Loading...
2000-12-05 SOUTHLAKE TAX INCREMENT FINANCING DISTRICT (A Component Unit of the City of Southlake, Texas) SEPTEMBER 30, 2000 ANNUAL REPORT (Unaudited) Prepared by: Sharen Elam Director of Finance SOUTHLAKE TAX INCREMENT FINANCING DISTRICT (A Component Unit of the City of Southlake, Texas) COMBINED BALANCE SHEET -ALL FUND TYPES AND ACCOUNT GROUPS SEPTEMBER 30, 2000 WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1999 September 30, 2000 Governmental Fund Types Account Group General Special Debt Capital Long -Term September 30, ASSETS Revenue Service Projects Liabilities 1999 Cash and investments $131,682 $ 96,549 $5,418,192 $ - $ 2,469,194 Amount to be provided for retirement of long -term liabilities 15,535,036 3,610,000 TOTAL ASSETS $131,682 $ 96,549 $5,418,192 $ 15,535,036 $ 6,079,194 LIABILITIES, EQUITY AND OTHER CREDITS Liabilities: Accrued liabilities $ - $ - $2,175,113 $ - $ 143,382 Bond payable 15,535,036 3,610,000 Total liabilities - - 2,175,113 15,535,036 3,753,382 Fund Balances: Unreserved, undesignated 131,682 96,549 131,510 Reserved for capital projects 3,243,079 2,194,302 Total fund balances 131,682 96,549 3,243,079 - 2,325,812 TOTAL LIABILITIES AND FUND BALANCES $131,682 $ 96,549 $5,418,192 $ 15,535,036 $ 6,079,194 1 SOUTHLAKE TAX INCREMENT FINANCING DISTRICT (A Component Unit of the City of Southlake, Texas) COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - ALL GOVERNMENTAL FUND TYPES SEPTEMBER 30, 2000 WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1999 September 30, 2000 Governmental Fund Types Special Debt Capital September 30, Revenue Service Projects 1999 REVENUES: Property taxes $ 310,207 $ - $ - $ 90,563 Donations 4,600 Interest 8,040 5,986 209,061 Total revenues $ 318,247 $ 5,986 $ 209,061 $ 95,163 EXPENDITURES: Professional, engineering and construction cost 10,779,096 1,305,962 Other operations 106,088 Total expenditures - - 10,779,096 1,412,050 Excess (deficiency) of revenues over expenditures 318,247 5,986 (10,570,035) (1,316,887) Other financing sources (uses) Bond proceeds 11,618,812 3,500,264 Operating transfers out (230,930) Operating transfers in 145,000 Total other financing sources (uses) (230,930) - 11,618,812 3,645,264 Excess of revenues and other financing sources over expenditures and other uses 87,317 5,986 1,048,777 2,328,377 Fund Balances at beginning of year 44,365 90,563 2,194,302 (2,565) Fund Balances at end of year $ 131,682 $ 96,549 $ 3,243,079 $ 2,325,812 2 NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Southlake Tax Increment Financing District (the "TIF ") was created on September 23, 1997. The TIF was created to encourage quality commercial development along the Highway 114 corridor. The area is primarily undeveloped and the City intends to capture the anticipated incremental tax revenue increase to apply to targeted public improvement projects that benefit all the overlapping taxing jurisdictions. The TIF is governed by a twelve member board of directors consisting of the seven City Council members, one member appointed by City Council and one member each appointed by Carroll Independent School District, Tarrant County, Tarrant County Community College, and the Tarrant County Hospital District Board of Directors. The termination of the TIF is set as either December 31, 2018 or the date when all project cost are paid and all debt is retired, whichever comes first. The boundaries of the TIF were expanded in accordance with Texas Code Section 311.007 by ordinance #682 -A on December 2, 1997. The expansion of the TIF boundaries will result in benefits to the City, its residents and property owners. The TIF is a blended component unit of the City under the provisions of Governmental Accounting Standards Board Statement No. 14. The accounting and reporting policies of the TIF conform to generally accepted accounting principles as applicable to governmental units. The following is a summary of the more significant accounting and reporting policies: (a) Fund Accounting The accounts of the TIF are organized on the basis of funds and account groups. The operations of the TIF are accounted for in the following funds and account groups: The Special Revenue Fund -used to account for the operational cost of the TIF The Debt Service Fund -used to account for principal and interest payments The Capital Project Fund -used to account for financial resources to be used for the acquisition or construction of major capital facilities The General Long -Term Debt Account Group -used to account for the TIF's long -term liabilities (b) Basis of Accounting The accounting and financial reporting treatment applied to a fund is determined by its measurement focus. The Special Revenue, Debt Service and Capital Project Funds, governmental fund types, are accounted for using a current financial resources measurement focus. With this measurement focus, only current assets and current liabilities generally are included on the balance sheet. Operating statements of this fund present increase (i.e., revenues and other financing sources) and decreases (i.e., expenditures and other financing uses) in net current assets. The Special Revenue, Debt Service and Capital Project Fund are accounted for using the modified accrual basis of accounting. Revenues are recognized when they become measurable and available as net current assets. 3 Expenditures are recognized under the modified accrual basis of accounting when the related fund liability is incurred, with the exception of principal and interest on long -term debt, which are recognized when payable from current available financial resources. Investment earnings are recorded as earned, since they are measurable and available. (c) Budgets and Budgetary Accounting An overall project budget was included in the Project and Finance Plan to create the TIF and approved by all parties involved. NOTE 2: CASH AND INVESTMENTS The cash and investments policies of the TIF mirror the City of Southlake's policies. City policies governing bank deposits require depositories to be FDIC - insured institutions, and depositories must fully collateralize all time deposits in excess of FDIC insurance limits. Deposit -At September 30, 2000 the carrying amount of the TIF's deposits at banks was $232,218. These balances were completely covered by federal depository insurance or fully collateralized. Investments - Statutes and the City's Investment Policy authorize the City and the TIF to invest in obligations of the U.S. Treasury, U.S. agencies and instrumentalities, repurchase agreements and the State Treasurer's investment pool. As of September 30, 2000, the TIF's investments consisted of the following: Market Value State Treasurer's investment pool ( "Texpool ") $5,414,205 NOTE 3. LONG -TERM LIABILITIES A summary of the TIF's long -term liabilities is as follows: Tax and Tax Increment Revenue Certificates Of Obligation, Series 1999, due in annual Installments through August 15, 2019, 4.75% to 5.6% $ 3,610,000 Tax and Tax Increment Revenue Certificates Of Obligation, Series 2000 -B, due in annual Installments through February 15, 2018, 5.0% to 6.8% $11,925,036 $15,535,036 4 The annual requirements to amortize the Tong -term debt as of September 30, 2000, are as follows: Fiscal Year 2001 191,555 2002 491,555 2003 711,555 2004 911,555 2005 1,051,555 2006 and thereafter 26,993,223 Total payments required 30,350,998 Less interest (14,815,962) Total principal $15,535,036 NOTE4: APPRAISED VALUES A summary of appraised values for the TIF are as follows: 1997 Tax Year Base Year Captured 1999 Taxable Appraised Appraised Value Value Value . Entity City of Southlake $53,601,808 $23,267,804 $30,384,004 Tarrant County Hospital 53,626,808 23,217,804 30,409,004 Tarrant County Community College 53,626,808 23,217,804 30,409,004 Tarrant County 53,626,808 23,217,804 30,409,004 Carroll Independent School District 53,626,808 23,217,804 30,409,004 5 ri . Cit y of Southlake Dut a November 21, 2000 Administration Offices Dr. Ted Gillum 0 pky Superintendent Mayor: Carroll Independent School District Rick Stacy 1201 North Carroll Avenue Southlake, Texas 76092 Mayor Pro Tem: Gary Fawks Re: City of Southlake Tax Reinvestment Zone Number One Board of Directors Deputy Mayor Pro Tem: Meeting, December 5, 2000 Ronnie Kendall Councilmembers: Dear Dr. Gillum: Rex Potter Keith Shankland Section 311.016. of the Tax Increment Financing Act s tates the following: "On or Greg Standerfer owg Patsy DuPre before the 90 day following the end of the fiscal year of the municipality, the governing body of a municipality shall submit to the chief executive officer of each City Manager: taxing unit that levies property taxes on real property in a reinvestment zone created Billy Campbell by the municipality a report on the status of the zone." The report must contain the Assistant City Manager: following elements: Shana Yelverton City Secretary: • The amount and source of revenue in the tax increment fund established for the Sandra LeGrand zone. • The amount and purpose of expenditures from the fund. • The amount of principal and interest due on outstanding bonded indebtedness. • The tax increment base and current captured appraised value retained by the zone. • The captured appraised value shared by the municipality and other taxing units, the total amount of tax increments received, and any additional information necessary to demonstrate compliance with the tax increment financing plan adopted by the governing body of the municipality. A copy of this report additionally must be sent to the State Attorney General. In order to meet the December 31, 2000 deadline, the City would like to schedule a Tax Reinvestment Zone Number One Board of Directors meeting for Tuesday, December 5, 2000 at 4:30 p.m. This meeting is scheduled to take place in the City Council Chambers at the Southlake City Hall, located at 667 North Carroll Avenue. The approval of the annual report will be the only agenda item for this meeting. If you are unable to attend, please contact Director of Finance Sharen Elam at (817) 481 -5581, extension 716 or myself at extension 806. Thank you for your attention to this matter. Sincerely, 4g Jo n EagY Assistant to the City Manager 1725 East Southlake Blvd. • Southlake, Texas 76092 (817) 481 -5581 • FAX (817) 329 -1747 "AN EQUAL OPPORTUNITY EMPLOYER" _._. _ . .. . . CityofSouthlake gut a - Administration Offices November 21, 2000 Ms. Jane Sanford --� Tarrant County, � Mayor: 645 Grapevine Highway No. 6 1' Rick Stacy Hurst, Texas 76054 Mayor Pro Tem: Gary Fawks Re: City of Southlake Tax Reinvestment Zone Number One Board of Directors Meeting, December 5, 2000 Deputy Mayor Pro Tem: Ronnie Kendall Dear Ms. Sanford: Councilmembers: Rex Potter Section 311.016. of the Tax Increment Financing Act states the following: "On or Keith Shankland 90 th f beore the ` day following the end of the fiscal year of the municipality, the Greg Standerfer y g Y Patsy DuPre governing body of a municipality shall submit to the chief executive officer of each taxing unit that levies property taxes on real property in a reinvestment zone created City Manager: by the municipality a report on the status of the zone." The report must contain the Billy Campbell following elements: Assistant City Manager: Shana Yelverton • The amount and source of revenue in the tax increment fund established for the City Secretary: zone. Sandra LeGrand • The amount and purpose of expenditures from the fund. • The amount of principal and interest due on outstanding bonded indebtedness. • The tax increment base and urrent captured appraised value retained by the zone. • The captured appraised value shared by the municipality and other taxing units, the total amount of tax increments received, and any additional information necessary to demonstrate compliance with the tax increment financing plan adopted by the governing body of the municipality. A copy of this report additionally must be sent to the State Attorney General. In order to meet the December 31, 2000 deadline, the City would like to schedule a Tax Reinvestment Zone Number One Board of Directors meeting for Tuesday, December 5, 2000 at 4:30 p.m. This meeting is scheduled to take place in the City Council Chambers at the Southlake City Hall, located at 667 North Carroll Avenue. The approval of the annual report will be the only agenda item for this meeting. If you are unable to attend, please contact Director of Finance Sharen Elam at (817) 481 -5581, extension 716 or myself at extension 806. Thank you for your attention to this matter. Sinc rely Jo n Eagl Assistant to the City Manager 1725 East Southlake Blvd. • Southlake, Texas 76092 (817) 481 -5581 • FAX (817) 329 -1747 "AN EQUAL OPPORTUNITY EMPLOYER" +� = City of Southlake p -- Administration Offices November 21, 2000 Ms. Drenda Witt Director of Public Relations Mayor: John Peter Smith Hospital Rick Stacy 1500 S. Main Street - f Fort Worth, Texas 76104 Mayor Pro Tem: Gary Fawks Re: City of Southlake Tax Reinvestment Zone Number One Board of Directors Deputy Mayor Pro Tem: Meeting, December 5, 2000 Ronnie Kendall Councilmembers: Dear Ms. Witt: Rex Potter Keith Shankland Section 311.016. of the Tax Increment Financing Act states the following: On or Greg Standerfer 90th g Patsy DuPre before the 90 day following the end of the fiscal year of the municipality, the governing body of a municipality shall submit to the chief executive officer of each City Manager: taxing unit that levies property taxes on real property in a reinvestment zone created Billy Campbell by the municipality a report on the status of the zone." The report must contain the Assistant City Manager: following elements: Shana Yelverton City Secretary: • The amount and source of revenue in the tax increment fund established for the Sandra LeGrand zone. • The amount and purpose of expenditures from the fund. • The amount of principal and interest due on outstanding bonded indebtedness. • The tax increment base and current captured appraised value retained by the zone. • The captured appraised value shared by the municipality and other taxing units, the total amount of tax increments received, and any additional information necessary to demonstrate compliance with the tax increment financing plan adopted by the governing body of the municipality. A copy of this report additionally must be sent to the State Attorney General. In order to meet the December 31, 2000 deadline, the City would like to schedule a Tax Reinvestment Zone Number One Board of Directors meeting for Tuesday, December 5, 2000 at 4:30 p.m. This meeting is scheduled to take place in the City Council Chambers at the Southlake City Hall, located at 667 North Carroll Avenue. The approval of the annual report will be the only agenda item for this meeting. If you are unable to attend, please contact Director of Finance Sharen Elam at (817) 481 -5581, extension 716 or myself at extension 806. Thank you for your attention to this matter. Sincerely i `�W J n Eagld Assistant to the City Manager 1725 East Southlake Blvd. • Southlake, Texas 76092 (817) 481 -5581 • FAX (817) 329 -1747 "AN EQUAL OPPORTUNITY EMPLOYER" wsw v C it of Southlake out C1 - Administration Offices November 21, 2000 Mr. Larry Darlarge 0 CD y. TCJC - Northeast Campus Mayor: 828 Harwood Road Rick Stacy Hurst, Texas 76054 Mayor Pro Tem: Gary Fawks Re: City of Southlake Tax Reinvestment Zone Number One Board of Directors Meeting, December 5, 2000 Deputy Mayor Pro Tem: Ronnie Kendall Dear Mr. Darlarge: Councilmembers: Rex Potter Section 311.016. of the Tax Increment Financing Act states the following: "On or Keith Shankland before the 90` day following the end of the fiscal year of the municipality, the Greg Standerfer Patsy DuPre governing body of a municipality shall submit to the chief executive officer of each taxing unit that levies property taxes on real property in a reinvestment zone created City Manager: by the municipality a report on the status of the zone." The report must contain the Billy Campbell following elements: Assistant City Manager: Shana Yelverton • The amount and source of revenue in the tax increment fund established for the City Secretary: zone. Sandra LeGrand • The amount and purpose of expenditures from the fund. • The amount of principal and interest due on outstanding bonded indebtedness. • The tax increment base and current captured appraised value retained by the zone. • The captured appraised value shared by the municipality and other taxing units, the total amount of tax increments received, and any additional information necessary to demonstrate compliance with the tax increment financing plan adopted by the governing body of the municipality. A copy of this report additionally must be sent to the State Attorney General. In order to meet the December 31, 2000 deadline, the City would like to schedule a Tax Reinvestment Zone Number One Board of Directors meeting for Tuesday, December 5, 2000 at 4:30 p.m. This meeting is scheduled to take place in the City Council Chambers at the Southlake City Hall, located at 667 North Carroll Avenue. The approval of the annual report will be the only agenda item for this meeting. If you are unable to attend, please contact Director of Finance Sharen Elam at (817) 481 -5581, extension 716 or myself at extension 806. Thank you for your attention to this matter. Sincerely, .'i •� J • n Eaglen Assistant to the City Manager 1725 East Southlake Blvd. • Southlake, Texas 76092 (817) 481 -5581 • FAX (817) 329 -1747 "AN EQUAL OPPORTUNITY EMPLOYER"