
e
l
e
s
s
6
1
9
5
.
1
9
%
Ke
l
l
e
r
W
i
l
l
i
a
m
s
6
5
0
4
.
5
4
%
C
e
n
t
r
a
l
M
a
r
k
e
t
3
5
0
2
.
9
4
%
V
e
r
i
z
o
n
W
i
r
e
l
e
s
s
6
7
0
4
.
6
8
%
C
i
t
y
o
f
S
o
u
t
h
l
a
k
e
2
7
6
2
.
3
2
%
Ga
t
e
w
a
y
C
h
u
r
c
h
5
8
0
4
.
0
5
%
H
i
l
t
o
n
D
a
l
l
a
s
/
S
o
u
t
h
l
a
k
e
T
o
w
n
S
q
2
1
8
1
.
8
3
%
Tr
i
D
a
l
L
t
d
.
1
9
4
1
.
6
3
%
Va
r
i
o
s
y
s
t
e
m
s
I
n
c
.
1
7
0
1
.
4
3
%
Ch
e
e
s
e
c
a
k
e
F
a
c
t
o
r
y
1
6
1
1
.
3
5
%
Lo
w
e
'
s
H
o
m
e
I
m
p
r
o
v
e
m
e
n
t
1
4
5
1
.
2
2
%
Te
x
a
s
H
e
a
l
t
h
H
a
r
r
i
s
M
e
t
h
o
d
i
s
t
1
3
5
1
.
1
3
%
To
t
a
l
7
,
5
8
2
5
2
.
9
3
%
T
o
t
a
l
6
,
0
4
0
5
0
.
6
7
%
To
t
a
l
S
o
u
t
h
l
a
k
e
D
a
y
t
i
m
e
E
m
p
l
o
y
e
e
s
b
14
,
3
2
4
T
o
t
a
l
S
o
u
t
h
l
a
k
e
D
a
y
t
i
m
e
E
m
p
l
o
y
e
e
s
b
11
,
9
2
1
So
u
r
c
e
:
a Ci
t
y
o
f
S
o
u
t
h
l
a
k
e
E
c
o
n
o
m
i
c
D
e
v
e
l
o
p
m
e
n
t
b
Te
x
a
s
W
o
r
k
f
o
r
c
e
C
o
m
m
i
s
s
i
o
n
20
2
0
20
1
1
CI
T
Y
O
F
S
O
U
T
H
L
A
K
E
,
T
E
X
A
S
TABLE 15
FU
L
L
-
T
I
M
E
E
Q
U
I
V
A
L
E
N
T
C
I
T
Y
G
O
V
E
R
N
M
E
N
T
E
M
P
L
O
Y
E
E
S
B
Y
F
U
N
C
T
I
O
N
/
P
R
O
G
RA
M
LA
S
T
T
E
N
F
I
S
C
A
L
Y
E
A
R
S
(U
N
A
U
D
I
T
E
D
)
12
9
Fu
n
c
t
i
o
n
/
P
r
o
g
r
a
m
2
0
1
1
2
0
1
2
2
0
1
3
2
0
1
4
2
0
1
5
2
0
1
6
2
0
1
7
2
0
1
8
2
0
1
9
2
0
2
0
Ge
n
e
r
a
l
G
o
v
e
r
n
m
e
n
t
a
n
d
Ad
m
i
n
i
s
t
r
a
t
i
o
n
5
0
.
7
5
4
5
.
7
5
4
9
.
0
0
5
5
.
7
5
5
2
.
0
0
5
9
.
0
0
5
7
.
0
0
6
0
.
0
0
7
4
.
0
0
75.75
Pu
b
l
i
c
S
a
f
e
t
y
1
1
3
.
5
0
11
9
.
5
0
13
8
.
4
5
14
0
.
4
5
14
0
.
9
5
14
0
.
9
5
13
9
.
9
5
14
1
.
4
5
141.15 145.15
Pu
b
l
i
c
W
o
r
k
s
2
4
.
5
0
2
9
.
7
0
2
9
.
9
5
2
7
.
2
5
3
3
.
2
5
2
8
.
2
5
3
4
.
5
0
3
5
.
5
0
3
5
.
0
0
35.00
Cu
l
t
u
r
e
a
n
d
R
e
c
r
e
a
t
i
o
n
a
l
6
1
.
5
0
6
2
.
1
5
6
2
.
1
5
6
2
.
1
5
6
5
.
6
5
7
1
.
4
0
7
2
.
0
3
11
4
.
7
8
108.93 111.80
W
a
t
e
r
a
n
d
S
e
w
e
r
2
9
.
5
0
2
9
.
3
0
2
9
.
3
0
2
9
.
5
0
2
9
.
5
0
3
0
.
2
5
3
1
.
0
0
3
1
.
0
0
3
1
.
0
0
30.00
Co
m
m
u
n
i
t
y
D
e
v
e
l
o
p
m
e
n
t
2
1
.
0
0
2
1
.
0
0
2
1
.
0
0
2
3
.
0
0
2
3
.
0
0
2
3
.
0
0
2
3
.
0
0
2
3
.
0
0
2
2
.
0
0
23.00
Ec
o
n
o
m
i
c
D
e
v
e
l
o
p
m
e
n
t
3
.
0
0
3
.
5
0
3
.
5
0
4
.
0
0
4
.
0
0
4
.
0
0
1
.
0
0
1
.
0
0
2
.
0
0
3.63
To
t
a
l
3
0
3
.
7
5
31
0
.
9
0
33
3
.
3
5
34
2
.
1
0
34
8
.
3
5
35
6
.
8
5
35
8
.
4
8
40
6
.
7
3
414.08 424.33
So
u
r
c
e
:
Ci
t
y
B
u
d
g
e
t
Fi
s
c
a
l
Y
e
a
r
CI
T
Y
O
F
S
O
U
T
H
L
A
K
E
,
T
E
X
A
S
TABLE 16
OP
E
R
A
T
I
N
G
I
N
D
I
C
A
T
O
R
S
B
Y
F
U
N
C
T
I
O
N
/
P
R
O
G
R
A
M
LA
S
T
T
E
N
F
I
S
C
A
L
Y
E
A
R
S
(U
N
A
U
D
I
T
E
D
)
13
0
Fu
n
c
t
i
o
n
/
P
r
o
g
r
a
m
20
1
1
2
0
1
2
2
0
1
3
2
0
1
4
2
0
1
5
2
0
1
6
2
0
1
7
2
0
1
8
2
0
1
9
2
0
2
0
Pu
b
l
i
c
S
a
f
e
t
y
P
o
l
i
c
e Numbe
r
o
f
E
m
p
l
o
y
e
e
s
5
4
5
4
5
3
6
8
6
8
6
8
6
7
6
8
7
2
7
2
N
u
m
b
e
r
o
f
V
i
o
l
a
t
i
o
n
s
(
C
i
t
a
t
i
o
n
s
)
1
7
,
8
7
8
1
4
,
0
6
2
2
1
,
4
9
7
3
2
,
64
1
3
0
,
4
5
1
1
4
,
8
5
8
1
3
,
8
4
0
1
3
,
4
9
2
1
3
,
7
5
9
9
,
0
9
5
N
u
m
b
e
r
o
f
A
r
r
e
s
t
s
8
8
6
1
,
4
2
0
1
,
0
7
9
1
,
2
8
4
1
,
0
9
5
5
1
3
1
,
1
4
8
1
,
0
2
7
719
1
,
0
2
5
N
u
m
b
e
r
o
f
A
l
a
r
m
c
a
l
l
s
3
,
9
2
2
4
,
2
6
7
3
,
8
8
9
3
,
0
8
7
3
,
4
9
7
3
,
6
7
3
3
,
28
4
3
,
4
3
4
3
,
1
7
1
2
,
4
6
5
F
i
r
e Numbe
r
o
f
E
m
p
l
o
y
e
e
s
5
0
5
6
6
8
7
2
7
2
7
3
7
3
7
3
7
3
7
3
N
u
m
b
e
r
o
f
F
i
r
e
r
u
n
s
1
,
0
5
8
9
9
0
1
,
2
1
5
1
,
2
4
5
1
,
2
2
0
7
6
0
8
0
7
8
1
1
7
4
8
9
9
9
N
u
m
b
e
r
o
f
E
M
S
r
u
n
s
1
,
2
4
6
9
8
5
1
,
3
5
6
1
,
4
9
2
1
,
4
4
8
1
,
7
4
5
1
,
8
0
8
1
,
80
2
1
,
8
7
5
1
,
5
1
7
N
u
m
b
e
r
o
f
H
a
z
a
r
d
o
u
s
m
a
t
e
r
i
a
l
s
r
u
n
s
8
0
4
4
8
0
5
6
4
3
9
5
1
0
5
1
0
9
9
094
N
u
m
b
e
r
o
f
A
l
a
r
m
c
a
l
l
s
4
6
0
3
9
2
4
4
8
4
6
1
5
0
1
6
0
8
6
5
2
6
5
1
6
7
8
6
0
2
De
v
e
l
o
p
m
e
n
t
S
e
r
v
i
c
e
s
S
t
r
e
e
t
s
m
a
i
n
t
a
i
n
e
d
(
m
i
l
e
s
)
2
2
8
2
2
8
2
4
5
2
6
8
2
0
4
2
0
9
1
9
9
2
1
1
2
1
3
2
1
4
S
t
r
e
e
t
s
c
r
a
c
k
s
e
a
l
e
d
(
b
l
o
c
k
s
)
9
2
1
1
7
1
2
1
9
4
N
/
A
N
/
A
7
5
3
9
1
3
8
4
5
R
o
a
d
w
a
y
s
i
g
n
a
g
e
r
e
p
l
a
c
e
d
/
i
n
s
t
a
l
l
e
d
2
9
2
2
5
5
2
1
6
1
8
8
N
/
A
5
6
8
N
/
A
2
1
1
36
1
3
A
s
p
h
a
l
t
r
e
p
a
i
r
s
(
t
o
n
s
)
1
,
0
4
5
1
,
8
3
3
2
,
4
1
4
2
,
8
0
2
4
,
8
4
9
4
,
6
6
7
6
,
6
7
1
5
,
1
9
1
6
,
1
0
0
2
1
3
C
o
n
c
r
e
t
e
r
e
p
a
i
r
s
t
o
r
o
a
d
s
/
s
i
d
e
w
a
l
k
s
(
c
u
.
y
d
s
.
)
3
4
4
2
8
8
2
9
4
2
4
0
2,
4
2
1
3
0
8
1
,
4
6
2
1
,
1
8
8
5
0
3
4
1
R
i
g
h
t
-
o
f
-
w
a
y
m
a
i
n
t
e
n
a
n
c
e
(
m
i
l
e
s
)
4
5
6
4
5
6
4
8
4
4
8
4
N
/
A
N
/
A
5
4
1
7
4
1
7
5
58
B
u
i
l
d
i
n
g
P
e
r
m
i
t
s
I
s
s
u
e
d
a
2,
7
0
9
2
,
7
2
7
2
,
9
1
7
3
,
0
5
1
2
,
9
7
9
2
,
7
0
3
3
,
1
6
3
3
,
4
5
3
3
,
1
3
3
2
,
8
3
4
P
l
a
n
n
i
n
g
&
Z
o
n
i
n
g
c
a
s
e
s
h
e
a
r
d
6
5
8
5
1
2
1
1
4
3
1
3
6
1
9
0
1
0
0
1
1
0
7
6
6
2
Cu
l
t
u
r
a
l
a
n
d
R
e
c
r
e
a
t
i
o
n
a
l
P
a
r
k
s
a
n
d
R
e
c
r
e
a
t
i
o
n
P
a
r
k
m
a
i
n
t
a
i
n
&
o
p
e
r
a
t
e
p
e
r
a
c
r
e
8
0
0
8
0
0
8
0
0
1
,
2
0
5
1
,
2
0
0
1
,
10
6
1
,
1
0
6
1
,
1
0
6
1
,
1
0
6
1
,
1
0
6
P
a
r
t
i
c
i
p
a
n
t
s
i
n
L
e
i
s
u
r
e
S
e
r
v
i
c
e
P
r
o
g
r
a
m
s
1
3
,
5
7
9
1
2
,
2
5
9
1
3,
1
7
0
6
,
2
2
7
6
,
2
0
0
8
,
6
8
7
8
,
7
3
5
9
,
8
4
4
1
7
,
5
5
5
8
,
0
6
5
P
a
r
t
i
c
i
p
a
n
t
s
i
n
S
p
e
c
i
a
l
E
v
e
n
t
s
4
5
,
1
5
0
3
7
,
5
4
6
4
6
,
5
0
0
4
7
,
0
0
0
6
0
,
0
0
0
6
6
,
0
0
0
7
2
,
6
2
5
7
1
,
4
0
0
6
5
,
0
0
0
9
0
0
P
a
r
t
i
c
i
p
a
n
t
s
i
n
S
e
n
i
o
r
C
e
n
t
e
r
P
r
o
g
r
a
m
s
8
,
2
5
5
1
0
,
4
0
1
1
0
,
6
09
4
,
9
3
5
4
,
9
0
0
8
,
8
6
8
1
3
,
4
4
9
1
3
,
5
5
2
1
4
,
0
6
8
4
,
9
8
9
L
i
b
r
a
r
y
V
o
l
u
m
e
s
i
n
C
o
l
l
e
c
t
i
o
n
5
2
,
3
5
0
5
1
,
7
9
0
5
0
,
2
5
0
4
6
,
7
8
1
4
4
,
9
7
1
4
5
,4
1
6
4
4
,
8
9
9
4
3
,
9
4
7
4
1
,
7
8
9
4
3
,
6
9
9
P
a
t
r
o
n
s
1
8
,
8
8
9
2
0
,
9
0
2
2
1
,
6
2
2
1
6
,
6
6
2
1
6
,
8
3
8
1
3
,
4
6
1
1
3
,
7
6
4
1
4
,
3
27
1
5
,
2
6
7
1
3
,
2
7
4
W
a
t
e
r
a
n
d
S
e
w
e
r
N
u
m
b
e
r
o
f
W
a
t
e
r
C
o
n
s
u
m
e
r
s
9
,
4
6
6
9
,
5
4
3
9
,
7
6
5
9
,
8
2
5
1
0
,
1
8
3
1
0
,
5
8
1
1
0,
9
4
1
1
1
,
0
0
9
1
1
,
1
3
3
1
1
,
2
3
6
N
u
m
b
e
r
o
f
S
e
w
e
r
a
c
c
o
u
n
t
s
7
,
4
3
1
7
,
5
2
2
7
,
9
1
8
7
,
7
7
0
8
,
1
6
7
8
,
4
7
0
8
,
8
8
9
9
,
1
1
1
1
1
,
8
8
6
9
,
0
5
3
L
i
n
e
i
n
s
p
e
c
t
i
o
n
s
(
f
e
e
t
)
1
9
0
,
0
0
0
1
9
0
,
0
0
0
1
9
0
,
0
0
0
2
1
7
,
0
0
0
1
,
0
8
6
,
6
24
7
8
9
,
2
6
6
6
8
7
,
2
4
6
5
7
4
,
1
3
6
6
4
1
,
9
4
1
3
7
7
,
0
8
1
W
a
t
e
r
m
e
t
e
r
s
i
n
s
t
a
l
l
e
d
/
r
e
p
a
i
r
e
d
/
r
e
p
l
a
c
e
d
1
,
1
5
8
1
,
0
4
7
5
6
5
7
4
5
1
,
28
4
1
0
,
5
6
6
1
3
5
1
9
1
2
7
9
1
8
6
T
r
a
n
s
m
i
t
t
e
r
s
i
n
s
t
a
l
l
e
d
/
r
e
p
l
a
c
e
d
7
7
1
1
5
1
4
0
6
1
0
N
/
A
1
0
,
5
6
6
4
8
9
1
2
4
1
13
4
6
6
G
a
l
l
o
n
s
p
u
r
c
h
a
s
e
d
f
r
o
m
F
t
.
W
o
r
t
h
(
m
i
l
l
i
o
n
s
)
4
,
4
5
6
,
9
2
1
3
,
5
7
3
,
64
8
3
,
4
7
2
,
2
1
2
3
,
2
2
0
,
0
7
5
3
,
0
6
9
,
9
7
1
2
,
9
0
4
,
0
4
8
3
,
2
0
6
,
3
6
3
3
,
1
5
6
,
0
1
9
2
,
7
6
2
,
227
3
,
0
1
3
,
8
0
1
G
a
l
l
o
n
s
d
i
s
t
r
i
b
u
t
e
d
(
m
i
l
l
i
o
n
s
)
4
,
1
1
2
,
0
5
6
3
,
2
4
1
,
0
1
4
3
,
1
2
5
,
3
5
8
2
,9
6
4
,
4
5
7
3
,
0
6
9
,
9
7
1
2
,
9
3
5
,
8
1
8
2
,
9
0
0
,
9
2
6
3
,
2
2
9
,
4
3
8
2
,
3
6
3
,
5
4
2
2
,
9
5
7
,
5
8
2
M
a
x
i
m
u
m
S
t
o
r
a
g
e
C
a
p
a
c
i
t
y
(
m
i
l
l
i
o
n
o
f
g
a
l
l
o
n
s
)
2
0
.
0
2
0
.
0
2
0
.
0
2
0.
0
2
0
.
0
2
0
.
0
2
0
.
0
2
0
.
0
2
0
.
0
2
0
.
0
So
u
r
c
e
:
Ci
t
y
D
e
p
a
r
t
m
e
n
t
s
No
t
e
s
:
N/
A
D
a
t
a
n
o
t
a
v
a
i
l
a
b
l
e
a In
c
l
u
d
e
s
r
e
s
i
d
e
n
t
i
a
l
,
c
o
m
m
e
r
c
i
a
l
,
a
n
d
m
i
s
c
e
l
l
a
n
e
o
u
s
(
e
.
g
.
p
o
o
l
s
,
f
e
n
c
e
s
)
p
e
r
m
i
t
s
.
Fi
s
c
a
l
Y
e
a
r
CI
T
Y
O
F
S
O
U
T
H
L
A
K
E
,
T
E
X
A
S
TABLE 17
CA
P
I
T
A
L
A
S
S
E
T
S
T
A
T
I
S
T
I
C
S
B
Y
F
U
N
C
T
I
O
N
/
P
R
O
G
R
A
M
LA
S
T
T
E
N
F
I
S
C
A
L
Y
E
A
R
S
(U
N
A
U
D
I
T
E
D
)
13
1
Fu
n
c
t
i
o
n
/
P
r
o
g
r
a
m
20
1
1
2
0
1
2
2
0
1
3
2
0
1
4
2
0
1
5
2
0
1
6
2
0
1
7
2
0
1
8
2
0
1
9
2
0
2
0
Pu
b
l
i
c
S
a
f
e
t
y
P
o
l
i
c
e
S
t
a
t
i
o
n
s
2
2
2
3
3
3
3
3
3
3
P
o
l
i
c
e
P
a
t
r
o
l
U
n
i
t
s
2
4
2
4
2
3
2
6
2
5
2
5
2
5
2
5
2
5
2
1
F
i
r
e
S
t
a
t
i
o
n
s
2
2
2
3
3
3
3
3
3
3
P
o
l
i
c
e
M
o
t
o
r
c
y
c
l
e
U
n
i
t
s
6
6
5
5
5
5
5
5
5
5
Cu
l
t
u
r
a
l
a
n
d
R
e
c
r
e
a
t
i
o
n
a
l
P
a
r
k
s
1
8
1
8
1
8
1
8
1
8
1
8
1
8
1
8
1
8
1
8
P
l
a
y
g
r
o
u
n
d
s
4
3
3
5
7
6
6
6
7
7
D
o
g
P
a
r
k
1
1
1
1
1
1
1
1
1
1
S
e
n
i
o
r
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City of Southlake, Texas
Federal Single Audit Report
Year Ended September 30, 2020
Page
Independent Auditor's Report on Internal Control over Financial Reporting
and on Compliance and Other Matters Based on an Audit of Financial
Statements Performed in Accordance with Government Auditing Standards 1
Independent Auditor's Report on Compliance for Each Major Federal Program and
Report on Internal Control over Compliance and on the Schedule of
Expenditures of Federal Awards in Accordance with The Uniform Guidance 3
Schedule of Findings and Questioned Costs 6
Summary of Prior Audit Findings 9
Schedule of Expenditures of Federal Awards 10
Notes to Schedule of Expenditures of Federal Awards 11
C O N T E N T S
Weaver and Tidwell, L.L.P.
2300 North Field Street, Suite 1000 | Dallas, Texas 75201
Main: 972.490.1970
CPAs AND ADVISORS | WEAVER.COM
1
Independent Auditor’s Report on Internal Control over Financial Reporting
and on Compliance and Other Matters Based on an Audit of Financial
Statements Performed in Accordance With Government Auditing Standards
The Honorable Mayor and City Council
City of Southlake, Texas
We have audited, in accordance with the auditing standards generally accepted in the United States of
America and the standards applicable to financial audits contained in Government Auditing Standards
issued by the Comptroller General of the United States, the financial statements of the governmental
activities, the business-type activities, each major fund, and the aggregate remaining fund information
of City of Southlake, Texas (the City), as of and for the year ended September 30, 2020, and the related
notes to the financial statements, which collectively comprise the City’s basic financial statements and
have issued our report thereon dated March 12, 2021.
Internal Control over Financial Reporting
In planning and performing our audit of the financial statements, we considered the City’s internal control
over financial reporting (internal control) to determine the audit procedures that are appropriate in the
circumstances for the purpose of expressing our opinions on the financial statements, but not for the
purpose of expressing an opinion on the effectiveness of the City’s internal control. Accordingly, we do
not express an opinion on the effectiveness of the City’s internal control.
A deficiency in internal control exists when the design or operation of a control does not allow
management or employees, in the normal course of performing their assigned functions, to prevent, or
detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a
combination of deficiencies, in internal control such that there is a reasonable possibility that a material
misstatement of the entity’s financial statements will not be prevented, or detected and corrected on a
timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control
that is less severe than a material weakness, yet important enough to merit attention by those charged
with governance.
Our consideration of internal control was for the limited purpose described in the first paragraph of this
section and was not designed to identify all deficiencies in internal control that might be material
weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any
deficiencies in internal control that we consider to be material weaknesses. However, material
weaknesses may exist that have not been identified.
Compliance and Other Matters
As part of obtaining reasonable assurance about whether the City’s financial statements are free of
material misstatement, we performed tests of its compliance with certain provisions of laws, regulations,
contracts, and grant agreements, noncompliance with which could have a direct and material effect
on the determination of financial statement amounts. However, providing an opinion on compliance with
those provisions was not an objective of our audit, and accordingly, we do not express such an opinion.
The results of our tests disclosed no instances of noncompliance or other matters that are required to be
reported under Government Auditing Standards.
The Honorable Mayor and City Council
City of Southlake, Texas
2
Purpose of this Report
The purpose of this report is solely to describe the scope of our testing of internal control and compliance
and the results of that testing, and not to provide an opinion on the effectiveness of the City’s internal
control or on compliance. This report is an integral part of an audit performed in accordance with
Government Auditing Standards in considering the City’s internal control and compliance. Accordingly,
this communication is not suitable for any other purpose.
WEAVER AND TIDWELL, L.L.P.
Dallas, Texas
March 12, 2021
Weaver and Tidwell, L.L.P.
2300 North Field Street, Suite 1000 | Dallas, Texas 75201
Main: 972.490.1970
CPAs AND ADVISORS | WEAVER.COM
3
Independent Auditor’s Report on Compliance for Each Major Federal Program and
Report on Internal Control over Compliance and on the Schedule of
Expenditures of Federal Awards in Accordance with the Uniform Guidance
The Honorable Mayor and City Council
City of Southlake, Texas
Report on Compliance for Each Major Federal Program
We have audited the City of Southlake, Texas (the City)’s compliance with the types of compliance
requirements described in the OMB Compliance Supplement that could have a direct and material
effect on each of the City’s major federal programs for the year ended September 30, 2020. The City’s
major federal programs are identified in the summary of auditor’s results section of the accompanying
schedule of findings and questioned costs.
Management’s Responsibility
Management is responsible for compliance with federal statutes, regulations, and the terms and
conditions of its federal awards applicable to its federal programs.
Auditor’s Responsibility
Our responsibility is to express an opinion on compliance for each of the City’s major federal programs
based on our audit of the types of compliance requirements referred to above. We conducted our audit
of compliance in accordance with auditing standards generally accepted in the United States of
America; the standards applicable to financial audits contained in Government Auditing Standards,
issued by the Comptroller General of the United States; and the audit requirements of Title 2 U.S. Code of
Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles and Audit
Requirements for Federal Awards (Uniform Guidance). Those standards and the Uniform Guidance require
that we plan and perform the audit to obtain reasonable assurance about whether noncompliance with
the types of compliance requirements referred to above that could have a direct and material effect on
a major federal program occurred. An audit includes examining, on a test basis, evidence about the
City’s compliance with those requirements and performing such other procedures as we considered
necessary in the circumstances.
We believe that our audit provides a reasonable basis for our opinion on compliance for each major
federal program. However, our audit does not provide a legal determination of the City’s compliance.
Opinion on Each Major Federal Program
In our opinion, the City complied, in all material respects, with the types of compliance requirements
referred to above that could have a direct and material effect on each of its major federal programs
for the year ended September 30, 2020.
The Honorable Mayor and City Council
City of Southlake, Texas
4
Report on Internal Control over Compliance
Management of the City is responsible for establishing and maintaining effective internal control over
compliance with the types of compliance requirements referred to above. In planning and performing
our audit of compliance, we considered the City’s internal control over compliance with the types of
requirements that could have a direct and material effect on each major federal program to determine
the auditing procedures that are appropriate in the circumstances for the purpose of expressing an
opinion on compliance for each major federal program and to test and report on internal control over
compliance in accordance with the Uniform Guidance, but not for the purpose of expressing an opinion
on the effectiveness of internal control over compliance. Accordingly, we do not express an opinion on
the effectiveness of the City’s internal control over compliance.
A deficiency in internal control over compliance exists when the design or operation of a control over
compliance does not allow management or employees, in the normal course of performing their
assigned functions, to prevent, or detect and correct, noncompliance with a type of compliance
requirement of a federal program on a timely basis. A material weakness in internal control over
compliance is a deficiency, or combination of deficiencies, in internal control over compliance, such that
there is a reasonable possibility that material noncompliance with a type of compliance requirement of
a federal program will not be prevented, or detected and corrected, on a timely basis. A significant
deficiency in internal control over compliance is a deficiency, or a combination of deficiencies, in internal
control over compliance with a type of compliance requirement of a federal program that is less severe
than a material weakness in internal control over compliance, yet important enough to merit attention
by those charged with governance.
Our consideration of internal control over compliance was for the limited purpose described in the first
paragraph of this section and was not designed to identify all deficiencies in internal control over
compliance that might be material weaknesses or significant deficiencies. We did not identify any
deficiencies in internal control over compliance that we consider to be material weaknesses. However,
material weaknesses may exist that have not been identified.
The purpose of this report on internal control over compliance is solely to describe the scope of our testing
of internal control over compliance and the results of that testing based on the requirements of the
Uniform Guidance. Accordingly, this report is not suitable for any other purpose.
The Honorable Mayor and City Council
City of Southlake, Texas
5
Report on Schedule of Expenditures of Federal Awards Required by the Uniform Guidance
We have audited the financial statements of the governmental activities, business-type activities, each
major fund and the aggregate remaining fund information of the City of Southlake, as of and for the year
ended September 30, 2020, and the related notes to the financial statements, which collectively comprise
the City’s basic financial statements. We have issued our report thereon dated March 12, 2021, which
contained unmodified opinions on those financial statements. Our audit was conducted for the purpose
of forming opinions on the financial statements that collectively comprise the basic financial statements.
The accompanying schedule of expenditures of federal awards is presented for purposes of additional
analysis as required by the audit requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200,
Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the
Uniform Guidance) and is not a required part of the basic financial statements. Such information is the
responsibility of management and was derived from and relates directly to the underlying accounting
and other records used to prepare the basic financial statements. The information has been subjected to
the auditing procedures applied in the audit of the financial statements and certain additional
procedures, including comparing and reconciling such information directly to the underlying accounting
and other records used to prepare the basic financial statements or to the basic financial statements
themselves, and other additional procedures in accordance with auditing standards generally accepted
in the United States of America. In our opinion, the schedule of expenditures of federal awards is fairly
stated in all material respects in relation to the basic financial statements as a whole.
WEAVER AND TIDWELL, L.L.P.
Dallas, Texas
March 12, 2021
City of Southlake, Texas
Schedule of Findings and Questioned Costs
For the Year Ended September 30, 2020
6
I. Summary of the Auditor's Results
Financial Statements
a. An unmodified opinion was issued on the financial statements.
b. Internal control over financial reporting:
Material weakness(es) identified? Yes X No
Significant deficiency(ies) identified that are not
considered a material weakness? Yes X None Reported
c. Noncompliance material to financial
statements noted? Yes X No
Major Programs
d. Internal control over major programs:
Material weakness(es) identified? Yes X No
Significant deficiency (ies) identified that are not
considered a material weakness? Yes X None Reported
e. An unmodified opinion was issued on compliance for major Federal programs.
f. Any audit findings disclosed that were required to be reported
in accordance with 2 CFR 200.516 (a)? Yes X No
g. Identification of major program:
Program/Cluster Name CFDA #
Coronavirus Relief Fund 21.019
h. The dollar threshold used to distinguish between type A
and type B programs. $750,000
i. Auditee qualified as a low-risk auditee? Yes X No
City of Southlake, Texas
Schedule of Findings and Questioned Costs
For the Year Ended September 30, 2020
7
II. Findings Relating to the Financial Statements which are Required to be Reported in
Accordance with Generally Accepted Government Auditing Standards
None
City of Southlake, Texas
Schedule of Findings and Questioned Costs
For the Year Ended September 30, 2020
8
III. Findings and Questioned Costs for Federal Awards
None
City of Southlake, Texas
Summary of Prior Audit Findings
For the Year Ended September 30, 2020
9
IV. Summary of Prior Year Findings
None
City of Southlake, Texas
Notes to Schedule of Expenditures of Federal Awards
For the Year Ended September 30, 2020
10
Federal and State/ Federal
Pass-Through Grantor/ CFDA Federal
Program Title Number Grant Number Expenditures
U.S. DEPARTMENT OF TREASURY
Passed through Tarrant County
Coronavirus Relief Fund 21.019 133126 1,436,205$
Passed through Denton County
Coronavirus Relief Fund 21.019 40342 51,315
Total U.S. Department of Treasury 1,487,520
Institute of Museum and Library Services
Passed through Texas State Library
and Archives Comission (TSLAC)
FY20 ILL Lending Reimbursement 45.310 LS-00-19-0044-19 236
Total Institute of Museum and Library Services 236
U.S. Department of Homeland Security
Passed through Texas Division of
Emergency Management
2020 Emergency Management Performance 97.042 EMT-2020-EP-00004 27,744
Grant (EPMG)
Passed through Texas A & M Engineering Extension
Service (TEEX)
20-0012 July Tropical Weather 97.036 471090-1100113-5474 6,946
20-0013 August Tropical Weather 97.036 471090-100114-5474 9,605
Tropical Cyclone Sally 97.025 478090-100051-5474 7,800
Total U.S. Department of Homeland Security 52,095
U.S. Department of Justice
Bullet Proof Vests 2019 16.607 2019BUBX19019515 4,724
Total U.S. Department of Justice 4,724
U.S. Department of Transportation
Passed through Texas Department
of Transportation
State and Community Highway Safety
Grant Program (STEP) 20.600 2020-SouthlakePD-S-1YG-00062 30,902
Total U.S. Department of Transportation 30,902
Total Federal Financial Assistance 1,575,477$
City of Southlake, Texas
Notes to Schedule of Expenditures of Federal Awards
For the Year Ended September 30, 2020
11
1. Basis of Presentation
The City accounts for most of its Federal grants in Special Revenue Funds. Special Revenue Funds are
governmental funds which can be used to account for resources restricted to, or committed for, specific
purposes by a grantor. Generally, unused balances are returned to the grantor at the close of specified
project periods.
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the
City and is presented on the modified accrual basis of accounting as described in Note 1 to the basic
financial statements for the year ended September 30, 2020.
The City elected not to use the 10% de minimis indirect cost rate as allowed in the Uniform Guidance,
section 414.